Money Stock Measures as of September 2023

 The percentage changes from the previous year for monetary measures stocks as of September 2023 are:

Measure                                Pct from previous year
--------------------------------------- ------------------------
Retail Money Market Funds               51.036608
Monetary Base; Reserve Balances         3.448937
Reserves of Depository Institutions: Total 3.448937
Monetary Base; Total                   2.886766
Monetary Base; Currency in Circulation 2.118979
Currency Component of M1               -0.635273
M2                                   -3.578596
M1                                    -10.401854

The percentage changes from the previous year for money stock measures as of September 2023 show that the money supply is growing slowly. This is in contrast to the rapid growth of the money supply that occurred during the COVID-19 pandemic.

The slowest-growing money stock measure is M1, which is the narrowest measure of the money supply and includes currency in circulation and demand deposits. M1 fell by 10.4% year-over-year in September 2023. This is the largest annual decline in M1 since 1984.

M2, which is a broader measure of the money supply that includes M1 plus savings deposits and small time deposits, also fell in September 2023, declining by 3.6% year-over-year. This is the largest annual decline in M2 since 1994.

The monetary base, which is the reserves held by depository institutions plus currency in circulation, grew by 2.9% year-over-year in September 2023. This is slower than the growth rate of the monetary base in previous years.