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Daily Close

Past corporate share buybacks and central bank buying are what actually drove stocks higher over the past 10 years ...with retail investor confidence (and actual positioning) having only recently increased. Rising yields will act as a brake but it will take time to serve as a meaninful drag... If anything, share buybacks will only accelerate following the US corporate tax cut. As always, central banks will hold the answer to the stock market outlook with their future policy and investment decisions. Rates won’t go much higher any time soon in the US with the Fed being de facto under D Trump’s control... and already trying to negotiate the target inflation rate higher. Another important factor came into play last year and in particular over the last couple of months witth the US President cheerleading the stock market literally every day, inviting investors to jump in at the same time as he attributes those stock market gains to his own record as President. In a way the stock market has become too big to fail one more time... 

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