About this issue
Markets recovered quickly from the shock of the Brexit vote. Central banks have exerted a calming influence and have eased further in recent months as dissonant markets raised questions about the outlook and the pricing of underlying risks.
"There has been a distinctly mixed feel to the recent rally - more stick than carrot, more push than pull, more frustration than joy. This explains the nagging question of whether market prices fully reflect the risks ahead," said Claudio Borio, Head of the Monetary and Economic Department. "Doubts about valuations seem to have taken hold in recent days. Only time will fully tell."
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The views expressed here do not necessarily reflect the views of the BIS member central banks.