Caleb Franzen|Aug 04, 2025 12:44
Bank credit growth is accelerating.
M2 money supply growth is accelerating.
From a monetary standpoint, these are inflationary.
Then add tariffs + fiscal stimulus.
CPI inflation is higher today than in March/April 2025 on a YoY basis.
It's clear why the Fed is hesitant.(Caleb Franzen)
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