Tommaso, I'd think you know better than to disagree with me on this kinds of things.-g-
All Ms have components, and one may look at individual components to see what's up.
<<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 all commercial banks other than those due to 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 calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time
deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes
individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted
M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money
funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held
by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and
Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.
4. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
5. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector
(U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal
sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate
businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts,
are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is,
the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release
differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1.
In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available
each week via the web site of the Federal Reserve Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board
of the U.S. Commerce Department. Monthly data are available back to January 1959, and weekly data are available back to
January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free
(800) STAT-USA (800-782-8872).>> |
