The markets are Teflon-coated with cash

Ongoing geopolitical turmoil has done little to trouble financial markets, which have been propped up by extremely loose monetary policies. The bears are starting to lose credibility.

The last few days have provided proof, if any were needed, that markets are in the hands of central banks.

A new war in the Middle East and tensions in Eastern Europe from the shooting down of a civilian aircraft would normally be the signal for some kind of financial market correction.

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