FRB: February 2004 Statistical Supplement--Reserves and Money Stock Measures

Statistical Supplement | February 2004

Statistical Supplement to the Federal Reserve Bulletin, February 2004

1.10 Reserves and Money Stock Measures
Monetary or credit aggregate		2002	2003			2003
Percent annual rate of change, seasonally adjusted¹
Monetary or credit aggregate		Q4^r	Q1^r	Q2^r	Q3^r	July^r	Aug^r	Sept^r	Oct	Nov
	Reserves of depository institutions²
1	Total	1.0	11.3	6.7	34.0	31.7	64.3	-34.2	-25.9	-15.3
2	Required	-1.4	11.4	8.1	28.1	31.1	14.7	26.5	-25.8	-18.1
3	Nonborrowed	1.9	12.8	6.2	32.8	32.7	59.1	-30.6	-24.1	-14.3
4	Monetary base³	4.5	7.1	5.7	5.5	4.1	9.3	2.8	5.9	5.4

	Concepts of money⁴
5	M1	6.2	7.9	8.4	7.6	4.6	8.2	.7	1.3	-.7
6	M2	8.2	7.2	8.1	7.0	9.0	7.8	-4.0	-3.6	-1.5
7	M3	9.0	6.7	5.7	9.1	17.6	4.9	-1.5	-4.8	-2.8

	Nontransaction components
8	In M2⁵	8.7	7.0	8.0	6.9	10.1	7.7	-5.2	-4.9	-1.8
9	In M3 only⁶	10.6	5.5	.4	13.6	36.7	-1.5	3.8	-7.3	-5.6

	Time and savings deposits
	Commercial banks
10	Savings, including MMDAs	18.8	14.7	15.8	17.7	26.0	17.4	-5.8	5.0	10.6
11	Small time⁷	-7.3	-7.6	-8.7	-13.9	-17.6	-14.8	-12.0	-9.7	-10.4
12	Large time⁸^, ⁹	-4.2	-6.7	2.7	35.6	97.2	7.9	10.4	-10.0	9.3
	Thrift institutions
13	Savings, including MMDAs	21.9	23.0	24.2	17.9	18.9	20.1	11.5	7.9	-8.4
14	Small time⁷	-6.0	-6.6	-9.3	-12.4	-12.1	-14.3	-9.8	-9.9	-10.4
15	Large time⁸	13.3	6.7	-1.6	14.9	30.5	13.9	-3.9	-3.9	-7.9

	Money market mutual funds
16	Retail	-6.1	-8.0	-6.9	-9.6	-12.8	-7.5	-13.7	-39.0	-21.0
17	Institution-only	2.7	-.3	-14.9	7.6	38.6	-16.9	.1	-22.5	-24.2

	Repurchase agreements and eurodollars
18	Repurchase agreements¹⁰	50.2	31.8	20.5	-11.0	-46.9	-6.3	5.8	16.7	13.3
19	Eurodollars¹⁰	27.6	20.6	31.1	30.0	36.5	42.2	1.7	19.5	-3.8

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. Return to table

2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) Return to table

3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Return to table

4. Composition of the money stock measures is as follows:
   M1: (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 owed 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 computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
   M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds.
    Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
   M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) 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 market 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 seasonally adjusted separately, and adding this result to seasonally adjusted M2.   Return to table

5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. Return to table

6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. Return to table

7. Small 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 thrift institutions are subtracted from small time deposits. Return to table

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

9. Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. Return to table

10. Includes both overnight and term. Return to table

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Last update: May 19, 2005