In December, the monetary base was $3.427 trillion, which was its highest level since November 2018. This was the first month of month-over-month growth since February 2018, which is a positive sign for capital equipment consumption.

The annual rate of contraction in the money supply, -9.3%, decelerated for second month in a row, which also is positive sign for capital equipment consumption. It seems very likely that the rate of contraction in the money supply has bottomed. A decelerating contraction in the annual rate of change in the money supply tends to lead to a decelerating contraction in capital equipment spending.