"In May 2020, the Federal Reserve changed the official formula for calculating the M1 money supply. Prior to May 2020, M1 included currency in circulation, dem

"In May 2020, the Federal Reserve changed the official formula for calculating the M1 money supply. Prior to May 2020, M1 included currency in circulation, demand deposits at commercial banks, and other checkable deposits. After May 2020, the definition was expanded to include other liquid deposits, including savings accounts. This change was accompanied by a sharp spike in the reported value of the M1 money supply."