The U.S. M1 money supply reached 18.43 trillion dollars in 2024, showing a modest increase from the previous year. While M1 grew gradually between 2000 and 2019, it experienced an unprecedented surge in 2020 due to the Federal Reserve's quantitative easing response to the COVID-19 pandemic. The most dramatic spike occurred in May 2020, when M1 jumped from 4.8 to 16.2 trillion dollars - more than tripling in a single month.
Value of M1 money stock in the United States from 2000 to 2023
(in billion U.S. dollars)
The source adds the following information: M1 consists of currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and other liquid deposits, consisting of other checkable deposits (or OCDs, which comprise negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions) and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and other liquid deposits, each seasonally adjusted separately.
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Federal Reserve. (March 10, 2025). Value of M1 money stock in the United States from 2000 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved April 20, 2025, from https://www.statista.com/statistics/187719/total-us-money-stock-for-m1-since-1990/
Federal Reserve. "Value of M1 money stock in the United States from 2000 to 2023 (in billion U.S. dollars)." Chart. March 10, 2025. Statista. Accessed April 20, 2025. https://www.statista.com/statistics/187719/total-us-money-stock-for-m1-since-1990/
Federal Reserve. (2025). Value of M1 money stock in the United States from 2000 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: April 20, 2025. https://www.statista.com/statistics/187719/total-us-money-stock-for-m1-since-1990/
Federal Reserve. "Value of M1 Money Stock in The United States from 2000 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 10 Mar 2025, https://www.statista.com/statistics/187719/total-us-money-stock-for-m1-since-1990/
Federal Reserve, Value of M1 money stock in the United States from 2000 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/187719/total-us-money-stock-for-m1-since-1990/ (last visited April 20, 2025)
Value of M1 money stock in the United States from 2000 to 2023 (in billion U.S. dollars) [Graph], Federal Reserve, March 10, 2025. [Online]. Available: https://www.statista.com/statistics/187719/total-us-money-stock-for-m1-since-1990/
