Money-supply growth fell year over year again in March, but March’s decline was the smallest money-supply drop recorded in sixteen months. Moreover, the money supply in March grew—month over month—by the highest rate in two years. The current trend in money-supply growth suggests a continued turnaround from more than a year of historically large contractions in the money supply. As of March, the money supply appears to be in a period of stabilization. The money supply is still flat or down on a year-over-year basis, but there is clear growth over the past several months. Money-supply growth has now been negative—year over year—for seventeen months in a row. During March 2024, the downturn continued as YOY growth in the money supply was at –2.57 percent. That’s up from February’s rate of
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