Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 21, 2010
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For release at
4:30 p.m. EST
January 21, 2010

H.6 (508)						

MONEY STOCK REVISIONS


The Federal Reserve has revised the measures of the money stock and its
components to incorporate the results of the Federal Reserve's annual review
of seasonal factors and a new quarterly benchmark.  This release includes
revised monthly and weekly seasonal factors as well as comparisons of the
revised monetary aggregates with previously published data.  The incorporation
of the new quarterly benchmark and revisions to the seasonal factors resulted
in a lower growth rate for seasonally adjusted M2 in the first half of 2009
and a higher growth rate for seasonally adjusted M2 in the second half of
2009. 
      
The benchmark incorporates minor revisions to data reported in the weekly and
quarterly deposit reports, and it takes account of deposit data from Call
Reports for banks and thrift institutions that are not weekly or quarterly
deposit reporters.  These revisions to deposit data start in 2003.  In
addition, this release incorporates data from Call Reports on the amount of
small-denomination time deposits held in individual retirement accounts (IRAs)
and Keogh accounts; related revisions to deposit data start in 2006.  The
benchmark also incorporates revisions to data on retail and institutional
money market mutual funds, including revisions to IRA and Keogh balances held
at those funds.  Revisions to data on money market mutual funds begin in 1992.
This release also incorporates the receipt of historical information from
other sources of data.  
      
Seasonally adjusted measures of the monetary aggregates and components
incorporate revised seasonal factors, which were derived from data through
December 2009.  Monthly seasonal factors were estimated using the X-12-ARIMA
procedure.  The effects of both the new benchmark and the revisions to
seasonal factors on the growth rates of M1 and M2 are outlined in appendix
tables 6 and 7. 

Historical data, updated each week, are available with the H.6 statistical
release at www.federalreserve.gov/releases.  The data are also available
through paid electronic means, which can be accessed by calling STAT-USA at
1-800-782-8872 or 202-482-1986. 


1

 FEDERAL RESERVE STATISTICAL RELEASE

 H.6 (508)
 Table 1                                                                                                     For release at 4:30 p.m. Eastern Time
                                                                                                                                  January 21, 2010
 MONEY STOCK MEASURES
 Billions of dollars    
 ----------------------------------------------------------------------------------------------------------------------------------------------------
           Date                                         M1(1)                  M2(2)                       M1(1)                  M2(2)
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
                                                            Seasonally adjusted                             Not seasonally adjusted     
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
       2008-Jan.                                        1381.1                 7542.3                        1375.5                 7529.1
            Feb.                                        1387.0                 7631.7                        1365.3                 7613.4
            Mar.                                        1389.7                 7691.6                        1400.7                 7752.2
            Apr.                                        1392.1                 7716.3                        1406.4                 7802.0
            May                                         1391.5                 7739.0                        1396.2                 7739.7
            June                                        1398.1                 7751.1                        1407.0                 7761.2
            July                                        1415.1                 7802.7                        1417.4                 7776.1
            Aug.                                        1400.0                 7790.6                        1400.9                 7772.8
            Sep.                                        1459.5                 7898.2                        1441.0                 7851.6
            Oct.                                        1472.7                 8014.7                        1461.9                 7965.1
            Nov.                                        1518.1                 8065.3                        1513.1                 8052.6
            Dec.                                        1594.7                 8241.6                        1618.7                 8251.3
                                                                                                                                          
       2009-Jan.                                        1573.8                 8302.6                        1565.6                 8296.9
            Feb.                                        1562.1                 8340.7                        1535.6                 8322.8
            Mar.                                        1564.3                 8392.7                        1577.3                 8455.3
            Apr.                                        1592.7                 8343.7                        1608.4                 8448.4
            May                                         1593.0                 8416.1                        1598.3                 8426.6
            June                                        1641.0                 8442.2                        1652.9                 8447.2
            July                                        1649.9                 8436.5                        1654.9                 8417.2
            Aug.                                        1648.3                 8413.2                        1649.2                 8391.9
            Sep.                                        1660.8                 8452.3                        1639.9                 8396.3
            Oct.                                        1673.8                 8481.3                        1659.5                 8423.4
            Nov.                                        1685.6                 8508.9                        1678.8                 8491.7
            Dec. p                                      1693.3                 8523.8                        1718.3                 8529.5
                                                                                                                                          
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates     M1                    M2
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2009 TO Dec. 2009                    7.8                   3.4
  6 Months from June 2009 TO Dec. 2009                    6.4                   1.9
 12 Months from Dec. 2008 TO Dec. 2009                    6.2                   3.4
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of
    nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and 
    foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits
    (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
    share draft accounts, and demand deposits at thrift institutions.  Seasonally adjusted M1 is constructed by summing currency, traveler's checks,
    demand deposits, and OCDs, each seasonally adjusted separately.
 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in
    amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in
    retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.  Seasonally adjusted M2 is constructed by summing
    savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to
    seasonally adjusted M1.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Billions of dollars
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                  M1                               M2                               M1                                 M2
                   -------------------------------- -------------------------------- -------------------------------- -----------------------------------
   Period ending     13-week    4-week      week      13-week    4-week      week      13-week    4-week      week       13-week     4-week       week
                     average    average    average    average    average    average    average    average    average     average     average     average
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
                                          Seasonally adjusted                                             Not seasonally adjusted
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
  2009-Oct. 19         1657.9     1667.8     1676.4     8443.5     8473.1     8483.8     1646.9     1646.6     1641.8     8401.3     8409.5     8447.3
            26         1660.3     1672.8     1677.2     8447.0     8478.9     8499.3     1647.8     1647.8     1698.7     8402.4     8420.2     8388.8
                                                                                                                                                      
       Nov.  2         1661.2     1675.5     1676.1     8452.5     8487.9     8498.7     1649.3     1667.5     1730.1     8404.3     8424.0     8431.0
             9         1663.9     1680.3     1691.3     8459.4     8497.5     8508.0     1651.5     1677.0     1637.3     8409.3     8439.2     8489.5
            16         1666.2     1682.0     1683.3     8466.8     8504.5     8512.0     1651.6     1675.2     1634.7     8416.3     8456.3     8515.8
            23         1669.7     1683.6     1683.5     8475.4     8507.8     8512.4     1654.6     1672.0     1686.0     8426.1     8477.1     8472.1
            30         1673.4     1686.3     1686.9     8482.4     8510.6     8510.1     1659.3     1677.2     1750.9     8436.9     8493.0     8494.6
                                                                                                                                                      
       Dec.  7         1675.8     1684.8     1685.5     8490.8     8517.4     8535.0     1662.3     1681.5     1654.3     8446.2     8506.7     8544.4
            14         1677.3     1687.4     1693.7     8497.9     8525.2     8543.3     1666.6     1686.5     1654.9     8454.5     8514.4     8546.4
            21         1680.3     1690.5     1695.7     8503.2     8529.8     8530.9     1673.5     1695.7     1722.8     8465.2     8528.0     8526.7
            28         1683.1     1691.9     1692.8     8506.0     8530.3     8512.1     1681.7     1708.1     1800.3     8477.8     8531.9     8510.0
                                                                                                                                                      
  2010-Jan.  4p        1686.1     1696.7     1704.6     8505.9     8512.0     8461.7     1691.7     1739.9     1781.5     8486.0     8526.5     8523.0
            11p        1684.8     1687.1     1655.3     8504.6     8489.3     8452.3     1693.0     1730.2     1616.0     8490.4     8511.3     8485.4
                                                                                                                                                      
                                                                                                                                                      
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates       M1                   M2
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Thirteen weeks ending January 11, 2010    
 from thirteen weeks ending:
 Oct. 12, 2009 (13 weeks previous)                         7.0                   3.1
 July 13, 2009 (26 weeks previous)                         8.6                   2.2
 Jan. 12, 2009 (52 weeks previous)                         8.9                   4.4
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.

 p  preliminary
 Components may not add to totals due to rounding.
1




 H.6 (508)
 Table 3
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other checkable deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2008-Aug.                       776.7              5.9                311.5                 170.1               135.9              306.0
       Sep.                       781.1              5.8                359.6                 175.7               137.3              313.0
                                                                                                                                          
       Oct.                       796.6              5.7                360.2                 175.2               135.0              310.2
       Nov.                       806.3              5.6                399.6                 171.5               135.1              306.6
       Dec.                       815.3              5.5                459.7                 180.2               134.1              314.3
                                                                                                                                          
                                                                                                                                          
  2009-Jan.                       827.2              5.5                428.4                 177.0               135.7              312.7
       Feb.                       836.8              5.5                397.3                 182.2               140.3              322.4
       Mar.                       842.9              5.4                390.5                 184.5               141.0              325.5
                                                                                                                                          
       Apr.                       847.8              5.3                406.2                 191.6               141.6              333.3
       May                        849.2              5.3                401.9                 195.1               141.5              336.7
       June                       852.3              5.2                434.0                 210.4               139.1              349.5
                                                                                                                                          
       July                       854.2              5.1                435.7                 215.2               139.8              354.9
       Aug.                       857.7              5.1                426.9                 219.1               139.5              358.6
       Sep.                       861.4              5.1                430.4                 222.2               141.7              363.9
                                                                                                                                          
       Oct.                       862.6              5.1                432.2                 226.2               147.6              373.8
       Nov.                       861.7              5.1                434.5                 236.3               148.0              384.3
       Dec. p                     862.1              5.1                441.6                 233.9               150.6              384.4
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 Week ending:                                                                                                                                      
  2009-Nov. 16                    861.4              5.1                434.6                 233.9               148.3              382.2
            23                    862.0              5.1                429.6                 238.1               148.7              386.8
            30                    862.2              5.1                430.1                 241.4               148.1              389.5
                                                                                                                                          
       Dec.  7                    863.4              5.1                437.9                 230.9               148.2              379.1
            14                    863.1              5.1                441.2                 234.3               150.0              384.3
            21                    862.1              5.1                442.0                 236.6               149.9              386.5
            28                    860.8              5.1                440.0                 234.2               152.8              386.9
                                                                                                                                          
  2010-Jan.  4p                   859.9              5.1                453.3                 233.0               153.4              386.4
            11p                   860.0              5.1 e              421.5                 218.6               150.2              368.8
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                 Savings deposits(1)               Small-denomination time deposits(2)                                             
                       ---------------------------------------   ---------------------------------------                               Memorandum: 
                            At            At                          At            At                        Retail                  Institutional
        Date            commercial      thrift                    commercial      thrift                      money         Total         money
                          banks      institutions      Total        banks      institutions       Total      funds(3)     non-M1 M2       funds(4)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2008-Aug.                3126.5         892.0        4018.5         903.9          408.7        1312.6       1059.4        6390.6        2272.3
       Sep.                3180.8         864.3        4045.2         932.0          404.3        1336.3       1057.3        6438.7        2233.9
                                                                                                                                                 
       Oct.                3263.3         786.7        4050.0        1024.6          372.5        1397.1       1094.8        6541.9        2225.4
       Nov.                3260.5         771.2        4031.8        1052.6          377.8        1430.4       1085.0        6547.2        2334.4
       Dec.                3339.2         772.7        4112.0        1074.2          378.5        1452.7       1082.2        6646.9        2409.7
                                                                                                                                                 
                                                                                                                                                 
  2009-Jan.                3428.8         778.5        4207.3        1065.9          379.7        1445.6       1075.9        6728.8        2472.3
       Feb.                3495.1         789.8        4284.8        1056.0          381.6        1437.6       1056.2        6778.6        2494.7
       Mar.                3552.1         804.0        4356.1        1042.6          382.4        1424.9       1047.4        6828.5        2501.6
                                                                                                                                                 
       Apr.                3520.9         805.4        4326.4        1027.9          377.0        1404.9       1019.8        6751.1        2514.2
       May                 3621.3         817.2        4438.4        1021.4          362.9        1384.3       1000.4        6823.1        2528.5
       June                3640.9         825.9        4466.8        1003.1          358.4        1361.5        972.8        6801.2        2511.3
                                                                                                                                                 
       July                3671.9         834.6        4506.5         980.5          353.4        1333.9        946.3        6786.7        2492.2
       Aug.                3715.5         830.5        4546.0         961.9          342.0        1303.9        915.0        6764.9        2447.0
       Sep.                3789.6         842.7        4632.3         935.6          332.4        1268.0        891.1        6791.4        2407.3
                                                                                                                                                 
       Oct.                3861.1         855.3        4716.5         901.8          327.4        1229.2        861.8        6807.5        2339.2
       Nov.                3952.1         835.8        4787.9         876.8          320.7        1197.5        837.9        6823.3        2281.0
       Dec. p              4006.8         842.6        4849.4         850.7          316.9        1167.6        813.5        6830.5        2219.7
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 Week ending:                                                                                                                            
  2009-Nov. 16             3958.1         827.1        4785.2         878.8          320.6        1199.4        844.0        6828.6        2280.2
            23             3962.6         839.8        4802.4         873.3          319.7        1192.9        833.6        6828.9        2273.7
            30             3965.5         843.6        4809.1         867.6          319.2        1186.8        827.4        6823.2        2266.3
                                                                                                                                                 
       Dec.  7             4012.5         837.6        4850.1         857.3          319.0        1176.4        823.0        6849.5        2257.6
            14             4025.6         835.3        4860.8         855.0          317.8        1172.8        816.0        6849.6        2224.4
            21             4014.6         843.9        4858.4         850.1          316.6        1166.7        810.1        6835.2        2200.8
            28             3998.8         852.3        4851.1         845.2          315.1        1160.3        807.8        6819.3        2190.8
                                                                                                                                                 
  2010-Jan.  4p            3954.8         840.5        4795.3         838.7          315.0        1153.7        808.2        6757.1        2231.9
            11p            4010.4         839.0        4849.4         832.3          313.2        1145.5        802.0        6796.9        2208.1
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and 
    thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
 4. Institutional money funds are not part of non-M1 M2.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 5
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other checkable deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2008-Aug.                       775.3            6.0                  314.4                 167.3               138.0              305.3
       Sep.                       776.6            5.8                  349.9                 170.5               138.2              308.7
                                                                                                                                          
       Oct.                       793.5            5.7                  357.7                 171.7               133.4              305.1
       Nov.                       806.1            5.6                  402.0                 167.2               132.3              299.5
       Dec.                       818.7            5.5                  478.3                 183.1               133.2              316.2
                                                                                                                                          
                                                                                                                                          
  2009-Jan.                       825.8            5.5                  421.7                 182.0               130.5              312.6
       Feb.                       838.6            5.5                  377.3                 179.5               134.6              314.2
       Mar.                       846.2            5.4                  396.6                 187.3               141.9              329.1
                                                                                                                                          
       Apr.                       849.0            5.3                  407.7                 200.5               145.9              346.4
       May                        850.9            5.2                  404.1                 196.4               141.7              338.1
       June                       852.4            5.2                  439.6                 212.3               143.3              355.7
                                                                                                                                          
       July                       854.6            5.2                  439.0                 212.2               143.8              356.0
       Aug.                       855.5            5.2                  430.4                 215.2               143.0              358.1
       Sep.                       856.7            5.1                  418.9                 215.7               143.5              359.2
                                                                                                                                          
       Oct.                       859.2            5.1                  427.7                 221.5               146.0              367.5
       Nov.                       860.8            5.1                  437.4                 230.3               145.2              375.5
       Dec. p                     865.3            5.1                  461.4                 237.5               149.1              386.6
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 Week ending:                                                                                                                                      
  2009-Nov. 16                    860.1            5.1                  409.3                 218.1               142.2              360.2
            23                    860.1            5.1                  440.8                 235.5               144.5              380.0
            30                    862.3            5.1                  484.4                 249.2               149.9              399.1
                                                                                                                                          
       Dec.  7                    862.3            5.1                  419.2                 221.2               146.4              367.6
            14                    862.9            5.1                  420.8                 222.3               143.9              366.2
            21                    866.0            5.1                  461.6                 241.7               148.5              390.2
            28                    870.3            5.1                  515.5                 256.2               153.3              409.4
                                                                                                                                          
  2010-Jan.  4p                   864.7            5.1                  505.9                 248.3               157.6              405.9
            11p                   859.7            5.1 e                392.9                 214.5               143.9              358.3
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers.  Traveler's checks issued by depository institutions
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e  estimated 
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 6
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                 Savings deposits(1)               Small-denomination time deposits(2)                                             
                       ---------------------------------------   ---------------------------------------                               Memorandum: 
                            At            At                          At            At                        Retail                  Institutional
        Date            commercial      thrift                    commercial      thrift                      money         Total         money
                          banks      institutions      Total        banks      institutions       Total      funds(3)     non-M1 M2       funds(4)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2008-Aug.                3122.0         890.8        4012.8         899.7         406.8         1306.4       1052.7        6371.9        2254.8
       Sep.                3164.5         859.9        4024.4         932.0         404.3         1336.4       1049.8        6410.5        2210.0
                                                                                                                                                 
       Oct.                3239.0         780.8        4019.8        1028.0         373.8         1401.8       1081.5        6503.1        2205.1
       Nov.                3256.5         770.3        4026.7        1058.7         380.1         1438.8       1073.9        6539.4        2320.4
       Dec.                3321.4         768.6        4090.0        1079.3         380.3         1459.6       1083.0        6632.5        2430.9
                                                                                                                                                 
                                                                                                                                                 
  2009-Jan.                3413.9         775.1        4189.0        1072.8         382.2         1455.0       1087.3        6731.3        2529.7
       Feb.                3487.7         788.1        4275.8        1059.4         382.8         1442.2       1069.1        6787.2        2546.9
       Mar.                3572.0         808.6        4380.6        1043.8         382.8         1426.6       1070.8        6878.0        2530.3
                                                                                                                                                 
       Apr.                3583.0         819.6        4402.6        1025.8         376.2         1402.0       1035.4        6840.1        2509.8
       May                 3636.0         820.5        4456.5        1015.5         360.8         1376.3        995.5        6828.3        2519.6
       June                3649.2         827.8        4477.0         997.2         356.3         1353.5        963.8        6794.3        2494.5
                                                                                                                                                 
       July                3665.9         833.2        4499.1         974.8         351.4         1326.2        937.0        6762.3        2458.5
       Aug.                3707.6         828.7        4536.3         957.0         340.3         1297.3        909.1        6742.7        2431.2
       Sep.                3767.2         837.7        4604.9         934.9         332.2         1267.1        884.4        6756.4        2378.8
                                                                                                                                                 
       Oct.                3831.8         848.9        4680.7         904.3         328.3         1232.5        850.7        6763.9        2309.2
       Nov.                3945.3         834.4        4779.7         881.8         322.6         1204.4        828.8        6812.8        2263.6
       Dec. p              3985.8         838.1        4823.9         855.1         318.5         1173.6        813.7        6811.2        2236.2
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 Week ending:                                                                                                                            
  2009-Nov. 16             4006.2         837.2        4843.4         884.0         322.5         1206.5        831.1        6881.1        2259.1
            23             3927.3         832.3        4759.6         878.4         321.5         1200.0        826.5        6786.1        2266.4
            30             3899.0         829.4        4728.4         872.8         321.1         1193.9        821.5        6743.8        2261.7
                                                                                                                                                 
       Dec.  7             4042.8         843.9        4886.8         862.2         320.9         1183.1        820.2        6890.1        2256.0
            14             4054.5         841.3        4895.8         859.6         319.5         1179.1        816.5        6891.4        2259.5
            21             3983.0         837.2        4820.3         854.2         318.1         1172.2        811.3        6803.8        2214.0
            28             3903.0         831.9        4734.9         849.1         316.6         1165.7        809.0        6709.6        2214.8
                                                                                                                                                 
  2010-Jan.  4p            3937.2         836.7        4773.9         843.0         316.6         1159.6        808.0        6741.5        2237.5
            11p            4056.7         848.7        4905.4         838.1         315.4         1153.4        810.6        6869.4        2249.1
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 --------------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and 
    thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
 4. Institutional money funds are not part of non-M1 M2.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 7
 OTHER MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------
                                                                            IRA and Keogh accounts
                          Demand deposits          Time and     -----------------------------------------------------
                          at banks due to           savings    
       Date         --------------------------  deposits due to                                  At
                        Foreign       Foreign    foreign banks      At             At           money   
                       commercial    official    and official    commercial      thrift         market
                         banks     institutions  institutions      banks      institutions      funds         Total
 --------------------------------------------------------------------------------------------------------------------
  2008-Aug.                8.2          1.5           36.9          185.5         114.3         251.3         551.1   
       Sep.                9.3          1.5           33.4          188.5         113.9         257.1         559.4   
                                                                                                                      
       Oct.               10.2          1.8           32.1          191.1         113.8         262.3         567.2   
       Nov.               10.8          2.4           33.6          193.2         114.2         267.0         574.4   
       Dec.               11.4          3.1           35.1          195.4         114.6         271.7         581.7   
                                                                                                                      
                                                                                                                      
  2009-Jan.               11.8          3.4           34.8          199.3         115.3         275.6         590.3   
       Feb.               11.9          4.7           32.3          205.2         116.3         278.4         599.9   
       Mar.               12.0          4.3           29.9          211.1         117.3         281.1         609.5   
                                                                                                                      
       Apr.               12.4          4.7           28.3          215.6         118.5         280.4         614.5   
       May                13.3          5.8           28.0          217.7         119.8         274.8         612.3   
       June               14.1          6.8           27.7          219.8         121.1         269.1         610.0   
                                                                                                                      
       July               14.5          7.4           27.6          221.3         122.1         263.2 e       606.6 e 
       Aug.               14.1          8.7           27.8          222.0         122.7         257.1 e       601.8 e 
       Sep.               13.8          8.5           27.9          222.7         123.3         250.9 e       596.9 e 
                                                                                                                      
       Oct.               13.6 e        8.3 e         28.0 e        223.5 e       123.8 e       247.6 e       594.9 e 
       Nov.               13.6 e        8.8 e         28.0 e        224.4 e       124.3 e       247.6 e       596.3 e 
       Dec. p             13.6 e        8.4 e         28.0 e        225.4 e       124.8 e       247.6 e       597.8 e 
                                                                                                                      
                                                                                                                      
                                                                                                                      
 --------------------------------------------------------------------------------------------------------------------
 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 7
 OTHER MEMORANDUM ITEMS (continued)
 Billions of dollars, not seasonally adjusted
 -----------------------------------------------------------------------------------------------------------
                                                    U.S. government deposits                            
                      --------------------------------------------------------------------------------------  
                         Demand        Balance at Federal Reserve      Note                      Time and
       Date             deposits       --------------------------    balances                     savings    
                           at                      Supplementary        at           Total      deposits at  
                       commercial      General       financing      depository       cash        commercial  
                         banks         account        account     institutions(1)   balance        banks     
 -----------------------------------------------------------------------------------------------------------
  2008-Aug.                  1.2           4.8                            7.7           13.8          2.2   
       Sep.                  3.5           5.8            77.9           16.4          103.5          2.6   
                                                                                                            
       Oct.                  1.8          33.9           495.2           24.9          555.8          2.6   
       Nov.                  1.3          55.8           513.5            5.2          575.9          2.2   
       Dec.                  1.3          90.2           340.3            1.9          433.8          1.8   
                                                                                                            
                                                                                                            
  2009-Jan.                  3.4          47.0           197.9            1.9          250.2          1.6   
       Feb.                  1.3          36.5           195.7            2.0          235.5          1.7   
       Mar.                  1.4          62.9           199.9            1.9          266.2          1.7   
                                                                                                            
       Apr.                  5.9          59.1           199.9            2.0          266.9          1.7   
       May                   1.3          51.8           199.9            2.0          255.0          1.7   
       June                  2.6          64.5           199.9            2.0          269.0          1.7   
                                                                                                            
       July                  1.3          50.4           199.9            2.0          253.7          1.7   
       Aug.                  1.2          39.9           199.9            2.0          243.0          1.8   
       Sep.                  2.9          35.0           191.8            1.9          231.6          1.9   
                                                                                                            
       Oct.                  1.6          45.1            74.8            2.0          123.5          1.9 e 
       Nov.                  1.2          52.3            15.0            2.0           70.5          1.9 e 
       Dec. p                1.3          82.7            13.9            2.0           99.8          1.9 e 
                                                                                                            
                                                                                                            
                                                                                                            
 Week ending:                                                                                             
  2009-Nov. 16               1.3          60.6            15.0            2.0           78.9                
            23               1.2          40.0            15.0            2.1           58.3                
            30               1.2          25.8            15.0            2.0           43.9                
                                                                                                            
       Dec.  7               1.1          38.7            15.0            2.0           56.8                
            14               1.3          49.5            15.0            1.9           67.7                
            21               1.4         102.7            15.0            2.0          121.1                
            28               1.4         110.5            15.0            2.0          128.8                
                                                                                                            
  2010-Jan.  4p              1.6         169.2             4.3            1.9          177.0                
            11p              2.3         146.7             5.0            2.0          156.0                
                                                                                                            
                                                                                                            
                                                                                                            
 ---------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.

 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.

 Note: Current and historical H.6 data are available each week on the Federal Reserve Board's website
 (http://www.federalreserve.gov/).  Monthly data are available back to January 1959, and weekly data are
 available back to January 1975 for most series. For information about individual copies or subscriptions,
 contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886).  For paid
 electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.


                                   Appendix Table 1
                     Monthly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------
                                                                 Other checkable
                                   Nonbank                        deposits [1]
                                  travelers     Demand        --------------------
       Date          Currency      checks      deposits       Total        At banks
   -------------     ---------    ---------    ---------    ---------      ---------
   2009 Jan.          0.9983       1.0022       0.9842        0.9996         1.0286
        Feb.          1.0022       0.9973       0.9497        0.9744         0.9856
        Mar.          1.0039       0.9920       1.0157        1.0113         1.0151
        Apr.          1.0014       0.9891       1.0037        1.0394         1.0461
        May           1.0020       0.9901       1.0055        1.0043         1.0066
        June          1.0002       1.0021       1.0130        1.0175         1.0091
        July          1.0005       1.0190       1.0078        1.0031         0.9864
        Aug.          0.9974       1.0163       1.0082        0.9989         0.9822
        Sep.          0.9945       0.9997       0.9733        0.9871         0.9707
        Oct.          0.9961       0.9966       0.9895        0.9831         0.9794
        Nov.          0.9989       0.9956       1.0069        0.9772         0.9747
        Dec.          1.0037       0.9970       1.0447        1.0056         1.0155

   2010 Jan.          0.9988       1.0022       0.9844        0.9976         1.0272
        Feb.          1.0025       0.9982       0.9478        0.9747         0.9869
        Mar.          1.0043       0.9925       1.0169        1.0101         1.0138
        Apr.          1.0020       0.9886       1.0006        1.0382         1.0473
        May           1.0012       0.9898       1.0053        1.0044         1.0063
        June          1.0006       1.0023       1.0152        1.0197         1.0093
        July          1.0006       1.0189       1.0084        1.0042         0.9875
        Aug.          0.9969       1.0176       1.0070        0.9992         0.9819
        Sep.          0.9945       1.0006       0.9741        0.9873         0.9714
        Oct.          0.9965       0.9967       0.9871        0.9836         0.9784
        Nov.          0.9983       0.9971       1.0063        0.9770         0.9748
        Dec.          1.0039       0.9968       1.0474        1.0043         1.0154

   2011 Jan.          0.9981       1.0025       0.9854        0.9969         1.0262
        Feb.          1.0027       0.9986       0.9467        0.9751         0.9877
        Mar.          1.0045       0.9925       1.0177        1.0092         1.0130
----------------------------------------------------------------------------------------
1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the differ-
ence between total  other  checkable  deposits,  seasonally  adjusted,  and  seasonally
adjusted other checkable deposits at commercial banks.


                                    Appendix Table 2
                      Monthly Seasonal Factors Used to Construct M2
------------------------------------------------------------------------------------------
                      Savings and      Small denom.
                          MMDA             time         Retail money     Institutional
       Date           deposits [1]     deposits [1]         funds         money funds
   -------------     -------------     -------------    -------------    -------------
   2009 Jan.             0.9957           1.0065            1.0106           1.0232
        Feb.             0.9979           1.0032            1.0123           1.0209
        Mar.             1.0056           1.0012            1.0223           1.0115
        Apr.             1.0176           0.9980            1.0153           0.9982
        May              1.0041           0.9942            0.9952           0.9965
        June             1.0023           0.9941            0.9907           0.9933
        July             0.9984           0.9943            0.9902           0.9865
        Aug.             0.9979           0.9950            0.9935           0.9935
        Sep.             0.9941           0.9993            0.9924           0.9882
        Oct.             0.9924           1.0027            0.9871           0.9872
        Nov.             0.9983           1.0057            0.9891           0.9924
        Dec.             0.9948           1.0051            1.0002           1.0074

   2010 Jan.             0.9963           1.0070            1.0102           1.0206
        Feb.             0.9983           1.0034            1.0126           1.0217
        Mar.             1.0059           1.0012            1.0225           1.0120
        Apr.             1.0181           0.9979            1.0163           0.9981
        May              1.0045           0.9945            0.9958           0.9963
        June             1.0021           0.9946            0.9906           0.9947
        July             0.9984           0.9947            0.9905           0.9898
        Aug.             0.9953           0.9953            0.9935           0.9955
        Sep.             0.9950           0.9989            0.9921           0.9876
        Oct.             0.9932           1.0018            0.9869           0.9852
        Nov.             0.9961           1.0050            0.9891           0.9924
        Dec.             0.9965           1.0051            0.9996           1.0075

   2011 Jan.             0.9962           1.0071            1.0100           1.0192
        Feb.             0.9986           1.0036            1.0127           1.0214
        Mar.             1.0060           1.0013            1.0223           1.0116
------------------------------------------------------------------------------------------
1.  Seasonal  factors  are  applied  to deposits data at both commercial banks and thrift
institutions.


                                   Appendix Table 3
                     Weekly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------
                                                                 Other checkable
                                   Nonbank                        deposits [1]
                                  travelers     Demand        --------------------
       Date          Currency      checks      deposits       Total        At banks
   -------------     ---------    ---------    ---------    ---------      ---------
   2009 Dec.  7       0.9988       0.9937       0.9574        0.9697         0.9581
             14       0.9998       0.9956       0.9537        0.9527         0.9485
             21       1.0045       0.9975       1.0443        1.0094         1.0213
             28       1.0110       0.9995       1.1718        1.0581         1.0940

   2010 Jan.  4       1.0056       1.0014       1.1161        1.0505         1.0658
             11       0.9997       1.0018       0.9321        0.9718         0.9813
             18       0.9980       1.0021       0.9506        0.9799         1.0086
             25       0.9962       1.0025       0.9850        1.0002         1.0475

   2010 Feb.  1       0.9972       1.0028       1.0110        1.0197         1.0582
              8       1.0027       1.0009       0.8841        0.9676         0.9712
             15       1.0040       0.9989       0.9288        0.9539         0.9586
             22       1.0019       0.9970       0.9602        0.9748         0.9954

   2010 Mar.  1       1.0020       0.9950       1.0185        0.9995         1.0161
              8       1.0054       0.9941       0.9274        0.9827         0.9814
             15       1.0045       0.9931       0.9678        0.9811         0.9817
             22       1.0043       0.9921       1.0352        1.0112         1.0192
             29       1.0039       0.9912       1.1082        1.0435         1.0624

   2010 Apr.  5       1.0059       0.9902       1.0027        1.0468         1.0250
             12       1.0035       0.9894       0.9462        1.0010         0.9975
             19       1.0012       0.9885       1.0040        1.0422         1.0505
             26       0.9995       0.9877       1.0516        1.0689         1.0958

   2010 May   3       1.0007       0.9868       1.0420        1.0484         1.0742
             10       1.0024       0.9881       0.9291        0.9812         0.9825
             17       0.9997       0.9895       0.9938        0.9858         0.9841
             24       0.9999       0.9908       1.0432        1.0070         1.0099
             31       1.0017       0.9921       1.0529        1.0307         1.0256

   2010 June  7       1.0030       0.9959       0.9329        1.0023         0.9942
             14       1.0012       0.9998       0.9773        0.9827         0.9772
             21       0.9996       1.0036       1.0167        1.0210         1.0129
             28       0.9987       1.0074       1.0935        1.0564         1.0490

   2010 July  5       1.0042       1.0113       1.0126        1.0210         0.9942
             12       1.0023       1.0151       0.9457        0.9729         0.9513
             19       0.9997       1.0189       0.9926        0.9899         0.9778
             26       0.9981       1.0228       1.0582        1.0200         1.0072

   2010 Aug.  2       0.9984       1.0266       1.0772        1.0420         1.0213
              9       1.0003       1.0229       0.9361        0.9786         0.9502
             16       0.9979       1.0192       0.9847        0.9826         0.9581
             23       0.9956       1.0154       1.0312        1.0006         0.9911
             30       0.9931       1.0116       1.0664        1.0235         1.0216

   2010 Sep.  6       0.9981       1.0079       0.9250        0.9853         0.9693
             13       0.9951       1.0039       0.9021        0.9594         0.9431
             20       0.9934       0.9998       0.9755        0.9820         0.9665
             27       0.9925       0.9958       1.0454        1.0092         0.9959

   2010 Oct.  4       0.9950       0.9918       1.0019        0.9994         0.9781
             11       0.9988       0.9941       0.9129        0.9539         0.9311
             18       0.9960       0.9964       0.9656        0.9696         0.9652
             25       0.9953       0.9988       1.0346        1.0040         1.0094

   2010 Nov.  1       0.9953       1.0012       1.0753        1.0126         1.0195
              8       0.9991       0.9995       0.9506        0.9578         0.9569
             15       0.9982       0.9979       0.9516        0.9381         0.9349
             22       0.9973       0.9962       1.0095        0.9773         0.9790
             29       0.9995       0.9946       1.0992        1.0255         1.0233

   2010 Dec.  6       0.9989       0.9929       0.9678        0.9802         0.9690
             13       1.0003       0.9950       0.9656        0.9680         0.9604
             20       1.0039       0.9970       1.0578        0.9987         1.0136
             27       1.0117       0.9991       1.1458        1.0411         1.0758

   2011 Jan.  3       1.0050       1.0012       1.1208        1.0496         1.0682
             10       0.9998       1.0018       0.9489        0.9816         0.9993
             17       0.9973       1.0024       0.9573        0.9775         1.0072
             24       0.9955       1.0030       0.9815        0.9957         1.0334
             31       0.9956       1.0036       1.0109        1.0165         1.0526

   2011 Feb.  7       1.0018       1.0016       0.8853        0.9694         0.9819
             14       1.0032       0.9996       0.9079        0.9509         0.9610
             21       1.0034       0.9976       0.9748        0.9748         0.9885
             28       1.0024       0.9956       1.0182        1.0051         1.0190

   2011 Mar.  7       1.0062       0.9944       0.9416        0.9873         0.9826
             14       1.0052       0.9933       0.9566        0.9803         0.9758
             21       1.0048       0.9922       1.0241        1.0049         1.0120
             28       1.0030       0.9910       1.0971        1.0358         1.0556

   2011 Apr.  4       1.0052       0.9899       1.0269        1.0389         1.0505
----------------------------------------------------------------------------------------
1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the differ-
ence between total  other  checkable  deposits,  seasonally  adjusted,  and  seasonally
adjusted other checkable deposits at commercial banks.


                                    Appendix Table 4
                      Weekly Seasonal Factors Used to Construct M2
------------------------------------------------------------------------------------------
                      Savings and      Small denom.
                          MMDA             time         Retail money     Institutional
       Date           deposits [1]     deposits [1]         funds         money funds
   -------------     -------------     -------------    -------------    -------------
   2009 Dec.  7          1.0076           1.0057            0.9966           0.9993
             14          1.0072           1.0054            1.0007           1.0158
             21          0.9921           1.0048            1.0015           1.0060
             28          0.9760           1.0047            1.0014           1.0110

   2010 Jan.  4          0.9956           1.0051            0.9998           1.0025
             11          1.0116           1.0069            1.0107           1.0186
             18          1.0035           1.0078            1.0146           1.0248
             25          0.9843           1.0076            1.0148           1.0280

   2010 Feb.  1          0.9831           1.0064            1.0115           1.0218
              8          1.0051           1.0052            1.0129           1.0188
             15          1.0044           1.0039            1.0121           1.0215
             22          0.9930           1.0025            1.0149           1.0238

   2010 Mar.  1          0.9922           1.0013            1.0169           1.0226
              8          1.0133           1.0014            1.0215           1.0176
             15          1.0163           1.0015            1.0260           1.0184
             22          1.0022           1.0014            1.0294           1.0075
             29          0.9940           1.0008            1.0275           1.0067

   2010 Apr.  5          1.0216           1.0000            1.0237           0.9988
             12          1.0346           0.9990            1.0273           1.0070
             19          1.0270           0.9978            1.0223           0.9980
             26          0.9988           0.9966            1.0151           0.9951

   2010 May   3          1.0018           0.9956            0.9988           0.9866
             10          1.0175           0.9949            0.9986           0.9923
             17          1.0110           0.9943            0.9955           0.9947
             24          0.9919           0.9939            0.9967           1.0044
             31          0.9928           0.9944            0.9943           0.9978

   2010 June  7          1.0166           0.9948            0.9933           0.9963
             14          1.0171           0.9948            0.9943           1.0024
             21          1.0003           0.9945            0.9925           0.9897
             28          0.9808           0.9944            0.9881           0.9947

   2010 July  5          1.0069           0.9949            0.9820           0.9803
             12          1.0117           0.9950            0.9914           0.9944
             19          1.0000           0.9946            0.9902           0.9910
             26          0.9833           0.9942            0.9907           0.9938

   2010 Aug.  2          0.9866           0.9947            0.9871           0.9860
              9          1.0095           0.9949            0.9901           0.9917
             16          1.0057           0.9949            0.9901           0.9938
             23          0.9874           0.9952            0.9941           1.0008
             30          0.9779           0.9959            0.9928           0.9990

   2010 Sep.  6          1.0078           0.9974            0.9894           0.9913
             13          1.0127           0.9982            0.9940           0.9953
             20          0.9958           0.9990            0.9916           0.9861
             27          0.9742           0.9999            0.9870           0.9830

   2010 Oct.  4          0.9913           1.0008            0.9815           0.9761
             11          1.0044           1.0011            0.9858           0.9857
             18          1.0003           1.0013            0.9864           0.9850
             25          0.9803           1.0021            0.9850           0.9896

   2010 Nov.  1          0.9803           1.0034            0.9819           0.9859
              8          1.0030           1.0046            0.9828           0.9851
             15          1.0077           1.0051            0.9844           0.9906
             22          0.9923           1.0052            0.9909           0.9955
             29          0.9824           1.0053            0.9933           0.9985

   2010 Dec.  6          1.0064           1.0052            0.9947           0.9977
             13          1.0070           1.0051            1.0002           1.0163
             20          0.9963           1.0047            1.0008           1.0064
             27          0.9835           1.0050            1.0008           1.0082

   2011 Jan.  3          0.9926           1.0059            1.0002           1.0075
             10          1.0096           1.0071            1.0095           1.0135
             17          1.0040           1.0080            1.0140           1.0220
             24          0.9882           1.0074            1.0147           1.0261
             31          0.9787           1.0066            1.0108           1.0201

   2011 Feb.  7          1.0042           1.0053            1.0126           1.0169
             14          1.0042           1.0041            1.0123           1.0216
             21          0.9950           1.0029            1.0152           1.0213
             28          0.9909           1.0019            1.0170           1.0257

   2011 Mar.  7          1.0118           1.0017            1.0212           1.0179
             14          1.0159           1.0017            1.0258           1.0188
             21          1.0061           1.0014            1.0280           1.0086
             28          0.9957           1.0008            1.0284           1.0065

   2011 Apr.  4          1.0167           0.9999            1.0238           0.9990
------------------------------------------------------------------------------------------
1.  Seasonal  factors  are  applied  to deposits data at both commercial banks and thrift
institutions.


                                          Appendix Table 5
                       Comparison of Revised and Old Monetary Aggregate Levels
                             (Billions of dollars, seasonally adjusted)
------------------------------------------------------------------------------------------------------
      Date            Revised M1             Old M1             Revised M2             Old M2
 ---------------  -------------------  -------------------  -------------------  -------------------
  2008 Oct.             1472.7               1474.7               8014.7               7929.2
       Nov.             1518.1               1523.2               8065.3               7982.1
       Dec.             1594.7               1595.2               8241.6               8155.9

  2009 Jan.             1573.8               1576.5               8302.6               8235.9
       Feb.             1562.1               1559.7               8340.7               8258.7
       Mar.             1564.3               1563.3               8392.7               8325.4
       Apr.             1592.7               1592.8               8343.7               8272.2
       May              1593.0               1595.5               8416.1               8342.6
       June             1641.0               1647.8               8442.2               8374.3
       July             1649.9               1653.6               8436.5               8356.6
       Aug.             1648.3               1649.8               8413.2               8305.2
       Sep.             1660.8               1659.9               8452.3               8332.9
       Oct.             1673.8               1673.9               8481.3               8359.9
       Nov.             1685.6               1688.7               8508.9               8391.9
       Dec.             1693.3               1689.4               8523.8               8410.3
------------------------------------------------------------------------------------------------------


                                         Appendix Table 6
                           Comparison of Revised and Old M1 Growth Rates
                                  (Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
                                                                          Difference due to
                                                                    ------------------------------
       Date            Revised           Old          Difference      Benchmark       Seasonals
 -----------------  --------------  --------------  --------------  --------------  --------------
 2008
 January                  4.6             3.8             0.8             2.5            -1.7
 February                 5.1             2.8             2.3             2.1             0.2
 March                    2.3             2.3             0.0             0.5            -0.5
 April                    2.1             0.6             1.5             2.8            -1.3
 May                     -0.5            -0.2            -0.3             0.6            -0.9
 June                     5.7             8.7            -3.0            -0.6            -2.4
 July                    14.6            13.3             1.3            -0.3             1.6
 August                 -12.8           -15.0             2.2             0.6             1.6
 September               51.0            51.6            -0.6            -2.6             2.0
 October                 10.9            19.1            -8.2            -7.5            -0.7
 November                37.0            39.5            -2.5            -1.4            -1.1
 December                60.5            56.7             3.8            -0.5             4.3

 2009
 January                -15.7           -14.1            -1.6             0.1            -1.7
 February                -8.9           -12.8             3.9             3.4             0.5
 March                    1.7             2.8            -1.1             0.3            -1.4
 April                   21.8            22.6            -0.8             0.0            -0.8
 May                      0.2             2.0            -1.8             0.1            -1.9
 June                    36.2            39.3            -3.1            -0.1            -3.0
 July                     6.5             4.2             2.3             0.0             2.3
 August                  -1.2            -2.8             1.6            -0.8             2.4
 September                9.1             7.3             1.8            -0.5             2.3
 October                  9.4            10.1            -0.7             0.3            -1.0
 November                 8.5            10.6            -2.1             0.2            -2.3
 December                 5.5             0.5             5.0             0.0             5.0

 Quarterly
 08Q4                    29.1            32.0            -2.9            -3.6             0.7
 09Q1                    10.0             9.3             0.7             0.7             0.0
 09Q2                    10.8            11.6            -0.8             0.5            -1.3
 09Q3                    11.0            10.5             0.5            -0.3             0.8
 09Q4                     7.5             7.2             0.3             0.0             0.3

 Semi-Annual
 08Q4  -  09Q2           10.5            10.6            -0.1             0.6            -0.7
 09Q2  -  09Q4            9.4             8.9             0.5            -0.2             0.7

 Annual (Q4 to Q4)
 2008                    11.0            11.3            -0.3            -0.3             0.0
 2009                    10.2            10.0             0.2             0.2             0.0
----------------------------------------------------------------------------------------------------


                                         Appendix Table 7
                           Comparison of Revised and Old M2 Growth Rates
                                  (Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
                                                                          Difference due to
                                                                    ------------------------------
       Date            Revised           Old          Difference      Benchmark       Seasonals
 -----------------  --------------  --------------  --------------  --------------  --------------
 2008
 January                  5.3             8.0            -2.7             0.5            -3.2
 February                14.2            12.4             1.8             0.4             1.4
 March                    9.4            10.1            -0.7             0.0            -0.7
 April                    3.9             3.3             0.6             0.4             0.2
 May                      3.5             3.1             0.4             0.3             0.1
 June                     1.9             1.9             0.0             0.0             0.0
 July                     8.0             7.0             1.0             0.1             0.9
 August                  -1.9            -4.2             2.3             0.2             2.1
 September               16.6            17.2            -0.6            -0.3            -0.3
 October                 17.7            18.3            -0.6            -0.7             0.1
 November                 7.6             8.0            -0.4             0.1            -0.5
 December                26.2            26.1             0.1             0.3            -0.2

 2009
 January                  8.9            11.8            -2.9             0.2            -3.1
 February                 5.5             3.3             2.2             0.2             2.0
 March                    7.5             9.7            -2.2            -0.2            -2.0
 April                   -7.0            -7.7             0.7            -0.2             0.9
 May                     10.4            10.2             0.2            -0.1             0.3
 June                     3.7             4.6            -0.9            -0.2            -0.7
 July                    -0.8            -2.5             1.7             0.3             1.4
 August                  -3.3            -7.4             4.1             1.3             2.8
 September                5.6             4.0             1.6             1.2             0.4
 October                  4.1             3.9             0.2             0.9            -0.7
 November                 3.9             4.6            -0.7             0.1            -0.8
 December                 2.1             2.6            -0.5             0.1            -0.6

 Quarterly
 08Q4                    14.1            14.3            -0.2            -0.3             0.1
 09Q1                    11.7            12.5            -0.8             0.2            -1.0
 09Q2                     2.7             2.7             0.0            -0.2             0.2
 09Q3                     1.6             0.1             1.5             0.5             1.0
 09Q4                     3.4             2.7             0.7             0.8            -0.1

 Semi-Annual
 08Q4  -  09Q2            7.2             7.7            -0.5             0.1            -0.6
 09Q2  -  09Q4            2.5             1.4             1.1             0.7             0.4

 Annual (Q4 to Q4)
 2008                     8.5             8.3             0.2             0.1             0.1
 2009                     4.9             4.5             0.4             0.3             0.1
----------------------------------------------------------------------------------------------------

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