M2 is a measure of the US money supply compiled weekly and monthly by the Federal Reserve, comprising M1 (physical currency in circulation plus demand deposits and other checkable deposits) together with savings deposits, small-denomination time deposits and retail money market mutual fund balances, representing money that is readily accessible for spending though somewhat less liquid than M1 alone. Economists and central bankers have long debated how tightly money-supply growth is linked to future inflation, a relationship at the center of monetarist economic theory, and M2 growth drew particular public attention after its unusually sharp expansion during the 2020-2021 pandemic stimulus period preceded the inflation surge that followed.
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