In our latest CIO Special – Inflation and the money multiplier – we look at current inflation dynamics from a monetary perspective. We argue that:

  • Despite the recent pick-up in inflation rates, it is still difficult to see inflation as a purely monetary phenomenon
  • While broad monetary aggregates have grown, money multiplier and velocity ratios have fallen
  • Factors such as changing consumer inflation expectations could however still refocus attention on the money multiplier, given high liquidity levels



Our full CIO Special report "Inflation and the money multiplier" is available to download. Please refer to the Important Notes at the end of the report for disclosures and risk warnings



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