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. 1 FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time January 21, 2010 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Date M1(1) M2(2) M1(1) M2(2) ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- 2008-Jan. 1381.1 7542.3 1375.5 7529.1 Feb. 1387.0 7631.7 1365.3 7613.4 Mar. 1389.7 7691.6 1400.7 7752.2 Apr. 1392.1 7716.3 1406.4 7802.0 May 1391.5 7739.0 1396.2 7739.7 June 1398.1 7751.1 1407.0 7761.2 July 1415.1 7802.7 1417.4 7776.1 Aug. 1400.0 7790.6 1400.9 7772.8 Sep. 1459.5 7898.2 1441.0 7851.6 Oct. 1472.7 8014.7 1461.9 7965.1 Nov. 1518.1 8065.3 1513.1 8052.6 Dec. 1594.7 8241.6 1618.7 8251.3 2009-Jan. 1573.8 8302.6 1565.6 8296.9 Feb. 1562.1 8340.7 1535.6 8322.8 Mar. 1564.3 8392.7 1577.3 8455.3 Apr. 1592.7 8343.7 1608.4 8448.4 May 1593.0 8416.1 1598.3 8426.6 June 1641.0 8442.2 1652.9 8447.2 July 1649.9 8436.5 1654.9 8417.2 Aug. 1648.3 8413.2 1649.2 8391.9 Sep. 1660.8 8452.3 1639.9 8396.3 Oct. 1673.8 8481.3 1659.5 8423.4 Nov. 1685.6 8508.9 1678.8 8491.7 Dec. p 1693.3 8523.8 1718.3 8529.5 ---------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 ---------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months from Sep. 2009 TO Dec. 2009 7.8 3.4 6 Months from June 2009 TO Dec. 2009 6.4 1.9 12 Months from Dec. 2008 TO Dec. 2009 6.2 3.4 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler's checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 2 MONEY STOCK MEASURES Billions of dollars -------------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M1 M2 -------------------------------- -------------------------------- -------------------------------- ----------------------------------- Period ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- 2009-Oct. 19 1657.9 1667.8 1676.4 8443.5 8473.1 8483.8 1646.9 1646.6 1641.8 8401.3 8409.5 8447.3 26 1660.3 1672.8 1677.2 8447.0 8478.9 8499.3 1647.8 1647.8 1698.7 8402.4 8420.2 8388.8 Nov. 2 1661.2 1675.5 1676.1 8452.5 8487.9 8498.7 1649.3 1667.5 1730.1 8404.3 8424.0 8431.0 9 1663.9 1680.3 1691.3 8459.4 8497.5 8508.0 1651.5 1677.0 1637.3 8409.3 8439.2 8489.5 16 1666.2 1682.0 1683.3 8466.8 8504.5 8512.0 1651.6 1675.2 1634.7 8416.3 8456.3 8515.8 23 1669.7 1683.6 1683.5 8475.4 8507.8 8512.4 1654.6 1672.0 1686.0 8426.1 8477.1 8472.1 30 1673.4 1686.3 1686.9 8482.4 8510.6 8510.1 1659.3 1677.2 1750.9 8436.9 8493.0 8494.6 Dec. 7 1675.8 1684.8 1685.5 8490.8 8517.4 8535.0 1662.3 1681.5 1654.3 8446.2 8506.7 8544.4 14 1677.3 1687.4 1693.7 8497.9 8525.2 8543.3 1666.6 1686.5 1654.9 8454.5 8514.4 8546.4 21 1680.3 1690.5 1695.7 8503.2 8529.8 8530.9 1673.5 1695.7 1722.8 8465.2 8528.0 8526.7 28 1683.1 1691.9 1692.8 8506.0 8530.3 8512.1 1681.7 1708.1 1800.3 8477.8 8531.9 8510.0 2010-Jan. 4p 1686.1 1696.7 1704.6 8505.9 8512.0 8461.7 1691.7 1739.9 1781.5 8486.0 8526.5 8523.0 11p 1684.8 1687.1 1655.3 8504.6 8489.3 8452.3 1693.0 1730.2 1616.0 8490.4 8511.3 8485.4 -------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 -------------------------------------------------------------------------------------------------------------------------------------------------------- Thirteen weeks ending January 11, 2010 from thirteen weeks ending: Oct. 12, 2009 (13 weeks previous) 7.0 3.1 July 13, 2009 (26 weeks previous) 8.6 2.2 Jan. 12, 2009 (52 weeks previous) 8.9 4.4 -------------------------------------------------------------------------------------------------------------------------------------------------------- Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 3 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other checkable deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2008-Aug. 776.7 5.9 311.5 170.1 135.9 306.0 Sep. 781.1 5.8 359.6 175.7 137.3 313.0 Oct. 796.6 5.7 360.2 175.2 135.0 310.2 Nov. 806.3 5.6 399.6 171.5 135.1 306.6 Dec. 815.3 5.5 459.7 180.2 134.1 314.3 2009-Jan. 827.2 5.5 428.4 177.0 135.7 312.7 Feb. 836.8 5.5 397.3 182.2 140.3 322.4 Mar. 842.9 5.4 390.5 184.5 141.0 325.5 Apr. 847.8 5.3 406.2 191.6 141.6 333.3 May 849.2 5.3 401.9 195.1 141.5 336.7 June 852.3 5.2 434.0 210.4 139.1 349.5 July 854.2 5.1 435.7 215.2 139.8 354.9 Aug. 857.7 5.1 426.9 219.1 139.5 358.6 Sep. 861.4 5.1 430.4 222.2 141.7 363.9 Oct. 862.6 5.1 432.2 226.2 147.6 373.8 Nov. 861.7 5.1 434.5 236.3 148.0 384.3 Dec. p 862.1 5.1 441.6 233.9 150.6 384.4 Week ending: 2009-Nov. 16 861.4 5.1 434.6 233.9 148.3 382.2 23 862.0 5.1 429.6 238.1 148.7 386.8 30 862.2 5.1 430.1 241.4 148.1 389.5 Dec. 7 863.4 5.1 437.9 230.9 148.2 379.1 14 863.1 5.1 441.2 234.3 150.0 384.3 21 862.1 5.1 442.0 236.6 149.9 386.5 28 860.8 5.1 440.0 234.2 152.8 386.9 2010-Jan. 4p 859.9 5.1 453.3 233.0 153.4 386.4 11p 860.0 5.1 e 421.5 218.6 150.2 368.8 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings deposits(1) Small-denomination time deposits(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2008-Aug. 3126.5 892.0 4018.5 903.9 408.7 1312.6 1059.4 6390.6 2272.3 Sep. 3180.8 864.3 4045.2 932.0 404.3 1336.3 1057.3 6438.7 2233.9 Oct. 3263.3 786.7 4050.0 1024.6 372.5 1397.1 1094.8 6541.9 2225.4 Nov. 3260.5 771.2 4031.8 1052.6 377.8 1430.4 1085.0 6547.2 2334.4 Dec. 3339.2 772.7 4112.0 1074.2 378.5 1452.7 1082.2 6646.9 2409.7 2009-Jan. 3428.8 778.5 4207.3 1065.9 379.7 1445.6 1075.9 6728.8 2472.3 Feb. 3495.1 789.8 4284.8 1056.0 381.6 1437.6 1056.2 6778.6 2494.7 Mar. 3552.1 804.0 4356.1 1042.6 382.4 1424.9 1047.4 6828.5 2501.6 Apr. 3520.9 805.4 4326.4 1027.9 377.0 1404.9 1019.8 6751.1 2514.2 May 3621.3 817.2 4438.4 1021.4 362.9 1384.3 1000.4 6823.1 2528.5 June 3640.9 825.9 4466.8 1003.1 358.4 1361.5 972.8 6801.2 2511.3 July 3671.9 834.6 4506.5 980.5 353.4 1333.9 946.3 6786.7 2492.2 Aug. 3715.5 830.5 4546.0 961.9 342.0 1303.9 915.0 6764.9 2447.0 Sep. 3789.6 842.7 4632.3 935.6 332.4 1268.0 891.1 6791.4 2407.3 Oct. 3861.1 855.3 4716.5 901.8 327.4 1229.2 861.8 6807.5 2339.2 Nov. 3952.1 835.8 4787.9 876.8 320.7 1197.5 837.9 6823.3 2281.0 Dec. p 4006.8 842.6 4849.4 850.7 316.9 1167.6 813.5 6830.5 2219.7 Week ending: 2009-Nov. 16 3958.1 827.1 4785.2 878.8 320.6 1199.4 844.0 6828.6 2280.2 23 3962.6 839.8 4802.4 873.3 319.7 1192.9 833.6 6828.9 2273.7 30 3965.5 843.6 4809.1 867.6 319.2 1186.8 827.4 6823.2 2266.3 Dec. 7 4012.5 837.6 4850.1 857.3 319.0 1176.4 823.0 6849.5 2257.6 14 4025.6 835.3 4860.8 855.0 317.8 1172.8 816.0 6849.6 2224.4 21 4014.6 843.9 4858.4 850.1 316.6 1166.7 810.1 6835.2 2200.8 28 3998.8 852.3 4851.1 845.2 315.1 1160.3 807.8 6819.3 2190.8 2010-Jan. 4p 3954.8 840.5 4795.3 838.7 315.0 1153.7 808.2 6757.1 2231.9 11p 4010.4 839.0 4849.4 832.3 313.2 1145.5 802.0 6796.9 2208.1 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 5 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other checkable deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2008-Aug. 775.3 6.0 314.4 167.3 138.0 305.3 Sep. 776.6 5.8 349.9 170.5 138.2 308.7 Oct. 793.5 5.7 357.7 171.7 133.4 305.1 Nov. 806.1 5.6 402.0 167.2 132.3 299.5 Dec. 818.7 5.5 478.3 183.1 133.2 316.2 2009-Jan. 825.8 5.5 421.7 182.0 130.5 312.6 Feb. 838.6 5.5 377.3 179.5 134.6 314.2 Mar. 846.2 5.4 396.6 187.3 141.9 329.1 Apr. 849.0 5.3 407.7 200.5 145.9 346.4 May 850.9 5.2 404.1 196.4 141.7 338.1 June 852.4 5.2 439.6 212.3 143.3 355.7 July 854.6 5.2 439.0 212.2 143.8 356.0 Aug. 855.5 5.2 430.4 215.2 143.0 358.1 Sep. 856.7 5.1 418.9 215.7 143.5 359.2 Oct. 859.2 5.1 427.7 221.5 146.0 367.5 Nov. 860.8 5.1 437.4 230.3 145.2 375.5 Dec. p 865.3 5.1 461.4 237.5 149.1 386.6 Week ending: 2009-Nov. 16 860.1 5.1 409.3 218.1 142.2 360.2 23 860.1 5.1 440.8 235.5 144.5 380.0 30 862.3 5.1 484.4 249.2 149.9 399.1 Dec. 7 862.3 5.1 419.2 221.2 146.4 367.6 14 862.9 5.1 420.8 222.3 143.9 366.2 21 866.0 5.1 461.6 241.7 148.5 390.2 28 870.3 5.1 515.5 256.2 153.3 409.4 2010-Jan. 4p 864.7 5.1 505.9 248.3 157.6 405.9 11p 859.7 5.1 e 392.9 214.5 143.9 358.3 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 6 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings deposits(1) Small-denomination time deposits(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2008-Aug. 3122.0 890.8 4012.8 899.7 406.8 1306.4 1052.7 6371.9 2254.8 Sep. 3164.5 859.9 4024.4 932.0 404.3 1336.4 1049.8 6410.5 2210.0 Oct. 3239.0 780.8 4019.8 1028.0 373.8 1401.8 1081.5 6503.1 2205.1 Nov. 3256.5 770.3 4026.7 1058.7 380.1 1438.8 1073.9 6539.4 2320.4 Dec. 3321.4 768.6 4090.0 1079.3 380.3 1459.6 1083.0 6632.5 2430.9 2009-Jan. 3413.9 775.1 4189.0 1072.8 382.2 1455.0 1087.3 6731.3 2529.7 Feb. 3487.7 788.1 4275.8 1059.4 382.8 1442.2 1069.1 6787.2 2546.9 Mar. 3572.0 808.6 4380.6 1043.8 382.8 1426.6 1070.8 6878.0 2530.3 Apr. 3583.0 819.6 4402.6 1025.8 376.2 1402.0 1035.4 6840.1 2509.8 May 3636.0 820.5 4456.5 1015.5 360.8 1376.3 995.5 6828.3 2519.6 June 3649.2 827.8 4477.0 997.2 356.3 1353.5 963.8 6794.3 2494.5 July 3665.9 833.2 4499.1 974.8 351.4 1326.2 937.0 6762.3 2458.5 Aug. 3707.6 828.7 4536.3 957.0 340.3 1297.3 909.1 6742.7 2431.2 Sep. 3767.2 837.7 4604.9 934.9 332.2 1267.1 884.4 6756.4 2378.8 Oct. 3831.8 848.9 4680.7 904.3 328.3 1232.5 850.7 6763.9 2309.2 Nov. 3945.3 834.4 4779.7 881.8 322.6 1204.4 828.8 6812.8 2263.6 Dec. p 3985.8 838.1 4823.9 855.1 318.5 1173.6 813.7 6811.2 2236.2 Week ending: 2009-Nov. 16 4006.2 837.2 4843.4 884.0 322.5 1206.5 831.1 6881.1 2259.1 23 3927.3 832.3 4759.6 878.4 321.5 1200.0 826.5 6786.1 2266.4 30 3899.0 829.4 4728.4 872.8 321.1 1193.9 821.5 6743.8 2261.7 Dec. 7 4042.8 843.9 4886.8 862.2 320.9 1183.1 820.2 6890.1 2256.0 14 4054.5 841.3 4895.8 859.6 319.5 1179.1 816.5 6891.4 2259.5 21 3983.0 837.2 4820.3 854.2 318.1 1172.2 811.3 6803.8 2214.0 28 3903.0 831.9 4734.9 849.1 316.6 1165.7 809.0 6709.6 2214.8 2010-Jan. 4p 3937.2 836.7 4773.9 843.0 316.6 1159.6 808.0 6741.5 2237.5 11p 4056.7 848.7 4905.4 838.1 315.4 1153.4 810.6 6869.4 2249.1 -------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------- IRA and Keogh accounts Demand deposits Time and ----------------------------------------------------- at banks due to savings Date -------------------------- deposits due to At Foreign Foreign foreign banks At At money commercial official and official commercial thrift market banks institutions institutions banks institutions funds Total -------------------------------------------------------------------------------------------------------------------- 2008-Aug. 8.2 1.5 36.9 185.5 114.3 251.3 551.1 Sep. 9.3 1.5 33.4 188.5 113.9 257.1 559.4 Oct. 10.2 1.8 32.1 191.1 113.8 262.3 567.2 Nov. 10.8 2.4 33.6 193.2 114.2 267.0 574.4 Dec. 11.4 3.1 35.1 195.4 114.6 271.7 581.7 2009-Jan. 11.8 3.4 34.8 199.3 115.3 275.6 590.3 Feb. 11.9 4.7 32.3 205.2 116.3 278.4 599.9 Mar. 12.0 4.3 29.9 211.1 117.3 281.1 609.5 Apr. 12.4 4.7 28.3 215.6 118.5 280.4 614.5 May 13.3 5.8 28.0 217.7 119.8 274.8 612.3 June 14.1 6.8 27.7 219.8 121.1 269.1 610.0 July 14.5 7.4 27.6 221.3 122.1 263.2 e 606.6 e Aug. 14.1 8.7 27.8 222.0 122.7 257.1 e 601.8 e Sep. 13.8 8.5 27.9 222.7 123.3 250.9 e 596.9 e Oct. 13.6 e 8.3 e 28.0 e 223.5 e 123.8 e 247.6 e 594.9 e Nov. 13.6 e 8.8 e 28.0 e 224.4 e 124.3 e 247.6 e 596.3 e Dec. p 13.6 e 8.4 e 28.0 e 225.4 e 124.8 e 247.6 e 597.8 e -------------------------------------------------------------------------------------------------------------------- e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS (continued) Billions of dollars, not seasonally adjusted ----------------------------------------------------------------------------------------------------------- U.S. government deposits -------------------------------------------------------------------------------------- Demand Balance at Federal Reserve Note Time and Date deposits -------------------------- balances savings at Supplementary at Total deposits at commercial General financing depository cash commercial banks account account institutions(1) balance banks ----------------------------------------------------------------------------------------------------------- 2008-Aug. 1.2 4.8 7.7 13.8 2.2 Sep. 3.5 5.8 77.9 16.4 103.5 2.6 Oct. 1.8 33.9 495.2 24.9 555.8 2.6 Nov. 1.3 55.8 513.5 5.2 575.9 2.2 Dec. 1.3 90.2 340.3 1.9 433.8 1.8 2009-Jan. 3.4 47.0 197.9 1.9 250.2 1.6 Feb. 1.3 36.5 195.7 2.0 235.5 1.7 Mar. 1.4 62.9 199.9 1.9 266.2 1.7 Apr. 5.9 59.1 199.9 2.0 266.9 1.7 May 1.3 51.8 199.9 2.0 255.0 1.7 June 2.6 64.5 199.9 2.0 269.0 1.7 July 1.3 50.4 199.9 2.0 253.7 1.7 Aug. 1.2 39.9 199.9 2.0 243.0 1.8 Sep. 2.9 35.0 191.8 1.9 231.6 1.9 Oct. 1.6 45.1 74.8 2.0 123.5 1.9 e Nov. 1.2 52.3 15.0 2.0 70.5 1.9 e Dec. p 1.3 82.7 13.9 2.0 99.8 1.9 e Week ending: 2009-Nov. 16 1.3 60.6 15.0 2.0 78.9 23 1.2 40.0 15.0 2.1 58.3 30 1.2 25.8 15.0 2.0 43.9 Dec. 7 1.1 38.7 15.0 2.0 56.8 14 1.3 49.5 15.0 1.9 67.7 21 1.4 102.7 15.0 2.0 121.1 28 1.4 110.5 15.0 2.0 128.8 2010-Jan. 4p 1.6 169.2 4.3 1.9 177.0 11p 2.3 146.7 5.0 2.0 156.0 --------------------------------------------------------------------------------------------------------- 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's website (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 ---------------------------------------------------------------------------------------- Other checkable Nonbank deposits [1] travelers Demand -------------------- Date Currency checks deposits Total At banks ------------- --------- --------- --------- --------- --------- 2009 Jan. 0.9983 1.0022 0.9842 0.9996 1.0286 Feb. 1.0022 0.9973 0.9497 0.9744 0.9856 Mar. 1.0039 0.9920 1.0157 1.0113 1.0151 Apr. 1.0014 0.9891 1.0037 1.0394 1.0461 May 1.0020 0.9901 1.0055 1.0043 1.0066 June 1.0002 1.0021 1.0130 1.0175 1.0091 July 1.0005 1.0190 1.0078 1.0031 0.9864 Aug. 0.9974 1.0163 1.0082 0.9989 0.9822 Sep. 0.9945 0.9997 0.9733 0.9871 0.9707 Oct. 0.9961 0.9966 0.9895 0.9831 0.9794 Nov. 0.9989 0.9956 1.0069 0.9772 0.9747 Dec. 1.0037 0.9970 1.0447 1.0056 1.0155 2010 Jan. 0.9988 1.0022 0.9844 0.9976 1.0272 Feb. 1.0025 0.9982 0.9478 0.9747 0.9869 Mar. 1.0043 0.9925 1.0169 1.0101 1.0138 Apr. 1.0020 0.9886 1.0006 1.0382 1.0473 May 1.0012 0.9898 1.0053 1.0044 1.0063 June 1.0006 1.0023 1.0152 1.0197 1.0093 July 1.0006 1.0189 1.0084 1.0042 0.9875 Aug. 0.9969 1.0176 1.0070 0.9992 0.9819 Sep. 0.9945 1.0006 0.9741 0.9873 0.9714 Oct. 0.9965 0.9967 0.9871 0.9836 0.9784 Nov. 0.9983 0.9971 1.0063 0.9770 0.9748 Dec. 1.0039 0.9968 1.0474 1.0043 1.0154 2011 Jan. 0.9981 1.0025 0.9854 0.9969 1.0262 Feb. 1.0027 0.9986 0.9467 0.9751 0.9877 Mar. 1.0045 0.9925 1.0177 1.0092 1.0130 ---------------------------------------------------------------------------------------- 1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ- ence between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 ------------------------------------------------------------------------------------------ Savings and Small denom. MMDA time Retail money Institutional Date deposits [1] deposits [1] funds money funds ------------- ------------- ------------- ------------- ------------- 2009 Jan. 0.9957 1.0065 1.0106 1.0232 Feb. 0.9979 1.0032 1.0123 1.0209 Mar. 1.0056 1.0012 1.0223 1.0115 Apr. 1.0176 0.9980 1.0153 0.9982 May 1.0041 0.9942 0.9952 0.9965 June 1.0023 0.9941 0.9907 0.9933 July 0.9984 0.9943 0.9902 0.9865 Aug. 0.9979 0.9950 0.9935 0.9935 Sep. 0.9941 0.9993 0.9924 0.9882 Oct. 0.9924 1.0027 0.9871 0.9872 Nov. 0.9983 1.0057 0.9891 0.9924 Dec. 0.9948 1.0051 1.0002 1.0074 2010 Jan. 0.9963 1.0070 1.0102 1.0206 Feb. 0.9983 1.0034 1.0126 1.0217 Mar. 1.0059 1.0012 1.0225 1.0120 Apr. 1.0181 0.9979 1.0163 0.9981 May 1.0045 0.9945 0.9958 0.9963 June 1.0021 0.9946 0.9906 0.9947 July 0.9984 0.9947 0.9905 0.9898 Aug. 0.9953 0.9953 0.9935 0.9955 Sep. 0.9950 0.9989 0.9921 0.9876 Oct. 0.9932 1.0018 0.9869 0.9852 Nov. 0.9961 1.0050 0.9891 0.9924 Dec. 0.9965 1.0051 0.9996 1.0075 2011 Jan. 0.9962 1.0071 1.0100 1.0192 Feb. 0.9986 1.0036 1.0127 1.0214 Mar. 1.0060 1.0013 1.0223 1.0116 ------------------------------------------------------------------------------------------ 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct M1 ---------------------------------------------------------------------------------------- Other checkable Nonbank deposits [1] travelers Demand -------------------- Date Currency checks deposits Total At banks ------------- --------- --------- --------- --------- --------- 2009 Dec. 7 0.9988 0.9937 0.9574 0.9697 0.9581 14 0.9998 0.9956 0.9537 0.9527 0.9485 21 1.0045 0.9975 1.0443 1.0094 1.0213 28 1.0110 0.9995 1.1718 1.0581 1.0940 2010 Jan. 4 1.0056 1.0014 1.1161 1.0505 1.0658 11 0.9997 1.0018 0.9321 0.9718 0.9813 18 0.9980 1.0021 0.9506 0.9799 1.0086 25 0.9962 1.0025 0.9850 1.0002 1.0475 2010 Feb. 1 0.9972 1.0028 1.0110 1.0197 1.0582 8 1.0027 1.0009 0.8841 0.9676 0.9712 15 1.0040 0.9989 0.9288 0.9539 0.9586 22 1.0019 0.9970 0.9602 0.9748 0.9954 2010 Mar. 1 1.0020 0.9950 1.0185 0.9995 1.0161 8 1.0054 0.9941 0.9274 0.9827 0.9814 15 1.0045 0.9931 0.9678 0.9811 0.9817 22 1.0043 0.9921 1.0352 1.0112 1.0192 29 1.0039 0.9912 1.1082 1.0435 1.0624 2010 Apr. 5 1.0059 0.9902 1.0027 1.0468 1.0250 12 1.0035 0.9894 0.9462 1.0010 0.9975 19 1.0012 0.9885 1.0040 1.0422 1.0505 26 0.9995 0.9877 1.0516 1.0689 1.0958 2010 May 3 1.0007 0.9868 1.0420 1.0484 1.0742 10 1.0024 0.9881 0.9291 0.9812 0.9825 17 0.9997 0.9895 0.9938 0.9858 0.9841 24 0.9999 0.9908 1.0432 1.0070 1.0099 31 1.0017 0.9921 1.0529 1.0307 1.0256 2010 June 7 1.0030 0.9959 0.9329 1.0023 0.9942 14 1.0012 0.9998 0.9773 0.9827 0.9772 21 0.9996 1.0036 1.0167 1.0210 1.0129 28 0.9987 1.0074 1.0935 1.0564 1.0490 2010 July 5 1.0042 1.0113 1.0126 1.0210 0.9942 12 1.0023 1.0151 0.9457 0.9729 0.9513 19 0.9997 1.0189 0.9926 0.9899 0.9778 26 0.9981 1.0228 1.0582 1.0200 1.0072 2010 Aug. 2 0.9984 1.0266 1.0772 1.0420 1.0213 9 1.0003 1.0229 0.9361 0.9786 0.9502 16 0.9979 1.0192 0.9847 0.9826 0.9581 23 0.9956 1.0154 1.0312 1.0006 0.9911 30 0.9931 1.0116 1.0664 1.0235 1.0216 2010 Sep. 6 0.9981 1.0079 0.9250 0.9853 0.9693 13 0.9951 1.0039 0.9021 0.9594 0.9431 20 0.9934 0.9998 0.9755 0.9820 0.9665 27 0.9925 0.9958 1.0454 1.0092 0.9959 2010 Oct. 4 0.9950 0.9918 1.0019 0.9994 0.9781 11 0.9988 0.9941 0.9129 0.9539 0.9311 18 0.9960 0.9964 0.9656 0.9696 0.9652 25 0.9953 0.9988 1.0346 1.0040 1.0094 2010 Nov. 1 0.9953 1.0012 1.0753 1.0126 1.0195 8 0.9991 0.9995 0.9506 0.9578 0.9569 15 0.9982 0.9979 0.9516 0.9381 0.9349 22 0.9973 0.9962 1.0095 0.9773 0.9790 29 0.9995 0.9946 1.0992 1.0255 1.0233 2010 Dec. 6 0.9989 0.9929 0.9678 0.9802 0.9690 13 1.0003 0.9950 0.9656 0.9680 0.9604 20 1.0039 0.9970 1.0578 0.9987 1.0136 27 1.0117 0.9991 1.1458 1.0411 1.0758 2011 Jan. 3 1.0050 1.0012 1.1208 1.0496 1.0682 10 0.9998 1.0018 0.9489 0.9816 0.9993 17 0.9973 1.0024 0.9573 0.9775 1.0072 24 0.9955 1.0030 0.9815 0.9957 1.0334 31 0.9956 1.0036 1.0109 1.0165 1.0526 2011 Feb. 7 1.0018 1.0016 0.8853 0.9694 0.9819 14 1.0032 0.9996 0.9079 0.9509 0.9610 21 1.0034 0.9976 0.9748 0.9748 0.9885 28 1.0024 0.9956 1.0182 1.0051 1.0190 2011 Mar. 7 1.0062 0.9944 0.9416 0.9873 0.9826 14 1.0052 0.9933 0.9566 0.9803 0.9758 21 1.0048 0.9922 1.0241 1.0049 1.0120 28 1.0030 0.9910 1.0971 1.0358 1.0556 2011 Apr. 4 1.0052 0.9899 1.0269 1.0389 1.0505 ---------------------------------------------------------------------------------------- 1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ- ence between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 ------------------------------------------------------------------------------------------ Savings and Small denom. MMDA time Retail money Institutional Date deposits [1] deposits [1] funds money funds ------------- ------------- ------------- ------------- ------------- 2009 Dec. 7 1.0076 1.0057 0.9966 0.9993 14 1.0072 1.0054 1.0007 1.0158 21 0.9921 1.0048 1.0015 1.0060 28 0.9760 1.0047 1.0014 1.0110 2010 Jan. 4 0.9956 1.0051 0.9998 1.0025 11 1.0116 1.0069 1.0107 1.0186 18 1.0035 1.0078 1.0146 1.0248 25 0.9843 1.0076 1.0148 1.0280 2010 Feb. 1 0.9831 1.0064 1.0115 1.0218 8 1.0051 1.0052 1.0129 1.0188 15 1.0044 1.0039 1.0121 1.0215 22 0.9930 1.0025 1.0149 1.0238 2010 Mar. 1 0.9922 1.0013 1.0169 1.0226 8 1.0133 1.0014 1.0215 1.0176 15 1.0163 1.0015 1.0260 1.0184 22 1.0022 1.0014 1.0294 1.0075 29 0.9940 1.0008 1.0275 1.0067 2010 Apr. 5 1.0216 1.0000 1.0237 0.9988 12 1.0346 0.9990 1.0273 1.0070 19 1.0270 0.9978 1.0223 0.9980 26 0.9988 0.9966 1.0151 0.9951 2010 May 3 1.0018 0.9956 0.9988 0.9866 10 1.0175 0.9949 0.9986 0.9923 17 1.0110 0.9943 0.9955 0.9947 24 0.9919 0.9939 0.9967 1.0044 31 0.9928 0.9944 0.9943 0.9978 2010 June 7 1.0166 0.9948 0.9933 0.9963 14 1.0171 0.9948 0.9943 1.0024 21 1.0003 0.9945 0.9925 0.9897 28 0.9808 0.9944 0.9881 0.9947 2010 July 5 1.0069 0.9949 0.9820 0.9803 12 1.0117 0.9950 0.9914 0.9944 19 1.0000 0.9946 0.9902 0.9910 26 0.9833 0.9942 0.9907 0.9938 2010 Aug. 2 0.9866 0.9947 0.9871 0.9860 9 1.0095 0.9949 0.9901 0.9917 16 1.0057 0.9949 0.9901 0.9938 23 0.9874 0.9952 0.9941 1.0008 30 0.9779 0.9959 0.9928 0.9990 2010 Sep. 6 1.0078 0.9974 0.9894 0.9913 13 1.0127 0.9982 0.9940 0.9953 20 0.9958 0.9990 0.9916 0.9861 27 0.9742 0.9999 0.9870 0.9830 2010 Oct. 4 0.9913 1.0008 0.9815 0.9761 11 1.0044 1.0011 0.9858 0.9857 18 1.0003 1.0013 0.9864 0.9850 25 0.9803 1.0021 0.9850 0.9896 2010 Nov. 1 0.9803 1.0034 0.9819 0.9859 8 1.0030 1.0046 0.9828 0.9851 15 1.0077 1.0051 0.9844 0.9906 22 0.9923 1.0052 0.9909 0.9955 29 0.9824 1.0053 0.9933 0.9985 2010 Dec. 6 1.0064 1.0052 0.9947 0.9977 13 1.0070 1.0051 1.0002 1.0163 20 0.9963 1.0047 1.0008 1.0064 27 0.9835 1.0050 1.0008 1.0082 2011 Jan. 3 0.9926 1.0059 1.0002 1.0075 10 1.0096 1.0071 1.0095 1.0135 17 1.0040 1.0080 1.0140 1.0220 24 0.9882 1.0074 1.0147 1.0261 31 0.9787 1.0066 1.0108 1.0201 2011 Feb. 7 1.0042 1.0053 1.0126 1.0169 14 1.0042 1.0041 1.0123 1.0216 21 0.9950 1.0029 1.0152 1.0213 28 0.9909 1.0019 1.0170 1.0257 2011 Mar. 7 1.0118 1.0017 1.0212 1.0179 14 1.0159 1.0017 1.0258 1.0188 21 1.0061 1.0014 1.0280 1.0086 28 0.9957 1.0008 1.0284 1.0065 2011 Apr. 4 1.0167 0.9999 1.0238 0.9990 ------------------------------------------------------------------------------------------ 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (Billions of dollars, seasonally adjusted) ------------------------------------------------------------------------------------------------------ Date Revised M1 Old M1 Revised M2 Old M2 --------------- ------------------- ------------------- ------------------- ------------------- 2008 Oct. 1472.7 1474.7 8014.7 7929.2 Nov. 1518.1 1523.2 8065.3 7982.1 Dec. 1594.7 1595.2 8241.6 8155.9 2009 Jan. 1573.8 1576.5 8302.6 8235.9 Feb. 1562.1 1559.7 8340.7 8258.7 Mar. 1564.3 1563.3 8392.7 8325.4 Apr. 1592.7 1592.8 8343.7 8272.2 May 1593.0 1595.5 8416.1 8342.6 June 1641.0 1647.8 8442.2 8374.3 July 1649.9 1653.6 8436.5 8356.6 Aug. 1648.3 1649.8 8413.2 8305.2 Sep. 1660.8 1659.9 8452.3 8332.9 Oct. 1673.8 1673.9 8481.3 8359.9 Nov. 1685.6 1688.7 8508.9 8391.9 Dec. 1693.3 1689.4 8523.8 8410.3 ------------------------------------------------------------------------------------------------------ Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (Percent changes, annual rate) ---------------------------------------------------------------------------------------------------- Difference due to ------------------------------ Date Revised Old Difference Benchmark Seasonals ----------------- -------------- -------------- -------------- -------------- -------------- 2008 January 4.6 3.8 0.8 2.5 -1.7 February 5.1 2.8 2.3 2.1 0.2 March 2.3 2.3 0.0 0.5 -0.5 April 2.1 0.6 1.5 2.8 -1.3 May -0.5 -0.2 -0.3 0.6 -0.9 June 5.7 8.7 -3.0 -0.6 -2.4 July 14.6 13.3 1.3 -0.3 1.6 August -12.8 -15.0 2.2 0.6 1.6 September 51.0 51.6 -0.6 -2.6 2.0 October 10.9 19.1 -8.2 -7.5 -0.7 November 37.0 39.5 -2.5 -1.4 -1.1 December 60.5 56.7 3.8 -0.5 4.3 2009 January -15.7 -14.1 -1.6 0.1 -1.7 February -8.9 -12.8 3.9 3.4 0.5 March 1.7 2.8 -1.1 0.3 -1.4 April 21.8 22.6 -0.8 0.0 -0.8 May 0.2 2.0 -1.8 0.1 -1.9 June 36.2 39.3 -3.1 -0.1 -3.0 July 6.5 4.2 2.3 0.0 2.3 August -1.2 -2.8 1.6 -0.8 2.4 September 9.1 7.3 1.8 -0.5 2.3 October 9.4 10.1 -0.7 0.3 -1.0 November 8.5 10.6 -2.1 0.2 -2.3 December 5.5 0.5 5.0 0.0 5.0 Quarterly 08Q4 29.1 32.0 -2.9 -3.6 0.7 09Q1 10.0 9.3 0.7 0.7 0.0 09Q2 10.8 11.6 -0.8 0.5 -1.3 09Q3 11.0 10.5 0.5 -0.3 0.8 09Q4 7.5 7.2 0.3 0.0 0.3 Semi-Annual 08Q4 - 09Q2 10.5 10.6 -0.1 0.6 -0.7 09Q2 - 09Q4 9.4 8.9 0.5 -0.2 0.7 Annual (Q4 to Q4) 2008 11.0 11.3 -0.3 -0.3 0.0 2009 10.2 10.0 0.2 0.2 0.0 ---------------------------------------------------------------------------------------------------- Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (Percent changes, annual rate) ---------------------------------------------------------------------------------------------------- Difference due to ------------------------------ Date Revised Old Difference Benchmark Seasonals ----------------- -------------- -------------- -------------- -------------- -------------- 2008 January 5.3 8.0 -2.7 0.5 -3.2 February 14.2 12.4 1.8 0.4 1.4 March 9.4 10.1 -0.7 0.0 -0.7 April 3.9 3.3 0.6 0.4 0.2 May 3.5 3.1 0.4 0.3 0.1 June 1.9 1.9 0.0 0.0 0.0 July 8.0 7.0 1.0 0.1 0.9 August -1.9 -4.2 2.3 0.2 2.1 September 16.6 17.2 -0.6 -0.3 -0.3 October 17.7 18.3 -0.6 -0.7 0.1 November 7.6 8.0 -0.4 0.1 -0.5 December 26.2 26.1 0.1 0.3 -0.2 2009 January 8.9 11.8 -2.9 0.2 -3.1 February 5.5 3.3 2.2 0.2 2.0 March 7.5 9.7 -2.2 -0.2 -2.0 April -7.0 -7.7 0.7 -0.2 0.9 May 10.4 10.2 0.2 -0.1 0.3 June 3.7 4.6 -0.9 -0.2 -0.7 July -0.8 -2.5 1.7 0.3 1.4 August -3.3 -7.4 4.1 1.3 2.8 September 5.6 4.0 1.6 1.2 0.4 October 4.1 3.9 0.2 0.9 -0.7 November 3.9 4.6 -0.7 0.1 -0.8 December 2.1 2.6 -0.5 0.1 -0.6 Quarterly 08Q4 14.1 14.3 -0.2 -0.3 0.1 09Q1 11.7 12.5 -0.8 0.2 -1.0 09Q2 2.7 2.7 0.0 -0.2 0.2 09Q3 1.6 0.1 1.5 0.5 1.0 09Q4 3.4 2.7 0.7 0.8 -0.1 Semi-Annual 08Q4 - 09Q2 7.2 7.7 -0.5 0.1 -0.6 09Q2 - 09Q4 2.5 1.4 1.1 0.7 0.4 Annual (Q4 to Q4) 2008 8.5 8.3 0.2 0.1 0.1 2009 4.9 4.5 0.4 0.3 0.1 ----------------------------------------------------------------------------------------------------