Global Liquidity Index ·2026年5月

The Global Liquidity Index adds up the broad money supply of the world's four largest currency blocks, the United States Federal Reserve (M2), the European Central Bank (M3), the Bank of Japan (M2), and the People's Bank of China (M2), converted to US dollars. The inputs are monthly series, and each central bank publishes a month's figure one to two months after that month ends, so this is a monthly index that moves when a new print lands, not a live feed.

Over long windows, global money supply and the gold price have tended to move together. We present that as a correlation the reader can check by setting this index beside a long gold price series, not as a mechanism we assert. A larger money supply does not set the gold price, and this page makes no forecast from it.

We collect the four series and the FRED exchange rates ourselves. Each month's euro, yen, and yuan aggregates are converted to US dollars at the FRED daily rate nearest the print date (DEXUSEU, DEXJPUS, DEXCHUS), and the index is recomputed when a new monthly print lands. A month without a market quote for all three rates within the five prior days is left out rather than converted at an assumed rate.

Data Sources & Methodology: U.S. Federal Reserve (M2SL), European Central Bank (M3), Bank of Japan (M2 JPY), and People's Bank of China (M2 CNY). Foreign currencies are converted to USD using daily currency rates ( DEXUSEU, DEXJPUS, DEXCHUS) ingested from the Federal Reserve Bank of St. Louis (FRED). All values are represented in Trillions of USD.