In January, the monetary base was $3.443 trillion, which was its highest level since November 2018. This was the second month in a row of month-over-month accelerating growth, which is a positive sign for capital equipment consumption.

The annual rate of contraction in the money supply, -8.1%, decelerated for third month in a row, which also is positive sign for capital equipment consumption. This was the slowest rate of annual contraction since February 2019. A decelerating contraction in the annual rate of change in the money supply tends to lead to a decelerating contraction in capital equipment spending.