that chart is misleading. that abrupt change is due to adjustmentsto how M1 is compiled, not due the money supply abruptly increasing so much
Can you elaborate?
Whew. I wonder how much more printing press did the Dept of Treasury had installed, just to be able to do that.
None, because the money supply massively overcounts the combined amounts of actual cash and Fed deposits. This is, for better or for worse, more or less by design.
This is just the M1?
I have no idea how much of the change this accounts for, but the notes explain that the M1 definition changed in May 2020, adding: