Here is Yahoo’s take on this report
Fed: US consumers have decided to ‘hoard money’
http://finance.yahoo.com/news/fed-us-consumers-decided-hoard-191919676.html
A lot of supply spiders look at velocity as a proxy for demand. The conclusion of the piece is that demand is extreme (I.e. “hoarding”) then accommodation is the right solution. And the fact that velocity had not improved is indicative that accommodation has been in place for the right amount of time (at least). One could argue that it hasn’t been enough :-)