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February 3, 2005
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 2004. Monthly
seasonal factors were estimated using the X-12-ARIMA procedure. The revisions to seasonal
factors lowered M2 and M3 growth rates in the first two quarters of 2004 and raised them in the
third and fourth quarters.
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.
FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1 These data are scheduled for release each Thursday at 4:30 p.m.
February 3, 2005
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
2003-Jan. 1221.2 5836.8 8589.2
Feb. 1235.8 5872.8 8625.7
Mar. 1238.3 5888.8 8642.8
Apr. 1245.0 5924.0 8672.9
May 1259.1 5971.5 8723.3
June 1269.4 6012.7 8777.0
July 1273.1 6057.8 8869.9
Aug. 1282.4 6103.9 8901.6
Sep. 1282.7 6085.8 8897.7
Oct. 1283.6 6077.7 8893.5
Nov. 1285.1 6072.8 8875.4
Dec. 1292.8 6076.6 8877.4
2004-Jan. 1289.9 6089.3 8936.7
Feb. 1307.7 6128.1 9001.1
Mar. 1320.9 6166.8 9078.4
Apr. 1321.3 6204.3 9144.7
May 1324.8 6262.6 9234.0
June 1332.6 6274.7 9274.6
July 1325.5 6277.5 9277.7
Aug. 1343.4 6298.0 9310.3
Sep. 1347.9 6333.0 9358.4
Oct. 1347.8 6357.8 9363.3
Nov. 1362.8 6394.2 9386.4
Dec. 1362.0 6417.0 9426.8
----------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------
2003-Jan. 1222.0 5819.7 8597.8
Feb. 1221.5 5844.9 8630.5
Mar. 1240.5 5905.7 8688.8
Apr. 1255.8 5962.6 8707.6
May 1253.7 5953.0 8715.6
June 1271.6 6009.4 8780.4
July 1274.3 6053.2 8839.1
Aug. 1279.0 6111.5 8891.7
Sep. 1274.1 6083.0 8861.1
Oct. 1275.9 6063.3 8841.9
Nov. 1280.8 6086.9 8886.0
Dec. 1319.1 6102.6 8921.0
2004-Jan. 1289.0 6061.2 8927.1
Feb. 1293.0 6090.7 8991.4
Mar. 1324.3 6169.5 9107.3
Apr. 1332.1 6241.2 9181.2
May 1320.0 6252.9 9240.1
June 1336.0 6278.2 9287.6
July 1326.9 6284.5 9263.4
Aug. 1340.9 6304.2 9303.7
Sep. 1338.7 6336.4 9335.3
Oct. 1339.0 6351.9 9323.6
Nov. 1357.9 6400.1 9381.4
Dec. 1389.2 6440.2 9457.2
---------------------------------------------------------------------------------------
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. 2004 TO Dec. 2004 4.2 5.3 2.9
6 Months from June 2004 TO Dec. 2004 4.4 4.5 3.3
12 Months from Dec. 2003 TO Dec. 2004 5.4 5.6 6.2
Thirteen weeks ending
January 24 , 2005
from thirteen weeks ending:
Oct. 25, 2004 (13 weeks previous) 3.4 5.4 3.5
July 26, 2004 (26 weeks previous) 4.4 4.5 3.5
Jan. 26, 2004 (52 weeks previous) 5.2 5.5 5.9
---------------------------------------------------------------------------------------------------------
Footnotes to Table 1:
1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions;
(2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository
institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection
and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)
and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits
at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time
deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository
institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.
Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds,
each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits
in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S.
banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and
Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions,
and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination
time deposits, RPs, 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
----------------------------------------------------------------------------------------------------------------------------------------------------
2004-Nov. 1 1346.6 1346.4 1344.7 6331.2 6361.1 6382.4 9345.4 9363.4 9381.6
8 1347.8 1347.5 1348.3 6338.5 6369.5 6375.2 9351.9 9370.0 9374.3
15 1349.0 1352.1 1358.0 6345.5 6378.9 6389.5 9357.4 9375.1 9372.7
22 1350.6 1356.6 1375.2 6352.8 6388.4 6406.6 9362.0 9379.9 9391.0
29 1352.6 1363.9 1374.1 6360.5 6394.3 6405.8 9368.3 9385.5 9404.1
Dec. 6 1353.9 1364.1 1348.9 6368.0 6401.2 6402.8 9375.2 9395.7 9414.8
13 1354.8 1362.6 1352.0 6375.4 6406.7 6411.7 9381.3 9405.0 9409.9
20 1355.4 1359.0 1360.8 6381.8 6411.4 6425.4 9384.8 9411.3 9416.4
27 1356.7 1360.0 1378.2 6387.6 6418.7 6434.8 9389.1 9423.4 9452.3
2005-Jan. 3 1357.9 1365.8 1372.0 6392.1 6418.4 6401.5 9395.1 9431.5 9447.2
10 1356.3 1358.3 1322.2 6396.7 6415.7 6400.9 9401.7 9437.2 9433.0
17p 1356.0 1352.3 1336.6 6403.2 6418.4 6436.3 9410.8 9451.0 9471.4
24p 1357.1 1350.5 1371.2 6409.6 6422.7 6451.9 9419.7 9459.8 9487.7
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2004-Nov. 1 1339.5 1340.6 1371.4 6331.9 6349.6 6351.9 9321.5 9320.7 9323.4
8 1340.6 1343.7 1316.7 6338.1 6360.2 6398.7 9326.0 9333.2 9377.9
15 1340.6 1344.5 1326.5 6344.9 6372.5 6418.0 9331.6 9347.0 9389.5
22 1341.4 1345.1 1365.9 6352.6 6390.0 6391.2 9337.4 9364.8 9368.4
29 1345.0 1358.2 1423.8 6361.9 6399.9 6391.8 9345.6 9380.9 9387.9
Dec. 6 1346.7 1363.7 1338.6 6368.0 6408.5 6433.0 9353.1 9396.8 9441.4
13 1348.8 1364.3 1328.7 6373.7 6413.5 6437.9 9360.8 9415.0 9462.3
20 1352.6 1370.0 1389.0 6381.7 6428.3 6450.6 9368.4 9435.1 9448.7
27 1358.8 1378.1 1455.9 6393.2 6441.5 6444.4 9381.6 9457.6 9478.1
2005-Jan. 3 1365.4 1403.9 1442.0 6399.8 6441.7 6433.7 9391.8 9461.3 9455.9
10 1366.2 1400.7 1315.8 6405.6 6440.1 6431.6 9402.2 9461.8 9464.3
17p 1366.4 1384.9 1325.7 6410.1 6434.3 6427.6 9413.6 9470.1 9482.0
24p 1365.7 1359.4 1354.2 6413.3 6413.8 6362.3 9423.3 9456.3 9423.0
----------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 649.8 7.6 323.6 165.9 135.5 301.4
Sep. 652.7 7.6 315.0 170.4 137.0 307.5
Oct. 656.9 7.7 312.0 169.8 137.3 307.1
Nov. 659.5 7.7 310.5 170.1 137.3 307.4
Dec. 662.4 7.7 311.2 175.8 135.7 311.5
2004-Jan. 664.6 7.8 302.5 177.2 137.7 315.0
Feb. 666.5 7.8 315.0 180.8 137.6 318.4
Mar. 668.4 7.8 323.2 183.8 137.8 321.6
Apr. 670.8 7.8 320.9 182.9 139.0 321.8
May 674.1 7.7 320.0 183.1 139.9 323.0
June 678.4 7.7 321.0 186.4 139.1 325.5
July 684.6 7.6 307.3 185.0 141.0 325.9
Aug. 686.6 7.6 321.3 188.2 139.8 328.0
Sep. 689.9 7.6 324.5 186.9 139.1 325.9
Oct. 692.5 7.6 320.0 187.1 140.5 327.6
Nov. 697.2 7.6 326.5 189.5 142.0 331.4
Dec. 697.4 7.6 327.8 187.5 141.6 329.2
Week Ending:
2004-Nov. 29 698.7 7.6 332.5 191.3 143.9 335.2
Dec. 6 698.5 7.6 316.5 185.8 140.5 326.3
13 697.3 7.6 318.8 188.4 139.9 328.3
20 697.3 7.6 326.7 188.2 141.0 329.2
27 696.3 7.6 342.8 187.3 144.2 331.5
2005-Jan. 3 697.9 7.5 335.8 187.6 143.3 330.8
10 698.1 7.5 e 294.3 180.3 142.1 322.4
17p 699.6 7.5 e 307.0 181.2 141.2 322.5
24p 701.4 7.5 e 335.5 185.1 141.7 326.8
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions
are included in demand deposits.
3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
(excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
items in the process of collection and Federal Reserve float.
4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.
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
-------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 2299.9 825.2 3125.1 551.3 281.8 833.2 863.2 4821.5
Sep. 2292.5 834.6 3127.1 545.7 279.3 824.9 851.0 4803.0
Oct. 2305.6 841.6 3147.2 541.9 276.9 818.8 828.1 4794.1
Nov. 2325.0 835.5 3160.6 538.1 274.5 812.6 814.5 4787.7
Dec. 2340.7 835.0 3175.7 536.2 272.5 808.7 799.4 4783.8
2004-Jan. 2376.9 831.6 3208.5 534.4 271.5 805.9 785.0 4799.3
Feb. 2402.5 839.5 3242.0 532.9 271.0 803.9 774.5 4820.4
Mar. 2427.0 855.2 3282.2 531.0 270.8 801.8 761.9 4845.9
Apr. 2468.5 859.7 3328.2 529.1 270.1 799.2 755.6 4883.0
May 2512.0 871.3 3383.3 527.9 267.7 795.6 758.9 4937.8
June 2517.0 878.4 3395.4 527.7 267.1 794.8 752.0 4942.2
July 2532.8 881.8 3414.6 529.3 267.3 796.6 740.7 4952.0
Aug. 2536.1 885.1 3421.2 532.2 267.9 800.1 733.3 4954.6
Sep. 2560.4 893.3 3453.7 535.7 267.9 803.6 727.7 4985.0
Oct. 2593.2 890.1 3483.2 537.0 269.2 806.2 720.6 5010.1
Nov. 2617.3 889.2 3506.5 540.3 269.4 809.7 715.1 5031.4
Dec. 2637.8 891.4 3529.2 542.1 271.0 813.1 712.8 5055.1
Week ending:
2004-Nov. 29 2612.2 895.8 3508.0 541.3 269.4 810.7 713.0 5031.8
Dec. 6 2647.7 886.5 3534.1 540.9 270.1 810.9 708.8 5053.8
13 2646.9 887.7 3534.7 541.9 270.5 812.5 712.6 5059.7
20 2646.4 893.3 3539.7 542.0 271.2 813.1 711.8 5064.6
27 2630.1 896.8 3526.9 542.8 271.5 814.3 715.5 5056.7
2005-Jan. 3 2609.6 888.3 3497.9 543.3 272.0 815.2 716.3 5029.4
10 2659.4 889.3 3548.7 544.9 273.3 818.2 711.7 5078.7
17p 2669.1 900.2 3569.3 546.6 274.9 821.5 708.9 5099.7
24p 2651.4 894.8 3546.1 548.4 276.4 824.8 709.7 5080.7
-------------------------------------------------------------------------------------------------------------------------------------------
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 thrift institutions 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 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
------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 1171.4 726.5 122.7 849.2 496.6 280.5 2797.7
Sep. 1177.6 735.2 122.6 857.9 495.2 281.3 2812.0
Oct. 1155.4 736.8 122.9 859.7 512.6 288.1 2815.8
Nov. 1134.8 746.2 121.6 867.9 510.5 289.5 2802.7
Dec. 1117.2 761.0 119.7 880.7 509.3 293.6 2800.8
2004-Jan. 1114.4 794.7 120.8 915.5 515.3 302.2 2847.4
Feb. 1105.2 801.6 122.3 923.9 535.1 308.9 2873.0
Mar. 1113.0 819.7 124.6 944.3 539.2 315.0 2911.5
Apr. 1120.9 837.4 127.9 965.3 530.1 324.0 2940.4
May 1123.6 849.4 131.9 981.3 541.6 324.9 2971.4
June 1122.5 862.8 132.5 995.3 554.5 327.6 2999.9
July 1108.2 877.7 137.0 1014.7 542.1 335.2 3000.2
Aug. 1104.7 881.5 143.0 1024.6 540.8 342.3 3012.3
Sep. 1100.1 883.9 147.6 1031.5 542.1 351.8 3025.4
Oct. 1076.1 890.9 150.9 1041.8 525.0 362.6 3005.5
Nov. 1066.9 894.3 154.7 1049.0 517.2 359.2 2992.3
Dec. 1066.4 912.0 159.5 1071.4 509.9 362.1 3009.8
Week ending:
2004-Nov. 29 1065.6 901.2 157.0 1058.2 516.6 357.9 2998.3
Dec. 6 1065.9 906.9 157.8 1064.8 519.9 361.4 3012.0
13 1064.2 901.2 159.0 1060.1 511.2 362.7 2998.2
20 1053.2 909.5 158.2 1067.6 508.9 361.3 2991.0
27 1071.2 918.2 161.1 1079.3 505.9 361.1 3017.4
2005-Jan. 3 1085.5 931.8 161.8 1093.6 501.4 365.3 3045.7
10 1065.0 960.9 163.7 1124.7 482.7 359.7 3032.1
17p 1049.4 975.4 165.8 1141.2 479.3 365.2 3035.1
24p 1046.8 969.8 168.1 1137.9 474.9 376.2 3035.8
------------------------------------------------------------------------------------------------------------------------------------------
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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act
corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding
those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada,
excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market
mutual 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
------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 650.4 7.8 321.0 163.1 136.7 299.8
Sep. 650.8 7.7 311.9 166.7 136.9 303.7
Oct. 655.7 7.6 310.0 167.1 135.6 302.6
Nov. 660.2 7.6 310.4 166.6 135.9 302.6
Dec. 667.0 7.6 328.4 179.9 136.2 316.1
2004-Jan. 662.7 7.7 302.3 183.4 132.8 316.2
Feb. 665.9 7.8 306.1 180.0 133.2 313.2
Mar. 667.6 7.8 323.4 186.9 138.7 325.6
Apr. 670.3 7.7 323.6 187.7 142.9 330.6
May 674.0 7.7 316.2 180.9 141.3 322.2
June 678.3 7.8 321.4 186.6 142.0 328.5
July 686.0 7.8 307.9 182.8 142.3 325.1
Aug. 686.3 7.7 319.5 185.4 141.9 327.3
Sep. 688.2 7.6 321.2 183.1 138.7 321.7
Oct. 692.1 7.5 316.8 183.7 139.0 322.7
Nov. 697.8 7.5 326.1 185.4 141.1 326.5
Dec. 702.8 7.5 345.3 191.7 141.9 333.6
Week Ending:
2004-Nov. 29 700.4 7.5 375.8 195.5 144.5 340.0
Dec. 6 700.3 7.5 306.2 181.7 142.9 324.7
13 700.6 7.5 301.1 182.0 137.5 319.5
20 703.0 7.5 347.4 191.6 139.5 331.1
27 707.1 7.5 395.3 201.8 144.2 346.0
2005-Jan. 3 702.5 7.5 381.0 201.6 149.5 351.0
10 699.1 7.5 e 288.4 184.5 136.3 320.8
17p 697.5 7.5 e 302.8 184.7 133.3 318.0
24p 696.2 7.5 e 325.1 191.7 133.7 325.5
------------------------------------------------------------------------------------------------------------------------------------------
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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations
(excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
items in the process of collection and Federal Reserve float.
4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.
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
-------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 2308.4 828.3 3136.7 550.8 281.6 832.4 863.4 4832.5
Sep. 2299.0 837.0 3135.9 545.6 279.2 824.8 848.2 4808.9
Oct. 2303.6 840.8 3144.4 542.1 277.0 819.1 823.9 4787.4
Nov. 2339.0 840.6 3179.5 538.8 274.9 813.7 812.9 4806.2
Dec. 2337.6 833.8 3171.4 536.7 272.8 809.5 802.6 4783.5
2004-Jan. 2353.0 823.3 3176.3 535.1 271.9 806.9 789.0 4772.2
Feb. 2380.8 832.0 3212.8 533.5 271.3 804.8 780.1 4797.7
Mar. 2419.3 852.4 3271.7 531.4 271.0 802.4 771.1 4845.2
Apr. 2485.0 865.4 3350.4 529.3 270.2 799.5 759.1 4909.1
May 2514.3 872.1 3386.4 527.6 267.5 795.1 751.5 4932.9
June 2522.7 880.4 3403.1 526.7 266.6 793.4 745.8 4942.2
July 2541.3 884.7 3426.1 528.5 266.9 795.4 736.2 4957.6
Aug. 2542.1 887.2 3429.3 531.5 267.6 799.1 734.9 4963.3
Sep. 2571.1 897.0 3468.1 535.3 267.8 803.1 726.5 4997.7
Oct. 2598.0 891.7 3489.7 537.0 269.1 806.1 717.0 5012.8
Nov. 2625.9 892.2 3518.1 540.8 269.7 810.5 713.7 5042.2
Dec. 2632.3 889.5 3521.8 542.6 271.3 813.9 715.3 5051.0
Week ending:
2004-Nov. 29 2563.3 879.1 3442.4 541.9 269.7 811.6 714.1 4968.1
Dec. 6 2675.8 895.9 3571.6 541.5 270.4 811.9 710.8 5094.4
13 2679.2 898.5 3577.7 542.4 270.8 813.2 718.3 5109.2
20 2640.3 891.2 3531.5 542.3 271.3 813.5 716.6 5061.7
27 2577.8 878.9 3456.7 543.2 271.7 814.9 716.9 4988.6
2005-Jan. 3 2583.2 879.4 3462.6 544.4 272.5 817.0 712.1 4991.6
10 2684.9 897.9 3582.8 545.8 273.8 819.6 713.4 5115.8
17p 2666.1 899.2 3565.3 547.3 275.2 822.5 714.0 5101.8
24p 2592.7 875.0 3467.7 548.8 276.6 825.4 714.9 5008.0
-------------------------------------------------------------------------------------------------------------------------------------------
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 thrift institutions 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
----------------------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 1161.5 726.8 122.8 849.6 437.7 56.3 494.0 275.2 2780.2
Sep. 1154.6 735.1 122.6 857.7 435.5 53.7 489.2 276.7 2778.1
Oct. 1140.1 732.3 122.1 854.5 438.6 60.2 498.8 285.3 2778.6
Nov. 1142.5 742.0 121.0 863.0 447.4 58.4 505.9 287.7 2799.1
Dec. 1140.2 761.8 119.8 881.7 439.1 67.8 507.0 289.5 2818.4
2004-Jan. 1143.5 788.2 119.8 908.0 441.6 69.7 511.3 303.1 2865.9
Feb. 1128.9 793.5 121.0 914.5 475.1 67.4 542.5 314.7 2900.7
Mar. 1126.0 816.0 124.1 940.1 483.1 65.3 548.5 323.2 2937.8
Apr. 1110.8 839.0 128.2 967.2 463.1 66.1 529.2 332.7 2940.0
May 1107.0 863.3 134.0 997.4 483.1 67.5 550.6 332.3 2987.2
June 1111.6 872.0 133.9 1005.9 500.5 68.8 569.3 322.5 3009.3
July 1093.9 881.7 137.6 1019.4 479.6 58.0 537.6 328.0 2978.9
Aug. 1098.6 882.4 143.2 1025.6 482.1 56.6 538.6 336.7 2999.5
Sep. 1084.0 883.5 147.5 1031.0 480.0 57.2 537.2 346.7 2998.9
Oct. 1061.9 885.7 150.0 1035.8 456.5 56.9 513.4 360.6 2971.7
Nov. 1069.9 888.7 153.7 1042.5 458.9 53.0 511.8 357.0 2981.3
Dec. 1083.5 911.9 159.4 1071.3 450.1 55.5 505.5 356.7 3017.1
Week ending:
2004-Nov. 29 1079.0 896.2 156.2 1052.4 454.8 53.2 508.0 356.7 2996.1
Dec. 6 1076.1 903.5 157.2 1060.7 462.1 54.9 517.0 354.7 3008.4
13 1094.1 903.2 159.3 1062.5 458.0 53.9 511.8 355.9 3024.4
20 1071.7 911.7 158.5 1070.2 449.0 54.0 503.0 353.1 2998.0
27 1089.7 919.5 161.3 1080.8 447.8 58.1 505.9 357.3 3033.7
2005-Jan. 3 1085.7 927.7 161.1 1088.7 424.1 57.0 481.1 366.7 3022.2
10 1081.4 956.6 163.0 1119.6 413.3 56.7 470.0 361.8 3032.7
17p 1079.5 969.7 164.8 1134.4 418.2 56.5 474.6 365.8 3054.4
24p 1084.5 959.4 166.3 1125.7 417.1 56.5 473.6 377.0 3060.7
----------------------------------------------------------------------------------------------------------------------------------------------------------
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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations,
excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those
amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada,
excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and by money market mutual 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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003-Aug. 7.1 1.2 19.0 1.5 5.6 6.4 13.5 18.3 167.7 102.4 174.0 444.0
Sep. 6.7 1.3 20.2 1.8 6.2 18.2 26.2 12.5 167.6 102.5 173.0 443.1
Oct. 6.6 1.1 20.0 1.5 4.9 12.1 18.5 8.2 167.3 102.5 170.8 440.6
Nov. 7.2 1.0 17.9 1.6 5.1 10.1 16.8 5.9 166.8 102.3 167.0 436.1
Dec. 7.7 1.0 15.7 1.7 5.3 16.9 23.9 3.7 166.3 102.0 163.1 431.5
2004-Jan. 7.9 1.0 13.6 2.0 5.6 24.3 31.9 2.4 166.1 101.6 160.2 427.9
Feb. 7.6 1.1 13.7 1.6 5.3 15.8 22.6 2.2 166.2 101.7 158.4 426.4
Mar. 7.3 1.1 13.8 1.6 5.4 14.3 21.3 2.0 166.3 101.8 156.7 424.8
Apr. 7.2 1.2 14.4 2.7 6.0 16.3 25.1 1.9 166.8 101.9 155.8 424.4
May 7.3 1.2 15.6 1.6 5.4 13.4 20.3 2.0 167.5 101.9 156.1 425.5
June 7.4 1.1 16.8 1.8 5.7 20.9 28.5 2.1 168.3 101.9 156.4 426.6
July 7.4 1.1 17.7 1.4 5.0 10.1 16.4 2.1 168.8 101.8 156.1 e 426.6 e
Aug. 7.4 1.1 18.4 1.3 4.8 3.1 9.2 2.2 168.8 101.7 154.9 e 425.5 e
Sep. 7.3 1.1 19.1 1.6 5.6 16.7 23.9 2.2 168.9 101.7 153.8 e 424.3 e
Oct. 7.3 e 1.1 e 19.5 e 1.5 5.0 20.3 26.8 2.3 e 168.9 e 101.6 e 153.2 e 423.7 e
Nov. 7.3 e 1.1 e 19.5 e 1.5 4.9 12.7 19.1 2.3 e 168.9 e 101.6 e 153.2 e 423.7 e
Dec. 7.3 e 1.1 e 19.5 e 1.5 5.1 15.8 22.4 2.3 e 168.9 e 101.6 e 153.2 e 423.7 e
2004-Nov. 29 1.3 5.3 13.6 20.3
Dec. 6 1.4 4.8 4.2 10.5
13 1.4 5.1 4.0 10.5
20 1.6 5.2 26.5 33.3
27 1.3 4.4 25.2 30.9
2005-Jan. 3 1.7 5.8 19.9 27.4
10 1.5 5.1 7.2 13.9
17p 1.9 4.8 6.2 13.0
24p 2.4 5.2 35.3 42.8
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------+-------------------------------------------------------
2004
January 0.9971 0.9960 0.9993 1.0040 1.0347
February 0.9991 0.9998 0.9717 0.9838 0.9954
March 0.9988 0.9968 1.0006 1.0125 1.0172
April 0.9992 0.9889 1.0083 1.0273 1.0267
May 0.9998 0.9921 0.9882 0.9975 0.9879
June 0.9999 1.0122 1.0014 1.0092 1.0008
July 1.0020 1.0299 1.0019 0.9974 0.9883
August 0.9996 1.0207 0.9944 0.9981 0.9855
September 0.9975 1.0031 0.9898 0.9870 0.9797
October 0.9993 0.9925 0.9898 0.9848 0.9819
November 1.0008 0.9825 0.9988 0.9851 0.9785
December 1.0078 0.9865 1.0532 1.0134 1.0222
2005
January 0.9967 0.9968 0.9990 1.0035 1.0335
February 0.9987 1.0004 0.9710 0.9833 0.9963
March 0.9983 0.9973 1.0021 1.0134 1.0197
April 0.9995 0.9889 1.0091 1.0257 1.0255
May 0.9990 0.9910 0.9904 0.9987 0.9866
June 0.9995 1.0098 1.0023 1.0091 1.0028
July 1.0029 1.0290 1.0032 0.9981 0.9876
August 0.9996 1.0188 0.9938 0.9987 0.9874
September 0.9980 1.0027 0.9899 0.9866 0.9803
October 0.9988 0.9924 0.9875 0.9848 0.9805
November 1.0018 0.9831 0.9980 0.9856 0.9783
December 1.0082 0.9877 1.0512 1.0122 1.0204
2006
January 0.9962 0.9966 0.9999 1.0039 1.0329
February 0.9985 0.9993 0.9712 0.9833 0.9968
March 0.9988 0.9976 1.0022 1.0130 1.0213
------------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------+------------------------+-----------------
2004
January 0.9900 1.0013 0.9919 1.0051 1.0261 0.9922 1.0028
February 0.9910 1.0011 0.9898 1.0073 1.0215 1.0139 1.0189
March 0.9968 1.0008 0.9955 1.0120 1.0117 1.0173 1.0260
April 1.0067 1.0004 1.0019 1.0047 0.9910 0.9983 1.0269
May 1.0009 0.9993 1.0164 0.9901 0.9852 1.0166 1.0227
June 1.0023 0.9982 1.0107 0.9917 0.9903 1.0267 0.9844
July 1.0033 0.9984 1.0046 0.9939 0.9871 0.9917 0.9785
August 1.0024 0.9987 1.0010 1.0022 0.9945 0.9960 0.9837
September 1.0042 0.9994 0.9995 0.9983 0.9854 0.9910 0.9856
October 1.0018 1.0000 0.9942 0.9949 0.9868 0.9779 0.9946
November 1.0033 1.0009 0.9938 0.9980 1.0029 0.9896 0.9939
December 0.9979 1.0009 0.9999 1.0036 1.0160 0.9914 0.9852
2005
January 0.9894 1.0012 0.9922 1.0040 1.0241 0.9894 1.0029
February 0.9892 1.0012 0.9898 1.0061 1.0222 1.0127 1.0169
March 0.9952 1.0012 0.9958 1.0103 1.0113 1.0162 1.0244
April 1.0087 1.0008 1.0024 1.0043 0.9916 0.9976 1.0258
May 1.0001 0.9996 1.0161 0.9909 0.9871 1.0145 1.0223
June 1.0029 0.9984 1.0103 0.9929 0.9905 1.0272 0.9834
July 1.0055 0.9984 1.0048 0.9942 0.9887 0.9944 0.9780
August 1.0029 0.9985 1.0016 1.0031 0.9952 0.9968 0.9853
September 1.0045 0.9990 0.9990 0.9995 0.9860 0.9945 0.9875
October 1.0016 0.9997 0.9944 0.9948 0.9878 0.9823 0.9974
November 1.0038 1.0006 0.9933 0.9974 1.0012 0.9880 0.9932
December 0.9982 1.0009 0.9997 1.0030 1.0135 0.9885 0.9849
2006
January 0.9867 1.0013 0.9926 1.0035 1.0223 0.9877 1.0029
February 0.9884 1.0014 0.9898 1.0054 1.0229 1.0115 1.0157
March 0.9955 1.0014 0.9961 1.0098 1.0113 1.0155 1.0233
-------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------+------------------------------------------------------
2004 Dec 06 1.0025 0.9788 0.9677 0.9950 0.9779
13 1.0048 0.9829 0.9444 0.9732 0.9660
20 1.0081 0.9871 1.0633 1.0059 1.0181
27 1.0155 0.9912 1.1530 1.0438 1.0777
2005 Jan 03 1.0067 0.9954 1.1345 1.0611 1.0745
10 1.0014 0.9960 0.9802 0.9951 1.0235
17 0.9970 0.9967 0.9861 0.9862 1.0193
24 0.9925 0.9973 0.9690 0.9958 1.0355
31 0.9900 0.9979 1.0050 1.0129 1.0420
2005 Feb 07 0.9981 0.9989 0.8952 0.9762 0.9943
14 0.9999 0.9999 0.9554 0.9627 0.9742
21 0.9995 1.0008 0.9931 0.9843 0.9978
28 0.9971 1.0018 1.0406 1.0099 1.0189
2005 Mar 07 1.0020 1.0002 0.9345 1.0048 0.9987
14 0.9991 0.9985 0.9664 0.9916 0.9915
21 0.9979 0.9968 1.0039 1.0068 1.0188
28 0.9959 0.9952 1.0752 1.0372 1.0583
2005 Apr 04 1.0001 0.9935 1.0223 1.0334 1.0267
11 1.0031 0.9913 0.9356 1.0026 0.9925
18 0.9993 0.9891 1.0033 1.0245 1.0238
25 0.9963 0.9868 1.0464 1.0388 1.0584
2005 May 02 0.9963 0.9846 1.0773 1.0382 1.0332
09 1.0015 0.9872 0.9057 0.9818 0.9641
16 0.9983 0.9899 0.9813 0.9810 0.9648
23 0.9975 0.9925 1.0120 0.9973 0.9921
30 0.9993 0.9951 1.0433 1.0214 1.0121
2005 Jun 06 1.0010 0.9978 0.9370 1.0057 0.9880
13 1.0002 1.0044 0.9601 0.9872 0.9726
20 0.9985 1.0111 1.0018 1.0078 1.0036
27 0.9979 1.0178 1.0798 1.0312 1.0388
2005 Jul 04 1.0046 1.0245 1.0239 1.0154 1.0056
11 1.0059 1.0266 0.9275 0.9761 0.9590
18 1.0026 1.0287 0.9949 0.9828 0.9764
25 1.0002 1.0308 1.0402 1.0036 1.0028
2005 Aug 01 0.9994 1.0330 1.0615 1.0278 1.0117
08 1.0048 1.0275 0.9086 0.9926 0.9655
15 1.0011 1.0220 0.9625 0.9782 0.9603
22 0.9981 1.0165 1.0072 0.9945 0.9895
29 0.9950 1.0110 1.0792 1.0201 1.0246
2005 Sep 05 1.0021 1.0055 0.9653 0.9982 0.9901
12 0.9987 1.0041 0.9299 0.9646 0.9560
19 0.9973 1.0026 0.9928 0.9768 0.9742
26 0.9957 1.0011 1.0627 1.0011 1.0013
2005 Oct 03 0.9967 0.9996 1.0213 1.0095 0.9892
10 1.0028 0.9965 0.9050 0.9567 0.9470
17 0.9991 0.9933 0.9582 0.9666 0.9652
24 0.9971 0.9900 1.0133 0.9933 0.9966
31 0.9954 0.9868 1.0636 1.0135 1.0138
2005 Nov 07 1.0023 0.9854 0.9190 0.9782 0.9615
14 1.0021 0.9840 0.9374 0.9565 0.9459
21 1.0006 0.9827 0.9843 0.9840 0.9817
28 1.0036 0.9813 1.1265 1.0138 1.0143
2005 Dec 05 1.0027 0.9799 1.0093 1.0001 0.9885
12 1.0052 0.9838 0.9427 0.9733 0.9703
19 1.0080 0.9877 1.0533 1.0021 1.0127
26 1.0152 0.9916 1.1409 1.0386 1.0652
2006 Jan 02 1.0070 0.9955 1.1383 1.0611 1.0748
09 1.0019 0.9960 0.9915 0.9935 1.0235
16 0.9966 0.9964 0.9938 0.9901 1.0189
23 0.9928 0.9969 0.9822 1.0003 1.0382
30 0.9902 0.9974 1.0060 1.0174 1.0440
2006 Feb 06 0.9971 0.9978 0.8952 0.9830 1.0007
13 0.9998 0.9987 0.9552 0.9605 0.9730
20 1.0001 0.9996 0.9913 0.9801 0.9936
27 0.9964 1.0005 1.0374 1.0063 1.0194
2006 Mar 06 1.0011 1.0014 0.9333 1.0061 1.0045
13 0.9995 0.9994 0.9653 0.9909 0.9958
20 0.9985 0.9974 1.0050 1.0065 1.0188
27 0.9971 0.9953 1.0750 1.0354 1.0555
2006 Apr 03 0.9989 0.9933 1.0431 1.0368 1.0332
------------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------------------------------+------------------------+-----------------
2004 Dec 06 1.0106 1.0012 0.9962 1.0029 1.0095 0.9943 0.9814
13 1.0122 1.0009 1.0023 1.0081 1.0281 1.0012 0.9814
20 0.9977 1.0005 1.0024 1.0068 1.0176 0.9885 0.9772
27 0.9801 1.0008 1.0014 1.0020 1.0173 1.0001 0.9893
2005 Jan 03 0.9899 1.0021 0.9955 0.9941 1.0003 0.9595 1.0039
10 1.0096 1.0017 0.9955 1.0024 1.0154 0.9736 1.0056
17 0.9989 1.0012 0.9941 1.0072 1.0287 0.9902 1.0017
24 0.9779 1.0007 0.9893 1.0074 1.0359 0.9972 1.0022
31 0.9642 1.0006 0.9886 1.0031 1.0268 1.0097 1.0015
2005 Feb 07 0.9947 1.0011 0.9914 1.0046 1.0195 1.0143 1.0023
14 0.9964 1.0013 0.9915 1.0048 1.0227 1.0212 1.0138
21 0.9860 1.0013 0.9891 1.0072 1.0246 1.0052 1.0247
28 0.9798 1.0011 0.9872 1.0078 1.0219 1.0102 1.0266
2005 Mar 07 1.0066 1.0013 0.9907 1.0099 1.0135 1.0123 1.0159
14 1.0088 1.0013 0.9953 1.0106 1.0185 1.0183 1.0206
21 0.9950 1.0010 0.9979 1.0121 1.0115 1.0206 1.0210
28 0.9783 1.0011 0.9959 1.0106 1.0107 1.0256 1.0378
2005 Apr 04 1.0108 1.0013 1.0037 1.0057 0.9901 0.9880 1.0296
11 1.0268 1.0014 1.0023 1.0128 1.0017 0.9958 1.0146
18 1.0164 1.0010 1.0001 1.0088 0.9928 0.9920 1.0212
25 0.9899 1.0003 0.9990 1.0013 0.9890 1.0022 1.0328
2005 May 02 0.9841 1.0002 1.0095 0.9891 0.9808 1.0094 1.0348
09 1.0139 1.0001 1.0157 0.9876 0.9816 1.0197 1.0290
16 1.0111 0.9997 1.0186 0.9883 0.9864 1.0163 1.0194
23 0.9916 0.9992 1.0173 0.9938 0.9942 1.0064 1.0185
30 0.9855 0.9992 1.0151 0.9939 0.9877 1.0156 1.0211
2005 Jun 06 1.0146 0.9990 1.0147 0.9937 0.9884 1.0242 1.0058
13 1.0197 0.9986 1.0127 0.9959 0.9967 1.0292 0.9896
20 1.0056 0.9980 1.0108 0.9940 0.9897 1.0310 0.9724
27 0.9824 0.9978 1.0083 0.9910 0.9919 1.0336 0.9725
2005 Jul 04 1.0055 0.9984 1.0000 0.9857 0.9783 1.0045 0.9753
11 1.0222 0.9988 1.0016 0.9938 0.9884 0.9868 0.9754
18 1.0067 0.9985 1.0037 0.9946 0.9906 0.9898 0.9756
25 0.9895 0.9981 1.0068 0.9972 0.9951 0.9951 0.9816
2005 Aug 01 0.9908 0.9982 1.0107 0.9962 0.9864 1.0008 0.9814
08 1.0205 0.9985 1.0076 1.0006 0.9901 1.0098 0.9818
15 1.0159 0.9985 1.0009 1.0018 0.9945 1.0044 0.9740
22 0.9977 0.9984 0.9966 1.0067 1.0000 0.9835 0.9854
29 0.9828 0.9986 0.9997 1.0051 1.0003 0.9915 0.9995
2005 Sep 05 1.0138 0.9990 1.0024 1.0004 0.9861 0.9887 0.9882
12 1.0234 0.9991 1.0023 1.0039 0.9912 0.9950 0.9855
19 1.0055 0.9989 0.9971 1.0016 0.9880 0.9981 0.9858
26 0.9819 0.9989 0.9950 0.9970 0.9852 1.0000 0.9917
2005 Oct 03 0.9927 0.9995 0.9995 0.9916 0.9743 0.9847 0.9860
10 1.0168 1.0000 1.0012 0.9948 0.9839 0.9774 0.9912
17 1.0119 0.9999 0.9958 0.9961 0.9893 0.9783 0.9916
24 0.9903 0.9994 0.9902 0.9963 0.9935 0.9822 1.0053
31 0.9839 0.9994 0.9885 0.9936 0.9901 0.9904 1.0061
2005 Nov 07 1.0142 1.0001 0.9926 0.9933 0.9898 0.9962 0.9954
14 1.0202 1.0005 0.9945 0.9943 0.9969 0.9927 0.9921
21 1.0053 1.0007 0.9921 0.9995 1.0064 0.9817 0.9931
28 0.9850 1.0008 0.9935 1.0011 1.0098 0.9810 0.9957
2005 Dec 05 1.0071 1.0010 0.9950 1.0024 1.0072 0.9886 0.9817
12 1.0134 1.0009 1.0017 1.0072 1.0231 0.9989 0.9817
19 0.9992 1.0006 1.0026 1.0064 1.0173 0.9875 0.9774
26 0.9811 1.0008 1.0013 1.0019 1.0147 0.9978 0.9861
2006 Jan 02 0.9835 1.0017 0.9951 0.9948 0.9995 0.9624 1.0011
09 1.0065 1.0019 0.9963 0.9999 1.0073 0.9677 1.0062
16 0.9977 1.0014 0.9959 1.0068 1.0252 0.9864 1.0021
23 0.9781 1.0009 0.9901 1.0068 1.0327 0.9944 1.0031
30 0.9638 1.0007 0.9875 1.0029 1.0306 1.0062 1.0011
2006 Feb 06 0.9925 1.0011 0.9917 1.0039 1.0218 1.0098 1.0012
13 0.9951 1.0015 0.9917 1.0041 1.0224 1.0180 1.0117
20 0.9864 1.0015 0.9895 1.0061 1.0257 1.0065 1.0218
27 0.9781 1.0013 0.9867 1.0068 1.0229 1.0113 1.0261
2006 Mar 06 1.0033 1.0015 0.9898 1.0089 1.0142 1.0132 1.0132
13 1.0066 1.0015 0.9946 1.0101 1.0185 1.0192 1.0183
20 0.9945 1.0013 0.9976 1.0116 1.0116 1.0194 1.0194
27 0.9795 1.0013 0.9964 1.0106 1.0115 1.0240 1.0359
2006 Apr 03 0.9996 1.0016 1.0047 1.0064 0.9932 0.9906 1.0318
---------------------------------------------------------------------------------------------------------
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
------------+--------------------------+--------------------------+------------------------
2003
October 1283.6 1284.1 6077.7 6068.8 8893.5 8875.7
November 1285.1 1283.4 6072.8 6065.7 8875.4 8862.3
December 1292.8 1293.4 6076.6 6062.5 8877.4 8862.6
2004
January 1289.9 1287.7 6089.3 6070.2 8936.7 8921.0
February 1307.7 1306.5 6128.1 6120.4 9001.1 8991.7
March 1320.9 1325.8 6166.8 6168.0 9078.4 9082.3
April 1321.3 1323.1 6204.3 6215.9 9144.7 9161.7
May 1324.8 1322.3 6262.6 6286.5 9234.0 9264.5
June 1332.6 1335.9 6274.7 6293.9 9274.6 9296.4
July 1325.5 1325.0 6277.5 6288.0 9277.7 9281.7
August 1343.4 1342.9 6298.0 6300.2 9310.3 9319.8
September 1347.9 1347.0 6333.0 6332.8 9358.4 9364.2
October 1347.8 1345.7 6357.8 6346.9 9363.3 9340.8
November 1362.8 1362.1 6394.2 6380.5 9386.4 9359.0
December 1362.0 1363.1 6417.0 6397.7 9426.8 9401.5
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
------------------------------------------------------------------
Revised Old Difference
------------------------------------------------------------------
2003
January 4.4 3.2 1.2
February 14.3 14.5 -0.2
March 2.4 5.3 -2.9
April 6.5 5.3 1.2
May 13.6 11.2 2.4
June 9.8 12.7 -2.9
July 3.5 2.3 1.2
August 8.8 7.6 1.2
September 0.3 -0.1 0.4
October 0.8 2.5 -1.7
November 1.4 -0.7 2.1
December 7.2 9.4 -2.2
2004
January -2.7 -5.3 2.6
February 16.6 17.5 -0.9
March 12.1 17.7 -5.6
April 0.4 -2.4 2.8
May 3.2 -0.7 3.9
June 7.1 12.3 -5.2
July -6.4 -9.8 3.4
August 16.2 16.2 0.0
September 4.0 3.7 0.3
October -0.1 -1.2 1.1
November 13.4 14.6 -1.2
December -0.7 0.9 -1.6
Quarterly
03Q4 2.4 2.6 -0.2
04Q1 5.9 6.1 -0.2
04Q2 6.1 6.2 -0.1
04Q3 3.8 3.4 0.4
04Q4 5.6 5.6 0.0
Semi-Annual
03Q4 - 04Q2 6.1 6.2 -0.1
04Q2 - 04Q4 4.7 4.5 0.2
Annual (Q4 to Q4)
2003 6.6 6.6 0.0
2004 5.5 5.4 0.1
------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
------------------------------------------------------------------
Revised Old Difference
------------------------------------------------------------------
2003
January 6.8 6.4 0.4
February 7.4 8.6 -1.2
March 3.3 4.9 -1.6
April 7.2 8.7 -1.5
May 9.6 10.4 -0.8
June 8.3 8.2 0.1
July 9.0 7.9 1.1
August 9.1 8.0 1.1
September -3.6 -4.5 0.9
October -1.6 -2.9 1.3
November -1.0 -0.6 -0.4
December 0.8 -0.6 1.4
2004
January 2.5 1.5 1.0
February 7.6 9.9 -2.3
March 7.6 9.3 -1.7
April 7.3 9.3 -2.0
May 11.3 13.6 -2.3
June 2.3 1.4 0.9
July 0.5 -1.1 1.6
August 3.9 2.3 1.6
September 6.7 6.2 0.5
October 4.7 2.7 2.0
November 6.9 6.4 0.5
December 4.3 3.2 1.1
Quarterly
03Q4 -0.4 -1.3 0.9
04Q1 3.4 3.5 -0.1
04Q2 7.8 9.5 -1.7
04Q3 3.6 2.7 0.9
04Q4 5.5 4.3 1.2
Semi-Annual
03Q4 - 04Q2 5.6 6.6 -1.0
04Q2 - 04Q4 4.6 3.5 1.1
Annual (Q4 to Q4)
2003 5.3 5.3 0.0
2004 5.2 5.1 0.1
------------------------------------------------------------------
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
------------------------------------------------------------------
Revised Old Difference
------------------------------------------------------------------
2003
January 2.5 1.9 0.6
February 5.1 5.2 -0.1
March 2.4 4.4 -2.0
April 4.2 5.2 -1.0
May 7.0 7.5 -0.5
June 7.4 6.9 0.5
July 12.7 10.7 2.0
August 4.3 5.5 -1.2
September -0.5 -1.3 0.8
October -0.6 -3.1 2.5
November -2.4 -1.8 -0.6
December 0.3 0.0 0.3
2004
January 8.0 7.9 0.1
February 8.6 9.5 -0.9
March 10.3 12.1 -1.8
April 8.8 10.5 -1.7
May 11.7 13.5 -1.8
June 5.3 4.1 1.2
July 0.4 -1.9 2.3
August 4.2 4.9 -0.7
September 6.2 5.7 0.5
October 0.6 -3.0 3.6
November 3.0 2.3 0.7
December 5.2 5.4 -0.2
Quarterly
03Q4 -0.3 -1.1 0.8
04Q1 5.6 5.9 -0.3
04Q2 9.4 10.8 -1.4
04Q3 4.2 3.5 0.7
04Q4 3.3 1.9 1.4
Semi-Annual
03Q4 - 04Q2 7.6 8.4 -0.8
04Q2 - 04Q4 3.8 2.7 1.1
Annual (Q4 to Q4)
2003 4.7 4.6 0.1
2004 5.7 5.6 0.1
------------------------------------------------------------------
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