Yesterday you commented on the relatively benign  monetary background. I have been watching a levelling off of M2 but notice that in the past fortnight there has been a sudden increase. See attached chart. Your comment on this would be appreciated.
P.S. A link to the St Louis Fed website is https://fred.stlouisfed.org/series/M2

Eoin Treacy's view

Thank you for the Fed chart of M2. You can also find it in the Chart Library with the ticker M2 Index. The fact it is increasing tells us two things. 

The first is that monetary policy is still accommodative. The second is that the velocity of money is probably still trending lower. 

The first principle of central banking is to ensure there is enough liquidity in the system to promote economic growth. When the velocity of money decreases the knee jerk response is to increase supply. If supply is increasing then velocity is probably still under pressure.