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Unfortunately the bad news are only starting to filter out but usually this is just the confirmation from price anticipations. Previously the bad and doubt loans were sterlised so while their business model was chasing growth and market share. They suddenly find themselves as in industry handicapped by the regulators who are more worried about a disorderly volatile selloff just like the GFC panics. This has been an orderly selloff so some would argue that the froth has been eliminated. I see a half full glass but not necessary a low has been set. If one start buying current levels for a longer term outlook then they can likely ride out the volatility. NIRP is only starting to be adopted as the new normal implying ever more pressing reliance on yields as the market go searching for this fundamental. The U.S. stock indices should not be in such a massive bull run if you apply the economic conditions associated with a low to deflationary risks.