August 14, 2001

According to Greenspans recent Humphrey-Hawkins congressional testimony, the M2 money-supply measure has emerged as a key indicator of monetary liquidity watched by the Fed. Looking at the most recent data from the Federal Reserve Bank of St. Louis, M2 is growing at a healthy 10% annual rate, the monetary base is growing slightly less at a 7% rate, while MZM is growing at an explosive 22% rate. Irrespective of the aggregate one follows, its apparent that the Maestro can argue that there is plenty of liquidity to go around.

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