February 14, 2002
H.6 (508)
MONEY STOCK REVISIONS
Measures of the money stock and components have been revised to incorporate the
results of the annual seasonal factor review. This release includes revised monthly and weekly
seasonal factors, as well as comparisons of the revised monetary aggregates with previously
published data.
Seasonally adjusted measures of the monetary aggregates and components incorporate
revised seasonal factors, which were derived based on not-seasonally-adjusted data through
December 2001. Monthly seasonal factors were estimated using the X-12-ARIMA procedure.
The monthly and weekly seasonal factors were derived after excluding the estimated effects on
the components of the monetary aggregates of the September 11, 2001 terrorist attacks. The
revisions to seasonal factors lowered M2 and M3 growth rates in the first half of 2001 while
raising them in the second half 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 available 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.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
February 14, 2002
MONEY STOCK AND DEBT MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33 Debt4
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
2000-Feb. 1108.4 4690.9 6612.2 17491.0
Mar. 1108.9 4715.9 6674.0 17603.5
Apr. 1112.0 4752.4 6718.2 17702.0
May 1106.0 4759.8 6750.5 17774.4
June 1106.4 4781.3 6802.7 17860.9
July 1105.2 4803.0 6856.9 17932.7
Aug. 1102.1 4837.1 6928.5 17994.2
Sep. 1099.1 4869.1 6986.0 18071.3
Oct. 1099.2 4886.7 7011.2 18119.0
Nov. 1091.7 4901.4 7036.1 18196.2
Dec. 1088.9 4942.4 7124.5 18282.4
2001-Jan. 1095.9 4987.3 7223.4 18332.3
Feb. 1098.9 5025.8 7288.5 18409.2
Mar. 1107.4 5074.0 7340.4 18504.5
Apr. 1109.8 5114.9 7444.0 18585.6
May 1116.7 5138.8 7530.7 18688.5
June 1125.5 5183.4 7614.9 18783.7
July 1138.5 5224.1 7662.4 18841.2
Aug. 1147.2 5265.4 7685.0 18946.9
Sep. 1204.6 5383.9 7843.9 19073.3
Oct. 1161.7 5372.5 7890.3 19165.1
Nov. 1163.9 5414.5 7980.4 19287.1
Dec. 1178.6 5454.8 8051.9 19399.8 p
2002-Jan. p 1181.8 5464.9 8053.4
----------------------------------------------------------------------------------------
Not seasonally adjusted
---------------------------------------------------------------------------------------
2000-Feb. 1096.8 4685.6 6631.2 17476.8
Mar. 1108.1 4746.6 6727.4 17592.0
Apr. 1124.9 4814.7 6788.3 17668.1
May 1100.4 4740.7 6744.0 17708.8
June 1102.6 4765.4 6787.4 17789.8
July 1104.0 4783.8 6818.0 17854.4
Aug. 1095.9 4816.4 6886.9 17919.1
Sep. 1090.5 4851.9 6936.2 17998.3
Oct. 1093.6 4863.8 6960.7 18057.1
Nov. 1093.3 4892.4 7025.9 18166.0
Dec. 1112.3 4966.0 7159.7 18273.5
2001-Jan. 1099.6 4992.6 7243.6 18327.8
Feb. 1087.5 5021.6 7315.7 18399.0
Mar. 1107.4 5112.3 7408.9 18494.3
Apr. 1122.7 5184.7 7525.7 18545.1
May 1111.0 5120.0 7524.9 18607.7
June 1123.0 5169.8 7600.2 18698.3
July 1136.5 5200.3 7615.2 18753.0
Aug. 1141.8 5241.4 7635.9 18861.3
Sep. 1195.8 5364.4 7783.0 18989.5
Oct. 1156.1 5343.9 7826.4 19086.7
Nov. 1164.9 5402.9 7962.8 19199.6
Dec. 1202.8 5479.7 8090.1 19328.1 p
2002-Jan. p 1184.8 5468.4 8080.6
---------------------------------------------------------------------------------------
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 Oct. 2001 TO Jan. 2002 6.9 6.9 8.3 6.8
6 Months from July 2001 TO Jan. 2002 7.6 9.2 10.2 6.6
12 Months from Jan. 2001 TO Jan. 2002 7.8 9.6 11.5 6.1
Thirteen weeks ending
February 4 , 2002
from thirteen weeks ending:
Nov. 5, 2001 (13 weeks previous) 1.2 7.4 11.0
Aug. 6, 2001 (26 weeks previous) 8.3 9.9 11.1
Feb. 5, 2001 (52 weeks previous) 7.6 10.0 12.5
----------------------------------------------------------------------------------------
1. Growth rates for debt are based on periods beginning and ending one month earlier
than for the monetary aggregates, namely,
September 2001 to December 2001, June 2001 to December 2001, and
December 2000 to December 2001, 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 release Z.1.
In that release, 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
----------------------------------------------------------------------------------------------------------------------------------------------------
2001-Nov. 12 1173.7 1161.1 1157.7 5360.7 5386.1 5404.0 7844.4 7921.6 7964.7
19 1175.0 1161.9 1164.4 5372.3 5398.5 5416.6 7868.8 7947.4 7987.3
26 1176.2 1162.2 1167.1 5383.8 5409.6 5425.2 7891.6 7969.6 7993.6
Dec. 3 1177.1 1165.8 1174.1 5394.9 5420.7 5437.1 7914.5 7994.2 8031.2
10 1178.6 1169.3 1171.4 5406.1 5430.6 5443.4 7937.7 8010.1 8028.4
17 1170.1 1172.5 1177.3 5404.3 5441.5 5460.2 7948.7 8028.7 8061.4
24 1167.8 1176.2 1181.8 5407.8 5449.3 5456.3 7959.7 8044.1 8055.2
31 1167.9 1179.1 1185.8 5414.1 5456.5 5465.9 7975.1 8053.9 8070.4
2002-Jan. 7 1169.7 1181.7 1181.9 5420.9 5459.6 5455.9 7986.7 8054.7 8031.9
14 1171.2 1181.6 1176.9 5427.9 5458.9 5457.3 7997.8 8045.9 8026.0
21 1172.5 1180.8 1178.6 5434.5 5458.2 5453.7 8010.2 8043.5 8045.6
28p 1174.0 1180.6 1185.0 5442.2 5462.0 5481.2 8024.8 8049.5 8094.4
Feb. 4p 1175.7 1180.7 1182.1 5448.5 5466.6 5474.2 8036.8 8063.6 8088.3
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2001-Nov. 12 1167.2 1157.8 1142.5 5336.9 5358.3 5395.5 7788.0 7870.0 7955.6
19 1168.7 1159.2 1162.3 5349.4 5376.6 5406.1 7815.4 7909.2 7969.8
26 1171.1 1162.4 1181.8 5362.9 5397.9 5400.7 7842.0 7949.3 7974.6
Dec. 3 1172.7 1171.0 1197.5 5375.6 5409.8 5436.9 7868.4 7982.5 8029.9
10 1174.8 1176.6 1164.7 5387.5 5428.3 5469.5 7896.4 8012.2 8074.6
17 1168.3 1182.8 1187.3 5388.2 5450.4 5494.4 7915.1 8051.1 8125.2
24 1169.8 1190.7 1213.1 5397.3 5467.8 5470.2 7936.7 8079.1 8086.6
31 1174.7 1203.1 1247.2 5409.2 5480.7 5488.7 7961.2 8093.0 8085.4
2002-Jan. 7 1179.0 1211.9 1200.1 5421.0 5491.9 5514.2 7980.0 8091.1 8067.3
14 1181.6 1208.9 1175.2 5431.4 5491.8 5494.0 7999.9 8086.1 8104.9
21 1183.3 1200.3 1178.6 5441.3 5489.8 5462.2 8021.2 8086.8 8089.7
28p 1184.0 1183.3 1179.4 5449.3 5472.6 5419.8 8040.8 8082.8 8069.2
Feb. 4p 1185.4 1178.4 1180.4 5455.6 5461.5 5470.1 8056.6 8091.7 8103.0
----------------------------------------------------------------------------------------------------------------------------------------------------
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p -- indicates preliminary data.
1
H.6 (508)
Table 4
SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------
Other Checkable Deposits
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 524.5 8.8 325.6 135.7 104.5 240.2
Oct. 526.3 8.4 322.3 136.2 105.9 242.2
Nov. 527.9 8.0 315.4 134.8 105.6 240.5
Dec. 530.1 8.0 309.9 133.2 107.7 240.9
2001-Jan. 533.6 8.1 312.0 133.7 108.6 242.2
Feb. 536.7 8.0 311.2 133.8 109.3 243.1
Mar. 539.4 7.9 313.5 134.8 111.7 246.6
Apr. 542.6 7.8 310.8 135.4 113.3 248.6
May 546.1 7.9 313.0 136.4 113.3 249.6
June 549.3 8.2 312.8 137.2 118.1 255.3
July 554.2 8.6 314.7 142.7 118.3 261.0
Aug. 562.7 8.8 317.8 139.9 118.1 258.0
Sep. 567.7 8.4 370.1 140.5 117.9 258.4
Oct. 571.6 8.2 328.7 141.2 112.0 253.2
Nov. 575.4 7.8 326.3 141.0 113.4 254.4
Dec. 580.6 7.8 329.5 142.4 118.3 260.7
2002-Jan. p 586.6 7.8 326.8 142.5 118.2 260.6
Week Ending:
2001-Dec. 10 579.0 7.7 325.7 142.3 116.8 259.0
17 580.8 7.7 329.1 142.1 117.6 259.7
24 581.6 7.8 330.8 142.5 119.2 261.7
31 582.6 7.8 332.0 142.7 120.7 263.4
2002-Jan. 7 583.8 7.8 329.3 142.1 118.9 261.0
14 584.7 7.8 327.9 140.1 116.4 256.5
21 587.6 7.8 324.0 141.7 117.4 259.1
28p 588.5 7.8 325.1 144.6 119.0 263.6
Feb. 4p 589.4 7.8 323.5 142.8 118.6 261.4
------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 1382.5 454.1 1836.7 689.3 338.6 1028.0 905.4 3770.0
Oct. 1388.6 455.8 1844.5 691.1 340.9 1032.0 911.0 3787.5
Nov. 1401.7 454.3 1856.1 694.3 343.2 1037.4 916.2 3809.6
Dec. 1423.7 452.1 1875.8 699.2 344.5 1043.7 934.0 3853.5
2001-Jan. 1442.7 453.1 1895.8 701.8 347.4 1049.2 946.4 3891.5
Feb. 1467.6 461.7 1929.3 700.3 349.3 1049.7 947.9 3926.9
Mar. 1491.9 470.9 1962.8 697.4 349.5 1046.8 956.9 3966.6
Apr. 1521.2 476.4 1997.7 692.2 350.8 1043.0 964.4 4005.1
May 1538.1 487.5 2025.5 686.8 353.6 1040.5 956.1 4022.1
June 1563.6 498.1 2061.7 680.5 352.6 1033.1 963.1 4057.9
July 1581.2 508.1 2089.2 673.4 350.5 1024.0 972.5 4085.7
Aug. 1612.7 518.1 2130.8 669.0 347.6 1016.5 970.8 4118.2
Sep. 1656.5 528.0 2184.4 663.8 346.0 1009.8 985.1 4179.3
Oct. 1673.6 542.8 2216.4 657.2 341.5 998.7 995.7 4210.8
Nov. 1713.0 554.2 2267.3 647.9 336.6 984.5 998.9 4250.6
Dec. 1745.8 560.4 2306.3 637.1 332.2 969.3 1000.7 4276.2
2002-Jan. p 1773.1 571.9 2345.0 627.7 326.4 954.1 984.1 4283.1
Week ending:
2001-Dec. 10 1744.3 555.6 2300.0 639.5 333.6 973.1 998.9 4272.0
17 1751.2 559.7 2310.9 637.2 332.7 969.8 1002.1 4282.9
24 1747.9 561.5 2309.4 635.4 331.4 966.7 998.3 4274.5
31 1746.3 566.8 2313.1 634.2 330.1 964.3 1002.7 4280.1
2002-Jan. 7 1756.7 558.6 2315.3 633.3 329.1 962.3 996.3 4274.0
14 1769.8 566.6 2336.4 629.3 326.9 956.3 987.7 4280.4
21 1773.3 571.5 2344.9 627.0 325.8 952.7 977.5 4275.2
28p 1784.2 582.1 2366.4 623.4 324.8 948.3 981.5 4296.2
Feb. 4p 1787.9 582.5 2370.5 622.2 324.0 946.2 975.4 4292.1
-------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 752.6 702.8 102.0 804.8 366.3 193.1 2116.9 3474.4 14596.9
Oct. 762.0 697.8 103.4 801.3 366.3 194.9 2124.4 3445.1 14673.9
Nov. 773.4 702.0 103.6 805.6 360.4 195.3 2134.8 3418.9 14777.3
Dec. 792.5 725.2 102.9 828.1 364.0 197.7 2182.2 3400.4 14882.1
2001-Jan. 822.1 741.8 106.2 847.9 364.2 201.7 2236.0 3380.7 14951.6
Feb. 878.7 706.6 106.9 813.4 359.2 211.4 2262.7 3372.9 15036.4
Mar. 901.6 680.0 107.2 787.3 352.7 224.9 2266.5 3376.8 15127.7
Apr. 926.9 703.0 109.2 812.2 372.0 218.1 2329.1 3347.5 15238.1
May 979.9 707.3 110.7 818.0 377.3 216.8 2391.9 3300.9 15387.7
June 1018.8 710.9 109.6 820.6 377.7 214.3 2431.5 3305.4 15478.3
July 1030.1 704.5 111.6 816.0 373.5 218.7 2438.3 3317.9 15523.3
Aug. 1022.5 693.8 114.6 808.4 370.7 218.0 2419.6 3339.0 15607.8
Sep. 1072.2 689.9 115.7 805.5 360.0 222.3 2460.0 3373.2 15700.1
Oct. 1140.2 684.3 115.8 800.1 356.0 221.4 2517.7 3373.2 15791.9
Nov. 1171.6 679.9 113.8 793.7 372.6 228.0 2565.9 3372.8 15914.3
Dec. 1197.2 685.5 112.6 798.0 373.5 228.4 2597.1 3381.4 p 16018.4 p
2002-Jan. p 1167.1 705.4 113.4 818.8 374.4 228.2 2588.4
Week ending:
2001-Dec. 10 1186.4 682.6 113.1 795.7 376.3 226.6 2585.0
17 1202.5 688.6 112.0 800.6 369.8 228.3 2601.2
24 1196.3 686.1 112.1 798.2 374.4 230.0 2598.9
31 1204.1 687.4 112.5 799.9 372.7 227.8 2604.5
2002-Jan. 7 1187.4 684.7 111.9 796.6 365.7 226.3 2576.0
14 1165.0 690.7 112.3 803.0 370.3 230.3 2568.7
21 1160.6 712.2 113.8 826.1 378.3 226.9 2591.8
28p 1167.5 721.8 114.5 836.3 382.1 227.3 2613.2
Feb. 4p 1167.1 724.3 113.7 838.0 377.4 231.6 2614.1
------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 523.3 8.7 321.4 131.1 106.0 237.1
Oct. 524.9 8.4 321.5 133.6 105.2 238.8
Nov. 528.2 8.2 318.7 132.7 105.5 238.2
Dec. 535.2 8.1 326.5 136.0 106.5 242.5
2001-Jan. 532.2 8.2 315.0 139.1 105.1 244.1
Feb. 536.2 8.2 303.9 133.1 106.2 239.3
Mar. 539.8 8.0 310.9 136.5 112.2 248.7
Apr. 542.9 7.9 312.5 142.5 116.9 259.3
May 545.8 8.0 306.8 136.9 113.4 250.3
June 548.8 8.0 309.8 137.5 118.9 256.4
July 554.5 8.2 315.3 138.7 119.8 258.5
Aug. 561.9 8.4 316.1 135.4 120.0 255.4
Sep. 566.3 8.3 366.2 135.4 119.7 255.1
Oct. 569.9 8.1 328.1 138.8 111.1 249.9
Nov. 575.8 7.9 329.3 138.6 113.2 251.8
Dec. 585.6 7.9 347.2 145.9 116.2 262.1
2002-Jan. p 585.2 8.0 329.2 148.3 114.0 262.4
Week Ending:
2001-Dec. 10 581.3 7.9 322.3 137.1 116.1 253.3
17 583.9 7.9 341.0 140.1 114.3 254.5
24 590.5 7.9 348.8 150.6 115.3 265.9
31 589.5 7.9 374.7 157.2 117.9 275.1
2002-Jan. 7 587.7 7.9 338.7 146.4 119.4 265.8
14 584.4 7.9 325.8 143.8 113.3 257.1
21 585.1 8.0 324.9 148.8 111.7 260.6
28p 584.0 8.0 324.3 152.2 110.9 263.1
Feb. 4p 586.9 8.0 323.4 146.0 116.2 262.1
------------------------------------------------------------------------------------------------------------------------------------------
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 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
-------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 1381.7 453.9 1835.5 689.5 338.7 1028.2 897.7 3761.5
Oct. 1380.4 453.1 1833.4 692.7 341.7 1034.4 902.4 3770.3
Nov. 1398.9 453.4 1852.4 696.1 344.1 1040.2 906.6 3799.1
Dec. 1426.9 453.1 1880.0 700.0 345.0 1045.0 928.7 3853.7
2001-Jan. 1436.3 451.1 1887.4 704.2 348.6 1052.9 952.9 3893.1
Feb. 1459.9 459.3 1919.2 702.6 350.5 1053.0 961.9 3934.0
Mar. 1499.1 473.2 1972.3 698.0 349.7 1047.7 984.9 4004.9
Apr. 1542.8 483.2 2026.0 691.7 350.5 1042.2 993.8 4062.0
May 1536.1 486.9 2022.9 684.5 352.4 1036.9 949.2 4009.0
June 1567.5 499.3 2066.8 677.1 350.8 1027.9 952.1 4046.8
July 1579.7 507.6 2087.3 671.2 349.4 1020.5 955.9 4063.8
Aug. 1607.4 516.4 2123.8 667.9 347.0 1015.0 960.8 4099.6
Sep. 1655.4 527.6 2183.0 664.2 346.2 1010.4 975.2 4168.6
Oct. 1661.6 538.9 2200.5 658.9 342.3 1001.2 986.0 4187.7
Nov. 1710.2 553.3 2263.5 649.6 337.5 987.1 987.5 4238.1
Dec. 1750.2 561.8 2312.1 637.8 332.5 970.4 994.5 4277.0
2002-Jan. p 1766.0 569.6 2335.6 629.7 327.5 957.2 990.8 4283.6
Week ending:
2001-Dec. 10 1770.5 564.0 2334.4 640.6 334.1 974.7 995.7 4304.8
17 1771.7 566.3 2337.9 637.8 333.0 970.8 998.4 4307.2
24 1738.2 558.4 2296.6 635.7 331.5 967.2 993.3 4257.1
31 1725.5 560.1 2285.5 634.8 330.4 965.2 990.8 4241.6
2002-Jan. 7 1795.9 571.1 2367.0 633.8 329.4 963.2 983.9 4314.1
14 1788.8 572.7 2361.5 631.5 328.0 959.5 997.8 4318.8
21 1764.8 568.8 2333.6 629.6 327.2 956.8 993.3 4283.6
28p 1731.8 565.0 2296.9 626.1 326.2 952.3 991.3 4240.4
Feb. 4p 1776.8 578.9 2355.7 624.8 325.4 950.1 983.9 4289.7
-------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 732.4 699.9 101.6 801.5 299.5 60.7 360.3 190.2 2084.3 3426.4 14571.9
Oct. 747.9 696.1 103.2 799.3 299.6 59.6 359.2 190.5 2096.8 3395.3 14661.7
Nov. 770.6 704.4 104.0 808.4 302.2 58.3 360.5 194.1 2133.5 3401.2 14764.9
Dec. 801.4 725.6 103.0 828.6 306.1 58.2 364.2 199.5 2193.7 3403.5 14870.0
2001-Jan. 844.7 733.7 105.0 838.8 306.7 57.7 364.4 203.2 2251.0 3373.2 14954.6
Feb. 907.0 704.9 106.6 811.5 301.6 59.9 361.5 214.1 2294.1 3368.7 15030.3
Mar. 924.9 682.5 107.6 790.1 296.3 58.2 354.5 227.2 2296.6 3392.5 15101.7
Apr. 934.8 705.1 109.5 814.5 311.6 59.3 370.9 220.8 2341.0 3341.0 15204.1
May 977.3 713.2 111.6 824.8 323.1 59.7 382.8 220.0 2404.9 3262.9 15344.8
June 1006.5 715.9 110.4 826.3 324.2 58.7 382.9 214.7 2430.4 3252.0 15446.3
July 1008.9 704.2 111.5 815.7 315.8 58.1 373.9 216.4 2414.9 3247.7 15505.3
Aug. 1005.2 690.6 114.0 804.7 313.7 55.9 369.6 215.0 2394.5 3281.0 15580.3
Sep. 1042.4 687.1 115.2 802.4 305.1 49.3 354.5 219.4 2418.6 3319.1 15670.5
Oct. 1117.8 682.6 115.5 798.1 301.1 48.2 349.4 217.3 2482.6 3318.2 15768.5
Nov. 1165.2 681.7 114.1 795.8 319.1 52.8 371.9 227.0 2559.8 3352.4 15847.2
Dec. 1208.3 685.6 112.6 798.1 313.9 60.4 374.3 229.6 2610.4 3384.0 p 15944.1 p
2002-Jan. p 1198.8 697.7 112.2 809.9 300.0 74.4 374.4 229.3 2612.3
Week ending:
2001-Dec. 10 1202.4 683.1 113.2 796.4 322.9 57.2 380.1 226.1 2605.0
17 1226.1 692.8 112.7 805.4 310.5 60.0 370.5 228.7 2630.8
24 1212.1 686.0 112.1 798.1 312.4 63.1 375.5 230.7 2616.3
31 1197.1 684.1 111.9 796.0 307.9 63.1 370.9 232.7 2596.7
2002-Jan. 7 1162.5 688.4 112.6 801.0 295.6 64.7 360.3 229.3 2553.1
14 1205.0 691.5 112.5 804.0 301.9 69.9 371.8 230.1 2610.9
21 1208.9 700.8 112.0 812.8 302.3 75.8 378.1 227.7 2627.6
28p 1219.6 704.5 111.8 816.2 301.2 83.4 384.6 229.0 2649.4
Feb. 4p 1196.6 712.4 111.8 824.2 297.8 82.6 380.4 231.7 2632.9
------------------------------------------------------------------------------------------------------------------------------------------ ------------ ------------
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000-Sep. 8.0 1.2 29.2 2.5 6.7 22.0 31.1 6.2 155.6 92.9 139.0 387.4
Oct. 8.2 1.2 29.4 1.4 5.3 13.2 20.0 6.3 156.3 93.4 139.3 389.0
Nov. 9.0 1.4 29.9 1.2 5.1 10.6 16.9 6.3 156.6 94.1 139.5 390.1
Dec. 9.9 1.6 30.5 1.5 5.8 11.6 18.9 6.3 156.8 94.7 139.6 391.1
2001-Jan. 9.5 1.5 32.1 2.6 6.7 36.5 45.7 6.8 157.7 95.3 143.0 396.0
Feb. 8.4 1.4 34.2 1.2 4.9 16.0 22.1 7.4 158.8 95.9 148.4 403.1
Mar. 7.3 1.3 36.4 1.2 5.4 6.4 13.0 8.1 160.0 96.4 153.9 410.4
Apr. 6.9 1.2 35.3 4.7 5.9 18.8 29.4 8.7 160.9 96.4 157.1 e 414.4 e
May 7.4 1.2 31.6 1.1 5.1 25.7 31.9 9.2 161.1 95.9 158.1 e 415.1 e
June 7.8 1.1 28.1 2.0 5.6 15.2 22.8 9.7 161.3 95.4 159.1 e 415.8 e
July 8.0 1.1 25.2 1.1 5.1 19.9 26.1 10.2 161.2 95.2 159.6 e 416.0 e
Aug. 8.0 1.1 22.8 1.1 5.0 26.7 32.8 10.8 160.8 95.3 159.6 e 415.7 e
Sep. 8.1 1.3 20.4 2.1 6.6 19.6 28.4 11.4 160.5 95.4 159.6 e 415.5 e
Oct. 8.1 e 1.6 e 19.4 e 2.6 5.2 27.8 35.6 11.7 e 160.6 e 95.5 e 159.6 e 415.7 e
Nov. 8.1 e 1.3 e 19.4 e 2.8 5.1 22.5 30.4 11.7 e 161.0 e 95.5 e 159.6 e 416.1 e
Dec. 8.1 e 1.3 e 19.4 e 4.1 5.3 27.2 36.5 11.7 e 161.4 e 95.6 e 159.6 e 416.6 e
2002-Jan. p 8.1 e 1.2 e 19.4 e 3.5 7.0 39.2 49.7 11.7 e 161.8 e 95.7 e 159.6 e 417.1 e
2001-Dec. 10 4.2 5.1 4.7 14.1
17 4.9 5.1 13.1 23.1
24 3.6 5.4 47.5 56.4
31 3.8 5.3 47.9 57.0
2002-Jan. 7 3.4 5.7 29.5 38.6
14 3.2 5.0 18.7 26.9
21 4.7 6.9 40.4 52.1
28p 2.8 8.1 58.6 69.5
Feb. 4p 2.8 8.2 46.0 57.0
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------+-------------------------------------
2001
January 0.9975 1.0163 1.0096 1.0078 1.0401
February 0.9990 1.0213 0.9767 0.9843 0.9946
March 1.0006 1.0181 0.9916 1.0087 1.0122
April 1.0006 1.0241 1.0054 1.0431 1.0523
May 0.9995 1.0136 0.9804 1.0025 1.0038
June 0.9991 0.9803 0.9902 1.0044 1.0022
July 1.0006 0.9543 1.0019 0.9904 0.9720
August 0.9984 0.9633 0.9947 0.9901 0.9679
September 0.9975 0.9824 0.9893 0.9871 0.9640
October 0.9970 0.9961 0.9984 0.9869 0.9830
November 1.0007 1.0170 1.0094 0.9896 0.9831
December 1.0085 1.0169 1.0537 1.0053 1.0246
2002
January 0.9976 1.0168 1.0076 1.0066 1.0412
February 0.9992 1.0215 0.9759 0.9825 0.9945
March 1.0016 1.0196 0.9960 1.0085 1.0124
April 1.0003 1.0241 1.0017 1.0442 1.0525
May 1.0002 1.0160 0.9813 1.0031 1.0038
June 0.9988 0.9782 0.9905 1.0055 1.0021
July 1.0004 0.9535 1.0007 0.9909 0.9723
August 0.9985 0.9634 0.9958 0.9912 0.9655
September 0.9969 0.9817 0.9895 0.9870 0.9630
October 0.9969 0.9964 0.9970 0.9881 0.9835
November 1.0013 1.0176 1.0113 0.9887 0.9831
December 1.0083 1.0187 1.0517 1.0045 1.0256
2003
January 0.9983 1.0159 1.0097 1.0053 1.0419
February 0.9993 1.0218 0.9754 0.9813 0.9948
March 1.0006 1.0206 0.9967 1.0083 1.0129
-------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------+-------------------------------+----------------------
2001
January 0.9955 1.0035 0.9892 1.0068 1.0274 1.0004 1.0072
February 0.9947 1.0032 0.9977 1.0148 1.0323 1.0064 1.0125
March 1.0048 1.0008 1.0036 1.0292 1.0258 1.0051 1.0100
April 1.0141 0.9992 1.0029 1.0305 1.0085 0.9972 1.0122
May 0.9987 0.9965 1.0084 0.9928 0.9974 1.0148 1.0147
June 1.0025 0.9950 1.0070 0.9886 0.9879 1.0137 1.0018
July 0.9991 0.9967 0.9996 0.9830 0.9795 1.0011 0.9894
August 0.9967 0.9985 0.9954 0.9897 0.9831 0.9971 0.9862
September 0.9994 1.0006 0.9960 0.9900 0.9723 0.9846 0.9869
October 0.9928 1.0025 0.9975 0.9902 0.9803 0.9813 0.9816
November 0.9983 1.0027 1.0026 0.9886 0.9946 0.9981 0.9954
December 1.0025 1.0011 1.0001 0.9939 1.0093 1.0020 1.0057
2002
January 0.9960 1.0033 0.9891 1.0069 1.0271 1.0000 1.0048
February 0.9944 1.0030 0.9976 1.0147 1.0325 1.0043 1.0109
March 1.0059 1.0007 1.0035 1.0300 1.0261 1.0024 1.0099
April 1.0146 0.9991 1.0018 1.0323 1.0085 0.9996 1.0119
May 0.9991 0.9965 1.0087 0.9931 0.9975 1.0135 1.0108
June 1.0026 0.9952 1.0074 0.9887 0.9881 1.0137 0.9999
July 0.9980 0.9968 0.9996 0.9838 0.9812 1.0032 0.9918
August 0.9967 0.9987 0.9963 0.9890 0.9831 0.9980 0.9876
September 0.9979 1.0009 0.9966 0.9889 0.9724 0.9844 0.9898
October 0.9924 1.0027 0.9984 0.9902 0.9808 0.9830 0.9853
November 0.9994 1.0026 1.0020 0.9886 0.9946 0.9977 0.9975
December 1.0032 1.0008 0.9995 0.9934 1.0093 1.0015 1.0043
2003
January 0.9968 1.0030 0.9885 1.0064 1.0263 1.0002 1.0044
February 0.9940 1.0027 0.9975 1.0147 1.0333 1.0025 1.0095
March 1.0056 1.0005 1.0036 1.0303 1.0248 1.0007 1.0082
----------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------+------------------------------------
2001 Dec 03 0.9997 1.0268 1.0596 1.0142 1.0197
10 1.0041 1.0224 0.9894 0.9777 0.9639
17 1.0054 1.0180 1.0363 0.9799 0.9863
24 1.0153 1.0136 1.0546 1.0160 1.0570
31 1.0118 1.0092 1.1288 1.0444 1.1018
2002 Jan 07 1.0067 1.0120 1.0285 1.0183 1.0301
14 0.9993 1.0147 0.9934 1.0026 1.0264
21 0.9957 1.0175 1.0031 1.0054 1.0500
28 0.9924 1.0203 0.9974 0.9981 1.0525
2002 Feb 04 0.9958 1.0231 0.9997 1.0028 1.0223
11 1.0000 1.0223 0.9467 0.9705 0.9681
18 1.0013 1.0214 0.9642 0.9683 0.9811
25 0.9979 1.0206 0.9905 0.9858 1.0130
2002 Mar 04 0.9999 1.0197 1.0048 1.0083 1.0078
11 1.0029 1.0196 0.9644 0.9898 0.9751
18 1.0011 1.0196 0.9931 0.9946 0.9956
25 0.9995 1.0195 0.9835 1.0149 1.0367
2002 Apr 01 1.0013 1.0194 1.0544 1.0415 1.0547
08 1.0051 1.0213 0.9682 1.0298 1.0095
15 1.0020 1.0232 1.0075 1.0351 1.0290
22 0.9985 1.0250 1.0105 1.0674 1.0945
29 0.9962 1.0269 1.0130 1.0480 1.0843
2002 May 06 1.0017 1.0288 0.9691 1.0141 0.9959
13 1.0012 1.0219 0.9605 0.9892 0.9763
20 0.9984 1.0152 0.9893 0.9979 1.0031
27 1.0013 1.0085 0.9889 1.0005 1.0263
2002 Jun 03 0.9983 1.0018 1.0231 1.0279 1.0258
10 1.0015 0.9909 0.9490 0.9988 0.9689
17 0.9984 0.9803 0.9904 0.9969 0.9900
24 0.9966 0.9698 0.9707 1.0036 1.0213
2002 Jul 01 0.9971 0.9596 1.0413 1.0133 1.0208
08 1.0057 0.9572 0.9818 0.9967 0.9543
15 1.0007 0.9548 0.9859 0.9804 0.9516
22 0.9996 0.9525 0.9975 0.9882 0.9842
29 0.9977 0.9501 1.0225 0.9916 0.9970
2002 Aug 05 1.0009 0.9478 1.0029 0.9929 0.9427
12 1.0009 0.9555 0.9708 0.9707 0.9191
19 0.9976 0.9634 0.9930 0.9845 0.9580
26 0.9946 0.9714 1.0001 0.9948 0.9982
2002 Sep 02 0.9975 0.9795 1.0351 1.0271 1.0216
09 1.0002 0.9805 0.9601 0.9867 0.9421
16 0.9974 0.9814 0.9824 0.9770 0.9362
23 0.9952 0.9823 0.9816 0.9776 0.9657
30 0.9936 0.9833 1.0211 0.9959 0.9939
2002 Oct 07 1.0005 0.9880 0.9805 0.9817 0.9506
14 0.9988 0.9928 0.9658 0.9678 0.9573
21 0.9961 0.9976 1.0048 0.9878 0.9905
28 0.9945 1.0025 1.0143 1.0009 1.0222
2002 Nov 04 0.9975 1.0074 1.0246 1.0145 1.0013
11 1.0024 1.0123 0.9636 0.9688 0.9394
18 1.0002 1.0172 1.0027 0.9743 0.9678
25 1.0019 1.0222 1.0276 0.9916 1.0047
2002 Dec 02 1.0010 1.0273 1.0705 1.0151 1.0253
09 1.0030 1.0237 0.9755 0.9803 0.9638
16 1.0045 1.0201 1.0319 0.9737 0.9771
23 1.0134 1.0166 1.0544 1.0125 1.0513
30 1.0135 1.0131 1.1317 1.0433 1.1062
2003 Jan 06 1.0074 1.0096 1.0570 1.0333 1.0561
13 1.0006 1.0130 0.9982 1.0002 1.0256
20 0.9970 1.0164 1.0005 1.0015 1.0431
27 0.9936 1.0198 0.9981 0.9935 1.0503
2003 Feb 03 0.9946 1.0232 1.0110 1.0029 1.0331
10 1.0002 1.0225 0.9500 0.9737 0.9738
17 1.0018 1.0219 0.9550 0.9644 0.9777
24 0.9983 1.0212 0.9872 0.9822 1.0075
2003 Mar 03 0.9983 1.0205 1.0078 1.0064 1.0104
10 1.0031 1.0205 0.9613 0.9900 0.9710
17 1.0009 1.0206 0.9932 0.9893 0.9838
24 0.9994 1.0206 0.9821 1.0115 1.0287
31 0.9983 1.0206 1.0434 1.0432 1.0710
-------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------+-------------------------------+----------------------
2001 Dec 03 0.9921 1.0022 0.9962 0.9922 1.0019 0.9974 1.0028
10 1.0150 1.0016 1.0008 0.9968 1.0135 1.0102 0.9978
17 1.0117 1.0010 1.0060 0.9963 1.0197 1.0018 1.0016
24 0.9945 1.0005 0.9999 0.9950 1.0132 1.0028 1.0030
31 0.9881 1.0009 0.9952 0.9882 0.9942 0.9953 1.0215
2002 Jan 07 1.0223 1.0009 1.0055 0.9876 0.9790 0.9853 1.0136
14 1.0107 1.0034 1.0012 1.0103 1.0342 1.0040 0.9993
21 0.9952 1.0042 0.9840 1.0161 1.0417 0.9995 1.0036
28 0.9706 1.0042 0.9760 1.0099 1.0446 1.0065 1.0075
2002 Feb 04 0.9937 1.0042 0.9835 1.0087 1.0253 1.0080 1.0004
11 1.0017 1.0036 0.9931 1.0148 1.0366 1.0159 1.0015
18 0.9960 1.0031 1.0024 1.0131 1.0328 1.0020 1.0157
25 0.9832 1.0022 1.0024 1.0182 1.0359 0.9947 1.0220
2002 Mar 04 1.0016 1.0017 1.0048 1.0182 1.0239 0.9998 1.0096
11 1.0139 1.0010 1.0062 1.0278 1.0323 1.0064 1.0000
18 1.0062 1.0008 1.0024 1.0291 1.0216 1.0038 1.0069
25 0.9953 1.0003 0.9985 1.0355 1.0289 1.0067 1.0147
2002 Apr 01 0.9992 0.9999 1.0067 1.0351 1.0222 0.9930 1.0195
08 1.0301 1.0005 1.0087 1.0414 1.0123 0.9915 1.0070
15 1.0331 0.9997 1.0008 1.0446 1.0252 1.0012 1.0066
22 1.0146 0.9987 0.9990 1.0348 0.9988 0.9959 1.0065
29 0.9849 0.9978 0.9986 1.0139 0.9981 1.0089 1.0266
2002 May 06 1.0100 0.9977 0.9988 0.9919 0.9932 1.0112 1.0092
13 1.0067 0.9971 1.0031 0.9950 0.9982 1.0192 1.0008
20 0.9999 0.9962 1.0107 0.9925 0.9999 1.0067 1.0106
27 0.9844 0.9958 1.0166 0.9933 1.0011 1.0136 1.0213
2002 Jun 03 0.9995 0.9955 1.0156 0.9923 0.9922 1.0186 1.0130
10 1.0180 0.9954 1.0106 0.9940 0.9995 1.0200 1.0003
17 1.0102 0.9951 1.0073 0.9908 0.9907 1.0186 0.9960
24 0.9887 0.9948 1.0048 0.9876 0.9816 1.0078 0.9914
2002 Jul 01 0.9886 0.9954 1.0026 0.9795 0.9775 1.0050 1.0074
08 1.0170 0.9966 1.0025 0.9800 0.9721 0.9990 0.9928
15 1.0086 0.9966 1.0013 0.9864 0.9890 1.0028 0.9877
22 0.9929 0.9969 0.9976 0.9866 0.9859 1.0042 0.9928
29 0.9798 0.9970 0.9969 0.9836 0.9808 1.0058 0.9929
2002 Aug 05 1.0075 0.9976 0.9981 0.9813 0.9714 1.0061 0.9879
12 1.0077 0.9982 0.9994 0.9897 0.9858 1.0122 0.9788
19 0.9982 0.9988 0.9935 0.9895 0.9798 0.9931 0.9794
26 0.9814 0.9991 0.9922 0.9918 0.9904 0.9878 0.9930
2002 Sep 02 0.9845 0.9998 0.9998 0.9907 0.9856 0.9913 1.0032
09 1.0146 1.0006 1.0017 0.9908 0.9740 0.9870 0.9785
16 1.0114 1.0006 0.9972 0.9930 0.9733 0.9888 0.9925
23 0.9857 1.0009 0.9906 0.9880 0.9718 0.9868 0.9890
30 0.9773 1.0016 0.9957 0.9834 0.9666 0.9731 0.9955
2002 Oct 07 1.0108 1.0032 1.0051 0.9836 0.9636 0.9713 0.9807
14 1.0043 1.0029 1.0032 0.9932 0.9871 0.9810 0.9854
21 0.9919 1.0026 0.9958 0.9953 0.9827 0.9826 0.9783
28 0.9749 1.0023 0.9914 0.9903 0.9905 0.9905 0.9939
2002 Nov 04 0.9973 1.0024 0.9939 0.9863 0.9786 0.9981 0.9922
11 1.0071 1.0029 1.0029 0.9890 0.9952 1.0055 0.9916
18 1.0021 1.0027 1.0074 0.9857 0.9925 0.9947 0.9976
25 0.9875 1.0025 1.0042 0.9900 1.0003 0.9943 1.0009
2002 Dec 02 0.9929 1.0021 0.9966 0.9917 1.0015 0.9954 1.0052
09 1.0143 1.0016 1.0004 0.9939 1.0059 1.0086 0.9959
16 1.0150 1.0009 1.0075 0.9954 1.0187 1.0029 1.0011
23 0.9956 1.0002 1.0003 0.9948 1.0139 1.0011 1.0001
30 0.9866 1.0001 0.9917 0.9907 1.0044 0.9973 1.0190
2003 Jan 06 1.0197 1.0020 0.9924 0.9871 0.9854 0.9866 1.0109
13 1.0108 1.0032 1.0006 1.0070 1.0285 1.0042 0.9977
20 0.9985 1.0034 0.9874 1.0159 1.0401 0.9996 1.0035
27 0.9724 1.0031 0.9769 1.0106 1.0443 1.0047 1.0074
2003 Feb 03 0.9833 1.0033 0.9832 1.0104 1.0271 1.0063 1.0025
10 1.0020 1.0032 0.9915 1.0149 1.0364 1.0141 0.9981
17 0.9988 1.0030 1.0014 1.0126 1.0334 1.0031 1.0138
24 0.9859 1.0023 1.0021 1.0167 1.0377 0.9921 1.0178
2003 Mar 03 0.9940 1.0017 1.0041 1.0175 1.0249 0.9962 1.0129
10 1.0170 1.0010 1.0065 1.0264 1.0294 1.0027 0.9950
17 1.0109 1.0006 1.0037 1.0284 1.0214 1.0015 1.0063
24 0.9981 1.0003 0.9987 1.0353 1.0241 1.0046 1.0087
31 0.9940 0.9997 1.0052 1.0365 1.0241 0.9959 1.0207
------------------------------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
2000
October 1099.2 1096.2 4886.7 4886.3 7011.2 7002.9
November 1091.7 1087.1 4901.4 4900.1 7036.1 7030.2
December 1088.9 1088.1 4942.4 4937.4 7124.5 7114.3
2001
January 1095.9 1099.3 4987.3 4983.4 7223.4 7213.0
February 1098.9 1100.1 5025.8 5023.1 7288.5 7280.2
March 1107.4 1112.7 5074.0 5078.4 7340.4 7346.8
April 1109.8 1117.5 5114.9 5121.4 7444.0 7463.7
May 1116.7 1117.0 5138.8 5143.8 7530.7 7548.9
June 1125.5 1123.5 5183.4 5186.7 7614.9 7630.2
July 1138.5 1136.6 5224.1 5226.1 7662.4 7673.5
August 1147.2 1144.6 5265.4 5261.8 7685.0 7678.0
September 1204.6 1200.9 5383.9 5379.7 7843.9 7830.9
October 1161.7 1158.9 5372.5 5371.9 7890.3 7879.3
November 1163.9 1158.1 5414.5 5413.8 7980.4 7970.9
December 1178.6 1177.9 5454.8 5449.3 8051.9 8036.2
2002
January 1181.8 1185.4 5464.9 5459.4 8053.4 8038.6
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
2000
January -3.9 -1.6 -2.3 0.0 -2.3
February -13.2 -15.1 1.9 0.0 1.9
March 0.5 4.9 -4.4 0.0 -4.4
April 3.4 4.5 -1.1 0.0 -1.1
May -6.5 -12.0 5.5 0.0 5.5
June 0.4 -1.5 1.9 0.0 1.9
July -1.3 -2.1 0.8 0.0 0.8
August -3.4 -4.4 1.0 0.0 1.0
September -3.3 -3.7 0.4 0.0 0.4
October 0.1 0.2 -0.1 0.0 -0.1
November -8.2 -10.0 1.8 0.0 1.8
December -3.1 1.1 -4.2 0.0 -4.2
2001
January 7.7 12.4 -4.7 0.0 -4.7
February 3.3 0.9 2.4 0.0 2.4
March 9.3 13.7 -4.4 0.0 -4.4
April 2.6 5.2 -2.6 0.0 -2.6
May 7.5 -0.5 8.0 0.0 8.0
June 9.5 7.0 2.5 0.0 2.5
July 13.9 14.0 -0.1 0.0 -0.1
August 9.2 8.4 0.8 0.0 0.8
September 60.0 59.0 1.0 0.0 1.0
October -42.7 -42.0 -0.7 0.0 -0.7
November 2.3 -0.8 3.1 0.0 3.1
December 15.2 20.5 -5.3 0.0 -5.3
2002
January 3.3 7.6 -4.3 0.0 -4.3
Quarterly
00Q4 -3.2 -3.3 0.1 0.0 0.1
01Q1 2.7 5.0 -2.3 0.0 -2.3
01Q2 6.0 5.5 0.5 0.0 0.5
01Q3 16.5 14.8 1.7 0.0 1.7
01Q4 1.6 1.5 0.1 0.0 0.1
Semi-Annual
00Q4 - 01Q2 4.4 5.3 -0.9 0.0 -0.9
01Q2 - 01Q4 9.1 8.2 0.9 0.0 0.9
Annual (Q4 to Q4)
2000 -1.7 -1.7 0.0 0.0 0.0
2001 6.8 6.8 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
--------------+----------------------------+----------------------
2000
January 5.6 5.7 -0.1 0.0 -0.1
February 3.6 3.9 -0.3 0.0 -0.3
March 6.4 7.8 -1.4 0.0 -1.4
April 9.3 9.6 -0.3 0.0 -0.3
May 1.9 1.6 0.3 0.0 0.3
June 5.4 5.1 0.3 0.0 0.3
July 5.4 5.0 0.4 0.0 0.4
August 8.5 7.6 0.9 0.0 0.9
September 7.9 8.0 -0.1 0.0 -0.1
October 4.3 4.8 -0.5 0.0 -0.5
November 3.6 3.4 0.2 0.0 0.2
December 10.0 9.1 0.9 0.0 0.9
2001
January 10.9 11.2 -0.3 0.0 -0.3
February 9.3 9.6 -0.3 0.0 -0.3
March 11.5 13.2 -1.7 0.0 -1.7
April 9.7 10.2 -0.5 0.0 -0.5
May 5.6 5.2 0.4 0.0 0.4
June 10.4 10.0 0.4 0.0 0.4
July 9.4 9.1 0.3 0.0 0.3
August 9.5 8.2 1.3 0.0 1.3
September 27.0 26.9 0.1 0.0 0.1
October -2.5 -1.7 -0.8 0.0 -0.8
November 9.4 9.4 0.0 0.0 0.0
December 8.9 7.9 1.0 0.0 1.0
2002
January 2.2 2.2 0.0 0.0 0.0
Quarterly
00Q4 6.1 6.0 0.1 0.0 0.1
01Q1 9.7 9.8 -0.1 0.0 -0.1
01Q2 9.3 9.7 -0.4 0.0 -0.4
01Q3 11.3 10.8 0.5 0.0 0.5
01Q4 9.3 9.3 0.0 0.0 0.0
Semi-Annual
00Q4 - 01Q2 9.6 9.9 -0.3 0.0 -0.3
01Q2 - 01Q4 10.4 10.1 0.3 0.0 0.3
Annual (Q4 to Q4)
2000 6.1 6.1 0.0 0.0 0.0
2001 10.3 10.3 0.0 0.0 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
--------------+----------------------------+----------------------
2000
January 7.9 7.7 0.2 0.0 0.2
February 5.9 6.1 -0.2 0.0 -0.2
March 11.2 13.0 -1.8 0.0 -1.8
April 7.9 9.3 -1.4 0.0 -1.4
May 5.8 5.8 0.0 0.0 0.0
June 9.3 9.0 0.3 0.0 0.3
July 9.6 8.9 0.7 0.0 0.7
August 12.5 10.6 1.9 0.0 1.9
September 10.0 9.4 0.6 0.0 0.6
October 4.3 4.2 0.1 0.0 0.1
November 4.3 4.7 -0.4 0.0 -0.4
December 15.1 14.4 0.7 0.0 0.7
2001
January 16.7 16.6 0.1 0.0 0.1
February 10.8 11.2 -0.4 0.0 -0.4
March 8.5 11.0 -2.5 0.0 -2.5
April 16.9 19.1 -2.2 0.0 -2.2
May 14.0 13.7 0.3 0.0 0.3
June 13.4 12.9 0.5 0.0 0.5
July 7.5 6.8 0.7 0.0 0.7
August 3.5 0.7 2.8 0.0 2.8
September 24.8 23.9 0.9 0.0 0.9
October 7.1 7.4 -0.3 0.0 -0.3
November 13.7 14.0 -0.3 0.0 -0.3
December 10.8 9.8 1.0 0.0 1.0
2002
January 0.2 0.4 -0.2 0.0 -0.2
Quarterly
00Q4 7.7 7.3 0.4 0.0 0.4
01Q1 12.9 13.1 -0.2 0.0 -0.2
01Q2 13.5 14.7 -1.2 0.0 -1.2
01Q3 10.7 9.5 1.2 0.0 1.2
01Q4 12.6 12.1 0.5 0.0 0.5
Semi-Annual
00Q4 - 01Q2 13.4 14.1 -0.7 0.0 -0.7
01Q2 - 01Q4 11.8 11.0 0.8 0.0 0.8
Annual (Q4 to Q4)
2000 9.4 9.4 0.0 0.0 0.0
2001 13.0 13.0 0.0 0.0 0.0
------------------------------------------------------------------