The United States M2 money supply reached approximately 21.6 trillion U.S. dollars by January 2025, marking a gradual upward trend after a period of decline. This follows an extraordinary surge in 2020 and 2021, primarily driven by the Federal Reserve's aggressive quantitative easing measures in response to the COVID-19 pandemic.

The value of M2 money supply in the U.S. amounted to 20.86 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.

United States Money Supply: MZM sa data was reported at 15,630.800 USD bn in Nov 2018. This records an increase from the previous number of 15,602.000 USD bn for Oct 2018. United States Money Supply: MZM sa data is updated monthly, averaging 2,046.000 USD bn from Jan 1959 (Median) to Nov 2018, with 719 observations. The data reached an all-time high of 15,630.800 USD bn in Nov 2018 and a record low of 274.900 USD bn in Jan 1959. United States Money Supply: MZM sa data remains active status in CEIC and is reported by Federal Reserve Bank of St. Louis. The data is categorized under Global Database’s United States – Table US.KA006: Money, Zero Maturity.

The U.S. M1 money supply reached 18.43 trillion dollars in 2024, showing a modest increase from the previous year. While M1 grew gradually between 2000 and 2019, it experienced an unprecedented surge in 2020 due to the Federal Reserve's quantitative easing response to the COVID-19 pandemic. The most dramatic spike occurred in May 2020, when M1 jumped from 4.8 to 16.2 trillion dollars - more than tripling in a single month.

The United States M1 money supply reached approximately 18.45 trillion dollars by January 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: Total data was reported at 6,338.180 USD bn in 2008. This records an increase from the previous number of 5,099.200 USD bn for 2007. United States US: Money Supply: Total data is updated yearly, averaging 730.006 USD bn from Dec 1952 (Median) to 2008, with 57 observations. The data reached an all-time high of 6,338.180 USD bn in 2008 and a record low of 220.119 USD bn in 1957. United States US: Money Supply: Total 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.

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.

United States Money Supply M2: Small Time Deposits: Thrifts data was reported at 112.400 USD bn in Oct 2018. This records an increase from the previous number of 110.400 USD bn for Sep 2018. United States Money Supply M2: Small Time Deposits: Thrifts data is updated monthly, averaging 295.900 USD bn from Jan 1959 (Median) to Oct 2018, with 718 observations. The data reached an all-time high of 623.300 USD bn in Aug 1989 and a record low of 2.200 USD bn in Apr 1959. United States Money Supply M2: Small Time Deposits: Thrifts data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.KA005: Money Stock, Liquid Assets and Debt Measures: Monthly.

The monetary base of the United States amounted to roughly 5.8 trillion U.S. dollars as of December 31, 2023, which was a slight increase 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 2023, around 60 percent (3.5 trillion U.S. dollars) of the monetary base derived from reserve balances, and 40 percent (2.3 trillion U.S. dollars) from the currency in circulation.

Pengeforsyningen M0 i USA steg til 5614200 USD millioner i januar fra 5604100 USD millioner i december 2024. Aktuelle værdier, historiske data, prognoser, statistik, diagrammer og økonomisk kalender - USA - Pengemængde M0.

This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in Global Dimensions of US Monetary Policy, PIIE Working Paper 19-16.

If you use the data, please cite as: Obstfeld, Maurice. (2019). Global Dimensions of US Monetary Policy. PIIE Working Paper 19-16. Peterson Institute for International Economics.

The Eurozone's money supply has experienced significant growth over the past two decades, with the M2 measure reaching approximately 15.6 trillion euros by the end of 2024. This substantial increase from 4.6 trillion euros in 2001 reflects the expanding monetary base in the euro area. However, 2023 marked a notable deviation from this trend, as it was the first year in the observed period where the money supply in the euro area decreased. Components of money supply M2 is a broader measure of money supply that includes cash, checking deposits, and convertible near money. It encompasses the more narrow M1 measure, which consists of the most liquid components, such as currency in circulation and overnight deposits. As of December 2024, the Eurozone's M1 money supply stood at 10.57 trillion euros, while M2 reached 15.6 trillion euros. These figures are used by central banks to forecast inflation and interest rates, playing a crucial role in shaping monetary policy. Comparison with other regions While the Eurozone has seen steady growth in its money supply, other major economies have experienced their own unique trajectories. In the United States, for instance, the M2 money supply reached 20.86 trillion U.S. dollars in 2023, showing a slight decrease from the previous year. Both the Eurozone and the U.S. saw exceptional increases in their money supply during 2020, largely due to quantitative easing measures implemented in response to the COVID-19 pandemic. This global economic event had a profound impact on monetary policies across different regions, influencing the money supply dynamics worldwide.

In 2019, the M3 money supply in the United States amounted to approximately 15.32 trillion U.S. dollars. M3 money supply includes M2 as well as long-term deposits, institutional money market funds, short-term repurchase agreements, and larger liquid assets

This statistic shows the unadjusted annual inflation rate and monetary base growth rate in the United States from 1960 to 2019. Historic data is shown in 3-year increments. In 2019, prices went up by 1.6 percent compared to 2018. In the same time frame, the monetary base decreased by approximately 0.8 percent.

A oferta monetária M2 nos Estados Unidos aumentou para 21447,60 bilhões de dólares em novembro, em comparação com 21311,20 bilhões de dólares em outubro de 2024. Valores atuais, dados históricos, previsões, estatísticas, gráficos e calendário econômico - Estados Unidos - Agregado Monetário M2.

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.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest 0.9 trillion U.S. dollars at the end of 2007, it ballooned to approximately 6.76 trillion U.S. dollars by March 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 eight percent in 2022, the highest since 1991. However, by November 2024, inflation had declined to 2.7 percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at 5.33 percent in August 2023, before the first rate cut since September 2021 occurred in September 2024. 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 114.3 billion U.S. dollars, a stark contrast to the 58.84 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 281 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 174.53 billion U.S. dollars in the same year.

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This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in Taming the US trade deficit: A dollar policy for balanced growth, PIIE Policy Brief 20-15.

If you use the data, please cite as: Gagnon, Joseph E. (2020). Taming the US trade deficit: A dollar policy for balanced growth. PIIE Policy Brief 20-15. Peterson Institute for International Economics.

I study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using sign restrictions and treated as exogenous with respect to Latin American economies. Posterior estimates for individual and average effects are constructed. US monetary shocks produce significant fluctuations in Latin America, but real demand and supply shocks do not. Floaters and currency boarders display similar output but different inflation and interest rate responses. The financial channel plays a crucial role in the transmission. US disturbances explain important portions of the variability of Latin American macrovariables, producing continental cyclical fluctuations and, in two episodes, destabilizing nominal exchange rate effects. Policy implications are discussed.