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FEDERAL RESERVE statistical release ( | H H E For release at 4.30 p.m. Eastern Time 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 and to reflect receipt of other regular data flows. This release includes revised monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates with previously published data. The revisions had no effect on the annual growth rate of M2 over 1998, but they raised the annual growth rate of Ml by 0.1 percentage point and lowered that of M3 by 0.1 percentage point over the past year. The benchmark incorporates minor revisions to data reported on the weekly and quarterly deposit reports, and it takes account of deposit data from call reports for banks and thrifts that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 1992. The benchmark also incorporates historical data for a number of money market mutual funds that began reporting for the first time during 1998, raising the level of M3 over the years by amounts that cumulate to $5 billion by the end of 1998. Historical revisions have also been made to RP and Eurodollar series to reflect better estimates of the holdings of money market mutual funds which must be netted from the gross RP and Eurodollar series in order to avoid double counting in M3. The RP series was revised up by a maximum of $17-1/2 billion (in the third quarter of 1997) and the Eurodollar series by a maximum of about $15 billion (in the fourth quarter of 1989). Seasonal factors for the monetary aggregates have been revised, using the benchmarked data through December 1998. For the first time, the X-12-ARIMA procedure was used to derive monthly seasonal factors. As usual, the revisions to seasonal factors slightly changed the pattern of quarterly growth rates of Ml, M2, and M3 in 1998. The revisions to seasonal factors had no impact on the annual growth rates of Ml and M2 over 1998, but lowered that of M3 by 0.1 percentage point. Revised 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, (20?) 452-3062. Infonnation on how to obtain current and historical data for the monetary aggregates and their components through a web site and other electronic means may be found in the note on Page 2 of this release. FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK AND DEBT MEASURES For release at 4:30 p.m. Eastern Time Billions of dollars Date F e b r u a r y 4, 1 9 9 9 M1 1 M22 M33 DEBT4 Seasonally adjusted 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1080 1076 1072 1067 1063 1066 1067 1072 1064.8 1062.1 1067.5 1074.9 3838.8 3848.2 3862.7 3882.4 3892.8 3911.6 3929.1 3961.1 3981.7 4000.2 4023.1 4046.6 4981 5012 5044 5086 5108 5135 5185 5232.8 5269.7 5306.7 5353.6 5404.6 14464.9 14522.0 14582.1 14653. 14703. 14736. 14798. 14867. 14935. 15010.5 15088.3 15167.2 1998-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1073.8 1076.0 1080.6 1082.1 1078.2 1077.8 1075.4 1072.2 1074.7 1080.4 1088.8 1093.0 4071.4 4100.9 4126.2 4155.2 4174.7 4198.5 4217.2 4245.7 4292.3 4335.7 4375.2 4412.9 5449.6 5485.1 5543.8 5589.2 5631.2 5674.0 5695.2 5753.6 5819.2 5884.5 5954.7 6013.1 15240. 15321. 15404. 15482. 15555. 15628. 15709. 15789. 15868. 15953.2 16041.4 p Not seasonally adjusted 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1086.6 1065.5 1067.8 1073.4 1053 1064 1065 1069 1059 1057 1074 1097 3841.0 3836.4 3875.1 3908.3 3873.8 3905.3 3925.1 3960.4 3970.7 3986.7 4025.7 4064.8 4983. 5009. 5064. 5109. 5092. 5128. 5171. 5226.7 5251.9 5294.9 5359.1 5420.8 14448.1 14490.9 14567.0 14635.1 14672. 14704. 14752. 14824. 14901. 14973. 15070. 15166.8 1998-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1079, 1066. 1075. 1087. 1070. 1074. 1073. 1068. 1069. 1076. 1094. 1115. 4073.7 4092.1 4143.6 4186.2 4155. 4188. 4210. 4242. 4280. 4320. 4375. 4429. 5453 5486, 5573, 5618, 5617, 5661, 5672, 5742. 5796. 5869. 5959. €029. 15223 7 15291, 1 15392, 0 15465, 8 15523, 2 15595, 7 15662, 8 15746. 7 15834. 1 15916. 0 16023. 8 p Footnotes appear on the following page p preliminary Components may not add to totals due to rounding. Page 2 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates DEBT1 M1 M2 M3 3 Months from Sep. 1998 TO Dec. 1998 6.8 11.2 13.3 6 Months from June 19 98 TO Dec. 1998 2.8 10.2 12.0 6.3 12 Months from Dec. 1997 TO Dec. 1998 1.7 9.1 11.3 6.3 5.6 11.2 12.8 July 27, 1998 (26 weeks previous) 2.5 10.0 11.7 Jan. 26, 1998 (52 weeks previous) 1.7 8.9 11.1 Thirteen weeks ending January 2 5 , 199 9 from thirteen weeks endingt Oct. 26, 1998 '(13 weeks previous) 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1998 to November 1998, May 1998 to November 1998, and November 1997 to November 1998, respectively. Footnotes to Table 1: 1. 2. 3. 4. 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 collectron 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 M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists pf M1 plus 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 retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data hav§ been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data inShis release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services atthe Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. : * Page 3 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period eniding M2 M3 1088.6 1083.8 1086.8 1089.5 1094.8 13-week average 4294.7 4304.5 4314,7 4324.8 4334.5 4-week average 4342.2 4352.9 4362.0 4369.0 4376.3 week average 4364.3 4360.8 4370.8 4380.2 4393.4 13-week average 5824.4 5839.1 5854.4 5870.4 5886.2 4-week average 5893.8 5911.4 5927.8 5941.5 5957.1 week average 5927.8 5929.7 5946.0 5962.6 5989.9 week average 1998-Nov. 2 9 16 23 30 1075.9 1076.9 1078.3 1079.7 1081.2 4-week average 1081.3 1084.0 1085.9 1087.2 1088.7 Dec. 7 14 21 28 1082.6 1083.7 1084.9 1086.6 1089.6 1089.6 1090.6 1091.4 1087.3 1086.7 1093.7 1097.8 4343.8 4353.0 4362.3 4372.1 4384.0 4391.9 4401.8 4412.0 4391.5 4402.6 4419.5 4434.4 5900.9 5915,5 5930.8 5946.4 5971.4 5984.7 5999.2 6011.5 5987.0 5999.4 6020.4 6039.3 4 11 18p 25p 1088.7 1089.6 1090.2 1090.4 1096.4 1096.0 1094.3 1091.6 1107.4 1084.9 1087.2 1086.8 4381.8 4390.4 4398.2 4404.5 4424.6 4431.5 4435.5 4435.4 4441.7 4430.3 4435.6 4434.0 5961.4 5973.9 5985.5 5994.4 6027.1 6032.5 6035.4 6031.4 6049.3 6021.0 6031.9 6023.4 1999-Jan. 13-week average Not seasonally adjusted 1998-Nov. 2 9 16 23 30 1071.5 1072.7 1074.7 1076.8 1080.0 1077.3 1082.0 1085.5 1089.1 1093.7 1094.5 1084.0 1090.8 1087.0 1112.9 4284.2 4293.9 4304.4 4314.7 4325.4 4324.0 4339.3 4353.4 4366.5 4376.2 4337.3 4379.6 4385.9 4363.1 4376.1 5808.0 5822.9 5839.7 5856.9 5875.1 5879.4 5900.3 5922.2 5941.5 5961.5 5904.2 5945.3 5965.7 5950.6 5984.2 Doc. 7 14 21 28 1082.1 1084.0 1087.9 1093.1 1096.9 1098.2 1106.0 1110.3 1096.7 1096.0 1118.4 1130.2 4335.0 4344.4 4356.3 4370.7 4387.3 4397.5 4414.9 4428.0 4424.2 4426.6 4432.5 4428.7 5891.7 5908.7 5927.0 5947.1 5983.5 6003.2 6022.8 6031.3 6033.5 6044.6 6028.7 6018.5 4 11 18p 25p 1098.7 1101.3 1102.3 1102.7 1125.6 1126.4 1119.3 1106.3 1157.9 1099.2 1090.0 1077.9 4383.1 4394.2 4403.7 4411.2 4438.8 4447.9 4453.1 4447.9 4467.4 4462.8 4453.6 4407.9 5963.3 5978.3 5992.4 6003.2 6031.4 6034.7 6042.7 6041.7 6033.9 6057.6 6060.6 6014.7 1999-Jan. 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 preliminary data. Components may not add to totals due to rounding. Page 4 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Currency1 Date Travelers checks2 Other checkable deposits Demand deposits3 At commercial banks4 At thrift institutions5 Total 1997-Aug. Sep. 413.0 415.5 401.3 392.3 150.5 150.9 98.1 97.5 248, 248, Oct. Nov. Dec. 417.9 421.2 424.5 389.6 393.2 396.5 148.9 148.0 149.2 97.5 97.4 97.0 246, 245, 246. 1998-Jan. Feb. Mar. 427.0 430.0 432.1 7.7 7.6 7.7 392. 392. 391. 149.7 147.8 149.2 96. 98. 100. 246.3 246.1 249.8 Apr. May June 434.2 436.4 439.2 7.8 7.8 8.0 389.2 387.8 384.7 150.3 146.2 145.9 100. 100. 100. 250, 246, 245, July Aug. Sep. 442.3 444.8 449.6 379.3 374.8 374.4 144.2 143.2 141.1 101. 100. 101. 245. 244. 242. Oct. Nov. Dec. 453.3 456.4 459.2 374.7 376.8 377.3 141.5 144.0 143.8 102. 103. 105. 244.2 247.6 248.7 Week endina 1998-Nov. 30 457.4 7.8 380.4 146.1 103.1 249.2 7 14 21 28 458.1 458.5 459.2 460.1 7.8 7.8 7.8 7.9 374.2 375.2 378.5 378.8 141.1 140.2 143.4 146.4 106.0 104.9 104.7 104.6 247.1 245.2 248.2 251.0 4 11 18p 25p 460.9 461.5 462.3 463.5 7.9 7.8 7.8 7.8 381.6 365.7 369.6 367.3 151.9 143.6 143.7 146.0 105.2 106.3 103.8 102.3 257.1 249.9 247.4 248.3 Dec. 1999-Jan. 1. 2. 3. 4. 5. e e e 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. 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. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. e estimated p preliminary Components may not add to totals due to rounding. Page 5 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits 2 Savings deposits 1 Date At commercial banks Total At commercial banks At thrift institutions Total Retail money funds Total Non-M1 M2 1997-Aug. Sep. 970.9 988.4 376.1 376.4 1347.0 1364.8 618.3 621.0 347.8 346.2 966.1 967.1 575.9 584.9 2889.0 2916.9 Oct. Nov. Dec. 1003.0 1012.3 1022.9 377.0 376.3 377.3 1379.9 1388.6 1400.2 622.6 625.5 626.1 345.7 343.1 343.2 968.3 968.6 969.3 589.9 598.4 602.3 2938.1 2955.6 2971.8 1998-Jan. Feb. Mar. 1035.1 1045.9 1054.1 378.8 382.5 385.3 1413.8 1428.5 1439.4 626.2 626.3 626.5 344.6 343.7 342.4 970.8 970.1 968.9 612.9 626.3 637.3 2997.6 3024.9 3045.5 Apr. May June 1072.2 1078.0 1089.6 387.0 394.3 396.3 1459.3 1472.2 1485.9 627.5 626.3 625.7 340.1 339.7 339.5 967.6 966.0 965.2 646.3 658.3 669.6 3073.1 3096.5 3120.7 July Aug. Sep. 1106.3 1121.6 1140.2 399.5 400.9 403.6 1505.8 1522.5 1543.7 625.1 627.4 627.7 337.3 332.5 331.2 962.5 959.9 958.9 673.6 691.1 715.0 3141.9 3173.5 3217.7 Oct. Nov. Dec. 1155.3 1171.1 1189.8 407.8 411.5 415.2 1563.1 1582.6 1605.0 627.5 628.3 626.1 330.5 327.5 325.7 958.1 955.7 951.8 734.2 748.0 763.1 3255.4 3286.3 3319.8 1175.1 417.0 1592.1 628.9 325.8 954.7 751.8 3298.6 7 14 21 28 1184.9 1190.8 1193.9 1196.2 409.8 413.2 416.0 421.0 1594.7 1603.9 1609.9 1617.1 627.2 626.4 625.6 625.6 325.7 325.6 325.6 325.9 953.0 952.1 951.2 951.5 756.5 759.9 764.7 768.0 3304.2 3315.9 3325.8 3336.6 4 11 18p 25p 1193.4 1211.5 1204.4 1197.1 419.4 416.3 417.2 422.0 1612.8 1627.9 1621.6 1619.2 625.4 623.6 621.9 620.8 325.9 324.9 324.1 323.5 951.3 948.6 946.0 944.3 770.2 769.0 780.8 783.6 3334.3 3345.4 3348.5 3347.1 Week e n d i n g 1 9 9 8 - N o v . 30 Dec. 1999-Jan. 1. 2. At thrift institutions 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. p preliminary Components may not add to totals due to rounding. Page 6 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Date At thrift institutions Total Eurodollars4 Total Non-M2 M3 Debt components5 Federal Non-Federal 468.0 476.8 83.2 83.9 551.2 560.7 229. 226. 135.8 137.9 1271.7 1288.0 3792.5 3795.0 11074.8 11140.2 Oct. Nov. Dec. 368. 370. 379, 479.6 485.1 490.2 84.2 85.0 85.9 563.9 570.1 576.1 239.2 250.0 252.8 135.5 139.8 149.2 1306.5 1330.5 1358.0 3795.1 3793.7 3798.4 11215.4 11294.6 11368.8 385.9 391.3 399.8 494.7 505.2 521.0 87. 87. 85. 582.4 592.4 606.7 260.0 255.1 269.3 150.0 145.4 141.8 1378.2 1384.2 1417.6 3796.8 3792.9 3797.2 11444.1 11528.6 11607.1 Apr. May June 414, 426. 437. 520.8 527.4 534.9 86. 85. 85.8 607.4 612.6 620.7 270.3 271.7 270.7 141.9 145.4 146.3 1434.0 1456.5 1475.5 3791.5 3778.8 3775.8 11690.9 11776.2 11852.3 July Aug. Sep. 441. 454. 467.8 527.8 534.6 534.7 85.8 85.6 86.6 613. 620. 621. 273. 279, 283. 149.2 153.5 154.4 1478.0 1507.9 1526.9 3772.9 3770.3 3760.0 11936.6 12019.4 12108.2 Oct. Nov. Dec. 486.7 503.8 516.2 535. 542, 545. 87. 87, 89, 623. 630. 634. 283, 288. 295. 155.9 157.0 154.3 1548.7 1579.6 1600.3 3750.3 3748.8 514.8 547.0 87.8 634.8 292.5 154.4 1596.5 7 14 21 28 513.7 512.6 518.0 519.7 545.1 545.5 544.7 545.5 88.5 88.9 88.9 89.5 633.6 634.4 633.7 635.0 293.9 293.6 296.2 296.2 154.3 156.2 153.0 154.1 1595.6 1596.8 1600.9 1605.0 4 11 18p 25p 518.2 506.3 513.9 518.1 549.9 551.6 556.1 550.7 90.4 91.3 91.2 91.2 640.2 643.0 647.4 641.9 295.6 287.8 287.5 283.9 153.6 153.6 147.5 145.4 1607.6 1590.7 1596.3 1589.4 Dec. 1999-Jan. 5. At commercial banks2 RPs3 355. 362. Week e n d i n a 1 9 9 8 - N o v . 30 3. 4. Large-denomination time deposits1 1997-Aug. Sep. 1998-Jan. Feb. Mar. 1. 2. Institutional money funds p 12203.0 12292.6 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, U.S. government, and foreign banks and official institutions. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary Components may not add to totals due to rounding. p Page 7 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars urrency1 Date Travelers checks2 Other checkable deposits Demand deposits3 At commercial banks4 413.3 414.2 8.8 8.4 401.0 390.1 148.8 149.8 97.4 97.1 246, 246, Oct. Nov. Dec. 417.2 422.3 428.9 8.2 8.0 7.9 387.9 399.1 412.3 147.4 147.4 150.5 96.9 97.3 97.8 244, 244, 248. 1998-Jan. Feb. Mar. 426.3 428.8 431.4 7.9 7.8 7.9 396.6 384.6 385.8 152.5 147.7 149.8 96. 97, 100, 249.1 244.7 250.6 Apr. May June 433.7 436.1 438.3 7.9 7.9 8.0 389.4 381.7 382.8 153.2 145.3 145.6 103. 99, 100.1 256.5 244.9 245.7 July Aug. Sep. 442.7 444.4 448.4 8.2 8.2 8.1 378.9 374.3 372.6 142.8 141.6 140.0 100.9 100.1 100.7 243.8 241.7 240.7 Oct. Nov. Dec. 452.6 457.5 464.1 8.2 8.1 8.0 373.2 381.6 392.1 140, 143, 144, 102.0 103.5 105.8 242. 247. 250, 459.4 8.0 395.8 146.8 103.0 249.8 7 14 21 28 460.6 461.5 464.7 469.4 8.0 8.0 8.0 8.0 380.1 383.5 396.1 398.4 140.1 138.6 144.7 149.8 107.9 104.4 105.0 104.6 248.0 243.0 249.7 254.3 4 11 18p 25p 465.9 463.0 462.0 460.8 8.0 8.0 8.0 8.0 415.8 374.7 370.8 361.0 158.7 146.1 145.5 147.6 109.6 107.4 103.7 100.5 268.2 253.5 249.2 248.1 Dec. 1999-Jar. 4. 5. Total 1997-Aug. Sep. Week e n d i n a 1 9 9 8 - N o v . 30 1. 2. 3. At thrift institutions5 e e e 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. 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. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. e estimated p preliminary Components may not add to totals due to rounding. Page 8 H.6 (508) Table 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total Retail money funds Total Non-M1 M2 1997-Aug. Sep. 971.6 985.0 376.3 375.1 1347.9 1360.1 618.0 620.4 347.6 345.9 965.7 966.3 577.6 584.7 2891.2 2911.1 Oct. Nov. Dec. 997.5 1010.3 1020.4 374.9 375.5 376.4 1372.4 1385.9 1396.8 622.9 625.3 625.3 345.9 343.0 342.8 968.8 968.3 968.1 587.9 597.4 602.5 2929.0 2951.5 2967.4 1998-Jan. Feb. Mar. 1030.5 1041.8 1061.6 377.1 381.0 388.1 1407.6 1422.8 1449.6 626.8 627.6 627.3 344.9 344.4 342.8 971.6 972.0 970.1 614.5 631.4 648.1 2993.8 3026.2 3067.8 Apr. May June 1084.6 1078.4 1092.7 391.5 394.4 397.4 1476.2 1472.8 1490.1 627.7 625.4 624.8 340.3 339.2 339.0 968.0 964.6 963.8 654.6 647.9 660.0 3098.8 3085.3 3113.9 July Aug. Sep. 1107.5 1121.5 1134.8 399.9 400.8 401.7 1507.4 1522.3 1536.5 625.1 627.0 627.3 337.3 332.3 330.9 962.4 959.3 958.2 666.8 692.5 715.6 3136.6 3174.1 3210.4 Oct. Nov. Dec. 1147.6 1167.9 1186.7 405.1 410.4 414.1 1552.6 1578.2 1600.8 628.1 628.5 625.5 330.8 327.6 325.4 958.9 956.0 950.9 732.8 747.2 763.0 3244.3 3281.4 3314.7 Week e n d i n g 1 9 9 8 - N o v . 30 1151.4 408.6 1560.0 628.9 325.8 954.7 748.4 3263.1 7 14 21 28 1201.1 1198.9 1184.9 1171.3 415.5 416.0 412.9 412.2 1616.5 1614.9 1597.8 1583.5 627.4 626.2 624.9 624.2 325.8 325.5 325.2 325.1 953.2 951.7 950.1 949.3 757.8 764.0 766.2 765.7 3327.5 3330.6 3314.1 3298.5 4 11 18p 25p 1184.6 1223.1 1210.2 1179.8 416.3 420.3 419.2 415.9 1601.0 1643.5 1629.4 1595.7 624.2 624.0 622.8 622.0 325.3 325.1 324.6 324.1 949.5 949.1 947.5 946.2 758.9 771.0 786.8 788.1 3309.4 3363.7 3363.7 3330.0 Dec. 1999-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. p preliminary Components may not add to totals due to rounding. Page 9 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Date At commercial banks2 At thrift institutions Total At commercial banks At thrift institutions Total Non-M2 M3 Total Debt (components5 Federal Non-Federal 468.4 477.5 83.3 84.0 551.6 561.5 181.7 180.2 46.7 46.1 228.4 226.3 134.4 136.5 1266.3 1281.2 3774.3 3780.4 11050.3 11120.7 Oct. Nov. Dec. 364.9 370.7 384.5 483.4 487.6 487.7 84.9 85.4 85.4 568.3 573.0 573.1 192.4 202.5 199.4 46.5 47.4 46.6 238.9 249.9 246.1 136.1 139.9 152.3 1308.3 1333.5 1356.0 3774.4 3792.1 3805.8 11199.6 11278.5 11361.0 1998-Jan. Feb. Mar. 395.7 404.3 407.0 483.1 501.1 524.5 85.6 86.5 86.3 568.7 587.6 610.8 215.8 210.2 225.6 44.9 44.6 45.2 260.6 254.8 270.8 155.1 148.0 141.1 1380.1 1394.7 1429.6 3792.5 3795.3 3820.7 11431.2 11495.7 11571.4 Apr. May June 412.7 421.0 431.7 520.8 532.6 539.4 86.6 86.1 86.5 607.4 618.7 625.9 226.4 230.8 222.0 46.0 46.9 49.6 272.4 277.7 271.6 140.2 144.7 143.9 1432.7 1462.1 1473.1 3800.5 3765.9 3755.3 11665.3 11757.3 11840.4 July Aug. Sep. 432.6 448.4 458.8 527.6 534.9 535.1 85.8 85.7 86.7 613.4 620.6 621.9 222.0 229.0 232.1 49.0 49.2 50.3 271.0 278.3 282.4 145.8 152.0 153.2 1462.7 1499.3 1516.2 3740.8 3749.6 3743.4 11922.1 11997.1 12090.8 Oct. Nov. Dec. 482.9 504.9 523.3 538.9 544.9 541.9 88.2 88.3 88.5 627.1 633.2 630.5 234.6 241.3 237.7 47.6 47.4 50.1 282.2 288.6 287.8 156.6 157.4 158.2 1548.9 1584.1 1599.7 3727.8 3746.6 p 12188.2 12277.3 p 521.4 549.4 88.2 637.6 242.7 49.2 291.9 157.3 1608.2 7 14 21 28 525.0 532.0 522.7 522.5 547.1 546.8 540.7 536.4 88.8 89.2 88.3 88.0 635.9 636.0 629.0 624.4 242.0 238.9 238.3 233.6 49.3 50.3 50.1 50.5 291.3 289.2 288.4 284.1 157.1 160.8 156.1 158.8 1609.3 1618.0 1596.2 1589.8 4 11 18p 25p 501.9 522.5 533.6 540.9 535.3 539.1 541.7 536.1 88.0 89.3 88.9 88.8 623.3 628.4 630.6 624.9 233.4 236.6 239.5 238.9 49.9 50.6 50.8 50.4 283.3 287.2 290.3 289.3 158.1 156.7 152.5 151.7 1566.6 1594.7 1607.0 1606.9 1999-Jan. 5. Eurodollars4 352.0 356.9 Dec. 3. 4. RPs 3 Large-denomination time deposits 1 1997-Aug. Sop. Week e n d i n g 1 9 9 8 - N o v . 30 1. 2. Institutional money funds 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, U.S. government, and foreign banks and official institutions. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary Components may not add to totals due to rounding. Page 10 H.6 (508) Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date Time and savings deposits due to foreign banks and official institutions U.S. government deposits IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve 18.2 18.4 1.8 3.2 4.9 6.3 11.8 20.4 18.4 29.9 3.0 2.9 1.5 1.5 1.5 18.6 18.9 19.1 1.7 1.7 2.2 5.4 5.1 5.1 15.9 11.2 17.9 23.0 18.0 25.2 1.6 1.5 1.5 19.2 19.0 18.9 3.1 1.6 1.8 6.5 5.0 5.5 22.3 14.5 17.5 4.6 1.5 2.7 9.7 5.5 10.4 Foreign commercial banks Foreign official institutions 1997-Aug. Sep. 9.4 8.7 1.5 1.4 Oct. Nov. Dec. 8.5 9.0 9.5 1998-Jan. Feb. Mar. 9.8 9.8 9.9 Note balances at depository institutions1 At thrift institutions At money market funds Total 152.5 152.8 104.2 103.7 91.7 92.0 348.4 348.5 2.9 3.1 3.3 152.8 152.5 152.1 103.1 102.5 101.9 92.9 94.6 96.3 348.8 349.6 350.4 31.9 21.1 24.8 3.3 3.2 3.1 151.9 151.7 151.5 101.5 101.1 100.8 97.4 97.7 98.1 350.7 350.6 350.4 24, 43, 32, 38.3 50.3 45.8 3.0 3.1 3.2 151.4 151.2 151.0 100.1 99.0 98.0 98. 99. 100. 350. 350. 349. 350. 351, 352, Total cash balance At commercial banks Apr. May June 9. 10, 10, 18, 17, 16, July Aug. Sep. 10, 9. 9. 15, 15, 15, 5.4 5.1 6.3 42.6 11.9 20.4 49. 18. 29. 3.3 3.4 3.5 151.0 151.2 151.4 97.5 97.9 98.2 101. 102. 102. 15.0 15.0 15.0 5.4 5.1 5.9 19.3 18.7 24.4 26. 25. 32. 3.6 3.6 3.6 151.5 151.5 151.4 98.2 97.9 97.6 103.6 104.3 105.0 Oct. Nov. Dec. 9.6 9.6 9.6 2.1 2.0 2.0 Week endina 1998-Nov. 30 1.2 5.4 21.7 28.3 7 14 21 28 1.3 1.5 2.3 1.5 5.1 5.1 6.7 5.9 8.8 3.5 33.3 46.3 15.2 10.0 42.4 53.7 4 11 18p 25p 2.4 2.2 4.0 3.8 6.9 5.5 6.9 6.9 23.3 17.4 24.6 45.5 32.5 25.1 35.4 56.2 Dec. 1999-Jan. 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. e e e 353.4 353.6 353.9 e e e Appendix Table 1 Monthly Seasonal Factors Used to Construct Ml Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits January February March April May June July August September October November December 0.9983 0.9973 0.9984 0.9987 0.9993 0.9981 1.0010 0.9991 0.9974 0.9986 1.0023 1.0108 1.0265 1.0262 1.0166 1.0137 1.0106 0.9918 0.9623 0.9603 0.9773 0.9908 1.0145 1.0209 1.0097 0.9803 0.9867 1.0005 0.9843 0.9950 0.9991 0.9986 0.9951 0.9960 1.0127 1.0393 1.0114 0.9945 1.0034 1.0223 0.9946 0.9990 0.9935 0.9905 0.9933 0.9919 0.9974 1.0078 1.0186 0.9996 1.0036 1.0193 0.9941 0.9977 0.9907 0.9892 0.9925 0.9906 0.9964 1.0080 January February March April May June July August September October November December 0.9996 0.9977 0.9986 0.9989 0.9978 0.9982 1.0009 0.9985 0.9969 0.9996 1.0022 1.0119 1.0229 1.0237 1.0159 1.0148 1.0114 0.9943 0.9635 0.9588 0.9777 0.9902 1.0110 1.0195 1.0125 0.9811 0.9860 1.0003 0.9843 0.9957 1.0000 0.9961 0.9944 0.9984 1.0105 1.0398 1.0109 0.9945 1.0039 1.0225 0.9950 0.9991 0.9936 0.9905 0.9930 0.9920 0.9975 1.0076 1.0178 0.9992 1.0039 1.0192 0.9945 0.9982 0.9908 0.9893 0.9922 0.9908 0.9966 1.0078 January February March 0.9986 0.9977 0.9992 1.0218 1.0235 1.0165 1.0121 0.9809 0.9859 1.0107 0.9945 1.0040 1.0174 0.9990 1.0039 1998 1999 2000 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 Table 2 Monthly Seasonal Factors Used to Construct M2 and M3 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 0.9956 0.9960 1.0071 1.0116 1.0004 1.0028 1.0011 0.9999 0.9953 0.9933 0.9972 0.9974 1.0009 1.0020 1.0013 1.0004 0.9985 0.9985 0.9999 0.9994 0.9993 1.0009 1.0003 0.9990 0.9765 0.9919 1.0067 0.9999 1.0099 1.0085 0.9996 1.0006 1.0009 1.0063 1.0040 0.9933 1.0027 1.0080 1.0170 1.0130 0.9841 0.9856 0.9898 1.0020 1.0008 0.9980 0.9990 0.9999 0.9959 0.9968 1.0080 1.0129 1.0010 1.0028 1.0007 0.9993 0.9946 0.9927 0.9968 0.9974 1.0011 1.0022 1.0014 1.0002 0.9980 0.9978 0.9997 0.9993 0.9995 1.0012 1.0006 0.9991 0.9749 0.9915 1.0085 1.0014 1.0110 1.0103 0.9995 1.0004 1.0008 1.0052 1.0032 0.9925 Money market mutual funds inM2 in M3 only RPs Eurodollars 1.0255 1.0331 1.0178 0.9960 0.9862 0.9863 0.9791 0.9866 0.9807 0.9923 1.0021 1.0136 1.0024 0.9988 1.0057 1.0078 1.0223 1.0033 0.9915 0.9951 0.9968 0.9971 1.0017 0.9754 1.0337 1.0178 0.9947 0.9884 0.9952 0.9831 0.9769 0.9899 0.9916 1.0051 1.0027 1.0251 1.0023 1.0086 1.0178 1.0134 0.9843 0.9849 0.9884 1.0011 1.0013 0.9986 0.9994 0.9997 1.0277 1.0329 1.0165 0.9967 0.9884 0.9863 0.9769 0.9849 0.9788 0.9926 1.0037 1.0140 1.0048 0.9985 1.0088 1.0094 1.0219 0.9994 0.9911 0.9941 0.9957 0.9954 1.0029 0.9771 1.0344 1.0180 0.9934 0.9860 0.9929 0.9802 0.9762 0.9914 0.9927 1.0051 1.0046 1.0277 1.0023 1.0090 1.0178 1.0288 1.0333 1.0157 1.0060 0.9979 1.0104 1.0351 1.0175 0.9927 1998 January February March April May June July August September October November December 1999 January February March April May June July August September October November December 2000 January 0.9960 1.0012 0.9740 February 0.9972 1.0022 0.9913 March 1.0083 1.0014 1.0095 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml 1998 Dec 07 14 21 28 1999 Jan 04 11 18 25 1999 Feb 01 08 15 22 Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits 1.0054 1.0065 1.0119 1.0203 1.0231 1.0218 1.0206 1.0193 1.0156 1.0222 1.0465 1.0519 1.0036 0.9912 1.0060 1.0133 0.9931 0.9883 1.0087 1.0232 1.0108 1.0033 0.9993 0.9942 1.0180 1.0203 1.0226 1.0248 1.0897 1.0246 1.0031 0.9830 1.0434 1.0143 1.0073 0.9991 1.0449 1.0177 1.0131 1.0108 0.9930 0.9994 1.0000 0.9963 1.0271 1.0257 1.0242 1.0228 0.9945 0.9804 0.9812 0.9725 1.0055 0.9960 0.9878 0.9909 1.0156 0.9991 0.9899 0.9988 0.9953 1.0031 0.9895 1.0213 1.0016 0.9822 1.0013 1.0192 0.9997 1.0171 0.9961 0.9914 0.9984 1.0150 0.9741 0.9990 0.9967 1.0129 0.9825 1.0097 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. 1999 Mar 01 08 15 22 29 1.0080 0.9964 0.9944 1.0016 1.0143 Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml (continued) 1999 Apr 05 12 19 26 999 May 03 10 17 24 31 1999Jun07 14 21 28 Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits 1.0017 1.0028 0.9981 0.9946 1.0108 1.0129 1.0150 1.0170 1.0105 1.0088 1.0167 0.9783 1.0235 1.0193 1.0369 1.0193 1.0133 1.0134 1.0370 1.0232 0.9959 1.0006 0.9968 0.9972 0.9954 1.0191 1.0157 1.0123 1.0089 1.0056 0.9959 0.9761 0.9864 0.9632 1.0011 1.0166 0.9974 0.9880 0.9833 1.0007 1.0098 0.9908 0.9886 0.9894 1.0033 1.0007 0.9993 0.9975 0.9963 1.0013 0.9971 0.9929 0.9887 0.9894 1.0043 0.9783 0.9946 0.9997 0.9961 0.9947 0.9992 0.9935 0.9916 0.9967 1.0044 1.0056 0.9846 1.0365 1.0088 1.0032 0.9739 0.9973 0.9917 0.9635 0.9993 0.9960 0.9880 0.9533 0.9968 0.9786 0.9866 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. 1999 Jul 05 12 19 26 0.9985 0.9860 0.9873 0.9902 Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml (continued) 1999 Aug 02 09 16 23 30 1999 Sep 06 13 20 27 1999 Oct 04 11 18 25 Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits 0.9975 1.0037 1.0002 0.9967 0.9936 0.9434 0.9497 0.9561 0.9626 0.9692 1.0148 0.9884 0.9970 0.9846 1.0023 1.0041 0.9902 0.9850 0.9846 0.9952 1.0024 0.9841 0.9823 0.9873 0.9985 1.0017 0.9991 0.9960 0.9942 0.9760 0.9769 0.9779 0.9789 0.9938 1.0009 0.9926 0.9874 0.9964 0.9916 0.9904 0.9893 0.9876 0.9879 0.9942 0.9947 0.9975 1.0022 0.9993 0.9967 0.9799 0.9847 0.9896 0.9945 1.0159 0.9834 1.0007 0.9865 1.0022 0.9861 0.9884 0.9870 0.9956 0.9809 0.9879 0.9925 0.9971 1.0052 0.9995 1.0165 1.0036 1.0040 0.9962 0.9910 1.0019 1.0087 0.9932 1.0059 1.0005 1.0133 0.9925 0.9984 1.0041 1.0180 1.0386 1.0039 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. 1999 Nov 01 08 15 22 29 1.0057 0.9908 0.9904 0.9969 1.0052 Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml (continued) Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits 1.0062 1.0076 1.0126 1.0201 1.0228 1.0210 1.0193 1.0176 1.0103 1.0194 1.0462 1.0554 1.0023 0.9920 1.0045 1.0132 0.9923 0.9895 1.0074 1.0209 1.0110 1.0033 0.9991 0.9940 0.9922 1.0158 1.0184 1.0211 1.0238 1.0264 1.0891 1.0160 1.0054 0.9911 1.0013 1.0427 1.0155 1.0082 0.9995 1.0058 1.0454 1.0166 1.0137 1.0118 1.0161 0.9987 1.0002 0.9972 0.9955 1.0253 1.0242 1.0231 1.0219 0.9822 0.9795 0.9702 0.9882 0.9954 0.9874 0.9900 1.0020 0.9989 0.9890 0.9975 1.0072 13 20 27 1.0017 1.0002 0.9983 0.9964 1.0208 1.0185 1.0162 1.0139 0.9846 0.9960 0.9826 0.9752 1.0010 0.9969 1.0001 1.0103 0.9971 0.9962 1.0035 1.0150 2000 Apr 03 1.0016 1.0116 1.0092 1.0232 1.0140 1999 Dec 06 13 20 27 2000 Jan 03 10 17 24 31 2000 Feb 07 14 21 28 2000 Mar 06 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 Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1998 Dec 07 14 21 28 1.0137 1.0068 0.9925 0.9792 1.0002 0.9997 0.9988 0.9977 1.0036 1.0025 0.9925 0.9834 1.0017 1.0054 1.0019 0.9970 1999 Jan 04 11 18 25 0.9927 1.0096 1.0048 0.9855 0.9982 1.0006 1.0016 1.0019 0.9735 0.9773 0.9741 0.9735 1999 Feb 01 08 15 22 0.9839 1.0074 1.0012 0.9885 1.0021 1.0024 1.0024 1.0022 0.9756 0.9814 0.9922 0.9942 1999 Mar 01 0.9913 1.0019 1.0017 08 1.0197 1.0020 1.0068 15 1.0164 1.0016 1.0105 22 1.0039 1.0086 1.0011 29 0.9958 1.0092 1.0008 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds inM2 in M3 only RPs Eurodollars 1.0219 1.0378 1.0090 1.0054 0.9910 0.9852 0.9738 0.9592 1.0180 1.0294 1.0204 1.0307 0.9854 1.0027 1.0076 1.0057 0.9685 1.0319 1.0383 1.0440 0.9586 0.9979 1.0096 1.0189 1.0292 1.0202 1.0337 1.0434 1.0024 1.0058 1.0070 1.0113 1.0242 1.0327 1.0341 1.0352 1.0184 1.0115 1.0011 0.9892 1.0372 1.0205 1.0203 1.0127 1.0114 1.0207 1.0194 1.0174 1.0149 1.0305 1.0262 1.0231 1.0169 1.0037 0.9883 0.9991 1.0100 1.0178 1.0120 1.0156 0.9915 0.9930 0.9908 0.9960 Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1999 Apr 05 12 19 26 1.0273 1.0299 1.0156 0.9886 1.0013 1.0012 1.0002 0.9993 1.0075 1.0035 0.9986 0.9960 1.0171 1.0298 1.0196 1.0047 1999 May 03 10 17 24 31 0.9968 1.0086 1.0036 0.9940 0.9947 0.9990 0.9987 0.9981 0.9975 0.9972 1.0046 1.0109 1.0116 1.0119 1.0121 1999Jun07 14 21 28 1.0201 1.0155 0.9987 0.9825 0.9976 0.9977 0.9975 0.9979 1.0159 1.0164 1.0095 1.0043 1999 Jul 05 1.0150 0.9996 0.9938 12 1.0108 1.0001 0.9963 19 0.9995 0.9999 1.0004 26 0.9848 0.9995 1.0028 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds inM2 in M3 only RPs Eurodollars 0.9972 1.0183 0.9938 0.9860 1.0058 1.0073 1.0072 1.0097 0.9910 0.9829 0.9763 0.9918 0.9847 0.9842 0.9813 0.9864 0.9852 0.9826 0.9921 0.9900 0.9881 0.9859 1.0208 1.0262 1.0224 1.0200 1.0194 0.9918 0.9803 0.9864 1.0020 1.0033 0.9889 0.9868 0.9844 0.9806 0.9956 0.9936 0.9799 0.9801 1.0131 1.0042 0.9950 0.9887 0.9884 0.9810 0.9737 0.9799 0.9806 0.9909 0.9897 0.9908 0.9734 0.9826 0.9759 0.9796 0.9889 0.9859 0.9906 0.9951 0.9731 0.9734 0.9718 0.9806 Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1999 Aug 02 09 16 23 30 0.9902 1.0164 1.0084 0.9907 0.9813 0.9994 0.9997 0.9994 0.9992 0.9990 1.0041 1.0037 0.9982 1.0002 0.9983 0.9878 0.9973 1.0022 1.0035 1.0045 1999 Sep 06 13 20 27 1.0170 1.0107 0.9899 0.9674 0.9992 0.9992 0.9992 0.9994 1.0002 1.0020 1.0015 0.9994 1999 Oct 04 11 18 25 0.9953 1.0058 0.9977 0.9804 1.0012 1.0020 1.0013 1.0010 1.0012 1.0106 1.0072 1.0046 1999 Nov 01 0.9782 1.0005 0.9997 08 1.0119 1.0008 1.0030 15 1.0100 1.0040 1.0007 22 1.0019 0.9897 1.0005 29 0.9777 1.0041 1.0003 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds inM2 in M3 only RPs Eurodollars 0.9702 0.9848 0.9855 0.9890 0.9843 0.9957 0.9979 0.9963 0.9873 0.9941 0.9831 0.9783 0.9831 0.9963 1.0095 1.0059 1.0085 1.0030 0.9946 0.9869 0.9859 0.9755 0.9727 0.9966 0.9975 0.9970 0.9941 0.9952 0.9903 0.9890 0.9950 0.9867 0.9959 1.0019 1.0036 0.9679 0.9894 0.9946 0.9991 0.9900 0.9898 0.9917 0.9994 0.9961 1.0023 1.0036 1.0092 1.0001 0.9999 0.9988 1.0020 0.9965 1.0025 0.9919 1.0017 1.0069 1.0121 1.0051 1.0062 1.0056 1.0044 0.9973 1.0110 0.9987 0.9989 1.0028 1.0155 Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1999 Dec 06 13 20 27 1.0138 1.0086 0.9933 0.9810 1.0003 0.9999 0.9990 0.9979 1.0044 1.0043 0.9930 0.9827 1.0031 1.0059 1.0031 0.9961 2000 Jan 03 10 17 24 31 0.9916 1.0073 1.0036 0.9858 0.9843 0.9985 1.0010 1.0016 1.0015 1.0017 0.9705 0.9772 0.9743 0.9729 0.9731 2000 Feb 07 14 21 28 1.0063 1.0015 0.9900 0.9918 1.0024 1.0024 1.0022 1.0020 2000 Mar 06 13 20 27 1.0162 1.0129 1.0016 0.9952 1.0020 1.0017 1.0013 1.0008 RPs Eurodollars 1.0194 1.0331 1.0153 1.0110 0.9873 0.9797 0.9747 0.9692 1.0152 1.0247 1.0250 1.0351 0.9844 1.0011 1.0080 1.0055 1.0022 0.9758 1.0286 1.0383 1.0440 1.0267 0.9754 0.9999 1.0109 1.0129 1.0134 1.0433 1.0359 1.0350 1.0344 1.0314 0.9795 0.9903 0.9925 1.0004 1.0057 1.0073 1.0110 1.0105 1.0324 1.0345 1.0356 1.0316 1.0070 1.0015 0.9911 0.9916 1.0173 1.0178 1.0168 1.0210 1.0071 1.0116 1.0098 1.0099 1.0187 1.0205 1.0181 1.0154 1.0272 1.0239 1.0184 1.0059 1.0007 1.0099 1.0173 1.0148 0.9972 0.9936 0.9879 0.9929 1.0157 0.9971 1.0059 0.9923 2000 Apr 03 1.0258 1.0013 1.0079 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds inM2 in M3 only O oZ o o < a> o GO OTQ 3 3 o° 3° c cr CD cr cr o *c CD CD C/2 <T> O O s1 C S v, O O O NO v© v© CD 4 * 8 - 5 a.- § •cr« O O O O O O O O O O V O C 5 0 0 0 N 1 V J N ) N ) N ] 0 0 0 0 N J V 1 >0 W O O p ^ N ) y i v l p O N ) p p \ W © bo * ^ *si to 4^ bo to H - ON o bo 4*. s ) tO vo in »— oooooooooooo ' O O O v J s J O v J v J v l o O O O v J ^ l t O O O V O J O ^ M ^ v J p J - p N W OS ON n § O O O s i ON 0 \ ON v o •— » 2. o to vo cr B S 2 © 3- a o » 4^4^4^4^4^4^4^4^4^4^-P>>4^ M s ] W \ O ^ M y O s l U i N ) O s l N ) U ' J I N ) ' J » V ] O O ^ U I O N O ' - v o f o v i w ^ l o U v i l o i o v o ^ 4^ -P^ 4^ o o o 4^ t o o o ON U ) ON H - to 3 K* a ft 2 ts> $ ! « 3 a 3 2 O & r& P »> o 0 £ © 3 to & C CA a 4^4^4^4^4^4^4^4^-P»4^4^4^ 4 ^ W W N ) N ) S ) M M M M M O M V J W O O W M \ O V 1 0 \ W O V ) h - ^ y i ^ o o p w y i O N W ^ ' - * 4^ 4^ U> O O vo 4^ to vo ON OJ VO U) ON to u © V O 0 0 0 0 S ) O N O N O N U I L / - « 4 ^ 4 ^ ^ ^ i L f t t o o N t o o t o b J b o ^ d N V O V O O O N l s J O N O N O O O N ) U l O O M ( J » ^ t - - > W v l p y i N ) N ) ^ W b o b b o b w ^ ^ w s N ^ U l ^ ^ l W O N K ) ^ p ^ W i b ^ w 4^ o 4^ ON U l *J» U> u» U> ON U> o ON "si Lf\ U\ Ut u> u> to s i tO s i ON ON 4 ^ si k) si OTQ ore S ft Appendix Table 6 Comparison of Revised and Old Ml Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference -3.0 6.1 8.3 -1.8 8.2 7.6 -1.2 -2.1 0.7 -0.1 0.4 0.1 -1.1 -2.5 0.6 -1.2 2.5 5.1 1.7 -4.3 -0.4 -2.7 -3.6 2.8 6.4 9.3 4.6 -2.7 3.1 5.1 -0.3 -3.4 -3.5 -3.0 -3.1 3.6 7.6 10.3 5.0 1.5 -0.6 0.0 2.0 -0.9 3.1 0.3 -0.5 -0.8 -1.2 -1.0 -0.4 1.1 1.4 -1.1 0.3 1.0 -1.4 -0.1 0.0 0.0 0.1 -0.1 0.1 0.4 -2.0 1.1 1.7 -1.9 4.5 0.4 -0.5 -0.8 -1.3 -0.9 -0.5 97Q4 0.0 0.9 -0.9 0.1 -1.0 98Q1 98Q2 98Q3 98Q4 3.2 1.0 -2.0 5.0 3.0 0.2 -2.4 5.9 0.2 0.8 0.4 -0.9 0.7 0.0 -0.2 0.0 -0.5 0.8 0.6 -0.9 2.1 1.5 1.6 1.7 0.5 -0.2 0.3 -0.1 0.2 -0.1 -1.2 1.8 -1.2 1.7 0.0 0.1 0.0 0.1 0.0 0.0 1997 October November December 1998 January February March April May June July August September October November December Quarterly Semi-Annual 97Q4 98Q2 98Q2 98Q4 Annual (Q4 to Q4) 1997 1998 Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Revised Old Difference Difference due to Benchmark Seasonals 5.6 6.9 7.0 6.0 7.3 6.8 -0.4 -0.4 0.2 0.0 0.0 0.0 -0.4 -0.4 0.2 7.4 8.7 7.4 8.4 5.6 6.8 5.3 8.1 13.2 12.1 10.9 10.3 7.5 9.7 8.4 9.6 2.8 5.2 4.6 8.2 14.5 12.7 10.9 10.1 -0.1 -1.0 -1.0 -1.2 2.8 1.6 0.7 -0.1 -1.3 -0.6 0.0 0.2 0.2 0.2 -0.5 0.0 0.4 -0.3 0.0 0.0 -0.1 0.1 0.0 0.0 -0.3 -1.2 -0.5 -1.2 2.4 1.9 0.7 -0.1 -1.2 -0.7 0.0 0.2 97Q4 6.7 7.0 -0.3 0.0 -0.3 98Q1 98Q2 98Q3 98Q4 7.6 7.5 7.2 11.6 8.0 7.4 6.5 12.0 -0.4 0.1 0.7 -0.4 0.1 0.0 0.0 0.0 -0.5 0.1 0.7 -0.4 7.6 9.5 7.7 9.3 -0.1 0.2 0.0 0.0 -0.1 0.2 5.8 8.7 5.7 8.7 0.1 0.0 0.0 0.0 0.1 0.0 October November December 8 January February March April May June July August September October November December Quarterly Semi-Annual 97Q4 98Q2 98Q2 98Q4 Annual (Q4 to Q4) 1997 1998 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference 8.4 10.6 11.4 8.5 11.7 11.4 -0.1 -1.1 0.0 -0.1 -0.1 -0.1 0.0 -1.0 0.1 10.0 7.8 12.8 9.8 9.0 9.1 4.5 12.3 13.7 13.5 14.3 11.8 10.4 9.0 14.5 10.8 7.2 6.6 1.8 12.7 15.3 13.6 15.6 11.5 -0.4 -1.2 -1.7 -1.0 1.8 2.5 2.7 -0.4 -1.6 -0.1 -1.3 0.3 -0.1 -0.3 -0.2 0.0 0.4 0.2 0.2 -0.1 -0.3 0.0 -0.1 -0.1 -0.3 -0.9 -1.5 -1.0 1.4 2.3 2.5 -0.3 -1.3 -0.1 -1.2 0.4 97Q4 9.6 10.0 -0.4 0.0 -0.4 98Q1 98Q2 98Q3 98Q4 10.3 10.1 8.8 13.5 11.0 10.2 7.4 14.3 -0.7 -0.1 1.4 -0.8 -0.2 0.0 0.1 -0.1 -0.5 -0.1 1.3 -0.7 10.3 11.3 10.8 11.0 -0.5 0.3 -0.1 0.0 -0.4 0.3 8.8 11.1 8.8 11.2 0.0 -0.1 0.0 0.0 0.0 -0.1 October November December 1998 January February March April May June July August September October November December Quarterly Semi-Annual 97Q4 98Q2 98Q2 98Q4 Annual (Q4 to Q4) 1997 1998 Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class
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