The U.S. M2 money supply—cash in circulation plus checking, savings and other short-term deposits—has surpassed $22 trillion for the first time, according to data circulated on 25 July. The milestone underscores the breadth of domestic liquidity after a period of expansive monetary conditions. Globally, M2 has reached an estimated $95.31 trillion, also a new peak. China remains a major driver of that growth; its M1 measure, which excludes longer-term savings deposits, rose 4.6% year-on-year in June to about $16 trillion—roughly double the comparable U.S. figure. The simultaneous expansion of money aggregates is fueling debate about the durability of disinflation trends and the outlook for asset prices worldwide.