H.6 (508) For release at
4:30 PM EST
February 4, 1999
MONEY STOCK REVISIONS
Measures of the money stock have been revised to incorporate
the results of the annual benchmark and seasonal factor review and to
reflect receipt of other regular data flows. This release includes
revised monthly and weekly seasonal factors, as well as comparisons of
the revised monetary aggregates with previously published data. The
revisions had no effect on the annual growth rate of M2 over 1998, but
they raised the annual growth rate of M1 by 0.1 percentage point and
lowered that of M3 by 0.1 pecentage point over the past year.
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 thrifts that are not
weekly or quarterly deposit reporters. These revisions to deposit
data start in 1992. The benchmark also incorporates historical data
for a number of money market mutual funds that began reporting for the
first time during 1998, raising the level of M3 over the years by
amounts that cumulate to $5 billion by the end of 1998. Historical
revisions have also been made to RP and Eurodollar series to reflect
better estimates of the holdings of money market mutual funds which
must be netted from the gross RP and Eurodollar series in order to
avoid double counting in M3. The RP series was revised up by a
maximum of $17-1/2 billion (in the third quarter of 1997) and the
Eurodollar series by a maximum of about $15 billion (in the fourth
quarter of 1989).
Seasonal factors for the monetary aggregates have been
revised, using the benchmarked data through December 1998. For the
first time, the X-12-ARIMA procedure was used to derive monthly
seasonal factors. As usual, the revisions to seasonal factors
slightly changed the pattern of quarterly growth rates of M1, M2, and
M3 in 1998. The revisions to seasonal factors had no impact on the
annual growth rates of M1 and M2 over 1998, but lowered that of M3 by
0.1 percentage point.
Revised historical data will soon be available in printed
form from the Money and Reserves Projection Section, Mail Stop 72,
Board of Governors of the Federal Reserve System, Washington, D.C.
20551, (202) 452-3062. Information on how to obtain current and
historical data for the monetary aggregates and their components
through a web site and other electronic means may be found in the note
on Page 2 of this release.
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
February 4, 1999
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33 Debt4
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
1997-Jan. 1080.5 3838.8 4981.1 14464.9
Feb. 1076.2 3848.2 5012.9 14522.0
Mar. 1072.4 3862.7 5044.2 14582.1
Apr. 1067.5 3882.4 5086.5 14653.4
May 1063.4 3892.8 5108.3 14703.4
June 1066.0 3911.6 5135.5 14736.3
July 1067.6 3929.1 5185.9 14798.6
Aug. 1072.1 3961.1 5232.8 14867.3
Sep. 1064.8 3981.7 5269.7 14935.2
Oct. 1062.1 4000.2 5306.7 15010.5
Nov. 1067.5 4023.1 5353.6 15088.3
Dec. 1074.9 4046.6 5404.6 15167.2
1998-Jan. 1073.8 4071.4 5449.6 15240.8
Feb. 1076.0 4100.9 5485.1 15321.5
Mar. 1080.6 4126.2 5543.8 15404.4
Apr. 1082.1 4155.2 5589.2 15482.4
May 1078.2 4174.7 5631.2 15555.0
June 1077.8 4198.5 5674.0 15628.0
July 1075.4 4217.2 5695.2 15709.6
Aug. 1072.2 4245.7 5753.6 15789.7
Sep. 1074.7 4292.3 5819.2 15868.2
Oct. 1080.4 4335.7 5884.5 15953.2
Nov. 1088.8 4375.2 5954.7 16041.4 p
Dec. 1093.0 4412.9 6013.1
----------------------------------------------------------------------------------------
Not seasonally adjusted
---------------------------------------------------------------------------------------
1997-Jan. 1086.6 3841.0 4983.8 14448.1
Feb. 1065.5 3836.4 5009.8 14490.9
Mar. 1067.8 3875.1 5064.8 14567.0
Apr. 1073.4 3908.3 5109.0 14635.1
May 1053.8 3873.8 5092.4 14672.1
June 1064.1 3905.3 5128.0 14704.2
July 1065.6 3925.1 5171.7 14752.5
Aug. 1069.2 3960.4 5226.7 14824.6
Sep. 1059.6 3970.7 5251.9 14901.1
Oct. 1057.6 3986.7 5294.9 14973.9
Nov. 1074.1 4025.7 5359.1 15070.6
Dec. 1097.4 4064.8 5420.8 15166.8
1998-Jan. 1079.9 4073.7 5453.8 15223.7
Feb. 1066.0 4092.1 5486.8 15291.1
Mar. 1075.7 4143.6 5573.2 15392.0
Apr. 1087.4 4186.2 5618.9 15465.8
May 1070.5 4155.8 5617.9 15523.2
June 1074.7 4188.6 5661.7 15595.7
July 1073.6 4210.1 5672.8 15662.8
Aug. 1068.6 4242.7 5742.0 15746.7
Sep. 1069.9 4280.2 5796.4 15834.1
Oct. 1076.2 4320.5 5869.5 15916.0
Nov. 1094.1 4375.6 5959.6 16023.8 p
Dec. 1115.0 4429.7 6029.4
---------------------------------------------------------------------------------------
Footnotes appear on the following page.
p -- indicates preliminary data
1
H.6 (508)
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
----------------------------------------------------------------------------------------
M1 M2 M3 Debt
----------------------------------------------------------------------------------------
3 Months from Sep. 1998 TO Dec. 1998 6.8 11.2 13.3 6.4
6 Months from June 1998 TO Dec. 1998 2.8 10.2 12.0 6.3
12 Months from Dec. 1997 TO Dec. 1998 1.7 9.1 11.3 6.3
Thirteen weeks ending
January 25 , 1999
from thirteen weeks ending:
Oct. 26, 1998 (13 weeks previous) 5.6 11.2 12.8
July 27, 1998 (26 weeks previous) 2.5 10.0 11.7
Jan. 26, 1998 (52 weeks previous) 1.7 8.9 11.1
----------------------------------------------------------------------------------------
1. Growth rates for debt are based on periods beginning and ending one month earlier
than for the monetary aggregates, namely,
August 1998 to November 1998, May 1998 to November 1998, and
November 1997 to November 1998, respectively.
-----------------------------------------------------------------------------------------
Footnotes to Table 1:
1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions;
(2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)
and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time
deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes
individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted
M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money
funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held
by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and
Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.
4. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector
(U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal
sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate
businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is,
the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release
differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1.
In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov).
Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information
about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax
202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1
H.6 (508)
Table 3
MONEY STOCK MEASURES
Billions of Dollars
----------------------------------------------------------------------------------------------------------------------------------------------------
M1 M2 M3
----------------------------------------------------------------------------------------------------------------------------------------------------
Period Ending 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average
----------------------------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
1998-Nov. 2 1075.9 1081.3 1088.6 4294.7 4342.2 4364.3 5824.4 5893.8 5927.8
9 1076.9 1084.0 1083.8 4304.5 4352.9 4360.8 5839.1 5911.4 5929.7
16 1078.3 1085.9 1086.8 4314.7 4362.0 4370.8 5854.4 5927.8 5946.0
23 1079.7 1087.2 1089.5 4324.8 4369.0 4380.2 5870.4 5941.5 5962.6
30 1081.2 1088.7 1094.8 4334.5 4376.3 4393.4 5886.2 5957.1 5989.9
Dec. 7 1082.6 1089.6 1087.3 4343.8 4384.0 4391.5 5900.9 5971.4 5987.0
14 1083.7 1089.6 1086.7 4353.0 4391.9 4402.6 5915.5 5984.7 5999.4
21 1084.9 1090.6 1093.7 4362.3 4401.8 4419.5 5930.8 5999.2 6020.4
28 1086.6 1091.4 1097.8 4372.1 4412.0 4434.4 5946.4 6011.5 6039.3
1999-Jan. 4 1088.7 1096.4 1107.4 4381.8 4424.6 4441.7 5961.4 6027.1 6049.3
11 1089.6 1096.0 1084.9 4390.4 4431.5 4430.3 5973.9 6032.5 6021.0
18p 1090.2 1094.3 1087.2 4398.2 4435.5 4435.6 5985.5 6035.4 6031.9
25p 1090.4 1091.6 1086.8 4404.5 4435.4 4434.0 5994.4 6031.4 6023.4
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
1998-Nov. 2 1071.5 1077.3 1094.5 4284.2 4324.0 4337.3 5808.0 5879.4 5904.2
9 1072.7 1082.0 1084.0 4293.9 4339.3 4379.6 5822.9 5900.3 5945.3
16 1074.7 1085.5 1090.8 4304.4 4353.4 4385.9 5839.7 5922.2 5965.7
23 1076.8 1089.1 1087.0 4314.7 4366.5 4363.1 5856.9 5941.5 5950.6
30 1080.0 1093.7 1112.9 4325.4 4376.2 4376.1 5875.1 5961.5 5984.2
Dec. 7 1082.1 1096.9 1096.7 4335.0 4387.3 4424.2 5891.7 5983.5 6033.5
14 1084.0 1098.2 1096.0 4344.4 4397.5 4426.6 5908.7 6003.2 6044.6
21 1087.9 1106.0 1118.4 4356.3 4414.9 4432.5 5927.0 6022.8 6028.7
28 1093.1 1110.3 1130.2 4370.7 4428.0 4428.7 5947.1 6031.3 6018.5
1999-Jan. 4 1098.7 1125.6 1157.9 4383.1 4438.8 4467.4 5963.3 6031.4 6033.9
11 1101.3 1126.4 1099.2 4394.2 4447.9 4462.8 5978.3 6034.7 6057.6
18p 1102.3 1119.3 1090.0 4403.7 4453.1 4453.6 5992.4 6042.7 6060.6
25p 1102.7 1106.3 1077.9 4411.2 4447.9 4407.9 6003.2 6041.7 6014.7
----------------------------------------------------------------------------------------------------------------------------------------------------
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p -- indicates preliminary data.
1
H.6 (508)
Table 4
SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------
Other Checkable Deposits
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 413.0 9.2 401.3 150.5 98.1 248.6
Sep. 415.5 8.6 392.3 150.9 97.5 248.4
Oct. 417.9 8.3 389.6 148.9 97.5 246.3
Nov. 421.2 7.8 393.2 148.0 97.4 245.3
Dec. 424.5 7.7 396.5 149.2 97.0 246.2
1998-Jan. 427.0 7.7 392.8 149.7 96.6 246.3
Feb. 430.0 7.6 392.3 147.8 98.3 246.1
Mar. 432.1 7.7 391.0 149.2 100.6 249.8
Apr. 434.2 7.8 389.2 150.3 100.6 250.9
May 436.4 7.8 387.8 146.2 100.0 246.2
June 439.2 8.0 384.7 145.9 100.0 245.9
July 442.3 8.5 379.3 144.2 101.2 245.3
Aug. 444.8 8.5 374.8 143.2 100.9 244.0
Sep. 449.6 8.3 374.4 141.1 101.3 242.4
Oct. 453.3 8.3 374.7 141.5 102.7 244.2
Nov. 456.4 7.9 376.8 144.0 103.6 247.6
Dec. 459.2 7.8 377.3 143.8 105.0 248.7
Week Ending:
1998-Nov. 30 457.4 7.8 380.4 146.1 103.1 249.2
Dec. 7 458.1 7.8 374.2 141.1 106.0 247.1
14 458.5 7.8 375.2 140.2 104.9 245.2
21 459.2 7.8 378.5 143.4 104.7 248.2
28 460.1 7.9 378.8 146.4 104.6 251.0
1999-Jan. 4 460.9 7.9 381.6 151.9 105.2 257.1
11 461.5 7.8 e 365.7 143.6 106.3 249.9
18p 462.3 7.8 e 369.6 143.7 103.8 247.4
25p 463.5 7.8 e 367.3 146.0 102.3 248.3
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
1
H.6 (508)
Table 5
SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
-------------------------------------------------------------------------------------------------------------------------------------------
Savings Deposits1 Small-denomination time deposit2
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 970.9 376.1 1347.0 618.3 347.8 966.1 575.9 2889.0
Sep. 988.4 376.4 1364.8 621.0 346.2 967.1 584.9 2916.9
Oct. 1003.0 377.0 1379.9 622.6 345.7 968.3 589.9 2938.1
Nov. 1012.3 376.3 1388.6 625.5 343.1 968.6 598.4 2955.6
Dec. 1022.9 377.3 1400.2 626.1 343.2 969.3 602.3 2971.8
1998-Jan. 1035.1 378.8 1413.8 626.2 344.6 970.8 612.9 2997.6
Feb. 1045.9 382.5 1428.5 626.3 343.7 970.1 626.3 3024.9
Mar. 1054.1 385.3 1439.4 626.5 342.4 968.9 637.3 3045.5
Apr. 1072.2 387.0 1459.3 627.5 340.1 967.6 646.3 3073.1
May 1078.0 394.3 1472.2 626.3 339.7 966.0 658.3 3096.5
June 1089.6 396.3 1485.9 625.7 339.5 965.2 669.6 3120.7
July 1106.3 399.5 1505.8 625.1 337.3 962.5 673.6 3141.9
Aug. 1121.6 400.9 1522.5 627.4 332.5 959.9 691.1 3173.5
Sep. 1140.2 403.6 1543.7 627.7 331.2 958.9 715.0 3217.7
Oct. 1155.3 407.8 1563.1 627.5 330.5 958.1 734.2 3255.4
Nov. 1171.1 411.5 1582.6 628.3 327.5 955.7 748.0 3286.3
Dec. 1189.8 415.2 1605.0 626.1 325.7 951.8 763.1 3319.8
Week ending:
1998-Nov. 30 1175.1 417.0 1592.1 628.9 325.8 954.7 751.8 3298.6
Dec. 7 1184.9 409.8 1594.7 627.2 325.7 953.0 756.5 3304.2
14 1190.8 413.2 1603.9 626.4 325.6 952.1 759.9 3315.9
21 1193.9 416.0 1609.9 625.6 325.6 951.2 764.7 3325.8
28 1196.2 421.0 1617.1 625.6 325.9 951.5 768.0 3336.6
1999-Jan. 4 1193.4 419.4 1612.8 625.4 325.9 951.3 770.2 3334.3
11 1211.5 416.3 1627.9 623.6 324.9 948.6 769.0 3345.4
18p 1204.4 417.2 1621.6 621.9 324.1 946.0 780.8 3348.5
25p 1197.1 422.0 1619.2 620.8 323.5 944.3 783.6 3347.1
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
at commercial banks and thrifts are subtracted from small time deposits.
p -- indicates preliminary data.
1
H.6 (508)
Table 6
SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits1
Institutional -------------------------------------- Debt components5
Date money At commercial At thrift Total -------------------------
funds banks2 institutions Total RPs3 Eurodollars4 Non-M2 M3 Federal Non-Federal
------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 355.7 468.0 83.2 551.2 229.1 135.8 1271.7 3792.5 11074.8
Sep. 362.9 476.8 83.9 560.7 226.5 137.9 1288.0 3795.0 11140.2
Oct. 368.0 479.6 84.2 563.9 239.2 135.5 1306.5 3795.1 11215.4
Nov. 370.6 485.1 85.0 570.1 250.0 139.8 1330.5 3793.7 11294.6
Dec. 379.9 490.2 85.9 576.1 252.8 149.2 1358.0 3798.4 11368.8
1998-Jan. 385.9 494.7 87.7 582.4 260.0 150.0 1378.2 3796.8 11444.1
Feb. 391.3 505.2 87.2 592.4 255.1 145.4 1384.2 3792.9 11528.6
Mar. 399.8 521.0 85.7 606.7 269.3 141.8 1417.6 3797.2 11607.1
Apr. 414.4 520.8 86.7 607.4 270.3 141.9 1434.0 3791.5 11690.9
May 426.9 527.4 85.2 612.6 271.7 145.4 1456.5 3778.8 11776.2
June 437.7 534.9 85.8 620.7 270.7 146.3 1475.5 3775.8 11852.3
July 441.9 527.8 85.8 613.6 273.3 149.2 1478.0 3772.9 11936.6
Aug. 454.5 534.6 85.6 620.2 279.6 153.5 1507.9 3770.3 12019.4
Sep. 467.8 534.7 86.6 621.3 283.3 154.4 1526.9 3760.0 12108.2
Oct. 486.7 535.5 87.7 623.2 283.0 155.9 1548.7 3750.3 12203.0
Nov. 503.8 542.7 87.9 630.7 288.1 157.0 1579.6 3748.8 p 12292.6 p
Dec. 516.2 545.6 89.1 634.7 295.0 154.3 1600.3
Week ending:
1998-Nov. 30 514.8 547.0 87.8 634.8 292.5 154.4 1596.5
Dec. 7 513.7 545.1 88.5 633.6 293.9 154.3 1595.6
14 512.6 545.5 88.9 634.4 293.6 156.2 1596.8
21 518.0 544.7 88.9 633.7 296.2 153.0 1600.9
28 519.7 545.5 89.5 635.0 296.2 154.1 1605.0
1999-Jan. 4 518.2 549.9 90.4 640.2 295.6 153.6 1607.6
11 506.3 551.6 91.3 643.0 287.8 153.6 1590.7
18p 513.9 556.1 91.2 647.4 287.5 147.5 1596.3
25p 518.1 550.7 91.2 641.9 283.9 145.4 1589.4
------------------------------------------------------------------------------------------------------------------------------------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government,
and foreign banks and official institutions.
3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
Kingdom and Canada, excluding those held by depository institutions and by money funds.
5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p -- indicates preliminary data e -- indicates estimated data
1
H.6 (508)
Table 7
NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------
Other Checkable Deposits
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 413.3 8.8 401.0 148.8 97.4 246.2
Sep. 414.2 8.4 390.1 149.8 97.1 246.9
Oct. 417.2 8.2 387.9 147.4 96.9 244.3
Nov. 422.3 8.0 399.1 147.4 97.3 244.7
Dec. 428.9 7.9 412.3 150.5 97.8 248.3
1998-Jan. 426.3 7.9 396.6 152.5 96.6 249.1
Feb. 428.8 7.8 384.6 147.7 97.0 244.7
Mar. 431.4 7.9 385.8 149.8 100.9 250.6
Apr. 433.7 7.9 389.4 153.2 103.3 256.5
May 436.1 7.9 381.7 145.3 99.6 244.9
June 438.3 8.0 382.8 145.6 100.1 245.7
July 442.7 8.2 378.9 142.8 100.9 243.8
Aug. 444.4 8.2 374.3 141.6 100.1 241.7
Sep. 448.4 8.1 372.6 140.0 100.7 240.7
Oct. 452.6 8.2 373.2 140.2 102.0 242.2
Nov. 457.5 8.1 381.6 143.5 103.5 247.0
Dec. 464.1 8.0 392.1 144.9 105.8 250.7
Week Ending:
1998-Nov. 30 459.4 8.0 395.8 146.8 103.0 249.8
Dec. 7 460.6 8.0 380.1 140.1 107.9 248.0
14 461.5 8.0 383.5 138.6 104.4 243.0
21 464.7 8.0 396.1 144.7 105.0 249.7
28 469.4 8.0 398.4 149.8 104.6 254.3
1999-Jan. 4 465.9 8.0 415.8 158.7 109.6 268.2
11 463.0 8.0 e 374.7 146.1 107.4 253.5
18p 462.0 8.0 e 370.8 145.5 103.7 249.2
25p 460.8 8.0 e 361.0 147.6 100.5 248.1
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
1
H.6 (508)
Table 8
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
-------------------------------------------------------------------------------------------------------------------------------------------
Savings Deposits1 Small-denomination time deposit2
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 971.6 376.3 1347.9 618.0 347.6 965.7 577.6 2891.2
Sep. 985.0 375.1 1360.1 620.4 345.9 966.3 584.7 2911.1
Oct. 997.5 374.9 1372.4 622.9 345.9 968.8 587.9 2929.0
Nov. 1010.3 375.5 1385.9 625.3 343.0 968.3 597.4 2951.5
Dec. 1020.4 376.4 1396.8 625.3 342.8 968.1 602.5 2967.4
1998-Jan. 1030.5 377.1 1407.6 626.8 344.9 971.6 614.5 2993.8
Feb. 1041.8 381.0 1422.8 627.6 344.4 972.0 631.4 3026.2
Mar. 1061.6 388.1 1449.6 627.3 342.8 970.1 648.1 3067.8
Apr. 1084.6 391.5 1476.2 627.7 340.3 968.0 654.6 3098.8
May 1078.4 394.4 1472.8 625.4 339.2 964.6 647.9 3085.3
June 1092.7 397.4 1490.1 624.8 339.0 963.8 660.0 3113.9
July 1107.5 399.9 1507.4 625.1 337.3 962.4 666.8 3136.6
Aug. 1121.5 400.8 1522.3 627.0 332.3 959.3 692.5 3174.1
Sep. 1134.8 401.7 1536.5 627.3 330.9 958.2 715.6 3210.4
Oct. 1147.6 405.1 1552.6 628.1 330.8 958.9 732.8 3244.3
Nov. 1167.9 410.4 1578.2 628.5 327.6 956.0 747.2 3281.4
Dec. 1186.7 414.1 1600.8 625.5 325.4 950.9 763.0 3314.7
Week ending:
1998-Nov. 30 1151.4 408.6 1560.0 628.9 325.8 954.7 748.4 3263.1
Dec. 7 1201.1 415.5 1616.5 627.4 325.8 953.2 757.8 3327.5
14 1198.9 416.0 1614.9 626.2 325.5 951.7 764.0 3330.6
21 1184.9 412.9 1597.8 624.9 325.2 950.1 766.2 3314.1
28 1171.3 412.2 1583.5 624.2 325.1 949.3 765.7 3298.5
1999-Jan. 4 1184.6 416.3 1601.0 624.2 325.3 949.5 758.9 3309.4
11 1223.1 420.3 1643.5 624.0 325.1 949.1 771.0 3363.7
18p 1210.2 419.2 1629.4 622.8 324.6 947.5 786.8 3363.7
25p 1179.8 415.9 1595.7 622.0 324.1 946.2 788.1 3330.0
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
at commercial banks and thrifts are subtracted from small time deposits.
p -- indicates preliminary data.
1
H.6 (508)
Table 9
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits1 RPs3
Institutional ------------------------------------- -------------------------------- Debt components5
Date money At commercial At thrift At commercial At thrift Total -------------------------
funds banks2 institutions Total banks2 institutions Total Eurodollars4 Non-M2 M3 Federal Non-Federal
--------------------------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 352.0 468.4 83.3 551.6 181.7 46.7 228.4 134.4 1266.3 3774.3 11050.3
Sep. 356.9 477.5 84.0 561.5 180.2 46.1 226.3 136.5 1281.2 3780.4 11120.7
Oct. 364.9 483.4 84.9 568.3 192.4 46.5 238.9 136.1 1308.3 3774.4 11199.6
Nov. 370.7 487.6 85.4 573.0 202.5 47.4 249.9 139.9 1333.5 3792.1 11278.5
Dec. 384.5 487.7 85.4 573.1 199.4 46.6 246.1 152.3 1356.0 3805.8 11361.0
1998-Jan. 395.7 483.1 85.6 568.7 215.8 44.9 260.6 155.1 1380.1 3792.5 11431.2
Feb. 404.3 501.1 86.5 587.6 210.2 44.6 254.8 148.0 1394.7 3795.3 11495.7
Mar. 407.0 524.5 86.3 610.8 225.6 45.2 270.8 141.1 1429.6 3820.7 11571.4
Apr. 412.7 520.8 86.6 607.4 226.4 46.0 272.4 140.2 1432.7 3800.5 11665.3
May 421.0 532.6 86.1 618.7 230.8 46.9 277.7 144.7 1462.1 3765.9 11757.3
June 431.7 539.4 86.5 625.9 222.0 49.6 271.6 143.9 1473.1 3755.3 11840.4
July 432.6 527.6 85.8 613.4 222.0 49.0 271.0 145.8 1462.7 3740.8 11922.1
Aug. 448.4 534.9 85.7 620.6 229.0 49.2 278.3 152.0 1499.3 3749.6 11997.1
Sep. 458.8 535.1 86.7 621.9 232.1 50.3 282.4 153.2 1516.2 3743.4 12090.8
Oct. 482.9 538.9 88.2 627.1 234.6 47.6 282.2 156.6 1548.9 3727.8 12188.2
Nov. 504.9 544.9 88.3 633.2 241.3 47.4 288.6 157.4 1584.1 3746.6 p 12277.3 p
Dec. 523.3 541.9 88.5 630.5 237.7 50.1 287.8 158.2 1599.7
Week ending:
1998-Nov. 30 521.4 549.4 88.2 637.6 242.7 49.2 291.9 157.3 1608.2
Dec. 7 525.0 547.1 88.8 635.9 242.0 49.3 291.3 157.1 1609.3
14 532.0 546.8 89.2 636.0 238.9 50.3 289.2 160.8 1618.0
21 522.7 540.7 88.3 629.0 238.3 50.1 288.4 156.1 1596.2
28 522.5 536.4 88.0 624.4 233.6 50.5 284.1 158.8 1589.8
1999-Jan. 4 501.9 535.3 88.0 623.3 233.4 49.9 283.3 158.1 1566.6
11 522.5 539.1 89.3 628.4 236.6 50.6 287.2 156.7 1594.7
18p 533.6 541.7 88.9 630.6 239.5 50.8 290.3 152.5 1607.0
25p 540.9 536.1 88.8 624.9 238.9 50.4 289.3 151.7 1606.9
------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government,
and foreign banks and official institutions.
3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
Kingdom and Canada, excluding those held by depository institutions and by money funds.
5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p -- indicates preliminary data e -- indicates estimated data
1
H.6 (508)
Table 10
MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
U.S. government deposits IRA and Keogh Accounts
Demand deposits Time and ------------------------------------------------------------ ----------------------------------------------------
at banks due to savings Time and
Date --------------------------- deposits due to Demand Balance Note savings
Foreign Foreign foreign banks deposits at at balances at Total deposits at
commercial official and official commercial Federal depository cash commercial At commercial At thrift At money
banks institutions institutions banks Reserve institutions1 balance banks banks institutions market funds Total
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997-Aug. 9.4 1.5 18.2 1.8 4.9 11.8 18.4 3.0 152.5 104.2 91.7 348.4
Sep. 8.7 1.4 18.4 3.2 6.3 20.4 29.9 2.9 152.8 103.7 92.0 348.5
Oct. 8.5 1.5 18.6 1.7 5.4 15.9 23.0 2.9 152.8 103.1 92.9 348.8
Nov. 9.0 1.5 18.9 1.7 5.1 11.2 18.0 3.1 152.5 102.5 94.6 349.6
Dec. 9.5 1.5 19.1 2.2 5.1 17.9 25.2 3.3 152.1 101.9 96.3 350.4
1998-Jan. 9.8 1.6 19.2 3.1 6.5 22.3 31.9 3.3 151.9 101.5 97.4 350.7
Feb. 9.8 1.5 19.0 1.6 5.0 14.5 21.1 3.2 151.7 101.1 97.7 350.6
Mar. 9.9 1.5 18.9 1.8 5.5 17.5 24.8 3.1 151.5 100.8 98.1 350.4
Apr. 9.9 1.5 18.3 4.6 9.7 24.0 38.3 3.0 151.4 100.1 98.7 e 350.2 e
May 10.0 1.8 17.3 1.5 5.5 43.3 50.3 3.1 151.2 99.0 99.7 e 350.0 e
June 10.0 2.0 16.3 2.7 10.4 32.7 45.8 3.2 151.0 98.0 100.7 e 349.7 e
July 10.0 2.1 15.6 1.3 5.4 42.6 49.4 3.3 151.0 e 97.5 e 101.6 e 350.1 e
Aug. 9.8 2.1 15.4 1.4 5.1 11.9 18.4 3.4 151.2 e 97.9 e 102.3 e 351.3 e
Sep. 9.6 2.0 15.2 2.7 6.3 20.4 29.4 3.5 151.4 e 98.2 e 102.9 e 352.6 e
Oct. 9.6 2.1 15.0 1.4 5.4 19.3 26.1 3.6 151.5 e 98.2 e 103.6 e 353.4 e
Nov. 9.6 2.0 15.0 1.3 5.1 18.7 25.1 3.6 151.5 e 97.9 e 104.3 e 353.6 e
Dec. 9.6 2.0 15.0 1.7 5.9 24.4 32.0 3.6 151.4 e 97.6 e 105.0 e 353.9 e
1998-Nov. 30 1.2 5.4 21.7 28.3
Dec. 7 1.3 5.1 8.8 15.2
14 1.5 5.1 3.5 10.0
21 2.3 6.7 33.3 42.4
28 1.5 5.9 46.3 53.7
1999-Jan. 4 2.4 6.9 23.3 32.5
11 2.2 5.5 17.4 25.1
18p 4.0 6.9 24.6 35.4
25p 3.8 6.9 45.5 56.2
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------+-------------------------------------
1998
January 0.9983 1.0265 1.0097 1.0114 1.0186
February 0.9973 1.0262 0.9803 0.9945 0.9996
March 0.9984 1.0166 0.9867 1.0034 1.0036
April 0.9987 1.0137 1.0005 1.0223 1.0193
May 0.9993 1.0106 0.9843 0.9946 0.9941
June 0.9981 0.9918 0.9950 0.9990 0.9977
July 1.0010 0.9623 0.9991 0.9935 0.9907
August 0.9991 0.9603 0.9986 0.9905 0.9892
September 0.9974 0.9773 0.9951 0.9933 0.9925
October 0.9986 0.9908 0.9960 0.9919 0.9906
November 1.0023 1.0145 1.0127 0.9974 0.9964
December 1.0108 1.0209 1.0393 1.0078 1.0080
1999
January 0.9996 1.0229 1.0125 1.0109 1.0178
February 0.9977 1.0237 0.9811 0.9945 0.9992
March 0.9986 1.0159 0.9860 1.0039 1.0039
April 0.9989 1.0148 1.0003 1.0225 1.0192
May 0.9978 1.0114 0.9843 0.9950 0.9945
June 0.9982 0.9943 0.9957 0.9991 0.9982
July 1.0009 0.9635 1.0000 0.9936 0.9908
August 0.9985 0.9588 0.9961 0.9905 0.9893
September 0.9969 0.9777 0.9944 0.9930 0.9922
October 0.9996 0.9902 0.9984 0.9920 0.9908
November 1.0022 1.0110 1.0105 0.9975 0.9966
December 1.0119 1.0195 1.0398 1.0076 1.0078
2000
January 0.9986 1.0218 1.0121 1.0107 1.0174
February 0.9977 1.0235 0.9809 0.9945 0.9990
March 0.9992 1.0165 0.9859 1.0040 1.0039
-------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------+-------------------------------+----------------------
1998
January 0.9956 1.0009 0.9765 1.0027 1.0255 1.0024 1.0337
February 0.9960 1.0020 0.9919 1.0080 1.0331 0.9988 1.0178
March 1.0071 1.0013 1.0067 1.0170 1.0178 1.0057 0.9947
April 1.0116 1.0004 0.9999 1.0130 0.9960 1.0078 0.9884
May 1.0004 0.9985 1.0099 0.9841 0.9862 1.0223 0.9952
June 1.0028 0.9985 1.0085 0.9856 0.9863 1.0033 0.9831
July 1.0011 0.9999 0.9996 0.9898 0.9791 0.9915 0.9769
August 0.9999 0.9994 1.0006 1.0020 0.9866 0.9951 0.9899
September 0.9953 0.9993 1.0009 1.0008 0.9807 0.9968 0.9916
October 0.9933 1.0009 1.0063 0.9980 0.9923 0.9971 1.0051
November 0.9972 1.0003 1.0040 0.9990 1.0021 1.0017 1.0027
December 0.9974 0.9990 0.9933 0.9999 1.0136 0.9754 1.0251
1999
January 0.9959 1.0011 0.9749 1.0023 1.0277 1.0048 1.0344
February 0.9968 1.0022 0.9915 1.0086 1.0329 0.9985 1.0180
March 1.0080 1.0014 1.0085 1.0178 1.0165 1.0088 0.9934
April 1.0129 1.0002 1.0014 1.0134 0.9967 1.0094 0.9860
May 1.0010 0.9980 1.0110 0.9843 0.9884 1.0219 0.9929
June 1.0028 0.9978 1.0103 0.9849 0.9863 0.9994 0.9802
July 1.0007 0.9997 0.9995 0.9884 0.9769 0.9911 0.9762
August 0.9993 0.9993 1.0004 1.0011 0.9849 0.9941 0.9914
September 0.9946 0.9995 1.0008 1.0013 0.9788 0.9957 0.9927
October 0.9927 1.0012 1.0052 0.9986 0.9926 0.9954 1.0051
November 0.9968 1.0006 1.0032 0.9994 1.0037 1.0029 1.0046
December 0.9974 0.9991 0.9925 0.9997 1.0140 0.9771 1.0277
2000
January 0.9960 1.0012 0.9740 1.0023 1.0288 1.0060 1.0351
February 0.9972 1.0022 0.9913 1.0090 1.0333 0.9979 1.0175
March 1.0083 1.0014 1.0095 1.0178 1.0157 1.0104 0.9927
----------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------+------------------------------------
1998 Dec 07 1.0054 1.0231 1.0156 1.0036 0.9931
14 1.0065 1.0218 1.0222 0.9912 0.9883
21 1.0119 1.0206 1.0465 1.0060 1.0087
28 1.0203 1.0193 1.0519 1.0133 1.0232
1999 Jan 04 1.0108 1.0180 1.0897 1.0434 1.0449
11 1.0033 1.0203 1.0246 1.0143 1.0177
18 0.9993 1.0226 1.0031 1.0073 1.0131
25 0.9942 1.0248 0.9830 0.9991 1.0108
1999 Feb 01 0.9930 1.0271 0.9945 1.0055 1.0156
08 0.9994 1.0257 0.9804 0.9960 0.9991
15 1.0000 1.0242 0.9812 0.9878 0.9899
22 0.9963 1.0228 0.9725 0.9909 0.9988
1999 Mar 01 0.9953 1.0213 0.9895 1.0031 1.0080
08 1.0016 1.0192 0.9822 1.0013 0.9964
15 0.9997 1.0171 0.9914 0.9961 0.9944
22 0.9984 1.0150 0.9741 0.9990 1.0016
29 0.9967 1.0129 0.9825 1.0097 1.0143
1999 Apr 05 1.0017 1.0108 1.0105 1.0235 1.0133
12 1.0028 1.0129 1.0088 1.0193 1.0134
19 0.9981 1.0150 1.0167 1.0369 1.0370
26 0.9946 1.0170 0.9783 1.0193 1.0232
1999 May 03 0.9959 1.0191 0.9959 1.0166 1.0098
10 1.0006 1.0157 0.9761 0.9974 0.9908
17 0.9968 1.0123 0.9864 0.9880 0.9886
24 0.9972 1.0089 0.9632 0.9833 0.9894
31 0.9954 1.0056 1.0011 1.0007 1.0033
1999 Jun 07 1.0007 1.0013 0.9894 0.9997 0.9935
14 0.9993 0.9971 1.0043 0.9961 0.9916
21 0.9975 0.9929 0.9783 0.9947 0.9967
28 0.9963 0.9887 0.9946 0.9992 1.0044
1999 Jul 05 1.0056 0.9846 1.0365 1.0088 0.9985
12 1.0032 0.9739 0.9973 0.9917 0.9860
19 0.9993 0.9635 0.9960 0.9880 0.9873
26 0.9968 0.9533 0.9786 0.9866 0.9902
1999 Aug 02 0.9975 0.9434 1.0148 1.0041 1.0024
09 1.0037 0.9497 0.9884 0.9902 0.9841
16 1.0002 0.9561 0.9970 0.9850 0.9823
23 0.9967 0.9626 0.9846 0.9846 0.9873
30 0.9936 0.9692 1.0023 0.9952 0.9985
1999 Sep 06 1.0017 0.9760 0.9938 0.9964 0.9876
13 0.9991 0.9769 1.0009 0.9916 0.9879
20 0.9960 0.9779 0.9926 0.9904 0.9942
27 0.9942 0.9789 0.9874 0.9893 0.9947
1999 Oct 04 0.9975 0.9799 1.0159 1.0022 0.9956
11 1.0022 0.9847 0.9834 0.9861 0.9809
18 0.9993 0.9896 1.0007 0.9884 0.9879
25 0.9967 0.9945 0.9865 0.9870 0.9925
1999 Nov 01 0.9971 0.9995 1.0165 1.0052 1.0057
08 1.0036 1.0040 0.9910 0.9962 0.9908
15 1.0019 1.0087 1.0059 0.9932 0.9904
22 1.0005 1.0133 0.9984 0.9925 0.9969
29 1.0041 1.0180 1.0386 1.0039 1.0052
1999 Dec 06 1.0062 1.0228 1.0103 1.0023 0.9923
13 1.0076 1.0210 1.0194 0.9920 0.9895
20 1.0126 1.0193 1.0462 1.0045 1.0074
27 1.0201 1.0176 1.0554 1.0132 1.0209
2000 Jan 03 1.0110 1.0158 1.0891 1.0427 1.0454
10 1.0033 1.0184 1.0160 1.0155 1.0166
17 0.9991 1.0211 1.0054 1.0082 1.0137
24 0.9940 1.0238 0.9911 0.9995 1.0118
31 0.9922 1.0264 1.0013 1.0058 1.0161
2000 Feb 07 0.9987 1.0253 0.9822 0.9954 0.9989
14 1.0002 1.0242 0.9795 0.9874 0.9890
21 0.9972 1.0231 0.9702 0.9900 0.9975
28 0.9955 1.0219 0.9882 1.0020 1.0072
2000 Mar 06 1.0017 1.0208 0.9846 1.0010 0.9971
13 1.0002 1.0185 0.9960 0.9969 0.9962
20 0.9983 1.0162 0.9826 1.0001 1.0035
27 0.9964 1.0139 0.9752 1.0103 1.0150
2000 Apr 03 1.0016 1.0116 1.0092 1.0232 1.0140
-------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------+-------------------------------+----------------------
1998 Dec 07 1.0137 1.0002 1.0036 1.0017 1.0219 0.9910 1.0180
14 1.0068 0.9997 1.0025 1.0054 1.0378 0.9852 1.0294
21 0.9925 0.9988 0.9925 1.0019 1.0090 0.9738 1.0204
28 0.9792 0.9977 0.9834 0.9970 1.0054 0.9592 1.0307
1999 Jan 04 0.9927 0.9982 0.9735 0.9854 0.9685 0.9586 1.0292
11 1.0096 1.0006 0.9773 1.0027 1.0319 0.9979 1.0202
18 1.0048 1.0016 0.9741 1.0076 1.0383 1.0096 1.0337
25 0.9855 1.0019 0.9735 1.0057 1.0440 1.0189 1.0434
1999 Feb 01 0.9839 1.0021 0.9756 1.0024 1.0242 1.0184 1.0372
08 1.0074 1.0024 0.9814 1.0058 1.0327 1.0115 1.0205
15 1.0012 1.0024 0.9922 1.0070 1.0341 1.0011 1.0203
22 0.9885 1.0022 0.9942 1.0113 1.0352 0.9892 1.0127
1999 Mar 01 0.9913 1.0019 1.0017 1.0114 1.0305 0.9883 1.0156
08 1.0197 1.0020 1.0068 1.0207 1.0262 0.9991 0.9915
15 1.0164 1.0016 1.0105 1.0194 1.0231 1.0100 0.9930
22 1.0039 1.0011 1.0086 1.0174 1.0169 1.0178 0.9908
29 0.9958 1.0008 1.0092 1.0149 1.0037 1.0120 0.9960
1999 Apr 05 1.0273 1.0013 1.0075 1.0171 0.9972 1.0058 0.9910
12 1.0299 1.0012 1.0035 1.0298 1.0183 1.0073 0.9829
19 1.0156 1.0002 0.9986 1.0196 0.9938 1.0072 0.9763
26 0.9886 0.9993 0.9960 1.0047 0.9860 1.0097 0.9918
1999 May 03 0.9968 0.9990 1.0046 0.9847 0.9826 1.0208 0.9918
10 1.0086 0.9987 1.0109 0.9842 0.9921 1.0262 0.9803
17 1.0036 0.9981 1.0116 0.9813 0.9900 1.0224 0.9864
24 0.9940 0.9975 1.0119 0.9864 0.9881 1.0200 1.0020
31 0.9947 0.9972 1.0121 0.9852 0.9859 1.0194 1.0033
1999 Jun 07 1.0201 0.9976 1.0159 0.9889 0.9956 1.0131 0.9884
14 1.0155 0.9977 1.0164 0.9868 0.9936 1.0042 0.9810
21 0.9987 0.9975 1.0095 0.9844 0.9799 0.9950 0.9737
28 0.9825 0.9979 1.0043 0.9806 0.9801 0.9887 0.9799
1999 Jul 05 1.0150 0.9996 0.9938 0.9806 0.9734 0.9889 0.9731
12 1.0108 1.0001 0.9963 0.9909 0.9826 0.9859 0.9734
19 0.9995 0.9999 1.0004 0.9897 0.9759 0.9906 0.9718
26 0.9848 0.9995 1.0028 0.9908 0.9796 0.9951 0.9806
1999 Aug 02 0.9902 0.9994 1.0041 0.9878 0.9702 0.9957 0.9831
09 1.0164 0.9997 1.0037 0.9973 0.9848 0.9979 0.9783
16 1.0084 0.9994 0.9982 1.0022 0.9855 0.9963 0.9831
23 0.9907 0.9992 1.0002 1.0035 0.9890 0.9873 0.9963
30 0.9813 0.9990 0.9983 1.0045 0.9843 0.9941 1.0095
1999 Sep 06 1.0170 0.9992 1.0002 1.0059 0.9869 0.9966 0.9952
13 1.0107 0.9992 1.0020 1.0085 0.9859 0.9975 0.9903
20 0.9899 0.9992 1.0015 1.0030 0.9755 0.9970 0.9890
27 0.9674 0.9994 0.9994 0.9946 0.9727 0.9941 0.9950
1999 Oct 04 0.9953 1.0012 1.0012 0.9867 0.9679 0.9900 0.9961
11 1.0058 1.0020 1.0106 0.9959 0.9894 0.9898 1.0023
18 0.9977 1.0013 1.0072 1.0019 0.9946 0.9917 1.0036
25 0.9804 1.0010 1.0046 1.0036 0.9991 0.9994 1.0092
1999 Nov 01 0.9782 1.0005 0.9997 1.0001 1.0025 1.0051 1.0110
08 1.0119 1.0008 1.0030 0.9999 0.9919 1.0062 0.9987
15 1.0100 1.0007 1.0040 0.9988 1.0017 1.0056 0.9989
22 0.9897 1.0005 1.0019 1.0020 1.0069 1.0044 1.0028
29 0.9777 1.0003 1.0041 0.9965 1.0121 0.9973 1.0155
1999 Dec 06 1.0138 1.0003 1.0044 1.0031 1.0194 0.9873 1.0152
13 1.0086 0.9999 1.0043 1.0059 1.0331 0.9797 1.0247
20 0.9933 0.9990 0.9930 1.0031 1.0153 0.9747 1.0250
27 0.9810 0.9979 0.9827 0.9961 1.0110 0.9692 1.0351
2000 Jan 03 0.9916 0.9985 0.9705 0.9844 0.9758 0.9754 1.0433
10 1.0073 1.0010 0.9772 1.0011 1.0286 0.9999 1.0359
17 1.0036 1.0016 0.9743 1.0080 1.0383 1.0109 1.0350
24 0.9858 1.0015 0.9729 1.0055 1.0440 1.0129 1.0344
31 0.9843 1.0017 0.9731 1.0022 1.0267 1.0134 1.0314
2000 Feb 07 1.0063 1.0024 0.9795 1.0057 1.0324 1.0070 1.0173
14 1.0015 1.0024 0.9903 1.0073 1.0345 1.0015 1.0178
21 0.9900 1.0022 0.9925 1.0110 1.0356 0.9911 1.0168
28 0.9918 1.0020 1.0004 1.0105 1.0316 0.9916 1.0210
2000 Mar 06 1.0162 1.0020 1.0071 1.0187 1.0272 1.0007 0.9972
13 1.0129 1.0017 1.0116 1.0205 1.0239 1.0099 0.9936
20 1.0016 1.0013 1.0098 1.0181 1.0184 1.0173 0.9879
27 0.9952 1.0008 1.0099 1.0154 1.0059 1.0148 0.9929
2000 Apr 03 1.0258 1.0013 1.0079 1.0157 0.9971 1.0059 0.9923
------------------------------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
1997
October 1062.1 1061.9 4000.2 3999.2 5306.7 5274.7
November 1067.5 1069.2 4023.1 4023.6 5353.6 5326.2
December 1074.9 1076.0 4046.6 4046.3 5404.6 5376.7
1998
January 1073.8 1073.6 4071.4 4071.6 5449.6 5423.3
February 1076.0 1076.4 4100.9 4104.5 5485.1 5464.1
March 1080.6 1081.0 4126.2 4133.1 5543.8 5530.0
April 1082.1 1080.7 4155.2 4166.1 5589.2 5579.7
May 1078.2 1077.6 4174.7 4175.8 5631.2 5613.3
June 1077.8 1074.5 4198.5 4193.9 5674.0 5644.1
July 1075.4 1071.8 4217.2 4210.1 5695.2 5652.5
August 1072.2 1069.0 4245.7 4238.7 5753.6 5712.3
September 1074.7 1072.2 4292.3 4289.9 5819.2 5785.0
October 1080.4 1079.0 4335.7 4335.2 5884.5 5850.8
November 1088.8 1088.3 4375.2 4374.4 5954.7 5927.0
December 1093.0 1092.8 4412.9 4411.1 6013.1 5983.8
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1997
October -3.0 -1.8 -1.2 -0.1 -1.1
November 6.1 8.2 -2.1 0.4 -2.5
December 8.3 7.6 0.7 0.1 0.6
1998
January -1.2 -2.7 1.5 1.1 0.4
February 2.5 3.1 -0.6 1.4 -2.0
March 5.1 5.1 0.0 -1.1 1.1
April 1.7 -0.3 2.0 0.3 1.7
May -4.3 -3.4 -0.9 1.0 -1.9
June -0.4 -3.5 3.1 -1.4 4.5
July -2.7 -3.0 0.3 -0.1 0.4
August -3.6 -3.1 -0.5 0.0 -0.5
September 2.8 3.6 -0.8 0.0 -0.8
October 6.4 7.6 -1.2 0.1 -1.3
November 9.3 10.3 -1.0 -0.1 -0.9
December 4.6 5.0 -0.4 0.1 -0.5
Quarterly
97Q4 0.0 0.9 -0.9 0.1 -1.0
98Q1 3.2 3.0 0.2 0.7 -0.5
98Q2 1.0 0.2 0.8 0.0 0.8
98Q3 -2.0 -2.4 0.4 -0.2 0.6
98Q4 5.0 5.9 -0.9 0.0 -0.9
Semi-Annual
97Q4 - 98Q2 2.1 1.6 0.5 0.3 0.2
98Q2 - 98Q4 1.5 1.7 -0.2 -0.1 -0.1
Annual (Q4 to Q4)
1997 -1.2 -1.2 0.0 0.0 0.0
1998 1.8 1.7 0.1 0.1 0.0
------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1997
October 5.6 6.0 -0.4 0.0 -0.4
November 6.9 7.3 -0.4 0.0 -0.4
December 7.0 6.8 0.2 0.0 0.2
1998
January 7.4 7.5 -0.1 0.2 -0.3
February 8.7 9.7 -1.0 0.2 -1.2
March 7.4 8.4 -1.0 -0.5 -0.5
April 8.4 9.6 -1.2 0.0 -1.2
May 5.6 2.8 2.8 0.4 2.4
June 6.8 5.2 1.6 -0.3 1.9
July 5.3 4.6 0.7 0.0 0.7
August 8.1 8.2 -0.1 0.0 -0.1
September 13.2 14.5 -1.3 -0.1 -1.2
October 12.1 12.7 -0.6 0.1 -0.7
November 10.9 10.9 0.0 0.0 0.0
December 10.3 10.1 0.2 0.0 0.2
Quarterly
97Q4 6.7 7.0 -0.3 0.0 -0.3
98Q1 7.6 8.0 -0.4 0.1 -0.5
98Q2 7.5 7.4 0.1 0.0 0.1
98Q3 7.2 6.5 0.7 0.0 0.7
98Q4 11.6 12.0 -0.4 0.0 -0.4
Semi-Annual
97Q4 - 98Q2 7.6 7.7 -0.1 0.0 -0.1
98Q2 - 98Q4 9.5 9.3 0.2 0.0 0.2
Annual (Q4 to Q4)
1997 5.8 5.7 0.1 0.0 0.1
1998 8.7 8.7 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
--------------+----------------------------+----------------------
1997
October 8.4 8.5 -0.1 -0.1 0.0
November 10.6 11.7 -1.1 -0.1 -1.0
December 11.4 11.4 0.0 -0.1 0.1
1998
January 10.0 10.4 -0.4 -0.1 -0.3
February 7.8 9.0 -1.2 -0.3 -0.9
March 12.8 14.5 -1.7 -0.2 -1.5
April 9.8 10.8 -1.0 0.0 -1.0
May 9.0 7.2 1.8 0.4 1.4
June 9.1 6.6 2.5 0.2 2.3
July 4.5 1.8 2.7 0.2 2.5
August 12.3 12.7 -0.4 -0.1 -0.3
September 13.7 15.3 -1.6 -0.3 -1.3
October 13.5 13.6 -0.1 0.0 -0.1
November 14.3 15.6 -1.3 -0.1 -1.2
December 11.8 11.5 0.3 -0.1 0.4
Quarterly
97Q4 9.6 10.0 -0.4 0.0 -0.4
98Q1 10.3 11.0 -0.7 -0.2 -0.5
98Q2 10.1 10.2 -0.1 0.0 -0.1
98Q3 8.8 7.4 1.4 0.1 1.3
98Q4 13.5 14.3 -0.8 -0.1 -0.7
Semi-Annual
97Q4 - 98Q2 10.3 10.8 -0.5 -0.1 -0.4
98Q2 - 98Q4 11.3 11.0 0.3 0.0 0.3
Annual (Q4 to Q4)
1997 8.8 8.8 0.0 0.0 0.0
1998 11.1 11.2 -0.1 0.0 -0.1
------------------------------------------------------------------