Technical Q&As RSS DDP

This page provides additional information about data in the Board of Governors' statistical release on money stock measures (H.6). Most of the information is of a technical nature and represents answers to questions that may be of interest to a range of analysts and researchers. The page will be updated as such questions arise.

Documentation for the statistics in the H.6 release is available on the About page on the Board's website.

1. Why are the nonbank traveler's check data being discontinued?
Posted: 01/17/2019

A. Dollar-denominated traveler's checks serve as an alternative to demand deposits and currency as a means of payment and therefore are included in M1. Nonbank traveler's checks have been included as a separate component of the monetary aggregates since June 1981, while traveler's checks issued by depository institutions are included in demand deposits.

Nonbank traveler's checks have fallen steadily for many years to a point at which they represent an immaterial share of the monetary aggregates--currently less than $2 billion, about 0.05 percent of M1 and 0.015 percent of M2. Very few nonbank companies issue new traveler's checks, and the small remaining amounts are mostly the outstanding stocks of previously issued checks, which will continue to decline over time. The insignificant amounts and lack of growth potential in the business no longer justify the burden of collection and publication of these data.

2. Does the Federal Reserve continue to make historical nonbank traveler's check data available?
Posted: 01/17/2019

A. Yes. Historical data on traveler's checks of nonbank issuers will remain available in the H.6 Data Download Program.

3. Are there any adjustments to the calculation of the monetary aggregates to reflect the discontinuation of nonbank traveler's check data?
Posted: 01/17/2019

A. No adjustments have been made to historical values of the monetary aggregates, nor is there any break-adjustment to reflect the discontinuation of the nonbank traveler's check data.

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Last Update: January 17, 2019