[throwaway48375]

That's not what the Fed says.

>In late February and early March of 2020, the Fed cut its policy interest rate dramatically to help ease credit conditions during the COVID-19 crisis. The resulting acceleration in the supply of M1 can be understood largely as banks accommodating an increase in people’s demand for money.

https://fredblog.stlouisfed.org/2021/01/whats-behind-the-rec...

[rufus_foreman]

It's literally what the Fed says, it's nothing but a link to a Fed chart.

[throwaway48375]

Yes they changed how it was measured around that time, but that didn't cause the substantial change in money supply. They didn't really change how it was measured that much. They say themselves it was due to increased demand for money.