alt Hacker NewsI'm sure you read the footnote that goes along with the spike in 2020 where the definition changed.
and looking at the numbers, I see declining increaes over previous 5 year periods
39.1% increase from 2010-06 (8628.1) to 2015-06 (12004.6)
30.8% increase from 2015-01 (11787.8) to 2020-01 (15416.3)
21.0% increase from 2020-06 (18140.6) to 2025-06 (21942.4).
Yes, I read it. Even accounting for definition changes there has been a significant expansion of the money supply in recent years (and not just M2).