Money of Zero Maturity (the liquid money supply or M2 minus time deposits, plus all money markets) is up off the years lows, but continues to decline from the 2012 highs.
M1 (cash and checking deposits) is approaching multi year highs.
M2 (M1 plus savings deposits, money market securities, mutual funds and other time deposits) has made a multi year highs.
While monetary velocity is still hitting multi year lows.
Cash is still being hoarded and so it may be too early to proclaim the end of deflation as a previous post suggested. But short term currency is moving into savings in anticipation of higher rates. With this and the excess reserves banks are holding at the FED there is a potential for a large expansion on the money supply with out the FED printing money. Should all this money make its way into the economy I would expect a short term acceleration in economic activity.