Money Supply Growth Accelerates to 59-Month High
The US money supply grew at its fastest pace in 59 months, reaching an all-time high of $19.71 trillion in July.
This acceleration is attributed to the Federal Reserve's loose monetary policy, including rate cuts and increased Treasury buying.
New Fed chair Kevin Warsh has pledged to hit the 2% inflation target soon, but core PCE was still 3.7% year over year in July, marking the 65th straight month above target.