The rise in the annual growth rate of our measure of the M3* money stock, to a nine month high of 5.8% in April from 5.5% in March, is consistent with the recent rebound in core CPI inflation to...

We are unconcerned by the more mixed data for April since the upward trend in sales and production is still firmly in place. More generally, the improving survey evidence points to a pick-up in...

The rapid expansion in bank loans since the turn of the year is a sure sign that the economic outlook is brighter than the stagnation in first-quarter GDP growth suggested. Loans to businesses are...

A few commentators have suggested that the weakness in first-quarter GDP, which may even have contracted slightly, could be due to the Fed's decision late last year to begin tapering its monthly asset...