13 factors driving equity bulls and bears
Bullish: Global monetary policies
Morgan Stanley Smith Barney's Global Investment Committee points to monetary action taken by governments around the globe as a reason to be bullish about equities. These include stimulative monetary policy (including negative real interest rates), major central banks' coordinated liquidity provision to funding markets, the Long-Term Refinancing Operation and the Outright Monetary Transactions Program by the European Central Bank and quantitative easing in the U.S. and Japan.
Source: Morgan Stanley Smith Barney Investment Strategy, Morgan Stanley & Co. LLC Research, Citi Research, ECRI, and Bloomberg. Note: Unless otherwise indicated, data are as of Feb. 15.
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