US M2 Money Supply Hits Record $23 Trillion With $623B Growth Since January

The Federal Reserve's M2 money supply reached a record $23,052.3 billion in May, according to the H.6 money stock release published yesterday, marking a $247.8 billion increase from April and a $623 billion expansion since January. The Mises Institute stated that 2026 money-supply growth has hit a multi-year high as the central bank 'pumps new QE,' a reference to quantitative easing. Mainstream economists note that M2 spent 2022 and 2023 contracting in the sharpest decline since the Great Depression era before resuming growth, with part of the current climb representing a return to trend rather than pure stimulus, though the pace has drawn scrutiny from hard-money advocates.

Federal Reserve Reports $623 Billion M2 Expansion Since January

The Federal Reserve's H.6 money stock release put seasonally adjusted M2 at $23,052.3 billion for May, up from $22,804.5 billion in April. M2 covers cash, checking deposits, savings deposits and retail money market funds. The gauge has risen every month this year, climbing from $22,429.3 billion in January, an expansion of roughly $623 billion in four months. The Fed publishes the figures without commentary. M2 spent 2022 and 2023 contracting before resuming growth.

Chart showing US M2 money supply data per Federal Reserve

Central Banks Added 41 Tonnes of Gold in May

The World Gold Council reported official institutions added a net 41 tonnes of gold in May, extending a four-year streak of roughly 1,000 tonnes in annual purchases. A record 45% of reserve managers plan further buying, according to World Gold Council data. Devere Group chief executive Nigel Green argued the gold rally has sparked fresh doubts about the Federal Reserve's next move, telling investors the metal's strength signals fading confidence in fiat stability. Coinbase now offers 24/7 U.S. trading in gold and silver futures.

World Gold Council announcement on central bank gold holdings

Next H.6 Release Set for Late July

The next H.6 release, covering June, is set to arrive in late July. Markets are watching the Fed's policy path, as softer U.S. labor data has strengthened bets on easier policy into the fall.

FAQ

What did the Federal Reserve report about M2 money supply in May? The Federal Reserve's H.6 money stock release published yesterday showed M2 reached $23,052.3 billion in May, a $247.8 billion increase from April and a $623 billion expansion since January.

How much gold did central banks purchase in May? The World Gold Council reported official institutions added a net 41 tonnes of gold in May, continuing a four-year streak of roughly 1,000 tonnes in annual purchases, with 45% of reserve managers planning further buying.