Federal Reserve Statistical Release H.6

For release at
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.

H.6 (508)
For release at 4:30 p.m. Eastern Time; January 21, 2010

Table 1
Money Stock Measures
Billions of dollars
Date	Seasonally adjusted		Not seasonally adjusted
Date	M11	M22	M11	M22
Jan 2008	1381.1	7542.3	1375.5	7529.1
Feb 2008	1387.0	7631.7	1365.3	7613.4
Mar 2008	1389.7	7691.6	1400.7	7752.2
Apr 2008	1392.1	7716.3	1406.4	7802.0
May 2008	1391.5	7739.0	1396.2	7739.7
Jun 2008	1398.1	7751.1	1407.0	7761.2
Jul 2008	1415.1	7802.7	1417.4	7776.1
Aug 2008	1400.0	7790.6	1400.9	7772.8
Sep 2008	1459.5	7898.2	1441.0	7851.6
Oct 2008	1472.7	8014.7	1461.9	7965.1
Nov 2008	1518.1	8065.3	1513.1	8052.6
Dec 2008	1594.7	8241.6	1618.7	8251.3

Jan 2009	1573.8	8302.6	1565.6	8296.9
Feb 2009	1562.1	8340.7	1535.6	8322.8
Mar 2009	1564.3	8392.7	1577.3	8455.3
Apr 2009	1592.7	8343.7	1608.4	8448.4
May 2009	1593.0	8416.1	1598.3	8426.6
Jun 2009	1641.0	8442.2	1652.9	8447.2
Jul 2009	1649.9	8436.5	1654.9	8417.2
Aug 2009	1648.3	8413.2	1649.2	8391.9
Sep 2009	1660.8	8452.3	1639.9	8396.3
Oct 2009	1673.8	8481.3	1659.5	8423.4
Nov 2009	1685.6	8508.9	1678.8	8491.7
Dec 2009 p	1693.3	8523.8	1718.3	8529.5

Percent change at seasonally adjusted annual rate	M1	M2
3 Months from Sep 2009 TO Dec 2009	7.8	3.4
6 Months from Jun 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

Table 2
Money Stock Measures
Billions of dollars
Period ending	Seasonally adjusted						Not seasonally adjusted
	M1			M2			M1			M2
	13-week average	4-week average	week average	13-week average	4-week average	week average	13-week average	4-week average	week average	13-week average	4-week average	week average
Oct 19, 2009	1657.9	1667.8	1676.4	8443.5	8473.1	8483.8	1646.9	1646.6	1641.8	8401.3	8409.5	8447.3
Oct 26, 2009	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, 2009	1661.2	1675.5	1676.1	8452.5	8487.9	8498.7	1649.3	1667.5	1730.1	8404.3	8424.0	8431.0
Nov 9, 2009	1663.9	1680.3	1691.3	8459.4	8497.5	8508.0	1651.5	1677.0	1637.3	8409.3	8439.2	8489.5
Nov 16, 2009	1666.2	1682.0	1683.3	8466.8	8504.5	8512.0	1651.6	1675.2	1634.7	8416.3	8456.3	8515.8
Nov 23, 2009	1669.7	1683.6	1683.5	8475.4	8507.8	8512.4	1654.6	1672.0	1686.0	8426.1	8477.1	8472.1
Nov 30, 2009	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, 2009	1675.8	1684.8	1685.5	8490.8	8517.4	8535.0	1662.3	1681.5	1654.3	8446.2	8506.7	8544.4
Dec 14, 2009	1677.3	1687.4	1693.7	8497.9	8525.2	8543.3	1666.6	1686.5	1654.9	8454.5	8514.4	8546.4
Dec 21, 2009	1680.3	1690.5	1695.7	8503.2	8529.8	8530.9	1673.5	1695.7	1722.8	8465.2	8528.0	8526.7
Dec 28, 2009	1683.1	1691.9	1692.8	8506.0	8530.3	8512.1	1681.7	1708.1	1800.3	8477.8	8531.9	8510.0

Jan 4, 2010 p	1686.1	1696.7	1704.6	8505.9	8512.0	8461.7	1691.7	1739.9	1781.5	8486.0	8526.5	8523.0
Jan 11, 2010 p	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 rate	M1	M2
Thirteen weeks ending January 11, 2010 from thirteen weeks ending:
Oct 12, 2009 (13 weeks previous)	7.0	3.1
Jul 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

Table 3
Seaonally Adjusted Components of M1
Billions of dollars
Date	Currency1	Traveler's checks2	Demand deposits3	Other checkable deposits
Date	Currency1	Traveler's checks2	Demand deposits3	At commercial banks4	At thrift institutions5	Total
Aug 2008	776.7	5.9	311.5	170.1	135.9	306.0
Sep 2008	781.1	5.8	359.6	175.7	137.3	313.0

Oct 2008	796.6	5.7	360.2	175.2	135.0	310.2
Nov 2008	806.3	5.6	399.6	171.5	135.1	306.6
Dec 2008	815.3	5.5	459.7	180.2	134.1	314.3


Jan 2009	827.2	5.5	428.4	177.0	135.7	312.7
Feb 2009	836.8	5.5	397.3	182.2	140.3	322.4
Mar 2009	842.9	5.4	390.5	184.5	141.0	325.5

Apr 2009	847.8	5.3	406.2	191.6	141.6	333.3
May 2009	849.2	5.3	401.9	195.1	141.5	336.7
Jun 2009	852.3	5.2	434.0	210.4	139.1	349.5

Jul 2009	854.2	5.1	435.7	215.2	139.8	354.9
Aug 2009	857.7	5.1	426.9	219.1	139.5	358.6
Sep 2009	861.4	5.1	430.4	222.2	141.7	363.9

Oct 2009	862.6	5.1	432.2	226.2	147.6	373.8
Nov 2009	861.7	5.1	434.5	236.3	148.0	384.3
Dec 2009 p	862.1	5.1	441.6	233.9	150.6	384.4



Week ending
Nov 16, 2009	861.4	5.1	434.6	233.9	148.3	382.2
Nov 23, 2009	862.0	5.1	429.6	238.1	148.7	386.8
Nov 30, 2009	862.2	5.1	430.1	241.4	148.1	389.5

Dec 7, 2009	863.4	5.1	437.9	230.9	148.2	379.1
Dec 14, 2009	863.1	5.1	441.2	234.3	150.0	384.3
Dec 21, 2009	862.1	5.1	442.0	236.6	149.9	386.5
Dec 28, 2009	860.8	5.1	440.0	234.2	152.8	386.9

Jan 4, 2010 p	859.9	5.1	453.3	233.0	153.4	386.4
Jan 11, 2010 p	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.

Table 4
Seaonally Adjusted Components of Non-M1 M2
Billions of dollars
Date	Savings deposits 1			Small-denomination time deposits 2			Retail money funds 3	Total non-M1 M2	Memorandum: Institutional money funds 4
Date	At commercial banks	At thrift institutions	Total	At commercial banks	At thrift institutions	Total	Retail money funds 3	Total non-M1 M2	Memorandum: Institutional money funds 4
Aug 2008	3126.5	892.0	4018.5	903.9	408.7	1312.6	1059.4	6390.6	2272.3
Sep 2008	3180.8	864.3	4045.2	932.0	404.3	1336.3	1057.3	6438.7	2233.9

Oct 2008	3263.3	786.7	4050.0	1024.6	372.5	1397.1	1094.8	6541.9	2225.4
Nov 2008	3260.5	771.2	4031.8	1052.6	377.8	1430.4	1085.0	6547.2	2334.4
Dec 2008	3339.2	772.7	4112.0	1074.2	378.5	1452.7	1082.2	6646.9	2409.7


Jan 2009	3428.8	778.5	4207.3	1065.9	379.7	1445.6	1075.9	6728.8	2472.3
Feb 2009	3495.1	789.8	4284.8	1056.0	381.6	1437.6	1056.2	6778.6	2494.7
Mar 2009	3552.1	804.0	4356.1	1042.6	382.4	1424.9	1047.4	6828.5	2501.6

Apr 2009	3520.9	805.4	4326.4	1027.9	377.0	1404.9	1019.8	6751.1	2514.2
May 2009	3621.3	817.2	4438.4	1021.4	362.9	1384.3	1000.4	6823.1	2528.5
Jun 2009	3640.9	825.9	4466.8	1003.1	358.4	1361.5	972.8	6801.2	2511.3

Jul 2009	3671.9	834.6	4506.5	980.5	353.4	1333.9	946.3	6786.7	2492.2
Aug 2009	3715.5	830.5	4546.0	961.9	342.0	1303.9	915.0	6764.9	2447.0
Sep 2009	3789.6	842.7	4632.3	935.6	332.4	1268.0	891.1	6791.4	2407.3

Oct 2009	3861.1	855.3	4716.5	901.8	327.4	1229.2	861.8	6807.5	2339.2
Nov 2009	3952.1	835.8	4787.9	876.8	320.7	1197.5	837.9	6823.3	2281.0
Dec 2009 p	4006.8	842.6	4849.4	850.7	316.9	1167.6	813.5	6830.5	2219.7



Week ending
Nov 16, 2009	3958.1	827.1	4785.2	878.8	320.6	1199.4	844.0	6828.6	2280.2
Nov 23, 2009	3962.6	839.8	4802.4	873.3	319.7	1192.9	833.6	6828.9	2273.7
Nov 30, 2009	3965.5	843.6	4809.1	867.6	319.2	1186.8	827.4	6823.2	2266.3

Dec 7, 2009	4012.5	837.6	4850.1	857.3	319.0	1176.4	823.0	6849.5	2257.6
Dec 14, 2009	4025.6	835.3	4860.8	855.0	317.8	1172.8	816.0	6849.6	2224.4
Dec 21, 2009	4014.6	843.9	4858.4	850.1	316.6	1166.7	810.1	6835.2	2200.8
Dec 28, 2009	3998.8	852.3	4851.1	845.2	315.1	1160.3	807.8	6819.3	2190.8

Jan 4, 2010 p	3954.8	840.5	4795.3	838.7	315.0	1153.7	808.2	6757.1	2231.9
Jan 11, 2010 p	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.

Table 5
Not Seasonally Adjusted Components of M1
Billions of dollars
Date	Currency1	Traveler's checks2	Demand deposits3	Other checkable deposits
Date	Currency1	Traveler's checks2	Demand deposits3	At commercial banks4	At thrift institutions5	Total
Aug 2008	775.3	6.0	314.4	167.3	138.0	305.3
Sep 2008	776.6	5.8	349.9	170.5	138.2	308.7

Oct 2008	793.5	5.7	357.7	171.7	133.4	305.1
Nov 2008	806.1	5.6	402.0	167.2	132.3	299.5
Dec 2008	818.7	5.5	478.3	183.1	133.2	316.2


Jan 2009	825.8	5.5	421.7	182.0	130.5	312.6
Feb 2009	838.6	5.5	377.3	179.5	134.6	314.2
Mar 2009	846.2	5.4	396.6	187.3	141.9	329.1

Apr 2009	849.0	5.3	407.7	200.5	145.9	346.4
May 2009	850.9	5.2	404.1	196.4	141.7	338.1
Jun 2009	852.4	5.2	439.6	212.3	143.3	355.7

Jul 2009	854.6	5.2	439.0	212.2	143.8	356.0
Aug 2009	855.5	5.2	430.4	215.2	143.0	358.1
Sep 2009	856.7	5.1	418.9	215.7	143.5	359.2

Oct 2009	859.2	5.1	427.7	221.5	146.0	367.5
Nov 2009	860.8	5.1	437.4	230.3	145.2	375.5
Dec 2009 p	865.3	5.1	461.4	237.5	149.1	386.6



Week ending
Nov 16, 2009	860.1	5.1	409.3	218.1	142.2	360.2
Nov 23, 2009	860.1	5.1	440.8	235.5	144.5	380.0
Nov 30, 2009	862.3	5.1	484.4	249.2	149.9	399.1

Dec 7, 2009	862.3	5.1	419.2	221.2	146.4	367.6
Dec 14, 2009	862.9	5.1	420.8	222.3	143.9	366.2
Dec 21, 2009	866.0	5.1	461.6	241.7	148.5	390.2
Dec 28, 2009	870.3	5.1	515.5	256.2	153.3	409.4

Jan 4, 2010 p	864.7	5.1	505.9	248.3	157.6	405.9
Jan 11, 2010 p	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.

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.

Table 6
Not Seasonally Adjusted Components of Non-M1 M2
Billions of dollars
Date	Savings deposits1			Small-denomination time deposits 2			Retail money funds3	Total non-M1 M2	Memorandum: Institutional money funds4
Date	At commercial banks	At thrift institutions	Total	At commercial banks	At thrift institutions	Total	Retail money funds3	Total non-M1 M2	Memorandum: Institutional money funds4
Aug 2008	3122.0	890.8	4012.8	899.7	406.8	1306.4	1052.7	6371.9	2254.8
Sep 2008	3164.5	859.9	4024.4	932.0	404.3	1336.4	1049.8	6410.5	2210.0

Oct 2008	3239.0	780.8	4019.8	1028.0	373.8	1401.8	1081.5	6503.1	2205.1
Nov 2008	3256.5	770.3	4026.7	1058.7	380.1	1438.8	1073.9	6539.4	2320.4
Dec 2008	3321.4	768.6	4090.0	1079.3	380.3	1459.6	1083.0	6632.5	2430.9


Jan 2009	3413.9	775.1	4189.0	1072.8	382.2	1455.0	1087.3	6731.3	2529.7
Feb 2009	3487.7	788.1	4275.8	1059.4	382.8	1442.2	1069.1	6787.2	2546.9
Mar 2009	3572.0	808.6	4380.6	1043.8	382.8	1426.6	1070.8	6878.0	2530.3

Apr 2009	3583.0	819.6	4402.6	1025.8	376.2	1402.0	1035.4	6840.1	2509.8
May 2009	3636.0	820.5	4456.5	1015.5	360.8	1376.3	995.5	6828.3	2519.6
Jun 2009	3649.2	827.8	4477.0	997.2	356.3	1353.5	963.8	6794.3	2494.5

Jul 2009	3665.9	833.2	4499.1	974.8	351.4	1326.2	937.0	6762.3	2458.5
Aug 2009	3707.6	828.7	4536.3	957.0	340.3	1297.3	909.1	6742.7	2431.2
Sep 2009	3767.2	837.7	4604.9	934.9	332.2	1267.1	884.4	6756.4	2378.8

Oct 2009	3831.8	848.9	4680.7	904.3	328.3	1232.5	850.7	6763.9	2309.2
Nov 2009	3945.3	834.4	4779.7	881.8	322.6	1204.4	828.8	6812.8	2263.6
Dec 2009 p	3985.8	838.1	4823.9	855.1	318.5	1173.6	813.7	6811.2	2236.2



Week ending
Nov 16, 2009	4006.2	837.2	4843.4	884.0	322.5	1206.5	831.1	6881.1	2259.1
Nov 23, 2009	3927.3	832.3	4759.6	878.4	321.5	1200.0	826.5	6786.1	2266.4
Nov 30, 2009	3899.0	829.4	4728.4	872.8	321.1	1193.9	821.5	6743.8	2261.7

Dec 7, 2009	4042.8	843.9	4886.8	862.2	320.9	1183.1	820.2	6890.1	2256.0
Dec 14, 2009	4054.5	841.3	4895.8	859.6	319.5	1179.1	816.5	6891.4	2259.5
Dec 21, 2009	3983.0	837.2	4820.3	854.2	318.1	1172.2	811.3	6803.8	2214.0
Dec 28, 2009	3903.0	831.9	4734.9	849.1	316.6	1165.7	809.0	6709.6	2214.8

Jan 4, 2010 p	3937.2	836.7	4773.9	843.0	316.6	1159.6	808.0	6741.5	2237.5
Jan 11, 2010 p	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.

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.

Table 7
Other Memorandum Items
Billions of dollars, not seasonally adjusted
Date	Demand deposits at banks due to		Time and savings deposits due to foreign banks and official institutions	IRA and Keogh accounts
Date	Foreign commercial banks	Foreign official institutions		At commercial banks	At thrift institutions	At money market funds	Total
Aug 2008	8.2	1.5	36.9	185.5	114.3	251.3	551.1
Sep 2008	9.3	1.5	33.4	188.5	113.9	257.1	559.4

Oct 2008	10.2	1.8	32.1	191.1	113.8	262.3	567.2
Nov 2008	10.8	2.4	33.6	193.2	114.2	267.0	574.4
Dec 2008	11.4	3.1	35.1	195.4	114.6	271.7	581.7


Jan 2009	11.8	3.4	34.8	199.3	115.3	275.6	590.3
Feb 2009	11.9	4.7	32.3	205.2	116.3	278.4	599.9
Mar 2009	12.0	4.3	29.9	211.1	117.3	281.1	609.5

Apr 2009	12.4	4.7	28.3	215.6	118.5	280.4	614.5
May 2009	13.3	5.8	28.0	217.7	119.8	274.8	612.3
Jun 2009	14.1	6.8	27.7	219.8	121.1	269.1	610.0

Jul 2009	14.5	7.4	27.6	221.3	122.1	263.2 e	606.6 e
Aug 2009	14.1	8.7	27.8	222.0	122.7	257.1 e	601.8 e
Sep 2009	13.8	8.5	27.9	222.7	123.3	250.9 e	596.9 e

Oct 2009	13.6 e	8.3 e	28.0 e	223.5 e	123.8 e	247.6 e	594.9 e
Nov 2009	13.6 e	8.8 e	28.0 e	224.4 e	124.3 e	247.6 e	596.3 e
Dec 2009 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.

Table 7
Other Memorandum Items (continued)
Billions of dollars, not seasonally adjusted
Date	U.S. government deposits
	Demand deposits at commercial banks	Balance at Federal Reserve		Note balances at depository institutions	Total cash balance	Time and savings deposits at commercial banks
	Demand deposits at commercial banks	General account	Supplementary financing account	Note balances at depository institutions	Total cash balance	Time and savings deposits at commercial banks
Aug 2008	1.2	4.8		7.7	13.8	2.2
Sep 2008	3.5	5.8	77.9	16.4	103.5	2.6

Oct 2008	1.8	33.9	495.2	24.9	555.8	2.6
Nov 2008	1.3	55.8	513.5	5.2	575.9	2.2
Dec 2008	1.3	90.2	340.3	1.9	433.8	1.8


Jan 2009	3.4	47.0	197.9	1.9	250.2	1.6
Feb 2009	1.3	36.5	195.7	2.0	235.5	1.7
Mar 2009	1.4	62.9	199.9	1.9	266.2	1.7

Apr 2009	5.9	59.1	199.9	2.0	266.9	1.7
May 2009	1.3	51.8	199.9	2.0	255.0	1.7
Jun 2009	2.6	64.5	199.9	2.0	269.0	1.7

Jul 2009	1.3	50.4	199.9	2.0	253.7	1.7
Aug 2009	1.2	39.9	199.9	2.0	243.0	1.8
Sep 2009	2.9	35.0	191.8	1.9	231.6	1.9

Oct 2009	1.6	45.1	74.8	2.0	123.5	1.9 e
Nov 2009	1.2	52.3	15.0	2.0	70.5	1.9 e
Dec 2009 p	1.3	82.7	13.9	2.0	99.8	1.9 e



Week ending
Nov 16, 2009	1.3	60.6	15.0	2.0	78.9
Nov 23, 2009	1.2	40.0	15.0	2.1	58.3
Nov 30, 2009	1.2	25.8	15.0	2.0	43.9

Dec 7, 2009	1.1	38.7	15.0	2.0	56.8
Dec 14, 2009	1.3	49.5	15.0	1.9	67.7
Dec 21, 2009	1.4	102.7	15.0	2.0	121.1
Dec 28, 2009	1.4	110.5	15.0	2.0	128.8

Jan 4, 2010 p	1.6	169.2	4.3	1.9	177.0
Jan 11, 2010 p	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
Date	Currency	Nonbank travelers checks	Demand deposits	Other checkable deposits [1]
Date	Currency	Nonbank travelers checks	Demand deposits	Total	At banks
Jan 2009	0.9983	1.0022	0.9842	0.9996	1.0286
Feb 2009	1.0022	0.9973	0.9497	0.9744	0.9856
Mar 2009	1.0039	0.9920	1.0157	1.0113	1.0151

Apr 2009	1.0014	0.9891	1.0037	1.0394	1.0461
May 2009	1.0020	0.9901	1.0055	1.0043	1.0066
Jun 2009	1.0002	1.0021	1.0130	1.0175	1.0091

Jul 2009	1.0005	1.0190	1.0078	1.0031	0.9864
Aug 2009	0.9974	1.0163	1.0082	0.9989	0.9822
Sep 2009	0.9945	0.9997	0.9733	0.9871	0.9707

Oct 2009	0.9961	0.9966	0.9895	0.9831	0.9794
Nov 2009	0.9989	0.9956	1.0069	0.9772	0.9747
Dec 2009	1.0037	0.9970	1.0447	1.0056	1.0155

Jan 2010	0.9988	1.0022	0.9844	0.9976	1.0272
Feb 2010	1.0025	0.9982	0.9478	0.9747	0.9869
Mar 2010	1.0043	0.9925	1.0169	1.0101	1.0138

Apr 2010	1.0020	0.9886	1.0006	1.0382	1.0473
May 2010	1.0012	0.9898	1.0053	1.0044	1.0063
Jun 2010	1.0006	1.0023	1.0152	1.0197	1.0093

Jul 2010	1.0006	1.0189	1.0084	1.0042	0.9875
Aug 2010	0.9969	1.0176	1.0070	0.9992	0.9819
Sep 2010	0.9945	1.0006	0.9741	0.9873	0.9714

Oct 2010	0.9965	0.9967	0.9871	0.9836	0.9784
Nov 2010	0.9983	0.9971	1.0063	0.9770	0.9748
Dec 2010	1.0039	0.9968	1.0474	1.0043	1.0154

Jan 2011	0.9981	1.0025	0.9854	0.9969	1.0262
Feb 2011	1.0027	0.9986	0.9467	0.9751	0.9877
Mar 2011	1.0045	0.9925	1.0177	1.0092	1.0130

1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference 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
Date	Savings and MMDA deposits [1]	Small denom. time deposits [1]	Retail money funds	Institutional money funds
Jan 2009	0.9957	1.0065	1.0106	1.0232
Feb 2009	0.9979	1.0032	1.0123	1.0209
Mar 2009	1.0056	1.0012	1.0223	1.0115

Apr 2009	1.0176	0.9980	1.0153	0.9982
May 2009	1.0041	0.9942	0.9952	0.9965
Jun 2009	1.0023	0.9941	0.9907	0.9933

Jul 2009	0.9984	0.9943	0.9902	0.9865
Aug 2009	0.9979	0.9950	0.9935	0.9935
Sep 2009	0.9941	0.9993	0.9924	0.9882

Oct 2009	0.9924	1.0027	0.9871	0.9872
Nov 2009	0.9983	1.0057	0.9891	0.9924
Dec 2009	0.9948	1.0051	1.0002	1.0074

Jan 2010	0.9963	1.0070	1.0102	1.0206
Feb 2010	0.9983	1.0034	1.0126	1.0217
Mar 2010	1.0059	1.0012	1.0225	1.0120

Apr 2010	1.0181	0.9979	1.0163	0.9981
May 2010	1.0045	0.9945	0.9958	0.9963
Jun 2010	1.0021	0.9946	0.9906	0.9947

Jul 2010	0.9984	0.9947	0.9905	0.9898
Aug 2010	0.9953	0.9953	0.9935	0.9955
Sep 2010	0.9950	0.9989	0.9921	0.9876

Oct 2010	0.9932	1.0018	0.9869	0.9852
Nov 2010	0.9961	1.0050	0.9891	0.9924
Dec 2010	0.9965	1.0051	0.9996	1.0075

Jan 2011	0.9962	1.0071	1.0100	1.0192
Feb 2011	0.9986	1.0036	1.0127	1.0214
Mar 2011	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
Date	Currency	Nonbank travelers checks	Demand deposits	Other checkable deposits [1]
Date	Currency	Nonbank travelers checks	Demand deposits	Total	At banks
Dec 7, 2009	0.9988	0.9937	0.9574	0.9697	0.9581
Dec 14, 2009	0.9998	0.9956	0.9537	0.9527	0.9485
Dec 21, 2009	1.0045	0.9975	1.0443	1.0094	1.0213
Dec 28, 2009	1.0110	0.9995	1.1718	1.0581	1.0940

Jan 4, 2010	1.0056	1.0014	1.1161	1.0505	1.0658
Jan 11, 2010	0.9997	1.0018	0.9321	0.9718	0.9813
Jan 18, 2010	0.9980	1.0021	0.9506	0.9799	1.0086
Jan 25, 2010	0.9962	1.0025	0.9850	1.0002	1.0475

Feb 1, 2010	0.9972	1.0028	1.0110	1.0197	1.0582
Feb 8, 2010	1.0027	1.0009	0.8841	0.9676	0.9712
Feb 15, 2010	1.0040	0.9989	0.9288	0.9539	0.9586
Feb 22, 2010	1.0019	0.9970	0.9602	0.9748	0.9954

Mar 1, 2010	1.0020	0.9950	1.0185	0.9995	1.0161
Mar 8, 2010	1.0054	0.9941	0.9274	0.9827	0.9814
Mar 15, 2010	1.0045	0.9931	0.9678	0.9811	0.9817
Mar 22, 2010	1.0043	0.9921	1.0352	1.0112	1.0192
Mar 29, 2010	1.0039	0.9912	1.1082	1.0435	1.0624

Apr 5, 2010	1.0059	0.9902	1.0027	1.0468	1.0250
Apr 12, 2010	1.0035	0.9894	0.9462	1.0010	0.9975
Apr 19, 2010	1.0012	0.9885	1.0040	1.0422	1.0505
Apr 26, 2010	0.9995	0.9877	1.0516	1.0689	1.0958

May 3, 2010	1.0007	0.9868	1.0420	1.0484	1.0742
May 10, 2010	1.0024	0.9881	0.9291	0.9812	0.9825
May 17, 2010	0.9997	0.9895	0.9938	0.9858	0.9841
May 24, 2010	0.9999	0.9908	1.0432	1.0070	1.0099
May 31, 2010	1.0017	0.9921	1.0529	1.0307	1.0256

Jun 7, 2010	1.0030	0.9959	0.9329	1.0023	0.9942
Jun 14, 2010	1.0012	0.9998	0.9773	0.9827	0.9772
Jun 21, 2010	0.9996	1.0036	1.0167	1.0210	1.0129
Jun 28, 2010	0.9987	1.0074	1.0935	1.0564	1.0490

Jul 5, 2010	1.0042	1.0113	1.0126	1.0210	0.9942
Jul 12, 2010	1.0023	1.0151	0.9457	0.9729	0.9513
Jul 19, 2010	0.9997	1.0189	0.9926	0.9899	0.9778
Jul 26, 2010	0.9981	1.0228	1.0582	1.0200	1.0072

Aug 2, 2010	0.9984	1.0266	1.0772	1.0420	1.0213
Aug 9, 2010	1.0003	1.0229	0.9361	0.9786	0.9502
Aug 16, 2010	0.9979	1.0192	0.9847	0.9826	0.9581
Aug 23, 2010	0.9956	1.0154	1.0312	1.0006	0.9911
Aug 30, 2010	0.9931	1.0116	1.0664	1.0235	1.0216

Sep 6, 2010	0.9981	1.0079	0.9250	0.9853	0.9693
Sep 13, 2010	0.9951	1.0039	0.9021	0.9594	0.9431
Sep 20, 2010	0.9934	0.9998	0.9755	0.9820	0.9665
Sep 27, 2010	0.9925	0.9958	1.0454	1.0092	0.9959

Oct 4, 2010	0.9950	0.9918	1.0019	0.9994	0.9781
Oct 11, 2010	0.9988	0.9941	0.9129	0.9539	0.9311
Oct 18, 2010	0.9960	0.9964	0.9656	0.9696	0.9652
Oct 25, 2010	0.9953	0.9988	1.0346	1.0040	1.0094

Nov 1, 2010	0.9953	1.0012	1.0753	1.0126	1.0195
Nov 8, 2010	0.9991	0.9995	0.9506	0.9578	0.9569
Nov 15, 2010	0.9982	0.9979	0.9516	0.9381	0.9349
Nov 22, 2010	0.9973	0.9962	1.0095	0.9773	0.9790
Nov 29, 2010	0.9995	0.9946	1.0992	1.0255	1.0233

Dec 6, 2010	0.9989	0.9929	0.9678	0.9802	0.9690
Dec 13, 2010	1.0003	0.9950	0.9656	0.9680	0.9604
Dec 20, 2010	1.0039	0.9970	1.0578	0.9987	1.0136
Dec 27, 2010	1.0117	0.9991	1.1458	1.0411	1.0758

Jan 3, 2011	1.0050	1.0012	1.1208	1.0496	1.0682
Jan 10, 2011	0.9998	1.0018	0.9489	0.9816	0.9993
Jan 17, 2011	0.9973	1.0024	0.9573	0.9775	1.0072
Jan 24, 2011	0.9955	1.0030	0.9815	0.9957	1.0334
Jan 31, 2011	0.9956	1.0036	1.0109	1.0165	1.0526

Feb 7, 2011	1.0018	1.0016	0.8853	0.9694	0.9819
Feb 14, 2011	1.0032	0.9996	0.9079	0.9509	0.9610
Feb 21, 2011	1.0034	0.9976	0.9748	0.9748	0.9885
Feb 28, 2011	1.0024	0.9956	1.0182	1.0051	1.0190

Mar 7, 2011	1.0062	0.9944	0.9416	0.9873	0.9826
Mar 14, 2011	1.0052	0.9933	0.9566	0.9803	0.9758
Mar 21, 2011	1.0048	0.9922	1.0241	1.0049	1.0120
Mar 28, 2011	1.0030	0.9910	1.0971	1.0358	1.0556

Apr 4, 2011	1.0052	0.9899	1.0269	1.0389	1.0505

Appendix Table 4
Weekly Seasonal Factors Used to Construct M2
Date	Savings and MMDA deposits [1]	Small denom. time deposits [1]	Retail money funds	Institutional money funds
Dec 7, 2009	1.0076	1.0057	0.9966	0.9993
Dec 14, 2009	1.0072	1.0054	1.0007	1.0158
Dec 21, 2009	0.9921	1.0048	1.0015	1.0060
Dec 28, 2009	0.9760	1.0047	1.0014	1.0110

Jan 4, 2010	0.9956	1.0051	0.9998	1.0025
Jan 11, 2010	1.0116	1.0069	1.0107	1.0186
Jan 18, 2010	1.0035	1.0078	1.0146	1.0248
Jan 25, 2010	0.9843	1.0076	1.0148	1.0280

Feb 1, 2010	0.9831	1.0064	1.0115	1.0218
Feb 8, 2010	1.0051	1.0052	1.0129	1.0188
Feb 15, 2010	1.0044	1.0039	1.0121	1.0215
Feb 22, 2010	0.9930	1.0025	1.0149	1.0238

Mar 1, 2010	0.9922	1.0013	1.0169	1.0226
Mar 8, 2010	1.0133	1.0014	1.0215	1.0176
Mar 15, 2010	1.0163	1.0015	1.0260	1.0184
Mar 22, 2010	1.0022	1.0014	1.0294	1.0075
Mar 29, 2010	0.9940	1.0008	1.0275	1.0067

Apr 5, 2010	1.0216	1.0000	1.0237	0.9988
Apr 12, 2010	1.0346	0.9990	1.0273	1.0070
Apr 19, 2010	1.0270	0.9978	1.0223	0.9980
Apr 26, 2010	0.9988	0.9966	1.0151	0.9951

May 3, 2010	1.0018	0.9956	0.9988	0.9866
May 10, 2010	1.0175	0.9949	0.9986	0.9923
May 17, 2010	1.0110	0.9943	0.9955	0.9947
May 24, 2010	0.9919	0.9939	0.9967	1.0044
May 31, 2010	0.9928	0.9944	0.9943	0.9978

Jun 7, 2010	1.0166	0.9948	0.9933	0.9963
Jun 14, 2010	1.0171	0.9948	0.9943	1.0024
Jun 21, 2010	1.0003	0.9945	0.9925	0.9897
Jun 28, 2010	0.9808	0.9944	0.9881	0.9947

Jul 5, 2010	1.0069	0.9949	0.9820	0.9803
Jul 12, 2010	1.0117	0.9950	0.9914	0.9944
Jul 19, 2010	1.0000	0.9946	0.9902	0.9910
Jul 26, 2010	0.9833	0.9942	0.9907	0.9938

Aug 2, 2010	0.9866	0.9947	0.9871	0.9860
Aug 9, 2010	1.0095	0.9949	0.9901	0.9917
Aug 16, 2010	1.0057	0.9949	0.9901	0.9938
Aug 23, 2010	0.9874	0.9952	0.9941	1.0008
Aug 30, 2010	0.9779	0.9959	0.9928	0.9990

Sep 6, 2010	1.0078	0.9974	0.9894	0.9913
Sep 13, 2010	1.0127	0.9982	0.9940	0.9953
Sep 20, 2010	0.9958	0.9990	0.9916	0.9861
Sep 27, 2010	0.9742	0.9999	0.9870	0.9830

Oct 4, 2010	0.9913	1.0008	0.9815	0.9761
Oct 11, 2010	1.0044	1.0011	0.9858	0.9857
Oct 18, 2010	1.0003	1.0013	0.9864	0.9850
Oct 25, 2010	0.9803	1.0021	0.9850	0.9896

Nov 1, 2010	0.9803	1.0034	0.9819	0.9859
Nov 8, 2010	1.0030	1.0046	0.9828	0.9851
Nov 15, 2010	1.0077	1.0051	0.9844	0.9906
Nov 22, 2010	0.9923	1.0052	0.9909	0.9955
Nov 29, 2010	0.9824	1.0053	0.9933	0.9985

Dec 6, 2010	1.0064	1.0052	0.9947	0.9977
Dec 13, 2010	1.0070	1.0051	1.0002	1.0163
Dec 20, 2010	0.9963	1.0047	1.0008	1.0064
Dec 27, 2010	0.9835	1.0050	1.0008	1.0082

Jan 3, 2011	0.9926	1.0059	1.0002	1.0075
Jan 10, 2011	1.0096	1.0071	1.0095	1.0135
Jan 17, 2011	1.0040	1.0080	1.0140	1.0220
Jan 24, 2011	0.9882	1.0074	1.0147	1.0261
Jan 31, 2011	0.9787	1.0066	1.0108	1.0201

Feb 7, 2011	1.0042	1.0053	1.0126	1.0169
Feb 14, 2011	1.0042	1.0041	1.0123	1.0216
Feb 21, 2011	0.9950	1.0029	1.0152	1.0213
Feb 28, 2011	0.9909	1.0019	1.0170	1.0257

Mar 7, 2011	1.0118	1.0017	1.0212	1.0179
Mar 14, 2011	1.0159	1.0017	1.0258	1.0188
Mar 21, 2011	1.0061	1.0014	1.0280	1.0086
Mar 28, 2011	0.9957	1.0008	1.0284	1.0065

Apr 4, 2011	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
Oct 2008	1472.7	1474.7	8014.7	7929.2
Nov 2008	1518.1	1523.2	8065.3	7982.1
Dec 2008	1594.7	1595.2	8241.6	8155.9

Jan 2009	1573.8	1576.5	8302.6	8235.9
Feb 2009	1562.1	1559.7	8340.7	8258.7
Mar 2009	1564.3	1563.3	8392.7	8325.4

Apr 2009	1592.7	1592.8	8343.7	8272.2
May 2009	1593.0	1595.5	8416.1	8342.6
Jun 2009	1641.0	1647.8	8442.2	8374.3

Jul 2009	1649.9	1653.6	8436.5	8356.6
Aug 2009	1648.3	1649.8	8413.2	8305.2
Sep 2009	1660.8	1659.9	8452.3	8332.9

Oct 2009	1673.8	1673.9	8481.3	8359.9
Nov 2009	1685.6	1688.7	8508.9	8391.9
Dec 2009	1693.3	1689.4	8523.8	8410.3

Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(Percent changes, annual rate)
Date	Revised	Old	Difference	Difference due to
Date	Revised	Old	Difference	Benchmark	Seasonals
2008
Jan 2008	4.6	3.8	0.8	2.5	-1.7
Feb 2008	5.1	2.8	2.3	2.1	0.2
Mar 2008	2.3	2.3	0.0	0.5	-0.5
Apr 2008	2.1	0.6	1.5	2.8	-1.3
May 2008	-0.5	-0.2	-0.3	0.6	-0.9
Jun 2008	5.7	8.7	-3.0	-0.6	-2.4
Jul 2008	14.6	13.3	1.3	-0.3	1.6
Aug 2008	-12.8	-15.0	2.2	0.6	1.6
Sep 2008	51.0	51.6	-0.6	-2.6	2.0
Oct 2008	10.9	19.1	-8.2	-7.5	-0.7
Nov 2008	37.0	39.5	-2.5	-1.4	-1.1
Dec 2008	60.5	56.7	3.8	-0.5	4.3

2009
Jan 2009	-15.7	-14.1	-1.6	0.1	-1.7
Feb 2009	-8.9	-12.8	3.9	3.4	0.5
Mar 2009	1.7	2.8	-1.1	0.3	-1.4
Apr 2009	21.8	22.6	-0.8	0.0	-0.8
May 2009	0.2	2.0	-1.8	0.1	-1.9
Jun 2009	36.2	39.3	-3.1	-0.1	-3.0
Jul 2009	6.5	4.2	2.3	0.0	2.3
Aug 2009	-1.2	-2.8	1.6	-0.8	2.4
Sep 2009	9.1	7.3	1.8	-0.5	2.3
Oct 2009	9.4	10.1	-0.7	0.3	-1.0
Nov 2009	8.5	10.6	-2.1	0.2	-2.3
Dec 2009	5.5	0.5	5.0	0.0	5.0

Quarterly
2008Q4	29.1	32.0	-2.9	-3.6	0.7
2009Q1	10.0	9.3	0.7	0.7	0.0
2009Q2	10.8	11.6	-0.8	0.5	-1.3
2009Q3	11.0	10.5	0.5	-0.3	0.8
2009Q4	7.5	7.2	0.3	0.0	0.3

Semi-Annual
2008Q4 - 2009Q2	10.5	10.6	-0.1	0.6	-0.7
2009Q2 - 2009Q4	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)
Date	Revised	Old	Difference	Difference due to
Date	Revised	Old	Difference	Benchmark	Seasonals
2008
Jan 2008	5.3	8.0	-2.7	0.5	-3.2
Feb 2008	14.2	12.4	1.8	0.4	1.4
Mar 2008	9.4	10.1	-0.7	0.0	-0.7
Apr 2008	3.9	3.3	0.6	0.4	0.2
May 2008	3.5	3.1	0.4	0.3	0.1
Jun 2008	1.9	1.9	0.0	0.0	0.0
Jul 2008	8.0	7.0	1.0	0.1	0.9
Aug 2008	-1.9	-4.2	2.3	0.2	2.1
Sep 2008	16.6	17.2	-0.6	-0.3	-0.3
Oct 2008	17.7	18.3	-0.6	-0.7	0.1
Nov 2008	7.6	8.0	-0.4	0.1	-0.5
Dec 2008	26.2	26.1	0.1	0.3	-0.2

2009
Jan 2009	8.9	11.8	-2.9	0.2	-3.1
Feb 2009	5.5	3.3	2.2	0.2	2.0
Mar 2009	7.5	9.7	-2.2	-0.2	-2.0
Apr 2009	-7.0	-7.7	0.7	-0.2	0.9
May 2009	10.4	10.2	0.2	-0.1	0.3
Jun 2009	3.7	4.6	-0.9	-0.2	-0.7
Jul 2009	-0.8	-2.5	1.7	0.3	1.4
Aug 2009	-3.3	-7.4	4.1	1.3	2.8
Sep 2009	5.6	4.0	1.6	1.2	0.4
Oct 2009	4.1	3.9	0.2	0.9	-0.7
Nov 2009	3.9	4.6	-0.7	0.1	-0.8
Dec 2009	2.1	2.6	-0.5	0.1	-0.6

Quarterly
2008Q4	14.1	14.3	-0.2	-0.3	0.1
2009Q1	11.7	12.5	-0.8	0.2	-1.0
2009Q2	2.7	2.7	0.0	-0.2	0.2
2009Q3	1.6	0.1	1.5	0.5	1.0
2009Q4	3.4	2.7	0.7	0.8	-0.1

Semi-Annual
2008Q4 - 2009Q2	7.2	7.7	-0.5	0.1	-0.6
2009Q2 - 2009Q4	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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