Liquidity is ample — no monetary squeeze in sight.

M2 Money Supply · year-over-year

M2 growth: 5.41% — M2 is growing 5.4% a year — a normal pace. That’s the 32nd 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

M2 growth: a fresh high in recent readings.

Fed Balance Sheet · total assets

Fed assets: $6.74T — The Fed's balance sheet is little changed from a year ago, now $6.74 trillion. That’s the 49th 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.

Bank Reserves at the Fed

Reserves: $2.99T — The level of bank reserves is down 6% from a year ago, now $2.99 trillion. That’s the 46th 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: $5.25B — The overnight reverse-repo facility is down 80% from a year ago, now $5.3 billion. That’s the 15th 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.