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It’s constantly argued that the one reason the stock market recovered so swiftly from last year’s decline was the rapid expansion of the money supply, courtesy of The Fed.
That may be, but soon that reason will no longer be valid.
The latest measure of M2, which is one of the ways the Fed measures the total supply of money out there, shows convincingly that the great expansion has peaked. Actually it’s not just peaked, it’s cresting in a way that’s unprecedented on the chart.
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