Where Data Tells the Story
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The U.S. M2 money supply grew between 4.4% and 4.5% year-over-year from July to September 2025, reaching $22.2 trillion—the fastest pace since July 2022. Although still below the long-term average growth rate of 6.3% (2000–2025) and the combined 5.1% rate of real GDP growth (2.1% in Q2 2025) and inflation (3.0% in September 2025), the rebound signals a shift from monetary tightening to renewed expansion. The sustained growth raises questions about potential inflationary pressures, credit dynamics, and the trajectory of overall economic momentum.