Full text of H.6 Money Stock Measures : April 26, 2022

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Money Stock Measures - H.6 Release
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Release Date: April 26, 2022

Table 1
Money Stock Measures. Billions of dollars unless otherwise noted.
Date

Seasonally adjusted
M1 1

Not seasonally adjusted

M2 2

M1 1

Monetary base
Currency in
circulation 3

Reserve
balances 4

M2 2

Monetary
base 5

Memorandum: Reserves
Total
reserves 6

Total ($M)
borrowings 7

Nonborrowed
reserves 8

Nov. 2020

17,626.7

18,969.8

2,058.3

3,034.7

5,093.0

17,642.4

18,980.6

3,034.7

66,597.5

2,968.1

Dec. 2020

17,834.5

19,124.8

2,071.6

3,135.0

5,206.5

17,949.4

19,247.9

3,135.0

58,684.6

3,076.3

Jan. 2021

18,107.1

19,372.6

2,094.2

3,153.8

5,248.0

18,085.2

19,372.0

3,153.8

52,590.8

3,101.2

Feb. 2021

18,367.7

19,615.5

2,100.9

3,345.9

5,446.8

18,263.6

19,524.0

3,345.9

53,475.8

3,292.5

Mar. 2021

18,641.4

19,853.7

2,117.8

3,721.3

5,839.0

18,721.3

19,946.2

3,721.3

57,950.3

3,663.3

Apr. 2021

18,927.7

20,110.5

2,154.8

3,887.3

6,042.1

19,085.7

20,269.8

3,887.3

66,805.2

3,820.5

May 2021

19,259.0

20,417.7

2,169.5

3,872.4

6,041.9

19,169.1

20,318.5

3,872.4

80,781.7

3,791.6

June 2021

19,318.8

20,458.9

2,179.0

3,848.1

6,027.0

19,309.6

20,439.4

3,848.1

87,746.0

3,760.3

July 2021

19,497.2

20,620.0

2,186.3

3,943.9

6,130.2

19,459.1

20,571.0

3,943.9

87,621.1

3,856.3

Aug. 2021

19,745.9

20,852.3

2,188.6

4,140.1

6,328.7

19,683.1

20,777.0

4,140.1

80,766.7

4,059.3

Sept.
2021

19,898.3

20,991.3

2,195.6

4,193.2

6,388.8

19,873.6

20,956.8

4,193.2

68,567.7

4,124.6

Oct. 2021

20,061.9

21,142.0

2,202.8

4,128.1

6,330.9

20,019.4

21,096.1

4,128.1

54,558.8

4,073.5

Nov. 2021

20,274.0

21,343.3

2,214.1

4,180.6

6,394.7

20,261.6

21,328.5

4,180.6

45,317.6

4,135.3

Dec. 2021

20,423.6

21,483.3

2,225.2

4,187.9

6,413.1

20,584.1

21,653.5

4,187.9

38,082.2

4,149.9

Jan. 2022

20,582.3

21,659.2

2,232.8

3,871.1

6,103.9

20,546.1

21,646.4

3,871.1

32,055.1

3,839.1

Feb. 2022

20,667.3

21,750.3

2,235.5

3,804.5

6,040.0

20,534.3

21,632.5

3,804.5

28,714.6

3,775.8

Mar. 2022

20,710.1

21,809.7

2,259.8

3,874.7

6,134.5

20,811.7

21,926.1

3,874.7

26,205.8

3,848.5

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) 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 (3) other liquid deposits, consisting of other checkable deposits (or OCDs, which comprise negotiable order of withdrawal,
or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions)
and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and other liquid
deposits, each seasonally adjusted separately.
2. M2 consists of M1 plus (1) 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 (2) balances in retail money market funds (MMFs) less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is
constructed by summing small-denomination time deposits and retail MMFs, each seasonally adjusted separately, and adding the result to seasonally adjusted M1.
3. Currency in circulation consists of Federal Reserve notes and coin outside the U.S. Treasury and Federal Reserve Banks.
4. Reserve balances are balances held by depository institutions in master accounts and excess balance accounts at Federal Reserve Banks.
5. Monetary base equals currency in circulation plus reserve balances.
6. Total reserves equal reserve balances plus, before April 2020, vault cash used to satisfy reserve requirements.
7. Total borrowings in millions of dollars from the Federal Reserve are borrowings from the discount window's primary, secondary, and seasonal credit programs and
other borrowings from emergency lending facilities. For borrowings included, see "Loans" in table 1 of the H.4.1 statistical release.
8. Nonborrowed reserves equal total reserves less total borrowings from the Federal Reserve.

Table 2
Seasonally Adjusted Components of M1 and Non-M1 M2. Billions of dollars.
Date

M1
Currency

1

Demand
deposits 2

Non-M1 M2
Other liquid
deposits 3

Smalldenomination
time deposits 4

Retail money
market funds 5

Nov. 2020

1,958.1

2,791.2

12,877.5

279.9

1,063.2

Dec. 2020

1,975.9

3,296.9

12,561.6

252.6

1,037.7

Jan. 2021

1,997.2

3,392.6

12,717.3

233.8

1,031.7

Feb. 2021

2,014.3

3,595.1

12,758.4

213.8

1,033.9

Mar. 2021

2,028.2

3,739.3

12,873.9

194.9

1,017.4

Apr. 2021

2,057.2

3,738.4

13,132.1

175.0

1,007.8

May 2021

2,063.5

4,002.9

13,192.6

160.8

997.8

June 2021

2,070.2

4,239.8

13,008.9

151.5

988.6

Date

M1
Currency

1

Non-M1 M2

Demand
deposits 2

Other liquid
deposits 3

Smalldenomination
time deposits 4

Retail money
market funds 5

July 2021

2,076.7

4,366.6

13,053.8

141.1

981.8

Aug. 2021

2,084.8

4,482.6

13,178.5

128.5

977.9

Sept. 2021

2,092.8

4,495.4

13,310.0

116.8

976.1

Oct. 2021

2,104.2

4,586.7

13,371.0

107.2

973.0

Nov. 2021

2,118.3

4,668.5

13,487.2

98.4

970.9

Dec. 2021

2,133.3

4,692.9

13,597.4

88.1

971.5

Jan. 2022

2,144.5

4,801.0

13,636.8

81.4

995.4

Feb. 2022

2,158.8

4,761.5

13,747.1

70.2

1,012.8

Mar. 2022

2,175.6

4,757.4

13,777.0

65.1

1,034.5

Footnotes
Components may not add to totals due to rounding.
1. Currency consists of Federal Reserve notes and coin outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.
2. 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.
3. Other liquid deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft accounts
at credit unions, demand deposits at thrift institutions, and savings deposits, including money market deposit accounts.
4. Small-denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh account balances at
depository institutions are subtracted from small-denomination time deposits.
5. IRA and Keogh account balances at money market funds are subtracted from retail money market funds.

Table 3
Not Seasonally Adjusted Components of M1 and Non-M1 M2. Billions of dollars.
Date

M1
Currency 1

Demand
deposits 2

Non-M1 M2
Other liquid
deposits 3

Smalldenomination
time deposits 4

Memorandum: IRA and Keogh accounts

Retail money
market funds 5

At depository
institutions

At money
market funds

Total

Nov. 2020

1,957.9

2,754.7

12,929.8

276.6

1,061.6

598.7

382.5

981.2

Dec. 2020

1,973.8

3,357.2

12,618.4

248.5

1,050.1

604.7

382.1

986.8

Jan. 2021

1,988.3

3,368.8

12,728.1

229.7

1,057.0

606.6

380.3

986.9

Feb. 2021

1,999.4

3,531.2

12,733.0

210.1

1,050.2

604.4

376.9

981.4

Mar. 2021

2,019.9

3,768.9

12,932.5

192.3

1,032.5

602.3

373.6

975.9

Apr. 2021

2,053.6

3,845.3

13,186.8

174.1

1,010.1

599.5

369.6

969.1

May 2021

2,068.7

4,017.6

13,082.8

162.7

986.6

596.0

365.0

961.0

June 2021

2,080.8

4,256.8

12,972.0

154.2

975.6

592.5

360.2

952.7

July 2021

2,087.1

4,377.1

12,994.8

143.6

968.3

591.5

357.8

949.3

Aug. 2021

2,091.1

4,440.2

13,151.9

130.3

963.5

593.6

357.9

951.6

Sept. 2021

2,098.5

4,445.8

13,329.3

118.2

965.0

595.7

358.1

953.8

Oct. 2021

2,106.7

4,555.5

13,357.2

107.6

969.2

597.7

358.1

955.9

Nov. 2021

2,116.9

4,607.0

13,537.6

97.5

969.4

599.7

358.1

957.8

Dec. 2021

2,129.8

4,769.8

13,684.5

86.9

982.5

601.7

358.1

959.8

Jan. 2022

2,134.3

4,758.9

13,652.8

80.1

1,020.2

602.7 e

351.8 e

954.4 e

Feb. 2022

2,142.8

4,680.9

13,710.6

69.1

1,029.2

602.7 e

340.0 e

942.7 e

Mar. 2022

2,166.0

4,800.8

13,845.0

64.3

1,050.1

602.7 e

328.2 e

930.9 e

Footnotes
Components may not add to totals due to rounding.
e estimated
1. Currency consists of Federal Reserve notes and coin outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.
2. 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.
3. Other liquid deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft accounts
at credit unions, demand deposits at thrift institutions, and savings deposits, including money market deposit accounts.
4. Small-denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh account balances at
depository institutions are subtracted from small-denomination time deposits.
5. IRA and Keogh account balances at money market funds are subtracted from retail money market funds.

Last Update: April 26, 2022