January 18, 2007 H.6 (508) MONEY STOCK REVISIONS Measures of the money stock and its components have been revised to incorporate the results of the annual review of seasonal factors and a new quarterly benchmark. This release includes revised monthly and weekly seasonal factors as well as comparisons of the revised monetary aggregates with previously published data. For both M1 and M2, the revisions decreased growth in the first half of 2006 and increased it in the second half. The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit reports, and it takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 2003. The benchmark also incorporates revisions to data on retail and institutional money market mutual funds, including revisions to IRA and Keogh balances held at these funds. Money market mutual fund revisions begin in 1999. This release also incorporates the receipt of historical information from other data sources. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2006. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both the new benchmark and revisions to seasonal factors on M1 and M2 growth rates are outlined in appendix tables 6 and 7. 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. 1 FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time January 18, 2007 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Date M1(1) M2(2) M1(1) M2(2) ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- 2005-Jan. 1365.5 6415.1 1361.5 6402.3 Feb. 1368.9 6436.9 1355.1 6404.5 Mar. 1371.6 6457.4 1381.8 6467.1 Apr. 1358.0 6466.2 1369.3 6511.6 May 1367.5 6481.3 1369.4 6459.5 June 1380.9 6509.1 1384.3 6511.5 July 1368.6 6532.4 1365.2 6532.5 Aug. 1378.5 6566.7 1376.7 6556.1 Sep. 1379.5 6599.9 1363.3 6588.9 Oct. 1374.9 6625.0 1365.0 6614.6 Nov. 1375.9 6644.7 1373.2 6652.4 Dec. 1373.2 6669.4 1396.5 6703.3 2006-Jan. 1378.9 6713.6 1375.2 6695.8 Feb. 1375.2 6737.0 1361.7 6705.2 Mar. 1383.8 6755.8 1393.9 6770.4 Apr. 1380.1 6774.9 1392.6 6827.4 May 1387.3 6785.7 1391.0 6761.6 June 1375.6 6811.1 1377.8 6812.2 July 1371.1 6835.7 1367.3 6832.3 Aug. 1371.5 6863.4 1369.6 6849.9 Sep. 1363.9 6886.5 1347.2 6877.2 Oct. 1369.1 6936.2 1360.1 6919.1 Nov. 1370.5 6977.0 1367.8 6984.4 Dec. p 1365.7 7020.8 1387.6 7061.7 ---------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 ---------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months from Sep. 2006 TO Dec. 2006 0.5 7.8 6 Months from June 2006 TO Dec. 2006 -1.4 6.2 12 Months from Dec. 2005 TO Dec. 2006 -0.5 5.3 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's 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, traveler's 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. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 2 MONEY STOCK MEASURES Billions of Dollars -------------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M1 M2 -------------------------------- -------------------------------- -------------------------------- ----------------------------------- Period Ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- 2006-Oct. 16 1367.7 1365.1 1362.6 6878.8 6920.3 6936.4 1358.2 1350.4 1320.5 6866.7 6896.7 6949.1 23 1367.7 1366.9 1374.1 6886.5 6930.9 6945.6 1357.8 1351.7 1375.5 6874.8 6915.3 6906.7 30 1368.0 1369.7 1374.8 6895.4 6939.7 6949.4 1358.7 1358.9 1415.8 6882.5 6919.9 6891.3 Nov. 6 1368.0 1368.2 1361.1 6904.4 6946.0 6952.5 1359.3 1361.5 1334.3 6891.0 6930.2 6973.5 13 1368.0 1367.6 1360.4 6913.1 6951.7 6959.2 1358.4 1360.3 1315.7 6900.3 6937.7 6979.2 20 1368.0 1366.9 1371.2 6920.9 6958.2 6971.5 1357.6 1358.3 1367.2 6910.3 6958.3 6989.1 27 1368.0 1367.7 1378.2 6930.4 6971.1 7001.2 1358.4 1361.6 1429.0 6923.2 6983.6 6992.7 Dec. 4 1368.0 1372.0 1378.0 6939.5 6981.3 6993.2 1358.8 1375.4 1389.8 6933.8 6996.6 7025.5 11 1368.1 1373.8 1367.9 6949.4 6992.5 7003.9 1359.9 1377.3 1323.1 6944.2 7011.1 7036.9 18 1368.5 1372.2 1364.5 6959.4 7003.3 7014.7 1362.5 1375.6 1360.3 6956.8 7027.9 7056.6 25 1369.1 1371.3 1374.7 6970.2 7013.9 7043.7 1368.1 1379.2 1443.7 6975.2 7047.7 7071.9 2007-Jan. 1p 1368.7 1366.3 1358.1 6981.5 7030.8 7060.8 1372.8 1393.8 1448.0 6992.0 7064.1 7091.0 8p 1368.4 1365.1 1363.0 6991.4 7043.9 7056.5 1374.2 1398.4 1341.5 7005.5 7081.9 7108.1 -------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 -------------------------------------------------------------------------------------------------------------------------------------------------------- Thirteen weeks ending January 8, 2007 from thirteen weeks ending: Oct. 9, 2006 (13 weeks previous) 0.2 7.0 July 10, 2006 (26 weeks previous) -1.7 5.7 Jan. 9, 2006 (52 weeks previous) -0.4 5.1 -------------------------------------------------------------------------------------------------------------------------------------------------------- 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 Components may not add to totals due to rounding. 1 H.6 (508) Table 3 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand Deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2005-Aug. 713.3 7.4 336.5 184.2 137.1 321.4 Sep. 717.1 7.3 334.1 182.9 138.0 320.9 Oct. 718.7 7.3 329.5 179.7 139.7 319.4 Nov. 721.3 7.2 327.3 180.9 139.3 320.1 Dec. 724.5 7.2 324.1 180.1 137.4 317.5 2006-Jan. 729.2 7.2 323.8 180.8 137.9 318.7 Feb. 732.8 7.1 318.7 179.2 137.4 316.6 Mar. 735.4 6.9 323.9 180.0 137.5 317.5 Apr. 737.7 6.9 318.6 179.8 137.1 316.9 May 740.7 7.0 324.7 179.7 135.3 315.0 June 740.2 7.0 317.7 177.7 133.0 310.7 July 740.6 6.8 314.2 176.7 132.7 309.4 Aug. 741.8 6.8 315.4 175.6 131.9 307.5 Sep. 742.3 6.8 308.6 175.6 130.6 306.2 Oct. 744.5 6.8 311.9 177.7 128.3 306.0 Nov. 747.5 6.8 312.6 176.9 126.8 303.7 Dec. p 749.8 6.7 305.9 176.2 127.0 303.2 Week Ending: 2006-Nov. 13 746.5 6.8 304.4 176.0 126.7 302.7 20 747.7 6.8 313.5 176.8 126.4 303.2 27 748.6 6.7 318.7 177.1 127.1 304.2 Dec. 4 748.8 6.7 317.0 178.6 126.8 305.4 11 749.0 6.7 308.8 176.6 126.8 303.4 18 749.8 6.7 305.9 175.0 127.1 302.1 25 750.3 6.7 313.3 176.8 127.6 304.4 2007-Jan. 1p 750.9 6.7 297.4 176.4 126.8 303.2 8p 751.3 6.7 e 298.5 176.6 129.8 306.4 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. 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. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. 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. 1 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) Non-M1 M2 funds ---------------------------------------------------------------------------------------------------------------------------------------------------- 2005-Aug. 2704.3 867.1 3571.4 617.6 312.0 929.6 687.1 5188.2 1096.7 Sep. 2725.1 861.0 3586.2 625.6 316.6 942.2 692.1 5220.4 1112.8 Oct. 2741.3 860.1 3601.4 621.7 329.6 951.3 697.5 5250.2 1125.3 Nov. 2748.9 856.5 3605.4 626.7 336.0 962.7 700.6 5268.7 1128.2 Dec. 2769.6 849.3 3618.8 634.9 339.8 974.7 702.7 5296.2 1139.4 2006-Jan. 2780.7 855.7 3636.4 643.8 344.5 988.3 710.0 5334.7 1150.7 Feb. 2783.7 861.5 3645.2 654.5 349.8 1004.3 712.3 5361.8 1152.1 Mar. 2777.8 853.8 3631.6 665.8 355.6 1021.4 719.1 5372.1 1161.7 Apr. 2797.3 839.5 3636.8 674.3 361.6 1035.9 722.1 5394.8 1177.1 May 2776.9 845.1 3622.0 682.9 367.4 1050.4 726.0 5398.3 1192.6 June 2785.4 845.2 3630.5 692.4 373.5 1066.0 739.1 5435.6 1208.3 July 2789.0 842.6 3631.7 704.4 380.6 1085.0 748.0 5464.6 1222.7 Aug. 2781.0 848.4 3629.4 715.7 388.7 1104.3 758.1 5491.8 1243.8 Sep. 2790.0 843.3 3633.2 724.8 397.2 1122.0 767.3 5522.6 1265.9 Oct. 2847.0 802.3 3649.3 744.9 394.1 1138.9 778.9 5567.1 1288.4 Nov. 2863.2 798.7 3662.0 756.9 397.6 1154.5 790.1 5606.6 1304.7 Dec. p 2895.4 792.1 3687.6 765.4 399.1 1164.4 803.1 5655.1 1333.3 Week ending: 2006-Nov. 13 2863.9 793.8 3657.8 754.6 397.7 1152.3 788.7 5598.8 1298.4 20 2858.4 798.0 3656.4 757.0 398.6 1155.6 788.3 5600.3 1302.4 27 2866.4 805.5 3672.0 760.1 397.3 1157.4 793.6 5623.0 1307.6 Dec. 4 2867.1 792.3 3659.4 762.1 397.3 1159.4 796.4 5615.2 1324.5 11 2888.1 786.1 3674.2 763.9 398.2 1162.1 799.6 5635.9 1322.7 18 2892.5 791.1 3683.5 765.3 399.0 1164.3 802.3 5650.1 1334.1 25 2898.8 798.1 3696.9 767.0 399.8 1166.8 805.3 5669.0 1339.5 2007-Jan. 1p 2923.6 800.7 3724.3 767.7 400.5 1168.3 810.1 5702.7 1343.7 8p 2918.5 788.5 3707.0 767.4 401.0 1168.4 818.1 5693.4 1347.0 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. 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. 3. 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. 1 H.6 (508) Table 5 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand Deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2005-Aug. 712.3 7.5 337.5 181.6 137.8 319.4 Sep. 714.3 7.4 326.4 178.2 137.0 315.2 Oct. 715.7 7.2 327.8 176.6 137.7 314.3 Nov. 720.3 7.1 329.1 177.9 138.7 316.7 Dec. 728.9 7.2 337.7 184.9 137.9 322.8 2006-Jan. 727.3 7.2 319.3 186.5 135.0 321.4 Feb. 733.6 7.0 310.9 176.5 133.8 310.2 Mar. 736.8 6.9 327.9 183.8 138.6 322.3 Apr. 738.6 6.8 320.3 184.9 142.0 326.9 May 741.9 6.9 325.0 180.8 136.4 317.2 June 741.1 7.0 317.9 177.7 134.0 311.8 July 741.1 7.0 313.2 172.5 133.5 306.0 Aug. 740.4 7.0 316.7 173.0 132.5 305.4 Sep. 739.5 6.8 300.4 170.8 129.6 300.3 Oct. 740.7 6.7 311.6 174.6 126.5 301.0 Nov. 746.2 6.7 314.5 174.2 126.2 300.4 Dec. p 754.7 6.7 317.7 180.7 127.8 308.5 Week Ending: 2006-Nov. 13 745.3 6.7 274.8 165.4 123.6 289.0 20 745.5 6.7 316.3 174.3 124.4 298.7 27 749.1 6.7 364.2 181.8 127.2 309.0 Dec. 4 748.5 6.6 323.5 180.7 130.5 311.2 11 750.7 6.7 270.1 170.9 124.7 295.5 18 752.9 6.7 301.4 174.9 124.4 299.3 25 760.7 6.7 360.4 187.7 128.0 315.8 2007-Jan. 1p 757.4 6.8 356.5 193.5 133.8 327.3 8p 752.2 6.8 e 274.3 180.6 127.6 308.2 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. 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. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. 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. 1 H.6 (508) Table 6 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) Non-M1 M2 funds ---------------------------------------------------------------------------------------------------------------------------------------------------- 2005-Aug. 2696.4 864.6 3561.0 618.8 312.6 931.4 686.9 5179.3 1094.8 Sep. 2727.9 861.9 3589.9 627.4 317.5 944.9 690.8 5225.6 1110.6 Oct. 2740.3 859.8 3600.1 623.5 330.6 954.1 695.4 5249.6 1119.2 Nov. 2756.0 858.7 3614.7 627.7 336.6 964.3 700.3 5279.2 1128.7 Dec. 2776.0 851.2 3627.3 634.2 339.5 973.7 705.7 5306.7 1162.6 2006-Jan. 2767.1 851.5 3618.6 643.1 344.1 987.2 714.8 5320.7 1180.1 Feb. 2767.7 856.5 3624.2 654.0 349.5 1003.5 715.8 5343.5 1167.5 Mar. 2778.6 854.0 3632.5 665.2 355.2 1020.5 723.4 5376.4 1163.7 Apr. 2828.0 848.7 3676.7 673.3 361.1 1034.4 723.6 5434.7 1164.8 May 2761.9 840.5 3602.5 681.3 366.5 1047.8 720.3 5370.6 1172.6 June 2789.1 846.3 3635.4 690.7 372.6 1063.4 735.6 5434.3 1196.5 July 2792.8 843.7 3636.5 703.9 380.3 1084.3 744.1 5464.9 1206.2 Aug. 2771.3 845.5 3616.8 717.1 389.5 1106.6 756.9 5480.3 1238.8 Sep. 2794.0 844.5 3638.5 727.3 398.5 1125.9 765.7 5530.0 1259.5 Oct. 2839.0 800.1 3639.1 747.6 395.5 1143.1 776.8 5559.0 1281.5 Nov. 2869.2 800.4 3669.6 758.7 398.5 1157.2 789.8 5616.6 1304.9 Dec. p 2908.1 795.6 3703.7 764.8 398.8 1163.6 806.7 5674.1 1361.8 Week ending: 2006-Nov. 13 2913.0 807.4 3720.4 756.7 398.8 1155.4 787.6 5663.5 1291.2 20 2874.0 802.4 3676.3 758.7 399.5 1158.2 787.4 5621.9 1306.0 27 2816.2 791.4 3607.7 761.4 398.0 1159.5 796.5 5563.7 1320.1 Dec. 4 2881.6 796.3 3677.8 763.1 397.8 1160.8 797.0 5635.7 1334.2 11 2944.2 801.4 3745.6 764.3 398.4 1162.8 805.6 5713.9 1354.2 18 2925.4 800.1 3725.5 764.7 398.7 1163.4 807.4 5696.3 1371.3 25 2865.5 788.9 3654.5 765.6 399.1 1164.6 809.1 5628.3 1367.9 2007-Jan. 1p 2878.1 788.2 3666.3 766.2 399.7 1165.9 810.8 5643.0 1370.8 8p 2974.8 803.7 3778.5 766.6 400.5 1167.1 821.0 5766.5 1371.9 -------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. 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. 3. 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. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- U.S. government deposits IRA and Keogh Accounts Demand deposits Time and -------------------------------------------------------------- ---------------------------------------------------- at banks due to savings Demand Note Time and Date -------------------------- deposits due to deposits Balance balances savings At Foreign Foreign foreign banks at at at Total deposits at At At money commercial official and official commercial Federal depository cash commercial commercial thrift market banks institutions institutions banks Reserve institutions(1) balance banks banks institutions funds Total -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2005-Aug. 7.1 1.1 23.3 1.2 5.0 7.5 13.7 1.9 169.9 102.9 161.4 434.2 Sep. 7.1 1.0 23.9 2.3 5.3 28.3 35.9 2.0 170.2 103.2 162.8 436.2 Oct. 7.2 1.0 24.9 1.5 4.9 18.7 25.1 2.0 171.3 103.3 164.5 439.0 Nov. 7.1 1.0 26.3 1.2 4.9 8.9 15.0 1.8 172.9 103.2 166.6 442.7 Dec. 7.1 1.0 27.6 1.4 5.1 23.0 29.6 1.5 174.5 103.1 168.6 446.3 2006-Jan. 7.1 1.1 27.8 3.1 4.9 28.9 37.0 1.5 175.8 103.3 170.4 449.6 Feb. 7.3 1.3 27.0 1.2 5.2 17.1 23.4 1.5 176.6 103.8 172.0 452.4 Mar. 7.4 1.6 26.3 1.3 5.0 11.4 17.8 1.5 177.5 104.3 173.5 455.3 Apr. 7.2 1.5 27.3 6.6 5.0 21.9 33.5 1.5 178.5 104.9 177.1 460.4 May 6.7 1.4 30.1 1.8 5.3 41.5 48.6 1.6 179.7 105.5 182.7 467.8 June 6.2 1.2 32.9 2.5 5.1 27.1 34.7 1.6 180.8 106.1 188.2 475.2 July 6.1 1.1 33.9 1.2 5.0 14.2 20.4 2.1 181.4 107.1 192.2 e 480.7 e Aug. 6.5 1.2 33.2 1.0 4.9 6.8 12.7 3.3 181.3 108.5 194.8 e 484.6 e Sep. 6.9 1.3 32.5 2.8 4.9 30.0 37.7 4.3 181.3 109.8 197.3 e 488.4 e Oct. 7.0 e 1.4 e 32.2 e 1.6 5.4 19.3 26.4 4.8 e 181.3 e 110.4 e 198.4 e 490.1 e Nov. 7.0 e 1.4 e 32.2 e 1.1 4.9 19.3 25.3 4.8 e 181.3 e 110.4 e 198.4 e 490.1 e Dec. p 7.0 e 1.4 e 32.2 e 1.4 5.2 24.3 30.9 4.8 e 181.3 e 110.5 e 198.4 e 490.1 e 2006-Nov. 13 1.0 4.9 29.5 35.4 20 1.2 4.8 11.1 17.1 27 1.0 4.9 9.0 14.9 Dec. 4 1.1 5.1 5.9 12.1 11 1.1 4.7 8.0 13.9 18 1.7 5.9 26.1 33.7 25 1.2 5.3 44.8 51.2 2007-Jan. 1p 1.6 4.8 32.0 38.4 8p 1.8 5.1 14.3 21.1 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. 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 Publication 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. Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 ----------+-------------------------------------------------------------------------------- | Nonbank Demand Other checkable deposits [1] Date | Currency travelers checks deposits Total At banks ----------+-------------------------------------------------------------------------------- 2006 | January | 0.9973 1.0019 0.9861 1.0084 1.0314 February | 1.0010 0.9978 0.9755 0.9799 0.9849 March | 1.0020 0.9915 1.0122 1.0152 1.0210 April | 1.0013 0.9859 1.0053 1.0315 1.0285 May | 1.0016 0.9916 1.0010 1.0071 1.0064 June | 1.0012 1.0095 1.0007 1.0035 1.0001 July | 1.0007 1.0240 0.9968 0.9889 0.9759 August | 0.9981 1.0184 1.0044 0.9933 0.9854 September | 0.9963 1.0044 0.9734 0.9809 0.9727 October | 0.9949 0.9939 0.9993 0.9837 0.9821 November | 0.9983 0.9880 1.0062 0.9894 0.9850 December | 1.0065 0.9953 1.0384 1.0176 1.0257 2007 | January | 0.9975 1.0025 0.9879 1.0091 1.0319 February | 1.0013 0.9970 0.9741 0.9795 0.9833 March | 1.0024 0.9895 1.0103 1.0153 1.0218 April | 1.0011 0.9844 1.0063 1.0338 1.0303 May | 1.0019 0.9928 1.0032 1.0077 1.0086 June | 1.0019 1.0107 0.9990 1.0021 0.9998 July | 1.0003 1.0235 0.9986 0.9885 0.9743 August | 0.9987 1.0204 1.0036 0.9915 0.9842 September | 0.9956 1.0044 0.9710 0.9812 0.9713 October | 0.9944 0.9940 1.0030 0.9833 0.9828 November | 0.9985 0.9876 1.0056 0.9886 0.9860 December | 1.0055 0.9956 1.0369 1.0193 1.0253 2008 | January | 0.9975 1.0026 0.9895 1.0093 1.0324 February | 1.0020 0.9966 0.9727 0.9782 0.9824 March | 1.0023 0.9883 1.0106 1.0173 1.0221 ------------------------------------------------------------------------------------------- 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 -----------+-------------------------------------------------------------+----------------- | Savings and Small denom. Retail | Institutional Date | MMDA deposits [1] time deposits [1] money funds | money funds -----------+-------------------------------------------------------------+----------------- 2006 | January | 0.9951 0.9989 1.0068 1.0255 February | 0.9943 0.9992 1.0049 1.0133 March | 1.0003 0.9991 1.0060 1.0017 April | 1.0110 0.9986 1.0021 0.9896 May | 0.9946 0.9976 0.9922 0.9832 June | 1.0013 0.9976 0.9952 0.9902 July | 1.0013 0.9994 0.9948 0.9866 August | 0.9965 1.0021 0.9985 0.9960 September | 1.0014 1.0034 0.9979 0.9950 October | 0.9972 1.0037 0.9974 0.9947 November | 1.0021 1.0023 0.9996 1.0001 December | 1.0044 0.9993 1.0045 1.0213 2007 | January | 0.9949 0.9990 1.0075 1.0257 February | 0.9949 0.9992 1.0048 1.0167 March | 1.0018 0.9988 1.0058 1.0040 April | 1.0105 0.9981 1.0021 0.9898 May | 0.9945 0.9969 0.9921 0.9838 June | 1.0027 0.9969 0.9954 0.9887 July | 0.9991 0.9991 0.9950 0.9863 August | 0.9969 1.0022 0.9977 0.9942 September | 1.0012 1.0038 0.9972 0.9919 October | 0.9960 1.0043 0.9977 0.9943 November | 1.0015 1.0030 0.9999 1.0014 December | 1.0050 0.9997 1.0048 1.0213 2008 | January | 0.9952 0.9989 1.0079 1.0256 February | 0.9951 0.9990 1.0048 1.0189 March | 1.0033 0.9986 1.0060 1.0058 ------------------------------------------------------------------------------------------- 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 -------------+---------------------------------------------------------------------------- | Nonbank Demand Other checkable deposits [1] Date |Currency travelers checks deposits Total At banks -------------+---------------------------------------------------------------------------- 2006 Dec. 04 | 0.9996 0.9858 1.0203 1.0189 1.0120 11 | 1.0023 0.9903 0.8749 0.9739 0.9673 18 | 1.0042 0.9947 0.9851 0.9907 0.9996 25 | 1.0139 0.9992 1.1504 1.0374 1.0616 | 2007 Jan. 01 | 1.0087 1.0036 1.1989 1.0797 1.0973 08 | 1.0012 1.0032 0.9188 1.0058 1.0227 15 | 0.9976 1.0028 0.9386 0.9849 1.0092 22 | 0.9952 1.0023 0.9881 1.0048 1.0351 29 | 0.9945 1.0019 1.0815 1.0323 1.0576 | 2007 Feb. 05 | 1.0005 1.0014 0.9108 0.9854 0.9890 12 | 1.0016 0.9990 0.8924 0.9454 0.9522 19 | 1.0027 0.9965 1.0029 0.9758 0.9792 26 | 0.9996 0.9940 1.0890 1.0087 1.0113 | 2007 Mar. 05 | 1.0028 0.9915 0.9155 0.9947 0.9941 12 | 1.0034 0.9905 0.8820 0.9738 0.9862 19 | 1.0024 0.9895 1.0202 1.0035 1.0179 26 | 1.0007 0.9885 1.1288 1.0436 1.0544 | 2007 Apr. 02 | 1.0013 0.9875 1.1217 1.0765 1.0644 09 | 1.0035 0.9862 0.8904 0.9984 0.9962 16 | 1.0025 0.9848 0.9858 1.0130 1.0113 23 | 0.9993 0.9835 1.0552 1.0504 1.0506 30 | 0.9987 0.9822 1.0710 1.0645 1.0568 | 2007 May 07 | 1.0035 0.9860 0.9093 1.0039 0.9926 14 | 1.0019 0.9899 0.9528 0.9811 0.9813 21 | 1.0011 0.9938 1.0359 1.0030 1.0137 28 | 1.0029 0.9977 1.1155 1.0323 1.0388 | 2007 June 04 | 1.0023 1.0016 0.9421 1.0172 1.0114 11 | 1.0031 1.0060 0.8747 0.9677 0.9696 18 | 1.0013 1.0104 0.9741 0.9849 0.9879 25 | 1.0001 1.0149 1.1024 1.0172 1.0211 | 2007 July 02 | 1.0013 1.0193 1.1310 1.0467 1.0244 09 | 1.0053 1.0211 0.9007 0.9738 0.9500 16 | 1.0007 1.0228 0.9339 0.9561 0.9503 23 | 0.9982 1.0245 1.0476 0.9842 0.9810 30 | 0.9969 1.0263 1.0906 1.0234 1.0045 | 2007 Aug. 06 | 1.0005 1.0280 0.9024 0.9860 0.9581 13 | 1.0005 1.0240 0.9172 0.9576 0.9516 20 | 0.9984 1.0199 1.0392 0.9896 0.9835 27 | 0.9958 1.0158 1.1317 1.0175 1.0201 | 2007 Sep. 03 | 0.9988 1.0118 1.0150 1.0190 1.0158 10 | 0.9978 1.0084 0.8518 0.9540 0.9476 17 | 0.9951 1.0050 0.9213 0.9544 0.9532 24 | 0.9935 1.0017 1.0396 0.9816 0.9755 | 2007 Oct. 01 | 0.9934 0.9983 1.0714 1.0261 0.9960 08 | 0.9984 0.9966 0.8836 0.9680 0.9465 15 | 0.9949 0.9950 0.9080 0.9529 0.9568 22 | 0.9935 0.9933 1.0543 0.9815 0.9906 29 | 0.9918 0.9916 1.1627 1.0162 1.0310 | 2007 Nov. 05 | 0.9961 0.9899 0.9325 0.9969 0.9807 12 | 0.9990 0.9887 0.8817 0.9470 0.9438 19 | 0.9972 0.9875 1.0087 0.9800 0.9818 26 | 1.0004 0.9863 1.1514 1.0110 1.0172 | 2007 Dec. 03 | 0.9988 0.9851 1.0706 1.0337 1.0235 10 | 1.0006 0.9898 0.8807 0.9764 0.9696 17 | 1.0026 0.9944 0.9548 0.9839 0.9930 24 | 1.0122 0.9991 1.1378 1.0331 1.0527 31 | 1.0083 1.0038 1.1723 1.0808 1.0912 | 2008 Jan. 07 | 1.0034 1.0034 0.9046 1.0148 1.0279 14 | 0.9974 1.0029 0.9277 0.9805 1.0080 21 | 0.9965 1.0025 0.9911 1.0032 1.0368 28 | 0.9943 1.0021 1.1000 1.0344 1.0590 | 2008 Feb. 04 | 0.9985 1.0016 1.0076 1.0050 1.0116 11 | 1.0030 0.9991 0.8570 0.9424 0.9480 18 | 1.0041 0.9966 0.9785 0.9635 0.9681 25 | 1.0004 0.9940 1.0635 0.9949 1.0013 | 2008 Mar. 03 | 1.0012 0.9915 0.9994 1.0179 1.0100 10 | 1.0041 0.9901 0.8427 0.9804 0.9820 17 | 1.0023 0.9887 0.9721 0.9978 1.0027 24 | 1.0020 0.9873 1.0903 1.0277 1.0417 31 | 1.0004 0.9859 1.1539 1.0660 1.0713 ------------------------------------------------------------------------------------------ 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 --------------+----------------------------------------------------------+----------------- | Savings and Small denom. Retail | Institutional Date | MMDA deposits [1] time deposits [1] money funds | money funds --------------+----------------------------------------------------------+----------------- 2006 Dec. 04 | 1.0050 1.0013 1.0008 1.0073 11 | 1.0194 1.0006 1.0074 1.0239 18 | 1.0114 0.9992 1.0064 1.0279 25 | 0.9885 0.9982 1.0048 1.0212 | 2007 Jan. 01 | 0.9844 0.9980 1.0009 1.0202 08 | 1.0193 0.9989 1.0035 1.0185 15 | 1.0122 0.9993 1.0113 1.0295 22 | 0.9908 0.9990 1.0110 1.0293 29 | 0.9650 0.9989 1.0066 1.0294 | 2007 Feb. 05 | 1.0014 0.9990 1.0028 1.0143 12 | 1.0045 0.9993 1.0053 1.0163 19 | 0.9941 0.9992 1.0033 1.0160 26 | 0.9767 0.9990 1.0076 1.0224 | 2007 Mar. 05 | 1.0118 0.9990 1.0037 1.0062 12 | 1.0157 0.9992 1.0059 1.0114 19 | 1.0029 0.9989 1.0064 1.0025 26 | 0.9816 0.9985 1.0078 1.0052 | 2007 Apr. 02 | 0.9930 0.9984 1.0044 0.9918 09 | 1.0298 0.9986 1.0070 0.9965 16 | 1.0277 0.9983 1.0057 0.9975 23 | 0.9993 0.9978 1.0026 0.9829 30 | 0.9840 0.9975 0.9923 0.9820 | 2007 May 07 | 1.0093 0.9974 0.9878 0.9749 14 | 1.0091 0.9972 0.9882 0.9841 21 | 0.9910 0.9967 0.9938 0.9875 28 | 0.9765 0.9965 0.9971 0.9898 | 2007 June 04 | 1.0098 0.9967 0.9957 0.9809 11 | 1.0202 0.9968 0.9978 0.9960 18 | 1.0086 0.9968 0.9971 0.9886 25 | 0.9789 0.9969 0.9951 0.9913 | 2007 July 02 | 0.9861 0.9975 0.9896 0.9813 09 | 1.0199 0.9983 0.9950 0.9830 16 | 1.0123 0.9988 0.9940 0.9883 23 | 0.9879 0.9994 0.9963 0.9900 30 | 0.9757 1.0001 0.9961 0.9852 | 2007 Aug. 06 | 1.0138 1.0011 0.9952 0.9858 13 | 1.0129 1.0018 0.9984 0.9926 20 | 0.9965 1.0022 0.9992 0.9953 27 | 0.9723 1.0027 0.9992 1.0043 | 2007 Sep. 03 | 0.9959 1.0035 0.9951 0.9898 10 | 1.0220 1.0038 0.9998 0.9954 17 | 1.0122 1.0037 0.9997 0.9973 24 | 0.9823 1.0037 0.9972 0.9922 | 2007 Oct. 01 | 0.9833 1.0043 0.9926 0.9823 08 | 1.0144 1.0048 0.9936 0.9851 15 | 1.0155 1.0047 0.9987 0.9994 22 | 0.9897 1.0041 1.0005 0.9985 29 | 0.9691 1.0037 0.9987 0.9972 | 2007 Nov. 05 | 1.0083 1.0036 0.9970 0.9900 12 | 1.0148 1.0035 0.9989 0.9951 19 | 1.0049 1.0030 0.9980 1.0031 26 | 0.9800 1.0025 1.0041 1.0103 | 2007 Dec. 03 | 0.9978 1.0021 1.0008 1.0079 10 | 1.0177 1.0013 1.0071 1.0225 17 | 1.0143 0.9999 1.0065 1.0300 24 | 0.9929 0.9986 1.0054 1.0207 31 | 0.9895 0.9983 1.0018 1.0177 | 2008 Jan. 07 | 1.0238 0.9990 1.0004 1.0141 14 | 1.0151 0.9992 1.0113 1.0301 21 | 0.9932 0.9988 1.0119 1.0307 28 | 0.9648 0.9987 1.0097 1.0319 | 2008 Feb. 04 | 0.9900 0.9988 1.0042 1.0154 11 | 1.0051 0.9991 1.0059 1.0190 18 | 0.9959 0.9992 1.0034 1.0184 25 | 0.9796 0.9989 1.0066 1.0257 | 2008 Mar. 03 | 0.9992 0.9988 1.0029 1.0110 10 | 1.0170 0.9990 1.0056 1.0125 17 | 1.0112 0.9988 1.0062 1.0070 24 | 0.9893 0.9983 1.0079 1.0066 31 | 0.9887 0.9981 1.0056 0.9951 ------------------------------------------------------------------------------------------- 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (Billions of dollars, seasonally adjusted) --------------+---------------+------------+---------------+----------- Date | Revised M1 | Old M1 | Revised M2 | Old M2 --------------+---------------+------------+---------------+----------- 2005 | October | 1374.9 1374.3 6625.0 6619.0 November | 1375.9 1375.1 6644.7 6638.2 December | 1373.2 1368.5 6669.4 6664.8 2006 | January | 1378.9 1380.3 6713.6 6724.8 February | 1375.2 1375.6 6737.0 6747.1 March | 1383.8 1384.6 6755.8 6763.8 April | 1380.1 1386.6 6774.9 6782.0 May | 1387.3 1393.1 6785.7 6787.9 June | 1375.6 1370.3 6811.1 6817.4 July | 1371.1 1373.4 6835.7 6838.7 August | 1371.5 1370.2 6863.4 6862.3 September | 1363.9 1357.6 6886.5 6878.9 October | 1369.1 1369.2 6936.2 6939.1 November | 1370.5 1367.8 6977.0 6976.6 December | 1365.7 1357.5 7020.8 7023.4 --------------+-------------------------------------------------------- Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (Percent changes, annual rate) ------------------+-------+------+----------+-------------------- | | | | Difference due to Date Revised | Old Difference |Benchmark Seasonals ------------------+-------+------+----------+-------------------- 2005 | January | -8.6 -5.5 -3.1 0.1 -3.2 February | 3.0 2.9 0.1 0.0 0.1 March | 2.4 3.1 -0.7 -0.1 -0.6 April |-11.9 -8.1 -3.8 0.0 -3.8 May | 8.4 6.2 2.2 0.9 1.3 June | 11.8 3.4 8.4 1.0 7.4 July |-10.7 -4.3 -6.4 -0.8 -5.6 August | 8.7 6.6 2.1 -0.2 2.3 September | 0.9 -3.8 4.7 1.0 3.7 October | -4.0 1.7 -5.7 -1.0 -4.7 November | 0.9 0.7 0.2 -1.0 1.2 December | -2.4 -5.8 3.4 -0.1 3.5 2006 | January | 5.0 10.3 -5.3 0.0 -5.3 February | -3.2 -4.1 0.9 -0.1 1.0 March | 7.5 7.9 -0.4 0.0 -0.4 April | -3.2 1.7 -4.9 -0.1 -4.8 May | 6.3 5.6 0.7 -0.1 0.8 June |-10.1 -19.6 9.5 0.1 9.4 July | -3.9 2.7 -6.6 0.4 -7.0 August | 0.4 -2.8 3.2 0.2 3.0 September | -6.6 -11.0 4.4 0.0 4.4 October | 4.6 10.3 -5.7 0.7 -6.4 November | 1.2 -1.2 2.4 0.4 2.0 December | -4.2 -9.0 4.8 0.5 4.3 Quarterly | 05Q4 | -0.2 -0.1 -0.1 -0.3 0.2 06Q1 | 1.3 2.2 -0.9 -0.2 -0.7 06Q2 | 0.5 0.9 -0.4 0.0 -0.4 06Q3 | -3.5 -4.7 1.2 0.2 1.0 06Q4 | -0.1 -0.7 0.6 0.4 0.2 Semiannual | 2005:Q4 - 06:Q2 | 0.9 1.6 -0.7 -0.1 -0.6 2006:Q2 - 06:Q4 | -1.8 -2.7 0.9 0.3 0.6 Annual (Q4 to Q4) | 2005 | 0.3 0.3 0.0 0.1 -0.1 2006 | -0.5 -0.6 0.1 0.1 0.0 ------------------+---------------------------------------------- Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (Percent changes, annual rate) ------------------+--------+----+-----------+--------------------- | | | | Difference due to Date |Revised Old |Difference |Benchmark Seasonals ------------------+--------+----+-----------+--------------------- 2005 | January | 0.6 2.7 -2.1 0.0 -2.1 February | 4.1 4.0 0.1 0.0 0.1 March | 3.8 3.7 0.1 0.0 0.1 April | 1.6 0.8 0.8 0.0 0.8 May | 2.8 2.1 0.7 0.2 0.5 June | 5.1 5.0 0.1 0.2 -0.1 July | 4.3 4.0 0.3 -0.1 0.4 August | 6.3 5.7 0.6 0.0 0.6 September | 6.1 5.5 0.6 0.2 0.4 October | 4.6 5.5 -0.9 -0.2 -0.7 November | 3.6 3.5 0.1 -0.2 0.3 December | 4.5 4.8 -0.3 0.0 -0.3 2006 | January | 8.0 10.8 -2.8 0.1 -2.9 February | 4.2 4.0 0.2 0.0 0.2 March | 3.3 3.0 0.3 0.0 0.3 April | 3.4 3.2 0.2 -0.4 0.6 May | 1.9 1.0 0.9 -0.6 1.5 June | 4.5 5.2 -0.7 -0.5 -0.2 July | 4.3 3.7 0.6 0.0 0.6 August | 4.9 4.1 0.8 0.2 0.6 September | 4.0 2.9 1.1 0.1 1.0 October | 8.7 10.5 -1.8 -0.3 -1.5 November | 7.1 6.5 0.6 0.2 0.4 December | 7.5 8.0 -0.5 0.0 -0.5 Quarterly | 05Q4 | 4.9 5.0 -0.1 0.0 -0.1 06Q1 | 5.4 6.3 -0.9 0.0 -0.9 06Q2 | 3.3 3.0 0.3 -0.3 0.6 06Q3 | 4.2 3.8 0.4 -0.1 0.5 06Q4 | 6.8 7.0 -0.2 0.0 -0.2 Semiannual | 2005:Q4 - 06:Q2 | 4.3 4.7 -0.4 -0.2 -0.2 2006:Q2 - 06:Q4 | 5.5 5.4 0.1 -0.1 0.2 Annual (Q4 to Q4) | 2005 | 4.1 4.0 0.1 0.1 0.0 2006 | 5.0 5.1 -0.1 -0.1 0.0 ------------------+-----------------------------------------------