Monetary ratios
What no agency publishes as a single number: the money multiplier, how much of the base is reserves, and how reserves compare with the deposits they settle. Each is two Federal Reserve series divided on the same dates.
| Ratio | Latest | Date | 5 years earlier | 20 years earlier |
|---|---|---|---|---|
| M2 / monetary base | 4.31x | Aug 2026 | 3.29x | 8.55x |
| Reserves / monetary base | 54.3% | Aug 2026 | 65.4% | 5.3% |
| Reserves / deposits | 15.4% | Sep 2026 | 24.3% | 0.1% |
| M2 velocity | 1.42x | Apr 2026 | 1.15x | 2.02x |
Money multiplier (M2 divided by the monetary base)
How many dollars of broad money exist for each dollar of central bank money. The textbook treats this as a stable multiple set by the reserve requirement. Measured, it is an outcome of how banks and the public behave, and reserve requirements have been zero since March 2020.
M2 (FRED M2SL) / monetary base (FRED BOGMBASE)
- 1 year earlier
- 3.89xAug 2025
- 5 years earlier
- 3.29xAug 2021
- 10 years earlier
- 3.40xAug 2016
- 20 years earlier
- 8.55xAug 2006
- Highest
- 11.76xFeb 1985
- Lowest
- 2.82xAug 2014
Source: Derived by M0 from M2 Money Stock (FRED M2SL) and Monetary Base (M0) (FRED BOGMBASE), matched on identical dates · Latest observation 1 August 2026. Figures are subject to revision by the publishing agency.
Reserve balances as a share of bank deposits
Reserves scaled by the deposits they settle. It is one practical gauge of how ample reserves are. No agency publishes a threshold at which ample becomes scarce.
Reserve balances (FRED WRESBAL) / deposits, all commercial banks (FRED DPSACBW027SBOG) x 100
- 1 year earlier
- 17.2%Sep 2025
- 5 years earlier
- 24.3%Sep 2021
- 10 years earlier
- 20.7%Sep 2016
- 20 years earlier
- 0.1%Sep 2006
- Highest
- 27.5%Jul 2014
- Lowest
- 0.0%Mar 2006
Source: Derived by M0 from Reserve Balances with Federal Reserve Banks (FRED WRESBAL) and Deposits, All Commercial Banks (FRED DPSACBW027SBOG), matched on identical dates · Latest observation 16 September 2026. Figures are subject to revision by the publishing agency.
Velocity of M2 (nominal GDP divided by M2, as published)
How many times a dollar of M2 turns over in a year of nominal spending. Quarterly, and revised whenever GDP is revised.
Nominal GDP / M2, published by FRED as series M2V (not recomputed here)
- 1 year earlier
- 1.40xApr 2025
- 5 years earlier
- 1.15xApr 2021
- 10 years earlier
- 1.46xApr 2016
- 20 years earlier
- 2.02xApr 2006
- Highest
- 2.19xJul 1997
- Lowest
- 1.13xApr 2020
Source: Derived by M0 from Velocity of M2 Money Stock (FRED M2V) · Latest observation 1 April 2026. Figures are subject to revision by the publishing agency.
Year-end readings
The last matched observation of each calendar year. The current year shows the latest reading.
| Year | M2 / monetary base | Reserves / monetary base | Reserves / deposits | M2 velocity |
|---|---|---|---|---|
| 2026 | 4.31x | 54.3% | 15.4% | 1.42x |
| 2025 | 4.16x | 54.7% | 15.9% | 1.41x |
| 2024 | 3.83x | 57.8% | 18.2% | 1.39x |
| 2023 | 3.57x | 59.9% | 19.8% | 1.37x |
| 2022 | 3.94x | 57.5% | 17.0% | 1.25x |
| 2021 | 3.35x | 65.3% | 23.0% | 1.16x |
| 2020 | 3.67x | 60.2% | 19.4% | 1.17x |
| 2019 | 4.48x | 49.6% | 12.5% | 1.44x |
| 2018 | 4.23x | 51.8% | 13.3% | 1.46x |
| 2017 | 3.61x | 60.0% | 18.4% | 1.45x |
| 2016 | 3.75x | 59.3% | 17.0% | 1.45x |
| 2015 | 3.23x | 64.7% | 21.2% | 1.50x |
| 2014 | 2.98x | 67.8% | 24.6% | 1.54x |
| 2013 | 2.98x | 68.4% | 25.1% | 1.56x |
| 2012 | 3.92x | 58.7% | 16.2% | 1.58x |
| 2011 | 3.70x | 61.0% | 18.2% | 1.64x |
| 2010 | 4.37x | 53.4% | 13.1% | 1.74x |
| 2009 | 4.20x | 56.3% | 13.9% | 1.72x |
| 2008 | 4.92x | 49.3% | 11.7% | 1.81x |
| 2007 | 8.94x | 5.2% | 0.1% | 1.97x |
| 2006 | 8.56x | 5.2% | 0.1% | 1.99x |
| 2005 | 8.33x | 5.7% | 0.2% | 2.00x |
| 2004 | 8.28x | 6.0% | 0.2% | 1.96x |
| 2003 | 8.21x | 5.8% | 0.2% | 1.94x |
| 2002 | 8.27x | 5.8% | 0.3% | 1.92x |
| 2001 | 8.36x | 6.3% | 1.98x | |
| 2000 | 8.24x | 6.4% | 2.13x | |
| 1999 | 7.57x | 6.8% | 2.15x | |
| 1998 | 8.31x | 8.6% | 2.14x | |
| 1997 | 8.18x | 9.7% | 2.18x | |
| 1996 | 8.21x | 11.0% | 2.18x | |
| 1995 | 8.14x | 13.0% | 2.15x | |
| 1994 | 8.14x | 14.3% | 2.14x | |
| 1993 | 8.72x | 15.8% | 2.02x | |
| 1992 | 9.46x | 15.6% | 1.95x | |
| 1991 | 10.06x | 16.5% | 1.86x | |
| 1990 | 10.38x | 18.7% | 1.84x | |
| 1989 | 10.71x | 21.3% | 1.83x | |
| 1988 | 10.53x | 22.4% | 1.81x | |
| 1987 | 10.59x | 23.3% | 1.78x | |
| 1986 | 10.97x | 23.9% | 1.72x | |
| 1985 | 11.09x | 21.4% | 1.79x | |
| 1984 | 11.26x | 19.9% | 1.82x | |
| 1983 | 11.05x | 20.2% | 1.80x | |
| 1982 | 10.55x | 23.2% | 1.80x | |
| 1981 | 10.28x | 24.5% | 1.89x | |
| 1980 | 9.79x | 24.9% | 1.87x | |
| 1979 | 9.41x | 28.1% | 1.86x | |
| 1978 | 9.44x | 28.8% | 1.82x | |
| 1977 | 9.78x | 28.1% | 1.72x | |
| 1976 | 9.58x | 29.3% | 1.70x | |
| 1975 | 8.99x | 30.9% | 1.75x | |
| 1974 | 8.31x | 34.0% | 1.78x | |
| 1973 | 8.55x | 35.1% | 1.74x | |
| 1972 | 8.78x | 34.4% | 1.67x | |
| 1971 | 8.18x | 36.1% | 1.69x | |
| 1970 | 7.74x | 36.0% | 1.75x | |
| 1969 | 7.65x | 36.6% | 1.77x | |
| 1968 | 7.76x | 37.2% | 1.72x | |
| 1967 | 7.74x | 37.3% | 1.69x | |
| 1966 | 7.48x | 37.1% | 1.74x | |
| 1965 | 7.53x | 37.2% | 1.69x | |
| 1964 | 7.36x | 37.4% | 1.65x | |
| 1963 | 7.16x | 37.7% | 1.67x | |
| 1962 | 6.93x | 38.4% | 1.70x | |
| 1961 | 6.54x | 39.2% | 1.74x | |
| 1960 | 6.27x | 38.8% | 1.74x | |
| 1959 | 5.78x | 36.9% | 1.78x |
Method
Every input is a Federal Reserve series retrieved from FRED and normalised to billions of dollars on ingest (see methodology). A ratio is only computed on a date for which both of its series have an observation. Weekly series are matched to weekly series and monthly to monthly; nothing is interpolated or carried forward. The inputs are revised by the publishing agencies, so historical ratios change when the source does. The CSV carries every matched observation with both inputs, so each figure here can be checked.
Monetary ratios: common questions
- What is the money multiplier today?
- M2 divided by the monetary base was 4.31x on 1 August 2026: about 4.31 dollars of M2 for each dollar of base money. Computed by M0 from FRED series M2SL and BOGMBASE on the same monthly date.
- What is the highest and lowest money multiplier on record?
- Across 812 months from 1 January 1959 to 1 August 2026, the highest reading was 11.76x in Feb 1985 and the lowest was 2.82x in Aug 2014.
- How much of the monetary base is bank reserves?
- Total reserves were 54.3% of the monetary base on 1 August 2026, against 5.3% in Aug 2006. The rest of the base is currency in circulation.
- How are these ratios calculated?
- Each ratio divides one Federal Reserve series by another on identical observation dates, with no interpolation, so a date on which either series has no print is left out. M2 velocity is published by FRED as a ratio and is shown as published.
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