Fed changes money; New CFS Divisia Monetary and Financial Measures

On February 23, 2021, the Federal Reserve Board implemented major changes to “streamline” the H.6 statistical releases.  The depth and timeliness of available monetary data diminished significantly.  For instance:

– The publication frequency of the release will change from weekly to monthly.
– Institutional money market funds will be discontinued this year.
– The release will contain only monthly average data – weekly average, seasonally adjusted data will no longer be provided.
– Monetary aggregates will no longer provide a breakdown of components by banks and thrifts.

A series of papers commenting more deeply on these changes as well as implications for financial markets and the economy will be forthcoming.

We apologize for any inconvenience related to the delayed distribution of CFS monetary and financial measures.  A recalibrated and fortified Advances in Monetary and Financial Measurement (AMFM) data set and release is available below.

A hearty thanks to Jeff van den Noort, Ryan Mattson, Liting Su, and especially Professor William A. Barnett – CFS Director of AMFM.

We look forward to any comments you might have.

Today we release CFS monetary and financial measures for February and January 2021.  CFS Divisia M4, which is the broadest and most important measure of money, grew by 28.1% in February 2021 on a year-over-year basis versus 28.5% in January.

For Monetary and Financial Data Release Report:

March 2021 data will be released on May 03, 2021 at 9:00 AM ET.

Bloomberg terminal users can access our monetary and financial statistics by any of the four options:

3) ECST <GO> –> ‘Monetary Sector’ –> ‘Money Supply’ –> Change Source in top right to ‘Center for Financial Stability’
4) ECST S US MONEY SUPPLY <GO> –> From source list on left, select ‘Center for Financial Stability’