The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release For release at 4:30 p.m. Eastern Time February 3,2000 H.6 (508) MONEY STOCK REVISIONS Measures o f the money stock aggregates and components have been revised to incorporate the results o f the annual benchmark and seasonal factor review and to reflect receipt o f other regular data flows. This release includes revised monthly and weekly seasonal factors, as well as comparisons o f the revised monetary aggregates with previously published data. Over 1999, the revisions had no effect on the annual growth rate o f M2 and M3. The benchmark incorporates minor revisions to data reported on the weekly and quarterly deposit reports, and it takes account o f deposit data from call reports for banks and thrifts that are not weekly or quarterly deposit reporters. These revisions to deposits data start in 1997. The benchmark also incorporates historical data for a number o f money market mutual funds that began reporting for the first time during 1999 and revisions to data for the money funds; these revisions changed the level o f M2 by a maximum absolute value o f about $3 billion and raised the level o f M3 over the years by a maximum o f about $7 billion. Historical revisions have also raised the repurchase agreement component by a maximum o f about $7 billion. Seasonal factors for the monetary aggregates have been revised, using benchmarked data primarily through November 1999. The X-12-ARIMA procedure was used to derive monthly seasonal factors. The revisions to seasonal factors slightly changed the pattern o f quarterly growth rates o f M2 and M3 in 1999, but they had little impact on the annual growth rates of M2 and M3 over 1999. Revised historical data will soon be available in printed form from the Monetary and Reserve Analysis Section, Mail Stop 72, Board o f Governors o f the Federal Reserve System, Washington, DC 20551, (202) 452-3062. Information on how to obtain current and historical data for the monetary aggregates and their components through a web site and other electronic means may be found in the note on Page 2 of this release. FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK AND DEBT MEASURES For release at 4:30 p.m. Eastern Time Billions of dollars Date February 3, 20 0 0 M 11 M22 M33 DEBT4 Seasonally adjusted 1998-Jan. Feb. Mar. Apr . May June July Aug. Sep. Oct. Nov. Dec. 1073.7 1076.1 1080.3 1081.7 1076.5 1077.9 1076.9 1073.1 1078.2 1084.7 1093.7 1097.4 40 6 5 . 9 4 0 98 . 7 4128.6 41 5 2 . 9 41 7 5 . 0 42 00 . 3 42 1 8 . 9 42 4 3 . 0 42 85 . 8 43 2 7 . 3 4364.3 4397.0 5450.7 5487.5 5557.0 5594.7 5638.3 5682.6 5703.6 5762.2 5824.4 5887.8 5945.2 5997.0 15 3 0 3 . 0 15 3 9 5 . 5 1 5 49 3. 8 15 58 1. 4 1 5 66 1. 3 15 74 6. 7 15 83 2. 7 15 9 1 5 . 2 15 9 9 2 . 6 16 0 7 7 . 2 16 17 0. 4 16 25 0. 4 1 9 9 9 - Jan. Fe b. Mar. Ap r . May June July Aug. Sep. Oct. Nov. Dec. 1096.0 1094.3 1101.4 1107.2 1101.8 1100.2 1099.4 1098.3 1095.5 1101.2 1110.2 1125.3 4422.4 44 4 7 . 7 4463.5 4490.4 4513.1 4531.0 4553.6 4572.9 45 9 4 . 2 4612.1 4632.2 4661.1 6028.8 6078.0 6087.8 6123.8 6156.3 6187.4 6211.9 6231.6 6260.0 6311.7 6391.8 6482.2 16 3 3 6 . 6 16 4 2 7 . 2 1 6 54 2. 5 16 6 4 6 . 0 1 6 71 9. 4 1 6 7 9 5. 6 1 6 87 3. 9 1 6 9 6 7. 9 17066.8 17155.0 17225.1 p Not seasonally adjusted 1998-Jan. Fe b. Mar. Apr . May June July Aug. Sep. Oct. Nov. Dec. 1080.2 1066.3 1076.0 1087.8 1070.9 1075.3 1074.4 1069.5 1070.9 1077.6 1098.2 1121.3 4073.0 40 9 0 . 9 41 4 2 . 1 4184.6 4154.2 4187.3 4208.1 4237.8 4272.8 4311.6 4367.6 4422.2 5459.4 5491.9 5578.1 5624.0 5622.0 5666.3 5678.9 5747.4 5801.8 5869.9 5955.4 6026.5 15 2 8 4 . 8 15 3 6 1 . 5 15 4 7 4 . 1 15 55 5. 3 15 61 9. 4 15 70 2. 7 15 77 2. 7 15 85 6. 5 15 9 4 0 . 1 16 02 4. 4 16 1 4 4 . 0 16 2 4 7 . 2 1999-Jan. Fe b. Mar. Apr . May June July Aug. Sep. Oct. Nov. Dec. 1104.0 1085.2 1097.4 1113.5 1096.4 1098.4 1097.5 1093.1 1086.6 1095.1 1113.7 1149.9 4433.0 4443.1 44 8 1 . 3 4528.3 4489.0 4515.3 4539.4 4563.0 4577.8 4597.4 4634.5 46 8 9 . 4 6043.3 6091.3 6115.7 6160.1 6137.5 6167.8 6178.8 6209.7 6230.3 6291.2 6403.3 6517.3 16 3 1 8 . 2 16 3 9 3 . 0 1 6 5 2 2. 8 1 6 6 1 7. 5 16 67 1. 9 1 6 74 6. 7 16811.9 16 9 1 1 . 0 17016.8 17 1 0 4 . 2 17204.3 p Footnotes appear on the following page p preliminary Components may not add to totals due to rounding. Table 2 MONEY STOCK AND DEBT MEASURES M3 14.2 6.1 6.0 6.5 1999 10.9 6 Months f r om June 1999 TO De c. 1999 4.6 9.5 1999 2.5 6. 0 rH OO M2 1999 TO Dec. in 3 Months f r om Sep. M1 Ul 00 Percent change at seasonally adjusted annual rates 12 Months f rom Dec. 1998 TO De c. Jan. 1999 (52 weeks p r e v i o u s ) 25, 3.3 to (26 weeks p r e v i o u s ) 12 . 3 00 00 1999 5.6 in in 1. J u l y 26, in T h i r t e e n weeks e n d i n g J a nu a r y 24 , 2000 f rom t h i r t e e n weeks e n d i n g t O c t . 25, 1999 (13 weeks p r e v i o u s ) DEBT1 6.0 7.9 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1999 to November 1999, May 1999 to November 1999 _______________________________________________________ and November 1998 to November 1999, respectively. Footnotes to Table 1: 1. 2. 3. 4. 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 summinq currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of M1 plus 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 retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the 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 commercial paper, and other loans. The data, which are derived from the Federal Reserve Board’s flow of funds accounts, are break-adjusted (that is, discontinuities’in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. I I.U Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period ending M2 M3 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1999- No v. 1 8 15 22 29 10 98 . 4 10 98 . 9 10 99 . 7 11 00 . 9 11 0 2 . 1 1101. 8 1103. 9 1106. 2 11 09 . 1 1109. 9 1107. 4 1105. 8 1110. 0 1113 . 1 1110. 5 4594.1 4 5 98 . 4 4602.8 4 6 07 . 7 46 1 2 . 2 4614.4 4617.8 4622.0 46 2 7 . 3 46 3 1 . 7 4620.0 4622.1 4629.2 46 3 7 . 7 4637.9 6270.1 6281.3 6293.9 6307.0 6319.3 6317.9 6335.5 6355.8 6376.8 6392.4 63 3 9 . 4 6370.3 6392.8 64 0 4 . 8 6401.8 Dec. 6 13 20 27 11 03 . 4 11 04 . 8 11 06 . 8 1110.2 1111. 5 11 12 . 1 1114. 5 1121. 3 1112. 5 1112. 4 1122. 7 1137. 6 46 1 6 . 8 46 2 2 . 0 46 2 7 . 4 46 3 2 . 6 46 3 6 . 9 46 4 3 . 0 46 5 0 . 2 4658.1 46 4 2 . 9 4653.4 4666.7 4669.3 6332.8 6349.0 6366.6 6385.3 6403.7 6421.4 6443.1 6471.9 64 15 . 4 64 63 . 4 64 9 1 . 9 6516.8 3 10 17p 24p 11 1 4 . 0 11 1 5 . 6 11 1 7 . 1 11 1 8 . 6 1130. 7 1132. 2 1131. 7 11 27. 5 11 50 . 1 1118. 5 1120. 6 1120. 9 4637.9 4643.4 46 4 8 . 8 4654.6 46 6 6 . 3 4673.1 46 7 6 . 9 4682.6 4675.8 4680.7 4681.9 4691.9 6405.0 6421.2 6437.1 6453.2 6502.3 6513.9 6520.5 6523.7 6536.9 6509.8 65 1 8 . 5 65 29 . 4 20 00- J a n . Not seasonally adjusted 1999- No v. 1 8 15 22 29 10 9 1 . 6 1092.1 1093.1 1095.1 1098.2 1095. 4 10 99. 2 1103. 0 1108. 4 1112. 3 1111. 3 1100. 8 1108. 8 1112. 6 1127 . 1 4580.4 45 8 4 . 4 45 8 9 . 3 4 5 95 . 4 4602.3 45 9 6 . 4 46 0 3 . 5 4611.8 4625.2 4633.3 4598.2 4631.1 4641.3 4630.1 4630.7 6246.2 6257.8 6272.2 6288.6 6305.6 6296.0 6318.0 6345.1 6377.9 6403.4 6314.3 6 3 76 . 9 6 4 10 . 3 6410.1 6416.2 Dec. 6 13 20 27 11 0 0 . 6 1 1 03 . 6 11 0 8 . 2 11 1 5 . 6 1117. 4 1121. 3 1130. 2 1141. 9 1121. 2 1124. 2 1148. 2 1173. 9 4608.2 46 1 4 . 3 4622.9 4634.7 4644.4 4654.2 4670.2 4685.3 4675.3 4680.6 4694.0 4691.3 6323.1 6342.5 6364.9 6391.1 6425.6 6451.3 6480.1 6510.2 6465.6 65 1 3 . 2 6 5 25 . 4 65 3 6 . 4 3 10 17p 24p 11 2 3 . 0 1127.0 11 2 9 . 4 1131.0 11 61. 8 11 65. 0 11 59. 2 11 43. 9 1200. 9 11 36. 9 1124. 9 11 12. 8 4644.6 46 5 3 . 7 46 6 1 . 6 4669.0 4696.5 4706.7 4710.7 4706.2 4719.9 4721.6 4710.1 4673.0 6415.2 64 3 5 . 5 6455.1 64 7 3 . 7 6533.6 6543.6 6551.4 6547.4 65 5 9 . 3 65 5 3 . 3 65 5 6 . 4 65 2 0 . 5 2 0 0 0 - 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. Components m ay not add to totals due to rounding. Table 4 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Date Currency1 At commercial banks4 At thrift institutions5 Total 445.0 450.0 8.9 8.7 374. 4 375. 7 14 3 . 2 1 4 1. 4 101.6 102.5 244.8 243.9 Oct. Nov. Dec. 45 3 . 8 456.7 45 9 . 5 8.6 8.3 8.2 376. 7 37 9 . 1 379. 3 14 1 . 8 14 5. 3 145.1 103.9 104.3 105.2 245.7 249.7 250.3 19 99 - Jan. Feb. Mar. 46 3 . 0 467.4 471.5 8.2 8.1 8.2 37 4. 0 37 1. 3 37 1. 9 14 7 . 0 1 4 2. 8 14 4 . 2 103.9 104.7 10 5. 6 250.8 247.5 24 9. 8 Apr. May June 47 5. 6 48 0. 0 483.5 8.2 8.3 8.8 37 1. 6 366.1 3 6 0. 8 146.1 14 2 . 2 14 2 . 0 105.8 105.3 105.1 251.9 247.4 247.2 July Aug. Sep. 48 7. 3 49 1. 2 495.3 9.1 8.9 8.7 36 0. 2 35 6. 6 351.1 13 8 . 0 13 6 . 9 13 6. 5 104.8 104.8 103.9 242.8 241.7 240.4 Oct • Nov. Dec. 499.8 50 5 . 5 51 7 . 4 8.4 8.2 8.3 353.1 35 5. 7 35 6. 0 13 6. 4 13 7 . 6 1 4 1. 3 103.5 103.2 102.4 239.9 240.9 243.7 507.2 8.1 35 4. 3 13 9 . 6 101.3 240.9 € 13 20 27 50 8 . 5 51 2 . 3 51 6 . 0 523.0 8.1 8.2 8.3 8.4 353. 7 35 1. 9 355. 7 360.1 1 3 7. 8 1 3 6. 9 1 4 0. 5 14 5 . 0 10 4. 3 10 3. 0 10 2. 2 10 1. 2 24 2. 2 24 0. 0 242.7 246.1 3 10 17p 24p 53 2 . 8 53 0 . 3 524.6 522.1 8.5 8.4 e 8.4 e 8.4 e 35 9 . 6 337.1 34 5. 5 34 8 . 0 148.1 14 1 . 2 14 0 . 6 1 4 1. 6 101.2 10 1 . 4 101.5 100.7 249.3 242.6 242.1 242.3 Dec. 2 0 0 0 - Jan. 4. 5. Other checkable deposits Demand deposits3 1998- Aug. Sep. Week, e n d i n g 1999- Nov. 29 1. 2. 3. Travelers checks2 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. e estim ated p preliminary Components may not add to totals due to rounding. • • -* • • • • • • • • • i Page 5 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Savings deposits1 Date At commercial banks At thrift institutions 11 2 2 . 5 1138.1 Oct. Nov. Dec. - Retail money funds Total Non-M1 M2 Total At commercial banks At thrift institutions 40 1 . 3 403.0 1523. 8 1541. 1 62 8. 9 62 8. 7 33 3 . 2 33 1 . 5 962.1 96 0 . 3 684.0 706.3 3 1 69 . 9 32 0 7 . 6 11 5 2 . 7 1168.0 11 8 4 . 8 40 7 . 0 4 1 0. 7 41 3. 8 1559. 7 1578. 7 1598. 6 628. 3 628. 3 62 6 . 1 33 0 . 7 327.3 325.6 95 8 . 9 955.6 9 5 1. 7 724.0 736.3 749.4 32 4 2 . 6 3 2 70 . 6 3 2 99 . 6 1 9 9 9 - Jan. Feb. Mar. 1198.6 1212.6 1217.3 4 1 9. 2 426.0 429.9 1617. 7 16 38. 6 16 47. 2 6 2 2. 6 61 8 . 6 6 1 6. 9 324.3 322.6 320.4 947.0 941.1 937.3 761.7 773.7 777.6 3 3 26 . 4 33 53 . 4 3362.1 Apr . May June 1230.9 12 4 2 . 4 1252.2 431.5 442.0 4 4 7. 7 1662. 4 1684. 3 1699. 9 61 6 . 0 61 6 . 2 61 6 . 5 319.3 317.7 315.0 93 5 . 2 933.9 931.5 785.5 793.0 799.4 3383.1 34 1 1 . 3 3430.8 July Aug. Sep. 1264.3 1274.0 1285.8 453.6 4 5 5. 4 45 5 . 4 1717. 9 1729. 5 1741. 2 6 1 7. 6 61 9 . 6 623.1 314.1 314.4 315.2 931.7 933.9 938.3 804.5 811.1 819.1 3454.1 3474.5 3498.6 Oct. Nov. Dec. 1289.7 1288.7 1285.2 453.2 451.6 448.8 1742. 9 1740. 4 17 34. 0 62 6. 4 6 3 0. 5 6 3 4. 2 316.3 318.4 320.0 94 2 . 7 948.9 954.2 825.4 832.7 847.6 3510.9 3522.0 3 5 35 . 7 1285.6 455.0 1740. 6 6 3 2. 0 318.5 950.6 836.3 35 2 7 . 5 6 13 20 27 1291.9 1293.5 1291.2 1276.3 449.0 44 9 . 4 44 9 . 7 448.6 1740. 9 1742. 9 1741. 0 1725. 0 63 2 . 0 63 3 . 6 63 4 . 5 6 3 5. 8 318.9 319.4 320.1 320.7 950.9 953.0 954.6 956.5 83 8. 5 845.1 848.4 850.2 3 5 30 . 4 35 4 1 . 0 35 4 4 . 0 3 5 31 . 7 3 10 17p 24p 1264.5 1290.0 1291.0 1293.4 444.6 44 5 . 3 446.9 449.8 17 09 . 1 1735 . 3 1737. 9 1743. 2 635.6 63 6. 7 637.6 6 3 8. 7 321.2 321.6 322.2 322.6 956.7 958.3 959.7 961.3 859.8 868.6 863.7 866.5 3525.6 3562.2 3561.3 3571.0 1998- Aug. Sep • Week e n d l n o 1999- No v. 29 Dec. 2000-Jan. 1. 2. Small-denomination time deposits2 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. p preliminary Components m ay not add to totals due to rounding. Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Date At commercial banks2 At thrift institutions Debt components5 Eurodollars4 Total Total Non-M2 M3 Federal Non-Federal 5 3 7. 9 5 3 6. 5 85.9 86.6 62 3. 9 62 3 . 1 2 8 3. 5 28 8 . 2 1 5 3. 3 154.6 15 1 9 . 2 1 5 38 . 6 3787.7 3779.3 12127. 5 1 2213. 3 Oc t . Nov. Dec. 491.7 50 7 . 1 518. 4 534.6 537 .6 53 9 . 3 87 . 7 88.0 88 . 9 6 2 2. 2 625. 6 6 2 8. 1 289.1 293.1 30 0. 9 15 7. 4 1 5 5. 0 1 5 2. 6 15 60 . 5 1 5 80 . 8 1 5 99 . 9 3767.1 3758.9 3750.8 12 310. 1 1 2411. 5 12499. 6 1 9 9 9 - Jan. Feb. Mar. 5 2 3. 3 533.2 5 3 5. 9 5 4 1. 4 537.8 534.5 90.3 90.0 89.6 631. 7 6 2 7. 8 62 4 . 1 30 0. 7 315.2 30 5. 7 15 0. 7 154.1 15 8. 7 16 06. 4 1630.3 16 24 . 4 37 4 2 . 7 3723.7 3723.8 1259 3. 9 12703. 5 1281 8. 6 Apr. May June 5 4 4. 4 550.1 55 3 . 9 537.1 537.2 53 5 . 9 89.4 88.6 88.9 6 2 6. 5 6 2 5. 8 6 2 4. 8 301.0 305.1 3 1 2. 9 161.5 16 2 . 3 16 4 . 8 16 33 . 4 1 6 43 . 3 1 6 56 . 4 3718.6 3702.8 3703.6 1292 7. 5 13016. 7 13092. 0 July Aug. Sep. 556.1 563.8 5 6 6. 9 53 7 . 7 533.9 540.0 88.7 89.6 89 . 6 6 2 6. 5 62 3. 5 6 2 9. 6 31 2 . 8 31 3. 4 3 1 3. 5 16 3 . 0 15 8 . 0 15 5 . 8 16 5 8 . 3 16 58 . 7 1 6 65 . 9 3708.0 3711.0 3698.1 13 16 6. 0 13 256. 8 13368. 7 Oct. Nov. Dec. 5 7 7. 7 592.1 6 0 7. 4 565.8 59 7 . 4 626.0 89.6 91.1 91.6 655. 4 688. 5 717.6 31 2 . 7 31 8. 7 329.2 15 3 . 8 1 6 0. 3 1 6 6. 9 16 9 9 . 6 17 5 9 . 6 1821.1 3680.1 3656.5 p 1347 4. 8 1356 8. 6 p 5 8 8. 9 605.1 90 . 5 69 5. 6 3 1 8. 6 16 0 . 8 17 6 3 . 9 6 13 20 27 58 7 . 2 60 0 . 0 6 0 6. 5 6 1 6. 2 612.7 619.6 631.0 633.4 90.8 91.2 91 . 5 91.9 703.5 710.9 722.6 72 5 . 3 3 2 0. 3 3 3 2. 9 32 8 . 3 3 3 7. 7 16 1 . 5 1 6 6. 3 167.8 168.3 17 72 . 5 1810.1 18 2 5 . 2 18 4 7 . 5 3 10 17p 24p 6 3 7. 7 616.2 61 6 . 6 62 2 . 9 635.3 637.6 634.6 62 6 . 9 93.3 94.0 94 . 4 95.0 728.6 731.6 729.0 722.0 323.1 31 3. 7 3 1 9. 5 323.1 17 1 . 8 16 7. 7 17 1 . 6 169.6 18 6 1 . 1 18 2 9 . 2 18 3 6 . 7 1837.6 20 0 0 - J a n . 5. RPs3 458.6 472.7 Dec. 3. 4. Large-denomination time deposits1 1998- Aug. Sep. Week e ndi na 1999- Nov. 29 1. 2. Institutional money funds 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. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money 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 Components m ay not add to totals due to rounding. Page 7 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Date Currency1 Travelers checks2 Other checkable deposits Demand deposits3 1998- Aug. Sep. 444.4 448.4 8.6 8.5 374.1 3 7 2. 4 1 4 1. 7 14 0 . 2 At thrift institutions5 100.6 10 1 . 5 Oct. Nov. Dec. 45 2. 6 45 7. 5 464.1 8.6 8.4 8.4 3 7 3. 2 38 3 . 5 3 9 5. 9 1 4 0. 4 14 4 . 6 14 6 . 3 1 0 2. 8 10 4 . 2 10 6 . 6 243.2 248.8 252.8 1 9 9 9 - Jan . Feb. Mar. 462.4 46 6. 4 471.2 8.3 8.3 8.3 379.2 364.3 367.2 1 4 9. 3 142.7 144.8 1 0 4. 7 10 3 . 5 10 5 . 9 254.1 24 6. 1 250.7 Apr . May June 475.7 479.7 483.0 8.3 8.3 8.6 372.1 361.6 35 9 . 4 149.0 141.8 142.1 10 8 . 4 104.9 105.2 257.4 246.7 247.3 July Aug. Sep. 487.7 490.1 493.2 8.7 8.6 8.5 360.1 355.2 347.0 136.7 135.5 135.2 104.3 103.6 102.6 241.1 239.1 237.8 Oct. Nov. Dec. 498.9 506.3 523.1 8.4 8.3 8.4 35 0 . 5 359.0 372.0 135.0 137.0 14 2 . 4 10 2 . 4 10 3 . 0 104.0 237.4 240.0 246.4 509.7 8.3 366.8 14 0 . 4 101.9 242.3 6 13 20 27 511.6 51 6 . 4 522.1 532.6 8.3 8.3 8.4 8.5 357.8 360.5 3 7 3. 4 382.6 13 7 . 3 13 5 . 7 141.2 147.6 106.3 103.3 103.0 102.6 243.5 239.0 244.3 250.2 3 10 17p 24p 537.6 531.1 523.4 518.8 8.6 8.6 e 8.6 e 8.6 e 394.6 34 9 . 4 348.7 342.0 153.7 143.9 142.1 143.4 10 6 . 4 103.8 10 2. 1 99.9 260.1 247.8 244.2 243.3 At commercial banks4 Week endincr 1999- No v. 29 Dec. 2 0 0 0 - Jan. Total 24 2 . 4 24 1 . 6 2 . Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. 4. 5. 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. e estim ated p preliminary Components m ay not add to totals due to rounding. H.6 (508) Table 8 Pa9® 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Savings deposits1 Total Total Non-M1 M2 332. 5 331. 2 960.1 959.3 685.1 705.1 31 6 8 . 3 3 2 01 . 9 629. 0 629. 4 626. 5 3 3 1. 1 327. 9 325. 8 96 0. 1 95 7 . 3 95 2 . 3 720.3 733.7 748.3 3 2 34 . 0 32 69 . 4 33 00 . 9 16 15 . 3 16 29 . 5 16 51 . 4 62 4 . 1 62 0. 8 61 8. 5 32 5. 1 323. 7 321. 2 949.2 944.5 93 9 . 7 764.6 783.9 792.8 3 3 29 . 0 3357.9 33 8 3 . 9 436.4 440.7 448.1 1 6 81 . 2 16 79 . 4 17 01 . 5 61 6. 4 61 4. 4 61 3. 4 319. 5 316. 8 313. 4 935.9 931.2 926.8 797.6 782.0 788.6 34 1 4 . 8 33 9 2 . 6 3 4 16 . 9 1 2 65. 7 1 2 72 . 5 1 2 82 . 0 454.1 454.9 454.1 1 7 19 . 8 1 7 27 . 4 1736.1 6 1 5. 8 6 1 8. 0 6 2 2. 5 31 3. 2 313. 5 3 14. 9 929.0 931.5 937.4 793.1 811.0 817.6 3 4 41 . 9 3 4 69 . 9 3491.2 1285.1 1 2 88. 4 12 88 . 0 451.5 451.5 449.8 17 3 6 . 6 1 7 39 . 9 1 7 37 . 8 627.5 632.1 635.1 3 16. 8 3 1 9. 1 320. 4 944.2 951.2 955.4 821.4 829.7 846.3 3 5 02 . 2 35 2 0 . 8 35 3 9 . 5 1267.1 448.5 17 1 5 . 6 6 3 3. 8 31 9. 5 95 3 . 3 834.6 35 0 3 . 6 6 13 20 27 1306.1 1303.1 1291.6 1268.1 453.9 452.7 449.9 445.7 1760.1 1 7 55 . 8 1 7 41 . 5 17 13 . 8 6 3 3. 9 6 3 4. 8 6 3 5. 0 6 3 5. 8 319. 8 32 0. 0 330. 4 320. 7 953.7 954.8 9 5 5. 4 956.4 840.4 845.8 849.0 847.1 3554.1 35 56 . 4 3 5 45 . 9 3 5 17 . 4 3 10 17p 24p 1 2 66 . 4 1 3 06 . 5 12 9 9 . 8 1 2 77 . 5 445.3 451.0 450.0 444.3 1711.6 1 7 57 . 5 17 4 9 . 8 1 7 21 . 8 63 6. 3 6 3 8. 3 6 3 9. 2 64 0. 4 32 1. 6 322. 4 32 3. 0 323. 5 957.8 960.6 962.2 96 3 . 9 849.5 866.6 873.2 874.7 3 5 19 . 0 3 5 84 . 7 3585.2 3 5 60 . 3 At commercial banks At thrift institutions 1998- Aug. Sep* 11 22 . 0 1135. 4 401.1 402.1 Oct. Nov. Doc. 11 48 . 2 1167. 7 11 86 . 0 1999- Jan. Feb. Mar. At commercial banks At thrift institutions 15 2 3 . 1 15 37 . 5 62 7. 5 6 2 8. 1 405.4 41 0. 6 41 4. 2 15 53 . 6 15 78. 4 16 00 . 2 11 96. 8 12 05 . 9 12 20 . 4 418.5 423.6 431.0 Apr. May June 12 44 . 9 12 38 . 8 12 53 . 4 July Aug. Sep. Oct. Nov. Dec. Week en di n a 1999- Nov. 29 Dec. 2 0 0 0 - Jan. 1. 2. Small-denomination time deposits2 Retail money funds Date 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. p preliminary Components may not add to totals due to rounding. Page 9 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Date RPs3 Eurodollars4 At commercial banks2 At thrift institutions Total At commercial banks At thrift institutions Debt components5 Federal Non-Federal 1509.6 1529.0 3749. 6 3743. 4 12106. 9 12196. 7 15 6 . 2 15 4. 9 15 4. 5 1558.3 1587.8 1604.3 3727. 8 3746. 6 3754. 9 12296. 6 12397. 5 12492. 3 3 0 0. 9 31 6. 7 30 7. 7 15 2 . 4 155.9 15 8 . 4 1610.3 1648.3 16 3 4 . 4 3736. 6 3721. 8 3741. 2 12581. 5 12671. 1 12781. 6 56 . 3 58.1 59 . 9 300.2 30 9. 1 31 3 . 9 16 1 . 3 16 3 . 9 16 4 . 7 1631.8 1648.4 1652.5 37 17 . 1 3674. 2 3662. 8 12900. 4 12997. 7 13083. 9 24 8. 6 24 9 . 3 246.9 62 . 2 63 . 6 65.8 310.8 312.9 31 2. 7 16 0 . 9 1 5 6. 9 15 4 . 3 1639.4 16 4 6 . 7 1652.5 3652. 2 3665. 8 3655. 8 13159. 7 13245. 1 13361. 0 660. 5 692. 0 715. 5 244.4 256.7 261.2 65.6 64 . 6 63.4 31 0. 1 321.3 324.6 15 2 . 4 16 0 . 5 16 8 . 9 1693.8 1768.9 18 2 7 . 9 3635. 4 3641. 4 p 13468. 8 13562. 9 p 91.2 700. 7 256.5 64 . 7 321.2 16 4 . 2 1785.5 61 4 . 8 621.1 63 0 . 0 6 2 8. 8 91.1 91 . 4 91. 4 91 . 3 70 5. 8 712. 5 721. 4 720. 0 257.4 267.6 259.4 265.0 63.2 63.8 63.3 63.3 320.7 331.4 322.8 32 8 . 3 16 5. 1 16 8 . 6 168.2 16 9 . 9 1790.3 1832.6 1831.3 1845.2 6 2 4. 5 6 2 8. 7 6 2 6. 9 6 1 6. 3 91.7 92 . 7 93 . 3 93.4 7 1 6. 2 721. 4 72 0. 2 70 9. 7 25 2. 2 249.4 256.4 259.1 63.1 63.8 64 . 3 64 . 8 315.3 313.2 320.6 32 4 . 0 174.5 16 8 . 8 17 2 . 0 17 0 . 4 1839.4 1831.7 1846.3 1847.5 53 6. 8 538. 4 85.8 86.9 622. 6 625. 3 235.2 23 9. 1 47.9 48.7 28 3. 1 287.9 152.0 153.1 Oct. Nov. Dec. 486.9 50 8 . 9 527.9 539. 3 54 0. 6 53 7. 8 88 . 4 88 . 5 88 . 6 627. 7 629. 1 626. 4 24 2 . 6 250.6 24 8 . 6 44.8 44.3 46.9 2 8 7. 4 29 5 . 0 29 5 . 5 19 9 9 - J a n . Feb. Mar. 534.8 552.4 544.1 53 3. 2 5 3 3. 9 53 4 . 6 89 . 0 89 . 3 89 . 6 622. 2 623. 3 624. 3 25 2 . 9 26 5 . 7 252.9 48.0 51 . 0 54 . 7 Apr. May June 54 4. 2 545.3 547.6 536. 7 5 4 1. 0 537.1 89 . 4 89 . 2 89.1 62 6. 1 630. 2 626. 2 24 3 . 9 25 1 . 0 254.1 July Aug. Sep. 540.5 555.0 553.2 53 8. 4 5 3 2. 6 5 4 2. 3 88 . 8 89 . 4 90.0 627. 2 622. 0 632. 2 Oct. Nov. Dec. 57 0 . 9 595.1 618.9 57 0 . 2 60 0. 4 62 4 . 2 90 . 3 91.6 91 . 3 599.3 60 9. 5 6 13 20 27 598.7 620.0 618.9 626.9 3 10 17p 24p 633.4 62 8. 2 633.5 643.4 2 0 0 0 - Jan. Total Non-M2 M3 Total 452.0 46 2. 7 Dec. 3. 4. Large-denomination time deposits1 1998- Aug. Sep. Week endincr 1999- Nov. 29 2. Institutional money funds 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. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money 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 Components m ay not add to totals due to rounding. H.6 (508) Table 10 Pa9e 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions 15. 4 15 . 2 U.S. government deposits Total cash balance Time and savings deposits at commercial banks 11. 9 20. 4 18.4 29.4 3. 4 3.5 151. 2 151. 4 5. 4 5. 1 5. 9 19. 3 18. 7 24. 4 26. 1 25. 1 32.0 3. 7 4.1 4.5 2.9 1. 4 1. 5 6. 6 4.8 5. 5 30. 8 6. 9 12 . 1 40. 2 13. 0 19. 1 19.1 18. 6 18 . 1 4.6 1. 4 2.6 6. 4 5. 4 5. 9 16. 5 28. 4 24. 0 1. 6 1. 4 1.3 18 . 7 20.6 22 . 4 1. 3 1. 3 2.5 5. 2 5.1 6. 4 1.2 1. 2 1.2 23.3 23.3 23 . 3 1. 4 1.2 1. 5 Demand deposits at commercial banks Balance at Federal Reserve 1. 4 2. 7 5.1 6. 3 15. 5 16. 5 17. 5 1. 4 1. 3 1. 7 1. 8 1. 8 1. 7 18 . 2 18. 6 19 . 1 8.6 8. 5 8. 3 1.6 1.6 1.6 July Aug. Sep. 8.1 7.9 7.6 Oct. Nov. Dec. 7.4 7.4 7.4 Date Total 98. 0 98. 4 107. 3 110. 9 356. 5 360. 7 151. 5 151. 5 151. 5 98. 4 97 . 9 97. 4 113. 6 115. 5 117. 3 363. 6 364. 8 366. 1 4.6 4.3 4.0 151. 5 151. 6 151. 7 97 . 0 96.8 96 . 5 119. 2 121. 0 122. 8 367. 7 369. 3 371. 0 27. 5 35. 3 32. 5 3. 9 4.0 4.0 151. 6 151. 3 151. 1 96 . 4 96 . 3 96.3 124. 3 125. 4 126. 5 372. 3 373. 1 373. 8 27. 2 9.2 29. 3 33. 7 15.6 38. 2 4.1 4.3 4.5 150. 7 15 0. 1 149. 6 96.2 96.1 96.0 127. 8 e 129. 5 e 131. 2 e 374. 7 e 375. 7 e 376. 8 e 5. 2 5.1 8. 3 28. 6 8.0 39. 0 35. 2 14.3 48. 8 4.6 4.6 4.6 149. 1 e 148. 7 e 148. 4 e 95.9 e 95.8 e 95.7 e 132. 9 e 134. 6 e 136. 3 e 377. 9 e 379. 1 e 380. 3 e 1. 2 5. 0 12. 2 18.4 6 13 20 27 1. 2 1. 3 2.0 1. 4 4.9 4.7 6. 6 7.1 7.2 0.6 47 . 8 79 . 8 13.2 6. 6 56.3 88.2 3 10 17p 24p 1. 8 1. 8 3.1 5.3 24. 5 6. 9 5. 3 6. 7 60 . 1 59. 2 39. 5 49. 5 86. 5 67.8 47. 8 61.6 Foreign official institutions 1998-Aug. Sep. 9. 8 9. 6 2.1 2. 0 Oct. Nov. Dec. 9. 4 9. 2 8. 9 2.1 1. 9 1. 9 1 9 9 9 - Jan. Feb. Mar. 8.8 8. 7 8. 7 Apr. May June Week en di n a 1999- Nov. 29 2000-Jan. Note balances at depository institutions1 At money market funds Foreign commercial banks Dec. IRA and Keogh Accounts 1. Source: Daily Treasury statement, e estimated p preliminary Components may not add to totals due to rounding. At commercial banks At thrift institutions • • » • • • • • • • * f • • • Appendix Table 1 Monthly Seasonal Factors Used to Construct M l Currency Nonbank travelers checks Demand deposits January February March April May June July August September October November December 0.9987 0.9980 0.9994 1.0002 0.9995 0.9991 1.0008 0.9979 0.9959 0.9982 1.0017 1.0110 1.0224 1.0225 1.0161 1.0176 1.0105 0.9794 0.9570 0.9657 0.9816 0.9972 1.0155 1.0184 1.0139 0.9811 0.9872 1.0013 0.9877 0.9962 0.9996 0.9962 0.9884 0.9926 1.0093 1.0450 1.0128 0.9946 1.0037 1.0220 0.9972 1.0006 0.9928 0.9896 0.9892 0.9897 0.9964 1.0110 1.0160 0.9990 1.0039 1.0198 0.9975 1.0003 0.9905 0.9899 0.9907 0.9897 0.9952 1.0075 January February March April May June July August September October November December 0.9977 0.9982 1.0002 1.0007 0.9992 0.9990 1.0002 0.9974 0.9970 0.9967 1.0019 1.0120 1.0207 1.0218 1.0160 1.0188 1.0122 0.9823 0.9579 0.9684 0.9824 0.9959 1.0141 1.0164 1.0136 0.9811 0.9870 1.0074 0.9845 0.9942 1.0023 0.9939 0.9903 0.9891 1.0095 1.0507 1.0126 0.9945 1.0039 1.0229 0.9973 1.0009 0.9930 0.9892 0.9893 0.9886 0.9963 1.0119 1.0154 0.9985 1.0039 1.0200 0.9983 1.0011 0.9906 0.9899 0.9901 0.9894 0.9952 1.0073 Other checkable deposits [1] total at banks 1999 2000 2001 January 0.9973 1.0192 1.0094 1.0121 February 0.9984 1.0223 0.9818 0.9944 March 1.0004 1.0157 0.9892 1.0043 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. 1.0153 0.9984 1.0039 Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 and M3 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 0.9985 0.9944 1.0025 1.0113 0.9971 1.0010 1.0011 0.9988 0.9971 0.9964 0.9997 1.0022 1.0023 1.0036 1.0026 1.0008 0.9970 0.9949 0.9970 0.9974 0.9990 1.0017 1.0025 1.0013 0.9849 0.9928 1.0002 0.9993 1.0070 1.0022 1.0011 0.9975 1.0042 1.0077 1.0051 0.9970 1.0038 1.0132 1.0196 1.0154 0.9860 0.9866 0.9859 0.9998 0.9982 0.9951 0.9964 0.9984 0.9986 0.9943 1.0021 1.0123 0.9964 1.0007 1.0014 0.9983 0.9978 0.9958 0.9997 1.0033 1.0025 1.0040 1.0031 1.0010 0.9965 0.9939 0.9966 0.9971 0.9991 1.0019 1.0029 1.0016 0.9856 0.9929 1.0003 0.9996 1.0072 1.0024 1.0010 0.9973 1.0045 1.0070 1.0050 0.9969 Money market mutual funds in M2 in M3 only RPs Eurodollars 1.0220 1.0361 1.0154 0.9997 0.9913 0.9887 0.9720 0.9843 0.9758 0.9883 1.0051 1.0190 1.0007 1.0048 1.0064 0.9974 1.0131 1.0034 0.9937 0.9985 0.9972 0.9915 1.0081 0.9860 1.0108 1.0111 0.9983 0.9982 1.0096 0.9994 0.9870 0.9931 0.9909 0.9909 1.0012 1.0121 1.0044 1.0148 1.0199 1.0157 0.9865 0.9865 0.9846 0.9990 0.9981 0.9952 0.9964 0.9983 1.0235 1.0373 1.0152 1.0002 0.9927 0.9889 0.9707 0.9840 0.9745 0.9868 1.0060 1.0190 1.0007 1.0056 1.0078 0.9959 1.0120 1.0032 0.9925 0.9992 0.9970 0.9897 1.0088 0.9883 1.0068 1.0084 0.9994 0.9995 1.0083 1.0016 0.9882 0.9945 0.9914 0.9896 1.0028 1.0109 1.0047 1.0156 1.0201 1.0237 1.0380 1.0161 1.0006 1.0059 1.0086 1.0042 1.0072 1.0005 1999 January February March April May June July August September October November December 2000 January February March April May June July August September October November December 2001 January 0.9981 1.0026 0.9861 February 0.9943 1.0041 0.9931 March 1.0021 1.0033 1.0002 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml Currency Nonbank travelers checks Demand deposits 1999 Dec 06 13 20 27 1.0061 1.0080 1.0118 1.0182 1.0221 1.0201 1.0182 1.0162 1.0114 1.0243 1.0497 1.0626 1.0056 0.9961 1.0065 1.0166 0.9957 0.9910 1.0050 1.0184 2000 Jan 03 10 17 24 31 1.0090 1.0015 0.9978 0.9936 0.9922 1.0142 1.0171 1.0199 1.0228 1.0257 1.0974 1.0367 1.0090 0.9829 0.9924 1.0435 1.0213 1.0089 1.0042 1.0044 1.0375 1.0194 1.0110 1.0122 1.0126 2000 Feb 07 14 21 28 0.9980 1.0004 0.9988 0.9961 1.0242 1.0227 1.0212 1.0197 0.9771 0.9759 0.9776 0.9887 1.0000 0.9863 0.9885 0.9989 0.9998 0.9898 0.9962 1.0042 Other checkable deposits [1] total at banks 2000 Mar 06 1.0018 1.0183 0.9863 1.0040 13 1.0017 1.0170 0.9860 0.9976 20 1.0005 1.0158 0.9834 0.9994 27 0.9985 1.0146 0.9870 1.0064 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. 1.0010 0.9956 1.0003 1.0116 Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml (continued) Currency Nonbank travelers checks Demand deposits 2000 Apr 03 10 17 24 0.9995 1.0040 1.0009 0.9986 1.0134 1.0158 1.0183 1.0208 1.0151 1.0140 1.0178 0.9921 1.0240 1.0207 1.0317 1.0222 1.0196 1.0158 1.0257 1.0243 2000 May 01 08 15 22 29 0.9979 1.0029 0.9997 0.9980 0.9982 1.0234 1.0190 1.0147 1.0104 1.0061 0.9973 0.9853 0.9829 0.9717 0.9844 1.0148 . 1.0026 0.9917 0.9884 0.9970 1.0137 0.9984 0.9923 0.9942 1.0001 2000 Jun 05 12 19 26 1.0014 1.0017 0.9980 0.9948 1.0019 0.9917 0.9817 0.9718 0.9987 0.9978 0.9928 0.9893 1.0064 0.9983 0.9997 1.0001 1.0014 0.9985 1.0015 1.0059 Other checkable deposits [1] total at banks 2000 Jul 03 0.9991 0.9622 1.0140 1.0104 10 1.0049 0.9603 1.0116 1.0009 17 1.0003 0.9584 0.9949 0.9856 24 0.9974 0.9565 0.9852 0.9833 31 0.9967 0.9545 1.0061 0.9943 1 ------ 11.. _1 ^4.1____ 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. 1.0051 0.9945 0.9856 0.9863 0.9912 Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml (continued) Currency Nonbank travelers checks Demand deposits 2000 Aug 07 14 21 28 1.0032 0.9992 0.9958 0.9930 0.9595 0.9646 0.9697 0.9749 0.9968 0.9949 0.9926 0.9914 0.9965 0.9847 0.9830 0.9875 0.9910 0.9834 0.9851 0.9935 2000 Sep 04 11 18 25 1.0023 0.9983 0.9961 0.9934 0.9801 0.9812 0.9823 0.9834 0.9947 0.9945 0.9936 0.9795 0.9951 0.9917 0.9883 0.9831 0.9930 0.9886 0.9899 0.9914 2000 Oct 02 09 16 23 30 0.9936 1.0010 0.9978 0.9946 0.9941 0.9845 0.9892 0.9939 0.9987 1.0035 0.9952 0.9863 0.9862 0.9795 0.9935 0.9946 0.9896 0.9839 0.9842 0.9903 0.9939 0.9865 0.9835 0.9874 0.9960 Other checkable deposits [1] total at banks 2000 Nov 06 1.0016 1.0084 1.0020 1.0009 13 1.0023 1.0116 0.9996 0.9900 20 1.0001 1.0147 1.0080 0.9919 27 1.0044 1.0179 1.0216 0.9977 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. 0.9945 0.9882 0.9927 1.0018 Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml (continued) Currency Nonbank travelers checks Demand deposits 2000 Dec 04 11 18 25 1.0063 1.0080 1.0112 1.0179 1.0211 1.0189 1.0167 1.0145 1.0342 1.0290 1.0484 1.0572 1.0095 0.9999 1.0053 1.0136 0.9999 0.9937 1.0015 1.0156 2001 Jan 01 08 15 22 29 1.0105 1.0034 0.9986 0.9949 0.9927 1.0124 1.0150 1.0177 1.0203 1.0230 1.0847 1.0488 1.0140 0.9844 0.9804 1.0363 1.0298 1.0098 1.0027 1.0012 1.0299 1.0257 1.0132 1.0094 1.0092 2001 Feb 05 12 19 26 0.9972 1.0000 0.9992 0.9961 1.0257 1.0238 1.0219 1.0200 0.9794 0.9754 0.9805 0.9864 1.0027 0.9893 0.9901 0.9954 1.0027 0.9933 0.9948 1.0029 2001 Mar 05 12 19 26 1.0007 1.0020 1.0002 0.9978 1.0182 1.0170 1.0157 1.0145 0.9975 0.9886 0.9893 0.9801 1.0033 0.9972 1.0000 1.0068 1.0018 0.9974 1.0010 1.0105 Other checkable deposits [1] total at banks 2001 Apr 02 0.9995 1.0133 1.0065 1.0235 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. 1.0169 Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1999 Dec 06 13 20 27 1.0110 1.0074 1.0003 0.9935 1.0029 1.0018 1.0008 0.9999 1.0033 1.0024 0.9984 0.9927 1.0023 1.0009 1.0007 0.9964 2000 Jan 03 10 17 24 31 1.0015 1.0128 1.0068 0.9877 0.9807 1.0012 1.0024 1.0026 1.0026 1.0031 0.9831 0.9860 0.9879 0.9830 0.9864 2000 Feb 07 14 21 28 1.0003 0.9997 0.9918 0.9877 1.0038 1.0041 1.0040 1.0039 0.9908 0.9950 0.9908 0.9936 2000 Mar 06 1.0069 1.0039 1.0011 13 1.0071 1.0035 1.0014 20 1.0016 1.0029 1.0013 27 0.9913 1.0023 1.0005 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only RPs Eurodollars 1.0197 1.0333 1.0204 1.0173 1.0010 0.9956 0.9831 0.9724 1.0224 1.0139 1.0025 1.0094 0.9881 0.9977 1.0110 1.0094 1.0065 0.9932 1.0195 1.0274 1.0330 1.0270 0.9760 0.9986 1.0036 1.0026 1.0087 1.0152 1.0070 1.0024 1.0047 1.0094 1.0122 1.0143 1.0163 1.0158 1.0329 1.0375 1.0398 1.0409 1.0095 1.0127 1.0011 0.9997 0.9987 1.0097 1.0094 1.0189 1.0197 1.0203 1.0195 1.0203 1.0238 1.0219 1.0147 1.0138 1.0031 1.0129 1.0138 1.0065 0.9871 0.9971 0.9992 1.0115 Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) 2000 Apr 03 10 17 24 2000 May 01 08 15 22 29 2000 Jun 05 12 19 26 2000 Jul 03 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1.0097 1.0250 1.0235 1.0052 1.0029 1.0026 1.0013 1.0000 0.9950 0.9982 0.9986 0.9999 1.0196 1.0267 1.0245 1.0138 0.9901 1.0051 1.0028 0.9910 0.9906 0.9989 0.9982 0.9971 0.9960 0.9951 1.0046 1.0077 1.0058 1.0066 1.0086 1.0114 1.0094 1.0003 0.9832 0.9943 0.9937 0.9932 0:9935 1.0084 1.0041 1.0027 1.0003 0.9962 0.9953 0.9952 1.0119 0.9962 0.9970 17 1.0052 0.9963 1.0039 24 0.9935 0.9973 1.0044 31 0.9909 0.9972 1.0013 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. 10 Money market mutual funds in M2 in M3 only RPs Eurodollars 0.9945 1.0096 1.0057 0.9968 0.9982 0.9972 0.9931 0.9917 0.9978 0.9881 1.0027 0.9928 0.9885 0.9844 0.9855 0.9864 0.9899 0.9894 0.9893 0.9945 0.9956 1.0014 1.0082 1.0104 1.0118 1.0186 1.0103 0.9955 1.0019 1.0161 1.0216 0.9870 0.9913 0.9875 0.9844 1.0014 1.0036 0.9868 0.9823 1.0143 1.0114 1.0017 0.9945 1.0009 1.0036 0.9962 1.0044 0.9791 0.9854 0.9843 0.9852 0.9859 0.9632 0.9787 0.9689 0.9717 0.9668 0.9927 0.9905 0.9889 0.9943 0.9961 1.0037 0.9868 0.9812 0.9870 0.9914 1.0011 • * » « • • • • Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 2000 Aug 07 14 21 28 1.0092 1.0075 0.9976 0.9863 0.9971 0.9969 0.9969 0.9970 1.0014 0.9968 0.9924 0.9967 0.9940 0.9986 1.0016 1.0015 2000 Sep 04 11 18 25 1.0043 1.0137 0.9997 0.9791 0.9979 0.9985 0.9991 0.9992 1.0014 1.0022 1.0033 1.0074 2000 Oct 02 09 16 23 30 0.9865 1.0046 1.0034 0.9905 0.9859 1.0004 1.0021 1.0020 1.0019 1.0018 1.0078 1.0130 1.0081 1.0053 1.0015 2000 Nov 06 1.0037 1.0024 1.0054 13 1.0073 1.0028 1.0063 20 1.0016 1.0030 1.0044 0.9912 27 1.0031 1.0050 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only RPs Eurodollars 0.9773 0.9857 0.9856 0.9892 0.9980 1.0026 0.9930 1.0021 0.9875 0.9840 0.9917 1.0143 0.9991 1.0020 1.0011 0.9959 0.9795 0.9818 0.9766 0.9687 1.0012 1.0017 1.0012 0.9941 0.9949 0.9931 0.9871 0.9928 0.9906 0.9949 0.9975 0.9961 0.9938 0.9653 0.9803 0.9847 0.9940 0.9931 0.9853 0.9850 0.9885 0.9895 0.9955 0.9903 0.9856 0.9874 0.9858 0.9996 0.9926 0.9949 0.9967 0.9994 0.9941 1.0015 1.0069 1.0143 1.0002 1.0092 1.0145 1.0118 0.9887 0.9955 1.0035 1.0175 Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 2000 Dec 04 11 18 25 1.0035 1.0079 1.0021 0.9955 1.0030 1.0024 1.0015 1.0007 1.0022 1.0028 0.9992 0.9943 0.9991 1.0027 1.0023 0.9976 2001 Jan 01 08 15 22 29 0.9998 1.0135 1.0101 0.9942 0.9820 1.0010 1.0025 1.0025 1.0026 1.0027 0.9868 0.9845 0.9898 0.9862 0.9833 2001 Feb 05 12 19 26 0.9978 0.9986 0.9938 0.9861 1.0036 1.0041 1.0042 1.0043 2001 Mar 05 12 19 26 1.0014 1.0038 1.0007 0.9934 1.0042 1.0038 1.0032 1.0027 RPs Eurodollars 1.0184 1.0314 1.0218 1.0161 1.0047 0.9998 0.9887 0.9777 1.0122 1.0117 1.0035 1.0074 0.9889 0.9953 1.0080 1.0085 1.0078 1.0050 0.9998 1.0263 1.0323 1.0371 0.9759 0.9947 1.0025 1.0002 1.0064 1.0217 1.0110 1.0009 0.9993 1.0053 0.9877 0.9927 0.9924 0.9954 1.0098 1.0147 1.0159 1.0194 1.0301 1.0437 1.0381 1.0413 1.0079 1.0110 1.0046 1.0015 0.9966 1.0067 1.0089 1.0181 1.0019 1.0023 1.0012 0.9997 1.0190 1.0206 1.0194 1.0207 1.0265 1.0265 1.0163 1.0128 1.0030 1.0115 1.0150 1.0092 0.9919 0.9976 0.9987 1.0090 1.0207 0.9956 1.0005 1.0035 2001 Apr 02 1.0069 1.0028 0.9950 1. Seasonal factors ai e applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adjusted) Revised M l Old M l Revised M2 Old M2 Revised M3 Old M3 1998 October November December 1084.7 1093.7 1097.4 1080.8 1089.3 1093.7 4327.3 4364.3 4397.0 4325.9 4364.4 4401.4 5887.8 5945.2 5997.0 5872.0 5936.9 5995.7 1999 January February March April May June July August September October November December 1096.0 1094.3 1101.4 1107.2 1101.8 1100.2 1099.4 1098.3 1095.5 1101.2 1110.2 1125.3 1091.4 1093.1 1102.4 1108.8 1105.2 1101.5 1100.0 1102.9 1094.0 1099.5 1109.5 1127.2 4422.4 4447.7 4463.5 4490.4 4513.1 4531.0 4553.6 4572.9 4594.2 4612.1 4632.2 4661.1 4425.4 4446.0 4455.9 4488.9 4506.9 4523.7 4545.1 4567.2 4586.5 4607.2 4629.6 4666.1 6028.8 6078.0 6087.8 6123.8 6156.3 6187.4 6211.9 6231.6 6260.0 6311.7 6391.8 6482.2 6017.4 6065.1 6059.7 6104.5 6133.5 6166.4 6191.6 6213.6 6242.6 6291.9 6382.4 6484.7 2000 January 1122.6 1122.7 4686.3 4687.2 6523.4 6515.5 Appendix Table 6 Comparison of Revised and Old Ml Growth Rates (percent changes at annual rates) Revised Old Difference Difference due to Benchmark Seasonals 1998 January February March April May June July August September October November December - 0.2 - 1.1 2.7 4.7 2.5 5.1 1.6 1.6 -5.8 10.0 4.1 -4.3 0.1 -2.7 -3.8 2.7 6.5 9.4 4.8 January February March April May June July August September October November December -1.5 -1.9 7.8 6.3 -5.9 -1.7 -0.9 -1.2 -3.1 6.2 9.8 16.3 Quarterly 98Q4 99Q1 99Q2 99Q3 99Q4 0.9 0.2 -0.4 0.0 0.9 0.2 -0.4 0.2 -1.5 1.7 1.4 -0.7 2.7 0.4 0.6 0.2 0.0 0.0 0.2 0.3 0.3 0.3 2.7 - -0.7 2.2 -2.9 -2.5 1.9 10.2 7.0 -3.9 -4.0 -1.6 3.2 -9.7 6.0 10.9 19.1 1.0 -3.8 -2.4 -0.7 -2.0 2.3 0.7 -4.4 6.6 0.2 -1.1 -2.8 -0.2 -4.1 -1.8 -0.4 -0.2 0.5 -0.8 -4.3 3.3 0.5 1.6 0.5 1.2 0.3 -0.6 -0.3 -1.8 1.8 1.5 -0.1 3.3 -0.3 -2.7 -3.3 5.9 1.9 2.2 -2.0 5.3 5.0 2.8 3.5 -2.2 4.8 0.9 -0.9 -1.3 0.2 0.5 1.0 -0.5 -1.0 -0.8 0.9 -0.1 -0.4 -0.3 1.0 -0.4 Semi-Annual 98Q4 - 99Q2 99Q2 - 99Q4 2.1 1.6 3.2 1.2 -1.1 0.4 -0.7 0.0 -0.4 0.4 Annual (Q4 to Q4) 1998 1999 2.2 1.9 1.8 2.2 0.4 -0.3 0.3 -0.3 0.1 0.0 1.6 - 1.1 -4.2 5.7 7.2 - 0.0 -1.5 1.7 0.0 0.0 1.6 -0.4 3.0 0.7 - 2.1 1999 > Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference 7.5 9.7 8.8 7.1 6.4 7.3 5.3 6.9 12.1 11.6 10.3 9.0 7.3 8.7 7.3 8.4 5.6 6.9 5.0 7.2 12.3 11.6 10.7 10.2 0.2 1.0 1.5 -1.3 0.8 0.4 0.3 -0.3 -0.2 0.0 -0.4 -1.2 0.1 -0.1 0.0 0.0 0.0 0.1 0.2 0.1 0.1 0.2 0.5 0.3 0.1 1.1 1.5 -1.3 0.8 0.3 0.1 -0.4 -0.3 -0.2 -0.9 -1.5 January February March April May June July August September October November December 6.9 6.9 4.3 7.2 6.1 4.8 6.0 5.1 5.6 4.7 5.2 7.5 6.5 5.6 2.7 8.9 4.8 4.5 5.7 5.8 5.1 5.4 5.8 9.5 0.4 1.3 1.6 -1.7 1.3 0.3 0.3 -0.7 0.5 -0.7 -0.6 -2.0 0.0 -0.4 -0.3 0.0 0.3 0.2 0.1 -0.8 1.1 0.0 0.1 0.1 0.4 1.7 1.9 -1.7 1.0 0.1 0.2 0.1 -0.6 -0.7 -0.7 -2.1 Quarterly 98Q4 99Q1 99Q2 99Q3 99Q4 10.7 7.5 6.0 5.5 5.4 11.0 7.2 5.8 5.3 6.0 -0.3 0.3 0.2 0.2 -0.6 0.2 0.0 -0.1 0.1 0.2 -0.5 0.3 0.3 0.1 -0.8 Semi-Annual 98Q4 - 99Q2 99Q2 - 99Q4 6.8 5.5 6.5 5.7 0.3 -0.2 0.0 0.1 0.3 -0.3 Annual (Q4 to Q4) 1998 8.5 8.5 0.0 0.1 -0.1 1998 January February March April May June July August September October November December 1999 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference 10.8 8.1 15.2 8.1 9.4 9.4 4.4 12.3 13.0 13.1 11.7 10.5 9.9 7.7 12.7 9.7 9.0 9.1 4.3 11.7 13.2 12.8 13.3 11.9 0.9 0.4 2.5 -1.6 0.4 0.3 0.1 0.6 -0.2 0.3 -1.6 -1.4 0.1 -0.1 0.0 0.2 -0.1 0.1 0.5 0.4 0.5 -0.4 0.1 0.2 0.8 0.5 2.5 -1.8 0.5 0.2 -0.4 0.2 -0.7 0.7 -1.7 -1.6 January February March April May June July August September October November December 6.4 9.8 1.9 7.1 6.4 6.1 4.8 3.8 5.5 9.9 15.2 17.0 4.3 9.5 -1.1 8.9 5.7 6.4 4.9 4.3 5.6 9.5 17.3 19.2 2.1 0.3 3.0 -1.8 0.7 -0.3 -0.1 -0.5 -0.1 0.4 -2.1 -2.2 0.6 -0.1 -0.1 0.3 0.1 -0.2 -0.3 -0.7 0.5 0.0 -0.1 -0.1 1.5 0.4 3.1 -2.1 0.6 -0.1 0.2 0.2 -0.6 0.4 -2.0 -2.1 Quarterly 98Q4 99Q1 99Q2 99Q3 99Q4 12.5 8.2 6.0 5.1 10.3 12.9 7.6 5.8 5.3 11.0 -0.4 0.6 0.2 -0.2 -0.7 0.1 0.2 0.0 -0.3 0.0 -0.5 0.4 0.2 0.1 -0.7 Semi-Annual 98Q4 - 99Q2 99Q2 - 99Q4 7.2 7.8 6.7 8.2 0.5 -0.4 0.2 -0.1 0.3 -0.3 10.9 10.9 0.0 0.1 -0.1 1998 January February March April May June July August September October November December 1999 Annual (Q4 to Q4) 1998
@FedFRASER