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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 M1 Period en^ding 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 e Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 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 1996-JAN. 4. 5. 6. 7. Demand deposits3 1994-AUG. SEP. Week ending 1995-DEC. 4 11 18 25 1. 2. 3. Travelers checks2 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 p 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 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 1132,.7 1134 .0 1135,.1 576 .1 576 .3 576 .6 576 .2 359 .3 359,.7 360,.0 360 .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 1154,.9 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, 1996-JAN. 3. 4. 5. 6. Institutional money funds4 1994-AUG. SEP. Week endina 4 1995-DEC 11 18 25 1. 2. At thrift institutions Retail money funds3 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 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 87.2 180.5 180.5 180.7 387,.3 400,.2 411,.1 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,.4 414..6 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. Short-term Treasury securities3 377.5 373.7 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 Currency cy1 Date e Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 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 1996-JAN. 4. 5. 6. 7. Demand deposits 3 1994-AUG. SEP. Week ending 1995-DEC 4 11 18 25 1. 2. 3. Travelers checks 2 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 Large-denomination time deposits5 At commercial banks6 Kt 1994 -AUO. SEP. 777.4 773.3 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 1996 -JAN. 3. 4. 5. 6. — a ? — Institutional money funds4 At thrift institutions 423.0 416.8 Week §££&£? 1995 -DEC. 4 11 18 25 1. 2. — a t — Retail money funds3 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 92.8 88.8 87.2 88.7 1996-JAN. 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 90.8 90.5 91.5 92.6 93.1 p 449.5 469.6 p 13.2 13.2 p 446.4 440.3 p 3610.1 3635.9 p 10093.0 10131.8 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 U.S. government deposits 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, 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 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 1996-JAN. estimated preliminary 1 8 15 22p 29p IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Foreign commercial banks Week e n d i n a 1995-DEC. 4 11 18 25 e p Time and savings deposits due to foreign banks and official institutions 14.0 14.6 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. P © a> S B ft t> 08 a> 13 a o o § 1=3 O •a =3 8 ON § 5 2 13 S 3.S => S *.» s ia Is Ia _._._, _ _ _. ,. O N O N O ^ - V O O O N ^ C S ^ r^oo ON CN 0 \ ^ H O O O O O \ O O O O H f - 1 O O OOONO O N -O HN^ O* N *O *O- O O -O* O' *' O N O O ON ^OincnTfTi-cNoovom^eNON ^-H^t'-^tnoN©cN»n'^-©ON'-^ *-<* *-H* *-l -1 *-H* O ©' O N O N O N O N O N © © © © © O N O N ONOOONONONeN©©©'-^ONON ©' ©" ©" ©' © © © © © © ~ ^ vc, 00 00 ON ON © ON ON ON ON ^ ^ ^ ~< I-*" s © © © 1 ; ^»n^ t< P r cs ! ven P ^ P«nr C:N^vo r ^»n ON ON ON ON © © ^ ^ ^ ^ *-*' —<* ©* © ©^^•vovooN^HTr^-t^ovor^ en»n©vo*-<ONenun»ooNr^© © O N O O O N O N © ^ - « © © © © O N O N O N O N O N O N © © © © © © O N O N © ©eN«riOOONeN^-oomm^Hvo cnen*-*oooN©ONOOCNen©gN _• o en \o U-5 r*- CN m ©"©©"© © © *-* »n CN © rCN »n CN CN r - -<* -<* r-> ON ON © ^ ^4 ^4 ^ o © © *-<* ©* © © ^ ^ D O N O N \ O C N O N ( N ( N © W ^ © © © © O N O N O N © O N O N O N © © © © © O N O N O N © O N O N O N © S moNCNON^HON^Hoo^fcNONr- _• ^ m e N © 0 0 0 0 0 0 0 0 O N 0 0 O N ^ © © © © © O N O N O N O N O N O N O N © © _J _H* O H \ o c n o O H O \ h O \ m H O ^ mcN©oooN(^oooNoooN^H© ^ © © © O N O N O N O N O N O N O N © © mt^*-^©vomoO'-HT--(Ovo© »-Ht-Hi-Hi—Jooo^©©©'—^ 0 © ^ ^ - < O N O N O N © O N O N O N © © © © © O N O N O N O O N O N O N © © <N ON © © 8 5 8r-<8 8 ~*8 ~H 8 ^O © © O N O N © © © © © © © O N O N O N © O N O N © © © © © © © O N O N O N ON ^ © © © © © O N © © © © © ON ; ^ r^ o 53 I & en ^H ^jONTfH ON ON © ON ON © © © -H* 00 VO vo en VO ON ON OO OO ON ON ON ©* © ©* © OO © © © Tf © rrfr CN © n cs o © h © © en © en S© oo r- m ^H m vo ON © © © 2 | ON ON 3 ON ON ON en ^r Tt »n en t^ ON ON ON ON ©' £ ON o ON —* —< *-*' ^ © # ©* © ON ON O N ON ^ © © © © —• ^H © O N O N O N O N O Q O N O O O O O N O N O N O N O N © © O N © © © O O N © © © © ^ OroOTj-h-vocs^-'Hvnoooo vooorNmmm^-c>i©oOTtcN © t— ^ f » ^ o o o N ^ H O N m ' ^ - O N ' - H c N vooo^-HCNrNmmcN©ooinm ON ON OO en "sjiri o o M ON ON © ON ON © O © ^ © © O N O N © © © 0 © © © O N O N O N O N O N © © © © © © O O N O N O N ~O N ON enun\OoOvO©ON\Ot^cN^HON »nenr^oor^cNcNen(NeN^-ON O ~N ON rNON^-*en»-HrNt^enenON©© inenoooNOOcNcNencNJ^^'^-© O ~N ON < ao a &« .9 s 00a-eS «2 -s ^ a p 8 s ^•s © © © * © © ON ON O N O N O N O N O N © © © © © © © O N O N O N O N O N © © © © © © © © © © © © ^# ^ *-5 *-< ~* ^ ^ ON ON ^ O © —J .-I ^ ' ^H* ^" ^ ft r« a s 13 x i ^2 ce o a J" c« f i % i§ CO CD O Appendix Table 3 Weekly Seasonal Factors Used to Construct Ml 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 Currency 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) 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 Othfc* checkable deposits [1] total at banks Currency 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) 1996 Aug 05 12 19 26 1996 Sep 02 09 16 23 30 1996 Oct 07 14 21 28 1996 Nov 04 11 18 25 Currency 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) 1996 Dec 02 09 16 23 30 1997 Jan 06 13 20 27 1997 Feb 03 10 17 24 1997 Mar 03 10 17 24 31 Other checkable deposits fl] total at banks Currency 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
@FedFRASER