1) the chart says "global m2". There's actually other countries outside the US, each with their own policy.

2) US M2 is _almost alwys_ rising. The current QT is the tiny blip at the end of the curve.
 https://image.nostr.build/fd043574bf460d532145032fda759e1585e39378d0bbd795245b09724073da0d.jpg