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- ⚠️CHART OF THE WEEK: US money supply hit a new record
⚠️CHART OF THE WEEK: US money supply hit a new record
The US M2 money supply is growing, but its rate of growth has slowed relative to the long-term trend
Global Markets Investor
July 05, 2025
In partnership with
US M2 money supply jumped 4.5% year-over-year in May, to a record $21.94 trillion. This has now surpassed the March 2022 record of $21.86 trillion
For perspective, the 2000-2025 annual growth rate has been 6.3%.
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Importantly, inflation-adjusted M2 money supply rose 2.1% year-over-year last month, the largest increase since early 2022.
The recent increase has been driven by commercial bank lending to the private sector (companies and individuals).
Overall, however, this suggests liquidity conditions are still rather constrained, historically speaking.
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