Money Stock and Debt Measures - H.6 Release
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Release Date: January 25, 2018
For release at
4:30 p.m. EST
January 25, 2018
H.6 (508)
MONEY STOCK REVISIONS
The Federal Reserve revised its measures of the money stock and their components to incorporate updated seasonal factors and a new quarterly benchmark.
This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2017 and estimated using the Census Bureau's X-13ARIMA-SEATS seasonal adjustment program.1 The updated seasonal factors resulted in minor revisions to the growth rates of seasonally adjusted M2 for individual months in 2017, and they slightly decreased the growth rate for seasonally adjusted M2 in the first half of 2017 and slightly increased it in the second half of 2017.
The quarterly benchmark incorporates revisions from several sources. Revisions to weekly deposit data begin in 2003. Revisions to deposit data reported in the quarterly deposit reports and deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters start in 2016.2 Revisions to money market mutual fund data begin in 2017. In addition, this benchmark incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; the associated revisions to deposit data start in 2017. Likewise, it incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; the associated revisions to data on money market mutual funds also begin in 2017. In addition, this release incorporates the receipt of historical information from other sources of data.
The effects of both the revisions to seasonal factors and the new quarterly benchmark 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/econresdata/statisticsdata.htm.
--------------------
1 Information on the seasonal adjustment procedure is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.
2 "Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031, 041, and 051; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004).
Table 1
Money Stock Measures. Billions of dollars.| Date | Seasonally adjusted | Not seasonally adjusted | ||
|---|---|---|---|---|
| M1 1 | M2 2 | M1 1 | M2 2 | |
| Jan. 2016 | 3,104.1 | 12,459.0 | 3,094.3 | 12,467.6 |
| Feb. 2016 | 3,131.9 | 12,528.9 | 3,097.4 | 12,507.0 |
| Mar. 2016 | 3,157.2 | 12,594.3 | 3,181.2 | 12,675.4 |
| Apr. 2016 | 3,205.8 | 12,682.9 | 3,236.5 | 12,769.6 |
| May 2016 | 3,241.2 | 12,754.1 | 3,237.3 | 12,700.1 |
| June 2016 | 3,247.7 | 12,829.6 | 3,250.1 | 12,781.2 |
| July 2016 | 3,243.3 | 12,888.7 | 3,248.5 | 12,843.2 |
| Aug. 2016 | 3,317.7 | 12,977.5 | 3,323.0 | 12,941.2 |
| Sept. 2016 | 3,329.7 | 13,036.1 | 3,300.9 | 13,012.3 |
| Oct. 2016 | 3,336.9 | 13,102.2 | 3,330.7 | 13,075.6 |
| Nov. 2016 | 3,349.6 | 13,175.9 | 3,327.3 | 13,184.2 |
| Dec. 2016 | 3,341.9 | 13,210.5 | 3,383.0 | 13,292.7 |
| Jan. 2017 | 3,390.7 | 13,277.1 | 3,380.6 | 13,275.1 |
| Feb. 2017 | 3,385.8 | 13,320.1 | 3,339.4 | 13,288.3 |
| Mar. 2017 | 3,437.1 | 13,393.3 | 3,460.6 | 13,476.1 |
| Apr. 2017 | 3,436.7 | 13,449.1 | 3,466.2 | 13,542.9 |
| May 2017 | 3,496.1 | 13,508.8 | 3,496.7 | 13,454.3 |
| June 2017 | 3,497.1 | 13,543.6 | 3,501.7 | 13,496.6 |
| July 2017 | 3,523.9 | 13,615.1 | 3,532.7 | 13,569.0 |
| Aug. 2017 | 3,556.5 | 13,664.5 | 3,567.5 | 13,631.9 |
| Sept. 2017 | 3,556.7 | 13,706.7 | 3,526.1 | 13,686.6 |
| Oct. 2017 | 3,585.7 | 13,754.4 | 3,582.8 | 13,727.5 |
| Nov. 2017 | 3,603.8 | 13,782.8 | 3,581.9 | 13,788.9 |
| Dec. 2017 | 3,600.1 | 13,833.3 | 3,638.3 | 13,916.6 |
| Percent change at seasonally adjusted annual rates | M1 | M2 |
|---|---|---|
| 3 Months from Sept. 2017 TO Dec. 2017 | 4.9 | 3.7 |
| 6 Months from June 2017 TO Dec. 2017 | 5.9 | 4.3 |
| 12 Months from Dec. 2016 TO Dec. 2017 | 7.7 | 4.7 |
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) 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.
- 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.
Table 2
Money Stock Measures. Billions of dollars.| Period ending | Seasonally adjusted | Not seasonally adjusted | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| M1 | M2 | M1 | M2 | |||||||||
| 13-week average |
4-week average |
week average |
13-week average |
4-week average |
week average |
13-week average |
4-week average |
week average |
13-week average |
4-week average |
week average |
|
| Oct. 23, 2017 | 3,563.1 | 3,582.5 | 3,603.9 | 13,698.1 | 13,749.4 | 13,755.7 | 3,554.1 | 3,560.7 | 3,597.6 | 13,671.4 | 13,731.7 | 13,682.2 |
| Oct. 30, 2017 | 3,566.4 | 3,588.5 | 3,579.1 | 13,708.0 | 13,755.2 | 13,764.4 | 3,557.1 | 3,573.6 | 3,740.9 | 13,681.2 | 13,722.6 | 13,681.9 |
| Nov. 6, 2017 | 3,571.1 | 3,584.0 | 3,569.9 | 13,717.9 | 13,756.9 | 13,761.8 | 3,563.9 | 3,586.1 | 3,525.1 | 13,692.3 | 13,730.8 | 13,790.9 |
| Nov. 13, 2017 | 3,574.6 | 3,587.1 | 3,595.6 | 13,727.6 | 13,762.6 | 13,768.3 | 3,564.7 | 3,579.0 | 3,452.4 | 13,704.3 | 13,737.2 | 13,793.6 |
| Nov. 20, 2017 | 3,576.2 | 3,589.1 | 3,611.6 | 13,735.2 | 13,767.3 | 13,774.7 | 3,562.9 | 3,571.6 | 3,568.0 | 13,716.1 | 13,763.8 | 13,788.6 |
| Nov. 27, 2017 | 3,579.7 | 3,599.2 | 3,619.7 | 13,744.0 | 13,778.9 | 13,810.8 | 3,563.3 | 3,565.4 | 3,716.0 | 13,729.0 | 13,787.0 | 13,774.7 |
| Dec. 4, 2017 | 3,585.2 | 3,615.4 | 3,634.7 | 13,753.4 | 13,791.2 | 13,810.8 | 3,567.6 | 3,600.1 | 3,663.9 | 13,740.8 | 13,801.8 | 13,850.4 |
| Dec. 11, 2017 | 3,590.3 | 3,624.9 | 3,633.5 | 13,764.8 | 13,809.3 | 13,840.7 | 3,572.9 | 3,610.0 | 3,492.1 | 13,754.8 | 13,830.4 | 13,907.7 |
| Dec. 18, 2017 | 3,594.4 | 3,622.2 | 3,600.8 | 13,776.6 | 13,827.8 | 13,848.9 | 3,581.8 | 3,612.6 | 3,578.2 | 13,772.8 | 13,867.6 | 13,937.7 |
| Dec. 25, 2017 | 3,597.6 | 3,615.8 | 3,594.2 | 13,785.7 | 13,834.1 | 13,835.9 | 3,593.3 | 3,616.9 | 3,733.3 | 13,796.8 | 13,900.6 | 13,906.7 |
| Jan. 1, 2018 | 3,597.1 | 3,594.1 | 3,547.8 | 13,791.9 | 13,836.9 | 13,822.1 | 3,602.3 | 3,652.6 | 3,806.6 | 13,813.2 | 13,920.6 | 13,930.2 |
| Jan. 8, 2018 | 3,599.9 | 3,591.8 | 3,624.4 | 13,797.0 | 13,831.9 | 13,820.7 | 3,609.5 | 3,671.6 | 3,568.4 | 13,826.5 | 13,926.8 | 13,932.4 |
| Jan. 15, 2018 | 3,607.4 | 3,611.9 | 3,681.3 | 13,804.3 | 13,830.1 | 13,841.6 | 3,615.2 | 3,665.9 | 3,555.2 | 13,835.8 | 13,914.5 | 13,888.8 |
| Percent change at seasonally adjusted annual rates | M1 | M2 |
|---|---|---|
| Thirteen weeks ending January 15, 2018 from thirteen weeks ending: | ||
| Oct. 16, 2017 (13 weeks previous) | 5.6 | 3.4 |
| July 17, 2017 (26 weeks previous) | 6.7 | 4.0 |
| Jan. 16, 2017 (52 weeks previous) | 7.7 | 4.6 |
Footnotes
Components may not add to totals due to rounding.
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
Table 3
Seasonally Adjusted Components of M1. Billions of dollars.| Date | Currency 1 | Traveler's checks 2 | Demand deposits 3 | Other checkable deposits | ||
|---|---|---|---|---|---|---|
| At commercial banks 4 | At thrift institutions 5 | Total | ||||
| Month | ||||||
| Aug. 2016 | 1,395.1 | 2.3 | 1,380.2 | 288.0 | 252.2 | 540.1 |
| Sept. 2016 | 1,401.0 | 2.2 | 1,382.8 | 288.2 | 255.4 | 543.7 |
| Oct. 2016 | 1,407.5 | 2.2 | 1,380.2 | 287.6 | 259.4 | 547.0 |
| Nov. 2016 | 1,415.3 | 2.2 | 1,384.2 | 289.4 | 258.6 | 547.9 |
| Dec. 2016 | 1,421.3 | 2.2 | 1,372.2 | 288.2 | 258.0 | 546.2 |
| Jan. 2017 | 1,431.9 | 2.1 | 1,406.3 | 290.0 | 260.4 | 550.4 |
| Feb. 2017 | 1,434.8 | 2.1 | 1,399.9 | 288.5 | 260.5 | 549.0 |
| Mar. 2017 | 1,446.7 | 2.1 | 1,429.9 | 293.3 | 265.0 | 558.3 |
| Apr. 2017 | 1,457.6 | 2.1 | 1,420.6 | 287.2 | 269.2 | 556.4 |
| May 2017 | 1,467.6 | 2.1 | 1,457.0 | 301.4 | 268.0 | 569.4 |
| June 2017 | 1,477.0 | 2.0 | 1,453.5 | 295.0 | 269.6 | 564.6 |
| July 2017 | 1,485.4 | 2.0 | 1,469.1 | 294.6 | 272.8 | 567.4 |
| Aug. 2017 | 1,493.8 | 2.0 | 1,486.3 | 301.1 | 273.4 | 574.5 |
| Sept. 2017 | 1,503.2 | 2.0 | 1,475.1 | 300.8 | 275.6 | 576.4 |
| Oct. 2017 | 1,512.3 | 1.9 | 1,490.3 | 305.0 | 276.2 | 581.3 |
| Nov. 2017 | 1,518.2 | 1.9 | 1,491.3 | 307.5 | 284.9 | 592.4 |
| Dec. 2017 | 1,525.8 | 1.9 | 1,478.9 | 306.3 | 287.3 | 593.6 |
| Week ending | ||||||
| Nov. 20, 2017 | 1,518.9 | 1.9 | 1,491.7 | 311.4 | 287.6 | 599.0 |
| Nov. 27, 2017 | 1,520.3 | 1.9 | 1,498.8 | 309.5 | 289.1 | 598.6 |
| Dec. 4, 2017 | 1,520.8 | 1.9 | 1,517.2 | 306.7 | 288.1 | 594.8 |
| Dec. 11, 2017 | 1,523.4 | 1.9 | 1,513.3 | 306.8 | 288.2 | 595.0 |
| Dec. 18, 2017 | 1,525.6 | 1.9 | 1,479.2 | 306.4 | 287.7 | 594.2 |
| Dec. 25, 2017 | 1,526.5 | 1.9 | 1,469.9 | 308.6 | 287.4 | 596.0 |
| Jan. 1, 2018 | 1,531.3 | 1.9 | 1,426.3 | 302.6 | 285.7 | 588.3 |
| Jan. 8, 2018 | 1,534.0 | 1.9 e | 1,496.3 | 307.9 | 284.2 | 592.1 |
| Jan. 15, 2018 | 1,537.8 | 1.9 e | 1,533.9 | 319.1 | 288.6 | 607.7 |
Footnotes
Components may not add to totals due to rounding.
e estimated
- Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
- 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.
- 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.
- NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
- NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.
Table 4
Seasonally Adjusted Components of Non-M1 M2. Billions of dollars.| Date | Savings deposits 1 | Small-denomination time deposits 2 | Retail money funds 3 |
Total non-M1 M2 |
Memorandum: Institutional money funds 4 |
||||
|---|---|---|---|---|---|---|---|---|---|
| At commercial banks |
At thrift institutions |
Total | At commercial banks |
At thrift institutions |
Total | ||||
| Month | |||||||||
| Aug. 2016 | 7,373.1 | 1,229.6 | 8,602.7 | 267.8 | 106.2 | 373.9 | 683.2 | 9,659.8 | 1,820.2 |
| Sept. 2016 | 7,441.9 | 1,232.3 | 8,674.2 | 262.4 | 105.2 | 367.6 | 664.6 | 9,706.4 | 1,795.8 |
| Oct. 2016 | 7,485.5 | 1,246.0 | 8,731.6 | 257.1 | 103.8 | 360.9 | 672.8 | 9,765.3 | 1,744.6 |
| Nov. 2016 | 7,525.2 | 1,250.5 | 8,775.7 | 253.5 | 102.4 | 356.0 | 694.7 | 9,826.3 | 1,743.0 |
| Dec. 2016 | 7,566.4 | 1,259.8 | 8,826.2 | 249.4 | 100.8 | 350.2 | 692.2 | 9,868.6 | 1,740.7 |
| Jan. 2017 | 7,579.4 | 1,273.2 | 8,852.6 | 248.8 | 99.6 | 348.4 | 685.4 | 9,886.4 | 1,705.0 |
| Feb. 2017 | 7,614.6 | 1,285.1 | 8,899.7 | 251.8 | 98.1 | 349.9 | 684.8 | 9,934.4 | 1,705.3 |
| Mar. 2017 | 7,613.8 | 1,301.9 | 8,915.7 | 255.2 | 96.8 | 352.1 | 688.5 | 9,956.3 | 1,702.6 |
| Apr. 2017 | 7,655.6 | 1,305.4 | 8,961.0 | 260.8 | 96.4 | 357.2 | 694.2 | 10,012.4 | 1,715.0 |
| May 2017 | 7,637.1 | 1,319.3 | 8,956.4 | 264.5 | 98.1 | 362.6 | 693.7 | 10,012.8 | 1,733.8 |
| June 2017 | 7,661.4 | 1,324.0 | 8,985.4 | 270.0 | 99.6 | 369.6 | 691.6 | 10,046.6 | 1,734.6 |
| July 2017 | 7,697.3 | 1,324.7 | 9,022.0 | 276.1 | 100.8 | 376.9 | 692.3 | 10,091.2 | 1,725.9 |
| Aug. 2017 | 7,700.8 | 1,324.6 | 9,025.5 | 281.6 | 103.4 | 385.0 | 697.5 | 10,107.9 | 1,761.4 |
| Sept. 2017 | 7,736.5 | 1,318.6 | 9,055.0 | 287.9 | 108.0 | 395.9 | 699.1 | 10,150.0 | 1,798.8 |
| Oct. 2017 | 7,759.0 | 1,308.0 | 9,067.1 | 291.7 | 108.6 | 400.4 | 701.3 | 10,168.7 | 1,806.3 |
| Nov. 2017 | 7,774.5 | 1,298.8 | 9,073.3 | 294.5 | 108.6 | 403.2 | 702.6 | 10,179.0 | 1,793.0 |
| Dec. 2017 | 7,823.6 | 1,299.5 | 9,123.1 | 296.8 | 109.1 | 405.9 | 704.2 | 10,233.2 | 1,825.9 |
| Week ending | |||||||||
| Nov. 20, 2017 | 7,767.8 | 1,291.6 | 9,059.3 | 294.3 | 108.6 | 403.0 | 700.8 | 10,163.1 | 1,786.9 |
| Nov. 27, 2017 | 7,770.9 | 1,313.5 | 9,084.4 | 295.2 | 108.5 | 403.7 | 702.9 | 10,191.1 | 1,796.8 |
| Dec. 4, 2017 | 7,767.6 | 1,300.4 | 9,068.0 | 295.5 | 108.6 | 404.1 | 704.0 | 10,176.1 | 1,820.4 |
| Dec. 11, 2017 | 7,818.3 | 1,278.6 | 9,096.9 | 295.6 | 108.9 | 404.5 | 705.9 | 10,207.2 | 1,810.2 |
| Dec. 18, 2017 | 7,845.6 | 1,290.8 | 9,136.4 | 296.5 | 109.3 | 405.8 | 705.9 | 10,248.1 | 1,834.9 |
| Dec. 25, 2017 | 7,820.0 | 1,311.7 | 9,131.8 | 297.5 | 109.3 | 406.8 | 703.2 | 10,241.7 | 1,832.9 |
| Jan. 1, 2018 | 7,839.0 | 1,325.5 | 9,164.5 | 299.1 | 109.3 | 408.4 | 701.4 | 10,274.3 | 1,829.1 |
| Jan. 8, 2018 | 7,795.0 | 1,292.4 | 9,087.3 | 299.3 | 109.3 | 408.6 | 700.5 | 10,196.4 | 1,829.3 |
| Jan. 15, 2018 | 7,761.8 | 1,290.8 | 9,052.6 | 302.3 | 109.1 | 411.4 | 696.3 | 10,160.3 | 1,835.3 |
Footnotes
Components may not add to totals due to rounding.
- Savings deposits include money market deposit accounts.
- 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.
- IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
- Institutional money funds are not part of non-M1 M2.
Table 5
Not Seasonally Adjusted Components of M1. Billions of dollars.| Date | Currency 1 | Traveler's checks 2 | Demand deposits 3 | Other checkable deposits | ||
|---|---|---|---|---|---|---|
| At commercial banks 4 | At thrift institutions 5 | Total | ||||
| Month | ||||||
| Aug. 2016 | 1,391.9 | 2.3 | 1,393.2 | 284.8 | 250.8 | 535.6 |
| Sept. 2016 | 1,396.7 | 2.2 | 1,368.1 | 282.0 | 251.8 | 533.8 |
| Oct. 2016 | 1,403.3 | 2.2 | 1,389.0 | 282.5 | 253.7 | 536.2 |
| Nov. 2016 | 1,412.6 | 2.2 | 1,373.9 | 282.1 | 256.5 | 538.6 |
| Dec. 2016 | 1,422.4 | 2.2 | 1,407.0 | 294.1 | 257.4 | 551.6 |
| Jan. 2017 | 1,423.2 | 2.1 | 1,399.5 | 298.1 | 257.7 | 555.8 |
| Feb. 2017 | 1,433.4 | 2.1 | 1,356.8 | 286.5 | 260.5 | 547.0 |
| Mar. 2017 | 1,453.1 | 2.1 | 1,432.0 | 299.9 | 273.6 | 573.5 |
| Apr. 2017 | 1,465.1 | 2.1 | 1,427.6 | 295.8 | 275.7 | 571.4 |
| May 2017 | 1,473.9 | 2.1 | 1,449.3 | 300.4 | 271.1 | 571.5 |
| June 2017 | 1,479.9 | 2.0 | 1,455.1 | 294.4 | 270.2 | 564.6 |
| July 2017 | 1,485.7 | 2.0 | 1,484.5 | 289.8 | 270.7 | 560.4 |
| Aug. 2017 | 1,490.7 | 2.0 | 1,504.7 | 298.1 | 272.0 | 570.1 |
| Sept. 2017 | 1,499.7 | 2.0 | 1,459.7 | 294.2 | 270.5 | 564.7 |
| Oct. 2017 | 1,507.6 | 1.9 | 1,501.6 | 300.5 | 271.2 | 571.6 |
| Nov. 2017 | 1,514.8 | 1.9 | 1,481.7 | 300.5 | 283.0 | 583.5 |
| Dec. 2017 | 1,527.4 | 1.9 | 1,510.3 | 312.3 | 286.4 | 598.7 |
| Week ending | ||||||
| Nov. 20, 2017 | 1,514.5 | 1.9 | 1,463.8 | 302.1 | 285.6 | 587.7 |
| Nov. 27, 2017 | 1,518.9 | 1.9 | 1,590.5 | 315.9 | 288.9 | 604.7 |
| Dec. 4, 2017 | 1,517.4 | 1.9 | 1,548.0 | 306.1 | 290.5 | 596.5 |
| Dec. 11, 2017 | 1,522.0 | 1.9 | 1,397.4 | 289.5 | 281.3 | 570.8 |
| Dec. 18, 2017 | 1,525.2 | 1.9 | 1,463.2 | 305.1 | 282.7 | 587.8 |
| Dec. 25, 2017 | 1,533.8 | 1.9 | 1,582.4 | 328.9 | 286.4 | 615.3 |
| Jan. 1, 2018 | 1,534.0 | 1.9 | 1,636.7 | 337.3 | 296.6 | 634.0 |
| Jan. 8, 2018 | 1,530.2 | 1.9 e | 1,441.8 | 311.3 | 283.1 | 594.4 |
| Jan. 15, 2018 | 1,528.2 | 1.9 e | 1,427.8 | 315.4 | 281.9 | 597.3 |
Footnotes
Components may not add to totals due to rounding.
e estimated
- Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
- 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.
- 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.
- NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
- NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.
Table 6
Not Seasonally Adjusted Components of Non-M1 M2. Billions of dollars.| Date | Savings deposits 1 | Small-denomination time deposits 2 | Retail money funds 3 |
Total non-M1 M2 |
Memorandum: Institutional money funds 4 |
||||
|---|---|---|---|---|---|---|---|---|---|
| At commercial banks |
At thrift institutions |
Total | At commercial banks |
At thrift institutions |
Total | ||||
| Month | |||||||||
| Aug. 2016 | 7,343.1 | 1,224.6 | 8,567.7 | 268.5 | 106.4 | 374.9 | 675.6 | 9,618.2 | 1,815.7 |
| Sept. 2016 | 7,450.4 | 1,233.7 | 8,684.1 | 262.4 | 105.2 | 367.6 | 659.7 | 9,711.5 | 1,782.0 |
| Oct. 2016 | 7,472.9 | 1,243.9 | 8,716.9 | 257.3 | 103.9 | 361.1 | 666.9 | 9,744.9 | 1,738.3 |
| Nov. 2016 | 7,557.7 | 1,255.9 | 8,813.7 | 252.9 | 102.2 | 355.1 | 688.1 | 9,856.9 | 1,754.0 |
| Dec. 2016 | 7,598.3 | 1,265.1 | 8,863.4 | 247.8 | 100.2 | 348.0 | 698.4 | 9,909.7 | 1,778.3 |
| Jan. 2017 | 7,572.7 | 1,272.1 | 8,844.8 | 247.4 | 99.1 | 346.5 | 703.2 | 9,894.5 | 1,736.1 |
| Feb. 2017 | 7,617.5 | 1,285.6 | 8,903.0 | 251.5 | 98.0 | 349.5 | 696.3 | 9,948.9 | 1,729.7 |
| Mar. 2017 | 7,654.9 | 1,308.9 | 8,963.8 | 254.7 | 96.6 | 351.3 | 700.4 | 10,015.5 | 1,719.5 |
| Apr. 2017 | 7,708.0 | 1,314.3 | 9,022.3 | 260.6 | 96.3 | 356.9 | 697.5 | 10,076.7 | 1,693.3 |
| May 2017 | 7,594.5 | 1,312.0 | 8,906.4 | 264.9 | 98.3 | 363.1 | 688.0 | 9,957.6 | 1,710.9 |
| June 2017 | 7,623.5 | 1,317.5 | 8,940.9 | 271.1 | 100.0 | 371.1 | 682.9 | 9,994.9 | 1,709.0 |
| July 2017 | 7,656.7 | 1,317.7 | 8,974.3 | 277.7 | 101.4 | 379.1 | 682.9 | 10,036.3 | 1,698.4 |
| Aug. 2017 | 7,669.3 | 1,319.2 | 8,988.5 | 282.7 | 103.8 | 386.5 | 689.4 | 10,064.5 | 1,758.9 |
| Sept. 2017 | 7,750.1 | 1,320.9 | 9,070.9 | 288.6 | 108.2 | 396.7 | 692.8 | 10,160.5 | 1,786.3 |
| Oct. 2017 | 7,744.2 | 1,305.5 | 9,049.7 | 292.4 | 108.9 | 401.3 | 693.7 | 10,144.8 | 1,799.3 |
| Nov. 2017 | 7,805.0 | 1,303.9 | 9,108.9 | 294.3 | 108.5 | 402.9 | 695.3 | 10,207.1 | 1,803.3 |
| Dec. 2017 | 7,858.7 | 1,305.3 | 9,164.0 | 295.2 | 108.5 | 403.8 | 710.5 | 10,278.3 | 1,864.2 |
| Week ending | |||||||||
| Nov. 20, 2017 | 7,822.3 | 1,300.7 | 9,122.9 | 294.1 | 108.5 | 402.6 | 695.0 | 10,220.6 | 1,794.0 |
| Nov. 27, 2017 | 7,660.8 | 1,294.9 | 8,955.6 | 294.6 | 108.3 | 402.8 | 700.2 | 10,058.7 | 1,810.7 |
| Dec. 4, 2017 | 7,782.5 | 1,302.9 | 9,085.4 | 294.4 | 108.2 | 402.7 | 698.4 | 10,186.5 | 1,850.7 |
| Dec. 11, 2017 | 7,998.7 | 1,308.1 | 9,306.8 | 294.2 | 108.4 | 402.6 | 706.2 | 10,415.6 | 1,851.3 |
| Dec. 18, 2017 | 7,939.1 | 1,306.2 | 9,245.3 | 294.9 | 108.6 | 403.5 | 710.8 | 10,359.5 | 1,880.4 |
| Dec. 25, 2017 | 7,752.6 | 1,300.4 | 9,053.1 | 295.6 | 108.6 | 404.3 | 716.0 | 10,173.3 | 1,855.7 |
| Jan. 1, 2018 | 7,699.0 | 1,301.9 | 9,000.9 | 297.3 | 108.7 | 406.0 | 716.7 | 10,123.6 | 1,879.5 |
| Jan. 8, 2018 | 7,920.9 | 1,313.2 | 9,234.1 | 297.5 | 108.6 | 406.1 | 723.8 | 10,364.0 | 1,864.3 |
| Jan. 15, 2018 | 7,895.0 | 1,312.9 | 9,207.9 | 300.4 | 108.4 | 408.8 | 716.9 | 10,333.6 | 1,869.3 |
Footnotes
Components may not add to totals due to rounding.
- Savings deposits include money market deposit accounts.
- 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.
- IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
- Institutional money funds are not part of non-M1 M2.
Table 7
Other Memorandum Items. Billions of dollars, not seasonally adjusted.| Date | Demand deposits at banks due to | Time and savings deposits due to foreign banks and official institutions |
IRA and Keogh accounts | ||||
|---|---|---|---|---|---|---|---|
| Foreign commercial banks |
Foreign official institutions |
At commercial banks |
At thrift institutions |
At money market funds |
Total | ||
| Aug. 2016 | 79.0 | 19.8 | 72.6 | 322.8 | 150.2 | 239.8 | 712.8 |
| Sept. 2016 | 77.1 | 19.5 | 70.3 | 326.9 | 151.4 | 242.6 | 721.0 |
| Oct. 2016 | 75.8 | 19.5 | 67.9 | 329.8 | 152.5 | 245.4 | 727.7 |
| Nov. 2016 | 74.8 | 19.8 | 65.4 | 331.7 | 153.6 | 248.1 | 733.3 |
| Dec. 2016 | 73.8 | 20.1 | 63.0 | 333.5 | 154.6 | 250.8 | 738.9 |
| Jan. 2017 | 75.1 | 20.5 | 62.1 | 333.2 | 155.4 | 251.9 | 740.5 |
| Feb. 2017 | 78.0 | 21.0 | 62.6 | 331.1 | 156.0 | 251.8 | 738.9 |
| Mar. 2017 | 81.0 | 21.5 | 63.0 | 329.0 | 156.6 | 251.7 | 737.3 |
| Apr. 2017 | 83.8 | 22.0 | 63.9 | 326.7 | 156.8 | 250.5 | 733.9 |
| May 2017 | 86.5 | 22.5 | 65.3 | 324.0 | 156.6 | 248.1 | 728.8 |
| June 2017 | 89.1 | 22.9 | 66.7 | 321.4 | 156.5 | 245.8 | 723.7 |
| July 2017 | 90.1 | 23.0 | 66.7 | 321.3 | 155.1 | 245.6 | 722.0 |
| Aug. 2017 | 89.6 | 22.9 | 65.4 | 323.7 | 152.5 | 247.4 | 723.6 |
| Sept. 2017 | 89.1 | 22.6 | 64.2 | 325.9 | 150.1 | 249.1 | 725.1 |
| Oct. 2017 | 88.9 e | 22.5 e | 63.7 e | 327.7 e | 149.2 e | 249.8 e | 726.8 e |
| Nov. 2017 | 88.9 e | 22.5 e | 63.7 e | 329.1 e | 149.6 e | 249.8 e | 728.5 e |
| Dec. 2017 | 88.9 e | 22.6 e | 63.7 e | 330.4 e | 150.0 e | 249.8 e | 730.3 e |
Footnotes
Components may not add to totals due to rounding.
e estimated
Table 7 (continued)
Other Memorandum Items (continued). Billions of dollars, not seasonally adjusted.| Date | U.S. government deposits | |||
|---|---|---|---|---|
| Demand deposits at commercial banks |
Balance at Federal Reserve | Total cash balance | Time and savings deposits at commercial banks |
|
| Month | ||||
| Aug. 2016 | 1.4 | 261.8 | 263.2 | 1.9 |
| Sept. 2016 | 1.4 | 297.0 | 298.4 | 1.9 |
| Oct. 2016 | 1.4 | 391.8 | 393.2 | 1.8 |
| Nov. 2016 | 1.5 | 394.7 | 396.2 | 1.7 |
| Dec. 2016 | 1.6 | 362.4 | 364.0 | 1.6 |
| Jan. 2017 | 1.5 | 378.4 | 379.9 | 1.5 |
| Feb. 2017 | 1.4 | 269.2 | 270.6 | 1.4 |
| Mar. 2017 | 1.5 | 70.3 | 71.8 | 1.3 |
| Apr. 2017 | 1.5 | 171.5 | 173.0 | 1.3 |
| May 2017 | 1.4 | 184.2 | 185.6 | 1.3 |
| June 2017 | 1.2 | 182.1 | 183.4 | 1.3 |
| July 2017 | 1.2 | 180.7 | 181.8 | 1.4 |
| Aug. 2017 | 1.4 | 108.0 | 109.4 | 1.4 |
| Sept. 2017 | 1.7 | 107.6 | 109.3 | 1.5 |
| Oct. 2017 | 1.8 | 181.6 | 183.4 | 1.5 e |
| Nov. 2017 | 1.9 | 172.8 | 174.7 | 1.5 e |
| Dec. 2017 | 2.1 | 147.0 | 149.1 | 1.5 e |
| Week ending | ||||
| Nov. 20, 2017 | 2.0 | 165.6 | 167.6 | |
| Nov. 27, 2017 | 2.1 | 166.7 | 168.9 | |
| Dec. 4, 2017 | 1.9 | 144.1 | 146.0 | |
| Dec. 11, 2017 | 1.8 | 90.4 | 92.2 | |
| Dec. 18, 2017 | 2.0 | 125.6 | 127.6 | |
| Dec. 25, 2017 | 2.4 | 184.5 | 186.9 | |
| Jan. 1, 2018 | 2.3 | 215.7 | 218.0 | |
| Jan. 8, 2018 | 2.0 | 199.3 | 201.3 | |
| Jan. 15, 2018 | 2.1 | 212.3 | 214.4 | |
Footnotes
e estimated
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| Date | Currency | Nonbank travelers checks | Demand deposits | Other checkable deposits 1 | |
|---|---|---|---|---|---|
| Total | At banks | ||||
| Jan. 2017 | 0.9940 | 0.9991 | 0.9951 | 1.0098 | 1.0280 |
| Feb. 2017 | 0.9990 | 0.9998 | 0.9692 | 0.9964 | 0.9932 |
| Mar. 2017 | 1.0044 | 0.9994 | 1.0015 | 1.0271 | 1.0225 |
| Apr. 2017 | 1.0051 | 0.9996 | 1.0049 | 1.0271 | 1.0299 |
| May 2017 | 1.0043 | 1.0002 | 0.9947 | 1.0036 | 0.9966 |
| June 2017 | 1.0020 | 1.0014 | 1.0011 | 1.0001 | 0.9981 |
| July 2017 | 1.0002 | 1.0041 | 1.0105 | 0.9877 | 0.9834 |
| Aug. 2017 | 0.9979 | 1.0041 | 1.0124 | 0.9923 | 0.9899 |
| Sept. 2017 | 0.9977 | 1.0002 | 0.9896 | 0.9797 | 0.9779 |
| Oct. 2017 | 0.9969 | 0.9959 | 1.0076 | 0.9834 | 0.9850 |
| Nov. 2017 | 0.9978 | 0.9963 | 0.9935 | 0.9849 | 0.9774 |
| Dec. 2017 | 1.0011 | 0.9987 | 1.0212 | 1.0087 | 1.0198 |
| Jan. 2018 | 0.9939 | 0.9994 | 0.9947 | 1.0108 | 1.0292 |
| Feb. 2018 | 0.9987 | 1.0003 | 0.9655 | 0.9955 | 0.9916 |
| Mar. 2018 | 1.0043 | 0.9999 | 0.9999 | 1.0253 | 1.0209 |
| Apr. 2018 | 1.0044 | 1.0003 | 1.0054 | 1.0287 | 1.0300 |
| May 2018 | 1.0044 | 1.0006 | 0.9960 | 1.0041 | 0.9972 |
| June 2018 | 1.0026 | 1.0015 | 1.0005 | 0.9971 | 0.9968 |
| July 2018 | 1.0002 | 1.0037 | 1.0137 | 0.9886 | 0.9823 |
| Aug. 2018 | 0.9983 | 1.0034 | 1.0131 | 0.9919 | 0.9897 |
| Sept. 2018 | 0.9977 | 0.9993 | 0.9901 | 0.9789 | 0.9778 |
| Oct. 2018 | 0.9970 | 0.9957 | 1.0082 | 0.9849 | 0.9873 |
| Nov. 2018 | 0.9981 | 0.9962 | 0.9942 | 0.9864 | 0.9791 |
| Dec. 2018 | 1.0004 | 0.9988 | 1.0207 | 1.0095 | 1.0191 |
| Jan. 2019 | 0.9938 | 0.9997 | 0.9947 | 1.0111 | 1.0303 |
| Feb. 2019 | 0.9985 | 1.0006 | 0.9634 | 0.9946 | 0.9903 |
| Mar. 2019 | 1.0045 | 1.0001 | 0.9986 | 1.0239 | 1.0198 |
Footnotes
- 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| Date | Savings and MMDA deposits 1 | Small denom. time deposits 1 | Retail money funds | Institutional money funds |
|---|---|---|---|---|
| Jan. 2017 | 0.9991 | 0.9944 | 1.0259 | 1.0182 |
| Feb. 2017 | 1.0004 | 0.9989 | 1.0168 | 1.0143 |
| Mar. 2017 | 1.0054 | 0.9978 | 1.0173 | 1.0099 |
| Apr. 2017 | 1.0068 | 0.9992 | 1.0048 | 0.9874 |
| May 2017 | 0.9944 | 1.0014 | 0.9917 | 0.9868 |
| June 2017 | 0.9950 | 1.0040 | 0.9875 | 0.9852 |
| July 2017 | 0.9947 | 1.0057 | 0.9865 | 0.9841 |
| Aug. 2017 | 0.9959 | 1.0040 | 0.9885 | 0.9986 |
| Sept. 2017 | 1.0018 | 1.0021 | 0.9910 | 0.9931 |
| Oct. 2017 | 0.9981 | 1.0025 | 0.9892 | 0.9961 |
| Nov. 2017 | 1.0039 | 0.9993 | 0.9897 | 1.0058 |
| Dec. 2017 | 1.0045 | 0.9947 | 1.0090 | 1.0210 |
| Jan. 2018 | 0.9987 | 0.9939 | 1.0259 | 1.0172 |
| Feb. 2018 | 1.0006 | 0.9973 | 1.0173 | 1.0139 |
| Mar. 2018 | 1.0055 | 0.9963 | 1.0185 | 1.0088 |
| Apr. 2018 | 1.0066 | 0.9980 | 1.0058 | 0.9883 |
| May 2018 | 0.9944 | 1.0002 | 0.9924 | 0.9877 |
| June 2018 | 0.9955 | 1.0032 | 0.9877 | 0.9861 |
| July 2018 | 0.9943 | 1.0052 | 0.9866 | 0.9837 |
| Aug. 2018 | 0.9961 | 1.0047 | 0.9885 | 0.9985 |
| Sept. 2018 | 1.0019 | 1.0036 | 0.9901 | 0.9940 |
| Oct. 2018 | 0.9981 | 1.0040 | 0.9882 | 0.9959 |
| Nov. 2018 | 1.0035 | 1.0006 | 0.9890 | 1.0051 |
| Dec. 2018 | 1.0044 | 0.9960 | 1.0089 | 1.0201 |
| Jan. 2019 | 0.9986 | 0.9935 | 1.0257 | 1.0169 |
| Feb. 2019 | 1.0008 | 0.9962 | 1.0175 | 1.0142 |
| Mar. 2019 | 1.0057 | 0.9955 | 1.0191 | 1.0081 |
Footnotes
- Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.
Appendix Table 3
Weekly Seasonal Factors Used to Construct M1| Date | Currency | Nonbank travelers checks | Demand deposits | Other checkable deposits 1 | |
|---|---|---|---|---|---|
| Total | At banks | ||||
| Dec. 4, 2017 | 0.9977 | 0.9979 | 1.0203 | 1.0029 | 0.9979 |
| Dec. 11, 2017 | 0.9991 | 0.9983 | 0.9234 | 0.9594 | 0.9437 |
| Dec. 18, 2017 | 0.9998 | 0.9986 | 0.9892 | 0.9894 | 0.9958 |
| Dec. 25, 2017 | 1.0048 | 0.9990 | 1.0766 | 1.0324 | 1.0657 |
| Jan. 1, 2018 | 1.0018 | 0.9994 | 1.1475 | 1.0777 | 1.1149 |
| Jan. 8, 2018 | 0.9975 | 0.9994 | 0.9636 | 1.0039 | 1.0109 |
| Jan. 15, 2018 | 0.9937 | 0.9994 | 0.9308 | 0.9830 | 0.9887 |
| Jan. 22, 2018 | 0.9923 | 0.9994 | 0.9696 | 1.0041 | 1.0249 |
| Jan. 29, 2018 | 0.9912 | 0.9994 | 1.0672 | 1.0326 | 1.0688 |
| Feb. 5, 2018 | 0.9947 | 0.9995 | 0.9756 | 1.0052 | 1.0112 |
| Feb. 12, 2018 | 0.9972 | 0.9999 | 0.9062 | 0.9636 | 0.9489 |
| Feb. 19, 2018 | 1.0000 | 1.0004 | 0.9565 | 0.9874 | 0.9803 |
| Feb. 26, 2018 | 1.0005 | 1.0008 | 1.0249 | 1.0216 | 1.0276 |
| Mar. 5, 2018 | 1.0035 | 1.0013 | 0.9711 | 1.0184 | 1.0050 |
| Mar. 12, 2018 | 1.0042 | 1.0006 | 0.9117 | 0.9905 | 0.9715 |
| Mar. 19, 2018 | 1.0041 | 0.9999 | 0.9800 | 1.0215 | 1.0161 |
| Mar. 26, 2018 | 1.0038 | 0.9992 | 1.0605 | 1.0469 | 1.0619 |
| Apr. 2, 2018 | 1.0055 | 0.9984 | 1.1275 | 1.0695 | 1.0722 |
| Apr. 9, 2018 | 1.0061 | 0.9992 | 0.9428 | 1.0003 | 0.9821 |
| Apr. 16, 2018 | 1.0042 | 1.0000 | 0.9595 | 1.0150 | 1.0075 |
| Apr. 23, 2018 | 1.0033 | 1.0008 | 1.0192 | 1.0417 | 1.0598 |
| Apr. 30, 2018 | 1.0035 | 1.0017 | 1.0763 | 1.0503 | 1.0654 |
| May 7, 2018 | 1.0059 | 1.0013 | 0.9534 | 0.9961 | 0.9818 |
| May 14, 2018 | 1.0048 | 1.0009 | 0.9315 | 0.9732 | 0.9521 |
| May 21, 2018 | 1.0035 | 1.0005 | 0.9918 | 0.9979 | 0.9892 |
| May 28, 2018 | 1.0047 | 1.0001 | 1.0629 | 1.0284 | 1.0406 |
| June 4, 2018 | 1.0039 | 0.9997 | 1.0080 | 1.0180 | 1.0107 |
| June 11, 2018 | 1.0036 | 1.0006 | 0.9179 | 0.9651 | 0.9472 |
| June 18, 2018 | 1.0023 | 1.0015 | 0.9755 | 0.9892 | 0.9879 |
| June 25, 2018 | 1.0012 | 1.0023 | 1.0519 | 1.0124 | 1.0310 |
| July 2, 2018 | 1.0017 | 1.0032 | 1.1113 | 1.0293 | 1.0364 |
| July 9, 2018 | 1.0035 | 1.0034 | 0.9502 | 0.9653 | 0.9453 |
| July 16, 2018 | 0.9999 | 1.0037 | 0.9519 | 0.9616 | 0.9453 |
| July 23, 2018 | 0.9988 | 1.0039 | 1.0092 | 0.9887 | 0.9865 |
| July 30, 2018 | 0.9982 | 1.0041 | 1.1091 | 1.0238 | 1.0349 |
| Aug. 6, 2018 | 1.0001 | 1.0043 | 0.9935 | 0.9899 | 0.9769 |
| Aug. 13, 2018 | 0.9988 | 1.0038 | 0.9440 | 0.9633 | 0.9468 |
| Aug. 20, 2018 | 0.9977 | 1.0033 | 1.0108 | 0.9899 | 0.9876 |
| Aug. 27, 2018 | 0.9969 | 1.0028 | 1.0843 | 1.0135 | 1.0313 |
| Sept. 3, 2018 | 0.9991 | 1.0024 | 1.0547 | 1.0142 | 1.0158 |
| Sept. 10, 2018 | 0.9991 | 1.0010 | 0.9183 | 0.9483 | 0.9299 |
| Sept. 17, 2018 | 0.9973 | 0.9996 | 0.9424 | 0.9604 | 0.9516 |
| Sept. 24, 2018 | 0.9963 | 0.9982 | 0.9995 | 0.9839 | 0.9969 |
| Oct. 1, 2018 | 0.9965 | 0.9969 | 1.0895 | 1.0146 | 1.0257 |
| Oct. 8, 2018 | 0.9989 | 0.9964 | 0.9510 | 0.9618 | 0.9519 |
| Oct. 15, 2018 | 0.9972 | 0.9960 | 0.9430 | 0.9538 | 0.9434 |
| Oct. 22, 2018 | 0.9962 | 0.9956 | 0.9972 | 0.9825 | 0.9856 |
| Oct. 29, 2018 | 0.9959 | 0.9951 | 1.1027 | 1.0230 | 1.0476 |
| Nov. 5, 2018 | 0.9981 | 0.9947 | 1.0130 | 0.9977 | 0.9932 |
| Nov. 12, 2018 | 0.9984 | 0.9955 | 0.9279 | 0.9535 | 0.9319 |
| Nov. 19, 2018 | 0.9976 | 0.9963 | 0.9815 | 0.9811 | 0.9696 |
| Nov. 26, 2018 | 0.9988 | 0.9971 | 1.0540 | 1.0093 | 1.0181 |
| Dec. 3, 2018 | 0.9971 | 0.9979 | 1.0445 | 1.0140 | 1.0108 |
| Dec. 10, 2018 | 0.9977 | 0.9983 | 0.9185 | 0.9598 | 0.9419 |
| Dec. 17, 2018 | 0.9978 | 0.9987 | 0.9722 | 0.9828 | 0.9832 |
| Dec. 24, 2018 | 1.0031 | 0.9992 | 1.0510 | 1.0244 | 1.0492 |
| Dec. 31, 2018 | 1.0034 | 0.9996 | 1.1436 | 1.0743 | 1.1142 |
| Jan. 7, 2019 | 0.9982 | 0.9996 | 0.9866 | 1.0156 | 1.0261 |
| Jan. 14, 2019 | 0.9938 | 0.9996 | 0.9292 | 0.9806 | 0.9867 |
| Jan. 21, 2019 | 0.9930 | 0.9997 | 0.9638 | 1.0028 | 1.0225 |
| Jan. 28, 2019 | 0.9913 | 0.9997 | 1.0582 | 1.0286 | 1.0677 |
| Feb. 4, 2019 | 0.9941 | 0.9997 | 1.0004 | 1.0160 | 1.0275 |
| Feb. 11, 2019 | 0.9964 | 1.0002 | 0.9006 | 0.9630 | 0.9494 |
| Feb. 18, 2019 | 0.9996 | 1.0007 | 0.9468 | 0.9822 | 0.9722 |
| Feb. 25, 2019 | 1.0000 | 1.0011 | 1.0101 | 1.0135 | 1.0187 |
| Mar. 4, 2019 | 1.0030 | 1.0016 | 0.9905 | 1.0240 | 1.0121 |
| Mar. 11, 2019 | 1.0047 | 1.0009 | 0.9067 | 0.9868 | 0.9667 |
| Mar. 18, 2019 | 1.0045 | 1.0002 | 0.9718 | 1.0147 | 1.0076 |
| Mar. 25, 2019 | 1.0043 | 0.9995 | 1.0427 | 1.0406 | 1.0518 |
| Apr. 1, 2019 | 1.0045 | 0.9987 | 1.1226 | 1.0708 | 1.0784 |
Footnotes
- 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| Date | Savings and MMDA deposits 1 | Small denom. time deposits 1 | Retail money funds | Institutional money funds |
|---|---|---|---|---|
| Dec. 4, 2017 | 1.0019 | 0.9965 | 0.9921 | 1.0166 |
| Dec. 11, 2017 | 1.0231 | 0.9954 | 1.0005 | 1.0227 |
| Dec. 18, 2017 | 1.0119 | 0.9943 | 1.0069 | 1.0248 |
| Dec. 25, 2017 | 0.9914 | 0.9938 | 1.0182 | 1.0124 |
| Jan. 1, 2018 | 0.9822 | 0.9941 | 1.0218 | 1.0275 |
| Jan. 8, 2018 | 1.0162 | 0.9938 | 1.0334 | 1.0191 |
| Jan. 15, 2018 | 1.0172 | 0.9936 | 1.0296 | 1.0185 |
| Jan. 22, 2018 | 0.9987 | 0.9935 | 1.0258 | 1.0126 |
| Jan. 29, 2018 | 0.9726 | 0.9943 | 1.0184 | 1.0176 |
| Feb. 5, 2018 | 0.9984 | 0.9959 | 1.0153 | 1.0158 |
| Feb. 12, 2018 | 1.0122 | 0.9973 | 1.0179 | 1.0141 |
| Feb. 19, 2018 | 1.0033 | 0.9979 | 1.0157 | 1.0144 |
| Feb. 26, 2018 | 0.9859 | 0.9978 | 1.0195 | 1.0113 |
| Mar. 5, 2018 | 1.0083 | 0.9972 | 1.0178 | 1.0163 |
| Mar. 12, 2018 | 1.0214 | 0.9965 | 1.0206 | 1.0155 |
| Mar. 19, 2018 | 1.0098 | 0.9959 | 1.0199 | 1.0116 |
| Mar. 26, 2018 | 0.9884 | 0.9959 | 1.0188 | 0.9984 |
| Apr. 2, 2018 | 0.9924 | 0.9966 | 1.0142 | 1.0025 |
| Apr. 9, 2018 | 1.0272 | 0.9975 | 1.0178 | 0.9922 |
| Apr. 16, 2018 | 1.0258 | 0.9980 | 1.0099 | 0.9926 |
| Apr. 23, 2018 | 0.9964 | 0.9982 | 1.0004 | 0.9785 |
| Apr. 30, 2018 | 0.9779 | 0.9985 | 0.9929 | 0.9859 |
| May 7, 2018 | 1.0061 | 0.9990 | 0.9933 | 0.9818 |
| May 14, 2018 | 1.0104 | 0.9996 | 0.9935 | 0.9881 |
| May 21, 2018 | 0.9945 | 1.0003 | 0.9914 | 0.9866 |
| May 28, 2018 | 0.9754 | 1.0012 | 0.9932 | 0.9919 |
| June 4, 2018 | 0.9969 | 1.0021 | 0.9882 | 0.9935 |
| June 11, 2018 | 1.0137 | 1.0027 | 0.9923 | 0.9935 |
| June 18, 2018 | 1.0030 | 1.0029 | 0.9880 | 0.9869 |
| June 25, 2018 | 0.9757 | 1.0035 | 0.9873 | 0.9762 |
| July 2, 2018 | 0.9774 | 1.0045 | 0.9813 | 0.9829 |
| July 9, 2018 | 1.0114 | 1.0052 | 0.9877 | 0.9797 |
| July 16, 2018 | 1.0091 | 1.0053 | 0.9878 | 0.9862 |
| July 23, 2018 | 0.9886 | 1.0051 | 0.9877 | 0.9817 |
| July 30, 2018 | 0.9722 | 1.0051 | 0.9845 | 0.9871 |
| Aug. 6, 2018 | 1.0041 | 1.0052 | 0.9896 | 0.9868 |
| Aug. 13, 2018 | 1.0112 | 1.0050 | 0.9902 | 0.9988 |
| Aug. 20, 2018 | 0.9974 | 1.0046 | 0.9865 | 0.9982 |
| Aug. 27, 2018 | 0.9769 | 1.0044 | 0.9893 | 1.0059 |
| Sept. 3, 2018 | 0.9910 | 1.0043 | 0.9858 | 1.0027 |
| Sept. 10, 2018 | 1.0205 | 1.0038 | 0.9905 | 0.9965 |
| Sept. 17, 2018 | 1.0151 | 1.0033 | 0.9891 | 0.9939 |
| Sept. 24, 2018 | 0.9898 | 1.0032 | 0.9922 | 0.9859 |
| Oct. 1, 2018 | 0.9817 | 1.0040 | 0.9904 | 0.9966 |
| Oct. 8, 2018 | 1.0121 | 1.0049 | 0.9915 | 0.9941 |
| Oct. 15, 2018 | 1.0156 | 1.0047 | 0.9910 | 0.9967 |
| Oct. 22, 2018 | 0.9973 | 1.0038 | 0.9882 | 0.9906 |
| Oct. 29, 2018 | 0.9739 | 1.0030 | 0.9840 | 1.0010 |
| Nov. 5, 2018 | 1.0025 | 1.0025 | 0.9804 | 1.0001 |
| Nov. 12, 2018 | 1.0175 | 1.0018 | 0.9854 | 1.0037 |
| Nov. 19, 2018 | 1.0080 | 1.0005 | 0.9899 | 1.0033 |
| Nov. 26, 2018 | 0.9868 | 0.9992 | 0.9963 | 1.0060 |
| Dec. 3, 2018 | 0.9965 | 0.9983 | 0.9921 | 1.0157 |
| Dec. 10, 2018 | 1.0228 | 0.9974 | 1.0008 | 1.0217 |
| Dec. 17, 2018 | 1.0152 | 0.9962 | 1.0064 | 1.0263 |
| Dec. 24, 2018 | 0.9967 | 0.9950 | 1.0167 | 1.0113 |
| Dec. 31, 2018 | 0.9814 | 0.9944 | 1.0186 | 1.0232 |
| Jan. 7, 2019 | 1.0127 | 0.9938 | 1.0306 | 1.0198 |
| Jan. 14, 2019 | 1.0182 | 0.9933 | 1.0307 | 1.0180 |
| Jan. 21, 2019 | 1.0021 | 0.9930 | 1.0252 | 1.0131 |
| Jan. 28, 2019 | 0.9736 | 0.9934 | 1.0207 | 1.0164 |
| Feb. 4, 2019 | 0.9931 | 0.9947 | 1.0157 | 1.0173 |
| Feb. 11, 2019 | 1.0121 | 0.9961 | 1.0179 | 1.0137 |
| Feb. 18, 2019 | 1.0057 | 0.9967 | 1.0157 | 1.0157 |
| Feb. 25, 2019 | 0.9881 | 0.9967 | 1.0195 | 1.0104 |
| Mar. 4, 2019 | 1.0037 | 0.9962 | 1.0183 | 1.0164 |
| Mar. 11, 2019 | 1.0222 | 0.9956 | 1.0209 | 1.0137 |
| Mar. 18, 2019 | 1.0131 | 0.9951 | 1.0208 | 1.0131 |
| Mar. 25, 2019 | 0.9918 | 0.9951 | 1.0199 | 0.9973 |
| Apr. 1, 2019 | 0.9872 | 0.9957 | 1.0146 | 1.0031 |
Footnotes
- Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.
Appendix Table 5
Comparison of Revised and Old Monetary Aggregate Levels. Billions of dollars, seasonally adjusted.| Date | Revised M1 | Old M1 | Revised M2 | Old M2 |
|---|---|---|---|---|
| Oct. 2016 | 3,336.9 | 3,335.6 | 13,102.2 | 13,087.5 |
| Nov. 2016 | 3,349.6 | 3,344.5 | 13,175.9 | 13,164.7 |
| Dec. 2016 | 3,341.9 | 3,329.2 | 13,210.5 | 13,199.5 |
| Jan. 2017 | 3,390.7 | 3,393.3 | 13,277.1 | 13,278.1 |
| Feb. 2017 | 3,385.8 | 3,370.7 | 13,320.1 | 13,317.6 |
| Mar. 2017 | 3,437.1 | 3,439.9 | 13,393.3 | 13,400.4 |
| Apr. 2017 | 3,436.7 | 3,430.2 | 13,449.1 | 13,452.7 |
| May 2017 | 3,496.1 | 3,504.3 | 13,508.8 | 13,517.8 |
| June 2017 | 3,497.1 | 3,496.2 | 13,543.6 | 13,544.0 |
| July 2017 | 3,523.9 | 3,527.1 | 13,615.1 | 13,620.5 |
| Aug. 2017 | 3,556.5 | 3,564.6 | 13,664.5 | 13,664.5 |
| Sept. 2017 | 3,556.7 | 3,553.1 | 13,706.7 | 13,703.5 |
| Oct. 2017 | 3,585.7 | 3,594.7 | 13,754.4 | 13,747.1 |
| Nov. 2017 | 3,603.8 | 3,618.4 | 13,782.8 | 13,785.6 |
| Dec. 2017 | 3,600.1 | 3,614.3 | 13,833.3 | 13,845.0 |
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates. Percent changes, annual rate.| Date | Revised | Old | Difference | Difference due to | |
|---|---|---|---|---|---|
| Benchmark | Seasonals | ||||
| 2016 | |||||
| January | 3.7 | 7.7 | -4.0 | -0.1 | -3.9 |
| February | 10.7 | 6.3 | 4.4 | 0.0 | 4.4 |
| March | 9.7 | 14.7 | -5.0 | 0.0 | -5.0 |
| April | 18.5 | 15.8 | 2.7 | 0.1 | 2.6 |
| May | 13.3 | 17.2 | -3.9 | 0.0 | -3.9 |
| June | 2.4 | 0.1 | 2.3 | 0.0 | 2.3 |
| July | -1.6 | -0.9 | -0.7 | 0.0 | -0.7 |
| August | 27.5 | 29.3 | -1.8 | 0.0 | -1.8 |
| September | 4.3 | 0.5 | 3.8 | 0.0 | 3.8 |
| October | 2.6 | 3.1 | -0.5 | 0.1 | -0.6 |
| November | 4.6 | 3.2 | 1.4 | 0.2 | 1.2 |
| December | -2.8 | -5.5 | 2.7 | 0.1 | 2.6 |
| 2017 | |||||
| January | 17.5 | 23.1 | -5.6 | 0.0 | -5.6 |
| February | -1.7 | -8.0 | 6.3 | 0.0 | 6.3 |
| March | 18.2 | 24.6 | -6.4 | 0.1 | -6.5 |
| April | -0.1 | -3.4 | 3.3 | 0.1 | 3.2 |
| May | 20.7 | 25.9 | -5.2 | -0.1 | -5.1 |
| June | 0.3 | -2.8 | 3.1 | 0.4 | 2.7 |
| July | 9.2 | 10.6 | -1.4 | -0.3 | -1.1 |
| August | 11.1 | 12.8 | -1.7 | -0.1 | -1.6 |
| September | 0.1 | -3.9 | 4.0 | -0.2 | 4.2 |
| October | 9.8 | 14.0 | -4.2 | -3.1 | -1.1 |
| November | 6.1 | 7.9 | -1.8 | -3.5 | 1.7 |
| December | -1.2 | -1.4 | 0.2 | -3.2 | 3.4 |
| Quarterly | |||||
| 16Q4 | 5.6 | 4.5 | 1.1 | 0.1 | 1.0 |
| 17Q1 | 7.4 | 7.8 | -0.4 | 0.1 | -0.5 |
| 17Q2 | 8.5 | 8.9 | -0.4 | 0.1 | -0.5 |
| 17Q3 | 8.0 | 8.2 | -0.2 | -0.1 | -0.1 |
| 17Q4 | 5.7 | 6.9 | -1.2 | -2.2 | 1.0 |
| Semi-Annual | |||||
| 16Q4 - 17Q2 | 8.0 | 8.4 | -0.4 | 0.0 | -0.4 |
| 17Q2 - 17Q4 | 6.9 | 7.6 | -0.7 | -1.2 | 0.5 |
| Annual (Q4 to Q4) | |||||
| 2016 | 9.1 | 9.1 | 0.0 | 0.0 | 0.0 |
| 2017 | 7.6 | 8.2 | -0.6 | -0.6 | 0.0 |
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates. Percent changes, annual rate.| Date | Revised | Old | Difference | Difference due to | |
|---|---|---|---|---|---|
| Benchmark | Seasonals | ||||
| 2016 | |||||
| January | 11.8 | 12.7 | -0.9 | 0.0 | -0.9 |
| February | 6.7 | 6.5 | 0.2 | 0.0 | 0.2 |
| March | 6.3 | 7.0 | -0.7 | 0.0 | -0.7 |
| April | 8.4 | 8.2 | 0.2 | 0.0 | 0.2 |
| May | 6.7 | 7.0 | -0.3 | 0.0 | -0.3 |
| June | 7.1 | 6.5 | 0.6 | 0.0 | 0.6 |
| July | 5.5 | 6.0 | -0.5 | 0.0 | -0.5 |
| August | 8.3 | 8.1 | 0.2 | 0.0 | 0.2 |
| September | 5.4 | 5.2 | 0.2 | 0.0 | 0.2 |
| October | 6.1 | 4.5 | 1.6 | 0.0 | 1.6 |
| November | 6.8 | 7.1 | -0.3 | 0.1 | -0.4 |
| December | 3.2 | 3.2 | 0.0 | 0.0 | 0.0 |
| 2017 | |||||
| January | 6.0 | 7.1 | -1.1 | 0.0 | -1.1 |
| February | 3.9 | 3.6 | 0.3 | 0.0 | 0.3 |
| March | 6.6 | 7.5 | -0.9 | 0.0 | -0.9 |
| April | 5.0 | 4.7 | 0.3 | 0.0 | 0.3 |
| May | 5.3 | 5.8 | -0.5 | -0.1 | -0.4 |
| June | 3.1 | 2.3 | 0.8 | 0.1 | 0.7 |
| July | 6.3 | 6.7 | -0.4 | 0.1 | -0.5 |
| August | 4.4 | 3.9 | 0.5 | 0.4 | 0.1 |
| September | 3.7 | 3.3 | 0.4 | 0.2 | 0.2 |
| October | 4.2 | 3.8 | 0.4 | -0.8 | 1.2 |
| November | 2.5 | 3.4 | -0.9 | -1.1 | 0.2 |
| December | 4.4 | 5.2 | -0.8 | -1.0 | 0.2 |
| Quarterly | |||||
| 16Q4 | 6.0 | 5.5 | 0.5 | 0.0 | 0.5 |
| 17Q1 | 5.1 | 5.5 | -0.4 | 0.0 | -0.4 |
| 17Q2 | 5.1 | 5.2 | -0.1 | 0.0 | -0.1 |
| 17Q3 | 4.8 | 4.7 | 0.1 | 0.1 | 0.0 |
| 17Q4 | 3.8 | 3.8 | 0.0 | -0.5 | 0.5 |
| Semi-Annual | |||||
| 16Q4 - 17Q2 | 5.1 | 5.4 | -0.3 | 0.0 | -0.3 |
| 17Q2 - 17Q4 | 4.3 | 4.3 | 0.0 | -0.2 | 0.2 |
| Annual (Q4 to Q4) | |||||
| 2016 | 7.3 | 7.3 | 0.0 | 0.0 | 0.0 |
| 2017 | 4.8 | 4.9 | -0.1 | -0.1 | 0.0 |
Last Update: January 25, 2018