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;o^ G o^

FEDERAL RESERVE statistical release
.fSBnss*:
H.6 (508)

For release at
4:30 PM EST
February 8, 1996
MONEY STOCK REVISIONS

Measures of the money stock have been revised to incorporate
the results of the annual benchmark and seasonal factor review, as
well as a minor redefinition of M2. This release includes revised
monthly and weekly seasonal factors and comparisons of the revised
monetary aggregates with previously published data.
The revisions had no effect on the annual growth rate of M2
over 1995, but they raised the annual growth rates of Ml and M3 by 0.1
percentage point over the past year. For earlier years, revisions to
the annual growth rates of M2 ranged between -0.5 and +0.4 percentage
point, while the annual growth rates of Ml and M3 were revised by
smaller amounts.
Redefinition
A minor redefinition of M2 was implemented with this year's
benchmark. Overnight wholesale RPs and overnight Eurodollars have
been removed from M2. They are now included in non-M2 M3. These
overnight components are quite volatile and difficult to measure
accurately. Their movements no longer exhibit the negative
correlation with demand deposits that had been observed in 1980, when
they were originally included in M2. The redefinition does not affect
the quarterly and annual behavior of M2, nor its relationship to
interest rates and income. The redefinition, which has no effect on
Ml or M3, lowered M2 in all years since 1969, by amounts that
cumulated to $118 billion in 1995.
Benchmark Revisions
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. The benchmark also
incorporates historical data for a number of money market mutual funds
that began reporting for the first time during 1995, raising the
levels of M2 and M3 over the year by amounts that cumulate to
$1 billion and $9 billion, respectively.
Seasonal Review Revisions
In a process similar to that used in previous years, seasonal
factors for the monetary aggregates have been revised using the X-ll
ARIMA procedure applied to the benchmarked data through December 1995.
However, this year, seasonal factors were constructed for total RPs
and total Eurodollar deposits, both of which are now entirely in the
non-M2 component of M3. Furthermore, non-Mi M2 and non-M2 M3 have
been seasonally adjusted by summing their seasonally adjusted
components; previously, both non-Mi M2 and non-M2 M3 were seasonally
adjusted as a whole.




-2-

Complete 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. The historical H.6 data will also be
available on floppy diskette for a fee of $25 per diskette from the
Federal Reserve Board's Publications Section, Mail Stop 127, Board
of Governors of the Federal Reserve System, V/ashington, D.C. 20551,
(202) 452-3245. Revised monthly historical data for Ml, M2, M3, and
total nonfinancial debt are also available from the Economic
Bulletin Board of the U.S. Commerce Department. Call (202) 482-1986
for information on how to access the Commerce bulletin board.




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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat4:30pm Eastern Tme

Billions of dollars

Date

FfflHUARY 8,1996

M11

M22

M33

DEBT5

Seasonally adjusted
1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1132.2
1137.0
1141.2
1143.2
1144.4
1146.1
1151.4
1150.0
1150.4
1148.9
1148.7
1148.7

3499.0
3500.7
3506.5
3513.5
3511.6
3500.6
3508.0
3504.1
3503.8
3503.9
3506.8
3509.4

4255.1
4243.0
4251.0
4261.4
4260.6
4258.8
4277.8
4276.5
4284.9
4293.7
4304.4
4319.6

5180.2
5178.3
5186.8
5201.0
5212.0
5205.9
5230.4
5240.3
5243.0
5261.8
5281,1
5303.6

12555.6
12605.3
12674.7
12737.0
12801.3
12843.7
12864.3
12926.3
12986.6
13036.8
13111.3
13153.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SBP.
OCT.
NOV.
DEC.

1149.2
1147.8
1148.7
1151.2
1146.2
1144.5
1145.4
1143.8
1140.1
1131.8
1129.0
1124.8

3515.3
3517.5
3525.1
3537.3
3551.9
3582.6
3601.5
3621.. 6
3635.0
3642.3
3653.6
3670.8

4343.1
4355.3
4375.2
4399.3
4428.0
4466.7
4494.6
4522.2
4542.8
4557.5
4568.2
4582.6

5330.9
5364.3
5401.6
5436.5
5464.2
5503.6
5552.6
5587.9
5633.8
5660.7
5675.3 p

13201.9
13279.8
13342.3
13419.3
13519.6
13578.3
13613.6
13665.5
13704.1
13744.3
13804.2 p

Not seasonally adjusted
1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SBP.
OCT.
NOV.
DEC.

1142.2
1124.1
1131.4
1152.5
1132.3
1141.9
1150.6
1143.9
1146.5
1147.8
1155.9
1174.2

3502.1
3483.3
3501.2
3528.9
3498.4
3498.6
3511.6
3502.9
3498.8
3500.5
3513.5
3529.8

4259.9
4228.0
4245.1
4271.2
4247.2
4256.5
4276.6
4277.2
4278.4
4292.8
4317.4
4341.3

5193.2
5169.2
5189.2
5209.9
5193.3
5198.4
5225.1
5237.5
5229.1
5253.4
5295.7
5333.1

12549.7
12583.3
12643.4
12686.2
12732.4
12788.3
12814.8
12674.7
12945.2
13000.8
13085,0
13145.6

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SBP.
OCT.
NOV.
DEC.

1159.0
1134.7
1138.8
1159.8
1133.5
1140.6
1145.2
1138.5
1137.3
1131.0
1136.5
1150.7

3518.4
3499.3
3518.6
3551.8
3538.4
3581.0
3607.0
3622.8
3631.3
3638.2
3659.1
3690.5

4347.7
4337.4
4367.0
4406.8
4414.0
4464.7
4495.3
4525.6
4537.4
4557.4
4581.1
4603.7

5343.6
5353.5
5403.1
5444.1
5445.7
5495.9
5548.7
5588.4
5618.6
5650.2
5688.5 p

13178.2
13231.5
13301.8
13357.9
13430.0
13511.3
13556.1
13601.8
13657.0
13703.1
13767.7 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

1995

-5.4

3.9

3.5

4.1

6 Months from JUNE 1995 t o DEC. 1995

-3.4

4.9

5.2

4.2

12 Months from DEC. 1994 TO DEC. 1995

-2.1

4.6

6.1

5.3

Thirteen weeks ending JANUARY 29, 1996
from thirteen weeks ending:
OCT. 30, 1995 (13 weeks previous)

-5.0

4.1

4.1

JULY 31, 1995 (26 weeks previous)

-3.7

5.1

5.5

JAN. 30, 1995 (52 weeks previous)

-2.1

4.5

6.1

3 Months from SEP. 1995 TO DEC

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1995 to November 1995, May 1995 to November 1995,
and November 1994 to November 1995, 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 (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M 1 .
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds (money funds with minimum initial investments of $50,000 or more), RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign
branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government,
money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing lame 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-ond 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.




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
M
1
ding
Period en^

M3

M2

4-week
average
1131.7
1130.1
1129.5
1129.2

week
average
1131.7
1126.3
1128.8
1130.1

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

3635.1
3637.6
3639.9
3642.5

3643.7
3645.7
3648.7
3652.5

3648.2
3650.1
3653.5
3658.1

4543.8
4547.8
4551.3
4554.8

4559.4
4561.0
4563.0
4566.7

4561.1
4565.3
4568.6
4571.7

1995-NOV.

6
13
20
27

13-week
average
1137.5
1136.2
1135.1
1134.1

DEC.

4
11
18
25

1133.0
1131.5
1130.0
1128.9

1128.4
1127.7
1126.0
1124.4

1128.2
1123.7
1122.0
1123.8

3645.0
3647.4
3650.0
3652.8

3656.0
3659.9
3663.5
3667.1

3662.1
3665.8
3668.1
3672.3

4558.2
4560.7
4563.5
4566.9

4571.8
4574.7
4576.9
4580.0

4581.7
4576.9
4577.3
4584.1

1
8
15
22p
29p

1128.1
1127.5
1126.6
1125.5
1124.3

1123.5
1123.2
1123.2
1121.6
1119.2

1124.6
1122.5
1121.8
1117.4
1115.2

3655.7
3659.0
3663.3
3666.7
3669.5

3670.7
3675.5
3683.3
3686.4
3687.2

3676.6
3685.0
3699.1
3685.0
3679.7

4569.6
4573.9
4579.4
4583.5
4586.9

4581.2
4589.8
4603.1
4610.3
4614.2

4586.6
4611.1
4630.4
4613.1
4602.3

1996-JAN.

Not seasonally adjusted
1995-NOV.

6
13
20
27

1134.8
1134.2
1134.1
1134.8

1131.3
1129.8
1133.4
1136.9

1144.5
1136.5
1136.9
1129.5

3632.5
3634.9
3637.8
3641.6

3639.6
3641.7
3650.0
3659.0

3659.5
3661.3
3660.7
3654.6

4543.3
4547.6
4552.1
4556.9

4561.3
4564.6
4572.0
4580.8

4578.8
4584.9
4581.4
4578.1

DEC.

4
11
18
25

1134.7
1133.9
1134.0
1136.7

1136.4
1139.2
1140.8
1146.0

1142.8
1147.5
1143.5
1150.0

3644.7
3647.6
3651.4
3657.5

3662.9
3670.6
3677.2
3685.1

3675.0
3692.0
3687.1
3686.1

4561.2
4564.5
4568.8
4575.6

4585.7
4590.9
4595.2
4599.9

4598.4
4605.5
4598.9
4596.9

1
8
15
22p
29p

1139.8
1141.5
1141.5
1141.0
1139.0

1151.3
1155.4
1155.1
1146.4
1128.0

1164.2
1163.7
1142.6
1114.9
1090.8

3663.8
3668.7
3673.6
3677.3
3679.1

3691.2
3697.9
3705.2
3702.6
3688.1

3699.7
3718.8
3716.1
3675.6
3641.8

4582.0
4587.5
4593.6
4597.9
4600.3

4602.6
4610.9
4624.2
4626.9
4618.1

4609.2
4638.6
4651.9
4607.7
4574.0

1996-JAN.

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

preliminary data.




Page 4
H.6(508)
Table 4

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

Date

Travelers checks2

Demand deposits3

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1994-AUG.
SEP.

345.2
347.4

8.3
8.4

385.4
385.8

300.8
299.3

110.2
109.5

411.1
408.8

2354.1
2353.4

772.4
781.1

OCT.
NOV.
DEC.

350.1
353.3
354.9

8.4
8.4
8.5

384.7
382.9
382.4

297.0
296.3
295.9

108.7
107.8
107.0

405.7
404.1
402.9

2355.0
2358.1
2360.7

789.8
797.6
810.2

1995-JAN.
FEB.
MAR.

357.6
359.0
362.3

8.5
8.5
8.7

383.
383,
382,

294.2
292.0
290.4

105.6
104.8
104.3

399.8
396.8
394.8

2366.2
2369.7
2376.4

827.8
837.9
850.1

APR.
MAY
JUNE

365.0
367.6
367.0

9.0
9.1
9.0

382.
382.
386.

290.9
283.5
277.0

104.2
103.9
105.0

395.1
387.4
382.0

2386.1
2405.8
2438.1

862.0
876.0
884.1

JULY
AUG.
SEP.

367.3
368.5
369.5

8.8

388.
389.
389.

276.2
272.0
266.4

104.6
105.1
106.0

380.8
377.2
372.4

2456.1
2477.8
2494.8

893
900,
907.8

OCT.
NOV.
DEC.

370.8
371.6
373.1

8.8
8.9
8.9

388.
388.
389.

258.1
254.2
245.7

105.9
106.1
107.2

364,
360,
352,

2510,
2524,
2546

915,
914,
911.8

372.9
372.8
373.1
373.0

8.9
8.9
8.9
8.9

388.4
389.3
388.1
390.9

251.1
245.7
245.1
243.8

106.8
107.0
106.8
107.2

357.9
352.7
352.0
351.0

2533.9
2542.1
2546.0
2548.5

919.6
911.1
909.3
911.8

373.5
373.5
374.3
373.2
373.6

9.0
9.0
9.0
9.0
9.0

391.0
393.9
396.0
392.7
393.3

243.6
238.6
235.0
236.2
235.5

107.5
107.4
107.6
106.3
103.9

351.1
346.0
342.7
342.5
339.3

2552.0
2562.6
2577.2
2567.7
2564.5

910.0
926.1
931.4
928.1
922.6

Week ending
1995-DEC. 4
11
18
25
1996-JAN.

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

1
8
15
22p
29p

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.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.
estimated




p

preliminary

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

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

Savings deposits1
Date

At
commercial
banks

At
thrift
institutions

Retail
money
funds3

Institutional
money
funds4

Large-denomination time deposits5

Total

At
commercial
banks

At
thrift
institutions
306.1
307.8

781.8
789.3

375.2
375.8

177.8
177.2

282.6
287.5

61.9
63.1

344.5
350.6

Total

At
commercial
banks6

At
thrift
institutions

Total

1994-AUG.
SEP.

775.3
772.1

421.8
416.2

1197.2
1188.3

475.6
481.5

OCT.
NOV.
DEC.

764.9
759.1
751.9

411.2
404.0
397.0

1176.1
1163.1
1148.9

488.9
496.0
505.4

311.5
316.5
318.2

800.4
812.5
823.7

378,
382.
388,

182,
182,
183,

290.5
294.5
298.7

63.9
64.3
64.8

354.5
358.8
363.5

1995-JAN.
FEB.
MAR.

743.8
734.8
725.2

390.9
383.2
377.3

1134.7
1118.0
1102.5

516.0
526.9
538.7

323.1
330.6
339.0

839.1
857.5
877.7

392.4
394.2
396.2

189.3
188.4
195.0

297.4
303.9
308.4

66.8
67.9
69.2

364.2
371.8
377.6

APR.
MAY
JUNE

718.8
719.8
729.3

372.4
369.7
367.7

1091.2
1089.5
1097.0

546.9
554.3
561.1

346.5
351.8
352.6

893.4
906.1
913.7

401.5
410.1
427.4

199.4
203.7
213.2

309.
314.
316,

71.1
70.4
70.9

381.0
384.5
387.7

JULY
AUG.
SEP.

731,
739,
746,

365,
362,
362,

1096,
1101,
1108,

566.5
569.8
571.7

352.9
353.9
355.3

919.4
923.8
927.0

440,
452,
459,

218.
218.
221.

321.
323,
326,

72
73
73.8

394.0
396.8
400.7

OCT.
NOV.
DEC.

754,
760,
775.

362,
360,
359,

1116.2
1120.8
1134.8

573.3
575.7
576.5

356.6
358.4
359.6

929.9
934.1
936.1

464,
469,
475,

223.
224.
226.

335.8
341.5
343.5

74.5
74.8
75.1

410.
416.
418.

766.5
773.0
774.4
775.4

360.1
359.7
359.6
359.7

1126 .6
.7
1132,
1134 .0
1135,
.1

576 .1
576 .3
576 .6
576 .2

359 .3
.7
359,
.0
360,
360 .2

935.4
936.0
936.6
936.4

471.9
473.5
475.4
476.9

227.8
225.7
225.2
226.6

343.5
341.9
343.8
345.3

74,
74,
75,
75<

418.4
416.7
418.8
420.4

781.0
792.5
800.0
795.5
793.2

358.2
358.3
358.7
359.4
359.7

1139,
.2
1150 .8
1158 .7
.9
1154,
1152,
.9

577 .4
576 .6
578 .0
577 .8
577 .6

358,
.6
359 .0
356 .8
356 .0
355 .7

936.0
935.6
934.8
933.8
933.3

476.8
476.2
483.7
478.9
478.3

227.8
230.8
231.8
229.9
227.4

342,
344,
346.
344,
344,

75,
76,
76,
76,
76,

417,
420,
422,
420,
420,

Week endina
4
1995-DEC
11
18
25
1996-JAN.

1.
2.
3.
4.
5.
6.
p

1
8
15
22p
29p

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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
(components 6

Non-M3 Components of L
RPs 1

Date

Eurodollars2
Savings bonds

Short-term
Treasury
securities3
377.5
373.7

Bankers
acceptances 4

Commercial paper 5

rrnr~

Federal debt

Non-Federal debt

nwrz—

3437.5

1994-AUG.
SEP.

T7T;

TSTT

175.4

174,

79.3

179.0

OCT.
NOV.
DEC.

172,
174,
180,

81.0
81.7
82.3

179.4
179.8
180.3

375 .6
380 .8
387 .3

13.5
13.7
14.2

399.6
402.4
402.4

3470.6
3494.7
3497.6

9566.2
9616.6
9655.6

1995-JAN.
FEB.
MAR.

187.0
191.3
190.4

87.3
86.4
87.2

180.5
180.5
180.7

.3
387,
400,
.2
.1
411,

13.6
13.5
13.7

406.3
414.9
420.9

3504.5
3535.2
3556.4

9697.4
9744.5
9785.9

APR.
MAY
JUNE

191.5
196.8
191.4

90.1
91.1
91.8

181.2
181.7
182.4

412,
.0
405,
.4
.6
414.

13.4
12.0
11.0

430.6
437.0
428.9

3558.6
3576.9
3602.6

9860.6
9942.6
9975.7

JULY
AUG.
SEP.

188.
192,
191.

92,
93,
93,

183,
183,
183,

433,
.9
436.
.5
455.
.6

12.1
12.4
12.8

429.0
433.3
438.6

3615.
3621.
3623.8

9998.1
10044.1
10080.3

OCT.
NOV.
DEC.

189.
185.
178.

92,
89,
88,

184.2
184.5

464.,9
472..0 p

13.4
13.3

440.7
437.3

3632.6
3645.8

181.9
180.0
178.3
176.8

91.5
88.6
86.9
88.0

175.1
184.7
185.5
184.2
182.0

89.2
90.3
91.6
93.5
92.8

Week endina
1995-DEC. 4
11
18
25
1996-JAN.

4.
5.
6.

1
8
15
22p
29p

14.7

3 9 3 .T§
390.7

3455.3

9531.2

p

p

10111.7
10158.4

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?
H.6(508)
Table 5

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

Date

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1994-AUG.
SEP.

345.6
347.0

8.9
8.8

382.7
384.4

297.1
297.2

109.5
109.0

406.6
406.3

2358.9
2352.4

774.3
779.6

OCT.
NOV.
DEC.

349.5
353.2
357.5

8.5
8.2
8.1

387.6
390.5
400.1

294.0
296.0
300.6

108.3
108.0
107.9

402.2
404.0
408.4

2352.7
2357.5
2355.6

792.3
803.9
811.6

1995-JAN.
FEB.
MAR.

355.8
357.0
361.3

8.1
8.1
8.4

388.7
374.7
374.0

301.3
292.3
291.1

105.1
102.6
103.9

406.4
394.9
395.1

2359.4
2364.6
2380.1

829.3
838.1
848.2

APR.
MAY
JUNE

365.5
367.9
368.2

8.8
8.9
9.2

382.1
373.1
382.8

296.6
279.8
274.8

106.8
103.8
105.5

403.4
383.6
380.3

2392.0
2405.0
2440.4

854.9
875.6
883.7

JULY
AUG.
SEP.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2461.8
2484.3
2494.0

888.3
902.8
906.2

OCT.
NOV.
DEC.

370.0
371.6
376.1

8.9
8.7
8.6

391.1
395.9
408.1

255.6
254.0
249.8

105.4
106.3
108.1

361.0
360.3
358.0

2507.2
2522.6
2539.8

919.2
921.9
913.2

372.2
374.6
375.1
379.5

8.5
8.5
8.5
8.6

399.4
404.7
403.3
408.5

253.6
250.3
249.3
247.4

109.1
109.4
107.2
106.1

362.6
359.7
356.5
353.6

2532.1
2544.5
2543.6
2536.1

923.4
913.5
911.8
910.8

376.0
374.6
373.1
370.6
368.6

8.6
8.6
8.6
8.6
8.5

422.8
417.3
408.2
390.6
380.1

249.0
251.9
244.1
240.6
232.8

107.8
111.3
108.6
104.5
100.7

356.8
363.2
352.7
345.2
333.5

2535.5
2555.1
2573.5
2560.7
2551.0

909.5
919.8
935.7
932.1
932.2

Week ending
1995-DEC
4
11
18
25
1996-JAN.

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

1
8
15
22p
29p

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.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.
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 deposits2

Savings deposits1
Date

— a t —

— a ? —

Retail
money
funds3

Institutional
money
funds4

Large-denomination time deposits5
At
commercial
banks6

Kt

1994 -AUO.
SEP.

777.4
773.3

At
thrift
institutions
423.0
416.8

OCT.
NOV.
DEC.

766.0
761.9
751.6

411.8
405.5
396.9

1177.7
1167.4
1148.5

488.6
493.9
502.5

311.3
315.2
316.4

800.0
809.2
818.9

375.
381.
388.

180,
184,
185,

292.2
296.7
298.5

64.3
64.7
64.8

356.5
361.4
363.2

1995 -JAN.
FEB.
MAR.

740.2
730.3
723.9

389.0
380.9
376.6

1129.2
1111.2
1100.4

514.3
526.1
539.5

322.0
330.0
339.5

836.3
856.1
879.0

393.8
397.3
400.7

195.3
193.4
195.6

295,
302,
306

66.3
67.6
68.9

361.4
370.0
375.8

APR.
MAY
JUNE

718.4
718.4
730.9

372.1
369.0
368.5

1090.5
1087.4
1099.4

548.4
555.9
562.9

347.4
352.8
353.7

895.9
908.8
916.5

405.6
408.8
424.6

197.1
202.0
208.8

307,
316,
317,

70.6
70.9
71.1

378.3
387.1
388.7

JULY
AUO.
SEP.

733.
741,
748,

365.9
363.6
363.0

1099,
1105,
1111,

568,
571,
571,

354.3
354.8
355.4

923,
925,
927,

439
453,
455,

215.9
218.4
218.1

319,
324,
327,

72,
73,
74,

392,
397,
401.

OCT.
NOV.
DEC.

755,
763,
775,

362.9
361.8
359.5

1118,
1125,
1134,

572.7
572.8
572.6

356,
356,
357,

928,
929,
929,

459.9
467.8
475.3

221.8
226.3
228.6

338.
344.
343.

75<
75.
75,

413.2
419.8
418.5

769.2
776.8
775.5
772.1

361.4
361.4
360.1
358.2

1130.6
1138.2
1135.6
1130.3

572.5
572.5
572.3
571.9

357.1
357.3
357.3
357.5

929.6
929.7
929.6
929.4

472.0
476.6
478.4
476.4

229.3
227.7
228.2
228.2

345.1
343.5
344.2
344.5

75,
75
75,
74

420,
418,
419,
419,

777.2
793.1
798.3
789.2
783.1

356.4
358.6
358.0
356.6
355.1

1133.6
1151.7
1156.3
1145.8
1138.2

574.0
573.9
575.6
575.6
575.6

356.5
357.3
355.3
354.6
354.5

930.5
931.1
930.8
930.2
930.1

471.4
472.3
486.4
484.7
482.8

230.0
230.3
240.4
239.6
240.5

339.2
340.6
344.0
341.9
341.3

75,
75,
75,
75,
75,

414,
416,
419,
417.
416.8

Week §££&£?
1995 -DEC. 4
11
18
25
1996 -JAN.

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

1
8
15
22p
29p

At
commercial
banks

Total
1200.4
1190.1

commercial
banks
476.7
481.9

Total

thrift
institutions
306.8
308.0

783.5
790.0

375,
372,

177
174,

283.6
288.2

thrift
institutions
62.1
63.3

345.7
351.5

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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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.

p
preliminary



Total

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

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

At commercial
banks

At thrift
institutions

Debt components 6

Non-M3 Components of L
2

Eurodollars

Savings bonds

Total

Short-term
Treasury
securities3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

1994-AUG.
SEP.

137.4
139.6

34.8
35.1

172.2
174.7

78.8
79.1

177.9
178.4

379.3
366.4

13.5
14.4

389.6
391.5

3418.3
3438.3

9456.4
9507.0

OCT.
NOV.
DEC.

137.9
137.3
140.0

36.4
37.2
39.4

174.3
174.6
179.4

81.6
83.3
83.4

179.0
179.7
180.2

364.1
379.7
393.6

13.3
13.6
14.4

404.2
405.3
403.6

3448.5
3485.2
3499.0

9552.2
9599.8
9646.9

1995-JAN.
FEB.
MAR.

144.5
146.4
146.1

40.9
42.0
42.7

185.4
188.3
188.7

87.2
86.4
88.0

180.6
180.8
181.2

390.7
406.0
420.7

14.2
13.9
13.9

410.5
415.3
420.4

3499.0
3525.0
3551.1

9679.2
9706.5
9750.7

APR.
MAY
JUNE

146.8
151.3
150.2

43.8
45.3
45.1

190.6
196.6
195.3

88.9
89.8
90.9

181.7
182.1
182.4

411.3
402.9
412.3

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9813.8
9877.4
9932.0

JULY
AUG.
SEP.

143.3
146.7
145.7

45.3
46.6
46.9

188.5
193.3
192.6

91.6
93.1
93.8

182.8
183.0
183.3

434.8
439.2
446.0

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9967.3
9999.6
10050.2

OCT.
NOV.
DEC.

144.9
138.8
130.5

46.3
46.3
46.3

191.2
185.1
176.8

93.1
90.6
89.3

183.8
184.3

1995-DEC.

4
11
18
25

135.2
131.5
130.5
128.1

45.7
46.8
46.6
46.3

181.0
178.3
177.1
174.5

1
8
15
22p
29p

128.7
137.1
137.5
135.8
134.6

45.7
45.9
46.8
46.9
47.1

174.4
183.0
184.3
182.7
181.7

449.5
469.6

p

13.2
13.2

p

446.4
440.3

p

3610.1
3635.9

p

10093.0
10131.8

92.8
88.8
87.2
88.7

1996-JAN.

p

90.8
90.5
91.5
92.6
93.1

1.
2.

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 10
H.6(508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

Time and
savings
deposits
due to
foreign
banks and
official
institutions
14.0
14.6

U.S. government deposits
Time and
savings
deposits at
commercial
banks

At
commercial
banks

19.0
28.8

2.9
2.5

142.6
142.7

109.7
108.7

56.1
56.8

308.4
308.1

12.1
9.8
13.4

22.0
18.9
25.3

2.2
1.9
1.3

142.7
142.9
143.3

108.1
107.9
107.5

58.3
59.4
59.7

309.1
310.2
310.5

7.0
5.9
5.2

20.0
21.1
10.1

31.8
30.3
18.8

1.2
2.3
2.4

143,
144.
145.

107.6
107.8
107.9

59.7
59.9
60.1

310.9
312.4
313.5

6.2
5.7
7.9

12.4
18.7
19.6

24.
27,
32,

146.4
146.8
147.8

107.9
107.8
107.7

60.3
60.5 e
60.6 e

314.5
315.0
316.1

14,
13,
12,

27.
13.
17.8

37,
21,
30,

148. 9
149, 1
149, 4

107.
107,
108,

60,
60.
60.

317,
317,
318,

11.
12,
11,

11,
14,

19.8
16.5
27.2

2.6
1.4
1.0

150. 0
151, 2
152, 2

108.
108.
108,

60.
60.
60.8

319,
320,
321,

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

3.9
5.8

5.1
6.0

10.1
16.9

14.8
14.6
14.4

4.3
3.9
5.7

5.6
5.2
6.2

1.6
1.6
1.6

14.0
13.3
12.7

4.8
3.3
3.4

7.7
8.2
8.2

1.6
1.5
1.5

12.8
13.8
14.8

5.5
3.1
4.5

JULY
AUG.
SEP.

8.5
7.5
7.5

1.5
1.4
1.6

OCT.
NOV.
DEC.

8.2
8.0
7.9

1.5
1.6
1.5

Foreign
commercial
banks

Foreign
official
institutions

1994-AUG.
SEP.

7.7
8.1

1.5
1.5

OCT.
NOV.
DEC.

8.0
8.4
8.7

1.6
1.8
1.6

1995-JAN.
FEB.
MAR.

8.4
8.0
8.1

APR.
MAY
JUNE

Week e n d i n a
1995-DEC.
4
11
18
25
1996-JAN.

e
p

estimated
preliminary




1
8
15
22p
29p

IRA and Keogh Accounts

Note
balances at
depository
institutions

8,

Total
cash

balance

11,
11,
11,
11,

3.
2,
12.
3,

5.2
5.7
6.6
8.5

12.
7,
13,
22,

20.9
15.8
32.9
35.2

1.0
1.0
1.0
0.9

11,
12,
12,
12,
12.

5,
4.
3.
6.
3.

6.1
5.6
5.4
7.2
6.6

16.

28,
18,
17,
30,
38,

1.0
1.0
1.0
1.1
1.1

8.

8.
16.
29.

A!
thrift
institutions

At
money
market
funds

Total

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

Currency

Nonbank
travelers checks

Demand
deposits

0.9950
0.9943
0.9973
1.0015
1.0008
1.0032
1.0049
1.0016
0.9995
0.9978
1.0002
1.0080

0.9568
0.9541
0.9656
0.9723
0.9867
1.0274
1.0668
1.0745
1.0495
1.0124
0.9750
0.9584

1.0140
0.9773
0.9767
1.0000
0.9763
0.9905
1.0009
0.9936
0.9975
1.0077
1.0197
1.0466

1.0165
0.9953
1.0008
1.0210
0.9901
0.9956
0.9921
0.9892
0.9943
0.9916
1.0000
1.0144

1.0242
1.0012
1.0024
1.0196
0.9868
0.9921
0.9874
0.9878
0.9938
0.9901
0.9995
1.0168

June
July
August
September
October
November
December

0.9948
0.9935
0.9974
0.9995
1.0013
1.0030
1.0031
1.0023
0.9984
0.9965
1.0005
1.0057

0.9557
0.9527
0.9648
0.9740
0.9884
1.0285
1.0674
1.0753
1.0495
1.0109
0.9744
0.9581

1.0141
0.9771
0.9765
0.9994
0.9752
0.9907
1.0015
0.9941
0.9980
1.0076
1.0193
1.0465

1.0166
0.9949
1.0004
1.0209
0.9894
0.9955
0.9924
0.9893
0.9948
0.9915
1.0001
1.0147

1.0243
1.0006
1.0016
1.0195
0.9860
0.9919
0.9876
0.9880
0.9943
0.9901
0.9999
1.0171

January
February
March

0.9952
0.9934
0.9969

0.9551
0.9522
0.9649

1.0140
0.9771
0.9767

1.0163
0.9948
1.0003

1.0241
1.0003
1.0011

1995
January
February
March
April

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

May

1997

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.




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Appendix Table 3
Weekly Seasonal Factors Used to Construct Ml

Currency
1995 Dec 04

11
18
25
1996 Jan 01

08
15
22
29
1996 Feb 05

12
19
26
1996 Mar 04

11
18
25

Nonbank
travelers checks

Demand
deposits

0.9981
1.0048
1.0054
1.0173

0.9573
0.9578
0.9583
0.9588

1.0284
1.0395
1.0391
1.0449

1.0132
1.0198
1.0130
1.0073

1.0099
1.0187
1.0171
1.0148

1.0067
1.0029
0.9969
0.9931
0.9866

0.9593
0.9583
0.9566
0.9549
0.9533

1.0814
1.0592
1.0310
0.9945
0.9666

1.0161
1.0497
1.0293
1.0078
0.9827

1.0219
1.0558
1.0386
1.0187
0.9888

0.9927
0.9966
0.9952
0.9893

0.9522
0.9524
0.9527
0.9530

0.9880
0.9787
0.9795
0.9652

1.0073
1.0010
0.9895
0.9813

1.0129
1.0061
0.9957
0.9882

0.9947
1.0000
0.9976
0.9950

0.9539
0.9590
0.9642
0.9693

0.9771
0.9786
0.9766
0.9587

1.0085
1.0081
0.9969
0.9876

1.0111
1.0104
0.9987
0.9887

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)
Othfc* checkable deposits [1]
total
at banks

Currency
1996 Apr 01

08
15
22
29
1996 May 06

13
20
27
1996 Jun 03

10
17
24
1996 Jul 01

08
15
22
29

Nonbank
travelers checks

Demand
deposits

0.9956
1.0053
1.0035
0.9977
0.9926

0.9745
0.9754
0.9744
0.9735
0.9726

0.9922
1.0066
1.0178
0.9960
0.9803

0.9981
1.0361
1.0380
1.0259
0.9901

0.9971
1.0295
1.0383
1.0265
0.9901

1.0025
1.0031
1.0003
1.0002

0.9751
0.9822
0.9893
0.9964

0.9865
0.9796
0.9756
0.9537

1.0055
0.9959
0.9864
0.9717

1.0018
0.9919
0.9800
0.9703

1.0010
1.0072
1.0035
0.9991

1.0035
1.0149
1.0262
1.0375

0.9898
0.9994
0.9938
0.9682

0.9950
1.0160
1.0024
0.9772

0.9942
1.0084
0.9986
0.9760

1.0015
1.0102
1.0057
1.0010
0.9976

1.0488
1.0569
1.0637
1.0705
1.0773

1.0018
1.0247
1.0181
0.9909
0.9730

0.9806
1.0166
0.9997
0.9824
0.9733

0.9780
1.0095
0.9942
0.9794
0.9694

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
1996 Aug 05

12
19
26
1996 Sep 02

09
16
23
30
1996 Oct 07

14
21
28
1996 Nov 04

1
1
18
25

Nonbank
travelers checks

Demand
deposits

1.0040
1.0063
1.0021
0.9970

1.0813
1.0783
1.0753
1.0722

1.0058
1.0016
1.0034
0.9718

1.0039
0.9983
0.9847
0.9710

0.9984
0.9940
0.9846
0.9741

1.0009
1.0055
0.9999
0.9946
0.9918

1.0692
1.0613
1.0525
1.0437
1.0350

0.9874
1.0138
1.0091
0.9801
0.9922

0.9913
1.0202
1.0048
0.9810
0.9722

0.9904
1.0157
1.0032
0.9818
0.9761

0.9999
0.9992
0.9954
0.9931

1.0262
1.0174
1.0087
0.9999

1.0198
1.0198
1.0073
0.9827

1.0080
1.0000
0.9887
0.9711

1.0042
0.9939
0.9871
0.9764

0.9993
1.0046
1.0001
0.9989

0.9912
0.9831
0.9750
0.9669

1.0144
1.0162
1.0290
1.0070

1.0011
1.0078
0.9993
0.9861

0.9995
1.0067
0.9999
0.9898

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)
Other checkable deposits fl]
total
at banks

Currency
1996 Dec 02

09
1
6
23
30
1997 Jan 06

13
20
27
1997 Feb 03

10
17
24
1997 Mar 03

10
17
24
31

Nonbank
travelers checks

Demand
deposits

0.9952
1.0008
1.0030
1.0122
1.0098

0.9587
0.9577
0.9580
0.9582
0.9584

1.0308
1.0368
1.0417
1.0430
1.0625

1.0038
1.0243
1.0119
1.0099
1.0097

0.9994
1.0228
1.0135
1.0158
1.0153

1.0021
0.9984
0.9948
0.9896

0.9579
0.9564
0.9549
0.9535

1.0797
1.0341
1.0031
0.9681

1.0519
1.0393
1.0151
0.9795

1.0569
1.0451
1.0266
0.9891

0.9916
0.9962
0.9953
0.9895

0.9520
0.9521
0.9522
0.9523

0.9835
0.9821
0.9832
0.9646

0.9935
1.0109
0.9928
0.9814

0.9996
1.0133
0.9976
0.9896

0.9930
1.0006
0.9973
0.9947
0.9954

0.9524
0.9579
0.9635
0.9691
0.9748

0.9745
0.9859
0.9836
0.9621
0.9740

0.9944
1.0172
1.0017
0.9913
0.9896

1.0016
1.0197
1.0028
0.9908
0.9874

1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.




Appendix Table 4
Weekly Seasonal Factors Used to Construct M2 and M3
Savings and
MMDA deposits [1]

Small denom.
time deposits [1]

Large denom.
time deposits [1]

1995 Dec 04
11
18
25

1.0035
1.0049
1.0014
0.9958

0.9937
0.9933
0.9926
0.9925

1.0047
1.0047
1.0011
0.9976

1.0002
1.0067
1.0062
0.9989

1996 Jan 01
08
15
22
29

0.9951
1.0008
0.9979
0.9921
0.9872

0.9941
0.9952
0.9958
0.9962
0.9966

0.9915
0.9898
0.9929
0.9925
0.9914

1996 Feb 05
12
19
26

0.9922
0.9959
0.9939
0.9913

0.9975
0.9980
0.9982
0.9985

1996 Mar 04
11
18
25

0.9947
0.9981
0.9984
0.9966

0.9999
1.0013
1.0020
1.0026

RPs

Eurodollars

1.0066
1.0085
1.0132
1.0072

0.9949
0.9906
0.9932
0.9866

1.0133
1.0020
1.0033
1.0083

0.9887
0.9919
1.0055
1.0120
1.0093

1.0095
0.9978
1.0372
1.0419
1.0577

0.9962
0.9906
0.9938
0.9915
0.9986

1.0177
1.0022
0.9987
0.9912
1.0034

0.9915
0.9967
0.9966
0.9963

1.0068
1.0086
1.0053
1.0073

1.0372
1.0318
1.0181
1.0207

0.9833
0.9873
0.9848
0.9858

0.9857
0.9886
0.9969
1.0083

0.9956
0.9984
0.9962
0.9966

1.0067
1.0092
1.0098
1.0118

1.0063
1.0046
1.0032
1.0055

0.9819
0.9860
0.9909
0.9971

1.0028
0.9964
1.0040
1.0078

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]

1996 Apr 01
08
15
22
29

0.9989
1.0074
1.0041
0.9947
0.9898

1.0036
1.0038
1.0034
1.0031
1.0030

0.9908
0.9914
0.9894
0.9928
0.9946

1.0071
1.0125
1.0142
1.0123
1.0035

1996 May 06
13
20
27

0.9952
0.9993
0.9980
0.9956

1.0037
1.0038
1.0037
1.0035

1.0001
1.0060
1.0063
1.0116

1996 Jun 03
10
17
24

1.0010
1.0066
1.0048
0.9988

1.0036
1.0037
1.0033
1.0030

1996 Jul 01
08
15
22
29

0.9975
1.0059
1.0056
1.0019
0.9987

1.0045
1.0053
1.0046
1.0038
1.0032

RPs

Eurodollars

0.9941
0.9925
0.9950
0.9859
0.9852

0.9927
0.9965
0.9943
0.9978
0.9986

1.0101
0.9838
0.9810
0.9827
0.9935

0.9963
0.9952
0.9951
0.9990

0.9828
0.9879
0.9933
0.9975

0.9965
0.9970
1.0012
1.0043

0.9713
0.9725
0.9880
1.0101

1.0079
1.0082
1.0054
0.9991

0.9931
0.9954
0.9945
0.9922

0.9838
0.9835
0.9833
0.9784

1.0132
1.0175
1.0276
1.0199

0.9962
0.9833
0.9901
0.9931

0.9918
0.9912
0.9952
0.9963
0.9985

0.9880
0.9889
1.0014
1.0025
1.0040

0.9701
0.9756
0.9893
0.9951
0.9979

1.0173
0.9995
1.0016
1.0028
1.0074

1.0014
0.9761
0.9861
0.9965
1.0116

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]

1996 Aug 05
12
19
26

1.0037
1.0063
1.0044
1.0008

1.0033
1.0031
1.0025
1.0017

0.9999
1.0011
1.0012
1.0053

1.0023
1.0042
1.0027
1.0054

1996 Sep 02
09
16
23
30

1.0025
1.0078
1.0065
0.9996
0.9971

1.0014
1.0011
1.0000
0.9991
0.9997

1.0032
1.0022
1.0018
1.0012
1.0022

1996 Oct 07
14
21
28

1.0046
1.0053
1.0014
0.9974

1.0008
0.9994
0.9981
0.9967

1996 Nov 04
11
18
25

1.0024
1.0070
1.0061
1.0018

0.9962
0.9958
0.9948
0.9939

RPs

Eurodollars

0.9923
0.9988
0.9973
1.0064

0.9997
1.0075
1.0033
1.0088

1.0044
1.0026
0.9978
1.0094

0.9983
0.9942
0.9949
0.9926
0.9871

0.9949
0.9858
0.9886
0.9789
0.9721

1.0064
1.0022
1.0084
1.0045
1.0051

1.0088
0.9943
1.0003
1.0017
1.0226

1.0089
1.0073
1.0065
1.0080

0.9867
0.9922
0.9913
0.9914

0.9850
0.9850
0.9969
1.0004

0.9980
1.0105
1.0098
1.0197

1.0073
1.0050
1.0101
1.0254

1.0081
1.0119
1.0087
1.0091

0.9905
0.9936
0.9946
1.0013

1.0040
1.0068
1.0038
1.0161

1.0102
1.0001
0.9952
0.9907

1.0140
1.0082
1.0130
1.0264

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]

1996 Dec 02
09
16
23
30

1.0018
1.0053
1.0032
0.9960
0.9943

0.9935
0.9931
0.9923
0.9921
0.9931

1.0060
1.0043
1.0039
1.0002
0.9904

0.9976
1.0018
1.0060
1.0024
0.9953

1997 Jan 06
13
20
27

1.0014
1.0009
0.9947
0.9881

0.9948
0.9956
0.9959
0.9961

0.9871
0.9926
0.9934
0.9940

1997 Feb 03
10
17
24

0.9899
0.9954
0.9947
0.9918

0.9967
0.9975
0.9982
0.9989

1997 Mar 03
10
17
24
31

0.9931
0.9986
0.9994
0.9967
0.9966

1.0001
1.0015
1.0022
1.0029
1.0040

RPs

Eurodollars

1.0164
1.0034
1.0125
1.0085
1.0117

0.9969
0.9911
0.9940
0.9813
0.9946

1.0214
0.9953
0.9998
1.0023
1.0183

0.9854
1.0040
1.0101
1.0125

0.9961
1.0329
1.0427
1.0564

0.9906
0.9947
0.9933
0.9980

1.0059
1.0007
0.9937
1.0020

0.9912
0.9945
0.9959
0.9978

1.0075
1.0083
1.0055
1.0067

1.0414
1.0321
1.0189
1.0174

0.9902
0.9827
0.9911
0.9865

0.9921
0.9827
0.9945
1.0024

0.9972
0.9996
0.9979
0.9962
0.9912

1.0068
1.0084
1.0092
1.0102
1.0060

1.0091
1.0015
1.0059
0.9996
0.9973

0.9829
0.9840
0.9905
0.9936
0.9934

1.0004
0.9909
1.0021
1.0052
1.0079

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

OWM2

Revised M3

01dM3

1994
October
November
December

1148.9
1148.7
1148.7

1148.2
1147.6
1148.0

3503.9
3506.8
3509.4

3610.2
3611.9
3617.0

4293.7
4304.4
4319.6

4286.3
4291.9
4304.2

1995
January
February
March
April
May
June
July
August
September
October
November
December

1149.2
1147.8
1148.7
1151.2
1146.2
1144.5
1145.4
1143.8
1140.1
1131.8
1129.0
1124.8

1149.0
1147.3
1147.9
1149.7
1143.0
1143.9
1145.0
1143.4
1139.8
1129.9
1126.5
1123.0

3515.3
3517.5
3525.1
3537.3
3551.9
3582.6
3601.5
3621.6
3635.0
3642.3
3653.6
3670.8

3628.9
3624.6
3632.2
3645.4
3661.9
3698.1
3717.3
3743.1
3756.8
3753.8
3761.7
3780.7

4343.1
4355.3
4375.2
4399.3
4428.0
4466.7
4494.6
4522.2
4542.8
4557.5
4568.2
4582.6

4327.0
4336.7
4359.9
4382.0
4409.7
4455.2
4486.3
4516.9
4534.0
4546.6
4550.0
4561.7




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

Revised

Old

Difference

-1.6
-0.2
0.0

-2.9
-0.6
0.4

1.3
0.4
-0.4

0.1
0.1
0.0

1.2
0.3
-0.4

0.5
-1.5
0.9
2.6
-5.2
-1.8
0.9
-1.7
-3.9
-8.7
-3.0
-4.5

1.0
-1.8
0.6
1.9
-7.0
0.9
1.2
-1.7
-3.8
-10.4
-3.6
-3.7

-0.5
0.3
0.3
0.7
1.8
-2.7
-0.3
0.0
-0.1
1.7
0.6
-0.8

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

-0.4
0.3
0.0
0.3
1.5
-2.6
-0.1
-0.2
-0.2
1.6
0.5
-0.8

94Q4

-0.6

-1.2

0.6

0.2

0.4

95Q1
95Q2
95Q3
95Q4

-0.1
-0.5
-1.5
-5.1

0.1
-0.9
-1.0
-5.7

-0.2
0.4
-0.5
0.6

0.0
0.2
0.0
0.1

-0.2
0.2
-0.5
0.5

-0.3
-3.3

-0.4
-3.3

0.1
0.0

0.2
0.1

-0.1
-0.1

2.4
-1.8

2.4
-1.9

0.0
0.1

0.0
0.1

0.0
0.0

1994
October
November
December
1995
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
94Q4
95Q2

95Q2
95Q4

Annual (Q4 to Q4)




1994
1995

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

Old

Difference

Redefinition

0.0
1.0
0.9

-1.3
0.6
1.7

1.3
0.4
-0.8

-0.6
0.4
-1.1

0.0
-0.2
0.0

1.9
0.2
0.3

2.0
0.8
2.6
4.2
5.0
10.4
6.3
6.7
4.4
2.4
3.7
5.6

3.9
-1.4
2.5
4.4
5.4
11.9
6.2
8.3
4.4
-1.0
2.5
6.1

-1.9
2.2
0.1
-0.2
-0.4
-1.5
0.1
-1.6
0.0
3.4
1.2
-0.5

-2.4
1.6
0.3
1.2
-0.4
0.2
1.3
-1.1
-0.8
0.9
0.9
-0.5

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

0.3
0.6
-0.2
-1.1
0.1
-1.4
-1.1
-0.6
0.6
2.4
0.6
0.0

94Q4

0.2

-0.3

0.5

-0.4

0.1

0.8

95Q1
95Q2
95Q3
95Q4

1.4
4.3
7.0
4.0

1.7
4.4
7.7
2.8

-0.3
-0.1
-0.7
1.2

-0.6
0.6
0.1
0.2

0.0
-0.2
-0.1
0.0

0.3
-0.5
-0.7
1.0

2.9
5.5

3.1
5.3

-0.2
0.2

0.0
0.2

-0.1
-0.1

-0.1
0.1

0.6
4.2

1.1
4.2

-0.5
0.0

-0.6
0.1

0.1
-0.1

0.0
0.0

Revised

Seasonals

1994
October
November
December
1995
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
94Q4
95Q2

95Q2
95Q4

Annual (Q4 to Q4)
1994
1995




Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)

Revised

Old

Difference

Difference due to
Benchmark
Seasonals

1994
2.5
3.0
4.2

1.8
1.6
3.4

0.7
1.4
0.8

0.1
-0.1
-0.1

0.6
1.5
0.9

6.5
3.4
5.5
6.6
7.8
10.5
7.5
7.4
5.5
3.9
2.8
3.8

6.4
2.7
6.4
6.1
7.6
12.4
8.4
8.2
4.5
3.3
0.9
3.1

0.1
0.7
-0.9
0.5
0.2
-1.9
-0.9
-0.8
1.0
0.6
1.9
0.7

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

0.1
0.4
-0.7
0.0
-0.2
-2.3
-0.8
-0.6
0.8
0.7
2.2
0.7

94Q4

2.4

1.7

0.7

0.1

0.6

95Q1
95Q2
95Q3
95Q4

4.8
6.7
8.0
4.4

4.4
6.9
8.8
3.6

0.4
-0.2
-0.8
0.8

0.0
0.3
0.1
•0.1

0.4
-0.5
-0.9
0.9

5.8
6.2

5.7
6.2

0.1
0.0

0.2
0.0

-0.1
0.0

1.6
6.1

1.4
6.0

0.2
0.1

0.1
0.1

0.1
0.0

October
November
December
1995
January
February
March
April
May
June
July
August
September
October
November
December
Quarterly

Semi-Annual
94Q4
95Q2

95Q2
95Q4

Annual (Q4 to Q4)




1994
1995