Money Stock Measures · M2 and M1, seasonally adjusted
How big is the M2 money supply of the US?
The US money supply M2 was $23.41 trillion in September 2026, 5.7% more than a year earlier (seasonally adjusted, published by the Federal Reserve Board on ).
M2 and M1 money stock each month, seasonally adjusted
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
The lines
- M2$23.41T
- M1$20.06T
M2, change from a year earlier, each month
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
M2, change in each calendar year from the December before (the running year to its newest month)
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
Each point is one month's average as the Board publishes it, seasonally adjusted, or a change worked out from those months (ours). Pointing at the chart shows the month and the value.
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Inspect and compare dates
The latest month beside the one before it and the nearest ones a year, five and ten years earlier. The months of the last ten years and every year since 1959 are in the tables under "The numbers behind the chart".
| Measure | Latest | The month before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Month | |||||
| M2, $ billions | 23,413.9 | 23,300.9 | 22,149.2 | 21,062.0 | 13,052.7 |
| M1, $ billions | 20,061.2 | 19,967.3 | 18,883.8 | 19,942.8 | 3,331.2 |
| M2, change over 12 months | 5.7% | 5.6% | 4.2% | 13.2% | 7.2% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
M2 was $23.41 trillion in September 2026, the highest since the series begins in January 1959.
That is $113.00 billion more than in August 2026 (+0.5%); over 12 months M2 changed +5.7% (ours).
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One month | $23,300.9 billion in | +0.5% |
| Three months | $23,077.7 billion in | +1.5% |
| Twelve months | $22,149.2 billion in | +5.7% |
| Five years | $21,062.0 billion in | +11.2% |
| Ten years | $13,052.7 billion in | +79.4% |
In historyOurs
The M2 money supply of $23,413.9 billion in was higher than in 812 of the 812 other months since , the same in 0 and lower in 0.
Highest since : $23,413.9 billion in . Lowest since : $286.6 billion in .
AverageOurs
Average since : $5,871.97 billion (ours, a plain mean of the 813 months).
M1September 2026
M1, currency and the deposits that can be spent at once, was $20.06 trillion, +6.2% over 12 months (ours).
PartsSeptember 2026
In M1: currency $2.40 trillion, demand deposits $7.22 trillion and other liquid deposits $10.44 trillion. M2 adds small-denomination time deposits $1.51 trillion and retail money market funds $3.08 trillion, less the retirement balances held in them.
Monetary baseSeptember 2026, not seasonally adjusted
The monetary base, the currency in circulation plus the reserve balances that banks hold at the Federal Reserve, was $5.45 trillion.
Understanding the money supply
Where it stands today
M2 was $23.41 trillion in September 2026.
What counts as M2?
M2 is the Federal Reserve's broad measure of the money stock. It holds M1, which is currency outside banks and the Treasury plus demand deposits and other liquid deposits such as savings accounts, and adds small-denomination time deposits and balances in retail money market funds, less the IRA and Keogh retirement balances held in them. The Board publishes the monthly averages in its H.6 release, a few weeks after each month ends.
Read more
Since May 2020 savings deposits count in M1, after a change of definition by the Board, so M1 jumps in that month; M2 is not affected. The figures are seasonally adjusted, and the Board revises earlier months when it re-estimates the seasonal factors or receives late reports.
The monetary base is not part of M2. It is the currency in circulation plus the reserve balances that banks hold at the Federal Reserve, and the Board does not seasonally adjust it.
What 500metrics adds: the last month M2 was higher, its change from the month before and from a year earlier, and each calendar year's change from the December before.
The numbers behind the chart
How large was M2 in each month?The 120 months since Oct 2016, newest first; each year since 1959 is in the next table
| Month | M2 | M1 | M2, 12 months |
|---|---|---|---|
| 23,413.9 | 20,061.2 | 5.7% | |
| 23,300.9 | 19,967.3 | 5.6% | |
| 23,177.4 | 19,863.6 | 5.4% | |
| 23,077.7 | 19,771.1 | 5.3% | |
| 22,980.9 | 19,689.2 | 5.4% | |
| 22,728.0 | 19,469.0 | 4.5% | |
| 22,613.9 | 19,381.2 | 4.4% | |
| 22,572.3 | 19,346.0 | 4.6% | |
| 22,386.6 | 19,165.1 | 4.1% | |
| 22,328.8 | 19,072.5 | 4.0% | |
| 22,253.2 | 18,998.1 | 3.8% | |
| 22,223.1 | 18,964.7 | 4.3% | |
| 22,149.2 | 18,883.8 | 4.2% | |
| 22,065.9 | 18,820.1 | 4.3% | |
| 21,998.1 | 18,782.7 | 4.4% | |
| 21,916.1 | 18,726.2 | 4.1% | |
| 21,808.8 | 18,641.7 | 3.9% | |
| 21,743.3 | 18,600.6 | 3.9% | |
| 21,657.4 | 18,535.0 | 3.4% | |
| 21,581.1 | 18,491.2 | 3.3% | |
| 21,513.6 | 18,442.4 | 3.4% | |
| 21,462.0 | 18,373.7 | 3.4% | |
| 21,429.3 | 18,336.2 | 3.4% | |
| 21,311.1 | 18,208.7 | 2.9% |
Show 96 more rows
| Month | M2 | M1 | M2, 12 months |
|---|---|---|---|
| 21,249.9 | 18,146.3 | 2.5% | |
| 21,165.8 | 18,083.8 | 2.0% | |
| 21,072.7 | 18,020.5 | 1.5% | |
| 21,045.0 | 18,023.9 | 1.3% | |
| 20,995.3 | 18,010.1 | 0.9% | |
| 20,929.9 | 17,979.1 | 0.9% | |
| 20,940.9 | 18,028.3 | 0.0% | |
| 20,896.0 | 18,011.2 | -1.6% | |
| 20,808.5 | 17,979.7 | -2.1% | |
| 20,753.6 | 17,959.0 | -2.4% | |
| 20,724.0 | 17,985.7 | -3.1% | |
| 20,712.3 | 18,050.2 | -3.4% | |
| 20,729.8 | 18,139.8 | -3.7% | |
| 20,759.2 | 18,245.0 | -4.0% | |
| 20,770.3 | 18,350.1 | -4.0% | |
| 20,777.3 | 18,437.1 | -3.9% | |
| 20,808.0 | 18,565.0 | -4.1% | |
| 20,737.8 | 18,631.2 | -4.7% | |
| 20,932.6 | 18,988.6 | -3.8% | |
| 21,241.6 | 19,440.4 | -2.1% | |
| 21,261.6 | 19,588.8 | -1.7% | |
| 21,272.8 | 19,721.0 | -1.0% | |
| 21,388.5 | 19,953.0 | 0.3% | |
| 21,443.7 | 20,111.0 | 1.4% | |
| 21,520.8 | 20,281.3 | 2.2% | |
| 21,621.9 | 20,450.8 | 3.5% | |
| 21,631.8 | 20,529.4 | 4.8% | |
| 21,630.9 | 20,587.6 | 5.7% | |
| 21,700.2 | 20,684.9 | 6.1% | |
| 21,750.8 | 20,731.7 | 7.8% | |
| 21,770.7 | 20,735.0 | 9.5% | |
| 21,706.0 | 20,661.3 | 10.5% | |
| 21,623.5 | 20,561.2 | 11.6% | |
| 21,488.2 | 20,412.7 | 12.4% | |
| 21,328.2 | 20,245.2 | 12.2% | |
| 21,149.8 | 20,053.6 | 12.7% | |
| 21,062.0 | 19,942.8 | 13.2% | |
| 20,893.4 | 19,764.2 | 13.5% | |
| 20,636.8 | 19,503.1 | 12.6% | |
| 20,472.0 | 19,322.8 | 12.6% | |
| 20,457.7 | 19,288.1 | 14.1% | |
| 20,174.2 | 18,983.6 | 18.2% | |
| 19,874.5 | 18,657.4 | 23.9% | |
| 19,641.4 | 18,390.5 | 26.8% | |
| 19,375.3 | 18,106.3 | 25.6% | |
| 19,119.4 | 17,809.3 | 24.5% | |
| 19,002.4 | 17,638.8 | 24.2% | |
| 18,759.9 | 17,368.1 | 23.5% | |
| 18,605.0 | 17,166.2 | 23.6% | |
| 18,413.3 | 16,927.6 | 23.0% | |
| 18,331.4 | 16,801.3 | 23.2% | |
| 18,180.0 | 16,598.6 | 22.8% | |
| 17,931.9 | 16,312.5 | 22.0% | |
| 17,064.0 | 4,856.4 | 16.9% | |
| 16,034.4 | 4,322.9 | 10.1% | |
| 15,492.8 | 4,024.9 | 6.8% | |
| 15,425.0 | 4,026.4 | 6.7% | |
| 15,351.5 | 4,020.3 | 6.7% | |
| 15,301.3 | 3,962.6 | 7.1% | |
| 15,185.6 | 3,947.4 | 6.5% | |
| 15,047.2 | 3,916.9 | 5.6% | |
| 14,974.4 | 3,877.5 | 5.3% | |
| 14,882.7 | 3,884.2 | 5.0% | |
| 14,798.8 | 3,853.8 | 4.7% | |
| 14,703.2 | 3,824.4 | 4.3% | |
| 14,594.0 | 3,827.7 | 4.0% | |
| 14,559.5 | 3,782.3 | 3.9% | |
| 14,506.6 | 3,785.5 | 4.0% | |
| 14,460.2 | 3,787.8 | 4.0% | |
| 14,392.0 | 3,780.7 | 3.6% | |
| 14,288.4 | 3,713.7 | 3.2% | |
| 14,257.6 | 3,736.8 | 3.3% | |
| 14,243.9 | 3,710.4 | 3.6% | |
| 14,221.3 | 3,709.7 | 3.8% | |
| 14,170.0 | 3,701.7 | 3.9% | |
| 14,133.2 | 3,681.1 | 4.1% | |
| 14,091.0 | 3,689.5 | 3.9% | |
| 14,034.8 | 3,705.9 | 3.8% | |
| 14,014.5 | 3,713.7 | 4.1% | |
| 13,949.8 | 3,649.1 | 4.1% | |
| 13,902.4 | 3,691.7 | 4.4% | |
| 13,887.3 | 3,637.1 | 4.9% | |
| 13,849.1 | 3,639.7 | 4.8% | |
| 13,801.5 | 3,617.1 | 5.2% | |
| 13,743.0 | 3,578.9 | 5.3% | |
| 13,695.0 | 3,601.8 | 5.5% | |
| 13,638.5 | 3,570.0 | 5.7% | |
| 13,577.0 | 3,552.6 | 5.7% | |
| 13,567.4 | 3,545.6 | 6.0% | |
| 13,520.3 | 3,493.7 | 6.1% | |
| 13,464.6 | 3,496.4 | 6.3% | |
| 13,395.2 | 3,436.5 | 6.3% | |
| 13,318.9 | 3,423.9 | 6.4% | |
| 13,240.6 | 3,370.6 | 6.8% | |
| 13,214.2 | 3,361.5 | 7.2% | |
| 13,124.5 | 3,340.5 | 7.3% |
How much did M2 change in each year?68 calendar years, newest first
| Year | M2 | Change | Through |
|---|---|---|---|
| 2026 | 23,413.9 | 4.9% | Sep 2026 |
| 2025 | 22,328.8 | 4.0% | December |
| 2024 | 21,462.0 | 3.4% | December |
| 2023 | 20,753.6 | -2.4% | December |
| 2022 | 21,272.8 | -1.0% | December |
| 2021 | 21,488.2 | 12.4% | December |
| 2020 | 19,119.4 | 24.5% | December |
| 2019 | 15,351.5 | 6.7% | December |
| 2018 | 14,392.0 | 3.6% | December |
| 2017 | 13,887.3 | 4.9% | December |
Show 58 more rows
| Year | M2 | Change | Through |
|---|---|---|---|
| 2016 | 13,240.6 | 6.8% | December |
| 2015 | 12,393.6 | 5.7% | December |
| 2014 | 11,721.2 | 6.0% | December |
| 2013 | 11,062.4 | 5.5% | December |
| 2012 | 10,485.4 | 8.3% | December |
| 2011 | 9,683.5 | 9.8% | December |
| 2010 | 8,822.0 | 3.7% | December |
| 2009 | 8,510.6 | 3.7% | December |
| 2008 | 8,203.0 | 9.6% | December |
| 2007 | 7,482.7 | 5.7% | December |
| 2006 | 7,079.3 | 5.9% | December |
| 2005 | 6,687.4 | 4.1% | December |
| 2004 | 6,424.3 | 5.8% | December |
| 2003 | 6,073.5 | 5.1% | December |
| 2002 | 5,779.0 | 6.2% | December |
| 2001 | 5,440.1 | 10.4% | December |
| 2000 | 4,927.3 | 6.2% | December |
| 1999 | 4,639.1 | 6.0% | December |
| 1998 | 4,375.5 | 8.5% | December |
| 1997 | 4,033.0 | 5.6% | December |
| 1996 | 3,818.7 | 5.2% | December |
| 1995 | 3,629.8 | 4.1% | December |
| 1994 | 3,486.7 | 0.3% | December |
| 1993 | 3,475.0 | 1.5% | December |
| 1992 | 3,425.3 | 1.6% | December |
| 1991 | 3,373.0 | 3.1% | December |
| 1990 | 3,272.5 | 3.8% | December |
| 1989 | 3,153.4 | 5.5% | December |
| 1988 | 2,988.8 | 5.7% | December |
| 1987 | 2,826.7 | 3.6% | December |
| 1986 | 2,728.0 | 9.5% | December |
| 1985 | 2,492.0 | 8.1% | December |
| 1984 | 2,306.3 | 8.6% | December |
| 1983 | 2,123.4 | 11.4% | December |
| 1982 | 1,905.9 | 8.6% | December |
| 1981 | 1,755.5 | 9.7% | December |
| 1980 | 1,599.9 | 8.5% | December |
| 1979 | 1,473.9 | 7.9% | December |
| 1978 | 1,366.1 | 7.5% | December |
| 1977 | 1,270.4 | 10.3% | December |
| 1976 | 1,152.1 | 13.4% | December |
| 1975 | 1,016.3 | 12.7% | December |
| 1974 | 902.1 | 5.4% | December |
| 1973 | 855.5 | 6.6% | December |
| 1972 | 802.3 | 13.0% | December |
| 1971 | 710.3 | 13.4% | December |
| 1970 | 626.6 | 6.6% | December |
| 1969 | 587.9 | 3.7% | December |
| 1968 | 566.9 | 8.0% | December |
| 1967 | 524.8 | 9.3% | December |
| 1966 | 480.2 | 4.6% | December |
| 1965 | 459.2 | 8.1% | December |
| 1964 | 424.8 | 8.0% | December |
| 1963 | 393.2 | 8.4% | December |
| 1962 | 362.7 | 8.1% | December |
| 1961 | 335.5 | 7.4% | December |
| 1960 | 312.4 | 4.9% | December |
| 1959 | 297.8 | n/a | December |
What is M2 made of?September 2026
| Part | Billions | In |
|---|---|---|
| Currency | 2,397.2 | M1 and M2 |
| Demand deposits | 7,219.9 | M1 and M2 |
| Other liquid deposits | 10,444.1 | M1 and M2 |
| Small-denomination time deposits | 1,506.0 | M2 |
| Retail money market funds | 3,085.0 | M2 |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- Each month is an average of daily figures, seasonally adjusted, in billions of dollars as the Board publishes them; the Board revises earlier months.
- The parts are published with the IRA and Keogh balances that M2 leaves out, so they add up to more than M2.
- The changes over a month, a year and a calendar year are ours, worked out from the published months.
Observed . Checked .
How to cite this
Board of Governors of the Federal Reserve System, H.6 Money Stock Measures, series M2.M (M2, seasonally adjusted), through September 2026, published 27 October 2026. Compiled by 500metrics, "How big is the M2 money supply of the US?", https://500metrics.com/money-supply.
Can the data be downloaded?money-supply.csv
Download the full history as CSV: 813 rows, to , 20,891 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
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