This measure of the money supply has been growing at the slowest rate since the Great Depression

The Federal Reserve has long since given up on the idea that changes in the money supply are a main driver for inflation, though monetarism still has its adherents, in the U.S. and globally. (This International Monetary Fund piece has a nice explanation as to why it’s out of favor.)

Austin, Texas bond house Hoisington Investment Management, or HIMCo as it’s more popularly known, still cites the works of pioneering monetarist Milton Friedman in its analysis.

And…