Money Supply Accelerates to 28 Month High

The money supply growth rate rose in October, climbing to a twenty-eight-month high. The last time the growth rate was higher was during July of 2017, when the growth rate was 5.07 percent.

During October 2019, year-over-year growth in the money supply was at 4.95 percent. That’s up from September’s rate of 3.10 percent, and was up from October 2018’s rate of 3.49 percent. The increase in money-supply growth in October represents a sizable reversal of the trend we’ve seen for most of this year so far. In August, the growth rate hit a 120-month low, falling to the lowest growth rates we’d seen since 2007. Growth rates are still a long way from reaching the heights reached from 2009 to 2016, however.

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