According to Goodhart's Law, if growth in M4 is taken as an indicator of inflationary pressure, then targeting the growth in M4 will make it cease to be a good indicator of inflationary pressure.

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Goodhart's Law states that when a measure becomes a target for the conduct of policy, it ceases to be a good measure. Therefore, if growth in M4 (a measure of money supply) is targeted as an indicator of inflationary pressure, it will no longer serve as a reliable indicator because actions taken to target M4 will alter its natural relationship with inflation.

According to Goodhart's Law, If Growth in M4 Is Taken