M2 money supply is setting records again
US M2 reached $23.2 trillion in June, its fifteenth consecutive record month. The April 2022 peak of $21.75 trillion stood for three years: M2 fell 4.9% into October 2023, the only sustained contraction in the 67-year record, then reclaimed the old high in April 2025. It now sits 6.5% above that peak and is growing 5.5% a year.
A nominal aggregate spends most of its life at record highs, so the record alone is thin news; what stands out is the completed round trip. Equities set records alongside it, and a growing stock of dollars is part of that arithmetic. Our money-supply Manual adds the caution that M2 growth leads other prices loosely and era-dependently, so read this as backdrop rather than a signal.
Money supply — the full series and the M2 owner’s guide Manual
This chart is a frozen capture — the numbers above are as of Jun 2026 (Fed H.6) and will not update. The live page recomputes daily from the same dataset. A square version of this chart is available for feeds that crop landscape images.
