Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 20, 2011
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For release at
4:30 p.m. EST
January 20, 2011

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 higher growth rate for seasonally adjusted M2 in the first half of 2010 and a lower 
growth rate for seasonally adjusted M2 in the second half.

The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit 
reports, and it takes account of deposit data from Call Reports for banks and thrift institutions 
that are not weekly or quarterly deposit reporters.  These revisions to deposit data start in 2007.  
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 2005.  The benchmark also incorporates revisions to data on retail and 
institutional money market mutual funds, including revisions to IRA and Keogh balances held at those 
funds.  Revisions to data on money market mutual funds begin in 2001.  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 2010.  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 20, 2011
 MONEY STOCK MEASURES
 Billions of dollars    
 ----------------------------------------------------------------------------------------------------------------------------------------------------
           Date                                         M1(1)                  M2(2)                       M1(1)                  M2(2)
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
                                                            Seasonally adjusted                             Not seasonally adjusted     
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
       2009-Jan.                                        1587.1                 8307.8                        1579.0                 8309.8
            Feb.                                        1568.9                 8347.2                        1550.4                 8335.9
            Mar.                                        1577.4                 8399.0                        1593.1                 8469.5
            Apr.                                        1609.8                 8390.5                        1626.0                 8465.2
            May                                         1610.5                 8431.8                        1615.9                 8444.1
            June                                        1651.7                 8452.8                        1659.9                 8454.9
            July                                        1661.5                 8452.8                        1655.9                 8419.9
            Aug.                                        1655.3                 8428.7                        1649.8                 8394.1
            Sep.                                        1665.8                 8452.4                        1640.3                 8399.4
            Oct.                                        1679.8                 8482.3                        1663.6                 8432.7
            Nov.                                        1679.9                 8511.5                        1682.5                 8506.3
            Dec.                                        1693.6                 8528.7                        1723.8                 8550.5
                                                                                                                                          
       2010-Jan.                                        1681.0                 8469.5                        1673.5                 8476.3
            Feb.                                        1703.2                 8537.1                        1684.9                 8520.8
            Mar.                                        1712.0                 8515.2                        1729.4                 8583.0
            Apr.                                        1700.2                 8527.2                        1717.4                 8604.3
            May                                         1707.1                 8568.3                        1711.0                 8586.5
            June                                        1727.4                 8599.1                        1736.5                 8609.4
            July                                        1731.0                 8615.3                        1722.8                 8579.9
            Aug.                                        1751.5                 8660.7                        1744.1                 8610.0
            Sep.                                        1774.5                 8708.5                        1745.2                 8651.1
            Oct.                                        1784.1                 8748.3                        1766.5                 8706.8
            Nov.                                        1821.4                 8785.7                        1827.4                 8773.1
            Dec. p                                      1832.2                 8816.5                        1869.5                 8853.5
                                                                                                                                          
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates     M1                    M2
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2010 TO Dec. 2010                   13.0                   5.0
  6 Months from June 2010 TO Dec. 2010                   12.1                   5.1
 12 Months from Dec. 2009 TO Dec. 2010                    8.2                   3.4
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of
    nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and 
    foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits
    (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
    share draft accounts, and demand deposits at thrift institutions.  Seasonally adjusted M1 is constructed by summing currency, traveler's checks,
    demand deposits, and OCDs, each seasonally adjusted separately.
 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in
    amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in
    retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.  Seasonally adjusted M2 is constructed by summing
    savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to
    seasonally adjusted M1.

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



 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Billions of dollars
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                  M1                               M2                               M1                                 M2
                   -------------------------------- -------------------------------- -------------------------------- -----------------------------------
   Period ending     13-week    4-week      week      13-week    4-week      week      13-week    4-week      week       13-week     4-week       week
                     average    average    average    average    average    average    average    average    average     average     average     average
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
                                          Seasonally adjusted                                             Not seasonally adjusted
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
  2010-Oct. 18         1764.1     1785.7     1782.6     8688.6     8735.7     8744.7     1745.9     1759.8     1736.2     8639.0     8685.6     8735.1
            25         1768.2     1789.3     1791.6     8698.0     8743.4     8759.3     1748.9     1759.1     1797.3     8648.7     8700.5     8664.3
                                                                                                                                                      
       Nov.  1         1770.7     1785.2     1769.1     8707.9     8755.1     8778.1     1752.2     1769.3     1828.3     8658.0     8705.2     8708.2
             8         1778.8     1798.3     1849.9     8717.4     8762.5     8767.8     1763.2     1800.0     1838.3     8668.5     8718.1     8764.6
            15         1783.0     1802.8     1800.5     8726.8     8770.0     8774.6     1766.8     1804.0     1751.9     8680.0     8730.4     8784.4
            22         1787.6     1808.6     1815.0     8736.7     8778.0     8791.3     1771.3     1807.9     1813.2     8693.7     8754.3     8760.0
            29         1792.5     1823.1     1826.8     8746.3     8785.4     8807.9     1778.8     1827.9     1908.2     8708.5     8772.4     8780.6
                                                                                                                                                      
       Dec.  6         1797.3     1815.6     1819.9     8755.1     8793.0     8798.2     1784.3     1817.7     1797.4     8720.2     8787.5     8824.8
            13         1801.1     1822.2     1827.2     8764.1     8802.3     8811.9     1791.6     1825.6     1783.7     8732.4     8802.3     8843.7
            20         1805.9     1827.0     1834.1     8773.1     8809.0     8817.9     1801.2     1837.0     1858.7     8748.1     8825.4     8852.4
            27         1810.9     1830.9     1842.2     8781.3     8815.8     8835.0     1814.2     1852.0     1968.2     8768.6     8847.9     8870.8
                                                                                                                                                      
  2011-Jan.  3p        1814.5     1834.0     1832.4     8787.2     8818.2     8808.1     1827.3     1892.3     1958.7     8783.6     8863.0     8885.1
            10p        1816.5     1832.9     1822.9     8793.1     8819.0     8815.0     1832.6     1892.3     1783.7     8796.4     8871.9     8879.3
                                                                                                                                                      
                                                                                                                                                      
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates       M1                   M2
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Thirteen weeks ending January 10, 2011    
 from thirteen weeks ending:
 Oct. 11, 2010 (13 weeks previous)                        12.9                   5.3
 July 12, 2010 (26 weeks previous)                        11.8                   5.1
 Jan. 11, 2010 (52 weeks previous)                         7.8                   3.4
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.

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




 H.6 (508)
 Table 3
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other checkable deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2009-Aug.                       858.3              5.1                430.6                 217.2               144.2              361.3
       Sep.                       861.4              5.1                432.9                 220.1               146.3              366.3
                                                                                                                                          
       Oct.                       861.7              5.1                435.4                 225.9               151.6              377.5
       Nov.                       860.3              5.1                432.3                 229.2               153.0              382.3
       Dec.                       861.5              5.1                441.0                 231.6               154.4              386.0
                                                                                                                                          
                                                                                                                                          
  2010-Jan.                       861.8              5.1                439.6                 227.0               147.5              374.4
       Feb.                       867.4              5.0                447.9                 232.1               150.8              382.9
       Mar.                       871.7              5.0                448.4                 236.9               150.1              386.9
                                                                                                                                          
       Apr.                       876.9              4.9                452.1                 214.3               152.1              366.3
       May                        881.1              4.9                451.7                 216.6               152.7              369.3
       June                       884.0              4.8                462.8                 221.6               154.2              375.8
                                                                                                                                          
       July                       888.0              4.8                462.9                 221.3               154.1              375.4
       Aug.                       893.5              4.7                473.4                 224.3               155.5              379.8
       Sep.                       899.6              4.7                484.6                 227.7               157.8              385.5
                                                                                                                                          
       Oct.                       906.3              4.7                484.0                 228.1               160.9              389.0
       Nov.                       912.8              4.7                502.0                 234.2               167.7              401.9
       Dec. p                     915.7              4.7                509.8                 235.3               166.8              402.0
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 Week ending:                                                                                                                                      
  2010-Nov. 15                    912.1              4.7                490.3                 225.6               167.8              393.4
            22                    914.0              4.7                495.4                 231.2               169.7              400.9
            29                    914.9              4.7                505.6                 232.1               169.4              401.6
                                                                                                                                          
       Dec.  6                    915.7              4.7                502.6                 226.5               170.4              396.9
            13                    916.0              4.7                505.2                 232.0               169.3              401.3
            20                    916.2              4.7                510.6                 235.9               166.8              402.6
            27                    914.9              4.7                517.3                 239.9               165.5              405.4
                                                                                                                                          
  2011-Jan.  3p                   915.8              4.7                511.4                 240.3               160.2              400.5
            10p                   917.6              4.7 e              510.1                 236.6               154.0              390.6
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 ------------------------------------------------------------------------------------------------------------------------------------------
 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)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2009-Aug.                3725.0         831.8        4556.8         960.0          341.6        1301.7        914.9        6773.4        2459.3
       Sep.                3787.5         841.3        4628.8         935.6          332.5        1268.1        889.7        6786.6        2405.2
                                                                                                                                                 
       Oct.                3853.4         852.4        4705.8         904.9          328.3        1233.2        863.5        6802.5        2333.2
       Nov.                3949.3         835.0        4784.3         881.1          322.2        1203.3        844.0        6831.5        2271.3
       Dec.                3997.4         839.5        4836.9         858.0          319.4        1177.4        820.8        6835.1        2212.0
                                                                                                                                                 
                                                                                                                                                 
  2010-Jan.                3994.9         842.9        4837.7         834.0          315.4        1149.4        801.4        6788.5        2164.2
       Feb.                4052.6         860.9        4913.5         819.6          311.3        1131.0        789.5        6833.9        2102.8
       Mar.                4061.0         870.2        4931.2         802.2          307.3        1109.6        762.5        6803.3        2032.2
                                                                                                                                                 
       Apr.                4120.9         870.8        4991.7         787.0          302.6        1089.6        745.7        6827.0        1964.5
       May                 4166.4         879.7        5046.1         771.4          298.2        1069.5        745.7        6861.3        1920.9
       June                4186.8         886.9        5073.6         756.7          293.7        1050.4        747.6        6871.6        1894.3
                                                                                                                                                 
       July                4219.1         891.9        5111.0         742.9          289.9        1032.7        740.5        6884.3        1890.6
       Aug.                4264.8         899.2        5164.0         727.8          286.5        1014.3        731.0        6909.2        1892.2
       Sep.                4314.7         902.2        5216.9         708.8          282.5         991.3        725.7        6934.0        1893.8
                                                                                                                                                 
       Oct.                4369.2         909.1        5278.2         689.8          278.5         968.3        717.7        6964.2        1884.7
       Nov.                4395.2         915.1        5310.3         672.0          273.9         945.9        708.1        6964.3        1878.1
       Dec. p              4436.8         920.9        5357.7         656.7          269.9         926.6        700.0        6984.3        1856.1
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 Week ending:                                                                                                                            
  2010-Nov. 15             4410.7         906.7        5317.5         674.0          274.3         948.3        708.4        6974.1        1882.4
            22             4411.7         915.2        5326.9         669.7          273.4         943.1        706.3        6976.3        1866.6
            29             4412.1         924.8        5336.9         665.9          272.6         938.5        705.7        6981.1        1871.8
                                                                                                                                                 
       Dec.  6             4431.9         913.6        5345.6         661.6          272.1         933.7        699.0        6978.3        1877.3
            13             4446.6         911.6        5358.2         658.8          271.1         929.9        696.6        6984.7        1870.2
            20             4440.4         920.1        5360.5         656.3          269.8         926.1        697.1        6983.8        1848.3
            27             4435.3         931.8        5367.2         654.1          268.6         922.7        702.9        6992.8        1831.2
                                                                                                                                                 
  2011-Jan.  3p            4422.9         927.4        5350.4         651.1          267.1         918.2        707.1        6975.7        1857.1
            10p            4458.4         914.6        5373.0         648.6          265.8         914.4        704.7        6992.1        1825.1
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and 
    thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
 4. Institutional money funds are not part of non-M1 M2.

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



 H.6 (508)
 Table 5
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other checkable deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2009-Aug.                       855.5            5.2                  431.3                 213.3               144.6              357.8
       Sep.                       856.7            5.1                  419.4                 214.0               145.1              359.1
                                                                                                                                          
       Oct.                       859.3            5.1                  429.9                 221.5               147.9              369.4
       Nov.                       860.8            5.1                  440.1                 230.5               145.9              376.4
       Dec.                       865.4            5.1                  465.3                 237.9               150.2              388.0
                                                                                                                                          
                                                                                                                                          
  2010-Jan.                       860.1            5.1                  432.5                 227.9               148.0              375.9
       Feb.                       869.4            5.0                  435.4                 225.3               149.8              375.1
       Mar.                       875.3            5.0                  455.7                 238.4               155.0              393.4
                                                                                                                                          
       Apr.                       879.0            4.9                  451.8                 224.5               157.3              381.8
       May                        882.1            4.9                  450.6                 217.6               155.8              373.5
       June                       883.5            4.8                  466.5                 224.9               156.7              381.7
                                                                                                                                          
       July                       887.0            4.8                  458.4                 217.7               154.9              372.5
       Aug.                       890.0            4.8                  473.6                 220.4               155.4              375.7
       Sep.                       894.7            4.7                  468.5                 221.7               155.6              377.3
                                                                                                                                          
       Oct.                       904.5            4.7                  476.6                 223.4               157.4              380.8
       Nov.                       913.5            4.7                  513.1                 236.6               159.6              396.1
       Dec. p                     920.3            4.7                  540.1                 242.1               162.4              404.4
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 Week ending:                                                                                                                                      
  2010-Nov. 15                    912.9            4.7                  464.2                 214.8               155.3              370.1
            22                    913.4            4.7                  501.7                 234.0               159.4              393.4
            29                    916.8            4.7                  573.2                 249.8               163.7              413.5
                                                                                                                                          
       Dec.  6                    916.2            4.7                  493.5                 221.6               161.5              383.0
            13                    917.7            4.7                  482.5                 222.1               156.6              378.7
            20                    920.6            4.7                  531.6                 241.1               160.7              401.8
            27                    925.6            4.7                  607.2                 264.5               166.2              430.7
                                                                                                                                          
  2011-Jan.  3p                   920.8            4.7                  601.6                 261.1               170.4              431.6
            10p                   917.8            4.7 e                477.0                 226.6               157.7              384.2
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 ------------------------------------------------------------------------------------------------------------------------------------------
 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)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2009-Aug.                3709.4         828.3        4537.7         957.1         340.6         1297.8        908.9        6744.3        2436.6
       Sep.                3769.1         837.2        4606.2         936.3         332.7         1269.0        883.9        6759.1        2384.4
                                                                                                                                                 
       Oct.                3832.4         847.7        4680.2         907.5         329.3         1236.8        852.2        6769.2        2315.8
       Nov.                3945.7         834.2        4779.8         886.0         324.0         1210.0        834.0        6823.8        2272.3
       Dec.                3986.0         837.1        4823.1         860.9         320.4         1181.3        822.4        6826.7        2244.3
                                                                                                                                                 
                                                                                                                                                 
  2010-Jan.                3994.9         842.9        4837.8         837.7         316.8         1154.5        810.5        6802.8        2230.9
       Feb.                4043.8         859.0        4902.8         821.2         311.9         1133.1        799.9        6835.9        2159.7
       Mar.                4088.7         876.1        4964.8         802.4         307.4         1109.8        779.0        6853.6        2054.4
                                                                                                                                                 
       Apr.                4166.1         880.4        5046.5         785.0         301.8         1086.9        753.5        6886.8        1944.8
       May                 4186.7         884.0        5070.6         767.3         296.6         1063.9        740.9        6875.4        1892.6
       June                4196.0         888.8        5084.9         753.5         292.4         1046.0        742.1        6872.9        1859.6
                                                                                                                                                 
       July                4203.2         888.6        5091.7         740.8         289.1         1029.9        735.5        6857.2        1854.2
       Aug.                4233.9         892.6        5126.5         726.7         286.1         1012.8        726.6        6865.9        1878.0
       Sep.                4294.3         898.0        5192.2         709.5         282.8          992.3        721.4        6905.9        1878.7
                                                                                                                                                 
       Oct.                4355.2         906.2        5261.3         691.3         279.1          970.3        708.6        6940.2        1872.0
       Nov.                4383.3         912.7        5296.0         674.7         275.0          949.7        700.0        6945.6        1885.6
       Dec. p              4434.0         920.3        5354.3         658.2         270.5          928.7        701.0        6984.0        1888.5
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 Week ending:                                                                                                                            
  2010-Nov. 15             4464.7         917.8        5382.5         677.0         275.5          952.4        697.6        7032.5        1886.2
            22             4390.1         910.7        5300.7         672.4         274.5          946.9        699.2        6946.8        1880.6
            29             4322.5         906.0        5228.5         668.3         273.6          941.9        701.9        6872.4        1893.5
                                                                                                                                                 
       Dec.  6             4472.9         922.1        5394.9         663.4         272.8          936.3        696.1        7027.3        1896.0
            13             4506.4         923.9        5430.3         660.2         271.7          931.9        697.8        7060.1        1919.1
            20             4445.7         921.2        5366.9         657.5         270.3          927.7        699.1        6993.7        1880.1
            27             4357.1         915.4        5272.4         655.4         269.1          924.5        705.7        6902.6        1863.4
                                                                                                                                                 
  2011-Jan.  3p            4378.4         918.1        5296.6         652.9         267.9          920.8        709.1        6926.4        1882.3
            10p            4536.1         930.5        5466.7         650.7         266.7          917.4        711.5        7095.6        1868.4
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                 
 --------------------------------------------------------------------------------------------------------------------------------------------------
 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
 --------------------------------------------------------------------------------------------------------------------
  2009-Aug.               14.1          8.7           27.6          222.3         122.4         255.0         599.6   
       Sep.               13.8          8.5           27.9          223.0         122.7         249.9         595.6   
                                                                                                                      
       Oct.               13.8          8.0           29.4          223.8         122.8         245.7         592.3   
       Nov.               14.4          8.0           32.2          224.8         122.5         242.2         589.5   
       Dec.               14.9          6.9           35.1          225.9         122.2         238.7         586.7   
                                                                                                                      
                                                                                                                      
  2010-Jan.               14.9          7.6           35.7          226.8         122.3         235.3         584.4   
       Feb.               14.3          7.5           33.8          227.8         123.0         232.0         582.7   
       Mar.               13.6          6.2           32.0          228.7         123.6         228.7         580.9   
                                                                                                                      
       Apr.               13.6          7.0           30.6          229.9         124.4         226.5         580.8   
       May                14.3          5.8           29.8          231.5         125.4         225.9         582.8   
       June               15.1          6.0           29.0          233.2         126.4         225.2         584.8   
                                                                                                                      
       July               15.7          5.7           29.4          234.6         127.1         223.9 e       585.6 e 
       Aug.               16.3          5.4           31.2          235.9         127.3         221.9 e       585.0 e 
       Sep.               16.8          5.3           33.1          237.1         127.5         219.8 e       584.4 e 
                                                                                                                      
       Oct.               17.1 e        4.5 e         34.0 e        238.4 e       127.8 e       218.8 e       584.9 e 
       Nov.               17.1 e        4.9 e         34.0 e        239.7 e       128.1 e       218.8 e       586.5 e 
       Dec. p             17.1 e        6.2 e         34.0 e        241.0 e       128.4 e       218.8 e       588.2 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     
 -----------------------------------------------------------------------------------------------------------
  2009-Aug.                  1.2          39.9           199.9            2.0          243.0          1.8   
       Sep.                  2.9          35.0           191.8            1.9          231.6          1.9   
                                                                                                            
       Oct.                  1.6          45.1            74.8            2.0          123.5          1.9   
       Nov.                  1.2          52.3            15.0            2.0           70.5          1.9   
       Dec.                  1.3          82.7            13.9            2.0           99.8          1.9   
                                                                                                            
                                                                                                            
  2010-Jan.                  3.2         139.3             5.0            2.0          149.4          1.9   
       Feb.                  1.3          57.1             7.9            2.0           68.2          2.0   
       Mar.                  1.3          50.0            81.4            2.0          134.7          2.0   
                                                                                                            
       Apr.                  5.3          35.6           182.5            2.0          225.3          2.0   
       May                   1.3          34.9           200.0            2.0          238.1          1.9   
       June                  2.9          38.8           200.0            2.0          243.6          1.9   
                                                                                                            
       July                  1.2          32.1           200.0            1.9          235.2          1.8   
       Aug.                  1.1          27.6           200.0            1.9          230.6          1.8   
       Sep.                  2.8          47.2           200.0            1.9          252.0          1.8   
                                                                                                            
       Oct.                  1.4          37.6           200.0            2.0          240.9          1.8 e 
       Nov.                  1.1          28.7           200.0            1.8          231.5          1.8 e 
       Dec. p                1.0          60.3           200.0            2.0          263.3          1.8 e 
                                                                                                            
                                                                                                            
                                                                                                            
 Week ending:                                                                                             
  2010-Nov. 15               1.2          13.0           200.0            1.2          215.3                
            22               1.0          33.2           200.0            2.0          236.2                
            29               1.0          26.0           200.0            2.0          228.9                
                                                                                                            
       Dec.  6               1.0          34.7           200.0            2.0          237.6                
            13               1.0          18.2           200.0            2.0          221.1                
            20               1.1          81.6           200.0            2.0          284.6                
            27               1.1          88.6           200.0            2.0          291.6                
                                                                                                            
  2011-Jan.  3p              1.3         110.9           200.0            2.0          314.1                
            10p              1.8          95.5           200.0            2.0          299.3                
                                                                                                            
                                                                                                            
                                                                                                            
 ---------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.

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

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


                                   Appendix Table 1
                     Monthly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------
                                                                 Other checkable
                                   Nonbank                        deposits [1]
                                  travelers     Demand        --------------------
       Date          Currency      checks      deposits       Total        At banks
   -------------     ---------    ---------    ---------    ---------      ---------
   2010 Jan.          0.9980       1.0033       0.9837        1.0039         1.0040
        Feb.          1.0023       1.0034       0.9720        0.9796         0.9705
        Mar.          1.0041       0.9966       1.0164        1.0168         1.0067
        Apr.          1.0024       0.9930       0.9993        1.0422         1.0478
        May           1.0011       0.9913       0.9976        1.0112         1.0047
        June          0.9994       0.9971       1.0080        1.0156         1.0151
        July          0.9989       1.0106       0.9905        0.9923         0.9834
        Aug.          0.9961       1.0095       1.0004        0.9893         0.9822
        Sep.          0.9946       0.9980       0.9666        0.9786         0.9737
        Oct.          0.9980       0.9998       0.9845        0.9788         0.9793
        Nov.          1.0008       0.9997       1.0220        0.9856         1.0101
        Dec.          1.0050       0.9977       1.0595        1.0060         1.0289

   2011 Jan.          0.9971       1.0050       0.9841        1.0042         0.9991
        Feb.          1.0023       1.0041       0.9768        0.9805         0.9676
        Mar.          1.0041       0.9967       1.0159        1.0160         1.0047
        Apr.          1.0030       0.9928       0.9967        1.0418         1.0481
        May           1.0007       0.9915       0.9974        1.0120         1.0046
        June          0.9990       0.9955       1.0067        1.0157         1.0175
        July          0.9990       1.0090       0.9886        0.9923         0.9837
        Aug.          0.9958       1.0071       0.9991        0.9874         0.9822
        Sep.          0.9951       0.9976       0.9650        0.9781         0.9749
        Oct.          0.9975       1.0002       0.9822        0.9787         0.9784
        Nov.          1.0014       1.0002       1.0263        0.9866         1.0130
        Dec.          1.0055       0.9996       1.0609        1.0060         1.0300

   2012 Jan.          0.9966       1.0054       0.9852        1.0053         0.9965
        Feb.          1.0023       1.0054       0.9796        0.9810         0.9657
        Mar.          1.0047       0.9970       1.0143        1.0148         1.0038
----------------------------------------------------------------------------------------
1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the differ-
ence between total  other  checkable  deposits,  seasonally  adjusted,  and  seasonally
adjusted other checkable deposits at commercial banks.


                                    Appendix Table 2
                      Monthly Seasonal Factors Used to Construct M2
------------------------------------------------------------------------------------------
                      Savings and      Small denom.
                          MMDA             time         Retail money     Institutional
       Date           deposits [1]     deposits [1]         funds         money funds
   -------------     -------------     -------------    -------------    -------------
   2010 Jan.             1.0000           1.0045            1.0114           1.0308
        Feb.             0.9978           1.0019            1.0132           1.0271
        Mar.             1.0068           1.0002            1.0216           1.0109
        Apr.             1.0110           0.9975            1.0105           0.9900
        May              1.0049           0.9947            0.9937           0.9852
        June             1.0022           0.9958            0.9926           0.9817
        July             0.9962           0.9973            0.9932           0.9808
        Aug.             0.9927           0.9985            0.9940           0.9925
        Sep.             0.9953           1.0010            0.9940           0.9920
        Oct.             0.9968           1.0021            0.9873           0.9933
        Nov.             0.9973           1.0040            0.9885           1.0040
        Dec.             0.9994           1.0022            1.0015           1.0174

   2011 Jan.             1.0004           1.0032            1.0108           1.0288
        Feb.             0.9980           1.0013            1.0128           1.0264
        Mar.             1.0061           0.9998            1.0199           1.0099
        Apr.             1.0119           0.9975            1.0099           0.9882
        May              1.0028           0.9957            0.9932           0.9826
        June             1.0024           0.9969            0.9933           0.9802
        July             0.9973           0.9986            0.9942           0.9811
        Aug.             0.9912           1.0001            0.9947           0.9931
        Sep.             0.9952           1.0014            0.9945           0.9925
        Oct.             0.9972           1.0015            0.9880           0.9951
        Nov.             0.9981           1.0025            0.9890           1.0073
        Dec.             1.0006           1.0011            1.0010           1.0195

   2012 Jan.             0.9989           1.0022            1.0106           1.0269
        Feb.             0.9983           1.0010            1.0124           1.0252
        Mar.             1.0076           0.9995            1.0185           1.0093
------------------------------------------------------------------------------------------
1.  Seasonal  factors  are  applied  to deposits data at both commercial banks and thrift
institutions.


                                   Appendix Table 3
                     Weekly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------
                                                                 Other checkable
                                   Nonbank                        deposits [1]
                                  travelers     Demand        --------------------
       Date          Currency      checks      deposits       Total        At banks
   -------------     ---------    ---------    ---------    ---------      ---------
   2010 Dec.  6       1.0005       0.9955       0.9819        0.9651         0.9784
             13       1.0019       0.9967       0.9552        0.9437         0.9575
             20       1.0049       0.9979       1.0410        0.9979         1.0221
             27       1.0117       0.9991       1.1739        1.0625         1.1027

   2011 Jan.  3       1.0054       1.0003       1.1764        1.0777         1.0869
             10       1.0002       1.0024       0.9351        0.9838         0.9577
             17       0.9968       1.0044       0.9465        0.9819         0.9680
             24       0.9942       1.0065       0.9705        1.0019         1.0119
             31       0.9933       1.0086       1.0158        1.0276         1.0353

   2011 Feb.  7       1.0017       1.0068       0.9124        0.9740         0.9535
             14       1.0033       1.0050       0.9373        0.9563         0.9440
             21       1.0033       1.0032       1.0068        0.9792         0.9741
             28       1.0010       1.0014       1.0502        1.0122         0.9988

   2011 Mar.  7       1.0059       0.9997       0.9532        0.9872         0.9637
             14       1.0050       0.9980       0.9638        0.9831         0.9629
             21       1.0043       0.9963       1.0239        1.0138         1.0083
             28       1.0027       0.9946       1.0920        1.0523         1.0573

   2011 Apr.  4       1.0050       0.9929       1.0355        1.0622         1.0455
             11       1.0047       0.9928       0.9395        1.0004         0.9958
             18       1.0024       0.9928       0.9841        1.0331         1.0441
             25       1.0014       0.9928       1.0255        1.0694         1.0947

   2011 May   2       1.0005       0.9927       1.0416        1.0622         1.0697
              9       1.0023       0.9922       0.9373        0.9966         0.9748
             16       0.9998       0.9917       0.9599        0.9836         0.9743
             23       0.9996       0.9912       1.0137        1.0060         1.0046
             30       1.0012       0.9907       1.0700        1.0472         1.0471

   2011 June  6       1.0016       0.9902       0.9609        1.0096         1.0039
             13       0.9994       0.9931       0.9440        0.9812         0.9683
             20       0.9979       0.9961       1.0115        1.0112         1.0268
             27       0.9969       0.9991       1.0868        1.0444         1.0561

   2011 July  4       1.0027       1.0021       1.0161        1.0434         1.0349
             11       1.0008       1.0053       0.9218        0.9673         0.9513
             18       0.9983       1.0085       0.9579        0.9690         0.9605
             25       0.9965       1.0118       1.0323        0.9938         0.9943

   2011 Aug.  1       0.9965       1.0150       1.0515        1.0190         1.0090
              8       0.9988       1.0120       0.9344        0.9608         0.9421
             15       0.9967       1.0089       0.9650        0.9568         0.9442
             22       0.9948       1.0058       1.0155        0.9926         0.9940
             29       0.9929       1.0027       1.0725        1.0278         1.0402

   2011 Sep.  5       0.9992       0.9996       0.9577        0.9920         0.9781
             12       0.9956       0.9985       0.8997        0.9491         0.9338
             19       0.9933       0.9975       0.9535        0.9655         0.9645
             26       0.9929       0.9964       1.0243        0.9923         1.0073

   2011 Oct.  3       0.9960       0.9954       1.0216        1.0149         1.0089
             10       1.0006       0.9975       0.8997        0.9481         0.9359
             17       0.9973       0.9997       0.9247        0.9510         0.9409
             24       0.9958       1.0018       1.0134        0.9800         0.9911
             31       0.9960       1.0040       1.0808        1.0241         1.0387

   2011 Nov.  7       1.0022       1.0025       0.9699        0.9684         0.9828
             14       1.0017       1.0011       0.9559        0.9546         0.9660
             21       1.0005       0.9997       1.0310        0.9919         1.0194
             28       1.0027       0.9983       1.1271        1.0206         1.0711

   2011 Dec.  5       1.0010       0.9968       1.0319        0.9972         1.0262
             12       1.0020       0.9982       0.9799        0.9587         0.9705
             19       1.0050       0.9996       1.0485        0.9902         1.0125
             26       1.0114       1.0010       1.1275        1.0393         1.0768

   2012 Jan.  2       1.0064       1.0024       1.1409        1.0617         1.0824
              9       0.9996       1.0036       0.9478        0.9950         0.9702
             16       0.9967       1.0049       0.9511        0.9851         0.9703
             23       0.9941       1.0061       0.9730        1.0018         1.0023
             30       0.9927       1.0074       1.0316        1.0256         1.0258

   2012 Feb.  6       1.0008       1.0086       0.9360        0.9851         0.9549
             13       1.0031       1.0068       0.9235        0.9531         0.9326
             20       1.0035       1.0049       0.9920        0.9746         0.9684
             27       1.0013       1.0030       1.0480        1.0042         1.0012

   2012 Mar.  5       1.0050       1.0012       0.9879        0.9935         0.9624
             12       1.0052       0.9991       0.9442        0.9777         0.9532
             19       1.0048       0.9970       1.0073        1.0023         0.9879
             26       1.0037       0.9950       1.0718        1.0418         1.0461

   2012 Apr.  2       1.0038       0.9929       1.0814        1.0728         1.0845
----------------------------------------------------------------------------------------
1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the differ-
ence between total  other  checkable  deposits,  seasonally  adjusted,  and  seasonally
adjusted other checkable deposits at commercial banks.


                                    Appendix Table 4
                      Weekly Seasonal Factors Used to Construct M2
------------------------------------------------------------------------------------------
                      Savings and      Small denom.
                          MMDA             time         Retail money     Institutional
       Date           deposits [1]     deposits [1]         funds         money funds
   -------------     -------------     -------------    -------------    -------------
   2010 Dec.  6          1.0092           1.0027            0.9958           1.0100
             13          1.0135           1.0022            1.0018           1.0261
             20          1.0012           1.0018            1.0028           1.0172
             27          0.9823           1.0020            1.0039           1.0176

   2011 Jan.  3          0.9899           1.0028            1.0028           1.0136
             10          1.0174           1.0033            1.0097           1.0237
             17          1.0121           1.0036            1.0135           1.0298
             24          0.9922           1.0035            1.0135           1.0356
             31          0.9784           1.0026            1.0099           1.0330

   2011 Feb.  7          1.0050           1.0025            1.0107           1.0255
             14          1.0047           1.0018            1.0112           1.0306
             21          0.9943           1.0009            1.0139           1.0244
             28          0.9881           1.0002            1.0155           1.0250

   2011 Mar.  7          1.0123           1.0002            1.0175           1.0152
             14          1.0180           1.0001            1.0203           1.0181
             21          1.0085           0.9997            1.0235           1.0052
             28          0.9956           0.9994            1.0209           1.0084

   2011 Apr.  4          1.0117           0.9992            1.0138           0.9927
             11          1.0259           0.9987            1.0176           0.9981
             18          1.0212           0.9978            1.0144           0.9887
             25          0.9974           0.9966            1.0073           0.9829

   2011 May   2          0.9904           0.9957            0.9930           0.9775
              9          1.0130           0.9956            0.9913           0.9768
             16          1.0147           0.9953            0.9917           0.9819
             23          0.9962           0.9955            0.9938           0.9876
             30          0.9878           0.9962            0.9957           0.9861

   2011 June  6          1.0147           0.9964            0.9961           0.9797
             13          1.0170           0.9967            0.9960           0.9887
             20          1.0052           0.9970            0.9935           0.9758
             27          0.9844           0.9971            0.9906           0.9811

   2011 July  4          0.9987           0.9981            0.9872           0.9698
             11          1.0111           0.9986            0.9965           0.9810
             18          1.0019           0.9987            0.9964           0.9832
             25          0.9831           0.9984            0.9951           0.9859

   2011 Aug.  1          0.9819           0.9991            0.9927           0.9807
              8          1.0049           0.9999            0.9946           0.9839
             15          1.0047           1.0000            0.9928           0.9897
             22          0.9888           1.0000            0.9961           0.9970
             29          0.9716           1.0003            0.9959           1.0038

   2011 Sep.  5          0.9981           1.0005            0.9936           0.9929
             12          1.0091           1.0010            0.9997           1.0031
             19          0.9992           1.0014            0.9978           0.9937
             26          0.9775           1.0020            0.9920           0.9876

   2011 Oct.  3          0.9876           1.0018            0.9847           0.9797
             10          1.0086           1.0017            0.9901           0.9908
             17          1.0107           1.0014            0.9900           0.9983
             24          0.9875           1.0014            0.9883           0.9995
             31          0.9793           1.0015            0.9852           0.9983

   2011 Nov.  7          1.0061           1.0022            0.9852           0.9992
             14          1.0113           1.0025            0.9856           1.0056
             21          0.9991           1.0027            0.9889           1.0099
             28          0.9831           1.0026            0.9948           1.0130

   2011 Dec.  5          1.0050           1.0020            0.9951           1.0126
             12          1.0129           1.0013            1.0007           1.0277
             19          1.0032           1.0007            1.0021           1.0222
             26          0.9881           1.0007            1.0035           1.0178

   2012 Jan.  2          0.9883           1.0014            1.0025           1.0137
              9          1.0132           1.0024            1.0092           1.0180
             16          1.0094           1.0025            1.0135           1.0331
             23          0.9961           1.0022            1.0128           1.0293
             30          0.9780           1.0021            1.0092           1.0316

   2012 Feb.  6          1.0021           1.0019            1.0098           1.0225
             13          1.0059           1.0013            1.0121           1.0308
             20          0.9988           1.0009            1.0125           1.0264
             27          0.9893           1.0004            1.0144           1.0239

   2012 Mar.  5          1.0078           0.9999            1.0138           1.0145
             12          1.0162           0.9996            1.0170           1.0178
             19          1.0103           0.9995            1.0206           1.0038
             26          0.9973           0.9994            1.0216           1.0071

   2012 Apr.  2          1.0013           0.9993            1.0183           1.0030
------------------------------------------------------------------------------------------
1.  Seasonal  factors  are  applied  to deposits data at both commercial banks and thrift
institutions.


                                          Appendix Table 5
                       Comparison of Revised and Old Monetary Aggregate Levels
                             (Billions of dollars, seasonally adjusted)
------------------------------------------------------------------------------------------------------
      Date            Revised M1             Old M1             Revised M2             Old M2
 ---------------  -------------------  -------------------  -------------------  -------------------
  2009 Oct.             1679.8               1676.2               8482.3               8492.1
       Nov.             1679.9               1687.5               8511.5               8523.3
       Dec.             1693.6               1696.6               8528.7               8542.8

  2010 Jan.             1681.0               1680.7               8469.5               8486.0
       Feb.             1703.2               1714.8               8537.1               8545.7
       Mar.             1712.0               1713.1               8515.2               8519.9
       Apr.             1700.2               1701.4               8527.2               8490.6
       May              1707.1               1706.0               8568.3               8573.0
       June             1727.4               1721.4               8599.1               8604.6
       July             1731.0               1716.4               8615.3               8603.3
       Aug.             1751.5               1742.8               8660.7               8649.5
       Sep.             1774.5               1765.7               8708.5               8709.2
       Oct.             1784.1               1779.6               8748.3               8767.1
       Nov.             1821.4               1832.0               8785.7               8804.4
       Dec.             1832.2               1836.1               8816.5               8836.9
------------------------------------------------------------------------------------------------------


                                         Appendix Table 6
                           Comparison of Revised and Old M1 Growth Rates
                                  (Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
                                                                          Difference due to
                                                                    ------------------------------
       Date            Revised           Old          Difference      Benchmark       Seasonals
 -----------------  --------------  --------------  --------------  --------------  --------------
 2009
 January                -11.7           -13.9             2.2            -0.1             2.3
 February               -13.8            -7.2            -6.6            -0.2            -6.4
 March                    6.5             2.6             3.9            -0.9             4.8
 April                   24.6            23.7             0.9            -0.6             1.5
 May                      0.5             0.0             0.5             0.2             0.3
 June                    30.7            28.1             2.6            -0.2             2.8
 July                     7.1             2.7             4.4            -0.6             5.0
 August                  -4.5            -1.1            -3.4            -0.3            -3.1
 September                7.6             9.0            -1.4            -0.1            -1.3
 October                 10.1            11.1            -1.0             0.9            -1.9
 November                 0.1             8.1            -8.0             0.0            -8.0
 December                 9.8             6.5             3.3             0.2             3.1

 2010
 January                 -8.9           -11.2             2.3            -0.3             2.6
 February                15.8            24.3            -8.5             0.1            -8.6
 March                    6.2            -1.2             7.4            -0.4             7.8
 April                   -8.3            -8.2            -0.1            -0.7             0.6
 May                      4.9             3.2             1.7             0.0             1.7
 June                    14.3            10.8             3.5             0.2             3.3
 July                     2.5            -3.5             6.0             0.1             5.9
 August                  14.2            18.5            -4.3             0.4            -4.7
 September               15.8            15.8             0.0             0.6            -0.6
 October                  6.5             9.4            -2.9             0.5            -3.4
 November                25.1            35.3           -10.2             0.2           -10.4
 December                 7.1             2.7             4.4             0.4             4.0

 Quarterly
 09Q4                     5.7             8.2            -2.5             0.2            -2.7
 10Q1                     3.4             3.8            -0.4            -0.1            -0.3
 10Q2                     3.0             1.6             1.4            -0.3             1.7
 10Q3                     9.5             7.5             2.0             0.3             1.7
 10Q4                    13.8            17.1            -3.3             0.5            -3.8

 Semi-Annual
 09Q4  -  10Q2            3.2             2.7             0.5            -0.3             0.8
 10Q2  -  10Q4           11.8            12.4            -0.6             0.4            -1.0

 Annual (Q4 to Q4)
 2009                    10.1            10.2            -0.1             0.0            -0.1
 2010                     7.6             7.7            -0.1             0.1            -0.2
----------------------------------------------------------------------------------------------------


                                         Appendix Table 7
                           Comparison of Revised and Old M2 Growth Rates
                                  (Percent changes, annual rate)
----------------------------------------------------------------------------------------------------
                                                                          Difference due to
                                                                    ------------------------------
       Date            Revised           Old          Difference      Benchmark       Seasonals
 -----------------  --------------  --------------  --------------  --------------  --------------
 2009
 January                  9.1             8.9             0.2            -0.2             0.4
 February                 5.7             5.8            -0.1            -0.2             0.1
 March                    7.4             7.6            -0.2            -0.2             0.0
 April                   -1.2            -6.5             5.3            -0.1             5.4
 May                      5.9            10.4            -4.5             0.1            -4.6
 June                     3.0             2.3             0.7             0.0             0.7
 July                     0.0            -1.4             1.4            -0.1             1.5
 August                  -3.4            -3.3            -0.1            -0.1             0.0
 September                3.4             5.6            -2.2             0.1            -2.3
 October                  4.2             4.7            -0.5             0.4            -0.9
 November                 4.1             4.4            -0.3             0.3            -0.6
 December                 2.4             2.7            -0.3             0.2            -0.5

 2010
 January                 -8.3            -8.0            -0.3            -0.1            -0.2
 February                 9.6             8.4             1.2             0.0             1.2
 March                   -3.1            -3.6             0.5            -0.1             0.6
 April                    1.7            -4.1             5.8            -0.3             6.1
 May                      5.8            11.6            -5.8            -0.5            -5.3
 June                     4.3             4.4            -0.1            -0.4             0.3
 July                     2.3            -0.2             2.5            -0.1             2.6
 August                   6.3             6.4            -0.1             0.4            -0.5
 September                6.6             8.3            -1.7             0.4            -2.1
 October                  5.5             8.0            -2.5             0.3            -2.8
 November                 5.1             5.1             0.0             0.1            -0.1
 December                 4.2             4.4            -0.2             0.2            -0.4

 Quarterly
 09Q4                     3.0             3.7            -0.7             0.2            -0.9
 10Q1                     0.0            -0.1             0.1             0.0             0.1
 10Q2                     2.7             1.8             0.9            -0.3             1.2
 10Q3                     4.5             4.6            -0.1            -0.1             0.0
 10Q4                     5.6             6.9            -1.3             0.3            -1.6

 Semi-Annual
 09Q4  -  10Q2            1.3             0.9             0.4            -0.2             0.6
 10Q2  -  10Q4            5.1             5.8            -0.7             0.1            -0.8

 Annual (Q4 to Q4)
 2009                     5.0             5.1            -0.1             0.0            -0.1
 2010                     3.2             3.3            -0.1             0.0            -0.1
----------------------------------------------------------------------------------------------------

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