The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release
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. The
attached tables compare growth rates of the old and revised series.
This release includes revised monthly and weekly seasonal factors,
as well as comparisons of the revised monetary aggregates with
previously published data.
Data for the monetary aggregates have been benchmarked using
call reports through June 1990 and other sources. These benchmark
revisions boosted growth rates of all three monetary aggregates by about
1/4 point over 1990 but had only minor effects on the quarterly pattern
of growth within the year. Also, estimates of deposits at institutions
that do not file deposits reports were revised from 1984 to 1990,
resulting in minor changes to annual growth rates of the monetary
aggregates back to 1984.
Seasonal factors for the monetary aggregates continued to be
estimated by the X-ll ARIMA procedure. Beginning with January 1990, the
deposits components of the monetary aggregates—OCDs, savings deposits,
MMDAs, small time deposits, and large time deposits—have each been
adjusted with seasonal factors computed from data aggregated over banks
and thrifts. The previous procedure had been to seasonally adjust the
deposit components at banks and thrifts separately, and add the adjusted
bank and thrift series to create seasonally adjusted deposit totals.
This remains the procedure used for computing seasonal factors applied
to deposits data up to December 1989. The new procedure is applied to
data after that month because (1) transfers of deposits from thrifts to
banks have distorted bank and thrift deposit data individually more than
their sum, and (2) staff analysis reveals that the seasonal patterns of
nontransactions deposits at banks and thrifts became more similar in the
1980s than they had been in earlier years. Under the new procedure, the
same seasonal factors are applied beginning in January 1990 to both the
commercial bank and thrift components of the following series: MMDAs,
other savings deposits, small time deposits, and large time deposits.
With OCDs, where seasonal patterns show more differences between banks
and thrifts, commercial bank data are seasonally adjusted directly, and
seasonally adjusted thrift OCDs are computed as a residual between the
seasonally adjusted bank OCD series and seasonally adjusted total OCDs,
Overall, revisions to seasonal factors had little effect on the
broad pattern of growth during 1990. For Ml and M2, the new seasonal
factors shift growth into the second quarter of 1990, while M3 growth is
boosted in the fourth quarter and slightly reduced over the balance of
the year.
Complete historical data will soon be available from the Money
and Reserves Projection Section, Mail Stop 72, Board of Governors of the
Federal Reserve System, Washington, DC 20551, (202) 452-3361. Revised
monthly historical data for Ml, M2, M3, and total nonfinancial debt also
are available from the Economic Bulletin Board of the U.S. Commerce
Department. Call (202) 377-1986 for information on how to access the
Commerce bulletin board.
VoOLGOl"^
FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
^IR£'
H.6 (508)
Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
FEBRUARY
Billions of dollars
Date
M1 J
M2 2
M3 3
7, 1991
DEBT
Seasonally adjusted
1989-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
786.0
785.7
784.7
781.3
776.8
774.3
779.3
779.9
781.8
787.9
788.9
793.6
3073.0
3075.3
3084.1
3087.8
3089.4
3105.0
3129.4
3147.3
3162.8
3183.0
3203.4
3223.1
3926.8
3935.7
3955.5
3963.1
3966.8
3982.8
4004.9
4012.3
4017.8
4027.3
4040.9
4055.0
4684.3
4703.7
4735.5
4756.1
4762.9
4783.4
4807.4
4826.0
4834.3
4851.5
4869.2
4889.7
1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
3294.7
3308.8
3321.2
3324.9
3325.6
3330.3
4061
4073
4077
4082
4082
4085.8
4088.4
4102.4
4107.8
4110.2
4112.9
4114.3
4895.1
4902.8
4914.6
4920.5
4903.4
4923.1
4928.1
4939.3
4963.8
4966.7
4978.9 p
9150.3
9209.8
9279.9
9342.9
9403.6
9457.9
9506.9
9570.7
9629.1
9689.0
9751.7
9790.4
9831.3
9889.9
9959.1
10015.9
10059.9
10117.8
10183.5
10256.6
10313.6
10355.3
10414.5
Not seasonally adjusted
989-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
793.2
772.7
775.6
791.2
767.2
773.9
781.9
777.8
778.9
784.5
791.4
811.9
3084..3
3065..1
3080..4
3100..0
3071..3
3099..5
3133..2
3147..6
3158..1
3180.8
3206.7
3236.6
3933.8
3924.1
3952.8
3970.1
3950..0
3978..4
4006..7
4016..4
4016..6
4025..0
4048..2
4066.8
4699.
4695.
4732.
4763.
4749.
4777.
4800.
4823.
4833.
4848.
4874.
4907,
1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
802.4
788.3
796.2
818.0
797.3
810.8
812.9
814.5
818.9
817.6
826.1
844.3
3244.5
3245.6
3267.7
3292.8
3262.8
3284.1
3297.8
3309.5
3316.5
3322.2
3329.3
3344.3
4067.7
4061.4
4075.8
4090.8
4064.3
4080.8
4090.7
4107.3
4106.0
4107.3
4120.0
4126.3
4911.3
4893.8
4912..2
4930..3
4888..7
4914..4
4920..4
4937..4
4962..4
4962..7
4984..0
Footnotes appear on the following page,
p—indicates preliminary data.
9139.3
9179.0
9237.1
9297
9358
9414
9460
9516
9578
9648
9719
9775
9821. 1
9859. 6
9916. 3
9970. 6
10014. 1
10074. 2
10137. 4
10203. 2
10263, 3
10316. 5
10385. 1 P
H.6 ( 5 0 8 )
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml
M2
M3
Debt ]
3 Months from SEP. 1990 TO DEC. 1990
1.8
1.1
0.6
6.2
6 Months from JUNE 1990 to DEC. 1990
3.4
2.4
1.4
7.0
4.0
3.3
1.5
6.8
12 Months from DEC. 1989 TO DEC. 1990
Thirteen weeks ending JANUARY 28, 1991
from thirteen weeks ending:
OCT. 29, 1990 (13 weeks previous)
2.5
1.3
1.0
JULY 30, 1990 (26 weeks previous)
3.7
2.4
1.5
JAN. 29, 1990 (52 weeks previous)
4.1
3.4
1.6
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
August 1990 to November 1990, May 1990 to November 1990, and November 1989 to November 1990, respectively.
Footnotes to Table 1
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 Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits—incuding retail RPs—in amounts of less than $100,000), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide
and at all banking offices in the United Kinqdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonf inancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quartet—end
basis and include discontinuities.
H.6 ( 5 0 8 )
Table 3
MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
Ml
Period ending
13-week
average
4-week
average
5
12
19
26
DEC. 3
10
17
24
31
1991-JAN. 7
14
21p
28p
820.5
821.0
821.4
822.0
822.2
822.2
822.6
823.1
823.3
823.5
823.6
824.1
824.8
821.1
821.6
822.6
823.5
823.2
823.3
823.8
824.6
825.8
826.4
825.4
824.9
825.8
1990-NOV.
M3
M2
week
average
822.9
822.7
823.5
824.7
822.0
822.8
825.8
827.8
826.8
825.0
821.9
826.0
830.1
13-week
average
4-week
average
week
average
13-week
average
4-week
average
week
average
3320.0
3321.5
3322.5
3323.7
3324.1
3324.4
3325.2
3326.0
3327.0
3324.0
3323.7
3324.2
3325.4
3325.8
3326.3
3328.0
3328.8
3330.9
3324.5
3325.4
3324.1
3327.6
3326.1
3327.4
3330.9
3330.9
3334.4
3326.8
3326.8
3327.7
3329.0
3330.6
3329.4
3330.3
3331.4
3326.2
3326.1
3334.3
3339.1
4107.9
4109.1
4109.9
4110.4
4110.2
4110.2
4110.7
4111.6
4112.6
4112.7
4112.9
4114.2
4117.0
4110.2
4111.5
4111.5
4112.7
4113.0
4112.5
4114.3
4114.3
4114.8
4114.7
4113.2
4117.2
4124.8
4110.4
4115.5
4111.3
4113.7
4111.6
4113.3
4118.4
4113.7
4113.7
4112.8
4112.7
4129.4
4144.2
Not seasonally adjusted
Ml
Period ending
1990-NOV.
5
12
19
26
DEC. 3
10
17
24
31
1991-JAN. 7
14
21p
28p
13-week
average
4-week
average
817.6
818.1
819.0
820.5
821.0
821.6
823.0
826.2
829.3
832.1
833.3
834.5
834.8
817.4
818.0
822.4
826.6
825.3
828.3
831.5
837.7
845.5
851.5
851.5
846.9
835.4
M3
M2
week
average
828.2
828.3
828.8
821.0
823.1
840.2
841.7
845.8
854.1
864.2
842.0
827.2
808.3
13-week
average
4-week
average
3317.6
3319.0
3320.5
3322.3
3322.8
3323.6
3325.5
3328.7
3332.0
3334.4
3335.9
3337.8
3338.9
3321.2
3321.0
3325.5
3329.7
3328.5
3331.6
3334.7
3339.2
3345.1
3350.5
3352.7
3353.0
3345.1
week
average
3330.8
3333.7
3333.2
3320.9
3326.2
3346.0
3345.7
3338.8
3349.8
3367.6
3354.7
3340.0
3318.1
13-week
average
4-week
average
week
average
4107.7
4108.9
4109.9
4111.3
4107.6
4110.2
4114.8
4120.9
4119.0
4119.8
4121.8
4122.6
4126.9
4128.9
4132.2
4136.3
4134.2
4118.7
4127.9
4120.7
4116.4
4111.0
4131.1
4128.6
4119.5
4128.3
4139.3
4141.6
4135.8
4120.0
4110.8
4111.0
4112.0
4114.9
4118.0
4119.5
4121.3
4123.9
4126.1
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—indicates preliminary data.
H.6 (508)
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Nontransact ions
component s
Other checkable deposits
At
commercial
banks4
General purpose
and broker/dealer
money market funds
At
thrift
institutions5
Total
In M2 6
In M3
only7
191.0
192.3
84.6
85.7
275.7
278.0
2367.4
2381.0
865.0
855.0
288.8
296.3
279.7
278.3
278.7
194.2
195.8
197.6
86.7
86.9
87.6
280.9
282.7
285.2
2395.1
2414.5
2429.5
844.3
837.5
832.0
303.1
309.9
313.6
7.5
7.6
7.6
277.6
279.4
278.9
198.3
199.6
201.3
87.4
87.9
88.6
285.8
287.5
289.8
2438.2
2453.9
2465.0
827.6
818.1
807.6
318.4
324.2
325.9
230.3
231.9
233.7
7.7
7.8
7.8
278.1
275.8
276.3
202.9
203.6
205.5
88.9
88.3
88.2
291.7
292.0
293.7
2472.2
2475.3
2479.1
802.8
799.9
795.2
327.0
325.3
327.5
JULY
AUG.
SEP.
235.7
238.4
241.5
7.8
8.0
8.2
275.6
278.0
279.1
203.9
204.4
205.7
87.7
87.7
87.3
291.7
292.1
293.0
2483.9
2492.3
2499.4
793.7
793.6
786.6
329.2
335.8
339.2
OCT.
NOV.
DEC.
243.9
245.0
246.4
8.3
8.4
8.4
277.1
277.2
276.9
205.9
207.1
208.7
85.8
85.8
85.0
291.8
292.8
293.7
2503.7
2502.3
2504.9
785.3
787.3
783.9
341.7
343.0
347.7
275.7
276.1
278.2
278.2
275.6
207.2
207.6
208.1
209.5
210.4
85.6
85.3
84.6
84.8
85.1
292.9
292.9
292.7
294.3
295.5
2504.1
2504.6
2505.2
2503.1
2507.6
785.5
785.9
787.5
782.8
779.4
345.5
346.6
347.2
347.7
350.3
274.4
271.8
271.5
272.3
209.7
208.0
208.7
210.3
84.6
84.2
84.3
84.8
294.3
292.2
293.0
295.1
2501.2
2504.1
2508.4
2509.0
786.6
786.7
795.1
805.1
350.6
354.9
358.8
359.6
Date
Currency1
Travelers
checks2
Demand
deposits3
1989-AUG.
SEP.
218.7
219.2
7.2
7.2
278.3
277.4
OCT.
NOV.
DEC.
220.0
220.5
222.2
7.3
7.4
7.4
1990-JAN.
FEB.
MAR.
224.5
226.6
228.4
APR.
MAY
JUNE
Neek ending
1990-DEC.
3
10
17
24
31
245.0
245.4
246.5
246.9
247.3
8.3
8.3
8.4
8.4
8.4
1991-JAN.
7
14
21p
28p
247.9
249.6
253.2
254.3
8.4
8.3
8.3
8.3
1.
2.
e
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.
3.
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.
4.
Consists of NON and ATS balances at commercial banks> U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NON and ATS balances at thrifts> credit union share draft balances> and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars> money market fund balances (general purpose and broker/dealer)> MMDAs and savings and small time
deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only)* less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data,
p—indicates preliminary data.
H.6 (508)
Table 4-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
At
At
commercial
thrift
banks
institutions
Date
Total
Small-denomination time deposits2
Savings deposits1
Money market deposit accounts
At
At
thrift
commercia il
banks
institutions
Total
At
At
commercial
thrift
banks
institutions
Total
Large-denomination time deposits 3
At~
At
commercial
thrift
m
banks 4
institutions
Total
1989-AUG.
SEP.
337.7
340.9
131.7
132.1
469.5
473.0
183.9
184.9
215.2
215.9
399.1
400.8
511.9
515.5
621.4
620.2
1133.3
1135.7
396.4
397.5
174.8
170.6
571.2
568.1
OCT.
NOV.
DEC.
344.2
349.9
353.0
132.6
133.0
133.1
476.9
482.9
486.1
185.4
186.5
187.7
216.2
216.6
216.4
401.6
403.0
404.1
521.1
527.2
531.4
618.0
615.0
614.5
1139.1
1142.2
1145.9
399.6
401.6
401.9
166.5
163.7
161.6
566.2
565.3
563.5
1990-JAN.
FEB.
MAR.
355.3
358.1
360.9
132.8
133.8
134.8
488.2
491.8
495.7
189.6
191.4
192.1
216.4
217.3
218.2
406.0
408.7
410.2
532.8
536.9
540.7
613.7
609.9
609.3
1146.5
1146.8
1149.9
401.1
400.4
399.2
158.9
154.5
150.1
560.0
554.9
549.3
APR.
MAY
JUNE
364.4
366.1
369.6
134.9
134.3
132.6
499.3
500.5
502.3
192.3
192.7
194.0
219.1
218.6
217.8
411.5
411.3
411.8
544.4
553.4
563.8
607.8
600.2
590.8
1152.2
1153.5
1154.6
396.8
397.6
397.7
146.9
143.0
140.3
543.7
540.5
538.0
JULY
AUG.
SEP.
371.8
374.7
376.1
131.6
131.2
131.3
503.4
505.9
507.4
195.2
195.9
196.5
217.5
216.8
215.8
412.7
412.7
412.3
571.6
574.9
579.4
584.4
582.8
580.3
1156.0
1157.7
1159.7
398.7
395.8
390.8
136.4
133.4
131.0
535.0
529.2
521.8
OCT.
NOV.
DEC.
376.7
377.4
378.4
130.0
129.4
127.6
506.7
506.8
505.9
197.6
198.2
199.4
213.9
212.9
211.4
411.5
411.1
410.7
588.1
589.5
598.2
573.7
573.4
566.9
1161.9
1162.9
1165.0
386.7
387.3
385.4
128.2
125.0
120.9
514.9
512.3
506.2
Neek ending
1990--DEC.
3
10
17
24
31
377.7
378.7
379.5
378.2
377.1
128.4
127.9
127.8
127.3
127.2
506.0
506.6
507.4
505..5
504..2
198.
198.
199.
200,
199.
212,
212,
211.
211,
210.
410,
410.
411.
411,
410.
592.6
595.6
598.4
600.8
599.5
570.7
568.6
567.1
565.1
565.8
1163,
1164,
1165,
1165,
1165,
386.5
385.8
386.1
385.6
383.7
123.1
121.8
121.2
120.2
119.6
509.
507.
507.
505.
503.
1991--JAN.
7
14
21p
28p
377.3
377.8
377.6
378.3
127.4
127.4
127.3
127.6
504,
505,
505,
506.
200.
201.
201.
202.
210.0
210.6
210.8
210.7
410.
411.
412,
412,
599.5
601.4
602.8
602.9
565.5
562.9
561.1
560.2
1165,
1164,
1163,
1163,
386,
391,
394,
398,
119,
118,
117,
116,
506.
509.
512.
515.
1.
2.
Savings deposits exclude MMDAs.
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 andtime
thrifts
are are
subtracted
from small
time deposits
3.
Large-denomination
deposits
those issued
in amounts
of $100,000 or more, excluding those booked at international banking facilities.
L l
4.
^ 29 e 7 d e n ? m i n ?7 1 ? n t i m e deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions,
-indicates preliminary data.
H.6 (508)
Table 4-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Debt components4
Non-M3 Components of L
Institutiononly money
market funds
Date
Savings
bonds
Short-term
Treasury
securities1
Bankers
acceptances2
Commercial
paper3
Federal
debt
Non-Federal
debt
1989-AUG.
SEP.
101.4
101.6
114.9
115.6
300.9
310.1
42.6
41.0
355.3
349.7
2198.4
2220.3
7372.3
7408.8
OCT.
NOV.
DEC.
100.8
101.5
101.9
116.2
116.8
117.5
317.4
319.6
327.4
40.1
40.3
40.7
350.5
351.6
349.2
2239.5
2261.3
2268.1
7449.5
7490.4
7522.3
1990-JAN.
FEB.
MAR.
102.5
103.4
105.2
117.9
118.4
119.2
330.7
327.3
336.9
40.3
38.5
37.2
345.0
345.6
344.1
2275.9
2291.6
2316.1
7555.4
7598.3
7643.0
APR.
MAY
JUNE
106.9
107.6
108.1
119.9
120.7
121.4
330.0
315.5
332.0
36.0
35.4
34.7
351.9
349.1
349.1
2330.7
2345.2
2374.4
7685.2
7714.6
7743.4
JULY
AUG.
SEP.
109.8
114.0
116.2
122.2
123.0
123.8
336.4
335.7
342.6
33.0
32.3
31.8
348.2
345.9
357.9
2401.7
2438.9
2461.5
7781.9
7817.8
7852.1
OCT.
NOV.
DEC.
119.6
120.5
125.7
124.5
125.2 p
341.9
349.0 p
32.5
33.9 p
357.6
357.9 p
2474.3
2507.7 p
7881.0
7906.8 p
Meek ending
1990-DEC.
3
10
17
24
31
121.8
124.2
126.6
127.4
126.4
1991-JAN.
7
14
21p
28p
124.4
129.4
131.4
133.4
1.
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.
To a
3.
J l commercial paper less commercial paper held by money market mutual funds.
4.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p—indicates preliminary data.
2.
H.6 ( 5 0 8 )
Table 5
COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposits
Currency
Date
1
Travelers
Demand
checks 2 deposits3
commercial
banks 4
At
thrift
institutions5
Nontransactions
components
Total
In M2
6
In M3
only7
Overnight
RPs*
Overnight
Eurodollars9
General purpose
and broker/dealer
money market funds
1989-AUG.
SEP.
219.2
218.7
8.1
7.7
277.1
276.3
188.7
190.6
84.6
85.6
273.3
276.3
2369.8
2379.1
868.8
858.5
63.2
59.6
15.2
15.5
287.7
295.9
OCT.
NOV.
DEC.
219.0
221.1
225.3
7.3
7.0
6.9
280.4
281.4
291.5
191.5
194.8
200.2
86.4
87.1
88.0
277.8
281.8
288.2
2396.2
2415.3
2424.7
844.3
841.5
830.2
61.6
62.2
63.1
14.0
13.1
14.3
302.5
310.9
313.5
1990-JAN.
FEB.
MAR.
223.0
224.4
227.1
7.0
7.2
7.3
282.8
271.3
271.6
202.6
199.7
202.4
87.0
85.8
87.8
289.6
285.5
290.1
2442.1
2457.2
2471.5
823.2
815.9
808.0
64.6
67.5
67.0
16.9
14.9
14.9
318.5
327.8
331.6
APR.
MAY
JUNE
229.6
231.8
234.9
7.3
7.5
8.1
280.0
268.9
275.2
209.6
200.9
204.0
91.5
88.2
88.7
301.1
289.1
292.7
2474.8
2465.5
2473.3
798.0
801.5
796.7
64.3
66.7
66.9
15.1
16.5
15.5
330.9
321.7
322.2
JULY
AUG.
SEP.
237.3
239.4
241.0
8.6
8.9
8.8
277.3
276.8
278.2
201.4
201.8
203.9
88.2
87.6
87.1
289.7
289.4
291.1
2485.0
2495.0
2497.6
792.8
797.8
789.5
68.2
67.6
65.1
15.8
15.1
16.5
325.0
334.6
339.2
OCT.
NOV.
DEC.
242.8
245.7
249.6
8.4
8.0
7.8
278.0
280.5
289.9
203.0
206.0
211.4
85.4
85.9
85.5
288.4
291.9
297.0
2504.6
2503.1
2500.1
785.1
790.7
782.0
66.0
60.2
54.2
17.5
17.3
19.4
341.3
344.5
347.8
278.0
284.2
289.4
290.8
299.1
206.7
211.9
210.2
211.3
212.8
85.8
87.4
85.3
83.9
84.8
292.4
299.4
295.4
295.2
297.6
2503.0
2505.9
2504.0
2493.0
2495.7
784.8
785.1
782.9
780.7
778.5
59.3
55.9
55.2
51.3
52.2
17.3
19.6
19.6
18.9
20.4
346.8
348.0
348.1
348.2
347.5
296.5
282.2
272.8
263.3
221.7
217.1
212.6
206.6
88.1
85.2
83.2
81.1
309.8
302.3
295.9
287.8
2503.4
2512.7
2512.8
2509.8
771.7
786.9
795.8
801.9
52.8
51.5
49.5
49.7
20.7
19.5
19.7
18.9
344.3
355.7
361.5
362.7
Neek ending
1990-DEC.
3
10
17
24
SI
245.0
248.8
249.1
252.0
249.7
7.8
7.8
7.8
7.8
7.8
1991-JAN.
7
14
21p
28p
250.1
249.7
250.7
249.4
7.8
7.8
7.S
7.8
1.
2.
e
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.
3.
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.
4.
Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data,
p—indicates preliminary data.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Savings deposits1
Money market deposit accounts
At
At
thrift
ccommercial
banks
institutions
Date
Total
At
At
thrift
commercia,1
institutions
banks
Small-denomination time deposits2
Total
At
At
commercial
thrift
banks
institutions
Total
Large-denomination time deposits3
At
At
commercial
thrift
4
banks
institutions
Total
1989-AUG.
SEP.
336.6
339.8
131.6
132.1
468.2
471.9
184.4
184.4
216.0
215.9
400.5
400.3
513.5
516.3
621.4
619.6
1134.9
1135.9
397.9
399.1
174.6
171.8
572.5
570.9
OCT.
NOV.
DEC.
343.3
351.9
356.5
132.8
133.6
133.7
476.0
485.5
490.2
185.9
186.2
186.4
216.7
215.9
214.2
402.6
402.1
400.6
521.7
525.8
529.2
617.8
615.6
613.8
1139.5
1141.4
1143.0
400.9
402.6
400.4
168.8
165.6
162.6
569.7
568.2
562.9
1990-JAN.
FEB.
MAR.
357.8
359.2
362.8
133.8
134.2
135.5
491.5
493.4
498.3
188.1
189.7
191.9
214.7
215.4
218.0
402.9
405.1
410.0
533.4
537.8
540.6
614.4
610.8
609.2
1147.8
1148.6
1149.7
399.5
399.2
399.1
158.3
154.1
150.0
557.8
553.3
549.1
APR.
MAY
JUNE
364.6
362.7
367.4
135.0
133.0
131.9
499.6
495.7
499.3
192.9
193.3
195.3
219.8
219.2
219.3
412.7
412.5
414.6
544.4
552.9
563.9
607.8
599.6
590.9
1152.2
1152.4
1154.8
394.6
397.1
397.2
146.0
142.8
140.1
540.6
539.9
537.2
JULY
AUG.
SEP.
369.1
373.5
375.0
130.6
130.8
130.9
499.8
504.3
505.9
197.2
196.5
196.2
219.7
217.5
215.4
416.9
414.0
411.7
573.2
575.8
579.1
586.1
583.7
580.0
1159.3
1159.6
1159.1
397.3
396.7
392.6
135.9
133.7
131.6
533.2
530.4
524.2
OCT.
NOV.
DEC.
375.9
379.7
381.6
129.7
130.1
128.7
505.6
509.8
510.3
198.1
197.9
197.7
214.4
212.6
209.6
412.6
410.4
407.3
588.0
588.4
596.2
573.6
572.5
564.9
1161.6
1160.9
1161.1
389.2
389.8
385.4
129.0
125.8
120.9
518.1
515.7
506.3
Neek ending
1990-DEC.
3
10
17
24
31
380.8
383.0
383.4
380.4
379.4
129.4
129.3
129.1
128.1
128.0
510.2
512.3
512.5
508.5
507.3
197.6
198.0
197.6
197.3
197.6
211.3
211.5
210.2
208.2
208.1
409.0
409.5
407.8
405.5
405.7
591.2
593.8
595.9
598.1
598.1
569.3
566.8
564.8
562.6
564.5
1160.5
1160.6
1160.7
1160.7
1162.6
387.4
386.9
385.9
384.9
383.1
123.4
122.2
121.2
120.0
119.4
510.8
509.0
507.1
505.0
502.5
1991-JAN.
7
14
21p
28p
382.0
382.3
380.3
378.8
129.0
128.9
128.2
127.8
511.0
511.1
508.5
506.6
199.8
199.9
199.8
199.7
209.6
209.5
208.9
208.1
409.4
409.4
408.7
407.8
599.6
602.0
603.3
603.3
565.6
563.4
561.5
560.6
1165.3
1165.4
1164.8
1164.0
385.7
390.6
392.6
396.0
118.9
118.0
117.1
115.9
504.6
508.6
509.7
511.9
1.
2.
Savings deposits exclude MMDAs.
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.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Large7denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p—indicates preliminary data.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term R P s 1
A
At
Institution*
thrift
only money
market funds commercial institutions
banks
Date
Debt components6
Non-M3 Components of L
Total
Term
Eurodollars2
Savings
bonds
Short-term
Treasury
securities3
Bankers
acceptances4
Commercial
paper5
Federal
debt
Non-Federal
debt
1989-AUG.
SEP.
100.6
99.2
45.9
48.5
72.2
66.0
118.1
114.5
89.9
85.9
114.7
115.4
296.6
311.8
42.7
41.6
353.1
348.0
2180.6
2202.5
7336.0
7375.8
OCT.
NOV.
DEC.
98.7
102.1
102.8
49.4
51.0
46.9
61.2
58.9
51.7
110.6
109.9
98.6
80.3
79.3
81.0
116.0
116.6
117.3
321.4
325.5
336.7
40.4
41.0
41.7
345.8
343.3
344.7
2224.5
2252.7
2265.9
7424.0
7466.5
7509.9
1990-JAN.
FEB.
MAR.
105.9
107.1
106.8
47.9
51.6
50.1
49.5
48.9
48.3
97.4
100.4
98.4
74.2
68.4
66.7
118.0
118.5
119.4
338.0
328.8
337.2
40.4
37.5
36.1
347.3
347.6
343.8
2277.5
2295.0
2319.2
7543.6
7564.6
7597.1
APR.
MAY
JUNE
105.9
106.8
106.2
49.5
50.1
53.4
48.7
49.2
48.9
98.2
99.3
102.2
65.3
67.1
64.4
120.2
120.9
121.6
328.6
310.7
321.7
35.3
35.2
34.9
355.4
357.6
355.4
2331.0
2339.7
2363.0
7639.7
7674.4
7711.2
JULY
AUG.
SEP.
108.3
113.1
113.4
53.4
55.3
51.4
47.0
46.5
46.6
100.4
101.8
98.0
65.1
68.2
69.4
122.2
122.8
123.5
326.2
331.0
345.0
33.1
32.4
32.2
348.2
343.9
355.7
2386.8
2422.4
2444.5
7750.6
7780.8
7818.8
OCT.
NOV.
DEC.
117.1
121.2
127.0
50.1
51.5
46.5
45.1
43.8
43.2
95.2
95.3
89.7
71.1
72.6
72.7
124.2
125.0 p
346.6
355.3 p
32.7
34.5 p
351.8
349.2 p
2459.3
2498.8 p
7857.2
7886.2 p
Neek ending
1990-DEC.
3
10
17
24
31
123.4
124.6
128.0
128.8
128.0
49.
48.
45.
45.
46.
43
43,
43
43,
42,
92.
91.
88.
88,
88.8
71.8
73.3
72.6
72.5
72.9
1991-JAN.
7
14
21p
28p
124.5
135.0
137.9
139.8
43.
44.
46.
47.8
42.6
42.8
43.3
42.9
86,
87,
89,
90,
70.
71,
73,
74,
Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual 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.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p--indicates preliminary data.
H.6 ( 5 0 8 )
Table 6
MEMORANDUM ITEMS
10
Billions of dollars> not seasonally adjusted
Demand deposits
at banks due to
U.S. government deposits
Time and savinqs
deposits due to
foreign banks
Foreign
Foreign
and official
commercial
official
institutions
banks
institutions
Date
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
Note balances
at depository
institutions
Total
cash
balance
IRA and Keogh Accounts
Time and
savinqs
At
deposits
At
thrift
at commercial commercial
institutions
banks
banks
At
money
market
funds
Total
1989-AUG.
SEP.
8.8
9.2
1.7
1.8
3.5
3.4
3.1
5.5
12.
19.
21.
32,
105.3
106.0
131.4
132.2
26.
28.
263.
266.
OCT.
NOV.
DEC.
9.7
9.2
9.5
1.8
1.6
1.6
3.4
3.4
3.3
3.3
3.5
5.2
17.
11.
14.
26,
19,
24.
107.3
108.0
108.7
132.5
132.3
133.3
28.
29.
29.9
268.
269.
271.8
1990-JAN.
FEB.
MAR.
9.7
9.0
9.0
1.6
1.6
1.6
4.4
3.5
3.6
18.8
18.5
13.1
29,
28.
22.
110.3
111.9
113.3
133.9
133.9
133.9
31.4
33.0
33.6
275.7
278.9
280.8
APR.
MAY
JUNE
9.2
9.4
9.1
1.5
1.7
1.5
14.9
21.8
15.4
24.
30.
25.
115,
117.
119.
134.0
133.8
133.6
34.
34.
34.
283.6
285.8
287.4
JULY
AUG.
SEP.
9.0
9.2
9.4
1.5
1.8
1.9
11.
19.
25.
20.
28.
37.
121.
122.
124.
134,
133,
132,
34.
35.
36.
289.8
291.6
294.2
OCT.
NOV.
DEC.
9.0
8.9
8.8
1.5
1.4
1.4
17.
15.
18.
26.4
24.8
28.2
126.8
128.6
130.1
131,
130,
130.
37.8
38.1
38 4 e
296,
297.
298,
3.6
3.3
3.2
Week ending
1990-DEC.
3
10
17
24
31
8.4
8.3
9.6
8.6
8.8
5.
4.
4.
5.
5.
17.6
8.1
6.2
30.9
27.3
26,
16.
17,
41.
37.
1991-JAN.
7
14
21p
28p
10.1
9.1
8.1
9.9
6.
5.
5.
15.4
12.6
29.8
35.3
27.
22.
41.
50.
e—indicates estimated data,
p—indicates preliminary data.
10.
1.3
1.3
1.3
Appendix Table 1
Monthly Seasonal Factors Used to Construct Ml, M2 and M3
1
i
Nonbank
travelers
Currency
checks
1
2
1
Demand
deposits
3
Other
1
checkable deposits
total
at banks
4
5
Nontransactions components 1
in M3 only [
in M2
6
Z
1
1990--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
0.9931
0.9902
0.9946
0.9971
0.9995
1.0050
1.0068
1.0039
0.9978
0.9952
1.0032
1.0131
0.9351
1 0.9517
0.9588
0.9526
0.9708
1.0373
1.1108
1.1198
1.0680
1.0083
0.9561
0.9300
1.0187
0.9707
0.9741
1.0069
0.9748
0.9958
1.0061
0.9957
0.9965
1.0032
1.0119
1.0469
1.0133
0.9930
1.0011
1.0322
0.9900
0.9964
0.9932
0.9907
0.9934
0.9884
0.9968
1.0110
1.0213
1.0004
1.0055
1.0333
0.9865
0.9925
0.9878
0.9874
0.9914
0.9857
0.9948
1.0130
1.0016
1.0014
1.0027
1.0011
0.9961
0.9977
1.0004
1.0011
0.9993
1.0004
1.0003
0.9981
0.9946
0.9973
1.0006
0.9940
1.0020
1.0020
0.9988
1
.0053
1.0036
0.9997
1.0043
0.9975
|
j
|
|
|
j
|
|
|
|
|
|
1991--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
0.9929
0.9903
0.9956
0.9977
1.0022
1.0060
1.0075
1.0046
0.9977
0.9952
1.0038
1.0121
0.9366
0.9521
0.9584
0.9526
0.9706
1.0364
1.1094
1.1200
1.0679
1.0088
0.9569
0.9308
1.0177
0.9707
0.9745
1.0066
0.9743
0.9950
1.0061
0.9958
0.9968
1.0035
1.0123
1.0475
1.0136
0.9932
1.0018
1.0325
0.9894
0.9962
0.9929
0.9905
0.9934
0.9882
0.9969
1.0111
1.0216
1.0003
1.0059
1.0335
0.9861
0.9926
0.9878
0.9873
0.9914
0.9855
0.9948
1.0130
1.0015
1.0015
1.0028
1.0011
0.9959
0.9975
1.0004
1.0011
0.9992
1.0004
1.0003
0.9981
0.9948
0.9967
1.0001
0.9944
1.0023
1.0020
0.9994
1.0058
1.0036
0.9995
1.0039
0.9973
|
j
|
|
|
j
|
|
|
|
|
|
0.9930
0.9902 |
0.9948 |
0.9368
0.9521
0.9597
1.0170
0.9707
0.9747
1.0138
0.9933
1.0020
1.0217
1.0003
1.0061
1.0015
1.0015
1.0029
0.9952
0.9966
0.9998
|
|
|
1992--Jan.
Feb.
Mar.
1.
|
|
!
j
|
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.
CM
CD
,JQ
w
<D
4->
cd
60
O
u
60
60
<
U
>N
cd
4->
(!)
a
o
2
CD
o
co
-p
a
CD
a
o
OH
O
X>
cd o
H
O
x CD
X)
TH
co
-P
i
a a)
o
£
CD
OH
OH
cd
o
2
-P
CO
CD
co
cd
a
o
O
cd
o
MH
CO
H
o
co
CD i-H
O
1
-p
co
H
O
rH
CO
•H
H
a) x i 53
cd
#n 2a
cd
a
>.
CD 2 CM
6 -p 23
a
a
a
O
•HJ
CD
vO
g <t
CD
4-> " H
cd 4->
•H
O
O 2
m
g G
.s
1
<D - H
60 S
1
-H
g
X)
CD
u o
cd a
HH'
rH
rH
XI
cd o •H g co
6 G +J *H
co a) cd P
a
r-\
O
H
r H CM CO
ON ON CO
O
ON ON
O
ON
O
ON
ON
o
r-i
rH
ON ON ON m r H ON
m CM m ON i n ON
oo ON r^ r^ o o
o o
ON
O O
O
rH
O
rH
O
rH
r-\
O
O O
rH
r-i
co
co
o o
r-\
r-\ CO CO
vO <t
rH
CO
O
co
o
CM CO ON CO CO
00
CM CO m
vO O CO r H
r-{
ON 0 0 oo ON r^ oo
ON ON ON ON ON ON
oo
O
rH
1-i
o
o o
rH
O
ON
ON
o o o o o
o
o o o o
o
vo
T-i r H
o CO r-^
o o o
o o o
VO r H
O
rH
vO co r^
- J vO vO
rH
o
y-i
o
O
rH
O
O
r-i
rH
O
-3r^
co
J-\
o
rH
0 0 ON
CM r H
CO r H
O
O
rH
rH 1 ^
rH rH
O
O
rH
CM < t
VO VO 0 0
ON ON ON
ON ON ON
O
CM
ON
ON
ON
00
ON
ON
ON
VO
O
O
O
o o o
r^
o
o
o
T-\
rH
O
rH
O
O
O
O
rH
u
CD cd
P*H S
d ^5
CM
ON
ON
rH
i
cd
O
r>» ON
CM r H
O N ON
ON ON
r-i
o CM r^
oo < f i n
o o o
o o o
rH
O
m
o
o o
CO
y-i
ON
ON
rH
m o
vo ON
o o
o o
rH
i-\
r^ vo in
o
o
o
o o
i-i
r^ m CO o m r^ m VO T-i sf r-^ r^
T-i
CM
CM vo vo o ON m o
r^
r^
r H r H r-i CO
oo 0 0 ON o ON o o
ON ON ON ON o ON o o
O
o
o
o
rH
rH
r-\
ON <t oo <t ON 0 0 ON
vO oo <f oo oo vO CM
ON ON ON ON ON ON ON
ON ON ON ON ON ON ON
m
o
o
o
o
rH
O
ON
ON
ON
ON r^ 0 0 ON
ON ON r^ vO
ON ON ON ON
ON ON ON ON
o
o
o
rH
rH
CO r-i
ON
ON
ON
o
o O o o
o o o o
vO
vO
O
O
l-\
y-i
r-x o
o
o o
o o
r-i
o o o o
o
o
O
rH
O
o o
CD
CO
On -P
> o
o o CD
o 'Z Q
-P
O
o ^fr m ON CO <t <* r^»
CM oo CM 0 0
co OCM vo ON
o
o O o ON o O N
o o o o o ON O ON
S
CD >,
u u >. a r H 6 0
cd a cd
7* 2
3
*->»-o <
s <
O
r-\
vO ON vO vO o m O m o vO
O o co CM vo r v r^
O ON ON ON ON ON ON
O ON ON ON ON ON ON
r-{
rH
r^. CO m
o o o
o o o
rH
r-^ r H
^Q
CD
P*H
O
vO ON
CM r H ON
ON ON ON
ON ON ON
o
m
o
o
o o
co
o o
d
cd
i
i
rH
ON
ON
r-i
o
rH
O N oo <t o
ON ON o o
ON ON o o
O O
O O
O r-i
o
o
co o m m
rH
• -P
O
rH
rH
rH
t-H r H r H
rH
ON vo m oo CO vO
CM t-H ON ON co vO
O
O ON ON ON ON
O
O ON ON ON ON
O O
o
o
o o o o
0 0 CO 0 0 ON
ON ON ON ON
O
O
O
rH
r-\ r H
o o o
o o o
O
vO
H 0 0 0 0 CM oo
C M v o r ^ r*. vO 0 0
ON O N ON ON
O
ON ON ON ON
r-4 r H
r-i
O O C M
O
ON
O
O
ON O
O
ON
O
rs i n
O
O
00
ON
ON
ON
O
>*
m
rH
r^ O r H O r H IT) ON vO <t -tf
r^ CM ON < t r»» v o
r-^ r H
ON
i n CO -3" CM s f
rH
CO m m
CO CO r-i
o o o
CM r H
rH
O
T-i r H
o r H r-\
o o o
rH
o
rH
vO
O
VO < t ON r^ m CM vo co
O
vO r^ ON s t CO 0 0 vO CM < t vO
O
ON ON ON ON ON ON ON O
O
ON ON ON ON ON ON ON O
O
rH
rH
rH
o o
o o
rH
<fr
m OO O
ON ON
o
o O ON ON
ON CM CM
o
O
CM
CO O
0 0 ON
<t vO
r-i
CO CO CM
CM r H ON CO CM VO O
ON ON
ON ON ON
i-H O ON
O
O ON
ON ON
ON ON ON
rH
r-i
vO CO
O O
O O
CO
- P «P - P
> * CD • H
«
CO 2 CM
<D M
E
£ u o o
cd a o
rH
0
S
CD O
T 3 cd
CO
6< 1
a
O
CD
G rO u u t* a rH 60 OH -P > o
CD
cd CD cd a cd 3 2 3 CD o o
P-. S < s •-> •-> • < j c o o z Q
•-5
ON
°
^
ON
o
u
g
g
CD
^
o
o
o
-p
y
rO
-p
cd
cd
-p
w
cd
X)
-p
•H
CO
o
a
o
CD
XI
4->
XI
CD
•H
rH
a. .
a CO
a
o
cd
CD • H
-P
u
cd 2
-p
m
*H
u
xl
+J
-H
a
-P
CO • H
*P
CO
u
o
-p
o
cd
m
rH
a
o
cd
CO
CO
cd
a
cd X I
CD
CO
cd
a
^5
H XI
CD
CO
CD
rC
Savi
osi
Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
Week ending
Nonbank
Demand
travelers
Currency 1 checks
deposits
1
3
1
2
i
1
0.9998
1.0139
1.0105
1.0209
1.0096
1990--Dec. 3
10
17
24
31
1991--Jan. 7
14
21
28
Feb. 4
11
18
25
Mar. 4
11
18
25
Apr. 1
8
15
22
29
May
6
13
20
27
1.
|
|
0.9311
0.9306
| 0.9300
0.9295
! 0.9289
Other
1
checkable deposits
total
at banks
j
Nontransactions components 1
in M2
in M3 only [
6
Z
1
4
5
1.0081
1.0293
1.0401
| 1.0453
i 1.0852
0.9984
1.0221
1.0096
1.0028
1.0070
0.9972
1.0210
1.0103
1.0086
1.0114
0.9996
1.0005
0.9995
0.9960
0.9953
0.9991
0.9990
0.9942
0.9974
0.9989
|
j
j
j
|
1.0807
1.0383
1.0050
0.9667
1.0525
1.0345
1.0099
0.9751
1.0574
1.0439
1.0191
0.9825
1.0009
1.0034
1.0018
1.0003
0.9811
1.0003
1.0009
0.9960
|
|
|
|
1.0088
1.0005
0.9900
0.9807
0.9306
0.9338
0.9371
0.9403
0.9863
0.9952
0.9939
0.9840
0.9437
0.9481
0.9524
0.9567
0.9864
0.9722
0.9669
0.9579
0.9971
1.0055
0.9882
0.9802
1.0057
1.0120
0.9989
0.9852
1.0006
1.0012
1.0014
1.0019
0.9966
1.0002
0.9965
0.9936
|
|
|
|
0.9903
1.0007
0.9968
0.9920
0.9602
0.9592
0.9582
0.9572
0.9834
0.9801
0.9778
0.9555
1.0043
1.0133
1.0001
0.9858
1.0071
1.0174
1.0040
0.9934
1.0023
1.0029
1.0031
1.0020
0.9966
0.9962
0.9993
1.0047
|
|
|
j
0.9898
1.0071
1.0016
0.9964
0.9879
0.9562
0.9547
0.9529
0.9512
0.9494
0.9814
1.0136
1.0228
1.0088
0.9825
0.9991
1.0482
1.0499
1.0412
0.9960
1.0007
1.0439
1.0496
1.0494
0.9984
1.0040
1.0053
1.0034
0.9988
0.9975
1.0028
0.9979
0.9931
0.9883
0.9964
|
j
|
|
j
1.0034
1.0055
1.0012
1.0007
0.9526
0.9622
0.9718
0.9814
0.9802
0.9764
0.9790
0.9549
1.0116
0.9959
0.9855
0.9672
1.0017
0.9921
0.9827
0.9710
0.9954
0.9955
0.9959
0.9954
0.9996
1.0028
1.0020
1.0046
|
|
|
|
I
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 (continued)
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
Week ending
Nonbank
Demand
travelers
Currency
checks
deposits
i
2
|
3
1 ^ 1
0.9910
1.0119
1.0326
1.0532
|
0.9972
1.0027
| 0.9976
0.9728
0.9772
1.0212
1.0021
0.9835
0.9667
0.9751
1.0115
0.9959
0.9799
0.9660
|
|
|
1.0016
1.0061
1.0069
0.9711
1.0040
1.0014
0.9875
0.9707
0.9975
0.9965
0.9837
0.9723
1.1039
1.0891
1.0733
1.0576
1.0419
0.9896
1.0188
1.0097
0.9767
0.9825
0.9888
1.0267
1.0082
0.9762
0.9607
1.0028
1.0009
0.9951
0.9878
1.0287
1.0173
1.0058
0.9943
1.0139
1.0205
0.9995
0.9796
0.9953
1.0085
1.0035 |
1.0003 |
0.9826
0.9702
0.9578
0.9456
1.0170
1.0152
1.0233
0.9981
July 1
8
15
22
29
1.0010
1.0214
1.0113
1.0057
0.9970
1.0735
1.0890
1.1026
1.1161
1.1297
1.0115
1.0374
1.0194
0.9913
0.9715
Aug. 5
12
19
26
1.0074
1.0117
1.0052
0.9966
1.1370
1.1287
1.1204
1.1121
Sep. 2
9
16
23
30
0.9984
1.0081
1.0001
0.9936
0.9870
Oct. 7
14
21
28
Nov. 4
1.
|
|
|
|
1.0010
1.0206
1.0045
| 0.9739
|
|
|
|
|
| Nontransactions components 1
1
in M2
in M3 only |
|
6
|
7
|
|
1.0005
1.0134
1.0069
1.0015
18
25
Other
1
checkable deposits
at banks
total
1
4
1
5
0.9938
1.0128
| 1.0016
0.9746
1991--June 3
10
17
24
11 1
|
0.9980
0.9978
0.9976
0.9967
1.0017
1.0039
1.0037
1.0024
|
|
|
|
0.9977
0.9977
0.9975
1.0002
1.0017
|
|
|
|
|
1.0007
1.0019
1.0015
1.0008
1.0024
1.0052
1.0036
1.0091
|
|
|
|
0.9853
1.0197
1.0063
0.9780
0.9616
1.0005
1.0006
0.9997
0.9974
0.9989
1.0084
1.0040
1.0056
1.0016
1.0017
|
|
|
|
|
1.0079
1.0002
0.9862
0.9646
1.0003
0.9961
0.9844
0.9681
1.0012
1.0009
0.9995
0.9998
0.9988
1.0018
0.9952
1.0007
|
|
|
|
0.9982
1.0083
0.9987
0.9783
0.9925
1.0023
0.9956
0.9823
1.0005
1.0003
1.0010
0.9999
1.0030
1.0046
1.0004
1.0042
j
|
|
|
j
|
|
|
|
0.9979
0.9991
1.0015
1.0009
1.0004
|
|
|
|
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 (continued)
Weekly Seasonal Factors Used to Construct Ml, M2 and M3
Other
1
checkable deposits
total
at banks
4
5
Currency
1
Nonbank
travelers
checks
2
Demand
deposits
3
1991--Dec. 2
9
16
23
30
1.0042
1.0117
1.0095
1.0183
1.0123
0.9335
0.9312
0.9307
0.9301
0.9295
1.0138
1.0287
1.0380
1.0419
1.0712
0.9937
1.0260
1.0091
1.0052
1.0023
0.9930
1.0218
1.0106
1.0107
1.0086
0.9999
1.0008
0.9992
0.9966
0.9952
1.0080
0.9959
0.9953
0.9958
1.0002
|
|
|
|
|
1992--Jan. 6
13
20
27
1.0065
0.9986
0.9919
0.9827
0.9305
0.9337
0.9369
0.9400
1.1107
1.0379
1.0009
0.9613
1.0536
1.0402
1.0125
0.9729
1.0535
1.0475
1.0238
0.9883
1.0009
1.0037
1.0014
1.0006
0.9898
0.9950
0.9978
0.9975
|
|
|
|
Feb. 3
10
17
24
0.9842
0.9963
0.9950
0.9852
0.9432
0.9473
0.9514
0.9555
0.9782
0.9773
0.9713
0.9622
0.9896
1.0107
0.9907
0.9825
0.9931
1.0144
0.9998
0.9902
1.0002
1.0007
1.0014
1.0023
0.9948
0.9969
0.9961
0.9951
|
|
|
|
Mar. 2
9
16
23
30
0.9836
1.0004
0.9965
0.9938
0.9903
0.9595
0.9592
0.9582
0.9572
0.9563
0.9704
0.9865
0.9785
0.9600
0.9618
0.9863
1.0192
1.0031
0.9924
0.9897
0.9960
1.0264
1.0077
0.9956
0.9907
1.0026
1.0028
1.0030
1.0019
1.0036
1.0000
0.9994
0.9987
1.0000
1.0014
|
|
|
|
|
Apr. 6
1.0067
0.9550
1.0229
1.0470
1.0352
1.0057
0.9963
|
Week ending ^
1.
Nontransactions components 1
in M3 only |
in M2
7
|
6
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 For Selected Components of the Monetary Aggregates
|
L__
1
Deposits
Money
Small
market
denomideposit
nation
Week ending
accounts
time
Savings
1
2
3
!
1
Large
denomination
time
4
Money market
|
|
mutual jrunds
in M3 onlv|
in M2
6
1
5
1990--Dec. 3 !
10
17
24
31
0.9960 !
0.9965
0.9919 !
0.9865
0.9887
1.0082
1.0112
1.0102
1.0060
1.0062
0.9975
0.9969
0.9959
0.9956
0.9976
1.0024
1.0030
0.9995
0.9983
0.9984
1.0037
1.0042
1.0025
1.0014
0.9920
1.0136
1.0038
1.0105
1.0113
1.0123
|
|
|
|
|
1991--Jan. 7
14
21
28
0.9978
0.9947
0.9912
0.9875
1.0125
1.0119
1.0071
1.0013
1.0003
1.0009
1.0007
1.0007
0.9969
0.9988
0.9955
0.9934
0.9820
1.0023
1.0077
1.0087
1.0008
1.0434
1.0501
1.0482
|
|
|
|
Feb. 4
11
18
25
0.9898
0.9928
0.9918
0.9902
1.0022
1.0044
1.0043
1.0036
1.0014
1.0017
1.0012
1.0002
0.9933
0.9977
0.9971
0.9965
1.0059
1.0108
1.0120
1.0138
1.0399
1.0405
1.0311
1.0322
|
|
|
|
Mar. 4
11
18
25
0.9936
0.9992
1.0002
0.9999
1.0047
1.0073
1.0063
1.0042
0.9997
0.9994
0.9985
0.9987
0.9961
0.9987
0.9981
1.0002
1.0140
1.0180
1.0185
1.0203
1.0249
1.0164
1.0081
1.0105
|
|
|
|
Apr. 1
8
15
22
29
1.0047
1.0113
1.0066
0.9984
0.9958
1.0049
1.0102
1.0082
0.9967
0.9884
1.0007
1.0005
0.9999
1.0001
0.9998
1.0000
0.9977
0.9943
0.9916
0.9930
1.0164
1.0160
1.0193
1.0133
1.0020
1.0111
0.9989
0.9939
0.9790
0.9870
|
|
|
|
|
May
1.0010
1.0032
1.0031
1.0011 1
0.9875
0.9897
0.9904
0.9897
0.9998
0.9997
0.9996
0.9993
0.9945
0.9981
0.9983
1.0035 i
0.9897
0.9883
0.9848
0.9887 1
0.9817
0.9884
0.9899
1.0070
|
|
|
1
6
13 I
20 |
27J
1. These seasonal factors are applied to deposits data at both commercial
banks and thrift institutions.
xi
CO
CD
-P
cd
60
CD
U
60
60
>N
<
<D
U
cd
-P
a
o
-P
CD CD
a
M
rH
a
o
CO vO
-P CO X
CD XI
r*
rH
CM
a •Ha
P s
cd MH
>* cd
CD 3
G -P se
O 3 a LO
s e •H
1
CD -H
ISO
a CD
60 g o
P O •H B <t
p
CD
O
XI
a
a
o
a
e co
cd
c
CD
PI
X3
•H
60
rH
611
CJ
CO
> » CD •H
a CM
CD ^ CO P
a
u oH o
O
O cd a
CD o
s e XI
-P *p -P
CO
1
rH -H
rH g
CD
cd o •H
1—1
4-i *H
CO CO CD Cd -P
4->
XI
s a
cd
•H
a o
o
^
a
a CD
a -P •H
CD cd 4->
o co
w -p
CD
o
CD a
>-• 6
X> O
cd o
H
xl
X CD
*H -p
X) O
a CD
CD r H
p
aw
<J
o
to
p
o
o
-p
cd
p4
cd
o
co
cd
CD
CO
CD
CD
^5
CD
CD
!3K
CO CM rH
CM ON r^
NO r^
ON ON ON
O
CM NO
LO CO
ON ON
ON ON
r^
CO
NO
CO
ON
o o o
ON r>»
CO LO
CO CO
ON ON
ON
NO
ON
ON
o o o
o
O
VO
CO
CO
ON
LO CO CO LO
CM r^ LO ON
CO r^ r^ NO
ON ON ON ON
<t
r> <t VO
CO r^
ON ON co ON
ON ON ON ON
<t vO
o o o o o
rH rH rH
<f r> CM CO
VO ON rH CO
O
O
ON ON ON ON
vO r^ CO CO
o o
rH
rH
O
O
rH
VO rH <f <t\
ON CO «^ON ON ON rH
ON ON ON O
rH
O
CO CO CO CO
rH CO CO ON
O
O
O
O
O
o
o o
O
O
rH rH rH rH\
o ON r^
vO ON ON
ON ON ON
ON ON ON
rH
rH rH
O
o o
CO CO r^ -viON vo vo
o
O
rH rH
o o
<t
r^
rH
o
ON vO rH <!rH O ON CO
O ON ON
O ON ON
o
o
rH rH O
o o o
vO ON r^ co
LO CO r>. VO
ON ON ON ON
ON ON ON ON
O
r»
r^
rH rH
o o o
o o O O
rH r-i
O
O
<f LO O CO
CO CO oo r->»
ON ON ON ON
ON ON O N O N
o o
o o
vO CO CO
VO r^ v o
O
O
o o
<t
r-\
o
o
r-{ rH rH rH\
O
u
o
o
o
A
o
-p
rQ
P
cd
cd
+J
cd
CO
x>
0
CO
-p
•H
a
CD
o
XI
-p
XJ
CD
•H
rH
PH
.
CO
ad a
c
o
•H
CD -P
P 2
cd -P
*H
«
CO -P
CO
u
CO
ON
ON
ON
MH
o •H
-p
CO
rH
O
O
H
10
^J
ad
CD c
XI .Q
CD
CO
CO
cd Xu
C •P
*H
m
od -P
c
r-i
CO
VO
ON
ON
CM
ON
ON
ON
ON
ON
rH
O o O
o o o
o o
rH rH r-i
O
oo LO|
o
rH
rH rH CM
o
CO XI
cd c
CD cd
<t
rH
rH CM CM
r^ <*
.
-P
O
o
.
>
o
^
co
CM o CM
VO LO CM
r^
o O o o
o o o o
rH
rH
rH rH
o <J- CO
VO vO vtf-
rH rH
o o
ON CO co CO r-i
ON CO O
ON ON O
ON ON O
r-i
rH
o
vO rH I**. LO LO
rH
ON
ON
rH
O
r>» CM o co
o O ON
o o ON
o
ON
ON
rH
o o
o o
o o
rH
vO «<f ON vO LO
<f CO co LO LO
o o o OO o
o o o
o
o co LO LO VO
ON vO rH CO ON
ON ON O o ON
ON ON o o ON
o o o o
rH
LO CM VO <*
LO LO rH
o
ON ON ON o
ON ON ON o
o o o
NO
rH
ON
ON ON ON ON
r^ ON LO o
r»» LO CO o
r>* r^ co ON
co
ON
CM CM CO rH
LO <!- co CO
CO CO CO CO
ON ON ON O N
o o o o
rH
O
o o o o
ON
r^»
NO <f vO r^ ON
ON ON ON ON ON
ON ON ON ON ON
o
CM LO
CM LO
O O
O o
co o o r>» r-
rH
CM co
ON r^
ON ON
ON O N
o o o o
O
o o
ON O
ON o
r^
o o
o o
o o
rH rH
O CM
CM CM CM rH
o o
o o
r^ r^
rH rH rH rH
NO ON LO ON CO
CM CO co CM CM
o o o o o
o o o o o
ON <f CM
vO r^ vO
ON ON ON
ON ON ON
o
o
rH rH rH rH rH
CO
CO
ON
ON
o o o
CO <t <t
ON NO r>»
ON ON ON
ON ON ON
vO r>»
rH
r^ o
o
o
CM CO CO ON
rH rH
ON
ON
rH
vO vO CO CO
O o o ON
O o o ON
O
O
O
rH rH
o rH CO
o o o
o o o
o o o
rH
CO LO
rH O
ON ON
ON ON
o
LO
ON
ON
ON
ON ON CO
co CM CO
CO ON ON
ON ON ON
O
CO <r ON
CO NO ON
ON ON co
ON ON ON
LO
CO
ON
ON
o o o
O
o o o o
ON CM CO to r*»
vO *J CM ON <t
o rH rH o o
o o o o o
o
O
o
r-i
o
o
o
•
OH
CD
CO
co
CM ON VO CO
CM
rH rH rH
rH rH
CM
.
2
<
60
LO CM ON vO
rH rH CM
CM o CM ON
^ ON r>* CO
o o o o
o o o o
rH
o r^ <t
rH
>.
3
*->
rH
rH CO LO CM ON
rH CM CM
rH rH rH rH
CO
CD
i
a
3
rH
ON
ON
rH
Savi
Appendix Table 4 (continued)
Weekly Seasonal Factors For Selected Components of the Monetary Aggregates
Week ending
Savings
1
1
Deposits .
Money
Small
market
denomideposit
nation
accounts
time
2
3
Large
denomination
time
4
Money market
|
mutual :funds
|
in M2
in M3 only)
6
|
5
1991--Dec. 2
9
16
23
30
0.9962
0.9974
0.9931
0.9878
0.9867
1.0082
1.0115
1.0111
1.0069
1.0064
0.9972
0.9968
0.9959
0.9955
0.9969
1.0022
1.0013
0.9990
0.9977
1.0009
1.0056
1.0046
1.0040
1.0016
0.9938
1.0097
1.0063
1.0119
1.0148
1.0131
|
|
|
|
|
1992--Jan. 6
13
20
27
0.9973
0.9957
0.9920
0.9883
1.0121
1.0133
1.0080
1.0026
1.0000
1.0010
1.0008
1.0006
0.9979
0.9976
0.9961
0.9944
0.9820
0.9994
1.0070
1.0092
0.9974
1.0431
1.0517
1.0496
|
|
|
|
Feb. 3
10
17
24
0.9894
0.9931
0.9924
0.9906
1.0018
1.0048
1.0046
1.0040
1.0011
1.0013
1.0009
1.0001
0.9932
0.9971
0.9970
0.9962
1.0051
1.0101
1.0129
1.0134
1.0406
1.0376
1.0300
1.0279
|
|
|
|
Mar. 2
9
16
23
30
0.9925
0.9984
0.9999
1.0000
1.0023
1.0044
1.0073
1.0066
1.0047
1.0040
0.9997
0.9996
0.9988
0.9984
0.9996
0.9957
0.9983
0.9981
0.9990
0.9993
1.0131
1.0159
1.0173
1.0188
1.0194
1.0322
1.0167
1.0148
1.0156
0.9987
|
|
|
|
|
Apr. 6
1.0131
1.0094
0.9998
0.9958
1.0163
0.9871 [
1. These seasonal factors are applied to deposits data at both commercial
banks and thrift institutions.
•n
<D
rH
,0
cd
H
X
•H
X*
a
CD
a.
a.
<
a)
>
CD
hi
CD
4->
cd
60
CD
/•—\
T3
CD
4->
W
3
V-l T " )
60 TJ
60 cd
<
CO
S
XI
rH
o
X>
>
CD
«
Xl
rH
o
CN
>>
se T3
xi
O
X*
rH
>
CD
«
> > H
H rH
S3
rH
cd cd
-p a
<D o
a w
*
o cd
S a)
w
W
H
O
X>
rH
x* cd
3 i—i
o
TJ X*
£
CO
CD
W M-i
•H
O
>
CD
«
O
«4H - H
O rH
rH
a -H
o .a
W w
U
cd
•H
a
a
o
o
>
CD
«
CO
o
< ! •
VO VO
00
co
<J\ CO
rH
CJN CN
as vO co
vO
m
CN
<t
a\
co
CM CO r-{
CO
m
o
m r H <t CM CO m
r^ GS ON c\ o\ G\
o o o o o O
<t <t -d- -3- <t <t
rH
oo <f c^ CO vO r H
vO vO r-s vO r^
•<!•
o O O O O o
<t <t <f <f <f <f
< * •
0 0 r H <f
r H CO <t
O
o o
<t <f
rH
vO
00
CN r-» oo r> co
r-i r H r H CN
O
CO CO co CO co
CO CO CO co CO
< ! •
CN r H CN r^ r^ oo - t <t 0 0 CN OV co
rH CO r^ CN CN m 0 0 CN r^ O
CN <t
rH rH rH
vO
0
0
0
0
CO
r^
r^
oo
o
o
O
o o o o o o r-i r H TH r H r H
<fr <f <t <f
<t <fr -J
•<* -d- <t
r> o
m
co co
vO as oo vO r^
rH
r H oo CN o
CO LO r^ r^ r> oo 0 0
CN CN CN CM CN CN CN
CO CO co co CO
o
CO o> o
r*> o m
CN <t m
vo
o
o <f
o <J-
< * •
ON CN
o
rH rH rH
CO
CN
r H CN CN
CO CO CO
rH
vO
o
vO o
<J-
o
o
>*
r^
co m o> o> CN O
0 0 r-{ <t m
CO in vO r«s 0 0 CTs ON
CN CM CN co
CN CN CN CN CN CN CN CO co co CO CO
co co co CO co co CO CO CO co co co
o c^
o
oo <t oo co <f <f
m
m
00
o
CN r H
CO co co
00
CN
r H CN CN
CO CO CO
<t oo
rH
00
m
H
CD
m
vo
<f
1^
u
o
u
rO
u
r H r H co
CN CN CN CN
0 0 oo 0 0 0 0
CN CO
CN o CN
r-\ CM CN CN CN
0 0 0 0 0 0 0 0 oo
<t r H <f r^ m ON
cs o O o o o
r> 0 0 0 0 0 0 0 0 0 0
<J\
0 0 ON <t
0 0 0 0 o\
r^ r> r^
H
>%
r~\ r H
00 00
X>
H
CD
<t r H r v r^ m m
m r H <f r> r> r H
C7\ o
o O o r-\
r> oo oo 0 0 0 0 0 0
u
CD
rQ
ON
rH
o\
3 H
^Q
CD
»~5 PH
1
1
O
se <
CD
>^ cd
H
-p B CD X> X I
cd p* r C r H
in CD JQ a a
•H
CD <D
CD
-P 0
o
H> % O i 4J
H
H
£ r>
>
> CoD
cd CH c
d> ^J 0 ^ <D O 0
S >-) *-) <
m O z Q
'S
o> CJ\ vO
r^ oo CO
0 0 0 0 o>
r^ r>* r^
U
<D
O
a
a
0) CD
O
4->
rO
> CD
O 0
55 Q
o
1
1
00
<J\
rH
ise
ise
ise
Appendix Table 6
Comparison of Revised and Old Ml Growth Rates
(percent changes at annual rates)
Difference
Revised
m
Old
(21
m
||
- (2) ||
(3)
11
Difference due to
Benchmark
Seasonals
(4V
(5)
Monthly
1989--0ct.
Nov.
Dec.
9.4
1.5
7.1
1990--Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.
2.7
8.6
5.4
4.5
-0.3
8.0
2.0
8.2
1.4
-0.5
1.9
-0.5
-1.1
0.4
0.2
-0.9
-1.3
0.5
0.3
0.3
0.3
0.3
0.0
2.7
10.0
-1.4
5.1
3.7
0.3
0.8
2.5
-2.8
5.9
6.0
-1.2
-0.6
10.2
-0.2
2.2
-1.7
0.0
0.5
2.2
0.1
9.3
-0.1
-0.6
-1.6
-1.5
-0.9
-3.1
2.2
3.1
3.1
3.8
4.2
-0.7
-1.1
-0.1
-0.9
-1.0
1989--QIV
5.0
5.1
-0.1
-0.1
0.0
1990--QI
5.2
4.2
3.7
3.4
4.8
3.5
4.1
3.5
0.4
0.7
0.1
0.4
-0.4
-0.1
0.3
0.3
0.0
0.0
-0.4
-0.1
1990--QIV f89 to
QII f90
4.8
4.2
0.6
0.3
0.3
QII f90 to
QIV f90
3.6
3.8
-0.2
0.0
-0.2
0.6
4.2
0.6
4.0
0.0
0.2
0.0
0.2
0.0
0.0
8.6
7.8
0.1
-0.1
0.0
0.2
0.2
-0.7
-1.5
-1.5
2.0
Quarterly
QH
QUI
QIV
Semi-Annual
Annual (QIV TO 0IV1
1989
1990
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
Revised
m
Old
(21
Difference due to
Difference ||
Seasonals
(11 - (21 | Benchmark
(5)
(31
1[
(4)
Monthly
1989--0ct.
Nov.
Dec.
7.7
7.7
7.4
6.9
7.3
7.6
0.8
0.4
-0.2
0.0
0.2
0.1
0.8
0.2
-0.3
1990--Jan.
Feb.
3.9
7.9
5.4
3.8
1.1
2.9
1.5
5.1
4.5
1.3
0.3
1.7
3.5
9.2
5.6
2.6
-2.0
3.0
1.7
6.4
5.2
0.6
-0.5
2.0
0.4
-1.3
-0.2
1.2
3.1
-0.1
-0.2
-1.3
-0.7
0.7
0.8
-0.3
-0.2
0.1
0.0
0.6
0.7
0.3
0.2
0.0
0.0
0.0
0.4
0.1
0.6
-1.4
-0.2
0.6
2.4
-0.4
-0.4
-1.3
-0.7
0.7
0.4
-0.4
1989--QIV
7.2
7.1
0.1
0.1
0.0
1990--QI
QII
QUI
QIV
6.2
3.9
2.9
2.3
6.4
3.0
3.0
2.2
-0.2
0.9
-0.1
0.1
0.0
0.4
0.2
0.1
-0.2
0.5
-0.3
0.0
1990--QIV '89 to
QII '90
5.1
4.7
0.4
0.2
0.2
QII '90 to
QIV '90
2.6
2.6
0.0
0.2
-0.2
4.7
3.9
4.6
3.7
0.1
0.2
0.1
0.2
0.0
0.0
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Quarterly
Seml-Annual
Annual fOIV TO QIV)
1989
1990
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
Difference
Revised
m
Old
(2)
m (3)
-m
||
||
1|
Difference due to
Seasonals
Benchmark
f41
(5~)
Monthly
1989--0ct.
Nov.
Dec.
2.8
4.1
4.2
1.4
3.9
4.0
1.4
0.2
0.2
0.2
0.2
0.3
1.2
0.0
1990--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1.8
3.5
1.2
1.6
0.0
0.9
0.8
4.1
1.6
0.7
0.8
0.4
1.2
4.7
1.4
1.4
-2.1
1.4
1.1
4.7
0.8
-0.5
0.5
0.4
0.6
-1.2
-0.2
0.2
2.1
-0.5
-0.3
-0.6
0.8
1.2
0.3
0.0
0.5
-0.5
-0.1
0.7
0.8
0.7
0.2
-0.1
-0.1
0.0
0.1
0.0
1989--QIV
2.9
2.0
0.9
0.4
0.5
1990--QI
QII
QUI
QIV
2.9
1.3
1.5
1.3
2.9
1.0
1.6
0.7
0.0
0.3
-0.1
0.6
0.1
0.4
0.2
0.0
-0.1
-0.1
-0.3
1990--QIV '89 to
QII '90
2.1
2.0
0.1
0.3
-0.2
QII '90 to
QIV '90
1.4
1.1
0.3
0.1
0.2
3.5
1.8
3.3
1.6
0.2
0.2
0.2
0.3
-0.1
-0.1
0.1
-0.7
-0.1
-0.5
1.3
-1.2
-0.5
-0.5
0.9
1.2
0.2
0.0
Quarterly
0.6
Semi-Annual
Annual fOIV TO QIV)
1989
1990
0.0
Appendix Table 9
Revisions to the Monetary Aggregates
(4th quarter-to-4th quarter growth rates)
(in percent)
1983
1984
1985
1986
1987
1988
1989
1990
Ml
seasonally adjusted
M2
seasonally adjusted
M3
seasonally adjusted
Revised
Diff
Revised
Revised
-
12.2
12.2
-
9.8
9.8
8.0
8.7
9.2
4.3
5.2
4.7
3.9
7.9
8.9
9.3
4.3
5.2
4.6
3.7
+ .1
10.7
10.6
+ .1
-.2
-.1
-
7.6
9.0
5.8
6.3
3.5
1.8
7.8
9.1
5.8
6.3
3.3
1.6
-.2
-.1
-
Old
10.4
10.4
5.4
5.4
12.0
15.5
12.0
15.5
6.3
4.3
.6
4.2
6.3
4.3
.6
4.0
+ .2
Old
Diff
+ .1
+ .2
Old
Diff
+ .2
+ .2
@FedFRASER