What's going on in that chart:

The Federal Reserve’s $85 billion-a-month bond-buying program has been a major driver of the stock market rally. But as the chart below shows, it’s not just the Fed that has been attempting to stimulate the economy. Central banks around the globe, from the Bank of England to the European Central Bank to the Bank of Japan, have launched policies designed to kickstart economic growth. Even as the Fed may start trimming its bond purchases later this month or early next year, global monetary policy remains very easy. The old Wall Street adage is “don’t fight the Fed.” But as Mr. Trennert points out, it’s now more like don’t fight the world’s central banks.