US Money Supply Growing at Fastest Pace Since May 2022
As seen on the 24/7 Wall St. homepage on October 28, 2026.
Liquidity expanding at the fastest pace since the last inflation surge is the kind of backdrop that lifts risk assets and complicates the Fed's path. Keep an eye on this week's FOMC decision.
The US Money Supply grew 5.7% over the last year, the biggest YoY increase since May 2022. After a brief hiatus, money printing is back. https://t.co/Cvnza2ecgr
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US money supply growth hitting 5.7% year over year marks the biggest annual increase since May 2022, a period that coincided with the sharpest inflation surge in a generation. Liquidity conditions are meaningfully looser than they were even a year ago.
When money supply expands at this pace, more dollars are chasing the same pool of assets. Historically that has supported prices for equities, commodities, and other risk assets, which is why investors tracking market liquidity treat this number as a leading signal.
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An accelerating money supply makes the case for keeping rates restrictive, yet the Federal Reserve is simultaneously weighing other economic considerations. The upcoming FOMC decision carries more weight than a routine policy meeting.
Charlie Bilello's framing, that money printing is back after a brief hiatus, points to a deliberate shift in liquidity conditions rather than a blip. Investors who dismissed the money supply contraction that preceded this reversal may find the reflation backdrop harder to ignore as the FOMC weighs its next move.