For release at 4:30 p.m. EST January 20, 2011 H.6 (508) MONEY STOCK REVISIONS The Federal Reserve has revised the measures of the money stock and its components to incorporate the results of the Federal Reserve's annual review of seasonal factors and a new quarterly benchmark. This release includes revised monthly and weekly seasonal factors as well as comparisons of the revised monetary aggregates with previously published data. The revisions to the seasonal factors resulted in a higher growth rate for seasonally adjusted M2 in the first half of 2010 and a lower growth rate for seasonally adjusted M2 in the second half. The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit reports, and it takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 2007. In addition, this release incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; related revisions to deposit data start in 2005. The benchmark also incorporates revisions to data on retail and institutional money market mutual funds, including revisions to IRA and Keogh balances held at those funds. Revisions to data on money market mutual funds begin in 2001. This release also incorporates the receipt of historical information from other sources of data. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2010. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both the new benchmark and the revisions to seasonal factors on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7. Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/releases. FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time January 20, 2011 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Date M1(1) M2(2) M1(1) M2(2) ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- 2009-Jan. 1587.1 8307.8 1579.0 8309.8 Feb. 1568.9 8347.2 1550.4 8335.9 Mar. 1577.4 8399.0 1593.1 8469.5 Apr. 1609.8 8390.5 1626.0 8465.2 May 1610.5 8431.8 1615.9 8444.1 June 1651.7 8452.8 1659.9 8454.9 July 1661.5 8452.8 1655.9 8419.9 Aug. 1655.3 8428.7 1649.8 8394.1 Sep. 1665.8 8452.4 1640.3 8399.4 Oct. 1679.8 8482.3 1663.6 8432.7 Nov. 1679.9 8511.5 1682.5 8506.3 Dec. 1693.6 8528.7 1723.8 8550.5 2010-Jan. 1681.0 8469.5 1673.5 8476.3 Feb. 1703.2 8537.1 1684.9 8520.8 Mar. 1712.0 8515.2 1729.4 8583.0 Apr. 1700.2 8527.2 1717.4 8604.3 May 1707.1 8568.3 1711.0 8586.5 June 1727.4 8599.1 1736.5 8609.4 July 1731.0 8615.3 1722.8 8579.9 Aug. 1751.5 8660.7 1744.1 8610.0 Sep. 1774.5 8708.5 1745.2 8651.1 Oct. 1784.1 8748.3 1766.5 8706.8 Nov. 1821.4 8785.7 1827.4 8773.1 Dec. p 1832.2 8816.5 1869.5 8853.5 ---------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 ---------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months from Sep. 2010 TO Dec. 2010 13.0 5.0 6 Months from June 2010 TO Dec. 2010 12.1 5.1 12 Months from Dec. 2009 TO Dec. 2010 8.2 3.4 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler's checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 2 MONEY STOCK MEASURES Billions of dollars -------------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M1 M2 -------------------------------- -------------------------------- -------------------------------- ----------------------------------- Period ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- 2010-Oct. 18 1764.1 1785.7 1782.6 8688.6 8735.7 8744.7 1745.9 1759.8 1736.2 8639.0 8685.6 8735.1 25 1768.2 1789.3 1791.6 8698.0 8743.4 8759.3 1748.9 1759.1 1797.3 8648.7 8700.5 8664.3 Nov. 1 1770.7 1785.2 1769.1 8707.9 8755.1 8778.1 1752.2 1769.3 1828.3 8658.0 8705.2 8708.2 8 1778.8 1798.3 1849.9 8717.4 8762.5 8767.8 1763.2 1800.0 1838.3 8668.5 8718.1 8764.6 15 1783.0 1802.8 1800.5 8726.8 8770.0 8774.6 1766.8 1804.0 1751.9 8680.0 8730.4 8784.4 22 1787.6 1808.6 1815.0 8736.7 8778.0 8791.3 1771.3 1807.9 1813.2 8693.7 8754.3 8760.0 29 1792.5 1823.1 1826.8 8746.3 8785.4 8807.9 1778.8 1827.9 1908.2 8708.5 8772.4 8780.6 Dec. 6 1797.3 1815.6 1819.9 8755.1 8793.0 8798.2 1784.3 1817.7 1797.4 8720.2 8787.5 8824.8 13 1801.1 1822.2 1827.2 8764.1 8802.3 8811.9 1791.6 1825.6 1783.7 8732.4 8802.3 8843.7 20 1805.9 1827.0 1834.1 8773.1 8809.0 8817.9 1801.2 1837.0 1858.7 8748.1 8825.4 8852.4 27 1810.9 1830.9 1842.2 8781.3 8815.8 8835.0 1814.2 1852.0 1968.2 8768.6 8847.9 8870.8 2011-Jan. 3p 1814.5 1834.0 1832.4 8787.2 8818.2 8808.1 1827.3 1892.3 1958.7 8783.6 8863.0 8885.1 10p 1816.5 1832.9 1822.9 8793.1 8819.0 8815.0 1832.6 1892.3 1783.7 8796.4 8871.9 8879.3 -------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 -------------------------------------------------------------------------------------------------------------------------------------------------------- Thirteen weeks ending January 10, 2011 from thirteen weeks ending: Oct. 11, 2010 (13 weeks previous) 12.9 5.3 July 12, 2010 (26 weeks previous) 11.8 5.1 Jan. 11, 2010 (52 weeks previous) 7.8 3.4 -------------------------------------------------------------------------------------------------------------------------------------------------------- Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 3 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other checkable deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2009-Aug. 858.3 5.1 430.6 217.2 144.2 361.3 Sep. 861.4 5.1 432.9 220.1 146.3 366.3 Oct. 861.7 5.1 435.4 225.9 151.6 377.5 Nov. 860.3 5.1 432.3 229.2 153.0 382.3 Dec. 861.5 5.1 441.0 231.6 154.4 386.0 2010-Jan. 861.8 5.1 439.6 227.0 147.5 374.4 Feb. 867.4 5.0 447.9 232.1 150.8 382.9 Mar. 871.7 5.0 448.4 236.9 150.1 386.9 Apr. 876.9 4.9 452.1 214.3 152.1 366.3 May 881.1 4.9 451.7 216.6 152.7 369.3 June 884.0 4.8 462.8 221.6 154.2 375.8 July 888.0 4.8 462.9 221.3 154.1 375.4 Aug. 893.5 4.7 473.4 224.3 155.5 379.8 Sep. 899.6 4.7 484.6 227.7 157.8 385.5 Oct. 906.3 4.7 484.0 228.1 160.9 389.0 Nov. 912.8 4.7 502.0 234.2 167.7 401.9 Dec. p 915.7 4.7 509.8 235.3 166.8 402.0 Week ending: 2010-Nov. 15 912.1 4.7 490.3 225.6 167.8 393.4 22 914.0 4.7 495.4 231.2 169.7 400.9 29 914.9 4.7 505.6 232.1 169.4 401.6 Dec. 6 915.7 4.7 502.6 226.5 170.4 396.9 13 916.0 4.7 505.2 232.0 169.3 401.3 20 916.2 4.7 510.6 235.9 166.8 402.6 27 914.9 4.7 517.3 239.9 165.5 405.4 2011-Jan. 3p 915.8 4.7 511.4 240.3 160.2 400.5 10p 917.6 4.7 e 510.1 236.6 154.0 390.6 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings deposits(1) Small-denomination time deposits(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2009-Aug. 3725.0 831.8 4556.8 960.0 341.6 1301.7 914.9 6773.4 2459.3 Sep. 3787.5 841.3 4628.8 935.6 332.5 1268.1 889.7 6786.6 2405.2 Oct. 3853.4 852.4 4705.8 904.9 328.3 1233.2 863.5 6802.5 2333.2 Nov. 3949.3 835.0 4784.3 881.1 322.2 1203.3 844.0 6831.5 2271.3 Dec. 3997.4 839.5 4836.9 858.0 319.4 1177.4 820.8 6835.1 2212.0 2010-Jan. 3994.9 842.9 4837.7 834.0 315.4 1149.4 801.4 6788.5 2164.2 Feb. 4052.6 860.9 4913.5 819.6 311.3 1131.0 789.5 6833.9 2102.8 Mar. 4061.0 870.2 4931.2 802.2 307.3 1109.6 762.5 6803.3 2032.2 Apr. 4120.9 870.8 4991.7 787.0 302.6 1089.6 745.7 6827.0 1964.5 May 4166.4 879.7 5046.1 771.4 298.2 1069.5 745.7 6861.3 1920.9 June 4186.8 886.9 5073.6 756.7 293.7 1050.4 747.6 6871.6 1894.3 July 4219.1 891.9 5111.0 742.9 289.9 1032.7 740.5 6884.3 1890.6 Aug. 4264.8 899.2 5164.0 727.8 286.5 1014.3 731.0 6909.2 1892.2 Sep. 4314.7 902.2 5216.9 708.8 282.5 991.3 725.7 6934.0 1893.8 Oct. 4369.2 909.1 5278.2 689.8 278.5 968.3 717.7 6964.2 1884.7 Nov. 4395.2 915.1 5310.3 672.0 273.9 945.9 708.1 6964.3 1878.1 Dec. p 4436.8 920.9 5357.7 656.7 269.9 926.6 700.0 6984.3 1856.1 Week ending: 2010-Nov. 15 4410.7 906.7 5317.5 674.0 274.3 948.3 708.4 6974.1 1882.4 22 4411.7 915.2 5326.9 669.7 273.4 943.1 706.3 6976.3 1866.6 29 4412.1 924.8 5336.9 665.9 272.6 938.5 705.7 6981.1 1871.8 Dec. 6 4431.9 913.6 5345.6 661.6 272.1 933.7 699.0 6978.3 1877.3 13 4446.6 911.6 5358.2 658.8 271.1 929.9 696.6 6984.7 1870.2 20 4440.4 920.1 5360.5 656.3 269.8 926.1 697.1 6983.8 1848.3 27 4435.3 931.8 5367.2 654.1 268.6 922.7 702.9 6992.8 1831.2 2011-Jan. 3p 4422.9 927.4 5350.4 651.1 267.1 918.2 707.1 6975.7 1857.1 10p 4458.4 914.6 5373.0 648.6 265.8 914.4 704.7 6992.1 1825.1 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 5 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other checkable deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2009-Aug. 855.5 5.2 431.3 213.3 144.6 357.8 Sep. 856.7 5.1 419.4 214.0 145.1 359.1 Oct. 859.3 5.1 429.9 221.5 147.9 369.4 Nov. 860.8 5.1 440.1 230.5 145.9 376.4 Dec. 865.4 5.1 465.3 237.9 150.2 388.0 2010-Jan. 860.1 5.1 432.5 227.9 148.0 375.9 Feb. 869.4 5.0 435.4 225.3 149.8 375.1 Mar. 875.3 5.0 455.7 238.4 155.0 393.4 Apr. 879.0 4.9 451.8 224.5 157.3 381.8 May 882.1 4.9 450.6 217.6 155.8 373.5 June 883.5 4.8 466.5 224.9 156.7 381.7 July 887.0 4.8 458.4 217.7 154.9 372.5 Aug. 890.0 4.8 473.6 220.4 155.4 375.7 Sep. 894.7 4.7 468.5 221.7 155.6 377.3 Oct. 904.5 4.7 476.6 223.4 157.4 380.8 Nov. 913.5 4.7 513.1 236.6 159.6 396.1 Dec. p 920.3 4.7 540.1 242.1 162.4 404.4 Week ending: 2010-Nov. 15 912.9 4.7 464.2 214.8 155.3 370.1 22 913.4 4.7 501.7 234.0 159.4 393.4 29 916.8 4.7 573.2 249.8 163.7 413.5 Dec. 6 916.2 4.7 493.5 221.6 161.5 383.0 13 917.7 4.7 482.5 222.1 156.6 378.7 20 920.6 4.7 531.6 241.1 160.7 401.8 27 925.6 4.7 607.2 264.5 166.2 430.7 2011-Jan. 3p 920.8 4.7 601.6 261.1 170.4 431.6 10p 917.8 4.7 e 477.0 226.6 157.7 384.2 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 6 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings deposits(1) Small-denomination time deposits(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2009-Aug. 3709.4 828.3 4537.7 957.1 340.6 1297.8 908.9 6744.3 2436.6 Sep. 3769.1 837.2 4606.2 936.3 332.7 1269.0 883.9 6759.1 2384.4 Oct. 3832.4 847.7 4680.2 907.5 329.3 1236.8 852.2 6769.2 2315.8 Nov. 3945.7 834.2 4779.8 886.0 324.0 1210.0 834.0 6823.8 2272.3 Dec. 3986.0 837.1 4823.1 860.9 320.4 1181.3 822.4 6826.7 2244.3 2010-Jan. 3994.9 842.9 4837.8 837.7 316.8 1154.5 810.5 6802.8 2230.9 Feb. 4043.8 859.0 4902.8 821.2 311.9 1133.1 799.9 6835.9 2159.7 Mar. 4088.7 876.1 4964.8 802.4 307.4 1109.8 779.0 6853.6 2054.4 Apr. 4166.1 880.4 5046.5 785.0 301.8 1086.9 753.5 6886.8 1944.8 May 4186.7 884.0 5070.6 767.3 296.6 1063.9 740.9 6875.4 1892.6 June 4196.0 888.8 5084.9 753.5 292.4 1046.0 742.1 6872.9 1859.6 July 4203.2 888.6 5091.7 740.8 289.1 1029.9 735.5 6857.2 1854.2 Aug. 4233.9 892.6 5126.5 726.7 286.1 1012.8 726.6 6865.9 1878.0 Sep. 4294.3 898.0 5192.2 709.5 282.8 992.3 721.4 6905.9 1878.7 Oct. 4355.2 906.2 5261.3 691.3 279.1 970.3 708.6 6940.2 1872.0 Nov. 4383.3 912.7 5296.0 674.7 275.0 949.7 700.0 6945.6 1885.6 Dec. p 4434.0 920.3 5354.3 658.2 270.5 928.7 701.0 6984.0 1888.5 Week ending: 2010-Nov. 15 4464.7 917.8 5382.5 677.0 275.5 952.4 697.6 7032.5 1886.2 22 4390.1 910.7 5300.7 672.4 274.5 946.9 699.2 6946.8 1880.6 29 4322.5 906.0 5228.5 668.3 273.6 941.9 701.9 6872.4 1893.5 Dec. 6 4472.9 922.1 5394.9 663.4 272.8 936.3 696.1 7027.3 1896.0 13 4506.4 923.9 5430.3 660.2 271.7 931.9 697.8 7060.1 1919.1 20 4445.7 921.2 5366.9 657.5 270.3 927.7 699.1 6993.7 1880.1 27 4357.1 915.4 5272.4 655.4 269.1 924.5 705.7 6902.6 1863.4 2011-Jan. 3p 4378.4 918.1 5296.6 652.9 267.9 920.8 709.1 6926.4 1882.3 10p 4536.1 930.5 5466.7 650.7 266.7 917.4 711.5 7095.6 1868.4 -------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------- IRA and Keogh accounts Demand deposits Time and ----------------------------------------------------- at banks due to savings Date -------------------------- deposits due to At Foreign Foreign foreign banks At At money commercial official and official commercial thrift market banks institutions institutions banks institutions funds Total -------------------------------------------------------------------------------------------------------------------- 2009-Aug. 14.1 8.7 27.6 222.3 122.4 255.0 599.6 Sep. 13.8 8.5 27.9 223.0 122.7 249.9 595.6 Oct. 13.8 8.0 29.4 223.8 122.8 245.7 592.3 Nov. 14.4 8.0 32.2 224.8 122.5 242.2 589.5 Dec. 14.9 6.9 35.1 225.9 122.2 238.7 586.7 2010-Jan. 14.9 7.6 35.7 226.8 122.3 235.3 584.4 Feb. 14.3 7.5 33.8 227.8 123.0 232.0 582.7 Mar. 13.6 6.2 32.0 228.7 123.6 228.7 580.9 Apr. 13.6 7.0 30.6 229.9 124.4 226.5 580.8 May 14.3 5.8 29.8 231.5 125.4 225.9 582.8 June 15.1 6.0 29.0 233.2 126.4 225.2 584.8 July 15.7 5.7 29.4 234.6 127.1 223.9 e 585.6 e Aug. 16.3 5.4 31.2 235.9 127.3 221.9 e 585.0 e Sep. 16.8 5.3 33.1 237.1 127.5 219.8 e 584.4 e Oct. 17.1 e 4.5 e 34.0 e 238.4 e 127.8 e 218.8 e 584.9 e Nov. 17.1 e 4.9 e 34.0 e 239.7 e 128.1 e 218.8 e 586.5 e Dec. p 17.1 e 6.2 e 34.0 e 241.0 e 128.4 e 218.8 e 588.2 e -------------------------------------------------------------------------------------------------------------------- e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS (continued) Billions of dollars, not seasonally adjusted ----------------------------------------------------------------------------------------------------------- U.S. government deposits -------------------------------------------------------------------------------------- Demand Balance at Federal Reserve Note Time and Date deposits -------------------------- balances savings at Supplementary at Total deposits at commercial General financing depository cash commercial banks account account institutions(1) balance banks ----------------------------------------------------------------------------------------------------------- 2009-Aug. 1.2 39.9 199.9 2.0 243.0 1.8 Sep. 2.9 35.0 191.8 1.9 231.6 1.9 Oct. 1.6 45.1 74.8 2.0 123.5 1.9 Nov. 1.2 52.3 15.0 2.0 70.5 1.9 Dec. 1.3 82.7 13.9 2.0 99.8 1.9 2010-Jan. 3.2 139.3 5.0 2.0 149.4 1.9 Feb. 1.3 57.1 7.9 2.0 68.2 2.0 Mar. 1.3 50.0 81.4 2.0 134.7 2.0 Apr. 5.3 35.6 182.5 2.0 225.3 2.0 May 1.3 34.9 200.0 2.0 238.1 1.9 June 2.9 38.8 200.0 2.0 243.6 1.9 July 1.2 32.1 200.0 1.9 235.2 1.8 Aug. 1.1 27.6 200.0 1.9 230.6 1.8 Sep. 2.8 47.2 200.0 1.9 252.0 1.8 Oct. 1.4 37.6 200.0 2.0 240.9 1.8 e Nov. 1.1 28.7 200.0 1.8 231.5 1.8 e Dec. p 1.0 60.3 200.0 2.0 263.3 1.8 e Week ending: 2010-Nov. 15 1.2 13.0 200.0 1.2 215.3 22 1.0 33.2 200.0 2.0 236.2 29 1.0 26.0 200.0 2.0 228.9 Dec. 6 1.0 34.7 200.0 2.0 237.6 13 1.0 18.2 200.0 2.0 221.1 20 1.1 81.6 200.0 2.0 284.6 27 1.1 88.6 200.0 2.0 291.6 2011-Jan. 3p 1.3 110.9 200.0 2.0 314.1 10p 1.8 95.5 200.0 2.0 299.3 --------------------------------------------------------------------------------------------------------- 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's website (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 ---------------------------------------------------------------------------------------- Other checkable Nonbank deposits [1] travelers Demand -------------------- Date Currency checks deposits Total At banks ------------- --------- --------- --------- --------- --------- 2010 Jan. 0.9980 1.0033 0.9837 1.0039 1.0040 Feb. 1.0023 1.0034 0.9720 0.9796 0.9705 Mar. 1.0041 0.9966 1.0164 1.0168 1.0067 Apr. 1.0024 0.9930 0.9993 1.0422 1.0478 May 1.0011 0.9913 0.9976 1.0112 1.0047 June 0.9994 0.9971 1.0080 1.0156 1.0151 July 0.9989 1.0106 0.9905 0.9923 0.9834 Aug. 0.9961 1.0095 1.0004 0.9893 0.9822 Sep. 0.9946 0.9980 0.9666 0.9786 0.9737 Oct. 0.9980 0.9998 0.9845 0.9788 0.9793 Nov. 1.0008 0.9997 1.0220 0.9856 1.0101 Dec. 1.0050 0.9977 1.0595 1.0060 1.0289 2011 Jan. 0.9971 1.0050 0.9841 1.0042 0.9991 Feb. 1.0023 1.0041 0.9768 0.9805 0.9676 Mar. 1.0041 0.9967 1.0159 1.0160 1.0047 Apr. 1.0030 0.9928 0.9967 1.0418 1.0481 May 1.0007 0.9915 0.9974 1.0120 1.0046 June 0.9990 0.9955 1.0067 1.0157 1.0175 July 0.9990 1.0090 0.9886 0.9923 0.9837 Aug. 0.9958 1.0071 0.9991 0.9874 0.9822 Sep. 0.9951 0.9976 0.9650 0.9781 0.9749 Oct. 0.9975 1.0002 0.9822 0.9787 0.9784 Nov. 1.0014 1.0002 1.0263 0.9866 1.0130 Dec. 1.0055 0.9996 1.0609 1.0060 1.0300 2012 Jan. 0.9966 1.0054 0.9852 1.0053 0.9965 Feb. 1.0023 1.0054 0.9796 0.9810 0.9657 Mar. 1.0047 0.9970 1.0143 1.0148 1.0038 ---------------------------------------------------------------------------------------- 1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ- ence between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 ------------------------------------------------------------------------------------------ Savings and Small denom. MMDA time Retail money Institutional Date deposits [1] deposits [1] funds money funds ------------- ------------- ------------- ------------- ------------- 2010 Jan. 1.0000 1.0045 1.0114 1.0308 Feb. 0.9978 1.0019 1.0132 1.0271 Mar. 1.0068 1.0002 1.0216 1.0109 Apr. 1.0110 0.9975 1.0105 0.9900 May 1.0049 0.9947 0.9937 0.9852 June 1.0022 0.9958 0.9926 0.9817 July 0.9962 0.9973 0.9932 0.9808 Aug. 0.9927 0.9985 0.9940 0.9925 Sep. 0.9953 1.0010 0.9940 0.9920 Oct. 0.9968 1.0021 0.9873 0.9933 Nov. 0.9973 1.0040 0.9885 1.0040 Dec. 0.9994 1.0022 1.0015 1.0174 2011 Jan. 1.0004 1.0032 1.0108 1.0288 Feb. 0.9980 1.0013 1.0128 1.0264 Mar. 1.0061 0.9998 1.0199 1.0099 Apr. 1.0119 0.9975 1.0099 0.9882 May 1.0028 0.9957 0.9932 0.9826 June 1.0024 0.9969 0.9933 0.9802 July 0.9973 0.9986 0.9942 0.9811 Aug. 0.9912 1.0001 0.9947 0.9931 Sep. 0.9952 1.0014 0.9945 0.9925 Oct. 0.9972 1.0015 0.9880 0.9951 Nov. 0.9981 1.0025 0.9890 1.0073 Dec. 1.0006 1.0011 1.0010 1.0195 2012 Jan. 0.9989 1.0022 1.0106 1.0269 Feb. 0.9983 1.0010 1.0124 1.0252 Mar. 1.0076 0.9995 1.0185 1.0093 ------------------------------------------------------------------------------------------ 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct M1 ---------------------------------------------------------------------------------------- Other checkable Nonbank deposits [1] travelers Demand -------------------- Date Currency checks deposits Total At banks ------------- --------- --------- --------- --------- --------- 2010 Dec. 6 1.0005 0.9955 0.9819 0.9651 0.9784 13 1.0019 0.9967 0.9552 0.9437 0.9575 20 1.0049 0.9979 1.0410 0.9979 1.0221 27 1.0117 0.9991 1.1739 1.0625 1.1027 2011 Jan. 3 1.0054 1.0003 1.1764 1.0777 1.0869 10 1.0002 1.0024 0.9351 0.9838 0.9577 17 0.9968 1.0044 0.9465 0.9819 0.9680 24 0.9942 1.0065 0.9705 1.0019 1.0119 31 0.9933 1.0086 1.0158 1.0276 1.0353 2011 Feb. 7 1.0017 1.0068 0.9124 0.9740 0.9535 14 1.0033 1.0050 0.9373 0.9563 0.9440 21 1.0033 1.0032 1.0068 0.9792 0.9741 28 1.0010 1.0014 1.0502 1.0122 0.9988 2011 Mar. 7 1.0059 0.9997 0.9532 0.9872 0.9637 14 1.0050 0.9980 0.9638 0.9831 0.9629 21 1.0043 0.9963 1.0239 1.0138 1.0083 28 1.0027 0.9946 1.0920 1.0523 1.0573 2011 Apr. 4 1.0050 0.9929 1.0355 1.0622 1.0455 11 1.0047 0.9928 0.9395 1.0004 0.9958 18 1.0024 0.9928 0.9841 1.0331 1.0441 25 1.0014 0.9928 1.0255 1.0694 1.0947 2011 May 2 1.0005 0.9927 1.0416 1.0622 1.0697 9 1.0023 0.9922 0.9373 0.9966 0.9748 16 0.9998 0.9917 0.9599 0.9836 0.9743 23 0.9996 0.9912 1.0137 1.0060 1.0046 30 1.0012 0.9907 1.0700 1.0472 1.0471 2011 June 6 1.0016 0.9902 0.9609 1.0096 1.0039 13 0.9994 0.9931 0.9440 0.9812 0.9683 20 0.9979 0.9961 1.0115 1.0112 1.0268 27 0.9969 0.9991 1.0868 1.0444 1.0561 2011 July 4 1.0027 1.0021 1.0161 1.0434 1.0349 11 1.0008 1.0053 0.9218 0.9673 0.9513 18 0.9983 1.0085 0.9579 0.9690 0.9605 25 0.9965 1.0118 1.0323 0.9938 0.9943 2011 Aug. 1 0.9965 1.0150 1.0515 1.0190 1.0090 8 0.9988 1.0120 0.9344 0.9608 0.9421 15 0.9967 1.0089 0.9650 0.9568 0.9442 22 0.9948 1.0058 1.0155 0.9926 0.9940 29 0.9929 1.0027 1.0725 1.0278 1.0402 2011 Sep. 5 0.9992 0.9996 0.9577 0.9920 0.9781 12 0.9956 0.9985 0.8997 0.9491 0.9338 19 0.9933 0.9975 0.9535 0.9655 0.9645 26 0.9929 0.9964 1.0243 0.9923 1.0073 2011 Oct. 3 0.9960 0.9954 1.0216 1.0149 1.0089 10 1.0006 0.9975 0.8997 0.9481 0.9359 17 0.9973 0.9997 0.9247 0.9510 0.9409 24 0.9958 1.0018 1.0134 0.9800 0.9911 31 0.9960 1.0040 1.0808 1.0241 1.0387 2011 Nov. 7 1.0022 1.0025 0.9699 0.9684 0.9828 14 1.0017 1.0011 0.9559 0.9546 0.9660 21 1.0005 0.9997 1.0310 0.9919 1.0194 28 1.0027 0.9983 1.1271 1.0206 1.0711 2011 Dec. 5 1.0010 0.9968 1.0319 0.9972 1.0262 12 1.0020 0.9982 0.9799 0.9587 0.9705 19 1.0050 0.9996 1.0485 0.9902 1.0125 26 1.0114 1.0010 1.1275 1.0393 1.0768 2012 Jan. 2 1.0064 1.0024 1.1409 1.0617 1.0824 9 0.9996 1.0036 0.9478 0.9950 0.9702 16 0.9967 1.0049 0.9511 0.9851 0.9703 23 0.9941 1.0061 0.9730 1.0018 1.0023 30 0.9927 1.0074 1.0316 1.0256 1.0258 2012 Feb. 6 1.0008 1.0086 0.9360 0.9851 0.9549 13 1.0031 1.0068 0.9235 0.9531 0.9326 20 1.0035 1.0049 0.9920 0.9746 0.9684 27 1.0013 1.0030 1.0480 1.0042 1.0012 2012 Mar. 5 1.0050 1.0012 0.9879 0.9935 0.9624 12 1.0052 0.9991 0.9442 0.9777 0.9532 19 1.0048 0.9970 1.0073 1.0023 0.9879 26 1.0037 0.9950 1.0718 1.0418 1.0461 2012 Apr. 2 1.0038 0.9929 1.0814 1.0728 1.0845 ---------------------------------------------------------------------------------------- 1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ- ence between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 ------------------------------------------------------------------------------------------ Savings and Small denom. MMDA time Retail money Institutional Date deposits [1] deposits [1] funds money funds ------------- ------------- ------------- ------------- ------------- 2010 Dec. 6 1.0092 1.0027 0.9958 1.0100 13 1.0135 1.0022 1.0018 1.0261 20 1.0012 1.0018 1.0028 1.0172 27 0.9823 1.0020 1.0039 1.0176 2011 Jan. 3 0.9899 1.0028 1.0028 1.0136 10 1.0174 1.0033 1.0097 1.0237 17 1.0121 1.0036 1.0135 1.0298 24 0.9922 1.0035 1.0135 1.0356 31 0.9784 1.0026 1.0099 1.0330 2011 Feb. 7 1.0050 1.0025 1.0107 1.0255 14 1.0047 1.0018 1.0112 1.0306 21 0.9943 1.0009 1.0139 1.0244 28 0.9881 1.0002 1.0155 1.0250 2011 Mar. 7 1.0123 1.0002 1.0175 1.0152 14 1.0180 1.0001 1.0203 1.0181 21 1.0085 0.9997 1.0235 1.0052 28 0.9956 0.9994 1.0209 1.0084 2011 Apr. 4 1.0117 0.9992 1.0138 0.9927 11 1.0259 0.9987 1.0176 0.9981 18 1.0212 0.9978 1.0144 0.9887 25 0.9974 0.9966 1.0073 0.9829 2011 May 2 0.9904 0.9957 0.9930 0.9775 9 1.0130 0.9956 0.9913 0.9768 16 1.0147 0.9953 0.9917 0.9819 23 0.9962 0.9955 0.9938 0.9876 30 0.9878 0.9962 0.9957 0.9861 2011 June 6 1.0147 0.9964 0.9961 0.9797 13 1.0170 0.9967 0.9960 0.9887 20 1.0052 0.9970 0.9935 0.9758 27 0.9844 0.9971 0.9906 0.9811 2011 July 4 0.9987 0.9981 0.9872 0.9698 11 1.0111 0.9986 0.9965 0.9810 18 1.0019 0.9987 0.9964 0.9832 25 0.9831 0.9984 0.9951 0.9859 2011 Aug. 1 0.9819 0.9991 0.9927 0.9807 8 1.0049 0.9999 0.9946 0.9839 15 1.0047 1.0000 0.9928 0.9897 22 0.9888 1.0000 0.9961 0.9970 29 0.9716 1.0003 0.9959 1.0038 2011 Sep. 5 0.9981 1.0005 0.9936 0.9929 12 1.0091 1.0010 0.9997 1.0031 19 0.9992 1.0014 0.9978 0.9937 26 0.9775 1.0020 0.9920 0.9876 2011 Oct. 3 0.9876 1.0018 0.9847 0.9797 10 1.0086 1.0017 0.9901 0.9908 17 1.0107 1.0014 0.9900 0.9983 24 0.9875 1.0014 0.9883 0.9995 31 0.9793 1.0015 0.9852 0.9983 2011 Nov. 7 1.0061 1.0022 0.9852 0.9992 14 1.0113 1.0025 0.9856 1.0056 21 0.9991 1.0027 0.9889 1.0099 28 0.9831 1.0026 0.9948 1.0130 2011 Dec. 5 1.0050 1.0020 0.9951 1.0126 12 1.0129 1.0013 1.0007 1.0277 19 1.0032 1.0007 1.0021 1.0222 26 0.9881 1.0007 1.0035 1.0178 2012 Jan. 2 0.9883 1.0014 1.0025 1.0137 9 1.0132 1.0024 1.0092 1.0180 16 1.0094 1.0025 1.0135 1.0331 23 0.9961 1.0022 1.0128 1.0293 30 0.9780 1.0021 1.0092 1.0316 2012 Feb. 6 1.0021 1.0019 1.0098 1.0225 13 1.0059 1.0013 1.0121 1.0308 20 0.9988 1.0009 1.0125 1.0264 27 0.9893 1.0004 1.0144 1.0239 2012 Mar. 5 1.0078 0.9999 1.0138 1.0145 12 1.0162 0.9996 1.0170 1.0178 19 1.0103 0.9995 1.0206 1.0038 26 0.9973 0.9994 1.0216 1.0071 2012 Apr. 2 1.0013 0.9993 1.0183 1.0030 ------------------------------------------------------------------------------------------ 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (Billions of dollars, seasonally adjusted) ------------------------------------------------------------------------------------------------------ Date Revised M1 Old M1 Revised M2 Old M2 --------------- ------------------- ------------------- ------------------- ------------------- 2009 Oct. 1679.8 1676.2 8482.3 8492.1 Nov. 1679.9 1687.5 8511.5 8523.3 Dec. 1693.6 1696.6 8528.7 8542.8 2010 Jan. 1681.0 1680.7 8469.5 8486.0 Feb. 1703.2 1714.8 8537.1 8545.7 Mar. 1712.0 1713.1 8515.2 8519.9 Apr. 1700.2 1701.4 8527.2 8490.6 May 1707.1 1706.0 8568.3 8573.0 June 1727.4 1721.4 8599.1 8604.6 July 1731.0 1716.4 8615.3 8603.3 Aug. 1751.5 1742.8 8660.7 8649.5 Sep. 1774.5 1765.7 8708.5 8709.2 Oct. 1784.1 1779.6 8748.3 8767.1 Nov. 1821.4 1832.0 8785.7 8804.4 Dec. 1832.2 1836.1 8816.5 8836.9 ------------------------------------------------------------------------------------------------------ Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (Percent changes, annual rate) ---------------------------------------------------------------------------------------------------- Difference due to ------------------------------ Date Revised Old Difference Benchmark Seasonals ----------------- -------------- -------------- -------------- -------------- -------------- 2009 January -11.7 -13.9 2.2 -0.1 2.3 February -13.8 -7.2 -6.6 -0.2 -6.4 March 6.5 2.6 3.9 -0.9 4.8 April 24.6 23.7 0.9 -0.6 1.5 May 0.5 0.0 0.5 0.2 0.3 June 30.7 28.1 2.6 -0.2 2.8 July 7.1 2.7 4.4 -0.6 5.0 August -4.5 -1.1 -3.4 -0.3 -3.1 September 7.6 9.0 -1.4 -0.1 -1.3 October 10.1 11.1 -1.0 0.9 -1.9 November 0.1 8.1 -8.0 0.0 -8.0 December 9.8 6.5 3.3 0.2 3.1 2010 January -8.9 -11.2 2.3 -0.3 2.6 February 15.8 24.3 -8.5 0.1 -8.6 March 6.2 -1.2 7.4 -0.4 7.8 April -8.3 -8.2 -0.1 -0.7 0.6 May 4.9 3.2 1.7 0.0 1.7 June 14.3 10.8 3.5 0.2 3.3 July 2.5 -3.5 6.0 0.1 5.9 August 14.2 18.5 -4.3 0.4 -4.7 September 15.8 15.8 0.0 0.6 -0.6 October 6.5 9.4 -2.9 0.5 -3.4 November 25.1 35.3 -10.2 0.2 -10.4 December 7.1 2.7 4.4 0.4 4.0 Quarterly 09Q4 5.7 8.2 -2.5 0.2 -2.7 10Q1 3.4 3.8 -0.4 -0.1 -0.3 10Q2 3.0 1.6 1.4 -0.3 1.7 10Q3 9.5 7.5 2.0 0.3 1.7 10Q4 13.8 17.1 -3.3 0.5 -3.8 Semi-Annual 09Q4 - 10Q2 3.2 2.7 0.5 -0.3 0.8 10Q2 - 10Q4 11.8 12.4 -0.6 0.4 -1.0 Annual (Q4 to Q4) 2009 10.1 10.2 -0.1 0.0 -0.1 2010 7.6 7.7 -0.1 0.1 -0.2 ---------------------------------------------------------------------------------------------------- Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (Percent changes, annual rate) ---------------------------------------------------------------------------------------------------- Difference due to ------------------------------ Date Revised Old Difference Benchmark Seasonals ----------------- -------------- -------------- -------------- -------------- -------------- 2009 January 9.1 8.9 0.2 -0.2 0.4 February 5.7 5.8 -0.1 -0.2 0.1 March 7.4 7.6 -0.2 -0.2 0.0 April -1.2 -6.5 5.3 -0.1 5.4 May 5.9 10.4 -4.5 0.1 -4.6 June 3.0 2.3 0.7 0.0 0.7 July 0.0 -1.4 1.4 -0.1 1.5 August -3.4 -3.3 -0.1 -0.1 0.0 September 3.4 5.6 -2.2 0.1 -2.3 October 4.2 4.7 -0.5 0.4 -0.9 November 4.1 4.4 -0.3 0.3 -0.6 December 2.4 2.7 -0.3 0.2 -0.5 2010 January -8.3 -8.0 -0.3 -0.1 -0.2 February 9.6 8.4 1.2 0.0 1.2 March -3.1 -3.6 0.5 -0.1 0.6 April 1.7 -4.1 5.8 -0.3 6.1 May 5.8 11.6 -5.8 -0.5 -5.3 June 4.3 4.4 -0.1 -0.4 0.3 July 2.3 -0.2 2.5 -0.1 2.6 August 6.3 6.4 -0.1 0.4 -0.5 September 6.6 8.3 -1.7 0.4 -2.1 October 5.5 8.0 -2.5 0.3 -2.8 November 5.1 5.1 0.0 0.1 -0.1 December 4.2 4.4 -0.2 0.2 -0.4 Quarterly 09Q4 3.0 3.7 -0.7 0.2 -0.9 10Q1 0.0 -0.1 0.1 0.0 0.1 10Q2 2.7 1.8 0.9 -0.3 1.2 10Q3 4.5 4.6 -0.1 -0.1 0.0 10Q4 5.6 6.9 -1.3 0.3 -1.6 Semi-Annual 09Q4 - 10Q2 1.3 0.9 0.4 -0.2 0.6 10Q2 - 10Q4 5.1 5.8 -0.7 0.1 -0.8 Annual (Q4 to Q4) 2009 5.0 5.1 -0.1 0.0 -0.1 2010 3.2 3.3 -0.1 0.0 -0.1 ----------------------------------------------------------------------------------------------------