But if there are several focal points, it may not be easy to stabilize market expectations 2 . In addition, there may be cases where market participants find it difficult to delineate the consensus view and the minority view which is expressed to demonstrate individual accountability.
This trend has four elements: very low inflation and very low interest rates in major economies as well as abundant liquidity and low volatility in many financial markets. Together, these four ingredients make up a cocktail that may well result in a bad headache the morning after. One potential problem is the search for yield.