Deposit flows into US banking system (apparently from EU) continue at shocking levels. In the liquidity model of the market, there is no way the markets can decline as long as this continues. Meanwhile, the Fed continues to quietly tap the brakes, without explanation or comment, while the US money supply explodes. The Fed is transparent only when attempting to jawbone the market higher. Anything that might run counter to that, it shuts up tight as a clam.
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