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Data

The series behind the explanations, with source notes and guidance on what the numbers do and do not show.

Data · 5 min

Money stock: M1 and M2

What the U.S. money aggregates measure, how they are constructed, and what they do not tell you.

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Data · 5 min

The Federal Reserve's balance sheet

How to read the Fed's assets, liabilities, and the reserve balances that sit at the core of the payment system.

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Data · 5 min

Credit-to-GDP gap

A measure of how far credit has grown beyond its long-run relationship with the economy — and a warning indicator, not a forecast.

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Banks Create Money

How credit, central banks, and the financial system actually work.

Independent, source-driven explanations of how money and banking work.

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