M2 and inflation

I was looking at different measures of money supply vs. inflation and M2 appeared to have the best correlation (compared to M1 and MZM), with about a 2 year lag. M2 Money Stock is roughly equal to cash and checking plus savings and CDs. The correlation looks less useful after the year 2000, perhaps due to more aggressive monetary policies. It is still growing at about a 7.5% YoY rate, but is below its own exponential trend. To stay on trend, it needs to grow to $20 trillion by the year 2020.