[Firecracker]

Indeed!

Definitely a good factor to know about, but there's also been a huge surge in things like Monetary Base (currency in circulation+reserves) [0]. Looks to me like there's a lot of (effectively) money printing behind this, not just an artifact of M1's definition?

[0] https://fred.stlouisfed.org/series/BOGMBASE

[jjeaff]

Wouldn't that be more likely just a large increase in reserves? We know reserves are higher. There also seems to be a shortage of currency in circulation due to COVID affecting the ability to print new bills as old bills come in.