One of our favorite US economic reports – the favorite these days – is the weekly overview of US commercial banks’ balance sheets. It’s also the most glossed over report because the Federal Reserve publishes the data on Friday after the close of markets (or at least European markets). So, when no one is paying attention. Underrated and glossed over.
If you combine bank balance sheet data with the weekly Fed balance sheet, you get a pretty accurate picture of the US economy. That’s because the data allows to create a proxy of US money supply data. And if you remember Irving Fisher’s equation of exchange, you have something of a proxy for nominal GDP growth. Who doesn’t want that: a weekly nominal GDP tracker?
 The money supply times velocity equals nominal GDP
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