Global money supply hits a new high of 103.66 trillion US dollars; with the US Federal Reserve, the European Central Bank, the Bank of Japan, and China’s central bank, it added more than $1 trillion in August alone—marking the 10th consecutive month of growth. In the chart, the US M2 line is the steepest. When there’s more money, some of it inevitably flows into assets like stocks, gold, and Bitcoin. But a new supply-high doesn’t mean prices will rise immediately—money may first just sit in banks. There’s one hurdle between the data and the market: confidence.