FRED M2SL — Daily CSV Download (M2 Money Supply)
M2 is the Federal Reserve’s broadest commonly reported measure of the money supply, covering cash, checking deposits, savings deposits, money market securities, and small time deposits. M2 growth has historically led inflation by 12–18 months — the 40% surge in 2020–2021 preceded 9% CPI. Download the complete M2SL dataset below as instant CSV or Excel, explore the interactive chart, and access pre-calculated year-over-year growth rates. FRED series M2SL, monthly since 1959.
Dataset: US Money Supply M2 (1959–2026) · Updated —
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Source: FRED series M2SL · Federal Reserve Bank of St. Louis
Macro Takeaway
M2 money supply is a key component of the macro-financial monitoring framework. Its current level relative to its historical distribution — captured in the percentile and z-score above — provides immediate context for whether monetary conditions are historically normal, stretched, or compressed.
Cross-referencing M2SL with the 10-year Treasury yield and the yield curve spread helps situate this money supply indicator within the broader macro regime.
M2SL Dataset Overview
| Indicator | US Money Supply M2 — FRED Series M2SL |
|---|---|
| Geography | United States |
| Frequency | Monthly |
| Period | 1959–2026 |
| Variables | date, m2_billions, m2_yoy |
| Format | CSV, Excel (XLSX) — instant download |
| Sources | Federal Reserve Bank of St. Louis — FRED |
| Last updated | — |
CSV & Excel Variables
The CSV and Excel files contain the following columns, ready for analysis in Python, R, or any data tool.
| Column | Type | Description |
|---|---|---|
date | Date (YYYY-MM-DD) | Observation date (first of month) |
m2_billions | Float | M2 money supply level, in billions of USD (seasonally adjusted) |
m2_yoy | Float | Year-over-year change in M2 (%) |
Column names match the CSV headers exactly.
Download the Complete M2SL Dataset
The full M2 money supply dataset is available as instant CSV and Excel download — no signup, no API key.
FRED Direct CSV Access
The underlying data is available from FRED under series code M2SL:
https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL
Eco3min Structured CSV — Direct Access
https://eco3min.fr/dataset/us-m2-money-supply.csv
This URL returns the complete M2SL dataset in CSV format with pre-calculated YoY growth. Use directly in pandas, R, curl, or any data tool.
Load M2SL Data in Python
import pandas as pd url = "https://eco3min.fr/dataset/us-m2-money-supply.csv" df = pd.read_csv(url, parse_dates=["date"]) print(df.head()) print(df["m2_billions"].describe()) print(df["m2_yoy"].describe())
Load M2SL Data in R
library(readr) url <- "https://eco3min.fr/dataset/us-m2-money-supply.csv" df <- read_csv(url) head(df) summary(df$m2_billions) summary(df$m2_yoy)
Both examples load the M2 money supply CSV directly from the URL — no download or API key required.
Methodology
The primary data source is the Federal Reserve’s FRED database, series M2SL. M2 is published monthly by the Federal Reserve Board of Governors, seasonally adjusted, in billions of dollars. The year-over-year growth rate (m2_yoy) is calculated by Eco3min from the raw M2SL levels.
This dataset is updated monthly (15th of each month, 08:00 UTC) via automated pull from the FRED API.
Historical Regimes
Historical regime analysis for this M2 money supply dataset will be added in a future update. The key stats block above provides immediate context for the current M2SL reading relative to the full historical distribution.
Related Macroeconomic Datasets
M2 is the broadest commonly reported money supply measure — but it operates on a different timescale than reserve-level liquidity. M2 growth leads inflation by 12–18 months, while the Net Liquidity Index (WALCL − TGA − RRP) tracks shorter-term financial system plumbing. Cross-referencing both provides a dual-horizon view of monetary conditions.
- Net Liquidity Index (WALCL – TGA – RRP) — Reserve-level liquidity (weekly, shorter horizon)
- Fed Balance Sheet (WALCL) — The asset side of the money creation process
- US CPI Inflation History — The variable M2 growth historically leads by 12–18 months
- Core CPI Inflation — Underlying inflation trend, useful for isolating M2 transmission
- Federal Funds Rate — Rate policy that influences money creation and velocity
Related Research
M2 and the Fed balance sheet are related but distinct measures of monetary conditions. The 40% M2 surge in 2020–2021 preceded 9% CPI inflation — but reserve-level liquidity (Net Liquidity) tells a different story about market impact. The studies below provide the analytical frameworks connecting money supply, liquidity, and asset prices.
- The Liquidity Illusion — Why the Fed’s Balance Sheet Is Not the Market’s Liquidity (2003–2026)
- US Real Interest Rates vs CAPE Ratio — The Tent-Shaped Relationship (1963–Present)
- US Real Interest Rates History (1962–Present)
- The Inflation Tax — 110 Years of Purchasing Power Destruction
- Yield Curve Inversion History — Complete History of the 2s10s Spread
Macroeconomic Dataset Hub
This M2SL dataset is part of the Eco3min macro-financial data repository. Browse all available FRED datasets with instant CSV download.
Explore the Eco3min Dataset Hub
Sources
- Federal Reserve Bank of St. Louis — FRED database, series M2SL