It implies that there is a relationship between the fed balance sheet and performance of the s&p500, suggesting that a large part of the economic growth in America since the 08 economic crisis has been because of things like quantitative easing and not actual growth.

The interest rate is officially ~zero and effectively negative due to consistent QE (over $120,000,000,000 printed and given to banks every month). The Fed is practically paying the global financial system (in USD) to keep using USD.

There will be a massive reckoning as the global economy refuses to get ripped off by the Fed's relentless money printing. Yet the Fed is extremely hesitant to taper its QE policy, because that will detonate the domestic stock market.

It is not an exaggeration to suggest we are literally in the final years/months of the neoliberal economic order.