No surprises here. For another week, M2 showed incremental gains week over week.
The preliminary December 6th measure stood at $8.813 trillion. Annualized M2 growth over the past 13 weeks was 6.7% vs. annualized growth of 5.56% and 3.1% for the past 26 and 52 weeks.
The sell-off in bonds this week has been fairly spectacular. Therefore, I would not recommend anyone take new, short positions against the 30-Year Treasury Bond. I've closed out most of my own short positions against this security and would urge anyone else who's been short the past several months to consider locking in profits.
However, even at these prices, I would still recommend that investors avoid longer maturity Treasuries at this time.
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