January 26, 2006 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 and a quarterly benchmark. This release includes revised monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates with previously published data. On balance, the revisions raised M2 and M3 growth rates in the first half of 2005 and lowered them in the second half. The benchmark incorporates minor revisions to data reported on the weekly and quarterly deposit reports, and it takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 2002. The benchmark also incorporates revisions to the retail and institutional money market mutual fund components, including revisions to IRA and Keogh balances held at these funds. Money market mutual fund revisions begin in 1992. This release also incorporates the receipt of historical information from other data sources. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2005. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both the benchmark and seasonal factor revisions on M1, M2 and M3 growth rates are outlined in Appendix Tables 6-8. 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 26, 2006 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------- Date M1(1) M2(2) M3(3) ---------------------------------------------------------------------------------------- Seasonally adjusted ---------------------------------------------------------------------------------------- 2004-Jan. 1306.0 6088.3 8931.9 Feb. 1319.9 6132.1 9002.0 Mar. 1329.6 6173.0 9082.4 Apr. 1339.4 6216.9 9151.4 May 1336.5 6280.6 9245.6 June 1341.2 6288.8 9277.6 July 1343.5 6295.4 9284.6 Aug. 1354.1 6317.3 9316.3 Sep. 1360.5 6346.9 9353.8 Oct. 1360.8 6369.2 9361.4 Nov. 1374.1 6404.0 9397.5 Dec. 1372.1 6422.1 9435.8 2005-Jan. 1367.0 6436.4 9492.1 Feb. 1369.5 6455.7 9536.5 Mar. 1373.0 6475.8 9570.2 Apr. 1365.7 6482.7 9625.6 May 1370.7 6492.1 9669.6 June 1369.5 6518.3 9729.2 July 1362.5 6538.5 9766.0 Aug. 1370.4 6568.9 9868.8 Sep. 1367.4 6600.0 9955.7 Oct. 1369.2 6629.6 10037.7 Nov. 1370.0 6652.0 10088.3 Dec. 1368.9 6680.5 10169.3 ---------------------------------------------------------------------------------------- Not seasonally adjusted ---------------------------------------------------------------------------------------- 2004-Jan. 1302.5 6070.8 8932.4 Feb. 1306.6 6101.3 8995.6 Mar. 1337.9 6180.8 9109.9 Apr. 1345.2 6252.4 9180.1 May 1333.6 6263.8 9238.1 June 1348.4 6288.1 9283.3 July 1338.8 6293.1 9259.0 Aug. 1352.4 6312.7 9301.9 Sep. 1349.7 6344.4 9335.8 Oct. 1351.2 6363.5 9331.0 Nov. 1370.8 6413.7 9398.4 Dec. 1401.3 6457.0 9485.0 2005-Jan. 1362.6 6415.8 9484.2 Feb. 1355.3 6415.8 9516.7 Mar. 1382.1 6478.6 9589.7 Apr. 1371.6 6525.6 9665.3 May 1368.7 6470.8 9659.2 June 1377.3 6521.1 9738.1 July 1357.2 6541.6 9749.3 Aug. 1369.2 6564.4 9856.9 Sep. 1356.1 6597.3 9943.5 Oct. 1358.8 6623.3 10011.4 Nov. 1368.1 6665.2 10086.9 Dec. 1396.9 6718.1 10216.6 --------------------------------------------------------------------------------------- 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. 2005 TO Dec. 2005 0.4 4.9 8.6 6 Months from June 2005 TO Dec. 2005 -0.1 5.0 9.0 12 Months from Dec. 2004 TO Dec. 2005 -0.2 4.0 7.8 Thirteen weeks ending January 16, 2006 from thirteen weeks ending: Oct. 17, 2005 (13 weeks previous) 0.6 5.3 9.1 July 18, 2005 (26 weeks previous) 0.3 5.2 9.1 Jan. 17, 2005 (52 weeks previous) 0.1 4.1 7.6 --------------------------------------------------------------------------------------------------------- Footnotes to Table 1: 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. 1 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of Dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M3 ---------------------------------------------------------------------------------------------------------------------------------------------------- Period Ending 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average ---------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------- 2005-Oct. 24 1368.2 1369.9 1375.7 6594.6 6626.6 6640.3 9936.7 10027.9 10061.9 31 1369.3 1367.8 1374.6 6600.5 6631.5 6636.5 9956.4 10042.7 10056.6 Nov. 7 1369.3 1366.6 1358.8 6607.1 6636.4 6636.3 9974.3 10050.7 10044.8 14 1369.1 1368.1 1363.1 6613.6 6639.7 6645.7 9991.7 10059.3 10073.7 21 1369.2 1369.3 1380.7 6620.0 6645.8 6664.5 10008.4 10072.4 10114.5 28 1368.9 1370.1 1377.7 6626.2 6652.5 6663.5 10024.2 10088.1 10119.5 Dec. 5 1369.3 1372.8 1369.7 6632.2 6658.4 6659.7 10038.0 10104.7 10111.0 12 1369.9 1372.9 1363.5 6638.7 6664.1 6668.5 10053.5 10120.5 10136.9 19 1370.1 1369.4 1366.7 6644.4 6667.2 6677.2 10069.8 10131.2 10157.4 26 1370.1 1369.3 1377.1 6650.2 6675.0 6694.7 10087.4 10153.8 10209.9 2006-Jan. 2 1368.9 1368.5 1366.7 6657.0 6686.3 6704.6 10105.3 10183.9 10231.2 9p 1369.2 1369.5 1367.6 6666.7 6704.9 6743.2 10123.8 10212.7 10252.1 16p 1370.1 1370.1 1369.1 6674.9 6720.5 6739.3 10140.3 10236.8 10254.1 ---------------------------------------------------------------------------------------------------------------------------------------------------- Not seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------- 2005-Oct. 24 1360.2 1356.1 1376.9 6590.6 6622.6 6602.0 9920.5 10001.3 10005.1 31 1361.7 1356.0 1406.4 6595.0 6621.0 6596.1 9938.4 10013.1 10001.0 Nov. 7 1362.0 1358.3 1325.5 6601.4 6629.8 6665.1 9954.7 10024.6 10048.2 14 1360.8 1358.3 1324.4 6608.6 6634.3 6674.0 9972.8 10035.2 10086.5 21 1360.3 1358.4 1377.1 6617.2 6651.7 6671.6 9991.5 10060.8 10107.5 28 1361.0 1363.9 1428.5 6626.5 6665.7 6652.1 10009.6 10086.5 10103.7 Dec. 5 1362.0 1374.8 1369.3 6633.4 6674.5 6700.4 10024.1 10109.4 10140.0 12 1364.0 1377.4 1334.7 6640.1 6682.8 6706.9 10041.6 10137.7 10199.4 19 1367.0 1379.8 1386.7 6648.5 6695.2 6721.2 10062.6 10164.9 10216.3 26 1371.9 1387.1 1457.5 6661.3 6712.1 6719.7 10089.6 10203.3 10257.5 2006-Jan. 2 1375.7 1408.9 1456.7 6671.8 6721.5 6738.1 10112.4 10230.9 10250.2 9p 1378.2 1412.3 1348.1 6681.6 6734.3 6758.0 10132.1 10245.5 10258.1 16p 1380.2 1403.2 1350.3 6688.5 6740.2 6745.0 10150.0 10260.6 10276.5 ---------------------------------------------------------------------------------------------------------------------------------------------------- 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 Currency(1) Travelers checks(2) Demand Deposits(3) At comm. banks(4) At thrift inst.(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2004-Aug. 686.5 7.6 332.7 187.5 139.9 327.4 Sep. 689.9 7.6 338.3 186.8 137.9 324.7 Oct. 692.9 7.6 334.1 187.2 139.1 326.3 Nov. 697.7 7.6 340.0 188.4 140.4 328.7 Dec. 697.3 7.6 340.3 186.5 140.5 327.0 2005-Jan. 699.0 7.5 336.4 184.7 139.4 324.1 Feb. 700.8 7.5 338.6 183.3 139.3 322.6 Mar. 702.9 7.5 339.3 183.6 139.7 323.4 Apr. 703.9 7.5 331.0 183.8 139.6 323.3 May 705.8 7.5 332.8 184.5 140.2 324.7 June 708.4 7.4 334.2 182.4 137.1 319.6 July 710.0 7.3 327.4 181.2 136.6 317.8 Aug. 712.8 7.4 330.0 182.5 137.7 320.2 Sep. 716.1 7.3 324.2 181.1 138.7 319.8 Oct. 717.4 7.3 325.9 179.8 138.7 318.5 Nov. 720.3 7.3 323.4 180.4 138.7 319.0 Dec. 723.8 7.3 321.0 179.6 137.3 316.9 Week Ending: 2005-Nov. 21 721.3 7.3 331.3 181.2 139.5 320.7 28 721.7 7.3 329.1 179.9 139.8 319.6 Dec. 5 721.3 7.3 322.5 181.1 137.5 318.7 12 721.6 7.3 317.6 180.6 136.4 317.0 19 723.8 7.3 320.2 178.1 137.3 315.4 26 725.3 7.3 327.8 178.6 138.2 316.9 2006-Jan. 2 726.8 7.3 315.6 180.2 136.8 317.0 9p 727.1 7.3 e 313.3 184.0 136.0 320.0 16p 729.3 7.2 e 313.4 181.7 137.4 319.1 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e -- indicates estimated data. p -- indicates preliminary data. 1 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) ----------------------------------------- ---------------------------------------- Retail Date At comm. At thrift Total At comm. At thrift Total money Total banks insts. banks insts. funds(3) Non-M1 M2 ------------------------------------------------------------------------------------------------------------------------------------------- 2004-Aug. 2543.5 887.0 3430.5 530.0 267.2 797.3 735.3 4963.1 Sep. 2563.0 893.5 3456.5 533.6 267.6 801.2 728.7 4986.4 Oct. 2593.4 889.2 3482.7 537.2 269.2 806.4 719.4 5008.4 Nov. 2617.0 887.6 3504.5 541.4 269.7 811.1 714.2 5029.9 Dec. 2632.2 887.8 3519.9 545.2 271.6 816.8 713.2 5049.9 2005-Jan. 2640.2 888.3 3528.6 552.4 276.6 829.0 711.8 5069.4 Feb. 2654.3 884.1 3538.4 559.9 281.2 841.1 706.7 5086.2 Mar. 2665.0 878.5 3543.6 570.5 284.2 854.7 704.5 5102.8 Apr. 2673.7 868.1 3541.7 579.1 290.3 869.4 705.9 5117.0 May 2663.1 870.8 3533.9 589.8 296.1 885.9 701.6 5121.4 June 2679.0 868.9 3548.0 599.9 300.7 900.7 700.2 5148.8 July 2697.5 862.7 3560.2 609.9 304.9 914.9 700.9 5175.9 Aug. 2703.7 865.7 3569.4 618.4 310.9 929.3 699.8 5198.5 Sep. 2725.4 859.7 3585.1 626.9 315.5 942.5 705.1 5232.6 Oct. 2739.4 857.9 3597.3 624.7 327.9 952.6 710.6 5260.4 Nov. 2748.2 855.6 3603.8 630.1 333.9 963.9 714.2 5281.9 Dec. 2769.7 850.8 3620.5 637.3 336.5 973.7 717.4 5311.6 Week ending: 2005-Nov. 21 2747.3 856.8 3604.1 631.2 334.8 966.0 713.8 5283.8 28 2741.7 862.0 3603.7 632.8 335.9 968.6 713.5 5285.8 Dec. 5 2760.2 848.5 3608.7 634.1 335.9 970.0 711.3 5290.0 12 2772.8 847.6 3620.3 636.3 335.7 972.0 712.6 5305.0 19 2774.0 849.2 3623.2 637.5 336.5 974.0 713.3 5310.5 26 2763.8 855.2 3619.1 638.6 337.0 975.6 722.8 5317.5 2006-Jan. 2 2776.5 855.6 3632.1 639.8 337.6 977.5 728.4 5338.0 9p 2812.4 851.8 3664.3 642.4 338.8 981.2 730.1 5375.6 16p 2802.0 855.9 3657.9 644.8 340.0 984.7 727.6 5370.2 ------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. p -- indicates preliminary data. 1 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars ----------------------------------------------------------------------------------------------------------------------------------------- Large-denomination time deposits(1) Institutional -------------------------------------------- Date money At commercial At thrift Total funds banks(2) institutions Total RPs(3) Eurodollars(4) Non-M2 M3 ------------------------------------------------------------------------------------------------------------------------------------------ 2004-Aug. 1105.9 881.3 143.3 1024.5 524.7 343.8 2999.0 Sep. 1094.6 883.9 147.7 1031.6 526.7 354.1 3006.9 Oct. 1075.7 887.6 151.0 1038.6 510.2 367.6 2992.1 Nov. 1071.1 894.8 155.8 1050.6 501.0 370.8 2993.5 Dec. 1068.4 912.3 161.1 1073.3 492.6 379.4 3013.7 2005-Jan. 1062.5 960.1 167.3 1127.4 473.1 392.7 3055.7 Feb. 1054.1 968.8 173.2 1141.9 489.3 395.5 3080.8 Mar. 1049.3 974.0 179.1 1153.1 487.8 404.2 3094.5 Apr. 1057.5 1008.4 188.3 1196.7 483.8 405.0 3142.9 May 1057.9 1016.3 192.4 1208.6 504.7 406.3 3177.5 June 1069.1 1037.1 198.4 1235.5 504.3 402.1 3210.9 July 1078.6 1020.7 202.3 1223.0 517.6 408.4 3227.6 Aug. 1091.3 1057.0 208.7 1265.7 525.1 417.7 3299.9 Sep. 1107.4 1077.4 215.1 1292.5 534.2 421.6 3355.7 Oct. 1119.3 1099.6 223.3 1322.9 545.0 421.0 3408.1 Nov. 1120.6 1106.2 229.4 1335.6 554.3 425.9 3436.3 Dec. 1136.2 1129.2 230.2 1359.4 563.0 430.2 3488.8 Week ending: 2005-Nov. 21 1124.8 1106.0 230.5 1336.5 561.7 427.0 3450.0 28 1121.8 1107.9 230.5 1338.5 567.8 428.0 3456.0 Dec. 5 1118.1 1114.1 230.0 1344.1 558.7 430.4 3451.3 12 1130.2 1122.6 229.0 1351.6 555.2 431.4 3468.4 19 1130.3 1120.5 228.3 1348.8 569.4 431.7 3480.2 26 1141.3 1145.4 230.6 1376.0 565.6 432.4 3515.3 2006-Jan. 2 1163.9 1139.5 234.6 1374.1 565.5 423.0 3526.5 9p 1162.9 1145.1 234.3 1379.4 541.5 425.1 3508.9 16p 1152.2 1165.1 233.9 1398.9 543.2 420.5 3514.8 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. p -- indicates preliminary data e -- indicates estimated data 1 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ Date Currency(1) Travelers checks(2) Demand Deposits(3) At comm. banks(4) At thrift inst.(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2004-Aug. 686.0 7.7 332.2 185.4 140.9 326.4 Sep. 687.9 7.6 333.8 183.1 137.4 320.4 Oct. 691.7 7.5 330.5 183.7 137.7 321.4 Nov. 697.4 7.5 340.6 185.4 139.8 325.3 Dec. 702.4 7.5 358.8 191.7 140.9 332.7 2005-Jan. 697.3 7.5 331.9 190.0 136.0 326.0 Feb. 700.7 7.5 331.0 181.1 135.2 316.2 Mar. 702.6 7.4 345.3 186.6 140.1 326.7 Apr. 704.0 7.4 328.6 188.0 143.6 331.6 May 705.3 7.4 331.3 184.0 140.7 324.7 June 708.5 7.4 339.8 182.6 139.1 321.6 July 711.5 7.5 322.1 177.9 138.3 316.1 Aug. 712.3 7.5 329.8 181.1 138.5 319.6 Sep. 714.3 7.4 319.2 177.6 137.6 315.2 Oct. 715.7 7.2 321.9 176.1 137.8 313.9 Nov. 720.5 7.1 324.1 177.8 138.6 316.3 Dec. 729.3 7.2 338.2 184.6 137.7 322.3 Week Ending: 2005-Nov. 21 720.4 7.1 332.1 179.5 137.9 317.4 28 723.5 7.1 371.8 185.1 141.0 326.1 Dec. 5 722.3 7.1 318.5 180.9 140.5 321.4 12 724.5 7.1 293.1 175.9 134.1 310.0 19 728.6 7.2 334.7 180.9 135.3 316.2 26 736.6 7.2 382.8 192.0 139.1 331.0 2006-Jan. 2 732.7 7.2 376.2 196.5 144.0 340.5 9p 728.3 7.2 e 293.3 184.0 135.4 319.4 16p 727.1 7.2 e 301.7 182.1 132.1 314.2 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e -- indicates estimated data. p -- indicates preliminary data. 1 H.6 (508) Table 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) ----------------------------------------- ---------------------------------------- Retail Date At comm. At thrift Total At comm. At thrift Total money Total banks insts. banks insts. funds(3) Non-M1 M2 ------------------------------------------------------------------------------------------------------------------------------------------- 2004-Aug. 2542.2 886.5 3428.7 530.3 267.4 797.7 733.9 4960.3 Sep. 2571.4 896.4 3467.9 533.8 267.6 801.5 725.4 4994.7 Oct. 2598.5 891.0 3489.4 537.1 269.1 806.2 716.6 5012.3 Nov. 2626.5 890.8 3517.3 541.3 269.7 810.9 714.6 5042.9 Dec. 2633.4 888.2 3521.6 544.8 271.4 816.3 717.8 5055.6 2005-Jan. 2625.0 883.2 3508.2 551.9 276.3 828.3 716.8 5053.2 Feb. 2631.7 876.6 3508.3 559.6 281.1 840.7 711.5 5060.4 Mar. 2656.7 875.8 3532.5 570.4 284.2 854.6 709.4 5096.5 Apr. 2699.4 876.4 3575.8 579.3 290.5 869.8 708.4 5154.0 May 2651.7 867.0 3518.7 590.2 296.2 886.4 697.0 5102.1 June 2678.6 868.8 3547.4 600.3 300.9 901.2 695.2 5143.8 July 2707.2 865.8 3573.0 610.3 305.1 915.4 696.0 5184.4 Aug. 2702.2 865.2 3567.4 618.9 311.2 930.0 697.9 5195.3 Sep. 2733.8 862.4 3596.2 627.1 315.6 942.8 702.3 5241.2 Oct. 2744.7 859.6 3604.3 624.5 327.7 952.2 708.0 5264.5 Nov. 2759.9 859.3 3619.2 629.6 333.6 963.3 714.7 5297.2 Dec. 2774.0 852.1 3626.1 636.7 336.1 972.8 722.3 5321.2 Week ending: 2005-Nov. 21 2755.9 859.4 3615.3 629.8 334.1 963.9 715.4 5294.5 28 2693.1 846.7 3539.8 631.6 335.2 966.8 717.0 5223.7 Dec. 5 2790.0 857.7 3647.7 633.5 335.6 969.0 714.5 5331.1 12 2818.7 861.6 3680.3 635.9 335.4 971.3 720.5 5372.1 19 2788.0 853.4 3641.4 636.8 336.1 972.9 720.2 5334.5 26 2718.9 841.3 3560.3 637.8 336.6 974.4 727.4 5262.1 2006-Jan. 2 2733.8 842.5 3576.3 639.3 337.4 976.7 728.4 5281.4 9p 2836.9 859.2 3696.2 641.9 338.5 980.4 733.3 5409.9 16p 2815.9 860.2 3676.1 644.2 339.7 983.8 734.8 5394.7 ------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. p -- indicates preliminary data. 1 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------------- Large-denomination time deposits(1) RPs(3) Institutional ----------------------------------------- ------------------------------------------ Date money At commercial At thrift At commercial At thrift Total funds banks(2) institutions Total banks institutions Total Eurodollars(4) Non-M2 M3 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 2004-Aug. 1102.8 883.7 143.6 1027.3 464.4 56.7 521.1 338.0 2989.2 Sep. 1088.6 885.4 148.0 1033.3 463.1 57.5 520.5 348.9 2991.3 Oct. 1067.0 885.3 150.6 1035.9 441.1 57.3 498.4 366.3 2967.5 Nov. 1075.9 885.9 154.3 1040.2 445.1 53.5 498.6 370.0 2984.7 Dec. 1090.2 906.2 160.0 1066.2 438.5 56.1 494.6 376.9 3028.0 2005-Jan. 1087.1 950.6 165.7 1116.3 409.6 57.8 467.5 397.5 3068.3 Feb. 1067.3 961.5 171.9 1133.3 440.1 57.9 498.0 402.4 3100.9 Mar. 1052.2 972.1 178.7 1150.8 440.2 54.7 494.8 413.2 3111.0 Apr. 1046.6 1013.9 189.3 1203.3 421.8 54.5 476.3 413.5 3139.7 May 1039.2 1028.5 194.7 1223.2 459.0 55.7 514.7 411.3 3188.4 June 1059.9 1046.5 200.2 1246.7 464.1 53.0 517.0 393.3 3217.0 July 1067.1 1027.4 203.6 1231.0 459.2 52.2 511.3 398.2 3207.7 Aug. 1089.0 1060.6 209.4 1270.0 471.4 50.5 521.9 411.5 3292.4 Sep. 1104.7 1079.2 215.5 1294.7 480.6 49.6 530.2 416.6 3346.2 Oct. 1113.2 1096.7 222.7 1319.5 484.2 50.7 534.9 420.6 3388.1 Nov. 1122.6 1094.9 227.1 1322.0 499.5 52.5 552.0 425.1 3421.7 Dec. 1156.2 1120.7 228.5 1349.2 512.0 52.8 564.8 428.3 3498.5 Week ending: 2005-Nov. 21 1131.7 1093.0 227.8 1320.7 504.9 53.1 558.0 425.4 3435.8 28 1133.6 1092.6 227.4 1320.0 515.2 52.7 568.0 429.9 3451.5 Dec. 5 1123.7 1101.3 227.3 1328.6 507.5 52.7 560.1 427.2 3439.6 12 1159.2 1115.9 227.6 1343.5 509.2 52.2 561.5 428.4 3492.5 19 1153.8 1114.7 227.1 1341.8 519.2 53.3 572.4 427.1 3495.2 26 1163.0 1140.6 229.6 1370.3 519.9 53.4 573.3 431.3 3537.9 2006-Jan. 2 1178.5 1123.7 231.4 1355.1 499.6 52.1 551.8 426.7 3512.1 9p 1177.4 1137.7 232.7 1370.4 469.6 52.8 522.4 429.8 3500.1 16p 1179.1 1160.5 233.0 1393.4 481.3 52.7 534.1 424.9 3531.5 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and by money market mutual funds. p -- indicates preliminary data e -- indicates estimated data 1 H.6 (508) Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- U.S. government deposits IRA and Keogh Accounts Demand deposits Time and ------------------------------------------------------------ ---------------------------------------------------- at banks due to savings Time and Date --------------------------- deposits due to Demand Balance Note savings Foreign Foreign foreign banks deposits at at balances at Total deposits at commercial official and official commercial Federal depository cash commercial At commercial At thrift At money banks institutions institutions banks Reserve institutions(1) balance banks banks institutions market funds Total -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2004-Aug. 7.4 1.1 17.7 1.4 4.8 3.1 9.2 2.2 168.6 101.7 152.8 423.1 Sep. 7.3 1.1 18.9 1.7 5.6 16.7 24.0 2.2 168.6 101.7 151.9 422.1 Oct. 7.3 1.2 19.6 1.5 5.0 20.3 26.9 2.3 168.4 101.6 150.8 420.8 Nov. 7.4 1.3 19.8 1.5 4.9 12.7 19.1 2.3 168.3 101.5 149.4 419.1 Dec. 7.4 1.5 20.1 1.5 5.1 15.8 22.4 2.4 168.1 101.4 148.0 417.4 2005-Jan. 7.4 1.5 20.0 1.8 5.1 23.0 29.9 2.4 168.2 101.3 147.5 416.9 Feb. 7.3 1.4 19.6 1.5 5.2 14.3 20.9 2.4 168.5 101.3 147.8 417.6 Mar. 7.3 1.3 19.2 1.4 4.7 21.1 27.3 2.4 168.8 101.3 148.2 418.3 Apr. 7.2 1.3 19.6 3.4 5.2 26.5 35.1 2.3 169.1 101.5 148.3 418.9 May 7.1 1.3 20.9 1.6 5.1 29.3 36.0 2.1 169.2 101.9 148.2 419.3 June 7.0 1.3 22.2 1.8 5.0 24.6 31.4 1.8 169.3 102.3 148.1 419.7 July 7.0 1.2 23.0 1.4 4.8 13.7 20.0 1.8 169.5 102.6 148.4 e 420.6 e Aug. 7.1 1.1 23.5 1.4 5.0 7.5 13.9 1.9 169.9 102.9 149.2 e 422.0 e Sep. 7.1 1.0 24.0 1.5 5.3 28.3 35.1 2.0 170.2 103.2 149.9 e 423.4 e Oct. 7.2 e 1.0 e 24.2 e 1.5 4.9 18.7 25.1 2.1 e 170.4 e 103.4 e 150.2 e 424.0 e Nov. 7.2 e 0.9 e 24.2 e 1.3 4.9 8.9 15.2 2.1 e 170.4 e 103.4 e 150.2 e 424.1 e Dec. 7.2 e 1.0 e 24.2 e 1.6 5.1 23.0 29.8 2.1 e 170.4 e 103.5 e 150.2 e 424.1 e 2005-Nov. 21 1.4 4.9 8.9 15.3 28 1.3 5.1 5.2 11.6 Dec. 5 1.3 4.8 6.4 12.6 12 1.3 5.4 4.4 11.1 19 1.9 5.1 28.6 35.6 26 1.6 5.0 38.1 44.8 2006-Jan. 2 2.0 4.9 34.7 41.5 9p 1.9 4.7 11.0 17.7 16p 1.7 4.8 4.6 11.1 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 -----------------------------------------------------+------------------------------------- 2005 January 0.9975 0.9966 0.9864 1.0059 1.0288 February 0.9997 0.9993 0.9776 0.9803 0.9879 March 0.9996 0.9979 1.0179 1.0103 1.0161 April 1.0000 0.9917 0.9929 1.0254 1.0230 May 0.9993 0.9928 0.9956 1.0000 0.9974 June 1.0001 1.0078 1.0167 1.0065 1.0007 July 1.0020 1.0276 0.9840 0.9947 0.9816 August 0.9993 1.0207 0.9994 0.9979 0.9924 September 0.9975 1.0038 0.9846 0.9856 0.9806 October 0.9976 0.9921 0.9877 0.9855 0.9794 November 1.0003 0.9817 1.0021 0.9915 0.9856 December 1.0076 0.9864 1.0536 1.0172 1.0276 2006 January 0.9971 0.9962 0.9851 1.0061 1.0270 February 0.9997 0.9981 0.9780 0.9794 0.9863 March 1.0003 0.9975 1.0190 1.0094 1.0169 April 0.9995 0.9921 0.9943 1.0264 1.0229 May 0.9990 0.9940 0.9968 1.0001 0.9985 June 1.0004 1.0082 1.0181 1.0055 1.0018 July 1.0013 1.0277 0.9819 0.9944 0.9802 August 0.9992 1.0203 0.9998 0.9984 0.9945 September 0.9983 1.0041 0.9828 0.9856 0.9806 October 0.9972 0.9932 0.9877 0.9858 0.9779 November 1.0002 0.9825 1.0021 0.9919 0.9865 December 1.0082 0.9871 1.0544 1.0181 1.0272 2007 January 0.9971 0.9958 0.9841 1.0056 1.0264 February 0.9997 0.9975 0.9783 0.9789 0.9854 March 1.0004 0.9970 1.0198 1.0087 1.0169 ------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------+-------------------------------+---------------------- 2005 January 0.9942 0.9991 0.9901 1.0069 1.0232 0.9882 1.0121 February 0.9915 0.9994 0.9925 1.0067 1.0125 1.0178 1.0174 March 0.9969 0.9999 0.9980 1.0069 1.0027 1.0145 1.0221 April 1.0096 1.0004 1.0055 1.0037 0.9898 0.9845 1.0210 May 0.9957 1.0006 1.0121 0.9934 0.9824 1.0199 1.0122 June 0.9998 1.0006 1.0091 0.9929 0.9914 1.0253 0.9783 July 1.0036 1.0006 1.0065 0.9930 0.9893 0.9879 0.9752 August 0.9994 1.0008 1.0034 0.9972 0.9979 0.9939 0.9852 September 1.0031 1.0003 1.0016 0.9960 0.9976 0.9925 0.9883 October 1.0019 0.9996 0.9974 0.9964 0.9946 0.9815 0.9990 November 1.0043 0.9993 0.9898 1.0007 1.0018 0.9959 0.9982 December 1.0016 0.9991 0.9924 1.0068 1.0176 1.0033 0.9956 2006 January 0.9920 0.9989 0.9912 1.0072 1.0203 0.9868 1.0127 February 0.9910 0.9993 0.9940 1.0061 1.0117 1.0161 1.0149 March 0.9978 0.9999 0.9989 1.0059 1.0021 1.0119 1.0203 April 1.0102 1.0005 1.0060 1.0038 0.9910 0.9820 1.0184 May 0.9954 1.0008 1.0098 0.9944 0.9847 1.0191 1.0093 June 0.9996 1.0009 1.0085 0.9935 0.9918 1.0235 0.9787 July 1.0033 1.0008 1.0061 0.9927 0.9908 0.9904 0.9765 August 0.9991 1.0009 1.0031 0.9957 0.9972 0.9950 0.9867 September 1.0048 1.0005 1.0017 0.9960 0.9965 0.9942 0.9906 October 1.0002 0.9996 0.9977 0.9966 0.9955 0.9843 0.9988 November 1.0044 0.9992 0.9900 1.0008 1.0019 0.9975 0.9985 December 1.0033 0.9989 0.9919 1.0072 1.0164 1.0031 0.9973 2007 January 0.9915 0.9987 0.9922 1.0077 1.0188 0.9863 1.0122 February 0.9909 0.9993 0.9951 1.0060 1.0121 1.0151 1.0138 March 0.9987 0.9998 0.9990 1.0056 1.0025 1.0101 1.0201 ---------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------+------------------------------------ 2005 Dec 05 1.0013 0.9778 0.9876 1.0086 0.9987 12 1.0040 0.9821 0.9229 0.9780 0.9740 19 1.0066 0.9864 1.0454 1.0024 1.0153 26 1.0156 0.9907 1.1678 1.0447 1.0746 2006 Jan 02 1.0081 0.9950 1.1921 1.0741 1.0907 09 1.0016 0.9955 0.9361 0.9982 1.0000 16 0.9971 0.9960 0.9627 0.9845 1.0023 23 0.9936 0.9964 0.9792 1.0012 1.0337 30 0.9925 0.9969 1.0159 1.0229 1.0605 2006 Feb 06 0.9990 0.9973 0.9039 0.9803 0.9800 13 1.0004 0.9978 0.9350 0.9567 0.9542 20 1.0010 0.9983 1.0053 0.9740 0.9849 27 0.9980 0.9987 1.0636 1.0050 1.0248 2006 Mar 06 1.0015 0.9992 0.9310 0.9928 0.9916 13 1.0014 0.9983 0.9551 0.9862 0.9863 20 1.0003 0.9974 1.0384 1.0056 1.0180 27 0.9989 0.9965 1.1304 1.0337 1.0571 2006 Apr 03 1.0000 0.9956 1.0353 1.0412 1.0329 10 1.0027 0.9940 0.9177 0.9985 0.9773 17 0.9999 0.9924 0.9797 1.0183 1.0132 24 0.9974 0.9908 1.0234 1.0404 1.0554 2006 May 01 0.9966 0.9892 1.0464 1.0459 1.0475 08 1.0014 0.9911 0.9034 0.9887 0.9716 15 0.9989 0.9929 0.9566 0.9798 0.9693 22 0.9973 0.9948 1.0268 0.9976 1.0038 29 0.9995 0.9967 1.0932 1.0220 1.0391 2006 Jun 05 1.0012 0.9985 0.9525 1.0035 0.9926 12 1.0008 1.0035 0.9446 0.9823 0.9673 19 0.9992 1.0085 1.0366 1.0015 1.0019 26 0.9981 1.0135 1.1143 1.0249 1.0390 2006 Jul 03 1.0038 1.0185 1.0494 1.0282 1.0130 10 1.0052 1.0226 0.8876 0.9730 0.9495 17 1.0009 1.0267 0.9453 0.9750 0.9596 24 0.9986 1.0307 1.0270 0.9963 0.9895 31 0.9984 1.0348 1.0469 1.0211 1.0126 2006 Aug 07 1.0030 1.0295 0.8976 0.9841 0.9682 14 1.0009 1.0242 0.9478 0.9757 0.9631 21 0.9984 1.0189 1.0287 0.9979 0.9959 28 0.9957 1.0136 1.1107 1.0264 1.0406 2006 Sep 04 1.0011 1.0083 0.9757 1.0066 1.0020 11 1.0003 1.0062 0.8920 0.9679 0.9480 18 0.9977 1.0042 0.9668 0.9739 0.9667 25 0.9956 1.0022 1.0494 0.9907 0.9974 2006 Oct 02 0.9955 1.0002 1.0685 1.0079 1.0099 09 1.0014 0.9973 0.8881 0.9566 0.9409 16 0.9977 0.9944 0.9394 0.9618 0.9498 23 0.9959 0.9915 1.0234 0.9915 0.9865 30 0.9938 0.9886 1.0852 1.0266 1.0275 2006 Nov 06 0.9997 0.9857 0.9204 0.9837 0.9707 13 1.0007 0.9839 0.9284 0.9625 0.9430 20 0.9990 0.9822 1.0084 0.9896 0.9872 27 1.0023 0.9804 1.1302 1.0188 1.0287 2006 Dec 04 1.0014 0.9786 0.9866 1.0131 1.0088 11 1.0045 0.9826 0.9162 0.9842 0.9713 18 1.0062 0.9866 1.0335 1.0004 1.0070 25 1.0158 0.9906 1.1477 1.0363 1.0614 2007 Jan 01 1.0085 0.9947 1.1946 1.0661 1.0943 08 1.0031 0.9951 0.9430 0.9957 1.0112 15 0.9973 0.9955 0.9562 0.9866 1.0028 22 0.9945 0.9959 0.9840 1.0051 1.0302 29 0.9927 0.9963 1.0329 1.0291 1.0589 2007 Feb 05 0.9986 0.9968 0.9132 0.9803 0.9844 12 1.0006 0.9972 0.9294 0.9591 0.9538 19 1.0014 0.9976 1.0011 0.9723 0.9800 26 0.9974 0.9981 1.0635 1.0004 1.0171 2007 Mar 05 1.0011 0.9985 0.9319 0.9919 1.0053 12 1.0017 0.9977 0.9399 0.9850 0.9819 19 1.0002 0.9970 1.0286 1.0033 1.0100 26 0.9986 0.9962 1.1145 1.0298 1.0481 2007 Apr 02 0.9993 0.9954 1.0919 1.0419 1.0480 ------------------------------------------------------------------------------------------- 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 -----------------------------------------------------------------------+-------------------------------+---------------------- 2005 Dec 05 1.0108 0.9990 0.9885 1.0044 1.0050 1.0026 0.9925 12 1.0166 0.9993 0.9940 1.0111 1.0256 1.0113 0.9931 19 1.0050 0.9989 0.9948 1.0097 1.0208 1.0054 0.9892 26 0.9838 0.9987 0.9958 1.0063 1.0191 1.0136 0.9975 2006 Jan 02 0.9846 0.9992 0.9861 1.0000 1.0125 0.9758 1.0087 09 1.0087 0.9992 0.9935 1.0044 1.0125 0.9647 1.0111 16 1.0050 0.9991 0.9961 1.0099 1.0233 0.9832 1.0105 23 0.9849 0.9986 0.9902 1.0105 1.0258 0.9932 1.0176 30 0.9700 0.9985 0.9866 1.0065 1.0231 1.0058 1.0134 2006 Feb 06 1.0006 0.9991 0.9917 1.0051 1.0100 1.0087 1.0081 13 0.9987 0.9994 0.9948 1.0058 1.0109 1.0222 1.0104 20 0.9866 0.9994 0.9943 1.0059 1.0141 1.0152 1.0192 27 0.9770 0.9993 0.9944 1.0078 1.0130 1.0174 1.0214 2006 Mar 06 1.0081 0.9997 0.9975 1.0050 1.0010 1.0132 1.0120 13 1.0107 0.9999 1.0000 1.0056 1.0072 1.0165 1.0175 20 0.9963 0.9998 0.9992 1.0074 1.0011 1.0171 1.0184 27 0.9809 0.9998 0.9963 1.0074 1.0058 1.0188 1.0280 2006 Apr 03 0.9989 1.0003 1.0032 1.0027 0.9905 0.9805 1.0269 10 1.0294 1.0007 1.0059 1.0098 0.9997 0.9676 1.0134 17 1.0247 1.0006 1.0063 1.0086 0.9937 0.9720 1.0118 24 0.9985 1.0004 1.0033 1.0035 0.9887 0.9903 1.0224 2006 May 01 0.9865 1.0005 1.0101 0.9920 0.9808 1.0010 1.0229 08 1.0119 1.0008 1.0103 0.9901 0.9759 1.0193 1.0181 15 1.0097 1.0009 1.0109 0.9919 0.9836 1.0246 1.0085 22 0.9882 1.0007 1.0097 0.9978 0.9907 1.0120 1.0031 29 0.9746 1.0008 1.0084 0.9976 0.9893 1.0205 1.0093 2006 Jun 05 1.0107 1.0011 1.0091 0.9956 0.9849 1.0279 0.9964 12 1.0157 1.0012 1.0109 0.9975 1.0001 1.0286 0.9867 19 1.0003 1.0008 1.0105 0.9945 0.9893 1.0194 0.9682 26 0.9775 1.0006 1.0084 0.9914 0.9967 1.0288 0.9725 2006 Jul 03 0.9903 1.0008 0.9999 0.9858 0.9819 1.0068 0.9720 10 1.0201 1.0011 1.0028 0.9932 0.9878 0.9803 0.9728 17 1.0103 1.0009 1.0061 0.9932 0.9918 0.9870 0.9751 24 0.9896 1.0006 1.0087 0.9947 0.9967 0.9882 0.9788 31 0.9910 1.0005 1.0092 0.9925 0.9905 0.9989 0.9813 2006 Aug 07 1.0197 1.0009 1.0071 0.9935 0.9889 1.0021 0.9809 14 1.0148 1.0010 1.0021 0.9937 0.9966 1.0024 0.9795 21 0.9955 1.0008 0.9995 0.9987 0.9997 0.9863 0.9830 28 0.9794 1.0008 1.0019 0.9977 1.0060 0.9913 1.0017 2006 Sep 04 1.0026 1.0011 1.0076 0.9944 0.9913 0.9897 0.9905 11 1.0243 1.0010 1.0058 0.9986 1.0012 0.9930 0.9892 18 1.0098 1.0004 0.9993 0.9985 1.0018 0.9918 0.9872 25 0.9839 0.9999 0.9965 0.9948 0.9975 1.0007 0.9954 2006 Oct 02 0.9893 1.0001 1.0020 0.9915 0.9850 0.9936 0.9906 09 1.0169 1.0003 1.0057 0.9938 0.9886 0.9761 0.9913 16 1.0157 0.9999 1.0015 0.9977 0.9976 0.9801 0.9948 23 0.9901 0.9992 0.9932 0.9991 1.0009 0.9856 1.0008 30 0.9773 0.9988 0.9903 0.9975 0.9987 0.9912 1.0105 2006 Nov 06 1.0140 0.9990 0.9916 0.9962 0.9902 0.9927 0.9983 13 1.0205 0.9992 0.9931 0.9987 0.9973 0.9982 0.9962 20 1.0071 0.9991 0.9893 1.0006 1.0057 0.9937 0.9954 27 0.9875 0.9992 0.9869 1.0053 1.0107 1.0018 1.0056 2006 Dec 04 1.0054 0.9997 0.9889 1.0051 1.0061 1.0037 0.9951 11 1.0174 0.9996 0.9950 1.0112 1.0244 1.0097 0.9939 18 1.0081 0.9989 0.9958 1.0101 1.0215 1.0057 0.9914 25 0.9897 0.9983 0.9950 1.0069 1.0166 1.0120 0.9969 2007 Jan 01 0.9843 0.9984 0.9823 1.0010 1.0080 0.9816 1.0102 08 1.0116 0.9989 0.9915 1.0034 1.0064 0.9632 1.0118 15 1.0064 0.9990 0.9969 1.0107 1.0235 0.9850 1.0098 22 0.9847 0.9986 0.9935 1.0108 1.0254 0.9894 1.0142 29 0.9683 0.9984 0.9874 1.0076 1.0240 1.0025 1.0151 2007 Feb 05 0.9993 0.9989 0.9953 1.0048 1.0100 1.0049 1.0060 12 0.9996 0.9993 0.9963 1.0060 1.0129 1.0174 1.0087 19 0.9868 0.9993 0.9953 1.0062 1.0127 1.0174 1.0145 26 0.9764 0.9993 0.9938 1.0072 1.0150 1.0180 1.0246 2007 Mar 05 1.0045 0.9997 0.9945 1.0048 1.0020 1.0137 1.0108 12 1.0088 0.9999 0.9986 1.0059 1.0088 1.0131 1.0156 19 0.9966 0.9998 0.9994 1.0064 1.0023 1.0167 1.0142 26 0.9822 0.9997 0.9973 1.0069 1.0056 1.0182 1.0294 2007 Apr 02 0.9984 1.0000 1.0061 1.0028 0.9904 0.9820 1.0309 ------------------------------------------------------------------------------------------------------------------------------ 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 ------+----------------------------+---------------------------+-------------------------- 2004 Oct 1360.8 1360.2 6369.2 6369.3 9361.4 9369.9 Nov 1374.1 1375.8 6404.0 6406.5 9397.5 9401.4 Dec 1372.1 1373.5 6422.1 6430.7 9435.8 9450.5 2005 Jan 1367.0 1364.3 6436.4 6449.1 9492.1 9502.9 Feb 1369.5 1371.6 6455.7 6464.3 9536.5 9539.0 Mar 1373.0 1378.5 6475.8 6484.5 9570.2 9568.9 Apr 1365.7 1361.0 6482.7 6481.5 9625.6 9620.7 May 1370.7 1373.5 6492.1 6482.8 9669.6 9662.8 Jun 1369.5 1374.4 6518.3 6515.6 9729.2 9748.2 Jul 1362.5 1354.4 6538.5 6525.1 9766.0 9776.8 Aug 1370.4 1371.0 6568.9 6554.4 9868.8 9878.8 Sep 1367.4 1363.4 6600.0 6588.0 9955.7 9976.3 Oct 1369.2 1367.6 6629.6 6627.2 10037.7 10058.2 Nov 1370.0 1372.7 6652.0 6652.9 10088.3 10099.0 Dec 1368.9 1372.3 6680.5 6691.6 10169.3 10191.6 ------------------------------------------------------------------------------------------ Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (percent changes at annual rates) --------------+----------------------------+---------------------- | | Difference due to |Revised Old Difference |Benchmark Seasonals --------------+----------------------------+---------------------- 2004 January 1.7 -1.6 3.3 0.1 3.2 February 12.8 16.9 -4.1 -0.1 -4.0 March 8.8 11.5 -2.7 0.0 -2.7 April 8.8 -0.2 9.0 -0.1 9.1 May -2.6 3.9 -6.5 0.0 -6.5 June 4.2 5.7 -1.5 0.0 -1.5 July 2.1 -6.8 8.9 0.1 8.8 August 9.5 15.8 -6.3 -0.1 -6.2 September 5.7 3.6 2.1 0.0 2.1 October 0.3 1.0 -0.7 0.0 -0.7 November 11.7 13.8 -2.1 0.0 -2.1 December -1.7 -2.0 0.3 0.0 0.3 2005 January -4.5 -8.0 3.5 0.0 3.5 February 2.2 6.4 -4.2 0.0 -4.2 March 3.1 6.0 -2.9 -0.2 -2.7 April -6.4 -15.2 8.8 0.0 8.8 May 4.4 11.0 -6.6 -0.1 -6.5 June -1.1 0.8 -1.9 -0.1 -1.8 July -6.1 -17.5 11.4 0.5 10.9 August 7.0 14.7 -7.7 0.7 -8.4 September -2.6 -6.7 4.1 0.7 3.4 October 1.6 3.7 -2.1 -0.6 -1.5 November 0.7 4.5 -3.8 -1.3 -2.5 December -1.0 -0.3 -0.7 -1.1 0.4 Quarterly 04Q4 4.8 5.7 -0.9 -0.1 -0.8 05Q1 0.2 0.5 -0.3 0.0 -0.3 05Q2 -0.4 -0.6 0.2 -0.1 0.3 05Q3 -0.5 -2.0 1.5 0.4 1.1 05Q4 0.8 2.3 -1.5 -0.3 -1.2 Semi-Annual 04Q4 - 05Q2 -0.1 0.0 -0.1 -0.1 0.0 05Q2 - 05Q4 0.1 0.2 -0.1 0.0 -0.1 Annual (Q4 to Q4) 2004 5.4 5.4 0.0 0.0 0.0 2005 0.0 0.1 -0.1 0.0 -0.1 ------------------------------------------------------------------ Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) --------------+----------------------------+--------------------- | | Difference due to |Revised Old Difference |Benchmark Seasonals --------------+----------------------------+--------------------- 2004 January 1.8 2.7 -0.9 0.0 -0.9 February 8.6 7.9 0.7 0.0 0.7 March 8.0 7.6 0.4 0.0 0.4 April 8.5 7.2 1.3 0.0 1.3 May 12.3 11.2 1.1 0.1 1.0 June 1.6 2.1 -0.5 0.0 -0.5 July 1.3 0.3 1.0 0.0 1.0 August 4.2 4.0 0.2 -0.1 0.3 September 5.6 6.6 -1.0 -0.1 -0.9 October 4.2 5.3 -1.1 0.1 -1.2 November 6.6 7.0 -0.4 0.2 -0.6 December 3.4 4.5 -1.1 0.2 -1.3 2005 January 2.7 3.4 -0.7 -0.1 -0.6 February 3.6 2.8 0.8 -0.3 1.1 March 3.7 3.7 0.0 -0.3 0.3 April 1.3 -0.6 1.9 0.0 1.9 May 1.7 0.2 1.5 0.0 1.5 June 4.8 6.1 -1.3 -0.1 -1.2 July 3.7 1.7 2.0 0.3 1.7 August 5.6 5.4 0.2 0.3 -0.1 September 5.7 6.2 -0.5 0.4 -0.9 October 5.4 7.1 -1.7 0.1 -1.8 November 4.1 4.7 -0.6 0.0 -0.6 December 5.1 7.0 -1.9 -0.1 -1.8 Quarterly 04Q4 5.0 5.8 -0.8 0.1 -0.9 05Q1 3.6 4.0 -0.4 0.0 -0.4 05Q2 2.6 1.7 0.9 -0.1 1.0 05Q3 4.4 3.9 0.5 0.2 0.3 05Q4 5.2 6.2 -1.0 0.2 -1.2 Semi-Annual 04Q4 - 05Q2 3.1 2.8 0.3 -0.1 0.4 05Q2 - 05Q4 4.8 5.0 -0.2 0.1 -0.3 Annual (Q4 to Q4) 2004 5.2 5.2 0.0 0.0 0.0 2005 4.0 4.0 0.0 0.0 0.0 ----------------------------------------------------------------- Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) --------------+----------------------------+--------------------- | | Difference due to |Revised Old Difference |Benchmark Seasonals --------------+----------------------------+--------------------- 2004 January 7.8 7.7 0.1 -0.1 0.2 February 9.4 8.6 0.8 0.0 0.8 March 10.7 10.0 0.7 0.0 0.7 April 9.1 8.2 0.9 0.0 0.9 May 12.4 11.7 0.7 0.0 0.7 June 4.2 4.9 -0.7 0.1 -0.8 July 0.9 0.3 0.6 0.1 0.5 August 4.1 4.6 -0.5 0.0 -0.5 September 4.8 6.5 -1.7 0.0 -1.7 October 1.0 1.4 -0.4 0.1 -0.5 November 4.6 4.0 0.6 0.2 0.4 December 4.9 6.3 -1.4 0.2 -1.6 2005 January 7.2 6.7 0.5 0.0 0.5 February 5.6 4.6 1.0 -0.2 1.2 March 4.2 3.8 0.4 -0.2 0.6 April 6.9 6.5 0.4 -0.6 1.0 May 5.5 5.3 0.2 -1.4 1.6 June 7.4 10.6 -3.2 -1.4 -1.8 July 4.5 3.5 1.0 0.1 0.9 August 12.6 12.5 0.1 0.8 -0.7 September 10.6 11.8 -1.2 0.7 -1.9 October 9.9 9.9 0.0 0.8 -0.8 November 6.0 4.9 1.1 0.4 0.7 December 9.6 11.0 -1.4 0.4 -1.8 Quarterly 04Q4 3.4 4.0 -0.6 0.1 -0.7 05Q1 5.7 5.5 0.2 0.0 0.2 05Q2 6.0 5.9 0.1 -0.7 0.8 05Q3 7.8 8.3 -0.5 -0.2 -0.3 05Q4 9.5 9.7 -0.2 0.7 -0.9 Semi-Annual 04Q4 - 05Q2 5.9 5.7 0.2 -0.4 0.6 05Q2 - 05Q4 8.8 9.1 -0.3 0.2 -0.5 Annual (Q4 to Q4) 2004 5.8 5.8 0.0 0.1 -0.1 2005 7.5 7.5 0.0 -0.1 0.1 -----------------------------------------------------------------