For release at

4:30 p.m. ET

December 13, 2018

SPECIAL NOTICE

In January 2019, the Board will discontinue publication of data on the outstanding amount of 

U.S. dollar-denominated traveler's checks of nonbank issuers. Dollar-denominated traveler’s 

checks serve as an alternative to demand deposits and currency as a means of payment and 

therefore are included in M1. Nonbank traveler’s checks have fallen steadily for many years to a 

point at which they represent an immaterial share of the monetary aggregates. The insignificant 

amounts no longer justify the burden of collection and publication of these data. 

The date of the last reported value in the “Traveler’s checks” column in tables 3 and 5 of the H.6 

statistical release will be December 31, 2018. 

Historical data for traveler’s checks of non-bank issuers will remain available through the Data 

Download Program.

FEDERAL RESERVE statistical release
Seasonally adjusted Not seasonally adjusted

M11 M22 M11 M22

3,341.6 13,210.4 3,382.8 13,292.63,397.7 13,276.9 3,387.7 13,274.93,393.0 13,320.1 3,346.5 13,288.23,443.8 13,393.1 3,467.5 13,476.03,443.5 13,448.9 3,473.2 13,542.83,502.9 13,508.7 3,503.6 13,454.23,503.9 13,543.6 3,508.5 13,496.53,530.6 13,615.3 3,539.3 13,569.23,563.7 13,665.5 3,574.6 13,632.93,564.0 13,708.6 3,533.3 13,688.33,591.6 13,755.9 3,588.6 13,728.93,606.6 13,785.7 3,584.6 13,791.83,598.7 13,836.5 3,636.9 13,919.83,647.1 13,844.4 3,636.3 13,837.33,614.2 13,870.3 3,558.5 13,831.63,664.4 13,934.7 3,686.2 14,018.63,660.6 13,958.3 3,693.1 14,054.83,654.0 14,028.8 3,657.4 13,975.03,658.1 14,115.3 3,661.2 14,069.53,667.2 14,147.2 3,680.5 14,100.53,700.7 14,211.2 3,712.3 14,180.43,727.3 14,241.7 3,695.6 14,221.33,738.2 14,270.4 3,735.8 14,243.43,716.3 14,317.6 3,696.1 14,321.4

adjusted annual rates M1 M2

2018 1.7 3.0

2018 3.4 4.1

2018 3.0 3.9

due to rounding.

de the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits at

ose amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and

her checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,

s, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler's checks, demand deposits, and OCDs, each

gs deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual

ogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.

ructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to

RESERVE statistical release

MEASURES

For release at 4:30 p.m. Eastern Time

December 13, 2018
Seasonally adjusted Not seasonally adjusted

M1 M2 M1 M2

-week

verage

week

average

13-week

average

4-week

average

week

average

13-week

average

4-week

average

week

average

13-week

average

4-week

average

week

average

,739.3 3,745.8 14,173.8 14,226.7 14,220.3 3,698.9 3,757.0 3,588.7 14,135.4 14,204.1 14,246.7,746.9 3,704.1 14,182.6 14,233.4 14,235.3 3,697.8 3,734.7 3,590.5 14,147.1 14,222.2 14,254.4,749.1 3,710.0 14,191.6 14,236.1 14,251.7 3,695.5 3,700.8 3,693.0 14,158.7 14,219.5 14,136.3

,711.6 3,686.3 14,201.4 14,244.4 14,270.2 3,694.7 3,672.9 3,819.3 14,168.3 14,216.2 14,227.5,700.6 3,701.9 14,209.6 14,248.3 14,236.1 3,696.7 3,676.9 3,604.8 14,176.5 14,216.2 14,246.4,709.9 3,741.5 14,218.3 14,255.0 14,262.0 3,700.4 3,685.0 3,622.7 14,188.1 14,223.1 14,282.3,725.6 3,772.8 14,228.4 14,263.9 14,287.3 3,706.4 3,699.5 3,751.1 14,202.4 14,247.5 14,233.7,740.0 3,743.8 14,239.1 14,269.8 14,293.7 3,711.4 3,720.6 3,903.9 14,213.3 14,241.0 14,201.4,741.9 3,709.4 14,247.5 14,279.8 14,276.1 3,716.8 3,750.4 3,723.9 14,222.1 14,254.0 14,298.6,731.3 3,699.3 14,253.8 14,284.3 14,280.0 3,715.4 3,735.5 3,563.0 14,230.1 14,257.1 14,294.6,711.4 3,693.0 14,261.8 14,290.8 14,313.5 3,713.1 3,710.4 3,650.6 14,242.1 14,283.1 14,337.6,700.5 3,700.2 14,269.4 14,302.1 14,338.9 3,709.6 3,679.9 3,782.0 14,253.4 14,306.3 14,294.3

,731.2 3,832.2 14,281.5 14,331.8 14,394.6 3,707.7 3,725.4 3,906.0 14,267.9 14,338.8 14,428.8

adjusted annual rates M1 M2

r 3, 2018 from thirteen

5.1 3.33.6 4.33.8 3.8

due to rounding.

en in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.

MEASURES Page 2
nts of M1

Currency1 Traveler's checks2 Demand deposits3

Other checkable deposits

At commercial banks4 At thrift institutions5 Total

1,485.4 2.0 1,469.6 294.6 279.1 573.6

1,493.8 2.0 1,487.2 301.1 279.6 580.71,503.2 2.0 1,476.4 300.7 281.8 582.51,512.3 1.9 1,490.6 305.0 281.9 586.9

1,518.1 1.9 1,492.1 307.4 287.0 594.4

1,525.8 1.9 1,478.3 306.1 286.7 592.8

1,538.2 1.9 1,503.8 315.8 287.4 603.2

1,540.2 1.9 1,475.8 311.9 284.4 596.3

1,548.7 1.9 1,510.1 314.1 289.7 603.9

1,558.0 1.8 1,490.4 318.0 292.4 610.4

1,569.0 1.8 1,472.0 321.9 289.3 611.11,580.3 1.8 1,463.3 318.1 294.6 612.71,589.8 1.8 1,458.7 323.3 293.7 617.01,598.9 1.8 1,476.4 328.7 295.0 623.71,610.7 1.7 1,487.2 330.2 297.5 627.71,617.2 1.7 1,479.4 341.4 298.5 639.9

1,621.3 1.7 1,461.6 336.8 295.0 631.7

1,614.8 1.7 1,454.8 336.0 294.7 630.7

1,616.2 1.7 1,485.0 341.5 297.1 638.61,618.0 1.7 1,503.9 349.5 299.7 649.21,619.2 1.7 1,478.0 343.5 301.4 644.9

1,618.6 1.7 1,457.7 333.7 297.7 631.41,620.0 1.7 1,448.3 336.5 292.8 629.31,621.2 1.7 1,442.5 335.9 291.7 627.61,622.7 1.7 1,442.7 338.0 295.2 633.2

1,624.0 1.7 1,564.3 340.5 301.7 642.2

due to rounding.

Federal Reserve Banks and the vaults of depository institutions.

ar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits.

y chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository

t, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float.

estically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.

institutions, credit union share draft balances, and demand deposits at thrift institutions.

MEASURES Page 3
nts of Non-M1 M2

Savings deposits1 Small-denomination time deposits2

Retail

money funds3

Total

non-M1 M2

Memorandum:

Institutional

money funds4 

l 

At thrift institutions Total At commercial banks At thrift institutions Total

1,318.3 9,015.1 276.4 100.8 377.2 692.4 10,084.7 1,727.3

1,318.2 9,018.6 281.9 103.4 385.2 698.0 10,101.8 1,762.8

1,312.2 9,048.4 288.3 107.9 396.2 700.0 10,144.6 1,800.21,301.8 9,060.7 292.4 108.9 401.3 702.3 10,164.3 1,807.7

1,295.7 9,070.3 295.8 109.4 405.2 703.7 10,179.2 1,794.41,298.8 9,122.5 299.7 110.4 410.0 705.2 10,237.8 1,827.3

1,306.9 9,080.1 307.2 109.2 416.4 700.7 10,197.3 1,831.1

1,318.4 9,122.4 315.5 106.5 422.0 711.7 10,256.2 1,835.0

1,338.5 9,124.8 326.9 104.8 431.7 713.8 10,270.3 1,849.71,307.4 9,132.3 344.2 99.7 443.9 721.5 10,297.7 1,867.21,325.1 9,175.9 355.0 101.2 456.2 742.7 10,374.9 1,860.41,327.6 9,234.0 366.7 102.5 469.2 754.1 10,457.2 1,879.81,331.4 9,239.2 376.0 104.3 480.3 760.4 10,479.9 1,875.41,334.2 9,251.6 384.6 108.1 492.7 766.1 10,510.5 1,860.1

1,330.7 9,232.6 395.9 110.0 506.0 775.8 10,514.4 1,869.91,333.7 9,220.2 406.0 112.0 518.0 794.0 10,532.3 1,849.6

1,331.7 9,248.4 422.5 115.3 537.8 815.2 10,601.3 1,851.0

1,327.0 9,237.9 400.6 110.8 511.3 784.9 10,534.2 1,851.8

1,317.8 9,214.7 404.5 111.4 515.9 790.0 10,520.5 1,858.41,333.9 9,198.1 407.0 112.3 519.3 797.1 10,514.5 1,850.01,352.5 9,223.8 411.0 113.1 524.1 801.9 10,549.8 1,839.0

1,335.9 9,228.0 414.7 113.9 528.5 810.1 10,566.7 1,838.31,321.6 9,230.5 420.2 114.4 534.6 815.6 10,580.8 1,845.41,326.1 9,270.4 423.2 115.6 538.9 811.3 10,620.5 1,858.91,345.1 9,282.9 425.2 115.9 541.1 814.7 10,638.7 1,863.11,336.9 9,186.6 430.4 117.1 547.4 828.3 10,562.3 1,841.6

due to rounding.

market deposit accounts.

ts are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small

s at money market mutual funds are subtracted from retail money funds.

t part of non-M1 M2.

MEASURES Page 4
onents of M1

Currency1 Traveler's checks2 Demand deposits3

Other checkable deposits

At commercial banks4 At thrift institutions5 Total

1,485.8 2.0 1,485.0 289.7 276.9 566.6

1,490.7 2.0 1,505.7 298.1 278.1 576.21,499.7 2.0 1,461.0 294.1 276.6 570.71,507.6 1.9 1,501.9 300.4 276.7 577.1

1,514.8 1.9 1,482.4 300.5 284.9 585.4

1,527.4 1.9 1,509.7 312.2 285.7 597.9

1,528.7 1.9 1,495.9 325.1 284.7 609.7

1,538.2 1.9 1,424.9 309.2 284.3 593.6

1,555.3 1.9 1,510.0 320.7 298.4 619.1

1,564.9 1.8 1,498.4 327.6 300.4 627.9

1,575.9 1.8 1,466.0 321.0 292.7 613.61,584.5 1.8 1,464.0 317.0 293.9 610.91,590.1 1.8 1,478.6 317.6 292.4 610.01,596.2 1.8 1,495.7 325.3 293.3 618.61,606.9 1.7 1,472.5 322.9 291.6 614.51,612.3 1.7 1,491.6 337.0 293.2 630.2

1,618.1 1.7 1,453.1 329.8 293.4 623.2

1,613.0 1.7 1,383.4 319.8 286.8 606.6

1,611.6 1.7 1,400.3 322.2 286.9 609.11,611.9 1.7 1,499.6 344.5 293.3 637.81,612.6 1.7 1,629.8 359.9 299.9 659.8

1,615.5 1.7 1,476.7 331.4 298.5 629.91,617.5 1.7 1,343.8 313.6 286.4 600.01,617.4 1.7 1,415.8 325.7 290.1 615.71,620.7 1.7 1,520.6 344.1 295.0 639.1

1,619.2 1.7 1,633.9 344.2 307.0 651.2

due to rounding.

Federal Reserve Banks and the vaults of depository institutions.

ar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits.

y chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository

t, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float.

estically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.

institutions, credit union share draft balances, and demand deposits at thrift institutions.

MEASURES Page 5
onents of Non-M1 M2

Savings deposits1 Small-denomination time deposits2

Retail

money funds3

Total

non-M1 M2

Memorandum:

Institutional

money funds4 

l 

At thrift institutions Total At commercial banks At thrift institutions Total

1,311.3 8,967.5 278.0 101.4 379.3 683.1 10,029.9 1,699.8

1,312.8 8,981.6 283.0 103.8 386.8 690.0 10,058.4 1,760.3

1,314.5 9,064.3 288.9 108.1 397.0 693.7 10,155.0 1,787.71,299.3 9,043.4 293.1 109.2 402.3 694.7 10,140.4 1,800.7

1,300.8 9,105.9 295.6 109.3 404.9 696.4 10,207.2 1,804.71,304.7 9,163.5 298.1 109.8 407.8 711.6 10,282.9 1,865.6

1,305.2 9,068.3 305.4 108.5 413.9 718.8 10,201.1 1,862.7

1,319.2 9,128.1 314.7 106.2 420.9 724.0 10,273.0 1,860.5

1,345.9 9,175.2 325.7 104.4 430.1 727.1 10,332.4 1,865.91,316.1 9,193.0 343.5 99.5 443.0 725.8 10,361.7 1,845.41,317.7 9,124.3 355.1 101.3 456.3 737.1 10,317.7 1,837.61,321.6 9,192.8 367.9 102.8 470.7 744.8 10,408.3 1,853.81,323.9 9,186.9 378.0 104.8 482.8 750.3 10,420.0 1,844.81,329.0 9,215.8 386.5 108.6 495.1 757.3 10,468.1 1,857.3

1,333.2 9,249.8 397.4 110.4 507.8 768.1 10,525.7 1,858.81,331.2 9,202.9 407.7 112.4 520.1 784.6 10,507.6 1,842.1

1,336.4 9,281.0 422.7 115.4 538.1 806.2 10,625.3 1,860.5

1,343.0 9,349.6 402.5 111.3 513.8 778.2 10,641.6 1,840.9

1,338.4 9,358.5 406.4 111.9 518.3 782.8 10,659.6 1,852.31,330.4 9,173.6 408.5 112.7 521.2 787.7 10,482.6 1,832.61,317.1 8,982.7 412.2 113.5 525.7 789.1 10,297.6 1,840.9

1,339.2 9,250.7 415.7 114.2 529.9 794.2 10,574.7 1,838.51,344.7 9,392.3 420.9 114.7 535.6 803.7 10,731.6 1,852.21,336.7 9,344.7 423.5 115.7 539.2 803.1 10,687.0 1,865.11,327.3 9,160.0 424.9 115.8 540.7 811.6 10,512.3 1,874.41,332.3 9,154.6 429.6 116.8 546.5 821.7 10,522.8 1,870.4

due to rounding.

market deposit accounts.

ts are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small

s at money market mutual funds are subtracted from retail money funds.

t part of non-M1 M2.

MEASURES Page 6
djusted

and deposits at banks due to Time and savings deposits

due to foreign

banks and

official

institutions

IRA and Keogh accounts

eign

mercial

nks

Foreign official

institutions

At commercial

banks

At thrift

institutions

At money

market funds Total

.1 23.0 66.7 321.3 155.1 245.4 721.8

.6 22.9 65.4 323.7 152.5 246.9 723.1.1 22.6 64.2 325.9 150.1 248.2 724.2

.0 22.6 63.4 327.3 148.8 248.8 725.0

.3 22.6 62.8 328.0 148.6 248.8 725.4

.5 22.8 62.2 328.7 148.5 248.8 725.9

.2 22.9 61.7 327.5 149.7 247.2 724.3

.8 22.9 61.2 325.0 151.9 244.6 721.5

.4 23.0 60.7 322.6 154.0 242.1 718.7

.0 22.7 61.1 320.8 155.3 241.2 717.2

.9 22.1 62.2 319.5 155.6 241.9 717.0.9 21.5 63.4 318.3 156.0 242.5 716.8.5 e 21.2 e 63.9 e 317.8 e 156.2 e 244.5 e 718.4 e

.5 e 21.2 e 63.9 e 317.8 e 156.2 e 247.5 e 721.5 e.5 e 21.2 e 63.9 e 317.8 e 156.2 e 250.5 e 724.4 e

.5 e 21.3 e 63.9 e 317.8 e 156.2 e 251.7 e 725.6 e

.5 e 21.2 e 63.9 e 317.8 e 156.2 e 251.7 e 725.6 e

due to rounding.

MEASURES Page 7
tinued)

djusted

U.S. government deposits

Demand deposits at

commercial banks Balance at Federal Reserve Total cash balance

Time and savings

deposits at

commercial banks

1.2 180.7 181.8 1.41.4 108.0 109.4 1.41.7 107.6 109.3 1.51.8 181.6 183.4 1.61.9 172.8 174.7 1.72.1 147.0 149.1 1.92.4 238.8 241.1 1.93.0 204.7 207.7 1.93.2 273.4 276.6 1.93.4 325.0 328.4 1.93.4 339.4 342.8 1.93.5 325.9 329.5 1.93.5 338.2 341.7 1.9 e3.4 338.4 341.8 1.9 e3.5 338.7 342.3 1.9 e3.8 351.4 355.2 1.9 e3.7 333.7 337.4 1.9 e3.6 336.3 339.93.8 319.7 323.53.9 369.0 372.94.0 372.3 376.43.7 336.1 339.83.7 334.4 338.13.7 334.3 338.03.8 335.6 339.43.7 341.8 345.5

a are available each week on the Federal Reserve Board's website (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly

ry 1975 for most series.

MEASURES Page 8