Mark Hulbert makes the case that, sans seasonal adjustments, the Money Supply uptick peaked in March, not May.
The year over year monthly comparisons would have to also be without seasonal adjustments. (‘ll look for the raw data later this week).
Hmmmm. This may be worth exploring further . . .
Sausage, legislation and M3
By Mark Hulbert
CBS.MarketWatch.com, 12:05 AM ET June 15, 2004