M2 Money Supply Growth
The M2 money supply rose 5.7% over the 12 months ending September 2026, up from 5.6% in August 2026. M2 totaled $23.41 trillion, seasonally adjusted. A year earlier (Sep 2025), the reading was 4.2%.
M2 Money Supply Growth: chart
12-month % change in the M2 money stock, seasonally adjusted.
Latest readings
Monthly data| Month | 12-month change | Change (pp) | M2 total |
|---|---|---|---|
| Sep 2026 | 5.7% | +0.1 | $23.41T |
| Aug 2026 | 5.6% | +0.2 | $23.30T |
| Jul 2026 | 5.4% | +0.1 | $23.18T |
| Jun 2026 | 5.3% | -0.1 | $23.08T |
| May 2026 | 5.4% | +0.9 | $22.98T |
| Apr 2026 | 4.5% | +0.1 | $22.73T |
| Mar 2026 | 4.4% | -0.2 | $22.61T |
| Feb 2026 | 4.6% | +0.5 | $22.57T |
| Jan 2026 | 4.1% | +0.1 | $22.39T |
| Dec 2025 | 4.0% | +0.2 | $22.33T |
| Nov 2025 | 3.8% | -0.5 | $22.25T |
| Oct 2025 | 4.3% | +0.1 | $22.22T |
| Sep 2025 | 4.2% | -0.1 | $22.15T |
| Aug 2025 | 4.3% | -0.1 | $22.07T |
| Jul 2025 | 4.4% | +0.3 | $22.00T |
| Jun 2025 | 4.1% | +0.2 | $21.92T |
| May 2025 | 3.9% | 0.0 | $21.81T |
| Apr 2025 | 3.9% | +0.5 | $21.74T |
| Mar 2025 | 3.4% | +0.1 | $21.66T |
| Feb 2025 | 3.3% | -0.1 | $21.58T |
| Jan 2025 | 3.4% | 0.0 | $21.51T |
| Dec 2024 | 3.4% | 0.0 | $21.46T |
| Nov 2024 | 3.4% | +0.5 | $21.43T |
| Oct 2024 | 2.9% | +0.4 | $21.31T |
pp = percentage points.
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All US economy indicators →Frequently asked questions
How fast is the US money supply growing?
The M2 money supply rose 5.7% over the 12 months ending September 2026, up from 5.6% in August 2026. M2 totaled $23.41 trillion, seasonally adjusted. A year earlier (Sep 2025), the reading was 4.2%.
What is included in M2?
Currency held by the public, checking deposits, savings deposits (including money market deposit accounts), small-denomination time deposits and balances in retail money market funds. It excludes large time deposits and institutional money market funds.
Does faster M2 growth cause inflation?
Sometimes, but not mechanically. A surge in money can lead to more spending and higher prices, yet for long stretches M2 and inflation have moved apart because the speed at which money changes hands also shifts. Economists treat it as one input among many.
Can the money supply shrink?
Yes. M2 can contract when the Fed tightens policy, banks lend less and savers move cash into higher-yielding assets outside M2, such as Treasury bills. Year-over-year declines are rare, so they draw attention when they happen.
Source: Federal Reserve Board (H.6), via FRED, Federal Reserve Bank of St. Louis (series M2SL). Data checked Nov 6, 5:40 PM ET. Not investment advice.