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The narrow monetary aggregate M1 remained the main contributor to broad money growth.

The Federal Reserve very astutely has kept the federal funds rate above zero, targeting 0.25% rather than 0% or a negative rate, for this very reason: to avoid the outcome of individuals potentially hoarding money as opposed to spending or investing it in addition to avoiding the problems created for money market mutual fund assets which fall under the M3 monetary aggregate.

That finding upended previous analysis that focused on a single relationship with a monetary aggregate as the explanatory time series.