REVISION TO THE MONEY STOCK DATA.Measures of the money stock aggregates and components were revised in February February: see month. 2001 to incorporate the results of the annual benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. and 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. For 2000, the revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. raised the annual growth rate of M2 and M3 0.2 percentage point. The benchmark incorporates revisions to vault cash Vault cash Cash kept on hand in a depository institution's vault to meet day-to-day business needs, such as cashing checks for customers; can be counted as a portion of the institution's required reserves. that reflect a new estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. method for credit unions that do not file the Federal Reserve's deposit reports either weekly or quarterly. The revisions begin in April 1984, and the maximum absolute revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. is $1 billion. The benchmark also incorporates revised historical data on the holdings of large time deposits by money market mutual funds, an item that is subtracted from gross large time deposits when calculating the large time deposit component of M3. These revisions begin in March 1980, and the maximum absolute revision is about $43 billion. The revised data also incorporate the receipt of historical information from other routine data flows. 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 also incorporate revised seasonal factors produced from benchmarked data through December December: see month. 2000. The X-12-ARIMA X-12-ARIMA is the U.S. Census Bureau's software package for seasonal adjustment. It can be used together with gretl, which provides a graphical user interface for X-12-ARIMA. See also
v. 1. To obtain or receive from a source. 2. To produce or obtain a chemical compound from another substance by chemical reaction. monthly seasonal factors. 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 of the century date change. These adjustments were made to ensure that unusual movements around the century date change did not influence the estimated seasonal factors. The revisions to seasonal factors lowered M2 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 two quarters of 2000 and raised them in the last two quarters. The revisions to seasonal factors also reduced the M3 growth rate in the first quarter of 2000 but increased growth in the final three quarters 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 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. , 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. Phone: 202-452-3062. Complete historical data are released each week in the H.6 statistical release on the Board's web site (http://www.federalreserve.gov/releases/). Current and historical data are also on the Economic Bulletin Board of the U.S. Department of Commerce. For paid electronic access to the bulletin board, call STAT-USA at 1-800-782-8872 or 202-482-1986. The benchmark in February 2001 is the last at the annual frequency. Beginning in March 2001, benchmarks are conducted at a quarterly frequency in order to provide more timely updates of published data. The quarterly benchmark review incorporates revised historical data for 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. and money market mutual funds, data from the Call Reports filed by depository institutions, and data on money market mutual funds that began reporting data for the first time during the quarter. The review of seasonal factors for the monetary aggregates will continue to be performed annually, with the results released in early February.
1. Monthly seasonal factors used to construct M1,
January 2000--March 2002
Other checkable
deposits(1)
Nonbank
Year and month travelers Demand
Currency checks deposits
Total At banks
2000--January .9965 1.0193 1.0066 1.0104 1.0158
February .9972 1.0242 .9729 .9919 .9981
March .9998 1.0187 .9836 .9998 1.0026
April 1.0013 1.0204 1.0036 1.0196 1.0196
May .9999 1.0122 .9835 .9964 .9984
June 1.0001 .9802 .9928 .9996 1.0000
July 1.0014 .9539 1.0054 .9938 .9900
August .9981 .9619 .9995 .9917 .9899
September .9974 .9797 .9942 .9912 .9902
October .9975 .9987 1.0002 .9944 .9913
November 1.0011 1.0194 1.0169 1.0004 .9954
December 1.0099 1.0191 1.0491 1.0147 1.0090
2001--January .9959 1.0188 1.0002 1.0091 1.0158
February .9972 1.0254 .9712 .9906 .9978
March 1.0000 1.0191 .9837 .9987 1.0023
April 1.0009 1.0211 1.0001 1.0177 1.0199
May 1.0001 1.0115 .9834 .9961 .9987
June 1.0013 .9785 .9962 1.0005 1.0000
July 1.0013 .9535 1.0041 .9936 .9899
August .9986 .9579 1.0009 .9926 .9899
September .9969 .9794 .9971 .9914 .9900
October .9972 .9996 1.0003 .9950 .9914
November 1.0014 1.0213 1.0170 1.0014 .9954
December 1.0086 1.0199 1.0481 1.0148 1.0091
2002--January .9956 1.0202 .9984 1.0089 1.0159
February .9971 1.0262 .9695 .9897 .9978
March 1.0008 1.0193 .9861 .9984 1.0021
(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 2000-March 2002
Savings and Small- Large-
Year and month MMDA denomination denomination
deposits(1) time deposits(1) time deposits(1)
2000--January .9991 1.0020 .9899
February .9948 1.0031 .9999
March 1.0042 1.0021 1.0074
April 1.0167 1.0004 1.0069
May .9972 .9970 1.0081
June 1.0009 .9952 1.0040
July .9999 .9976 .9979
August .9964 .9987 .9935
September .9983 1.0001 .9938
October .9932 1.0015 .9957
November .9970 1.0020 1.0016
December 1.0033 1.0004 .9991
2001--January .9984 1.0018 .9914
February .9944 1.0033 1.0006
March 1.0046 1.0026 1.0080
April 1.0165 1.0008 1.0069
May .9971 .9967 1.0082
June 1.0016 .9946 1.0044
July .9991 .9974 .9975
August .9962 .9989 .9942
September .9988 1.0003 .9932
October .9926 1.0015 .9946
November .9968 1.0020 1.0004
December 1.0032 1.0002 .9992
2002--January .9986 1.0015 .9923
February .9941 1.0034 1.0009
March 1.0054 1.0029 1.0084
Money market
mutual funds
Year and month RPs Eurodollars
In M2 In M3 only
2000--January 1.0092 1.0328 1.0000 1.0114
February 1.0178 1.0343 1.0127 1.0077
March 1.0270 1.0195 1.0089 1.0032
April 1.0236 .9967 .9927 1.0017
May .9904 .9867 1.0139 1.0122
June .9859 .9797 1.0099 1.0012
July .9795 .9713 .9985 .9861
August .9928 .9846 .9983 .9891
September .9931 .9778 .9910 .9877
October .9902 .9873 .9859 .9926
November .9887 1.0050 .9978 .9959
December .9976 1.0233 .9916 1.0120
2001--January 1.0108 1.0335 .9983 1.0092
February 1.0195 1.0350 1.0129 1.0057
March 1.0287 1.0199 1.0080 1.0048
April 1.0252 .9955 .9908 1.0029
May .9911 .9858 1.0138 1.0094
June .9854 .9786 1.0126 1.0025
July .9784 .9731 .9997 .9883
August .9914 .9860 .9989 .9892
September .9921 .9793 .9924 .9890
October .9897 .9872 .9866 .9940
November .9876 1.0041 .9959 .9969
December .9979 1.0216 .9910 1.0085
2002--January 1.0118 1.0333 .9970 1.0080
February 1.0203 1.0350 1.0121 1.0048
March 1.0293 1.0198 1.0065 1.0059
(1.) Seasonal factors are applied to deposits data at both
commercial banks and thrift institutions.
3. Weekly seasonal factors used to construct M1,
December 4, 2000-April 1, 2002
Other checkable
deposits(1)
Nonbank
Week ending travelers Demand
Currency checks deposits
Total At banks
2000--December 4 1.0024 1.0297 1.0431 1.0129 1.0019
11 1.0057 1.0247 1.0087 .9939 .9872
18 1.0070 1.0197 1.0376 1.0033 1.0023
25 1.0183 1.0148 1.0586 1.0239 1.0208
2001--January 1 1.0114 1.0100 1.1147 1.0451 1.0376
8 1.0034 1.0134 1.0179 1.0206 1.0202
15 .9973 1.0168 .9922 1.0040 1.0107
22 .9931 1.0203 .9822 1.0020 1.0132
29 .9889 1.0238 .9890 1.0029 1.0139
February 5 .9951 1.0273 .9747 1.0000 1.0045
12 .9980 1.0262 .9662 .9865 .9945
19 .9985 1.0251 .9680 .9844 .9933
26 .9958 1.0241 .9772 .9928 1.0008
March 5 1.0004 1.0230 .9711 .9951 .9983
12 1.0019 1.0211 .9696 .9904 .9944
19 .9999 1.0191 .9818 .9932 .9988
26 .9981 1.0172 .9877 1.0021 1.0081
April 2 .9981 1.0153 1.0269 1.0225 1.0197
9 1.0046 1.0177 .9886 1.0121 1.0115
16 1.0024 1.0202 1.0056 1.0173 1.0219
23 .9984 1.0227 1.0032 1.0255 1.0328
30 .9981 1.0253 .9959 1.0151 1.0158
May 7 1.0031 1.0202 .9635 1.0007 .9984
14 1.0018 1.0152 .9779 .9884 .9928
21 .9999 1.0102 .9856 .9915 .9962
28 .9993 1.0053 .9943 .9985 1.0019
June 4 .9983 1.0004 .9948 1.0033 1.0004
11 1.0033 .9897 .9821 .9943 .9936
18 1.0010 .9792 .9898 .9980 .9994
25 .9993 .9689 .9941 1.0018 1.0045
July 2 1.0010 .9589 1.0387 1.0110 1.0067
9 1.0064 .9566 1.0038 .9946 .9885
16 1.0020 .9544 .9875 .9843 .9834
23 .9995 .9522 .9918 .9887 .9871
30 .9973 .9500 1.0205 1.0005 .9960
August 6 1.0015 .9478 .9875 .9938 .9882
13 1.0010 .9532 .9904 .9856 .9819
20 .9983 .9586 1.0068 .9900 .9892
27 .9952 .9641 1.0182 .9977 .9972
September 3 .9986 .9696 1.0103 .9995 .9943
10 .9994 .9740 .9896 .9916 .9860
17 .9965 .9785 .9897 .9866 .9881
24 .9942 .9830 .9904 .9890 .9914
October 1 .9946 .9875 1.0147 .9973 .9942
8 1.0005 .9922 .9780 .9906 .9828
15 .9985 .9969 .9893 .9863 .9835
22 .9965 1.0016 1.0000 .9927 .9915
29 .9949 1.0064 1.0216 1.0042 1.0018
November 5 .9992 1.0113 1.0002 1.0006 .9936
12 1.0017 1.0164 1.0000 .9948 .9875
19 1.0001 1.0216 1.0201 .9994 .9963
26 1.0030 1.0269 1.0442 1.0080 1.0043
December 3 1.0026 1.0322 1.0355 1.0125 1.0025
10 1.0049 1.0267 1.0114 .9993 .9920
17 1.0072 1.0213 1.0297 1.0012 .9985
24 1.0141 1.0159 1.0543 1.0193 1.0169
31 1.0089 1.0106 1.1015 1.0410 1.0338
2002--January 7 1.0025 1.0141 1.0255 1.0239 1.0211
14 .9976 1.0176 .9928 1.0062 1.0128
21 .9943 1.0211 .9875 1.0033 1.0139
28 .9911 1.0247 .9901 1.0043 1.0151
February 4 .9955 1.0283 .9751 .9987 1.0059
11 .9981 1.0272 .9600 .9857 .9947
18 .9978 1.0261 .9666 .9846 .9931
25 .9952 1.0250 .9760 .9925 1.0003
March 4 .9999 1.0239 .9762 .9921 .9991
11 1.0019 1.0218 .9726 .9893 .9948
18 1.0006 1.0196 .9843 .9924 .9970
25 .9991 1.0175 .9906 1.0013 1.0062
April 1 .9995 1.0153 1.0138 1.0194 1.0178
(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 4, 2000-April 1, 2002
Savings and Small- Large-
Week ending MMDA denomination denomination
deposits(1) time deposits(1) time deposits(1)
2000--December 4 1.0017 1.0014 .9987
11 1.0090 1.0010 1.0022
18 1.0029 1.0004 1.0025
25 .9926 .9997 .9980
2001--January 1 .9962 1.0002 .9915
8 1.0242 1.0015 1.0000
15 1.0144 1.0018 .9972
22 .9920 1.0018 .9868
29 .9734 1.0020 .9827
February 5 .9914 1.0028 .9895
12 .9976 1.0033 .9976
19 .9940 1.0036 1.0037
26 .9887 1.0035 1.0055
March 5 1.0125 1.0033 1.0104
12 1.0115 1.0030 1.0115
19 1.0041 1.0027 1.0082
26 .9898 1.0020 1.0043
April 2 1.0011 1.0018 1.0058
9 1.0287 1.0021 1.0090
16 1.0301 1.0012 1.0068
23 1.0105 1.0002 1.0058
30 .9960 .9993 1.0065
May 7 1.0096 .9986 1.0133
14 1.0049 .9976 1.0113
21 .9940 .9963 1.0056
28 .9862 .9952 1.0044
June 4 1.0114 .9945 1.0044
11 1.0142 .9943 1.0067
18 1.0039 .9942 1.0070
25 .9838 .9943 1.0051
July 2 .9887 .9960 .9966
9 1.0154 .9970 .9931
16 1.0078 .9972 .9982
23 .9920 .9977 1.0009
30 .9817 .9978 .9979
August 6 1.0085 .9982 .9977
13 1.0040 .9985 .9963
20 .9943 .9989 .9923
27 .9810 .9991 .9914
September 3 .9994 .9999 .9933
10 1.0124 1.0002 .9925
17 1.0056 1.0003 .9920
24 .9850 1.0002 .9941
October 1 .9865 1.0010 .9944
8 1.0081 1.0019 .9974
15 1.0044 1.0015 .9954
22 .9876 1.0013 .9935
29 .9761 1.0011 .9918
November 5 1.0019 1.0018 .9961
12 1.0022 1.0023 1.0022
19 .9964 1.0022 1.0024
26 .9835 1.0019 1.0001
December 3 .9988 1.0013 .9997
10 1.0100 1.0009 1.0029
17 1.0043 1.0002 1.0036
24 .9950 .9997 .9992
31 .9984 .9997 .9909
2002--January 7 1.0236 1.0008 .9930
14 1.0140 1.0015 .9998
21 .9937 1.0015 .9902
28 .9779 1.0017 .9863
February 4 .9919 1.0025 .9926
11 .9981 1.0033 .9979
18 .9942 1.0038 1.0031
25 .9867 1.0037 1.0037
March 4 1.0050 1.0035 1.0070
11 1.0108 1.0033 1.0107
18 1.0055 1.0030 1.0100
25 .9949 1.0024 1.0067
April 1 1.0014 1.0027 1.0068
Money market mutual
funds
Week ending RPs Eurodollars
In M2 In M3 Only
2000--December 4 .9914 1.0102 .9936 .9997
11 1.0003 1.0316 1.0021 1.0056
18 .9995 1.0304 .9933 1.0046
25 1.0005 1.0288 .9894 1.0118
2001--January 1 .9934 1.0081 .9789 1.0363
8 .9992 1.0089 .9831 1.0190
15 1.0142 1.0369 1.0026 1.0079
22 1.0166 1.0437 .9996 1.0051
29 1.0145 1.0486 1.0062 1.0049
February 5 1.0142 1.0317 1.0138 .9959
12 1.0176 1.0378 1.0195 1.0036
19 1.0197 1.0342 1.0129 1.0071
26 1.0242 1.0372 1.0069 1.0149
March 5 1.0225 1.0281 1.0085 1.0009
12 1.0287 1.0310 1.0158 1.0041
19 1.0308 1.0218 1.0134 1.0018
26 1.0304 1.0177 1.0065 1.0133
April 2 1.0296 .9968 .9914 1.0019
9 1.0373 1.0062 .9871 .9986
16 1.0352 1.0083 .9909 .9879
23 1.0246 .9886 .9887 1.0075
30 1.0027 .9789 .9965 1.0180
May 7 .9915 .9799 1.0076 1.0011
14 .9910 .9864 1.0119 .9978
21 .9904 .9894 1.0112 1.0095
28 .9921 .9883 1.0203 1.0279
June 4 .9893 .9836 1.0231 1.0126
11 .9932 .9912 1.0175 1.0059
18 .9875 .9785 1.0149 .9982
25 .9817 .9746 1.0069 .9984
July 2 .9738 .9627 1.0021 1.0011
9 .9773 .9712 1.0009 .9867
16 .9781 .9777 .9975 .9829
23 .9791 .9741 .9987 .9877
30 .9796 .9725 1.0011 .9923
August 6 .9843 .9734 1.0003 .9863
13 .9910 .9864 1.0061 .9820
20 .9934 .9893 .9957 .9849
27 .9953 .9945 .9937 1.0024
September 3 .9922 .9836 .9984 .9908
10 .9967 .9877 .9960 .9818
17 .9960 .9851 .9965 .9894
24 .9899 .9735 .9912 .9872
October 1 .9847 .9677 .9818 .9980
8 .9864 .9741 .9811 .9883
15 .9924 .9891 .9865 .9944
22 .9924 .9916 .9870 .9926
29 .9896 .9948 .9903 1.0011
November 5 .9848 .9942 .9944 .9912
12 .9865 1.0042 .9957 .9908
19 .9866 1.0026 .9966 .9951
26 .9899 1.0096 .9967 1.0078
December 3 .9905 1.0089 .9951 .9990
10 .9981 1.0255 1.0004 .9977
17 1.0000 1.0261 .9957 1.0034
24 1.0010 1.0237 .9854 1.0085
31 .9958 1.0167 .9808 1.0282
2002--January 7 1.0000 1.0097 .9824 1.0145
14 1.0127 1.0344 .9970 1.0075
21 1.0172 1.0418 .9984 1.0063
28 1.0158 1.0470 1.0038 1.0086
February 4 1.0153 1.0334 1.0120 .9965
11 1.0192 1.0377 1.0178 1.0016
18 1.0198 1.0342 1.0135 1.0053
25 1.0241 1.0365 1.0073 1.0141
March 4 1.0218 1.0295 1.0069 1.0000
11 1.0286 1.0308 1.0129 1.0035
18 1.0306 1.0208 1.0121 1.0014
25 1.0318 1.0184 1.0058 1.0117
April 1 1.0307 1.0010 .9933 1.0112
(1.) Seasonal factors are applied to deposits data both commercial
banks and thrift institutions.
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