Money the central bank actually made.
M0 is currency in circulation plus the reserves banks hold at the Federal Reserve. It is the narrowest measure of money and the only one a central bank creates directly. This is a running record of it, with the plumbing that moves it and plain explanations of what it means.
Where things stand
Every figure carries the date of the observation it comes from.
Net liquidity
Federal Reserve total assets less the Treasury General Account less the overnight reverse repo facility. A market convention rather than an official statistic, and useful mainly for showing where central bank money is sitting.
- Total assets
- $6.74T
- less Treasury General Account
- −$883.3B
- less overnight reverse repo
- −$0.4B
- Net liquidity
- $5.86T
Source: Federal Reserve Board H.4.1 and Federal Reserve Bank of New York · Weekly · Latest observation 9 September 2026. Figures are subject to revision by the publishing agency.
Understand the numbers
Written to stay correct. None of these pages quotes a figure that goes stale.
- What is M0? The monetary base explainedM0 is the narrowest measure of money and the only one a central bank creates itself. Everything broader is made by commercial banks.7 min read
- M0 vs M1 vs M2 vs M3: the money supply measures explainedThe aggregates are nested, but they are not versions of the same quantity. They measure money held by different people, created by different institutions.8 min read
- Monetary base vs money supply: why they are not the same thingOne is created by the central bank and held by banks. The other is created by banks and held by everyone else.6 min read
- The money multiplier and why it stopped workingThe multiplier describes a system with scarce reserves and a binding reserve requirement. That is not the system that exists.7 min read
- Bank reserves explained: what they are and what they are notReserves are the banking system's own money. They settle payments between banks and never leave that circuit.6 min read
- What quantitative easing does to the monetary baseQE is an asset swap that creates reserves. The base moves mechanically. What happens next is a separate question.6 min read
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Sourced, dated, and revisable
Every number links to the Federal Reserve series it came from and shows the observation date. Where a series has been discontinued, that is stated rather than charted.
No forecasts
This site reports what the monetary aggregates have done and explains the mechanisms behind them. It does not predict rates, inflation or asset prices, and nothing here is investment advice.
Independent
M0.com is an independent publication. The name refers to the monetary base in its ordinary economic sense and the site is unaffiliated with any company using a similar name.