The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
February 3, 2005 H.6 (508) MONEY STOCK REVISIONS Measures of the money stock and components have been revised to incorporate the results of the annual 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. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2004. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The revisions to seasonal factors lowered M2 and M3 growth rates in the first two quarters of 2004 and raised them in the third and fourth quarters. Historical data, updated each week, are available through the Federal Reserve’s web site (http://www.federalreserve.gov/releases/) with the H.6 statistical release. The data are also available through paid electronic means, which can be accessed by calling STAT-USA at 1-800782-8872 or 202-482-1986. FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK MEASURES For release at 4:30 p.m. Eastern Time Billions of dollars February 3, 2005 Date M1 1 M2 2 M3 3 Seasonally adjusted 2003-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1221.2 1235.8 1238.3 1245.0 1259.1 1269.4 1273.1 1282.4 1282.7 1283.6 1285.1 1292.8 5836.8 5872.8 5888.8 5924.0 5971.5 6012.7 6057.8 6103.9 6085.8 6077.7 6072.8 6076.6 8589.2 8625.7 8642.8 8672.9 8723.3 8777.0 8869.9 8901.6 8897.7 8893.5 8875.4 8877.4 2004-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1289.9 1307.7 1320.9 1321.3 1324.8 1332.6 1325.5 1343.4 1347.9 1347.8 1362.8 1362.0 6089.3 6128.1 6166.8 6204.3 6262.6 6274.7 6277.5 6298.0 6333.0 6357.8 6394.2 6417.0 8936.7 9001.1 9078.4 9144.7 9234.0 9274.6 9277.7 9310.3 9358.4 9363.3 9386.4 9426.8 Not seasonally adjusted 2003-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1222.0 1221.5 1240.5 1255.8 1253.7 1271.6 1274.3 1279.0 1274.1 1275.9 1280.8 1319.1 5819.7 5844.9 5905.7 5962.6 5953.0 6009.4 6053.2 6111.5 6083.0 6063.3 6086.9 6102.6 8597.8 8630.5 8688.8 8707.6 8715.6 8780.4 8839.1 8891.7 8861.1 8841.9 8886.0 8921.0 2004-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1289.0 1293.0 1324.3 1332.1 1320.0 1336.0 1326.9 1340.9 1338.7 1339.0 1357.9 1389.2 6061.2 6090.7 6169.5 6241.2 6252.9 6278.2 6284.5 6304.2 6336.4 6351.9 6400.1 6440.2 8927.1 8991.4 9107.3 9181.2 9240.1 9287.6 9263.4 9303.7 9335.3 9323.6 9381.4 9457.2 Footnotes appear on the following page p preliminary Components may not add to totals due to rounding. Page 2 H.6 (508) Table 2 MONEY STOCK MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 3 Months from Sep. 2004 TO Dec. 2004 4.2 5.3 2.9 6 Months from June 2004 TO Dec. 2004 4.4 4.5 3.3 12 Months from Dec. 2003 TO Dec. 2004 5.4 5.6 6.2 Thirteen weeks ending January 24 , 2005 from thirteen weeks ending: Oct. 25, 2004 (13 weeks previous) 3.4 5.4 3.5 July 26, 2004 (26 weeks previous) 4.4 4.5 3.5 Jan. 26, 2004 (52 weeks previous) 5.2 5.5 5.9 Footnotes to Table 1: 1. M1 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 commercial banks (excluding those amounts held by 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 constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. 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. Page 3 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M2 M1 Period ending 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 2004-Nov. 1 8 15 22 29 1346.6 1347.8 1349.0 1350.6 1352.6 1346.4 1347.5 1352.1 1356.6 1363.9 1344.7 1348.3 1358.0 1375.2 1374.1 6331.2 6338.5 6345.5 6352.8 6360.5 6361.1 6369.5 6378.9 6388.4 6394.3 6382.4 6375.2 6389.5 6406.6 6405.8 9345.4 9351.9 9357.4 9362.0 9368.3 9363.4 9370.0 9375.1 9379.9 9385.5 9381.6 9374.3 9372.7 9391.0 9404.1 Dec. 6 13 20 27 1353.9 1354.8 1355.4 1356.7 1364.1 1362.6 1359.0 1360.0 1348.9 1352.0 1360.8 1378.2 6368.0 6375.4 6381.8 6387.6 6401.2 6406.7 6411.4 6418.7 6402.8 6411.7 6425.4 6434.8 9375.2 9381.3 9384.8 9389.1 9395.7 9405.0 9411.3 9423.4 9414.8 9409.9 9416.4 9452.3 3 10 17p 24p 1357.9 1356.3 1356.0 1357.1 1365.8 1358.3 1352.3 1350.5 1372.0 1322.2 1336.6 1371.2 6392.1 6396.7 6403.2 6409.6 6418.4 6415.7 6418.4 6422.7 6401.5 6400.9 6436.3 6451.9 9395.1 9401.7 9410.8 9419.7 9431.5 9437.2 9451.0 9459.8 9447.2 9433.0 9471.4 9487.7 2005-Jan. Not seasonally adjusted 2004-Nov. 1 8 15 22 29 1339.5 1340.6 1340.6 1341.4 1345.0 1340.6 1343.7 1344.5 1345.1 1358.2 1371.4 1316.7 1326.5 1365.9 1423.8 6331.9 6338.1 6344.9 6352.6 6361.9 6349.6 6360.2 6372.5 6390.0 6399.9 6351.9 6398.7 6418.0 6391.2 6391.8 9321.5 9326.0 9331.6 9337.4 9345.6 9320.7 9333.2 9347.0 9364.8 9380.9 9323.4 9377.9 9389.5 9368.4 9387.9 Dec. 6 13 20 27 1346.7 1348.8 1352.6 1358.8 1363.7 1364.3 1370.0 1378.1 1338.6 1328.7 1389.0 1455.9 6368.0 6373.7 6381.7 6393.2 6408.5 6413.5 6428.3 6441.5 6433.0 6437.9 6450.6 6444.4 9353.1 9360.8 9368.4 9381.6 9396.8 9415.0 9435.1 9457.6 9441.4 9462.3 9448.7 9478.1 3 10 17p 24p 1365.4 1366.2 1366.4 1365.7 1403.9 1400.7 1384.9 1359.4 1442.0 1315.8 1325.7 1354.2 6399.8 6405.6 6410.1 6413.3 6441.7 6440.1 6434.3 6413.8 6433.7 6431.6 6427.6 6362.3 9391.8 9402.2 9413.6 9423.3 9461.3 9461.8 9470.1 9456.3 9455.9 9464.3 9482.0 9423.0 2005-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 may not add to totals due to rounding. Page 4 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Other checkable deposits Currency1 Date Travelers checks2 Demand deposits3 2003-Aug. Sep. 649.8 652.7 7.6 7.6 323.6 315.0 165.9 170.4 At thrift institutions 5 135.5 137.0 Oct. Nov. Dec. 656.9 659.5 662.4 7.7 7.7 7.7 312.0 310.5 311.2 169.8 170.1 175.8 137.3 137.3 135.7 307.1 307.4 311.5 2004-Jan. Feb. Mar. 664.6 666.5 668.4 7.8 7.8 7.8 302.5 315.0 323.2 177.2 180.8 183.8 137.7 137.6 137.8 315.0 318.4 321.6 Apr. May June 670.8 674.1 678.4 7.8 7.7 7.7 320.9 320.0 321.0 182.9 183.1 186.4 139.0 139.9 139.1 321.8 323.0 325.5 July Aug. Sep. 684.6 686.6 689.9 7.6 7.6 7.6 307.3 321.3 324.5 185.0 188.2 186.9 141.0 139.8 139.1 325.9 328.0 325.9 Oct. Nov. Dec. 692.5 697.2 697.4 7.6 7.6 7.6 320.0 326.5 327.8 187.1 189.5 187.5 140.5 142.0 141.6 327.6 331.4 329.2 698.7 7.6 332.5 191.3 143.9 335.2 6 13 20 27 698.5 697.3 697.3 696.3 7.6 7.6 7.6 7.6 316.5 318.8 326.7 342.8 185.8 188.4 188.2 187.3 140.5 139.9 141.0 144.2 326.3 328.3 329.2 331.5 3 10 17p 24p 697.9 698.1 699.6 701.4 7.5 7.5 e 7.5 e 7.5 e 335.8 294.3 307.0 335.5 187.6 180.3 181.2 185.1 143.3 142.1 141.2 141.7 330.8 322.4 322.5 326.8 At commercial banks4 Week ending 2004-Nov. 29 Dec. 2005-Jan. 1. 2. 3. 4. 5. Total 301.4 307.5 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. Page 5 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date At commercial banks At thrift institutions Total Retail money funds3 Total Non-M1 M2 2299.9 2292.5 825.2 834.6 3125.1 3127.1 551.3 545.7 281.8 279.3 833.2 824.9 863.2 851.0 4821.5 4803.0 Oct. Nov. Dec. 2305.6 2325.0 2340.7 841.6 835.5 835.0 3147.2 3160.6 3175.7 541.9 538.1 536.2 276.9 274.5 272.5 818.8 812.6 808.7 828.1 814.5 799.4 4794.1 4787.7 4783.8 2004-Jan. Feb. Mar. 2376.9 2402.5 2427.0 831.6 839.5 855.2 3208.5 3242.0 3282.2 534.4 532.9 531.0 271.5 271.0 270.8 805.9 803.9 801.8 785.0 774.5 761.9 4799.3 4820.4 4845.9 Apr. May June 2468.5 2512.0 2517.0 859.7 871.3 878.4 3328.2 3383.3 3395.4 529.1 527.9 527.7 270.1 267.7 267.1 799.2 795.6 794.8 755.6 758.9 752.0 4883.0 4937.8 4942.2 July Aug. Sep. 2532.8 2536.1 2560.4 881.8 885.1 893.3 3414.6 3421.2 3453.7 529.3 532.2 535.7 267.3 267.9 267.9 796.6 800.1 803.6 740.7 733.3 727.7 4952.0 4954.6 4985.0 Oct. Nov. Dec. 2593.2 2617.3 2637.8 890.1 889.2 891.4 3483.2 3506.5 3529.2 537.0 540.3 542.1 269.2 269.4 271.0 806.2 809.7 813.1 720.6 715.1 712.8 5010.1 5031.4 5055.1 2612.2 895.8 3508.0 541.3 269.4 810.7 713.0 5031.8 6 13 20 27 2647.7 2646.9 2646.4 2630.1 886.5 887.7 893.3 896.8 3534.1 3534.7 3539.7 3526.9 540.9 541.9 542.0 542.8 270.1 270.5 271.2 271.5 810.9 812.5 813.1 814.3 708.8 712.6 711.8 715.5 5053.8 5059.7 5064.6 5056.7 3 10 17p 24p 2609.6 2659.4 2669.1 2651.4 888.3 889.3 900.2 894.8 3497.9 3548.7 3569.3 3546.1 543.3 544.9 546.6 548.4 272.0 273.3 274.9 276.4 815.2 818.2 821.5 824.8 716.3 711.7 708.9 709.7 5029.4 5078.7 5099.7 5080.7 Dec. 2005-Jan. 3. Total At commercial banks 2003-Aug. Sep. Week ending 2004-Nov. 29 1. 2. At thrift institutions Savings deposits include money market deposit accounts. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. p preliminary Components may not add to totals due to rounding. Page 6 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars Large-denomination time deposits1 Date Total RPs3 Eurodollars4 Total Non-M2 M3 726.5 735.2 122.7 122.6 849.2 857.9 496.6 495.2 280.5 281.3 2797.7 2812.0 Oct. Nov. Dec. 1155.4 1134.8 1117.2 736.8 746.2 761.0 122.9 121.6 119.7 859.7 867.9 880.7 512.6 510.5 509.3 288.1 289.5 293.6 2815.8 2802.7 2800.8 2004-Jan. Feb. Mar. 1114.4 1105.2 1113.0 794.7 801.6 819.7 120.8 122.3 124.6 915.5 923.9 944.3 515.3 535.1 539.2 302.2 308.9 315.0 2847.4 2873.0 2911.5 Apr. May June 1120.9 1123.6 1122.5 837.4 849.4 862.8 127.9 131.9 132.5 965.3 981.3 995.3 530.1 541.6 554.5 324.0 324.9 327.6 2940.4 2971.4 2999.9 July Aug. Sep. 1108.2 1104.7 1100.1 877.7 881.5 883.9 137.0 143.0 147.6 1014.7 1024.6 1031.5 542.1 540.8 542.1 335.2 342.3 351.8 3000.2 3012.3 3025.4 Oct. Nov. Dec. 1076.1 1066.9 1066.4 890.9 894.3 912.0 150.9 154.7 159.5 1041.8 1049.0 1071.4 525.0 517.2 509.9 362.6 359.2 362.1 3005.5 2992.3 3009.8 1065.6 901.2 157.0 1058.2 516.6 357.9 2998.3 6 13 20 27 1065.9 1064.2 1053.2 1071.2 906.9 901.2 909.5 918.2 157.8 159.0 158.2 161.1 1064.8 1060.1 1067.6 1079.3 519.9 511.2 508.9 505.9 361.4 362.7 361.3 361.1 3012.0 2998.2 2991.0 3017.4 3 10 17p 24p 1085.5 1065.0 1049.4 1046.8 931.8 960.9 975.4 969.8 161.8 163.7 165.8 168.1 1093.6 1124.7 1141.2 1137.9 501.4 482.7 479.3 474.9 365.3 359.7 365.2 376.2 3045.7 3032.1 3035.1 3035.8 2005-Jan. 4. At thrift institutions 1171.4 1177.6 Dec. 3. At commercial banks2 2003-Aug. Sep. Week ending 2004-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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. p preliminary Components may not add to totals due to rounding. Page 7 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Other checkable deposits Currency1 Date Travelers checks2 Demand deposits3 At commercial banks4 650.4 650.8 7.8 7.7 321.0 311.9 163.1 166.7 Oct. Nov. Dec. 655.7 660.2 667.0 7.6 7.6 7.6 310.0 310.4 328.4 167.1 166.6 179.9 135.6 135.9 136.2 302.6 302.6 316.1 2004-Jan. Feb. Mar. 662.7 665.9 667.6 7.7 7.8 7.8 302.3 306.1 323.4 183.4 180.0 186.9 132.8 133.2 138.7 316.2 313.2 325.6 Apr. May June 670.3 674.0 678.3 7.7 7.7 7.8 323.6 316.2 321.4 187.7 180.9 186.6 142.9 141.3 142.0 330.6 322.2 328.5 July Aug. Sep. 686.0 686.3 688.2 7.8 7.7 7.6 307.9 319.5 321.2 182.8 185.4 183.1 142.3 141.9 138.7 325.1 327.3 321.7 Oct. Nov. Dec. 692.1 697.8 702.8 7.5 7.5 7.5 316.8 326.1 345.3 183.7 185.4 191.7 139.0 141.1 141.9 322.7 326.5 333.6 700.4 7.5 375.8 195.5 144.5 340.0 6 13 20 27 700.3 700.6 703.0 707.1 7.5 7.5 7.5 7.5 306.2 301.1 347.4 395.3 181.7 182.0 191.6 201.8 142.9 137.5 139.5 144.2 324.7 319.5 331.1 346.0 3 10 17p 24p 702.5 699.1 697.5 696.2 7.5 7.5 e 7.5 e 7.5 e 381.0 288.4 302.8 325.1 201.6 184.5 184.7 191.7 149.5 136.3 133.3 133.7 351.0 320.8 318.0 325.5 Dec. 2005-Jan. 4. 5. Total 2003-Aug. Sep. Week ending 2004-Nov. 29 1. 2. 3. At thrift institutions 5 136.7 136.9 299.8 303.7 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. Page 8 H.6 (508) Table 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date At commercial banks 2308.4 2299.0 2003-Aug. Sep. At commercial banks At thrift institutions Total Total Non-M1 M2 828.3 837.0 3136.7 3135.9 550.8 545.6 281.6 279.2 832.4 824.8 863.4 848.2 4832.5 4808.9 2303.6 2339.0 2337.6 840.8 840.6 833.8 3144.4 3179.5 3171.4 542.1 538.8 536.7 277.0 274.9 272.8 819.1 813.7 809.5 823.9 812.9 802.6 4787.4 4806.2 4783.5 2004-Jan. Feb. Mar. 2353.0 2380.8 2419.3 823.3 832.0 852.4 3176.3 3212.8 3271.7 535.1 533.5 531.4 271.9 271.3 271.0 806.9 804.8 802.4 789.0 780.1 771.1 4772.2 4797.7 4845.2 Apr. May June 2485.0 2514.3 2522.7 865.4 872.1 880.4 3350.4 3386.4 3403.1 529.3 527.6 526.7 270.2 267.5 266.6 799.5 795.1 793.4 759.1 751.5 745.8 4909.1 4932.9 4942.2 July Aug. Sep. 2541.3 2542.1 2571.1 884.7 887.2 897.0 3426.1 3429.3 3468.1 528.5 531.5 535.3 266.9 267.6 267.8 795.4 799.1 803.1 736.2 734.9 726.5 4957.6 4963.3 4997.7 Oct. Nov. Dec. 2598.0 2625.9 2632.3 891.7 892.2 889.5 3489.7 3518.1 3521.8 537.0 540.8 542.6 269.1 269.7 271.3 806.1 810.5 813.9 717.0 713.7 715.3 5012.8 5042.2 5051.0 2563.3 879.1 3442.4 541.9 269.7 811.6 714.1 4968.1 6 13 20 27 2675.8 2679.2 2640.3 2577.8 895.9 898.5 891.2 878.9 3571.6 3577.7 3531.5 3456.7 541.5 542.4 542.3 543.2 270.4 270.8 271.3 271.7 811.9 813.2 813.5 814.9 710.8 718.3 716.6 716.9 5094.4 5109.2 5061.7 4988.6 3 10 17p 24p 2583.2 2684.9 2666.1 2592.7 879.4 897.9 899.2 875.0 3462.6 3582.8 3565.3 3467.7 544.4 545.8 547.3 548.8 272.5 273.8 275.2 276.6 817.0 819.6 822.5 825.4 712.1 713.4 714.0 714.9 4991.6 5115.8 5101.8 5008.0 Dec. 2005-Jan. 3. Total Oct. Nov. Dec. Week ending 2004-Nov. 29 1. 2. At thrift institutions Retail money funds3 Savings deposits include money market deposit accounts. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 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 Billions of dollars Large-denomination time deposits1 Institutional money funds Date At commercial banks 437.7 435.5 Oct. Nov. Dec. 1140.1 1142.5 1140.2 732.3 742.0 761.8 122.1 121.0 119.8 854.5 863.0 881.7 438.6 447.4 439.1 2004-Jan. Feb. Mar. 1143.5 1128.9 1126.0 788.2 793.5 816.0 119.8 121.0 124.1 908.0 914.5 940.1 Apr. May June 1110.8 1107.0 1111.6 839.0 863.3 872.0 128.2 134.0 133.9 July Aug. Sep. 1093.9 1098.6 1084.0 881.7 882.4 883.5 Oct. Nov. Dec. 1061.9 1069.9 1083.5 2005-Jan. 4. Total 1161.5 1154.6 Dec. 3. At thrift institutions 122.8 122.6 2003-Aug. Sep. At thrift institutions 56.3 53.7 Total Eurodollars4 Total Non-M2 M3 494.0 489.2 275.2 276.7 2780.2 2778.1 60.2 58.4 67.8 498.8 505.9 507.0 285.3 287.7 289.5 2778.6 2799.1 2818.4 441.6 475.1 483.1 69.7 67.4 65.3 511.3 542.5 548.5 303.1 314.7 323.2 2865.9 2900.7 2937.8 967.2 997.4 1005.9 463.1 483.1 500.5 66.1 67.5 68.8 529.2 550.6 569.3 332.7 332.3 322.5 2940.0 2987.2 3009.3 137.6 143.2 147.5 1019.4 1025.6 1031.0 479.6 482.1 480.0 58.0 56.6 57.2 537.6 538.6 537.2 328.0 336.7 346.7 2978.9 2999.5 2998.9 885.7 888.7 911.9 150.0 153.7 159.4 1035.8 1042.5 1071.3 456.5 458.9 450.1 56.9 53.0 55.5 513.4 511.8 505.5 360.6 357.0 356.7 2971.7 2981.3 3017.1 1079.0 896.2 156.2 1052.4 454.8 53.2 508.0 356.7 2996.1 6 13 20 27 1076.1 1094.1 1071.7 1089.7 903.5 903.2 911.7 919.5 157.2 159.3 158.5 161.3 1060.7 1062.5 1070.2 1080.8 462.1 458.0 449.0 447.8 54.9 53.9 54.0 58.1 517.0 511.8 503.0 505.9 354.7 355.9 353.1 357.3 3008.4 3024.4 2998.0 3033.7 3 10 17p 24p 1085.7 1081.4 1079.5 1084.5 927.7 956.6 969.7 959.4 161.1 163.0 164.8 166.3 1088.7 1119.6 1134.4 1125.7 424.1 413.3 418.2 417.1 57.0 56.7 56.5 56.5 481.1 470.0 474.6 473.6 366.7 361.8 365.8 377.0 3022.2 3032.7 3054.4 3060.7 Week ending 2004-Nov. 29 1. 2. At commercial banks2 726.8 735.1 RPs3 849.6 857.7 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. p preliminary Components may not add to totals due to rounding. Page 10 H.6 (508) Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits Demand deposits at commercial banks 1.5 1.8 Balance at Federal Reserve 5.6 6.2 Note balances at depository institutions1 6.4 18.2 102.4 102.5 8.2 5.9 3.7 167.3 166.8 166.3 102.5 102.3 102.0 170.8 167.0 163.1 440.6 436.1 431.5 31.9 22.6 21.3 2.4 2.2 2.0 166.1 166.2 166.3 101.6 101.7 101.8 160.2 158.4 156.7 427.9 426.4 424.8 16.3 13.4 20.9 25.1 20.3 28.5 1.9 2.0 2.1 166.8 167.5 168.3 101.9 101.9 101.9 155.8 156.1 156.4 424.4 425.5 426.6 5.0 4.8 5.6 10.1 3.1 16.7 16.4 9.2 23.9 2.1 2.2 2.2 168.8 168.8 168.9 101.8 101.7 101.7 156.1 e 154.9 e 153.8 e 426.6 e 425.5 e 424.3 e 1.5 1.5 1.5 5.0 4.9 5.1 20.3 12.7 15.8 26.8 19.1 22.4 2.3 e 2.3 e 2.3 e 168.9 e 168.9 e 168.9 e 101.6 e 101.6 e 101.6 e 153.2 e 153.2 e 153.2 e 423.7 e 423.7 e 423.7 e 1.3 5.3 13.6 20.3 6 13 20 27 1.4 1.4 1.6 1.3 4.8 5.1 5.2 4.4 4.2 4.0 26.5 25.2 10.5 10.5 33.3 30.9 3 10 17p 24p 1.7 1.5 1.9 2.4 5.8 5.1 4.8 5.2 19.9 7.2 6.2 35.3 27.4 13.9 13.0 42.8 Foreign official institutions Total cash balance 7.1 6.7 1.2 1.3 Oct. Nov. Dec. 6.6 7.2 7.7 1.1 1.0 1.0 20.0 17.9 15.7 1.5 1.6 1.7 4.9 5.1 5.3 12.1 10.1 16.9 18.5 16.8 23.9 2004-Jan. Feb. Mar. 7.9 7.6 7.3 1.0 1.1 1.1 13.6 13.7 13.8 2.0 1.6 1.6 5.6 5.3 5.4 24.3 15.8 14.3 Apr. May June 7.2 7.3 7.4 1.2 1.2 1.1 14.4 15.6 16.8 2.7 1.6 1.8 6.0 5.4 5.7 July Aug. Sep. 7.4 7.4 7.3 1.1 1.1 1.1 17.7 18.4 19.1 1.4 1.3 1.6 Oct. Nov. Dec. 7.3 e 7.3 e 7.3 e 1.1 e 1.1 e 1.1 e 19.5 e 19.5 e 19.5 e Week ending 2004-Nov. 29 2005-Jan. Time and savings deposits at commercial banks 18.3 12.5 167.7 167.6 Foreign commercial banks 2003-Aug. Sep. Dec. IRA and Keogh Accounts At money market funds 174.0 173.0 Date 1. Time and savings deposits due to foreign banks and official institutions 19.0 20.2 Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. 13.5 26.2 At commercial banks At thrift institutions Total 444.0 443.1 Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 2004 2005 2006 Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks January February March April May June July August September October November December 0.9971 0.9991 0.9988 0.9992 0.9998 0.9999 1.0020 0.9996 0.9975 0.9993 1.0008 1.0078 0.9960 0.9998 0.9968 0.9889 0.9921 1.0122 1.0299 1.0207 1.0031 0.9925 0.9825 0.9865 0.9993 0.9717 1.0006 1.0083 0.9882 1.0014 1.0019 0.9944 0.9898 0.9898 0.9988 1.0532 1.0040 0.9838 1.0125 1.0273 0.9975 1.0092 0.9974 0.9981 0.9870 0.9848 0.9851 1.0134 1.0347 0.9954 1.0172 1.0267 0.9879 1.0008 0.9883 0.9855 0.9797 0.9819 0.9785 1.0222 January February March April May June July August September October November December 0.9967 0.9987 0.9983 0.9995 0.9990 0.9995 1.0029 0.9996 0.9980 0.9988 1.0018 1.0082 0.9968 1.0004 0.9973 0.9889 0.9910 1.0098 1.0290 1.0188 1.0027 0.9924 0.9831 0.9877 0.9990 0.9710 1.0021 1.0091 0.9904 1.0023 1.0032 0.9938 0.9899 0.9875 0.9980 1.0512 1.0035 0.9833 1.0134 1.0257 0.9987 1.0091 0.9981 0.9987 0.9866 0.9848 0.9856 1.0122 1.0335 0.9963 1.0197 1.0255 0.9866 1.0028 0.9876 0.9874 0.9803 0.9805 0.9783 1.0204 January February March 0.9962 0.9985 0.9988 0.9966 0.9993 0.9976 0.9999 0.9712 1.0022 1.0039 0.9833 1.0130 1.0329 0.9968 1.0213 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 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] 2004 January February March April May June July August September October November December 0.9900 0.9910 0.9968 1.0067 1.0009 1.0023 1.0033 1.0024 1.0042 1.0018 1.0033 0.9979 1.0013 1.0011 1.0008 1.0004 0.9993 0.9982 0.9984 0.9987 0.9994 1.0000 1.0009 1.0009 0.9919 0.9898 0.9955 1.0019 1.0164 1.0107 1.0046 1.0010 0.9995 0.9942 0.9938 0.9999 1.0051 1.0073 1.0120 1.0047 0.9901 0.9917 0.9939 1.0022 0.9983 0.9949 0.9980 1.0036 2005 January February March April May June July August September October November December 0.9894 0.9892 0.9952 1.0087 1.0001 1.0029 1.0055 1.0029 1.0045 1.0016 1.0038 0.9982 1.0012 1.0012 1.0012 1.0008 0.9996 0.9984 0.9984 0.9985 0.9990 0.9997 1.0006 1.0009 0.9922 0.9898 0.9958 1.0024 1.0161 1.0103 1.0048 1.0016 0.9990 0.9944 0.9933 0.9997 2006 January February March 0.9867 0.9884 0.9955 1.0013 1.0014 1.0014 0.9926 0.9898 0.9961 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 1.0261 1.0215 1.0117 0.9910 0.9852 0.9903 0.9871 0.9945 0.9854 0.9868 1.0029 1.0160 0.9922 1.0139 1.0173 0.9983 1.0166 1.0267 0.9917 0.9960 0.9910 0.9779 0.9896 0.9914 1.0028 1.0189 1.0260 1.0269 1.0227 0.9844 0.9785 0.9837 0.9856 0.9946 0.9939 0.9852 1.0040 1.0061 1.0103 1.0043 0.9909 0.9929 0.9942 1.0031 0.9995 0.9948 0.9974 1.0030 1.0241 1.0222 1.0113 0.9916 0.9871 0.9905 0.9887 0.9952 0.9860 0.9878 1.0012 1.0135 0.9894 1.0127 1.0162 0.9976 1.0145 1.0272 0.9944 0.9968 0.9945 0.9823 0.9880 0.9885 1.0029 1.0169 1.0244 1.0258 1.0223 0.9834 0.9780 0.9853 0.9875 0.9974 0.9932 0.9849 1.0035 1.0054 1.0098 1.0223 1.0229 1.0113 0.9877 1.0115 1.0155 1.0029 1.0157 1.0233 Appendix Table 3 Weekly Seasonal Factors Used to Construct M1 Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2004 Dec 06 13 20 27 1.0025 1.0048 1.0081 1.0155 0.9788 0.9829 0.9871 0.9912 0.9677 0.9444 1.0633 1.1530 0.9950 0.9732 1.0059 1.0438 0.9779 0.9660 1.0181 1.0777 2005 Jan 03 10 17 24 31 1.0067 1.0014 0.9970 0.9925 0.9900 0.9954 0.9960 0.9967 0.9973 0.9979 1.1345 0.9802 0.9861 0.9690 1.0050 1.0611 0.9951 0.9862 0.9958 1.0129 1.0745 1.0235 1.0193 1.0355 1.0420 2005 Feb 07 14 21 28 0.9981 0.9999 0.9995 0.9971 0.9989 0.9999 1.0008 1.0018 0.8952 0.9554 0.9931 1.0406 0.9762 0.9627 0.9843 1.0099 0.9943 0.9742 0.9978 1.0189 2005 Mar 07 14 21 28 1.0020 0.9991 0.9979 0.9959 1.0002 0.9985 0.9968 0.9952 0.9345 0.9664 1.0039 1.0752 1.0048 0.9916 1.0068 1.0372 0.9987 0.9915 1.0188 1.0583 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 Weekly Seasonal Factors Used to Construct M1 (continued) Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2005 Apr 04 11 18 25 1.0001 1.0031 0.9993 0.9963 0.9935 0.9913 0.9891 0.9868 1.0223 0.9356 1.0033 1.0464 1.0334 1.0026 1.0245 1.0388 1.0267 0.9925 1.0238 1.0584 2005 May 02 09 16 23 30 0.9963 1.0015 0.9983 0.9975 0.9993 0.9846 0.9872 0.9899 0.9925 0.9951 1.0773 0.9057 0.9813 1.0120 1.0433 1.0382 0.9818 0.9810 0.9973 1.0214 1.0332 0.9641 0.9648 0.9921 1.0121 2005 Jun 06 13 20 27 1.0010 1.0002 0.9985 0.9979 0.9978 1.0044 1.0111 1.0178 0.9370 0.9601 1.0018 1.0798 1.0057 0.9872 1.0078 1.0312 0.9880 0.9726 1.0036 1.0388 2005 Jul 04 11 18 25 1.0046 1.0059 1.0026 1.0002 1.0245 1.0266 1.0287 1.0308 1.0239 0.9275 0.9949 1.0402 1.0154 0.9761 0.9828 1.0036 1.0056 0.9590 0.9764 1.0028 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 Weekly Seasonal Factors Used to Construct M1 (continued) Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2005 Aug 01 08 15 22 29 0.9994 1.0048 1.0011 0.9981 0.9950 1.0330 1.0275 1.0220 1.0165 1.0110 1.0615 0.9086 0.9625 1.0072 1.0792 1.0278 0.9926 0.9782 0.9945 1.0201 1.0117 0.9655 0.9603 0.9895 1.0246 2005 Sep 05 12 19 26 1.0021 0.9987 0.9973 0.9957 1.0055 1.0041 1.0026 1.0011 0.9653 0.9299 0.9928 1.0627 0.9982 0.9646 0.9768 1.0011 0.9901 0.9560 0.9742 1.0013 2005 Oct 03 10 17 24 31 0.9967 1.0028 0.9991 0.9971 0.9954 0.9996 0.9965 0.9933 0.9900 0.9868 1.0213 0.9050 0.9582 1.0133 1.0636 1.0095 0.9567 0.9666 0.9933 1.0135 0.9892 0.9470 0.9652 0.9966 1.0138 2005 Nov 07 14 21 28 1.0023 1.0021 1.0006 1.0036 0.9854 0.9840 0.9827 0.9813 0.9190 0.9374 0.9843 1.1265 0.9782 0.9565 0.9840 1.0138 0.9615 0.9459 0.9817 1.0143 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 Weekly Seasonal Factors Used to Construct M1 (continued) Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2005 Dec 05 12 19 26 1.0027 1.0052 1.0080 1.0152 0.9799 0.9838 0.9877 0.9916 1.0093 0.9427 1.0533 1.1409 1.0001 0.9733 1.0021 1.0386 0.9885 0.9703 1.0127 1.0652 2006 Jan 02 09 16 23 30 1.0070 1.0019 0.9966 0.9928 0.9902 0.9955 0.9960 0.9964 0.9969 0.9974 1.1383 0.9915 0.9938 0.9822 1.0060 1.0611 0.9935 0.9901 1.0003 1.0174 1.0748 1.0235 1.0189 1.0382 1.0440 2006 Feb 06 13 20 27 0.9971 0.9998 1.0001 0.9964 0.9978 0.9987 0.9996 1.0005 0.8952 0.9552 0.9913 1.0374 0.9830 0.9605 0.9801 1.0063 1.0007 0.9730 0.9936 1.0194 2006 Mar 06 13 20 27 1.0011 0.9995 0.9985 0.9971 1.0014 0.9994 0.9974 0.9953 0.9333 0.9653 1.0050 1.0750 1.0061 0.9909 1.0065 1.0354 1.0045 0.9958 1.0188 1.0555 2006 Apr 03 0.9989 0.9933 1.0431 1.0368 1.0332 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 Used to Construct M2 and M3 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 2004 Dec 06 13 20 27 1.0106 1.0122 0.9977 0.9801 1.0012 1.0009 1.0005 1.0008 0.9962 1.0023 1.0024 1.0014 1.0029 1.0081 1.0068 1.0020 2005 Jan 03 10 17 24 31 0.9899 1.0096 0.9989 0.9779 0.9642 1.0021 1.0017 1.0012 1.0007 1.0006 0.9955 0.9955 0.9941 0.9893 0.9886 2005 Feb 07 14 21 28 0.9947 0.9964 0.9860 0.9798 1.0011 1.0013 1.0013 1.0011 2005 Mar 07 14 21 28 1.0066 1.0088 0.9950 0.9783 1.0013 1.0013 1.0010 1.0011 RPs Eurodollars 1.0095 1.0281 1.0176 1.0173 0.9943 1.0012 0.9885 1.0001 0.9814 0.9814 0.9772 0.9893 0.9941 1.0024 1.0072 1.0074 1.0031 1.0003 1.0154 1.0287 1.0359 1.0268 0.9595 0.9736 0.9902 0.9972 1.0097 1.0039 1.0056 1.0017 1.0022 1.0015 0.9914 0.9915 0.9891 0.9872 1.0046 1.0048 1.0072 1.0078 1.0195 1.0227 1.0246 1.0219 1.0143 1.0212 1.0052 1.0102 1.0023 1.0138 1.0247 1.0266 0.9907 0.9953 0.9979 0.9959 1.0099 1.0106 1.0121 1.0106 1.0135 1.0185 1.0115 1.0107 1.0123 1.0183 1.0206 1.0256 1.0159 1.0206 1.0210 1.0378 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only 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] 2005 Apr 04 11 18 25 1.0108 1.0268 1.0164 0.9899 1.0013 1.0014 1.0010 1.0003 1.0037 1.0023 1.0001 0.9990 1.0057 1.0128 1.0088 1.0013 2005 May 02 09 16 23 30 0.9841 1.0139 1.0111 0.9916 0.9855 1.0002 1.0001 0.9997 0.9992 0.9992 1.0095 1.0157 1.0186 1.0173 1.0151 2005 Jun 06 13 20 27 1.0146 1.0197 1.0056 0.9824 0.9990 0.9986 0.9980 0.9978 2005 Jul 04 11 18 25 1.0055 1.0222 1.0067 0.9895 0.9984 0.9988 0.9985 0.9981 RPs Eurodollars 0.9901 1.0017 0.9928 0.9890 0.9880 0.9958 0.9920 1.0022 1.0296 1.0146 1.0212 1.0328 0.9891 0.9876 0.9883 0.9938 0.9939 0.9808 0.9816 0.9864 0.9942 0.9877 1.0094 1.0197 1.0163 1.0064 1.0156 1.0348 1.0290 1.0194 1.0185 1.0211 1.0147 1.0127 1.0108 1.0083 0.9937 0.9959 0.9940 0.9910 0.9884 0.9967 0.9897 0.9919 1.0242 1.0292 1.0310 1.0336 1.0058 0.9896 0.9724 0.9725 1.0000 1.0016 1.0037 1.0068 0.9857 0.9938 0.9946 0.9972 0.9783 0.9884 0.9906 0.9951 1.0045 0.9868 0.9898 0.9951 0.9753 0.9754 0.9756 0.9816 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only 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] 2005 Aug 01 08 15 22 29 0.9908 1.0205 1.0159 0.9977 0.9828 0.9982 0.9985 0.9985 0.9984 0.9986 1.0107 1.0076 1.0009 0.9966 0.9997 0.9962 1.0006 1.0018 1.0067 1.0051 2005 Sep 05 12 19 26 1.0138 1.0234 1.0055 0.9819 0.9990 0.9991 0.9989 0.9989 1.0024 1.0023 0.9971 0.9950 2005 Oct 03 10 17 24 31 0.9927 1.0168 1.0119 0.9903 0.9839 0.9995 1.0000 0.9999 0.9994 0.9994 2005 Nov 07 14 21 28 1.0142 1.0202 1.0053 0.9850 1.0001 1.0005 1.0007 1.0008 RPs Eurodollars 0.9864 0.9901 0.9945 1.0000 1.0003 1.0008 1.0098 1.0044 0.9835 0.9915 0.9814 0.9818 0.9740 0.9854 0.9995 1.0004 1.0039 1.0016 0.9970 0.9861 0.9912 0.9880 0.9852 0.9887 0.9950 0.9981 1.0000 0.9882 0.9855 0.9858 0.9917 0.9995 1.0012 0.9958 0.9902 0.9885 0.9916 0.9948 0.9961 0.9963 0.9936 0.9743 0.9839 0.9893 0.9935 0.9901 0.9847 0.9774 0.9783 0.9822 0.9904 0.9860 0.9912 0.9916 1.0053 1.0061 0.9926 0.9945 0.9921 0.9935 0.9933 0.9943 0.9995 1.0011 0.9898 0.9969 1.0064 1.0098 0.9962 0.9927 0.9817 0.9810 0.9954 0.9921 0.9931 0.9957 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only 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] 2005 Dec 05 12 19 26 1.0071 1.0134 0.9992 0.9811 1.0010 1.0009 1.0006 1.0008 0.9950 1.0017 1.0026 1.0013 1.0024 1.0072 1.0064 1.0019 2006 Jan 02 09 16 23 30 0.9835 1.0065 0.9977 0.9781 0.9638 1.0017 1.0019 1.0014 1.0009 1.0007 0.9951 0.9963 0.9959 0.9901 0.9875 2006 Feb 06 13 20 27 0.9925 0.9951 0.9864 0.9781 1.0011 1.0015 1.0015 1.0013 2006 Mar 06 13 20 27 1.0033 1.0066 0.9945 0.9795 2006 Apr 03 0.9996 RPs Eurodollars 1.0072 1.0231 1.0173 1.0147 0.9886 0.9989 0.9875 0.9978 0.9817 0.9817 0.9774 0.9861 0.9948 0.9999 1.0068 1.0068 1.0029 0.9995 1.0073 1.0252 1.0327 1.0306 0.9624 0.9677 0.9864 0.9944 1.0062 1.0011 1.0062 1.0021 1.0031 1.0011 0.9917 0.9917 0.9895 0.9867 1.0039 1.0041 1.0061 1.0068 1.0218 1.0224 1.0257 1.0229 1.0098 1.0180 1.0065 1.0113 1.0012 1.0117 1.0218 1.0261 1.0015 1.0015 1.0013 1.0013 0.9898 0.9946 0.9976 0.9964 1.0089 1.0101 1.0116 1.0106 1.0142 1.0185 1.0116 1.0115 1.0132 1.0192 1.0194 1.0240 1.0132 1.0183 1.0194 1.0359 1.0016 1.0047 1.0064 0.9932 0.9906 1.0318 1. Seasonal factors are 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 M1 Old M1 Revised M2 Old M2 Revised M3 Old M3 2003 October November December 1283.6 1285.1 1292.8 1284.1 1283.4 1293.4 6077.7 6072.8 6076.6 6068.8 6065.7 6062.5 8893.5 8875.4 8877.4 8875.7 8862.3 8862.6 2004 January February March April May June July August September October November December 1289.9 1307.7 1320.9 1321.3 1324.8 1332.6 1325.5 1343.4 1347.9 1347.8 1362.8 1362.0 1287.7 1306.5 1325.8 1323.1 1322.3 1335.9 1325.0 1342.9 1347.0 1345.7 1362.1 1363.1 6089.3 6128.1 6166.8 6204.3 6262.6 6274.7 6277.5 6298.0 6333.0 6357.8 6394.2 6417.0 6070.2 6120.4 6168.0 6215.9 6286.5 6293.9 6288.0 6300.2 6332.8 6346.9 6380.5 6397.7 8936.7 9001.1 9078.4 9144.7 9234.0 9274.6 9277.7 9310.3 9358.4 9363.3 9386.4 9426.8 8921.0 8991.7 9082.3 9161.7 9264.5 9296.4 9281.7 9319.8 9364.2 9340.8 9359.0 9401.5 Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (percent changes at annual rates) Revised Old Difference January February March April May June July August September October November December 4.4 14.3 2.4 6.5 13.6 9.8 3.5 8.8 0.3 0.8 1.4 7.2 3.2 14.5 5.3 5.3 11.2 12.7 2.3 7.6 -0.1 2.5 -0.7 9.4 1.2 -0.2 -2.9 1.2 2.4 -2.9 1.2 1.2 0.4 -1.7 2.1 -2.2 January February March April May June July August September October November December -2.7 16.6 12.1 0.4 3.2 7.1 -6.4 16.2 4.0 -0.1 13.4 -0.7 -5.3 17.5 17.7 -2.4 -0.7 12.3 -9.8 16.2 3.7 -1.2 14.6 0.9 2.6 -0.9 -5.6 2.8 3.9 -5.2 3.4 0.0 0.3 1.1 -1.2 -1.6 03Q4 04Q1 04Q2 04Q3 04Q4 2.4 5.9 6.1 3.8 5.6 2.6 6.1 6.2 3.4 5.6 -0.2 -0.2 -0.1 0.4 0.0 Semi-Annual 03Q4 - 04Q2 04Q2 - 04Q4 6.1 4.7 6.2 4.5 -0.1 0.2 Annual (Q4 to Q4) 2003 2004 6.6 5.5 6.6 5.4 0.0 0.1 2003 2004 Quarterly Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Revised Old Difference January February March April May June July August September October November December 6.8 7.4 3.3 7.2 9.6 8.3 9.0 9.1 -3.6 -1.6 -1.0 0.8 6.4 8.6 4.9 8.7 10.4 8.2 7.9 8.0 -4.5 -2.9 -0.6 -0.6 0.4 -1.2 -1.6 -1.5 -0.8 0.1 1.1 1.1 0.9 1.3 -0.4 1.4 January February March April May June July August September October November December 2.5 7.6 7.6 7.3 11.3 2.3 0.5 3.9 6.7 4.7 6.9 4.3 1.5 9.9 9.3 9.3 13.6 1.4 -1.1 2.3 6.2 2.7 6.4 3.2 1.0 -2.3 -1.7 -2.0 -2.3 0.9 1.6 1.6 0.5 2.0 0.5 1.1 03Q4 04Q1 04Q2 04Q3 04Q4 -0.4 3.4 7.8 3.6 5.5 -1.3 3.5 9.5 2.7 4.3 0.9 -0.1 -1.7 0.9 1.2 Semi-Annual 03Q4 - 04Q2 04Q2 - 04Q4 5.6 4.6 6.6 3.5 -1.0 1.1 Annual (Q4 to Q4) 2003 2004 5.3 5.2 5.3 5.1 0.0 0.1 2003 2004 Quarterly Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Revised Old Difference January February March April May June July August September October November December 2.5 5.1 2.4 4.2 7.0 7.4 12.7 4.3 -0.5 -0.6 -2.4 0.3 1.9 5.2 4.4 5.2 7.5 6.9 10.7 5.5 -1.3 -3.1 -1.8 0.0 0.6 -0.1 -2.0 -1.0 -0.5 0.5 2.0 -1.2 0.8 2.5 -0.6 0.3 January February March April May June July August September October November December 8.0 8.6 10.3 8.8 11.7 5.3 0.4 4.2 6.2 0.6 3.0 5.2 7.9 9.5 12.1 10.5 13.5 4.1 -1.9 4.9 5.7 -3.0 2.3 5.4 0.1 -0.9 -1.8 -1.7 -1.8 1.2 2.3 -0.7 0.5 3.6 0.7 -0.2 03Q4 04Q1 04Q2 04Q3 04Q4 -0.3 5.6 9.4 4.2 3.3 -1.1 5.9 10.8 3.5 1.9 0.8 -0.3 -1.4 0.7 1.4 Semi-Annual 03Q4 - 04Q2 04Q2 - 04Q4 7.6 3.8 8.4 2.7 -0.8 1.1 Annual (Q4 to Q4) 2003 2004 4.7 5.7 4.6 5.6 0.1 0.1 2003 2004 Quarterly