https://www.stlouisfed.org/on-the-economy/2023/oct/m2-growth-inflation-recent-y… Created Tue, 17/10/2023 - 20:30 Updated Tue, 17/10/2023 - 20:30 The M2 measure of the money supply increased rapidly and then declined at record rates in recent years. Inflation has been following M2 growth with a lag.