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