Although most will consider this week’s monthly meeting of the Federal Reserve as a non-event, it must be reminded that it coincides with the two year anniversary of the second longest ever bull market in US stocks history. At just over 2600 days, it will surpass the post WW2 to mid fifties boom, but still has another two years to go before the biggest, longest, hardest ever – the tech boom of the 1990’s.
Bank of America compares the magnitude of all three here:
The question remains could we be heading for a repeat of the No.1 boom? Don’t rule anything out in this mad world of central banks mistaking wealth for prosperity! But when liquidity is so excessive as the currency wars rage, with bond yields approaching negative across the world as real earnings are dropping the risk remains on the downside: