The stock market has received plenty of support during this pandemic. Massive bond-buying has ballooned the Federal Reserve’s balance sheet from about $4 trillion to $7.5 trillion. The annual M2 money supply has surged from 6% to 26%, and federal-deficit spending as a percent of nominal GDP has exploded from less than 5% to more than 15%. What’s more, policy officials around the globe have replicated this unprecedented support!