M&A activity is picking up in the U.S. and the reason for that is too much free money. This chart illustrates liquid assets of nonfinancial companies as a percentage of the market value of all U.S stocks. Liquid assets (mainly cash and money-market securities) totaled $1.85 trillion as of June 30, a jump of 1.9 percentage points from three months earlier.
The graph below shows the volume of M&A deals for the past five years (quarterly data).
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