US money update: mixed signals
January 28, 2026
US narrow money is growing slowly, casting doubt on expectations of economic strength.
NS Partners is part of the Connor, Clark & Lunn Financial Group, a multi-boutique investment management company whose affiliates collectively manage over $179 billion in financial assets.
NS Partners is a manager-owned investment management boutique.
We have an experienced and cohesive investment team that owns the business.
Philosophical commitment to conviction-based macroeconomic analysis.
EVA analysis provides a disciplined approach to uncovering improving
profitability and helps us avoid value-destroying companies.
Insights
Read More
Weaker monetary news
January 20, 2026
Early numbers suggest that global six-month real narrow money momentum fell back sharply in December.
US broad money update: low household cash ratio
January 16, 2026
The share of money holdings in household financial wealth is near the bottom of its range since the mid-2000s, with equity exposure at a post-WW2 record.
LatAm’s rightward political shift is fuelling a continent-wide bull market
January 13, 2026
Following years of economic pain brought about by loose fiscal policy under socialist leaders, a “blue wave” of fiscal conservatism is sweeping across the continent. More muscular regional foreign policy by the United States is likely to reinforce the trend.
A “monetarist” perspective on current equity markets
January 7, 2026
Global money trends appear modestly supportive but cyclical clouds are gathering.
US money update: suspect deposit data
December 29, 2025
A sharp rise in US demand deposits in November probably reflects a statistical distortion, with broader money trends stable.
Quality by first principles in EM
December 17, 2025
Agility within an investment process is key in navigating inevitable style regime rotation.
UK inflation: another favourable surprise
December 17, 2025
November CPI numbers support “monetarist” optimism, with an undershoot now on the horizon.
Defiant Fed forecasts
December 11, 2025
The Fed’s economic forecasts continue to suggest that the window for easing will close in early 2026, based on a model of its historical behaviour.
Slowdown signals
December 9, 2025
Global manufacturing PMI new orders weakened on schedule but money trends currently suggest a limited decline.
Eurozone money update: disappointing response
December 3, 2025
Monetary trends suggest that interest rates remain above a “neutral” level.
Global money update: EM strength
November 27, 2025
Global money trends suggest that major economic weakness will be deferred until later in 2026.
UK inflation: “monetarist” optimism on track
November 19, 2025
Inflation is realigning with lagged money trends as policy distortions fade.
Chinese money update: lacklustre outlook
November 14, 2025
October money / credit numbers were mixed, suggesting a continuation of sluggish economic growth.
Flows before pros?
November 10, 2025
Structural liquidity and investor flows are reshaping market dynamics and asset prices in emerging markets.
For additional information on NS Partners Ltd, please contact:
![Jean-Philippe-Lemay, CC&L FG [504x504_03]](https://ns-partners.cclgroup.com/wp-content/uploads/sites/3/2025/06/FG_-Jean-Philippe-Lemay_504x504_03.jpg)
Jean-Philippe Lemay
Managing Director,
Head of Institutional Sales, Global
Eric Hasenauer
Senior Vice President,
Co-Head of Institutional Sales, USA
John Ricketts
Senior Vice President,
Co-Head of Institutional Sales, USA
Please take the time to carefully read the following as it contains important information regarding certain restrictions imposed by statute and the applicable securities regulatory authorities on the distribution of information through this website.
Material presented on this website should be considered for background information only and should not be construed as investment or financial advice. Further, information on this website should not be construed as an offer or solicitation by the Connor, Clark & Lunn group of companies to provide investment management services or to buy or sell any products.
The NS Parters Ltd. (NS Partners) website may contain hyperlinks to websites operated by parties other than NS Partners. Such hyperlinks are provided for your reference only. NS Partners does not control such websites and is not responsible for their contents. The inclusion by NS Partners of hyperlinks to other websites does not imply any approval or endorsement of the material on such websites or any association with their operators.
The Connor, Clark & Lunn group of companies includes a number of entities that may be registered as investment advisers, investment fund managers and exempt market dealers in various provinces and territories of Canada. A number of entities are also registered with the Unites States Securities and Exchange Commission as advisers in that country and the Connor, Clark & Lunn group of companies also includes a number of investment advisers and fund managers that are authorized and regulated by the Financial Conduct Authority in the United Kingdom. The information provided on this website regarding each entity is directed solely towards qualified investors in jurisdictions where the appropriate entity is registered. Services offered by any of the entities in the Connor, Clark & Lunn group of companies are offered solely to qualified residents of the jurisdictions where the entities are qualified to do business.
Certain securities regulations prohibit the publication of specific registration information about the registered entities in the Connor, Clark & Lunn group of companies. For more information, please contact the Connor, Clark & Lunn Compliance Department at [email protected] or 604-685-2020.
NS Partners Ltd.
December 6th, 2021