Good news from the fiat credit front: in the USA, the M2 money supply rose from 21.56 in Jan to 21.67 trillion USD in February, according to the Fed. This is a good sign amidst mixed economic data, showing that the credit mechanism is intact and we can expect rising liquidity and a stable business cycle in the coming months.

At a global level, a further weakening of the US dollar should provide considerable relief on the refinancing front and further liquidity.