Lemme emphasize, this is a *mechanical* effect, based on how these trackers work. Imports don't subtract from imports (though Y=C+I+G+X-M). We subtract imports to avoid them being double counted.
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A surge in M is also partly a surge in C, or I. Most likely, this is businesses accumulating inventories (which will show up in I). But the trackers don't have inventory info yet, so they "see" ↑M, but haven't yet seen ↑I (or ↑C).
An aside: thoughts on today's boycotts? I support the sentiment, but caution ppl that corps care about quarterly profits, not daily profits. I think of the ineffective gas boycotts that occasionally popped up in the late 2000's.