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FEDERAL RESERVE statistical release H.6 (508) NOTICE C Measures of the money stock have been revised to incorporate annual benchmark and seasonal adjustments as well as certain technical redefinitions affecting Ml. In addition, beginning today the H.6 (508) statistical release^'lnMoney Stocky Liquid Assets, and Debt Measures," will include estimates of weekly M2 and M3 (seasonally adjusted and not seasonally adjusted) on the same publication schedule as for Ml. Redefinitions The redefinitions make the treatment of thrift institutions identical with that of commercial banks in the construction of the monetary aggregates. Under the new definitions, all vault cash held by thrift institutions is excluded from the currency component of Ml, and all demand deposits and other checkable deposits (OCDs) held by thrifts are excluded from the demand deposit and OCD components, respectively. Previously, only a portion of the vault cash and transaction deposits held by thrifts was excluded at the Ml level—representing the estimated amount held to service their OCD liabilities—while the remainder was subtracted at the M2 level. In practice, however, it was impossible to estimate this allocation with any degree of confidence since, unlike other components of the monetary aggregates, these estimates could not be benchmarked from reported data. In addition to the redefinitions noted above, automatic transfer service (ATS) accounts at credit unions—like those at commercial banks and all other thrift institutions—are now included in the OCD component of Ml, rather than in the savings deposit component of M2. This change is consistent with the treatment of all ATS accounts as transaction deposits for purposes of reserve requirements, and reflects accumulating evidence that under deposit deregulation credit union ATS accounts have behaved more like OCDs than like savings deposits at these institutions. On balance, the redefinitions lowered Ml by $6.2 billion in January 1988, but increased the growth rate of this aggregate over 1987 by 0.3 percentage point. The redefinitions had no effect on levels of M2 or M3. Benchmark Revisions Deposits of commercial banks and thrifts have been benchmarked using call reports through June 1987 and incorporate revisions from other sources as well. The benchmark revisions had negligible impacts on monetary growth over 1987 and on the quarterly pattern of growth within the year. -2- Seasonal Revisions The seasonal factor review employed the same X-ll ARIMA procedures that were used last year. Although revisions to seasonal factors had little effect on the broad patterns of growth in 1987, some redistributions of growth occurred between the first and second halves. On a quarterly average basis, the seasonal factor revisions raised Ml growth by about 0.2 percentage point in the second half, while lowering second half growth for M2 and M3. Publication of Weekly M2 and M3 When the monetary aggregates were redefined in early 1980, the lack of historical weekly data on time and savings deposits at thrift institutions precluded the estimation of reliable weekly seasonal factors for major components of M2 and M3. As a result, since that time these aggregates have been published only on a monthly average basis, although weekly data have been published for selected components of the broader aggregates. Weekly data for thrifts became available in late 1980 with implementation of the Monetary Control Act of 1980, and the amount of historical weekly data is now sufficient for estimating with a reasonable degree of confidence seasonally adjusted weekly M2 and M3 using standard procedures. Weekly data for M2 and M3 will be released on the same schedule as for Ml. Complete historical data will be available soon on request. ••oOiCOw>. FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEBRUARY 18, 1988 Billions of dollars Date M1J M3 3 M2^ L* Debt 5 Seasonally adjusted 1986-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 625.2 634.0 641.2 651.7 661.3 670.8 680.5 687.4 694.9 706.4 725.4 2582. 2603. 2627. 2652. 2677. 2702. 2725. 2743. 2766. 2782, 2807.8 3244. 3270. 3299. 3319. 3347. 3377. 3403. 3429.8 3448.3 3463..9 3490..4 3875 3900 3927 3954 3978 4009 4036 4064 4083 4104.8 4134.1 6899 6941 6997 7063 7129 7194 7280 7365 7429 7511 7606 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 2827.8 2829.3 2834 2847 2848 2851 2857 2869 2880 2894 2897 2901.8 3515.1 3523.8 3532.5 3549.7 3564.6 3581.9 3588.8 3605.9 3621.0 3643.5 3658.5 3663.8 4162. 4175. 4173 4189. 4217. 4234. 4236. 4257, 4282. 4312. 4326. 4327. 7673.6 7710.9 7754.3 7815.6 7882.8 7943.2 7985..9 8037..5 8098..0 8166..2 8243..4 8299..0 1988-JAN. p 758.9 2925.6 3690.0 1986-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 613.1 624.6 647.2 645.7 663.5 674.0 679.1 685.2 692.8 709.5 740.6 2572. 2597. 2634. 2641. 2676. 2707. 2723. 2737. 2766. 2785, 2821. 3234.2 3266.1 3303.3 3309.8 3343.9 3376.0 3400.7 3426.6 3448.3 3470.4 3507.2 3871.8 3901.7 3928.9 3938.5 3975.4 4003.1 4029.6 4058.5 4083.4 4113.0 4152.1 6876 6914 6969 7034 7103 7170 7259 7350 7411.8 7485.6 7591 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9 2839. 2817. 2826. 2855. 2835. 2849. 2862. 2867. 2875. 2895. 2900. 2915. 3527.3 3512.3 3526.2 3554.9 3552.8 3578.0 3586.8 3603.2 3618.8 3643.5 3665.8 3680.4 4180.8 4170.6 4173.3 4191.2 4201.2 4231.0 4227.6 4250.0 4277.2 4312.3 4335.8 4345.3 7656. 7676. 7722. 7784. 7850. 7915. 7963. 8019. 8084. 8147. 8212. 8276, 1988-JAN. p 764.8 2937.9 3702.5 Not Footnotes appear on the following page, p—indicates preliminary data. nally adjusted H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 M3 Debt ] 3 Months from OCT. 1987 TO JAN. 1988 1.4 4.3 5.1 9.9 6 Months from JULY 1987 to JAN. 1988 4.1 4.8 5.6 9.0 12 Months from JAN. 1987 TO JAN. 1988 3.8 3.5 5.0 9.1 1.9 3.8 5.1 AUG. 10., 1987 (26 weeks previous) 2.9 4.0 5.1 FED. 4.2 3.6 5.1 Thirteen weeks ending FEBRUARY 8, 1988 from thirteen weeks ending: NOV. 1. 9, 1987 (13 weeks previous) 9, 1987 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1987 to December 1987, June 1987 to December 1987, and December 1986 to December 1987, respectively. Footnotes to Table 1 1. 2. 3. 4. 5. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions* (2) travelers checks of nonbank issuers) (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOH) and automatic transfer service (ATS) accounts at depository institutions, credit union snare draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes IRA and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer)> foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted Ml. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments. The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Seasonally adjus;ted Ml Period ending 13-week average 4-week average 1987-NOV. 16 23 30 751.5 751.9 752.2 756.9 753.9 752.4 DEC. 7 14 21 28 752.5 752.8 753.0 753.2 1988-JAN. 4 11 18 25 FEB. 8p M3 M2 week average 13-week average 4-week average 751.3 753.0 751.2 2886.4 2888.7 2890.7 2899.5 2897.5 2896.8 751.4 750.9 750.2 750.4 749.9 749.5 750.2 751.9 2892.6 2894.4 2896.1 2897.3 753.1 753.5 753.8 753.7 750.9 752.2 754.6 757.5 751.8 754.8 759.9 763.3 754.2 754.7 760.5 762.0 764.1 760.7 week average week average 13-week average 4-week average 2892.4 2900.6 2896.6 3633.3 3637.3 3641.0 3659.7 3659.0 3658.5 3657.3 3659.9 3656.2 2896.8 2899.2 2899.8 2901.3 2897.7 2901.7 2903.0 2902.6 3644.8 3648.2 3651.4 3654.1 3658.3 3659.6 3661.0 3663.3 3659.6 3662.5 3665.7 3665.3 2898.8 2900.9 2903.6 2905.7 2903.6 2906.4 2912.5 2920.6 2907.1 2912.8 2927.5 2934.9 3657.3 3660.8 3664.9 3667.7 3665.4 3668.8 3675.2 3683.7 3668.2 3676.1 3691.3 3699.3 2908.9 2912.2 2929.2 2936.0 2941.7 2939.9 3671.7 3675.6 3694.2 3703.1 3709.9 3712.0 Not seasonally adjusted Ml Period ending 13-week average 4-week average 1987-NOV. 16 23 30 749.7 750.5 751.6 755.5 755.5 755.5 M2 week average 13-week average 4-week average 759.0 748.5 751.6 2885.1 2887.9 2890.4 2900.8 2900.9 2899.9 M3 week average 13-week average 4-week average week average 2903.6 2895.7 2892.1 3632.9 3637.7 3642.7 3661.4 3663.9 3665.6 3667.7 3658.7 3662.3 DEC. 7 14 21 28 752.6 753.1 754.8 757.6 756.4 757.3 761.3 764.7 766.6 762.3 764.5 765.5 2893.3 2895.4 2898.6 2902.3 2902.0 2905.1 2909.7 2914.0 2916.6 2915.9 2914.0 2909.6 3647.2 3651.0 3655.8 3661.2 3666.8 3669.6 3674.7 3679.5 3678.5 3678.9 3679.2 3681.4 1988-JAN. 4 11 18 25 759.8 762.0 762.8 762.8 770.0 774.6 775.3 771.1 787.7 780.8 767.3 748.5 2905.9 2910.5 2914.1 2916.5 2920.7 2929.6 2936.5 2940.6 2943.3 2951.5 2941.5 2926.2 3666.4 3672.0 3677.4 3680.8 3685.5 3693.6 3700.8 3703.6 3702.5 3711.4 3707.7 3692.6 762.3 761.5 760.3 753.2 744.6 752.4 2918.7 2920.8 2936.1 2932.0 2925.2 2935.1 3683.8 3686.4 3701.7 3700.8 3695.0 3707.9 FEB. lp 8p Note: S p e c i a l caution should be taken in i n t e r p r e t i n g week-to-week changes in money supply d a t a , which are highly v o l a t i l e and subject to revision. p—indicates preliminary data. H.6 1 5 0 8 ) T a b l e ^+ COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Currency1 Date Travelers checks2 Demand deposits3 Other checkable deposits* In M2 5 In M3 only6 Savings deposits7 A* commercial banks At thrift institutions Small time deposits8 Total At commercial banks At thrift institutions Total ' i • 1986-SEP. 176.8 6.4 287.5 216.6 374.6 498.9 873.5 OCT. NOV. DEC. 178.3 179.2 180.4 6.4 6.5 6.5 288.0 292.4 303.3 222.3 228.3 235.2 2071.2 2076.3 2082.4 682.2 681.2 682.6 146.5 151.2 155.5 206.7 211.5 215.2 353.2 362.7 370.7 370.8 366.5 364.6 495.1 491.2 488.6 865.9 857.6 853.2 1987-JAN. FEB. MAR. 182.2 183.6 184.4 6.5 6.7 6.8 299.7 295.9 295.0 243.0 245.1 248.0 2096.4 2098.0 2100.1 687.4 694.6 698.2 160.5 164.6 168.1 220.1 225.1 228.2 380.6 389.7 396.3 363.6 362.2 360.8 487.0 485.9 486.2 850.6 848.1 847.0 APR. MAY JUNE 185.6 187.0 187.8 6.7 6.7 6.8 299.3 298.9 293.3 253.1 253.9 254.3 2102.6 2102.4 2109.2 702.5 715.7 730.7 171.4 174.0 175.3 232.7 235.5 237.8 404.1 409.5 413.1 358.9 359.0 361.6 486.1 487.0 490.5 845.1 845.9 852.1 JULY AUG. SEP. 189.0 190.2 191.4 6.8 6.9 7.0 292.3 292.1 290.5 255.6 257.2 258.6 2114.0 2122.5 2132.8 731.2 736.9 740.6 176.9 178.3 178.7 238.7 239.5 240.0 415.5 417.8 418.6 364.4 366.7 368.3 494.7 499.1 503.8 859.1 865.9 872.1 OCT. NOV. DEC. 193.1 195.0 196.5 7.0 7.0 7.1 295.9 291.3 288.0 260.3 259.4 259.3 2138.4 2144.3 2151.0 748.9 761.4 762.0 178.4 178.2 178.2 238.6 236.8 236.1 417.0 415.0 414.3 374.2 381.6 384.6 509.1 520.1 528.5 883.3 901.7 913.1 198.4 7.2 289.9 263.3 2166.7 764.4 178.9 235.3 414.3 387.9 536.9 924.8 1988-JAN. P 2056.2 686.2 141.5 202.0 343.5 Neek e n d i n g 1987-DEC. 14 21 28 195.9 196.1 197.3 7.1 7.1 7.1 288.3 287.4 287.4 258.3 259.6 260.1 2152.2 2152.8 2150.7 760.9 762.7 762.7 178.5 178.4 178.3 236.2 236.3 236.2 414.7 414.7 414.5 384.3 384.9 385.1 527.8 529.7 530.3 912.1 914.6 915.4 1988-JAN. 4 11 18 25 197.1 198.0 198.5 199.1 7.1 7.2 7.2 7.3 287.2 288.1 291.5 291.7 260.4 261.5 262.7 265.2 2155.4 2158.0 2167.5 2171.6 761.1 763.4 763.8 764.4 177.9 178.4 179.1 179.3 235.2 235.1 235.2 235.6 413.0 413.5 414.3 414.9 385.6 386.8 387.8 388.9 531.2 533.6 536.3 539.3 916.7 920.3 924.1 928.2 199.8 199.4 7.3 e 7.3 e 290.7 288.7 266.3 265.3 2177.5 2179.2 768.3 772.1 179.7 180.1 235.5 235.1 415.2 415.3 389.9 391.6 542.3 545.0 932.2 936.6 FEB. 8p Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at all depository institutions> credit union share draft balances and demand deposits at thrift institutions. Sum of overnight RPs and overnight 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. Sum of large time deposits, term RPs and term 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 funds. This sum is seasonally adjusted as a whole. Savings deposits exclude MMDAs. Small denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All individual retirement accounts (IRA) and Keogh accounts at commercial banks and thrifts are subtracted from small time deposits, --indicates estimated data. p—indicates preliminary data. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Large time deposits1 At commercial banks 2 Date At thrift institutions Debt components6 Non-M3 components of L Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt 1986-SEP. 291.5 157.3 448.8 86.5 287.9 37.2 223.1 1746.8 5618.5 OCT. NOV. DEC. 289.0 288.4 288.9 155.5 152.6 150.3 444.5 440.9 439.2 87.8 89.7 91.6 283.2 284.4 284.4 37.8 37.9 37.8 226.8 228.9 229.9 1757.7 1776.2 1804.5 5671.7 5734.9 5801.5 1987-JAN. FEB. MAR. 291.8 295.3 298.2 148.6 147.9 147.4 440.4 443.1 445.6 92.5 93.3 94.2 280.9 280.1 267.8 38.0 38.9 39.6 236.3 239.0 239.9 1818.7 1832.9 1850.0 5855.0 5877.9 5904.3 APR. MAY JUNE 303.1 308.1 311.9 145.8 145.9 146.7 448.9 454.0 458.6 95.1 95.9 96.6 257.6 261.6 259.7 40.9 42.1 43.1 246.3 253.7 252.8 1861.7 1874.4 1886.0 5953.9 6008.4 6057.1 JULY AUG. SEP. 312.2 312.8 313.8 148.0 149.6 151.5 460.2 462.4 465.3 97.5 98.1 98.4 254.7 257.9 261.8 43.4 43.5 44.3 251.8 251.8 256.6 1888.9 1902.8 1913.1 6097.0 6134.7 6184.9 OCT. NOV. DEC. 317.5 322.3 323.1 154.8 158.1 161.2 472.3 480.5 484.3 98.8 99.3 100.2 p 271.0 272.1 266.6 p 44.5 45.0 44.9 p 254.2 251.1 251.6 p 1919.3 1939.5 1952.5 p 6246.9 6303.9 6346.5 p 319.2 162.7 481.9 1987-DEC. 14 21 28 323.5 323.9 323.4 160.4 162.1 161.6 484.0 486.0 485.1 1988-JAN. 322.1 319.8 320.6 316.9 161.3 162.1 162.7 163.3 483.4 481.9 483.3 480.2 317.9 321.1 163.6 164.6 481.4 485.8 1988-JAN. P Neek ending 4 11 18 25 FEB. 8p Large denomination time deposits are those issued in amounts of $100,000 or more* excluding those booked at international banking facilities. Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. 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 runds 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 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjustea Other checkable deposiIts Date Currency 1 Demand Travelers checks2 deposits3 At commercial banks5 At thrift institutions5 Nontransact ions components Total In M2 6 In M3 only7 Overnight RPs 8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1986-SEP. 176.4 6.9 286.3 147.1 68.5 215.6 2052.7 688.7 55.9 17.2 202.7 OCT. NOV. DEC. 177.8 180.1 183.0 6.5 6.1 6.0 287.9 295.0 314.4 150.6 155.8 163.0 70.1 72.4 74.3 220.6 228.2 237.3 2073.2 2076.2 2080.8 682.3 684.6 685.7 58.7 58.7 59.4 19.4 18.8 19.0 207.3 207.5 208.0 1987-JAN. FEB. MAR. 180.8 181.5 182.8 6.0 6.2 6.4 305.8 287.1 286.9 169.9 167.8 170.7 74.9 74.5 76.6 244.9 242.3 247.4 2102.4 2100.0 2103.0 687.4 695.1 699.7 62.4 60.6 58.3 22.3 19.5 18.6 209.5 211.5 212.5 APR. MAY JUNE 184.8 187.0 188.6 6.4 6.5 7.1 301.1 294.1 294.4 178.9 172.0 173.4 81.2 80.2 81.0 260.2 252.3 254.3 2102.5 2095.9 2105.2 699.9 717.0 728.3 56.2 55.1 54.5 20.7 20.9 20.0 212.1 209.9 210.6 JULY AUG. SEP. 190.5 190.9 190.9 7.7 7.9 7.6 294.3 290.7 289.3 173.3 174.9 176.6 81.0 80.8 80.9 254.3 255.6 257.5 2115.3 2122.6 2130.2 724.7 735.6 743.4 56.4 60.8 61.7 18.7 18.4 21.1 210.6 213.1 216.3 OCT. NOV. DEC. 192.6 195.9 199.4 7.0 6.6 6.5 295.7 294.1 298.5 177.0 178.0 180.3 81.5 81.3 81.2 258.4 259.3 261.5 2141.5 2144.5 2149.6 748.3 765.2 764.9 64.4 62.5 61.5 21.0 16.5 16.1 218.8 220.9 222.2 197.0 6.6 295.9 184.2 81.1 265.3 2173.0 764.6 64.0 18.1 226.2 1987-DEC. 14 21 28 198.4 199.8 201.6 6.5 6.5 6.5 296.0 297.2 298.7 180.1 180.2 179.0 81.3 80.8 79.7 261.4 261.0 258.6 2153.6 2149.5 2144.2 763.0 765.2 771.7 63.2 61.3 59.1 16.1 16.4 15.6 223.3 223.1 221.8 1988-JAN. 199.2 198.1 197.2 195.7 6.5 6.6 6.6 6.7 315.4 305.1 296.3 284.8 184.2 187.9 185.6 182.0 82.3 83.1 81.4 79.4 266.5 271.1 267.1 261.3 2155.7 2170.7 2174.2 2177.7 759.2 759.8 766.2 766.4 61.7 64.5 63.6 63.9 18.3 19.6 17.8 18.3 219.5 222.1 226.9 229.6 195.3 197.9 6.7 e 6.8 e 283.3 282.6 180.1 183.9 79.2 81.2 259.3 265.1 2180.6 2182.7 769.7 772.8 65.4 62.1 16.2 14.4 230.5 230.5 1988-JAN. P Week ending 4 11 18 25 FEB. 8p 1. 2. Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. 8. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). e—indicates estimated data, p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Money m a r k e t At commercial banks Date d e p o s i t accounts At thrift institutions Total Savings deposits1 At At thrift commercia 1 . banks institutions Small-denomination Total At commercial banks time deposits2 At thrift institutions Total Large-denomination At~ commercial banks* 3 time d e p o s i t s At thrift institutions Total 1986-SEP. 369.1 190.4 559.5 141.2 201.2 342.4 376.5 498.4 874.9 292.3 157.8 450.0 OCT. NOV. DEC. 372.9 376.4 379.6 192.3 193.4 192.9 565.2 569.8 572.5 146.6 150.6 154.2 207.2 210.5 212.9 353.8 361.1 367.0 372.0 367.6 365.3 496.9 492.6 489.7 868.8 860.3 855.0 289.3 288.5 289.1 156.4 153.4 150.7 445.7 441.9 439.8 1987-JAN. FEB. MAR. 382.0 378.8 378.8 193.4 193.2 193.0 575.4 572.0 571.8 159.7 163.2 167.4 218.1 222.9 227.9 377.8 386.0 395.4 364.7 362.3 360.2 490.3 488.1 486.3 855.0 850.4 846.4 292.5 295.1 300.0 149.5 148.9 147.5 442.1 444.0 447.5 APR. MAY JUNE 376.1 369.7 368.5 190.7 188.9 186.6 566.8 558.6 555.1 172.3 175.0 176.8 233.6 237.4 240.4 405.9 412.4 417.3 356.3 356.2 360.4 484.6 483.0 487.4 840.9 839.1 847.8 302.7 308.7 311.2 144.5 145.1 145.7 447.2 453.7 457.0 JULY AUG. SEP. 366.2 365.0 363.3 183.3 180.0 177.2 549.4 545.0 540.5 178.7 178.5 178.2 241.8 240.0 239.2 420.5 418.5 417.3 364.8 367.9 370.0 494.7 499.0 503.2 859.6 866.8 873.2 309.7 312.3 314.1 146.8 149.4 151.8 456.5 461.7 465.9 OCT. NOV. DEC. 360.0 358.1 358.2 173.9 169.6 167.0 533.9 527.7 525.2 178.6 177.5 176.7 239.3 235.7 233.3 417.8 413.2 410.1 375.0 382.6 365.2 510.5 521.1 529.3 885.5 903.8 914.6 317.3 322.4 323.2 155.7 159.0 161.7 473.1 481.3 485.0 358.8 165.1 524.0 178.1 233.0 411.1 389.3 540.5 929.8 320.3 163.8 484.1 1988-JAN. Heek P ending 1987-DEC. 14 21 28 359.5 357.9 356.5 167.6 166.6 166.0 527.0 524.6 522.5 177.2 176.5 176.0 234.0 232.7 231.9 411.2 409.2 407.9 384.9 385.2 385.7 527.9 529.8 531.5 912.8 914.9 917.2 323.3 323.0 324.4 161.0 162.7 162.6 484.3 485.7 487.0 1988-JAN. 4 11 18 25 357.8 360.3 359.6 358.2 166.2 166.1 165.3 164.4 524.0 526.4 524.9 522.6 177.3 178.5 178.2 178.0 233.7 233.9 233.2 232.4 411.0 412.4 411.4 410.4 386.7 388.2 389.3 390.2 534.4 537.3 540.4 542.7 921.2 925.5 929.7 932.9 325.2 320.9 320.9 317.5 161.8 163.0 163.9 164.7 487.0 483.9 484.8 482.2 357.6 358.6 163.9 164.1 521.6 522.7 178.1 179.0 232.0 233.0 410.2 412.0 391.1 392.4 545.6 548.7 936.8 941.1 319.0 321.5 164.9 165.9 483.9 487.5 FEB. 8p 1. 2. Savings deposits exclude MMDAs. Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $1009000. All individual retirement accounts (IRA) and Keogh accounts 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 toreign banks and official institutions. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Term RPs 1 Date At At Institutiononly money commercial thrift banks institutions Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances* I market funds Debt components6 Non-M3 Components of L Commercial paper5 Federal debt Non-Federal debt 1986-SEP. 84.7 35.7 42.4 78.1 82.3 86.4 285.0 37.4 223.1 1734.9 5615.3 OCT. NOV. DEC. 84.9 84.8 84.4 34.5 37.2 35.4 44.3 46.6 48.6 78.8 83.8 84.0 79.0 80.2 83.8 87.8 89.9 91.9 280.6 286.8 287.0 38.0 38.0 37.4 228.7 227.9 228.7 1749.1 1772.3 1804.0 5662.7 5713.3 5787.8 1987-JAN. FEB. MAR. 84.4 85.1 85.4 34.1 35.4 34.9 49.5 51.8 52.3 83.6 87.2 87.2 85.4 88.0 88.4 92.7 93.5 94.3 283.7 285.4 273.4 37.8 38.9 39.3 239.3 240.4 240.2 1817.6 1827.4 1839.0 5838.8 5849.5 5883.5 APR. MAY JUNE 83.5 82.1 81.7 38.4 40.8 40.8 56.1 61.9 67.0 94.5 102.8 107.8 83.8 87.0 89.7 95.1 95.8 96.5 257.0 256.8 257.9 40.5 42.2 43.5 243.8 253.6 255.1 1847.4 1858.3 1869.5 5937.1 5991.9 6045.5 JULY AUG. SEP. 83.8 84.0 81.3 39.0 40.1 40.9 68.5 67.9 68.8 107.5 108.0 109.7 85.7 90.5 94.8 97.1 97.7 98.3 251.0 256.2 258.9 43.6 43.6 44.4 249.2 249.2 256.8 1872.7 1887.7 1900.2 6091.2 6131.8 6184.0 OCT. NOV. DEC. 82.5 89.5 89.6 37.7 39.8 38.1 69.2 69.9 68.6 106.9 109.7 106.7 93.7 93.1 92.7 98.8 99.6 100.6 p 268.1 275.2 269.5 p 44.8 45.1 44.4 p 257.1 250.2 250.5 p 1909.8 1935.2 1951.9 p 6237.5 6276.9 6324.7 p 94.4 38.4 68.9 107.2 88.2 1987-DEC. 14 21 28 89.9 90.0 89.5 38.7 37.4 39.0 68.2 68.9 68.8 106.9 106.3 107.8 91.2 92.1 95.8 1988-JAN. 86.8 92.0 96.5 96.9 31.9 36.7 38.0 41.4 68.4 68.9 69.3 68.6 100.3 105.6 107.3 110.0 92.7 87.1 87.3 87.8 97.1 97.5 41.5 42.8 68.8 69.2 110.3 112.0 88.0 84.8 1988-JAN. P Week ending 4 11 18 25 FEB. 8p Term RPs are those with original maturities greater than one day excluding continuing contracts and retail RPs. Includes a relatively small amount of overniqht RPs at thrift institutions. 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 b a n k m a offices in the United Kingdom and Canada. Excludes those held by depository market mutual funds "tory institutions and money A x A Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other othe Al ' "x " " " Federal ' * than depository institutions! Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks. Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. m Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, P- -indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted Demand deposits at banks due to IRA and Keogh Accounts U.S. government deposits Time and savings deposits due to Foreign foreign banks official and official institutions institutions Time and savings deposits At at commercial commercial banks banks At thrift institutions At money market funds Total 71.5 95.5 10.5 177.5 1.6 1.5 1.5 71.5 71.8 72.7 95.8 96.4 97.2 10.8 10.7 10.7 178.1 178.9 180.7 1.4 1.4 1.4 73. 74. 75, 98.1 98.9 100.3 10.8 11.0 11.2 182.6 184.4 187.1 28.5 46.8 34.2 78, 79. 79.8 103.0 103.7 104.6 12.4 13.1 13.3 193.9 196.5 197.7 23. 18. 21. 31, 25, 35.8 80.2 80.7 81.4 105.4 105.7 106.6 13.5 14.0 14.5 199.2 200.4 202.4 81.8 82.2 82.9 107.1 107.4 108.7 14.8 e 15.0 e 15.2 e 203.7 e 204.6 e 206.8 e 83.9 109.7 e 15.5 e 209.1 e Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions 3.6 5.6 14.6 23.8 1.6 3.4 3.4 3.7 3.4 3.2 3.7 11.8 11.9 15.5 18.6 18.4 22.9 9. 5, 3. 23.8 25.2 13.6 37. 33. 20. APR. MAY JUNE 7. 16. 8. 16.6 27.4 21.8 JULY AUG. SEP. 5, 3. 10. Foreign commercial banks Date 1986-SEP. 9.6 OCT. NOV. DEC. 9.7 9.3 9.5 1987-JAN. FEB. MAR. 9.9 9.3 8.8 1.9 4.2 1.9 1.7 1.6 OCT. NOV. DEC. 1988-JAN. p 10.0 1.7 4.4 Total cash balance 3.2 3.2 3.9 8.9 4.0 4.2 27. 22. 18. 39. 29. 26. 4.1 5.6 20.8 30.5 8.7 21.9 27.4 15.8 33.3 34.1 20. 12. 17. 25. 29, 19. 25. 36. 30. 22. 42. 30. ^eek ending I987-DEC. 14 21 28 1988-JAN. FEB. 4 11 18 25 9. 9. 9. 9. 11. 9. 10.8 lp 8p e — i n d i c a t e s estimated data, p — i n d i c a t e s preliminary data. 1.6 SPECIAL SUPPLEMENTARY TABLE Monthly Survey of Selacted Deposits and Other Accounts At All Insured Commercial Banks and FDIC-Insured Savings Banks December 30, 1987 and January 27, 1988 (not seasonally adjusted) Insured Commercial Banks | Amount Outstanding ($mil) | Averaqe Rate Paid (%) | Number of Issuing Banks 1 January 27 1 December 30 1 January 27 1 December 30 1 January 27 1 December 301 Liability Categories NOW accounts2 172,175 174,752 4.93 4.95 13,070 13,196 Money market deposit accounts 1 356,096 353,807 5.43 5.43 12,400 12,513 Savings accounts 1 174,747 173,141 5.24 5.21 12,943 13,072 Interest-bearing time deposits with balances of less than $100,000. with original maturities of: 7 to 31 days (standard error of the estimate) 1 6,932 (904) 7,145 (929) 5.91 6.02 8,576 8,831 32 to 91 days (standard error of the estimate) 23,382 (1,090) 23,306 (1,083) 6.21 6.26 12,382 12,426 92 to 182 days (standard error of the estimate) 132,229 (2,896) 132,440 (2,849) 6.71 6.75 13,126 13,352 183 days to 1 year (standard error of the estimate) 99,726 (3,593) 96,799 (3,532) 7.10 7.14 12,866 12,992 Over 1 year to 2-1/2 years (standard error of the estimate) 91,770 (2,264) 89,619 (2,237) 7.41 7.46 12,972 13,096 2-1/2 years and over (standard error of the estimate) 123,274 (3,010) 121,325 (2,962) 7.82 7.86 12,809 12,936 All IRA/Keogh Plan deposits6 (standard error of the estimate) 84,525 (516) 83,241 (591) N.A. N.A. 12,644 12,763 915 (241) 767 (166) 5.50 5.46 2,218 2,098 ! 7 Retail repurchase agreements (standard error of the estimate) Liability Categories NOW accounts FDIC--Insured Savings Banks Averaqe Rate Paid (%) Amount Outsi: ending ($mil) January 27 December 30 December 30 1 January 27 2 Money market deposit accounts Savings accounts 4 Interest-bearing time deposits with balances of less than $100,000 with original maturities of: 7 to 31 days [Bstandard error, of the estimate) Number of Issuing Banks | December 301 January 27 1 334 6,580 6,777 5.25 5.27 339 32,814 33,066 5.80 5.82 373 370 40,657 40,530 5.45 5.47 384 381 151 (30) 147 (29) 5.99 5.97 90 89 32 to 91 days (standard error of the estimate) 2,293 (584) 2,133 (585) 6.85 6.71 300 298 92 to 182 days (standard error of the estimate) 21,827 (1,484) 21,418 (1,453) 7.34 7.33 375 372 183 days to 1 year (standard error of the estimate) 24,850 (944) 23,779 (1,066) 7.61 7.63 382 379 Over 1 year to 2-1/2 years (standard error of the estimate) 20,458 (1,143) 20,139 (1,373) 7.84 7.84 361 358 24,578 8.31 8.30 378 375 2-1/2 years and over (standard error of the estimate) 24,937 1 (1,028) 1 1 (986) All IRA and Keogh Plan deposits (standard error of the estimate) 17,933 (418) 17,677 (420) N.A. N.A. 376 373 Retail repurchase agreements (standard error of the estimate) 81 (40) 97 (50) 6.08 6.07 14 14 NOTE: The lower panel of this table now presents data for both mutual and federal savings banks. N.A. - Data not available. 1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banks and 80 savings banks. 2. As of January 1, 1986 interest rate ceilings were removed from all NOW accounts. Beginning with the January 1986 data the NOW account category includes all NOW accounts, including those accounts which were subject to a 5.25 percent regulatory interest rate restriction prior to January 1, 1986. Estimates for this category are based on reports of deposits. The NOW account rate is reported as a simple annual rate. 3. Money market deposit accounts (MMDAs)—Deposits with no required minimum maturity but institutions must reserve the right to require at least seven days' notice prior to withdrawal, no restrictions on depositor eligibility, or limitations on the amount of interest that may be paid; such accounts may allow up to six transfers per month, no more than three of which may be draft and may permit unlimited withdrawals by mail, messenger, or in person. Estimates for this category are based on reports of deposits. The MMDA rate is reported as a simple annual rate. 4. Savings deposits that, because of restrictions on transactions, do not meet the definition of an MMDA. Estimates for this category are based on reports of deposits. The savings account rate is reported as a simple annual rate. 5. All interest-bearing time certificates and open account time deposits with balances of less than $100,000, including those held in IRAs and Keogh Plan deposits. With the exception of the 7-31 and 32-91 day deposit rates, which are reported as simple annual rates, time deposit rates are annual effective yields reflecting the method of compounding reported by the individual institutions. 6. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid. 7. Includes mutual savings banks and FDIC-insured federal savings banks. 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Commercial Bank Deposits 1 Thrift Institution Deposits Large Small Small | Large denomidenomi- | denomidenomination nation nation nation Savings | time 1 time time time 1 Savings 6 2 5 4 3 1 1987--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 0.9950 0.9913 0.9961 1.0052 1.0059 1.0085 1.0105 1.0014 0.9974 1.0009 0.9961 0.9916 1.0030 1.0002 0.9984 0.9926 0.9921 0.9966 1.0012 1.0031 1.0047 1.0022 1.0028 1.0016 1988--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 0.9953 1.0035 1.0010 0.9915 0.9963 0.9992 0.9928 1.0051 0.9919 1.0060 j 1.0083 0.9964 1.0012 | 1.0101 1.0014 j 1.0028 ! 1.0045 0.9971 1.0009 | 1.0018 1.0027 | 0.9961 1.0015 j | 0.9915 1989--Jan. Feb. Mar. | | Currency 7 Nonbank travelers checks 8 Demand deposits 9 Other checkable deposits 10 1.0025 0.9994 1.0062 0.9987 1.0018 0.9977 0.9920 0.9983 1.0008 0.9994 1.0002 1.0004 0.9907 0.9900 0.9987 1.0040 1.0079 1.0111 1.0131 1.0018 0.9967 1.0028 0.9954 0.9884 1.0069 1.0045 1.0001 0.9969 0.9918 0.9937 1.0001 0.9997 0.9987 1.0028 1.0019 1.0016 1.0064 1.0068 1.0005 0.9906 0.9946 0.9934 0.9918 0.9987 1.0023 1.0059 1.0052 1.0035 0.9945 0.9894 0.9924 0.9979 1.0006 1.0049 1.0096 1.0051 1.0004 0.9997 1.0082 1.0184 0.9204 0.9344 0.9493 0.9527 0.9663 1.0477 1.1395 1.1388 1.0766 1.0059 0.9491 0.9206 1.0223 0.9745 0.9752 1.0133 0.9866 0.9985 1.0061 0.9931 0.9969 1.0016 1.0100 1.0354 1.0156 0.9918 0.9996 1.0393 0.9941 1.0024 0.9982 0.9912 0.9976 0.9931 1.0003 1.0118 1.0034 1.0008 1.0065 0.9997 1.0020 0.9978 0.9917 0.9981 1.0001 0.9981 1.0002 1.0003 0.9902 0.9897 0.9978 1.0037 1.0085 1.0116 1.0134 1.0021 0.9968 1.0029 0.9953 | 0.9880 | 1.0067 1.0048 1.0010 0.9975 0.9920 0.9939 1.0003 0.9996 0.9985 1.0023 1.0015 1.0013 1.0068 1.0069 1.0011 0.9906 0.9944 0.9931 0.9913 0.9983 1.0021 1.0063 1.0054 1.0035 | 0.9942 0.9891 0.9935 0.9970 1.0011 1.0054 1.0087 1.0062 0.9994 0.9994 1.0092 1.0179 0.9187 0.9339 0.9502 0.9526 0.9660 1.0474 1.1393 1.1391 1.0778 1.0066 0.9484 0.9199 1.0218 0.9738 0.9784 1.0120 0.9848 1.0017 1.0038 0.9927 0.9979 0.9996 1.0107 1.0360 1.0146 0.9915 1.0022 1.0373 0.9949 1.0038 0.9956 0.9934 0.9962 0.9920 1.0031 1.0091 1.0068 1.0071 1.0016 0.9943 0.9894 0.9934 0.9180 0.9339 0.9507 1.0206 0.9738 0.9793 1.0160 0.9919 1.0006 0.9955 | 1.0038 | 1.0040 1.0014 | 1.0017 0.9916 1.0063 0.9966 j 0.9996 0.9900 ! 1.0066 | 0.9896 | 1.0051 0.9975 | 1.0015 Appendix Table 3 Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Currency 1 Nonbank travelers checks 2 Demand deposits 3 Other checkable deposits 4 Week ended: Nontransactions | components 1 in M2 in M3 only | 5 6 L 1987—Dec. 7 14 21 28 1.0131 1.0130 1.0185 1.0220 0.9274 0.9234 0.9195 0.9156 1.0298 1.0268 1.0342 1.0393 1.0234 1.0119 1.0055 0.9945 1.0010 1.0007 0.9984 0.9969 1.0001 1.0028 1.0032 1.0118 | | | | 1988--Jan. 4 11 18 25 1.0110 1.0003 0.9936 0.9830 0.9126 0.9155 0.9184 0.9212 1.0984 1.0591 1.0165 0.9763 1.0234 1.0367 1.0168 0.9852 1.0001 1.0059 1.0031 1.0028 0.9975 0.9954 1.0031 1.0026 | j | | Feb. 1 8 15 22 29 0.9775 0.9928 0.9938 0.9870 0.9849 0.9241 0.9279 0.9321 0.9363 0.9404 0.9744 0.9789 0.9696 0.9598 0.9638 0.9736 0.9992 0.9884 0.9816 0.9817 1.0014 1.0016 1.0000 1.0008 1.0009 1.0019 1.0010 1.0046 0.9995 1.0008 | | j j j Mar. 7 14 21 28 1.0004 0.9957 0.9903 0.9835 0.9442 0.9477 0.9512 0.9547 0.9879 0.9825 0.9677 0.9493 1.0171 1.0016 0.9896 0.9791 1.0005 1.0011 1.0008 1.0030 1.0026 1.0000 1.0006 1.0049 | | j j Apr. 4 11 18 25 0.9975 1.0019 0.9964 0.9875 0.9574 0.9551 0.9527 0.9504 1.0076 1.0089 1.0238 0.9885 1.0262 1.0530 1.0527 1.0089 0.9978 1.0024 0.9992 0.9996 1.0044 0.9960 0.9933 0.9951 | | | | May 2 9 16 23 30 0.9888 1.0065 1.0018 0.9971 0.9985 0.9482 0.9545 0.9623 0.9701 0.9778 0.9888 0.9923 0.9979 0.9740 0.9635 0.9799 1.0054 0.9976 0.9854 0.9845 0.9985 0.9956 0.9967 0.9969 0.9968 0.9972 0.9991 0.9988 1.0028 1.0079 | j | j | Appendix Table 3 (continued) Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Currency 1 Nonbank travelers checks 2 Demand deposits 3 Other checkable deposits 4 Week en<led: Nontransactions components in M2 in M3 only 5 6 | I | L 1988--June 6 13 20 27 1.0116 1.0108 1.0052 0.9949 0.9947 1.0241 1.0535 1.0830 1.0153 1.0162 1.0055 0.9785 1.0226 1.0155 0.9983 0.9716 0.9981 0.9987 0.9979 0.9978 0.9993 1.0004 0.9944 0.9953 | | j | July 4 11 18 25 1.0120 1.0143 1.0061 0.9989 1.1104 1.1240 1.1376 1.1511 1.0248 1.0280 1.0134 0.9866 1.0074 1.0095 0.9953 0.9790 0.9967 1.0002 1.0012 1.0019 0.9934 0.9881 0.9887 0.9921 | | | | Aug. 1 8 15 22 29 0.9986 1.0157 1.0097 1.0029 0.9925 1.1647 1.1595 1.1468 1.1341 1.1215 0.9953 1.0075 1.0119 0.9861 0.9729 0.9787 1.0118 1.0005 0.9888 0.9769 1.0014 1.0011 1.0009 1.0001 0.9990 0.9943 0.9950 0.9974 0.9973 1.0018 | | j | | Sept . 5 12 19 26 1.0072 1.0048 0.9953 0.9863 1.1080 1.0923 1.0767 1.0612 0.9976 1.0096 0.9963 0.9686 1.0127 1.0184 0.9975 0.9657 0.9982 0.9987 0.9984 0.9987 1.0048 1.0028 1.0020 1.0094 | j j j Oct. 3 10 17 24 31 0.9909 1.0080 0.9991 0.9929 0.9872 1.0457 1.0283 1.0110 0.9938 0.9766 1.0038 1.0007 1.0139 0.9884 0.9860 0.9843 1.0053 1.0008 0.9829 0.9795 1.0020 1.0020 1.0013 1.0018 1.0021 1.0003 1.0004 0.9963 0.9960 1.0010 | j | j j Nov. 7 14 21 28 1.0078 1.0086 1.0037 1.0046 I 0.9639 | 0.9545 0.9452 0.9359 1.0115 1.0216 1.0063 0.9996 1.0174 1.0094 0.9930 0.9812 1.0009 1.0014 1.0011 0.9974 1.0028 1.0019 1.0011 1.0154 | j j j Appendix Table 3 (continued) Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Nontransactions components in M2 in M3 only 5 6 | | | Currency 1 Nonbank travelers checks 2 Demand deposits 3 Other checkable deposits 4 5 12 19 26 1.0070 1.0098 1.0151 1.0251 0.9282 0.9240 0.9199 0.9157 1.0272 1.0304 1.0379 1.0233 1.0169 1.0118 1.0071 0.9993 0.9999 1.0008 0.9988 0.9969 1.0021 1.0010 1.0013 1.0078 | | | 1989--Jan. 2 9 16 23 30 1.0087 1.0032 0.9981 0.9895 0.9797 0.9116 0.9136 0.9166 0.9196 0.9226 1.0696 1.0712 1.0346 0.9971 0.9666 1.0061 1.0446 - 1.0235 0.9930 0.9681 1.0005 1.0054 1.0028 1.0026 1.0015 1.0052 0.9943 1.0013 1.0014 1.0026 | | | | | Feb. 6 13 20 27 0.9935 0.9899 0.9921 0.9819 0.9263 0.9309 0.9356 0.9402 0.9889 0.9789 0.9617 0.9503 1.0030 0.9909 0.9838 0.9732 1.0012 1.0013 0.9999 1.0008 1.0008 1.0044 0.9995 1.0021 | | | | Mar. 6 13 20 27 0.9958 0.9943 0.9912 0.9888 0.9443 0.9477 0.9512 0.9546 0.9742 0.9744 0.9720 0.9593 1.0082 1.0002 0.9947 0.9827 1.0011 1.0025 1.0019 0.9978 1.0039 1.0008 0.9999 1.0048 | | | | Apr. 3 0.9871 0.9580 0.9978 1.0102 1.0004 1.0016 | Week en ded: 1988--Dec. L J Appendix Table 4 Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Week ended: Commercial Bank Deposits Small Large denomidenomination nation i Savings time time 2 1 1 1 3 1987--Dec. 7 14 21 28 0.9950 0.9929 0.9891 0.9870 1.0022 1.0016 1.0006 1.0015 0.9985 0.9992 | 0.9970 1.0029 1988--Jan. 4 11 18 25 0.9968 1.0005 0.9951 0.9927 1.0030 1.0038 1.0040 1.0034 1.0097 1.0033 1.0010 1.0020 Feb. 1 8 15 22 29 0.9916 0.9938 0.9927 0.9913 0.9881 1.0031 1.0020 1.0008 1.0008 1.0000 1.0037 1.0013 1.0014 1.0006 0.9998 Mar. 7 14 21 28 0.9920 0.9944 0.9958 0.9985 1.0001 1.0007 0.9996 0.9977 Apr. 4 11 18 25 1.0071 1.0110 1.0036 1.0016 May 2 9 16 23 30 1.0020 1.0059 1.0063 1.0069 1.0055 | ILrift Depos its | Small | Large denomi| denomination | nation time time Savings 1 6 1 4 | 5 | | | | 1 1 1.0017 | 1.0013 | 0.9943 1.0037 | 0.9904 1.0003 1.0037 | 1.0001 0.9850 1.0058 j 0.9816 | 1.0022 0.9938 i 1.0062 1.0070 0.9948 0.9914 1.0076 0.9864 1.0063 1.0029 1.0059 1.0073 1.0081 | j | j 0.9852 0.9909 0.9905 0.9891 0.9890 1.0061 1.0068 1.0054 1.0036 1.0032 1.0082 1.0080 1.0076 1.0062 1.0055 | | j | | 1.0025 1.0048 1.0057 1.0124 0.9952 0.9961 0.9973 0.9980 1.0020 1.0010 0.9996 1.0006 1.0046 1.0034 1.0003 0.9994 | j | j 0.9960 0.9933 0.9916 0.9924 1.0077 1.0037 0.9972 0.9968 1.0093 1.0099 1.0019 0.9977 1.0028 0.9990 0.9973 j 0.9956 0.9940 0.9921 0.9891 0.9897 | | | | 0.9920 0.9917 0.9916 0.9916 0.9926 0.9956 0.9976 0.9994 1.0047 1.0080 | 1.0017 1.0087 j 1.0093 1.0086 | 1.0084 0.9940 0.9929 0.9919 0.9913 | 0.9915 | 0.9893 0.9916 0.9948 0.9961 0.9963 | | | | | | Appendix Table 4 (continued) Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Week ended: Commercial Bank Deposits Large Small denomidenomination nation time time Savings 3 2 1 Thi-jft Deposits Small | Large denomidenomination nation time time Savings 6 5 4 | | | | | 1 1988--June 6 13 20 27 1.0089 1.0098 1.0071 1.0061 0.9940 0.9953 0.9962 0.9978 1.0034 1.0000 0.9922 0.9977 1.0138 1.0137 1.0100 1.0068 0.9921 0.9927 0.9927 0.9951 0.9946 0.9952 0.9911 0.9931 | | | | July 4 11 18 25 1.0116 1.0139 1.0111 1.0089 1.0010 1.0008 1.0008 1.0018 0.9949 0.9907 0.9889 0.9918 1.0172 1.0195 1.0150 1.0100 1.0002 1.0004 1.0006 1.0002 0.9904 0.9897 0.9908 0.9926 | | | | Aug. 1 8 15 22 29 1.0050 1.0054 1.0032 1.0002 0.9974 1.0016 1.0020 1.0025 1.0028 1.0033 0.9942 0.9954 0.9963 0.9983 1.0021 1.0059 1.0090 1.0052 1.0004 0.9948 1.0001 0.9997 0.9998 0.9997 0.9994 0.9931 0.9943 0.9983 0.9997 1.0012 | | | | | Sept. 5 12 19 26 0.9976 0.9990 0.9962 0.9945 1.0053 1.0051 1.0045 1.0041 1.0014 0.9976 0.9983 1.0022 0.9973 0.9975 0.9958 0.9937 0.9992 0.9980 0.9969 0.9980 1.0001 0.9991 1.0001 1.0064 | | | j Oct. 3 10 17 24 31 0.9995 1.0045 1.0023 1.0007 0.9967 1.0029 1.0038 1.0020 1.0008 1.0002 1.0019 1.0003 0.9958 0.9959 0.9985 1.0024 1.0079 1.0055 1.0009 0.9975 1.0055 | 1.0025 1.0064 | 1.0028 1.0055 | 1.0023 1.0020 ! 1.0068 | 1.0022 ! 1.0068 | Nov. 7 14 21 28 0.9973 0.9971 0.9958 0.9945 1.0028 1.0033 1.0023 1.0026 1.0007 0.9994 1.0006 1.0014 | 0.9996 1.0016 0.9975 | 1.0015 | 0.9942 | 1.0014 | 0.9905 | 1.0013 | 1.0055 | 1.0059 | 1.0051 | 1.0060 j Appendix Table 4 (continued) Weekly Seasonal Factors For Selected Components of the Monetary Aggregates Week ended: Commercial Bank Deposits Small Large denomidenomination nation time Savings time 1 2 3 | Ihjrift Depos.Its Large J Small denomidenomination nation time time Savings 6 5 4 | | | | [ 1 1988--Dec. 5 12 19 26 0.9951 0.9949 0.9899 0.9867 1.0025 1.0021 0.9997 1.0006 0.9957 0.9993 0.9976 1.0020 0.9936 0.9914 0.9864 0.9815 1.0017 1.0000 0.9994 1.0011 1.0020 1.0025 1.0030 1.0058 | | | | 1989--Jan. 2 9 16 23 30 0.9924 0.9995 0.9969 0.9941 0.9929 1.0036 1.0042 1.0050 1.0045 1.0017 1.0080 1.0025 1.0039 1.0043 1.0045 0.9891 0.9948 0.9920 0.9885 0.9847 1.0054 1.0067 1.0075 1.0066 1.0059 1.0039 1.0045 1.0073 1.0074 1.0084 | | | | | Feb. 6 13 20 27 0.9922 0.9922 0.9914 0.9906 1.0014 1.0015 1.0019 1.0012 1.0022 1.0020 1.0005 1.0019 0.9903 0.9912 0.9890 0.9876 1.0068 1.0061 1.0042 1.0037 1.0078 1.0083 1.0066 1.0063 | | | j Mar. 6 13 20 27 0.9930 0.9953 0.9959 0.9976 1.0003 1.0004 0.9995 0.9986 1.0040 1.0051 1.0049 1.0109 0.9939 0.9970 0.9968 0.9968 1.0030 1.0018 1.0005 1.0002 1.0050 1.0045 1.0010 1.0002 | | | | Apr. 3 1.0039 0.9990 1.0065 1.0066 1.0029 0.9954 1 Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adjusted) • | M l | M2 Old M3 Revised 1 Revised Old 1986- -October November December 694.9 706.4 725.4 701.4 712.4 730.5 I 2766.1 2782.7 2807.8 2761.4 2776.3 2801.2 ! 3448.3 i 3463.9 3490.4 3444.7 3463.3 3493.1 1987- -January February March April 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 737.7 737.4 739.5 750.3 753.1 746.6 747.6 751.0 751.2 760.8 756.7 753.2 2827.8 2829.3 2834.3 2847.3 2848.9 2851.3 2857.6 2869.0 2880.3 2894.6 2897.0 2901.8 2823.5 2823.0 2826.5 2839.9 2840.3 2841.6 2847.9 2862.7 2875.6 2892.0 2890.9 2894.7 3515.1 3523.8 3532.5 3549.7 3564.6 3581.9 3588.8 3605.9 3621.0 3643.5 3658.5 3663.8 3519.1 3522.7 3527.4 3544.0 3560.3 3577.5 3584.2 3604.7 3621.0 3644.1 3657.8 3661.8 758.9 762.5 2925.6 ! 2920.8 3690.0 3687.8 May June July August September October November December 1988- -January Revised Old Appendix Table 6 Comparison of Revised and Old Ml Growth Rates (percent changes at annual rates) Difference due to Difference |1 | Redefinition Benchmark Seasonals m (3)- m ||1 (6) (4^ (5) Revised Old m m 1986—Oct. Nov. Dec. 13.1 19.9 32.3 14.4 18.8 30.5 -1.3 1.1 1.8 0.1 0.5 0.7 -0.2 0.1 -0.3 -1.2 0.5 1.4 1987—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.9 -0.2 4.8 17.2 2.9 -7.1 2.4 4.7 1.6 14.0 -5.6 -3.0 11.8 -0.5 3.4 17.5 4.5 -10.4 1.6 5.5 0.3 15.3 -6.5 -5.6 -1.9 0.3 1.4 -0.3 -1.6 3.3 0.8 -0.8 1.3 -1.3 0.9 2.6 -0.8 0.5 0.6 0.7 -0.3 0.5 0.1 0.5 0.3 -0.1 0.2 0.6 -0.8 0.3 0.8 0.3 0.2 0.0 0.0 0.0 0.0 0.5 0.2 0.1 -0.3 -0.5 0.0 -1.3 -1.5 2.8 0.7 -1.3 1.0 -1.7 0.5 1.9 1988--Jan. 12.9 14.8 -1.9 -1.2 0.0 -0.7 1986--QIV 17.2 17.0 0.2 0.4 -0.1 -0.1 1987--QI QII QUI QIV 13.2 6.6 0.8 3.9 13.1 6.4 -0.1 3.7 0.1 0.2 0.9 0.2 0.1 0.4 0.3 0.2 -0.1 0.4 0.0 0.2 0.1 -0.6 0.6 -0.2 1987--QIV *86 to QII *87 10.0 9.8 0.2 0.2 0.2 -0.2 QII '87 to QIV '87 2.4 1.8 0.6 0.3 0.1 0.2 15.6 6.2 15.3 5.9 0.3 0.3 0.2 0.3 0.2 0.1 -0.1 -0.1 Monthly Quarterly Semi-Annual Annual (QIV TO QIV) 1986 1987 Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Revised fl) Old f2) Difference |1 Di fference due to m - (2) || Redefinition Benchmark Seasonals (6) (5) T4) f3) 11 Monthly 1986--0ct. Nov. Dec. 9.8 7.2 10.8 10.8 6.5 10.8 -1.0 0.7 0.0 0.0 0.0 0.0 -0.2 -0.5 -0.2 -0.8 1.2 0.2 1987--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.5 0.6 2.1 5.5 0.7 1.0 2.7 4.8 4.7 6.0 1.0 2.0 9.6 -0.2 1.5 5.7 0.2 0.5 2.7 6.2 5.4 6.8 -0.5 1.6 -1.1 0.8 0.6 -0.2 0.5 0.5 0.0 -1.4 -0.7 -0.8 1.5 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 0.0 0.1 0.1 0.0 0.2 0.0 -0.1 0.0 0.1 0.0 0.0 -0.8 0.8 0.5 -0.3 0.5 0.3 0.0 -1.3 -0.7 -0.9 1.5 0.4 1988--Jan. 9.8 10.8 -1.0 0.0 -0.1 -0.9 1986--QIV 9.0 9.3 -0.3 0.0 -0.1 -0.2 1987--QI QH QUI QIV 6.5 2.6 2.8 4.0 6.4 2.3 3.0 4.2 0.1 0.3 -0.2 -0.2 0.0 0.0 0.0 0.0 -0.2 0.1 0.0 0.0 0.3 0.2 -0.2 -0.2 1987--QIV f86 to QII '87 4.6 4.4 0.2 0.0 -0.1 0.3 QII '87 to QIV '87 3.4 3.7 -0.3 0.0 0.0 -0.3 9.4 4.0 9.0 4.1 0.4 -0.1 0.0 0.0 0.4 -0.1 0.0 0.0 Quarterly Semi-Annual Annual fOIV TO 0IV1 1986 1987 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) 1 Revised m Old (21 Difference Difference due to | Redefinition Benchmark Seasonals (1) - (2) | (3) 11 (6) (5) (4) Monthly 1986--0ct. Nov. Dec. 6.5 5.4 9.2 6.9 6.5 10.3 -0.4 -1.1 -1.1 0.0 0.0 0.0 -0.1 -1.5 -1.4 -0.3 0.4 0.3 1987--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.5 3.0 3.0 5.8 5.0 5.8 2.3 5.7 5.0 7.5 4.9 1.7 8.9 1.2 1.6 5.6 5.5 5.8 2.2 6.9 5.4 7.7 4.5 1.3 -0.4 1.8 1.4 0.2 -0.5 0.0 0.1 -1.2 -0.4 -0.2 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 -0.5 0.6 0.7 0.4 -0.2 0.1 0.1 0.0 0.0 0.2 0.0 0.0 0.1 1.2 0.7 -0.2 -0.3 -0.1 0.0 -1.2 -0.5 -0.4 0.4 0.4 1988--Jan. 8.6 8.5 0.1 0.0 0.0 0.1 1986--QIV 7.5 8.2 -0.7 0.0 -0.5 -0.2 1987--QI QH QUI QIV 6.5 4.7 4.5 5.6 6.5 4.3 4.8 5.7 0.0 0.4 -0.3 -0.1 0.0 0.0 0.0 0.0 -0.4 0.3 0.0 0.1 0.4 0.1 -0.3 -0.2 1987--QIV f 86 to QII '87 5.6 5.4 0.2 0.0 0.0 0.2 QII f87 to QIV f87 5.0 5.3 -0.3 0.0 0.1 -0.4 9.1 5.4 8.9 5.4 0.2 0.0 0.0 0.0 0.3 0.0 -0.1 0.0 Quarterly Semi-Annual Annual (QIV TO QIV) 1986 1987
@FedFRASER