United States Money Supply

最新数据

最新一期（SEP）于 2026-10-27 公布，数值为 $23.41T。

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为何重要

Money growth was once a direct target of central banks; today it is read as a signal of lending, spending and future inflation, and of how loose or tight the Federal Reserve's policy really is (quantitative easing shows up here first).

计算方法

Banks report their deposits to the central bank, which adds them up by category; the figure is usually shown as the change from a year earlier.

M1 = currency + overnight deposits
M2 = M1 + short-term savings and time deposits
M3 = M2 + repos, money-market funds and short debt

变化意味着什么

• Fast money growth with an economy near full capacity is a warning of inflation to come.
• Shrinking money (as in 2023 in several countries) signals tight credit.
• Markets usually react little; it matters for the medium-term picture.

简史

Milton Friedman's monetarism made money supply the centre of policy in the 1970s and early 1980s ("inflation is always and everywhere a monetary phenomenon"). Its link with inflation proved unstable and central banks moved to interest-rate targets.

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