M2 money supply growth rate
Year-over-year change in M2 every month from Jan 1960 to Aug 2026: each month against the same month a year earlier.
- M2 level
- $23.34T
- Month over month
- +0.54%
- Fastest growth
- +26.8%Feb 2021
- Weakest
- −4.6%Apr 2023
Source: Board of Governors of the Federal Reserve System. Growth computed by M0 from the monthly level via FRED series M2SL · Monthly, seasonally adjusted · Latest observation Aug 2026. Figures are subject to revision by the publishing agency.
When M2 shrank
Every run of consecutive months in which M2 was below its level a year earlier.
| From | To | Lowest year-over-year |
|---|---|---|
| Dec 2022 | Feb 2024 | −4.6% (Apr 2023) |
Last 24 months
| Month | M2 | Year over year | Month over month |
|---|---|---|---|
| Aug 2026 | $23.34T | +5.7% | +0.54% |
| Jul 2026 | $23.22T | +5.4% | +0.45% |
| Jun 2026 | $23.11T | +5.3% | +0.44% |
| May 2026 | $23.01T | +5.4% | +1.13% |
| Apr 2026 | $22.76T | +4.5% | +0.51% |
| Mar 2026 | $22.64T | +4.4% | +0.18% |
| Feb 2026 | $22.60T | +4.6% | +0.83% |
| Jan 2026 | $22.41T | +4.1% | +0.26% |
| Dec 2025 | $22.36T | +4.0% | +0.34% |
| Nov 2025 | $22.28T | +3.8% | +0.13% |
| Oct 2025 | $22.25T | +4.3% | +0.33% |
| Sep 2025 | $22.18T | +4.2% | +0.38% |
| Aug 2025 | $22.09T | +4.2% | +0.30% |
| Jul 2025 | $22.03T | +4.4% | +0.38% |
| Jun 2025 | $21.94T | +4.1% | +0.49% |
| May 2025 | $21.84T | +3.9% | +0.30% |
| Apr 2025 | $21.77T | +3.9% | +0.40% |
| Mar 2025 | $21.68T | +3.4% | +0.36% |
| Feb 2025 | $21.61T | +3.3% | +0.32% |
| Jan 2025 | $21.54T | +3.4% | +0.24% |
| Dec 2024 | $21.49T | +3.4% | +0.15% |
| Nov 2024 | $21.45T | +3.4% | +0.55% |
| Oct 2024 | $21.34T | +2.9% | +0.29% |
| Sep 2024 | $21.28T | +2.5% | +0.39% |
By year
December on the previous December; the current year shows its latest month.
| Year | M2 | Growth |
|---|---|---|
| 2026(to Aug) | $23.34T | +5.7% |
| 2025 | $22.36T | +4.0% |
| 2024 | $21.49T | +3.4% |
| 2023 | $20.78T | −2.4% |
| 2022 | $21.29T | −1.0% |
| 2021 | $21.50T | +12.5% |
| 2020 | $19.12T | +24.5% |
| 2019 | $15.35T | +6.7% |
| 2018 | $14.39T | +3.6% |
| 2017 | $13.89T | +4.9% |
| 2016 | $13.24T | +6.8% |
| 2015 | $12.39T | +5.7% |
| 2014 | $11.72T | +6.0% |
| 2013 | $11.06T | +5.5% |
| 2012 | $10.49T | +8.3% |
| 2011 | $9.68T | +9.8% |
| 2010 | $8.82T | +3.7% |
| 2009 | $8.51T | +3.7% |
| 2008 | $8.20T | +9.6% |
| 2007 | $7.48T | +5.7% |
| 2006 | $7.08T | +5.9% |
| 2005 | $6.69T | +4.1% |
| 2004 | $6.42T | +5.8% |
| 2003 | $6.07T | +5.1% |
| 2002 | $5.78T | +6.2% |
| 2001 | $5.44T | +10.4% |
| 2000 | $4.93T | +6.2% |
| 1999 | $4.64T | +6.0% |
| 1998 | $4.38T | +8.5% |
| 1997 | $4.03T | +5.6% |
| 1996 | $3.82T | +5.2% |
| 1995 | $3.63T | +4.1% |
| 1994 | $3.49T | +0.3% |
| 1993 | $3.48T | +1.5% |
| 1992 | $3.43T | +1.6% |
| 1991 | $3.37T | +3.1% |
| 1990 | $3.27T | +3.8% |
| 1989 | $3.15T | +5.5% |
| 1988 | $2.99T | +5.7% |
| 1987 | $2.83T | +3.6% |
| 1986 | $2.73T | +9.5% |
| 1985 | $2.49T | +8.1% |
| 1984 | $2.31T | +8.6% |
| 1983 | $2.12T | +11.4% |
| 1982 | $1.91T | +8.6% |
| 1981 | $1.76T | +9.7% |
| 1980 | $1.60T | +8.5% |
| 1979 | $1.47T | +7.9% |
| 1978 | $1.37T | +7.5% |
| 1977 | $1.27T | +10.3% |
| 1976 | $1.15T | +13.4% |
| 1975 | $1.02T | +12.7% |
| 1974 | $902.1B | +5.4% |
| 1973 | $855.5B | +6.6% |
| 1972 | $802.3B | +13.0% |
| 1971 | $710.3B | +13.4% |
| 1970 | $626.6B | +6.6% |
| 1969 | $587.9B | +3.7% |
| 1968 | $566.9B | +8.0% |
| 1967 | $524.8B | +9.3% |
| 1966 | $480.2B | +4.6% |
| 1965 | $459.2B | +8.1% |
| 1964 | $424.8B | +8.0% |
| 1963 | $393.2B | +8.4% |
| 1962 | $362.7B | +8.1% |
| 1961 | $335.5B | +7.4% |
| 1960 | $312.4B | +4.9% |
M2 growth rate: common questions
- What is the current M2 growth rate?
- M2 was $23.34T in Aug 2026, +5.7% on Aug 2025 and +0.54% on the previous month. Source: Board of Governors of the Federal Reserve System, FRED series M2SL, seasonally adjusted and subject to revision.
- What is the fastest M2 has grown?
- The highest year-over-year growth since Jan 1960 was +26.8% in Feb 2021. The lowest was −4.6% in Apr 2023.
- Has the M2 money supply ever shrunk?
- Yes. Year-over-year M2 growth has been negative in one period since Jan 1960: Dec 2022 to Feb 2024 (low −4.6%).
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