There is no historical precedent for the Fed’s balance sheet of nearly $9 trillion! Moreover, the current level of the M2 money supply—relative to nominal GDP—peaked near 95% in 2020 and is still close to 90%. By comparison, this ratio averaged 55% from 1950-2009 and, prior to 2020, was never above 73%.
Mar
08
2022
Stocks & “Sugar”
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