If the punch bowl is stimulus, it is safe to say that over the past number of years the market has become rather hooked on this sweet, intoxicating elixir. Quantitative easing, rate changes and twists all had pretty big impacts on stock prices, both up and down. And this relationship arguably became even stronger following the pandemic, given the sheer amount of stimulus. From the go-go highs of 2021 on the back of an overflowing punch bowl, to the pain in 2022 as the quantity of punch was slowly drawn down. But over the past month the S&P broke to the upside as the aggregate amount of stimulus stabilized … or did it?

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