Did the Fed Stop Reporting the Money Supply (M2)? Why Inflation is Coming Back Share Share Jay Powell, Fed Chairman Reports are circulating that the Federal Reserve has given up on reporting the money supply because it’s a misleading guide to economic growth and price inflation. The broad-based M2 has been growing at double-digit-percentage rates for several years — M2 is up by 25% in the past year — yet price inflation (Consumer Price Index) is still hobbling along at 2% a year. Last week, Fed Chairman Jay Powell said he has given up on the money supply as an indicator of the economy and inflation.