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FEDERAL RESERVE statistical release ~

-fgHfc

H.6(508)

MONEY STOCK REVISIONS
Measures of the money stock have been revised to incorporate
the results of the annual benchmark and seasonal factor review. The
attached tables compare growth rates of the old and revised series.
This release includes revised monthly and weekly seasonal factors, as
well as comparisons of the revised monetary aggregates with previously
published data.
Data for the monetary aggregates have been benchmarked using
call reports through September 1991 and other sources. These
benchmark revisions boosted the growth rate of M2 by nearly 1/2
percentage point over 1991, but had no effect on the annual growth
rate of M3.
The benchmark incorporates corrections for the previous misreporting of brokered time deposits by several large banks.
Previously, these deposits had been misclassified as large time
deposits, rather than as small time deposits. The reclassification of
these deposits boosted both the level and growth rate of M2 in 1991,
without affecting M3 as a whole. The benchmark also resulted in
substantial upward revisions to IRA/Keogh accounts at credit unions
since mid-1990. Because these accounts are netted out of small time
deposits, the effect was to lower non-Mi M2 ; however, this effect was
more than offset by upward revisions in other components of M2. In
addition, there were some other minor downward revisions to non-M2 M3.
Seasonal factors for the monetary aggregates have been
revised using the X-11-ARIMA procedure that has been employed for this
purpose since 1982. Following the method used last year, seasonal
factors for deposit series have been constructed with data aggregated
across banks and thrifts. Owing to changes in the deposit reports
(FR2900) effective September 17, 1991, the series for savings deposits
and MMDAs have been combined. Beginning with January 1990, seasonal
factors have been constructed from this combined series. Up to
December 1989, each of the four series--savings deposits at banks,
savings deposits at thrifts, MMDAs at banks and MMDAs at thrifts-continues to be seasonally adjusted individually. Through that date,
the four adjusted bank and thrift series are then summed to yield the
seasonally adjusted total savings deposits and MMDAs.
Overall, the revisions to seasonal factors had little effect
on the broad pattern of growth during 1991, though some growth was
redistributed from the first half to the second half of the year. For
example, on a second quarter to fourth quarter basis, the revised
seasonal factors raised Ml growth by 0.5 percent, M2 growth by 0.3
percent, and M3 growth by 0.4 percent, while the growth rates over the
first half of 1991 were reduced by like amounts.




-2-

Complete historical data will soon be available from the
Money and Reserves Projection Section, Mail Stop 72, Board of
Governors of the Federal Reserve Reserve System, Washington, D.C.
20551, (202) 452-3062. Revised monthly historical data for Ml, M2,
M3, and total nonfinancial debt also are available from the Economic
Bulletin Board of the U.S. Commerce Department. Call (202) 377-1986
for information on how to access the Commerce bulletin board.




&]£§&:•

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.M.

••S35S??-

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

FEBRUARY 13, 1992

Billions of dollars
Date

M1 J

M2 2

DEBT5

M3 3
Seasonally adjusted

1990-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

800.7
803.7
807.3
806.2
809.7
810.1
816.2
822.9
822.3
823.8
826.1

3258.
3270.
3279.
3282.
3290.
3297.
3313.
3327.
3329.
3327.
3332.

4073,
4074,
4079,
4079,
4083,
4090.
4106,
4115,
4117,
4115,
4114,

4901.1
4909.7
4921.3
4905.1
4925.6
4928.7
4939.3
4964.3
4962.7
4960.4
4966.7

10225.4
10299.4
10360.2
10411.9
10478.9
10541.3
10606.1
10658.5
10696.5
10750.7
10791.0

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

826.2
836.2
842.2
842.7
850.8
857.2
860.0
866.5
872.0
880.9
891.4
898.1

3336.5
3361.4
3378.5
3385.7
3396.4
3402.8
3400.6
3403.6
3408.2
3420.1
3434.0
3441.6

4125.
.1
.6
4159.
.3
4165.
.0
4168.
.0
4170.
.5
4167.
.2
4157.
4157.4
4154.5
4161.7
4170.5
4174.6

4980.1
5008.0
5004.7
4979.0
4958.7
4987.0
4993.1
4990.2
4982.6
4990.6
5000.7
4991.5 p

10821.1
10871.6
10905.6
10924.5
10974.5
11022.9
11060.1
11106.8
11154.5
11206.5
11257.5
11292.4

1992-JAN. p

910.6

3451.4

4180.0

1990-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

788.0
795.9
817.6
796.9
810.4
812.5
814.2
818.7
817.6
826.1
844.1

3247.
3270.
3294,
3265.
3286
3301
3312.8
3320.
3325.
3331.
3345.

4063.
4077.
4091.
4065.
4080.8
4092.
4109.
4108.
4109.
4118.
4124.

4896.1
4914.5
4931.5
4889.8
4914.4
4920.1
4934.3
4956.1
4954.0
4968.1
4986.5

10196.1
10261.0
10318.8
10365.2
10430.0
10492.5
10554.8
10610.9
10659.8
10722.6
10778.2

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

832.7
823.3
835.0
853.0
841.6
858.0
862.3
864.5
867.4
875.4
893.9
917.3

3343.
3350.
3380.
3401.
3379.
3399.
3403.
3403.
3400.
3415.
3437.
3455.

4128.
.9
4150.
.1
4171.
.0
.2
4182.
.5
4156.
.9
4164.
.4
4158.
.9
4160.
4146.8
4152.5
4172.
4185.

4998.0
5002.8
5011.9
4991.4
4943.7
4975.0
4984.5
4984.6
4973.5
4980.6
5008.6
5012.6 p

10809.3
10842.0
10868.6
10884.4
10928.1
10973.3
11009.9
11056.7
11109.8
11172.7
11232.6
11280.8

1992-JAN. p

918.3

3459.3

4185.1

Not seasonally adjusted

Footnotes appear on the following
p—indicates preliminary data.




H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

Ml

M2

M3

Debt]

3 Months from OCT. 1991 TO JAN. 1992

13.5

3.7

1.8

4.9

6 Months from JULY 1991 to JAN. 1992

11.8

3.0

1.1

4.9

12 Months from JAN. 1991 TO JAN. 1992

10.2

3.4

1.3

4.6

Thirteen weeks ending FEBRUARY 3, 1992
from thirteen weeks ending:

NOV.

4, 1991 (13 weeks previous)

12.5

3.8

1.7

AUG.

5, 1991 (26 weeks previous)

10.3

2.6

0.6

4, 1991 (52 weeks previous)

9.2

3.3

1.4

FEB.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
September 1991 to December 1991, June 1991 to December 1991, and December 1990 to December 1991, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions!
(2) travelers checks of nonbank issuers! (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float! and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign.branches of U.S. banks worldwide, savings deposits (including money market deposit accounts),
small-denomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository institutions, term Eurodollars held by U.S. residents at foreian branches of U.S. banks worldwide
and at all banking offices in the United Kinadom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount ot overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
Dvernments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.

f




H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjus;ted

Ml

Period er*ding
1991-NOV. 11

18
25
DEC. 2
9
16
23
30
1992-JAN. 6
13
20
27p
FEB. 3p

M3

M2

4-week
average

3430.0
3435.2
3438.0

4159.3
4160.3
4161.3

4163.9
4166.1
4169.0

4167.5
4171.2
4174.6

3435.7
3438.6
3441.5
3442.9
3442.7

3439.6
3441.6
3446.8
3443.4
3439.0

4162.6
4163.9
4165.7
4167.7
4169.0

4171.8
4173.6
4176.8
4177.3
4175.1

4174.0
4174.6
4184.0
4176.4
4165.3

3434.1
3436.1
3438.4
3441.1

3442.7
3442.5
3444.6
3448.9

3441.4
3446.2
3451.7
3456.3

4169.1
4169.9
4171.4
4173.7

4170.9
4168.8
4170.1
4176.8

4157.7
4175.6
4181.8
4192.1

3444.3

3455.2

3466.5

4176.3

4186.6

4196.8

4-week
average

week
average

888.9
891.6
893.9

3414.1
3416.5
3418.8

3424.6
3427.7
3432.0

892.4
894.3
895.8
897.0
898.2

895.0
896.6
897.6
898.9
899.5

3421.5
3423.9
3426.7
3429.4
3432.0

891.9
894.1
896.3
898.7

899.7
902.0
904.8
908.7

902.9
906.6
910.2
915.2

901.4

913.4

921.7

4-week
average

876.0
878.0
880.0

885.2
887.7
890.2

881.9
883.9
885.9
888.0
890.0

week
average

week
average

13-week
average

13-week
average

13-week
average

Not seasonally adjusted

Ml

Period ending
1991-NOV. 11

13-week
average

4-week
average

871.8
874.2
876.5

880.6
885.5
890.3

M2
week
average

13-week
average

4-week
average

894.9
896.3
882.7

3412.8
3415.2
3417.4

3420.4
3426.9
3434.4

M3
13-week
average

4-week
average

3439.0
3444.1
3428.4

4154.0
4155.0
4156.1

4156.7
4162.9
4170.0

4176.2
4176.7
4166.4

week
average

week
average

18
25
DEC. 2
9
16
23
30
1992-JAN. 6
13
20
27p

879.9
882.3
885.3
890.1
895.1

894.6
899.7
904.3
913.0
917.0

904.3
915.4
914.9
917.2
920.6

3420.5
3423.2
3426.6
3431.2
3436.0

3438.4
3444.3
3449.2
3454.6
3455.9

3441.9
3462.6
3463.8
3450.2
3447.0

4158.2
4159.9
4162.5
4166.5
4170.1

4174.4
4178.7
4183.8
4187.0
4184.9

4178.1
4193.4
4197.4
4179.1
4169.8

899.7
903.4
906.4
909.1

924.0
927.2
926.6
921.2

943.3
927.6
914.9
899.0

3440.0
3443.5
3446.7
3449.9

3459.0
3460.8
3463.1
3461.4

3475.1
3470.7
3459.4
3440.3

4171.7
4174.3
4177.1
4180.0

4181.3
4181.8
4184.1
4185.4

4178.8
4199.3
4188.4
4175.0

3p

910.8

912.7

909.2

3452.0

3456.1

3453.8

4181.9

4187.4

4186.7

FEB.

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to
revision.
p—indicates preliminary data.



H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Nontransactions
components

Other checkable deposits
At
commercial
banks*

At
thrift
institutions5

Total

In M2 6

In M3
only*

87.0

292.5

2504.4

788.1

205.9
207.0
208.7

85.7
85.7
85.2

291.6
292.6
293.9

2507.4
2504.1
2506.3

787.3
787.7
782.1

271.8
275.9
276.9

209.5
211.6
214.6

85.2
85.8
86.6

294.6
297.5
301.2

2510.3
2525.2
2536.3

788.6
798.2
786.7

7.8
8.0
7.9

276.1
278.4
280.1

215.4
220.2
223.5

87.0
87.5
88.1

302.5
307.7
311.6

2542.9
2545.6
2545.6

782.3
773.7
764.7

259.3
261.3
262.9

7.8
7.8
7.8

279.3
280.1
280.6

225.8
229.5
232.4

87.8
87.8
88.2

313.6
317.3
320.6

2540.6
2537.1
2536.2

756.6
753.8
746.3

264.8
266.0
267.3

7.9
8.0
8.2

283.8
287.6
289.5

235.4
239.2
241.6

89.1
90.5
91.6

324.5
329.7
333.2

2539.2
2542.6
2543.4

741.6
736.5
733.1

269.4

8.3

293.9

245.8

93.2

339.1

2540.8

728.6

Demand
deposits3

Date

Currency

Travelers
checks2

1990-SEP.

241.9

8.3

280.1

205.6

OCT.
NOV.
DEC.

244.2
245.4
246.8

8.4
8.3
8.3

278.1
277.4
277.1

1991-JAN.
FEB.
MAR.

251.5
254.6
256.0

8.3
8.2
8.1

APR.
MAY
JUNE

256.3
256.6
257.6

JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1

1992-JAN. P
Neek ending
1991-DEC.

9
16
23
30

266.9
267.2
267.2
267.9

8.1
8.2
8.2
8.3

289.4
289.3
289.9
289.4

241.7
242.3
242.0
240.3

90.5
90.7
91.6
93.6

332.2
333.0
333.6
333.9

2545.0
2549.2
2544.5
2539.5

733.0
737.2
733.0
726.4

1992-JAN.

6
13
20
27p

268.4
268.9
269.4
270.0

8.3
8.3
8.3
8.3

290.3
292.0
293.9
296.0

243.6
245.7
246.5
246.7

92.3
91.8
92.1
94.4

335.9
337.5
338.7
341.0

2538.5
2539.6
2541.5
2541.0

716.3
729.5
730.1
735.8

FE3.

5p

270.5

8.3

298.9

248.3

95.8

344.1

2544.8

730.3

1.
2.

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. doliar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreion-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overniqht RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including
money market deposit accounts) and small time deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overniqht RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s > seasonally adjusted

Savings deposits 1
At
At
csommercial
thrift
banks
institutions

Date

Large-denomination time deposits3

Small-denomination time deposits2
Total

At
At
commercial
thrift
banks
institutions

Total

General purpose
and broker/dealer
money market funds

Institutiononly money
market funds

At
At
commercial
thrift
banks*
institutions

Total

1990-SEP.

572.3

346.3

918.6

582.4

580.9

1163.3

341.8

124.1

384.9

130.1

515.1

OCT.
NOV.
DEC.

575.3
578.1
581.9

343.7
341.9
338.8

919.0
920.0
920.7

590.4
591.8
599.8

571.9
569.7
562.3

1162.3
1161.5
1162.1

344.6
345.2
348.9

127.8
128.8
133.7

383.8
384.5
380.4

128.0
125.1
120.9

511.8
509.6
501.3

1991-JAN.
FEB.
MAR.

583.6
590.2
596.8

338.4
340.5
344.6

922.0
930.7
941.4

603.4
608.8
611.8

558.6
553.0
546.1

1162.1
1161.7
1157.9

356.6
361.0
365.0

138.3
145.5
148.5

385.7
392.2
389.5

117.8
114.8
111.1

503.4
507.0
500.6

APR.
MAY
JUNE

602.5
609.3
617.0

350.2
356.5
359.5

952.7
965.8
976.5

609.1
607.4
609.4

541.8
534.7
522.6

1151.0
1142.1
1132.0

366.6
367.8
368.8

152.9
155.2
155.3

387.7
387.7
386.4

108.4
104.6
100.7

496.0
492.3
487.0

JULY
AUG.
SEP.

622.8
630.1
636.6

362.9
363.7
365.6

985.8
993.7
1002.2

611.3
615.0
614.7

511.8
499.3
491.3

1123.1
1114.3
1106.0

367.9
363.5
361.9

155.4
158.6
162.6

380.2
378.4
373.0

97.6
93.8
90.6

477.9
472.2
463.7

OCT.
NOV.
DEC.

645.7
655.4
664.9

369.3
373.3
377.7

1015.0
1028.7
1042.5

614.1
606.4
598.5

481.6
474.1
466.6

1095.6
1080.5
1065.1

361.7
361.4
361.5

168.2
173.6
179.1

362.6
357.1
354.0

87.4
85.1
83.1

450.0
442.2
437.1

676.0

385.4

1061.4

587.6

457.3

1044.9

360.7

182.4

346.0

81.4

427.4

1992-JAN. P
Meek ending
1991-DEC.

9
16
23
30

661.8
665.3
666.1
667.7

375.9
377.0
378.4
379.9

1037.8
1042.2
1044.5
1047.6

601.4
600.1
598.6
595.9

469.1
467.4
465.4
464.2

1070.5
1067.5
1064.0
1060.2

362.9
363.3
360.7
359.8

179.6
181.5
181.2
176.5

355.1
353.9
352.5
350.0

83.9
83.5
82.5
82.2

439.0
437.3
435.0
432.2

1992-JAN.

6
13
20
27p

669.1
674.1
677.0
679.4

381.4
383.3
385.3
387.9

1050.5
1057.4
1062.3
1067.3

593.2
590.3
587.7
583.9

463.0
459.7
456.5
454.2

1056.2
1050.0
1044.2
1038.0

356.1
358.7
360.5
364.0

165.2
182.3
185.4
188.3

348.5
345.8
345.8
345.8

82.3
81.8
81.2
81.0

430.8
427.6
427.0
426.8

FEB.

3p

682.2

390.5

1072.7

581.1

451.4

1032.5

365.2

191.8

343.5

80.4

423.9

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds* depository institutions* and foreign banks and"
official institutions,
P~ -indicates preliminary data.
1.
2.
3.
4.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* seasonally adjusted
Debt components4

Non-M3 Components of L
Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper3

Federal
debt

Non-Federal
debt

123.7

333.8

32.6

358.8

2433.4

8225.2

OCT.
NOV.
DEC.

124.5
125.2
126.0

330.6
330.6
333.0

32.9
33.8
34.0

357.7
355.2
359.3

2441.5
2470.9
2493.6

8255.0
8279.8
8297.3

1991-JAN.
FEB.
MAR.

126.9
127.9
129.0

331.5
331.1
326.8

35.3
34.6
32.1

361.2
354.9
351.6

2509.1
2537.5
2551.5

8312.0
8334.1
8354.1

APR.
MAY
JUNE

130.1
131.3
132.4

310.9
302.5
327.7

30.6
29.1
28.1

339.4
325.8
331.4

2547.4
2572.5
2606.7

8377.2
8402.0
8416.2

JULY
AUG.
SEP.

133.5
134.4
135.2

336.0
336.0
330.4

28.1
27.2
25.8

338.3
335.1
336.6

2633.2
2665.9
2693.5

8426.9
8441.0
8460.9

OCT.
NOV.
DEC. p

136.1
137.1
137.9

333.1
339.6
333.5

25.3
24.5
23.7

334.4
329.1
321.7

2724.0
2749.5
2766.9

8482.5
8508.0
8525.5

1990-SEP.

1.

Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository
institutions* Federal Reserve Banks* money market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks* Federal Reserve Banks* foreign official institutions* Federal Home Loan Banks*
and money market mutual funds.
3.
Total commercial paper less commercial paper held by money market mutual funds.
4.
Debt data are on a monthly average basis* derived by averaging adjacent end-of-month levels* and have been adjusted to remove
discontinuities.
p—indicates preliminary data.
2.




H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* not seasonally adjustea
Nontransactions
components

Other checkable deposits
At
commercial
banks<

At
thrift
institutions5

Total

In M 2 6

In M3
only*

Overnight
RPs*

Overnight
Eurodollars9

86.9

290.8

2501.4

788.8

64.6

16.6

202.9
206.0
211.5

85.3
85.8
85.4

288.3
291.8
296.9

2508.0
2504.9
2501.1

783.5
787.4
779.3

66.0
60.5
55.0

17.7
17.4
19.7

277.4
268.0
270.1

213.6
211.5
215.8

84.2
83.4
85.8

297.7
294.9
301.6

2511.0
2526.9
2545.0

785.2
799.9
791.1

52.0
51.4
49.0

19.9
19.0
20.2

7.5
7.8
8.1

277.7
271.7
279.8

222.6
217.2
222.0

89.2
87.6
89.0

311.8
304.8
311.0

2548.7
2538.0
2541.0

780.5
777.0
766.0

50.0
51.3
52.3

19.6
17.1
15.6

260.8
262.0
261.7

8.5
8.6
8.3

280.9
278.8
278.6

223.1
226.9
230.6

89.0
88.3
88.1

312.1
315.1
318.7

2541.4
2538.8
2533.0

754.7
757.7
746.4

51.0
52.8
51.8

13.8
14.5
14.6

263.1
266.3
270.0

8.0
7.7
7.7

283.7
291.1
303.1

232.0
238.1
244.8

88.6
90.7
91.7

320.6
328.8
336.5

2540.1
2543.3
2538.1

737.0
735.5
729.9

53.0
53.3
52.5

16.3
19.5
22.5

267.9

7.9

300.0

250.7

91.9

342.6

2541.0

725.8

55.2

21.9

Currency *

Travelers
checks 2

Demand
deposits3

1990-SEP.

240.9

8.8

278.1

203.9

OCT.
NOV.
DEC.

242.7
245.7
249.5

8.4
8.0
7.8

278.2
280.6
289.9

1991-JAN.
FEB.
MAR.

249.8
252.6
255.6

7.8
7.8
7.8

APR.
MAY
JUNE

256.0
257.4
259.1

JULY
AUG.
SEP.
OCT.
NOV.
DEC.

Date

1992-JAN. P
Week ending
1991-DEC.

9
16
23
30

269.4
269.4
271.6
270.4

7.7
7.7
7.8
7.8

298.9
302.1
302.1
307.8

245.7
244.0
245.3
244.2

93.7
91.8
90.4
90.5

339.4
335.7
335.7
334.7

2547.2
2548.8
2533.0
2526.4

730.8
733.7
728.9
722.8

53.5
54.7
52.1
50.1

21.5
22.6
22.5
23.9

1992-JAN.

6
13
20
27p

269.7
268.5
268.0
266.5

7.8
7.8
7.9
7.9

315.3
303.9
296.5
290.3

255.5
254.3
251.3
245.3

94.9
93.1
91.1
89.0

350.4
347.3
342.4
334.3

2531.8
2543.1
2544.5
2541.3

703.7
728.6
729.1
734.7

53.5
53.7
55.8
56.0

25.1
21.9
21.2
20.2

FEB.

3p

267.1

7.9

295.2

247.3

91.6

338.9

2544.7

732.9

57.8

21.1

1.
2.

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreion-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market
deposit accounts) and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held bv institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data.
p-~indicates preliminary data.



H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT

Billions of dollars* not seasonally adjusted

At
A*
thrift
commercia 1
banks
institutions

Date

Large-denomination time deposits3

Small-denomination time deposits2

Savings deposits 1
Total

At
At
commercial
thrift
banks
institutions

Total

At
At
General purpose Institutionthrift
and broker/dealer only money commercial
banks*
institutions
money market funds market funds

Total

1990-SEP.

571.6

345.8

917.4

581.9

580.3

1162.2

340.7

120.2

386.6

130.7

517.3

OCT.
NOV.
DEC.

574.5
578.2
580.0

343.3
342.0
337.7

917.8
920.2
917.7

591.2
592.2
599.7

572.7
570.1
562.2

1163.9
1162.3
1161.9

342.6
344.5
346.8

124.2
128.4
134.4

384.2
384.6
379.4

128.1
125.2
120.6

512.3
509.8
500.0

1991-JAN.
FEB.
MAR.

580.8
587.1
598.0

336.7
338.7
345.3

917.5
925.8
943.4

605.1
610.4
612.2

560.2
554.4
546.4

1165.3
1164.8
1158.6

356.2
365.9
373.8

142.5
152.1
153.1

383.1
391.0
390.1

117.0
114.4
111.2

500.1
505.4
501.3

APR.
MAY
JUNE

604.6
609.1
619.7

351.4
356.4
361.1

956.0
965.5
980.8

608.6
605.7
607.4

541.4
533.2
520.8

1150.0
1138.9
1128.1

373.0
365.1
364.2

153.9
155.6
152.3

386.4
389.0
387.7

108.0
104.9
101.0

494.4
493.8
488.7

JULY
AUG.
SEP.

625.8
631.6
635.6

364.7
364.6
365.1

990.5
996.2
1000.8

611.2
614.5
614.3

511.7
499.0
491.0

1122.8
1113.5
1105.2

363.3
361.8
360.7

151.5
156.2
157.4

379.9
380.3
374.6

97.6
94.2
91.0

477.4
474.5
465.6

OCT.
NOV.
DEC.

644.6
655.3
662.3

368.7
373.2
376.3

1013.3
1028.5
1038.6

615.2
606.9
598.7

482.5
474.5
466.7

1097.6
1081.4
1065.4

359.8
360.6
359.1

163.4
172.7
180.3

362.8
356.9
352.8

87.4
85.1
82.8

450.2
441.9
435.5

672.4

383.3

1055.6

589.4

458.7

1048.1

360.2

188.1

343.6

80.8

424.4

1992-JAN. P
Heek ending
1991-DEC.

9
16
23
30

663.0
665.4
661.2
660.5

376.6
377.0
375.6
375.8

1039.6
1042.4
1036.7
1036.4

601.6
599.8
598.2
596.3

469.2
467.2
465.0
464.6

1070.8
1066.9
1063.2
1060.9

361.8
362.2
358.5
355.1

179.8
183.6
182.8
178.0

354.0
352.6
350.7
348.6

83.7
83.2
82.1
81.9

437.7
435.8
432.8
430.5

1992-JAN.

6
13
20
27p

667.0
673.2
673.6
672.8

380.2
382.9
383.4
384.1

1047.2
1056.1
1057.0
1056.8

595.0
592.4
589.6
585.4

464.4
461.3
457.9
455.4

1059.4
1053.7
1047.5
1040.8

346.7
357.7
362.9
367.5

162.1
189.0
193.8
197.2

346.5
343.8
343.2
343.0

81.8
81.4
80.6
80.3

428.3
425.2
423.9
423.3

FEB.

3p

675.9

387.0

1062.9

582.7

452.8

1035.5

367.4

199.3

340.7

79.7

420.4

1.
2.
3.
4.

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including: retail RPs—are those issued in amounts of less than $100,000 All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100>000 or more, excluding those booked at international banking facilities,
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions,
p- -indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* not seasonally adjusted
Term RPs 1
c
Date

A
At
*
thrift
ommercial institutions
banks

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities31

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1990-SEP.

53.0

46.2

99.1

67.7

123.5

334.6

32.3

356.8

2411.8

8199.2

OCT.
NOV.
DEC.

51.3
53.1
48.1

44.3
42.5
41.5

95.6
95.6
89.6

67.8
67.5
68.7

124.2
125.0
125.8

334.8
339.9
345.4

32.8
34.6
35.7

353.0
350.3
355.1

2424.4
2461.5
2491.3

8235.4
8261.2
8286.9

1991-JAN.
FEB.
MAR.

48.4
48.5
48.1

40.3
38.2
35.4

88.7
86.7
83.5

69.2
69.8
68.2

126.8
127.9
129.1

340.7
332.6
327.8

36.1
34.3
31.5

365.5
358.0
352.6

2510.8
2540.7
2553.4

8298.5
8301.3
8315.2

APR.
MAY
JUNE

49.1
48.3
49.1

33.1
32.1
29.3

82.2
80.4
78.4

65.2
62.3
61.6

130.4
131.6
132.7

306.3
295.1
316.4

30.1
28.7
27.8

342.4
331.8
333.2

2544.5
2560.6
2586.4

8339.9
8367.5
8386.8

JULY
AUG.
SEP.

49.6
48.9
48.1

29.2
29.4
28.6

78.8
78.4
76.7

62.7
63.6
61.5

133.6
134.3
135.0

327.3
330.4
331.5

27.9
27.2
25.5

337.4
331.9
334.7

2609.3
2642.9
2673.1

8400.6
8413.9
8436.7

OCT.
NOV.
DEC.

48.7
47.4
46.0

27.0
26.4
25.1

75.6
73.8
71.2

63.0
62.3
58.5

135.9
136.8
137.7 p

337.3
349.0
346.6 p

25.1
25.2
25.0 p

329.8
325.0
318.0 p

2707.6
2740.7
2765.0 p

8465.1
8491.9
8515.9 p

46.6

24.5

71.1

57.3

1992-JAN. P
Heek ending
1991-DEC.

9
16
23
30

45.0
45.9
45.7
46.7

26.9
26.4
24.4
23.1

71.9
72.4
70.1
69.8

56.6
58.0
58.8
60.0

1992-JAN.

6
13
20
27p

46.0
47.5
46.7
46.4

23.7
24.7
24.6
24.9

69.7
72.2
71.3
71.3

57.8
57.4
55.8
57.8

FEB.

3p

46.5

24.4

70.9

58.3

1.
2.

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of
U.S. banks world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and
money market mutual funds.
3.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions,
Federal Reserve Banks, money market mutual funds, and foreign entities.
4.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money
market mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
p—indicates preliminary data.




H.6 (508)
Table 6

MEMORANDUM ITEMS

10

Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Time and savinas
deposits due to
foreian^banks
Foreign
Foreign
c
and official
commercial
official
institutions
banks
institutions

Date

IRA and Keogh Accounts

U.S. government depos;its
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
At
deposits
At
at commercial commercia 1
thrift
banks
banks
institutions

At
money
markei
funds

Total

1990-SEP.

9.7

2.0

3.5

5.2

6.4

25.9

37.5

1.2

124.4

134.1

39.4

297.9

OCT.
NOV.
DEC.

9.3
9.2
9.0

1.6
1.5
1.5

4.0
3.9
4.1

3.5
3.8
5.0

5.5
5.6
5.2

17.5
15.4
18.1

26.4
24.8
28.2

1.4
1.4
1.4

126.8
128.6
130.3

133.9
133.8
133.4

40.5
41.8
43.3

301.2
304.2
307.0

1991-JAN.
FEB.
MAR.

9.3
8.2
8.0

1.6
1.6
1.6

4.5
5.1
5.7

4.9
4.2
5.1

7.8
11.5
6.8

24.5
35.1
23.3

37.2
50.8
35.1

1.3
1.3
1.3

132.1
133.6
135.3

133.5
134.0
134.5

43.5
43.5
44.0

309.1
311.1
313.8

APR.
MAY
JUNE

8.5
8.2
7.6

1.5
1.5
1.5

6.0
6.2
6.3

5.4
3.6
5.0

4.7
5.6
6.3

15.0
16.2
18.6

25.1
25.4
29.9

1.3
1.4
1.5

137.6
138.9
140.3

135.2
135.5
135.4

44.3
44.9
43.9

317.1
319.3
319.6

JULY
AUG.
SEP.

8.0
7.9
7.8

1.5
1.5
1.5

6.3
6.5
6.6

3.7
3.6
5.2

6.6
5.8
7.8

17.1
13.5
21.7

27.3
22.9
34.7

1.6
1.5
1.5

141.8
143.1
144.4

134.6
133.2
131.6

42.2
41.7 e
41.3 0

318.5
318.0 e
317.3 e

OCT.
NOV.
DEC.

7.7
7.9
8.1

1.5
1.5
1.7

6.7
6.7
6.6

3.6
4.4
4.8

5.7
6.0
7.4

25.0
24.2
20.5

34.4
34.6
32.8

1.5
1.6
1.5

145.9
147.0
147.7

130.7 •
129.8 e
129.0 e

41.0 0
41.1 e
41.3 e

317.6 Q
317.9 e
318.1 e

8.3

1.7

6.6

5.4

7.4

27.9

40.7

1.8

148.3

128.7 e

41.5 e

318.4 e

1992-JAN. P
Week ending
1991-DEC.

9
16
23
30

7.7
8.4
8.0
8.3

1.7
1.7
1.6
1.9

6.7
6.7
6.6
6.6

3.4
7.2
4.4
4.1

5.2
4.7
9.2
10.8

10.3
6.5
30.9
33.5

19.0
18.4
44.5
48.3

1.5
1.5
1.5
1.5

1992-JAN.

6
13
20
27p

8.5
8.0
8.3
8.5

2.3
1.5
1.6
1.7

6.6
6.6
6.6
6.6

6.2
4.0
6.1
5.2

9.4
5.5
5.9
8.1

27.3
20.5
25.2
34.5

42.9
30.1
37.2
47.8

1.5
1.9
1.9
1.9

FEB.

3p

7.9

1.6

6.6

5.3

9.2

35.3

49.9

1.9

e—indicates estimated data,
p—indicates preliminary data.




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Appendix Table 2
Monthly Seasonal Factors for Selected Components of the Monetary Aggregates

|
I

1

Deposits
| Small
Savings
denomiand
nation
1 MMDAs
time
2
'
1

1 Large
| denomination 1
1 time
31

Money market
|
|
mutual funds
in M2 [in M3 only)
4
1
1 L

1991--Jan. |
Feb. !
Mar.
Apr.
May
June
July
Aug. |
Sept.
Oct.
Nov.
Dec.

0.9952
0.9947
1.0021
1.0035
0.9996
1.0044
1.0048
1.0024
0.9985
0.9983
0.9998
0.9962

1.0028 |
1.0026 |
1.0006
0.9992
0.9972
0.9966
0.9998 i
0.9993
0.9993
1.0018
1.0008
1.0003

0.9934
0.9969
1.0014
0.9967
1.0031
1.0034
0.9991
1.0048
1.0042
1.0005
0.9993
0.9965

0.9989
1.0136
1.0242
1.0175
0.9925
0.9874
0.9876
0.9954
0.9965
0.9947
0.9976
0.9933

1992--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

0.9946
0.9946
1.0023
1.0040
1.0000
1.0047
1.0050
1.0026
0.9986
0.9983
0.9995
0.9958 ;

1.0031
1.0025
1.0004
0.9990
0.9969
0.9963
0.9996
0.9993
0.9994
1.0019
1.0010
1.0006 ;

0.9930
0.9968
1.0014
0.9968
1.0038
1.0042
0.9994
1.0051
1.0038 :
1.0001 I
0.9987 |
0.9964

0.9988
1.0139
1.0249
1.0178
0.9923
0.9877
0.9874
0.9952
0.9967
0.9952
0.9969
0.9927

1.0308 |
1.0461 j
1.0327 j
1.0087 j
1.0037 j
0.9800 j
0.9735 j
0.9846 j
0.9668 |
0.9716 j
0.9935 j
1.0064 j

1993--Jan.
Feb. |
Mar.

0.9942 |
0.9946 |
1.0024

1.0031 j
1.0025 |
1.0005

0.9929
0.9970
1.0016

0.9989 !
1.0141 |
1.0251

1.0306 |
1.0473 j
1.0341 j

1.

|
|
!
|
!

1.0303 |
1.0453 |
1.0310 |
1.0066 |
1.0027 |
0.9805 j
0.9749 j
0.9848 j
0.9679 j
0.9719 j
0.9946 j
1.0064 j

These seasonal factors are applied to deposits data at both
commercial banks and thrift institutions.

Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
| Nonbank
travelers | Demand
Week ending .I Currency 1 checks
1 deposits
1
3
1
2
1
1
1991--Dec. 2
9
16
23
30

|
t
|
i
I

1.0037
1.0095
1.0080
1.0165
1.0092

0.9402
| 0.9399
0.9412
I 0.9425
| 0.9438

1992--Jan. 6
13
20
27

!

1.0048
0.9986
0.9951
0.9871

Feb. 3
10
17
24

|
j
j
j
|

0.9974
1.0014
1.0012
1.0001

0.9824
0.9988
0.9986
0.9984

|
j
j
j

0.9958
1.0075
0.9979
0.9912

1.0000
1.0006
1.0004
1.0005

1.0035
1.0065
1.0008
1.0002

|
|
j
|

0.9945
1.0119
1.0051
0.9997
1.0032

1.0012
1.0023
1.0038
1.0034
1.0045

1.0055
1.0052
1.0058
1.0067
1.0083

|
j
|
j
j

1.0074
1.0076
1.0010
0.9973

1.0008
0.9975
0.9971
0.9959

|
|
j
j

0.9959
0.9960
0.9976
0.9975

1.0023
1.0047
1.0011
1.0060

|
j
j
j

0.9990
| 1.0218
| 1.0084
! 1.0063
! 1.0022

| 0.9925
| 1.0165
1.0070
1.0137
1.0161

0.9460
! 0.9492
0.9524
0.9555

1.0863
1.0410
1.0089
0.9807

1.0432
1.0292
1.0111
0.9804

1:0487
1.0349
1.0192
0.9946

0.9877
0.9962
0.9945
0.9897

0.9587
0.9603
0.9619
0.9635

0.9877
0.9829
0.9760
0.9542

0.9849
1.0015
0.9891
0.9826

Mar. 2
9
16
23
30

0.9898
1.0010
0.9982
0.9968
0.9949

0.9651
0.9644
0.9634
0.9624
0.9614

0.9623
0.9795
0.9773
0.9627
0.9753

0.9911
1.0123
1.0006
0.9942
0.9954

Apr. 6
13
20
27

1.0031
1.0035
1.0006
0.9950 !

0.9596
0.9567
0.9537
0.9508

1.0171
1.0211
1.0169
0.9797

1.0336
1.0446
1.0498
1.0105

May

1.

j Nontransactions components 1
1 in M3 only 1
1
in M2
1
7
|
I
6
.
1.0025
0.9970
0.9952
0.9944
0.9952

1.0316
1.0331
1.0445
1.0420
1.0633

1.0001
1.0057 |
1.0026
1.0024

0.9496
0.9587
0.9678
0.9768

4
11
18 !
25 i

f
|
|
!
!

|
Other
1
[ checkable deposits
| at banks
1 total
1
5
1
4

|
!
|
|

0.9849
0.9757
0.9854
0.9550

!
j
|

1.0019
1.0023
0.9884
0.9818

|
|
|

1.0319
1.0471
1.0560
1.0098
1.0038
0.9936
0.9809
0.9763

|
|

'
|
]
j
|

0.9972
1.0008
0.9999
0.9955
0.9948

|
|
!
I

!

Seasonally adjusted other checkable deposits at thrifts are derived as the difference between
total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.




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O

P

O
rH

U-l O
•H
• 0 T3

rH

rH

\0

O

I

1

f

o o o o
rH

ON rs ^
uo
ON r H VO
O
ON ON
ON ON
ON O

O

m en o
m oo en

rH O

rs o
O

*H
CM

O

ON ON
ON ON

rH O

00 O
ON O

O

rH

CM oo en m
r H r H CO 0 0
O
r H r H ON
O
O
O
ON
TH

CM VO r H

O

\o m m st
co rs \o m

O

ON
00
ON
ON

O

ON ON ON ON

O

CO ^ f r H

1
1

r H VO ^
O
O
rH

d o d o

ON

O

00
ON
ON
ON

O

m ON ON ON
vo o o
ON

rH

rH
rH
O
O

O

O

rH

>t
rH
O
O

O

IS
ON
ON
ON
O

oo oo r s < f

rH

ON r H

ON

IS

ON ON

< f CO VO CM
ON ON oo r s
ON ON O N ON

rH

O

O

rH

C O ^
O
rH
O
O

O

O

VO CO
rH
rH
ON i s
ON ON

O

O

oo in oo en
o o oo is

O
H

O
ON
O
O

O

00
rH
rH
O

O

sf CM *H
ON oo oo
ON ON ON
O

O

O

rH

O
rH

rH

vo en

O

rH O

rH

CM m rs o
<*- o vo co
oo rs m <fr
o o o o

O
O
O
O

O

00
CM
O
O

rH

m

ON ON ON ON
ON ON ON ON

ON
rH
ON
ON

CO CM CO
ON ON 0 0
ON ON ON

rH

vo en

O

CM O N

o o o o

m

CM ON vo
r H r H CM

•
>
o

25

rH CM

O

O

t s < f r H 00
r H CM CM

P

•

o
o

CH

C
D
CO

•

rH O

O
O

rs vo CM vo
rH is en oo

O

ON

O

O

i n oo en co ON
ON VO CO r H r H
ON O
O
00 00
ON O
O
ON ON

r^

<f
CO
ON
ON

H < f
O
ON
rH
O

CM
00
ON
ON

rH i s <$• o
N
O
rH

CM
CM
O
O

O O N ^ H
r H r H CM CO

CO
00
O
O

O C O
CM r H
r H rH

rH
rH
O
O

C

rH

rH

O

co rs m <f m
o
o
in

o o o o o

co rs

rH

ON o
ON O

O

O N m CM co co
I S VO r H CM O
0 0 ON ON 0 0 CO
ON ON ON ON ON

O

C7N

ON
ON

O

en ^ \ o O N
VO rH <t
ON
ON ON ON ON
ON ON ON ON
O

O
O

o ov is rs

rH

**m» W

00 rH
ON O

ON

O

O

o
O

ON i s
ON ON

O

o

rH

O
O

rH en m
vo en vo

O

o
rH

rH

O

O

CM
IS
O
rH

O

O

CM CM

rs

O

rH

rH

•
3

<

rH

*->

6©
3

>N

vo co o

O

rH

co cn ON st
<t rH m o

CO H
^
VO CO ON
O
O
O

rs i n <f

rH

o m <t o
m o CM rs
co CM o rs
o o o ON

O

rH

ON
ON

in

CO O

VO

co

O

ON co
ON ON

CM

O

vt N

CM U 0 <T* ON
ON i n vo
ON CO 0 0
ON ON ON

rH O

00 O
ON O

O

rH

co rs < t

rH

ON CM r^
TH O
ON O
O

rs
O

O

CO CO <fr CO < f
«<f <r- co r s CM
00 00
ON ON
rH
O

rH r H

rH <t
VO CO
O

rH co m

rH( | s
rH 00
O

O

CO CN

CM ON
CM CM

O

en co o

rH

co m

N

oo o

en

1
1
CM
ON
ON

2

CD

TH

CO M O
ON O O
ON O
O

ON O

00
lO

O

00 O
ON O

O

co m

O

o o o o o

i s ON ON rs i s
ON ON ON ON ON
ON ON ON ON ON

cd f—i
cd

r*

u

CD

C
O

<D
<D

•d -P
d -H
cd co co
E 0

C
O

o 4-4 <f
a)
a)
1 +•>
1 +•>
1

^

a 2q vOi

cd

X
C

(0

c CM]
o
c
d
u
-p

a
o
z

in

+
>

o
o
o \ **
cd

co X i

•H

O 0

w

H
P>

co a

(0

o

CI

^

cd H

^
£

10

J-I a)
CD " O

IS 4->
o o

mpo
4J
4J
fl)
fl)
O
rH
rO

o
« o

rH

^ o
•H

^

sd -P
H

0)

o

a M
A O
< -P
cd

o

cd
CO

<a
a)
CO

C
D

1
i

!
!

i




urr

Appendix Table 3 (continued)
Weekly Seasonal Factors Used to Construct Ml, M2 and M3

Week ending
1992--Nov.30
Dec. 7

14
21
28

| Nonbank
j travelers
. Currency [ checks
1
2
1
1
1
1.0007 | 0.9441
1
1

1993--Jan. 4

1.0072
1.0069
1.0120
1.0142

0.9404.
1 0.9418
| 0.9432
! 0.9445

| Demand
[ deposits
1
3
| 1.0188
|
|
|
|

1.0352
1.0452
1.0480
1.0460

|
Other
1
j checkable deposits
| at banks
|
total
|
5
1
4
| 0.9934
| 0.9921
I
|
i
;

1.0179
1.0107
1.0104
1.0012

|
j
j
|

0.9963
0.9904
0.9957
0.9977

|
j
j
j

1.0000
1.0051
0.9971
0.9956

0.9990
0.9997
1.0003
1.0010

1.0024
1.0016
1.0099
0.9971

|
j
|
j

0.9960
1.0097
1.0063
1.0054
1.0032

j

1.0013
1.0022
1.0039
1.0035
1.0040

1.0077
1.0039
1.0069
1.0045
1.0114

|
j
j
|
|

1.0185

|

1.0059

1.0077

|

15 j
22 |
29 |

0.9634
0.9806
0.9811
0.9685
0.9635

j
|
|

|

j
j
i
|

|

0.9884
1.0138
1.0042
1.0004
0.9911

Apr. 5 ]
1.

|
i
!

|
!

0.9949
0.9960
0.9911
1.0002

0.9866
1.0005
0.9905
0.9856

0.9646
0.9644
0.9635
0.9627
0.9619

1.0006

|

0.9596

!

1.0044

|

1.0157

8

|

0.9767
0.9816
0.9762
0.9628

0.9909
1.0000
0.9991
0.9980
0.9954

Mar. 1

1.0000
1.0001
0.9969
0.9941
0.9982
1.0017
1.0007
0.9995

0.9589
0.9607
0.9620
0.9633

8
15
22

I
1

1.0245
1.0320
1.0251
1.0097

0.9864
0.9941
0.9939
0.9913

Feb. 1

1.0157
1.0135
1.0125
1.0116

j

1.0225
1.0290
1.0151
0.9965

0.9462
0.9494
0.9525
0.9557

18
25

|

1.1008
1.0510
1.0218
0.9810

1.0047
1.0007
0.9945
0.9889

ii

|
|
i
1

I Nontransactions components I
[ in M3 onlv j
1
iiUiZ
|
<5
I
I
0.9978
|
1.0033
j

j
|

|

Seasonally adjusted other checkable deposits at thrifts are derived as the difference between
total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.







Appendix Table 4
Weekly Seasonal Factors For Selected Components of the Monetary Aggregates
|
j

1

|
j Savings |
j
and
|
MMDAs I
Week ending .|
1
1
1
1991--Dec. 2 |
9|

16
23 I
30 !
1992--Jan. 6

13
20
27
Feb. 3

10
17
24
Mar. 2|

91
161
231
30 j
Apr. 6

13
20
27 j
May

4|

11|
18 j

21
1

0.9980
1.0017
1.0001
0.9926
0.9892

Deposits
Small
denomination
time
2

|
j
|
1
1

Large
denomination
time
3

|
1
.
1
1

Money market
|
mutual .
Funds
|
in M2 [in M3 onlvf
4
1
5
1

1.0009 |
1.0003 |
0.9995
0.9993
1.0007 !

0.9963 i
0.9970
0.9966
0.9949
0.9961

0.9975 |
0.9970 |
0.9968
0.9940
0.9869 I

1.0017 |
1.0012 j
1.0116 j
1.0091 j
1.0085 j

0.9968
0.9988
0.9950
0.9902

1.0030
1.0035
1.0032
1.0026

0.9942
0.9945
0.9926
0.9918

0.9736
0.9972
1.0068
1.0098

0.9811
1.0368
1.0454
1.0473

|
j
j
j

0.9908
0.9950
0.9951
0.9941

1.0029
1.0034
1.0029
1.0018

0.9917
0.9965 j
0.9975 j
0.9978 |

1.0060
1.0112
1.0121
1.0180

1.0389
1.0490
1.0459
1.0439

|
j
j
j

0.9965
1.0015
1.0034 !
1.0018 !
1.0028 i

1.0014 |
1.0009 j
1.0003
0.9996 |
1.0006

0.9980 |
1.0011
1.0029
1.0019 j
1.0005 |

1.0190 S
1.0225 !
1.0250
1.0268 |
1.0271

1.0498
1.0354
1.0360
1.0364
1.0219

|
j
j
j
|

1.0099 |
1.0116
1.0020
0.9963 |

1.0004 |
0.9993 j
0.9987
0.9984 j

1.0017
0.9986
0.9945
0.9938

|
j
j
j

1.0235 |
1.0292
1.0198
1.0095 j

1.0080
1.0219
1.0062
1.0043

|
j
j
j

0.9976
1.0002
1.0007
0.9992

0.9980
0.9975
0.9970
0.9964

0.9952
1.0001
1.0039
1-0085

|
j
j
1

0.9953
0.9893
0.9880
Pt??66

0.9960
1.0113
0.9947
1.0156

|
j
|
1

|
j
|
I

|
|
j
1

|
|
j
1

1. These seasonal factors are applied to deposits data
commercial banks and thrift institutions.

|
j
j
|

at both




Appendix Table 4 (continued)
Weekly Seasonal Factors For Selected Components of the Monetary Aggregates
|
|
Savings
[
and
Week ending 1
MMDAs
1
1
1992--June 1

8
15
22
29
July 6

13
20
27
Aug. 3

10
17
24
31
Sep. 7

14
21
28
Oct. 5
12 i
191

26]
Nov. 2

9!
16|
_

23j

|
|
I
I
1

1
Deposits
Small [
Large
denomidenomination | nation .
time
time
3
2

Money market
|
mutual 1hinds
|
in M2 lin M3 onlvj

4

I

5_

L

1.0015
1.0084
1.0082
1.0021
1.0002

0.9961
0.9957
0.9958
0.9957
0.9976

1.0082
1.0087
1.0091
1.0044
0.9951

0.9938
0.9918
0.9906
0.9859
0.9830

0.9969
0.9889
0.9806
0.9768
0.9737

|
j
j
j
j

1.0066
1.0085
1.0049
1.0014

1.0001
0.9998
0.9995
0.9994

0.9951
0.9978
1.0003
1.0022

0.9785
0.9884
0.9903
0.9903

0.9640
0.9684
0.9810
0.9802

|
|
j
j

1.0027
1.0057
1.0045
1.0009
0.9992

0.9995
1.0000
0.9995
0.9990
0.9987

1.0026
1.0036
1.0041
1.0061
1.0077

0.9885
0.9937
0.9924
0.9993
0.9981

0.9719
0.9855
0.9873
0.9919
0.9794

|
j
j
j
|

1.0031
1.0027
0.9960
0.9926

0.9992
0.9987
0.9987 !
1.0000 !

1.0050
1.0053
1.0028 1
1.0025

0.9923
1.0002
1.0016
0.9946

0.9745
0.9722
0.9688
0.9566

|
j
|
j

0.9991
1.0013 !
0.9990 |
0.9953 |

1.0028
1.0030
1.0017 |
1.0011 |

1.0033
1.0017 |
0.9990 j
0.9988

0.9906
0.9956
0.9937
1.0013

0.9504
0.9724
0.9631
0.9838

|
j
|
|

0.9964 |
1.0019 |
1.0018
0.9984 1

1.0010 |
1.0011 |
1.0010
1.0009 1

0.9981 |
0.9993
0.9991
0.9990 1

0.9928
0.9950
0.9954

0.9864
0.9874
0.9883
1.0026

|
j
j
1

1,0011 1\

1. These seasonal factors are applied to deposits data
commercial banks and thrift institutions.

at both




Appendix Table 4 (continued)
Weekly Seasonal Factors For Selected Components of the Monetary Aggregates
|
|
|
Savings |
and
|
MMDAs 1
1
0.9968 I

1
Deposits
Small |
denomi- |
nation |
time
1
2
1
1.0010 |

1.0000 I
0.9992 1
0.9927 1
0.9904

1.0010 |
1.0005 !
0.9999
1.0002

0.9968
0.9974
0.9964
0.9958

0.9954 |
0.9980 '
0.9956
0.9875

0.9998 |
1.0129 j
1.0173 j
1.0054 j

0.9976
1.0000
0.9946
0.9891

1.0026
1.0037
1.0035
1.0029

0.9947
0.9939
0.9930
0.9923

0.9789
0.9887
1.0044
1.0079

0.9838
1.0229
1.0374
1.0435

|
j
|
j

0.9908
0.9947
0.9952
0.9942

1.0028
1.0034
1.0030
1.0021

0.9909
0.9947
0.9980 |
0.9978

1.0070
1.0102
1.0148
1.0155 j

1.0478
1.0462
1.0479
1.0416

|
j
j
j

29|

0.9950
1.0012 |
1.0038 |
1.0026
1.0013

1.0013 1
1.0012 |
1.0006 |
0.9995
1.0003 j

0.9985
1.0000
1.0022
1.0025
1.0027

1.0174 J
1.0210
1.0251 j
1.0274
1.0276 j

1.0542
1.0386
1.0413
1.0378
1.0226

|
j
|
j
j

Apr. 5]

1.0081 1

1-0007 1

0.9998 1

1.0260 1

1.0105 1

|
|
Week ending .1

L__J
1992--Nov.30 I
Dec. 7 |
14 '

21
28
1993--Jan. 4

11
18
25
Feb. 1

8
15
22
Mar. 1

8
IS |
221

Large
denomi- |
nation _1
1
time
3
0.9976

|
|
j
j
j

Money market
|
mutual .
funds
|
in M2 [in M3 onlv|
4
1
5
1
0.9972 I . 0.9978 |

1. These Seasonal factors are applied to deposits data
commercial

banks and thrift

institutions.

at both

Appendix Table 5
Comparison of Revised and Old Monetary Aggregate Levels
(billions of dollars, seasonally adjusted)

i

m

i

m

MJ
Revised 1

Old

Revised

Old

Revised

Old

1990--October
November
December

822.3
823.8
826.1

821.2
823.3
825.4

3329.7
3327.9
3332.4

3324.5
3323.7
3327.8

4117.0
4115.6
4114.4

1991--January
February
March
April
May
June
July
August
September
October
November
December

826.2
836.2
842.2
842.7
850.8
857.2
860.0
866.5
872.0
880.9
891.4
898.1

826.7
836.4
843.0
842.1
851.6
858.4
859.5
866.1
870.0
879.0
890.3
896.7

3336.5
3361.4
3378.5
3385.7
3396.4
3402.8
3400.6
3403.6
3408.2
3420.1
3434.0
3441.6

3331.4
3354.7
3375.4
3383.7
3395.5
3400.9
3392.0
3393.7
3395.6
3403.9
3418.1
3424.8

4125.1
4159.6
4165.3
4168.0
4170.0
4167.5
4157.2
4157.4
4154.5
4161.7
4170.5
4174.6

4124.0
4159.7
4168.2
4170.4
4171.9
4165.3
4150.2
4149.4
4144.6
4150.9
4162.5
I 4169.0

1992--January

910.6

910.6

3451.4

3432.6

4180.0

| 4174.9




|
'
1

4109.0 |
4108.4 j
4111.2 |
|
j
j
j
|
j
j
|

Appendix Table 6
Comparison of Revised and Old Ml Growth Rates
(percent changes at annual rates)

Revised

Old

|
Difference due to
Difference |
|
Seasonals
m - f2i | Benchmark
f4)
m
i|

m

(2}

1990—Oct.
Nov.
Dec.

-0.9
2.2
3.4

-0.9
3.1
3.1

0.0
-0.9
0.3

0.3
0.0
-0.3

-0.3
-0.9
0.6

1991--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

0.1
14.5
8.6
0.7
11.5
9.0
3.9
9.1
7.6
12.2
14.3
9.0

1.9
14.1
9.5
-1.3
13.5
9.6
1.5
9.2
5.4
12.4
15.4
8.6

-1.8
0.4
-0.9
2.0
-2.0
-0.6
2.4
-0.1
2.2
-0.2
-1.1
0.4

-0.4
0.6
0.2
0.3
-0.1
0.4
0.1
0.0
-0.2
0.0
0.2
0.0

-1.4
-0.2
-1.1
1.7
-1.9
-1.0
2.3
-0.1
2.4
-0.2
-1.3
0.4

1992--Jan.

16.7

18.6

-1.9

0.0

-1.9

1990--QIV

3.8

3.4

0.4

0.2

0.2

1991--QI
QII
QUI
QIV

5.2
7.3
7.5
11.0

5.9
7.3
6.8
10.9

-0.7
0.0
0.7
0.1

-0.1
0.2
0.1
-0.1

-0.6
-0.2
0.6
0.2

1991—QIV '90 to
QII '91

6.3

6.7

-0.4

0.1

-0.5

QII * 91 to
QIV * 91

9.4

8.9

0.5

0.0

0.5

4.2
8.0

4.2
7.9

0.0
0.1

0.0
0.1

0.0
0.0

m

Monthly

Quarterly

Semi-Annual

Annual fOIV ' TO QIV)
1990
1991




Appendix Table 7
Comparison of Revised and Old H2 Growth Rates
(percent changes at annual rates)

Difference due to
j PenchjparK
geaspnals
(1) - (2) |
(51
f31
1I
m

Difference

Revised

Old

m

f2-)

|
|

Monthly
1990--Oct.
Nov.
Dec.

-0.1
-0.3
0.1

0.2
-0.1
-0.2

-0.3
-0.2
0.3

0.6
0.7
2.9
5.0
2.4

0.2
0.6
-1.3
-0.4
-0.4
0.4
2.3
0.5
0.9
1.3
-0.1
0.3

-0.4
1.0
0.1
-0.4
0.1
0.2
1.2
0.1
0.4
1.7
0.1
0.1

0.6
-0.4
-1.4
0.0
-0.5
0.2
1.1
0.4
0.5
-0.4
-0.2
0.2

3.4

2.7

0.7

0.2

0.5

1990--QIV

2.1

2.0

0.1

0.1

0.0

1991--QI
QII
QUI
QIV

3.5
4.3
1.1
3.3

3.4
4.7
0.0
2.6

0.1
-0.4
1.1
0.7

0.1
0.0
0.5
0.7

0.0
-0.4
0.6
0.0

1991--QIV '90 to
QII '91

3.9

4.1

-0.2

0.1

-0.3

QII '91 to
QIV '91

2.2

1.3

0.9

0.6

0.3

3.8
3.1

3.8
2.7

0.0
0.4

0.0
0.4

0.0
0.0

1991--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1992—Jan.

0.9

1.0

-0.6

-0.3

1.6

1.5

1.5
9.0
6.1
2.6
3.8
2.3

1.3
8.4
7.4
3.0
4.2
1.9

-0.8

-3.1

1.1
1.6
4.2
4.9
2.7

Quarterly

Semi-Annual

Annual fOIV TO QIV)
1990
1991





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102