The Federal Reserve’s latest statistical release shows that the broad U.S. money supply, known as M2, climbed to a record $21.94 trillion in May. The figure edges past the previous peak set early in the pandemic and marks the fastest monthly expansion in almost three years. The rebound comes even as the Fed continues to let assets roll off its balance sheet and to hold policy rates at multi-year highs. Analysts say the unexpected surge in liquidity could complicate the central bank’s efforts to keep inflation in check and is already stirring renewed interest in risk assets, including cryptocurrencies, that historically benefit from abundant money growth.