The Pandemic Is Pushing Cities to Rethink How to Drive Capital to Small Business

As of February 2020, counting currency in circulation, deposits in bank and credit union checking accounts, savings accounts, certificates of deposit, and money market accounts, the total money supply in the U.S. was $15 trillion. By February 2021, that number was $19 trillion — mostly a consequence of the Federal Reserve buying up U.S. government debt and mortgage-backed securities, with the goal of stabilizing the financial system at the onset of the pandemic.