Background
Equities puzzled investors lately. A market crash led to a v-shaped rally that carried the broad market near all-time highs. It was the sharpest recovery for U.S. equities throughout our entire dataset that spans over 150 years. Moreover, that happened during the most significant economic crisis since the Great Depression. This write-up discusses the reasons behind the most recent rally and shows that fundamentals are likely to end the party very soon.
(Source: Google Trends)
Speculation
A speculative bubble is probably the dominating force that drove equities up. The prevailing narratives are that equities