no way out
Indeed, and as for European false dawns, just ask Jean-Claude Trichet and the infamous rate hike of 2011 which launched the most serious leg of the European sovereign debt crisis. Should Europe's economy turn south again and the central bank be forced to keep or even boost its QE, Mario Draghi bank may suddenly find itself in very big trouble. That, or simply do what the BOJ has been doing for years, and start buying ETFs and single stocks.
One final point: even if all goes according to plan, recall that the only reason stocks are at all time highs, is due to the $250 bilion per month, or $1+ trillion YTD - an all time high - in central bank purchases; purchases which are only thanks to the ECB and BOJ. With both banks now having no choice but to trim their asset monetizations, the outlook for risk assets is anything but good.
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