Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 30, 2003
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For Release at
4:30 P.M. Eastern time
  January 30, 2003

H.6 (508)						

MONEY STOCK REVISIONS



Measures of the money stock and components have been revised to incorporate the results of the 
annual seasonal factor review.  This release includes revised monthly and weekly seasonal factors, as 
well as comparisons of the revised monetary aggregates with previously published data.    		
		
     
Seasonally adjusted measures of the monetary aggregates and components incorporate revised 
seasonal factors, which were derived from data through December 2002.  Monthly seasonal factors were 
estimated using the X-12-ARIMA procedure.  The revisions to seasonal factors raised M2 and M3 
growth rates on average in the first half of 2002 while lowering them in the second half of the year.

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

1
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.6 (508)
 Table 1                  These data are scheduled for release each Thursday at 4:30 p.m.
                                                                     January 30, 2003
 MONEY STOCK MEASURES
 Billions of dollars	                        
 ----------------------------------------------------------------------------------------
           Date                M11                    M22                    M33 
 ----------------------------------------------------------------------------------------
                                   Seasonally adjusted                         
 ----------------------------------------------------------------------------------------
       2001-Jan.                1093.3                 4981.2                 7196.1
            Feb.                1100.2                 5026.4                 7270.9
            Mar.                1108.0                 5079.3                 7338.2
            Apr.                1106.3                 5125.0                 7454.9
            May                 1117.0                 5149.8                 7534.0
            June                1126.1                 5194.3                 7621.3
            July                1138.3                 5228.6                 7658.7
            Aug.                1149.7                 5262.0                 7667.6
            Sep.                1201.8                 5372.7                 7824.5
            Oct.                1164.5                 5358.5                 7858.9
            Nov.                1165.9                 5399.0                 7932.8
            Dec.                1173.4                 5440.6                 7993.5
                                                                                    
       2002-Jan.                1179.7                 5464.4                 8004.7
            Feb.                1186.1                 5502.7                 8056.0
            Mar.                1188.1                 5503.5                 8068.4
            Apr.                1173.7                 5491.5                 8071.2
            May                 1184.4                 5557.3                 8135.1
            June                1190.2                 5589.1                 8171.4
            July                1197.4                 5638.0                 8221.0
            Aug.                1186.3                 5677.1                 8291.0
            Sep.                1192.5                 5703.5                 8333.5
            Oct.                1203.9                 5741.7                 8338.1
            Nov.                1203.4                 5778.6                 8454.5
            Dec.                1211.6                 5791.7                 8502.1
                                                                                    
 ----------------------------------------------------------------------------------------
                                 Not seasonally adjusted  		    	 
 ----------------------------------------------------------------------------------------
       2001-Jan.                1099.5                 4989.0                 7228.3
            Feb.                1087.5                 5018.6                 7301.2
            Mar.                1107.3                 5110.1                 7395.4
            Apr.                1122.6                 5184.1                 7512.1
            May                 1110.9                 5121.5                 7517.5
            June                1123.0                 5173.6                 7597.2
            July                1136.6                 5203.3                 7607.7
            Aug.                1141.9                 5240.4                 7617.9
            Sep.                1191.2                 5355.0                 7759.0
            Oct.                1155.4                 5339.3                 7803.3
            Nov.                1164.7                 5402.9                 7939.0
            Dec.                1203.5                 5483.5                 8065.2
                                                                                    
       2002-Jan.                1185.9                 5471.7                 8046.5
            Feb.                1172.1                 5489.8                 8088.3
            Mar.                1189.8                 5538.4                 8133.8
            Apr.                1189.1                 5553.8                 8129.8
            May                 1178.7                 5525.7                 8113.1
            June                1187.8                 5565.3                 8145.0
            July                1195.0                 5609.3                 8167.8
            Aug.                1178.4                 5654.9                 8239.5
            Sep.                1182.5                 5681.3                 8258.6
            Oct.                1193.6                 5720.9                 8281.5
            Nov.                1202.0                 5793.1                 8470.2
            Dec.                1241.5                 5841.0                 8579.6
                                                                                    
  ---------------------------------------------------------------------------------------
  Footnotes appear on the following page

 p -- indicates preliminary data
1 
  
  
  
 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Percent change at seasonally adjusted annual rates
 ---------------------------------------------------------------------------------------------------------
                                                          M1                   M2                   M3  
 ---------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2002 TO Dec. 2002                     6.4                  6.2                  8.1
  6 Months from June 2002 TO Dec. 2002                     3.6                  7.2                  8.1
 12 Months from Dec. 2001 TO Dec. 2002                     3.3                  6.5                  6.4
                                                                                                              
 Thirteen weeks ending                                                                
 January 20 , 2003                                             
 from thirteen weeks ending:                                                             
                                                                                          
 Oct. 21, 2002 (13 weeks previous)                         4.8                  6.3                  7.4
 July 22, 2002 (26 weeks previous)                         3.1                  7.4                  7.5
 Jan. 21, 2002 (52 weeks previous)                         3.1                  6.7                  6.3
 ---------------------------------------------------------------------------------------------------------
  
 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.                
  
 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
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2002-Oct. 28             1193.7        1203.8        1216.1          5704.7        5739.4        5757.3          8317.6        8334.1        8358.1
                                                                                                                                                     
       Nov.  4             1195.3        1207.1        1205.2          5712.3        5749.4        5760.6          8326.5        8348.3        8373.4
            11             1197.1        1207.1        1199.8          5720.5        5759.3        5774.6          8337.8        8370.4        8415.6
            18             1198.3        1205.4        1200.3          5728.8        5769.5        5785.5          8351.0        8404.7        8471.7
            25             1199.2        1202.2        1203.4          5735.9        5775.6        5781.8          8365.0        8439.1        8495.6
                                                                                                                                                     
       Dec.  2             1200.4        1203.8        1211.5          5743.4        5781.9        5785.7          8379.0        8469.0        8493.1
             9             1202.1        1204.9        1204.5          5750.7        5784.6        5785.2          8393.1        8489.8        8498.6
            16             1203.7        1206.7        1207.2          5757.6        5785.2        5788.2          8406.2        8498.6        8507.1
            23             1205.2        1209.9        1216.4          5764.3        5789.0        5796.9          8418.6        8500.4        8502.8
            30             1206.2        1211.2        1216.8          5770.2        5791.6        5796.2          8430.8        8503.6        8505.7
                                                                                                                                                     
  2003-Jan.  6             1207.2        1211.5        1205.6          5775.7        5793.3        5792.0          8442.3        8495.6        8466.6
            13p            1206.8        1208.4        1194.7          5780.5        5795.9        5798.3          8452.8        8484.6        8463.3
            20p            1207.3        1207.6        1213.4          5786.7        5803.0        5825.3          8465.1        8482.7        8495.0
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Not seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2002-Oct. 28             1183.6        1188.0        1219.3          5683.6        5722.2        5704.2          8256.8        8279.2        8281.2
                                                                                                                                                     
       Nov.  4             1186.2        1199.3        1210.4          5691.9        5733.9        5769.9          8266.4        8301.0        8346.3
            11             1187.9        1199.3        1173.7          5701.4        5746.5        5784.9          8279.8        8330.3        8415.2
            18             1189.2        1198.4        1190.0          5712.8        5766.6        5807.5          8299.3        8385.8        8500.6
            25             1190.6        1196.1        1210.3          5723.3        5782.2        5766.5          8320.2        8441.1        8502.3
                                                                                                                                                     
       Dec.  2             1193.2        1207.7        1256.6          5735.8        5795.7        5823.8          8342.5        8490.0        8541.8
             9             1195.8        1213.4        1196.7          5745.4        5808.2        5834.8          8365.1        8530.6        8577.8
            16             1199.5        1219.8        1215.4          5756.5        5820.4        5856.5          8389.9        8561.6        8624.6
            23             1205.8        1231.5        1257.2          5771.0        5838.2        5837.7          8416.7        8579.8        8575.1
            30             1211.7        1239.7        1289.6          5784.8        5840.2        5831.7          8442.9        8583.8        8557.8
                                                                                                                                                     
  2003-Jan.  6             1217.2        1249.8        1236.8          5796.3        5849.7        5872.7          8463.7        8571.7        8529.2
            13p            1219.1        1245.5        1198.2          5805.2        5848.1        5850.2          8483.4        8554.0        8553.9
            20p            1220.8        1235.2        1216.3          5813.5        5847.6        5835.7          8504.7        8549.2        8555.8
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
 p -- 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  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2001-Aug.                       561.8               8.7                 318.8               139.0               121.5               260.5
       Sep.                       567.5               8.4                 365.6               139.3               121.0               260.3
                                                                                                                                           
       Oct.                       571.8               8.1                 331.0               140.4               113.2               253.6
       Nov.                       575.9               7.8                 327.3               141.0               113.9               254.9
       Dec.                       581.4               7.8                 325.6               141.8               116.9               258.8
                                                                                                                                           
                                                                                                                                           
  2002-Jan.                       587.0               7.9                 324.9               142.4               117.5               259.9
       Feb.                       591.9               7.8                 325.1               143.0               118.3               261.3
       Mar.                       595.7               7.8                 323.3               143.4               118.0               261.4
                                                                                                                                           
       Apr.                       599.8               7.7                 305.2               143.6               117.4               261.0
       May                        604.6               7.8                 306.5               145.3               120.2               265.5
       June                       609.0               8.2                 305.6               145.8               121.6               267.4
                                                                                                                                           
       July                       613.3               8.5                 304.5               148.0               123.0               271.1
       Aug.                       615.9               8.3                 289.6               149.5               123.0               272.5
       Sep.                       617.8               7.9                 292.0               151.1               123.6               274.8
                                                                                                                                           
       Oct.                       620.5               7.7                 299.3               151.6               124.8               276.4
       Nov.                       623.2               7.5                 294.1               152.1               126.5               278.7
       Dec.                       626.9               7.5                 296.5               153.8               126.9               280.7
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2002-Nov. 25                    623.2               7.4                 293.4               152.5               126.8               279.3
                                                                                                                                           
       Dec.  2                    625.9               7.4                 298.2               153.1               126.9               280.0
             9                    626.5               7.5                 289.9               154.1               126.5               280.6
            16                    626.5               7.5                 292.5               154.0               126.7               280.7
            23                    626.9               7.6                 301.2               154.0               126.7               280.7
            30                    627.8               7.6                 300.4               153.5               127.4               280.9
                                                                                                                                           
  2003-Jan.  6                    628.6               7.7                 290.3               152.0               127.1               279.1
            13p                   628.9               7.7 e               282.9               151.4               123.9               275.2
            20p                   630.8               7.7 e               298.1               150.8               126.1               276.9
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 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
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-Aug.                  1613.3          518.2         2131.4          667.9          347.0         1014.9          965.9         4112.3
       Sep.                  1655.3          527.4         2182.8          663.4          345.8         1009.2          979.0         4170.9
                                                                                                                                            
       Oct.                  1665.9          540.5         2206.4          657.8          342.6         1000.4          987.3         4194.0
       Nov.                  1704.9          552.4         2257.3          648.5          338.6          987.1          988.7         4233.1
       Dec.                  1734.5          569.0         2303.5          634.2          338.7          972.9          990.7         4267.1
                                                                                                                                            
                                                                                                                                            
  2002-Jan.                  1764.5          580.1         2344.6          627.3          333.4          960.7          979.3         4284.6
       Feb.                  1796.4          598.3         2394.7          620.5          329.2          949.7          972.2         4316.6
       Mar.                  1805.1          612.3         2417.4          614.6          326.0          940.5          957.3         4315.3
                                                                                                                                            
       Apr.                  1822.1          624.2         2446.3          609.9          322.8          932.7          938.8         4317.8
       May                   1862.0          632.4         2494.5          612.9          314.0          926.8          951.6         4372.9
       June                  1884.8          641.4         2526.2          610.3          310.7          921.0          951.6         4398.8
                                                                                                                                            
       July                  1909.9          653.1         2563.0          606.3          308.7          915.0          962.5         4440.6
       Aug.                  1955.5          664.9         2620.5          602.0          306.7          908.7          961.7         4490.8
       Sep.                  1982.7          676.8         2659.5          595.9          304.3          900.2          951.3         4511.0
                                                                                                                                            
       Oct.                  2006.4          689.7         2696.0          590.9          302.3          893.2          948.5         4537.7
       Nov.                  2041.2          698.1         2739.3          586.3          300.4          886.8          949.2         4575.2
       Dec.                  2047.4          710.8         2758.2          580.9          299.0          879.9          942.0         4580.1
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2002-Nov. 25               2040.5          701.0         2741.5          584.9          300.5          885.4          951.6         4578.5
                                                                                                                                            
       Dec.  2               2037.0          706.9         2744.0          584.1          300.2          884.3          946.0         4574.2
             9               2046.6          706.2         2752.8          582.7          299.6          882.4          945.5         4580.7
            16               2047.1          710.1         2757.3          581.5          299.1          880.6          943.1         4581.0
            23               2051.0          710.0         2761.1          580.0          298.6          878.7          940.8         4580.5
            30               2045.6          718.5         2764.1          579.0          298.3          877.3          938.1         4579.5
                                                                                                                                            
  2003-Jan.  6               2063.1          710.7         2773.8          578.0          297.8          875.8          936.7         4586.4
            13p              2081.1          720.8         2802.0          577.1          297.4          874.5          927.0         4603.6
            20p              2087.0          724.9         2811.9          576.0          297.3          873.3          926.7         4611.9
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 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
 Billions of dollars
 -----------------------------------------------------------------------------------------------------------------------------------------
                                                Large-denomination time deposits1
                         Institutional    --------------------------------------------
     Date                    money        At commercial      At thrift                                                            Total
                             funds           banks2        institutions        Total             RPs3         Eurodollars4      Non-M2 M3
 ------------------------------------------------------------------------------------------------------------------------------------------
   2001-Aug.                  1030.0            681.0           114.8            795.8            372.0            207.8           2405.6        
        Sep.                  1085.3            680.1           115.5            795.6            363.3            207.7           2451.8   
                                                                                                                                         
        Oct.                  1149.4            671.6           115.5            787.1            360.2            203.7           2500.4
        Nov.                  1169.4            666.5           114.2            780.7            376.7            207.0           2533.8       
        Dec.                  1189.7            670.8           114.9            785.7            375.0            202.5           2552.9
                                                                                                                                         
                                                                                                                                         
   2002-Jan.                  1174.5            675.1           115.4            790.5            373.0            202.3           2540.3
        Feb.                  1179.6            677.9           115.4            793.3            372.9            207.6           2553.3     
        Mar.                  1184.6            681.8           115.1            796.9            374.6            208.8           2564.9   
                                                                                                                                         
        Apr.                  1188.5            692.6           115.5            808.1            375.3            207.7           2579.7
        May                   1188.1            702.3           112.4            814.7            371.4            203.6           2577.8
        June                  1196.6            702.9           111.0            813.9            371.8            200.1           2582.4
                                                                                                                                            
        July                  1192.1            706.4           111.1            817.5            373.1            200.3           2583.1
        Aug.                  1191.2            706.4           112.5            818.8            399.9            203.9           2613.9       
        Sep.                  1183.0            704.4           112.7            817.1            422.5            207.5           2630.1         
                                                                                                                                         
        Oct.                  1142.2            710.7           113.5            824.2            420.9            209.2           2596.5
        Nov.                  1207.5            701.1           115.0            816.0            440.5            211.8           2675.8
        Dec.                  1232.9            678.7           116.4            795.1            469.0            213.4           2710.4
                                                                                                                                                   
                                                                                                                                                  
                                                                                                                                                                     
 Week ending:					  			 																                               
   2002-Nov. 25               1243.9            696.5           115.3            811.7            444.9            213.3           2713.8                          
                                                                                                                                                            
        Dec.  2               1234.8            691.8           116.4            808.1            450.6            213.9           2707.4                       
              9               1243.3            683.1           116.3            799.5            456.7            213.9           2713.4                           
             16               1241.1            676.7           115.8            792.5            471.8            213.5           2718.8                       
             23               1226.4            676.9           116.0            792.9            473.3            213.2           2705.9                        
             30               1222.4            676.0           116.8            792.8            481.3            213.0           2709.5                    
                                                                                                                                                               
   2003-Jan.  6               1217.9            670.5           117.5            787.9            456.6            212.1           2674.6                  
             13p              1195.3            681.6           117.0            798.6            454.7            216.5           2665.1                     
             20p              1179.5            695.5           117.6            813.1            460.9            216.2           2669.7                     
                                                                                                                                                             
                                                                                                                                                                   
                                                                                                                                         
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at 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.                                                  
 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  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2001-Aug.                       561.8               8.4                 316.1               135.5               120.0               255.5
       Sep.                       566.2               8.3                 361.5               135.5               119.7               255.3
                                                                                                                                           
       Oct.                       569.7               8.1                 327.4               138.8               111.4               250.2
       Nov.                       575.4               7.9                 329.3               138.7               113.4               252.1
       Dec.                       584.9               7.9                 347.6               145.6               117.5               263.2
                                                                                                                                           
                                                                                                                                           
  2002-Jan.                       584.7               8.0                 329.1               148.4               115.7               264.1
       Feb.                       591.0               8.0                 316.2               141.8               115.2               257.0
       Mar.                       596.1               7.9                 321.9               144.1               119.9               263.9
                                                                                                                                           
       Apr.                       599.6               7.9                 309.2               149.3               123.1               272.4
       May                        605.1               7.9                 299.8               144.9               121.0               265.9
       June                       610.4               8.0                 301.8               144.2               123.4               267.6
                                                                                                                                           
       July                       615.3               8.2                 303.3               145.9               122.3               268.2
       Aug.                       616.3               8.1                 287.0               145.8               121.2               267.0
       Sep.                       616.1               7.8                 289.3               147.4               121.9               269.3
                                                                                                                                           
       Oct.                       617.9               7.7                 294.9               150.2               122.8               273.0
       Nov.                       622.8               7.6                 296.2               149.4               126.1               275.4
       Dec.                       630.2               7.7                 316.9               158.3               128.4               286.7
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2002-Nov. 25                    622.3               7.6                 302.6               153.5               124.2               277.7
                                                                                                                                           
       Dec.  2                    626.2               7.6                 333.3               157.6               131.9               289.5
             9                    627.0               7.6                 283.5               149.5               129.1               278.6
            16                    627.6               7.7                 303.0               151.3               125.9               277.2
            23                    633.1               7.7                 326.5               162.6               127.3               289.9
            30                    634.1               7.7                 348.0               170.3               129.4               299.7
                                                                                                                                           
  2003-Jan.  6                    631.1               7.7                 307.3               159.2               131.5               290.6
            13p                   627.4               7.8 e               285.7               152.8               124.4               277.3
            20p                   628.1               7.8 e               299.8               158.5               122.0               280.6
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 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
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-Aug.                  1607.8          516.4         2124.1          667.9          347.0         1014.9          959.5         4098.6
       Sep.                  1655.8          527.6         2183.3          664.0          346.1         1010.1          970.4         4163.8
                                                                                                                                            
       Oct.                  1662.0          539.2         2201.2          659.0          343.3         1002.2          980.4         4183.9
       Nov.                  1710.8          554.3         2265.1          650.3          339.5          989.9          983.2         4238.2
       Dec.                  1742.3          571.5         2313.8          635.2          339.2          974.4          991.8         4280.0
                                                                                                                                            
                                                                                                                                            
  2002-Jan.                  1758.1          578.0         2336.2          627.8          333.7          961.5          988.1         4285.8
       Feb.                  1787.6          595.3         2382.9          620.7          329.3          950.0          984.8         4317.7
       Mar.                  1816.1          616.1         2432.2          613.8          325.5          939.3          977.1         4348.6
                                                                                                                                            
       Apr.                  1842.5          631.2         2473.7          608.7          322.2          930.9          960.1         4364.7
       May                   1852.9          629.3         2482.3          611.9          313.5          925.4          939.4         4347.0
       June                  1880.7          640.0         2520.7          609.1          310.1          919.3          937.5         4377.4
                                                                                                                                            
       July                  1899.2          649.4         2548.6          605.8          308.4          914.2          951.5         4414.3
       Aug.                  1948.6          662.6         2611.1          602.3          306.8          909.0          956.3         4476.5
       Sep.                  1979.4          675.6         2655.0          596.6          304.6          901.2          942.6         4498.8
                                                                                                                                            
       Oct.                  2002.0          688.2         2690.1          591.9          302.8          894.6          942.5         4527.2
       Nov.                  2054.4          702.6         2757.0          587.7          301.1          888.9          945.2         4591.0
       Dec.                  2059.9          715.2         2775.1          581.6          299.3          880.9          943.5         4599.5
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2002-Nov. 25               2022.8          694.9         2717.6          586.2          301.1          887.3          951.3         4556.2
                                                                                                                                            
       Dec.  2               2031.3          704.9         2736.2          585.3          300.8          886.1          945.0         4567.3
             9               2085.9          719.8         2805.8          583.8          300.2          883.9          948.3         4638.0
            16               2087.7          724.2         2811.9          582.2          299.5          881.7          947.4         4641.1
            23               2048.8          709.3         2758.1          580.4          298.8          879.2          943.2         4580.5
            30               2018.7          709.1         2727.8          579.3          298.4          877.7          936.7         4542.1
                                                                                                                                            
  2003-Jan.  6               2103.6          724.6         2828.3          578.9          298.3          877.2          930.5         4636.0
            13p              2108.8          730.4         2839.2          577.6          297.7          875.4          937.5         4652.1
            20p              2082.6          723.3         2806.0          576.1          297.4          873.4          940.0         4619.4
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 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
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           Large-denomination time deposits1                      RPs3
                       Institutional   -----------------------------------------     ------------------------------------------
     Date                  money       At commercial      At thrift                  At commercial      At thrift                                   Total
                           funds          banks2        institutions     Total          banks2        institutions     Total     Eurodollars4    Non-M2 M3 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
  2001-Aug.                 1012.3           677.4          114.2          791.6           313.5           56.1          369.6        204.0         2377.5    
       Sep.                 1050.2           679.3          115.3          794.6           305.2           49.6          354.8        204.3         2404.0           
                                                                                                                                                                       
       Oct.                 1126.2           671.9          115.6          787.5           301.7           48.7          350.4        200.0         2464.0                        
       Nov.                 1174.2           668.3          114.5          782.8           320.0           53.4          373.4        205.7         2536.1                      
       Dec.                 1217.7           669.7          114.7          784.4           315.5           61.1          376.5        203.0         2581.7                    
                                                                                                                                                                           
                                                                                                                                                                            
  2002-Jan.                 1210.7           670.7          114.7          785.4           300.3           75.3          375.6        203.1         2574.9                        
       Feb.                 1215.4           675.3          115.0          790.3           301.2           80.4          381.5        211.3         2598.5      
       Mar.                 1208.0           680.6          114.9          795.5           301.9           76.9          378.9        213.0         2595.3                  
                                                                                                                                                                       
       Apr.                 1185.4           692.1          115.4          807.5           306.1           65.6          371.7        211.4         2576.0                    
       May                  1183.1           708.3          113.3          821.7           314.4           62.2          376.6        206.1         2587.4                 
       June                 1182.7           707.7          111.8          819.5           317.9           60.5          378.4        199.2         2579.7               
                                                                                                                                                                         
       July                 1169.8           706.3          111.1          817.5           316.2           57.8          374.0        197.3         2558.6            
       Aug.                 1170.7           704.1          112.1          816.2           339.5           57.8          397.4        200.4         2584.6    
       Sep.                 1144.1           704.7          112.7          817.4           358.2           53.0          411.2        204.7         2577.3                
                                                                                                                                                                              
       Oct.                 1119.2           712.9          113.9          826.8           358.5           50.4          408.8        205.8         2560.7        
       Nov.                 1211.4           703.3          115.3          818.6           383.8           52.0          435.8        211.3         2677.1                    
       Dec.                 1260.7           677.1          116.1          793.2           419.8           51.0          470.8        214.0         2738.6                     
                                                                                                                                                                               
                                                                                                                                                                            
                                                                                                                                                                                
 Week ending:					  			  															                                                      
  2002-Nov. 25              1268.5           699.2          115.7          814.9           384.9           53.7          438.5        213.8         2735.8
                                                                                                                                                                       
       Dec.  2              1252.0           689.6          116.0          805.7           391.1           54.6          445.7        214.6         2717.9
             9              1274.6           681.3          116.0          797.3           405.2           53.3          458.5        212.6         2743.0
            16              1285.9           678.5          116.1          794.6           421.0           53.7          474.8        212.8         2768.1     
            23              1255.7           677.0          116.1          793.1           426.0           49.8          475.8        212.8         2737.4            
            30              1236.7           672.0          116.1          788.2           437.2           46.8          483.9        217.2         2726.1              
                                                                                                                                                                               
  2003-Jan.  6              1206.6           664.9          116.5          781.4           406.7           46.6          453.3        215.2         2656.5                   
            13p             1234.8           678.5          116.4          795.0           411.8           45.8          457.6        216.4         2703.7
            20p             1233.1           689.6          116.5          806.1           416.9           47.5          464.4        216.4         2720.1          
                                                                                                                                                                            
                                                                                                                                                                           
                                                                                                                                                          
 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 
 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.                                                  
 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
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2001-Aug.                8.0          1.1         21.9            1.1          5.0         26.7         32.8       10.8        160.9          95.5         162.4         418.9  
       Sep.                8.1          1.3         20.2            2.1          6.6         19.6         28.4       11.4        160.5          95.7         166.3         422.5  
                                                                                                                                                                                  
       Oct.                8.2          1.6         19.2            2.6          5.2         27.8         35.6       11.5        160.3          95.5         167.4         423.2  
       Nov.                8.4          1.4         18.8            2.8          5.1         22.5         30.4       11.1        160.3          95.1         166.5         421.8  
       Dec.                8.5          1.5         18.4            4.1          5.3         27.2         36.5       10.7        160.2          94.7         165.6         420.5  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2002-Jan.                8.6          1.3         18.2            3.5          7.0         39.2         49.7       11.5        160.0          95.3         164.9         420.2  
       Feb.                8.7          1.3         18.1            2.6          4.9         33.0         40.5       13.0        159.8          96.3         164.3         420.5  
       Mar.                8.8          1.1         18.1            2.7          5.6         16.9         25.1       14.6        159.7          97.3         163.8         420.7  
                                                                                                                                                                                  
       Apr.                8.6          1.0         18.0            4.6          6.1          5.8         16.5       14.2        160.5          97.5         162.6 e       420.6 e
       May                 8.2          1.0         17.9            3.0          5.1          7.5         15.5       12.4        162.1          97.0         160.9 e       420.0 e
       June                7.8          1.0         17.8            4.2          6.1         16.3         26.6       10.6        163.7          96.5         159.3 e       419.5 e
                                                                                                                                                                                  
       July                7.4          1.0         16.9            5.3          5.3         11.8         22.4       11.6        164.9          96.6         158.6 e       420.1 e
       Aug.                7.0          1.0         15.5            4.6          5.1         18.3         27.9       14.5        165.8          97.0         158.6 e       421.5 e
       Sep.                6.6          1.1         14.1            5.1          5.8         27.7         38.6       17.3        166.7          97.5         158.6 e       422.8 e
                                                                                                                                                                                  
       Oct.                6.4 e        1.1 e       13.5 e          3.1          4.9         18.6         26.5       18.4 e      167.3 e        97.7 e       158.6 e       423.6 e
       Nov.                6.4 e        1.1 e       13.5 e          3.2          5.0         16.1         24.3       18.4 e      167.8 e        97.7 e       158.6 e       424.1 e
       Dec.                6.4 e        1.1 e       13.5 e          3.8          4.9         15.3         24.0       18.4 e      168.2 e        97.7 e       158.6 e       424.5 e
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2002-Nov. 25                                                      2.8          5.0         24.3         32.1                                                                    
                                                                                                                                                                                  
       Dec.  2                                                      3.0          4.9         24.1         32.0                                                                    
             9                                                      3.5          3.8          0.5          7.8                                                                    
            16                                                      4.1          5.5          9.0         18.6                                                                    
            23                                                      3.7          5.3         25.4         34.4                                                                    
            30                                                      3.7          5.1         21.9         30.7                                                                    
                                                                                                                                                                                  
  2003-Jan.  6                                                      3.8          4.6         16.4         24.8                                                                    
            13p                                                     3.3          5.3          3.2         11.8                                                                    
            20p                                                     4.5          5.8          4.5         14.8                                                                    
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.
  e -- indicates estimated data	p -- indicates preliminary data

                                     Appendix Table 1
                      Monthly Seasonal Factors Used to Construct M1
-----------------------------------------------------+-------------------------------------
                            Nonbank         Demand   |   Other checkable deposits [1]
             Currency   travelers checks   deposits  |     total            at banks
-----------------------------------------------------+-------------------------------------
2002
    January   0.9961         1.0103         1.0129         1.0160            1.0423
   February   0.9985         1.0133         0.9725         0.9837            0.9915
      March   1.0006         1.0158         0.9956         1.0099            1.0048
      April   0.9997         1.0190         1.0130         1.0439            1.0400
        May   1.0009         1.0112         0.9782         1.0014            0.9969
       June   1.0022         0.9802         0.9876         1.0008            0.9887
       July   1.0034         0.9571         0.9961         0.9892            0.9852
     August   1.0007         0.9684         0.9910         0.9799            0.9756
  September   0.9971         0.9890         0.9908         0.9802            0.9755
    October   0.9959         1.0042         0.9854         0.9877            0.9909
   November   0.9993         1.0214         1.0071         0.9885            0.9822
   December   1.0052         1.0173         1.0689         1.0216            1.0292
2003
    January   0.9966         1.0095         1.0161         1.0156            1.0433
   February   0.9985         1.0127         0.9722         0.9830            0.9909
      March   0.9995         1.0155         0.9962         1.0099            1.0038
      April   1.0002         1.0186         1.0123         1.0428            1.0374
        May   1.0011         1.0103         0.9764         1.0003            0.9956
       June   1.0019         0.9792         0.9885         0.9995            0.9869
       July   1.0038         0.9573         0.9920         0.9897            0.9864
     August   1.0019         0.9701         0.9970         0.9799            0.9761
  September   0.9968         0.9889         0.9866         0.9805            0.9771
    October   0.9963         1.0024         0.9865         0.9867            0.9913
   November   0.9985         1.0213         1.0096         0.9903            0.9817
   December   1.0049         1.0164         1.0671         1.0233            1.0308
2004
    January   0.9966         1.0097         1.0160         1.0167            1.0439
   February   0.9987         1.0130         0.9756         0.9832            0.9911
      March   0.9990         1.0151         0.9926         1.0099            1.0030
-------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------+-------------------------------+----------------------
2002
    January       0.9964             1.0008             0.9935           1.0090          1.0309        1.0071    1.0040
   February       0.9951             1.0003             0.9963           1.0130          1.0303        1.0232    1.0181
      March       1.0061             0.9987             0.9982           1.0206          1.0197        1.0115    1.0201
      April       1.0112             0.9981             0.9992           1.0226          0.9974        0.9903    1.0178
        May       0.9951             0.9984             1.0086           0.9871          0.9957        1.0140    1.0123
       June       0.9978             0.9981             1.0069           0.9852          0.9884        1.0176    0.9953
       July       0.9944             0.9991             0.9999           0.9886          0.9813        1.0024    0.9849
     August       0.9964             1.0004             0.9968           0.9944          0.9828        0.9936    0.9827
  September       0.9983             1.0011             1.0004           0.9909          0.9671        0.9731    0.9865
    October       0.9978             1.0016             1.0031           0.9936          0.9799        0.9712    0.9842
   November       1.0065             1.0024             1.0031           0.9958          1.0033        0.9894    0.9975
   December       1.0061             1.0011             0.9976           1.0016          1.0225        1.0038    1.0027
2003
    January       0.9978             1.0003             0.9917           1.0086          1.0311        1.0077    1.0039
   February       0.9948             0.9998             0.9945           1.0123          1.0318        1.0235    1.0157
      March       1.0053             0.9986             0.9969           1.0189          1.0186        1.0123    1.0174
      April       1.0115             0.9983             0.9979           1.0211          0.9975        0.9923    1.0148
        May       0.9950             0.9988             1.0084           0.9863          0.9947        1.0144    1.0079
       June       0.9954             0.9988             1.0066           0.9849          0.9888        1.0178    0.9933
       July       0.9930             0.9996             0.9998           0.9902          0.9812        1.0030    0.9862
     August       0.9963             1.0007             0.9985           0.9959          0.9824        0.9930    0.9852
  September       0.9980             1.0010             1.0014           0.9913          0.9681        0.9711    0.9899
    October       0.9987             1.0013             1.0062           0.9942          0.9810        0.9710    0.9893
   November       1.0073             1.0018             1.0045           0.9969          1.0032        0.9887    1.0007
   December       1.0079             1.0008             0.9972           1.0016          1.0216        1.0031    1.0035
2004
    January       0.9993             0.9999             0.9903           1.0078          1.0316        1.0083    1.0035
   February       0.9946             0.9995             0.9931           1.0117          1.0325        1.0240    1.0125
      March       1.0040             0.9988             0.9961           1.0177          1.0184        1.0131    1.0138
----------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------+------------------------------------
  2002 Dec 02   1.0005        1.0266         1.1175        1.0340            1.0298
           09   1.0007        1.0227         0.9782        0.9929            0.9704
           16   1.0017        1.0189         1.0358        0.9877            0.9825
           23   1.0098        1.0150         1.0839        1.0328            1.0560
           30   1.0101        1.0113         1.1586        1.0670            1.1094

  2003 Jan 06   1.0039        1.0075         1.0589        1.0414            1.0473
           13   0.9977        1.0085         1.0102        1.0073            1.0094
           20   0.9958        1.0096         1.0057        1.0134            1.0512
           27   0.9929        1.0106         0.9984        1.0094            1.0680

  2003 Feb 03   0.9942        1.0117         1.0165        1.0107            1.0402
           10   0.9992        1.0122         0.9393        0.9705            0.9736
           17   1.0005        1.0127         0.9738        0.9662            0.9746
           24   0.9976        1.0132         0.9762        0.9856            0.9994

  2003 Mar 03   0.9985        1.0136         0.9871        1.0087            0.9983
           10   1.0011        1.0145         0.9408        0.9910            0.9654
           17   0.9992        1.0153         0.9869        0.9929            0.9795
           24   0.9978        1.0161         0.9981        1.0159            1.0268
           31   0.9987        1.0169         1.0641        1.0405            1.0493

  2003 Apr 07   1.0036        1.0175         0.9650        1.0364            1.0029
           14   1.0024        1.0182         0.9991        1.0258            1.0119
           21   0.9993        1.0188         1.0401        1.0597            1.0624
           28   0.9975        1.0195         1.0424        1.0536            1.0794

  2003 May 05   1.0013        1.0201         0.9776        1.0144            0.9927
           12   1.0019        1.0152         0.9314        0.9807            0.9694
           19   0.9996        1.0103         0.9722        0.9895            0.9904
           26   1.0014        1.0055         0.9867        1.0012            1.0134

  2003 Jun 02   0.9998        1.0007         1.0460        1.0310            1.0213
           09   1.0029        0.9913         0.9381        0.9889            0.9503
           16   1.0017        0.9822         0.9748        0.9823            0.9557
           23   1.0010        0.9732         0.9816        0.9982            1.0017
           30   1.0016        0.9644         1.0443        1.0211            1.0335

  2003 Jul 07   1.0083        0.9618         0.9669        0.9920            0.9654
           14   1.0044        0.9592         0.9632        0.9696            0.9619
           21   1.0033        0.9566         0.9990        0.9867            0.9909
           28   1.0015        0.9541         1.0351        1.0034            1.0254

  2003 Aug 04   1.0043        0.9515         0.9698        0.9982            0.9765
           11   1.0047        0.9601         0.9298        0.9539            0.9358
           18   1.0014        0.9690         0.9869        0.9627            0.9579
           25   0.9976        0.9779         1.0257        0.9833            1.0005

  2003 Sep 01   1.0005        0.9871         1.0846        1.0176            1.0208
           08   1.0009        0.9878         0.9445        0.9788            0.9616
           15   0.9977        0.9886         0.9554        0.9638            0.9478
           22   0.9950        0.9893         0.9767        0.9723            0.9751
           29   0.9935        0.9900         1.0595        1.0001            1.0179

  2003 Oct 06   0.9978        0.9908         0.9331        0.9799            0.9693
           13   0.9987        0.9969         0.9609        0.9576            0.9577
           20   0.9964        1.0032         0.9927        0.9837            0.9912
           27   0.9941        1.0095         1.0366        1.0049            1.0289

  2003 Nov 03   0.9948        1.0159         1.0239        1.0244            1.0160
           10   0.9993        1.0183         0.9257        0.9629            0.9417
           17   0.9974        1.0208         0.9795        0.9602            0.9523
           24   0.9971        1.0232         1.0216        0.9943            1.0020

  2003 Dec 01   1.0007        1.0257         1.1196        1.0355            1.0241
           08   1.0012        1.0221         0.9773        0.9963            0.9703
           15   1.0027        1.0185         1.0159        0.9789            0.9771
           22   1.0084        1.0149         1.0921        1.0304            1.0523
           29   1.0096        1.0113         1.1688        1.0733            1.1078

  2004 Jan 05   1.0046        1.0077         1.0701        1.0539            1.0722
           12   0.9979        1.0087         1.0015        1.0086            1.0112
           19   0.9954        1.0097         0.9995        1.0090            1.0401
           26   0.9922        1.0107         1.0042        1.0078            1.0612

  2004 Feb 02   0.9928        1.0117         1.0332        1.0178            1.0466
           09   0.9991        1.0123         0.9524        0.9799            0.9876
           16   1.0003        1.0128         0.9692        0.9620            0.9757
           23   0.9985        1.0134         0.9684        0.9796            0.9863

  2004 Mar 01   0.9979        1.0140         0.9974        1.0056            1.0020
           08   1.0018        1.0144         0.9488        0.9960            0.9755
           15   0.9998        1.0148         0.9781        0.9870            0.9682
           22   0.9985        1.0153         0.9894        1.0076            1.0078
           29   0.9974        1.0157         1.0465        1.0377            1.0487

  2004 Apr 05   1.0010        1.0162         0.9827        1.0378            1.0294
-------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------+-------------------------------+----------------------
  2002 Dec 02       0.9972             1.0021             0.9969           0.9990          1.0139        0.9890    1.0035
           09       1.0192             1.0018             0.9973           1.0030          1.0252        1.0040    0.9937
           16       1.0198             1.0013             1.0027           1.0046          1.0361        1.0064    0.9970
           23       0.9989             1.0006             1.0002           1.0026          1.0238        1.0052    0.9983
           30       0.9869             1.0005             0.9942           0.9984          1.0117        1.0054    1.0200

  2003 Jan 06       1.0196             1.0016             0.9917           0.9933          0.9907        0.9926    1.0148
           13       1.0133             1.0009             0.9955           1.0113          1.0331        1.0062    0.9995
           20       0.9979             1.0001             0.9915           1.0144          1.0455        1.0076    1.0010
           27       0.9754             0.9991             0.9885           1.0130          1.0491        1.0145    1.0032

  2003 Feb 03       0.9814             0.9995             0.9915           1.0097          1.0319        1.0213    1.0014
           10       1.0029             0.9999             0.9961           1.0123          1.0350        1.0290    1.0083
           17       0.9994             1.0000             0.9958           1.0122          1.0333        1.0263    1.0187
           24       0.9880             0.9997             0.9923           1.0134          1.0337        1.0178    1.0241

  2003 Mar 03       0.9950             0.9994             0.9951           1.0122          1.0204        1.0210    1.0194
           10       1.0149             0.9989             0.9982           1.0184          1.0261        1.0232    1.0082
           17       1.0113             0.9987             0.9935           1.0186          1.0211        1.0170    1.0109
           24       0.9956             0.9984             0.9946           1.0208          1.0193        1.0138    1.0229
           31       0.9968             0.9983             1.0021           1.0205          1.0070        0.9914    1.0268

  2003 Apr 07       1.0313             0.9991             1.0038           1.0261          0.9966        0.9869    1.0163
           14       1.0296             0.9985             0.9998           1.0326          1.0075        0.9922    1.0087
           21       1.0140             0.9979             0.9935           1.0249          0.9939        0.9874    1.0110
           28       0.9846             0.9976             0.9942           1.0097          0.9950        0.9985    1.0245

  2003 May 05       1.0035             0.9983             0.9981           0.9900          0.9865        1.0077    1.0111
           12       1.0060             0.9988             1.0045           0.9879          0.9965        1.0150    0.9992
           19       0.9953             0.9988             1.0113           0.9853          0.9974        1.0079    1.0053
           26       0.9802             0.9990             1.0126           0.9854          1.0003        1.0175    1.0136

  2003 Jun 02       0.9842             0.9990             1.0144           0.9833          0.9889        1.0252    1.0123
           09       1.0099             0.9991             1.0067           0.9859          0.9969        1.0264    0.9979
           16       1.0075             0.9988             1.0055           0.9872          0.9949        1.0212    0.9882
           23       0.9848             0.9985             1.0108           0.9857          0.9868        1.0120    0.9848
           30       0.9776             0.9989             1.0011           0.9814          0.9767        1.0097    0.9966

  2003 Jul 07       1.0105             0.9998             0.9981           0.9830          0.9718        1.0008    0.9915
           14       1.0044             0.9995             0.9995           0.9912          0.9855        1.0001    0.9807
           21       0.9908             0.9995             0.9998           0.9923          0.9848        1.0027    0.9861
           28       0.9766             0.9996             1.0014           0.9935          0.9859        1.0065    0.9879

  2003 Aug 04       1.0024             1.0001             1.0011           0.9919          0.9734        1.0071    0.9834
           11       1.0066             1.0005             1.0005           0.9962          0.9830        1.0100    0.9763
           18       0.9984             1.0007             0.9974           0.9968          0.9827        0.9896    0.9774
           25       0.9834             1.0008             0.9957           0.9982          0.9891        0.9815    0.9870

  2003 Sep 01       0.9819             1.0011             0.9990           0.9945          0.9794        0.9814    1.0041
           08       1.0137             1.0014             1.0020           0.9926          0.9686        0.9790    0.9821
           15       1.0129             1.0011             1.0018           0.9946          0.9743        0.9739    0.9892
           22       0.9914             1.0007             0.9986           0.9913          0.9675        0.9721    0.9893
           29       0.9752             1.0008             1.0026           0.9868          0.9612        0.9604    0.9982

  2003 Oct 06       1.0103             1.0020             1.0081           0.9862          0.9629        0.9545    0.9829
           13       1.0070             1.0018             1.0107           0.9943          0.9824        0.9661    0.9867
           20       1.0006             1.0013             1.0040           0.9984          0.9847        0.9717    0.9830
           27       0.9834             1.0005             1.0029           0.9973          0.9909        0.9801    0.9980

  2003 Nov 03       0.9952             1.0010             1.0048           0.9933          0.9814        0.9868    0.9989
           10       1.0164             1.0017             1.0078           0.9952          0.9953        0.9963    0.9942
           17       1.0163             1.0019             1.0070           0.9955          1.0045        0.9854    0.9992
           24       0.9987             1.0020             1.0046           1.0002          1.0119        0.9845    1.0048

  2003 Dec 01       0.9988             1.0019             0.9975           0.9985          1.0117        0.9894    1.0060
           08       1.0194             1.0015             0.9967           1.0035          1.0209        1.0032    0.9977
           15       1.0171             1.0009             1.0007           1.0052          1.0327        1.0063    0.9998
           22       1.0064             1.0002             0.9995           1.0024          1.0214        1.0050    1.0006
           29       0.9938             1.0002             0.9938           0.9981          1.0183        1.0038    1.0131

  2004 Jan 05       1.0203             1.0006             0.9902           0.9931          1.0018        0.9903    1.0116
           12       1.0132             1.0005             0.9944           1.0068          1.0296        1.0051    1.0001
           19       0.9996             1.0001             0.9915           1.0135          1.0411        1.0086    1.0007
           26       0.9784             0.9994             0.9861           1.0130          1.0459        1.0150    1.0045

  2004 Feb 02       0.9804             0.9991             0.9886           1.0089          1.0311        1.0212    1.0030
           09       1.0009             0.9995             0.9928           1.0112          1.0324        1.0297    0.9997
           16       0.9968             0.9997             0.9947           1.0113          1.0329        1.0283    1.0148
           23       0.9895             0.9995             0.9926           1.0129          1.0359        1.0176    1.0175

  2004 Mar 01       0.9940             0.9993             0.9939           1.0123          1.0286        1.0206    1.0222
           08       1.0131             0.9990             0.9979           1.0160          1.0244        1.0221    0.9981
           15       1.0125             0.9988             0.9942           1.0175          1.0243        1.0187    1.0097
           22       1.0022             0.9986             0.9923           1.0192          1.0187        1.0148    1.0153
           29       0.9921             0.9984             0.9984           1.0176          1.0107        1.0032    1.0304

  2004 Apr 05       1.0210             0.9991             1.0023           1.0221          0.9966        0.9882    1.0150
------------------------------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
2001
  October       1164.5        1161.0       5358.5        5367.9       7858.9        7866.9
 November       1165.9        1163.8       5399.0        5414.4       7932.8        7956.5
 December       1173.4        1179.3       5440.6        5458.6       7993.5        8027.0
2002
  January       1179.7        1182.9       5464.4        5468.2       8004.7        8018.8
 February       1186.1        1184.8       5502.7        5498.8       8056.0        8057.0
    March       1188.1        1187.8       5503.5        5493.0       8068.4        8051.8
    April       1173.7        1176.7       5491.5        5476.5       8071.2        8038.7
      May       1184.4        1183.4       5557.3        5542.4       8135.1        8118.5
     June       1190.2        1190.2       5589.1        5576.3       8171.4        8159.2
     July       1197.4        1197.4       5638.0        5635.5       8221.0        8217.3
   August       1186.3        1183.2       5677.1        5680.3       8291.0        8291.3
September       1192.5        1191.2       5703.5        5705.5       8333.5        8326.7
  October       1203.9        1199.8       5741.7        5754.6       8338.1        8348.7
 November       1203.4        1201.0       5778.6        5802.4       8454.5        8485.9
 December       1211.6        1219.1       5791.7        5815.6       8502.1        8541.2
-------------------------------------------------------------------------------------------

                        Appendix Table 6
          Comparison of Revised and Old M1 Growth Rates
                (percent changes at annual rates)
--------------+----------------------------+----------------------
              |                            |  Difference due to
              |Revised    Old   Difference |Benchmark   Seasonals
--------------+----------------------------+----------------------
2001
      January     9.3      7.6       1.7        0.0         1.7
     February     7.6      3.4       4.2        0.0         4.2
        March     8.5      9.3      -0.8        0.0        -0.8
        April    -1.8      2.5      -4.3        0.0        -4.3
          May    11.6      7.5       4.1        0.0         4.1
         June     9.8      9.7       0.1        0.0         0.1
         July    13.0     13.9      -0.9        0.0        -0.9
       August    12.0      9.2       2.8        0.0         2.8
    September    54.4     55.1      -0.7        0.0        -0.7
      October   -37.2    -39.0       1.8        0.0         1.8
     November     1.4      2.9      -1.5        0.0        -1.5
     December     7.7     16.0      -8.3        0.0        -8.3
2002
      January     6.4      3.7       2.7        0.0         2.7
     February     6.5      1.9       4.6        0.0         4.6
        March     2.0      3.0      -1.0        0.0        -1.0
        April   -14.5    -11.2      -3.3        0.0        -3.3
          May    10.9      6.8       4.1        0.0         4.1
         June     5.9      6.9      -1.0       -0.1        -0.9
         July     7.3      7.3       0.0        0.1        -0.1
       August   -11.1    -14.2       3.1        0.0         3.1
    September     6.3      8.1      -1.8        0.0        -1.8
      October    11.5      8.7       2.8        0.0         2.8
     November    -0.5      1.2      -1.7        0.0        -1.7
     December     8.2     18.1      -9.9        0.2       -10.1
Quarterly
         01Q4     1.6      2.1      -0.5        0.0        -0.5
         02Q1     5.7      5.9      -0.2        0.0        -0.2
         02Q2    -0.6     -0.6       0.0        0.0         0.0
         02Q3     3.1      2.4       0.7        0.0         0.7
         02Q4     4.8      5.4      -0.6        0.0        -0.6
Semi-Annual
01Q4  -  02Q2     2.6      2.6       0.0        0.0         0.0
02Q2  -  02Q4     4.0      3.9       0.1        0.0         0.1
Annual (Q4 to Q4)
         2001     6.8      6.8       0.0        0.0         0.0
         2002     3.3      3.3       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
--------------+----------------------------+----------------------
2001
      January    13.2     11.0       2.2        0.0         2.2
     February    10.9      9.4       1.5        0.0         1.5
        March    12.6     11.7       0.9        0.0         0.9
        April    10.8     10.0       0.8        0.0         0.8
          May     5.8      6.1      -0.3        0.0        -0.3
         June    10.4     10.9      -0.5        0.0        -0.5
         July     7.9      9.2      -1.3        0.0        -1.3
       August     7.7      8.6      -0.9        0.0        -0.9
    September    25.2     25.1       0.1        0.0         0.1
      October    -3.2     -1.5      -1.7        0.0        -1.7
     November     9.1     10.4      -1.3        0.0        -1.3
     December     9.2      9.8      -0.6        0.0        -0.6
2002
      January     5.2      2.1       3.1        0.0         3.1
     February     8.4      6.7       1.7        0.0         1.7
        March     0.2     -1.3       1.5        0.0         1.5
        April    -2.6     -3.6       1.0        0.0         1.0
          May    14.4     14.4       0.0        0.0         0.0
         June     6.9      7.3      -0.4        0.0        -0.4
         July    10.5     12.7      -2.2        0.0        -2.2
       August     8.3      9.5      -1.2        0.0        -1.2
    September     5.6      5.3       0.3        0.0         0.3
      October     8.0     10.3      -2.3        0.0        -2.3
     November     7.7     10.0      -2.3        0.0        -2.3
     December     2.7      2.7       0.0        0.0         0.0
Quarterly
         01Q4     8.4      9.5      -1.1        0.0        -1.1
         02Q1     6.7      5.4       1.3        0.0         1.3
         02Q2     4.1      3.3       0.8        0.0         0.8
         02Q3     9.2     10.3      -1.1        0.0        -1.1
         02Q4     6.9      8.3      -1.4        0.0        -1.4
Semi-Annual
01Q4  -  02Q2     5.4      4.4       1.0        0.0         1.0
02Q2  -  02Q4     8.1      9.4      -1.3        0.0        -1.3
Annual (Q4 to Q4)
         2001    10.2     10.3      -0.1        0.0        -0.1
         2002     6.9      7.0      -0.1        0.0        -0.1
------------------------------------------------------------------


                        Appendix Table 8
          Comparison of Revised and Old M3 Growth Rates
                (percent changes at annual rates)
--------------+----------------------------+----------------------
              |                            |  Difference due to
              |Revised    Old   Difference |Benchmark   Seasonals
--------------+----------------------------+----------------------
2001
      January    17.9     16.5       1.4        0.0         1.4
     February    12.5     11.0       1.5        0.0         1.5
        March    11.1      8.7       2.4        0.0         2.4
        April    19.1     17.0       2.1        0.0         2.1
          May    12.7     15.0      -2.3        0.0        -2.3
         June    13.9     14.1      -0.2        0.0        -0.2
         July     5.9      6.8      -0.9        0.0        -0.9
       August     1.4      1.9      -0.5        0.0        -0.5
    September    24.6     23.9       0.7        0.0         0.7
      October     5.3      7.2      -1.9        0.0        -1.9
     November    11.3     13.7      -2.4        0.0        -2.4
     December     9.2     10.6      -1.4        0.0        -1.4
2002
      January     1.7     -1.2       2.9        0.0         2.9
     February     7.7      5.7       2.0        0.0         2.0
        March     1.8     -0.8       2.6        0.0         2.6
        April     0.4     -2.0       2.4        0.0         2.4
          May     9.5     11.9      -2.4        0.0        -2.4
         June     5.4      6.0      -0.6        0.0        -0.6
         July     7.3      8.5      -1.2        0.0        -1.2
       August    10.2     10.8      -0.6        0.0        -0.6
    September     6.2      5.1       1.1        0.0         1.1
      October     0.7      3.2      -2.5        0.0        -2.5
     November    16.8     19.7      -2.9        0.0        -2.9
     December     6.8      7.8      -1.0        0.0        -1.0
Quarterly
         01Q4    11.0     12.2      -1.2        0.0        -1.2
         02Q1     5.8      4.6       1.2        0.0         1.2
         02Q2     4.1      3.1       1.0        0.0         1.0
         02Q3     7.7      8.5      -0.8        0.0        -0.8
         02Q4     7.2      8.7      -1.5        0.0        -1.5
Semi-Annual
01Q4  -  02Q2     5.0      3.9       1.1        0.0         1.1
02Q2  -  02Q4     7.5      8.7      -1.2        0.0        -1.2
Annual (Q4 to Q4)
         2001    12.7     12.8      -0.1        0.0        -0.1
         2002     6.3      6.4      -0.1        0.0        -0.1
------------------------------------------------------------------

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