Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: February 3, 2005
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                                                    February 3, 2005

                                                               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 2004.  Monthly
seasonal factors were estimated using the X-12-ARIMA procedure.  The revisions to seasonal
factors lowered M2 and M3 growth rates in the first two quarters of 2004 and raised them in the
third and fourth quarters. 

     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                  These data are scheduled for release each Thursday at 4:30 p.m.
                                                                     February 3, 2005
 MONEY STOCK MEASURES
 Billions of dollars	                        
 ----------------------------------------------------------------------------------------
           Date                M11                    M22                    M33 
 ----------------------------------------------------------------------------------------
                                   Seasonally adjusted                         
 ----------------------------------------------------------------------------------------
       2003-Jan.                1221.2                 5836.8                 8589.2
            Feb.                1235.8                 5872.8                 8625.7
            Mar.                1238.3                 5888.8                 8642.8
            Apr.                1245.0                 5924.0                 8672.9
            May                 1259.1                 5971.5                 8723.3
            June                1269.4                 6012.7                 8777.0
            July                1273.1                 6057.8                 8869.9
            Aug.                1282.4                 6103.9                 8901.6
            Sep.                1282.7                 6085.8                 8897.7
            Oct.                1283.6                 6077.7                 8893.5
            Nov.                1285.1                 6072.8                 8875.4
            Dec.                1292.8                 6076.6                 8877.4
                                                                                    
       2004-Jan.                1289.9                 6089.3                 8936.7
            Feb.                1307.7                 6128.1                 9001.1
            Mar.                1320.9                 6166.8                 9078.4
            Apr.                1321.3                 6204.3                 9144.7
            May                 1324.8                 6262.6                 9234.0
            June                1332.6                 6274.7                 9274.6
            July                1325.5                 6277.5                 9277.7
            Aug.                1343.4                 6298.0                 9310.3
            Sep.                1347.9                 6333.0                 9358.4
            Oct.                1347.8                 6357.8                 9363.3
            Nov.                1362.8                 6394.2                 9386.4
            Dec.                1362.0                 6417.0                 9426.8
                                                                                    
 ----------------------------------------------------------------------------------------
                                 Not seasonally adjusted  		    	 
 ----------------------------------------------------------------------------------------
       2003-Jan.                1222.0                 5819.7                 8597.8
            Feb.                1221.5                 5844.9                 8630.5
            Mar.                1240.5                 5905.7                 8688.8
            Apr.                1255.8                 5962.6                 8707.6
            May                 1253.7                 5953.0                 8715.6
            June                1271.6                 6009.4                 8780.4
            July                1274.3                 6053.2                 8839.1
            Aug.                1279.0                 6111.5                 8891.7
            Sep.                1274.1                 6083.0                 8861.1
            Oct.                1275.9                 6063.3                 8841.9
            Nov.                1280.8                 6086.9                 8886.0
            Dec.                1319.1                 6102.6                 8921.0
                                                                                    
       2004-Jan.                1289.0                 6061.2                 8927.1
            Feb.                1293.0                 6090.7                 8991.4
            Mar.                1324.3                 6169.5                 9107.3
            Apr.                1332.1                 6241.2                 9181.2
            May                 1320.0                 6252.9                 9240.1
            June                1336.0                 6278.2                 9287.6
            July                1326.9                 6284.5                 9263.4
            Aug.                1340.9                 6304.2                 9303.7
            Sep.                1338.7                 6336.4                 9335.3
            Oct.                1339.0                 6351.9                 9323.6
            Nov.                1357.9                 6400.1                 9381.4
            Dec.                1389.2                 6440.2                 9457.2
                                                                                    
  ---------------------------------------------------------------------------------------
  Footnotes appear on the following page

 p -- indicates preliminary data
1 
  
  
  
 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Percent change at seasonally adjusted annual rates
 ---------------------------------------------------------------------------------------------------------
                                                          M1                   M2                   M3  
 ---------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2004 TO Dec. 2004                     4.2                  5.3                  2.9
  6 Months from June 2004 TO Dec. 2004                     4.4                  4.5                  3.3
 12 Months from Dec. 2003 TO Dec. 2004                     5.4                  5.6                  6.2
                                                                                                              
 Thirteen weeks ending                                                                
 January 24 , 2005                                             
 from thirteen weeks ending:                                                             
                                                                                          
 Oct. 25, 2004 (13 weeks previous)                         3.4                  5.4                  3.5
 July 26, 2004 (26 weeks previous)                         4.4                  4.5                  3.5
 Jan. 26, 2004 (52 weeks previous)                         5.2                  5.5                  5.9
 ---------------------------------------------------------------------------------------------------------
  
 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 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 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.
1
  
  
  
 H.6 (508)
 Table 3
 MONEY STOCK MEASURES
 Billions of Dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                      M1                                      M2                                      M3
 ----------------------------------------------------------------------------------------------------------------------------------------------------
   Period Ending  13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2004-Nov.  1             1346.6        1346.4        1344.7          6331.2        6361.1        6382.4          9345.4        9363.4        9381.6
             8             1347.8        1347.5        1348.3          6338.5        6369.5        6375.2          9351.9        9370.0        9374.3
            15             1349.0        1352.1        1358.0          6345.5        6378.9        6389.5          9357.4        9375.1        9372.7
            22             1350.6        1356.6        1375.2          6352.8        6388.4        6406.6          9362.0        9379.9        9391.0
            29             1352.6        1363.9        1374.1          6360.5        6394.3        6405.8          9368.3        9385.5        9404.1
                                                                                                                                                     
       Dec.  6             1353.9        1364.1        1348.9          6368.0        6401.2        6402.8          9375.2        9395.7        9414.8
            13             1354.8        1362.6        1352.0          6375.4        6406.7        6411.7          9381.3        9405.0        9409.9
            20             1355.4        1359.0        1360.8          6381.8        6411.4        6425.4          9384.8        9411.3        9416.4
            27             1356.7        1360.0        1378.2          6387.6        6418.7        6434.8          9389.1        9423.4        9452.3
                                                                                                                                                     
  2005-Jan.  3             1357.9        1365.8        1372.0          6392.1        6418.4        6401.5          9395.1        9431.5        9447.2
            10             1356.3        1358.3        1322.2          6396.7        6415.7        6400.9          9401.7        9437.2        9433.0
            17p            1356.0        1352.3        1336.6          6403.2        6418.4        6436.3          9410.8        9451.0        9471.4
            24p            1357.1        1350.5        1371.2          6409.6        6422.7        6451.9          9419.7        9459.8        9487.7
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Not seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2004-Nov.  1             1339.5        1340.6        1371.4          6331.9        6349.6        6351.9          9321.5        9320.7        9323.4
             8             1340.6        1343.7        1316.7          6338.1        6360.2        6398.7          9326.0        9333.2        9377.9
            15             1340.6        1344.5        1326.5          6344.9        6372.5        6418.0          9331.6        9347.0        9389.5
            22             1341.4        1345.1        1365.9          6352.6        6390.0        6391.2          9337.4        9364.8        9368.4
            29             1345.0        1358.2        1423.8          6361.9        6399.9        6391.8          9345.6        9380.9        9387.9
                                                                                                                                                     
       Dec.  6             1346.7        1363.7        1338.6          6368.0        6408.5        6433.0          9353.1        9396.8        9441.4
            13             1348.8        1364.3        1328.7          6373.7        6413.5        6437.9          9360.8        9415.0        9462.3
            20             1352.6        1370.0        1389.0          6381.7        6428.3        6450.6          9368.4        9435.1        9448.7
            27             1358.8        1378.1        1455.9          6393.2        6441.5        6444.4          9381.6        9457.6        9478.1
                                                                                                                                                     
  2005-Jan.  3             1365.4        1403.9        1442.0          6399.8        6441.7        6433.7          9391.8        9461.3        9455.9
            10             1366.2        1400.7        1315.8          6405.6        6440.1        6431.6          9402.2        9461.8        9464.3
            17p            1366.4        1384.9        1325.7          6410.1        6434.3        6427.6          9413.6        9470.1        9482.0
            24p            1365.7        1359.4        1354.2          6413.3        6413.8        6362.3          9423.3        9456.3        9423.0
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
 p -- indicates preliminary data.
1
  
  
  
  
 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency1      Travelers checks2   Demand Deposits3     At comm. banks4     At thrift inst.5          Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2003-Aug.                       649.8               7.6                 323.6               165.9               135.5               301.4
       Sep.                       652.7               7.6                 315.0               170.4               137.0               307.5
                                                                                                                                           
       Oct.                       656.9               7.7                 312.0               169.8               137.3               307.1
       Nov.                       659.5               7.7                 310.5               170.1               137.3               307.4
       Dec.                       662.4               7.7                 311.2               175.8               135.7               311.5
                                                                                                                                           
                                                                                                                                           
  2004-Jan.                       664.6               7.8                 302.5               177.2               137.7               315.0
       Feb.                       666.5               7.8                 315.0               180.8               137.6               318.4
       Mar.                       668.4               7.8                 323.2               183.8               137.8               321.6
                                                                                                                                           
       Apr.                       670.8               7.8                 320.9               182.9               139.0               321.8
       May                        674.1               7.7                 320.0               183.1               139.9               323.0
       June                       678.4               7.7                 321.0               186.4               139.1               325.5
                                                                                                                                           
       July                       684.6               7.6                 307.3               185.0               141.0               325.9
       Aug.                       686.6               7.6                 321.3               188.2               139.8               328.0
       Sep.                       689.9               7.6                 324.5               186.9               139.1               325.9
                                                                                                                                           
       Oct.                       692.5               7.6                 320.0               187.1               140.5               327.6
       Nov.                       697.2               7.6                 326.5               189.5               142.0               331.4
       Dec.                       697.4               7.6                 327.8               187.5               141.6               329.2
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2004-Nov. 29                    698.7               7.6                 332.5               191.3               143.9               335.2
                                                                                                                                           
       Dec.  6                    698.5               7.6                 316.5               185.8               140.5               326.3
            13                    697.3               7.6                 318.8               188.4               139.9               328.3
            20                    697.3               7.6                 326.7               188.2               141.0               329.2
            27                    696.3               7.6                 342.8               187.3               144.2               331.5
                                                                                                                                           
  2005-Jan.  3                    697.9               7.5                 335.8               187.6               143.3               330.8
            10                    698.1               7.5 e               294.3               180.3               142.1               322.4
            17p                   699.6               7.5 e               307.0               181.2               141.2               322.5
            24p                   701.4               7.5 e               335.5               185.1               141.7               326.8
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers 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 -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 5
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits1                  Small-denomination time deposit2                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds3        Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2003-Aug.                  2299.9          825.2         3125.1          551.3          281.8          833.2          863.2         4821.5
       Sep.                  2292.5          834.6         3127.1          545.7          279.3          824.9          851.0         4803.0
                                                                                                                                            
       Oct.                  2305.6          841.6         3147.2          541.9          276.9          818.8          828.1         4794.1
       Nov.                  2325.0          835.5         3160.6          538.1          274.5          812.6          814.5         4787.7
       Dec.                  2340.7          835.0         3175.7          536.2          272.5          808.7          799.4         4783.8
                                                                                                                                            
                                                                                                                                            
  2004-Jan.                  2376.9          831.6         3208.5          534.4          271.5          805.9          785.0         4799.3
       Feb.                  2402.5          839.5         3242.0          532.9          271.0          803.9          774.5         4820.4
       Mar.                  2427.0          855.2         3282.2          531.0          270.8          801.8          761.9         4845.9
                                                                                                                                            
       Apr.                  2468.5          859.7         3328.2          529.1          270.1          799.2          755.6         4883.0
       May                   2512.0          871.3         3383.3          527.9          267.7          795.6          758.9         4937.8
       June                  2517.0          878.4         3395.4          527.7          267.1          794.8          752.0         4942.2
                                                                                                                                            
       July                  2532.8          881.8         3414.6          529.3          267.3          796.6          740.7         4952.0
       Aug.                  2536.1          885.1         3421.2          532.2          267.9          800.1          733.3         4954.6
       Sep.                  2560.4          893.3         3453.7          535.7          267.9          803.6          727.7         4985.0
                                                                                                                                            
       Oct.                  2593.2          890.1         3483.2          537.0          269.2          806.2          720.6         5010.1
       Nov.                  2617.3          889.2         3506.5          540.3          269.4          809.7          715.1         5031.4
       Dec.                  2637.8          891.4         3529.2          542.1          271.0          813.1          712.8         5055.1
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2004-Nov. 29               2612.2          895.8         3508.0          541.3          269.4          810.7          713.0         5031.8
                                                                                                                                            
       Dec.  6               2647.7          886.5         3534.1          540.9          270.1          810.9          708.8         5053.8
            13               2646.9          887.7         3534.7          541.9          270.5          812.5          712.6         5059.7
            20               2646.4          893.3         3539.7          542.0          271.2          813.1          711.8         5064.6
            27               2630.1          896.8         3526.9          542.8          271.5          814.3          715.5         5056.7
                                                                                                                                            
  2005-Jan.  3               2609.6          888.3         3497.9          543.3          272.0          815.2          716.3         5029.4
            10               2659.4          889.3         3548.7          544.9          273.3          818.2          711.7         5078.7
            17p              2669.1          900.2         3569.3          546.6          274.9          821.5          708.9         5099.7
            24p              2651.4          894.8         3546.1          548.4          276.4          824.8          709.7         5080.7
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 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 -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 6
 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
 Billions of dollars
 -----------------------------------------------------------------------------------------------------------------------------------------
                                                Large-denomination time deposits1
                         Institutional    --------------------------------------------
     Date                    money        At commercial      At thrift                                                            Total
                             funds           banks2        institutions        Total             RPs3         Eurodollars4      Non-M2 M3
 ------------------------------------------------------------------------------------------------------------------------------------------
   2003-Aug.                  1171.4            726.5           122.7            849.2            496.6            280.5           2797.7        
        Sep.                  1177.6            735.2           122.6            857.9            495.2            281.3           2812.0   
                                                                                                                                         
        Oct.                  1155.4            736.8           122.9            859.7            512.6            288.1           2815.8
        Nov.                  1134.8            746.2           121.6            867.9            510.5            289.5           2802.7       
        Dec.                  1117.2            761.0           119.7            880.7            509.3            293.6           2800.8
                                                                                                                                         
                                                                                                                                         
   2004-Jan.                  1114.4            794.7           120.8            915.5            515.3            302.2           2847.4
        Feb.                  1105.2            801.6           122.3            923.9            535.1            308.9           2873.0     
        Mar.                  1113.0            819.7           124.6            944.3            539.2            315.0           2911.5   
                                                                                                                                         
        Apr.                  1120.9            837.4           127.9            965.3            530.1            324.0           2940.4
        May                   1123.6            849.4           131.9            981.3            541.6            324.9           2971.4
        June                  1122.5            862.8           132.5            995.3            554.5            327.6           2999.9
                                                                                                                                            
        July                  1108.2            877.7           137.0           1014.7            542.1            335.2           3000.2
        Aug.                  1104.7            881.5           143.0           1024.6            540.8            342.3           3012.3       
        Sep.                  1100.1            883.9           147.6           1031.5            542.1            351.8           3025.4         
                                                                                                                                         
        Oct.                  1076.1            890.9           150.9           1041.8            525.0            362.6           3005.5
        Nov.                  1066.9            894.3           154.7           1049.0            517.2            359.2           2992.3
        Dec.                  1066.4            912.0           159.5           1071.4            509.9            362.1           3009.8
                                                                                                                                                   
                                                                                                                                                  
                                                                                                                                                                     
 Week ending:					  			 																                               
   2004-Nov. 29               1065.6            901.2           157.0           1058.2            516.6            357.9           2998.3                          
                                                                                                                                                            
        Dec.  6               1065.9            906.9           157.8           1064.8            519.9            361.4           3012.0                       
             13               1064.2            901.2           159.0           1060.1            511.2            362.7           2998.2                           
             20               1053.2            909.5           158.2           1067.6            508.9            361.3           2991.0                       
             27               1071.2            918.2           161.1           1079.3            505.9            361.1           3017.4                        
                                                                                                                                                             
   2005-Jan.  3               1085.5            931.8           161.8           1093.6            501.4            365.3           3045.7                      
             10               1065.0            960.9           163.7           1124.7            482.7            359.7           3032.1                  
             17p              1049.4            975.4           165.8           1141.2            479.3            365.2           3035.1                     
             24p              1046.8            969.8           168.1           1137.9            474.9            376.2           3035.8                     
                                                                                                                                                             
                                                                                                                                                                   
                                                                                                                                         
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. 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.                                      
 3. 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.
 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,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market
    mutual funds.                                                  
 p -- indicates preliminary data    e -- indicates estimated data
1
  
  
  
 H.6 (508)
 Table 7
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency1      Travelers checks2   Demand Deposits3     At comm. banks4     At thrift inst.5          Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2003-Aug.                       650.4               7.8                 321.0               163.1               136.7               299.8
       Sep.                       650.8               7.7                 311.9               166.7               136.9               303.7
                                                                                                                                           
       Oct.                       655.7               7.6                 310.0               167.1               135.6               302.6
       Nov.                       660.2               7.6                 310.4               166.6               135.9               302.6
       Dec.                       667.0               7.6                 328.4               179.9               136.2               316.1
                                                                                                                                           
                                                                                                                                           
  2004-Jan.                       662.7               7.7                 302.3               183.4               132.8               316.2
       Feb.                       665.9               7.8                 306.1               180.0               133.2               313.2
       Mar.                       667.6               7.8                 323.4               186.9               138.7               325.6
                                                                                                                                           
       Apr.                       670.3               7.7                 323.6               187.7               142.9               330.6
       May                        674.0               7.7                 316.2               180.9               141.3               322.2
       June                       678.3               7.8                 321.4               186.6               142.0               328.5
                                                                                                                                           
       July                       686.0               7.8                 307.9               182.8               142.3               325.1
       Aug.                       686.3               7.7                 319.5               185.4               141.9               327.3
       Sep.                       688.2               7.6                 321.2               183.1               138.7               321.7
                                                                                                                                           
       Oct.                       692.1               7.5                 316.8               183.7               139.0               322.7
       Nov.                       697.8               7.5                 326.1               185.4               141.1               326.5
       Dec.                       702.8               7.5                 345.3               191.7               141.9               333.6
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2004-Nov. 29                    700.4               7.5                 375.8               195.5               144.5               340.0
                                                                                                                                           
       Dec.  6                    700.3               7.5                 306.2               181.7               142.9               324.7
            13                    700.6               7.5                 301.1               182.0               137.5               319.5
            20                    703.0               7.5                 347.4               191.6               139.5               331.1
            27                    707.1               7.5                 395.3               201.8               144.2               346.0
                                                                                                                                           
  2005-Jan.  3                    702.5               7.5                 381.0               201.6               149.5               351.0
            10                    699.1               7.5 e               288.4               184.5               136.3               320.8
            17p                   697.5               7.5 e               302.8               184.7               133.3               318.0
            24p                   696.2               7.5 e               325.1               191.7               133.7               325.5
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers 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 -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 8
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits1                  Small-denomination time deposit2                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds3        Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2003-Aug.                  2308.4          828.3         3136.7          550.8          281.6          832.4          863.4         4832.5
       Sep.                  2299.0          837.0         3135.9          545.6          279.2          824.8          848.2         4808.9
                                                                                                                                            
       Oct.                  2303.6          840.8         3144.4          542.1          277.0          819.1          823.9         4787.4
       Nov.                  2339.0          840.6         3179.5          538.8          274.9          813.7          812.9         4806.2
       Dec.                  2337.6          833.8         3171.4          536.7          272.8          809.5          802.6         4783.5
                                                                                                                                            
                                                                                                                                            
  2004-Jan.                  2353.0          823.3         3176.3          535.1          271.9          806.9          789.0         4772.2
       Feb.                  2380.8          832.0         3212.8          533.5          271.3          804.8          780.1         4797.7
       Mar.                  2419.3          852.4         3271.7          531.4          271.0          802.4          771.1         4845.2
                                                                                                                                            
       Apr.                  2485.0          865.4         3350.4          529.3          270.2          799.5          759.1         4909.1
       May                   2514.3          872.1         3386.4          527.6          267.5          795.1          751.5         4932.9
       June                  2522.7          880.4         3403.1          526.7          266.6          793.4          745.8         4942.2
                                                                                                                                            
       July                  2541.3          884.7         3426.1          528.5          266.9          795.4          736.2         4957.6
       Aug.                  2542.1          887.2         3429.3          531.5          267.6          799.1          734.9         4963.3
       Sep.                  2571.1          897.0         3468.1          535.3          267.8          803.1          726.5         4997.7
                                                                                                                                            
       Oct.                  2598.0          891.7         3489.7          537.0          269.1          806.1          717.0         5012.8
       Nov.                  2625.9          892.2         3518.1          540.8          269.7          810.5          713.7         5042.2
       Dec.                  2632.3          889.5         3521.8          542.6          271.3          813.9          715.3         5051.0
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2004-Nov. 29               2563.3          879.1         3442.4          541.9          269.7          811.6          714.1         4968.1
                                                                                                                                            
       Dec.  6               2675.8          895.9         3571.6          541.5          270.4          811.9          710.8         5094.4
            13               2679.2          898.5         3577.7          542.4          270.8          813.2          718.3         5109.2
            20               2640.3          891.2         3531.5          542.3          271.3          813.5          716.6         5061.7
            27               2577.8          878.9         3456.7          543.2          271.7          814.9          716.9         4988.6
                                                                                                                                            
  2005-Jan.  3               2583.2          879.4         3462.6          544.4          272.5          817.0          712.1         4991.6
            10               2684.9          897.9         3582.8          545.8          273.8          819.6          713.4         5115.8
            17p              2666.1          899.2         3565.3          547.3          275.2          822.5          714.0         5101.8
            24p              2592.7          875.0         3467.7          548.8          276.6          825.4          714.9         5008.0
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 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 -- indicates preliminary data.
1



 H.6 (508)
 Table 9
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           Large-denomination time deposits1                      RPs3
                       Institutional   -----------------------------------------     ------------------------------------------
     Date                  money       At commercial      At thrift                  At commercial      At thrift                                   Total
                           funds          banks2        institutions     Total          banks2        institutions     Total     Eurodollars4    Non-M2 M3 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
  2003-Aug.                 1161.5           726.8          122.8          849.6           437.7           56.3          494.0        275.2         2780.2    
       Sep.                 1154.6           735.1          122.6          857.7           435.5           53.7          489.2        276.7         2778.1           
                                                                                                                                                                       
       Oct.                 1140.1           732.3          122.1          854.5           438.6           60.2          498.8        285.3         2778.6                        
       Nov.                 1142.5           742.0          121.0          863.0           447.4           58.4          505.9        287.7         2799.1                      
       Dec.                 1140.2           761.8          119.8          881.7           439.1           67.8          507.0        289.5         2818.4                    
                                                                                                                                                                           
                                                                                                                                                                            
  2004-Jan.                 1143.5           788.2          119.8          908.0           441.6           69.7          511.3        303.1         2865.9                        
       Feb.                 1128.9           793.5          121.0          914.5           475.1           67.4          542.5        314.7         2900.7      
       Mar.                 1126.0           816.0          124.1          940.1           483.1           65.3          548.5        323.2         2937.8                  
                                                                                                                                                                       
       Apr.                 1110.8           839.0          128.2          967.2           463.1           66.1          529.2        332.7         2940.0                    
       May                  1107.0           863.3          134.0          997.4           483.1           67.5          550.6        332.3         2987.2                 
       June                 1111.6           872.0          133.9         1005.9           500.5           68.8          569.3        322.5         3009.3               
                                                                                                                                                                         
       July                 1093.9           881.7          137.6         1019.4           479.6           58.0          537.6        328.0         2978.9            
       Aug.                 1098.6           882.4          143.2         1025.6           482.1           56.6          538.6        336.7         2999.5    
       Sep.                 1084.0           883.5          147.5         1031.0           480.0           57.2          537.2        346.7         2998.9                
                                                                                                                                                                              
       Oct.                 1061.9           885.7          150.0         1035.8           456.5           56.9          513.4        360.6         2971.7        
       Nov.                 1069.9           888.7          153.7         1042.5           458.9           53.0          511.8        357.0         2981.3                    
       Dec.                 1083.5           911.9          159.4         1071.3           450.1           55.5          505.5        356.7         3017.1                     
                                                                                                                                                                               
                                                                                                                                                                            
                                                                                                                                                                                
 Week ending:					  			  															                                                      
  2004-Nov. 29              1079.0           896.2          156.2         1052.4           454.8           53.2          508.0        356.7         2996.1
                                                                                                                                                                       
       Dec.  6              1076.1           903.5          157.2         1060.7           462.1           54.9          517.0        354.7         3008.4
            13              1094.1           903.2          159.3         1062.5           458.0           53.9          511.8        355.9         3024.4
            20              1071.7           911.7          158.5         1070.2           449.0           54.0          503.0        353.1         2998.0     
            27              1089.7           919.5          161.3         1080.8           447.8           58.1          505.9        357.3         3033.7            
                                                                                                                                                                        
  2005-Jan.  3              1085.7           927.7          161.1         1088.7           424.1           57.0          481.1        366.7         3022.2                     
            10              1081.4           956.6          163.0         1119.6           413.3           56.7          470.0        361.8         3032.7                   
            17p             1079.5           969.7          164.8         1134.4           418.2           56.5          474.6        365.8         3054.4
            24p             1084.5           959.4          166.3         1125.7           417.1           56.5          473.6        377.0         3060.7          
                                                                                                                                                                            
                                                                                                                                                                           
                                                                                                                                                          
 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. 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.
 3. 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.
 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,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and by money market mutual funds.
 p -- indicates preliminary data    e -- indicates estimated data
1

  
  
 H.6 (508)
 Table 10
 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                                                         Time and
       Date       --------------------------- deposits due to   Demand    Balance        Note                     savings   
                       Foreign      Foreign    foreign banks  deposits at    at      balances at       Total    deposits at  
                      commercial    official   and official   commercial   Federal    depository       cash      commercial   At commercial   At thrift      At money   
                         banks   institutions  institutions     banks      Reserve   institutions1    balance     banks           banks     institutions  market funds    Total
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2003-Aug.                7.1          1.2         19.0            1.5          5.6          6.4         13.5       18.3        167.7         102.4         174.0         444.0  
       Sep.                6.7          1.3         20.2            1.8          6.2         18.2         26.2       12.5        167.6         102.5         173.0         443.1  
                                                                                                                                                                                  
       Oct.                6.6          1.1         20.0            1.5          4.9         12.1         18.5        8.2        167.3         102.5         170.8         440.6  
       Nov.                7.2          1.0         17.9            1.6          5.1         10.1         16.8        5.9        166.8         102.3         167.0         436.1  
       Dec.                7.7          1.0         15.7            1.7          5.3         16.9         23.9        3.7        166.3         102.0         163.1         431.5  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2004-Jan.                7.9          1.0         13.6            2.0          5.6         24.3         31.9        2.4        166.1         101.6         160.2         427.9  
       Feb.                7.6          1.1         13.7            1.6          5.3         15.8         22.6        2.2        166.2         101.7         158.4         426.4  
       Mar.                7.3          1.1         13.8            1.6          5.4         14.3         21.3        2.0        166.3         101.8         156.7         424.8  
                                                                                                                                                                                  
       Apr.                7.2          1.2         14.4            2.7          6.0         16.3         25.1        1.9        166.8         101.9         155.8         424.4  
       May                 7.3          1.2         15.6            1.6          5.4         13.4         20.3        2.0        167.5         101.9         156.1         425.5  
       June                7.4          1.1         16.8            1.8          5.7         20.9         28.5        2.1        168.3         101.9         156.4         426.6  
                                                                                                                                                                                  
       July                7.4          1.1         17.7            1.4          5.0         10.1         16.4        2.1        168.8         101.8         156.1 e       426.6 e
       Aug.                7.4          1.1         18.4            1.3          4.8          3.1          9.2        2.2        168.8         101.7         154.9 e       425.5 e
       Sep.                7.3          1.1         19.1            1.6          5.6         16.7         23.9        2.2        168.9         101.7         153.8 e       424.3 e
                                                                                                                                                                                  
       Oct.                7.3 e        1.1 e       19.5 e          1.5          5.0         20.3         26.8        2.3 e      168.9 e       101.6 e       153.2 e       423.7 e
       Nov.                7.3 e        1.1 e       19.5 e          1.5          4.9         12.7         19.1        2.3 e      168.9 e       101.6 e       153.2 e       423.7 e
       Dec.                7.3 e        1.1 e       19.5 e          1.5          5.1         15.8         22.4        2.3 e      168.9 e       101.6 e       153.2 e       423.7 e
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2004-Nov. 29                                                      1.3          5.3         13.6         20.3                                                                    
                                                                                                                                                                                  
       Dec.  6                                                      1.4          4.8          4.2         10.5                                                                    
            13                                                      1.4          5.1          4.0         10.5                                                                    
            20                                                      1.6          5.2         26.5         33.3                                                                    
            27                                                      1.3          4.4         25.2         30.9                                                                    
                                                                                                                                                                                  
  2005-Jan.  3                                                      1.7          5.8         19.9         27.4                                                                    
            10                                                      1.5          5.1          7.2         13.9                                                                    
            17p                                                     1.9          4.8          6.2         13.0                                                                    
            24p                                                     2.4          5.2         35.3         42.8                                                                    
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.
  e -- indicates estimated data	p -- indicates preliminary data 
  
  
  
  

                                                                  Appendix Table 1
                                                    Monthly Seasonal Factors Used to Construct M1
----------------------------------------------------------------------------------------------+-------------------------------------------------------
                                                       Nonbank                  Demand        |            Other checkable deposits [1]
                             Currency             travelers checks             deposits       |          total                     at banks
----------------------------------------------------------------------------------------------+-------------------------------------------------------
2004
               January        0.9971                   0.9960                    0.9993                 1.0040                      1.0347
              February        0.9991                   0.9998                    0.9717                 0.9838                      0.9954
                 March        0.9988                   0.9968                    1.0006                 1.0125                      1.0172
                 April        0.9992                   0.9889                    1.0083                 1.0273                      1.0267
                   May        0.9998                   0.9921                    0.9882                 0.9975                      0.9879
                  June        0.9999                   1.0122                    1.0014                 1.0092                      1.0008
                  July        1.0020                   1.0299                    1.0019                 0.9974                      0.9883
                August        0.9996                   1.0207                    0.9944                 0.9981                      0.9855
             September        0.9975                   1.0031                    0.9898                 0.9870                      0.9797
               October        0.9993                   0.9925                    0.9898                 0.9848                      0.9819
              November        1.0008                   0.9825                    0.9988                 0.9851                      0.9785
              December        1.0078                   0.9865                    1.0532                 1.0134                      1.0222
2005
               January        0.9967                   0.9968                    0.9990                 1.0035                      1.0335
              February        0.9987                   1.0004                    0.9710                 0.9833                      0.9963
                 March        0.9983                   0.9973                    1.0021                 1.0134                      1.0197
                 April        0.9995                   0.9889                    1.0091                 1.0257                      1.0255
                   May        0.9990                   0.9910                    0.9904                 0.9987                      0.9866
                  June        0.9995                   1.0098                    1.0023                 1.0091                      1.0028
                  July        1.0029                   1.0290                    1.0032                 0.9981                      0.9876
                August        0.9996                   1.0188                    0.9938                 0.9987                      0.9874
             September        0.9980                   1.0027                    0.9899                 0.9866                      0.9803
               October        0.9988                   0.9924                    0.9875                 0.9848                      0.9805
              November        1.0018                   0.9831                    0.9980                 0.9856                      0.9783
              December        1.0082                   0.9877                    1.0512                 1.0122                      1.0204
2006
               January        0.9962                   0.9966                    0.9999                 1.0039                      1.0329
              February        0.9985                   0.9993                    0.9712                 0.9833                      0.9968
                 March        0.9988                   0.9976                    1.0022                 1.0130                      1.0213
------------------------------------------------------------------------------------------------------------------------------------------------------
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     Small denom.     Large denom.   Money market mutual funds|
         MMDA deposits [1]time deposits [1]time deposits [1]| in M2     in M3 only   |RPs  Eurodollars
------------------------------------------------------------+------------------------+-----------------
2004
  January     0.9900           1.0013           0.9919        1.0051       1.0261    0.9922  1.0028
 February     0.9910           1.0011           0.9898        1.0073       1.0215    1.0139  1.0189
    March     0.9968           1.0008           0.9955        1.0120       1.0117    1.0173  1.0260
    April     1.0067           1.0004           1.0019        1.0047       0.9910    0.9983  1.0269
      May     1.0009           0.9993           1.0164        0.9901       0.9852    1.0166  1.0227
     June     1.0023           0.9982           1.0107        0.9917       0.9903    1.0267  0.9844
     July     1.0033           0.9984           1.0046        0.9939       0.9871    0.9917  0.9785
   August     1.0024           0.9987           1.0010        1.0022       0.9945    0.9960  0.9837
September     1.0042           0.9994           0.9995        0.9983       0.9854    0.9910  0.9856
  October     1.0018           1.0000           0.9942        0.9949       0.9868    0.9779  0.9946
 November     1.0033           1.0009           0.9938        0.9980       1.0029    0.9896  0.9939
 December     0.9979           1.0009           0.9999        1.0036       1.0160    0.9914  0.9852
2005
  January     0.9894           1.0012           0.9922        1.0040       1.0241    0.9894  1.0029
 February     0.9892           1.0012           0.9898        1.0061       1.0222    1.0127  1.0169
    March     0.9952           1.0012           0.9958        1.0103       1.0113    1.0162  1.0244
    April     1.0087           1.0008           1.0024        1.0043       0.9916    0.9976  1.0258
      May     1.0001           0.9996           1.0161        0.9909       0.9871    1.0145  1.0223
     June     1.0029           0.9984           1.0103        0.9929       0.9905    1.0272  0.9834
     July     1.0055           0.9984           1.0048        0.9942       0.9887    0.9944  0.9780
   August     1.0029           0.9985           1.0016        1.0031       0.9952    0.9968  0.9853
September     1.0045           0.9990           0.9990        0.9995       0.9860    0.9945  0.9875
  October     1.0016           0.9997           0.9944        0.9948       0.9878    0.9823  0.9974
 November     1.0038           1.0006           0.9933        0.9974       1.0012    0.9880  0.9932
 December     0.9982           1.0009           0.9997        1.0030       1.0135    0.9885  0.9849
2006
  January     0.9867           1.0013           0.9926        1.0035       1.0223    0.9877  1.0029
 February     0.9884           1.0014           0.9898        1.0054       1.0229    1.0115  1.0157
    March     0.9955           1.0014           0.9961        1.0098       1.0113    1.0155  1.0233
-------------------------------------------------------------------------------------------------------
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]
                              Currency             travelers checks             deposits       |         total                     at banks
-----------------------------------------------------------------------------------------------+------------------------------------------------------
             2004 Dec 06       1.0025                   0.9788                   0.9677                  0.9950                     0.9779
                      13       1.0048                   0.9829                   0.9444                  0.9732                     0.9660
                      20       1.0081                   0.9871                   1.0633                  1.0059                     1.0181
                      27       1.0155                   0.9912                   1.1530                  1.0438                     1.0777

             2005 Jan 03       1.0067                   0.9954                   1.1345                  1.0611                     1.0745
                      10       1.0014                   0.9960                   0.9802                  0.9951                     1.0235
                      17       0.9970                   0.9967                   0.9861                  0.9862                     1.0193
                      24       0.9925                   0.9973                   0.9690                  0.9958                     1.0355
                      31       0.9900                   0.9979                   1.0050                  1.0129                     1.0420

             2005 Feb 07       0.9981                   0.9989                   0.8952                  0.9762                     0.9943
                      14       0.9999                   0.9999                   0.9554                  0.9627                     0.9742
                      21       0.9995                   1.0008                   0.9931                  0.9843                     0.9978
                      28       0.9971                   1.0018                   1.0406                  1.0099                     1.0189

             2005 Mar 07       1.0020                   1.0002                   0.9345                  1.0048                     0.9987
                      14       0.9991                   0.9985                   0.9664                  0.9916                     0.9915
                      21       0.9979                   0.9968                   1.0039                  1.0068                     1.0188
                      28       0.9959                   0.9952                   1.0752                  1.0372                     1.0583

             2005 Apr 04       1.0001                   0.9935                   1.0223                  1.0334                     1.0267
                      11       1.0031                   0.9913                   0.9356                  1.0026                     0.9925
                      18       0.9993                   0.9891                   1.0033                  1.0245                     1.0238
                      25       0.9963                   0.9868                   1.0464                  1.0388                     1.0584

             2005 May 02       0.9963                   0.9846                   1.0773                  1.0382                     1.0332
                      09       1.0015                   0.9872                   0.9057                  0.9818                     0.9641
                      16       0.9983                   0.9899                   0.9813                  0.9810                     0.9648
                      23       0.9975                   0.9925                   1.0120                  0.9973                     0.9921
                      30       0.9993                   0.9951                   1.0433                  1.0214                     1.0121

             2005 Jun 06       1.0010                   0.9978                   0.9370                  1.0057                     0.9880
                      13       1.0002                   1.0044                   0.9601                  0.9872                     0.9726
                      20       0.9985                   1.0111                   1.0018                  1.0078                     1.0036
                      27       0.9979                   1.0178                   1.0798                  1.0312                     1.0388

             2005 Jul 04       1.0046                   1.0245                   1.0239                  1.0154                     1.0056
                      11       1.0059                   1.0266                   0.9275                  0.9761                     0.9590
                      18       1.0026                   1.0287                   0.9949                  0.9828                     0.9764
                      25       1.0002                   1.0308                   1.0402                  1.0036                     1.0028

             2005 Aug 01       0.9994                   1.0330                   1.0615                  1.0278                     1.0117
                      08       1.0048                   1.0275                   0.9086                  0.9926                     0.9655
                      15       1.0011                   1.0220                   0.9625                  0.9782                     0.9603
                      22       0.9981                   1.0165                   1.0072                  0.9945                     0.9895
                      29       0.9950                   1.0110                   1.0792                  1.0201                     1.0246

             2005 Sep 05       1.0021                   1.0055                   0.9653                  0.9982                     0.9901
                      12       0.9987                   1.0041                   0.9299                  0.9646                     0.9560
                      19       0.9973                   1.0026                   0.9928                  0.9768                     0.9742
                      26       0.9957                   1.0011                   1.0627                  1.0011                     1.0013

             2005 Oct 03       0.9967                   0.9996                   1.0213                  1.0095                     0.9892
                      10       1.0028                   0.9965                   0.9050                  0.9567                     0.9470
                      17       0.9991                   0.9933                   0.9582                  0.9666                     0.9652
                      24       0.9971                   0.9900                   1.0133                  0.9933                     0.9966
                      31       0.9954                   0.9868                   1.0636                  1.0135                     1.0138

             2005 Nov 07       1.0023                   0.9854                   0.9190                  0.9782                     0.9615
                      14       1.0021                   0.9840                   0.9374                  0.9565                     0.9459
                      21       1.0006                   0.9827                   0.9843                  0.9840                     0.9817
                      28       1.0036                   0.9813                   1.1265                  1.0138                     1.0143

             2005 Dec 05       1.0027                   0.9799                   1.0093                  1.0001                     0.9885
                      12       1.0052                   0.9838                   0.9427                  0.9733                     0.9703
                      19       1.0080                   0.9877                   1.0533                  1.0021                     1.0127
                      26       1.0152                   0.9916                   1.1409                  1.0386                     1.0652

             2006 Jan 02       1.0070                   0.9955                   1.1383                  1.0611                     1.0748
                      09       1.0019                   0.9960                   0.9915                  0.9935                     1.0235
                      16       0.9966                   0.9964                   0.9938                  0.9901                     1.0189
                      23       0.9928                   0.9969                   0.9822                  1.0003                     1.0382
                      30       0.9902                   0.9974                   1.0060                  1.0174                     1.0440

             2006 Feb 06       0.9971                   0.9978                   0.8952                  0.9830                     1.0007
                      13       0.9998                   0.9987                   0.9552                  0.9605                     0.9730
                      20       1.0001                   0.9996                   0.9913                  0.9801                     0.9936
                      27       0.9964                   1.0005                   1.0374                  1.0063                     1.0194

             2006 Mar 06       1.0011                   1.0014                   0.9333                  1.0061                     1.0045
                      13       0.9995                   0.9994                   0.9653                  0.9909                     0.9958
                      20       0.9985                   0.9974                   1.0050                  1.0065                     1.0188
                      27       0.9971                   0.9953                   1.0750                  1.0354                     1.0555

             2006 Apr 03       0.9989                   0.9933                   1.0431                  1.0368                     1.0332
------------------------------------------------------------------------------------------------------------------------------------------------------
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     Small denom.     Large denom.   Money market mutual funds|
           MMDA deposits [1]time deposits [1]time deposits [1]| in M2     in M3 only   |RPs  Eurodollars
--------------------------------------------------------------+------------------------+-----------------
2004 Dec 06     1.0106           1.0012           0.9962        1.0029       1.0095    0.9943  0.9814
         13     1.0122           1.0009           1.0023        1.0081       1.0281    1.0012  0.9814
         20     0.9977           1.0005           1.0024        1.0068       1.0176    0.9885  0.9772
         27     0.9801           1.0008           1.0014        1.0020       1.0173    1.0001  0.9893

2005 Jan 03     0.9899           1.0021           0.9955        0.9941       1.0003    0.9595  1.0039
         10     1.0096           1.0017           0.9955        1.0024       1.0154    0.9736  1.0056
         17     0.9989           1.0012           0.9941        1.0072       1.0287    0.9902  1.0017
         24     0.9779           1.0007           0.9893        1.0074       1.0359    0.9972  1.0022
         31     0.9642           1.0006           0.9886        1.0031       1.0268    1.0097  1.0015

2005 Feb 07     0.9947           1.0011           0.9914        1.0046       1.0195    1.0143  1.0023
         14     0.9964           1.0013           0.9915        1.0048       1.0227    1.0212  1.0138
         21     0.9860           1.0013           0.9891        1.0072       1.0246    1.0052  1.0247
         28     0.9798           1.0011           0.9872        1.0078       1.0219    1.0102  1.0266

2005 Mar 07     1.0066           1.0013           0.9907        1.0099       1.0135    1.0123  1.0159
         14     1.0088           1.0013           0.9953        1.0106       1.0185    1.0183  1.0206
         21     0.9950           1.0010           0.9979        1.0121       1.0115    1.0206  1.0210
         28     0.9783           1.0011           0.9959        1.0106       1.0107    1.0256  1.0378

2005 Apr 04     1.0108           1.0013           1.0037        1.0057       0.9901    0.9880  1.0296
         11     1.0268           1.0014           1.0023        1.0128       1.0017    0.9958  1.0146
         18     1.0164           1.0010           1.0001        1.0088       0.9928    0.9920  1.0212
         25     0.9899           1.0003           0.9990        1.0013       0.9890    1.0022  1.0328

2005 May 02     0.9841           1.0002           1.0095        0.9891       0.9808    1.0094  1.0348
         09     1.0139           1.0001           1.0157        0.9876       0.9816    1.0197  1.0290
         16     1.0111           0.9997           1.0186        0.9883       0.9864    1.0163  1.0194
         23     0.9916           0.9992           1.0173        0.9938       0.9942    1.0064  1.0185
         30     0.9855           0.9992           1.0151        0.9939       0.9877    1.0156  1.0211

2005 Jun 06     1.0146           0.9990           1.0147        0.9937       0.9884    1.0242  1.0058
         13     1.0197           0.9986           1.0127        0.9959       0.9967    1.0292  0.9896
         20     1.0056           0.9980           1.0108        0.9940       0.9897    1.0310  0.9724
         27     0.9824           0.9978           1.0083        0.9910       0.9919    1.0336  0.9725

2005 Jul 04     1.0055           0.9984           1.0000        0.9857       0.9783    1.0045  0.9753
         11     1.0222           0.9988           1.0016        0.9938       0.9884    0.9868  0.9754
         18     1.0067           0.9985           1.0037        0.9946       0.9906    0.9898  0.9756
         25     0.9895           0.9981           1.0068        0.9972       0.9951    0.9951  0.9816

2005 Aug 01     0.9908           0.9982           1.0107        0.9962       0.9864    1.0008  0.9814
         08     1.0205           0.9985           1.0076        1.0006       0.9901    1.0098  0.9818
         15     1.0159           0.9985           1.0009        1.0018       0.9945    1.0044  0.9740
         22     0.9977           0.9984           0.9966        1.0067       1.0000    0.9835  0.9854
         29     0.9828           0.9986           0.9997        1.0051       1.0003    0.9915  0.9995

2005 Sep 05     1.0138           0.9990           1.0024        1.0004       0.9861    0.9887  0.9882
         12     1.0234           0.9991           1.0023        1.0039       0.9912    0.9950  0.9855
         19     1.0055           0.9989           0.9971        1.0016       0.9880    0.9981  0.9858
         26     0.9819           0.9989           0.9950        0.9970       0.9852    1.0000  0.9917

2005 Oct 03     0.9927           0.9995           0.9995        0.9916       0.9743    0.9847  0.9860
         10     1.0168           1.0000           1.0012        0.9948       0.9839    0.9774  0.9912
         17     1.0119           0.9999           0.9958        0.9961       0.9893    0.9783  0.9916
         24     0.9903           0.9994           0.9902        0.9963       0.9935    0.9822  1.0053
         31     0.9839           0.9994           0.9885        0.9936       0.9901    0.9904  1.0061

2005 Nov 07     1.0142           1.0001           0.9926        0.9933       0.9898    0.9962  0.9954
         14     1.0202           1.0005           0.9945        0.9943       0.9969    0.9927  0.9921
         21     1.0053           1.0007           0.9921        0.9995       1.0064    0.9817  0.9931
         28     0.9850           1.0008           0.9935        1.0011       1.0098    0.9810  0.9957

2005 Dec 05     1.0071           1.0010           0.9950        1.0024       1.0072    0.9886  0.9817
         12     1.0134           1.0009           1.0017        1.0072       1.0231    0.9989  0.9817
         19     0.9992           1.0006           1.0026        1.0064       1.0173    0.9875  0.9774
         26     0.9811           1.0008           1.0013        1.0019       1.0147    0.9978  0.9861

2006 Jan 02     0.9835           1.0017           0.9951        0.9948       0.9995    0.9624  1.0011
         09     1.0065           1.0019           0.9963        0.9999       1.0073    0.9677  1.0062
         16     0.9977           1.0014           0.9959        1.0068       1.0252    0.9864  1.0021
         23     0.9781           1.0009           0.9901        1.0068       1.0327    0.9944  1.0031
         30     0.9638           1.0007           0.9875        1.0029       1.0306    1.0062  1.0011

2006 Feb 06     0.9925           1.0011           0.9917        1.0039       1.0218    1.0098  1.0012
         13     0.9951           1.0015           0.9917        1.0041       1.0224    1.0180  1.0117
         20     0.9864           1.0015           0.9895        1.0061       1.0257    1.0065  1.0218
         27     0.9781           1.0013           0.9867        1.0068       1.0229    1.0113  1.0261

2006 Mar 06     1.0033           1.0015           0.9898        1.0089       1.0142    1.0132  1.0132
         13     1.0066           1.0015           0.9946        1.0101       1.0185    1.0192  1.0183
         20     0.9945           1.0013           0.9976        1.0116       1.0116    1.0194  1.0194
         27     0.9795           1.0013           0.9964        1.0106       1.0115    1.0240  1.0359

2006 Apr 03     0.9996           1.0016           1.0047        1.0064       0.9932    0.9906  1.0318
---------------------------------------------------------------------------------------------------------
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.



                                     Appendix Table 5
                 Comparison of Revised and Old Monetary Aggregate Levels
                        (billions of dollars, seasonally adjusted)
------------+--------------------------+--------------------------+------------------------
            | Revised M1      Old M1   | Revised M2      Old M2   | Revised M3      Old M3
------------+--------------------------+--------------------------+------------------------
2003
  October       1283.6        1284.1       6077.7        6068.8       8893.5        8875.7
 November       1285.1        1283.4       6072.8        6065.7       8875.4        8862.3
 December       1292.8        1293.4       6076.6        6062.5       8877.4        8862.6
2004
  January       1289.9        1287.7       6089.3        6070.2       8936.7        8921.0
 February       1307.7        1306.5       6128.1        6120.4       9001.1        8991.7
    March       1320.9        1325.8       6166.8        6168.0       9078.4        9082.3
    April       1321.3        1323.1       6204.3        6215.9       9144.7        9161.7
      May       1324.8        1322.3       6262.6        6286.5       9234.0        9264.5
     June       1332.6        1335.9       6274.7        6293.9       9274.6        9296.4
     July       1325.5        1325.0       6277.5        6288.0       9277.7        9281.7
   August       1343.4        1342.9       6298.0        6300.2       9310.3        9319.8
September       1347.9        1347.0       6333.0        6332.8       9358.4        9364.2
  October       1347.8        1345.7       6357.8        6346.9       9363.3        9340.8
 November       1362.8        1362.1       6394.2        6380.5       9386.4        9359.0
 December       1362.0        1363.1       6417.0        6397.7       9426.8        9401.5
-------------------------------------------------------------------------------------------


                        Appendix Table 6
          Comparison of Revised and Old M1 Growth Rates
                (percent changes at annual rates)
------------------------------------------------------------------
                       Revised          Old          Difference
------------------------------------------------------------------
2003
        January           4.4            3.2              1.2
       February          14.3           14.5             -0.2
          March           2.4            5.3             -2.9
          April           6.5            5.3              1.2
            May          13.6           11.2              2.4
           June           9.8           12.7             -2.9
           July           3.5            2.3              1.2
         August           8.8            7.6              1.2
      September           0.3           -0.1              0.4
        October           0.8            2.5             -1.7
       November           1.4           -0.7              2.1
       December           7.2            9.4             -2.2
2004
        January          -2.7           -5.3              2.6
       February          16.6           17.5             -0.9
          March          12.1           17.7             -5.6
          April           0.4           -2.4              2.8
            May           3.2           -0.7              3.9
           June           7.1           12.3             -5.2
           July          -6.4           -9.8              3.4
         August          16.2           16.2              0.0
      September           4.0            3.7              0.3
        October          -0.1           -1.2              1.1
       November          13.4           14.6             -1.2
       December          -0.7            0.9             -1.6
Quarterly
           03Q4           2.4            2.6             -0.2
           04Q1           5.9            6.1             -0.2
           04Q2           6.1            6.2             -0.1
           04Q3           3.8            3.4              0.4
           04Q4           5.6            5.6              0.0
Semi-Annual
  03Q4  -  04Q2           6.1            6.2             -0.1
  04Q2  -  04Q4           4.7            4.5              0.2
Annual (Q4 to Q4)
           2003           6.6            6.6              0.0
           2004           5.5            5.4              0.1
------------------------------------------------------------------



                        Appendix Table 7
          Comparison of Revised and Old M2 Growth Rates
                (percent changes at annual rates)
------------------------------------------------------------------
                       Revised          Old          Difference
------------------------------------------------------------------
2003
        January           6.8            6.4              0.4
       February           7.4            8.6             -1.2
          March           3.3            4.9             -1.6
          April           7.2            8.7             -1.5
            May           9.6           10.4             -0.8
           June           8.3            8.2              0.1
           July           9.0            7.9              1.1
         August           9.1            8.0              1.1
      September          -3.6           -4.5              0.9
        October          -1.6           -2.9              1.3
       November          -1.0           -0.6             -0.4
       December           0.8           -0.6              1.4
2004
        January           2.5            1.5              1.0
       February           7.6            9.9             -2.3
          March           7.6            9.3             -1.7
          April           7.3            9.3             -2.0
            May          11.3           13.6             -2.3
           June           2.3            1.4              0.9
           July           0.5           -1.1              1.6
         August           3.9            2.3              1.6
      September           6.7            6.2              0.5
        October           4.7            2.7              2.0
       November           6.9            6.4              0.5
       December           4.3            3.2              1.1
Quarterly
           03Q4          -0.4           -1.3              0.9
           04Q1           3.4            3.5             -0.1
           04Q2           7.8            9.5             -1.7
           04Q3           3.6            2.7              0.9
           04Q4           5.5            4.3              1.2
Semi-Annual
  03Q4  -  04Q2           5.6            6.6             -1.0
  04Q2  -  04Q4           4.6            3.5              1.1
Annual (Q4 to Q4)
           2003           5.3            5.3              0.0
           2004           5.2            5.1              0.1
------------------------------------------------------------------



                        Appendix Table 8
          Comparison of Revised and Old M3 Growth Rates
                (percent changes at annual rates)
------------------------------------------------------------------
                       Revised          Old          Difference
------------------------------------------------------------------
2003
        January           2.5            1.9              0.6
       February           5.1            5.2             -0.1
          March           2.4            4.4             -2.0
          April           4.2            5.2             -1.0
            May           7.0            7.5             -0.5
           June           7.4            6.9              0.5
           July          12.7           10.7              2.0
         August           4.3            5.5             -1.2
      September          -0.5           -1.3              0.8
        October          -0.6           -3.1              2.5
       November          -2.4           -1.8             -0.6
       December           0.3            0.0              0.3
2004
        January           8.0            7.9              0.1
       February           8.6            9.5             -0.9
          March          10.3           12.1             -1.8
          April           8.8           10.5             -1.7
            May          11.7           13.5             -1.8
           June           5.3            4.1              1.2
           July           0.4           -1.9              2.3
         August           4.2            4.9             -0.7
      September           6.2            5.7              0.5
        October           0.6           -3.0              3.6
       November           3.0            2.3              0.7
       December           5.2            5.4             -0.2
Quarterly
           03Q4          -0.3           -1.1              0.8
           04Q1           5.6            5.9             -0.3
           04Q2           9.4           10.8             -1.4
           04Q3           4.2            3.5              0.7
           04Q4           3.3            1.9              1.4
Semi-Annual
  03Q4  -  04Q2           7.6            8.4             -0.8
  04Q2  -  04Q4           3.8            2.7              1.1
Annual (Q4 to Q4)
           2003           4.7            4.6              0.1
           2004           5.7            5.6              0.1
------------------------------------------------------------------
  

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