M2 has been declining at some of the fastest rates in 30 years. Some accommodation by the Fed. Retail money funds and small time deposits are shrinking at a fast rate. Savings deposits have increased but money is flowing from the liability side of the bank balance sheet. Banks do not seem to care or they would be raising rates. This suggests that there has not been a lot of lending on the asset side of the balance sheet.
The behavior of the monetary aggregates was not expected and require going back to basics to find out what are the links between money, lending and economic activity.