Where Data Tells the Story
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In 2024, the U.S. stock market capitalization surged to 289% of the M2 money supply, approaching its highest level since the Dot-Com Bubble. This elevated ratio underscores a substantial concentration of liquidity in equities, reflecting strong investor confidence but also raising concerns about potential imbalances in the broader economy. The trend prompts key questions about the sustainability of current market valuations, the resilience of investor sentiment, and the implications for economic stability and future growth.