Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 29, 2004
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                                                    January 29, 2004

                                                               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.  This release includes revised monthly and weekly
seasonal factors, as well as comparisons of the revised monetary aggregates with previously
published data.                    
     
     Seasonally adjusted measures of the monetary aggregates and components incorporate
revised seasonal factors, which were derived from data through December 2003.  Monthly
seasonal factors were estimated using the X-12-ARIMA procedure.  The revisions to seasonal
factors raised M2 and M3 growth rates in the first and fourth quarters of 2003, while lowering
them in the other quarters of the year.

     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 29, 2004
 MONEY STOCK MEASURES
 Billions of dollars	                        
 ----------------------------------------------------------------------------------------
           Date                M11                    M22                    M33 
 ----------------------------------------------------------------------------------------
                                   Seasonally adjusted                         
 ----------------------------------------------------------------------------------------
       2002-Jan.                1182.7                 5477.8                 8032.7
            Feb.                1184.6                 5507.9                 8077.1
            Mar.                1188.4                 5519.1                 8096.9
            Apr.                1177.5                 5525.2                 8118.9
            May                 1182.0                 5556.1                 8154.9
            June                1186.3                 5578.2                 8166.1
            July                1192.6                 5620.7                 8207.9
            Aug.                1181.1                 5656.0                 8270.8
            Sep.                1188.7                 5682.7                 8307.0
            Oct.                1200.0                 5728.6                 8334.7
            Nov.                1202.6                 5775.1                 8466.4
            Dec.                1215.0                 5803.8                 8539.5
                                                                                    
       2003-Jan.                1218.3                 5836.2                 8552.2
            Feb.                1232.7                 5879.0                 8589.9
            Mar.                1238.2                 5904.5                 8621.1
            Apr.                1243.3                 5947.7                 8657.6
            May                 1255.2                 5996.1                 8712.0
            June                1268.5                 6033.1                 8758.9
            July                1273.4                 6078.2                 8887.3
            Aug.                1282.1                 6117.7                 8923.4
            Sep.                1282.9                 6097.5                 8912.0
            Oct.                1284.3                 6079.1                 8876.6
            Nov.                1283.6                 6071.3                 8855.6
            Dec.                1292.6                 6062.3                 8830.4
                                                                                    
 ----------------------------------------------------------------------------------------
                                 Not seasonally adjusted  		    	 
 ----------------------------------------------------------------------------------------
       2002-Jan.                1185.2                 5476.4                 8059.8
            Feb.                1171.2                 5494.5                 8102.1
            Mar.                1188.7                 5543.3                 8148.5
            Apr.                1187.9                 5557.1                 8143.7
            May                 1177.5                 5525.8                 8130.5
            June                1186.5                 5564.0                 8154.4
            July                1193.4                 5606.9                 8173.9
            Aug.                1176.6                 5651.2                 8242.2
            Sep.                1181.3                 5677.1                 8260.4
            Oct.                1192.4                 5716.4                 8290.1
            Nov.                1200.8                 5791.9                 8485.8
            Dec.                1240.3                 5842.2                 8603.5
                                                                                    
       2003-Jan.                1219.9                 5830.6                 8570.1
            Feb.                1219.2                 5857.0                 8603.0
            Mar.                1238.2                 5919.5                 8661.3
            Apr.                1253.0                 5976.7                 8679.5
            May                 1251.3                 5964.0                 8687.4
            June                1269.0                 6016.4                 8749.2
            July                1274.3                 6065.4                 8858.1
            Aug.                1279.6                 6122.8                 8906.3
            Sep.                1275.6                 6096.9                 8874.6
            Oct.                1276.2                 6073.6                 8843.1
            Nov.                1281.0                 6092.5                 8879.1
            Dec.                1318.2                 6102.5                 8888.5
                                                                                    
  ---------------------------------------------------------------------------------------
  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. 2003 TO Dec. 2003                     3.0                 -2.3                 -3.7
  6 Months from June 2003 TO Dec. 2003                     3.8                  1.0                  1.6
 12 Months from Dec. 2002 TO Dec. 2003                     6.4                  4.5                  3.4
                                                                                                              
 Thirteen weeks ending                                                                
 January 19 , 2004                                             
 from thirteen weeks ending:                                                             
                                                                                          
 Oct. 20, 2003 (13 weeks previous)                         1.6                 -2.2                 -2.2
 July 21, 2003 (26 weeks previous)                         3.8                  1.4                  2.0
 Jan. 20, 2003 (52 weeks previous)                         6.4                  4.7                  4.2
 ---------------------------------------------------------------------------------------------------------
  
 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 
    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.                
  
 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
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2003-Oct. 27             1282.7        1283.4        1287.6          6099.2        6079.5        6080.6          8901.8        8873.3        8876.5
                                                                                                                                                     
       Nov.  3             1283.5        1285.0        1290.8          6097.3        6078.9        6076.1          8898.0        8873.3        8876.8
            10             1284.1        1286.4        1282.3          6094.6        6077.5        6073.2          8893.0        8871.8        8860.6
            17             1282.9        1285.4        1280.7          6089.0        6076.4        6075.5          8886.8        8866.6        8852.4
            24             1283.4        1285.2        1286.8          6086.0        6074.0        6071.1          8882.8        8860.4        8851.9
                                                                                                                                                     
       Dec.  1             1283.6        1282.7        1281.1          6082.0        6070.5        6062.1          8878.1        8851.2        8839.8
             8             1284.4        1283.5        1285.5          6079.3        6068.8        6066.3          8872.7        8845.5        8837.9
            15             1285.3        1286.1        1291.0          6076.4        6064.7        6059.3          8865.4        8838.1        8822.6
            22             1285.8        1288.1        1294.6          6074.0        6063.3        6065.6          8859.2        8832.3        8828.9
            29             1286.6        1292.5        1298.9          6071.3        6062.9        6060.3          8852.8        8828.0        8822.6
                                                                                                                                                     
  2004-Jan.  5             1287.2        1294.2        1292.3          6069.3        6059.2        6051.4          8851.2        8832.6        8856.2
            12p            1286.7        1289.2        1270.9          6067.4        6058.1        6055.1          8852.6        8848.0        8884.1
            19p            1287.0        1287.6        1288.2          6066.4        6058.4        6066.7          8854.7        8866.0        8901.2
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Not seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2003-Oct. 27             1276.6        1270.5        1299.0          6099.2        6077.9        6034.9          8876.9        8845.2        8818.9
                                                                                                                                                     
       Nov.  3             1278.4        1284.6        1317.2          6094.9        6070.5        6067.2          8870.7        8845.4        8846.2
            10             1278.8        1285.5        1251.4          6092.5        6071.4        6098.5          8865.6        8849.0        8879.7
            17             1276.7        1282.2        1261.3          6088.9        6079.2        6116.1          8863.6        8861.5        8901.1
            24             1276.7        1278.4        1283.7          6087.8        6085.4        6059.6          8864.3        8871.4        8858.4
                                                                                                                                                     
       Dec.  1             1277.2        1278.3        1316.6          6087.5        6093.3        6099.1          8865.6        8880.7        8883.6
             8             1278.4        1282.8        1269.4          6084.8        6096.4        6110.6          8864.6        8885.4        8898.3
            15             1280.9        1289.9        1289.9          6082.8        6095.7        6113.3          8863.0        8889.1        8916.2
            22             1285.3        1301.9        1331.7          6085.4        6106.0        6100.9          8866.1        8895.3        8882.9
            29             1290.3        1315.6        1371.3          6089.3        6102.3        6084.3          8869.9        8889.8        8861.8
                                                                                                                                                     
  2004-Jan.  5             1295.5        1330.2        1327.7          6090.9        6104.1        6117.7          8874.2        8890.7        8901.8
            12p            1296.2        1322.0        1257.1          6089.8        6095.8        6080.4          8879.0        8893.4        8926.9
            19p            1296.6        1308.8        1278.9          6087.7        6085.0        6057.7          8884.3        8902.5        8919.5
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 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                  Currency1      Travelers checks2   Demand Deposits3     At comm. banks4     At thrift inst.5          Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2002-Aug.                       617.6               7.8                 288.4               149.0               118.3               267.2
       Sep.                       619.2               7.8                 291.5               150.2               120.0               270.2
                                                                                                                                           
       Oct.                       621.1               7.8                 297.1               151.7               122.4               274.1
       Nov.                       623.8               7.8                 294.7               152.3               124.1               276.4
       Dec.                       627.4               7.8                 301.2               153.2               125.4               278.6
                                                                                                                                           
                                                                                                                                           
  2003-Jan.                       630.9               7.8                 299.8               153.8               126.1               279.9
       Feb.                       635.4               7.8                 306.0               156.0               127.6               283.6
       Mar.                       639.1               7.7                 305.4               157.7               128.3               286.0
                                                                                                                                           
       Apr.                       642.0               7.7                 307.4               156.5               129.8               286.3
       May                        644.6               7.6                 311.9               159.7               131.4               291.1
       June                       646.4               7.6                 319.2               163.1               132.2               295.2
                                                                                                                                           
       July                       648.0               7.6                 318.8               164.7               134.4               299.1
       Aug.                       650.8               7.6                 321.2               166.7               135.8               302.5
       Sep.                       654.2               7.6                 314.5               169.4               137.2               306.6
                                                                                                                                           
       Oct.                       658.4               7.7                 311.9               169.3               137.1               306.4
       Nov.                       661.5               7.7                 308.0               170.8               135.6               306.4
       Dec.                       664.2               7.7                 311.3               173.6               135.9               309.5
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2003-Nov. 24                    662.2               7.7                 310.9               170.8               135.2               306.0
                                                                                                                                           
       Dec.  1                    662.4               7.7                 305.9               170.6               134.5               305.1
             8                    663.6               7.7                 306.6               173.1               134.5               307.6
            15                    663.8               7.7                 309.9               174.0               135.6               309.6
            22                    664.0               7.7                 313.1               173.7               136.1               309.8
            29                    664.6               7.7                 315.9               173.6               137.1               310.7
                                                                                                                                           
  2004-Jan.  5                    664.1               7.7                 310.0               174.3               136.2               310.6
            12p                   666.2               7.7 e               286.5               172.9               137.5               310.4
            19p                   664.6               7.7 e               301.5               177.2               137.3               314.5
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 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.                       funds3        Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2002-Aug.                  1947.0          666.7         2613.7          606.7          308.2          915.0          946.1         4474.9
       Sep.                  1974.8          678.3         2653.1          601.8          306.3          908.1          932.8         4494.0
                                                                                                                                            
       Oct.                  2003.8          692.8         2696.7          598.3          304.7          903.1          928.8         4528.6
       Nov.                  2041.3          701.4         2742.7          595.5          303.3          898.8          930.9         4572.5
       Dec.                  2053.2          716.3         2769.5          591.3          302.3          893.6          925.7         4588.8
                                                                                                                                            
                                                                                                                                            
  2003-Jan.                  2085.5          728.7         2814.3          587.4          300.7          888.1          915.5         4617.9
       Feb.                  2110.3          744.0         2854.3          583.8          298.1          881.9          910.1         4646.3
       Mar.                  2126.8          759.2         2886.0          580.2          296.4          876.6          903.8         4666.4
                                                                                                                                            
       Apr.                  2161.9          773.0         2934.9          576.1          294.5          870.6          898.8         4704.3
       May                   2189.7          793.9         2983.6          571.2          291.5          862.7          894.6         4740.9
       June                  2221.4          799.9         3021.3          565.9          288.3          854.1          889.2         4764.7
                                                                                                                                            
       July                  2269.6          812.5         3082.1          557.6          285.4          843.0          879.7         4804.8
       Aug.                  2302.5          826.1         3128.6          550.7          282.0          832.7          874.2         4835.5
       Sep.                  2291.4          834.0         3125.4          545.2          279.7          824.9          864.2         4814.6
                                                                                                                                            
       Oct.                  2301.0          839.5         3140.5          540.8          277.4          818.2          836.1         4794.8
       Nov.                  2321.4          833.6         3155.0          536.1          275.0          811.2          821.5         4787.7
       Dec.                  2327.3          829.5         3156.9          533.4          272.9          806.3          806.6         4769.7
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2003-Nov. 24               2323.3          830.7         3154.0          535.3          274.6          809.9          820.4         4784.3
                                                                                                                                            
       Dec.  1               2323.9          832.2         3156.2          534.9          274.3          809.2          815.7         4781.1
             8               2330.6          827.8         3158.5          534.4          273.8          808.3          814.1         4780.8
            15               2324.1          829.6         3153.7          533.9          273.2          807.0          807.6         4768.3
            22               2326.7          833.2         3159.9          533.2          272.7          805.9          805.2         4771.0
            29               2327.1          829.5         3156.6          532.4          272.0          804.5          800.2         4761.3
                                                                                                                                            
  2004-Jan.  5               2339.1          817.7         3156.8          531.1          271.6          802.7          799.5         4759.0
            12p              2365.6          822.6         3188.1          530.7          271.3          802.0          794.2         4784.3
            19p              2367.4          824.9         3192.4          530.6          271.5          802.2          784.0         4778.5
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 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 thrifts are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are substracted 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 deposits1
                         Institutional    --------------------------------------------
     Date                    money        At commercial      At thrift                                                            Total
                             funds           banks2        institutions        Total             RPs3         Eurodollars4      Non-M2 M3
 ------------------------------------------------------------------------------------------------------------------------------------------
   2002-Aug.                  1188.9            702.8           112.7            815.5            400.9            209.5           2614.8        
        Sep.                  1174.1            700.4           113.1            813.5            423.5            213.3           2624.3   
                                                                                                                                         
        Oct.                  1140.2            708.3           114.6            822.9            422.3            220.7           2606.1
        Nov.                  1204.2            700.0           116.3            816.3            445.0            225.8           2691.3       
        Dec.                  1233.4            675.9           117.2            793.1            480.9            228.3           2735.7
                                                                                                                                         
                                                                                                                                         
   2003-Jan.                  1206.8            684.1           118.5            802.6            472.6            234.0           2716.0
        Feb.                  1191.0            680.5           118.2            798.8            485.4            235.7           2710.9     
        Mar.                  1177.0            684.9           117.3            802.2            497.4            239.9           2716.6   
                                                                                                                                         
        Apr.                  1158.8            685.0           117.6            802.6            501.6            246.8           2709.9
        May                   1139.3            690.4           116.9            807.2            511.3            258.2           2715.9
        June                  1143.1            687.8           118.1            805.8            517.2            259.7           2725.8
                                                                                                                                            
        July                  1179.9            743.5           121.1            864.6            497.0            267.6           2809.1
        Aug.                  1163.3            748.4           122.5            871.0            494.4            277.0           2805.7       
        Sep.                  1163.4            754.9           122.1            877.0            496.8            277.4           2814.5         
                                                                                                                                         
        Oct.                  1141.6            748.6           121.7            870.3            503.7            281.9           2797.4
        Nov.                  1118.6            754.4           120.9            875.3            509.3            281.0           2784.3
        Dec.                  1100.2            764.6           120.0            884.6            501.6            281.6           2768.1
                                                                                                                                                   
                                                                                                                                                  
                                                                                                                                                                     
 Week ending:					  			 																                               
   2003-Nov. 24               1113.3            752.9           121.1            874.1            512.1            281.3           2780.8                          
                                                                                                                                                            
        Dec.  1               1103.1            755.1           121.3            876.4            515.5            282.8           2777.7                       
              8               1102.4            758.0           120.7            878.7            508.1            282.3           2771.6                           
             15               1095.5            762.3           119.2            881.5            504.4            281.8           2763.3                       
             22               1097.7            763.5           119.4            882.9            500.2            282.6           2763.3                        
             29               1099.9            765.1           119.9            885.0            499.1            278.4           2762.3                    
                                                                                                                                                               
   2004-Jan.  5               1118.9            803.2           119.9            923.1            475.9            286.8           2804.8                  
             12p              1106.7            826.4           119.7            946.1            485.7            290.5           2828.9                     
             19p              1100.0            834.3           120.8            955.1            495.5            283.9           2834.4                     
                                                                                                                                                             
                                                                                                                                                                   
                                                                                                                                         
 ------------------------------------------------------------------------------------------------------------------------------------------
 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.                                                  
 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  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2002-Aug.                       616.8               8.1                 287.4               145.8               118.6               264.4
       Sep.                       616.5               7.8                 290.0               147.3               119.7               267.0
                                                                                                                                           
       Oct.                       618.3               7.7                 295.3               150.2               120.8               271.0
       Nov.                       623.1               7.6                 296.6               149.4               124.0               273.5
       Dec.                       630.5               7.7                 317.5               158.4               126.2               284.6
                                                                                                                                           
                                                                                                                                           
  2003-Jan.                       628.9               7.7                 300.4               159.8               123.2               282.9
       Feb.                       635.2               7.7                 297.4               154.7               124.2               278.9
       Mar.                       639.9               7.7                 302.9               158.7               128.9               287.6
                                                                                                                                           
       Apr.                       643.4               7.5                 307.7               160.5               133.9               294.4
       May                        646.5               7.5                 307.6               157.5               132.1               289.7
       June                       647.7               7.7                 318.5               161.9               133.3               295.2
                                                                                                                                           
       July                       648.7               7.8                 319.9               163.0               134.8               297.9
       Aug.                       650.4               7.8                 321.4               163.5               136.6               300.1
       Sep.                       650.9               7.7                 313.0               167.1               136.9               304.0
                                                                                                                                           
       Oct.                       655.8               7.6                 309.6               167.5               135.6               303.1
       Nov.                       660.4               7.6                 309.8               167.2               136.0               303.2
       Dec.                       667.2               7.6                 327.0               180.2               136.1               316.3
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2003-Nov. 24                    659.8               7.5                 312.9               170.0               133.4               303.4
                                                                                                                                           
       Dec.  1                    663.2               7.5                 333.5               173.1               139.3               312.4
             8                    663.6               7.6                 291.8               170.0               136.5               306.5
            15                    664.8               7.6                 312.1               172.9               132.5               305.4
            22                    669.4               7.6                 335.6               183.5               135.6               319.1
            29                    672.1               7.7                 361.9               191.7               137.8               329.6
                                                                                                                                           
  2004-Jan.  5                    667.4               7.7                 326.9               186.2               139.5               325.7
            12p                   662.9               7.7 e               277.0               178.0               131.6               309.6
            19p                   661.9               7.7 e               297.0               181.9               130.4               312.3
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 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 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.                       funds3        Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2002-Aug.                  1949.0          667.4         2616.4          606.6          308.2          914.7          943.5         4474.6
       Sep.                  1980.0          680.1         2660.0          601.9          306.4          908.3          927.5         4495.8
                                                                                                                                            
       Oct.                  2001.7          692.1         2693.8          598.7          304.9          903.7          926.6         4524.0
       Nov.                  2055.1          706.2         2761.3          596.4          303.8          900.2          929.5         4591.0
       Dec.                  2060.9          718.9         2779.8          591.7          302.5          894.2          928.0         4601.9
                                                                                                                                            
                                                                                                                                            
  2003-Jan.                  2075.8          725.3         2801.1          587.7          300.8          888.5          921.1         4610.7
       Feb.                  2097.4          739.4         2836.8          583.8          298.1          881.9          919.0         4637.7
       Mar.                  2127.2          759.3         2886.5          579.8          296.2          876.0          918.8         4681.3
                                                                                                                                            
       Apr.                  2171.2          776.3         2947.4          575.8          294.3          870.1          906.1         4723.7
       May                   2177.5          789.5         2966.9          571.1          291.4          862.5          883.2         4712.7
       June                  2217.5          798.4         3015.9          565.7          288.2          853.9          877.5         4747.4
                                                                                                                                            
       July                  2264.4          810.7         3075.1          557.4          285.3          842.7          873.3         4791.2
       Aug.                  2308.4          828.2         3136.6          550.6          282.0          832.6          874.1         4843.2
       Sep.                  2299.0          836.8         3135.8          545.2          279.6          824.8          860.7         4821.3
                                                                                                                                            
       Oct.                  2303.3          840.3         3143.6          540.8          277.5          818.3          835.5         4797.5
       Nov.                  2338.5          839.8         3178.2          536.6          275.3          811.8          821.5         4811.6
       Dec.                  2336.9          832.9         3169.8          533.5          272.9          806.4          808.1         4784.2
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2003-Nov. 24               2314.5          827.6         3142.0          535.8          274.9          810.7          823.2         4775.9
                                                                                                                                            
       Dec.  1               2323.9          832.2         3156.1          535.5          274.6          810.1          816.3         4782.5
             8               2372.7          842.8         3215.4          534.8          274.0          808.8          816.9         4841.1
            15               2361.5          843.0         3204.5          533.9          273.2          807.1          811.7         4823.4
            22               2324.2          832.3         3156.5          533.0          272.6          805.6          807.0         4769.2
            29               2292.4          817.1         3109.5          532.3          272.0          804.3          799.2         4713.0
                                                                                                                                            
  2004-Jan.  5               2364.6          826.6         3191.1          531.9          272.0          803.9          795.0         4790.0
            12p              2392.0          831.8         3223.8          531.0          271.5          802.5          796.9         4823.3
            19p              2362.6          823.3         3185.9          530.7          271.6          802.2          790.7         4778.8
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 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 thrifts 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 deposits1                      RPs3
                       Institutional   -----------------------------------------     ------------------------------------------
     Date                  money       At commercial      At thrift                  At commercial      At thrift                                   Total
                           funds          banks2        institutions     Total          banks2        institutions     Total     Eurodollars4    Non-M2 M3 
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
  2002-Aug.                 1173.7           700.6          112.3          812.9           340.2           58.2          398.4        206.0         2591.0    
       Sep.                 1147.2           700.2          113.1          813.2           359.3           53.6          412.9        209.9         2583.3           
                                                                                                                                                                       
       Oct.                 1122.8           707.0          114.4          821.4           359.9           51.3          411.2        218.3         2573.7                        
       Nov.                 1215.3           698.1          116.0          814.2           385.5           53.2          438.7        225.8         2694.0                      
       Dec.                 1264.7           674.7          117.0          791.7           423.8           52.6          476.4        228.5         2761.3                    
                                                                                                                                                                           
                                                                                                                                                                            
  2003-Jan.                 1238.4           678.7          117.5          796.3           420.5           49.4          469.9        234.9         2739.5                        
       Feb.                 1218.8           678.3          117.9          796.2           441.5           50.7          492.2        238.9         2746.1      
       Mar.                 1190.2           685.3          117.4          802.7           458.0           47.5          505.5        243.5         2741.9                  
                                                                                                                                                                       
       Apr.                 1143.9           685.5          117.7          803.1           455.9           49.4          505.4        250.3         2702.8                    
       May                  1122.0           697.0          118.0          815.0           475.9           49.1          525.0        261.5         2723.5                 
       June                 1134.8           692.2          118.8          811.1           480.1           49.4          529.5        257.4         2732.7               
                                                                                                                                                                         
       July                 1166.0           744.4          121.2          865.6           444.1           53.6          497.7        263.4         2792.7            
       Aug.                 1149.8           747.4          122.4          869.8           435.5           55.4          490.8        273.1         2783.5    
       Sep.                 1142.0           755.5          122.2          877.7           431.9           52.2          484.1        274.0         2777.7                
                                                                                                                                                                              
       Oct.                 1127.2           749.0          121.7          870.7           433.8           57.4          491.2        280.3         2769.5        
       Nov.                 1128.7           753.1          120.7          873.7           441.6           60.4          502.0        282.1         2786.6                    
       Dec.                 1126.4           762.5          119.7          882.2           431.9           63.5          495.4        282.1         2786.1                     
                                                                                                                                                                               
                                                                                                                                                                            
                                                                                                                                                                                
 Week ending:					  			  															                                                      
  2003-Nov. 24              1141.6           750.8          120.8          871.6           441.9           60.0          501.9        283.7         2798.8
                                                                                                                                                                       
       Dec.  1              1123.2           750.0          120.5          870.5           441.7           64.0          505.6        285.1         2784.4
             8              1128.9           755.4          120.3          875.7           438.0           63.7          501.7        281.5         2787.8
            15              1137.1           765.9          119.8          885.6           436.2           63.0          499.2        280.9         2802.9     
            22              1123.3           764.1          119.5          883.6           430.2           63.0          493.2        282.0         2782.1            
            29              1119.9           760.9          119.3          880.2           431.4           64.5          495.9        281.4         2777.5              
                                                                                                                                                                               
  2004-Jan.  5              1115.7           799.3          119.3          918.5           398.3           61.9          460.2        289.7         2784.2                   
            12p             1131.8           824.3          119.4          943.7           419.1           60.0          479.1        292.0         2846.5
            19p             1135.1           828.1          119.9          948.0           433.1           60.5          493.6        285.0         2861.7          
                                                                                                                                                                            
                                                                                                                                                                           
                                                                                                                                                          
 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 
 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.                                                  
 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
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2002-Aug.                7.1          1.0         15.5            4.6          5.1         18.3         27.9       14.5        165.8          97.5         171.7         435.0  
       Sep.                6.8          1.1         14.1            5.1          5.8         27.7         38.6       17.3        166.8          98.2         174.0         438.9  
                                                                                                                                                                                  
       Oct.                7.2          1.1         14.0            3.1          4.9         18.6         26.5       20.2        166.8          98.2         175.2         440.2  
       Nov.                7.9          1.1         14.8            3.2          5.0         16.1         24.3       23.1        166.3          97.8         175.9         440.0  
       Dec.                8.7          1.1         15.5            3.8          4.9         15.3         24.0       25.9        165.8          97.4         176.5         439.8  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2003-Jan.                8.6          1.1         16.4            3.8          5.8         13.2         22.8       26.2        165.8          97.6         178.1         441.5  
       Feb.                7.9          1.1         17.3            3.6          5.1          5.7         14.3       23.0        166.3          98.7         180.7         445.7  
       Mar.                7.3          1.1         18.2            3.6          5.3          4.1         13.1       19.8        166.8          99.9         183.3         450.1  
                                                                                                                                                                                  
       Apr.                7.2          1.1         18.4            5.3          7.5          4.2         17.1       20.4        167.2         101.0         183.0         451.2  
       May                 7.5          1.1         18.0            3.6          6.7          6.0         16.2       23.5        167.5         101.5         180.7         449.7  
       June                7.8          1.2         17.6            4.8          6.7         12.4         24.0       26.6        167.8         101.9         178.4         448.2  
                                                                                                                                                                                  
       July                7.7          1.2         18.2            3.7          6.2         13.5         23.4       24.2        167.8         102.2         176.2 e       446.3 e
       Aug.                7.3          1.2         19.2            3.8          5.6          6.4         15.9       18.3        167.7         102.4         174.1 e       444.2 e
       Sep.                7.0          1.3         20.3            4.2          6.2         18.2         28.6       12.5        167.5         102.5         172.0 e       442.1 e
                                                                                                                                                                                  
       Oct.                6.8 e        1.1 e       20.9 e          3.9          4.9         12.1         20.9        9.1 e      167.6 e       102.6 e       170.9 e       441.1 e
       Nov.                6.8 e        1.1 e       20.9 e          4.1          5.1         10.1         19.3        9.1 e      168.1 e       102.7 e       170.9 e       441.6 e
       Dec.                6.8 e        1.1 e       20.9 e          4.5          5.3         16.9         26.7        9.1 e      168.5 e       102.7 e       170.9 e       442.1 e
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2003-Nov. 24                                                      4.0          5.2         12.9         22.0                                                                    
                                                                                                                                                                                  
       Dec.  1                                                      4.2          5.7         10.0         19.9                                                                    
             8                                                      4.2          4.8          7.2         16.2                                                                    
            15                                                      5.1          4.9          5.9         15.8                                                                    
            22                                                      4.4          5.5         31.3         41.2                                                                    
            29                                                      4.0          5.7         22.3         32.0                                                                    
                                                                                                                                                                                  
  2004-Jan.  5                                                      4.6          5.4         17.0         27.0                                                                    
            12p                                                     4.7          4.9          4.9         14.4                                                                    
            19p                                                     5.2          6.8         16.9         28.9                                                                    
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 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
---------------------------------------------------------------------------------
2003
        January    0.9968       0.9955       1.0020      1.0110       1.0386
       February    0.9998       0.9947       0.9720      0.9832       0.9913
          March    1.0014       0.9903       0.9920      1.0057       1.0065
          April    1.0022       0.9824       1.0011      1.0282       1.0256
            May    1.0031       0.9875       0.9860      0.9952       0.9866
           June    1.0020       1.0160       0.9976      0.9999       0.9928
           July    1.0011       1.0369       1.0034      0.9959       0.9898
         August    0.9994       1.0243       1.0004      0.9919       0.9803
      September    0.9950       1.0067       0.9952      0.9915       0.9863
        October    0.9960       0.9963       0.9929      0.9892       0.9892
       November    0.9984       0.9819       1.0058      0.9895       0.9786
       December    1.0046       0.9886       1.0507      1.0221       1.0381
2004
        January    0.9967       0.9970       1.0018      1.0097       1.0383
       February    1.0002       0.9954       0.9737      0.9831       0.9916
          March    1.0011       0.9918       0.9884      1.0050       1.0071
          April    1.0023       0.9834       0.9991      1.0244       1.0196
            May    1.0031       0.9881       0.9916      0.9949       0.9839
           June    1.0023       1.0135       0.9962      0.9991       0.9935
           July    1.0018       1.0346       1.0052      0.9961       0.9904
         August    0.9980       1.0245       1.0027      0.9948       0.9815
      September    0.9950       1.0061       0.9920      0.9932       0.9901
        October    0.9970       0.9952       0.9963      0.9898       0.9885
       November    0.9972       0.9831       1.0038      0.9898       0.9773
       December    1.0051       0.9889       1.0470      1.0219       1.0400
2005
        January    0.9964       0.9976       1.0053      1.0099       1.0380
       February    0.0000       0.9956       0.9724      0.9824       0.9916
          March    1.0012       0.9919       0.9853      1.0040       1.0077
---------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as the 
difference between total other checkable deposits, seasonally adjusted, and 
seasonally adjusted other checkable deposits at commercial banks.



                                           Appendix Table 2
                         Monthly Seasonal Factors Used to Construct M2 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
------------------------------------------------------------+------------------------+-------------------
2003
  January     0.9953           1.0004           0.9922        1.0061       1.0262      0.9943      1.0037
 February     0.9939           1.0001           0.9967        1.0098       1.0233      1.0140      1.0136
    March     1.0002           0.9994           1.0006        1.0166       1.0112      1.0162      1.0148
    April     1.0043           0.9994           1.0006        1.0081       0.9872      1.0074      1.0142
      May     0.9944           0.9998           1.0096        0.9872       0.9848      1.0269      1.0129
     June     0.9982           0.9998           1.0065        0.9868       0.9928      1.0237      0.9911
     July     0.9977           0.9996           1.0011        0.9928       0.9882      1.0014      0.9844
   August     1.0026           0.9998           0.9987        0.9998       0.9884      0.9927      0.9859
September     1.0033           0.9999           1.0008        0.9959       0.9817      0.9744      0.9877
  October     1.0010           1.0002           1.0005        0.9993       0.9874      0.9753      0.9946
 November     1.0074           1.0008           0.9982        1.0000       1.0090      0.9856      1.0039
 December     1.0041           1.0001           0.9973        1.0018       1.0238      0.9875      1.0017
2004
  January     0.9957           1.0001           0.9906        1.0041       1.0238      0.9925      1.0029
 February     0.9932           0.9998           0.9957        1.0079       1.0216      1.0116      1.0102
    March     0.9977           0.9996           1.0001        1.0140       1.0097      1.0170      1.0109
    April     1.0033           1.0000           0.9996        1.0071       0.9867      1.0119      1.0101
      May     0.9937           1.0004           1.0096        0.9867       0.9836      1.0282      1.0093
     June     0.9980           1.0005           1.0058        0.9874       0.9921      1.0234      0.9903
     July     0.9998           1.0000           1.0010        0.9939       0.9896      1.0004      0.9863
   August     1.0014           0.9997           0.9994        1.0019       0.9899      0.9916      0.9892
September     1.0041           0.9996           1.0017        0.9973       0.9850      0.9745      0.9899
  October     1.0033           0.9998           1.0018        1.0004       0.9896      0.9767      0.9985
 November     1.0067           1.0002           0.9996        1.0006       1.0078      0.9867      1.0051
 December     1.0045           0.9998           0.9973        1.0009       1.0219      0.9860      1.0031
2005
  January     0.9953           1.0000           0.9896        1.0029       1.0229      0.9907      1.0030
 February     0.9927           0.9997           0.9948        1.0069       1.0211      1.0109      1.0076
    March     0.9964           0.9998           0.9998        1.0127       1.0088      1.0178      1.0077
---------------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------
2003 Dec 01       1.0012         0.9785         1.0904        1.0239           1.0145
         08       1.0000         0.9824         0.9517        0.9963           0.9816
         15       1.0016         0.9863         1.0068        0.9866           0.9940
         22       1.0082         0.9902         1.0719        1.0301           1.0564
         29       1.0113         0.9942         1.1455        1.0607           1.1047

2004 Jan 05       1.0050         0.9981         1.0545        1.0487           1.0680
         12       0.9950         0.9975         0.9668        0.9973           1.0296
         19       0.9960         0.9970         0.9851        0.9933           1.0268
         26       0.9945         0.9964         1.0041        1.0073           1.0382

2004 Feb 02       0.9960         0.9959         1.0370        1.0189           1.0404
         09       1.0008         0.9956         0.9456        0.9804           0.9847
         16       1.0022         0.9954         0.9651        0.9641           0.9694
         23       0.9994         0.9952         0.9685        0.9788           0.9895

2004 Mar 01       0.9989         0.9950         1.0011        1.0025           1.0134
         08       1.0029         0.9937         0.9453        0.9923           0.9905
         15       1.0014         0.9925         0.9658        0.9861           0.9790
         22       1.0011         0.9913         0.9869        1.0043           1.0067
         29       0.9998         0.9900         1.0404        1.0262           1.0400

2004 Apr 05       1.0041         0.9888         0.9892        1.0287           1.0288
         12       1.0042         0.9860         0.9561        1.0058           0.9938
         19       1.0020         0.9832         1.0323        1.0350           1.0341
         26       1.0001         0.9804         1.0259        1.0328           1.0301

2004 May 03       1.0013         0.9777         1.0077        1.0265           1.0154
         10       1.0041         0.9823         0.9544        0.9857           0.9627
         17       1.0022         0.9869         0.9877        0.9760           0.9663
         24       1.0029         0.9916         0.9858        0.9912           0.9852
         31       1.0024         0.9962         1.0341        1.0136           1.0115

2004 Jun 07       1.0049         1.0027         0.9406        0.9976           0.9848
         14       1.0037         1.0092         0.9674        0.9801           0.9641
         21       1.0019         1.0156         1.0043        0.9930           0.9930
         28       1.0006         1.0221         1.0589        1.0177           1.0217

2004 Jul 05       1.0058         1.0286         0.9852        1.0059           1.0024
         12       1.0028         1.0316         0.9597        0.9782           0.9642
         19       1.0010         1.0346         1.0038        0.9859           0.9780
         26       0.9988         1.0376         1.0468        1.0023           1.0002

2004 Aug 02       0.9986         1.0406         1.0521        1.0223           1.0254
         09       1.0026         1.0340         0.9490        0.9915           0.9749
         16       0.9994         1.0273         0.9864        0.9759           0.9560
         23       0.9963         1.0206         1.0076        0.9914           0.9785
         30       0.9941         1.0140         1.0542        1.0110           1.0039

2004 Sep 06       0.9986         1.0073         0.9598        0.9969           0.9859
         13       0.9955         1.0067         0.9536        0.9808           0.9701
         20       0.9945         1.0060         0.9789        0.9935           0.9899
         27       0.9928         1.0054         1.0606        1.0014           1.0068

2004 Oct 04       0.9956         1.0047         0.9977        0.9922           0.9973
         11       1.0000         1.0003         0.9399        0.9722           0.9663
         18       0.9973         0.9958         0.9860        0.9785           0.9772
         25       0.9951         0.9913         1.0212        0.9947           0.9943

2004 Nov 01       0.9936         0.9869         1.0594        1.0199           1.0209
         08       0.9979         0.9854         0.9558        0.9760           0.9573
         15       0.9963         0.9839         0.9748        0.9677           0.9468
         22       0.9955         0.9824         1.0033        0.9863           0.9767
         29       0.9999         0.9808         1.0712        1.0194           1.0170

2004 Dec 06       0.9999         0.9793         0.9829        1.0099           1.0058
         13       1.0018         0.9844         0.9865        0.9893           0.9860
         20       1.0058         0.9895         1.0556        1.0213           1.0411
         27       1.0130         0.9946         1.1255        1.0531           1.0961

2005 Jan 03       1.0050         0.9997         1.1079        1.0471           1.0835
         10       0.9987         0.9988         0.9748        1.0092           1.0350
         17       0.9952         0.9979         0.9789        0.9977           1.0255
         24       0.9929         0.9969         0.9963        1.0049           1.0336
         31       0.9936         0.9960         1.0298        1.0126           1.0425

2005 Feb 07       0.9994         0.9958         0.9573        0.9895           1.0039
         14       1.0008         0.9957         0.9616        0.9655           0.9667
         21       1.0012         0.9955         0.9658        0.9786           0.9858
         28       0.9986         0.9954         1.0051        0.9961           1.0099

2005 Mar 07       1.0027         0.9941         0.9606        0.9977           0.9940
         14       1.0018         0.9929         0.9587        0.9841           0.9767
         21       1.0016         0.9916         0.9839        1.0007           1.0073
         28       1.0006         0.9904         1.0123        1.0188           1.0352

2005 Apr 04       1.0024         0.9891         1.0050        1.0286           1.0317
---------------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as the 
difference between total other checkable deposits, seasonally adjusted, and seasonally 
adjusted other checkable deposits at commercial banks.



                                             Appendix Table 4
                         Weekly Seasonal Factors Used to Construct M2 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
--------------------------------------------------------------+------------------------+-----------------
2003 Dec 01     1.0000           1.0011           0.9933        1.0007       1.0182      0.9810    1.0082
         08     1.0180           1.0006           0.9965        1.0035       1.0240      0.9873    0.9973
         15     1.0161           1.0002           1.0046        1.0051       1.0379      0.9897    0.9970
         22     0.9989           0.9997           1.0008        1.0022       1.0233      0.9860    0.9980
         29     0.9851           0.9998           0.9946        0.9987       1.0182      0.9936    1.0109

2004 Jan 05     1.0109           1.0014           0.9950        0.9943       0.9971      0.9670    1.0098
         12     1.0112           1.0007           0.9974        1.0035       1.0227      0.9864    1.0052
         19     0.9980           1.0001           0.9925        1.0085       1.0320      0.9961    1.0041
         26     0.9767           0.9992           0.9799        1.0074       1.0360      1.0016    0.9978

2004 Feb 02     0.9787           0.9993           0.9915        1.0041       1.0259      1.0094    0.9968
         09     1.0011           0.9997           0.9976        1.0059       1.0213      1.0177    1.0009
         16     0.9994           0.9999           1.0002        1.0070       1.0222      1.0162    1.0086
         23     0.9868           0.9998           0.9944        1.0102       1.0253      1.0045    1.0186

2004 Mar 01     0.9884           0.9998           0.9912        1.0100       1.0131      1.0081    1.0165
         08     1.0082           0.9997           0.9976        1.0129       1.0113      1.0187    1.0003
         15     1.0073           0.9997           1.0000        1.0143       1.0136      1.0175    1.0080
         22     0.9951           0.9996           0.9990        1.0159       1.0105      1.0204    1.0123
         29     0.9832           0.9993           1.0034        1.0144       1.0018      1.0166    1.0213

2004 Apr 05     1.0125           1.0001           1.0056        1.0117       0.9848      1.0038    1.0107
         12     1.0179           1.0004           0.9998        1.0162       0.9959      1.0077    1.0030
         19     1.0086           0.9999           0.9960        1.0115       0.9831      1.0086    1.0069
         26     0.9845           0.9995           0.9959        1.0014       0.9787      1.0184    1.0150

2004 May 03     0.9852           1.0001           1.0041        0.9878       0.9733      1.0240    1.0177
         10     1.0044           1.0003           1.0099        0.9870       0.9784      1.0258    1.0088
         17     0.9989           1.0003           1.0111        0.9853       0.9831      1.0276    1.0047
         24     0.9838           1.0005           1.0099        0.9874       0.9885      1.0264    1.0096
         31     0.9844           1.0005           1.0101        0.9868       0.9832      1.0349    1.0102

2004 Jun 07     1.0123           1.0007           1.0087        0.9885       0.9836      1.0301    1.0004
         14     1.0104           1.0007           1.0025        0.9896       0.9904      1.0311    0.9900
         21     0.9967           1.0003           1.0089        0.9875       0.9842      1.0218    0.9844
         28     0.9784           1.0002           1.0049        0.9852       0.9869      1.0164    0.9868

2004 Jul 05     1.0089           1.0005           0.9996        0.9836       0.9806      1.0028    0.9889
         12     1.0117           1.0002           1.0012        0.9933       0.9946      0.9966    0.9863
         19     0.9989           1.0000           0.9981        0.9951       0.9926      0.9997    0.9843
         26     0.9840           0.9997           1.0014        0.9977       0.9934      1.0011    0.9870

2004 Aug 02     0.9917           0.9996           1.0057        0.9979       0.9844      1.0037    0.9861
         09     1.0151           0.9998           1.0092        1.0022       0.9910      1.0080    0.9838
         16     1.0108           0.9998           0.9997        1.0033       0.9973      0.9965    0.9824
         23     0.9925           0.9997           0.9937        1.0037       0.9997      0.9795    0.9915
         30     0.9867           0.9996           0.9932        1.0002       0.9958      0.9807    1.0010

2004 Sep 06     1.0186           0.9999           1.0002        0.9976       0.9859      0.9765    0.9869
         13     1.0218           0.9998           1.0051        1.0012       0.9953      0.9795    0.9872
         20     1.0054           0.9993           0.9999        0.9988       0.9895      0.9773    0.9879
         27     0.9819           0.9992           0.9989        0.9944       0.9867      0.9699    0.9970

2004 Oct 04     1.0067           0.9999           1.0071        0.9909       0.9753      0.9626    0.9925
         11     1.0152           1.0005           1.0102        0.9993       0.9935      0.9692    0.9945
         18     1.0072           1.0000           1.0000        1.0040       0.9954      0.9782    0.9968
         25     0.9881           0.9995           0.9963        1.0035       0.9970      0.9790    1.0028

2004 Nov 01     0.9890           0.9993           0.9972        1.0003       0.9940      0.9905    1.0055
         08     1.0144           0.9998           1.0012        1.0001       0.9972      1.0003    1.0016
         15     1.0186           1.0003           1.0030        0.9995       1.0054      0.9863    1.0044
         22     1.0030           1.0003           0.9995        1.0019       1.0143      0.9796    1.0066
         29     0.9923           1.0005           0.9956        1.0006       1.0207      0.9797    1.0095

2004 Dec 06     1.0154           1.0005           0.9967        1.0027       1.0214      0.9888    1.0038
         13     1.0171           1.0000           1.0047        1.0050       1.0346      0.9905    0.9993
         20     1.0048           0.9994           1.0002        1.0029       1.0236      0.9865    1.0000
         27     0.9887           0.9992           0.9929        0.9987       1.0204      0.9874    1.0046

2005 Jan 03     0.9983           1.0003           0.9877        0.9911       0.9961      0.9701    1.0104
         10     1.0131           1.0008           0.9874        0.9997       1.0140      0.9780    1.0020
         17     1.0035           1.0004           0.9927        1.0056       1.0280      0.9893    1.0046
         24     0.9850           0.9996           0.9877        1.0067       1.0339      0.9962    1.0019
         31     0.9713           0.9992           0.9915        1.0046       1.0286      1.0084    0.9991

2005 Feb 07     0.9970           0.9996           0.9978        1.0049       1.0193      1.0113    0.9972
         14     0.9958           0.9998           0.9997        1.0056       1.0197      1.0130    1.0057
         21     0.9916           0.9997           0.9932        1.0083       1.0225      1.0069    1.0127
         28     0.9866           0.9998           0.9885        1.0089       1.0205      1.0123    1.0138

2005 Mar 07     1.0081           0.9997           0.9934        1.0112       1.0124      1.0179    0.9978
         14     1.0060           0.9998           0.9998        1.0119       1.0135      1.0196    1.0026
         21     0.9983           0.9998           0.9999        1.0142       1.0081      1.0177    1.0073
         28     0.9843           0.9998           1.0030        1.0142       1.0025      1.0221    1.0209

2005 Apr 04     1.0032           1.0004           1.0071        1.0117       0.9865      1.0035    1.0108
---------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
2002
  October       1200.0        1202.6       5728.6        5737.0       8334.7        8346.9
 November       1202.6        1202.2       5775.1        5777.3       8466.4        8470.0
 December       1215.0        1210.4       5803.8        5792.9       8539.5        8525.9
2003
  January       1218.3        1212.8       5836.2        5821.8       8552.2        8526.0
 February       1232.7        1233.4       5879.0        5875.0       8589.9        8572.9
    March       1238.2        1236.7       5904.5        5887.1       8621.1        8599.4
    April       1243.3        1236.9       5947.7        5910.0       8657.6        8617.6
      May       1255.2        1257.8       5996.1        5998.6       8712.0        8711.7
     June       1268.5        1271.9       6033.1        6047.5       8758.9        8780.2
     July       1273.4        1277.8       6078.2        6099.5       8887.3        8916.9
   August       1282.1        1285.8       6117.7        6143.6       8923.4        8956.5
September       1282.9        1288.1       6097.5        6122.4       8912.0        8953.7
  October       1284.3        1286.9       6079.1        6092.1       8876.6        8896.0
 November       1283.6        1281.8       6071.3        6071.5       8855.6        8856.1
 December       1292.6        1287.1       6062.3        6044.6       8830.4        8806.9
-------------------------------------------------------------------------------------------


                     Appendix Table 6
       Comparison of Revised and Old M1 Growth Rates
             (percent changes at annual rates)
------------------------------------------------------------ 
                Revised            Old          Difference 
------------------------------------------------------------
2002
      January     5.6              6.2              -0.6  
     February     1.9              6.3              -4.4  
        March     3.8              1.9               1.9  
        April   -11.0            -14.7               3.7  
          May     4.6             11.0              -6.4  
         June     4.4              5.7              -1.3  
         July     6.4              6.9              -0.5  
       August   -11.6            -11.2              -0.4  
    September     7.7              6.9               0.8  
      October    11.4             11.4               0.0  
     November     2.6             -0.4               3.0  
     December    12.4              8.2               4.2  
2003
      January     3.3              2.4               0.9  
     February    14.2             20.4              -6.2  
        March     5.4              3.2               2.2  
        April     4.9              0.2               4.7  
          May    11.5             20.3              -8.8  
         June    12.7             13.5              -0.8  
         July     4.6              5.6              -1.0  
       August     8.2              7.5               0.7  
    September     0.7              2.1              -1.4  
      October     1.3             -1.1               2.4  
     November    -0.7             -4.8               4.1  
     December     8.4              5.0               3.4  
Quarterly
         02Q4     6.2              4.9               1.3  
         03Q1     7.9              7.5               0.4  
         03Q2     8.5              9.1              -0.6  
         03Q3     7.6              9.0              -1.4  
         03Q4     2.3              0.4               1.9  
Semi-Annual
02Q4  -  03Q2     8.3              8.4              -0.1  
03Q2  -  03Q4     5.0              4.7               0.3  
Annual (Q4 to Q4)
         2002     3.3              3.2               0.1  
         2003     6.7              6.7               0.0  
------------------------------------------------------------


                     Appendix Table 7
       Comparison of Revised and Old M2 Growth Rates
             (percent changes at annual rates)
------------------------------------------------------------ 
                Revised           Old          Difference 
------------------------------------------------------------
2002
      January     6.1              5.3               0.8  
     February     6.6              8.4              -1.8  
        March     2.4              0.2               2.2  
        April     1.3             -2.9               4.2  
          May     6.7             13.7              -7.0  
         June     4.8              6.5              -1.7  
         July     9.1             10.3              -1.2  
       August     7.5              8.1              -0.6  
    September     5.7              5.4               0.3  
      October     9.7              8.0               1.7  
     November     9.7              8.4               1.3  
     December     6.0              3.2               2.8  
2003
      January     6.7              6.0               0.7  
     February     8.8             11.0              -2.2  
        March     5.2              2.5               2.7  
        April     8.8              4.7               4.1  
          May     9.8             18.0              -8.2  
         June     7.4              9.8              -2.4  
         July     9.0             10.3              -1.3  
       August     7.8              8.7              -0.9  
    September    -4.0             -4.1               0.1  
      October    -3.6             -5.9               2.3  
     November    -1.5             -4.1               2.6  
     December    -1.8             -5.3               3.5  
Quarterly
         02Q4     8.2              7.0               1.2  
         03Q1     7.2              6.4               0.8  
         03Q2     8.1              8.5              -0.4  
         03Q3     7.0              9.1              -2.1  
         03Q4    -1.8             -3.4               1.6  
Semi-Annual
02Q4  -  03Q2     7.7              7.5               0.2  
03Q2  -  03Q4     2.6              2.8              -0.2  
Annual (Q4 to Q4)
         2002     6.8              6.8               0.0  
         2003     5.2              5.2               0.0  
------------------------------------------------------------


                     Appendix Table 8
       Comparison of Revised and Old M3 Growth Rates
             (percent changes at annual rates)
------------------------------------------------------------ 
                Revised           Old          Difference 
------------------------------------------------------------
2002
      January     3.1              1.8               1.3  
     February     6.6              7.7              -1.1  
        March     2.9              2.0               0.9  
        April     3.3              0.3               3.0  
          May     5.3             10.0              -4.7  
         June     1.6              4.2              -2.6  
         July     6.1              6.8              -0.7  
       August     9.2              9.7              -0.5  
    September     5.3              6.0              -0.7  
      October     4.0              1.7               2.3  
     November    19.0             17.7               1.3  
     December    10.4              7.9               2.5  
2003
      January     1.8              0.0               1.8  
     February     5.3              6.6              -1.3  
        March     4.4              3.7               0.7  
        April     5.1              2.5               2.6  
          May     7.5             13.1              -5.6  
         June     6.5              9.4              -2.9  
         July    17.6             18.7              -1.1  
       August     4.9              5.3              -0.4  
    September    -1.5             -0.4              -1.1  
      October    -4.8             -7.7               2.9  
     November    -2.8             -5.4               2.6  
     December    -3.4             -6.7               3.3  
Quarterly
         02Q4     9.0              7.8               1.2  
         03Q1     6.7              5.6               1.1  
         03Q2     5.7              6.4              -0.7  
         03Q3     9.1             11.0              -1.9  
         03Q4    -2.4             -4.0               1.6  
Semi-Annual
02Q4  -  03Q2     6.2              6.1               0.1  
03Q2  -  03Q4     3.3              3.4              -0.1  
Annual (Q4 to Q4)
         2002     6.4              6.4               0.0  
         2003     4.8              4.8               0.0  
------------------------------------------------------------


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