The US M2 money supply increased 0.4% MoM to $22.1 trillion in July, following the 0.6% MoM increase in June. Annual growth accelerated from 4.5% YoY to 4.8% YoY, the highest since July 2022.

• The M1 money supply increased 0.3% MoM to $18.7 trillion with the annual rate up from 4.2% YoY to 4.6% YoY.
• Growth in the monetary base on an annual basis continues to accelerate with total currency in circulation up 2.1% YoY (vs 1.8% YoY previously) and the monetary base up 1.5% YoY (vs 0.3% YoY previously).