Skip to content
mmm logo dark horizontal

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

Policy perversity

The policy biases of the Fed, ECB and Bank of England are opposite to those warranted by economic / monetary conditions. Continue reading
This entry was posted on May 7, 2026.
Leave a reply

Global money update: inflation squeeze

Global six-month real narrow money growth is slowing from a January-February peak, suggesting a loss of economic momentum during H2. Continue reading
This entry was posted on May 6, 2026.
Leave a reply

Author

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.

Search

Categories

Archive

2026
May
April
March
February
January
2025
December
November
October
September
August
July
June
May
April
March
February
January
2024
December
November
October
September
August
July
June
May
April
March
February
January
2023
October
September
August
July
June
May
April
March
February
January
2022
December
November
October
September
August
July
June
May
April
March
February
January
2021
December
November
October
September
August
July
June
May
April
March
February
January

Legal

  • Legal and Compliance