Any significant feature in a data set is going to look (relatively) smaller when you include that in a much larger data set. You can argue that M2 is more relev

Any significant feature in a data set is going to look (relatively) smaller when you include that in a much larger data set. You can argue that M2 is more relevant to inflation (I'd disagree), but it doesn't change the fact that M1 has seen drastic increases. Time will tell how much effect this has on inflation, but it's odd that so many of the people complaining about inflation insist that it must be related to anything but the increase in money supply.