Mid-Year Economic Review & Outlook

Disinflation has already been achieved & the economic warning signs are mounting

Fed tightening is having an enormous impact on the money supply & bank credit

An analysis of the changes that have occurred in monetary and credit aggregates show that the Fed’s tightening is having an enormous impact.

On an annual average basis, the M2 money supply is falling at the fastest pace since the Great Depression and bank credit is on the verge …