M2 ($bn): 23,155.20 · correlation: insufficient overlap
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FRED M2SL, monthly and revised — the steps are release dates, not market moves. The liquidity thesis is the most-quoted and least-tested claim in this space; one and a half cycles of overlap is not evidence.
M2 ($bn): 23,155.20 · correlation: insufficient overlap
Every value plotted for a past date could have been computed on that date. Normalised series expand their window rather than scaling against the full history, so nothing here is drawn using information that did not exist yet — which is also why the early years of a normalised series are dropped rather than shown against a range of one.