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 ------------------------------------------------------------------