A Quick Reminder Of The Only Thing That Matters, In One Chart

Over the weekend, one of JPM's best strategists, Nikolaos Panigirtzoglou, looked at global liquidity and concluded that "the current episode of excess liquidity, which began in May 2012, appears to have been the most extreme ever in terms of its magnitude and the ECB actions have the potential to make it even more extreme." Curious why? Read the key note excerpts here. But more to the point, for anyone lamenting "stingy", tapering central banks or whatever, here is one chart that should put everything in perspective, and explain why the world has reached a plateau of permanent addiction to monetary liquidity injections, and why nothing else matters.

Oh, and good luck with that "Fed is about to raise rates" stuff...

Source: "JPM