Summary

• Whereas the economic outlook had been looking rather modest, there are now welcome signs of an economic pickup on the horizon.
• The relationship between money and nominal GDP has almost returned to where it was pre-Covid.
• The Fed lost control of M2 from 2020 through 2021, but it has been back in control for the past several years.
• Money demand appears to be stabilizing at a time that money supply is growing at a relatively slow pace.
• Housing starts have been stagnant to somewhat lower for the past several years, and homebuilders are not very optimistic at all that things are going to get better.

Here's an updated look at key charts and indicators that I have been following for the past several years. All continue to suggest that inflation is likely to remain relatively low. Moreover, whereas the economic outlook had been

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