Financial and Business Statistics

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1.10 RESERVES AND MONEY STOCK MEASURES

Percent annual rate of change, seasonally adjusted (1)

                                              2002

Monetary or credit aggregate       Q1          Q2          Q3

   Reserves of depository
     institutions (2)
 1 Total                        -12.6 (r)   -13.5 (r)    -2.0 (r)
 2 Required                     -12.3 (r)   -12.4 (r)    -4.8 (r)
 3 Nonborrowed                  -12.2 (r)   -14.0 (r)    -3.5 (r)
 4 Monetary base (3)              8.8 (r)     7.5 (r)     6.9

   Concepts of money (4)
 5 M1                             5.7         -.6         3.1
 6 M2                             6.7         4.1         9.1 (r)
 7 M3                             5.8         4.1         7.7

   Nontransaction components
 8 In M2 (5)                      7.0         5.4        10.8
 9 In M3 only (6)                 3.8         4.2         4.5

   Time and savings deposits
   Commercial banks
10   Savings, including MMDAs    20.4        15.1        20.1
11   Small time (7)             -16.1        -6.3        -6.3
12   Large time (8,9)             5.1 (r)    12.4         3.7
   Thrift institutions
13   Savings, including MMDAs    31.0        24.0        20.5 (r)
14   Small time (7)             -12.3       -16.6       -12.3 (r)
15   Large time (8)               1.5        -8.1        -3.2 (r)

   Money market mutual funds
16 Retail                        -7.8        -9.2         4.7
17 Institution-only               3.5 (r)     3.9         -.8

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (10)     3.0         -.7        27.5
19 Eurodollars (10)               3.6        -4.7          .2

                                              2002

Monetary or credit aggregate     Q4 (r)     Sept. (r)   Oct. (r)

   Reserves of depository
     institutions (2)
 1 Total                           .3       -21.8        -2.1
 2 Required                      -2.1       -17.7        -4.5
 3 Nonborrowed                    1.2       -18.8          .6
 4 Monetary base (3)              5.0         2.7         5.1

   Concepts of money (4)
 5 M1                             4.5         6.3        11.2
 6 M2                             7.1         5.5         8.3
 7 M3                             7.5         6.2          .8

   Nontransaction components
 8 In M2 (5)                      7.8         5.3         7.5
 9 In M3 only (6)                 8.2         7.5       -15.3

   Time and savings deposits
   Commercial banks
10   Savings, including MMDAs    16.9        16.7        14.3
11   Small time (7)              -9.1       -12.2        -8.7
12   Large time (8,9)            -4.0        -3.2         9.9
   Thrift institutions
13   Savings, including MMDAs    20.5        21.7        22.3
14   Small time (7)              -6.4       -10.2        -5.9
15   Large time (8)              11.1         1.1        10.7

   Money market mutual funds
16 Retail                        -4.4       -13.0        -2.8
17 Institution-only               1.9        -8.3       -41.3

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (10)    45.0        67.8        -4.8
19 Eurodollars (10)              14.4        21.2        11.6

                                        2002              2003

Monetary or credit aggregate    Nov. (r)    Dec. (r)      Jan.

   Reserves of depository
     institutions (2)
 1 Total                         15.4        13.0        14.2
 2 Required                      13.9         1.6        25.5
 3 Nonborrowed                   11.5        19.0        15.8
 4 Monetary base (3)              5.7         7.5         6.8

   Concepts of money (4)
 5 M1                             -.9         7.8         1.8
 6 M2                             8.1         3.2         6.1
 7 M3                            17.2         7.4         -.8

   Nontransaction components
 8 In M2 (5)                     10. …