April 2017
The global economic recovery is starting to broaden. Reflation, defined as rising economic growth coupled with accelerating inflation, is beginning to take hold overseas whereas previously, the U.S was the sole driver. Heightened geopolitical tensions continue globally (Syria, Brexit, Trump) causing some investors to question the reflation theme.Make no mistake, global liquidity from central bankers continues to dominate the landscape. The chart (Monthly Fed,ECB, BoE and BoJ asset purchases) shows the staggering amount of money still being printed to ensure reflation occurs globally. Until this stops, money is going to continue to flow into capital markets supporting both stock and bond prices. This was reflected in first quarter equity performance globally.
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