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 (September 2026) can be accessed here and the latest video (September 2026) here.
September 2026 Summary
Deposits at US commercial banks rose by just under 0.7% in August, i.e., at an annualised rate of 8.0%. This was after a couple of slower months, but annual money growth needs to be 5% or less to be consistent with the 2% inflation target. Meanwhile Indian bank credit and broad money continue to grow at annual rates in the mid-teens %, in the context of vigorous supply-side dynamism. Money growth has slowed in China since March. We have argued in recent commentary that - with these three economies accounting for roughly 40% - 50% of world output - the world economy would have been heading for above-trend growth in 2026 before the shock of the Iran hostilities. This view still seems reasonable, although the prospect is above-trend growth, not boom. The persistence of the Gulf hostilities – and the intensification of the Russia-Ukraine conflict – make conjectures about the world economy in late 2026 and 2027 hazardous. Broad money in the Eurozone is growing at a modest level, while in the UK it has slowed recently. Japan’s giant so-called “fiscal stimulus” has undermined the yen on the foreign exchanges.