The Fed, USD, & QE walk into a bar…

I was bullish on the technology sector throughout 2019 and throughout most of 2020. These are some basic thoughts for what I’ve noticed in the market recently.

Back in 2019 we had low and stable money growth (% year-over-year basis). John Greenwood of Invesco cited this as the primary reason for the longevity of the bull market. The past cycles characterized with faster money growth (M2), only drop when inflation rises.