The hunt for yield and 'helicopter money'

IT must be troubling to even the most die-hard bull that Wall Street has risen to several all-time highs in response to Brexit, together with the Japanese yen, Japanese and US Treasuries, gold and various other assets lumped under the heading "safe havens".

In the case of the 10-year US Treasury, its yield last week dropped below 1.4 per cent for the first time ever, though on Friday it bounced up to 1.6 per cent.

The obvious question has to be asked - if after Brexit, money went in search of safe havens, what is it doing pushing up stocks, which are inherently and undeniably very risky assets?