Money supply

The quantity of money in an economy, measured in progressively broader definitions from currency and demand deposits outward to include time deposits.

The broader aggregates matter more for the economy and the narrower ones for transactions.

Where money comes from is less obvious than it looks. Most of it is created when banks lend, since a new loan creates a new deposit, which makes credit growth and money growth two views of the same process rather than separate variables.

That is the endogenous money idea, and it changes how a rate cut should be expected to work.

Credit demand, not central bank intent, sets the quantity.