Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 17, 2013
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For release at
4:30 p.m. EST
January 17, 2013

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 lower growth rate for
seasonally adjusted M2 in the first half of 2012 and a higher growth rate for seasonally
adjusted M2 in the second half.

The benchmark incorporates minor revisions to data reported in the 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 2011.  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 2011.  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 2007.
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 2012.  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 17, 2013
 MONEY STOCK MEASURES
 Billions of dollars    
 ----------------------------------------------------------------------------------------------------------------------------------------------------
           Date                                         M1(1)                  M2(2)                       M1(1)                  M2(2)
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
                                                            Seasonally adjusted                             Not seasonally adjusted     
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
       2011-Jan.                                        1854.4                 8800.6                        1854.7                 8815.1
            Feb.                                        1876.0                 8856.8                        1857.8                 8852.7
            Mar.                                        1890.0                 8899.4                        1908.5                 8966.1
            Apr.                                        1902.1                 8947.6                        1917.0                 9021.1
            May                                         1940.2                 8999.7                        1933.2                 8990.8
            June                                        1951.9                 9080.1                        1953.2                 9079.2
            July                                        1998.3                 9266.3                        1993.5                 9231.5
            Aug.                                        2112.0                 9489.6                        2100.8                 9425.8
            Sep.                                        2123.2                 9519.4                        2098.1                 9464.0
            Oct.                                        2141.8                 9549.0                        2127.1                 9513.3
            Nov.                                        2159.5                 9601.2                        2163.3                 9595.1
            Dec.                                        2160.4                 9637.1                        2206.9                 9690.0
                                                                                                                                          
       2012-Jan.                                        2200.1                 9710.6                        2206.5                 9721.7
            Feb.                                        2215.0                 9745.9                        2191.9                 9746.8
            Mar.                                        2221.9                 9782.1                        2243.5                 9862.6
            Apr.                                        2250.8                 9825.5                        2265.9                 9907.1
            May                                         2260.7                 9867.5                        2245.6                 9841.0
            June                                        2265.4                 9918.6                        2263.3                 9918.8
            July                                        2310.8                10010.0                        2303.8                 9955.8
            Aug.                                        2339.0                10082.4                        2325.6                10018.4
            Sep.                                        2373.7                10158.8                        2349.8                10115.3
            Oct.                                        2419.5                10242.7                        2406.7                10193.4
            Nov.                                        2403.5                10293.6                        2405.6                10289.7
            Dec. p                                      2440.2                10402.3                        2497.9                10475.6
                                                                                                                                          
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates     M1                    M2
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2012 TO Dec. 2012                   11.2                   9.6
  6 Months from June 2012 TO Dec. 2012                   15.4                   9.8
 12 Months from Dec. 2011 TO Dec. 2012                   13.0                   7.9
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 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
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
  2012-Oct. 15         2358.2     2390.8     2424.3    10121.5    10203.4    10221.5     2338.9     2364.6     2331.6    10064.8    10150.4    10220.8
            22         2366.2     2405.2     2424.2    10137.9    10221.8    10235.8     2346.2     2374.7     2391.2    10084.0    10178.3    10156.9
            29         2375.8     2421.4     2435.6    10156.7    10238.6    10288.9     2355.3     2392.1     2514.9    10102.8    10183.7    10167.9
                                                                                                                                                      
       Nov.  5         2384.2     2425.2     2416.6    10177.6    10264.5    10311.6     2368.5     2423.6     2456.5    10126.1    10216.7    10321.0
            12         2388.4     2417.2     2392.3    10193.5    10280.3    10284.7     2373.6     2422.3     2326.5    10145.3    10233.5    10288.3
            19         2394.1     2412.2     2404.4    10208.5    10289.0    10270.7     2379.1     2418.0     2374.2    10166.4    10265.8    10285.8
            26         2397.3     2398.8     2381.7    10223.0    10290.4    10294.7     2384.5     2403.0     2454.7    10187.5    10288.2    10257.6
                                                                                                                                                      
       Dec.  3         2400.5     2405.4     2443.3    10238.5    10293.7    10324.5     2389.0     2420.2     2525.2    10208.7    10297.1    10356.7
            10         2404.9     2417.5     2440.7    10255.2    10309.0    10346.2     2396.3     2431.2     2370.8    10230.2    10326.9    10407.4
            17         2409.7     2422.4     2423.8    10273.8    10338.5    10388.7     2405.9     2438.8     2404.5    10255.0    10373.3    10471.5
            24         2416.6     2441.2     2457.1    10294.6    10372.9    10432.1     2421.4     2463.2     2552.2    10289.5    10432.3    10493.4
            31p        2421.8     2439.9     2438.1    10314.1    10410.8    10476.1     2437.9     2496.8     2659.8    10321.2    10482.7    10558.4
                                                                                                                                                      
  2013-Jan.  7p        2423.3     2435.0     2420.8    10335.4    10445.5    10484.9     2447.4     2517.8     2454.5    10350.4    10523.4    10570.1
                                                                                                                                                      
                                                                                                                                                      
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates       M1                   M2
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Thirteen weeks ending January  7, 2013    
 from thirteen weeks ending:
 Oct.  8, 2012 (13 weeks previous)                        12.6                   9.1
 July  9, 2012 (26 weeks previous)                        13.9                   9.1
 Jan.  9, 2012 (52 weeks previous)                        12.3                   7.5
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 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
 ------------------------------------------------------------------------------------------------------------------------------------------
  2011-Aug.                       976.5              4.4                718.6                 239.8               172.7              412.5
       Sep.                       982.1              4.4                724.8                 238.3               173.5              411.9
                                                                                                                                          
       Oct.                       986.3              4.4                740.8                 235.6               174.7              410.3
       Nov.                       994.3              4.3                747.3                 238.7               174.8              413.6
       Dec.                      1001.5              4.3                742.2                 237.1               175.3              412.4
                                                                                                                                          
                                                                                                                                          
  2012-Jan.                      1010.2              4.2                767.9                 238.1               179.6              417.7
       Feb.                      1018.7              4.2                770.6                 239.6               182.0              421.6
       Mar.                      1026.9              4.1                767.8                 239.8               183.2              423.1
                                                                                                                                          
       Apr.                      1033.3              4.1                787.8                 240.4               185.2              425.6
       May                       1039.1              4.0                791.3                 240.9               185.4              426.3
       June                      1045.4              4.0                795.1                 236.0               184.9              420.9
                                                                                                                                          
       July                      1052.3              4.0                822.9                 243.4               188.3              431.7
       Aug.                      1059.5              3.9                842.3                 243.8               189.4              433.2
       Sep.                      1068.6              3.9                867.2                 242.2               191.7              434.0
                                                                                                                                          
       Oct.                      1077.6              3.9                899.9                 246.2               191.8              438.1
       Nov.                      1083.1              3.9                884.5                 240.4               191.6              432.0
       Dec. p                    1090.9              3.8                901.8                 248.1               195.6              443.7
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 Week ending:                                                                                                                                      
  2012-Nov. 12                   1081.7              3.9                874.4                 241.3               191.1              432.4
            19                   1083.1              3.9                883.7                 243.0               190.8              433.8
            26                   1084.3              3.8                867.2                 234.9               191.5              426.4
                                                                                                                                          
       Dec.  3                   1085.8              3.8                911.6                 247.3               194.7              442.0
            10                   1089.3              3.8                899.6                 252.0               196.0              448.0
            17                   1091.4              3.8                885.7                 245.2               197.7              442.9
            24                   1091.8              3.8                918.8                 247.2               195.4              442.6
            31p                  1093.3              3.8                898.6                 248.6               193.8              442.4
                                                                                                                                          
  2013-Jan.  7p                  1095.8              3.8 e              862.3                 255.5               203.4              459.0
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 ------------------------------------------------------------------------------------------------------------------------------------------
 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)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2011-Aug.                4909.0         983.3        5892.3         569.9          242.8         812.7        672.6        7377.6        1746.6
       Sep.                4945.4         985.3        5930.7         559.0          239.0         798.0        667.5        7396.2        1768.3
                                                                                                                                                 
       Oct.                4961.6         988.7        5950.3         549.9          235.2         785.0        671.9        7407.2        1765.3
       Nov.                5006.0         997.0        6003.1         541.5          231.3         772.8        665.9        7441.8        1758.1
       Dec.                5047.9        1002.2        6050.1         536.7          228.8         765.5        661.1        7476.7        1763.1
                                                                                                                                                 
                                                                                                                                                 
  2012-Jan.                5097.1        1001.1        6098.3         533.7          222.3         756.0        656.3        7510.5        1759.9
       Feb.                5158.5         981.6        6140.1         532.7          212.9         745.5        645.3        7530.9        1746.8
       Mar.                5197.4         991.1        6188.5         524.9          208.0         732.9        638.8        7560.1        1751.1
                                                                                                                                                 
       Apr.                5221.4         996.1        6217.5         515.4          205.7         721.0        636.2        7574.7        1739.2
       May                 5256.5        1008.2        6264.7         506.4          203.0         709.4        632.7        7606.8        1735.2
       June                5312.5        1012.5        6325.0         498.7          200.5         699.3        628.9        7653.2        1727.4
                                                                                                                                                 
       July                5360.1        1025.0        6385.2         491.7          196.4         688.1        625.9        7699.1        1730.3
       Aug.                5411.6        1030.5        6442.1         484.8          193.0         677.8        623.5        7743.4        1741.8
       Sep.                5462.9        1031.7        6494.6         478.0          189.4         667.5        623.0        7785.1        1750.7
                                                                                                                                                 
       Oct.                5506.7        1037.2        6543.9         470.0          186.3         656.3        623.1        7823.3        1741.8
       Nov.                5664.5         955.6        6620.1         463.9          179.9         643.8        626.2        7890.0        1734.7
       Dec. p              5731.5         962.9        6694.4         455.2          177.4         632.6        635.1        7962.1        1742.7
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 Week ending:                                                                                                                            
  2012-Nov. 12             5675.5         947.1        6622.6         465.6          180.4         646.0        623.7        7892.4        1741.7
            19             5650.0         948.0        6598.1         464.2          179.7         643.9        624.3        7866.3        1731.5
            26             5673.9         968.1        6642.0         461.7          179.2         640.9        630.1        7913.0        1732.3
                                                                                                                                                 
       Dec.  3             5649.5         962.1        6611.6         459.7          178.7         638.4        631.2        7881.2        1741.1
            10             5695.0         945.6        6640.6         457.9          178.2         636.0        628.9        7905.5        1748.1
            17             5748.0         952.4        6700.4         455.8          177.6         633.4        631.2        7964.9        1738.3
            24             5737.7         969.2        6706.9         453.8          176.9         630.7        637.3        7975.0        1736.3
            31p            5777.6         987.7        6765.3         451.5          176.6         628.1        644.6        8038.0        1748.7
                                                                                                                                                 
  2013-Jan.  7p            5804.7         977.0        6781.7         450.1          177.1         627.2        655.2        8064.1        1782.0
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 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
 ------------------------------------------------------------------------------------------------------------------------------------------
  2011-Aug.                       973.1            4.5                  714.6                 236.5               172.2              408.7
       Sep.                       977.9            4.4                  712.4                 231.3               172.1              403.4
                                                                                                                                          
       Oct.                       982.6            4.4                  736.4                 230.4               173.4              403.8
       Nov.                       993.2            4.3                  755.1                 235.6               175.1              410.7
       Dec.                      1003.1            4.3                  781.6                 241.4               176.5              417.9
                                                                                                                                          
                                                                                                                                          
  2012-Jan.                      1003.1            4.2                  779.2                 244.1               175.9              419.9
       Feb.                      1020.1            4.2                  751.5                 236.2               180.0              416.1
       Mar.                      1033.5            4.1                  774.7                 244.7               186.4              431.1
                                                                                                                                          
       Apr.                      1038.8            4.1                  784.3                 249.6               189.1              438.7
       May                       1043.1            4.0                  771.2                 241.2               186.0              427.2
       June                      1047.6            4.0                  787.6                 237.6               186.6              424.2
                                                                                                                                          
       July                      1051.0            4.0                  822.6                 239.0               187.1              426.1
       Aug.                      1055.9            3.9                  836.5                 240.9               188.4              429.2
       Sep.                      1064.1            3.9                  857.3                 235.2               189.4              424.5
                                                                                                                                          
       Oct.                      1073.4            3.9                  898.3                 240.9               190.2              431.1
       Nov.                      1081.8            3.8                  891.7                 237.0               191.3              428.2
       Dec. p                    1092.4            3.8                  951.7                 252.6               197.3              449.9
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 Week ending:                                                                                                                                      
  2012-Nov. 12                   1081.1            3.9                  825.5                 227.7               188.3              416.1
            19                   1081.0            3.8                  867.7                 233.3               188.3              421.6
            26                   1084.4            3.8                  932.8                 242.5               191.1              433.6
                                                                                                                                          
       Dec.  3                   1083.2            3.8                  986.9                 251.7               199.5              451.2
            10                   1087.9            3.8                  846.8                 237.6               194.6              432.2
            17                   1090.2            3.8                  877.4                 237.3               195.7              433.1
            24                   1097.5            3.8                  995.3                 258.6               196.8              455.5
            31p                  1097.1            3.8                 1080.6                 277.9               200.3              478.2
                                                                                                                                          
  2013-Jan.  7p                  1094.2            3.8 e                894.0                 261.8               200.6              462.4
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 ------------------------------------------------------------------------------------------------------------------------------------------
 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)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2011-Aug.                4868.6         975.2        5843.8         569.7         242.8          812.5        668.6        7325.0        1730.3
       Sep.                4922.3         980.6        5903.0         559.3         239.2          798.5        664.6        7366.0        1747.3
                                                                                                                                                 
       Oct.                4949.6         986.3        5935.9         550.0         235.2          785.2        665.1        7386.1        1745.9
       Nov.                5002.3         996.3        5998.6         542.2         231.7          773.8        659.4        7431.8        1755.4
       Dec.                5051.0        1002.8        6053.8         536.5         228.7          765.2        664.2        7483.2        1793.0
                                                                                                                                                 
                                                                                                                                                 
  2012-Jan.                5092.0        1000.1        6092.2         533.9         222.4          756.4        666.7        7515.3        1803.8
       Feb.                5170.6         983.8        6154.4         533.2         213.1          746.3        654.1        7554.9        1785.5
       Mar.                5237.8         998.8        6236.5         525.0         208.0          733.1        649.5        7619.1        1766.3
                                                                                                                                                 
       Apr.                5275.0        1006.4        6281.4         515.1         205.6          720.7        639.2        7641.3        1730.3
       May                 5253.1        1007.5        6260.7         505.7         202.7          708.4        626.4        7595.4        1722.6
       June                5318.7        1013.7        6332.4         498.5         200.5          699.0        624.1        7655.5        1708.8
                                                                                                                                                 
       July                5325.6        1018.4        6344.0         491.8         196.5          688.4        619.7        7652.1        1704.1
       Aug.                5371.5        1022.9        6394.4         485.1         193.2          678.3        620.1        7692.7        1724.6
       Sep.                5448.2        1028.9        6477.2         478.4         189.6          668.0        620.3        7765.4        1729.8
                                                                                                                                                 
       Oct.                5480.9        1032.4        6513.3         469.9         186.3          656.1        617.3        7786.7        1722.2
       Nov.                5664.3         955.5        6619.9         464.0         179.9          643.9        620.4        7884.2        1732.4
       Dec. p              5742.5         964.7        6707.3         454.7         177.2          632.0        638.5        7977.7        1773.1
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 Week ending:                                                                                                                            
  2012-Nov. 12             5741.1         958.1        6699.2         465.9         180.5          646.4        616.2        7961.8        1733.0
            19             5695.0         955.6        6650.6         464.3         179.8          644.1        616.9        7911.6        1728.9
            26             5581.5         952.3        6533.9         461.7         179.2          640.9        628.1        7802.9        1743.5
                                                                                                                                                 
       Dec.  3             5609.5         955.3        6564.8         459.5         178.6          638.1        628.6        7831.6        1752.0
            10             5806.0         964.0        6770.1         457.6         178.0          635.6        630.9        8036.6        1781.1
            17             5834.3         966.7        6800.9         455.3         177.4          632.6        633.4        8067.0        1779.2
            24             5705.1         963.7        6668.8         453.1         176.7          629.8        642.6        7941.2        1760.2
            31p            5653.5         966.5        6620.0         451.0         176.5          627.4        651.3        7898.7        1781.0
                                                                                                                                                 
  2013-Jan.  7p            5840.7         983.0        6823.7         449.7         177.0          626.7        665.2        8115.6        1805.0
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 --------------------------------------------------------------------------------------------------------------------------------------------------
 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
 --------------------------------------------------------------------------------------------------------------------
  2011-Aug.               19.5          7.4           32.1          260.1         130.6         222.3         613.0   
       Sep.               20.0          6.4           29.6          262.7         131.9         225.6         620.2   
                                                                                                                      
       Oct.               21.4          5.1           29.5          263.8         132.8         226.8         623.5   
       Nov.               23.8          7.2           31.6          263.7         133.4         226.1         623.2   
       Dec.               26.1          8.8           33.6          263.5         134.0         225.3         622.9   
                                                                                                                      
                                                                                                                      
  2012-Jan.               28.0          8.8           33.6          263.8         134.6         223.5         621.9   
       Feb.               29.5          7.3           32.0          264.3         135.1         221.0         620.4   
       Mar.               31.0          5.7           30.4          264.9         135.6         218.4         618.9   
                                                                                                                      
       Apr.               31.4          5.5           29.3          266.2         136.0         217.6         619.8   
       May                30.8          6.2           28.6          268.3         136.2         218.5         622.9   
       June               30.3          8.0           28.0          270.4         136.3         219.3         626.0   
                                                                                                                      
       July               30.2         10.2           27.7          272.1         137.0         220.3         629.4   
       Aug.               30.5         13.7           27.7          273.5         137.9         221.6         633.1   
       Sep.               30.8         15.2           27.7          275.0         138.9         222.8         636.7   
                                                                                                                      
       Oct.               31.0 e       15.6 e         27.7 e        276.7 e       139.6 e       225.5 e       641.8 e 
       Nov.               31.0 e       16.4 e         27.7 e        278.5 e       140.2 e       229.3 e       648.0 e 
       Dec. p             31.0 e       16.3 e         27.7 e        280.3 e       140.7 e       233.0 e       654.1 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     
 -----------------------------------------------------------------------------------------------------------
  2011-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   
       Nov.                  0.8          40.3             0.0            2.0           43.1          1.8   
       Dec.                  0.8          67.4             0.0            1.9           70.0          1.7   
                                                                                                            
                                                                                                            
  2012-Jan.                  0.8          94.3             0.0            0.0           95.1          1.8   
       Feb.                  0.9          62.4             0.0            0.0           63.3          1.8   
       Mar.                  0.9          64.8             0.0            0.0           65.6          1.9   
                                                                                                            
       Apr.                  0.9          68.3             0.0            0.0           69.3          2.0   
       May                   0.8          96.1             0.0            0.0           96.9          2.0   
       June                  0.8          86.9             0.0            0.0           87.7          2.1   
                                                                                                            
       July                  0.8          65.1             0.0            0.0           65.9          2.2   
       Aug.                  0.8          29.3             0.0            0.0           30.2          2.1   
       Sep.                  0.9          58.6             0.0            0.0           59.5          2.1   
                                                                                                            
       Oct.                  0.9          63.0             0.0            0.0           63.9          2.1 e 
       Nov.                  0.8          30.3             0.0            0.0           31.1          2.1 e 
       Dec. p                0.9          49.4             0.0            0.0           50.4          2.1 e 
                                                                                                            
                                                                                                            
                                                                                                            
 Week ending:                                                                                             
  2012-Nov. 12               0.7          35.5             0.0            0.0           36.3                
            19               0.9          28.5             0.0            0.0           29.4                
            26               0.7          27.3             0.0            0.0           28.1                
                                                                                                            
       Dec.  3               0.8          34.4             0.0            0.0           35.2                
            10               0.8          34.9             0.0            0.0           35.6                
            17               1.1          42.7             0.0            0.0           43.8                
            24               0.8          60.7             0.0            0.0           61.5                
            31p              1.1          63.3             0.0            0.0           64.4                
                                                                                                            
  2013-Jan.  7p              1.0          70.0             0.0            0.0           71.0                
                                                                                                            
                                                                                                            
                                                                                                            
 ---------------------------------------------------------------------------------------------------------
 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
   -------------     ---------    ---------    ---------    ---------      ---------
   2012 Jan.          0.9930       1.0023       1.0147        1.0053         1.0248
        Feb.          1.0014       1.0033       0.9752        0.9871         0.9857
        Mar.          1.0064       0.9993       1.0091        1.0191         1.0204
        Apr.          1.0053       0.9968       0.9955        1.0307         1.0381
        May           1.0039       0.9949       0.9746        1.0021         1.0012
        June          1.0021       0.9966       0.9906        1.0078         1.0067
        July          0.9988       1.0021       0.9996        0.9872         0.9820
        Aug.          0.9966       1.0026       0.9931        0.9909         0.9879
        Sep.          0.9958       1.0017       0.9885        0.9782         0.9708
        Oct.          0.9961       1.0011       0.9982        0.9842         0.9785
        Nov.          0.9988       0.9993       1.0081        0.9912         0.9855
        Dec.          1.0014       1.0006       1.0554        1.0139         1.0180

   2013 Jan.          0.9932       1.0027       1.0162        1.0058         1.0255
        Feb.          1.0015       1.0031       0.9731        0.9887         0.9855
        Mar.          1.0069       0.9992       1.0103        1.0208         1.0214
        Apr.          1.0051       0.9964       0.9934        1.0308         1.0365
        May           1.0043       0.9949       0.9713        1.0034         1.0014
        June          1.0017       0.9969       0.9906        1.0062         1.0058
        July          0.9987       1.0025       0.9980        0.9865         0.9827
        Aug.          0.9967       1.0026       0.9909        0.9896         0.9885
        Sep.          0.9952       1.0018       0.9948        0.9792         0.9708
        Oct.          0.9961       1.0008       0.9995        0.9836         0.9794
        Nov.          0.9992       0.9991       1.0055        0.9888         0.9840
        Dec.          1.0013       1.0005       1.0574        1.0145         1.0187

   2014 Jan.          0.9940       1.0028       1.0184        1.0068         1.0254
        Feb.          1.0016       1.0031       0.9714        0.9898         0.9854
        Mar.          1.0062       0.9989       1.0099        1.0214         1.0216
----------------------------------------------------------------------------------------
1.  Seasonally  adjusted  other checkable deposits at thrifts are
derived as the difference 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
   -------------     -------------     -------------    -------------    -------------
   2012 Jan.             0.9990           1.0005            1.0158           1.0249
        Feb.             1.0023           1.0010            1.0137           1.0222
        Mar.             1.0078           1.0002            1.0168           1.0087
        Apr.             1.0103           0.9996            1.0046           0.9949
        May              0.9994           0.9985            0.9901           0.9927
        June             1.0012           0.9996            0.9924           0.9893
        July             0.9936           1.0003            0.9902           0.9849
        Aug.             0.9926           1.0007            0.9945           0.9901
        Sep.             0.9973           1.0008            0.9956           0.9881
        Oct.             0.9953           0.9998            0.9906           0.9887
        Nov.             1.0000           1.0002            0.9908           0.9986
        Dec.             1.0019           0.9989            1.0054           1.0175

   2013 Jan.             0.9978           0.9996            1.0163           1.0243
        Feb.             1.0027           1.0005            1.0137           1.0216
        Mar.             1.0095           1.0000            1.0162           1.0093
        Apr.             1.0082           0.9998            1.0050           0.9953
        May              1.0004           0.9992            0.9898           0.9926
        June             1.0014           1.0002            0.9919           0.9893
        July             0.9929           1.0007            0.9896           0.9849
        Aug.             0.9932           1.0009            0.9948           0.9900
        Sep.             0.9963           1.0009            0.9952           0.9878
        Oct.             0.9947           0.9999            0.9906           0.9886
        Nov.             1.0014           0.9998            0.9908           0.9985
        Dec.             1.0001           0.9988            1.0060           1.0178

   2014 Jan.             0.9991           0.9994            1.0168           1.0242
        Feb.             1.0031           1.0002            1.0133           1.0211
        Mar.             1.0092           0.9998            1.0162           1.0097
------------------------------------------------------------------------------------------
1.  Seasonal factors are applied to deposits data at both commer-
cial 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
   -------------     ---------    ---------    ---------    ---------      ---------
   2012 Dec.  3       0.9976       0.9987       1.0826        1.0209         1.0178
             10       0.9988       0.9995       0.9413        0.9648         0.9428
             17       0.9989       1.0003       0.9906        0.9780         0.9680
             24       1.0052       1.0012       1.0832        1.0290         1.0461
             31       1.0035       1.0020       1.2026        1.0810         1.1178

   2013 Jan.  7       0.9986       1.0023       1.0369        1.0076         1.0246
             14       0.9931       1.0025       0.9592        0.9699         0.9698
             21       0.9912       1.0028       0.9921        1.0031         1.0122
             28       0.9897       1.0031       1.0447        1.0260         1.0730

   2013 Feb.  4       0.9975       1.0033       1.0063        1.0026         1.0175
             11       1.0016       1.0032       0.9198        0.9469         0.9333
             18       1.0029       1.0031       0.9679        0.9756         0.9690
             25       1.0004       1.0029       1.0131        1.0188         1.0253

   2013 Mar.  4       1.0056       1.0028       0.9733        1.0263         1.0104
             11       1.0073       1.0011       0.9414        0.9774         0.9623
             18       1.0066       0.9994       0.9925        1.0063         1.0060
             25       1.0061       0.9977       1.0562        1.0440         1.0637

   2013 Apr.  1       1.0071       0.9959       1.1092        1.0719         1.0862
              8       1.0092       0.9961       0.9814        1.0060         0.9894
             15       1.0056       0.9963       0.9472        1.0000         0.9927
             22       1.0031       0.9965       0.9906        1.0471         1.0634
             29       1.0024       0.9967       1.0398        1.0655         1.0969

   2013 May   6       1.0064       0.9968       0.9510        1.0102         1.0098
             13       1.0045       0.9958       0.9126        0.9719         0.9474
             20       1.0031       0.9947       0.9667        0.9932         0.9884
             27       1.0043       0.9937       1.0377        1.0251         1.0439

   2013 June  3       1.0032       0.9926       0.9996        1.0285         1.0262
             10       1.0034       0.9946       0.9266        0.9736         0.9468
             17       1.0014       0.9965       0.9585        0.9886         0.9814
             24       0.9997       0.9985       1.0148        1.0200         1.0433

   2013 July  1       1.0008       1.0005       1.0715        1.0386         1.0531
              8       1.0050       1.0013       0.9567        0.9833         0.9611
             15       0.9989       1.0020       0.9412        0.9599         0.9408
             22       0.9968       1.0028       0.9856        0.9802         0.9773
             29       0.9954       1.0035       1.0765        1.0078         1.0293

   2013 Aug.  5       0.9980       1.0043       0.9843        0.9800         0.9844
             12       0.9973       1.0034       0.9273        0.9544         0.9409
             19       0.9958       1.0026       0.9725        0.9806         0.9758
             26       0.9941       1.0018       1.0334        1.0152         1.0241

   2013 Sep.  2       0.9983       1.0009       1.0824        1.0364         1.0404
              9       0.9978       1.0013       0.9243        0.9716         0.9417
             16       0.9950       1.0017       0.9404        0.9536         0.9349
             23       0.9934       1.0020       1.0083        0.9736         0.9789
             30       0.9932       1.0024       1.0941        1.0082         1.0188

   2013 Oct.  7       0.9988       1.0018       0.9748        0.9745         0.9541
             14       0.9964       1.0012       0.9307        0.9483         0.9247
             21       0.9952       1.0006       0.9782        0.9728         0.9680
             28       0.9947       1.0000       1.0602        1.0053         1.0274

   2013 Nov.  4       0.9976       0.9994       1.0375        1.0188         1.0187
             11       1.0001       0.9993       0.9430        0.9683         0.9461
             18       0.9982       0.9991       0.9698        0.9683         0.9509
             25       1.0003       0.9989       1.0385        1.0021         1.0201

   2013 Dec.  2       0.9976       0.9988       1.1029        1.0200         1.0269
              9       0.9988       0.9995       0.9585        0.9715         0.9437
             16       0.9993       1.0002       0.9862        0.9775         0.9598
             23       1.0052       1.0009       1.0874        1.0252         1.0356
             30       1.0036       1.0016       1.1802        1.0801         1.1315

   2014 Jan.  6       0.9986       1.0023       1.0600        1.0190         1.0410
             13       0.9932       1.0026       0.9790        0.9803         0.9700
             20       0.9922       1.0029       0.9991        1.0015         1.0094
             27       0.9909       1.0032       1.0466        1.0238         1.0728

   2014 Feb.  3       0.9973       1.0035       1.0157        1.0149         1.0388
             10       1.0011       1.0033       0.9337        0.9517         0.9381
             17       1.0030       1.0031       0.9597        0.9707         0.9602
             24       1.0006       1.0029       0.9945        1.0108         1.0166

   2014 Mar.  3       1.0049       1.0027       0.9849        1.0338         1.0183
             10       1.0069       1.0010       0.9311        0.9841         0.9612
             17       1.0062       0.9993       0.9857        1.0038         0.9964
             24       1.0055       0.9976       1.0455        1.0328         1.0526
             31       1.0059       0.9959       1.0996        1.0662         1.0894
----------------------------------------------------------------------------------------
1.  Seasonally  adjusted  other checkable deposits at thrifts are
derived as the difference 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
   -------------     -------------     -------------    -------------    -------------
   2012 Dec.  3          0.9929           0.9996            0.9960           1.0063
             10          1.0195           0.9993            1.0032           1.0188
             17          1.0150           0.9988            1.0036           1.0235
             24          0.9943           0.9985            1.0083           1.0138
             31          0.9785           0.9989            1.0104           1.0185

   2013 Jan.  7          1.0062           0.9992            1.0153           1.0129
             14          1.0133           0.9996            1.0176           1.0299
             21          1.0019           0.9996            1.0189           1.0262
             28          0.9806           0.9998            1.0149           1.0301

   2013 Feb.  4          0.9949           1.0002            1.0126           1.0195
             11          1.0106           1.0006            1.0139           1.0244
             18          1.0043           1.0006            1.0117           1.0208
             25          0.9936           1.0005            1.0158           1.0236

   2013 Mar.  4          1.0130           1.0002            1.0141           1.0147
             11          1.0226           1.0001            1.0163           1.0170
             18          1.0154           0.9999            1.0168           1.0102
             25          0.9944           0.9998            1.0191           1.0052

   2013 Apr.  1          0.9949           0.9998            1.0133           1.0005
              8          1.0219           1.0001            1.0129           0.9960
             15          1.0248           1.0001            1.0094           1.0030
             22          1.0076           0.9997            1.0057           0.9908
             29          0.9811           0.9994            0.9933           0.9922

   2013 May   6          1.0062           0.9993            0.9855           0.9838
             13          1.0132           0.9991            0.9880           0.9934
             20          1.0024           0.9990            0.9904           0.9943
             27          0.9829           0.9991            0.9938           0.9981

   2013 June  3          0.9994           0.9997            0.9917           0.9920
             10          1.0162           1.0001            0.9942           0.9983
             17          1.0117           1.0002            0.9933           0.9922
             24          0.9891           1.0002            0.9939           0.9828

   2013 July  1          0.9853           1.0006            0.9854           0.9818
              8          1.0102           1.0008            0.9892           0.9801
             15          1.0067           1.0009            0.9896           0.9902
             22          0.9914           1.0007            0.9911           0.9852
             29          0.9689           1.0005            0.9894           0.9861

   2013 Aug.  5          0.9947           1.0009            0.9886           0.9794
             12          1.0069           1.0009            0.9941           0.9881
             19          0.9989           1.0008            0.9966           0.9919
             26          0.9791           1.0007            0.9978           0.9969

   2013 Sep.  2          0.9799           1.0013            0.9954           0.9907
              9          1.0117           1.0013            0.9970           0.9939
             16          1.0113           1.0010            0.9979           0.9940
             23          0.9871           1.0006            0.9953           0.9820
             30          0.9758           1.0005            0.9903           0.9806

   2013 Oct.  7          1.0008           1.0003            0.9901           0.9807
             14          1.0127           1.0000            0.9926           0.9915
             21          0.9995           0.9997            0.9928           0.9883
             28          0.9758           0.9997            0.9891           0.9945

   2013 Nov.  4          0.9940           0.9998            0.9857           0.9869
             11          1.0106           1.0002            0.9878           0.9939
             18          1.0110           1.0000            0.9878           0.9978
             25          0.9900           0.9995            0.9962           1.0053

   2013 Dec.  2          0.9897           0.9992            0.9955           1.0054
              9          1.0151           0.9992            1.0025           1.0168
             16          1.0136           0.9988            1.0046           1.0236
             23          0.9931           0.9984            1.0085           1.0148
             30          0.9803           0.9986            1.0103           1.0203

   2014 Jan.  6          1.0047           0.9991            1.0142           1.0111
             13          1.0109           0.9994            1.0187           1.0298
             20          1.0026           0.9993            1.0192           1.0269
             27          0.9838           0.9995            1.0172           1.0297

   2014 Feb.  3          0.9940           0.9999            1.0129           1.0198
             10          1.0091           1.0002            1.0140           1.0220
             17          1.0056           1.0004            1.0113           1.0211
             24          0.9958           1.0004            1.0146           1.0238

   2014 Mar.  3          1.0080           1.0001            1.0136           1.0159
             10          1.0244           1.0000            1.0162           1.0157
             17          1.0189           0.9998            1.0167           1.0119
             24          0.9970           0.9997            1.0187           1.0047
             31          0.9922           0.9998            1.0144           1.0040
------------------------------------------------------------------------------------------
1.  Seasonal factors are applied to deposits data at both commer-
cial 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
 ---------------  -------------------  -------------------  -------------------  -------------------
  2011 Oct.             2141.8               2137.7                9549.0               9525.2
       Nov.             2159.5               2154.1                9601.2               9572.9
       Dec.             2160.4               2167.8                9637.1               9617.7

  2012 Jan.             2200.1               2223.2                9710.6               9747.8
       Feb.             2215.0               2217.5                9745.9               9777.5
       Mar.             2221.9               2224.7                9782.1               9811.9
       Apr.             2250.8               2253.1                9825.5               9856.6
       May              2260.7               2243.2                9867.5               9888.2
       June             2265.4               2253.5                9918.6               9930.6
       July             2310.8               2316.5               10010.0              10004.8
       Aug.             2339.0               2331.0               10082.4              10041.8
       Sep.             2373.7               2382.6               10158.8              10126.8
       Oct.             2419.5               2418.5               10242.7              10220.9
       Nov.             2403.5               2395.7               10293.6              10269.2
       Dec.             2440.2               2455.1               10402.3              10406.2
------------------------------------------------------------------------------------------------------


                                         Appendix Table 6
                           Comparison of Revised and Old M1 Growth Rates
                                  (Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
                                                                          Difference due to
                                                                    ------------------------------
       Date            Revised           Old          Difference      Benchmark       Seasonals
 -----------------  --------------  --------------  --------------  --------------  --------------
 2011
 January                 11.8            18.4            -6.6             0.0            -6.6
 February                14.0             6.7             7.3             0.0             7.3
 March                    9.0             7.9             1.1             0.0             1.1
 April                    7.7             7.9            -0.2             0.0            -0.2
 May                     24.0            16.8             7.2             0.0             7.2
 June                     7.2             8.4            -1.2             0.0            -1.2
 July                    28.5            36.7            -8.2             0.0            -8.2
 August                  68.3            61.0             7.3             0.0             7.3
 September                6.4            10.3            -3.9             0.0            -3.9
 October                 10.5             8.3             2.2             0.0             2.2
 November                 9.9             9.2             0.7             0.0             0.7
 December                 0.5             7.6            -7.1             0.0            -7.1

 2012
 January                 22.1            30.7            -8.6             0.0            -8.6
 February                 8.1            -3.1            11.2             0.0            11.2
 March                    3.7             3.9            -0.2             0.0            -0.2
 April                   15.6            15.3             0.3             0.0             0.3
 May                      5.3            -5.3            10.6             0.0            10.6
 June                     2.5             5.5            -3.0             0.0            -3.0
 July                    24.0            33.5            -9.5            -0.2            -9.3
 August                  14.6             7.5             7.1            -0.5             7.6
 September               17.8            26.6            -8.8            -0.5            -8.3
 October                 23.2            18.1             5.1            -0.1             5.2
 November                -7.9           -11.3             3.4             0.1             3.3
 December                18.3            29.8           -11.5             0.2           -11.7

 Quarterly
 11Q4                    14.7            14.6             0.1             0.0             0.1
 12Q1                    10.8            12.7            -1.9             0.0            -1.9
 12Q2                     8.4             5.1             3.3             0.0             3.3
 12Q3                    14.6            16.6            -2.0            -0.3            -1.7
 12Q4                    13.7            13.6             0.1            -0.2             0.3

 Semi-Annual
 11Q4  -  12Q2            9.8             9.0             0.8             0.0             0.8
 12Q2  -  12Q4           14.4            15.4            -1.0            -0.3            -0.7

 Annual (Q4 to Q4)
 2011                    18.7            18.8            -0.1             0.0            -0.1
 2012                    12.4            12.5            -0.1            -0.2             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
 -----------------  --------------  --------------  --------------  --------------  --------------
 2011
 January                  2.6             8.7            -6.1             0.0            -6.1
 February                 7.7             5.9             1.8             0.0             1.8
 March                    5.8             6.5            -0.7             0.0            -0.7
 April                    6.5             6.3             0.2             0.1             0.1
 May                      7.0             6.6             0.4             0.0             0.4
 June                    10.7            10.2             0.5             0.0             0.5
 July                    24.6            22.9             1.7             0.0             1.7
 August                  28.9            24.7             4.2             0.0             4.2
 September                3.8             2.7             1.1             0.0             1.1
 October                  3.7             5.9            -2.2             0.0            -2.2
 November                 6.6             6.0             0.6             0.0             0.6
 December                 4.5             5.6            -1.1             0.0            -1.1

 2012
 January                  9.2            16.2            -7.0             0.0            -7.0
 February                 4.4             3.7             0.7             0.0             0.7
 March                    4.5             4.3             0.2             0.0             0.2
 April                    5.3             5.5            -0.2             0.0            -0.2
 May                      5.1             3.8             1.3             0.0             1.3
 June                     6.2             5.1             1.1             0.0             1.1
 July                    11.1             9.0             2.1            -0.2             2.3
 August                   8.7             4.4             4.3            -0.4             4.7
 September                9.1            10.2            -1.1            -0.3            -0.8
 October                  9.9            11.2            -1.3            -0.5            -0.8
 November                 6.0             5.7             0.3            -0.6             0.9
 December                12.7            16.0            -3.3            -0.3            -3.0

 Quarterly
 11Q4                     7.2             7.3            -0.1             0.0            -0.1
 12Q1                     6.3             8.7            -2.4             0.0            -2.4
 12Q2                     5.1             4.6             0.5             0.0             0.5
 12Q3                     8.6             6.7             1.9            -0.2             2.1
 12Q4                     9.1             9.6            -0.5            -0.4            -0.1

 Semi-Annual
 11Q4  -  12Q2            5.7             6.7            -1.0             0.0            -1.0
 12Q2  -  12Q4            9.0             8.2             0.8            -0.3             1.1

 Annual (Q4 to Q4)
 2011                     9.7             9.7             0.0             0.0             0.0
 2012                     7.5             7.6            -0.1            -0.2             0.1
----------------------------------------------------------------------------------------------------
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