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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.




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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

|
|
|
|

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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