M5 is a measure of money that includes M2, plus debt held by the public, less Treasuries owned by the Fed. Here is the current measure:
As of 3/31/21:
M2 (as of 2/1/21) = 19,669.8
Public Debt (as of 3/31/21) = 21,971.3
Fed Held (as of 3/31/21) = -4,942.3
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Total = 36,698.8
On 2/28/21, this was at 36,442.6 and on 9/30/20 it was at 35,296.8. This is up 256.2 during February and up 1,402.0 fiscal year to date. This is an annual inflation rate of 7.9%.
So actually I will call this SUSTAINABLE for the second month in a row. If money supply only increased by $250 billion every month then I think we can live with the result.
But note that M2 is 2 months behind. Obviously somebody at the Fed doesn't want to give the current numbers. This was previously reported on a weekly basis. And I am still expected a large jump when the stimulus financing comes in.
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