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Statistical Supplement | November 2008

Statistical Supplement to the Federal Reserve Bulletin, November 2008
1.10  Reserves and Money Stock Measures
Percent annual rate of change, seasonally adjusted1
Monetary or credit aggregate 2007 2008 2008
Q3 Q4 Q1 Q2 Apr May June July Aug
  Reserves of depository institutions2  
1 Total 1.2 -5.5 4.7 5.6 -19.8 15.7 -20.7 -.7 34.3
2 Required -9.8 4.9 .3 6.6 11.8 11.6 -29.1 7.9 35.6
3 Monetary base3 2.0 1.0 -.4 2.0 -3.8 3.0 8.8 8.1 5.1
 
  Concepts of money4  
4 M1 -1.4 -.3 1.3 1.0 -3.5 -2.8 15.9 14.8 -8.0
5 M2 4.7 5.2 9.0 5.3r 2.1 1.5 -.3 6.4 -1.5
 
  Nontransaction components  
6 In M25 6.2 6.4 10.8 6.2 3.3 2.4 -3.8r 4.5 -.1
 
  Time and savings deposits  
  Commercial banks  
7 Savings, including MMDAs 6.7 4.6 7.7 6.3 1.1 4.5 -4.4r 1.4 -3.9
8 Small time6 5.5 23.9 4.3 -3.6 -6.4 -1.0 4.1r 22.0 37.3
  Thrift institutions  
9 Savings, including MMDAs -4.7 -4.2 7.2 18.5 6.2r 37.0r 15.3 5.9 -14.6
10 Small time6 -3.3 -26.1 -.9 -8.7 -3.6 -12.5 -17.2 -19.3r -3.5
 
  Money market mutual funds  
11 Retail7 21.0 22.9 34.5 9.4 18.0 -23.6 -19.5 7.9 -4.5
12 Institution-only 40.0 54.0 47.0 32.7 22.1 18.4 14.4 -1.0 12.8

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the 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 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.
   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 accounts (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 fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.   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. Small 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.   Return to table

7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.   Return to table

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Last update: November 26, 2008