[smashem]

And how about relative to M1 money supply?

[littlestymaar]

Comparing to M1 doesn't make much sense, but “total bank assets” roughly doubled in the meantime: https://fred.stlouisfed.org/series/TLAACBW027SBOG

[_heimdall]

The definition of M1 and M2 money was changed in May 2020, conveniently right as the government started printing money for their pandemic response.

[kasey_junk]

But inconveniently long after savings accounts started being demand deposits due to online bill pay, atms and easy access to electronic funds transfers.

If you are going to complain about changing the definitions you should complain that they did it too late.

[_heimdall]

Yep you raise a great point, but I'm not quite sure how I'd peg the "right" time for them to have changed the definition.

Whenever the definition is changed at a minimum it means historical data can't be compared easily across the different definitions.

My main point here was simply that comparing M1 or M2 money between now and anytime prior to May 2020 is likely not a useful number.