Keywords of the day: US money supply, US dollar, US finger, EU, New taxesAs we all know, the growth of the money supply is a valid indicator of economic activity, and the movement of the US dollar as a global currency has been closely watched.Now, US money supply growth has slowed! It's the lowest level in OctoberWhat does that mean?Recession coming?Growth in the US money supply slowedAfter hitting record highs for three straight months, U.S. money supply growth slowed in March to a 10-month low. While money supply growth was high last year thanks to stimulus programmes such as quantitative easing and asset purchases by the Federal Reserve, it now appears to be slowing.What does that mean?The growth of the money supply is usually a good indicator of economic activity. In good times, commercial banks lend more and the money supply tends to grow rapidly. And when money supply growth slows, the economy may fall into recession.At the same time, the US index also appeared at a new low since the end of February, once falling below the 90 mark. What is the reason behind it?The US index broke the 90 markNon-us currencies, international oil 'celebrate'Before European trading on Tuesday, the dollar index continued to fall below the 90 mark, hitting a new low since the end of February.Dollar-denominated assets such as gold and international crude oil have strengthened. As of press release, spot gold stabilized above the 1870 mark; Brent crude futures traded above $70 a barrel for the first time since March 15. WTI crude oil futures traded above $67 per barrel for the first time since March 8.For now, there is a general consensus that the Fed views the spike in inflation as transitory and will continue to tolerate faster inflation. Now the market is increasingly confident that the Fed will not raise interest rates early, which has weakened the dollar against most major currencies.Yesterday, three Fed officials also cooled the frenzy of rate hike bets.Dallas Fed President Robert Kaplan, a "big hawk," said on Monday that supply-demand imbalances and base effects will fuel high inflation this year, but expects inflationary pressures to ease in 2022. At the same time, he reiterated that he does not expect interest rates to rise until next year.The Fed's "second in charge", Vice Chairman Joe Clarida, also calmed market fears of tapering QE, saying that the jobs data showed that the US economy has not made further progress, and the time to discuss reducing the size is not yet.This year's FOMC ticker, Atlanta Fed President Eric Bostic, said healthy inflation is a sign of a healthy economy and there is no need for the Fed to act now.In addition to the weakening of hawkish expectations weighing on the dollar, another point of concern is that the support role of U.S. Treasury yields for the dollar has diminished. Since mid-March, the US 10-year Treasury yield has ended its previous rapid rise and started a consolidation that continues to this day.In addition, the strong rebound of non-US currencies may also drag down the US dollar index, and the euro, sterling and Australian dollar extended their gains on Tuesday afternoon. Just released the UK unemployment data unexpectedly positive, the pound shot up to 1.4195. Shortly after European trading opened, the euro hit 1.22 against the dollar for the first time since Feb. 25. Sterling broke above $1.42 for the first time since Feb. 24.Across the pond, the European Union will propose a new tax framework that is even more extreme than America's.Previous US proposals to set the world's lowest corporate tax rate and require big multinational companies to pay more tax to the governments where they actually do business, the EU plan can be said to be "better than blue."The EU also proposed a new tax frameworkWould be more extreme than America's global corporate-tax planThe EU's proposal for a new corporate tax framework covering the region would go further than the global corporate tax plan under discussion.The EU initiative follows US proposals for a global minimum corporate tax rate and for big multinationals to pay more tax to the governments where they do business, accelerating negotiations in 140 countries on the global tax reform issue.The EU's proposed supplement, called "Business in Europe: Income Tax Framework", or BEFIT, would create a single corporate tax rule and redistribute profits among member states.After a decade of fruitless discussions on corporate tax, the proposal comes as pressure mounts to fix public finances and tackle aggressive tax avoidance by big companies amid a surge in government spending caused by the coronavirus pandemic.Economic Affairs Commissioner Paolo Gentiloni said:"It is time to rethink the European tax issue. BEFIT will reduce red tape, reduce compliance costs, minimise opportunities for tax avoidance and support jobs and investment in the EU."Details of the proposal will be announced by 2023. Getting unanimity among member states will be a big challenge for the Commission. Previous similar efforts, including a digital services tax, have come to nothing, and countries such as Ireland have raised concerns about the OECD's global corporate tax reform.This news, I am afraid that many companies are "shivering". Let's just say that the EU is doing everything it can to fix its finances.