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FEDERAL RESERVE statistical release
H.6(508)

For release at
4:30 PM EST
February 5, 1998
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 rates of M2
and M3 over 1997. but they raised the annual growth rate of Ml 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 1994. The benchmark also incorporates historical data
for a number of money market mutual funds that began reporting for the
first time during 1997, raising the level of M3 over the years by
amounts that cumulate to $18 billion by mid-1997.
Seasonal factors for the monetary aggregates have been
revised, using the benchmarked data through December 1997. As in the
past few years, the X-ll ARIMA procedure was used to derive monthly
seasonal factors. Overall, the revisions to seasonal factors slightly
lowered the growth rates of Ml and M3 in the first half of 1997 and
raised the growth rate of M3 in the second half of the year.




-2-

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, (202) 452-3062. Historical data for the monetary aggregates
and their components are available each week via the web site for the
Federal Reserve Board (http://www.bog.frb.fed.us/releases) and also
from the Economic Bulletin Board of the U.S. Commerce Department.
Call (202) 482-1986 or toll-free (800) 782-8872 for information on how
to access the Commerce bulletin board.




FEDERAL RESERVE statistical release
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

For reteaseat4:30 p.m. EastemTime

Billions of dollars

Date

February 5 , 1 9 9 8

M1 1

M22

M33

L4

DEBT5

Seasonally adjusted
1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1122.3
1118.7
1125.3
1124.9
1117.0
1116.1
1110.4
1100.2
1094.8
1081.9
1081.3
1082.8

3666.9
3682.4
3710.0
3722.4
3726.7
3743.4
3753.5
3762.3
3774.6
3786.0
3804.5
3826.1

4626.9
4658.8
4692.3
4710.2
4739.3
4764.3
4783.6
4801.7
4832.1
4867.1
4894.2
4935.5

5734.8
5752.0
5797.4
5831.1
5855.6
5899.9
5927.2
5951.1
5989.6
6019.3
6053.1
6088.4

13822.8
13895.8
13972.0
14035.3
14088.1
14147.7
14219.7
14273.7
14322.1
14383.7
14446.6
14496.6

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

1080.8
1078.8
1075.0
1068.3
1064.3
1065.4
1065.6
1071.1
1063.5
1061.9
1069.2
1076.0

3840.7
3853.3
3868.9
3890.0
3892.7
3908.2
3922.0
3953.1
3973.8
3993.1
4017.5
4040.2

4961.1
4997.8
5032.0
5075.2
5091.2
5114.3
5154.2
5199.3
5237.2
5274.1
5323.7
5369.9

6113.6
6160.6
6204.3
6260.3
6290.4
6317.5
6350.1
6406.7
6445.1
6479.0
6543.4 p

14538.1
14595.8
14657.5
14728.7
14775.7
14805.5
14860.6
14917.8
14975.9
15042.5
15107.9 p

Not seasonally adjusted
1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1129.8
1105.4
1117.6
1131.4
1105.5
1114.6
1110.4
1097.4
1091.5
1077.9
1086.6
1104.9

3670.3
3665.9
3713.4
3740.4
3709.1
3740.2
3755.2
3764.5
3767.6
3774.7
3807.6
3845.4

4631.3
4647.7
4698.8
4723.4
4721.8
4759.0
4779.5
4802.7
4821.2
4860.8
4901.0
4953.4

5739.7
5738.2
5809.5
5846.6
5833.1
5886.3
5917.5
5956.1
5979.9
6006.9
6065.6
6116.5

13804.5
13858.9
13944.2
14003.6
14048.7
14110.7
14171.8
14230.7
14289.3
14348.4
14428.3
14496.0

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

1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.3
1097.5

3842.7
3838.0
3876.1
3908.7
3873.9
3904.6
3923.3
3957.0
3965.9
3980.9
4019.9
4059.1

4965.0
4990.6
5044.2
5088.5
5071.6
5106.5
5148.2
5201.0
5224.2
5267.1
5329.6
5387.1

6116.3
6149.0
6221.4
6278.0
6266.5
6301.3
6338.0
6411.0
6434.8
6467.8
6554.4 p

14519.0
14558.1
14631.1
14697.8
14734.9
14766.8
14810.5
14873.4
14943.1
15007.0
15088.5 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
DEBT 1

M1

M2

M3

3 Months from Sep. 1997 TO Dec. 1997

4.7

6.7

10.1

5.1

6 Months from June 1997 TO Dec. 1997

2.0

6.8

10.0

4.5

12 Months from Dec. 1996 TO Dec. 1997

-0.6

5.6

8.8

4.6

Thirteen weeks ending January 26 , 1998
from thirteen weeks ending:
Oct. 27, 1997 (13 weeks previous)

2.6

6.8

10.2

July 28, 1997 (26 weeks previous)

1.4

6.8

9.7

Jan. 27, 1997 (52 weeks previous)

-0.9

5.7

8.9

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1997 to November 1997, May 1997 to November 1997,
and November 1996 to November 1997, respectively.
Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service
(ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing
currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 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.
Consists of M3 plus the nonbank public holdings of U.S, savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutuai fund holdings of these assets.
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: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week via the web site of the Federal Reserve
Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and
weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free
(800) STAT-USA (800-782-8872).




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
M1
Period ending

M3

M2

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1997-Nov.

3
10
17
24

1065.5
1065.5
1065.3
1065.0

1062.6
1064.9
1066.4
1068.2

1072.3
1066.5
1065.8
1068.2

3976.4
3981.6
3986.3
3991.1

3997.4
4003.7
4008.5
4014.1

4013.0
4008.5
4013.5
4021.2

5242.5
5252.3
5261.9
5270.7

5283.3
5293.9
5306.1
5317.8

5312.7
5307.0
5322.6
5328.8

Dec.

1
8
15
22
29

1064.8
1064.8
1065.6
1066.9
1068.2

1068.9
1069.3
1070.5
1072.4
1073.7

1075.2
1067.9
1070.6
1076.0
1080.4

3995.4
3999.9
4004.6
4009.9
4015.8

4018.5
4023.4
4027.6
4032.8
4039.2

4030.8
4028.1
4030.2
4042.1
4056.4

5279.5
5289.1
5299.2
5309.6
5320.2

5325.6
5338.0
5348.9
5359.2
5368.8

5344.0
5356.5
5366.1
5370.1
5382.5

5
12
19P
26p

1069.8
1070.4
1071.2
1072.4

1078.4
1076.8
1075.5
1074.7

1086.4
1064.4
1070.8
1077.2

4021.6
4027.3
4032.8
4038.3

4047.3
4054.2
4060.0
4063.5

4060.5
4057.9
4065.1
4070.4

5331.8
5343.4
5354.4
5365.1

5380.2
5392.7
5404.2
5413.9

5402.1
5416.2
5416.1
5421.1

1998-Jan.

Not seasonally adjusted
1997-Nov.

3
10
17
24

1062.7
1062.8
1062.9
1063.1

1059.4
1062.8
1065.8
1070.3

1079.9
1067.2
1070.5
1063.4

3969.7
3974.3
3979.0
3984.0

3982.6
3990.4
3999.3
4011.1

3995.5
4019.3
4023.0
4006.6

5235.6
5245.2
5255.2
5264.6

5276.2
5287.1
5302.5
5318.3

5300.9
5321.1
5332.3
5318.9

Dec.

1
8
15
22
29

1064.3
1064.8
1066.7
1070.7
1075.4

1073.4
1076.1
1079.5
1088.6
1094.3

1092.3
1078.3
1084.0
1099.9
1114.8

3989.7
3994.6
4000.1
4008.4
4018.1

4021.3
4030.6
4038.6
4051.4
4057.5

4036.1
4056.6
4055.1
4057.9
4060.2

5275.1
5285.9
5297.6
5311.2
5325.4

5331.7
5348.0
5364.9
5381.0
5387.0

5354.3
5386.5
5399.9
5383.2
5378.3

5
12
19p
2 6p

1080.1
1082.3
1083.3
1084.2

1108.1
1107.6
1100.4
1086.1

1133.8
1082.0
1071.0
1057.4

4026.9
4034.5
4040.8
4046.4

4069.4
4077.3
4080.2
4073.2

4104.2
4086.9
4069.4
4032.1

5338.1
5351.1
5363.3
5374.3

5394.3
5405.9
5417.6
5422.7

5415.7
5446.5
5430.0
5398.4

1998-Jan.

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4
H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Other checkable deposits
Currency1

Date

Travelers checks2 Demand deposits3

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1996-Aug.
Sep.

385.5
387.8

8.5
8.5

405.1
405.3

195.5
188.4

105.5
104.8

301,
293.

2662.1
2679.8

1039.4
1057.6

Oct.
Nov.
Dec.

390.4
392.4
394.9

8.6
8.6
8.6

399.1
402.5
403.6

179.1
173.0
172.1

104.8
104.7
103.7

283.
277.
275,

2704.1
2723.2
2743.2

1081.1
1089.6
1109.4

1997-Jan.
Feb.
Mar.

396.
399,
401.

8.6
8.6
8.4

402.
402.
402.

171.3
166.0
161.0

101.9
102.2
101.5

273.2
268.2
262.5

2759.9
2774.6
2794.0

1120.4
1144.5
1163.0

Apr.
May
June

403.
406.
408.

8.3
8.2
8.0

397.
396.
398.

160.6
155.8
154.1

98.5
97.6
97.0

259.1
253.4
251.1

2821.7
2828.5
2842.8

1185.2
1198.5
1206.0

July
Aug.
Sep.

410.
412.
415.

398.
401.
391,

151.0
150.5
150.7

97.4
97.8
97.1

248.
248.
247.8

2856.
2882.
2910.

1232,
1246,
1263,

Oct.
Nov.
Dec.

418.
421.
425.

389.
394.
397,

148.7
147.7
148.5

97.0
96.9
96.7

245.
244.
245.

2931.
2948.
2964.

1280.
1306.
1329.8

397.9
391.6
395.6
398.3
399.3

147.5
145.4
146.2
148.8
150.2

97.9
98.7
96.0
95.5
95.7

245.4
244.0
242.2
244.2
245.9

2955.6
2960.2
2959.6
2966.1
2975.9

1313.2
1328.4
1335.9
1327.9
1326.1

400.9
385.0
390.1
395.9

152.5
148.4
149.0
148.9

97.3
96.3
95.6
95.3

249.8
244.7
244.6
244.2

2974.1
2993.5
2994.3
2993.2

1341.6
1358.3
1351.0
1350.8

Week ending
1997-Dec.

1998-Jan.

1.
2.
3.
4.
5.
6.
7.
e

1
8
15
22
29

423.7
424.1
424.6
425.2
427.0

8.2
8.2
8.2
8.2
8.3

5
12
19p
26p

427.4
426.5
427.8
428.8

8.3
8.3
8.3
8.3

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.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.
estimated




p

preliminary

Page 5
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits2

Savings deposits1
Date

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds

Institutional
money
funds

Large-denomination time deposits3
At
commercial
banks 4

At
thrift
institutions

383.6
388.9

76.2
76.7

459.8
465.7

Total

1996-Aug.
Sep.

858.1
867.4

366.1
366.7

1224.2
1234.1

584.0
587.3

352.4
353.3

936.4
940.6

501.
505.

289.8
295.8

Oct.
Nov.
Dec.

881.5
894.8
904.8

367.9
366.8
366.9

1249.4
1261.6
1271.7

589.6
592.3
594.5

354.7
354.7
354.3

944.3
947.0
948.8

510.
514,
522.8

299.0
304.2
310.3

401.1
404.1
413.2

77.3
78.1
78.0

478.4
482.2
491.3

1997-Jan.
Feb.
Mar.

914.0
920.8
932.4

367.4
368.1
368.0

1281.4
1288.8
1300.4

595.1
595.5
598.5

355.0
355.7
353.1

950.
951.
951.

528.4
534.5
541.9

309.9
319.8
325.9

416.5
424.8
436.3

80.1
80.7
80.5

496.6
505.4
516.8

Apr.
May
June

946.
946.
951.

371.0
374.4
374.6

1317.2
1320.6
1325.8

601.2
603.8
609.2

351.9
352.8
351.5

953,
956,
960.

551.4
551.2
556.4

328.5
331.8
338.3

448.0
449.9
456.6

80.8
81.1
82.0

528.8
531.0
538.6

July
Aug.
Sep.

957.
968.
985.

374.
374,
374,

1331.
1343.
1359.

614.
615,
616.

348.
348.
346.

962.
963.
963.

562.5
575.9
587.1

342
348
356

467,
469,
476,

83,
83,
83,

550.
552.
559,

Oct.
Nov.
Dec.

999,
1009.
1020.

375,
374.
376.

1374
1384
1397

618.2
621.1
621.6

346.
343,
343.

964,
964,
965,

592.1
599.2
601.6

363
365
376

478,
487,
494.

83.6
84.4
85.2

562.
572.
579.

1
8
15
22
29

1014.1
1018.7
1018.7
1023.7
1027.3

377.0
373.2
375.6
377.4
380.8

1391.1
1391.9
1394.3
1401.0
1408.0

622.0
621.5
621.7
622.1
621.6

342.8
343.2
343.6
343.8
343.6

964.8
964.6
965.3
965.9
965.2

599.7
603.7
600.0
599.2
602.7

367.2
375.4
378.7
373.2
377.4

489.8
493.8
496.3
496.0
492.7

84.3
85.2
85.2
84.9
85.6

574.2
579.0
581.5
581.0
578.3

5
12
19p
26p

1027.7
1037.3
1036.0
1030.1

376.4
377.5
378.0
380.5

1404.1
1414.8
1414.0
1410.6

621.0
621.2
621.4
621.8

344.2
344.6
344.9
345.3

965.3
965.7
966.4
967.1

604.7
613.0
613.8
615.4

380.6
384.5
380.5
378.1

490.1
493.9
493.2
496.8

86.1
87.3
87.7
88.1

576.2
581.2
580.9
584.9

Week ending
1997-Dec.

1998-Jan.

1.
2.
3.
4.

p

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




money market deposit accounts.
deposits—including retail RPs—-are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
from small time deposits.
deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and

Page 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted

RPs1

Date

Debt components6

Non-M3 Components of L

Eurodollars2

Short-term
Treasury
securities3
474.3

Savings bonds
1996-Aug.
Sep.

193.5
197.0

96.3
99.1

18*.$
187.0

Oct.
Nov.
Dec.

197.2
195.6
194.2

106.6
107.8
113.7

1997-Jan.
Feb.
Mar.

197.2
200.0
198.9

Apr.
May
June

Bankers
acceptances4

Commercial paper5

Non-Federal debt

Federal debt

476.2

11.4
11.9

476.8
482.5

3743.8

16533.2
10578.3

187.0
186.9
186.9

471.8
473.5
455.1

12.2
12.4
12.4

481.2
486.1
498.5

3756.0
3770.0
3780.0

10627.7
10676.6
10716.7

116.8
119.3
121.4

186.7
186.6
186.5

443.1
444.7
446.5

12.2
12.8
13.3

510.5
518.7
526.1

3778.0
3782.6
3796.5

10760.1
10813.2
10861.1

202.4
204.1
199.8

125.5
131.5
129.3

186.4
186.3
186.4

451.4
458.9
450.9

12.8
13.0
12.8

534.5
541.1
553.2

3803.1
3789.7
3776.4

10925.6
10986.0
11029.1

July
Aug.
Sep.

207.4
210.0
209.2

131.7
135.5
137.9

186.4
186.4
186.4

433.3
444.8
444.8

12.7
12.9
12.9

563.6
563.2
563.9

3779.4
3784.5
3787.9

11081.2
11133.3
11187.9

Oct.
Nov.
Dec.

219.0
233.5
235.6

136.3
134.9
138.6

186.4
186.4

1
8
15
22
29

234.9
235.3
235.9
235.0
234.6

136.9
138.6
139.8
138.7
135.9

5
12
19P
26p

241.2
251.5
250.8
247.8

143.6
141.0
138.8
139.9

Week ending
1997-Dec.

1998-Jan.

Overnight and term RPs of $100,000 or more issu
Overnight and term Eurodollars issued to U.S. adc
excluding those held by depository institutions anc
Consists of U.S. Treasury bills and coupons with r
market mutual funds, and foreign entities.
4. Net of bankers acceptances held by accepting bai
5. Total commercial paper less commercial paper he
6. Debt data are on a monthly average basis, derive*
p

preliminary




p

434.0
439.2

p

13.3
12.9

p

571.3
581.3

3746.5

p

3789.6
3790.4

p

11253.0
11317.5

d by depository institutions, excluding those held by depository institutions and by money funds.
essees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
by money funds.
maining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
cs, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
I by money market mutual funds.
by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

Page 7
H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1
cy

Date

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

lnM2 6

Total

In M3 only7

1996-Aug.
Sap.

385.8
386.7

9.0
8.8

404.5
404.4

193.1
187.1

105.0
104.5

298.1
291.7

2667.1
2676.1

1038.2
1053.6

Oct.
Nov.
Dec.

388.8
392.8
397.9

8.6
8.4
8.3

398.8
408.3
419.9

177.3
172.4
174.1

104.3
104.8
104.7

281.6
277.2
278.8

2696.8
2721.0
2740.5

1086.1
1093.4
1108.0

1997-Jan.
Feb.
Mar.

395.4
397.5
400.8

8.2
8.3
8.2

406.0
393.2
396.0

175.0
166.2
161.5

102.0
100.5
101.4

277.0
266.8
262.9

2756.0
2772.4
2808.1

1122.3
1152.5
1168.2

Apr.
May
June

403.3
406.0
408.3

8.2
8.2
8.2

397.5
388.5
397.4

163.9
154.1
153.3

100.7
97.1
97.3

264.7
251.2
250.6

2835.1
2820.0
2840.0

1179.7
1197.7
1201.9

July
Aug.
Sep.

411.2
413.3
414.2

8.7
8.8
8.4

399.4
401.7
391.0

149.3
148.7
149.7

97.4
97.2
96.8

246.7
245.9
246.6

2857.2
2887.3
2905.7

1224.9
1244.0
1258.3

Oct.
Nov.
Dec.

417.3
422.4
429.0

8.2
8.0
7.9

388.8
399.8
412.9

147.4
147.2
150.1

96.6
96.9
97.5

243.9
244.2
247.6

2922.7
2945.6
2961.6

1286.2
1309.7
1327.9

412.4
399.7
407.3
414.3
421.9

148.7
144.8
145.3
151.1
155.4

98.6
99.6
96.4
96.0
96.5

247.3
244.4
241.7
247.2
251.9

2943.8
2978.3
2971.1
2958.1
2945.4

1318.2
1329.9
1344.9
1325.3
1318.1

436.3
398.2
390.3
380.7

158.7
151.6
151.2
151.0

101.0
97.4
95.3
93.0

259.8
249.0
246.5
244.0

2970.4
3004.8
2998.3
2974.7

1311.5
1359.7
1360.6
1366.2

W e e k ending
1997-Dec.

1998-Jan.

1.
2.
3.
4.
5.
6.
7.

1
8
15
22
29

424.7
426.3
427.0
430.5
433.0

7.9
7.9
7.9
7.9
8.0

5
12
19p
2 6p

429.8
426.9
426.3
424.8

8.0
8.0
8.0
7.9

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.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.

e
estimated



p

preliminary

Page 8
H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
Date

Small-denomination time deposits2

Retail
money
funds

At
thrift
institutions

Total

288.
291,

383.8
390.5

76.2
77.0

460.0
467.6

506,
513,
524.8

296,
304.
312,

406.6
408.6
413.6

78.4
79.0
78.1

485.0
487.6
491.7

949.1
951.5
952.5

531.1
538.5
550.0

317.7
329.6
332.0

410.3
422.2
435.2

78.9
80.2
80.3

489.2
502.4
515.5

352.4
353.3
351.8

954.5
957.8
961.4

557.5
543.5
549.1

326.2
325.8
332.4

444.9
451.1
455.9

80.2
81.4
81.9

525.1
532.5
537.8

615,
615.
616.

348,
348,
346,

963.8
963.3
962.7

558.9
577.9
584.8

339.0
346.8
351.5

466.
469.
478.

82.8
83.4
83.9

549.3
552.5
562.2

1370.
1384.
1394.8

618.
620.
620.

346,
343,
342.

964.
963.
962.

588.1
598.3
604.1

359.
365.
378.

485.
493.
494.

84.8
85.3
85.3

570.5
578.7
580.0

373,
.9
.7
377,
377,
.8
.0
375,
373,
.2

1379,
.7
1408.
,7
,6
1402,
1392,
.2
1380,
,2

620.9
620.3
620.1
620.1
619.7

342.2
342.6
342.7
342.6
342.5

963.1
962.9
962.8
962.8
962.2

601.0
606.8
605.7
603.1
603.0

369.1
377.2
387.1
376.4
379.7

494.4
498.0
499.8
496.5
488.5

85.1
85.9
85.8
85.0
84.8

579.5
583.9
585.6
581.5
573.4

.6
377,
.6
379,
.6
377,
,3
374,

1408.
.6
.6
1422.
1412.
.5
,6
1387,

620.3
620.8
621.1
621.3

343.8
344.4
344.8
345.1

964.1
965.2
965.9
966.4

597.7
617.1
619.9
620.7

367.4
394.5
395.1
396.3

481.0
486.9
486.1
489.7

84.5
86.0
86.4
86.8

565.5
572.9
572.5
576.5

At
thrift
institutions

1996-Aug.
Sep.

860.3
867.0

367.0
366.6

Oct.
Nov.
Dec.

879.3
895.1
903.3

At
commercial
banks

At
thrift
institutions

Total

1227.3
1233.5

584.2
586.8

352.5
353.0

936.7
939.8

503,
502,

367.0
366.9
366.4

1246.3
1262.0
1269.7

589.3
591.3
592.7

354.5
354.1
353.2

943.9
945.3
946.0

910,
916.
936,

365.8
366.2
369.5

1275.8
1282.4
1305.5

594.5
595.7
599.1

354.6
355.8
353.5

Apr.
May
June

950.4
944.8
953.9

372.7
373.8
375.6

1323.2
1318.6
1329.5

602.1
604.6
609.7

July
Aug.
Sep.

959.
971.
984.

375,
375,
374,

1334.
1346,
1358.2

Oct.
Nov.
Dec.

996.
1009,
1019,

374.0
374.8
375.8

1
8
15
22
29

1005.7
1031.0
1024.7
1017.2
1006.9

5
12
19p
26p

1031.0
1043.0
1034.9
1013.3

Week ending
1997-Dec.

1998-Jan.

1.
2.
3.
4.
p

Large-denomination time deposits3
At
commercial
banks4

At
commercial
banks

1997-Jan.
Feb.
Mar.

Institutional
money
funds

Total

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




Page 9
H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1

Date

At commercial
banks

At thrift
institutions

Debt components 6

Non-M3 Components of L
2

Eurodollars
Total

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1996-Aug.
Sep.

144.6
147.4

49.4
49.1

194.1
196.5

95.5
98.2

186.7
186.7

482.0
476.9

n.i
12.0

473.6
483.1

3730.9
3736.1

10499.8
10553.3

Oct.
Nov.
Dec.

150.7
146.7
143.0

48.3
47.5
45.8

199.0
194.2
188.8

106.0
107.3
114.7

186.8
186.9
187.0

461.0
480.1
469.7

12.2
12.4
12.6

486.1
485.2
493.8

3740.9
3771.4
3787.9

10607.6
10657.0
10708.1

1997-Jan.
Feb.
Mar.

150.6
152.6
151.1

45.7
46.9
46.7

196.2
199.5
197.8

119.2
121.1
122.9

186.8
186.6
186.6

441.6
441.5
453.9

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10745.6
10775.1
10815.8

Apr.
May
June

155.8
160.7
156.9

47.0
46.4
47.0

202.8
207.2
203.9

125.7
132.2
127.9

186.5
186.4
186.3

450.2
446.9
443.8

13.0
12.9
12.6

539.9
548.7
552.0

3810.3
3781.3
3766.2

10887.5
10953.7
11000.6

July
Aug.
Sep.

160.3
162.7
160.9

47.4
47.9
47.2

207.7
210.5
208.2

128.8
134.1
136.5

186.3
186.3
186.2

431.0
451.9
446.8

12.1
12.6
13.1

560.4
559.2
564.5

3759.9
3774.4
3780.4

11050.6
11099.0
11162.7

Oct.
Nov.
Dec.

173.0
183.1
180.7

47.9
48.9
48.2

221.0
232.0
228.9

135.1
133.7
140.1

186.3
186.4

1
8
15
22
29

183.5
181.3
182.2
179.0
178.4

48.3
49.0
48.9
48.1
47.3

231.8
230.3
231.0
227.2
225.7

137.8
138.4
141.1
140.3
139.4

5
12
19p
2 6p

186.3
201.5
204.1
204.0

46.4
47.1
46.6
45.7

232.7
248.6
250.7
249.8

145.9
143.7
142.3
143.7

Week ending
1997-Dec.

1998-Jan.

1.
2.

p

424.3
446.0

p

13.4
12.9

p

576.7
579.6

p

3774.4
3792.1

p

11232.6
11296.4

4.
5.
6.

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.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary

3.




p

Page 10
H.6(508)
Table 6

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

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

13.4
13.8

2.7
4.6

5.1
6.2

12.2
20.5

20.1
31.3

3.8
3.4

151.8
151.4

108.6
108.6

79.8
82.3

340,
342.

1.4
1.4
1.4

14.9
16.4
17.9

3.0
3.3
4.2

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.8

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

84.8
87.2
89.6

344.
346.
348.

9.2
9.3
9.3

1.7
1.5
1.4

18.6
18.3
18.0

4.1
2.8
3.1

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.7

2.4
2.4
2.4

151.3
151.3
151.4

106.6
106.3
105.9

91.5
92.7
93.8

349.
350.
351.

Apr.
May
June

9.5
9.9
10.3

1.3
1.4
1.5

17.9
17.8
17.8

5.3
2.5
3.8

11.7
12.7
8.1

21.7
29.6
22.5

38.7
44.8
34.5

151.6
151.8
152.0

105.6
105.2
104.9

94.2
94.1
94.0

351.
351,
350,

July
Aug.
Sep.

10.0
9.4
8.7

17,
18,
18,

1.8
1.8
3.2

5.0
4.9
6.2

18.2
12.4
20.1

24.
19,
29,

152.8
154,
155,

104.5
104.0
103.5

e
e
e

94.
94.
95,

351,
352.
353,

Oct.
Nov.
Dec.

8.3
8.3
8.3

18,
18,
18,

1.7
1.7
2.2

5.5
5.1
5.0

16.0
12.4
16.6

23,
19,
23.8

2.8
2.8
2.8

156.
156.
156,

103.0
102.7
102.3

e
e
e

95.
96.
97.

354.
355.
356.

Date

Foreign
commercial
banks

Foreign
official
institutions

1996-Aug.
Sap.

7.9
8.5

1.5
1.4

Oct.
Nov.
Dec.

8.6
8.8
9.1

1997-Jan.
Feb.
Mar.

Week e n d i n g
1997-Dec.

1998-Jan.

e
p

Note
balances at
depository
institutions

Total
cash
balance

1
8
15
22
29

8.3
8.3
8.3
8.3
8.3

1.4
1.4
1.4
1.4
1.4

18.5
18.5
18.5
18.5
18.5

1.9
1.3
3.3
1.9
1.8

4.8
4.5
5.1
6.1
4.5

15.2
9.9
7.3
18.6
31.2

21.8
15.7
15.7
26.7
37.5

2.8
2.8
2.8
2.8
2.8

5
12
19p
26p

8.3
8.3
8.3
8.3

1.6
1.4
1.4
1.4

18.5
18.5
18.5
18.5

2.9
2.5
4.8
3.6

5.2
5.2
7.5
8.0

15.4
8.3
20.2
37.1

23.5
16.0
32.5
48.7

2.8
2.8
2.8
2.8

estimated
preliminary




At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

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

Currency
1997 Dec 01

08
15
22
29
1998 Jan 05

12
19
26
1998 Feb 02

09
16
23

Demand
deposits

1.0025
1.0051
1.0056
1.0125
1.0140

0.9620
0.9616
0.9622
0.9628
0.9634

1.0364
1.0208
1.0297
1.0400
1.0566

1.0077
1.0016
0.9981
1.0120
1.0247

1.0081
0.9961
0.9936
1.0160
1.0350

1.0055
1.0011
0.9963
0.9907

0.9630
0.9611
0.9592
0.9573

1.0883
1.0343
1.0006
0.9617

1.0398
1.0174
1.0078
0.9989

1.0409
1.0215
1.0150
1.0137

0.9910
0.9975
0.9971
0.9935

0.9554
0.9567
0.9580
0.9593

0.9670
0.9775
0.9823
0.9705

1.0054
0.9964
0.9843
0.9897

1.0187
1.0003
0.9905
1.0006

0.9932
0.9607
0.9838
1.0089
1.0003
0.9662
0.9879
1.0014
0.9981
0.9718
0.9921
0.9901
0.9972
0.9774
0.9673
0.9972
0.9830
0.9968
0.9895
1.0139
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.




1998 Mar 02

Nonbank
travelers checks

09
16
23
30

1.0111
0.9946
0.9925
1.0014
1.0197

Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml (continued)

Currency
1998 Apr 06

13
20
27
1998 M a y 04

1
1
18
25
1998 Jun 01

08
15
22
29
1998 Jul 06

Nonbank
travelers checks

Demand
deposits

Other checkable deposits [1]
total
at banks

1.0025
1.0033
0.9997
0.9970

0.9844
0.9827
0.9810
0.9793

1.0116
1.0213
1.0060
0.9711

1.0177
1.0170
1.0394
1.0155

1.0105
1.0168
1.0353
1.0243

1.0000
1.0041
1.0010
1.0003

0.9798
0.9859
0.9920
0.9980

0.9847
0.9787
0.9851
0.9594

1.0108
0.9955
0.9874
0.9803

1.0077
0.9861
0.9828
0.9808

0.9972
1.0028
1.0010
0.9991
0.9979

1.0041
1.0138
1.0241
1.0344
1.0446

0.9969
1.0037
1.0097
0.9815
0.9939

0.9920
0.9960
0.9970
0.9954
1.0054

0.9985
0.9876
0.9896
0.9965
1.0072

1.0076
1.0004
1.0518
1.0334
1.0056
0.9876
1.0567
1.0155
1.0024
1.0616
0.9884
0.9941
1.0664
0.9995
0.9905
0.9690
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.




13
20
27

0.9899
0.9823
0.9860
0.9935

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

Currency
1998 Aug 03

10
17
24
31
1998 Sep 07

14
21
28
1998 Oct 05

12
19
26
1998 Nov 02

09
16
23
30

Nonbank
travelers checks

Demand
deposits

1.0013
1.0061
1.0021
0.9981
0.9977

1.0700
1.0664
1.0628
1.0591
1.0555

1.0040
1.0084
1.0147
0.9894
0.9859

1.0032
0.9880
0.9829
0.9848
1.0019

0.9972
0.9822
0.9811
0.9866
1.0001

1.0027
0.9992
0.9954
0.9926

1.0497
1.0430
1.0364
1.0297

1.0073
1.0155
0.9868
0.9774

0.9953
0.9914
0.9944
0.9957

0.9895
0.9884
0.9949
1.0008

0.9980
1.0019
0.9980
0.9953

1.0224
1.0142
1.0061
0.9979

1.0073
0.9968
1.0015
0.9771

1.0040
0.9880
0.9896
0.9841

0.9946
0.9784
0.9881
0.9913

0.9956
1.0029
1.0014
0.9994
1.0028

0.9897
0.9831
0.9765
0.9698
0.9632

1.0071
0.9993
1.0188
1.0034
1.0329

1.0046
0.9976
0.9932
0.9931
1.0062

1.0093
0.9892
0.9921
0.9972
1.0034

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 Ml (continued)
Other checkable deposits [1]
total
at banks

Currency

Nonbank
travelers checks

Demand
deposits

1.0052
1.0059
1.0105
1.0142

0.9617
0.9623
0.9629
0.9636

1.0137
1.0303
1.0441
1.0549

1.0045
0.9974
1.0082
1.0186

0.9934
0.9942
1.0140
1.0304

1.0084
1.0032
0.9987
0.9935

0.9635
0.9616
0.9598
0.9580

1.0789
1.0345
1.0088
0.9723

1.0337
1.0217
1.0126
1.0015

1.0393
1.0210
1.0155
1.0161

0.9913
0.9973
0.9977
0.9947

0.9562
0.9570
0.9584
0.9597

0.9741
0.9801
0.9804
0.9686

1.0039
1.0015
0.9869
0.9882

1.0213
1.0034
0.9917
0.9988

08
15
22
29

0.9937
0.9998
0.9987
0.9975
0.9969

0.9611
0.9659
0.9713
0.9768
0.9823

0.9824
0.9917
0.9936
0.9696
0.9818

1.0018
1.0021
0.9952
0.9976
1.0093

1.0094
0.9949
0.9934
1.0018
1.0185

1999 Apr 05

1.0013

0.9844

1.0065

1.0149

1.0118

1998 Dec 07

14
21
28
1999 Jan 04

1
1
18
25
1999 Feb 01

08
15
22
1999 Mar 01

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
Money market mutual funds
inM2
in M3 only

Savings and
MMDA deposits [1]

Small denom.
time deposits [1]

Large denom.
time deposits [1]

1997 Dec 01
08
15
22
29

0.9918
1.0121
1.0059
0.9937
0.9802

0.9983
0.9982
0.9974
0.9968
0.9969

1.0093
1.0085
1.0071
1.0010
0.9915

1.0022
1.0051
1.0096
1.0065
1.0005

1998 Jan 05
12
19
26

1.0032
1.0055
0.9989
0.9837

0.9988
0.9994
0.9995
0.9993

0.9816
0.9857
0.9855
0.9856

1998 Feb 02
09
16
23

0.9841
1.0018
1.0006
0.9899

0.9998
1.0004
1.0005
1.0004

0.9857
0.9907
0.9937
0.9945

1998 Mar 02
0.9929
0.9975
1.0006
09
1.0137
1.0007
0.9999
16
1.0124
1.0005
0.9987
1.0015
23
1.0003
0.9984
0.9930
30
1.0008
0.9938
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.




RPs

Eurodollars

1.0051
1.0048
1.0222
1.0085
1.0060

0.9865
0.9784
0.9795
0.9665
0.9622

1.0063
0.9990
1.0088
1.0110
1.0257

0.9884
1.0067
1.0099
1.0085

0.9653
1.0260
1.0384
1.0480

0.9648
0.9883
0.9996
1.0079

1.0156
1.0190
1.0253
1.0271

1.0065
1.0083
1.0069
1.0077

1.0223
1.0305
1.0319
1.0420

1.0106
1.0076
1.0046
0.9921

1.0177
1.0108
1.0141
1.0195

1.0099
1.0168
1.0181
1.0174
1.0131

1.0332
1.0330
1.0260
1.0238
1.0020

0.9887
0.9873
0.9950
1.0008
1.0016

1.0201
1.0100
1.0096
1.0137
1.0214

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]

1998 Apr 06
13
20
27

1.0184
1.0228
1.0034
0.9817

1.0016
1.0013
1.0012
1.0009

0.9903
0.9923
0.9920
0.9959

1.0175
1.0238
1.0154
0.9992

1998 May 04
11
18
25

0.9939
1.0027
1.0002
0.9974

1.0012
1.0012
1.0010
1.0009

0.9984
1.0024
1.0008
1.0039

1998 Jun 01
08
15
22
29

0.9966
1.0187
1.0106
0.9962
0.9861

1.0006
1.0009
1.0006
1.0002
1.0007

1.0051
1.0021
0.9996
0.9967
0.9937

1998 Jul 06
1.0105
1.0018
0.9925
13
1.0084
1.0014
0.9970
20
1.0003
1.0011
1.0007
27
0.9921
1.0005
1.0009
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

0.9971
1.0040
0.9910
0.9862

0.9972
0.9980
1.0013
1.0060

1.0096
0.9972
0.9947
1.0109

0.9842
0.9829
0.9832
0.9874

0.9767
0.9821
0.9838
0.9801

1.0097
1.0130
1.0149
1.0155

1.0096
1.0000
1.0031
1.0136

0.9852
0.9888
0.9902
0.9858
0.9816

0.9816
0.9857
0.9868
0.9792
0.9784

1.0232
1.0228
1.0249
1.0226
1.0109

1.0107
0.9953
0.9893
0.9857
0.9851

0.9853
0.9944
0.9962
0.9952

0.9861
0.9954
0.9911
0.9902

1.0076
0.9994
0.9984
1.0022

0.9762
0.9724
0.9739
0.9838

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]

1998 Aug 03
10
17
24
31

1.0003
1.0120
1.0067
0.9975
0.9931

1.0008
1.0007
1.0004
0.9999
0.9994

1.0005
0.9986
0.9982
1.0023
1.0017

0.9912
0.9999
1.0055
1.0077
1.0054

1998 Sep 07
14
21
28

1.0141
1.0102
0.9918
0.9773

0.9995
0.9993
0.9990
0.9991

1.0017
1.0050
1.0054
1.0047

1998 Oct 05
12
19
26

1.0007
1.0072
0.9992
0.9843

1.0009
1.0010
0.9997
0.9990

1.0105
1.0179
1.0144
1.0168

1998 Nov 02
0.9900
0.9989
1.0153
09
1.0096
0.9989
1.0140
16
1.0049
0.9988
1.0112
23
0.9918
0.9986
1.0103
30
0.9938
0.9986
1.0099
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

0.9743
0.9915
0.9955
1.0069
0.9946

1.0000
1.0059
1.0067
0.9986
0.9970

0.9893
0.9837
0.9831
0.9886
0.9978

1.0023
1.0019
0.9952
0.9895

0.9874
0.9963
0.9897
0.9753

0.9911
0.9897
0.9929
0.9963

0.9854
0.9832
0.9875
0.9991

0.9869
0.9948
0.9954
0.9953

0.9754
0.9909
0.9933
0.9894

0.9968
1.0040
1.0129
1.0180

0.9920
0.9914
0.9839
0.9911

0.9942
0.9948
0.9967
1.0044
1.0008

0.9931
0.9929
0.9966
1.0030
0.9995

1.0125
1.0043
0.9969
0.9894
0.9833

0.9918
0.9820
0.9829
0.9891
1.0027

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]

1998 Dec 07
14
21
28

1.0128
1.0037
0.9924
0.9818

0.9984
0.9978
0.9972
0.9973

1.0083
1.0078
1.0019
0.9936

1.0079
1.0088
1.0055
1.0007

1999 Jan 04
11
18
25

1.0012
1.0066
1.0008
0.9877

0.9986
0.9996
0.9997
0.9996

0.9825
0.9858
0.9857
0.9847

1999 Feb 01
08
15
22

0.9845
1.0010
1.0016
0.9910

0.9999
1.0005
1.0005
1.0003

1999 Mar 01
08
15
22
29

0.9920
1.0118
1.0099
1.0009
0.9963

1.0002
1.0007
1.0005
0.9998
0.9999

RPs

Eurodollars

1.0072
1.0289
1.0080
1.0029

0.9793
0.9760
0.9675
0.9647

1.0081
1.0112
1,0122
1.0204

0.9909
1.0043
1.0093
1.0074

0.9744
1.0144
1.0363
1.0425

0.9725
0.9891
0.9963
1.0020

1.0192
1.0194
1.0232
1.0249

0.9849
0.9894
0.9929
0.9946

1.0053
1.0076
1.0073
1.0077

1.0254
1.0321
1.0340
1.0412

1.0077
1.0050
1.0056
0.9953

1.0171
1.0091
1.0146
1.0194

0.9966
0.9993
0.9991
0.9983
0.9946

1.0101
1.0148
1.0176
1.0188
1.0171

1.0324
1.0340
1.0293
1.0271
1.0036

0.9924
0.9915
0.9970
0.9993
1.0000

1.0246
1.0127
1.0141
1.0151
1.0214

1.0113

0.9994

0.9915

1.0076

1.0189
1999 Apr 05
1.0002
0.9897
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

-14.1
-0.7
1.7

-14.3
-0.2
1.1

0.2
-0.5
0.6

-0.4
0.3
0.5

0.6
-0.8
0.1

-2.2
-2.2
-4.2
-7.5
-4.5
1.2
0.2
6.2
-8.5
-1.8
8.2
7.6

-1.6
1.1
-5.9
-11.3
-2.8
0.3
-1.2
8.1
-9.5
-2.5
9.4
7.8

-0.6
-3.3
1.7
3.8
-1.7
0.9
1.4
-1.9
1.0
0.7
-1.2
-0.2

-1.1
-1.9
1.7
1.4
0.4
0.1
0.5
-0.1
0.1
0.0
-0.1
-0.2

0.5
-1.4
0.0
2.4
-2.1
0.8
0.9
-1.8
0.9
0.7
-1.1
0.0

96Q4

-7.2

-7.3

0.1

0.2

-0.1

97Q1
97Q2
97Q3
97Q4

-1.4
-4.5
0.3
0.9

-0.7
-5.5
0.1
0.9

-0.7
1.0
0.2
0.0

-0.5
0.7
0.2
0.0

-0.2
0.3
0.0
0.0

-3.0
0.6

-3.1
0.5

0.1
0.1

0.2
0.1

-0.1
0.0

-4.5
-1.2

-4.6
-1.3

0.1
0.1

0.2
0.1

-0.1
0.0

1996
October
November
December
1997
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
96Q4
97Q2

97Q2
97Q4

Annual (Q4 to Q4)




1996
1997

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

Revised

Old

Difference

Difference due to
Seasonals
Benchmark

1996
3.6
5.9
6.8

3.3
6.3
7.0

0.3
-0.4
-0.2

0.0
0.0
0.0

0.3
-0.4
-0.2

4.6
3.9
4.9
6.5
0.8
4.8
4.2
9.5
6.3
5.8
7.3
6.8

4.7
4.9
5.0
5.9
-0.2
4.8
3.5
10.8
6.1
5.5
7.7
7.3

-0.1
-1.0
-0.1
0.6
1.0
0.0
0.7
-1.3
0.2
0.3
-0.4
-0.5

-0.3
-1.0
0.5
0.3
0.0
0.1
-0.1
0.0
0.0
-0.1
0.2
-0.2

0.2
0.0
-0.6
0.3
1.0
-0.1
0.8
-1.3
0.2
0.4
-0.6
-0.3

96Q4

4.5

4.4

0.1

0.2

-0.1

97Q1
97Q2
97Q3
97Q4

5.1
4.4
5.4
6.8

5.5
4.1
5.3
6.9

-0.4
0.3
0.1
-0.1

-0.3
0.1
0.0
0.0

-0.1
0.2
0.1
-0.1

4.8
6.2

4.9
6.2

-0.1
0.0

-0.1
0.0

0.0
0.0

4.6
5.6

4.4
5.6

0.2
0.0

0.2
-0.1

0.0
0.1

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

Semi-Annual
96Q4
97Q2

97Q2
97Q4

Annual (Q4 to Q4)
1996
1997




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

Revised

Old

Difference

8.7
6.7
10.1

8.4
6.8
10.6

0.3
-0.1
-0.5

-0.2
0.0
0.1

0.5
-0.1
-0.6

6.2
8.9
8.2
10.3
3.8
5.4
9.4
10.5
8.7
8.5
11.3
10.4

5.7
10.0
8.5
9.7
1.5
4.7
9.8
11.2
8.9
8.1
11.6
11.5

0.5
-1.1
-0.3
0.6
2.3
0.7
-0.4
-0.7
-0.2
0.4
-0.3
-1.1

0.0
-0.2
0.6
0.6
0.5
0.2
-0.4
0.1
0.0
-0.4
0.0
-0.2

0.5
-0.9
-0.9
0.0
1.8
0.5
0.0
-0.8
-0.2
0.8
-0.3
-0.9

96Q4

7.7

7.6

0.1

0.1

0.0

97Q1
97Q2
97Q3
97Q4

8.0
7.7
8.1
9.7

8.2
7.1
8.0
9.9

-0.2
0.6
0.1
-0.2

0.0
0.4
-0.1
-0.2

-0.2
0.2
0.2
0.0

7.9
9.0

7.7
9.0

0.2
0.0

0.3
-0.1

-0.1
0.1

6.9
8.6

6.6
8.6

0.3
0.0

0.2
0.1

0.1
-0.1

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

Semi-Annual
96Q4
97Q2

97Q2
97Q4

Annual (Q4 to Q4)




1996
1997