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Statistical Supplement | December 2008

Statistical Supplement to the Federal Reserve Bulletin, December 2008

1.21  Money Stock Measures1
Billions of dollars, averages of daily figures
Item 2004
Dec
2005
Dec
2006
Dec
2007
Dec
2008
June July Aug Sept
  Seasonally adjusted
  Measures2  
1 M1 1,376.3 1,374.5 1,366.5 1,366.5 1,386.2 1,403.3 1,394.0 1,453.8
2 M2 6,400.7 6,659.7 7,012.3 7,404.3 7,638.7 7,679.5 7,670.0r 7,769.1
3 M3 9,433.0 10,154.0 n.a. n.a. n.a. n.a. n.a. n.a.
 
  M1 components  
4 Currency3 697.6 723.9 748.9 758.7 769.0 774.6 775.8 780.1
5 Travelers checks4 7.5 7.2 6.7 6.3 6.0 5.9 5.9 5.8
6 Demand deposits5 343.2 324.9 305.9 294.8 294.0 303.1 302.4 351.9
7 Other checkable deposits6 328.0 318.5 305.0 306.8 317.1 319.7 309.9 316.1
 
  Nontransaction components  
8 In M27 5,024.4 5,285.2 5,645.8 6,037.7 6,252.6r 6,276.2 6,276.0r 6,315.3
9 In M3 only8 3,011.1 3,478.5 n.a. n.a. n.a. n.a. n.a. n.a.
 
  Commercial banks  
10 Savings deposits, including MMDAs 2,631.0 2,771.5 2,904.0 3,033.7 3,126.7 3,130.4 3,120.3 3,170.2
11 Small time deposits9 551.2 644.9 759.2 823.0 818.6 833.7r 859.5 883.0
12 Large time deposits10, 11 909.3 1,122.9 n.a. n.a. n.a. n.a. n.a. n.a.
 
  Thrift institutions  
13 Savings deposits, including MMDAs 875.3 827.7 781.4 825.3 898.2 902.6 891.6 863.3
14 Small time deposits9 278.8 351.3 412.2 395.9 385.3 379.1 378.0 372.7
15 Large time deposits10 161.5 230.7 n.a. n.a. n.a. n.a. n.a. n.a.
 
  Money market mutual funds  
16 Retail12 688.0 689.9 789.0 959.9 1,023.7 1,030.4 1,026.5 1,026.2
17 Institution-only 1,093.4 1,161.2 1,362.0 1,901.2 2,269.3 2,267.5 2,291.7 2,198.3
 
  Repurchase agreements and Eurodollars  
18 Repurchase agreements 492.6 564.3 n.a. n.a. n.a. n.a. n.a. n.a.
19 Eurodollars 379.1 423.9 n.a. n.a. n.a. n.a. n.a. n.a.
  Not seasonally adjusted
  Measures2  
20 M1 1,401.3 1,396.5 1,387.3 1,386.2 1,388.4 1,400.2 1,392.6 1,435.8
21 M2 6,430.5 6,689.6 7,048.0 7,442.3 7,639.8r 7,657.0r 7,666.6 7,743.0
22 M3 9,482.2 10,201.4 n.a. n.a. n.a. n.a. n.a. n.a.
 
  M1 components  
23 Currency3 702.4 728.9 754.5 763.8 768.8 774.8 775.4 776.8
24 Travelers checks4 7.5 7.2 6.7 6.3 6.1 6.1 6.0 5.8
25 Demand deposits5 358.6 337.7 316.7 304.8 296.2 305.0 305.6 344.0
26 Other checkable deposits6 332.8 322.8 309.3 311.4 317.3 314.3 305.7 309.2
 
  Nontransaction components  
27 In M27 5,029.2 5,293.0 5,660.7 6,056.1 6,251.4 6,256.8r 6,274.0 6,307.2
28 In M3 only8 3,025.4 3,488.3 n.a. n.a. n.a. n.a. n.a. n.a.
 
  Commercial banks  
29 Savings deposits, including MMDAs 2,633.2 2,776.1 2,913.1 3,043.5 3,135.6 3,125.4 3,121.6 3,163.4
30 Small time deposits9 550.4 644.1 758.6 823.0 815.5 831.2r 859.0 885.1
31 Large time deposits10, 11 903.3 1,114.4 n.a. n.a. n.a. n.a. n.a. n.a.
 
  Thrift institutions  
32 Savings deposits, including MMDAs 876.1 829.0 783.9 827.9 900.7 901.1 892.0 861.4
33 Small time deposits9 278.4 350.8 411.9 395.9 383.9 378.0 377.8 373.6
34 Large time deposits10 160.4 228.9 n.a. n.a. n.a. n.a. n.a. n.a.
 
  Money market mutual funds  
35 Retail12 691.0 693.1 793.2 965.6 1,015.7 1,021.1 1,023.6 1,023.7
36 Institution-only 1,118.4 1,187.4 1,395.1 1,949.3 2,228.3 2,223.8 2,267.8 2,197.2
 
  Repurchase agreements and Eurodollars  
37 Repurchase agreements 494.6 566.1 n.a. n.a. n.a. n.a. n.a. n.a.
38 Eurodollars 376.6 422.0 n.a. n.a. n.a. n.a. n.a. n.a.

Note: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks).

1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Monetary and Reserves Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.   Return to table

2. Composition of the money stock measures is as follows:
   M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
   M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
   M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2.   Return to table

3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions.   Return to table

4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.   Return to table

5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float.   Return to table

6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions.   Return to table

7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances.   Return to table

8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted.   Return to table

9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits.   Return to table

10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.   Return to table

11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.   Return to table

12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.   Return to table

Statistical Supplement | December 2008 | Tips for printing wide tables | Symbols and Abbreviations


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Last update: January 9, 2009