Velocity of money itself is a funny term in modern economics. Modern monetary theory, or at least the economists that follow it, argue that the velocity of money doesn't mean anything and they basically ignore it.

Arguably, with a fiat currency where they can freely manipulate the money supply, they aren't wrong. That's a problem of fist in my opinion though, there are too many moving pieces and the data can be too easily manipulated to say whatever you want it to say.

In my mind part of the calculus in a high interest rate environments has to include the reduced movement in investments and into more stationary savings, maybe it's accounted for indirectly?