Money Stock Measures - H.6 Release

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Release Date: March 23, 2021
For release at
1:00 p.m. Eastern Time
March 23, 2021

H.6 (508)

Money Stock Revisions

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2020 and estimated using the Census Bureau's X-13ARIMA-SEATS seasonal adjustment program. 1 Appendix tables accompanying the release contain the revised seasonal factors for months from January 2020 to March 2022. The tables also contain revised seasonally adjusted M1 and M2 levels as well as revised seasonally adjusted M1 and M2 annualized growth rates for the last two years.

 1.  Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.  Return to text

Table 1

Money Stock Measures. Billions of dollars unless otherwise noted.
Date Seasonally adjusted Not seasonally adjusted
M1 1 M2 2 Monetary base M1 1 M2 2 Memorandum: Reserves
Currency in circulation 3 Reserve balances 4 Monetary base 5 Total reserves 6 Total ($M) borrowings 7 Nonborrowed reserves 8
Oct. 2019 3,926.1 15,156.7 1,771.3 1,481.5 3,252.8 3,924.0 15,135.3 1,547.1 62.8 1,547.1
Nov. 2019 3,955.6 15,254.4 1,786.2 1,529.3 3,315.6 3,925.2 15,282.3 1,595.2 26.1 1,595.2
Dec. 2019 4,011.2 15,329.1 1,796.4 1,630.1 3,426.5 4,042.4 15,435.6 1,698.3 21.4 1,698.3
Jan. 2020 4,018.9 15,410.0 1,797.2 1,645.4 3,442.6 3,982.3 15,419.8 1,715.2 5.8 1,715.2
Feb. 2020 4,027.6 15,473.4 1,797.5 1,657.0 3,454.5 3,940.3 15,405.7 1,726.9 3.2 1,726.9
Mar. 2020 4,280.2 16,014.3 1,838.0 2,045.1 3,883.1 4,288.0 16,079.1 2,099.4 40,553.7 2,058.8
Apr. 2020 4,773.3 17,042.9 1,891.3 2,953.6 4,844.9 4,849.4 17,126.6 2,953.6 124,460.6 2,829.1
May 2020 16,275.9 17,893.0 1,931.8 3,217.6 5,149.4 16,184.4 17,791.8 3,217.6 111,844.6 3,105.8
June 2020 16,601.8 18,179.8 1,958.3 3,043.6 5,001.8 16,562.3 18,131.0 3,043.6 97,671.4 2,945.9
July 2020 16,795.0 18,321.5 1,981.7 2,718.5 4,700.3 16,767.5 18,281.9 2,718.5 92,943.3 2,625.6
Aug. 2020 16,911.1 18,384.8 2,007.6 2,799.7 4,807.4 16,893.1 18,352.4 2,799.7 83,125.6 2,716.6
Sept. 2020 17,184.0 18,609.6 2,027.5 2,852.8 4,880.3 17,164.0 18,577.5 2,852.8 78,387.1 2,774.4
Oct. 2020 17,376.3 18,759.3 2,040.5 2,876.6 4,917.1 17,350.5 18,728.4 2,876.6 74,058.7 2,802.6
Nov. 2020 17,620.1 18,974.4 2,058.4 3,034.7 5,093.0 17,673.3 19,025.4 3,034.7 66,597.5 2,968.1
Dec. 2020 17,840.5 19,145.8 2,071.6 3,135.0 5,206.6 17,978.2 19,295.5 3,135.0 58,684.6 3,076.3
Jan. 2021 18,120.6 19,400.1 2,094.3 3,153.8 5,248.0 18,112.5 19,416.7 3,153.8 52,590.8 3,101.2
Feb. 2021 18,412.0 19,669.8 2,101.0 3,345.9 5,446.9 18,299.2 19,571.4 3,345.9 53,475.8 3,292.5

Footnotes

Components may not add to totals due to rounding.

  1. Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) 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 (3) other checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions. Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) 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 (3) other liquid deposits, consisting of OCDs and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and OCDs (before May 2020) or other liquid deposits (beginning May 2020), each seasonally adjusted separately. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquid deposits component and its inclusion in the M1 monetary aggregate, see the H.6 announcement and Technical Q&As posted on December 17, 2020.
  2. Before May 2020, 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 funds (MMFs) less IRA and Keogh balances at MMFs. Beginning May 2020, M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail MMFs less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing savings deposits (before May 2020), small-denomination time deposits, and retail MMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
  3. Currency in circulation consists of Federal Reserve notes and coin outside the U.S. Treasury and Federal Reserve Banks.
  4. Reserve balances are balances held by depository institutions in master accounts and excess balance accounts at Federal Reserve Banks.
  5. Monetary base equals currency in circulation plus reserve balances.
  6. Total reserves equal reserve balances plus, before April 2020, vault cash used to satisfy reserve requirements.
  7. Total borrowings in millions of dollars from the Federal Reserve are borrowings from the discount window's primary, secondary, and seasonal credit programs and other borrowings from emergency lending facilities. For borrowings included, see "Loans" in table 1 of the H.4.1 statistical release.
  8. Nonborrowed reserves equal total reserves less total borrowings from the Federal Reserve.

Table 2

Seasonally Adjusted Components of M1 and Non-M1 M2. Billions of dollars.
Date M1 Non-M1 M2
Currency 1 Demand
deposits 2		 Other
checkable
deposits 3		 Other liquid
deposits 4		 Savings
deposits 5		 Small-
denomination
time deposits 6		 Retail money
market funds 7
Oct. 2019 1,692.6 1,561.2 672.3   9,646.7 596.5 987.3
Nov. 2019 1,702.5 1,586.9 666.2   9,708.9 591.6 998.3
Dec. 2019 1,709.7 1,627.1 674.3   9,744.6 581.7 991.6
Jan. 2020 1,718.9 1,625.0 675.0   9,834.0 565.6 991.5
Feb. 2020 1,724.2 1,627.7 675.7   9,913.5 538.9 993.4
Mar. 2020 1,746.1 1,841.9 692.2   10,185.5 510.3 1,038.3
Apr. 2020 1,781.6 2,006.0 985.7   10,672.7 484.6 1,112.3
May 2020 1,820.0 2,108.3   12,347.6   463.3 1,153.8
June 2020 1,856.6 2,177.1   12,568.2   427.1 1,150.8
July 2020 1,885.9 2,216.2   12,693.0   392.6 1,133.9
Aug. 2020 1,911.2 2,262.3   12,737.5   356.3 1,117.5
Sept. 2020 1,928.1 2,386.6   12,869.3   324.4 1,101.2
Oct. 2020 1,944.3 2,419.5   13,012.5   293.6 1,089.4
Nov. 2020 1,957.0 2,789.5   12,873.6   262.7 1,091.6
Dec. 2020 1,969.8 3,317.8   12,552.9   237.6 1,067.7
Jan. 2021 1,993.7 3,457.4   12,669.5   216.5 1,063.0
Feb. 2021 2,008.1 3,676.5   12,727.3   190.9 1,066.9

Footnotes

Components may not add to totals due to rounding.

  1. Currency consists of Federal Reserve notes and coin outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.
  2. 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.
  3. Other checkable deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.
  4. Other liquid deposits consist of NOW and ATS balances at depository institutions, share draft accounts at credit unions, demand deposits at thrift institutions, and savings deposits, including money market deposit accounts. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquid deposits component and its inclusion in the M1 monetary aggregate, see the H.6 announcement and Technical Q&As posted on December 17, 2020.
  5. Savings deposits include money market deposit accounts.
  6. Small-denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh account balances at depository institutions are subtracted from small-denomination time deposits.
  7. IRA and Keogh account balances at money market funds are subtracted from retail money market funds.

Table 3

Not Seasonally Adjusted Components of M1 and Non-M1 M2. Billions of dollars.
Date M1 Non-M1 M2 Memorandum: IRA and Keogh accounts
Currency 1 Demand
deposits 2		 Other
checkable
deposits 3		 Other liquid
deposits 4		 Savings
deposits 5		 Small-
denomination
time deposits 6		 Retail money
market funds 7		 At depository
institutions		 At money
market funds		 Total
Oct. 2019 1,692.3 1,569.7 662.0   9,634.8 594.0 982.5 477.6 294.6 772.2
Nov. 2019 1,704.3 1,566.1 654.8   9,775.8 583.4 997.9 480.0 298.7 778.7
Dec. 2019 1,713.1 1,648.2 681.1   9,814.4 573.3 1,005.6 482.3 302.8 785.2
Jan. 2020 1,714.0 1,586.2 682.2   9,860.9 560.8 1,015.8 495.6 313.2 808.7
Feb. 2020 1,718.2 1,557.6 664.5   9,921.5 535.9 1,007.9 522.5 331.2 853.7
Mar. 2020 1,747.4 1,826.8 713.8   10,231.8 507.5 1,051.8 549.6 349.2 898.8
Apr. 2020 1,784.3 2,047.4 1,017.7   10,673.2 487.1 1,116.9 566.0 361.4 927.3
May 2020 1,824.3 2,125.7   12,234.3   465.9 1,141.5 566.2 364.3 930.5
June 2020 1,857.1 2,216.6   12,488.7   433.2 1,135.5 566.4 367.3 933.8
July 2020 1,884.2 2,261.2   12,622.1   397.6 1,116.7 570.0 371.1 941.0
Aug. 2020 1,908.9 2,274.4   12,709.7   359.0 1,100.3 577.9 375.7 953.6
Sept. 2020 1,929.4 2,388.0   12,846.6   326.1 1,087.4 585.9 380.4 966.3
Oct. 2020 1,944.2 2,428.5   12,977.8   292.5 1,085.4 590.2 e 383.0 e 973.2 e
Nov. 2020 1,958.0 2,754.5   12,960.8   259.1 1,093.0 590.2 e 383.3 e 973.5 e
Dec. 2020 1,974.2 3,355.9   12,648.0   234.6 1,082.6 590.2 e 383.6 e 973.8 e
Jan. 2021 1,989.4 3,364.3   12,758.8   214.9 1,089.3 590.2 e 383.8 e 973.9 e
Feb. 2021 2,000.5 3,526.0   12,772.8   189.9 1,082.3 590.2 e 383.8 e 973.9 e

Footnotes

Components may not add to totals due to rounding.

e estimated

  1. Currency consists of Federal Reserve notes and coin outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.
  2. 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.
  3. Other checkable deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.
  4. Other liquid deposits consist of NOW and ATS balances at depository institutions, share draft accounts at credit unions, demand deposits at thrift institutions, and savings deposits, including money market deposit accounts. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquid deposits component and its inclusion in the M1 monetary aggregate, see the H.6 announcement and Technical Q&As posted on December 17, 2020.
  5. Savings deposits include money market deposit accounts.
  6. Small-denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh account balances at depository institutions are subtracted from small-denomination time deposits.
  7. IRA and Keogh account balances at money market funds are subtracted from retail money market funds.

Appendix Table 1

Monthly Seasonal Factors Used to Construct M1 and M2
Date Currency Demand deposits Other liquid deposits Small denom. time deposits Retail money funds
Jan. 2020 0.9971 0.9761 0.9998 0.9915 1.0245
Feb. 2020 0.9965 0.9569 0.9971 0.9945 1.0146
Mar. 2020 1.0007 0.9918 1.0049 0.9947 1.0130
Apr. 2020 1.0015 1.0206 1.0049 1.0051 1.0042
May 2020 1.0024 1.0082 0.9932 1.0056 0.9894
June 2020 1.0003 1.0181 0.9977 1.0142 0.9867
July 2020 0.9991 1.0203 0.9969 1.0128 0.9849
Aug. 2020 0.9988 1.0054 0.9984 1.0078 0.9847
Sep. 2020 1.0007 1.0006 1.0005 1.0051 0.9875
Oct. 2020 1.0000 1.0037 0.9985 0.9963 0.9963
Nov. 2020 1.0005 0.9874 1.0032 0.9864 1.0013
Dec. 2020 1.0023 1.0115 1.0046 0.9873 1.0140
Jan. 2021 0.9979 0.9731 1.0000 0.9926 1.0247
Feb. 2021 0.9962 0.9590 0.9970 0.9947 1.0144
Mar. 2021 1.0010 0.9906 1.0050 0.9946 1.0123
Apr. 2021 1.0014 1.0223 1.0049 1.0041 1.0040
May 2021 1.0018 1.0095 0.9931 1.0041 0.9884
June 2021 1.0006 1.0197 0.9977 1.0112 0.9869
July 2021 0.9989 1.0197 0.9970 1.0119 0.9850
Aug. 2021 0.9989 1.0035 0.9984 1.0093 0.9846
Sep. 2021 0.9997 1.0018 1.0004 1.0057 0.9872
Oct. 2021 1.0006 1.0021 0.9988 0.9974 0.9966
Nov. 2021 1.0009 0.9881 1.0032 0.9886 1.0022
Dec. 2021 1.0024 1.0106 1.0044 0.9888 1.0141
Jan. 2022 0.9975 0.9701 1.0002 0.9928 1.0250
Feb. 2022 0.9962 0.9587 0.9968 0.9940 1.0142
Mar. 2022 1.0006 0.9897 1.0051 0.9938 1.0120

Appendix Table 2

Comparison of Revised and Old Monetary Aggregate Levels. Billions of dollars, seasonally adjusted.
Date Revised M1 Old M1 Revised M2 Old M2
Oct. 2019 3,926.1 3,925.1 15,156.7 15,161.5
Nov. 2019 3,955.6 3,950.5 15,254.4 15,263.2
Dec. 2019 4,011.2 3,978.0 15,329.1 15,319.8
Jan. 2020 4,018.9 3,977.3 15,410.0 15,416.4
Feb. 2020 4,027.6 4,003.8 15,473.4 15,459.7
Mar. 2020 4,280.2 4,257.0 16,014.3 16,002.4
Apr. 2020 4,773.3 4,799.1 17,042.9 17,033.8
May 2020 16,275.9 16,268.1 17,893.0 17,883.2
June 2020 16,601.8 16,599.7 18,179.8 18,179.1
July 2020 16,795.0 16,805.6 18,321.5 18,330.3
Aug. 2020 16,911.1 16,926.7 18,384.8 18,395.4
Sep. 2020 17,184.0 17,201.7 18,609.6 18,622.6
Oct. 2020 17,376.3 17,376.7 18,759.3 18,759.7
Nov. 2020 17,620.1 17,652.4 18,974.4 19,010.9
Dec. 2020 17,840.5 17,784.7 19,145.8 19,094.3

Appendix Table 3

Comparison of Revised and Old M1 Growth Rates. Percent changes, annual rate.
Date Revised Old Difference
2019
January 0.5 -2.2 2.7
February 3.3 6.2 -2.9
March -11.7 -9.4 -2.3
April 7.8 16.3 -8.5
May 1.5 3.5 -2.0
June 12.1 12.7 -0.6
July 9.9 7.8 2.1
August -0.2 -1.3 1.1
September 13.6 15.5 -1.9
October 11.9 5.9 6.0
November 9.0 7.8 1.2
December 16.9 8.4 8.5
2020
January 2.3 -0.2 2.5
February 2.6 8.0 -5.4
March 75.3 75.9 -0.6
April 138.2 152.8 -14.6
May 2891.7 2867.8 23.9
June 24.0 24.5 -0.5
July 14.0 14.9 -0.9
August 8.3 8.6 -0.3
September 19.4 19.5 -0.1
October 13.4 12.2 1.2
November 16.8 19.0 -2.2
December 15.0 9.0 6.0
Quarterly
19Q4 10.9 8.0 2.9
20Q1 14.6 13.0 1.6
20Q2 821.8 831.1 -9.3
20Q3 140.7 140.9 -0.2
20Q4 15.3 14.8 0.5
Semi-Annual
19Q4 - 20Q2 433.2 435.5 -2.3
20Q2 - 20Q4 80.7 80.4 0.3
Annual (Q4 to Q4)
2019 6.2 6.1 0.1
2020 344.3 345.6 -1.3

Appendix Table 4

Comparison of Revised and Old M2 Growth Rates. Percent changes, annual rate.
Date Revised Old Difference
2019
January 5.8 6.8 -1.0
February 3.6 2.5 1.1
March 3.9 3.9 0.0
April 3.0 3.9 -0.9
May 8.2 7.9 0.3
June 9.7 10.5 -0.8
July 5.8 6.4 -0.6
August 6.2 5.8 0.4
September 7.3 7.2 0.1
October 10.1 10.1 0.0
November 7.7 8.0 -0.3
December 5.9 4.4 1.5
2020
January 6.3 7.6 -1.3
February 4.9 3.4 1.5
March 41.9 42.1 -0.2
April 77.1 77.3 -0.2
May 59.9 59.8 0.1
June 19.2 19.9 -0.7
July 9.4 10.0 -0.6
August 4.1 4.3 -0.2
September 14.7 14.8 -0.1
October 9.7 8.8 0.9
November 13.8 16.1 -2.3
December 10.8 5.3 5.5
Quarterly
19Q4 8.1 7.9 0.2
20Q1 10.1 9.9 0.2
20Q2 53.0 53.1 -0.1
20Q3 16.6 17.0 -0.4
20Q4 11.3 11.0 0.3
Semi-Annual
19Q4 - 20Q2 32.2 32.1 0.1
20Q2 - 20Q4 14.2 14.2 0.0
Annual (Q4 to Q4)
2019 6.7 6.7 0.0
2020 24.4 24.3 0.1
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Last Update: March 23, 2021