Percent change at seasonally adjusted annual rates
03 Months from Feb 2004 TO May 2004: 11.3
06 Months from Nov 2003 TO May 2004: 08.2
12 Months from May 2003 TO May 2004: 05.4
Considering that the stock market is basically flat for the year with this sort of monetary stimulus, the picture is not a pretty one.
UPDATE – had two copy and paste errors in the original post. We apologize to anyone alarmed at the thought that perhaps Mr. Stross’s transdimensional mathematics had seized control of this blog. M3’s pace continues to further increase, by the way, according to the latest reports:
M-3 was up a whopping 31.7 billion for the latest reporting week on a seasonally adjusted basis. It is now up 61.2 billion over the past 3 weeks, and $204 billion over the past ten weeks, rising at an annualized clip of 11.7 percent.