h6_19880218_revision.pdf

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.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-2-

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.


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.


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.


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.


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.


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.


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.


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.


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.


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.


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)


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)



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.


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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.


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


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


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


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 |


Appendix Table 3 (continued) Weekly Seasonal Factors For Selected Components of


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


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


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




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


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


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 |


Appendix Table 4 Weekly Seasonal Factors For Selected Components of


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


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 |




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


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




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


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


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


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


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


Appendix Table 7

Comparison of Revised and Old M2 Growth Rates (percent changes at annual rates)

Monthly

1986--0ct. 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


Appendix Table 8

Comparison of Revised and Old M3 Growth Rates (percent changes at annual rates)

Monthly

1986--0ct. 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


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