Interest rates are the real gray rhino; the more the stock market rises happily, the more you have to watch the central bank's face.

ME News, May 15 (UTC+8), Tim Glav, Managing Director at State Street and Head of EMEA Macro Strategy, said: “Over the past few days, global stock markets have been on a sustained upward trend. Therefore, I believe we are in the stage where this rally is showing signs of fatigue.” But he added that the stock market is still supported. “I think if there is any factor capable of triggering a pullback, it would be the movements in the interest rate markets, and the expectation that inflation may remain above many central banks’ target levels for the long term, forcing them to tighten their policies,” he said. (Source: Jin10)