Floating on a Sea of Liquidity

(1) The M-PMI is highly correlated with the y/y changes in the S&P 500 and in the Treasury bond yield. (2) M-PMI currently bullish for stocks and bearish for bonds. (3) M2 up $4.2 trillion y/y. (4) More helicopter money on the way. (5) M-PMI orders and production boom, and so does prices-paid index. (6) NM-PMI at record high. (7) Employment, usually a coincident indicator, has been a lagging one so far. (8) Our Earned Income Proxy jumped to a record high last month. (9) Fed will wait until economy reaches broad-based and inclusive maximum employment before tightening. (10) Plenty of signs of labor shortages despite high joblessness. (11) Wage inflation remains relatively subdued. (12) Movie review: “My Octopus Teacher” (+ + +).