QE is fuelling huge speculative activity with investors placing a lot of trust in central banks to step in if markets dive

There was plenty of bad news in America last week. A mob of Donald Trump supporters stormed the Capitol building. The number of new Covid-19 infections hit a record high. Employment fell by 140,000.

None of it fazed Wall Street which continued to climb to dizzying new heights. That’s the way with financial markets: when they are in that sort of mood they go up when the news is good and they go up when the news is bad.

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