This piece from BTIG may be a little wonkish, but it's a short and reasonable explanation. This situation bears watching. "In the most recent week for which we have data, the week of July 4, M2 expanded by $88.7 billion, the third largest weekly increase on record. By itself, such a large increase in the money supply would be worth looking into, but compounding the issue, the increase follows a $76.9 billion increase in the prior week, itself the fourth largest increase on record. With the money supply expanding so rapidly in back to back weeks, a few clients have inquired as to whether we were seeing anything that would have caused such a move."