Overall liquidity conditions have been holding up better than the raw monetary aggregates would suggest over the past year.

A lot of this is due to the Treasury offsetting some of the Fed's tightening attempts. More structurally, however, I also think this partly because over time, what we use as "money", especially savings, changes over time.

Money market accounts in the form of T-bills, reverse repos, and so forth have become increasingly part of "money" in the fiat system.

Including near-money assets, the overall money supply has held up over the past year better than the normal monetary aggregates like M2 would suggest.