Uddrag fra Goldman Sachs:
| Reduced velocity of money |
| The potential for a higher cost of bank capital and more expensive funding after recent events has the potential to slow the velocity of money and compound monetary liquidity / QT risks. Equities have now caught back down to the level of reserves in the system after a record gap opened up in late January, and recent TGA spend down (tax refunds) and money coming out of RRP as the system demands more reserves has helped as well. In the near-term that could continue as RRP is drained. But even if monetary liquidity doesn’t contract going forward, if the velocity of money falls then credit extension will be limited and the economy and the market should suffer. |
 Morgan Stanley |
