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The US stock market is witnessing a historic run:
The MSCI USA Index's market cap relative to the US M2 money supply is up to a record 270%.
This ratio is up +120 percentage points since 2022.
This now surpasses the 2000 Dot-Com Bubble peak by ~40 percentage points, and the pre-2008 Financial Crisis high by ~75 percentage points.
By comparison, the UK and France MSCI indexes relative to their M2 stand at ~60%, still below pre-pandemic highs.
At the same time, Japan’s market cap to M2 is up to ~60%, the highest since the 1990s.
The market has never run this far ahead of liquidity before.