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 ------------------------------------------------------------