The Fed hasn't really been slashing interest rates for two years and the 10 year yield has been hovering around 4.5%, yet [the M2 money supply has been growing since mid 2023.](https://fred.stlouisfed.org/series/M2SL) And [the margin debt has also been growing since then almost to end of 2021 levels.](https://ycharts.com/indicators/finra_margin_debt)
Has the growth of U.S. GDP justified this or are we on track to being over leveraged?
