Looks like a lot of people have been hoarding US dollars, in both physical cash and checking accounts. Since the 2008 credit fraud crash, M1 money has grown quickly and steadily. Note that cash and checking deposits both earn effectively 0% in interest in today's world of ZIRP, but people still prefer to hold them.
The growth in M1 pales in comparison to the growth in the monetary base, M0. It appears that the Fed has an even greater appetite for dollars than the US population. The M1 multiplier fell off a cliff.
Despite all the extra dollars that everyone has, they are not being spent very quickly. The velocity of M1 has fallen dramatically and continues to slide. Another episode of hoarders.
Compulsive hoarding (or pathological collecting) is a pattern of behavior that is characterized by the excessive acquisition of and inability or unwillingness to discard large quantities of objects that would seemingly qualify as useless or without value.
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