If we lived in a world with no impediments to competition in labor and product markets, with prices and wages that freely and quickly moved up and down in response to shifts in economic conditions, then a change in productivity growth would be promptly matched by a corresponding change in nominal compensation per hour.
At the same time, the interest rate constellation continues to foster divergent developments in the main components of M3, as the narrow spreads between the rates on different short-term bank deposits reduce the opportunity costs of shifting funds from, for instance, short-term time deposits into overnight deposits.