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Atle Willems, CFA
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Atle Willems, CFA, is an equity investor with a long-term view investing in undervalued listed shares with solid operational track records and sensible balance sheets. He holds a master's degree in finance from Nottingham University Business School, a bachelor's degree in business... More
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  • The Short Version Of The "Austrian" True Money Supply (TMS), As Of 21 April 2014 0 comments
    May 3, 2014 6:56 AM

    The short version of the Austrian True Money Supply (SVTMS) for the U.S. decreased by 0.52% (23.85% annualised) during the most recent week ending 21 April 2014 to hit $10.1252 trillion. The money supply is calculated from the latest data published by the Federal Reserve.

    (click to enlarge)

    Currently, of the three components making up the Short Version of the Austrian True Money Supply, Currency makes up 11.8%, Checkable Deposits make up 14.9%, while Savings Deposits make up the bulk at 73.3%. As the chart immediately below shows, Savings Deposits have increasingly made up a larger portion of the money supply since 1995 though it has flattened since 2008 and declined somewhat during the last couple of years.

    (click to enlarge)

    The 1-year growth rate in the money supply ended the week on 8.39%, the highest reported since week ending 28 October 2013.

    (click to enlarge)

    The growth rate was however 1.69 percentage point lower than during the same week last year and was the 95th week in a row with a declining growth compared to a year ago. The downward trend in the growth rate hence continued.

    (click to enlarge)

    The 5-year growth rate came in at 11.17%, the highest reported for nine weeks, but 65 basis points lower than one year ago. It hence recorded the 21st consecutive week with a declining growth rate compared to previous year.

    (click to enlarge)

    In summary, money supply growth continues to slow down with all growth rates spanning the 26 week to 5 year periods expanding less than one year ago.

    (click to enlarge)

    Visit the short version of the Austrian True Money Supply archive here.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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