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Soaring interest rates, slowing economic growth and a banking sector still recovering from a March rout might suggest a note of market caution, yet world stocks are at 14-month highs, the S&P 500 stock index has entered a bull market and gauges of volatility are eerily calm. BNP Paribas estimates excess global liquidity has risen by $640 billion since the end of third quarter of 2022 and is "unsustainable" when some central banks are trying to offload bonds they hold in a process known as quantitative tightening. The Federal Reserve in March loosened financial conditions with an emergency credit facility for cash-starved banks, Japan's central bank is still buying government bonds to push money into the system, and the European Central Bank is selling down the government bonds it holds at a relaxed pace.

City ofUnited kingdomKen taubesRichard claridaGeorgina taylorNaomi rovnickHarry robertsonKirsten donovanNikolaos panigirtzoglouLuca paoliniMichael howellDhara ranasingheMorgan stanleyEuropean central bankFederal reserveWall street