H.3 Statistical Release Consolidated onto the H.6 Statistical Release
The Board’s Statistical Release H.6, “Money Stock Measures,” includes, for the first time, release items previously published on Statistical Release H.3, “Aggregate Reserves of Depository Institutions and the Monetary Base,” that remain relevant after the elimination of reserve requirements. The H.3 release items consolidated onto the H.6 statistical release include the monetary base and nonborrowed reserves and their components. The components of these concepts—specifically, (1) “Currency in circulation” and “Total balances maintained” for the monetary base and (2) “Total reserves” and “Total borrowings from the Federal Reserve” for nonborrowed reserves—also now appear on the H.6 statistical release. In addition, references to traveler’s checks have been removed from the release.

For more information on the consolidated H.6 release, see the H.6 Technical Q&As. Data on the newly consolidated H.6 release items, including historical data back to January 1959, are available in the “build your own” and preformatted packages associated with the H.6 statistical release in the Data Download Program (DDP). The DDP for the H.6 statistical release no longer contains the historical preformatted packages that were retired in 2012. The H.6 release items contained in those tables, as well as all other H.6 items, are available in the monthly or weekly “H.6 statistical release” preformatted packages.

The H.6 release, published weekly, provides measures of the monetary aggregates (M1 and M2) and their components.

M1 and M2 are progressively more inclusive measures of money: M1 is included in M2.

M1, the more narrowly defined measure, consists of the most liquid forms of money, namely currency and checkable deposits.

The non-M1 components of M2 are primarily household holdings of savings deposits, small time deposits, and retail money market mutual funds.

Monthly data are available back to January 1959; for most series, weekly data are available back to January 1975.

Historical Performance Evaluations

December 2015

December 2012

December 2009

Discontinuance of M3 Back to Top

Last Update: September 24, 2020