Today we release CFS monetary and financial measures for September 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.3% in September 2025 on a year-over-year basis versus 4.2% in August.
For Monetary and Financial Data Release Report:
https://centerforfinancialstability.org/amfm/Divisia_Sep25.pdf
For more information about the CFS Divisia indices and the data in Excel:
https://centerforfinancialstability.org/amfm_data.php
Bloomberg terminal users can access our monetary and financial statistics by any of the four options:
1) ALLX DIVM <GO>
2) ECST T DIVMM4IY <GO>
3) ECST <GO> –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY <GO> –> From source list on left, select ‘Center for Financial Stability’
CFS Monetary Measures for August 2025
| Today we release CFS monetary and financial measures for August 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.5% in August 2025 on a year-over-year basis, maintaining the same growth rate as in July. For Monetary and Financial Data Release Report: https://centerforfinancialstability.org/amfm/Divisia_Aug25.pdf For more information about the CFS Divisia indices and the data in Excel: https://centerforfinancialstability.org/amfm_data.php Bloomberg terminal users can access our monetary and financial statistics by any of the four options: 1) ALLX DIVM 2) ECST T DIVMM4IY 3) ECST –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’ 4) ECST S US MONEY SUPPLY –> From source list on left, select ‘Center for Financial Stability’ |
New Strategic Partnership: Shadow Open Market Committee and Center for Financial Stability
The Center for Financial Stability (CFS) and the Shadow Open Market Committee (SOMC) announce a new strategic partnership in pursuit of shared goals.
Both organizations strongly believe that sound monetary policy is a necessity for financial stability, and well-functioning financial markets are critical to monetary stability.
The SOMC is an independent group of some of the world’s leading economists to provide external perspectives on policy choices by the Federal Reserve and other leading central banks. The Committee addresses a wide range of macroeconomic issues, including monetary policy, banking and financial regulations, and fiscal policy matters that bear on monetary policy decisions. The SOMC was founded in 1973 by Professor Karl Brunner of the University of Rochester, Professor Allan Meltzer of Carnegie Mellon University, and Anna Schwartz of the National Bureau of Economic Research.
The CFS is an independent, nonpartisan, and nonprofit educational institution focused on financial markets for the benefit of investors, officials, academics, and the public. CFS is keenly focused on the future. Areas of emphasis include financial crisis detection and prevention, provision of unique data and analytics to improve the study of financial markets and institutions, as well as leading working groups with high level participants representing a wide range of interests. CFS accomplishes its objectives through the work of highly accomplished experts and input from its distinguished Advisory Board. CFS has global reach in 188 countries.
CFS is the SOMC’s new home.
For more information on the SOMC:
https://centerforfinancialstability.org/SOMC.php
For more information on the CFS:
https://centerforfinancialstability.org/
Best regards,
Mickey Levy and Lawrence Goodman
WSJ op-ed: “Trump Forces a Fed Guessing Game”
Today, The Wall Street Journal published an op-ed by Mickey Levy of the Shadow Open Market Committee (SOMC) member.
Mickey questions whether future rate cuts constitute the right monetary policy, highlighting how lower rates would present a dilemma for the Fed, as:
– Employment will be prioritized over price stability,
– Inflation is now further above its 2% target than it was below target in 2016-19, and
– Tariffs and immigration policy are under-cutting economic growth.
We look forward to any comments you might have.
To view the full article:
https://www.wsj.com/opinion/trump-forces-a-fed-guessing-game-8b5e7c18
CFS Monetary Measures for July 2025
Today we release CFS monetary and financial measures for July 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.4% in July 2025 on a year-over-year basis versus 4.2% in June.
For Monetary and Financial Data Release Report:
https://centerforfinancialstability.org/amfm/Divisia_Jul25.pdf
For more information about the CFS Divisia indices and the data in Excel:
https://centerforfinancialstability.org/amfm_data.php
Bloomberg terminal users can access our monetary and financial statistics by any of the four options:
1) ALLX DIVM
2) ECST T DIVMM4IY
3) ECST –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY –> From source list on left, select ‘Center for Financial Stability’
CFS Monetary Measures for June 2025
Today we release CFS monetary and financial measures for June 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.1% in June 2025 on a year-over-year basis versus 3.8% in May.
For Monetary and Financial Data Release Report:
https://centerforfinancialstability.org/amfm/Divisia_Jun25.pdf
For more information about the CFS Divisia indices and the data in Excel:
https://centerforfinancialstability.org/amfm_data.php
Bloomberg terminal users can access our monetary and financial statistics by any of the four options:
1) ALLX DIVM
2) ECST T DIVMM4IY
3) ECST –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY –> From source list on left, select ‘Center for Financial Stability’
CFS Monetary Measures for May 2025
Today we release CFS monetary and financial measures for May 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 3.9% in May 2025 on a year-over-year basis versus 4.0% in April.
For Monetary and Financial Data Release Report:
https://centerforfinancialstability.org/amfm/Divisia_May25.pdf
For more information about the CFS Divisia indices and the data in Excel:
https://centerforfinancialstability.org/amfm_data.php
Bloomberg terminal users can access our monetary and financial statistics by any of the four options:
1) ALLX DIVM
2) ECST T DIVMM4IY
3) ECST –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY –> From source list on left, select ‘Center for Financial Stability’
WSJ op-ed: “A Government Agency Worth Saving”
The Wall Street Journal published an op-ed titled “A Government Agency Worth Saving” by Sheila Bair and me in today’s Weekend Edition. We note that:
– Some underperforming government agencies should be restructured rather than closed. This is true of the Office of Financial Research, which Congress created after the 2008-09 financial crisis to help anticipate and avert future crises.
– To be sure, the OFR has not measured up to its original purpose. But it would be a huge mistake to end access to the data and intelligence that OFR collects during a time of international uncertainty and market turmoil.
– We offer concrete steps on crisis detection and prevention, data and analytics, as well as governance to restructure and refocus OFR – not close it down.
We look forward to any comments you might have.
View the full article here.
CFS Monetary Measures for April 2025
Today we release CFS monetary and financial measures for April 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.0% in April 2025 on a year-over-year basis versus 3.3% in March.
For Monetary and Financial Data Release Report:
https://centerforfinancialstability.org/amfm/Divisia_Apr25.pdf
For more information about the CFS Divisia indices and the data in Excel:
https://centerforfinancialstability.org/amfm_data.php
Bloomberg terminal users can access our monetary and financial statistics by any of the four options:
1) ALLX DIVM
2) ECST T DIVMM4IY
3) ECST –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY –> From source list on left, select ‘Center for Financial Stability’
CFS Monetary Measures for March 2025
Today we release CFS monetary and financial measures for March 2025. CFS Divisia M4, which is the broadest and most important measure of money, grew by 3.4% in March 2025 on a year-over-year basis versus 3.5% in February.
For Monetary and Financial Data Release Report:
https://centerforfinancialstability.org/amfm/Divisia_Mar25.pdf
For more information about the CFS Divisia indices and the data in Excel:
https://centerforfinancialstability.org/amfm_data.php
Bloomberg terminal users can access our monetary and financial statistics by any of the four options:
1) ALLX DIVM
2) ECST T DIVMM4IY
3) ECST –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY –> From source list on left, select ‘Center for Financial Stability’