Skip to Content
For release at
4:30 p.m. EST
January 19, 2012
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 2011 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 2002. 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 IRA and Keogh balances held at
retail and institutional money market mutual funds; these revisions to data on money
market mutual funds begin in 1996. 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 2011. 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 19, 2012
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------------
Date M1(1) M2(2) M1(1) M2(2)
----------------------------- ------------------------------------------------------------ -------------------------------------------------------
Seasonally adjusted Not seasonally adjusted
----------------------------- ------------------------------------------------------------ -------------------------------------------------------
2010-Jan. 1684.3 8479.9 1673.7 8474.4
Feb. 1705.0 8531.0 1685.1 8517.6
Mar. 1712.5 8524.4 1729.7 8581.2
Apr. 1701.7 8549.5 1716.2 8604.0
May 1706.0 8596.3 1708.0 8584.3
June 1722.4 8616.4 1731.9 8605.3
July 1724.6 8613.1 1717.8 8575.8
Aug. 1743.7 8639.2 1739.0 8605.9
Sep. 1762.1 8673.7 1740.8 8647.5
Oct. 1777.0 8726.2 1766.8 8707.4
Nov. 1822.6 8756.0 1828.0 8771.9
Dec. 1840.3 8796.4 1870.7 8853.2
2011-Jan. 1868.4 8860.4 1854.8 8846.1
Feb. 1878.9 8903.5 1857.9 8883.3
Mar. 1891.2 8949.9 1908.5 8995.3
Apr. 1903.8 8996.9 1917.2 9049.9
May 1931.6 9046.1 1934.5 9019.5
June 1945.2 9120.8 1954.5 9106.3
July 2004.6 9293.2 1994.8 9257.8
Aug. 2106.3 9483.1 2102.0 9451.7
Sep. 2122.7 9502.6 2097.6 9488.2
Oct. 2138.9 9549.8 2128.3 9537.7
Nov. 2158.2 9596.1 2167.5 9618.2
Dec. p 2178.0 9641.0 2217.4 9713.7
----------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at seasonally adjusted annual rates M1 M2
----------------------------------------------------------------------------------------------------------------------------------------------------
3 Months from Sep. 2011 TO Dec. 2011 10.4 5.8
6 Months from June 2011 TO Dec. 2011 23.9 11.4
12 Months from Dec. 2010 TO Dec. 2011 18.4 9.6
----------------------------------------------------------------------------------------------------------------------------------------------------
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
----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
2011-Oct. 17 2107.9 2138.6 2134.0 9483.3 9535.7 9548.0 2094.5 2128.8 2073.9 9459.9 9523.2 9585.4
24 2117.1 2140.7 2128.6 9502.5 9541.8 9549.0 2103.2 2120.7 2125.4 9481.8 9535.5 9486.4
31 2123.4 2137.0 2141.8 9512.8 9551.4 9573.6 2109.4 2121.1 2221.6 9492.3 9534.1 9514.9
Nov. 7 2126.9 2133.4 2129.3 9523.9 9564.6 9587.7 2116.5 2136.4 2124.8 9505.6 9552.5 9623.1
14 2131.3 2139.9 2159.7 9533.5 9578.1 9602.1 2120.8 2142.5 2098.3 9518.8 9566.8 9642.9
21 2135.2 2151.0 2173.2 9540.4 9589.4 9594.0 2124.2 2150.7 2157.9 9530.8 9596.6 9605.4
28 2138.5 2156.4 2163.4 9547.2 9595.8 9599.4 2129.8 2159.6 2257.2 9544.3 9618.1 9600.9
Dec. 5 2143.5 2169.7 2182.6 9555.3 9598.7 9599.3 2135.2 2172.0 2174.4 9556.6 9629.9 9670.3
12 2148.4 2175.5 2182.6 9565.8 9603.3 9620.5 2142.6 2175.5 2112.3 9571.2 9644.6 9701.7
19 2152.3 2173.4 2165.0 9576.2 9610.4 9622.5 2150.9 2179.7 2174.7 9587.8 9668.9 9702.8
26 2155.3 2172.3 2158.9 9584.8 9619.6 9636.0 2161.2 2188.4 2292.2 9607.9 9693.2 9698.0
2012-Jan. 2p 2158.9 2177.5 2203.4 9600.1 9653.2 9733.8 2173.7 2240.3 2381.8 9630.0 9727.7 9808.3
9p 2165.6 2189.3 2229.9 9617.1 9687.1 9756.1 2181.7 2254.1 2167.8 9649.7 9753.7 9805.6
--------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at seasonally adjusted annual rates M1 M2
--------------------------------------------------------------------------------------------------------------------------------------------------------
Thirteen weeks ending January 9, 2012
from thirteen weeks ending:
Oct. 10, 2011 (13 weeks previous) 13.2 6.6
July 11, 2011 (26 weeks previous) 23.6 11.7
Jan. 10, 2011 (52 weeks previous) 18.8 9.6
--------------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2010-Aug. 892.6 4.7 466.1 224.5 155.7 380.2
Sep. 899.1 4.7 474.0 228.9 155.4 384.3
Oct. 907.1 4.7 477.4 229.4 158.3 387.7
Nov. 914.0 4.7 506.8 237.5 159.5 397.1
Dec. 918.0 4.7 519.4 236.7 161.6 398.3
2011-Jan. 922.6 4.7 539.1 237.0 165.1 402.0
Feb. 930.2 4.6 539.7 237.8 166.7 404.5
Mar. 938.6 4.6 542.8 237.6 167.6 405.1
Apr. 947.6 4.6 552.4 231.2 168.1 399.3
May 956.2 4.6 567.4 235.5 168.0 403.4
June 963.0 4.5 575.7 235.8 166.2 401.9
July 969.2 4.5 627.3 236.2 167.6 403.8
Aug. 975.8 4.4 713.6 239.7 172.7 412.5
Sep. 981.7 4.4 727.1 237.4 172.0 409.5
Oct. 986.2 4.4 738.5 235.8 174.1 409.9
Nov. 993.1 4.3 750.0 235.6 175.2 410.8
Dec. p 999.9 4.3 762.7 235.7 175.4 411.1
Week ending:
2011-Nov. 14 991.6 4.3 753.3 234.7 175.7 410.4
21 994.9 4.3 760.8 237.7 175.5 413.2
28 995.4 4.3 754.0 233.7 176.1 409.7
Dec. 5 996.8 4.3 766.8 238.6 176.1 414.7
12 998.4 4.3 769.8 234.8 175.2 410.0
19 1000.3 4.3 752.7 232.9 174.9 407.8
26 1000.8 4.3 746.2 233.2 174.4 407.7
2012-Jan. 2p 1003.4 4.3 778.6 240.3 176.8 417.1
9p 1006.2 4.3 e 798.1 241.3 180.0 421.3
------------------------------------------------------------------------------------------------------------------------------------------
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 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)
----------------------------------------------------------------------------------------------------------------------------------------------------
2010-Aug. 4248.9 896.8 5145.8 732.1 286.4 1018.4 731.3 6895.5 1901.9
Sep. 4293.0 898.6 5191.7 713.3 282.5 995.7 724.2 6911.6 1909.3
Oct. 4354.4 906.6 5261.0 693.5 278.8 972.3 715.9 6949.2 1897.8
Nov. 4365.6 909.9 5275.5 673.9 274.5 948.5 709.5 6933.4 1894.4
Dec. 4409.4 915.3 5324.7 656.6 271.0 927.6 703.9 6956.2 1868.5
2011-Jan. 4453.7 925.9 5379.6 644.1 265.8 910.0 702.4 6992.0 1821.2
Feb. 4492.9 939.2 5432.1 634.9 262.8 897.7 694.8 7024.5 1797.4
Mar. 4527.8 955.4 5483.2 624.0 260.3 884.3 691.2 7058.7 1820.0
Apr. 4573.7 960.1 5533.8 614.7 257.3 872.0 687.3 7093.0 1846.7
May 4597.9 973.2 5571.1 604.0 254.3 858.3 685.1 7114.5 1866.9
June 4674.5 972.7 5647.2 592.7 250.7 843.4 685.0 7175.6 1841.6
July 4800.0 977.1 5777.1 581.3 246.9 828.2 683.3 7288.6 1808.8
Aug. 4889.4 979.5 5868.9 569.2 242.6 811.8 696.1 7376.8 1720.1
Sep. 4913.8 979.2 5893.0 558.2 238.8 796.9 690.0 7379.9 1744.8
Oct. 4948.6 986.9 5935.4 547.8 234.9 782.7 692.8 7410.9 1739.3
Nov. 4988.4 994.7 5983.1 537.4 231.3 768.7 686.1 7437.9 1730.6
Dec. p 5021.3 998.8 6020.2 530.5 229.1 759.6 683.3 7463.0 1738.5
Week ending:
2011-Nov. 14 4998.8 985.0 5983.7 538.7 231.8 770.5 688.2 7442.4 1734.7
21 4976.6 992.0 5968.6 536.2 230.8 767.0 685.2 7420.8 1733.4
28 4982.9 1006.5 5989.4 535.0 230.6 765.6 681.0 7436.0 1726.0
Dec. 5 4982.1 989.6 5971.7 533.4 230.2 763.7 681.3 7416.7 1734.1
12 5009.3 984.1 5993.4 532.1 229.9 762.0 682.6 7437.9 1726.8
19 5021.3 993.3 6014.5 530.9 229.2 760.1 682.8 7457.4 1733.4
26 5022.8 1012.3 6035.0 528.9 228.4 757.3 684.8 7477.1 1748.1
2012-Jan. 2p 5070.9 1019.8 6090.7 527.5 227.5 755.0 684.8 7530.5 1752.9
9p 5088.0 997.5 6085.4 526.5 226.7 753.1 687.6 7526.2 1746.2
----------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2010-Aug. 890.0 4.8 467.5 221.3 155.4 376.7
Sep. 894.7 4.7 463.2 222.6 155.5 378.2
Oct. 904.4 4.7 475.7 224.4 157.6 382.0
Nov. 913.5 4.7 512.3 237.7 159.9 397.6
Dec. 920.3 4.7 539.6 243.3 162.9 406.1
2011-Jan. 917.4 4.7 530.0 241.9 160.8 402.7
Feb. 931.0 4.6 526.1 233.1 163.1 396.2
Mar. 942.3 4.6 550.7 241.1 169.8 410.9
Apr. 952.0 4.6 550.6 238.9 171.1 410.0
May 959.6 4.5 567.7 234.6 167.9 402.5
June 964.2 4.5 580.6 237.4 167.7 405.1
July 969.5 4.5 622.4 231.4 166.9 398.3
Aug. 973.0 4.5 715.6 236.7 172.3 408.9
Sep. 977.5 4.4 712.1 231.4 172.2 403.6
Oct. 982.3 4.4 737.4 230.6 173.5 404.1
Nov. 993.0 4.3 758.8 235.8 175.7 411.5
Dec. p 1002.9 4.3 790.9 242.1 177.2 419.4
Week ending:
2011-Nov. 14 991.7 4.3 710.2 220.3 171.7 392.0
21 993.9 4.3 751.3 234.0 174.5 408.5
28 997.1 4.3 828.1 248.6 179.1 427.7
Dec. 5 996.1 4.3 759.1 235.4 179.5 414.9
12 998.8 4.3 714.8 222.2 172.2 394.4
19 1002.2 4.3 758.8 234.7 174.7 409.5
26 1009.6 4.3 843.1 256.9 178.4 435.2
2012-Jan. 2p 1006.3 4.2 917.0 267.9 186.3 454.2
9p 1002.9 4.2 e 746.6 237.7 176.3 414.1
------------------------------------------------------------------------------------------------------------------------------------------
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)
----------------------------------------------------------------------------------------------------------------------------------------------------
2010-Aug. 4229.5 892.7 5122.2 731.2 286.0 1017.2 727.6 6867.0 1883.9
Sep. 4290.0 898.0 5188.0 713.8 282.7 996.5 722.2 6906.7 1884.4
Oct. 4350.8 905.9 5256.7 694.3 279.1 973.4 710.5 6940.6 1877.8
Nov. 4376.6 912.1 5288.8 675.8 275.3 951.1 703.9 6943.8 1891.8
Dec. 4429.0 919.4 5348.4 656.8 271.1 927.8 706.3 6982.6 1895.6
2011-Jan. 4445.0 924.1 5369.1 644.9 266.1 911.0 711.2 6991.3 1866.1
Feb. 4485.0 937.5 5422.5 635.4 263.0 898.3 704.6 7025.4 1838.7
Mar. 4541.5 958.3 5499.8 624.1 260.3 884.4 702.7 7086.8 1835.0
Apr. 4605.7 966.8 5572.5 614.2 257.0 871.3 688.9 7132.7 1838.5
May 4581.7 969.7 5551.4 602.7 253.7 856.4 677.2 7085.0 1854.4
June 4660.8 969.9 5630.6 592.1 250.4 842.6 678.7 7151.9 1825.1
July 4783.4 973.7 5757.2 581.4 246.9 828.4 677.5 7263.0 1783.0
Aug. 4868.6 975.4 5843.9 569.5 242.8 812.2 693.6 7349.8 1703.5
Sep. 4922.5 981.0 5903.4 558.8 239.0 797.8 689.3 7390.5 1720.6
Oct. 4950.0 987.2 5937.1 548.1 235.0 783.1 689.2 7409.5 1718.9
Nov. 5002.1 997.4 5999.6 537.8 231.5 769.4 681.7 7450.7 1729.1
Dec. p 5047.9 1004.1 6052.0 529.9 228.8 758.7 685.7 7496.4 1765.7
Week ending:
2011-Nov. 14 5088.3 1002.6 6091.0 539.4 232.1 771.5 682.2 7544.6 1728.5
21 5001.9 997.1 5998.9 536.7 231.0 767.7 680.8 7447.4 1736.1
28 4906.9 991.1 5898.0 535.2 230.7 765.9 679.8 7343.7 1738.0
Dec. 5 5050.1 1003.1 6053.2 533.2 230.1 763.3 679.3 7495.9 1744.6
12 5134.1 1008.6 6142.7 531.4 229.6 761.1 685.5 7589.3 1764.1
19 5079.4 1004.8 6084.2 530.0 228.8 758.7 685.3 7528.2 1764.3
26 4961.1 999.8 5961.0 528.1 228.0 756.1 688.8 7405.9 1774.9
2012-Jan. 2p 4981.8 1001.9 5983.8 527.2 227.4 754.5 688.3 7426.6 1777.9
9p 5175.4 1014.6 6190.0 526.2 226.6 752.8 695.0 7637.8 1769.6
--------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------
2010-Aug. 16.3 5.4 31.2 236.0 127.3 221.5 584.8
Sep. 16.8 5.3 33.1 237.3 127.6 219.5 584.4
Oct. 17.1 4.9 33.6 239.5 127.8 217.6 584.9
Nov. 17.1 6.3 32.8 242.7 127.9 215.7 586.3
Dec. 17.1 8.4 32.0 245.9 128.1 213.8 587.7
2011-Jan. 17.0 8.6 31.9 247.6 128.3 212.1 588.0
Feb. 16.7 4.1 32.5 248.0 128.5 210.6 587.1
Mar. 16.5 3.3 33.0 248.3 128.7 209.1 586.2
Apr. 16.7 3.1 33.7 249.7 128.8 209.7 588.3
May 17.5 3.7 34.5 252.3 128.8 212.7 593.8
June 18.3 4.3 35.3 254.9 128.7 215.8 599.4
July 19.0 4.4 34.6 257.5 129.3 219.0 605.8
Aug. 19.5 7.4 32.1 260.1 130.6 222.5 613.2
Sep. 20.0 6.4 29.6 262.7 131.9 226.0 620.6
Oct. 20.2 e 4.1 e 28.4 e 265.1 e 132.8 e 227.9 e 625.7 e
Nov. 20.2 e 4.4 e 28.4 e 267.4 e 133.3 e 228.3 e 629.0 e
Dec. p 20.2 e 4.1 e 28.4 e 269.7 e 133.8 e 228.8 e 632.3 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
-----------------------------------------------------------------------------------------------------------
2010-Aug. 1.1 27.6 200.0 1.9 230.6 1.8
Sep. 2.8 47.2 200.0 1.9 251.9 1.8
Oct. 1.4 37.6 200.0 2.0 240.9 1.8
Nov. 1.0 28.7 200.0 1.8 231.5 1.9
Dec. 1.0 60.3 200.0 2.0 263.3 2.0
2011-Jan. 3.0 87.8 200.0 2.0 292.7 1.9
Feb. 1.0 58.3 144.6 2.0 206.0 1.8
Mar. 1.0 57.5 41.6 2.0 102.1 1.6
Apr. 5.9 66.9 5.0 2.0 79.8 1.6
May 1.1 90.5 5.0 2.0 98.6 1.6
June 2.5 79.2 5.0 2.1 88.8 1.7
July 1.0 70.3 4.4 2.0 77.6 1.7
Aug. 1.0 24.0 0.0 2.0 27.0 1.8
Sep. 1.6 39.4 0.0 2.0 42.9 1.8
Oct. 0.9 45.0 0.0 2.0 47.9 1.8 e
Nov. 0.8 40.3 0.0 2.0 43.1 1.8 e
Dec. p 0.8 67.4 0.0 1.9 70.0 1.8 e
Week ending:
2011-Nov. 14 0.7 24.6 0.0 2.0 27.4
21 0.8 46.8 0.0 2.0 49.6
28 0.8 37.8 0.0 2.0 40.6
Dec. 5 0.7 39.3 0.0 2.0 42.1
12 0.8 19.8 0.0 2.0 22.5
19 0.9 88.5 0.0 2.1 91.5
26 0.8 102.6 0.0 2.0 105.4
2012-Jan. 2p 0.7 89.6 0.0 0.9 91.2
9p 0.7 83.3 0.0 0.0 84.0
---------------------------------------------------------------------------------------------------------
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.
Appendix Table 1
Monthly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------
Other checkable
Nonbank deposits [1]
travelers Demand --------------------
Date Currency checks deposits Total At banks
------------- --------- --------- --------- --------- ---------
2011 Jan. 0.9943 1.0016 0.9831 1.0017 1.0209
Feb. 1.0008 1.0025 0.9749 0.9796 0.9802
Mar. 1.0040 0.9969 1.0145 1.0142 1.0147
Apr. 1.0047 0.9955 0.9967 1.0268 1.0335
May 1.0036 0.9957 1.0005 0.9978 0.9964
June 1.0012 0.9980 1.0085 1.0080 1.0071
July 1.0004 1.0069 0.9923 0.9865 0.9797
Aug. 0.9971 1.0061 1.0028 0.9915 0.9874
Sep. 0.9958 1.0010 0.9793 0.9856 0.9746
Oct. 0.9961 1.0008 0.9986 0.9859 0.9780
Nov. 0.9998 0.9981 1.0118 1.0016 1.0008
Dec. 1.0030 0.9964 1.0369 1.0202 1.0274
2012 Jan. 0.9936 1.0010 0.9848 1.0041 1.0212
Feb. 1.0003 1.0026 0.9772 0.9803 0.9805
Mar. 1.0044 0.9970 1.0110 1.0138 1.0152
Apr. 1.0038 0.9962 0.9967 1.0270 1.0307
May 1.0037 0.9962 1.0001 0.9963 0.9957
June 1.0024 0.9989 1.0065 1.0055 1.0067
July 0.9998 1.0064 0.9929 0.9860 0.9798
Aug. 0.9978 1.0064 1.0024 0.9922 0.9892
Sep. 0.9959 1.0007 0.9783 0.9846 0.9759
Oct. 0.9955 1.0007 1.0019 0.9873 0.9784
Nov. 1.0000 0.9984 1.0137 1.0020 0.9999
Dec. 1.0028 0.9965 1.0358 1.0213 1.0262
2013 Jan. 0.9935 1.0012 0.9841 1.0042 1.0218
Feb. 1.0001 1.0020 0.9784 0.9807 0.9809
Mar. 1.0046 0.9967 1.0093 1.0142 1.0160
----------------------------------------------------------------------------------------
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
------------- ------------- ------------- ------------- -------------
2011 Jan. 0.9980 1.0011 1.0126 1.0247
Feb. 0.9982 1.0007 1.0141 1.0230
Mar. 1.0030 1.0001 1.0166 1.0082
Apr. 1.0070 0.9992 1.0023 0.9956
May 0.9965 0.9977 0.9884 0.9933
June 0.9971 0.9990 0.9907 0.9911
July 0.9966 1.0002 0.9915 0.9857
Aug. 0.9957 1.0005 0.9964 0.9904
Sep. 1.0018 1.0011 0.9989 0.9861
Oct. 1.0003 1.0005 0.9949 0.9883
Nov. 1.0028 1.0008 0.9937 0.9991
Dec. 1.0053 0.9988 1.0035 1.0156
2012 Jan. 0.9972 0.9993 1.0121 1.0233
Feb. 0.9979 0.9998 1.0127 1.0223
Mar. 1.0037 0.9997 1.0143 1.0082
Apr. 1.0059 0.9997 1.0014 0.9958
May 0.9935 0.9992 0.9870 0.9937
June 0.9975 1.0003 0.9905 0.9919
July 0.9952 1.0013 0.9914 0.9865
Aug. 0.9977 1.0016 0.9979 0.9897
Sep. 1.0038 1.0014 1.0003 0.9857
Oct. 0.9992 1.0001 0.9966 0.9880
Nov. 1.0042 0.9993 0.9948 0.9997
Dec. 1.0064 0.9979 1.0034 1.0163
2013 Jan. 0.9959 0.9983 1.0115 1.0222
Feb. 0.9975 0.9994 1.0121 1.0218
Mar. 1.0040 0.9996 1.0131 1.0080
------------------------------------------------------------------------------------------
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
------------- --------- --------- --------- --------- ---------
2011 Dec. 5 0.9993 0.9952 0.9900 1.0004 0.9867
12 1.0004 0.9958 0.9286 0.9619 0.9464
19 1.0019 0.9964 1.0080 1.0042 1.0080
26 1.0088 0.9969 1.1298 1.0676 1.1013
2012 Jan. 2 1.0029 0.9975 1.1778 1.0888 1.1147
9 0.9967 0.9989 0.9355 0.9829 0.9852
16 0.9928 1.0004 0.9406 0.9699 0.9775
23 0.9910 1.0018 0.9670 1.0025 1.0314
30 0.9909 1.0032 1.0507 1.0398 1.0744
2012 Feb. 6 0.9980 1.0046 0.9448 0.9792 0.9776
13 0.9997 1.0035 0.9167 0.9380 0.9268
20 1.0022 1.0023 0.9809 0.9749 0.9759
27 1.0004 1.0011 1.0373 1.0140 1.0254
2012 Mar. 5 1.0041 0.9999 0.9882 0.9982 0.9867
12 1.0052 0.9985 0.9249 0.9664 0.9563
19 1.0046 0.9970 1.0094 1.0084 1.0085
26 1.0035 0.9955 1.0674 1.0509 1.0735
2012 Apr. 2 1.0033 0.9940 1.1044 1.0633 1.0680
9 1.0076 0.9949 0.9602 0.9877 0.9664
16 1.0035 0.9959 0.9466 1.0013 1.0007
23 1.0018 0.9968 0.9949 1.0507 1.0713
30 1.0020 0.9977 1.0683 1.0656 1.0870
2012 May 7 1.0057 0.9972 0.9637 0.9922 0.9831
14 1.0040 0.9966 0.9247 0.9511 0.9366
21 1.0026 0.9960 0.9922 0.9877 0.9877
28 1.0044 0.9955 1.0704 1.0289 1.0462
2012 June 4 1.0037 0.9949 1.0224 1.0114 1.0029
11 1.0041 0.9969 0.9308 0.9561 0.9396
18 1.0021 0.9988 0.9880 0.9965 0.9953
25 1.0000 1.0008 1.0492 1.0445 1.0707
2012 July 2 1.0011 1.0027 1.0990 1.0425 1.0493
9 1.0046 1.0042 0.9352 0.9585 0.9372
16 0.9993 1.0057 0.9263 0.9553 0.9435
23 0.9979 1.0073 0.9750 0.9890 0.9884
30 0.9970 1.0088 1.1020 1.0250 1.0359
2012 Aug. 6 1.0001 1.0103 1.0028 0.9853 0.9698
13 0.9987 1.0082 0.9321 0.9523 0.9373
20 0.9972 1.0062 0.9941 0.9855 0.9819
27 0.9951 1.0041 1.0623 1.0252 1.0406
2012 Sep. 3 0.9987 1.0020 1.0368 1.0238 1.0195
10 0.9981 1.0014 0.8796 0.9477 0.9244
17 0.9953 1.0009 0.9240 0.9639 0.9489
24 0.9941 1.0003 1.0060 0.9937 0.9999
2012 Oct. 1 0.9939 0.9997 1.1008 1.0251 1.0272
8 0.9984 1.0001 0.9453 0.9608 0.9357
15 0.9955 1.0004 0.9271 0.9453 0.9217
22 0.9945 1.0008 0.9887 0.9839 0.9784
29 0.9941 1.0012 1.0900 1.0284 1.0399
2012 Nov. 5 0.9983 1.0015 1.0456 1.0297 1.0306
12 1.0005 0.9999 0.9528 0.9660 0.9525
19 0.9992 0.9983 0.9794 0.9773 0.9648
26 1.0016 0.9967 1.0865 1.0376 1.0564
2012 Dec. 3 0.9994 0.9951 1.0521 1.0272 1.0214
10 1.0000 0.9957 0.9095 0.9604 0.9409
17 1.0000 0.9964 0.9791 0.9880 0.9854
24 1.0069 0.9970 1.0691 1.0475 1.0671
31 1.0050 0.9976 1.1909 1.0948 1.1293
2013 Jan. 7 0.9987 0.9989 0.9763 1.0102 1.0119
14 0.9930 1.0002 0.9202 0.9605 0.9653
21 0.9920 1.0016 0.9582 0.9915 1.0123
28 0.9913 1.0029 1.0365 1.0339 1.0736
2013 Feb. 4 0.9957 1.0042 0.9986 1.0082 1.0160
11 0.9994 1.0031 0.9094 0.9403 0.9302
18 1.0021 1.0019 0.9776 0.9676 0.9636
25 1.0000 1.0007 1.0229 1.0064 1.0208
2013 Mar. 4 1.0032 0.9995 1.0081 1.0085 1.0009
11 1.0054 0.9982 0.9160 0.9662 0.9559
18 1.0044 0.9969 0.9933 1.0013 1.0012
25 1.0037 0.9955 1.0484 1.0438 1.0638
2013 Apr. 1 1.0042 0.9942 1.1262 1.0692 1.0786
----------------------------------------------------------------------------------------
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
------------- ------------- ------------- ------------- -------------
2011 Dec. 5 1.0136 0.9995 0.9971 1.0060
12 1.0249 0.9988 1.0043 1.0216
19 1.0116 0.9982 1.0036 1.0179
26 0.9877 0.9984 1.0059 1.0153
2012 Jan. 2 0.9824 0.9993 1.0052 1.0142
9 1.0172 0.9995 1.0106 1.0134
16 1.0126 0.9994 1.0140 1.0305
23 0.9908 0.9991 1.0147 1.0238
30 0.9703 0.9994 1.0112 1.0290
2012 Feb. 6 1.0021 0.9995 1.0106 1.0170
13 1.0076 0.9996 1.0133 1.0258
20 0.9978 1.0000 1.0117 1.0212
27 0.9862 1.0002 1.0150 1.0269
2012 Mar. 5 1.0082 0.9997 1.0128 1.0137
12 1.0188 0.9997 1.0162 1.0163
19 1.0083 0.9997 1.0152 1.0063
26 0.9858 0.9997 1.0163 1.0041
2012 Apr. 2 0.9921 0.9998 1.0092 0.9997
9 1.0260 0.9998 1.0091 0.9984
16 1.0239 0.9998 1.0061 1.0045
23 0.9999 0.9997 0.9999 0.9876
30 0.9739 0.9996 0.9881 0.9915
2012 May 7 1.0033 0.9993 0.9812 0.9849
14 1.0095 0.9991 0.9858 0.9953
21 0.9929 0.9991 0.9881 0.9957
28 0.9756 0.9994 0.9914 1.0000
2012 June 4 0.9997 0.9994 0.9903 0.9907
11 1.0128 0.9999 0.9928 1.0007
18 1.0061 1.0003 0.9912 0.9927
25 0.9784 1.0005 0.9916 0.9883
2012 July 2 0.9818 1.0011 0.9850 0.9844
9 1.0141 1.0015 0.9900 0.9820
16 1.0084 1.0015 0.9916 0.9916
23 0.9886 1.0012 0.9931 0.9868
30 0.9717 1.0011 0.9925 0.9872
2012 Aug. 6 1.0042 1.0016 0.9920 0.9790
13 1.0108 1.0017 0.9973 0.9888
20 1.0003 1.0016 1.0000 0.9908
27 0.9802 1.0014 1.0008 0.9988
2012 Sep. 3 0.9954 1.0019 0.9993 0.9893
10 1.0247 1.0018 1.0027 0.9918
17 1.0183 1.0014 1.0032 0.9903
24 0.9900 1.0011 1.0003 0.9797
2012 Oct. 1 0.9805 1.0011 0.9949 0.9783
8 1.0133 1.0009 0.9956 0.9794
15 1.0179 1.0003 0.9991 0.9911
22 0.9971 0.9997 0.9988 0.9881
29 0.9757 0.9996 0.9947 0.9948
2012 Nov. 5 0.9993 0.9998 0.9916 0.9885
12 1.0141 0.9998 0.9937 0.9952
19 1.0131 0.9994 0.9928 1.0004
26 0.9880 0.9990 0.9990 1.0077
2012 Dec. 3 1.0027 0.9986 0.9969 1.0066
10 1.0263 0.9983 1.0038 1.0176
17 1.0185 0.9977 1.0025 1.0228
24 0.9986 0.9974 1.0050 1.0128
31 0.9783 0.9979 1.0049 1.0162
2013 Jan. 7 1.0146 0.9980 1.0063 1.0082
14 1.0140 0.9981 1.0148 1.0290
21 0.9971 0.9984 1.0136 1.0236
28 0.9700 0.9985 1.0121 1.0296
2013 Feb. 4 0.9904 0.9989 1.0093 1.0181
11 1.0062 0.9992 1.0132 1.0236
18 1.0014 0.9995 1.0103 1.0211
25 0.9869 0.9996 1.0145 1.0259
2013 Mar. 4 1.0032 0.9995 1.0114 1.0145
11 1.0195 0.9995 1.0150 1.0151
18 1.0115 0.9996 1.0134 1.0078
25 0.9883 0.9997 1.0153 1.0028
2013 Apr. 1 0.9884 0.9998 1.0093 1.0018
------------------------------------------------------------------------------------------
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
--------------- ------------------- ------------------- ------------------- -------------------
2010 Oct. 1777.0 1779.3 8726.2 8740.8
Nov. 1822.6 1817.2 8756.0 8778.9
Dec. 1840.3 1828.3 8796.4 8812.2
2011 Jan. 1868.4 1850.3 8860.4 8836.8
Feb. 1878.9 1871.5 8903.5 8898.2
Mar. 1891.2 1888.2 8949.9 8926.3
Apr. 1903.8 1897.8 8996.9 8958.1
May 1931.6 1929.5 9046.1 9009.7
June 1945.2 1944.9 9120.8 9096.9
July 2004.6 2003.8 9293.2 9298.5
Aug. 2106.3 2107.6 9483.1 9531.0
Sep. 2122.7 2133.8 9502.6 9578.3
Oct. 2138.9 2150.1 9549.8 9607.6
Nov. 2158.2 2149.1 9596.1 9641.7
Dec. 2178.0 2158.0 9641.0 9675.8
------------------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
Difference due to
------------------------------
Date Revised Old Difference Benchmark Seasonals
----------------- -------------- -------------- -------------- -------------- --------------
2010
January -9.5 -8.9 -0.6 0.1 -0.7
February 14.7 15.9 -1.2 0.0 -1.2
March 5.3 6.1 -0.8 0.1 -0.9
April -7.6 -9.2 1.6 -0.1 1.7
May 3.0 3.6 -0.6 0.0 -0.6
June 11.5 13.2 -1.7 0.1 -1.8
July 1.5 2.2 -0.7 0.0 -0.7
August 13.3 14.2 -0.9 0.0 -0.9
September 12.7 15.7 -3.0 0.4 -3.4
October 10.1 6.9 3.2 2.9 0.3
November 30.8 25.6 5.2 -0.1 5.3
December 11.7 7.3 4.4 0.2 4.2
2011
January 18.3 14.4 3.9 5.4 -1.5
February 6.7 13.7 -7.0 -6.1 -0.9
March 7.9 10.7 -2.8 -2.1 -0.7
April 8.0 6.1 1.9 0.4 1.5
May 17.5 20.0 -2.5 -0.7 -1.8
June 8.4 9.6 -1.2 -0.3 -0.9
July 36.6 36.3 0.3 1.0 -0.7
August 60.9 62.2 -1.3 1.3 -2.6
September 9.3 14.9 -5.6 -0.6 -5.0
October 9.2 9.2 0.0 -0.3 0.3
November 10.8 -0.6 11.4 0.3 11.1
December 11.0 5.0 6.0 1.7 4.3
Quarterly
10Q4 16.0 14.0 2.0 1.1 0.9
11Q1 14.6 13.6 1.0 0.3 0.7
11Q2 10.1 11.6 -1.5 -1.2 -0.3
11Q3 31.3 32.8 -1.5 0.4 -1.9
11Q4 15.5 13.6 1.9 0.1 1.8
Semi-Annual
10Q4 - 11Q2 12.5 12.8 -0.3 -0.4 0.1
11Q2 - 11Q4 24.0 23.7 0.3 0.3 0.0
Annual (Q4 to Q4)
2010 7.7 7.4 0.3 0.3 0.0
2011 19.0 19.0 0.0 -0.1 0.1
----------------------------------------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
Difference due to
------------------------------
Date Revised Old Difference Benchmark Seasonals
----------------- -------------- -------------- -------------- -------------- --------------
2010
January -4.8 -8.9 4.1 -0.3 4.4
February 7.2 9.6 -2.4 -0.2 -2.2
March -0.9 -3.1 2.2 0.2 2.0
April 3.5 1.5 2.0 0.4 1.6
May 6.6 5.6 1.0 0.0 1.0
June 2.8 4.1 -1.3 -0.1 -1.2
July -0.5 2.2 -2.7 0.0 -2.7
August 3.6 6.3 -2.7 0.0 -2.7
September 4.8 6.6 -1.8 0.0 -1.8
October 7.3 5.6 1.7 0.5 1.2
November 4.1 5.2 -1.1 -0.3 -0.8
December 5.5 4.6 0.9 -0.2 1.1
2011
January 8.7 3.3 5.4 0.2 5.2
February 5.8 8.3 -2.5 -0.3 -2.2
March 6.3 3.8 2.5 -0.2 2.7
April 6.3 4.3 2.0 0.2 1.8
May 6.6 6.9 -0.3 -0.7 0.4
June 9.9 11.6 -1.7 -0.7 -1.0
July 22.7 26.6 -3.9 -0.3 -3.6
August 24.5 30.0 -5.5 -0.6 -4.9
September 2.5 6.0 -3.5 -0.7 -2.8
October 6.0 3.7 2.3 -0.2 2.5
November 5.8 4.3 1.5 0.0 1.5
December 5.6 4.2 1.4 0.1 1.3
Quarterly
10Q4 5.4 5.7 -0.3 0.1 -0.4
11Q1 6.6 5.0 1.6 0.0 1.6
11Q2 6.7 6.1 0.6 -0.2 0.8
11Q3 16.4 19.9 -3.5 -0.6 -2.9
11Q4 7.2 7.3 -0.1 -0.3 0.2
Semi-Annual
10Q4 - 11Q2 6.7 5.6 1.1 -0.2 1.3
11Q2 - 11Q4 11.9 13.7 -1.8 -0.4 -1.4
Annual (Q4 to Q4)
2010 3.1 3.2 -0.1 0.1 -0.2
2011 9.5 9.8 -0.3 -0.3 0.0
----------------------------------------------------------------------------------------------------
Release dates |
Historical data | Data Download Program (DDP) |
About