Credit Suisse kör globalt conf call där de sammanfattar sin syn på läget. De kallar det ”The second phase of the bull market”

Economics:
* Ben Bernanke has put his prestige as an economist and his authority as Fed Chairman behind the proposition that the bulk of the excess unemployment in the US is cyclical. This means that it is amenable to macroeconomic policy stimulus.

* That stimulus will take the form of the Fed buying $75 billion Treasuries over and above the $35 billion or so it will buy to offset the run-off of its mortgage holdings each month through June 2011. That> ‘> s $110 billion a month or about $5 billion every business day.

* We expect financial consequences to include lower Treasury yields, lower yields on spread product, upward pressure on stock prices, and downward pressure on the dollar. The Fed is easing into a global growth speed-up following the summer soft patch, but US unemployment is so high and inflation so low that the Fed is likely to welcome > -> and certainly unlikely to resist -> a speed-up in economic activity.

* The whole program is more likely to boost the economy than otherwise, but it does pose challenges to the financial sector in the form of very low asset yields.

Fixed Income Strategy:
* We think we are entering the 2nd Phase of the Bull Market for risky assets given: 1) Global growth is bottoming out from the summer slowdown and is poised to move higher over the next few months; 2) The Fed policy regime is likely to be very accomodative for an extended period of time and 3) The eventual recovery in the services economy will add duration to economic growth beyond the typical short and violent Industrial Production bounce.

Rates Strategy:
* Fed purchases will support yields, but strong growth numbers could hamper downward yield progress.

* We continue to target 2.25% 10-year for year end, but see yields within a range around 2.50% over the next several quarters targeting 2.80% on the upper end and perhaps 2.00% should economic data weaken and the market become overly pessimistic.

* We favor risky assets, remaining Overweight Corporates within our Fixed Income Asset Allocation.

Global Equity Strategy:
* We remain bullish on equities as the global economic momentum is turning, QE2 will be more effective than investors assume, valuation is attractive (equities are the cheapest inflation hedge), positioning is still very cautious and tacticals are not yet extended. M&A/buybacks activity and seasonality will provide additional support.

* Emerging markets bubble. The combination of a loose monetary policy (negative real rates, undervalued currencies), weaker USD, strong capital inflows with limited sterilization and very high savings ratios will end up in an asset bubble in emerging markets. NJA is our preferred region.

* Our preferred play on QE are NJA consumer plays, growth stocks, cheap index-linked proxies in the equity markets (i.e. regulated utilities, UK real estate, infrastructure), commodities ex-oil, high-yield stocks with strong DPS growth. We would avoid d> ollar earners, stocks with unfunded pension liabilities and companies that cannot pass on higher commodity prices.

Bullish så det räcker och blir över med andra ord!