M2 Money Supply

The Fed applies a seasonal filter derived from X-12-ARIMA before publishing the headline M2SL series. The seasonal component for M2 reflects timing of tax payments, end-of-quarter cash positioning, and holiday demand for currency. The gap is small relative to the absolute value of M2 (a fraction of a percent), but consistent enough that policy commentary almost always cites the SA column.

• Both series carry a structural break in May 2020, when the Fed reclassified savings deposits as transaction accounts. Pre-break and post-break observations are not strictly comparable in either column.
• The Δ column shows the dollar size of the seasonal adjustment that month. Where it consistently runs the same direction (e.g., positive in late December), you are seeing the seasonal pattern the filter is removing.