U.S. Real M2 Growth and Inflation

U.S. Real M2 Growth and Inflation The United States is exposed to the risk of higher inflation, as the fiscal and monetary policies are the most expansionary. Image: Morgan Stanley Research

S&P 500 Market Cap/M2 Money Supply

S&P 500 Market Cap/M2 Money Supply The S&P 500 market capitalization relative to M2 money supply suggests more upside. Image: Morgan Stanley Research

Gold Price vs. Money Supply M2

Gold Price vs. Money Supply M2 Money supply M2 suggests that the price of gold could rise further. Image: Nordea and Macrobond

S&P 500 and Money Supply M2 (Leading Indicator)

S&P 500 and Money Supply M2 (Leading Indicator) This chart suggests that stock market optimists may look at 2021, as M2 improves significantly in the United States. Image: Nordea and Macrobond

S&P 500 and Global M2 Liquidity

S&P 500 and Global M2 Liquidity This chart suggests that global M2 liquidity growth tends to push U.S. equities higher. Image: Nordea and Macrobond

U.S. Excess Liquidity Growth Leads S&P 500 Returns

U.S. Excess Liquidity Growth Leads S&P 500 Returns This chart suggests that M2 money supply to nominal GDP ratio leads S&P 500 returns by one year. Is the S&P 500 vulnerable to a drop, followed by a recovery? Image: Oxford Economics, Macrobond