[michael1999]

Oh. So the discontinuity is an artifact of the change in the series.

Once the discontinuity ages out (June 2021), M2 is still running 13% over a year prior. That's historically high, but not so much higher than the 10% back in 2003, 2008, and 2012.

Thank you. That makes much more sense.

[pacerwpg]

It's a shame there isn't a normalized chart available. It makes a concerning situation very hard to read.

[michael1999]

It is hard to resist suspicion of the timing.