March 9, 2006

H.6 (508)
Discontinuance of M3
As announced on November 10, 2005, the Board of Governors will cease publication
of the M3
monetary aggregate on March 23, 2006. The Board will also cease publishing the
following
components: large-denomination time deposits, repurchase agreements (RPs), and
Eurodollars. The
Board will continue to publish institutional money market mutual funds as a
memorandum item in
this release.
Measures of large-denomination time deposits will continue to be published by the
Board in the
Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release
on a weekly
basis (for commercial banks).
M3 does not appear to convey any additional information about economic activity
that is not
already embodied in M2 and has not played a role in the monetary policy process
for many years.
Consequently, the Board judged that the costs of collecting the underlying data
and publishing
M3 outweigh the benefits.
On March 23, 2006, the Board will publish a final set of historical data on M3 and
its components.
The Board will continue to publish historical data on M1, M2, M3, and their
components in the
current format through March 16, 2006 (www.federalreserve.gov/releases/h6/hist/).
Beginning today,
each week the Board will publish historical data on M1, M2, and their components
(www.federalreserve.gov/releases/h6/hist/newformat.htm).

1

FEDERAL RESERVE STATISTICAL RELEASE
H.6 (508)
Table 1
4:30 p.m.
2006
MONEY STOCK MEASURES
Billions of dollars

These data are scheduled for release each Thursday at
March 9,

--------------------------------------------------------------------------------------Date
M1(1)
M2(2)
M3(3)
--------------------------------------------------------------------------------------Seasonally adjusted
--------------------------------------------------------------------------------------2004-Feb.
1319.9
6132.1
9002.0
Mar.
1329.6
6173.0
9082.4
Apr.
1339.4
6216.9
9151.4
May
1336.5
6280.6
9245.6
June
1341.2
6288.8
9277.6
July
1343.5
6295.4
9284.6
Aug.
1354.1
6317.3
9316.3
Sep.
1360.5
6346.9
9353.8
Oct.
1360.8
6369.2
9361.4
Nov.
1374.1
6404.0
9397.5
Dec.
1372.1
6422.1
9435.8

9492.1
9536.5
9570.2
9625.6
9669.6
9729.2
9766.0
9868.7
9955.6
10037.6
10088.2
10169.2

2005-Jan.

1367.0

6436.4

Feb.

1369.5

6455.7

Mar.

1373.0

6475.8

Apr.

1365.7

6482.7

May

1370.7

6492.1

June

1369.5

6518.3

July

1362.5

6538.4

Aug.

1370.4

6568.8

Sep.

1367.4

6599.9

Oct.

1369.2

6629.5

Nov.

1370.1

6651.9

Dec.

1368.8

6680.4

2006-Jan.
1382.4
6742.5
10261.0
--------------------------------------------------------------------------------------Not seasonally adjusted
--------------------------------------------------------------------------------------2004-Feb.
1306.6
6101.3
8995.6
Mar.
1337.9
6180.8
9109.9
Apr.
1345.2
6252.4
9180.1
May
1333.6
6263.8
9238.1
June
1348.4
6288.1
9283.3
July
1338.8
6293.1
9259.0
Aug.
1352.4
6312.7
9301.9
Sep.
1349.7
6344.4
9335.8
Oct.
1351.2
6363.5
9331.0
Nov.
1370.8
6413.7
9398.4
Dec.
1401.3
6457.0
9485.0

9484.2
9516.7
9589.7
9665.3
9659.2
9738.1
9749.2
9856.8
9943.4
10011.3
10086.9
10216.6

2005-Jan.

1362.6

6415.8

Feb.

1355.3

6415.8

Mar.

1382.1

6478.6

Apr.

1371.6

6525.6

May

1368.7

6470.8

June

1377.3

6521.1

July

1357.2

6541.6

Aug.

1369.2

6564.4

Sep.

1356.1

6597.2

Oct.

1358.8

6623.1

Nov.

1368.1

6665.2

Dec.

1396.8

6718.0

2006-Jan.
1377.4
6712.5
10240.3
-------------------------------------------------------------------------------------Footnotes appear on the following page
p -- indicates preliminary data
1

H.6 (508)
Table 2
MONEY STOCK MEASURES
Percent change at seasonally adjusted annual rates
-------------------------------------------------------------------------------------------------------M1
M2
M3
-------------------------------------------------------------------------------------------------------3 Months from Oct. 2005 TO Jan. 2006
3.9
6.8
8.9
6 Months from July 2005 TO Jan. 2006
2.9
6.2
10.1
12 Months from Jan. 2005 TO Jan. 2006
1.1
4.8
8.1
Thirteen weeks ending
February 27, 2006
from thirteen weeks ending:

Nov. 28, 2005 (13 weeks previous)
1.8
6.0
8.7
Aug. 29, 2005 (26 weeks previous)
1.1
5.6
9.4
Feb. 28, 2005 (52 weeks previous)
0.4
4.5
8.0
-------------------------------------------------------------------------------------------------------Footnotes to Table 1:
1. M1 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 commercial
banks (excluding those amounts held by 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 (NOW)
and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits
at thrift institutions. Seasonally adjusted M1 is constructed by summing
currency, travelers checks, demand deposits, and

OCDs, each seasonally adjusted separately.
2. M2 consists of M1 plus (1) savings deposits (including money market deposit
accounts); (2) small-denomination time deposits (time
deposits in amounts of less than $100,000), less individual retirement account
(IRA) and Keogh balances at depository
institutions; and (3) balances in retail money market mutual funds, less IRA
and Keogh balances at money market mutual funds.
Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money funds,
each seasonally adjusted separately, and adding this result to seasonally
adjusted M1.
3. M3 consists of M2 plus (1) balances in institutional money market mutual
funds; (2) large-denomination time deposits (time deposits
in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of
depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars
held by U.S. addressees at foreign branches of U.S.
banks worldwide and at all banking offices in the United Kingdom and Canada.
Large-denomination time deposits, RPs, and
Eurodollars exclude those amounts held by depository institutions, the U.S.
government, foreign banks and official institutions,
and money market mutual funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination
time deposits, RPs, and Eurodollars, each adjusted separately, and adding this
result to seasonally adjusted M2.
Note: Current and historical H.6 data are available each week on the Federal
Reserve Board's web site (http://www.federalreserve.gov/).
Monthly data are available back to January 1959, and weekly data are available
back to January 1975 for most series. For information
about individual copies or subscriptions, contact Publication Services at the
Federal Reserve Board (phone 202-452-3245, fax
202-728-5886). For paid electronic access to current and historical data, call
STAT-USA at 1-800-782-8872 or 202-482-1986.
1

H.6 (508)
Table 3
MONEY STOCK MEASURES
Billions of Dollars
--------------------------------------------------------------------------------------------------------------------------------------------------M1
M2
M3
--------------------------------------------------------------------------------------------------------------------------------------------------Period Ending 13-week average 4-week average week average 13-week average 4week average week average 13-week average 4-week average week average
--------------------------------------------------------------------------------------------------------------------------------------------------Seasonally adjusted
--------------------------------------------------------------------------------------------------------------------------------------------------2005-Dec. 5
1369.3
1372.8
1369.7
6632.0

6658.3

6659.7
12
6668.4
19
6677.1
26
6694.6

6664.0
6667.2
6675.0
2006-Jan.
6686.1
6704.8
6720.4
6736.2
6744.6

6743.2

Feb.

6743.6
6749.3
6762.1

2

6704.2
9
6743.4
16
6739.2
23
6758.0
30
6737.6
6

6737.8
13
6740.8
20p
6781.1
27p
6788.5

10037.9
1369.9
10053.4
1370.1
10069.8
1370.1
10087.3

10104.6
1372.9
10120.4
1369.4
10131.2
1369.3
10153.8

10111.0
1363.5
10136.8
1366.7
10157.4
1377.1
10209.8

1368.8
10105.3
1369.1
10123.7
1370.0
10140.2
1370.9
10156.5
1373.5
10172.8

1368.4
10183.8
1369.4
10212.6
1369.9
10236.9
1372.6
10252.8
1383.1
10262.1

1366.1
10231.1
1367.5
10252.2
1368.8
10254.4
1388.0
10273.5
1408.2
10268.2

6656.9

1375.3
10190.7
1374.7
10206.5
1374.4
10223.3
1375.1
10241.8

1386.8
10268.4
1383.4
10274.5
1380.4
10289.2
1375.3
10312.3

1382.1
10277.4
1355.2
10278.8
1376.0
10332.4
1387.9
10360.7

6699.5

6638.6
6644.3
6650.1

6666.6
6674.8
6683.9
6691.7

6706.8
6715.8
6725.4

--------------------------------------------------------------------------------------------------------------------------------------------------Not seasonally adjusted
--------------------------------------------------------------------------------------------------------------------------------------------------2005-Dec. 5
1362.0
1374.8
1369.3
6633.2
6674.5
6700.3
10024.0
10109.4
10140.0
12
1364.0
1377.4
1334.7
6640.0
6682.7
6706.8
10041.5
10137.6
10199.3
19
1367.0
1379.8
1386.6
6648.4
6695.1
6721.1
10062.5
10164.8
10216.3
26
1371.9
1387.0
1457.5
6661.2
6712.0
6719.6
10089.5
10203.3
10257.4
2006-Jan.
6721.3
6734.1
6740.1
6734.6

2
6737.6
9
6758.2
16
6744.9
23
6697.7

1375.7
10112.3
1378.1
10132.1
1380.1
10149.9
1380.0
10167.5

1408.7
10230.8
1412.0
10245.5
1402.8
10260.6
1382.7
10254.4

1455.9
10250.0
1348.0
10258.2
1349.9
10276.7
1376.8
10232.8

6671.6
6681.5
6688.4
6695.7

30
6640.0

6710.2
Feb.
6696.8

6
6704.5
13
6706.7
20p
6729.8
27p
6730.5

6687.2
6695.3
6717.9

1380.7
10181.8

1372.6
10238.7

1415.5
10187.0

6699.1

1382.2
10197.5
1382.0
10211.4
1381.5
10226.7
1380.0
10244.0

1371.5
10237.2
1364.6
10234.8
1363.0
10253.1
1361.3
10288.6

1343.8
10252.4
1322.3
10266.8
1370.3
10306.0
1408.9
10329.0

6702.2
6704.7
6709.2
6715.2

--------------------------------------------------------------------------------------------------------------------------------------------------Note: Special caution should be taken in interpreting week-to-week changes in
money supply data, which are highly volatile and subject to revision.
p -- indicates preliminary data.
1

H.6 (508)
Table 4
SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------Other Checkable Deposits
-----------------------------------------------------Date
Currency(1)
Travelers checks(2) Demand
Deposits(3)
At comm. banks(4)
At thrift inst.(5)
Total
----------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
689.9
7.6
338.3
186.8
137.9
324.7
Oct.
187.2
188.4

Nov.
Dec.

692.9
139.1
140.4

186.5

140.5

2005-Jan.
184.7

139.4

697.7
697.3

326.3
328.7

7.6

334.1

7.6

340.0

7.6

340.3

7.5

336.4

327.0

699.0
324.1

Feb.
183.3

700.8
139.3

Mar.

183.6
Apr.
183.8
184.5

May

140.2

June

182.5

Aug.

137.7

Sep.

324.7

712.8
716.1

317.8
320.2

Nov.

138.7

Dec.

179.6

137.3

2006-Jan.
181.2

137.8

7.5

339.3

7.5

331.0

7.5

332.8

7.4

334.2

7.3

327.3

7.4

330.0

7.3

324.2

7.3

325.9

7.3

323.4

7.3

320.9

7.2

326.6

7.3

315.0

7.2

313.3

7.2

313.4

7.2

332.1

7.2

349.8

7.1

324.6

7.1 e

301.4

7.1 e

318.7

7.1 e

329.8

319.8
717.5

138.7

338.6

319.6

138.7
Oct.

180.4

708.4

323.3

710.0
136.6

181.1

179.8

705.8

137.1
July

7.5
323.4

703.9
139.6

182.5

181.2

702.9

139.7

322.6

720.3
723.7

318.5
319.1
316.9

729.7
318.9

Week Ending:
2006-Jan.
180.2
184.0

2
9
16

181.6

23

179.8

30

179.4

178.3
179.1
177.8

135.9
137.4
137.9

727.0
729.2
731.0
732.5

139.3
Feb.

180.2

726.8
136.8

6
13
20p
27p

317.0
319.9
319.0
317.7
318.8

732.9
137.3
135.6
137.8
139.2

732.8
733.3
733.9

317.5
313.9
316.9
317.0

----------------------------------------------------------------------------------------------------------------------------------------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 domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations
(excluding those amounts held by 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. NOW and ATS balances at domestically chartered commercial banks, U.S. branches
and agencies of foreign banks, and Edge Act corporations.
5. NOW and ATS balances at thrift institutions, credit union share draft
balances, and demand deposits at thrift institutions.
e -- indicates estimated data.

1

p -- indicates preliminary data.

H.6 (508)
Table 5
SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------Savings Deposits(1)
Smalldenomination time deposit(2)
-------------------------------------------------------------------------------Retail
Date
At thrift

At comm.
At thrift
Total
At comm.
money
Total
banks
insts.
banks
insts.
funds(3)
Non-M1 M2
-----------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
2563.0
893.5
3456.5
533.6
267.6
801.2
728.7
4986.4

269.2
269.7
271.6

Oct.
Nov.
Dec.

Total

806.4
811.1
816.8

2593.4
719.4
2617.0
714.2
2632.2
713.2

889.2
5008.4
887.6
5029.9
887.8
5049.9

3482.7

537.2

3504.5

541.4

3519.9

545.2

2005-Jan.
276.6
Feb.
281.2
Mar.
284.2

290.3
296.1
300.7

304.9
310.9
315.5

327.9
333.9
336.4

2640.2
711.8
2654.3
706.7
2665.0
704.5

888.3
5069.4
884.1
5086.2
878.5
5102.8

3528.6

552.4

3538.4

559.9

3543.6

570.5

2673.7
705.9
2663.1
701.6
2679.0
700.2

868.1
5117.0
870.8
5121.4
868.9
5148.8

3541.7

579.1

3533.9

589.8

3548.0

599.9

2697.5
700.9
2703.7
699.8
2725.3
705.1

862.6
5175.9
865.6
5198.4
859.6
5232.5

3560.1

610.0

3569.3

618.4

3584.9

626.9

857.8
5260.3
855.5
5281.8
850.8
5311.6

3597.2

624.7

3603.7

630.1

973.8

2739.4
710.6
2748.1
714.2
2769.7
717.4

3620.4

637.3

986.5

2786.6
727.8

859.1
5360.1

3645.7

645.7

855.6
5338.1
851.8
5375.9
855.9
5370.5
866.4
5370.0
865.8
5329.4

3632.1

640.0

3664.5

642.6

3658.4

644.6

3653.9

647.0

3610.2

649.2

992.7

2776.5
728.4
2812.7
730.1
2802.5
727.6
2787.5
727.4
2744.4
726.5
2780.4
725.9

854.1
5355.7

3634.6

650.7

995.2

829.0
841.1
854.7

Apr.

869.4

May

885.9

June

900.7

July

914.9

Aug.

929.3

Sep.

942.5

Oct.

952.6

Nov.

963.9

Dec.

2006-Jan.
340.9
Week ending:
2006-Jan.
337.6
338.7

2
9
16

339.9

23

341.8

30

343.4
Feb.
344.5

977.6
981.3
984.5
988.7

6

13
1000.3
20p
1004.6
27p
1008.1

345.7
347.1
347.9

2794.4
729.1
2797.9
730.5
2783.9
735.9

861.8
5385.6
872.1
5405.1
872.7
5400.6

3656.2

654.6

3670.0

657.5

3656.6

660.2

-----------------------------------------------------------------------------------------------------------------------------------------1. Savings deposits include money market deposit accounts.
2. Small-denomination time deposits are those issued in amounts of less than
$100,000. All IRA and Keogh account balances at commercial
banks and thrift institutions are subtracted from small time deposits.
3. IRA and Keogh account balances at money market mutual funds are subtracted
from retail money funds.
p -- indicates preliminary data.

1

H.6 (508)
Table 6
SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
---------------------------------------------------------------------------------------------------------------------------------------Large-denomination time
deposits(1)
Institutional
-------------------------------------------Date
money
At commercial
At thrift
Total
funds
banks(2)
institutions
Total
RPs(3)
Eurodollars(4)
Non-M2 M3
----------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
1094.6
883.9
147.7
1031.6
526.7
354.1
3006.9
Oct.
1038.6
1050.6
1073.3

Nov.
Dec.

510.2
501.0
492.6

1075.7
367.6
1071.1
370.8
1068.4
379.4

887.6
2992.1
894.8
2993.5
912.3
3013.7

151.0
155.8
161.1

2005-Jan.
1127.4
Feb.
1141.9
Mar.
1153.1

473.1
489.3
487.8

Apr.
1196.7
1208.6

483.8

May

504.7

June

1235.5

504.3
July

1223.0
1265.7

517.6

Aug.

525.1

Sep.

1292.6

534.2
Oct.

1062.5
392.7
1054.1
395.5
1049.3
404.2

960.1
3055.7
968.8
3080.8
974.0
3094.5

167.3

1057.5
405.0
1057.9
406.3
1069.1
402.1

1008.4
3142.9
1016.3
3177.5
1037.1
3210.9

188.3

1078.6
408.4
1091.3
417.7
1107.4
421.6

1020.7
3227.6
1057.0
3299.9
1077.4
3355.7

202.3

1099.6
3408.1
1106.2
3436.4
1129.2
3488.8

223.3

173.2
179.1

192.4
198.4

208.7
215.2

1359.4

563.0

1119.3
421.0
1120.6
425.9
1136.2
430.2

2006-Jan.
1394.9

1150.3
426.9

1159.9
3518.5

235.0

546.4

565.5

1163.9
423.4

1139.4
3526.9

234.6

1145.1
3508.8
1165.4
3515.1
1163.0
3515.5

234.3

547.0

1162.9
425.1
1152.2
420.5
1141.5
429.7

546.6

1140.6
433.1

1172.7
3530.6

237.5

1151.6
429.6
1142.0

1164.5
3539.6
1176.2

234.7

1322.9
1335.6

545.0

Nov.

554.3

Dec.

229.4
230.2

Week ending:
2006-Jan.
1374.1

2
9

1379.3

16

1399.3

23

1397.3
30

1410.3

1399.2

Feb.

6
13

541.5
543.2

559.2

233.8
234.3

233.7

1409.8

555.6
20p

1414.3

27p

1413.4

572.0
565.3

430.6
1136.5
428.5
1159.6
434.0

3538.0
1180.0
3551.3
1178.6
3572.3

234.3
234.7

----------------------------------------------------------------------------------------------------------------------------------------1. Large-denomination time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at domestically chartered commercial banks,
U.S. branches and agencies of foreign banks, and Edge Act
corporations, excluding those amounts held by depository institutions, the
U.S. government, foreign banks and official institutions, and
money market mutual funds.
3. RP liabilities of depository institutions, in denominations of $100,000 or
more, on U.S. government and federal agency securities, excluding
those amounts held by depository institutions, the U.S. government, foreign
banks and official institutions, and money market mutual funds.
4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada,
excluding those amounts held by depository institutions, the U.S. government,
foreign banks and official institutions, and money market
mutual funds.
p -- indicates preliminary data
e -- indicates estimated data
1

H.6 (508)
Table 7
NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------Other Checkable Deposits
-----------------------------------------------------Date
Currency(1)
Travelers checks(2) Demand
Deposits(3)
At comm. banks(4)
At thrift inst.(5)
Total
----------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
687.9
7.6
333.8
183.1
137.4
320.4
Oct.
183.7
185.4

Nov.

691.7
137.7
139.8

697.4

321.4
325.3

7.5

330.5

7.5

340.6

Dec.

702.4

191.7

140.9

2005-Jan.
190.0
Feb.
181.1
Mar.
186.6

697.3
136.0
135.2

184.0

May

140.7

June

Aug.

138.5

Sep.

177.6

177.8

705.3
708.5

331.6
324.7

712.3
714.3

316.1
319.6

Nov.

138.6

Dec.

184.6

137.7

2006-Jan.
186.1

134.8

331.9

7.5

331.0

7.4

345.3

7.4

328.6

7.4

331.3

7.4

339.8

7.5

322.1

7.5

329.8

7.4

319.2

7.2

321.9

7.1

324.1

7.2

338.1

7.2

321.7

7.2

375.5

7.2

293.3

7.2

301.7

7.2

325.2

7.1

355.3

315.2
715.7

137.8

7.5

321.6

137.6
Oct.

176.1

316.2

711.5
138.3

358.8

326.7

139.1
July

181.1

702.6

326.0

704.0
143.6

182.6

177.9

700.7

140.1

Apr.
188.0

7.5
332.7

720.5
729.2

313.9
316.4
322.3

727.6
320.9

Week Ending:
2006-Jan.
196.5
184.0
182.0
185.9
190.3

2
9
16
23
30

732.8
144.0
135.3
132.0
132.2
135.8

728.2
727.0
726.4
727.0

340.5
319.3
314.0
318.1
326.0

Feb.

6

176.6

13

170.1

20p

176.4

27p

182.2

732.1
134.7
130.2
132.3
136.4

733.1
734.1
732.5

311.2
300.3
308.7

7.1

293.4

7.1 e

281.8

7.1 e

320.3

7.1 e

350.8

318.6

----------------------------------------------------------------------------------------------------------------------------------------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 domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations
(excluding those amounts held by 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. NOW and ATS balances at domestically chartered commercial banks, U.S. branches
and agencies of foreign banks, and Edge Act corporations.
5. NOW and ATS balances at thrift institutions, credit union share draft
balances, and demand deposits at thrift institutions.
e -- indicates estimated data.

1

p -- indicates preliminary data.

H.6 (508)
Table 8
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------Savings Deposits(1)
Smalldenomination time deposit(2)
-------------------------------------------------------------------------------Retail
Date
At thrift

At comm.
At thrift
Total
At comm.
money
Total
banks
insts.
banks
insts.
funds(3)
Non-M1 M2
-----------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
2571.4
896.4
3467.9
533.8
267.6
801.5
725.4
4994.7
Total

269.1
269.7
271.4

Oct.
Nov.

296.2
300.9

305.1
311.2
315.6

327.7
333.6
336.1

891.0
5012.3
890.8
5042.9
888.2
5055.6

3489.4

537.1

3517.3

541.3

3521.6

544.8

2625.0
716.8
2631.7
711.5
2656.7
709.4

883.2
5053.2
876.6
5060.4
875.8
5096.5

3508.2

551.9

3508.3

559.6

3532.5

570.4

2699.4
708.4
2651.7
697.0
2678.6
695.2

876.4
5154.0
867.0
5102.1
868.8
5143.8

3575.8

579.3

3518.7

590.2

3547.4

600.3

2707.2
696.0
2702.2
697.9
2733.8
702.3

865.7
5184.3
865.1
5195.2
862.2
5241.1

3572.9

610.3

3567.3

618.9

3596.0

627.1

859.5
5264.4
859.2
5297.1
852.1
5321.2

3604.2

624.5

3619.1

629.6

972.9

2744.7
708.0
2759.9
714.7
2774.0
722.3

3626.1

636.7

985.4

2764.3
733.1

852.3
5335.1

3616.6

644.9

2733.9
728.4
2837.1
733.3
2816.4
734.8

842.5
5281.6
859.2
5410.2
860.2
5395.0

3576.4

639.5

3696.4

642.2

3676.6

644.0

810.9

Dec.

816.3

2005-Jan.
276.3
Feb.
281.1
Mar.
284.2

290.5

2598.5
716.6
2626.5
714.6
2633.4
717.8

806.2

828.3
840.7
854.6

Apr.

869.8

May

886.4

June

901.2

July

915.4

Aug.

930.0

Sep.

942.8

Oct.

952.2

Nov.

963.2

Dec.

2006-Jan.
340.5
Week ending:
2006-Jan.
337.3
338.4
339.6

2
9
16

976.8
980.6
983.6

23
341.3

30

342.9

987.3
991.2

Feb.
344.2

6
13

345.5

994.3

999.7
20p
1003.9
27p
1007.4

346.9
347.7

2745.3
735.0
2662.2
731.2

853.2
5320.9
839.9
5224.5

3598.6

646.0

3502.1

648.3

2782.1
729.6
2790.7
733.4
2760.3
734.8
2719.9
741.6

854.6
5360.6
860.6
5384.4
860.4
5359.5
852.6
5321.5

3636.7

650.1

3651.3

654.2

3620.8

657.1

3572.5

659.8

-----------------------------------------------------------------------------------------------------------------------------------------1. Savings deposits include money market deposit accounts.
2. Small-denomination time deposits are those issued in amounts of less than
$100,000. All IRA and Keogh account balances at commercial
banks and thrift institutions are subtracted from small time deposits.
3. IRA and Keogh account balances at money market mutual funds are subtracted
from retail money funds.
p -- indicates preliminary data.

1

H.6 (508)
Table 9
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
--------------------------------------------------------------------------------------------------------------------------------------------------------Large-denomination time deposits(1)
RPs(3)
Institutional
---------------------------------------------------------------------------------Date
money
At commercial
At thrift
At commercial
At thrift
Total
funds
banks(2)
institutions
Total
banks
institutions
Total
Eurodollars(4) Non-M2 M3
--------------------------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
1088.6
885.4
148.0
1033.3
463.1
57.5
520.5
348.9
2991.3
Oct.
441.1

57.3

1067.0
498.4

885.3
366.3

150.6
2967.5

1035.9

Nov.
445.1
438.5

Dec.

2005-Jan.
409.6
Feb.
440.1
440.2

421.8
459.0

1075.9
498.6

885.9
370.0

154.3
2984.7

1040.2

53.5
56.1

1090.2
494.6

906.2
376.9

160.0
3028.0

1066.2

950.6
397.5
961.5
402.4

165.7
3068.3
171.9
3100.9

1116.3

57.9

1087.1
467.5
1067.3
498.0

54.7

1052.2
494.8

972.1
413.2

178.7
3111.0

1150.8

1013.9
413.5
1028.5
411.3

189.3
3139.7
194.7
3188.4

1203.3

55.7

1046.6
476.3
1039.2
514.7
1059.9
517.0

1046.5
393.3

200.2
3217.0

1246.7

53.0

1027.4
398.2
1060.6
411.5
1079.2
416.6

203.6
3207.7
209.4
3292.4
215.5
3346.2

1231.0

49.6

1067.1
511.3
1089.0
521.9
1104.7
530.2
1113.2
534.9

1096.7
420.6

222.7
3388.2

1319.5

50.7

1094.9
425.1
1120.7
428.4

227.1
3421.7
228.5
3498.5

1322.0

52.8

1122.6
552.0
1156.2
564.8

1173.6
539.2

1149.7
432.4

233.0
3527.8

1382.6

52.2

1178.5
551.8
1177.4

1123.6
427.1
1137.6

231.4
3512.4
232.7

1355.0

57.8

Mar.

Apr.

54.5

May
June

464.1
July
459.2
471.4

52.2

Aug.

50.5

Sep.

480.6
Oct.
484.2
499.5
512.0

Nov.

52.5

Dec.

2006-Jan.
487.0

1133.3

1223.2

1270.0
1294.7

1349.1

Week ending:
2006-Jan.
499.6

2
9

52.1

1370.3

469.6

52.8
16

481.3

23

491.5

30

498.2

513.9
518.3

Feb.

6
13

52.7
51.8
51.7

50.2
49.6

20p
530.5
525.2

27p

50.1
49.9

522.4
1179.1
534.1
1171.0
543.3
1166.9
549.8

429.8
1160.8
424.9
1151.6
437.2
1157.0
438.9

3500.0
232.9
3531.8
232.0
3535.1
234.3
3547.0

1163.1
564.1
1154.5
567.9

1154.9
433.1
1170.1
435.1

232.8
3548.0
232.5
3560.1

1387.7

1152.5
580.7
1174.7
575.2

1173.3
436.8
1172.0
443.2

233.0
3576.2
233.4
3598.5

1406.3

1393.8
1383.6
1391.4

1402.6

1405.4

--------------------------------------------------------------------------------------------------------------------------------------------------------1. Large-denomination time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at domestically chartered commercial banks,
U.S. branches and agencies of foreign banks, and Edge Act corporations,
excluding those amounts held by depository institutions, the U.S. government,
foreign banks and official institutions, and money market mutual funds.
3. RP liabilities of depository institutions, in denominations of $100,000 or
more, on U.S. government and federal agency securities, excluding those
amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market mutual funds.
4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada,
excluding those amounts held by depository institutions, the U.S. government,
foreign banks and official institutions, and by money market mutual funds.
p -- indicates preliminary data
e -- indicates estimated data
1

H.6 (508)
Table 10
MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

government deposits

U.S.
IRA and Keogh

Accounts
Demand deposits
Time and
--------------------------------------------------------------------------------------------------------------at banks due to
savings
Time and
Date
--------------------------- deposits due to
Demand
Balance
Note
savings
Foreign
Foreign
foreign banks deposits at
at
balances at
Total
deposits at
commercial
official
and official
commercial
Federal
depository
cash
commercial
At commercial
At thrift
At money
banks
institutions institutions
banks
Reserve
institutions(1) balance
banks
banks
institutions market funds
Total
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------2004-Sep.
7.3
1.1
18.9
1.7
5.6
16.7
24.0
2.2
168.6
101.7
151.9
422.1

5.0
420.8

Oct.

7.3
26.9

1.2
2.3

19.6
168.4

101.6

12.7

7.4
19.1

1.3
2.3

19.8
168.3

101.5

15.8

7.4
22.4

1.5
2.4

20.1
168.1

101.4

7.4
29.9

1.5
2.4

20.0
168.2

101.3

7.3
20.9

1.4
2.4

19.6
168.5

101.3

7.3
27.3

1.3
2.4

19.2
168.8

101.3

26.5

7.2
35.1

1.3
2.3

19.6
169.1

101.5

29.3

7.1
36.0

1.3
2.1

20.9
169.2

101.9

24.6

7.0
31.4

1.3
1.8

22.2
169.3

102.3

Nov.

4.9
419.1
5.1
417.4

20.3

Dec.

2005-Jan.
5.1
23.0
416.9
Feb.
5.2
14.3
417.6
Mar.
4.7
21.1
418.3

5.2
418.9

Apr.
May

5.1
419.3
5.0
419.7

June

1.5

150.8

1.5
149.4
1.5

148.0

1.8
147.5
1.5

147.8

1.4
148.2

3.4

148.3

1.6
148.2
1.8

148.1

July
4.8
e
5.0
e
5.3
e

4.9
e
4.9
e
5.1
e

13.7
420.6 e
Aug.
7.5
422.0 e
Sep.
28.3
423.4 e
Oct.

18.7
424.0 e
Nov.
8.9
424.1 e
Dec.
23.0
424.1 e

2006-Jan.
4.9
28.9
e
424.2 e

7.0
20.0

1.2
1.8

23.0
169.5

102.6

7.1
13.9

1.1
1.9

23.5
169.9

102.9

7.1
35.1

1.0
2.0

24.0
170.2

103.2

149.9

7.2 e
25.1

1.0 e
2.1 e

24.2 e
170.4 e

1.5
103.4 e

150.2

7.2 e
15.2

0.9 e
2.1 e

24.2 e
170.4 e

1.3
103.4 e

150.2

7.2 e
29.8

1.0 e
2.1 e

24.2 e
170.4 e

1.6
103.5 e

150.2

7.2 e
35.6

0.9 e
2.1 e

24.2 e
170.4 e

1.8
103.5 e

150.2

2006-Jan. 2
4.9
34.7

41.5

4.7

9
11.0

17.7

4.8

16
4.6

11.1

5.0

23
39.7

46.5

5.2

30
54.4

61.1

5.6

6
42.8

49.9

5.0

13
16.4

22.6

5.1

20p
10.8

17.3

5.0

27p
5.6

12.0

Feb.

1.4
148.4
1.4

149.2

1.5

2.0
1.9
1.7
1.8
1.5

1.5
1.2
1.4
1.4

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------1. Source: Daily Treasury statement.
e -- indicates estimated data
p -- indicates preliminary data