That's mostly because of a rule change at the start of the pandemic that made a lot of previously M2 money suddenly classify as M1 money. If you look at the M2

That's mostly because of a rule change at the start of the pandemic that made a lot of previously M2 money suddenly classify as M1 money. If you look at the M2 money stock (of which M1 is a subset), you can see that things are a whole lot less dramatic. https://fred.stlouisfed.org/series/M2SL https://fred.stlouisfed.org/series/M2SL