The Board of Governors has made several changes to the H.6 statistical release, “Money Stock Measures,” to reflect changes announced on December 17, 2020.
As of February 23, 2021, the H.6 statistical release is published at a monthly frequency, on the fourth Tuesday of the month. In addition, the following changes have been made:
- Savings deposits are now recognized as a type of transaction account, reflecting the Board’s action on April 24, 2020, to remove the regulatory distinction between transaction accounts and savings deposits. Therefore, the items “Savings deposits” and “Other checkable deposits” are now combined into “Other liquid deposits” in the M1 monetary aggregate. This action increases the M1 monetary aggregate significantly while leaving the M2 monetary aggregate unchanged.
- The press release now contains only monthly average data needed to construct the monetary aggregates, thereby eliminating the release of data on institutional money funds and memorandum items on U.S. government deposits and deposits due to foreign banks and foreign official institutions. Components of the monetary aggregates will continue to be reported at a total industry level without a breakdown by banks and thrifts.
- Weekly average, non-seasonally adjusted data will continue to be made available, while weekly average, seasonally adjusted data will no longer be provided.
The changes described above have been implemented in FRED for the H.6 statistical release.
In addition, due to the discontinuance of institutional money funds series, the Federal Reserve Bank of St. Louis is no longer able to calculate Money Zero Maturity (MZM) Money Stock, so these series and the Real MZM Stock (MZMREAL) have been discontinued in FRED as well. Users interested in calculating MZM can obtain institutional money funds data from the Investment Company Institute (ICI).