Money Stock Measures - H.6 Release
Current Release RSS Data Download FRED
1:00 p.m. Eastern Time
June 23, 2026
H.6 (508)
Change in Methodology for Netting IRA and Keogh Account Balances in M2
Starting with the H.6 release to be published on Tuesday, July 28, 2026, the Federal Reserve will discontinue the netting of individual retirement account (IRA) and Keogh account balances held at depository institutions (DIs) and at money market funds from the small-denomination time deposit and retail money market fund components of the M2 monetary aggregate, respectively. Instead, these balances will themselves become a separate component of the M2 monetary aggregate that will be netted directly from the aggregate. The change in netting methodology will be applicable back to the start of the time series for the small time deposit and retail money market fund components and going forward.
Background
When calculating M2, the Federal Reserve excludes deposits that are not liquid, such as IRAs that include large penalties for preretirement withdrawals. IRA and Keogh account balances at DIs are netted from small time deposits, and IRA and Keogh account balances at money market funds are netted from retail money market funds. Both small time deposits and retail money market funds are components of M2.
Reason for Change
Analysis of survey responses collected in recent years showed that the distribution of IRA and Keogh account balances at DIs has evolved over time, with a large amount of these balances now held in deposit types other than time deposits, such as other liquid deposits. Since detailed data on the distribution of IRA and Keogh account balances at DIs by deposit component are not available, the Federal Reserve has determined that aggregate-level netting from M2 is a more accurate methodology than netting from individual components of M2.
For consistency, the Federal Reserve will also discontinue the netting of IRA and Keogh account balances held at money market funds from the retail money market fund component of M2.
Impact
With this change in netting methodology from the component level to the aggregate level, the small time deposit and retail money market fund components of M2 will be higher, as they will no longer be reduced by IRA and Keogh account balances at DIs and at money market funds, respectively. Total non-seasonally adjusted M2 will remain unchanged, while seasonally adjusted M2 will have minor revisions. These revisions will occur because IRA and Keogh account balances will be incorporated into M2 on a non-seasonally adjusted basis, whereas those balances were previously incorporated into M2 components that are seasonally adjusted. The IRA and Keogh account balances time series at DIs and at money market funds have been tested and do not require seasonal adjustment.
Please refer to the Technical Q&As for more details.
Table 1
| Date | Seasonally adjusted | Not seasonally adjusted | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| M1 1 | M2 2 | Monetary base | M1 1 | M2 2 | Memorandum: Reserves | |||||
| Currency in circulation 3 | Reserve balances 4 | Monetary base 5 | Total reserves 6 | Total ($M) borrowings 7 | Nonborrowed reserves 8 | |||||
| Jan. 2025 | 18,462.0 | 21,548.1 | 2,357.9 | 3,255.6 | 5,613.5 | 18,467.1 | 21,584.4 | 3,255.6 | 6,516.6 | 3,249.1 |
| Feb. 2025 | 18,511.4 | 21,613.4 | 2,352.1 | 3,261.2 | 5,613.3 | 18,407.2 | 21,531.9 | 3,261.2 | 5,275.8 | 3,256.0 |
| Mar. 2025 | 18,555.6 | 21,693.6 | 2,366.5 | 3,408.3 | 5,774.8 | 18,648.5 | 21,819.1 | 3,408.3 | 4,542.0 | 3,403.8 |
| Apr. 2025 | 18,621.9 | 21,775.8 | 2,377.5 | 3,355.0 | 5,732.4 | 18,727.1 | 21,896.8 | 3,355.0 | 4,650.8 | 3,350.3 |
| May 2025 | 18,662.7 | 21,833.9 | 2,385.1 | 3,263.0 | 5,648.1 | 18,589.9 | 21,753.8 | 3,263.0 | 4,096.1 | 3,258.9 |
| June 2025 | 18,746.7 | 21,938.7 | 2,392.3 | 3,356.0 | 5,748.2 | 18,729.8 | 21,908.0 | 3,356.0 | 6,200.7 | 3,349.8 |
| July 2025 | 18,804.2 | 22,020.4 | 2,399.6 | 3,340.3 | 5,740.0 | 18,767.5 | 21,965.6 | 3,340.3 | 7,287.7 | 3,333.0 |
| Aug. 2025 | 18,840.9 | 22,087.1 | 2,404.2 | 3,281.9 | 5,686.1 | 18,806.7 | 22,033.1 | 3,281.9 | 6,367.9 | 3,275.5 |
| Sept. 2025 | 18,904.7 | 22,170.4 | 2,409.9 | 3,068.1 | 5,478.0 | 18,866.1 | 22,111.6 | 3,068.1 | 6,518.1 | 3,061.6 |
| Oct. 2025 | 18,985.1 | 22,245.1 | 2,416.9 | 2,944.9 | 5,361.8 | 18,934.2 | 22,179.0 | 2,944.9 | 6,546.4 | 2,938.3 |
| Nov. 2025 | 19,018.1 | 22,277.3 | 2,422.6 | 2,879.4 | 5,302.1 | 19,017.1 | 22,269.2 | 2,879.4 | 7,058.6 | 2,872.4 |
| Dec. 2025 | 19,092.4 | 22,353.4 | 2,432.0 | 2,941.7 | 5,373.7 | 19,245.4 | 22,503.2 | 2,941.7 | 8,656.3 | 2,933.0 |
| Jan. 2026 | 19,191.8 | 22,429.3 | 2,434.6 | 2,967.8 | 5,402.4 | 19,196.9 | 22,466.2 | 2,967.8 | 5,473.1 | 2,962.3 |
| Feb. 2026 | 19,386.9 | 22,626.9 | 2,431.4 | 2,956.6 | 5,388.0 | 19,267.5 | 22,531.9 | 2,956.6 | 4,642.6 | 2,951.9 |
| Mar. 2026 | 19,436.1 | 22,686.2 | 2,442.4 | 3,016.1 | 5,458.6 | 19,531.2 | 22,815.7 | 3,016.1 | 5,097.5 | 3,011.0 |
| Apr. 2026 | 19,531.7 | 22,804.5 | 2,452.4 | 3,018.1 | 5,470.4 | 19,647.9 | 22,936.2 | 3,018.1 | 5,840.8 | 3,012.2 |
| May 2026 | 19,750.9 | 23,052.3 | 2,460.1 | 3,078.4 | 5,538.6 | 19,679.8 | 22,971.7 | 3,078.4 | 6,114.3 | 3,072.3 |
Footnotes
Components may not add to totals due to rounding.
- M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) 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 (3) other liquid deposits, consisting of other checkable deposits (or OCDs, which comprise negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions) and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and other liquid deposits, each seasonally adjusted separately.
- M2 consists of M1 plus (1) 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 (2) balances in retail money market funds (MMFs) less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing small-denomination time deposits and retail MMFs, each seasonally adjusted separately, and adding the result to seasonally adjusted M1.
- Currency in circulation consists of Federal Reserve notes and coin outside the U.S. Treasury and Federal Reserve Banks.
- Reserve balances are balances held by depository institutions in master accounts and excess balance accounts at Federal Reserve Banks.
- Monetary base equals currency in circulation plus reserve balances.
- Total reserves equal reserve balances plus, before April 2020, vault cash used to satisfy reserve requirements.
- Total borrowings in millions of dollars from the Federal Reserve are borrowings from the discount window's primary, secondary, and seasonal credit programs and other borrowings from emergency lending facilities. For borrowings included, see "Loans" in table 1 of the H.4.1 statistical release.
- Nonborrowed reserves equal total reserves less total borrowings from the Federal Reserve.
Table 2
| Date | M1 | Non-M1 M2 | |||
|---|---|---|---|---|---|
| Currency 1 | Demand deposits 2 |
Other liquid deposits 3 |
Small- denomination time deposits 4 |
Retail money market funds 5 |
|
| Jan. 2025 | 2,275.6 | 5,505.4 | 10,681.0 | 1,087.6 | 1,998.5 |
| Feb. 2025 | 2,277.4 | 5,528.2 | 10,705.8 | 1,079.5 | 2,022.5 |
| Mar. 2025 | 2,282.8 | 5,544.0 | 10,728.8 | 1,074.9 | 2,063.1 |
| Apr. 2025 | 2,288.4 | 5,545.6 | 10,787.9 | 1,071.1 | 2,082.7 |
| May 2025 | 2,294.1 | 5,558.7 | 10,809.9 | 1,066.3 | 2,104.9 |
| June 2025 | 2,301.2 | 5,619.7 | 10,825.7 | 1,061.8 | 2,130.2 |
| July 2025 | 2,310.5 | 5,614.7 | 10,878.9 | 1,062.3 | 2,153.8 |
| Aug. 2025 | 2,318.3 | 5,648.4 | 10,874.1 | 1,066.4 | 2,179.8 |
| Sept. 2025 | 2,324.7 | 5,696.8 | 10,883.1 | 1,067.0 | 2,198.8 |
| Oct. 2025 | 2,331.7 | 5,708.1 | 10,945.3 | 1,053.0 | 2,206.9 |
| Nov. 2025 | 2,336.9 | 6,239.6 | 10,441.6 | 1,037.8 | 2,221.3 |
| Dec. 2025 | 2,342.3 | 6,627.3 | 10,122.8 | 1,023.6 | 2,237.5 |
| Jan. 2026 | 2,351.5 | 6,676.4 | 10,163.8 | 1,017.0 | 2,220.5 |
| Feb. 2026 | 2,356.5 | 6,798.3 | 10,232.2 | 1,016.3 | 2,223.7 |
| Mar. 2026 | 2,359.0 | 6,818.9 | 10,258.2 | 1,014.3 | 2,235.8 |
| Apr. 2026 | 2,363.9 | 6,856.9 | 10,311.0 | 1,021.3 | 2,251.5 |
| May 2026 | 2,368.1 | 6,976.1 | 10,406.8 | 1,026.1 | 2,275.3 |
Footnotes
Components may not add to totals due to rounding.
- Currency consists of Federal Reserve notes and coin outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.
- 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.
- Other liquid deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft accounts at credit unions, demand deposits at thrift institutions, and savings deposits, including money market deposit accounts.
- Small-denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh account balances at depository institutions are subtracted from small-denomination time deposits.
- IRA and Keogh account balances at money market funds are subtracted from retail money market funds.
Table 3
| Date | M1 | Non-M1 M2 | Memorandum: IRA and Keogh accounts | |||||
|---|---|---|---|---|---|---|---|---|
| Currency 1 | Demand deposits 2 |
Other liquid deposits 3 |
Small- denomination time deposits 4 |
Retail money market funds 5 |
At depository institutions |
At money market funds |
Total | |
| Jan. 2025 | 2,267.8 | 5,500.3 | 10,699.0 | 1,077.3 | 2,040.1 | 469.4 | 647.8 | 1,117.2 |
| Feb. 2025 | 2,267.0 | 5,449.2 | 10,691.1 | 1,067.9 | 2,056.7 | 468.1 | 663.6 | 1,131.7 |
| Mar. 2025 | 2,282.3 | 5,564.6 | 10,801.6 | 1,066.3 | 2,104.3 | 466.7 | 679.4 | 1,146.1 |
| Apr. 2025 | 2,293.7 | 5,588.1 | 10,845.3 | 1,068.3 | 2,101.4 | 465.7 | 691.1 | 1,156.8 |
| May 2025 | 2,300.8 | 5,564.7 | 10,724.4 | 1,067.8 | 2,096.0 | 464.9 | 699.6 | 1,164.6 |
| June 2025 | 2,306.2 | 5,628.5 | 10,795.1 | 1,067.7 | 2,110.6 | 464.2 | 708.1 | 1,172.3 |
| July 2025 | 2,314.1 | 5,617.8 | 10,835.6 | 1,071.0 | 2,127.1 | 464.5 | 714.6 | 1,179.1 |
| Aug. 2025 | 2,319.1 | 5,650.2 | 10,837.4 | 1,078.5 | 2,147.9 | 465.6 | 719.7 | 1,185.3 |
| Sept. 2025 | 2,324.1 | 5,672.4 | 10,869.6 | 1,077.8 | 2,167.7 | 466.6 | 724.9 | 1,191.5 |
| Oct. 2025 | 2,330.4 | 5,683.3 | 10,920.5 | 1,056.4 | 2,188.4 | 469.2 | 730.8 | 1,200.0 |
| Nov. 2025 | 2,335.9 | 6,206.0 | 10,475.3 | 1,035.7 | 2,216.4 | 473.8 | 737.8 | 1,211.6 |
| Dec. 2025 | 2,344.4 | 6,716.4 | 10,184.6 | 1,017.4 | 2,240.4 | 478.4 | 744.9 | 1,223.2 |
| Jan. 2026 | 2,343.7 | 6,674.0 | 10,179.2 | 1,007.6 | 2,261.8 | 480.9 e | 748.8 e | 1,229.7 e |
| Feb. 2026 | 2,345.3 | 6,705.2 | 10,217.1 | 1,006.2 | 2,258.2 | 480.9 e | 748.8 e | 1,229.7 e |
| Mar. 2026 | 2,358.0 | 6,848.8 | 10,324.5 | 1,006.5 | 2,277.9 | 480.9 e | 748.8 e | 1,229.7 e |
| Apr. 2026 | 2,367.8 | 6,914.1 | 10,366.0 | 1,017.4 | 2,271.0 | 480.9 e | 748.8 e | 1,229.7 e |
| May 2026 | 2,374.7 | 6,976.4 | 10,328.8 | 1,025.3 | 2,266.5 | 480.9 e | 748.8 e | 1,229.7 e |
Footnotes
Components may not add to totals due to rounding.
e estimated
- Currency consists of Federal Reserve notes and coin outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.
- 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.
- Other liquid deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft accounts at credit unions, demand deposits at thrift institutions, and savings deposits, including money market deposit accounts.
- Small-denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh account balances at depository institutions are subtracted from small-denomination time deposits.
- IRA and Keogh account balances at money market funds are subtracted from retail money market funds.