$1.4 billion every hour.
According to Bank of America, that’s the pace at which central banks around the world have been buying assets since the coronavirus-related lockdowns started in March. Coincidentally or not, the market value of the Nasdaq 100 gauge of tech stocks has climbed at roughly the same pace since then.
It’s the kind of comparison one might expect from a bitcoin true believer, steeped in the view that central-bank money printing is debasing the U.S. dollar — sure to bring rampant inflation. But it’s almost jarring when the observations instead come from researchers at a Wall Street bank at the center of the traditional financial system and dollar-based economy.
“For much of the past 10 years, Wall Street has proved too big to fail, and monetary policy markets have implicitly supported asset prices to boost economic growth,” Bank of America Chief Investment Strategist Michael Hartnett wrote earlier this month in a