From Bill Julian, making the contrarian case here that it's already winter:
M3, the broadest definition of money that includes credit creation, is still well off its peak of 2008 and is no higher than it was when QE2 was instituted. ... This is unprecedented and is consistent with the current flurry of poor economic data. It is almost certainly a huge disappointment to the FED.
The meaning of this is that the asset prices which have been inflated by Federal Reserve policies look less and less sustainable.
