US M2 reaches record $23.34 trillion as money supply continues to rise

The US money supply reached a record $23.34 trillion in August, according to the latest data from the Federal Reserve, with M2 increasing by about $124.9 billion from July.

Seasonally adjusted M2 stood at $23.3428 trillion in August, up from $23.2179 trillion in July. The latest figures also put annual M2 growth at 5.7 per cent, the fastest year-on-year increase since June 2022.

M2 is a broad measure of the money supply that includes currency, deposits and certain other liquid assets. It is closely watched as an indicator of financial conditions, although changes in M2 alone do not determine inflation, economic growth or asset prices.

The August increase continues a longer period of expansion. M2 has risen each month since late 2023, with the latest figures showing a sizeable increase from the levels recorded during the previous year.

Compared with August 2025, seasonally adjusted M2 increased from $22.0926 trillion to $23.3428 trillion, an increase of about $1.25 trillion, or 5.7 per cent.

The latest figures have renewed attention on the pace of US money supply growth, particularly after the sharp changes seen during the pandemic period. However, the data should be considered alongside other measures such as interest rates, bank lending, economic activity and inflation when assessing broader financial conditions.

The Federal Reserve’s latest H.6 Money Stock Measures release was published on 22 September 2026. The next scheduled update is due on 27 October.