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**Performance Evaluation of the H.6 Statistical Release*****Money Stock Measures***

December 2012


**I.   Introduction**The Federal Reserve Board's Statistical Release H.6, "Money Stock Measures,  is issued 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�Data  that are both seasonally and not seasonally adjusted are shown.  Table 2  presents the recent growth trends in M1 and M2, as well as 1-, 4-, and 13-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 and U.S. government deposits.

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 (MMMFs).   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 release and its definitions and concepts, followed by a  description of the 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 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 it  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 is made up of 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, credit union share draft accounts, and demand deposits  at thrift institutions.  Seasonally  adjusted M1 is calculated by summing currency, traveler's checks, demand  deposits, and OCDs, each seasonally adjusted separately.
M2 consists of a broader set of financial assets held principally by  households.  M2 is composed of M1 plus (1) savings deposits (which include  money market deposit accounts (MMDAs)); (2) small-denomination time deposits  (time deposits in amounts of less than $100,000); and (3) balances in retail  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, and foreign official institutions are excluded  from the monetary aggregates.  Government and interbank deposits are  excluded because the monetary aggregates measure money in the hands of the  nonbank public in the United States.
**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 the *Reserve Maintenance Manual* at 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  12 items, 7 of which are used in the construction of the monetary aggregates:  other demand deposits; automated transfer  service (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 2012, about 2,500  institutions reported the FR 2900 on a weekly basis and held about 92 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 2012,  about 4,700 institutions reported the FR 2900 on a quarterly basis and  held about 6 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 2012,  about 147 depository institutions filed 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 the monetary aggregates are constructed.
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 7,300 depository  institutions that are not required to file an FR 2900.4 �As  of June 2012, these institutions held about 2 percent of all deposit  liabilities.

If a depository institution's Call Report is not readily available, the  Annual Report of 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 2012, there  were approximately eight such institutions, with aggregate deposits of about $80 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 of and data sources for each of the  major components of the monetary aggregates.
The currency component of M1, sometimes called money stock currency, is  defined as currency in circulation outside the U.S. Treasury, the 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 data on currency in circulation 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.
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 NOW accounts and 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 consists of time deposits at banks and thrifts with balances  less than $100,000.  The small-denomination time deposits 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 also 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 1,650 funds.  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 scheduled for 4:30 p.m. each Thursday, unless Thursday is  a federal holiday, in which case the release is issued on the following  business day.  The release incorporates  money stock data through the week that ended on Monday of the previous week (10  days earlier).  Time series of H.6 data  are also made available to the public electronically on the Federal Reserve  Board's public website, found at www.federalreserve.gov/releases,  shortly after 4:30 p.m.  Since October 27, 2011, H.6 data have also been  available through the Federal Reserve Board's Data Download Program, which  provides interactive access in a variety of formats.  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 contains less  than 16 addressees.  Many people obtain the data through secondary sources  such as newspapers, 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.
Prior to publication of the H.6 release every week, access to the latest H.6  data is limited to members of the Board of Governors and selected Federal  Reserve staff members who are responsible for any of the following tasks:  (a) receiving data transmissions from the  Reserve Banks, (b) reviewing the data for quality and completeness, and (c)  preparing and reviewing the H.6 release prior to its publication.
The Federal Reserve Board provides the H.6 data to credentialed news  services approximately 30 minutes in advance of the public release time.  The  Board has procedures to remediate situations in which a news organization  prematurely discloses H.6 data prior to the public release time, including  revoking an organization's access to embargoed H.6 data.  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 are revised 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.  Generally, twice  each year, revisions to FR 2900 data outside the window just described are  published in the H.6 release, and historical data incorporating these revisions  are made available on the Federal Reserve Board's public website.
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 earlier) 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 general, 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 website.  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 infrequently telephoned or written Federal Reserve Board  staff seeking clarification of technical or methodological issues.  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 www.federalreserve.gov/iq_guidelines.htm).  If there are a significant number of  inquiries concerning a specific point, footnote, or text component 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 website 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 website, www.federalreserve.gov/releases/h6,  has the H.6 releases back to April 1, 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.
**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)**Footnotes**

1. Other  aggregates formerly shown on the H.6 release consist of the M3 aggregate  (discontinued in 2006), 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 the Office  of Management and Budget, in the associated *Federal Register* notice, or on the Federal Reserve Board's website (under "Reporting Forms") at  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); and the National Credit  Union Administration (which collects data on NCUA 5300; OMB No. 3133-0004).  Return to text

5. The  savings deposits component also includes an estimate of certain telephone  transfer accounts at depository institutions. Return to text

6. The  small-denomination time deposits component also includes an estimate of retail  repurchase agreements held at banks and thrifts. Return to text

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