It´s not quite gone, but the just released NGDP growth data clearly indicates that monetary policy has, if anything, been tightening. The chart shows that NGDP growth at annual rates has been trending down for a year, and this does not consider that the level of nominal spending is way below any reasonable trend level.
Will this fact put some pressure for action during the upcoming FOMC meeting? Will the inflation hawks come to their senses and finally see that instead of going up inflation is coming down? Will the “fence sitters” conclude that the data is already very bad and that there´s no sense in “waiting for additional data”?
I have no idea, but given the history of the last three years, I´m not optimistic.