The M1 money supply now includes components that were previously only counted in M2: > This suggests that the rapid acceleration in M1 since May 2020 is mainly

The M1 money supply now includes 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. Look to M2 for a better understanding. I’m not sure why this graph was posted without context.