Figure 3: The M1 money supply skyrocketed during the pandemic in the United States
Year-on-year change (adjusted for change in definition of M1)
Jan
2019
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2020
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
2021
Feb
Mar
Apr
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0%
M1 currency
M1 demand deposits
15.1%
88.0%
