REVISIONS TO THE MONEY STOCK DATA.Measures of the money stock were revised in February February: see month. of this year 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 tables 1.10 and 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 1999, 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. had no effect on the annual growth rate of M2 and M3, but they lowered the annual growth rate of MI by 0.3 percentage point. The benchmark incorporates minor revisions to data reported on the weekly and quarterly deposit reports, and it takes account of deposit data from call reports for banks and thrift institutions Thrift institution An organization formed as a depository for primarily consumer savings. Savings and loan associations and savings banks are thrift institutions. that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 1997. The benchmark also incorporates historical data for a number of money market mutual funds that began reporting for the first time during 1999 and revisions to data for the money funds; these revisions changed the level of M2 by a maximum absolute value of about $3 billion and raised the level of M3 over the years by a maximum of about $7 billion. Historical revisions have also raised the repurchase agreement Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. component by a maximum of about $7 billion. Seasonal factors for the monetary aggregates have been revised, using the benchmarked data primarily through November November: see month. 1999. 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. As usual, the revisions due to seasonal factors slightly changed the pattern of quarterly 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. of M2 and M3 in 1999, but they had little effect on the annual growth rates of M2 and M3 over 1999. Complete historical data are available in printed form from the Money 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, or at 202452-3062. Current and historical data for the monetary aggregates and their components are available each week in statistical release H.6 on the Board's web site (http://www.federalreserve.gov/) under Research and Data, Statistics: Releases and Historical Data. 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 1-800-7828-872 or 202-482-1986.
1. Monthly seasonal factors used to construct M1, January
1999-March 2001
Nonbank travelers Demand deposits
Year and month Currency checks
1999--January .9987 1.0224 1.0139
February .9980 1.0225 .9811
March .9994 1.0161 .9872
April 1.0002 1.0176 1.0013
May .9995 1.0105 .9877
June .9991 .9794 .9962
July 1.0008 .9570 .9996
August .9979 .9657 .9962
September .9959 .9816 .9884
October .9982 .9972 .9926
November 1.0017 1.0155 1.0093
December 1.0110 1.0184 1.0450
2000--January .9977 1.0207 1.0136
February .9982 1.0218 .9811
March 1.0002 1.0160 .9870
April 1.0007 1.0188 1.0074
May .9992 1.0122 .9845
June .9990 .9823 .9942
July 1.0002 .9579 1.0023
August .9974 .9684 .9939
September .9970 .9824 .9903
October .9967 .9959 .9891
November 1.0019 1.0141 1.0095
December 1.0120 1.0164 1.0507
2001--January .9973 1.0192 1.0094
February .9984 1.0223 .9818
March 1.0004 1.0157 .9892
Year and month Other checkable deposits(1)
Total At banks
1999--January 1.0128 1.0160
February .9946 .9990
March 1.0037 1.0039
April 1.0220 1.0198
May .9972 .9975
June 1.0006 1.0003
July .9928 .9905
August .9896 .9899
September .9892 .9907
October .9897 .9897
November .9964 .9952
December 1.0110 1.0075
2000--January 1.0126 1.0154
February .9945 .9985
March 1.0039 1.0039
April 1.0229 1.0200
May .9973 .9983
June 1.0009 1.0011
July .9930 .9906
August .9892 .9899
September .9893 .9901
October .9886 .9894
November .9963 .9952
December 1.0119 1.0073
2001--January 1.0121 1.0153
February .9944 .9984
March 1.0043 1.0039
(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
1999-March 2001
Savings and Small- Large-
Year and month MMDA denomination denomination
deposits(1) time deposits(1) time deposits(1)
1999--January .9985 1.0023 .9849
February .9944 1.0036 .9928
March 1.0025 1.0026 1.0002
April 1.0113 1.0008 .9993
May .9971 .9970 1.0070
June 1.0010 .9949 1.0022
July 1.0011 .9970 1.0011
August .9988 .9974 .9975
September .9971 .9990 1.0042
October .9964 1.0017 1.0077
November .9997 1.0025 1.0051
December 1.0022 1.0013 .9970
2000--January .9986 1.0025 .9856
February .9943 1.0040 .9929
March 1.0021 1.0031 1.0003
April 1.0123 1.0010 .9996
May .9964 .9965 1.0072
June 1.0007 .9939 1.0024
July 1.0014 .9966 1.0010
August .9983 .9971 .9973
September .9978 .9991 1.0045
October .9958 1.0019 1.0070
November .9997 1.0029 1.0050
December 1.0033 1.0016 .9969
2001--January .9981 1.0026 .9861
February .9943 1.0041 .9931
March 1.0021 1.0033 1.0002
Year and month Money market mutual funds RPs Eurodollars
In M2 In M3 only
1999--January 1.0038 1.0220 1.0007 1.0108
February 1.0132 1.0361 1.0048 1.0111
March 1.0196 1.0154 1.0064 .9983
April 1.0154 .9997 .9974 .9982
May .9860 .9913 1.0131 1.0096
June .9866 .9887 1.0034 .9994
July .9859 .9720 .9937 .9870
August .9998 .9843 .9985 .9931
September .9982 .9758 .9972 .9909
October .9951 .9883 .9915 .9909
November .9964 1.0051 1.0081 1.0012
December .9984 1.0190 .9860 1.0121
2000--January 1.0044 1.0235 1.0007 1.0068
February 1.0148 1.0373 1.0056 1.0084
March 1.0199 1.0152 1.0078 .9994
April 1.0157 1.0002 .9959 .9995
May .9865 .9927 1.0120 1.0083
June .9865 .9889 1.0032 1.0016
July .9846 .9707 .9925 .9882
August .9990 .9840 .9992 .9945
September .9981 .9745 .9970 .9914
October .9952 .9868 .9897 .9896
November .9964 1.0060 1.0088 1.0028
December .9983 1.0190 .9883 1.0109
2001--January 1.0047 1.0237 1.0006 1.0042
February 1.0156 1.0380 1.0059 1.0072
March 1.0201 1.0161 1.0086 1.0005
(1.) Seasonal factors are applied to deposits data at both commercial
banks and thrift institutions.
3. Weekly seasonal factors used to construct M1, December 6,
1999-April 2, 2001
Week ending Currency Nonbank travelers Demand deposits
checks
1999--December 6 1.0061 1.0221 1.0114
13 1.0080 1.0201 1.0243
20 1.0118 1.0182 1.0497
27 1.0182 1.0162 1.0626
200--January 3 1.0090 1.0142 1.0974
10 1.0015 1.0171 1.0367
17 .9978 1.0199 1.0090
24 .9936 1.0228 .9829
31 .9922 1.0257 .9924
February 7 .9980 1.0242 .9771
14 1.0004 1.0227 .9759
21 .9988 1.0212 .9776
28 .9961 1.0197 .9887
March 6 1.0018 1.0183 .9863
13 1.0017 1.0170 .9860
20 1.0005 1.0158 .9834
27 .9985 1.0146 .9870
April 3 .9995 1.0134 1.0151
10 1.0040 1.0158 1.0140
17 1.0009 1.0183 1.0178
24 .9986 1.0208 .9921
May 1 .9979 1.0234 .9973
8 1.0029 1.0190 .9853
15 .9997 1.0147 .9829
22 .9980 1.0104 .9717
29 .9982 1.0061 .9844
June 5 1.0014 1.0019 .9987
12 1.0017 .9917 .9978
19 .9980 .9817 .9928
26 .9948 .9718 .9893
July 3 .9991 .9622 1.0140
10 1.0049 .9603 1.0116
17 1.0003 .9584 .9949
24 .9974 .9565 .9852
31 .9967 .9545 1.0061
August 7 1.0032 .9595 .9968
14 .9992 .9646 .9949
21 .9958 .9697 .9926
28 .9930 .9749 .9914
September 4 1.0023 .9801 .9947
11 .9983 .9812 .9945
18 .9961 .9823 .9936
25 .9934 .9834 .9795
October 2 .9936 .9845 .9952
9 1.0010 .9892 .9863
16 .9978 .9939 .9862
23 .9946 .9987 .9795
30 .9941 1.0035 .9935
November 6 1.0016 1.0084 1.0020
13 1.0023 1.0116 .9996
20 1.0001 1.0147 1.0080
27 1.0044 1.0179 1.0216
December 4 1.0063 1.0211 1.0342
11 1.0080 1.0189 1.0290
18 1.0112 1.0167 1.0484
24 1.0179 1.0145 1.0572
2001--January 1 1.0105 1.0124 1.0847
8 1.0034 1.0150 1.0488
15 .9986 1.0177 1.0140
22 .9949 1.0203 .9844
29 .9927 1.0230 .9804
2001--February 5 .9972 1.0257 .9794
12 1.0000 1.0238 .9754
19 .9992 1.0219 .9805
26 .9961 1.0200 .9864
March 5 1.0007 1.0182 .9975
12 1.0020 1.0170 .9886
19 1.0002 1.0157 .9893
26 .9978 1.0145 .9801
April 2 .9995 1.0133 1.0065
Week ending Other checkable deposits(1)
Total At banks
1999--December 6 1.0056 .9957
13 .9961 .9910
20 1.0065 1.0050
27 1.0166 1.0184
200--January 3 1.0435 1.0375
10 1.0213 1.0194
17 1.0089 1.0110
24 1.0042 1.0122
31 1.0044 1.0126
February 7 1.0000 .9998
14 .9863 .9898
21 .9885 .9962
28 .9989 1.0042
March 6 1.0040 1.0010
13 .9976 .9956
20 .9994 1.0003
27 1.0064 1.0116
April 3 1.0240 1.0196
10 1.0207 1.0158
17 1.0317 1.0257
24 1.0222 1.0243
May 1 1.0148 1.0137
8 1.0026 .9984
15 .9917 .9923
22 .9884 .9942
29 .9970 1.0001
June 5 1.0064 1.0014
12 .9983 .9985
19 .9997 1.0015
26 1.0001 1.0059
July 3 1.0104 1.0051
10 1.0009 .9945
17 .9856 .9856
24 .9833 .9863
31 .9943 .9912
August 7 .9965 .9910
14 .9847 .9834
21 .9830 .9851
28 .9875 .9935
September 4 .9951 .9930
11 .9917 .9886
18 .9883 .9899
25 .9831 .9914
October 2 .9946 .9939
9 .9896 .9865
16 .9839 .9835
23 .9842 .9874
30 .9903 .9960
November 6 1.0009 .9945
13 .9900 .9882
20 .9919 .9927
27 .9977 1.0018
December 4 1.0095 .9999
11 .9999 .9937
18 1.0053 1.0015
24 1.0136 1.0156
2001--January 1 1.0363 1.0299
8 1.0298 1.0257
15 1.0098 1.0132
22 1.0027 1.0094
29 1.0012 1.0092
2001--February 5 1.0027 1.0027
12 .9893 .9933
19 .9901 .9948
26 .9954 1.0029
March 5 1.0033 1.0018
12 .9972 .9974
19 1.0000 1.0010
26 1.0068 1.0105
April 2 1.0235 1.0169
(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 6,
1999-April 2, 2001
Savings and Small- Large-
Week ending MMDA denomination denomination
deposits(1) time deposits(1) time deposits(1)
1999--December 6 1.0110 1.0029 1.0033
13 1.0074 1.0018 1.0024
20 1.0003 1.0008 .9984
27 .9935 .9999 .9927
200--January 3 1.0015 1.0012 .9831
10 1.0128 1.0024 .9860
17 1.0068 1.0026 .9879
24 .9877 1.0026 .9830
31 .9807 1.0031 .9864
February 7 1.0003 1.0038 .9908
14 .9997 1.0041 .9950
21 .9918 1.0040 .9908
28 .9877 1.0039 .9936
March 6 1.0069 1.0039 1.0011
13 1.0071 1.0035 1.0014
20 1.0016 1.0029 1.0013
27 .9913 1.0023 1.0005
April 3 1.0097 1.0029 .9950
10 1.0250 1.0026 .9982
17 1.0235 1.0013 .9986
24 1.0052 1.0000 .9999
May 1 .9901 .9989 1.0046
8 1.0051 .9982 1.0077
15 1.0028 .9971 1.0058
22 .9910 .9960 1.0066
29 .9906 .9951 1.0086
June 5 1.0114 .9943 1.0084
12 1.0094 .9937 1.0041
19 1.0003 .9932 1.0027
26 .9832 .9935 1.0003
July 3 .9962 .9953 .9952
10 1.0119 .9962 .9970
17 1.0052 .9963 1.0039
24 .9935 .9973 1.0044
31 .9909 .9972 1.0013
August 7 1.0092 .9971 1.0014
14 1.0075 .9969 .9968
21 .9976 .9969 .9924
28 .9863 .9970 .9967
September 4 1.0043 .9979 1.0014
11 1.0137 .9985 1.0022
18 .9997 .9991 1.0033
25 .9791 .9992 1.0074
October 2 .9865 1.0004 1.0078
9 1.0046 1.0021 1.0130
16 1.0034 1.0020 1.0081
23 .9905 1.0019 1.0053
30 .9859 1.0018 1.0015
November 6 1.0037 1.0024 1.0054
13 1.0073 1.0028 1.0063
20 1.0016 1.0030 1.0044
27 .9912 1.0031 1.0050
December 4 1.0035 1.0030 1.0022
11 1.0079 1.0024 1.0028
18 1.0021 1.0015 .9992
24 .9955 1.0007 .9943
2001--January 1 .9998 1.0010 .9868
8 1.0135 1.0025 .9845
15 1.0101 1.0025 .9898
22 .9942 1.0026 .9862
29 .9820 1.0027 .9833
2001--February 5 .9978 1.0036 .9877
12 .9986 1.0041 .9927
19 .9938 1.0042 .9924
26 .9861 1.0043 .9954
March 5 1.0014 1.0042 1.0019
12 1.0038 1.0038 1.0023
19 1.0007 1.0032 1.0012
26 .9934 1.0027 .9997
April 2 1.0069 1.0028 .9950
Week ending Money market mutual funds RPs Eurodollars
In M2 In M3 only
1999--December 6 1.0023 1.0197 1.0010 1.0224
13 1.0009 1.0333 .9956 1.0139
20 1.0007 1.0204 .9831 1.0025
27 .9964 1.0173 .9724 1.0094
200--January 3 .9881 .9932 .9760 1.0152
10 .9977 1.0195 .9986 1.0070
17 1.0110 1.0274 1.0036 1.0024
24 1.0094 1.0330 1.0026 1.0047
31 1.0065 1.0270 1.0087 1.0094
February 7 1.0122 1.0329 1.0095 .9987
14 1.0143 1.0375 1.0127 1.0097
21 1.0163 1.0398 1.0011 1.0094
28 1.0158 1.0409 .9997 1.0189
March 6 1.0197 1.0238 1.0031 .9871
13 1.0203 1.0219 1.0129 .9971
20 1.0195 1.0147 1.0138 .9992
27 1.0203 1.0138 1.0065 1.0115
April 3 1.0196 .9945 .9982 1.0011
10 1.0267 1.0096 .9972 .9978
17 1.0245 1.0057 .9931 .9881
24 1.0138 .9968 .9917 1.0027
May 1 .9928 .9899 1.0014 1.0103
8 .9885 .9894 1.0082 .9955
15 .9844 .9893 1.0104 1.0019
22 .9855 .9945 1.0118 1.0161
29 .9864 .9956 1.0186 1.0216
June 5 .9870 1.0014 1.0143 1.0009
12 .9913 1.0036 1.0114 1.0036
19 .9875 .9868 1.0017 .9962
26 .9844 .9823 .9945 1.0044
July 3 .9791 .9632 .9927 1.0037
10 .9854 .9787 .9905 .9868
17 .9843 .9689 .9889 .9812
24 .9852 .9717 .9943 .9870
31 .9859 .9668 .9961 .9914
August 7 .9940 .9773 .9980 .9875
14 .9986 .9857 1.0026 .9840
21 1.0016 .9856 .9930 .9917
28 1.0015 .9892 1.0021 1.0143
September 4 .9991 .9795 1.0012 .9949
11 1.0020 .9818 1.0017 .9931
18 1.0011 .9766 1.0012 .9871
25 .9959 .9687 .9941 .9928
October 2 .9906 .9653 .9853 .9903
9 .9949 .9803 .9850 .9856
16 .9975 .9847 .9885 .9874
23 .9961 .9940 .9895 .9858
30 .9938 .9931 .9955 .9996
November 6 .9926 .9941 1.0002 .9887
13 .9949 1.0015 1.0092 .9955
20 .9967 1.0069 1.0145 1.0035
27 .9994 1.0143 1.0118 1.0175
December 4 .9991 1.0184 1.0047 1.0122
11 1.0027 1.0314 .9998 1.0117
18 1.0023 1.0218 .9887 1.0035
24 .9976 1.0161 .9777 1.0074
2001--January 1 .9889 1.0050 .9759 1.0217
8 .9953 .9998 .9947 1.0110
15 1.0080 1.0263 1.0025 1.0009
22 1.0085 1.0323 1.0002 .9993
29 1.0078 1.0371 1.0064 1.0053
2001--February 5 1.0098 1.0301 1.0079 .9966
12 1.0147 1.0437 1.0110 1.0067
19 1.0159 1.0381 1.0046 1.0089
26 1.0194 1.0413 1.0015 1.0181
March 5 1.0190 1.0265 1.0030 .9919
12 1.0206 1.0265 1.0115 .9976
19 1.0194 1.0163 1.0150 .9987
26 1.0207 1.0128 1.0092 1.0090
April 2 1.0207 .9956 1.0005 1.0035
(1.) Seasonal factors are applied to deposits data at both commercial
banks and thrift institutions.
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