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Iirc, there is a huge surge in the M2 and M3 around 2020 when they reclassified money market money, making a comparison pre and post pandemic problematic


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IIUC, that massively messed up M1 - but should not have impacted M3 much.

Some interesting commentary on that yesterday also in the WSJ: https://www.wsj.com/articles/another-black-monday-may-be-aro...

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