Although you got the sign right, that is the rising supply of money does lower interest rates, in most of the world there is certainly not an oversupply. Money

Although you got the sign right, that is the rising supply of money does lower interest rates, in most of the world there is certainly not an oversupply. Money at around -2% real return is still pricing private stores of value, read new investment, out of the market. Money needs a real return that is lower than that so that fiat is not over valued compared to market stores of value, and people, banks and businesses don't hold their savings in excess idle reserves instead of in things that have intrinsic value and that are backed by economic activity.