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Expand chart
Reproduced from a Federal Reserve Bank of St. Louis chart; Chart: Axios Visuals

The velocity of money in the U.S. has been consistently falling for nearly a decade but is now starting to see a sustained pickup. It could be the first real sign of inflation in the U.S. after years of stagnation.

What it means: The velocity of money is a measure of how quickly money is spent in a given time period. It's a metric used to determine whether people in a country are spending and saving and at what rate.

Details: Having a higher velocity of money usually means a country is further along in the business cycle and should have a higher rate of inflation. "If the velocity of money is increasing, then more transactions are occurring between individuals in an economy," notes the St. Louis Federal Reserve.

The big picture: As the Fed has sought to stimulate growth in the U.S. economy through bond buying and low interest rates, the amount of money stock has risen to record highs while the velocity of money has fallen to record lows.

  • "[N]ear zero interest rate policy experienced over the last 10 years encouraged consumers to save more and shore up their personal balance sheets," says Nancy Tengler, chief investment strategist at Tengler Wealth Management, in a note to clients.
  • "We would expect to see velocity increase. As U.S. economic expansion continues this will boost economic growth further. At what rate remains to be seen."

Go deeper: What it meant to have inflation absent from the economic equation

Go deeper

Dan Primack, author of Pro Rata
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Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

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Photo: Martin Galindo/Long Visual Press/Universal Images Group via Getty Images

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Why it matters: Moderna said it will officially submit the results to the Food and Drug Administration for authorization in "the near term," meaning we could soon see two coronavirus vaccines available to protect approximately 28 million more kids in the U.S.