Will 2022 go down in financial history as the year the music stopped? After the extraordinary buoyancy in markets in 2021 the risk of a painful downturn is certainly escalating.
In weighing that risk, investors face one overwhelmingly uncomfortable fact — central banks continue to rig the markets through their asset purchasing programmes, with important consequences for private portfolios.
The expansion of central bank balance sheets started as a response to the great financial crisis of 2007-09 and accelerated when the pandemic struck in March 2020.
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