bank policies

Authored by Charles Hugh Smith via OfTwoMinds blog,

Central bank policies have generated a truly unprecedented "trickle-up" of wealth and income to the top .5%.

Markets have stopped focusing on what central banks are doing and are "positioning for what they believe central banks may or may not do," according to BofA's Athanasios Vamvakidis as he tells FX traders to "prepare to fight the central banks," as the market reaction to central bank policies this year reflects transition to a new regime, in which investors start speculating which central bank will have to give up easing policies first.

The market has started testing the central banks