[Economic Indicators March, 2006]
[Page Number 26]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                   MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK AND DEBT MEASURES

In February, M2 rose.
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                         [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
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                                                 M1                 M2                  M3              Debt                   Percent change
                                         ---------------------------------------------------------------------------------------------------------------
                                          Sum of currency,    M1 plus retail      M2 plus large                      From year or 6 months       From
                                          demand deposits,    MMMF balances,      time deposits,       Debt of            earlier \2\          previous
                 Period                      travelers'      savings deposits       RPs, Euro-        domestic    --------------------------- period \3\
                                             checks, and    (including MMDAs),     dollars, and     nonfinancial                             -----------
                                           other checkable    and small time     institution-  al    sectors \1\      M1       M2       M3
                                           deposits (OCDs)       deposits         MMMF  balances                                                 Debt
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1996:Dec ...............................           1,080.0             3,815.3           4,985.5        14,368.4      -4.2      4.8      7.5        5.2
1997:Dec ...............................           1,072.2             4,031.7           5,460.9        15,129.1       -.7      5.7      9.5        5.3
1998:Dec ...............................           1,094.9             4,383.7           6,051.9      r 16,151.4       2.1      8.7     10.8      r 6.8
1999:Dec ...............................           1,123.1             4,648.7           6,551.5      r 17,216.3       2.6      6.0      8.3        6.4
2000:Dec ...............................           1,087.6             4,931.3           7,117.6      r 18,052.5      -3.2      6.1      8.6        4.8
2001:Dec r..............................           1,182.1             5,451.4           8,035.4        19,148.4       8.7     10.5     12.9        6.1
2002:Dec r..............................           1,219.0             5,800.6           8,568.0        20,467.4       3.1      6.4      6.6        6.9
2003:Dec r..............................           1,304.2             6,079.6           8,872.3        22,149.2       7.0      4.8      3.6        8.1
2004:Dec r..............................           1,372.1             6,421.9           9,433.0        24,096.7       5.2      5.6      6.3        8.7
2005:Dec r..............................           1,368.8             6,675.5          10,154.0        26,391.3       -.2      3.9      7.6        9.5
 
2005:Feb r..............................           1,369.5             6,455.4           9,531.6   ..............      2.3      4.4      4.7  ..........
      Mar r.............................           1,373.0             6,474.9           9,565.3        24,680.5       1.8      4.0      4.6        9.7
      Apr r.............................           1,365.8             6,481.0           9,620.9   ..............       .7      3.5      5.6  ..........
      May r.............................           1,370.8             6,489.5           9,665.0   ..............      -.5      2.7      5.7  ..........
      June r............................           1,369.6             6,516.0           9,725.3        25,178.6       -.4      2.9      6.2        8.1
      July r............................           1,362.5             6,536.1           9,762.4   ..............      -.7      3.1      5.8  ..........
      Aug r.............................           1,370.4             6,566.3           9,864.6   ..............       .1      3.4      7.0  ..........
      Sept r............................           1,367.6             6,596.5           9,950.8        25,780.7       -.8      3.8      8.1        9.6
      Oct r.............................           1,369.4             6,625.7          10,032.0   ..............       .5      4.5      8.5  ..........
      Nov r.............................           1,370.2             6,647.5          10,078.5   ..............      -.1      4.9      8.6  ..........
      Dec r.............................           1,368.8             6,675.5          10,154.0        26,391.3       -.1      4.9      8.8        9.5
 
2006:Jan r..............................           1,382.6             6,736.8          10,242.8   ..............      3.0      6.1      9.8  ..........
      Feb p.............................           1,375.0             6,758.4          10,298.7   ..............       .7      5.9      8.8  ..........
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    \1\ Quarterly data; shown in 
last month of quarter. End-of-year 
data are for fourth quarter. 
Consists of outstanding credit 
market debt of the U.S. Government, 
State and local governments, and 
private nonfinancial sectors; data 
from flow of funds accounts.
    \2\ Annual changes are from 
December to December and monthly 
changes are from 6 months earlier at 
a simple annual rate.
    \3\ Annual changes are from 
fourth quarter to fourth quarter. 
Quarterly changes are from previous 
quarter at an annual rate.
    See p. 27 for components.
    Note.--Data for money stock and 
components are as available on March 
23, 2006. The Federal Reserve 
previously announced that the M3 
monetary aggregate and most of its 
components would no longer be 
published in the weekly H.6 release, 
Money Stock Measures, as of March 
23, 2006. The component of M3 on 
institutional money market mutual 
funds will continue to be published 
as a memorandum item in the H.6 
release, and the component on large-
denomination time deposits will be 
published in other Federal Reserve 
Board releases. For details, see H.6 
release of March 23, 2006.
    Source: Board of Governors of 
the Federal Reserve System.