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Critics of modern monetary policy have been predicting that the day would come when a central bank would cut interest rates (or at least promise to), and the financial markets, instead of throwing a party, would fall. Then, it would be game over for easy money.
This has yet to happen in the US. Both when the Fed stopped tightening in January and when it promised to resume easing more recently, stock prices soared, which implies that the addict is still responsive to new injections.
But in Europe, where monetary policy is further down the