MV=PQ

This is the Equation of Exchange. M stands for the money supply (as measured by M2) in circulation. V stands for the velocity of money or the frequency with which a unit of money is spent. P stands for the price level. Q stands for the index of real expenditures on new goods and services (or GDP.)

So? You may say? Well, keep on eye on V. It’s now starting to go up. It’s rise will result in higher prices, which will increase V even more as more consumers run out to unload their dollars before they are worth less. Kind of like a doom loop - especially if Q continues to fall and the fed can’t keep M2 in the reverse repo facility and it starts flooding the market.