EFTA Document EFTA01362013

4 September 2015 US Fixed Income Weekly Sources of central bank liquidity - change yoy 180 160 120 80 60 40 --Ettheralittex- 20 0 -20 20031 20081 20131 Scam tikartergend Daticts Bent 'Sources of central bank liquidity - billion 16000 14000 I 12000 10000 8000 6000 4000 2000 reserves Other C8ks ex Reserves 0 20031 &trot Soembhv end OfttsoNt An* Let's start with risk assets, proxied by global equity prices. It would appear at first glance that the correlation is negat