Monetary Base vs Money Supply (M2): Chart and Multiplier
Money the Federal Reserve creates against the broad money the public holds, on the same monthly dates, and the multiple between them.
- Monetary Base (M0)
- $5.41T
- M2 Money Stock
- $23.34T
- 1 year earlier
- 3.89x1 August 2025
- 5 years earlier
- 3.29x1 August 2021
- 10 years earlier
- 3.40x1 August 2016
- Highest
- 11.76x1 February 1985
- Lowest
- 2.82x1 August 2014
Source: Board of Governors of the Federal Reserve System. Derived by M0 from FRED series BOGMBASE and M2SL, matched on identical dates · Latest observation 1 August 2026. Figures are subject to revision by the publishing agency.
How Monetary base and M2 differ
The monetary base is currency in circulation plus the reserve balances banks hold at the Federal Reserve. It is the only measure of money the central bank creates directly. The money supply most commentary refers to is M2, which is created predominantly by commercial bank lending and held by households and firms.
Bank reserves count in the monetary base but not in M2, while currency held by the public counts in both. The two stocks therefore measure different things, and the ratio between them, often called the money multiplier, is an outcome of how banks and the public behave rather than a fixed constant.
Since the Federal Reserve began paying interest on reserves in October 2008, banks have had little reason to push reserves out through lending, and the multiplier has behaved very differently from the textbook version that assumes they do.
Before reading the chart
- The monetary base series used here is the Board of Governors series BOGMBASE. The older St. Louis adjusted monetary base was retired in 2019 and is not used.
Year by year
The last monthly observation of each calendar year. The current year shows the latest month.
| Year | Monetary base | M2 | M2 divided by the monetary base |
|---|---|---|---|
| 2026 | $5.41T | $23.34T | 4.31x |
| 2025 | $5.37T | $22.36T | 4.16x |
| 2024 | $5.60T | $21.49T | 3.83x |
| 2023 | $5.83T | $20.78T | 3.57x |
| 2022 | $5.41T | $21.29T | 3.94x |
| 2021 | $6.41T | $21.50T | 3.35x |
| 2020 | $5.21T | $19.12T | 3.67x |
| 2019 | $3.43T | $15.35T | 4.48x |
| 2018 | $3.40T | $14.39T | 4.23x |
| 2017 | $3.85T | $13.89T | 3.61x |
| 2016 | $3.53T | $13.24T | 3.75x |
| 2015 | $3.84T | $12.39T | 3.23x |
| 2014 | $3.93T | $11.72T | 2.98x |
| 2013 | $3.72T | $11.06T | 2.98x |
| 2012 | $2.68T | $10.49T | 3.92x |
| 2011 | $2.62T | $9.68T | 3.70x |
| 2010 | $2.02T | $8.82T | 4.37x |
| 2009 | $2.03T | $8.51T | 4.20x |
| 2008 | $1.67T | $8.20T | 4.92x |
| 2007 | $837.2B | $7.48T | 8.94x |
| 2006 | $826.7B | $7.08T | 8.56x |
| 2005 | $803.1B | $6.69T | 8.33x |
| 2004 | $776.3B | $6.42T | 8.28x |
| 2003 | $739.4B | $6.07T | 8.21x |
| 2002 | $699.2B | $5.78T | 8.27x |
| 2001 | $650.8B | $5.44T | 8.36x |
| 2000 | $598.3B | $4.93T | 8.24x |
| 1999 | $612.5B | $4.64T | 7.57x |
| 1998 | $526.4B | $4.38T | 8.31x |
| 1997 | $493.1B | $4.03T | 8.18x |
| 1996 | $465.0B | $3.82T | 8.21x |
| 1995 | $445.8B | $3.63T | 8.14x |
| 1994 | $428.5B | $3.49T | 8.14x |
| 1993 | $398.6B | $3.48T | 8.72x |
| 1992 | $361.9B | $3.43T | 9.46x |
| 1991 | $335.4B | $3.37T | 10.06x |
| 1990 | $315.3B | $3.27T | 10.38x |
| 1989 | $294.3B | $3.15T | 10.71x |
| 1988 | $283.8B | $2.99T | 10.53x |
| 1987 | $266.9B | $2.83T | 10.59x |
| 1986 | $248.6B | $2.73T | 10.97x |
| 1985 | $224.7B | $2.49T | 11.09x |
| 1984 | $204.8B | $2.31T | 11.26x |
| 1983 | $192.2B | $2.12T | 11.05x |
| 1982 | $180.7B | $1.91T | 10.55x |
| 1981 | $170.7B | $1.76T | 10.28x |
| 1980 | $163.4B | $1.60T | 9.79x |
| 1979 | $156.7B | $1.47T | 9.41x |
| 1978 | $144.7B | $1.37T | 9.44x |
| 1977 | $129.9B | $1.27T | 9.78x |
| 1976 | $120.3B | $1.15T | 9.58x |
| 1975 | $113.1B | $1.02T | 8.99x |
| 1974 | $108.6B | $902.1B | 8.31x |
| 1973 | $100.1B | $855.5B | 8.55x |
| 1972 | $91.4B | $802.3B | 8.78x |
| 1971 | $86.8B | $710.3B | 8.18x |
| 1970 | $81.0B | $626.6B | 7.74x |
| 1969 | $76.8B | $587.9B | 7.65x |
| 1968 | $73.1B | $566.9B | 7.76x |
| 1967 | $67.8B | $524.8B | 7.74x |
| 1966 | $64.2B | $480.2B | 7.48x |
| 1965 | $61.0B | $459.2B | 7.53x |
| 1964 | $57.7B | $424.8B | 7.36x |
| 1963 | $54.9B | $393.2B | 7.16x |
| 1962 | $52.3B | $362.7B | 6.93x |
| 1961 | $51.3B | $335.5B | 6.54x |
| 1960 | $49.8B | $312.4B | 6.27x |
| 1959 | $51.5B | $297.8B | 5.78x |
Monetary base vs M2: common questions
- What is the difference between Monetary base and M2 today?
- As of 1 August 2026, Monetary Base (M0) was $5.41T and M2 Money Stock was $23.34T, so m2 divided by the monetary base was 4.31x. Both series are from FRED (BOGMBASE and M2SL) and are subject to revision.
- What is the highest and lowest m2 divided by the monetary base on record?
- Across 812 matched months from 1 January 1959 to 1 August 2026, the highest reading was 11.76x on 1 February 1985 and the lowest was 2.82x on 1 August 2014.
- How are Monetary base and M2 different?
- The monetary base is currency in circulation plus the reserve balances banks hold at the Federal Reserve. It is the only measure of money the central bank creates directly. The money supply most commentary refers to is M2, which is created predominantly by commercial bank lending and held by households and firms.
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