Today, it can take a few days to get access to your funds. A real-time retail payments infrastructure would ensure the funds are available immediately—to pay utility bills or split the rent with roommates, or for small business owners to pay their suppliers.
The apparent result was a significant rise in the velocity of M2, which was especially unusual given continuing declines in short-term market interest rates. By 1993, this extraordinary velocity behavior had become so pronounced that the Federal Reserve was forced to begin disregarding the signals M2 was sending, at least for the time being.