Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 18, 2007
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January 18, 2007
H.6 (508)

MONEY STOCK REVISIONS

      Measures of the money stock and its components have been revised to incorporate the results of the annual review of seasonal factors and 
a new quarterly benchmark.  This release includes revised monthly and weekly seasonal factors as well as comparisons of the revised monetary
aggregates with previously published data.  For both M1 and M2, the revisions decreased growth in the first half of 2006 and increased it in
the second half.  
      
      The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit reports, and it takes account of deposit data
from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters.  These revisions to deposit data start
in 2003.  The benchmark also incorporates revisions to data on retail and institutional money market mutual funds, including revisions to IRA
and Keogh balances held at these funds.  Money market mutual fund revisions begin in 1999.  This release also incorporates the receipt of
historical information from other data sources. 

      Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data
through December 2006.  Monthly seasonal factors were estimated using the X-12-ARIMA procedure.  The effects of both the new benchmark and
revisions to seasonal factors on M1 and M2 growth rates are outlined in appendix tables 6 and 7.

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


1




 FEDERAL RESERVE STATISTICAL RELEASE

 H.6 (508)
 Table 1                                                                                                     For release at 4:30 p.m. Eastern Time
                                                                                                                                  January 18, 2007
 MONEY STOCK MEASURES
 Billions of dollars	
 ----------------------------------------------------------------------------------------------------------------------------------------------------
           Date                                         M1(1)                  M2(2)                       M1(1)                  M2(2)
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
                                                            Seasonally adjusted                             Not seasonally adjusted  	
 -----------------------------  ------------------------------------------------------------  -------------------------------------------------------
       2005-Jan.                                        1365.5                 6415.1                      1361.5                 6402.3
            Feb.                                        1368.9                 6436.9                      1355.1                 6404.5
            Mar.                                        1371.6                 6457.4                      1381.8                 6467.1
            Apr.                                        1358.0                 6466.2                      1369.3                 6511.6
            May                                         1367.5                 6481.3                      1369.4                 6459.5
            June                                        1380.9                 6509.1                      1384.3                 6511.5
            July                                        1368.6                 6532.4                      1365.2                 6532.5
            Aug.                                        1378.5                 6566.7                      1376.7                 6556.1
            Sep.                                        1379.5                 6599.9                      1363.3                 6588.9
            Oct.                                        1374.9                 6625.0                      1365.0                 6614.6
            Nov.                                        1375.9                 6644.7                      1373.2                 6652.4
            Dec.                                        1373.2                 6669.4                      1396.5                 6703.3
                                                                                                                                        
       2006-Jan.                                        1378.9                 6713.6                      1375.2                 6695.8
            Feb.                                        1375.2                 6737.0                      1361.7                 6705.2
            Mar.                                        1383.8                 6755.8                      1393.9                 6770.4
            Apr.                                        1380.1                 6774.9                      1392.6                 6827.4
            May                                         1387.3                 6785.7                      1391.0                 6761.6
            June                                        1375.6                 6811.1                      1377.8                 6812.2
            July                                        1371.1                 6835.7                      1367.3                 6832.3
            Aug.                                        1371.5                 6863.4                      1369.6                 6849.9
            Sep.                                        1363.9                 6886.5                      1347.2                 6877.2
            Oct.                                        1369.1                 6936.2                      1360.1                 6919.1
            Nov.                                        1370.5                 6977.0                      1367.8                 6984.4
            Dec. p                                      1365.7                 7020.8                      1387.6                 7061.7
                                                                                                                                        
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates     M1                    M2
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2006 TO Dec. 2006                  0.5                   7.8
  6 Months from June 2006 TO Dec. 2006                 -1.4                   6.2
 12 Months from Dec. 2005 TO Dec. 2006                 -0.5                   5.3
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of
    nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and 
    foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits
    (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
    share draft accounts, and demand deposits at thrift institutions.  Seasonally adjusted M1 is constructed by summing currency, traveler's checks,
    demand deposits, and OCDs, each seasonally adjusted separately.
 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in
    amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in
    retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.  Seasonally adjusted M2 is constructed by summing
    savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to
    seasonally adjusted M1.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Billions of Dollars
 --------------------------------------------------------------------------------------------------------------------------------------------------------
                                  M1                               M2                               M1                                 M2
                   -------------------------------- -------------------------------- -------------------------------- -----------------------------------
   Period Ending     13-week    4-week      week      13-week    4-week      week      13-week    4-week      week       13-week     4-week       week
                     average    average    average    average    average    average    average    average    average     average     average     average
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
                                          Seasonally adjusted                                             Not seasonally adjusted
 ----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
  2006-Oct. 16         1367.7     1365.1     1362.6     6878.8     6920.3     6936.4     1358.2     1350.4     1320.5      6866.7      6896.7      6949.1
            23         1367.7     1366.9     1374.1     6886.5     6930.9     6945.6     1357.8     1351.7     1375.5      6874.8      6915.3      6906.7
            30         1368.0     1369.7     1374.8     6895.4     6939.7     6949.4     1358.7     1358.9     1415.8      6882.5      6919.9      6891.3
                                                                                                                                                         
       Nov.  6         1368.0     1368.2     1361.1     6904.4     6946.0     6952.5     1359.3     1361.5     1334.3      6891.0      6930.2      6973.5
            13         1368.0     1367.6     1360.4     6913.1     6951.7     6959.2     1358.4     1360.3     1315.7      6900.3      6937.7      6979.2
            20         1368.0     1366.9     1371.2     6920.9     6958.2     6971.5     1357.6     1358.3     1367.2      6910.3      6958.3      6989.1
            27         1368.0     1367.7     1378.2     6930.4     6971.1     7001.2     1358.4     1361.6     1429.0      6923.2      6983.6      6992.7
                                                                                                                                                         
       Dec.  4         1368.0     1372.0     1378.0     6939.5     6981.3     6993.2     1358.8     1375.4     1389.8      6933.8      6996.6      7025.5
            11         1368.1     1373.8     1367.9     6949.4     6992.5     7003.9     1359.9     1377.3     1323.1      6944.2      7011.1      7036.9
            18         1368.5     1372.2     1364.5     6959.4     7003.3     7014.7     1362.5     1375.6     1360.3      6956.8      7027.9      7056.6
            25         1369.1     1371.3     1374.7     6970.2     7013.9     7043.7     1368.1     1379.2     1443.7      6975.2      7047.7      7071.9
                                                                                                                                                         
  2007-Jan.  1p        1368.7     1366.3     1358.1     6981.5     7030.8     7060.8     1372.8     1393.8     1448.0      6992.0      7064.1      7091.0
             8p        1368.4     1365.1     1363.0     6991.4     7043.9     7056.5     1374.2     1398.4     1341.5      7005.5      7081.9      7108.1
                                                                                                                                                         
                                                                                                                                                         
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Percent change at seasonally adjusted annual rates       M1                   M2
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 Thirteen weeks ending January  8, 2007    
 from thirteen weeks ending:
 Oct.  9, 2006 (13 weeks previous)                        0.2                  7.0
 July 10, 2006 (26 weeks previous)                       -1.7                  5.7
 Jan.  9, 2006 (52 weeks previous)                       -0.4                  5.1
 --------------------------------------------------------------------------------------------------------------------------------------------------------
 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  preliminary
 Components may not add to totals due to rounding.
1




 H.6 (508)
 Table 3
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand Deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2005-Aug.                       713.3               7.4                 336.5               184.2               137.1               321.4
       Sep.                       717.1               7.3                 334.1               182.9               138.0               320.9
                                                                                                                                           
       Oct.                       718.7               7.3                 329.5               179.7               139.7               319.4
       Nov.                       721.3               7.2                 327.3               180.9               139.3               320.1
       Dec.                       724.5               7.2                 324.1               180.1               137.4               317.5
                                                                                                                                           
                                                                                                                                           
  2006-Jan.                       729.2               7.2                 323.8               180.8               137.9               318.7
       Feb.                       732.8               7.1                 318.7               179.2               137.4               316.6
       Mar.                       735.4               6.9                 323.9               180.0               137.5               317.5
                                                                                                                                           
       Apr.                       737.7               6.9                 318.6               179.8               137.1               316.9
       May                        740.7               7.0                 324.7               179.7               135.3               315.0
       June                       740.2               7.0                 317.7               177.7               133.0               310.7
                                                                                                                                           
       July                       740.6               6.8                 314.2               176.7               132.7               309.4
       Aug.                       741.8               6.8                 315.4               175.6               131.9               307.5
       Sep.                       742.3               6.8                 308.6               175.6               130.6               306.2
                                                                                                                                           
       Oct.                       744.5               6.8                 311.9               177.7               128.3               306.0
       Nov.                       747.5               6.8                 312.6               176.9               126.8               303.7
       Dec. p                     749.8               6.7                 305.9               176.2               127.0               303.2
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			
  2006-Nov. 13                    746.5               6.8                 304.4               176.0               126.7               302.7
            20                    747.7               6.8                 313.5               176.8               126.4               303.2
            27                    748.6               6.7                 318.7               177.1               127.1               304.2
                                                                                                                                           
       Dec.  4                    748.8               6.7                 317.0               178.6               126.8               305.4
            11                    749.0               6.7                 308.8               176.6               126.8               303.4
            18                    749.8               6.7                 305.9               175.0               127.1               302.1
            25                    750.3               6.7                 313.3               176.8               127.6               304.4
                                                                                                                                           
  2007-Jan.  1p                   750.9               6.7                 297.4               176.4               126.8               303.2
             8p                   751.3               6.7 e               298.5               176.6               129.8               306.4
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                 Savings Deposits(1)               Small-denomination time deposit(2)                                             
                       ---------------------------------------   ---------------------------------------                               Memorandum: 
                            At            At                          At            At                        Retail                  Institutional
        Date            commercial      thrift                    commercial      thrift                      money         Total         money
                          banks      institutions      Total        banks      institutions       Total      funds(3)     Non-M1 M2       funds
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2005-Aug.                 2704.3         867.1        3571.4         617.6         312.0         929.6         687.1        5188.2        1096.7
       Sep.                 2725.1         861.0        3586.2         625.6         316.6         942.2         692.1        5220.4        1112.8
                                                                                                                                                  
       Oct.                 2741.3         860.1        3601.4         621.7         329.6         951.3         697.5        5250.2        1125.3
       Nov.                 2748.9         856.5        3605.4         626.7         336.0         962.7         700.6        5268.7        1128.2
       Dec.                 2769.6         849.3        3618.8         634.9         339.8         974.7         702.7        5296.2        1139.4
                                                                                                                                                  
                                                                                                                                                  
  2006-Jan.                 2780.7         855.7        3636.4         643.8         344.5         988.3         710.0        5334.7        1150.7
       Feb.                 2783.7         861.5        3645.2         654.5         349.8        1004.3         712.3        5361.8        1152.1
       Mar.                 2777.8         853.8        3631.6         665.8         355.6        1021.4         719.1        5372.1        1161.7
                                                                                                                                                  
       Apr.                 2797.3         839.5        3636.8         674.3         361.6        1035.9         722.1        5394.8        1177.1
       May                  2776.9         845.1        3622.0         682.9         367.4        1050.4         726.0        5398.3        1192.6
       June                 2785.4         845.2        3630.5         692.4         373.5        1066.0         739.1        5435.6        1208.3
                                                                                                                                                  
       July                 2789.0         842.6        3631.7         704.4         380.6        1085.0         748.0        5464.6        1222.7
       Aug.                 2781.0         848.4        3629.4         715.7         388.7        1104.3         758.1        5491.8        1243.8
       Sep.                 2790.0         843.3        3633.2         724.8         397.2        1122.0         767.3        5522.6        1265.9
                                                                                                                                                  
       Oct.                 2847.0         802.3        3649.3         744.9         394.1        1138.9         778.9        5567.1        1288.4
       Nov.                 2863.2         798.7        3662.0         756.9         397.6        1154.5         790.1        5606.6        1304.7
       Dec. p               2895.4         792.1        3687.6         765.4         399.1        1164.4         803.1        5655.1        1333.3
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 Week ending:	       		      		     		    		   			     			     		      			
  2006-Nov. 13              2863.9         793.8        3657.8         754.6         397.7        1152.3         788.7        5598.8        1298.4
            20              2858.4         798.0        3656.4         757.0         398.6        1155.6         788.3        5600.3        1302.4
            27              2866.4         805.5        3672.0         760.1         397.3        1157.4         793.6        5623.0        1307.6
                                                                                                                                                  
       Dec.  4              2867.1         792.3        3659.4         762.1         397.3        1159.4         796.4        5615.2        1324.5
            11              2888.1         786.1        3674.2         763.9         398.2        1162.1         799.6        5635.9        1322.7
            18              2892.5         791.1        3683.5         765.3         399.0        1164.3         802.3        5650.1        1334.1
            25              2898.8         798.1        3696.9         767.0         399.8        1166.8         805.3        5669.0        1339.5
                                                                                                                                                  
  2007-Jan.  1p             2923.6         800.7        3724.3         767.7         400.5        1168.3         810.1        5702.7        1343.7
             8p             2918.5         788.5        3707.0         767.4         401.0        1168.4         818.1        5693.4        1347.0
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and 
    thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 5
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits
                                                                                     ------------------------------------------------------
                                                                                        At commercial         At thrift
        Date                  Currency(1)  Traveler's checks(2)  Demand Deposits(3)       banks(4)         institutions(5)          Total
 ------------------------------------------------------------------------------------------------------------------------------------------
  2005-Aug.                       712.3               7.5                 337.5               181.6               137.8               319.4
       Sep.                       714.3               7.4                 326.4               178.2               137.0               315.2
                                                                                                                                           
       Oct.                       715.7               7.2                 327.8               176.6               137.7               314.3
       Nov.                       720.3               7.1                 329.1               177.9               138.7               316.7
       Dec.                       728.9               7.2                 337.7               184.9               137.9               322.8
                                                                                                                                           
                                                                                                                                           
  2006-Jan.                       727.3               7.2                 319.3               186.5               135.0               321.4
       Feb.                       733.6               7.0                 310.9               176.5               133.8               310.2
       Mar.                       736.8               6.9                 327.9               183.8               138.6               322.3
                                                                                                                                           
       Apr.                       738.6               6.8                 320.3               184.9               142.0               326.9
       May                        741.9               6.9                 325.0               180.8               136.4               317.2
       June                       741.1               7.0                 317.9               177.7               134.0               311.8
                                                                                                                                           
       July                       741.1               7.0                 313.2               172.5               133.5               306.0
       Aug.                       740.4               7.0                 316.7               173.0               132.5               305.4
       Sep.                       739.5               6.8                 300.4               170.8               129.6               300.3
                                                                                                                                           
       Oct.                       740.7               6.7                 311.6               174.6               126.5               301.0
       Nov.                       746.2               6.7                 314.5               174.2               126.2               300.4
       Dec. p                     754.7               6.7                 317.7               180.7               127.8               308.5
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			
  2006-Nov. 13                    745.3               6.7                 274.8               165.4               123.6               289.0
            20                    745.5               6.7                 316.3               174.3               124.4               298.7
            27                    749.1               6.7                 364.2               181.8               127.2               309.0
                                                                                                                                           
       Dec.  4                    748.5               6.6                 323.5               180.7               130.5               311.2
            11                    750.7               6.7                 270.1               170.9               124.7               295.5
            18                    752.9               6.7                 301.4               174.9               124.4               299.3
            25                    760.7               6.7                 360.4               187.7               128.0               315.8
                                                                                                                                           
  2007-Jan.  1p                   757.4               6.8                 356.5               193.5               133.8               327.3
             8p                   752.2               6.8 e               274.3               180.6               127.6               308.2
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers.  Traveler's checks issued by depository institutions
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e  estimated 
 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 6
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                 Savings Deposits(1)               Small-denomination time deposit(2)                                             
                       ---------------------------------------   ---------------------------------------                               Memorandum: 
                            At            At                          At            At                        Retail                  Institutional
        Date            commercial      thrift                    commercial      thrift                      money         Total         money
                          banks      institutions      Total        banks      institutions       Total      funds(3)     Non-M1 M2       funds
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2005-Aug.                 2696.4         864.6        3561.0         618.8         312.6         931.4         686.9        5179.3        1094.8
       Sep.                 2727.9         861.9        3589.9         627.4         317.5         944.9         690.8        5225.6        1110.6
                                                                                                                                                  
       Oct.                 2740.3         859.8        3600.1         623.5         330.6         954.1         695.4        5249.6        1119.2
       Nov.                 2756.0         858.7        3614.7         627.7         336.6         964.3         700.3        5279.2        1128.7
       Dec.                 2776.0         851.2        3627.3         634.2         339.5         973.7         705.7        5306.7        1162.6
                                                                                                                                                  
                                                                                                                                                  
  2006-Jan.                 2767.1         851.5        3618.6         643.1         344.1         987.2         714.8        5320.7        1180.1
       Feb.                 2767.7         856.5        3624.2         654.0         349.5        1003.5         715.8        5343.5        1167.5
       Mar.                 2778.6         854.0        3632.5         665.2         355.2        1020.5         723.4        5376.4        1163.7
                                                                                                                                                  
       Apr.                 2828.0         848.7        3676.7         673.3         361.1        1034.4         723.6        5434.7        1164.8
       May                  2761.9         840.5        3602.5         681.3         366.5        1047.8         720.3        5370.6        1172.6
       June                 2789.1         846.3        3635.4         690.7         372.6        1063.4         735.6        5434.3        1196.5
                                                                                                                                                  
       July                 2792.8         843.7        3636.5         703.9         380.3        1084.3         744.1        5464.9        1206.2
       Aug.                 2771.3         845.5        3616.8         717.1         389.5        1106.6         756.9        5480.3        1238.8
       Sep.                 2794.0         844.5        3638.5         727.3         398.5        1125.9         765.7        5530.0        1259.5
                                                                                                                                                  
       Oct.                 2839.0         800.1        3639.1         747.6         395.5        1143.1         776.8        5559.0        1281.5
       Nov.                 2869.2         800.4        3669.6         758.7         398.5        1157.2         789.8        5616.6        1304.9
       Dec. p               2908.1         795.6        3703.7         764.8         398.8        1163.6         806.7        5674.1        1361.8
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 Week ending:	       		      		     		    		   			     			     		      			
  2006-Nov. 13              2913.0         807.4        3720.4         756.7         398.8        1155.4         787.6        5663.5        1291.2
            20              2874.0         802.4        3676.3         758.7         399.5        1158.2         787.4        5621.9        1306.0
            27              2816.2         791.4        3607.7         761.4         398.0        1159.5         796.5        5563.7        1320.1
                                                                                                                                                  
       Dec.  4              2881.6         796.3        3677.8         763.1         397.8        1160.8         797.0        5635.7        1334.2
            11              2944.2         801.4        3745.6         764.3         398.4        1162.8         805.6        5713.9        1354.2
            18              2925.4         800.1        3725.5         764.7         398.7        1163.4         807.4        5696.3        1371.3
            25              2865.5         788.9        3654.5         765.6         399.1        1164.6         809.1        5628.3        1367.9
                                                                                                                                                  
  2007-Jan.  1p             2878.1         788.2        3666.3         766.2         399.7        1165.9         810.8        5643.0        1370.8
             8p             2974.8         803.7        3778.5         766.6         400.5        1167.1         821.0        5766.5        1371.9
                                                                                                                                                  
                                                                                                                                                  
                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and 
    thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.

 p  preliminary
 Components may not add to totals due to rounding.
1



 H.6 (508)
 Table 7
 OTHER 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       Demand                   Note                     Time and
       Date        -------------------------- deposits due to  deposits    Balance     balances                   savings                                    At
                       Foreign     Foreign     foreign banks      at          at          at           Total    deposits at      At           At            money   
                      commercial   official    and official   commercial   Federal    depository       cash      commercial  commercial     thrift         market
                        banks    institutions  institutions     banks      Reserve   institutions(1)  balance      banks        banks    institutions       funds         Total
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2005-Aug.               7.1          1.1         23.3            1.2          5.0          7.5         13.7        1.9        169.9         102.9         161.4         434.2   
       Sep.               7.1          1.0         23.9            2.3          5.3         28.3         35.9        2.0        170.2         103.2         162.8         436.2   
                                                                                                                                                                                  
       Oct.               7.2          1.0         24.9            1.5          4.9         18.7         25.1        2.0        171.3         103.3         164.5         439.0   
       Nov.               7.1          1.0         26.3            1.2          4.9          8.9         15.0        1.8        172.9         103.2         166.6         442.7   
       Dec.               7.1          1.0         27.6            1.4          5.1         23.0         29.6        1.5        174.5         103.1         168.6         446.3   
                                                                                                                                                                                  
                                                                                                                                                                                  
  2006-Jan.               7.1          1.1         27.8            3.1          4.9         28.9         37.0        1.5        175.8         103.3         170.4         449.6   
       Feb.               7.3          1.3         27.0            1.2          5.2         17.1         23.4        1.5        176.6         103.8         172.0         452.4   
       Mar.               7.4          1.6         26.3            1.3          5.0         11.4         17.8        1.5        177.5         104.3         173.5         455.3   
                                                                                                                                                                                  
       Apr.               7.2          1.5         27.3            6.6          5.0         21.9         33.5        1.5        178.5         104.9         177.1         460.4   
       May                6.7          1.4         30.1            1.8          5.3         41.5         48.6        1.6        179.7         105.5         182.7         467.8   
       June               6.2          1.2         32.9            2.5          5.1         27.1         34.7        1.6        180.8         106.1         188.2         475.2   
                                                                                                                                                                                  
       July               6.1          1.1         33.9            1.2          5.0         14.2         20.4        2.1        181.4         107.1         192.2 e       480.7 e 
       Aug.               6.5          1.2         33.2            1.0          4.9          6.8         12.7        3.3        181.3         108.5         194.8 e       484.6 e 
       Sep.               6.9          1.3         32.5            2.8          4.9         30.0         37.7        4.3        181.3         109.8         197.3 e       488.4 e 
                                                                                                                                                                                  
       Oct.               7.0 e        1.4 e       32.2 e          1.6          5.4         19.3         26.4        4.8 e      181.3 e       110.4 e       198.4 e       490.1 e 
       Nov.               7.0 e        1.4 e       32.2 e          1.1          4.9         19.3         25.3        4.8 e      181.3 e       110.4 e       198.4 e       490.1 e 
       Dec. p             7.0 e        1.4 e       32.2 e          1.4          5.2         24.3         30.9        4.8 e      181.3 e       110.5 e       198.4 e       490.1 e 
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2006-Nov. 13                                                     1.0          4.9         29.5         35.4                                                                     
            20                                                     1.2          4.8         11.1         17.1                                                                     
            27                                                     1.0          4.9          9.0         14.9                                                                     
                                                                                                                                                                                  
       Dec.  4                                                     1.1          5.1          5.9         12.1                                                                     
            11                                                     1.1          4.7          8.0         13.9                                                                     
            18                                                     1.7          5.9         26.1         33.7                                                                     
            25                                                     1.2          5.3         44.8         51.2                                                                     
                                                                                                                                                                                  
  2007-Jan.  1p                                                    1.6          4.8         32.0         38.4                                                                     
             8p                                                    1.8          5.1         14.3         21.1                                                                     
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.

 e  estimated
 p  preliminary
 Components may not add to totals due to rounding.

 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.

                                     Appendix Table 1
                      Monthly Seasonal Factors Used to Construct M1
----------+--------------------------------------------------------------------------------
          |                Nonbank         Demand        Other checkable deposits [1]
  Date    | Currency   travelers checks   deposits         Total            At banks
----------+--------------------------------------------------------------------------------
2006      |
  January |  0.9973         1.0019          0.9861        1.0084             1.0314
 February |  1.0010         0.9978          0.9755        0.9799             0.9849
    March |  1.0020         0.9915          1.0122        1.0152             1.0210
    April |  1.0013         0.9859          1.0053        1.0315             1.0285
      May |  1.0016         0.9916          1.0010        1.0071             1.0064
     June |  1.0012         1.0095          1.0007        1.0035             1.0001
     July |  1.0007         1.0240          0.9968        0.9889             0.9759
   August |  0.9981         1.0184          1.0044        0.9933             0.9854
September |  0.9963         1.0044          0.9734        0.9809             0.9727
  October |  0.9949         0.9939          0.9993        0.9837             0.9821
 November |  0.9983         0.9880          1.0062        0.9894             0.9850
 December |  1.0065         0.9953          1.0384        1.0176             1.0257
2007      |
  January |  0.9975         1.0025          0.9879        1.0091             1.0319
 February |  1.0013         0.9970          0.9741        0.9795             0.9833
    March |  1.0024         0.9895          1.0103        1.0153             1.0218
    April |  1.0011         0.9844          1.0063        1.0338             1.0303
      May |  1.0019         0.9928          1.0032        1.0077             1.0086
     June |  1.0019         1.0107          0.9990        1.0021             0.9998
     July |  1.0003         1.0235          0.9986        0.9885             0.9743
   August |  0.9987         1.0204          1.0036        0.9915             0.9842
September |  0.9956         1.0044          0.9710        0.9812             0.9713
  October |  0.9944         0.9940          1.0030        0.9833             0.9828
 November |  0.9985         0.9876          1.0056        0.9886             0.9860
 December |  1.0055         0.9956          1.0369        1.0193             1.0253
2008      |
  January |  0.9975         1.0026          0.9895        1.0093             1.0324
 February |  1.0020         0.9966          0.9727        0.9782             0.9824
    March |  1.0023         0.9883          1.0106        1.0173             1.0221
-------------------------------------------------------------------------------------------
1.  Seasonally adjusted other checkable deposits at thrifts are derived as the difference
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
-----------+-------------------------------------------------------------+-----------------
           |    Savings and            Small denom.          Retail      | Institutional
   Date    | MMDA deposits [1]      time deposits [1]     money funds    |  money funds
-----------+-------------------------------------------------------------+-----------------
2006       |
   January |       0.9951                 0.9989             1.0068            1.0255
  February |       0.9943                 0.9992             1.0049            1.0133
     March |       1.0003                 0.9991             1.0060            1.0017
     April |       1.0110                 0.9986             1.0021            0.9896
       May |       0.9946                 0.9976             0.9922            0.9832
      June |       1.0013                 0.9976             0.9952            0.9902
      July |       1.0013                 0.9994             0.9948            0.9866
    August |       0.9965                 1.0021             0.9985            0.9960
 September |       1.0014                 1.0034             0.9979            0.9950
   October |       0.9972                 1.0037             0.9974            0.9947
  November |       1.0021                 1.0023             0.9996            1.0001
  December |       1.0044                 0.9993             1.0045            1.0213
2007       |
   January |       0.9949                 0.9990             1.0075            1.0257
  February |       0.9949                 0.9992             1.0048            1.0167
     March |       1.0018                 0.9988             1.0058            1.0040
     April |       1.0105                 0.9981             1.0021            0.9898
       May |       0.9945                 0.9969             0.9921            0.9838
      June |       1.0027                 0.9969             0.9954            0.9887
      July |       0.9991                 0.9991             0.9950            0.9863
    August |       0.9969                 1.0022             0.9977            0.9942
 September |       1.0012                 1.0038             0.9972            0.9919
   October |       0.9960                 1.0043             0.9977            0.9943
  November |       1.0015                 1.0030             0.9999            1.0014
  December |       1.0050                 0.9997             1.0048            1.0213
2008       |
   January |       0.9952                 0.9989             1.0079            1.0256
  February |       0.9951                 0.9990             1.0048            1.0189
     March |       1.0033                 0.9986             1.0060            1.0058
-------------------------------------------------------------------------------------------
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]
    Date     |Currency   travelers checks   deposits       Total            At banks
-------------+----------------------------------------------------------------------------
2006 Dec. 04 | 0.9996         0.9858         1.0203        1.0189            1.0120
          11 | 1.0023         0.9903         0.8749        0.9739            0.9673
          18 | 1.0042         0.9947         0.9851        0.9907            0.9996
          25 | 1.0139         0.9992         1.1504        1.0374            1.0616
             |
2007 Jan. 01 | 1.0087         1.0036         1.1989        1.0797            1.0973
          08 | 1.0012         1.0032         0.9188        1.0058            1.0227
          15 | 0.9976         1.0028         0.9386        0.9849            1.0092
          22 | 0.9952         1.0023         0.9881        1.0048            1.0351
          29 | 0.9945         1.0019         1.0815        1.0323            1.0576
             |
2007 Feb. 05 | 1.0005         1.0014         0.9108        0.9854            0.9890
          12 | 1.0016         0.9990         0.8924        0.9454            0.9522
          19 | 1.0027         0.9965         1.0029        0.9758            0.9792
          26 | 0.9996         0.9940         1.0890        1.0087            1.0113
             |
2007 Mar. 05 | 1.0028         0.9915         0.9155        0.9947            0.9941
          12 | 1.0034         0.9905         0.8820        0.9738            0.9862
          19 | 1.0024         0.9895         1.0202        1.0035            1.0179
          26 | 1.0007         0.9885         1.1288        1.0436            1.0544
             |
2007 Apr. 02 | 1.0013         0.9875         1.1217        1.0765            1.0644
          09 | 1.0035         0.9862         0.8904        0.9984            0.9962
          16 | 1.0025         0.9848         0.9858        1.0130            1.0113
          23 | 0.9993         0.9835         1.0552        1.0504            1.0506
          30 | 0.9987         0.9822         1.0710        1.0645            1.0568
             |
2007 May  07 | 1.0035         0.9860         0.9093        1.0039            0.9926
          14 | 1.0019         0.9899         0.9528        0.9811            0.9813
          21 | 1.0011         0.9938         1.0359        1.0030            1.0137
          28 | 1.0029         0.9977         1.1155        1.0323            1.0388
             |
2007 June 04 | 1.0023         1.0016         0.9421        1.0172            1.0114
          11 | 1.0031         1.0060         0.8747        0.9677            0.9696
          18 | 1.0013         1.0104         0.9741        0.9849            0.9879
          25 | 1.0001         1.0149         1.1024        1.0172            1.0211
             |
2007 July 02 | 1.0013         1.0193         1.1310        1.0467            1.0244
          09 | 1.0053         1.0211         0.9007        0.9738            0.9500
          16 | 1.0007         1.0228         0.9339        0.9561            0.9503
          23 | 0.9982         1.0245         1.0476        0.9842            0.9810
          30 | 0.9969         1.0263         1.0906        1.0234            1.0045
             |
2007 Aug. 06 | 1.0005         1.0280         0.9024        0.9860            0.9581
          13 | 1.0005         1.0240         0.9172        0.9576            0.9516
          20 | 0.9984         1.0199         1.0392        0.9896            0.9835
          27 | 0.9958         1.0158         1.1317        1.0175            1.0201
             |
2007 Sep. 03 | 0.9988         1.0118         1.0150        1.0190            1.0158
          10 | 0.9978         1.0084         0.8518        0.9540            0.9476
          17 | 0.9951         1.0050         0.9213        0.9544            0.9532
          24 | 0.9935         1.0017         1.0396        0.9816            0.9755
             |
2007 Oct. 01 | 0.9934         0.9983         1.0714        1.0261            0.9960
          08 | 0.9984         0.9966         0.8836        0.9680            0.9465
          15 | 0.9949         0.9950         0.9080        0.9529            0.9568
          22 | 0.9935         0.9933         1.0543        0.9815            0.9906
          29 | 0.9918         0.9916         1.1627        1.0162            1.0310
             |
2007 Nov. 05 | 0.9961         0.9899         0.9325        0.9969            0.9807
          12 | 0.9990         0.9887         0.8817        0.9470            0.9438
          19 | 0.9972         0.9875         1.0087        0.9800            0.9818
          26 | 1.0004         0.9863         1.1514        1.0110            1.0172
             |
2007 Dec. 03 | 0.9988         0.9851         1.0706        1.0337            1.0235
          10 | 1.0006         0.9898         0.8807        0.9764            0.9696
          17 | 1.0026         0.9944         0.9548        0.9839            0.9930
          24 | 1.0122         0.9991         1.1378        1.0331            1.0527
          31 | 1.0083         1.0038         1.1723        1.0808            1.0912
             |
2008 Jan. 07 | 1.0034         1.0034         0.9046        1.0148            1.0279
          14 | 0.9974         1.0029         0.9277        0.9805            1.0080
          21 | 0.9965         1.0025         0.9911        1.0032            1.0368
          28 | 0.9943         1.0021         1.1000        1.0344            1.0590
             |
2008 Feb. 04 | 0.9985         1.0016         1.0076        1.0050            1.0116
          11 | 1.0030         0.9991         0.8570        0.9424            0.9480
          18 | 1.0041         0.9966         0.9785        0.9635            0.9681
          25 | 1.0004         0.9940         1.0635        0.9949            1.0013
             |
2008 Mar. 03 | 1.0012         0.9915         0.9994        1.0179            1.0100
          10 | 1.0041         0.9901         0.8427        0.9804            0.9820
          17 | 1.0023         0.9887         0.9721        0.9978            1.0027
          24 | 1.0020         0.9873         1.0903        1.0277            1.0417
          31 | 1.0004         0.9859         1.1539        1.0660            1.0713
------------------------------------------------------------------------------------------
1.  Seasonally adjusted other checkable deposits at thrifts are derived as the difference
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
--------------+----------------------------------------------------------+-----------------
              |    Savings and          Small denom.          Retail     | Institutional
    Date      | MMDA deposits [1]    time deposits [1]     money funds   |  money funds
--------------+----------------------------------------------------------+-----------------
 2006 Dec. 04 |      1.0050                1.0013             1.0008           1.0073
           11 |      1.0194                1.0006             1.0074           1.0239
           18 |      1.0114                0.9992             1.0064           1.0279
           25 |      0.9885                0.9982             1.0048           1.0212
              |
 2007 Jan. 01 |      0.9844                0.9980             1.0009           1.0202
           08 |      1.0193                0.9989             1.0035           1.0185
           15 |      1.0122                0.9993             1.0113           1.0295
           22 |      0.9908                0.9990             1.0110           1.0293
           29 |      0.9650                0.9989             1.0066           1.0294
              |
 2007 Feb. 05 |      1.0014                0.9990             1.0028           1.0143
           12 |      1.0045                0.9993             1.0053           1.0163
           19 |      0.9941                0.9992             1.0033           1.0160
           26 |      0.9767                0.9990             1.0076           1.0224
              |
 2007 Mar. 05 |      1.0118                0.9990             1.0037           1.0062
           12 |      1.0157                0.9992             1.0059           1.0114
           19 |      1.0029                0.9989             1.0064           1.0025
           26 |      0.9816                0.9985             1.0078           1.0052
              |
 2007 Apr. 02 |      0.9930                0.9984             1.0044           0.9918
           09 |      1.0298                0.9986             1.0070           0.9965
           16 |      1.0277                0.9983             1.0057           0.9975
           23 |      0.9993                0.9978             1.0026           0.9829
           30 |      0.9840                0.9975             0.9923           0.9820
              |
 2007 May  07 |      1.0093                0.9974             0.9878           0.9749
           14 |      1.0091                0.9972             0.9882           0.9841
           21 |      0.9910                0.9967             0.9938           0.9875
           28 |      0.9765                0.9965             0.9971           0.9898
              |
 2007 June 04 |      1.0098                0.9967             0.9957           0.9809
           11 |      1.0202                0.9968             0.9978           0.9960
           18 |      1.0086                0.9968             0.9971           0.9886
           25 |      0.9789                0.9969             0.9951           0.9913
              |
 2007 July 02 |      0.9861                0.9975             0.9896           0.9813
           09 |      1.0199                0.9983             0.9950           0.9830
           16 |      1.0123                0.9988             0.9940           0.9883
           23 |      0.9879                0.9994             0.9963           0.9900
           30 |      0.9757                1.0001             0.9961           0.9852
              |
 2007 Aug. 06 |      1.0138                1.0011             0.9952           0.9858
           13 |      1.0129                1.0018             0.9984           0.9926
           20 |      0.9965                1.0022             0.9992           0.9953
           27 |      0.9723                1.0027             0.9992           1.0043
              |
 2007 Sep. 03 |      0.9959                1.0035             0.9951           0.9898
           10 |      1.0220                1.0038             0.9998           0.9954
           17 |      1.0122                1.0037             0.9997           0.9973
           24 |      0.9823                1.0037             0.9972           0.9922
              |
 2007 Oct. 01 |      0.9833                1.0043             0.9926           0.9823
           08 |      1.0144                1.0048             0.9936           0.9851
           15 |      1.0155                1.0047             0.9987           0.9994
           22 |      0.9897                1.0041             1.0005           0.9985
           29 |      0.9691                1.0037             0.9987           0.9972
              |
 2007 Nov. 05 |      1.0083                1.0036             0.9970           0.9900
           12 |      1.0148                1.0035             0.9989           0.9951
           19 |      1.0049                1.0030             0.9980           1.0031
           26 |      0.9800                1.0025             1.0041           1.0103
              |
 2007 Dec. 03 |      0.9978                1.0021             1.0008           1.0079
           10 |      1.0177                1.0013             1.0071           1.0225
           17 |      1.0143                0.9999             1.0065           1.0300
           24 |      0.9929                0.9986             1.0054           1.0207
           31 |      0.9895                0.9983             1.0018           1.0177
              |
 2008 Jan. 07 |      1.0238                0.9990             1.0004           1.0141
           14 |      1.0151                0.9992             1.0113           1.0301
           21 |      0.9932                0.9988             1.0119           1.0307
           28 |      0.9648                0.9987             1.0097           1.0319
              |
 2008 Feb. 04 |      0.9900                0.9988             1.0042           1.0154
           11 |      1.0051                0.9991             1.0059           1.0190
           18 |      0.9959                0.9992             1.0034           1.0184
           25 |      0.9796                0.9989             1.0066           1.0257
              |
 2008 Mar. 03 |      0.9992                0.9988             1.0029           1.0110
           10 |      1.0170                0.9990             1.0056           1.0125
           17 |      1.0112                0.9988             1.0062           1.0070
           24 |      0.9893                0.9983             1.0079           1.0066
           31 |      0.9887                0.9981             1.0056           0.9951
-------------------------------------------------------------------------------------------
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)
--------------+---------------+------------+---------------+-----------
    Date      |  Revised M1   |  Old M1    |  Revised M2   |  Old M2
--------------+---------------+------------+---------------+-----------
2005          |
     October  |    1374.9        1374.3         6625.0         6619.0
    November  |    1375.9        1375.1         6644.7         6638.2
    December  |    1373.2        1368.5         6669.4         6664.8
2006          |
     January  |    1378.9        1380.3         6713.6         6724.8
    February  |    1375.2        1375.6         6737.0         6747.1
       March  |    1383.8        1384.6         6755.8         6763.8
       April  |    1380.1        1386.6         6774.9         6782.0
         May  |    1387.3        1393.1         6785.7         6787.9
        June  |    1375.6        1370.3         6811.1         6817.4
        July  |    1371.1        1373.4         6835.7         6838.7
      August  |    1371.5        1370.2         6863.4         6862.3
   September  |    1363.9        1357.6         6886.5         6878.9
     October  |    1369.1        1369.2         6936.2         6939.1
    November  |    1370.5        1367.8         6977.0         6976.6
    December  |    1365.7        1357.5         7020.8         7023.4
--------------+--------------------------------------------------------


                        Appendix Table 6
         Comparison of Revised and Old M1 Growth Rates
                 (Percent changes, annual rate)
------------------+-------+------+----------+--------------------
                  |       |      |          | Difference due to
      Date        Revised | Old  Difference |Benchmark Seasonals
------------------+-------+------+----------+--------------------
2005              |
          January | -8.6    -5.5     -3.1        0.1      -3.2
         February |  3.0     2.9      0.1        0.0       0.1
            March |  2.4     3.1     -0.7       -0.1      -0.6
            April |-11.9    -8.1     -3.8        0.0      -3.8
              May |  8.4     6.2      2.2        0.9       1.3
             June | 11.8     3.4      8.4        1.0       7.4
             July |-10.7    -4.3     -6.4       -0.8      -5.6
           August |  8.7     6.6      2.1       -0.2       2.3
        September |  0.9    -3.8      4.7        1.0       3.7
          October | -4.0     1.7     -5.7       -1.0      -4.7
         November |  0.9     0.7      0.2       -1.0       1.2
         December | -2.4    -5.8      3.4       -0.1       3.5
2006              |
          January |  5.0    10.3     -5.3        0.0      -5.3
         February | -3.2    -4.1      0.9       -0.1       1.0
            March |  7.5     7.9     -0.4        0.0      -0.4
            April | -3.2     1.7     -4.9       -0.1      -4.8
              May |  6.3     5.6      0.7       -0.1       0.8
             June |-10.1   -19.6      9.5        0.1       9.4
             July | -3.9     2.7     -6.6        0.4      -7.0
           August |  0.4    -2.8      3.2        0.2       3.0
        September | -6.6   -11.0      4.4        0.0       4.4
          October |  4.6    10.3     -5.7        0.7      -6.4
         November |  1.2    -1.2      2.4        0.4       2.0
         December | -4.2    -9.0      4.8        0.5       4.3
Quarterly         |
             05Q4 | -0.2    -0.1     -0.1       -0.3       0.2
             06Q1 |  1.3     2.2     -0.9       -0.2      -0.7
             06Q2 |  0.5     0.9     -0.4        0.0      -0.4
             06Q3 | -3.5    -4.7      1.2        0.2       1.0
             06Q4 | -0.1    -0.7      0.6        0.4       0.2
Semiannual        |
  2005:Q4 - 06:Q2 |  0.9     1.6     -0.7       -0.1      -0.6
  2006:Q2 - 06:Q4 | -1.8    -2.7      0.9        0.3       0.6
Annual (Q4 to Q4) |
             2005 |  0.3     0.3      0.0        0.1      -0.1
             2006 | -0.5    -0.6      0.1        0.1       0.0
------------------+----------------------------------------------


                        Appendix Table 7
          Comparison of Revised and Old M2 Growth Rates
                 (Percent changes, annual rate)
------------------+--------+----+-----------+---------------------
                  |        |    |           | Difference due to
      Date        |Revised Old  |Difference |Benchmark  Seasonals
------------------+--------+----+-----------+---------------------
2005              |
          January |  0.6    2.7     -2.1        0.0       -2.1
         February |  4.1    4.0      0.1        0.0        0.1
            March |  3.8    3.7      0.1        0.0        0.1
            April |  1.6    0.8      0.8        0.0        0.8
              May |  2.8    2.1      0.7        0.2        0.5
             June |  5.1    5.0      0.1        0.2       -0.1
             July |  4.3    4.0      0.3       -0.1        0.4
           August |  6.3    5.7      0.6        0.0        0.6
        September |  6.1    5.5      0.6        0.2        0.4
          October |  4.6    5.5     -0.9       -0.2       -0.7
         November |  3.6    3.5      0.1       -0.2        0.3
         December |  4.5    4.8     -0.3        0.0       -0.3
2006              |
          January |  8.0   10.8     -2.8        0.1       -2.9
         February |  4.2    4.0      0.2        0.0        0.2
            March |  3.3    3.0      0.3        0.0        0.3
            April |  3.4    3.2      0.2       -0.4        0.6
              May |  1.9    1.0      0.9       -0.6        1.5
             June |  4.5    5.2     -0.7       -0.5       -0.2
             July |  4.3    3.7      0.6        0.0        0.6
           August |  4.9    4.1      0.8        0.2        0.6
        September |  4.0    2.9      1.1        0.1        1.0
          October |  8.7   10.5     -1.8       -0.3       -1.5
         November |  7.1    6.5      0.6        0.2        0.4
         December |  7.5    8.0     -0.5        0.0       -0.5
Quarterly         |
             05Q4 |  4.9    5.0     -0.1        0.0       -0.1
             06Q1 |  5.4    6.3     -0.9        0.0       -0.9
             06Q2 |  3.3    3.0      0.3       -0.3        0.6
             06Q3 |  4.2    3.8      0.4       -0.1        0.5
             06Q4 |  6.8    7.0     -0.2        0.0       -0.2
Semiannual        |
  2005:Q4 - 06:Q2 |  4.3    4.7     -0.4       -0.2       -0.2
  2006:Q2 - 06:Q4 |  5.5    5.4      0.1       -0.1        0.2
Annual (Q4 to Q4) |
             2005 |  4.1    4.0      0.1        0.1        0.0
             2006 |  5.0    5.1     -0.1       -0.1        0.0
------------------+----------------------------------------------- 


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