Yes, the M1 now includes some components that were previously only counted in M2: > This suggests that the rapid acceleration in M1 since May 2020 is mainly fr

Yes, the M1 now includes some components that were previously only counted in M2: > This suggests that the rapid acceleration in M1 since May 2020 is mainly from money moving out of the non-M1 components of M2 into M1, rather than reflecting any acceleration in the demand for transaction balances. The chart looks shocking without context, but it’s also very misleading without the context.