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 4/30/21:
M2 (as of 3/01/21) = 19,896.5
Public Debt (as of 4/29/21) = 22,056.1
Fed Held (as of 4/28/21) = -5,014.8
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Total = 36,937.8
On 3/31/21, this was at 36,698.8 and on 9/30/20 it was at 35,296.8. This is up 239.0 during April and up 1,641.0 fiscal year to date. This is an annual inflation rate of 8.0%.
So actually I will call this SUSTAINABLE for the third month in a row because it is a hair below 8.0%. If money supply only increased by $250 billion every month then I think we can live with the result.
However, note that M2 is 2 months behind because the Fed is hiding the current data. But they can't do that forever. When the March numbers are finally released at the beginning of June, they will show a huge increase. I think M5 for May will show an increase of over $800 billion.
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