The primary driver of market performance over the past seven years hasn't been company performance.
It has been central-bank action, the analysts at Bank of America Merrill Lynch argue.
From the US to Japan and China to Switzerland, central banks have moved interest rates and foreign-exchange rates as they have overwhelmed the markets with loose monetary policy.
Now their influence will begin to decline. The US looks ready to start down the long road to reducing its presence in the market. And that is likely to lead to a bunch of wild market moves.
Investors will have to get used to a wider array of factors moving the market, and a lot more volatility.
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