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”
Login
For full access, please enter your credentials.
About The Author
![James Paulsen / Chief Investment Strategist](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_2988_LR_Jim.jpg?h=150&w=150&fit=crop&fp-y=.15)