‘Less Cash To Propagate Financial Assets’: JPMorgan Warns On Liquidity

Before the A.I. frenzy shifted into overdrive, rally skeptics explained equity market resilience by way of an ex-US global liquidity impulse. The narrative went something like this. Bond-buying by the Bank of Japan along with PBoC lending and ECB draws helped offset Fed QT, resulting in a net increase in global liquidity. That was the "oxygen" that allowed stocks to stay alive in the "death zone," as Morgan Stanley's Mike Wilson put it in February, using a mountaineering analogy. Post-SVB, som

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