Capital Markets Winter 2021
I
Hot Off the Press Road to Recovery
• Recent monetary stimulus has been unprecedented
I
• Explosion in money supply has yet to fully work its way into the real economy
II
Massive Increase in Money Supply
III
Massive increase of $4 trillion could potentially drive economic growth
30%
25%
20%
IV
15%
10%
Annual Increase
5%
V
0%
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
2020
VI
Source: Federal Reserve with last datapoint being November 2020. Money supply is “M2,” a measure of the money supply that includes, generally, cash, checking deposits, savings deposits, shares in retail money market mutual funds.
4
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