What the M1 money supply measures
M1 is the narrowest common measure of the US money supply: currency in circulation outside banks, checking accounts and other liquid deposits. Since May 2020 that includes savings deposits, which the Federal Reserve reclassified as liquid after removing the limit of six withdrawals a month. Seasonally adjusted, in trillions of dollars, monthly since 1959.
How to read this chart
The cliff in May 2020 is a change of definition, not a sudden flood of money: roughly $11 trillion of savings deposits moved from the non-M1 part of M2 into M1, and earlier figures were not revised. Compare growth before and after that break rather than levels across it. For a measure without the break, see M2, which has always included savings deposits.
The latest reading in context
- At $20.06T, the latest reading is above its 5-year average of $19.12T and above its 10-year average of $13.47T.
- That is higher than 98% of all monthly readings since January 1959 – near the top of its historical range.
- Direction: up 0.5% over the past month; up 3.5% over the past six months; up 6.2% over the past year.
- The highest value on record is $20.73T (March 2022, 4 years ago); the lowest is $0.14T (January 1959, 67 years ago).
- The full history spans 9 US recessions, shaded grey on the chart.
Why it matters
M1 tracks the money people and businesses hold for spending rather than investing. In the 1970s and 1980s the Fed set targets for its growth; those were dropped when the link between M1 and inflation broke down, but M1 is still watched as a sign of liquidity in the banking system and of how much ready cash households hold.
What moves the M1 money supply
- Interest rates: low rates make it cheap to hold cash and checking balances
- Fed asset purchases and bank lending
- Government transfers such as stimulus payments
- Shifts between deposits and money market funds
Key moments in its history
- 1987The Fed stopped setting M1 growth targets after the link to inflation proved unreliable.
- 2008–2014Grew quickly as near-zero rates made holding cash cheap.
- May 2020Jumped to about $16 trillion when savings deposits were added to the definition.
- 2022–2023Fell by more than $2 trillion as higher interest rates drew money out of bank deposits.
M1 Money Supply data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $18.18T | $20.73T | $4.02T |
| 2010s | $2.89T | $4.02T | $1.67T |
| 2000s | $1.33T | $1.69T | $1.09T |
| 1990s | $1.04T | $1.15T | $0.80T |
| 1980s | $0.59T | $0.79T | $0.38T |
| 1970s | $0.28T | $0.38T | $0.20T |
| 1960s | $0.16T | $0.20T | $0.14T |
| 1950s | $0.14T | $0.14T | $0.14T |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Sep 2026 | $20.06T | +0.5% |
| Aug 2026 | $19.97T | +0.5% |
| Jul 2026 | $19.86T | +0.5% |
| Jun 2026 | $19.77T | +0.4% |
| May 2026 | $19.69T | +1.1% |
| Apr 2026 | $19.47T | +0.5% |
| Mar 2026 | $19.38T | +0.2% |
| Feb 2026 | $19.35T | +0.9% |
| Jan 2026 | $19.17T | +0.5% |
| Dec 2025 | $19.07T | +0.4% |
| Nov 2025 | $19.00T | +0.2% |
| Oct 2025 | $18.96T | +0.4% |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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M1 Money Supply: questions and answers
What is the difference between M1 and M2?
M1 counts cash, checking and savings deposits. M2 adds small time deposits (CDs under $100,000) and retail money market funds.
Why did M1 jump in 2020?
In May 2020 the Fed allowed unlimited withdrawals from savings accounts and began counting savings deposits in M1. The jump reflects that reclassification, not new money.
Where does the data on this chart come from?
From the Board of Governors of the Federal Reserve System. ChartWidgets downloads the series (M1SL) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.