I don't know but Greg Mannarino thinks it might be.
https://steemit.com/@marketreport
You can track the velocity of money here.
https://fred.stlouisfed.org/series/M1V
https://fred.stlouisfed.org/series/M2V
https://fred.stlouisfed.org/series/MZMV
https://fred.stlouisfed.org/series/A14187USA163NNBR