The monetary base in September 2026

Every series, as reported

Derived ratios that month

What the data showed

1. 01

   The overnight reverse repo facility is effectively empty at $11.4B. This matters more than its size suggests: while the facility held large balances it absorbed balance sheet runoff that would otherwise have come out of bank reserves. With it drained, further runoff falls directly on reserves, so the same policy pace now has a materially larger effect on funding conditions.

2. 02

   Bank reserves rose $23.2B over the past month to $2.95T. Reserves are the volatile half of the monetary base, so this is where policy and plumbing both show up first. Before reading a fall as tightening, check the Treasury General Account: money moving into the government's account at the Fed drains reserves with no policy decision involved.

3. 03

   The monetary base contracted +4.8% over twelve months to $5.41T. This is a measure of what the central bank has done, not a forecast of prices. The relationship between base growth and inflation has been weak enough over the past two decades that reading one from the other has a poor track record.

4. 04

   M2 grew +5.7% over the year while bank credit grew +6.1%. Broad money is created predominantly by bank lending, so credit is the better leading indicator of where M2 goes next. Divergence between the two usually means fiscal flows or portfolio shifts between deposits and money funds are doing the work instead.

5. 05

   SOFR is within 2bp of interest on reserve balances, which is what an ample reserve regime looks like. Overnight funding trading close to the administered rate means the quantity of reserves is not currently binding on money market pricing.

6. 06

   Net liquidity stands at $5.77T. This is a market convention rather than an official statistic, assembled from three published series, and it tracks reserve balances closely. Its value is diagnostic: when reserves move and the headline balance sheet does not explain why, the difference is sitting in the Treasury's account or the repo facility.

September 2026: common questions

What was the monetary base in September 2026?

The monetary base was recorded at $5.41T for August 2026, a change of −$274.5B over twelve months. That was the latest observation published when this record was taken on 2 October 2026. The figure comes from FRED series BOGMBASE and is preserved as published at the time, not revised since.

What was net liquidity in September 2026?

Net liquidity was recorded at $5.77T for the observation of 23 September 2026. It is Federal Reserve total assets less the Treasury General Account less the overnight reverse repo facility, a market convention rather than an official statistic.

What did the other Federal Reserve series show in September 2026?

Reserve Balances with Federal Reserve Banks stood at $2.95T (observed 30 September 2026); Currency in Circulation stood at $2.48T (observed 30 September 2026); Federal Reserve Total Assets stood at $6.75T (observed 23 September 2026). The table above lists every series as it was reported that month.

Why might these September 2026 figures differ from the live data?

This page keeps the vintage recorded on 2 October 2026 and deliberately does not update it as the source revises its history. For the current vintage of any series, see the live series pages.