Want to see how the $50 trillion liquidity release will impact the market? The most effective way is to review past records.

The Federal Reserve has implemented three rounds of large-scale easing, and each round's asset performance has been quite different.

**In 2008**, right after the financial crisis, the Fed launched over $2 trillion in quantitative easing. Which assets surged the most at that time? Gold led the way (up 120%), followed closely by US stocks (S&P 500 up 80%), emerging market equities (up 60%), and bonds lagged behind (up 20%). The logic is straightforward—liquidity enters to repair the financial system, driven by demand for safe-haven assets and recovering risk appetite, making gold and stocks the biggest beneficiaries.

**In 2020 during the pandemic**, it was completely different. The Fed emergency-printed over $3 trillion, and what happened? Tech stocks soared (Nasdaq 100 up 70%), cryptocurrencies skyrocketed (up 500%), gold only increased by 30%, and commodities fared worse (up 25%). The key feature of this round was one word—"intense competition." Money flooded into high-growth, highly elastic sectors, with tech stocks and crypto assets becoming major attractors of capital.

**In 2019**, it was different again, with preemptive rate cuts, releasing over $1 trillion. At that time, the economy was still relatively stable, so liquidity mainly boosted valuations. US stocks led the gains (25%), gold followed (15%), emerging markets (12%), and bonds lagged behind (8%).

Comparing these three rounds, you can see a very interesting phenomenon—the flow of liquidity has never been random.