CNBC reports that according to Embark Group CIO Peter Toogood, the change in emphasis for fiscal stimulus in the U.S. under President Joe Biden has effectively signaled “the end of Reaganomics.”

The government and the Federal Reserve have deployed unprecedented levels of support over the past year as they look to guide the economy out of the coronavirus crisis.

Stock markets have been volatile in recent weeks as bond yields rose alongside expectations for higher inflation, sparking concerns that central banks could begin to unwind some of the stimulus measures currently in place.

Toogood told CNBC that the market is reacting logically in anticipating “the big underlying change” in U.S. spending.

“We have got massive pent up savings, we have given away and have engineered particularly in the U.S. but elsewhere as well, the most amazing fiscal and monetary stimulus — unparalleled — and then we have 25% money supply growth which is the first time we have really had that since the 80s,” Toogood said.

Expectations that the money velocity in the U.S. will increase, following promises from Fed Chair Jerome Powell and Treasury Secretary Janet Yellen to “go big,” mean markets are adapting to a new goal of a “massive increase in nominal GDP,” he suggested.