The aggregate supply of capital goods (excluding transport equipment) – a coincident indicator of machinery investment – has been trending moderately upward, albeit  BIS central bankers’ speeches  1  with fluctuations. Looking at leading indicators, machinery orders (private sector, excluding orders for ships and those from electric power companies) have increased at a moderate pace, notably in manufacturing.
Some central bankers around the world have been arguing to exclude central bank reserves from the leverage ratio denominator, on the ground that they are “safe” and that including them may make monetary policy harder to execute in a period of unusually large central bank balance sheets.