The US M2 money supply increased 0.3% MoM in January, slightly lower than the 0.4% MoM increase in December. The annual increase was unchanged at 4.3% YoY, in line with the highest in 2025.

• The M1 money supply increased 0.6% MoM in January, ahead of the 0.4% MoM increase in December. The annual increase accelerated slightly from 3.9% YoY to 4.0% YoY.
• Both components of the monetary base increased on a MoM, with currency in circulation up 3.3% YoY (Dec: 2.9% YoY) and reserve balances down -8.8% YoY (Dec: -9.2% YoY).