This video is a snippet from Market Update Q2 2020 with Jason Ranallo. Watch the full replay.

Many people you might think, well, gosh, a money supply that high is pumping all that money into the economy, we must have inflation. But the other piece is very important is velocity. Velocity is how fast money is moving through the economy and, in particular, it's the number of times $1 is spent to buy goods or services per unit of time. And when that's rising that implies higher velocity. If you have higher velocity and high money supply, now you can get to that equation of too much money chasing too few assets. But what's occurred has been quite the opposite, in fact, really going back to the late 90s.