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**Performance Evaluation of the H.6 Statistical Release*****Money Stock Measures***

December 2009

**I.   Introduction**The Federal Reserve Board's statistical release entitled "Money Stock Measures" (H.6) is
released each Thursday, generally at 4:30 p.m., unless Thursday is a federal
holiday, in which case the release is issued on Friday, generally at 4:30 p.m.�
The release provides information on the monetary aggregates and their
components.�The data on the monetary aggregates play a role in the formulation
and conduct of U.S. monetary policy.� A copy of the H.6 release is
included as Attachment 1.

Table 1 of the H.6
release presents monthly data on the two major monetary aggregates, Ml and M2, over
the most recent two-year period.1�
Both seasonally adjusted and not seasonally adjusted data are shown. �Table 2
presents the recent growth trends in M1 and M2, as well as one-, four-, and
thirteen-week average data on the aggregates.� Tables 3 and 4 present monthly
and weekly seasonally adjusted data on the components of M1, the components of
M2 not included in M1 (non-M1 M2), and institutional money funds. �Tables 5 and
6 present the components of the monetary aggregates and institutional money
funds on a not seasonally adjusted basis. �Table 7 provides monthly and weekly
data for selected series, mainly deposit items that are excluded from the
monetary aggregates.� On March 29, 2009, the U.S. Treasury�s supplementary
financing account was added as a memorandum item in Table 7.

Most of the data shown on the H.6 release are reported by depository institutions, though some
information is obtained from nonbank issuers of traveler's checks and from
money market mutual funds. The frequency of data collection ranges from daily
to annual.2

A more detailed
discussion of the H.6 release follows. �It begins with a brief history of the
report and its definitions and concepts, followed by a description of the H.6 release's
various data sources, including information required by Section 8, Performance
Evaluation, of Statistical Policy Directive No. 3.

**II. Historical
and Analytical Background**

The Federal Reserve
System has constructed and published monetary statistics since 1914. �Timely
and accurate data on the monetary aggregates are needed by the Board of
Governors and the Federal Open Market Committee (FOMC) for use in monetary
policy deliberations and by the public in assessing financial flows and
conditions and their implications for the economy.

Concepts and definitions
of the money stock have evolved over time, reflecting changes in the regulatory
and institutional environment. �For example, the publication of the M3 monetary
aggregate on the H.6 release was discontinued in March 2006.� M3 did not appear
to convey any additional information about economic activity that was not
already embodied in M2 and had not played a role in the monetary policy process
for many years. �Consequently, the Federal Reserve Board judged that the costs
of collecting the underlying data and publishing M3 outweighed the benefits.�

The footnotes of the H.6
release detail the current definitions of money stock concepts, which are
summarized here.

Ml includes funds that
are readily accessible for spending. �M1 consists of: (1) currency outside the
U.S. Treasury, Federal Reserve Banks, and the vaults of depository
institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits;
and (4) other checkable deposits (OCDs), which consist primarily of negotiable
order of withdrawal (NOW) accounts at depository institutions and credit union
share draft accounts. Seasonally adjusted M1 is calculated by summing currency,
traveler's checks, demand deposits, and OCDs, each seasonally adjusted separately.

M2 includes a broader set
of financial assets held principally by households. �M2 consists of M1 plus:
(1) savings deposits (which include money market deposit accounts, or MMDAs);
(2) small-denomination time deposits (time deposits in amounts of less than
$100,000); and (3) balances in retail money market mutual funds (MMMFs).� Seasonally
adjusted M2 is computed by summing savings deposits, small-denomination time
deposits, and retail MMMFs, each seasonally adjusted separately, and adding
this result to seasonally adjusted M1.

Deposits at depository
institutions held by the U.S. government, U.S. and foreign depository
institutions, foreign official institutions, and MMMFs are excluded from the
monetary aggregates.� Government and interbank deposits are excluded because
the monetary aggregates measure money in the hands of the non-bank public in
the United States.� Deposits held by MMMFs are excluded to avoid double
counting.�

**III. Sources and
Methodology**

**A. Major Deposits
Reports**

The primary information
source for construction of the monetary aggregates is the reports of deposits
filed by depository institutions. �The system governing the filing of these
reports is closely tied to the structure of reserve requirements, which are
established by statute (Section 19 of the Federal Reserve Act) and implemented pursuant
to Federal Reserve Regulation D, Reserve Requirements of Depository
Institutions.�

The frequency with which
an institution files a report of deposits depends on the institution's net
transaction accounts, its total deposits, and its total transaction accounts,
savings deposits, and small-denomination time deposits. �For more information
on how institutions are assigned to reporting panels, see Chapter IV of the *Reserve Maintenance Manual*
at �http://www.frbservices.org/files/regulations/pdf/rmm.pdf.

The primary report of
deposits is the "Report of Transaction Accounts, Other Deposits and Vault
Cash" (FR 2900; OMB No. 7100-0087). �A copy of the FR
2900 reporting form is included as Attachment 2.� This report contains
twelve items, seven of which are used in the construction of the monetary
aggregates: other demand deposits, ATS accounts and NOW accounts/share drafts,
and telephone and preauthorized transfers, cash items in the process of
collection, total savings deposits, total time deposits, total time deposits
with balances of $100,000 or more, and vault cash.3
�This report is filed either weekly or quarterly, depending on the
institution's assigned reporting category. �Weekly filers of the FR 2900 report
daily data for the deposit week, which begins on a Tuesday and ends on the
following Monday. �As of June 2009, about 2,900 institutions reported the FR
2900 on a weekly basis and held about 89 percent of all deposit liabilities. �Quarterly
filers of the FR 2900 report daily data for one week each quarter. �The quarterly
report week begins on the third Tuesday in the months of March, June,
September, and December and ends on the following Monday. �As of June 2009,
about 4,800 institutions reported the FR 2900 on a quarterly basis and held
about 7 percent of all deposit liabilities.

All FR 2900 respondents
(weekly and quarterly) that offer deposits denominated in foreign currencies at
their U.S. offices file the "Report of Foreign (Non-U.S.) Currency
Deposits" (FR 2915; OMB No. 7100-0237).� A copy of the FR
2915 reporting form is included as Attachment 3. �As of June 2009, about 120
depository institutions file this report. �The report collects seven-day
averages, as opposed to daily data, on the same schedule and frequency as the
quarterly FR 2900 report. �The amounts of foreign currency deposits held at U.S. offices are converted to U.S. dollars and included in the appropriate line item on the
institution's FR 2900 report.� Foreign currency denominated deposits are
reservable, but such deposits are excluded from the monetary aggregates;
therefore, foreign currency deposits reported on the FR 2915 are subtracted from
the appropriate component when constructing the monetary aggregates.

The Federal Reserve uses
the quarterly reports of condition (Call Reports) that are submitted to the
various federal regulatory agencies to estimate the contribution to the
monetary aggregates from approximately 8,500 depository institutions that are
not required to file an FR 2900.4 �As
of June 2009, these institutions held about 4 percent of all deposit
liabilities.

If a depository
institution's Call Report is not readily available, the "Annual Report of Total
Deposits and Reservable Liabilities" (FR 2910a: OMB No. 7100-0175) is used
to estimate a depository institution's liabilities for the purposes of
constructing the monetary aggregates. �A copy of the FR
2910a report form is included as Attachment 4.� In June 2009, there were
approximately 10 such institutions, with aggregate deposits of about $115 million.

In summary, the current
reporting framework furnishes at least some information on deposits and vault
cash from all depository institutions. �For institutions that do not file a deposit
report weekly, the Federal Reserve Board staff uses the most recent quarterly
or annual report filed to estimate deposits and vault cash on a weekly basis
until the next report becomes available. �The published monetary data are
revised quarterly to reflect the difference between the estimates and newly
reported data.

**B. Data Sources
Used to Construct the Components of the Monetary Aggregates**

This section discusses
the construction and data sources for each of the major components of the
monetary aggregates.

The **currency** component
of M1, sometime called "money stock currency," is defined as currency
in circulation outside the U.S. Treasury, Federal Reserve Banks, and the vaults
of depository institutions. �Data on total currency in circulation are obtained
weekly from balance sheets of the Federal Reserve Banks and from the U.S.
Treasury. �Weekly currency in circulation data are published each week on the Federal
Reserve Board's H.4.1 statistical release "Factors Affecting Reserve
Balances of Depository Institutions and Condition Statement of Federal Reserve
Banks."� Vault cash is reported on the 
FR 2900 and subtracted from total currency in circulation.� For institutions
that do not file the FR 2900, vault cash is estimated using data reported on
the Call Reports.

Data for the nonbank **traveler's checks**
component of Ml are reported by six nonbank issuers of traveler's checks, as of
the last business day of each month.� Traveler's checks issued by banks are
included in the demand deposit component of M1. �The respondents provide the
information on nonbank traveler's checks by e-mail or phone.

The **demand deposits**
component of M1 is defined as total demand deposits at commercial banks and
foreign related institutions other than those due to the U.S. government, U.S. and foreign depository institutions, and foreign official
institutions. �In order to avoid double counting those deposits that are
simultaneously on the books of two depository institutions, the demand deposit
component of M1 excludes cash items in the process of collection (CIPC) and
Federal Reserve float. �Demand deposits due to depository institutions in the
United States and the U.S. government, as well as other demand deposits and
CIPC, are reported on the FR 2900 and, for institutions that do not file the FR
2900, are estimated using data reported on the Call Reports. �Demand deposits
held by foreign banks and foreign official institutions are estimated using data
reported on the Call Reports. �Federal Reserve float is obtained weekly from
the consolidated balance sheet of the Federal Reserve Banks, which is published
each week in the Federal Reserve Board's H.4.1 statistical release.

The other **checkable deposits**
component of M1 consists of negotiable order of withdrawal (NOW) accounts and
automated transfer service (ATS) balances at banks, thrifts, and foreign
related institutions, credit union share draft balances, and demand deposits at
thrifts. �These items are reported on the FR 2900 and, for institutions that do
not file the FR 2900, are estimated using data reported on the Call Reports.

The **savings deposit**s
component of M2 consists of passbook-type savings deposits as well as MMDAs at
banks and thrifts. �This item is reported on the FR 2900 and, for institutions
that do not file the FR 2900, is estimated using data reported on the Call
Reports.5

The **small-denomination time deposits**
component of M2 includes time deposits at banks and thrifts with balances less
than $100,000. �The small-denomination time deposit component of M2 excludes
individual retirement account (IRA) and Keogh balances at depository
institutions because heavy penalties for pre-retirement withdrawals make these
balances too illiquid to be included in the monetary aggregates.� Gross small-denomination
time deposits are derived as the difference between total time deposits and time
deposits with balances of $100,000 or more, both of which are reported on the
FR 2900. �For institutions that do not file an FR 2900, gross small-denomination
time deposits are estimated using data reported on the Call Reports. �IRA and
Keogh account balances at depository institutions are estimated using data
reported on the Call Reports.6

The **retail money funds**
component of M2 and the memorandum item **institutional
money funds** are constructed from weekly data collected by the
Investment Company Institute (ICI), a trade association for the investment
company industry. �ICI collects weekly data from approximately 1850 funds.7 �The retail money funds component
of M2 excludes IRA and Keogh balances held by MMMFs, which are reported by ICI
on a quarterly basis.

**IV.
Publication Schedule**

**A. Processing of
the H.6 Release**

The H.6 release is
released each Thursday, generally at 4:30p.m., unless Thursday is a federal
holiday, in which case the release is issued on Friday, generally at 4:30
p.m.�� The release incorporates money stock data through the week that ended on
Monday of the previous week (ten days earlier). �Current H.6 data and the
historical time series are also made available to the public electronically on
the Federal Reserve Board's public web site, found at http://www.federalreserve.gov/releases/
and through the U.S. Department of Commerce's economic bulletin board
(STAT-USA), shortly after 4:30 p.m. �The H.6 release has been published on time
every week over the past three years. �

Release to the public is
handled by the Federal Reserve Board's Public Affairs Office. Interested
parties may receive the publication by mail for a fee, though the mailing list
includes less than 25 addressees. �Many people obtain the data through
secondary sources such as newspapers, the U.S. Department of Commerce's economic
bulletin board, electronic data systems, and private data collection firms.

**B. Avoidance of
Premature Disclosure**

Data on the H.6 release
are provided to the public in aggregate form only. �For most of the underlying
reports, data from individual respondents are held confidential under the
Freedom of Information Act.

Before publication on
Thursday afternoon, access to the latest H.6 data is limited to members of the
Board of Governors and selected Federal Reserve staff members. �The Board�s
Public Affairs office releases the H.6 data to the news services generally thirty
minutes before the data are released to the public. �There has been no
premature disclosure of the data by the Federal Reserve over the past three
years.

**C. Accuracy and
Reliability**

Data on the H.6 release
revise for three reasons: (1) revisions to the data reported; (2) revisions to
estimates that result from newly reported monthly or quarterly data; and (3)
annual revisions to seasonal factors.

FR 2900 weekly data for
the latest five weeks are especially subject to revision, and these revisions
are included in the data published each week.� Similarly, revisions to the past
three quarters of quarterly FR 2900 data are included in the data published
each week.� At least twice each year revisions to FR 2900 data outside the
window described above are published on the H.6 release, and historical data
incorporating these revisions are made available on the Federal Reserve Board's
public web site.

Newly reported data from
the quarterly Call Reports and revised data from previously reported Call
Reports are used to revise estimates of several netting items (discussed above)
as well as estimates of deposits and vault cash data for those depository
institutions that do not report on the FR 2900.� Generally, these revisions are
included on the H.6 release quarterly.

Data on IRA and Keogh
balances held by MMMFs are used to revise prior estimates of this item about quarterly
and are included on the H.6 release (IRA and Keogh balances held by MMMFs are
subtracted from gross retail MMMFs).

In late January or early
February each year, seasonal factors for the aggregates and their components
are re-estimated. �The revised seasonal factors are announced to the public in
a special cover note on the first H.6 release in which they are incorporated. �A
comparison of monetary data before and after the factors have been re-estimated
is included in that release as well. �Revised historical data are posted on the
Federal Reserve Board's web site. �Any definitional and methodological changes
in measurement are usually implemented at the same time and are fully discussed
in the cover note.

Experience suggests that
the explanations provided in footnotes and special attachments to the H.6
release generally are sufficient to inform the public. �Individuals have
telephoned or written Federal Reserve Board staff seeking clarification of
technical or methodological issues infrequently. �The Federal Reserve Board
takes pride in the quality, objectivity, utility, and integrity of the
information it disseminates to the public. �(See "Guidelines for Ensuring
and Maximizing the Quality, Objectivity, Utility, and Integrity of Information
Disseminated by the Federal Reserve Board" at http://www.federalreserve.gov/iq_guidelines.htm).
�If there are a significant number of inquiries concerning a specific point,
footnote, or text on the H.6 release, then that item may be amended.

**D. Dissemination
of Revised and Historical Data**

Federal Reserve Board
publications and the Federal Reserve Board web site are arranged so that
historical data (including revisions) are available to the public in a
convenient form, and so that revisions can be tracked through time.

The Federal Reserve Board's
public web site, www.federalreserve.gov/releases/h6,
has the H.6 releases back to March 11, 1999, as well as up-to-date (revised)
historical data back to January 1959 for the monthly series, and back to
January 1981 for the weekly series. Some historical data are also available in
the *Federal Reserve
Bulletin* and the *Statistical
Supplement to the Federal Reserve Bulletin*, as well as in the
Federal Reserve's *Annual
Statistical Digest*.

**List of
Attachments:**

H.6
     release (H.6)
 FR
     2900: Report of Transaction Accounts, Other Deposits and Vault Cash 
     (FR
     2900)
 FR
     2915: Report of Foreign (Non-U.S.) Currency Deposits (FR
     2915)
 FR
     2910a: Annual Report of Total Deposits and Reservable Liabilities (FR
     2910a)
 FR
     2051a: Weekly Report of Assets of Money Market Mutual Funds (FR
     2051a)**Footnotes**

1. In March 2006, the publication of
the M3 aggregate was discontinued.� Other aggregates formerly shown on the H.6
release include the nonfinancial "debt" aggregate (discontinued in
2002) and the "L" aggregate (discontinued in 1998). Return to text

2. Most of the Federal Reserve
reports used for construction of the monetary aggregates are used for other
purposes as well. �Detailed information on these reports is available from the
respective supporting statements on file at OMB, in the associated *Federal Register*
notice, or under "Reporting Forms" at http://www.federalreserve.gov/boarddocs/reportforms/default.cfm. 
Return to text

3. The remaining items on the report
are used in the calculation of a depository institution's reserve
requirement. Return to text

4. The Call Reports are submitted to
the following agencies: the Federal Reserve Board, the Federal Deposit
Insurance Corporation, and the Office of the Comptroller of the Currency (which
collect data on FFIEC 031/041; OMB No.7100-0036); the Office of Thrift
Supervision (which collects data on OTS Form 1313; OMB No. 1550-0023); and the
National Credit Union Administration (which collects data on NCUA 5300; OMB No.
3133-0004). Return to text

5. The savings deposit component
also includes an estimate of certain telephone transfer accounts at depository
institutions. Return to text

6. The small-denomination time
deposit component also includes an estimate of retail repurchase agreements
held at banks and thrifts. Return to text

7. The "Weekly Report of Assets
of Money Market Mutual Funds" (FR
2051a; OMB No. 7100-0012), included as Attachment 5, has been approved for
the collection of this information, but since ICI collects the data for its own
use and under its own data collection procedures, the FR 2051a is not actually
filed by the respondent money funds. Return to text

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