M2 money stock, United States
The m2 money stock in the United States was $23,342.8 bn in , up 0.5% from and up 5.7% from a year earlier. Over the latest 12 readings it moved between $22,176.1 bn and $23,342.8 bn. The next reading is for September 2026. Source: Federal Reserve Board, H.6; history from .
Key takeaways
- The m2 money stock at $23,342.8 bn in beats 100% of readings since (Federal Reserve Board).
- Against a ten-year average of $18,561.7 bn, the m2 money stock is above that norm by $4,781.1 bn (Federal Reserve Board).
- The m2 money stock has risen for 28 readings in a row up to (Federal Reserve Board).
What this indicator is and why it matters
M2 money stock is the Federal Reserve's broad measure of money held by the US public: currency, checking and other liquid deposits, savings deposits, small time deposits under $100,000 and balances in retail money market funds. The Federal Reserve publishes it in its H.6 release; this page shows its seasonally adjusted monthly average.
It grew faster in 2020 and 2021 than at any time in its modern history, as government payments and Federal Reserve asset purchases flooded households and firms with deposits, and it then contracted in 2022 and 2023 as the Fed shrank its balance sheet and raised rates. Banks watch it because most of M2 sits in bank deposits, so it tracks the funding base of the banking system.
The link between M2 and inflation has been unreliable for decades. Money growth ran ahead of prices for long periods without causing inflation, and while the surge of 2020 and 2021 was followed by high inflation, many forecasters treat money as one input among many rather than a guide on its own. There is also a definitional break: in May 2020 the Federal Reserve reclassified savings deposits from M2 into M1, which changed M1 sharply but left the M2 total unchanged.
Where it sits in history
The m2 money stock is at its highest since the series starts in . Within ten years, the m2 money stock beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 100% of readings | $13,899.8 bn | $23,342.8 bn | $6,728.4 bn |
| Last ten years | 100% of readings | $18,561.7 bn | $23,342.8 bn | $12,986.7 bn |
| Last five years | 100% of readings | $21,571.2 bn | $23,342.8 bn | $20,737.4 bn |
- M2 money stock $23,343bn
Recent readings
Last five years
- M2 money stock $23,343bn
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| $23,342.8 bn | +0.5% | |
| $23,217.9 bn | +0.4% | |
| $23,114.9 bn | +0.4% | |
| $23,013.7 bn | +1.1% | |
| $22,756.6 bn | +0.5% | |
| $22,640.3 bn | +0.2% | |
| $22,598.7 bn | +0.8% | |
| $22,413.4 bn | +0.3% | |
| $22,355.3 bn | +0.3% | |
| $22,279.8 bn | +0.1% | |
| $22,249.8 bn | +0.3% | |
| $22,176.1 bn | +0.4% | |
| $22,092.6 bn | +0.3% |
Annual averages
By calendar-year average, the m2 money stock peaked in ($21,963.3 bn) and bottomed in ($6,884.9 bn). 2026 to date: $22,887.3 bn, after $21,963.3 bn in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | $22,887.3 bn | $22,413.4 bn | $23,342.8 bn | 8 |
| 2025 | $21,963.3 bn | $21,539.3 bn | $22,355.3 bn | 12 |
| 2024 | $21,134.7 bn | $20,835.5 bn | $21,487.6 bn | 12 |
| 2023 | $20,869.8 bn | $20,737.4 bn | $21,274.0 bn | 12 |
| 2022 | $21,607.8 bn | $21,293.2 bn | $21,788.1 bn | 12 |
| 2021 | $20,538.6 bn | $19,375.3 bn | $21,502.8 bn | 12 |
| 2020 | $17,696.6 bn | $15,425.0 bn | $19,119.4 bn | 12 |
| 2019 | $14,863.8 bn | $14,460.2 bn | $15,351.5 bn | 12 |
| 2018 | $14,141.6 bn | $13,902.4 bn | $14,392.0 bn | 12 |
| 2017 | $13,621.5 bn | $13,318.9 bn | $13,887.3 bn | 12 |
| 2016 | $12,892.2 bn | $12,522.2 bn | $13,240.6 bn | 12 |
| 2015 | $12,074.4 bn | $11,806.2 bn | $12,393.6 bn | 12 |
| 2014 | $11,414.4 bn | $11,127.5 bn | $11,721.2 bn | 12 |
| 2013 | $10,752.4 bn | $10,502.3 bn | $11,062.4 bn | 12 |
| 2012 | $10,073.9 bn | $9,753.3 bn | $10,485.4 bn | 12 |
| 2011 | $9,282.6 bn | $8,844.5 bn | $9,683.5 bn | 12 |
| 2010 | $8,645.6 bn | $8,473.1 bn | $8,822.0 bn | 12 |
| 2009 | $8,433.3 bn | $8,284.2 bn | $8,517.9 bn | 12 |
| 2008 | $7,804.2 bn | $7,513.6 bn | $8,203.0 bn | 12 |
| 2007 | $7,308.2 bn | $7,115.6 bn | $7,482.7 bn | 12 |
| 2006 | $6,884.9 bn | $6,728.4 bn | $7,079.3 bn | 12 |
Link to US banks
Deposits are the main funding of US banks; when the m2 money stock shifts, so does that funding. Median total deposits, 499 US banks we cover: $5.0 bn at Q2 2026; the m2 money stock: $23,342.8 bn in . Total deposits ranking.
How is it measured?
M2 money stock, seasonally adjusted, monthly average.
Federal Reserve Board publishes the m2 money stock monthly in H.6, in USD and is seasonally adjusted. Code: M2.M. Monthly basis: each month shows the average of the daily values in that month. Method for the m2 money stock.
Questions
How high is the m2 money stock in the United States now?
$23,342.8 bn in (Federal Reserve Board), up 5.7% on a year earlier.
Is the m2 money stock high by historical standards?
The m2 money stock beats 100% of readings since ; its peak was $23,342.8 bn (), its low $6,728.4 bn ().
When is the m2 money stock updated?
Monthly, in H.6. Next reading: September 2026.
Where can I check the m2 money stock at the source?
Federal Reserve Board data, code M2.M.