Graph and download economic data for Monetary Base: Total (BOGMBASE) from Jan 1959 to Jun 2025 about monetary base and USA.

The monetary base of the United States amounted to roughly *** trillion U.S. dollars as of December 31, 2024, which was a slight decrease compared to the previous year. The monetary base includes all physical paper and coin currency in circulation, plus bank reserves held by the central bank. In 2024, around ** percent (**** trillion U.S. dollars) of the monetary base derived from reserve balances, and ** percent (**** trillion U.S. dollars) from the currency in circulation.

Money Supply M2 in the United States increased to 21942 USD Billion in May from 21862.40 USD Billion in April of 2025. This dataset provides - United States Money Supply M2 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Money Supply M0 in the United States increased to 5748600 USD Million in June from 5648700 USD Million in May of 2025. This dataset provides - United States Money Supply M0 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Monetary Aggregates and Their Components: Broad Money and Components: M3 for United States (USAMABMM301GYSAM) from Jan 1960 to Feb 2025 about M3, broad, and monetary aggregates.

This data package includes the underlying data to replicate the charts and calculations presented in US Monetary Policy and the Recent Surge in Inflation, PIIE Working Paper 24-13.

If you use the data, please cite as:

Reifschneider, David. 2024. US Monetary Policy and the Recent Surge in Inflation. PIIE Working Paper 24-13. Washington: Peterson Institute for International Economics.

Graph and download economic data for Monetary Base: Currency in Circulation (MBCURRCIR) from Jan 1959 to Jun 2025 about monetary base, currency, and USA.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest *** trillion U.S. dollars at the end of 2007, it ballooned to approximately **** trillion U.S. dollars by July 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached ***** percent in 2022, the highest since 1991. However, by *********, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in ***********, before the first rate cut since ************** occurred in **************. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of ***** billion U.S. dollars, a stark contrast to the ***** billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over *** billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of ****** billion U.S. dollars in the same year.

United States US: Money Supply: M2 data was reported at 13,273.000 USD bn in 2016. This records an increase from the previous number of 12,399.800 USD bn for 2015. United States US: Money Supply: M2 data is updated yearly, averaging 2,924.600 USD bn from Dec 1959 (Median) to 2016, with 58 observations. The data reached an all-time high of 13,273.000 USD bn in 2016 and a record low of 300.600 USD bn in 1959. United States US: Money Supply: M2 data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.IFS: Money Supply: Annual.

Money Supply M1 in the United States increased to 18803 USD Billion in June from 18693 USD Billion in May of 2025. This dataset provides - United States Money Supply M1 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The United States M1 money supply reached approximately **** trillion dollars by June 2025, showing a slight uptick from the previous year. This modest increase follows a period of contraction in late 2022 and early 2023, which stood in stark contrast to the dramatic expansion seen from May 2020 onward. The earlier surge was largely attributed to the Federal Reserve's aggressive quantitative easing measures implemented in response to the economic fallout from the COVID-19 pandemic.

United States US: Money Supply: M2: Seasonally Adjusted data was reported at 13,180.900 USD bn in 2016. This records an increase from the previous number of 12,313.500 USD bn for 2015. United States US: Money Supply: M2: Seasonally Adjusted data is updated yearly, averaging 2,912.450 USD bn from Dec 1959 (Median) to 2016, with 58 observations. The data reached an all-time high of 13,180.900 USD bn in 2016 and a record low of 297.800 USD bn in 1959. United States US: Money Supply: M2: Seasonally Adjusted data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.IFS: Money Supply: Annual.

The value of M2 money supply in the U.S. amounted to ***** trillion U.S. dollars in 2023, which was a slight decrease compared to the previous year. While between 2000 and 2019, the M2 money supply increased at a relatively slow pace, there was an exceptionally sharp increase in 2020, which was the result of the Federal Reserve's quantitative easing in response to the COVID-19 pandemic.

Graph and download economic data for Monetary Aggregates and Their Components: Narrow Money and Components: M1 and Components: M1 for United States (MANMM101USA189S) from 1960 to 2022 about M1, monetary aggregates, and USA.

United States US: Money Supply: Monetary Authorities data was reported at 475.921 USD bn in 2008. This records a decrease from the previous number of 740.611 USD bn for 2007. United States US: Money Supply: Monetary Authorities data is updated yearly, averaging 119.299 USD bn from Dec 1952 (Median) to 2008, with 57 observations. The data reached an all-time high of 778.915 USD bn in 2006 and a record low of 23.719 USD bn in 1957. United States US: Money Supply: Monetary Authorities data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.IFS: Money Supply: Annual.

View data of the frequency at which one unit of currency purchases domestically produced goods and services within a given time period.

The U.S. federal funds rate peaked in 2023 at its highest level since the 2007-08 financial crisis, reaching 5.33 percent by December 2023. A significant shift in monetary policy occurred in the second half of 2024, with the Federal Reserve implementing regular rate cuts. By December 2024, the rate had declined to 4.48 percent. What is a central bank rate? The federal funds rate determines the cost of overnight borrowing between banks, allowing them to maintain necessary cash reserves and ensure financial system liquidity. When this rate rises, banks become more inclined to hold rather than lend money, reducing the money supply. While this decreased lending slows economic activity, it helps control inflation by limiting the circulation of money in the economy. Historic perspective The federal funds rate historically follows cyclical patterns, falling during recessions and gradually rising during economic recoveries. Some central banks, notably the European Central Bank, went beyond traditional monetary policy by implementing both aggressive asset purchases and negative interest rates.

United States - Monetary Base; Currency in Circulation was 2385.60000 Mil. of $ in May of 2025, according to the United States Federal Reserve. Historically, United States - Monetary Base; Currency in Circulation reached a record high of 2385.60000 in May of 2025 and a record low of 31.20000 in February of 1959. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Monetary Base; Currency in Circulation - last updated from the United States Federal Reserve on August of 2025.

United States US: Money Supply: Other Financial Institutions data was reported at 1,091.190 USD bn in 2008. This records an increase from the previous number of 765.330 USD bn for 2007. United States US: Money Supply: Other Financial Institutions data is updated yearly, averaging 100.281 USD bn from Dec 1952 (Median) to 2008, with 57 observations. The data reached an all-time high of 1,091.190 USD bn in 2008 and a record low of 27.873 USD bn in 1973. United States US: Money Supply: Other Financial Institutions data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s USA – Table US.IMF.IFS: Money Supply: Annual.

Graph and download economic data for Monetary Aggregates and Their Components: Broad Money and Components: M3 for United States (MABMM301USQ189S) from Q1 1960 to Q3 2023 about M3, broad, monetary aggregates, and USA.