Celebrate What? The Trillions Spent by Central Banks Has Been a Dud, Says Bank of America

Hiring could be stronger, and so could savings to supplement income

by Sue Chang
Market Watch

Toasts all around? U.S. stocks charged into record territory on Monday after Friday’s jobs report helped restore confidence in the U.S. economic recovery.

But not so fast. The solid data mask a worrisome reality — despite the trillions collectively spent by central banks to breathe life into their economies since the 2008 financial crisis, authorities have been largely shooting blanks, according to Bank of America Merrill Lynch.

The S&P 500 climbed to an intraday high of 2,143 Monday, passing the previous intraday record of 2,134.72 set on May 21, 2015. See Market Snapshot. Stocks gained in part because the U.S. economy added 287,000 new jobs last month, far better than the gain of 170,000 projected by economists in a MarketWatch survey.

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