Series Name Title % from last Year
0 WALCL Assets: Total Assets: Total Assets -0.030734
1 M1SL M1 -0.066295
2 M2SL M2 -0.094478
3 WCURRNS Currency Component of M1 0.131579
4 BOGMBBM Monetary Base; Reserve Balances -6.692131
5 BOGMBASE Monetary Base; Total -4.063967
6 MBCURRCIR Monetary Base; Currency in Circulation 0.442537
7 TOTRESNS Reserves of Depository Institutions: Total -6.692131
8 RMFSL Retail Money Market Funds 0.192347
- WALCL (Assets: Total Assets: Total Assets (Less Eliminations)): The total assets of the U.S. banking system decreased by 0.03% from the same month last year.
- M1SL (M1): The M1 money supply decreased by 0.07% from the same month last year. M1 is a measure of the most liquid forms of money, including currency in circulation, demand deposits, and traveler's checks.
- M2SL (M2): The M2 money supply decreased by 0.09% from the same month last year. M2 is a broader measure of money that includes M1 plus savings deposits, small-denomination time deposits, money market funds, and certain other liquid assets.
- WCURRNS (Currency Component of M1): The currency component of the M1 money supply increased by 0.13% from the same month last year. This is the amount of currency in circulation, including coins and paper money.
- BOGMMBBM (Monetary Base; Reserve Balances): Reserve balances held by depository institutions at the Federal Reserve decreased by 6.7% from the same month last year. The monetary base is the sum of currency in circulation and reserve balances held by depository institutions at the Federal Reserve.
- BOGMBASE (Monetary Base; Total): The total monetary base decreased by 4.1% from the same month last year.
- MBCURRCIR (Monetary Base; Currency in Circulation): Currency in circulation increased by 0.44% from the same month last year.
- TOTRESNS (Reserves of Depository Institutions: Total): Reserves of depository institutions at the Federal Reserve decreased by 6.7% from the same month last year.
- RMFSL (Retail Money Market Funds): Retail money market funds increased by 0.19% from the same month last year. Retail money market funds are a type of mutual fund that invests in short-term debt securities.
Overall, the U.S. money supply decreased in May 2023 from the same month last year. This was due to a number of factors, including the Federal Reserve's quantitative tightening program, the slowdown in economic growth, and the rise in interest rates. The decline in the money supply could have a negative impact on businesses and consumers, as it could lead to lower profits and higher unemployment. However, the decline in the money supply is also a sign that the Federal Reserve is taking steps to combat inflation. This could help to keep inflation under control, which would benefit businesses and consumers in the long run.
