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 ----------------------------------------------------------------------------------------------------