M2SLM2 Money Supply (M2SL) — Current Value & Historical Data
M2 Money Supply (M2SL) Chart & Data Table
Gray bands: NBER recessions·Dashed lines: key policy events
What is M2 Money Supply (M2SL)?
M2 is a broad measure of the U.S. money supply published monthly by the Federal Reserve Board in the H.6 Money Stock Measures release. It includes currency in circulation, demand deposits, savings deposits, retail money-market mutual funds, and small-denomination time deposits. M2 growth is a long-running monetarist indicator of monetary conditions and, with long and variable lags, of inflation pressure. M2 surged more than 25% year-over-year in early 2021 — the fastest growth rate since the series began in 1959 — following the Federal Reserve's pandemic balance-sheet expansion and fiscal transfer payments, and subsequently contracted in 2023 for the first sustained decline on record. The 2021 M2 surge preceded the 2022 CPI peak by roughly 12 to 18 months, reviving long-dormant interest in money-supply analysis among inflation forecasters.
Current M2 Money Supply (M2SL) Value
As of May 1, 2026, the current m2 is 23052.30 Billions of Dollars. This is the most recent observation available for this series, updated monthly.
M2 Money Supply Historical Trend
M2 rose 1.09% month-over-month. Over the past year, m2 rose 5.86% from April 2025. In the series' tracked history, the highest recorded value was 23052.30 (May 2026), and the lowest was 286.60 (January 1959).
Methodology & Source
Source
Federal Reserve Board
Frequency
Monthly
Units
Billions of Dollars
Notes
announcements (https://www.federalreserve.gov/feeds/h6.html) and Technical Q&As (https://www.federalreserve.gov/releases/h6/h6_technical_qa.htm) posted on December 17, 2020. For questions on the data, please contact the data source (https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl...
Frequently Asked Questions About M2 Money Supply (M2SL)
What is the current m2?
As of May 1, 2026, m2 stands at 23052.30 Billions of Dollars.
Where does m2 data come from?
M2 data is sourced from the Federal Reserve Economic Data (FRED) system and related U.S. government agencies. Data quality and historical coverage vary by series.
How often is m2 updated?
This series is updated according to its publication schedule. Check FRED or the source agency for the most current release calendar.
What is the historical high and low for m2?
In the available data, the highest value was 23052.30 Billions of Dollars in May 2026, and the lowest was 286.60 Billions of Dollars in January 1959.
How has m2 changed over the past year?
Over the past year, m2 increased 5.86%.
See M2 Money Supply in context
M2SL is tracked on the Economic Snapshot dashboard, alongside related indicators and historical context.
View the Economic Snapshot dashboard →Related government-spending dashboards
How M2 Money Supply connects to the federal budget across GOVSPENDING.ORG:
Federal Debt
Total public debt, debt held by the public, and intragovernmental holdings.
Receipts vs Outlays
Federal revenue, spending, and the resulting surplus or deficit over time.
Congressional Activity
Recent legislation, appropriations, and fiscal-related bills in Congress.
Interest Expense vs Revenue
How rising debt service costs crowd out federal spending as a share of receipts over time.
Revenue Composition
Federal receipts broken down by source — individual income, corporate, social insurance, excise taxes, and customs duties as shares of total revenue.
Agency Spending (FY 2019 vs FY 2024)
Net outlays by federal agency for FY 2019 and FY 2024, from the Treasury Monthly Treasury Statement. Both nominal and inflation-adjusted comparisons.
Related Indicators
Compare M2 Money Supply with related indicators
See how M2 Money Supply stacks up against related series in a side-by-side chart and explainer:
M2 Money Supply vs CPI
Monetarists argue money-supply growth eventually drives inflation. The 2020–22 episode — M2 surging, then CPI surging — is the clearest test in a generation.
M2 Money Supply vs Federal Reserve Balance Sheet
When the Fed buys Treasuries and mortgage-backed securities, its balance sheet grows. M2 — the broad money supply — sometimes follows, sometimes doesn't.