February 3, 2005 H.6 (508) MONEY STOCK REVISIONS Measures of the money stock and components have been revised to incorporate the results of the annual seasonal factor review. This release includes revised monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates with previously published data. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2004. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The revisions to seasonal factors lowered M2 and M3 growth rates in the first two quarters of 2004 and raised them in the third and fourth quarters. Historical data, updated each week, are available through the Federal Reserve's web site (http://www.federalreserve.gov/releases/) with the H.6 statistical release. The data are also available through paid electronic means, which can be accessed by calling STAT-USA at 1-800- 782-8872 or 202-482-1986. 1 FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 These data are scheduled for release each Thursday at 4:30 p.m. February 3, 2005 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------- Date M11 M22 M33 ---------------------------------------------------------------------------------------- Seasonally adjusted ---------------------------------------------------------------------------------------- 2003-Jan. 1221.2 5836.8 8589.2 Feb. 1235.8 5872.8 8625.7 Mar. 1238.3 5888.8 8642.8 Apr. 1245.0 5924.0 8672.9 May 1259.1 5971.5 8723.3 June 1269.4 6012.7 8777.0 July 1273.1 6057.8 8869.9 Aug. 1282.4 6103.9 8901.6 Sep. 1282.7 6085.8 8897.7 Oct. 1283.6 6077.7 8893.5 Nov. 1285.1 6072.8 8875.4 Dec. 1292.8 6076.6 8877.4 2004-Jan. 1289.9 6089.3 8936.7 Feb. 1307.7 6128.1 9001.1 Mar. 1320.9 6166.8 9078.4 Apr. 1321.3 6204.3 9144.7 May 1324.8 6262.6 9234.0 June 1332.6 6274.7 9274.6 July 1325.5 6277.5 9277.7 Aug. 1343.4 6298.0 9310.3 Sep. 1347.9 6333.0 9358.4 Oct. 1347.8 6357.8 9363.3 Nov. 1362.8 6394.2 9386.4 Dec. 1362.0 6417.0 9426.8 ---------------------------------------------------------------------------------------- Not seasonally adjusted ---------------------------------------------------------------------------------------- 2003-Jan. 1222.0 5819.7 8597.8 Feb. 1221.5 5844.9 8630.5 Mar. 1240.5 5905.7 8688.8 Apr. 1255.8 5962.6 8707.6 May 1253.7 5953.0 8715.6 June 1271.6 6009.4 8780.4 July 1274.3 6053.2 8839.1 Aug. 1279.0 6111.5 8891.7 Sep. 1274.1 6083.0 8861.1 Oct. 1275.9 6063.3 8841.9 Nov. 1280.8 6086.9 8886.0 Dec. 1319.1 6102.6 8921.0 2004-Jan. 1289.0 6061.2 8927.1 Feb. 1293.0 6090.7 8991.4 Mar. 1324.3 6169.5 9107.3 Apr. 1332.1 6241.2 9181.2 May 1320.0 6252.9 9240.1 June 1336.0 6278.2 9287.6 July 1326.9 6284.5 9263.4 Aug. 1340.9 6304.2 9303.7 Sep. 1338.7 6336.4 9335.3 Oct. 1339.0 6351.9 9323.6 Nov. 1357.9 6400.1 9381.4 Dec. 1389.2 6440.2 9457.2 --------------------------------------------------------------------------------------- Footnotes appear on the following page p -- indicates preliminary data 1 H.6 (508) Table 2 MONEY STOCK MEASURES Percent change at seasonally adjusted annual rates --------------------------------------------------------------------------------------------------------- M1 M2 M3 --------------------------------------------------------------------------------------------------------- 3 Months from Sep. 2004 TO Dec. 2004 4.2 5.3 2.9 6 Months from June 2004 TO Dec. 2004 4.4 4.5 3.3 12 Months from Dec. 2003 TO Dec. 2004 5.4 5.6 6.2 Thirteen weeks ending January 24 , 2005 from thirteen weeks ending: Oct. 25, 2004 (13 weeks previous) 3.4 5.4 3.5 July 26, 2004 (26 weeks previous) 4.4 4.5 3.5 Jan. 26, 2004 (52 weeks previous) 5.2 5.5 5.9 --------------------------------------------------------------------------------------------------------- Footnotes to Table 1: 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. 1 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of Dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M3 ---------------------------------------------------------------------------------------------------------------------------------------------------- Period Ending 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average ---------------------------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------- 2004-Nov. 1 1346.6 1346.4 1344.7 6331.2 6361.1 6382.4 9345.4 9363.4 9381.6 8 1347.8 1347.5 1348.3 6338.5 6369.5 6375.2 9351.9 9370.0 9374.3 15 1349.0 1352.1 1358.0 6345.5 6378.9 6389.5 9357.4 9375.1 9372.7 22 1350.6 1356.6 1375.2 6352.8 6388.4 6406.6 9362.0 9379.9 9391.0 29 1352.6 1363.9 1374.1 6360.5 6394.3 6405.8 9368.3 9385.5 9404.1 Dec. 6 1353.9 1364.1 1348.9 6368.0 6401.2 6402.8 9375.2 9395.7 9414.8 13 1354.8 1362.6 1352.0 6375.4 6406.7 6411.7 9381.3 9405.0 9409.9 20 1355.4 1359.0 1360.8 6381.8 6411.4 6425.4 9384.8 9411.3 9416.4 27 1356.7 1360.0 1378.2 6387.6 6418.7 6434.8 9389.1 9423.4 9452.3 2005-Jan. 3 1357.9 1365.8 1372.0 6392.1 6418.4 6401.5 9395.1 9431.5 9447.2 10 1356.3 1358.3 1322.2 6396.7 6415.7 6400.9 9401.7 9437.2 9433.0 17p 1356.0 1352.3 1336.6 6403.2 6418.4 6436.3 9410.8 9451.0 9471.4 24p 1357.1 1350.5 1371.2 6409.6 6422.7 6451.9 9419.7 9459.8 9487.7 ---------------------------------------------------------------------------------------------------------------------------------------------------- Not seasonally adjusted ---------------------------------------------------------------------------------------------------------------------------------------------------- 2004-Nov. 1 1339.5 1340.6 1371.4 6331.9 6349.6 6351.9 9321.5 9320.7 9323.4 8 1340.6 1343.7 1316.7 6338.1 6360.2 6398.7 9326.0 9333.2 9377.9 15 1340.6 1344.5 1326.5 6344.9 6372.5 6418.0 9331.6 9347.0 9389.5 22 1341.4 1345.1 1365.9 6352.6 6390.0 6391.2 9337.4 9364.8 9368.4 29 1345.0 1358.2 1423.8 6361.9 6399.9 6391.8 9345.6 9380.9 9387.9 Dec. 6 1346.7 1363.7 1338.6 6368.0 6408.5 6433.0 9353.1 9396.8 9441.4 13 1348.8 1364.3 1328.7 6373.7 6413.5 6437.9 9360.8 9415.0 9462.3 20 1352.6 1370.0 1389.0 6381.7 6428.3 6450.6 9368.4 9435.1 9448.7 27 1358.8 1378.1 1455.9 6393.2 6441.5 6444.4 9381.6 9457.6 9478.1 2005-Jan. 3 1365.4 1403.9 1442.0 6399.8 6441.7 6433.7 9391.8 9461.3 9455.9 10 1366.2 1400.7 1315.8 6405.6 6440.1 6431.6 9402.2 9461.8 9464.3 17p 1366.4 1384.9 1325.7 6410.1 6434.3 6427.6 9413.6 9470.1 9482.0 24p 1365.7 1359.4 1354.2 6413.3 6413.8 6362.3 9423.3 9456.3 9423.0 ---------------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------ 2003-Aug. 649.8 7.6 323.6 165.9 135.5 301.4 Sep. 652.7 7.6 315.0 170.4 137.0 307.5 Oct. 656.9 7.7 312.0 169.8 137.3 307.1 Nov. 659.5 7.7 310.5 170.1 137.3 307.4 Dec. 662.4 7.7 311.2 175.8 135.7 311.5 2004-Jan. 664.6 7.8 302.5 177.2 137.7 315.0 Feb. 666.5 7.8 315.0 180.8 137.6 318.4 Mar. 668.4 7.8 323.2 183.8 137.8 321.6 Apr. 670.8 7.8 320.9 182.9 139.0 321.8 May 674.1 7.7 320.0 183.1 139.9 323.0 June 678.4 7.7 321.0 186.4 139.1 325.5 July 684.6 7.6 307.3 185.0 141.0 325.9 Aug. 686.6 7.6 321.3 188.2 139.8 328.0 Sep. 689.9 7.6 324.5 186.9 139.1 325.9 Oct. 692.5 7.6 320.0 187.1 140.5 327.6 Nov. 697.2 7.6 326.5 189.5 142.0 331.4 Dec. 697.4 7.6 327.8 187.5 141.6 329.2 Week Ending: 2004-Nov. 29 698.7 7.6 332.5 191.3 143.9 335.2 Dec. 6 698.5 7.6 316.5 185.8 140.5 326.3 13 697.3 7.6 318.8 188.4 139.9 328.3 20 697.3 7.6 326.7 188.2 141.0 329.2 27 696.3 7.6 342.8 187.3 144.2 331.5 2005-Jan. 3 697.9 7.5 335.8 187.6 143.3 330.8 10 698.1 7.5 e 294.3 180.3 142.1 322.4 17p 699.6 7.5 e 307.0 181.2 141.2 322.5 24p 701.4 7.5 e 335.5 185.1 141.7 326.8 ------------------------------------------------------------------------------------------------------------------------------------------ 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e -- indicates estimated data. p -- indicates preliminary data. 1 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits1 Small-denomination time deposit2 ----------------------------------------- ---------------------------------------- Retail Date At comm. At thrift Total At comm. At thrift Total money Total banks insts. banks insts. funds3 Non-M1 M2 ------------------------------------------------------------------------------------------------------------------------------------------- 2003-Aug. 2299.9 825.2 3125.1 551.3 281.8 833.2 863.2 4821.5 Sep. 2292.5 834.6 3127.1 545.7 279.3 824.9 851.0 4803.0 Oct. 2305.6 841.6 3147.2 541.9 276.9 818.8 828.1 4794.1 Nov. 2325.0 835.5 3160.6 538.1 274.5 812.6 814.5 4787.7 Dec. 2340.7 835.0 3175.7 536.2 272.5 808.7 799.4 4783.8 2004-Jan. 2376.9 831.6 3208.5 534.4 271.5 805.9 785.0 4799.3 Feb. 2402.5 839.5 3242.0 532.9 271.0 803.9 774.5 4820.4 Mar. 2427.0 855.2 3282.2 531.0 270.8 801.8 761.9 4845.9 Apr. 2468.5 859.7 3328.2 529.1 270.1 799.2 755.6 4883.0 May 2512.0 871.3 3383.3 527.9 267.7 795.6 758.9 4937.8 June 2517.0 878.4 3395.4 527.7 267.1 794.8 752.0 4942.2 July 2532.8 881.8 3414.6 529.3 267.3 796.6 740.7 4952.0 Aug. 2536.1 885.1 3421.2 532.2 267.9 800.1 733.3 4954.6 Sep. 2560.4 893.3 3453.7 535.7 267.9 803.6 727.7 4985.0 Oct. 2593.2 890.1 3483.2 537.0 269.2 806.2 720.6 5010.1 Nov. 2617.3 889.2 3506.5 540.3 269.4 809.7 715.1 5031.4 Dec. 2637.8 891.4 3529.2 542.1 271.0 813.1 712.8 5055.1 Week ending: 2004-Nov. 29 2612.2 895.8 3508.0 541.3 269.4 810.7 713.0 5031.8 Dec. 6 2647.7 886.5 3534.1 540.9 270.1 810.9 708.8 5053.8 13 2646.9 887.7 3534.7 541.9 270.5 812.5 712.6 5059.7 20 2646.4 893.3 3539.7 542.0 271.2 813.1 711.8 5064.6 27 2630.1 896.8 3526.9 542.8 271.5 814.3 715.5 5056.7 2005-Jan. 3 2609.6 888.3 3497.9 543.3 272.0 815.2 716.3 5029.4 10 2659.4 889.3 3548.7 544.9 273.3 818.2 711.7 5078.7 17p 2669.1 900.2 3569.3 546.6 274.9 821.5 708.9 5099.7 24p 2651.4 894.8 3546.1 548.4 276.4 824.8 709.7 5080.7 ------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. p -- indicates preliminary data. 1 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars ----------------------------------------------------------------------------------------------------------------------------------------- Large-denomination time deposits1 Institutional -------------------------------------------- Date money At commercial At thrift Total funds banks2 institutions Total RPs3 Eurodollars4 Non-M2 M3 ------------------------------------------------------------------------------------------------------------------------------------------ 2003-Aug. 1171.4 726.5 122.7 849.2 496.6 280.5 2797.7 Sep. 1177.6 735.2 122.6 857.9 495.2 281.3 2812.0 Oct. 1155.4 736.8 122.9 859.7 512.6 288.1 2815.8 Nov. 1134.8 746.2 121.6 867.9 510.5 289.5 2802.7 Dec. 1117.2 761.0 119.7 880.7 509.3 293.6 2800.8 2004-Jan. 1114.4 794.7 120.8 915.5 515.3 302.2 2847.4 Feb. 1105.2 801.6 122.3 923.9 535.1 308.9 2873.0 Mar. 1113.0 819.7 124.6 944.3 539.2 315.0 2911.5 Apr. 1120.9 837.4 127.9 965.3 530.1 324.0 2940.4 May 1123.6 849.4 131.9 981.3 541.6 324.9 2971.4 June 1122.5 862.8 132.5 995.3 554.5 327.6 2999.9 July 1108.2 877.7 137.0 1014.7 542.1 335.2 3000.2 Aug. 1104.7 881.5 143.0 1024.6 540.8 342.3 3012.3 Sep. 1100.1 883.9 147.6 1031.5 542.1 351.8 3025.4 Oct. 1076.1 890.9 150.9 1041.8 525.0 362.6 3005.5 Nov. 1066.9 894.3 154.7 1049.0 517.2 359.2 2992.3 Dec. 1066.4 912.0 159.5 1071.4 509.9 362.1 3009.8 Week ending: 2004-Nov. 29 1065.6 901.2 157.0 1058.2 516.6 357.9 2998.3 Dec. 6 1065.9 906.9 157.8 1064.8 519.9 361.4 3012.0 13 1064.2 901.2 159.0 1060.1 511.2 362.7 2998.2 20 1053.2 909.5 158.2 1067.6 508.9 361.3 2991.0 27 1071.2 918.2 161.1 1079.3 505.9 361.1 3017.4 2005-Jan. 3 1085.5 931.8 161.8 1093.6 501.4 365.3 3045.7 10 1065.0 960.9 163.7 1124.7 482.7 359.7 3032.1 17p 1049.4 975.4 165.8 1141.2 479.3 365.2 3035.1 24p 1046.8 969.8 168.1 1137.9 474.9 376.2 3035.8 ------------------------------------------------------------------------------------------------------------------------------------------ 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. p -- indicates preliminary data e -- indicates estimated data 1 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total ------------------------------------------------------------------------------------------------------------------------------------------ 2003-Aug. 650.4 7.8 321.0 163.1 136.7 299.8 Sep. 650.8 7.7 311.9 166.7 136.9 303.7 Oct. 655.7 7.6 310.0 167.1 135.6 302.6 Nov. 660.2 7.6 310.4 166.6 135.9 302.6 Dec. 667.0 7.6 328.4 179.9 136.2 316.1 2004-Jan. 662.7 7.7 302.3 183.4 132.8 316.2 Feb. 665.9 7.8 306.1 180.0 133.2 313.2 Mar. 667.6 7.8 323.4 186.9 138.7 325.6 Apr. 670.3 7.7 323.6 187.7 142.9 330.6 May 674.0 7.7 316.2 180.9 141.3 322.2 June 678.3 7.8 321.4 186.6 142.0 328.5 July 686.0 7.8 307.9 182.8 142.3 325.1 Aug. 686.3 7.7 319.5 185.4 141.9 327.3 Sep. 688.2 7.6 321.2 183.1 138.7 321.7 Oct. 692.1 7.5 316.8 183.7 139.0 322.7 Nov. 697.8 7.5 326.1 185.4 141.1 326.5 Dec. 702.8 7.5 345.3 191.7 141.9 333.6 Week Ending: 2004-Nov. 29 700.4 7.5 375.8 195.5 144.5 340.0 Dec. 6 700.3 7.5 306.2 181.7 142.9 324.7 13 700.6 7.5 301.1 182.0 137.5 319.5 20 703.0 7.5 347.4 191.6 139.5 331.1 27 707.1 7.5 395.3 201.8 144.2 346.0 2005-Jan. 3 702.5 7.5 381.0 201.6 149.5 351.0 10 699.1 7.5 e 288.4 184.5 136.3 320.8 17p 697.5 7.5 e 302.8 184.7 133.3 318.0 24p 696.2 7.5 e 325.1 191.7 133.7 325.5 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e -- indicates estimated data. p -- indicates preliminary data. 1 H.6 (508) Table 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits1 Small-denomination time deposit2 ----------------------------------------- ---------------------------------------- Retail Date At comm. At thrift Total At comm. At thrift Total money Total banks insts. banks insts. funds3 Non-M1 M2 ------------------------------------------------------------------------------------------------------------------------------------------- 2003-Aug. 2308.4 828.3 3136.7 550.8 281.6 832.4 863.4 4832.5 Sep. 2299.0 837.0 3135.9 545.6 279.2 824.8 848.2 4808.9 Oct. 2303.6 840.8 3144.4 542.1 277.0 819.1 823.9 4787.4 Nov. 2339.0 840.6 3179.5 538.8 274.9 813.7 812.9 4806.2 Dec. 2337.6 833.8 3171.4 536.7 272.8 809.5 802.6 4783.5 2004-Jan. 2353.0 823.3 3176.3 535.1 271.9 806.9 789.0 4772.2 Feb. 2380.8 832.0 3212.8 533.5 271.3 804.8 780.1 4797.7 Mar. 2419.3 852.4 3271.7 531.4 271.0 802.4 771.1 4845.2 Apr. 2485.0 865.4 3350.4 529.3 270.2 799.5 759.1 4909.1 May 2514.3 872.1 3386.4 527.6 267.5 795.1 751.5 4932.9 June 2522.7 880.4 3403.1 526.7 266.6 793.4 745.8 4942.2 July 2541.3 884.7 3426.1 528.5 266.9 795.4 736.2 4957.6 Aug. 2542.1 887.2 3429.3 531.5 267.6 799.1 734.9 4963.3 Sep. 2571.1 897.0 3468.1 535.3 267.8 803.1 726.5 4997.7 Oct. 2598.0 891.7 3489.7 537.0 269.1 806.1 717.0 5012.8 Nov. 2625.9 892.2 3518.1 540.8 269.7 810.5 713.7 5042.2 Dec. 2632.3 889.5 3521.8 542.6 271.3 813.9 715.3 5051.0 Week ending: 2004-Nov. 29 2563.3 879.1 3442.4 541.9 269.7 811.6 714.1 4968.1 Dec. 6 2675.8 895.9 3571.6 541.5 270.4 811.9 710.8 5094.4 13 2679.2 898.5 3577.7 542.4 270.8 813.2 718.3 5109.2 20 2640.3 891.2 3531.5 542.3 271.3 813.5 716.6 5061.7 27 2577.8 878.9 3456.7 543.2 271.7 814.9 716.9 4988.6 2005-Jan. 3 2583.2 879.4 3462.6 544.4 272.5 817.0 712.1 4991.6 10 2684.9 897.9 3582.8 545.8 273.8 819.6 713.4 5115.8 17p 2666.1 899.2 3565.3 547.3 275.2 822.5 714.0 5101.8 24p 2592.7 875.0 3467.7 548.8 276.6 825.4 714.9 5008.0 ------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. p -- indicates preliminary data. 1 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------------- Large-denomination time deposits1 RPs3 Institutional ----------------------------------------- ------------------------------------------ Date money At commercial At thrift At commercial At thrift Total funds banks2 institutions Total banks2 institutions Total Eurodollars4 Non-M2 M3 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 2003-Aug. 1161.5 726.8 122.8 849.6 437.7 56.3 494.0 275.2 2780.2 Sep. 1154.6 735.1 122.6 857.7 435.5 53.7 489.2 276.7 2778.1 Oct. 1140.1 732.3 122.1 854.5 438.6 60.2 498.8 285.3 2778.6 Nov. 1142.5 742.0 121.0 863.0 447.4 58.4 505.9 287.7 2799.1 Dec. 1140.2 761.8 119.8 881.7 439.1 67.8 507.0 289.5 2818.4 2004-Jan. 1143.5 788.2 119.8 908.0 441.6 69.7 511.3 303.1 2865.9 Feb. 1128.9 793.5 121.0 914.5 475.1 67.4 542.5 314.7 2900.7 Mar. 1126.0 816.0 124.1 940.1 483.1 65.3 548.5 323.2 2937.8 Apr. 1110.8 839.0 128.2 967.2 463.1 66.1 529.2 332.7 2940.0 May 1107.0 863.3 134.0 997.4 483.1 67.5 550.6 332.3 2987.2 June 1111.6 872.0 133.9 1005.9 500.5 68.8 569.3 322.5 3009.3 July 1093.9 881.7 137.6 1019.4 479.6 58.0 537.6 328.0 2978.9 Aug. 1098.6 882.4 143.2 1025.6 482.1 56.6 538.6 336.7 2999.5 Sep. 1084.0 883.5 147.5 1031.0 480.0 57.2 537.2 346.7 2998.9 Oct. 1061.9 885.7 150.0 1035.8 456.5 56.9 513.4 360.6 2971.7 Nov. 1069.9 888.7 153.7 1042.5 458.9 53.0 511.8 357.0 2981.3 Dec. 1083.5 911.9 159.4 1071.3 450.1 55.5 505.5 356.7 3017.1 Week ending: 2004-Nov. 29 1079.0 896.2 156.2 1052.4 454.8 53.2 508.0 356.7 2996.1 Dec. 6 1076.1 903.5 157.2 1060.7 462.1 54.9 517.0 354.7 3008.4 13 1094.1 903.2 159.3 1062.5 458.0 53.9 511.8 355.9 3024.4 20 1071.7 911.7 158.5 1070.2 449.0 54.0 503.0 353.1 2998.0 27 1089.7 919.5 161.3 1080.8 447.8 58.1 505.9 357.3 3033.7 2005-Jan. 3 1085.7 927.7 161.1 1088.7 424.1 57.0 481.1 366.7 3022.2 10 1081.4 956.6 163.0 1119.6 413.3 56.7 470.0 361.8 3032.7 17p 1079.5 969.7 164.8 1134.4 418.2 56.5 474.6 365.8 3054.4 24p 1084.5 959.4 166.3 1125.7 417.1 56.5 473.6 377.0 3060.7 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and by money market mutual funds. p -- indicates preliminary data e -- indicates estimated data 1 H.6 (508) Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- U.S. government deposits IRA and Keogh Accounts Demand deposits Time and ------------------------------------------------------------ ---------------------------------------------------- at banks due to savings Time and Date --------------------------- deposits due to Demand Balance Note savings Foreign Foreign foreign banks deposits at at balances at Total deposits at commercial official and official commercial Federal depository cash commercial At commercial At thrift At money banks institutions institutions banks Reserve institutions1 balance banks banks institutions market funds Total -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2003-Aug. 7.1 1.2 19.0 1.5 5.6 6.4 13.5 18.3 167.7 102.4 174.0 444.0 Sep. 6.7 1.3 20.2 1.8 6.2 18.2 26.2 12.5 167.6 102.5 173.0 443.1 Oct. 6.6 1.1 20.0 1.5 4.9 12.1 18.5 8.2 167.3 102.5 170.8 440.6 Nov. 7.2 1.0 17.9 1.6 5.1 10.1 16.8 5.9 166.8 102.3 167.0 436.1 Dec. 7.7 1.0 15.7 1.7 5.3 16.9 23.9 3.7 166.3 102.0 163.1 431.5 2004-Jan. 7.9 1.0 13.6 2.0 5.6 24.3 31.9 2.4 166.1 101.6 160.2 427.9 Feb. 7.6 1.1 13.7 1.6 5.3 15.8 22.6 2.2 166.2 101.7 158.4 426.4 Mar. 7.3 1.1 13.8 1.6 5.4 14.3 21.3 2.0 166.3 101.8 156.7 424.8 Apr. 7.2 1.2 14.4 2.7 6.0 16.3 25.1 1.9 166.8 101.9 155.8 424.4 May 7.3 1.2 15.6 1.6 5.4 13.4 20.3 2.0 167.5 101.9 156.1 425.5 June 7.4 1.1 16.8 1.8 5.7 20.9 28.5 2.1 168.3 101.9 156.4 426.6 July 7.4 1.1 17.7 1.4 5.0 10.1 16.4 2.1 168.8 101.8 156.1 e 426.6 e Aug. 7.4 1.1 18.4 1.3 4.8 3.1 9.2 2.2 168.8 101.7 154.9 e 425.5 e Sep. 7.3 1.1 19.1 1.6 5.6 16.7 23.9 2.2 168.9 101.7 153.8 e 424.3 e Oct. 7.3 e 1.1 e 19.5 e 1.5 5.0 20.3 26.8 2.3 e 168.9 e 101.6 e 153.2 e 423.7 e Nov. 7.3 e 1.1 e 19.5 e 1.5 4.9 12.7 19.1 2.3 e 168.9 e 101.6 e 153.2 e 423.7 e Dec. 7.3 e 1.1 e 19.5 e 1.5 5.1 15.8 22.4 2.3 e 168.9 e 101.6 e 153.2 e 423.7 e 2004-Nov. 29 1.3 5.3 13.6 20.3 Dec. 6 1.4 4.8 4.2 10.5 13 1.4 5.1 4.0 10.5 20 1.6 5.2 26.5 33.3 27 1.3 4.4 25.2 30.9 2005-Jan. 3 1.7 5.8 19.9 27.4 10 1.5 5.1 7.2 13.9 17p 1.9 4.8 6.2 13.0 24p 2.4 5.2 35.3 42.8 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------+------------------------------------------------------- 2004 January 0.9971 0.9960 0.9993 1.0040 1.0347 February 0.9991 0.9998 0.9717 0.9838 0.9954 March 0.9988 0.9968 1.0006 1.0125 1.0172 April 0.9992 0.9889 1.0083 1.0273 1.0267 May 0.9998 0.9921 0.9882 0.9975 0.9879 June 0.9999 1.0122 1.0014 1.0092 1.0008 July 1.0020 1.0299 1.0019 0.9974 0.9883 August 0.9996 1.0207 0.9944 0.9981 0.9855 September 0.9975 1.0031 0.9898 0.9870 0.9797 October 0.9993 0.9925 0.9898 0.9848 0.9819 November 1.0008 0.9825 0.9988 0.9851 0.9785 December 1.0078 0.9865 1.0532 1.0134 1.0222 2005 January 0.9967 0.9968 0.9990 1.0035 1.0335 February 0.9987 1.0004 0.9710 0.9833 0.9963 March 0.9983 0.9973 1.0021 1.0134 1.0197 April 0.9995 0.9889 1.0091 1.0257 1.0255 May 0.9990 0.9910 0.9904 0.9987 0.9866 June 0.9995 1.0098 1.0023 1.0091 1.0028 July 1.0029 1.0290 1.0032 0.9981 0.9876 August 0.9996 1.0188 0.9938 0.9987 0.9874 September 0.9980 1.0027 0.9899 0.9866 0.9803 October 0.9988 0.9924 0.9875 0.9848 0.9805 November 1.0018 0.9831 0.9980 0.9856 0.9783 December 1.0082 0.9877 1.0512 1.0122 1.0204 2006 January 0.9962 0.9966 0.9999 1.0039 1.0329 February 0.9985 0.9993 0.9712 0.9833 0.9968 March 0.9988 0.9976 1.0022 1.0130 1.0213 ------------------------------------------------------------------------------------------------------------------------------------------------------ 1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 and M3 ------------------------------------------------------------+------------------------+----------------- Savings and Small denom. Large denom. Money market mutual funds| MMDA deposits [1]time deposits [1]time deposits [1]| in M2 in M3 only |RPs Eurodollars ------------------------------------------------------------+------------------------+----------------- 2004 January 0.9900 1.0013 0.9919 1.0051 1.0261 0.9922 1.0028 February 0.9910 1.0011 0.9898 1.0073 1.0215 1.0139 1.0189 March 0.9968 1.0008 0.9955 1.0120 1.0117 1.0173 1.0260 April 1.0067 1.0004 1.0019 1.0047 0.9910 0.9983 1.0269 May 1.0009 0.9993 1.0164 0.9901 0.9852 1.0166 1.0227 June 1.0023 0.9982 1.0107 0.9917 0.9903 1.0267 0.9844 July 1.0033 0.9984 1.0046 0.9939 0.9871 0.9917 0.9785 August 1.0024 0.9987 1.0010 1.0022 0.9945 0.9960 0.9837 September 1.0042 0.9994 0.9995 0.9983 0.9854 0.9910 0.9856 October 1.0018 1.0000 0.9942 0.9949 0.9868 0.9779 0.9946 November 1.0033 1.0009 0.9938 0.9980 1.0029 0.9896 0.9939 December 0.9979 1.0009 0.9999 1.0036 1.0160 0.9914 0.9852 2005 January 0.9894 1.0012 0.9922 1.0040 1.0241 0.9894 1.0029 February 0.9892 1.0012 0.9898 1.0061 1.0222 1.0127 1.0169 March 0.9952 1.0012 0.9958 1.0103 1.0113 1.0162 1.0244 April 1.0087 1.0008 1.0024 1.0043 0.9916 0.9976 1.0258 May 1.0001 0.9996 1.0161 0.9909 0.9871 1.0145 1.0223 June 1.0029 0.9984 1.0103 0.9929 0.9905 1.0272 0.9834 July 1.0055 0.9984 1.0048 0.9942 0.9887 0.9944 0.9780 August 1.0029 0.9985 1.0016 1.0031 0.9952 0.9968 0.9853 September 1.0045 0.9990 0.9990 0.9995 0.9860 0.9945 0.9875 October 1.0016 0.9997 0.9944 0.9948 0.9878 0.9823 0.9974 November 1.0038 1.0006 0.9933 0.9974 1.0012 0.9880 0.9932 December 0.9982 1.0009 0.9997 1.0030 1.0135 0.9885 0.9849 2006 January 0.9867 1.0013 0.9926 1.0035 1.0223 0.9877 1.0029 February 0.9884 1.0014 0.9898 1.0054 1.0229 1.0115 1.0157 March 0.9955 1.0014 0.9961 1.0098 1.0113 1.0155 1.0233 ------------------------------------------------------------------------------------------------------- 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 -----------------------------------------------------------------------------------------------+------------------------------------------------------ 2004 Dec 06 1.0025 0.9788 0.9677 0.9950 0.9779 13 1.0048 0.9829 0.9444 0.9732 0.9660 20 1.0081 0.9871 1.0633 1.0059 1.0181 27 1.0155 0.9912 1.1530 1.0438 1.0777 2005 Jan 03 1.0067 0.9954 1.1345 1.0611 1.0745 10 1.0014 0.9960 0.9802 0.9951 1.0235 17 0.9970 0.9967 0.9861 0.9862 1.0193 24 0.9925 0.9973 0.9690 0.9958 1.0355 31 0.9900 0.9979 1.0050 1.0129 1.0420 2005 Feb 07 0.9981 0.9989 0.8952 0.9762 0.9943 14 0.9999 0.9999 0.9554 0.9627 0.9742 21 0.9995 1.0008 0.9931 0.9843 0.9978 28 0.9971 1.0018 1.0406 1.0099 1.0189 2005 Mar 07 1.0020 1.0002 0.9345 1.0048 0.9987 14 0.9991 0.9985 0.9664 0.9916 0.9915 21 0.9979 0.9968 1.0039 1.0068 1.0188 28 0.9959 0.9952 1.0752 1.0372 1.0583 2005 Apr 04 1.0001 0.9935 1.0223 1.0334 1.0267 11 1.0031 0.9913 0.9356 1.0026 0.9925 18 0.9993 0.9891 1.0033 1.0245 1.0238 25 0.9963 0.9868 1.0464 1.0388 1.0584 2005 May 02 0.9963 0.9846 1.0773 1.0382 1.0332 09 1.0015 0.9872 0.9057 0.9818 0.9641 16 0.9983 0.9899 0.9813 0.9810 0.9648 23 0.9975 0.9925 1.0120 0.9973 0.9921 30 0.9993 0.9951 1.0433 1.0214 1.0121 2005 Jun 06 1.0010 0.9978 0.9370 1.0057 0.9880 13 1.0002 1.0044 0.9601 0.9872 0.9726 20 0.9985 1.0111 1.0018 1.0078 1.0036 27 0.9979 1.0178 1.0798 1.0312 1.0388 2005 Jul 04 1.0046 1.0245 1.0239 1.0154 1.0056 11 1.0059 1.0266 0.9275 0.9761 0.9590 18 1.0026 1.0287 0.9949 0.9828 0.9764 25 1.0002 1.0308 1.0402 1.0036 1.0028 2005 Aug 01 0.9994 1.0330 1.0615 1.0278 1.0117 08 1.0048 1.0275 0.9086 0.9926 0.9655 15 1.0011 1.0220 0.9625 0.9782 0.9603 22 0.9981 1.0165 1.0072 0.9945 0.9895 29 0.9950 1.0110 1.0792 1.0201 1.0246 2005 Sep 05 1.0021 1.0055 0.9653 0.9982 0.9901 12 0.9987 1.0041 0.9299 0.9646 0.9560 19 0.9973 1.0026 0.9928 0.9768 0.9742 26 0.9957 1.0011 1.0627 1.0011 1.0013 2005 Oct 03 0.9967 0.9996 1.0213 1.0095 0.9892 10 1.0028 0.9965 0.9050 0.9567 0.9470 17 0.9991 0.9933 0.9582 0.9666 0.9652 24 0.9971 0.9900 1.0133 0.9933 0.9966 31 0.9954 0.9868 1.0636 1.0135 1.0138 2005 Nov 07 1.0023 0.9854 0.9190 0.9782 0.9615 14 1.0021 0.9840 0.9374 0.9565 0.9459 21 1.0006 0.9827 0.9843 0.9840 0.9817 28 1.0036 0.9813 1.1265 1.0138 1.0143 2005 Dec 05 1.0027 0.9799 1.0093 1.0001 0.9885 12 1.0052 0.9838 0.9427 0.9733 0.9703 19 1.0080 0.9877 1.0533 1.0021 1.0127 26 1.0152 0.9916 1.1409 1.0386 1.0652 2006 Jan 02 1.0070 0.9955 1.1383 1.0611 1.0748 09 1.0019 0.9960 0.9915 0.9935 1.0235 16 0.9966 0.9964 0.9938 0.9901 1.0189 23 0.9928 0.9969 0.9822 1.0003 1.0382 30 0.9902 0.9974 1.0060 1.0174 1.0440 2006 Feb 06 0.9971 0.9978 0.8952 0.9830 1.0007 13 0.9998 0.9987 0.9552 0.9605 0.9730 20 1.0001 0.9996 0.9913 0.9801 0.9936 27 0.9964 1.0005 1.0374 1.0063 1.0194 2006 Mar 06 1.0011 1.0014 0.9333 1.0061 1.0045 13 0.9995 0.9994 0.9653 0.9909 0.9958 20 0.9985 0.9974 1.0050 1.0065 1.0188 27 0.9971 0.9953 1.0750 1.0354 1.0555 2006 Apr 03 0.9989 0.9933 1.0431 1.0368 1.0332 ------------------------------------------------------------------------------------------------------------------------------------------------------ 1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 and M3 --------------------------------------------------------------+------------------------+----------------- Savings and Small denom. Large denom. Money market mutual funds| MMDA deposits [1]time deposits [1]time deposits [1]| in M2 in M3 only |RPs Eurodollars --------------------------------------------------------------+------------------------+----------------- 2004 Dec 06 1.0106 1.0012 0.9962 1.0029 1.0095 0.9943 0.9814 13 1.0122 1.0009 1.0023 1.0081 1.0281 1.0012 0.9814 20 0.9977 1.0005 1.0024 1.0068 1.0176 0.9885 0.9772 27 0.9801 1.0008 1.0014 1.0020 1.0173 1.0001 0.9893 2005 Jan 03 0.9899 1.0021 0.9955 0.9941 1.0003 0.9595 1.0039 10 1.0096 1.0017 0.9955 1.0024 1.0154 0.9736 1.0056 17 0.9989 1.0012 0.9941 1.0072 1.0287 0.9902 1.0017 24 0.9779 1.0007 0.9893 1.0074 1.0359 0.9972 1.0022 31 0.9642 1.0006 0.9886 1.0031 1.0268 1.0097 1.0015 2005 Feb 07 0.9947 1.0011 0.9914 1.0046 1.0195 1.0143 1.0023 14 0.9964 1.0013 0.9915 1.0048 1.0227 1.0212 1.0138 21 0.9860 1.0013 0.9891 1.0072 1.0246 1.0052 1.0247 28 0.9798 1.0011 0.9872 1.0078 1.0219 1.0102 1.0266 2005 Mar 07 1.0066 1.0013 0.9907 1.0099 1.0135 1.0123 1.0159 14 1.0088 1.0013 0.9953 1.0106 1.0185 1.0183 1.0206 21 0.9950 1.0010 0.9979 1.0121 1.0115 1.0206 1.0210 28 0.9783 1.0011 0.9959 1.0106 1.0107 1.0256 1.0378 2005 Apr 04 1.0108 1.0013 1.0037 1.0057 0.9901 0.9880 1.0296 11 1.0268 1.0014 1.0023 1.0128 1.0017 0.9958 1.0146 18 1.0164 1.0010 1.0001 1.0088 0.9928 0.9920 1.0212 25 0.9899 1.0003 0.9990 1.0013 0.9890 1.0022 1.0328 2005 May 02 0.9841 1.0002 1.0095 0.9891 0.9808 1.0094 1.0348 09 1.0139 1.0001 1.0157 0.9876 0.9816 1.0197 1.0290 16 1.0111 0.9997 1.0186 0.9883 0.9864 1.0163 1.0194 23 0.9916 0.9992 1.0173 0.9938 0.9942 1.0064 1.0185 30 0.9855 0.9992 1.0151 0.9939 0.9877 1.0156 1.0211 2005 Jun 06 1.0146 0.9990 1.0147 0.9937 0.9884 1.0242 1.0058 13 1.0197 0.9986 1.0127 0.9959 0.9967 1.0292 0.9896 20 1.0056 0.9980 1.0108 0.9940 0.9897 1.0310 0.9724 27 0.9824 0.9978 1.0083 0.9910 0.9919 1.0336 0.9725 2005 Jul 04 1.0055 0.9984 1.0000 0.9857 0.9783 1.0045 0.9753 11 1.0222 0.9988 1.0016 0.9938 0.9884 0.9868 0.9754 18 1.0067 0.9985 1.0037 0.9946 0.9906 0.9898 0.9756 25 0.9895 0.9981 1.0068 0.9972 0.9951 0.9951 0.9816 2005 Aug 01 0.9908 0.9982 1.0107 0.9962 0.9864 1.0008 0.9814 08 1.0205 0.9985 1.0076 1.0006 0.9901 1.0098 0.9818 15 1.0159 0.9985 1.0009 1.0018 0.9945 1.0044 0.9740 22 0.9977 0.9984 0.9966 1.0067 1.0000 0.9835 0.9854 29 0.9828 0.9986 0.9997 1.0051 1.0003 0.9915 0.9995 2005 Sep 05 1.0138 0.9990 1.0024 1.0004 0.9861 0.9887 0.9882 12 1.0234 0.9991 1.0023 1.0039 0.9912 0.9950 0.9855 19 1.0055 0.9989 0.9971 1.0016 0.9880 0.9981 0.9858 26 0.9819 0.9989 0.9950 0.9970 0.9852 1.0000 0.9917 2005 Oct 03 0.9927 0.9995 0.9995 0.9916 0.9743 0.9847 0.9860 10 1.0168 1.0000 1.0012 0.9948 0.9839 0.9774 0.9912 17 1.0119 0.9999 0.9958 0.9961 0.9893 0.9783 0.9916 24 0.9903 0.9994 0.9902 0.9963 0.9935 0.9822 1.0053 31 0.9839 0.9994 0.9885 0.9936 0.9901 0.9904 1.0061 2005 Nov 07 1.0142 1.0001 0.9926 0.9933 0.9898 0.9962 0.9954 14 1.0202 1.0005 0.9945 0.9943 0.9969 0.9927 0.9921 21 1.0053 1.0007 0.9921 0.9995 1.0064 0.9817 0.9931 28 0.9850 1.0008 0.9935 1.0011 1.0098 0.9810 0.9957 2005 Dec 05 1.0071 1.0010 0.9950 1.0024 1.0072 0.9886 0.9817 12 1.0134 1.0009 1.0017 1.0072 1.0231 0.9989 0.9817 19 0.9992 1.0006 1.0026 1.0064 1.0173 0.9875 0.9774 26 0.9811 1.0008 1.0013 1.0019 1.0147 0.9978 0.9861 2006 Jan 02 0.9835 1.0017 0.9951 0.9948 0.9995 0.9624 1.0011 09 1.0065 1.0019 0.9963 0.9999 1.0073 0.9677 1.0062 16 0.9977 1.0014 0.9959 1.0068 1.0252 0.9864 1.0021 23 0.9781 1.0009 0.9901 1.0068 1.0327 0.9944 1.0031 30 0.9638 1.0007 0.9875 1.0029 1.0306 1.0062 1.0011 2006 Feb 06 0.9925 1.0011 0.9917 1.0039 1.0218 1.0098 1.0012 13 0.9951 1.0015 0.9917 1.0041 1.0224 1.0180 1.0117 20 0.9864 1.0015 0.9895 1.0061 1.0257 1.0065 1.0218 27 0.9781 1.0013 0.9867 1.0068 1.0229 1.0113 1.0261 2006 Mar 06 1.0033 1.0015 0.9898 1.0089 1.0142 1.0132 1.0132 13 1.0066 1.0015 0.9946 1.0101 1.0185 1.0192 1.0183 20 0.9945 1.0013 0.9976 1.0116 1.0116 1.0194 1.0194 27 0.9795 1.0013 0.9964 1.0106 1.0115 1.0240 1.0359 2006 Apr 03 0.9996 1.0016 1.0047 1.0064 0.9932 0.9906 1.0318 --------------------------------------------------------------------------------------------------------- 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 ------------+--------------------------+--------------------------+------------------------ 2003 October 1283.6 1284.1 6077.7 6068.8 8893.5 8875.7 November 1285.1 1283.4 6072.8 6065.7 8875.4 8862.3 December 1292.8 1293.4 6076.6 6062.5 8877.4 8862.6 2004 January 1289.9 1287.7 6089.3 6070.2 8936.7 8921.0 February 1307.7 1306.5 6128.1 6120.4 9001.1 8991.7 March 1320.9 1325.8 6166.8 6168.0 9078.4 9082.3 April 1321.3 1323.1 6204.3 6215.9 9144.7 9161.7 May 1324.8 1322.3 6262.6 6286.5 9234.0 9264.5 June 1332.6 1335.9 6274.7 6293.9 9274.6 9296.4 July 1325.5 1325.0 6277.5 6288.0 9277.7 9281.7 August 1343.4 1342.9 6298.0 6300.2 9310.3 9319.8 September 1347.9 1347.0 6333.0 6332.8 9358.4 9364.2 October 1347.8 1345.7 6357.8 6346.9 9363.3 9340.8 November 1362.8 1362.1 6394.2 6380.5 9386.4 9359.0 December 1362.0 1363.1 6417.0 6397.7 9426.8 9401.5 ------------------------------------------------------------------------------------------- Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (percent changes at annual rates) ------------------------------------------------------------------ Revised Old Difference ------------------------------------------------------------------ 2003 January 4.4 3.2 1.2 February 14.3 14.5 -0.2 March 2.4 5.3 -2.9 April 6.5 5.3 1.2 May 13.6 11.2 2.4 June 9.8 12.7 -2.9 July 3.5 2.3 1.2 August 8.8 7.6 1.2 September 0.3 -0.1 0.4 October 0.8 2.5 -1.7 November 1.4 -0.7 2.1 December 7.2 9.4 -2.2 2004 January -2.7 -5.3 2.6 February 16.6 17.5 -0.9 March 12.1 17.7 -5.6 April 0.4 -2.4 2.8 May 3.2 -0.7 3.9 June 7.1 12.3 -5.2 July -6.4 -9.8 3.4 August 16.2 16.2 0.0 September 4.0 3.7 0.3 October -0.1 -1.2 1.1 November 13.4 14.6 -1.2 December -0.7 0.9 -1.6 Quarterly 03Q4 2.4 2.6 -0.2 04Q1 5.9 6.1 -0.2 04Q2 6.1 6.2 -0.1 04Q3 3.8 3.4 0.4 04Q4 5.6 5.6 0.0 Semi-Annual 03Q4 - 04Q2 6.1 6.2 -0.1 04Q2 - 04Q4 4.7 4.5 0.2 Annual (Q4 to Q4) 2003 6.6 6.6 0.0 2004 5.5 5.4 0.1 ------------------------------------------------------------------ Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates) ------------------------------------------------------------------ Revised Old Difference ------------------------------------------------------------------ 2003 January 6.8 6.4 0.4 February 7.4 8.6 -1.2 March 3.3 4.9 -1.6 April 7.2 8.7 -1.5 May 9.6 10.4 -0.8 June 8.3 8.2 0.1 July 9.0 7.9 1.1 August 9.1 8.0 1.1 September -3.6 -4.5 0.9 October -1.6 -2.9 1.3 November -1.0 -0.6 -0.4 December 0.8 -0.6 1.4 2004 January 2.5 1.5 1.0 February 7.6 9.9 -2.3 March 7.6 9.3 -1.7 April 7.3 9.3 -2.0 May 11.3 13.6 -2.3 June 2.3 1.4 0.9 July 0.5 -1.1 1.6 August 3.9 2.3 1.6 September 6.7 6.2 0.5 October 4.7 2.7 2.0 November 6.9 6.4 0.5 December 4.3 3.2 1.1 Quarterly 03Q4 -0.4 -1.3 0.9 04Q1 3.4 3.5 -0.1 04Q2 7.8 9.5 -1.7 04Q3 3.6 2.7 0.9 04Q4 5.5 4.3 1.2 Semi-Annual 03Q4 - 04Q2 5.6 6.6 -1.0 04Q2 - 04Q4 4.6 3.5 1.1 Annual (Q4 to Q4) 2003 5.3 5.3 0.0 2004 5.2 5.1 0.1 ------------------------------------------------------------------ Appendix Table 8 Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates) ------------------------------------------------------------------ Revised Old Difference ------------------------------------------------------------------ 2003 January 2.5 1.9 0.6 February 5.1 5.2 -0.1 March 2.4 4.4 -2.0 April 4.2 5.2 -1.0 May 7.0 7.5 -0.5 June 7.4 6.9 0.5 July 12.7 10.7 2.0 August 4.3 5.5 -1.2 September -0.5 -1.3 0.8 October -0.6 -3.1 2.5 November -2.4 -1.8 -0.6 December 0.3 0.0 0.3 2004 January 8.0 7.9 0.1 February 8.6 9.5 -0.9 March 10.3 12.1 -1.8 April 8.8 10.5 -1.7 May 11.7 13.5 -1.8 June 5.3 4.1 1.2 July 0.4 -1.9 2.3 August 4.2 4.9 -0.7 September 6.2 5.7 0.5 October 0.6 -3.0 3.6 November 3.0 2.3 0.7 December 5.2 5.4 -0.2 Quarterly 03Q4 -0.3 -1.1 0.8 04Q1 5.6 5.9 -0.3 04Q2 9.4 10.8 -1.4 04Q3 4.2 3.5 0.7 04Q4 3.3 1.9 1.4 Semi-Annual 03Q4 - 04Q2 7.6 8.4 -0.8 04Q2 - 04Q4 3.8 2.7 1.1 Annual (Q4 to Q4) 2003 4.7 4.6 0.1 2004 5.7 5.6 0.1 ------------------------------------------------------------------