Fed Balance Sheet vs SPX Chart Update

Back in May, the gain in the Fed's balance sheet and S&P 500 Index were nearly identical, 210 percent versus 212 percent. The amazing thing about the chart is there's only one axis. It isn't using two-axes to show a correlation, the percentage increase in both was similar until 2016. There was a legitimate "Trump rally" based on tax cuts that made equitites more attractive as an asset class, but even that was gone during the pandemic crash.