The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release 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, as well as a minor adjustment to the composition of M2. This release includes revised monthly and weekly seasonal factors, and comparisons of the growth rates of the revised monetary aggregates with previously published data for the period October 1988 through December 1989. Deposits of commercial banks and thrift institutions have been benchmarked using call reports through June 1989 and other sources. The benchmark revisions had minor effects on monetary growth rates over 1989 and on the quarterly pattern of growth within the year. The seasonal factor review continued to employ the X-ll ARIMA procedure. Beginning with this review, separate seasonal factors were computed for OCDs at commercial banks and thrift institutions (previously OCDs were seasonally adjusted as a whole). In addition, for the first time, seasonal factors were computed for MMDAs at commercial banks and at thrift institutions, and for general purpose and broker/dealer money market mutual funds (a component of M2) and institution-only money market mutual funds (a component of M3)• These new procedures had a small effect on Ml seasonal factors, but no effect on the non-Mi component of M2 or the non-M2 component of M3 as these components of the broader aggregates are seasonally adjusted as a whole. Overall, revisions to seasonal factors had little effect on the broad pattern of growth during 1989, though some growth was redistributed from the second half to the first half of the year. For example, on a second quarter to fourth quarter basis, the revised seasonal factors reduce Ml growth by 0.7 percent, M2 growth by 0.5 percent, and M3 growth by 0.4 percent, while growth over the preceding two quarters was increased by like amounts. The set of components of M2 has been expanded to include overnight repurchase agreements issued by thrift institutions, formerly included with term repurchase agreements in the non-M2 component of M3. (Overnight repurchase agreements issued by commercial banks have been included in M2 since 1980.) This redefinition has no effect on the levels of Ml or M3, but it does raise the level of M2 by the amount of thrifts' overnight repurchase agreements—between $2 billion and $4-1/2 billion in 1989, for example. Because the amount of overnight repurchase agreements issued by thrift institutions declined in 1989, the redefinition accounts for a reduction in the growth of M2 over 1989 of 0.1 percent. Complete historical data will soon be available from the Money and Reserves Projection Section, Mail Stop 72, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3361. $£g&\:* FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. '•f«s? H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEBRUARY 15, 1990 Billions of dollars Date Ml 3 M2 Z Debt5 M3 3 Seasonally adjusted 1988-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 759.4 763.0 770.1 773.1 778.9 783.4 784.4 784.8 785.1 786.0 787.5 2959. 2978. 2999. 3013. 3026. 3033. 3037. 3041. 3048.8 3064.1 3072.4 3737..0 3760..3 3785..4 3805..0 3827..3 3847..1 3858..1 3867..2 3883.8 3903.5 3918.4 4410 4437 4476 4506 4528 4567 4584 4593 4613.8 4644.2 4676.1 8415.6 8482.7 8550.2 8620.6 8690.8 8755.3 8820.2 8883.0 8943.8 9018.7 9082.2 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 785.8 786.7 785.5 782.1 776.2 773.7 779.1 780.4 782.9 788.1 789.4 794.8 3073.6 3078.1 3086..9 3089..4 3085..3 3101..6 3127..0 3146..7 3163..3 3181..5 3200.8 3222.2 3926.1 3936.8 3956. 3965. 3965. 3984. 4007. 4012. 4012. 4016. 4029.8 4043.8 4682.8 4699.9 4732..1 4757..1 4756..7 4778..9 4804..1 4818..1 4823..4 4830..4 4845.8 4865.8 p 9138..9 9207..0 9269..2 9327..6 9389..3 9444..1 9494..4 9558..9 9615..3 9684.3 9756.0 9801.3 p 1990-JAN. p 794.9 3233.5 4053.2 1988-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 745.7 752.8 779.2 764.7 779.9 786.9 782.4 781.1 782.2 788.3 804.5 2946. 2971. 3010. 2999. 3024, 3039, 3037. 3034. 3046. 3067. 3085, 3725.7 3756.9 3792.0 3790.7 3821.7 3845.8 3857.5 3864.5 3884.1 3912.4 3932.5 4404.1 4434.9 4480.3 4493.5 4522.5 4558.2 4579.8 4588.7 4613.6 4652.3 4692.9 8378.9 8443.6 8509.9 8577.4 8650.4 8712.9 8774.2 8845.2 8910.4 8986.9 9067.5 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 793.5 773.0 775.9 791.6 767.7 774.4 782.3 778.1 779.1 785.0 791.7 812.1 3085.6 3065.8 3080.7 3100..2 3071..2 3099..1 3132..7 3146..4 3156..3 3178..9 3204..4 3235..1 3935. 3925. 3954. 3971, 3950. 3978. 4005. 4011. 4009. 4016. 4039. 4057. 4700.6 4694.5 4729.8 4760.0 4745.1 4771.7 4793.2 4812.8 4818.9 4830.3 4854.6 4883.3 p 9122.9 9170.7 9227.9 9285.2 9345.4 9403.2 9451.2 9512.4 9577.0 9650.1 9723.0 9787.1 p 1990-JAN. p 802.4 3245.2 4062.3 Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 MS Debt 3 3 Months from OCT. 1989 TO JAN. 1990 3.5 6.5 3.6 7.7 6 Months from JULY 1989 to JAN. 1990 4.1 6.8 2.3 7.6 12 Months from JAN. 1989 TO JAN. 1990 1.2 5.2 3.2 7.9 Thirteen weeks ending FEBRUARY 5, 1990 from thirteen weeks ending: NOV. 6, 1989 (13 weeks previous) 4.7 6.9 3.1 AUG. 7, 1989 (26 weeks previous) 4.4 7.3 2.8 FEB. 6, 1989 (52 weeks previous) 0.9 4.9 3.2 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1989 to December 1989, June 1989 to December 1989, and December 1988 to December 1989, respectively. Footnotes to Table 1 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions * (2) travelers checks of nonbank issuersj (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 floatj and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NON) 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. 2. 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, money market deposit accounts (MMDAs), savings and small-denomination time deposits (time deposits--incuding 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. 3. 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 Kingdom and Canada, and balances in both taxable and fax-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. 4. 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. 5. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Priyafe 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. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M2 Ml 13-week average 4-week average 787.3 789.6 791.1 3171.4 3175.4 3179.9 3189.5 3194.0 3199.2 789.8 790.8 791.6 793.0 791.1 791.3 793.0 796.7 3184.5 3188.5 3192.8 3197.9 790.9 791.6 792.0 792.4 792.8 795.2 796.4 796.8 796.3 794.5 799.6 796.1 794.8 794.6 792.6 793.6 795.3 799.2 Period ending 13-week average 4-week average 1989-NOV. 13 20 27 784.9 785.5 786.5 788.1 788.3 789.2 4 11 18 25 787.3 787.9 788.7 789.8 1990-JAN. 1 8 15 22 29p FEB. 5p DEC. week average M3 week average 13-week average 4-week average week average 3195.4 3200.8 3205.7 4015.2 4016.8 4018.5 4022.5 4025.2 4028.5 4028.8 4032.7 4029.9 3204.1 3208.7 3213.7 3220.1 3214.4 3213.8 3220.9 3231.1 4020.7 4022.6 4024.5 4027.6 4032.8 4035.9 4038.7 4043.0 4039.8 4041.3 4043.9 4047.0 3202.5 3206.4 3209.9 3213.9 3218.0 3223.4 3226.7 3228.7 3229.6 3232.5 3227.7 3227.0 3228.8 3235.0 3239.2 4030.8 4033.7 4036.1 4038.6 4041.6 4044.3 4046.6 4048.1 4049.8 4052.6 4044.9 4050.5 4050.0 4053.6 4056.1 3222.4 3238.7 3251.7 4045.1 4056.9 4067.8 Not seasonally adjusted Ml Period en ding 1989-NOV. 13 13-week average 4-week average 781.9 782.9 784.7 784.9 788.1 792.2 M2 week average 13-week average 4-week average 792.4 792.5 788.2 3168.0 3172.5 3177.6 3188.0 3196.4 3203.7 M3 week average 13-week average 4-week average 3203.7 3208.0 3199.7 4015.1 4017.5 4020.5 4024.9 4032.0 4039.4 4043.2 4041.9 4036.3 week average 20 27 DEC. 4 11 18 25 1990-JAN. 1 8 15 22 29p 786.3 787.4 789.3 793.0 793.6 797.2 800.8 806.5 801.2 806.7 807.2 811.0 3183.2 3187.8 3193.1 3200.2 3209.2 3216.1 3221.5 3229.2 3225.5 3231.2 3229.5 3230.7 4023.6 4025.8 4028.4 4033.5 4043.8 4047.4 4049.7 4053.9 4053.7 4057.8 4050.9 4053.1 796.9 799.7 801.1 802.2 802.4 812.8 818.5 819.8 815.6 802.7 826.2 829.7 812.3 794.1 774.6 3207.5 3214.1 3219.3 3224.3 3228.0 3235.4 3244.6 3251.2 3253.3 3245.5 3250.3 3267.7 3255.9 3239.1 3219.3 4039.1 4043.7 4047.6 4050.9 4053.2 4057.4 4063.3 4069.7 4070.7 4062.7 4067.6 4081.5 4076.4 4057.2 4035.6 FEB. 802.4 793.9 794.6 3231.3 3240.2 3246.5 4055.1 4057.7 4061.5 5p 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 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Nontransact ions component s Other checkable deposits Date Currency 3 Travelers checks 2 Demand deposits3 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 Gene>ral purpose and t>roker/dealer money market funds 1988-SEP. 208.7 7.4 289.3 191.5 88.0 279.5 2256.4 826.1 232.8 OCT. NOV. DEC. 209.7 210.7 211.8 7.4 7.5 7.5 288.5 287.4 287.0 191.7 192.4 192.9 87.8 88.0 88.4 279.5 280.4 281.3 2263.6 2278.0 2284.9 835.1 839.4 845.9 233.3 238.2 240.9 1989-JAN. FEB. MAR. 213.2 214.1 215.3 7.5 7.5 7.3 284.5 284.9 283.9 192.1 192.1 191.7 88.4 88.1 87.4 280.6 , 280.2 279.1 2287.8 2291.4 2301.4 852.5 858.7 869.6 243.9 247.2 253.4 APR. MAY JUNE 215.7 216.6 217.2 7.3 7.3 7.2 281.3 279.6 276.3 191.4 188.5 188.7 86.5 84.3 84.3 277.9 272.8 273.0 2307.3 2309.1 2327.9 875.7 880.3 883.3 257.8 261.2 268.3 JULY AUG. SEP. 217.8 218.6 219.3 7.2 7.2 7.2 279.6 278.5 278.1 189.8 191.1 192.4 84.6 85.0 86.0 274.5 276.0 278.4 2347.9 2366.4 2380.3 880.2 865.3 848.7 277.7 287.8 295.9 OCT. NCV. DEC. 220.0 220.4 221.9 7.3 7.4 7.4 280.0 278.8 279.7 194.2 195.9 197.9 86.6 86.9 87.8 280.8 282.8 285.7 2393.4 2411.4 2427.5 835.2 829.0 821.6 302.7 309.1 313.1 224.6 7.5 277.3 198.0 87.5 285.5 2438.6 819.7 320.8 1990-JAN. P Week ending 1989-DEC. 11 18 25 220.9 221.8 222.3 278. 279. 281. 197, 196, 198, 87.0 87.6 87.5 284.0 284.2 285.9 2422, 2427, 2434, 827. 823, 815, 311, 312, 314. 1990-JAN. 1 8 15 22 29p 223.2 222.9 224.4 224.8 225.8 280, 278. 277. 277, 275, 200.2 199.8 197.3 197.9 196.6 88.6 87.8 87.8 87.3 87.0 288.8 287.6 285.0 285.3 283.6 2428, 2430, 2434, 2440. 2446, 817, 823. 821. 818, 816, 315, 317, 318. 321. 324. FEB. 5p 225.8 278.4 199.2 88.2 287.4 2452.5 816.1 327.8 1. 2. 7.6 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 foreign banks, and Edge Act corporations. 5. Consists of NOW 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), MMDAs and savings 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 overnight 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. 1.6 ( 5 0 8 ) fable 4 - c o n t i n u e d COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Millions of dollars, seasonally adjusted Money m a r k e t At At thrift c ornmercial i n s t i t utions banks Date Savings d e p o s i t s 1 d e p o s i t accounts Total At At thrift commercial institutions banks Small-denomination time deposits2 Total At commercial banks At thrift institutions Total Large-denomination At~ commercial banks4 time deposits3 At thrift institutions Total 1988-SEP. 356.3 156.6 512.9 190.8 239.1 429.9 425.3 572.9 998.2 357.0 172.8 529.8 OCT. NOV. DEC. 354.8 353.3 350.2 154.0 152.2 150.1 508.8 505.5 500.3 190.6 193.0 192.0 237.0 236.3 235.9 427.6 429.3 427.8 433.5 440.4 447.5 578.4 581.4 583.5 1011.9 1021.8 1031.0 361.7 363.6 368.2 174.2 173.5 172.9 535.9 537.1 541.1 1989-JAN. FEB. MAR. 345.6 342.2 339.7 147.1 143.3 140.2 492.6 485.6 479.9 190.2 189.3 188.1 234.0 231.6 229.8 424.2 421.0 417.9 455.5 465.0 474.7 587.2 589.3 591.7 1042.7 1054.2 1066.4 373.2 379.4 386.0 173.5 173.9 174.1 546.7 553.3 560.1 APR. MAY JUNE 337.0 331.7 331.0 136.2 131.5 130.0 473.2 463.1 460.9 185.8 183.1 182.3 226.2 222.3 221.1 412.0 405.4 403.4 486.3 497.3 501.8 597.8 605.7 612.2 1084.1 1103.0 1114.0 392.2 395.7 397.1 176.1 177.4 177.8 568.3 573.1 574.9 JULY AUG. SEP. 333.9 337.9 340.8 130.1 130.4 131.0 463.9 468.2 471.9 183.0 183.9 184.9 220.3 220.0 220.6 403.3 404.0 405.5 505.8 510.4 513.3 616.6 619.6 619.2 1122.4 1130.0 1132.6 398.7 397.8 397.2 176.0 172.7 168.4 574.7 570.5 565.6 OCT. NOV. DEC. 343.7 348.5 351.5 131.6 132.4 132.2 475.3 480.8 483.8 185.9 187.3 188.5 220.3 220.6 220.5 406.1 407.9 409.0 519.7 524.4 528.5 616.2 614.1 614.1 1135.9 1138.5 1142.6 398.8 401.4 401.4 163.8 159.5 156.8 562.7 560.9 558.1 352.5 132.6 485.1 189.9 220.6 410.5 531.5 611.9 1143.4 401.5 152.8 554.4 1990-JAN. P Week e n d i n g 1989-DEC. 11 18 25 351.0 351.4 350.9 132.5 132.2 131.7 483.5 483.7 482.6 188.1 188.4 188.6 220.7 220.9 220.3 408.8 409.3 408.9 528.0 529.4 530.6 614.5 614.4 614.1 1142.5 1143.8 1144.7 401.5 401.9 400.0 158.0 157.2 155.8 559.5 559.2 555.8 1990-JAN. 1 8 15 22 29p 353.9 353.2 352.6 352.4 351.3 132.6 132.4 132.4 132.6 132.6 486.4 485.6 485.0 485.0 483.9 189.2 189.3 189.5 190.2 190.2 220.6 220.1 220.7 220.6 221.0 409.7 409.5 410.1 410.8 411.2 527.1 529.1 531.2 532.7 532.9 613.8 612.7 612.9 612.1 610.6 1140.9 1141.8 1144.1 1144.9 1143.5 401.9 402.6 402.3 401.7 400.0 154.5 154.5 153.6 152.4 151.1 556.4 557.0 555.9 554.1 551.1 FEB. 5p 353.5 133.1 486.6 191.3 221.0 412.3 533.8 608.2 1142.0 400.1 151.2 551.3 1. 2. Savings deposits exclude MMDAs. 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 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Debt components4 Non-M3 Components of L Institutiononly money market funds Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper3 Federal debt Non-Federal debt 1988-SEP, 85.7 107.8 266.2 41.4 310.4 2076.2 6806.8 OCT. NOV. DEC. 86.4 86.6 87.1 108.5 108.9 109.3 264.2 264.8 272.2 41.0 40.4 40.6 316.3 326.7 335.6 2084.7 2098.2 2113.5 6859.1 6920.5 6968.7 1989-JAN. FEB. MAR. 87.1 86.9 86.3 109.8 110.7 111.5 270.7 268.2 274.3 40.6 40.6 41.4 335.7 343.6 348.3 2121.8 2137.8 2158.7 7017.1 7069.2 7110.5 APR. MAY JUNE 88.3 92.1 96.3 112.2 112.8 113.6 280.2 288.3 289.7 41.5 41.2 41.2 358.2 348.8 349.4 2168.8 2176.4 2184.2 7158.8 7212.9 7259.9 JULY AUG. SEP. 99.0 101.4 101.6 114.3 115.0 115.7 291.3 294.2 304.4 41.9 42.6 41.0 349.5 354.3 350.3 2183.9 2199.9 2220.1 7310.6 7359.0 7395.2 OCT. NOV. DEC. 101.1 101.1 102.3 116.2 116.8 117.5 p 307.6 307.4 316.2 p 40.0 40.5 41.2 p 350.0 351.3 347.2 p 2238.3 2259.0 2265.8 p 7445.9 7497.1 7535.5 p 1990-JAN. P 103.3 Week ending 1989-DEC. 11 18 25 102.7 102.1 102.4 1990-JAN. 1 8 15 22 29p 102.1 103.7 102.4 103.9 103.6 FEB. 5p 102.8 1. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutionsi 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. 00 Olf) vO-Q • (0 tii a a z < H < UJ (/> CO a 0 VvTJ J L . fl) 0-5 0.2, < Z-o " « O ID •H £•* UJ-o ZH- o° s.s OS (fl C 0 • H (fl -H-H o c (0 fl) (fl C c o ro a i- E •V O ca o z L W fl)G)TJ </>-H C 0 <0 3 ao)4LTJ 3\-H a t . Q) <o o <o r H . * L. i. L E fl)X C > G)TJ 0) CD C C (0 O E -H W O)<0 X t- C** i- O fl)T) UJ 3 a2 X 0) i-a. •r*eo C (fl flic* K*N Z >» cc M O 3 X - H -H-H -H-H (fl C (0 «r*T O (fl < Q c E (0 EJQ O O ro O H (fl TJ-H o) a (0 W E O °-§ UM Q) (fl © o > 53 (OX i- O ON rs N* CO M3 stwun ONtfco rs.rs.eo UlMXf r^COON CMCMCM NOCOON tHONCM OOrH KirOK* MCOCO rHiHrH iHCMtf OOVO vOvOvO CMCMCM rHiHr-i CO CM IT) CMCONO ststLO CMCMCM ^NOM> rHiHrH CMh-Ul C0OM3 sOlflM3s0fs. CM ^» rs. CM M ONOlfiONsfr w CMrHCOCMtf HfiHiHCMCM MH\fAt<\K\ hOlflON <Ms.rvrs.so CMK1K? iHrHrH tAtAtA O iA<t<t ON r-i 1A IN KlfOOr-JM >t MCO!* O iHiHCM MCONOfHrO co <MV\ON co co co co co rHiHNt N©<fK» fs.|<AOCONO HJrHCMrHr-l rHCMO NOIHCM CMCMCM ^Mlfl o cococo ONCMh. COrHCO •H CO ONtCMKVsO N 0 ^D **0 *^0 **& **>0 **£) h-KICO fS-UlCM KIK>CM COCOCO KliHCM *& ^O s^O ONM>\^ CMIflCM ».sOLn CO CO CO M3 ONONfN*. OONCN fs.rs.fs, CO CO CO cococo WOON so&tA cococo rs CO CM O co CM o fs CM CM z < I o ON ON IDCMiX. HOvOOCO <f SfC0K>lfl^HJ CMfO.Cfst^' 1ft ^ N t s t C f v t >d" CM CM CM CM CM CM fHlfli-JCMfv CMCOM fs.OCONOCM COONCOCOCO CM>.M>OON ON fv co lf| CO CO CM ONfs.^0 cococo MC0U1CMC0 OONiT^fs. Ch O O N CO f s CM hO CM CM CM iHOlfl CM CM CM CM rH CMONlflr-ltf ONChON NOCOO COCOON CMCMCM M>ONiy» M> M5 fs. fs. fs. O^ChOOH vtrvrsfs.co OONCOfsMS M CM CM CM CM KtfSNS'NONO fs. CM ir» fs. CM fS. ooooc OONO^ NOMSNO ONNOfs-^CM CO UJ U) a a iHCOiflCMON iHCMCM I z < o ON ON <f ONOIH ststMCMiH CM CM CM CM CM CMCMCMCMCM rH CO Ln rHiHCM ststCO CMCMCM CMCMCM OONON CMrHiH ONMSlfi CO CO CO CMCMCM MC0C0 tfCMON CMCMr-l <fNt<f CMCMCM ON Ifl r-i ONONIS \*ir>rs. CO CO CO ONCO^ rHiHrH MJiHrO CM C O O tAtA<* CM CM CM ONO-Ch iHrHiH O^OON M3 Is** M3 h-l^fs COCOCO ococo N* CM fs.rHC0 <frsr>. H s> ts O 0 0 O r-*rHCM <t CM MCJM CO CM CO fs.COCO CMCMCM iHtHst ONIHCM CMS.© CMCM<f* >d-MCM ONONO ifltntN <rcoo COMNJ" NOI-VCO KKfst CMCMCM OOCM M W M CMCMCM ls.fs.in ©CONIflNOfv fAtAfA CMCMCM CMCMM CMCMCM tAfACO CMMNO ONONIS CON±sfr cococo fsCOO s CO CO 0 iHrHrH |S.NOM> fs.ls.fs. CMCMCM tsiflvO cococo VOCMO COrHM OIHIH COCOON CMCMCM M30«H COfsfs. CMCMCM tfrnrs. l>.M>fs. 0 S CO CO rHrHfH rHfsMJ co^rs CMCMCM rs.fs.v0 M O O CMCMCM cordis. NtCOON M W O CMCMCM CMCMCM NOcrrA fs.fs.co CM CM CM sOCMCM K*N0|S. iHiHfs. IflCMiH r-lr-dH MMvO corsrv CMCMCM cocois. • • • COiHUI f-4CMCM CMCMCM NOIS-CO mCOO Or-»U*| rsCMMJ UILOUI OtflNO ONfs.is, CMCMCM rs.is.fN. KCOCO CO CO CO O H O IN. CO COOCO CO 0 s ON CM CM CM rs.rs.fN. iHM3v± ON ON QN IDIHON rsONON ONlHW COONCJN rHiHrH fs. CO Is.fs.sO OK»C0 Cb co rH IS- ON O CMCMCM 0 s 0 s CO >- • • CMCMCM UJ U1M3C0 • CMCMCM » - j o a h->u DI>UJ OOUJ ~><w o z a i-tr-HA zcao: <UJ< -JU-Z ON CO ON ce>-z a o <Z~) ON^<f O H H CMCMCM h - > 0 UOUU oza CO O CM CL UJ j </) co CO ON 0 i. (0 •f C 0 E C L 0) > 0 01 c (fl 0 • H -H 3 </) • <+> c >or • (fl C O .H -f «J L o > Q) C O E TJ C (0 .H C O (fl <TJ C (0 E •+* «- (fl .* O ia (TJ QJTJ E *DC) -H > 0) (0 0) BE C (fl 'rt-H O "O -f-H E C ( A 3 »H Q) TJ H--H C (5 fl) (0 rH E X (C (fl-H (fl 3 C -H TJ (fl O 3 C B 'H E (BCI "H rH 3 "H (fl -H 0) 0 ) ** - H ^ c-> z « X •¥* «*» 3 -H .H -H -H > L. 0 C C -H w (fl Q)U- C O 0) C 0) TJ m aTJ a) x TJXQ)\rH -H O C TJ i- (D O -H (0 C 0)X • OTUJ*: (fl o 0) C - H C O T J T J - H 30QJ(Dt-CC t. T J « H L. E X (tj "H (fl O a 0) TJ 3 3 -H O 0) H - H - C fl) O H - T J T J O (fl Q) C-f^eH.rt O r H H - T J nj a) n j - p X«H O C J*i 3 3 -HO (0 0) L - H - H O (fl (fl (Q 3 « H C 0) * ^ 0 E E - H X ^ m (o E o (fl o) c a c * X O O 0) i . > r H C -H C O 3 0) 0 ) ' H tQ) o aro-H C-H a) (fl x O L > L (fl D)(D 0) 0) OJrHr-4 g f l J L -H O x -H O T J X J- * -H O L C Q) (fl > « * <UH-.H w a (fl a o i ^ w a> o •H JL T J - P C O r H C (5 «N'H -H flj flj ^ w L (fl t . (II 0) ^ fll (0 O T J (fl'rtrH Q) (fl • a «H > (fl C-+^ t . >rH C O RJ O (DC - H •H O O (fl O ••-r-i 1 > 3 4 — K ."U C t-H O W C O O «rt Q ) < - H flJ-H - H -f > H- H-1 «H (fl L flJ-H ( f l 3 (fl C 01 0 ) < - < - H 0 •H (ATJXQ'H a ©UJ-^Z-H fl) TJ * fl) X •H D •H •f (fl 'H > L 0 -H •H (fl 0 a a *D > X -D 0) 3 (fl (fl •H (fl XL O . fl) WX C O O «H (fl -H 13 0) «*-••-( • H fl) "H > (fl (5 C i. •Hh >• L (fl O i- H fl) •H 3 (fl (fl O (fl a-H 0) ~OXL c ox c H- ffl > > (0 o E ocooo c w « nj a o t- - H as h-h- <o o a c x (o ro (fl 0 (fl 4-fflCCO (fl •f C co)(fl(DO)cjoa -H •H O X O J - w T J E fl) C •H-HXTJ «H TJ 0) 3H(D O •H O (fl (fl > TJ 3 C C 0) 0) QJrHrH .rt (fl "H'H I H C O L C r H (fl •H LfflC O <U 0) 0.* -H ( f l X X flJ • 1 tX 0 -K fl) (fl E (ArH</5 C > CO). (tj • O X X •u o • H -•HHC O . COJ J D '- HH T J CO c I > n T J H - 3 0) D (0 (fl TJ i. Q)X C C O-H 3 (fl 0) -H (fl *N 3 3 « H (fl O X.rH (5 «J (fl H- (fl-H (fl - H C 0) rH Q j £ - H L. (fl'i-l 0) C - H - P (tj C 0) (« > L (fl (OTJ QJiH'H w . T J co a L 1 (AX Q)^iH Q.'-N-rt CO) t- t- O > Q i S- Jg QJ-H OVHrH O ( O T J X 0JTJ J_T5 •H (0 E O -HrHrH Q) * « H ^ i . T J O (0 L. 0) CD (fl"** 1. (fl O (fl > 3 > H (0 fl) O O C i—H fljuj fl) i - T J 2 0) (9 C* C H- O Q)H- C X - H \ •H • H E - H OTJ C «- (fl rH £ T J - H E t . E C (fl O Q)Jxi (TJ O C 3 O X (0 t- O . ^ C ( 0 ^ O-H ^ (0 O (0 t. c 0 0) •H (fl (flfH 0 ) t . j Q • 1-Q.rH C X ^ TJ-0 W ^ - . - H ^ CJ I .*: (fl (o nj (oo: O'H . c U_ i . C C rH TJ 3 T J C 0 0) (0 (O'H (fl (flrH E O C C - r H * H Si fl) fl) O i. t . . H 0 J D (0 rH O O T Jfl)3 - H Q) >fH J- O H f f l C C O-HUJ C fl)4-TJ fl(9L O (fl O N 3 * D • (O'H (fl *TJ O O iW . H QrHrH 3 (o «-H O'H nj <OUJ « c a w 0) 0)00- H L H - X X - H (OTJ L Q)-i<: t . • W Q)HTJ»H C 3 X O H D u\ -d-Lnsors, co ON 0) a c c • H- 8 ) O T J < < a a - H r H (0 - H T J </)OT3 0 C (flQ) X ( U J-"D (TJ (0TJTJCLTJ-H D ) l - X C T J > D-HTf-H CCCC X ' H fl) flj L. C C (U (fl (D (0 OIDICCC "O (Q 0 3 flJ J«i - H E - H t . Q) 0)fl) Q) C "0 O E (fl CZiZLJZ-r* C 0) 0 > H w - H . H •H £ Q)-H ( T J O O D r H L > w fl) O flJ E (fl flJ*U-*XZZ"« (DO L a E - H C fl) > W O L'HrH ••^ (fl 3 OJC O C H - M - L 0 ) 0 4 - T J H - 3 - f 0) O C« H a o j o o fl) L. o c aw L •H oi'H > (OH3 > fl) a X O T J ^ O 0) (fl (fl O ' H O ( f l M - X - H O C tt» «--•-•-•-' -f (C (fl (fl C <5"D"tJ O (fl ( A H - H - - H (flrHTJ L Q) Q) 0)'+' 3 C H - . H . H O O C - H (0 0) OJ-P-H L (flr-4 flJ (flifl 3(A33CflJ(B i--HOE"OCCEEOC-H(flQJOO 0>H.H 3 3 C f l ) C 0 0 3 3 E 0 3 ( f l O O - ^•O ( 0 U O 0 0 O ( 0 0 E M w T J T J IHCM H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Savings deposits1 Money market deposit accounts At At thrift commercial institutions banks Date Total At At commercial thrift banks institutions Small-denomination time deposits2 Total At~ At commercial thrift banks institutions Total Large-denomination time deposits3 At . At commercial thrift 4 banks institutions Total 1988-SEP. 355.0 156.6 511.7 190.3 238.6 429.0 426.1 571.9 998.0 358.4 173.3 531.7 OCT. NOV. DEC. 353.6 354.8 353.2 154.3 152.6 150.6 507.9 507.4 503.8 190.7 192.7 190.6 238.3 236.3 234.2 428.9 429.0 424.8 433.3 439.7 446.0 578.5 581.4 582.4 1011.8 1021.1 1028.4 362.7 364.1 366.9 175.9 175.7 174.2 538.6 539.7 541.1 1989-JAN. FEB. MAR. 349.1 343.8 341.2 147.3 143.2 140.6 496.5 487.0 481.7 189.3 187.9 187.8 232.3 229.2 229.3 421.5 417.1 417.0 455.2 465.4 475.7 589.4 591.6 591.4 1044.6 1057.0 1067.1 371.3 379.2 388.8 174.6 174.3 173.3 545.9 553.5 562.1 APR. MAY JUNE 337.2 328.0 329.0 135.6 130.7 129.6 472.8 458.8 458.6 186.3 183.7 183.5 226.6 222.7 222.7 412.9 406.4 406.2 486.3 496.0 502.5 597.4 603.8 611.0 1083.7 1099.8 1113.5 392.2 396.1 396.4 174.4 176.4 176.1 566.6 572.5 572.6 JULY AUG. SEP. 331.5 336.4 339.6 129.8 130.6 131.1 461.4 467.0 470.6 184.7 184.4 184.4 222.7 220.5 220.3 407.3 404.9 404.6 507.1 511.3 513.9 618.0 619.9 618.2 1125.1 1131.2 1132.1 396.5 398.4 398.6 174.2 172.0 168.8 570.7 570.4 567.4 OCT. NOV. DEC. 342.7 350.3 355.0 131.8 132.8 132.9 474.6 483.2 487.9 185.9 187.1 187.2 221.3 220.5 219.0 407.2 407.6 406.3 519.3 523.1 526.4 616.3 614.2 612.8 1135.5 1137.3 1139.2 399.9 401.9 399.7 165.5 161.7 158.2 565.4 563.6 557.9 356.4 133.0 489.4 189.0 219.0 408.0 530.9 614.0 1144.8 399.2 154.0 553.2 1989-DEC. 11 18 25 355.2 355.5 354.1 133.4 133.1 132.4 488.6 488.6 486.4 187.5 187.0 186.7 220.0 219.2 217.6 407.5 406.3 404.3 526.0 526.1 526.4 613.0 612.0 611.8 1139.0 1138.1 1138.2 399.8 399.6 399.6 159.5 158.6 157.1 559.2 558.2 556.7 1990-JAN. 1 8 15 22 29p 355.3 358.7 357.8 356.0 353.4 132.5 133.4 133.4 132.7 132.5 487.8 492.1 491.2 488.7 485.9 187.6 189.1 189.0 189.1 188.9 218.7 219.8 219.7 218.6 218.0 406.2 409.0 408.7 407.6 406.9 527.9 529.3 530.7 531.4 531.8 614.3 615.0 614.9 613.7 613.0 1142.2 1144.2 1145.6 1145.1 1144.7 400.2 399.2 399.8 399.1 398.8 156.1 155.7 154.8 153.5 152.3 556.2 554.8 554.6 552.6 551.1 FEB. 5p 355.7 133.2 488.9 189.8 219.0 408.7 533.4 611.8 1145.2 398.7 152.0 550.7 1990-JAN. P Meek ending 1. 2. Savings deposits exclude MMDAs. 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 RPs1 Date Debt components6 Non-M3 Components of L At At Institutionthrift only money commercial institutions banks market funds Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1988-SEP. 83.7 42.6 77.0 119.6 102.9 107.6 266.4 41.9 308.3 2056.6 6788.6 OCT. NOV. DEC. 84.6 87.4 87.6 43.1 45.3 40.4 79.2 80.3 81.4 122.3 125.7 121.7 100.3 101.8 106.0 108.3 108.7 109.2 266.7 270.3 277.7 41.5 40.9 41.0 313.1 320.0 332.5 2069.0 2090.0 2111.8 6841.3 6897.0 6955.7 1989-JAN. FEB. MAR. 89.3 89.6 87.6 40.9 44.8 46.3 82.1 81.9 82.6 123.0 126.7 128.9 100.6 100.1 105.7 110.1 111.0 111.7 275.4 271.7 273.8 40.3 39.8 40.4 339.4 346.3 349.4 2121.4 2133.7 2149.0 7001.5 7037.1 7078.9 APR. MAY JUNE 87.7 91.6 95.1 43.8 43.7 43.7 82.5 83.8 84.7 126.3 127.5 128.4 100.3 97.2 93.4 112.4 113.0 113.7 279.5 284.0 282.7 41.0 41.2 41.5 356.1 356.2 355.4 2155.1 2159.5 2165.1 7130.1 7185.9 7238.0 JULY AUG. SEP. 98.2 100.6 99.2 45.0 45.1 47.5 78.8 71.8 65.5 123.8 116.9 112.9 91.8 89.6 85.3 114.2 114.7 115.4 282.6 290.6 304.9 42.2 42.7 41.6 348.8 353.1 348.0 2163.7 2179.7 2200.9 7287.5 7332.8 7376.1 OCT. NOV. DEC. 98.7 102.1 102.9 47.8 49.1 44.8 60.5 58.1 50.0 108.3 107.2 94.8 80.4 80.3 82.3 116.0 116.6 117.3 p 311.5 314.1 322.4 p 40.4 41.0 41.7 p 345.8 343.3 344.0 p 2222.6 2250.8 2264.1 p 7427.5 7472.2 7523.0 p 106.1 45.9 45.4 91.3 77.7 1989-DEC. 11 18 25 103.4 102.9 102.6 44.5 45.0 45.3 53.2 49.5 47.5 97.7 94.5 92.8 82.8 82.6 83.0 1990-JAN. 1 8 15 22 29p 102.1 103.3 105.8 107.9 107.9 43.8 43.5 45.1 46.4 47.7 46.0 45.7 45.3 45.1 45.4 89.8 89.2 90.5 91.5 93.0 81.0 78.3 81.9 75.4 75.5 FEB. 5p 106.4 49.4 45.5 94.9 75.0 1990-JAN. P Week ending 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. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, •-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 savings deposits due to foreign banks Foreign Foreign and official official ;ommercial c institutions banks institutions 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 A deposits At * at commercial commercia 1 thrift banks banks institutions At money market funds Total 1988-SEP. 9.4 1.7 4.0 4.1 7.4 20.4 32.0 1.4 91.8 120.5 18.7 231.0 OCT. NOV. DEC. 8.9 9.2 9.5 1.7 1.8 1.9 4.0 4.0 3.9 3.2 3.4 4.2 6.2 5.2 5.5 24.5 12.8 18.7 33.9 21.5 28.4 1.4 1.4 1.5 92.5 93.3 93.9 121.5 121.8 122.6 18.8 19.6 20.5 232.9 234.7 237.0 1989-JAN. FEB. MAR. 9.3 9.4 8.8 1.8 1.8 1.7 4.0 4.1 4.2 4.0 3.7 3.8 8.1 5.8 5.2 21.0 22.2 14.3 33.1 31.7 23.3 1.3 1.3 1.3 95.1 96.2 97.4 123.7 124.3 125.4 20.7 21.2 22.2 239.5 241.7 244.9 APR. MAY JUNE 8.9 8.9 10.0 1.6 1.6 1.7 4.2 4.0 3.8 5.2 3.3 4.6 8.9 14.1 9.7 15.0 31.0 21.6 29.0 48.5 35.8 1.4 1.4 1.4 99.9 101.8 102.8 127.3 128.6 130.0 23.1 23.6 23.8 250.3 254.0 256.5 JULY AUG. SEP. 10.0 8.9 9.4 1.7 1.6 1.7 3.7 3.7 3.7 3.4 3.2 5.5 6.4 5.4 7.8 19.6 12.7 19.4 29.4 21.2 32.6 1.4 1.3 1.3 104.1 105.3 106.0 131.2 131.4 132.2 24.7 24.8 26.4 260.0 261.5 264.6 OCT. NOV. DEC. 9.9 9.4 9.7 1.7 1.5 1.5 3.7 3.7 3.6 3.3 3.5 5.2 5.9 5.2 4.8 17.4 11.2 14.4 26.5 19.9 24.5 1.4 1.4 1.4 107.3 108.0 108.7 132.5 132.3 132.8 e 27.1 27.4 e 27.4 e 266.9 267.7 e 268.9 e 9.8 1.6 3.6 4.4 6.0 18.8 29.2 1.4 110.4 133.4 e 27.4 e 271.2 e 9.3 9.0 11.2 1.5 1.7 1.5 3.6 3.6 3.6 3.2 10.4 4.1 4.4 4.3 4.8 10.4 9.8 20.6 18.0 24.5 29.5 1.4 1.4 1.3 1990-JAN. P Week ending 1989-DEC. 11 18 25 1990-JAN. 1 8 15 22 29p 9.7 11.1 9.2 9.9 9.4 1.5 1.8 1.5 1.5 1.5 3.6 3.6 3.6 3.7 3.7 4.6 4.7 3.8 6.3 3.0 5.5 6.1 3.9 5.5 7.9 20.5 8.0 10.6 23.0 31.1 30.7 18.9 18.3 34.8 42.0 1.3 1.4 1.4 1.4 1.3 FEB. 5p 9.1 1.7 3.6 4.3 7.8 25.9 37.9 1.3 e—indicates" estimated data, p—indicates preliminary data. Appendix Table 1 Monthly Seasonal Factors Used to Construct Ml, M2 and M3 1 1 | 1 Nonbank travelers checks Currency 2 1 1i ! Demand 1 deposits Other checkable deposits at banks at thrifts 4 3 5 Nontransactions components 1 in M2 in M3 only [ 6 7 | 1 1989--Jan. Feb. Mar. Apr. May | | | June July Aug. | Sept. Oct. 1 Nov.. Dec. 0.9298 0.9930 0.9894 0.9482 0.9604 0.9935 0.9974 ; 0.9557 1.0003 ! 0,9716 1.0427 1.0054 1.1196 1.0083 1.0024 | 1.1216 0.9969 \ 1.0654 0.9952 | 1.0026 0.9520 1.0023 0.9281 1.0151 ! 1.0211 0.9683 0.9722 1.0070 0.9787 1.0017 1.0082 0.9953 0.9936 1.0023 1.0100 1.0423 | 1.0220 1.0010 1.0054 1.0323 0,9881 0.9910 0.9873 0.9876 0.9910 0.9867 0.9951 1.0119 0.9945 • 0.9751 0.9876 1.0256 0.9974 1.0060 1.0082 0.9999 0.9986 0.9989 1.0028 1.0035 1.0018 1.0006 1.0015 1.0006 0.9976 0.9986 1.0011 1.0008 0.9987 1.0002 1.0005 0.9982 0.9970 1.0014 1.0047 | | | 0.9945 J 0.9991 0.9955 0.9915 1.0001 | | | | 1.0048 J 1.0031 1.0074 1.0015 | | j i 1990--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. '; Nov. Dec. | 0.9924 0.9897 0.9940 0.9973 1.0002 1.0058 1.0075 1.0036 0.9969 0.9944 1.0034 1.0144 | | | | | | | | | | | 0.9318 0.9497 0.9608 0.9556 0.9727 1.0429 1.1171 1.1199 1.0641 1.0029 0.9526 0.9293 1.0205 0.9684 0.9725 1.0071 0.9781 1.0014 1.0082 0.9951 0.9934 1.0.030 1.0100 1.0429 1.0224 1.0013 1.0060 1.0326 0.9877 0.9905 0.9872 0.9874 0.9909 0.9866 0.9952 L.0120 0.9954 0.9762 0.9890 1.0261 0.9968 1.0050 1.0078 0.9992 0.9984 0.9989 1.0029 1.0038 1.0017 1.0005 1.0016 1.0005 0.9976 0.9986 1.0011 1.0009 0.9986 1.0000 1.0007 0.9983 0.9967 1.0008 1.0049 0.9943 0.9991 0.9956 0.9917 1.0002 1.0046 1.0035 1.0075 1.0015 | j | | | | j | j j j | 0.9331 0.9501 0.9606 1.0198 0.9683 0.9729 1.0226 1.0013 1.0063 0.9958 0.9768 0.9895 1.0017 1.0005 1.0017 0.9967 1.0004 1.0050 | | j i 1991--Jan. Feb. Mar. 1 0.9923 0.9899 0,9950 | | | L Appendix Table 2 Monthly Seasonal Factors for Selected Components of the Monetary Aggregates Commercial bank deposits Money Small market denomideposit nation Savings accounts time 1989--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1990--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1991--Jan. Feb. Mar. Large denomination time Thr [ft institution deposits Large | Money Small denomi! market denomination 1 deposit nation time Savings accounts time 1 Money market mutual -unds in M2 I in M3 | | J 1 1 2 3 4 5 6 7 8 0.9952 0.9928 0.9984 1.0024 1.0035 1.0064 1.0089 1.0025 0.9972 1.0003 0.9988 0.9934 1.0103 1.0045 1.0044 1.0007 0.9890 0.9941 0.9931 0.9957 0.9963 0.9971 1.0054 1.0098 0.9994 1.0010 1.0020 0.9999 0.9975 1.0013 1.0026 1.0018 1.0012 0.9992 0.9976 0.9960 0.9948 0.9995 1.0073 0.9999 1.0010 0.9985 0.9943 1.0015 1.0036 1.0028 1.0011 0.9960 0.9924 0.9893 0.9977 1.0021 1.0017 1.0071 1.0109 1.0023 0.9985 1.0047 0.9997 0.9931 1.0019 0.9990 1.0025 0.9955 0.9944 0.9970 0.9979 1.0015 1.0002 1.0020 1.0035 1.0048 1.0037 1.0039 0.9995 0.9993 0.9969 0.9980 1.0023 1.0005 0.9983 1.0000 1.0001 0.9978 1.0065 1.0024 0.9954 0.9904 0.9943 0.9904 0.9900 0.9959 1.0023 1.0098 1.0138 1.0091 0.9959 1.0048 ! 1.0134 ! 1.0112 0.9982 0.9945 0.9923 0.9967 0.9967 0.9954 1.0022 0.9992 1.0262 | 1.0309 | 1.0147 | 0.9936 | 0.9948 | 0.9867 j 0.9921 | 0.9925 | 0.9763 | 0.9771 | 1.0098 | 1.0057 | 0.9954 0.9932 0.9990 1.0023 1.0029 1.0060 1.0086 1.0024 0.9970 1.0000 0.9991 0.9939 1.0110 1.0050 1.0046 1.0005 0.9881 0.9935 0.9926 0.9954 0.9959 0.9969 1.0061 1.0103 0.9989 1.0008 1.0021 1.0006 0.9981 1.0019 1.0027 1.0018 1.0008 0.9991 0.9974 0.9957 0.9942 0.9994 1.0072 1.0000 1.0012 0.9988 0.9945 1.0016 1.0035 1.0031 1.0011 0.9957 0.9927 0.9896 0.9986 1.0019 1.0013 1.0067 1.0106 1.0023 0.9988 1.0041 0.9996 0.9935 1.0032 0.9995 1.0028 0.9950 0.9935 0.9959 0.9972 1.0012 1.0001 1.0020 1.0039 1.0057 1.0034 1.0036 0.9988 0.9995 0.9971 0.9984 1.0025 1.0007 0.9983 1.0001 1.0002 0.9977 1.0076 1.0027 0.9942 0.9902 0.9945 0.9903 0.9896 0.9953 1.0019 1.0098 1.0146 1.0096 0.9964 1.0049 1.0137 1.0110 0.9976 0.9935 0.9916 0.9970 0.9971 0.9949 1.0030 0.9995 1.0272 1.0319 1.0129 0.9912 0.9940 0.9886 0.9932 0.9930 0.9755 0.9766 1.0097 1.0060 0.9954 0.9934 0.9992 1.0115 1.0053 1.0045 0.9986 1.0008 1.0021 0.9939 0.9992 1.0073 0.9930 0.9898 0.9990 1.0039 0.9997 1.0029 1.0034 1.0034 0.9984 1.0080 1.0026 0.9935 0.9967 1.0046 1.0139 1.0285 | 1.0317 | 1.0106 | 9 1 10 | | | j j j j | | | | | Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml, M2 and M3 Week ending 1989--Dec. 4 11 18 25 1990--Jan. 1 8 15 22 29 Feb. 5 12 19 26 Mar. 5 12 19 26 Apr. 2 9 16 23 30 May 7 14 21 28 Currency Nonbank travelers checks 1 2 Demand deposits Other checkable deposits at banks at thrifts 3 4 5 Nontransactions components 1 in M3 only | in M2 6 Z 1 1.0038 1.0139 1.0129 1.0260 0.9306 0.9294 0.9282 0.9271 1.0260 1.0275 1.0332 1.0330 1.0063 1.0156 1.0121 1.0052 1.0146 1.0252 1.0029 0.9861 1.0004 1.0008 0.9977 0.9940 1.0033 0.9990 0.9980 1.0078 | | | j 1.0078 1.0077 0.9970 0.9891 0.9798 0.9259 0.9275 0.9302 0.9328 0.9355 1.0858 1.0703 1.0345 1.0022 0.9742 1.0104 1.0500 1.0417 1.0166 0.9911 0.9921 1.0325 1.0097 0.9843 0.9528 0.9983 1.0029 1.0039 1.0019 0.9993 1.0001 0.9883 0.9991 0.9993 0.9992 | | | | | 0.9896 0.9947 0.9926 0.9813 0.9391 0.9411 0.9478 0.9545 0.9902 0.9733 0.9657 0.9487 1.0083 1.0065 0.9984 0.9910 0.9924 0.9857 0.9699 0.9565 0.9998 1.0005 1.0010 1.0006 0.9986 1.0028 0.9998 1.0007 | | | | 0.9925 0.9986 0.9947 0.9890 0.9596 0.9611 0.9625 0.9638 0.9754 0.9769 0.9750 0.9545 1.0123 1.0137 1.0058 0.9949 0.9944 0.9981 0.9874 0.9704 1.0007 1.0013 1.0012 1.0005 1.0036 1.0041 1.0028 1.0081 | | | | 0.9900 1.0071 1.0003 0.9941 0.9870 0.9652 0.9585 0.9563 0.9542 0.9521 0.9884 1.0118 1.0213 1.0091 0.9866 1.0022 1.0400 1.0487 1.0422 1.0038 0.9959 1.0460 1.0452 1.0227 0.9942 1.0049 1.0048 1.0012 0.9973 0.9974 1.0055 0.9966 0.9938 0.9898 0.9937 | | | | | 1.0051 1.0041 0.9994 0.9981 0.9564 0.9656 0.9748 0.9840 0.9840 0.9863 0.9746 0.9607 1.0068 0.9896 0.9844 0.9740 1.0143 1.0095 0.9925 0.9726 0.9954 0.9972 0.9983 0.9981 0.9955 0.9975 0.9999 1.0042 | | | | > i—) a S CM •H s CO a <D G 0 c 0 P w d) T3 rC ±j <"H C cd E r^ vo Mnoo^t CO 0 0 O CO <fr ON 0 0 ON ON ON O N CJN ON O N ON r^s <t CM LO r*. LO vO LO ON ON ON ON O O O O O rH O rH rH rH O O O O O O O <fr ON 1^ ON rH rH rH rH ON O ON O ON O rH rH O <t CM CN V O O 0 0 VO CO ON CO rH ON ON O O ON O r* r^» 00 LO ON ON CM O O O CM NJON CO ON O ON O rH V O CO LO rH r H rH O CM ON rH r H rH rH o ooo o ooo r>* oo rH rH O Q 1 ^ O VO rH CM rH ON r-s O O ON ON oo r^ rH rH ON CM ON CO L O VO ON ON <t vO O O r^ <f rH o CM CM O O o o oo CM o CO LO LO r-» CO -tf CM CO o o O O o o o O O o o o o o o oo o VO v o <t 0 0 <t CO O rH o rH 0 0 rH ON ON ON o o o rH rH rH o o co r^ o -J o o o o o o rH rH O O CM vO ON ON o o CM V O O <t CO LO rH r H rH O rH rH rH O O O 0 0 CM <i- <r ON O ON 0 0 ON O ON ON <t vo oo r^ rH 00 1^ ON ON rH r^ r»<t rH rH rH CD O O O rH CO ON ON 00 ON ON ON o o O CM CM 00 ON O o o rH ON 0 0 <t O CM •<f CM rH O O ON ON ON r^ ON ON ON ON ON ON ON ON O rH LO CO -3- <t ON LO CO CM vO r>» CM rH ON ON ON o o o rH rH o O rH o o CO WO CM rH CM rH Q ON CM O O O O rH rH rH • > o rH rH CM LO CM ON v p O vO O rH <j0 0 0 0 <*" CM ON O O ON LO rH <t ON o oo o ON v t ON CM CM rH r>. voLO ON ON ON o rH r^ rH VO CM CO CM rH o o O vo LO r >» ON 0 0 ON ON rH O o rH rH CM • -P o o r> <f o o < * • rH rH rH O O O O O rH • a. o C/3 o o rH rH 00 O ON ON ON o O o <t r^ r>H ON < * • LO o vO o o\ o ON rH CM r» CO rH O r>. CO O CO o r ^O O o ON rH rH rH o CM CM vO o <* CO rH < *- oo ON r^ ON CO 0 0 rH ON O O rH o O ON ON ON ON <t o o o ooo rH rH O O ON ON ON ON rH O O 00 O VO vo rs ON sf o o ON r*» Q o ON ON r>- CM 0 0 00 ON CM CO CM 0 0 O CM ON 0 0 ON O ON ON rH rH ON rH O O ON CO O o LO O <f LO o o r^ o ON o O ON ON rH O O rH O O O O rH LO ON CM vO CO CM r«» rH ON 0 0 vo LO rH Q rH O O o o rH x ^ rH CM ON 0 0 ON co r^ vo vo ON rH rH r H O CO 1*^ CO CM O L O LO ^ O rH rH rH K O M 4 \0 rH CO 0 0 0 0 CO CO CM rH Q rH rH rH rH TH 00 O rH CM C O O rH rH rH rH VO ON ON V O O CM O O O ON vo o 0 0 H f s C O \X) ON L O CM CO CM O LO o O rH CM o r>* o o ON rH o o o O O ON CM ON r^ r^ ON ON ON ON ON ON CD O O o o LO o r> vo co co ON ON ON ON <t o o o rH rH o 0 0 r^ 0 0 rH ON r^ ON ON CM CM vO vO 1—l <f ON r^ CM -P ^ ON rH vO O o ON ON CO ON 4-> cd •P 00 00 LO vO o r» o o rH o 0 0 o o o ON tH rH rH o rH ON CM UO O rH r H rH rH ON CM 0 0 r> O T H < f fO rH rH O ON rH ON <f <t <f CO 0 0 rH <f rH <t vO Q O rH CM LO rH rH rH rH O O p Qs rH CM CM CO rH <iLO v O LO ON CO LO 00 O ON ON 0 0 ON O ON ON ON rH Q 3 < O ON rH CM rH L O r^ ON ON 00 ON ON CO O rH O r^ VO ON ON rH r H rH rH CM C O CM ON O rH O O CO rH <fr O O O vo co O r^ LO <f rH CM ON VO CO O rH CS1 CO LO CM >> 3 »"> rH • 60 CO 00 ON ON rH rH o rH o o O o rH rH rH a <f CO 60 a rH ON ON O i »-> 2 <D 6 1—1 CM -p •H W CO o o 0. TJ CD G > G > a) o cd x: o -P M w > i J-i G a) w o Cd r H Q 0) 13 O ,o W cd rX AJ C o cd <t <D X ^ O a) }-i a) 0 •H -p ?-l •H rC LO w o a: -p •H u ad c cd o ions com £* <D J 1 -H XI £D < ^ <D a) ^ ftsl urr Appendix Table 3 (continued) Weekly Seasonal Factors Used to Construct Ml, M2 and M3 Week ending Currency 1 Nonbank travelers checks 2 1990--Dec. 3 10 17 24 31 0.9982 1.0149 1.0134 1.0239 1.0082 0.9312 0.9304 0.9295 0.9287 0.9279 1.0173 1.0292 1.0392 1.0383 1.0685 0.9972 1.0228 1.0126 1.0077 1.0056 1.0014 1.0295 1.0041 0.9873 0.9846 1.0014 0.9999 0.9986 0.9962 0.9971 1.0050 1.0007 0.9975 1.0015 1.0047 | | | | | 1991--Jan. 7 14 21 28 1.0072 0.9984 0.9913 0.9814 0.9290 0.9313 0.9337 0.9361 1.0872 1.0423 1.0078 0.9649 1.0486 1.0436 1.0217 0.9937 1.0357 1.0153 0.9913 0.9560 1.0027 1.0038 1.0007 1.0002 0.9915 0.9986 0.9976 0.9983 | | | | Feb. 4 11 18 25 0.9869 0.9958 0.9942 0.9825 0.9389 0.9448 0.9506 0.9564 0.9839 0.9734 0.9698 0.9505 1.0042 1.0107 0.9996 0.9908 0.9902 0.9891 0.9729 0.9569 0.9999 1.0003 1.0004 1.0008 0.9984 1.0016 1.0001 0.9996 | | | | Mar. 4 11 18 25 0.9891 0.9998 0.9957 0.9909 0.9613 0.9610 0.9606 0.9603 0.9720 0.9799 0.9751 0.9562 1.0068 1.0134 1.0049 0.9967 0.9888 0.9998 0.9896 0.9734 1.0012 1.0016 1.0017 1.0009 1.0027 1.0031 1.0037 1.0091 | | | | Apr. 1 0.9889 0.9599 0.9835 1.0025 0.9886 1.0030 1.0057 | Demand deposits 3 Other checkable deposits at banks at thrifts 4 5 Nont rans act ions component s 1 in M2 in M3 only | 6 7 | Appendix Table 4 Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Week ending _ Commercial bank deposits Money Small market denomideposit nation time accounts Savings 3 2 1 Large denomination time 4 Thr.[ft institution deposits Money Large Small market denomidenomination i deposit nation Savings time 1 accounts time 5 8 6 1 7 Money market mutual ::unds in M2 1 in M 3 9 1 10 | | J 1 1989--Dec. 4 11 18 25 0.9964 0.9967 0.9928 0.9897 1.0094 1.0121 1.0117 1.0089 0.9970 0.9962 0.9938 0.9922 0.9951 0.9957 0.9942 0.9990 0.9975 0.9968 0.9925 0.9882 1.0045 1.0069 1.0062 1.0053 0.9994 0.9976 0.9961 0.9961 1.0103 1.0094 1.0088 1.0083 1.0021 1.0041 1.0018 ! 0.9978 ! 1.0147 1.0062 1.0079 1.0021 1990--Jan. 1 8 15 22 29 0.9915 0.9990 0.9973 0.9941 0.9929 1.0041 1.0154 1.0148 1.0102 1.0061 1.0015 1.0004 0.9991 0.9976 0.9979 0.9958 0.9915 0.9937 0.9935 0.9970 0.9913 0.9985 0.9958 0.9909 0.9865 0.9993 1.0076 1.0071 1.0009 0.9987 1.0008 1.0036 1.0033 1.0025 1.0040 1.0099 1.0078 1.0081 1.0071 1.0076 0.9902 0.9819 1.0001 1.0028 1.0011 1.0006.| 0.9968 | 1.0338 | 1.0387 | 1.0409 | Feb. 5 12 19 26 0.9918 0.9938 0.9936 0.9931 1.0063 1.0060 1.0042 1.0036 0.9993 1.0007 1.0013 1.0014 0.9965 0.9994 0.9992 1.0005 0.9909 0.9915 0.9888 0.9868 1.0009 1.0003 0.9987 0.9977 1.0060 1.0051 1.0038 1.0012 1.0052 1.0043 1.0033 1.0001 0.9981 1.0035 1.0058 1.0084 1.0348 1.0376 1.0279 1.0307 | | | | Mar. 5 12 19 26 0.9943 0.9982 0.9987 0.9998 1.0059 1.0066 1.0041 1.0012 1.0019 1.0027 1.0019 1.0016 1.0029 1.0046 1.0052 1.0117 0.9927 0.9976 0.9996 0.9981 1.0022 1.0053 1.0034 1.0013 1.0003 0.9989 0.9973 0.9970 0.9971 0.9959 0.9927 0.9928 1.0109 1.0143 1.0140 1.0158 1.0229 1.0186 1.0064 1.0081 | | | | Apr. 2 9 16 23 30 1.0041 1.0102 1.0035 0.9984 0.9965 1.0058 1.0115 1.0081 0.9953 0.9857 1.0023 1.0015 1.0002 1.0003 1.0001 1.0116 1.0061 0.9995 0.9947 0.9965 1.0051 1.0109 1.0047 0.9966 0.9945 1.0011 1.0050 0.9989 0.9885 0.9856 1.0020 1.0009 0.9990 0.9987 0.9987 0.9931 0.9904 0.9880 0.9883 0.9930 1.0126 1.0144 1.0157 1.0122 1.0015 1.0109 0.9984 0.9935 0.9764 0.9909 | | | | | May 1.0006 1.0025 1.0037 1.0037 0.9847 0.9875 0.9885 0.9888 0.9988 0.9978 0.9974 0.9981 0.9961 0.9977 1.0021 1.0086 1.0002 1.0025 1.0016 0.9994 0.9901 0.9939 0.9945 0.9934 0.9981 0.9972 0.9966 0.9964 0.9927 0.9957 0.9948 0.9959 0.9931 0.9970 0.9999 ! 1.0006 0.9852 0.9854 0.9960 1.0075 | | | | 7 14 21 28 | | | | Appendix Table 4 (continued) Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Week ending Commercial bank deposits Money Small Large denomidenomimarket deposit nation nation Savings accounts time time 1 2 3 4 1 Thn .ft institution deposits Large Money Small market denomidenomideposit nation nation Savings accounts time time 5 6 7 8 Money market mutual funds in M3 in M2 9 10 | I j 1 1990-•-June 4 11 18 25 1.0060 1.0090 1.0055 1.0041 0.9948 0.9981 0.9946 0.9891 0.9989 1.0010 1.0022 1.0030 1.0022 1.0001 0.9962 0.9985 1.0056 1.0091 1.0069 1.0031 0.9981 1.0006 0.9965 0.9918 0.9970 0.9974 0.9970 0.9978 0.9920 0.9917 0.9896 0.9881 0.9966 0.9970 0.9935 0.9930 0.9979 0.9867 0.9870 0.9902 | | | | July 2 9 16 23 30 1.0054 1.0122 1.0106 1.0086 1.0046 0.9905 0.9942 0.9935 0.9914 0.9915 1.0035 1.0031 1.0025 1.0024 1.0026 0.9982 0.9931 0.9908 0.9946 0.9982 1.0090 1.0164 1.0141 1.0091 1.0039 0.9925 0.9984 0.9981 0.9968 0.9964 1.0035 1.0036 1.0026 1.0022 1.0015 0.9909 0.9879 0.9887 0.9901 0.9913 0.9867 0.9850 0.9933 0.9935 0.9955 0.9840 0.9834 0.9900 0.9999 1.0015 | | | | | Aug. 6 13 20 27 1.0052 1.0051 1.0027 1.0000 0.9944 0.9960 0.9951 0.9949 1.0022 1.0022 1.0015 1.0012 0.9973 1.0002 1.0015 1.0051 1.0066 1.0057 1.0023 0.9975 1.0017 1.0029 1.0009 0.9994 1.0017 1.0012 1.0007 0.9998 0.9907 0.9933 0.9965 0.9981 0.9947 0.9962 0.9979 0.9992 0.9982 0.9955 0.9867 0.9977 | | | | Sep. 3 10 17 24 0.9975 1.0000 0.9973 0.9954 0.9972 1.0010 0.9988 0.9907 1.0017 1.0010 1.0001 1.0001 1.0042 1.0022 1.0009 1.0038 0.9981 1.0007 0.9992 0.9964 1.0010 1.0043 1.0011 0.9966 0.9997 0.9984 0.9970 0.9962 0.9982 0.9972 0.9998 1.0024 0.9968 0.9952 0.9984 0.9986 0.9837 0.9785 0.9727 0.9654 | | | | Oct. 1 8 15 22 29 0.9950 1.0026 1.0020 1.0001 0.9968 0.9921 0.9965 0.9986 0.9957 0.9960 1.0016 1.0008 1.0000 0.9985 0.9971 1.0071 1.0057 1.0024 1.0021 1.0021 0.9991 1.0093 1.0074 1.0026 0.9986 0.9976 1.0030 1.0031 1.0010 1.0006 1.0012 1.0015 0.9999 0.9994 0.9995 1.0109 1.0079 1.0093 1.0099 1.0116 0.9963 0.9911 0.9949 0.9964 0.9957 0.9832 0.9687 0.9754 0.9777 0.9799 | | | | | Nov. 5 12 19 26 0.9980 1.0007 0.9997 0.9991 1.0030 1.0058 1.0062 1.0058 0.9983 0.9976 0.9966 0.9972 1.0012 1.0037 1.0021 1.0003 1.0021 1.0027 0.9996 0.9961 1.0044 1.0058 1.0030 1.0021 1.0005 1.0008 1.0004 0.9994 1.0119 1.0149 1.0150 1.0166 0.9986 1.0016 1.0018 1.0076 0.9897 1.0062 1.0091 1.0229 | | | | Appendix Table 4 (continued) Weekly Seasonal Factors For Selected Components of the Monetary Aggregates , Week ending Commercial bank deposits Money Small denomimarket nation deposit time accounts Savings 3 2 1 Large denomination time 4 Thrift institution deposits Money Large Small market denomidenomideposit nation nation Savings accounts time time 5 6 7 8 Money market mutual funds in M3 in M2 10 9 1990--Dec. 3 10 17 24 31 0.9968 0.9985 0.9948 0.9900 0.9912 1.0104 1.0130 1.0112 1.0063 1.0108 0.9976 0.9969 0.9950 0.9947 0.9952 0.9959 0.9996 0.9926 0.9941 0.9963 0.9972 0.9987 0.9932 0.9876 0.9928 1.0052 1.0083 1.0066 1.0030 1.0050 0.9997 0.9983 0.9956 0.9948 1.0011 1.0131 1.0108 1.0099 1.0067 1.0096 1.0046 1.0043 1.0022 0.9983 0.9913 1.0187 1.0067 1.0042 1.0021 1.0057 1991--Jan. 7 14 21 28 0.9988 0.9976 0.9944 0.9929 1.0183 1.0156 1.0095 1.0051 0.9973 0.9981 0.9985 0.9999 0.9934 0.9943 0.9919 0.9954 0.9996 0.9962 0.9905 0.9870 1.0093 1.0072 1.0013 0.9992 1.0042 1.0031 1.0017 1.0036 1.0072 1.0084 1.0081 1.0091 0.9805 0.9993 1.0034 1.0030 0.9901 1.0361 1.0416 1.0425 Feb. 4 11 18 25 0.9909 0.9943 0.9939 0.9932 1.0057 1.0059 1.0045 1.0047 1.0003 1.0008 1.0007 1.0008 0.9953 0.9989 0.9988 1.0003 0.9900 0.9916 0.9892 0.9873 1.0009 1.0005 0.9988 0.9982 1.0054 1.0047 1.0037 1.0017 1.0066 1.0054 1.0037 0.9994 0.9977 1.0028 1.0058 1.0071 1.0364 1.0383 1.0293 1.0290 Mar. 4 11 18 25 0.9935 0.9983 0.9995 1.0003 1.0062 1.0062 1.0039 1.0017 1.0012 1.0018 1.0013 1.0019 1.0036 1.0053 1.0062 1.0101 0.9922 0.9982 1.0000 0.9983 1.0021 1.0051 1.0030 1.0014 1.0009 0.9989 0.9966 0.9962 0.9953 0.9938 0.9919 0.9939 1.0097 1.0140 1.0147 1.0175 1.0218 1.0108 1.0009 1.0079 Apr. 1 1.0023 1.0055 1.0042 1.0100 1.0044 1.0025 1.0006 0.9934 1.0116 1.0175 Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adjusted) Ml I M2 Revised Revised Old 1988--0ctober November December 785.1 786.0 787.5 785.4 786.6 790.3 3048.8 3064.1 3072.4 1989--January February March April 785.8 786.7 785.5 782.1 776.2 773.7 779.1 780.4 782.9 788.1 789.4 794.8 786.3 787.5 786.3 783.2 773.4 770.2 777.2 777.4 781.1 787.6 789.4 797.4 3073.6 3078.1 3086.9 3089.4 3085.3 3101.6 3127.0 3146.7 3163.3 3181.5 3200.8 3222.2 May June July August September October November December M3 i Revised Old 3042.3 3059.5 3069.6 3883.8 3903.5 3918.4 3877.5 3897.5 3914.4 3065.9 3069.4 3078.5 3080.9 3072.6 3088.1 3116.8 3135.7 3153.4 3173.3 3195.9 3217.2 3926.1 3936.8 3956.6 3965.1 3965.6 3984.9 4007.2 4012.0 4012.0 4016.6 4029.8 4043.8 3919.0 3928.3 3949.8 3956.6 3950.5 3966.5 3992.5 3998.3 3999.0 4007.9 4022.2 4036.6 Old Appendix Table 6 Comparison of Revised and Old Ml Growth Rates (percent changes at annual rates) Revised m Old (2) Difference || Difference due to Seasonals (1) - (2) | Benchmark (3) 11 f5) f4) Monthly 1988--0ct. Nov. Dec. 0.5 1.4 2.3 2.6 1.8 5.6 -2.1 -0.4 -3.3 0.0 -0.1 0.2 -2.1 -0.3 -3.5 1989--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -2.6 1.4 -1.8 -5.2 -9.1 -3.9 8.4 2.0 3.8 8.0 2.0 8.2 -6.1 1.8 -1.8 -4.7 -15.0 -5.0 10.9 0.3 5.7 10.0 2.7 12.2 3.5 -0.4 0.0 -0.5 5.9 1.1 -2.5 1.7 -1.9 -2.0 -0.7 -4.0 0.5 0.3 0.1 -0.8 0.5 0.2 -0.1 0.2 -0.2 0.2 0.1 0.1 3.0 -0.7 -0.1 0.3 5.4 0.9 -2.4 1.5 -1.7 -2.2 -0.8 -4.1 1988--QIV 1.0 2.3 -1.3 0.0 -1.3 1989--QI QII QUI QIV -0.1 -4.4 1.8 5.1 -0.4 -5.6 1.5 6.6 0.3 1.2 0.3 -1.5 0.3 -0.1 0.1 0.1 0.0 1.3 0.2 -1.6 1989--QIV '88 to QII f89 -2.3 -3.0 0.7 0.1 0.6 QII f89 to QIV !89 3.5 4.1 -0.6 0.1 -0.7 4.3 0.6 4.3 0.5 0.0 0.1 0.0 0.1 0.0 0.0 Quarterly Semi-Annual Annual fOIV TO QIV) 1988 1989 Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Difference 1 Di fference due to Seasonals (1) - (2) || Redefinition Benchmark (5) (3^ 11 (6) (4) Revised (1) Old 1988--0ct. Nov. Dec. 3.0 6.0 3.3 2.8 6.8 4.0 0.2 -0.8 -0.7 -0.2 -0.1 0.0 1.1 0.5 -0.6 -0.7 -1.2 -0.1 1989--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 0.5 1.8 3.4 1.0 -1.6 6.3 9.8 7.6 6.3 6.9 7.3 8.0 -1.4 1.4 3.6 0.9 -3.2 6.1 11.2 7.3 6.8 7.6 8.5 8.0 1.9 0.4 -0.2 0.1 1.6 0.2 -1.4 0.3 -0.5 -0.7 -1.2 0.0 0.0 -0.2 0.2 -0.1 0.0 -0.3 0.0 -0.1 -0.3 -0.1 0.0 0.1 0.6 0.0 -0.2 -0.3 0.2 0.3 0.0 0.6 0.2 0.1 0.3 0.2 1.3 0.6 -0.2 0.5 1.4 0.2 -1.4 -0.2 -0.4 -0.7 -1.5 -0.3 1988--QIV 3.2 3.6 -0.4 -0.1 0.3 -0.6 1989--QI QII QUI QIV 2.3 1.6 6.9 7.1 1.9 1.2 7.1 7.7 0.4 0.4 -0.2 -0.6 -0.1 -0.1 -0.2 -0.1 0.1 0.0 0.3 0.3 0.4 0.5 -0.3 -0.8 1989--QIV f 88 to QII ' 89 2.0 1.5 0.5 -0.1 0.1 0.5 QII ' 89 to QIV ' 89 7.1 7.5 -0.4 -0.2 0.3 -0.5 5.2 4.6 5.2 4.5 0.0 0.1 0.0 -0.1 0.0 0.2 0.0 0.0 (2) Monthly Quarterly Semi-Annual Annual fQI\r TC) QIV) 1988 1989 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Revised m Old (2) Difference | (1) - (2) || (3) i| Difference due to Benchmark Seasonals (^ (5) Monthly 1988--0ct. Nov. Dec. 5.2 6.1 4.6 5.3 6.2 5.2 -0.1 -0.1 -0.6 1.0 0.2 -0.4 -1.1 -0.3 -0.2 1989--Jan. Feb. Mar. Apr. MayJune July Aug. Sept. Oct. Nov. Dec. 2.4 3.3 6.0 2.6 0.2 5.8 6.7 1.4 0.0 1.4 3.9 4.2 1.4 2.8 6.6 2.1 -1.9 4.9 7.9 1.7 0.2 2.7 4.3 4.3 1.0 0.5 -0.6 0.5 2.1 0.9 -1.2 -0.3 -0.2 -1.3 -0.4 -0.1 0.2 0.1 0.1 -0.2 0.4 0.3 -0.1 0.2 0.1 -0.2 0.2 0.1 0.8 0.4 -0.7 0.7 1.7 0.6 -1.1 -0.5 -0.3 -1.1 -0.6 -0.2 1988--QIV 4.6 4.8 -0.2 0.4 -0.6 1989--QI QII QUI QIV 3.9 3.3 3.9 2.0 3.7 2.6 3.9 2.6 0.2 0.7 0.0 -0.6 0.0 0.1 0.1 0.0 0.2 0.6 -0.1 -0.6 1989--QIV '88 to QII '89 3.6 3.2 0.4 0.0 0.4 QII '89 to QIV '89 2.9 3.2 -0.3 0.1 -0.4 6.3 3.3 6.2 3.2 0.1 0.1 0.1 0.1 0.0 0.0 Quarterly Semi-Annual Annual (OIV TO OIV) 1988 1989