Monetary Base (M0)
US Monetary Base — Historical Chart
$5,488.4B
▼ 4.52% YoYJun 2026
All-Time High
$6,413.1B
All-Time Low
$48B
Data Since
1959
Source: FRED / Federal ReserveShaded = NBER recessions
The monetary base (M0): currency in circulation plus bank reserves held at the Federal Reserve. This is the "base money" from which banks create broader money supply. The Fed's quantitative easing programs (2008-2014, 2020-2022) expanded the monetary base from $800B to $8.9T — an 11x increase in 14 years. The monetary base is the most direct measure of Fed balance sheet expansion and QE/QT activity.