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