Traders share a light moment on the floor at the opening bell of the New York Stock Exchange on January 2, 2020. It looks like stock prices and credit creation are set to go even further off the charts – before the inevitable day of reckoning. Photo: EPA-EFE Traders share a light moment on the floor at the opening bell of the New York Stock Exchange on January 2, 2020. It looks like stock prices and credit creation are set to go even further off the charts – before the inevitable day of reckoning. Photo: EPA-EFE
Traders share a light moment on the floor at the opening bell of the New York Stock Exchange on January 2, 2020. It looks like stock prices and credit creation are set to go even further off the charts – before the inevitable day of reckoning. Photo: EPA-EFE
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

Stock markets are grossly overvalued, but Trump’s not going to burst the bubble in an election year

  • The data is in and stock markets across the US, Europe and Asia have price-to-earnings ratios well above their 15-year averages
  • But with accommodative monetary policy entrenched, and Trump sure to keep up pressure on the Fed in an election year, expect easy credit to continue to push markets to morbid heights, for now

Traders share a light moment on the floor at the opening bell of the New York Stock Exchange on January 2, 2020. It looks like stock prices and credit creation are set to go even further off the charts – before the inevitable day of reckoning. Photo: EPA-EFE Traders share a light moment on the floor at the opening bell of the New York Stock Exchange on January 2, 2020. It looks like stock prices and credit creation are set to go even further off the charts – before the inevitable day of reckoning. Photo: EPA-EFE
Traders share a light moment on the floor at the opening bell of the New York Stock Exchange on January 2, 2020. It looks like stock prices and credit creation are set to go even further off the charts – before the inevitable day of reckoning. Photo: EPA-EFE
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