Money Stock Measures · M2 and M1, seasonally adjusted
How big is the US money supply (M2)?
The US money supply M2 was $23.34 trillion in August 2026, 5.7% more than a year earlier (seasonally adjusted, published by the Federal Reserve Board on ).
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M2 and M1 money stock each month, seasonally adjusted
The lines
- M2$23.34T
- M1$19.99T
M2, change from a year earlier, each month
M2, change in each calendar year from the December before (the running year to its newest month)
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 | 23,342.8 | 23,217.9 | 22,092.6 | 20,844.0 | 12,986.7 |
| M1, $ billions | 19,991.1 | 19,886.5 | 18,840.8 | 19,717.7 | 3,326.2 |
| M2, change over 12 months | 5.7% | 5.4% | 4.2% | 13.2% | 7.2% |
The table scrolls sideways; the first column stays in place.
Source: Federal Reserve Board, H.6 Money Stock Measures. Observed .
Right now
M2 was $23.34 trillion in August 2026, the highest since the series begins in January 1959.
That is $124.90 billion more than in July 2026 (+0.5%); over 12 months M2 changed +5.7% (ours).
M1August 2026
M1, currency and the deposits that can be spent at once, was $19.99 trillion, +6.1% over 12 months (ours).
PartsAugust 2026
In M1: currency $2.39 trillion, demand deposits $7.13 trillion and other liquid deposits $10.47 trillion. M2 adds small-denomination time deposits $1.51 trillion and retail money market funds $3.07 trillion, less the retirement balances held in them.
Understanding the money supply
Where it stands today
M2 was $23.34 trillion in August 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.
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 Sep 2016, newest first; each year since 1959 is in the next table
| Month | M2 | M1 | M2, 12 months |
|---|---|---|---|
| 23,342.8 | 19,991.1 | 5.7% | |
| 23,217.9 | 19,886.5 | 5.4% | |
| 23,114.9 | 19,793.0 | 5.3% | |
| 23,013.7 | 19,710.7 | 5.4% | |
| 22,756.6 | 19,490.1 | 4.5% | |
| 22,640.3 | 19,401.8 | 4.4% | |
| 22,598.7 | 19,366.5 | 4.6% | |
| 22,413.4 | 19,185.7 | 4.1% | |
| 22,355.3 | 19,092.7 | 4.0% | |
| 22,279.8 | 19,018.2 | 3.8% | |
| 22,249.8 | 18,985.2 | 4.3% | |
| 22,176.1 | 18,904.7 | 4.2% | |
| 22,092.6 | 18,840.8 | 4.2% | |
| 22,025.6 | 18,804.2 | 4.4% | |
| 21,942.6 | 18,746.6 | 4.1% | |
| 21,836.1 | 18,662.6 | 3.9% | |
| 21,770.8 | 18,621.9 | 3.9% | |
| 21,684.1 | 18,555.5 | 3.4% | |
| 21,607.2 | 18,511.2 | 3.3% | |
| 21,539.3 | 18,461.9 | 3.4% | |
| 21,487.6 | 18,392.9 | 3.4% | |
| 21,454.7 | 18,355.4 | 3.4% | |
| 21,336.6 | 18,228.3 | 2.9% | |
| 21,275.6 | 18,166.1 | 2.5% |
Show 96 more rows
| Month | M2 | M1 | M2, 12 months |
|---|---|---|---|
| 21,192.0 | 18,104.1 | 2.0% | |
| 21,098.9 | 18,040.6 | 1.5% | |
| 21,070.7 | 18,043.4 | 1.3% | |
| 21,021.6 | 18,030.0 | 0.9% | |
| 20,955.4 | 17,998.4 | 0.9% | |
| 20,965.9 | 18,047.2 | 0.1% | |
| 20,921.7 | 18,030.8 | -1.5% | |
| 20,835.5 | 18,000.7 | -2.1% | |
| 20,779.9 | 17,979.3 | -2.4% | |
| 20,749.7 | 18,005.3 | -3.1% | |
| 20,737.4 | 18,069.4 | -3.4% | |
| 20,753.6 | 18,158.2 | -3.7% | |
| 20,782.0 | 18,262.6 | -4.0% | |
| 20,792.2 | 18,367.4 | -4.0% | |
| 20,798.9 | 18,454.5 | -3.9% | |
| 20,829.4 | 18,582.5 | -4.1% | |
| 20,758.2 | 18,647.6 | -4.6% | |
| 20,942.3 | 18,993.7 | -3.9% | |
| 21,240.2 | 19,434.1 | -2.2% | |
| 21,274.0 | 19,597.0 | -1.7% | |
| 21,293.2 | 19,737.9 | -1.0% | |
| 21,409.5 | 19,971.1 | 0.3% | |
| 21,464.2 | 20,128.9 | 1.4% | |
| 21,541.3 | 20,298.5 | 2.6% | |
| 21,641.9 | 20,468.1 | 3.8% | |
| 21,649.2 | 20,544.6 | 4.9% | |
| 21,647.0 | 20,601.9 | 5.7% | |
| 21,718.0 | 20,700.5 | 6.2% | |
| 21,768.4 | 20,747.2 | 7.9% | |
| 21,788.1 | 20,750.4 | 9.6% | |
| 21,725.6 | 20,678.9 | 10.6% | |
| 21,647.4 | 20,582.7 | 11.7% | |
| 21,502.8 | 20,425.6 | 12.5% | |
| 21,340.9 | 20,256.4 | 12.3% | |
| 21,164.2 | 20,066.5 | 12.8% | |
| 20,985.4 | 19,871.3 | 12.8% | |
| 20,844.0 | 19,717.7 | 13.2% | |
| 20,630.0 | 19,496.2 | 12.5% | |
| 20,472.7 | 19,323.6 | 12.6% | |
| 20,457.5 | 19,287.9 | 14.1% | |
| 20,174.1 | 18,983.5 | 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% | |
| 13,052.7 | 3,331.2 | 7.2% |
How much did M2 change in each year?68 calendar years, newest first
| Year | M2 | Change | Through |
|---|---|---|---|
| 2026 | 23,342.8 | 4.4% | Aug 2026 |
| 2025 | 22,355.3 | 4.0% | December |
| 2024 | 21,487.6 | 3.4% | December |
| 2023 | 20,779.9 | -2.4% | December |
| 2022 | 21,293.2 | -1.0% | December |
| 2021 | 21,502.8 | 12.5% | 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?August 2026
| Part | Billions | In |
|---|---|---|
| Currency | 2,389.7 | M1 and M2 |
| Demand deposits | 7,128.0 | M1 and M2 |
| Other liquid deposits | 10,473.5 | M1 and M2 |
| Small-denomination time deposits | 1,505.6 | M2 |
| Retail money market funds | 3,073.9 | M2 |
Where do these figures come from?Limits, sources 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.
Source
Source: Federal Reserve Board, H.6 Money Stock Measures. 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 August 2026, published 22 September 2026. Compiled by 500metrics, "How big is the US money supply (M2)?", https://500metrics.com/money-supply.
Source: Federal Reserve Board, H.6 Money Stock Measures. Figures for .
Sources and licence
Sources and licence
- Board of Governors of the Federal Reserve System, H.6 Money Stock Measures (source). Licence: Public domain, a work of the US federal government
Our text and compilation: CC BY 4.0. How to reuse and cite this page.