Growth rate
Monetary base (M0) growth rate
Year-over-year change in Monetary base every month from Jan 1960 to Aug 2026: each month against the same month a year earlier.
Year over year
−4.8%
Aug 2026
- Monetary base level
- $5.41T
- Month over month
- −2.03%
- Fastest growth
- +112.7%May 2009
- Weakest
- −15.7%Dec 2022
Year-over-year growth, Jan 1960 to Aug 2026
Source: Board of Governors of the Federal Reserve System. Growth computed by M0 from the monthly level via FRED series BOGMBASE · Monthly, not seasonally adjusted · Latest observation Aug 2026. Figures are subject to revision by the publishing agency.
When Monetary base shrank
Every run of consecutive months in which Monetary base was below its level a year earlier.
| From | To | Lowest year-over-year |
|---|---|---|
| Feb 1960 | Oct 1961 | −3.3% (Dec 1960) |
| Dec 2000 | Jan 2001 | −2.3% (Dec 2000) |
| Nov 2010 | Dec 2010 | −2.5% (Nov 2010) |
| Jun 2012 | Oct 2012 | −1.6% (Sep 2012) |
| Jun 2015 | Sep 2015 | −2.2% (Aug 2015) |
| Dec 2015 | Jan 2016 | −5.6% (Jan 2016) |
| Mar 2016 | Jun 2017 | −12.0% (Oct 2016) |
| Mar 2018 | Nov 2019 | −13.0% (Feb 2019) |
| Apr 2022 | May 2023 | −15.7% (Dec 2022) |
| Jul 2023 | Aug 2023 | −0.4% (Aug 2023) |
| Oct 2024 | May 2025 | −4.8% (Feb 2025) |
| Sep 2025 | Aug 2026 | −5.6% (Nov 2025) |
Last 24 months
| Month | Monetary base | Year over year | Month over month |
|---|---|---|---|
| Aug 2026 | $5.41T | −4.8% | −2.03% |
| Jul 2026 | $5.52T | −3.8% | +0.65% |
| Jun 2026 | $5.49T | −4.5% | −0.91% |
| May 2026 | $5.54T | −1.9% | +1.25% |
| Apr 2026 | $5.47T | −4.6% | +0.22% |
| Mar 2026 | $5.46T | −5.5% | +1.31% |
| Feb 2026 | $5.39T | −4.0% | −0.27% |
| Jan 2026 | $5.40T | −3.8% | +0.54% |
| Dec 2025 | $5.37T | −4.1% | +1.35% |
| Nov 2025 | $5.30T | −5.6% | −1.11% |
| Oct 2025 | $5.36T | −3.7% | −2.12% |
| Sep 2025 | $5.48T | −2.0% | −3.66% |
| Aug 2025 | $5.69T | +0.3% | −0.94% |
| Jul 2025 | $5.74T | +1.5% | −0.14% |
| Jun 2025 | $5.75T | +0.3% | +1.77% |
| May 2025 | $5.65T | −1.3% | −1.47% |
| Apr 2025 | $5.73T | −0.7% | −0.73% |
| Mar 2025 | $5.77T | −1.8% | +2.88% |
| Feb 2025 | $5.61T | −4.8% | −0.00% |
| Jan 2025 | $5.61T | −3.9% | +0.18% |
| Dec 2024 | $5.60T | −3.8% | −0.22% |
| Nov 2024 | $5.62T | −2.0% | +0.89% |
| Oct 2024 | $5.57T | −0.6% | −0.38% |
| Sep 2024 | $5.59T | +0.4% | −1.44% |
By year
December on the previous December; the current year shows its latest month.
| Year | Monetary base | Growth |
|---|---|---|
| 2026(to Aug) | $5.41T | −4.8% |
| 2025 | $5.37T | −4.1% |
| 2024 | $5.60T | −3.8% |
| 2023 | $5.83T | +7.8% |
| 2022 | $5.41T | −15.7% |
| 2021 | $6.41T | +23.2% |
| 2020 | $5.21T | +51.9% |
| 2019 | $3.43T | +0.8% |
| 2018 | $3.40T | −11.7% |
| 2017 | $3.85T | +9.0% |
| 2016 | $3.53T | −7.9% |
| 2015 | $3.84T | −2.5% |
| 2014 | $3.93T | +5.8% |
| 2013 | $3.72T | +38.9% |
| 2012 | $2.68T | +2.1% |
| 2011 | $2.62T | +29.9% |
| 2010 | $2.02T | −0.5% |
| 2009 | $2.03T | +21.6% |
| 2008 | $1.67T | +99.0% |
| 2007 | $837.2B | +1.3% |
| 2006 | $826.7B | +2.9% |
| 2005 | $803.1B | +3.5% |
| 2004 | $776.3B | +5.0% |
| 2003 | $739.4B | +5.7% |
| 2002 | $699.2B | +7.4% |
| 2001 | $650.8B | +8.8% |
| 2000 | $598.3B | −2.3% |
| 1999 | $612.5B | +16.4% |
| 1998 | $526.4B | +6.8% |
| 1997 | $493.1B | +6.0% |
| 1996 | $465.0B | +4.3% |
| 1995 | $445.8B | +4.0% |
| 1994 | $428.5B | +7.5% |
| 1993 | $398.6B | +10.1% |
| 1992 | $361.9B | +7.9% |
| 1991 | $335.4B | +6.4% |
| 1990 | $315.3B | +7.1% |
| 1989 | $294.3B | +3.7% |
| 1988 | $283.8B | +6.3% |
| 1987 | $266.9B | +7.4% |
| 1986 | $248.6B | +10.6% |
| 1985 | $224.7B | +9.7% |
| 1984 | $204.8B | +6.6% |
| 1983 | $192.2B | +6.4% |
| 1982 | $180.7B | +5.9% |
| 1981 | $170.7B | +4.5% |
| 1980 | $163.4B | +4.3% |
| 1979 | $156.7B | +8.3% |
| 1978 | $144.7B | +11.4% |
| 1977 | $129.9B | +8.0% |
| 1976 | $120.3B | +6.4% |
| 1975 | $113.1B | +4.1% |
| 1974 | $108.6B | +8.5% |
| 1973 | $100.1B | +9.5% |
| 1972 | $91.4B | +5.3% |
| 1971 | $86.8B | +7.2% |
| 1970 | $81.0B | +5.5% |
| 1969 | $76.8B | +5.1% |
| 1968 | $73.1B | +7.8% |
| 1967 | $67.8B | +5.6% |
| 1966 | $64.2B | +5.2% |
| 1965 | $61.0B | +5.7% |
| 1964 | $57.7B | +5.1% |
| 1963 | $54.9B | +5.0% |
| 1962 | $52.3B | +1.9% |
| 1961 | $51.3B | +3.0% |
| 1960 | $49.8B | −3.3% |
Monetary base growth rate: common questions
- What is the current Monetary base growth rate?
- Monetary base was $5.41T in Aug 2026, −4.8% on Aug 2025 and −2.03% on the previous month. Source: Board of Governors of the Federal Reserve System, FRED series BOGMBASE, not seasonally adjusted and subject to revision.
- What is the fastest Monetary base has grown?
- The highest year-over-year growth since Jan 1960 was +112.7% in May 2009. The lowest was −15.7% in Dec 2022.
- Has the monetary base ever shrunk?
- Yes. Year-over-year Monetary base growth has been negative in 12 separate periods since Jan 1960: Feb 1960 to Oct 1961 (low −3.3%); Dec 2000 to Jan 2001 (low −2.3%); Nov 2010 to Dec 2010 (low −2.5%); Jun 2012 to Oct 2012 (low −1.6%); Jun 2015 to Sep 2015 (low −2.2%); Dec 2015 to Jan 2016 (low −5.6%); Mar 2016 to Jun 2017 (low −12.0%); Mar 2018 to Nov 2019 (low −13.0%); Apr 2022 to May 2023 (low −15.7%); Jul 2023 to Aug 2023 (low −0.4%); Oct 2024 to May 2025 (low −4.8%); Sep 2025 to Aug 2026 (low −5.6%).
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