The Fed is trying to normailze. But the US government is still spending like a drunk sailor.  

M3 includes debt deposits up to 2 years and institutional money market funds.  It captures more of the government money printing. 

It's chart shows money supply is still going up.

Printers gonna print.
 

 US M3 deflated too in 2023. However, I prefer to track global M2, it has such a high correlation to bitcoin price. https://image.nostr.build/a118b92db6dfac2f79be091c851df15d731cae9e90a2bd48f7ab613ed5c44a3c.png https://image.nostr.build/3197089e9cbe0c3ad5851a5d55fb0632bfe8826748273c17759f3545fa557203.jpg https://image.nostr.build/a7653c92872a89c3aa4ef5462a2eafd502f61828c00395c2562b9b6f56f4eeaa.png https://image.nostr.build/39be0f34c1a358d6142b69d03e775922ccf838b42b62a242790ac3b3a357b65f.jpg