Can the stock market print inflation? We ran the numbers. Every $1 of stock wealth turns into about 3.2 cents of new consumer spending every single year (Harvard/AER 2021). Sounds tiny, until you see the pile: US households now hold $64.8 trillion in stocks. The last 12 months alone added $8.9T of equity wealth - roughly $284B a year of extra spending, about 1.3% of all US consumption. The market is a demand machine. And the machine kept growing for 40 years. Stocks were 9.5% of household financial assets at the 1982 low, 38.7% at the dot-com peak, 45.8% today. The three highest readings in 80 years of Fed data are the last three quarters. That is what makes 2026 extraordinary - the wealth channel from Wall Street to your grocery bill has never been this wide. The arrow points both ways though. In 2022, 9.1% inflation crushed stocks -19.4%. And since 1994 a 10% market drop has predicted 32bp of Fed cuts by the next meeting, 127bp within a year. Falling markets reload the machine through easier money. Half of it sits in 1% of hands, CPI is still at 3.5%, and the S&P closed Friday 2% off its record. Watch the market like a macro force, not a scoreboard.