While the latter is a sharp surge, M2/GDP is not substantially higher than it was during 2003, when the Fed drove the FFR towards 1.00%.

• 不过，虽然近期美国的M2增势迅猛，但当前的M2/GDP比率并未大大超过2003年的水平，当时美联储将联邦基金利率降至1.；00%25的低点。