Monetary Aggregates: M1 and M2 (H.6)

Federal Reserve Monetary Data
Monetary Aggregates: M1 and M2 (H.6) 
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Thursday, August 30, 2007

Thursday, August 30, 2007
The FederalReserve's H.6 release provides measures of the monetary aggregates (M1and M2), or money stock, and their components. M1, the more narrowlydefined measure, consists of the most liquid forms of money, namelycurrency and checkable deposits. M2 consists of M1 plus householdholdings of savings deposits, small time deposits, and retail moneymarket mutual funds. Grouping assets (money) that people use in asimilar manner separates money that's being spent from money beingsaved in order to predict impending changes in the economy.

KEY: SA: seasonally adjusted; NSA: not seasonally adjusted
MONTHLY MONEY STOCK MEASURES

MONTHLY MONEY STOCK MEASURES
Daily Average, in billions
% CHANGE
Seasonally adj ann rates
 JulyJune3-mth6-mth12-mth
M1 SA$1,368.8$1,366.8-3.0-0.5-0.3
M2 SA7,269.37,243.93.55.56.1
M1 NSA1,365.31,368.7.........
M2 NSA7,256.97,248.4.........
WEEKLY MONEY STOCK MEASURES

WEEKLY MONEY STOCK MEASURES
Daily Average, in billions
% CHANGE
Seasonally adj ann rates*
 Aug. 20Aug. 1313-wk26-wk52-wk
M1 SA$1,349.9$1,356.0-1.1-0.2-0.4
M2 SA7,332.57,288.94.56.16.2
M1 NSA1,356.91,319.5.........
M2 NSA7,327.87,302.6.........
*From May. 21, 2007; Feb. 19, 2007 and Aug. 21, 2006, respectively.
Note: Special caution should be taken ininterpreting week-to-week changes in money supply data, which arehighly volatile and subject to revision.
Source: Federal Reserve
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Reserve Aggregates (H.3) 
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Thursday, August 30, 2007
Data are from the Federal Reserve's H.3 releasewhich provides information on aggregate reserves of depositoryinstitutions and borrowings by depository institutions from the FederalReserve's discount window. The release also provides data on themonetary base, which includes currency and reserves.

DAILY AVG IN MILLIONS
Two weeks ended
% CHANGE IN WEEKLY AVERAGES
 Aug. 29Aug. 1513-wk26-wk52-wk
Total reserves$41,113$49,426-7.7-4.2-4.7
Nonborrowed reserves*39,55449,165-21.5-11.5-7.5
Required reserves†40,05340,095-5.6-0.9-3.8
Excess reserves1,0609,331-72.6-80.4-18.7
Borrowings from Fed15592615118.610193.3310.3
Free reserves††-4999,070-568.9-257.3-154.0
Monetary base820,556829,4471.71.91.9
*Fed supply of permanent reserves provided, †Demandfor reserves to back deposits, ††Free reserves equal excess reservesminus discount window borrowings other than extended credit.
Source: Federal Reserve
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Factors Affecting Reserve Balances (H.4.1) 
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Thursday, August 30, 2007
Changes in weekly averages of reserves andrelated items during the week and year ended August 29, 2007, asreported in the Federal Reserve's H.4.1 release, were as follows (inmillions of dollars):



% CHANGE IN WEEKLY AVERAGES
 8/29/20071-wk
chg		13-wk26-wk52-wk
  Reserve bank credit$849,988-1708.0-1.8-0.82.6
Factors supplying reserve funds
  U.S. Gov't securities bought outright784,630-4983.0-2.81.32.5
  Federal agency issues bought outright...............
  Repurchase agreements24,5711964.0-19.9-64.60.7
  Loans to depository institutions1,57736.04528.19357.6282.8
  Primary credit1,315115.087266.723709.12428.8
  Secondary credit...-85.0.........
  Seasonal credit2626.0459.02295.2-27.4
  Float7762.0-402.0-203.2-103.2
  Other Federal Reserve assets39,203513.02.35.61.2
  Gold stock11,041............
  SDR certificates2,2000.0.........
  Treasury currency outstanding38,63314.01.61.61.6
  Total factors supplying reserve funds901,862-1694.0-1.6-0.72.5
Factors absorbing reserve funds
  Currency in circulation809,918-1166.0-1.80.82.1
  Reverse repurchase agreements30,888-463.0-22.9-40.419.9
  Treasury cash holdings30929.039.9107.581.8
  Deposits with Federal Reserve banks*12,28955.04.89.1-1.1
  Other Federal Reserve liabilities & capital40,717274.014.713.914.2
  Total factors absorbing reserve funds894,122-1270.0-1.8-0.33.1
  Reserve balances with Federal Reserve Banks7,741-423.016.8-39.3-37.8
*Other than reserve balances
Source: Federal Reserve
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Commercial Paper 
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Friday, August 31, 2007
 
Corporations use theseshort-term, promissary notes to raise cash needed for currenttransactions, and often, as a lower-cost alternative to bank loans.Maturities are long as 270 days but average about 30.
Commercial Paper Outstanding 
Friday, August 31, 2007
Corporations use theseshort-term, promissary notes to raise cash needed for currenttransactions, and often, as a lower-cost alternative to bank loans.Maturities are long as 270 days but average about 30.

NOT SEASONALLY ADJUSTED
(in millions)
SEASONALLY ADJUSTED
(in millions)


Change from

Change from
 Aug-31Aug-24Year agoAug-31 Aug-24Year ago
All issuers$1,953,200$-69,800$126,900$1,979,400$-62,800$135,700
Financial cos.777,8006,80053,700781,5003,00045,000
Nonfinancial cos.188,300-9,20043,700197,900-6,40049,000
Asset-backed985,000-67,50027,500998,000-59,40039,900
Other2,0001001,8002,000...1,800
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Assets and Liabilities of Commercial Banks (H.8) 
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Friday, August 31, 2007
The Federal Reserve's H.8 release provides anestimated weekly aggregate balance sheet for all commercial banks inthe United States (in billions of dollars, seasonally adjusted).



YEAR AGO
 8/22/2007Chg from
8/15/2007		Chg% Chg
Assets
Loans/leases in bank credit$6,433.1$23.5$601.310.3
Commercial and industrial loans1,320.316.1152.613.1
Loans to individuals768.6-1.339.85.5
Real estate loans3,432.69.5312.110.0
Home equity loans466.21.318.74.2
U.S. Government securities1,185.4-1.3-34.3-2.8
Other securities including municipal issues1,169.531.9173.117.4
Liabilities
Transaction deposits including NOW accounts617.712.9-57.3-8.5
Savings and other nontransaction deposits5,803.08.7388.47.2
Includes large time deposits of $100,000 or more1,827.65.0168.710.2
Source: Federal Reserve; for more information on these data and their derivation, please seewww.federalreserve.gov/releases
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