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a • • • » 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 4159..6 4165..3 4168..0 4170..0 4167..5 4157..2 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 4182..2 4156..5 4164..9 4158..4 4160..9 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* 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 Date Currency 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. 1992-JAN. P At thrift institutions5 Total Demand deposits3 Travelers checks2 1 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< 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 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. 1992-JAN. P At thrift institutions5 Total Currency * Date 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 ccommercial and official 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. CL CD ft H* 13* h (D V $ P> CD P> O CL P*La. CD p o co ** rt CO ** • P ** H-» (D rt rt Qj CO to H* q. rt pr CD H rt P CD CD L o\ co O O ON 1 0 0 0 vo °° o VO VO H* 1 ^* 1 *" O O O O O 0 0 6 O O VO VO O VO VO VO VO O Ln CO LO vo Ln OS to H-* Ln t o VO VO VI H* O vo O O VO O O CO O O 0 0 ON LO O O O )-* vo vo o VO O O VO O O vl O O CO to L n O O o O VO vl Ln vl O O O M H» O L0 LO H * K-* O O Ln Ln Ln 4> VO 00 0\ O H* VO O o N> f-* H* VO O VO 1 - ^ VO VO CO V I O VO O VO t - * H-* o H-» CO O O VO VO O VI vl L/i Ln h-» LO Ln 4 > H» H* CO o o H* oo O O 4> h* o VO O O VO VO O O VO 0 0 ON CO ON ro CO h-» H-» O H » H-» vo vo o O O O vo vo. o O O o v l tvo CO O o to O 4* Ln o\ H * 00 VO VO VO VO VO VO J-» VO CO VO CO CO VO 1 0 Ln L n h o CO V I L 0 H-* 4> 4> to £* L n Ln O h-» vo vo •Pvo O VO VO O O VO VO LO O CO O O f-» -P- ON VO LO O O O VO VO VO VO VO ON L n ON ON Ln 0 0 4 > LO N > Y-L VO L n O h- 1 vo o o »-* vo o vo vo o VO O o o H* O o o o o o o O o »-» ^ o H-» o o H* O O O H* H-» O VO vo vl vl C n h-» CO •P* O o >-* o H* o to O Cn H* vo vo VO o o vo VO vo t O ON Cn ON ON • > J> CO VO 4> to O VO co O VO Cn Ln oo co oo vo O o VO VO VO VO VO vo CO CO to w VO CO H* vo o VO VO VO O VO VO O vo VO VO O vo v l O VO N> Cn Cn VO C n Cn VO oo to ON >-» V I v j o l-» o o o o Cn to h-» O O o o O O VO o VO o CO o ON VO H» vo vo vo vo Cn CO VI VO VO CO CO o H* H» O VO VO vl to Cn o o Cn VO VO VI CO v l o o o o M 4> vl M O O Cn Cn H* V| o vo o vo to Cn o O o co O VO o O VO o CO CO O VO H * ON CO Cn VO vo ON 4> CO -P* V | o O VO o O O vo vo O O o O O vo o O vo vo O O o 0 0 O O o O 0 0 v l to CO o CO CO V I ON CO to O Co • P - V I o o vo vl vo vo VO VO VO VO vo M vo 0 0 vo oo 0 0 CO Ln Cn ro CO V I to 4> Cn o -p* v l o H-» O VO VO VO VO vo vo vo O O VO o H-* VO 0 0 VO VO VO VO VO CO O VO o v l 0 0 4> CO Cn 0 0 O O H-» H * o to H » to o O O ON VO h-> CO Cn o O O -P* H * ON to vo H * H* o o h-» O ON o ON O v l H * ON »vj ON ON V I O VO H» H» vo t-» vo J> o o H-» CO Cn to ON H-» h-» vo ON ON o f-» o »-» >-» o CO M Hft CO a 0 CD CL 'A < CD P o { ^ CL 3 P> CD CO CD 5 H ?r H Z Pi O < p CD cr VI o\ 1 Cn P> H P rt rt fa cr C^O Pi O r t p* CD o J> rt" O 1 Pi ?r ; H* o pa> ro o ?r 1 ! n P P S CO s to ft CO P b P actions com cr s H * CD Co o or ?r CD P 0 O P* CD CD H O O VO VO VO VO O VO CO VO VO VO v l v l £ * LO VO to VO . p * N5 H» O in CD O h-* o 1 sr CD O o o o O O O ks O Cn O O H-k O H* O H-» o O ON O VO N> j-» Ln t O V I -p* v l V I L n h-» »-» H-> l-» M O O vo VO vo vo O O VO VO vo VO 4> L 0 VO V I N 3 4> O ON LO O 4> CO H* O o vo vo vo o VO 4> l-» vo vo vo o VO • v l t o VO t o Cn Ln CO h-» J > . p - 0 0 . p * CO CO H* »-» O O O o h o ON t o VJ i-» i I 1 Nontr Hi H» O o vo O 4> ON O to H-» CO CO ON )-» o VO VO vo ^ O O O Z O t f l > C ; L ; S > S ^ C H CD O o CD p p g P^d P CD co O < rt T3 00 h-» P vj H H cr p rt *< CD 1 VO VO •^ s 0 ft CD a. CL H- r t CD P w c_i. CL CO a> o> v- o <•*> o vo Ln vo -P* t O 1 1 M VO Vl ° Hi < h-» (D CD 1 O VO co o0 CD p H M o H* VO H * vo O vo M o O j-u H* L0 CO H CD CD P> H* o o O Cn 4> N> ^ VI M O 4> I O o VO VO O O 1M 1 1 o \ D vo vo ON ON Cn CO to L 0 N> Cn O VO VO Ln VO •p* H * O o O o CO o O H* VO VO N3 1 1 d 2 0 M > L : L , SJ? S *i CD 0 O CD P P P CD >0 P> CD P O < r t ^ d 09 h-» P << H H cr p • r t • *< CD vo VO VO vo vo VO <* to J> v l co VO § 1 1 h-» K-* o CD cr * j O o H s pi p. Hi p> f t p w CL to w rt CD pr 0. H rt CO P C-u CL (D »-* CO Vj H- >-» o 0 CL P CD P> >d CO P> CD P> to D* O CO O cr (D Hrt CO 0 CD cr P >d CL p r (I> H 0 cr CL H- H-* P> (D O H-* rt CD H a 3 0 0 rt K PJ CO (A P (B CO H-» O 0 CD r t p> rt en rt 0 CO H- tJ 0 I-* vo vo co urr Other able de i 1 nents 1 i onlv _ 1 ! | 1 | 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 1. | 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 1.0001 1.0057 | 1.0026 1.0024 0.9496 0.9587 0.9678 0.9768 | ! | | 0.9849 0.9757 0.9854 0.9550 ! j | 1.0019 1.0023 0.9884 0.9818 | | | 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 4 11 18 ! 25 i f | | ! ! | Other 1 [ checkable deposits | at banks 1 total 1 5 1 4 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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Currency [ checks 1 2 1 1 1 1.0007 | 0.9441 1 1 1993--Jan. 4 0.9404. 1 0.9418 | 0.9432 ! 0.9445 | | | | 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 | | i ! | ! 0.9949 0.9960 0.9911 1.0002 | j j | 0.9963 0.9904 0.9957 0.9977 | j j j 0.9866 1.0005 0.9905 0.9856 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 | j j i | 0.9634 0.9806 0.9811 0.9685 0.9635 j | | | 0.9646 0.9644 0.9635 0.9627 0.9619 | 0.9884 1.0138 1.0042 1.0004 0.9911 Apr. 5 ] 1.0006 | 0.9596 ! 1.0044 | 1.0157 8 1.0000 1.0001 0.9969 0.9941 0.9767 0.9816 0.9762 0.9628 0.9909 1.0000 0.9991 0.9980 0.9954 Mar. 1 I 1 0.9982 1.0017 1.0007 0.9995 0.9589 0.9607 0.9620 0.9633 8 15 22 1.0157 1.0135 1.0125 1.0116 j 1.0245 1.0320 1.0251 1.0097 0.9864 0.9941 0.9939 0.9913 Feb. 1 | 1.0225 1.0290 1.0151 0.9965 0.9462 0.9494 0.9525 0.9557 18 25 | | i 1 I Nontransactions components I [ in M3 onlv j 1 iiUiZ | <5 I I 0.9978 | 1.0033 j 1.1008 1.0510 1.0218 0.9810 1.0047 1.0007 0.9945 0.9889 ii 1. 1.0072 1.0069 1.0120 1.0142 | Demand [ deposits 1 3 | 1.0188 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 211 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