Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 26, 2006
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                                                                          January 26, 2006
                                                                                      H.6 (508)

                                   MONEY STOCK REVISIONS

        Measures of the money stock and components have been revised to incorporate the results
of the annual seasonal factor review and a quarterly benchmark. This release includes revised
monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates
with previously published data.  On balance, the revisions raised M2 and M3 growth rates in the
first half of 2005 and lowered them in the second half. 
        
        The benchmark incorporates minor revisions to data reported on the weekly and quarterly
deposit reports, and it takes account of deposit data from Call Reports for banks and thrift
institutions that are not weekly or quarterly deposit reporters.  These revisions to deposit
data start in 2002.  The benchmark also incorporates revisions to the retail and institutional
money market mutual fund components, including revisions to IRA and Keogh balances held at these
funds.  Money market mutual fund revisions begin in 1992. This release also incorporates the
receipt of historical information from other data sources. 

        Seasonally adjusted measures of the monetary aggregates and components incorporate
revised seasonal factors, which were derived from data through December 2005. Monthly seasonal
factors were estimated using the X-12-ARIMA procedure. The effects of both the benchmark and
seasonal factor revisions on M1, M2 and M3 growth rates are outlined in Appendix Tables 6-8.

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


1 
  
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.6 (508)
 Table 1                  These data are scheduled for release each Thursday at 4:30 p.m.
                                                                     January 26, 2006
 MONEY STOCK MEASURES
 Billions of dollars	                        
 ----------------------------------------------------------------------------------------
           Date                M1(1)                    M2(2)                  M3(3) 
 ----------------------------------------------------------------------------------------
                                   Seasonally adjusted                         
 ----------------------------------------------------------------------------------------
       2004-Jan.                1306.0                 6088.3                 8931.9
            Feb.                1319.9                 6132.1                 9002.0
            Mar.                1329.6                 6173.0                 9082.4
            Apr.                1339.4                 6216.9                 9151.4
            May                 1336.5                 6280.6                 9245.6
            June                1341.2                 6288.8                 9277.6
            July                1343.5                 6295.4                 9284.6
            Aug.                1354.1                 6317.3                 9316.3
            Sep.                1360.5                 6346.9                 9353.8
            Oct.                1360.8                 6369.2                 9361.4
            Nov.                1374.1                 6404.0                 9397.5
            Dec.                1372.1                 6422.1                 9435.8
                                                                                    
       2005-Jan.                1367.0                 6436.4                 9492.1
            Feb.                1369.5                 6455.7                 9536.5
            Mar.                1373.0                 6475.8                 9570.2
            Apr.                1365.7                 6482.7                 9625.6
            May                 1370.7                 6492.1                 9669.6
            June                1369.5                 6518.3                 9729.2
            July                1362.5                 6538.5                 9766.0
            Aug.                1370.4                 6568.9                 9868.8
            Sep.                1367.4                 6600.0                 9955.7
            Oct.                1369.2                 6629.6                10037.7
            Nov.                1370.0                 6652.0                10088.3
            Dec.                1368.9                 6680.5                10169.3
                                                                                    
 ----------------------------------------------------------------------------------------
                                 Not seasonally adjusted  		    	 
 ----------------------------------------------------------------------------------------
       2004-Jan.                1302.5                 6070.8                 8932.4
            Feb.                1306.6                 6101.3                 8995.6
            Mar.                1337.9                 6180.8                 9109.9
            Apr.                1345.2                 6252.4                 9180.1
            May                 1333.6                 6263.8                 9238.1
            June                1348.4                 6288.1                 9283.3
            July                1338.8                 6293.1                 9259.0
            Aug.                1352.4                 6312.7                 9301.9
            Sep.                1349.7                 6344.4                 9335.8
            Oct.                1351.2                 6363.5                 9331.0
            Nov.                1370.8                 6413.7                 9398.4
            Dec.                1401.3                 6457.0                 9485.0
                                                                                    
       2005-Jan.                1362.6                 6415.8                 9484.2
            Feb.                1355.3                 6415.8                 9516.7
            Mar.                1382.1                 6478.6                 9589.7
            Apr.                1371.6                 6525.6                 9665.3
            May                 1368.7                 6470.8                 9659.2
            June                1377.3                 6521.1                 9738.1
            July                1357.2                 6541.6                 9749.3
            Aug.                1369.2                 6564.4                 9856.9
            Sep.                1356.1                 6597.3                 9943.5
            Oct.                1358.8                 6623.3                10011.4
            Nov.                1368.1                 6665.2                10086.9
            Dec.                1396.9                 6718.1                10216.6
                                                                                    
  ---------------------------------------------------------------------------------------
  Footnotes appear on the following page

 p -- indicates preliminary data
1 
  
  
  
 H.6 (508)
 Table 2
 MONEY STOCK MEASURES
 Percent change at seasonally adjusted annual rates
 ---------------------------------------------------------------------------------------------------------
                                                          M1                   M2                   M3  
 ---------------------------------------------------------------------------------------------------------
  3 Months from Sep. 2005 TO Dec. 2005                     0.4                  4.9                  8.6
  6 Months from June 2005 TO Dec. 2005                    -0.1                  5.0                  9.0
 12 Months from Dec. 2004 TO Dec. 2005                    -0.2                  4.0                  7.8
                                                                                                              
 Thirteen weeks ending                                                                
 January 16, 2006                                              
 from thirteen weeks ending:                                                             
                                                                                          
 Oct. 17, 2005 (13 weeks previous)                         0.6                  5.3                  9.1
 July 18, 2005 (26 weeks previous)                         0.3                  5.2                  9.1
 Jan. 17, 2005 (52 weeks previous)                         0.1                  4.1                  7.6
 ---------------------------------------------------------------------------------------------------------
  
 Footnotes to Table 1:
 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; 
    (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository 
    institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection
    and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)    
    and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits
    at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and
    OCDs, each seasonally adjusted separately.

 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time 
    deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository 
    institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.
    Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, 
    each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits
    in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 
    or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. 
    banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and 
    Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions,
    and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination 
    time deposits, RPs, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.                
  
 Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/).
 Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information
 about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 
 202-728-5886).  For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1
  
  
  
 H.6 (508)
 Table 3
 MONEY STOCK MEASURES
 Billions of Dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                      M1                                      M2                                      M3
 ----------------------------------------------------------------------------------------------------------------------------------------------------
   Period Ending  13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2005-Oct. 24             1368.2        1369.9        1375.7          6594.6        6626.6        6640.3          9936.7       10027.9       10061.9
            31             1369.3        1367.8        1374.6          6600.5        6631.5        6636.5          9956.4       10042.7       10056.6
                                                                                                                                                     
       Nov.  7             1369.3        1366.6        1358.8          6607.1        6636.4        6636.3          9974.3       10050.7       10044.8
            14             1369.1        1368.1        1363.1          6613.6        6639.7        6645.7          9991.7       10059.3       10073.7
            21             1369.2        1369.3        1380.7          6620.0        6645.8        6664.5         10008.4       10072.4       10114.5
            28             1368.9        1370.1        1377.7          6626.2        6652.5        6663.5         10024.2       10088.1       10119.5
                                                                                                                                                     
       Dec.  5             1369.3        1372.8        1369.7          6632.2        6658.4        6659.7         10038.0       10104.7       10111.0
            12             1369.9        1372.9        1363.5          6638.7        6664.1        6668.5         10053.5       10120.5       10136.9
            19             1370.1        1369.4        1366.7          6644.4        6667.2        6677.2         10069.8       10131.2       10157.4
            26             1370.1        1369.3        1377.1          6650.2        6675.0        6694.7         10087.4       10153.8       10209.9
                                                                                                                                                     
  2006-Jan.  2             1368.9        1368.5        1366.7          6657.0        6686.3        6704.6         10105.3       10183.9       10231.2
             9p            1369.2        1369.5        1367.6          6666.7        6704.9        6743.2         10123.8       10212.7       10252.1
            16p            1370.1        1370.1        1369.1          6674.9        6720.5        6739.3         10140.3       10236.8       10254.1
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Not seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2005-Oct. 24             1360.2        1356.1        1376.9          6590.6        6622.6        6602.0          9920.5       10001.3       10005.1
            31             1361.7        1356.0        1406.4          6595.0        6621.0        6596.1          9938.4       10013.1       10001.0
                                                                                                                                                     
       Nov.  7             1362.0        1358.3        1325.5          6601.4        6629.8        6665.1          9954.7       10024.6       10048.2
            14             1360.8        1358.3        1324.4          6608.6        6634.3        6674.0          9972.8       10035.2       10086.5
            21             1360.3        1358.4        1377.1          6617.2        6651.7        6671.6          9991.5       10060.8       10107.5
            28             1361.0        1363.9        1428.5          6626.5        6665.7        6652.1         10009.6       10086.5       10103.7
                                                                                                                                                     
       Dec.  5             1362.0        1374.8        1369.3          6633.4        6674.5        6700.4         10024.1       10109.4       10140.0
            12             1364.0        1377.4        1334.7          6640.1        6682.8        6706.9         10041.6       10137.7       10199.4
            19             1367.0        1379.8        1386.7          6648.5        6695.2        6721.2         10062.6       10164.9       10216.3
            26             1371.9        1387.1        1457.5          6661.3        6712.1        6719.7         10089.6       10203.3       10257.5
                                                                                                                                                     
  2006-Jan.  2             1375.7        1408.9        1456.7          6671.8        6721.5        6738.1         10112.4       10230.9       10250.2
             9p            1378.2        1412.3        1348.1          6681.6        6734.3        6758.0         10132.1       10245.5       10258.1
            16p            1380.2        1403.2        1350.3          6688.5        6740.2        6745.0         10150.0       10260.6       10276.5
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
 p -- indicates preliminary data.
1
  
  
  
  
 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency(1)    Travelers checks(2) Demand Deposits(3)   At comm. banks(4)   At thrift inst.(5)        Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2004-Aug.                       686.5               7.6                 332.7               187.5               139.9               327.4
       Sep.                       689.9               7.6                 338.3               186.8               137.9               324.7
                                                                                                                                           
       Oct.                       692.9               7.6                 334.1               187.2               139.1               326.3
       Nov.                       697.7               7.6                 340.0               188.4               140.4               328.7
       Dec.                       697.3               7.6                 340.3               186.5               140.5               327.0
                                                                                                                                           
                                                                                                                                           
  2005-Jan.                       699.0               7.5                 336.4               184.7               139.4               324.1
       Feb.                       700.8               7.5                 338.6               183.3               139.3               322.6
       Mar.                       702.9               7.5                 339.3               183.6               139.7               323.4
                                                                                                                                           
       Apr.                       703.9               7.5                 331.0               183.8               139.6               323.3
       May                        705.8               7.5                 332.8               184.5               140.2               324.7
       June                       708.4               7.4                 334.2               182.4               137.1               319.6
                                                                                                                                           
       July                       710.0               7.3                 327.4               181.2               136.6               317.8
       Aug.                       712.8               7.4                 330.0               182.5               137.7               320.2
       Sep.                       716.1               7.3                 324.2               181.1               138.7               319.8
                                                                                                                                           
       Oct.                       717.4               7.3                 325.9               179.8               138.7               318.5
       Nov.                       720.3               7.3                 323.4               180.4               138.7               319.0
       Dec.                       723.8               7.3                 321.0               179.6               137.3               316.9
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2005-Nov. 21                    721.3               7.3                 331.3               181.2               139.5               320.7
            28                    721.7               7.3                 329.1               179.9               139.8               319.6
                                                                                                                                           
       Dec.  5                    721.3               7.3                 322.5               181.1               137.5               318.7
            12                    721.6               7.3                 317.6               180.6               136.4               317.0
            19                    723.8               7.3                 320.2               178.1               137.3               315.4
            26                    725.3               7.3                 327.8               178.6               138.2               316.9
                                                                                                                                           
  2006-Jan.  2                    726.8               7.3                 315.6               180.2               136.8               317.0
             9p                   727.1               7.3 e               313.3               184.0               136.0               320.0
            16p                   729.3               7.2 e               313.4               181.7               137.4               319.1
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions 
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations 
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash 
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 5
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits(1)                Small-denomination time deposit(2)                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds(3)      Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2004-Aug.                  2543.5          887.0         3430.5          530.0          267.2          797.3          735.3         4963.1
       Sep.                  2563.0          893.5         3456.5          533.6          267.6          801.2          728.7         4986.4
                                                                                                                                            
       Oct.                  2593.4          889.2         3482.7          537.2          269.2          806.4          719.4         5008.4
       Nov.                  2617.0          887.6         3504.5          541.4          269.7          811.1          714.2         5029.9
       Dec.                  2632.2          887.8         3519.9          545.2          271.6          816.8          713.2         5049.9
                                                                                                                                            
                                                                                                                                            
  2005-Jan.                  2640.2          888.3         3528.6          552.4          276.6          829.0          711.8         5069.4
       Feb.                  2654.3          884.1         3538.4          559.9          281.2          841.1          706.7         5086.2
       Mar.                  2665.0          878.5         3543.6          570.5          284.2          854.7          704.5         5102.8
                                                                                                                                            
       Apr.                  2673.7          868.1         3541.7          579.1          290.3          869.4          705.9         5117.0
       May                   2663.1          870.8         3533.9          589.8          296.1          885.9          701.6         5121.4
       June                  2679.0          868.9         3548.0          599.9          300.7          900.7          700.2         5148.8
                                                                                                                                            
       July                  2697.5          862.7         3560.2          609.9          304.9          914.9          700.9         5175.9
       Aug.                  2703.7          865.7         3569.4          618.4          310.9          929.3          699.8         5198.5
       Sep.                  2725.4          859.7         3585.1          626.9          315.5          942.5          705.1         5232.6
                                                                                                                                            
       Oct.                  2739.4          857.9         3597.3          624.7          327.9          952.6          710.6         5260.4
       Nov.                  2748.2          855.6         3603.8          630.1          333.9          963.9          714.2         5281.9
       Dec.                  2769.7          850.8         3620.5          637.3          336.5          973.7          717.4         5311.6
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2005-Nov. 21               2747.3          856.8         3604.1          631.2          334.8          966.0          713.8         5283.8
            28               2741.7          862.0         3603.7          632.8          335.9          968.6          713.5         5285.8
                                                                                                                                            
       Dec.  5               2760.2          848.5         3608.7          634.1          335.9          970.0          711.3         5290.0
            12               2772.8          847.6         3620.3          636.3          335.7          972.0          712.6         5305.0
            19               2774.0          849.2         3623.2          637.5          336.5          974.0          713.3         5310.5
            26               2763.8          855.2         3619.1          638.6          337.0          975.6          722.8         5317.5
                                                                                                                                            
  2006-Jan.  2               2776.5          855.6         3632.1          639.8          337.6          977.5          728.4         5338.0
             9p              2812.4          851.8         3664.3          642.4          338.8          981.2          730.1         5375.6
            16p              2802.0          855.9         3657.9          644.8          340.0          984.7          727.6         5370.2
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial
    banks and thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.

 p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 6
 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
 Billions of dollars
 -----------------------------------------------------------------------------------------------------------------------------------------
                                                Large-denomination time deposits(1)
                         Institutional    --------------------------------------------
     Date                    money        At commercial      At thrift                                                            Total
                             funds           banks(2)      institutions        Total             RPs(3)       Eurodollars(4)    Non-M2 M3
 ------------------------------------------------------------------------------------------------------------------------------------------
   2004-Aug.                  1105.9            881.3           143.3           1024.5            524.7            343.8           2999.0        
        Sep.                  1094.6            883.9           147.7           1031.6            526.7            354.1           3006.9   
                                                                                                                                         
        Oct.                  1075.7            887.6           151.0           1038.6            510.2            367.6           2992.1
        Nov.                  1071.1            894.8           155.8           1050.6            501.0            370.8           2993.5       
        Dec.                  1068.4            912.3           161.1           1073.3            492.6            379.4           3013.7
                                                                                                                                         
                                                                                                                                         
   2005-Jan.                  1062.5            960.1           167.3           1127.4            473.1            392.7           3055.7
        Feb.                  1054.1            968.8           173.2           1141.9            489.3            395.5           3080.8     
        Mar.                  1049.3            974.0           179.1           1153.1            487.8            404.2           3094.5   
                                                                                                                                         
        Apr.                  1057.5           1008.4           188.3           1196.7            483.8            405.0           3142.9
        May                   1057.9           1016.3           192.4           1208.6            504.7            406.3           3177.5
        June                  1069.1           1037.1           198.4           1235.5            504.3            402.1           3210.9
                                                                                                                                            
        July                  1078.6           1020.7           202.3           1223.0            517.6            408.4           3227.6
        Aug.                  1091.3           1057.0           208.7           1265.7            525.1            417.7           3299.9       
        Sep.                  1107.4           1077.4           215.1           1292.5            534.2            421.6           3355.7         
                                                                                                                                         
        Oct.                  1119.3           1099.6           223.3           1322.9            545.0            421.0           3408.1
        Nov.                  1120.6           1106.2           229.4           1335.6            554.3            425.9           3436.3
        Dec.                  1136.2           1129.2           230.2           1359.4            563.0            430.2           3488.8
                                                                                                                                                   
                                                                                                                                                  
                                                                                                                                                                     
 Week ending:					  			 																                               
   2005-Nov. 21               1124.8           1106.0           230.5           1336.5            561.7            427.0           3450.0                          
             28               1121.8           1107.9           230.5           1338.5            567.8            428.0           3456.0                   
                                                                                                                                                                
        Dec.  5               1118.1           1114.1           230.0           1344.1            558.7            430.4           3451.3                           
             12               1130.2           1122.6           229.0           1351.6            555.2            431.4           3468.4                       
             19               1130.3           1120.5           228.3           1348.8            569.4            431.7           3480.2                        
             26               1141.3           1145.4           230.6           1376.0            565.6            432.4           3515.3                    
                                                                                                                                                               
   2006-Jan.  2               1163.9           1139.5           234.6           1374.1            565.5            423.0           3526.5                  
              9p              1162.9           1145.1           234.3           1379.4            541.5            425.1           3508.9                     
             16p              1152.2           1165.1           233.9           1398.9            543.2            420.5           3514.8                     
                                                                                                                                                             
                                                                                                                                                                   
                                                                                                                                         
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act
    corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and 
    money market mutual funds.                                      
 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding 
    those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market
    mutual funds.                                                  
 p -- indicates preliminary data    e -- indicates estimated data
1
  
  
  
 H.6 (508)
 Table 7
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency(1)    Travelers checks(2) Demand Deposits(3)   At comm. banks(4)   At thrift inst.(5)        Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2004-Aug.                       686.0               7.7                 332.2               185.4               140.9               326.4
       Sep.                       687.9               7.6                 333.8               183.1               137.4               320.4
                                                                                                                                           
       Oct.                       691.7               7.5                 330.5               183.7               137.7               321.4
       Nov.                       697.4               7.5                 340.6               185.4               139.8               325.3
       Dec.                       702.4               7.5                 358.8               191.7               140.9               332.7
                                                                                                                                           
                                                                                                                                           
  2005-Jan.                       697.3               7.5                 331.9               190.0               136.0               326.0
       Feb.                       700.7               7.5                 331.0               181.1               135.2               316.2
       Mar.                       702.6               7.4                 345.3               186.6               140.1               326.7
                                                                                                                                           
       Apr.                       704.0               7.4                 328.6               188.0               143.6               331.6
       May                        705.3               7.4                 331.3               184.0               140.7               324.7
       June                       708.5               7.4                 339.8               182.6               139.1               321.6
                                                                                                                                           
       July                       711.5               7.5                 322.1               177.9               138.3               316.1
       Aug.                       712.3               7.5                 329.8               181.1               138.5               319.6
       Sep.                       714.3               7.4                 319.2               177.6               137.6               315.2
                                                                                                                                           
       Oct.                       715.7               7.2                 321.9               176.1               137.8               313.9
       Nov.                       720.5               7.1                 324.1               177.8               138.6               316.3
       Dec.                       729.3               7.2                 338.2               184.6               137.7               322.3
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2005-Nov. 21                    720.4               7.1                 332.1               179.5               137.9               317.4
            28                    723.5               7.1                 371.8               185.1               141.0               326.1
                                                                                                                                           
       Dec.  5                    722.3               7.1                 318.5               180.9               140.5               321.4
            12                    724.5               7.1                 293.1               175.9               134.1               310.0
            19                    728.6               7.2                 334.7               180.9               135.3               316.2
            26                    736.6               7.2                 382.8               192.0               139.1               331.0
                                                                                                                                           
  2006-Jan.  2                    732.7               7.2                 376.2               196.5               144.0               340.5
             9p                   728.3               7.2 e               293.3               184.0               135.4               319.4
            16p                   727.1               7.2 e               301.7               182.1               132.1               314.2
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
    included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations 
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash 
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.

 e -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 8
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits(1)                Small-denomination time deposit(2)                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds(3)      Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2004-Aug.                  2542.2          886.5         3428.7          530.3          267.4          797.7          733.9         4960.3
       Sep.                  2571.4          896.4         3467.9          533.8          267.6          801.5          725.4         4994.7
                                                                                                                                            
       Oct.                  2598.5          891.0         3489.4          537.1          269.1          806.2          716.6         5012.3
       Nov.                  2626.5          890.8         3517.3          541.3          269.7          810.9          714.6         5042.9
       Dec.                  2633.4          888.2         3521.6          544.8          271.4          816.3          717.8         5055.6
                                                                                                                                            
                                                                                                                                            
  2005-Jan.                  2625.0          883.2         3508.2          551.9          276.3          828.3          716.8         5053.2
       Feb.                  2631.7          876.6         3508.3          559.6          281.1          840.7          711.5         5060.4
       Mar.                  2656.7          875.8         3532.5          570.4          284.2          854.6          709.4         5096.5
                                                                                                                                            
       Apr.                  2699.4          876.4         3575.8          579.3          290.5          869.8          708.4         5154.0
       May                   2651.7          867.0         3518.7          590.2          296.2          886.4          697.0         5102.1
       June                  2678.6          868.8         3547.4          600.3          300.9          901.2          695.2         5143.8
                                                                                                                                            
       July                  2707.2          865.8         3573.0          610.3          305.1          915.4          696.0         5184.4
       Aug.                  2702.2          865.2         3567.4          618.9          311.2          930.0          697.9         5195.3
       Sep.                  2733.8          862.4         3596.2          627.1          315.6          942.8          702.3         5241.2
                                                                                                                                            
       Oct.                  2744.7          859.6         3604.3          624.5          327.7          952.2          708.0         5264.5
       Nov.                  2759.9          859.3         3619.2          629.6          333.6          963.3          714.7         5297.2
       Dec.                  2774.0          852.1         3626.1          636.7          336.1          972.8          722.3         5321.2
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2005-Nov. 21               2755.9          859.4         3615.3          629.8          334.1          963.9          715.4         5294.5
            28               2693.1          846.7         3539.8          631.6          335.2          966.8          717.0         5223.7
                                                                                                                                            
       Dec.  5               2790.0          857.7         3647.7          633.5          335.6          969.0          714.5         5331.1
            12               2818.7          861.6         3680.3          635.9          335.4          971.3          720.5         5372.1
            19               2788.0          853.4         3641.4          636.8          336.1          972.9          720.2         5334.5
            26               2718.9          841.3         3560.3          637.8          336.6          974.4          727.4         5262.1
                                                                                                                                            
  2006-Jan.  2               2733.8          842.5         3576.3          639.3          337.4          976.7          728.4         5281.4
             9p              2836.9          859.2         3696.2          641.9          338.5          980.4          733.3         5409.9
            16p              2815.9          860.2         3676.1          644.2          339.7          983.8          734.8         5394.7
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial 
    banks and thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.

 p -- indicates preliminary data.
1



 H.6 (508)
 Table 9
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
 Billions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                           Large-denomination time deposits(1)                    RPs(3)
                       Institutional   -----------------------------------------     ------------------------------------------
     Date                  money       At commercial      At thrift                  At commercial      At thrift                                   Total
                           funds          banks(2)      institutions     Total          banks         institutions     Total     Eurodollars(4)  Non-M2 M3 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
  2004-Aug.                 1102.8           883.7          143.6         1027.3           464.4           56.7          521.1        338.0         2989.2    
       Sep.                 1088.6           885.4          148.0         1033.3           463.1           57.5          520.5        348.9         2991.3           
                                                                                                                                                                       
       Oct.                 1067.0           885.3          150.6         1035.9           441.1           57.3          498.4        366.3         2967.5                        
       Nov.                 1075.9           885.9          154.3         1040.2           445.1           53.5          498.6        370.0         2984.7                      
       Dec.                 1090.2           906.2          160.0         1066.2           438.5           56.1          494.6        376.9         3028.0                    
                                                                                                                                                                           
                                                                                                                                                                            
  2005-Jan.                 1087.1           950.6          165.7         1116.3           409.6           57.8          467.5        397.5         3068.3                        
       Feb.                 1067.3           961.5          171.9         1133.3           440.1           57.9          498.0        402.4         3100.9      
       Mar.                 1052.2           972.1          178.7         1150.8           440.2           54.7          494.8        413.2         3111.0                  
                                                                                                                                                                       
       Apr.                 1046.6          1013.9          189.3         1203.3           421.8           54.5          476.3        413.5         3139.7                    
       May                  1039.2          1028.5          194.7         1223.2           459.0           55.7          514.7        411.3         3188.4                 
       June                 1059.9          1046.5          200.2         1246.7           464.1           53.0          517.0        393.3         3217.0               
                                                                                                                                                                        
       July                 1067.1          1027.4          203.6         1231.0           459.2           52.2          511.3        398.2         3207.7            
       Aug.                 1089.0          1060.6          209.4         1270.0           471.4           50.5          521.9        411.5         3292.4    
       Sep.                 1104.7          1079.2          215.5         1294.7           480.6           49.6          530.2        416.6         3346.2                
                                                                                                                                                                              
       Oct.                 1113.2          1096.7          222.7         1319.5           484.2           50.7          534.9        420.6         3388.1        
       Nov.                 1122.6          1094.9          227.1         1322.0           499.5           52.5          552.0        425.1         3421.7                    
       Dec.                 1156.2          1120.7          228.5         1349.2           512.0           52.8          564.8        428.3         3498.5                     
                                                                                                                                                                               
                                                                                                                                                                            
                                                                                                                                                                                
 Week ending:					  			  															                                                      
  2005-Nov. 21              1131.7          1093.0          227.8         1320.7           504.9           53.1          558.0        425.4         3435.8
            28              1133.6          1092.6          227.4         1320.0           515.2           52.7          568.0        429.9         3451.5             
                                                                                                                                                          
       Dec.  5              1123.7          1101.3          227.3         1328.6           507.5           52.7          560.1        427.2         3439.6
            12              1159.2          1115.9          227.6         1343.5           509.2           52.2          561.5        428.4         3492.5     
            19              1153.8          1114.7          227.1         1341.8           519.2           53.3          572.4        427.1         3495.2            
            26              1163.0          1140.6          229.6         1370.3           519.9           53.4          573.3        431.3         3537.9              
                                                                                                                                                                               
  2006-Jan.  2              1178.5          1123.7          231.4         1355.1           499.6           52.1          551.8        426.7         3512.1                   
             9p             1177.4          1137.7          232.7         1370.4           469.6           52.8          522.4        429.8         3500.1
            16p             1179.1          1160.5          233.0         1393.4           481.3           52.7          534.1        424.9         3531.5          
                                                                                                                                                                            
                                                                                                                                                                           
                                                                                                                                                          
 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those
    amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and by money market mutual funds.
 p -- indicates preliminary data    e -- indicates estimated data
1

  
  
 H.6 (508)
 Table 10
 MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      
                                                             
                                                                         U.S. government deposits                                          IRA and Keogh Accounts
                         Demand deposits        Time and     ------------------------------------------------------------    ----------------------------------------------------
                         at banks due to         savings                                                         Time and
       Date       --------------------------- deposits due to   Demand    Balance        Note                     savings   
                       Foreign      Foreign    foreign banks  deposits at    at      balances at       Total    deposits at  
                      commercial    official   and official   commercial   Federal    depository       cash      commercial   At commercial   At thrift      At money   
                         banks   institutions  institutions     banks      Reserve   institutions(1)  balance     banks           banks     institutions  market funds    Total
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2004-Aug.                7.4          1.1         17.7            1.4          4.8          3.1          9.2        2.2        168.6         101.7         152.8         423.1  
       Sep.                7.3          1.1         18.9            1.7          5.6         16.7         24.0        2.2        168.6         101.7         151.9         422.1  
                                                                                                                                                                                  
       Oct.                7.3          1.2         19.6            1.5          5.0         20.3         26.9        2.3        168.4         101.6         150.8         420.8  
       Nov.                7.4          1.3         19.8            1.5          4.9         12.7         19.1        2.3        168.3         101.5         149.4         419.1  
       Dec.                7.4          1.5         20.1            1.5          5.1         15.8         22.4        2.4        168.1         101.4         148.0         417.4  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2005-Jan.                7.4          1.5         20.0            1.8          5.1         23.0         29.9        2.4        168.2         101.3         147.5         416.9  
       Feb.                7.3          1.4         19.6            1.5          5.2         14.3         20.9        2.4        168.5         101.3         147.8         417.6  
       Mar.                7.3          1.3         19.2            1.4          4.7         21.1         27.3        2.4        168.8         101.3         148.2         418.3  
                                                                                                                                                                                  
       Apr.                7.2          1.3         19.6            3.4          5.2         26.5         35.1        2.3        169.1         101.5         148.3         418.9  
       May                 7.1          1.3         20.9            1.6          5.1         29.3         36.0        2.1        169.2         101.9         148.2         419.3  
       June                7.0          1.3         22.2            1.8          5.0         24.6         31.4        1.8        169.3         102.3         148.1         419.7  
                                                                                                                                                                                  
       July                7.0          1.2         23.0            1.4          4.8         13.7         20.0        1.8        169.5         102.6         148.4 e       420.6 e
       Aug.                7.1          1.1         23.5            1.4          5.0          7.5         13.9        1.9        169.9         102.9         149.2 e       422.0 e
       Sep.                7.1          1.0         24.0            1.5          5.3         28.3         35.1        2.0        170.2         103.2         149.9 e       423.4 e
                                                                                                                                                                                  
       Oct.                7.2 e        1.0 e       24.2 e          1.5          4.9         18.7         25.1        2.1 e      170.4 e       103.4 e       150.2 e       424.0 e
       Nov.                7.2 e        0.9 e       24.2 e          1.3          4.9          8.9         15.2        2.1 e      170.4 e       103.4 e       150.2 e       424.1 e
       Dec.                7.2 e        1.0 e       24.2 e          1.6          5.1         23.0         29.8        2.1 e      170.4 e       103.5 e       150.2 e       424.1 e
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2005-Nov. 21                                                      1.4          4.9          8.9         15.3                                                                    
            28                                                      1.3          5.1          5.2         11.6                                                                    
                                                                                                                                                                                  
       Dec.  5                                                      1.3          4.8          6.4         12.6                                                                    
            12                                                      1.3          5.4          4.4         11.1                                                                    
            19                                                      1.9          5.1         28.6         35.6                                                                    
            26                                                      1.6          5.0         38.1         44.8                                                                    
                                                                                                                                                                                  
  2006-Jan.  2                                                      2.0          4.9         34.7         41.5                                                                    
             9p                                                     1.9          4.7         11.0         17.7                                                                    
            16p                                                     1.7          4.8          4.6         11.1                                                                    
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 1. Source: Daily Treasury statement.
  e -- indicates estimated data	p -- indicates preliminary data


                                     Appendix Table 1
                      Monthly Seasonal Factors Used to Construct M1
-----------------------------------------------------+-------------------------------------
                            Nonbank         Demand   |   Other checkable deposits [1]
             Currency   travelers checks   deposits  |     total            at banks
-----------------------------------------------------+-------------------------------------
2005
    January   0.9975         0.9966         0.9864         1.0059            1.0288
   February   0.9997         0.9993         0.9776         0.9803            0.9879
      March   0.9996         0.9979         1.0179         1.0103            1.0161
      April   1.0000         0.9917         0.9929         1.0254            1.0230
        May   0.9993         0.9928         0.9956         1.0000            0.9974
       June   1.0001         1.0078         1.0167         1.0065            1.0007
       July   1.0020         1.0276         0.9840         0.9947            0.9816
     August   0.9993         1.0207         0.9994         0.9979            0.9924
  September   0.9975         1.0038         0.9846         0.9856            0.9806
    October   0.9976         0.9921         0.9877         0.9855            0.9794
   November   1.0003         0.9817         1.0021         0.9915            0.9856
   December   1.0076         0.9864         1.0536         1.0172            1.0276
2006
    January   0.9971         0.9962         0.9851         1.0061            1.0270
   February   0.9997         0.9981         0.9780         0.9794            0.9863
      March   1.0003         0.9975         1.0190         1.0094            1.0169
      April   0.9995         0.9921         0.9943         1.0264            1.0229
        May   0.9990         0.9940         0.9968         1.0001            0.9985
       June   1.0004         1.0082         1.0181         1.0055            1.0018
       July   1.0013         1.0277         0.9819         0.9944            0.9802
     August   0.9992         1.0203         0.9998         0.9984            0.9945
  September   0.9983         1.0041         0.9828         0.9856            0.9806
    October   0.9972         0.9932         0.9877         0.9858            0.9779
   November   1.0002         0.9825         1.0021         0.9919            0.9865
   December   1.0082         0.9871         1.0544         1.0181            1.0272
2007
    January   0.9971         0.9958         0.9841         1.0056            1.0264
   February   0.9997         0.9975         0.9783         0.9789            0.9854
      March   1.0004         0.9970         1.0198         1.0087            1.0169
-------------------------------------------------------------------------------------------
1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the dif-
ference between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.



                                                     Appendix Table 2
                                   Monthly Seasonal Factors Used to Construct M2 and M3
---------------------------------------------------------------------+-------------------------------+----------------------
               Savings and        Small denom.       Large denom.    |  Money market mutual funds    |
            MMDA deposits [1]  time deposits [1]   time deposits [1] |   in M2         in M3 only    |  RPs    Eurodollars
---------------------------------------------------------------------+-------------------------------+----------------------
2005
    January       0.9942             0.9991             0.9901           1.0069          1.0232        0.9882    1.0121
   February       0.9915             0.9994             0.9925           1.0067          1.0125        1.0178    1.0174
      March       0.9969             0.9999             0.9980           1.0069          1.0027        1.0145    1.0221
      April       1.0096             1.0004             1.0055           1.0037          0.9898        0.9845    1.0210
        May       0.9957             1.0006             1.0121           0.9934          0.9824        1.0199    1.0122
       June       0.9998             1.0006             1.0091           0.9929          0.9914        1.0253    0.9783
       July       1.0036             1.0006             1.0065           0.9930          0.9893        0.9879    0.9752
     August       0.9994             1.0008             1.0034           0.9972          0.9979        0.9939    0.9852
  September       1.0031             1.0003             1.0016           0.9960          0.9976        0.9925    0.9883
    October       1.0019             0.9996             0.9974           0.9964          0.9946        0.9815    0.9990
   November       1.0043             0.9993             0.9898           1.0007          1.0018        0.9959    0.9982
   December       1.0016             0.9991             0.9924           1.0068          1.0176        1.0033    0.9956
2006
    January       0.9920             0.9989             0.9912           1.0072          1.0203        0.9868    1.0127
   February       0.9910             0.9993             0.9940           1.0061          1.0117        1.0161    1.0149
      March       0.9978             0.9999             0.9989           1.0059          1.0021        1.0119    1.0203
      April       1.0102             1.0005             1.0060           1.0038          0.9910        0.9820    1.0184
        May       0.9954             1.0008             1.0098           0.9944          0.9847        1.0191    1.0093
       June       0.9996             1.0009             1.0085           0.9935          0.9918        1.0235    0.9787
       July       1.0033             1.0008             1.0061           0.9927          0.9908        0.9904    0.9765
     August       0.9991             1.0009             1.0031           0.9957          0.9972        0.9950    0.9867
  September       1.0048             1.0005             1.0017           0.9960          0.9965        0.9942    0.9906
    October       1.0002             0.9996             0.9977           0.9966          0.9955        0.9843    0.9988
   November       1.0044             0.9992             0.9900           1.0008          1.0019        0.9975    0.9985
   December       1.0033             0.9989             0.9919           1.0072          1.0164        1.0031    0.9973
2007
    January       0.9915             0.9987             0.9922           1.0077          1.0188        0.9863    1.0122
   February       0.9909             0.9993             0.9951           1.0060          1.0121        1.0151    1.0138
      March       0.9987             0.9998             0.9990           1.0056          1.0025        1.0101    1.0201
----------------------------------------------------------------------------------------------------------------------------
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.


                                     Appendix Table 3
                       Weekly Seasonal Factors Used to Construct M1
------------------------------------------------------+------------------------------------
                             Nonbank         Demand   |   Other checkable deposits [1]
               Currency  travelers checks   deposits  |    total            at banks
------------------------------------------------------+------------------------------------
  2005 Dec 05   1.0013        0.9778         0.9876        1.0086            0.9987
           12   1.0040        0.9821         0.9229        0.9780            0.9740
           19   1.0066        0.9864         1.0454        1.0024            1.0153
           26   1.0156        0.9907         1.1678        1.0447            1.0746

  2006 Jan 02   1.0081        0.9950         1.1921        1.0741            1.0907
           09   1.0016        0.9955         0.9361        0.9982            1.0000
           16   0.9971        0.9960         0.9627        0.9845            1.0023
           23   0.9936        0.9964         0.9792        1.0012            1.0337
           30   0.9925        0.9969         1.0159        1.0229            1.0605

  2006 Feb 06   0.9990        0.9973         0.9039        0.9803            0.9800
           13   1.0004        0.9978         0.9350        0.9567            0.9542
           20   1.0010        0.9983         1.0053        0.9740            0.9849
           27   0.9980        0.9987         1.0636        1.0050            1.0248

  2006 Mar 06   1.0015        0.9992         0.9310        0.9928            0.9916
           13   1.0014        0.9983         0.9551        0.9862            0.9863
           20   1.0003        0.9974         1.0384        1.0056            1.0180
           27   0.9989        0.9965         1.1304        1.0337            1.0571

  2006 Apr 03   1.0000        0.9956         1.0353        1.0412            1.0329
           10   1.0027        0.9940         0.9177        0.9985            0.9773
           17   0.9999        0.9924         0.9797        1.0183            1.0132
           24   0.9974        0.9908         1.0234        1.0404            1.0554

  2006 May 01   0.9966        0.9892         1.0464        1.0459            1.0475
           08   1.0014        0.9911         0.9034        0.9887            0.9716
           15   0.9989        0.9929         0.9566        0.9798            0.9693
           22   0.9973        0.9948         1.0268        0.9976            1.0038
           29   0.9995        0.9967         1.0932        1.0220            1.0391

  2006 Jun 05   1.0012        0.9985         0.9525        1.0035            0.9926
           12   1.0008        1.0035         0.9446        0.9823            0.9673
           19   0.9992        1.0085         1.0366        1.0015            1.0019
           26   0.9981        1.0135         1.1143        1.0249            1.0390

  2006 Jul 03   1.0038        1.0185         1.0494        1.0282            1.0130
           10   1.0052        1.0226         0.8876        0.9730            0.9495
           17   1.0009        1.0267         0.9453        0.9750            0.9596
           24   0.9986        1.0307         1.0270        0.9963            0.9895
           31   0.9984        1.0348         1.0469        1.0211            1.0126

  2006 Aug 07   1.0030        1.0295         0.8976        0.9841            0.9682
           14   1.0009        1.0242         0.9478        0.9757            0.9631
           21   0.9984        1.0189         1.0287        0.9979            0.9959
           28   0.9957        1.0136         1.1107        1.0264            1.0406

  2006 Sep 04   1.0011        1.0083         0.9757        1.0066            1.0020
           11   1.0003        1.0062         0.8920        0.9679            0.9480
           18   0.9977        1.0042         0.9668        0.9739            0.9667
           25   0.9956        1.0022         1.0494        0.9907            0.9974

  2006 Oct 02   0.9955        1.0002         1.0685        1.0079            1.0099
           09   1.0014        0.9973         0.8881        0.9566            0.9409
           16   0.9977        0.9944         0.9394        0.9618            0.9498
           23   0.9959        0.9915         1.0234        0.9915            0.9865
           30   0.9938        0.9886         1.0852        1.0266            1.0275

  2006 Nov 06   0.9997        0.9857         0.9204        0.9837            0.9707
           13   1.0007        0.9839         0.9284        0.9625            0.9430
           20   0.9990        0.9822         1.0084        0.9896            0.9872
           27   1.0023        0.9804         1.1302        1.0188            1.0287

  2006 Dec 04   1.0014        0.9786         0.9866        1.0131            1.0088
           11   1.0045        0.9826         0.9162        0.9842            0.9713
           18   1.0062        0.9866         1.0335        1.0004            1.0070
           25   1.0158        0.9906         1.1477        1.0363            1.0614

  2007 Jan 01   1.0085        0.9947         1.1946        1.0661            1.0943
           08   1.0031        0.9951         0.9430        0.9957            1.0112
           15   0.9973        0.9955         0.9562        0.9866            1.0028
           22   0.9945        0.9959         0.9840        1.0051            1.0302
           29   0.9927        0.9963         1.0329        1.0291            1.0589

  2007 Feb 05   0.9986        0.9968         0.9132        0.9803            0.9844
           12   1.0006        0.9972         0.9294        0.9591            0.9538
           19   1.0014        0.9976         1.0011        0.9723            0.9800
           26   0.9974        0.9981         1.0635        1.0004            1.0171

  2007 Mar 05   1.0011        0.9985         0.9319        0.9919            1.0053
           12   1.0017        0.9977         0.9399        0.9850            0.9819
           19   1.0002        0.9970         1.0286        1.0033            1.0100
           26   0.9986        0.9962         1.1145        1.0298            1.0481

  2007 Apr 02   0.9993        0.9954         1.0919        1.0419            1.0480
-------------------------------------------------------------------------------------------
1.  Seasonally adjusted other checkable deposits at thrifts are derived as the differ-
ence between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.


                                                      Appendix Table 4
                                     Weekly Seasonal Factors Used to Construct M2 and M3
-----------------------------------------------------------------------+-------------------------------+----------------------
                 Savings and        Small denom.       Large denom.    |  Money market mutual funds    |
              MMDA deposits [1]  time deposits [1]   time deposits [1] |   in M2         in M3 only    |  RPs    Eurodollars
-----------------------------------------------------------------------+-------------------------------+----------------------
  2005 Dec 05       1.0108             0.9990             0.9885           1.0044          1.0050        1.0026    0.9925
           12       1.0166             0.9993             0.9940           1.0111          1.0256        1.0113    0.9931
           19       1.0050             0.9989             0.9948           1.0097          1.0208        1.0054    0.9892
           26       0.9838             0.9987             0.9958           1.0063          1.0191        1.0136    0.9975

  2006 Jan 02       0.9846             0.9992             0.9861           1.0000          1.0125        0.9758    1.0087
           09       1.0087             0.9992             0.9935           1.0044          1.0125        0.9647    1.0111
           16       1.0050             0.9991             0.9961           1.0099          1.0233        0.9832    1.0105
           23       0.9849             0.9986             0.9902           1.0105          1.0258        0.9932    1.0176
           30       0.9700             0.9985             0.9866           1.0065          1.0231        1.0058    1.0134

  2006 Feb 06       1.0006             0.9991             0.9917           1.0051          1.0100        1.0087    1.0081
           13       0.9987             0.9994             0.9948           1.0058          1.0109        1.0222    1.0104
           20       0.9866             0.9994             0.9943           1.0059          1.0141        1.0152    1.0192
           27       0.9770             0.9993             0.9944           1.0078          1.0130        1.0174    1.0214

  2006 Mar 06       1.0081             0.9997             0.9975           1.0050          1.0010        1.0132    1.0120
           13       1.0107             0.9999             1.0000           1.0056          1.0072        1.0165    1.0175
           20       0.9963             0.9998             0.9992           1.0074          1.0011        1.0171    1.0184
           27       0.9809             0.9998             0.9963           1.0074          1.0058        1.0188    1.0280

  2006 Apr 03       0.9989             1.0003             1.0032           1.0027          0.9905        0.9805    1.0269
           10       1.0294             1.0007             1.0059           1.0098          0.9997        0.9676    1.0134
           17       1.0247             1.0006             1.0063           1.0086          0.9937        0.9720    1.0118
           24       0.9985             1.0004             1.0033           1.0035          0.9887        0.9903    1.0224

  2006 May 01       0.9865             1.0005             1.0101           0.9920          0.9808        1.0010    1.0229
           08       1.0119             1.0008             1.0103           0.9901          0.9759        1.0193    1.0181
           15       1.0097             1.0009             1.0109           0.9919          0.9836        1.0246    1.0085
           22       0.9882             1.0007             1.0097           0.9978          0.9907        1.0120    1.0031
           29       0.9746             1.0008             1.0084           0.9976          0.9893        1.0205    1.0093

  2006 Jun 05       1.0107             1.0011             1.0091           0.9956          0.9849        1.0279    0.9964
           12       1.0157             1.0012             1.0109           0.9975          1.0001        1.0286    0.9867
           19       1.0003             1.0008             1.0105           0.9945          0.9893        1.0194    0.9682
           26       0.9775             1.0006             1.0084           0.9914          0.9967        1.0288    0.9725

  2006 Jul 03       0.9903             1.0008             0.9999           0.9858          0.9819        1.0068    0.9720
           10       1.0201             1.0011             1.0028           0.9932          0.9878        0.9803    0.9728
           17       1.0103             1.0009             1.0061           0.9932          0.9918        0.9870    0.9751
           24       0.9896             1.0006             1.0087           0.9947          0.9967        0.9882    0.9788
           31       0.9910             1.0005             1.0092           0.9925          0.9905        0.9989    0.9813

  2006 Aug 07       1.0197             1.0009             1.0071           0.9935          0.9889        1.0021    0.9809
           14       1.0148             1.0010             1.0021           0.9937          0.9966        1.0024    0.9795
           21       0.9955             1.0008             0.9995           0.9987          0.9997        0.9863    0.9830
           28       0.9794             1.0008             1.0019           0.9977          1.0060        0.9913    1.0017

  2006 Sep 04       1.0026             1.0011             1.0076           0.9944          0.9913        0.9897    0.9905
           11       1.0243             1.0010             1.0058           0.9986          1.0012        0.9930    0.9892
           18       1.0098             1.0004             0.9993           0.9985          1.0018        0.9918    0.9872
           25       0.9839             0.9999             0.9965           0.9948          0.9975        1.0007    0.9954

  2006 Oct 02       0.9893             1.0001             1.0020           0.9915          0.9850        0.9936    0.9906
           09       1.0169             1.0003             1.0057           0.9938          0.9886        0.9761    0.9913
           16       1.0157             0.9999             1.0015           0.9977          0.9976        0.9801    0.9948
           23       0.9901             0.9992             0.9932           0.9991          1.0009        0.9856    1.0008
           30       0.9773             0.9988             0.9903           0.9975          0.9987        0.9912    1.0105

  2006 Nov 06       1.0140             0.9990             0.9916           0.9962          0.9902        0.9927    0.9983
           13       1.0205             0.9992             0.9931           0.9987          0.9973        0.9982    0.9962
           20       1.0071             0.9991             0.9893           1.0006          1.0057        0.9937    0.9954
           27       0.9875             0.9992             0.9869           1.0053          1.0107        1.0018    1.0056

  2006 Dec 04       1.0054             0.9997             0.9889           1.0051          1.0061        1.0037    0.9951
           11       1.0174             0.9996             0.9950           1.0112          1.0244        1.0097    0.9939
           18       1.0081             0.9989             0.9958           1.0101          1.0215        1.0057    0.9914
           25       0.9897             0.9983             0.9950           1.0069          1.0166        1.0120    0.9969

  2007 Jan 01       0.9843             0.9984             0.9823           1.0010          1.0080        0.9816    1.0102
           08       1.0116             0.9989             0.9915           1.0034          1.0064        0.9632    1.0118
           15       1.0064             0.9990             0.9969           1.0107          1.0235        0.9850    1.0098
           22       0.9847             0.9986             0.9935           1.0108          1.0254        0.9894    1.0142
           29       0.9683             0.9984             0.9874           1.0076          1.0240        1.0025    1.0151

  2007 Feb 05       0.9993             0.9989             0.9953           1.0048          1.0100        1.0049    1.0060
           12       0.9996             0.9993             0.9963           1.0060          1.0129        1.0174    1.0087
           19       0.9868             0.9993             0.9953           1.0062          1.0127        1.0174    1.0145
           26       0.9764             0.9993             0.9938           1.0072          1.0150        1.0180    1.0246

  2007 Mar 05       1.0045             0.9997             0.9945           1.0048          1.0020        1.0137    1.0108
           12       1.0088             0.9999             0.9986           1.0059          1.0088        1.0131    1.0156
           19       0.9966             0.9998             0.9994           1.0064          1.0023        1.0167    1.0142
           26       0.9822             0.9997             0.9973           1.0069          1.0056        1.0182    1.0294

  2007 Apr 02       0.9984             1.0000             1.0061           1.0028          0.9904        0.9820    1.0309
------------------------------------------------------------------------------------------------------------------------------
1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.


                                    Appendix Table 5
                 Comparison of Revised and Old Monetary Aggregate Levels
                       (billions of dollars, seasonally adjusted)
------+----------------------------+---------------------------+--------------------------
      |  Revised M1      Old M1    |  Revised M2      Old M2   |  Revised M3      Old M3
------+----------------------------+---------------------------+--------------------------
2004
Oct        1360.8         1360.2        6369.2         6369.3        9361.4        9369.9
Nov        1374.1         1375.8        6404.0         6406.5        9397.5        9401.4
Dec        1372.1         1373.5        6422.1         6430.7        9435.8        9450.5
2005
Jan        1367.0         1364.3        6436.4         6449.1        9492.1        9502.9
Feb        1369.5         1371.6        6455.7         6464.3        9536.5        9539.0
Mar        1373.0         1378.5        6475.8         6484.5        9570.2        9568.9
Apr        1365.7         1361.0        6482.7         6481.5        9625.6        9620.7
May        1370.7         1373.5        6492.1         6482.8        9669.6        9662.8
Jun        1369.5         1374.4        6518.3         6515.6        9729.2        9748.2
Jul        1362.5         1354.4        6538.5         6525.1        9766.0        9776.8
Aug        1370.4         1371.0        6568.9         6554.4        9868.8        9878.8
Sep        1367.4         1363.4        6600.0         6588.0        9955.7        9976.3
Oct        1369.2         1367.6        6629.6         6627.2       10037.7       10058.2
Nov        1370.0         1372.7        6652.0         6652.9       10088.3       10099.0
Dec        1368.9         1372.3        6680.5         6691.6       10169.3       10191.6
------------------------------------------------------------------------------------------


                        Appendix Table 6
          Comparison of Revised and Old M1 Growth Rates
                (percent changes at annual rates)
--------------+----------------------------+----------------------
              |                            |  Difference due to
              |Revised    Old   Difference |Benchmark   Seasonals
--------------+----------------------------+----------------------
2004
      January     1.7     -1.6       3.3        0.1         3.2
     February    12.8     16.9      -4.1       -0.1        -4.0
        March     8.8     11.5      -2.7        0.0        -2.7
        April     8.8     -0.2       9.0       -0.1         9.1
          May    -2.6      3.9      -6.5        0.0        -6.5
         June     4.2      5.7      -1.5        0.0        -1.5
         July     2.1     -6.8       8.9        0.1         8.8
       August     9.5     15.8      -6.3       -0.1        -6.2
    September     5.7      3.6       2.1        0.0         2.1
      October     0.3      1.0      -0.7        0.0        -0.7
     November    11.7     13.8      -2.1        0.0        -2.1
     December    -1.7     -2.0       0.3        0.0         0.3
2005
      January    -4.5     -8.0       3.5        0.0         3.5
     February     2.2      6.4      -4.2        0.0        -4.2
        March     3.1      6.0      -2.9       -0.2        -2.7
        April    -6.4    -15.2       8.8        0.0         8.8
          May     4.4     11.0      -6.6       -0.1        -6.5
         June    -1.1      0.8      -1.9       -0.1        -1.8
         July    -6.1    -17.5      11.4        0.5        10.9
       August     7.0     14.7      -7.7        0.7        -8.4
    September    -2.6     -6.7       4.1        0.7         3.4
      October     1.6      3.7      -2.1       -0.6        -1.5
     November     0.7      4.5      -3.8       -1.3        -2.5
     December    -1.0     -0.3      -0.7       -1.1         0.4
Quarterly
         04Q4     4.8      5.7      -0.9       -0.1        -0.8
         05Q1     0.2      0.5      -0.3        0.0        -0.3
         05Q2    -0.4     -0.6       0.2       -0.1         0.3
         05Q3    -0.5     -2.0       1.5        0.4         1.1
         05Q4     0.8      2.3      -1.5       -0.3        -1.2
Semi-Annual
04Q4  -  05Q2    -0.1      0.0      -0.1       -0.1         0.0
05Q2  -  05Q4     0.1      0.2      -0.1        0.0        -0.1
Annual (Q4 to Q4)
         2004     5.4      5.4       0.0        0.0         0.0
         2005     0.0      0.1      -0.1        0.0        -0.1
------------------------------------------------------------------


                        Appendix Table 7
                   Comparison of Revised and Old M2 Growth Rates
               (percent changes at annual rates)
--------------+----------------------------+---------------------
              |                            | Difference due to
              |Revised   Old   Difference  |Benchmark  Seasonals
--------------+----------------------------+---------------------
2004
      January     1.8     2.7     -0.9         0.0        -0.9
     February     8.6     7.9      0.7         0.0         0.7
        March     8.0     7.6      0.4         0.0         0.4
        April     8.5     7.2      1.3         0.0         1.3
          May    12.3    11.2      1.1         0.1         1.0
         June     1.6     2.1     -0.5         0.0        -0.5
         July     1.3     0.3      1.0         0.0         1.0
       August     4.2     4.0      0.2        -0.1         0.3
    September     5.6     6.6     -1.0        -0.1        -0.9
      October     4.2     5.3     -1.1         0.1        -1.2
     November     6.6     7.0     -0.4         0.2        -0.6
     December     3.4     4.5     -1.1         0.2        -1.3
2005
      January     2.7     3.4     -0.7        -0.1        -0.6
     February     3.6     2.8      0.8        -0.3         1.1
        March     3.7     3.7      0.0        -0.3         0.3
        April     1.3    -0.6      1.9         0.0         1.9
          May     1.7     0.2      1.5         0.0         1.5
         June     4.8     6.1     -1.3        -0.1        -1.2
         July     3.7     1.7      2.0         0.3         1.7
       August     5.6     5.4      0.2         0.3        -0.1
    September     5.7     6.2     -0.5         0.4        -0.9
      October     5.4     7.1     -1.7         0.1        -1.8
     November     4.1     4.7     -0.6         0.0        -0.6
     December     5.1     7.0     -1.9        -0.1        -1.8
Quarterly
         04Q4     5.0     5.8     -0.8         0.1        -0.9
         05Q1     3.6     4.0     -0.4         0.0        -0.4
         05Q2     2.6     1.7      0.9        -0.1         1.0
         05Q3     4.4     3.9      0.5         0.2         0.3
         05Q4     5.2     6.2     -1.0         0.2        -1.2
Semi-Annual
04Q4  -  05Q2     3.1     2.8      0.3        -0.1         0.4
05Q2  -  05Q4     4.8     5.0     -0.2         0.1        -0.3
Annual (Q4 to Q4)
         2004     5.2     5.2      0.0         0.0         0.0
         2005     4.0     4.0      0.0         0.0         0.0
-----------------------------------------------------------------


                        Appendix Table 8
                   Comparison of Revised and Old M3 Growth Rates
               (percent changes at annual rates)
--------------+----------------------------+---------------------
              |                            | Difference due to
              |Revised   Old   Difference  |Benchmark  Seasonals
--------------+----------------------------+---------------------
2004
      January     7.8     7.7      0.1        -0.1         0.2
     February     9.4     8.6      0.8         0.0         0.8
        March    10.7    10.0      0.7         0.0         0.7
        April     9.1     8.2      0.9         0.0         0.9
          May    12.4    11.7      0.7         0.0         0.7
         June     4.2     4.9     -0.7         0.1        -0.8
         July     0.9     0.3      0.6         0.1         0.5
       August     4.1     4.6     -0.5         0.0        -0.5
    September     4.8     6.5     -1.7         0.0        -1.7
      October     1.0     1.4     -0.4         0.1        -0.5
     November     4.6     4.0      0.6         0.2         0.4
     December     4.9     6.3     -1.4         0.2        -1.6
2005
      January     7.2     6.7      0.5         0.0         0.5
     February     5.6     4.6      1.0        -0.2         1.2
        March     4.2     3.8      0.4        -0.2         0.6
        April     6.9     6.5      0.4        -0.6         1.0
          May     5.5     5.3      0.2        -1.4         1.6
         June     7.4    10.6     -3.2        -1.4        -1.8
         July     4.5     3.5      1.0         0.1         0.9
       August    12.6    12.5      0.1         0.8        -0.7
    September    10.6    11.8     -1.2         0.7        -1.9
      October     9.9     9.9      0.0         0.8        -0.8
     November     6.0     4.9      1.1         0.4         0.7
     December     9.6    11.0     -1.4         0.4        -1.8
Quarterly
         04Q4     3.4     4.0     -0.6         0.1        -0.7
         05Q1     5.7     5.5      0.2         0.0         0.2
         05Q2     6.0     5.9      0.1        -0.7         0.8
         05Q3     7.8     8.3     -0.5        -0.2        -0.3
         05Q4     9.5     9.7     -0.2         0.7        -0.9
Semi-Annual
04Q4  -  05Q2     5.9     5.7      0.2        -0.4         0.6
05Q2  -  05Q4     8.8     9.1     -0.3         0.2        -0.5
Annual (Q4 to Q4)
         2004     5.8     5.8      0.0         0.1        -0.1
         2005     7.5     7.5      0.0        -0.1         0.1
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