February 8, 2001
H.6 (508)
MONEY STOCK REVISIONS
Measures of the money stock and components have been revised to incorporate the
results of the annual benchmark and seasonal factor review. This release includes revised
monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates
with previously published data. For 2000, the revisions raised the annual growth rates of M2 and
M3 by 0.2 percentage point.
The benchmark incorporates revisions to vault cash that reflect a new estimation method
for credit unions that do not file the Federal Reserve's deposit reports either weekly or quarterly.
These revisions begin in April 1984, and the maximum absolute revision is $1 billion. The
benchmark also incorporates revised historical data on the holdings of large time deposits by
money market mutual funds, an item that is subtracted from gross large time deposits when
calculating the large time deposit component of M3. These revisions begin in March 1980, and
the maximum absolute revision is about $43 billion. This release also incorporates the receipt
of historical information from other routine data flows.
Seasonally adjusted measures of the money stock and components also incorporate
revised seasonal factors based on the benchmarked data through December 2000. Monthly
seasonal factors were estimated using the X-12-ARIMA procedure. The monthly and weekly
seasonal factors were derived after excluding the estimated effects of the century date change.
These adjustments were made to ensure that unusual movements around the century date change
did not influence the estimated seasonal factors. The revisions to seasonal factors lowered M2
growth rates in the first two quarters of 2000 and raised them in the last two quarters. The
revisions to seasonal factors also reduced the M3 growth rate in the first quarter of 2000, but
increased growth in the final three quarters of the year.
Revised historical data will soon be available in printed form from the Monetary and
Reserve Analysis Section, Mail Stop 72, Board of Governors of the Federal Reserve System,
Washington, DC 20551, (202) 452-3062. Complete historical data are released each week
through the Federal Reserve's web site (http://www.federalreserve.gov/releases/) with the H.6
statistical release. The data are also available through other electronic means, as described in the
note following the footnotes to Table 1 of this release.
This year's benchmark will be the last at the annual frequency. Future benchmarks will
be conducted at a quarterly frequency in order to provide more timely updates of published data.
The next benchmark of the monetary aggregates will be released in mid- to late March. The
quarterly benchmark review will incorporate revised historical data for depository institutions
and money market mutual funds, data from the call reports filed by depository institutions, and
data on money market mutual funds that began reporting data for the first time during the
quarter.
The review of seasonal factors for the monetary aggregates will continue to be performed
annually, with the results released in early February.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
February 8, 2001
MONEY STOCK AND DEBT MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33 Debt4
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
1999-Jan. 1097.5 4404.8 6056.2 16353.7
Feb. 1096.1 4432.3 6111.8 16436.3
Mar. 1102.2 4444.1 6117.4 16560.7
Apr. 1107.5 4467.9 6153.0 16677.3
May 1100.9 4493.3 6190.8 16763.9
June 1099.8 4515.0 6226.4 16845.1
July 1097.5 4542.0 6257.0 16917.8
Aug. 1095.8 4559.9 6277.8 17014.8
Sep. 1093.4 4576.3 6303.2 17121.4
Oct. 1096.4 4596.5 6356.3 17204.3
Nov. 1107.1 4621.9 6440.6 17272.9
Dec. 1124.3 4648.2 6524.1 17376.7
2000-Jan. 1122.8 4668.7 6565.2 17452.9
Feb. 1108.8 4684.4 6597.2 17509.9
Mar. 1113.2 4715.2 6668.2 17619.5
Apr. 1117.3 4752.6 6719.8 17719.2
May 1106.6 4759.2 6752.7 17795.5
June 1105.7 4780.3 6803.0 17876.2
July 1103.9 4801.1 6851.7 17940.5
Aug. 1099.6 4832.3 6911.1 18000.9
Sep. 1095.7 4865.3 6963.9 18076.5
Oct. 1096.3 4888.2 6990.4 18122.7
Nov. 1089.2 4905.9 7015.7 18192.9 p
Dec. 1091.2 4945.6 7089.5
----------------------------------------------------------------------------------------
Not seasonally adjusted
---------------------------------------------------------------------------------------
1999-Jan. 1103.0 4415.6 6076.8 16343.3
Feb. 1084.3 4426.5 6130.1 16418.9
Mar. 1096.6 4465.8 6156.3 16550.9
Apr. 1112.6 4513.3 6199.4 16647.0
May 1095.4 4474.2 6176.3 16704.1
June 1097.3 4500.4 6206.8 16782.3
July 1096.7 4524.8 6218.3 16850.8
Aug. 1092.7 4546.7 6248.0 16954.8
Sep. 1086.3 4559.5 6264.1 17064.8
Oct. 1094.8 4579.3 6325.4 17152.7
Nov. 1112.9 4616.8 6439.6 17249.7
Dec. 1147.8 4672.2 6561.4 17372.0
2000-Jan. 1125.9 4679.9 6591.7 17447.3
Feb. 1096.3 4681.1 6621.6 17498.9
Mar. 1107.5 4742.4 6717.5 17612.9
Apr. 1124.3 4810.3 6778.3 17690.4
May 1100.3 4736.5 6734.6 17734.5
June 1103.0 4761.9 6777.6 17809.9
July 1104.5 4780.9 6806.6 17868.8
Aug. 1096.1 4814.3 6874.1 17936.7
Sep. 1090.2 4850.5 6922.1 18017.7
Oct. 1093.7 4865.7 6948.4 18072.3
Nov. 1095.3 4898.1 7011.3 18171.3 p
Dec. 1115.6 4974.3 7134.6
---------------------------------------------------------------------------------------
Footnotes appear on the following page.
p -- indicates preliminary data
1
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. 2000 TO Dec. 2000 -1.6 6.6 7.2 4.3
6 Months from June 2000 TO Dec. 2000 -2.6 6.9 8.4 4.5
12 Months from Dec. 1999 TO Dec. 2000 -2.9 6.4 8.7 5.3
Thirteen weeks ending
January 29 , 2001
from thirteen weeks ending:
Oct. 30, 2000 (13 weeks previous) -1.2 7.1 8.0
July 31, 2000 (26 weeks previous) -2.1 7.0 8.5
Jan. 31, 2000 (52 weeks previous) -2.2 6.5 8.9
----------------------------------------------------------------------------------------
1. Growth rates for debt are based on periods beginning and ending one month earlier
than for the monetary aggregates, namely,
August 2000 to November 2000, May 2000 to November 2000, and
November 1999 to November 2000, respectively.
-----------------------------------------------------------------------------------------
Footnotes to Table 1:
1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions;
(2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)
and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time
deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes
individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted
M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money
funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held
by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and
Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.
4. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector
(U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal
sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate
businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is,
the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release
differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1.
In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov).
Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information
about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax
202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
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
----------------------------------------------------------------------------------------------------------------------------------------------------
2000-Nov. 6 1096.8 1096.0 1091.4 4866.8 4890.9 4891.7 6962.8 6995.3 7001.8
13 1095.9 1093.3 1082.3 4872.9 4893.5 4898.1 6971.5 6999.7 7006.9
20 1095.2 1091.6 1089.8 4878.4 4896.5 4902.4 6979.0 7002.5 7010.8
27 1094.2 1089.2 1093.4 4884.1 4902.2 4916.7 6986.6 7010.7 7023.3
Dec. 4 1093.0 1088.6 1088.7 4889.7 4910.5 4924.8 6994.6 7022.0 7047.0
11 1092.2 1088.8 1083.4 4895.4 4918.8 4931.3 7002.6 7033.0 7051.0
18 1091.7 1088.2 1087.1 4901.3 4929.8 4946.3 7011.7 7053.7 7093.3
25 1091.9 1089.0 1096.9 4907.9 4939.9 4957.0 7022.6 7076.3 7114.0
2001-Jan. 1 1092.1 1092.3 1101.6 4914.6 4950.8 4968.4 7034.2 7098.5 7135.7
8 1092.5 1095.2 1095.0 4921.7 4961.4 4973.7 7046.6 7121.4 7142.6
15 1092.8 1097.7 1097.3 4929.7 4972.5 4990.8 7061.8 7144.8 7187.0
22p 1093.6 1100.3 1107.2 4939.0 4986.2 5011.9 7077.9 7168.6 7208.9
29p 1093.9 1101.5 1106.3 4947.2 4994.2 5000.2 7093.6 7183.2 7194.2
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2000-Nov. 6 1093.1 1094.2 1091.0 4848.5 4868.9 4894.2 6923.7 6960.0 6993.8
13 1092.4 1091.7 1076.6 4854.6 4871.6 4895.3 6933.9 6970.0 7011.6
20 1092.3 1092.3 1094.7 4860.7 4882.1 4896.8 6944.0 6985.2 7007.7
27 1093.0 1094.1 1114.2 4868.3 4897.1 4902.2 6955.6 7008.5 7020.8
Dec. 4 1093.0 1098.1 1106.7 4875.1 4908.5 4939.5 6967.0 7026.6 7066.1
11 1093.2 1100.9 1087.8 4881.3 4923.1 4953.8 6979.2 7048.9 7100.9
18 1094.5 1103.1 1103.5 4889.3 4940.9 4968.0 6994.1 7081.7 7139.1
25 1098.3 1107.3 1131.1 4902.2 4959.7 4977.6 7014.9 7114.9 7153.5
2001-Jan. 1 1102.1 1119.4 1155.3 4915.0 4977.1 5009.0 7035.6 7142.1 7174.7
8 1104.2 1124.3 1107.4 4927.0 4996.8 5032.6 7055.4 7168.3 7205.8
15 1104.8 1122.1 1094.5 4938.2 5012.5 5030.6 7077.3 7197.6 7256.5
22p 1105.2 1113.9 1098.4 4949.8 5019.5 5005.7 7098.9 7216.2 7227.8
29p 1104.5 1099.5 1097.8 4958.7 5006.6 4957.3 7118.3 7217.4 7179.4
----------------------------------------------------------------------------------------------------------------------------------------------------
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p -- indicates preliminary data.
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
------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 490.0 9.0 355.1 137.0 104.7 241.7
Sep. 494.2 8.7 350.0 136.5 104.0 240.5
Oct. 498.3 8.4 350.5 136.2 103.0 239.2
Nov. 504.3 8.1 354.1 137.6 102.9 240.5
Dec. 516.7 8.2 355.6 141.1 102.6 243.7
2000-Jan. 524.8 8.2 346.2 141.6 102.0 243.6
Feb. 517.9 8.1 341.0 137.5 104.2 241.7
Mar. 516.0 8.2 344.4 137.3 107.3 244.6
Apr. 516.7 8.1 343.5 140.2 108.8 249.0
May 518.7 8.3 336.6 135.7 107.4 243.1
June 520.9 8.8 333.8 134.4 107.7 242.1
July 522.4 9.3 332.3 132.2 107.7 239.9
Aug. 523.5 9.3 326.5 133.1 107.3 240.4
Sep. 524.7 8.9 323.6 131.6 106.9 238.5
Oct. 526.4 8.4 322.1 133.9 105.6 239.4
Nov. 528.0 8.0 315.2 133.0 105.0 238.0
Dec. 530.4 8.0 313.7 134.7 104.4 239.1
Week Ending:
2000-Dec. 4 528.5 7.8 311.9 135.0 105.5 240.5
11 529.2 7.9 309.7 130.9 105.7 236.6
18 530.6 8.0 311.0 132.8 104.8 237.6
25 531.1 8.1 317.3 137.8 102.6 240.4
2001-Jan. 1 531.8 8.2 319.8 138.4 103.5 241.9
8 533.2 8.2 e 312.1 134.3 107.3 241.6
15 534.2 8.1 e 314.6 134.2 106.1 240.3
22p 534.8 8.1 e 321.7 138.0 104.5 242.5
29p 536.6 8.1 e 319.5 139.2 103.0 242.1
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
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. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 1275.9 456.3 1732.3 618.1 314.1 932.2 799.6 3464.1
Sep. 1285.7 455.7 1741.4 621.6 315.3 936.9 804.6 3482.9
Oct. 1292.3 454.3 1746.7 625.7 316.8 942.5 810.9 3500.1
Nov. 1292.1 452.9 1745.0 630.7 319.1 949.8 820.0 3514.8
Dec. 1287.0 449.3 1736.2 635.2 320.9 956.1 831.6 3523.9
2000-Jan. 1287.8 446.9 1734.7 639.5 323.3 962.8 848.4 3545.9
Feb. 1301.4 449.1 1750.6 645.4 324.6 970.0 855.1 3575.6
Mar. 1306.4 450.8 1757.2 651.2 326.1 977.3 867.6 3602.1
Apr. 1319.7 447.0 1766.7 660.2 325.6 985.7 882.9 3635.3
May 1321.6 452.8 1774.4 665.4 327.2 992.6 885.6 3652.6
June 1330.5 452.5 1783.0 674.6 329.3 1003.9 887.8 3674.7
July 1344.3 452.8 1797.1 679.9 332.8 1012.8 887.3 3697.1
Aug. 1361.5 455.1 1816.7 685.1 337.0 1022.1 893.9 3732.7
Sep. 1383.5 455.1 1838.6 687.9 339.8 1027.7 903.3 3769.6
Oct. 1389.4 456.7 1846.1 689.8 342.7 1032.5 913.3 3791.8
Nov. 1401.4 455.8 1857.2 693.8 345.4 1039.2 920.3 3816.7
Dec. 1420.6 452.7 1873.3 698.8 347.0 1045.8 935.3 3854.4
Week ending:
2000-Dec. 4 1410.4 454.5 1864.9 695.5 346.2 1041.8 929.5 3836.2
11 1422.8 453.1 1875.9 697.3 346.7 1044.0 928.1 3847.9
18 1424.6 454.2 1878.9 698.4 347.0 1045.3 935.0 3859.2
25 1420.6 454.0 1874.6 699.6 347.8 1047.3 938.2 3860.1
2001-Jan. 1 1421.5 451.7 1873.2 701.9 347.1 1048.9 944.7 3866.8
8 1435.5 446.2 1881.7 701.0 349.7 1050.7 946.4 3878.8
15 1438.7 449.9 1888.6 702.0 350.9 1052.9 952.1 3893.6
22p 1438.3 455.2 1893.5 702.3 351.3 1053.6 957.6 3904.7
29p 1428.3 459.7 1888.0 700.8 351.9 1052.7 953.1 3893.8
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
at commercial banks and thrifts are subtracted from small time deposits.
p -- indicates preliminary data.
1
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
------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 578.5 575.5 89.9 665.4 315.2 158.8 1717.9 3713.8 13301.0
Sep. 581.6 580.2 90.4 670.7 318.2 156.5 1727.0 3701.9 13419.5
Oct. 592.8 603.0 90.4 693.4 319.1 154.5 1759.7 3683.8 13520.5
Nov. 608.7 624.2 91.3 715.4 330.9 163.7 1818.7 3659.0 13613.9
Dec. 622.0 648.8 91.3 740.1 343.0 170.8 1875.9 3660.2 13716.5
2000-Jan. 635.4 652.3 94.0 746.3 340.2 174.6 1896.5 3645.7 13807.2
Feb. 636.9 654.4 94.4 748.7 352.0 175.2 1912.8 3608.0 13901.9
Mar. 655.9 663.9 94.5 758.4 350.9 187.8 1952.9 3616.4 14003.2
Apr. 660.6 679.5 94.1 773.6 349.8 183.1 1967.1 3600.2 14119.0
May 671.7 682.6 93.7 776.3 357.7 187.8 1993.5 3546.0 14249.4
June 682.5 692.5 95.4 787.9 364.5 187.7 2022.6 3521.2 14354.9
July 704.5 698.1 97.7 795.8 366.4 183.9 2050.6 3510.2 14430.4
Aug. 720.6 709.1 99.5 808.5 363.4 186.3 2078.8 3488.9 14512.1
Sep. 737.9 706.7 100.7 807.4 364.1 189.3 2098.6 3475.0 14601.6
Oct. 744.2 701.9 102.6 804.5 363.1 190.5 2102.3 3445.9 14676.8
Nov. 752.2 704.7 103.6 808.3 358.4 191.0 2109.8 3419.4 p 14773.5 p
Dec. 767.7 720.1 103.7 823.8 361.6 190.8 2143.8
Week ending:
2000-Dec. 4 763.5 706.7 103.9 810.6 357.6 190.5 2122.2
11 754.2 713.0 103.6 816.5 359.6 189.3 2119.7
18 773.4 720.7 103.4 824.1 359.4 190.1 2147.0
25 768.4 724.9 103.9 828.8 366.9 192.9 2157.0
2001-Jan. 1 778.7 730.9 103.9 834.8 362.8 190.9 2167.3
8 777.6 737.4 104.6 842.0 362.9 186.5 2168.9
15 802.8 745.6 106.5 852.1 355.3 186.1 2196.2
22p 809.4 735.2 107.8 843.0 355.0 189.7 2197.1
29p 809.9 732.5 108.5 841.0 354.2 188.9 2194.1
------------------------------------------------------------------------------------------------------------------------------------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government,
and foreign banks and official institutions.
3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
Kingdom and Canada, excluding those held by depository institutions and by money funds.
5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p -- indicates preliminary data e -- indicates estimated data
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
------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 489.3 8.6 355.2 135.6 103.9 239.5
Sep. 492.4 8.5 347.2 135.2 103.0 238.2
Oct. 497.8 8.4 350.8 135.0 102.8 237.8
Nov. 505.0 8.3 359.4 137.0 103.4 240.3
Dec. 521.5 8.4 371.2 142.4 104.3 246.6
2000-Jan. 522.9 8.4 348.4 143.8 102.3 246.1
Feb. 516.5 8.3 331.8 137.3 102.5 239.8
Mar. 515.9 8.3 338.7 137.7 106.9 244.6
Apr. 517.4 8.3 344.8 142.9 110.9 253.8
May 518.7 8.4 331.0 135.5 106.7 242.2
June 521.0 8.7 331.4 134.4 107.6 242.0
July 523.1 8.9 334.1 130.9 107.5 238.4
Aug. 522.5 8.9 326.3 131.8 106.6 238.4
Sep. 523.3 8.7 321.7 130.3 106.1 236.4
Oct. 525.1 8.4 322.2 132.7 105.4 238.1
Nov. 528.6 8.2 320.5 132.4 105.7 238.1
Dec. 535.7 8.1 329.1 135.9 106.7 242.6
Week Ending:
2000-Dec. 4 529.7 8.0 325.3 135.2 108.4 243.6
11 532.2 8.1 312.5 129.2 105.9 235.1
18 534.3 8.1 322.7 133.1 105.3 238.4
25 540.9 8.2 335.9 140.6 105.5 246.1
2001-Jan. 1 537.9 8.2 356.4 143.6 109.2 252.8
8 535.0 8.3 e 317.6 137.0 109.6 246.6
15 532.8 8.3 e 312.1 135.6 105.6 241.2
22p 531.1 8.3 e 316.0 139.8 103.2 243.0
29p 530.7 8.3 e 316.0 141.1 101.7 242.8
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
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. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 1272.5 455.1 1727.6 617.2 313.7 930.9 795.5 3454.0
Sep. 1282.0 454.4 1736.4 621.5 315.2 936.7 800.1 3473.2
Oct. 1285.1 451.8 1736.9 626.6 317.2 943.8 803.8 3484.5
Nov. 1288.7 451.7 1740.4 631.8 319.7 951.5 812.1 3503.9
Dec. 1288.5 449.8 1738.3 635.4 321.0 956.4 829.7 3524.5
2000-Jan. 1286.6 446.5 1733.1 640.8 324.0 964.7 856.2 3554.0
Feb. 1294.7 446.8 1741.4 647.4 325.6 973.0 870.3 3584.8
Mar. 1311.9 452.7 1764.6 652.6 326.8 979.3 891.0 3634.9
Apr. 1341.7 454.5 1796.2 660.4 325.7 986.1 903.7 3686.0
May 1318.0 451.6 1769.5 663.4 326.2 989.6 877.1 3636.2
June 1331.6 452.9 1784.6 671.3 327.7 999.0 875.3 3658.9
July 1344.2 452.7 1796.9 678.3 332.1 1010.3 869.1 3676.4
Aug. 1356.5 453.5 1810.0 684.1 336.6 1020.7 887.4 3718.2
Sep. 1381.1 454.4 1835.5 688.0 339.8 1027.8 897.1 3760.3
Oct. 1380.0 453.6 1833.6 690.8 343.2 1034.0 904.4 3772.0
Nov. 1397.2 454.4 1851.6 695.2 346.1 1041.2 909.9 3802.8
Dec. 1425.3 454.2 1879.5 699.0 347.1 1046.2 933.1 3858.8
Week ending:
2000-Dec. 4 1412.8 455.3 1868.1 696.5 346.7 1043.2 921.5 3832.8
11 1435.5 457.2 1892.7 697.9 347.0 1045.0 928.3 3865.9
18 1428.8 455.6 1884.4 698.6 347.1 1045.7 934.5 3864.6
25 1410.1 450.7 1860.8 699.4 347.7 1047.1 938.7 3846.5
2001-Jan. 1 1416.1 450.0 1866.1 702.0 347.1 1049.1 938.4 3853.6
8 1470.2 457.0 1927.1 702.1 350.2 1052.3 945.7 3925.1
15 1459.4 456.4 1915.8 703.3 351.6 1054.8 965.5 3936.2
22p 1426.8 451.5 1878.3 703.6 351.9 1055.5 973.5 3907.3
29p 1390.4 447.5 1837.9 702.2 352.6 1054.8 966.9 3859.6
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
at commercial banks and thrifts are subtracted from small time deposits.
p -- indicates preliminary data.
1
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 568.9 571.8 89.4 661.2 250.4 63.9 314.3 156.9 1701.3 3665.8 13289.0
Sep. 567.9 577.2 89.9 667.2 248.8 66.3 315.1 154.4 1704.6 3655.8 13408.9
Oct. 585.9 601.5 90.2 691.7 248.9 66.2 315.1 153.4 1746.1 3635.5 13517.2
Nov. 612.1 625.9 91.5 717.3 265.1 65.5 330.6 162.8 1822.8 3641.7 13608.0
Dec. 636.9 648.2 91.2 739.4 274.8 64.7 339.5 173.4 1889.2 3663.1 13709.0
2000-Jan. 656.3 645.7 93.1 738.8 274.3 65.9 340.2 176.6 1911.9 3639.0 13808.3
Feb. 658.8 654.3 94.4 748.7 292.4 64.1 356.5 176.5 1940.5 3605.4 13893.4
Mar. 668.7 668.8 95.2 764.0 292.5 61.6 354.1 188.4 1975.1 3633.6 13979.3
Apr. 658.4 684.2 94.7 779.0 286.3 61.0 347.3 183.4 1968.0 3597.2 14093.2
May 662.8 688.2 94.4 782.6 300.5 62.2 362.7 190.1 1998.2 3514.0 14220.5
June 668.7 695.2 95.8 791.0 306.1 62.0 368.1 187.9 2015.7 3475.5 14334.4
July 684.3 696.6 97.5 794.1 303.1 62.8 365.9 181.4 2025.7 3448.3 14420.5
Aug. 709.5 704.5 98.8 803.3 297.7 65.1 362.8 184.3 2059.8 3437.7 14499.1
Sep. 721.5 702.3 100.1 802.3 295.9 64.9 360.8 187.0 2071.6 3426.5 14591.2
Oct. 734.7 698.8 102.1 801.0 294.0 64.0 358.0 189.1 2082.8 3395.5 14676.8
Nov. 755.9 705.8 103.8 809.5 294.5 63.0 357.6 190.2 2113.2 3401.3 p 14770.0 p
Dec. 785.6 719.5 103.6 823.0 296.2 62.4 358.6 193.0 2160.2
Week ending:
2000-Dec. 4 771.4 705.8 103.8 809.6 293.1 62.2 355.3 190.4 2126.7
11 778.0 714.5 103.8 818.3 297.3 63.1 360.4 190.4 2147.1
18 796.9 722.6 103.7 826.2 294.4 62.6 357.0 191.0 2171.1
25 790.6 723.5 103.6 827.2 300.8 62.3 363.0 195.2 2175.9
2001-Jan. 1 785.0 724.7 103.0 827.7 293.5 61.6 355.1 197.8 2165.7
8 784.5 737.4 104.6 842.0 295.3 61.4 356.7 190.0 2173.2
15 832.4 743.5 106.2 849.7 294.1 62.1 356.2 187.5 2225.9
22p 844.7 725.5 106.4 831.9 292.7 62.2 354.8 190.7 2222.1
29p 849.3 719.8 106.7 826.5 294.1 62.3 356.4 189.8 2222.0
------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government,
and foreign banks and official institutions.
3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
Kingdom and Canada, excluding those held by depository institutions and by money funds.
5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p -- indicates preliminary data e -- indicates estimated data
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1999-Aug. 8.2 1.4 20.7 1.3 5.1 9.2 15.5 4.3 150.7 96.0 134.8 381.4
Sep. 8.2 1.3 22.6 2.5 6.4 29.3 38.2 4.5 150.6 95.8 138.2 384.5
Oct. 8.5 1.3 24.8 1.4 5.2 28.6 35.2 4.7 150.1 95.6 140.2 385.8
Nov. 9.1 1.4 27.4 1.2 5.1 8.0 14.3 5.0 149.3 95.3 140.8 385.4
Dec. 9.7 1.4 30.1 1.4 8.3 39.0 48.7 5.3 148.5 95.1 141.4 384.9
2000-Jan. 9.7 1.4 30.6 2.8 8.1 52.5 63.5 5.4 148.0 94.6 141.7 384.3
Feb. 9.3 1.3 29.2 1.2 5.3 24.3 30.8 5.4 148.0 93.8 141.8 383.5
Mar. 8.8 1.2 27.9 1.3 5.3 14.1 20.8 5.5 147.9 93.0 141.8 382.8
Apr. 8.7 1.2 27.7 5.0 8.4 40.0 53.3 5.5 148.7 92.6 141.6 382.9
May 9.1 1.2 28.6 1.5 7.1 57.5 66.0 5.6 150.2 92.5 141.1 383.8
June 9.4 1.3 29.5 2.3 6.2 37.0 45.6 5.7 151.7 92.5 140.6 384.8
July 9.2 1.3 29.8 1.2 5.2 37.4 43.8 5.8 153.1 92.6 140.1 e 385.7 e
Aug. 8.6 1.2 29.5 1.1 5.0 9.5 15.7 6.0 154.3 92.8 139.6 e 386.7 e
Sep. 8.0 1.2 29.2 2.5 6.7 22.0 31.1 6.2 155.5 93.1 139.1 e 387.7 e
Oct. 7.7 e 1.1 e 29.1 e 1.4 5.3 13.2 20.0 6.2 e 156.5 e 93.3 e 138.6 e 388.4 e
Nov. 7.7 e 1.1 e 29.1 e 1.2 5.1 10.6 16.9 6.2 e 157.3 e 93.4 e 138.1 e 388.8 e
Dec. 7.7 e 1.2 e 29.1 e 1.6 5.8 11.6 18.9 6.2 e 158.1 e 93.6 e 137.6 e 389.3 e
2000-Dec. 4 1.1 5.0 11.0 17.1
11 1.0 5.4 6.3 12.7
18 2.3 8.0 15.3 25.7
25 1.4 4.6 11.3 17.3
2001-Jan. 1 1.8 5.2 14.5 21.5
8 2.0 4.9 15.2 22.1
15 2.1 5.7 20.3 28.1
22p 5.3 7.2 38.7 51.2
29p 1.5 8.5 66.5 76.5
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Source: Daily Treasury statement.
e -- indicates estimated data p -- indicates preliminary data
Appendix Table 1
Monthly Seasonal Factors Used to Construct M1
-----------------------------------------------------+-------------------------------------
Nonbank Demand | Other checkable deposits [1]
Currency travelers checks deposits | total at banks
-----------------------------------------------------+-------------------------------------
2000
January 0.9965 1.0193 1.0066 1.0104 1.0158
February 0.9972 1.0242 0.9729 0.9919 0.9981
March 0.9998 1.0187 0.9836 0.9998 1.0026
April 1.0013 1.0204 1.0036 1.0196 1.0196
May 0.9999 1.0122 0.9835 0.9964 0.9984
June 1.0001 0.9802 0.9928 0.9996 1.0000
July 1.0014 0.9539 1.0054 0.9938 0.9900
August 0.9981 0.9619 0.9995 0.9917 0.9899
September 0.9974 0.9797 0.9942 0.9912 0.9902
October 0.9975 0.9987 1.0002 0.9944 0.9913
November 1.0011 1.0194 1.0169 1.0004 0.9954
December 1.0099 1.0191 1.0491 1.0147 1.0090
2001
January 0.9959 1.0188 1.0002 1.0091 1.0158
February 0.9972 1.0254 0.9712 0.9906 0.9978
March 1.0000 1.0191 0.9837 0.9987 1.0023
April 1.0009 1.0211 1.0001 1.0177 1.0199
May 1.0001 1.0115 0.9834 0.9961 0.9987
June 1.0013 0.9785 0.9962 1.0005 1.0000
July 1.0013 0.9535 1.0041 0.9936 0.9899
August 0.9986 0.9579 1.0009 0.9926 0.9899
September 0.9969 0.9794 0.9971 0.9914 0.9900
October 0.9972 0.9996 1.0003 0.9950 0.9914
November 1.0014 1.0213 1.0170 1.0014 0.9954
December 1.0086 1.0199 1.0481 1.0148 1.0091
2002
January 0.9956 1.0202 0.9984 1.0089 1.0159
February 0.9971 1.0262 0.9695 0.9897 0.9978
March 1.0008 1.0193 0.9861 0.9984 1.0021
-------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------+-------------------------------+----------------------
2000
January 0.9991 1.0020 0.9899 1.0092 1.0328 1.0000 1.0114
February 0.9948 1.0031 0.9999 1.0178 1.0343 1.0127 1.0077
March 1.0042 1.0021 1.0074 1.0270 1.0195 1.0089 1.0032
April 1.0167 1.0004 1.0069 1.0236 0.9967 0.9927 1.0017
May 0.9972 0.9970 1.0081 0.9904 0.9867 1.0139 1.0122
June 1.0009 0.9952 1.0040 0.9859 0.9797 1.0099 1.0012
July 0.9999 0.9976 0.9979 0.9795 0.9713 0.9985 0.9861
August 0.9964 0.9987 0.9935 0.9928 0.9846 0.9983 0.9891
September 0.9983 1.0001 0.9938 0.9931 0.9778 0.9910 0.9877
October 0.9932 1.0015 0.9957 0.9902 0.9873 0.9859 0.9926
November 0.9970 1.0020 1.0016 0.9887 1.0050 0.9978 0.9959
December 1.0033 1.0004 0.9991 0.9976 1.0233 0.9916 1.0120
2001
January 0.9984 1.0018 0.9914 1.0108 1.0335 0.9983 1.0092
February 0.9944 1.0033 1.0006 1.0195 1.0350 1.0129 1.0057
March 1.0046 1.0026 1.0080 1.0287 1.0199 1.0080 1.0048
April 1.0165 1.0008 1.0069 1.0252 0.9955 0.9908 1.0029
May 0.9971 0.9967 1.0082 0.9911 0.9858 1.0138 1.0094
June 1.0016 0.9946 1.0044 0.9854 0.9786 1.0126 1.0025
July 0.9991 0.9974 0.9975 0.9784 0.9731 0.9997 0.9883
August 0.9962 0.9989 0.9942 0.9914 0.9860 0.9989 0.9892
September 0.9988 1.0003 0.9932 0.9921 0.9793 0.9924 0.9890
October 0.9926 1.0015 0.9946 0.9897 0.9872 0.9866 0.9940
November 0.9968 1.0020 1.0004 0.9876 1.0041 0.9959 0.9969
December 1.0032 1.0002 0.9992 0.9979 1.0216 0.9910 1.0085
2002
January 0.9986 1.0015 0.9923 1.0118 1.0333 0.9970 1.0080
February 0.9941 1.0034 1.0009 1.0203 1.0350 1.0121 1.0048
March 1.0054 1.0029 1.0084 1.0293 1.0198 1.0065 1.0059
----------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------+------------------------------------
2000 Dec 04 1.0024 1.0297 1.0431 1.0129 1.0019
11 1.0057 1.0247 1.0087 0.9939 0.9872
18 1.0070 1.0197 1.0376 1.0033 1.0023
25 1.0183 1.0148 1.0586 1.0239 1.0208
2001 Jan 01 1.0114 1.0100 1.1147 1.0451 1.0376
08 1.0034 1.0134 1.0179 1.0206 1.0202
15 0.9973 1.0168 0.9922 1.0040 1.0107
22 0.9931 1.0203 0.9822 1.0020 1.0132
29 0.9889 1.0238 0.9890 1.0029 1.0139
2001 Feb 05 0.9951 1.0273 0.9747 1.0000 1.0045
12 0.9980 1.0262 0.9662 0.9865 0.9945
19 0.9985 1.0251 0.9680 0.9844 0.9933
26 0.9958 1.0241 0.9772 0.9928 1.0008
2001 Mar 05 1.0004 1.0230 0.9711 0.9951 0.9983
12 1.0019 1.0211 0.9696 0.9904 0.9944
19 0.9999 1.0191 0.9818 0.9932 0.9988
26 0.9981 1.0172 0.9877 1.0021 1.0081
2001 Apr 02 0.9981 1.0153 1.0269 1.0225 1.0197
09 1.0046 1.0177 0.9886 1.0121 1.0115
16 1.0024 1.0202 1.0056 1.0173 1.0219
23 0.9984 1.0227 1.0032 1.0255 1.0328
30 0.9981 1.0253 0.9959 1.0151 1.0158
2001 May 07 1.0031 1.0202 0.9635 1.0007 0.9984
14 1.0018 1.0152 0.9779 0.9884 0.9928
21 0.9999 1.0102 0.9856 0.9915 0.9962
28 0.9993 1.0053 0.9943 0.9985 1.0019
2001 Jun 04 0.9983 1.0004 0.9948 1.0033 1.0004
11 1.0033 0.9897 0.9821 0.9943 0.9936
18 1.0010 0.9792 0.9898 0.9980 0.9994
25 0.9993 0.9689 0.9941 1.0018 1.0045
2001 Jul 02 1.0010 0.9589 1.0387 1.0110 1.0067
09 1.0064 0.9566 1.0038 0.9946 0.9885
16 1.0020 0.9544 0.9875 0.9843 0.9834
23 0.9995 0.9522 0.9918 0.9887 0.9871
30 0.9973 0.9500 1.0205 1.0005 0.9960
2001 Aug 06 1.0015 0.9478 0.9875 0.9938 0.9882
13 1.0010 0.9532 0.9904 0.9856 0.9819
20 0.9983 0.9586 1.0068 0.9900 0.9892
27 0.9952 0.9641 1.0182 0.9977 0.9972
2001 Sep 03 0.9986 0.9696 1.0103 0.9995 0.9943
10 0.9994 0.9740 0.9896 0.9916 0.9860
17 0.9965 0.9785 0.9897 0.9866 0.9881
24 0.9942 0.9830 0.9904 0.9890 0.9914
2001 Oct 01 0.9946 0.9875 1.0147 0.9973 0.9942
08 1.0005 0.9922 0.9780 0.9906 0.9828
15 0.9985 0.9969 0.9893 0.9863 0.9835
22 0.9965 1.0016 1.0000 0.9927 0.9915
29 0.9949 1.0064 1.0216 1.0042 1.0018
2001 Nov 05 0.9992 1.0113 1.0002 1.0006 0.9936
12 1.0017 1.0164 1.0000 0.9948 0.9875
19 1.0001 1.0216 1.0201 0.9994 0.9963
26 1.0030 1.0269 1.0442 1.0080 1.0043
2001 Dec 03 1.0026 1.0322 1.0355 1.0125 1.0025
10 1.0049 1.0267 1.0114 0.9993 0.9920
17 1.0072 1.0213 1.0297 1.0012 0.9985
24 1.0141 1.0159 1.0543 1.0193 1.0169
31 1.0089 1.0106 1.1015 1.0410 1.0338
2002 Jan 07 1.0025 1.0141 1.0255 1.0239 1.0211
14 0.9976 1.0176 0.9928 1.0062 1.0128
21 0.9943 1.0211 0.9875 1.0033 1.0139
28 0.9911 1.0247 0.9901 1.0043 1.0151
2002 Feb 04 0.9955 1.0283 0.9751 0.9987 1.0059
11 0.9981 1.0272 0.9600 0.9857 0.9947
18 0.9978 1.0261 0.9666 0.9846 0.9931
25 0.9952 1.0250 0.9760 0.9925 1.0003
2002 Mar 04 0.9999 1.0239 0.9762 0.9921 0.9991
11 1.0019 1.0218 0.9726 0.9893 0.9948
18 1.0006 1.0196 0.9843 0.9924 0.9970
25 0.9991 1.0175 0.9906 1.0013 1.0062
2002 Apr 01 0.9995 1.0153 1.0138 1.0194 1.0178
-------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------+-------------------------------+----------------------
2000 Dec 04 1.0017 1.0014 0.9987 0.9914 1.0102 0.9936 0.9997
11 1.0090 1.0010 1.0022 1.0003 1.0316 1.0021 1.0056
18 1.0029 1.0004 1.0025 0.9995 1.0304 0.9933 1.0046
25 0.9926 0.9997 0.9980 1.0005 1.0288 0.9894 1.0118
2001 Jan 01 0.9962 1.0002 0.9915 0.9934 1.0081 0.9789 1.0363
08 1.0242 1.0015 1.0000 0.9992 1.0089 0.9831 1.0190
15 1.0144 1.0018 0.9972 1.0142 1.0369 1.0026 1.0079
22 0.9920 1.0018 0.9868 1.0166 1.0437 0.9996 1.0051
29 0.9734 1.0020 0.9827 1.0145 1.0486 1.0062 1.0049
2001 Feb 05 0.9914 1.0028 0.9895 1.0142 1.0317 1.0138 0.9959
12 0.9976 1.0033 0.9976 1.0176 1.0378 1.0195 1.0036
19 0.9940 1.0036 1.0037 1.0197 1.0342 1.0129 1.0071
26 0.9887 1.0035 1.0055 1.0242 1.0372 1.0069 1.0149
2001 Mar 05 1.0125 1.0033 1.0104 1.0225 1.0281 1.0085 1.0009
12 1.0115 1.0030 1.0115 1.0287 1.0310 1.0158 1.0041
19 1.0041 1.0027 1.0082 1.0308 1.0218 1.0134 1.0018
26 0.9898 1.0020 1.0043 1.0304 1.0177 1.0065 1.0133
2001 Apr 02 1.0011 1.0018 1.0058 1.0296 0.9968 0.9914 1.0019
09 1.0287 1.0021 1.0090 1.0373 1.0062 0.9871 0.9986
16 1.0301 1.0012 1.0068 1.0352 1.0083 0.9909 0.9879
23 1.0105 1.0002 1.0058 1.0246 0.9886 0.9887 1.0075
30 0.9960 0.9993 1.0065 1.0027 0.9789 0.9965 1.0180
2001 May 07 1.0096 0.9986 1.0133 0.9915 0.9799 1.0076 1.0011
14 1.0049 0.9976 1.0113 0.9910 0.9864 1.0119 0.9978
21 0.9940 0.9963 1.0056 0.9904 0.9894 1.0112 1.0095
28 0.9862 0.9952 1.0044 0.9921 0.9883 1.0203 1.0279
2001 Jun 04 1.0114 0.9945 1.0044 0.9893 0.9836 1.0231 1.0126
11 1.0142 0.9943 1.0067 0.9932 0.9912 1.0175 1.0059
18 1.0039 0.9942 1.0070 0.9875 0.9785 1.0149 0.9982
25 0.9838 0.9943 1.0051 0.9817 0.9746 1.0069 0.9984
2001 Jul 02 0.9887 0.9960 0.9966 0.9738 0.9627 1.0021 1.0011
09 1.0154 0.9970 0.9931 0.9773 0.9712 1.0009 0.9867
16 1.0078 0.9972 0.9982 0.9781 0.9777 0.9975 0.9829
23 0.9920 0.9977 1.0009 0.9791 0.9741 0.9987 0.9877
30 0.9817 0.9978 0.9979 0.9796 0.9725 1.0011 0.9923
2001 Aug 06 1.0085 0.9982 0.9977 0.9843 0.9734 1.0003 0.9863
13 1.0040 0.9985 0.9963 0.9910 0.9864 1.0061 0.9820
20 0.9943 0.9989 0.9923 0.9934 0.9893 0.9957 0.9849
27 0.9810 0.9991 0.9914 0.9953 0.9945 0.9937 1.0024
2001 Sep 03 0.9994 0.9999 0.9933 0.9922 0.9836 0.9984 0.9908
10 1.0124 1.0002 0.9925 0.9967 0.9877 0.9960 0.9818
17 1.0056 1.0003 0.9920 0.9960 0.9851 0.9965 0.9894
24 0.9850 1.0002 0.9941 0.9899 0.9735 0.9912 0.9872
2001 Oct 01 0.9865 1.0010 0.9944 0.9847 0.9677 0.9818 0.9980
08 1.0081 1.0019 0.9974 0.9864 0.9741 0.9811 0.9883
15 1.0044 1.0015 0.9954 0.9924 0.9891 0.9865 0.9944
22 0.9876 1.0013 0.9935 0.9924 0.9916 0.9870 0.9926
29 0.9761 1.0011 0.9918 0.9896 0.9948 0.9903 1.0011
2001 Nov 05 1.0019 1.0018 0.9961 0.9848 0.9942 0.9944 0.9912
12 1.0022 1.0023 1.0022 0.9865 1.0042 0.9957 0.9908
19 0.9964 1.0022 1.0024 0.9866 1.0026 0.9966 0.9951
26 0.9835 1.0019 1.0001 0.9899 1.0096 0.9967 1.0078
2001 Dec 03 0.9988 1.0013 0.9997 0.9905 1.0089 0.9951 0.9990
10 1.0100 1.0009 1.0029 0.9981 1.0255 1.0004 0.9977
17 1.0043 1.0002 1.0036 1.0000 1.0261 0.9957 1.0034
24 0.9950 0.9997 0.9992 1.0010 1.0237 0.9854 1.0085
31 0.9984 0.9997 0.9909 0.9958 1.0167 0.9808 1.0282
2002 Jan 07 1.0236 1.0008 0.9930 1.0000 1.0097 0.9824 1.0145
14 1.0140 1.0015 0.9998 1.0127 1.0344 0.9970 1.0075
21 0.9937 1.0015 0.9902 1.0172 1.0418 0.9984 1.0063
28 0.9779 1.0017 0.9863 1.0158 1.0470 1.0038 1.0086
2002 Feb 04 0.9919 1.0025 0.9926 1.0153 1.0334 1.0120 0.9965
11 0.9981 1.0033 0.9979 1.0192 1.0377 1.0178 1.0016
18 0.9942 1.0038 1.0031 1.0198 1.0342 1.0135 1.0053
25 0.9867 1.0037 1.0037 1.0241 1.0365 1.0073 1.0141
2002 Mar 04 1.0050 1.0035 1.0070 1.0218 1.0295 1.0069 1.0000
11 1.0108 1.0033 1.0107 1.0286 1.0308 1.0129 1.0035
18 1.0055 1.0030 1.0100 1.0306 1.0208 1.0121 1.0014
25 0.9949 1.0024 1.0067 1.0318 1.0184 1.0058 1.0117
2002 Apr 01 1.0014 1.0027 1.0068 1.0307 1.0010 0.9933 1.0112
------------------------------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
1999
October 1096.4 1101.4 4596.5 4594.6 6356.3 6312.9
November 1107.1 1109.6 4621.9 4614.6 6440.6 6393.7
December 1124.3 1123.0 4648.2 4643.7 6524.1 6489.8
2000
January 1122.8 1118.9 4668.7 4668.8 6565.2 6537.7
February 1108.8 1104.5 4684.4 4682.0 6597.2 6560.9
March 1113.2 1110.4 4715.2 4720.1 6668.2 6639.8
April 1117.3 1115.1 4752.6 4762.3 6719.8 6691.7
May 1106.6 1105.9 4759.2 4761.0 6752.7 6714.1
June 1105.7 1104.7 4780.3 4776.5 6803.0 6757.5
July 1103.9 1104.9 4801.1 4790.9 6851.7 6806.2
August 1099.6 1101.5 4832.3 4821.3 6911.1 6860.3
September 1095.7 1097.5 4865.3 4858.3 6963.9 6909.2
October 1096.3 1101.8 4888.2 4877.0 6990.4 6931.0
November 1089.2 1092.0 4905.9 4888.2 7015.7 6950.9
December 1091.2 1090.4 4945.6 4934.7 7089.5 7046.2
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1999
January 0.5 -1.5 2.0 0.0 2.0
February -1.5 -1.9 0.4 0.0 0.4
March 6.7 7.8 -1.1 0.1 -1.2
April 5.8 6.3 -0.5 -0.1 -0.4
May -7.2 -6.0 -1.2 -0.1 -1.1
June -1.2 -1.7 0.5 0.0 0.5
July -2.5 -0.7 -1.8 0.0 -1.8
August -1.9 -0.9 -1.0 0.1 -1.1
September -2.6 -2.8 0.2 -0.2 0.4
October 3.3 5.8 -2.5 0.5 -3.0
November 11.7 8.9 2.8 0.5 2.3
December 18.6 14.5 4.1 0.5 3.6
2000
January -1.6 -4.4 2.8 0.0 2.8
February -15.0 -15.4 0.4 0.0 0.4
March 4.8 6.4 -1.6 0.0 -1.6
April 4.4 5.1 -0.7 0.2 -0.9
May -11.5 -9.9 -1.6 0.1 -1.7
June -1.0 -1.3 0.3 0.1 0.2
July -2.0 0.2 -2.2 0.1 -2.3
August -4.7 -3.7 -1.0 0.0 -1.0
September -4.3 -4.4 0.1 -0.8 0.9
October 0.7 4.7 -4.0 -0.1 -3.9
November -7.8 -10.7 2.9 0.0 2.9
December 2.2 -1.8 4.0 0.0 4.0
Quarterly
99Q4 5.0 4.8 0.2 0.3 -0.1
00Q1 2.0 0.0 2.0 0.1 1.9
00Q2 -1.8 -1.0 -0.8 0.1 -0.9
00Q3 -3.7 -2.6 -1.1 0.0 -1.1
00Q4 -2.7 -2.4 -0.3 -0.2 -0.1
Semi-Annual
99Q4 - 00Q2 0.1 -0.5 0.6 0.1 0.5
00Q2 - 00Q4 -3.2 -2.5 -0.7 -0.1 -0.6
Annual (Q4 to Q4)
1999 1.8 1.8 0.0 0.0 0.0
2000 -1.5 -1.5 0.0 0.0 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
--------------+----------------------------+----------------------
1999
January 6.1 7.0 -0.9 0.0 -0.9
February 7.5 7.1 0.4 0.1 0.3
March 3.2 4.6 -1.4 0.0 -1.4
April 6.4 7.4 -1.0 0.0 -1.0
May 6.8 6.0 0.8 0.0 0.8
June 5.8 4.8 1.0 -0.1 1.1
July 7.2 6.1 1.1 0.0 1.1
August 4.7 4.7 0.0 0.0 0.0
September 4.3 5.1 -0.8 0.0 -0.8
October 5.3 4.7 0.6 0.1 0.5
November 6.6 5.2 1.4 0.1 1.3
December 6.8 7.6 -0.8 0.1 -0.9
2000
January 5.3 6.5 -1.2 0.1 -1.3
February 4.0 3.4 0.6 0.1 0.5
March 7.9 9.8 -1.9 0.1 -2.0
April 9.5 10.7 -1.2 0.3 -1.5
May 1.7 -0.3 2.0 0.3 1.7
June 5.3 3.9 1.4 0.2 1.2
July 5.2 3.6 1.6 0.2 1.4
August 7.8 7.6 0.2 0.2 0.0
September 8.2 9.2 -1.0 0.0 -1.0
October 5.6 4.6 1.0 0.2 0.8
November 4.3 2.8 1.5 0.1 1.4
December 9.7 11.4 -1.7 0.2 -1.9
Quarterly
99Q4 5.5 5.2 0.3 0.1 0.2
00Q1 5.8 6.3 -0.5 0.1 -0.6
00Q2 6.4 6.5 -0.1 0.2 -0.3
00Q3 5.8 4.8 1.0 0.2 0.8
00Q4 6.6 6.3 0.3 0.1 0.2
Semi-Annual
99Q4 - 00Q2 6.1 6.5 -0.4 0.2 -0.6
00Q2 - 00Q4 6.3 5.6 0.7 0.2 0.5
Annual (Q4 to Q4)
1999 6.3 6.2 0.1 0.1 0.0
2000 6.3 6.1 0.2 0.2 0.0
------------------------------------------------------------------
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
1999
January 5.6 6.4 -0.8 -0.1 -0.7
February 11.0 9.9 1.1 0.8 0.3
March 1.1 2.1 -1.0 0.2 -1.2
April 7.0 7.2 -0.2 -0.4 0.2
May 7.4 6.3 1.1 -0.2 1.3
June 6.9 6.1 0.8 -0.1 0.9
July 5.9 4.8 1.1 0.0 1.1
August 4.0 3.8 0.2 -0.3 0.5
September 4.9 5.5 -0.6 -0.9 0.3
October 10.1 10.2 -0.1 -0.3 0.2
November 15.9 15.4 0.5 0.1 0.4
December 15.6 18.0 -2.4 0.3 -2.7
2000
January 7.6 8.9 -1.3 0.1 -1.4
February 5.8 4.3 1.5 0.5 1.0
March 12.9 14.4 -1.5 0.5 -2.0
April 9.3 9.4 -0.1 -0.3 0.2
May 5.9 4.0 1.9 0.0 1.9
June 8.9 7.8 1.1 0.2 0.9
July 8.6 8.6 0.0 -0.6 0.6
August 10.4 9.5 0.9 0.2 0.7
September 9.2 8.6 0.6 0.5 0.1
October 4.6 3.8 0.8 0.1 0.7
November 4.3 3.4 0.9 0.0 0.9
December 12.6 16.5 -3.9 0.0 -3.9
Quarterly
99Q4 10.3 10.5 -0.2 -0.3 0.1
00Q1 10.6 11.3 -0.7 0.3 -1.0
00Q2 9.0 8.6 0.4 0.1 0.3
00Q3 8.9 8.2 0.7 0.0 0.7
00Q4 7.1 6.8 0.3 0.1 0.2
Semi-Annual
99Q4 - 00Q2 9.9 10.1 -0.2 0.2 -0.4
00Q2 - 00Q4 8.1 7.6 0.5 0.0 0.5
Annual (Q4 to Q4)
1999 7.7 7.7 0.0 -0.1 0.1
2000 9.2 9.0 0.2 0.1 0.1
------------------------------------------------------------------