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FEDERAL RESERVE statistical release H.6* (508) For release at 4.30 PM EST February 4, 1993 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 1992 and other sources. The benchmark and seasonal revisions lowered the annual growth rate of M2 by .2 percentage point over 1992. Other annual growth rates of Ml, M2, and M3 were revised by no more than .V percentage point for any year. The benchmark incorporates a change in the type of data used to measure large time deposits held by domestic banks. Reports from issuing banks regarding bank holders of their CDs had previously been used; reports from banks of CDs they hold are now used, as they have been found to be more accurate. (This item is one of several that are subtracted from gross large time deposits to measure the quantity of such time deposits held by the nonbank public.) As a result of the change, this netting item revised upward by as much as $12 billion over the past seven years, thereby reducing the level of M3 by the same amount, but causing little revision to the annual growth rates of M3. The benchmark also incorporates corrections for the previous misreporting by banks of some brokered time deposits. Initially, these deposits had been misclassified as large time deposits, rather than as small time deposits. In last year's benchmark, this misclassification was corrected for data reported by several large banks in 1990 and 1991. In this year's benchmark, the misclassification was corrected for a large number of additional banks, for data reported over the past nine years. The reclassification of these deposits, which amounted to as much as $6 billion in 1988, boosted the level of M2 but left M3 unaffected. The benchmark also folded in historical data for veral money market mutual funds that began reporting for the first time during 1992, raising the level of M3 by almost $9 billion in late 1992. Numerous other, smaller revisions were also made to the aggregates. Seasonal factors for the monetary aggregates have been revised using the X-ll ARIMA procedure applied to data through preliminary estimates for January 1993. The seasonal adjustment procedure used this year is identical to that of last year. The revisions to seasonal factors redistributed some growth in each of the aggregates from the first and fourth quarters to the second and third quarters of 1992. -2- Complete historical data will soon be available in printed form from the Money and Reserves Projection Section, Mail Stop 72, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, (202) 452-3062. The historical data will also be available on' floppy diskette for a fee of $25 per diskette from the Federal Reserve Board's Publications Section, Mail Stop 138, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, (202) 452-3245. Revised monthly historical data for Ml, M2, M3, and total nonfinancial debt are also available from the Economic Bulletin Board of the U.S. Commerce Department. Call (202) 482-1986 for information on how to access the Commerce bulletin board. Vo°^^ FEDERAL RESERVE statistical release *'.f*4iResf> H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEBRUARY Billions of dollars Date Ml 1 M2* 4> 1993 DEBT5 M3 3 Seasonally adjusted 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 827.9 833.2 839.4 841.3 849.1 857.6 861.8 867.9 872.4 879.5 891.0 899.2 1992-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 911.5 926.2 935.1 941.2 952.2 952.6 963.3 975.5 990.1 1005.9 1019.1 1026.6 3353 3369 3386 3396 3407 3416 3415 3417 3418 3422 3435.* 3445.7 4134. .4 4157. .0 4160. .5 4165. .6 4166. .5 4167. .9 4160. .7 4156. .3 4150. .4 4155. .5 4162.8 4168.0 4988.7 5004.3 4996.5 4972.7 4959.3 4983.3 4994.4 4983.1 4968.5 4972.2 4983.3 4982.1 10777.2 10825.4 10863.3 10886.8 10940.8 10993.9 11026.7 11062.9 11094.8 11133.4 11174.6 11201.3 3451. 3467. 3469. 3468. 3470. 3465. 3467. 3475. 3483, 3496. 3504, 3502. 4172. 4189. 4186. 4181, 4183. 4173. 4172, 4181, 4186. 4186. 4188. 4177. 4978:1 4998.7 5011.5 5012.1 5013.8 5017.5 5015.4 5028.1 5039.9 5048.0 5064.3 p 11237.5 11288.2 11345.0 11397.4 11443.1 11490.3 11527.2 11564.7 11596.5 11622.0 11682.0 p Not seasonally adjusted 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 832.8 823.2 834.7 852.9 841.4 857.7 861.9 864.2 866.9 874.8 893.1 916.3 1992-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 917.3 916.0 930.5 954.7 943.9 951.9 962.5 970.4 982.8 1000.9 1021.5 1045.8 Footnotes appear on the following page, p—indicates preliminary data. 3358.5 3363.4 3392.5 3414.9 3392.4 3411 3414 3413 3407 3417 3438 3457.8 4136. 4153. 4170. 4180. 4154. 4163. 4157. 4157.8 4140.7 4145.7 4167.7 4178.0 5004.7 5005.0 5008.3 4986.3 4939.1 4971.1 4979.9 4975.7 4959.0 4961.7 4994.8 5004.0 10765.6 10796.3 10826.0 10845.9 10893.9 10944.3 10978.1 11018.7 11062.0 11108.0 11152.8 11191.4 3456. 3462. 3476. 3490, 3455. 3460. 3464. 3470. 3470. 3490. 3507. 3516. 4174. .1 4186. .5 4196.8 4198.5 4170. .4 4168. .3 4166. .9 4181. .7 4174. .6 4176. .1 4193. .5 4189. .3 4993.0 4999.3 5024.8 5028.0 4990.7 5004.6 4999.2 5018.1 5029.2 5037.2 5077.2 p 11224.9 11256.4 11305.3 11354.3 11394.7 11441.2 11481.9 11526.6 11569.0 11600.1 11662.9 p H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 M3 Debt 1 -0.9 4.1 3 Months from SEP. 1992 TO DEC. 1992 14.7 2.2 6 Months from JUNE 1992 to DEC. 1992 15.5 2.1 0.2 4.2 1.6 0.2 4.5 12 Months from DEC. 1991 TO DEC. 1992 14.2 Thirteen weeks ending JANUARY 25, 1993 from thirteen weeks ending: 26, 1992 (13 weeks previous) 15.0 2.0 -0.9 JULY 27, 1992 (26 weeks previous) 14.6 1.9 -0.1 JAN. 27, 1992 (52 weeks previous) 14.0 1.7 0.2 OCT. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1992 to November 1992, May 1992 to November 1992, and November 1991 to November 1992, 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 snare 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.m 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 ins titut ions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom 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 overnments 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 quartet—end basis and include discontinuities. f H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Seasonally adjusted Ml Period ending 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 1992-NOV. 2 9 16 23 30 991.8 995.1 998.5 1001.8 1005.0 1007.8 1011.5 1015.4 1017.5 1019.4 1014.9 1016.4 1019.2 1019.5 1022.5 3486.0 3488.4 3490.7 3492.7 3494.6 3498.3 3501.6 3504.0 3504.5 3504.2 3505.1 3506.6 3505.3 3501.0 3503.9 4184.9 4185.7 4186.1 4186.7 4186.8 4186.9 4186.3 4187.5 4188.0 4188.3 4187.1 4188.9 4186.7 4189.4 4188.1 DEC. 7 14 21 28 1008.2 1011.2 1013.8 1016.4 1021.4 1023.0 1024.6 1026.5 1024.4 1025.7 1025.9 1029.8 3496.6 3498.4 3499.8 3501.0 3504.1 3504.3 3504.6 3503.9 3506.0 3506.1 3502.4 3501.0 4187.5 4187.2 4186.4 4184.8 4188.5 4189.2 4186.1 4180.0 4189.8 4189.3 4177.2 4163.5 4 11 18p 25p 1018.8 1021.1 1023.3 1025.1 1027.7 1029.1 1031.0 1032.1 1029.2 1031.6 1033.4 1034.0 3501.4 3501.5 3501.4 3500.6 3500.7 3497.9 3495.8 3492.7 3493.3 3494.8 3494.0 3488.7 4182.6 4179.4 4177.9 4174.8 4170.9 4161.0 4157.4 4153.0 4153.6 4149.5 4162.9 4145.8 1993-JAN. Not seasonally adjusted Ml Period ending 13-week average 4-week average M2 week average 13-week average 4-week average M3 week average 13-week average 4-week average week average 1992-NOV. 2 9 16 23 30 985.8 989.3 993.3 997.2 1001.7 1000.8 1006.3 1012.8 1017.9 1021.6 1007.7 1025.4 1028.1 1010.2 1022.8 3477.9 3480.5 3483.8 3486.6 3489.5 3490.9 3495.9 3501.9 3506.5 3506.7 3497.3 3518.3 3517.6 3492.8 3498.1 4177.5 4178.2 4179.2 4180.4 4181.3 4178.4 4180.1 4185.7 4191.1 4193.5 4179.2 4202.3 4199.6 4183.3 4188.7 DEC. 7 14 21 28 1005.7 1009.5 1014.3 1020.6 1026.0 1029.4 1037.5 1044.0 1042.7 1042.0 1042.5 1048.7 3492.6 3495.3 3498.9 3503.4 3509.0 3510.6 3515.1 3516.7 3527.3 3524.1 3511.0 3504.3 4182.5 4182.8 4183.9 4185.7 4194.3 4195.8 4195.8 4191.7 4205.6 4205.6 4183.4 4172.3 4 11 18p 25p 1025.9 1030.5 1033.7 1035.7 1051.3 1056.4 1056.6 1048.6 1071.8 1062.4 1043.3 1017.0 3506.6 3509.1 3509.8 3509.3 3517.2 3518.7 3516.7 3507.6 3529.4 3530.1 3502.9 3468.0 4187.0 4185.7 4185.1 4182.3 4184.6 4177.9 4174.3 4162.6 4176.9 4178.8 4169.2 4125.6 1993-JAN. Note: S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which are highly volatile and subject to revision. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Nontransactions components Other checkable deposits Date Currency 1 Travelers checks 2 Demand deposits3 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 1991-AUG. SEP. 261.3 262.8 7.4 7.4 281.0 280.7 229.7 232.7 88.5 88.7 318.2 321.4 2549.1 2545.7 739.3 732.4 OCT. NOV. DEC. 264.4 265.8 267.2 7.5 7.6 7.7 283.0 287.4 290.5 235.3 239.6 242.3 89.3 90.6 91.6 324.7 330.2 333.8 2542.9 2544.8 2546.6 733.0 727.0 722.3 1992-JAN. FEB. MAR. 269.0 270.8 271.9 7.7 7.7 7.7 296.3 303.3 308.0 245.9 249.9 252.1 92.7 94.4 95.5 338.6 344.3 347.5 2539.5 2541.5 2534.4 721.2 721.3 717.1 APR. MAY JUNE 273.6 275.1 276.6 7.7 7.7 7.7 310.8 314.7 312.3 253.4 258.8 259.1 95.7 96.0 96.8 349.0 354.7 355.9 2527.2 2518.7 2512.9 713.1 712.2 708.0 JULY AUG. SEP. 279.5 282.4 286.3 7.7 7.8 8.1 317.5 322.5 329.0 261.1 264.1 266.6 97.5 98.7 100.1 358.6 362.8 366.7 2503.7 2500.2 2493.3 705.3 706.3 702.8 OCT. NOV. DEC. 288.0 289.8 292.4 8.3 8.2 8.1 336.0 339.5 340.9 271.8 278.7 281.2 101.9 102.9 104.0 373.7 381.6 385.2 2490.3 2485.1 2475.8 689.9 684.0 674.8 Heek ending 290.7 8.1 341.2 279.5 102.9 382.4 2481.4 684.2 7 14 21 28 291.6 291.8 292.3 293.6 8.2 8.2 8.1 8.1 341.0 340.9 340.2 341.2 280. 281, 281. 281. 103. 103, 103. 105. 383. 384. 385. 386. 2481, 2480. 2476. 2471. 683.8 683.2 674.7 662.5 4 11 18p 25p 294.0 294.0 294.4 294.9 8.1 8.1 e 8.1 e 8.1 e 341.7 341.6 341.7 341.6 282. 282. 283, 284. 102. 105. 105. 105. 385. 387. 389. 389. 2464. 2463. 2460. 2454. 660.3 654.8 668.9 657.1 1992-NOV. 30 DEC. 1993-JAN. 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 foreign-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 NOH and ATS balances at commercial banks, U.S. branches and agencies of foreiqn 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 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 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted <sommerciail banks At At thrift institutions Total 1991-AUG. SEP. 631.6 637.7 363.5 365.3 995.0 1003.0 OCT. NOV. DEC. 646.7 656.3 666.2 368.7 372.1 376.3 1015.3 1028.5 1042.5 617.1 609.7 601.5 1992-JAN. FEB. MAR. 677.2 689.0 695.6 383.1 391.7 398.7 1060.3 1080.7 1094.3 APR. MAY JUNE 703.9 709.3 713.3 403.6 410.3 412.7 JULY AUG. SEP. 719.5 727.6 737.2 OCT. NOV. DEC. Date Large-denomination time deposits3 Small-denomination time deposits2 Savings deposits 1 At A* thrift commercial institutions banks 623.5 498.7 621.6 489.6 Total General purpose and broker/dealer money market funds Institution- ." At At only money commercial thrift market funds banks4 institutions Total 1122.2 1111.2 365.4 363.2 159.5 162.4 362.4 359.0 93.7 90.9 456.1 450.0 479.8 471.6 463.2 1096.9 1081.4 1064.7 362.5 362.3 363.9 169.3 175.4 182.1 352.7 346.2 341.3 87.8 85.3 83.4 440.5 431.6 424.7 589.1 578.6 571.2 453.9 442.9 432.8 1043.0 1021.5 1004.0 360.3 362.3 359.7 186.1 192.0 192.2 336.9 333.7 330.0 82.0 79.9 77.4 418.9 413.6 407.4 1107.5 1119.6 1126.0 567.9 560.0 552.9 418.2 409.6 402.8 986.1 969.6 955.7 357.9 358.4 357.0 195.9 202.2 206.3 326.6 323.0 317.7 75.5 73.0 71.7 402.1 395.9 389.3 415.0 418.2 421.7 1134.5 1145.7 1158.9 544.6 535.6 527.5 397.0 391.3 385.2 941.5 926.9 912.7 353.9 352.5 347.4 212.5 220.9 220.7 311.0 307.8 303.5 71.5 70.3 70.2 382.5 378.1 373.7 746.1 752.5 756.1 424.4 427.9 429.9 1170.5 1180.3 1186.0 519.9 511.9 506.9 376.6 370.0 363.4 896.6 881.9 870.3 351.6 350.9 348.8 210.9 209.2 202.3 296.8 292.8 291.1 70.2 68.5 67.3 367.0 361.3 358.4 752.4 429.3 1181.7 509.6 367.8 877.4 351.4 208.4 293.6 68.2 361.8 7 14 21 28 754.9 757.7 756.8 756.1 429.6 429.0 430.1 430.9 1184.5 1186.7 1186.9 1187.0 508.2 507.8 507.2 505.6 366.4 364.1 362.3 361.6 874.6 871.9 869.5 867.2 350.8 348.9 348.9 347.3 201.8 202.3 202.7 201.5 292.9 292.0 290.9 289.8 68.1 67.5 67.0 66.7 361.0 359.5 357.8 356.5 4 11 18p 25p 755.9 756.7 755.5 751.9 431.1 429.7 430.8 430.5 1187.0 1186.4 1186.3 1182.5 504.7 503.7 502.4 501.3 360.7 359.5 358.4 357.6 865.4 863.2 860.8 858.8 347.6 347.7 345.5 345.5 204.7 195.2 198.5 195.7 285.7 285.9 284.3 283.7 67.4 67.0 67.2 67.0 353.1 352.9 351.5 350.7 Neek ending 1992-NOV. 30 DEC. 1993-JAN. 1. 2. 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. 3. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 4. 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 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted 6 Debt components4 Non-M3 Components of L Savings bonds Short-term Treasury securities1 Bankers acceptances2 1991-AUG. SEP. 134.3 135.1 327.0 320.3 27.5 26.1 OCT. NOV. DEC. 136.0 137.1 138.0 320.5 322.6 314.9 1992-JAN. FEB. MAR. 139.0 140.2 141.3 APR. MAY JUNE Commercial paper 3 Federal debt Non-Federal debt 338.0 336.6 2665.7 2686.0 8397.2 8408.8 25.3 24.5 23.4 334.9 336.2 337.7 2713.9 2742.3 2764.8 8419.5 8432.3 8436.5 311.7 319.7 324.8 22.8 22.5 22.2 332.3 327.3 336.7 2782.6 2801.8 2841.7 8454.8 8486.3 8503.3 142.4 143.5 144.6 325.5 328.7 329.5 21.8 22.0 22.0 341.0 336.4 348.1 2877.3 2908.5 2943.8 8520.2 8534.6 8546.5 JULY AUG. SEP. 145.8 147.4 149.3 324.4 322.8 321.3 21.7 21.1 20.7 351.1 354.8 362.5 2968.4 2992.4 3004.8 8558.9 8572.3 8591.7 OCT. NOV. p 151.9 154.7 321.9 329.1 20.5 19.6 367.6 372.7 3001.4 3027.7 8620.6 8654.3 Date 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. 2. 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. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Nontransactions components Other checkable deposits A* commercial banks' At thrift institutions5 Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 88.3 88.2 315.2 318.8 2549.2 2540.7 744.5 733.2 53.2 52.3 14.5 14.6 232.1 238.2 244.9 88.5 90.4 91.4 320.5 328.6 336.3 2542.1 2545.3 2541.5 728.8 729.3 720.1 53.8 54.3 53.7 16.3 19.5 22.6 299.9 296.4 302.6 250.7 250.4 254.1 91.4 92.3 95.4 342.2 342.7 349.5 2538.7 2546.3 2546.0 718.1 724.3 720.4 55.9 58.3 54.1 21.9 19.6 20.6 7.3 7.4 7.8 313.8 308.3 311.4 261.3 255.7 257.7 98.9 96.8 97.8 360.2 352.5 355.5 2535.3 2511.9 2508.6 708.6 714.6 707.8 53.4 50.8 52.7 19.3 18.6 19.6 280.8 282.9 284.6 8.2 8.4 8.5 317.7 319.8 326.1 257.7 260.8 264.0 98.2 98.4 99.6 355.9 359.2 363.6 2501.9 2499.7 2488.1 702.5 711.6 703.6 53.4 59.2 55.8 19.3 16.8 17.6 287.0 290.0 295.0 8.4 7.9 7.8 336.7 343.9 355.3 268.1 277.0 284.0 100.8 102.7 103.7 368.8 379.7 387.6 2489.5 2485.5 2470.9 685.7 686.4 672.6 54.4 52.8 51.3 20.0 21.2 21.4 1992-NOV. 30 290.7 7.7 348.2 274.8 101.3 376.1 2475.4 690.5 49.1 21.6 7 14 21 28 293.0 293.4 295.7 298.2 7.8 7.8 7.8 7.8 351.5 355.2 353.0 357.0 284.4 282.3 283.9 283.1 106.0 103.3 102.0 102.6 390.3 385.6 386.0 385.7 2484.6 2482.1 2468.5 2455.6 678.3 681.5 672.4 667.9 52.2 51.8 50.3 51.1 23.2 21.7 22.2 19.4 4 11 18p 25p 295.8 294.6 293.7 292.2 7.8 7.8 e 7.8 e 7.8 e 367.1 356.9 346.7 333.7 293.9 296.0 291.6 283.0 107.1 107.1 103.4 100.2 401.0 403.0 395.0 383.2 2457.7 2467.6 2459.6 2451.1 647.4 648.7 666.3 657.6 51.3 51.5 50.8 52.5 18.7 18.3 17.7 18.1 Currency 1 Travelers checks 2 Demand deposits 3 1991-AUG. SEP. 262.0 261.7 8.1 7.8 279.0 278.5 226.9 230.6 OCT. NOV. DEC. 263.1 266.3 269.9 7.6 7.3 7.3 283.7 290.9 302.9 1992-JAN. FEB. MAR. 267.8 269.4 271.0 7.4 7.5 7.4 APR. MAY JUNE 273.3 275.7 277.2 JULY AUG. SEP. OCT. NOV. DEC. Date Heek ending DEC. 1993-JAN. 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 by 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 Savings deposits 1 At At commerciail m thrift institutions banks Date Small-denomination time deposits2 Total At A* thrift commercial institutions banks Total Large-denomination time deposits 3 General purpose InstitutionAt At and broker/dealer only money commercial thrift banks* institutions money market funds market funds Total 1991-AUG. SEP. 632.3 636.3 363.8 364.4 996.1 1000.7 623.7 622.1 498.8 490.1 1122.5 1112.1 362.8 360.9 158.8 159.2 363.9 359.6 94.1 91.1 457.9 450.7 OCT. NOV. DEC. 645.4 656.2 663.3 367.9 372.0 374.7 1013.3 1028.2 1038.0 618.4 610.3 602.0 480.7 472.0 463.6 1099.1 1082.3 1065.6 359.6 360.9 361.5 165.6 175.5 182.4 352.0 346.2 340.1 87.7 85.3 83.1 439.7 431.5 423.2 1992-JAN. FEB. MAR. 673.4 686.5 698.7 380.9 390.2 400.4 1054.3 1076.7 1099.0 591.1 579.4 570.6 455.4 443.5 432.3 1046.5 1022.9 1002.9 360.0 368.8 369.4 190.8 200.1 194.9 334.6 333.0 330.9 81,4 79.7 77.6 416.1 412.7 408.6 APR. MAY JUNE 708.0 710.0 716.1 406.0 410.7 414.3 1113.9 1120.6 1130.5 566.7 557.7 551.0 417.3 407.9 401.4 984.0 965.6 952.4 364.6 356.4 353.4 194.9 202.3 202.4 325.7 324.8 319.3 75.3 73.4 72.0 400.9 398.2 391.3 JULY AU9. SEP. 721.9 728.2 735.4 416.3 418.5 420.6 1138.2 1146.7 1156.0 544.7 535.8 528.1 397.0 391.4 385.7 941.7 927.2 913.8 349.3 349.7 344.8 209.0 220.6 216.6 310.6 309.1 303.9 71.4 70.6 70.3 382.1 379.7 374.2 OCT. NOV. DEC. 744.4 751.9 752.3 423.4 427.5 427.8 1167.9 1179.4 1180.0 521.1 512.5 507.7 377.5 370.5 363.9 898.6 883.0 871.7 348.7 349.1 346.5 206.3 209.5 202.4 296.0 292.7 290.0 70.0 68.5 67.1 366.0 361.2 357.1 Week ending 748.6 427.2 1175.8 510.1 368.2 878.3 350.6 209.6 293.2 68.1 361.3 7 14 21 28 754.6 757.8 751.3 747.2 429. 429. 427. 425.8 1184.1 1186.8 1178.3 1173.0 509, 508, 507, 506, 367. 364. 362. 362. 876 873 870, 868.6 349. 348. 347. 343. 202.7 206.2 204.9 200.9 292. 291. 289. 289. 67. 67. 66. 66. 359.8 358.8 356.2 356.0 4 11 18p 25p 750.6 756.0 751.3 744.8 428, 429, 428, 426, 1178.8 1185.3 1179.7 1171.2 506.5 505.8 504.3 503.0 362.0 360.9 359.8 358.7 868.5 866.7 864.1 861.7 340. 345. 347. 347. 190.3 190.1 207.8 203.8 282. 284. 283, 281.8 66. 66, 66. 66, 348, 351, 350, 348, 1992--NOV. 30 DEC. 1993--JAN. 1. 2. Savings deposits include money market deposit accounts. Small-denomination time deposits--includinq 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. 3. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 4. 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 A* <commercial Date banks Debt components6 Non-M3 Components of L At thrift institutions Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1991-AUG. SEP. 49.9 48.4 29.2 28.2 79.1 76.6 63.6 61.5 134.3 135.0 323.3 322.0 27.2 25.5 333.1 335.8 2642.9 2673.1 8375.8 8388.9 OCT. NOV. DEC. 49.8 50.7 49.3 26.1 25.1 23.2 75.9 75.7 72.5 62.8 61.7 57.6 135.9 136.8 137.7 323.5 331.4 328.0 25.1 25.2 24.5 331.5 333.8 335.8 2707.6 2740.8 2765.0 8400.4 8412.0 8426.4 1992-JAN. FEB. MAR. 48.9 50.3 52.5 22.1 22.3 21.8 71.0 72.6 74.3 55.7 56.1 58.0 138.8 140.1 141.4 317.7 319.6 326.8 23.7 22.7 21.8 338.7 330.4 338.0 2782.5 2799.1 2834.7 8442.4 8457.3 8470.6 APR. MAY JUNE 53.3 55.6 55.3 20.8 20.8 21.1 74.1 76.4 76.4 54.9 52.8 51.8 142.7 143.9 144.9 320.6 319.4 320.8 21.3 21.6 21.7 345.0 335.4 348.8 2863.5 2884.1 2912.2 8490.8 8510.6 8529.0 JULY AUG. SEP. 53.6 55.5 57.8 21.5 20.2 19.8 75.1 75.8 77.6 51.0 51.4 49.5 146.0 147.4 149.2 315.5 319.1 323.0 21.6 20.9 20.2 349.3 349.0 362.3 2937.5 2970.3 2993.9 8544.4 8556.3 8575.0 OCT. NOV. DEC. 59.5 61.4 61.2 20.3 20.7 20.6 79.8 82.1 81.8 49.3 50.0 49.8 151.8 154.4 p 324.7 338.6 p 20.4 20.1 p 364.3 370.7 p 2998.1 3028.3 p 8602.0 8634.6 p 1992-NOV. 30 63.6 21.1 84.7 51.5 7 14 21 28 61.3 63.7 59.8 60.4 20.8 20.5 20.3 21.0 82.1 84.1 80.1 81.4 49.9 49.8 49.3 50.3 4 11 18p 25p 60.0 60.1 59.8 59.3 20.6 21.4 21.9 22.2 80.6 81.4 81.7 81.5 49.6 47.5 46.8 47.1 Week ending DEC. 1993-JAN. 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. 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. 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 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS 10 Billions of dollars> not seasonally adjusted Demand deposits at banks due to U.S. government depos;its Time and savinas deposits due to foreign banks Foreign Foreign official and official commercial institutions institutions banks Date Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance IRA and Keogh Accounts Time and savings deposits At At at commercial commercial thrift banks institutions banks At money market funds Total 1991-AUG. SEP. 7.9 7.8 1.5 1.5 6.5 6.6 3.6 5.2 5.8 7.8 13.5 21.7 22.9 34.7 1.5 1.5 143.1 144.4 134.0 133.1 42.8 43.3 319.9 320.9 OCT. NOV. DEC. 7.7 8.0 8.3 1.5 1.5 1.7 7.0 7.5 8.0 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 1.5 145.9 147.0 147.7 132.9 132.7 132.4 43.4 43.0 42.3 322.2 322.8 322.4 1992-JAN. FEB. MAR. 8.5 7.8 7.8 1.7 1.5 1.4 8.0 7.4 6.9 5.2 4.3 4.2 7.4 6.2 5.6 27.9 20.9 15.9 40.5 31.5 25.7 1.8 2.0 2.2 148.3 148.4 147.8 132.3 131.3 130.8 43.5 44.6 42.1 324.1 324.3 320.7 APR. MAY JUNE 8.2 8.0 8.1 1.4 1.4 1.5 6.8 7.3 7.8 5.8 4.2 5.2 4.9 5.2 6.7 11.9 16.8 19.9 22.6 26.2 31.8 2.5 2.6 2.6 148.4 148.6 147. 9 130.2 129.5 129.0 40.4 40.3 39.6 318.9 318.4 316.6 JULY AUG. SEP. 8.6 7.9 8.5 1.6 1.4 1.7 8.0 7.9 7.8 3.7 3.9 5.4 5.9 5.7 10.6 15.9 18.5 23.2 25.5 28.0 39.2 2.5 2.5 2.5 147.6 147.5 147.6 127.7 125.8 125.0 39.6 39.7 39.5 e 314.9 312.9 312.1 e OCT. NOV. DEC. 8.5 8.3 8.9 1.6 1.6 1.6 7.7 7.7 7.7 4.2 4.1 5.2 5.8 5.5 6.0 17.7 12.4 14.3 27.7 21.9 25.5 2.5 2.7 2.6 147.6 147.2 147.2 124.1 e 122.9 e 121.8 e 39.3 e 39.1 e 38.8 e 310.9 e 309.1 e 307.8 e Neek ending 8.7 1.5 7.7 4.2 5.8 9.8 19.8 2.7 7 14 21 28 9.0 8.6 8.9 9.1 1.7 1.7 1.5 1.5 7.7 7.7 7.7 7.7 4.0 3.8 7.8 5.0 5.3 4.6 7.2 6.3 12.4 5.0 13.9 22.0 21.7 13.4 29.0 33.3 2.7 2.7 2.7 2.7 4 11 18p 25p 9.0 8.7 8.4 9.2 1.4 1.3 1.3 1.3 7.7 7.7 7.7 7.7 7.5 4.5 7.1 6.5 7.8 6.8 4.6 9.5 22.9 17.2 24.9 33.2 38.2 28.5 36.6 49.2 1.6 1.1 2.4 2.4 1992-NOV. 30 DEC. 1993-JAN. e—indicates estimated data, p—indicates preliminary data. Appendix Table 1 Monthly Seasonal Factors Used to Construct Ml, M2 and M3 1 1 Nonbank i travelers Currency checks 1 2 Demand deposits 3 Other 1 checkable deposits total 4 at banks Nontransactions components 1 in M2 in M3 only 1 5 6 7 1 1992--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 0.9955 0.9949 0.9967 0.9989 1.0019 1.0022 1.0046 1.0016 0.9941 0.9963 1.0008 1.0091. 0.9661 0.9708 0.9663 0.9545 0.9669 1.0197 1.0753 1.0863 1.0539 1.0128 0.9686 0.9571 1.0124 0.9770 0.9825 1.0096 0.9798 0.9968 1.0004 0.9917 0.9912 1.0023 1.0130 1.0422 1.0106 0.9953 1.0056 1.0320 0.9938 0.9989 0.9924 0.9903 0.9916 0.9870 0.9949 1.0063 1.0198 1.0022 1.0081 1.0311 0.9883 0.9946 0.9869 0.9876 0.9905 ' 0.9861 0.9940 1.0098 0.9997 1.0019 1.0046 1.0032 0.9973 0.9983 0.9993 0.9998 0.9979 0.9997 1.0002 0.9980 0.9957 1.0042 1.0046 0.9936 1.0033 0.9997 0.9960 1.0075 1.0012 0.9939 1.0036 0.9968 1 1 I 1 1 1 1 1 1 1 I I 1993--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. I 0.9960 0.9949 0.9964 0.9999 1.0013 1.0022 1.0047 1.0008 0.9949 0.9973 0.9997 1.0106 0.9698 0.9727 0.9671 0.9538 0.9656 1.0185 1.0731 1.0838 1.0539 1.0136 0.9689 0.9586 1.0124 0.9778 0.9835 1.0096 0.9802 0.9970 0.9993 0.9910 0.9907 1.0023 1.0136 1.0419 1.0105 0.9960 1.0064 1.0318 0.9943 0.9992 0.9924 0.9902 0.9913 0.9868 0.9947 1.0057 1.0198 1.0029 1.0086 1.0307 0.9887 0.9948 0.9869 0.9875 0.9903 0.9862 0.9939 1.0091 0.9995 1.0020 1.0047 1.0034 0.9974 0.9984 0.9991 0.9997 0.9978 0.9997 1.0002 0.9981 0.9952 1.0051 1.0047 0.9934 1.0032 0.9993 0.9954 , 1.0079 1.0014 0.9939 1.0040 0.9966 | I I I 1 | 1 I 1 1 1 | 1994--Jan. 1 Feb. | Mar. | 0.9957 0.9953 0.9965 0.9716 0.9734 0.9672 1.0126 0.9783 0.9839 1.0106 0.9966 1.0068 1.0199 1.0034 1.0089 0.9995 1.0020 1.0047 0.9946 1.0055 1.0049 | | | 1. 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 Tabic 2 Monthly Seasonal Factors for Selected Components of the Monetary Aggregates Deposits 1 Savings and MMDAs Small denomination time 1 2 1 Large der • mination time 3 Money rnarket mutual funds in M2 1 4 1 1 in M3 only 1 1 5 I 1992--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 0.9943 0.9963 1.0043 1.0058 1.0009 1.0040 1.0033 1.0009 0.9975 0.9977 0.9992 0.9950 1.0033 1.0014 0.9989 0.9978 0.9958 0.9966 1.0001 1.0004 1.0012 1.0023 1.0013 1.0015 0.9933 0.9980 1.0028 0.9970 1.0057 1.0051 0.9989 1.0041 1.0013 0.9972 0.9996 0.9963 0.9991 1.0178 1.0271 1.0187 0.9942 0.9899 0.9870 0.9923 0.9927 0.9916 0.9950 0.9933 1.0252 1.0419 1.0144 0.9952 1.0004 0.9809 0.9836 0.9987 0.9815 0.9784 1.0014 1.0004 I I I 1 1 1 I I 1 1 1 1 1993--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 0.9939 0.9965 1.0047 1.0063 1.0014 1.0043 1.0035 1.0008 0.9972 0.9975 0.9989 0.9946 1.0036 1.0013 0.9986 0.9976 0.9954 0.9962 0.9999 1.0003 1.0015 1.0025 1.0015 1.0018 0.9931 0.9984 1.0031 0.9971 1.0060 1.0055 0.9988 1.0041 1.0014 0.9969 0.9993 0.9961 0.9987 1.0186 1.0275 1.0189 0.9950 0.9906 0.9872 0.9918 0.9920 0.9912 0.9947 0.9935 1.0229 1.0420 1.0135 0.9951 1.0009 0.9804 0.9834 0.9998 0.9823 0.9787 1.0023 1.0002 I 1 I 1 I 1 I I I | I 1 1994--Jan. Feb. Mar. 0.9937 0.9967 1.0050 1.0037 1.0012 0.9984 0.9931 0.9986 1.0032 0.9985 1.0189 1.0277 1.0214 1 1.0421 1 1.0124 1 1. 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 Week ending I 1992 1993 1. Dec. 7 14 21 28 1 1 1 Nonbank 1 travelers 1 Currency 1 checks 1 1 1 1.0049 1.0055 1.0114 1.0155 1 Demand deposits 3 2 0.9483 0.9534 0.9585 0.9634 1.0310 1.0420 1.0376 1.0464 Other 1 checkable deposits 1 total 1 4 1 1.0176 1.0022 1.0021 0.9970 at banks 1 1 5 Nontransactions components 1 in M2 6 in M3 only 7 1 1.0142 1.0038 1.0095 1.0054 1.0012 1.0007 0.9968 0.9937 0.9918 0.9975 0.9966 1.0082 1 1 1 1 Jan. 4 11 18 25 1.0061 1.0022 0.9977 0.9907 0.9678 0.9688 0.9697 0.9707 1.0743 1.0448 1.0146 0.9771 1.0405 1.0390 1.0150 0.9841 1.0406 1.0481 1.0281 , 0.9964 0.9974 1.0018 0.9996 0.9985 0.9805 0.9907 0.9961 1.0007 1 1 1 1 Feb. 1 8 15 22 0.9861 1.0004 . 0.9996 0.9918 0.9717 0.9722 0.9726 0.9730 0.9767 0.9836 0.9862 0.9687 0.9802 1.0089 0.9968 0.9885 0.9866 1.0139 1.0034 0.9978 0.9994 1.0010 1.0022 1.0024 1.0028 1.0018 1.0067 1.0035 1 I 1 1 Mar. 1 8 15 22 29 0.9878 1.0013 0.9982 0.9955 0.9905 0.9733 0.9715 0.9687 0.9660 0.9632 0.9719 0.9889 0.9953 0.9716 0.9709 0.9931 1.0248 1.0099 0.9989 0.9931 0.9989 1.0258 1.0121 1.0042 0.9932 1.0029 1.0039 1.0057 1.0046 1.0041 1.0095 1.0058 1.0105 1.0036 1.0023 Apr. 5 12 19 26 I 1.0004 1.0056 1.0004 0.9946 0.9603 0.9570 0.9536 0.9502 1 1.0151 1.0205 1.0282 0.9874 1.0353 1.0440 1.0500 1.0116 1.0296 1.0408 1.0525 1.0155 1.0068 1.0088 1.0035 0.9992 0.9888 0.9969 0.9919 0.9938 1 1 1 1 May 0.9970 1.0069 1.0011 0.9988 1.0001 0.9469 0.9552 0.9635 0.9718 0.9800 1 1 | I | 0.9896 0.9859 0.9916 0.9575 0.9766 1.0041 1.0074 0.9935 0.9824 0.9847 0.9999 0.9991 0.9863 0.9778 0.9799 0.9969 0.9977 0.9976 0.9967 0.9977 0.9947 1.0005 1.0003 1.0068 1.0089 I I 1 1 1 3 10 17 24 31 1 1 I 1 1 1 1 1 1 1 I | | 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. 1 ; 1 1 1 1 1 Appendix Table 3 (continued) Weekly Seasonal Factors Used to Construct Ml, M2 and M3 1 Currency 1 1 2 3 4 June 7 14 21 28 1.0080 1.0043 1.0002 0.9937 0.9925 1.0082 1.0238 1.0392 1.0059 1.0122 0.9849 0.9776 1.0222 1.0121 0.9965 0.9722 July 5 12 19 26 1.0100 1.0096 1.0056 0.9994 1.0531 1.0631 1.0731 1.0831 1.0284 1.0146 1.0023 0.9716 Aug. 2 9 16 23 30 0.9985 1.0103 1.0048 0.9986 0.9894 1.0931 1.0906 1.0860 1.0814 1.0768 Sep. 6 13 20 27 1.0036 0.9976 0.9930 0.9869 Oct. 4 11 18 25 1 Nov. 1 I 8 1 15 1 22 1 Week ending 1993 1. Other 1 checkable deposits Nonbank travelers checks Demand deposits total at banks Nontransactions components 1 in M2 1 6 1 1.0127 1.0090 0.9936 0.9701 0.9996 1.0003 0.9976 0.9966 1 1 1.0109 1.0063 0.9887 0.9721 1.0009 0.9980 0.9832 0.9708 0.9901 1.0020 1.0032 0.9731 0.9787 0.9851 1.0088 0.9941 0.9805 0.9739 1.0703 1.0612 1.0521 1.0429 1.0014 1.0135 0.9864 0.9634 0.9936 1.0061 0.9997 0.9947 1.0337 1.0243 1.0148 1.0053 0.9896 1.0034 1.0010 0.9972 I 0.9958 0.9852 0.9741 0.9631 5 in M3 only 7 | 1.0055 1.0064 0.9988 0.9927 | I I | 0.9976 1.0017 0.9991 0.9979 0.9775 0.9913 0.9981 1.0016 | I | | 0.9809 1.0029 0.9893 0.9810 0.9740 0.9987 1.0006 1.0001 0.9995 0.9989 1.0067 1.0052 1.0092 1.0063 1.0112 | I | | | 1.0146 1.0096 0.9868 0.9556 1.0099 1.0091 0.9916 0.9610 0.9989 0.9997 0.9973 0.9957 1.0069 1.0061 1.0022 1.0017 | | I | 1.0030 1.0086 1.0126 0.9836 0.9938 0.9964 0.9892 0.9732 0.9903 0.9941 0.9867 0.9710 0.9973 1.0003 1.0006 0.9992 0.9769 0.9947 0.9939 0.9988 I | I | 1.0025 1.0149 1.0230 0.9989 0.9891 1.0160 1.0099 0.9927 0.9829 1.0046 0.9992 0.9892 1.0002 1.0015 1.0021 1.0000 0.9989 1.0027 1.0010 1.0020 I | I | | 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. 1 Appendix Table 3 (continued) Weekly Seasonal Factors Used to Construct Ml, M2 and M3 Week ending 1993 1994 1. Nov.29 1 Nonbank 1 travelers ! Demand 1 Currency 1 checks 1 deposits 1 Other 1 1 checkable deposits 1 Nontransactions components 1 1 total 1 at banks 1 in M2 1 1 1 4 1 5 1 6 1 1 0.9814 0.9973 1 1.0118 I 1 0.9995 1.0047 0.9942 1.0012 I | 1 1 1 1 1 2 I 3 in M3 only 1 7 | 0.9980 0.9522 1.0120 0.9838 Dec. 6 13 20 27 1.0033 1.0076 1.0122 1.0207 0.9483 0.9538 0.9593 0.9649 1.0333 1.0403 1.0386 1.0438 1.0153 1.0021 0.9916 0.9848 1.0093 1.0056 1.0068 1.0013 1.0008 1.0015 0.9977 0.9945 Jan. 3 10 17 24 31 1.0058 1.0033 ^.9975 u.9915 0.9858 0.9704 0.9709 0.9714 0.9719 0,9724 1.0763 1.0535 1.0191 0.9760 0.9652 1.0179 1.0397 1.0193 0.9973 0.9796 1.0295 1.0459 1.0303 1.0094 0.9894 0.9950 1.0009 1.0006 0.9997 0.9988 0.9742 0.9902 0.9990 0.9976 1.0004 I 1 1 I 1 Feb. 7 14 21 28 0.9982 0.9985 0.9966 0.9874 I 0.9729 0.9732 0.9735 0.9739 0.9866 0.9833 0.9708 0.9725 1.0131 0.9973 0.9901 0.9867 1.0163 1.0042 0.9984 0.9948 1.0008 1.0018 1.0024 1.0030 1.0023 1.0101 1.0056 1.0041 | | I | Mar. 7 14 1 21 1 28 1 1.0002 0.9986 | 0.9956 | 0.9900 I 0.9723 0.9694 0.9665 0.9636 0.9934 0.9932 0.9788 0.9680 1 1.0214 1.0117 1.0049 0.9916 I 1.0233 1.0127 1.0064 0.9959 | I I 1.0039 1.0056 1.0044 1.0041 I 1 1 1.0057 1.0045 1.0084 1.0103 | | 1 I Apr. 4 1 0.9999 1 0.9606 1.0142 1 1.0263 I 1.0232 I 1.0061 1 0.9828 | 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 Deposits 1 1 1 1 Large 1 1 Small 1 denomi- 1 denomi- 1 1 Savings 1 1 1 Week ending 1 1992 1 Dec. 7 I 14 1 211 28 1 and nation time nation time MMDAs 1 3 2 I 1 Money m<arket mutual funds in M2 4 I in M3 only I 5 0.9996 1.0001 0.9927 0.9882 1.0016 1.0014 1.0011 1.0016 0.9967 0.9979 0.9954 1 0.9987 1 0.9953 0.9992 0.9954 0.9891 I 1 I 1 1.0044 1.0190 1.0105 0.9971 0.9931 0.9990 0.9945 0.9905 1.0036 1.0041 1.0038 1.0033 0.9874 0.9956 0.9958 0.9932 0.9793 1 0.9949 1 1.0050 1 1.0060 0.9295 0.9736 1.0470 1.0412 0.9917 0.9965 0.9980 0.9958 1.0033 1.0029 1.0017 1.0005 0.9909 0.9953 0.9997 0.9988 1.0005 1.0112 1.0171 1.0237 1.0945 1.0465 1.0493 1.0252 0.9965 1.0030 1.0070 1.0047 1.0034 0.9998 0.9995 0.9985 0.9979 0.9984 1.0011 1.0029 1.0039 1.0021 1.0040 1.0261 1.0270 1.0278 1.0275 1.0306 1.0389 1.0164 1.0299 1.0109 1.0201 1.0112 1.0160 1.0074 0.9975 1.0000 0.9984 0.9976 0.9963 1.0019 1.0007 0.9962 0.9917 1.0183 1.0291 1.0233 1.0153 0.9186 1.0220 0.9988 1.0169 1.0003 0.9927 0.9929 0.9960 1 0.9959 0.9997 1.0025 0.9971 1.0061 0.9983 i 1 1993 Jan. 4 1 111 181 251 i 1 Feb. 11 81 15 1 22 1 i 1 Mar. 11 81 15 1 22 1 29 1 i 1 Apr. 5 1 12 1 19 1 261 i May 1 3 1 101 17 1 24 1 311 0.9971 1.0023 1.0034 1.0008 1.0009 1 1 I 1 0.9961 0.9957 0.9954 0.9957 0.9949 | I | I 0.9960 1.0026 1.0041 1.0108 1.0110 | I I I 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 Week ending 1993 Deposits 1 Savings and MMDAs Small denomination time Large denomination time 1 2 3 Money market mutual Jfunds in M2 4 in M3 only 5 June 7 14 21 28 1.0071 1.0088 1.0032 0.9981 0.9953 0.9960 0.9956 0.9972 1.0108 1.0128 1.0021 0.9988 0.9933 0.9937 0.9914 0.9888 0.9908 0.9816 0.9916 0.9791 July 5 12 19 26 1.0037 1.0070 1.0046 1.0008 1.0002 1.0004 0.9999 0.9997 0.9967 1.0000 0.9980 0.9982 0.9736 0.9885 0.9907 0.9907 0.9059 0.9731 1.0117 0.9998 Aug. 2 9 16 23 30 1.0009 1.0050 1.0041 0.9987 0.9952 0.9998 1.0012 1.0003 0.9998 1.0001 1.0011 1.0017 1.0041 1.0048 1.0066 0.9893 0.9886 0.9903 0.9943 0.9947 1.0125 0.9941 1.0046 0.9938 1.0057 Sep. 6 13 20 27 1.0001 1.0022 0.9966 0.9915 1.0011 1.0012 1.0013 1.0018 1.0048 1.0045 1.0021 0.9969 0.9921 0.9941 0.9935 0.9910 0.9826 1.0024 0.9894 0.9771 Oct. 4 11 18 25 0.9949 1.0011 0.9993 0.9954 1.0031 1.0034 1.0026 1.0022 0.9961 0.9998 0.9962 0.9960 0.9859 0.9928 0.9919 0.9909 0.9310 0.9872 0.9738 0.9962 Nov. 1 8 15 22 0.9954 1.0013 1.0023 0.9974 1.0017 1.0017 1.0021 1.0006 0.9958 0.9980 0.9993 1.0008 0.9923 0.9918 0.9946 0.9942 0.9854 0.9982 0.9908 1.0133 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 I Deposits 1 and MMDAs Small denomination time Large denomination time 1 2 3 1 1 1 Savings 1 1 1 Week ending 1 1993 Nov.29 1 Money market mutual funds in M2 4 in M3 only 5 0.9951 1.0017 0.9998 0.9979 1.0076 0.9993 1.0002 0.9936 0.9879 1.0021 1.0020 1.0020 1.0016 0.9985 1.0001 0.9958 0.9939 0.9980 1.0005 0.9977 0.9892 1.0118 1.0174 1.0168 0.9932 0.9915 0.9987 0.9965 0.9908 0.9900 1.0017 1.0044 1.0047 1.0038 1.0031 0.9894 0.9944 0.9925 0.9932 0.9938 0.9751 0.9897 1.0028 1.0057 1.0058 0.9364 0.9764 1.0519 1.0482 1.0449 0.9968 0.9992 0.9957 0.9952 1.0024 1.0016 1.0006 1.0004 0.9960 0.9986 0.9994 1.0003 1.0110 1.0159 1.0219 1.0266 1.0318 1.0528 1.0374 1.0465 1.0031 1.0076 1.0052 1.0025 0.9994 0.9979 0.9975 0.9987 1.0021 1.0026 1.0025 1.0056 1.0265 1.0269 1.0296 1.0287 1.0214 1.0280 1.0082 1.0131 1.0083 0.9994 1.0027 1.0261 0.9636 i I Dec. 6 1 13 1 201 27 | i 1 1994 Jan. 3 1 101 17 1 241 311 i 1 Feb. 7| 14 1 211 281 i 1 Mar. 7 I 14 1 211 281 i 1 Apr. 4 I 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) M3 1991--October November December 1992--January February ' March April May June July August September October November December M3 M2 Revised Old Revised Old Revised Old 879.5 891.0 899.2 880.9 891.4 898.1 3422.5 3435.8 3445.7 3417.9 3431.7 3440.0 4155.5 4162.8 4168.0 4158.9 4167.1 4171.6 911.5 926.2 935.1 941.2 952.2 952.6 963.3 975.5 990.1 1005.9 1019.1 1026.6 910.4 931.0 939.0 ' 942.8 954.3 951.7 960.5 973.1 988.6 1007.3 1019.0 1024.2 3451.0 3467.7 '3469.5 3468.3 3470.9 3465.4 3467.0 3475.7 3483.3 1 3496.2 1 3504.2 3502.4 3447.8 3474.9 3475.9 3471.6 3473.4 3464.3 3461.9 3472.1 3482.3 3497.1 3507.3 3503.4 4172.2 4189.0 4186.6 4181.4 4183.1 4173.4 4172.3 4181.9 4186.1 4186.1 4188.2 4177.2 4174.3 4199.5 4192.2 4179.4 4179.0 4166.9 4163.4 4177.7 4184.4 4185.8 4192.2 4176.9 1 1 1 1 Appendix Table 6 Comparison of Revised and Old Ml Growth Rates (percent changes at annual rates) Difference (1) - (2) I I I Difference due to Benchmark Seasonals Revised Old (1) (2) (3) (4) (5) 1991—Oct. Nov. Dec. 9.8 15.7 11.0 12.2 14.3 9.0 -2.4 1.4 2.0 -0.3 -0.1 -0.2 -2.1 1.5" 2.2 1992--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 16.4 19.4. 11.5 7.8 14.0 0.5 13.5 15.2 18.0 19.1 15.7 8.8 16.4 27.2 10.3 4.9 14.6 -3.3 11.1 15.7 19.1 22.7 13.9 6.1 0.0 -7.8 1.2 2.9 -0.6 3.8 2.4 -0.5 -1.1 -3.6 1.8 2.7 0.1 -0. -7. 0. 2. -0. 3, 2, -0.8 -1.1 -3.5 1.9 2.6 1991—QIV 10.4 11.0 -0.6 -0.2 -0.4 1992--QI QII QUI QIV 15.5 10.6 11.6 16.8 16.5 9.8 10.3 17.5 -1.0 0.8 1.3 -0.7 0.2 0.2 -0.1 0.0 1992—QIV '91 to QII '92 13.2 13.4 -0.2 0.2 -0.4 QII '92 to QIV '92 14.4 14.2 0.2 0.0 0.2 8.0 14.3 8.0 14.2 0.0 0.1 0.0 0.1 0.0 0.0 Monthly Quarterly Semi-Annual Annual (QIV TO QIV) 1991 1992 Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Difference (1) - (2) Difference due to Benchmark Seasonals Revised Old (1) (2) 1991--Oct. Nov. Dec. 1.5 4.7 3.5 2.1 4.8 2.9 -0.6 -0.1 0.6 0.1 0.1 0.2 -0.7 0.0 0.4 1992--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1.8 5.8 0.6 0.4 0.9 1.9 0.6 3.0 2.6 4.4 2.7 •0.6 2.7 9.4 0.3 -1.5 0.6 -3.1 -0.8 3.5 3.5 5.1 3.5 -1.3 -0.9 -3.6 0.3 1.1 0.3 1.2 1.4 -0.5 -0.9 -0.7 -0.8 0.7 1.3 0.0 0.1 0.1 0.0 0.0 0.3 0.1 0.6 0.3 0.6 0.2 0.4 -3.6 0.4 1.0 0.3 1.2 1.7 -0.4 -0.3 -1.0 -0.2 0.5 1991--QIV 2.1 2.4 -0.3 -0.1 -0.2 1992--QI QII QUI QIV 3.3 0.6 0.8 2.9 4.2 0.4 0.3 3.5 -0.9 0.2 0.5 -0.6 -0.4 0.1 -0.2 -0.1 -0.5 0.1 0.7 -0.5 (3) (4) (5) Monthly Quarterly Semi-Annual 1992--QIV '91 to QII '92 2.0 .3 -0.3 -0.2 -0.1 QII '92 to QIV '92 1.9 1.9 0.0 -0.2 0.2 2.8 1.9 2.8 2.1 0.0 -0.2 0.0 -0.2 0.0 0.0 Annual (QIV TO QIV) 1991 1992 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Difference (1) - (2) Difference due to Benchmark Seasonals Revised Old (1) (2) (3) (4) (5) 1.5 2.1 1.5 1.8 2.4 1.3 -0.3 -0.3 0.2 0.0 0.8 -0.7 -0.3 -1.1 0.9 1.2 4.8 -0.7 -1.5 0.5 -2.8 -0.3 2.8 1.2 0.0 0.6 -3.2 0.8 7.2 -2.1 -3.7 -0.1 -3.5 -1.0 4.1 1.9 0.4 1.8 -4.4 0.4 -2.4 1.4 2.2 0.6 0.7 0.7 -1.3 -0.7 -0.4 -1.2 1.2 -0.3 0.8 0.7 0.8 1.0 -0.4 -0.5 -0.3 -0.6 0.2 -0.2 -0.1 1.2 -1.0 -0.1 -0.6 -1.0 1.3 1991--QIV 0.6 1.0 -0.4 -0.1 -0.3 1992--QI QII QUI QIV 2.0 -0.3 0.1 0.4 2.2 -1.3 0.0 0.9 -0.2 1.0 0.1 -0.5 0.0 0.7 -0.3 -0.2 -0.2 0.3 0.4 -0.3 1992--QIV '91 to QII '92 0.8 0.4 0.4 0.3 0.1 QII '92 to QIV '92 0.2 0.5 -0.3 -0.3 0.0 1.1 0.5 1.2 0.5 -0.1 0.0 -0.1 0.0 0.0 0.0 Monthly 1991--Oct. Nov. Dec. 1992--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Quarterly Semi-Annual Annual (QIV TO QIV) 1991 1992
@FedFRASER