Where Data Tells the Story
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The U.S. M2 money supply rose to a new all-time high of $22.3 trillion (seasonally adjusted) in November 2025, increasing 4.3% year-over-year and 0.11% month-over-month. Although M2 growth remains below its 2000–2025 average of 6.3%, it has surpassed the previous peak of $21.9 trillion recorded in March 2022. While money supply expansion continues to lag the combined pace of real GDP growth and inflation, the recent rebound marks a clear shift away from post-pandemic monetary contraction toward renewed liquidity growth—reviving debate over potential future inflationary pressures.