I just like to remind everyone that money supply is constant unless the governments start printing again.
However, even thought it is constant, it is flowing.
When Fed stop printing, but Euro and Japan continued to print money. It continued to push the economy to the current heights as the money flow into each individual companies’ earning.
This will also explain that despite the share prices at a high, the PE ratio of many companies (even STI) has yet to hit a significant high figure yet.
But do note, as interest rate increases, money supply flowing within the economy will reduce. This is because people will save more, buy more treasuries bonds, etc.
Do remember Singapore Government also came out with the Singapore Saving Bonds!