Rates & Fed · August 21, 2026 · 1 min read

Federal Reserve H.6 Data Put Seasonally Adjusted M2 at $23.16 Trillion in June

Published August 21, 2026 • Updated August 21, 2026

The Federal Reserve’s July 28 H.6 release reported seasonally adjusted M2 of $23.155 trillion in June 2026, up $99.6 billion from May.

CONFIRMED FACTS The Federal Reserve Board’s July 28, 2026 H.6 release reported seasonally adjusted M2 of $23,155.2 billion in June 2026. The corresponding May figure was $23,055.6 billion, making the month-to-month increase $99.6 billion. The same release reported seasonally adjusted M1 of $19,831.5 billion in June, compared with $19,751.0 billion in May. It reported a seasonally adjusted monetary base of $2,469.6 billion in June, compared with $2,460.1 billion in May. The Board defines M2 as M1 plus small-denomination time deposits and retail money-market-fund balances, less specified IRA and Keogh balances. The release labels the table’s figures as billions of dollars and notes that components may not add to totals because of rounding. ANALYSIS The M2 increase from May to June was about 0.4% before rounding. M1 also rose over the month, while the monetary base changed by a smaller dollar amount. These aggregate changes describe the published monetary-stock measures; they do not by themselves identify whether household, business, bank, or money-fund behavior was the driver. UNKNOWNS AND LIMITS The H.6 data are monthly aggregates, not measures of spending, credit creation, economic output, or inflation. The release does not establish a causal link between the June changes and future interest rates, prices, or financial-market performance. Seasonal adjustment, estimated components noted by the Board, revisions, and rounding can affect comparisons across months.

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Federal Reserve Board — Money Stock Measures (H.6), July 28, 2026 — Primary Federal Reserve release for June 2026 seasonally adjusted M1, M2, monetary-base data, definitions, and table notes.

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