For Release at
4:30 P.M. EST
February 3, 2000
H.6 (508)
MONEY STOCK REVISIONS
Measures of the money stock aggregates and components have been revised to
incorporate the results of the annual benchmark and seasonal factor review
and to reflect receipt of other regular data flows. This release includes
revised monthly and weekly seasonal factors, as well as comparisons of the
revised monetary aggregates with previously published data. Over 1999, the
revisions had no effect on the annual growth rate of M2 and M3.
The benchmark incorporates minor revisions to data reported on the weekly
and quarterly deposit reports, and it takes account of deposit data from
call reports for banks and thrifts that are not weekly or quarterly
deposit reporters. These revisions to deposits data start in 1997. The
benchmark also incorporates historical data for a number of money market
mutual funds that began reporting for the first time during 1999 and
revisions to data for the money funds; these revisions changed the level
of M2 by a maximum absolute value of about $3 billion and raised the level
of M3 over the years by a maximum of about $7 billion. Historical
revisions have also raised the repurchase agreement component by a maximum
of about $7 billion.
Seasonal factors for the monetary aggregates have been revised, using
benchmarked data primarily through November 1999. The X-12-ARIMA
procedure was used to derive monthly seasonal factors. The revisions to
seasonal factors slightly changed the pattern of quarterly growth rates of
M2 and M3 in 1999, but they had little impact on the annual growth rates
of M2 and M3 over 1999.
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.
Information on how to obtain current and historical data for the monetary
aggregates and their components through a web site and other electronic
means may be found in the note on Page 2 of this release.
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
February 3, 2000
MONEY STOCK AND DEBT MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33 Debt4
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
1998-Jan. 1073.7 4065.9 5450.7 15303.0
Feb. 1076.1 4098.7 5487.5 15395.5
Mar. 1080.3 4128.6 5557.0 15493.8
Apr. 1081.7 4152.9 5594.7 15581.4
May 1076.5 4175.0 5638.3 15661.3
June 1077.9 4200.3 5682.6 15746.7
July 1076.9 4218.9 5703.6 15832.7
Aug. 1073.1 4243.0 5762.2 15915.2
Sep. 1078.2 4285.8 5824.4 15992.6
Oct. 1084.7 4327.3 5887.8 16077.2
Nov. 1093.7 4364.3 5945.2 16170.4
Dec. 1097.4 4397.0 5997.0 16250.4
1999-Jan. 1096.0 4422.4 6028.8 16336.6
Feb. 1094.3 4447.7 6078.0 16427.2
Mar. 1101.4 4463.5 6087.8 16542.5
Apr. 1107.2 4490.4 6123.8 16646.0
May 1101.8 4513.1 6156.3 16719.4
June 1100.2 4531.0 6187.4 16795.6
July 1099.4 4553.6 6211.9 16873.9
Aug. 1098.3 4572.9 6231.6 16967.9
Sep. 1095.5 4594.2 6260.0 17066.8
Oct. 1101.2 4612.1 6311.7 17155.0
Nov. 1110.2 4632.2 6391.8 17225.1 p
Dec. 1125.3 4661.1 6482.2
----------------------------------------------------------------------------------------
Not seasonally adjusted
---------------------------------------------------------------------------------------
1998-Jan. 1080.2 4073.0 5459.4 15284.8
Feb. 1066.3 4090.9 5491.9 15361.5
Mar. 1076.0 4142.1 5578.1 15474.1
Apr. 1087.8 4184.6 5624.0 15555.3
May 1070.9 4154.2 5622.0 15619.4
June 1075.3 4187.3 5666.3 15702.7
July 1074.4 4208.1 5678.9 15772.7
Aug. 1069.5 4237.8 5747.4 15856.5
Sep. 1070.9 4272.8 5801.8 15940.1
Oct. 1077.6 4311.6 5869.9 16024.4
Nov. 1098.2 4367.6 5955.4 16144.0
Dec. 1121.3 4422.2 6026.5 16247.2
1999-Jan. 1104.0 4433.0 6043.3 16318.2
Feb. 1085.2 4443.1 6091.3 16393.0
Mar. 1097.4 4481.3 6115.7 16522.8
Apr. 1113.5 4528.3 6160.1 16617.5
May 1096.4 4489.0 6137.5 16671.9
June 1098.4 4515.3 6167.8 16746.7
July 1097.5 4539.4 6178.8 16811.9
Aug. 1093.1 4563.0 6209.7 16911.0
Sep. 1086.6 4577.8 6230.3 17016.8
Oct. 1095.1 4597.4 6291.2 17104.2
Nov. 1113.7 4634.5 6403.3 17204.3 p
Dec. 1149.9 4689.4 6517.3
---------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------
M1 M2 M3 Debt
----------------------------------------------------------------------------------------
3 Months from Sep. 1999 TO Dec. 1999 10.9 5.8 14.2 6.1
6 Months from June 1999 TO Dec. 1999 4.6 5.7 9.5 6.0
12 Months from Dec. 1998 TO Dec. 1999 2.5 6.0 8.1 6.5
Thirteen weeks ending
January 24 , 2000
from thirteen weeks ending:
Oct. 25, 1999 (13 weeks previous) 7.5 5.6 12.3
July 26, 1999 (26 weeks previous) 3.3 5.5 8.8
Jan. 25, 1999 (52 weeks previous) 2.1 6.0 7.9
----------------------------------------------------------------------------------------
1. Growth rates for debt are based on periods beginning and ending one month earlier
than for the monetary aggregates, namely,
August 1999 to November 1999, May 1999 to November 1999, and
November 1998 to November 1999, 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
----------------------------------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------------------------------------
1999-Nov. 1 1098.4 1101.8 1107.4 4594.1 4614.4 4620.0 6270.1 6317.9 6339.4
8 1098.9 1103.9 1105.8 4598.4 4617.8 4622.1 6281.3 6335.5 6370.3
15 1099.7 1106.2 1110.0 4602.8 4622.0 4629.2 6293.9 6355.8 6392.8
22 1100.9 1109.1 1113.1 4607.7 4627.3 4637.7 6307.0 6376.8 6404.8
29 1102.1 1109.9 1110.5 4612.2 4631.7 4637.9 6319.3 6392.4 6401.8
Dec. 6 1103.4 1111.5 1112.5 4616.8 4636.9 4642.9 6332.8 6403.7 6415.4
13 1104.8 1112.1 1112.4 4622.0 4643.0 4653.4 6349.0 6421.4 6463.4
20 1106.8 1114.5 1122.7 4627.4 4650.2 4666.7 6366.6 6443.1 6491.9
27 1110.2 1121.3 1137.6 4632.6 4658.1 4669.3 6385.3 6471.9 6516.8
2000-Jan. 3 1114.0 1130.7 1150.1 4637.9 4666.3 4675.8 6405.0 6502.3 6536.9
10 1115.6 1132.2 1118.5 4643.4 4673.1 4680.7 6421.2 6513.9 6509.8
17p 1117.1 1131.7 1120.6 4648.8 4676.9 4681.9 6437.1 6520.5 6518.5
24p 1118.6 1127.5 1120.9 4654.6 4682.6 4691.9 6453.2 6523.7 6529.4
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
1999-Nov. 1 1091.6 1095.4 1111.3 4580.4 4596.4 4598.2 6246.2 6296.0 6314.3
8 1092.1 1099.2 1100.8 4584.4 4603.5 4631.1 6257.8 6318.0 6376.9
15 1093.1 1103.0 1108.8 4589.3 4611.8 4641.3 6272.2 6345.1 6410.3
22 1095.1 1108.4 1112.6 4595.4 4625.2 4630.1 6288.6 6377.9 6410.1
29 1098.2 1112.3 1127.1 4602.3 4633.3 4630.7 6305.6 6403.4 6416.2
Dec. 6 1100.6 1117.4 1121.2 4608.2 4644.4 4675.3 6323.1 6425.6 6465.6
13 1103.6 1121.3 1124.2 4614.3 4654.2 4680.6 6342.5 6451.3 6513.2
20 1108.2 1130.2 1148.2 4622.9 4670.2 4694.0 6364.9 6480.1 6525.4
27 1115.6 1141.9 1173.9 4634.7 4685.3 4691.3 6391.1 6510.2 6536.4
2000-Jan. 3 1123.0 1161.8 1200.9 4644.6 4696.5 4719.9 6415.2 6533.6 6559.3
10 1127.0 1165.0 1136.9 4653.7 4706.7 4721.6 6435.5 6543.6 6553.3
17p 1129.4 1159.2 1124.9 4661.6 4710.7 4710.1 6455.1 6551.4 6556.4
24p 1131.0 1143.9 1112.8 4669.0 4706.2 4673.0 6473.7 6547.4 6520.5
----------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 445.0 8.9 374.4 143.2 101.6 244.8
Sep. 450.0 8.7 375.7 141.4 102.5 243.9
Oct. 453.8 8.6 376.7 141.8 103.9 245.7
Nov. 456.7 8.3 379.1 145.3 104.3 249.7
Dec. 459.5 8.2 379.3 145.1 105.2 250.3
1999-Jan. 463.0 8.2 374.0 147.0 103.9 250.8
Feb. 467.4 8.1 371.3 142.8 104.7 247.5
Mar. 471.5 8.2 371.9 144.2 105.6 249.8
Apr. 475.6 8.2 371.6 146.1 105.8 251.9
May 480.0 8.3 366.1 142.2 105.3 247.4
June 483.5 8.8 360.8 142.0 105.1 247.2
July 487.3 9.1 360.2 138.0 104.8 242.8
Aug. 491.2 8.9 356.6 136.9 104.8 241.7
Sep. 495.3 8.7 351.1 136.5 103.9 240.4
Oct. 499.8 8.4 353.1 136.4 103.5 239.9
Nov. 505.5 8.2 355.7 137.6 103.2 240.9
Dec. 517.4 8.3 356.0 141.3 102.4 243.7
Week Ending:
1999-Nov. 29 507.2 8.1 354.3 139.6 101.3 240.9
Dec. 6 508.5 8.1 353.7 137.8 104.3 242.2
13 512.3 8.2 351.9 136.9 103.0 240.0
20 516.0 8.3 355.7 140.5 102.2 242.7
27 523.0 8.4 360.1 145.0 101.2 246.1
2000-Jan. 3 532.8 8.5 359.6 148.1 101.2 249.3
10 530.3 8.4 e 337.1 141.2 101.4 242.6
17p 524.6 8.4 e 345.5 140.6 101.5 242.1
24p 522.1 8.4 e 348.0 141.6 100.7 242.3
------------------------------------------------------------------------------------------------------------------------------------------
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 Deposits1 Small-denomination time deposit2
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 1122.5 401.3 1523.8 628.9 333.2 962.1 684.0 3169.9
Sep. 1138.1 403.0 1541.1 628.7 331.5 960.3 706.3 3207.6
Oct. 1152.7 407.0 1559.7 628.3 330.7 958.9 724.0 3242.6
Nov. 1168.0 410.7 1578.7 628.3 327.3 955.6 736.3 3270.6
Dec. 1184.8 413.8 1598.6 626.1 325.6 951.7 749.4 3299.6
1999-Jan. 1198.6 419.2 1617.7 622.6 324.3 947.0 761.7 3326.4
Feb. 1212.6 426.0 1638.6 618.6 322.6 941.1 773.7 3353.4
Mar. 1217.3 429.9 1647.2 616.9 320.4 937.3 777.6 3362.1
Apr. 1230.9 431.5 1662.4 616.0 319.3 935.2 785.5 3383.1
May 1242.4 442.0 1684.3 616.2 317.7 933.9 793.0 3411.3
June 1252.2 447.7 1699.9 616.5 315.0 931.5 799.4 3430.8
July 1264.3 453.6 1717.9 617.6 314.1 931.7 804.5 3454.1
Aug. 1274.0 455.4 1729.5 619.6 314.4 933.9 811.1 3474.5
Sep. 1285.8 455.4 1741.2 623.1 315.2 938.3 819.1 3498.6
Oct. 1289.7 453.2 1742.9 626.4 316.3 942.7 825.4 3510.9
Nov. 1288.7 451.6 1740.4 630.5 318.4 948.9 832.7 3522.0
Dec. 1285.2 448.8 1734.0 634.2 320.0 954.2 847.6 3535.7
Week ending:
1999-Nov. 29 1285.6 455.0 1740.6 632.0 318.5 950.6 836.3 3527.5
Dec. 6 1291.9 449.0 1740.9 632.0 318.9 950.9 838.5 3530.4
13 1293.5 449.4 1742.9 633.6 319.4 953.0 845.1 3541.0
20 1291.2 449.7 1741.0 634.5 320.1 954.6 848.4 3544.0
27 1276.3 448.6 1725.0 635.8 320.7 956.5 850.2 3531.7
2000-Jan. 3 1264.5 444.6 1709.1 635.6 321.2 956.7 859.8 3525.6
10 1290.0 445.3 1735.3 636.7 321.6 958.3 868.6 3562.2
17p 1291.0 446.9 1737.9 637.6 322.2 959.7 863.7 3561.3
24p 1293.4 449.8 1743.2 638.7 322.6 961.3 866.5 3571.0
-------------------------------------------------------------------------------------------------------------------------------------------
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
Institutional -------------------------------------- Debt components5
Date money At commercial At thrift Total -------------------------
funds banks2 institutions Total RPs3 Eurodollars4 Non-M2 M3 Federal Non-Federal
------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 458.6 537.9 85.9 623.9 283.5 153.3 1519.2 3787.7 12127.5
Sep. 472.7 536.5 86.6 623.1 288.2 154.6 1538.6 3779.3 12213.3
Oct. 491.7 534.6 87.7 622.2 289.1 157.4 1560.5 3767.1 12310.1
Nov. 507.1 537.6 88.0 625.6 293.1 155.0 1580.8 3758.9 12411.5
Dec. 518.4 539.3 88.9 628.1 300.9 152.6 1599.9 3750.8 12499.6
1999-Jan. 523.3 541.4 90.3 631.7 300.7 150.7 1606.4 3742.7 12593.9
Feb. 533.2 537.8 90.0 627.8 315.2 154.1 1630.3 3723.7 12703.5
Mar. 535.9 534.5 89.6 624.1 305.7 158.7 1624.4 3723.8 12818.6
Apr. 544.4 537.1 89.4 626.5 301.0 161.5 1633.4 3718.6 12927.5
May 550.1 537.2 88.6 625.8 305.1 162.3 1643.3 3702.8 13016.7
June 553.9 535.9 88.9 624.8 312.9 164.8 1656.4 3703.6 13092.0
July 556.1 537.7 88.7 626.5 312.8 163.0 1658.3 3708.0 13166.0
Aug. 563.8 533.9 89.6 623.5 313.4 158.0 1658.7 3711.0 13256.8
Sep. 566.9 540.0 89.6 629.6 313.5 155.8 1665.9 3698.1 13368.7
Oct. 577.7 565.8 89.6 655.4 312.7 153.8 1699.6 3680.1 13474.8
Nov. 592.1 597.4 91.1 688.5 318.7 160.3 1759.6 3656.5 p 13568.6 p
Dec. 607.4 626.0 91.6 717.6 329.2 166.9 1821.1
Week ending:
1999-Nov. 29 588.9 605.1 90.5 695.6 318.6 160.8 1763.9
Dec. 6 587.2 612.7 90.8 703.5 320.3 161.5 1772.5
13 600.0 619.6 91.2 710.9 332.9 166.3 1810.1
20 606.5 631.0 91.5 722.6 328.3 167.8 1825.2
27 616.2 633.4 91.9 725.3 337.7 168.3 1847.5
2000-Jan. 3 637.7 635.3 93.3 728.6 323.1 171.8 1861.1
10 616.2 637.6 94.0 731.6 313.7 167.7 1829.2
17p 616.6 634.6 94.4 729.0 319.5 171.6 1836.7
24p 622.9 626.9 95.0 722.0 323.1 169.6 1837.6
------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 444.4 8.6 374.1 141.7 100.6 242.4
Sep. 448.4 8.5 372.4 140.2 101.5 241.6
Oct. 452.6 8.6 373.2 140.4 102.8 243.2
Nov. 457.5 8.4 383.5 144.6 104.2 248.8
Dec. 464.1 8.4 395.9 146.3 106.6 252.8
1999-Jan. 462.4 8.3 379.2 149.3 104.7 254.1
Feb. 466.4 8.3 364.3 142.7 103.5 246.1
Mar. 471.2 8.3 367.2 144.8 105.9 250.7
Apr. 475.7 8.3 372.1 149.0 108.4 257.4
May 479.7 8.3 361.6 141.8 104.9 246.7
June 483.0 8.6 359.4 142.1 105.2 247.3
July 487.7 8.7 360.1 136.7 104.3 241.1
Aug. 490.1 8.6 355.2 135.5 103.6 239.1
Sep. 493.2 8.5 347.0 135.2 102.6 237.8
Oct. 498.9 8.4 350.5 135.0 102.4 237.4
Nov. 506.3 8.3 359.0 137.0 103.0 240.0
Dec. 523.1 8.4 372.0 142.4 104.0 246.4
Week Ending:
1999-Nov. 29 509.7 8.3 366.8 140.4 101.9 242.3
Dec. 6 511.6 8.3 357.8 137.3 106.3 243.5
13 516.4 8.3 360.5 135.7 103.3 239.0
20 522.1 8.4 373.4 141.2 103.0 244.3
27 532.6 8.5 382.6 147.6 102.6 250.2
2000-Jan. 3 537.6 8.6 394.6 153.7 106.4 260.1
10 531.1 8.6 e 349.4 143.9 103.8 247.8
17p 523.4 8.6 e 348.7 142.1 102.1 244.2
24p 518.8 8.6 e 342.0 143.4 99.9 243.3
------------------------------------------------------------------------------------------------------------------------------------------
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 Deposits1 Small-denomination time deposit2
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 1122.0 401.1 1523.1 627.5 332.5 960.1 685.1 3168.3
Sep. 1135.4 402.1 1537.5 628.1 331.2 959.3 705.1 3201.9
Oct. 1148.2 405.4 1553.6 629.0 331.1 960.1 720.3 3234.0
Nov. 1167.7 410.6 1578.4 629.4 327.9 957.3 733.7 3269.4
Dec. 1186.0 414.2 1600.2 626.5 325.8 952.3 748.3 3300.9
1999-Jan. 1196.8 418.5 1615.3 624.1 325.1 949.2 764.6 3329.0
Feb. 1205.9 423.6 1629.5 620.8 323.7 944.5 783.9 3357.9
Mar. 1220.4 431.0 1651.4 618.5 321.2 939.7 792.8 3383.9
Apr. 1244.9 436.4 1681.2 616.4 319.5 935.9 797.6 3414.8
May 1238.8 440.7 1679.4 614.4 316.8 931.2 782.0 3392.6
June 1253.4 448.1 1701.5 613.4 313.4 926.8 788.6 3416.9
July 1265.7 454.1 1719.8 615.8 313.2 929.0 793.1 3441.9
Aug. 1272.5 454.9 1727.4 618.0 313.5 931.5 811.0 3469.9
Sep. 1282.0 454.1 1736.1 622.5 314.9 937.4 817.6 3491.2
Oct. 1285.1 451.5 1736.6 627.5 316.8 944.2 821.4 3502.2
Nov. 1288.4 451.5 1739.9 632.1 319.1 951.2 829.7 3520.8
Dec. 1288.0 449.8 1737.8 635.1 320.4 955.4 846.3 3539.5
Week ending:
1999-Nov. 29 1267.1 448.5 1715.6 633.8 319.5 953.3 834.6 3503.6
Dec. 6 1306.1 453.9 1760.1 633.9 319.8 953.7 840.4 3554.1
13 1303.1 452.7 1755.8 634.8 320.0 954.8 845.8 3556.4
20 1291.6 449.9 1741.5 635.0 320.4 955.4 849.0 3545.9
27 1268.1 445.7 1713.8 635.8 320.7 956.4 847.1 3517.4
2000-Jan. 3 1266.4 445.3 1711.6 636.3 321.6 957.8 849.5 3519.0
10 1306.5 451.0 1757.5 638.3 322.4 960.6 866.6 3584.7
17p 1299.8 450.0 1749.8 639.2 323.0 962.2 873.2 3585.2
24p 1277.5 444.3 1721.8 640.4 323.5 963.9 874.7 3560.3
-------------------------------------------------------------------------------------------------------------------------------------------
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 deposits1 RPs3
Institutional ------------------------------------- -------------------------------- Debt components5
Date money At commercial At thrift At commercial At thrift Total -------------------------
funds banks2 institutions Total banks2 institutions Total Eurodollars4 Non-M2 M3 Federal Non-Federal
--------------------------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 452.0 536.8 85.8 622.6 235.2 47.9 283.1 152.0 1509.6 3749.6 12106.9
Sep. 462.7 538.4 86.9 625.3 239.1 48.7 287.9 153.1 1529.0 3743.4 12196.7
Oct. 486.9 539.3 88.4 627.7 242.6 44.8 287.4 156.2 1558.3 3727.8 12296.6
Nov. 508.9 540.6 88.5 629.1 250.6 44.3 295.0 154.9 1587.8 3746.6 12397.5
Dec. 527.9 537.8 88.6 626.4 248.6 46.9 295.5 154.5 1604.3 3754.9 12492.3
1999-Jan. 534.8 533.2 89.0 622.2 252.9 48.0 300.9 152.4 1610.3 3736.6 12581.5
Feb. 552.4 533.9 89.3 623.3 265.7 51.0 316.7 155.9 1648.3 3721.8 12671.1
Mar. 544.1 534.6 89.6 624.3 252.9 54.7 307.7 158.4 1634.4 3741.2 12781.6
Apr. 544.2 536.7 89.4 626.1 243.9 56.3 300.2 161.3 1631.8 3717.1 12900.4
May 545.3 541.0 89.2 630.2 251.0 58.1 309.1 163.9 1648.4 3674.2 12997.7
June 547.6 537.1 89.1 626.2 254.1 59.9 313.9 164.7 1652.5 3662.8 13083.9
July 540.5 538.4 88.8 627.2 248.6 62.2 310.8 160.9 1639.4 3652.2 13159.7
Aug. 555.0 532.6 89.4 622.0 249.3 63.6 312.9 156.9 1646.7 3665.8 13245.1
Sep. 553.2 542.3 90.0 632.2 246.9 65.8 312.7 154.3 1652.5 3655.8 13361.0
Oct. 570.9 570.2 90.3 660.5 244.4 65.6 310.1 152.4 1693.8 3635.4 13468.8
Nov. 595.1 600.4 91.6 692.0 256.7 64.6 321.3 160.5 1768.9 3641.4 p 13562.9 p
Dec. 618.9 624.2 91.3 715.5 261.2 63.4 324.6 168.9 1827.9
Week ending:
1999-Nov. 29 599.3 609.5 91.2 700.7 256.5 64.7 321.2 164.2 1785.5
Dec. 6 598.7 614.8 91.1 705.8 257.4 63.2 320.7 165.1 1790.3
13 620.0 621.1 91.4 712.5 267.6 63.8 331.4 168.6 1832.6
20 618.9 630.0 91.4 721.4 259.4 63.3 322.8 168.2 1831.3
27 626.9 628.8 91.3 720.0 265.0 63.3 328.3 169.9 1845.2
2000-Jan. 3 633.4 624.5 91.7 716.2 252.2 63.1 315.3 174.5 1839.4
10 628.2 628.7 92.7 721.4 249.4 63.8 313.2 168.8 1831.7
17p 633.5 626.9 93.3 720.2 256.4 64.3 320.6 172.0 1846.3
24p 643.4 616.3 93.4 709.7 259.1 64.8 324.0 170.4 1847.5
------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998-Aug. 9.8 2.1 15.4 1.4 5.1 11.9 18.4 3.4 151.2 98.0 107.3 356.5
Sep. 9.6 2.0 15.2 2.7 6.3 20.4 29.4 3.5 151.4 98.4 110.9 360.7
Oct. 9.4 2.1 15.5 1.4 5.4 19.3 26.1 3.7 151.5 98.4 113.6 363.6
Nov. 9.2 1.9 16.5 1.3 5.1 18.7 25.1 4.1 151.5 97.9 115.5 364.8
Dec. 8.9 1.9 17.5 1.7 5.9 24.4 32.0 4.5 151.5 97.4 117.3 366.1
1999-Jan. 8.8 1.8 18.2 2.9 6.6 30.8 40.2 4.6 151.5 97.0 119.2 367.7
Feb. 8.7 1.8 18.6 1.4 4.8 6.9 13.0 4.3 151.6 96.8 121.0 369.3
Mar. 8.7 1.7 19.1 1.5 5.5 12.1 19.1 4.0 151.7 96.5 122.8 371.0
Apr. 8.6 1.6 19.1 4.6 6.4 16.5 27.5 3.9 151.6 96.4 124.3 372.3
May 8.5 1.6 18.6 1.4 5.4 28.4 35.3 4.0 151.3 96.3 125.4 373.1
June 8.3 1.6 18.1 2.6 5.9 24.0 32.5 4.0 151.1 96.3 126.5 373.8
July 8.1 1.6 18.7 1.3 5.2 27.2 33.7 4.1 150.7 96.2 127.8 e 374.7 e
Aug. 7.9 1.4 20.6 1.3 5.1 9.2 15.6 4.3 150.1 96.1 129.5 e 375.7 e
Sep. 7.6 1.3 22.4 2.5 6.4 29.3 38.2 4.5 149.6 96.0 131.2 e 376.8 e
Oct. 7.4 1.2 23.3 1.4 5.2 28.6 35.2 4.6 149.1 e 95.9 e 132.9 e 377.9 e
Nov. 7.4 1.2 23.3 1.2 5.1 8.0 14.3 4.6 148.7 e 95.8 e 134.6 e 379.1 e
Dec. 7.4 1.2 23.3 1.5 8.3 39.0 48.8 4.6 148.4 e 95.7 e 136.3 e 380.3 e
1999-Nov. 29 1.2 5.0 12.2 18.4
Dec. 6 1.2 4.9 7.2 13.2
13 1.3 4.7 0.6 6.6
20 2.0 6.6 47.8 56.3
27 1.4 7.1 79.8 88.2
2000-Jan. 3 1.8 24.5 60.1 86.5
10 1.8 6.9 59.2 67.8
17p 3.1 5.3 39.5 47.8
24p 5.3 6.7 49.5 61.6
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------+-------------------------------------
1999
January 0.9987 1.0224 1.0139 1.0128 1.0160
February 0.9980 1.0225 0.9811 0.9946 0.9990
March 0.9994 1.0161 0.9872 1.0037 1.0039
April 1.0002 1.0176 1.0013 1.0220 1.0198
May 0.9995 1.0105 0.9877 0.9972 0.9975
June 0.9991 0.9794 0.9962 1.0006 1.0003
July 1.0008 0.9570 0.9996 0.9928 0.9905
August 0.9979 0.9657 0.9962 0.9896 0.9899
September 0.9959 0.9816 0.9884 0.9892 0.9907
October 0.9982 0.9972 0.9926 0.9897 0.9897
November 1.0017 1.0155 1.0093 0.9964 0.9952
December 1.0110 1.0184 1.0450 1.0110 1.0075
2000
January 0.9977 1.0207 1.0136 1.0126 1.0154
February 0.9982 1.0218 0.9811 0.9945 0.9985
March 1.0002 1.0160 0.9870 1.0039 1.0039
April 1.0007 1.0188 1.0074 1.0229 1.0200
May 0.9992 1.0122 0.9845 0.9973 0.9983
June 0.9990 0.9823 0.9942 1.0009 1.0011
July 1.0002 0.9579 1.0023 0.9930 0.9906
August 0.9974 0.9684 0.9939 0.9892 0.9899
September 0.9970 0.9824 0.9903 0.9893 0.9901
October 0.9967 0.9959 0.9891 0.9886 0.9894
November 1.0019 1.0141 1.0095 0.9963 0.9952
December 1.0120 1.0164 1.0507 1.0119 1.0073
2001
January 0.9973 1.0192 1.0094 1.0121 1.0153
February 0.9984 1.0223 0.9818 0.9944 0.9984
March 1.0004 1.0157 0.9892 1.0043 1.0039
-------------------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as the dif-
ference between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.
Appendix Table 2
Monthly Seasonal Factors Used to Construct M2 and M3
---------------------------------------------------------------------+-------------------------------+----------------------
Savings and Small denom. Large denom. | Money market mutual funds |
MMDA deposits [1] time deposits [1] time deposits [1] | in M2 in M3 only | RPs Eurodollars
---------------------------------------------------------------------+-------------------------------+----------------------
1999
January 0.9985 1.0023 0.9849 1.0038 1.0220 1.0007 1.0108
February 0.9944 1.0036 0.9928 1.0132 1.0361 1.0048 1.0111
March 1.0025 1.0026 1.0002 1.0196 1.0154 1.0064 0.9983
April 1.0113 1.0008 0.9993 1.0154 0.9997 0.9974 0.9982
May 0.9971 0.9970 1.0070 0.9860 0.9913 1.0131 1.0096
June 1.0010 0.9949 1.0022 0.9866 0.9887 1.0034 0.9994
July 1.0011 0.9970 1.0011 0.9859 0.9720 0.9937 0.9870
August 0.9988 0.9974 0.9975 0.9998 0.9843 0.9985 0.9931
September 0.9971 0.9990 1.0042 0.9982 0.9758 0.9972 0.9909
October 0.9964 1.0017 1.0077 0.9951 0.9883 0.9915 0.9909
November 0.9997 1.0025 1.0051 0.9964 1.0051 1.0081 1.0012
December 1.0022 1.0013 0.9970 0.9984 1.0190 0.9860 1.0121
2000
January 0.9986 1.0025 0.9856 1.0044 1.0235 1.0007 1.0068
February 0.9943 1.0040 0.9929 1.0148 1.0373 1.0056 1.0084
March 1.0021 1.0031 1.0003 1.0199 1.0152 1.0078 0.9994
April 1.0123 1.0010 0.9996 1.0157 1.0002 0.9959 0.9995
May 0.9964 0.9965 1.0072 0.9865 0.9927 1.0120 1.0083
June 1.0007 0.9939 1.0024 0.9865 0.9889 1.0032 1.0016
July 1.0014 0.9966 1.0010 0.9846 0.9707 0.9925 0.9882
August 0.9983 0.9971 0.9973 0.9990 0.9840 0.9992 0.9945
September 0.9978 0.9991 1.0045 0.9981 0.9745 0.9970 0.9914
October 0.9958 1.0019 1.0070 0.9952 0.9868 0.9897 0.9896
November 0.9997 1.0029 1.0050 0.9964 1.0060 1.0088 1.0028
December 1.0033 1.0016 0.9969 0.9983 1.0190 0.9883 1.0109
2001
January 0.9981 1.0026 0.9861 1.0047 1.0237 1.0006 1.0042
February 0.9943 1.0041 0.9931 1.0156 1.0380 1.0059 1.0072
March 1.0021 1.0033 1.0002 1.0201 1.0161 1.0086 1.0005
----------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------+------------------------------------
1999 Dec 06 1.0061 1.0221 1.0114 1.0056 0.9957
13 1.0080 1.0201 1.0243 0.9961 0.9910
20 1.0118 1.0182 1.0497 1.0065 1.0050
27 1.0182 1.0162 1.0626 1.0166 1.0184
2000 Jan 03 1.0090 1.0142 1.0974 1.0435 1.0375
10 1.0015 1.0171 1.0367 1.0213 1.0194
17 0.9978 1.0199 1.0090 1.0089 1.0110
24 0.9936 1.0228 0.9829 1.0042 1.0122
31 0.9922 1.0257 0.9924 1.0044 1.0126
2000 Feb 07 0.9980 1.0242 0.9771 1.0000 0.9998
14 1.0004 1.0227 0.9759 0.9863 0.9898
21 0.9988 1.0212 0.9776 0.9885 0.9962
28 0.9961 1.0197 0.9887 0.9989 1.0042
2000 Mar 06 1.0018 1.0183 0.9863 1.0040 1.0010
13 1.0017 1.0170 0.9860 0.9976 0.9956
20 1.0005 1.0158 0.9834 0.9994 1.0003
27 0.9985 1.0146 0.9870 1.0064 1.0116
2000 Apr 03 0.9995 1.0134 1.0151 1.0240 1.0196
10 1.0040 1.0158 1.0140 1.0207 1.0158
17 1.0009 1.0183 1.0178 1.0317 1.0257
24 0.9986 1.0208 0.9921 1.0222 1.0243
2000 May 01 0.9979 1.0234 0.9973 1.0148 1.0137
08 1.0029 1.0190 0.9853 1.0026 0.9984
15 0.9997 1.0147 0.9829 0.9917 0.9923
22 0.9980 1.0104 0.9717 0.9884 0.9942
29 0.9982 1.0061 0.9844 0.9970 1.0001
2000 Jun 05 1.0014 1.0019 0.9987 1.0064 1.0014
12 1.0017 0.9917 0.9978 0.9983 0.9985
19 0.9980 0.9817 0.9928 0.9997 1.0015
26 0.9948 0.9718 0.9893 1.0001 1.0059
2000 Jul 03 0.9991 0.9622 1.0140 1.0104 1.0051
10 1.0049 0.9603 1.0116 1.0009 0.9945
17 1.0003 0.9584 0.9949 0.9856 0.9856
24 0.9974 0.9565 0.9852 0.9833 0.9863
31 0.9967 0.9545 1.0061 0.9943 0.9912
2000 Aug 07 1.0032 0.9595 0.9968 0.9965 0.9910
14 0.9992 0.9646 0.9949 0.9847 0.9834
21 0.9958 0.9697 0.9926 0.9830 0.9851
28 0.9930 0.9749 0.9914 0.9875 0.9935
2000 Sep 04 1.0023 0.9801 0.9947 0.9951 0.9930
11 0.9983 0.9812 0.9945 0.9917 0.9886
18 0.9961 0.9823 0.9936 0.9883 0.9899
25 0.9934 0.9834 0.9795 0.9831 0.9914
2000 Oct 02 0.9936 0.9845 0.9952 0.9946 0.9939
09 1.0010 0.9892 0.9863 0.9896 0.9865
16 0.9978 0.9939 0.9862 0.9839 0.9835
23 0.9946 0.9987 0.9795 0.9842 0.9874
30 0.9941 1.0035 0.9935 0.9903 0.9960
2000 Nov 06 1.0016 1.0084 1.0020 1.0009 0.9945
13 1.0023 1.0116 0.9996 0.9900 0.9882
20 1.0001 1.0147 1.0080 0.9919 0.9927
27 1.0044 1.0179 1.0216 0.9977 1.0018
2000 Dec 04 1.0063 1.0211 1.0342 1.0095 0.9999
11 1.0080 1.0189 1.0290 0.9999 0.9937
18 1.0112 1.0167 1.0484 1.0053 1.0015
25 1.0179 1.0145 1.0572 1.0136 1.0156
2001 Jan 01 1.0105 1.0124 1.0847 1.0363 1.0299
08 1.0034 1.0150 1.0488 1.0298 1.0257
15 0.9986 1.0177 1.0140 1.0098 1.0132
22 0.9949 1.0203 0.9844 1.0027 1.0094
29 0.9927 1.0230 0.9804 1.0012 1.0092
2001 Feb 05 0.9972 1.0257 0.9794 1.0027 1.0027
12 1.0000 1.0238 0.9754 0.9893 0.9933
19 0.9992 1.0219 0.9805 0.9901 0.9948
26 0.9961 1.0200 0.9864 0.9954 1.0029
2001 Mar 05 1.0007 1.0182 0.9975 1.0033 1.0018
12 1.0020 1.0170 0.9886 0.9972 0.9974
19 1.0002 1.0157 0.9893 1.0000 1.0010
26 0.9978 1.0145 0.9801 1.0068 1.0105
2001 Apr 02 0.9995 1.0133 1.0065 1.0235 1.0169
-------------------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ-
ence between total other checkable deposits, seasonally adjusted,
and seasonally adjusted other checkable deposits at commercial banks.
Appendix Table 4
Weekly Seasonal Factors Used to Construct M2 and M3
-----------------------------------------------------------------------+-------------------------------+----------------------
Savings and Small denom. Large denom. | Money market mutual funds |
MMDA deposits [1] time deposits [1] time deposits [1] | in M2 in M3 only | RPs Eurodollars
-----------------------------------------------------------------------+-------------------------------+----------------------
1999 Dec 06 1.0110 1.0029 1.0033 1.0023 1.0197 1.0010 1.0224
13 1.0074 1.0018 1.0024 1.0009 1.0333 0.9956 1.0139
20 1.0003 1.0008 0.9984 1.0007 1.0204 0.9831 1.0025
27 0.9935 0.9999 0.9927 0.9964 1.0173 0.9724 1.0094
2000 Jan 03 1.0015 1.0012 0.9831 0.9881 0.9932 0.9760 1.0152
10 1.0128 1.0024 0.9860 0.9977 1.0195 0.9986 1.0070
17 1.0068 1.0026 0.9879 1.0110 1.0274 1.0036 1.0024
24 0.9877 1.0026 0.9830 1.0094 1.0330 1.0026 1.0047
31 0.9807 1.0031 0.9864 1.0065 1.0270 1.0087 1.0094
2000 Feb 07 1.0003 1.0038 0.9908 1.0122 1.0329 1.0095 0.9987
14 0.9997 1.0041 0.9950 1.0143 1.0375 1.0127 1.0097
21 0.9918 1.0040 0.9908 1.0163 1.0398 1.0011 1.0094
28 0.9877 1.0039 0.9936 1.0158 1.0409 0.9997 1.0189
2000 Mar 06 1.0069 1.0039 1.0011 1.0197 1.0238 1.0031 0.9871
13 1.0071 1.0035 1.0014 1.0203 1.0219 1.0129 0.9971
20 1.0016 1.0029 1.0013 1.0195 1.0147 1.0138 0.9992
27 0.9913 1.0023 1.0005 1.0203 1.0138 1.0065 1.0115
2000 Apr 03 1.0097 1.0029 0.9950 1.0196 0.9945 0.9982 1.0011
10 1.0250 1.0026 0.9982 1.0267 1.0096 0.9972 0.9978
17 1.0235 1.0013 0.9986 1.0245 1.0057 0.9931 0.9881
24 1.0052 1.0000 0.9999 1.0138 0.9968 0.9917 1.0027
2000 May 01 0.9901 0.9989 1.0046 0.9928 0.9899 1.0014 1.0103
08 1.0051 0.9982 1.0077 0.9885 0.9894 1.0082 0.9955
15 1.0028 0.9971 1.0058 0.9844 0.9893 1.0104 1.0019
22 0.9910 0.9960 1.0066 0.9855 0.9945 1.0118 1.0161
29 0.9906 0.9951 1.0086 0.9864 0.9956 1.0186 1.0216
2000 Jun 05 1.0114 0.9943 1.0084 0.9870 1.0014 1.0143 1.0009
12 1.0094 0.9937 1.0041 0.9913 1.0036 1.0114 1.0036
19 1.0003 0.9932 1.0027 0.9875 0.9868 1.0017 0.9962
26 0.9832 0.9935 1.0003 0.9844 0.9823 0.9945 1.0044
2000 Jul 03 0.9962 0.9953 0.9952 0.9791 0.9632 0.9927 1.0037
10 1.0119 0.9962 0.9970 0.9854 0.9787 0.9905 0.9868
17 1.0052 0.9963 1.0039 0.9843 0.9689 0.9889 0.9812
24 0.9935 0.9973 1.0044 0.9852 0.9717 0.9943 0.9870
31 0.9909 0.9972 1.0013 0.9859 0.9668 0.9961 0.9914
2000 Aug 07 1.0092 0.9971 1.0014 0.9940 0.9773 0.9980 0.9875
14 1.0075 0.9969 0.9968 0.9986 0.9857 1.0026 0.9840
21 0.9976 0.9969 0.9924 1.0016 0.9856 0.9930 0.9917
28 0.9863 0.9970 0.9967 1.0015 0.9892 1.0021 1.0143
2000 Sep 04 1.0043 0.9979 1.0014 0.9991 0.9795 1.0012 0.9949
11 1.0137 0.9985 1.0022 1.0020 0.9818 1.0017 0.9931
18 0.9997 0.9991 1.0033 1.0011 0.9766 1.0012 0.9871
25 0.9791 0.9992 1.0074 0.9959 0.9687 0.9941 0.9928
2000 Oct 02 0.9865 1.0004 1.0078 0.9906 0.9653 0.9853 0.9903
09 1.0046 1.0021 1.0130 0.9949 0.9803 0.9850 0.9856
16 1.0034 1.0020 1.0081 0.9975 0.9847 0.9885 0.9874
23 0.9905 1.0019 1.0053 0.9961 0.9940 0.9895 0.9858
30 0.9859 1.0018 1.0015 0.9938 0.9931 0.9955 0.9996
2000 Nov 06 1.0037 1.0024 1.0054 0.9926 0.9941 1.0002 0.9887
13 1.0073 1.0028 1.0063 0.9949 1.0015 1.0092 0.9955
20 1.0016 1.0030 1.0044 0.9967 1.0069 1.0145 1.0035
27 0.9912 1.0031 1.0050 0.9994 1.0143 1.0118 1.0175
2000 Dec 04 1.0035 1.0030 1.0022 0.9991 1.0184 1.0047 1.0122
11 1.0079 1.0024 1.0028 1.0027 1.0314 0.9998 1.0117
18 1.0021 1.0015 0.9992 1.0023 1.0218 0.9887 1.0035
25 0.9955 1.0007 0.9943 0.9976 1.0161 0.9777 1.0074
2001 Jan 01 0.9998 1.0010 0.9868 0.9889 1.0050 0.9759 1.0217
08 1.0135 1.0025 0.9845 0.9953 0.9998 0.9947 1.0110
15 1.0101 1.0025 0.9898 1.0080 1.0263 1.0025 1.0009
22 0.9942 1.0026 0.9862 1.0085 1.0323 1.0002 0.9993
29 0.9820 1.0027 0.9833 1.0078 1.0371 1.0064 1.0053
2001 Feb 05 0.9978 1.0036 0.9877 1.0098 1.0301 1.0079 0.9966
12 0.9986 1.0041 0.9927 1.0147 1.0437 1.0110 1.0067
19 0.9938 1.0042 0.9924 1.0159 1.0381 1.0046 1.0089
26 0.9861 1.0043 0.9954 1.0194 1.0413 1.0015 1.0181
2001 Mar 05 1.0014 1.0042 1.0019 1.0190 1.0265 1.0030 0.9919
12 1.0038 1.0038 1.0023 1.0206 1.0265 1.0115 0.9976
19 1.0007 1.0032 1.0012 1.0194 1.0163 1.0150 0.9987
26 0.9934 1.0027 0.9997 1.0207 1.0128 1.0092 1.0090
2001 Apr 02 1.0069 1.0028 0.9950 1.0207 0.9956 1.0005 1.0035
------------------------------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
1998
October 1084.7 1080.8 4327.3 4325.9 5887.8 5872.0
November 1093.7 1089.3 4364.3 4364.4 5945.2 5936.9
December 1097.4 1093.7 4397.0 4401.4 5997.0 5995.7
1999
January 1096.0 1091.4 4422.4 4425.4 6028.8 6017.4
February 1094.3 1093.1 4447.7 4446.0 6078.0 6065.1
March 1101.4 1102.4 4463.5 4455.9 6087.8 6059.7
April 1107.2 1108.8 4490.4 4488.9 6123.8 6104.5
May 1101.8 1105.2 4513.1 4506.9 6156.3 6133.5
June 1100.2 1101.5 4531.0 4523.7 6187.4 6166.4
July 1099.4 1100.0 4553.6 4545.1 6211.9 6191.6
August 1098.3 1102.9 4572.9 4567.2 6231.6 6213.6
September 1095.5 1094.0 4594.2 4586.5 6260.0 6242.6
October 1101.2 1099.5 4612.1 4607.2 6311.7 6291.9
November 1110.2 1109.5 4632.2 4629.6 6391.8 6382.4
December 1125.3 1127.2 4661.1 4666.1 6482.2 6484.7
2000
January 1122.6 1122.7 4686.3 4687.2 6523.4 6515.5
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1998
January -0.2 -1.1 0.9 0.0 0.9
February 2.7 2.5 0.2 0.0 0.2
March 4.7 5.1 -0.4 0.0 -0.4
April 1.6 1.6 0.0 0.2 -0.2
May -5.8 -4.3 -1.5 0.0 -1.5
June 1.6 -0.1 1.7 0.0 1.7
July -1.1 -2.7 1.6 0.2 1.4
August -4.2 -3.8 -0.4 0.3 -0.7
September 5.7 2.7 3.0 0.3 2.7
October 7.2 6.5 0.7 0.3 0.4
November 10.0 9.4 0.6 2.7 -2.1
December 4.1 4.8 -0.7 2.2 -2.9
1999
January -1.5 -2.5 1.0 -0.2 1.2
February -1.9 1.9 -3.8 -4.1 0.3
March 7.8 10.2 -2.4 -1.8 -0.6
April 6.3 7.0 -0.7 -0.4 -0.3
May -5.9 -3.9 -2.0 -0.2 -1.8
June -1.7 -4.0 2.3 0.5 1.8
July -0.9 -1.6 0.7 -0.8 1.5
August -1.2 3.2 -4.4 -4.3 -0.1
September -3.1 -9.7 6.6 3.3 3.3
October 6.2 6.0 0.2 0.5 -0.3
November 9.8 10.9 -1.1 1.6 -2.7
December 16.3 19.1 -2.8 0.5 -3.3
Quarterly
98Q4 5.9 5.0 0.9 1.0 -0.1
99Q1 1.9 2.8 -0.9 -0.5 -0.4
99Q2 2.2 3.5 -1.3 -1.0 -0.3
99Q3 -2.0 -2.2 0.2 -0.8 1.0
99Q4 5.3 4.8 0.5 0.9 -0.4
Semi-Annual
98Q4 - 99Q2 2.1 3.2 -1.1 -0.7 -0.4
99Q2 - 99Q4 1.6 1.2 0.4 0.0 0.4
Annual (Q4 to Q4)
1998 2.2 1.8 0.4 0.3 0.1
1999 1.9 2.2 -0.3 -0.3 0.0
------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1998
January 7.5 7.3 0.2 0.1 0.1
February 9.7 8.7 1.0 -0.1 1.1
March 8.8 7.3 1.5 0.0 1.5
April 7.1 8.4 -1.3 0.0 -1.3
May 6.4 5.6 0.8 0.0 0.8
June 7.3 6.9 0.4 0.1 0.3
July 5.3 5.0 0.3 0.2 0.1
August 6.9 7.2 -0.3 0.1 -0.4
September 12.1 12.3 -0.2 0.1 -0.3
October 11.6 11.6 0.0 0.2 -0.2
November 10.3 10.7 -0.4 0.5 -0.9
December 9.0 10.2 -1.2 0.3 -1.5
1999
January 6.9 6.5 0.4 0.0 0.4
February 6.9 5.6 1.3 -0.4 1.7
March 4.3 2.7 1.6 -0.3 1.9
April 7.2 8.9 -1.7 0.0 -1.7
May 6.1 4.8 1.3 0.3 1.0
June 4.8 4.5 0.3 0.2 0.1
July 6.0 5.7 0.3 0.1 0.2
August 5.1 5.8 -0.7 -0.8 0.1
September 5.6 5.1 0.5 1.1 -0.6
October 4.7 5.4 -0.7 0.0 -0.7
November 5.2 5.8 -0.6 0.1 -0.7
December 7.5 9.5 -2.0 0.1 -2.1
Quarterly
98Q4 10.7 11.0 -0.3 0.2 -0.5
99Q1 7.5 7.2 0.3 0.0 0.3
99Q2 6.0 5.8 0.2 -0.1 0.3
99Q3 5.5 5.3 0.2 0.1 0.1
99Q4 5.4 6.0 -0.6 0.2 -0.8
Semi-Annual
98Q4 - 99Q2 6.8 6.5 0.3 0.0 0.3
99Q2 - 99Q4 5.5 5.7 -0.2 0.1 -0.3
Annual (Q4 to Q4)
1998 8.5 8.5 0.0 0.1 -0.1
1999 6.2 6.2 0.0 0.1 -0.1
------------------------------------------------------------------
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1998
January 10.8 9.9 0.9 0.1 0.8
February 8.1 7.7 0.4 -0.1 0.5
March 15.2 12.7 2.5 0.0 2.5
April 8.1 9.7 -1.6 0.2 -1.8
May 9.4 9.0 0.4 -0.1 0.5
June 9.4 9.1 0.3 0.1 0.2
July 4.4 4.3 0.1 0.5 -0.4
August 12.3 11.7 0.6 0.4 0.2
September 13.0 13.2 -0.2 0.5 -0.7
October 13.1 12.8 0.3 -0.4 0.7
November 11.7 13.3 -1.6 0.1 -1.7
December 10.5 11.9 -1.4 0.2 -1.6
1999
January 6.4 4.3 2.1 0.6 1.5
February 9.8 9.5 0.3 -0.1 0.4
March 1.9 -1.1 3.0 -0.1 3.1
April 7.1 8.9 -1.8 0.3 -2.1
May 6.4 5.7 0.7 0.1 0.6
June 6.1 6.4 -0.3 -0.2 -0.1
July 4.8 4.9 -0.1 -0.3 0.2
August 3.8 4.3 -0.5 -0.7 0.2
September 5.5 5.6 -0.1 0.5 -0.6
October 9.9 9.5 0.4 0.0 0.4
November 15.2 17.3 -2.1 -0.1 -2.0
December 17.0 19.2 -2.2 -0.1 -2.1
Quarterly
98Q4 12.5 12.9 -0.4 0.1 -0.5
99Q1 8.2 7.6 0.6 0.2 0.4
99Q2 6.0 5.8 0.2 0.0 0.2
99Q3 5.1 5.3 -0.2 -0.3 0.1
99Q4 10.3 11.0 -0.7 0.0 -0.7
Semi-Annual
98Q4 - 99Q2 7.2 6.7 0.5 0.2 0.3
99Q2 - 99Q4 7.8 8.2 -0.4 -0.1 -0.3
Annual (Q4 to Q4)
1998 10.9 10.9 0.0 0.1 -0.1
1999 7.6 7.6 0.0 0.0 0.0
------------------------------------------------------------------