CFS monetary and financial data suggest that the US economy is losing momentum.
The economy appears less responsive to injections of money in 2013 and to QE3.
The swell of reserves into the banking system represents a future risk to asset values.
A breakdown of the financial system into traditional and shadow banking reveals stress in each.
For Monetary Notes and Views:
http://www.CenterforFinancialStability.org/amfm/AMFM_101613.pdf
For Monetary and Financial Data Release:
http://www.centerforfinancialstability.org/amfm/Divisia_Sep13.pdf