M1 vs M2 Money Supply: Chart and Difference
The narrow and broad money stocks on the same monthly dates, with M1 expressed as a share of M2 so the composition shift is visible.
- M1 Money Stock
- $19.99T
- M2 Money Stock
- $23.34T
- 1 year earlier
- 85.3%1 August 2025
- 5 years earlier
- 94.6%1 August 2021
- 10 years earlier
- 25.6%1 August 2016
- Highest
- 95.3%1 May 2022
- Lowest
- 18.0%1 August 2008
Source: Board of Governors of the Federal Reserve System. Derived by M0 from FRED series M1SL and M2SL, matched on identical dates · Latest observation 1 August 2026. Figures are subject to revision by the publishing agency.
How M1 and M2 differ
M1 is currency held by the public, demand deposits and other liquid deposits. M2 is M1 plus small denomination time deposits and balances in retail money market funds. Everything in M1 is also in M2, so M1 can never exceed M2, and the gap between them is the less liquid money that sits in time deposits and retail money funds.
The share of M2 held in M1 moves with the cost of holding liquid money. When deposit and money fund yields rise, balances drift out of the most liquid accounts into time deposits and money funds, and the M1 share falls.
Before reading the chart
- In May 2020 the Federal Reserve moved savings deposits from the non-M1 part of M2 into M1. M2 was unaffected, but M1 and therefore the M1 share of M2 jump at that date for reasons that are definitional, not economic. Comparisons that straddle May 2020 are not like for like.
Year by year
The last monthly observation of each calendar year. The current year shows the latest month.
| Year | M1 | M2 | M1 as a share of M2 |
|---|---|---|---|
| 2026 | $19.99T | $23.34T | 85.6% |
| 2025 | $19.09T | $22.36T | 85.4% |
| 2024 | $18.39T | $21.49T | 85.6% |
| 2023 | $17.98T | $20.78T | 86.5% |
| 2022 | $19.74T | $21.29T | 92.7% |
| 2021 | $20.43T | $21.50T | 95.0% |
| 2020 | $17.81T | $19.12T | 93.1% |
| 2019 | $4.02T | $15.35T | 26.2% |
| 2018 | $3.78T | $14.39T | 26.3% |
| 2017 | $3.64T | $13.89T | 26.2% |
| 2016 | $3.37T | $13.24T | 25.5% |
| 2015 | $3.13T | $12.39T | 25.2% |
| 2014 | $2.97T | $11.72T | 25.4% |
| 2013 | $2.69T | $11.06T | 24.3% |
| 2012 | $2.47T | $10.49T | 23.6% |
| 2011 | $2.17T | $9.68T | 22.4% |
| 2010 | $1.84T | $8.82T | 20.8% |
| 2009 | $1.69T | $8.51T | 19.9% |
| 2008 | $1.60T | $8.20T | 19.5% |
| 2007 | $1.37T | $7.48T | 18.4% |
| 2006 | $1.37T | $7.08T | 19.3% |
| 2005 | $1.37T | $6.69T | 20.6% |
| 2004 | $1.38T | $6.42T | 21.4% |
| 2003 | $1.31T | $6.07T | 21.5% |
| 2002 | $1.22T | $5.78T | 21.1% |
| 2001 | $1.18T | $5.44T | 21.7% |
| 2000 | $1.09T | $4.93T | 22.1% |
| 1999 | $1.12T | $4.64T | 24.2% |
| 1998 | $1.09T | $4.38T | 25.0% |
| 1997 | $1.07T | $4.03T | 26.6% |
| 1996 | $1.08T | $3.82T | 28.3% |
| 1995 | $1.13T | $3.63T | 31.1% |
| 1994 | $1.15T | $3.49T | 33.0% |
| 1993 | $1.13T | $3.48T | 32.5% |
| 1992 | $1.02T | $3.43T | 29.9% |
| 1991 | $897.0B | $3.37T | 26.6% |
| 1990 | $824.7B | $3.27T | 25.2% |
| 1989 | $792.9B | $3.15T | 25.1% |
| 1988 | $786.7B | $2.99T | 26.3% |
| 1987 | $750.2B | $2.83T | 26.5% |
| 1986 | $724.7B | $2.73T | 26.6% |
| 1985 | $619.8B | $2.49T | 24.9% |
| 1984 | $551.6B | $2.31T | 23.9% |
| 1983 | $521.4B | $2.12T | 24.6% |
| 1982 | $474.8B | $1.91T | 24.9% |
| 1981 | $436.7B | $1.76T | 24.9% |
| 1980 | $408.5B | $1.60T | 25.5% |
| 1979 | $381.8B | $1.47T | 25.9% |
| 1978 | $357.3B | $1.37T | 26.2% |
| 1977 | $330.9B | $1.27T | 26.0% |
| 1976 | $306.2B | $1.15T | 26.6% |
| 1975 | $287.1B | $1.02T | 28.2% |
| 1974 | $274.2B | $902.1B | 30.4% |
| 1973 | $262.9B | $855.5B | 30.7% |
| 1972 | $249.2B | $802.3B | 31.1% |
| 1971 | $228.3B | $710.3B | 32.1% |
| 1970 | $214.4B | $626.6B | 34.2% |
| 1969 | $203.9B | $587.9B | 34.7% |
| 1968 | $197.4B | $566.9B | 34.8% |
| 1967 | $183.3B | $524.8B | 34.9% |
| 1966 | $172.0B | $480.2B | 35.8% |
| 1965 | $167.8B | $459.2B | 36.5% |
| 1964 | $160.3B | $424.8B | 37.7% |
| 1963 | $153.3B | $393.2B | 39.0% |
| 1962 | $147.8B | $362.7B | 40.7% |
| 1961 | $145.2B | $335.5B | 43.3% |
| 1960 | $140.7B | $312.4B | 45.0% |
| 1959 | $139.9B | $297.8B | 47.0% |
M1 vs M2: common questions
- What is the difference between M1 and M2 today?
- As of 1 August 2026, M1 Money Stock was $19.99T and M2 Money Stock was $23.34T, so m1 as a share of m2 was 85.6%. Both series are from FRED (M1SL and M2SL) and are subject to revision.
- What is the highest and lowest m1 as a share of m2 on record?
- Across 812 matched months from 1 January 1959 to 1 August 2026, the highest reading was 95.3% on 1 May 2022 and the lowest was 18.0% on 1 August 2008.
- How are M1 and M2 different?
- M1 is currency held by the public, demand deposits and other liquid deposits. M2 is M1 plus small denomination time deposits and balances in retail money market funds. Everything in M1 is also in M2, so M1 can never exceed M2, and the gap between them is the less liquid money that sits in time deposits and retail money funds.
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