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