US money supply just hit $23.22 trillion, a new all-time high for the 27th month in a row.
$862.7 billion printed in 2026 alone.
The average year adds ~$700B.
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The acceleration is notable given the Fed is still nominally running QT on its balance sheet. That divergence usually traces to Treasury drawing down the TGA or reverse repo unwinding, injecting liquidity into the system even as the Fed's SOMA holdings shrink — worth watching which mechanism is driving this before assuming outright monetization.
Brrrrrrrr