h6_19880218_revision.pdf
TRANSCRIPT
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FEDERAL RESERVE statistical release
H.6 (508)
NOTICE
C Measures of the money stock have been revised to incorporate annual benchmark and seasonal adjustments as well as certain technical redefinitions affecting Ml. In addition, beginning today the H.6 (508) statistical release^'lnMoney Stocky Liquid Assets, and Debt Measures," will include estimates of weekly M2 and M3 (seasonally adjusted and not seasonally adjusted) on the same publication schedule as for Ml.
Redefinitions The redefinitions make the treatment of thrift institutions
identical with that of commercial banks in the construction of the monetary aggregates. Under the new definitions, all vault cash held by thrift institutions is excluded from the currency component of Ml, and all demand deposits and other checkable deposits (OCDs) held by thrifts are excluded from the demand deposit and OCD components, respectively. Previously, only a portion of the vault cash and transaction deposits held by thrifts was excluded at the Ml levelrepresenting the estimated amount held to service their OCD liabilitieswhile the remainder was subtracted at the M2 level. In practice, however, it was impossible to estimate this allocation with any degree of confidence since, unlike other components of the monetary aggregates, these estimates could not be benchmarked from reported data.
In addition to the redefinitions noted above, automatic transfer service (ATS) accounts at credit unionslike those at commercial banks and all other thrift institutionsare now included in the OCD component of Ml, rather than in the savings deposit component of M2. This change is consistent with the treatment of all ATS accounts as transaction deposits for purposes of reserve requirements, and reflects accumulating evidence that under deposit deregulation credit union ATS accounts have behaved more like OCDs than like savings deposits at these institutions.
On balance, the redefinitions lowered Ml by $6.2 billion in January 1988, but increased the growth rate of this aggregate over 1987 by 0.3 percentage point. The redefinitions had no effect on levels of M2 or M3.
Benchmark Revisions Deposits of commercial banks and thrifts have been benchmarked using
call reports through June 1987 and incorporate revisions from other sources as well. The benchmark revisions had negligible impacts on monetary growth over 1987 and on the quarterly pattern of growth within the year.
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Seasonal Revisions The seasonal factor review employed the same X-ll ARIMA procedures
that were used last year. Although revisions to seasonal factors had little effect on the broad patterns of growth in 1987, some redistributions of growth occurred between the first and second halves. On a quarterly average basis, the seasonal factor revisions raised Ml growth by about 0.2 percentage point in the second half, while lowering second half growth for M2 and M3.
Publication of Weekly M2 and M3 When the monetary aggregates were redefined in early 1980, the lack
of historical weekly data on time and savings deposits at thrift institutions precluded the estimation of reliable weekly seasonal factors for major components of M2 and M3. As a result, since that time these aggregates have been published only on a monthly average basis, although weekly data have been published for selected components of the broader aggregates.
Weekly data for thrifts became available in late 1980 with implementation of the Monetary Control Act of 1980, and the amount of historical weekly data is now sufficient for estimating with a reasonable degree of confidence seasonally adjusted weekly M2 and M3 using standard procedures. Weekly data for M2 and M3 will be released on the same schedule as for Ml.
Complete historical data will be available soon on request.
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oOiCOw>.
FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m.
H.6 (508) Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Billions of dollars FEBRUARY 18, 1988
Date M1J M2^ M33 L* Debt5
Seasonally adjusted
1986-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC.
1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC.
1988-JAN. p
625.2 634.0 641.2 651.7 661.3 670.8 680.5 687.4 694.9 706.4 725.4
731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8
758.9
2582. 2603. 2627. 2652. 2677. 2702. 2725. 2743. 2766. 2782, 2807.8
2827.8 2829.3 2834 2847 2848 2851 2857 2869 2880 2894 2897 2901.8
2925.6
3244. 3270. 3299. 3319. 3347. 3377. 3403. 3429.8 3448.3 3463. 3490.
.9
.4
3515.1 3523.8 3532.5 3549.7 3564.6 3581.9 3588.8 3605.9 3621.0 3643.5 3658.5 3663.8
3690.0
3875 3900 3927 3954 3978 4009 4036 4064 4083 4104.8 4134.1
4162. 4175. 4173 4189. 4217. 4234. 4236. 4257, 4282. 4312. 4326. 4327.
6899 6941 6997 7063 7129 7194 7280 7365 7429 7511 7606
7673.6 7710.9 7754.3 7815.6 7882.8 7943.2 7985. 8037. 8098. 8166. 8243. 8299.
.9
.5
.0
.2
.4
.0
Not nally adjusted 3234.2 3266.1 3303.3 3309.8 3343.9 3376.0 3400.7 3426.6 3448.3 3470.4 3507.2
3527.3 3512.3 3526.2 3554.9 3552.8 3578.0 3586.8 3603.2 3618.8 3643.5 3665.8 3680.4
3871.8 3901.7 3928.9 3938.5 3975.4 4003.1 4029.6 4058.5 4083.4 4113.0 4152.1
4180.8 4170.6 4173.3 4191.2 4201.2 4231.0 4227.6 4250.0 4277.2 4312.3 4335.8 4345.3
1986-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC.
1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC.
1988-JAN. p
613.1 624.6 647.2 645.7 663.5 674.0 679.1 685.2 692.8 709.5 740.6
737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9
764.8
2572. 2597. 2634. 2641. 2676. 2707. 2723. 2737. 2766. 2785, 2821.
2839. 2817. 2826. 2855. 2835. 2849. 2862. 2867. 2875. 2895. 2900. 2915.
6876 6914 6969 7034 7103 7170 7259 7350 7411.8 7485.6 7591
7656. 7676. 7722. 7784. 7850. 7915. 7963. 8019. 8084. 8147. 8212. 8276,
2937.9 3702.5
Footnotes appear on the following page, pindicates preliminary data.
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H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates
Ml M2 M3 Debt]
3 Months from OCT. 1987 TO JAN. 1988
6 Months from JULY 1987 to JAN. 1988
12 Months from JAN. 1987 TO JAN. 1988
1.4
4.1
3.8
4.3
4.8
3.5
5.1
5.6
5.0
9.9
9.0
9.1
Thirteen weeks ending FEBRUARY 8, 1988 from thirteen weeks ending:
NOV. 9, 1987 (13 weeks previous) AUG. 10., 1987 (26 weeks previous) FED. 9, 1987 (52 weeks previous)
1.9
2.9
4.2
3.8
4.0
3.6
5.1
5.1
5.1
1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1987 to December 1987, June 1987 to December 1987, and December 1986 to December 1987, respectively.
Footnotes to Table 1
1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions* (2) travelers checks of nonbank issuers) (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOH) and automatic transfer service (ATS) accounts at depository institutions, credit union snare draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
2. Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and small-denomination time deposits (time depositsincluding retail RPsin amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes IRA and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer)> foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted Ml.
3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2.
4. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets.
5. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments. The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities.
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H.6 (508) Table 3 MONEY STOCK MEASURES B i l l i o n s of do l lars
Period en
1987-NOV.
DEC.
1988-JAN.
FEB.
ding
16 23 30
7 14 21 28
4 11 18 25
8p
13-week average
751.5 751.9 752.2
752.5 752.8 753.0 753.2
753.1 753.5 753.8 753.7
754.2 754.7
Ml
4-week average
756.9 753.9 752.4
751.4 750.9 750.2 750.4
750.9 752.2 754.6 757.5
760.5 762.0
week average
751.3 753.0 751.2
749.9 749.5 750.2 751.9
751.8 754.8 759.9 763.3
764.1 760.7
Seasonally adjus
13-week average
2886.4 2888.7 2890.7
2892.6 2894.4 2896.1 2897.3
2898.8 2900.9 2903.6 2905.7
2908.9 2912.2
M2
4-week average
2899.5 2897.5 2896.8
2896.8 2899.2 2899.8 2901.3
2903.6 2906.4 2912.5 2920.6
2929.2 2936.0
;ted
week average
2892.4 2900.6 2896.6
2897.7 2901.7 2903.0 2902.6
2907.1 2912.8 2927.5 2934.9
2941.7 2939.9
13-week average
3633.3 3637.3 3641.0
3644.8 3648.2 3651.4 3654.1
3657.3 3660.8 3664.9 3667.7
3671.7 3675.6
M3
4-week average
3659.7 3659.0 3658.5
3658.3 3659.6 3661.0 3663.3
3665.4 3668.8 3675.2 3683.7
3694.2 3703.1
week average
3657.3 3659.9 3656.2
3659.6 3662.5 3665.7 3665.3
3668.2 3676.1 3691.3 3699.3
3709.9 3712.0
Not seasonally adjusted
Period en
1987-NOV.
DEC.
1988-JAN.
FEB.
ding
16 23 30
7 14 21 28
4 11 18 25
lp 8p
13-week average
749.7 750.5 751.6
752.6 753.1 754.8 757.6
759.8 762.0 762.8 762.8
762.3 761.5
Ml
4-week average
755.5 755.5 755.5
756.4 757.3 761.3 764.7
770.0 774.6 775.3 771.1
760.3 753.2
week average
759.0 748.5 751.6
766.6 762.3 764.5 765.5
787.7 780.8 767.3 748.5
744.6 752.4
13-week average
2885.1 2887.9 2890.4
2893.3 2895.4 2898.6 2902.3
2905.9 2910.5 2914.1 2916.5
2918.7 2920.8
M2
4-week average
2900.8 2900.9 2899.9
2902.0 2905.1 2909.7 2914.0
2920.7 2929.6 2936.5 2940.6
2936.1 2932.0
week average
2903.6 2895.7 2892.1
2916.6 2915.9 2914.0 2909.6
2943.3 2951.5 2941.5 2926.2
2925.2 2935.1
13-week average
3632.9 3637.7 3642.7
3647.2 3651.0 3655.8 3661.2
3666.4 3672.0 3677.4 3680.8
3683.8 3686.4
M3
4-week average
3661.4 3663.9 3665.6
3666.8 3669.6 3674.7 3679.5
3685.5 3693.6 3700.8 3703.6
3701.7 3700.8
week average
3667.7 3658.7 3662.3
3678.5 3678.9 3679.2 3681.4
3702.5 3711.4 3707.7 3692.6
3695.0 3707.9
Note: Special caution should be taken in interpret ing week-to-week changes in money supply data, which are highly v o l a t i l e and subject to revision. pindicates preliminary data.
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H.6 1508) T a b l e +^
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted
Nontransactions components Savings deposits7 Small time deposits8
Date
Other Travelers Demand checkable
Currency1 checks2 deposits3 deposits* In M25 In M3 only6
A* commercial
banks
At thrift
institutions Total
At commercial
banks
At thrift
institutions Total
1986-SEP.
OCT. NOV. DEC.
1987-JAN. FEB. MAR.
APR. MAY JUNE
JULY AUG. SEP.
OCT. NOV. DEC.
1988-JAN. P
Neek end ing
1987-DEC.
1988-JAN.
FEB.
14 21 28
4 11 18 25
8p
1 7 6 . 8
1 7 8 . 3 1 7 9 . 2 1 8 0 . 4
1 8 2 . 2 183 .6 1 8 4 . 4
185 .6 1 8 7 . 0 1 8 7 . 8
1 8 9 . 0 1 9 0 . 2 1 9 1 . 4
1 9 3 . 1 1 9 5 . 0 1 9 6 . 5
198 .4
1 9 5 . 9 1 9 6 . 1 197 .3
1 9 7 . 1 1 9 8 . 0 1 9 8 . 5 1 9 9 . 1
1 9 9 . 8 199 .4
6 . 4
6 . 4 6 . 5 6 . 5
6 . 5 6 . 7 6 . 8
6 . 7 6 . 7 6 . 8
6 . 8 6 . 9 7 .0
7 . 0 7 .0 7 . 1
7 .2
7 . 1 7 . 1 7 . 1
7 . 1 7 .2 7 .2 7 .3
7 .3 e 7 .3 e
287 .5
288 .0 292 .4 303 .3
299 .7 295 .9 295 .0
299 .3 2 9 8 . 9 293 .3
292 .3 2 9 2 . 1 290 .5
295 .9 291 .3 288 .0
289 .9
288 .3 287 .4 287 .4
287 .2 2 8 8 . 1 291 .5 291 .7
290 .7 288 .7
216.6
222.3 228.3 235.2
243.0 245 .1 248.0
253 .1 253 .9 254.3
255.6 257.2 258.6
260.3 259.4 259.3
263.3
258.3 259.6 260 .1
260.4 261.5 262 .7 265.2
266.3 265.3
2056 .2
2071.2 2076.3 2082 .4
2096 .4 2098.0 2 1 0 0 . 1
2102.6 2102.4 2109.2
2114.0 2122 .5 2132 .8
2138.4 2144.3 2151.0
2166.7
2152.2 2152.8 2150.7
2155.4 2158.0 2167.5 2171.6
2177.5 2179.2
686 .2
6 8 2 . 2 6 8 1 . 2 682 .6
687 .4 694 .6 6 9 8 . 2
702 .5 715 .7 730 .7
731 .2 736 .9 740 .6
748 .9 761 .4 762 .0
764 .4
760 .9 762 .7 762 .7
7 6 1 . 1 763 .4 763 .8 764 .4
768 .3 7 7 2 . 1
141 .5
146 .5 151 .2 155 .5
160 .5 164 .6 1 6 8 . 1
171 .4 174 .0 175 .3
1 7 6 . 9 178 .3 1 7 8 . 7
178 .4 178 .2 178 .2
178 .9
178 .5 178 .4 178 .3
177 .9 178 .4 1 7 9 . 1 179 .3
179 .7 1 8 0 . 1
202 .0
2 0 6 . 7 211 .5 215 .2
2 2 0 . 1 2 2 5 . 1 228 .2
2 3 2 . 7 2 3 5 . 5 2 3 7 . 8
2 3 8 . 7 2 3 9 . 5 240 .0
238 .6 2 3 6 . 8 2 3 6 . 1
235 .3
236 .2 236 .3 236 .2
235 .2 2 3 5 . 1 235 .2 235 .6
235 .5 2 3 5 . 1
3 4 3 . 5
3 5 3 . 2 3 6 2 . 7 3 7 0 . 7
3 8 0 . 6 3 8 9 . 7 3 9 6 . 3
4 0 4 . 1 4 0 9 . 5 4 1 3 . 1
4 1 5 . 5 4 1 7 . 8 4 1 8 . 6
4 1 7 . 0 4 1 5 . 0 4 1 4 . 3
4 1 4 . 3
4 1 4 . 7 4 1 4 . 7 4 1 4 . 5
4 1 3 . 0 4 1 3 . 5 4 1 4 . 3 4 1 4 . 9
4 1 5 . 2 4 1 5 . 3
3 7 4 . 6
3 7 0 . 8 3 6 6 . 5 3 6 4 . 6
3 6 3 . 6 3 6 2 . 2 3 6 0 . 8
3 5 8 . 9 3 5 9 . 0 3 6 1 . 6
3 6 4 . 4 3 6 6 . 7 3 6 8 . 3
3 7 4 . 2 3 8 1 . 6 3 8 4 . 6
3 8 7 . 9
3 8 4 . 3 3 8 4 . 9 3 8 5 . 1
3 8 5 . 6 3 8 6 . 8 3 8 7 . 8 3 8 8 . 9
3 8 9 . 9 3 9 1 . 6
4 9 8 . 9
4 9 5 . 1 4 9 1 . 2 4 8 8 . 6
4 8 7 . 0 4 8 5 . 9 4 8 6 . 2
4 8 6 . 1 4 8 7 . 0 4 9 0 . 5
4 9 4 . 7 4 9 9 . 1 5 0 3 . 8
5 0 9 . 1 5 2 0 . 1 5 2 8 . 5
5 3 6 . 9
5 2 7 . 8 5 2 9 . 7 5 3 0 . 3
5 3 1 . 2 5 3 3 . 6 5 3 6 . 3 5 3 9 . 3
5 4 2 . 3 5 4 5 . 0
' i
873.5 865.9 857.6 853.2
850.6 848.1 847.0 845.1 845.9 852.1 859.1 865.9 872.1 883.3 901.7 913.1
924.8
912.1 914.6 915.4 916.7 920.3 924.1 928.2 932.2 936.6
Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at all depository institutions> credit union share draft balances and demand deposits at thrift institutions. Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits. This sum is seasonally adjusted as a whole. Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole. Savings deposits exclude MMDAs. Small denomination time depositsincluding retail RPsare those issued in amounts of less than $100,000. All individual retirement accounts (IRA) and Keogh accounts at commercial banks and thrifts are subtracted from small time deposits,
--indicates estimated data. pindicates preliminary data.
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H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted
Date
1986-SEP.
OCT. NOV. DEC.
1987-JAN. FEB. MAR.
APR. MAY JUNE
JULY AUG. SEP.
OCT. NOV. DEC.
1988-JAN. P Neek ending
1987-DEC.
1988-JAN.
FEB.
14 21 28
4 11 18 25
8p
Large time deposits1
At At commercial thrift
banks2 institutions
291.5
289.0 288.4 288.9
291.8 295.3 298.2
303.1 308.1 311.9
312.2 312.8 313.8
317.5 322.3 323.1
319.2
323.5 323.9 323.4
322.1 319.8 320.6 316.9
317.9 321.1
157.3
155.5 152.6 150.3
148.6 147.9 147.4
145.8 145.9 146.7
148.0 149.6 151.5
154.8 158.1 161.2
162.7
160.4 162.1 161.6
161.3 162.1 162.7 163.3
163.6 164.6
Total
448.8
444.5 440.9 439.2
440.4 443.1 445.6
448.9 454.0 458.6
460.2 462.4 465.3
472.3 480.5 484.3
481.9
484.0 486.0 485.1
483.4 481.9 483.3 480.2
481.4 485.8
Savings bonds
86.5
87.8 89.7 91.6
92.5 93.3 94.2
95.1 95.9 96.6
97.5 98.1 98.4
98.8 99.3 100.2 p
Non-M3 components of L
Short-term Treasury securities3
287.9
283.2 284.4 284.4
280.9 280.1 267.8
257.6 261.6 259.7
254.7 257.9 261.8
271.0 272.1 266.6 p
Bankers acceptances4
37.2
37.8 37.9 37.8
38.0 38.9 39.6
40.9 42.1 43.1
43.4 43.5 44.3
44.5 45.0 44.9 p
Commercial paper5
223.1
226.8 228.9 229.9
236.3 239.0 239.9
246.3 253.7 252.8
251.8 251.8 256.6
254.2 251.1 251.6 p
Debt components6
Federal debt
1746.8
1757.7 1776.2 1804.5
1818.7 1832.9 1850.0
1861.7 1874.4 1886.0
1888.9 1902.8 1913.1
1919.3 1939.5 1952.5 p
Non-federal debt
5618.5
5671.7 5734.9 5801.5
5855.0 5877.9 5904.3
5953.9 6008.4 6057.1
6097.0 6134.7 6184.9
6246.9 6303.9 6346.5 p
excluding those booked at international banking
depository institutions and
Large denomination time deposits are those issued in amounts of $100,000 or more* facilities. Large denomination time deposits at commercial banks less those held by money market mutual funds, foreign banks and official institutions. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions> Federal Reserve Banks, money market mutual runds and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions> Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis> derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
-indicates preliminary data.
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H.6 (508) Table 5
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjustea
Date
1986-SEP.
OCT. NOV. DEC.
1987-JAN. FEB. MAR.
APR. MAY JUNE
JULY AUG. SEP.
OCT. NOV. DEC.
1988-JAN.
Currency1
P
Week ending
1987-DEC.
1988-JAN.
FEB.
14 21 28
4 11 18 25
8p
176.4
177.8 180.1 183.0
180.8 181.5 182.8
184.8 187.0 188.6
190.5 190.9 190.9
192.6 195.9 199.4
197.0
198.4 199.8 201.6
199.2 198.1 197.2 195.7
195.3 197.9
Travelers checks2
6.9
6.5 6.1 6.0
6.0 6.2 6.4
6.4 6.5 7.1
7.7 7.9 7.6
7.0 6.6 6.5
6.6
6.5 6.5 6.5
6.5 6.6 6.6 6.7
6.7 e 6.8 e
Demand deposits3
286.3
287.9 295.0 314.4
305.8 287.1 286.9
301.1 294.1 294.4
294.3 290.7 289.3
295.7 294.1 298.5
295.9
296.0 297.2 298.7
315.4 305.1 296.3 284.8
283.3 282.6
Other
At commercial banks5
147.1
150.6 155.8 163.0
169.9 167.8 170.7
178.9 172.0 173.4
173.3 174.9 176.6
177.0 178.0 180.3
184.2
180.1 180.2 179.0
184.2 187.9 185.6 182.0
180.1 183.9
checkable deposi
At thrift
institutions5
68.5
70.1 72.4 74.3
74.9 74.5 76.6
81.2 80.2 81.0
81.0 80.8 80.9
81.5 81.3 81.2
81.1
81.3 80.8 79.7
82.3 83.1 81.4 79.4
79.2 81.2
Its
Total
215.6
220.6 228.2 237.3
244.9 242.3 247.4
260.2 252.3 254.3
254.3 255.6 257.5
258.4 259.3 261.5
265.3
261.4 261.0 258.6
266.5 271.1 267.1 261.3
259.3 265.1
Nontransact ions components
In M26
2052.7
2073.2 2076.2 2080.8
2102.4 2100.0 2103.0
2102.5 2095.9 2105.2
2115.3 2122.6 2130.2
2141.5 2144.5 2149.6
2173.0
2153.6 2149.5 2144.2
2155.7 2170.7 2174.2 2177.7
2180.6 2182.7
In M3 only7
688.7
682.3 684.6 685.7
687.4 695.1 699.7
699.9 717.0 728.3
724.7 735.6 743.4
748.3 765.2 764.9
764.6
763.0 765.2 771.7
759.2 759.8 766.2 766.4
769.7 772.8
Overnight RPs8
55.9
58.7 58.7 59.4
62.4 60.6 58.3
56.2 55.1 54.5
56.4 60.8 61.7
64.4 62.5 61.5
64.0
63.2 61.3 59.1
61.7 64.5 63.6 63.9
65.4 62.1
Overnight Eurodollars9
17.2
19.4 18.8 19.0
22.3 19.5 18.6
20.7 20.9 20.0
18.7 18.4 21.1
21.0 16.5 16.1
18.1
16.1 16.4 15.6
18.3 19.6 17.8 18.3
16.2 14.4
General purpose and broker/dealer
money market funds
202.7
207.3 207.5 208.0
209.5 211.5 212.5
212.1 209.9 210.6
210.6 213.1 216.3
218.8 220.9 222.2
226.2
223.3 223.1 221.8
219.5 222.1 226.9 229.6
230.5 230.5
1. Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. 8. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer). eindicates estimated data, pindicates preliminary data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
H.6 (508) Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted
D a t e
1 9 8 6 - S E P .
OCT. NOV. DEC.
1 9 8 7 - J A N . FEB. MAR.
APR. MAY JUNE
JULY AUG. SEP.
OCT. NOV. DEC.
1 9 8 8 - J A N .
c
P
Heek e n d i n g
1987-DEC.
1 9 8 8 - J A N .
FEB.
14 2 1 28
4 1 1 18 25
8 p
Money m a r k e t d e p o s i t
A t o m m e r c i a l
b a n k s
3 6 9 . 1
3 7 2 . 9 3 7 6 . 4 3 7 9 . 6
3 8 2 . 0 3 7 8 . 8 3 7 8 . 8
3 7 6 . 1 3 6 9 . 7 3 6 8 . 5
3 6 6 . 2 3 6 5 . 0 3 6 3 . 3
3 6 0 . 0 3 5 8 . 1 3 5 8 . 2
3 5 8 . 8
3 5 9 . 5 3 5 7 . 9 3 5 6 . 5
3 5 7 . 8 3 6 0 . 3 3 5 9 . 6 3 5 8 . 2
3 5 7 . 6 3 5 8 . 6
A t t h r i f t
i n s t i t u t i o n s
1 9 0 . 4
1 9 2 . 3 1 9 3 . 4 1 9 2 . 9
1 9 3 . 4 1 9 3 . 2 1 9 3 . 0
1 9 0 . 7 1 8 8 . 9 1 8 6 . 6
1 8 3 . 3 1 8 0 . 0 1 7 7 . 2
1 7 3 . 9 1 6 9 . 6 1 6 7 . 0
1 6 5 . 1
1 6 7 . 6 1 6 6 . 6 1 6 6 . 0
1 6 6 . 2 1 6 6 . 1 1 6 5 . 3 1 6 4 . 4
1 6 3 . 9 1 6 4 . 1
a c c o u n t s
T o t a l
5 5 9 . 5
5 6 5 . 2 5 6 9 . 8 5 7 2 . 5
5 7 5 . 4 5 7 2 . 0 5 7 1 . 8
5 6 6 . 8 5 5 8 . 6 5 5 5 . 1
5 4 9 . 4 5 4 5 . 0 5 4 0 . 5
5 3 3 . 9 5 2 7 . 7 5 2 5 . 2
5 2 4 . 0
5 2 7 . 0 5 2 4 . 6 5 2 2 . 5
5 2 4 . 0 5 2 6 . 4 5 2 4 . 9 5 2 2 . 6
5 2 1 . 6 5 2 2 . 7
A t commerc ia
banks
1 4 1 . 2
1 4 6 . 6 150 .6 1 5 4 . 2
1 5 9 . 7 1 6 3 . 2 1 6 7 . 4
172 .3 1 7 5 . 0 1 7 6 . 8
1 7 8 . 7 1 7 8 . 5 1 7 8 . 2
1 7 8 . 6 1 7 7 . 5 1 7 6 . 7
1 7 8 . 1
1 7 7 . 2 1 7 6 . 5 1 7 6 . 0
1 7 7 . 3 1 7 8 . 5 1 7 8 . 2 1 7 8 . 0
1 7 8 . 1 1 7 9 . 0
S a v i n g s d e p o s i t s 1
A t 1 . t h r i f t
i n s t i t u t i o n s
2 0 1 . 2
2 0 7 . 2 2 1 0 . 5 2 1 2 . 9
2 1 8 . 1 2 2 2 . 9 2 2 7 . 9
2 3 3 . 6 2 3 7 . 4 2 4 0 . 4
2 4 1 . 8 2 4 0 . 0 2 3 9 . 2
2 3 9 . 3 2 3 5 . 7 2 3 3 . 3
2 3 3 . 0
2 3 4 . 0 2 3 2 . 7 2 3 1 . 9
2 3 3 . 7 2 3 3 . 9 2 3 3 . 2 2 3 2 . 4
2 3 2 . 0 2 3 3 . 0
T o t a l
3 4 2 . 4
3 5 3 . 8 3 6 1 . 1 3 6 7 . 0
3 7 7 . 8 3 8 6 . 0 3 9 5 . 4
4 0 5 . 9 4 1 2 . 4 4 1 7 . 3
4 2 0 . 5 4 1 8 . 5 4 1 7 . 3
4 1 7 . 8 4 1 3 . 2 4 1 0 . 1
4 1 1 . 1
4 1 1 . 2 4 0 9 . 2 4 0 7 . 9
4 1 1 . 0 4 1 2 . 4 4 1 1 . 4 4 1 0 . 4
4 1 0 . 2 4 1 2 . 0
S m a l l - d e n o m i n a t i o n t i m e
A t A t c o m m e r c i a l t h r i f t
banks i n s t i t u t i o n s
3 7 6 . 5
3 7 2 . 0 3 6 7 . 6 3 6 5 . 3
3 6 4 . 7 3 6 2 . 3 3 6 0 . 2
3 5 6 . 3 3 5 6 . 2 3 6 0 . 4
3 6 4 . 8 3 6 7 . 9 3 7 0 . 0
3 7 5 . 0 3 8 2 . 6 3 6 5 . 2
3 8 9 . 3
3 8 4 . 9 3 8 5 . 2 3 8 5 . 7
3 8 6 . 7 3 8 8 . 2 3 8 9 . 3 3 9 0 . 2
3 9 1 . 1 3 9 2 . 4
4 9 8 . 4
4 9 6 . 9 4 9 2 . 6 4 8 9 . 7
4 9 0 . 3 4 8 8 . 1 4 8 6 . 3
4 8 4 . 6 4 8 3 . 0 4 8 7 . 4
4 9 4 . 7 4 9 9 . 0 5 0 3 . 2
5 1 0 . 5 5 2 1 . 1 5 2 9 . 3
5 4 0 . 5
5 2 7 . 9 5 2 9 . 8 5 3 1 . 5
5 3 4 . 4 5 3 7 . 3 5 4 0 . 4 5 4 2 . 7
5 4 5 . 6 5 4 8 . 7
d e p o s i t s 2
T o t a l
8 7 4 . 9
8 6 8 . 8 8 6 0 . 3 8 5 5 . 0
8 5 5 . 0 8 5 0 . 4 8 4 6 . 4
8 4 0 . 9 8 3 9 . 1 8 4 7 . 8
8 5 9 . 6 8 6 6 . 8 8 7 3 . 2
8 8 5 . 5 9 0 3 . 8 9 1 4 . 6
9 2 9 . 8
9 1 2 . 8 9 1 4 . 9 9 1 7 . 2
9 2 1 . 2 9 2 5 . 5 9 2 9 . 7 9 3 2 . 9
9 3 6 . 8 9 4 1 . 1
L a r g e - d e n o m i n a t i o n t i m e
A t ~ A t c o m m e r c i a l t h r i f t
b a n k s * i n s t i t u t i o n s
2 9 2 . 3
2 8 9 . 3 2 8 8 . 5 2 8 9 . 1
2 9 2 . 5 2 9 5 . 1 3 0 0 . 0
3 0 2 . 7 3 0 8 . 7 3 1 1 . 2
3 0 9 . 7 3 1 2 . 3 3 1 4 . 1
3 1 7 . 3 3 2 2 . 4 3 2 3 . 2
3 2 0 . 3
3 2 3 . 3 3 2 3 . 0 3 2 4 . 4
3 2 5 . 2 3 2 0 . 9 3 2 0 . 9 3 1 7 . 5
3 1 9 . 0 3 2 1 . 5
1 5 7 . 8
1 5 6 . 4 1 5 3 . 4 1 5 0 . 7
1 4 9 . 5 1 4 8 . 9 1 4 7 . 5
1 4 4 . 5 1 4 5 . 1 1 4 5 . 7
1 4 6 . 8 1 4 9 . 4 1 5 1 . 8
1 5 5 . 7 1 5 9 . 0 1 6 1 . 7
1 6 3 . 8
1 6 1 . 0 1 6 2 . 7 1 6 2 . 6
1 6 1 . 8 1 6 3 . 0 1 6 3 . 9 1 6 4 . 7
1 6 4 . 9 1 6 5 . 9
d e p o s i t s 3
T o t a l
4 5 0 . 0
4 4 5 . 7 4 4 1 . 9 4 3 9 . 8
4 4 2 . 1 4 4 4 . 0 4 4 7 . 5
4 4 7 . 2 4 5 3 . 7 4 5 7 . 0
4 5 6 . 5 4 6 1 . 7 4 6 5 . 9
4 7 3 . 1 4 8 1 . 3 4 8 5 . 0
4 8 4 . 1
4 8 4 . 3 4 8 5 . 7 4 8 7 . 0
4 8 7 . 0 4 8 3 . 9 4 8 4 . 8 4 8 2 . 2
4 8 3 . 9 4 8 7 . 5
1. Savings deposits exclude MMDAs. 2. Small-denomination time depositsincluding retail RPsare those issued in amounts of less than $1009000. All individual retirement accounts
(IRA) and Keogh accounts at commercial banks and thrifts are subtracted from small time deposits. 3. Large-denomination time deposits are those issued in amounts of $100>000 or more, excluding those booked at international banking facilities. 4. Large-denomination time deposits at commercial banks less those held by money market mutual funds> depository institutions> and toreign banks and
official institutions. pindicates preliminary data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted
Date
1986-SEP.
OCT. NOV. DEC.
1987-JAN. FEB. MAR.
APR. MAY JUNE
JULY AUG. SEP.
OCT. NOV. DEC.
1988-JAN.
I
P
Week ending
1987-DEC.
1988-JAN.
FEB.
14 21 28
4 11 18 25
8p
Institution-only money market funds
84.7
84.9 84.8 84.4
84.4 85.1 85.4
83.5 82.1 81.7
83.8 84.0 81.3
82.5 89.5 89.6
94.4
89.9 90.0 89.5
86.8 92.0 96.5 96.9
97.1 97.5
At commercial
banks
35.7
34.5 37.2 35.4
34.1 35.4 34.9
38.4 40.8 40.8
39.0 40.1 40.9
37.7 39.8 38.1
38.4
38.7 37.4 39.0
31.9 36.7 38.0 41.4
41.5 42.8
Term RPs1
At thrift
institutions
42.4
44.3 46.6 48.6
49.5 51.8 52.3
56.1 61.9 67.0
68.5 67.9 68.8
69.2 69.9 68.6
68.9
68.2 68.9 68.8
68.4 68.9 69.3 68.6
68.8 69.2
Total
78.1
78.8 83.8 84.0
83.6 87.2 87.2
94.5 102.8 107.8
107.5 108.0 109.7
106.9 109.7 106.7
107.2
106.9 106.3 107.8
100.3 105.6 107.3 110.0
110.3 112.0
Term Eurodollars2
82.3
79.0 80.2 83.8
85.4 88.0 88.4
83.8 87.0 89.7
85.7 90.5 94.8
93.7 93.1 92.7
88.2
91.2 92.1 95.8
92.7 87.1 87.3 87.8
88.0 84.8
Savings bonds
86.4
87.8 89.9 91.9
92.7 93.5 94.3
95.1 95.8 96.5
97.1 97.7 98.3
98.8 99.6 100.6 p
Non-M3 Components of L
Short-term Treasury securities3
285.0
280.6 286.8 287.0
283.7 285.4 273.4
257.0 256.8 257.9
251.0 256.2 258.9
268.1 275.2 269.5 p
Bankers acceptances*
37.4
38.0 38.0 37.4
37.8 38.9 39.3
40.5 42.2 43.5
43.6 43.6 44.4
44.8 45.1 44.4 p
Commercial paper5
223.1
228.7 227.9 228.7
239.3 240.4 240.2
243.8 253.6 255.1
249.2 249.2 256.8
257.1 250.2 250.5 p
Debt components6
Federal debt
1734.9
1749.1 1772.3 1804.0
1817.6 1827.4 1839.0
1847.4 1858.3 1869.5
1872.7 1887.7 1900.2
1909.8 1935.2 1951.9 p
Non-Federal debt
5615.3
5662.7 5713.3 5787.8
5838.8 5849.5 5883.5
5937.1 5991.9 6045.5
6091.2 6131.8 6184.0
6237.5 6276.9 6324.7 p
5. 6. P-
Term RPs are those with original maturities greater than one day of overniqht RPs at thrift institutions. Term Eurodollars are those with original maturities greater than one day
excluding continuing contracts and retail RPs. Includes a relatively small amount
Consists of those issued to U.S. residents by foreign branches of U.S. banks "tory institutions and money market other than depository institutions!
world-wide and by all bankma offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by othe Al ' "x " A x A" " ' * Reserve Banks, money market mutual funds, and foreign entities.
Federal
Net of bankers acceptances held by accepting banks. Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds.
m Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, -indicates preliminary data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted
Date
Demand deposits at banks due to
Foreign Foreign commercial official
banks institutions
U.S. government deposits IRA and Keogh Accounts
Time and savings deposits due to foreign banks and official institutions
Demand Balance deposits at at Note balances Total commercial Federal at depository cash
banks Reserve institutions balance
Time and savings At
deposits At At money at commercial commercial thrift market
banks banks institutions funds Total
1986-SEP.
OCT. NOV. DEC.
1987-JAN. FEB. MAR.
APR. MAY JUNE
JULY AUG. SEP.
OCT. NOV. DEC.
1988-JAN. p
9.6
9.7 9.3 9.5
9.9 9.3 8.8
1.9 4.2
1.9 1.7 1.6
3.6
3.4 3.4 3.7
10.0 1.7 4.4
3.2 3.2 3.9
4.1
5.6
3.4 3.2 3.7
9. 5, 3.
7. 16. 8.
5, 3.
10.
8.9 4.0 4.2
5.6
14.6
11.8 11.9 15.5
23.8 25.2 13.6
16.6 27.4 21.8
23. 18. 21.
27. 22. 18.
23.8
18.6 18.4 22.9
37. 33. 20.
28.5 46.8 34.2
31, 25, 35.8
39. 29. 26.
1.6
1.6 1.5 1.5
1.4 1.4 1.4
71.5
71.5 71.8 72.7
95.5 10.5 177.5
73. 74. 75,
78, 79.
20.8 30.5 1.6
79.8
80.2 80.7 81.4
81.8 82.2 82.9
83.9
95.8 96.4 97.2
98.1 98.9 100.3 103.0 103.7 104.6 105.4 105.7 106.6 107.1 107.4 108.7
109.7 e
10.8 10.7 10.7
10.8 11.0 11.2 12.4 13.1 13.3 13.5 14.0 14.5 14.8 15.0 15.2
15.5
e e e
e
178.1 178.9 180.7
182.6 184.4 187.1 193.9 196.5 197.7 199.2 200.4 202.4 203.7 204.6 206.8
209.1
e e e
e
^eek ending
I987-DEC. 14 21 28
1988-JAN. 4 11 18 25
FEB. lp 8p
9. 9. 9.
9. 11. 9.
10.8
8.7 21.9 27.4
20. 12. 17. 25.
30. 22.
15.8 33.3 34.1
29, 19. 25. 36.
42. 30.
eindicates estimated data, pindicates preliminary data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
SPECIAL SUPPLEMENTARY TABLE Monthly Survey of Selacted Deposits and Other Accounts
At All Insured Commercial Banks and FDIC-Insured Savings Banks December 30, 1987 and January 27, 1988
(not seasonally adjusted)
Liability Categories
NOW accounts2
Money market deposit accounts 1
Savings accounts 1
Interest-bearing time deposits with balances of less than $100,000.
with original maturities of: 1 7 to 31 days
(standard error of the estimate)
32 to 91 days (standard error of the estimate)
92 to 182 days (standard error of the estimate)
183 days to 1 year (standard error of the estimate)
Over 1 year to 2-1/2 years (standard error of the estimate)
2-1/2 years and over (standard error of the estimate)
All IRA/Keogh Plan deposits6 (standard error of the estimate)
7 Retail repurchase agreements
(standard error of the estimate)
Liability Categories
2 NOW accounts
Money market deposit accounts
4 Savings accounts
Interest-bearing time deposits with balances of less than $100,000 with original maturities of:
7 to 31 days [Bstandard error, of the estimate)
32 to 91 days (standard error of the estimate)
92 to 182 days (standard error of the estimate)
183 days to 1 year (standard error of the estimate)
Over 1 year to 2-1/2 years (standard error of the estimate)
2-1/2 years and over (standard error of the estimate)
Insured Commercial Banks | Amount Outstanding ($mil) | January 27 1
172,175
356,096
174,747
6,932 (904)
23,382 (1,090)
132,229 (2,896)
99,726 (3,593)
91,770 (2,264)
123,274 ! (3,010)
84,525 (516)
915 (241)
Amount Outsi 1 January 27
6,580
32,814
40,657
151 (30)
2,293 (584)
21,827 (1,484)
24,850 (944)
20,458 (1,143)
24,937 1 (1,028)
December 30 1
174,752
353,807
173,141
7,145 (929)
23,306 (1,083)
132,440 (2,849)
96,799 (3,532)
89,619 (2,237)
121,325 (2,962)
83,241 (591)
767 (166)
FDIC-: ending ($mil) December 30
6,777
33,066
40,530
147 (29)
2,133 (585)
21,418 (1,453)
23,779 (1,066)
20,139 (1,373)
24,578 1 (986)
Averaqe Rate Paid (%) | January 27 1
4.93
5.43
5.24
5.91
6.21
6.71
7.10
7.41
7.82
N.A.
5.50
December 30 1
4.95
5.43
5.21
6.02
6.26
6.75
7.14
7.46
7.86
N.A.
5.46
-Insured Savings Banks Averaqe Rate Paid (%)
January 27
5.25
5.80
5.45
5.99
6.85
7.34
7.61
7.84
8.31
December 30
5.27
5.82
5.47
5.97
6.71
7.33
7.63
7.84
8.30
Number of Issuing Banks 1 January 27 1
13,070
12,400
12,943
8,576
12,382
13,126
12,866
12,972
12,809
12,644
2,218
December 301
13,196
12,513
13,072
8,831
12,426
13,352
12,992
13,096
12,936
12,763
2,098
Number of Issuing Banks | January 27
339
373
384
90
300
375
382
361
378
December 301
1 334 370
381
89
298
372
379
358
375 1
All IRA and Keogh Plan deposits (standard error of the estimate)
Retail repurchase agreements (standard error of the estimate)
17,933 (418)
81 (40)
17,677 (420)
97 (50)
N.A.
6.08
N.A.
6.07
376
14
373
14
NOTE: The lower panel of this table now presents data for both mutual and federal savings banks. N.A. - Data not available. 1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banks and 80 savings banks. 2. As of January 1, 1986 interest rate ceilings were removed from all NOW accounts. Beginning with the January 1986 data the NOW account category includes all NOW accounts, including those accounts which were subject to a 5.25 percent regulatory interest rate restriction prior to January 1, 1986. Estimates for this category are based on reports of deposits. The NOW account rate is reported as a simple annual rate. 3. Money market deposit accounts (MMDAs)Deposits with no required minimum maturity but institutions must reserve the right to require at least seven days' notice prior to withdrawal, no restrictions on depositor eligibility, or limitations on the amount of interest that may be paid; such accounts may allow up to six transfers per month, no more than three of which may be draft and may permit unlimited withdrawals by mail, messenger, or in person. Estimates for this category are based on reports of deposits. The MMDA rate is reported as a simple annual rate. 4. Savings deposits that, because of restrictions on transactions, do not meet the definition of an MMDA. Estimates for this category are based on reports of deposits. The savings account rate is reported as a simple annual rate. 5. All interest-bearing time certificates and open account time deposits with balances of less than $100,000, including those held in IRAs and Keogh Plan deposits. With the exception of the 7-31 and 32-91 day deposit rates, which are reported as simple annual rates, time deposit rates are annual effective yields reflecting the method of compounding reported by the individual institutions. 6. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid. 7. Includes mutual savings banks and FDIC-insured federal savings banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
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Appendix Table 2 Monthly Seasonal Factors for Selected Components of the Monetary Aggregates
1987--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1988--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1989--Jan. Feb. Mar.
.
Commercial Bank Deposits 1
Savings | 1
0.9950 0.9913 0.9961 1.0052 1.0059 1.0085 1.0105 1.0014 0.9974 1.0009 0.9961 0.9916
0.9953 0.9915 0.9963 1.0051 1.0060
j 1.0083 1.0101 1.0014 0.9971 1.0009
| 0.9961 | 0.9915
0.9955 | 0.9916 | 0.9966
Small | denomi- | nation time 1 2
1.0030 1.0002 0.9984 0.9926 0.9921 0.9966 1.0012 1.0031 1.0047 1.0022 1.0028 1.0016
1.0035 1.0010 0.9992 0.9928 0.9919 0.9964 1.0012
j 1.0028 1.0045
| 1.0018 1.0027 1.0015
| 1.0038 1.0014
j 0.9996
Large denomi-nation time 1 3
1.0025 0.9994 1.0062 0.9987 1.0018 0.9977 0.9920 0.9983 1.0008 0.9994 1.0002 1.0004
1.0034 1.0008 1.0065 0.9997 1.0020 0.9978
| 0.9917 ! 0.9981
1.0001 0.9981 1.0002
j 1.0003
| 1.0040 | 1.0017
1.0063
Thrift Institution Deposits
Savings 4
0.9907 0.9900 0.9987 1.0040 1.0079 1.0111 1.0131 1.0018 0.9967 1.0028 0.9954 0.9884
0.9902 0.9897 0.9978 1.0037 1.0085 1.0116 1.0134 1.0021 0.9968 1.0029 0.9953
| 0.9880 0.9900
| 0.9896 0.9975
Small denomi-nation time 5
1.0069 1.0045 1.0001 0.9969 0.9918 0.9937 1.0001 0.9997 0.9987 1.0028 1.0019 1.0016
1.0067 1.0048 1.0010 0.9975 0.9920 0.9939 1.0003 0.9996 0.9985 1.0023 1.0015
| 1.0013 ! 1.0066 | 1.0051 | 1.0015
Large denomi-nation time 6
1.0064 1.0068 1.0005 0.9906 0.9946 0.9934 0.9918 0.9987 1.0023 1.0059 1.0052 1.0035
1.0068 1.0069 1.0011 0.9906 0.9944 0.9931 0.9913 0.9983 1.0021 1.0063 1.0054 1.0035
1.0068 1.0071 1.0016
Experimental
Currency 7
0.9945 0.9894 0.9924 0.9979 1.0006 1.0049 1.0096 1.0051 1.0004 0.9997 1.0082 1.0184
0.9942 0.9891 0.9935 0.9970 1.0011 1.0054 1.0087 1.0062 0.9994 0.9994 1.0092
| 1.0179 0.9943 0.9894 0.9934
Factors
Nonbank travelers checks
8
0.9204 0.9344 0.9493 0.9527 0.9663 1.0477 1.1395 1.1388 1.0766 1.0059 0.9491 0.9206
0.9187 0.9339 0.9502 0.9526 0.9660 1.0474 1.1393 1.1391 1.0778 1.0066 0.9484 0.9199
0.9180 0.9339 0.9507
(Model-Based) for Ml
Demand deposits
9
1.0223 0.9745 0.9752 1.0133 0.9866 0.9985 1.0061 0.9931 0.9969 1.0016 1.0100 1.0354
1.0218 0.9738 0.9784 1.0120 0.9848 1.0017 1.0038 0.9927 0.9979 0.9996 1.0107 1.0360
1.0206 0.9738 0.9793
Other checkable deposits
10
1.0156 0.9918 0.9996 1.0393 0.9941 1.0024 0.9982 0.9912 0.9976 0.9931 1.0003 1.0118
1.0146 0.9915 1.0022 1.0373 0.9949 1.0038 0.9956 0.9934 0.9962 0.9920 1.0031 1.0091
1.0160 0.9919 1.0006
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 3 Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week en
1987Dec.
1988--Jan.
Feb.
Mar.
Apr.
May
ded:
7 14 21 28
4 11 18 25
1 8 15 22 29
7 14 21 28
4 11 18 25
2 9 16 23 30
Currency 1
1.0131 1.0130 1.0185 1.0220
1.0110 1.0003 0.9936 0.9830
0.9775 0.9928 0.9938 0.9870 0.9849
1.0004 0.9957 0.9903 0.9835
0.9975 1.0019 0.9964 0.9875
0.9888 1.0065 1.0018 0.9971 0.9985
Nonbank travelers checks
2
0.9274 0.9234 0.9195 0.9156
0.9126 0.9155 0.9184 0.9212
0.9241 0.9279 0.9321 0.9363 0.9404
0.9442 0.9477 0.9512 0.9547
0.9574 0.9551 0.9527 0.9504
0.9482 0.9545 0.9623 0.9701 0.9778
Demand deposits
3
1.0298 1.0268 1.0342 1.0393
1.0984 1.0591 1.0165 0.9763
0.9744 0.9789 0.9696 0.9598 0.9638
0.9879 0.9825 0.9677 0.9493
1.0076 1.0089 1.0238 0.9885
0.9888 0.9923 0.9979 0.9740 0.9635
Other checkable deposits
4
1.0234 1.0119 1.0055 0.9945
1.0234 1.0367 1.0168 0.9852
0.9736 0.9992 0.9884 0.9816 0.9817
1.0171 1.0016 0.9896 0.9791
1.0262 1.0530 1.0527 1.0089
0.9799 1.0054 0.9976 0.9854 0.9845
Nontransactions | components 1
in M2 5
1.0010 1.0007 0.9984 0.9969
1.0001 1.0059 1.0031 1.0028
1.0014 1.0016 1.0000 1.0008 1.0009
1.0005 1.0011 1.0008 1.0030
0.9978 1.0024 0.9992 0.9996
0.9985 0.9956 0.9967 0.9969 0.9968
in M3 only | 6 L
1.0001 | 1.0028 | 1.0032 | 1.0118 | 0.9975 | 0.9954 j 1.0031 | 1.0026 | 1.0019 | 1.0010 | 1.0046 j 0.9995 j 1.0008 j
1.0026 | 1.0000 | 1.0006 j 1.0049 j
1.0044 | 0.9960 | 0.9933 | 0.9951 | 0.9972 | 0.9991 j 0.9988 | 1.0028 j 1.0079 |
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 3 (continued) Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week en<
1988--June
July
Aug.
Sept
Oct.
Nov.
led:
6 13 20 27
4 11 18 25
1 8 15 22 29
. 5 12 19 26
3 10 17 24 31
7 14 21 28
Currency 1
1.0116 1.0108 1.0052 0.9949
1.0120 1.0143 1.0061 0.9989
0.9986 1.0157 1.0097 1.0029 0.9925
1.0072 1.0048 0.9953 0.9863
0.9909 1.0080 0.9991 0.9929 0.9872
1.0078 1.0086 1.0037 1.0046
Nonbank travelers checks
2
0.9947 1.0241 1.0535 1.0830
1.1104 1.1240 1.1376 1.1511
1.1647 1.1595 1.1468 1.1341 1.1215
1.1080 1.0923 1.0767 1.0612
1.0457 1.0283 1.0110 0.9938 0.9766
I 0.9639 | 0.9545
0.9452 0.9359
Demand deposits
3
1.0153 1.0162 1.0055 0.9785
1.0248 1.0280 1.0134 0.9866
0.9953 1.0075 1.0119 0.9861 0.9729
0.9976 1.0096 0.9963 0.9686
1.0038 1.0007 1.0139 0.9884 0.9860
1.0115 1.0216 1.0063 0.9996
Other checkable deposits
4
1.0226 1.0155 0.9983 0.9716
1.0074 1.0095 0.9953 0.9790
0.9787 1.0118 1.0005 0.9888 0.9769
1.0127 1.0184 0.9975 0.9657
0.9843 1.0053 1.0008 0.9829 0.9795
1.0174 1.0094 0.9930 0.9812
Nontransactions | components I
in M2 5
0.9981 0.9987 0.9979 0.9978
0.9967 1.0002 1.0012 1.0019
1.0014 1.0011 1.0009 1.0001 0.9990
0.9982 0.9987 0.9984 0.9987
1.0020 1.0020 1.0013 1.0018 1.0021
1.0009 1.0014 1.0011 0.9974
in M3 only | 6 L
0.9993 | 1.0004 | 0.9944 j 0.9953 | 0.9934 | 0.9881 | 0.9887 | 0.9921 | 0.9943 | 0.9950 | 0.9974 j 0.9973 | 1.0018 | 1.0048 | 1.0028 j 1.0020 j 1.0094 j
1.0003 | 1.0004 j 0.9963 | 0.9960 j 1.0010 j
1.0028 | 1.0019 j 1.0011 j 1.0154 j
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 3 (continued) Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week en
1988--Dec.
1989--Jan.
Feb.
Mar.
Apr.
ded:
5 12 19 26
2 9 16 23 30
6 13 20 27
6 13 20 27
3
Currency 1
1.0070 1.0098 1.0151 1.0251
1.0087 1.0032 0.9981 0.9895 0.9797
0.9935 0.9899 0.9921 0.9819
0.9958 0.9943 0.9912 0.9888
0.9871
Nonbank travelers checks
2
0.9282 0.9240 0.9199 0.9157
0.9116 0.9136 0.9166 0.9196 0.9226
0.9263 0.9309 0.9356 0.9402
0.9443 0.9477 0.9512 0.9546
0.9580
Demand deposits
3
1.0272 1.0304 1.0379 1.0233
1.0696 1.0712 1.0346 0.9971 0.9666
0.9889 0.9789 0.9617 0.9503
0.9742 0.9744 0.9720 0.9593
0.9978
Other checkable deposits
4
1.0169 1.0118 1.0071 0.9993
1.0061 1.0446
- 1.0235 0.9930 0.9681
1.0030 0.9909 0.9838 0.9732
1.0082 1.0002 0.9947 0.9827
1.0102
Nontransactions | components |
in M2 5
0.9999 1.0008 0.9988 0.9969
1.0005 1.0054 1.0028 1.0026 1.0015
1.0012 1.0013 0.9999 1.0008
1.0011 1.0025 1.0019 0.9978
1.0004
in M3 only | 6 L
1.0021 J 1.0010 | 1.0013 | 1.0078 | 1.0052 | 0.9943 | 1.0013 | 1.0014 | 1.0026 | 1.0008 | 1.0044 | 0.9995 | 1.0021 | 1.0039 | 1.0008 | 0.9999 | 1.0048 | 1.0016 |
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 4 Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week ended:
1987--Dec.
1988--Jan.
Feb.
Mar.
Apr.
May
7 14 21 28
4 11 18 25
1 8 15 22 29
7 14 21 28
4 11 18 25
2 9 16 23 30
Commercial Bank Deposits
i Savings 1 1
0.9950 0.9929 0.9891 0.9870
0.9968 1.0005 0.9951 0.9927
0.9916 0.9938 0.9927 0.9913 0.9881
0.9920 0.9944 0.9958 0.9985
1.0071 1.0110 1.0036 1.0016
1.0020 1.0059 1.0063 1.0069 1.0055
Small denomi-nation time 2
1.0022 1.0016 1.0006 1.0015
1.0030 1.0038 1.0040 1.0034
1.0031 1.0020 1.0008 1.0008 1.0000
1.0001 1.0007 0.9996 0.9977
0.9960 0.9933 0.9916 0.9924
0.9920 0.9917 0.9916 0.9916 0.9926
Large denomi-nation time
1 3
0.9985 0.9992
| 0.9970 1.0029
1.0097 1.0033 1.0010 1.0020
1.0037 1.0013 1.0014 1.0006 0.9998
1.0025 1.0048 1.0057 1.0124
1.0077 1.0037 0.9972 0.9968
0.9956 0.9976 0.9994 1.0047 1.0080 |
| IL
Savings 1 4
0.9943 0.9904 0.9850 0.9816
| 0.9938 0.9948 0.9914 0.9864
0.9852 0.9909 0.9905 0.9891 0.9890
0.9952 0.9961 0.9973 0.9980
1.0093 1.0099 1.0019 0.9977
1.0017 1.0087 j 1.0093 1.0086 | 1.0084
rift Depos | Small | denomi-| nation
time | 5
1.0017 1.0003 1.0001
| 1.0022 i 1.0062
1.0070 1.0076 1.0063
1.0061 1.0068 1.0054 1.0036 1.0032
1.0020 1.0010 0.9996 1.0006
1.0028 0.9990 0.9973 j 0.9956
0.9940 0.9929 0.9919 0.9913 | 0.9915 |
its | | Large | denomi- | nation | time 1
1 6 1
| 1.0013 | 1.0037 | 1.0037 | 1.0058 j
1.0029 | 1.0059 j 1.0073 | 1.0081 j
1.0082 | 1.0080 | 1.0076 j 1.0062 | 1.0055 | 1.0046 | 1.0034 j 1.0003 | 0.9994 j
0.9940 | 0.9921 | 0.9891 | 0.9897 | 0.9893 | 0.9916 | 0.9948 | 0.9961 | 0.9963 |
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 4 (continued) Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week ended:
1988--June 6 13 20 27
July 4 11 18 25
Aug. 1 8 15 22 29
Sept. 5 12 19 26
Oct. 3 10 17 24 31
Nov. 7 14 21 28
Commercial Bank Deposits
Savings 1
1.0089 1.0098 1.0071 1.0061
1.0116 1.0139 1.0111 1.0089
1.0050 1.0054 1.0032 1.0002 0.9974
0.9976 0.9990 0.9962 0.9945
0.9995 1.0045 1.0023 1.0007 0.9967
0.9973 0.9971 0.9958 0.9945
Small denomi-nation time
2
0.9940 0.9953 0.9962 0.9978
1.0010 1.0008 1.0008 1.0018
1.0016 1.0020 1.0025 1.0028 1.0033
1.0053 1.0051 1.0045 1.0041
1.0029 1.0038 1.0020 1.0008 1.0002
1.0028 1.0033 1.0023 1.0026
Large denomi-nation time
3
1.0034 1.0000 0.9922 0.9977
0.9949 0.9907 0.9889 0.9918
0.9942 0.9954 0.9963 0.9983 1.0021
1.0014 0.9976 0.9983 1.0022
1.0019 1.0003 0.9958 0.9959 0.9985
1.0007 0.9994 1.0006 1.0014
Thi
Savings 4
1.0138 1.0137 1.0100 1.0068
1.0172 1.0195 1.0150 1.0100
1.0059 1.0090 1.0052 1.0004 0.9948
0.9973 0.9975 0.9958 0.9937
1.0024 1.0079 1.0055 1.0009 0.9975
| 0.9996 0.9975 0.9942 0.9905
-jft Deposits | Small |
denomi-nation time 5
0.9921 0.9927 0.9927 0.9951
1.0002 1.0004 1.0006 1.0002
1.0001 0.9997 0.9998 0.9997 0.9994
0.9992 0.9980 0.9969 0.9980
1.0025 1.0028 1.0023 1.0020 1.0022
1.0016 | 1.0015 | 1.0014 | 1.0013
Large | denomi- | nation | time | 6 1
0.9946 | 0.9952 | 0.9911 | 0.9931 | 0.9904 | 0.9897 | 0.9908 | 0.9926 | 0.9931 | 0.9943 | 0.9983 | 0.9997 | 1.0012 | 1.0001 | 0.9991 | 1.0001 | 1.0064 j
1.0055 | 1.0064 | 1.0055 |
! 1.0068 | ! 1.0068 |
1.0055 | | 1.0059 | | 1.0051 | | 1.0060 j
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 4 (continued) Weekly Seasonal Factors For Selected Components of
the Monetary Aggregates
Week ended:
1988--Dec.
1989--Jan.
Feb.
Mar.
Apr.
5 12 19 26
2 9 16 23 30
6 13 20 27
6 13 20 27
3
Commercial Bank Deposits
Savings 1
0.9951 0.9949 0.9899 0.9867
0.9924 0.9995 0.9969 0.9941 0.9929
0.9922 0.9922 0.9914 0.9906
0.9930 0.9953 0.9959 0.9976
1.0039
Small denomi-nation time 2
1.0025 1.0021 0.9997 1.0006
1.0036 1.0042 1.0050 1.0045 1.0017
1.0014 1.0015 1.0019 1.0012
1.0003 1.0004 0.9995 0.9986
0.9990
Large denomi-nation time 3
0.9957 0.9993 0.9976 1.0020
1.0080 1.0025 1.0039 1.0043 1.0045
1.0022 1.0020 1.0005 1.0019
1.0040 1.0051 1.0049 1.0109
1.0065
| Ihj
Savings 4
0.9936 0.9914 0.9864 0.9815
0.9891 0.9948 0.9920 0.9885 0.9847
0.9903 0.9912 0.9890 0.9876
0.9939 0.9970 0.9968 0.9968
1.0066
rift Depos. J Small denomi-nation time 5
1.0017 1.0000 0.9994 1.0011
1.0054 1.0067 1.0075 1.0066 1.0059
1.0068 1.0061 1.0042 1.0037
1.0030 1.0018 1.0005 1.0002
1.0029
Its | Large |
denomi- | nation | time [
6 1
1.0020 | 1.0025 | 1.0030 | 1.0058 | 1.0039 | 1.0045 | 1.0073 | 1.0074 | 1.0084 | 1.0078 | 1.0083 | 1.0066 | 1.0063 j
1.0050 | 1.0045 | 1.0010 | 1.0002 | 0.9954 1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 5
Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adjusted)
1986-
1987-
1988-
-October November December
-January February March April May June July August September October November December
-January
M l
Revised
694.9 706.4 725.4
731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8
758.9
Old
701.4 712.4 730.5
737.7 737.4 739.5 750.3 753.1 746.6 747.6 751.0 751.2 760.8 756.7 753.2
762.5
| M2 Revised
I 2766.1 2782.7 2807.8
2827.8 2829.3 2834.3 2847.3 2848.9 2851.3 2857.6 2869.0 2880.3 2894.6 2897.0 2901.8
2925.6 !
Old
2761.4 2776.3 2801.2
2823.5 2823.0 2826.5 2839.9 2840.3 2841.6 2847.9 2862.7 2875.6 2892.0 2890.9 2894.7
2920.8
| M3 Revised
! 3448.3 i 3463.9 3490.4
3515.1 3523.8 3532.5 3549.7 3564.6 3581.9 3588.8 3605.9 3621.0 3643.5 3658.5 3663.8
3690.0
1 Old
3444.7 3463.3 3493.1
3519.1 3522.7 3527.4 3544.0 3560.3 3577.5 3584.2 3604.7 3621.0 3644.1 3657.8 3661.8
3687.8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 6
Comparison of Revised and Old Ml Growth Rates (percent changes at annual rates)
Monthly
1986Oct. Nov. Dec.
1987Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1988--Jan.
Quarterly
1986--QIV
1987--QI QII QUI QIV
Semi-Annual
1987--QIV *86 QII *87
QII '87 QIV '87
to
to
Annual (QIV TO QIV)
1986 1987
Revised m
13.1 19.9 32.3
9.9 -0.2 4.8 17.2 2.9 -7.1 2.4 4.7 1.6 14.0 -5.6 -3.0
12.9
17.2
13.2 6.6 0.8 3.9
10.0
2.4
15.6 6.2
Old
m
14.4 18.8 30.5
11.8 -0.5 3.4 17.5 4.5
-10.4 1.6 5.5 0.3 15.3 -6.5 -5.6
14.8
17.0
13.1 6.4 -0.1 3.7
9.8
1.8
15.3 5.9
Difference | m - m | (3) |
-1.3 1.1 1.8
-1.9 0.3 1.4 -0.3 -1.6 3.3 0.8 -0.8 1.3 -1.3 0.9 2.6
-1.9
0.2
0.1 0.2 0.9 0.2
0.2
0.6
0.3 0.3
1 Difference due | Redefinition Benchmark 1 (4^
0.1 0.5 0.7
-0.8 0.5 0.6 0.7 -0.3 0.5 0.1 0.5 0.3 -0.1 0.2 0.6
-1.2
0.4
0.1 0.4 0.3 0.2
0.2
0.3
0.2 0.3
(5)
-0.2 0.1 -0.3
-0.8 0.3 0.8 0.3 0.2 0.0 0.0 0.0 0.0 0.5 0.2 0.1
0.0
-0.1
-0.1 0.4 0.0 0.2
0.2
0.1
0.2 0.1
to Seasonals
(6)
-1.2 0.5 1.4
-0.3 -0.5 0.0 -1.3 -1.5 2.8 0.7 -1.3 1.0 -1.7 0.5 1.9
-0.7
-0.1
0.1 -0.6 0.6 -0.2
-0.2
0.2
-0.1 -0.1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates)
Monthly
1986--0ct. Nov. Dec.
1987--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1988--Jan.
Quarterly
1986--QIV
1987--QI Q H QUI QIV
Semi-Annual
1987--QIV f86 QII '87
QII '87 QIV '87
to
to
Annual fOIV TO 0IV1
1986 1987
Revised fl)
9.8 7.2 10.8
8.5 0.6 2.1 5.5 0.7 1.0 2.7 4.8 4.7 6.0 1.0 2.0
9.8
9.0
6.5 2.6 2.8 4.0
4.6
3.4
9.4 4.0
Old f2)
10.8 6.5 10.8
9.6 -0.2 1.5 5.7 0.2 0.5 2.7 6.2 5.4 6.8 -0.5 1.6
10.8
9.3
6.4 2.3 3.0 4.2
4.4
3.7
9.0 4.1
Difference | m - (2) |
f3) 1
-1.0 0.7 0.0
-1.1 0.8 0.6 -0.2 0.5 0.5 0.0 -1.4 -0.7 -0.8 1.5 0.4
-1.0
-0.3
0.1 0.3 -0.2 -0.2
0.2
-0.3
0.4 -0.1
1 Di | Redefinition 1 T4)
0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0
0.0
0.0 0.0 0.0 0.0
0.0
0.0
0.0 0.0
fference due Benchmark
(5)
-0.2 -0.5 -0.2
-0.3 0.0 0.1 0.1 0.0 0.2 0.0 -0.1 0.0 0.1 0.0 0.0
-0.1
-0.1
-0.2 0.1 0.0 0.0
-0.1
0.0
0.4 -0.1
to Seasonals
(6)
-0.8 1.2 0.2
-0.8 0.8 0.5 -0.3 0.5 0.3 0.0 -1.3 -0.7 -0.9 1.5 0.4
-0.9
-0.2
0.3 0.2 -0.2 -0.2
0.3
-0.3
0.0 0.0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates)
Monthly
1986--0ct. Nov. Dec.
1987--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1988--Jan.
Quarterly
1986--QIV
1987--QI Q H QUI QIV
Semi-Annual
1987--QIV f86 to QII '87
QII f87 to QIV f87
Annual (QIV TO QIV)
1986 1987
Revised
m
6.5 5.4 9.2
8.5 3.0 3.0 5.8 5.0 5.8 2.3 5.7 5.0 7.5 4.9 1.7
8.6
7.5
6.5 4.7 4.5 5.6
5.6
5.0
9.1 5.4
Old (21
6.9 6.5 10.3
8.9 1.2 1.6 5.6 5.5 5.8 2.2 6.9 5.4 7.7 4.5 1.3
8.5
8.2
6.5 4.3 4.8 5.7
5.4
5.3
8.9 5.4
Difference (1) - (2) |
( 3 ) 1
-0.4 -1.1 -1.1
-0.4 1.8 1.4 0.2 -0.5 0.0 0.1 -1.2 -0.4 -0.2 0.4 0.4
0.1
-0.7
0.0 0.4 -0.3 -0.1
0.2
-0.3
0.2 0.0
1 Difference due | Redefinition Benchmark 1 (4)
0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0
0.0
0.0
0.0 0.0 0.0 0.0
0.0
0.0
0.0 0.0
(5)
-0.1 -1.5 -1.4
-0.5 0.6 0.7 0.4 -0.2 0.1 0.1 0.0 0.0 0.2 0.0 0.0
0.0
-0.5
-0.4 0.3 0.0 0.1
0.0
0.1
0.3 0.0
to Seasonals
(6)
-0.3 0.4 0.3
0.1 1.2 0.7 -0.2 -0.3 -0.1 0.0 -1.2 -0.5 -0.4 0.4 0.4
0.1
-0.2
0.4 0.1 -0.3 -0.2
0.2
-0.4
-0.1 0.0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis