Oct 01 2021
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U.S. Excess Liquidity (M2 Minus Nominal GDP) and S&P 500 P/E Ratio (Leading Indicator)

U.S. excess liquidity (M2 minus nominal GDP) tends to lead the S&P 500 P/E ratio by 6 months.

Image: Nordea and Macrobond

U.S. Excess Liquidity (M2 Minus Nominal GDP) and S&P 500 P/E Ratio