Announcements.FEDERAL OPEN MARKET COMMITTEE DIRECTIVE Directive may refer to:
The Federal Open Market Committee decided on March 19, 2002, to keep its target for the federal funds rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. unchanged at 1 3/4 percent. The information that has become available since the last meeting of the Committee indicates that the economy, bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by a marked swing in inventory investment, is expanding at a significant pace. Nonetheless, the degree of the strengthening in final demand over coming quarters, an essential element in sustained economic expansion, is still uncertain. In these circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , although the stance of monetary policy is currently accommodative, the Committee believes that, for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future, against the background of its long-run adj. 1. relating to or extending over a relatively long time; as, the long-run significance of the elections s>. Adj. 1. long-run goals of price stability and sustainable economic growth and of the information currently available, the risks are balanced with respect to the prospects for both goals. The Committee decided to include in its announcements following its meetings the roll call of the vote on the federal funds rate target, including the preferred policy choice of any dissenters dissenters: see nonconformists. . This action accelerates the release of this information, currently available in the Minutes with a lag. To conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" this new practice, the Board of Governors also decided to report in the written announcement the roll call of any vote on the discount rate, also including the preferred policy choice of any dissenters. Voting for the FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). monetary policy action were Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. , Chairman; William J. McDonough
William J. McDonough, vice chairman and special advisor to the chairman at Merrill Lynch & Co. Inc. , Vice Chairman; Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE S. Bies Bies (pronounced b-yes, from bjes meaning 'anger') was, in Slavic mythology a bad spirit or demon. After the acceptance of Christianity it became identified with the devil. In Greek, it would be known as either daimon, daimónion or pneuma. ; Roger W. Ferguson Ferguson, city (1990 pop. 22,286), St. Louis co., E Mo., a suburb of St. Louis; inc. 1894. It is primarily residential. , Jr.; Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide M. Gramlich; Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. L. Jordan Jordan, country, Asia Jordan, officially Hashemite Kingdom of Jordan, kingdom (2005 est. pop. 5,760,000), 35,637 sq mi (92,300 sq km), SW Asia. It borders on Israel and the West Bank in the west, on Syria in the north, on Iraq in the northeast, and on Saudi ; Robert D. McTeer Robert D. McTeer is the chancellor of the Texas A&M University System. Born in Georgia, he earned his B.B.A. and Ph.D. in economics from the University of Georgia and taught there for two years before joining the Federal Reserve Bank of Richmond. , Jr.; Mark W. Olson This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. ; Anthony M. Santomero; and Gary H. Stern Gary H. Stern took office on March 16, 1985, as the eleventh chief executive of the Ninth Federal Reserve Bank, at Minneapolis. He is currently serving a full term that began March 1, 2001. Dr. Stern was born on November 3, 1944, in San Luis Obispo, California. He holds an A. . EQUITY HEDGES FOR STATE MEMBER BANKS The Federal Reserve Board announced on February February: see month. 21, 2002, that it would not apply section 9 of the Federal Reserve Act to prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. a state member bank from acquiring equity securities to hedge the bank's customer-driven equity derivative In finance, an equity derivative is a class of financial instruments whose value is at least partly derived from one or more underlying equity securities. Market participants trade equity derivatives in order to transfer or transform certain risks associated with the transactions if such purchases are made in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the conditions and restrictions applicable to national banks. Any state member bank that seeks to acquire equity securities to hedge the bank's equity derivative transactions must receive the prior approval of the Board's Director of Banking Supervision and Regulation. In addition, a state member bank may engage in equity hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. activities only to the extent permitted by state law, and the bank must comply with any applicable state notice or approval requirements. INTERAGENCY in·ter·a·gen·cy adj. Involving or representing two or more agencies, especially government agencies. STATEMENT REGARDING ARTHUR ANDERSEN For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing The federal financial institutions supervisory su·per·vi·sor n. 1. One who supervises. 2. One who is in charge of a particular department or unit, as in a governmental agency or school system. 3. One who is an elected administrative officer in certain U.S. agencies announced on March 19, 2002, that the financial institutions they supervise should follow the guidance issued by the U.S. Securities and Exchange Commission (SEC) with respect to auditing and accounting work performed by Arthur Andersen LLP LLP - Lower Layer Protocol . The SEC announced on March 14 and 18 that it would continue to accept financial statements audited by Andersen, provided the companies filing the statements obtain from Andersen certain representations concerning audit quality and controls and generally set forth those representations in their filings. The SEC's statements are available on its web site at the following: * http://www.sec.gov/news/press/2002-37.txt * http://www.sec.gov/news/headlines/ andersenreqs.htm Depository Institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. The following depository institutions, although they are not subject to SEC oversight
Oversight may refer to:
1. Publicly held depository institutions that have securities registered with the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , or Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. under the federal securities laws and regulations 2. Depository institutions that are subject to the annual audit, attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her , and other reporting requirements of section 36 of the Federal Deposit Insurance Act, which generally covers institutions with $500 million or more in total assets 3. Savings associations that are subject to the annual audit, attestation, and other reporting requirements of the Office of Thrift Supervision pursuant to 12 CFR CFR See: Cost and Freight 562.4 4. Credit unions that are subject to the annual audit, attestation, and other reporting requirements of the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. pursuant to 12 CFR 715.4. The depository institutions above that cease their audit relationship with Andersen may submit their filings by the original due date with unaudited financial statements, so long as they file amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. filings containing audited financial statements within the deadline prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by the SEC (currently sixty days). Bank Holding Companies Bank holding companies that have securities registered with the SEC are required to file their SEC Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as part of the FR Y-6 annual report filing with the Federal Reserve. Bank holding companies that cease their audit relationship with Andersen may file their FR Y-6 by the original due date with unaudited financial statements, so long as they file with the Federal Reserve audited financial statements within the deadline prescribed by the SEC (currently sixty days). Bank holding companies that are not registered with the SEC but are still subject to the annual audit requirements as specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. in the FR Y-6 report--and who are either unable to receive services from Andersen to complete their audits or who choose not to have Andersen complete audits that are currently in process--should have their audited financial statements on file and readily available to their District Federal Reserve Bank within a reasonable period after the end of their fiscal year. Thrift thrift: see leadwort. Holding Companies Thrift holding companies that are subject to the annual audit, other attestation, and reporting requirements of the Office of Thrift Supervision pursuant to 12 CFR 562.4 and 584.1, including those not subject to SEC oversight, should follow the SEC guidance with respect to filings with the Office of Thrift Supervision. Questions A financial institution should contact its primary federal financial institution supervisory agency with any questions regarding the application of the guidance issued by the SEC. INTERAGENCY EFFORT TO STANDARDIZE stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. ELECTRONIC LOAN INFORMATION The federal bank supervisory agencies and the Conference of State Bank Supervisors announced on March 11, 2002, an interagency effort to improve the efficiency of the examination process by standardizing the request for electronic loan information. This information is used primarily to conduct community and mid-size bank safety-and-soundness examinations and is currently provided in a variety of formats that can be time consuming and costly for regulators, banks, and service providers to administer To give an oath, as to administer the oath of office to the president at the inauguration. To direct the transactions of business or government. Immigration laws are administered largely by the Immigration and Naturalization Service. . The new standard provides improved data definitions and prescribes a standard format for the presentation of loan information. The new data format will improve the efficiency of the bank examination process and reduce the burden on banks, service providers, and vendors. Participation is voluntary, but the agencies encourage all institutions to participate when contacted as part of the pre-examination planning process. Examiners will begin asking for the new file in the second quarter of 2002. The initiative is a cooperative cooperative Organization owned by and operated for the benefit of those using its services. Cooperatives have been successful in such fields as the processing and marketing of farm products and the purchasing of other kinds of equipment and raw materials, and in the effort among the bank regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. and a number of service providers and software vendors. The agencies will host meetings in April to acquaint additional vendors with the new format. NEW SECURITY PROCEDURES FOR CONSUMER ADVISORY COUNCIL MEETING The Federal Reserve Board announced on March 1, 2002, new security procedures for the meeting of the Consumer Advisory Council on March 14. The Council's function is to advise the Board on the exercise of its responsibilities under the various consumer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. laws and on other matters on which the Board seeks its advice. ENFORCEMENT ACTIONS The Federal Reserve Board announced on February 15, 2002, the execution of a written agreement by and among MSB MSB - Most Significant Bit Shares, Inc., the MidSouth Bank, both of Jonesboro, Arkansas Jonesboro is a city in Craighead County, Arkansas, United States. According to 2006 Census Bureau estimates, the population of the city is 59,358.[1] Jonesboro is the county seat, the largest city in northeast Arkansas, and the fifth most populous city in the state. , the Federal Reserve Bank of St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , and the Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. State Bank Department. The Federal Reserve Board announced on March 8, 2002, the issuance of a prompt corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or directive against the New Century Bank, Shelby Township, Michigan There is also Shelby Charter Township in Macomb county. Shelby Township is a civil township of Oceana County in the U.S. state of Michigan. The population was 3,951 at the 2000 census. The village of Shelby is located within the township. . DISCONTINUATION dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance OF SPECIAL TABLE IN THE FEDERAL RESERVE BULLETIN The pro forma financial statements Pro forma financial statements A firm's financial statements as adjusted to reflect a projected or planned transaction. "What-if" analysis. for Federal Reserve priced services, tables 4.31 A and B, will no longer be published in the Bulletin after the January January: see month. 2002 issue (on pages A64 and A65). Year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. figures for 2001 will be available in the Board's 88th Annual Report to the Congress (http://www.federalreserve.gov/boarddocs/rptcongress), forthcoming. PUBLICATION OF THE STATISTICAL DIGEST, 1996-2000 The Statistical Digest, 1996-2000 is now available. The five-year Digest is designed as a compact source of economic--and, especially, financial--data. The Digest provides a single source of historical continuations continuations - continuation passing style of the statistics carried regularly in the Federal Reserve Bulletin. The next issue of the Digest is scheduled to be published in 2006 and will cover the years 2001 through 2005. This issue of the Digest covers the years 1996 through 2000. It serves to maintain the historical series first published in Banking and Monetary Statistics, 1941-1970, and the Digests for 1970-79, for 1980-89, and for 1990-95. A Concordance concordance /con·cor·dance/ (-kord´ins) in genetics, the occurrence of a given trait in both members of a twin pair.concor´dant con·cor·dance n. of Statistics will be included with all orders. The Concordance provides a guide to tables that covers the same material in the current five-year Digest, the previous six-year Digest, the single-year issue for 1994, and the Bulletin. Copies of the Digest at $25 each are available from Publications Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , DC 20551. BOARD STAFF CHANGES The Board of Governors appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. on March 7, 2002, Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. Romero Romero is a Spanish word meaning "pilgrim" or "rosemary". In English, it can mean the plant Trichostema lanatum. It is a Spanish surname carried by: Movies, TV and computer games
Mr. Romero joined the Board in 1990 in the Division of Reserve Bank Operations and Payment Systems. He transferred to the Division of Information Technology in 1999 as manager of the data center. He holds a bachelors degree from California Polytechnic State University This article is about the university in San Luis Obispo, California. For Cal Poly Pomona, see California State Polytechnic University, Pomona. California Polytechnic State University, commonly called Cal Poly . MONEY STOCK DATA REVISIONS Measures of the money stock data and components have been revised in February of this year to incorporate the results of the annual seasonal factor review. Data in table 1.10 and table 1.21 in the statistical appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. to the Federal Reserve Bulletin reflect these changes beginning with this issue. Seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. measures of the monetary stock and components incorporate revised seasonal factors produced from not seasonally adjusted data through December December: see month. 2001. Monthly seasonal factors were estimated using the X-12 ARIMA procedure. The monthly and weekly seasonal factors were derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. after excluding the estimated effects on the components of the monetary aggregates of the September September: see month. 11, 2001, terrorist attacks. The revisions to seasonal factors lowered M2 and M3 growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the first half of 2001 while raising them in the second half of the year. Revised historical data are available in printed form from the Monetary and Reserve Analysis Section, Mail Stop 72, Board of Governors of the Federal Reserve System, Washington, DC 20551. Phone: 202-452-3062. Complete historical data are available each week through the Federal Reserve's web site (http://www.federalreserve.gov/releases/) with the H.6 statistical release. Current and historical data are also on the Economic Bulletin Board of the U.S. Department of Commerce. For paid electronic access to the Economic Bulletin Board, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1. Monthly seasonal factors used to construct M1, January
2001-March 2003
Other checkable
deposits (1)
Nonbank
Year and month Currency travelers Demand Total At
checks deposits banks
2001--January .9975 1.0163 1.0096 1.0078 1.0401
February .9990 1.0213 .9767 .9843 .9946
March 1.0006 1.0181 .9916 1.0087 1.0122
April 1.0006 1.0241 1.0054 1.0431 1.0523
May .9995 1.0136 .9804 1.0025 1.0038
June .9991 .9803 .9902 1.0044 1.0022
July 1.0006 .9543 1.0019 .9904 .9720
August .9984 .9633 .9947 .9901 .9679
September .9975 .9824 .9893 .9871 .9640
October .9970 .9961 .9984 .9869 .9830
November 1.0007 1.0170 1.0094 .9896 .9831
December 1.0085 1.0169 1.0537 1.0053 1.0246
2002--January .9976 1.0168 1.0076 1.0066 1.0412
February .9992 1.0215 .9759 .9825 .9945
March 1.0016 1.0196 .9960 1.0085 1.0124
April 1.0003 1.0241 1.0017 1.0442 1.0525
May 1.0002 1.0160 .9813 1.0031 1.0038
June .9988 .9782 .9905 1.0055 1.0021
July 1.0004 .9535 1.0007 .9909 .9723
August .9985 .9634 .9958 .9912 .9655
September .9969 .9817 .9895 .9870 .9630
October .9969 .9964 .9970 .9881 .9835
November 1.0013 1.0176 1.0113 .9887 .9831
December 1.0083 1.0187 1.0517 1.0045 1.0256
2003--January .9983 1.0159 1.0097 1.0053 1.0419
February .9993 1.0218 .9754 .9813 .9948
March 1.0006 1.0206 .9967 1.0083 1.0129
(1.) Seasonally adjusted other checkable deposits at thrifts are
derived as the difference between total other checkable deposits,
seasonally adjusted, and seasonally adjusted other checkable deposits
at commercial banks.
2. Monthly seasonal factors used to construct M2 and M3, January
2001-March 2003
Small- Large-
Savings and denomination denomination
Year and month MMDA time time
deposits (1) deposits (1) deposits (1)
2001--January .9955 1.0035 .9892
February .9947 1.0032 .9977
March 1.0048 1.0008 1.0036
April 1.0141 .9992 1.0029
May .9987 .9965 1.0084
June 1.0025 .9950 1.0070
July .9991 .9967 .9996
August .9967 .9985 .9954
September .9994 1.0006 .9960
October .9928 1.0025 .9975
November .9983 1.0027 1.0026
December 1.0025 1.0011 1.0001
2002--January .9960 1.0033 .9891
February .9944 1.0030 .9976
March 1.0059 1.0007 1.0035
April 1.0146 .9991 1.0018
May .9991 .9965 1.0087
June 1.0026 .9952 1.0074
July .9980 .9968 .9996
August .9967 .9987 .9963
September .9979 1.0009 .9966
October .9924 1.0027 .9984
November .9994 1.0026 1.0020
December 1.0032 1.0008 .9995
2003--January .9968 1.0030 .9885
February .9940 1.0027 .9975
March 1.0056 1.0005 1.0036
Money market mutual
funds
Euro
Year and month In M2 In M3 only RPs dollars
2001--January 1.0068 1.0274 1.0004 1.0072
February 1.0148 1.0323 1.0064 1.0125
March 1.0292 1.0258 1.0051 1.0100
April 1.0305 1.0085 .9972 1.0122
May .9928 .9974 1.0148 1.0147
June .9886 .9879 1.0137 1.0018
July .9830 .9795 1.0011 .9894
August .9897 .9831 .9971 .9862
September .9900 .9723 .9846 .9869
October .9902 .9803 .9813 .9816
November .9886 .9946 .9981 .9954
December .9939 1.0093 1.0020 1.0057
2002--January 1.0069 1.0271 1.0000 1.0048
February 1.0147 1.0325 1.0043 1.0109
March 1.0300 1.0261 1.0024 1.0099
April 1.0323 1.0085 .9996 1.0119
May .9931 .9975 1.0135 1.0108
June .9887 .9881 1.0137 .9999
July .9838 .9812 1.0032 .9918
August .9890 .9831 .9980 .9876
September .9889 .9724 .9844 .9898
October .9902 .9808 .9830 .9853
November .9886 .9946 .9977 .9975
December .9934 1.0093 1.0015 1.0043
2003--January 1.0064 1.0263 1.0002 1.0044
February 1.0147 1.0333 1.0025 1.0095
March 1.0303 1.0248 1.0007 1.0082
(1.) Seasonal factors are applied to deposit data at both commercial
banks and thrift institutions.
3. Weekly seasonal factors used to construct M1, December 3,
2001-March 31, 2003
Other checkable
deposits (1)
Nonbank
Week ending Cur- travelers Demand Total At
rency check deposits banks
2001--December 3 .9997 1.0268 1.0596 1.0142 1.0197
10 1.0041 1.0224 .9894 .9777 .9639
17 1.0054 1.0180 1.0363 .9799 .9863
24 1.0153 1.0136 1.0546 1.0160 1.0570
31 1.0118 1.0092 1.1288 1.0444 1.1018
2002--January 7 1.0067 1.0120 1.0285 1.0183 1.0301
14 .9993 1.0147 .9934 1.0026 1.0264
21 .9957 1.0175 1.0031 1.0054 1.0500
28 .9924 1.0203 .9974 .9981 1.0525
February 4 .9958 1.0231 .9997 1.0028 1.0223
11 1.0000 1.0223 .9467 .9705 .9681
18 1.0013 1.0214 .9642 .9683 .9811
25 .9979 1.0206 .9905 .9858 1.0130
March 4 .9999 1.0197 1.0048 1.0083 1.0078
11 1.0029 1.0196 .9644 .9898 .9751
18 1.0011 1.0196 .9931 .9946 .9956
25 .9995 1.0195 .9835 1.0149 1.0367
April 1 1.0013 1.0194 1.0544 1.0415 1.0547
8 1.0051 1.0213 .9682 1.0298 1.0095
15 1.0020 1.0232 1.0075 1.0351 1.0290
22 .9985 1.0250 1.0105 1.0674 1.0945
29 .9962 1.0269 1.0130 1.0480 1.0843
May 6 1.0017 1.0288 .9691 1.0141 .9959
13 1.0012 1.0219 .9605 .9892 .9763
20 .9984 1.0152 .9893 .9979 1.0031
27 1.0013 1.0085 .9889 1.0005 1.0263
June 3 .9983 1.0018 1.0231 1.0279 1.0258
10 1.0015 .9909 .9490 .9988 .9689
17 .9984 .9803 .9904 .9969 .9900
24 .9966 .9698 .9707 1.0036 1.0213
July 1 .9971 .9596 1.0413 1.0133 1.0208
8 1.0057 .9572 .9818 .9967 .9543
15 1.0007 .9548 .9859 .9804 .9516
22 .9996 .9525 .9975 .9882 .9842
29 .9977 .9501 1.0225 .9916 .9970
August 5 1.0009 .9478 1.0029 .9929 .9427
12 1.0009 .9555 .9708 .9707 .9191
19 .9976 .9634 .9930 .9845 .9580
26 .9946 .9714 1.0001 .9948 .9982
September 2 .9975 .9795 1.0351 1.0271 1.0216
9 1.0002 .9805 .9601 .9867 .9421
16 .9974 .9814 .9824 .9770 .9362
23 .9952 .9823 .9816 .9776 .9657
30 .9936 .9833 1.0211 .9959 .9939
October 7 1.0005 .9880 .9805 .9817 .9506
14 .9988 .9928 .9658 .9678 .9573
21 .9961 .9976 1.0048 .9878 .9905
28 .9945 1.0025 1.0143 1.0009 1.0222
November 4 .9975 1.0074 1.0246 1.0145 1.0013
11 1.0024 1.0123 .9636 .9688 .9394
18 1.0002 1.0172 1.0027 .9743 .9678
25 1.0019 1.0222 1.0276 .9916 1.0047
December 2 1.0010 1.0273 1.0705 1.0151 1.0253
9 1.0030 1.0237 .9755 .9803 .9638
16 1.0045 1.0201 1.0319 .9737 .9771
23 1.0134 1.0166 1.0544 1.0125 1.0513
30 1.0135 1.0131 1.1317 1.0433 1.1062
2003--January 6 1.0074 1.0096 1.0570 1.0333 1.0561
13 1.0006 1.0130 .9982 1.0002 1.0256
20 .9970 1.0164 1.0005 1.0015 1.0431
27 .9936 1.0198 .9981 .9935 1.0503
February 3 .9946 1.0232 1.0110 1.0029 1.0331
10 1.0002 1.0225 .9500 .9737 .9738
17 1.0018 1.0219 .9550 .9644 .9777
24 .9983 1.0212 .9872 .9822 1.0075
March 3 .9983 1.0205 1.0078 1.0064 1.0104
10 1.0031 1.0205 .9613 .9900 .9710
17 1.0009 1.0206 .9932 .9893 .9838
24 .9994 1.0206 .9821 1.0115 1.0287
31 .9983 1.0206 1.0434 1.0432 1.0710
(1). Seasonally adjusted other checkable deposits at thrifts are
derived as the difference between total other checkable deposits,
seasonally adjusted, and seasonally adjusted other checkable
deposits at commercial banks.
4. Weekly seasonal factors used to construct M2 and M3, December 3,
2001-March 31, 2003
Small- Large-
Savings and denominations denominations
Week ending MMDA time time
deposits (1) deposits (1) deposits (1)
2001--December 3 .9921 1.0022 .9962
10 1.0150 1.0016 1.0008
17 1.0117 1.0010 1.0060
24 .9945 1.0005 .9999
31 .9981 1.0009 .9952
2002--January 7 1.0223 1.0009 1.0055
14 1.0107 1.0034 1.0012
21 .9952 1.0042 .9840
28 .9706 1.0042 .9760
February 4 .9937 1.0042 .9835
11 1.0017 1.0036 .9931
18 .9960 1.0031 1.0024
25 .9832 1.0022 1.0024
March 4 1.0016 1.0017 1.0048
11 1.0139 1.0010 1.0062
18 1.0062 1.0008 1.0024
25 .9953 1.0003 .9985
April 1 .9992 .9999 1.0067
8 1.0301 1.0005 1.0087
5 1.0331 .9997 1.0008
15 1.0146 .9987 .9990
22 .9849 .9978 .9986
29
May 6 1.0100 .9977 .9988
13 1.0067 .9971 1.0031
20 .9999 .9962 1.0107
27 .9844 .9958 1.0166
June 3 .9995 .9955 1.0156
10 1.0180 .9954 1.0106
17 1.0102 .9951 1.0073
24 .9887 .9948 1.0048
July 1 .9886 .9954 1.0026
8 1.0170 .9966 1.0025
15 1.0086 .9966 1.0013
22 .9929 .9969 .9976
29 .9798 .9970 .9969
August 5 1.0075 .9976 .9981
12 1.0077 .9982 .9994
19 .9982 .9988 .9935
26 .9814 .9991 .9922
September 2 .9845 .9998 .9998
9 1.0146 1.0006 1.0017
16 1.0114 1.0006 .9972
23 .9857 1.0009 .9906
30 .9773 1.0016 .9957
October 7 1.0108 1.0032 1.0051
14 1.0043 1.0029 1.0032
21 .9919 1.0026 .9958
28 .9749 1.0023 .9914
November 4 .9973 1.0024 .9939
11 1.0071 1.0029 1.0029
18 1.0021 1.0027 1.0074
25 .9875 1.0025 1.0042
December 2 .9929 1.0021 .9966
9 1.0143 1.0016 1.0004
16 1.0150 1.0009 1.0075
23 .9956 1.0002 1.0003
30 .9866 1.0001 .9917
2003--January 6 1.0197 1.0020 .9924
13 1.0108 1.0032 1.0006
20 .9985 1.0034 .9874
27 .9724 1.0031 .9769
February 3 .9833 1.0033 .9832
10 1.0020 1.0032 .9915
17 .9988 1.0030 1.0014
24 .9859 1.0023 1.0021
March 3 .9940 1.0017 1.0041
10 1.0170 1.0010 1.0065
17 1.0109 1.0006 1.0037
24 .9981 1.0003 .9987
31 .9940 .9997 1.0052
Money market mutual
funds
Week ending In M2 In M3 only RP's Eurodollars
2001--December 3 .9922 1.0019 .9974 1.0028
10 .9968 1.0135 1.0102 .9978
17 .9963 1.0197 1.0018 1.0016
24 .9950 1.0132 1.0028 1.0030
31 .9882 .9942 .9953 1.0215
2002--January 7 .9876 .9790 .9853 1.0136
14 1.0103 1.0342 1.0040 .9993
21 1.0161 1.0417 .9995 1.0036
28 1.0099 1.0446 1.0065 1.0075
February 4 1.0087 1.0253 1.0080 1.0004
11 1.0148 1.0366 1.0159 1.0015
18 1.0131 1.0328 1.0020 1.0157
25 1.0182 1.0359 .9947 1.0220
March 4 1.0182 1.0239 .9998 1.0096
11 1.0278 1.0323 1.0064 1.0000
18 1.0291 1.0216 1.0038 1.0069
25 1.0355 1.0289 1.0067 1.0147
April 1 1.0351 1.0222 .9930 1.0195
8 1.0414 1.0123 .9915 1.0070
15 1.0446 1.0252 1.0012 1.0066
22 1.0348 .9988 .9959 1.0065
29 1.0139 .9981 1.0089 1.0266
May 6 .9919 .9932 1.0112 1.0092
13 .9950 .9982 1.0192 1.0008
20 .9925 .9999 1.0067 1.0106
27 .9933 1.0011 1.0136 1.0213
June 3 .9923 .9922 1.0186 1.0130
10 .9940 .9995 1.0200 1.0003
17 .9908 .9907 1.0186 .9960
24 .9876 .9816 1.0078 .9914
July 1 .9795 .9775 1.0050 1.0074
8 .9800 .9721 .9990 .9928
15 .9864 .9890 1.0028 .9877
22 .9866 .9859 1.0042 .9928
29 .9836 .9808 1.0058 .9929
August 5 .9813 .9714 1.0061 .9879
12 .9897 .9858 1.0122 .9788
19 .9895 .9798 .9931 .9794
26 .9918 .9904 .9878 .9930
September 2 .9907 .9856 .9913 1.0032
9 .9908 .9740 .9870 .9785
16 .9930 .9733 .9888 .9925
23 .9880 .9718 .9868 .9890
30 .9834 .9666 .9731 .9955
October 7 .9836 .9636 .9713 .9807
14 .9932 .9871 .9810 .9854
21 .9953 .9827 .9826 .9783
28 .9903 .9905 .9905 .9939
November 4 .9863 .9786 .9981 .9922
11 .9890 .9952 1.0055 .9916
18 .9857 .9925 .9947 .9976
25 .9900 1.0003 .9943 1.0009
December 2 .9917 1.0015 .9954 1.0052
9 .9939 1.0059 1.0086 .9959
16 .9954 1.0187 1.0029 1.0011
23 .9948 1.0139 1.0011 1.0001
30 .9907 1.0044 .9973 1.0190
2003--January 6 .9871 .9854 .9866 1.0109
13 1.0070 1.0285 1.0042 .9977
20 1.0159 1.0401 .9996 1.0035
27 1.0106 1.0443 1.0047 1.0074
February 3 1.0104 1.0271 1.0063 1.0025
10 1.0149 1.0364 1.0141 .9981
17 1.0126 1.0334 1.0031 1.0138
24 1.0167 1.0377 .9921 1.0178
March 3 1.0175 1.0249 .9962 1.0129
10 1.0264 1.0294 1.0027 .9950
17 1.0284 1.0214 1.0015 1.0063
24 1.0353 1.0241 1.0046 1.0087
31 1.0365 1.0241 .9959 1.0207
(1.) Seasonal factors are applied to deposit data at both commercial
and thrift institutions.
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