Stimulus checks in 2020 caused M2 to leap off of the long term exponential trend line (blue, 8% CAGR). People had spending money, prices went up.

Rate hikes in 2022 bent the money supply curve downwards and now they’ve almost gotten it back to trend. I believe this was the Fed’s plan all along.

Once M2 is back to the long term exponential trend line, expect rate cuts to resume 8% annual money supply growth (theft).

Charts are log scale. https://image.nostr.build/7083218ff84707fa642d390e78d4edda388c4be6005337a12c5fa3784d68d239.jpg https://image.nostr.build/3f401b621194dee57eac82210d60189145d0cdd8ab551739beba61832f3b78a1.jpg