The US money supply just hit a number that would make even the most seasoned macro traders do a double-take. M2, the Federal Reserve’s broad measure of dollars sloshing around the economy, climbed to a record $23.052 trillion in May, according to the Fed’s H.6 Money Stock Measures release published on June 23.
That’s a $247.8 billion jump from April’s $22.8045 trillion.
The numbers behind the record
M2 includes everything from physical cash and checking accounts to savings deposits and money market funds.
The year-over-year growth rate hit 5.6% in May, marking the fastest expansion since July 2022. That was the period when the Fed was still grappling with the aftermath of its pandemic-era money printing spree, which had pushed M2 growth into double digits.
