In May 2020, the definition of M1 changed to include savings accounts that were previously excluded. If you look at the “old” series it’s _much_ less alarming:

In May 2020, the definition of M1 changed to include savings accounts that were previously excluded. If you look at the “old” series it’s _much_ less alarming: https://fredblog.stlouisfed.org/2021/05/savings-are-now-more-liquid-and-part-of-m1-money/ https://fredblog.stlouisfed.org/2021/05/savings-are-now-more.... Federal debt isn’t really directly related to what you are concerned about, since there’s no monetarist argument that issuing more debt itself is inflationary. (If it were, then private debt would also be inflationary, which is nonsensical!) The only reason debt would be inflationary is if it’s bought by the Fed, printing money. But a) we already covered that, with money supply (not as scary as it looks!) and b) the % of debt held by the Fed has only increased slightly (https://fredblog.stlouisfed.org/2017/03/the-depth-and-breadth-of-the-federal-debt/?utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=fredblog https://fredblog.stlouisfed.org/2017/03/the-depth-and-breadt...).