I am unsure of exactly what is going on the weekly flows in the money supply. Up until a two or three weeks ago, M2 non-seasonally adjusted money supply had been tracking the average seasonal patterns established over the last 30 years. Please see the below charts showing the weekly and 2-month changes in M2 non-seasonally adjusted money supply.
Weekly
2-month
The last three weekly reported M2 figures shows divergences relative to the average seasonal trends. Significantly so actually. I am actually at a loss to explain the divergences. Additionally, I am unsure if they indicate anything, will be massaged away with subsequent revisions to the data, or something else entirely. Definitely something to keep on the radar.
Weekly
2-month
The last three weekly reported M2 figures shows divergences relative to the average seasonal trends. Significantly so actually. I am actually at a loss to explain the divergences. Additionally, I am unsure if they indicate anything, will be massaged away with subsequent revisions to the data, or something else entirely. Definitely something to keep on the radar.
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