Inside Markets — Money Supply Growth

US money supply growth has risen from -4.7% last April to +3.9% in February and looks to be accelerating. Through March 12, YTD US money supply has risen by $320B, which if annualized would imply a $1.6T expansion for the full year vs. $1.2T last year. At last week’s FOMC, the Fed also announced a slowing QT, which was earlier than expected and will add to the growth of US money supply. US bank lending has also accelerated, which supports a stronger pace of money supply growth and ultimately support for US financial assets — particularly equities.