M0
MacroDefinition
The narrowest measure of money supply: physical currency in circulation plus bank reserves held at the Federal Reserve. Also called the monetary base or "high-powered money."
Expands sharply during quantitative easing (Fed creates reserves to buy bonds). Contracts during quantitative tightening. Around $5.5T as of 2024, vs. ~$21T for M2.
Expands sharply during quantitative easing (Fed creates reserves to buy bonds). Contracts during quantitative tightening. Around $5.5T as of 2024, vs. ~$21T for M2.
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