Global money supply explodes by $10T despite shrinking balance sheets. Global M2 hit an all time high of $95 trillion 10 days ago. Worst macro mix hits as Fed admits double danger

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Crazy to think that money supply is expanding this aggressively even as global central bank balance sheets have been contracting.

We’ve seen a $10T increase in global money supply in just the past 12 months.

Now imagine what happens once central banks inevitably need to expand their balance sheets again — which, in my view, is only a matter of time.

If this helps:

Mute the recent volatility noise in hard assets — this is the macro data point that ultimately drives the cycle, in my view.