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The Rise and Fall of M2
M2 is a broad measure of the money supply, including currency and various sorts of bank and money market mutual fund deposits that are relatively liquid. Figure 1 shows that the year-over-year growth rate of M2 has behaved very unusually since February 2020: M2 grew at record rates during the COVID-19 pandemic from February 2020 through 2022 but has declined at record rates since late 2022. The 26.9% rate of year-over-year growth in February 2021 easily exceeds the rates of growth during either the quantitative easing programs of 2008-15 or the inflations of the 1970s and 1980s.1 At the same time, the current negative rates of growth are also unprecedented: There has been no other month of year-over-year decline in M2 since at least 1959.
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