👉 M2 Supply ≠ Liquidity 👈

👉 M2 Supply ≠ Liquidity 👈

M2 is only a part of the total liquidity

🔎 Here's an example:
Repurchase agreements market adds ≈$17T in the form of security-backed short-term credit, thus increasing available currency

M2 does not account for the repo market