H6: MONEY STOCK REVISIONS

The Federal Reserve revised its measures of the money stock and their components to incorporate updated seasonal factors and a new quarterly benchmark. This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2015 and estimated using the X-12-ARIMA procedure.[1] While the updated seasonal factors resulted in revisions to the growth rates of seasonally adjusted M2 for individual months in 2015, the growth rates for seasonally adjusted M2 in the first and second half of 2015 were roughly unchanged. This release also includes a new quarterly benchmark, which incorporates minor revisions to data reported in the quarterly deposit reports, and takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters.[2] These revisions to deposit data start in 2012. In addition, this release incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; related revisions to deposit data start in 2015. Likewise, the benchmark incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; these revisions to data on money market mutual funds begin in 2015. This release also incorporates the receipt of historical information from other sources of data. The effects of both the revisions to seasonal factors and the new quarterly benchmark on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7. Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/econresdata/statisticsdata.htm.--------------------[1] Information on the seasonal adjustment procedure is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.[2] "Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031 and 041; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004).