[Xeoncross]

The market is acting very rationally. If you print trillions of dollars out of thin air every year, there is more money and more demand. So everything else goes up in price.

Everything still costs the same relative to the amount of US dollars that exist. Wages just aren't keeping up with printing press.

[bryanlarsen]

Money printing (aka QE) stopped 13 months ago and money shredding (aka QT) started 10 months ago.

[Xeoncross]

Check the charts again, the new lending vehicles to banks just wiped out half the QT that we had gained last year.

Set the chart to a 1yr scale: https://fred.stlouisfed.org/series/WALCL

You'll see our QT was already paltry to begin with compared with the total balance sheet, now we're close to our ATH again.

Prices are the result of years of strong printing (since 2008) ballooning our cash vs asset ratio compared with what it was in the 90's or 00's. It takes time for the economy to react, but we certainly had a bull run decade since the printing started.

In 2018 they started the same slow sell off of assets, but then quickly surpassed it during the 2020 lockdown printing.