Pivotal events of the last two decades compared with the S&P and the money supply. M2 is a broad indicator that includes cash, checkings, and liquid assets such as money market securities and cash equivalents. Although M2 exploded 42% during the COVID pandemic, much of this money is locked up in FED REPO agreements and artificially inflated on the Fed balance sheet as indicated by the velocity. Velocity is an indicator of the speed at which a unit of currency is exchanged in the broader economy.