The monetary base soared up the last two weeks and is now at an all time high.
We have been discussing the potential for this series to create angst in the market for several months. It is now happening.
Increases in the base, Fed balance sheet, and the coming explosion in Treasury offerings has the market worried about inflation, higher interest rates, and the potential for the downgrade of U. S. debt rating. Uncertainty and angst is now creeping into the stock market and this is a negative development.
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