Money Stock and Debt Measures - H.6 Release

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Release Date: January 23, 2020
For release at
4:30 p.m. EST
January 23, 2020

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 2019 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 2019, and they slightly increased the growth rate for seasonally adjusted M2 in the first half of 2019 and slightly decreased it in the second half of 2019.

The quarterly benchmark incorporates revisions from several sources. Revisions to weekly deposit data begin in 2016. 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 2012. 2 This benchmark also incorporates revisions to data on retail and institutional money market mutual funds, which start in 1993. 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 program is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.  Return to text

 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).  Return to text

Table 1

Money Stock Measures. Billions of dollars.
Date Seasonally adjusted Not seasonally adjusted
M1 1 M2 2 M1 1 M2 2
Jan. 2018 3,649.5 13,858.3 3,652.7 13,856.1
Feb. 2018 3,619.7 13,892.8 3,566.9 13,842.2
Mar. 2018 3,661.9 13,952.6 3,689.1 14,024.0
Apr. 2018 3,662.4 13,989.1 3,698.9 14,068.0
May 2018 3,658.1 14,054.9 3,656.3 13,988.9
June 2018 3,657.6 14,120.0 3,654.8 14,080.6
July 2018 3,677.1 14,153.0 3,678.0 14,115.1
Aug. 2018 3,686.4 14,197.0 3,686.2 14,171.6
Sept. 2018 3,703.9 14,228.5 3,671.6 14,207.2
Oct. 2018 3,719.1 14,235.4 3,718.5 14,209.7
Nov. 2018 3,698.1 14,245.4 3,676.6 14,263.2
Dec. 2018 3,746.5 14,351.7 3,796.9 14,456.5
Jan. 2019 3,740.5 14,434.6 3,745.5 14,433.6
Feb. 2019 3,759.7 14,464.4 3,702.1 14,411.4
Mar. 2019 3,730.0 14,511.8 3,754.0 14,582.9
Apr. 2019 3,781.0 14,558.3 3,819.9 14,633.9
May 2019 3,792.5 14,653.2 3,787.8 14,584.1
June 2019 3,832.9 14,780.7 3,828.2 14,743.4
July 2019 3,858.2 14,860.7 3,860.8 14,823.5
Aug. 2019 3,853.3 14,933.4 3,847.2 14,906.2
Sept. 2019 3,903.1 15,024.5 3,874.5 14,998.7
Oct. 2019 3,923.1 15,154.2 3,922.0 15,128.1
Nov. 2019 3,948.0 15,258.7 3,922.9 15,277.8
Dec. 2019 3,978.1 15,317.8 4,042.4 15,433.4
Percent change at seasonally adjusted annual rates M1 M2
3 Months from Sept. 2019 TO Dec. 2019 7.7 7.8
6 Months from June 2019 TO Dec. 2019 7.6 7.3
12 Months from Dec. 2018 TO Dec. 2019 6.2 6.7

Footnotes

Components may not add to totals due to rounding.

  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.

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. 21, 2019 3,885.9 3,918.3 3,927.1 15,006.5 15,120.9 15,160.4 3,873.5 3,891.7 3,907.1 14,980.5 15,107.0 15,132.8
Oct. 28, 2019 3,890.6 3,919.9 3,932.6 15,029.0 15,147.3 15,194.3 3,876.9 3,895.4 4,075.7 15,003.3 15,124.1 15,094.7
Nov. 4, 2019 3,896.8 3,935.4 3,953.1 15,051.9 15,173.6 15,218.9 3,886.8 3,949.2 4,018.7 15,026.6 15,151.4 15,237.2
Nov. 11, 2019 3,904.1 3,941.4 3,952.8 15,075.4 15,200.0 15,226.5 3,891.9 3,948.0 3,790.3 15,051.4 15,176.1 15,239.5
Nov. 18, 2019 3,911.4 3,941.0 3,925.6 15,101.4 15,224.7 15,258.9 3,896.0 3,932.0 3,843.1 15,081.9 15,217.9 15,300.0
Nov. 25, 2019 3,920.5 3,947.9 3,960.2 15,128.4 15,248.7 15,290.5 3,902.4 3,913.0 3,999.9 15,113.4 15,256.7 15,250.2
Dec. 2, 2019 3,926.4 3,947.5 3,951.2 15,152.8 15,266.5 15,290.0 3,906.0 3,932.6 4,096.9 15,143.4 15,284.0 15,346.3
Dec. 9, 2019 3,932.8 3,953.2 3,975.8 15,175.0 15,277.7 15,271.3 3,913.7 3,951.8 3,867.2 15,170.2 15,313.2 15,356.3
Dec. 16, 2019 3,940.5 3,970.0 3,992.9 15,200.6 15,294.6 15,326.5 3,927.3 3,972.6 3,926.3 15,203.5 15,350.4 15,448.7
Dec. 23, 2019 3,947.5 3,980.0 3,999.9 15,222.9 15,306.2 15,337.1 3,946.0 4,001.0 4,113.7 15,243.3 15,403.4 15,462.1
Dec. 30, 2019 3,950.5 3,983.4 3,965.1 15,242.6 15,320.1 15,345.3 3,960.4 4,038.7 4,247.7 15,277.8 15,435.4 15,474.3
Jan. 6, 2020 3,955.0 3,976.9 3,949.5 15,260.9 15,339.9 15,350.7 3,974.9 4,070.0 3,992.1 15,306.9 15,473.1 15,507.1
Jan. 13, 2020 3,956.7 3,966.5 3,951.5 15,282.1 15,357.5 15,397.0 3,979.0 4,050.4 3,847.9 15,333.5 15,482.3 15,485.7
Percent change at seasonally adjusted annual rates M1 M2
Thirteen weeks ending January 13, 2020 from thirteen weeks ending:
Oct. 14, 2019 (13 weeks previous) 7.7 8.0
July 15, 2019 (26 weeks previous) 7.4 7.8
Jan. 14, 2019 (52 weeks previous) 6.3 6.8

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. 2018 1,599.1 1.8 1,467.1 325.5 293.1 618.5
Sept. 2018 1,607.9 1.7 1,475.5 324.5 294.3 618.8
Oct. 2018 1,614.1 1.7 1,472.6 336.4 294.4 630.7
Nov. 2018 1,619.1 1.7 1,451.5 332.4 293.4 625.9
Dec. 2018 1,624.8 1.7 1,492.9 333.4 293.7 627.1
Jan. 2019 1,630.6   1,480.2 343.9 285.9 629.8
Feb. 2019 1,633.5   1,498.2 341.9 286.2 628.0
Mar. 2019 1,637.2   1,458.4 342.8 291.6 634.4
Apr. 2019 1,645.2   1,487.9 353.6 294.3 647.9
May 2019 1,650.8   1,493.8 353.8 294.1 647.9
June 2019 1,657.8   1,527.1 351.7 296.3 648.0
July 2019 1,666.6   1,534.6 361.6 295.5 657.0
Aug. 2019 1,674.3   1,521.1 358.2 299.7 657.9
Sept. 2019 1,685.0   1,553.6 364.5 300.0 664.4
Oct. 2019 1,693.4   1,562.8 365.2 301.7 666.9
Nov. 2019 1,703.3   1,579.8 362.9 302.1 664.9
Dec. 2019 1,710.8   1,592.5 367.6 307.2 674.8
 
Week ending
Nov. 18, 2019 1,702.4   1,560.9 360.7 301.5 662.3
Nov. 25, 2019 1,704.2   1,590.4 362.7 302.9 665.6
Dec. 2, 2019 1,708.1   1,575.6 361.5 306.0 667.5
Dec. 9, 2019 1,709.4   1,595.5 369.8 301.2 671.0
Dec. 16, 2019 1,710.3   1,604.0 371.5 307.1 678.6
Dec. 23, 2019 1,710.6   1,609.9 372.0 307.2 679.3
Dec. 30, 2019 1,712.7   1,578.6 361.7 312.0 673.7
Jan. 6, 2020 1,716.0   1,568.3 355.5 309.8 665.3
Jan. 13, 2020 1,719.0   1,563.0 361.3 308.2 669.5

Footnotes

Components may not add to totals due to rounding.

e estimated

  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. Publication of new data for this item was discontinued in January 2019. 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.

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. 2018 7,922.3 1,331.3 9,253.5 386.1 104.3 490.4 766.6 10,510.6 1,855.5
Sept. 2018 7,915.2 1,330.0 9,245.2 398.9 105.1 504.1 775.2 10,524.5 1,862.3
Oct. 2018 7,887.0 1,331.4 9,218.4 405.8 105.5 511.3 786.6 10,516.3 1,847.9
Nov. 2018 7,900.3 1,325.3 9,225.6 415.3 106.9 522.2 799.5 10,547.3 1,851.0
Dec. 2018 7,926.4 1,334.6 9,260.9 425.3 107.6 532.9 811.5 10,605.2 1,861.9
Jan. 2019 7,960.9 1,330.2 9,291.1 443.0 108.9 551.9 851.1 10,694.1 1,886.2
Feb. 2019 7,947.3 1,330.1 9,277.4 457.6 112.9 570.6 856.7 10,704.6 1,906.4
Mar. 2019 7,981.3 1,344.1 9,325.4 470.4 116.9 587.3 869.2 10,781.9 1,929.5
Apr. 2019 7,961.5 1,336.9 9,298.4 479.1 118.7 597.8 881.0 10,777.3 1,942.1
May 2019 8,029.7 1,343.5 9,373.2 479.6 119.2 598.8 888.7 10,860.7 1,974.4
June 2019 8,100.0 1,341.1 9,441.1 484.5 121.3 605.8 900.9 10,947.8 2,024.3
July 2019 8,138.6 1,338.6 9,477.3 483.1 122.7 605.8 919.4 11,002.5 2,084.8
Aug. 2019 8,203.3 1,338.6 9,541.9 481.7 124.1 605.7 932.5 11,080.2 2,125.5
Sept. 2019 8,228.5 1,340.0 9,568.5 478.3 125.5 603.8 949.1 11,121.4 2,159.6
Oct. 2019 8,308.5 1,348.7 9,657.2 473.8 126.7 600.4 973.4 11,231.1 2,203.7
Nov. 2019 8,379.3 1,347.2 9,726.4 469.2 127.3 596.5 987.7 11,310.6 2,240.5
Dec. 2019 8,420.1 1,348.8 9,768.9 463.7 127.2 590.9 979.9 11,339.7 2,251.8
 
Week ending
Nov. 18, 2019 8,404.0 1,338.2 9,742.2 469.2 127.3 596.4 994.7 11,333.3 2,252.5
Nov. 25, 2019 8,400.3 1,353.8 9,754.1 466.8 127.7 594.5 981.7 11,330.3 2,225.2
Dec. 2, 2019 8,398.6 1,363.4 9,762.0 466.5 127.6 594.1 982.6 11,338.8 2,247.6
Dec. 9, 2019 8,384.9 1,336.4 9,721.3 464.3 127.1 591.5 982.7 11,295.5 2,252.5
Dec. 16, 2019 8,426.7 1,332.0 9,758.8 464.8 127.3 592.1 982.7 11,333.5 2,254.3
Dec. 23, 2019 8,419.1 1,349.4 9,768.5 463.0 127.3 590.3 978.5 11,337.2 2,255.2
Dec. 30, 2019 8,442.5 1,372.6 9,815.1 462.4 127.0 589.4 975.8 11,380.3 2,244.6
Jan. 6, 2020 8,482.9 1,356.2 9,839.0 461.8 126.8 588.6 973.5 11,401.2 2,263.3
Jan. 13, 2020 8,526.3 1,347.5 9,873.8 460.1 126.8 586.9 984.8 11,445.5 2,268.0

Footnotes

Components may not add to totals due to rounding.

  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.

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. 2018 1,596.2 1.8 1,473.8 321.9 292.6 614.5
Sept. 2018 1,606.9 1.7 1,454.0 318.3 290.7 609.0
Oct. 2018 1,612.4 1.7 1,480.8 331.2 292.3 623.5
Nov. 2018 1,618.5 1.7 1,441.0 323.1 292.3 615.4
Dec. 2018 1,626.7 1.7 1,536.9 338.2 293.4 631.6
Jan. 2019 1,623.6   1,484.0 357.0 280.8 637.8
Feb. 2019 1,628.5   1,456.0 336.8 280.8 617.6
Mar. 2019 1,641.6   1,465.4 349.2 297.8 647.0
Apr. 2019 1,649.3   1,501.0 366.4 303.2 669.5
May 2019 1,655.6   1,481.1 354.8 296.4 651.2
June 2019 1,660.0   1,522.5 349.7 296.0 645.7
July 2019 1,666.3   1,543.0 355.8 295.7 651.5
Aug. 2019 1,671.5   1,522.7 353.8 299.1 652.9
Sept. 2019 1,683.8   1,534.6 358.1 298.0 656.0
Oct. 2019 1,692.3   1,569.9 359.5 300.2 659.8
Nov. 2019 1,704.3   1,566.2 352.4 300.0 652.4
Dec. 2019 1,713.1   1,648.0 373.1 308.3 681.3
 
Week ending
Nov. 18, 2019 1,702.6   1,499.9 344.1 296.5 640.6
Nov. 25, 2019 1,704.0   1,631.3 363.5 301.2 664.7
Dec. 2, 2019 1,708.9   1,706.5 366.4 315.1 681.5
Dec. 9, 2019 1,708.3   1,513.6 349.0 296.3 645.3
Dec. 16, 2019 1,709.2   1,553.9 359.8 303.5 663.3
Dec. 23, 2019 1,716.0   1,700.5 386.1 311.1 697.2
Dec. 30, 2019 1,719.3   1,809.4 400.3 318.6 719.0
Jan. 6, 2020 1,717.0   1,595.7 369.7 309.6 679.3
Jan. 13, 2020 1,712.9   1,477.9 360.1 296.9 657.0

Footnotes

Components may not add to totals due to rounding.

e estimated

  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. Publication of new data for this item was discontinued in January 2019. 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.

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. 2018 7,904.9 1,328.4 9,233.3 389.3 105.2 494.6 757.6 10,485.4 1,858.7
Sept. 2018 7,928.2 1,332.2 9,260.4 400.3 105.5 505.8 769.4 10,535.7 1,860.4
Oct. 2018 7,871.3 1,328.8 9,200.1 404.5 105.2 509.7 781.4 10,491.2 1,843.9
Nov. 2018 7,942.7 1,332.4 9,275.0 411.1 105.8 516.8 794.7 10,586.6 1,862.5
Dec. 2018 7,972.8 1,342.4 9,315.2 418.6 105.9 524.5 820.0 10,659.6 1,896.3
Jan. 2019 7,946.4 1,327.8 9,274.3 437.6 107.5 545.2 868.7 10,688.1 1,911.0
Feb. 2019 7,942.4 1,329.2 9,271.6 455.8 112.4 568.3 869.4 10,709.3 1,925.7
Mar. 2019 8,010.4 1,349.0 9,359.3 470.3 116.9 587.2 882.4 10,828.9 1,940.2
Apr. 2019 7,988.5 1,341.5 9,329.9 480.8 119.1 599.9 884.2 10,814.0 1,916.1
May 2019 7,977.2 1,334.8 9,312.0 483.2 120.0 603.2 881.0 10,796.2 1,943.9
June 2019 8,076.4 1,337.2 9,413.5 489.7 122.6 612.3 889.5 10,915.2 2,001.6
July 2019 8,108.6 1,333.7 9,442.3 488.4 124.1 612.5 907.9 10,962.7 2,061.4
Aug. 2019 8,189.8 1,336.4 9,526.2 485.8 125.1 610.9 921.9 11,059.0 2,126.9
Sept. 2019 8,235.4 1,341.1 9,576.5 480.1 126.0 606.1 941.6 11,124.2 2,158.2
Oct. 2019 8,292.9 1,346.2 9,639.1 472.3 126.3 598.6 968.4 11,206.1 2,198.5
Nov. 2019 8,426.7 1,354.8 9,781.5 464.3 126.0 590.3 983.1 11,354.9 2,253.8
Dec. 2019 8,463.0 1,355.7 9,818.7 456.7 125.2 582.0 990.2 11,390.9 2,291.5
 
Week ending
Nov. 18, 2019 8,520.3 1,356.7 9,877.0 464.4 126.0 590.4 989.4 11,456.8 2,269.3
Nov. 25, 2019 8,339.6 1,344.1 9,683.6 461.1 126.1 587.2 979.5 11,250.3 2,232.2
Dec. 2, 2019 8,329.2 1,352.2 9,681.4 460.1 125.8 585.9 982.1 11,249.4 2,278.9
Dec. 9, 2019 8,557.7 1,364.0 9,921.6 457.5 125.3 582.8 984.6 11,489.1 2,277.7
Dec. 16, 2019 8,592.3 1,358.2 9,950.5 457.7 125.4 583.0 988.8 11,522.4 2,312.5
Dec. 23, 2019 8,424.9 1,350.3 9,775.2 455.7 125.3 581.0 992.2 11,348.4 2,288.5
Dec. 30, 2019 8,300.7 1,349.5 9,650.2 455.4 125.0 580.4 996.1 11,226.7 2,288.4
Jan. 6, 2020 8,564.4 1,369.2 9,933.6 455.6 125.1 580.7 1,000.7 11,515.1 2,309.9
Jan. 13, 2020 8,676.6 1,371.3 10,047.9 454.1 125.1 579.2 1,010.7 11,637.8 2,305.9

Footnotes

Components may not add to totals due to rounding.

  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.

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. 2018 91.8 28.3 62.9 317.1 158.5 245.7 721.3
Sept. 2018 93.7 32.7 62.5 316.6 160.0 247.6 724.2
Oct. 2018 94.7 33.6 64.2 319.4 161.8 253.1 734.4
Nov. 2018 95.0 32.0 67.2 324.4 163.9 261.2 749.5
Dec. 2018 95.3 30.4 70.3 329.4 166.0 269.2 764.6
Jan. 2019 94.6 30.6 69.2 327.3 165.4 272.5 765.2
Feb. 2019 93.3 31.9 65.6 321.0 163.2 272.6 756.9
Mar. 2019 92.1 33.3 62.1 314.8 161.1 272.7 748.5
Apr. 2019 91.6 33.1 62.1 311.9 160.5 275.1 747.5
May 2019 91.7 31.7 65.0 311.8 161.1 279.2 752.1
June 2019 91.8 30.4 67.8 311.8 161.8 283.2 756.8
July 2019 92.1 29.2 71.1 311.7 e 162.0 e 289.1 762.8 e
Aug. 2019 92.5 28.0 74.7 311.7 e 162.0 e 296.1 769.9 e
Sept. 2019 92.9 26.9 78.2 311.7 e 162.0 e 303.1 776.8 e
Oct. 2019 93.0 e 26.5 e 79.6 e 311.7 e 162.0 e 308.7 e 782.5 e
Nov. 2019 93.0 e 26.4 e 79.6 e 311.7 e 162.0 e 313.4 e 787.2 e
Dec. 2019 93.0 e 26.4 e 79.6 e 311.7 e 162.0 e 318.2 e 791.9 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. 2018 3.4 338.4 341.8 2.0
Sept. 2018 3.5 338.7 342.3 2.0
Oct. 2018 3.8 351.4 355.2 2.1
Nov. 2018 3.7 333.7 337.4 2.1
Dec. 2018 3.9 353.8 357.7 2.0
Jan. 2019 4.1 377.2 381.3 2.1
Feb. 2019 4.7 335.0 339.7 2.1
Mar. 2019 4.9 276.5 281.4 2.1
Apr. 2019 5.0 326.4 331.5 2.1
May 2019 5.0 298.5 303.6 2.2
June 2019 5.2 218.4 223.6 2.3
July 2019 5.2 195.5 200.7 2.4
Aug. 2019 5.4 134.1 139.4 2.5
Sept. 2019 5.3 251.6 256.9 2.6
Oct. 2019 5.3 354.0 359.2 2.6 e
Nov. 2019 5.2 367.7 372.9 2.6 e
Dec. 2019 5.4 350.0 355.4 2.6 e
 
Week ending
Nov. 18, 2019 5.3 373.2 378.5  
Nov. 25, 2019 5.1 361.0 366.2  
Dec. 2, 2019 5.2 355.9 361.1  
Dec. 9, 2019 5.2 334.1 339.3  
Dec. 16, 2019 5.5 311.7 317.3  
Dec. 23, 2019 5.6 376.7 382.3  
Dec. 30, 2019 5.3 367.7 373.0  
Jan. 6, 2020 5.2 380.0 385.3  
Jan. 13, 2020 5.2 349.2 354.4  

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 Demand deposits Other checkable deposits 1
Total At banks
Jan. 2019 0.9957 1.0026 1.0128 1.0383
Feb. 2019 0.9969 0.9719 0.9834 0.9852
Mar. 2019 1.0027 1.0048 1.0199 1.0188
Apr. 2019 1.0025 1.0088 1.0334 1.0360
May 2019 1.0029 0.9915 1.0050 1.0029
June 2019 1.0013 0.9970 0.9964 0.9944
July 2019 0.9998 1.0055 0.9916 0.9841
Aug. 2019 0.9984 1.0011 0.9924 0.9878
Sept. 2019 0.9993 0.9877 0.9873 0.9824
Oct. 2019 0.9993 1.0046 0.9893 0.9844
Nov. 2019 1.0006 0.9914 0.9812 0.9711
Dec. 2019 1.0013 1.0349 1.0097 1.0150
Jan. 2020 0.9961 1.0023 1.0118 1.0393
Feb. 2020 0.9969 0.9721 0.9801 0.9834
Mar. 2020 1.0016 1.0072 1.0217 1.0183
Apr. 2020 1.0022 1.0068 1.0330 1.0369
May 2020 1.0031 0.9874 1.0025 1.0024
June 2020 1.0006 1.0007 1.0002 0.9952
July 2020 1.0000 1.0052 0.9914 0.9852
Aug. 2020 0.9982 0.9981 0.9918 0.9859
Sept. 2020 0.9999 0.9879 0.9886 0.9838
Oct. 2020 0.9999 1.0022 0.9878 0.9832
Nov. 2020 1.0001 0.9935 0.9817 0.9704
Dec. 2020 1.0016 1.0378 1.0109 1.0162
Jan. 2021 0.9966 1.0002 1.0093 1.0397
Feb. 2021 0.9966 0.9744 0.9803 0.9828
Mar. 2021 1.0015 1.0069 1.0215 1.0178

Footnotes

  1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks.

Appendix Table 2

Monthly Seasonal Factors Used to Construct M2
Date Savings and MMDA deposits 1 Small denom. time deposits 1 Retail money funds Institutional money funds
Jan. 2019 0.9982 0.9878 1.0206 1.0132
Feb. 2019 0.9994 0.9960 1.0148 1.0101
Mar. 2019 1.0036 0.9999 1.0152 1.0055
Apr. 2019 1.0034 1.0035 1.0036 0.9867
May 2019 0.9935 1.0073 0.9914 0.9846
June 2019 0.9971 1.0107 0.9873 0.9888
July 2019 0.9963 1.0110 0.9875 0.9888
Aug. 2019 0.9984 1.0086 0.9887 1.0007
Sept. 2019 1.0008 1.0039 0.9921 0.9994
Oct. 2019 0.9981 0.9969 0.9949 0.9976
Nov. 2019 1.0057 0.9896 0.9954 1.0059
Dec. 2019 1.0051 0.9849 1.0106 1.0177
Jan. 2020 0.9986 0.9880 1.0197 1.0145
Feb. 2020 0.9998 0.9958 1.0142 1.0110
Mar. 2020 1.0030 1.0005 1.0149 1.0052
Apr. 2020 1.0034 1.0039 1.0036 0.9866
May 2020 0.9942 1.0073 0.9904 0.9842
June 2020 0.9965 1.0100 0.9869 0.9884
July 2020 0.9966 1.0100 0.9874 0.9895
Aug. 2020 0.9986 1.0081 0.9890 0.9999
Sept. 2020 1.0004 1.0036 0.9923 0.9987
Oct. 2020 0.9986 0.9967 0.9962 0.9979
Nov. 2020 1.0053 0.9900 0.9966 1.0062
Dec. 2020 1.0048 0.9860 1.0103 1.0172
Jan. 2021 0.9993 0.9883 1.0192 1.0152
Feb. 2021 0.9995 0.9959 1.0139 1.0116
Mar. 2021 1.0029 1.0010 1.0146 1.0054

Footnotes

  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
Date Currency Demand deposits Other checkable deposits 1
Total At banks
Dec. 2, 2019 1.0005 1.0830 1.0209 1.0134
Dec. 9, 2019 0.9994 0.9487 0.9617 0.9439
Dec. 16, 2019 0.9993 0.9688 0.9774 0.9685
Dec. 23, 2019 1.0031 1.0563 1.0264 1.0378
Dec. 30, 2019 1.0038 1.1462 1.0672 1.1070
Jan. 6, 2020 1.0006 1.0175 1.0211 1.0399
Jan. 13, 2020 0.9965 0.9456 0.9813 0.9967
Jan. 20, 2020 0.9957 0.9775 1.0114 1.0392
Jan. 27, 2020 0.9938 1.0551 1.0321 1.0800
Feb. 3, 2020 0.9944 1.0436 1.0162 1.0389
Feb. 10, 2020 0.9954 0.9184 0.9480 0.9452
Feb. 17, 2020 0.9972 0.9413 0.9569 0.9562
Feb. 24, 2020 0.9972 0.9912 0.9926 1.0038
Mar. 2, 2020 0.9995 1.0249 1.0204 1.0153
Mar. 9, 2020 1.0023 0.9332 0.9797 0.9634
Mar. 16, 2020 1.0014 0.9592 0.9992 0.9909
Mar. 23, 2020 1.0016 1.0196 1.0355 1.0392
Mar. 30, 2020 1.0013 1.1034 1.0698 1.0807
Apr. 6, 2020 1.0029 0.9956 1.0254 1.0146
Apr. 13, 2020 1.0036 0.9467 1.0057 1.0014
Apr. 20, 2020 1.0012 0.9950 1.0402 1.0455
Apr. 27, 2020 1.0016 1.0741 1.0549 1.0792
May 4, 2020 1.0030 1.0107 1.0239 1.0211
May 11, 2020 1.0039 0.8971 0.9685 0.9531
May 18, 2020 1.0028 0.9637 0.9894 0.9869
May 25, 2020 1.0032 1.0188 1.0170 1.0292
June 1, 2020 1.0018 1.0921 1.0397 1.0481
June 8, 2020 1.0023 0.9469 0.9761 0.9603
June 15, 2020 1.0004 0.9434 0.9757 0.9616
June 22, 2020 0.9997 0.9980 1.0060 1.0087
June 29, 2020 0.9995 1.0920 1.0348 1.0429
July 6, 2020 1.0029 1.0055 0.9955 0.9828
July 13, 2020 1.0004 0.9450 0.9605 0.9403
July 20, 2020 0.9995 0.9945 0.9851 0.9772
July 27, 2020 0.9987 1.0575 1.0121 1.0262
Aug. 3, 2020 0.9988 1.0486 1.0147 1.0067
Aug. 10, 2020 0.9989 0.9144 0.9557 0.9327
Aug. 17, 2020 0.9979 0.9557 0.9731 0.9649
Aug. 24, 2020 0.9973 1.0174 0.9994 1.0045
Aug. 31, 2020 0.9977 1.0952 1.0358 1.0422
Sept. 7, 2020 1.0016 0.9635 0.9776 0.9650
Sept. 14, 2020 0.9999 0.9133 0.9575 0.9384
Sept. 21, 2020 0.9992 0.9620 0.9863 0.9835
Sept. 28, 2020 0.9992 1.0714 1.0174 1.0291
Oct. 5, 2020 1.0005 1.0105 0.9924 0.9848
Oct. 12, 2020 1.0010 0.9266 0.9525 0.9357
Oct. 19, 2020 0.9992 0.9847 0.9790 0.9699
Oct. 26, 2020 0.9992 1.0541 1.0122 1.0255
Nov. 2, 2020 0.9995 1.0854 1.0234 1.0213
Nov. 9, 2020 1.0010 0.9275 0.9521 0.9392
Nov. 16, 2020 0.9998 0.9427 0.9566 0.9454
Nov. 23, 2020 0.9989 0.9976 0.9878 0.9801
Nov. 30, 2020 1.0005 1.0895 1.0234 1.0108
Dec. 7, 2020 0.9993 0.9836 0.9754 0.9609
Dec. 14, 2020 1.0000 0.9540 0.9671 0.9551
Dec. 21, 2020 1.0023 1.0332 1.0136 1.0206
Dec. 28, 2020 1.0054 1.1334 1.0569 1.0877
Jan. 4, 2021 1.0024 1.0704 1.0431 1.0629
Jan. 11, 2021 0.9983 0.9392 0.9772 0.9919
Jan. 18, 2021 0.9964 0.9624 1.0002 1.0280
Jan. 25, 2021 0.9941 1.0187 1.0238 1.0730
Feb. 1, 2021 0.9932 1.0733 1.0322 1.0697
Feb. 8, 2021 0.9952 0.9363 0.9617 0.9655
Feb. 15, 2021 0.9968 0.9339 0.9521 0.9484
Feb. 22, 2021 0.9965 0.9787 0.9833 0.9907
Mar. 1, 2021 0.9989 1.0447 1.0229 1.0198
Mar. 8, 2021 1.0020 0.9405 0.9824 0.9654
Mar. 15, 2021 1.0011 0.9434 0.9918 0.9804
Mar. 22, 2021 1.0015 0.9949 1.0293 1.0297
Mar. 29, 2021 1.0014 1.1057 1.0656 1.0787
Apr. 5, 2021 1.0037 1.0465 1.0400 1.0300

Footnotes

  1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks.

Appendix Table 4

Weekly Seasonal Factors Used to Construct M2
Date Savings and MMDA deposits 1 Small denom. time deposits 1 Retail money funds Institutional money funds
Dec. 2, 2019 0.9917 0.9862 0.9995 1.0139
Dec. 9, 2019 1.0206 0.9854 1.0020 1.0112
Dec. 16, 2019 1.0197 0.9847 1.0062 1.0258
Dec. 23, 2019 1.0007 0.9842 1.0140 1.0148
Dec. 30, 2019 0.9832 0.9848 1.0208 1.0195
Jan. 6, 2020 1.0096 0.9866 1.0279 1.0206
Jan. 13, 2020 1.0176 0.9869 1.0263 1.0167
Jan. 20, 2020 1.0017 0.9876 1.0174 1.0116
Jan. 27, 2020 0.9750 0.9889 1.0149 1.0119
Feb. 3, 2020 0.9859 0.9912 1.0082 1.0111
Feb. 10, 2020 1.0104 0.9940 1.0142 1.0095
Feb. 17, 2020 1.0075 0.9961 1.0140 1.0139
Feb. 24, 2020 0.9911 0.9975 1.0171 1.0088
Mar. 2, 2020 0.9924 0.9985 1.0138 1.0124
Mar. 9, 2020 1.0177 0.9994 1.0149 1.0121
Mar. 16, 2020 1.0159 1.0002 1.0154 1.0139
Mar. 23, 2020 0.9977 1.0009 1.0154 0.9942
Mar. 30, 2020 0.9826 1.0019 1.0144 1.0000
Apr. 6, 2020 1.0149 1.0030 1.0136 0.9954
Apr. 13, 2020 1.0284 1.0038 1.0133 0.9955
Apr. 20, 2020 1.0078 1.0041 1.0018 0.9814
Apr. 27, 2020 0.9743 1.0043 0.9939 0.9780
May 4, 2020 0.9918 1.0050 0.9882 0.9805
May 11, 2020 1.0113 1.0061 0.9928 0.9804
May 18, 2020 1.0004 1.0072 0.9901 0.9832
May 25, 2020 0.9822 1.0082 0.9922 0.9853
June 1, 2020 0.9760 1.0091 0.9873 0.9907
June 8, 2020 1.0106 1.0096 0.9896 0.9940
June 15, 2020 1.0132 1.0098 0.9883 0.9944
June 22, 2020 0.9907 1.0101 0.9866 0.9828
June 29, 2020 0.9743 1.0107 0.9833 0.9823
July 6, 2020 1.0029 1.0112 0.9846 0.9874
July 13, 2020 1.0133 1.0108 0.9897 0.9897
July 20, 2020 0.9995 1.0097 0.9883 0.9908
July 27, 2020 0.9761 1.0090 0.9882 0.9897
Aug. 3, 2020 0.9898 1.0091 0.9845 0.9896
Aug. 10, 2020 1.0164 1.0093 0.9915 0.9954
Aug. 17, 2020 1.0092 1.0087 0.9881 1.0011
Aug. 24, 2020 0.9916 1.0076 0.9908 1.0030
Aug. 31, 2020 0.9765 1.0067 0.9873 1.0044
Sept. 7, 2020 1.0100 1.0059 0.9907 0.9995
Sept. 14, 2020 1.0200 1.0047 0.9933 1.0022
Sept. 21, 2020 1.0019 1.0031 0.9927 0.9934
Sept. 28, 2020 0.9776 1.0016 0.9921 0.9991
Oct. 5, 2020 1.0013 1.0005 0.9932 1.0007
Oct. 12, 2020 1.0150 0.9989 0.9986 0.9996
Oct. 19, 2020 1.0042 0.9966 0.9970 0.9947
Oct. 26, 2020 0.9800 0.9945 0.9980 0.9954
Nov. 2, 2020 0.9845 0.9932 0.9924 1.0007
Nov. 9, 2020 1.0175 0.9922 0.9939 1.0027
Nov. 16, 2020 1.0178 0.9906 0.9963 1.0087
Nov. 23, 2020 1.0006 0.9887 0.9978 1.0030
Nov. 30, 2020 0.9882 0.9874 0.9995 1.0120
Dec. 7, 2020 1.0143 0.9870 1.0016 1.0113
Dec. 14, 2020 1.0229 0.9865 1.0052 1.0219
Dec. 21, 2020 1.0070 0.9856 1.0115 1.0194
Dec. 28, 2020 0.9856 0.9851 1.0178 1.0143
Jan. 4, 2021 1.0009 0.9856 1.0218 1.0216
Jan. 11, 2021 1.0200 0.9868 1.0294 1.0160
Jan. 18, 2021 1.0079 0.9880 1.0187 1.0157
Jan. 25, 2021 0.9830 0.9893 1.0170 1.0106
Feb. 1, 2021 0.9762 0.9911 1.0091 1.0148
Feb. 8, 2021 1.0064 0.9935 1.0123 1.0084
Feb. 15, 2021 1.0093 0.9956 1.0142 1.0154
Feb. 22, 2021 0.9955 0.9971 1.0157 1.0096
Mar. 1, 2021 0.9885 0.9983 1.0140 1.0129
Mar. 8, 2021 1.0161 0.9996 1.0140 1.0122
Mar. 15, 2021 1.0175 1.0005 1.0154 1.0157
Mar. 22, 2021 1.0010 1.0013 1.0149 0.9965
Mar. 29, 2021 0.9822 1.0023 1.0147 0.9988
Apr. 5, 2021 1.0098 1.0033 1.0129 0.9966

Footnotes

  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
Oct. 2018 3,719.1 3,720.8 14,235.4 14,246.6
Nov. 2018 3,698.1 3,700.1 14,245.4 14,264.7
Dec. 2018 3,746.5 3,751.3 14,351.7 14,368.0
Jan. 2019 3,740.5 3,742.9 14,434.6 14,444.5
Feb. 2019 3,759.7 3,762.9 14,464.4 14,460.9
Mar. 2019 3,730.0 3,720.6 14,511.8 14,495.3
Apr. 2019 3,781.0 3,778.4 14,558.3 14,541.7
May 2019 3,792.5 3,788.2 14,653.2 14,632.0
June 2019 3,832.9 3,830.5 14,780.7 14,769.3
July 2019 3,858.2 3,857.8 14,860.7 14,860.8
Aug. 2019 3,853.3 3,843.2 14,933.4 14,930.9
Sept. 2019 3,903.1 3,902.8 15,024.5 15,028.3
Oct. 2019 3,923.1 3,930.0 15,154.2 15,191.5
Nov. 2019 3,948.0 3,964.1 15,258.7 15,326.6
Dec. 2019 3,978.1 4,005.4 15,317.8 15,401.8

Appendix Table 6

Comparison of Revised and Old M1 Growth Rates. Percent changes, annual rate.
Date Revised Old Difference Difference due to
Benchmark Seasonals
2018
January 14.0 13.7 0.3 0.0 0.3
February -9.8 -10.1 0.3 0.1 0.2
March 14.0 11.2 2.8 0.0 2.8
April 0.2 1.3 -1.1 0.0 -1.1
May -1.4 -1.8 0.4 0.0 0.4
June -0.2 0.2 -0.4 -0.1 -0.3
July 6.4 7.2 -0.8 -0.1 -0.7
August 3.0 1.0 2.0 0.0 2.0
September 5.7 7.8 -2.1 0.2 -2.3
October 4.9 5.5 -0.6 0.2 -0.8
November -6.8 -6.7 -0.1 0.1 -0.2
December 15.7 16.6 -0.9 0.3 -1.2
2019
January -1.9 -2.7 0.8 -0.2 1.0
February 6.2 6.4 -0.2 -0.2 0.0
March -9.5 -13.5 4.0 0.3 3.7
April 16.4 18.6 -2.2 -0.6 -1.6
May 3.6 3.1 0.5 -0.3 0.8
June 12.8 13.4 -0.6 0.1 -0.7
July 7.9 8.6 -0.7 0.1 -0.8
August -1.5 -4.5 3.0 0.3 2.7
September 15.5 18.6 -3.1 0.2 -3.3
October 6.1 8.4 -2.3 -1.8 -0.5
November 7.6 10.4 -2.8 -2.1 -0.7
December 9.1 12.5 -3.4 -1.6 -1.8
Quarterly
18Q4 3.5 4.0 -0.5 0.2 -0.7
19Q1 2.4 1.9 0.5 -0.1 0.6
19Q2 6.3 6.1 0.2 -0.2 0.4
19Q3 7.3 7.3 0.0 0.1 -0.1
19Q4 8.1 10.2 -2.1 -1.2 -0.9
Semi-Annual
18Q4 - 19Q2 4.3 4.0 0.3 -0.1 0.4
19Q2 - 19Q4 7.8 8.8 -1.0 -0.5 -0.5
Annual (Q4 to Q4)
2018 3.0 3.0 0.0 0.1 -0.1
2019 6.1 6.5 -0.4 -0.3 -0.1

Appendix Table 7

Comparison of Revised and Old M2 Growth Rates. Percent changes, annual rate.
Date Revised Old Difference Difference due to
Benchmark Seasonals
2018
January 2.0 1.4 0.6 0.1 0.5
February 3.0 1.9 1.1 0.0 1.1
March 5.2 4.4 0.8 0.0 0.8
April 3.1 3.0 0.1 0.1 0.0
May 5.6 5.3 0.3 0.1 0.2
June 5.6 5.9 -0.3 0.0 -0.3
July 2.8 3.5 -0.7 0.0 -0.7
August 3.7 3.6 0.1 0.0 0.1
September 2.7 2.9 -0.2 0.1 -0.3
October 0.6 1.8 -1.2 0.0 -1.2
November 0.8 1.5 -0.7 0.0 -0.7
December 9.0 8.7 0.3 0.1 0.2
2019
January 6.9 6.4 0.5 0.0 0.5
February 2.5 1.4 1.1 0.0 1.1
March 3.9 2.9 1.0 0.1 0.9
April 3.8 3.8 0.0 -0.2 0.2
May 7.8 7.5 0.3 0.0 0.3
June 10.4 11.3 -0.9 -0.3 -0.6
July 6.5 7.4 -0.9 -0.2 -0.7
August 5.9 5.7 0.2 0.0 0.2
September 7.3 7.8 -0.5 -0.1 -0.4
October 10.4 13.0 -2.6 -1.2 -1.4
November 8.3 10.7 -2.4 -1.5 -0.9
December 4.6 5.9 -1.3 -1.7 0.4
Quarterly
18Q4 2.4 3.0 -0.6 0.0 -0.6
19Q1 5.4 4.9 0.5 0.0 0.5
19Q2 5.4 5.0 0.4 -0.1 0.5
19Q3 7.5 8.0 -0.5 -0.1 -0.4
19Q4 8.1 9.8 -1.7 -1.0 -0.7
Semi-Annual
18Q4 - 19Q2 5.4 5.0 0.4 0.0 0.4
19Q2 - 19Q4 7.9 9.0 -1.1 -0.6 -0.5
Annual (Q4 to Q4)
2018 3.5 3.5 0.0 0.1 -0.1
2019 6.8 7.1 -0.3 -0.3 0.0
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Last Update: January 23, 2020