Following a Sustained Decline during the Second Half of 2022 and Early 2023, M2 Money Supply has Grown in Recent Months

M2 money supply declined by roughly $1 trillion from July 2022 to April 2023. M2 has recovered from April lows, with M2 money supply up 0.9% (roughly $200 billion) from April 2023 to July 2023.  This recent recovery has been slow and steady, as M2 grew month over month in May, June, and July of 2023.