vs Last Month
+$100B
Steady money creation continues.
U.S. Broad Money Aggregate
Money Supply (M2)
$21.85T
+$0.10Tvs. last month
Past 12 months$21.0T – $21.9T
vs Last Year+$0.85T
YoY Growth+4.0%
2022 Peak$21.85T
M2 at $21.85T — back to the April 2022 peak after a rare two-year contraction. Growth pace of +4% YoY is closer to historical norm than the 28% pandemic surge.
Historical trend
Monthly M2 in $T.
Source: FRED · M2SL
The long view: since 1959
From $0.29T to $21.85T — 75× growth in 67 years.
ATH $21.85T · May 2026
QT trough $20.85T · 2023
Today $21.85T
How today stacks up
vs Last Year
+$850B
+4% YoY — moderate growth.
5-Year Average
$20.65T
Today is $1.2T above the 5-yr mean.
Per Resident
~$65K
M2 divided by population.
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Tools for monetary policy watchers.
About Money Supply (M2)
M2 is one of the broadest U.S. money supply measures, comprising currency in circulation + checking deposits + savings deposits + retail money market funds + small-denomination time deposits. It's everything most people would call "money" in the U.S. economy. Today's $21.85T means there's $21.85 trillion in M2 — about $65,000 per U.S. resident.
Why M2 matters
Money supply growth historically correlates with inflation pressure. The classic monetarist equation is MV = PQ (money × velocity = price level × real output). If M2 grows faster than real output, prices generally rise. The unprecedented 28% M2 growth in 2020 (driven by Fed asset purchases + fiscal transfers) is widely viewed as a major contributor to the 2021–22 inflation surge. M2 contracted slightly in 2023 — a rare event — and has resumed gradual growth.
Reading today's level
M2 hit its prior all-time high of $21.85T in April 2022, then contracted for the first time on record (peak-to-trough about $1T over 2022–23). Today's $21.85T matches that peak — money supply has fully recovered from the QT contraction. Growth is now running at ~4% YoY, which is closer to historical norm than the 28% pandemic spike.
Related trackers
Other live numbers that move with — or against — this one.
Frequently asked
What this number means, and what it doesn't.
M1: currency + checking deposits (most liquid). M2: M1 + savings + small time deposits + money market funds. M3: M2 + large institutional deposits (discontinued by the Fed in 2006). Most analysts focus on M2 because it captures both transaction balances and near-money savings.
Fed asset purchases (QE) credited bank reserves, which became deposits as funds flowed through the system. Plus fiscal stimulus (PPP, stimulus checks) directly created deposit balances. M2 grew 28% in 2020 alone — the largest one-year increase in the series' 60-year history. Most economists now attribute a major part of 2021-22 inflation to this surge.
The Federal Reserve releases the H.6 Money Stock report on the third Tuesday of each month at 1:00 PM ET. Data covers a four-week period ending two weeks prior.
Less reliably than it used to. The relationship between money supply growth and inflation has weakened since the 1990s due to changes in money velocity (people's willingness to spend rather than hold money). But the 2020-22 episode reminded everyone that extreme M2 growth still produces real inflation effects.
Methodology
Source
Pulled from FRED · M2SL and cached on the EvvyTools server.
Update schedule
Refreshed automatically by our cron whenever the upstream source publishes a new value. Historical values are not revised after publication.
How we compute
Display value is the raw published number, unrounded. Comparison stats use the closest available reference date. We never edit the underlying data.