mpc.theyserveforyou.com

mpc: 21 The annual growth rate of the broad money aggregate, M4, had increased steadily since mid- 2003, reaching around 13% in April, its fastest annual growth rate since 1990. The strength of broad money growth, together with large increases in asset prices since 2003, posed an upside risk to the medium-term outlook for inflation -- at some point these money balances might be used to finance consumption and investment spending, thereby boosting growth and inflation. In this regard, it was notable that the annual rate of nominal GDP growth had picked up in Q1, after having slowed in 2005.