A crack-up boom, or business as usual?

Nordea with the note:

A crack-up boom, or business as usual?

At the beginning of this year a friend said “he was afraid to hold cash”. Looking at asset price inflation since then it appears he was right to be fearful. House prices have been exploding higher, key equity indices trade at all time highs, metal prices, food prices, lumber prices, shipping costs have all been soaring while central banks are still putting their pedals to the metal (FOMC review). And this despite global sentiment suggesting it’s hiking time…

Chart 1: Central banks putting the pedal to the metal despite sentiment screaming for hikes

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