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Messages for the economy and markets from monetary trends and cycle analysis

A “monetarist” perspective on current equity markets

Recent slower money growth is consistent with a cyclical perspective suggesting economic / market weakness in 2026-27. Continue reading
This entry was posted on October 7, 2025.
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Simon Ward is Economist / Strategist at NS Partners and an Economic Adviser to Janus Henderson.

Forecasting Process

Real (inflation-adjusted) money leads economic activity. Nominal money leads prices / inflation. "Excess" money drives markets. Economic fluctuations reflect the interaction of three investment cycles (stockbuilding, business capex, housing). More here.

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