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FEDERAL RESERVE statistical release
For release at
4:30 PM EDT
February 9, 1989
B.6(508)
MONEY STOCK REVISIONS
Measures of the money stock have been revised in light of
the annual benchmark and seasonal review. This release includes revised
monthly and weekly seasonal factors. In addition, revised monthly
levels of the three major monetary aggregates for the period of October
1987 through December 1988 are presented, together with comparisons of
growth rates of the revised monetary aggregates with previously
published data over the same period.
Deposits of commercial banks and thrifts have been benchmarked
using call reports through June 1988 and incorporate revisions from
other sources as well. The benchmark revisions had negligible impacts
on monetary growth over 1988 and on the quarterly pattern of growth
within the year.
The seasonal factor review continued to employ the X-ll ARIMA
procedure. Although revisions to seasonal factors had little effect on
the broad patterns of growth in 1988, some redistribution of growth
occurred from the first to the second half of the year. Growth in Ml
was raised by about 0.4 percent, for M2 by about 0.7 percent, and for M3
by 0.5 percent, on a second quarter to fourth quarter basis.
Complete historical data will be available soon on request.
'Of CO\/£
FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
•?^rm:-
H.6 (508)
Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
FEBRUARY
Billions of dollars
Date
Ml1
M2^
9, 1989
Debt5
M3 3
Seasonally adjusted
1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
730.8
732.0
734.8
745.1
746.6
741.3
742.8
745.6
747.9
757.3
754.6
752.3
2829.4
2829.8
2833
2844
2845
2848
2856
2869
2885
2902
2904
2909
3519.2
3525.9
3532.
3549.
3564.
3579.
3588.
3610.
3630.8
3655.1
3670.1
3676.9
4165.6
4176.7
4176.7
4187.3
4215.1
4231.8
4237.5
4262.6
4293.4
4327.6
4337.4
4339.9
7641.4
7683.0
7731.3
7793.3
7859.0
7918.3
7962.8
8018.0
8083.3
8152.5
8229.2
8282.2
1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
758.4
760.1
763.8
771.2
771.1
776.5
782.5
782.4
783.7
785.5
786.7
790.3
2930.6
2951.2
2969.8
2990.8
3000.2
3013.
3024.
3029.
3035.
3042.
3060.
3073.
3701.4
3731.3
3756.0
3779.8
3794.6
3815.4
3837.8
3850.
3858.
3875.
3897.
3916.
4376.4
4406.4
4436.6
4475.6
4503.9
4520.9
4564.9
4584.7
4593.9
4618.1
4650.7 p
8327.5
8386.9
8452.1
8513.2
8572.0
8631.1
8690.8
8757.6
8822.1
8877.1
8941.3 p
1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
737.8
717.7
723.7
752.6
739.9
744.6
747.0
745.2
745.5
754.1
756.5
766.4
2840.0
2817.4
2826.5
2855.0
2835.8
2850.0
2863.2
2869.8
2878.9
2899.1
2903.9
2918.3
3528.2
3513.8
3527.2
3556.0
3554.2
3578.8
3590.2
3609..9
3628..3
3653..0
3674..6
3687..9
4181.
4171.
4174.
4192.
4202.
4231.
4230.
4257.
4288.
4323.
4344.9
4354.3
7624.5
7647.2
7695.
7757.
7822.
7886.
7935.
7989.
8054.
8122.8
8195.4
8264.
1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
765.2
745.5
752.6
779.1
764.6
779.9
786.9
782.3
781.0
782.1
788.3
804.4
2941.3
2938.6
2962.9
3001.9
2990..5
3015..7
3031.6
3030.
3028.
3038.
3058.
3081.
3709.
3719.
3750.
3785.
3784.
3815.
3839.
3851.
3856.
3873.
3902,
3925.8
4392.6
4402.2
4433.1
4479.0
4491.8
4521.3
4556.8
4579..4
4589..0
4614..0
4658..7
8310.2
8350.3
8414.4
8476.2
8534.7
8598.7
8656.8
8718.8
8788.7
8843.1
8899.2 p
Not seasonally adjusted
Footnotes appear on the following page,
p—indicates preliminary data.
H.6 (508)
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml
M2
M3
Debt1
3 Months from SEP. 1988 TO DEC. 1988
3.4
5.0
6.0
8.4
6 Months from JUNE 1988 to DEC. 1988
3.6
4.0
5.3
8.6
12 Months from DEC. 1987 TO DEC. 1988
5.1
5.6
6.5
8.7
OCT. 31, 1988 (13 weeks previous)
2.0
4.3
5.2
AUG.
1, 1988 (26 weeks previous)
2.8
3.6
5.0
1, 1988 (52 weeks previous)
4.3
5.2
6.2
Thirteen weeks ending JANUARY 30, 1989
from thirteen weeks ending:
FEB.
1.
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
August 1988 to November 1988, May 1988 to November 1988, and November 1987 to November 1988, respectively.
1.
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions*
(2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NON) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-averaqe form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.
Footnotes to Table 1
2.
3.
4.
5.
H.6 ( 5 0 8 )
T able 3
MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
Ml
Period eniding
13-week
average
4-week
average
M3
M2
week
average
13-week
average
4-week
average
week
average
13-week
average
4-week
average
week
average
1988-NOV.
7
14
21
28
784.1
784.3
784.5
785.1
786.1
785.7
785.8
786.4
785.3
784.6
786.4
789.3
3037.3
3039.1
3041.5
3044.2
3046.3
3048.3
3053.5
3058.4
3052.1
3052.5
3063.4
3065.5
3864.4
3867.8
3871.8
3875.7
3880.9
3884.5
3890.7
3896.5
3887.6
3891.4
3903.0
3903.8
DEC.
5
12
19
26
785.7
786.3
786.8
787.1
787.7
789.2
790.2
790.2
790.5
790.7
790.1
789.6
3047.3
3050.3
3053.4
3056.1
3063.6
3068.7
3071.5
3073.0
3072.8
3073.1
3074.4
3071.7
3880.4
3885.2
3889.9
3893.8
3903.0
3909.7
3914.0
3915.6
3913.8
3918.0
3920.2
3910.3
2
9
16
23p
30p
787.6
787.9
787.8
787.8
787.8
790.2
789.2
787.8
787.0
786.2
790.3
786.8
784.6
786.2
787.1
3059.0
3061.6
3063.5
3065.8
3067.8
3072.9
3072.1
3071.0
3070.9
3070.8
3072.2
3070.0
3069.9
3071.4
3072.0
3897.9
3901.8
3905.1
3908.3
3911.4
3916.7
3917.4
3917.5
3919.8
3920.4
3918.4
3920.8
3920.3
3919.7
3920.6
1989-JAN.
Not seasonally adjusted
Period ending
13-week
average
4-week
average
M3
M2
Ml
week
average
13-week
average
4-week
average
week
average
13-week
average
4-week
average
week
average
1988-NOV.
7
14
21
28
781.6
781.8
782.4
783.6
781.8
782.3
785.8
788.5
792.6
791.1
786.3
783.9
3033.2
3034.9
3037.5
3040.2
3041.0
3043.8
3052.4
3057.5
3057.5
3058.5
3062.4
3051,7
3863.1
3866.7
3871.2
3876.0
3877.1
3882.8
3893.3
3902.5
3897.6
3902.5
3905.0
3904.9
DEC.
5
12
19
26
784.5
785.2
786.7
789.4
790.8
793.6
797.6
801.4
801.7
802.3
802.4
799.0
3043.5
3046.5
3050.3
3055.1
3063.2
3069.0
3073.2
3077.7
3080.0
3081.9
3079.1
3069.6
3880.7
3885.2
3890.3
3896.3
3908.8
3914.9
3919.6
3922.5
3922.7
3927.1
3923.6
3916.6
2
9
16
23p
30p
792.4
794.7
795.6
796.3
795.6
805.3
809.8
809.2
804.9
791.7
817.5
820.3
800.1
781.7
764.5
3060.2
3065.3
3068.7
3072.1
3073.6
3081.1
3087.7
3090.7
3091.3
3080.5
3093.7
3108.5
3091.1
3071.9
3050.5
3902.3
3907.7
3912.4
3916.8
3919.1
3927.1
3932.5
3936.7
3937.5
3926.9
3941.0
3948.9
3940.1
3919.9
3898.7
1989-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--indicates preliminary data.
H.6 (508)
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Nontransaet ions
components
Savings deposits7
Small time deposi ts«
Date
Currencyl
Travelers
checks2
Demand
deposits3
Other
checkable4
deposits
In M2 5
In M3
only1
At
commercia 1
banks
At
. thrift
institutions
Total
1987-AUG.
SEP.
190.0
191.4
7.0
7.1
291.6
290.5
256.9
259.0
2124.1
2137.4
740.4
745.5
177.5
178.5
239.5
240.3
417.0
418.7
OCT.
NOV.
DEC.
193.1
195.1
196.4
7.0
7.0
7.1
295.9
291.9
288.3
261.2
260.7
260.4
2145.4
2150.0
2157.2
752.4
765.5
767.4
178.2
177.9
178.5
239.6
238.1
237.8
1988-JAN.
FEB.
MAR.
198.5
199.4
200.7
7.2
7.3
7.2
289.4
288.1
288.4
263.4
265.4
267.5
2172.3
2191.0
2206.0
770.7
780.1
786.2
179.5
181.3
183.3
APR.
MAY
JUNE
202.4
203.4
204.7
7.2
7.3
7.3
290.3
288.1
289.8
271.2
272.2
274.7
2219.7
2229.1
2236.8
789.0
794.3
802.1
JULY
AUG.
SEP.
206.4
207.0
208.6
7.2
7.2
7.3
290.4
289.9
288.8
278.5
278.3
279.0
2241.6
2247.5
2251.4
OCT.
NOV.
DEC.
209.7
210.5
211.8
7.4
7.5
7.6
288.9
287.7
288.6
279.5
281.0
282.4
289.3
290.1
288.5
287.5
287.2
285.1
283.1
283.5
284.0
At
commercial
banks
At
thrift,
institutions
Total
367.8
369.2
500.7
505.4
868.6
874.7
417.8
416.0
416.4
374.9
382.1
385.3
510.4
520.9
528.8
885.3
903.0
914.1
237.6
237.5
238.1
417.0
418.8
421.5
388.7
393.7
398.1
536.8
548.7
554.7
925.4
942.4
952.8
184.5
186.0
187.7
238.8
239.3
239.8
423.3
425.2
427.6
403.2
406.2
409.3
560.2
564.8
566.4
963.4
971.0
975.7
813.8
820.2
823.3
189.1
190.0
190.1
240.5
240.9
240.3
429.7
430.9
430.4
412.9
417.4
423.6
568.1
570.9
575.1
981.0
988.3
998.7
2256.8
2273.3
2283.0
833.0
837.6
842.6
189.8
192.7
192.4
239.4
239.1
238.8
429.2
431.8
431.2
431.0
436.7
443.5
578.8
581.4
582.6
1009.8
1018.1
1026.1
282.1
282.0
282.3
282.3
2282.4
2262.4
2284.3
2282.1
840.9
844.9
845.8
838.6
192.4
192.4
192.8
192.4
239.1
239.1
239.1
239.0
431.5
431.4
431.9
431.4
440.4
442.5
444.4
445.7
581.1
581.9
582.0
581.5
1021.4
1024.4
1026.3
1027.1
283.2
281.5
280.8
281.4
281.5
2281.9
2283.2
2285.2
2285.2
2284.9
846.2
850.7
850.5
848.4
848.5
192.3
191.2
190.6
190.4
190.0
238.0
237.7
237.3
236.7
236.2
430.2
428.9
428.0
427.1
426.3
445.9
447.9
450.4
452.8
456.2
582.3
583.3
584.0
585.3
587.9
1028.2
1031.2
1034.4
1038.1
1044.1
Week ending
1988-DEC.
5
12
19
26
211.5
211.0
211.8
212.1
7.5
7.5
7.6
7.6
1989-JAN.
2
9
16
23p
30p
212.3
212.6
213.2
213.7
214.0
7.6
7.6
7.6
7.6
7.6
e
e
e
e
Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. doilai—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 all depository institutions, credit union share draft balances and demand deposits at thrift institutions.
Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time
deposits. This sum is seasonally adjusted as a whole.
Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
Savings deposits exclude MMDAs.
Small denomination time deposits — including, retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits,
-indicates estimated data.
p—indicates preliminary data.
H.6 (508)
Table ^-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Large time deposits1
A*
commercial
banks 2
Date
At
thrift
institutions
Debt components 6
Non-M3 coimponents of L
Total
Savings
bonds
Short-term
Treasury
securities3
Bankers
acceptances4
Commercial
paper 5
Federal
debt
Non-federal
debt
1987-AUG.
SEP.
314.0
315.1
151.4
153.2
465.4
468.3
98.1
98.5
260.0
262.6
43.6
44.2
250.9
257.3
1909.0
1922.2
6109.0
6161.0
OCT.
NOV.
DEC.
318.5
324.0
325.4
156.0
159.0
162.0
474.5
483.0
487.4
99.0
99*5
100.4
272.5
268.8
257.6
44.5
44.7
44.7
256.5
254.2
260.3
1928.7
1946.4
1956.1
6223.8
6282.8
6326.0
1988-JAN.
FEB.
MAR.
323.7
328.4
331.0
163.3
163.9
165.3
487.0
492.3
496.3
101.3
102.5
103.4
261.1
257.4
255.8
43.7
41.0
41.1
269.0
274.2
280.3
1962.6
1980.0
2004.9
6365.0
6406.9
6447.2
APR.
MAY
JUNE
331.8
334.1
339.6
167.4
168.2
168.2
499.2
502.4
507.8
104.4
105.3
106.0
262.5
265.3
258.5
41.4
41.1
40.7
287.6
297.8
300.4
2016.7
2021.3
2031.4
6496.5
6550.7
6599.7
JULY
AUG.
SEP.
345.5
350.8
355.0
168.5
168.6
171.7
514.0
519.4
526.7
106.8
107.4
107.9
269.8
274.7
277.1
40.7
41.2
41.7
309.8
311.3
308.8
2041.2
2059.0
2079.9
6649.7
6698.6
6742.1
OCT.
NOV.
DEC.
359.2
361.3
365.3
172.8
173.2
172.8
532.0
534.5
538.1
108.4
108.7 p
280.8
280.3 p
41.3
40.5 p
312.3
323.7 p
2088.7
2100.4 p
6788.4
6841.0 p
Meek ending
1988-DEC.
5
12
19
26
363.6
365.0
364.3
365.6
174.1
173.6
173.6
173.9
537.6
538.6
537.8
539.4
1989-JAN.
2
9
16
23p
30p
366.6
367.6
370.4
371.8
371.1
173.6
173.8
173.5
174.0
174.1
540.2
541.3
543.9
545.8
545.3
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 and
foreign banks and official institutions.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository
institutions, Federal Reserve Banks, money market mutual funds and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
•indicates preliminary data.
H.b iSo8)
Table 5
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposits
1Currency
Date
1
Demand
Travelers
checks 2 deposits 3
At
commercial
banks 4
At
thrift
institutions5
Nontransact ions
components
Total
In M 2 6
In M3
only 7
Overnight
RPs
Overnight
Eurodollars9
General purpose
and broker/dealer
money market funds
1987-AUG.
SEP.
190.9
190.9
7.9
7.6
290.6
289.2
174.9
176.7
80.9
81.2
255.8
257.9
2124.7
2133.4
740.1
749.4
61.2
62.2
18.4
21.1
213.1
216.3
OCT.
NOV.
DEC.
192.5
195.9
199.3
7.0
6.6
6.5
295.7
294.2
298.6
177.1
178.2
180.5
81.7
81.6
81.4
258.9
259.8
262.0
2144.9
2147.4
2151.9
753.9
770.8
769.6
65.0
63.1
61.9
20.9
16.5
16.0
218.2
219.7
221.1
1988-JAN.
FEB.
MAR.
197.0
197.1
199.1
6.6
6.8
6.9
295.9
279.1
279.9
184.3
182.0
184.2
81.4
80.4
82.5
265.7
262.4
266.7
2176.1
2193.1
2210.3
768.7
780.7
787.6
64.5
61.8
60.2
18.4
16.4
14.8
225.2
231.0
234.8
APR.
MAY
JUNE
201.6
203.6
205.7
6.9
7.1
7.6
292.1
283.1
291.3
191.2
185.1
187.6
87.3
85.7
87.6
278.5
270.8
275.3
2222.8
2225.8
2235.8
784.0
793.9
799.9
60.7
63.6
63.9
15.4
17.2
17.1
235.8
231.8
228.9
JULY
AUG.
SEP.
208.0
207.9
208.0
8.2
8.2
7.9
293.1
289.0
287.4
188.7
188.8
189.7
88.9
88.4
88.1
277.7
277.2
277.8
2244.7
2248.4
2247.6
807.7
820.3
827.9
62.2
64.3
62.9
15.6
15.8
14.7
229.6
230.8
230.8
OCT.
NOV.
DEC.
209.0
211.3
214.8
7.5
7.1
6.9
288.8
290.0
298.9
189.0
191.3
195.1
88.0
88.6
88.7
277.0
279.9
283.8
2256.3
2270.2
2276.6
834.6
844.2
844.7
62.2
62.3
64.4
13.8
12.9
15.5
231.2
238.0
240.8
297.4
297.0
297.8
293.9
194.5
195.0
194.6
194.1
90.4
89.6
88.4
86.7
284.9
284.5
283.0
280.8
2278.3
2279.6
2276.6
2270.6
842.7
845.2
844.5
846.9
66.1
67.1
64.6
62.4
15.3
14.0
15.5
15.7
240.7
241.4
241.6
240.3
311.1
305.2
292.9
283.2
275.6
197.2
203.3
198.8
194.5
188.8
88.4
91.0
88.8
86.1
83.6
285.6
294.3
287.6
280.6
272.4
2276.2
2288.3
2291.0
2290.2
2286.0
847.3
840.3
849.0
848.0
848.2
61.0
64.6
64.2
65.6
65.9
17.6
19.0
19.0
19.4
21.5
239.8
238.9
244.5
245.7
244.8
Neek ending
1988-DEC.
5
12
19
26
212.6
213.9
214.7
217.4
6.9
6.9
6.9
7.0
1989-JAN.
2
9
16
23p
30p
213.8
213.8
212.5
210.9
209.5
7.0
7.0
7.0
7.0
7.1
1.
2.
e
e
e
e
Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions> the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at commercial banks> U.S. branches and agencies of foreiqn banks> and Edge Act corporations.
5.
Consists of NON and ATS balances at thrifts, credit union share draft balances> and demand deposits at thrifts
6.
S u m o f overnight
- « « RPs and• Eurodollars,
•
. . ,fund
. . balances
,
,
, purpose and broker/dealer), MMDAs
_.
money market
(general
and savings and small time deposits,
7.
Sum of large
_ time deposits,
,
term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data.
p--indicates preliminary data.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
At
A*
ccommercial
thrift
institutions
banks
Date
Total
Small-denomination time d e p o s i t s 2
Savings d e p o s i t s 1
Money m a r k e t d e p o s i t accounts
At
commercial
banks
At
thrift
institutions
Total
At
At
thrift
commercial
institutions
banks
Total
Large-denomination time d e p o s i t s 3
At .
commercial
banks4
At
thrift
institutions
Total
1987-AUG.
SEP.
365.3
363.7
180.1
177.4
545.3
541.1
178.3
178.2
241.1
240.7
419.4
418.9
368.0
370.1
499.2
503.8
867.2
873.8
314.4
316.9
151.0
153,7
465.3
470.6
OCT.
NOV.
DEC.
360.5
358.6
358.8
174.2
170.0
167.5
534.7
528.7
526.3
178.6
177.4
176.6
240.9
237.4
234.8
419.5
414.8
411.4
375.5
383.2
386.1
511.2
521.5
529.1
886.7
904.7
915.2
320.1
324.8
325.8
157.4
160.4
163.0
477.5
485.2
488.7
1988-JAN.
FEB.
MAR.
359.5
359.8
361.5
165.5
163.8
164.0
525.0
523.6
525.5
178.1
179.4
182.5
234.4
233.8
236.7
412.5
413.2
419.2
390.2
395.0
398.7
540.3
552.2
557.0
930.5
947.1
955.8
323.6
328.2
332.5
164.3
164.7
165.2
487.9
492.9
497.8
APR.
MAY
JUNE
361.0
357.8
360.7
163.3
162.7
162.5
524.2
520.5
523.2
185.0
187.1
189.6
239.4
240.6
242.7
424.5
427.7
432.3
401.4
403.3
407.6
560.8
561.8
562.9
962.2
965.1
970.5
330.1
333.2
338.2
166.0
167.3
166.6
496.1
500.5
504.8
JULY
AUG.
SEP.
360.3
357.7
354.5
161.6
160.0
157.0
522.0
517.7
511.4
191.5
191.0
189.8
244.5
242.8
241.1
436.0
433.7
430.9
412.5
417.2
424.2
566.8
568.8
572.7
979.4
986.0
996.9
342.9
351.3
357.0
166.5
167.9
172.2
509.5
519.2
529.1
OCT.
NOV.
DEC.
353.0
354.1
352.5
154.5
152.6
150.3
507.5
506.7
502.8
190.2
192.2
190.2
240.7
238.2
235.6
430.9
430.4
425.8
431.4
437.9
444.5
579.4
581.9
582.8
1010.8
1019.8
1027.3
360.8
362.4
365.9
174.7
174.9
174.0
535.4
537,4
539.9
Week e n d i n g
1988-DEC.
5
12
19
26
353.5
353.8
?
S3.0
^51.3
151.6
151.2
150.2
149.3
505.2
505.0
503.2
500.6
191.1
190.8
190.3
189.2
237.2
236.6
235.5
234.1
428.3
427.4
425.8
423.3
441.5
443.5
444.7
446.3
581.2
581.2
581.2
581.9
1022.7
1024.7
1025.9
1028.3
363.1
365.3
363.8
367.1
175.1
174.8
174.7
175.1
538.1
540.1
538.5
542.2
1989-JAN.
2
9
16
23p
30p
351.0
353.0
350.1
347.5
343.0
148.9
148.9
147.6
145.9
144.6
499.9
501.8
497.6
493.5
487.6
190.0
190.4
189.5
188.6
187.9
235.0
235.8
234.4
232.8
231.1
425.0
426.2
423.9
421.4
419.0
448.1
450.3
453.0
455.0
457.3
584.7
587.6
588.8
589.7
590.0
1032.8
1037.9
1041.8
1044.7
1047.3
369.5
367.3
369.9
370.5
370.8
175.0
174.8
174.7
175.1
175.5
544.4
542.1
544.6
545.6
546.3
1.
2.
Savings deposits exclude MMOAs.
Small-denomination time deposits — including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p--indicates preliminary data.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Term RPs1
InstitutionAt
At
only money commercial
thrift
funds
institutions
banks
inarket
Date
Debt components6
Non-M3 C omponents of L
Total
Term
Eurodollars2
Savings
bonds
Short-t»?rm
Treasut y _f
securiti«:,~
Bankers
acceptances4
Commercial
paper5
Federal
debt
Non-Federal
debt
1987-AUG.
SEP.
84.0
81.3
39.8
40.7
69.5
70.7
109.2
111.4
90.2
94.5
97.7
98.3
256.9
260.3
43.6
44.4
249.2
256.8
1888.5
1901.0
6101.1
6154.0
OCT.
NOV.
DEC.
82.5
89.5
89.6
37.6
39.9
38.4
71.2
71.8
70.5
108.8
111.7
108.9
93.0
92.8
90.8
98.8
99.6
100.6
269.9
274.0
263.0
44.8
45.1
45.1
257.1
251.6
257.8
1910.9
1936.9
1954.1
6212.0
6258.5
6310.1
1988-JAN.
FEB.
MAR.
94.4
98.7
97.4
38.7
43.6
43.8
70.9
70.3
67.8
109.6
113.9
111.7
85.4
85.5
90.0
101.7
102.7
103.6
265.2
263.5
258.1
43.4
41.0
40.4
272.5
275.8
280.5
1961.9
1974.7
1993.3
6348.3
6375.5
6421.1
APR.
MAY
JUNE
91.9
90.0
86.3
44.9
47.1
48.0
69.4
73.5
75.8
114.3
120.6
123.8
89.1
91.8
93.1
104.6
105.4
105.9
262.6
260.1
254.9
40.9
41.1
41.0
285.0
300.8
303.8
2001.6
2005.1
2014.6
6474.6
6529.6
6584.1
JULY
AUG.
SEP.
84.8
84.0
83.7
46.6
45.0
42.4
78.5
78.1
79.1
125.0
123.1
121.5
96.2
102.3
101.4
106.5
106.9
107.6
262.4
271.0
274.6
40.8
41.2
41.9
307.8
309.3
308.3
2022.6
2037.0
2056.6
6634.2 ,
6681.8
6732.1
OCT.
NOV.
DEC.
84.6
87.4
87.6
42.8
45.0
40.5
81.1
81.7
82.3
123.9
126.6
122.8
99.1
102.2
103.9
108.3
108.7 p
278.0
286.4 p
41.5
40.9 p
313.1
320.0 p
2068.9
2089.8 p
6774.2
6809.4 p
Heek ending
1988-DEC.
5
12
19
26
88.2
86.7
88.5
87.3
40.7
40.2
41.0
41.9
81.7
81.9
82.2
82.1
122.4
122.2
123.2
124.0
102.8
104.8
104.6
103.4
1989-JAN.
2
9
16
23p
30p
87.2
88.0
89.2
89.9
90.7
37.9
39.4
41.7
41.5
43.3
83.8
84.0
83.5
81.3
81.3
121.7
123.4
125.1
122.9
124.6
103.2
97.0
100.2
98.5
95.4
1.
Term RPs are those with original maturities greater than one dayt excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
3.
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.
4.
Net of bankers acceptances held by accepting banks> Federal Reserve Banks> foreign official institutions> Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
p—indicates preliminary data.
2.
H.6 (508)
Table 6
MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Foreign
Foreign
«commercial official
banks
institutions
Date
IRA and Keogh Accounts
U.S. government depo!sits
Time and savings
deposits due to
foreign banks
and official
institutions
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
Note balances
at depository
institutions
Total
cash
balance
Time and
savings
At
deposits
At
at commercial commercia ,1 . thrift
banks
institutions
banks
At
money
market
funds
Total
1987-AUG.
SEP.
8.9
9.3
2.1
2.0
4.4
4.4
3.0
4.2
3.4
10.3
18.6
21.3
25.0
35.8
1.6
1.5
80.7
81.4
105.7
106.6
14.0
14.5
200.4
202.4
OCT.
NOV.
DEC.
9.5
9.4
9.6
1.9
1.7
1.7
4.3
4.3
4.3
3.2
3.2
3,9
8.9
4.0
4.2
27.4
22.6
16.4
39.5
29.7
26.6
1.5
1.5
1.6
81.8
82.2
82.9
107.1
107.4
108.7
15.4
16.2
16.4
204.4
205.8
208.0
1988-JAN.
FEB.
MAR.
10.1
9.4
9.3
1.7
1.6
1.6
4.2
4.2
4.2
4.1
3.1
3.6
5.6
3.8
2.9
20.8
25.1
18.7
30.5
32.1
25.2
1.6
1.6
1.6
83.9
84.7
85.5
110.0
111.2
113.2
16.6
16.8
17.1
210.6
212.8
215.8
APR.
MAY
JUNE
9.1
9.2
9.6
1.9
1.7
1.8
4.3
4.2
4.2
5.3
3.3
4.3
5.1
7.2
4.1
16.4
27.1
16.7
26.8
37.5
25.0
1.6
1.6
1.7
87.3
88.8
89.4
115.4
116.5
117.7
18.0
18.6
18.4
220.7
223.9
225.5
JULY
AUG.
SEP.
10.0
9.3
9.6
1.9
1.7
1.6
4.3
4.3
4.3
3.4
3.0
4.1
3.9
3.2
7.4
18.6
8.9
20.4
25.9
15.1
32.0
1.7
1.6
1.5
90.2
91.2
91.8
119.0
119.5
120.5
18.5
18.7
18.9
227.7
229.4
231.1
OCT.
NOV.
DEC.
9.2
9.4
9.7
1.6
1.8
1.9
4.3
4.3
4.2
3.2
3.4
4.2
6.2
5.2
5.5
24.5
12.8
18.7
34.0
21.5
28.4
1.5
1.5
1.6
92.5
93.3
93.9
121.5
121.7
122.2 e
19.0 e
19.0 e
19.0 e
233.1 e
234.0 e
235.1 e
Week ending
1988-DEC.
5
12
19
26
10.1
9.8
9.7
9.3
1.8
1.9
1.9
2.0
4.3
4.3
4.2
4.2
3.4
2.9
6.5
3.7
4.6
4.7
5.5
5.3
12.9
8.3
20.5
26.6
20.9
15.9
32.6
35.7
1.6
1.6
1.6
1.6
1989-JAN.
2
9
16
23p
30p
9.5
10.1
8.9
9.9
8.9
1.9
1.8
1.9
1.8
1.6
4.2
4.2
4.2
4.2
4.2
4.2
4.6
3.7
4.9
2.9
7.6
6.9
4.8
7.0
13.8
25.4
9.3
15.0
27.5
30.4
37.2
20.8
?3.5
39.4
47.2
1.6
1.5
1.5
1.5
1.5
e—indicates estimated data,
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end
Appendix Table 3 (continued)
Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week ended:
1
Currency
1
Nonbank
travelers
checks
2
Demand
deposits
3
!
Other
checkable
deposits
4
Nontransactions
components
in M3 only
in M2
5
6
|
|
[
L
1989--June
5
12
19
26
i 1.0070
| 1.0104
1.0041
0.9970
0.9916
1.0194
1.0471
1.0750
1.0141
1.0087
1.0117
0.9830
1.0075
1.0217
1.0107
0.9807
1.0013
1.0004
0.9987
0.9981
0.9977
0.9997
0.9967
0.9988
|
|
|
|
July
3
10
17
24
31
1.0069
1.0180
1.0085
1.0020
0.9986
1.1028
1.1149
1.1270
1.1390
1.1510
1.0173
1.0271
1.0145
0.9897
0.9960
0.9883
1.0251
1.0022
0.9863
0.9717
1.0009
1.0020
1.0019
1.0012
1.0006
0.9926
0.9865
0.9909
0.9948
1.0002
|
|
|
j
|
Aug.
7
14
21
28
1.0146
1.0119
1.0059
0.9941
1.1495
1.1380
1.1265
1.1151
1.0089
1.0127
0.9958
0.9757
1.0102
1.0038
0.9936
0.9795
1.0008
1.0007
1.0010
0.9998
1.0002
0.9993
0.9984
1.0039
|
|
|
|
Sept. 4
11
18
25
1.0056
1.0043
0.9944
0.9858
1.1031
1.0876
1.0721
1.0566
1.0033
1.0095
1.0038
0.9671
1.0087
1.0228
1.0032
0.9700
0.9992
0.9993
0.9979
0.9970
1.0036
1.0021
1.0055
1.0084
|
|
|
|
Oct.
2
9
16
23
30
0.9861
1.0066
0.9997
0.9947
0.9882
1.0412
1.0253
1.0092
0.9932
0.9773
0.9927
1.0043
1.0135
0.9887
0.9863
0,9714
1.0102
1.0032
0.9819
0.9708
0.9989
0.9997
0.9996
1.0001
0.9995
1.0074
1.0040
0.9977
1.0003
1.0032
|
|
j
j
|
Nov.
6
13
20
27
1.0039
1.0084 |
1.0041 !
1.0041 j
0.9636
0.9530
0.9424
0.9320
1.0125
1.0121
1.0071
1.0011
1.0077
1.0059
0.9949
0.9786
1.0001
0.9989
0.9997
0.9954
1.0043
1.0083
1.0065
1.0178
|
|
|
|
Appendix Table 3 (continued)
Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Currency
1
Nonbank
travelers
checks
2
Demand
deposits
3
Other
checkable
deposits
4
Week en ded:
Nontransactions
|
components
I
in M2
in M3 only |
5
6
I
1989--Dec.
4
11
18
25
1.0040
1.0134
1.0119
1.0245
0.9228
0.9207
0.9187
0.9167
1.0278
1.0255
1.0321
1.0183
1.0092
1.0114
1.0004
0.9939
0.9993
0.9991
0.9962
0.9932
1.0021
1.0036
1.0036
1.0091
|
I
|
|
1990--Jan.
1
8
15
22
29
1.0065
1.0083
0.9980
0.9892
0.9797
0.9148
0.9171
0.9212
0.9253
0.9294
1.0692
1.0749
1.0510
1.0071
0.9672
0.9994
1.0455
1.0261
1.0012
0.9696
0.9984
1.0028
1.0032
1.0014
0.9991
0.9920
0.9835
0.9981
1.0009
1.0017
|
|
|
|
|
Feb.
5
12
19
26
0.9896
0.9938
0.9908
0.9812
0.9343
0.9411
0.9478
0.9545
0.9848
0.9745
0.9627
0.9523
1.0019
0.9969
0.9816
0.9732
1.0002
1.0013
1.0017
1.0016
1.0002
1.0037
0.9972
0.9992
|
j
j
j
Mar.
5
12
19
26
0.9927
0.9966
0.9925
0.9863
0.9596
0.9611
0.9625
0.9638
0.9750
0.9767
0.9720
0.9502
1.0033
1.0048
0.9959
0.9844
1.0016
1.0020
1.0018
1.0014
1.0010
0.9992
0.9971
1.0041
|
j
j
j
Apr.
2
0.9886
0.9652
0.9830
0.9980
1.0045
1.0066
|
Appendix Table 4
Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
|
Commercial Bank Deposits
Large
| Small
denomidenomination
nation
time
Savings
time
3
|
2
1
1
Week ended:
1988--Dec.
5
12
19
26
|
0.9933
0.9918
0.9873
0.9835
|
Thrift Depos.Its
Large
| Small
denomidenomination
| nation
time
time
1 Savings
|
4
5
6
|
|
|
|
|
1
1.0027
1.0021
1.0007
1.0015
0.9987
1.0008
0.9986
1.0041
0.9923
0.9896
0.9848
0.9796
1.0002
0.9988
0.9987
1.0008
1.0056
1.0069
1.0065
1.0072
|
|
|
|
1989--Jan.
2
9
16
23
30
0.9880
0.9958
0.9937
0.9908
0.9888
1.0049
1.0053
1.0058
1.0047
1.0023
1.0077
0.9993
0.9987
0.9967
0.9992
0.9876
0.9919
0.9877
0.9834
0.9784
1.0041
1.0073
1.0081
1.0075
1.0037
1.0080
1.0058
1.0072
1.0062
1.0076
|
j
|
|
|
Feb.
6
13
20
27
0.9884
0.9898
0.9898
0.9880
1.0032
1.0044
1.0046
1.0036
0.9977
1.0001
0.9993
1.0007
0.9851
0.9849
0.9826
0.9813
1.0073
1.0082
1.0081
1.0055
1.0069
1.0060
1.0052
1.0027
|
|
|
|
Mar.
6
13
20
27
0.9906
0.9935
0.9954
0.9973
1.0032
1.0042
1.0028
1.0006
1.0019
1.0023
1.0016
1.0088
0.9879
0.9911
0.9934
0.9934
1.0060
1.0054
1.0039
1.0038
1.0022
1.0015
0.9974
0.9974
|
|
j
|
Apr.
3
10
17
1.0041
1.0093
1.0030
0.9998
0.9992
0.9971
0.9955
0.9959
1.0054
0.9993
0.9923
0.9894
1.0051
1.0093
1.0020
0.9972
1.0075
1.0043
1.0010
0.9992
0.9975
0.9930
0.9879
0.9843
|
j
|
|
0.9991
1.0045
1.0065 |
1.0078
1.0071 j
0.9933
0.9926
0.9921 j
0.9920
0.9931 !
0.9928
0.9926
0.9942
0.9982
1.0023
1.0013
1.0064
1.0073
1.0063
1.0043
0.9987
0.9969
0.9954
0.9938
0.9931
0.9990
0.9953
0.9949
0.9921
0.9926
|
|
|
|
|
24
May
j
1
8
I
15
|
22
29
|
Appendix Table 4 (continued)
Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week ended:
Commercial Bank Deposits
| Small
Large
denomidenomination
nation
time
time
Savings
[
3
1
2
1
|
Thrift Deposits
|
| Small | Large |
| denomi- | denomi- |
| nation | nation |
Savings 1 time
1 time
|
1
4
1
5
1
6
|
|
1.0119
0.9933
1.0144 | 0.9933
! 1.0118 | 0.9920
1.0085 | 0.9933
1989--June 5
12
19
26
1.0100
1.0127
1.0093
1.0074
0.9936
0.9947
0.9952
0.9962
| 0.9991
0.9965
1 0.9930
0.9970
July 3
10
17
24
31
1.0107
1.0161
1.0149
1.0127
1.0084
0.9983
0.9983
0.9981
0.9985
1.0004
0.9965
0.9917
0.9889
0.9930
0.9972
Aug.
7
14
21
28
1.0089
1.0079
1.0048
1.0015
0.9992
0.9986
0.9986
0.9990
0.9978
0.9998
1.0014
1.0067
1.0128
1.0115
1.0079
1.0034
0.9978
0.9961
0.9954
0.9947
0.9897
0.9918
0.9963
1.0005
|
|
|
|
Sept. 4
11
18
25
0.9992
1.0009
0.9981
0.9963
1.0011
1.0008
1.0003
1.0008
1.0061
1.0039
1.0032
1.0069
1.0042
1.0053
1.0030
1.0007
0.9955
0.9946
0.9942
0.9945
1.0018
0.9974
0.9983
1.0044
|
j
|
|
Oct.
2
9
16
23
30
0.9981
1.0052
1.0043
1.0030
0.9972
1.0015
1.0018
1.0004
0.9998
1.0003
1.0080
1.0072
1.0031
1.0022
1.0036
1.0064
1.0122
1.0087
1.0033
0.9982 J
0.9997
1.0013
1.0008
1.0008
1.0005 J
1.0117 |
1.0114 |
1.0093 j
1.0110 j
1.0120 j
Nov.
6
13
20
27
0.9984
0.9990 |
0.9978 |
0.9954
1.0032
1.0037
1.0026
1.0033
1.0029 j
1.0040 |
1.0041
1.0045
1.0007 |
0.9990 |
0.9947
0.9910
1.0005 j
1.0009 |
1.0011
1.0003
1.0121
1.0110
1.0093
1.0118
|
i
|
|
|
0.9894
0.9898
0.9888
0.9883
|
j
|
|
! 1.0179 I 0.9988 | 0.9919 |
0.9981 | 0.9881 |
1.0224
0.9860 j
0.9966
1.0197
0.9883 |
0.9956
1.0153
0.9876 j
1.0090
0.9991
|
j
|
j
Appendix Table 4 (continued)
Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week ended:
Commercial Bank D(^posits
Large
Small
denomidenomination
nation
time
time
! Savings
3
2
1
1
Thjrift Depos.Its
Large
Small
denomidenomination
nation
time
Savings
time
4
5
6
|
|
|
|
|
1
1989--Dec.
4
11
18
25
0.9930
0.9934
0.9882
0.9832
1.0040
1.0035
1.0003
0.9986
1.0006
1.0041
1.0011
1.0049
0.9926
0.9926
0.9837
0.9797
1.0008
1.0006
0.9991
0.9986
1.0079
1.0084
1.0062
1.0045
|
|
|
|
1990--Jan.
1
8
15
22
29
0.9862
0.9957
0.9931
0.9897
0.9895
1.0082
1.0068
1.0054
1.0035
1.0028
1.0012
0.9967
0.9979
0.9969
1.0001
0.9838
0.9905
0.9874
0.9831
0.9795
1.0028
1.0069
1.0071
1.0061
1.0059
1.0109
1.0062
1.0072
1.0062
1.0092
|
|
|
|
|
Feb.
5
12
19
26
0.9877
0.9902
0.9899
0.9882
1.0035
1.0048
1.0046
1.0039
0.9980
0.9999
0.9991
1.0000
0.9850
0.9848
0.9824
0.9808
1.0087
1.0088
1.0080
1.0059
1.0083
1.0073
1.0062
1.0018
|
|
|
|
Mar.
5
12
19
26
0.9895
0.9936
0.9958
0.9977
1.0033
1.0039
1.0023
1.0011
1.0018
1.0023
1.0019
1.0072
0.9868
0.9912
0.9934
0.9927
1.0059
1.0050
1.0037
1.0041
0.9990
0.9978
0.9947
0.9987
|
|
|
|
Apr.
2
1.0027
1.0011
1.0052
1.0025
1.0098
1.0046 I
Appendix Table 5
Comparison of Revised and Old Monetary Aggregate Levels
(billions of dollars, seasonally adjusted)
|
Ml
M2
Revised
Old
M3
Revised
Revised
Old
1987—October
November
December
757.3
754.6
752.3
756.2
752.7
750.8
2902.7
2904.7
2909.5
2894.5
2896.5
2901.0
3655.1
3670.1
3676.9
3644.6
3659.6
3664.4
1988--January
February
March
April
May
June
July
August
September
October
November
December
758.4
760.1
763.8
771.2
771.1
776.5
782.5
782.4
783.7
785.5
786.7
790.3
758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.4
783.5
783.7
787.8
2930.6
2951.2
2969.8
2990.8
3000.2
3013.3
3024.0
3029.9
3035.1
3042.3
3060.0
3073.3
2925.3
2946.2
2967.5
2990.9
3002.2
3016.5
3025.8
3031.6
3034.2
3037.5
3055.2
3067.8
3701.4
3731.3
3756.0
3779.8
3794.6
3815.4
3837.8
3850.1
3858.4
3875.3
3897.6
3916.0
3690.7
3722.9
3748.3
3772.0
3789.4
3814.1
3836.4
3848.5
3853.8
3868.8
3890.9
3905.4
Old
Appendix Table 6
Comparison of Revised and Old Ml Growth Rates
(percent changes at annual rates)
Difference
m
- (2)
m
Difference due to
Benchmark
Seasonals
|
(5)
|
f41
i
|
Revised
Old
m
m
1987--Oct.
Nov.
Dec.
15.1
-4.3
-3.7
14.0
-5.6
-3.0
I.I
1.3
-0.7
0.1
0.1
0.0
1.0
1.2
-0.7
1988--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
9.7
2.7
5.8
11.6
-0.2
8.4
9.3
-0.2
2.0
2.8
1.8
5.5
12.8
1.7
0.3
6.3
-3.1
1.6
0.4
0.3
-0.4
-1.4
0.3
-0.5
2.2
1.1
1.5
-0.8
0.0
0.0
0.0
0.5
0.1
0.4
0.5
-0.4
0.2
-0.1
0.1
0.0
-3.1
1.6
0.4
-0.2
-0.5
-1.8
-0.2
-0.1
2.0
1.2
1.4
-0.8
Monthly
1.1
5.4
11.3
0.2
9.8
9.0
0.3
-0.2
Quarterly
1987--QIV
5.0
3.9
1.1
0.1
1.0
1988--QI
QII
QUI
QIV
3.2
6.4
5.2
2.4
3.8
6.3
5.2
1.3
-0.6
0.1
0.0
1.1
0.0
0.2
0.2
0.0
-0.6
-0.1
-0.2
1.1
1988--QIV '87 to
QII '88
4.8
5.1
-0.3
0.1
-0.4
QII * 88 to
QIV ' 88
3.8
3.3
0.5
0.1
0.4
6.4
4.3
6.2
4.2
0.2
0.1
0.1
0.1
0.1
0.0
Semi-Annual
Annual (QIV' TO QIV)
1987
1988
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
Difference
(1) - (2)
(31
|
Difference due to
| Benchmark
Seasonals
(4-)
(5)
|1
Revised
Old
m
m
1987--Oct.
Nov.
Dec.
7.2
0.8
2.0
5.7
0.8
1.9
1.5
0.0
0.1
1988--Jan.
Feb.
Mar.
Apr.
8.7
8.4
7.6
8.5
3.8
5.2
4.3
2.3
2.1
2.8
7.0
5.2
10.1
-1.4
-0.2
-1.1
-1.0
-0.7
-0.5
1987--QIV
4.9
3.9
1.0
1988--QI
6.2
6.9
3.8
3.8
6.8
7.7
3.6
3.0
-0.6
-0.8
0.2
0.8
-0.2
-0.3
-0.1
1988--QIV *87 to
QII '88
6.6
7.3
-0.7
-0.1
-0.6
QII '88 to
QIV '88
3.8
3.3
0.5
-0.2
0.7
4.2
5.3
4.0
5.4
0.2
0.2
-0.1
-0.2
0.0
0.1
Monthly
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
8.6
8.7
9.5
4.5
5.7
3.7
2.3
1.0
1.3
7.0
4.9
0.6
0.0
1.1
1.5
0.0
0.3
0.3
0.0
-0.1
0.1
0.5
-0.4
-0.3
-0.5
-0.3
-0.1
-0.6
-0.2
1.2
0.0
0.2
-1.5
-0.7
-0.7
-0.7
-0.2
-0.2
-0.1
0.7
0.6
1.3
1.4
0.0
0.4
0.3
0.7
0.1
-0.7
-0.6
0.1
0.0
Quarterly
QII
QUI
QIV
0.5
0.9
Semi-Annual
Annual (QIV TO QIV)
1987
1988
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
Difference due to
Seasonals
Benchmark
|
11
(5)
(4)
Difference |
m - (2)
Revised
Old
m
m
(3)
1987--Oct.
Nov.
Dec.
8.0
4.9
2.2
7.3
4.9
1.6
0.7
0.0
0.6
0.2
-0.2
-0.3
0.5
0.2
0.9
1988--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
8.0
9.7
7.9
7.6
4.7
6.6
7.0
3.8
2.6
5.3
6.9
5.7
8.6
10.5
8.2
7.6
5.5
7.8
7.0
3.8
1.7
4.7
6.9
4.5
-0.6
-0.8
-0.3
0.0
-0.8
-1.2
0.0
0.0
0.9
0.6
0.0
1.2
0.0
0.3
0.4
-0.1
-0.5
-0.3
-0.3
-0.2
-0.2
-0.1
0.0
0.0
-0.6
-1.1
-0.7
0.1
-0.3
-0.9
0.3
0.2
1.1
0.7
0.0
1.2
1987--QIV
6.4
5.5
0.9
0.2
0.7
1988--QI
QII
QUI
QIV
6.8
7.2
5.5
4.9
7.0
7.7
5.7
4.4
-0.2
-0.5
-0.2
0.5
0.1
0.0
-0.3
-0.1
-0.3
-0.5
0.1
0.6
1988--QIV '87 to
QII '88
7.0
7.4
-0.4
0.0
-0.4
QII '88 to
QIV * 88
5.3
5.1
0.2
-0.3
0.5
5.7
6.2
5.4
6.4
0.3
-0.2
0.3
-0.1
0.0
-0.1
Monthly
Quarterly
Semi-Annual
Annual fOIV TO QIV)
1987
1988
@FedFRASER