Vested

If not an especially frightening pace, it is nonetheless a sharp contrast to the 0.7 percent inflation rate averaged over the course of 2015 or the 0.9 percent rate averaged during the 12 months to this past March. These have risen at a 1.7 percent annual rate during the last six months, hardly fast but far different from the small outright decline recorded for all of 2015 or for the 12 months ending this past March. During the last six months of 2015, for instance, the narrow M1 measure of money, which includes currency in circulation and checkable deposits at financial institutions, grew at less than a 4.3 percent annual rate, not much different from the nominal economy That need suggests strongly that the Fed will continue its recent policy course, that it may bring up such matters more frequently in its press releases and other commentary, and that discussion of money growth as well as inflation will appear increasingly on investment agendas and in media outlets.