Monthly monetary update
Every month, the Institute of International Monetary Research produces a series of notes analysing the latest monetary trends in the world's largest economies - the USA, China, Japan, India, the UK and the Eurozone - along with an accompanying video.
If you are looking for research from previous years, please go to our Monetary Updates Archive page.
Our most recent regular monthly money note (June 2026) can be accessed here and the latest video (June 2026) here.
June 2026 Summary
In the USA commercial banks’ deposits have grown strongly in recent months, with the annualised rate of increase in the three months to 10 June being a disturbingly high 10.2%. In qualification, 2025’s boom in money market mutual funds stopped in the first quarter of 2026, even though the Trump administration continues to run an enormous budget deficit. Money growth has slowed in China since March. By contrast, the Indian banking system continues to grow at annual rates in the mid-teens % on the back of booming credit and vigorous supply-side dynamism. With these three economies accounting for over 40% of world output (and indeed about 50% on world output measured after adjustment for purchasing power parity), the world economy was heading for above-trend growth in 2026 before the shock of the Iran hostilities. These hostilities – which now seem to be over – plainly did affect energy prices, and then – for example – petrochemical and fertiliser prices. But the wider effects have been minor and manageable. Money growth in the UK has picked up as demand for new bank credit strengthens. It has also risen in Japan, but remains moderate – or even slow. In the Eurozone, the quantity of money declined during April