Macro Strategy—Powell On A Mission: U.S. policymakers responded to the pandemic shutdowns with the most aggressive fiscal and monetary stimulus in over 75 years (Exhibit 1). As a result, monetary policy since the pandemic is most like that of the years right after World War II (WWII). Strong M2 money-supply growth in the mid-1940s was three standard deviations* above normal,…
Merrill Lynch: Monetary Tightening Full Speed Ahead
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U.S. equity markets demonstrated another remarkable turnaround on Wednesday as investors returned from the New Year holiday. At its...
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Breakout The Champagne! Record Highs Abound For Stock Indices!
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And oh what a week it was… if you went into the week under the impression that new S&P...
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