400 billion in cash injections in Q4. Expansion or status quo in 2020? High earnings
expectations. Extreme equity valuations. More risks than opportunities.
Key Points
Massive and questionable cash injections in Q4
400 billion in new liquidity
Why has the Fed intervened so massively?
Dangerous interdependency between markets and monetary policy
Financial markets gamble on the Fed put
Can the Fed prevent the speculative bubble it has created from bursting?
Are there any rational investors left in 2020?
What is there to fear in the short term if markets depend on liquidity?