The YoY growth rate of Corrected Money Supply (CMS) continues to fall, though the rate has moderated somewhat. In December 2014 the rate of growth had plunged to 8.4% from 20.2% in February 2014. In the three months since then it has only fallen to 7.3% at the beginning of March. In absolute terms, Corrected Money Supply is higher than in December 2014.

Since the last time we put up this graph, the US economy seems to have deteriorated somewhat. Could this be related to the monetary contraction? Probably, but we do not anticipate anything catastrophic for about a year. A Fed rate hike could of course change matters.