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The term "velocity of money" refers to how quickly money is moving through the economy, with M2 money including cash, checking accounts, savings accounts, and similar assets. A rise in velocity indicates increased spending on goods and services, signalling economic growth. This current rise in velocity can be attributed to increased spending, business investments, or central bank interventions. Essentially, an increase in M2 money velocity is a positive indicator of a growing and productive economy, leading to economic activity and growth.