Are markets overstimulated?

Assuming all goes to plan, the US economy is about to get another huge cash injection. American president Joe Biden’s $1.9trn stimulus package, which looked set to become law this week (see page 4), includes an extension of nationwide unemployment benefits alongside $1,400 cheques being sent to most American adults (the payments are means-tested, but the thresholds are well above the average US income). As Bloomberg notes, the scale of the stimulus has seen various analysts upgrade expectations for