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January 29, 2004
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 from data through December 2003. Monthly
seasonal factors were estimated using the X-12-ARIMA procedure. The revisions to seasonal
factors raised M2 and M3 growth rates in the first and fourth quarters of 2003, while lowering
them in the other quarters of the year.
Historical data, updated each week, are available through the Federal Reserve's web site
(http://www.federalreserve.gov/releases/) with the H.6 statistical release. The data are also
available through paid electronic means, which can be accessed by calling STAT-USA at 1-800-
782-8872 or 202-482-1986.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
January 29, 2004
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
2002-Jan. 1182.7 5477.8 8032.7
Feb. 1184.6 5507.9 8077.1
Mar. 1188.4 5519.1 8096.9
Apr. 1177.5 5525.2 8118.9
May 1182.0 5556.1 8154.9
June 1186.3 5578.2 8166.1
July 1192.6 5620.7 8207.9
Aug. 1181.1 5656.0 8270.8
Sep. 1188.7 5682.7 8307.0
Oct. 1200.0 5728.6 8334.7
Nov. 1202.6 5775.1 8466.4
Dec. 1215.0 5803.8 8539.5
2003-Jan. 1218.3 5836.2 8552.2
Feb. 1232.7 5879.0 8589.9
Mar. 1238.2 5904.5 8621.1
Apr. 1243.3 5947.7 8657.6
May 1255.2 5996.1 8712.0
June 1268.5 6033.1 8758.9
July 1273.4 6078.2 8887.3
Aug. 1282.1 6117.7 8923.4
Sep. 1282.9 6097.5 8912.0
Oct. 1284.3 6079.1 8876.6
Nov. 1283.6 6071.3 8855.6
Dec. 1292.6 6062.3 8830.4
----------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------
2002-Jan. 1185.2 5476.4 8059.8
Feb. 1171.2 5494.5 8102.1
Mar. 1188.7 5543.3 8148.5
Apr. 1187.9 5557.1 8143.7
May 1177.5 5525.8 8130.5
June 1186.5 5564.0 8154.4
July 1193.4 5606.9 8173.9
Aug. 1176.6 5651.2 8242.2
Sep. 1181.3 5677.1 8260.4
Oct. 1192.4 5716.4 8290.1
Nov. 1200.8 5791.9 8485.8
Dec. 1240.3 5842.2 8603.5
2003-Jan. 1219.9 5830.6 8570.1
Feb. 1219.2 5857.0 8603.0
Mar. 1238.2 5919.5 8661.3
Apr. 1253.0 5976.7 8679.5
May 1251.3 5964.0 8687.4
June 1269.0 6016.4 8749.2
July 1274.3 6065.4 8858.1
Aug. 1279.6 6122.8 8906.3
Sep. 1275.6 6096.9 8874.6
Oct. 1276.2 6073.6 8843.1
Nov. 1281.0 6092.5 8879.1
Dec. 1318.2 6102.5 8888.5
---------------------------------------------------------------------------------------
Footnotes appear on the following page
p -- indicates preliminary data
1
H.6 (508)
Table 2
MONEY STOCK MEASURES
Percent change at seasonally adjusted annual rates
---------------------------------------------------------------------------------------------------------
M1 M2 M3
---------------------------------------------------------------------------------------------------------
3 Months from Sep. 2003 TO Dec. 2003 3.0 -2.3 -3.7
6 Months from June 2003 TO Dec. 2003 3.8 1.0 1.6
12 Months from Dec. 2002 TO Dec. 2003 6.4 4.5 3.4
Thirteen weeks ending
January 19 , 2004
from thirteen weeks ending:
Oct. 20, 2003 (13 weeks previous) 1.6 -2.2 -2.2
July 21, 2003 (26 weeks previous) 3.8 1.4 2.0
Jan. 20, 2003 (52 weeks previous) 6.4 4.7 4.2
---------------------------------------------------------------------------------------------------------
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
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.
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
----------------------------------------------------------------------------------------------------------------------------------------------------
2003-Oct. 27 1282.7 1283.4 1287.6 6099.2 6079.5 6080.6 8901.8 8873.3 8876.5
Nov. 3 1283.5 1285.0 1290.8 6097.3 6078.9 6076.1 8898.0 8873.3 8876.8
10 1284.1 1286.4 1282.3 6094.6 6077.5 6073.2 8893.0 8871.8 8860.6
17 1282.9 1285.4 1280.7 6089.0 6076.4 6075.5 8886.8 8866.6 8852.4
24 1283.4 1285.2 1286.8 6086.0 6074.0 6071.1 8882.8 8860.4 8851.9
Dec. 1 1283.6 1282.7 1281.1 6082.0 6070.5 6062.1 8878.1 8851.2 8839.8
8 1284.4 1283.5 1285.5 6079.3 6068.8 6066.3 8872.7 8845.5 8837.9
15 1285.3 1286.1 1291.0 6076.4 6064.7 6059.3 8865.4 8838.1 8822.6
22 1285.8 1288.1 1294.6 6074.0 6063.3 6065.6 8859.2 8832.3 8828.9
29 1286.6 1292.5 1298.9 6071.3 6062.9 6060.3 8852.8 8828.0 8822.6
2004-Jan. 5 1287.2 1294.2 1292.3 6069.3 6059.2 6051.4 8851.2 8832.6 8856.2
12p 1286.7 1289.2 1270.9 6067.4 6058.1 6055.1 8852.6 8848.0 8884.1
19p 1287.0 1287.6 1288.2 6066.4 6058.4 6066.7 8854.7 8866.0 8901.2
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2003-Oct. 27 1276.6 1270.5 1299.0 6099.2 6077.9 6034.9 8876.9 8845.2 8818.9
Nov. 3 1278.4 1284.6 1317.2 6094.9 6070.5 6067.2 8870.7 8845.4 8846.2
10 1278.8 1285.5 1251.4 6092.5 6071.4 6098.5 8865.6 8849.0 8879.7
17 1276.7 1282.2 1261.3 6088.9 6079.2 6116.1 8863.6 8861.5 8901.1
24 1276.7 1278.4 1283.7 6087.8 6085.4 6059.6 8864.3 8871.4 8858.4
Dec. 1 1277.2 1278.3 1316.6 6087.5 6093.3 6099.1 8865.6 8880.7 8883.6
8 1278.4 1282.8 1269.4 6084.8 6096.4 6110.6 8864.6 8885.4 8898.3
15 1280.9 1289.9 1289.9 6082.8 6095.7 6113.3 8863.0 8889.1 8916.2
22 1285.3 1301.9 1331.7 6085.4 6106.0 6100.9 8866.1 8895.3 8882.9
29 1290.3 1315.6 1371.3 6089.3 6102.3 6084.3 8869.9 8889.8 8861.8
2004-Jan. 5 1295.5 1330.2 1327.7 6090.9 6104.1 6117.7 8874.2 8890.7 8901.8
12p 1296.2 1322.0 1257.1 6089.8 6095.8 6080.4 8879.0 8893.4 8926.9
19p 1296.6 1308.8 1278.9 6087.7 6085.0 6057.7 8884.3 8902.5 8919.5
----------------------------------------------------------------------------------------------------------------------------------------------------
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p -- indicates preliminary data.
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
------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 617.6 7.8 288.4 149.0 118.3 267.2
Sep. 619.2 7.8 291.5 150.2 120.0 270.2
Oct. 621.1 7.8 297.1 151.7 122.4 274.1
Nov. 623.8 7.8 294.7 152.3 124.1 276.4
Dec. 627.4 7.8 301.2 153.2 125.4 278.6
2003-Jan. 630.9 7.8 299.8 153.8 126.1 279.9
Feb. 635.4 7.8 306.0 156.0 127.6 283.6
Mar. 639.1 7.7 305.4 157.7 128.3 286.0
Apr. 642.0 7.7 307.4 156.5 129.8 286.3
May 644.6 7.6 311.9 159.7 131.4 291.1
June 646.4 7.6 319.2 163.1 132.2 295.2
July 648.0 7.6 318.8 164.7 134.4 299.1
Aug. 650.8 7.6 321.2 166.7 135.8 302.5
Sep. 654.2 7.6 314.5 169.4 137.2 306.6
Oct. 658.4 7.7 311.9 169.3 137.1 306.4
Nov. 661.5 7.7 308.0 170.8 135.6 306.4
Dec. 664.2 7.7 311.3 173.6 135.9 309.5
Week Ending:
2003-Nov. 24 662.2 7.7 310.9 170.8 135.2 306.0
Dec. 1 662.4 7.7 305.9 170.6 134.5 305.1
8 663.6 7.7 306.6 173.1 134.5 307.6
15 663.8 7.7 309.9 174.0 135.6 309.6
22 664.0 7.7 313.1 173.7 136.1 309.8
29 664.6 7.7 315.9 173.6 137.1 310.7
2004-Jan. 5 664.1 7.7 310.0 174.3 136.2 310.6
12p 666.2 7.7 e 286.5 172.9 137.5 310.4
19p 664.6 7.7 e 301.5 177.2 137.3 314.5
------------------------------------------------------------------------------------------------------------------------------------------
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. funds3 Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 1947.0 666.7 2613.7 606.7 308.2 915.0 946.1 4474.9
Sep. 1974.8 678.3 2653.1 601.8 306.3 908.1 932.8 4494.0
Oct. 2003.8 692.8 2696.7 598.3 304.7 903.1 928.8 4528.6
Nov. 2041.3 701.4 2742.7 595.5 303.3 898.8 930.9 4572.5
Dec. 2053.2 716.3 2769.5 591.3 302.3 893.6 925.7 4588.8
2003-Jan. 2085.5 728.7 2814.3 587.4 300.7 888.1 915.5 4617.9
Feb. 2110.3 744.0 2854.3 583.8 298.1 881.9 910.1 4646.3
Mar. 2126.8 759.2 2886.0 580.2 296.4 876.6 903.8 4666.4
Apr. 2161.9 773.0 2934.9 576.1 294.5 870.6 898.8 4704.3
May 2189.7 793.9 2983.6 571.2 291.5 862.7 894.6 4740.9
June 2221.4 799.9 3021.3 565.9 288.3 854.1 889.2 4764.7
July 2269.6 812.5 3082.1 557.6 285.4 843.0 879.7 4804.8
Aug. 2302.5 826.1 3128.6 550.7 282.0 832.7 874.2 4835.5
Sep. 2291.4 834.0 3125.4 545.2 279.7 824.9 864.2 4814.6
Oct. 2301.0 839.5 3140.5 540.8 277.4 818.2 836.1 4794.8
Nov. 2321.4 833.6 3155.0 536.1 275.0 811.2 821.5 4787.7
Dec. 2327.3 829.5 3156.9 533.4 272.9 806.3 806.6 4769.7
Week ending:
2003-Nov. 24 2323.3 830.7 3154.0 535.3 274.6 809.9 820.4 4784.3
Dec. 1 2323.9 832.2 3156.2 534.9 274.3 809.2 815.7 4781.1
8 2330.6 827.8 3158.5 534.4 273.8 808.3 814.1 4780.8
15 2324.1 829.6 3153.7 533.9 273.2 807.0 807.6 4768.3
22 2326.7 833.2 3159.9 533.2 272.7 805.9 805.2 4771.0
29 2327.1 829.5 3156.6 532.4 272.0 804.5 800.2 4761.3
2004-Jan. 5 2339.1 817.7 3156.8 531.1 271.6 802.7 799.5 4759.0
12p 2365.6 822.6 3188.1 530.7 271.3 802.0 794.2 4784.3
19p 2367.4 824.9 3192.4 530.6 271.5 802.2 784.0 4778.5
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits 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.
3. IRA and Keogh account balances at money market mutual funds are substracted from retail money funds.
p -- indicates preliminary data.
1
H.6 (508)
Table 6
SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits1
Institutional --------------------------------------------
Date money At commercial At thrift Total
funds banks2 institutions Total RPs3 Eurodollars4 Non-M2 M3
------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 1188.9 702.8 112.7 815.5 400.9 209.5 2614.8
Sep. 1174.1 700.4 113.1 813.5 423.5 213.3 2624.3
Oct. 1140.2 708.3 114.6 822.9 422.3 220.7 2606.1
Nov. 1204.2 700.0 116.3 816.3 445.0 225.8 2691.3
Dec. 1233.4 675.9 117.2 793.1 480.9 228.3 2735.7
2003-Jan. 1206.8 684.1 118.5 802.6 472.6 234.0 2716.0
Feb. 1191.0 680.5 118.2 798.8 485.4 235.7 2710.9
Mar. 1177.0 684.9 117.3 802.2 497.4 239.9 2716.6
Apr. 1158.8 685.0 117.6 802.6 501.6 246.8 2709.9
May 1139.3 690.4 116.9 807.2 511.3 258.2 2715.9
June 1143.1 687.8 118.1 805.8 517.2 259.7 2725.8
July 1179.9 743.5 121.1 864.6 497.0 267.6 2809.1
Aug. 1163.3 748.4 122.5 871.0 494.4 277.0 2805.7
Sep. 1163.4 754.9 122.1 877.0 496.8 277.4 2814.5
Oct. 1141.6 748.6 121.7 870.3 503.7 281.9 2797.4
Nov. 1118.6 754.4 120.9 875.3 509.3 281.0 2784.3
Dec. 1100.2 764.6 120.0 884.6 501.6 281.6 2768.1
Week ending:
2003-Nov. 24 1113.3 752.9 121.1 874.1 512.1 281.3 2780.8
Dec. 1 1103.1 755.1 121.3 876.4 515.5 282.8 2777.7
8 1102.4 758.0 120.7 878.7 508.1 282.3 2771.6
15 1095.5 762.3 119.2 881.5 504.4 281.8 2763.3
22 1097.7 763.5 119.4 882.9 500.2 282.6 2763.3
29 1099.9 765.1 119.9 885.0 499.1 278.4 2762.3
2004-Jan. 5 1118.9 803.2 119.9 923.1 475.9 286.8 2804.8
12p 1106.7 826.4 119.7 946.1 485.7 290.5 2828.9
19p 1100.0 834.3 120.8 955.1 495.5 283.9 2834.4
------------------------------------------------------------------------------------------------------------------------------------------
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.
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
------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 616.8 8.1 287.4 145.8 118.6 264.4
Sep. 616.5 7.8 290.0 147.3 119.7 267.0
Oct. 618.3 7.7 295.3 150.2 120.8 271.0
Nov. 623.1 7.6 296.6 149.4 124.0 273.5
Dec. 630.5 7.7 317.5 158.4 126.2 284.6
2003-Jan. 628.9 7.7 300.4 159.8 123.2 282.9
Feb. 635.2 7.7 297.4 154.7 124.2 278.9
Mar. 639.9 7.7 302.9 158.7 128.9 287.6
Apr. 643.4 7.5 307.7 160.5 133.9 294.4
May 646.5 7.5 307.6 157.5 132.1 289.7
June 647.7 7.7 318.5 161.9 133.3 295.2
July 648.7 7.8 319.9 163.0 134.8 297.9
Aug. 650.4 7.8 321.4 163.5 136.6 300.1
Sep. 650.9 7.7 313.0 167.1 136.9 304.0
Oct. 655.8 7.6 309.6 167.5 135.6 303.1
Nov. 660.4 7.6 309.8 167.2 136.0 303.2
Dec. 667.2 7.6 327.0 180.2 136.1 316.3
Week Ending:
2003-Nov. 24 659.8 7.5 312.9 170.0 133.4 303.4
Dec. 1 663.2 7.5 333.5 173.1 139.3 312.4
8 663.6 7.6 291.8 170.0 136.5 306.5
15 664.8 7.6 312.1 172.9 132.5 305.4
22 669.4 7.6 335.6 183.5 135.6 319.1
29 672.1 7.7 361.9 191.7 137.8 329.6
2004-Jan. 5 667.4 7.7 326.9 186.2 139.5 325.7
12p 662.9 7.7 e 277.0 178.0 131.6 309.6
19p 661.9 7.7 e 297.0 181.9 130.4 312.3
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
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. funds3 Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 1949.0 667.4 2616.4 606.6 308.2 914.7 943.5 4474.6
Sep. 1980.0 680.1 2660.0 601.9 306.4 908.3 927.5 4495.8
Oct. 2001.7 692.1 2693.8 598.7 304.9 903.7 926.6 4524.0
Nov. 2055.1 706.2 2761.3 596.4 303.8 900.2 929.5 4591.0
Dec. 2060.9 718.9 2779.8 591.7 302.5 894.2 928.0 4601.9
2003-Jan. 2075.8 725.3 2801.1 587.7 300.8 888.5 921.1 4610.7
Feb. 2097.4 739.4 2836.8 583.8 298.1 881.9 919.0 4637.7
Mar. 2127.2 759.3 2886.5 579.8 296.2 876.0 918.8 4681.3
Apr. 2171.2 776.3 2947.4 575.8 294.3 870.1 906.1 4723.7
May 2177.5 789.5 2966.9 571.1 291.4 862.5 883.2 4712.7
June 2217.5 798.4 3015.9 565.7 288.2 853.9 877.5 4747.4
July 2264.4 810.7 3075.1 557.4 285.3 842.7 873.3 4791.2
Aug. 2308.4 828.2 3136.6 550.6 282.0 832.6 874.1 4843.2
Sep. 2299.0 836.8 3135.8 545.2 279.6 824.8 860.7 4821.3
Oct. 2303.3 840.3 3143.6 540.8 277.5 818.3 835.5 4797.5
Nov. 2338.5 839.8 3178.2 536.6 275.3 811.8 821.5 4811.6
Dec. 2336.9 832.9 3169.8 533.5 272.9 806.4 808.1 4784.2
Week ending:
2003-Nov. 24 2314.5 827.6 3142.0 535.8 274.9 810.7 823.2 4775.9
Dec. 1 2323.9 832.2 3156.1 535.5 274.6 810.1 816.3 4782.5
8 2372.7 842.8 3215.4 534.8 274.0 808.8 816.9 4841.1
15 2361.5 843.0 3204.5 533.9 273.2 807.1 811.7 4823.4
22 2324.2 832.3 3156.5 533.0 272.6 805.6 807.0 4769.2
29 2292.4 817.1 3109.5 532.3 272.0 804.3 799.2 4713.0
2004-Jan. 5 2364.6 826.6 3191.1 531.9 272.0 803.9 795.0 4790.0
12p 2392.0 831.8 3223.8 531.0 271.5 802.5 796.9 4823.3
19p 2362.6 823.3 3185.9 530.7 271.6 802.2 790.7 4778.8
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits 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.
3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
p -- indicates preliminary data.
1
H.6 (508)
Table 9
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits1 RPs3
Institutional ----------------------------------------- ------------------------------------------
Date money At commercial At thrift At commercial At thrift Total
funds banks2 institutions Total banks2 institutions Total Eurodollars4 Non-M2 M3
----------------------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 1173.7 700.6 112.3 812.9 340.2 58.2 398.4 206.0 2591.0
Sep. 1147.2 700.2 113.1 813.2 359.3 53.6 412.9 209.9 2583.3
Oct. 1122.8 707.0 114.4 821.4 359.9 51.3 411.2 218.3 2573.7
Nov. 1215.3 698.1 116.0 814.2 385.5 53.2 438.7 225.8 2694.0
Dec. 1264.7 674.7 117.0 791.7 423.8 52.6 476.4 228.5 2761.3
2003-Jan. 1238.4 678.7 117.5 796.3 420.5 49.4 469.9 234.9 2739.5
Feb. 1218.8 678.3 117.9 796.2 441.5 50.7 492.2 238.9 2746.1
Mar. 1190.2 685.3 117.4 802.7 458.0 47.5 505.5 243.5 2741.9
Apr. 1143.9 685.5 117.7 803.1 455.9 49.4 505.4 250.3 2702.8
May 1122.0 697.0 118.0 815.0 475.9 49.1 525.0 261.5 2723.5
June 1134.8 692.2 118.8 811.1 480.1 49.4 529.5 257.4 2732.7
July 1166.0 744.4 121.2 865.6 444.1 53.6 497.7 263.4 2792.7
Aug. 1149.8 747.4 122.4 869.8 435.5 55.4 490.8 273.1 2783.5
Sep. 1142.0 755.5 122.2 877.7 431.9 52.2 484.1 274.0 2777.7
Oct. 1127.2 749.0 121.7 870.7 433.8 57.4 491.2 280.3 2769.5
Nov. 1128.7 753.1 120.7 873.7 441.6 60.4 502.0 282.1 2786.6
Dec. 1126.4 762.5 119.7 882.2 431.9 63.5 495.4 282.1 2786.1
Week ending:
2003-Nov. 24 1141.6 750.8 120.8 871.6 441.9 60.0 501.9 283.7 2798.8
Dec. 1 1123.2 750.0 120.5 870.5 441.7 64.0 505.6 285.1 2784.4
8 1128.9 755.4 120.3 875.7 438.0 63.7 501.7 281.5 2787.8
15 1137.1 765.9 119.8 885.6 436.2 63.0 499.2 280.9 2802.9
22 1123.3 764.1 119.5 883.6 430.2 63.0 493.2 282.0 2782.1
29 1119.9 760.9 119.3 880.2 431.4 64.5 495.9 281.4 2777.5
2004-Jan. 5 1115.7 799.3 119.3 918.5 398.3 61.9 460.2 289.7 2784.2
12p 1131.8 824.3 119.4 943.7 419.1 60.0 479.1 292.0 2846.5
19p 1135.1 828.1 119.9 948.0 433.1 60.5 493.6 285.0 2861.7
----------------------------------------------------------------------------------------------------------------------------------------------------------
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.
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002-Aug. 7.1 1.0 15.5 4.6 5.1 18.3 27.9 14.5 165.8 97.5 171.7 435.0
Sep. 6.8 1.1 14.1 5.1 5.8 27.7 38.6 17.3 166.8 98.2 174.0 438.9
Oct. 7.2 1.1 14.0 3.1 4.9 18.6 26.5 20.2 166.8 98.2 175.2 440.2
Nov. 7.9 1.1 14.8 3.2 5.0 16.1 24.3 23.1 166.3 97.8 175.9 440.0
Dec. 8.7 1.1 15.5 3.8 4.9 15.3 24.0 25.9 165.8 97.4 176.5 439.8
2003-Jan. 8.6 1.1 16.4 3.8 5.8 13.2 22.8 26.2 165.8 97.6 178.1 441.5
Feb. 7.9 1.1 17.3 3.6 5.1 5.7 14.3 23.0 166.3 98.7 180.7 445.7
Mar. 7.3 1.1 18.2 3.6 5.3 4.1 13.1 19.8 166.8 99.9 183.3 450.1
Apr. 7.2 1.1 18.4 5.3 7.5 4.2 17.1 20.4 167.2 101.0 183.0 451.2
May 7.5 1.1 18.0 3.6 6.7 6.0 16.2 23.5 167.5 101.5 180.7 449.7
June 7.8 1.2 17.6 4.8 6.7 12.4 24.0 26.6 167.8 101.9 178.4 448.2
July 7.7 1.2 18.2 3.7 6.2 13.5 23.4 24.2 167.8 102.2 176.2 e 446.3 e
Aug. 7.3 1.2 19.2 3.8 5.6 6.4 15.9 18.3 167.7 102.4 174.1 e 444.2 e
Sep. 7.0 1.3 20.3 4.2 6.2 18.2 28.6 12.5 167.5 102.5 172.0 e 442.1 e
Oct. 6.8 e 1.1 e 20.9 e 3.9 4.9 12.1 20.9 9.1 e 167.6 e 102.6 e 170.9 e 441.1 e
Nov. 6.8 e 1.1 e 20.9 e 4.1 5.1 10.1 19.3 9.1 e 168.1 e 102.7 e 170.9 e 441.6 e
Dec. 6.8 e 1.1 e 20.9 e 4.5 5.3 16.9 26.7 9.1 e 168.5 e 102.7 e 170.9 e 442.1 e
2003-Nov. 24 4.0 5.2 12.9 22.0
Dec. 1 4.2 5.7 10.0 19.9
8 4.2 4.8 7.2 16.2
15 5.1 4.9 5.9 15.8
22 4.4 5.5 31.3 41.2
29 4.0 5.7 22.3 32.0
2004-Jan. 5 4.6 5.4 17.0 27.0
12p 4.7 4.9 4.9 14.4
19p 5.2 6.8 16.9 28.9
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------
2003
January 0.9968 0.9955 1.0020 1.0110 1.0386
February 0.9998 0.9947 0.9720 0.9832 0.9913
March 1.0014 0.9903 0.9920 1.0057 1.0065
April 1.0022 0.9824 1.0011 1.0282 1.0256
May 1.0031 0.9875 0.9860 0.9952 0.9866
June 1.0020 1.0160 0.9976 0.9999 0.9928
July 1.0011 1.0369 1.0034 0.9959 0.9898
August 0.9994 1.0243 1.0004 0.9919 0.9803
September 0.9950 1.0067 0.9952 0.9915 0.9863
October 0.9960 0.9963 0.9929 0.9892 0.9892
November 0.9984 0.9819 1.0058 0.9895 0.9786
December 1.0046 0.9886 1.0507 1.0221 1.0381
2004
January 0.9967 0.9970 1.0018 1.0097 1.0383
February 1.0002 0.9954 0.9737 0.9831 0.9916
March 1.0011 0.9918 0.9884 1.0050 1.0071
April 1.0023 0.9834 0.9991 1.0244 1.0196
May 1.0031 0.9881 0.9916 0.9949 0.9839
June 1.0023 1.0135 0.9962 0.9991 0.9935
July 1.0018 1.0346 1.0052 0.9961 0.9904
August 0.9980 1.0245 1.0027 0.9948 0.9815
September 0.9950 1.0061 0.9920 0.9932 0.9901
October 0.9970 0.9952 0.9963 0.9898 0.9885
November 0.9972 0.9831 1.0038 0.9898 0.9773
December 1.0051 0.9889 1.0470 1.0219 1.0400
2005
January 0.9964 0.9976 1.0053 1.0099 1.0380
February 0.0000 0.9956 0.9724 0.9824 0.9916
March 1.0012 0.9919 0.9853 1.0040 1.0077
---------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as the
difference 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
------------------------------------------------------------+------------------------+-------------------
2003
January 0.9953 1.0004 0.9922 1.0061 1.0262 0.9943 1.0037
February 0.9939 1.0001 0.9967 1.0098 1.0233 1.0140 1.0136
March 1.0002 0.9994 1.0006 1.0166 1.0112 1.0162 1.0148
April 1.0043 0.9994 1.0006 1.0081 0.9872 1.0074 1.0142
May 0.9944 0.9998 1.0096 0.9872 0.9848 1.0269 1.0129
June 0.9982 0.9998 1.0065 0.9868 0.9928 1.0237 0.9911
July 0.9977 0.9996 1.0011 0.9928 0.9882 1.0014 0.9844
August 1.0026 0.9998 0.9987 0.9998 0.9884 0.9927 0.9859
September 1.0033 0.9999 1.0008 0.9959 0.9817 0.9744 0.9877
October 1.0010 1.0002 1.0005 0.9993 0.9874 0.9753 0.9946
November 1.0074 1.0008 0.9982 1.0000 1.0090 0.9856 1.0039
December 1.0041 1.0001 0.9973 1.0018 1.0238 0.9875 1.0017
2004
January 0.9957 1.0001 0.9906 1.0041 1.0238 0.9925 1.0029
February 0.9932 0.9998 0.9957 1.0079 1.0216 1.0116 1.0102
March 0.9977 0.9996 1.0001 1.0140 1.0097 1.0170 1.0109
April 1.0033 1.0000 0.9996 1.0071 0.9867 1.0119 1.0101
May 0.9937 1.0004 1.0096 0.9867 0.9836 1.0282 1.0093
June 0.9980 1.0005 1.0058 0.9874 0.9921 1.0234 0.9903
July 0.9998 1.0000 1.0010 0.9939 0.9896 1.0004 0.9863
August 1.0014 0.9997 0.9994 1.0019 0.9899 0.9916 0.9892
September 1.0041 0.9996 1.0017 0.9973 0.9850 0.9745 0.9899
October 1.0033 0.9998 1.0018 1.0004 0.9896 0.9767 0.9985
November 1.0067 1.0002 0.9996 1.0006 1.0078 0.9867 1.0051
December 1.0045 0.9998 0.9973 1.0009 1.0219 0.9860 1.0031
2005
January 0.9953 1.0000 0.9896 1.0029 1.0229 0.9907 1.0030
February 0.9927 0.9997 0.9948 1.0069 1.0211 1.0109 1.0076
March 0.9964 0.9998 0.9998 1.0127 1.0088 1.0178 1.0077
---------------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------
2003 Dec 01 1.0012 0.9785 1.0904 1.0239 1.0145
08 1.0000 0.9824 0.9517 0.9963 0.9816
15 1.0016 0.9863 1.0068 0.9866 0.9940
22 1.0082 0.9902 1.0719 1.0301 1.0564
29 1.0113 0.9942 1.1455 1.0607 1.1047
2004 Jan 05 1.0050 0.9981 1.0545 1.0487 1.0680
12 0.9950 0.9975 0.9668 0.9973 1.0296
19 0.9960 0.9970 0.9851 0.9933 1.0268
26 0.9945 0.9964 1.0041 1.0073 1.0382
2004 Feb 02 0.9960 0.9959 1.0370 1.0189 1.0404
09 1.0008 0.9956 0.9456 0.9804 0.9847
16 1.0022 0.9954 0.9651 0.9641 0.9694
23 0.9994 0.9952 0.9685 0.9788 0.9895
2004 Mar 01 0.9989 0.9950 1.0011 1.0025 1.0134
08 1.0029 0.9937 0.9453 0.9923 0.9905
15 1.0014 0.9925 0.9658 0.9861 0.9790
22 1.0011 0.9913 0.9869 1.0043 1.0067
29 0.9998 0.9900 1.0404 1.0262 1.0400
2004 Apr 05 1.0041 0.9888 0.9892 1.0287 1.0288
12 1.0042 0.9860 0.9561 1.0058 0.9938
19 1.0020 0.9832 1.0323 1.0350 1.0341
26 1.0001 0.9804 1.0259 1.0328 1.0301
2004 May 03 1.0013 0.9777 1.0077 1.0265 1.0154
10 1.0041 0.9823 0.9544 0.9857 0.9627
17 1.0022 0.9869 0.9877 0.9760 0.9663
24 1.0029 0.9916 0.9858 0.9912 0.9852
31 1.0024 0.9962 1.0341 1.0136 1.0115
2004 Jun 07 1.0049 1.0027 0.9406 0.9976 0.9848
14 1.0037 1.0092 0.9674 0.9801 0.9641
21 1.0019 1.0156 1.0043 0.9930 0.9930
28 1.0006 1.0221 1.0589 1.0177 1.0217
2004 Jul 05 1.0058 1.0286 0.9852 1.0059 1.0024
12 1.0028 1.0316 0.9597 0.9782 0.9642
19 1.0010 1.0346 1.0038 0.9859 0.9780
26 0.9988 1.0376 1.0468 1.0023 1.0002
2004 Aug 02 0.9986 1.0406 1.0521 1.0223 1.0254
09 1.0026 1.0340 0.9490 0.9915 0.9749
16 0.9994 1.0273 0.9864 0.9759 0.9560
23 0.9963 1.0206 1.0076 0.9914 0.9785
30 0.9941 1.0140 1.0542 1.0110 1.0039
2004 Sep 06 0.9986 1.0073 0.9598 0.9969 0.9859
13 0.9955 1.0067 0.9536 0.9808 0.9701
20 0.9945 1.0060 0.9789 0.9935 0.9899
27 0.9928 1.0054 1.0606 1.0014 1.0068
2004 Oct 04 0.9956 1.0047 0.9977 0.9922 0.9973
11 1.0000 1.0003 0.9399 0.9722 0.9663
18 0.9973 0.9958 0.9860 0.9785 0.9772
25 0.9951 0.9913 1.0212 0.9947 0.9943
2004 Nov 01 0.9936 0.9869 1.0594 1.0199 1.0209
08 0.9979 0.9854 0.9558 0.9760 0.9573
15 0.9963 0.9839 0.9748 0.9677 0.9468
22 0.9955 0.9824 1.0033 0.9863 0.9767
29 0.9999 0.9808 1.0712 1.0194 1.0170
2004 Dec 06 0.9999 0.9793 0.9829 1.0099 1.0058
13 1.0018 0.9844 0.9865 0.9893 0.9860
20 1.0058 0.9895 1.0556 1.0213 1.0411
27 1.0130 0.9946 1.1255 1.0531 1.0961
2005 Jan 03 1.0050 0.9997 1.1079 1.0471 1.0835
10 0.9987 0.9988 0.9748 1.0092 1.0350
17 0.9952 0.9979 0.9789 0.9977 1.0255
24 0.9929 0.9969 0.9963 1.0049 1.0336
31 0.9936 0.9960 1.0298 1.0126 1.0425
2005 Feb 07 0.9994 0.9958 0.9573 0.9895 1.0039
14 1.0008 0.9957 0.9616 0.9655 0.9667
21 1.0012 0.9955 0.9658 0.9786 0.9858
28 0.9986 0.9954 1.0051 0.9961 1.0099
2005 Mar 07 1.0027 0.9941 0.9606 0.9977 0.9940
14 1.0018 0.9929 0.9587 0.9841 0.9767
21 1.0016 0.9916 0.9839 1.0007 1.0073
28 1.0006 0.9904 1.0123 1.0188 1.0352
2005 Apr 04 1.0024 0.9891 1.0050 1.0286 1.0317
---------------------------------------------------------------------------------------
1. Seasonally adjusted other checkable deposits at thrifts are derived as the
difference 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
--------------------------------------------------------------+------------------------+-----------------
2003 Dec 01 1.0000 1.0011 0.9933 1.0007 1.0182 0.9810 1.0082
08 1.0180 1.0006 0.9965 1.0035 1.0240 0.9873 0.9973
15 1.0161 1.0002 1.0046 1.0051 1.0379 0.9897 0.9970
22 0.9989 0.9997 1.0008 1.0022 1.0233 0.9860 0.9980
29 0.9851 0.9998 0.9946 0.9987 1.0182 0.9936 1.0109
2004 Jan 05 1.0109 1.0014 0.9950 0.9943 0.9971 0.9670 1.0098
12 1.0112 1.0007 0.9974 1.0035 1.0227 0.9864 1.0052
19 0.9980 1.0001 0.9925 1.0085 1.0320 0.9961 1.0041
26 0.9767 0.9992 0.9799 1.0074 1.0360 1.0016 0.9978
2004 Feb 02 0.9787 0.9993 0.9915 1.0041 1.0259 1.0094 0.9968
09 1.0011 0.9997 0.9976 1.0059 1.0213 1.0177 1.0009
16 0.9994 0.9999 1.0002 1.0070 1.0222 1.0162 1.0086
23 0.9868 0.9998 0.9944 1.0102 1.0253 1.0045 1.0186
2004 Mar 01 0.9884 0.9998 0.9912 1.0100 1.0131 1.0081 1.0165
08 1.0082 0.9997 0.9976 1.0129 1.0113 1.0187 1.0003
15 1.0073 0.9997 1.0000 1.0143 1.0136 1.0175 1.0080
22 0.9951 0.9996 0.9990 1.0159 1.0105 1.0204 1.0123
29 0.9832 0.9993 1.0034 1.0144 1.0018 1.0166 1.0213
2004 Apr 05 1.0125 1.0001 1.0056 1.0117 0.9848 1.0038 1.0107
12 1.0179 1.0004 0.9998 1.0162 0.9959 1.0077 1.0030
19 1.0086 0.9999 0.9960 1.0115 0.9831 1.0086 1.0069
26 0.9845 0.9995 0.9959 1.0014 0.9787 1.0184 1.0150
2004 May 03 0.9852 1.0001 1.0041 0.9878 0.9733 1.0240 1.0177
10 1.0044 1.0003 1.0099 0.9870 0.9784 1.0258 1.0088
17 0.9989 1.0003 1.0111 0.9853 0.9831 1.0276 1.0047
24 0.9838 1.0005 1.0099 0.9874 0.9885 1.0264 1.0096
31 0.9844 1.0005 1.0101 0.9868 0.9832 1.0349 1.0102
2004 Jun 07 1.0123 1.0007 1.0087 0.9885 0.9836 1.0301 1.0004
14 1.0104 1.0007 1.0025 0.9896 0.9904 1.0311 0.9900
21 0.9967 1.0003 1.0089 0.9875 0.9842 1.0218 0.9844
28 0.9784 1.0002 1.0049 0.9852 0.9869 1.0164 0.9868
2004 Jul 05 1.0089 1.0005 0.9996 0.9836 0.9806 1.0028 0.9889
12 1.0117 1.0002 1.0012 0.9933 0.9946 0.9966 0.9863
19 0.9989 1.0000 0.9981 0.9951 0.9926 0.9997 0.9843
26 0.9840 0.9997 1.0014 0.9977 0.9934 1.0011 0.9870
2004 Aug 02 0.9917 0.9996 1.0057 0.9979 0.9844 1.0037 0.9861
09 1.0151 0.9998 1.0092 1.0022 0.9910 1.0080 0.9838
16 1.0108 0.9998 0.9997 1.0033 0.9973 0.9965 0.9824
23 0.9925 0.9997 0.9937 1.0037 0.9997 0.9795 0.9915
30 0.9867 0.9996 0.9932 1.0002 0.9958 0.9807 1.0010
2004 Sep 06 1.0186 0.9999 1.0002 0.9976 0.9859 0.9765 0.9869
13 1.0218 0.9998 1.0051 1.0012 0.9953 0.9795 0.9872
20 1.0054 0.9993 0.9999 0.9988 0.9895 0.9773 0.9879
27 0.9819 0.9992 0.9989 0.9944 0.9867 0.9699 0.9970
2004 Oct 04 1.0067 0.9999 1.0071 0.9909 0.9753 0.9626 0.9925
11 1.0152 1.0005 1.0102 0.9993 0.9935 0.9692 0.9945
18 1.0072 1.0000 1.0000 1.0040 0.9954 0.9782 0.9968
25 0.9881 0.9995 0.9963 1.0035 0.9970 0.9790 1.0028
2004 Nov 01 0.9890 0.9993 0.9972 1.0003 0.9940 0.9905 1.0055
08 1.0144 0.9998 1.0012 1.0001 0.9972 1.0003 1.0016
15 1.0186 1.0003 1.0030 0.9995 1.0054 0.9863 1.0044
22 1.0030 1.0003 0.9995 1.0019 1.0143 0.9796 1.0066
29 0.9923 1.0005 0.9956 1.0006 1.0207 0.9797 1.0095
2004 Dec 06 1.0154 1.0005 0.9967 1.0027 1.0214 0.9888 1.0038
13 1.0171 1.0000 1.0047 1.0050 1.0346 0.9905 0.9993
20 1.0048 0.9994 1.0002 1.0029 1.0236 0.9865 1.0000
27 0.9887 0.9992 0.9929 0.9987 1.0204 0.9874 1.0046
2005 Jan 03 0.9983 1.0003 0.9877 0.9911 0.9961 0.9701 1.0104
10 1.0131 1.0008 0.9874 0.9997 1.0140 0.9780 1.0020
17 1.0035 1.0004 0.9927 1.0056 1.0280 0.9893 1.0046
24 0.9850 0.9996 0.9877 1.0067 1.0339 0.9962 1.0019
31 0.9713 0.9992 0.9915 1.0046 1.0286 1.0084 0.9991
2005 Feb 07 0.9970 0.9996 0.9978 1.0049 1.0193 1.0113 0.9972
14 0.9958 0.9998 0.9997 1.0056 1.0197 1.0130 1.0057
21 0.9916 0.9997 0.9932 1.0083 1.0225 1.0069 1.0127
28 0.9866 0.9998 0.9885 1.0089 1.0205 1.0123 1.0138
2005 Mar 07 1.0081 0.9997 0.9934 1.0112 1.0124 1.0179 0.9978
14 1.0060 0.9998 0.9998 1.0119 1.0135 1.0196 1.0026
21 0.9983 0.9998 0.9999 1.0142 1.0081 1.0177 1.0073
28 0.9843 0.9998 1.0030 1.0142 1.0025 1.0221 1.0209
2005 Apr 04 1.0032 1.0004 1.0071 1.0117 0.9865 1.0035 1.0108
---------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
2002
October 1200.0 1202.6 5728.6 5737.0 8334.7 8346.9
November 1202.6 1202.2 5775.1 5777.3 8466.4 8470.0
December 1215.0 1210.4 5803.8 5792.9 8539.5 8525.9
2003
January 1218.3 1212.8 5836.2 5821.8 8552.2 8526.0
February 1232.7 1233.4 5879.0 5875.0 8589.9 8572.9
March 1238.2 1236.7 5904.5 5887.1 8621.1 8599.4
April 1243.3 1236.9 5947.7 5910.0 8657.6 8617.6
May 1255.2 1257.8 5996.1 5998.6 8712.0 8711.7
June 1268.5 1271.9 6033.1 6047.5 8758.9 8780.2
July 1273.4 1277.8 6078.2 6099.5 8887.3 8916.9
August 1282.1 1285.8 6117.7 6143.6 8923.4 8956.5
September 1282.9 1288.1 6097.5 6122.4 8912.0 8953.7
October 1284.3 1286.9 6079.1 6092.1 8876.6 8896.0
November 1283.6 1281.8 6071.3 6071.5 8855.6 8856.1
December 1292.6 1287.1 6062.3 6044.6 8830.4 8806.9
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
------------------------------------------------------------
Revised Old Difference
------------------------------------------------------------
2002
January 5.6 6.2 -0.6
February 1.9 6.3 -4.4
March 3.8 1.9 1.9
April -11.0 -14.7 3.7
May 4.6 11.0 -6.4
June 4.4 5.7 -1.3
July 6.4 6.9 -0.5
August -11.6 -11.2 -0.4
September 7.7 6.9 0.8
October 11.4 11.4 0.0
November 2.6 -0.4 3.0
December 12.4 8.2 4.2
2003
January 3.3 2.4 0.9
February 14.2 20.4 -6.2
March 5.4 3.2 2.2
April 4.9 0.2 4.7
May 11.5 20.3 -8.8
June 12.7 13.5 -0.8
July 4.6 5.6 -1.0
August 8.2 7.5 0.7
September 0.7 2.1 -1.4
October 1.3 -1.1 2.4
November -0.7 -4.8 4.1
December 8.4 5.0 3.4
Quarterly
02Q4 6.2 4.9 1.3
03Q1 7.9 7.5 0.4
03Q2 8.5 9.1 -0.6
03Q3 7.6 9.0 -1.4
03Q4 2.3 0.4 1.9
Semi-Annual
02Q4 - 03Q2 8.3 8.4 -0.1
03Q2 - 03Q4 5.0 4.7 0.3
Annual (Q4 to Q4)
2002 3.3 3.2 0.1
2003 6.7 6.7 0.0
------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
------------------------------------------------------------
Revised Old Difference
------------------------------------------------------------
2002
January 6.1 5.3 0.8
February 6.6 8.4 -1.8
March 2.4 0.2 2.2
April 1.3 -2.9 4.2
May 6.7 13.7 -7.0
June 4.8 6.5 -1.7
July 9.1 10.3 -1.2
August 7.5 8.1 -0.6
September 5.7 5.4 0.3
October 9.7 8.0 1.7
November 9.7 8.4 1.3
December 6.0 3.2 2.8
2003
January 6.7 6.0 0.7
February 8.8 11.0 -2.2
March 5.2 2.5 2.7
April 8.8 4.7 4.1
May 9.8 18.0 -8.2
June 7.4 9.8 -2.4
July 9.0 10.3 -1.3
August 7.8 8.7 -0.9
September -4.0 -4.1 0.1
October -3.6 -5.9 2.3
November -1.5 -4.1 2.6
December -1.8 -5.3 3.5
Quarterly
02Q4 8.2 7.0 1.2
03Q1 7.2 6.4 0.8
03Q2 8.1 8.5 -0.4
03Q3 7.0 9.1 -2.1
03Q4 -1.8 -3.4 1.6
Semi-Annual
02Q4 - 03Q2 7.7 7.5 0.2
03Q2 - 03Q4 2.6 2.8 -0.2
Annual (Q4 to Q4)
2002 6.8 6.8 0.0
2003 5.2 5.2 0.0
------------------------------------------------------------
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
------------------------------------------------------------
Revised Old Difference
------------------------------------------------------------
2002
January 3.1 1.8 1.3
February 6.6 7.7 -1.1
March 2.9 2.0 0.9
April 3.3 0.3 3.0
May 5.3 10.0 -4.7
June 1.6 4.2 -2.6
July 6.1 6.8 -0.7
August 9.2 9.7 -0.5
September 5.3 6.0 -0.7
October 4.0 1.7 2.3
November 19.0 17.7 1.3
December 10.4 7.9 2.5
2003
January 1.8 0.0 1.8
February 5.3 6.6 -1.3
March 4.4 3.7 0.7
April 5.1 2.5 2.6
May 7.5 13.1 -5.6
June 6.5 9.4 -2.9
July 17.6 18.7 -1.1
August 4.9 5.3 -0.4
September -1.5 -0.4 -1.1
October -4.8 -7.7 2.9
November -2.8 -5.4 2.6
December -3.4 -6.7 3.3
Quarterly
02Q4 9.0 7.8 1.2
03Q1 6.7 5.6 1.1
03Q2 5.7 6.4 -0.7
03Q3 9.1 11.0 -1.9
03Q4 -2.4 -4.0 1.6
Semi-Annual
02Q4 - 03Q2 6.2 6.1 0.1
03Q2 - 03Q4 3.3 3.4 -0.1
Annual (Q4 to Q4)
2002 6.4 6.4 0.0
2003 4.8 4.8 0.0
------------------------------------------------------------
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