M2 Money Supply (% GDP)

M2 broad money supply as a percentage of nominal GDP — the monetary depth of the economy. The COVID stimulus surge pushed M2/GDP to a record ~90% in 2021; subsequent tightening has unwound most of that excess. A long-run guide to whether monetary conditions are structurally accommodative or restrictive.

This indicator is computed by MacroLab from two FRED series: M2SL divided by GDP, scaled by × 100. Both input series are sourced from the Federal Reserve Economic Data (FRED) database.