Ah ha! thanks, that makes sense since deposits these days are use like physical cash. All I found one of the few ~non-sneaky~ things the Fed has done lately. 🧐
Anyone know why the FRED removed savings deposits from their M2 stats. in May 2020? Right before that change it looks like M2 as going vertical. Is there any way to compare what current M2 would be like with/without this change?