JPMorgan Chase's global market strategy team points out that if "US commercial bank deposits + money market fund AUM" is used as a proxy for M2, calculations show that US liquidity has increased by approximately $1 trillion by August 19, 2026, and could approach $2 trillion for the whole year on a seasonally annualized basis; the corresponding money supply in the Eurozone could also approach €1 trillion for the whole year. This means that rising interest rates are creating price pressure, but credit and money creation have not yet slowed down in tandem.
