February 8, 2001 H.6 (508) MONEY STOCK REVISIONS Measures of the money stock and components have been revised to incorporate the results of the annual benchmark and 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. For 2000, the revisions raised the annual growth rates of M2 and M3 by 0.2 percentage point. The benchmark incorporates revisions to vault cash that reflect a new estimation method for credit unions that do not file the Federal Reserve's deposit reports either weekly or quarterly. These revisions begin in April 1984, and the maximum absolute revision is $1 billion. The benchmark also incorporates revised historical data on the holdings of large time deposits by money market mutual funds, an item that is subtracted from gross large time deposits when calculating the large time deposit component of M3. These revisions begin in March 1980, and the maximum absolute revision is about $43 billion. This release also incorporates the receipt of historical information from other routine data flows. Seasonally adjusted measures of the money stock and components also incorporate revised seasonal factors based on the benchmarked data through December 2000. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The monthly and weekly seasonal factors were derived after excluding the estimated effects of the century date change. These adjustments were made to ensure that unusual movements around the century date change did not influence the estimated seasonal factors. The revisions to seasonal factors lowered M2 growth rates in the first two quarters of 2000 and raised them in the last two quarters. The revisions to seasonal factors also reduced the M3 growth rate in the first quarter of 2000, but increased growth in the final three quarters of the year. Revised historical data will soon be available in printed form from the Monetary and Reserve Analysis Section, Mail Stop 72, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3062. Complete historical data are released each week through the Federal Reserve's web site (http://www.federalreserve.gov/releases/) with the H.6 statistical release. The data are also available through other electronic means, as described in the note following the footnotes to Table 1 of this release. This year's benchmark will be the last at the annual frequency. Future benchmarks will be conducted at a quarterly frequency in order to provide more timely updates of published data. The next benchmark of the monetary aggregates will be released in mid- to late March. The quarterly benchmark review will incorporate revised historical data for depository institutions and money market mutual funds, data from the call reports filed by depository institutions, and data on money market mutual funds that began reporting data for the first time during the quarter. The review of seasonal factors for the monetary aggregates will continue to be performed annually, with the results released in early February. 1 FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 These data are scheduled for release each Thursday at 4:30 p.m. February 8, 2001 MONEY STOCK AND DEBT MEASURES Billions of dollars ---------------------------------------------------------------------------------------- Date M11 M22 M33 Debt4 ---------------------------------------------------------------------------------------- Seasonally adjusted ---------------------------------------------------------------------------------------- 1999-Jan. 1097.5 4404.8 6056.2 16353.7 Feb. 1096.1 4432.3 6111.8 16436.3 Mar. 1102.2 4444.1 6117.4 16560.7 Apr. 1107.5 4467.9 6153.0 16677.3 May 1100.9 4493.3 6190.8 16763.9 June 1099.8 4515.0 6226.4 16845.1 July 1097.5 4542.0 6257.0 16917.8 Aug. 1095.8 4559.9 6277.8 17014.8 Sep. 1093.4 4576.3 6303.2 17121.4 Oct. 1096.4 4596.5 6356.3 17204.3 Nov. 1107.1 4621.9 6440.6 17272.9 Dec. 1124.3 4648.2 6524.1 17376.7 2000-Jan. 1122.8 4668.7 6565.2 17452.9 Feb. 1108.8 4684.4 6597.2 17509.9 Mar. 1113.2 4715.2 6668.2 17619.5 Apr. 1117.3 4752.6 6719.8 17719.2 May 1106.6 4759.2 6752.7 17795.5 June 1105.7 4780.3 6803.0 17876.2 July 1103.9 4801.1 6851.7 17940.5 Aug. 1099.6 4832.3 6911.1 18000.9 Sep. 1095.7 4865.3 6963.9 18076.5 Oct. 1096.3 4888.2 6990.4 18122.7 Nov. 1089.2 4905.9 7015.7 18192.9 p Dec. 1091.2 4945.6 7089.5 ---------------------------------------------------------------------------------------- Not seasonally adjusted --------------------------------------------------------------------------------------- 1999-Jan. 1103.0 4415.6 6076.8 16343.3 Feb. 1084.3 4426.5 6130.1 16418.9 Mar. 1096.6 4465.8 6156.3 16550.9 Apr. 1112.6 4513.3 6199.4 16647.0 May 1095.4 4474.2 6176.3 16704.1 June 1097.3 4500.4 6206.8 16782.3 July 1096.7 4524.8 6218.3 16850.8 Aug. 1092.7 4546.7 6248.0 16954.8 Sep. 1086.3 4559.5 6264.1 17064.8 Oct. 1094.8 4579.3 6325.4 17152.7 Nov. 1112.9 4616.8 6439.6 17249.7 Dec. 1147.8 4672.2 6561.4 17372.0 2000-Jan. 1125.9 4679.9 6591.7 17447.3 Feb. 1096.3 4681.1 6621.6 17498.9 Mar. 1107.5 4742.4 6717.5 17612.9 Apr. 1124.3 4810.3 6778.3 17690.4 May 1100.3 4736.5 6734.6 17734.5 June 1103.0 4761.9 6777.6 17809.9 July 1104.5 4780.9 6806.6 17868.8 Aug. 1096.1 4814.3 6874.1 17936.7 Sep. 1090.2 4850.5 6922.1 18017.7 Oct. 1093.7 4865.7 6948.4 18072.3 Nov. 1095.3 4898.1 7011.3 18171.3 p Dec. 1115.6 4974.3 7134.6 --------------------------------------------------------------------------------------- Footnotes appear on the following page. p -- indicates preliminary data 1 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates ---------------------------------------------------------------------------------------- M1 M2 M3 Debt ---------------------------------------------------------------------------------------- 3 Months from Sep. 2000 TO Dec. 2000 -1.6 6.6 7.2 4.3 6 Months from June 2000 TO Dec. 2000 -2.6 6.9 8.4 4.5 12 Months from Dec. 1999 TO Dec. 2000 -2.9 6.4 8.7 5.3 Thirteen weeks ending January 29 , 2001 from thirteen weeks ending: Oct. 30, 2000 (13 weeks previous) -1.2 7.1 8.0 July 31, 2000 (26 weeks previous) -2.1 7.0 8.5 Jan. 31, 2000 (52 weeks previous) -2.2 6.5 8.9 ---------------------------------------------------------------------------------------- 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 2000 to November 2000, May 2000 to November 2000, and November 1999 to November 2000, respectively. ----------------------------------------------------------------------------------------- Footnotes to Table 1: 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2. 4. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. 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 ---------------------------------------------------------------------------------------------------------------------------------------------------- 2000-Nov. 6 1096.8 1096.0 1091.4 4866.8 4890.9 4891.7 6962.8 6995.3 7001.8 13 1095.9 1093.3 1082.3 4872.9 4893.5 4898.1 6971.5 6999.7 7006.9 20 1095.2 1091.6 1089.8 4878.4 4896.5 4902.4 6979.0 7002.5 7010.8 27 1094.2 1089.2 1093.4 4884.1 4902.2 4916.7 6986.6 7010.7 7023.3 Dec. 4 1093.0 1088.6 1088.7 4889.7 4910.5 4924.8 6994.6 7022.0 7047.0 11 1092.2 1088.8 1083.4 4895.4 4918.8 4931.3 7002.6 7033.0 7051.0 18 1091.7 1088.2 1087.1 4901.3 4929.8 4946.3 7011.7 7053.7 7093.3 25 1091.9 1089.0 1096.9 4907.9 4939.9 4957.0 7022.6 7076.3 7114.0 2001-Jan. 1 1092.1 1092.3 1101.6 4914.6 4950.8 4968.4 7034.2 7098.5 7135.7 8 1092.5 1095.2 1095.0 4921.7 4961.4 4973.7 7046.6 7121.4 7142.6 15 1092.8 1097.7 1097.3 4929.7 4972.5 4990.8 7061.8 7144.8 7187.0 22p 1093.6 1100.3 1107.2 4939.0 4986.2 5011.9 7077.9 7168.6 7208.9 29p 1093.9 1101.5 1106.3 4947.2 4994.2 5000.2 7093.6 7183.2 7194.2 ---------------------------------------------------------------------------------------------------------------------------------------------------- Not seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------- 2000-Nov. 6 1093.1 1094.2 1091.0 4848.5 4868.9 4894.2 6923.7 6960.0 6993.8 13 1092.4 1091.7 1076.6 4854.6 4871.6 4895.3 6933.9 6970.0 7011.6 20 1092.3 1092.3 1094.7 4860.7 4882.1 4896.8 6944.0 6985.2 7007.7 27 1093.0 1094.1 1114.2 4868.3 4897.1 4902.2 6955.6 7008.5 7020.8 Dec. 4 1093.0 1098.1 1106.7 4875.1 4908.5 4939.5 6967.0 7026.6 7066.1 11 1093.2 1100.9 1087.8 4881.3 4923.1 4953.8 6979.2 7048.9 7100.9 18 1094.5 1103.1 1103.5 4889.3 4940.9 4968.0 6994.1 7081.7 7139.1 25 1098.3 1107.3 1131.1 4902.2 4959.7 4977.6 7014.9 7114.9 7153.5 2001-Jan. 1 1102.1 1119.4 1155.3 4915.0 4977.1 5009.0 7035.6 7142.1 7174.7 8 1104.2 1124.3 1107.4 4927.0 4996.8 5032.6 7055.4 7168.3 7205.8 15 1104.8 1122.1 1094.5 4938.2 5012.5 5030.6 7077.3 7197.6 7256.5 22p 1105.2 1113.9 1098.4 4949.8 5019.5 5005.7 7098.9 7216.2 7227.8 29p 1104.5 1099.5 1097.8 4958.7 5006.6 4957.3 7118.3 7217.4 7179.4 ---------------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------ 1999-Aug. 490.0 9.0 355.1 137.0 104.7 241.7 Sep. 494.2 8.7 350.0 136.5 104.0 240.5 Oct. 498.3 8.4 350.5 136.2 103.0 239.2 Nov. 504.3 8.1 354.1 137.6 102.9 240.5 Dec. 516.7 8.2 355.6 141.1 102.6 243.7 2000-Jan. 524.8 8.2 346.2 141.6 102.0 243.6 Feb. 517.9 8.1 341.0 137.5 104.2 241.7 Mar. 516.0 8.2 344.4 137.3 107.3 244.6 Apr. 516.7 8.1 343.5 140.2 108.8 249.0 May 518.7 8.3 336.6 135.7 107.4 243.1 June 520.9 8.8 333.8 134.4 107.7 242.1 July 522.4 9.3 332.3 132.2 107.7 239.9 Aug. 523.5 9.3 326.5 133.1 107.3 240.4 Sep. 524.7 8.9 323.6 131.6 106.9 238.5 Oct. 526.4 8.4 322.1 133.9 105.6 239.4 Nov. 528.0 8.0 315.2 133.0 105.0 238.0 Dec. 530.4 8.0 313.7 134.7 104.4 239.1 Week Ending: 2000-Dec. 4 528.5 7.8 311.9 135.0 105.5 240.5 11 529.2 7.9 309.7 130.9 105.7 236.6 18 530.6 8.0 311.0 132.8 104.8 237.6 25 531.1 8.1 317.3 137.8 102.6 240.4 2001-Jan. 1 531.8 8.2 319.8 138.4 103.5 241.9 8 533.2 8.2 e 312.1 134.3 107.3 241.6 15 534.2 8.1 e 314.6 134.2 106.1 240.3 22p 534.8 8.1 e 321.7 138.0 104.5 242.5 29p 536.6 8.1 e 319.5 139.2 103.0 242.1 ------------------------------------------------------------------------------------------------------------------------------------------ 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 commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 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. funds Non-M1 M2 ------------------------------------------------------------------------------------------------------------------------------------------- 1999-Aug. 1275.9 456.3 1732.3 618.1 314.1 932.2 799.6 3464.1 Sep. 1285.7 455.7 1741.4 621.6 315.3 936.9 804.6 3482.9 Oct. 1292.3 454.3 1746.7 625.7 316.8 942.5 810.9 3500.1 Nov. 1292.1 452.9 1745.0 630.7 319.1 949.8 820.0 3514.8 Dec. 1287.0 449.3 1736.2 635.2 320.9 956.1 831.6 3523.9 2000-Jan. 1287.8 446.9 1734.7 639.5 323.3 962.8 848.4 3545.9 Feb. 1301.4 449.1 1750.6 645.4 324.6 970.0 855.1 3575.6 Mar. 1306.4 450.8 1757.2 651.2 326.1 977.3 867.6 3602.1 Apr. 1319.7 447.0 1766.7 660.2 325.6 985.7 882.9 3635.3 May 1321.6 452.8 1774.4 665.4 327.2 992.6 885.6 3652.6 June 1330.5 452.5 1783.0 674.6 329.3 1003.9 887.8 3674.7 July 1344.3 452.8 1797.1 679.9 332.8 1012.8 887.3 3697.1 Aug. 1361.5 455.1 1816.7 685.1 337.0 1022.1 893.9 3732.7 Sep. 1383.5 455.1 1838.6 687.9 339.8 1027.7 903.3 3769.6 Oct. 1389.4 456.7 1846.1 689.8 342.7 1032.5 913.3 3791.8 Nov. 1401.4 455.8 1857.2 693.8 345.4 1039.2 920.3 3816.7 Dec. 1420.6 452.7 1873.3 698.8 347.0 1045.8 935.3 3854.4 Week ending: 2000-Dec. 4 1410.4 454.5 1864.9 695.5 346.2 1041.8 929.5 3836.2 11 1422.8 453.1 1875.9 697.3 346.7 1044.0 928.1 3847.9 18 1424.6 454.2 1878.9 698.4 347.0 1045.3 935.0 3859.2 25 1420.6 454.0 1874.6 699.6 347.8 1047.3 938.2 3860.1 2001-Jan. 1 1421.5 451.7 1873.2 701.9 347.1 1048.9 944.7 3866.8 8 1435.5 446.2 1881.7 701.0 349.7 1050.7 946.4 3878.8 15 1438.7 449.9 1888.6 702.0 350.9 1052.9 952.1 3893.6 22p 1438.3 455.2 1893.5 702.3 351.3 1053.6 957.6 3904.7 29p 1428.3 459.7 1888.0 700.8 351.9 1052.7 953.1 3893.8 ------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. p -- indicates preliminary data. 1 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars ----------------------------------------------------------------------------------------------------------------------------------------- Large-denomination time deposits1 Institutional -------------------------------------- Debt components5 Date money At commercial At thrift Total ------------------------- funds banks2 institutions Total RPs3 Eurodollars4 Non-M2 M3 Federal Non-Federal ------------------------------------------------------------------------------------------------------------------------------------------ 1999-Aug. 578.5 575.5 89.9 665.4 315.2 158.8 1717.9 3713.8 13301.0 Sep. 581.6 580.2 90.4 670.7 318.2 156.5 1727.0 3701.9 13419.5 Oct. 592.8 603.0 90.4 693.4 319.1 154.5 1759.7 3683.8 13520.5 Nov. 608.7 624.2 91.3 715.4 330.9 163.7 1818.7 3659.0 13613.9 Dec. 622.0 648.8 91.3 740.1 343.0 170.8 1875.9 3660.2 13716.5 2000-Jan. 635.4 652.3 94.0 746.3 340.2 174.6 1896.5 3645.7 13807.2 Feb. 636.9 654.4 94.4 748.7 352.0 175.2 1912.8 3608.0 13901.9 Mar. 655.9 663.9 94.5 758.4 350.9 187.8 1952.9 3616.4 14003.2 Apr. 660.6 679.5 94.1 773.6 349.8 183.1 1967.1 3600.2 14119.0 May 671.7 682.6 93.7 776.3 357.7 187.8 1993.5 3546.0 14249.4 June 682.5 692.5 95.4 787.9 364.5 187.7 2022.6 3521.2 14354.9 July 704.5 698.1 97.7 795.8 366.4 183.9 2050.6 3510.2 14430.4 Aug. 720.6 709.1 99.5 808.5 363.4 186.3 2078.8 3488.9 14512.1 Sep. 737.9 706.7 100.7 807.4 364.1 189.3 2098.6 3475.0 14601.6 Oct. 744.2 701.9 102.6 804.5 363.1 190.5 2102.3 3445.9 14676.8 Nov. 752.2 704.7 103.6 808.3 358.4 191.0 2109.8 3419.4 p 14773.5 p Dec. 767.7 720.1 103.7 823.8 361.6 190.8 2143.8 Week ending: 2000-Dec. 4 763.5 706.7 103.9 810.6 357.6 190.5 2122.2 11 754.2 713.0 103.6 816.5 359.6 189.3 2119.7 18 773.4 720.7 103.4 824.1 359.4 190.1 2147.0 25 768.4 724.9 103.9 828.8 366.9 192.9 2157.0 2001-Jan. 1 778.7 730.9 103.9 834.8 362.8 190.9 2167.3 8 777.6 737.4 104.6 842.0 362.9 186.5 2168.9 15 802.8 745.6 106.5 852.1 355.3 186.1 2196.2 22p 809.4 735.2 107.8 843.0 355.0 189.7 2197.1 29p 809.9 732.5 108.5 841.0 354.2 188.9 2194.1 ------------------------------------------------------------------------------------------------------------------------------------------ 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 commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. 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 ------------------------------------------------------------------------------------------------------------------------------------------ 1999-Aug. 489.3 8.6 355.2 135.6 103.9 239.5 Sep. 492.4 8.5 347.2 135.2 103.0 238.2 Oct. 497.8 8.4 350.8 135.0 102.8 237.8 Nov. 505.0 8.3 359.4 137.0 103.4 240.3 Dec. 521.5 8.4 371.2 142.4 104.3 246.6 2000-Jan. 522.9 8.4 348.4 143.8 102.3 246.1 Feb. 516.5 8.3 331.8 137.3 102.5 239.8 Mar. 515.9 8.3 338.7 137.7 106.9 244.6 Apr. 517.4 8.3 344.8 142.9 110.9 253.8 May 518.7 8.4 331.0 135.5 106.7 242.2 June 521.0 8.7 331.4 134.4 107.6 242.0 July 523.1 8.9 334.1 130.9 107.5 238.4 Aug. 522.5 8.9 326.3 131.8 106.6 238.4 Sep. 523.3 8.7 321.7 130.3 106.1 236.4 Oct. 525.1 8.4 322.2 132.7 105.4 238.1 Nov. 528.6 8.2 320.5 132.4 105.7 238.1 Dec. 535.7 8.1 329.1 135.9 106.7 242.6 Week Ending: 2000-Dec. 4 529.7 8.0 325.3 135.2 108.4 243.6 11 532.2 8.1 312.5 129.2 105.9 235.1 18 534.3 8.1 322.7 133.1 105.3 238.4 25 540.9 8.2 335.9 140.6 105.5 246.1 2001-Jan. 1 537.9 8.2 356.4 143.6 109.2 252.8 8 535.0 8.3 e 317.6 137.0 109.6 246.6 15 532.8 8.3 e 312.1 135.6 105.6 241.2 22p 531.1 8.3 e 316.0 139.8 103.2 243.0 29p 530.7 8.3 e 316.0 141.1 101.7 242.8 ------------------------------------------------------------------------------------------------------------------------------------------ 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 commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 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. funds Non-M1 M2 ------------------------------------------------------------------------------------------------------------------------------------------- 1999-Aug. 1272.5 455.1 1727.6 617.2 313.7 930.9 795.5 3454.0 Sep. 1282.0 454.4 1736.4 621.5 315.2 936.7 800.1 3473.2 Oct. 1285.1 451.8 1736.9 626.6 317.2 943.8 803.8 3484.5 Nov. 1288.7 451.7 1740.4 631.8 319.7 951.5 812.1 3503.9 Dec. 1288.5 449.8 1738.3 635.4 321.0 956.4 829.7 3524.5 2000-Jan. 1286.6 446.5 1733.1 640.8 324.0 964.7 856.2 3554.0 Feb. 1294.7 446.8 1741.4 647.4 325.6 973.0 870.3 3584.8 Mar. 1311.9 452.7 1764.6 652.6 326.8 979.3 891.0 3634.9 Apr. 1341.7 454.5 1796.2 660.4 325.7 986.1 903.7 3686.0 May 1318.0 451.6 1769.5 663.4 326.2 989.6 877.1 3636.2 June 1331.6 452.9 1784.6 671.3 327.7 999.0 875.3 3658.9 July 1344.2 452.7 1796.9 678.3 332.1 1010.3 869.1 3676.4 Aug. 1356.5 453.5 1810.0 684.1 336.6 1020.7 887.4 3718.2 Sep. 1381.1 454.4 1835.5 688.0 339.8 1027.8 897.1 3760.3 Oct. 1380.0 453.6 1833.6 690.8 343.2 1034.0 904.4 3772.0 Nov. 1397.2 454.4 1851.6 695.2 346.1 1041.2 909.9 3802.8 Dec. 1425.3 454.2 1879.5 699.0 347.1 1046.2 933.1 3858.8 Week ending: 2000-Dec. 4 1412.8 455.3 1868.1 696.5 346.7 1043.2 921.5 3832.8 11 1435.5 457.2 1892.7 697.9 347.0 1045.0 928.3 3865.9 18 1428.8 455.6 1884.4 698.6 347.1 1045.7 934.5 3864.6 25 1410.1 450.7 1860.8 699.4 347.7 1047.1 938.7 3846.5 2001-Jan. 1 1416.1 450.0 1866.1 702.0 347.1 1049.1 938.4 3853.6 8 1470.2 457.0 1927.1 702.1 350.2 1052.3 945.7 3925.1 15 1459.4 456.4 1915.8 703.3 351.6 1054.8 965.5 3936.2 22p 1426.8 451.5 1878.3 703.6 351.9 1055.5 973.5 3907.3 29p 1390.4 447.5 1837.9 702.2 352.6 1054.8 966.9 3859.6 ------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. p -- indicates preliminary data. 1 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars -------------------------------------------------------------------------------------------------------------------------------------------------------------- Large-denomination time deposits1 RPs3 Institutional ------------------------------------- -------------------------------- Debt components5 Date money At commercial At thrift At commercial At thrift Total ------------------------- funds banks2 institutions Total banks2 institutions Total Eurodollars4 Non-M2 M3 Federal Non-Federal -------------------------------------------------------------------------------------------------------------------------------------------------------------- 1999-Aug. 568.9 571.8 89.4 661.2 250.4 63.9 314.3 156.9 1701.3 3665.8 13289.0 Sep. 567.9 577.2 89.9 667.2 248.8 66.3 315.1 154.4 1704.6 3655.8 13408.9 Oct. 585.9 601.5 90.2 691.7 248.9 66.2 315.1 153.4 1746.1 3635.5 13517.2 Nov. 612.1 625.9 91.5 717.3 265.1 65.5 330.6 162.8 1822.8 3641.7 13608.0 Dec. 636.9 648.2 91.2 739.4 274.8 64.7 339.5 173.4 1889.2 3663.1 13709.0 2000-Jan. 656.3 645.7 93.1 738.8 274.3 65.9 340.2 176.6 1911.9 3639.0 13808.3 Feb. 658.8 654.3 94.4 748.7 292.4 64.1 356.5 176.5 1940.5 3605.4 13893.4 Mar. 668.7 668.8 95.2 764.0 292.5 61.6 354.1 188.4 1975.1 3633.6 13979.3 Apr. 658.4 684.2 94.7 779.0 286.3 61.0 347.3 183.4 1968.0 3597.2 14093.2 May 662.8 688.2 94.4 782.6 300.5 62.2 362.7 190.1 1998.2 3514.0 14220.5 June 668.7 695.2 95.8 791.0 306.1 62.0 368.1 187.9 2015.7 3475.5 14334.4 July 684.3 696.6 97.5 794.1 303.1 62.8 365.9 181.4 2025.7 3448.3 14420.5 Aug. 709.5 704.5 98.8 803.3 297.7 65.1 362.8 184.3 2059.8 3437.7 14499.1 Sep. 721.5 702.3 100.1 802.3 295.9 64.9 360.8 187.0 2071.6 3426.5 14591.2 Oct. 734.7 698.8 102.1 801.0 294.0 64.0 358.0 189.1 2082.8 3395.5 14676.8 Nov. 755.9 705.8 103.8 809.5 294.5 63.0 357.6 190.2 2113.2 3401.3 p 14770.0 p Dec. 785.6 719.5 103.6 823.0 296.2 62.4 358.6 193.0 2160.2 Week ending: 2000-Dec. 4 771.4 705.8 103.8 809.6 293.1 62.2 355.3 190.4 2126.7 11 778.0 714.5 103.8 818.3 297.3 63.1 360.4 190.4 2147.1 18 796.9 722.6 103.7 826.2 294.4 62.6 357.0 191.0 2171.1 25 790.6 723.5 103.6 827.2 300.8 62.3 363.0 195.2 2175.9 2001-Jan. 1 785.0 724.7 103.0 827.7 293.5 61.6 355.1 197.8 2165.7 8 784.5 737.4 104.6 842.0 295.3 61.4 356.7 190.0 2173.2 15 832.4 743.5 106.2 849.7 294.1 62.1 356.2 187.5 2225.9 22p 844.7 725.5 106.4 831.9 292.7 62.2 354.8 190.7 2222.1 29p 849.3 719.8 106.7 826.5 294.1 62.3 356.4 189.8 2222.0 ------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------ 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 commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. 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 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1999-Aug. 8.2 1.4 20.7 1.3 5.1 9.2 15.5 4.3 150.7 96.0 134.8 381.4 Sep. 8.2 1.3 22.6 2.5 6.4 29.3 38.2 4.5 150.6 95.8 138.2 384.5 Oct. 8.5 1.3 24.8 1.4 5.2 28.6 35.2 4.7 150.1 95.6 140.2 385.8 Nov. 9.1 1.4 27.4 1.2 5.1 8.0 14.3 5.0 149.3 95.3 140.8 385.4 Dec. 9.7 1.4 30.1 1.4 8.3 39.0 48.7 5.3 148.5 95.1 141.4 384.9 2000-Jan. 9.7 1.4 30.6 2.8 8.1 52.5 63.5 5.4 148.0 94.6 141.7 384.3 Feb. 9.3 1.3 29.2 1.2 5.3 24.3 30.8 5.4 148.0 93.8 141.8 383.5 Mar. 8.8 1.2 27.9 1.3 5.3 14.1 20.8 5.5 147.9 93.0 141.8 382.8 Apr. 8.7 1.2 27.7 5.0 8.4 40.0 53.3 5.5 148.7 92.6 141.6 382.9 May 9.1 1.2 28.6 1.5 7.1 57.5 66.0 5.6 150.2 92.5 141.1 383.8 June 9.4 1.3 29.5 2.3 6.2 37.0 45.6 5.7 151.7 92.5 140.6 384.8 July 9.2 1.3 29.8 1.2 5.2 37.4 43.8 5.8 153.1 92.6 140.1 e 385.7 e Aug. 8.6 1.2 29.5 1.1 5.0 9.5 15.7 6.0 154.3 92.8 139.6 e 386.7 e Sep. 8.0 1.2 29.2 2.5 6.7 22.0 31.1 6.2 155.5 93.1 139.1 e 387.7 e Oct. 7.7 e 1.1 e 29.1 e 1.4 5.3 13.2 20.0 6.2 e 156.5 e 93.3 e 138.6 e 388.4 e Nov. 7.7 e 1.1 e 29.1 e 1.2 5.1 10.6 16.9 6.2 e 157.3 e 93.4 e 138.1 e 388.8 e Dec. 7.7 e 1.2 e 29.1 e 1.6 5.8 11.6 18.9 6.2 e 158.1 e 93.6 e 137.6 e 389.3 e 2000-Dec. 4 1.1 5.0 11.0 17.1 11 1.0 5.4 6.3 12.7 18 2.3 8.0 15.3 25.7 25 1.4 4.6 11.3 17.3 2001-Jan. 1 1.8 5.2 14.5 21.5 8 2.0 4.9 15.2 22.1 15 2.1 5.7 20.3 28.1 22p 5.3 7.2 38.7 51.2 29p 1.5 8.5 66.5 76.5 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 -----------------------------------------------------+------------------------------------- 2000 January 0.9965 1.0193 1.0066 1.0104 1.0158 February 0.9972 1.0242 0.9729 0.9919 0.9981 March 0.9998 1.0187 0.9836 0.9998 1.0026 April 1.0013 1.0204 1.0036 1.0196 1.0196 May 0.9999 1.0122 0.9835 0.9964 0.9984 June 1.0001 0.9802 0.9928 0.9996 1.0000 July 1.0014 0.9539 1.0054 0.9938 0.9900 August 0.9981 0.9619 0.9995 0.9917 0.9899 September 0.9974 0.9797 0.9942 0.9912 0.9902 October 0.9975 0.9987 1.0002 0.9944 0.9913 November 1.0011 1.0194 1.0169 1.0004 0.9954 December 1.0099 1.0191 1.0491 1.0147 1.0090 2001 January 0.9959 1.0188 1.0002 1.0091 1.0158 February 0.9972 1.0254 0.9712 0.9906 0.9978 March 1.0000 1.0191 0.9837 0.9987 1.0023 April 1.0009 1.0211 1.0001 1.0177 1.0199 May 1.0001 1.0115 0.9834 0.9961 0.9987 June 1.0013 0.9785 0.9962 1.0005 1.0000 July 1.0013 0.9535 1.0041 0.9936 0.9899 August 0.9986 0.9579 1.0009 0.9926 0.9899 September 0.9969 0.9794 0.9971 0.9914 0.9900 October 0.9972 0.9996 1.0003 0.9950 0.9914 November 1.0014 1.0213 1.0170 1.0014 0.9954 December 1.0086 1.0199 1.0481 1.0148 1.0091 2002 January 0.9956 1.0202 0.9984 1.0089 1.0159 February 0.9971 1.0262 0.9695 0.9897 0.9978 March 1.0008 1.0193 0.9861 0.9984 1.0021 ------------------------------------------------------------------------------------------- 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 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 ---------------------------------------------------------------------+-------------------------------+---------------------- 2000 January 0.9991 1.0020 0.9899 1.0092 1.0328 1.0000 1.0114 February 0.9948 1.0031 0.9999 1.0178 1.0343 1.0127 1.0077 March 1.0042 1.0021 1.0074 1.0270 1.0195 1.0089 1.0032 April 1.0167 1.0004 1.0069 1.0236 0.9967 0.9927 1.0017 May 0.9972 0.9970 1.0081 0.9904 0.9867 1.0139 1.0122 June 1.0009 0.9952 1.0040 0.9859 0.9797 1.0099 1.0012 July 0.9999 0.9976 0.9979 0.9795 0.9713 0.9985 0.9861 August 0.9964 0.9987 0.9935 0.9928 0.9846 0.9983 0.9891 September 0.9983 1.0001 0.9938 0.9931 0.9778 0.9910 0.9877 October 0.9932 1.0015 0.9957 0.9902 0.9873 0.9859 0.9926 November 0.9970 1.0020 1.0016 0.9887 1.0050 0.9978 0.9959 December 1.0033 1.0004 0.9991 0.9976 1.0233 0.9916 1.0120 2001 January 0.9984 1.0018 0.9914 1.0108 1.0335 0.9983 1.0092 February 0.9944 1.0033 1.0006 1.0195 1.0350 1.0129 1.0057 March 1.0046 1.0026 1.0080 1.0287 1.0199 1.0080 1.0048 April 1.0165 1.0008 1.0069 1.0252 0.9955 0.9908 1.0029 May 0.9971 0.9967 1.0082 0.9911 0.9858 1.0138 1.0094 June 1.0016 0.9946 1.0044 0.9854 0.9786 1.0126 1.0025 July 0.9991 0.9974 0.9975 0.9784 0.9731 0.9997 0.9883 August 0.9962 0.9989 0.9942 0.9914 0.9860 0.9989 0.9892 September 0.9988 1.0003 0.9932 0.9921 0.9793 0.9924 0.9890 October 0.9926 1.0015 0.9946 0.9897 0.9872 0.9866 0.9940 November 0.9968 1.0020 1.0004 0.9876 1.0041 0.9959 0.9969 December 1.0032 1.0002 0.9992 0.9979 1.0216 0.9910 1.0085 2002 January 0.9986 1.0015 0.9923 1.0118 1.0333 0.9970 1.0080 February 0.9941 1.0034 1.0009 1.0203 1.0350 1.0121 1.0048 March 1.0054 1.0029 1.0084 1.0293 1.0198 1.0065 1.0059 ---------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------+------------------------------------ 2000 Dec 04 1.0024 1.0297 1.0431 1.0129 1.0019 11 1.0057 1.0247 1.0087 0.9939 0.9872 18 1.0070 1.0197 1.0376 1.0033 1.0023 25 1.0183 1.0148 1.0586 1.0239 1.0208 2001 Jan 01 1.0114 1.0100 1.1147 1.0451 1.0376 08 1.0034 1.0134 1.0179 1.0206 1.0202 15 0.9973 1.0168 0.9922 1.0040 1.0107 22 0.9931 1.0203 0.9822 1.0020 1.0132 29 0.9889 1.0238 0.9890 1.0029 1.0139 2001 Feb 05 0.9951 1.0273 0.9747 1.0000 1.0045 12 0.9980 1.0262 0.9662 0.9865 0.9945 19 0.9985 1.0251 0.9680 0.9844 0.9933 26 0.9958 1.0241 0.9772 0.9928 1.0008 2001 Mar 05 1.0004 1.0230 0.9711 0.9951 0.9983 12 1.0019 1.0211 0.9696 0.9904 0.9944 19 0.9999 1.0191 0.9818 0.9932 0.9988 26 0.9981 1.0172 0.9877 1.0021 1.0081 2001 Apr 02 0.9981 1.0153 1.0269 1.0225 1.0197 09 1.0046 1.0177 0.9886 1.0121 1.0115 16 1.0024 1.0202 1.0056 1.0173 1.0219 23 0.9984 1.0227 1.0032 1.0255 1.0328 30 0.9981 1.0253 0.9959 1.0151 1.0158 2001 May 07 1.0031 1.0202 0.9635 1.0007 0.9984 14 1.0018 1.0152 0.9779 0.9884 0.9928 21 0.9999 1.0102 0.9856 0.9915 0.9962 28 0.9993 1.0053 0.9943 0.9985 1.0019 2001 Jun 04 0.9983 1.0004 0.9948 1.0033 1.0004 11 1.0033 0.9897 0.9821 0.9943 0.9936 18 1.0010 0.9792 0.9898 0.9980 0.9994 25 0.9993 0.9689 0.9941 1.0018 1.0045 2001 Jul 02 1.0010 0.9589 1.0387 1.0110 1.0067 09 1.0064 0.9566 1.0038 0.9946 0.9885 16 1.0020 0.9544 0.9875 0.9843 0.9834 23 0.9995 0.9522 0.9918 0.9887 0.9871 30 0.9973 0.9500 1.0205 1.0005 0.9960 2001 Aug 06 1.0015 0.9478 0.9875 0.9938 0.9882 13 1.0010 0.9532 0.9904 0.9856 0.9819 20 0.9983 0.9586 1.0068 0.9900 0.9892 27 0.9952 0.9641 1.0182 0.9977 0.9972 2001 Sep 03 0.9986 0.9696 1.0103 0.9995 0.9943 10 0.9994 0.9740 0.9896 0.9916 0.9860 17 0.9965 0.9785 0.9897 0.9866 0.9881 24 0.9942 0.9830 0.9904 0.9890 0.9914 2001 Oct 01 0.9946 0.9875 1.0147 0.9973 0.9942 08 1.0005 0.9922 0.9780 0.9906 0.9828 15 0.9985 0.9969 0.9893 0.9863 0.9835 22 0.9965 1.0016 1.0000 0.9927 0.9915 29 0.9949 1.0064 1.0216 1.0042 1.0018 2001 Nov 05 0.9992 1.0113 1.0002 1.0006 0.9936 12 1.0017 1.0164 1.0000 0.9948 0.9875 19 1.0001 1.0216 1.0201 0.9994 0.9963 26 1.0030 1.0269 1.0442 1.0080 1.0043 2001 Dec 03 1.0026 1.0322 1.0355 1.0125 1.0025 10 1.0049 1.0267 1.0114 0.9993 0.9920 17 1.0072 1.0213 1.0297 1.0012 0.9985 24 1.0141 1.0159 1.0543 1.0193 1.0169 31 1.0089 1.0106 1.1015 1.0410 1.0338 2002 Jan 07 1.0025 1.0141 1.0255 1.0239 1.0211 14 0.9976 1.0176 0.9928 1.0062 1.0128 21 0.9943 1.0211 0.9875 1.0033 1.0139 28 0.9911 1.0247 0.9901 1.0043 1.0151 2002 Feb 04 0.9955 1.0283 0.9751 0.9987 1.0059 11 0.9981 1.0272 0.9600 0.9857 0.9947 18 0.9978 1.0261 0.9666 0.9846 0.9931 25 0.9952 1.0250 0.9760 0.9925 1.0003 2002 Mar 04 0.9999 1.0239 0.9762 0.9921 0.9991 11 1.0019 1.0218 0.9726 0.9893 0.9948 18 1.0006 1.0196 0.9843 0.9924 0.9970 25 0.9991 1.0175 0.9906 1.0013 1.0062 2002 Apr 01 0.9995 1.0153 1.0138 1.0194 1.0178 ------------------------------------------------------------------------------------------- 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 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 -----------------------------------------------------------------------+-------------------------------+---------------------- 2000 Dec 04 1.0017 1.0014 0.9987 0.9914 1.0102 0.9936 0.9997 11 1.0090 1.0010 1.0022 1.0003 1.0316 1.0021 1.0056 18 1.0029 1.0004 1.0025 0.9995 1.0304 0.9933 1.0046 25 0.9926 0.9997 0.9980 1.0005 1.0288 0.9894 1.0118 2001 Jan 01 0.9962 1.0002 0.9915 0.9934 1.0081 0.9789 1.0363 08 1.0242 1.0015 1.0000 0.9992 1.0089 0.9831 1.0190 15 1.0144 1.0018 0.9972 1.0142 1.0369 1.0026 1.0079 22 0.9920 1.0018 0.9868 1.0166 1.0437 0.9996 1.0051 29 0.9734 1.0020 0.9827 1.0145 1.0486 1.0062 1.0049 2001 Feb 05 0.9914 1.0028 0.9895 1.0142 1.0317 1.0138 0.9959 12 0.9976 1.0033 0.9976 1.0176 1.0378 1.0195 1.0036 19 0.9940 1.0036 1.0037 1.0197 1.0342 1.0129 1.0071 26 0.9887 1.0035 1.0055 1.0242 1.0372 1.0069 1.0149 2001 Mar 05 1.0125 1.0033 1.0104 1.0225 1.0281 1.0085 1.0009 12 1.0115 1.0030 1.0115 1.0287 1.0310 1.0158 1.0041 19 1.0041 1.0027 1.0082 1.0308 1.0218 1.0134 1.0018 26 0.9898 1.0020 1.0043 1.0304 1.0177 1.0065 1.0133 2001 Apr 02 1.0011 1.0018 1.0058 1.0296 0.9968 0.9914 1.0019 09 1.0287 1.0021 1.0090 1.0373 1.0062 0.9871 0.9986 16 1.0301 1.0012 1.0068 1.0352 1.0083 0.9909 0.9879 23 1.0105 1.0002 1.0058 1.0246 0.9886 0.9887 1.0075 30 0.9960 0.9993 1.0065 1.0027 0.9789 0.9965 1.0180 2001 May 07 1.0096 0.9986 1.0133 0.9915 0.9799 1.0076 1.0011 14 1.0049 0.9976 1.0113 0.9910 0.9864 1.0119 0.9978 21 0.9940 0.9963 1.0056 0.9904 0.9894 1.0112 1.0095 28 0.9862 0.9952 1.0044 0.9921 0.9883 1.0203 1.0279 2001 Jun 04 1.0114 0.9945 1.0044 0.9893 0.9836 1.0231 1.0126 11 1.0142 0.9943 1.0067 0.9932 0.9912 1.0175 1.0059 18 1.0039 0.9942 1.0070 0.9875 0.9785 1.0149 0.9982 25 0.9838 0.9943 1.0051 0.9817 0.9746 1.0069 0.9984 2001 Jul 02 0.9887 0.9960 0.9966 0.9738 0.9627 1.0021 1.0011 09 1.0154 0.9970 0.9931 0.9773 0.9712 1.0009 0.9867 16 1.0078 0.9972 0.9982 0.9781 0.9777 0.9975 0.9829 23 0.9920 0.9977 1.0009 0.9791 0.9741 0.9987 0.9877 30 0.9817 0.9978 0.9979 0.9796 0.9725 1.0011 0.9923 2001 Aug 06 1.0085 0.9982 0.9977 0.9843 0.9734 1.0003 0.9863 13 1.0040 0.9985 0.9963 0.9910 0.9864 1.0061 0.9820 20 0.9943 0.9989 0.9923 0.9934 0.9893 0.9957 0.9849 27 0.9810 0.9991 0.9914 0.9953 0.9945 0.9937 1.0024 2001 Sep 03 0.9994 0.9999 0.9933 0.9922 0.9836 0.9984 0.9908 10 1.0124 1.0002 0.9925 0.9967 0.9877 0.9960 0.9818 17 1.0056 1.0003 0.9920 0.9960 0.9851 0.9965 0.9894 24 0.9850 1.0002 0.9941 0.9899 0.9735 0.9912 0.9872 2001 Oct 01 0.9865 1.0010 0.9944 0.9847 0.9677 0.9818 0.9980 08 1.0081 1.0019 0.9974 0.9864 0.9741 0.9811 0.9883 15 1.0044 1.0015 0.9954 0.9924 0.9891 0.9865 0.9944 22 0.9876 1.0013 0.9935 0.9924 0.9916 0.9870 0.9926 29 0.9761 1.0011 0.9918 0.9896 0.9948 0.9903 1.0011 2001 Nov 05 1.0019 1.0018 0.9961 0.9848 0.9942 0.9944 0.9912 12 1.0022 1.0023 1.0022 0.9865 1.0042 0.9957 0.9908 19 0.9964 1.0022 1.0024 0.9866 1.0026 0.9966 0.9951 26 0.9835 1.0019 1.0001 0.9899 1.0096 0.9967 1.0078 2001 Dec 03 0.9988 1.0013 0.9997 0.9905 1.0089 0.9951 0.9990 10 1.0100 1.0009 1.0029 0.9981 1.0255 1.0004 0.9977 17 1.0043 1.0002 1.0036 1.0000 1.0261 0.9957 1.0034 24 0.9950 0.9997 0.9992 1.0010 1.0237 0.9854 1.0085 31 0.9984 0.9997 0.9909 0.9958 1.0167 0.9808 1.0282 2002 Jan 07 1.0236 1.0008 0.9930 1.0000 1.0097 0.9824 1.0145 14 1.0140 1.0015 0.9998 1.0127 1.0344 0.9970 1.0075 21 0.9937 1.0015 0.9902 1.0172 1.0418 0.9984 1.0063 28 0.9779 1.0017 0.9863 1.0158 1.0470 1.0038 1.0086 2002 Feb 04 0.9919 1.0025 0.9926 1.0153 1.0334 1.0120 0.9965 11 0.9981 1.0033 0.9979 1.0192 1.0377 1.0178 1.0016 18 0.9942 1.0038 1.0031 1.0198 1.0342 1.0135 1.0053 25 0.9867 1.0037 1.0037 1.0241 1.0365 1.0073 1.0141 2002 Mar 04 1.0050 1.0035 1.0070 1.0218 1.0295 1.0069 1.0000 11 1.0108 1.0033 1.0107 1.0286 1.0308 1.0129 1.0035 18 1.0055 1.0030 1.0100 1.0306 1.0208 1.0121 1.0014 25 0.9949 1.0024 1.0067 1.0318 1.0184 1.0058 1.0117 2002 Apr 01 1.0014 1.0027 1.0068 1.0307 1.0010 0.9933 1.0112 ------------------------------------------------------------------------------------------------------------------------------ 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 ------------+--------------------------+--------------------------+------------------------ 1999 October 1096.4 1101.4 4596.5 4594.6 6356.3 6312.9 November 1107.1 1109.6 4621.9 4614.6 6440.6 6393.7 December 1124.3 1123.0 4648.2 4643.7 6524.1 6489.8 2000 January 1122.8 1118.9 4668.7 4668.8 6565.2 6537.7 February 1108.8 1104.5 4684.4 4682.0 6597.2 6560.9 March 1113.2 1110.4 4715.2 4720.1 6668.2 6639.8 April 1117.3 1115.1 4752.6 4762.3 6719.8 6691.7 May 1106.6 1105.9 4759.2 4761.0 6752.7 6714.1 June 1105.7 1104.7 4780.3 4776.5 6803.0 6757.5 July 1103.9 1104.9 4801.1 4790.9 6851.7 6806.2 August 1099.6 1101.5 4832.3 4821.3 6911.1 6860.3 September 1095.7 1097.5 4865.3 4858.3 6963.9 6909.2 October 1096.3 1101.8 4888.2 4877.0 6990.4 6931.0 November 1089.2 1092.0 4905.9 4888.2 7015.7 6950.9 December 1091.2 1090.4 4945.6 4934.7 7089.5 7046.2 ------------------------------------------------------------------------------------------- Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (percent changes at annual rates) --------------+----------------------------+---------------------- | | Difference due to |Revised Old Difference |Benchmark Seasonals --------------+----------------------------+---------------------- 1999 January 0.5 -1.5 2.0 0.0 2.0 February -1.5 -1.9 0.4 0.0 0.4 March 6.7 7.8 -1.1 0.1 -1.2 April 5.8 6.3 -0.5 -0.1 -0.4 May -7.2 -6.0 -1.2 -0.1 -1.1 June -1.2 -1.7 0.5 0.0 0.5 July -2.5 -0.7 -1.8 0.0 -1.8 August -1.9 -0.9 -1.0 0.1 -1.1 September -2.6 -2.8 0.2 -0.2 0.4 October 3.3 5.8 -2.5 0.5 -3.0 November 11.7 8.9 2.8 0.5 2.3 December 18.6 14.5 4.1 0.5 3.6 2000 January -1.6 -4.4 2.8 0.0 2.8 February -15.0 -15.4 0.4 0.0 0.4 March 4.8 6.4 -1.6 0.0 -1.6 April 4.4 5.1 -0.7 0.2 -0.9 May -11.5 -9.9 -1.6 0.1 -1.7 June -1.0 -1.3 0.3 0.1 0.2 July -2.0 0.2 -2.2 0.1 -2.3 August -4.7 -3.7 -1.0 0.0 -1.0 September -4.3 -4.4 0.1 -0.8 0.9 October 0.7 4.7 -4.0 -0.1 -3.9 November -7.8 -10.7 2.9 0.0 2.9 December 2.2 -1.8 4.0 0.0 4.0 Quarterly 99Q4 5.0 4.8 0.2 0.3 -0.1 00Q1 2.0 0.0 2.0 0.1 1.9 00Q2 -1.8 -1.0 -0.8 0.1 -0.9 00Q3 -3.7 -2.6 -1.1 0.0 -1.1 00Q4 -2.7 -2.4 -0.3 -0.2 -0.1 Semi-Annual 99Q4 - 00Q2 0.1 -0.5 0.6 0.1 0.5 00Q2 - 00Q4 -3.2 -2.5 -0.7 -0.1 -0.6 Annual (Q4 to Q4) 1999 1.8 1.8 0.0 0.0 0.0 2000 -1.5 -1.5 0.0 0.0 0.0 ------------------------------------------------------------------ Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) --------------+----------------------------+---------------------- | | Difference due to |Revised Old Difference |Benchmark Seasonals --------------+----------------------------+---------------------- 1999 January 6.1 7.0 -0.9 0.0 -0.9 February 7.5 7.1 0.4 0.1 0.3 March 3.2 4.6 -1.4 0.0 -1.4 April 6.4 7.4 -1.0 0.0 -1.0 May 6.8 6.0 0.8 0.0 0.8 June 5.8 4.8 1.0 -0.1 1.1 July 7.2 6.1 1.1 0.0 1.1 August 4.7 4.7 0.0 0.0 0.0 September 4.3 5.1 -0.8 0.0 -0.8 October 5.3 4.7 0.6 0.1 0.5 November 6.6 5.2 1.4 0.1 1.3 December 6.8 7.6 -0.8 0.1 -0.9 2000 January 5.3 6.5 -1.2 0.1 -1.3 February 4.0 3.4 0.6 0.1 0.5 March 7.9 9.8 -1.9 0.1 -2.0 April 9.5 10.7 -1.2 0.3 -1.5 May 1.7 -0.3 2.0 0.3 1.7 June 5.3 3.9 1.4 0.2 1.2 July 5.2 3.6 1.6 0.2 1.4 August 7.8 7.6 0.2 0.2 0.0 September 8.2 9.2 -1.0 0.0 -1.0 October 5.6 4.6 1.0 0.2 0.8 November 4.3 2.8 1.5 0.1 1.4 December 9.7 11.4 -1.7 0.2 -1.9 Quarterly 99Q4 5.5 5.2 0.3 0.1 0.2 00Q1 5.8 6.3 -0.5 0.1 -0.6 00Q2 6.4 6.5 -0.1 0.2 -0.3 00Q3 5.8 4.8 1.0 0.2 0.8 00Q4 6.6 6.3 0.3 0.1 0.2 Semi-Annual 99Q4 - 00Q2 6.1 6.5 -0.4 0.2 -0.6 00Q2 - 00Q4 6.3 5.6 0.7 0.2 0.5 Annual (Q4 to Q4) 1999 6.3 6.2 0.1 0.1 0.0 2000 6.3 6.1 0.2 0.2 0.0 ------------------------------------------------------------------ Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) --------------+----------------------------+---------------------- | | Difference due to |Revised Old Difference |Benchmark Seasonals --------------+----------------------------+---------------------- 1999 January 5.6 6.4 -0.8 -0.1 -0.7 February 11.0 9.9 1.1 0.8 0.3 March 1.1 2.1 -1.0 0.2 -1.2 April 7.0 7.2 -0.2 -0.4 0.2 May 7.4 6.3 1.1 -0.2 1.3 June 6.9 6.1 0.8 -0.1 0.9 July 5.9 4.8 1.1 0.0 1.1 August 4.0 3.8 0.2 -0.3 0.5 September 4.9 5.5 -0.6 -0.9 0.3 October 10.1 10.2 -0.1 -0.3 0.2 November 15.9 15.4 0.5 0.1 0.4 December 15.6 18.0 -2.4 0.3 -2.7 2000 January 7.6 8.9 -1.3 0.1 -1.4 February 5.8 4.3 1.5 0.5 1.0 March 12.9 14.4 -1.5 0.5 -2.0 April 9.3 9.4 -0.1 -0.3 0.2 May 5.9 4.0 1.9 0.0 1.9 June 8.9 7.8 1.1 0.2 0.9 July 8.6 8.6 0.0 -0.6 0.6 August 10.4 9.5 0.9 0.2 0.7 September 9.2 8.6 0.6 0.5 0.1 October 4.6 3.8 0.8 0.1 0.7 November 4.3 3.4 0.9 0.0 0.9 December 12.6 16.5 -3.9 0.0 -3.9 Quarterly 99Q4 10.3 10.5 -0.2 -0.3 0.1 00Q1 10.6 11.3 -0.7 0.3 -1.0 00Q2 9.0 8.6 0.4 0.1 0.3 00Q3 8.9 8.2 0.7 0.0 0.7 00Q4 7.1 6.8 0.3 0.1 0.2 Semi-Annual 99Q4 - 00Q2 9.9 10.1 -0.2 0.2 -0.4 00Q2 - 00Q4 8.1 7.6 0.5 0.0 0.5 Annual (Q4 to Q4) 1999 7.7 7.7 0.0 -0.1 0.1 2000 9.2 9.0 0.2 0.1 0.1 ------------------------------------------------------------------