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FEDERAL RESERVE statistical release H.6 (508) For release at 4:30 PM EST February 6, 1997 MONEY STOCK REVISIONS Measures of the money stock have been revised to incorporate the results of the annual benchmark and seasonal factor review. This release includes revised monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates with previously published data. The revisions had no effect on the annual growth rate of M2 over 1996, but they raised the annual growth rates of Ml and M3 by 0.1 and 0.3 percentage points, respectively, 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 minor revisions to estimates of IRA and Keogh accounts at banks and thrifts, using call reports starting in the mid-1980s. The benchmark also incorporates historical data for a number of money market mutual funds that began reporting for the first time during 1996. Finally, some money market mutual funds have been reclassified from the retail category into the institutional category. These revisions to the money fund data generally lowered the level of M2 slightly, but they raised the level of M3 by amounts that cumulate to $23 billion by late 1996. Seasonal factors for the monetary aggregates have been revised, using the benchmarked data through December 1996. As in the past few years, the X-ll ARIMA procedure was used to derive monthly seasonal factors. Overall, the revisions to seasonal factors slightly shifted the growth of Ml, M2, and M3 from the first half to the second half of 1996. -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) 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. 'q£C£i^ FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Forroteaseat430p.m. Eastern Tme Billions of dollars Date February6,1997 M11 M22 M33 DEBT5 Seasonally adjusted 1995-Jan. Fab. Mar. Apr. May Juna July Aug. Sep. Oct. Nov. Dae. 1150.3 1148.4 1147.1 1150.4 1145.1 1142.7 1145.0 1144.0 1141.6 1135.7 1133.1 1129.0 3506.3 3506.1 3506.7 3519.1 3534.9 3562.9 3583.1 3604.4 3620.1 3629.8 3639.3 3655.0 4349.7 4357.7 4371.1 4397.5 4427.6 4463.9 4495.2 4527.1 4550.7 4567.1 4580.8 4594.8 5337.1 5366.4 5397.3 5434.5 5463.6 5500.5 5553.2 5593.4 5642.9 5670.8 5679.4 5704.2 13201.7 13277.3 13345.2 13405.5 13482.6 13560.6 13613.9 13654.2 13704.4 13764.1 13820.7 13866.9 1996-Jan. Fab. Mar. Apr. May Juna July Aug. Sap. Oct. Nov. Dae. 1122.2 1119.8 1126.2 1123.5 1117.1 1115.5 1108.8 1099.8 1093.2 1080.1 1080.0 1081.0 3669.9 3685.0 3713.9 3724.5 3725.6 3741.9 3750.0 3762.8 3775.4 3787.8 3809.2 3832.8 4622.2 4654.9 4691.4 4707.8 4729.7 4751.4 4769.3 4790.4 4822.3 4859.6 4890.2 4936.4 5722.2 5737.5 5791.1 5826.1 5832.4 5863.5 5886.4 5920.4 5964.7 5987.6 6031.3 p 13919.2 13993.0 14067.4 14132.2 14187.4 14245.4 14317.3 14374.6 14420.7 14481.7 14551.2 Not seasonally adjusted 1995-Jan. Fab. Mar. Apr. May Juna July Aug. Sap. Oct. Nov. Dae. 1159.3 1135.1 1139.1 1160.1 1133.8 1140.8 1145.6 1139.3 1138.5 1132.9 1138.7 1152.8 3510.2 3489.7 3506.6 3536.9 3520.9 3560.8 3586.6 3603.6 3613.5 3621.5 3643.2 3675.3 4355.2 4343.9 4371.2 4408.7 4413.7 4462.0 4493.2 4526.1 4541.1 4563.6 4589.7 4614.3 5350.8 5359.7 5407.1 5445.8 5445.2 5493.0 5546.7 5589.5 5623.6 5656.9 5688.7 5732.2 13181.5 13235.1 13305.4 13359.3 13432.4 13516.8 13561.6 13607.2 13669.6 13730.4 13805.4 13867.4 1996-Jan. Fab. Mar. Apr. May Juna July Aug. Sap. Oct. Nov. Dae. 1130.1 1105.6 1117.7 1131.2 1105.2 1114.2 1109.7 1096.4 1090.1 1076.7 1085.2 1103.0 3673.3 3668.6 3715.6 3741.5 3709.2 3739.5 3754.0 3764.2 3768.2 3777.5 3812.0 3851.3 4628.6 4643.1 4693.9 4717.2 4713.5 4748.6 4767.3 4790.9 4811.1 4855.4 4898.3 4953.3 5737.3 5733.6 5804.6 5836.3 5812.1 5854.6 5879.5 5918.0 5943.3 5973.8 6039.6 p 13900.5 13955.9 14037.8 14095.8 14141.9 14201.2 14260.8 14323.4 14383.3 14445.8 14533.3 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 M1 M2 M3 DEBT1 3 Months from S « p . 1996 TO D«c. 1996 -4.5 6.1 9.5 4.9 6 Months from June 1996 TO Dae. 1996 -6.2 4.9 7.8 5.1 12 Months from D«c. 1995 TO D e c . 1996 -4.3 4.9 7.4 5.3 Thirteen weeks ending January 27 1997 from thirtssn wssks ending: Oct. 28, 1996 (13 weeks previous) -4.1 5.8 8.8 July 29, 1996 (26 weeks previous) -6.0 4.9 7.5 Jan. 29, 1996 (52 weeks previous) -4.2 4.8 7.2 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1996 to November 1996, May 1996 to November 1996, and November 1995 to November 1996, 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 oy 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 mutual 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 Period endi"9 M3 M2 Ml 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1996-Nov. 4 11 18 25 1C8S.7 1087.7 1086.4 1084.8 1080.4 1080.8 1080.4 1078.8 1C23.5 1074.3 1078.4 1079.0 £777 . 3 3780.8 3784.5 3787.7 3791.5 3798.0 3803.3 3806.3 3802.2 3805.6 3809.1 3808.3 4826.9 4836.0 4843.9 4851.3 4866.5 4872.9 4879.0 4885.5 4877.4 4879.5 4891.6 4893.5 Doc. 2 9 16 23 30 1084.1 1082.7 1081.5 1080.8 1080.0 1080.3 1080.9 1080.4 1080.6 1079.5 1089.5 1076.5 1076.5 1080.0 1084.8 3792.0 3795.9 3799.9 3804.8 3809.3 3811.6 3817.6 3822.7 3829.3 3832.4 3823.3 3829.6 3829.4 3834.8 3835.6 4859.9 4869.1 4877.9 4886.3 4894.6 4893.9 4906.0 4917.1 4928.6 4936.8 4910.8 4928.1 4936.0 4939.6 4943.6 6 13 20p 27p 1080.2 1080.4 1080.5 1080.4 1080.9 1080.5 1080.9 1080.7 1082.1 1075.1 1081.5 1084.1 3814.5 3819.2 3824.4 3829.2 3836.8 3839.4 3844.8 3850.3 3847.4 3839.8 3856.2 3857.8 4903.5 4911.5 4919.3 4927.9 4944.1 4949.5 4956.9 4965.7 4957.1 4957.5 4969.4 4978*9 1997-Jan. Not seasonally adjusted 1996-Nov. 4 11 18 25 1086.3 1084.5 1083.9 1083.4 1076.7 1077.3 1080.2 1082.7 1087.8 1080.2 1088.7 1073.9 3771.5 3774.4 3778.3 3782.1 3781.7 3787.9 3797.2 3806.0 3798.9 3812.1 3816.9 3796.2 4824.0 4831.1 4839.6 4847.9 4863.4 4870.1 4879.9 4890.9 4880.4 4892.5 4902.8 4887.9 D«c. 2 9 16 23 30 1084.1 1082.7 1082.6 1085.0 1087.7 1085.9 1089.2 1090.9 1098.7 1101.3 1100.7 1093.6 1095.5 1104.8 1111.3 3787.4 3791.4 3796.5 3804.7 3813.0 3813.3 3823.4 3832.0 3846.1 3850.9 3827.8 3852.5 3851.6 3852.3 3847.3 4857.8 4867.4 4877.7 4889.5 4901.7 4900.5 4914.7 4929.2 4945.6 4954.1 4918.9 4949.3 4960.7 4953.6 4952.9 6 13 20p 27p 1090.7 1091.8 1092.1 1092.1 1108.8 1108.0 1102.1 1090.3 1123.5 1092.3 1081.3 1063.9 3820.6 3827.0 3832.6 3836.9 3858.8 3863.6 3863.8 3856.0 3884.1 3870.8 3852.8 3816.4 4911.4 4921.1 4929.6 4937.9 4960.8 4968.6 4973.7 4973.6 4976.1 4991.8 4974.1 4952.3 1997-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 1. 2. 3. 4. 5. 6. 7. e Travelers checks2 Demand deposits3 Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2* In M3 only7 1995-Aug. Sep. 368.4 369.3 8.9 8.9 388.0 389.0 273.3 267.9 105.3 106.5 378, 374, 2460.4 2478.5 922.7 930.6 Oct. Nov. Dec. 370.5 371.2 372.6 8.8 8.9 8.9 390.0 389.7 391.1 260.0 256.7 248.5 106.4 106.7 108.0 366, 363, 356, 2494.1 2506.2 2526.0 937.3 941.5 939.8 1996-Jan. Feb. Mar. 373.0 373.4 375.4 8.9 8.9 8.9 394, 397, 404, 238.4 231.9 227.1 107.5 108.4 110.2 345.9 340.3 337.3 2547.7 2565.2 2587.8 952.3 969.9 977.5 Apr. May June 376.4 377.7 379.9 8.8 8.7 8.7 404, 407, 410, 226.3 215.6 208.7 107.6 107.9 107.7 333.9 323.5 316.4 2600, 2608, 2626, 983.3 1004.2 1009.4 July Aug. Sep. 382.8 385.2 387.6 8.6 8.4 8.5 408.7 405.8 404.9 202.9 195.2 187.9 105.8 105.2 104.3 308.7 300.4 292.2 2641, 2663, 2682, 1019. 1027, 1046. Oct. Nov. Dec. 390, 392, 395, 8.6 8.6 8.6 398.2 402.1 402.6 179.0 172.8 171.6 104.2 104.1 103.1 283.1 276.8 274.8 2707.6 2729.2 2751.8 1071.9 1081.0 1103.6 405.4 402.3 402.6 402.7 401.3 173.8 167.4 167.0 173.0 176.6 104.8 103.8 102.4 102.3 102.9 278.6 271.2 269.3 275.4 279.5 2733.8 2753.1 2752.9 2754.8 2750.8 1087.5 1098.5 1106.5 1104.8 1108.0 401.5 398.1 404.4 405.4 173.1 172.0 169.0 171.4 102.7 100.6 102.5 100.7 275.8 272.6 271.5 272.1 2765.3 2764.8 2774.7 2773.7 1109.7 1117.6 1113.2 1121.0 1996-Dec. 2 9 16 23 30 396.9 394.5 396.0 393.4 395.3 8.7 8.6 8.6 8.6 8.6 1997-Jan. 6 13 20p 27p 396.2 395.8 397.1 398.1 8.5 8.6 8.6 8.6 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 Retail money funds Institutional money funds Large-denomination time deposits3 At commercial banks At thrift institutions 1103, 1112, 569.8 571.1 351.5 353.1 921.3 924.3 435.5 442.2 235.9 239.5 326.0 330.0 73.7 74.0 399.6 404.0 363.9 361.8 361.1 1120.6 1124.2 1137.1 572.1 574.6 576.0 354.7 356.1 357.7 926.9 930.7 933.7 446.7 451.2 455.2 242.6 244.7 246.9 337.0 342.9 344.7 74.4 74.8 75.1 411.4 417.7 419.8 794.5 804.9 819.7 359.3 360.2 360.5 1153.8 1165.1 1180.2 579.4 579.4 578.2 354.9 354.7 352.6 934. 934. 930.8 459.6 466.0 476.8 250.1 259.7 263.7 344.5 349.7 356.8 76.4 76.5 75.8 420.9 426.3 432.5 Apr. May June 825.5 829.3 837.4 364.6 366.3 366.7 1190.1 1195.6 1204.1 577.5 577.0 578.0 352.0 351.5 350.8 929.5 928.4 928.8 481.4 484.5 493.6 263.4 263.6 269.7 359.4 367.1 373.3 76.0 75.4 75.6 435.4 442.5 448.9 July Aug. Sep. 844.2 857.1 865.7 366.8 365.6 365.8 1211, 1222, 1231, 580.4 582.9 585.5 350, 351, 352, 930.5 934.2 937.5 499.6 506.1 513.2 274.0 278.8 285.2 378.7 382.1 388.4 76.5 77.2 78.4 455.2 459.3 466.9 Oct. Nov. Dec. 879.2 892.4 903.6 367.0 366.3 367.0 1246, 1258, 1270, 587.5 590.1 592.1 353. 353, 352, 940.9 943.4 944.6 520.5 527.1 536.6 288.1 292.0 299.3 402.8 408.4 420.4 78.8 79.4 79.3 481.6 487.8 499.7 At commercial banks At thrift institutions 1995-Aug. Sep. 740.6 748.6 363.0 363.4 Oct. Nov. Dec. 756.6 762.4 776.0 1996-Jan. Fob. Mar. Total Total At commercial banks4 — S t — thrift institutions Total Weofr «n<Unq 1. 2. 3. 4. p 1996-Dec. 2 9 16 23 30 896.2 906.7 905.6 903.7 900.2 366.6 367.1 367.4 367.2 366.6 1262.9 1273.8 1273.0 1270.9 1266.8 592.1 592.3 592.5 592.2 591.5 352.4 352.4 352.4 352.5 352.6 944.5 944.7 944.9 944.8 944.1 526.4 534.5 535.0 539.1 539.9 293.8 299.5 304.3 297.1 297.4 413.2 415.6 418.6 422.2 426.6 79.4 79.4 79.1 79.0 79.4 492.6 495.0 497.7 501.2 506.1 1997-Jan. 6 13 20p 27p 912.6 910.7 919.5 915.7 366.4 366.9 369.4 371.6 1279.0 1277.6 1288.8 1287.3 591.8 592.0 591.6 592.5 352.3 352.2 352.9 353.2 944.1 944.2 944.5 945.6 542.3 543.0 541.4 540.8 301.3 300.5 292.4 295.5 424.8 429.9 430.3 430.9 80.4 81.0 81.3 81.7 505.2 510.9 511.7 512.7 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 Debt components6 Non-M3 Components of L Eurodollars2 RPs1 Date "5F?ort-term Bankers acceptances4 153.5 437.1 TCTT- TTJ73 Treasury 3 Tr secunties Savings bonds 1995-Aug. Sap. 192, 94, 183.9 456.8 12.8 Oct. Nov. Dec. 190, 187, 182, 92. 91, 91, 184.2 184.5 184.8 465.6 464.4 475.5 1996-Jan. Feb. Mar. 187.1 188.6 187.3 94.2 95.4 94.0 185.0 185.0 185.2 Apr. Nay June 188.0 201.3 193.3 96.5 96.9 97.7 July Aug. Sep. 192.3 191.2 193.7 Oct. Nov. Dec. W««k © n d i n o 1996-Dec. 1997-Jan. Commercial paper5 Federal debt Non-Federal debt 438.6 3 <5i3.3 10040.4 3616.5 10087.9 13.4 12.6 12.0 440.5 437.1 437.1 3626.5 3635.9 3638.8 10137.6 10184.8 10228.1 466. 445. 459. 11.8 10.3 9.8 437.2 442.3 445.1 3639.6 3658.0 3685.1 10279.6 10335.0 10382.3 185.6 186.0 186.4 461. 432. 443. 10.3 10.8 11.4 461. 473, 470, 3698.0 3704.3 3710.7 10434.2 10483.2 10534.7 97.8 98. 101, 186.8 187.2 187.3 445.8 452.9 461.1 11.4 11.3 11.5 473, 478. 482. 3729.4 3743.4 3746.4 10587.9 10631.3 10674.3 195.8 195.6 195.0 106. 105, 109. 187.3 187.1 449, 6 460, 3 P 11.6 11.9 479.5 481.9 2 9 16 23 30 194.3 194.0 194.8 196.7 194.9 106.7 110.0 109.7 109.8 109.7 6 13 20p 27p 193.9 195.9 196.0 197.7 109.3 110.3 113.3 115.2 p p 3758.2 3771.4 p 10723.5 10779.8 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 p Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency cy1 Date Travelers checks 2 Demand deposits 3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 e Total In M3 only7 1995-Aug. Sap. 369.0 369.2 9.5 9.3 386.1 387.8 270.0 266.1 104.7 106.2 374.7 372.2 2464.2 2474.9 922.5 927.7 Oct. Dec. 369.9 371.6 376.2 8.9 8.7 8.5 390.9 395.6 407.3 257.0 255.6 251.6 106.2 107.1 109.2 363.2 362.7 360.8 2488.6 2504.5 2522.6 942.0 946.5 939.0 1996-Jan. Feb. Mar. 371.7 370.9 374.3 8.5 8.5 8.6 398.6 387.9 397.1 244.0 232.2 228.0 107.3 106.2 109.8 351.3 338.4 337.8 2543.2 2562.9 2597.9 955.3 974.5 978.3 Apr. May Juna 375.8 377.5 380.4 8.6 8.6 8.9 405.3 398.7 409.2 231.3 213.1 207.6 110.1 107.3 108.0 341.5 320.4 315.6 2610.3 2604.0 2625.4 975.7 1004.3 1009.1 July Aug. Sap. 383.7 385.8 386.8 9.1 9.0 8.8 410.3 404.2 403.9 200.8 192.8 186.7 105.8 104.5 103.9 306.6 297.3 290.6 2644.3 2667.8 2678.1 1013.4 1026.7 1042.9 Oct. 388.9 392.8 397.9 8.6 8.4 8.3 398.6 407.6 418.9 176.9 172.0 173.7 103.7 104.3 104.3 280.6 276.3 278.0 2700.8 2726.9 2748.3 1077.9 1086.2 1102.1 NOT. MOT. Dae. Wtth fading 1. 2. 3. 4. 5. 6. 7. 1996-Dec. 2 9 16 23 30 394.6 396.0 396.5 399.9 399.9 8.3 8.3 8.3 8.3 8.2 418.4 413.1 417.9 418.6 421.4 173.7 169.7 169.2 175.4 178.7 105.6 106.5 103.6 102.6 103.1 279.3 276.2 272.8 278.1 281.8 2727.0 2758.9 2756.2 2747.4 2736.0 1091.2 1096.8 1109.1 1101.4 1105.6 1997-Jan. 6 13 20p 27p 398.1 396.0 395.5 394.0 8.2 8.2 a 8.2 a 8.2 a 430.9 410.2 402.9 390.7 179.2 175.5 172.8 173.5 107.1 102.3 101.7 97.5 286.3 277.8 274.6 271.0 2760.6 2778.5 2771.5 2752.5 1092.0 1120.9 1121.3 1135.9 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 N O W and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of N O W 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. 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 Small-denomination time deposits 2 Savings deposits1 commercial banks St thrift institutions Total Retail money funds 1107.0 1113.2 570.0 570.7 351.6 352.9 921.7 923.6 435.6 438.1 363.9 362.7 360.8 1120.3 1126.9 1136.1 571.7 573.2 573.8 354.4 355.2 356.3 926.1 928.4 930.1 790.2 799.8 820.0 357.4 357.9 360.6 1147.6 1157.8 1180.7 578.6 579.6 579.6 354.4 354.9 353.4 Apr. May Juna 826.7 828.0 839.8 365.1 365.7 367.7 1191.7 1193.7 1207.6 579.1 578.0 578.4 July Aug. Sap. 847.0 860.0 866.6 368.1 366.8 366.2 1215.1 1226.8 1232.8 Oct. 878.8 894.2 902.5 366.9 367.0 366.6 At commercial banks At thrift institutions 1995-Aug. Sap. 742.9 749.4 364.1 363.8 Oct. Nov. Dae. 756.4 764.2 775.3 1996-Jan. Fab. Mar. Date NOT. Dae. 1. 2. 3. 4. p Institutional money funds Large-denomination time deposits3 commercial banks 4 At thrift institutions Total 235.5 235.6 325.8 330.0 73.6 74.1 399.4 404.1 442.2 449.2 456.3 239.7 245.6 248.2 340.4 346.5 345.7 75.1 75.6 75.4 415.5 422.1 421.1 933.0 934.5 933.0 462.7 470.6 484.2 257.3 267.7 267.1 341.5 348.3 355.7 75.7 76.2 75.6 417.2 424.4 431.2 353.0 352.1 351.1 932.1 930.2 929.5 486.5 480.1 488.3 261.4 260.1 264.6 356.2 369.2 373.7 75.3 75.8 75.7 431.6 445.0 449.4 581.0 583.0 584.8 350.6 351.3 351.7 931.6 934.3 936.4 497.6 506.8 508.9 271.2 278.1 280.4 376.6 381.4 388.1 76.1 77.1 78.3 452.7 458.5 466.4 1245.6 1261.3 1269.1 586.8 588.6 589.9 353.1 352.4 351.2 939.9 941.0 941.1 515.3 524.6 538.1 284.7 292.6 300.5 407.4 413.1 421.9 79.7 80.4 79.6 487.1 493.4 501.5 Total 1996-Dac. 2 9 16 23 30 893.5 911.0 907.3 899.5 893.6 365.5 368.9 368.2 365.5 364.0 1259.1 1279.9 1275.5 1265.0 1257.6 590.4 590.4 590.1 589.6 589.2 351.3 351.3 351.0 351.0 351.2 941.7 941.7 941.2 940.6 940.4 526.3 537.2 539.5 541.9 537.9 296.1 300.0 308.7 297.9 298.3 416.5 418.5 420.9 423.2 426.4 80.1 79.9 79.6 79.2 79.4 496.6 498.4 500.5 502.4 505.8 1997-Jan. 6 13 20p 27p 916.3 917.2 912.7 896.0 367.9 369.5 366.6 363.7 1284.2 1286.7 1279.3 1259.7 590.8 591.2 590.9 591.6 351.7 351.8 352.4 352.7 942.5 943.0 943.3 944.3 533.9 548.8 548.9 548.5 288.1 307.8 305.8 314.7 422.6 426.4 426.2 426.5 80.0 80.4 80.6 80.9 502.7 506.8 506.7 507.4 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 thrift institutions Eurodollars2 Savings bonds Total Short-term Treasury secunties 3 Bankers acceptances 4 Commercial paper6 Federal debt Non-Federal debt 1995-Aug. Sap. 147.4 146.4 47.2 47.9 194.6 194.3 93.0 93.7 183.0 183.3 439.8 447.2 11.9 12.6 428.7 439.4 3602.2 3606.8 10005.0 10062.8 Oct. Nov. Dae. 146.2 140.3 132.6 47.0 46.3 45.4 193.2 186.6 178.0 93.7 92.1 91.8 183.8 184.3 184.8 450.1 462.0 482.9 13.2 12.5 12.1 446.2 440.1 438.1 3610.1 3635.9 3645.9 10120.3 10169.4 10221.4 1996-Jan. Fab. Har. 140.3 140.6 139.4 45.0 45.3 45.6 185.3 185.9 185.0 95.4 96.5 95.0 185.1 185.4 185.7 470.0 451.8 470.7 12.3 10.6 10.0 441.3 442.7 444.3 3634.4 3655.5 3698.1 10266.1 10300.4 10339.7 Apr. May Juna 139.1 152.5 147.2 47.9 50.8 51.0 187.0 203.3 198.2 95.8 95.9 96.9 186.1 186.3 186.4 461.4 430.1 441.1 10.5 10.8 11.5 461.1 471.4 467.0 3699.5 3692.1 3698.1 10396.3 10449.8 10503.1 m At commercial banks Debt components 6 Non-M3 Components of L 142.7 143.0 146.5 50.4 49.6 49.2 193.1 192.7 195.8 96.4 97.5 100.4 186.6 186.7 186.7 446.9 456.0 451.1 10.9 10.8 11.3 467.8 473.6 483.1 3708.3 3730.9 3736.1 10552.5 10592.5 10647.3 Oct. Nov. Dae. 150.1 146.1 142.7 48.7 48.3 47.0 198.8 194.4 189.7 107.3 105.8 110.4 186.8 186.9 2 9 16 23 30 142.9 141.3 142.9 144.0 142.3 48.4 47.8 47.1 46.7 46.3 191.2 189.1 190.1 190.7 188.6 107.2 109.3 109.8 110.3 112.8 6 13 20p 27p 144.0 148.4 148.7 151.4 45.8 45.6 45.3 45.6 189.8 194.0 194.0 197.0 111.4 112.4 114.8 116.9 Waak a n d 1 n o 1996-Dac. 1997-Jan. p 434.1 457.4 p 11.4 11.8 p 486.1 485.2 p 3740.9 3771.4 p 10705.0 10762.0 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 1. 2. p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to At commercial banks At thrift institutions 21.7 30.6 2.9 2.8 149.9 150.5 14.6 19.8 16.5 27.1 2.8 1.6 1.1 6.2 5.0 5.7 15.9 13.2 10.8 26.5 21.2 20.6 5.8 2.8 4.8 7.2 5.7 6.1 11.6 10.1 14.5 13.2 13.6 14.1 2.9 2.7 4.6 5.3 5.1 6.2 1.4 1.4 1.4 14.3 14.3 14.3 3.0 3.3 4.3 8.6 8.6 8.6 8.6 8.6 1.4 1.4 1.4 1.4 1.4 14.3 14.3 14.3 14.3 14.3 8.6 8.6 8.6 8.6 1.4 1.4 1.4 1.4 14.3 14.3 14.3 14.3 13.9 12.7 2.8 5.9 5.3 6.8 13.6 17.8 1.5 1.6 1.5 12.2 12.4 12.5 3.1 2.9 5.9 5.3 5.4 6.5 11.4 8.4 8.2 8.0 1.5 1.5 1.4 13.0 13.5 14.0 4.3 3.0 4.0 June 7.8 8.3 8.9 1.4 1.5 1.5 14.0 13.5 13.0 July Aug. Sep. 9.1 7.9 8.5 1.6 1.5 1.4 Oct. Nov. Dae. 8.6 8.6 8.6 2 9 16 23 30 6 13 20p 27p Foreign official institutions 1995-Aug. Sap. 7.6 7.6 1.5 1.6 Oct. Nov. Dae. 8.4 8.3 8.4 1996-Jan. Feb. Mar. Apr. May 1996-Dac. 1997-Jan. estimated preliminary IRA and Keoghi Accounts Time and savings deposits at commercial banks Balance at Federal Reserve Foreign commercial banks U.S. government deposits Demand deposits at commercial banks Date e p Time and savings deposits due to foreign banks and official institutions Note balances at depository institutions At money market funds Total 111.2 a 74.4 74.1 335.5 a 335.8 a 150.9 150.7 150.5 111.0 a 110.5 a 110.1 a 74.3 74.9 75.5 336.1 a 336.1 a 336.1 a 1.2 1.3 1.2 150.7 150.8 151.0 109.8 a 109.6 a 109.5 a 76.6 78.0 79.6 337.1 a 338.4 a 340.0 a 24.6 18.7 25.4 3.2 4.5 4.4 151.2 151.3 151.6 109.3 a 109.0 a 108.8 a 79.5 78.1 76.5 340.0 a 338.4 a 336.9 a 17.4 12.2 20.5 25.7 20.1 31.3 4.6 4.6 4.6 151.9 151.7 151.3 108.6 a 108.5 a 108.4 a 76.6 a 76.7 a 76.7 a 337.1 a 336.9 a 336.5 a 5.0 5.0 5.7 11.0 11.6 11.9 19.0 19.9 21.9 4.6 4.6 4.6 151.2 151.2 151.2 108.4 a 108.4 a 108.4 a 76.8 a 76.9 a 77.0 a 336.4 a 336.5 a 336.6 a 3.5 2.6 6.7 3.9 3.8 4.8 4.6 5.7 6.7 6.0 18.7 16.8 20.6 27.0 10.2 17.1 27.4 30.3 4.6 4.6 4.6 4.6 4.6 5.4 3.2 5.3 3.9 5.2 5.1 6.7 6.8 17.5 11.2 14.9 32.3 28.1 19.4 26.9 43.1 4.6 4.6 4.6 4.6 8.2 2.9 4.7 Total cash balance ni.i a H.6(508) Special Supplementary Table Monthly Survey of Selected Deposits * November 30,1996 and December 31,1996 (not seasonally adjusted) Insured Commercial Banks Amount Outstanding ($mil.) Average Rate Paid (%) Change (b.p.) Liability Categories Nov. 30 Dec, 31 Change (percent) Interest-bearing time deposits with balances of less than $100,000 with original maturities of: 7 to 91 days 92 to 182 days 183 days to 1 year lto2-V2year 2- 7 2 years and over 32,044 92,503 201,281 214,405 198,539 32,864 92,082 201,573 212,950 199,029 2.56 -0.46 0.15 -0.68 0.25 4.08 4.60 4.99 523 5.48 4.03 4.63 5.01 522 5.46 -5 3 2 -1 -2 All JRA/Keogh Plan deposits2 151,389 151,158 -0.15 N.A. N.A. N.A. Nov. 30 Dec. 31 BIF-insured Savings Banks 3 Amount Outstanding ($mil.) Average Rate Paid (%) Nov. 30 Dec. 31 Change (percent) Nov. 30 Dec. 31 Interest-bearing time deposits with balances of less than 3100,000 with original maturies of: 7 to 91 days 92 to 182 days 183 days to 1 year 1 to 2-V2 year 2-V2 years and over 2,405 13,074 29,329 28,573 21,823 2,427 13,008 28,801 29,098 22,253 0.88 -0.50 -1.80 1.84 1.97 4.67 5.03 529 5.56 5.76 4.66 5.02 5.28 5.53 5.72 -1 -1 -1 -3 -4 All IRA/Keogh Plan deposits2 20,627 20,469 -0.77 N.A. N.A. N.A. Liability Categories Change (b.p.) N.A. - data are not available NOTE: Data for earlier month may show revisions. 1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial banks and 75 savings banks. All rates are expressed as annual effective yields. Owing to statistical difficulties associated in part with the implementation of sweep accounts, estimates for NOW and Savings accounts are not currently available. 2. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid. 3. BIF-insured savings banks include both mutual and federal savings banks. \ppondix Table 1 Monthly Seasonal Factors Used to Construct Ml Currency Nonbank travelers checks Demand deposits January February March April May June July August September October November December 0.9966 0.9933 0.9971 0.9986 0.9995 1.0016 1.0023 1.0018 0.9980 0.9967 1.0010 1.0070 0.9588 0.9575 0.9726 0.9805 0.9911 1.0272 1.0606 1.0633 1.0404 1.0076 0.9751 0.9625 1.0106 0.9764 0.9815 1.0021 0.9793 0.9967 1.0039 0.9960 0.9973 1.0008 1.0137 1.0405 1.0154 0.9945 1.0012 1.0226 0.9903 0.9974 0.9931 0.9899 0.9946 0.9911 0.9982 1.0117 1.0233 1.0016 1.0038 1.0222 0.9880 0.9943 0.9892 0.9880 0.9934 0.9884 0.9957 1.0120 January February March April May June July August September October November December 0.9965 0.9930 0.9966 0.9993 1.0000 1.0016 1.0025 1.0031 0.9973 0.9982 1.0013 1.0071 0.9594 0.9581 0.9732 0.9817 0.9920 1.0276 1.0602 1.0623 1.0396 1.0071 0.9751 0.9627 1.0098 0.9763 0.9830 1.0025 0.9790 0.9974 1.0045 0.9965 0.9974 1.0001 1.0130 1.0401 1.0148 0.9944 1.0015 1.0232 0.9899 0.9976 0.9931 0.9900 0.9948 0.9911 0.9980 1.0115 1.0229 1.0015 1.0039 1.0229 0.9876 0.9943 0.9892 0.9882 0.9935 0.9886 0.9956 1.0118 January February March 0.9973 0.9933 0.9962 0.9598 0.9587 0.9732 1.0094 0.9763 0.9839 1.0146 0.9943 1.0017 1.0228 1.0015 1.0039 Other checkable deposits [1] total at banks 1996 1997 1998 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] 0.9946 0.9937 1.0004 1.0014 0.9984 1.0029 1.0034 1.0033 1.0011 0.9995 1.0020 0.9988 0.9986 1.0004 1.0023 1.0027 1.0019 1.0008 1.0012 1.0001 0.9988 0.9989 0.9975 0.9963 0.9914 0.9957 0.9970 0.9913 1.0057 1.0011 0.9945 0.9981 0.9990 1.0114 1.0115 1.0036 1.0068 1.0099 1.0157 1.0106 0.9910 0.9893 0.9959 1.0013 0.9916 0.9900 0.9953 1.0028 0.9944 0.9938 1.0010 1.0016 0.9982 1.0029 1.0035 1.0034 1.0011 0.9994 1.0018 0.9987 0.9988 1.0007 1.0025 1.0030 1.0020 1.0007 1.0010 0.9999 0.9986 0.9987 0.9975 0.9964 0.9914 0.9960 0.9981 0.9909 1.0051 1.0005 0.9946 0.9974 0.9982 1.0119 1.0123 1.0040 0.9943 0.9938 1.0014 0.9989 1.0009 1.0025 0.9909 0.9961 0.9986 Money market mutual funds inM2 in M3 only RPs Eurodollars 1.0288 1.0309 1.0131 0.9922 0.9868 0.9813 0.9897 0.9974 0.9829 0.9885 1.0021 1.0040 0.9902 0.9855 0.9876 0.9944 1.0100 1.0257 1.0044 1.0078 1.0106 1.0151 0.9939 0.9731 1.0126 1.0114 1.0106 0.9926 0.9904 0.9923 0.9856 0.9917 0.9927 1.0086 1.0020 1.0072 1.0069 1.0108 1.0166 1.0099 0.9893 0.9888 0.9959 1.0018 0.9919 0.9902 0.9950 1.0026 1.0288 1.0332 1.0147 0.9922 0.9849 0.9818 0.9904 0.9972 0.9830 0.9880 1.0012 1.0028 0.9898 0.9869 0.9863 0.9936 1.0129 1.0260 1.0030 1.0094 1.0117 1.0155 0.9936 0.9706 1.0146 1.0115 1.0094 0.9926 0.9905 0.9928 0.9872 0.9916 0.9934 1.0096 0.9983 1.0070 1.0067 1.0113 1.0176 1.0275 1.0361 1.0161 0.9892 0.9879 0.9858 1.0155 1.0119 1.0097 1996 January February March April May June July August September October November December 1997 January February March April May June July August September October November December 1998 January February March 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 1996 Dec 02 09 16 23 30 1997 Jan 06 13 20 27 1997 Feb 03 10 17 24 1997 Mar 03 10 17 24 31 Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits 0.9944 1.0039 1.0014 1.0166 1.0115 0.9620 0.9616 0.9622 0.9628 0.9634 1.0322 1.0269 1.0380 1.0395 1.0501 1.0026 1.0186 1.0129 1.0098 1.0080 0.9994 1.0141 1.0131 1.0141 1.0118 1.0048 1.0004 0.9961 0.9897 0.9630 0.9611 0.9592 0.9573 1.0730 1.0304 0.9964 0.9638 1.0382 1.0193 1.0113 0.9960 1.0351 1.0203 1.0228 1.0121 0.9905 0.9956 0.9948 0.9900 0.9554 0.9567 0.9580 0.9593 0.9828 0.9774 0.9796 0.9637 1.0006 0.9907 0.9924 0.9937 1.0156 0.9889 1.0001 1.0052 0.9922 0.9980 0.9970 0.9953 0.9962 0.9607 0.9662 0.9718 0.9774 0.9830 0.9860 0.9816 0.9901 0.9684 0.9907 1.0012 0.9904 0.9980 1.0019 1.0159 1.0092 0.9839 0.9999 1.0092 1.0202 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) 1997 Apr 07 14 21 28 1997 May 05 12 19 26 1997 Jun 02 09 16 23 30 1997 Jul 07 14 21 28 Currency Nonbank travelers checks Demand deposits 1.0039 1.0028 0.9985 0.9944 0.9844 0.9827 0.9810 0.9793 1.0146 1.0223 1.0051 0.9713 1.0279 1.0265 1.0306 1.0125 1.0222 1.0210 1.0340 1.0199 0.9989 1.0011 0.9990 1.0004 0.9798 0.9859 0.9920 0.9980 0.9908 0.9796 0.9815 0.9534 1.0073 0.9860 0.9835 0.9831 1.0035 0.9816 0.9831 0.9850 0.9981 1.0055 1.0025 1.0003 0.9986 1.0041 1.0138 1.0241 1.0344 1.0446 0.9985 1.0044 1.0086 0.9768 0.9995 0.9967 0.9942 0.9948 0.9993 1.0023 0.9900 0.9802 0.9877 1.0049 1.0057 1.0089 1.0037 1.0013 0.9989 1.0518 1.0567 1.0616 1.0664 1.0270 1.0127 0.9957 0.9796 0.9999 0.9878 0.9914 0.9905 0.9908 0.9777 0.9933 0.9947 Other checkable deposits [1] total at banks 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) 1997 Aug 04 11 18 25 1997 Sep 01 08 15 22 29 1997 Oct 06 13 20 27 1997 Nov 03 10 17 24 Other checkable deposits [1] total at banks Currency Nonbank travelers checks Demand deposits 1.0032 1.0074 1.0033 0.9991 1.0700 1.0664 1.0628 1.0591 1.0112 1.0048 1.0043 0.9767 0.9993 0.9820 0.9893 0.9882 0.9903 0.9743 0.9895 0.9929 0.9988 1.0038 0.9984 0.9949 0.9924 1.0555 1.0497 1.0430 1.0364 1.0297 0.9910 1.0184 1.0096 0.9807 0.9803 0.9963 0.9925 0.9931 0.9977 0.9956 0.9959 0.9791 0.9882 1.0037 1.0033 1.0000 1.0021 0.9981 0.9948 1.0224 1.0142 1.0060 0.9979 1.0073 1.0040 1.0037 0.9812 0.9956 0.9856 0.9920 0.9874 0.9882 0.9793 0.9936 0.9918 0.9967 1.0030 1.0013 0.9996 0.9897 0.9831 0.9765 0.9698 1.0091 1.0073 1.0222 0.9956 0.9987 0.9950 0.9970 0.9934 0.9909 0.9850 0.9938 0.9973 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) Currency Nonbank travelers checks Demand deposits 1.0017 1.0040 1.0045 1.0100 1.0119 0.9632 0.9617 0.9623 0.9629 0.9636 1.0310 1.0287 1.0400 1.0390 1.0469 1.0078 1.0025 0.9982 1.0140 1.0243 1.0106 0.9901 0.9940 1.0217 1.0336 1.0067 1.0020 0.9972 0.9910 0.9635 0.9616 0.9598 0.9580 1.0657 1.0349 1.0010 0.9698 1.0373 1.0210 1.0150 0.9993 1.0393 1.0203 1.0251 1.0144 0.9900 0.9958 0.9950 0.9910 0.9562 0.9570 0.9584 0.9597 0.9844 0.9786 0.9788 0.9625 1.0040 0.9917 0.9918 0.9928 1.0180 0.9900 1.0008 1.0045 09 16 23 30 0.9920 0.9983 0.9971 0.9960 0.9942 0.9611 0.9659 0.9713 0.9768 0.9823 0.9855 0.9865 0.9916 0.9709 0.9812 0.9998 0.9884 0.9968 1.0029 1.0153 1.0078 0.9829 1.0000 1.0103 1.0189 1998 Apr 06 1.0000 0.9823 1.0194 1.0270 1.0209 1997 Dec 01 08 15 22 29 1998 Jan 05 12 19 26 1998 Feb 02 09 16 23 1998 Mar 02 Other checkable deposits [1] total at banks 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 Small denom. time deposits [1] Large denom. time deposits [1] 1996 Dec 02 09 16 23 30 0.9970 1.0048 1.0019 0.9954 0.9927 0.9971 0.9968 0.9960 0.9955 0.9962 1.0080 1.0069 1.0055 1.0024 0.9995 0.9997 1.0050 1.0084 1.0051 0.9963 1997 Jan 06 13 20 27 1.0041 1.0072 0.9926 0.9785 0.9983 0.9987 0.9988 0.9986 0.9950 0.9920 0.9904 0.9897 1997 Feb 03 10 17 24 0.9867 1.0032 0.9956 0.9853 0.9997 1.0004 1.0008 1.0008 1997 Mar 03 10 17 24 31 0.9942 1.0147 1.0062 0.9945 0.9915 1.0015 1.0024 1.0025 1.0023 1.0031 RPs Eurodollars 1.0078 1.0016 1.0147 1.0025 1.0030 0.9843 0.9748 0.9757 0.9699 0.9680 1.0047 0.9934 1.0006 1.0053 1.0283 0.9844 1.0107 1.0139 1.0142 0.9562 1.0245 1.0460 1.0650 0.9790 0.9899 0.9898 0.9965 1.0195 1.0184 1.0134 1.0145 0.9903 0.9943 0.9952 0.9983 1.0064 1.0096 1.0072 1.0159 1.0461 1.0459 1.0253 1.0344 0.9944 0.9914 0.9868 0.9825 1.0029 1.0029 1.0144 1.0209 1.0003 1.0008 1.0010 0.9995 0.9904 1.0132 1.0162 1.0193 1.0192 1.0130 1.0132 1.0235 1.0217 1.0155 0.9987 0.9810 0.9825 0.9916 0.9967 0.9767 1.0117 1.0003 1.0092 1.0086 1.0187 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds inM2 in M3 only Savings and MMDA deposits [1] 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] 1997 Apr 07 14 21 28 1.0145 1.0155 0.9990 0.9791 1.0038 1.0031 1.0028 1.0023 0.9877 0.9880 0.9909 0.9948 1.0168 1.0208 1.0100 0.9971 1997 May 05 12 19 26 0.9956 1.0060 0.9989 0.9923 1.0027 1.0023 1.0019 1.0017 0.9978 1.0028 1.0056 1.0097 1997Jun02 09 16 23 30 0.9972 1.0183 1.0122 0.9928 0.9900 1.0013 1.0011 1.0006 1.0001 1.0009 1997 Jul 07 14 21 28 1.0139 1.0114 0.9988 0.9891 1.0022 1.0014 1.0007 1.0001 RPs Eurodollars 0.9995 0.9993 0.9884 0.9847 0.9885 0.9881 0.9952 1.0005 0.9999 0.9862 0.9847 1.0010 0.9920 0.9890 0.9862 0.9900 0.9822 0.9821 0.9856 0.9890 1.0007 1.0071 1.0134 1.0182 0.9879 0.9822 0.9878 0.9983 1.0086 1.0059 1.0021 0.9975 0.9942 0.9902 0.9921 0.9936 0.9877 0.9815 0.9851 0.9862 0.9864 0.9750 0.9785 1.0250 1.0254 1.0345 1.0293 1.0151 0.9979 0.9910 0.9925 0.9894 0.9971 0.9912 0.9947 0.9949 0.9969 0.9854 0.9970 0.9997 0.9999 0.9814 0.9930 0.9936 0.9951 1.0054 0.9985 0.9989 1.0088 0.9800 0.9745 0.9860 1.0042 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds inM2 in M3 only Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 (continued) Money market mutual funds inM2 in M3 only Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] 1997 Aug 04 11 18 25 1.0052 1.0133 1.0053 0.9968 1.0003 1.0007 1.0000 0.9995 0.9958 0.9965 0.9968 0.9989 0.9998 1.0045 1.0029 1.0039 1997 Sep 01 08 15 22 29 0.9964 1.0193 1.0125 0.9914 0.9812 0.9992 0.9993 0.9985 0.9979 0.9985 0.9984 0.9980 0.9971 0.9979 0.9987 1997 Oct 06 13 20 27 1.0048 1.0075 0.9985 0.9897 1.0001 0.9997 0.9984 0.9976 1997 Nov 03 10 17 24 0.9958 1.0138 1.0070 0.9934 0.9976 0.9979 0.9977 0.9972 RPs Eurodollars 0.9872 0.9984 0.9976 1.0046 1.0045 1.0114 1.0082 1.0099 0.9969 0.9896 0.9848 0.9900 0.9963 0.9958 0.9961 0.9911 0.9851 0.9934 0.9833 0.9923 0.9862 0.9693 1.0115 1.0058 1.0134 1.0169 1.0113 1.0001 0.9834 0.9913 0.9914 1.0054 1.0068 1.0125 1.0123 1.0145 0.9854 0.9926 0.9916 0.9911 0.9797 0.9874 0.9954 0.9880 1.0088 1.0145 1.0164 1.0223 1.0005 1.0046 1.0099 1.0216 1.0134 1.0147 1.0119 1.0121 0.9896 0.9931 0.9918 1.0002 0.9888 0.9953 1.0022 1.0083 1.0132 1.0013 0.9947 0.9869 1.0103 0.9959 0.9921 0.9983 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. 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] 1997 Dec 01 08 15 22 29 0.9948 1.0101 1.0047 0.9935 0.9847 0.9971 0.9969 0.9962 0.9956 0.9960 1.0094 1.0081 1.0064 1.0033 1.0003 0.9978 1.0030 1.0095 1.0053 0.9978 1998 Jan 05 12 19 26 1.0061 1.0085 0.9932 0.9783 0.9983 0.9989 0.9990 0.9988 0.9946 0.9919 0.9898 0.9892 1998 Feb 02 09 16 23 0.9867 1.0037 0.9954 0.9845 0.9996 1.0005 1.0009 1.0011 1998 Mar 02 09 16 23 30 0.9935 1.0137 1.0060 0.9947 0.9914 1998 Apr 06 1.0144 Money market mutual funds inM2 in M 3 only RPs Eurodollars 1.0048 1.0027 1.0199 0.9990 0.9989 0.9817 0.9716 0.9735 0.9683 0.9657 1.0022 0.9946 0.9988 1.0042 1.0282 0.9872 1.0098 1.0137 1.0124 0.9699 1.0285 1.0383 1.0514 0.9762 0.9870 0.9894 0.9958 1.0179 1.0183 1.0147 1.0168 0.9901 0.9938 0.9958 0.9974 1.0041 1.0082 1.0078 1.0177 1.0347 1.0458 1.0313 1.0424 0.9957 0.9929 0.9891 0.9836 1.0083 1.0039 1.0121 1.0199 1.0016 1.0026 1.0026 1.0022 1.0027 1.0003 1.0010 1.0009 0.9992 0.9939 1.0142 1.0170 1.0201 1.0200 1.0143 1.0207 1.0272 1.0230 1.0158 0.9992 0.9819 0.9819 0.9895 0.9936 0.9795 1.0127 1.0026 1.0091 1.0089 1.0180 1.0034 0.9906 1.0169 1.0002 0.9839 1.0046 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adjusted) Revised Ml Old Ml Revised M2 01dM2 Revised M3 01dM3 1995 October November December 1135.7 1133.1 1129.0 1131.8 1129.0 1124.9 3629.8 3639.3 3655.0 3628.4 3640.2 3657.4 4567.1 4580.8 4594.8 4545.6 4557.6 4572.3 1996 January February March April May June July August September October November December 1122.2 1119.8 1126.1 1123.5 1117.1 1115.5 1108.8 1099.8 1093.2 1080.1 1080.0 1081.0 1119.2 1117.3 1126.7 1123.6 1117.0 1116.4 1107.9 1098.8 1090.9 1075.7 1075.8 1076.9 3669.9 3685.0 3713.9 3724.5 3725.6 3741.9 3750.0 3762.8 3775.4 3787.8 3809.2 3832.8 3671.7 3687.4 3722.4 3728.6 3724.3 3742.7 3748.4 3760.9 3772.2 3782.2 3807.1 3835.3 4622.2 4654.9 4691.4 4707.8 4729.7 4751.4 4769.3 4790.4 4822.3 4859.6 4890.2 4936.4 4600.5 4638.4 4680.6 4690.3 4705.4 4728.3 4740.5 4759.3 4789.0 4825.2 4854.8 4904.5 Appendix Table 6 Comparison of Revised and Old M l Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference -6.2 -2.7 -4.3 -8.7 -3.0 -4.4 2.5 0.3 0.1 0.7 0.3 -0.1 1.8 0.0 0.2 -7.2 -2.6 6.8 -2.8 -6.8 -1.7 -7.2 -9.7 -7.2 -14.4 -0.1 1.1 -6.1 -2.0 10.1 -3.3 -7.0 -0.6 -9.1 -9.9 -8.6 -16.7 0.1 1.2 -1.1 -0.6 -3.3 0.5 0.2 -1.1 1.9 0.2 1.4 2.3 -0.2 -0.1 0.0 0.1 -0.4 -0.4 0.1 0.3 0.2 -0.1 0.1 -0.1 -0.1 0.0 -1.1 -0.7 -2.9 0.9 0.1 -1.4 1.7 0.3 1.3 2.4 -0.1 -0.1 95Q4 -3.8 -5.1 1.3 0.4 0.9 96Q1 96Q2 96Q3 96Q4 -3.5 -1.4 -6.5 -7.3 -2.7 -0.7 -7.1 -8.4 -0.8 -0.7 0.6 1.1 -0.1 -0.1 0.1 0.0 -0.7 -0.6 0.5 1.1 -2.5 -6.8 -1.7 -7.7 -0.8 0.9 -0.1 0.0 -0.7 0.9 -1.6 -4.6 -1.8 -4.7 0.2 0.1 0.1 -0.1 0.1 0.2 1995 October November December 1996 January February March April May June July August September October November December Quarterly Semi-Annual 95Q4 96Q2 96Q2 96Q4 Annual (Q4 to Q4) 1995 1996 Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Revised Old Difference Difference due to Benchmark Seasonals 1995 October November December 3.2 3.1 5.2 2.5 3.9 5.7 0.7 -0.8 -0.5 0.3 0.1 0.3 0.4 -0.9 -0.8 4.9 4.9 9.4 3.4 0.4 5.3 2.6 4.1 4.0 3.9 6.8 7.4 4.7 5.1 11.4 2.0 -1.4 5.9 1.8 4.0 3.6 3.2 7.9 8.9 0.2 -0.2 -2.0 1.4 1.8 -0.6 0.8 0.1 0.4 0.7 -1.1 -1.5 0.5 0.3 0.0 -0.2 -0.2 -0.3 0.1 0.2 -0.1 0.3 -0.1 -0.3 -0.3 -0.5 -2.0 1.6 2.0 -0.3 0.7 -0.1 0.5 0.4 -1.0 -1.2 95Q4 4.3 4.1 0.2 0.3 -0.1 96Q1 96Q2 96Q3 96Q4 5.3 4.5 3.4 5.0 5.7 4.1 3.1 5.1 -0.4 0.4 0.3 -0.1 0.3 -0.1 -0.1 0.0 -0.7 0.5 0.4 -0.1 4.9 4.2 4.9 4.1 0.0 0.1 0.1 0.0 -0.1 0.1 4.0 4.6 3.9 4.6 0.1 0.0 0.2 0.1 -0.1 -0.1 1996 January February March April May June July August September October November December Quarterly Semi-Annual 95Q4 96Q2 96Q2 96Q4 Annual (Q4 to Q4) 1995 1996 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Old Difference 4.3 3.6 3.7 4.2 3.2 3.9 0.1 0.4 -0.2 0.3 0.3 0.4 -0.2 0.1 -0.6 7.2 8.5 9.4 4.2 5.6 5.5 4.5 5.3 8.0 9.3 7.6 11.3 7.4 9.9 10.9 2.5 3.9 5.8 3.1 4.8 7.5 9.1 7.4 12.3 -0.2 -1.4 -1.5 1.7 1.7 -0.3 1.4 0.5 0.5 0.2 0.2 -1.0 0.6 0.0 -0.1 -0.3 0.3 -0.2 0.4 0.2 0.5 0.4 -0.1 0.0 -0.8 -1.4 -1.4 2.0 1.4 -0.1 1.0 0.3 0.0 -0.2 0.3 -1.0 95Q4 5.0 4.6 0.4 0.4 0.0 96Q1 96Q2 96Q3 96Q4 6.6 6.3 5.4 8.5 7.1 5.9 4.7 8.3 -0.5 0.4 0.7 0.2 0.4 -0.1 0.3 0.3 -0.9 0.5 0.4 -0.1 6.5 7.0 6.6 6.5 -0.1 0.5 0.1 0.2 -0.2 0.3 6.2 6.9 5.9 6.6 0.3 0.3 0.2 0.2 0.1 0.1 Revised 1995 October November December 1996 January February March April May June July August September October November December Quarterly Semi-Annual 95Q4 96Q2 96Q2 96Q4 Annual (Q4 to Q4) 1995 1996
@FedFRASER