U.S. Excess Liquidity (M2 Minus Nominal GDP) and S&P 500 P/E Ratio (Leading Indicator)
U.S. excess liquidity (M2 minus nominal GDP) tends to lead the S&P 500 P/E ratio by 6 months.
Image: Nordea and Macrobond
Advanced Stock Market Forecast for Professional and Individual
Connect with Us on Twitter