Federal Reserve Statistical Release, H.6, Money Stock and Debt Measures; title with eagle logo links to Statistical Release home page

Release Date: February 8, 2001

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                                               February 8, 2001 

H.6 (508) 

                         



                     MONEY STOCK REVISIONS

                                

     Measures of the money stock and components have been revised to incorporate the

results of the annual benchmark and seasonal factor review.  This release includes revised

monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates

with previously published data.  For 2000, the revisions raised the annual growth rates of M2 and

M3 by 0.2 percentage point.

     The benchmark incorporates revisions to vault cash that reflect a new estimation method

for credit unions that do not file the Federal Reserve's deposit reports either weekly or quarterly. 

These revisions begin in April 1984, and the maximum absolute revision is $1 billion.  The

benchmark also incorporates revised historical data on the holdings of large time deposits by

money market mutual funds, an item that is subtracted from gross large time deposits when

calculating the large time deposit component of M3.  These revisions begin in March 1980, and

the maximum absolute revision is about $43 billion.  This release also incorporates the  receipt

of historical information from other routine data flows.

     Seasonally adjusted measures of the money stock and components also incorporate

revised seasonal factors based on the benchmarked data through December 2000.  Monthly

seasonal factors were estimated using the X-12-ARIMA procedure.  The monthly and weekly

seasonal factors were derived after excluding the estimated effects of the century date change.  

These adjustments were made to ensure that unusual movements around the century date change

did not influence the estimated seasonal factors.  The revisions to seasonal factors lowered M2

growth rates in the first two quarters of 2000 and raised them in the last two quarters.  The

revisions to seasonal factors also reduced the M3 growth rate in the first quarter of 2000, but

increased growth in the final three quarters of the year.

     Revised historical data will soon be available in printed form from the Monetary and

Reserve Analysis Section, Mail Stop 72, Board of Governors of the Federal Reserve System,

Washington, DC 20551, (202) 452-3062.  Complete historical data are released each week

through the Federal Reserve's web site (http://www.federalreserve.gov/releases/) with the H.6

statistical release.  The data are also available through other electronic means, as described in the

note following the footnotes to Table 1 of this release. 

     This year's benchmark will be the last at the annual frequency.  Future benchmarks will

be conducted at a quarterly frequency in order to provide more timely updates of published data.

The next benchmark of the monetary aggregates will be released in mid- to late March.  The

quarterly benchmark review will incorporate revised historical data for depository institutions

and money market mutual funds, data from the call reports filed by depository institutions, and

data on money market mutual funds that began reporting data for the first time during the

quarter. 

     The review of seasonal factors for the monetary aggregates will continue to be performed

annually, with the results released in early February.





1 
  
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.6 (508)
 Table 1                  These data are scheduled for release each Thursday at 4:30 p.m.
                                                                     February 8, 2001
 MONEY STOCK AND DEBT MEASURES
 Billions of dollars	                        
 ----------------------------------------------------------------------------------------
      Date                   M11               M22              M33              Debt4	 
 ----------------------------------------------------------------------------------------
 Seasonally adjusted   				   				    				 				 
 ----------------------------------------------------------------------------------------
  1999-Jan.                   1097.5            4404.8           6056.2         16353.7  
       Feb.                   1096.1            4432.3           6111.8         16436.3  
       Mar.                   1102.2            4444.1           6117.4         16560.7  
       Apr.                   1107.5            4467.9           6153.0         16677.3  
       May                    1100.9            4493.3           6190.8         16763.9  
       June                   1099.8            4515.0           6226.4         16845.1  
       July                   1097.5            4542.0           6257.0         16917.8  
       Aug.                   1095.8            4559.9           6277.8         17014.8  
       Sep.                   1093.4            4576.3           6303.2         17121.4  
       Oct.                   1096.4            4596.5           6356.3         17204.3  
       Nov.                   1107.1            4621.9           6440.6         17272.9  
       Dec.                   1124.3            4648.2           6524.1         17376.7  
                                                                                         
  2000-Jan.                   1122.8            4668.7           6565.2         17452.9  
       Feb.                   1108.8            4684.4           6597.2         17509.9  
       Mar.                   1113.2            4715.2           6668.2         17619.5  
       Apr.                   1117.3            4752.6           6719.8         17719.2  
       May                    1106.6            4759.2           6752.7         17795.5  
       June                   1105.7            4780.3           6803.0         17876.2  
       July                   1103.9            4801.1           6851.7         17940.5  
       Aug.                   1099.6            4832.3           6911.1         18000.9  
       Sep.                   1095.7            4865.3           6963.9         18076.5  
       Oct.                   1096.3            4888.2           6990.4         18122.7  
       Nov.                   1089.2            4905.9           7015.7         18192.9 p
       Dec.                   1091.2            4945.6           7089.5                  
                                                                                         
 ----------------------------------------------------------------------------------------
 Not seasonally adjusted  		    	 
  ---------------------------------------------------------------------------------------
  1999-Jan.                   1103.0            4415.6           6076.8         16343.3  
       Feb.                   1084.3            4426.5           6130.1         16418.9  
       Mar.                   1096.6            4465.8           6156.3         16550.9  
       Apr.                   1112.6            4513.3           6199.4         16647.0  
       May                    1095.4            4474.2           6176.3         16704.1  
       June                   1097.3            4500.4           6206.8         16782.3  
       July                   1096.7            4524.8           6218.3         16850.8  
       Aug.                   1092.7            4546.7           6248.0         16954.8  
       Sep.                   1086.3            4559.5           6264.1         17064.8  
       Oct.                   1094.8            4579.3           6325.4         17152.7  
       Nov.                   1112.9            4616.8           6439.6         17249.7  
       Dec.                   1147.8            4672.2           6561.4         17372.0  
                                                                                         
  2000-Jan.                   1125.9            4679.9           6591.7         17447.3  
       Feb.                   1096.3            4681.1           6621.6         17498.9  
       Mar.                   1107.5            4742.4           6717.5         17612.9  
       Apr.                   1124.3            4810.3           6778.3         17690.4  
       May                    1100.3            4736.5           6734.6         17734.5  
       June                   1103.0            4761.9           6777.6         17809.9  
       July                   1104.5            4780.9           6806.6         17868.8  
       Aug.                   1096.1            4814.3           6874.1         17936.7  
       Sep.                   1090.2            4850.5           6922.1         18017.7  
       Oct.                   1093.7            4865.7           6948.4         18072.3  
       Nov.                   1095.3            4898.1           7011.3         18171.3 p
       Dec.                   1115.6            4974.3           7134.6                  
                                                                                         
  ---------------------------------------------------------------------------------------
  Footnotes appear on the following page.
 p -- indicates preliminary data
1 
  
  
  
 H.6 (508)
 Table 2
 MONEY STOCK AND DEBT MEASURES
 Percent change at seasonally adjusted annual rates
 ----------------------------------------------------------------------------------------
                                                 M1          M2          M3         Debt
 ----------------------------------------------------------------------------------------
  3 Months from Sep. 2000 TO Dec. 2000           -1.6         6.6         7.2         4.3
  6 Months from June 2000 TO Dec. 2000           -2.6         6.9         8.4         4.5
 12 Months from Dec. 1999 TO Dec. 2000           -2.9         6.4         8.7         5.3
                                                                                                                 
 Thirteen weeks ending                                                                
 January 29 , 2001                                             
 from thirteen weeks ending:                                                             
                                                                                          
 Oct. 30, 2000 (13 weeks previous)               -1.2         7.1         8.0            
 July 31, 2000 (26 weeks previous)               -2.1         7.0         8.5            
 Jan. 31, 2000 (52 weeks previous)               -2.2         6.5         8.9            
 ----------------------------------------------------------------------------------------
                                                                                                                                                               
 1.	Growth rates for debt are based on periods beginning and ending one month earlier 
 than for the monetary aggregates, namely,
 August 2000 to November 2000, May 2000 to November 2000,                      and 
 November 1999 to November 2000, respectively.                
 -----------------------------------------------------------------------------------------
  
 Footnotes to Table 1:
 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; 
    (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository 
    institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
    and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)    
    and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
    at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and
    OCDs, each seasonally adjusted separately.
 2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time      
    deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes 
    individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted 
    M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally 
    adjusted separately, and adding this result to seasonally adjusted M1.                                   
 3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money
    funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held 
    by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. 
    Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions.
    Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and 
    Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.                
 4. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector 
    (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal
    sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate
    businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
    commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts,
    are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is,
    the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release 
    differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1.
    In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities.   
  
 Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov).
 Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information
 about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 
 202-728-5886).  For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1
  
  
  
 H.6 (508)
 Table 3
 MONEY STOCK MEASURES
 Billions of Dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                      M1                                      M2                                      M3
 ----------------------------------------------------------------------------------------------------------------------------------------------------
   Period Ending  13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2000-Nov.  6             1096.8        1096.0        1091.4          4866.8        4890.9        4891.7          6962.8        6995.3        7001.8
            13             1095.9        1093.3        1082.3          4872.9        4893.5        4898.1          6971.5        6999.7        7006.9
            20             1095.2        1091.6        1089.8          4878.4        4896.5        4902.4          6979.0        7002.5        7010.8
            27             1094.2        1089.2        1093.4          4884.1        4902.2        4916.7          6986.6        7010.7        7023.3
                                                                                                                                                     
       Dec.  4             1093.0        1088.6        1088.7          4889.7        4910.5        4924.8          6994.6        7022.0        7047.0
            11             1092.2        1088.8        1083.4          4895.4        4918.8        4931.3          7002.6        7033.0        7051.0
            18             1091.7        1088.2        1087.1          4901.3        4929.8        4946.3          7011.7        7053.7        7093.3
            25             1091.9        1089.0        1096.9          4907.9        4939.9        4957.0          7022.6        7076.3        7114.0
                                                                                                                                                     
  2001-Jan.  1             1092.1        1092.3        1101.6          4914.6        4950.8        4968.4          7034.2        7098.5        7135.7
             8             1092.5        1095.2        1095.0          4921.7        4961.4        4973.7          7046.6        7121.4        7142.6
            15             1092.8        1097.7        1097.3          4929.7        4972.5        4990.8          7061.8        7144.8        7187.0
            22p            1093.6        1100.3        1107.2          4939.0        4986.2        5011.9          7077.9        7168.6        7208.9
            29p            1093.9        1101.5        1106.3          4947.2        4994.2        5000.2          7093.6        7183.2        7194.2
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Not seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2000-Nov.  6             1093.1        1094.2        1091.0          4848.5        4868.9        4894.2          6923.7        6960.0        6993.8
            13             1092.4        1091.7        1076.6          4854.6        4871.6        4895.3          6933.9        6970.0        7011.6
            20             1092.3        1092.3        1094.7          4860.7        4882.1        4896.8          6944.0        6985.2        7007.7
            27             1093.0        1094.1        1114.2          4868.3        4897.1        4902.2          6955.6        7008.5        7020.8
                                                                                                                                                     
       Dec.  4             1093.0        1098.1        1106.7          4875.1        4908.5        4939.5          6967.0        7026.6        7066.1
            11             1093.2        1100.9        1087.8          4881.3        4923.1        4953.8          6979.2        7048.9        7100.9
            18             1094.5        1103.1        1103.5          4889.3        4940.9        4968.0          6994.1        7081.7        7139.1
            25             1098.3        1107.3        1131.1          4902.2        4959.7        4977.6          7014.9        7114.9        7153.5
                                                                                                                                                     
  2001-Jan.  1             1102.1        1119.4        1155.3          4915.0        4977.1        5009.0          7035.6        7142.1        7174.7
             8             1104.2        1124.3        1107.4          4927.0        4996.8        5032.6          7055.4        7168.3        7205.8
            15             1104.8        1122.1        1094.5          4938.2        5012.5        5030.6          7077.3        7197.6        7256.5
            22p            1105.2        1113.9        1098.4          4949.8        5019.5        5005.7          7098.9        7216.2        7227.8
            29p            1104.5        1099.5        1097.8          4958.7        5006.6        4957.3          7118.3        7217.4        7179.4
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
 p -- indicates preliminary data.
1
  
  
  
  
 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency1      Travelers checks2   Demand Deposits3     At comm. banks4     At thrift inst.5          Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.                       490.0               9.0                 355.1               137.0               104.7               241.7
       Sep.                       494.2               8.7                 350.0               136.5               104.0               240.5
                                                                                                                                           
       Oct.                       498.3               8.4                 350.5               136.2               103.0               239.2
       Nov.                       504.3               8.1                 354.1               137.6               102.9               240.5
       Dec.                       516.7               8.2                 355.6               141.1               102.6               243.7
                                                                                                                                           
                                                                                                                                           
  2000-Jan.                       524.8               8.2                 346.2               141.6               102.0               243.6
       Feb.                       517.9               8.1                 341.0               137.5               104.2               241.7
       Mar.                       516.0               8.2                 344.4               137.3               107.3               244.6
                                                                                                                                           
       Apr.                       516.7               8.1                 343.5               140.2               108.8               249.0
       May                        518.7               8.3                 336.6               135.7               107.4               243.1
       June                       520.9               8.8                 333.8               134.4               107.7               242.1
                                                                                                                                           
       July                       522.4               9.3                 332.3               132.2               107.7               239.9
       Aug.                       523.5               9.3                 326.5               133.1               107.3               240.4
       Sep.                       524.7               8.9                 323.6               131.6               106.9               238.5
                                                                                                                                           
       Oct.                       526.4               8.4                 322.1               133.9               105.6               239.4
       Nov.                       528.0               8.0                 315.2               133.0               105.0               238.0
       Dec.                       530.4               8.0                 313.7               134.7               104.4               239.1
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2000-Dec.  4                    528.5               7.8                 311.9               135.0               105.5               240.5
            11                    529.2               7.9                 309.7               130.9               105.7               236.6
            18                    530.6               8.0                 311.0               132.8               104.8               237.6
            25                    531.1               8.1                 317.3               137.8               102.6               240.4
                                                                                                                                           
  2001-Jan.  1                    531.8               8.2                 319.8               138.4               103.5               241.9
             8                    533.2               8.2 e               312.1               134.3               107.3               241.6
            15                    534.2               8.1 e               314.6               134.2               106.1               240.3
            22p                   534.8               8.1 e               321.7               138.0               104.5               242.5
            29p                   536.6               8.1 e               319.5               139.2               103.0               242.1
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
    included in demand deposits.
 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
    and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

 e -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 5
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits1                  Small-denomination time deposit2                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds         Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.                  1275.9          456.3         1732.3          618.1          314.1          932.2          799.6         3464.1
       Sep.                  1285.7          455.7         1741.4          621.6          315.3          936.9          804.6         3482.9
                                                                                                                                            
       Oct.                  1292.3          454.3         1746.7          625.7          316.8          942.5          810.9         3500.1
       Nov.                  1292.1          452.9         1745.0          630.7          319.1          949.8          820.0         3514.8
       Dec.                  1287.0          449.3         1736.2          635.2          320.9          956.1          831.6         3523.9
                                                                                                                                            
                                                                                                                                            
  2000-Jan.                  1287.8          446.9         1734.7          639.5          323.3          962.8          848.4         3545.9
       Feb.                  1301.4          449.1         1750.6          645.4          324.6          970.0          855.1         3575.6
       Mar.                  1306.4          450.8         1757.2          651.2          326.1          977.3          867.6         3602.1
                                                                                                                                            
       Apr.                  1319.7          447.0         1766.7          660.2          325.6          985.7          882.9         3635.3
       May                   1321.6          452.8         1774.4          665.4          327.2          992.6          885.6         3652.6
       June                  1330.5          452.5         1783.0          674.6          329.3         1003.9          887.8         3674.7
                                                                                                                                            
       July                  1344.3          452.8         1797.1          679.9          332.8         1012.8          887.3         3697.1
       Aug.                  1361.5          455.1         1816.7          685.1          337.0         1022.1          893.9         3732.7
       Sep.                  1383.5          455.1         1838.6          687.9          339.8         1027.7          903.3         3769.6
                                                                                                                                            
       Oct.                  1389.4          456.7         1846.1          689.8          342.7         1032.5          913.3         3791.8
       Nov.                  1401.4          455.8         1857.2          693.8          345.4         1039.2          920.3         3816.7
       Dec.                  1420.6          452.7         1873.3          698.8          347.0         1045.8          935.3         3854.4
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2000-Dec.  4               1410.4          454.5         1864.9          695.5          346.2         1041.8          929.5         3836.2
            11               1422.8          453.1         1875.9          697.3          346.7         1044.0          928.1         3847.9
            18               1424.6          454.2         1878.9          698.4          347.0         1045.3          935.0         3859.2
            25               1420.6          454.0         1874.6          699.6          347.8         1047.3          938.2         3860.1
                                                                                                                                            
  2001-Jan.  1               1421.5          451.7         1873.2          701.9          347.1         1048.9          944.7         3866.8
             8               1435.5          446.2         1881.7          701.0          349.7         1050.7          946.4         3878.8
            15               1438.7          449.9         1888.6          702.0          350.9         1052.9          952.1         3893.6
            22p              1438.3          455.2         1893.5          702.3          351.3         1053.6          957.6         3904.7
            29p              1428.3          459.7         1888.0          700.8          351.9         1052.7          953.1         3893.8
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
    at commercial banks and thrifts are subtracted from small time deposits.

 p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 6
 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
 Billions of dollars
 -----------------------------------------------------------------------------------------------------------------------------------------
                                     Large-denomination time deposits1
                     Institutional --------------------------------------                                             Debt components5
     Date                money     At commercial    At thrift                                           Total     ------------------------- 
                         funds        banks2      institutions    Total         RPs3     Eurodollars4  Non-M2 M3    Federal     Non-Federal 
 ------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.                578.5         575.5          89.9        665.4        315.2        158.8       1717.9     3713.8       13301.0                             
       Sep.                581.6         580.2          90.4        670.7        318.2        156.5       1727.0     3701.9       13419.5                             
                                                                                                                                                                      
       Oct.                592.8         603.0          90.4        693.4        319.1        154.5       1759.7     3683.8       13520.5                              
       Nov.                608.7         624.2          91.3        715.4        330.9        163.7       1818.7     3659.0       13613.9                             
       Dec.                622.0         648.8          91.3        740.1        343.0        170.8       1875.9     3660.2       13716.5                             
                                                                                                                                                                      
                                                                                                                                                                      
  2000-Jan.                635.4         652.3          94.0        746.3        340.2        174.6       1896.5     3645.7       13807.2                             
       Feb.                636.9         654.4          94.4        748.7        352.0        175.2       1912.8     3608.0       13901.9                             
       Mar.                655.9         663.9          94.5        758.4        350.9        187.8       1952.9     3616.4       14003.2                             
                                                                                                                                                                      
       Apr.                660.6         679.5          94.1        773.6        349.8        183.1       1967.1     3600.2       14119.0                             
       May                 671.7         682.6          93.7        776.3        357.7        187.8       1993.5     3546.0       14249.4                             
       June                682.5         692.5          95.4        787.9        364.5        187.7       2022.6     3521.2       14354.9                             
                                                                                                                                                                      
       July                704.5         698.1          97.7        795.8        366.4        183.9       2050.6     3510.2       14430.4                              
       Aug.                720.6         709.1          99.5        808.5        363.4        186.3       2078.8     3488.9       14512.1                             
       Sep.                737.9         706.7         100.7        807.4        364.1        189.3       2098.6     3475.0       14601.6                              
                                                                                                                                                                      
       Oct.                744.2         701.9         102.6        804.5        363.1        190.5       2102.3     3445.9       14676.8                             
       Nov.                752.2         704.7         103.6        808.3        358.4        191.0       2109.8     3419.4 p     14773.5 p                           
       Dec.                767.7         720.1         103.7        823.8        361.6        190.8       2143.8                                                      
                                                                                                                                                                      
                                                                                                                                                                       
                                                                                                                                                                       
 Week ending:					  			 																                               
  2000-Dec.  4             763.5         706.7         103.9        810.6        357.6        190.5       2122.2                                                      
            11             754.2         713.0         103.6        816.5        359.6        189.3       2119.7                                                      
            18             773.4         720.7         103.4        824.1        359.4        190.1       2147.0                                                      
            25             768.4         724.9         103.9        828.8        366.9        192.9       2157.0                                                      
                                                                                                                                                                      
  2001-Jan.  1             778.7         730.9         103.9        834.8        362.8        190.9       2167.3                                                      
             8             777.6         737.4         104.6        842.0        362.9        186.5       2168.9                                                      
            15             802.8         745.6         106.5        852.1        355.3        186.1       2196.2                                                      
            22p            809.4         735.2         107.8        843.0        355.0        189.7       2197.1                                                      
            29p            809.9         732.5         108.5        841.0        354.2        188.9       2194.1                                                      
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, 
    and foreign banks and official institutions.                                      
 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
    Kingdom and Canada, excluding those held by depository institutions and by money funds.                                                  
 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

 p -- indicates preliminary data    e -- indicates estimated data
1
  
  
  
 H.6 (508)
 Table 7
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency1      Travelers checks2   Demand Deposits3     At comm. banks4     At thrift inst.5          Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.                       489.3               8.6                 355.2               135.6               103.9               239.5
       Sep.                       492.4               8.5                 347.2               135.2               103.0               238.2
                                                                                                                                           
       Oct.                       497.8               8.4                 350.8               135.0               102.8               237.8
       Nov.                       505.0               8.3                 359.4               137.0               103.4               240.3
       Dec.                       521.5               8.4                 371.2               142.4               104.3               246.6
                                                                                                                                           
                                                                                                                                           
  2000-Jan.                       522.9               8.4                 348.4               143.8               102.3               246.1
       Feb.                       516.5               8.3                 331.8               137.3               102.5               239.8
       Mar.                       515.9               8.3                 338.7               137.7               106.9               244.6
                                                                                                                                           
       Apr.                       517.4               8.3                 344.8               142.9               110.9               253.8
       May                        518.7               8.4                 331.0               135.5               106.7               242.2
       June                       521.0               8.7                 331.4               134.4               107.6               242.0
                                                                                                                                           
       July                       523.1               8.9                 334.1               130.9               107.5               238.4
       Aug.                       522.5               8.9                 326.3               131.8               106.6               238.4
       Sep.                       523.3               8.7                 321.7               130.3               106.1               236.4
                                                                                                                                           
       Oct.                       525.1               8.4                 322.2               132.7               105.4               238.1
       Nov.                       528.6               8.2                 320.5               132.4               105.7               238.1
       Dec.                       535.7               8.1                 329.1               135.9               106.7               242.6
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2000-Dec.  4                    529.7               8.0                 325.3               135.2               108.4               243.6
            11                    532.2               8.1                 312.5               129.2               105.9               235.1
            18                    534.3               8.1                 322.7               133.1               105.3               238.4
            25                    540.9               8.2                 335.9               140.6               105.5               246.1
                                                                                                                                           
  2001-Jan.  1                    537.9               8.2                 356.4               143.6               109.2               252.8
             8                    535.0               8.3 e               317.6               137.0               109.6               246.6
            15                    532.8               8.3 e               312.1               135.6               105.6               241.2
            22p                   531.1               8.3 e               316.0               139.8               103.2               243.0
            29p                   530.7               8.3 e               316.0               141.1               101.7               242.8
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
    included in demand deposits.
 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
    and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

 e -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 8
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits1                  Small-denomination time deposit2                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds         Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.                  1272.5          455.1         1727.6          617.2          313.7          930.9          795.5         3454.0
       Sep.                  1282.0          454.4         1736.4          621.5          315.2          936.7          800.1         3473.2
                                                                                                                                            
       Oct.                  1285.1          451.8         1736.9          626.6          317.2          943.8          803.8         3484.5
       Nov.                  1288.7          451.7         1740.4          631.8          319.7          951.5          812.1         3503.9
       Dec.                  1288.5          449.8         1738.3          635.4          321.0          956.4          829.7         3524.5
                                                                                                                                            
                                                                                                                                            
  2000-Jan.                  1286.6          446.5         1733.1          640.8          324.0          964.7          856.2         3554.0
       Feb.                  1294.7          446.8         1741.4          647.4          325.6          973.0          870.3         3584.8
       Mar.                  1311.9          452.7         1764.6          652.6          326.8          979.3          891.0         3634.9
                                                                                                                                            
       Apr.                  1341.7          454.5         1796.2          660.4          325.7          986.1          903.7         3686.0
       May                   1318.0          451.6         1769.5          663.4          326.2          989.6          877.1         3636.2
       June                  1331.6          452.9         1784.6          671.3          327.7          999.0          875.3         3658.9
                                                                                                                                            
       July                  1344.2          452.7         1796.9          678.3          332.1         1010.3          869.1         3676.4
       Aug.                  1356.5          453.5         1810.0          684.1          336.6         1020.7          887.4         3718.2
       Sep.                  1381.1          454.4         1835.5          688.0          339.8         1027.8          897.1         3760.3
                                                                                                                                            
       Oct.                  1380.0          453.6         1833.6          690.8          343.2         1034.0          904.4         3772.0
       Nov.                  1397.2          454.4         1851.6          695.2          346.1         1041.2          909.9         3802.8
       Dec.                  1425.3          454.2         1879.5          699.0          347.1         1046.2          933.1         3858.8
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2000-Dec.  4               1412.8          455.3         1868.1          696.5          346.7         1043.2          921.5         3832.8
            11               1435.5          457.2         1892.7          697.9          347.0         1045.0          928.3         3865.9
            18               1428.8          455.6         1884.4          698.6          347.1         1045.7          934.5         3864.6
            25               1410.1          450.7         1860.8          699.4          347.7         1047.1          938.7         3846.5
                                                                                                                                            
  2001-Jan.  1               1416.1          450.0         1866.1          702.0          347.1         1049.1          938.4         3853.6
             8               1470.2          457.0         1927.1          702.1          350.2         1052.3          945.7         3925.1
            15               1459.4          456.4         1915.8          703.3          351.6         1054.8          965.5         3936.2
            22p              1426.8          451.5         1878.3          703.6          351.9         1055.5          973.5         3907.3
            29p              1390.4          447.5         1837.9          702.2          352.6         1054.8          966.9         3859.6
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
    at commercial banks and thrifts are subtracted from small time deposits.

 p -- indicates preliminary data.
1



 H.6 (508)
 Table 9
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
 Billions of dollars
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    Large-denomination time deposits1                   RPs3
                    Institutional -------------------------------------  --------------------------------                                  Debt components5
     Date               money     At commercial   At thrift              At commercial  At thrift                            Total    ------------------------- 
                        funds        banks2     institutions    Total       banks2     institutions  Total   Eurodollars4  Non-M2 M3    Federal    Non-Federal 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.               568.9         571.8         89.4        661.2        250.4        63.9       314.3       156.9       1701.3     3665.8      13289.0                             
       Sep.               567.9         577.2         89.9        667.2        248.8        66.3       315.1       154.4       1704.6     3655.8      13408.9                             
                                                                                                                                                                                          
       Oct.               585.9         601.5         90.2        691.7        248.9        66.2       315.1       153.4       1746.1     3635.5      13517.2                              
       Nov.               612.1         625.9         91.5        717.3        265.1        65.5       330.6       162.8       1822.8     3641.7      13608.0                             
       Dec.               636.9         648.2         91.2        739.4        274.8        64.7       339.5       173.4       1889.2     3663.1      13709.0                             
                                                                                                                                                                                          
                                                                                                                                                                                          
  2000-Jan.               656.3         645.7         93.1        738.8        274.3        65.9       340.2       176.6       1911.9     3639.0      13808.3                             
       Feb.               658.8         654.3         94.4        748.7        292.4        64.1       356.5       176.5       1940.5     3605.4      13893.4                             
       Mar.               668.7         668.8         95.2        764.0        292.5        61.6       354.1       188.4       1975.1     3633.6      13979.3                             
                                                                                                                                                                                          
       Apr.               658.4         684.2         94.7        779.0        286.3        61.0       347.3       183.4       1968.0     3597.2      14093.2                             
       May                662.8         688.2         94.4        782.6        300.5        62.2       362.7       190.1       1998.2     3514.0      14220.5                             
       June               668.7         695.2         95.8        791.0        306.1        62.0       368.1       187.9       2015.7     3475.5      14334.4                             
                                                                                                                                                                                          
       July               684.3         696.6         97.5        794.1        303.1        62.8       365.9       181.4       2025.7     3448.3      14420.5                              
       Aug.               709.5         704.5         98.8        803.3        297.7        65.1       362.8       184.3       2059.8     3437.7      14499.1                             
       Sep.               721.5         702.3        100.1        802.3        295.9        64.9       360.8       187.0       2071.6     3426.5      14591.2                              
                                                                                                                                                                                          
       Oct.               734.7         698.8        102.1        801.0        294.0        64.0       358.0       189.1       2082.8     3395.5      14676.8                             
       Nov.               755.9         705.8        103.8        809.5        294.5        63.0       357.6       190.2       2113.2     3401.3 p    14770.0 p                           
       Dec.               785.6         719.5        103.6        823.0        296.2        62.4       358.6       193.0       2160.2                                                     
                                                                                                                                                                                          
                                                                                                                                                                                           
                                                                                                                                                                                           
 Week ending:					  			  																                                                      
  2000-Dec.  4            771.4         705.8        103.8        809.6        293.1        62.2       355.3       190.4       2126.7                                                     
            11            778.0         714.5        103.8        818.3        297.3        63.1       360.4       190.4       2147.1                                                     
            18            796.9         722.6        103.7        826.2        294.4        62.6       357.0       191.0       2171.1                                                     
            25            790.6         723.5        103.6        827.2        300.8        62.3       363.0       195.2       2175.9                                                     
                                                                                                                                                                                          
  2001-Jan.  1            785.0         724.7        103.0        827.7        293.5        61.6       355.1       197.8       2165.7                                                     
             8            784.5         737.4        104.6        842.0        295.3        61.4       356.7       190.0       2173.2                                                     
            15            832.4         743.5        106.2        849.7        294.1        62.1       356.2       187.5       2225.9                                                     
            22p           844.7         725.5        106.4        831.9        292.7        62.2       354.8       190.7       2222.1                                                     
            29p           849.3         719.8        106.7        826.5        294.1        62.3       356.4       189.8       2222.0                                                     
                                                                                                                                                                                          
                                                                                                                                                                                          
                                                                                                                                                                                          
                                                                                                                                                                
 ------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------ 
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, 
    and foreign banks and official institutions.                                      
 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
    Kingdom and Canada, excluding those held by depository institutions and by money funds.                                                  
 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

 p -- indicates preliminary data    e -- indicates estimated data
1

  
  
 H.6 (508)
 Table 10
 MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      
                                                             
                                                                         U.S. government deposits                                          IRA and Keogh Accounts
                         Demand deposits        Time and     ------------------------------------------------------------    ----------------------------------------------------
                         at banks due to         savings                                                         Time and
       Date       --------------------------- deposits due to   Demand    Balance        Note                     savings   
                       Foreign      Foreign    foreign banks  deposits at    at      balances at       Total    deposits at  
                      commercial    official   and official   commercial   Federal    depository       cash      commercial   At commercial   At thrift      At money   
                         banks   institutions  institutions     banks      Reserve   institutions1    balance     banks           banks     institutions  market funds    Total
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1999-Aug.                8.2          1.4         20.7            1.3          5.1          9.2         15.5        4.3        150.7          96.0         134.8         381.4  
       Sep.                8.2          1.3         22.6            2.5          6.4         29.3         38.2        4.5        150.6          95.8         138.2         384.5  
                                                                                                                                                                                  
       Oct.                8.5          1.3         24.8            1.4          5.2         28.6         35.2        4.7        150.1          95.6         140.2         385.8  
       Nov.                9.1          1.4         27.4            1.2          5.1          8.0         14.3        5.0        149.3          95.3         140.8         385.4  
       Dec.                9.7          1.4         30.1            1.4          8.3         39.0         48.7        5.3        148.5          95.1         141.4         384.9  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2000-Jan.                9.7          1.4         30.6            2.8          8.1         52.5         63.5        5.4        148.0          94.6         141.7         384.3  
       Feb.                9.3          1.3         29.2            1.2          5.3         24.3         30.8        5.4        148.0          93.8         141.8         383.5  
       Mar.                8.8          1.2         27.9            1.3          5.3         14.1         20.8        5.5        147.9          93.0         141.8         382.8  
                                                                                                                                                                                  
       Apr.                8.7          1.2         27.7            5.0          8.4         40.0         53.3        5.5        148.7          92.6         141.6         382.9  
       May                 9.1          1.2         28.6            1.5          7.1         57.5         66.0        5.6        150.2          92.5         141.1         383.8  
       June                9.4          1.3         29.5            2.3          6.2         37.0         45.6        5.7        151.7          92.5         140.6         384.8  
                                                                                                                                                                                  
       July                9.2          1.3         29.8            1.2          5.2         37.4         43.8        5.8        153.1          92.6         140.1 e       385.7 e
       Aug.                8.6          1.2         29.5            1.1          5.0          9.5         15.7        6.0        154.3          92.8         139.6 e       386.7 e
       Sep.                8.0          1.2         29.2            2.5          6.7         22.0         31.1        6.2        155.5          93.1         139.1 e       387.7 e
                                                                                                                                                                                  
       Oct.                7.7 e        1.1 e       29.1 e          1.4          5.3         13.2         20.0        6.2 e      156.5 e        93.3 e       138.6 e       388.4 e
       Nov.                7.7 e        1.1 e       29.1 e          1.2          5.1         10.6         16.9        6.2 e      157.3 e        93.4 e       138.1 e       388.8 e
       Dec.                7.7 e        1.2 e       29.1 e          1.6          5.8         11.6         18.9        6.2 e      158.1 e        93.6 e       137.6 e       389.3 e
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2000-Dec.  4                                                      1.1          5.0         11.0         17.1                                                                    
            11                                                      1.0          5.4          6.3         12.7                                                                    
            18                                                      2.3          8.0         15.3         25.7                                                                    
            25                                                      1.4          4.6         11.3         17.3                                                                    
                                                                                                                                                                                  
  2001-Jan.  1                                                      1.8          5.2         14.5         21.5                                                                    
             8                                                      2.0          4.9         15.2         22.1                                                                    
            15                                                      2.1          5.7         20.3         28.1                                                                    
            22p                                                     5.3          7.2         38.7         51.2                                                                    
            29p                                                     1.5          8.5         66.5         76.5                                                                    
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.
  e -- indicates estimated data	p -- indicates preliminary data






                                      Appendix Table 1
                       Monthly Seasonal Factors Used to Construct M1
 -----------------------------------------------------+-------------------------------------
                             Nonbank         Demand   |   Other checkable deposits [1]
              Currency   travelers checks   deposits  |     total            at banks
 -----------------------------------------------------+-------------------------------------
 2000
     January   0.9965         1.0193         1.0066         1.0104            1.0158
    February   0.9972         1.0242         0.9729         0.9919            0.9981
       March   0.9998         1.0187         0.9836         0.9998            1.0026
       April   1.0013         1.0204         1.0036         1.0196            1.0196
         May   0.9999         1.0122         0.9835         0.9964            0.9984
        June   1.0001         0.9802         0.9928         0.9996            1.0000
        July   1.0014         0.9539         1.0054         0.9938            0.9900
      August   0.9981         0.9619         0.9995         0.9917            0.9899
   September   0.9974         0.9797         0.9942         0.9912            0.9902
     October   0.9975         0.9987         1.0002         0.9944            0.9913
    November   1.0011         1.0194         1.0169         1.0004            0.9954
    December   1.0099         1.0191         1.0491         1.0147            1.0090
 2001
     January   0.9959         1.0188         1.0002         1.0091            1.0158
    February   0.9972         1.0254         0.9712         0.9906            0.9978
       March   1.0000         1.0191         0.9837         0.9987            1.0023
       April   1.0009         1.0211         1.0001         1.0177            1.0199
         May   1.0001         1.0115         0.9834         0.9961            0.9987
        June   1.0013         0.9785         0.9962         1.0005            1.0000
        July   1.0013         0.9535         1.0041         0.9936            0.9899
      August   0.9986         0.9579         1.0009         0.9926            0.9899
   September   0.9969         0.9794         0.9971         0.9914            0.9900
     October   0.9972         0.9996         1.0003         0.9950            0.9914
    November   1.0014         1.0213         1.0170         1.0014            0.9954
    December   1.0086         1.0199         1.0481         1.0148            1.0091
 2002
     January   0.9956         1.0202         0.9984         1.0089            1.0159
    February   0.9971         1.0262         0.9695         0.9897            0.9978
       March   1.0008         1.0193         0.9861         0.9984            1.0021
 -------------------------------------------------------------------------------------------
 1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the dif-
 ference between total other checkable deposits, seasonally adjusted,
 and seasonally adjusted other checkable deposits at commercial banks.


                                                      Appendix Table 2
                                    Monthly Seasonal Factors Used to Construct M2 and M3
 ---------------------------------------------------------------------+-------------------------------+----------------------
                Savings and        Small denom.       Large denom.    |  Money market mutual funds    |
             MMDA deposits [1]  time deposits [1]   time deposits [1] |   in M2         in M3 only    |  RPs    Eurodollars
 ---------------------------------------------------------------------+-------------------------------+----------------------
 2000
     January       0.9991             1.0020             0.9899           1.0092          1.0328        1.0000    1.0114
    February       0.9948             1.0031             0.9999           1.0178          1.0343        1.0127    1.0077
       March       1.0042             1.0021             1.0074           1.0270          1.0195        1.0089    1.0032
       April       1.0167             1.0004             1.0069           1.0236          0.9967        0.9927    1.0017
         May       0.9972             0.9970             1.0081           0.9904          0.9867        1.0139    1.0122
        June       1.0009             0.9952             1.0040           0.9859          0.9797        1.0099    1.0012
        July       0.9999             0.9976             0.9979           0.9795          0.9713        0.9985    0.9861
      August       0.9964             0.9987             0.9935           0.9928          0.9846        0.9983    0.9891
   September       0.9983             1.0001             0.9938           0.9931          0.9778        0.9910    0.9877
     October       0.9932             1.0015             0.9957           0.9902          0.9873        0.9859    0.9926
    November       0.9970             1.0020             1.0016           0.9887          1.0050        0.9978    0.9959
    December       1.0033             1.0004             0.9991           0.9976          1.0233        0.9916    1.0120
 2001
     January       0.9984             1.0018             0.9914           1.0108          1.0335        0.9983    1.0092
    February       0.9944             1.0033             1.0006           1.0195          1.0350        1.0129    1.0057
       March       1.0046             1.0026             1.0080           1.0287          1.0199        1.0080    1.0048
       April       1.0165             1.0008             1.0069           1.0252          0.9955        0.9908    1.0029
         May       0.9971             0.9967             1.0082           0.9911          0.9858        1.0138    1.0094
        June       1.0016             0.9946             1.0044           0.9854          0.9786        1.0126    1.0025
        July       0.9991             0.9974             0.9975           0.9784          0.9731        0.9997    0.9883
      August       0.9962             0.9989             0.9942           0.9914          0.9860        0.9989    0.9892
   September       0.9988             1.0003             0.9932           0.9921          0.9793        0.9924    0.9890
     October       0.9926             1.0015             0.9946           0.9897          0.9872        0.9866    0.9940
    November       0.9968             1.0020             1.0004           0.9876          1.0041        0.9959    0.9969
    December       1.0032             1.0002             0.9992           0.9979          1.0216        0.9910    1.0085
 2002
     January       0.9986             1.0015             0.9923           1.0118          1.0333        0.9970    1.0080
    February       0.9941             1.0034             1.0009           1.0203          1.0350        1.0121    1.0048
       March       1.0054             1.0029             1.0084           1.0293          1.0198        1.0065    1.0059
 ----------------------------------------------------------------------------------------------------------------------------
 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.


                                      Appendix Table 3
                        Weekly Seasonal Factors Used to Construct M1
 ------------------------------------------------------+------------------------------------
                              Nonbank         Demand   |   Other checkable deposits [1]
                Currency  travelers checks   deposits  |    total            at banks
 ------------------------------------------------------+------------------------------------
   2000 Dec 04   1.0024        1.0297         1.0431        1.0129            1.0019
            11   1.0057        1.0247         1.0087        0.9939            0.9872
            18   1.0070        1.0197         1.0376        1.0033            1.0023
            25   1.0183        1.0148         1.0586        1.0239            1.0208

   2001 Jan 01   1.0114        1.0100         1.1147        1.0451            1.0376
            08   1.0034        1.0134         1.0179        1.0206            1.0202
            15   0.9973        1.0168         0.9922        1.0040            1.0107
            22   0.9931        1.0203         0.9822        1.0020            1.0132
            29   0.9889        1.0238         0.9890        1.0029            1.0139

   2001 Feb 05   0.9951        1.0273         0.9747        1.0000            1.0045
            12   0.9980        1.0262         0.9662        0.9865            0.9945
            19   0.9985        1.0251         0.9680        0.9844            0.9933
            26   0.9958        1.0241         0.9772        0.9928            1.0008

   2001 Mar 05   1.0004        1.0230         0.9711        0.9951            0.9983
            12   1.0019        1.0211         0.9696        0.9904            0.9944
            19   0.9999        1.0191         0.9818        0.9932            0.9988
            26   0.9981        1.0172         0.9877        1.0021            1.0081

   2001 Apr 02   0.9981        1.0153         1.0269        1.0225            1.0197
            09   1.0046        1.0177         0.9886        1.0121            1.0115
            16   1.0024        1.0202         1.0056        1.0173            1.0219
            23   0.9984        1.0227         1.0032        1.0255            1.0328
            30   0.9981        1.0253         0.9959        1.0151            1.0158

   2001 May 07   1.0031        1.0202         0.9635        1.0007            0.9984
            14   1.0018        1.0152         0.9779        0.9884            0.9928
            21   0.9999        1.0102         0.9856        0.9915            0.9962
            28   0.9993        1.0053         0.9943        0.9985            1.0019

   2001 Jun 04   0.9983        1.0004         0.9948        1.0033            1.0004
            11   1.0033        0.9897         0.9821        0.9943            0.9936
            18   1.0010        0.9792         0.9898        0.9980            0.9994
            25   0.9993        0.9689         0.9941        1.0018            1.0045

   2001 Jul 02   1.0010        0.9589         1.0387        1.0110            1.0067
            09   1.0064        0.9566         1.0038        0.9946            0.9885
            16   1.0020        0.9544         0.9875        0.9843            0.9834
            23   0.9995        0.9522         0.9918        0.9887            0.9871
            30   0.9973        0.9500         1.0205        1.0005            0.9960

   2001 Aug 06   1.0015        0.9478         0.9875        0.9938            0.9882
            13   1.0010        0.9532         0.9904        0.9856            0.9819
            20   0.9983        0.9586         1.0068        0.9900            0.9892
            27   0.9952        0.9641         1.0182        0.9977            0.9972

   2001 Sep 03   0.9986        0.9696         1.0103        0.9995            0.9943
            10   0.9994        0.9740         0.9896        0.9916            0.9860
            17   0.9965        0.9785         0.9897        0.9866            0.9881
            24   0.9942        0.9830         0.9904        0.9890            0.9914

   2001 Oct 01   0.9946        0.9875         1.0147        0.9973            0.9942
            08   1.0005        0.9922         0.9780        0.9906            0.9828
            15   0.9985        0.9969         0.9893        0.9863            0.9835
            22   0.9965        1.0016         1.0000        0.9927            0.9915
            29   0.9949        1.0064         1.0216        1.0042            1.0018

   2001 Nov 05   0.9992        1.0113         1.0002        1.0006            0.9936
            12   1.0017        1.0164         1.0000        0.9948            0.9875
            19   1.0001        1.0216         1.0201        0.9994            0.9963
            26   1.0030        1.0269         1.0442        1.0080            1.0043

   2001 Dec 03   1.0026        1.0322         1.0355        1.0125            1.0025
            10   1.0049        1.0267         1.0114        0.9993            0.9920
            17   1.0072        1.0213         1.0297        1.0012            0.9985
            24   1.0141        1.0159         1.0543        1.0193            1.0169
            31   1.0089        1.0106         1.1015        1.0410            1.0338

   2002 Jan 07   1.0025        1.0141         1.0255        1.0239            1.0211
            14   0.9976        1.0176         0.9928        1.0062            1.0128
            21   0.9943        1.0211         0.9875        1.0033            1.0139
            28   0.9911        1.0247         0.9901        1.0043            1.0151

   2002 Feb 04   0.9955        1.0283         0.9751        0.9987            1.0059
            11   0.9981        1.0272         0.9600        0.9857            0.9947
            18   0.9978        1.0261         0.9666        0.9846            0.9931
            25   0.9952        1.0250         0.9760        0.9925            1.0003

   2002 Mar 04   0.9999        1.0239         0.9762        0.9921            0.9991
            11   1.0019        1.0218         0.9726        0.9893            0.9948
            18   1.0006        1.0196         0.9843        0.9924            0.9970
            25   0.9991        1.0175         0.9906        1.0013            1.0062

   2002 Apr 01   0.9995        1.0153         1.0138        1.0194            1.0178
 -------------------------------------------------------------------------------------------
 1.  Seasonally adjusted other checkable deposits at thrifts are derived as the differ-
 ence between total other checkable deposits, seasonally adjusted,
 and seasonally adjusted other checkable deposits at commercial banks.


                                                       Appendix Table 4
                                      Weekly Seasonal Factors Used to Construct M2 and M3
 -----------------------------------------------------------------------+-------------------------------+----------------------
                  Savings and        Small denom.       Large denom.    |  Money market mutual funds    |
               MMDA deposits [1]  time deposits [1]   time deposits [1] |   in M2         in M3 only    |  RPs    Eurodollars
 -----------------------------------------------------------------------+-------------------------------+----------------------
   2000 Dec 04       1.0017             1.0014             0.9987           0.9914          1.0102        0.9936    0.9997
            11       1.0090             1.0010             1.0022           1.0003          1.0316        1.0021    1.0056
            18       1.0029             1.0004             1.0025           0.9995          1.0304        0.9933    1.0046
            25       0.9926             0.9997             0.9980           1.0005          1.0288        0.9894    1.0118

   2001 Jan 01       0.9962             1.0002             0.9915           0.9934          1.0081        0.9789    1.0363
            08       1.0242             1.0015             1.0000           0.9992          1.0089        0.9831    1.0190
            15       1.0144             1.0018             0.9972           1.0142          1.0369        1.0026    1.0079
            22       0.9920             1.0018             0.9868           1.0166          1.0437        0.9996    1.0051
            29       0.9734             1.0020             0.9827           1.0145          1.0486        1.0062    1.0049

   2001 Feb 05       0.9914             1.0028             0.9895           1.0142          1.0317        1.0138    0.9959
            12       0.9976             1.0033             0.9976           1.0176          1.0378        1.0195    1.0036
            19       0.9940             1.0036             1.0037           1.0197          1.0342        1.0129    1.0071
            26       0.9887             1.0035             1.0055           1.0242          1.0372        1.0069    1.0149

   2001 Mar 05       1.0125             1.0033             1.0104           1.0225          1.0281        1.0085    1.0009
            12       1.0115             1.0030             1.0115           1.0287          1.0310        1.0158    1.0041
            19       1.0041             1.0027             1.0082           1.0308          1.0218        1.0134    1.0018
            26       0.9898             1.0020             1.0043           1.0304          1.0177        1.0065    1.0133

   2001 Apr 02       1.0011             1.0018             1.0058           1.0296          0.9968        0.9914    1.0019
            09       1.0287             1.0021             1.0090           1.0373          1.0062        0.9871    0.9986
            16       1.0301             1.0012             1.0068           1.0352          1.0083        0.9909    0.9879
            23       1.0105             1.0002             1.0058           1.0246          0.9886        0.9887    1.0075
            30       0.9960             0.9993             1.0065           1.0027          0.9789        0.9965    1.0180

   2001 May 07       1.0096             0.9986             1.0133           0.9915          0.9799        1.0076    1.0011
            14       1.0049             0.9976             1.0113           0.9910          0.9864        1.0119    0.9978
            21       0.9940             0.9963             1.0056           0.9904          0.9894        1.0112    1.0095
            28       0.9862             0.9952             1.0044           0.9921          0.9883        1.0203    1.0279

   2001 Jun 04       1.0114             0.9945             1.0044           0.9893          0.9836        1.0231    1.0126
            11       1.0142             0.9943             1.0067           0.9932          0.9912        1.0175    1.0059
            18       1.0039             0.9942             1.0070           0.9875          0.9785        1.0149    0.9982
            25       0.9838             0.9943             1.0051           0.9817          0.9746        1.0069    0.9984

   2001 Jul 02       0.9887             0.9960             0.9966           0.9738          0.9627        1.0021    1.0011
            09       1.0154             0.9970             0.9931           0.9773          0.9712        1.0009    0.9867
            16       1.0078             0.9972             0.9982           0.9781          0.9777        0.9975    0.9829
            23       0.9920             0.9977             1.0009           0.9791          0.9741        0.9987    0.9877
            30       0.9817             0.9978             0.9979           0.9796          0.9725        1.0011    0.9923

   2001 Aug 06       1.0085             0.9982             0.9977           0.9843          0.9734        1.0003    0.9863
            13       1.0040             0.9985             0.9963           0.9910          0.9864        1.0061    0.9820
            20       0.9943             0.9989             0.9923           0.9934          0.9893        0.9957    0.9849
            27       0.9810             0.9991             0.9914           0.9953          0.9945        0.9937    1.0024

   2001 Sep 03       0.9994             0.9999             0.9933           0.9922          0.9836        0.9984    0.9908
            10       1.0124             1.0002             0.9925           0.9967          0.9877        0.9960    0.9818
            17       1.0056             1.0003             0.9920           0.9960          0.9851        0.9965    0.9894
            24       0.9850             1.0002             0.9941           0.9899          0.9735        0.9912    0.9872

   2001 Oct 01       0.9865             1.0010             0.9944           0.9847          0.9677        0.9818    0.9980
            08       1.0081             1.0019             0.9974           0.9864          0.9741        0.9811    0.9883
            15       1.0044             1.0015             0.9954           0.9924          0.9891        0.9865    0.9944
            22       0.9876             1.0013             0.9935           0.9924          0.9916        0.9870    0.9926
            29       0.9761             1.0011             0.9918           0.9896          0.9948        0.9903    1.0011

   2001 Nov 05       1.0019             1.0018             0.9961           0.9848          0.9942        0.9944    0.9912
            12       1.0022             1.0023             1.0022           0.9865          1.0042        0.9957    0.9908
            19       0.9964             1.0022             1.0024           0.9866          1.0026        0.9966    0.9951
            26       0.9835             1.0019             1.0001           0.9899          1.0096        0.9967    1.0078

   2001 Dec 03       0.9988             1.0013             0.9997           0.9905          1.0089        0.9951    0.9990
            10       1.0100             1.0009             1.0029           0.9981          1.0255        1.0004    0.9977
            17       1.0043             1.0002             1.0036           1.0000          1.0261        0.9957    1.0034
            24       0.9950             0.9997             0.9992           1.0010          1.0237        0.9854    1.0085
            31       0.9984             0.9997             0.9909           0.9958          1.0167        0.9808    1.0282

   2002 Jan 07       1.0236             1.0008             0.9930           1.0000          1.0097        0.9824    1.0145
            14       1.0140             1.0015             0.9998           1.0127          1.0344        0.9970    1.0075
            21       0.9937             1.0015             0.9902           1.0172          1.0418        0.9984    1.0063
            28       0.9779             1.0017             0.9863           1.0158          1.0470        1.0038    1.0086

   2002 Feb 04       0.9919             1.0025             0.9926           1.0153          1.0334        1.0120    0.9965
            11       0.9981             1.0033             0.9979           1.0192          1.0377        1.0178    1.0016
            18       0.9942             1.0038             1.0031           1.0198          1.0342        1.0135    1.0053
            25       0.9867             1.0037             1.0037           1.0241          1.0365        1.0073    1.0141

   2002 Mar 04       1.0050             1.0035             1.0070           1.0218          1.0295        1.0069    1.0000
            11       1.0108             1.0033             1.0107           1.0286          1.0308        1.0129    1.0035
            18       1.0055             1.0030             1.0100           1.0306          1.0208        1.0121    1.0014
            25       0.9949             1.0024             1.0067           1.0318          1.0184        1.0058    1.0117

   2002 Apr 01       1.0014             1.0027             1.0068           1.0307          1.0010        0.9933    1.0112
 ------------------------------------------------------------------------------------------------------------------------------
 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.



                                      Appendix Table 5
                  Comparison of Revised and Old Monetary Aggregate Levels
                         (billions of dollars, seasonally adjusted)
 ------------+--------------------------+--------------------------+------------------------
             | Revised M1      Old M1   | Revised M2      Old M2   | Revised M3      Old M3
 ------------+--------------------------+--------------------------+------------------------
 1999
   October       1096.4        1101.4       4596.5        4594.6       6356.3        6312.9
  November       1107.1        1109.6       4621.9        4614.6       6440.6        6393.7
  December       1124.3        1123.0       4648.2        4643.7       6524.1        6489.8
 2000
   January       1122.8        1118.9       4668.7        4668.8       6565.2        6537.7
  February       1108.8        1104.5       4684.4        4682.0       6597.2        6560.9
     March       1113.2        1110.4       4715.2        4720.1       6668.2        6639.8
     April       1117.3        1115.1       4752.6        4762.3       6719.8        6691.7
       May       1106.6        1105.9       4759.2        4761.0       6752.7        6714.1
      June       1105.7        1104.7       4780.3        4776.5       6803.0        6757.5
      July       1103.9        1104.9       4801.1        4790.9       6851.7        6806.2
    August       1099.6        1101.5       4832.3        4821.3       6911.1        6860.3
 September       1095.7        1097.5       4865.3        4858.3       6963.9        6909.2
   October       1096.3        1101.8       4888.2        4877.0       6990.4        6931.0
  November       1089.2        1092.0       4905.9        4888.2       7015.7        6950.9
  December       1091.2        1090.4       4945.6        4934.7       7089.5        7046.2
 -------------------------------------------------------------------------------------------


                         Appendix Table 6
           Comparison of Revised and Old M1 Growth Rates
                 (percent changes at annual rates)
 --------------+----------------------------+----------------------
               |                            |  Difference due to
               |Revised    Old   Difference |Benchmark   Seasonals
 --------------+----------------------------+----------------------
 1999
       January     0.5     -1.5       2.0        0.0         2.0
      February    -1.5     -1.9       0.4        0.0         0.4
         March     6.7      7.8      -1.1        0.1        -1.2
         April     5.8      6.3      -0.5       -0.1        -0.4
           May    -7.2     -6.0      -1.2       -0.1        -1.1
          June    -1.2     -1.7       0.5        0.0         0.5
          July    -2.5     -0.7      -1.8        0.0        -1.8
        August    -1.9     -0.9      -1.0        0.1        -1.1
     September    -2.6     -2.8       0.2       -0.2         0.4
       October     3.3      5.8      -2.5        0.5        -3.0
      November    11.7      8.9       2.8        0.5         2.3
      December    18.6     14.5       4.1        0.5         3.6
 2000
       January    -1.6     -4.4       2.8        0.0         2.8
      February   -15.0    -15.4       0.4        0.0         0.4
         March     4.8      6.4      -1.6        0.0        -1.6
         April     4.4      5.1      -0.7        0.2        -0.9
           May   -11.5     -9.9      -1.6        0.1        -1.7
          June    -1.0     -1.3       0.3        0.1         0.2
          July    -2.0      0.2      -2.2        0.1        -2.3
        August    -4.7     -3.7      -1.0        0.0        -1.0
     September    -4.3     -4.4       0.1       -0.8         0.9
       October     0.7      4.7      -4.0       -0.1        -3.9
      November    -7.8    -10.7       2.9        0.0         2.9
      December     2.2     -1.8       4.0        0.0         4.0
 Quarterly
          99Q4     5.0      4.8       0.2        0.3        -0.1
          00Q1     2.0      0.0       2.0        0.1         1.9
          00Q2    -1.8     -1.0      -0.8        0.1        -0.9
          00Q3    -3.7     -2.6      -1.1        0.0        -1.1
          00Q4    -2.7     -2.4      -0.3       -0.2        -0.1
 Semi-Annual
 99Q4  -  00Q2     0.1     -0.5       0.6        0.1         0.5
 00Q2  -  00Q4    -3.2     -2.5      -0.7       -0.1        -0.6
 Annual (Q4 to Q4)
          1999     1.8      1.8       0.0        0.0         0.0
          2000    -1.5     -1.5       0.0        0.0         0.0
 ------------------------------------------------------------------


                         Appendix Table 7
           Comparison of Revised and Old M2 Growth Rates
                 (percent changes at annual rates)
 --------------+----------------------------+----------------------
               |                            |  Difference due to
               |Revised    Old   Difference |Benchmark   Seasonals
 --------------+----------------------------+----------------------
 1999
       January     6.1      7.0      -0.9        0.0        -0.9
      February     7.5      7.1       0.4        0.1         0.3
         March     3.2      4.6      -1.4        0.0        -1.4
         April     6.4      7.4      -1.0        0.0        -1.0
           May     6.8      6.0       0.8        0.0         0.8
          June     5.8      4.8       1.0       -0.1         1.1
          July     7.2      6.1       1.1        0.0         1.1
        August     4.7      4.7       0.0        0.0         0.0
     September     4.3      5.1      -0.8        0.0        -0.8
       October     5.3      4.7       0.6        0.1         0.5
      November     6.6      5.2       1.4        0.1         1.3
      December     6.8      7.6      -0.8        0.1        -0.9
 2000
       January     5.3      6.5      -1.2        0.1        -1.3
      February     4.0      3.4       0.6        0.1         0.5
         March     7.9      9.8      -1.9        0.1        -2.0
         April     9.5     10.7      -1.2        0.3        -1.5
           May     1.7     -0.3       2.0        0.3         1.7
          June     5.3      3.9       1.4        0.2         1.2
          July     5.2      3.6       1.6        0.2         1.4
        August     7.8      7.6       0.2        0.2         0.0
     September     8.2      9.2      -1.0        0.0        -1.0
       October     5.6      4.6       1.0        0.2         0.8
      November     4.3      2.8       1.5        0.1         1.4
      December     9.7     11.4      -1.7        0.2        -1.9
 Quarterly
          99Q4     5.5      5.2       0.3        0.1         0.2
          00Q1     5.8      6.3      -0.5        0.1        -0.6
          00Q2     6.4      6.5      -0.1        0.2        -0.3
          00Q3     5.8      4.8       1.0        0.2         0.8
          00Q4     6.6      6.3       0.3        0.1         0.2
 Semi-Annual
 99Q4  -  00Q2     6.1      6.5      -0.4        0.2        -0.6
 00Q2  -  00Q4     6.3      5.6       0.7        0.2         0.5
 Annual (Q4 to Q4)
          1999     6.3      6.2       0.1        0.1         0.0
          2000     6.3      6.1       0.2        0.2         0.0
 ------------------------------------------------------------------


                         Appendix Table 8
           Comparison of Revised and Old M3 Growth Rates
                 (percent changes at annual rates)
 --------------+----------------------------+----------------------
               |                            |  Difference due to
               |Revised    Old   Difference |Benchmark   Seasonals
 --------------+----------------------------+----------------------
 1999
       January     5.6      6.4      -0.8       -0.1        -0.7
      February    11.0      9.9       1.1        0.8         0.3
         March     1.1      2.1      -1.0        0.2        -1.2
         April     7.0      7.2      -0.2       -0.4         0.2
           May     7.4      6.3       1.1       -0.2         1.3
          June     6.9      6.1       0.8       -0.1         0.9
          July     5.9      4.8       1.1        0.0         1.1
        August     4.0      3.8       0.2       -0.3         0.5
     September     4.9      5.5      -0.6       -0.9         0.3
       October    10.1     10.2      -0.1       -0.3         0.2
      November    15.9     15.4       0.5        0.1         0.4
      December    15.6     18.0      -2.4        0.3        -2.7
 2000
       January     7.6      8.9      -1.3        0.1        -1.4
      February     5.8      4.3       1.5        0.5         1.0
         March    12.9     14.4      -1.5        0.5        -2.0
         April     9.3      9.4      -0.1       -0.3         0.2
           May     5.9      4.0       1.9        0.0         1.9
          June     8.9      7.8       1.1        0.2         0.9
          July     8.6      8.6       0.0       -0.6         0.6
        August    10.4      9.5       0.9        0.2         0.7
     September     9.2      8.6       0.6        0.5         0.1
       October     4.6      3.8       0.8        0.1         0.7
      November     4.3      3.4       0.9        0.0         0.9
      December    12.6     16.5      -3.9        0.0        -3.9
 Quarterly
          99Q4    10.3     10.5      -0.2       -0.3         0.1
          00Q1    10.6     11.3      -0.7        0.3        -1.0
          00Q2     9.0      8.6       0.4        0.1         0.3
          00Q3     8.9      8.2       0.7        0.0         0.7
          00Q4     7.1      6.8       0.3        0.1         0.2
 Semi-Annual
 99Q4  -  00Q2     9.9     10.1      -0.2        0.2        -0.4
 00Q2  -  00Q4     8.1      7.6       0.5        0.0         0.5
 Annual (Q4 to Q4)
          1999     7.7      7.7       0.0       -0.1         0.1
          2000     9.2      9.0       0.2        0.1         0.1
 ------------------------------------------------------------------

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