M1 consists of the most liquid forms of money — currency, demand deposits, and other liquid deposits, the Federal Reserve statesCITE:E2. The European Central Bank applies a similar concept in its own statistics: it defines M1, or narrow money, as the most liquid measure of money, comprising currency in circulation (banknotes and coins) and overnight depositsCITE:E7. Both central banks therefore build their narrowest money measure around cash and instantly accessible deposit balances.
M2 equals M1 plus small-denomination time deposits and retail money market fund balances, the Federal Reserve statesCITE:E3. Specifically, the Fed's definition adds (1) time deposits in amounts of less than $100,000 and (2) balances in retail money market funds (MMFs), while subtracting individual retirement account (IRA) and Keogh account balances held at depository institutions and MMFsCITE:E3. This definition was current as of the Fed's August 25, 2026 releaseCITE:E3.
M1 sits entirely within M2, with the two aggregates forming progressively more inclusive measures of money, the Federal Reserve statesCITE:E4. In other words, M2 is not a separate pool of money — it is M1 plus the additional deposit and fund categories described aboveCITE:E4CITE:E3.
Seasonally adjusted M2 stood at $23,218.0 billion (about $23.2 trillion) in July 2026, while M1 stood at $19,886.4 billion (about $19.9 trillion) over the same periodCITE:E5CITE:E6. The gap between the two aggregates was $3,331.6 billion, consistent with M2 layering small time deposits and retail money market funds on top of M1CITE:E5CITE:E6CITE:E3.
| Aggregate | July 2026 (seasonally adjusted) | Source |
|---|---|---|
| M1 | $19,886.4 billion (~$19.9 trillion) | Federal ReserveCITE:E6 |
| M2 | $23,218.0 billion (~$23.2 trillion) | FRED, Federal Reserve Bank of St. LouisCITE:E5 |
| M2 minus M1 | $3,331.6 billion | Derived from Fed and FRED figures aboveCITE:E5CITE:E6 |
The Federal Reserve publishes the H.6 statistical release every month, providing measures of the monetary aggregates M1 and M2 along with their components, the Federal Reserve statesCITE:E1. This monthly cadence is the mechanism by which the figures cited above — including the July 2026 M1 and M2 levels — are produced and updatedCITE:E1CITE:E6.
Because M1 is fully contained within M2CITE:E4, the $3,331.6 billion difference recorded in July 2026 reflects exactly the categories M2 adds on top of M1: small-denomination time deposits and retail money market fund balances, net of IRA and Keogh holdingsCITE:E3CITE:E5CITE:E6. The Federal Reserve's and European Central Bank's parallel narrow-money definitionsCITE:E2CITE:E7 show that building a broader aggregate from a liquid core is a shared statistical approach, though the quantitative comparison in this article covers only the U.S. figures published through the Fed's monthly H.6 releaseCITE:E1.
M1 consists of the most liquid forms of money — currency, demand deposits, and other liquid deposits, the Federal Reserve statesCITE:E2.
M2 equals M1 plus small-denomination time deposits and retail money market fund balances, the Federal Reserve statesCITE:E3.
M1 sits entirely within M2, with the two aggregates forming progressively more inclusive measures of money, the Federal Reserve statesCITE:E4.
Seasonally adjusted M2 stood at $23,218.0 billion (about $23.2 trillion) in July 2026, while M1 stood at $19,886.4 billion (about $19.
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