Friday, April 21, 2017

Buyers of Last Resort

Jump back, got to get out of here
Been too long this time
Jump back, got to get out of here
When will, when will we fall down?
--Toad the Wet Sprocket

Extending our recent thoughts, ZeroHedge cribs from a recent BofA report to observe that asset prices are being supported by central bank buying.

In Q1, central banks, primarily BOJ and ECB, bought nearly $1 trillion of assets ($3.6 trillion annualized).

Bulls (and policymakers) better hope that these buyers of last resort to keep buying.

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