Where Data Tells the Story
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The U.S. M2 money supply climbed to an all-time high of $22.3 trillion in October 2025, up 4.6% year-over-year and 0.4% month-over-month. While growth remains below the long-term (2000–2025) average of 6.3%, it exceeds the previous peak of $21.9 trillion set in March 2022. M2 expansion continues to trail the combined pace of real GDP growth (2.1% in Q2 2025) and inflation (3.0% in September 2025), yet the recent rebound signals a shift from post-pandemic monetary tightening toward renewed liquidity growth—raising questions about future inflation pressures.