Where Data Tells the Story
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The U.S. M2 money supply—covering cash, checking deposits, and other liquid assets—rose to an all-time high of $22.2 trillion in August 2025, up 4.8% from a year earlier. Although this pace trails the 2000–2025 average annual growth rate of 6.3%, it exceeds the previous peak of $21.9 trillion set in March 2022. Current M2 growth remains below the combined 5% sum of real GDP growth (2.1% in Q2 2025) and inflation (2.9% in August 2025). Still, the rebound signals a turn from monetary tightening to renewed expansion, fueling debate over potential inflationary pressures.