Skip to Content January 26, 2006
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 and a quarterly benchmark. This release includes revised
monthly and weekly seasonal factors, as well as comparisons of the revised monetary aggregates
with previously published data. On balance, the revisions raised M2 and M3 growth rates in the
first half of 2005 and lowered them in the second half.
The benchmark incorporates minor revisions to data reported on the weekly and quarterly
deposit reports, and it takes account of deposit data from Call Reports for banks and thrift
institutions that are not weekly or quarterly deposit reporters. These revisions to deposit
data start in 2002. The benchmark also incorporates revisions to the retail and institutional
money market mutual fund components, including revisions to IRA and Keogh balances held at these
funds. Money market mutual fund revisions begin in 1992. This release also incorporates the
receipt of historical information from other data sources.
Seasonally adjusted measures of the monetary aggregates and components incorporate
revised seasonal factors, which were derived from data through December 2005. Monthly seasonal
factors were estimated using the X-12-ARIMA procedure. The effects of both the benchmark and
seasonal factor revisions on M1, M2 and M3 growth rates are outlined in Appendix Tables 6-8.
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 26, 2006
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M1(1) M2(2) M3(3)
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
2004-Jan. 1306.0 6088.3 8931.9
Feb. 1319.9 6132.1 9002.0
Mar. 1329.6 6173.0 9082.4
Apr. 1339.4 6216.9 9151.4
May 1336.5 6280.6 9245.6
June 1341.2 6288.8 9277.6
July 1343.5 6295.4 9284.6
Aug. 1354.1 6317.3 9316.3
Sep. 1360.5 6346.9 9353.8
Oct. 1360.8 6369.2 9361.4
Nov. 1374.1 6404.0 9397.5
Dec. 1372.1 6422.1 9435.8
2005-Jan. 1367.0 6436.4 9492.1
Feb. 1369.5 6455.7 9536.5
Mar. 1373.0 6475.8 9570.2
Apr. 1365.7 6482.7 9625.6
May 1370.7 6492.1 9669.6
June 1369.5 6518.3 9729.2
July 1362.5 6538.5 9766.0
Aug. 1370.4 6568.9 9868.8
Sep. 1367.4 6600.0 9955.7
Oct. 1369.2 6629.6 10037.7
Nov. 1370.0 6652.0 10088.3
Dec. 1368.9 6680.5 10169.3
----------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------
2004-Jan. 1302.5 6070.8 8932.4
Feb. 1306.6 6101.3 8995.6
Mar. 1337.9 6180.8 9109.9
Apr. 1345.2 6252.4 9180.1
May 1333.6 6263.8 9238.1
June 1348.4 6288.1 9283.3
July 1338.8 6293.1 9259.0
Aug. 1352.4 6312.7 9301.9
Sep. 1349.7 6344.4 9335.8
Oct. 1351.2 6363.5 9331.0
Nov. 1370.8 6413.7 9398.4
Dec. 1401.3 6457.0 9485.0
2005-Jan. 1362.6 6415.8 9484.2
Feb. 1355.3 6415.8 9516.7
Mar. 1382.1 6478.6 9589.7
Apr. 1371.6 6525.6 9665.3
May 1368.7 6470.8 9659.2
June 1377.3 6521.1 9738.1
July 1357.2 6541.6 9749.3
Aug. 1369.2 6564.4 9856.9
Sep. 1356.1 6597.3 9943.5
Oct. 1358.8 6623.3 10011.4
Nov. 1368.1 6665.2 10086.9
Dec. 1396.9 6718.1 10216.6
---------------------------------------------------------------------------------------
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. 2005 TO Dec. 2005 0.4 4.9 8.6
6 Months from June 2005 TO Dec. 2005 -0.1 5.0 9.0
12 Months from Dec. 2004 TO Dec. 2005 -0.2 4.0 7.8
Thirteen weeks ending
January 16, 2006
from thirteen weeks ending:
Oct. 17, 2005 (13 weeks previous) 0.6 5.3 9.1
July 18, 2005 (26 weeks previous) 0.3 5.2 9.1
Jan. 17, 2005 (52 weeks previous) 0.1 4.1 7.6
---------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------------------------------------
2005-Oct. 24 1368.2 1369.9 1375.7 6594.6 6626.6 6640.3 9936.7 10027.9 10061.9
31 1369.3 1367.8 1374.6 6600.5 6631.5 6636.5 9956.4 10042.7 10056.6
Nov. 7 1369.3 1366.6 1358.8 6607.1 6636.4 6636.3 9974.3 10050.7 10044.8
14 1369.1 1368.1 1363.1 6613.6 6639.7 6645.7 9991.7 10059.3 10073.7
21 1369.2 1369.3 1380.7 6620.0 6645.8 6664.5 10008.4 10072.4 10114.5
28 1368.9 1370.1 1377.7 6626.2 6652.5 6663.5 10024.2 10088.1 10119.5
Dec. 5 1369.3 1372.8 1369.7 6632.2 6658.4 6659.7 10038.0 10104.7 10111.0
12 1369.9 1372.9 1363.5 6638.7 6664.1 6668.5 10053.5 10120.5 10136.9
19 1370.1 1369.4 1366.7 6644.4 6667.2 6677.2 10069.8 10131.2 10157.4
26 1370.1 1369.3 1377.1 6650.2 6675.0 6694.7 10087.4 10153.8 10209.9
2006-Jan. 2 1368.9 1368.5 1366.7 6657.0 6686.3 6704.6 10105.3 10183.9 10231.2
9p 1369.2 1369.5 1367.6 6666.7 6704.9 6743.2 10123.8 10212.7 10252.1
16p 1370.1 1370.1 1369.1 6674.9 6720.5 6739.3 10140.3 10236.8 10254.1
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2005-Oct. 24 1360.2 1356.1 1376.9 6590.6 6622.6 6602.0 9920.5 10001.3 10005.1
31 1361.7 1356.0 1406.4 6595.0 6621.0 6596.1 9938.4 10013.1 10001.0
Nov. 7 1362.0 1358.3 1325.5 6601.4 6629.8 6665.1 9954.7 10024.6 10048.2
14 1360.8 1358.3 1324.4 6608.6 6634.3 6674.0 9972.8 10035.2 10086.5
21 1360.3 1358.4 1377.1 6617.2 6651.7 6671.6 9991.5 10060.8 10107.5
28 1361.0 1363.9 1428.5 6626.5 6665.7 6652.1 10009.6 10086.5 10103.7
Dec. 5 1362.0 1374.8 1369.3 6633.4 6674.5 6700.4 10024.1 10109.4 10140.0
12 1364.0 1377.4 1334.7 6640.1 6682.8 6706.9 10041.6 10137.7 10199.4
19 1367.0 1379.8 1386.7 6648.5 6695.2 6721.2 10062.6 10164.9 10216.3
26 1371.9 1387.1 1457.5 6661.3 6712.1 6719.7 10089.6 10203.3 10257.5
2006-Jan. 2 1375.7 1408.9 1456.7 6671.8 6721.5 6738.1 10112.4 10230.9 10250.2
9p 1378.2 1412.3 1348.1 6681.6 6734.3 6758.0 10132.1 10245.5 10258.1
16p 1380.2 1403.2 1350.3 6688.5 6740.2 6745.0 10150.0 10260.6 10276.5
----------------------------------------------------------------------------------------------------------------------------------------------------
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.
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H.6 (508)
Table 4
SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------
Other Checkable Deposits
------------------------------------------------------
Date Currency(1) Travelers checks(2) Demand Deposits(3) At comm. banks(4) At thrift inst.(5) Total
------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 686.5 7.6 332.7 187.5 139.9 327.4
Sep. 689.9 7.6 338.3 186.8 137.9 324.7
Oct. 692.9 7.6 334.1 187.2 139.1 326.3
Nov. 697.7 7.6 340.0 188.4 140.4 328.7
Dec. 697.3 7.6 340.3 186.5 140.5 327.0
2005-Jan. 699.0 7.5 336.4 184.7 139.4 324.1
Feb. 700.8 7.5 338.6 183.3 139.3 322.6
Mar. 702.9 7.5 339.3 183.6 139.7 323.4
Apr. 703.9 7.5 331.0 183.8 139.6 323.3
May 705.8 7.5 332.8 184.5 140.2 324.7
June 708.4 7.4 334.2 182.4 137.1 319.6
July 710.0 7.3 327.4 181.2 136.6 317.8
Aug. 712.8 7.4 330.0 182.5 137.7 320.2
Sep. 716.1 7.3 324.2 181.1 138.7 319.8
Oct. 717.4 7.3 325.9 179.8 138.7 318.5
Nov. 720.3 7.3 323.4 180.4 138.7 319.0
Dec. 723.8 7.3 321.0 179.6 137.3 316.9
Week Ending:
2005-Nov. 21 721.3 7.3 331.3 181.2 139.5 320.7
28 721.7 7.3 329.1 179.9 139.8 319.6
Dec. 5 721.3 7.3 322.5 181.1 137.5 318.7
12 721.6 7.3 317.6 180.6 136.4 317.0
19 723.8 7.3 320.2 178.1 137.3 315.4
26 725.3 7.3 327.8 178.6 138.2 316.9
2006-Jan. 2 726.8 7.3 315.6 180.2 136.8 317.0
9p 727.1 7.3 e 313.3 184.0 136.0 320.0
16p 729.3 7.2 e 313.4 181.7 137.4 319.1
------------------------------------------------------------------------------------------------------------------------------------------
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 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 Deposits(1) Small-denomination time deposit(2)
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds(3) Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 2543.5 887.0 3430.5 530.0 267.2 797.3 735.3 4963.1
Sep. 2563.0 893.5 3456.5 533.6 267.6 801.2 728.7 4986.4
Oct. 2593.4 889.2 3482.7 537.2 269.2 806.4 719.4 5008.4
Nov. 2617.0 887.6 3504.5 541.4 269.7 811.1 714.2 5029.9
Dec. 2632.2 887.8 3519.9 545.2 271.6 816.8 713.2 5049.9
2005-Jan. 2640.2 888.3 3528.6 552.4 276.6 829.0 711.8 5069.4
Feb. 2654.3 884.1 3538.4 559.9 281.2 841.1 706.7 5086.2
Mar. 2665.0 878.5 3543.6 570.5 284.2 854.7 704.5 5102.8
Apr. 2673.7 868.1 3541.7 579.1 290.3 869.4 705.9 5117.0
May 2663.1 870.8 3533.9 589.8 296.1 885.9 701.6 5121.4
June 2679.0 868.9 3548.0 599.9 300.7 900.7 700.2 5148.8
July 2697.5 862.7 3560.2 609.9 304.9 914.9 700.9 5175.9
Aug. 2703.7 865.7 3569.4 618.4 310.9 929.3 699.8 5198.5
Sep. 2725.4 859.7 3585.1 626.9 315.5 942.5 705.1 5232.6
Oct. 2739.4 857.9 3597.3 624.7 327.9 952.6 710.6 5260.4
Nov. 2748.2 855.6 3603.8 630.1 333.9 963.9 714.2 5281.9
Dec. 2769.7 850.8 3620.5 637.3 336.5 973.7 717.4 5311.6
Week ending:
2005-Nov. 21 2747.3 856.8 3604.1 631.2 334.8 966.0 713.8 5283.8
28 2741.7 862.0 3603.7 632.8 335.9 968.6 713.5 5285.8
Dec. 5 2760.2 848.5 3608.7 634.1 335.9 970.0 711.3 5290.0
12 2772.8 847.6 3620.3 636.3 335.7 972.0 712.6 5305.0
19 2774.0 849.2 3623.2 637.5 336.5 974.0 713.3 5310.5
26 2763.8 855.2 3619.1 638.6 337.0 975.6 722.8 5317.5
2006-Jan. 2 2776.5 855.6 3632.1 639.8 337.6 977.5 728.4 5338.0
9p 2812.4 851.8 3664.3 642.4 338.8 981.2 730.1 5375.6
16p 2802.0 855.9 3657.9 644.8 340.0 984.7 727.6 5370.2
-------------------------------------------------------------------------------------------------------------------------------------------
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 deposits(1)
Institutional --------------------------------------------
Date money At commercial At thrift Total
funds banks(2) institutions Total RPs(3) Eurodollars(4) Non-M2 M3
------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 1105.9 881.3 143.3 1024.5 524.7 343.8 2999.0
Sep. 1094.6 883.9 147.7 1031.6 526.7 354.1 3006.9
Oct. 1075.7 887.6 151.0 1038.6 510.2 367.6 2992.1
Nov. 1071.1 894.8 155.8 1050.6 501.0 370.8 2993.5
Dec. 1068.4 912.3 161.1 1073.3 492.6 379.4 3013.7
2005-Jan. 1062.5 960.1 167.3 1127.4 473.1 392.7 3055.7
Feb. 1054.1 968.8 173.2 1141.9 489.3 395.5 3080.8
Mar. 1049.3 974.0 179.1 1153.1 487.8 404.2 3094.5
Apr. 1057.5 1008.4 188.3 1196.7 483.8 405.0 3142.9
May 1057.9 1016.3 192.4 1208.6 504.7 406.3 3177.5
June 1069.1 1037.1 198.4 1235.5 504.3 402.1 3210.9
July 1078.6 1020.7 202.3 1223.0 517.6 408.4 3227.6
Aug. 1091.3 1057.0 208.7 1265.7 525.1 417.7 3299.9
Sep. 1107.4 1077.4 215.1 1292.5 534.2 421.6 3355.7
Oct. 1119.3 1099.6 223.3 1322.9 545.0 421.0 3408.1
Nov. 1120.6 1106.2 229.4 1335.6 554.3 425.9 3436.3
Dec. 1136.2 1129.2 230.2 1359.4 563.0 430.2 3488.8
Week ending:
2005-Nov. 21 1124.8 1106.0 230.5 1336.5 561.7 427.0 3450.0
28 1121.8 1107.9 230.5 1338.5 567.8 428.0 3456.0
Dec. 5 1118.1 1114.1 230.0 1344.1 558.7 430.4 3451.3
12 1130.2 1122.6 229.0 1351.6 555.2 431.4 3468.4
19 1130.3 1120.5 228.3 1348.8 569.4 431.7 3480.2
26 1141.3 1145.4 230.6 1376.0 565.6 432.4 3515.3
2006-Jan. 2 1163.9 1139.5 234.6 1374.1 565.5 423.0 3526.5
9p 1162.9 1145.1 234.3 1379.4 541.5 425.1 3508.9
16p 1152.2 1165.1 233.9 1398.9 543.2 420.5 3514.8
------------------------------------------------------------------------------------------------------------------------------------------
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 Currency(1) Travelers checks(2) Demand Deposits(3) At comm. banks(4) At thrift inst.(5) Total
------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 686.0 7.7 332.2 185.4 140.9 326.4
Sep. 687.9 7.6 333.8 183.1 137.4 320.4
Oct. 691.7 7.5 330.5 183.7 137.7 321.4
Nov. 697.4 7.5 340.6 185.4 139.8 325.3
Dec. 702.4 7.5 358.8 191.7 140.9 332.7
2005-Jan. 697.3 7.5 331.9 190.0 136.0 326.0
Feb. 700.7 7.5 331.0 181.1 135.2 316.2
Mar. 702.6 7.4 345.3 186.6 140.1 326.7
Apr. 704.0 7.4 328.6 188.0 143.6 331.6
May 705.3 7.4 331.3 184.0 140.7 324.7
June 708.5 7.4 339.8 182.6 139.1 321.6
July 711.5 7.5 322.1 177.9 138.3 316.1
Aug. 712.3 7.5 329.8 181.1 138.5 319.6
Sep. 714.3 7.4 319.2 177.6 137.6 315.2
Oct. 715.7 7.2 321.9 176.1 137.8 313.9
Nov. 720.5 7.1 324.1 177.8 138.6 316.3
Dec. 729.3 7.2 338.2 184.6 137.7 322.3
Week Ending:
2005-Nov. 21 720.4 7.1 332.1 179.5 137.9 317.4
28 723.5 7.1 371.8 185.1 141.0 326.1
Dec. 5 722.3 7.1 318.5 180.9 140.5 321.4
12 724.5 7.1 293.1 175.9 134.1 310.0
19 728.6 7.2 334.7 180.9 135.3 316.2
26 736.6 7.2 382.8 192.0 139.1 331.0
2006-Jan. 2 732.7 7.2 376.2 196.5 144.0 340.5
9p 728.3 7.2 e 293.3 184.0 135.4 319.4
16p 727.1 7.2 e 301.7 182.1 132.1 314.2
------------------------------------------------------------------------------------------------------------------------------------------
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 Deposits(1) Small-denomination time deposit(2)
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds(3) Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 2542.2 886.5 3428.7 530.3 267.4 797.7 733.9 4960.3
Sep. 2571.4 896.4 3467.9 533.8 267.6 801.5 725.4 4994.7
Oct. 2598.5 891.0 3489.4 537.1 269.1 806.2 716.6 5012.3
Nov. 2626.5 890.8 3517.3 541.3 269.7 810.9 714.6 5042.9
Dec. 2633.4 888.2 3521.6 544.8 271.4 816.3 717.8 5055.6
2005-Jan. 2625.0 883.2 3508.2 551.9 276.3 828.3 716.8 5053.2
Feb. 2631.7 876.6 3508.3 559.6 281.1 840.7 711.5 5060.4
Mar. 2656.7 875.8 3532.5 570.4 284.2 854.6 709.4 5096.5
Apr. 2699.4 876.4 3575.8 579.3 290.5 869.8 708.4 5154.0
May 2651.7 867.0 3518.7 590.2 296.2 886.4 697.0 5102.1
June 2678.6 868.8 3547.4 600.3 300.9 901.2 695.2 5143.8
July 2707.2 865.8 3573.0 610.3 305.1 915.4 696.0 5184.4
Aug. 2702.2 865.2 3567.4 618.9 311.2 930.0 697.9 5195.3
Sep. 2733.8 862.4 3596.2 627.1 315.6 942.8 702.3 5241.2
Oct. 2744.7 859.6 3604.3 624.5 327.7 952.2 708.0 5264.5
Nov. 2759.9 859.3 3619.2 629.6 333.6 963.3 714.7 5297.2
Dec. 2774.0 852.1 3626.1 636.7 336.1 972.8 722.3 5321.2
Week ending:
2005-Nov. 21 2755.9 859.4 3615.3 629.8 334.1 963.9 715.4 5294.5
28 2693.1 846.7 3539.8 631.6 335.2 966.8 717.0 5223.7
Dec. 5 2790.0 857.7 3647.7 633.5 335.6 969.0 714.5 5331.1
12 2818.7 861.6 3680.3 635.9 335.4 971.3 720.5 5372.1
19 2788.0 853.4 3641.4 636.8 336.1 972.9 720.2 5334.5
26 2718.9 841.3 3560.3 637.8 336.6 974.4 727.4 5262.1
2006-Jan. 2 2733.8 842.5 3576.3 639.3 337.4 976.7 728.4 5281.4
9p 2836.9 859.2 3696.2 641.9 338.5 980.4 733.3 5409.9
16p 2815.9 860.2 3676.1 644.2 339.7 983.8 734.8 5394.7
-------------------------------------------------------------------------------------------------------------------------------------------
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 9
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits(1) RPs(3)
Institutional ----------------------------------------- ------------------------------------------
Date money At commercial At thrift At commercial At thrift Total
funds banks(2) institutions Total banks institutions Total Eurodollars(4) Non-M2 M3
----------------------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 1102.8 883.7 143.6 1027.3 464.4 56.7 521.1 338.0 2989.2
Sep. 1088.6 885.4 148.0 1033.3 463.1 57.5 520.5 348.9 2991.3
Oct. 1067.0 885.3 150.6 1035.9 441.1 57.3 498.4 366.3 2967.5
Nov. 1075.9 885.9 154.3 1040.2 445.1 53.5 498.6 370.0 2984.7
Dec. 1090.2 906.2 160.0 1066.2 438.5 56.1 494.6 376.9 3028.0
2005-Jan. 1087.1 950.6 165.7 1116.3 409.6 57.8 467.5 397.5 3068.3
Feb. 1067.3 961.5 171.9 1133.3 440.1 57.9 498.0 402.4 3100.9
Mar. 1052.2 972.1 178.7 1150.8 440.2 54.7 494.8 413.2 3111.0
Apr. 1046.6 1013.9 189.3 1203.3 421.8 54.5 476.3 413.5 3139.7
May 1039.2 1028.5 194.7 1223.2 459.0 55.7 514.7 411.3 3188.4
June 1059.9 1046.5 200.2 1246.7 464.1 53.0 517.0 393.3 3217.0
July 1067.1 1027.4 203.6 1231.0 459.2 52.2 511.3 398.2 3207.7
Aug. 1089.0 1060.6 209.4 1270.0 471.4 50.5 521.9 411.5 3292.4
Sep. 1104.7 1079.2 215.5 1294.7 480.6 49.6 530.2 416.6 3346.2
Oct. 1113.2 1096.7 222.7 1319.5 484.2 50.7 534.9 420.6 3388.1
Nov. 1122.6 1094.9 227.1 1322.0 499.5 52.5 552.0 425.1 3421.7
Dec. 1156.2 1120.7 228.5 1349.2 512.0 52.8 564.8 428.3 3498.5
Week ending:
2005-Nov. 21 1131.7 1093.0 227.8 1320.7 504.9 53.1 558.0 425.4 3435.8
28 1133.6 1092.6 227.4 1320.0 515.2 52.7 568.0 429.9 3451.5
Dec. 5 1123.7 1101.3 227.3 1328.6 507.5 52.7 560.1 427.2 3439.6
12 1159.2 1115.9 227.6 1343.5 509.2 52.2 561.5 428.4 3492.5
19 1153.8 1114.7 227.1 1341.8 519.2 53.3 572.4 427.1 3495.2
26 1163.0 1140.6 229.6 1370.3 519.9 53.4 573.3 431.3 3537.9
2006-Jan. 2 1178.5 1123.7 231.4 1355.1 499.6 52.1 551.8 426.7 3512.1
9p 1177.4 1137.7 232.7 1370.4 469.6 52.8 522.4 429.8 3500.1
16p 1179.1 1160.5 233.0 1393.4 481.3 52.7 534.1 424.9 3531.5
----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at 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 institutions(1) balance banks banks institutions market funds Total
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004-Aug. 7.4 1.1 17.7 1.4 4.8 3.1 9.2 2.2 168.6 101.7 152.8 423.1
Sep. 7.3 1.1 18.9 1.7 5.6 16.7 24.0 2.2 168.6 101.7 151.9 422.1
Oct. 7.3 1.2 19.6 1.5 5.0 20.3 26.9 2.3 168.4 101.6 150.8 420.8
Nov. 7.4 1.3 19.8 1.5 4.9 12.7 19.1 2.3 168.3 101.5 149.4 419.1
Dec. 7.4 1.5 20.1 1.5 5.1 15.8 22.4 2.4 168.1 101.4 148.0 417.4
2005-Jan. 7.4 1.5 20.0 1.8 5.1 23.0 29.9 2.4 168.2 101.3 147.5 416.9
Feb. 7.3 1.4 19.6 1.5 5.2 14.3 20.9 2.4 168.5 101.3 147.8 417.6
Mar. 7.3 1.3 19.2 1.4 4.7 21.1 27.3 2.4 168.8 101.3 148.2 418.3
Apr. 7.2 1.3 19.6 3.4 5.2 26.5 35.1 2.3 169.1 101.5 148.3 418.9
May 7.1 1.3 20.9 1.6 5.1 29.3 36.0 2.1 169.2 101.9 148.2 419.3
June 7.0 1.3 22.2 1.8 5.0 24.6 31.4 1.8 169.3 102.3 148.1 419.7
July 7.0 1.2 23.0 1.4 4.8 13.7 20.0 1.8 169.5 102.6 148.4 e 420.6 e
Aug. 7.1 1.1 23.5 1.4 5.0 7.5 13.9 1.9 169.9 102.9 149.2 e 422.0 e
Sep. 7.1 1.0 24.0 1.5 5.3 28.3 35.1 2.0 170.2 103.2 149.9 e 423.4 e
Oct. 7.2 e 1.0 e 24.2 e 1.5 4.9 18.7 25.1 2.1 e 170.4 e 103.4 e 150.2 e 424.0 e
Nov. 7.2 e 0.9 e 24.2 e 1.3 4.9 8.9 15.2 2.1 e 170.4 e 103.4 e 150.2 e 424.1 e
Dec. 7.2 e 1.0 e 24.2 e 1.6 5.1 23.0 29.8 2.1 e 170.4 e 103.5 e 150.2 e 424.1 e
2005-Nov. 21 1.4 4.9 8.9 15.3
28 1.3 5.1 5.2 11.6
Dec. 5 1.3 4.8 6.4 12.6
12 1.3 5.4 4.4 11.1
19 1.9 5.1 28.6 35.6
26 1.6 5.0 38.1 44.8
2006-Jan. 2 2.0 4.9 34.7 41.5
9p 1.9 4.7 11.0 17.7
16p 1.7 4.8 4.6 11.1
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------+-------------------------------------
2005
January 0.9975 0.9966 0.9864 1.0059 1.0288
February 0.9997 0.9993 0.9776 0.9803 0.9879
March 0.9996 0.9979 1.0179 1.0103 1.0161
April 1.0000 0.9917 0.9929 1.0254 1.0230
May 0.9993 0.9928 0.9956 1.0000 0.9974
June 1.0001 1.0078 1.0167 1.0065 1.0007
July 1.0020 1.0276 0.9840 0.9947 0.9816
August 0.9993 1.0207 0.9994 0.9979 0.9924
September 0.9975 1.0038 0.9846 0.9856 0.9806
October 0.9976 0.9921 0.9877 0.9855 0.9794
November 1.0003 0.9817 1.0021 0.9915 0.9856
December 1.0076 0.9864 1.0536 1.0172 1.0276
2006
January 0.9971 0.9962 0.9851 1.0061 1.0270
February 0.9997 0.9981 0.9780 0.9794 0.9863
March 1.0003 0.9975 1.0190 1.0094 1.0169
April 0.9995 0.9921 0.9943 1.0264 1.0229
May 0.9990 0.9940 0.9968 1.0001 0.9985
June 1.0004 1.0082 1.0181 1.0055 1.0018
July 1.0013 1.0277 0.9819 0.9944 0.9802
August 0.9992 1.0203 0.9998 0.9984 0.9945
September 0.9983 1.0041 0.9828 0.9856 0.9806
October 0.9972 0.9932 0.9877 0.9858 0.9779
November 1.0002 0.9825 1.0021 0.9919 0.9865
December 1.0082 0.9871 1.0544 1.0181 1.0272
2007
January 0.9971 0.9958 0.9841 1.0056 1.0264
February 0.9997 0.9975 0.9783 0.9789 0.9854
March 1.0004 0.9970 1.0198 1.0087 1.0169
-------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------+-------------------------------+----------------------
2005
January 0.9942 0.9991 0.9901 1.0069 1.0232 0.9882 1.0121
February 0.9915 0.9994 0.9925 1.0067 1.0125 1.0178 1.0174
March 0.9969 0.9999 0.9980 1.0069 1.0027 1.0145 1.0221
April 1.0096 1.0004 1.0055 1.0037 0.9898 0.9845 1.0210
May 0.9957 1.0006 1.0121 0.9934 0.9824 1.0199 1.0122
June 0.9998 1.0006 1.0091 0.9929 0.9914 1.0253 0.9783
July 1.0036 1.0006 1.0065 0.9930 0.9893 0.9879 0.9752
August 0.9994 1.0008 1.0034 0.9972 0.9979 0.9939 0.9852
September 1.0031 1.0003 1.0016 0.9960 0.9976 0.9925 0.9883
October 1.0019 0.9996 0.9974 0.9964 0.9946 0.9815 0.9990
November 1.0043 0.9993 0.9898 1.0007 1.0018 0.9959 0.9982
December 1.0016 0.9991 0.9924 1.0068 1.0176 1.0033 0.9956
2006
January 0.9920 0.9989 0.9912 1.0072 1.0203 0.9868 1.0127
February 0.9910 0.9993 0.9940 1.0061 1.0117 1.0161 1.0149
March 0.9978 0.9999 0.9989 1.0059 1.0021 1.0119 1.0203
April 1.0102 1.0005 1.0060 1.0038 0.9910 0.9820 1.0184
May 0.9954 1.0008 1.0098 0.9944 0.9847 1.0191 1.0093
June 0.9996 1.0009 1.0085 0.9935 0.9918 1.0235 0.9787
July 1.0033 1.0008 1.0061 0.9927 0.9908 0.9904 0.9765
August 0.9991 1.0009 1.0031 0.9957 0.9972 0.9950 0.9867
September 1.0048 1.0005 1.0017 0.9960 0.9965 0.9942 0.9906
October 1.0002 0.9996 0.9977 0.9966 0.9955 0.9843 0.9988
November 1.0044 0.9992 0.9900 1.0008 1.0019 0.9975 0.9985
December 1.0033 0.9989 0.9919 1.0072 1.0164 1.0031 0.9973
2007
January 0.9915 0.9987 0.9922 1.0077 1.0188 0.9863 1.0122
February 0.9909 0.9993 0.9951 1.0060 1.0121 1.0151 1.0138
March 0.9987 0.9998 0.9990 1.0056 1.0025 1.0101 1.0201
----------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------+------------------------------------
2005 Dec 05 1.0013 0.9778 0.9876 1.0086 0.9987
12 1.0040 0.9821 0.9229 0.9780 0.9740
19 1.0066 0.9864 1.0454 1.0024 1.0153
26 1.0156 0.9907 1.1678 1.0447 1.0746
2006 Jan 02 1.0081 0.9950 1.1921 1.0741 1.0907
09 1.0016 0.9955 0.9361 0.9982 1.0000
16 0.9971 0.9960 0.9627 0.9845 1.0023
23 0.9936 0.9964 0.9792 1.0012 1.0337
30 0.9925 0.9969 1.0159 1.0229 1.0605
2006 Feb 06 0.9990 0.9973 0.9039 0.9803 0.9800
13 1.0004 0.9978 0.9350 0.9567 0.9542
20 1.0010 0.9983 1.0053 0.9740 0.9849
27 0.9980 0.9987 1.0636 1.0050 1.0248
2006 Mar 06 1.0015 0.9992 0.9310 0.9928 0.9916
13 1.0014 0.9983 0.9551 0.9862 0.9863
20 1.0003 0.9974 1.0384 1.0056 1.0180
27 0.9989 0.9965 1.1304 1.0337 1.0571
2006 Apr 03 1.0000 0.9956 1.0353 1.0412 1.0329
10 1.0027 0.9940 0.9177 0.9985 0.9773
17 0.9999 0.9924 0.9797 1.0183 1.0132
24 0.9974 0.9908 1.0234 1.0404 1.0554
2006 May 01 0.9966 0.9892 1.0464 1.0459 1.0475
08 1.0014 0.9911 0.9034 0.9887 0.9716
15 0.9989 0.9929 0.9566 0.9798 0.9693
22 0.9973 0.9948 1.0268 0.9976 1.0038
29 0.9995 0.9967 1.0932 1.0220 1.0391
2006 Jun 05 1.0012 0.9985 0.9525 1.0035 0.9926
12 1.0008 1.0035 0.9446 0.9823 0.9673
19 0.9992 1.0085 1.0366 1.0015 1.0019
26 0.9981 1.0135 1.1143 1.0249 1.0390
2006 Jul 03 1.0038 1.0185 1.0494 1.0282 1.0130
10 1.0052 1.0226 0.8876 0.9730 0.9495
17 1.0009 1.0267 0.9453 0.9750 0.9596
24 0.9986 1.0307 1.0270 0.9963 0.9895
31 0.9984 1.0348 1.0469 1.0211 1.0126
2006 Aug 07 1.0030 1.0295 0.8976 0.9841 0.9682
14 1.0009 1.0242 0.9478 0.9757 0.9631
21 0.9984 1.0189 1.0287 0.9979 0.9959
28 0.9957 1.0136 1.1107 1.0264 1.0406
2006 Sep 04 1.0011 1.0083 0.9757 1.0066 1.0020
11 1.0003 1.0062 0.8920 0.9679 0.9480
18 0.9977 1.0042 0.9668 0.9739 0.9667
25 0.9956 1.0022 1.0494 0.9907 0.9974
2006 Oct 02 0.9955 1.0002 1.0685 1.0079 1.0099
09 1.0014 0.9973 0.8881 0.9566 0.9409
16 0.9977 0.9944 0.9394 0.9618 0.9498
23 0.9959 0.9915 1.0234 0.9915 0.9865
30 0.9938 0.9886 1.0852 1.0266 1.0275
2006 Nov 06 0.9997 0.9857 0.9204 0.9837 0.9707
13 1.0007 0.9839 0.9284 0.9625 0.9430
20 0.9990 0.9822 1.0084 0.9896 0.9872
27 1.0023 0.9804 1.1302 1.0188 1.0287
2006 Dec 04 1.0014 0.9786 0.9866 1.0131 1.0088
11 1.0045 0.9826 0.9162 0.9842 0.9713
18 1.0062 0.9866 1.0335 1.0004 1.0070
25 1.0158 0.9906 1.1477 1.0363 1.0614
2007 Jan 01 1.0085 0.9947 1.1946 1.0661 1.0943
08 1.0031 0.9951 0.9430 0.9957 1.0112
15 0.9973 0.9955 0.9562 0.9866 1.0028
22 0.9945 0.9959 0.9840 1.0051 1.0302
29 0.9927 0.9963 1.0329 1.0291 1.0589
2007 Feb 05 0.9986 0.9968 0.9132 0.9803 0.9844
12 1.0006 0.9972 0.9294 0.9591 0.9538
19 1.0014 0.9976 1.0011 0.9723 0.9800
26 0.9974 0.9981 1.0635 1.0004 1.0171
2007 Mar 05 1.0011 0.9985 0.9319 0.9919 1.0053
12 1.0017 0.9977 0.9399 0.9850 0.9819
19 1.0002 0.9970 1.0286 1.0033 1.0100
26 0.9986 0.9962 1.1145 1.0298 1.0481
2007 Apr 02 0.9993 0.9954 1.0919 1.0419 1.0480
-------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------+-------------------------------+----------------------
2005 Dec 05 1.0108 0.9990 0.9885 1.0044 1.0050 1.0026 0.9925
12 1.0166 0.9993 0.9940 1.0111 1.0256 1.0113 0.9931
19 1.0050 0.9989 0.9948 1.0097 1.0208 1.0054 0.9892
26 0.9838 0.9987 0.9958 1.0063 1.0191 1.0136 0.9975
2006 Jan 02 0.9846 0.9992 0.9861 1.0000 1.0125 0.9758 1.0087
09 1.0087 0.9992 0.9935 1.0044 1.0125 0.9647 1.0111
16 1.0050 0.9991 0.9961 1.0099 1.0233 0.9832 1.0105
23 0.9849 0.9986 0.9902 1.0105 1.0258 0.9932 1.0176
30 0.9700 0.9985 0.9866 1.0065 1.0231 1.0058 1.0134
2006 Feb 06 1.0006 0.9991 0.9917 1.0051 1.0100 1.0087 1.0081
13 0.9987 0.9994 0.9948 1.0058 1.0109 1.0222 1.0104
20 0.9866 0.9994 0.9943 1.0059 1.0141 1.0152 1.0192
27 0.9770 0.9993 0.9944 1.0078 1.0130 1.0174 1.0214
2006 Mar 06 1.0081 0.9997 0.9975 1.0050 1.0010 1.0132 1.0120
13 1.0107 0.9999 1.0000 1.0056 1.0072 1.0165 1.0175
20 0.9963 0.9998 0.9992 1.0074 1.0011 1.0171 1.0184
27 0.9809 0.9998 0.9963 1.0074 1.0058 1.0188 1.0280
2006 Apr 03 0.9989 1.0003 1.0032 1.0027 0.9905 0.9805 1.0269
10 1.0294 1.0007 1.0059 1.0098 0.9997 0.9676 1.0134
17 1.0247 1.0006 1.0063 1.0086 0.9937 0.9720 1.0118
24 0.9985 1.0004 1.0033 1.0035 0.9887 0.9903 1.0224
2006 May 01 0.9865 1.0005 1.0101 0.9920 0.9808 1.0010 1.0229
08 1.0119 1.0008 1.0103 0.9901 0.9759 1.0193 1.0181
15 1.0097 1.0009 1.0109 0.9919 0.9836 1.0246 1.0085
22 0.9882 1.0007 1.0097 0.9978 0.9907 1.0120 1.0031
29 0.9746 1.0008 1.0084 0.9976 0.9893 1.0205 1.0093
2006 Jun 05 1.0107 1.0011 1.0091 0.9956 0.9849 1.0279 0.9964
12 1.0157 1.0012 1.0109 0.9975 1.0001 1.0286 0.9867
19 1.0003 1.0008 1.0105 0.9945 0.9893 1.0194 0.9682
26 0.9775 1.0006 1.0084 0.9914 0.9967 1.0288 0.9725
2006 Jul 03 0.9903 1.0008 0.9999 0.9858 0.9819 1.0068 0.9720
10 1.0201 1.0011 1.0028 0.9932 0.9878 0.9803 0.9728
17 1.0103 1.0009 1.0061 0.9932 0.9918 0.9870 0.9751
24 0.9896 1.0006 1.0087 0.9947 0.9967 0.9882 0.9788
31 0.9910 1.0005 1.0092 0.9925 0.9905 0.9989 0.9813
2006 Aug 07 1.0197 1.0009 1.0071 0.9935 0.9889 1.0021 0.9809
14 1.0148 1.0010 1.0021 0.9937 0.9966 1.0024 0.9795
21 0.9955 1.0008 0.9995 0.9987 0.9997 0.9863 0.9830
28 0.9794 1.0008 1.0019 0.9977 1.0060 0.9913 1.0017
2006 Sep 04 1.0026 1.0011 1.0076 0.9944 0.9913 0.9897 0.9905
11 1.0243 1.0010 1.0058 0.9986 1.0012 0.9930 0.9892
18 1.0098 1.0004 0.9993 0.9985 1.0018 0.9918 0.9872
25 0.9839 0.9999 0.9965 0.9948 0.9975 1.0007 0.9954
2006 Oct 02 0.9893 1.0001 1.0020 0.9915 0.9850 0.9936 0.9906
09 1.0169 1.0003 1.0057 0.9938 0.9886 0.9761 0.9913
16 1.0157 0.9999 1.0015 0.9977 0.9976 0.9801 0.9948
23 0.9901 0.9992 0.9932 0.9991 1.0009 0.9856 1.0008
30 0.9773 0.9988 0.9903 0.9975 0.9987 0.9912 1.0105
2006 Nov 06 1.0140 0.9990 0.9916 0.9962 0.9902 0.9927 0.9983
13 1.0205 0.9992 0.9931 0.9987 0.9973 0.9982 0.9962
20 1.0071 0.9991 0.9893 1.0006 1.0057 0.9937 0.9954
27 0.9875 0.9992 0.9869 1.0053 1.0107 1.0018 1.0056
2006 Dec 04 1.0054 0.9997 0.9889 1.0051 1.0061 1.0037 0.9951
11 1.0174 0.9996 0.9950 1.0112 1.0244 1.0097 0.9939
18 1.0081 0.9989 0.9958 1.0101 1.0215 1.0057 0.9914
25 0.9897 0.9983 0.9950 1.0069 1.0166 1.0120 0.9969
2007 Jan 01 0.9843 0.9984 0.9823 1.0010 1.0080 0.9816 1.0102
08 1.0116 0.9989 0.9915 1.0034 1.0064 0.9632 1.0118
15 1.0064 0.9990 0.9969 1.0107 1.0235 0.9850 1.0098
22 0.9847 0.9986 0.9935 1.0108 1.0254 0.9894 1.0142
29 0.9683 0.9984 0.9874 1.0076 1.0240 1.0025 1.0151
2007 Feb 05 0.9993 0.9989 0.9953 1.0048 1.0100 1.0049 1.0060
12 0.9996 0.9993 0.9963 1.0060 1.0129 1.0174 1.0087
19 0.9868 0.9993 0.9953 1.0062 1.0127 1.0174 1.0145
26 0.9764 0.9993 0.9938 1.0072 1.0150 1.0180 1.0246
2007 Mar 05 1.0045 0.9997 0.9945 1.0048 1.0020 1.0137 1.0108
12 1.0088 0.9999 0.9986 1.0059 1.0088 1.0131 1.0156
19 0.9966 0.9998 0.9994 1.0064 1.0023 1.0167 1.0142
26 0.9822 0.9997 0.9973 1.0069 1.0056 1.0182 1.0294
2007 Apr 02 0.9984 1.0000 1.0061 1.0028 0.9904 0.9820 1.0309
------------------------------------------------------------------------------------------------------------------------------
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
------+----------------------------+---------------------------+--------------------------
2004
Oct 1360.8 1360.2 6369.2 6369.3 9361.4 9369.9
Nov 1374.1 1375.8 6404.0 6406.5 9397.5 9401.4
Dec 1372.1 1373.5 6422.1 6430.7 9435.8 9450.5
2005
Jan 1367.0 1364.3 6436.4 6449.1 9492.1 9502.9
Feb 1369.5 1371.6 6455.7 6464.3 9536.5 9539.0
Mar 1373.0 1378.5 6475.8 6484.5 9570.2 9568.9
Apr 1365.7 1361.0 6482.7 6481.5 9625.6 9620.7
May 1370.7 1373.5 6492.1 6482.8 9669.6 9662.8
Jun 1369.5 1374.4 6518.3 6515.6 9729.2 9748.2
Jul 1362.5 1354.4 6538.5 6525.1 9766.0 9776.8
Aug 1370.4 1371.0 6568.9 6554.4 9868.8 9878.8
Sep 1367.4 1363.4 6600.0 6588.0 9955.7 9976.3
Oct 1369.2 1367.6 6629.6 6627.2 10037.7 10058.2
Nov 1370.0 1372.7 6652.0 6652.9 10088.3 10099.0
Dec 1368.9 1372.3 6680.5 6691.6 10169.3 10191.6
------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
2004
January 1.7 -1.6 3.3 0.1 3.2
February 12.8 16.9 -4.1 -0.1 -4.0
March 8.8 11.5 -2.7 0.0 -2.7
April 8.8 -0.2 9.0 -0.1 9.1
May -2.6 3.9 -6.5 0.0 -6.5
June 4.2 5.7 -1.5 0.0 -1.5
July 2.1 -6.8 8.9 0.1 8.8
August 9.5 15.8 -6.3 -0.1 -6.2
September 5.7 3.6 2.1 0.0 2.1
October 0.3 1.0 -0.7 0.0 -0.7
November 11.7 13.8 -2.1 0.0 -2.1
December -1.7 -2.0 0.3 0.0 0.3
2005
January -4.5 -8.0 3.5 0.0 3.5
February 2.2 6.4 -4.2 0.0 -4.2
March 3.1 6.0 -2.9 -0.2 -2.7
April -6.4 -15.2 8.8 0.0 8.8
May 4.4 11.0 -6.6 -0.1 -6.5
June -1.1 0.8 -1.9 -0.1 -1.8
July -6.1 -17.5 11.4 0.5 10.9
August 7.0 14.7 -7.7 0.7 -8.4
September -2.6 -6.7 4.1 0.7 3.4
October 1.6 3.7 -2.1 -0.6 -1.5
November 0.7 4.5 -3.8 -1.3 -2.5
December -1.0 -0.3 -0.7 -1.1 0.4
Quarterly
04Q4 4.8 5.7 -0.9 -0.1 -0.8
05Q1 0.2 0.5 -0.3 0.0 -0.3
05Q2 -0.4 -0.6 0.2 -0.1 0.3
05Q3 -0.5 -2.0 1.5 0.4 1.1
05Q4 0.8 2.3 -1.5 -0.3 -1.2
Semi-Annual
04Q4 - 05Q2 -0.1 0.0 -0.1 -0.1 0.0
05Q2 - 05Q4 0.1 0.2 -0.1 0.0 -0.1
Annual (Q4 to Q4)
2004 5.4 5.4 0.0 0.0 0.0
2005 0.0 0.1 -0.1 0.0 -0.1
------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+---------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+---------------------
2004
January 1.8 2.7 -0.9 0.0 -0.9
February 8.6 7.9 0.7 0.0 0.7
March 8.0 7.6 0.4 0.0 0.4
April 8.5 7.2 1.3 0.0 1.3
May 12.3 11.2 1.1 0.1 1.0
June 1.6 2.1 -0.5 0.0 -0.5
July 1.3 0.3 1.0 0.0 1.0
August 4.2 4.0 0.2 -0.1 0.3
September 5.6 6.6 -1.0 -0.1 -0.9
October 4.2 5.3 -1.1 0.1 -1.2
November 6.6 7.0 -0.4 0.2 -0.6
December 3.4 4.5 -1.1 0.2 -1.3
2005
January 2.7 3.4 -0.7 -0.1 -0.6
February 3.6 2.8 0.8 -0.3 1.1
March 3.7 3.7 0.0 -0.3 0.3
April 1.3 -0.6 1.9 0.0 1.9
May 1.7 0.2 1.5 0.0 1.5
June 4.8 6.1 -1.3 -0.1 -1.2
July 3.7 1.7 2.0 0.3 1.7
August 5.6 5.4 0.2 0.3 -0.1
September 5.7 6.2 -0.5 0.4 -0.9
October 5.4 7.1 -1.7 0.1 -1.8
November 4.1 4.7 -0.6 0.0 -0.6
December 5.1 7.0 -1.9 -0.1 -1.8
Quarterly
04Q4 5.0 5.8 -0.8 0.1 -0.9
05Q1 3.6 4.0 -0.4 0.0 -0.4
05Q2 2.6 1.7 0.9 -0.1 1.0
05Q3 4.4 3.9 0.5 0.2 0.3
05Q4 5.2 6.2 -1.0 0.2 -1.2
Semi-Annual
04Q4 - 05Q2 3.1 2.8 0.3 -0.1 0.4
05Q2 - 05Q4 4.8 5.0 -0.2 0.1 -0.3
Annual (Q4 to Q4)
2004 5.2 5.2 0.0 0.0 0.0
2005 4.0 4.0 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
--------------+----------------------------+---------------------
2004
January 7.8 7.7 0.1 -0.1 0.2
February 9.4 8.6 0.8 0.0 0.8
March 10.7 10.0 0.7 0.0 0.7
April 9.1 8.2 0.9 0.0 0.9
May 12.4 11.7 0.7 0.0 0.7
June 4.2 4.9 -0.7 0.1 -0.8
July 0.9 0.3 0.6 0.1 0.5
August 4.1 4.6 -0.5 0.0 -0.5
September 4.8 6.5 -1.7 0.0 -1.7
October 1.0 1.4 -0.4 0.1 -0.5
November 4.6 4.0 0.6 0.2 0.4
December 4.9 6.3 -1.4 0.2 -1.6
2005
January 7.2 6.7 0.5 0.0 0.5
February 5.6 4.6 1.0 -0.2 1.2
March 4.2 3.8 0.4 -0.2 0.6
April 6.9 6.5 0.4 -0.6 1.0
May 5.5 5.3 0.2 -1.4 1.6
June 7.4 10.6 -3.2 -1.4 -1.8
July 4.5 3.5 1.0 0.1 0.9
August 12.6 12.5 0.1 0.8 -0.7
September 10.6 11.8 -1.2 0.7 -1.9
October 9.9 9.9 0.0 0.8 -0.8
November 6.0 4.9 1.1 0.4 0.7
December 9.6 11.0 -1.4 0.4 -1.8
Quarterly
04Q4 3.4 4.0 -0.6 0.1 -0.7
05Q1 5.7 5.5 0.2 0.0 0.2
05Q2 6.0 5.9 0.1 -0.7 0.8
05Q3 7.8 8.3 -0.5 -0.2 -0.3
05Q4 9.5 9.7 -0.2 0.7 -0.9
Semi-Annual
04Q4 - 05Q2 5.9 5.7 0.2 -0.4 0.6
05Q2 - 05Q4 8.8 9.1 -0.3 0.2 -0.5
Annual (Q4 to Q4)
2004 5.8 5.8 0.0 0.1 -0.1
2005 7.5 7.5 0.0 -0.1 0.1
-----------------------------------------------------------------Release dates |
Historical data |
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