Global financial markets are at a crossroads. The key question is this: with the Fed's quantitative easing program set to expire at the end of June, will there be an encore?

For us, the curtain does not rise and fall with the start and finish of QE's first two acts. Although a brief intermission is probable, we are far from convinced that the second instalment will be the last.

True, subsequent programs may not be QE as we know it (and may involve direct purchases of assets other than bonds), but monetary activism should remain high.

To read more: please click the following safe link to this month's ETFocus written by Tyler Mordy.

It's the End of QE As We Know It (And We Feel Fine)

Kind regards,