With Wall St's S&P500 equity benchmark on the cusp of a return to pre-pandemic record highs and MSCI's all-country index back within 2% of its historic peak, the remarkable feature of the rebound has been the parallel resurgence in both equity, bonds and precious metals and the standout driver has been central bank stimuli that have sunk inflation-adjusted long-term borrowing rates for governments and many top companies deep into negative territory. That's happened as a surprisingly brisk recovery takes hold and hopes of a COVID-19 vaccine increase, with Russia claiming on Tuesday it had developed an effective one ready for Phase III trials.
Chart by Ritvik Carvalho and commentary by Mike Dolan.
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