Money supply growth can often be a helpful measure of economic activity and an indicator of coming recessions. During periods of economic boom, money supply tends to grow quickly as commercial banks make more loans. In recent months, M2 growth rates have followed a similar course to TMS growth rates, although TMS has fallen faster than M2. In October 2023, the M2 growth rate was –3.35 percent. That's down from September's growth rate of –3.35 percent. October 2023's growth rate was also well down from October 2022's rate of 1.42 percent. https://www.zerohedge.com/personal-finance/money-supply-continues-its-biggest-collapse-great-depression