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- History suggests bull markets end with higher rates, not today's backdrop: Citi Looking back at every major equity market top in recent decades, the bank highlights that the S&P
- the S&P 500 index (red) vs. U.S. Money Supply M2 (blue) 주가와 유동성과의 관계 1) First core insight: Long-term equity prices track money supply expansion. 2) Second insight: Crises But notice what happens next: equities mean-revert back toward the money supply trajectory. 4) Takeaway