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FEDERAL RESERVE statistical release ( | H H E
For release at 4.30 p.m. Eastern Time

H.6 (508)

MONEY STOCK REVISIONS
Measures of the money stock have been revised to incorporate the results of the
annual benchmark and seasonal factor review and to reflect receipt of other regular data
flows. This release includes revised monthly and weekly seasonal factors, as well as
comparisons of the revised monetary aggregates with previously published data. The
revisions had no effect on the annual growth rate of M2 over 1998, but they raised the
annual growth rate of Ml by 0.1 percentage point and lowered that of M3 by 0.1
percentage point over the past year.
The benchmark incorporates minor revisions to data reported on the weekly and
quarterly deposit reports, and it takes account of deposit data from call reports for banks
and thrifts that are not weekly or quarterly deposit reporters. These revisions to deposit
data start in 1992. The benchmark also incorporates historical data for a number of
money market mutual funds that began reporting for the first time during 1998, raising
the level of M3 over the years by amounts that cumulate to $5 billion by the end of 1998.
Historical revisions have also been made to RP and Eurodollar series to reflect better
estimates of the holdings of money market mutual funds which must be netted from the
gross RP and Eurodollar series in order to avoid double counting in M3. The RP series
was revised up by a maximum of $17-1/2 billion (in the third quarter of 1997) and the
Eurodollar series by a maximum of about $15 billion (in the fourth quarter of 1989).
Seasonal factors for the monetary aggregates have been revised, using the
benchmarked data through December 1998. For the first time, the X-12-ARIMA
procedure was used to derive monthly seasonal factors. As usual, the revisions to
seasonal factors slightly changed the pattern of quarterly growth rates of Ml, M2, and
M3 in 1998. The revisions to seasonal factors had no impact on the annual growth rates
of Ml and M2 over 1998, but lowered that of M3 by 0.1 percentage point.
Revised 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, (20?) 452-3062. Infonnation 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

F e b r u a r y 4, 1 9 9 9

M1 1

M22

M33

DEBT4

Seasonally adjusted
1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1080
1076
1072
1067
1063
1066
1067
1072
1064.8
1062.1
1067.5
1074.9

3838.8
3848.2
3862.7
3882.4
3892.8
3911.6
3929.1
3961.1
3981.7
4000.2
4023.1
4046.6

4981
5012
5044
5086
5108
5135
5185
5232.8
5269.7
5306.7
5353.6
5404.6

14464.9
14522.0
14582.1
14653.
14703.
14736.
14798.
14867.
14935.
15010.5
15088.3
15167.2

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1073.8
1076.0
1080.6
1082.1
1078.2
1077.8
1075.4
1072.2
1074.7
1080.4
1088.8
1093.0

4071.4
4100.9
4126.2
4155.2
4174.7
4198.5
4217.2
4245.7
4292.3
4335.7
4375.2
4412.9

5449.6
5485.1
5543.8
5589.2
5631.2
5674.0
5695.2
5753.6
5819.2
5884.5
5954.7
6013.1

15240.
15321.
15404.
15482.
15555.
15628.
15709.
15789.
15868.
15953.2
16041.4 p

Not seasonally adjusted
1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1086.6
1065.5
1067.8
1073.4
1053
1064
1065
1069
1059
1057
1074
1097

3841.0
3836.4
3875.1
3908.3
3873.8
3905.3
3925.1
3960.4
3970.7
3986.7
4025.7
4064.8

4983.
5009.
5064.
5109.
5092.
5128.
5171.
5226.7
5251.9
5294.9
5359.1
5420.8

14448.1
14490.9
14567.0
14635.1
14672.
14704.
14752.
14824.
14901.
14973.
15070.
15166.8

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1079,
1066.
1075.
1087.
1070.
1074.
1073.
1068.
1069.
1076.
1094.
1115.

4073.7
4092.1
4143.6
4186.2
4155.
4188.
4210.
4242.
4280.
4320.
4375.
4429.

5453
5486,
5573,
5618,
5617,
5661,
5672,
5742.
5796.
5869.
5959.
€029.

15223 7
15291, 1
15392, 0
15465, 8
15523, 2
15595, 7
15662, 8
15746. 7
15834. 1
15916. 0
16023. 8 p

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 AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

DEBT1

M1

M2

M3

3 Months from Sep. 1998 TO Dec. 1998

6.8

11.2

13.3

6 Months from June 19 98 TO Dec. 1998

2.8

10.2

12.0

6.3

12 Months from Dec. 1997 TO Dec. 1998

1.7

9.1

11.3

6.3

5.6

11.2

12.8

July 27, 1998 (26 weeks previous)

2.5

10.0

11.7

Jan. 26, 1998 (52 weeks previous)

1.7

8.9

11.1

Thirteen weeks ending January 2 5 , 199 9
from thirteen weeks endingt
Oct. 26, 1998 '(13 weeks previous)

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1998 to November 1998, May 1998 to November 1998,
and November 1997 to November 1998, 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 collectron 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 pf 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 hav§ 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 inShis 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
atthe 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
M
1
Period eniding

M2

M3

1088.6
1083.8
1086.8
1089.5
1094.8

13-week
average
4294.7
4304.5
4314,7
4324.8
4334.5

4-week
average
4342.2
4352.9
4362.0
4369.0
4376.3

week
average
4364.3
4360.8
4370.8
4380.2
4393.4

13-week
average
5824.4
5839.1
5854.4
5870.4
5886.2

4-week
average
5893.8
5911.4
5927.8
5941.5
5957.1

week
average
5927.8
5929.7
5946.0
5962.6
5989.9

week
average

1998-Nov.

2
9
16
23
30

1075.9
1076.9
1078.3
1079.7
1081.2

4-week
average
1081.3
1084.0
1085.9
1087.2
1088.7

Dec.

7
14
21
28

1082.6
1083.7
1084.9
1086.6

1089.6
1089.6
1090.6
1091.4

1087.3
1086.7
1093.7
1097.8

4343.8
4353.0
4362.3
4372.1

4384.0
4391.9
4401.8
4412.0

4391.5
4402.6
4419.5
4434.4

5900.9
5915,5
5930.8
5946.4

5971.4
5984.7
5999.2
6011.5

5987.0
5999.4
6020.4
6039.3

4
11
18p
25p

1088.7
1089.6
1090.2
1090.4

1096.4
1096.0
1094.3
1091.6

1107.4
1084.9
1087.2
1086.8

4381.8
4390.4
4398.2
4404.5

4424.6
4431.5
4435.5
4435.4

4441.7
4430.3
4435.6
4434.0

5961.4
5973.9
5985.5
5994.4

6027.1
6032.5
6035.4
6031.4

6049.3
6021.0
6031.9
6023.4

1999-Jan.

13-week
average

Not seasonally adjusted
1998-Nov.

2
9
16
23
30

1071.5
1072.7
1074.7
1076.8
1080.0

1077.3
1082.0
1085.5
1089.1
1093.7

1094.5
1084.0
1090.8
1087.0
1112.9

4284.2
4293.9
4304.4
4314.7
4325.4

4324.0
4339.3
4353.4
4366.5
4376.2

4337.3
4379.6
4385.9
4363.1
4376.1

5808.0
5822.9
5839.7
5856.9
5875.1

5879.4
5900.3
5922.2
5941.5
5961.5

5904.2
5945.3
5965.7
5950.6
5984.2

Doc.

7
14
21
28

1082.1
1084.0
1087.9
1093.1

1096.9
1098.2
1106.0
1110.3

1096.7
1096.0
1118.4
1130.2

4335.0
4344.4
4356.3
4370.7

4387.3
4397.5
4414.9
4428.0

4424.2
4426.6
4432.5
4428.7

5891.7
5908.7
5927.0
5947.1

5983.5
6003.2
6022.8
6031.3

6033.5
6044.6
6028.7
6018.5

4
11
18p
25p

1098.7
1101.3
1102.3
1102.7

1125.6
1126.4
1119.3
1106.3

1157.9
1099.2
1090.0
1077.9

4383.1
4394.2
4403.7
4411.2

4438.8
4447.9
4453.1
4447.9

4467.4
4462.8
4453.6
4407.9

5963.3
5978.3
5992.4
6003.2

6031.4
6034.7
6042.7
6041.7

6033.9
6057.6
6060.6
6014.7

1999-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
Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

At thrift
institutions5

Total

1997-Aug.
Sep.

413.0
415.5

401.3
392.3

150.5
150.9

98.1
97.5

248,
248,

Oct.
Nov.
Dec.

417.9
421.2
424.5

389.6
393.2
396.5

148.9
148.0
149.2

97.5
97.4
97.0

246,
245,
246.

1998-Jan.
Feb.
Mar.

427.0
430.0
432.1

7.7
7.6
7.7

392.
392.
391.

149.7
147.8
149.2

96.
98.
100.

246.3
246.1
249.8

Apr.
May
June

434.2
436.4
439.2

7.8
7.8
8.0

389.2
387.8
384.7

150.3
146.2
145.9

100.
100.
100.

250,
246,
245,

July
Aug.
Sep.

442.3
444.8
449.6

379.3
374.8
374.4

144.2
143.2
141.1

101.
100.
101.

245.
244.
242.

Oct.
Nov.
Dec.

453.3
456.4
459.2

374.7
376.8
377.3

141.5
144.0
143.8

102.
103.
105.

244.2
247.6
248.7

Week endina
1998-Nov. 30

457.4

7.8

380.4

146.1

103.1

249.2

7
14
21
28

458.1
458.5
459.2
460.1

7.8
7.8
7.8
7.9

374.2
375.2
378.5
378.8

141.1
140.2
143.4
146.4

106.0
104.9
104.7
104.6

247.1
245.2
248.2
251.0

4
11
18p
25p

460.9
461.5
462.3
463.5

7.9
7.8
7.8
7.8

381.6
365.7
369.6
367.3

151.9
143.6
143.7
146.0

105.2
106.3
103.8
102.3

257.1
249.9
247.4
248.3

Dec.

1999-Jan.

1.
2.
3.
4.
5.

e
e
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 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 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 deposits 2

Savings deposits 1
Date

At commercial
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-Aug.
Sep.

970.9
988.4

376.1
376.4

1347.0
1364.8

618.3
621.0

347.8
346.2

966.1
967.1

575.9
584.9

2889.0
2916.9

Oct.
Nov.
Dec.

1003.0
1012.3
1022.9

377.0
376.3
377.3

1379.9
1388.6
1400.2

622.6
625.5
626.1

345.7
343.1
343.2

968.3
968.6
969.3

589.9
598.4
602.3

2938.1
2955.6
2971.8

1998-Jan.
Feb.
Mar.

1035.1
1045.9
1054.1

378.8
382.5
385.3

1413.8
1428.5
1439.4

626.2
626.3
626.5

344.6
343.7
342.4

970.8
970.1
968.9

612.9
626.3
637.3

2997.6
3024.9
3045.5

Apr.
May
June

1072.2
1078.0
1089.6

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340.1
339.7
339.5

967.6
966.0
965.2

646.3
658.3
669.6

3073.1
3096.5
3120.7

July
Aug.
Sep.

1106.3
1121.6
1140.2

399.5
400.9
403.6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.5
331.2

962.5
959.9
958.9

673.6
691.1
715.0

3141.9
3173.5
3217.7

Oct.
Nov.
Dec.

1155.3
1171.1
1189.8

407.8
411.5
415.2

1563.1
1582.6
1605.0

627.5
628.3
626.1

330.5
327.5
325.7

958.1
955.7
951.8

734.2
748.0
763.1

3255.4
3286.3
3319.8

1175.1

417.0

1592.1

628.9

325.8

954.7

751.8

3298.6

7
14
21
28

1184.9
1190.8
1193.9
1196.2

409.8
413.2
416.0
421.0

1594.7
1603.9
1609.9
1617.1

627.2
626.4
625.6
625.6

325.7
325.6
325.6
325.9

953.0
952.1
951.2
951.5

756.5
759.9
764.7
768.0

3304.2
3315.9
3325.8
3336.6

4
11
18p
25p

1193.4
1211.5
1204.4
1197.1

419.4
416.3
417.2
422.0

1612.8
1627.9
1621.6
1619.2

625.4
623.6
621.9
620.8

325.9
324.9
324.1
323.5

951.3
948.6
946.0
944.3

770.2
769.0
780.8
783.6

3334.3
3345.4
3348.5
3347.1

Week e n d i n g
1 9 9 8 - N o v . 30
Dec.

1999-Jan.

1.
2.

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 6
H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars

Date

Institutional
money funds

Large-denomination time deposits1
At commercial
banks2

At thrift
institutions

RPs3

Eurodollars4

Total

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1997-Aug.
Sep.

355.
362.

468.0
476.8

83.2
83.9

551.2
560.7

229.
226.

135.8
137.9

1271.7
1288.0

3792.5
3795.0

11074.8
11140.2

Oct.
Nov.
Dec.

368.
370.
379,

479.6
485.1
490.2

84.2
85.0
85.9

563.9
570.1
576.1

239.2
250.0
252.8

135.5
139.8
149.2

1306.5
1330.5
1358.0

3795.1
3793.7
3798.4

11215.4
11294.6
11368.8

385.9
391.3
399.8

494.7
505.2
521.0

87.
87.
85.

582.4
592.4
606.7

260.0
255.1
269.3

150.0
145.4
141.8

1378.2
1384.2
1417.6

3796.8
3792.9
3797.2

11444.1
11528.6
11607.1

Apr.
May
June

414,
426.
437.

520.8
527.4
534.9

86.
85.
85.8

607.4
612.6
620.7

270.3
271.7
270.7

141.9
145.4
146.3

1434.0
1456.5
1475.5

3791.5
3778.8
3775.8

11690.9
11776.2
11852.3

July
Aug.
Sep.

441.
454.
467.8

527.8
534.6
534.7

85.8
85.6
86.6

613.
620.
621.

273.
279,
283.

149.2
153.5
154.4

1478.0
1507.9
1526.9

3772.9
3770.3
3760.0

11936.6
12019.4
12108.2

Oct.
Nov.
Dec.

486.7
503.8
516.2

535.
542,
545.

87.
87,
89,

623.
630.
634.

283,
288.
295.

155.9
157.0
154.3

1548.7
1579.6
1600.3

3750.3
3748.8

514.8

547.0

87.8

634.8

292.5

154.4

1596.5

7
14
21
28

513.7
512.6
518.0
519.7

545.1
545.5
544.7
545.5

88.5
88.9
88.9
89.5

633.6
634.4
633.7
635.0

293.9
293.6
296.2
296.2

154.3
156.2
153.0
154.1

1595.6
1596.8
1600.9
1605.0

4
11
18p
25p

518.2
506.3
513.9
518.1

549.9
551.6
556.1
550.7

90.4
91.3
91.2
91.2

640.2
643.0
647.4
641.9

295.6
287.8
287.5
283.9

153.6
153.6
147.5
145.4

1607.6
1590.7
1596.3
1589.4

1998-Jan.
Feb.
Mar.

Week e n d i n a
1 9 9 8 - N o v . 30
Dec.

1999-Jan.

1.
2.
3.
4.
5.

p

12203.0
12292.6

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 may not add to totals due to rounding.



p

Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars

urrency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

At thrift
institutions5

Total

1997-Aug.
Sep.

413.3
414.2

8.8
8.4

401.0
390.1

148.8
149.8

97.4
97.1

246,
246,

Oct.
Nov.
Dec.

417.2
422.3
428.9

8.2
8.0
7.9

387.9
399.1
412.3

147.4
147.4
150.5

96.9
97.3
97.8

244,
244,
248.

1998-Jan.
Feb.
Mar.

426.3
428.8
431.4

7.9
7.8
7.9

396.6
384.6
385.8

152.5
147.7
149.8

96.
97,
100,

249.1
244.7
250.6

Apr.
May
June

433.7
436.1
438.3

7.9
7.9
8.0

389.4
381.7
382.8

153.2
145.3
145.6

103.
99,
100.1

256.5
244.9
245.7

July
Aug.
Sep.

442.7
444.4
448.4

8.2
8.2
8.1

378.9
374.3
372.6

142.8
141.6
140.0

100.9
100.1
100.7

243.8
241.7
240.7

Oct.
Nov.
Dec.

452.6
457.5
464.1

8.2
8.1
8.0

373.2
381.6
392.1

140,
143,
144,

102.0
103.5
105.8

242.
247.
250,

459.4

8.0

395.8

146.8

103.0

249.8

7
14
21
28

460.6
461.5
464.7
469.4

8.0
8.0
8.0
8.0

380.1
383.5
396.1
398.4

140.1
138.6
144.7
149.8

107.9
104.4
105.0
104.6

248.0
243.0
249.7
254.3

4
11
18p
25p

465.9
463.0
462.0
460.8

8.0
8.0
8.0
8.0

415.8
374.7
370.8
361.0

158.7
146.1
145.5
147.6

109.6
107.4
103.7
100.5

268.2
253.5
249.2
248.1

Week e n d i n a
1 9 9 8 - N o v . 30
Dec.

1999-Jar.

1.
2.
3.
4.
5.

e
e
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 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
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

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-Aug.
Sep.

971.6
985.0

376.3
375.1

1347.9
1360.1

618.0
620.4

347.6
345.9

965.7
966.3

577.6
584.7

2891.2
2911.1

Oct.
Nov.
Dec.

997.5
1010.3
1020.4

374.9
375.5
376.4

1372.4
1385.9
1396.8

622.9
625.3
625.3

345.9
343.0
342.8

968.8
968.3
968.1

587.9
597.4
602.5

2929.0
2951.5
2967.4

1998-Jan.
Feb.
Mar.

1030.5
1041.8
1061.6

377.1
381.0
388.1

1407.6
1422.8
1449.6

626.8
627.6
627.3

344.9
344.4
342.8

971.6
972.0
970.1

614.5
631.4
648.1

2993.8
3026.2
3067.8

Apr.
May
June

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339.2
339.0

968.0
964.6
963.8

654.6
647.9
660.0

3098.8
3085.3
3113.9

July
Aug.
Sep.

1107.5
1121.5
1134.8

399.9
400.8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.3
330.9

962.4
959.3
958.2

666.8
692.5
715.6

3136.6
3174.1
3210.4

Oct.
Nov.
Dec.

1147.6
1167.9
1186.7

405.1
410.4
414.1

1552.6
1578.2
1600.8

628.1
628.5
625.5

330.8
327.6
325.4

958.9
956.0
950.9

732.8
747.2
763.0

3244.3
3281.4
3314.7

Week e n d i n g
1 9 9 8 - N o v . 30

1151.4

408.6

1560.0

628.9

325.8

954.7

748.4

3263.1

7
14
21
28

1201.1
1198.9
1184.9
1171.3

415.5
416.0
412.9
412.2

1616.5
1614.9
1597.8
1583.5

627.4
626.2
624.9
624.2

325.8
325.5
325.2
325.1

953.2
951.7
950.1
949.3

757.8
764.0
766.2
765.7

3327.5
3330.6
3314.1
3298.5

4
11
18p
25p

1184.6
1223.1
1210.2
1179.8

416.3
420.3
419.2
415.9

1601.0
1643.5
1629.4
1595.7

624.2
624.0
622.8
622.0

325.3
325.1
324.6
324.1

949.5
949.1
947.5
946.2

758.9
771.0
786.8
788.1

3309.4
3363.7
3363.7
3330.0

Dec.

1999-Jan.

1.
2.

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

Institutional
money funds

RPs 3

Large-denomination time deposits 1

Eurodollars4
At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total
Non-M2 M3

Total

Debt (components5
Federal

Non-Federal

1997-Aug.
Sop.

352.0
356.9

468.4
477.5

83.3
84.0

551.6
561.5

181.7
180.2

46.7
46.1

228.4
226.3

134.4
136.5

1266.3
1281.2

3774.3
3780.4

11050.3
11120.7

Oct.
Nov.
Dec.

364.9
370.7
384.5

483.4
487.6
487.7

84.9
85.4
85.4

568.3
573.0
573.1

192.4
202.5
199.4

46.5
47.4
46.6

238.9
249.9
246.1

136.1
139.9
152.3

1308.3
1333.5
1356.0

3774.4
3792.1
3805.8

11199.6
11278.5
11361.0

1998-Jan.
Feb.
Mar.

395.7
404.3
407.0

483.1
501.1
524.5

85.6
86.5
86.3

568.7
587.6
610.8

215.8
210.2
225.6

44.9
44.6
45.2

260.6
254.8
270.8

155.1
148.0
141.1

1380.1
1394.7
1429.6

3792.5
3795.3
3820.7

11431.2
11495.7
11571.4

Apr.
May
June

412.7
421.0
431.7

520.8
532.6
539.4

86.6
86.1
86.5

607.4
618.7
625.9

226.4
230.8
222.0

46.0
46.9
49.6

272.4
277.7
271.6

140.2
144.7
143.9

1432.7
1462.1
1473.1

3800.5
3765.9
3755.3

11665.3
11757.3
11840.4

July
Aug.
Sep.

432.6
448.4
458.8

527.6
534.9
535.1

85.8
85.7
86.7

613.4
620.6
621.9

222.0
229.0
232.1

49.0
49.2
50.3

271.0
278.3
282.4

145.8
152.0
153.2

1462.7
1499.3
1516.2

3740.8
3749.6
3743.4

11922.1
11997.1
12090.8

Oct.
Nov.
Dec.

482.9
504.9
523.3

538.9
544.9
541.9

88.2
88.3
88.5

627.1
633.2
630.5

234.6
241.3
237.7

47.6
47.4
50.1

282.2
288.6
287.8

156.6
157.4
158.2

1548.9
1584.1
1599.7

3727.8
3746.6 p

12188.2
12277.3 p

521.4

549.4

88.2

637.6

242.7

49.2

291.9

157.3

1608.2

7
14
21
28

525.0
532.0
522.7
522.5

547.1
546.8
540.7
536.4

88.8
89.2
88.3
88.0

635.9
636.0
629.0
624.4

242.0
238.9
238.3
233.6

49.3
50.3
50.1
50.5

291.3
289.2
288.4
284.1

157.1
160.8
156.1
158.8

1609.3
1618.0
1596.2
1589.8

4
11
18p
25p

501.9
522.5
533.6
540.9

535.3
539.1
541.7
536.1

88.0
89.3
88.9
88.8

623.3
628.4
630.6
624.9

233.4
236.6
239.5
238.9

49.9
50.6
50.8
50.4

283.3
287.2
290.3
289.3

158.1
156.7
152.5
151.7

1566.6
1594.7
1607.0
1606.9

Week e n d i n g
1 9 9 8 - N o v . 30
Dec.

1999-Jan.

1.
2.
3.
4.
5.

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 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
Date

Time and
savings
deposits
due to
foreign
banks and
official
institutions

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

18.2
18.4

1.8
3.2

4.9
6.3

11.8
20.4

18.4
29.9

3.0
2.9

1.5
1.5
1.5

18.6
18.9
19.1

1.7
1.7
2.2

5.4
5.1
5.1

15.9
11.2
17.9

23.0
18.0
25.2

1.6
1.5
1.5

19.2
19.0
18.9

3.1
1.6
1.8

6.5
5.0
5.5

22.3
14.5
17.5

4.6
1.5
2.7

9.7
5.5
10.4

Foreign
commercial
banks

Foreign
official
institutions

1997-Aug.
Sep.

9.4
8.7

1.5
1.4

Oct.
Nov.
Dec.

8.5
9.0
9.5

1998-Jan.
Feb.
Mar.

9.8
9.8
9.9

Note
balances at
depository
institutions1

At
thrift
institutions

At
money
market
funds

Total

152.5
152.8

104.2
103.7

91.7
92.0

348.4
348.5

2.9
3.1
3.3

152.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.8
349.6
350.4

31.9
21.1
24.8

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.4
97.7
98.1

350.7
350.6
350.4

24,
43,
32,

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

98.
99.
100.

350.
350.
349.
350.
351,
352,

Total

cash
balance

At
commercial
banks

Apr.
May
June

9.
10,
10,

18,
17,
16,

July
Aug.
Sep.

10,
9.
9.

15,
15,
15,

5.4
5.1
6.3

42.6
11.9
20.4

49.
18.
29.

3.3
3.4
3.5

151.0
151.2
151.4

97.5
97.9
98.2

101.
102.
102.

15.0
15.0
15.0

5.4
5.1
5.9

19.3
18.7
24.4

26.
25.
32.

3.6
3.6
3.6

151.5
151.5
151.4

98.2
97.9
97.6

103.6
104.3
105.0

Oct.
Nov.
Dec.

9.6
9.6
9.6

2.1
2.0
2.0

Week endina
1998-Nov. 30

1.2

5.4

21.7

28.3

7
14
21
28

1.3
1.5
2.3
1.5

5.1
5.1
6.7
5.9

8.8
3.5
33.3
46.3

15.2
10.0
42.4
53.7

4
11
18p
25p

2.4
2.2
4.0
3.8

6.9
5.5
6.9
6.9

23.3
17.4
24.6
45.5

32.5
25.1
35.4
56.2

Dec.

1999-Jan.

1. Source: Daily Treasury statement.
e
estimated
p
preliminary
Components may not add to totals due to rounding.




e
e
e

353.4
353.6
353.9

e
e
e

Appendix Table 1
Monthly Seasonal Factors Used to Construct Ml
Other checkable deposits [1]
total
at banks

Currency

Nonbank
travelers checks

Demand
deposits

January
February
March
April
May
June
July
August
September
October
November
December

0.9983
0.9973
0.9984
0.9987
0.9993
0.9981
1.0010
0.9991
0.9974
0.9986
1.0023
1.0108

1.0265
1.0262
1.0166
1.0137
1.0106
0.9918
0.9623
0.9603
0.9773
0.9908
1.0145
1.0209

1.0097
0.9803
0.9867
1.0005
0.9843
0.9950
0.9991
0.9986
0.9951
0.9960
1.0127
1.0393

1.0114
0.9945
1.0034
1.0223
0.9946
0.9990
0.9935
0.9905
0.9933
0.9919
0.9974
1.0078

1.0186
0.9996
1.0036
1.0193
0.9941
0.9977
0.9907
0.9892
0.9925
0.9906
0.9964
1.0080

January
February
March
April
May
June
July
August
September
October
November
December

0.9996
0.9977
0.9986
0.9989
0.9978
0.9982
1.0009
0.9985
0.9969
0.9996
1.0022
1.0119

1.0229
1.0237
1.0159
1.0148
1.0114
0.9943
0.9635
0.9588
0.9777
0.9902
1.0110
1.0195

1.0125
0.9811
0.9860
1.0003
0.9843
0.9957
1.0000
0.9961
0.9944
0.9984
1.0105
1.0398

1.0109
0.9945
1.0039
1.0225
0.9950
0.9991
0.9936
0.9905
0.9930
0.9920
0.9975
1.0076

1.0178
0.9992
1.0039
1.0192
0.9945
0.9982
0.9908
0.9893
0.9922
0.9908
0.9966
1.0078

January
February
March

0.9986
0.9977
0.9992

1.0218
1.0235
1.0165

1.0121
0.9809
0.9859

1.0107
0.9945
1.0040

1.0174
0.9990
1.0039

1998

1999

2000

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]

0.9956
0.9960
1.0071
1.0116
1.0004
1.0028
1.0011
0.9999
0.9953
0.9933
0.9972
0.9974

1.0009
1.0020
1.0013
1.0004
0.9985
0.9985
0.9999
0.9994
0.9993
1.0009
1.0003
0.9990

0.9765
0.9919
1.0067
0.9999
1.0099
1.0085
0.9996
1.0006
1.0009
1.0063
1.0040
0.9933

1.0027
1.0080
1.0170
1.0130
0.9841
0.9856
0.9898
1.0020
1.0008
0.9980
0.9990
0.9999

0.9959
0.9968
1.0080
1.0129
1.0010
1.0028
1.0007
0.9993
0.9946
0.9927
0.9968
0.9974

1.0011
1.0022
1.0014
1.0002
0.9980
0.9978
0.9997
0.9993
0.9995
1.0012
1.0006
0.9991

0.9749
0.9915
1.0085
1.0014
1.0110
1.0103
0.9995
1.0004
1.0008
1.0052
1.0032
0.9925

Money market mutual funds
inM2
in M3 only

RPs

Eurodollars

1.0255
1.0331
1.0178
0.9960
0.9862
0.9863
0.9791
0.9866
0.9807
0.9923
1.0021
1.0136

1.0024
0.9988
1.0057
1.0078
1.0223
1.0033
0.9915
0.9951
0.9968
0.9971
1.0017
0.9754

1.0337
1.0178
0.9947
0.9884
0.9952
0.9831
0.9769
0.9899
0.9916
1.0051
1.0027
1.0251

1.0023
1.0086
1.0178
1.0134
0.9843
0.9849
0.9884
1.0011
1.0013
0.9986
0.9994
0.9997

1.0277
1.0329
1.0165
0.9967
0.9884
0.9863
0.9769
0.9849
0.9788
0.9926
1.0037
1.0140

1.0048
0.9985
1.0088
1.0094
1.0219
0.9994
0.9911
0.9941
0.9957
0.9954
1.0029
0.9771

1.0344
1.0180
0.9934
0.9860
0.9929
0.9802
0.9762
0.9914
0.9927
1.0051
1.0046
1.0277

1.0023
1.0090
1.0178

1.0288
1.0333
1.0157

1.0060
0.9979
1.0104

1.0351
1.0175
0.9927

1998
January
February
March
April
May
June
July
August
September
October
November
December
1999
January
February
March
April
May
June
July
August
September
October
November
December
2000
January
0.9960
1.0012
0.9740
February
0.9972
1.0022
0.9913
March
1.0083
1.0014
1.0095
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
Other checkable deposits [1]
total
at banks

Currency
1998 Dec 07

14
21
28
1999 Jan 04

11
18
25
1999 Feb 01

08
15
22

Nonbank
travelers checks

Demand
deposits

1.0054
1.0065
1.0119
1.0203

1.0231
1.0218
1.0206
1.0193

1.0156
1.0222
1.0465
1.0519

1.0036
0.9912
1.0060
1.0133

0.9931
0.9883
1.0087
1.0232

1.0108
1.0033
0.9993
0.9942

1.0180
1.0203
1.0226
1.0248

1.0897
1.0246
1.0031
0.9830

1.0434
1.0143
1.0073
0.9991

1.0449
1.0177
1.0131
1.0108

0.9930
0.9994
1.0000
0.9963

1.0271
1.0257
1.0242
1.0228

0.9945
0.9804
0.9812
0.9725

1.0055
0.9960
0.9878
0.9909

1.0156
0.9991
0.9899
0.9988

0.9953
1.0031
0.9895
1.0213
1.0016
0.9822
1.0013
1.0192
0.9997
1.0171
0.9961
0.9914
0.9984
1.0150
0.9741
0.9990
0.9967
1.0129
0.9825
1.0097
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.




1999 Mar 01

08
15
22
29

1.0080
0.9964
0.9944
1.0016
1.0143

Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml (continued)
Other checkable deposits [1]
total
at banks

Currency
1999 Apr 05

12
19
26
999 May 03

10
17
24
31
1999Jun07

14
21
28

Nonbank
travelers checks

Demand
deposits

1.0017
1.0028
0.9981
0.9946

1.0108
1.0129
1.0150
1.0170

1.0105
1.0088
1.0167
0.9783

1.0235
1.0193
1.0369
1.0193

1.0133
1.0134
1.0370
1.0232

0.9959
1.0006
0.9968
0.9972
0.9954

1.0191
1.0157
1.0123
1.0089
1.0056

0.9959
0.9761
0.9864
0.9632
1.0011

1.0166
0.9974
0.9880
0.9833
1.0007

1.0098
0.9908
0.9886
0.9894
1.0033

1.0007
0.9993
0.9975
0.9963

1.0013
0.9971
0.9929
0.9887

0.9894
1.0043
0.9783
0.9946

0.9997
0.9961
0.9947
0.9992

0.9935
0.9916
0.9967
1.0044

1.0056
0.9846
1.0365
1.0088
1.0032
0.9739
0.9973
0.9917
0.9635
0.9993
0.9960
0.9880
0.9533
0.9968
0.9786
0.9866
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.




1999 Jul 05

12
19
26

0.9985
0.9860
0.9873
0.9902

Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml (continued)
Other checkable deposits [1]
total
at banks

Currency
1999 Aug 02

09
16
23
30
1999 Sep 06

13
20
27
1999 Oct 04

11
18
25

Nonbank
travelers checks

Demand
deposits

0.9975
1.0037
1.0002
0.9967
0.9936

0.9434
0.9497
0.9561
0.9626
0.9692

1.0148
0.9884
0.9970
0.9846
1.0023

1.0041
0.9902
0.9850
0.9846
0.9952

1.0024
0.9841
0.9823
0.9873
0.9985

1.0017
0.9991
0.9960
0.9942

0.9760
0.9769
0.9779
0.9789

0.9938
1.0009
0.9926
0.9874

0.9964
0.9916
0.9904
0.9893

0.9876
0.9879
0.9942
0.9947

0.9975
1.0022
0.9993
0.9967

0.9799
0.9847
0.9896
0.9945

1.0159
0.9834
1.0007
0.9865

1.0022
0.9861
0.9884
0.9870

0.9956
0.9809
0.9879
0.9925

0.9971
1.0052
0.9995
1.0165
1.0036
1.0040
0.9962
0.9910
1.0019
1.0087
0.9932
1.0059
1.0005
1.0133
0.9925
0.9984
1.0041
1.0180
1.0386
1.0039
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.




1999 Nov 01

08
15
22
29

1.0057
0.9908
0.9904
0.9969
1.0052

Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml (continued)
Other checkable deposits [1]
total
at banks

Currency

Nonbank
travelers checks

Demand
deposits

1.0062
1.0076
1.0126
1.0201

1.0228
1.0210
1.0193
1.0176

1.0103
1.0194
1.0462
1.0554

1.0023
0.9920
1.0045
1.0132

0.9923
0.9895
1.0074
1.0209

1.0110
1.0033
0.9991
0.9940
0.9922

1.0158
1.0184
1.0211
1.0238
1.0264

1.0891
1.0160
1.0054
0.9911
1.0013

1.0427
1.0155
1.0082
0.9995
1.0058

1.0454
1.0166
1.0137
1.0118
1.0161

0.9987
1.0002
0.9972
0.9955

1.0253
1.0242
1.0231
1.0219

0.9822
0.9795
0.9702
0.9882

0.9954
0.9874
0.9900
1.0020

0.9989
0.9890
0.9975
1.0072

13
20
27

1.0017
1.0002
0.9983
0.9964

1.0208
1.0185
1.0162
1.0139

0.9846
0.9960
0.9826
0.9752

1.0010
0.9969
1.0001
1.0103

0.9971
0.9962
1.0035
1.0150

2000 Apr 03

1.0016

1.0116

1.0092

1.0232

1.0140

1999 Dec 06

13
20
27
2000 Jan 03

10
17
24
31
2000 Feb 07

14
21
28
2000 Mar 06

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]

1998 Dec 07
14
21
28

1.0137
1.0068
0.9925
0.9792

1.0002
0.9997
0.9988
0.9977

1.0036
1.0025
0.9925
0.9834

1.0017
1.0054
1.0019
0.9970

1999 Jan 04
11
18
25

0.9927
1.0096
1.0048
0.9855

0.9982
1.0006
1.0016
1.0019

0.9735
0.9773
0.9741
0.9735

1999 Feb 01
08
15
22

0.9839
1.0074
1.0012
0.9885

1.0021
1.0024
1.0024
1.0022

0.9756
0.9814
0.9922
0.9942

1999 Mar 01
0.9913
1.0019
1.0017
08
1.0197
1.0020
1.0068
15
1.0164
1.0016
1.0105
22
1.0039
1.0086
1.0011
29
0.9958
1.0092
1.0008
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.




Money market mutual funds
inM2
in M3 only

RPs

Eurodollars

1.0219
1.0378
1.0090
1.0054

0.9910
0.9852
0.9738
0.9592

1.0180
1.0294
1.0204
1.0307

0.9854
1.0027
1.0076
1.0057

0.9685
1.0319
1.0383
1.0440

0.9586
0.9979
1.0096
1.0189

1.0292
1.0202
1.0337
1.0434

1.0024
1.0058
1.0070
1.0113

1.0242
1.0327
1.0341
1.0352

1.0184
1.0115
1.0011
0.9892

1.0372
1.0205
1.0203
1.0127

1.0114
1.0207
1.0194
1.0174
1.0149

1.0305
1.0262
1.0231
1.0169
1.0037

0.9883
0.9991
1.0100
1.0178
1.0120

1.0156
0.9915
0.9930
0.9908
0.9960

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]

1999 Apr 05
12
19
26

1.0273
1.0299
1.0156
0.9886

1.0013
1.0012
1.0002
0.9993

1.0075
1.0035
0.9986
0.9960

1.0171
1.0298
1.0196
1.0047

1999 May 03
10
17
24
31

0.9968
1.0086
1.0036
0.9940
0.9947

0.9990
0.9987
0.9981
0.9975
0.9972

1.0046
1.0109
1.0116
1.0119
1.0121

1999Jun07
14
21
28

1.0201
1.0155
0.9987
0.9825

0.9976
0.9977
0.9975
0.9979

1.0159
1.0164
1.0095
1.0043

1999 Jul 05
1.0150
0.9996
0.9938
12
1.0108
1.0001
0.9963
19
0.9995
0.9999
1.0004
26
0.9848
0.9995
1.0028
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.




Money market mutual funds
inM2
in M3 only

RPs

Eurodollars

0.9972
1.0183
0.9938
0.9860

1.0058
1.0073
1.0072
1.0097

0.9910
0.9829
0.9763
0.9918

0.9847
0.9842
0.9813
0.9864
0.9852

0.9826
0.9921
0.9900
0.9881
0.9859

1.0208
1.0262
1.0224
1.0200
1.0194

0.9918
0.9803
0.9864
1.0020
1.0033

0.9889
0.9868
0.9844
0.9806

0.9956
0.9936
0.9799
0.9801

1.0131
1.0042
0.9950
0.9887

0.9884
0.9810
0.9737
0.9799

0.9806
0.9909
0.9897
0.9908

0.9734
0.9826
0.9759
0.9796

0.9889
0.9859
0.9906
0.9951

0.9731
0.9734
0.9718
0.9806

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]

1999 Aug 02
09
16
23
30

0.9902
1.0164
1.0084
0.9907
0.9813

0.9994
0.9997
0.9994
0.9992
0.9990

1.0041
1.0037
0.9982
1.0002
0.9983

0.9878
0.9973
1.0022
1.0035
1.0045

1999 Sep 06
13
20
27

1.0170
1.0107
0.9899
0.9674

0.9992
0.9992
0.9992
0.9994

1.0002
1.0020
1.0015
0.9994

1999 Oct 04
11
18
25

0.9953
1.0058
0.9977
0.9804

1.0012
1.0020
1.0013
1.0010

1.0012
1.0106
1.0072
1.0046

1999 Nov 01
0.9782
1.0005
0.9997
08
1.0119
1.0008
1.0030
15
1.0100
1.0040
1.0007
22
1.0019
0.9897
1.0005
29
0.9777
1.0041
1.0003
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.




Money market mutual funds
inM2
in M3 only

RPs

Eurodollars

0.9702
0.9848
0.9855
0.9890
0.9843

0.9957
0.9979
0.9963
0.9873
0.9941

0.9831
0.9783
0.9831
0.9963
1.0095

1.0059
1.0085
1.0030
0.9946

0.9869
0.9859
0.9755
0.9727

0.9966
0.9975
0.9970
0.9941

0.9952
0.9903
0.9890
0.9950

0.9867
0.9959
1.0019
1.0036

0.9679
0.9894
0.9946
0.9991

0.9900
0.9898
0.9917
0.9994

0.9961
1.0023
1.0036
1.0092

1.0001
0.9999
0.9988
1.0020
0.9965

1.0025
0.9919
1.0017
1.0069
1.0121

1.0051
1.0062
1.0056
1.0044
0.9973

1.0110
0.9987
0.9989
1.0028
1.0155

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]

1999 Dec 06
13
20
27

1.0138
1.0086
0.9933
0.9810

1.0003
0.9999
0.9990
0.9979

1.0044
1.0043
0.9930
0.9827

1.0031
1.0059
1.0031
0.9961

2000 Jan 03
10
17
24
31

0.9916
1.0073
1.0036
0.9858
0.9843

0.9985
1.0010
1.0016
1.0015
1.0017

0.9705
0.9772
0.9743
0.9729
0.9731

2000 Feb 07
14
21
28

1.0063
1.0015
0.9900
0.9918

1.0024
1.0024
1.0022
1.0020

2000 Mar 06
13
20
27

1.0162
1.0129
1.0016
0.9952

1.0020
1.0017
1.0013
1.0008

RPs

Eurodollars

1.0194
1.0331
1.0153
1.0110

0.9873
0.9797
0.9747
0.9692

1.0152
1.0247
1.0250
1.0351

0.9844
1.0011
1.0080
1.0055
1.0022

0.9758
1.0286
1.0383
1.0440
1.0267

0.9754
0.9999
1.0109
1.0129
1.0134

1.0433
1.0359
1.0350
1.0344
1.0314

0.9795
0.9903
0.9925
1.0004

1.0057
1.0073
1.0110
1.0105

1.0324
1.0345
1.0356
1.0316

1.0070
1.0015
0.9911
0.9916

1.0173
1.0178
1.0168
1.0210

1.0071
1.0116
1.0098
1.0099

1.0187
1.0205
1.0181
1.0154

1.0272
1.0239
1.0184
1.0059

1.0007
1.0099
1.0173
1.0148

0.9972
0.9936
0.9879
0.9929

1.0157

0.9971

1.0059

0.9923

2000 Apr 03
1.0258
1.0013
1.0079
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.




Money market mutual funds
inM2
in M3 only




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Appendix Table 6
Comparison of Revised and Old Ml Growth Rates
(percent changes at annual rates)
Difference due to
Benchmark
Seasonals

Revised

Old

Difference

-3.0
6.1
8.3

-1.8
8.2
7.6

-1.2
-2.1
0.7

-0.1
0.4
0.1

-1.1
-2.5
0.6

-1.2
2.5
5.1
1.7
-4.3
-0.4
-2.7
-3.6
2.8
6.4
9.3
4.6

-2.7
3.1
5.1
-0.3
-3.4
-3.5
-3.0
-3.1
3.6
7.6
10.3
5.0

1.5
-0.6
0.0
2.0
-0.9
3.1
0.3
-0.5
-0.8
-1.2
-1.0
-0.4

1.1
1.4
-1.1
0.3
1.0
-1.4
-0.1
0.0
0.0
0.1
-0.1
0.1

0.4
-2.0
1.1
1.7
-1.9
4.5
0.4
-0.5
-0.8
-1.3
-0.9
-0.5

97Q4

0.0

0.9

-0.9

0.1

-1.0

98Q1
98Q2
98Q3
98Q4

3.2
1.0
-2.0
5.0

3.0
0.2
-2.4
5.9

0.2
0.8
0.4
-0.9

0.7
0.0
-0.2
0.0

-0.5
0.8
0.6
-0.9

2.1
1.5

1.6
1.7

0.5
-0.2

0.3
-0.1

0.2
-0.1

-1.2
1.8

-1.2
1.7

0.0
0.1

0.0
0.1

0.0
0.0

1997
October
November
December
1998
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
97Q4
98Q2

98Q2
98Q4

Annual (Q4 to Q4)




1997
1998

Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)

Revised

Old

Difference

Difference due to
Benchmark
Seasonals

5.6
6.9
7.0

6.0
7.3
6.8

-0.4
-0.4
0.2

0.0
0.0
0.0

-0.4
-0.4
0.2

7.4
8.7
7.4
8.4
5.6
6.8
5.3
8.1
13.2
12.1
10.9
10.3

7.5
9.7
8.4
9.6
2.8
5.2
4.6
8.2
14.5
12.7
10.9
10.1

-0.1
-1.0
-1.0
-1.2
2.8
1.6
0.7
-0.1
-1.3
-0.6
0.0
0.2

0.2
0.2
-0.5
0.0
0.4
-0.3
0.0
0.0
-0.1
0.1
0.0
0.0

-0.3
-1.2
-0.5
-1.2
2.4
1.9
0.7
-0.1
-1.2
-0.7
0.0
0.2

97Q4

6.7

7.0

-0.3

0.0

-0.3

98Q1
98Q2
98Q3
98Q4

7.6
7.5
7.2
11.6

8.0
7.4
6.5
12.0

-0.4
0.1
0.7
-0.4

0.1
0.0
0.0
0.0

-0.5
0.1
0.7
-0.4

7.6
9.5

7.7
9.3

-0.1
0.2

0.0
0.0

-0.1
0.2

5.8
8.7

5.7
8.7

0.1
0.0

0.0
0.0

0.1
0.0

October
November
December
8
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
97Q4
98Q2

98Q2
98Q4

Annual (Q4 to Q4)




1997
1998

Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
Difference due to
Benchmark
Seasonals

Revised

Old

Difference

8.4
10.6
11.4

8.5
11.7
11.4

-0.1
-1.1
0.0

-0.1
-0.1
-0.1

0.0
-1.0
0.1

10.0
7.8
12.8
9.8
9.0
9.1
4.5
12.3
13.7
13.5
14.3
11.8

10.4
9.0
14.5
10.8
7.2
6.6
1.8
12.7
15.3
13.6
15.6
11.5

-0.4
-1.2
-1.7
-1.0
1.8
2.5
2.7
-0.4
-1.6
-0.1
-1.3
0.3

-0.1
-0.3
-0.2
0.0
0.4
0.2
0.2
-0.1
-0.3
0.0
-0.1
-0.1

-0.3
-0.9
-1.5
-1.0
1.4
2.3
2.5
-0.3
-1.3
-0.1
-1.2
0.4

97Q4

9.6

10.0

-0.4

0.0

-0.4

98Q1
98Q2
98Q3
98Q4

10.3
10.1
8.8
13.5

11.0
10.2
7.4
14.3

-0.7
-0.1
1.4
-0.8

-0.2
0.0
0.1
-0.1

-0.5
-0.1
1.3
-0.7

10.3
11.3

10.8
11.0

-0.5
0.3

-0.1
0.0

-0.4
0.3

8.8
11.1

8.8
11.2

0.0
-0.1

0.0
0.0

0.0
-0.1

October
November
December
1998
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
97Q4
98Q2

98Q2
98Q4

Annual (Q4 to Q4)




1997
1998




Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class