Global money update: US relative strength
US six-month real narrow money momentum recovered in June, in contrast to a further slowdown in the Eurozone and outright weakness in Japan / the UK. Continue reading
UK money update: misleading M4ex
Moderate growth of the Bank of England’s M4ex measure conceals weak corporate / household money trends. Continue reading
Eurozone money update: further softening
June money numbers cast doubt on ECB President Lagarde’s assertion that policy-makers are “in a good place”. Continue reading
EM money update: India hotting up
Six-month real narrow money momentum remains stronger in the E7 than G7, with India a new source of strength and China stabilising after a pull-back. Continue reading
Why has UK money growth slumped?
Monetary weakness may partly reflect temporary factors but also signals an overrestrictive policy stance. Continue reading
A “monetarist” perspective on current equity markets
Global six-month real narrow money momentum fell sharply between March and May, suggesting economic weakness from late 2025. Continue reading