No one noticed because of "muh rona" The M1 money supply went from $4 Trillion to over $20 Trillion in two years. The pandemic was an economic restructuring event, like always. The public was distracted from the real news due to the space cough. Edit: ## Federal Reserve Official Ruling > Board of Governors of the Federal Reserve System. > ACTION > Final rule. > SUMMARY > The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2023. The annual indexation of these amounts is required notwithstanding **the Board's action in March 2020 of setting all reserve requirement ratios to zero**. > Source: https://www.federalregister.gov/documents/2022/12/01/2022-26065/reserve-requirements-of-depository-institutions #### Federal Reserve press releases regarding the reserve requirement * [March 15th, 2020](https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm) * [April 29th, 2020](https://www.federalreserve.gov/newsevents/pressreleases/monetary20200429a.htm) Edit 2: ELI5 (from faggit) of M0-3 Money spply M0 - This is actual cash money, in your pocket or in a bank's vault. Dollar bills and coins. M1 - This is money in deposit accounts that are NOT used for savings. This is the bank account you use to pay bills, and things like that. **This is money heald by a bank**, but not for spending not savings. It also includes all of M0. M2 - Small (sub $100,000) savings accounts that have easy access. This is money you could have access to today, but your intent is to save it. But it is easy to access. So not something like gold bricks, that is hard to turn into cash. It also includes all of M1. M3 - Long term savings accounts including large ones. Still not counting things like stocks or gold bricks but it is a little less liquid than M2. M3 is considered the total sum of everyones money. Also includes all of M2.