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To the contrary the M2 supply [0] indicates that the Fed's QT policy has barely taken any money out of circulation.

[0]https://fred.stlouisfed.org/series/M2SL



On a log scale (you can select this on your graph) we're basically moving on the same trend line as we have been since 1960. Covid caused a big jump but the years of stagnation since then mean we're back to normal.




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