Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 22, 2009
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For release at
4:30 p.m. EST
                                                              January 22, 2009

H.6 (508)						

MONEY STOCK REVISIONS


      The Federal Reserve has revised the measures of the money stock and its
components to incorporate the results of its annual review of seasonal factors
and a new quarterly benchmark.  This release includes revised monthly and
weekly seasonal factors as well as comparisons of the revised monetary
aggregates with previously published data.  The revisions to the seasonal
factors lowered M2 growth for the first half of 2008 and raised it for the
second half.
      
      The benchmark incorporates minor revisions to data reported in the
weekly and quarterly deposit reports, and it takes account of deposit data
from Call Reports for banks and thrift institutions that are not weekly or
quarterly deposit reporters.  These revisions to deposit data start in 2006.
The benchmark also incorporates revisions to data on retail and institutional
money market mutual funds, including revisions to individual retirement
account and Keogh balances held at those funds.  Revisions to data on money
market mutual funds begin in 1981.  This release also incorporates the receipt
of historical information from other sources of data. 

      Seasonally adjusted measures of the monetary aggregates and components
incorporate revised seasonal factors, which were derived from data through
December 2008.  Monthly seasonal factors were estimated using the X-12-ARIMA
procedure.  The effects of both a new benchmark and revisions to seasonal
factors on the growth rates of M1 and M2 are outlined in appendix tables 6 and
7.

      Historical data, updated each week, are available with the H.6
statistical release at www.federalreserve.gov/releases.  The data are also
available through paid electronic means, which can be accessed by calling
STAT-USA at 1-800-782-8872 or 202-482-1986.


1




 FEDERAL RESERVE STATISTICAL RELEASE

 H.6 (508)
 Table 1                                                                                                     For release at 4:30 p.m. Eastern Time
                                                                                                                                  January 22, 2009
 MONEY STOCK MEASURES
 Billions of dollars	
 ----------------------------------------------------------------------------------------------------------------------------------------------------
           Date                                         M1(1)                  M2(2)                       M1(1)                  M2(2)
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
                                                            Seasonally adjusted                             Not seasonally adjusted  	
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
       2007-Jan.                                        1373.6                 7069.5                      1368.8                 7043.0
            Feb.                                        1366.0                 7076.1                      1347.2                 7050.7
            Mar.                                        1368.1                 7111.7                      1378.6                 7147.8
            Apr.                                        1378.8                 7160.7                      1392.1                 7234.8
            May                                         1379.7                 7189.1                      1384.0                 7175.2
            June                                        1364.5                 7212.3                      1368.3                 7217.4
            July                                        1366.6                 7239.4                      1365.7                 7219.8
            Aug.                                        1368.4                 7287.7                      1369.0                 7279.2
            Sep.                                        1366.2                 7322.6                      1351.1                 7305.0
            Oct.                                        1371.7                 7352.8                      1361.6                 7317.1
            Nov.                                        1366.7                 7384.4                      1361.7                 7376.5
            Dec.                                        1364.5                 7417.3                      1386.2                 7444.9
                                                                                                                                        
       2008-Jan.                                        1368.4                 7463.6                      1364.4                 7438.0
            Feb.                                        1371.1                 7539.0                      1351.5                 7517.6
            Mar.                                        1372.9                 7600.5                      1384.8                 7652.0
            Apr.                                        1373.7                 7620.0                      1387.4                 7697.5
            May                                         1373.7                 7637.8                      1376.9                 7632.1
            June                                        1383.7                 7648.4                      1388.2                 7651.9
            July                                        1400.1                 7698.7                      1399.8                 7671.6
            Aug.                                        1392.2                 7687.0                      1392.4                 7682.6
            Sep.                                        1452.1                 7795.9                      1435.1                 7761.1
            Oct.                                        1475.2                 7915.8                      1464.9                 7878.5
            Nov.                                        1524.1                 7972.5                      1518.4                 7968.1
            Dec. p                                      1595.8                 8154.1                      1624.5                 8171.0
                                                                                                                                        
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates     M1                    M2
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2008 TO Dec. 2008                 39.6                  18.4
  6 Months from June 2008 TO Dec. 2008                 30.7                  13.2
 12 Months from Dec. 2007 TO Dec. 2008                 17.0                   9.9
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of
    nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and 
    foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits
    (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
    share draft accounts, and demand deposits at thrift institutions.  Seasonally adjusted M1 is constructed by summing currency, traveler's checks,
    demand deposits, and OCDs, each seasonally adjusted separately.
 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in
    amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in
    retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.  Seasonally adjusted M2 is constructed by summing
    savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to
    seasonally adjusted M1.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Billions of Dollars
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                  M1                               M2                               M1                                 M2
                   -------------------------------- -------------------------------- -------------------------------- -----------------------------------
   Period Ending     13-week    4-week      week      13-week    4-week      week      13-week    4-week      week       13-week     4-week       week
                     average    average    average    average    average    average    average    average    average     average     average     average
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
                                          Seasonally adjusted                                             Not seasonally adjusted
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
  2008-Oct. 20         1429.1     1470.2     1462.9     7774.6     7906.1     7951.0     1419.5     1455.1     1441.5      7749.4      7868.8      7928.3
            27         1435.6     1468.5     1485.2     7791.7     7913.0     7934.6     1426.0     1452.0     1518.6      7766.1      7879.0      7852.2
                                                                                                                                                         
       Nov.  3         1444.4     1485.2     1525.4     7809.0     7928.6     7922.6     1436.3     1483.3     1561.3      7781.6      7892.8      7897.6
            10         1453.8     1499.7     1525.2     7827.5     7935.6     7934.1     1444.5     1496.7     1465.4      7799.7      7903.0      7933.8
            17         1463.9     1512.7     1514.9     7848.5     7936.3     7953.8     1452.8     1505.9     1478.4      7821.2      7913.5      7970.2
            24         1474.8     1524.2     1531.4     7872.3     7952.3     7998.6     1463.6     1513.1     1547.4      7846.0      7943.3      7971.4
                                                                                                                                                         
       Dec.  1         1485.5     1525.8     1531.7     7898.8     7982.4     8043.2     1474.9     1519.2     1585.5      7874.7      7978.8      8039.8
             8         1498.2     1539.0     1577.9     7930.3     8022.7     8095.1     1488.4     1538.7     1543.5      7906.5      8024.1      8114.9
            15         1511.3     1560.4     1600.5     7963.9     8069.5     8141.0     1504.5     1563.8     1578.7      7941.5      8072.7      8164.7
            22         1520.8     1577.0     1597.8     7986.2     8113.0     8172.8     1518.5     1587.2     1641.0      7969.7      8126.5      8186.4
            29         1528.8     1593.1     1596.0     8008.4     8151.3     8196.2     1532.4     1618.9     1712.3      7999.9      8167.4      8203.7
                                                                                                                                                         
  2009-Jan.  5p        1542.6     1608.1     1638.0     8035.7     8181.2     8214.8     1550.3     1650.2     1668.9      8033.0      8206.8      8272.3
            12p        1553.0     1608.4     1601.6     8060.0     8201.7     8222.8     1561.2     1643.8     1552.8      8059.5      8225.2      8238.5
                                                                                                                                                         
                                                                                                                                                         
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates       M1                   M2
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Thirteen weeks ending January 12, 2009    
 from thirteen weeks ending:
 Oct. 13, 2008 (13 weeks previous)                       36.2                 15.7
 July 14, 2008 (26 weeks previous)                       24.9                 10.9
 Jan. 14, 2008 (52 weeks previous)                       13.7                  8.9
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.

 p  preliminary
 Components may not add to totals due to rounding.
1




 H.6 (508)
 Table 3
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand Deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2007-Aug.                       759.0               6.4                 300.7               171.3               130.9               302.2
       Sep.                       760.5               6.4                 295.9               170.9               132.5               303.4
                                                                                                                                           
       Oct.                       762.8               6.4                 296.8               173.6               132.1               305.6
       Nov.                       761.0               6.3                 296.7               173.0               129.6               302.6
       Dec.                       757.6               6.3                 292.9               174.3               133.5               307.8
                                                                                                                                           
                                                                                                                                           
  2008-Jan.                       756.6               6.2                 295.3               175.1               135.2               310.3
       Feb.                       757.6               6.2                 294.8               176.9               135.5               312.5
       Mar.                       760.7               6.2                 294.6               176.6               134.9               311.5
                                                                                                                                           
       Apr.                       760.1               6.1                 295.1               177.1               135.3               312.3
       May                        763.4               6.1                 292.0               175.0               137.2               312.2
       June                       769.0               6.0                 294.4               176.4               137.7               314.2
                                                                                                                                           
       July                       774.5               5.9                 303.7               176.8               139.3               316.0
       Aug.                       777.0               5.8                 301.0               172.3               136.0               308.4
       Sep.                       781.6               5.8                 350.6               176.8               137.3               314.1
                                                                                                                                           
       Oct.                       796.6               5.7                 361.1               176.1               135.7               311.8
       Nov.                       804.6               5.6                 407.5               173.3               133.1               306.3
       Dec. p                     812.3               5.5                 465.7               178.6               133.7               312.3
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			
  2008-Nov. 17                    803.3               5.6                 401.3               171.8               132.9               304.7
            24                    804.8               5.6                 417.3               171.9               131.8               303.7
                                                                                                                                           
       Dec.  1                    808.1               5.6                 413.5               171.6               132.8               304.5
             8                    809.6               5.6                 455.8               175.1               131.8               306.9
            15                    811.0               5.5                 472.5               178.6               132.9               311.4
            22                    812.0               5.5                 465.2               180.7               134.4               315.1
            29                    815.4               5.5                 460.9               178.8               135.4               314.2
                                                                                                                                           
  2009-Jan.  5p                   818.2               5.5                 502.5               179.0               132.9               311.8
            12p                   819.7               5.5 e               471.8               172.8               131.8               304.6
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                 Savings Deposits(1)               Small-denomination time deposit(2)                                             
                       ---------------------------------------   ---------------------------------------                               Memorandum: 
                            At            At                          At            At                        Retail                  Institutional
        Date            commercial      thrift                    commercial      thrift                      money         Total         money
                          banks      institutions      Total        banks      institutions       Total      funds(3)     Non-M1 M2       funds(4)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2007-Aug.                 2990.4         838.3        3828.8         768.8         428.3        1197.1         893.4        5919.2        1618.1
       Sep.                 3007.9         828.6        3836.5         776.5         430.8        1207.3         912.6        5956.4        1719.9
                                                                                                                                                  
       Oct.                 3013.5         831.2        3844.8         803.3         409.0        1212.3         924.1        5981.2        1805.2
       Nov.                 3029.8         829.2        3859.0         819.8         395.4        1215.2         943.5        6017.7        1869.4
       Dec.                 3041.3         827.3        3868.7         821.4         395.3        1216.7         967.4        6052.8        1903.9
                                                                                                                                                  
                                                                                                                                                  
  2008-Jan.                 3050.2         835.6        3885.8         822.3         399.2        1221.4         988.0        6095.2        1940.6
       Feb.                 3081.5         839.9        3921.4         823.6         399.1        1222.7        1023.8        6168.0        2064.8
       Mar.                 3120.7         855.2        3975.9         818.6         395.2        1213.7        1037.9        6227.5        2133.8
                                                                                                                                                  
       Apr.                 3122.0         859.1        3981.1         815.5         394.5        1210.0        1055.2        6246.3        2180.1
       May                  3126.5         883.6        4010.1         816.7         391.4        1208.0        1046.0        6264.1        2216.8
       June                 3123.9         897.3        4021.2         820.8         386.4        1207.2        1036.3        6264.8        2248.3
                                                                                                                                                  
       July                 3131.0         902.3        4033.2         835.8         382.4        1218.2        1047.1        6298.5        2265.0
       Aug.                 3116.7         889.4        4006.1         858.8         383.9        1242.7        1046.0        6294.8        2286.6
       Sep.                 3171.0         861.9        4032.9         878.5         380.0        1258.5        1052.4        6343.8        2251.1
                                                                                                                                                  
       Oct.                 3250.3         783.3        4033.6         966.3         346.5        1312.8        1094.2        6440.6        2231.1
       Nov.                 3245.9         766.5        4012.4         995.5         352.0        1347.4        1088.5        6448.4        2325.8
       Dec. p               3327.8         769.4        4097.1        1016.1         353.6        1369.8        1091.4        6558.3        2389.2
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 Week ending:	       		      		     		    		   			     			     		      			
  2008-Nov. 17              3247.8         758.8        4006.6         993.0         353.2        1346.2        1086.0        6438.8        2321.5
            24              3256.9         772.8        4029.7         998.7         352.1        1350.8        1086.7        6467.2        2334.9
                                                                                                                                                  
       Dec.  1              3286.6         775.3        4061.9        1007.2         350.0        1357.2        1092.3        6511.5        2358.7
             8              3297.9         763.3        4061.2        1010.9         351.9        1362.8        1093.3        6517.2        2368.7
            15              3318.7         763.0        4081.7        1015.3         352.7        1368.0        1090.8        6540.5        2363.6
            22              3341.0         769.7        4110.7        1018.9         354.8        1373.7        1090.6        6575.0        2388.5
            29              3355.5         780.6        4136.1        1019.6         355.0        1374.6        1089.4        6600.1        2415.3
                                                                                                                                                  
  2009-Jan.  5p             3338.0         765.5        4103.5        1021.4         356.0        1377.3        1095.9        6576.8        2477.0
            12p             3382.3         766.2        4148.5        1018.8         355.6        1374.4        1098.3        6621.3        2465.4
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 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.
 4. Institutional money funds are not part of non-M1 M2.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 5
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand Deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2007-Aug.                       757.3               6.6                 305.2               167.1               132.8               299.9
       Sep.                       756.7               6.5                 289.9               165.0               133.0               298.0
                                                                                                                                           
       Oct.                       759.6               6.4                 296.3               169.2               130.2               299.4
       Nov.                       762.2               6.3                 297.2               167.6               128.5               296.0
       Dec.                       763.8               6.3                 304.7               178.2               133.2               311.4
                                                                                                                                           
                                                                                                                                           
  2008-Jan.                       755.4               6.2                 289.9               181.6               131.2               312.8
       Feb.                       758.7               6.1                 281.3               175.1               130.4               305.5
       Mar.                       761.9               6.1                 299.3               181.4               136.2               317.5
                                                                                                                                           
       Apr.                       759.7               6.1                 296.5               185.3               139.8               325.1
       May                        764.0               6.1                 291.5               176.8               138.5               315.3
       June                       768.8               6.1                 296.1               178.0               139.2               317.2
                                                                                                                                           
       July                       774.8               6.1                 305.0               173.3               140.7               314.0
       Aug.                       775.3               6.0                 305.8               167.3               138.1               305.3
       Sep.                       776.7               5.8                 344.0               170.5               138.2               308.7
                                                                                                                                           
       Oct.                       793.6               5.7                 360.7               171.5               133.4               304.9
       Nov.                       806.4               5.6                 407.3               167.0               132.1               299.1
       Dec. p                     818.9               5.5                 484.7               182.7               132.8               315.4
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			
  2008-Nov. 17                    804.2               5.6                 379.2               160.2               129.2               289.4
            24                    806.0               5.6                 437.4               169.0               129.5               298.5
                                                                                                                                           
       Dec.  1                    811.7               5.5                 458.4               174.0               136.0               309.9
             8                    812.5               5.5                 426.7               168.3               130.5               298.9
            15                    814.9               5.5                 458.3               172.4               127.7               300.1
            22                    821.1               5.5                 494.2               187.3               133.0               320.2
            29                    827.4               5.5                 543.7               198.9               136.8               335.7
                                                                                                                                           
  2009-Jan.  5p                   824.5               5.5                 513.1               189.3               136.5               325.8
            12p                   820.4               5.5 e               428.7               172.4               125.9               298.3
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers.  Traveler's checks issued by depository institutions
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e  estimated 
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 6
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                 Savings Deposits(1)               Small-denomination time deposit(2)                                             
                       ---------------------------------------   ---------------------------------------                               Memorandum: 
                            At            At                          At            At                        Retail                  Institutional
        Date            commercial      thrift                    commercial      thrift                      money         Total         money
                          banks      institutions      Total        banks      institutions       Total      funds(3)     Non-M1 M2       funds(4)
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2007-Aug.                 2989.7         838.1        3827.8         766.8         427.2        1193.9         888.4        5910.2        1602.5
       Sep.                 3010.5         829.3        3839.8         776.9         431.0        1207.8         906.3        5953.9        1705.0
                                                                                                                                                  
       Oct.                 2997.8         826.9        3824.6         805.8         410.3        1216.1         914.8        5955.5        1797.9
       Nov.                 3030.4         829.4        3859.8         822.5         396.7        1219.2         935.8        6014.8        1872.3
       Dec.                 3043.6         827.9        3871.5         822.6         395.9        1218.5         968.7        6058.7        1941.2
                                                                                                                                                  
                                                                                                                                                  
  2008-Jan.                 3022.3         828.0        3850.3         825.0         400.5        1225.4         997.9        6073.6        1986.5
       Feb.                 3066.5         835.8        3902.3         826.6         400.6        1227.2        1036.5        6166.0        2104.0
       Mar.                 3132.7         858.5        3991.1         820.5         396.1        1216.5        1059.6        6267.2        2157.8
                                                                                                                                                  
       Apr.                 3159.0         869.3        4028.4         816.2         394.9        1211.0        1070.7        6310.1        2174.4
       May                  3128.5         884.1        4012.6         814.0         390.1        1204.0        1038.7        6255.3        2196.8
       June                 3135.7         900.7        4036.5         815.7         384.0        1199.7        1027.6        6263.8        2221.9
                                                                                                                                                  
       July                 3125.7         900.7        4026.4         830.2         379.9        1210.1        1035.3        6271.8        2217.0
       Aug.                 3122.2         891.0        4013.2         855.3         382.3        1237.7        1039.4        6290.2        2262.0
       Sep.                 3164.2         860.0        4024.2         878.2         379.9        1258.1        1043.7        6326.0        2216.9
                                                                                                                                                  
       Oct.                 3235.4         779.7        4015.1         969.4         347.6        1316.9        1081.5        6413.6        2209.8
       Nov.                 3250.7         767.6        4018.3         999.4         353.4        1352.7        1078.6        6449.7        2324.8
       Dec. p               3314.4         766.3        4080.7        1018.8         354.6        1373.3        1092.4        6546.4        2435.3
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 Week ending:	       		      		     		    		   			     			     		      			
  2008-Nov. 17              3297.8         770.5        4068.3         997.2         354.7        1351.9        1071.7        6491.9        2315.9
            24              3221.8         764.4        3986.2        1002.4         353.4        1355.8        1081.9        6424.0        2348.8
                                                                                                                                                  
       Dec.  1              3240.8         764.5        4005.4        1010.4         351.1        1361.5        1087.4        6454.3        2376.3
             8              3338.4         772.7        4111.0        1014.3         353.0        1367.3        1093.1        6571.4        2399.9
            15              3350.9         770.4        4121.3        1018.2         353.7        1371.9        1092.7        6585.9        2434.4
            22              3312.4         763.1        4075.5        1021.0         355.6        1376.6        1093.3        6545.3        2431.7
            29              3264.1         759.3        4023.4        1021.6         355.8        1377.4        1090.6        6491.3        2468.7
                                                                                                                                                  
  2009-Jan.  5p             3357.4         769.9        4127.3        1024.4         357.0        1381.4        1094.8        6603.4        2487.7
            12p             3421.9         775.2        4197.0        1022.7         357.0        1379.7        1109.0        6685.7        2528.0
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------
 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.
 4. Institutional money funds are not part of non-M1 M2.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 7
 OTHER MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         U.S. government deposits                                          IRA and Keogh Accounts
                         Demand deposits         Time and    --------------------------------------------------------------  ----------------------------------------------------
                         at banks due to          savings       Demand                   Note                     Time and
       Date        -------------------------- deposits due to  deposits    Balance     balances                   savings                                    At
                       Foreign     Foreign     foreign banks      at          at          at           Total    deposits at      At           At            money   
                      commercial   official    and official   commercial   Federal    depository       cash      commercial  commercial     thrift         market
                        banks    institutions  institutions     banks      Reserve   institutions(1)  balance      banks        banks    institutions       funds         Total
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2007-Aug.               7.3          1.4         40.5            1.0          4.9         20.2         26.1        1.4        209.6         120.6         219.4         549.6   
       Sep.               7.4          1.5         41.4            3.1          5.0         39.7         47.8        1.4        210.8         121.1         225.0         556.9   
                                                                                                                                                                                  
       Oct.               7.3          1.5         42.5            1.4          4.9         18.3         24.7        1.7        211.1         122.9         230.3         564.3   
       Nov.               7.0          1.4         43.8            1.0          5.1         10.5         16.6        2.2        211.0         125.6         235.2         571.8   
       Dec.               6.7          1.4         45.1            1.3          5.9         24.4         31.5        2.7        210.8         128.3         240.1         579.2   
                                                                                                                                                                                  
                                                                                                                                                                                  
  2008-Jan.               7.3          1.4         45.6            3.4          5.5         19.7         28.6        3.0        212.1         130.3         247.6         590.0   
       Feb.               8.4          1.5         45.6            1.1          4.8         13.4         19.3        3.4        214.2         131.7         256.2         602.2   
       Mar.               9.4          1.5         45.5            1.3          5.2         17.7         24.2        3.7        216.3         133.2         264.9         614.4   
                                                                                                                                                                                  
       Apr.               9.3          1.5         45.0            7.9          5.3         26.3         39.6        3.4        217.1         135.6         267.4         620.1   
       May                8.4          1.4         44.2            1.4          4.8         32.5         38.6        2.7        217.0         138.5         265.8         621.3   
       June               7.4          1.3         43.4            3.0          5.0         16.2         24.2        2.0        216.8         141.5         264.2         622.6   
                                                                                                                                                                                  
       July               7.7          1.3         40.8            1.2          5.1          9.7         16.0        2.0        219.3         142.3         262.6 e       624.2 e 
       Aug.               8.6          1.5         37.1            1.2          4.8          7.7         13.8        2.3        223.3         141.8         261.0 e       626.1 e 
       Sep.               9.6          1.5         33.5            3.5          5.8         16.4         25.6        2.7        227.2         141.2         259.5 e       627.9 e 
                                                                                                                                                                                  
       Oct.              10.1 e        1.6 e       31.4 e          1.8         33.9         24.9         60.6        2.9 e      229.7 e       141.0 e       258.6 e       629.3 e 
       Nov.              10.1 e        1.7 e       31.4 e          1.3         55.8          5.2         62.4        2.9 e      230.3 e       141.3 e       258.6 e       630.2 e 
       Dec. p            10.1 e        1.8 e       31.4 e          1.3         90.2          1.9         93.5        2.9 e      230.9 e       141.6 e       258.6 e       631.1 e 
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2008-Nov. 17                                                     1.5         56.3          3.4         61.2                                                                     
            24                                                     1.2         79.0          1.9         82.2                                                                     
                                                                                                                                                                                  
       Dec.  1                                                     1.3         47.7          2.0         50.9                                                                     
             8                                                     1.1         56.1          1.9         59.1                                                                     
            15                                                     1.3         57.3          1.9         60.5                                                                     
            22                                                     1.3        126.5          1.9        129.7                                                                     
            29                                                     1.6        117.6          2.0        121.1                                                                     
                                                                                                                                                                                  
  2009-Jan.  5p                                                    1.9         79.9          1.8         83.6                                                                     
            12p                                                    2.6         44.8          2.0         49.4                                                                     
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.

 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.

 Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/).  Monthly data are available back to 
 January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at
 the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886).  For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.




                                     Appendix Table 1
                      Monthly Seasonal Factors Used to Construct M1
----------+--------------------------------------------------------------------------------
          |                Nonbank         Demand        Other checkable deposits [1]
  Date    | Currency   travelers checks   deposits         Total            At banks
----------+--------------------------------------------------------------------------------
2008      |
  January |  0.9985         0.9976          0.9819        1.0081             1.0373
 February |  1.0014         0.9907          0.9540        0.9776             0.9897
    March |  1.0016         0.9874          1.0158        1.0195             1.0271
    April |  0.9995         0.9890          1.0047        1.0410             1.0467
      May |  1.0008         0.9934          0.9982        1.0100             1.0102
     June |  0.9997         1.0093          1.0055        1.0097             1.0090
     July |  1.0004         1.0251          1.0041        0.9935             0.9802
   August |  0.9978         1.0213          1.0159        0.9902             0.9705
September |  0.9937         1.0067          0.9812        0.9827             0.9642
  October |  0.9962         0.9984          0.9988        0.9779             0.9736
 November |  1.0023         0.9916          0.9994        0.9763             0.9635
 December |  1.0082         0.9927          1.0407        1.0102             1.0230
2009      |
  January |  0.9994         0.9947          0.9817        1.0077             1.0388
 February |  1.0011         0.9893          0.9534        0.9804             0.9924
    March |  1.0014         0.9877          1.0166        1.0196             1.0285
    April |  0.9991         0.9896          1.0055        1.0426             1.0493
      May |  1.0011         0.9948          0.9955        1.0107             1.0091
     June |  0.9992         1.0080          1.0051        1.0095             1.0098
     July |  1.0013         1.0245          1.0050        0.9939             0.9813
   August |  0.9967         1.0210          1.0165        0.9895             0.9670
September |  0.9937         1.0062          0.9841        0.9834             0.9638
  October |  0.9962         0.9990          0.9977        0.9763             0.9729
 November |  1.0021         0.9913          0.9975        0.9753             0.9606
 December |  1.0085         0.9915          1.0426        1.0098             1.0240
2010      |
  January |  1.0001         0.9933          0.9821        1.0083             1.0393
 February |  1.0011         0.9888          0.9525        0.9813             0.9941
    March |  1.0014         0.9878          1.0171        1.0197             1.0291
-------------------------------------------------------------------------------------------
1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the dif-
ference between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.


                                     Appendix Table 2
                      Monthly Seasonal Factors Used to Construct M2
-----------+-------------------------------------------------------------+-----------------
           |    Savings and            Small denom.          Retail      | Institutional
   Date    | MMDA deposits [1]      time deposits [1]     money funds    |  money funds
-----------+-------------------------------------------------------------+-----------------
2008       |
   January |       0.9909                 1.0033             1.0101            1.0236
  February |       0.9951                 1.0037             1.0124            1.0190
     March |       1.0038                 1.0023             1.0209            1.0113
     April |       1.0119                 1.0008             1.0148            0.9974
       May |       1.0006                 0.9967             0.9929            0.9910
      June |       1.0038                 0.9938             0.9916            0.9882
      July |       0.9983                 0.9933             0.9887            0.9788
    August |       1.0018                 0.9960             0.9936            0.9893
 September |       0.9978                 0.9997             0.9917            0.9848
   October |       0.9954                 1.0031             0.9885            0.9905
  November |       1.0015                 1.0039             0.9909            0.9996
  December |       0.9960                 1.0026             1.0010            1.0193
2009       |
   January |       0.9927                 1.0045             1.0100            1.0235
  February |       0.9963                 1.0047             1.0138            1.0229
     March |       1.0013                 1.0029             1.0227            1.0150
     April |       1.0140                 1.0010             1.0167            0.9995
       May |       1.0027                 0.9963             0.9935            0.9924
      June |       1.0014                 0.9931             0.9911            0.9891
      July |       0.9997                 0.9924             0.9881            0.9801
    August |       1.0018                 0.9950             0.9931            0.9882
 September |       0.9983                 0.9990             0.9908            0.9815
   October |       0.9954                 1.0030             0.9876            0.9865
  November |       1.0010                 1.0043             0.9903            0.9985
  December |       0.9951                 1.0034             1.0007            1.0184
2010       |
   January |       0.9933                 1.0053             1.0099            1.0238
  February |       0.9962                 1.0053             1.0145            1.0251
     March |       1.0010                 1.0031             1.0234            1.0167
-------------------------------------------------------------------------------------------
1. Seasonal factors are applied to deposits data at both commercial  banks  and
thrift institutions.


                                    Appendix Table 3
                      Weekly Seasonal Factors Used to Construct M1
-------------+----------------------------------------------------------------------------
             |               Nonbank         Demand      Other checkable deposits [1]
    Date     |Currency   travelers checks   deposits       Total            At banks
-------------+----------------------------------------------------------------------------
2008 Dec. 01 | 1.0044         0.9880         1.1086        1.0180            1.0136
          08 | 1.0036         0.9898         0.9361        0.9738            0.9611
          15 | 1.0049         0.9916         0.9698        0.9635            0.9651
          22 | 1.0112         0.9934         1.0623        1.0163            1.0365
          29 | 1.0147         0.9953         1.1797        1.0685            1.1124
             |
2009 Jan. 05 | 1.0076         0.9971         1.0212        1.0449            1.0579
          12 | 1.0008         0.9959         0.9086        0.9794            0.9980
          19 | 0.9978         0.9947         0.9597        0.9960            1.0293
          26 | 0.9955         0.9935         1.0162        1.0151            1.0706
             |
2009 Feb. 02 | 0.9975         0.9923         1.0208        1.0237            1.0533
          09 | 1.0012         0.9910         0.8713        0.9571            0.9611
          16 | 1.0024         0.9896         0.9193        0.9538            0.9606
          23 | 1.0004         0.9882         0.9972        0.9907            1.0084
             |
2009 Mar. 02 | 1.0015         0.9868         1.0270        1.0185            1.0339
          09 | 1.0034         0.9872         0.8990        0.9864            0.9833
          16 | 1.0019         0.9875         0.9522        0.9959            0.9929
          23 | 1.0012         0.9879         1.0646        1.0236            1.0370
          30 | 0.9991         0.9882         1.1503        1.0692            1.0995
             |
2009 Apr. 06 | 1.0019         0.9886         0.9817        1.0390            1.0310
          13 | 1.0003         0.9892         0.9424        1.0115            0.9950
          20 | 0.9980         0.9898         1.0189        1.0574            1.0642
          27 | 0.9971         0.9903         1.0697        1.0635            1.1045
             |
2009 May  04 | 1.0005         0.9909         0.9859        1.0306            1.0378
          11 | 1.0015         0.9927         0.8968        0.9838            0.9605
          18 | 1.0005         0.9946         0.9742        0.9958            0.9880
          25 | 1.0015         0.9964         1.0564        1.0162            1.0305
             |
2009 June 01 | 0.9995         0.9982         1.0909        1.0457            1.0527
          08 | 1.0009         1.0021         0.9153        1.0001            0.9883
          15 | 0.9989         1.0061         0.9449        0.9817            0.9765
          22 | 0.9976         1.0100         1.0153        1.0063            1.0075
          29 | 0.9990         1.0140         1.1304        1.0440            1.0623
             |
2009 July 06 | 1.0063         1.0179         0.9862        1.0023            0.9940
          13 | 1.0040         1.0215         0.9098        0.9637            0.9404
          20 | 1.0001         1.0250         0.9978        0.9892            0.9708
          27 | 0.9976         1.0285         1.0901        1.0106            1.0123
             |
2009 Aug. 03 | 0.9982         1.0321         1.0644        1.0135            0.9949
          10 | 0.9996         1.0272         0.9152        0.9537            0.9178
          17 | 0.9964         1.0223         0.9802        0.9708            0.9409
          24 | 0.9939         1.0173         1.0396        0.9951            0.9794
          31 | 0.9952         1.0124         1.1180        1.0308            1.0228
             |
2009 Sep. 07 | 0.9975         1.0101         0.9083        0.9799            0.9526
          14 | 0.9942         1.0078         0.8785        0.9650            0.9215
          21 | 0.9924         1.0055         1.0139        0.9804            0.9616
          28 | 0.9917         1.0031         1.1107        1.0030            1.0110
             |
2009 Oct. 05 | 0.9948         1.0008         0.9979        0.9782            0.9691
          12 | 0.9974         0.9999         0.8987        0.9452            0.9258
          19 | 0.9955         0.9990         0.9558        0.9667            0.9604
          26 | 0.9956         0.9981         1.0949        0.9903            1.0073
             |
2009 Nov. 02 | 0.9967         0.9972         1.0734        1.0174            1.0169
          09 | 1.0016         0.9947         0.8862        0.9467            0.9208
          16 | 1.0014         0.9921         0.9343        0.9488            0.9215
          23 | 1.0017         0.9896         1.0363        0.9838            0.9731
          30 | 1.0048         0.9871         1.1193        1.0125            1.0145
             |
2009 Dec. 07 | 1.0045         0.9887         0.9429        0.9785            0.9709
          14 | 1.0057         0.9903         0.9616        0.9609            0.9615
          21 | 1.0101         0.9919         1.0567        1.0124            1.0273
          28 | 1.0151         0.9935         1.1738        1.0615            1.1083
             |
2010 Jan. 04 | 1.0093         0.9951         1.0634        1.0529            1.0698
          11 | 1.0019         0.9943         0.8944        0.9811            0.9969
          18 | 0.9996         0.9934         0.9543        0.9942            1.0229
          25 | 0.9960         0.9925         1.0061        1.0133            1.0644
             |
2010 Feb. 01 | 0.9950         0.9916         1.0577        1.0269            1.0650
          08 | 1.0026         0.9904         0.8823        0.9676            0.9720
          15 | 1.0024         0.9893         0.9034        0.9508            0.9583
          22 | 1.0009         0.9881         0.9826        0.9814            1.0029
             |
2010 Mar. 01 | 0.9993         0.9869         1.0385        1.0248            1.0398
          08 | 1.0041         0.9872         0.9115        0.9966            0.9895
          15 | 1.0019         0.9876         0.9370        0.9894            0.9890
          22 | 1.0013         0.9880         1.0386        1.0156            1.0287
          29 | 0.9990         0.9883         1.1521        1.0622            1.0969
             |
2010 Apr. 05 | 1.0042         0.9887         1.0492        1.0491            1.0481
------------------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as  the  differ-
ence between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.


                                     Appendix Table 4
                       Weekly Seasonal Factors Used to Construct M2
--------------+----------------------------------------------------------+-----------------
              |    Savings and          Small denom.          Retail     | Institutional
    Date      | MMDA deposits [1]    time deposits [1]     money funds   |  money funds
--------------+----------------------------------------------------------+-----------------
 2008 Dec. 01 |      0.9861                1.0031             0.9956           1.0075
           08 |      1.0123                1.0033             0.9998           1.0132
           15 |      1.0097                1.0029             1.0018           1.0299
           22 |      0.9914                1.0021             1.0025           1.0181
           29 |      0.9727                1.0020             1.0011           1.0221
              |
 2009 Jan. 05 |      1.0058                1.0029             0.9990           1.0044
           12 |      1.0117                1.0038             1.0097           1.0254
           19 |      0.9933                1.0048             1.0133           1.0265
           26 |      0.9710                1.0054             1.0148           1.0337
              |
 2009 Feb. 02 |      0.9809                1.0055             1.0103           1.0214
           09 |      1.0048                1.0055             1.0130           1.0232
           16 |      1.0020                1.0051             1.0122           1.0220
           23 |      0.9889                1.0042             1.0160           1.0267
              |
 2009 Mar. 02 |      0.9933                1.0034             1.0155           1.0192
           09 |      1.0168                1.0033             1.0205           1.0161
           16 |      1.0146                1.0030             1.0205           1.0176
           23 |      0.9905                1.0026             1.0264           1.0124
           30 |      0.9798                1.0025             1.0254           1.0147
              |
 2009 Apr. 06 |      1.0271                1.0024             1.0222           1.0004
           13 |      1.0367                1.0020             1.0265           1.0112
           20 |      1.0217                1.0010             1.0208           0.9955
           27 |      0.9857                0.9997             1.0090           0.9972
              |
 2009 May  04 |      1.0045                0.9986             0.9913           0.9849
           11 |      1.0173                0.9975             0.9939           0.9924
           18 |      1.0084                0.9962             0.9928           0.9923
           25 |      0.9851                0.9952             0.9955           1.0005
              |
 2009 June 01 |      0.9884                0.9947             0.9931           0.9883
           08 |      1.0181                0.9941             0.9937           0.9908
           15 |      1.0176                0.9933             0.9939           0.9970
           22 |      0.9928                0.9925             0.9919           0.9843
           29 |      0.9769                0.9922             0.9858           0.9868
              |
 2009 July 06 |      1.0127                0.9924             0.9829           0.9721
           13 |      1.0188                0.9922             0.9884           0.9833
           20 |      1.0004                0.9920             0.9904           0.9822
           27 |      0.9769                0.9923             0.9907           0.9832
              |
 2009 Aug. 03 |      0.9941                0.9934             0.9864           0.9775
           10 |      1.0176                0.9942             0.9920           0.9864
           17 |      1.0116                0.9948             0.9917           0.9882
           24 |      0.9915                0.9954             0.9977           0.9952
           31 |      0.9815                0.9962             0.9941           0.9877
              |
 2009 Sep. 07 |      1.0164                0.9974             0.9924           0.9829
           14 |      1.0206                0.9980             0.9946           0.9870
           21 |      0.9972                0.9990             0.9915           0.9814
           28 |      0.9682                1.0006             0.9868           0.9773
              |
 2009 Oct. 05 |      0.9993                1.0023             0.9829           0.9724
           12 |      1.0139                1.0029             0.9894           0.9868
           19 |      1.0054                1.0029             0.9899           0.9872
           26 |      0.9713                1.0032             0.9885           0.9922
              |
 2009 Nov. 02 |      0.9809                1.0039             0.9852           0.9908
           09 |      1.0153                1.0048             0.9863           0.9910
           16 |      1.0149                1.0046             0.9853           0.9946
           23 |      0.9919                1.0042             0.9957           1.0021
           30 |      0.9816                1.0036             0.9952           1.0085
              |
 2009 Dec. 07 |      1.0132                1.0036             0.9983           1.0142
           14 |      1.0110                1.0036             1.0024           1.0232
           21 |      0.9951                1.0030             1.0026           1.0190
           28 |      0.9732                1.0030             1.0011           1.0230
              |
 2010 Jan. 04 |      0.9971                1.0038             0.9974           1.0051
           11 |      1.0147                1.0049             1.0089           1.0212
           18 |      1.0005                1.0055             1.0124           1.0269
           25 |      0.9766                1.0057             1.0143           1.0315
              |
 2010 Feb. 01 |      0.9671                1.0059             1.0114           1.0266
           08 |      1.0069                1.0061             1.0124           1.0200
           15 |      1.0057                1.0058             1.0129           1.0263
           22 |      0.9895                1.0050             1.0154           1.0272
              |
 2010 Mar. 01 |      0.9855                1.0040             1.0186           1.0268
           08 |      1.0175                1.0037             1.0195           1.0174
           15 |      1.0166                1.0033             1.0226           1.0227
           22 |      0.9962                1.0028             1.0264           1.0127
           29 |      0.9771                1.0026             1.0261           1.0175
              |
 2010 Apr. 05 |      1.0168                1.0025             1.0228           0.9995
-------------------------------------------------------------------------------------------
1. Seasonal factors are applied to deposits data  at  both  commercial  banks  and
thrift institutions.


                           Appendix Table 5
       Comparison of Revised and Old Monetary Aggregate Levels
              (Billions of dollars, seasonally adjusted)
--------------+---------------+------------+---------------+-----------
    Date      |  Revised M1   |  Old M1    |  Revised M2   |  Old M2
--------------+---------------+------------+---------------+-----------
2007          |
     October  |    1371.7        1369.5         7352.8         7338.3
    November  |    1366.7        1365.6         7384.4         7372.3
    December  |    1364.5        1366.5         7417.3         7404.3
2008          |
     January  |    1368.4        1367.2         7463.6         7448.9
    February  |    1371.1        1372.8         7539.0         7546.8
       March  |    1372.9        1375.3         7600.5         7618.1
       April  |    1373.7        1371.3         7620.0         7631.4
         May  |    1373.7        1368.0         7637.8         7640.8
        June  |    1383.7        1386.1         7648.4         7638.8
        July  |    1400.1        1403.3         7698.7         7679.7
      August  |    1392.2        1394.0         7687.0         7670.2
   September  |    1452.1        1453.8         7795.9         7769.5
     October  |    1475.2        1473.1         7915.8         7879.4
    November  |    1524.1        1522.5         7972.5         7934.7
    December  |    1595.8        1599.8         8154.1         8108.4
--------------+--------------------------------------------------------


                        Appendix Table 6
         Comparison of Revised and Old M1 Growth Rates
                 (Percent changes, annual rate)
------------------+-------+------+----------+--------------------
                  |       |      |          | Difference due to
      Date        Revised | Old  Difference |Benchmark Seasonals
------------------+-------+------+----------+--------------------
2007              |
          January |  7.0     5.3      1.7        0.0       1.7
         February | -6.6    -4.4     -2.2        0.0      -2.2
            March |  1.8     2.0     -0.2        0.0      -0.2
            April |  9.4     6.9      2.5        0.0       2.5
              May |  0.8    -2.1      2.9        0.0       2.9
             June |-13.2    -8.2     -5.0        0.0      -5.0
             July |  1.8     2.3     -0.5        0.0      -0.5
           August |  1.6     1.2      0.4        0.0       0.4
        September | -1.9    -3.1      1.2        0.0       1.2
          October |  4.8     2.7      2.1        0.0       2.1
         November | -4.4    -3.4     -1.0        0.0      -1.0
         December | -1.9     0.8     -2.7        0.0      -2.7
2008              |
          January |  3.4     0.6      2.8        0.1       2.7
         February |  2.4     4.9     -2.5       -0.1      -2.4
            March |  1.6     2.2     -0.6        0.0      -0.6
            April |  0.7    -3.5      4.2        0.0       4.2
              May |  0.0    -2.9      2.9       -0.1       3.0
             June |  8.7    15.9     -7.2        0.0      -7.2
             July | 14.2    14.9     -0.7       -0.2      -0.5
           August | -6.8    -8.0      1.2        0.1       1.1
        September | 51.6    51.5      0.1       -0.4       0.5
          October | 19.1    15.9      3.2        0.2       3.0
         November | 39.8    40.2     -0.4       -0.3      -0.1
         December | 56.5    60.9     -4.4       -0.3      -4.1
Quarterly         |
             07Q4 |  0.1    -0.3      0.4        0.0       0.4
             08Q1 |  0.9     1.3     -0.4        0.1      -0.5
             08Q2 |  1.8     1.0      0.8        0.0       0.8
             08Q3 | 11.0    12.2     -1.2       -0.1      -1.1
             08Q4 | 33.1    32.4      0.7       -0.1       0.8
Semi-Annual       |
    07Q4  -  08Q2 |  1.4     1.2      0.2        0.0       0.2
    08Q2  -  08Q4 | 22.5    22.8     -0.3       -0.1      -0.2
Annual (Q4 to Q4) |
             2007 | -0.1    -0.1      0.0        0.0       0.0
             2008 | 12.0    12.0      0.0       -0.1       0.1
------------------+----------------------------------------------


                        Appendix Table 7
          Comparison of Revised and Old M2 Growth Rates
                 (Percent changes, annual rate)
------------------+--------+----+-----------+---------------------
                  |        |    |           | Difference due to
      Date        |Revised Old  |Difference |Benchmark  Seasonals
------------------+--------+----+-----------+---------------------
2007              |
          January |  8.2    7.9      0.3        0.0        0.3
         February |  1.1    4.5     -3.4       -0.4       -3.0
            March |  6.0    6.7     -0.7        0.3       -1.0
            April |  8.3    8.4     -0.1        0.0       -0.1
              May |  4.8    3.3      1.5        0.1        1.4
             June |  3.9    2.8      1.1        0.1        1.0
             July |  4.5    3.9      0.6        0.0        0.6
           August |  8.0    8.7     -0.7        0.1       -0.8
        September |  5.7    4.6      1.1        0.1        1.0
          October |  4.9    4.0      0.9        0.1        0.8
         November |  5.2    5.6     -0.4       -0.1       -0.3
         December |  5.3    5.2      0.1        0.0        0.1
2008              |
          January |  7.5    7.2      0.3        0.1        0.2
         February | 12.1   15.8     -3.7       -0.1       -3.6
            March |  9.8   11.3     -1.5        0.1       -1.6
            April |  3.1    2.1      1.0        0.3        0.7
              May |  2.8    1.5      1.3        0.5        0.8
             June |  1.7   -0.3      2.0        0.5        1.5
             July |  7.9    6.4      1.5        0.4        1.1
           August | -1.8   -1.5     -0.3        0.2       -0.5
        September | 17.0   15.5      1.5        0.3        1.2
          October | 18.5   17.0      1.5        0.9        0.6
         November |  8.6    8.4      0.2        0.0        0.2
         December | 27.3   26.3      1.0       -0.2        1.2
Quarterly         |
             07Q4 |  5.6    5.1      0.5        0.0        0.5
             08Q1 |  8.1    9.0     -0.9        0.0       -0.9
             08Q2 |  5.4    5.3      0.1        0.3       -0.2
             08Q3 |  4.8    3.6      1.2        0.4        0.8
             08Q4 | 14.9   13.9      1.0        0.3        0.7
Semi-Annual       |
    07Q4  -  08Q2 |  6.8    7.2     -0.4        0.1       -0.5
    08Q2  -  08Q4 |  9.9    8.8      1.1        0.4        0.7
Annual (Q4 to Q4) |
             2007 |  5.8    5.7      0.1        0.0        0.1
             2008 |  8.5    8.2      0.3        0.3        0.0
------------------+-----------------------------------------------
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