Aaj M2 pa ~$21.9 trillion hai, jo month-over-month thodi growth dikha raha hai (+0.5‑0.7%) lekin wo “printing” nahi, balke banks ki commerce aur deposits ka natija hai. Fed abhi QT ongoing hai, jisse globally naya paisa print nahi ho raha.

Agar future mein fiscal deficit bohat zyada barh gaya, ya Congress debt reduce na kare, to Fed money printing ki taraf shift ho sakta hai — lekin abhi tak koi indication nahin haasil, Fed monetary control mein nazar aa rahi hai.