The Federal Reserve's monetary-policy report discusses money supply for the first time since 2016, Reuters reported Friday; it says M2 growth has returned near rates typical of the 2010s and that pandemic-era excess real balances have largely unwound. [1]

That change follows the paper's account of Kevin Warsh assigning five reviews to 15 outsiders, which stressed that advisers can recommend policy changes but cannot cast Federal Open Market Committee votes; Restoring a measure to a report is likewise attention, not adoption.

The distinction frustrates the cleanest social-media story; Monetary X can treat M2 as the inflation answer, but no verified post specific to Friday's report surfaced; Reuters' record supports a narrower conclusion: the Fed has brought money supply back into its written analysis while describing conditions that limit a simple acceleration claim. [1]

The report does not establish an M2 target, a money-supply tightening commitment or a committee vote; whether the measure becomes a recurring input, and whether any voting official proposes an operational rule for it, remain open questions; a decade-long absence has ended; a policy regime has not begun.

-- HENDRIK VAN DER BERG, Brussels