Shadow Government Statistics
Analysis Behind and Beyond Government Economic Reporting

Money Supply Charts

The Fed ceased publishing M-3, its broadest money supply measure, in March 2006. The SGS M-3 Continuation estimates current M-3 based on ongoing Fed reporting of M-3’s largest components (M-2, institutional money funds and partial large time deposits) and proprietary modeling of the balance. See the Money Supply Special Report for full definitions.

In February 2021, the Fed redefined its narrowest M-1 Money Supply measure back to May 2020, to incorporate the bulk of Non M-1 M-2, with headline M-1 now covering 93% of total M-2, instead of the prior 28%.  In order to preserve the information reflected in the most liquid measures of M-1, ShadowStats uses the Basic M-1 Money Supply in its charts and Table here.  The original Money Supply measure, Basic M-1 is defined as Currency plus Demand Deposits (checking accounts).  That circumstance is reviewed in pending ShadowStats Benchmark Commentary No. 1459.  A fully updated Money Supply Special Report will follow.  Please contact for further details or any questions.

M3 Data Series   subcription required(Subscription required.)  View  Download Excel CSV File    Last Updated:  January 1st, 1970

Year to Year Change

Changes in money supply have implications both for domestic economic activity and inflation, as discussed in the previously mentioned Money Supply Special Report.

Here we show year-to-year growth as a measure of the changing money supply.

NoteA downward slope in this growth curve does not necessarily mean that the money supply is dropping.  Only if the curve goes below zero does that show money supply having contracted over a full twelve months.

Also, for money supply changes over periods of less than a year, such need to be viewed on a seasonally-adjusted basis. Unadjusted change over short periods may show changes that are little more than regular seasonal variations. Short-term changes also may run counter to year-to-year change, as seen in the latter part of 2009, for example.

Money Supply Level
See our further charts for the estimated levels of money supply. The monthly-average data are seasonally adjusted.



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