For release at
4:30 p.m. EST
                                                              January 22, 2009

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 its 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 lowered M2 growth for the first half of 2008 and raised it for 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 2006.
The benchmark also incorporates revisions to data on retail and institutional
money market mutual funds, including revisions to individual retirement
account and Keogh balances held at those funds.  Revisions to data on money
market mutual funds begin in 1981.  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 2008.  Monthly seasonal factors were estimated using the X-12-ARIMA
procedure.  The effects of both a new benchmark and 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.  The data are also
available through paid electronic means, which can be accessed by calling
STAT-USA at 1-800-782-8872 or 202-482-1986.




 FEDERAL RESERVE STATISTICAL RELEASE
 
 H.6 (508)
 Table 1                                                                                                     For release at 4:30 p.m. Eastern Time
                                                                                                                                  January 22, 2009
 MONEY STOCK MEASURES
 Billions of dollars     

 
 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.
 
 

 
 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. 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.
 

 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars

 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.
 

 H.6 (508)
 Table 5
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars

 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.
 

 

 H.6 (508)
 Table 6
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars

 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.
 

 

 H.6 (508)
 Table 7
 OTHER MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted

 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 web site (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).  For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
 

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