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How Much ‘Extra’ Money Is Out There?
How much did "extra" liquidity matter for the rally in equities from the October lows? And how far does the liquidity explanation go towards explaining the ongoing resilience of stocks in the face of an ostensibly onerous rates backdrop?
Those questions continue to be topical amid a vexingly sturdy stock market which, notwithstanding February's stumble, appears mostly unconcerned or, if that's not quite the right adjective, we can say "inattentive."
If you ask JPMorgan, simply looking at globa
If I read this right, something has to mop up some $15Tril in excess cash to keep consumption, etc. down. Wow!
Yeah, I’m not sure how literally to take this. Nikos uses what he affectionately calls “holistic” frameworks, which means he usually casts a pretty wide net. That’s definitely a good thing for folks like myself who like aggregates and a 30,000-foot view, but I don’t think it’s necessarily as germane from any “tactical” perspective, if you will.