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March 16, 2006 H.6 (508) Discontinuance of M3 As announced on November 10, 2005, the Board of Governors will cease publication of the M3 monetary aggregate on March 23, 2006. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release. Measures of large-denomination time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). M3 does not appear to convey any additional information about economic activity that is not already embodied in M2 and has not played a role in the monetary policy process for many years. Consequently, the Board judged that the costs of collecting the underlying data and publishing M3 outweigh the benefits. On March 23, 2006, the Board will publish a final set of historical data on M3 and its components. The Board will publish historical data on M1, M2, M3, and their components in the current format for the last time today (www.federalreserve.gov/releases/h6/hist/). Beginning March 9, 2006, each week the Board will publish historical data on M1, M2, and their components (www.federalreserve.gov/releases/h6/hist/newformat.htm). FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK MEASURES For release at 4:30 p.m. Eastern Time Billions of dollars March 16, 2006 Date M11 M22 M33 Seasonally adjusted 2004-Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1329.6 1339.3 1336.4 1341.2 1343.4 1354.1 1360.5 1360.8 1374.1 1372.1 6173.1 6216.8 6280.4 6288.6 6295.2 6317.1 6346.7 6369.1 6403.8 6421.9 9080.7 9149.6 9243.8 9275.7 9282.7 9314.4 9351.8 9359.4 9395.1 9433.0 2005-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1367.0 1369.5 1373.0 1365.8 1370.8 1369.6 1362.5 1370.5 1367.6 1369.4 1370.0 1368.5 6436.1 6455.4 6474.9 6481.0 6489.5 6516.0 6536.1 6566.3 6596.6 6625.3 6646.5 6674.1 9487.2 9531.6 9565.3 9620.9 9665.0 9725.3 9762.4 9864.7 9950.8 10030.9 10076.0 10150.1 2006-Jan. Feb. p 1382.4 1374.8 6735.3 6756.8 10238.6 10294.3 Not seasonally adjusted 2004-Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1337.8 1345.2 1333.5 1348.4 1338.7 1352.4 1349.7 1351.2 1370.8 1401.3 6180.8 6252.3 6263.6 6287.9 6292.9 6312.5 6344.3 6363.4 6413.5 6456.7 9108.2 9178.3 9236.2 9281.4 9257.1 9299.9 9333.8 9329.1 9396.0 9482.2 2005-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1362.6 1355.3 1382.1 1371.7 1368.7 1377.4 1357.3 1369.2 1356.2 1359.0 1368.1 1396.5 6415.5 6415.5 6477.8 6523.9 6468.2 6518.8 6539.3 6561.8 6593.8 6619.0 6659.8 6711.6 9479.3 9511.8 9584.7 9660.5 9654.6 9734.3 9745.7 9852.8 9938.6 10004.6 10074.7 10197.5 2006-Jan. Feb. p 1377.3 1361.0 6705.2 6713.8 10217.7 10271.8 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 Nov. 2005 TO Feb. 2006 1.4 6.6 8.7 6 Months from Aug. 2005 TO Feb. 2006 0.6 5.8 8.7 12 Months from Feb. 2005 TO Feb. 2006 0.4 4.7 8.0 1.7 6.1 8.4 Thirteen weeks ending March 6, 2006 from thirteen weeks ending: Dec. 5, 2005 (13 weeks previous) Sep. 5, 2005 (26 weeks previous) 1.1 5.6 9.0 Mar. 7, 2005 (52 weeks previous) 0.4 4.5 7.9 Footnotes to Table 1: 1. M1 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 commercial banks (excluding those amounts held by 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 constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, 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 M2 M1 Period ending 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 2005-Dec. 12 19 26 1370.0 1370.1 1370.1 1372.7 1369.2 1369.0 1363.0 1366.2 1377.0 6633.9 6639.5 6645.0 6658.3 6661.3 6668.8 6662.3 6670.8 6688.1 10043.8 10059.1 10075.4 10105.4 10114.6 10135.5 10119.3 10138.2 10189.1 2006-Jan. 2 9 16 23 30 1368.8 1369.0 1369.9 1370.8 1373.4 1368.0 1369.1 1369.8 1372.5 1383.1 1365.9 1367.4 1368.7 1388.0 1408.2 6651.5 6661.0 6668.9 6677.6 6685.2 6679.6 6698.1 6713.4 6728.6 6736.9 6697.1 6736.2 6732.0 6748.9 6730.3 10092.1 10109.2 10124.4 10139.6 10154.9 10163.8 10191.4 10214.9 10230.4 10239.7 10208.7 10229.7 10231.9 10251.2 10245.8 Feb. 6 13 20 27p 1375.2 1374.6 1374.2 1375.0 1386.7 1383.3 1380.2 1375.1 1381.9 1355.0 1375.8 1387.7 6692.9 6700.1 6708.9 6718.4 6735.5 6735.9 6742.1 6754.8 6730.6 6733.6 6773.8 6781.1 10171.8 10186.8 10202.8 10221.1 10246.0 10252.2 10267.0 10291.3 10255.2 10256.7 10310.4 10342.8 Mar. 6p 1375.3 1373.2 1374.3 6727.9 6766.7 6778.2 10240.0 10312.6 10340.4 Not seasonally adjusted 2005-Dec. 12 19 26 1364.1 1367.0 1371.9 1377.2 1379.5 1386.8 1334.3 1386.1 1457.4 6635.3 6643.5 6656.1 6677.0 6689.2 6705.8 6700.7 6714.7 6713.0 10032.0 10051.9 10077.8 10122.7 10148.3 10185.1 10181.9 10197.2 10236.7 2006-Jan. 2 9 16 23 30 1375.6 1378.0 1380.0 1379.9 1380.6 1408.4 1411.8 1402.7 1382.6 1372.5 1455.7 1347.9 1349.9 1376.7 1415.5 6666.2 6675.9 6682.4 6689.4 6692.6 6714.7 6727.3 6733.0 6726.9 6702.5 6730.4 6751.0 6737.6 6688.5 6632.7 10099.2 10117.6 10134.2 10150.6 10163.8 10210.9 10224.3 10238.5 10231.9 10216.2 10227.6 10235.6 10254.1 10210.3 10164.6 Feb. 6 13 20 27p 1382.0 1381.8 1381.3 1379.8 1371.5 1364.5 1362.8 1361.1 1343.7 1322.1 1370.0 1408.7 6695.5 6697.9 6702.2 6708.1 6689.0 6679.5 6688.0 6710.6 6697.2 6699.5 6722.4 6723.1 10178.6 10191.7 10206.2 10223.2 10214.8 10212.5 10230.8 10267.4 10230.2 10244.7 10283.8 10311.0 Mar. 6p 1378.4 1363.1 1351.4 6715.3 6733.4 6788.4 10241.4 10300.1 10360.8 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 checks2 Demand deposits3 2004-Oct. Nov. Dec. 692.9 697.7 697.3 7.6 7.6 7.6 334.1 340.0 340.3 187.2 188.4 186.5 At thrift institutions5 139.1 140.4 140.5 2005-Jan. Feb. Mar. 699.0 700.8 702.9 7.5 7.5 7.5 336.4 338.6 339.2 184.7 183.3 183.6 139.4 139.3 139.8 324.1 322.6 323.4 Apr. May June 703.9 705.7 708.4 7.5 7.5 7.4 330.9 332.8 334.2 183.9 184.6 182.6 139.6 140.2 137.1 323.5 324.8 319.7 July Aug. Sep. 710.0 712.8 716.1 7.3 7.4 7.3 327.4 330.2 324.4 181.2 182.6 181.2 136.5 137.6 138.5 317.8 320.1 319.7 Oct. Nov. Dec. 717.5 720.3 723.8 7.3 7.3 7.3 326.2 323.4 320.6 179.9 180.3 179.6 138.6 138.7 137.3 318.4 319.0 316.9 729.7 733.3 7.2 7.1 326.5 318.3 181.2 178.6 137.8 137.5 319.0 316.1 9 16 23 30 727.0 729.2 731.0 732.5 7.2 7.2 7.2 7.2 313.2 313.3 332.0 349.7 184.0 181.6 179.8 179.4 135.9 137.4 137.9 139.4 319.9 319.0 317.7 318.8 Feb. 6 13 20 27p 732.9 732.8 733.3 734.0 7.1 7.1 7.0 7.0 324.4 301.3 318.6 329.7 180.1 178.2 179.1 177.8 137.3 135.7 137.7 139.2 317.5 313.9 316.8 317.0 Mar. 6p 734.3 6.9 315.2 179.0 138.9 317.8 At commercial banks4 2006-Jan. Feb. p Week ending 2006-Jan. 1. 2. 3. 4. 5. Total 326.3 328.7 327.0 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. 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 At thrift institutions Total Retail money funds3 Total Non-M1 M2 2593.5 2616.9 2632.2 889.0 887.3 887.5 3482.5 3504.2 3519.6 537.2 541.4 545.2 269.2 269.7 271.6 806.4 811.1 816.8 719.5 714.3 713.3 5008.3 5029.7 5049.7 2005-Jan. Feb. Mar. 2640.2 2654.2 2665.0 887.9 883.7 878.1 3528.2 3538.0 3543.1 552.5 559.9 569.9 276.5 281.2 284.3 829.0 841.1 854.2 711.9 706.9 704.6 5069.1 5085.9 5101.9 Apr. May June 2673.5 2663.0 2679.0 867.6 870.3 868.8 3541.1 3533.3 3547.8 577.7 587.5 597.4 290.4 296.2 301.0 868.1 883.7 898.4 706.0 701.7 700.3 5115.2 5118.8 5146.4 July Aug. Sep. 2697.7 2704.0 2725.6 862.6 865.4 859.4 3560.3 3569.5 3585.0 607.6 616.8 625.6 305.2 311.0 315.3 912.7 927.8 941.0 700.6 698.7 703.0 5173.6 5195.9 5229.0 Oct. Nov. Dec. 2739.6 2748.3 2770.0 857.6 855.5 850.8 3597.3 3603.8 3620.7 623.6 629.0 636.5 327.8 334.5 337.5 951.4 963.4 973.9 707.2 709.3 710.9 5255.9 5276.5 5305.6 2786.6 2790.4 859.1 865.5 3645.7 3655.9 644.7 655.2 342.1 347.7 986.7 1002.8 720.5 723.3 5352.9 5382.0 9 16 23 30 2812.7 2802.5 2787.5 2744.4 851.8 855.9 866.4 865.8 3664.5 3658.4 3653.8 3610.1 641.7 643.6 646.0 648.2 339.9 341.2 341.1 344.7 981.6 984.8 987.1 992.9 722.7 720.2 720.0 719.1 5368.8 5363.4 5361.0 5322.1 Feb. 6 13 20 27p 2780.5 2794.5 2798.0 2783.9 854.1 861.8 872.1 872.7 3634.7 3656.3 3670.1 3656.6 649.7 653.6 656.6 659.3 345.7 346.9 348.2 349.1 995.5 1000.5 1004.8 1008.4 718.6 721.8 723.1 728.5 5348.7 5378.6 5398.0 5393.4 Mar. 6p 2798.4 865.6 3664.0 661.5 350.0 1011.5 728.3 5403.8 Week ending 2006-Jan. 3. Total At commercial banks 2004-Oct. Nov. Dec. 2006-Jan. Feb. p 1. 2. At thrift institutions Savings deposits include money market deposit accounts. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 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 Large-denomination time deposits1 Date 4. At thrift institutions Total RPs3 Eurodollars4 Total Non-M2 M3 1076.0 1071.4 1068.7 885.1 891.9 909.3 151.3 156.2 161.5 1036.4 1048.1 1070.7 510.2 501.0 492.6 367.6 370.8 379.1 2990.3 2991.3 3011.1 2005-Jan. Feb. Mar. 1062.8 1054.5 1049.7 957.1 965.7 971.5 167.7 173.6 179.5 1124.8 1139.2 1151.0 473.1 489.3 487.8 390.4 393.2 402.0 3051.1 3076.2 3090.4 Apr. May June 1057.9 1058.3 1069.6 1006.8 1015.8 1037.2 188.7 192.7 198.6 1195.5 1208.5 1235.8 483.8 504.7 504.3 402.7 404.0 399.7 3139.9 3175.5 3209.3 July Aug. Sep. 1079.1 1091.8 1107.9 1020.8 1056.5 1076.6 202.7 209.4 216.1 1223.6 1265.9 1292.6 517.6 525.1 534.2 406.0 415.6 419.5 3226.3 3298.3 3354.2 Oct. Nov. Dec. 1119.8 1121.1 1136.8 1097.4 1100.4 1120.4 224.0 229.9 230.7 1321.4 1330.3 1351.1 545.4 555.3 564.3 419.0 422.6 423.9 3405.6 3429.4 3476.1 1150.8 1148.0 1149.8 1165.5 235.6 234.9 1385.4 1400.4 548.3 565.2 418.8 423.8 3503.3 3537.5 9 16 23 30 1163.4 1152.8 1142.1 1141.1 1135.0 1155.4 1152.9 1162.7 234.8 234.4 236.7 238.0 1369.8 1389.8 1389.7 1400.7 543.3 545.0 549.0 548.7 416.9 412.3 421.6 425.0 3493.5 3499.9 3502.3 3515.5 Feb. 6 13 20 27p 1152.2 1142.6 1137.1 1159.6 1154.5 1166.1 1170.0 1168.6 235.2 234.2 234.8 235.2 1389.7 1400.3 1404.8 1403.9 561.3 557.7 574.2 567.7 421.4 422.4 420.4 430.5 3524.6 3523.1 3536.5 3561.7 Mar. 6p 1157.3 1181.7 237.6 1419.3 560.1 425.5 3562.2 Week ending 2006-Jan. 3. At commercial banks2 2004-Oct. Nov. Dec. 2006-Jan. Feb. p 1. 2. 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual 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 691.7 697.4 702.4 7.5 7.5 7.5 330.5 340.6 358.8 183.7 185.4 191.7 2005-Jan. Feb. Mar. 697.3 700.7 702.6 7.5 7.5 7.4 331.8 331.0 345.3 190.0 181.1 186.6 136.0 135.2 140.1 326.0 316.3 326.7 Apr. May June 703.9 705.3 708.5 7.4 7.4 7.4 328.6 331.3 339.7 188.1 184.1 182.7 143.6 140.6 139.0 331.7 324.8 321.8 July Aug. Sep. 711.4 712.3 714.3 7.5 7.5 7.4 322.2 330.0 319.4 177.9 181.2 177.7 138.2 138.3 137.4 316.1 319.5 315.1 Oct. Nov. Dec. 715.7 720.5 729.2 7.2 7.1 7.2 322.2 324.1 337.8 176.2 177.7 184.5 137.7 138.6 137.8 313.8 316.3 322.3 727.6 733.1 7.2 7.0 321.6 311.3 186.1 176.1 134.8 133.5 320.9 309.6 9 16 23 30 728.2 727.0 726.4 727.0 7.2 7.2 7.2 7.1 293.2 301.6 325.1 355.3 184.0 182.0 185.9 190.3 135.3 132.0 132.2 135.8 319.3 314.0 318.1 326.1 Feb. 6 13 20 27p 732.1 733.1 734.1 732.5 7.1 7.1 7.0 7.0 293.2 281.7 320.3 350.6 176.5 170.0 176.4 182.2 134.7 130.3 132.2 136.4 311.2 300.3 308.6 318.6 Mar. 6p 735.5 6.9 293.5 177.5 138.1 315.5 Week ending 2006-Jan. 4. 5. Total 2004-Oct. Nov. Dec. 2006-Jan. Feb. p 1. 2. 3. At thrift institutions5 137.7 139.8 140.9 321.4 325.3 332.6 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. 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 2004-Oct. Nov. Dec. At commercial banks 2598.5 2626.5 2633.4 2005-Jan. Feb. Mar. At commercial banks At thrift institutions Total Total Non-M1 M2 3489.2 3517.0 3521.3 537.1 541.3 544.9 269.2 269.7 271.4 806.2 811.0 816.2 716.7 714.7 717.9 5012.2 5042.7 5055.4 2625.0 2631.7 2656.7 882.8 876.2 875.3 3507.8 3507.9 3532.1 552.0 559.6 569.9 276.3 281.0 284.2 828.3 840.7 854.1 716.9 711.6 709.5 5053.0 5060.2 5095.7 Apr. May June 2699.3 2651.5 2678.6 875.9 866.6 868.6 3575.2 3518.1 3547.2 577.9 587.9 597.7 290.5 296.4 301.2 868.5 884.3 898.9 708.6 697.1 695.3 5152.2 5099.4 5141.4 July Aug. Sep. 2707.4 2702.5 2734.0 865.7 864.9 862.1 3573.0 3567.4 3596.1 607.9 617.3 625.8 305.3 311.2 315.4 913.3 928.5 941.3 695.7 696.7 700.2 5182.0 5192.6 5237.6 Oct. Nov. Dec. 2745.0 2760.0 2774.3 859.3 859.2 852.1 3604.3 3619.2 3626.4 623.3 628.5 635.9 327.7 334.2 337.2 951.1 962.8 973.0 704.7 709.8 715.7 5260.0 5291.7 5315.1 2764.3 2765.2 852.3 857.7 3616.6 3622.8 643.9 654.7 341.7 347.4 985.6 1002.1 725.7 727.8 5327.9 5352.7 9 16 23 30 2837.2 2816.4 2745.3 2662.1 859.2 860.2 853.2 839.8 3696.4 3676.6 3598.5 3502.0 641.2 643.0 645.1 647.3 339.6 340.8 340.6 344.2 980.8 983.9 985.7 991.4 725.9 727.4 727.6 723.8 5403.1 5387.8 5311.8 5217.2 Feb. 6 13 20 27p 2782.2 2790.8 2760.5 2719.9 854.6 860.6 860.4 852.6 3636.8 3651.4 3620.9 3572.5 649.1 653.2 656.2 658.8 345.4 346.7 348.0 348.9 994.5 1000.0 1004.2 1007.7 722.2 726.0 727.4 734.2 5353.5 5377.4 5352.4 5314.4 Mar. 6p 2821.1 872.6 3693.7 661.4 349.9 1011.3 732.0 5437.0 Week ending 2006-Jan. 3. Total 890.7 890.5 887.9 2006-Jan. Feb. p 1. 2. At thrift institutions Retail money funds3 Savings deposits include money market deposit accounts. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 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 Large-denomination time deposits1 Institutional money funds Date 4. Total 1033.7 1037.7 1063.6 At commercial banks 441.1 445.1 438.5 1067.3 1076.2 1090.6 2005-Jan. Feb. Mar. 1087.5 1067.6 1052.6 947.6 958.4 969.5 166.1 172.3 179.1 1113.6 1130.6 1148.7 409.6 440.1 440.2 Apr. May June 1047.0 1039.6 1060.4 1012.3 1028.1 1046.6 189.7 195.0 200.4 1202.1 1223.1 1247.0 July Aug. Sep. 1067.6 1089.5 1105.2 1027.5 1060.1 1078.3 204.0 210.1 216.4 Oct. Nov. Dec. 1113.7 1123.2 1156.8 1094.6 1089.2 1112.0 1174.1 1161.4 9 16 23 30 Feb. Mar. Week ending 2006-Jan. 3. At thrift institutions 150.9 154.6 160.4 2004-Oct. Nov. Dec. At thrift institutions 57.3 53.5 56.1 Total Eurodollars4 Total Non-M2 M3 498.4 498.6 494.6 366.3 370.0 376.6 2965.7 2982.5 3025.4 57.8 57.9 54.7 467.5 498.0 494.8 395.2 400.1 410.9 3063.8 3096.3 3107.0 421.8 459.0 464.1 54.5 55.7 53.0 476.3 514.7 517.0 411.2 409.0 391.0 3136.6 3186.4 3215.5 1231.6 1270.2 1294.7 459.2 471.4 480.6 52.2 50.5 49.6 511.3 521.9 530.2 396.0 409.4 414.6 3206.5 3290.9 3344.8 223.4 227.6 229.0 1318.0 1316.7 1340.9 484.5 500.4 513.5 50.8 52.7 52.6 535.3 553.1 566.1 418.6 421.9 422.0 3385.6 3414.8 3485.9 1139.7 1158.5 233.5 233.5 1373.2 1392.1 489.0 524.5 52.0 49.8 541.1 574.3 424.1 430.2 3512.5 3558.0 1178.0 1179.7 1171.5 1167.5 1127.6 1150.9 1141.6 1147.1 233.2 233.4 234.4 234.9 1360.9 1384.3 1376.0 1382.0 471.5 483.3 493.6 500.3 52.7 52.6 51.6 51.5 524.2 535.9 545.2 551.9 421.6 416.7 429.0 430.7 3484.6 3516.5 3521.7 3531.9 6 13 20 27p 1163.7 1155.1 1153.1 1174.7 1145.0 1160.1 1163.4 1162.1 233.3 233.0 233.4 233.9 1378.2 1393.1 1396.8 1396.0 516.1 520.6 533.0 527.8 50.1 49.5 50.0 49.8 566.2 570.1 583.0 577.6 424.8 426.8 428.5 439.7 3532.9 3545.1 3561.4 3587.9 6p 1158.5 1178.8 237.0 1415.8 518.5 49.0 567.5 430.6 3572.4 2006-Jan. Feb. p 1. 2. At commercial banks2 882.8 883.1 903.3 RPs3 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual 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 Demand deposits at banks due to U.S. government deposits Demand deposits at commercial banks 1.5 1.5 1.5 Balance at Federal Reserve 5.0 4.9 5.1 Note balances at depository institutions1 20.3 12.7 15.8 IRA and Keogh Accounts Time and savings deposits at commercial banks 2.3 2.3 2.4 168.4 168.3 168.1 101.5 101.4 101.4 At money market funds 150.8 149.4 148.0 2.4 2.4 2.4 168.2 168.5 168.8 101.3 101.3 101.3 147.5 147.8 148.2 416.9 417.6 418.3 35.1 36.0 31.4 2.3 2.1 1.8 169.1 169.2 169.3 101.5 101.9 102.3 148.3 148.2 148.1 418.8 419.3 419.7 13.7 7.5 28.3 20.0 13.9 35.1 1.8 1.9 2.0 169.5 169.9 170.3 102.6 102.9 103.2 148.9 150.5 152.1 421.0 423.3 425.5 4.9 4.9 5.1 18.7 8.9 23.0 25.1 15.2 29.8 2.0 1.8 1.5 170.5 170.5 170.5 103.2 102.8 102.4 153.7 e 155.3 e 156.9 e 427.3 e 428.6 e 429.9 e 1.8 1.4 4.9 5.2 28.9 17.1 35.6 23.6 1.4 e 1.4 e 170.5 e 170.5 e 102.3 e 102.3 e 157.7 e 157.7 e 430.5 e 430.5 e 9 16 23 30 1.9 1.7 1.8 1.5 4.7 4.8 5.0 5.2 11.0 4.6 39.7 54.4 17.7 11.1 46.5 61.1 Feb. 6 13 20 27p 1.5 1.2 1.4 1.4 5.6 5.0 5.1 5.0 42.8 16.4 10.8 5.6 49.9 22.6 17.3 12.0 Mar. 6p 1.3 5.1 4.9 11.3 Date Foreign commercial banks Foreign official institutions Total cash balance 2004-Oct. Nov. Dec. 7.3 7.4 7.4 1.2 1.3 1.5 2005-Jan. Feb. Mar. 7.4 7.3 7.3 1.5 1.4 1.3 20.1 19.7 19.4 1.8 1.5 1.4 5.1 5.2 4.7 23.0 14.3 21.1 29.9 20.9 27.3 Apr. May June 7.2 7.1 7.0 1.3 1.3 1.3 19.8 20.8 21.8 3.4 1.6 1.8 5.2 5.1 5.0 26.5 29.3 24.6 July Aug. Sep. 7.0 7.1 7.1 1.2 1.1 1.0 22.7 23.3 23.9 1.4 1.4 1.5 4.8 5.0 5.3 Oct. Nov. Dec. 7.2 7.1 7.1 1.0 1.0 1.0 24.9 26.3 27.6 1.5 1.3 1.6 7.0 e 7.0 e 1.0 e 1.0 e 28.2 e 28.2 e 2006-Jan. Feb. p Week ending 2006-Jan. 1. Time and savings deposits due to foreign banks and official institutions 19.6 19.8 20.1 Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. 26.9 19.1 22.4 At commercial banks At thrift institutions Total 420.7 419.1 417.4
@FedFRASER