he money supply growth in July reached a 6 month high. Before you start opening the bottles of champaign: don’t do it. From 1.9% to 2.19% is not impressive in my opinion. Especially as it is well down below the 2018 4.07%.

So it is very clear that economic activity is going down. After all: the money supply growth is going down.

Moreover, periods preceding recessions often show a growing gap between M2 growth and TMS growth. We saw this in 2006-7 and in 2000-1. The gap between M2 and TMS narrowed considerably from 2011 through 2015 but has grown in recent years.

Join Waitlist We will inform you when the product arrives in stock. Just leave your valid email address below.
Email Quantity We won't share your address with anybody else.