Gray bands: NBER recessions·Dashed lines: key policy events
What is M2?
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 Value
As of April 1, 2026, the current m2 is 22804.50 Billions of Dollars. This is the most recent observation available for this series, updated monthly.
Historical Trend
M2 rose 0.52% month-over-month. Over the past year, m2 rose 5.12% from March 2025. In the series' tracked history, the highest recorded value was 22804.50 (April 2026), and the lowest was 286.60 (January 1959).
Methodology & Source
Source: Federal Reserve Board
Frequency: Monthly
Units: Billions of Dollars
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...