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Rising Money Supply & Stimulus Spending

June 2, 2020

The balance sheet of the U.S. Federal Reserve (Fed) has grown by almost $3 trillion since the beginning of March 2020, which raises the money supply, as the Fed effectively prints money to buy assets.  It is important to note that the money supply grew at a 6.3% annual rate for ten years prior to February 2020, and yet inflation remained tame over that period.

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