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Release Date: January 21, 2010
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4:30 p.m. EST
January 21, 2010
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 incorporation
of the new quarterly benchmark and revisions to the seasonal factors resulted
in a lower growth rate for seasonally adjusted M2 in the first half of 2009
and a higher growth rate for seasonally adjusted M2 in the second half of
2009.
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 2003. 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 2006. 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 1992.
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 2009. 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. 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.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 For release at 4:30 p.m. Eastern Time
January 21, 2010
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------------
Date M1(1) M2(2) M1(1) M2(2)
----------------------------- ------------------------------------------------------------ -------------------------------------------------------
Seasonally adjusted Not seasonally adjusted
----------------------------- ------------------------------------------------------------ -------------------------------------------------------
2008-Jan. 1381.1 7542.3 1375.5 7529.1
Feb. 1387.0 7631.7 1365.3 7613.4
Mar. 1389.7 7691.6 1400.7 7752.2
Apr. 1392.1 7716.3 1406.4 7802.0
May 1391.5 7739.0 1396.2 7739.7
June 1398.1 7751.1 1407.0 7761.2
July 1415.1 7802.7 1417.4 7776.1
Aug. 1400.0 7790.6 1400.9 7772.8
Sep. 1459.5 7898.2 1441.0 7851.6
Oct. 1472.7 8014.7 1461.9 7965.1
Nov. 1518.1 8065.3 1513.1 8052.6
Dec. 1594.7 8241.6 1618.7 8251.3
2009-Jan. 1573.8 8302.6 1565.6 8296.9
Feb. 1562.1 8340.7 1535.6 8322.8
Mar. 1564.3 8392.7 1577.3 8455.3
Apr. 1592.7 8343.7 1608.4 8448.4
May 1593.0 8416.1 1598.3 8426.6
June 1641.0 8442.2 1652.9 8447.2
July 1649.9 8436.5 1654.9 8417.2
Aug. 1648.3 8413.2 1649.2 8391.9
Sep. 1660.8 8452.3 1639.9 8396.3
Oct. 1673.8 8481.3 1659.5 8423.4
Nov. 1685.6 8508.9 1678.8 8491.7
Dec. p 1693.3 8523.8 1718.3 8529.5
----------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at seasonally adjusted annual rates M1 M2
----------------------------------------------------------------------------------------------------------------------------------------------------
3 Months from Sep. 2009 TO Dec. 2009 7.8 3.4
6 Months from June 2009 TO Dec. 2009 6.4 1.9
12 Months from Dec. 2008 TO Dec. 2009 6.2 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
----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
2009-Oct. 19 1657.9 1667.8 1676.4 8443.5 8473.1 8483.8 1646.9 1646.6 1641.8 8401.3 8409.5 8447.3
26 1660.3 1672.8 1677.2 8447.0 8478.9 8499.3 1647.8 1647.8 1698.7 8402.4 8420.2 8388.8
Nov. 2 1661.2 1675.5 1676.1 8452.5 8487.9 8498.7 1649.3 1667.5 1730.1 8404.3 8424.0 8431.0
9 1663.9 1680.3 1691.3 8459.4 8497.5 8508.0 1651.5 1677.0 1637.3 8409.3 8439.2 8489.5
16 1666.2 1682.0 1683.3 8466.8 8504.5 8512.0 1651.6 1675.2 1634.7 8416.3 8456.3 8515.8
23 1669.7 1683.6 1683.5 8475.4 8507.8 8512.4 1654.6 1672.0 1686.0 8426.1 8477.1 8472.1
30 1673.4 1686.3 1686.9 8482.4 8510.6 8510.1 1659.3 1677.2 1750.9 8436.9 8493.0 8494.6
Dec. 7 1675.8 1684.8 1685.5 8490.8 8517.4 8535.0 1662.3 1681.5 1654.3 8446.2 8506.7 8544.4
14 1677.3 1687.4 1693.7 8497.9 8525.2 8543.3 1666.6 1686.5 1654.9 8454.5 8514.4 8546.4
21 1680.3 1690.5 1695.7 8503.2 8529.8 8530.9 1673.5 1695.7 1722.8 8465.2 8528.0 8526.7
28 1683.1 1691.9 1692.8 8506.0 8530.3 8512.1 1681.7 1708.1 1800.3 8477.8 8531.9 8510.0
2010-Jan. 4p 1686.1 1696.7 1704.6 8505.9 8512.0 8461.7 1691.7 1739.9 1781.5 8486.0 8526.5 8523.0
11p 1684.8 1687.1 1655.3 8504.6 8489.3 8452.3 1693.0 1730.2 1616.0 8490.4 8511.3 8485.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at seasonally adjusted annual rates M1 M2
--------------------------------------------------------------------------------------------------------------------------------------------------------
Thirteen weeks ending January 11, 2010
from thirteen weeks ending:
Oct. 12, 2009 (13 weeks previous) 7.0 3.1
July 13, 2009 (26 weeks previous) 8.6 2.2
Jan. 12, 2009 (52 weeks previous) 8.9 4.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2008-Aug. 776.7 5.9 311.5 170.1 135.9 306.0
Sep. 781.1 5.8 359.6 175.7 137.3 313.0
Oct. 796.6 5.7 360.2 175.2 135.0 310.2
Nov. 806.3 5.6 399.6 171.5 135.1 306.6
Dec. 815.3 5.5 459.7 180.2 134.1 314.3
2009-Jan. 827.2 5.5 428.4 177.0 135.7 312.7
Feb. 836.8 5.5 397.3 182.2 140.3 322.4
Mar. 842.9 5.4 390.5 184.5 141.0 325.5
Apr. 847.8 5.3 406.2 191.6 141.6 333.3
May 849.2 5.3 401.9 195.1 141.5 336.7
June 852.3 5.2 434.0 210.4 139.1 349.5
July 854.2 5.1 435.7 215.2 139.8 354.9
Aug. 857.7 5.1 426.9 219.1 139.5 358.6
Sep. 861.4 5.1 430.4 222.2 141.7 363.9
Oct. 862.6 5.1 432.2 226.2 147.6 373.8
Nov. 861.7 5.1 434.5 236.3 148.0 384.3
Dec. p 862.1 5.1 441.6 233.9 150.6 384.4
Week ending:
2009-Nov. 16 861.4 5.1 434.6 233.9 148.3 382.2
23 862.0 5.1 429.6 238.1 148.7 386.8
30 862.2 5.1 430.1 241.4 148.1 389.5
Dec. 7 863.4 5.1 437.9 230.9 148.2 379.1
14 863.1 5.1 441.2 234.3 150.0 384.3
21 862.1 5.1 442.0 236.6 149.9 386.5
28 860.8 5.1 440.0 234.2 152.8 386.9
2010-Jan. 4p 859.9 5.1 453.3 233.0 153.4 386.4
11p 860.0 5.1 e 421.5 218.6 150.2 368.8
------------------------------------------------------------------------------------------------------------------------------------------
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)
----------------------------------------------------------------------------------------------------------------------------------------------------
2008-Aug. 3126.5 892.0 4018.5 903.9 408.7 1312.6 1059.4 6390.6 2272.3
Sep. 3180.8 864.3 4045.2 932.0 404.3 1336.3 1057.3 6438.7 2233.9
Oct. 3263.3 786.7 4050.0 1024.6 372.5 1397.1 1094.8 6541.9 2225.4
Nov. 3260.5 771.2 4031.8 1052.6 377.8 1430.4 1085.0 6547.2 2334.4
Dec. 3339.2 772.7 4112.0 1074.2 378.5 1452.7 1082.2 6646.9 2409.7
2009-Jan. 3428.8 778.5 4207.3 1065.9 379.7 1445.6 1075.9 6728.8 2472.3
Feb. 3495.1 789.8 4284.8 1056.0 381.6 1437.6 1056.2 6778.6 2494.7
Mar. 3552.1 804.0 4356.1 1042.6 382.4 1424.9 1047.4 6828.5 2501.6
Apr. 3520.9 805.4 4326.4 1027.9 377.0 1404.9 1019.8 6751.1 2514.2
May 3621.3 817.2 4438.4 1021.4 362.9 1384.3 1000.4 6823.1 2528.5
June 3640.9 825.9 4466.8 1003.1 358.4 1361.5 972.8 6801.2 2511.3
July 3671.9 834.6 4506.5 980.5 353.4 1333.9 946.3 6786.7 2492.2
Aug. 3715.5 830.5 4546.0 961.9 342.0 1303.9 915.0 6764.9 2447.0
Sep. 3789.6 842.7 4632.3 935.6 332.4 1268.0 891.1 6791.4 2407.3
Oct. 3861.1 855.3 4716.5 901.8 327.4 1229.2 861.8 6807.5 2339.2
Nov. 3952.1 835.8 4787.9 876.8 320.7 1197.5 837.9 6823.3 2281.0
Dec. p 4006.8 842.6 4849.4 850.7 316.9 1167.6 813.5 6830.5 2219.7
Week ending:
2009-Nov. 16 3958.1 827.1 4785.2 878.8 320.6 1199.4 844.0 6828.6 2280.2
23 3962.6 839.8 4802.4 873.3 319.7 1192.9 833.6 6828.9 2273.7
30 3965.5 843.6 4809.1 867.6 319.2 1186.8 827.4 6823.2 2266.3
Dec. 7 4012.5 837.6 4850.1 857.3 319.0 1176.4 823.0 6849.5 2257.6
14 4025.6 835.3 4860.8 855.0 317.8 1172.8 816.0 6849.6 2224.4
21 4014.6 843.9 4858.4 850.1 316.6 1166.7 810.1 6835.2 2200.8
28 3998.8 852.3 4851.1 845.2 315.1 1160.3 807.8 6819.3 2190.8
2010-Jan. 4p 3954.8 840.5 4795.3 838.7 315.0 1153.7 808.2 6757.1 2231.9
11p 4010.4 839.0 4849.4 832.3 313.2 1145.5 802.0 6796.9 2208.1
----------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2008-Aug. 775.3 6.0 314.4 167.3 138.0 305.3
Sep. 776.6 5.8 349.9 170.5 138.2 308.7
Oct. 793.5 5.7 357.7 171.7 133.4 305.1
Nov. 806.1 5.6 402.0 167.2 132.3 299.5
Dec. 818.7 5.5 478.3 183.1 133.2 316.2
2009-Jan. 825.8 5.5 421.7 182.0 130.5 312.6
Feb. 838.6 5.5 377.3 179.5 134.6 314.2
Mar. 846.2 5.4 396.6 187.3 141.9 329.1
Apr. 849.0 5.3 407.7 200.5 145.9 346.4
May 850.9 5.2 404.1 196.4 141.7 338.1
June 852.4 5.2 439.6 212.3 143.3 355.7
July 854.6 5.2 439.0 212.2 143.8 356.0
Aug. 855.5 5.2 430.4 215.2 143.0 358.1
Sep. 856.7 5.1 418.9 215.7 143.5 359.2
Oct. 859.2 5.1 427.7 221.5 146.0 367.5
Nov. 860.8 5.1 437.4 230.3 145.2 375.5
Dec. p 865.3 5.1 461.4 237.5 149.1 386.6
Week ending:
2009-Nov. 16 860.1 5.1 409.3 218.1 142.2 360.2
23 860.1 5.1 440.8 235.5 144.5 380.0
30 862.3 5.1 484.4 249.2 149.9 399.1
Dec. 7 862.3 5.1 419.2 221.2 146.4 367.6
14 862.9 5.1 420.8 222.3 143.9 366.2
21 866.0 5.1 461.6 241.7 148.5 390.2
28 870.3 5.1 515.5 256.2 153.3 409.4
2010-Jan. 4p 864.7 5.1 505.9 248.3 157.6 405.9
11p 859.7 5.1 e 392.9 214.5 143.9 358.3
------------------------------------------------------------------------------------------------------------------------------------------
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)
----------------------------------------------------------------------------------------------------------------------------------------------------
2008-Aug. 3122.0 890.8 4012.8 899.7 406.8 1306.4 1052.7 6371.9 2254.8
Sep. 3164.5 859.9 4024.4 932.0 404.3 1336.4 1049.8 6410.5 2210.0
Oct. 3239.0 780.8 4019.8 1028.0 373.8 1401.8 1081.5 6503.1 2205.1
Nov. 3256.5 770.3 4026.7 1058.7 380.1 1438.8 1073.9 6539.4 2320.4
Dec. 3321.4 768.6 4090.0 1079.3 380.3 1459.6 1083.0 6632.5 2430.9
2009-Jan. 3413.9 775.1 4189.0 1072.8 382.2 1455.0 1087.3 6731.3 2529.7
Feb. 3487.7 788.1 4275.8 1059.4 382.8 1442.2 1069.1 6787.2 2546.9
Mar. 3572.0 808.6 4380.6 1043.8 382.8 1426.6 1070.8 6878.0 2530.3
Apr. 3583.0 819.6 4402.6 1025.8 376.2 1402.0 1035.4 6840.1 2509.8
May 3636.0 820.5 4456.5 1015.5 360.8 1376.3 995.5 6828.3 2519.6
June 3649.2 827.8 4477.0 997.2 356.3 1353.5 963.8 6794.3 2494.5
July 3665.9 833.2 4499.1 974.8 351.4 1326.2 937.0 6762.3 2458.5
Aug. 3707.6 828.7 4536.3 957.0 340.3 1297.3 909.1 6742.7 2431.2
Sep. 3767.2 837.7 4604.9 934.9 332.2 1267.1 884.4 6756.4 2378.8
Oct. 3831.8 848.9 4680.7 904.3 328.3 1232.5 850.7 6763.9 2309.2
Nov. 3945.3 834.4 4779.7 881.8 322.6 1204.4 828.8 6812.8 2263.6
Dec. p 3985.8 838.1 4823.9 855.1 318.5 1173.6 813.7 6811.2 2236.2
Week ending:
2009-Nov. 16 4006.2 837.2 4843.4 884.0 322.5 1206.5 831.1 6881.1 2259.1
23 3927.3 832.3 4759.6 878.4 321.5 1200.0 826.5 6786.1 2266.4
30 3899.0 829.4 4728.4 872.8 321.1 1193.9 821.5 6743.8 2261.7
Dec. 7 4042.8 843.9 4886.8 862.2 320.9 1183.1 820.2 6890.1 2256.0
14 4054.5 841.3 4895.8 859.6 319.5 1179.1 816.5 6891.4 2259.5
21 3983.0 837.2 4820.3 854.2 318.1 1172.2 811.3 6803.8 2214.0
28 3903.0 831.9 4734.9 849.1 316.6 1165.7 809.0 6709.6 2214.8
2010-Jan. 4p 3937.2 836.7 4773.9 843.0 316.6 1159.6 808.0 6741.5 2237.5
11p 4056.7 848.7 4905.4 838.1 315.4 1153.4 810.6 6869.4 2249.1
--------------------------------------------------------------------------------------------------------------------------------------------------
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 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
--------------------------------------------------------------------------------------------------------------------
2008-Aug. 8.2 1.5 36.9 185.5 114.3 251.3 551.1
Sep. 9.3 1.5 33.4 188.5 113.9 257.1 559.4
Oct. 10.2 1.8 32.1 191.1 113.8 262.3 567.2
Nov. 10.8 2.4 33.6 193.2 114.2 267.0 574.4
Dec. 11.4 3.1 35.1 195.4 114.6 271.7 581.7
2009-Jan. 11.8 3.4 34.8 199.3 115.3 275.6 590.3
Feb. 11.9 4.7 32.3 205.2 116.3 278.4 599.9
Mar. 12.0 4.3 29.9 211.1 117.3 281.1 609.5
Apr. 12.4 4.7 28.3 215.6 118.5 280.4 614.5
May 13.3 5.8 28.0 217.7 119.8 274.8 612.3
June 14.1 6.8 27.7 219.8 121.1 269.1 610.0
July 14.5 7.4 27.6 221.3 122.1 263.2 e 606.6 e
Aug. 14.1 8.7 27.8 222.0 122.7 257.1 e 601.8 e
Sep. 13.8 8.5 27.9 222.7 123.3 250.9 e 596.9 e
Oct. 13.6 e 8.3 e 28.0 e 223.5 e 123.8 e 247.6 e 594.9 e
Nov. 13.6 e 8.8 e 28.0 e 224.4 e 124.3 e 247.6 e 596.3 e
Dec. p 13.6 e 8.4 e 28.0 e 225.4 e 124.8 e 247.6 e 597.8 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
-----------------------------------------------------------------------------------------------------------
2008-Aug. 1.2 4.8 7.7 13.8 2.2
Sep. 3.5 5.8 77.9 16.4 103.5 2.6
Oct. 1.8 33.9 495.2 24.9 555.8 2.6
Nov. 1.3 55.8 513.5 5.2 575.9 2.2
Dec. 1.3 90.2 340.3 1.9 433.8 1.8
2009-Jan. 3.4 47.0 197.9 1.9 250.2 1.6
Feb. 1.3 36.5 195.7 2.0 235.5 1.7
Mar. 1.4 62.9 199.9 1.9 266.2 1.7
Apr. 5.9 59.1 199.9 2.0 266.9 1.7
May 1.3 51.8 199.9 2.0 255.0 1.7
June 2.6 64.5 199.9 2.0 269.0 1.7
July 1.3 50.4 199.9 2.0 253.7 1.7
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 e
Nov. 1.2 52.3 15.0 2.0 70.5 1.9 e
Dec. p 1.3 82.7 13.9 2.0 99.8 1.9 e
Week ending:
2009-Nov. 16 1.3 60.6 15.0 2.0 78.9
23 1.2 40.0 15.0 2.1 58.3
30 1.2 25.8 15.0 2.0 43.9
Dec. 7 1.1 38.7 15.0 2.0 56.8
14 1.3 49.5 15.0 1.9 67.7
21 1.4 102.7 15.0 2.0 121.1
28 1.4 110.5 15.0 2.0 128.8
2010-Jan. 4p 1.6 169.2 4.3 1.9 177.0
11p 2.3 146.7 5.0 2.0 156.0
---------------------------------------------------------------------------------------------------------
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). For paid
electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
Appendix Table 1
Monthly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------
Other checkable
Nonbank deposits [1]
travelers Demand --------------------
Date Currency checks deposits Total At banks
------------- --------- --------- --------- --------- ---------
2009 Jan. 0.9983 1.0022 0.9842 0.9996 1.0286
Feb. 1.0022 0.9973 0.9497 0.9744 0.9856
Mar. 1.0039 0.9920 1.0157 1.0113 1.0151
Apr. 1.0014 0.9891 1.0037 1.0394 1.0461
May 1.0020 0.9901 1.0055 1.0043 1.0066
June 1.0002 1.0021 1.0130 1.0175 1.0091
July 1.0005 1.0190 1.0078 1.0031 0.9864
Aug. 0.9974 1.0163 1.0082 0.9989 0.9822
Sep. 0.9945 0.9997 0.9733 0.9871 0.9707
Oct. 0.9961 0.9966 0.9895 0.9831 0.9794
Nov. 0.9989 0.9956 1.0069 0.9772 0.9747
Dec. 1.0037 0.9970 1.0447 1.0056 1.0155
2010 Jan. 0.9988 1.0022 0.9844 0.9976 1.0272
Feb. 1.0025 0.9982 0.9478 0.9747 0.9869
Mar. 1.0043 0.9925 1.0169 1.0101 1.0138
Apr. 1.0020 0.9886 1.0006 1.0382 1.0473
May 1.0012 0.9898 1.0053 1.0044 1.0063
June 1.0006 1.0023 1.0152 1.0197 1.0093
July 1.0006 1.0189 1.0084 1.0042 0.9875
Aug. 0.9969 1.0176 1.0070 0.9992 0.9819
Sep. 0.9945 1.0006 0.9741 0.9873 0.9714
Oct. 0.9965 0.9967 0.9871 0.9836 0.9784
Nov. 0.9983 0.9971 1.0063 0.9770 0.9748
Dec. 1.0039 0.9968 1.0474 1.0043 1.0154
2011 Jan. 0.9981 1.0025 0.9854 0.9969 1.0262
Feb. 1.0027 0.9986 0.9467 0.9751 0.9877
Mar. 1.0045 0.9925 1.0177 1.0092 1.0130
----------------------------------------------------------------------------------------
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
------------- ------------- ------------- ------------- -------------
2009 Jan. 0.9957 1.0065 1.0106 1.0232
Feb. 0.9979 1.0032 1.0123 1.0209
Mar. 1.0056 1.0012 1.0223 1.0115
Apr. 1.0176 0.9980 1.0153 0.9982
May 1.0041 0.9942 0.9952 0.9965
June 1.0023 0.9941 0.9907 0.9933
July 0.9984 0.9943 0.9902 0.9865
Aug. 0.9979 0.9950 0.9935 0.9935
Sep. 0.9941 0.9993 0.9924 0.9882
Oct. 0.9924 1.0027 0.9871 0.9872
Nov. 0.9983 1.0057 0.9891 0.9924
Dec. 0.9948 1.0051 1.0002 1.0074
2010 Jan. 0.9963 1.0070 1.0102 1.0206
Feb. 0.9983 1.0034 1.0126 1.0217
Mar. 1.0059 1.0012 1.0225 1.0120
Apr. 1.0181 0.9979 1.0163 0.9981
May 1.0045 0.9945 0.9958 0.9963
June 1.0021 0.9946 0.9906 0.9947
July 0.9984 0.9947 0.9905 0.9898
Aug. 0.9953 0.9953 0.9935 0.9955
Sep. 0.9950 0.9989 0.9921 0.9876
Oct. 0.9932 1.0018 0.9869 0.9852
Nov. 0.9961 1.0050 0.9891 0.9924
Dec. 0.9965 1.0051 0.9996 1.0075
2011 Jan. 0.9962 1.0071 1.0100 1.0192
Feb. 0.9986 1.0036 1.0127 1.0214
Mar. 1.0060 1.0013 1.0223 1.0116
------------------------------------------------------------------------------------------
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
------------- --------- --------- --------- --------- ---------
2009 Dec. 7 0.9988 0.9937 0.9574 0.9697 0.9581
14 0.9998 0.9956 0.9537 0.9527 0.9485
21 1.0045 0.9975 1.0443 1.0094 1.0213
28 1.0110 0.9995 1.1718 1.0581 1.0940
2010 Jan. 4 1.0056 1.0014 1.1161 1.0505 1.0658
11 0.9997 1.0018 0.9321 0.9718 0.9813
18 0.9980 1.0021 0.9506 0.9799 1.0086
25 0.9962 1.0025 0.9850 1.0002 1.0475
2010 Feb. 1 0.9972 1.0028 1.0110 1.0197 1.0582
8 1.0027 1.0009 0.8841 0.9676 0.9712
15 1.0040 0.9989 0.9288 0.9539 0.9586
22 1.0019 0.9970 0.9602 0.9748 0.9954
2010 Mar. 1 1.0020 0.9950 1.0185 0.9995 1.0161
8 1.0054 0.9941 0.9274 0.9827 0.9814
15 1.0045 0.9931 0.9678 0.9811 0.9817
22 1.0043 0.9921 1.0352 1.0112 1.0192
29 1.0039 0.9912 1.1082 1.0435 1.0624
2010 Apr. 5 1.0059 0.9902 1.0027 1.0468 1.0250
12 1.0035 0.9894 0.9462 1.0010 0.9975
19 1.0012 0.9885 1.0040 1.0422 1.0505
26 0.9995 0.9877 1.0516 1.0689 1.0958
2010 May 3 1.0007 0.9868 1.0420 1.0484 1.0742
10 1.0024 0.9881 0.9291 0.9812 0.9825
17 0.9997 0.9895 0.9938 0.9858 0.9841
24 0.9999 0.9908 1.0432 1.0070 1.0099
31 1.0017 0.9921 1.0529 1.0307 1.0256
2010 June 7 1.0030 0.9959 0.9329 1.0023 0.9942
14 1.0012 0.9998 0.9773 0.9827 0.9772
21 0.9996 1.0036 1.0167 1.0210 1.0129
28 0.9987 1.0074 1.0935 1.0564 1.0490
2010 July 5 1.0042 1.0113 1.0126 1.0210 0.9942
12 1.0023 1.0151 0.9457 0.9729 0.9513
19 0.9997 1.0189 0.9926 0.9899 0.9778
26 0.9981 1.0228 1.0582 1.0200 1.0072
2010 Aug. 2 0.9984 1.0266 1.0772 1.0420 1.0213
9 1.0003 1.0229 0.9361 0.9786 0.9502
16 0.9979 1.0192 0.9847 0.9826 0.9581
23 0.9956 1.0154 1.0312 1.0006 0.9911
30 0.9931 1.0116 1.0664 1.0235 1.0216
2010 Sep. 6 0.9981 1.0079 0.9250 0.9853 0.9693
13 0.9951 1.0039 0.9021 0.9594 0.9431
20 0.9934 0.9998 0.9755 0.9820 0.9665
27 0.9925 0.9958 1.0454 1.0092 0.9959
2010 Oct. 4 0.9950 0.9918 1.0019 0.9994 0.9781
11 0.9988 0.9941 0.9129 0.9539 0.9311
18 0.9960 0.9964 0.9656 0.9696 0.9652
25 0.9953 0.9988 1.0346 1.0040 1.0094
2010 Nov. 1 0.9953 1.0012 1.0753 1.0126 1.0195
8 0.9991 0.9995 0.9506 0.9578 0.9569
15 0.9982 0.9979 0.9516 0.9381 0.9349
22 0.9973 0.9962 1.0095 0.9773 0.9790
29 0.9995 0.9946 1.0992 1.0255 1.0233
2010 Dec. 6 0.9989 0.9929 0.9678 0.9802 0.9690
13 1.0003 0.9950 0.9656 0.9680 0.9604
20 1.0039 0.9970 1.0578 0.9987 1.0136
27 1.0117 0.9991 1.1458 1.0411 1.0758
2011 Jan. 3 1.0050 1.0012 1.1208 1.0496 1.0682
10 0.9998 1.0018 0.9489 0.9816 0.9993
17 0.9973 1.0024 0.9573 0.9775 1.0072
24 0.9955 1.0030 0.9815 0.9957 1.0334
31 0.9956 1.0036 1.0109 1.0165 1.0526
2011 Feb. 7 1.0018 1.0016 0.8853 0.9694 0.9819
14 1.0032 0.9996 0.9079 0.9509 0.9610
21 1.0034 0.9976 0.9748 0.9748 0.9885
28 1.0024 0.9956 1.0182 1.0051 1.0190
2011 Mar. 7 1.0062 0.9944 0.9416 0.9873 0.9826
14 1.0052 0.9933 0.9566 0.9803 0.9758
21 1.0048 0.9922 1.0241 1.0049 1.0120
28 1.0030 0.9910 1.0971 1.0358 1.0556
2011 Apr. 4 1.0052 0.9899 1.0269 1.0389 1.0505
----------------------------------------------------------------------------------------
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
------------- ------------- ------------- ------------- -------------
2009 Dec. 7 1.0076 1.0057 0.9966 0.9993
14 1.0072 1.0054 1.0007 1.0158
21 0.9921 1.0048 1.0015 1.0060
28 0.9760 1.0047 1.0014 1.0110
2010 Jan. 4 0.9956 1.0051 0.9998 1.0025
11 1.0116 1.0069 1.0107 1.0186
18 1.0035 1.0078 1.0146 1.0248
25 0.9843 1.0076 1.0148 1.0280
2010 Feb. 1 0.9831 1.0064 1.0115 1.0218
8 1.0051 1.0052 1.0129 1.0188
15 1.0044 1.0039 1.0121 1.0215
22 0.9930 1.0025 1.0149 1.0238
2010 Mar. 1 0.9922 1.0013 1.0169 1.0226
8 1.0133 1.0014 1.0215 1.0176
15 1.0163 1.0015 1.0260 1.0184
22 1.0022 1.0014 1.0294 1.0075
29 0.9940 1.0008 1.0275 1.0067
2010 Apr. 5 1.0216 1.0000 1.0237 0.9988
12 1.0346 0.9990 1.0273 1.0070
19 1.0270 0.9978 1.0223 0.9980
26 0.9988 0.9966 1.0151 0.9951
2010 May 3 1.0018 0.9956 0.9988 0.9866
10 1.0175 0.9949 0.9986 0.9923
17 1.0110 0.9943 0.9955 0.9947
24 0.9919 0.9939 0.9967 1.0044
31 0.9928 0.9944 0.9943 0.9978
2010 June 7 1.0166 0.9948 0.9933 0.9963
14 1.0171 0.9948 0.9943 1.0024
21 1.0003 0.9945 0.9925 0.9897
28 0.9808 0.9944 0.9881 0.9947
2010 July 5 1.0069 0.9949 0.9820 0.9803
12 1.0117 0.9950 0.9914 0.9944
19 1.0000 0.9946 0.9902 0.9910
26 0.9833 0.9942 0.9907 0.9938
2010 Aug. 2 0.9866 0.9947 0.9871 0.9860
9 1.0095 0.9949 0.9901 0.9917
16 1.0057 0.9949 0.9901 0.9938
23 0.9874 0.9952 0.9941 1.0008
30 0.9779 0.9959 0.9928 0.9990
2010 Sep. 6 1.0078 0.9974 0.9894 0.9913
13 1.0127 0.9982 0.9940 0.9953
20 0.9958 0.9990 0.9916 0.9861
27 0.9742 0.9999 0.9870 0.9830
2010 Oct. 4 0.9913 1.0008 0.9815 0.9761
11 1.0044 1.0011 0.9858 0.9857
18 1.0003 1.0013 0.9864 0.9850
25 0.9803 1.0021 0.9850 0.9896
2010 Nov. 1 0.9803 1.0034 0.9819 0.9859
8 1.0030 1.0046 0.9828 0.9851
15 1.0077 1.0051 0.9844 0.9906
22 0.9923 1.0052 0.9909 0.9955
29 0.9824 1.0053 0.9933 0.9985
2010 Dec. 6 1.0064 1.0052 0.9947 0.9977
13 1.0070 1.0051 1.0002 1.0163
20 0.9963 1.0047 1.0008 1.0064
27 0.9835 1.0050 1.0008 1.0082
2011 Jan. 3 0.9926 1.0059 1.0002 1.0075
10 1.0096 1.0071 1.0095 1.0135
17 1.0040 1.0080 1.0140 1.0220
24 0.9882 1.0074 1.0147 1.0261
31 0.9787 1.0066 1.0108 1.0201
2011 Feb. 7 1.0042 1.0053 1.0126 1.0169
14 1.0042 1.0041 1.0123 1.0216
21 0.9950 1.0029 1.0152 1.0213
28 0.9909 1.0019 1.0170 1.0257
2011 Mar. 7 1.0118 1.0017 1.0212 1.0179
14 1.0159 1.0017 1.0258 1.0188
21 1.0061 1.0014 1.0280 1.0086
28 0.9957 1.0008 1.0284 1.0065
2011 Apr. 4 1.0167 0.9999 1.0238 0.9990
------------------------------------------------------------------------------------------
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
--------------- ------------------- ------------------- ------------------- -------------------
2008 Oct. 1472.7 1474.7 8014.7 7929.2
Nov. 1518.1 1523.2 8065.3 7982.1
Dec. 1594.7 1595.2 8241.6 8155.9
2009 Jan. 1573.8 1576.5 8302.6 8235.9
Feb. 1562.1 1559.7 8340.7 8258.7
Mar. 1564.3 1563.3 8392.7 8325.4
Apr. 1592.7 1592.8 8343.7 8272.2
May 1593.0 1595.5 8416.1 8342.6
June 1641.0 1647.8 8442.2 8374.3
July 1649.9 1653.6 8436.5 8356.6
Aug. 1648.3 1649.8 8413.2 8305.2
Sep. 1660.8 1659.9 8452.3 8332.9
Oct. 1673.8 1673.9 8481.3 8359.9
Nov. 1685.6 1688.7 8508.9 8391.9
Dec. 1693.3 1689.4 8523.8 8410.3
------------------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
Difference due to
------------------------------
Date Revised Old Difference Benchmark Seasonals
----------------- -------------- -------------- -------------- -------------- --------------
2008
January 4.6 3.8 0.8 2.5 -1.7
February 5.1 2.8 2.3 2.1 0.2
March 2.3 2.3 0.0 0.5 -0.5
April 2.1 0.6 1.5 2.8 -1.3
May -0.5 -0.2 -0.3 0.6 -0.9
June 5.7 8.7 -3.0 -0.6 -2.4
July 14.6 13.3 1.3 -0.3 1.6
August -12.8 -15.0 2.2 0.6 1.6
September 51.0 51.6 -0.6 -2.6 2.0
October 10.9 19.1 -8.2 -7.5 -0.7
November 37.0 39.5 -2.5 -1.4 -1.1
December 60.5 56.7 3.8 -0.5 4.3
2009
January -15.7 -14.1 -1.6 0.1 -1.7
February -8.9 -12.8 3.9 3.4 0.5
March 1.7 2.8 -1.1 0.3 -1.4
April 21.8 22.6 -0.8 0.0 -0.8
May 0.2 2.0 -1.8 0.1 -1.9
June 36.2 39.3 -3.1 -0.1 -3.0
July 6.5 4.2 2.3 0.0 2.3
August -1.2 -2.8 1.6 -0.8 2.4
September 9.1 7.3 1.8 -0.5 2.3
October 9.4 10.1 -0.7 0.3 -1.0
November 8.5 10.6 -2.1 0.2 -2.3
December 5.5 0.5 5.0 0.0 5.0
Quarterly
08Q4 29.1 32.0 -2.9 -3.6 0.7
09Q1 10.0 9.3 0.7 0.7 0.0
09Q2 10.8 11.6 -0.8 0.5 -1.3
09Q3 11.0 10.5 0.5 -0.3 0.8
09Q4 7.5 7.2 0.3 0.0 0.3
Semi-Annual
08Q4 - 09Q2 10.5 10.6 -0.1 0.6 -0.7
09Q2 - 09Q4 9.4 8.9 0.5 -0.2 0.7
Annual (Q4 to Q4)
2008 11.0 11.3 -0.3 -0.3 0.0
2009 10.2 10.0 0.2 0.2 0.0
----------------------------------------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
Difference due to
------------------------------
Date Revised Old Difference Benchmark Seasonals
----------------- -------------- -------------- -------------- -------------- --------------
2008
January 5.3 8.0 -2.7 0.5 -3.2
February 14.2 12.4 1.8 0.4 1.4
March 9.4 10.1 -0.7 0.0 -0.7
April 3.9 3.3 0.6 0.4 0.2
May 3.5 3.1 0.4 0.3 0.1
June 1.9 1.9 0.0 0.0 0.0
July 8.0 7.0 1.0 0.1 0.9
August -1.9 -4.2 2.3 0.2 2.1
September 16.6 17.2 -0.6 -0.3 -0.3
October 17.7 18.3 -0.6 -0.7 0.1
November 7.6 8.0 -0.4 0.1 -0.5
December 26.2 26.1 0.1 0.3 -0.2
2009
January 8.9 11.8 -2.9 0.2 -3.1
February 5.5 3.3 2.2 0.2 2.0
March 7.5 9.7 -2.2 -0.2 -2.0
April -7.0 -7.7 0.7 -0.2 0.9
May 10.4 10.2 0.2 -0.1 0.3
June 3.7 4.6 -0.9 -0.2 -0.7
July -0.8 -2.5 1.7 0.3 1.4
August -3.3 -7.4 4.1 1.3 2.8
September 5.6 4.0 1.6 1.2 0.4
October 4.1 3.9 0.2 0.9 -0.7
November 3.9 4.6 -0.7 0.1 -0.8
December 2.1 2.6 -0.5 0.1 -0.6
Quarterly
08Q4 14.1 14.3 -0.2 -0.3 0.1
09Q1 11.7 12.5 -0.8 0.2 -1.0
09Q2 2.7 2.7 0.0 -0.2 0.2
09Q3 1.6 0.1 1.5 0.5 1.0
09Q4 3.4 2.7 0.7 0.8 -0.1
Semi-Annual
08Q4 - 09Q2 7.2 7.7 -0.5 0.1 -0.6
09Q2 - 09Q4 2.5 1.4 1.1 0.7 0.4
Annual (Q4 to Q4)
2008 8.5 8.3 0.2 0.1 0.1
2009 4.9 4.5 0.4 0.3 0.1
----------------------------------------------------------------------------------------------------
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