The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release J ^ 8 j
H.6 (508)
For release at
4:30 PM EST
February 2, 1995
MONEY STOCK REVISIONS
Measures of the money stock have been revised to incorporate
the results of the annual benchmark and seasonal factor review. This
release includes revised monthly and weekly seasonal factors, as well
as comparisons of the revised monetary aggregates with previously
published data.
Data for the monetary aggregates have been benchmarked using
call reports through September 1994 and other sources. The benchmark
and seasonal review revisions did not affect the annual growth rate of
M2 over 1994. However, they lowered the 1994 growth rate of Ml by 0.1
percentage point and raised the 1994 growth rate of M3 by 0.2
percentage point.
The benchmark incorporates historical data for a number of
money market mutual funds that began reporting for the first time
during 1994, raising the levels of M2 and M3 by amounts that cumulate
to $15 billion and $22 billion, respectively, by late 1994. The
benchmark also incorporates new estimates of large time deposits held
by banks. (This item is one of several that are subtracted from gross
large time deposits to measure the quantity of such time deposits held
by the nonbank public.) As a result of the new estimates, this large
time deposit netting item revised upward over the past thirteen years,
by as much as $14 billion in the mid-1980's, thereby reducing the
level of M3 by the same amount.
The benchmark also incorporates new estimates of money funds'
holdings of both RPs and Eurodollars, which are netted out of the
aggregates at both the M2 and M3 levels. These revisions, which
extend back to 1984, shifted up the level of M2 by as much as $5
billion and the level of M3 by as much as $8 billion over the last
decade. The benchmark includes other revisions as well, such as the
incorporation of deposits data taken from the call reports of banks
and thrifts that do not report on one of the more detailed deposits
reports.
Seasonal factors for the monetary aggregates have been
revised, using the benchmarked data through December 1994. As in the
past few years, the X-ll ARIMA procedure was used to derive monthly
seasonal factors.
Overall, the revisions to seasonal factors slightly shifted
the growth of Ml and M3--but not of M2--from the second half to the
first half of the year 1994.
-2-
Complete historical data will soon be available in printed
form from the Money and Reserves Projection Section, Mail Stop 72,
Board of Governors of the Federal Reserve System, Washington, D.C.
20551, (202) 452-3062. The historical data will also be available
on floppy diskette for a fee of $25 per diskette from the Federal
Reserve Board's Publications Section, Mail Stop 402, Board of
Governors of the Federal Reserve System, Washington, D.C. 20551,
(202) 452-3245. Revised monthly historical data for Ml, M2. M3, and
total nonfinancial debt are also available from the Economic
Bulletin Board of the U.S. Commerce Department. Call (202) 482-1986
for information on how to access the Commerce bulletin board.
:o*cov<
FEDERAL RESERVE statistical release
H.6(508)
Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6
For release at 4:30 p.m. Eastern Time
Billions of dollars
Date
FEBRUARY 2,1995
M11
M2*
M33
DEBT*
Seasonally adjusted
1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1031.8
1033.8
1038.7
1047.7
1067.2
1076.3
1085.2
1095.1
1104.7
1113.5
1122.4
1128*6
3511.8
3503.9
3504.1
3507.8
3530.6
3540.2
3543.6
3549.3
3559.1
3564.4
3576.8
3583.7
4165.4
4166.6
4166.9
4174.1
4202.0
4204.6
4202.3
4205.5
4214.2
4222.7
4234.4
4242.5
5043.2
5044.4
5049.5
5062.4
5098.7
5105.0
5099.8
5112.4
5110.4
5118.9
5131.7
5150.3
11743.8
11779.3
11830.4
11892.8
11953.9
12009.0
12063.9
12121.7
12174.9
12211.4
12268.4
12335.4
1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1150.9
1148.0
1147.4
1147.8
3589.2
3586.2
3597.5
3605.4
3608.5
3605.3
3616.6
3613.2
3612.0
3608.3
3609.6
3614.3
4246.0
4232.1
4240.8
4250.9
4251.6
4256.9
4274.5
4272.1
4277.6
4284.4
4290.9
4302.2
5165.6
5163.1
5166.0
5181.6
5189.2
5186.3
5209.3
5206.4
5208.9
5232.0
5244.8 p
12379.6
12430.4
12496.0
12555.2
12613.6
12655.5
12683.4
12749.1
12809.5
12857.8
12921.5 p
Not seasonally adjusted
1993-JAN.
FEB.
MAR.
APR*
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1040.2
1022.3
1030.8
1057.7
1057,.2
1072..2
1083..6
1088..6
1099..3
1112..1
1129..5
1153..7
3516.9
3493.4
3505.3
3525.2
3517.8
3535.4
3541
3542
3548
3561
3584
3606
4172.
4159.
4167.
4187.
4191.
4198.
4195.
4200.
4201.
4217.
4246.
4266.
5063. 0
5040.1
5053.3
5074. 5
5078. 9
5093.4
5087. 3
5101. 3
5092. 6
5110. 2
5151. 2
5184. 9
11728..1
11741..0
11788..3
11839,.6
11891..4
11964..3
12020..4
12072.4
12134.1
12172.9
12241.3
12327.6
1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1142.
1124.
1131,
1152,
1132.
1142,
1150.
1143
1146
1147
1155
1173
3595.
3573.
3596.
3622.
3595.
3600.
3615.
3605.8
3601.4
3605.3
3618.1
3637.8
4254.
4221.
4238.
4264.
4240,
4250.
4268.
4265,
4265,
4279.
4305
4328
5187, 3
5156. 0
5166. 4
5193, 6
5169, 0
5174, 9
5196 9
5195 1
5189 .9
5223 .3
5266 .9 p
12372.1
12403.5
12456.5
12498.3
12545.8
12608.5
12643.0
12700.9
12765.8
12817.3
12892.6
Footnotes appear on the following page
p
preliminary
Page 2
H.6(508)
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1
M2
M3
DEBT1
3 Months from SEP. 1994 TO DEC. 1994
-1.1
0.3
2.3
5.4
6 Months from JUNE 1994 to DEC. 1994
0.1
0.5
2.1
4.9
12 Months from DEC. 1993 TO DEC. 1994
1.7
0.9
1.4
5.3
Thirteen weeks ending JANUARY 23, 1995
from thirteen weeks ending:
OCT. 24, 1994 (13 weeks previous)
-0.9
0.4
2.4
JULY 25, 1994 (26 weeks previous)
0.2
0.4
2.1
JAN. 24, 1994 (52 weeks previous)
1.9
0.9
1.5
1.
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1994 to November 1994, May 1994 to November 1994,
and November 1993 to November 1994, 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 (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 pfus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of
U.S. banks worldwide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds {general
purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-M1 component as a whole and then adding this result to seasonally adjusted M 1 .
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 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: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — t h e federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
r n m m a r r i a l oa
' ***
"
*ri
- J - * — ...u:—1_ ~_~ ~J_~f.,A_r *—.— I U A C A / t H » n l D n n * - . m A On-i*A*t*
the data have I
debt data in thi
.
levels of credit market debt are measured on a quarter-end basis and contain discontinuities.
4l#*>iw **4 4unA*+ q ^ ^ n i m t c
o r o h r o o l f - a H i i i c t o H / t h a t ie Hie^nntiniJltlfiS IP
Page 3
H.6(508)
Table 3
MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending
M3
M2
13-week
average
A -week
average
week
average
13-week
average
4-week
average
week
average
13-week
average
4-week
average
week
average
1994-OCT.
31
1149.9
1147.9
1146.5
3611.0
3607.9
3603.5
4278.1
4284.9
4286.0
NOV.
7
14
21
28
1149.4
1149.1
1149.0
1148.8
1147.2
1146.2
1146.6
1147.3
1146.0
1144.8
1148.9
1149.3
3610.4
3609.6
3609.6
3609.8
3606.9
3604.9
3606.3
3609.3
3604.7
3603.3
3613.7
3615.5
4279.3
4280.5
4282.0
4283.7
4286.2
4286.8
4288.3
4290.4
4287.3
4287.0
4293.0
4294.4
DEC,
5
12
19
26
1148.6
1148.5
1148.3
1147.9
1148.2
1149.3
1148.9
1148.2
1149.9
1149.0
1147.4
1146.6
3610.3
3610.4
3610.5
3610.9
3612.2
3614.6
3614.4
3615.2
3616.2
3612.9
3613.0
3618.7
4285.8
4287.6
4289.7
4291.6
4293.0
4296.2
4299.0
4302.3
4297.4
4299.9
4304.3
4307.5
2
9
16p
23p
1147.6
1147.6
1147.9
1147.9
1147,0
1147.2
1148.2
1148,7
1145.1
1149.5
1151.7
1148.6
3611.4
3612.5
3614.0
3615.6
3615.9
3618.5
3622.7
3625.4
3618.8
3623.4
3629.9
3629.5
4293.7
4295.9
4299.3
4302.9
4304.8
4307.6
4313.6
4320.2
4307.6
4310.9
4328.5
4333.9
1995-JAN.
*
Not seasonally adjusted
1994-OCT.
31
1145.6
1146.2
1134.2
3603.9
3604.5
3585.1
4270.1
4280.5
4268.8
NOV.
7
14
21
28
1145.8
1146.4
1147.6
1149.2
1146.4
1146.9
1151.8
1155.4
1159.4
1159.7
1153.8
1148.7
3604.0
3604.2
3605.8
3607.6
3604.1
3604.3
3612.5
3618.0
3619.5
3622.4
3622.8
3607.4
4272.2
4275.0
4278.3
4282.2
4283.8
4289.2
4298.1
4305.7
4304.7
4313.4
4305.3
4299.4
DEC.
5
12
19
26
1150.2
1150.9
1152.7
1156.3
1158.4
1161.2
1165.3
1170.7
1171.4
1170.7
1170.2
1170.3
3609.7
3610.9
3613.2
3617.4
3623.3
3627.5
3629.6
3634.8
3640.4
3639.5
3631.1
3628.0
4286.0
4289.6
4294.4
4300.5
4309.9
4315.4
4321.1
4326.2
4321.4
4335.3
4328.4
4319.8
2
9
16p
23p
1159.3
1161.9
1163.0
1163.6
1173.4
1178.8
1179,0
1172.1
1182.4
1192.3
1171.1
1142.5
3621.5
3625.2
3627.6
3629.8
3637.2
3644.9
3650.0
3647.9
3650.0
3670.4
3651.5
3619.5
4306.1
4310.9
4315.8
4320.4
4328.4
4332.9
4339.8
4342.1
4330.0
4353.2
4356.1
4328.9
1995-JAN.
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p
preliminary data.
Page 4
H.6(508)
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Date
1 9 9 3 -AUO.
SEP.
Currency1
Travelers checks2 Demand deposits3
Other checkable deposits
Nontransactions components
At commercial
banks4
At thrift
institutions*
Total
!nM2«
In M3 only7
312.3
315.4
7.8
7.8
370.4
374.4
295.9
297.7
106.8
109.4
404,
407,
2454.2
2454.4
656.2
655.1
OCT.
NOV.
DEC.
317.7
319.7
322.1
7.8
7.9
7.9
377.6
382.2
383.9
299.5
301.3
303.0
111.0
111.4
111.7
410.
412.
414,
2450.9
2454.4
2455.1
658.3
657.6
658.9
1994 -JAN.
FEB.
MAR.
325.4
328.9
332.0
8.0
6.0
8.0
386.9
388.6
388.6
300,3
299.0
299.7
112.0
112.6
112.6
412.3
411.6
412.5
2456.8
2449.2
2456.4
656.8
645.8
643.3
APR.
MAY
JUNE
334.5
337.3
340.0
8.1
8.1
8.2
388.1
385.6
386.3
299.1
300.5
301.0
112.9
112.0
111.5
412
412
412
2462.
2465,
2458,
645.
643.
651.
JULY
AUO.
SEP.
342.8
345.1
347.2
388.0
386.6
386.5
301.7
301.0
300.0
111.4
109.7
108.8
413.1
410.8
408.8
2464,
2462,
2461,
657,
658,
665,
OCT.
NOV.
DEC.
349.
353;
354.
384.4
382.3
382.0
298.0
297.9
297.8
107.3
105.9
105.1
405.3
403.8
402.9
2460.2
2462.3
2466.5
676.2
681.1
687.9
Week e n d i n a
1 9 9 4 -NOV. 2 8
DEC.
1995 -JAN.
353.7
8.5
363.2
298.1
105.7
403.8
2466.2
678.8
5
12
19
26
354.5
354.2
354.1
354.2
8.5
8.5
8.4
8.4
382.7
382.6
382.3
361.5
298.6
298.3
297.4
297.5
105.7
105.4
105.1
105.0
404.3
403.7
402.5
402.5
2466.2
2463.8
2465.6
2472.1
681.2
687.0
691.3
688.8
2
9
16p
23p
355.4
355.9
357.4
358.5
8.4
8.4
8.4
8.4
380.3
383.0
385.6
382.9
296.9
296.7
296.6
295.3
104.1
105.5
103.6
103.6
401.0
402.2
400.3
398.9
2473.7
2473.9
2478.2
2480.9
688.8
687.6
698.5
704.4
1.
2.
3.
e
6
e
Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of colfection and Federal Reserve float.
4. Consists of NOW 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), savings deposits (including money market deposit accounts)
and small time deposits. This sum is seasonally adjusted as a whole.
. . .
_,
• u *D D
\J
t
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 HKs ana
Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
Digitized for©FRASER
p
preliminary
estimated
PageS
H.6(508)
Table 4 - continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date
Small-denomination time deposits2
General
purpose and Institutionbroker/
only money
dealer
market funds
money
market funds
At
commercial
banks
At
thrift
institutions
Total
commercial
banks
At
thrift
institutions
1993-ACQ.
SEP.
775.0
777.3
429.9
429.7
1204.9
1206.9
479.2
476.4
328.3
325.1
807.5
801.5
354.4
355.4
OCT.
NOV.
DSC.
778.1
782.4
785.8
429.8
429.0
429.8
1207.9
1211.5
1215.7
473.2
469.6
468.6
322.6
320.7
316.5
795.8
790.3
785.1
791,
792,
791.
429.8
429.1
430.5
1221.
1221,
1222,
465,
464,
463
313.8
310.5
308.9
APR.
HAY
JUNE
788,
784,
780,
431.1
430.2
426.8
1220.0
1214.8
1206.8
462
464
467
JULY
AUG.
SEP.
778.0
775.7
772.8
423
417.
410,
1201,
1192,
1183,
OCT.
NOV.
DEC.
765.5
759.4
752.6
405.
398.
391,
1994-JAN.
FEB.
MAR.
Large-denomination time deposits3
thrift
institutions
194.4
195.0
274.5
272.5
63.5
63.4
330.0
335.9
355.2
358.2
360.1
196.3
196.4
198.1
272.8
270.2
271.2
63.5
63.2
61.6
336.3
333.5
332.7
779,
775,
772,
361.2
359.5
361.9
194.6
182.1
183.8
273.4
270.1
268.8
61.7
61.7
61.4
335.1
331.8
330.3
307.9
306.2
305.5
770.1
770.8
772.9
370,
373.
370,
183,
177,
177,
268,
272,
274.
61.8
60,
61,
329.8
332.4
335.0
469.
476,
481.
305.5
304.7
305.4
775.
780.
786,
375.8
376.2
376.6
178,
177.
176,
276.3
279.8
284.6
61,
61,
62,
338.
341.
347.
1171,
1158,
1144,
487.
494.
502,
308.4
313.0
314.3
796.1
807.0
816.9
379,
384,
389,
180.8
180.5
180.8
289,
294,
299,
63,
63.
64,
353.0
358.8
363.6v
W99k enfling
3.
4.
p
Total
1994-NOV.
28
757.8
397.6
1155.5
495.2
314.3
809.4
385.9
175,4
296.1
63.9
360.1
DEC
5
12
19
26
755.7
754.0
753.0
751.8
395.5
392.7
391.8
390.4
1151.2
1146.7
1144.8
1142.2
497.6
500.1
502.9
505.2
314.3
314.4
314.0
314.1
811.9
814.6
816.9
819.3
387.2
389.4
389.5
390.8
176.1
181.5
181.1
181.1
297.1
299.3
300.7
300.1
64.0
63.8
64.0
64.4
361.2
363.2
364.7
364.5
2
9
16p
23p
747.9
746.8
745.9
743.7
389.5
387.5
386.2
385.2
1137.4
1134.4
1132,1
1128.9
506.2
508.3
512.0
514.9
315.4
317.2
318.9
321.0
821.6
825.5
830.9
835.9
391.2
391.9
393.4
392.9
183.5
186.7
187.6
185.9
296.8
293.9
295.7
299.5
65.6
65.7
65.9
66.1
362.
359.
361.
365.
1995-JAN.
1.
2.
Bt
At
commercial
banks4
Total
Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
preliminary
Page 6
H.6(508)
Table 4 - continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AI.3 Df
T
Billions of dollars, seasonally adjusted
1993-AUQ.
SEP.
168.3
169.3
Short-term Treasury
securities1
341.4
331.7
OCT.
NOV,
DEC.
170.1
170.9
171.5
328.1
328.4
334.2
16.2
15.5
14.9
381.,8
382,.6
387,,1
3269.7
3295.5
3328.0
8941.6
6972.9
9007.4
1994-JAN.
FEB.
MAR.
172.5
173.2
173.9
340.9
341.8
345.1
14.8
14.9
15.5
391,.4
401,.2
390,.8
3338.3
3355.1
3379.6
9041.3
9075.3
9116.4
APR.
MAY
JUNE
174.8
175.7
176.7
354.
357,
349.
14,
11,
10.8
387,.1
392 .6
392 .7
3390.
3402,
3416,
9164.
9211.
9239,
JULY
AUG.
SEP.
177,
178,
179,
353,
356,
348.
10,
11,
11,
392 .8
387 .7
391 .7
3419,
3436.
3454,
9264,
9312,
9355,
OCT.
NOV. p
179,
179,
352,
359,
11.
10,
404 .2
404 .0
3469,
3494,
9388,
9427
Savings bonds
1.
Debt components4
Non-M3 Components of L
Date
Bankers acceptances2
16.6
16.3
380. 4
378, 9
3247,9
3267.5
8873.8
8907.4
Commercial paper3
Federal debt
Non-Federal debt
2.
3.
4.
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 tunas.
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.
p
preliminary
Page 7
H.6(508)
Tables
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1
Date
At thrift
institutions5
Total
lnM2«
In M3 only7
Overnight
RPs*
Overnight
Eurodollars*
8.4
8.2
367.2
372.4
292.2
295.1
108.1
108.8
400.2
404.0
2453.7
2449.1
657.9
653.5
67.5
70.7
19.2
19.3
OCT.
NOV.
DEC.
317.3
319.8
324.6
8.0
7.7
7.6
380.5
390.2
401.8
295.6
299.6
306.2
110.7
112.3
113.2
406.4
411.9
419.4
2449.2
2454.7
2452.5
655.9
662.5
660.1
72.4
73.3
74.5
21.6
21.7
22.1
1994 -JAN.
FEB.
MAR.
324.0
327.3
330.6
392.0
379.5
379.6
306.6
299.6
301.6
112.1
110.3
112.0
418.6
409.8
413.5
2453.5
2449.2
2464.8
659.2
648.6
642.1
76.0
73.8
77.1
22.1
21.2
23.0
APR.
MAY
JUNE
334,
337,
340.
389,
377,
382,
306.4
298.1
299.5
115,
111,
111,
421.4
409.7
411.2
2470.0
2463.1
2458.2
641,
645,
650,
77,
78,
80,
21.
24.
26.
JULY
AUO.
SEP.
344,
345,
347,
387.
383,
384,
298.4
297.2
297.4
111,
109,
108,
410.0
406.2
405.6
2464.6
2461.8
2455.3
652.8
659.9
663.8
80,
82,
84,
30.
30,
29.
OCT.
NOV,
DEC,
349.
353,
357,
387.8
390.7
400.1
294.1
296.1
300.8
107,
106,
106.8
401.4
403.1
407.6
2458.1
2462.9
2464.4
674,
687,
690,
83.6
83.4
84.6
31.
30.
33.
1995 -JAN.
4.
5.
6.
deposits
At commercial
banks4
3
312.8
314.7
DEC.
1.
Nontransactions components
Other checkable deposits
Demand
1993 -AUO,
SEP.
Week endintr
1994 -NOV, 28
2.
3.
Travelers
checks2
8.8
8.9
8.8
353.9
8.2
389.3
292.7
104.6
397.3
2458.6
692.0
79.7
30.2
5
12
19
26
354,
356,
357,
361,
8.2
8.1
8.1
8.1
398.1
397.1
399.4
397.6
301.2
301.3
299.8
299.0
109.5
108.1
105.8
104.5
410.7
409.4
405.7
403.5
2469.0
2468.8
2460.9
2457.8
681.0
695.8
697.2
691.8
86.5
82.4
82.8
82.7
31.8
31.5
30.6
34.3
2
9
16p
23p
357,
357.
356.
355.
8.1
8.1 e
8.1 e
8.1 e
409.0
405.8
394.8
378.4
301,
312,
306,
298.8
106.2
109.1
105.7
102.1
407.5
421.4
411.9
400.9
2467.6
2478.1
2480.3
2477.1
680.0
682.8
704.7
709.4
90.8
92.3
88.9
87.0
39.5
37.8
36.1
38.0
Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time
deoosits
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 all depository institutions to other than depository institutions and money market mutual funds (general purpose and
broker/dealer).
9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository Institutions and money market mutual funds (general purpose and broker/dealer).
Paged
H.6(508)
Table 5 - continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
Date
At
commercial
banks
At
thrift
institutions
1993-AUG.
SEP.
776.2
776.9
430.5
429.5
OCT.
NOV.
DEC.
778.0
784.4
784.3
1994-JAN.
FEB.
MAR.
p
At
thrift
institutions
Total
193.3
191.0
275.9
273.5
63.8
63.6
339.7
337.2
350.6
355.4
358.3
193.0
198.0
200.0
273.1
271.3
270.8
63.6
63.5
61.5
336.7
334.8
332.3
780.2
775.2
771.6
361.6
364.1
370.3
200.5
191.0
185.7
271.9
268.8
267.3
61.3
61.4
61.1
333.2
330.2
328.4
307.5
305.5
305.2
769.3
769.2
772.1
378.3
375.4
368.7
181.8
176.8
172.5
266.3
274.1
275.3
61.4
60.9
61.3
327.7
335.0
336.6
470.5
476.5
481.7
305.9
. 305.0
305.8
776.4
781.5
787.5
373.1
373.4
370.6
173.8
176.2
172.6
275.3
281.1
285.7
61.7
61.9
62.9
337.0
343.1
348.7
1171.3
1161.3
1142.6
488.3
493.7
502.1
308.8
312.8
314.1
797.1
806.5
816.2
374.1
380.8
387.7
178.1
182.5
183.1
289.9
296.3
29B.9
63.8
64.2
64.2
353.7
360.5
363.2
397.4
1154.7
494.8
314,0
808.8
385.2
179.9
298.0
64.4
362.4
757.4
756.6
751.4
747.0
396.4
394.0
390.9
387.9
1153.8
1150.6
1142.3
1134.8
497.3
499.8
502.2
504.5
314.1
314.2
313.6
313.7
811.5
814.1
815.8
818.1
385.4
390.3
389.4
387.8
177.4
184.7
184.1
183.5
298.4
301.0
300.8
298.9
64.3
64.2
64.0
64.2
362.7
365.2
364.8
363.0
744.0
746.8
743.5
736.8
387.5
387.5
385.0
381.6
1131.5
1134.3
1128.4
1118.5
506.2
509.0
512.6
515.2
315.4
317.6
319.3
321.2
821.6
826.6
831.9
836.4
384.2
387.0
395.0
397.2
184.2
185.5
194.3
194.5
293.0
292.2
295.0
298.7
64.8
65.3
65.7
65.9
357.7
357.5
360.7
364.6
" '
Total
1206.7
1206.4
479.8
477.0
328.6
325.6
808.4
802.5
351.8
350.2
429.8
430.1
429.0
1207.8
1214.5
1213.2
473.9
469.3
468.2
323.0
320.5
316.2
796.9
789.9
784.4
786.3
788.2
791.9
427.1
426.7
430.8
1213.5
1214.9
1222.7
466.2
464.6
462.9
314.1
310.6
308.8
APR.
MAY
JUNE
791.1
785.3
782.3
432.3
430.6
428.1
1223.4
1215.9
1210.4
461.8
463.7
467.0
JULY
AUG.
SEP.
780.0
777.0
772.7
424.3
417.7
410.8
1204.3
1194.6
1183.6
OCT.
NOV.
DEC.
765.5
761.6
751.4
405.8
399.7
391.2
757.4
5
12
19
26
2
9
16p
23p
1995-JAN.
Large-denomination time deposits3
commercial
banks4
At
thrift
institutions
DEC.
3.
4.
General
purpose and
Institutionbroker/
only money
dealer
market
funds
money
market funds
Jt
commercial
banks
Week e n d i n c r
1994-NOV. 28
1.
2.
Small-denomination time deposits2
Total
Savings deposits include money market deposit accounts.
. ,„
.
. ,
i M I „ .
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
,
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary
Page 9
H.6(508)
Table 5 - continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
Date
Term
Eurodollars2
Short-term
Treasury
secunties3
Commercial
paper*
At commercial
banks
At thrift
institutions
Total
1993-AUG.
SEP.
73.0
72.1
25.6
26.0
98.5
98.1
45.0
45.4
167.8
168.7
342.4
326.0
16.3
15.9
374.6
380.2
3229.4
3251.9
8842.9
8682.2
OCT.
NOV.
DEC
71.1
70.5
71.5
25.4
25.9
26.0
96.5
96.3
97.6
44.8
48.1
46.5
169.6
170.6
171.4
321.8
332.5
342.6
16.3
15.7
15.3
385.2
385.6
389.3
3249.4
3287.0
3329.5
8923.5
8954.3
8998.1
1994-JAN.
FEB.
MAR.
66.9
64.7
68.2
26.6
27.5
27.2
93.5
92.2
95.4
45.5
47.9
46.2
172.6
173.7
174.6
345.3
342.9
348.6
15.6
15.5
15.2
398.9
402.0
389.7
3333.0
3345.4
3374.5
9039.0
9056.2
9082.0
APR.
MAY
JUNE
71.3
69.0
72.0
27.6
29.1
30.6
98.9
98.0
102.6
46.5
47,7
50.3
175.4
176.2
176.9
352.8
355.6
346.2
13.7
11.4
10.6
387.3
385.0
390.9
3376.8
3379.7
3394.5
9121.5
9166.1
9214.0
JOLY
AUO.
SEP.
71.0
68.3
68.7
32.3
33.1
33.7
103.3
101,4
102.5
51.1
51,5
52.2
177.4
177.9
178.4
351.0
358.5
341.6
10.8
11.1
11.6
389.5
382.0
393.0
3393.9
3418.4
3438.4
9249.1
9282.5
9327.3
OCT.
NOV.
DEC
67.5
67.7
67.5
34.7
35.1
36.8
102.3
102.8
104.3
53.1
54.9
52.7
179.0
179.7
72.3
34.5
106.8
55.7
5
12
19
26
66.5
70.1
70.4
66.2
35.5
35.7
37.3
38.2
102.0
105.8
107.7
104.4
51.6
52.3
53.1
53.7
2
9
16p
23p
62.5
63.8
70.6
71.1
36.9
38.0
37.7
38.1
99.4
101.8
108.3
109.3
52.5
51.5
54.2
54.8
Weelc e n d i n g
1994-NOV. 28
DEC.
1995-JAN.
4.
5.
6.
Debt components1
Non-M3 Components of L
Savings bonds
p
344.3
362.9
p
Bankers
acceptances 4
11.8
11.0
p
408.6
408.0
p
Federal debt
3448.7
3485.3
p
Non-Federal
debt
9368.6
9407.3
pH
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.
p
preliminary
Page 10
H.6{508)
Table 6
MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
U.S. government deposits
At
commercial
banks
29.5
37.9
3.1
2.8
146.1
145.8
117.4
116.9
47.4
47,5
310.9
310.2
12.6
8.8
16.2
23.1
18.4
28.1
2.6
2.7
2.6
145.2
144.6
144.2
116.1
115.3
114.6
48.1
49.1
49.8
309.4
309.0
308.6
7.3
6.3
5.2
25.2
27.9
15.7
38.3
38.4
25.1
2.1
2.6
2.4
143.9
143.6
142.6
114.0 e
113.4 e
112.9 e
48.6
48.6
51.8
e
e
e
306.5
305.6
307.3
•
e
e
7.1
4.2
5.3
5.6
5.9
5.9
20.8
24.3
18.4
33.5
34.4
29.6
2.1
3.1
2.9
142.2
142.2
142.3
112.6 e
112.2 e
111.5 e
54.8
56.4
56.8
e
e
e
309.6
310.9
310.6
•
e
e
13.4
14.0
14.6
4.8
3.9
5.8
5.4
5.1
6.0
11.3
10.1
16.9
21.5
19.0
28.8
2.7
2.9
2.5
142.6
142.6
142.7
111.7 e
111.7 e
111.6 e
56.2
56.9
57.5
e
e
e
310.5
311.2
311.8
e
e
e
1.6
1.8
1.6
14.9
15.0
15.0
4.3
3.9
5.7
5.6
5.2
6.2
12.1
9.8
13.4
22.0
18.9
25.3
2.2
2.0
1.3
142.7
142.9
143.2
111.7 e
111.7 e
111.6 e
58.1 •
58.5 o
59.0 e
312.5
313.1
313.7
•
e
e
8.7
2.3
15.0
3.9
5.1
7.9
16.9
1.8
5
12
19
26
9.1
8.2
8.4
8.1
1.6
1.6
1.4
1.7
15.0
15.0
15.0
15.0
4.5
3.7
9.4
4.5
4.6
5.8
5.8
7.2
9.7
2.0
22.8
15.7
18.7
11.5
38.0
27.4
1.9
0.7
0.7
1.7
2
9
16p
23p
8.5
7.6
8.3
8.4
1.7
1.6
1.5
1.5
15.0
15.0
15.0
15.0
6.4
4.8
4.7
6.3
7.4
7.3
6.8
5.9
16.8
13.9
17.8
19.8
30.6
26.0
29.4
32.0
1.7
0.8
0.8
0.8
Balance
at
Federal
Reserve
11.2
10.8
3.8
5.5
5.7
9.3
20.0
23.2
1.6
1.8
1.6
10.7
10.8
10.9
4.5
4.1
5.2
5.9
5.6
6.7
8.5
8.4
8.1
1.6
1.5
1.6
11.3
11.9
12.5
5.8
4.2
4.3
APR.
MAY
JUNE
8.6
8.1
8.2
1.5
1.5
1.5
12.9
13.0
13.1
JULY
AUO.
SBP.
8.3
7.7
8.1
1.5
1.5
1.5
OCT.
NOV.
DBC.
8.0
8.2
8.4
Foreign
commercial
banks
Foreign
official
institutions
1993-AUQ,
SEP.
8.1
8.5
1.6
1.5
OCT.
NOV.
DBC.
8.3
8.2
9.1
1994-JAN.
FBB.
MAR.
Week e n d i n g
1994-NOV. 28
DBC.
1995-JAN.
IRA and Keogh Accounts
Time and
savinas
deposits at
commercial
banks
Demand
deposits at
commercial
banks
Date
e
p
Time and
savings
deposits
due to
foreign
banks and
official
institutions
estimated
preliminary
Note
balances at
depository
institutions
Total
cash
balance
At
thrift
institutions
At
money
market
funds
Total
Appendix Table 1
Monthly Seasonal Factors Used to Construct Ml, M2 and M3
1 Nonbank
1 travelers 1 Demand
I Currency 1 checks
1 deposits
1
1
1
I
1
1
I
I
1
1
1
1
1
1
1
1
1
1
f
1
1
1
1
I
0.9956
0.9950
0.9956
0.9994
0.9997
1.0013
1.0055
1.0015
0.9994
0.9988
1.0008
1.0088
1995--Jan.
Feb. I
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
0.9951
0.9951
0.9968
0.9995
0.9993
1.0021
1.0052
1.0019
1.0002
0.9984
1.0016
1.0095
1996--Jan. 1
Feb. 1
Mar. I
0.9948 I
0.9945 |
0.9969 |
1994--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1.
2
0.9647
0.9625
0.9632
0.9589
0.9733
1.0192
1.0647
1.0735
1.0538
1.0212
0.9801
I 0.9655
I
0.9652
0.9620
0.9627
0.9591
0.9736
1.0192
1.0645
1.0735
1.0533
1.0207
0.9808
0.9658
0.9654
0.9617
0.9624
1
3
t
1
1
1
1
f
1
1
1.0132
0.9765
0.9769
1.0027
0.9797
0.9898
0.9982
0.9911
0.9952
1.0088
1 1.0219
1 1.0473
1
1.0138
0.9763
0.9760
1.0020
0.9796
0.9892
0.9980
0.9910
0.9958
1.0091
1.0223
1.0479
1
I
1
1.0139
0.9759
0.9755
i
Other
1
1 checkable deposits
1 Nontransactions components |
1
total
1 at banks
1
in M2
1
4
1
i
6
I
1
1
I
i
1
I
1
I
1
1
1
1.0155
0.9956
1.0026
1.0228
0.9932
0.9966
0.9927
0.9889
0.9921
0.9902
0.9982
1.0117
I
I
1
I
1
1.0161
0.9956
1.0022
1.0223
0.9932
0.9964
0.9929
0.9888
0.9922
0.9903
0.9982
1.0119
1
1
1.0163
0.9954
1.0021
5
1.0211
1.0020
1.0062
1.0243
0.9921
I 0.9950
I 0.9890
1 0.9874
0.9914
0.9869
0.9941
1.0102
1
1.0212
1.0019
1.0064
1.0241
0.9923
0.9950
0.9895
0.9874
0.9915
0.9867
0.9939
1.0101
i
1
j
1.0212
1.0018
1.0065
1
1
1
1
i
1
I
t
1 in M3 only I
I
0.9987
1.0000
1.0034
1.0030
0.9992
1.0000
1.0001
0.9997
0.9977
0.9991
1.0002
0.9991
1
7
|
1.0037
1.0042
0.9982
0.9941
1.0029
0.9976
0.9922
1.0015
0.9972
0.9972
1.0089
1.0037
|
|
|
|
|
I
I
|
f
I
|
|
I
1
i
1
|
1
1
1
1
1
1
I
1
|
|
I
1
|
0.9987
0.9997
1.0032
1.0030
0.9994
1.0000
1.0002
0.9998
0.9977
.0.9990
1.0002
0.9992
I
1
I
1
I
1
1
1
1.0045
1.0034
0.9970
0.9937
1.0028
0.9975
0.9920
1.0009
0.9969
0.9979
1.0094
1.0043
,
1
I
0.9988
0.9995
1.0030
!
1
1
1.0051
1.0030
0.9962
Seasonally adjusted other checkable deposits at thrifts are derived as the difference between
total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.
Appendix Table 2
Monthly Seasonal Factors for Selected Components of the Monetary Aggregates
1
Deposits
Savings I
and
MMDAs I
1
1
Small 1
denomination
time
2
1
1
Large
denomination
time
Money nlarket
mutual funds
|
|
in M2 i in M3 only!
3
4
1
5
|
1994—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. t
Sept.
Oct.
Nov. 1
Dec. 1
0.9937
0.9943
1.0005
1.0028
1.0009
1.0030
1.0026
1.0017
0.9999
1.0001
1.0028
0.9984
1.0010
1.0003
0.9995
0.9988
0.9979
0.9990
1.0013
1.0011
1.0011
1.0012
0.9994
0.9991
0.9943
0.9952
0.9942
0.9935
1.0077
1.0049
0.9963
1.0046
1.0039
1.0020
1.0049
0.9990
1.0013
1.0129
1.0232
1.0213
1.0051
0.9946
0.9927
0.9925
0.9839
0.9852
0.9913
0.9951
1.0307
1.0491
1.0106
0.9925
0.9963
0.9699
0.9729
0.9936
0.9789
0.9849
1.0112
1.0127
1995—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1
1
f
1
I
1
I
1
1
I
f
1
0.9938
0.9939
1.0001
1.0025
1.0008
1.0029
1.0025
1.0018
1.0002
1.0002
1.0030
0.9986
1.0009
1.0003
0.9996
0.9989 I
0.9981 I
0.9992 I
1.0013 I
1.0010 I
1.0009 I
1.0011 I
0.9994 t
0.9990 I
0.9954
0.9950
0.9933
0.9931
1.0078
1.0046
0.9958
1.0044
1.0038
1.0025
1.0053
0.9990
1
1
1.0018
1.0123
1.0228
1.0220
1.0063
0.9947
0.9929
0.9926
0.9834
0.9844
0.9910 1
0.9951
1.0325 1
1.0465 I
1.0096 |
0.9918 1
0.9951 I
0.9690 1
0.9730 1
0.9927 1
0.9786 |
0.9865 1
1.0121 1
1.0138 1
1996—Jan.
Feb.
Mar.
1
1
1
0.9938
0.9935
0.9998
1.0009 i
1.0005 I
0.9997 I
0.9960 !
0.9951 1
0.9928 1
1.0025
1.0118 I
1.0227 I
1.0339 I
1.0450 1
1.0088 1
1.
1
1
I
\
1
I
1
1
1
I
1
I
These seasonal factors are applied to deposits data at both
commercial banks and thrift institutions.
1
1
1
1
1
I
1
1
1
I
1
1
Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
Week ending
1
I Nonbank
1 travelers 1 Demand
Currency 1 checks
I deposits
I
1
Other
1
checkable deposits
f
total
1 Nontransactions components 1
1 at banks
1
in M2
1
1
!
6
1
1
1
[
1
1
1
2
1
3
1
4
1994--Dec. 5
12
19
26
1
1
I
1
0.9998
1.0053
1.0082
1.0195
1
1
1
1
0.9619
0.9637
0.9655
0.9673
1
1
1
t
1.0404
1.0377
1.0447
1.0422
1
1
1
1
1.0158
1.0141
1.0078
1.0024
! 1.0087
1 1.0100
1 1.0081
1 1.0049
1
1
1
1
1.0011
1.0020
0.9981
0.9942
1995--Jan. 2
9
16
23
30
1
1
1
1
1
1.0065
1.0034
0.9972
0.9906
0.9855
1
{
1
1
1
0.9691
0.9678
0.9660
0.9642
0.9624
1 1.0753
! 1.0596
1 1.0237
1 0.9883
1 0.9687
1
1
1
1
1
1.0163
1.0476
1.0289
1.0049
0.9811
1
1
1
I
1
1
1
Feb. 6
13
20
27
1
1
0.9941
0.9972
0.9963
0.9920
1 0.9615
1 0.9618
1 0.9621
I 0.9625
1
1
1
I
1
t
1
1
1.0104
0.9999
0.9892
0.9822
0.9994
0.9997
0.9966
0.9928
1
f
Mar. 6
13
20
27
1
1
Apr. 3
10
17
24
May
1.
1
8
15
22
29
1
1
I
1
I
0.9879
0.9792
0.9743
0.9634
5
in M3 only 1
7
0.9996
1.0128
1.0085
1.0043
I
I
|
|
0.9976
1.0017
1.0008
0.9985
0.9969
0.9873
0.9930
1.0088
1.0071
1.0137
1
1
1
|
|
1.0144
1.0038
f 0.9971
0.9912
0.9984
0.9999
1.0002
0.9998
1.0034
1.0073
1.0019
1.0023
1
|
I
I
1
|
I
1
1.0151
1.0523
1.0321
1.0118
0.9897
1
0.9627
0.9627
0.9627
0.9628
0.9893
0.9834
1 0.9708
0.9530
1.0144
1.0101
0.9991
0.9864
1.0228
1.0123
1.0031
0.9919
1.0018
1.0038
1.0029
1.0027
1
0.9941
1.0005
1.0007
0.9972
0.9965
1.0062
1.0027
0.9952
0.9628
0.9611
0.9594
0.9577
0.9979
1.0104
1.0200
0.9867
1.0084
1.0380
1.0407
1.0184
1.0072
1.0334
1.0392
1.0285
1
1.0052
1.0080
1.0050
0.9996
1
1
1
0.9884
0.9915
0.9968
0.9941
I
[
I
1
0.9929
1.0045 1
0.9998 |
0.9971 1
0.9981 1
0.9561
0.9611
0.9689
0.9767
0.9845
0.9950
1.0067
0.9946
0.9864
0.9794
]
I
|
1
1
0.9976
0.9984
0.9997
0.9998
0.9994
1
1
1
1
1
0.9947
0.9993
1.0012
1.0034
1.0088
I
|
1
j
|
1
1
!
1
0.9873
0.9888
0.9905
0.9712
0.9618
1
1
1
1
1
0.9892
1.0091
0.9978
0.9869
0.9774
1
|
I
1
1
Seasonally adjusted other checkable deposits at thrifts are derived as the difference between
total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.
I
Appendix Table 3 (continued)
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
1 Nonbank
travelers
1 Currency
checks
Week ending
Other
1 1
checkable deposits I Nontransactions components 1
Demand
deposits
total
1
2
3
1995--June 5
12
19
26
1.0029
1.0056
1.0012
0.9966
0.9938
1.0070
1.0201
1.0331
1.0029
0.9962
0.9868
0.9637
1.0143
1.0109
0.9986
0.9707
July 3
10
17
24
31
1.0047
1.0132
1.0061
1.0021
0.9979
1.0461
1.0543
1.0624
1.0706
1.0787
1.0103
1.0218
1.0077
0.9757
0.9783
Aug. 7
14
21
28 1
1.0086
1.0050
1.0012
0.9948
1.0800
1.0762
1.0725
1.0688
Sep. 4
11
18
25
1
i
I
1
1.0040
1.0052
0.9995
0.9958
Oct. 2
9
16
23
30
1
1
1
I
1
Nov. 6
13
20
!
1.
1
4
I at banks 1
1
5
j
in M2
1
6
1
1.0112
1.0072
0.9974
0.9728
1.0017
1.0038
0.9994
0.9971
0.9900
1.0163
0.9968
0.9795
0.9766
0.9879
1.0100
0.9924
0.9773
0.9754
1.0030
1.0012
0.9889
0.9692
1.0083
0.9944
0.9838
0.9701
1.0004
0.9914
0.9836
0.9743
1.0648
1.0593
1.0537
1.0481
0.9986
1.0153
1.0012
0.9656
0.9989
1.0148
0.9983
0.9682
0.9994
1.0115
0.9979
0.9686
0.9940
1.0067
1.0001
0.9961
0.9917
1.0425
1.0338
1.0246
1.0153
1.0061
1.0008
1.0161
1.0268
0.9979
0.9945
0.9751
1.0078
0.9981
0.9826
0.9728
1.0022
1.0036
1.0005
0.9970
0.9879
0.9789
1.0215
t 1.0244
1 1.0238
i
1
1.0119
1.0043
0.9959
|
1
I
in M3 only 1
7
1
1.0016
1.0046
0.9992
0.9932
1
t
1
1
0.9978
1.0021
1.0014
0.9991
0.9991
0.9849
0.9867
0.9919
0.9959
0.9967
I
1
1
1
1
0.9999
1.0008
1.0004
0.9985
0.9982
1.0015
1.0003
1.0046
1
1
1
1
0.9987
1.0010
0.9972
0.9949
I
0.9987
1.0020
1.0012
0.9957
1
1
1
I
|
[
0.9751
1.0002
0.9927
1 0.9802
1 0.9738
1
1
1
1
0.9967
1.0007
1.0008
0.9984
0,9969
I
1
1
I
0.9843
0.9958
0.9942
1.0005
1.0038
1
1
1
1
I
1 1.0059
1 0.9994
t 0.9927
1
I
I
1.0001
1.0010
1.0013
t
1
I
1.0048
1.0117
1.0054
1
1
1
Seasonally adjusted other checkable deposits at thrifts are derived as the difference between
total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.
Appendix Table 3 (continued)
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
Week ending
1 Nonbank
I travelers 1 Demand
1 Currency 1 checks
1 deposits
I
Other
1
1 checkable deposits
1 Nontransactions components |
1
total
1 at banks
1
in M2
1
1
6
1
1
in M3 only
|
1
2
1
3
1
4
1
5
1
1.0155
I
0.9814
I
0.9792
1
0.9977
1
1.0178
|
j
I
j
1
1.0040
1.0131
1.0065
1.0041
1
1
1
1.0019
1.0031
0.9998
0.9956.
1
1
1
1
1.0034
1.0110
1.0101
1.0034
|
f
|
|
7
|
1995--Nov.27
1
1.0022
1
0.9698
1
Dec. 4
11
18
25
[
1
1
1
1.0019
1.0076
1.0077
1.0165
1
1
1
1
0.9623
0.9639
0.9656
0.9672
1 1.0370
! 1.0371
1 1.0417
1 1.0410
! 1.0118
f 1.0177
1.0079
1.0039
1.0074
1.0037
0.9982
0.9919
0.9862
0.9689
0.9681
0.9664
0.9647
0.9630
1.0798
1.0656
1.0319
0.9932
0.9643
1.0128
1.0520
1.0311
1.0085
0.9808
1.0154
1.0527
1.0346
1.0153
0.9890
0.9965
1.0009
1.0007
0.9981
0.9962
0.9915
0.9966
1.0069
1.0072
1.0116
|
|
|
|
|
Feb. 5
12
19
26
0.9938
0.9976
0.9962
0.9905
0.9618
0.9617
0.9617
0.9616
0.9893
0.9790
0.9775
0.9603
|
1.0062
1.0026
0.9916
0.9816
1.0138
1.0052
0.9972
0.9889
1
1
0.9978
0.9993
0.9997
0.9997
i
1.0050
1.0085
1.0024
0.9985
|
|
|
|
Mar. 4
11
18 1
25 1
0.9951
0.9994 1
0.9970 1
0.9943 1
0.9616
0.9620
0.9623
0.9627
1
I
|
0.9798
0.9813
0.9753
0.9528
I
f
|
1.0076
1.0121
0.9984
0.9871
1
I
i
1.0188
1.0158
1.0024
0.9931
1
I
I
1.0018
1.0046
1.0027
1.0021
1
1
1
0.9990
0.9986
0.9989
0.9962
|
|
|
|
Apr. 1 1
0.9946 1
0.9630
1
0.9902
j
1.0009
1
1.0019
1
1.0035
I
0.9885
|
1996—Jan. 1
8
15
22
29
1.
1
1
Seasonally adjusted other checkable deposits at thrifts are derived as the difference between
total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.
Appendix Table 4
Weekly Seasonal Factors For Selected Components of the Monetary Aggregates
1
Deposits
1
I
1
1
1
1
Week ending 1
!
1994--Dec. 5 I
12 1
19 1
261
Savings i
and
1
MMDAs I
1
1
1
1
Small
denomination
time
f
1
1
|
Large
denomination
time
1
1
1
I
2
1
3
1
1.0023
1.0034
0.9978
0.9936
0.9995
0.9994
0..9986
0.9985
0.9948
0.9999
0.9968
0.9908
0.9870
1.0000
1.0014
1.0012
1.0007
1.0004
0.9930
Feb. 6|
13 1 .0.9957
0.9938
201
0.9925
27|
1
I
I
!
1.0042
1.0056
1.0005
0.9959
Money m arket
mutual funds
in M2
I
I
t
I
4
1 in M3 only
1
5
0.9955
1.0022
0.9996
0.9925
[
1
i
1
1.0073
1.0180
1.0167
1.0133
0.9869
0.9943
0.9976
0.9973
0.9943
0.9819
0.9876
1.0041
1.0110
1.0093
1
1
1
1
1
1.0040
0.9940
1.0355
1.0459
1.0605
1,0010
1.0007
1.0002
0.9996
0.9950
0.9967
0.9947
0.9938
1.0076
1.0110
1.0120
1.0167
1
t
1
1
1.0492
1.0572
1.0420
1.0411
0.9971
1.0006
0.9997
0.9987
1.0000
0.9998
0.9994
0.9994
0.9939
0.9956
0.9935
0.9922
1.0199
1.0242
1.0258
1.0240
1
1
1
1
1.0245
1.0190
1.0105
0.9993
1.0066
1.0126
1.0053 1
0.9949
0.9997
0.9996
0.9989 I
0.9981 I
0.9900
0.9925 I
0.9907 1
0.9939 [
1.0175
1.0251
1.0270
1.0234
I
1
I
I
0.9872
0.9906
1.0006
0.9865 '
0.9944
1.0003
1.0025
1.0005
0.9994
0.9985
0.9983
0.9981
0.9979
0.9980
0.9974
1.0029
1.0052
1.0073
1.0164
I
t
I
1
I
1.0131
1.0092
1.0043
1.0075
1.0054
1
I
I
1
I
0.9912
^0.9936
0.9952
1.0077
0.9896
i
1995--Jan. 2 1
91
161
23 1
301
f
i
I
Mar. 61
13 1
201
27 1
i
1
Apr. 3 f
101
17 1
241
May
1
1!
81
15 1
22 1
291
1
1
1
1
I
I
I
I
f
1. These seasonal factors are applied to deposits data
commercial banks and thrift institutions.
at both
Appendix Table 4
(continued)
Weekly Seasonal Factors For Selected Components of the Monetary Aggregates
1
Week ending 1
Savings
and
MMDAs
1
f
1
1
Small
denomination
time
1
1
[
1
1
1
2
1
1
Large 1
denomi- [
nation
time
1
3
1
M o n e y m<arket
m u t u a l funds
in M 2
4
I
|
1 in M 3 only I
1
5
I
1.0057 i
1.0079 1
1.0021 1
0.9977 1
0.9984
0.9988
0.9989
0.9995
1
1
1
1
1.0113
1.0120
1.0056
0.9988
0.9997 1
1.0011 1
0.9970 1
0.9900 1
0.9771
0.9759
0.9715
0.9621
I
I
I
1
1.0013
1.0065 1
1.0049 1
1.0004
0.9989 t
1.0010
1.0015 t
1.0015
1.0013
1.0010
0.9918
0.9930
0.9949
0.9972
0.9997
0.9817
0.9925
0.9960
0.9949
0.9931
0.9542
0.9637
0.9696
0.9811
0.9856
1
1
1
I
1
211
281
1.0043
1.0041
1.0005
0.9980
1.0015
1.0013
1.0008
1.0004
0.9997
1.0038
1.0043
1.0089
0.9927
0.9930
0.9947
0.9942
0.9856
0.9949
0.9938
1.0019
I
1
I
I
41
111
181
251
1.0027
1.0057
1.0005
0.9956 |
1.0011
1.0011 1
1.0006 I
1.0004 I
1.0057
1.0083 1
1.0046 1
1.0013 i
0.9830
0.9855
0.9858 |
0.9827 |
0.9805
0.9871
0.9833
0.9734
I
1
1
f
0.9964
1.0034
1.0032
0.9985
0.9964
1.0015
1.0028
1.0017
1.0006
0.9996
0.9982
1.0039
1.0015
1.0021
1.0034
0.9785
0.9854
0.9856
0.9843
0.9843
0.9657
0.9777
0.9804
0.9890
1.0025
1
I
I
1
1
1995--June 5 1
12 1
19 1
261
July 3
10
17
24
I
1
1
1
311
Aug. 71
14 1
Sep.
1
Deposits
O c t . 21
91
161
23 1
301
N o v . 61
13 1
201
I
|
I
!
I
1.0031 I
1.0049 |
1.0028 I
1
1
I
I
1
0.9997 1
0.9997 1
0.9992 1
1
1
1
1
1
1.0048 1
1.0064 1
1.0041 1
i
[
I
|
I
0.9829 |
0.9875 I
0.9928 |
1.0020 I
1.0148 (
1.0127 |
1. T h e s e s e a s o n a l factors a r e a p p l i e d to d e p o s i t s d a t a at b o t h
c o m m e r c i a l b a n k s a n d thrift institutions.
A p p e n d i x Table 4 (continued)
W e e k l y S e a s o n a l F a c t o r s F o r Selected Components of the M o n e t a r y A g g r e g a t e s
1
1
1
1 Savings
1
and
1
MMDAs
Deposits
1
Small
denomination
time
Large
denomination
time
2
3
Money market
m u t u a l funds
in M 2
in M3 only
Week ending i
1
1995--Nov.27I
1.0010
0.9990
1.0066
0.9980
1.0193
1.0040
1.0044
0.9991
0.9939
0.9992
0.9991
0.9985
0.9985
1.0037
1.0053
1.0020
0.9972
0.9949
1.0034
1.0001
0.9919
1.0074
1.0190
1.0207
1.0118
0.9933
0.9997
0.9975
0.9913
0.9869
1.0001
1.0014
1.0012
1.0008
1.0004
0.9873
0.9944
0.9976
0.9983
0.9953
0.9834
0.9897
1.0029
1.0097
1.0093
1.0061
0.9930
1.0344
1.0453
1.0615
.0.9927
0.9950
0.9928
0.9918
1.0010
1.0008
1.0005
0.9998
0.9941
0.9978
0.9948
0.9941
1.0062
1.0101
1.0108
1.0156
1.0520
1.0580
1.0414
1.0372
0.9971
1.0008
0.9986
0.9973
1.0003
1.0002
0.9997
0.9992
0.9933
0.9958
0.9926
0.9927
1.0188
1.0236
1.0253
1.0247
1.0296
1.0110
1.0118
1.0014
1.0048
0.9995
0.9893
1.0187
0.9973
4
5
l
i
Dec. 41
111
181
25 1
i
\
1996--Jan. 1|
81
15 1
22 1
29 1
i
1
Feb. 51
12 1
19 1
261
1
Mar. 41
111
181
251
i
1
A p r . 11
1. T h e s e seasonal factors a r e a p p l i e d to d e p o s i t s d a t a at b o t h
commercial b a n k s and thrift i n s t i t u t i o n s .
Appendix Table 5
Comparison of Revised and Old Monetary Aggregate Levels
(billions of dollars, seasonally adjusted)
Ml
Revised 1
1993—October
November
December
1994--January
February
March
April
May
June
July
August
September
October
November
December
1113.5
1122.4
1128.6
1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1150.9
I 1148.0
1 1147.4
1 1147.8
1
Old
| 1113.4
1 1122.4
| 1128.4
i
1
t
I
1
|
I
|
1
|
1
|
1133.5
1138.5
1142.3
1141.1
1142.8
1146.3
1153.1
1151.0
1151.9
1148.5
1147.6
1147.6
M2
I Revised 1
I
Old
1
I
1 3564.4 1 3548.0
I 3576.8 1 3560.3
1 3583.7 I 3567.9
i
i
1
I
1
1
1
1
1
t
1
1
1
1
i
1
1
3589.2
3586.2
3597.5
3605.4
3608.5
3605.3
3616.6
3613.2
3612.0
3608.3
3609.8
3614.3
1
1
1
1
1
1
1
1
I
1
1
1
1
3574.9
3572.1
3584.3
3591.5
3595.2
3588.9
3604.6
3598.9
3597.6
3592.8
3594.3
3600.1
M3
1 Revised I
Old
I 4222.7 I 4205.3
1 4234.4 I 4219.0
1 4242.5 I 4232.0
1
1
1
1
1
1
1
1
1
1
1
1
4246.0
4232.1
4240.8
4250.9
4251.6
4256.9
4274.5
4272.1
4277.6
4284.4
4290.9
4302.2
1
1
I
1
|
I
1
I
1
|
1
I
4238.3
4213.2
4220.4
4229.6
4228.9
4230.4
4252.8
4245.9
4250.9
4259.7
4267.0
4282.3
Appendix Table 6
Comparison of Revised and Old Ml Growth Rates
(percent.changes at annual rates)
Difference 1
(1) - (2) !1
I
(3)
ii
Difference due to
Seasonals
Benchmark
_
(5)
(4)
Revised
Old
(1)
(2)
1993—Oct.
Nov.
Dec.
9.6
9.6
6.6
9.0
9.7
6.4
0.6
-0.1
0.2
0.1
-0.4
0.0
0.5
0.3
0.2
A994--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
4.1
4.8
4.3
1.8
0.7
3.7
5.4
-1.5
0.1
-3.0
-0.6
0.4
5.4
5.3
4.0
-1.3
1.8
3.7
7.1
-2.2
0.9
-3.5
-0.9
0.0
-1.3
-0.5
0.3
3.1
-1.1
0.0
-1.7
0.7
-0.8
0.5
0.3
0.4
-0.5
0.1
-0.1
0.1
0.2
0.1
0.0
0.0
0.1
-0.1
0.0
0.0
-0.8
-0.6
0.4
3.0 "
-h3
-0.1
-1.7
0.7
-0.9
0.6
0.3
0.4
1993—QIV
9.7
9.4
0.3
0.1
0.2
1994--QI
QII
QUI
QIV
5.5
2.6
2.4
-1.3
6.0
1.9
3.0
-1.4
-0.5
0.7
-0.6
0.1
-0.2
0.1
0.0
0.0
-0.3
0.6
-0.6
0.1
1994--QIV '93 to
QII '94
4.1
3.9
0.2
0.0
0.2
QII '94 to
QIV '94
0.6
0.8
-0.2
0.0
-0.2
10.5
2.3
10.5
2.4
0.0
-0.1
0.0
0.0
0.0
-0.1
Monthly
Quarterly
Semi-Annual
Annual (QIV TO QIV)
1993
1994
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
Difference
(1) - (2)
Difference due to
Benchmark
Seasonals
Revised
Old
(1)
(2)
(3)
(4)
(5)
1993—Oct.
Nov.
Dec.
1.8
4.2
2.3
1.3
4.2
2.6
0.5
0.0
-0.3
0.3
-0.1
0.2
0.2
0.1
-0.5
1994--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1.8
-1.0
3.8
2.6
1.0
-1.1
3.8
-1.1
-0.4
-1.2
0.5
1.5
Monthly
-0.6
-0.1
-0.3
0.2
5.2
-1.9
0.8
0.1
0.4
0.0
-0.4
Quarterly
1993--QIV
2.7
1994—QI
QII
QUI
QIV
1.8
1.7
0.8
-0.3
2.4
0.3
0.2
0.1
Semi-Annual
1994—QIV ' 93 to
QII ' 94
1.8
1.9
-0.1
0.0
-0.1
QII ' 94 to
QIV '94
0.2
0.2
0.0
0.0
0.0
1.7
1.0
1.4
1.0
0.3
0.0
0.3
-0.1
0.0
0.1
Annual (QIV TO QIV)
1993
1994
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
Difference 11
(1)
(2) 11
I
(3)
1
Difference due to
Seasonals
Benchmark
„
(5)
(4)
Revised
Old
(1)
(2)
1993--Oct.
Nov.
Dec.
2.4
3.3
2.3
2.2
3.9
3.7
0.2
-0.6
-1.4
0.7
-0.4
-0.4
-0.5
-0.2
-1.0
1994--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1.0
-3.9
2.5
2.9
0.2
1.5
5.0
-0.7
1.5
1.9
1.8
3.2
1.8
-7.1
2.1
2.6
-0.2
0.4
6.4
-1.9
1.4
2.5
2.1
4.3
-0.8
3.2
0.4
0.3
0.4
1.1
-1.4
1.2
0.1
-0.6
-0.3
-1.1
0.3
0.6
0.0
0.3
0.5
0.8
-0.3
0.4
0.4
0.1
0.0
0.0
-1.1
2.6
0.4
0.0
-0.1
0.3
-1.1
0.8
-0.3
-0.7
-0.3
-1.1
1993--QIV
2.5
2.6
-0.1
0.1
-0.2
1994—QI
QII
QUI
QIV
0.6
1.3
2.0
1.7
0.5
0.5
1.9
1.9
0.1
0.8
0.1
-0.2
0.1
0.4
0.3
0.2
0.0
0.4
-0.2
-0.4
1994--QIV ' 93 to
QII ' 94
0.9
0.5
0.4
0.2
0.2
QII ' 94 to
QIV ' 94
1.9
1.9
0.0
0.2
-0.2
1.0
1.4
0.7
1.2
0.3
0.2
0.4
0.2
-0.1
0.0
Monthly
Quarterly
Semi-Annual
Annual (QIVr TO QIV)
1993
1994
@FedFRASER