US stocks may be done outperforming the world
Drew Angerer/Getty
- As the Federal Reserve wound down its quantitative easing program, US stocks' global outperformance slowed.
- US stocks are expensive, and their dominance is ending for the moment.
Since putting in a major bottom in 2009, the U.S. equity market has dramatically outperformed the rest of the world. This may have something to do with the fact that the Fed explicitly encouraged greater risk taking on the part of investors by buying up trillions of dollars of risk-free instruments over that span. But now that this unprecedented balance sheet expansion has come to an end the relative outperformance of U.S. equities appears to be coming to an end, as well.
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