Money-Supply Growth Hits New High for Third Month in a Row

By Ryan McMaken

n June, for the third month in a row, money supply growth surged to an all-time high, following new all-time highs in both April and May that came in the wake of unprecedented quantitative easing, central bank asset purchases, and various stimulus packages.

The growth rate has never been higher, with the 1970s the only period that comes close. It was expected that money supply growth would surge in recent months. This usually happens in the wake of the early months of a recession or financial crisis. The magnitude of the growth rate, however, was unexpected.

During June 2020, year-over-year (YOY) growth in the money supply was at 34.5 percent. That’s up from May’s rate of 29.5 percent, and up from June 2019’s rate of 2.04 percent. Historically, this is a very large surge in growth, both month over month and year over year. It is also quite a reversal from the trend that only just ended in August of last year, when growth rates were nearly bottoming out around 2 percent. In August, the growth rate hit a 120-month low, falling to the lowest growth rates we’d seen since 2007.

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