Money & Credit: US Monetary Aggregates March 8, 218 Dr. Edward Yardeni 16-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents US Monetary Aggregates 3-4 US Monetary Growth -7 US Savings Deposits 8 March 8, 218 / Money & Credit: US Monetary Aggregates www.
US Monetary Aggregates 47 417 377 337 297 27 Figure 1. MONETARY BASE* (ratio scale) 2/28 47 417 377 337 297 27 217 217 177 177 137 137 97 97 7 7 17 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 17 * Adjusted for changes in reserve requirements. 37 3 32 3 27 2 Figure 2. M1 (ratio scale) 37 3 32 3 27 2 22 22 2 2 17 17 1 1 12 12 1 1 7 7 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 Page 3 / March 8, 218 / Money & Credit: US Monetary Aggregates www.
US Monetary Aggregates 162 12 142 132 122 112 12 92 82 72 Figure 3. MZM* (ratio scale) 162 12 142 132 122 112 12 92 82 72 62 62 2 2 42 42 32 32 22 22 12 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 12 * Includes M1, savings deposits, and all money market mutual funds (individual and institutional). 14 13 12 11 1 9 8 Figure 4. M2 (ratio scale) 14 13 12 11 1 9 8 7 7 6 6 4 4 3 3 2 2 1 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 1 Page 4 / March 8, 218 / Money & Credit: US Monetary Aggregates www.
14 12 Figure. MONETARY BASE* US Monetary Growth 14 12 1 1 8 8 6 6 4 4 2 2 2/28-2 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2-2 * Adjusted for changes in reserve requirements. 3 2 Figure 6. M1 3 2 2 2 1 1 1 1 - - -1 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2-1 Page / March 8, 218 / Money & Credit: US Monetary Aggregates www.
2 Figure 7. MZM* US Monetary Growth 2 2 2 1 1 1 1-84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 - * Includes M1, savings deposits, and all money market mutual funds (individual and institutional). 1 Figure 8. M2 1 1 1 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 Page 6 / March 8, 218 / Money & Credit: US Monetary Aggregates www.
18 16 Figure 9. CURRENCY* US Monetary Growth 18 16 14 14 12 12 1 1 8 6 8 6 4 4 2 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 2 * In M1. Excludes vault cash. 1 Figure 1. M2-M1 1 1 1-84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 - Page 7 / March 8, 218 / Money & Credit: US Monetary Aggregates www.
93 89 8 81 77 73 69 6 61 7 3 49 4 41 37 33 29 2 21 17 13 9 1 Figure 11. INTEREST-BEARING DEPOSITS (billion dollars, sa) US Savings Deposits Savings Deposits (including Money Market Deposit Accounts)* Total Small Time Deposits** 84 8 86 87 88 89 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 1 11 12 13 14 1 16 17 18 19 2 93 89 8 81 77 73 69 6 61 7 3 49 4 41 37 33 29 2 21 17 13 9 1 * Included in M2. ** Included in M2. IRA and Keogh account balances are excluded. 2.8 2.6 Figure 12. MONEY MARKET MUTUAL FUNDS (trillion dollars, sa) 2.8 2.6 2.4 2.4 2.2 2.2 2. 1.8 Held By: Retail* Institutions** 2. 1.8 1.6 1.6 1.4 1.4 1.2 1.2 1. 1..8.6.4 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 22.8.6.4 * Included in M2. IRA and Keogh account balances are excluded. ** Included in MZM, but not in M1 or M2. Source: Federal Reserve Board. Page 8 / March 8, 218 / Money & Credit: US Monetary Aggregates www.
Copyright (c) 218. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on www., blog., http://blog. and YRI s Apps for ipads and iphones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any product, service, report, email or website are proprietary to and constitute valuable intellectual property. No material from any part of www., blog., http://blog. and YRI s Apps for ipads and iphones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. accepts no liability for any damage caused by any virus transmitted by this company s emails, website, blog and Apps. Additional information available on request. requests@