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Crowd Money: A Practical Guide to Macro Behavioural Technical Analysis by Eoin Treacy

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Chapter 17: Monetary Policy

What we will cover in this chapter

  • David Fuller has stated for years that “monetary policy trumps most other factors most of the time”.
  • The speed with which money moves around the economy (velocity of M2) has been declining across the G7 for more than a decade.
  • Central banking 101 dictates that enough money be made available to allow growth to become self-sustaining.
  • Therefore central banks can increase the supply of money without the threat of inflation provided the velocity of money continues to trend lower.
  • When that situation changes, inflation becomes an increasingly important challenge.
  • The yield curve spread for US Treasuries has been a lead indicator of US recessions for more than 30 years. ...

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