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Money Supply Data, Which Are Highly Volatile and Subject to Revision

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Money Supply Data, Which Are Highly Volatile and Subject to Revision FEDERAL RESERVE statistical release H.6 (508) MONEY STOCK MEASURES For release at 4:30 p.m. Eastern Time February 11, 2021 Final Weekly H.6 Statistical Release This is the final publication of the weekly H.6 statistical release. The first monthly H.6 statistical release, inclusive of the revisions announced on December 17, 2020, will be published on February 23, 2021 at 1:00 p.m. A template of the monthly H.6 statistical release can be found here. For more information on these revisions, see the announcement and Technical Q&As posted on December 17, 2020. FEDERAL RESERVE statistical release H.6 (508) MONEY STOCK MEASURES Table 1 For release at 4:30 p.m. Eastern Time Money Stock Measures Money Stock Measures Billions of dollars unless otherwise noted Seasonally adjusted Not seasonally adjusted Monetary base Memorandum: Reserves Date M11 M22 M11 M22 Currency in Reserve Monetary Total ($M) Nonborrowed Total reserves6 circulation3 balances4 base5 borrowings7 reserves8 2019-Sept. 3,905.8 15,034.9 1,762.9 1,439.8 3,202.7 3,877.1 15,008.9 1,504.8 101.5 1,504.7 Oct. 3,925.1 15,161.5 1,771.3 1,481.5 3,252.8 3,924.0 15,135.3 1,547.1 62.8 1,547.1 Nov. 3,950.5 15,263.2 1,786.2 1,529.3 3,315.6 3,925.2 15,282.3 1,595.2 26.1 1,595.2 Dec. 3,978.0 15,319.8 1,796.4 1,630.1 3,426.5 4,042.4 15,435.6 1,698.3 21.4 1,698.3 2020-Jan. 3,977.3 15,416.4 1,797.2 1,645.4 3,442.6 3,982.3 15,419.8 1,715.2 5.8 1,715.2 Feb. 4,003.8 15,459.7 1,797.5 1,657.0 3,454.5 3,940.3 15,405.7 1,726.9 3.2 1,726.9 Mar. 4,257.0 16,002.4 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. 4,799.1 17,033.8 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 5,036.2 17,883.2 1,931.8 3,217.6 5,149.4 5,017.5 17,791.8 3,217.6 111,844.6 3,105.8 June 5,217.4 18,179.0 1,958.3 3,043.6 5,001.8 5,220.3 18,130.9 3,043.6 97,671.4 2,945.9 July 5,329.8 18,328.8 1,981.7 2,718.5 4,700.3 5,331.2 18,280.4 2,718.5 92,943.3 2,625.6 Aug. 5,386.3 18,392.4 2,007.6 2,799.7 4,807.4 5,368.6 18,349.4 2,799.7 83,125.6 2,716.6 Sept. 5,496.6 18,618.0 2,027.5 2,852.8 4,880.3 5,454.0 18,573.0 2,852.8 78,387.1 2,774.4 Oct. 5,549.0 18,754.6 2,040.5 2,876.6 4,917.1 5,539.7 18,723.3 2,876.6 74,058.7 2,802.6 Nov. 5,986.3 19,005.5 2,058.4 3,034.7 5,093.0 5,945.5 19,020.0 3,034.7 66,597.5 2,968.1 Dec. 6,534.7 19,088.8 2,071.6 3,135.0 5,206.6 6,674.6 19,289.8 3,135.0 58,684.6 3,076.3 2021-Jan. 6,750.9 19,395.3 2,094.3 3,153.6 5,247.9 6,757.9 19,412.1 3,153.6 52,585.9 3,101.0 Percent change at seasonally adjusted annual rates M1 M2 3 Months from Oct. 2020 TO Jan. 2021 86.6 13.7 6 Months from July 2020 TO Jan. 2021 53.3 11.6 12 Months from Jan. 2020 TO Jan. 2021 69.7 25.8 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 checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, demand deposits, and OCDs, each seasonally adjusted separately. 2. 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 mutual funds less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. Currency 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" on table 1 of the H.4.1 statistical release. 8. Nonborrowed reserves equal total reserves less total borrowings from the Federal Reserve. H.6 (508) MONEY STOCK MEASURES Page 3 Table 2 Money Stock Measures Billions of dollars Seasonally adjusted Not seasonally adjusted M1 M2 M1 M2 Period ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average 2020-Nov. 9 5,499.9 5,582.8 5,680.6 18,651.3 18,838.9 18,990.9 5,479.0 5,602.8 5,442.4 18,613.6 18,811.3 18,952.1 Nov. 16 5,526.1 5,622.3 5,672.0 18,697.2 18,906.3 19,027.2 5,500.5 5,609.0 5,476.0 18,663.2 18,885.6 19,037.7 Nov. 23 5,588.2 5,777.8 6,166.1 18,749.0 18,971.3 19,037.6 5,558.1 5,722.4 6,141.5 18,718.8 18,969.1 19,014.8 Nov. 30 5,670.6 5,998.5 6,475.1 18,785.7 18,992.5 18,914.1 5,645.2 5,963.4 6,793.5 18,771.6 19,025.5 19,097.4 Dec. 7 5,756.0 6,204.4 6,504.2 18,830.8 19,027.6 19,131.4 5,732.2 6,207.1 6,417.3 18,822.3 19,088.5 19,204.2 Dec. 14 5,840.2 6,449.7 6,653.4 18,871.7 19,070.0 19,196.8 5,821.4 6,452.0 6,455.5 18,870.6 19,143.7 19,258.5 Dec. 21 5,918.3 6,552.5 6,577.4 18,903.7 19,084.5 19,095.5 5,918.2 6,593.8 6,708.7 18,926.8 19,218.5 19,313.9 Dec. 28 5,991.1 6,542.8 6,436.1 18,931.9 19,099.0 18,972.4 6,015.2 6,630.9 6,942.2 18,988.8 19,277.2 19,332.1 2021-Jan. 4 6,080.3 6,579.2 6,649.8 18,965.2 19,085.0 19,075.1 6,126.0 6,763.4 6,947.2 19,045.3 19,326.6 19,401.8 Jan. 11 6,167.3 6,593.2 6,709.5 19,019.5 19,147.8 19,448.3 6,212.7 6,767.4 6,471.6 19,105.6 19,378.8 19,467.3 Jan. 18 6,255.3 6,613.5 6,658.6 19,073.9 19,240.0 19,464.3 6,295.5 6,722.3 6,528.2 19,159.5 19,410.8 19,441.8 Jan. 25 6,352.9 6,707.6 6,812.4 19,122.7 19,349.9 19,411.9 6,388.6 6,711.2 6,897.6 19,208.7 19,407.8 19,320.4 Feb. 1 6,446.7 6,748.2 6,812.2 19,167.7 19,434.9 19,414.9 6,485.7 6,747.5 7,092.4 19,252.0 19,415.8 19,433.7 Percent change at seasonally adjusted annual rates M1 M2 Thirteen weeks ending February 1, 2021 from thirteen weeks ending: Nov.
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