Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 19, 2012
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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
----------------------------------------------------------------------------------------------------
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