Full text of H.6 Money Stock Measures : June 27, 2023

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Money Stock Measures - H.6 Release
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Release Date: June 27, 2023

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

Seasonally adjusted
M1

1

M2

Not seasonally adjusted

2

M1 1

Monetary base

M2 2

Currency Reserve Monetary
in
balances base 5
4
circulation

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

3

Jan. 2022

20,505.9

21,561.8

2,232.7

3,871.1

6,103.9

20,540.7

21,628.3

3,871.1

32,055.1

3,839.1

Feb. 2022

20,533.3

21,570.3

2,235.4

3,804.5

6,039.9

20,520.1

21,582.3

3,804.5

28,714.6

3,775.8

Mar. 2022

20,664.2

21,697.5

2,259.7

3,874.7

6,134.4

20,801.6

21,855.7

3,874.7

26,205.8

3,848.5

Apr. 2022

20,650.6

21,677.1

2,269.7

3,615.4

5,885.1

20,820.1

21,848.0

3,615.4

23,960.3

3,591.4

May 2022

20,638.5

21,665.2

2,273.6

3,317.9

5,591.5

20,542.6

21,551.9

3,317.9

21,882.7

3,296.0

June 2022

20,607.0

21,665.7

2,278.0

3,228.4

5,506.5

20,540.2

21,577.4

3,228.4

21,422.5

3,207.0

July 2022

20,587.7

21,702.6

2,278.5

3,258.7

5,537.1

20,482.2

21,577.3

3,258.7

19,540.9

3,239.1

Aug. 2022

20,478.9

21,658.9

2,276.3

3,305.9

5,582.2

20,394.5

21,551.7

3,305.9

18,755.2

3,287.2

Sept.
2022

20,280.1

21,524.2

2,279.4

3,131.4

5,410.9

20,247.1

21,474.3

3,131.4

20,293.4

3,111.1

Oct. 2022

20,098.4

21,432.3

2,283.9

3,055.7

5,339.6

20,058.5

21,387.9

3,055.7

19,827.5

3,035.9

Nov. 2022

19,964.6

21,399.0

2,292.5

3,126.2

5,418.7

19,965.3

21,401.0

3,126.2

19,177.9

3,107.0

Dec. 2022

19,821.0

21,358.1

2,298.1

3,107.3

5,405.4

19,879.8

21,433.1

3,107.3

17,300.4

3,090.0

Jan. 2023

19,560.2

21,212.7

2,298.5

3,029.9

5,328.4

19,590.6

21,281.0

3,029.9

15,718.7

3,014.2

Feb. 2023

19,328.2

21,077.4

2,299.3

3,021.8

5,321.0

19,332.5

21,113.6

3,021.8

15,605.5

3,006.2

Mar. 2023

18,965.3

20,841.1

2,312.6

3,258.4

5,571.0

19,104.2

21,007.0

3,258.4

215,337.9

3,043.1

Apr. 2023

18,630.6

20,674.6

2,323.2

3,269.5

5,592.6

18,783.0

20,828.6

3,269.5

329,661.6

2,939.8

May 2023

18,606.2

20,805.5

2,333.6

3,235.6

5,569.1

18,538.1

20,713.4

3,235.6

307,190.2

2,928.4

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

Jan. 2022

2,139.7

4,735.5

13,630.7

76.9

979.1

Feb. 2022

2,148.7

4,686.4

13,698.2

58.5

978.5

Mar. 2022

2,160.2

4,787.4

13,716.6

45.6

987.8

Apr. 2022

2,167.7

4,828.8

13,654.1

36.8

989.7

May 2022

2,172.9

4,922.3

13,543.4

36.2

990.4

June 2022

2,177.8

4,920.7

13,508.5

49.8

1,008.9

July 2022

2,182.1

4,936.2

13,469.4

78.7

1,036.2

Aug. 2022

2,187.6

5,180.6

13,110.7

129.3

1,050.7

Sept. 2022

2,192.7

5,138.3

12,949.0

173.3

1,070.8

Oct. 2022

2,199.2

5,124.4

12,774.7

234.4

1,099.5

Nov. 2022

2,205.0

5,132.6

12,627.0

306.3

1,128.1

Dec. 2022

2,211.5

5,134.9

12,474.5

384.3

1,152.8

Jan. 2023

2,211.2

5,041.3

12,307.7

445.4

1,207.1

Feb. 2023

2,215.3

5,041.5

12,071.4

504.5

1,244.6

Mar. 2023

2,215.3

5,068.8

11,681.2

577.6

1,298.2

Apr. 2023

2,223.7

4,977.2

11,429.7

675.0

1,369.0

May 2023

2,236.4

4,999.3

11,370.5

754.3

1,445.0

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

Non-M1 M2

Memorandum: IRA and Keogh accounts

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

At money
market funds

Total

Jan. 2022

2,133.9

4,749.2

13,657.5

76.0

1,011.6

606.5

360.4

966.9

Feb. 2022

2,142.1

4,683.9

13,694.1

58.0

1,004.2

613.7

365.0

978.7

Mar. 2022

2,165.1

4,812.8

13,823.7

45.3

1,008.8

621.0

369.6

990.5

Apr. 2022

2,175.4

4,881.1

13,763.5

36.7

991.3

628.8

375.2

1,004.0

May 2022

2,180.7

4,933.4

13,428.5

36.5

972.7

637.1

381.9

1,019.0

June 2022

2,183.9

4,942.9

13,413.4

50.3

987.0

645.5

388.6

1,034.1

July 2022

2,185.3

4,955.2

13,341.7

79.5

1,015.5

644.9

393.5

1,038.5

Aug. 2022

2,186.5

5,171.5

13,036.4

130.2

1,027.0

634.9

396.8

1,031.7

Sept. 2022

2,188.6

5,099.3

12,959.2

174.2

1,053.0

625.1

400.0

1,025.1

Oct. 2022

2,193.9

5,074.0

12,790.6

234.5

1,094.9

612.5

404.1

1,016.5

Nov. 2022

2,200.1

5,074.8

12,690.5

304.5

1,131.1

597.0

408.9

1,005.9

Dec. 2022

2,208.0

5,122.3

12,549.4

380.8

1,172.5

581.8

413.7

995.5

Jan. 2023

2,204.5

5,055.7

12,330.4

442.0

1,248.4

574.8 e

425.3 e

1,000.0 e

Feb. 2023

2,208.7

5,051.1

12,072.6

502.5

1,278.7

574.8 e

441.6 e

1,016.4 e

Mar. 2023

2,221.1

5,106.6

11,776.5

576.1

1,326.8

574.8 e

458.0 e

1,032.7 e

Apr. 2023

2,232.6

5,024.1

11,526.3

674.6

1,371.0

574.8 e

466.2 e

1,041.0 e

May 2023

2,245.6

5,016.4

11,276.0

757.2

1,418.1

574.8 e

466.2 e

1,041.0 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: June 27, 2023