Robert - you have demonstrated in the past that Fed funds were directed to excessive reserves, and that M2 was basically flat.
M2 is growing, but at a pretty small rate. The Fed has not yet adjusted the real funds rate in a way that would cause banks to put the excess reserves to work.
The financial blogspace has been crying hyperinflation for a long, long time. What puts you on the bandwagon?
Robert - you have demonstrated in the past that Fed funds were directed to excessive reserves, and that M2 was basically flat.
ReplyDeleteM2 is growing, but at a pretty small rate. The Fed has not yet adjusted the real funds rate in a way that would cause banks to put the excess reserves to work.
The financial blogspace has been crying hyperinflation for a long, long time. What puts you on the bandwagon?