Full text of H.6 Money Stock Measures : February 27, 2024

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Money Stock Measures - H.6 Release
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Release Date: February 27, 2024

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

M2 2

Currency Reserve Monetary
in
balances base 5
4
circulation

Memorandum: Reserves
Total
Total ($M) Nonborrowe
reserves 6 borrowings reserves 8
7

3

Sept.
2022

20,281.1

21,515.7

2,279.7

3,131.4

5,411.1

20,248.2

21,466.0

3,131.4

20,293.4

3,111

Oct. 2022

20,099.3

21,422.9

2,284.6

3,055.7

5,340.3

20,059.5

21,378.6

3,055.7

19,827.5

3,035

Nov. 2022

19,965.0

21,388.1

2,293.1

3,126.2

5,419.4

19,965.7

21,390.1

3,126.2

19,177.9

3,107

Dec. 2022

19,820.9

21,346.3

2,298.7

3,107.3

5,406.0

19,879.7

21,421.1

3,107.3

17,300.4

3,090

Jan. 2023

19,555.0

21,209.0

2,299.1

3,029.9

5,329.0

19,585.4

21,277.0

3,029.9

15,718.7

3,014

Feb. 2023

19,312.3

21,086.1

2,299.8

3,021.8

5,321.6

19,316.5

21,122.3

3,021.8

15,605.5

3,006

Mar. 2023

18,938.3

20,861.3

2,313.1

3,258.4

5,571.5

19,077.0

21,027.2

3,258.4

215,337.9

3,043

Apr. 2023

18,591.6

20,689.3

2,323.7

3,269.5

5,593.1

18,743.6

20,842.9

3,269.5

329,661.6

2,939

May 2023

18,560.0

20,803.2

2,334.0

3,235.6

5,569.6

18,491.8

20,711.2

3,235.6

307,190.2

2,928

June 2023

18,490.3

20,835.7

2,342.9

3,265.6

5,608.5

18,432.9

20,749.1

3,265.6

291,302.6

2,974

July 2023

18,426.3

20,841.8

2,339.1

3,178.7

5,517.8

18,334.4

20,724.0

3,178.7

271,936.9

2,906

Aug. 2023

18,298.5

20,798.4

2,331.1

3,228.0

5,559.1

18,226.7

20,695.1

3,228.0

256,758.8

2,971

Sept.
2023

18,163.5

20,723.7

2,327.7

3,239.6

5,567.3

18,133.0

20,668.9

3,239.6

222,200.9

3,017

Oct. 2023

18,069.1

20,690.5

2,324.9

3,276.5

5,601.3

18,022.3

20,636.2

3,276.5

171,890.8

3,104

Nov. 2023

18,031.4

20,730.0

2,328.0

3,403.5

5,731.5

18,022.5

20,722.7

3,403.5

153,339.4

3,250

Dec. 2023

18,085.5

20,827.2

2,335.4

3,492.0

5,827.4

18,123.2

20,890.0

3,492.0

133,489.5

3,358

Jan. 2024

17,989.0

20,781.8

2,336.7

3,507.0

5,843.7

18,015.6

20,862.6

3,507.0

160,073.0

3,346

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.

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

Sept. 2022

2,193.0

5,138.9

12,949.3

173.4

1,061.2

Oct. 2022

2,199.8

5,125.0

12,774.5

234.4

1,089.2

Nov. 2022

2,205.6

5,133.3

12,626.1

306.1

1,117.0

Dec. 2022

2,212.1

5,135.6

12,473.2

384.4

1,141.1

Jan. 2023

2,211.8

5,035.6

12,307.5

454.2

1,199.8

Feb. 2023

2,216.0

5,025.2

12,071.1

528.3

1,245.5

Mar. 2023

2,216.0

5,040.8

11,681.4

615.8

1,307.3

Apr. 2023

2,224.4

4,939.1

11,428.1

720.8

1,376.9

May 2023

2,236.9

4,957.2

11,365.9

801.3

1,441.8

June 2023

2,245.0

4,942.8

11,302.5

864.7

1,480.8

July 2023

2,244.6

4,920.3

11,261.5

911.0

1,504.4

Aug. 2023

2,244.9

4,899.1

11,154.5

954.7

1,545.1

Sept. 2023

2,242.8

4,922.6

10,998.2

989.1

1,571.0

Oct. 2023

2,243.8

4,977.5

10,847.9

1,017.6

1,603.8

Nov. 2023

2,247.6

4,989.0

10,794.8

1,052.8

1,645.8

Dec. 2023

2,250.7

5,058.3

10,776.5

1,080.0

1,661.7

Jan. 2024

2,251.2

4,957.5

10,780.4

1,097.8

1,695.0

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

Non-M1 M2

Memorandum: IRA and Keogh accounts

Demand Other liquid
SmallRetail money At depository
At money
deposits 2 deposits 3 denomination market funds 5 institutions market funds
time deposits 4

Total

Sept. 2022

2,188.9

5,099.9

12,959.4

174.2

1,043.5

625.1

409.5

1,034.6

Oct. 2022

2,194.6

5,074.6

12,790.3

234.4

1,084.7

612.5

414.3

1,026.8

Nov. 2022

2,200.7

5,075.4

12,689.6

304.4

1,120.0

597.0

420.0

1,017.0

Dec. 2022

2,208.6

5,123.0

12,548.1

380.8

1,160.6

581.8

425.6

1,007.4

Jan. 2023

2,205.1

5,050.0

12,330.3

450.7

1,240.9

563.9

432.8

996.6

Feb. 2023

2,209.4

5,034.7

12,072.3

526.2

1,279.6

544.9

440.7

985.6

Mar. 2023

2,221.8

5,078.4

11,776.7

614.1

1,336.1

525.9

448.7

974.6

Apr. 2023

2,233.2

4,985.7

11,524.7

720.4

1,378.9

512.7

458.3

971.0

May 2023

2,246.1

4,974.2

11,271.4

804.4

1,415.0

505.6

469.3

974.8

June 2023

2,251.5

4,965.7

11,215.7

869.3

1,446.9

498.4

480.2

978.7

July 2023

2,247.7

4,940.3

11,146.5

916.1

1,473.5

490.8

490.9

981.6

Aug. 2023

2,243.1

4,896.9

11,086.6

959.0

1,509.4

482.2

501.7

983.9

Sept. 2023

2,239.4

4,885.1

11,008.5

991.4

1,544.6

474.0

512.1

986.1

Oct. 2023

2,237.6

4,923.0

10,861.6

1,017.2

1,596.7

470.3 e

516.7 e

987.0 e

Nov. 2023

2,241.1

4,928.7

10,852.7

1,049.9

1,650.3

470.3 e

516.7 e

987.0 e

Dec. 2023

2,247.8

5,032.6

10,842.7

1,075.2

1,691.7

470.3 e

516.7 e

987.0 e

Jan. 2024

2,244.6

4,972.4

10,798.6

1,092.8

1,754.2

470.3 e

516.7 e

987.0 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: February 27, 2024