The US M2 money supply increased 0.5% MoM to $22.2 trillion in September, a slight acceleration over the 0.4% MoM increase in August. The annual growth edged up to 4.5% YoY, up from 4.4% YoY previously and the highest since July 2022.

• The M1 money supply increased 0.4% MoM and 4.2% YoY to $18.9 trillion in September, unchanged from 4.2% YoY growth in August.
• The growth in the monetary base is now -2.0% YoY in September, down from 0.3% YoY, as reserve balances dropped -5.2% YoY (down from -1.2% YoY) and total currency in circulation was up 2.5% YoY (mostly unchanged from 2.4% YoY).