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