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“Ideally, when performing monetary diagnosis, we would decipher whether money supply is veering ahead or below demand. Some market monetarists assure us that monetary disinflation is now underway, based on recent sharp slowdowns or falls in broad money supply. Yet the amount of overhang from the pandemic mega–money expansion coupled with the neutering of the monetary base by quantitative easing, quantitative tightening, and the resulting interest payments on reserves makes any fine judgment impossible.”