美银：过剩流动性推动各类资产上涨

Core Insights - Excess liquidity is driving the performance of various asset classes, including stocks and bonds [1] - Central banks' interest rate cuts have increased market liquidity, further boosting asset demand [1] - Strong investor demand is supporting the impressive performance of gold, European stocks, and certain sovereign bonds and credit assets as of the beginning of the second half of 2025 [1]