<story><title>Money Creation: 344% in the Last 12mo (Fed, M1, $)</title><url>https://fred.stlouisfed.org/series/M1NS</url></story><parent_chain><item><author>rootusrootus</author><text>Perhaps worth reading along with this:
&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;fredblog.stlouisfed.org&amp;#x2F;2021&amp;#x2F;01&amp;#x2F;whats-behind-the-recent-surge-in-the-m1-money-supply&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;fredblog.stlouisfed.org&amp;#x2F;2021&amp;#x2F;01&amp;#x2F;whats-behind-the-rec...&lt;/a&gt;</text></item></parent_chain><comment><author>jnwatson</author><text>The important bit: &amp;quot;According to this ruling, if a bank suspends enforcement of the six-transfer limit on a savings deposit, the bank may report that account as a “transaction account” on its FR 2900 reports.&amp;quot;&lt;p&gt;This is just a reclassification artifact.  Savings accounts were M2 before, M1 now.  No news here.</text></comment>
<story><title>Money Creation: 344% in the Last 12mo (Fed, M1, $)</title><url>https://fred.stlouisfed.org/series/M1NS</url></story><parent_chain><item><author>rootusrootus</author><text>Perhaps worth reading along with this:
&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;fredblog.stlouisfed.org&amp;#x2F;2021&amp;#x2F;01&amp;#x2F;whats-behind-the-recent-surge-in-the-m1-money-supply&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;fredblog.stlouisfed.org&amp;#x2F;2021&amp;#x2F;01&amp;#x2F;whats-behind-the-rec...&lt;/a&gt;</text></item></parent_chain><comment><author>PragmaticPulp</author><text>Key context:&lt;p&gt;&amp;gt; This suggests that the rapid acceleration in M1 since May 2020 is mainly from money moving out of the non-M1 components of M2 into M1, rather than reflecting any acceleration in the demand for transaction balances.</text></comment>