In contrast to M2 contraction, which is more associated with inflation. [0] It's probably a signal that interest rate hiked worked and easing rates might be ready.

0. https://www.fool.com/investing/2023/04/30/money-supply-90-ye... [HN] https://news.ycombinator.com/item?id=38936268

Who says recession is a prerequisite for layoffs?