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The 'fire and ice' decade that changed everything on Wall Street

At its peak a record $17 trillion stockpile of negative-yielding securities roiled global markets in 2019

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Snow begins to fall as morning commuters pass by the New York Stock Exchange, (NYSE) in New York (Photo: Reuters)

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It started with animal spirits left for dead by the financial crisis. It’s set to finish with stocks near records, volatility vanquished and the credit supercycle on steroids. This is the tale of global markets over a decade of “fire and ice.”

In the 2010s traders braved everything from the sovereign meltdown in Europe and populist rage to “Volmageddon” and the shale revolution. Political earthquakes, shaky corporate earnings and credit shocks all came for the bull market. Central banks saved the day.

Meanwhile, Donald Trump began the era as a reality TV star and will finish it as president and Tariff Man,

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First Published: Dec 28 2019 | 1:38 AM IST

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