UK money update: still weak
MPC inertia had condemned the UK to economic underperformance well before the October Budget. Continue reading
Global money update: tentative positive
US / Eurozone / Chinese money measures rose solidly in December but a further pick-up is required to warrant hopes of a 2026 global economic “boomlet”. Continue reading
ECB policy easing is working
Eurozone real money momentum has turned positive and is likely to rise further, signalling improving economic prospects. Continue reading
Chinese money update: positive signal
Chinese money and credit numbers for December suggest that policy stimulus is becoming effective, warranting an upgraded assessment of economic prospects. Continue reading
A “monetarist” perspective on current equity markets
Global money growth remains subdued, support from a previous monetary overhang has ended, while the stockbuilding cycle is approaching a less favourable phase for risk assets. Continue reading