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Money Stock Measures - H.6 Release Current Release RSS Data Download Release Date: March 22, 2022 For release at 1:00 p.m. Eastern Time March 22, 2022 H.6 (508) Money Stock Revisions This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2021 and estimated using the Census Bureau's X-13ARIMASEATS seasonal adjustment program. 1 Appendix tables accompanying the release contain the revised seasonal factors for months from January 2021 to March 2023. The tables also contain revised seasonally adjusted M1 and M2 levels as well as revised seasonally adjusted M1 and M2 annualized growth rates for the last two years. 1. Information on the seasonal adjustment program is available on the U.S. Census Bureau website at https://www.census.gov/data/software/x13as.html. Return to text 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 Oct. 2020 17,365.3 18,763.6 2,040.5 2,876.6 4,917.1 17,321.5 18,717.0 2,876.6 74,058.7 2,802.6 Nov. 2020 17,626.7 18,998.5 2,058.3 3,034.7 5,093.0 17,642.4 19,009.2 3,034.7 66,597.5 2,968.1 Dec. 2020 17,834.4 19,154.9 2,071.6 3,135.0 5,206.5 17,949.3 19,278.4 3,135.0 58,684.6 3,076.3 Jan. 2021 18,107.1 19,403.9 2,094.2 3,153.8 5,248.0 18,085.2 19,404.0 3,153.8 52,590.8 3,101.2 Feb. 2021 18,367.9 19,649.9 2,100.9 3,345.9 5,446.8 18,263.8 19,559.0 3,345.9 53,475.8 3,292.5 Mar. 2021 18,641.5 19,892.0 2,117.8 3,721.3 5,839.0 18,721.4 19,985.0 3,721.3 57,950.3 3,663.3 Apr. 2021 18,928.5 20,152.4 2,154.8 3,887.3 6,042.1 19,086.5 20,311.9 3,887.3 66,805.2 3,820.5 May 2021 19,259.7 20,462.9 2,169.5 3,872.4 6,041.9 19,169.8 20,363.2 3,872.4 80,781.7 3,791.6 June 2021 19,319.1 20,504.8 2,179.0 3,848.1 6,027.0 19,309.8 20,484.7 3,848.1 87,746.0 3,760.3 July 2021 19,497.0 20,671.1 2,186.3 3,943.9 6,130.2 19,458.9 20,621.4 3,943.9 87,621.1 3,856.3 Aug. 2021 19,745.5 20,905.2 2,188.6 4,140.1 6,328.7 19,682.7 20,829.1 4,140.1 80,766.7 4,059.3 Sept. 2021 19,897.6 21,045.7 2,195.7 4,193.2 6,388.8 19,873.0 21,010.6 4,193.2 68,567.7 4,124.6 Oct. 2021 20,064.9 21,200.5 2,202.9 4,128.1 6,331.0 20,022.4 21,154.4 4,128.1 54,558.8 4,073.5 Nov. 2021 20,283.6 21,407.2 2,214.3 4,180.6 6,394.8 20,271.1 21,392.3 4,180.6 45,317.6 4,135.3 Dec. 2021 20,439.5 21,553.1 2,225.3 4,187.9 6,413.2 20,600.1 21,724.0 4,187.9 38,082.2 4,149.9 Jan. 2022 20,604.5 21,728.9 2,232.9 3,871.1 6,104.0 20,568.1 21,717.0 3,871.1 32,055.1 3,839.1 Feb. 2022 20,694.2 21,811.8 2,235.5 3,804.5 6,040.0 20,560.8 21,694.0 3,804.5 28,714.6 3,775.8 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 Non-M1 M2 Demand deposits 2 Other liquid deposits 3 Smalldenomination time deposits 4 Retail money market funds 5 Oct. 2020 1,941.6 2,441.6 12,982.2 313.6 1,084.7 Nov. 2020 1,958.1 2,791.2 12,877.5 279.9 1,091.9 Dec. 2020 1,975.9 3,296.8 12,561.6 252.6 1,067.8 Jan. 2021 1,997.2 3,392.6 12,717.4 233.8 1,063.0 Feb. 2021 2,014.3 3,595.1 12,758.5 213.8 1,068.2 Mar. 2021 2,028.2 3,739.4 12,873.9 194.9 1,055.6 Apr. 2021 2,057.2 3,739.6 13,131.6 175.0 1,049.0 May 2021 2,063.5 4,004.0 13,192.2 160.8 1,042.4 June 2021 2,070.2 4,240.3 13,008.5 151.4 1,034.3 July 2021 2,076.7 4,366.6 13,053.7 141.1 1,033.1 Aug. 2021 2,084.9 4,481.7 13,178.9 128.4 1,031.2 Sept. 2021 2,092.9 4,494.2 13,310.6 116.9 1,031.2 Oct. 2021 2,104.1 4,588.3 13,372.6 108.4 1,027.2 Nov. 2021 2,117.9 4,672.9 13,492.8 102.1 1,021.5 Dec. 2021 2,132.5 4,699.5 13,607.5 94.4 1,019.1 Jan. 2022 2,143.5 4,812.0 13,648.9 89.1 1,035.3 Feb. 2022 2,157.8 4,776.1 13,760.2 78.3 1,039.4 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 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 Oct. 2020 1,944.1 2,429.3 12,948.1 314.8 1,080.7 592.9 382.8 975.7 Nov. 2020 1,957.9 2,754.7 12,929.8 276.6 1,090.2 598.7 382.5 981.2 Dec. 2020 1,973.8 3,357.1 12,618.4 248.5 1,080.6 604.7 382.1 986.8 Jan. 2021 1,988.3 3,368.7 12,728.2 229.7 1,089.1 606.6 380.3 986.9 Feb. 2021 1,999.4 3,531.2 12,733.1 210.1 1,085.1 604.4 376.9 981.4 Mar. 2021 2,019.9 3,769.1 12,932.4 192.4 1,071.2 602.3 373.6 975.9 Apr. 2021 2,053.6 3,846.6 13,186.3 174.0 1,051.4 599.5 369.6 969.1 May 2021 2,068.7 4,018.6 13,082.4 162.7 1,030.7 596.0 365.0 961.0 June 2021 2,080.8 4,257.3 12,971.7 154.1 1,020.8 592.5 360.2 952.7 July 2021 2,087.2 4,377.1 12,994.6 143.6 1,018.9 591.5 357.8 949.3 Aug. 2021 2,091.1 4,439.3 13,152.3 130.3 1,016.1 593.6 357.9 951.6 Sept. 2021 2,098.6 4,444.5 13,329.8 118.2 1,019.5 595.7 358.1 953.8 Oct. 2021 2,106.6 4,557.0 13,358.8 108.8 1,023.2 596.8 e 359.8 e 956.6 e Nov. 2021 2,116.5 4,611.4 13,543.2 101.2 1,019.9 596.8 e 363.1 e 959.9 e Dec. 2021 2,129.1 4,776.5 13,694.6 93.2 1,030.7 596.8 e 366.5 e 963.2 e Jan. 2022 2,133.3 4,769.9 13,665.0 87.6 1,061.2 596.8 e 368.1 e 964.9 e Feb. 2022 2,141.8 4,695.3 13,723.7 77.0 1,056.2 596.8 e 368.1 e 964.9 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. Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 and M2 Date Currency Demand deposits Other liquid deposits Small denom. time deposits Retail money funds Jan. 2021 0.9956 0.9930 1.0009 0.9826 1.0245 Feb. 2021 0.9926 0.9822 0.9973 0.9828 1.0158 Mar. 2021 0.9959 1.0079 1.0048 0.9868 1.0148 Apr. 2021 0.9982 1.0286 1.0042 0.9945 1.0023 May 2021 1.0025 1.0037 0.9917 1.0117 0.9888 June 2021 1.0051 1.0040 0.9972 1.0175 0.9869 July 2021 1.0050 1.0024 0.9955 1.0181 0.9863 Aug. 2021 1.0030 0.9905 0.9980 1.0146 0.9853 Sep. 2021 1.0027 0.9890 1.0014 1.0117 0.9886 Oct. 2021 1.0012 0.9932 0.9990 1.0037 0.9961 Nov. 2021 0.9994 0.9868 1.0037 0.9913 0.9985 Dec. 2021 0.9984 1.0164 1.0064 0.9867 1.0113 Jan. 2022 0.9952 0.9912 1.0012 0.9838 1.0249 Feb. 2022 0.9926 0.9831 0.9973 0.9838 1.0162 Mar. 2022 0.9956 1.0091 1.0049 0.9871 1.0151 Apr. 2022 0.9988 1.0309 1.0043 0.9946 1.0026 May 2022 1.0030 1.0051 0.9916 1.0091 0.9883 June 2022 1.0051 1.0046 0.9968 1.0144 0.9868 July 2022 1.0058 1.0020 0.9950 1.0162 0.9863 Aug. 2022 1.0033 0.9905 0.9977 1.0141 0.9857 Sep. 2022 1.0026 0.9885 1.0015 1.0106 0.9889 Oct. 2022 1.0003 0.9923 0.9992 1.0036 0.9958 Nov. 2022 0.9989 0.9871 1.0039 0.9942 0.9980 Dec. 2022 0.9982 1.0141 1.0067 0.9889 1.0109 Jan. 2023 0.9952 0.9905 1.0012 0.9845 1.0250 Feb. 2023 0.9928 0.9832 0.9974 0.9854 1.0167 Mar. 2023 0.9958 1.0103 1.0049 0.9883 1.0152 Appendix Table 2 Comparison of Revised and Old Monetary Aggregate Levels. Billions of dollars, seasonally adjusted. Date Revised M1 Old M1 Revised M2 Old M2 Oct. 2020 17,365.3 17,347.1 18,763.6 18,747.8 Nov. 2020 17,626.7 17,589.4 18,998.5 18,958.6 Dec. 2020 17,834.4 17,811.9 19,154.9 19,129.2 Jan. 2021 18,107.1 18,093.7 19,403.9 19,387.9 Feb. 2021 18,367.9 18,376.4 19,649.9 19,657.4 Mar. 2021 18,641.5 18,651.4 19,892.0 19,903.1 Apr. 2021 18,928.5 18,935.8 20,152.4 20,156.3 May 2021 19,259.7 19,219.4 20,462.9 20,424.2 June 2021 19,319.1 19,256.1 20,504.8 20,442.9 July 2021 19,497.0 19,416.0 20,671.1 20,592.3 Aug. 2021 19,745.5 19,690.2 20,905.2 20,851.4 Sep. 2021 19,897.6 19,860.0 21,045.7 21,010.3 Oct. 2021 20,064.9 20,027.9 21,200.5 21,163.6 Nov. 2021 20,283.6 20,281.8 21,407.2 21,402.0 Dec. 2021 20,439.5 20,485.0 21,553.1 21,595.6 Appendix Table 3 Comparison of Revised and Old M1 Growth Rates. Percent changes, annual rate. Date Revised Old Difference Date Revised Old Difference 2020 January -4.0 2.4 -6.4 February 2.8 2.7 0.1 77.6 75.3 2.3 April 145.8 138.2 7.6 May 2,875.4 2,886.5 -11.1 June 24.4 23.7 0.7 July 14.5 13.7 0.8 9.5 8.1 1.4 September 18.8 19.2 -0.4 October 14.3 13.3 1.0 November 18.1 16.8 1.3 December 14.1 15.2 -1.1 January 18.3 19.0 -0.7 February 17.3 18.7 -1.4 March 17.9 18.0 -0.1 April 18.5 18.3 0.2 May 21.0 18.0 3.0 June 3.7 2.3 1.4 July 11.1 10.0 1.1 August 15.3 16.9 -1.6 9.2 10.3 -1.1 October 10.1 10.1 0.0 November 13.1 15.2 -2.1 December 9.2 12.0 -2.8 20Q4 15.8 15.2 0.6 21Q1 17.3 18.0 -0.7 21Q2 17.4 16.6 0.8 21Q3 11.4 10.8 0.6 21Q4 11.1 12.4 -1.3 20Q4 - 21Q2 17.7 17.7 0.0 21Q2 - 21Q4 11.4 11.8 -0.4 2020 344.0 343.4 0.6 2021 15.1 15.3 -0.2 March August 2021 September Quarterly Semi-Annual Annual (Q4 to Q4) Appendix Table 4 Comparison of Revised and Old M2 Growth Rates. Percent changes, annual rate. Date Revised Old Difference 2020 January 6.4 6.3 0.1 February 4.5 5.0 -0.5 March 41.1 42.0 -0.9 April 76.1 77.0 -0.9 May 58.8 59.9 -1.1 June 19.9 19.2 0.7 July 9.9 9.3 0.6 August 5.4 4.1 1.3 September 14.2 14.6 -0.4 October 10.4 9.5 0.9 November 15.0 13.5 1.5 December 9.9 10.8 -0.9 January 15.6 16.2 -0.6 February 15.2 16.7 -1.5 March 14.8 15.0 -0.2 April 15.7 15.3 0.4 May 18.5 15.9 2.6 June 2.5 1.1 1.4 July 9.7 8.8 0.9 13.6 15.1 -1.5 8.1 9.1 -1.0 2021 August September Date October Revised Old Difference 8.8 8.8 0.0 November 11.7 13.5 -1.8 December 8.2 10.9 -2.7 20Q4 11.8 11.1 0.7 21Q1 14.3 14.9 -0.6 21Q2 14.8 14.1 0.7 21Q3 9.8 9.4 0.4 21Q4 9.8 10.9 -1.1 20Q4 - 21Q2 14.8 14.7 0.1 21Q2 - 21Q4 9.9 10.3 -0.4 2020 24.4 24.3 0.1 2021 12.7 12.9 -0.2 Quarterly Semi-Annual Annual (Q4 to Q4) Last Update: March 22, 2022
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