【Bank of America: Excess Liquidity Drives Asset Prices Up】Bank of America credit analysts pointed out in a report that the current excess liquidity is chasing various assets, which has improved the overall performance of financial assets (including stocks and bonds). Central banks' interest rate cuts have increased market liquidity and further boosted asset demand. As we enter the second half of 2025, gold, European stocks, and certain sovereign bonds and credit assets have performed well, with strong investor demand being the main supporting factor.