Explain why the U.S. money supply grew so rapidly in the 1970s

There are two reasons why our money supply grew so rapidly in the 1970s. First, money market mutual
funds and money market deposit accounts were developed. These assets became very popular because they
performed both as an investment and as reasonably accessible money. Second, the sluggish stock market
performance of the 1970s made high-interest-yielding M2 money forms look particularly good, so people
shifted out of the stock market into M2 money.