The annual growth rates of all the monetary aggregates remained strong in February, with our measure of the broadest M3 aggregate increasing by 6.0% over the past year. With the euro-zone crisis easing, at least temporarily, and the Fed's latest stress tests showing that US banks could survive another apocalyptic global financial meltdown, we see no reason why money and credit won't continue to expand, even without a third round of quantitative easing.
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