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Figurę 8: US money supply and nominał GDP growth. Are we setting the scene fora rise in inflation?

Notę: We’ve used the broad definition of the money suppty avai/able. This means it's a blend ofcurrency in circulation (1831). M1 (1930-1948) and M2 (1949-current). The Fed discontinued M3 in 2006. so we did not blend thatin historically.

Source : GFD. Deutsche Bank