MORGAN STANLEY: 'It's The Fed, Stupid'

There continues to be two schools of thought on what's been driving the global financial markets. One school believes that it has been all about global central banks, who have caused massive distortions by flooding the markets with cash, inflating the bond and stock markets. The other school believes central banks have played a more indirect roll. They believe markets have been driven largely by economic fundamentals. In the U.S., easy monetary policy from the Fed has helped stimulate the econom...