The recent behavior of M2 demand shifted in the early 1990s, with people moving savings from bank deposits to long-term financial assets like bonds and stocks. Policymakers have focused less on M2 since 1993. By including the bond rate spread in money demand regression, most of the missing M2 growth since 1990 can be explained. This suggests that changes in long-term interest rates influence people's decisions to hold M2 or invest in other assets.