Despite plunging macro data and stumbling earnings expectations, Deutsche Bank’s (reluctantly less sanguine) strategist David Bianco notes that ECB QE, and a still accommodative Fed managed to push the S&P to 2100. However, as he explains below, policy normalization risks remain, particularly for the dollar and long-term yields. We don’t see a quick recovery for oil prices. Strong job growth and falling unemployment despite still slow GDP suggests that Fed hikes are on the horizon and likely strengthen the dollar further.