Global money update: cooler despite US
Money trends suggest that global economic momentum is peaking in Q3, with downside risk focused on Europe and Japan. Continue reading
Eurozone money update: French weakness
Monetary trends continue to suggest coming economic disappointment. Continue reading
US money update: more strength
Monetary trends continue to suggest too-loose policy. Continue reading
Japanese money update: further weakness
Rising QT and f/x intervention are intensifying a monetary squeeze. Continue reading
More UK stop-go
Money trends signalled better H1 economic growth but now suggest renewed weakness. Continue reading
Global money update: US lift
US monetary acceleration has tempered an earlier signal of a H2 global economic slowdown. Continue reading
US money update: further acceleration
Monetary buoyancy puts Fed Chair Warsh in a bind. Continue reading
Eurozone money update: signal still downbeat
Monetary trends suggest that recent PMI improvement will prove temporary. Continue reading
A cynical view of central bank money-speak
References to money trends in Fed and Bank of England reports represent tokenism, with no implications for policy. Continue reading
Japan’s QT disaster
The BoJ’s bond disposals are crushing money growth, threatening a return to deflation. Continue reading