Liquidity is ample — no monetary squeeze in sight.

M2 Money Supply · year-over-year

M2 growth: 5.53% — M2 is growing 5.5% a year — a normal pace. That’s the 34th percentile of all its readings since 1960.

How we score this: elevated below -3.00% · watch -3.00% to -1.00% · ok -1.00% to 7.00% · watch 7.00% to 10.00% · elevated 10.00% and up full method

Fed Balance Sheet · total assets

Fed assets: $6.75T — The Fed's balance sheet is little changed from a year ago, now $6.75 trillion. That’s the 51st percentile of all its readings since 2016.

Why it isn’t scored: A descriptive level of the monetary plumbing — this lens's verdict is carried by M2 money-supply growth.

Fed assets: a fresh high in recent readings.

Bank Reserves at the Fed

Reserves: $3.06T — The level of bank reserves is down 10% from a year ago, now $3.06 trillion. That’s the 50th percentile of all its readings since 2016.

Why it isn’t scored: A descriptive level of the monetary plumbing — this lens's verdict is carried by M2 money-supply growth.

Overnight Reverse Repo

Reverse repo: $2.58B — The overnight reverse-repo facility is down 98% from a year ago, now $2.6 billion. That’s the 9th percentile of all its readings since 2021.

Why it isn’t scored: A descriptive level of the monetary plumbing — this lens's verdict is carried by M2 money-supply growth.