S&P 500 - MSCI U.S. vs. G10 Excess Liquidity (Leading Indicator)

G10 excess liquidity, the gap between real money growth and economic growth, is climbing again as it returns to post‑pandemic highs and gives U.S. stocks fresh support.

Image: Bloomberg

S&P 500 - MSCI U.S. vs. G10 Excess Liquidity (Leading Indicator)