Federal Reserve Statistical Release, H.6, Money Stock and Debt Measures; title with eagle logo links to Statistical Release home page

Release Date: February 08, 2001

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                                              February 8, 2001

H.6 (508)





                     MONEY STOCK REVISIONS



     Measures of the money stock and components have been revised to incorporate the

results of the annual benchmark and 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.  For 2000, the revisions raised the annual growth rates of M2 and

M3 by 0.2 percentage point.

     The benchmark incorporates revisions to vault cash that reflect a new estimation method

for credit unions that do not file the Federal Reserve's deposit reports either weekly or quarterly.

These revisions begin in April 1984, and the maximum absolute revision is $1 billion.  The

benchmark also incorporates revised historical data on the holdings of large time deposits by

money market mutual funds, an item that is subtracted from gross large time deposits when

calculating the large time deposit component of M3.  These revisions begin in March 1980, and

the maximum absolute revision is about $43 billion.  This release also incorporates the  receipt

of historical information from other routine data flows.

     Seasonally adjusted measures of the money stock and components also incorporate

revised seasonal factors based on the benchmarked data through December 2000.  Monthly

seasonal factors were estimated using the X-12-ARIMA procedure.  The monthly and weekly

seasonal factors were derived after excluding the estimated effects of the century date change.

These adjustments were made to ensure that unusual movements around the century date change

did not influence the estimated seasonal factors.  The revisions to seasonal factors lowered M2

growth rates in the first two quarters of 2000 and raised them in the last two quarters.  The

revisions to seasonal factors also reduced the M3 growth rate in the first quarter of 2000, but

increased growth in the final three quarters 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 released 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.

     This year's benchmark will be the last at the annual frequency.  Future benchmarks will

be conducted at a quarterly frequency in order to provide more timely updates of published data.

The next benchmark of the monetary aggregates will be released in mid- to late March.  The

quarterly benchmark review will incorporate revised historical data for depository institutions

and money market mutual funds, data from the call reports filed by depository institutions, and

data on money market mutual funds that began reporting data for the first time during the

quarter.

     The review of seasonal factors for the monetary aggregates will continue to be performed

annually, with the results released in early February.





 FEDERAL RESERVE STATISTICAL RELEASE
 
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
February 8, 2001
MONEY STOCK AND DEBT MEASURES
Billions of dollars     
DateM11M22M33Debt4
Seasonally adjusted  
 1999-Jan.                    1097.5            4404.8           6056.2         16353.7  
      Feb.                    1096.1            4432.3           6111.8         16436.3  
      Mar.                    1102.2            4444.1           6117.4         16560.7  
      Apr.                    1107.5            4467.9           6153.0         16677.3  
      May                     1100.9            4493.3           6190.8         16763.9  
      June                    1099.8            4515.0           6226.4         16845.1  
      July                    1097.5            4542.0           6257.0         16917.8  
      Aug.                    1095.8            4559.9           6277.8         17014.8  
      Sep.                    1093.4            4576.3           6303.2         17121.4  
      Oct.                    1096.4            4596.5           6356.3         17204.3  
      Nov.                    1107.1            4621.9           6440.6         17272.9  
      Dec.                    1124.3            4648.2           6524.1         17376.7  
                                                                                         
 2000-Jan.                    1122.8            4668.7           6565.2         17452.9  
      Feb.                    1108.8            4684.4           6597.2         17509.9  
      Mar.                    1113.2            4715.2           6668.2         17619.5  
      Apr.                    1117.3            4752.6           6719.8         17719.2  
      May                     1106.6            4759.2           6752.7         17795.5  
      June                    1105.7            4780.3           6803.0         17876.2  
      July                    1103.9            4801.1           6851.7         17940.5  
      Aug.                    1099.6            4832.3           6911.1         18000.9  
      Sep.                    1095.7            4865.3           6963.9         18076.5  
      Oct.                    1096.3            4888.2           6990.4         18122.7  
      Nov.                    1089.2            4905.9           7015.7         18192.9 p
      Dec.                    1091.2            4945.6           7089.5                  
                                                                                         
Not seasonally adjusted
 1999-Jan.                    1103.0            4415.6           6076.8         16343.3  
      Feb.                    1084.3            4426.5           6130.1         16418.9  
      Mar.                    1096.6            4465.8           6156.3         16550.9  
      Apr.                    1112.6            4513.3           6199.4         16647.0  
      May                     1095.4            4474.2           6176.3         16704.1  
      June                    1097.3            4500.4           6206.8         16782.3  
      July                    1096.7            4524.8           6218.3         16850.8  
      Aug.                    1092.7            4546.7           6248.0         16954.8  
      Sep.                    1086.3            4559.5           6264.1         17064.8  
      Oct.                    1094.8            4579.3           6325.4         17152.7  
      Nov.                    1112.9            4616.8           6439.6         17249.7  
      Dec.                    1147.8            4672.2           6561.4         17372.0  
                                                                                         
 2000-Jan.                    1125.9            4679.9           6591.7         17447.3  
      Feb.                    1096.3            4681.1           6621.6         17498.9  
      Mar.                    1107.5            4742.4           6717.5         17612.9  
      Apr.                    1124.3            4810.3           6778.3         17690.4  
      May                     1100.3            4736.5           6734.6         17734.5  
      June                    1103.0            4761.9           6777.6         17809.9  
      July                    1104.5            4780.9           6806.6         17868.8  
      Aug.                    1096.1            4814.3           6874.1         17936.7  
      Sep.                    1090.2            4850.5           6922.1         18017.7  
      Oct.                    1093.7            4865.7           6948.4         18072.3  
      Nov.                    1095.3            4898.1           7011.3         18171.3 p
      Dec.                    1115.6            4974.3           7134.6                  
                                                                                         
Footnotes appear on the following page.
p -- indicates preliminary data
 
 
 
H.6 (508)
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
 M1M2M3Debt
 3 Months from Sep. 2000 TO Dec. 2000           -1.6         6.6         7.2         4.3 
 6 Months from June 2000 TO Dec. 2000           -2.6         6.9         8.4         4.5 
12 Months from Dec. 1999 TO Dec. 2000           -2.9         6.4         8.7         5.3 
Thirteen weeks ending                                                                     
January 29 , 2001                                                                         
from thirteen weeks ending:                                                               
Oct. 30, 2000 (13 weeks previous)               -1.2         7.1         8.0             
July 31, 2000 (26 weeks previous)               -2.1         7.0         8.5             
Jan. 31, 2000 (52 weeks previous)               -2.2         6.5         8.9             
1. Growth rates for debt are based on periods beginning and ending one month earlier     
than for the monetary aggregates, namely,                                                
August 2000 to November 2000, May 2000 to November 2000,                      and        
November 1999 to November 2000, 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 releases Z.7 and Z.1.
In those releases, 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.
 
 
 
 
H.6 (508)
Table 3
MONEY STOCK MEASURES
Billions of Dollars
 
 M1M2M3
Period Ending 13-week average 4-week average week average 13-week average 4-week averageweek average 13-week average 4-week average week average
Seasonally adjusted 
 2000-Nov.  6             1096.8        1096.0        1091.4          4866.8        4890.9        4891.7          6962.8        6995.3        7001.8 
           13             1095.9        1093.3        1082.3          4872.9        4893.5        4898.1          6971.5        6999.7        7006.9 
           20             1095.2        1091.6        1089.8          4878.4        4896.5        4902.4          6979.0        7002.5        7010.8 
           27             1094.2        1089.2        1093.4          4884.1        4902.2        4916.7          6986.6        7010.7        7023.3 
                                                                                                                                                     
      Dec.  4             1093.0        1088.6        1088.7          4889.7        4910.5        4924.8          6994.6        7022.0        7047.0 
           11             1092.2        1088.8        1083.4          4895.4        4918.8        4931.3          7002.6        7033.0        7051.0 
           18             1091.7        1088.2        1087.1          4901.3        4929.8        4946.3          7011.7        7053.7        7093.3 
           25             1091.9        1089.0        1096.9          4907.9        4939.9        4957.0          7022.6        7076.3        7114.0 
                                                                                                                                                     
 2001-Jan.  1             1092.1        1092.3        1101.6          4914.6        4950.8        4968.4          7034.2        7098.5        7135.7 
            8             1092.5        1095.2        1095.0          4921.7        4961.4        4973.7          7046.6        7121.4        7142.6 
           15             1092.8        1097.7        1097.3          4929.7        4972.5        4990.8          7061.8        7144.8        7187.0 
           22p            1093.6        1100.3        1107.2          4939.0        4986.2        5011.9          7077.9        7168.6        7208.9 
           29p            1093.9        1101.5        1106.3          4947.2        4994.2        5000.2          7093.6        7183.2        7194.2 
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                                     
Not seasonally adjusted                 
 2000-Nov.  6             1093.1        1094.2        1091.0          4848.5        4868.9        4894.2          6923.7        6960.0        6993.8 
           13             1092.4        1091.7        1076.6          4854.6        4871.6        4895.3          6933.9        6970.0        7011.6 
           20             1092.3        1092.3        1094.7          4860.7        4882.1        4896.8          6944.0        6985.2        7007.7 
           27             1093.0        1094.1        1114.2          4868.3        4897.1        4902.2          6955.6        7008.5        7020.8 
                                                                                                                                                     
      Dec.  4             1093.0        1098.1        1106.7          4875.1        4908.5        4939.5          6967.0        7026.6        7066.1 
           11             1093.2        1100.9        1087.8          4881.3        4923.1        4953.8          6979.2        7048.9        7100.9 
           18             1094.5        1103.1        1103.5          4889.3        4940.9        4968.0          6994.1        7081.7        7139.1 
           25             1098.3        1107.3        1131.1          4902.2        4959.7        4977.6          7014.9        7114.9        7153.5 
                                                                                                                                                     
 2001-Jan.  1             1102.1        1119.4        1155.3          4915.0        4977.1        5009.0          7035.6        7142.1        7174.7 
            8             1104.2        1124.3        1107.4          4927.0        4996.8        5032.6          7055.4        7168.3        7205.8 
           15             1104.8        1122.1        1094.5          4938.2        5012.5        5030.6          7077.3        7197.6        7256.5 
           22p            1105.2        1113.9        1098.4          4949.8        5019.5        5005.7          7098.9        7216.2        7227.8 
           29p            1104.5        1099.5        1097.8          4958.7        5006.6        4957.3          7118.3        7217.4        7179.4 
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                                     
 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.
 




H.6 (508)
Table 4
SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
    Other Checkable Deposits
DateCurrency1Travelers checks2Demand Deposits3At comm. banks4At thrift inst.5Total
 1999-Aug.                        490.0               9.0                 355.1               137.0               104.7               241.7  
      Sep.                        494.2               8.7                 350.0               136.5               104.0               240.5  
                                                                                                                                             
      Oct.                        498.3               8.4                 350.5               136.2               103.0               239.2  
      Nov.                        504.3               8.1                 354.1               137.6               102.9               240.5  
      Dec.                        516.7               8.2                 355.6               141.1               102.6               243.7  
                                                                                                                                             
                                                                                                                                             
 2000-Jan.                        524.8               8.2                 346.2               141.6               102.0               243.6  
      Feb.                        517.9               8.1                 341.0               137.5               104.2               241.7  
      Mar.                        516.0               8.2                 344.4               137.3               107.3               244.6  
                                                                                                                                             
      Apr.                        516.7               8.1                 343.5               140.2               108.8               249.0  
      May                         518.7               8.3                 336.6               135.7               107.4               243.1  
      June                        520.9               8.8                 333.8               134.4               107.7               242.1  
                                                                                                                                             
      July                        522.4               9.3                 332.3               132.2               107.7               239.9  
      Aug.                        523.5               9.3                 326.5               133.1               107.3               240.4  
      Sep.                        524.7               8.9                 323.6               131.6               106.9               238.5  
                                                                                                                                             
      Oct.                        526.4               8.4                 322.1               133.9               105.6               239.4  
      Nov.                        528.0               8.0                 315.2               133.0               105.0               238.0  
      Dec.                        530.4               8.0                 313.7               134.7               104.4               239.1  
                                                                                                                                             
                                                                                                                                             
                                                                                                                                             
Week Ending:                                                                             
 2000-Dec.  4                     528.5               7.8                 311.9               135.0               105.5               240.5  
           11                     529.2               7.9                 309.7               130.9               105.7               236.6  
           18                     530.6               8.0                 311.0               132.8               104.8               237.6  
           25                     531.1               8.1                 317.3               137.8               102.6               240.4  
                                                                                                                                             
 2001-Jan.  1                     531.8               8.2                 319.8               138.4               103.5               241.9  
            8                     533.2               8.2 e               312.1               134.3               107.3               241.6  
           15                     534.2               8.1 e               314.6               134.2               106.1               240.3  
           22p                    534.8               8.1 e               321.7               138.0               104.5               242.5  
           29p                    536.6               8.1 e               319.5               139.2               103.0               242.1  
                                                                                                                                             
                                                                                                                                             
                                                                                                                                             
                                                                                                                                             
 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.
 



H.6 (508)
Table 5
SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
 Savings Deposits1Small-denomination time deposit2  
DateAt comm.
banks
At thrift
insts.
Total At comm.
banks
At thrift
insts.
Total Retail
money
funds
Total
Non-M1 M2
 1999-Aug.                  1275.9          456.3         1732.3          618.1          314.1          932.2          799.6         3464.1 
      Sep.                  1285.7          455.7         1741.4          621.6          315.3          936.9          804.6         3482.9 
                                                                                                                                            
      Oct.                  1292.3          454.3         1746.7          625.7          316.8          942.5          810.9         3500.1 
      Nov.                  1292.1          452.9         1745.0          630.7          319.1          949.8          820.0         3514.8 
      Dec.                  1287.0          449.3         1736.2          635.2          320.9          956.1          831.6         3523.9 
                                                                                                                                             
                                                                                                                                             
 2000-Jan.                  1287.8          446.9         1734.7          639.5          323.3          962.8          848.4         3545.9 
      Feb.                  1301.4          449.1         1750.6          645.4          324.6          970.0          855.1         3575.6 
      Mar.                  1306.4          450.8         1757.2          651.2          326.1          977.3          867.6         3602.1 
                                                                                                                                            
      Apr.                  1319.7          447.0         1766.7          660.2          325.6          985.7          882.9         3635.3 
      May                   1321.6          452.8         1774.4          665.4          327.2          992.6          885.6         3652.6 
      June                  1330.5          452.5         1783.0          674.6          329.3         1003.9          887.8         3674.7 
                                                                                                                                            
      July                  1344.3          452.8         1797.1          679.9          332.8         1012.8          887.3         3697.1 
      Aug.                  1361.5          455.1         1816.7          685.1          337.0         1022.1          893.9         3732.7 
      Sep.                  1383.5          455.1         1838.6          687.9          339.8         1027.7          903.3         3769.6 
                                                                                                                                            
      Oct.                  1389.4          456.7         1846.1          689.8          342.7         1032.5          913.3         3791.8 
      Nov.                  1401.4          455.8         1857.2          693.8          345.4         1039.2          920.3         3816.7 
      Dec.                  1420.6          452.7         1873.3          698.8          347.0         1045.8          935.3         3854.4 
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
Week ending:                                                                       
 2000-Dec.  4               1410.4          454.5         1864.9          695.5          346.2         1041.8          929.5         3836.2 
           11               1422.8          453.1         1875.9          697.3          346.7         1044.0          928.1         3847.9 
           18               1424.6          454.2         1878.9          698.4          347.0         1045.3          935.0         3859.2 
           25               1420.6          454.0         1874.6          699.6          347.8         1047.3          938.2         3860.1 
                                                                                                                                            
 2001-Jan.  1               1421.5          451.7         1873.2          701.9          347.1         1048.9          944.7         3866.8 
            8               1435.5          446.2         1881.7          701.0          349.7         1050.7          946.4         3878.8 
           15               1438.7          449.9         1888.6          702.0          350.9         1052.9          952.1         3893.6 
           22p              1438.3          455.2         1893.5          702.3          351.3         1053.6          957.6         3904.7 
           29p              1428.3          459.7         1888.0          700.8          351.9         1052.7          953.1         3893.8 
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 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.



H.6 (508)
Table 6
SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
  Large-denomination time deposits1   Debt components5
DateInstitutional
money
funds
At commercial
banks2
At thrift
institutions
TotalRPs3Eurodollars4Total
Non-M2 M3
FederalNon-Federal
 1999-Aug.                578.5         575.5          89.9        665.4        315.2        158.8       1717.9     3713.8       13301.0  
      Sep.                581.6         580.2          90.4        670.7        318.2        156.5       1727.0     3701.9       13419.5  
                                                                                                                                          
      Oct.                592.8         603.0          90.4        693.4        319.1        154.5       1759.7     3683.8       13520.5  
      Nov.                608.7         624.2          91.3        715.4        330.9        163.7       1818.7     3659.0       13613.9  
      Dec.                622.0         648.8          91.3        740.1        343.0        170.8       1875.9     3660.2       13716.5  
                                                                                                                                          
                                                                                                                                          
 2000-Jan.                635.4         652.3          94.0        746.3        340.2        174.6       1896.5     3645.7       13807.2  
      Feb.                636.9         654.4          94.4        748.7        352.0        175.2       1912.8     3608.0       13901.9  
      Mar.                655.9         663.9          94.5        758.4        350.9        187.8       1952.9     3616.4       14003.2  
                                                                                                                                          
      Apr.                660.6         679.5          94.1        773.6        349.8        183.1       1967.1     3600.2       14119.0  
      May                 671.7         682.6          93.7        776.3        357.7        187.8       1993.5     3546.0       14249.4  
      June                682.5         692.5          95.4        787.9        364.5        187.7       2022.6     3521.2       14354.9  
                                                                                                                                          
      July                704.5         698.1          97.7        795.8        366.4        183.9       2050.6     3510.2       14430.4  
      Aug.                720.6         709.1          99.5        808.5        363.4        186.3       2078.8     3488.9       14512.1  
      Sep.                737.9         706.7         100.7        807.4        364.1        189.3       2098.6     3475.0       14601.6  
                                                                                                                                          
      Oct.                744.2         701.9         102.6        804.5        363.1        190.5       2102.3     3445.9       14676.8  
      Nov.                752.2         704.7         103.6        808.3        358.4        191.0       2109.8     3419.4 p     14773.5 p
      Dec.                767.7         720.1         103.7        823.8        361.6        190.8       2143.8                           
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
Week ending:                                              
 2000-Dec.  4             763.5         706.7         103.9        810.6        357.6        190.5       2122.2                           
           11             754.2         713.0         103.6        816.5        359.6        189.3       2119.7                           
           18             773.4         720.7         103.4        824.1        359.4        190.1       2147.0                           
           25             768.4         724.9         103.9        828.8        366.9        192.9       2157.0                           
                                                                                                                                          
 2001-Jan.  1             778.7         730.9         103.9        834.8        362.8        190.9       2167.3                           
            8             777.6         737.4         104.6        842.0        362.9        186.5       2168.9                           
           15             802.8         745.6         106.5        852.1        355.3        186.1       2196.2                           
           22p            809.4         735.2         107.8        843.0        355.0        189.7       2197.1                           
           29p            809.9         732.5         108.5        841.0        354.2        188.9       2194.1                           
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
                                                                                                                                          
 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



H.6 (508)
Table 7
NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
    Other Checkable Deposits
DateCurrency1Travelers checks2Demand Deposits3At comm. banks4At thrift inst.5Total
 1999-Aug.                       489.3               8.6                 355.2               135.6               103.9               239.5  
      Sep.                       492.4               8.5                 347.2               135.2               103.0               238.2  
                                                                                                                                            
      Oct.                       497.8               8.4                 350.8               135.0               102.8               237.8  
      Nov.                       505.0               8.3                 359.4               137.0               103.4               240.3  
      Dec.                       521.5               8.4                 371.2               142.4               104.3               246.6  
                                                                                                                                            
                                                                                                                                            
 2000-Jan.                       522.9               8.4                 348.4               143.8               102.3               246.1  
      Feb.                       516.5               8.3                 331.8               137.3               102.5               239.8  
      Mar.                       515.9               8.3                 338.7               137.7               106.9               244.6  
                                                                                                                                            
      Apr.                       517.4               8.3                 344.8               142.9               110.9               253.8  
      May                        518.7               8.4                 331.0               135.5               106.7               242.2  
      June                       521.0               8.7                 331.4               134.4               107.6               242.0  
                                                                                                                                            
      July                       523.1               8.9                 334.1               130.9               107.5               238.4  
      Aug.                       522.5               8.9                 326.3               131.8               106.6               238.4  
      Sep.                       523.3               8.7                 321.7               130.3               106.1               236.4  
                                                                                                                                            
      Oct.                       525.1               8.4                 322.2               132.7               105.4               238.1  
      Nov.                       528.6               8.2                 320.5               132.4               105.7               238.1  
      Dec.                       535.7               8.1                 329.1               135.9               106.7               242.6  
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
Week Ending:                                                                            
 2000-Dec.  4                    529.7               8.0                 325.3               135.2               108.4               243.6  
           11                    532.2               8.1                 312.5               129.2               105.9               235.1  
           18                    534.3               8.1                 322.7               133.1               105.3               238.4  
           25                    540.9               8.2                 335.9               140.6               105.5               246.1  
                                                                                                                                            
 2001-Jan.  1                    537.9               8.2                 356.4               143.6               109.2               252.8  
            8                    535.0               8.3 e               317.6               137.0               109.6               246.6  
           15                    532.8               8.3 e               312.1               135.6               105.6               241.2  
           22p                   531.1               8.3 e               316.0               139.8               103.2               243.0  
           29p                   530.7               8.3 e               316.0               141.1               101.7               242.8  
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
 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.
 



H.6 (508)
Table 8
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
 Savings Deposits1Small-denomination time deposit2  
DateAt comm.
banks
At thrift
insts.
Total At comm.
banks
At thrift
insts.
Total Retail
money
funds
Total
Non-M1 M2
 1999-Aug.                  1272.5          455.1         1727.6          617.2          313.7          930.9          795.5         3454.0  
      Sep.                  1282.0          454.4         1736.4          621.5          315.2          936.7          800.1         3473.2  
                                                                                                                                             
      Oct.                  1285.1          451.8         1736.9          626.6          317.2          943.8          803.8         3484.5  
      Nov.                  1288.7          451.7         1740.4          631.8          319.7          951.5          812.1         3503.9  
      Dec.                  1288.5          449.8         1738.3          635.4          321.0          956.4          829.7         3524.5  
                                                                                                                                             
                                                                                                                                             
 2000-Jan.                  1286.6          446.5         1733.1          640.8          324.0          964.7          856.2         3554.0  
      Feb.                  1294.7          446.8         1741.4          647.4          325.6          973.0          870.3         3584.8  
      Mar.                  1311.9          452.7         1764.6          652.6          326.8          979.3          891.0         3634.9  
                                                                                                                                             
      Apr.                  1341.7          454.5         1796.2          660.4          325.7          986.1          903.7         3686.0  
      May                   1318.0          451.6         1769.5          663.4          326.2          989.6          877.1         3636.2  
      June                  1331.6          452.9         1784.6          671.3          327.7          999.0          875.3         3658.9  
                                                                                                                                             
      July                  1344.2          452.7         1796.9          678.3          332.1         1010.3          869.1         3676.4  
      Aug.                  1356.5          453.5         1810.0          684.1          336.6         1020.7          887.4         3718.2  
      Sep.                  1381.1          454.4         1835.5          688.0          339.8         1027.8          897.1         3760.3  
                                                                                                                                             
      Oct.                  1380.0          453.6         1833.6          690.8          343.2         1034.0          904.4         3772.0  
      Nov.                  1397.2          454.4         1851.6          695.2          346.1         1041.2          909.9         3802.8  
      Dec.                  1425.3          454.2         1879.5          699.0          347.1         1046.2          933.1         3858.8  
                                                                                                                                             
                                                                                                                                             
                                                                                                                                             
Week ending:                                                                        
 2000-Dec.  4               1412.8          455.3         1868.1          696.5          346.7         1043.2          921.5         3832.8  
           11               1435.5          457.2         1892.7          697.9          347.0         1045.0          928.3         3865.9  
           18               1428.8          455.6         1884.4          698.6          347.1         1045.7          934.5         3864.6  
           25               1410.1          450.7         1860.8          699.4          347.7         1047.1          938.7         3846.5  
                                                                                                                                             
 2001-Jan.  1               1416.1          450.0         1866.1          702.0          347.1         1049.1          938.4         3853.6  
            8               1470.2          457.0         1927.1          702.1          350.2         1052.3          945.7         3925.1  
           15               1459.4          456.4         1915.8          703.3          351.6         1054.8          965.5         3936.2  
           22p              1426.8          451.5         1878.3          703.6          351.9         1055.5          973.5         3907.3  
           29p              1390.4          447.5         1837.9          702.2          352.6         1054.8          966.9         3859.6  
                                                                                                                                             
                                                                                                                                             
                                                                                                                                             
                                                                                                                                             
 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.
 
 

 

 

H.6 (508)
Table 9
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
 
  Large-denomination time deposits1RPs3  Debt components5
DateInstitutional
money
funds
At commercial
banks2
At thrift
institutions
TotalAt commercial
banks2
At thrift
institutions
TotalEurodollars4Total
Non-M2 M3
FederalNon-Federal
 1999-Aug.               568.9         571.8         89.4        661.2        250.4        63.9       314.3       156.9       1701.3     3665.8      13289.0  
      Sep.               567.9         577.2         89.9        667.2        248.8        66.3       315.1       154.4       1704.6     3655.8      13408.9  
                                                                                                                                                              
      Oct.               585.9         601.5         90.2        691.7        248.9        66.2       315.1       153.4       1746.1     3635.5      13517.2  
      Nov.               612.1         625.9         91.5        717.3        265.1        65.5       330.6       162.8       1822.8     3641.7      13608.0  
      Dec.               636.9         648.2         91.2        739.4        274.8        64.7       339.5       173.4       1889.2     3663.1      13709.0  
                                                                                                                                                              
                                                                                                                                                              
 2000-Jan.               656.3         645.7         93.1        738.8        274.3        65.9       340.2       176.6       1911.9     3639.0      13808.3  
      Feb.               658.8         654.3         94.4        748.7        292.4        64.1       356.5       176.5       1940.5     3605.4      13893.4  
      Mar.               668.7         668.8         95.2        764.0        292.5        61.6       354.1       188.4       1975.1     3633.6      13979.3  
                                                                                                                                                              
      Apr.               658.4         684.2         94.7        779.0        286.3        61.0       347.3       183.4       1968.0     3597.2      14093.2  
      May                662.8         688.2         94.4        782.6        300.5        62.2       362.7       190.1       1998.2     3514.0      14220.5  
      June               668.7         695.2         95.8        791.0        306.1        62.0       368.1       187.9       2015.7     3475.5      14334.4  
                                                                                                                                                              
      July               684.3         696.6         97.5        794.1        303.1        62.8       365.9       181.4       2025.7     3448.3      14420.5  
      Aug.               709.5         704.5         98.8        803.3        297.7        65.1       362.8       184.3       2059.8     3437.7      14499.1  
      Sep.               721.5         702.3        100.1        802.3        295.9        64.9       360.8       187.0       2071.6     3426.5      14591.2  
                                                                                                                                                              
      Oct.               734.7         698.8        102.1        801.0        294.0        64.0       358.0       189.1       2082.8     3395.5      14676.8  
      Nov.               755.9         705.8        103.8        809.5        294.5        63.0       357.6       190.2       2113.2     3401.3 p    14770.0 p
      Dec.               785.6         719.5        103.6        823.0        296.2        62.4       358.6       193.0       2160.2                          
                                                                                                                                                              
                                                                                                                                                              
                                                                                                                                                              
Week ending:                                                                     
 2000-Dec.  4            771.4         705.8        103.8        809.6        293.1        62.2       355.3       190.4       2126.7                          
           11            778.0         714.5        103.8        818.3        297.3        63.1       360.4       190.4       2147.1                          
           18            796.9         722.6        103.7        826.2        294.4        62.6       357.0       191.0       2171.1                          
           25            790.6         723.5        103.6        827.2        300.8        62.3       363.0       195.2       2175.9                          
                                                                                                                                                              
 2001-Jan.  1            785.0         724.7        103.0        827.7        293.5        61.6       355.1       197.8       2165.7                          
            8            784.5         737.4        104.6        842.0        295.3        61.4       356.7       190.0       2173.2                          
           15            832.4         743.5        106.2        849.7        294.1        62.1       356.2       187.5       2225.9                          
           22p           844.7         725.5        106.4        831.9        292.7        62.2       354.8       190.7       2222.1                          
           29p           849.3         719.8        106.7        826.5        294.1        62.3       356.4       189.8       2222.0                          
                                                                                                                                                              
                                                                                                                                                              
                                                                                                                                                              
                                                                                                                                                              
 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
 



H.6 (508)
Table 10
MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
 Demand deposits
at banks due to
 U.S. government depositIRA and Keogh Accounts
DateForeign
commercial
banks
Foreign
official
institutions
Time and
savings
deposits due to
foreign banks
and official
institutions
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
Note
balances at
depository
institutions1
Total
cash
balance
Time and
savings
deposits at
commercial
banks
At commercial
banks
At thrift
institutions
At money
market funds
Total
 1999-Aug.                8.2          1.4         20.7            1.3          5.1          9.2         15.5        4.3        150.7          96.0         134.8         381.4  
      Sep.                8.2          1.3         22.6            2.5          6.4         29.3         38.2        4.5        150.6          95.8         138.2         384.5  
                                                                                                                                                                                 
      Oct.                8.5          1.3         24.8            1.4          5.2         28.6         35.2        4.7        150.1          95.6         140.2         385.8  
      Nov.                9.1          1.4         27.4            1.2          5.1          8.0         14.3        5.0        149.3          95.3         140.8         385.4  
      Dec.                9.7          1.4         30.1            1.4          8.3         39.0         48.7        5.3        148.5          95.1         141.4         384.9  
                                                                                                                                                                                 
                                                                                                                                                                                 
 2000-Jan.                9.7          1.4         30.6            2.8          8.1         52.5         63.5        5.4        148.0          94.6         141.7         384.3  
      Feb.                9.3          1.3         29.2            1.2          5.3         24.3         30.8        5.4        148.0          93.8         141.8         383.5  
      Mar.                8.8          1.2         27.9            1.3          5.3         14.1         20.8        5.5        147.9          93.0         141.8         382.8  
                                                                                                                                                                                 
      Apr.                8.7          1.2         27.7            5.0          8.4         40.0         53.3        5.5        148.7          92.6         141.6         382.9  
      May                 9.1          1.2         28.6            1.5          7.1         57.5         66.0        5.6        150.2          92.5         141.1         383.8  
      June                9.4          1.3         29.5            2.3          6.2         37.0         45.6        5.7        151.7          92.5         140.6         384.8  
                                                                                                                                                                                 
      July                9.2          1.3         29.8            1.2          5.2         37.4         43.8        5.8        153.1          92.6         140.1 e       385.7 e
      Aug.                8.6          1.2         29.5            1.1          5.0          9.5         15.7        6.0        154.3          92.8         139.6 e       386.7 e
      Sep.                8.0          1.2         29.2            2.5          6.7         22.0         31.1        6.2        155.5          93.1         139.1 e       387.7 e
                                                                                                                                                                                 
      Oct.                7.7 e        1.1 e       29.1 e          1.4          5.3         13.2         20.0        6.2 e      156.5 e        93.3 e       138.6 e       388.4 e
      Nov.                7.7 e        1.1 e       29.1 e          1.2          5.1         10.6         16.9        6.2 e      157.3 e        93.4 e       138.1 e       388.8 e
      Dec.                7.7 e        1.2 e       29.1 e          1.6          5.8         11.6         18.9        6.2 e      158.1 e        93.6 e       137.6 e       389.3 e
                                                                                                                                                                                 
                                                                                                                                                                                 
                                                                                                                                                                                 
 2000-Dec.  4                                                      1.1          5.0         11.0         17.1                                                                    
           11                                                      1.0          5.4          6.3         12.7                                                                    
           18                                                      2.3          8.0         15.3         25.7                                                                    
           25                                                      1.4          4.6         11.3         17.3                                                                    
                                                                                                                                                                                 
 2001-Jan.  1                                                      1.8          5.2         14.5         21.5                                                                    
            8                                                      2.0          4.9         15.2         22.1                                                                    
           15                                                      2.1          5.7         20.3         28.1                                                                    
           22p                                                     5.3          7.2         38.7         51.2                                                                    
           29p                                                     1.5          8.5         66.5         76.5                                                                    
                                                                                                                                                                                 
                                                                                                                                                                                 
                                                                                                                                                                                 
                                                                                                                                                                                 
 1. Source: Daily Treasury statement.
e -- indicates estimated data     p -- indicates preliminary data

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Last update: December 27, 2001