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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time January 30, 2003 H.6 (508) MONEY STOCK REVISIONS Measures of the money stock and components have been revised to incorporate the results of the annual seasonal factor review. This release includes revised monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates with previously published data. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2002. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The revisions to seasonal factors raised M2 and M3 growth rates on average in the first half of 2002 while lowering them in the second half of the year. Historical data, updated each week, are available through the Federal Reserve=s web site (http://www.federalreserve.gov/releases/) with the H.6 statistical release. The data are also available through paid electronic means, which can be accessed by calling STAT-USA at 1-800-782-8872 or 202-482-1986. FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK MEASURES For release at 4:30 p.m. Eastern Time Billions of dollars January 30, 2003 Date M11 M22 M33 Seasonally adjusted 2001-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1093.3 1100.2 1108.0 1106.3 1117.0 1126.1 1138.3 1149.7 1201.8 1164.5 1165.9 1173.4 4981.2 5026.4 5079.3 5125.0 5149.8 5194.3 5228.6 5262.0 5372.7 5358.5 5399.0 5440.6 7196.1 7270.9 7338.2 7454.9 7534.0 7621.3 7658.7 7667.6 7824.5 7858.9 7932.8 7993.5 2002-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1179.7 1186.1 1188.1 1173.7 1184.4 1190.2 1197.4 1186.3 1192.5 1203.9 1203.4 1211.6 5464.4 5502.7 5503.5 5491.5 5557.3 5589.1 5638.0 5677.1 5703.5 5741.7 5778.6 5791.7 8004.7 8056.0 8068.4 8071.2 8135.1 8171.4 8221.0 8291.0 8333.5 8338.1 8454.5 8502.1 Not seasonally adjusted 2001-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1099.5 1087.5 1107.3 1122.6 1110.9 1123.0 1136.6 1141.9 1191.2 1155.4 1164.7 1203.5 4989.0 5018.6 5110.1 5184.1 5121.5 5173.6 5203.3 5240.4 5355.0 5339.3 5402.9 5483.5 7228.3 7301.2 7395.4 7512.1 7517.5 7597.2 7607.7 7617.9 7759.0 7803.3 7939.0 8065.2 2002-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1185.9 1172.1 1189.8 1189.1 1178.7 1187.8 1195.0 1178.4 1182.5 1193.6 1202.0 1241.5 5471.7 5489.8 5538.4 5553.8 5525.7 5565.3 5609.3 5654.9 5681.3 5720.9 5793.1 5841.0 8046.5 8088.3 8133.8 8129.8 8113.1 8145.0 8167.8 8239.5 8258.6 8281.5 8470.2 8579.6 Footnotes appear on the following page p preliminary Components may not add to totals due to rounding. Page 2 H.6 (508) Table 2 MONEY STOCK MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 3 Months from Sep. 2002 TO Dec. 2002 6.4 6.2 8.1 6 Months from June 2002 TO Dec. 2002 3.6 7.2 8.1 12 Months from Dec. 2001 TO Dec. 2002 3.3 6.5 6.4 Thirteen weeks ending January 20 , 2003 from thirteen weeks ending: Oct. 21, 2002 (13 weeks previous) 4.8 6.3 7.4 July 22, 2002 (26 weeks previous) 3.1 7.4 7.5 Jan. 21, 2002 (52 weeks previous) 3.1 6.7 6.3 Footnotes to Table 1: 1. 2. 3. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. Page 3 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period ending 2002-Oct. 28 M2 M3 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1193.7 1203.8 1216.1 5704.7 5739.4 5757.3 8317.6 8334.1 8358.1 Nov. 4 11 18 25 1195.3 1197.1 1198.3 1199.2 1207.1 1207.1 1205.4 1202.2 1205.2 1199.8 1200.3 1203.4 5712.3 5720.5 5728.8 5735.9 5749.4 5759.3 5769.5 5775.6 5760.6 5774.6 5785.5 5781.8 8326.5 8337.8 8351.0 8365.0 8348.3 8370.4 8404.7 8439.1 8373.4 8415.6 8471.7 8495.6 Dec. 2 9 16 23 30 1200.4 1202.1 1203.7 1205.2 1206.2 1203.8 1204.9 1206.7 1209.9 1211.2 1211.5 1204.5 1207.2 1216.4 1216.8 5743.4 5750.7 5757.6 5764.3 5770.2 5781.9 5784.6 5785.2 5789.0 5791.6 5785.7 5785.2 5788.2 5796.9 5796.2 8379.0 8393.1 8406.2 8418.6 8430.8 8469.0 8489.8 8498.6 8500.4 8503.6 8493.1 8498.6 8507.1 8502.8 8505.7 6 13p 20p 1207.2 1206.8 1207.3 1211.5 1208.4 1207.6 1205.6 1194.7 1213.4 5775.7 5780.5 5786.7 5793.3 5795.9 5803.0 5792.0 5798.3 5825.3 8442.3 8452.8 8465.1 8495.6 8484.6 8482.7 8466.6 8463.3 8495.0 2003-Jan. Not seasonally adjusted 2002-Oct. 28 1183.6 1188.0 1219.3 5683.6 5722.2 5704.2 8256.8 8279.2 8281.2 Nov. 4 11 18 25 1186.2 1187.9 1189.2 1190.6 1199.3 1199.3 1198.4 1196.1 1210.4 1173.7 1190.0 1210.3 5691.9 5701.4 5712.8 5723.3 5733.9 5746.5 5766.6 5782.2 5769.9 5784.9 5807.5 5766.5 8266.4 8279.8 8299.3 8320.2 8301.0 8330.3 8385.8 8441.1 8346.3 8415.2 8500.6 8502.3 Dec. 2 9 16 23 30 1193.2 1195.8 1199.5 1205.8 1211.7 1207.7 1213.4 1219.8 1231.5 1239.7 1256.6 1196.7 1215.4 1257.2 1289.6 5735.8 5745.4 5756.5 5771.0 5784.8 5795.7 5808.2 5820.4 5838.2 5840.2 5823.8 5834.8 5856.5 5837.7 5831.7 8342.5 8365.1 8389.9 8416.7 8442.9 8490.0 8530.6 8561.6 8579.8 8583.8 8541.8 8577.8 8624.6 8575.1 8557.8 6 13p 20p 1217.2 1219.1 1220.8 1249.8 1245.5 1235.2 1236.8 1198.2 1216.3 5796.3 5805.2 5813.5 5849.7 5848.1 5847.6 5872.7 5850.2 5835.7 8463.7 8483.4 8504.7 8571.7 8554.0 8549.2 8529.2 8553.9 8555.8 2003-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. Components may not add to totals due to rounding. Page 4 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Other checkable deposits Currency1 Date Travelers checks 2 Demand deposits3 2001-Aug. Sep. 561.8 567.5 8.7 8.4 318.8 365.6 139.0 139.3 At thrift institutions5 121.5 121.0 Oct. Nov. Dec. 571.8 575.9 581.4 8.1 7.8 7.8 331.0 327.3 325.6 140.4 141.0 141.8 113.2 113.9 116.9 253.6 254.9 258.8 2002-Jan. Feb. Mar. 587.0 591.9 595.7 7.9 7.8 7.8 324.9 325.1 323.3 142.4 143.0 143.4 117.5 118.3 118.0 259.9 261.3 261.4 Apr. May June 599.8 604.6 609.0 7.7 7.8 8.2 305.2 306.5 305.6 143.6 145.3 145.8 117.4 120.2 121.6 261.0 265.5 267.4 July Aug. Sep. 613.3 615.9 617.8 8.5 8.3 7.9 304.5 289.6 292.0 148.0 149.5 151.1 123.0 123.0 123.6 271.1 272.5 274.8 Oct. Nov. Dec. 620.5 623.2 626.9 7.7 7.5 7.5 299.3 294.1 296.5 151.6 152.1 153.8 124.8 126.5 126.9 276.4 278.7 280.7 623.2 7.4 293.4 152.5 126.8 279.3 2 9 16 23 30 625.9 626.5 626.5 626.9 627.8 7.4 7.5 7.5 7.6 7.6 298.2 289.9 292.5 301.2 300.4 153.1 154.1 154.0 154.0 153.5 126.9 126.5 126.7 126.7 127.4 280.0 280.6 280.7 280.7 280.9 6 13p 20p 628.6 628.9 630.8 7.7 7.7 e 7.7 e 290.3 282.9 298.1 152.0 151.4 150.8 127.1 123.9 126.1 279.1 275.2 276.9 At commercial banks4 Week ending 2002-Nov. 25 Dec. 2003-Jan. 1. 2. 3. 4. 5. Total 260.5 260.3 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. e estimated p preliminary Components may not add to totals due to rounding. Page 5 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date At commercial banks Total At commercial banks At thrift institutions Total Retail money funds Total Non-M1 M2 2001-Aug. Sep. 1613.3 1655.3 518.2 527.4 2131.4 2182.8 667.9 663.4 347.0 345.8 1014.9 1009.2 965.9 979.0 4112.3 4170.9 Oct. Nov. Dec. 1665.9 1704.9 1734.5 540.5 552.4 569.0 2206.4 2257.3 2303.5 657.8 648.5 634.2 342.6 338.6 338.7 1000.4 987.1 972.9 987.3 988.7 990.7 4194.0 4233.1 4267.1 2002-Jan. Feb. Mar. 1764.5 1796.4 1805.1 580.1 598.3 612.3 2344.6 2394.7 2417.4 627.3 620.5 614.6 333.4 329.2 326.0 960.7 949.7 940.5 979.3 972.2 957.3 4284.6 4316.6 4315.3 Apr. May June 1822.1 1862.0 1884.8 624.2 632.4 641.4 2446.3 2494.5 2526.2 609.9 612.9 610.3 322.8 314.0 310.7 932.7 926.8 921.0 938.8 951.6 951.6 4317.8 4372.9 4398.8 July Aug. Sep. 1909.9 1955.5 1982.7 653.1 664.9 676.8 2563.0 2620.5 2659.5 606.3 602.0 595.9 308.7 306.7 304.3 915.0 908.7 900.2 962.5 961.7 951.3 4440.6 4490.8 4511.0 Oct. Nov. Dec. 2006.4 2041.2 2047.4 689.7 698.1 710.8 2696.0 2739.3 2758.2 590.9 586.3 580.9 302.3 300.4 299.0 893.2 886.8 879.9 948.5 949.2 942.0 4537.7 4575.2 4580.1 2040.5 701.0 2741.5 584.9 300.5 885.4 951.6 4578.5 2 9 16 23 30 2037.0 2046.6 2047.1 2051.0 2045.6 706.9 706.2 710.1 710.0 718.5 2744.0 2752.8 2757.3 2761.1 2764.1 584.1 582.7 581.5 580.0 579.0 300.2 299.6 299.1 298.6 298.3 884.3 882.4 880.6 878.7 877.3 946.0 945.5 943.1 940.8 938.1 4574.2 4580.7 4581.0 4580.5 4579.5 6 13p 20p 2063.1 2081.1 2087.0 710.7 720.8 724.9 2773.8 2802.0 2811.9 578.0 577.1 576.0 297.8 297.4 297.3 875.8 874.5 873.3 936.7 927.0 926.7 4586.4 4603.6 4611.9 Week ending 2002-Nov. 25 Dec. 2003-Jan. 1. 2. At thrift institutions 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. p preliminary Components may not add to totals due to rounding. Page 6 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars Date Large-denomination time deposits1 At commercial banks2 At thrift institutions Total RPs3 Eurodollars4 Total Non-M2 M3 2001-Aug. Sep. 1030.0 1085.3 681.0 680.1 114.8 115.5 795.8 795.6 372.0 363.3 207.8 207.7 2405.6 2451.8 Oct. Nov. Dec. 1149.4 1169.4 1189.7 671.6 666.5 670.8 115.5 114.2 114.9 787.1 780.7 785.7 360.2 376.7 375.0 203.7 207.0 202.5 2500.4 2533.8 2552.9 2002-Jan. Feb. Mar. 1174.5 1179.6 1184.6 675.1 677.9 681.8 115.4 115.4 115.1 790.5 793.3 796.9 373.0 372.9 374.6 202.3 207.6 208.8 2540.3 2553.3 2564.9 Apr. May June 1188.5 1188.1 1196.6 692.6 702.3 702.9 115.5 112.4 111.0 808.1 814.7 813.9 375.3 371.4 371.8 207.7 203.6 200.1 2579.7 2577.8 2582.4 July Aug. Sep. 1192.1 1191.2 1183.0 706.4 706.4 704.4 111.1 112.5 112.7 817.5 818.8 817.1 373.1 399.9 422.5 200.3 203.9 207.5 2583.1 2613.9 2630.1 Oct. Nov. Dec. 1142.2 1207.5 1232.9 710.7 701.1 678.7 113.5 115.0 116.4 824.2 816.0 795.1 420.9 440.5 469.0 209.2 211.8 213.4 2596.5 2675.8 2710.4 1243.9 696.5 115.3 811.7 444.9 213.3 2713.8 2 9 16 23 30 1234.8 1243.3 1241.1 1226.4 1222.4 691.8 683.1 676.7 676.9 676.0 116.4 116.3 115.8 116.0 116.8 808.1 799.5 792.5 792.9 792.8 450.6 456.7 471.8 473.3 481.3 213.9 213.9 213.5 213.2 213.0 2707.4 2713.4 2718.8 2705.9 2709.5 6 13p 20p 1217.9 1195.3 1179.5 670.5 681.6 695.5 117.5 117.0 117.6 787.9 798.6 813.1 456.6 454.7 460.9 212.1 216.5 216.2 2674.6 2665.1 2669.7 Week ending 2002-Nov. 25 Dec. 2003-Jan. 1. 2. 3. 4. Institutional money funds 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. 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. p preliminary Components may not add to totals due to rounding. Page 7 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Other checkable deposits Currency1 Date Travelers checks2 Demand deposits3 At commercial banks4 561.8 566.2 8.4 8.3 316.1 361.5 135.5 135.5 Oct. Nov. Dec. 569.7 575.4 584.9 8.1 7.9 7.9 327.4 329.3 347.6 138.8 138.7 145.6 111.4 113.4 117.5 250.2 252.1 263.2 2002-Jan. Feb. Mar. 584.7 591.0 596.1 8.0 8.0 7.9 329.1 316.2 321.9 148.4 141.8 144.1 115.7 115.2 119.9 264.1 257.0 263.9 Apr. May June 599.6 605.1 610.4 7.9 7.9 8.0 309.2 299.8 301.8 149.3 144.9 144.2 123.1 121.0 123.4 272.4 265.9 267.6 July Aug. Sep. 615.3 616.3 616.1 8.2 8.1 7.8 303.3 287.0 289.3 145.9 145.8 147.4 122.3 121.2 121.9 268.2 267.0 269.3 Oct. Nov. Dec. 617.9 622.8 630.2 7.7 7.6 7.7 294.9 296.2 316.9 150.2 149.4 158.3 122.8 126.1 128.4 273.0 275.4 286.7 622.3 7.6 302.6 153.5 124.2 277.7 2 9 16 23 30 626.2 627.0 627.6 633.1 634.1 7.6 7.6 7.7 7.7 7.7 333.3 283.5 303.0 326.5 348.0 157.6 149.5 151.3 162.6 170.3 131.9 129.1 125.9 127.3 129.4 289.5 278.6 277.2 289.9 299.7 6 13p 20p 631.1 627.4 628.1 7.7 7.8 e 7.8 e 307.3 285.7 299.8 159.2 152.8 158.5 131.5 124.4 122.0 290.6 277.3 280.6 Dec. 2003-Jan. 4. 5. Total 2001-Aug. Sep. Week ending 2002-Nov. 25 1. 2. 3. At thrift institutions5 120.0 119.7 255.5 255.3 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. e estimated p preliminary Components may not add to totals due to rounding. Page 8 H.6 (508) Table 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date At commercial banks Total At commercial banks At thrift institutions Total Total Non-M1 M2 2001-Aug. Sep. 1607.8 1655.8 516.4 527.6 2124.1 2183.3 667.9 664.0 347.0 346.1 1014.9 1010.1 959.5 970.4 4098.6 4163.8 Oct. Nov. Dec. 1662.0 1710.8 1742.3 539.2 554.3 571.5 2201.2 2265.1 2313.8 659.0 650.3 635.2 343.3 339.5 339.2 1002.2 989.9 974.4 980.4 983.2 991.8 4183.9 4238.2 4280.0 2002-Jan. Feb. Mar. 1758.1 1787.6 1816.1 578.0 595.3 616.1 2336.2 2382.9 2432.2 627.8 620.7 613.8 333.7 329.3 325.5 961.5 950.0 939.3 988.1 984.8 977.1 4285.8 4317.7 4348.6 Apr. May June 1842.5 1852.9 1880.7 631.2 629.3 640.0 2473.7 2482.3 2520.7 608.7 611.9 609.1 322.2 313.5 310.1 930.9 925.4 919.3 960.1 939.4 937.5 4364.7 4347.0 4377.4 July Aug. Sep. 1899.2 1948.6 1979.4 649.4 662.6 675.6 2548.6 2611.1 2655.0 605.8 602.3 596.6 308.4 306.8 304.6 914.2 909.0 901.2 951.5 956.3 942.6 4414.3 4476.5 4498.8 Oct. Nov. Dec. 2002.0 2054.4 2059.9 688.2 702.6 715.2 2690.1 2757.0 2775.1 591.9 587.7 581.6 302.8 301.1 299.3 894.6 888.9 880.9 942.5 945.2 943.5 4527.2 4591.0 4599.5 2022.8 694.9 2717.6 586.2 301.1 887.3 951.3 4556.2 2 9 16 23 30 2031.3 2085.9 2087.7 2048.8 2018.7 704.9 719.8 724.2 709.3 709.1 2736.2 2805.8 2811.9 2758.1 2727.8 585.3 583.8 582.2 580.4 579.3 300.8 300.2 299.5 298.8 298.4 886.1 883.9 881.7 879.2 877.7 945.0 948.3 947.4 943.2 936.7 4567.3 4638.0 4641.1 4580.5 4542.1 6 13p 20p 2103.6 2108.8 2082.6 724.6 730.4 723.3 2828.3 2839.2 2806.0 578.9 577.6 576.1 298.3 297.7 297.4 877.2 875.4 873.4 930.5 937.5 940.0 4636.0 4652.1 4619.4 Week ending 2002-Nov. 25 Dec. 2003-Jan. 1. 2. At thrift institutions Retail money funds 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. p preliminary Components may not add to totals due to rounding. Page 9 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars Institutional money funds Date At commercial banks2 677.4 679.3 At thrift institutions 114.2 115.3 Total RPs3 At commercial banks 313.5 305.2 2377.5 2404.0 48.7 53.4 61.1 350.4 373.4 376.5 200.0 205.7 203.0 2464.0 2536.1 2581.7 300.3 301.2 301.9 75.3 80.4 76.9 375.6 381.5 378.9 203.1 211.3 213.0 2574.9 2598.5 2595.3 807.5 821.7 819.5 306.1 314.4 317.9 65.6 62.2 60.5 371.7 376.6 378.4 211.4 206.1 199.2 2576.0 2587.4 2579.7 111.1 112.1 112.7 817.5 816.2 817.4 316.2 339.5 358.2 57.8 57.8 53.0 374.0 397.4 411.2 197.3 200.4 204.7 2558.6 2584.6 2577.3 712.9 703.3 677.1 113.9 115.3 116.1 826.8 818.6 793.2 358.5 383.8 419.8 50.4 52.0 51.0 408.8 435.8 470.8 205.8 211.3 214.0 2560.7 2677.1 2738.6 1268.5 699.2 115.7 814.9 384.9 53.7 438.5 213.8 2735.8 2 9 16 23 30 1252.0 1274.6 1285.9 1255.7 1236.7 689.6 681.3 678.5 677.0 672.0 116.0 116.0 116.1 116.1 116.1 805.7 797.3 794.6 793.1 788.2 391.1 405.2 421.0 426.0 437.2 54.6 53.3 53.7 49.8 46.8 445.7 458.5 474.8 475.8 483.9 214.6 212.6 212.8 212.8 217.2 2717.9 2743.0 2768.1 2737.4 2726.1 6 13p 20p 1206.6 1234.8 1233.1 664.9 678.5 689.6 116.5 116.4 116.5 781.4 795.0 806.1 406.7 411.8 416.9 46.6 45.8 47.5 453.3 457.6 464.4 215.2 216.4 216.4 2656.5 2703.7 2720.1 Oct. Nov. Dec. 1126.2 1174.2 1217.7 671.9 668.3 669.7 115.6 114.5 114.7 787.5 782.8 784.4 301.7 320.0 315.5 2002-Jan. Feb. Mar. 1210.7 1215.4 1208.0 670.7 675.3 680.6 114.7 115.0 114.9 785.4 790.3 795.5 Apr. May June 1185.4 1183.1 1182.7 692.1 708.3 707.7 115.4 113.3 111.8 July Aug. Sep. 1169.8 1170.7 1144.1 706.3 704.1 704.7 Oct. Nov. Dec. 1119.2 1211.4 1260.7 2003-Jan. Total Total Non-M2 M3 204.0 204.3 1012.3 1050.2 Dec. At thrift institutions 56.1 49.6 Eurodollars4 369.6 354.8 2001-Aug. Sep. Week ending 2002-Nov. 25 1. 2. 3. 4. Large-denomination time deposits1 791.6 794.6 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. 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. p preliminary Components may not add to totals due to rounding. Page 10 H.6 (508) Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted 2001-Aug. Sep. 8.0 8.1 1.1 1.3 Time and savings deposits due to foreign banks and official institutions 21.9 20.2 Oct. Nov. Dec. 8.2 8.4 8.5 1.6 1.4 1.5 19.2 18.8 18.4 2.6 2.8 4.1 5.2 5.1 5.3 27.8 22.5 27.2 35.6 30.4 36.5 11.5 11.1 10.7 160.3 160.3 160.2 95.5 95.1 94.7 167.4 166.5 165.6 423.2 421.8 420.5 2002-Jan. Feb. Mar. 8.6 8.7 8.8 1.3 1.3 1.1 18.2 18.1 18.1 3.5 2.6 2.7 7.0 4.9 5.6 39.2 33.0 16.9 49.7 40.5 25.1 11.5 13.0 14.6 160.0 159.8 159.7 95.3 96.3 97.3 164.9 164.3 163.8 420.2 420.5 420.7 Apr. May June 8.6 8.2 7.8 1.0 1.0 1.0 18.0 17.9 17.8 4.6 3.0 4.2 6.1 5.1 6.1 5.8 7.5 16.3 16.5 15.5 26.6 14.2 12.4 10.6 160.5 162.1 163.7 97.5 97.0 96.5 162.6 e 160.9 e 159.3 e 420.6 e 420.0 e 419.5 e July Aug. Sep. 7.4 7.0 6.6 1.0 1.0 1.1 16.9 15.5 14.1 5.3 4.6 5.1 5.3 5.1 5.8 11.8 18.3 27.7 22.4 27.9 38.6 11.6 14.5 17.3 164.9 165.8 166.7 96.6 97.0 97.5 158.6 e 158.6 e 158.6 e 420.1 e 421.5 e 422.8 e Oct. Nov. Dec. 6.4 e 6.4 e 6.4 e 1.1 e 1.1 e 1.1 e 13.5 e 13.5 e 13.5 e 3.1 3.2 3.8 4.9 5.0 4.9 18.6 16.1 15.3 26.5 24.3 24.0 18.4 e 18.4 e 18.4 e 167.3 e 167.8 e 168.2 e 97.7 e 97.7 e 97.7 e 158.6 e 158.6 e 158.6 e 423.6 e 424.1 e 424.5 e 2.8 5.0 24.3 32.1 2 9 16 23 30 3.0 3.5 4.1 3.7 3.7 4.9 3.8 5.5 5.3 5.1 24.1 0.5 9.0 25.4 21.9 32.0 7.8 18.6 34.4 30.7 6 13p 20p 3.8 3.3 4.5 4.6 5.3 5.8 16.4 3.2 4.5 24.8 11.8 14.8 Demand deposits at banks due to Date Foreign commercial banks Foreign official institutions Week ending 2002-Nov. 25 Dec. 2003-Jan. 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions1 Total cash balance 1.1 2.1 5.0 6.6 26.7 19.6 32.8 28.4 IRA and Keogh Accounts Time and savings deposits at commercial banks 10.8 11.4 At thrift institutions At money market funds Total 160.9 160.5 95.5 95.7 162.4 166.3 418.9 422.5 At commercial banks Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks January February March April May June July August September October November December 0.9961 0.9985 1.0006 0.9997 1.0009 1.0022 1.0034 1.0007 0.9971 0.9959 0.9993 1.0052 1.0103 1.0133 1.0158 1.0190 1.0112 0.9802 0.9571 0.9684 0.9890 1.0042 1.0214 1.0173 1.0129 0.9725 0.9956 1.0130 0.9782 0.9876 0.9961 0.9910 0.9908 0.9854 1.0071 1.0689 1.0160 0.9837 1.0099 1.0439 1.0014 1.0008 0.9892 0.9799 0.9802 0.9877 0.9885 1.0216 1.0423 0.9915 1.0048 1.0400 0.9969 0.9887 0.9852 0.9756 0.9755 0.9909 0.9822 1.0292 January February March April May June July August September October November December 0.9966 0.9985 0.9995 1.0002 1.0011 1.0019 1.0038 1.0019 0.9968 0.9963 0.9985 1.0049 1.0095 1.0127 1.0155 1.0186 1.0103 0.9792 0.9573 0.9701 0.9889 1.0024 1.0213 1.0164 1.0161 0.9722 0.9962 1.0123 0.9764 0.9885 0.9920 0.9970 0.9866 0.9865 1.0096 1.0671 1.0156 0.9830 1.0099 1.0428 1.0003 0.9995 0.9897 0.9799 0.9805 0.9867 0.9903 1.0233 1.0433 0.9909 1.0038 1.0374 0.9956 0.9869 0.9864 0.9761 0.9771 0.9913 0.9817 1.0308 January February March 0.9966 0.9987 0.9990 1.0097 1.0130 1.0151 1.0160 0.9756 0.9926 1.0167 0.9832 1.0099 1.0439 0.9911 1.0030 2002 2003 2004 1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 and M3 Savings and MMDA deposits [1] Small denom. time deposits [1] Large denom. time deposits [1] Money market mutual funds in M2 in M3 only 0.9964 0.9951 1.0061 1.0112 0.9951 0.9978 0.9944 0.9964 0.9983 0.9978 1.0065 1.0061 1.0008 1.0003 0.9987 0.9981 0.9984 0.9981 0.9991 1.0004 1.0011 1.0016 1.0024 1.0011 0.9935 0.9963 0.9982 0.9992 1.0086 1.0069 0.9999 0.9968 1.0004 1.0031 1.0031 0.9976 1.0090 1.0130 1.0206 1.0226 0.9871 0.9852 0.9886 0.9944 0.9909 0.9936 0.9958 1.0016 0.9978 0.9948 1.0053 1.0115 0.9950 0.9954 0.9930 0.9963 0.9980 0.9987 1.0073 1.0079 1.0003 0.9998 0.9986 0.9983 0.9988 0.9988 0.9996 1.0007 1.0010 1.0013 1.0018 1.0008 0.9917 0.9945 0.9969 0.9979 1.0084 1.0066 0.9998 0.9985 1.0014 1.0062 1.0045 0.9972 0.9993 0.9946 1.0040 0.9999 0.9995 0.9988 0.9903 0.9931 0.9961 RPs Eurodollars 1.0309 1.0303 1.0197 0.9974 0.9957 0.9884 0.9813 0.9828 0.9671 0.9799 1.0033 1.0225 1.0071 1.0232 1.0115 0.9903 1.0140 1.0176 1.0024 0.9936 0.9731 0.9712 0.9894 1.0038 1.0040 1.0181 1.0201 1.0178 1.0123 0.9953 0.9849 0.9827 0.9865 0.9842 0.9975 1.0027 1.0086 1.0123 1.0189 1.0211 0.9863 0.9849 0.9902 0.9959 0.9913 0.9942 0.9969 1.0016 1.0311 1.0318 1.0186 0.9975 0.9947 0.9888 0.9812 0.9824 0.9681 0.9810 1.0032 1.0216 1.0077 1.0235 1.0123 0.9923 1.0144 1.0178 1.0030 0.9930 0.9711 0.9710 0.9887 1.0031 1.0039 1.0157 1.0174 1.0148 1.0079 0.9933 0.9862 0.9852 0.9899 0.9893 1.0007 1.0035 1.0078 1.0117 1.0177 1.0316 1.0325 1.0184 1.0083 1.0240 1.0131 1.0035 1.0125 1.0138 2002 January February March April May June July August September October November December 2003 January February March April May June July August September October November December 2004 January February March 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct M1 Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2002 Dec 02 09 16 23 30 1.0005 1.0007 1.0017 1.0098 1.0101 1.0266 1.0227 1.0189 1.0150 1.0113 1.1175 0.9782 1.0358 1.0839 1.1586 1.0340 0.9929 0.9877 1.0328 1.0670 1.0298 0.9704 0.9825 1.0560 1.1094 2003 Jan 06 13 20 27 1.0039 0.9977 0.9958 0.9929 1.0075 1.0085 1.0096 1.0106 1.0589 1.0102 1.0057 0.9984 1.0414 1.0073 1.0134 1.0094 1.0473 1.0094 1.0512 1.0680 2003 Feb 03 10 17 24 0.9942 0.9992 1.0005 0.9976 1.0117 1.0122 1.0127 1.0132 1.0165 0.9393 0.9738 0.9762 1.0107 0.9705 0.9662 0.9856 1.0402 0.9736 0.9746 0.9994 2003 Mar 03 10 17 24 31 0.9985 1.0011 0.9992 0.9978 0.9987 1.0136 1.0145 1.0153 1.0161 1.0169 0.9871 0.9408 0.9869 0.9981 1.0641 1.0087 0.9910 0.9929 1.0159 1.0405 0.9983 0.9654 0.9795 1.0268 1.0493 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 M1 (continued) Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2003 Apr 07 14 21 28 1.0036 1.0024 0.9993 0.9975 1.0175 1.0182 1.0188 1.0195 0.9650 0.9991 1.0401 1.0424 1.0364 1.0258 1.0597 1.0536 1.0029 1.0119 1.0624 1.0794 2003 May 05 12 19 26 1.0013 1.0019 0.9996 1.0014 1.0201 1.0152 1.0103 1.0055 0.9776 0.9314 0.9722 0.9867 1.0144 0.9807 0.9895 1.0012 0.9927 0.9694 0.9904 1.0134 2003 Jun 02 09 16 23 30 0.9998 1.0029 1.0017 1.0010 1.0016 1.0007 0.9913 0.9822 0.9732 0.9644 1.0460 0.9381 0.9748 0.9816 1.0443 1.0310 0.9889 0.9823 0.9982 1.0211 1.0213 0.9503 0.9557 1.0017 1.0335 2003 Jul 07 14 21 28 1.0083 1.0044 1.0033 1.0015 0.9618 0.9592 0.9566 0.9541 0.9669 0.9632 0.9990 1.0351 0.9920 0.9696 0.9867 1.0034 0.9654 0.9619 0.9909 1.0254 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 M1 (continued) Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2003 Aug 04 11 18 25 1.0043 1.0047 1.0014 0.9976 0.9515 0.9601 0.9690 0.9779 0.9698 0.9298 0.9869 1.0257 0.9982 0.9539 0.9627 0.9833 0.9765 0.9358 0.9579 1.0005 2003 Sep 01 08 15 22 29 1.0005 1.0009 0.9977 0.9950 0.9935 0.9871 0.9878 0.9886 0.9893 0.9900 1.0846 0.9445 0.9554 0.9767 1.0595 1.0176 0.9788 0.9638 0.9723 1.0001 1.0208 0.9616 0.9478 0.9751 1.0179 2003 Oct 06 13 20 27 0.9978 0.9987 0.9964 0.9941 0.9908 0.9969 1.0032 1.0095 0.9331 0.9609 0.9927 1.0366 0.9799 0.9576 0.9837 1.0049 0.9693 0.9577 0.9912 1.0289 2003 Nov 03 10 17 24 0.9948 0.9993 0.9974 0.9971 1.0159 1.0183 1.0208 1.0232 1.0239 0.9257 0.9795 1.0216 1.0244 0.9629 0.9602 0.9943 1.0160 0.9417 0.9523 1.0020 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 M1 (continued) Currency Nonbank travelers checks Demand deposits Other checkable deposits [1] total at banks 2003 Dec 01 08 15 22 29 1.0007 1.0012 1.0027 1.0084 1.0096 1.0257 1.0221 1.0185 1.0149 1.0113 1.1196 0.9773 1.0159 1.0921 1.1688 1.0355 0.9963 0.9789 1.0304 1.0733 1.0241 0.9703 0.9771 1.0523 1.1078 2004 Jan 05 12 19 26 1.0046 0.9979 0.9954 0.9922 1.0077 1.0087 1.0097 1.0107 1.0701 1.0015 0.9995 1.0042 1.0539 1.0086 1.0090 1.0078 1.0722 1.0112 1.0401 1.0612 2004 Feb 02 09 16 23 0.9928 0.9991 1.0003 0.9985 1.0117 1.0123 1.0128 1.0134 1.0332 0.9524 0.9692 0.9684 1.0178 0.9799 0.9620 0.9796 1.0466 0.9876 0.9757 0.9863 2004 Mar 01 08 15 22 29 0.9979 1.0018 0.9998 0.9985 0.9974 1.0140 1.0144 1.0148 1.0153 1.0157 0.9974 0.9488 0.9781 0.9894 1.0465 1.0056 0.9960 0.9870 1.0076 1.0377 1.0020 0.9755 0.9682 1.0078 1.0487 2004 Apr 05 1.0010 1.0162 0.9827 1.0378 1.0294 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] 2002 Dec 02 09 16 23 30 0.9972 1.0192 1.0198 0.9989 0.9869 1.0021 1.0018 1.0013 1.0006 1.0005 0.9969 0.9973 1.0027 1.0002 0.9942 0.9990 1.0030 1.0046 1.0026 0.9984 2003 Jan 06 13 20 27 1.0196 1.0133 0.9979 0.9754 1.0016 1.0009 1.0001 0.9991 0.9917 0.9955 0.9915 0.9885 2003 Feb 03 10 17 24 0.9814 1.0029 0.9994 0.9880 0.9995 0.9999 1.0000 0.9997 2003 Mar 03 10 17 24 31 0.9950 1.0149 1.0113 0.9956 0.9968 0.9994 0.9989 0.9987 0.9984 0.9983 RPs Eurodollars 1.0139 1.0252 1.0361 1.0238 1.0117 0.9890 1.0040 1.0064 1.0052 1.0054 1.0035 0.9937 0.9970 0.9983 1.0200 0.9933 1.0113 1.0144 1.0130 0.9907 1.0331 1.0455 1.0491 0.9926 1.0062 1.0076 1.0145 1.0148 0.9995 1.0010 1.0032 0.9915 0.9961 0.9958 0.9923 1.0097 1.0123 1.0122 1.0134 1.0319 1.0350 1.0333 1.0337 1.0213 1.0290 1.0263 1.0178 1.0014 1.0083 1.0187 1.0241 0.9951 0.9982 0.9935 0.9946 1.0021 1.0122 1.0184 1.0186 1.0208 1.0205 1.0204 1.0261 1.0211 1.0193 1.0070 1.0210 1.0232 1.0170 1.0138 0.9914 1.0194 1.0082 1.0109 1.0229 1.0268 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only 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] 2003 Apr 07 14 21 28 1.0313 1.0296 1.0140 0.9846 0.9991 0.9985 0.9979 0.9976 1.0038 0.9998 0.9935 0.9942 1.0261 1.0326 1.0249 1.0097 2003 May 05 12 19 26 1.0035 1.0060 0.9953 0.9802 0.9983 0.9988 0.9988 0.9990 0.9981 1.0045 1.0113 1.0126 2003 Jun 02 09 16 23 30 0.9842 1.0099 1.0075 0.9848 0.9776 0.9990 0.9991 0.9988 0.9985 0.9989 2003 Jul 07 14 21 28 1.0105 1.0044 0.9908 0.9766 0.9998 0.9995 0.9995 0.9996 RPs Eurodollars 0.9966 1.0075 0.9939 0.9950 0.9869 0.9922 0.9874 0.9985 1.0163 1.0087 1.0110 1.0245 0.9900 0.9879 0.9853 0.9854 0.9865 0.9965 0.9974 1.0003 1.0077 1.0150 1.0079 1.0175 1.0111 0.9992 1.0053 1.0136 1.0144 1.0067 1.0055 1.0108 1.0011 0.9833 0.9859 0.9872 0.9857 0.9814 0.9889 0.9969 0.9949 0.9868 0.9767 1.0252 1.0264 1.0212 1.0120 1.0097 1.0123 0.9979 0.9882 0.9848 0.9966 0.9981 0.9995 0.9998 1.0014 0.9830 0.9912 0.9923 0.9935 0.9718 0.9855 0.9848 0.9859 1.0008 1.0001 1.0027 1.0065 0.9915 0.9807 0.9861 0.9879 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only 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] 2003 Aug 04 11 18 25 1.0024 1.0066 0.9984 0.9834 1.0001 1.0005 1.0007 1.0008 1.0011 1.0005 0.9974 0.9957 0.9919 0.9962 0.9968 0.9982 2003 Sep 01 08 15 22 29 0.9819 1.0137 1.0129 0.9914 0.9752 1.0011 1.0014 1.0011 1.0007 1.0008 0.9990 1.0020 1.0018 0.9986 1.0026 2003 Oct 06 13 20 27 1.0103 1.0070 1.0006 0.9834 1.0020 1.0018 1.0013 1.0005 2003 Nov 03 10 17 24 0.9952 1.0164 1.0163 0.9987 1.0010 1.0017 1.0019 1.0020 RPs Eurodollars 0.9734 0.9830 0.9827 0.9891 1.0071 1.0100 0.9896 0.9815 0.9834 0.9763 0.9774 0.9870 0.9945 0.9926 0.9946 0.9913 0.9868 0.9794 0.9686 0.9743 0.9675 0.9612 0.9814 0.9790 0.9739 0.9721 0.9604 1.0041 0.9821 0.9892 0.9893 0.9982 1.0081 1.0107 1.0040 1.0029 0.9862 0.9943 0.9984 0.9973 0.9629 0.9824 0.9847 0.9909 0.9545 0.9661 0.9717 0.9801 0.9829 0.9867 0.9830 0.9980 1.0048 1.0078 1.0070 1.0046 0.9933 0.9952 0.9955 1.0002 0.9814 0.9953 1.0045 1.0119 0.9868 0.9963 0.9854 0.9845 0.9989 0.9942 0.9992 1.0048 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only 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] 2003 Dec 01 08 15 22 29 0.9988 1.0194 1.0171 1.0064 0.9938 1.0019 1.0015 1.0009 1.0002 1.0002 0.9975 0.9967 1.0007 0.9995 0.9938 0.9985 1.0035 1.0052 1.0024 0.9981 2004 Jan 05 12 19 26 1.0203 1.0132 0.9996 0.9784 1.0006 1.0005 1.0001 0.9994 0.9902 0.9944 0.9915 0.9861 2004 Feb 02 09 16 23 0.9804 1.0009 0.9968 0.9895 0.9991 0.9995 0.9997 0.9995 2004 Mar 01 08 15 22 29 0.9940 1.0131 1.0125 1.0022 0.9921 2004 Apr 05 1.0210 RPs Eurodollars 1.0117 1.0209 1.0327 1.0214 1.0183 0.9894 1.0032 1.0063 1.0050 1.0038 1.0060 0.9977 0.9998 1.0006 1.0131 0.9931 1.0068 1.0135 1.0130 1.0018 1.0296 1.0411 1.0459 0.9903 1.0051 1.0086 1.0150 1.0116 1.0001 1.0007 1.0045 0.9886 0.9928 0.9947 0.9926 1.0089 1.0112 1.0113 1.0129 1.0311 1.0324 1.0329 1.0359 1.0212 1.0297 1.0283 1.0176 1.0030 0.9997 1.0148 1.0175 0.9993 0.9990 0.9988 0.9986 0.9984 0.9939 0.9979 0.9942 0.9923 0.9984 1.0123 1.0160 1.0175 1.0192 1.0176 1.0286 1.0244 1.0243 1.0187 1.0107 1.0206 1.0221 1.0187 1.0148 1.0032 1.0222 0.9981 1.0097 1.0153 1.0304 0.9991 1.0023 1.0221 0.9966 0.9882 1.0150 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Money market mutual funds in M2 in M3 only Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adjusted) Revised M1 Old M1 Revised M2 Old M2 Revised M3 Old M3 2001 October November December 1164.5 1165.9 1173.4 1161.0 1163.8 1179.3 5358.5 5399.0 5440.6 5367.9 5414.4 5458.6 7858.9 7932.8 7993.5 7866.9 7956.5 8027.0 2002 January February March April May June July August September October November December 1179.7 1186.1 1188.1 1173.7 1184.4 1190.2 1197.4 1186.3 1192.5 1203.9 1203.4 1211.6 1182.9 1184.8 1187.8 1176.7 1183.4 1190.2 1197.4 1183.2 1191.2 1199.8 1201.0 1219.1 5464.4 5502.7 5503.5 5491.5 5557.3 5589.1 5638.0 5677.1 5703.5 5741.7 5778.6 5791.7 5468.2 5498.8 5493.0 5476.5 5542.4 5576.3 5635.5 5680.3 5705.5 5754.6 5802.4 5815.6 8004.7 8056.0 8068.4 8071.2 8135.1 8171.4 8221.0 8291.0 8333.5 8338.1 8454.5 8502.1 8018.8 8057.0 8051.8 8038.7 8118.5 8159.2 8217.3 8291.3 8326.7 8348.7 8485.9 8541.2 Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference 9.3 7.6 8.5 -1.8 11.6 9.8 13.0 12.0 54.4 -37.2 1.4 7.7 7.6 3.4 9.3 2.5 7.5 9.7 13.9 9.2 55.1 -39.0 2.9 16.0 1.7 4.2 -0.8 -4.3 4.1 0.1 -0.9 2.8 -0.7 1.8 -1.5 -8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.7 4.2 -0.8 -4.3 4.1 0.1 -0.9 2.8 -0.7 1.8 -1.5 -8.3 January February March April May June July August September October November December 6.4 6.5 2.0 -14.5 10.9 5.9 7.3 -11.1 6.3 11.5 -0.5 8.2 3.7 1.9 3.0 -11.2 6.8 6.9 7.3 -14.2 8.1 8.7 1.2 18.1 2.7 4.6 -1.0 -3.3 4.1 -1.0 0.0 3.1 -1.8 2.8 -1.7 -9.9 0.0 0.0 0.0 0.0 0.0 -0.1 0.1 0.0 0.0 0.0 0.0 0.2 2.7 4.6 -1.0 -3.3 4.1 -0.9 -0.1 3.1 -1.8 2.8 -1.7 -10.1 Quarterly 01Q4 02Q1 02Q2 02Q3 02Q4 1.6 5.7 -0.6 3.1 4.8 2.1 5.9 -0.6 2.4 5.4 -0.5 -0.2 0.0 0.7 -0.6 0.0 0.0 0.0 0.0 0.0 -0.5 -0.2 0.0 0.7 -0.6 Semi-Annual 01Q4 - 02Q2 02Q2 - 02Q4 2.6 4.0 2.6 3.9 0.0 0.1 0.0 0.0 0.0 0.1 Annual (Q4 to Q4) 2001 2002 6.8 3.3 6.8 3.3 0.0 0.0 0.0 0.0 0.0 0.0 2001 January February March April May June July August September October November December 2002 Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference 13.2 10.9 12.6 10.8 5.8 10.4 7.9 7.7 25.2 -3.2 9.1 9.2 11.0 9.4 11.7 10.0 6.1 10.9 9.2 8.6 25.1 -1.5 10.4 9.8 2.2 1.5 0.9 0.8 -0.3 -0.5 -1.3 -0.9 0.1 -1.7 -1.3 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.2 1.5 0.9 0.8 -0.3 -0.5 -1.3 -0.9 0.1 -1.7 -1.3 -0.6 January February March April May June July August September October November December 5.2 8.4 0.2 -2.6 14.4 6.9 10.5 8.3 5.6 8.0 7.7 2.7 2.1 6.7 -1.3 -3.6 14.4 7.3 12.7 9.5 5.3 10.3 10.0 2.7 3.1 1.7 1.5 1.0 0.0 -0.4 -2.2 -1.2 0.3 -2.3 -2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.1 1.7 1.5 1.0 0.0 -0.4 -2.2 -1.2 0.3 -2.3 -2.3 0.0 Quarterly 01Q4 02Q1 02Q2 02Q3 02Q4 8.4 6.7 4.1 9.2 6.9 9.5 5.4 3.3 10.3 8.3 -1.1 1.3 0.8 -1.1 -1.4 0.0 0.0 0.0 0.0 0.0 -1.1 1.3 0.8 -1.1 -1.4 Semi-Annual 01Q4 - 02Q2 02Q2 - 02Q4 5.4 8.1 4.4 9.4 1.0 -1.3 0.0 0.0 1.0 -1.3 10.2 6.9 10.3 7.0 -0.1 -0.1 0.0 0.0 -0.1 -0.1 2001 January February March April May June July August September October November December 2002 Annual (Q4 to Q4) 2001 2002 Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) Difference due to Benchmark Seasonals Revised Old Difference 17.9 12.5 11.1 19.1 12.7 13.9 5.9 1.4 24.6 5.3 11.3 9.2 16.5 11.0 8.7 17.0 15.0 14.1 6.8 1.9 23.9 7.2 13.7 10.6 1.4 1.5 2.4 2.1 -2.3 -0.2 -0.9 -0.5 0.7 -1.9 -2.4 -1.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.4 1.5 2.4 2.1 -2.3 -0.2 -0.9 -0.5 0.7 -1.9 -2.4 -1.4 January February March April May June July August September October November December 1.7 7.7 1.8 0.4 9.5 5.4 7.3 10.2 6.2 0.7 16.8 6.8 -1.2 5.7 -0.8 -2.0 11.9 6.0 8.5 10.8 5.1 3.2 19.7 7.8 2.9 2.0 2.6 2.4 -2.4 -0.6 -1.2 -0.6 1.1 -2.5 -2.9 -1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.9 2.0 2.6 2.4 -2.4 -0.6 -1.2 -0.6 1.1 -2.5 -2.9 -1.0 Quarterly 01Q4 02Q1 02Q2 02Q3 02Q4 11.0 5.8 4.1 7.7 7.2 12.2 4.6 3.1 8.5 8.7 -1.2 1.2 1.0 -0.8 -1.5 0.0 0.0 0.0 0.0 0.0 -1.2 1.2 1.0 -0.8 -1.5 Semi-Annual 01Q4 - 02Q2 02Q2 - 02Q4 5.0 7.5 3.9 8.7 1.1 -1.2 0.0 0.0 1.1 -1.2 12.7 6.3 12.8 6.4 -0.1 -0.1 0.0 0.0 -0.1 -0.1 2001 January February March April May June July August September October November December 2002 Annual (Q4 to Q4) 2001 2002
@FedFRASER