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M0, M1, M2, and M3 are all sharply decelerating. M0, directly controlled by the Fed, is decelerating because of base effects and some programs instituted last year that are being phased out. M2 is sharply decelerating because of government-guaranteed lending being phased out. The Fed will taper at some point, but a lot is riding on this Delta variant of the coronavirus and how it affects the global economy. If economic numbers keep deteriorating and payroll numbers falter, I think the tapering will be postponed.
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