📈 U.S. Demand Deposits Rise 8.4% to $5.58 Trillion in May 2025

After tripling during the pandemic, U.S. demand deposits* increased by 8.4% year-over-year in May 2025, reaching $5.58 trillion. Their share of the M2 money supply rose from 10.5% in December 2019 to 25.4% by May 2025.

* Demand deposits in the U.S. are bank account funds—mainly in checking accounts—that can be withdrawn anytime without notice. They are highly liquid, usually earn little or no interest, and are a key part of the M1 money supply tracked by the Federal Reserve.