Friday, 2 January 2015

Aggregate Money Supply Growth for the U.S., Euro Area and the UK Stays Below Zero

The year on year growth rate in the aggregate money supply for the U.S., Euro Area and the UK fell below zero for the second month in a row in November. Deflationary pressures therefore ensue. 

The negative growth rate, measured in US dollar terms, was driven by a strengthening of the dollar and a negative money supply growth measured in British pounds for the UK. 



Individual money supply series measured in US$



Individual money supply series measured in local currencies