#US #M2 (nominal money supply) is still hitting new highs, showing that money in the system continues to increase.
🔸 However, Real M2 - the amount of money after deducting inflation, is still clearly weaker than the 2021 peak.
The Fed is no longer tightening the money supply, but the real purchasing power of money has not yet recovered accordingly.
🔸 So the market may rise in the short term, but there is not yet a strong enough liquidity foundation for a sustainable bull cycle.
*Gray areas are periods of market downturn.
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