Why is everybody hoping for a Fed pivot (and a charge reduce) whereas the cash provide continues to be too excessive?

I simply don't get it. The cash provide continues to be near ATH's, YoY CPI continues to be fairly excessive by regular requirements and although we’re seeing it decelerate, the engine continues to be very popular from the previous 2-3 years.

https://fred.stlouisfed.org/collection/M2SL

M2 cash provide continues to be excessive. Why does everybody wish to see a charge reduce? Wouldn't that mild up inflation as soon as once more? All the things that's been occurring over the previous 2-3 years looks like kicking the can down the highway to me.

I'm not a bear by any means, however I nonetheless really feel the market is overvalued with a CAPE ratio of virtually 30 and nonetheless months to go till we attain our desired numbers (with reference to CPI and the fed fund charge).