US M1 and M2 money supply analysis.

M1 growth (yoy) = 68%, M1 is defined as near money(cheques), physical currencies and coins.

M2 growth (yoy) = 25%, M2 is defined as M1 plus time and saving deposits including foreign currencies.

Therefore, the M1 & M2 growth gap (68%-25% = 43%) will denote liquidity in the economy.

What does this M1-M2 growth gap mean?

It means that the US FED's QE is not really working because the growth gap (43%) is indicating very high liquidity in the economy which defies the FED's intention to boost economic growth. 

http://sg-stock.blogspot.com/2021/02/market-distortions-are-precursors-of.html

Conversely, when this growth gap narrows, it means that people are putting the cheap monies to good uses which will boost consumer spendings and investments in businesses.