US Money Supply Hits Record $23.4 Trillion

US M2 money supply climbed to a record $23.41 trillion in September, Federal Reserve data show, after jumping $113 billion in a single month. The annual growth rate accelerated to 5.7%, up from a base of $22.15 trillion a year earlier. Faster money creation has historically been a tailwind for hard assets like gold ($GLD), as more dollars chase the same pool of assets.