The Fed’s monetary policy, except for very brief periods in 1929 and 1936–1937, was consistently and unremittingly inflationist in the 1920s and 1930s.
In April, year-over-year growth in the money supply was at 1.99 percent. That was up slightly from March's growth rate of 1.92 percent, but was well down from April 2018's rate of 4.32 percent.
In February, year-over-year growth in the money supply was at 3.1 percent. That was down from January's growth rate of 3.3 percent, but was up from February 2018's rate of 3.0 percent.
In January, year-over-year growth in the money supply was at 3.3 percent. That was down from December's growth rate of 3.8 percent, but was up from January 2018's rate of 2.8 percent.
In November, year-over-year growth in the money supply was at 3.48 percent. That was down from October's growth rate of 3.7 percent, but was up from November 2017's rate of 2.6 percent.
In May, year-over-year growth in the money supply fell to a 3-month low, growing 4.2 percent. That was down from April 2018's rate of 4.2 percent, but remains up from November 2017's low of 2.6 percent:
