Monetary Base

Currency in circulation plus bank reserves, the Fed's narrowest money measure.

Monetary Base is part of the Liquidity category. Liquidity is the oxygen of financial markets. When the Fed expands its balance sheet or the Treasury draws down the TGA, excess reserves flow into risk assets. The reverse repo facility acts as a barometer of surplus cash in the system. Tracking net liquidity, the Fed balance sheet minus TGA and reverse repo, has been one of the strongest macro signals of the post-2020 era.

Monetary Base is updated once per month when the releasing agency publishes new data. Each metric page on Convex shows the exact time of the last data update and provides historical data going back up to five years.

Convex sources Monetary Base data from the Federal Reserve Economic Data (FRED) API, maintained by the Federal Reserve Bank of St. Louis. Data is fetched automatically and displayed alongside interactive charts, AI analysis, and historical context.

The Monetary Base page includes an interactive chart with selectable time ranges (1 month to 5 years), percentage changes over multiple timeframes, a table of recent readings, AI-generated analysis, and links to related metrics and comparisons.