Money Stock Measures – H.6 Release 

Release Date: Month Day, YearTable 1Money Stock Measures. Billions of dollars unless otherwise noted.

Date

Seasonally adjusted Not seasona

M11 M22

Monetary Base

M11 

Currency in

circulation3

Reserve

balances4

Monetary

base5

Sep. 2019Oct. 2019........Dec. 2020Jan. 2021Footnotes Components may not add to totals due to rounding.

1. Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutio

depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection annegotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accou2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demainstitutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Rdeposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, seasonally adjusted separately. For more information on the H.6 release changes and the regulatory amendment that led to the creataggregate, see the H.6 announcement and Technical Q&As posted on December 17, 2020.

2. Before May 2020, M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small‐denomination tim

retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market funds (MMFs) less IRsmall‐denomination time deposits (time deposits in amounts of less than $100,000) less IRA and Keogh balances at depository institutat MMFs. Seasonally adjusted M2 is constructed by summing savings deposits (before May 2020), small‐denomination time deposits, 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 Ban5. 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 s

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 

Currency1 Demand deposits2

Other checkable

deposits3

Other liquid

deposits4 

Sep. 2019Oct. 2019........Dec. 2020Jan. 2021Footnotes 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 in2. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporatio

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

3. Other checkable deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at deposito

thrift institutions.

4. Other liquid deposits consist of NOW and ATS balances at depository institutions, share draft accounts at credit unions, demand depo

accounts. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquiH.6 announcement and Technical Q&As posted on December 17, 2020.

5. Savings deposits include money market deposit accounts.6. Small‐denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA) and Keogh 

denomination time deposits.

7. 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 Non‐M1 M2 

Currency1

Demand

deposits2

Other checkable

deposits3

Other liquid

deposits4

Savings

deposits5

Small‐

denomination

time deposits6

Sep. 2019Oct. 2019........Dec. 2020Jan. 2021Footnotes 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 in2. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporatio

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

3. Other checkable deposits consist of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) balances at deposito

thrift institutions.

4. Other liquid deposits consist of NOW and ATS balances at depository institutions, share draft accounts at credit unions, demand depo

accounts. For more information on the H.6 release changes and the regulatory amendment that led to the creation of the other liquiH.6 announcement and Technical Q&As posted on December 17, 2020.

5. Savings deposits include money market deposit accounts.6. Small‐denomination time deposits are those issued in amounts of less than $100,000. Individual retirement account (IRA), and Keogh 

denomination time deposits.

7. IRA and Keogh account balances at money market funds are subtracted from retail money market funds.