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Release Date: February 14, 2002

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                                                    February 14, 2002

                                                               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 based on not-seasonally-adjusted data through
December 2001.  Monthly seasonal factors were estimated using the X-12-ARIMA procedure. 
The monthly and weekly seasonal factors were derived after excluding the estimated effects on
the components of the monetary aggregates of the September 11, 2001 terrorist attacks.  The
revisions to seasonal factors lowered M2 and M3 growth rates in the first half of 2001 while
raising them in the second half of the year.

     Revised historical data will soon be available in printed form from the Monetary and
Reserve Analysis Section, Mail Stop 72, Board of Governors of the Federal Reserve System,
Washington, DC 20551, (202) 452-3062.  Complete historical data are available each week
through the Federal Reserve's web site (http://www.federalreserve.gov/releases/) with the H.6
statistical release.  The data are also available through other electronic means, as described in the
note following the footnotes to Table 1 of this release.
1 
  
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.6 (508)
 Table 1                  These data are scheduled for release each Thursday at 4:30 p.m.
                                                                    February 14, 2002
 MONEY STOCK AND DEBT MEASURES
 Billions of dollars	                        
 ----------------------------------------------------------------------------------------
      Date                   M11               M22              M33              Debt4	 
 ----------------------------------------------------------------------------------------
 Seasonally adjusted   				   				    				 				 
 ----------------------------------------------------------------------------------------
  2000-Feb.                   1108.4            4690.9           6612.2         17491.0  
       Mar.                   1108.9            4715.9           6674.0         17603.5  
       Apr.                   1112.0            4752.4           6718.2         17702.0  
       May                    1106.0            4759.8           6750.5         17774.4  
       June                   1106.4            4781.3           6802.7         17860.9  
       July                   1105.2            4803.0           6856.9         17932.7  
       Aug.                   1102.1            4837.1           6928.5         17994.2  
       Sep.                   1099.1            4869.1           6986.0         18071.3  
       Oct.                   1099.2            4886.7           7011.2         18119.0  
       Nov.                   1091.7            4901.4           7036.1         18196.2  
       Dec.                   1088.9            4942.4           7124.5         18282.4  
                                                                                         
  2001-Jan.                   1095.9            4987.3           7223.4         18332.3  
       Feb.                   1098.9            5025.8           7288.5         18409.2  
       Mar.                   1107.4            5074.0           7340.4         18504.5  
       Apr.                   1109.8            5114.9           7444.0         18585.6  
       May                    1116.7            5138.8           7530.7         18688.5  
       June                   1125.5            5183.4           7614.9         18783.7  
       July                   1138.5            5224.1           7662.4         18841.2  
       Aug.                   1147.2            5265.4           7685.0         18946.9  
       Sep.                   1204.6            5383.9           7843.9         19073.3  
       Oct.                   1161.7            5372.5           7890.3         19165.1  
       Nov.                   1163.9            5414.5           7980.4         19287.1  
       Dec.                   1178.6            5454.8           8051.9         19399.8 p
                                                                                         
  2002-Jan. p                 1181.8            5464.9           8053.4                  
 ----------------------------------------------------------------------------------------
 Not seasonally adjusted  		    	 
  ---------------------------------------------------------------------------------------
  2000-Feb.                   1096.8            4685.6           6631.2         17476.8  
       Mar.                   1108.1            4746.6           6727.4         17592.0  
       Apr.                   1124.9            4814.7           6788.3         17668.1  
       May                    1100.4            4740.7           6744.0         17708.8  
       June                   1102.6            4765.4           6787.4         17789.8  
       July                   1104.0            4783.8           6818.0         17854.4  
       Aug.                   1095.9            4816.4           6886.9         17919.1  
       Sep.                   1090.5            4851.9           6936.2         17998.3  
       Oct.                   1093.6            4863.8           6960.7         18057.1  
       Nov.                   1093.3            4892.4           7025.9         18166.0  
       Dec.                   1112.3            4966.0           7159.7         18273.5  
                                                                                         
  2001-Jan.                   1099.6            4992.6           7243.6         18327.8  
       Feb.                   1087.5            5021.6           7315.7         18399.0  
       Mar.                   1107.4            5112.3           7408.9         18494.3  
       Apr.                   1122.7            5184.7           7525.7         18545.1  
       May                    1111.0            5120.0           7524.9         18607.7  
       June                   1123.0            5169.8           7600.2         18698.3  
       July                   1136.5            5200.3           7615.2         18753.0  
       Aug.                   1141.8            5241.4           7635.9         18861.3  
       Sep.                   1195.8            5364.4           7783.0         18989.5  
       Oct.                   1156.1            5343.9           7826.4         19086.7  
       Nov.                   1164.9            5402.9           7962.8         19199.6  
       Dec.                   1202.8            5479.7           8090.1         19328.1 p
                                                                                         
  2002-Jan. p                 1184.8            5468.4           8080.6                  
  ---------------------------------------------------------------------------------------
  Footnotes appear on the following page.
 p -- indicates preliminary data
1 
  
  
  
 H.6 (508)
 Table 2
 MONEY STOCK AND DEBT MEASURES
 Percent change at seasonally adjusted annual rates
 ----------------------------------------------------------------------------------------
                                                 M1          M2          M3         Debt
 ----------------------------------------------------------------------------------------
  3 Months from Oct. 2001 TO Jan. 2002            6.9         6.9         8.3         6.8
  6 Months from July 2001 TO Jan. 2002            7.6         9.2        10.2         6.6
 12 Months from Jan. 2001 TO Jan. 2002            7.8         9.6        11.5         6.1
                                                                                                                 
 Thirteen weeks ending                                                                
 February 4 , 2002                                             
 from thirteen weeks ending:                                                             
                                                                                          
 Nov. 5, 2001 (13 weeks previous)                 1.2         7.4        11.0            
 Aug. 6, 2001 (26 weeks previous)                 8.3         9.9        11.1            
 Feb. 5, 2001 (52 weeks previous)                 7.6        10.0        12.5            
 ----------------------------------------------------------------------------------------
                                                                                                                                                               
 1.	Growth rates for debt are based on periods beginning and ending one month earlier 
 than for the monetary aggregates, namely,
 September 2001 to December 2001, June 2001 to December 2001,                  and 
 December 2000 to December 2001, respectively.                
 -----------------------------------------------------------------------------------------
  
 Footnotes to Table 1:
 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; 
    (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository 
    institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
    and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)    
    and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
    at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and
    OCDs, each seasonally adjusted separately.
 2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time      
    deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes 
    individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted 
    M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally 
    adjusted separately, and adding this result to seasonally adjusted M1.                                   
 3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money
    funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held 
    by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. 
    Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions.
    Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and 
    Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.                
 4. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector 
    (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal
    sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate
    businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
    commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts,
    are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is,
    the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release 
    differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve release Z.1.
    In that release, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities.   
  
 Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov).
 Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information
 about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 
 202-728-5886).  For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1
  
  
  
 H.6 (508)
 Table 3
 MONEY STOCK MEASURES
 Billions of Dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                      M1                                      M2                                      M3
 ----------------------------------------------------------------------------------------------------------------------------------------------------
   Period Ending  13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 
 ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2001-Nov. 12             1173.7        1161.1        1157.7          5360.7        5386.1        5404.0          7844.4        7921.6        7964.7
            19             1175.0        1161.9        1164.4          5372.3        5398.5        5416.6          7868.8        7947.4        7987.3
            26             1176.2        1162.2        1167.1          5383.8        5409.6        5425.2          7891.6        7969.6        7993.6
                                                                                                                                                     
       Dec.  3             1177.1        1165.8        1174.1          5394.9        5420.7        5437.1          7914.5        7994.2        8031.2
            10             1178.6        1169.3        1171.4          5406.1        5430.6        5443.4          7937.7        8010.1        8028.4
            17             1170.1        1172.5        1177.3          5404.3        5441.5        5460.2          7948.7        8028.7        8061.4
            24             1167.8        1176.2        1181.8          5407.8        5449.3        5456.3          7959.7        8044.1        8055.2
            31             1167.9        1179.1        1185.8          5414.1        5456.5        5465.9          7975.1        8053.9        8070.4
                                                                                                                                                     
  2002-Jan.  7             1169.7        1181.7        1181.9          5420.9        5459.6        5455.9          7986.7        8054.7        8031.9
            14             1171.2        1181.6        1176.9          5427.9        5458.9        5457.3          7997.8        8045.9        8026.0
            21             1172.5        1180.8        1178.6          5434.5        5458.2        5453.7          8010.2        8043.5        8045.6
            28p            1174.0        1180.6        1185.0          5442.2        5462.0        5481.2          8024.8        8049.5        8094.4
                                                                                                                                                     
       Feb.  4p            1175.7        1180.7        1182.1          5448.5        5466.6        5474.2          8036.8        8063.6        8088.3
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 Not seasonally adjusted
 ----------------------------------------------------------------------------------------------------------------------------------------------------
  2001-Nov. 12             1167.2        1157.8        1142.5          5336.9        5358.3        5395.5          7788.0        7870.0        7955.6
            19             1168.7        1159.2        1162.3          5349.4        5376.6        5406.1          7815.4        7909.2        7969.8
            26             1171.1        1162.4        1181.8          5362.9        5397.9        5400.7          7842.0        7949.3        7974.6
                                                                                                                                                     
       Dec.  3             1172.7        1171.0        1197.5          5375.6        5409.8        5436.9          7868.4        7982.5        8029.9
            10             1174.8        1176.6        1164.7          5387.5        5428.3        5469.5          7896.4        8012.2        8074.6
            17             1168.3        1182.8        1187.3          5388.2        5450.4        5494.4          7915.1        8051.1        8125.2
            24             1169.8        1190.7        1213.1          5397.3        5467.8        5470.2          7936.7        8079.1        8086.6
            31             1174.7        1203.1        1247.2          5409.2        5480.7        5488.7          7961.2        8093.0        8085.4
                                                                                                                                                     
  2002-Jan.  7             1179.0        1211.9        1200.1          5421.0        5491.9        5514.2          7980.0        8091.1        8067.3
            14             1181.6        1208.9        1175.2          5431.4        5491.8        5494.0          7999.9        8086.1        8104.9
            21             1183.3        1200.3        1178.6          5441.3        5489.8        5462.2          8021.2        8086.8        8089.7
            28p            1184.0        1183.3        1179.4          5449.3        5472.6        5419.8          8040.8        8082.8        8069.2
                                                                                                                                                     
       Feb.  4p            1185.4        1178.4        1180.4          5455.6        5461.5        5470.1          8056.6        8091.7        8103.0
                                                                                                                                                     
                                                                                                                                                     
 ----------------------------------------------------------------------------------------------------------------------------------------------------
 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  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.                       524.5                 8.8               325.6               135.7               104.5               240.2
                                                                                                                                           
       Oct.                       526.3                 8.4               322.3               136.2               105.9               242.2
       Nov.                       527.9                 8.0               315.4               134.8               105.6               240.5
       Dec.                       530.1                 8.0               309.9               133.2               107.7               240.9
                                                                                                                                           
                                                                                                                                           
  2001-Jan.                       533.6                 8.1               312.0               133.7               108.6               242.2
       Feb.                       536.7                 8.0               311.2               133.8               109.3               243.1
       Mar.                       539.4                 7.9               313.5               134.8               111.7               246.6
                                                                                                                                           
       Apr.                       542.6                 7.8               310.8               135.4               113.3               248.6
       May                        546.1                 7.9               313.0               136.4               113.3               249.6
       June                       549.3                 8.2               312.8               137.2               118.1               255.3
                                                                                                                                           
       July                       554.2                 8.6               314.7               142.7               118.3               261.0
       Aug.                       562.7                 8.8               317.8               139.9               118.1               258.0
       Sep.                       567.7                 8.4               370.1               140.5               117.9               258.4
                                                                                                                                           
       Oct.                       571.6                 8.2               328.7               141.2               112.0               253.2
       Nov.                       575.4                 7.8               326.3               141.0               113.4               254.4
       Dec.                       580.6                 7.8               329.5               142.4               118.3               260.7
                                                                                                                                           
                                                                                                                                           
  2002-Jan. p                     586.6                 7.8               326.8               142.5               118.2               260.6
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2001-Dec. 10                    579.0                 7.7               325.7               142.3               116.8               259.0
            17                    580.8                 7.7               329.1               142.1               117.6               259.7
            24                    581.6                 7.8               330.8               142.5               119.2               261.7
            31                    582.6                 7.8               332.0               142.7               120.7               263.4
                                                                                                                                           
  2002-Jan.  7                    583.8                 7.8               329.3               142.1               118.9               261.0
            14                    584.7                 7.8               327.9               140.1               116.4               256.5
            21                    587.6                 7.8               324.0               141.7               117.4               259.1
            28p                   588.5                 7.8               325.1               144.6               119.0               263.6
                                                                                                                                           
       Feb.  4p                   589.4                 7.8               323.5               142.8               118.6               261.4
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
    included in demand deposits.
 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
    and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

 e -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 5
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits1                  Small-denomination time deposit2                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds         Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.                  1382.5          454.1         1836.7          689.3          338.6         1028.0          905.4         3770.0
                                                                                                                                            
       Oct.                  1388.6          455.8         1844.5          691.1          340.9         1032.0          911.0         3787.5
       Nov.                  1401.7          454.3         1856.1          694.3          343.2         1037.4          916.2         3809.6
       Dec.                  1423.7          452.1         1875.8          699.2          344.5         1043.7          934.0         3853.5
                                                                                                                                            
                                                                                                                                            
  2001-Jan.                  1442.7          453.1         1895.8          701.8          347.4         1049.2          946.4         3891.5
       Feb.                  1467.6          461.7         1929.3          700.3          349.3         1049.7          947.9         3926.9
       Mar.                  1491.9          470.9         1962.8          697.4          349.5         1046.8          956.9         3966.6
                                                                                                                                            
       Apr.                  1521.2          476.4         1997.7          692.2          350.8         1043.0          964.4         4005.1
       May                   1538.1          487.5         2025.5          686.8          353.6         1040.5          956.1         4022.1
       June                  1563.6          498.1         2061.7          680.5          352.6         1033.1          963.1         4057.9
                                                                                                                                            
       July                  1581.2          508.1         2089.2          673.4          350.5         1024.0          972.5         4085.7
       Aug.                  1612.7          518.1         2130.8          669.0          347.6         1016.5          970.8         4118.2
       Sep.                  1656.5          528.0         2184.4          663.8          346.0         1009.8          985.1         4179.3
                                                                                                                                            
       Oct.                  1673.6          542.8         2216.4          657.2          341.5          998.7          995.7         4210.8
       Nov.                  1713.0          554.2         2267.3          647.9          336.6          984.5          998.9         4250.6
       Dec.                  1745.8          560.4         2306.3          637.1          332.2          969.3         1000.7         4276.2
                                                                                                                                            
                                                                                                                                            
  2002-Jan. p                1773.1          571.9         2345.0          627.7          326.4          954.1          984.1         4283.1
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2001-Dec. 10               1744.3          555.6         2300.0          639.5          333.6          973.1          998.9         4272.0
            17               1751.2          559.7         2310.9          637.2          332.7          969.8         1002.1         4282.9
            24               1747.9          561.5         2309.4          635.4          331.4          966.7          998.3         4274.5
            31               1746.3          566.8         2313.1          634.2          330.1          964.3         1002.7         4280.1
                                                                                                                                            
  2002-Jan.  7               1756.7          558.6         2315.3          633.3          329.1          962.3          996.3         4274.0
            14               1769.8          566.6         2336.4          629.3          326.9          956.3          987.7         4280.4
            21               1773.3          571.5         2344.9          627.0          325.8          952.7          977.5         4275.2
            28p              1784.2          582.1         2366.4          623.4          324.8          948.3          981.5         4296.2
                                                                                                                                            
       Feb.  4p              1787.9          582.5         2370.5          622.2          324.0          946.2          975.4         4292.1
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
    at commercial banks and thrifts are subtracted from small time deposits.

 p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 6
 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
 Billions of dollars
 -----------------------------------------------------------------------------------------------------------------------------------------
                                     Large-denomination time deposits1
                     Institutional --------------------------------------                                             Debt components5
     Date                money     At commercial    At thrift                                           Total     ------------------------- 
                         funds        banks2      institutions    Total         RPs3     Eurodollars4  Non-M2 M3    Federal     Non-Federal 
 ------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.                752.6         702.8         102.0        804.8        366.3        193.1       2116.9     3474.4       14596.9                             
                                                                                                                                                                      
       Oct.                762.0         697.8         103.4        801.3        366.3        194.9       2124.4     3445.1       14673.9                             
       Nov.                773.4         702.0         103.6        805.6        360.4        195.3       2134.8     3418.9       14777.3                              
       Dec.                792.5         725.2         102.9        828.1        364.0        197.7       2182.2     3400.4       14882.1                             
                                                                                                                                                                      
                                                                                                                                                                      
  2001-Jan.                822.1         741.8         106.2        847.9        364.2        201.7       2236.0     3380.7       14951.6                             
       Feb.                878.7         706.6         106.9        813.4        359.2        211.4       2262.7     3372.9       15036.4                             
       Mar.                901.6         680.0         107.2        787.3        352.7        224.9       2266.5     3376.8       15127.7                             
                                                                                                                                                                      
       Apr.                926.9         703.0         109.2        812.2        372.0        218.1       2329.1     3347.5       15238.1                             
       May                 979.9         707.3         110.7        818.0        377.3        216.8       2391.9     3300.9       15387.7                             
       June               1018.8         710.9         109.6        820.6        377.7        214.3       2431.5     3305.4       15478.3                             
                                                                                                                                                                      
       July               1030.1         704.5         111.6        816.0        373.5        218.7       2438.3     3317.9       15523.3                             
       Aug.               1022.5         693.8         114.6        808.4        370.7        218.0       2419.6     3339.0       15607.8                              
       Sep.               1072.2         689.9         115.7        805.5        360.0        222.3       2460.0     3373.2       15700.1                             
                                                                                                                                                                       
       Oct.               1140.2         684.3         115.8        800.1        356.0        221.4       2517.7     3373.2       15791.9                             
       Nov.               1171.6         679.9         113.8        793.7        372.6        228.0       2565.9     3372.8       15914.3                             
       Dec.               1197.2         685.5         112.6        798.0        373.5        228.4       2597.1     3381.4 p     16018.4 p                           
                                                                                                                                                                      
                                                                                                                                                                      
  2002-Jan. p             1167.1         705.4         113.4        818.8        374.4        228.2       2588.4                                                       
                                                                                                                                                                       
 Week ending:					  			 																                               
  2001-Dec. 10            1186.4         682.6         113.1        795.7        376.3        226.6       2585.0                                                      
            17            1202.5         688.6         112.0        800.6        369.8        228.3       2601.2                                                      
            24            1196.3         686.1         112.1        798.2        374.4        230.0       2598.9                                                      
            31            1204.1         687.4         112.5        799.9        372.7        227.8       2604.5                                                      
                                                                                                                                                                      
  2002-Jan.  7            1187.4         684.7         111.9        796.6        365.7        226.3       2576.0                                                      
            14            1165.0         690.7         112.3        803.0        370.3        230.3       2568.7                                                      
            21            1160.6         712.2         113.8        826.1        378.3        226.9       2591.8                                                      
            28p           1167.5         721.8         114.5        836.3        382.1        227.3       2613.2                                                      
                                                                                                                                                                      
       Feb.  4p           1167.1         724.3         113.7        838.0        377.4        231.6       2614.1                                                      
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, 
    and foreign banks and official institutions.                                      
 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
    Kingdom and Canada, excluding those held by depository institutions and by money funds.                                                  
 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

 p -- indicates preliminary data    e -- indicates estimated data
1
  
  
  
 H.6 (508)
 Table 7
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars
 ------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Other Checkable Deposits             
                                                                                     ------------------------------------------------------
        Date                  Currency1      Travelers checks2   Demand Deposits3     At comm. banks4     At thrift inst.5          Total  
 ------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.                       523.3                 8.7               321.4               131.1               106.0               237.1
                                                                                                                                           
       Oct.                       524.9                 8.4               321.5               133.6               105.2               238.8
       Nov.                       528.2                 8.2               318.7               132.7               105.5               238.2
       Dec.                       535.2                 8.1               326.5               136.0               106.5               242.5
                                                                                                                                           
                                                                                                                                           
  2001-Jan.                       532.2                 8.2               315.0               139.1               105.1               244.1
       Feb.                       536.2                 8.2               303.9               133.1               106.2               239.3
       Mar.                       539.8                 8.0               310.9               136.5               112.2               248.7
                                                                                                                                           
       Apr.                       542.9                 7.9               312.5               142.5               116.9               259.3
       May                        545.8                 8.0               306.8               136.9               113.4               250.3
       June                       548.8                 8.0               309.8               137.5               118.9               256.4
                                                                                                                                           
       July                       554.5                 8.2               315.3               138.7               119.8               258.5
       Aug.                       561.9                 8.4               316.1               135.4               120.0               255.4
       Sep.                       566.3                 8.3               366.2               135.4               119.7               255.1
                                                                                                                                           
       Oct.                       569.9                 8.1               328.1               138.8               111.1               249.9
       Nov.                       575.8                 7.9               329.3               138.6               113.2               251.8
       Dec.                       585.6                 7.9               347.2               145.9               116.2               262.1
                                                                                                                                           
                                                                                                                                           
  2002-Jan. p                     585.2                 8.0               329.2               148.3               114.0               262.4
                                                                                                                                           
 Week Ending:                                				    				     				       				     			   
  2001-Dec. 10                    581.3                 7.9               322.3               137.1               116.1               253.3
            17                    583.9                 7.9               341.0               140.1               114.3               254.5
            24                    590.5                 7.9               348.8               150.6               115.3               265.9
            31                    589.5                 7.9               374.7               157.2               117.9               275.1
                                                                                                                                           
  2002-Jan.  7                    587.7                 7.9               338.7               146.4               119.4               265.8
            14                    584.4                 7.9               325.8               143.8               113.3               257.1
            21                    585.1                 8.0               324.9               148.8               111.7               260.6
            28p                   584.0                 8.0               324.3               152.2               110.9               263.1
                                                                                                                                           
       Feb.  4p                   586.9                 8.0               323.4               146.0               116.2               262.1
                                                                                                                                           
                                                                                                                                           
                                                                                                                                           
 ------------------------------------------------------------------------------------------------------------------------------------------
 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
    included in demand deposits.
 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
    and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

 e -- indicates estimated data.	p -- indicates preliminary data.
1
  
  
  
 H.6 (508)
 Table 8
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                       Savings Deposits1                  Small-denomination time deposit2                          
                         -----------------------------------------    ----------------------------------------      Retail     		                        
        Date              At comm.       At thrift       Total         At comm.       At thrift       Total          money           Total  
                            banks          insts.                       banks           insts.                       funds         Non-M1 M2
 -------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.                  1381.7          453.9         1835.5          689.5          338.7         1028.2          897.7         3761.5
                                                                                                                                            
       Oct.                  1380.4          453.1         1833.4          692.7          341.7         1034.4          902.4         3770.3
       Nov.                  1398.9          453.4         1852.4          696.1          344.1         1040.2          906.6         3799.1
       Dec.                  1426.9          453.1         1880.0          700.0          345.0         1045.0          928.7         3853.7
                                                                                                                                            
                                                                                                                                            
  2001-Jan.                  1436.3          451.1         1887.4          704.2          348.6         1052.9          952.9         3893.1
       Feb.                  1459.9          459.3         1919.2          702.6          350.5         1053.0          961.9         3934.0
       Mar.                  1499.1          473.2         1972.3          698.0          349.7         1047.7          984.9         4004.9
                                                                                                                                            
       Apr.                  1542.8          483.2         2026.0          691.7          350.5         1042.2          993.8         4062.0
       May                   1536.1          486.9         2022.9          684.5          352.4         1036.9          949.2         4009.0
       June                  1567.5          499.3         2066.8          677.1          350.8         1027.9          952.1         4046.8
                                                                                                                                            
       July                  1579.7          507.6         2087.3          671.2          349.4         1020.5          955.9         4063.8
       Aug.                  1607.4          516.4         2123.8          667.9          347.0         1015.0          960.8         4099.6
       Sep.                  1655.4          527.6         2183.0          664.2          346.2         1010.4          975.2         4168.6
                                                                                                                                            
       Oct.                  1661.6          538.9         2200.5          658.9          342.3         1001.2          986.0         4187.7
       Nov.                  1710.2          553.3         2263.5          649.6          337.5          987.1          987.5         4238.1
       Dec.                  1750.2          561.8         2312.1          637.8          332.5          970.4          994.5         4277.0
                                                                                                                                            
                                                                                                                                            
  2002-Jan. p                1766.0          569.6         2335.6          629.7          327.5          957.2          990.8         4283.6
                                                                                                                                            
 Week ending:	        		      			     			    			   			      			     			      			   
  2001-Dec. 10               1770.5          564.0         2334.4          640.6          334.1          974.7          995.7         4304.8
            17               1771.7          566.3         2337.9          637.8          333.0          970.8          998.4         4307.2
            24               1738.2          558.4         2296.6          635.7          331.5          967.2          993.3         4257.1
            31               1725.5          560.1         2285.5          634.8          330.4          965.2          990.8         4241.6
                                                                                                                                            
  2002-Jan.  7               1795.9          571.1         2367.0          633.8          329.4          963.2          983.9         4314.1
            14               1788.8          572.7         2361.5          631.5          328.0          959.5          997.8         4318.8
            21               1764.8          568.8         2333.6          629.6          327.2          956.8          993.3         4283.6
            28p              1731.8          565.0         2296.9          626.1          326.2          952.3          991.3         4240.4
                                                                                                                                            
       Feb.  4p              1776.8          578.9         2355.7          624.8          325.4          950.1          983.9         4289.7
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 -------------------------------------------------------------------------------------------------------------------------------------------
 1. Savings deposits include money market deposit accounts.
 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
    at commercial banks and thrifts are subtracted from small time deposits.

 p -- indicates preliminary data.
1



 H.6 (508)
 Table 9
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
 Billions of dollars
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    Large-denomination time deposits1                   RPs3
                    Institutional -------------------------------------  --------------------------------                                  Debt components5
     Date               money     At commercial   At thrift              At commercial  At thrift                            Total    ------------------------- 
                        funds        banks2     institutions    Total       banks2     institutions  Total   Eurodollars4  Non-M2 M3    Federal    Non-Federal 
 --------------------------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.               732.4         699.9        101.6        801.5        299.5        60.7       360.3       190.2       2084.3     3426.4      14571.9                             
                                                                                                                                                                                          
       Oct.               747.9         696.1        103.2        799.3        299.6        59.6       359.2       190.5       2096.8     3395.3      14661.7                             
       Nov.               770.6         704.4        104.0        808.4        302.2        58.3       360.5       194.1       2133.5     3401.2      14764.9                              
       Dec.               801.4         725.6        103.0        828.6        306.1        58.2       364.2       199.5       2193.7     3403.5      14870.0                             
                                                                                                                                                                                          
                                                                                                                                                                                          
  2001-Jan.               844.7         733.7        105.0        838.8        306.7        57.7       364.4       203.2       2251.0     3373.2      14954.6                             
       Feb.               907.0         704.9        106.6        811.5        301.6        59.9       361.5       214.1       2294.1     3368.7      15030.3                             
       Mar.               924.9         682.5        107.6        790.1        296.3        58.2       354.5       227.2       2296.6     3392.5      15101.7                             
                                                                                                                                                                                          
       Apr.               934.8         705.1        109.5        814.5        311.6        59.3       370.9       220.8       2341.0     3341.0      15204.1                             
       May                977.3         713.2        111.6        824.8        323.1        59.7       382.8       220.0       2404.9     3262.9      15344.8                             
       June              1006.5         715.9        110.4        826.3        324.2        58.7       382.9       214.7       2430.4     3252.0      15446.3                             
                                                                                                                                                                                          
       July              1008.9         704.2        111.5        815.7        315.8        58.1       373.9       216.4       2414.9     3247.7      15505.3                             
       Aug.              1005.2         690.6        114.0        804.7        313.7        55.9       369.6       215.0       2394.5     3281.0      15580.3                              
       Sep.              1042.4         687.1        115.2        802.4        305.1        49.3       354.5       219.4       2418.6     3319.1      15670.5                             
                                                                                                                                                                                           
       Oct.              1117.8         682.6        115.5        798.1        301.1        48.2       349.4       217.3       2482.6     3318.2      15768.5                             
       Nov.              1165.2         681.7        114.1        795.8        319.1        52.8       371.9       227.0       2559.8     3352.4      15847.2                             
       Dec.              1208.3         685.6        112.6        798.1        313.9        60.4       374.3       229.6       2610.4     3384.0 p    15944.1 p                           
                                                                                                                                                                                          
                                                                                                                                                                                          
  2002-Jan. p            1198.8         697.7        112.2        809.9        300.0        74.4       374.4       229.3       2612.3                                                      
                                                                                                                                                                                           
 Week ending:					  			  																                                                      
  2001-Dec. 10           1202.4         683.1        113.2        796.4        322.9        57.2       380.1       226.1       2605.0                                                     
            17           1226.1         692.8        112.7        805.4        310.5        60.0       370.5       228.7       2630.8                                                     
            24           1212.1         686.0        112.1        798.1        312.4        63.1       375.5       230.7       2616.3                                                     
            31           1197.1         684.1        111.9        796.0        307.9        63.1       370.9       232.7       2596.7                                                     
                                                                                                                                                                                          
  2002-Jan.  7           1162.5         688.4        112.6        801.0        295.6        64.7       360.3       229.3       2553.1                                                     
            14           1205.0         691.5        112.5        804.0        301.9        69.9       371.8       230.1       2610.9                                                     
            21           1208.9         700.8        112.0        812.8        302.3        75.8       378.1       227.7       2627.6                                                     
            28p          1219.6         704.5        111.8        816.2        301.2        83.4       384.6       229.0       2649.4                                                     
                                                                                                                                                                                          
       Feb.  4p          1196.6         712.4        111.8        824.2        297.8        82.6       380.4       231.7       2632.9                                                     
                                                                                                                                                                                          
                                                                                                                                                                                          
                                                                                                                                                                
 ------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------ 
 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, 
    and foreign banks and official institutions.                                      
 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
    Kingdom and Canada, excluding those held by depository institutions and by money funds.                                                  
 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

 p -- indicates preliminary data    e -- indicates estimated data
1

  
  
 H.6 (508)
 Table 10
 MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                      
                                                             
                                                                         U.S. government deposits                                          IRA and Keogh Accounts
                         Demand deposits        Time and     ------------------------------------------------------------    ----------------------------------------------------
                         at banks due to         savings                                                         Time and
       Date       --------------------------- deposits due to   Demand    Balance        Note                     savings   
                       Foreign      Foreign    foreign banks  deposits at    at      balances at       Total    deposits at  
                      commercial    official   and official   commercial   Federal    depository       cash      commercial   At commercial   At thrift      At money   
                         banks   institutions  institutions     banks      Reserve   institutions1    balance     banks           banks     institutions  market funds    Total
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  2000-Sep.                8.0          1.2         29.2            2.5          6.7         22.0         31.1        6.2        155.6          92.9         139.0         387.4  
                                                                                                                                                                                  
       Oct.                8.2          1.2         29.4            1.4          5.3         13.2         20.0        6.3        156.3          93.4         139.3         389.0  
       Nov.                9.0          1.4         29.9            1.2          5.1         10.6         16.9        6.3        156.6          94.1         139.5         390.1  
       Dec.                9.9          1.6         30.5            1.5          5.8         11.6         18.9        6.3        156.8          94.7         139.6         391.1  
                                                                                                                                                                                  
                                                                                                                                                                                  
  2001-Jan.                9.5          1.5         32.1            2.6          6.7         36.5         45.7        6.8        157.7          95.3         143.0         396.0  
       Feb.                8.4          1.4         34.2            1.2          4.9         16.0         22.1        7.4        158.8          95.9         148.4         403.1  
       Mar.                7.3          1.3         36.4            1.2          5.4          6.4         13.0        8.1        160.0          96.4         153.9         410.4  
                                                                                                                                                                                  
       Apr.                6.9          1.2         35.3            4.7          5.9         18.8         29.4        8.7        160.9          96.4         157.1 e       414.4 e
       May                 7.4          1.2         31.6            1.1          5.1         25.7         31.9        9.2        161.1          95.9         158.1 e       415.1 e
       June                7.8          1.1         28.1            2.0          5.6         15.2         22.8        9.7        161.3          95.4         159.1 e       415.8 e
                                                                                                                                                                                  
       July                8.0          1.1         25.2            1.1          5.1         19.9         26.1       10.2        161.2          95.2         159.6 e       416.0 e
       Aug.                8.0          1.1         22.8            1.1          5.0         26.7         32.8       10.8        160.8          95.3         159.6 e       415.7 e
       Sep.                8.1          1.3         20.4            2.1          6.6         19.6         28.4       11.4        160.5          95.4         159.6 e       415.5 e
                                                                                                                                                                                  
       Oct.                8.1 e        1.6 e       19.4 e          2.6          5.2         27.8         35.6       11.7 e      160.6 e        95.5 e       159.6 e       415.7 e
       Nov.                8.1 e        1.3 e       19.4 e          2.8          5.1         22.5         30.4       11.7 e      161.0 e        95.5 e       159.6 e       416.1 e
       Dec.                8.1 e        1.3 e       19.4 e          4.1          5.3         27.2         36.5       11.7 e      161.4 e        95.6 e       159.6 e       416.6 e
                                                                                                                                                                                  
                                                                                                                                                                                  
  2002-Jan. p              8.1 e        1.2 e       19.4 e          3.5          7.0         39.2         49.7       11.7 e      161.8 e        95.7 e       159.6 e       417.1 e
                                                                                                                                                                                  
  2001-Dec. 10                                                      4.2          5.1          4.7         14.1                                                                    
            17                                                      4.9          5.1         13.1         23.1                                                                    
            24                                                      3.6          5.4         47.5         56.4                                                                    
            31                                                      3.8          5.3         47.9         57.0                                                                    
                                                                                                                                                                                  
  2002-Jan.  7                                                      3.4          5.7         29.5         38.6                                                                    
            14                                                      3.2          5.0         18.7         26.9                                                                    
            21                                                      4.7          6.9         40.4         52.1                                                                    
            28p                                                     2.8          8.1         58.6         69.5                                                                    
                                                                                                                                                                                  
       Feb.  4p                                                     2.8          8.2         46.0         57.0                                                                    
                                                                                                                                                                                  
                                                                                                                                                                                  
                                                                                                                                                                                  
 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 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
 -----------------------------------------------------+-------------------------------------
 2001
     January   0.9975         1.0163         1.0096         1.0078            1.0401
    February   0.9990         1.0213         0.9767         0.9843            0.9946
       March   1.0006         1.0181         0.9916         1.0087            1.0122
       April   1.0006         1.0241         1.0054         1.0431            1.0523
         May   0.9995         1.0136         0.9804         1.0025            1.0038
        June   0.9991         0.9803         0.9902         1.0044            1.0022
        July   1.0006         0.9543         1.0019         0.9904            0.9720
      August   0.9984         0.9633         0.9947         0.9901            0.9679
   September   0.9975         0.9824         0.9893         0.9871            0.9640
     October   0.9970         0.9961         0.9984         0.9869            0.9830
    November   1.0007         1.0170         1.0094         0.9896            0.9831
    December   1.0085         1.0169         1.0537         1.0053            1.0246
 2002
     January   0.9976         1.0168         1.0076         1.0066            1.0412
    February   0.9992         1.0215         0.9759         0.9825            0.9945
       March   1.0016         1.0196         0.9960         1.0085            1.0124
       April   1.0003         1.0241         1.0017         1.0442            1.0525
         May   1.0002         1.0160         0.9813         1.0031            1.0038
        June   0.9988         0.9782         0.9905         1.0055            1.0021
        July   1.0004         0.9535         1.0007         0.9909            0.9723
      August   0.9985         0.9634         0.9958         0.9912            0.9655
   September   0.9969         0.9817         0.9895         0.9870            0.9630
     October   0.9969         0.9964         0.9970         0.9881            0.9835
    November   1.0013         1.0176         1.0113         0.9887            0.9831
    December   1.0083         1.0187         1.0517         1.0045            1.0256
 2003
     January   0.9983         1.0159         1.0097         1.0053            1.0419
    February   0.9993         1.0218         0.9754         0.9813            0.9948
       March   1.0006         1.0206         0.9967         1.0083            1.0129
 -------------------------------------------------------------------------------------------
 1.  Seasonally  adjusted other checkable deposits at thrifts are derived as the dif-
 ference between total other checkable deposits, seasonally adjusted,
 and seasonally adjusted other checkable deposits at commercial banks.



                                                      Appendix Table 2
                                    Monthly Seasonal Factors Used to Construct M2 and M3
 ---------------------------------------------------------------------+-------------------------------+----------------------
                Savings and        Small denom.       Large denom.    |  Money market mutual funds    |
             MMDA deposits [1]  time deposits [1]   time deposits [1] |   in M2         in M3 only    |  RPs    Eurodollars
 ---------------------------------------------------------------------+-------------------------------+----------------------
 2001
     January       0.9955             1.0035             0.9892           1.0068          1.0274        1.0004    1.0072
    February       0.9947             1.0032             0.9977           1.0148          1.0323        1.0064    1.0125
       March       1.0048             1.0008             1.0036           1.0292          1.0258        1.0051    1.0100
       April       1.0141             0.9992             1.0029           1.0305          1.0085        0.9972    1.0122
         May       0.9987             0.9965             1.0084           0.9928          0.9974        1.0148    1.0147
        June       1.0025             0.9950             1.0070           0.9886          0.9879        1.0137    1.0018
        July       0.9991             0.9967             0.9996           0.9830          0.9795        1.0011    0.9894
      August       0.9967             0.9985             0.9954           0.9897          0.9831        0.9971    0.9862
   September       0.9994             1.0006             0.9960           0.9900          0.9723        0.9846    0.9869
     October       0.9928             1.0025             0.9975           0.9902          0.9803        0.9813    0.9816
    November       0.9983             1.0027             1.0026           0.9886          0.9946        0.9981    0.9954
    December       1.0025             1.0011             1.0001           0.9939          1.0093        1.0020    1.0057
 2002
     January       0.9960             1.0033             0.9891           1.0069          1.0271        1.0000    1.0048
    February       0.9944             1.0030             0.9976           1.0147          1.0325        1.0043    1.0109
       March       1.0059             1.0007             1.0035           1.0300          1.0261        1.0024    1.0099
       April       1.0146             0.9991             1.0018           1.0323          1.0085        0.9996    1.0119
         May       0.9991             0.9965             1.0087           0.9931          0.9975        1.0135    1.0108
        June       1.0026             0.9952             1.0074           0.9887          0.9881        1.0137    0.9999
        July       0.9980             0.9968             0.9996           0.9838          0.9812        1.0032    0.9918
      August       0.9967             0.9987             0.9963           0.9890          0.9831        0.9980    0.9876
   September       0.9979             1.0009             0.9966           0.9889          0.9724        0.9844    0.9898
     October       0.9924             1.0027             0.9984           0.9902          0.9808        0.9830    0.9853
    November       0.9994             1.0026             1.0020           0.9886          0.9946        0.9977    0.9975
    December       1.0032             1.0008             0.9995           0.9934          1.0093        1.0015    1.0043
 2003
     January       0.9968             1.0030             0.9885           1.0064          1.0263        1.0002    1.0044
    February       0.9940             1.0027             0.9975           1.0147          1.0333        1.0025    1.0095
       March       1.0056             1.0005             1.0036           1.0303          1.0248        1.0007    1.0082
 ----------------------------------------------------------------------------------------------------------------------------
 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
 ------------------------------------------------------+------------------------------------
   2001 Dec 03   0.9997        1.0268         1.0596        1.0142            1.0197
            10   1.0041        1.0224         0.9894        0.9777            0.9639
            17   1.0054        1.0180         1.0363        0.9799            0.9863
            24   1.0153        1.0136         1.0546        1.0160            1.0570
            31   1.0118        1.0092         1.1288        1.0444            1.1018

   2002 Jan 07   1.0067        1.0120         1.0285        1.0183            1.0301
            14   0.9993        1.0147         0.9934        1.0026            1.0264
            21   0.9957        1.0175         1.0031        1.0054            1.0500
            28   0.9924        1.0203         0.9974        0.9981            1.0525

   2002 Feb 04   0.9958        1.0231         0.9997        1.0028            1.0223
            11   1.0000        1.0223         0.9467        0.9705            0.9681
            18   1.0013        1.0214         0.9642        0.9683            0.9811
            25   0.9979        1.0206         0.9905        0.9858            1.0130

   2002 Mar 04   0.9999        1.0197         1.0048        1.0083            1.0078
            11   1.0029        1.0196         0.9644        0.9898            0.9751
            18   1.0011        1.0196         0.9931        0.9946            0.9956
            25   0.9995        1.0195         0.9835        1.0149            1.0367

   2002 Apr 01   1.0013        1.0194         1.0544        1.0415            1.0547
            08   1.0051        1.0213         0.9682        1.0298            1.0095
            15   1.0020        1.0232         1.0075        1.0351            1.0290
            22   0.9985        1.0250         1.0105        1.0674            1.0945
            29   0.9962        1.0269         1.0130        1.0480            1.0843

   2002 May 06   1.0017        1.0288         0.9691        1.0141            0.9959
            13   1.0012        1.0219         0.9605        0.9892            0.9763
            20   0.9984        1.0152         0.9893        0.9979            1.0031
            27   1.0013        1.0085         0.9889        1.0005            1.0263

   2002 Jun 03   0.9983        1.0018         1.0231        1.0279            1.0258
            10   1.0015        0.9909         0.9490        0.9988            0.9689
            17   0.9984        0.9803         0.9904        0.9969            0.9900
            24   0.9966        0.9698         0.9707        1.0036            1.0213

   2002 Jul 01   0.9971        0.9596         1.0413        1.0133            1.0208
            08   1.0057        0.9572         0.9818        0.9967            0.9543
            15   1.0007        0.9548         0.9859        0.9804            0.9516
            22   0.9996        0.9525         0.9975        0.9882            0.9842
            29   0.9977        0.9501         1.0225        0.9916            0.9970

   2002 Aug 05   1.0009        0.9478         1.0029        0.9929            0.9427
            12   1.0009        0.9555         0.9708        0.9707            0.9191
            19   0.9976        0.9634         0.9930        0.9845            0.9580
            26   0.9946        0.9714         1.0001        0.9948            0.9982

   2002 Sep 02   0.9975        0.9795         1.0351        1.0271            1.0216
            09   1.0002        0.9805         0.9601        0.9867            0.9421
            16   0.9974        0.9814         0.9824        0.9770            0.9362
            23   0.9952        0.9823         0.9816        0.9776            0.9657
            30   0.9936        0.9833         1.0211        0.9959            0.9939

   2002 Oct 07   1.0005        0.9880         0.9805        0.9817            0.9506
            14   0.9988        0.9928         0.9658        0.9678            0.9573
            21   0.9961        0.9976         1.0048        0.9878            0.9905
            28   0.9945        1.0025         1.0143        1.0009            1.0222

   2002 Nov 04   0.9975        1.0074         1.0246        1.0145            1.0013
            11   1.0024        1.0123         0.9636        0.9688            0.9394
            18   1.0002        1.0172         1.0027        0.9743            0.9678
            25   1.0019        1.0222         1.0276        0.9916            1.0047

   2002 Dec 02   1.0010        1.0273         1.0705        1.0151            1.0253
            09   1.0030        1.0237         0.9755        0.9803            0.9638
            16   1.0045        1.0201         1.0319        0.9737            0.9771
            23   1.0134        1.0166         1.0544        1.0125            1.0513
            30   1.0135        1.0131         1.1317        1.0433            1.1062

   2003 Jan 06   1.0074        1.0096         1.0570        1.0333            1.0561
            13   1.0006        1.0130         0.9982        1.0002            1.0256
            20   0.9970        1.0164         1.0005        1.0015            1.0431
            27   0.9936        1.0198         0.9981        0.9935            1.0503

   2003 Feb 03   0.9946        1.0232         1.0110        1.0029            1.0331
            10   1.0002        1.0225         0.9500        0.9737            0.9738
            17   1.0018        1.0219         0.9550        0.9644            0.9777
            24   0.9983        1.0212         0.9872        0.9822            1.0075

   2003 Mar 03   0.9983        1.0205         1.0078        1.0064            1.0104
            10   1.0031        1.0205         0.9613        0.9900            0.9710
            17   1.0009        1.0206         0.9932        0.9893            0.9838
            24   0.9994        1.0206         0.9821        1.0115            1.0287
            31   0.9983        1.0206         1.0434        1.0432            1.0710
 -------------------------------------------------------------------------------------------
 1.  Seasonally adjusted other checkable deposits at thrifts are derived as the differ-
 ence between total other checkable deposits, seasonally adjusted,
 and seasonally adjusted other checkable deposits at commercial banks.


                                                       Appendix Table 4
                                      Weekly Seasonal Factors Used to Construct M2 and M3
 -----------------------------------------------------------------------+-------------------------------+----------------------
                  Savings and        Small denom.       Large denom.    |  Money market mutual funds    |
               MMDA deposits [1]  time deposits [1]   time deposits [1] |   in M2         in M3 only    |  RPs    Eurodollars
 -----------------------------------------------------------------------+-------------------------------+----------------------
   2001 Dec 03       0.9921             1.0022             0.9962           0.9922          1.0019        0.9974    1.0028
            10       1.0150             1.0016             1.0008           0.9968          1.0135        1.0102    0.9978
            17       1.0117             1.0010             1.0060           0.9963          1.0197        1.0018    1.0016
            24       0.9945             1.0005             0.9999           0.9950          1.0132        1.0028    1.0030
            31       0.9881             1.0009             0.9952           0.9882          0.9942        0.9953    1.0215

   2002 Jan 07       1.0223             1.0009             1.0055           0.9876          0.9790        0.9853    1.0136
            14       1.0107             1.0034             1.0012           1.0103          1.0342        1.0040    0.9993
            21       0.9952             1.0042             0.9840           1.0161          1.0417        0.9995    1.0036
            28       0.9706             1.0042             0.9760           1.0099          1.0446        1.0065    1.0075

   2002 Feb 04       0.9937             1.0042             0.9835           1.0087          1.0253        1.0080    1.0004
            11       1.0017             1.0036             0.9931           1.0148          1.0366        1.0159    1.0015
            18       0.9960             1.0031             1.0024           1.0131          1.0328        1.0020    1.0157
            25       0.9832             1.0022             1.0024           1.0182          1.0359        0.9947    1.0220

   2002 Mar 04       1.0016             1.0017             1.0048           1.0182          1.0239        0.9998    1.0096
            11       1.0139             1.0010             1.0062           1.0278          1.0323        1.0064    1.0000
            18       1.0062             1.0008             1.0024           1.0291          1.0216        1.0038    1.0069
            25       0.9953             1.0003             0.9985           1.0355          1.0289        1.0067    1.0147

   2002 Apr 01       0.9992             0.9999             1.0067           1.0351          1.0222        0.9930    1.0195
            08       1.0301             1.0005             1.0087           1.0414          1.0123        0.9915    1.0070
            15       1.0331             0.9997             1.0008           1.0446          1.0252        1.0012    1.0066
            22       1.0146             0.9987             0.9990           1.0348          0.9988        0.9959    1.0065
            29       0.9849             0.9978             0.9986           1.0139          0.9981        1.0089    1.0266

   2002 May 06       1.0100             0.9977             0.9988           0.9919          0.9932        1.0112    1.0092
            13       1.0067             0.9971             1.0031           0.9950          0.9982        1.0192    1.0008
            20       0.9999             0.9962             1.0107           0.9925          0.9999        1.0067    1.0106
            27       0.9844             0.9958             1.0166           0.9933          1.0011        1.0136    1.0213

   2002 Jun 03       0.9995             0.9955             1.0156           0.9923          0.9922        1.0186    1.0130
            10       1.0180             0.9954             1.0106           0.9940          0.9995        1.0200    1.0003
            17       1.0102             0.9951             1.0073           0.9908          0.9907        1.0186    0.9960
            24       0.9887             0.9948             1.0048           0.9876          0.9816        1.0078    0.9914

   2002 Jul 01       0.9886             0.9954             1.0026           0.9795          0.9775        1.0050    1.0074
            08       1.0170             0.9966             1.0025           0.9800          0.9721        0.9990    0.9928
            15       1.0086             0.9966             1.0013           0.9864          0.9890        1.0028    0.9877
            22       0.9929             0.9969             0.9976           0.9866          0.9859        1.0042    0.9928
            29       0.9798             0.9970             0.9969           0.9836          0.9808        1.0058    0.9929

   2002 Aug 05       1.0075             0.9976             0.9981           0.9813          0.9714        1.0061    0.9879
            12       1.0077             0.9982             0.9994           0.9897          0.9858        1.0122    0.9788
            19       0.9982             0.9988             0.9935           0.9895          0.9798        0.9931    0.9794
            26       0.9814             0.9991             0.9922           0.9918          0.9904        0.9878    0.9930

   2002 Sep 02       0.9845             0.9998             0.9998           0.9907          0.9856        0.9913    1.0032
            09       1.0146             1.0006             1.0017           0.9908          0.9740        0.9870    0.9785
            16       1.0114             1.0006             0.9972           0.9930          0.9733        0.9888    0.9925
            23       0.9857             1.0009             0.9906           0.9880          0.9718        0.9868    0.9890
            30       0.9773             1.0016             0.9957           0.9834          0.9666        0.9731    0.9955

   2002 Oct 07       1.0108             1.0032             1.0051           0.9836          0.9636        0.9713    0.9807
            14       1.0043             1.0029             1.0032           0.9932          0.9871        0.9810    0.9854
            21       0.9919             1.0026             0.9958           0.9953          0.9827        0.9826    0.9783
            28       0.9749             1.0023             0.9914           0.9903          0.9905        0.9905    0.9939

   2002 Nov 04       0.9973             1.0024             0.9939           0.9863          0.9786        0.9981    0.9922
            11       1.0071             1.0029             1.0029           0.9890          0.9952        1.0055    0.9916
            18       1.0021             1.0027             1.0074           0.9857          0.9925        0.9947    0.9976
            25       0.9875             1.0025             1.0042           0.9900          1.0003        0.9943    1.0009

   2002 Dec 02       0.9929             1.0021             0.9966           0.9917          1.0015        0.9954    1.0052
            09       1.0143             1.0016             1.0004           0.9939          1.0059        1.0086    0.9959
            16       1.0150             1.0009             1.0075           0.9954          1.0187        1.0029    1.0011
            23       0.9956             1.0002             1.0003           0.9948          1.0139        1.0011    1.0001
            30       0.9866             1.0001             0.9917           0.9907          1.0044        0.9973    1.0190

   2003 Jan 06       1.0197             1.0020             0.9924           0.9871          0.9854        0.9866    1.0109
            13       1.0108             1.0032             1.0006           1.0070          1.0285        1.0042    0.9977
            20       0.9985             1.0034             0.9874           1.0159          1.0401        0.9996    1.0035
            27       0.9724             1.0031             0.9769           1.0106          1.0443        1.0047    1.0074

   2003 Feb 03       0.9833             1.0033             0.9832           1.0104          1.0271        1.0063    1.0025
            10       1.0020             1.0032             0.9915           1.0149          1.0364        1.0141    0.9981
            17       0.9988             1.0030             1.0014           1.0126          1.0334        1.0031    1.0138
            24       0.9859             1.0023             1.0021           1.0167          1.0377        0.9921    1.0178

   2003 Mar 03       0.9940             1.0017             1.0041           1.0175          1.0249        0.9962    1.0129
            10       1.0170             1.0010             1.0065           1.0264          1.0294        1.0027    0.9950
            17       1.0109             1.0006             1.0037           1.0284          1.0214        1.0015    1.0063
            24       0.9981             1.0003             0.9987           1.0353          1.0241        1.0046    1.0087
            31       0.9940             0.9997             1.0052           1.0365          1.0241        0.9959    1.0207
 ------------------------------------------------------------------------------------------------------------------------------
 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
 ------------+--------------------------+--------------------------+------------------------
 2000
   October       1099.2        1096.2       4886.7        4886.3       7011.2        7002.9
  November       1091.7        1087.1       4901.4        4900.1       7036.1        7030.2
  December       1088.9        1088.1       4942.4        4937.4       7124.5        7114.3
 2001
   January       1095.9        1099.3       4987.3        4983.4       7223.4        7213.0
  February       1098.9        1100.1       5025.8        5023.1       7288.5        7280.2
     March       1107.4        1112.7       5074.0        5078.4       7340.4        7346.8
     April       1109.8        1117.5       5114.9        5121.4       7444.0        7463.7
       May       1116.7        1117.0       5138.8        5143.8       7530.7        7548.9
      June       1125.5        1123.5       5183.4        5186.7       7614.9        7630.2
      July       1138.5        1136.6       5224.1        5226.1       7662.4        7673.5
    August       1147.2        1144.6       5265.4        5261.8       7685.0        7678.0
 September       1204.6        1200.9       5383.9        5379.7       7843.9        7830.9
   October       1161.7        1158.9       5372.5        5371.9       7890.3        7879.3
  November       1163.9        1158.1       5414.5        5413.8       7980.4        7970.9
  December       1178.6        1177.9       5454.8        5449.3       8051.9        8036.2
 2002
   January       1181.8        1185.4       5464.9        5459.4       8053.4        8038.6
 -------------------------------------------------------------------------------------------


                         Appendix Table 6
           Comparison of Revised and Old M1 Growth Rates
                 (percent changes at annual rates)
 --------------+----------------------------+----------------------
               |                            |  Difference due to
               |Revised    Old   Difference |Benchmark   Seasonals
 --------------+----------------------------+----------------------
 2000
       January    -3.9     -1.6      -2.3        0.0        -2.3
      February   -13.2    -15.1       1.9        0.0         1.9
         March     0.5      4.9      -4.4        0.0        -4.4
         April     3.4      4.5      -1.1        0.0        -1.1
           May    -6.5    -12.0       5.5        0.0         5.5
          June     0.4     -1.5       1.9        0.0         1.9
          July    -1.3     -2.1       0.8        0.0         0.8
        August    -3.4     -4.4       1.0        0.0         1.0
     September    -3.3     -3.7       0.4        0.0         0.4
       October     0.1      0.2      -0.1        0.0        -0.1
      November    -8.2    -10.0       1.8        0.0         1.8
      December    -3.1      1.1      -4.2        0.0        -4.2
 2001
       January     7.7     12.4      -4.7        0.0        -4.7
      February     3.3      0.9       2.4        0.0         2.4
         March     9.3     13.7      -4.4        0.0        -4.4
         April     2.6      5.2      -2.6        0.0        -2.6
           May     7.5     -0.5       8.0        0.0         8.0
          June     9.5      7.0       2.5        0.0         2.5
          July    13.9     14.0      -0.1        0.0        -0.1
        August     9.2      8.4       0.8        0.0         0.8
     September    60.0     59.0       1.0        0.0         1.0
       October   -42.7    -42.0      -0.7        0.0        -0.7
      November     2.3     -0.8       3.1        0.0         3.1
      December    15.2     20.5      -5.3        0.0        -5.3
 2002
       January     3.3      7.6      -4.3        0.0        -4.3
 Quarterly
          00Q4    -3.2     -3.3       0.1        0.0         0.1
          01Q1     2.7      5.0      -2.3        0.0        -2.3
          01Q2     6.0      5.5       0.5        0.0         0.5
          01Q3    16.5     14.8       1.7        0.0         1.7
          01Q4     1.6      1.5       0.1        0.0         0.1
 Semi-Annual
 00Q4  -  01Q2     4.4      5.3      -0.9        0.0        -0.9
 01Q2  -  01Q4     9.1      8.2       0.9        0.0         0.9
 Annual (Q4 to Q4)
          2000    -1.7     -1.7       0.0        0.0         0.0
          2001     6.8      6.8       0.0        0.0         0.0
 ------------------------------------------------------------------



                         Appendix Table 7
           Comparison of Revised and Old M2 Growth Rates
                 (percent changes at annual rates)
 --------------+----------------------------+----------------------
               |                            |  Difference due to
               |Revised    Old   Difference |Benchmark   Seasonals
 --------------+----------------------------+----------------------
 2000
       January     5.6      5.7      -0.1        0.0        -0.1
      February     3.6      3.9      -0.3        0.0        -0.3
         March     6.4      7.8      -1.4        0.0        -1.4
         April     9.3      9.6      -0.3        0.0        -0.3
           May     1.9      1.6       0.3        0.0         0.3
          June     5.4      5.1       0.3        0.0         0.3
          July     5.4      5.0       0.4        0.0         0.4
        August     8.5      7.6       0.9        0.0         0.9
     September     7.9      8.0      -0.1        0.0        -0.1
       October     4.3      4.8      -0.5        0.0        -0.5
      November     3.6      3.4       0.2        0.0         0.2
      December    10.0      9.1       0.9        0.0         0.9
 2001
       January    10.9     11.2      -0.3        0.0        -0.3
      February     9.3      9.6      -0.3        0.0        -0.3
         March    11.5     13.2      -1.7        0.0        -1.7
         April     9.7     10.2      -0.5        0.0        -0.5
           May     5.6      5.2       0.4        0.0         0.4
          June    10.4     10.0       0.4        0.0         0.4
          July     9.4      9.1       0.3        0.0         0.3
        August     9.5      8.2       1.3        0.0         1.3
     September    27.0     26.9       0.1        0.0         0.1
       October    -2.5     -1.7      -0.8        0.0        -0.8
      November     9.4      9.4       0.0        0.0         0.0
      December     8.9      7.9       1.0        0.0         1.0
 2002
       January     2.2      2.2       0.0        0.0         0.0
 Quarterly
          00Q4     6.1      6.0       0.1        0.0         0.1
          01Q1     9.7      9.8      -0.1        0.0        -0.1
          01Q2     9.3      9.7      -0.4        0.0        -0.4
          01Q3    11.3     10.8       0.5        0.0         0.5
          01Q4     9.3      9.3       0.0        0.0         0.0
 Semi-Annual
 00Q4  -  01Q2     9.6      9.9      -0.3        0.0        -0.3
 01Q2  -  01Q4    10.4     10.1       0.3        0.0         0.3
 Annual (Q4 to Q4)
          2000     6.1      6.1       0.0        0.0         0.0
          2001    10.3     10.3       0.0        0.0         0.0
 ------------------------------------------------------------------



                         Appendix Table 8
           Comparison of Revised and Old M3 Growth Rates
                 (percent changes at annual rates)
 --------------+----------------------------+----------------------
               |                            |  Difference due to
               |Revised    Old   Difference |Benchmark   Seasonals
 --------------+----------------------------+----------------------
 2000
       January     7.9      7.7       0.2        0.0         0.2
      February     5.9      6.1      -0.2        0.0        -0.2
         March    11.2     13.0      -1.8        0.0        -1.8
         April     7.9      9.3      -1.4        0.0        -1.4
           May     5.8      5.8       0.0        0.0         0.0
          June     9.3      9.0       0.3        0.0         0.3
          July     9.6      8.9       0.7        0.0         0.7
        August    12.5     10.6       1.9        0.0         1.9
     September    10.0      9.4       0.6        0.0         0.6
       October     4.3      4.2       0.1        0.0         0.1
      November     4.3      4.7      -0.4        0.0        -0.4
      December    15.1     14.4       0.7        0.0         0.7
 2001
       January    16.7     16.6       0.1        0.0         0.1
      February    10.8     11.2      -0.4        0.0        -0.4
         March     8.5     11.0      -2.5        0.0        -2.5
         April    16.9     19.1      -2.2        0.0        -2.2
           May    14.0     13.7       0.3        0.0         0.3
          June    13.4     12.9       0.5        0.0         0.5
          July     7.5      6.8       0.7        0.0         0.7
        August     3.5      0.7       2.8        0.0         2.8
     September    24.8     23.9       0.9        0.0         0.9
       October     7.1      7.4      -0.3        0.0        -0.3
      November    13.7     14.0      -0.3        0.0        -0.3
      December    10.8      9.8       1.0        0.0         1.0
 2002
       January     0.2      0.4      -0.2        0.0        -0.2
 Quarterly
          00Q4     7.7      7.3       0.4        0.0         0.4
          01Q1    12.9     13.1      -0.2        0.0        -0.2
          01Q2    13.5     14.7      -1.2        0.0        -1.2
          01Q3    10.7      9.5       1.2        0.0         1.2
          01Q4    12.6     12.1       0.5        0.0         0.5
 Semi-Annual
 00Q4  -  01Q2    13.4     14.1      -0.7        0.0        -0.7
 01Q2  -  01Q4    11.8     11.0       0.8        0.0         0.8
 Annual (Q4 to Q4)
          2000     9.4      9.4       0.0        0.0         0.0
          2001    13.0     13.0       0.0        0.0         0.0
 ------------------------------------------------------------------


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