Why is everyone hoping for a Fed pivot (and a rate cut) while the money supply is still too high?

I just don't get it. The money supply is still close to ATH's, YoY CPI is still pretty high by normal standards and even though we are seeing it slow down, the engine is still very hot from the past 2-3 years.

https://fred.stlouisfed.org/series/M2SL

M2 money supply is still high. Why does everyone want to see a rate cut? Wouldn't that light up inflation once again? Everything that's been going on over the past 2-3 years seems like kicking the can down the road to me.

I'm not a bear by any means, but I still feel the market is overvalued with a CAPE ratio of almost 30 and still months to go until we reach our desired numbers (in regards to CPI and the fed fund rate).