US M2, or the broad measure of money circulating through the U.S. economy, has hit a new peak.
This indicator advanced $102.8 billion during July to reach a record high of $23.22 trillion, reports The Kobeissi Letter.
The total marks the 27th straight month of expansion and stands $1.43 trillion higher than the prior peak from March 2022.
Since the start of 2026 alone, the figure has increased by $862.7 billion.
M2 encompasses currency in circulation along with demand deposits, savings accounts, short-term deposits, and retail money market funds, according to Federal Reserve definitions.
Over the long term since 2000, this aggregate has expanded at an average annual pace of 6.3%, adding roughly $700 billion each year on average.
The latest release underscores continued rapid growth in overall liquidity within the financial system.
The news comes as the Kobeissi Letter points out the two best-performing stock market sectors so far this year.
“Energy and technology stocks are dominating the market this year:
Energy has been the best-performing S&P 500 sector for 26 trading sessions year-to-date, the most among all 11 sectors.
This is followed by technology at 24 trading days, while communication services has seen 19 such sessions.
By comparison, healthcare and utilities have each been the best-performing sector for just 15 sessions so far in 2026.
This comes as the energy sector has gained +42.8% year-to-date, significantly outperforming every other sector.
Technology is up +26.1% while communication services are down -3.9% over the same period.
It’s all about energy and tech right now.”
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