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

Global money update: cooler despite US

Money trends suggest that global economic momentum is peaking in Q3, with downside risk focused on Europe and Japan. Continue reading
This entry was posted on September 4, 2026.
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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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