A year and a half ago, we posted He's dead, Jim, showing that the ratio of the stock market to the Federal Reserve's balance sheet had absolutely flatlined, meaning the correlation of stock prices to Dirty Fed money-printing was essentially perfect.
Now with the Fed promising to halt QE this month, we thought an update would be highly relevant.
Still dead! The stock market has flatlined down 75% from its 2000 peak in Fed balance sheet terms.
Does the impending end of QE mean the end of asset price appreciation? Would asset price stagnation or declines bring Janet back to the Ctrl+P button?
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