The secret to stocks’ success so far in 2023? An unexpected $1 trillion liquidity boost by central banks.
Gains for global equities have left many on Wall Street perplexed as stocks — especially high-risk growth names with little or no profits — have rebounded from last year’s punishing selloff, resisting both the pull of more attractive bond yields, and the threat of higher interest rates.
But some Wall Street analysts say they’ve found an explanation that has little to do with inflation and the state of the global economy.
