A Nomura Holdings Inc. strategist is warning that investors are overlooking a crucial clue as they grapple with the path of US inflation and the Federal Reserve’s response. The growth rate of M2, which measures cash in circulation plus dollars in bank and money-market accounts, spiked during the pandemic as emergency funding from the US central bank sluiced through the economy. Now it’s falling fast, contracting 2.4% year-on-year in February after dipping into the red in December for the first time since at least 1960, according to Fed data compiled by Bloomberg. Vincenzo Inguscio, a London-based volatility ... (full story)