> That’s partly an artifact of how policymakers responded to the pandemic; pumping liquidity into the market I think he should say mostly. Fed balance sheet g

> That’s partly an artifact of how policymakers responded to the pandemic; pumping liquidity into the market I think he should say mostly. Fed balance sheet growth has been unprecendented and those folks who have not lost their jobs and are no longer spending on tourism are dumping their USG direct payments into Robinhood.