From the link (below the chart):
> "Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.
Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of OCDs and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and OCDs (before May 2020) or other liquid deposits (beginning May 2020), each seasonally adjusted separately."
Actually using the freshly minted money to do stuff like infrastructure investments - no matter what, across the Western countries all kinds of infra are derelict - would cause an instant trickle-down effect since almost all of that is manual hard labor.
Buying bonds gives money to the bond holders. In today's market, they probably buy stocks with that money, but then that goes to the stock holders. Which are a range of characters, some of whom will take that money and put it into the real economy.
Not that the money supply looks odd at all.
If you look at the M2 money stock (of which M1 is a subset), you can see that things are a whole lot less dramatic.
