TL;DR: the federal reserve board did away with a requirement on the classification of certain bank accounts, causing savings accounts and checking accounts to b

TL;DR: the federal reserve board did away with a requirement on the classification of certain bank accounts, causing savings accounts and checking accounts to be reported as the same. https://fredblog.stlouisfed.org/2021/01/whats-behind-the-recent-surge-in-the-m1-money-supply/ https://fredblog.stlouisfed.org/2021/01/whats-behind-the-rec... > In any case, it seems that the modification of Regulation D in late April has effectively rendered savings accounts almost indistinguishable from checking accounts from the perspective of depositors and banks. Accordingly, the composition of M2 between M1 and non-M1 components conveys little economic information.