In August alone, the M2 money supply rose nearly 1%, and the Fed since has trimmed interest rates 50 basis points, with what looks like another 50 basis point rate cut coming in November.

Aggressive monetary easing by China and the U.S. Federal Reserve has driven asset price increases, with cryptocurrencies leading the charge since the recent FOMC meeting.

The growth of the M2 money supply, with a CAGR of 7% in the past five years, has been closely linked to the performance of the S&P 500 and other assets, underscoring the critical role of liquidity in driving market performance.