QE and Real GDP

To which they respond ‘monetary policy works with a lag’

And to which I add, yes, it lags until the next fiscal adjustment kicks in.

;)

>   
>   But equities continue to peform relatively well.
>   

Yes, they should be ok with any positive top line growth.

The risks that remain are a hard landing in China, a euro zone meltdown, and fiscal responsibility in the US and Japan.