Ben Bernanke, chairman of the Federal Reserve, launched a $600 billion bond-buying program to avoid deflation and spur the economy. Since then, stock and debt markets have gained, bank lending has expanded and economic growth is predicted to accelerate. "Looking at market indicators, you have to be convinced it's been a success," said Bradley Tank, chief investment officer for fixed income at Neuberger Berman Fixed Income. "When you get into periods of aggressive central bank easing, and we're clearly in the most aggressive period of easing that we've ever seen, the markets tend to lead the real economy."

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