Where Data Tells the Story
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U.S. M2 money supply increased 4.3% year-over-year in November 2025, reaching a new all-time high of $22.3 trillion. Monthly growth eased to 0.11%, contributing to a deceleration in the annual growth rate from 4.6% in October to 4.3% in November. While M2 continues to expand, the moderation in momentum suggests a gradual normalization of liquidity growth following the post-pandemic tightening cycle.