Where Data Tells the Story
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The U.S. M2 money supply—which includes cash, checking deposits, and other liquid assets—climbed to a record $22.2 trillion in September 2025, rising 4.5% year-over-year and 0.5% from the previous month. Although this growth rate remains below the 2000–2025 average of 6.3%, it surpasses the prior peak of $21.9 trillion set in March 2022. Current M2 expansion also lags behind the combined 5.1% pace of real GDP growth (2.1% in Q2 2025) and inflation (3.0% in September 2025). Nonetheless, the rebound marks a shift from post-pandemic monetary tightening toward renewed liquidity growth, stirring concerns about future inflationary pressures.