Full text of H.6 Money Stock Measures : April 27, 2021

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Money Stock Measures - H.6 Release
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Release Date: April 27, 2021

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. 2019

3,955.6

15,254.4

1,786.2

1,529.3

3,315.6

3,925.2

15,282.3

1,595.2

26.1

1,595.2

Dec. 2019

4,011.2

15,329.1

1,796.4

1,630.1

3,426.5

4,042.4

15,435.6

1,698.3

21.4

1,698.3

Jan. 2020

4,018.9

15,410.0

1,797.2

1,645.4

3,442.6

3,982.3

15,419.8

1,715.2

5.8

1,715.2

Feb. 2020

4,027.6

15,473.4

1,797.5

1,657.0

3,454.5

3,940.3

15,405.7

1,726.9

3.2

1,726.9

Mar. 2020

4,280.2

16,014.3

1,838.0

2,045.1

3,883.1

4,288.0

16,079.1

2,099.4

40,553.7

2,058.8

Apr. 2020

4,773.3

17,042.9

1,891.3

2,953.6

4,844.9

4,849.4

17,126.6

2,953.6

124,460.6

2,829.1

May 2020

16,275.9

17,893.0

1,931.8

3,217.6

5,149.4

16,184.4

17,791.7

3,217.6

111,844.6

3,105.8

June 2020

16,601.7

18,179.6

1,958.3

3,043.6

5,001.8

16,562.2

18,130.9

3,043.6

97,671.4

2,945.9

July 2020

16,792.6

18,320.0

1,981.7

2,718.5

4,700.3

16,765.2

18,280.4

2,718.5

92,943.3

2,625.6

Aug. 2020

16,906.0

18,381.8

2,007.6

2,799.7

4,807.4

16,888.0

18,349.4

2,799.7

83,125.6

2,716.6

Sept.
2020

17,176.3

18,605.0

2,027.5

2,852.8

4,880.3

17,156.3

18,572.9

2,852.8

78,387.1

2,774.4

Oct. 2020

17,367.1

18,751.1

2,040.5

2,876.6

4,917.1

17,341.4

18,720.3

2,876.6

74,058.7

2,802.6

Nov. 2020

17,610.0

18,960.2

2,058.3

3,034.7

5,093.0

17,663.2

19,011.3

3,034.7

66,597.5

2,968.1

Dec. 2020

17,829.6

19,125.8

2,071.6

3,135.0

5,206.5

17,967.2

19,275.4

3,135.0

58,684.6

3,076.3

Jan. 2021

18,109.6

19,378.7

2,094.2

3,153.8

5,248.0

18,101.5

19,395.4

3,153.8

52,590.8

3,101.2

Feb. 2021

18,401.0

19,650.3

2,100.9

3,345.9

5,446.9

18,288.4

19,552.1

3,345.9

53,475.8

3,292.5

Mar. 2021

18,682.9

19,896.2

2,117.8

3,721.3

5,839.1

18,754.0

19,979.4

3,721.3

57,950.3

3,663.3

Footnotes
Components may not add to totals due to rounding.
1. Before May 2020, 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 checkable deposits (OCDs), consisting of 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. Beginning May 2020,
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 OCDs and savings deposits (including money market deposit accounts). Seasonally
adjusted M1 is constructed by summing currency, demand deposits, and OCDs (before May 2020) or other liquid deposits (beginning May 2020), each seasonally
adjusted separately. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquid deposits component
and its inclusion in the M1 monetary aggregate, see the H.6 announcement and Technical Q&As posted on December 17, 2020.
2. Before May 2020, 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
funds (MMFs) less IRA and Keogh balances at MMFs. Beginning May 2020, M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts
of less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail MMFs less IRA and Keogh balances at MMFs. Seasonally
adjusted M2 is constructed by summing savings deposits (before May 2020), small-denomination time deposits, and retail MMFs, each seasonally adjusted
separately, and adding this 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

Nov. 2019

1,702.5

Demand
deposits 2
1,586.9

Non-M1 M2

Other
checkable
deposits 3
666.2

Other liquid
deposits 4

Savings
deposits 5
9,708.9

Smalldenomination
time deposits 6
591.6

Retail money
market funds 7
998.3

Date

M1
Currency 1

Demand
deposits 2

Non-M1 M2

Other
checkable
deposits 3

Other liquid
deposits 4

Savings
deposits 5

Smalldenomination
time deposits 6

Retail money
market funds 7

Dec. 2019

1,709.7

1,627.1

674.3

9,744.6

581.7

991.6

Jan. 2020

1,718.9

1,625.0

675.0

9,834.0

565.6

991.5

Feb. 2020

1,724.2

1,627.7

675.7

9,913.5

538.9

993.4

Mar. 2020

1,746.1

1,841.9

692.2

10,185.5

510.3

1,038.3

Apr. 2020

1,781.6

2,006.0

985.7

10,672.7

484.6

1,112.3

May 2020

1,820.0

2,108.3

12,347.6

463.3

1,153.7

June 2020

1,856.6

2,177.0

12,568.0

427.2

1,150.8

July 2020

1,885.8

2,216.0

12,690.8

393.6

1,133.9

Aug. 2020

1,911.1

2,261.9

12,732.9

358.3

1,117.5

Sept. 2020

1,927.9

2,386.0

12,862.3

327.6

1,101.1

Oct. 2020

1,944.1

2,418.5

13,004.5

294.4

1,089.6

Nov. 2020

1,956.8

2,788.0

12,865.2

257.7

1,092.4

Dec. 2020

1,969.6

3,316.0

12,544.0

227.0

1,069.1

Jan. 2021

1,993.5

3,455.8

12,660.3

204.0

1,065.1

Feb. 2021

2,007.9

3,676.0

12,717.2

179.5

1,069.7

Mar. 2021

2,018.9

3,798.4

12,865.6

157.9

1,055.4

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 checkable deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft
accounts at credit unions, and demand deposits at thrift institutions.
4. Other liquid deposits consist of NOW and ATS balances at depository institutions, share draft accounts at credit unions, demand deposits at thrift institutions, and
savings deposits, including money market deposit accounts. For more information on the H.6 release changes and the regulatory amendment that led to the
creation of the other liquid deposits component and its inclusion in the M1 monetary aggregate, see the H.6 announcement and Technical Q&As posted on
December 17, 2020.
5. Savings deposits include money market deposit accounts.
6. 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.
7. 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

Non-M1 M2

Memorandum: IRA and Keogh accounts

Currency 1 Demand
Other
Other liquid Savings
SmallRetail money At depository
2
4
5
deposits checkable deposits
deposits denomination market funds 7 institutions
deposits 3
time deposits 6

At money
market funds

Total

Nov. 2019

1,704.3

1,566.1

654.8

9,775.8

583.4

997.9

480.0

298.7

778.7

Dec. 2019

1,713.1

1,648.2

681.1

9,814.4

573.3

1,005.6

482.3

302.8

785.2

Jan. 2020

1,714.0

1,586.2

682.2

9,860.9

560.8

1,015.8

495.6

313.2

808.7

Feb. 2020

1,718.2

1,557.6

664.5

9,921.6

535.9

1,007.9

522.5

331.2

853.7

Mar. 2020

1,747.4

1,826.7

713.8

10,231.8

507.5

1,051.8

549.6

349.2

898.8

Apr. 2020

1,784.3

2,047.4

1,017.7

10,673.2

487.1

1,116.9

566.0

361.4

927.3

May 2020

1,824.3

2,125.7

12,234.3

465.9

1,141.5

566.2

364.3

930.5

June 2020

1,857.1

2,216.5

12,488.5

433.3

1,135.5

566.4

367.4

933.8

July 2020

1,884.2

2,261.0

12,620.0

398.6

1,116.7

570.0

371.1

941.0

Aug. 2020

1,908.8

2,274.1

12,705.1

361.1

1,100.3

577.9

375.8

953.7

Sept. 2020

1,929.2

2,387.4

12,839.7

329.2

1,087.4

585.9

380.5

966.4

Oct. 2020

1,944.1

2,427.4

12,969.9

293.3

1,085.6

592.9

382.8

975.7

Nov. 2020

1,957.9

2,753.0

12,952.4

254.2

1,093.9

598.7

382.5

981.2

Dec. 2020

1,974.1

3,354.1

12,639.0

224.1

1,084.1

604.7

382.1

986.8

Jan. 2021

1,989.2

3,362.7

12,749.6

202.4

1,091.4

607.7 e

381.6 e

989.3 e

Feb. 2021

2,000.3

3,525.4

12,762.7

178.6

1,085.1

607.7 e

380.9 e

988.6 e

Mar. 2021

2,020.9

3,762.8

12,970.3

157.0

1,068.3

607.7 e

380.2 e

987.9 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 checkable deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at depository institutions, share draft
accounts at credit unions, and demand deposits at thrift institutions.
4. Other liquid deposits consist of NOW and ATS balances at depository institutions, share draft accounts at credit unions, demand deposits at thrift institutions, and
savings deposits, including money market deposit accounts. For more information on the H.6 release changes and the regulatory amendment that led to the
creation of the other liquid deposits component and its inclusion in the M1 monetary aggregate, see the H.6 announcement and Technical Q&As posted on
December 17, 2020.
5. Savings deposits include money market deposit accounts.
6. 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.
7. IRA and Keogh account balances at money market funds are subtracted from retail money market funds.

Last Update: April 27, 2021