First signs that the excess liquidity is being used

Central banks in OECD countries will create more than $10 trillion in money in 2020. As a result of confidence returning, this liquidity will be massively invested in other financial and real estate assets, through the portfolio rebalancing mechanism, even if economic fundamentals continue to deteriorate. Are we now already seeing signs of this liquidity being invested, with "surprising" rises in asset prices? We are seeing: Equities, especially technology companies; Credit spreads; Emerging market equities and exchange rates; Inflows to different types of ETFs. Many surprising rises are appearing.