In the intricate world of economic foresight, M2 stands tall as a leading indicator, casting its shadow on the trajectory of inflation. As a broader measure encompassing money market accounts and mutual funds, M2's movements carry profound implications for the economic landscape.

Recent data, however, tells a compelling story. M2, the herald of economic shifts, is still on a downward trajectory: We are poised to remain in a disinflationary phase. The rhythm of M2's fall echoes a nuanced melody of economic dynamics, suggesting that the journey ahead will be characterized by muted inflationary pressures until a deflationary shock puts immense pressure on the monetary system and we'll see the beginning of the next cycle (pump).