M1, M2 and M3 Money Supply, M3 Components, and Consumer Price Index: 1959-2007 (Monthly Values)
(billions of dollars)
M2 plus plus plus CPI for Institu- Repurch. Agreements
Inst. Large Repurch. plus All Urban tional Large --------- ---------
M1 Money M2 Money Money Time Agree- Euro- M3 Money Consumrs: Money Time Interbank Security Euro-
Date Stock Stock Funds Deposits ments dollars Stock All Items Funds Deposits Loans Loans dollars
------ --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Jan-59 142.2 289.8 292.0 29.0 5.0 0.7
Jan-60 143.3 301.5 303.4 29.3 5.1 0.7
Jan-61 144.5 317.5 320.5 29.8 5.4 0.9
Jan-62 148.9 341.1 346.5 30.0 6.1 1.5
Jan-63 152.1 369.1 377.9 30.4 6.9 1.7
Jan-64 157.9 399.6 412.6 30.9 8.2 2.0
Jan-65 165.3 432.3 450.5 31.2 8.5 2.4
Jan-66 173.8 467.1 490.1 31.8 8.2 1.8
Jan-67 176.6 486.4 513.7 32.9 9.2 2.2
Jan-68 189.2 531.9 564.7 34.1 11.0 2.3
Jan-69 203.8 573.5 612.1 35.6 10.8 2.8
Jan-70 210.8 592.0 618.3 37.8 9.9 2.7
Jan-71 220.4 635.5 688.4 39.8 11.4 2.1
Jan-72 235.0 720.0 786.1 41.1 12.2 2.8
Jan-73 256.4 812.3 897.8 42.6 96.3 27.5 14.2 3.9
Jan-74 268.6 861.5 861.5 980.6 1030.5 1036.0 994.6 46.6 0.0 119.1 39.1 10.8 5.5
Jan-75 278.5 908.0 908.2 1050.9 1100.8 1109.0 1076.8 52.1 0.2 142.7 39.4 10.5 8.2
Jan-76 293.2 1028.3 1028.8 1173.7 1224.1 1235.5 1183.2 55.6 0.5 144.9 39.7 10.7 11.4
Jan-77 313.6 1167.5 1168.2 1315.0 1378.3 1393.0 1324.6 58.5 0.7 146.8 44.8 18.5 14.7
Jan-78 339.3 1282.3 1283.5 1450.6 1523.5 1546.0 1488.9 62.5 1.2 167.1 51.7 21.2 22.5
Jan-79 363.3 1375.2 1378.8 1578.5 1650.5 1686.7 1660.6 68.3 3.6 199.7 53.7 18.3 36.2
Jan-80 390.4 1486.2 1496.8 1718.2 1810.8 1866.4 1826.4 77.8 10.6 221.4 75.6 17.0 55.6
Jan-81 416.4 1610.6 1626.7 1897.4 2019.9 2083.0 2023.5 87.0 16.1 270.7 104.0 18.5 63.1
Jan-82 448.4 1772.8 1810.0 2120.5 2255.0 2347.4 2276.6 94.3 37.2 310.5 114.5 20.0 92.4
Jan-83 482.8 1967.6 2015.3 2343.2 2486.9 2589.4 2492.3 97.8 47.7 327.9 121.2 22.5 102.5
Jan-84 530.2 2147.8 2190.6 2505.0 2654.9 2766.9 2721.4 101.9 42.8 314.4 119.9 30.0 112.0
Jan-85 561.1 2343.0 2409.9 2758.0 2921.0 3029.2 3026.5 105.5 66.9 348.1 129.8 33.2 108.2
Jan-86 626.6 2514.2 2584.0 2957.2 3149.3 3256.0 3243.0 109.6 69.8 373.2 147.3 44.8 106.7
Jan-87 737.1 2757.5 2845.2 3226.7 3437.4 3558.2 3536.0 111.2 87.7 381.5 171.5 39.2 120.8
Jan-88 764.2 2862.1 2961.2 3364.2 3566.4 3686.5 3719.9 115.7 99.1 403.0 163.0 39.2 120.1
Jan-89 792.1 3004.8 3101.0 3546.8 3750.0 3880.5 3944.3 121.1 96.2 445.8 165.1 38.1 130.5
Jan-90 800.7 3176.6 3292.5 3763.6 3988.5 4096.4 4091.7 127.4 115.9 471.1 185.9 39.0 107.9
Jan-91 831.7 3296.0 3447.0 3910.7 4147.0 4253.4 4177.9 134.6 151.0 463.7 189.3 47.0 106.4
Jan-92 916.4 3389.7 3588.5 4024.2 4267.8 4359.7 4218.1 138.1 198.8 435.7 186.2 57.4 91.9
Jan-93 1039.8 3431.5 3645.1 4018.2 4241.3 4320.2 4210.1 142.6 213.6 373.1 161.8 61.3 78.9
Jan-94 1141.7 3489.6 3709.1 4053.1 4293.4 4366.5 4288.5 146.2 219.5 344.0 158.9 81.4 73.1
Jan-95 1159.5 3508.7 3731.8 4093.0 4348.8 4439.8 4397.4 150.3 223.1 361.2 185.9 69.9 91.0
Jan-96 1130.2 3665.0 3942.2 4359.1 4653.6 4752.2 4676.3 154.4 277.2 416.9 213.6 80.9 98.6
Jan-97 1087.9 3842.5 4176.8 4722.7 5004.4 5124.5 5021.6 159.1 334.3 545.9 207.5 74.2 120.1
Jan-98 1080.2 4068.2 4484.0 5138.5 5454.8 5606.7 5522.2 161.6 415.8 654.5 208.4 107.9 151.9
Jan-99 1103.9 4416.9 4982.1 5705.3 6068.8 6217.6 6102.9 164.3 565.2 723.2 226.3 137.2 148.8
Jan-00 1126.8 4680.5 5361.2 6210.7 6571.6 6748.3 6630.9 168.8 680.7 849.5 223.5 137.4 176.7
Jan-01 1100.3 4981.6 5845.6 6794.5 7229.2 7429.4 7259.5 175.1 864.0 948.9 271.8 162.9 200.2
Jan-02 1191.0 5458.5 6690.0 7694.6 8129.8 8340.3 8086.7 177.1 1231.5 1004.6 291.5 143.7 210.5
Jan-03 1224.9 5798.2 7066.0 8036.5 8502.9 8740.4 8602.0 181.7 1267.8 970.5 305.5 160.9 237.5
Jan-04 1301.5 6058.6 7214.8 8213.8 8741.1 9046.9 8930.7 185.2 1156.2 999.0 310.4 216.9 305.8
Jan-05 1361.2 6408.4 7505.2 8702.6 9178.0 9573.2 9479.3 190.7 1096.8 1197.4 290.1 185.3 395.2
Jan-06 1374.9 6705.8 7890.7 9298.2 9824.0 10248.1 10221.9 198.3 1184.9 1407.5 290.2 235.6 424.1
Jan-07 1369.4 7056.3 8427.0 10116.8 10759.6 202.4 1370.7 1689.8 372.2 270.6
========================================================================================================================================
M1, M2 and M3 Money Supply, M3 Components, and Consumer Price Index: 1947-2007 (Annual Values)
(annual percent change)
M2 plus plus plus CPI for Institu- Repurch. Agreements
Inst. Large Repurch. plus All Urban tional Large --------- ---------
M1 Money M2 Money Money Time Agree- Euro- M3 Money Consumrs: Money Time Interbank Security Euro-
Date Stock Stock Funds Deposits ments dollars Stock All Items Funds Deposits Loans Loans dollars
---------------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Jan-60 0.8 4.0 3.9 1.0 2.0 0.0
Jan-61 0.8 5.3 5.6 1.7 5.9 28.6
Jan-62 3.0 7.4 8.1 0.7 13.0 66.7
Jan-63 2.1 8.2 9.1 1.3 13.1 13.3
Jan-64 3.8 8.3 9.2 1.6 18.8 17.6
Jan-65 4.7 8.2 9.2 1.0 3.7 20.0
Jan-66 5.1 8.0 8.8 1.9 -3.5 -25.0
Jan-67 1.6 4.1 4.8 3.5 12.2 22.2
Jan-68 7.1 9.4 9.9 3.6 19.6 4.5
Jan-69 7.7 7.8 8.4 4.4 -1.8 21.7
Jan-70 3.4 3.2 1.0 6.2 -8.3 -3.6
Jan-71 4.6 7.3 11.3 5.3 15.2 -22.2
Jan-72 6.6 13.3 14.2 3.3 7.0 33.3
Jan-73 9.1 12.8 14.2 3.6 16.4 39.3
Jan-74 4.8 6.1 10.8 9.4 23.7 42.2 -23.9 41.0
Jan-75 3.7 5.4 5.4 7.2 6.8 7.0 8.3 11.8 19.8 0.8 -2.8 49.1
Jan-76 5.3 13.2 13.3 11.7 11.2 11.4 9.9 6.7 150.0 1.5 0.8 1.9 39.0
Jan-77 7.0 13.5 13.5 12.0 12.6 12.7 12.0 5.2 40.0 1.3 12.8 72.9 28.9
Jan-78 8.2 9.8 9.9 10.3 10.5 11.0 12.4 6.8 71.4 13.8 15.4 14.6 53.1
Jan-79 7.1 7.2 7.4 8.8 8.3 9.1 11.5 9.3 200.0 19.5 3.9 -13.7 60.9
Jan-80 7.5 8.1 8.6 8.9 9.7 10.7 10.0 13.9 194.4 10.9 40.8 -7.1 53.6
Jan-81 6.7 8.4 8.7 10.4 11.5 11.6 10.8 11.8 51.9 22.3 37.6 8.8 13.5
Jan-82 7.7 10.1 11.3 11.8 11.6 12.7 12.5 8.4 131.1 14.7 10.1 8.1 46.4
Jan-83 7.7 11.0 11.3 10.5 10.3 10.3 9.5 3.7 28.2 5.6 5.9 12.5 10.9
Jan-84 9.8 9.2 8.7 6.9 6.8 6.9 9.2 4.2 -10.3 -4.1 -1.1 33.3 9.3
Jan-85 5.8 9.1 10.0 10.1 10.0 9.5 11.2 3.5 56.3 10.7 8.3 10.7 -3.4
Jan-86 11.7 7.3 7.2 7.2 7.8 7.5 7.2 3.9 4.3 7.2 13.5 34.9 -1.4
Jan-87 17.6 9.7 10.1 9.1 9.1 9.3 9.0 1.5 25.6 2.2 16.4 -12.5 13.2
Jan-88 3.7 3.8 4.1 4.3 3.8 3.6 5.2 4.0 13.0 5.6 -5.0 0.0 -0.6
Jan-89 3.7 5.0 4.7 5.4 5.1 5.3 6.0 4.7 -2.9 10.6 1.3 -2.8 8.7
Jan-90 1.1 5.7 6.2 6.1 6.4 5.6 3.7 5.2 20.5 5.7 12.6 2.4 -17.3
Jan-91 3.9 3.8 4.7 3.9 4.0 3.8 2.1 5.7 30.3 -1.6 1.8 20.5 -1.4
Jan-92 10.2 2.8 4.1 2.9 2.9 2.5 1.0 2.6 31.7 -6.0 -1.6 22.1 -13.6
Jan-93 13.5 1.2 1.6 -0.1 -0.6 -0.9 -0.2 3.3 7.4 -14.4 -13.1 6.8 -14.1
Jan-94 9.8 1.7 1.8 0.9 1.2 1.1 1.9 2.5 2.8 -7.8 -1.8 32.8 -7.4
Jan-95 1.6 0.5 0.6 1.0 1.3 1.7 2.5 2.8 1.6 5.0 17.0 -14.1 24.5
Jan-96 -2.5 4.5 5.6 6.5 7.0 7.0 6.3 2.7 24.2 15.4 14.9 15.7 8.4
Jan-97 -3.7 4.8 6.0 8.3 7.5 7.8 7.4 3.0 20.6 30.9 -2.9 -8.3 21.8
Jan-98 -0.7 5.9 7.4 8.8 9.0 9.4 10.0 1.6 24.4 19.9 0.4 45.4 26.5
Jan-99 2.2 8.6 11.1 11.0 11.3 10.9 10.5 1.7 35.9 10.5 8.6 27.2 -2.0
Jan-00 2.1 6.0 7.6 8.9 8.3 8.5 8.7 2.7 20.4 17.5 -1.2 0.1 18.8
Jan-01 -2.4 6.4 9.0 9.4 10.0 10.1 9.5 3.7 26.9 11.7 21.6 18.6 13.3
Jan-02 8.2 9.6 14.4 13.2 12.5 12.3 11.4 1.1 42.5 5.9 7.2 -11.8 5.1
Jan-03 2.8 6.2 5.6 4.4 4.6 4.8 6.4 2.6 2.9 -3.4 4.8 12.0 12.8
Jan-04 6.3 4.5 2.1 2.2 2.8 3.5 3.8 1.9 -8.8 2.9 1.6 34.8 28.8
Jan-05 4.6 5.8 4.0 6.0 5.0 5.8 6.1 3.0 -5.1 19.9 -6.5 -14.6 29.2
Jan-06 1.0 4.6 5.1 6.8 7.0 7.0 7.8 4.0 8.0 17.5 0.0 27.1 7.3
Jan-07 -0.4 5.2 6.8 8.8 9.5 2.1 15.7 20.1 28.3 14.9
========================================================================================================================================
M1, M2 and M3 Money Supply, M3 Components, and Consumer Price Index: 1990-2007 (Monthly Values)
(billions of dollars)
M2 plus plus plus CPI for Institu- Repurch. Agreements
Inst. Large Repurch. plus All Urban tional Large --------- ---------
M1 Money M2 Money Money Time Agree- Euro- M3 Money Consumrs: Money Time Interbank Security Euro-
Date Stock Stock Funds Deposits ments dollars Stock All Items Funds Deposits Loans Loans dollars
------ --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Jan-90 800.7 3176.6 3292.5 3763.6 3988.5 4096.4 4091.7 127.4 115.9 471.1 185.9 39.0 107.9
Feb-90 786.7 3176.8 3293.8 3764.8 3993.8 4095.3 4089.8 128.0 117.0 471.0 187.9 41.1 101.5
Mar-90 794.5 3198.9 3315.9 3786.2 4021.0 4119.9 4102.8 128.7 117.0 470.3 195.1 39.7 98.9
Apr-90 816.2 3226.0 3342.3 3807.3 4041.7 4137.6 4117.5 128.9 116.3 465.0 194.2 40.2 95.9
May-90 795.5 3192.5 3310.1 3774.6 3997.0 4096.7 4093.4 129.2 117.6 464.5 185.6 36.8 99.7
Jun-90 809.0 3216.2 3333.2 3795.2 4028.5 4124.6 4111.3 129.9 117.0 462.0 194.0 39.3 96.1
Jul-90 811.0 3229.8 3349.2 3811.8 4054.2 4149.8 4125.2 130.4 119.4 462.6 200.9 41.5 95.6
Aug-90 812.7 3244.0 3366.8 3827.9 4086.5 4184.5 4145.4 131.6 122.8 461.1 209.9 48.7 98.0
Sep-90 817.1 3254.6 3379.7 3836.0 4088.3 4189.1 4147.1 132.7 125.1 456.3 206.9 45.4 100.8
Oct-90 816.1 3259.4 3388.9 3841.3 4083.9 4186.1 4149.8 133.5 129.5 452.4 197.8 44.8 102.2
Nov-90 824.6 3271.9 3405.6 3856.2 4102.3 4203.9 4156.8 133.8 133.7 450.6 203.2 42.9 101.6
Dec-90 842.7 3291.7 3431.4 3879.7 4125.4 4231.8 4166.1 133.8 139.7 448.3 201.8 43.9 106.4
Jan-91 831.7 3296.0 3447.0 3910.7 4147.0 4253.4 4177.9 134.6 151.0 463.7 189.3 47.0 106.4
Feb-91 822.1 3303.0 3464.8 3937.4 4175.7 4280.3 4191.0 134.8 161.8 472.6 185.7 52.6 104.6
Mar-91 833.7 3334.3 3493.5 3967.2 4193.5 4298.7 4209.9 135.0 159.2 473.7 179.5 46.8 105.2
Apr-91 851.9 3357.0 3516.6 3988.2 4212.8 4314.2 4220.9 135.2 159.6 471.6 177.0 47.6 101.4
May-91 840.3 3337.7 3499.6 3973.5 4183.4 4280.8 4195.9 135.6 161.9 473.9 165.6 44.3 97.4
Jun-91 856.7 3356.9 3515.5 3985.3 4197.7 4292.7 4205.2 136.0 158.6 469.8 166.2 46.2 95.0
Jul-91 860.9 3361.3 3519.5 3983.3 4190.7 4284.6 4197.0 136.2 158.2 463.8 163.1 44.3 93.9
Aug-91 863.2 3358.0 3521.6 3986.9 4200.3 4295.0 4197.1 136.6 163.6 465.3 168.3 45.1 94.7
Sep-91 866.0 3354.1 3518.1 3980.4 4198.3 4291.1 4182.8 137.2 164.0 462.3 171.5 46.4 92.8
Oct-91 874.0 3360.4 3531.1 3984.6 4202.5 4294.9 4187.1 137.4 170.7 453.5 169.7 48.2 92.4
Nov-91 892.3 3377.8 3558.7 4009.2 4233.7 4327.3 4209.7 137.8 180.9 450.5 173.5 51.0 93.6
Dec-91 915.6 3393.1 3582.2 4026.9 4255.5 4350.5 4222.8 137.9 189.1 444.7 175.2 53.4 95.0
Jan-92 916.4 3389.7 3588.5 4024.2 4267.8 4359.7 4218.1 138.1 198.8 435.7 186.2 57.4 91.9
Feb-92 915.1 3396.7 3605.3 4036.8 4280.4 4371.0 4234.3 138.6 208.6 431.5 184.0 59.6 90.6
Mar-92 929.6 3411.6 3615.4 4041.3 4280.2 4372.3 4241.6 139.3 203.8 425.9 178.0 60.9 92.1
Apr-92 953.7 3425.4 3629.5 4046.3 4291.3 4377.7 4240.1 139.5 204.1 416.8 180.2 64.8 86.4
May-92 942.9 3394.4 3605.8 4021.9 4248.0 4331.3 4211.1 139.7 211.4 416.1 169.4 56.7 83.3
Jun-92 951.0 3396.0 3607.5 4018.2 4248.2 4331.2 4211.4 140.2 211.5 410.7 168.5 61.5 83.0
Jul-92 962.0 3400.6 3618.8 4025.4 4241.2 4322.7 4212.2 140.5 218.2 406.6 160.0 55.8 81.5
Aug-92 970.1 3403.6 3633.8 4039.4 4256.6 4335.9 4227.9 140.9 230.2 405.6 160.2 57.0 79.3
Sep-92 982.7 3408.2 3635.0 4034.1 4253.3 4332.5 4225.1 141.3 226.8 399.1 159.4 59.8 79.2
Oct-92 1000.8 3425.9 3643.0 4033.9 4254.9 4334.6 4227.8 141.8 217.1 390.9 159.6 61.4 79.7
Nov-92 1021.4 3440.5 3661.0 4047.4 4276.6 4356.3 4240.7 142.0 220.5 386.4 168.6 60.6 79.7
Dec-92 1045.6 3449.0 3662.8 4042.3 4274.9 4356.2 4237.6 141.9 213.8 379.5 170.3 62.3 81.3
Jan-93 1039.8 3431.5 3645.1 4018.2 4241.3 4320.2 4210.1 142.6 213.6 373.1 161.8 61.3 78.9
Feb-93 1021.9 3408.6 3631.4 4004.3 4220.9 4301.2 4201.2 143.1 222.8 372.9 154.6 62.0 80.3
Mar-93 1030.5 3418.4 3635.5 4004.7 4221.2 4303.0 4210.9 143.6 217.1 369.2 154.1 62.4 81.8
Apr-93 1057.4 3438.1 3651.3 4018.0 4229.7 4308.4 4225.3 144.0 213.2 366.7 149.5 62.2 78.7
May-93 1056.8 3432.9 3650.6 4021.9 4233.8 4310.3 4231.4 144.2 217.7 371.3 150.0 61.9 76.5
Jun-93 1071.8 3447.4 3656.9 4022.3 4247.1 4320.8 4238.4 144.4 209.5 365.4 158.1 66.7 73.7
Jul-93 1083.1 3451.0 3658.9 4014.9 4244.9 4314.6 4234.7 144.4 207.9 356.0 156.9 73.1 69.7
Aug-93 1088.1 3450.1 3660.0 4011.4 4237.5 4309.2 4237.8 144.8 209.9 351.4 153.1 73.0 71.7
Sep-93 1098.8 3452.7 3660.4 4006.9 4235.4 4306.9 4239.4 145.1 207.7 346.5 151.1 77.4 71.5
Oct-93 1111.6 3461.6 3671.6 4016.9 4244.6 4316.9 4253.0 145.7 210.0 345.3 151.3 76.4 72.3
Nov-93 1129.0 3483.8 3699.4 4046.2 4286.2 4361.4 4283.5 145.8 215.6 346.8 156.1 83.9 75.2
Dec-93 1153.3 3504.1 3722.7 4070.8 4317.2 4391.1 4304.5 145.8 218.6 348.1 161.6 84.8 73.9
Jan-94 1141.7 3489.6 3709.1 4053.1 4293.4 4366.5 4288.5 146.2 219.5 344.0 158.9 81.4 73.1
Feb-94 1123.8 3469.1 3679.5 4019.5 4260.6 4334.7 4258.1 146.7 210.4 340.0 155.8 85.3 74.1
Mar-94 1131.1 3488.3 3694.0 4027.9 4260.1 4333.4 4276.8 147.2 205.7 333.9 148.7 83.5 73.3
Apr-94 1152.2 3517.7 3720.5 4054.9 4283.3 4355.5 4307.0 147.4 202.8 334.4 150.6 77.8 72.2
May-94 1132.0 3489.3 3687.9 4027.3 4251.0 4326.2 4285.3 147.5 198.6 339.4 152.3 71.4 75.2
Jun-94 1141.8 3491.6 3686.6 4020.3 4245.4 4324.5 4294.9 148.0 195.0 333.7 153.5 71.6 79.1
Jul-94 1150.9 3505.7 3702.8 4038.8 4267.0 4350.1 4317.4 148.4 197.1 336.0 156.5 71.7 83.1
Aug-94 1144.1 3495.5 3695.9 4036.2 4264.8 4348.0 4316.7 149.0 200.4 340.3 156.3 72.3 83.2
Sep-94 1146.4 3490.4 3688.2 4033.0 4260.5 4343.8 4318.0 149.4 197.8 344.8 158.6 68.9 83.3
Oct-94 1147.9 3491.8 3697.3 4047.4 4279.3 4364.9 4335.6 149.5 205.5 350.1 163.1 68.8 85.6
Nov-94 1156.2 3505.5 3716.6 4072.1 4314.6 4401.8 4364.0 149.7 211.1 355.5 172.7 69.8 87.2
Dec-94 1174.5 3521.5 3734.1 4092.2 4349.9 4437.2 4389.0 149.7 212.6 358.1 183.8 73.9 87.3
Jan-95 1159.5 3508.7 3731.8 4093.0 4348.8 4439.8 4397.4 150.3 223.1 361.2 185.9 69.9 91.0
Feb-95 1135.3 3488.1 3709.9 4082.1 4334.5 4424.6 4387.0 150.9 221.8 372.2 181.5 70.9 90.1
Mar-95 1139.3 3504.9 3730.0 4110.1 4362.8 4454.4 4417.7 151.4 225.1 380.1 181.7 71.0 91.6
Apr-95 1160.3 3535.7 3762.9 4146.3 4400.3 4492.8 4454.0 151.9 227.2 383.4 181.1 72.9 92.5
May-95 1133.9 3520.0 3752.8 4145.1 4404.0 4497.4 4459.4 152.2 232.8 392.3 180.8 78.1 93.4
Jun-95 1141.0 3559.2 3800.0 4194.5 4460.8 4555.2 4510.2 152.5 240.8 394.5 185.6 80.7 94.4
Jul-95 1145.7 3583.9 3832.5 4229.0 4498.3 4593.7 4537.6 152.5 248.6 396.5 190.9 78.4 95.4
Aug-95 1139.3 3600.0 3851.6 4256.1 4518.4 4615.2 4570.0 152.9 251.6 404.5 185.9 76.4 96.8
Sep-95 1138.4 3608.5 3860.5 4271.4 4541.1 4638.4 4585.7 153.2 252.0 410.9 189.3 80.4 97.3
Oct-95 1132.9 3615.9 3872.4 4290.9 4565.4 4662.4 4604.8 153.7 256.5 418.5 194.7 79.8 97.0
Nov-95 1138.6 3637.2 3899.9 4321.8 4606.0 4700.9 4631.1 153.6 262.7 421.9 201.3 82.9 94.9
Dec-95 1152.7 3667.4 3934.5 4352.5 4646.1 4741.0 4658.8 153.5 267.1 418.0 211.1 82.5 94.9
Jan-96 1130.2 3665.0 3942.2 4359.1 4653.6 4752.2 4676.3 154.4 277.2 416.9 213.6 80.9 98.6
Feb-96 1105.8 3660.7 3948.6 4371.8 4650.1 4749.6 4694.8 154.9 287.9 423.2 196.1 82.2 99.5
Mar-96 1118.0 3708.2 3996.1 4421.3 4702.8 4800.7 4746.4 155.7 287.9 425.2 203.0 78.5 97.9
Apr-96 1131.8 3735.0 4017.9 4445.5 4734.1 4832.8 4770.7 156.3 282.9 427.6 208.4 80.2 98.7
May-96 1105.9 3703.8 3985.7 4426.8 4703.1 4802.2 4769.3 156.6 281.9 441.1 204.1 72.2 99.1
Jun-96 1115.0 3735.1 4021.6 4463.6 4740.2 4840.5 4807.1 156.7 286.5 442.0 203.8 72.8 100.3
Jul-96 1110.7 3749.0 4043.2 4490.0 4757.1 4854.6 4827.5 157.0 294.2 446.8 196.2 70.9 97.5
Aug-96 1097.7 3757.5 4059.0 4513.6 4773.7 4870.7 4850.3 157.3 301.5 454.6 194.5 65.6 97.0
Sep-96 1091.7 3759.6 4064.4 4535.8 4804.9 4904.4 4869.6 157.8 304.8 471.4 201.3 67.8 99.5
Oct-96 1078.4 3769.4 4078.7 4597.7 4867.5 4974.5 4911.9 158.3 309.3 519.0 199.7 70.1 107.0
Nov-96 1087.4 3804.6 4123.0 4651.3 4940.1 5048.4 4954.3 158.6 318.4 528.3 216.6 72.2 108.3
Dec-96 1105.8 3843.9 4172.4 4712.2 4999.3 5115.0 5008.0 158.6 328.5 539.8 213.4 73.7 115.7
Jan-97 1087.9 3842.5 4176.8 4722.7 5004.4 5124.5 5021.6 159.1 334.3 545.9 207.5 74.2 120.1
Feb-97 1066.8 3837.7 4184.6 4748.4 5034.2 5156.1 5047.3 159.6 346.9 563.8 208.5 77.3 121.9
Mar-97 1069.2 3875.8 4225.9 4796.0 5092.9 5216.0 5100.4 160.0 350.1 570.1 216.2 80.7 123.1
Apr-97 1074.5 3908.5 4252.6 4836.8 5133.2 5257.1 5145.3 160.2 344.1 584.2 213.8 82.6 123.9
May-97 1054.7 3872.2 4217.2 4807.9 5102.6 5232.7 5128.8 160.1 345.0 590.7 213.1 81.6 130.1
Jun-97 1064.8 3902.0 4254.5 4856.6 5128.1 5253.8 5166.8 160.3 352.5 602.1 187.0 84.5 125.7
Jul-97 1065.8 3920.9 4280.5 4894.0 5156.4 5282.9 5216.1 160.5 359.6 613.5 177.9 84.5 126.5
Aug-97 1069.1 3955.5 4323.4 4948.9 5215.7 5347.0 5278.7 160.8 367.9 625.5 182.8 84.0 131.3
Sep-97 1059.5 3963.7 4338.5 4973.7 5249.5 5383.0 5309.2 161.2 374.8 635.2 189.7 86.1 133.5
Oct-97 1057.6 3979.5 4363.2 5006.9 5294.8 5427.8 5358.6 161.6 383.7 643.7 191.8 96.1 133.0
Nov-97 1074.1 4019.4 4409.0 5064.7 5363.8 5500.3 5425.1 161.5 389.6 655.7 206.0 93.1 136.5
Dec-97 1097.5 4059.1 4463.3 5121.7 5432.8 5581.7 5489.2 161.3 404.2 658.4 218.9 92.2 148.9
Jan-98 1080.2 4068.2 4484.0 5138.5 5454.8 5606.7 5522.2 161.6 415.8 654.5 208.4 107.9 151.9
Feb-98 1066.2 4085.4 4510.5 5179.2 5493.7 5639.0 5554.2 161.9 425.1 668.7 203.3 111.2 145.3
Mar-98 1075.9 4135.6 4564.2 5255.3 5585.3 5723.7 5638.5 162.2 428.6 691.1 217.8 112.2 138.4
Apr-98 1087.7 4177.5 4612.0 5296.2 5627.4 5764.9 5679.9 162.5 434.5 684.2 217.8 113.4 137.5
May-98 1070.8 4147.1 4589.3 5278.2 5589.2 5731.0 5673.2 162.8 442.2 688.9 199.6 111.4 141.8
Jun-98 1075.2 4178.9 4632.9 5330.4 5664.5 5805.0 5711.8 163.0 454.0 697.5 215.6 118.5 140.5
Jul-98 1074.2 4197.2 4654.4 5335.0 5661.9 5804.3 5721.5 163.2 457.2 680.6 207.6 119.3 142.4
Aug-98 1069.3 4225.4 4700.6 5390.7 5713.6 5861.9 5792.2 163.4 475.2 690.1 200.0 122.9 148.3
Sep-98 1070.6 4260.4 4746.6 5444.2 5786.7 5937.2 5851.5 163.6 486.2 697.6 214.3 128.2 150.5
Oct-98 1077.4 4298.2 4810.3 5524.3 5888.6 6043.7 5927.5 164.0 512.1 714.0 217.2 147.1 155.1
Nov-98 1098.0 4353.2 4889.0 5618.4 5988.4 6139.8 6015.4 164.0 535.8 729.4 227.7 142.3 151.4
Dec-98 1121.2 4407.1 4963.4 5685.2 6053.6 6205.1 6087.9 163.9 556.3 721.8 226.3 142.1 151.5
Jan-99 1103.9 4416.9 4982.1 5705.3 6068.8 6217.6 6102.9 164.3 565.2 723.2 226.3 137.2 148.8
Feb-99 1085.2 4427.6 5010.8 5743.6 6101.3 6253.0 6151.2 164.5 583.2 732.8 227.9 129.8 151.7
Mar-99 1097.5 4466.4 5041.7 5767.9 6107.6 6260.8 6172.0 165.0 575.3 726.2 224.8 114.9 153.2
Apr-99 1113.6 4513.6 5089.1 5816.9 6155.6 6310.1 6211.7 166.2 575.5 727.8 222.6 116.1 154.5
May-99 1096.4 4474.1 5050.6 5777.8 6120.4 6277.2 6188.3 166.2 576.5 727.2 224.1 118.5 156.8
Jun-99 1098.1 4500.2 5079.0 5796.0 6141.5 6299.9 6219.7 166.2 578.8 717.0 222.8 122.7 158.4
Jul-99 1097.2 4524.3 5095.2 5812.4 6143.7 6299.2 6232.2 166.7 570.9 717.2 218.5 112.8 155.5
Aug-99 1092.8 4546.1 5132.0 5848.9 6169.1 6323.7 6265.7 167.1 585.9 716.9 209.3 110.9 154.6
Sep-99 1086.2 4559.3 5143.9 5874.3 6188.4 6340.6 6282.4 167.9 584.6 730.4 208.3 105.8 152.2
Oct-99 1095.1 4579.6 5182.8 5950.9 6275.5 6426.3 6346.7 168.2 603.2 768.1 220.1 104.5 150.8
Nov-99 1113.0 4616.5 5248.7 6059.7 6414.7 6574.4 6467.2 168.3 632.2 811.0 228.6 126.4 159.7
Dec-99 1148.2 4670.9 5331.3 6178.4 6560.5 6732.2 6597.1 168.3 660.4 847.1 234.5 147.6 171.7
Jan-00 1126.8 4680.5 5361.2 6210.7 6571.6 6748.3 6630.9 168.8 680.7 849.5 223.5 137.4 176.7
Feb-00 1097.3 4680.8 5365.6 6220.8 6585.1 6763.6 6661.1 169.8 684.8 855.2 229.9 134.4 178.5
Mar-00 1108.9 4742.0 5437.5 6294.0 6658.8 6847.8 6753.1 171.2 695.5 856.5 232.4 132.4 189.0
Apr-00 1125.6 4810.3 5496.0 6363.9 6732.6 6916.7 6812.4 171.3 685.7 867.9 236.0 132.7 184.1
May-00 1100.3 4736.4 5424.5 6296.1 6659.4 6848.3 6765.3 171.5 688.1 871.6 232.3 131.0 188.9
Jun-00 1101.8 4760.0 5453.5 6335.4 6702.5 6887.6 6805.1 172.4 693.5 881.9 230.0 137.1 185.1
Jul-00 1102.7 4776.6 5487.1 6384.3 6756.2 6935.3 6836.1 172.8 710.5 897.2 236.6 135.3 179.1
Aug-00 1094.4 4807.3 5544.2 6452.4 6822.0 7003.5 6905.8 172.8 736.9 908.2 236.1 133.5 181.5
Sep-00 1088.7 4841.6 5591.3 6495.3 6875.7 7060.9 6957.5 173.7 749.7 904.0 231.3 149.1 185.2
Oct-00 1092.1 4853.7 5619.0 6521.7 6920.1 7106.4 6982.0 174.0 765.3 902.7 242.2 156.2 186.3
Nov-00 1092.0 4881.6 5670.1 6582.4 6991.5 7181.5 7043.7 174.1 788.5 912.3 252.2 156.9 190.0
Dec-00 1111.6 4954.6 5774.4 6709.3 7137.8 7333.0 7173.8 174.0 819.8 934.9 259.3 169.2 195.2
Jan-01 1100.3 4981.6 5845.6 6794.5 7229.2 7429.4 7259.5 175.1 864.0 948.9 271.8 162.9 200.2
Feb-01 1089.7 5012.0 5939.3 6886.8 7310.4 7519.4 7332.5 175.8 927.3 947.5 267.3 156.3 209.0
Mar-01 1111.2 5104.2 6050.5 6991.4 7430.1 7651.9 7428.5 176.2 946.3 940.9 280.8 157.9 221.8
Apr-01 1126.8 5179.3 6134.5 7086.3 7542.9 7758.7 7546.0 176.9 955.2 951.8 296.9 159.7 215.8
May-01 1114.7 5116.1 6114.0 7076.4 7502.0 7717.9 7551.6 177.7 997.9 962.4 277.3 148.3 215.9
Jun-01 1126.3 5168.0 6195.4 7159.0 7579.4 7790.7 7631.7 178.0 1027.4 963.6 265.9 154.5 211.3
Jul-01 1139.7 5198.0 6228.0 7181.8 7597.2 7809.3 7644.1 177.5 1030.0 953.8 265.2 150.2 212.1
Aug-01 1144.6 5234.1 6261.7 7206.6 7633.5 7842.9 7658.0 177.5 1027.6 944.9 276.2 150.7 209.4
Sep-01 1193.6 5345.8 6413.9 7359.7 7862.8 8074.1 7802.5 178.3 1068.1 945.8 338.2 164.9 211.3
Oct-01 1159.2 5327.8 6474.5 7443.3 7885.7 8093.2 7845.9 177.7 1146.7 968.8 296.6 145.8 207.5
Nov-01 1168.8 5389.6 6584.7 7569.4 8005.4 8218.6 7981.4 177.4 1195.1 984.7 289.7 146.3 213.2
Dec-01 1208.2 5469.5 6708.2 7698.4 8138.7 8349.0 8105.8 176.7 1238.7 990.2 299.3 141.0 210.3
Jan-02 1191.0 5458.5 6690.0 7694.6 8129.8 8340.3 8086.7 177.1 1231.5 1004.6 291.5 143.7 210.5
Feb-02 1177.7 5477.9 6713.9 7727.3 8146.6 8365.7 8128.1 177.8 1236.0 1013.4 276.7 142.6 219.1
Mar-02 1196.3 5528.3 6756.7 7777.8 8198.7 8419.9 8174.2 178.8 1228.4 1021.1 274.4 146.5 221.2
Apr-02 1196.5 5540.9 6747.7 7782.2 8216.7 8436.8 8171.9 179.8 1206.8 1034.5 280.5 154.0 220.1
May-02 1185.6 5506.5 6712.5 7753.8 8189.4 8404.9 8159.6 179.8 1206.0 1041.3 284.5 151.1 215.5
Jun-02 1194.2 5543.6 6749.4 7775.6 8215.7 8424.9 8184.9 179.9 1205.8 1026.2 284.1 156.0 209.2
Jul-02 1199.8 5585.6 6778.9 7785.8 8228.0 8434.3 8202.6 180.1 1193.3 1006.9 282.1 160.1 206.3
Aug-02 1181.8 5629.8 6824.2 7827.6 8285.0 8492.2 8268.9 180.7 1194.4 1003.4 298.3 159.1 207.2
Sep-02 1185.3 5655.0 6823.4 7822.3 8297.0 8508.1 8285.5 181.0 1168.4 998.9 309.6 165.1 211.1
Oct-02 1196.1 5692.6 6838.0 7826.1 8316.0 8535.3 8317.1 181.3 1145.4 988.1 320.1 169.8 219.3
Nov-02 1204.9 5764.2 7005.2 7989.4 8492.9 8719.3 8513.4 181.3 1241.0 984.2 330.4 173.1 226.4
Dec-02 1245.0 5811.2 7104.2 8070.3 8585.8 8814.6 8633.5 180.9 1293.0 966.1 335.0 180.5 228.8
Jan-03 1224.9 5798.2 7066.0 8036.5 8502.9 8740.4 8602.0 181.7 1267.8 970.5 305.5 160.9 237.5
Feb-03 1224.9 5825.1 7074.3 8054.9 8523.9 8765.2 8635.5 183.1 1249.2 980.6 304.8 164.2 241.3
Mar-03 1244.5 5887.4 7110.2 8090.0 8586.1 8831.3 8694.4 184.2 1222.8 979.8 324.6 171.5 245.2
Apr-03 1259.0 5944.6 7121.1 8088.3 8582.3 8835.2 8714.2 183.8 1176.5 967.2 319.6 174.4 252.9
May-03 1266.0 5944.2 7095.3 8075.6 8580.1 8845.0 8728.4 183.5 1151.1 980.3 315.9 188.6 264.9
Jun-03 1284.1 6000.8 7162.3 8137.5 8659.6 8920.1 8792.3 183.7 1161.5 975.2 325.1 197.0 260.5
Jul-03 1287.3 6046.1 7240.5 8214.6 8731.1 8997.8 8850.5 183.9 1194.4 974.1 320.3 196.2 266.7
Aug-03 1291.6 6105.1 7280.9 8249.0 8762.6 9039.9 8902.7 184.6 1175.8 968.1 322.6 191.0 277.3
Sep-03 1285.7 6076.4 7245.5 8218.1 8708.7 8988.6 8871.7 185.2 1169.1 972.6 300.5 190.1 279.9
Oct-03 1288.3 6058.9 7212.9 8170.4 8691.4 8980.4 8852.1 185.0 1154.0 957.5 318.1 202.9 289.0
Nov-03 1293.3 6083.0 7239.4 8202.4 8720.9 9012.2 8894.6 184.5 1156.4 963.0 306.5 212.0 291.3
Dec-03 1332.0 6100.3 7253.3 8226.0 8730.4 9023.2 8927.8 184.3 1153.0 972.7 300.1 204.3 292.8
Jan-04 1301.5 6058.6 7214.8 8213.8 8741.1 9046.9 8930.7 185.2 1156.2 999.0 310.4 216.9 305.8
Feb-04 1306.4 6090.5 7231.8 8239.6 8795.0 9111.4 8993.9 186.2 1141.3 1007.8 334.6 220.8 316.4
Mar-04 1337.6 6170.3 7308.7 8337.3 8854.4 9178.2 9108.2 187.4 1138.4 1028.6 297.0 220.1 323.8
Apr-04 1342.9 6240.5 7363.4 8412.0 8957.1 9289.9 9178.3 188.0 1122.9 1048.6 326.5 218.6 332.8
May-04 1333.2 6255.0 7373.9 8453.7 8969.2 9301.5 9236.2 189.1 1118.9 1079.8 310.8 204.7 332.3
Jun-04 1347.5 6279.2 7402.9 8496.6 9043.0 9365.6 9281.4 189.7 1123.7 1093.7 323.5 222.9 322.6
Jul-04 1338.7 6283.6 7390.9 8502.9 9087.0 9415.5 9257.1 189.4 1107.3 1112.0 374.7 209.4 328.5
Aug-04 1352.4 6302.4 7414.6 8529.0 9105.4 9443.4 9299.9 189.5 1112.2 1114.4 374.1 202.3 338.0
Sep-04 1348.9 6332.9 7430.7 8543.0 9132.8 9481.7 9333.8 189.9 1097.8 1112.3 371.5 218.3 348.9
Oct-04 1351.1 6353.6 7429.9 8550.3 9134.2 9500.5 9329.1 190.9 1076.3 1120.4 365.3 218.6 366.3
Nov-04 1370.8 6405.1 7490.5 8626.2 9203.8 9573.8 9396.0 191.0 1085.4 1135.7 362.5 215.1 370.0
Dec-04 1401.2 6449.6 7549.5 8707.6 9249.5 9626.1 9482.2 190.3 1099.9 1158.1 338.2 203.7 376.6
Jan-05 1361.2 6408.4 7505.2 8702.6 9178.0 9573.2 9479.3 190.7 1096.8 1197.4 290.1 185.3 395.2
Feb-05 1354.8 6410.4 7487.5 8689.3 9182.1 9582.2 9511.8 191.8 1077.1 1201.8 293.2 199.6 400.1
Mar-05 1381.5 6473.2 7535.1 8748.7 9238.6 9649.5 9584.7 193.3 1061.9 1213.6 284.1 205.8 410.9
Apr-05 1369.0 6518.4 7574.5 8834.2 9339.7 9750.9 9660.5 194.6 1056.1 1259.7 299.9 205.6 411.2
May-05 1369.2 6467.2 7515.9 8788.6 9287.8 9696.8 9654.6 194.4 1048.7 1272.7 290.8 208.4 409.0
Jun-05 1384.0 6519.9 7589.4 8884.6 9381.9 9772.9 9734.3 194.5 1069.5 1295.2 270.8 226.5 391.0
Jul-05 1365.0 6540.5 7617.5 8900.4 9369.6 9765.6 9745.7 195.4 1077.0 1282.9 260.3 208.9 396.0
Aug-05 1376.5 6563.3 7662.3 8985.6 9483.8 9893.2 9852.8 196.4 1099.0 1323.3 282.0 216.2 409.4
Sep-05 1363.1 6595.4 7710.3 9050.9 9561.9 9976.5 9938.7 198.8 1114.9 1340.6 290.4 220.6 414.6
Oct-05 1364.8 6621.6 7745.2 9096.6 9612.0 10030.6 10005.7 199.2 1123.6 1351.4 293.0 222.4 418.6
Nov-05 1373.0 6660.3 7793.5 9151.2 9688.9 10110.8 10077.2 197.6 1133.2 1357.7 307.6 230.1 421.9
Dec-05 1396.4 6712.4 7879.5 9262.4 9807.6 10229.6 10201.4 196.8 1167.1 1382.9 292.3 252.9 422.0
Jan-06 1374.9 6705.8 7890.7 9298.2 9824.0 10248.1 10221.9 198.3 1184.9 1407.5 290.2 235.6 424.1
Feb-06 1361.5 6715.8 7888.1 9311.1 9836.4 10266.6 10276.1 198.7 1172.3 1423.0 287.3 238.0 430.2
Mar-06 1394.3 6782.0 7950.8 9415.7 9963.4 199.8 1168.8 1464.9 303.7 244.0
Apr-06 1393.1 6841.4 8011.2 9517.3 10060.8 201.5 1169.8 1506.1 306.3 237.2
May-06 1391.6 6775.6 7953.3 9488.2 10014.6 202.5 1177.7 1534.9 283.5 242.9
Jun-06 1378.8 6825.3 8027.0 9585.7 10108.0 202.9 1201.7 1558.7 290.7 231.6
Jul-06 1368.8 6844.8 8056.5 9620.4 10132.2 203.5 1211.7 1563.9 283.5 228.3
Aug-06 1370.7 6860.9 8105.4 9700.4 10215.0 203.9 1244.5 1595.0 282.1 232.5
Sep-06 1347.7 6886.7 8152.0 9784.5 10343.9 202.9 1265.3 1632.5 310.8 248.6
Oct-06 1360.4 6928.6 8216.3 9867.7 10456.6 201.8 1287.7 1651.4 330.4 258.5
Nov-06 1368.4 6988.5 8300.9 9966.4 10583.3 201.5 1312.4 1665.5 348.5 268.4
Dec-06 1388.2 7062.1 8431.9 10105.4 10748.0 201.8 1369.8 1673.5 366.5 276.1
Jan-07 1369.4 7056.3 8427.0 10116.8 10759.6 202.4 1370.7 1689.8 372.2 270.6
Feb-07 1347.7 7066.6 8435.2 10140.2 10783.7 203.5 1368.6 1705.0 364.1 279.4
Mar-07 1379.4 7171.5 8553.0 10280.7 10937.9 205.4 1381.5 1727.7 372.4 284.8
Apr-07 1392.6 7258.6 8658.6 10428.2 11081.6 206.7 1400.0 1769.6 371.4 282.0
May-07 1384.0 7202.5 8632.6 10444.0 11079.1 207.9 1430.1 1811.4 354.4 280.7
Jun-07 1368.7 7248.4 8708.1 10500.8 11129.6 208.4 1459.7 1792.7 360.9 267.9
Jul-07 1365.2 7256.9 8745.6 10523.5 11165.2 208.3 1488.7 1777.9 375.3 266.4
Aug-07 1365.4 7319.8 8896.5 10714.5 11393.5 207.9 1576.7 1818.0 401.2 277.8
========================================================================================================================================
M1, M2 and M3 Money Supply, M3 Components, and Consumer Price Index: 1947-2007 (Monthly Values)
(annual percent change)
M2 plus plus plus CPI for Institu- Repurch. Agreements
Inst. Large Repurch. plus All Urban tional Large --------- ---------
M1 Money M2 Money Money Time Agree- Euro- M3 Money Consumrs: Money Time Interbank Security Euro-
Date Stock Stock Funds Deposits ments dollars Stock All Items Funds Deposits Loans Loans dollars
------ --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Jan-90 1.1 5.7 6.2 6.1 6.4 5.6 3.7 5.2 20.5 5.7 12.6 2.4 -17.3
Feb-90 2.0 6.3 6.8 6.5 6.4 5.5 4.0 5.3 21.1 4.3 8.1 -6.4 -21.5
Mar-90 2.6 6.5 7.0 6.4 6.6 5.4 3.5 5.2 23.3 2.2 15.2 -10.0 -26.2
Apr-90 3.3 6.5 7.0 6.2 6.6 5.5 3.5 4.7 22.0 0.9 18.4 -3.8 -26.5
May-90 3.8 6.4 6.7 5.8 6.1 5.2 3.4 4.4 18.3 -0.3 14.1 -4.7 -21.4
Jun-90 4.7 6.2 6.5 5.4 5.9 5.0 3.1 4.7 13.6 -1.3 18.8 -8.4 -21.9
Jul-90 3.9 5.5 5.7 4.8 5.5 4.6 2.7 4.8 12.2 -1.6 21.0 2.2 -22.2
Aug-90 4.7 5.4 5.7 4.6 5.6 4.8 2.9 5.6 12.5 -2.7 22.8 24.2 -19.3
Sep-90 5.1 5.2 5.6 4.4 5.2 4.6 2.9 6.2 15.8 -3.5 19.9 13.8 -14.6
Oct-90 4.2 4.6 5.1 3.9 4.3 3.9 2.6 6.3 20.0 -4.6 12.1 7.2 -8.8
Nov-90 4.4 4.1 4.7 3.4 3.7 3.4 2.1 6.3 20.0 -5.4 10.3 1.2 -7.7
Dec-90 4.0 3.8 4.5 3.2 3.5 3.2 1.9 6.1 24.4 -5.4 7.1 8.4 -5.3
Jan-91 3.9 3.8 4.7 3.9 4.0 3.8 2.1 5.7 30.3 -1.6 1.8 20.5 -1.4
Feb-91 4.5 4.0 5.2 4.6 4.6 4.5 2.5 5.3 38.3 0.3 -1.2 28.0 3.1
Mar-91 4.9 4.2 5.4 4.8 4.3 4.3 2.6 4.9 36.1 0.7 -8.0 17.9 6.4
Apr-91 4.4 4.1 5.2 4.8 4.2 4.3 2.5 4.9 37.2 1.4 -8.9 18.4 5.7
May-91 5.6 4.5 5.7 5.3 4.7 4.5 2.5 5.0 37.7 2.0 -10.8 20.4 -2.3
Jun-91 5.9 4.4 5.5 5.0 4.2 4.1 2.3 4.7 35.6 1.7 -14.3 17.6 -1.1
Jul-91 6.2 4.1 5.1 4.5 3.4 3.2 1.7 4.4 32.5 0.3 -18.8 6.7 -1.8
Aug-91 6.2 3.5 4.6 4.2 2.8 2.6 1.2 3.8 33.2 0.9 -19.8 -7.4 -3.4
Sep-91 6.0 3.1 4.1 3.8 2.7 2.4 0.9 3.4 31.1 1.3 -17.1 2.2 -7.9
Oct-91 7.1 3.1 4.2 3.7 2.9 2.6 0.9 2.9 31.8 0.2 -14.2 7.6 -9.6
Nov-91 8.2 3.2 4.5 4.0 3.2 2.9 1.3 3.0 35.3 0.0 -14.6 18.9 -7.9
Dec-91 8.7 3.1 4.4 3.8 3.2 2.8 1.4 3.1 35.4 -0.8 -13.2 21.6 -10.7
Jan-92 10.2 2.8 4.1 2.9 2.9 2.5 1.0 2.6 31.7 -6.0 -1.6 22.1 -13.6
Feb-92 11.3 2.8 4.1 2.5 2.5 2.1 1.0 2.8 28.9 -8.7 -0.9 13.3 -13.4
Mar-92 11.5 2.3 3.5 1.9 2.1 1.7 0.8 3.2 28.0 -10.1 -0.8 30.1 -12.5
Apr-92 11.9 2.0 3.2 1.5 1.9 1.5 0.5 3.2 27.9 -11.6 1.8 36.1 -14.8
May-92 12.2 1.7 3.0 1.2 1.5 1.2 0.4 3.0 30.6 -12.2 2.3 28.0 -14.5
Jun-92 11.0 1.2 2.6 0.8 1.2 0.9 0.1 3.1 33.4 -12.6 1.4 33.1 -12.6
Jul-92 11.7 1.2 2.8 1.1 1.2 0.9 0.4 3.2 37.9 -12.3 -1.9 26.0 -13.2
Aug-92 12.4 1.4 3.2 1.3 1.3 1.0 0.7 3.1 40.7 -12.8 -4.8 26.4 -16.3
Sep-92 13.5 1.6 3.3 1.3 1.3 1.0 1.0 3.0 38.3 -13.7 -7.1 28.9 -14.7
Oct-92 14.5 1.9 3.2 1.2 1.2 0.9 1.0 3.2 27.2 -13.8 -6.0 27.4 -13.7
Nov-92 14.5 1.9 2.9 1.0 1.0 0.7 0.7 3.0 21.9 -14.2 -2.8 18.8 -14.9
Dec-92 14.2 1.6 2.3 0.4 0.5 0.1 0.4 2.9 13.1 -14.7 -2.8 16.7 -14.4
Jan-93 13.5 1.2 1.6 -0.1 -0.6 -0.9 -0.2 3.3 7.4 -14.4 -13.1 6.8 -14.1
Feb-93 11.7 0.4 0.7 -0.8 -1.4 -1.6 -0.8 3.2 6.8 -13.6 -16.0 4.0 -11.4
Mar-93 10.9 0.2 0.6 -0.9 -1.4 -1.6 -0.7 3.1 6.5 -13.3 -13.4 2.5 -11.2
Apr-93 10.9 0.4 0.6 -0.7 -1.4 -1.6 -0.3 3.2 4.5 -12.0 -17.0 -4.0 -8.9
May-93 12.1 1.1 1.2 0.0 -0.3 -0.5 0.5 3.2 3.0 -10.8 -11.5 9.2 -8.2
Jun-93 12.7 1.5 1.4 0.1 0.0 -0.2 0.6 3.0 -0.9 -11.0 -6.2 8.5 -11.2
Jul-93 12.6 1.5 1.1 -0.3 0.1 -0.2 0.5 2.8 -4.7 -12.4 -1.9 31.0 -14.5
Aug-93 12.2 1.4 0.7 -0.7 -0.4 -0.6 0.2 2.8 -8.8 -13.4 -4.4 28.1 -9.6
Sep-93 11.8 1.3 0.7 -0.7 -0.4 -0.6 0.3 2.7 -8.4 -13.2 -5.2 29.4 -9.7
Oct-93 11.1 1.0 0.8 -0.4 -0.2 -0.4 0.6 2.8 -3.3 -11.7 -5.2 24.4 -9.3
Nov-93 10.5 1.3 1.0 0.0 0.2 0.1 1.0 2.7 -2.2 -10.2 -7.4 38.4 -5.6
Dec-93 10.3 1.6 1.6 0.7 1.0 0.8 1.6 2.7 2.2 -8.3 -5.1 36.1 -9.1
Jan-94 9.8 1.7 1.8 0.9 1.2 1.1 1.9 2.5 2.8 -7.8 -1.8 32.8 -7.4
Feb-94 10.0 1.8 1.3 0.4 0.9 0.8 1.4 2.5 -5.6 -8.8 0.8 37.6 -7.7
Mar-94 9.8 2.0 1.6 0.6 0.9 0.7 1.6 2.5 -5.3 -9.6 -3.5 33.8 -10.4
Apr-94 9.0 2.3 1.9 0.9 1.3 1.1 1.9 2.4 -4.9 -8.8 0.7 25.1 -8.3
May-94 7.1 1.6 1.0 0.1 0.4 0.4 1.3 2.3 -8.8 -8.6 1.5 15.3 -1.7
Jun-94 6.5 1.3 0.8 0.0 0.0 0.1 1.3 2.5 -6.9 -8.7 -2.9 7.3 7.3
Jul-94 6.3 1.6 1.2 0.6 0.5 0.8 2.0 2.8 -5.2 -5.6 -0.3 -1.9 19.2
Aug-94 5.1 1.3 1.0 0.6 0.6 0.9 1.9 2.9 -4.5 -3.2 2.1 -1.0 16.0
Sep-94 4.3 1.1 0.8 0.7 0.6 0.9 1.9 3.0 -4.8 -0.5 5.0 -11.0 16.5
Oct-94 3.3 0.9 0.7 0.8 0.8 1.1 1.9 2.6 -2.1 1.4 7.8 -9.9 18.4
Nov-94 2.4 0.6 0.5 0.6 0.7 0.9 1.9 2.7 -2.1 2.5 10.6 -16.8 16.0
Dec-94 1.8 0.5 0.3 0.5 0.8 1.0 2.0 2.7 -2.7 2.9 13.7 -12.9 18.1
Jan-95 1.6 0.5 0.6 1.0 1.3 1.7 2.5 2.8 1.6 5.0 17.0 -14.1 24.5
Feb-95 1.0 0.5 0.8 1.6 1.7 2.1 3.0 2.9 5.4 9.5 16.5 -16.9 21.6
Mar-95 0.7 0.5 1.0 2.0 2.4 2.8 3.3 2.9 9.4 13.8 22.2 -15.0 25.0
Apr-95 0.7 0.5 1.1 2.3 2.7 3.2 3.4 3.1 12.0 14.7 20.3 -6.3 28.1
May-95 0.2 0.9 1.8 2.9 3.6 4.0 4.1 3.2 17.2 15.6 18.7 9.4 24.2
Jun-95 -0.1 1.9 3.1 4.3 5.1 5.3 5.0 3.0 23.5 18.2 20.9 12.7 19.3
Jul-95 -0.5 2.2 3.5 4.7 5.4 5.6 5.1 2.8 26.1 18.0 22.0 9.3 14.8
Aug-95 -0.4 3.0 4.2 5.4 5.9 6.1 5.9 2.6 25.5 18.9 18.9 5.7 16.3
Sep-95 -0.7 3.4 4.7 5.9 6.6 6.8 6.2 2.5 27.4 19.2 19.4 16.7 16.8
Oct-95 -1.3 3.6 4.7 6.0 6.7 6.8 6.2 2.8 24.8 19.5 19.4 16.0 13.3
Nov-95 -1.5 3.8 4.9 6.1 6.8 6.8 6.1 2.6 24.4 18.7 16.6 18.8 8.8
Dec-95 -1.9 4.1 5.4 6.4 6.8 6.8 6.1 2.5 25.6 16.7 14.9 11.6 8.7
Jan-96 -2.5 4.5 5.6 6.5 7.0 7.0 6.3 2.7 24.2 15.4 14.9 15.7 8.4
Feb-96 -2.6 4.9 6.4 7.1 7.3 7.3 7.0 2.7 29.8 13.7 8.0 15.9 10.4
Mar-96 -1.9 5.8 7.1 7.6 7.8 7.8 7.4 2.8 27.9 11.9 11.7 10.6 6.9
Apr-96 -2.5 5.6 6.8 7.2 7.6 7.6 7.1 2.9 24.5 11.5 15.1 10.0 6.7
May-96 -2.5 5.2 6.2 6.8 6.8 6.8 6.9 2.9 21.1 12.4 12.9 -7.6 6.1
Jun-96 -2.3 4.9 5.8 6.4 6.3 6.3 6.6 2.8 19.0 12.0 9.8 -9.8 6.2
Jul-96 -3.1 4.6 5.5 6.2 5.8 5.7 6.4 3.0 18.3 12.7 2.8 -9.6 2.2
Aug-96 -3.7 4.4 5.4 6.1 5.7 5.5 6.1 2.9 19.8 12.4 4.6 -14.1 0.2
Sep-96 -4.1 4.2 5.3 6.2 5.8 5.7 6.2 3.0 21.0 14.7 6.3 -15.7 2.3
Oct-96 -4.8 4.2 5.3 7.2 6.6 6.7 6.7 3.0 20.6 24.0 2.6 -12.2 10.3
Nov-96 -4.5 4.6 5.7 7.6 7.3 7.4 7.0 3.3 21.2 25.2 7.6 -12.9 14.1
Dec-96 -4.1 4.8 6.0 8.3 7.6 7.9 7.5 3.3 23.0 29.1 1.1 -10.7 21.9
Jan-97 -3.7 4.8 6.0 8.3 7.5 7.8 7.4 3.0 20.6 30.9 -2.9 -8.3 21.8
Feb-97 -3.5 4.8 6.0 8.6 8.3 8.6 7.5 3.0 20.5 33.2 6.3 -6.0 22.5
Mar-97 -4.4 4.5 5.8 8.5 8.3 8.7 7.5 2.8 21.6 34.1 6.5 2.8 25.7
Apr-97 -5.1 4.6 5.8 8.8 8.4 8.8 7.9 2.5 21.6 36.6 2.6 3.0 25.5
May-97 -4.6 4.5 5.8 8.6 8.5 9.0 7.5 2.2 22.4 33.9 4.4 13.0 31.3
Jun-97 -4.5 4.5 5.8 8.8 8.2 8.5 7.5 2.3 23.0 36.2 -8.2 16.1 25.3
Jul-97 -4.0 4.6 5.9 9.0 8.4 8.8 8.0 2.2 22.2 37.3 -9.3 19.2 29.7
Aug-97 -2.6 5.3 6.5 9.6 9.3 9.8 8.8 2.2 22.0 37.6 -6.0 28.0 35.4
Sep-97 -2.9 5.4 6.7 9.7 9.3 9.8 9.0 2.2 23.0 34.7 -5.8 27.0 34.2
Oct-97 -1.9 5.6 7.0 8.9 8.8 9.1 9.1 2.1 24.1 24.0 -4.0 37.1 24.3
Nov-97 -1.2 5.6 6.9 8.9 8.6 9.0 9.5 1.8 22.4 24.1 -4.9 28.9 26.0
Dec-97 -0.8 5.6 7.0 8.7 8.7 9.1 9.6 1.7 23.0 22.0 2.6 25.1 28.7
Jan-98 -0.7 5.9 7.4 8.8 9.0 9.4 10.0 1.6 24.4 19.9 0.4 45.4 26.5
Feb-98 -0.1 6.5 7.8 9.1 9.1 9.4 10.0 1.4 22.5 18.6 -2.5 43.9 19.2
Mar-98 0.6 6.7 8.0 9.6 9.7 9.7 10.6 1.4 22.4 21.2 0.7 39.0 12.4
Apr-98 1.2 6.9 8.5 9.5 9.6 9.7 10.4 1.4 26.3 17.1 1.9 37.3 11.0
May-98 1.5 7.1 8.8 9.8 9.5 9.5 10.6 1.7 28.2 16.6 -6.3 36.5 9.0
Jun-98 1.0 7.1 8.9 9.8 10.5 10.5 10.5 1.7 28.8 15.8 15.3 40.2 11.8
Jul-98 0.8 7.0 8.7 9.0 9.8 9.9 9.7 1.7 27.1 10.9 16.7 41.2 12.6
Aug-98 0.0 6.8 8.7 8.9 9.5 9.6 9.7 1.6 29.2 10.3 9.4 46.3 12.9
Sep-98 1.0 7.5 9.4 9.5 10.2 10.3 10.2 1.5 29.7 9.8 13.0 48.9 12.7
Oct-98 1.9 8.0 10.2 10.3 11.2 11.3 10.6 1.5 33.5 10.9 13.2 53.1 16.6
Nov-98 2.2 8.3 10.9 10.9 11.6 11.6 10.9 1.5 37.5 11.2 10.5 52.8 10.9
Dec-98 2.2 8.6 11.2 11.0 11.4 11.2 10.9 1.6 37.6 9.6 3.4 54.1 1.7
Jan-99 2.2 8.6 11.1 11.0 11.3 10.9 10.5 1.7 35.9 10.5 8.6 27.2 -2.0
Feb-99 1.8 8.4 11.1 10.9 11.1 10.9 10.7 1.6 37.2 9.6 12.1 16.7 4.4
Mar-99 2.0 8.0 10.5 9.8 9.4 9.4 9.5 1.7 34.2 5.1 3.2 2.4 10.7
Apr-99 2.4 8.0 10.3 9.8 9.4 9.5 9.4 2.3 32.5 6.4 2.2 2.4 12.4
May-99 2.4 7.9 10.1 9.5 9.5 9.5 9.1 2.1 30.4 5.6 12.3 6.4 10.6
Jun-99 2.1 7.7 9.6 8.7 8.4 8.5 8.9 2.0 27.5 2.8 3.3 3.5 12.7
Jul-99 2.1 7.8 9.5 8.9 8.5 8.5 8.9 2.1 24.9 5.4 5.3 -5.4 9.2
Aug-99 2.2 7.6 9.2 8.5 8.0 7.9 8.2 2.3 23.3 3.9 4.7 -9.8 4.2
Sep-99 1.5 7.0 8.4 7.9 6.9 6.8 7.4 2.6 20.2 4.7 -2.8 -17.5 1.1
Oct-99 1.6 6.5 7.7 7.7 6.6 6.3 7.1 2.6 17.8 7.6 1.3 -29.0 -2.8
Nov-99 1.4 6.0 7.4 7.9 7.1 7.1 7.5 2.6 18.0 11.2 0.4 -11.2 5.5
Dec-99 2.4 6.0 7.4 8.7 8.4 8.5 8.4 2.7 18.7 17.4 3.6 3.9 13.3
Jan-00 2.1 6.0 7.6 8.9 8.3 8.5 8.7 2.7 20.4 17.5 -1.2 0.1 18.8
Feb-00 1.1 5.7 7.1 8.3 7.9 8.2 8.3 3.2 17.4 16.7 0.9 3.5 17.7
Mar-00 1.0 6.2 7.9 9.1 9.0 9.4 9.4 3.8 20.9 17.9 3.4 15.2 23.4
Apr-00 1.1 6.6 8.0 9.4 9.4 9.6 9.7 3.1 19.1 19.2 6.0 14.3 19.2
May-00 0.4 5.9 7.4 9.0 8.8 9.1 9.3 3.2 19.4 19.9 3.7 10.5 20.5
Jun-00 0.3 5.8 7.4 9.3 9.1 9.3 9.4 3.7 19.8 23.0 3.2 11.7 16.9
Jul-00 0.5 5.6 7.7 9.8 10.0 10.1 9.7 3.7 24.5 25.1 8.3 19.9 15.2
Aug-00 0.1 5.7 8.0 10.3 10.6 10.8 10.2 3.4 25.8 26.7 12.8 20.4 17.4
Sep-00 0.2 6.2 8.7 10.6 11.1 11.4 10.7 3.5 28.2 23.8 11.0 40.9 21.7
Oct-00 -0.3 6.0 8.4 9.6 10.3 10.6 10.0 3.4 26.9 17.5 10.0 49.5 23.5
Nov-00 -1.9 5.7 8.0 8.6 9.0 9.2 8.9 3.4 24.7 12.5 10.3 24.1 19.0
Dec-00 -3.2 6.1 8.3 8.6 8.8 8.9 8.7 3.4 24.1 10.4 10.6 14.6 13.7
Jan-01 -2.4 6.4 9.0 9.4 10.0 10.1 9.5 3.7 26.9 11.7 21.6 18.6 13.3
Feb-01 -0.7 7.1 10.7 10.7 11.0 11.2 10.1 3.5 35.4 10.8 16.3 16.3 17.1
Mar-01 0.2 7.6 11.3 11.1 11.6 11.7 10.0 2.9 36.1 9.9 20.8 19.3 17.4
Apr-01 0.1 7.7 11.6 11.4 12.0 12.2 10.8 3.3 39.3 9.7 25.8 20.3 17.2
May-01 1.3 8.0 12.7 12.4 12.7 12.7 11.6 3.6 45.0 10.4 19.4 13.2 14.3
Jun-01 2.2 8.6 13.6 13.0 13.1 13.1 12.1 3.2 48.1 9.3 15.6 12.7 14.2
Jul-01 3.4 8.8 13.5 12.5 12.4 12.6 11.8 2.7 45.0 6.3 12.1 11.0 18.4
Aug-01 4.6 8.9 12.9 11.7 11.9 12.0 10.9 2.7 39.4 4.0 17.0 12.9 15.4
Sep-01 9.6 10.4 14.7 13.3 14.4 14.3 12.1 2.6 42.5 4.6 46.2 10.6 14.1
Oct-01 6.1 9.8 15.2 14.1 14.0 13.9 12.4 2.1 49.8 7.3 22.5 -6.7 11.4
Nov-01 7.0 10.4 16.1 15.0 14.5 14.4 13.3 1.9 51.6 7.9 14.9 -6.8 12.2
Dec-01 8.7 10.4 16.2 14.7 14.0 13.9 13.0 1.6 51.1 5.9 15.4 -16.7 7.7
Jan-02 8.2 9.6 14.4 13.2 12.5 12.3 11.4 1.1 42.5 5.9 7.2 -11.8 5.1
Feb-02 8.1 9.3 13.0 12.2 11.4 11.3 10.9 1.1 33.3 7.0 3.5 -8.8 4.8
Mar-02 7.7 8.3 11.7 11.2 10.3 10.0 10.0 1.5 29.8 8.5 -2.3 -7.2 -0.3
Apr-02 6.2 7.0 10.0 9.8 8.9 8.7 8.3 1.6 26.3 8.7 -5.5 -3.6 2.0
May-02 6.4 7.6 9.8 9.6 9.2 8.9 8.1 1.2 20.9 8.2 2.6 1.9 -0.2
Jun-02 6.0 7.3 8.9 8.6 8.4 8.1 7.2 1.1 17.4 6.5 6.8 1.0 -1.0
Jul-02 5.3 7.5 8.8 8.4 8.3 8.0 7.3 1.5 15.9 5.6 6.4 6.6 -2.7
Aug-02 3.3 7.6 9.0 8.6 8.5 8.3 8.0 1.8 16.2 6.2 8.0 5.6 -1.1
Sep-02 -0.7 5.8 6.4 6.3 5.5 5.4 6.2 1.5 9.4 5.6 -8.5 0.1 -0.1
Oct-02 3.2 6.8 5.6 5.1 5.5 5.5 6.0 2.0 -0.1 2.0 7.9 16.5 5.7
Nov-02 3.1 7.0 6.4 5.5 6.1 6.1 6.7 2.2 3.8 -0.1 14.0 18.3 6.2
Dec-02 3.0 6.2 5.9 4.8 5.5 5.6 6.5 2.4 4.4 -2.4 11.9 28.0 8.8
Jan-03 2.8 6.2 5.6 4.4 4.6 4.8 6.4 2.6 2.9 -3.4 4.8 12.0 12.8
Feb-03 4.0 6.3 5.4 4.2 4.6 4.8 6.2 3.0 1.1 -3.2 10.2 15.1 10.1
Mar-03 4.0 6.5 5.2 4.0 4.7 4.9 6.4 3.0 -0.5 -4.0 18.3 17.1 10.8
Apr-03 5.2 7.3 5.5 3.9 4.4 4.7 6.6 2.2 -2.5 -6.5 13.9 13.2 14.9
May-03 6.8 7.9 5.7 4.2 4.8 5.2 7.0 2.1 -4.6 -5.9 11.0 24.8 22.9
Jun-03 7.5 8.2 6.1 4.7 5.4 5.9 7.4 2.1 -3.7 -5.0 14.4 26.3 24.5
Jul-03 7.3 8.2 6.8 5.5 6.1 6.7 7.9 2.1 0.1 -3.3 13.5 22.5 29.3
Aug-03 9.3 8.4 6.7 5.4 5.8 6.4 7.7 2.2 -1.6 -3.5 8.1 20.1 33.8
Sep-03 8.5 7.5 6.2 5.1 5.0 5.6 7.1 2.3 0.1 -2.6 -2.9 15.1 32.6
Oct-03 7.7 6.4 5.5 4.4 4.5 5.2 6.4 2.0 0.8 -3.1 -0.6 19.5 31.8
Nov-03 7.3 5.5 3.3 2.7 2.7 3.4 4.5 1.8 -6.8 -2.2 -7.2 22.5 28.7
Dec-03 7.0 5.0 2.1 1.9 1.7 2.4 3.4 1.9 -10.8 0.7 -10.4 13.2 28.0
Jan-04 6.3 4.5 2.1 2.2 2.8 3.5 3.8 1.9 -8.8 2.9 1.6 34.8 28.8
Feb-04 6.7 4.6 2.2 2.3 3.2 3.9 4.2 1.7 -8.6 2.8 9.8 34.5 31.1
Mar-04 7.5 4.8 2.8 3.1 3.1 3.9 4.8 1.7 -6.9 5.0 -8.5 28.3 32.1
Apr-04 6.7 5.0 3.4 4.0 4.4 5.1 5.3 2.3 -4.6 8.4 2.2 25.3 31.6
May-04 5.3 5.2 3.9 4.7 4.5 5.2 5.8 3.1 -2.8 10.1 -1.6 8.5 25.4
Jun-04 4.9 4.6 3.4 4.4 4.4 5.0 5.6 3.3 -3.3 12.2 -0.5 13.1 23.8
Jul-04 4.0 3.9 2.1 3.5 4.1 4.6 4.6 3.0 -7.3 14.2 17.0 6.7 23.2
Aug-04 4.7 3.2 1.8 3.4 3.9 4.5 4.5 2.7 -5.4 15.1 16.0 5.9 21.9
Sep-04 4.9 4.2 2.6 4.0 4.9 5.5 5.2 2.5 -6.1 14.4 23.6 14.8 24.7
Oct-04 4.9 4.9 3.0 4.6 5.1 5.8 5.4 3.2 -6.7 17.0 14.8 7.7 26.7
Nov-04 6.0 5.3 3.5 5.2 5.5 6.2 5.6 3.5 -6.1 17.9 18.3 1.5 27.0
Dec-04 5.2 5.7 4.1 5.9 5.9 6.7 6.2 3.3 -4.6 19.1 12.7 -0.3 28.6
Jan-05 4.6 5.8 4.0 6.0 5.0 5.8 6.1 3.0 -5.1 19.9 -6.5 -14.6 29.2
Feb-05 3.7 5.3 3.5 5.5 4.4 5.2 5.8 3.0 -5.6 19.2 -12.4 -9.6 26.5
Mar-05 3.3 4.9 3.1 4.9 4.3 5.1 5.2 3.1 -6.7 18.0 -4.3 -6.5 26.9
Apr-05 1.9 4.5 2.9 5.0 4.3 5.0 5.3 3.5 -5.9 20.1 -8.1 -5.9 23.6
May-05 2.7 3.4 1.9 4.0 3.6 4.2 4.5 2.8 -6.3 17.9 -6.4 1.8 23.1
Jun-05 2.7 3.8 2.5 4.6 3.7 4.3 4.9 2.5 -4.8 18.4 -16.3 1.6 21.2
Jul-05 2.0 4.1 3.1 4.7 3.1 3.7 5.3 3.2 -2.7 15.4 -30.5 -0.2 20.5
Aug-05 1.8 4.1 3.3 5.4 4.2 4.8 5.9 3.6 -1.2 18.7 -24.6 6.9 21.1
Sep-05 1.1 4.1 3.8 5.9 4.7 5.2 6.5 4.7 1.6 20.5 -21.8 1.1 18.8
Oct-05 1.0 4.2 4.2 6.4 5.2 5.6 7.3 4.3 4.4 20.6 -19.8 1.7 14.3
Nov-05 0.2 4.0 4.0 6.1 5.3 5.6 7.2 3.5 4.4 19.5 -15.1 7.0 14.0
Dec-05 -0.3 4.1 4.4 6.4 6.0 6.3 7.6 3.4 6.1 19.4 -13.6 24.2 12.1
Jan-06 1.0 4.6 5.1 6.8 7.0 7.0 7.8 4.0 8.0 17.5 0.0 27.1 7.3
Feb-06 0.5 4.8 5.4 7.2 7.1 7.1 8.0 3.6 8.8 18.4 -2.0 19.2 7.5
Mar-06 0.9 4.8 5.5 7.6 7.8 3.4 10.1 20.7 6.9 18.6
Apr-06 1.8 5.0 5.8 7.7 7.7 3.5 10.8 19.6 2.1 15.4
May-06 1.6 4.8 5.8 8.0 7.8 4.2 12.3 20.6 -2.5 16.6
Jun-06 -0.4 4.7 5.8 7.9 7.7 4.3 12.4 20.3 7.3 2.3
Jul-06 0.3 4.7 5.8 8.1 8.1 4.1 12.5 21.9 8.9 9.3
Aug-06 -0.4 4.5 5.8 8.0 7.7 3.8 13.2 20.5 0.0 7.5
Sep-06 -1.1 4.4 5.7 8.1 8.2 2.1 13.5 21.8 7.0 12.7
Oct-06 -0.3 4.6 6.1 8.5 8.8 1.3 14.6 22.2 12.8 16.2
Nov-06 -0.3 4.9 6.5 8.9 9.2 2.0 15.8 22.7 13.3 16.6
Dec-06 -0.6 5.2 7.0 9.1 9.6 2.5 17.4 21.0 25.4 9.2
Jan-07 -0.4 5.2 6.8 8.8 9.5 2.1 15.7 20.1 28.3 14.9
Feb-07 -1.0 5.2 6.9 8.9 9.6 2.4 16.7 19.8 26.7 17.4
Mar-07 -1.1 5.7 7.6 9.2 9.8 2.8 18.2 17.9 22.6 16.7
Apr-07 0.0 6.1 8.1 9.6 10.1 2.6 19.7 17.5 21.3 18.9
May-07 -0.5 6.3 8.5 10.1 10.6 2.7 21.4 18.0 25.0 15.6
Jun-07 -0.7 6.2 8.5 9.5 10.1 2.7 21.5 15.0 24.1 15.7
Jul-07 -0.3 6.0 8.6 9.4 10.2 2.4 22.9 13.7 32.4 16.7
Aug-07 -0.4 6.7 9.8 10.5 11.5 2.0 26.7 14.0 42.2 19.5
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Source: M1 Money Stock................. http://research.stlouisfed.org/fred2/series/M1NS?cid=25
M2 Money Stock................. http://research.stlouisfed.org/fred2/series/M2NS?cid=29
M3 Money Stock*................ http://research.stlouisfed.org/fred2/series/M3NS?cid=28
Institutional Money Funds...... http://research.stlouisfed.org/fred2/series/IMFNS?cid=28
Overnight and Term Eurodollars* http://research.stlouisfed.org/fred2/series/EURONS?cid=28
Large time deposits............ http://federalreserve.gov/releases/h8/data/m/b1072a.txt
Interbank loans................ http://federalreserve.gov/releases/h8/data/m/b1045a.txt
Security loans................. http://federalreserve.gov/releases/h8/data/m/b1030a.txt
Consumer Price Index for All Urban Consumers: All Items http://research.stlouisfed.org/fred2/series/CPIAUCNS?cid=9
* discontinued series
Note: The Federal Reserve posted the following at
http://www.federalreserve.gov/releases/h6/discm3.htm concerning the discontinuance of M3:
Discontinuance of M3
On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. 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.
As mentioned, the Federal Reserve ceased publication of large-denomination time deposits, repurchase agreements (RPs), and Eurodollars but large-denomination time deposits will continue to be published in the H.8 release. A spreadsheet referenced here and a description of recalculating M3 here appear to use Interbank loans and Security loans from the H.8 release to calculate repurchase agreements. Both sources also mention a more complicated method to recalculate Eurodollars. Due the the complexity of this method and the fact that Eurodollars are a relatively small component of M3, I did not attempt to recalculate it here.
The first and third graphs above show that Institutional Money Funds and Large Time Deposits are the largest non-M2 components of M3. Also, the fourth graph shows that Institutional Money Funds is the non-M2 component that is adding the most to the current growth in M3 Money Stock. M2 Money Stock is currently growing at about 6.7% per year but M2 Money Stock plus Institutional Money Funds is growing at about 9.8% per year, over 3 percent more. That is due to the fact that Institutional Money Funds alone is currently growing at about 26.7% per year.