Not only have we never experienced a Fed trying to fight an inflation problem under an abundant reserve regime, we’ve never seen M2 grow so fast for so long, or decline so rapidly, at least since the Great Depression. If the recent data are accurate, the economy is in for a very rough time in 2023-24. We have already seen some weakness in production reports but are not close to feeling the full brunt of the tighter money that started last year. Investors must be cautious; a storm is headed our way.
-Brian Wesbury, from this post
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