The M3 is a wider view of the amount of money value in the economy that can be can be used to pay debt. Inflation can mean that there is a surplus of money in the economy and the historical change in the M3 might be the first place to look for those pressures. IANAE.
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cam : There doesnt appear to be any correlation: between M3 and CPI in the RBA data between 1970 and 2004.
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cam (IANAE)
