, Columnist
It's a Tidal Wave of Liquidity. And Waves Crash.
Are easy-money policies setting up global markets for the next Minsky Moment? Plus, a 60/40 picture of a perfect year.
A gusher of liquidity should keep things floating upward for now. But further on out ...
Photographer: Matt Dunbar/World Surf League via Getty Images
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The latest U.S. non-farm payroll numbers arrive on Friday, and it is remarkable how little interest they are generating in world markets. It’s always possible that a big surprise in one direction or another will move markets after the announcement, but attention is elsewhere. The banking system and the money markets seem to be altogether more important.