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Divisia Monetary Data for the United States:
rigorously founded in economic aggregation and index-number theory. 

Federal Reserve Official Monetary Aggregates

Extensive published results demonstrate that the best monetary aggregate for almost all uses was the Federal Reserve’s former broadest aggregate, L, but only if computed as a properly weighted index number, such as the Divisia or Fisher-ideal index. The second-best monetary aggregate was the former next-broadest aggregate, M3, properly constructed as an index number. In contrast, when computed as simple-sum accounting numbers, disconnected from economic aggregation theory, M3 and L were among the worst monetary aggregates and were inconsistent with elementary principles of economic measurement. Narrow aggregates, such as M1 and M2, give no weight to many highly-liquid substitutes for money. That truncation is hard to justify. More...

Figures Provided on This Page

We are displaying on this page three, new, Divisia, monetary-quantity aggregates, and their corresponding, aggregation-theoretic interest-rate aggregates.

  • The primary one is what we are calling Divisia M4. It is a broad aggregate, including negotiable money-market securities, such as commercial paper, negotiable CDs, and T-bills. DM4's components are similar to those of the monetary aggregate once called L, but modernized to be consistent with current market realities.a
  • The aggregate DM4- (to be called "M4 minus") is DM4 minus Treasury bills.
  • Divisia M3 excludes those money-market securities not issued by financial intermediaries, such as commercial paper and Treasury bills, but does include negotiable CDs and repurchase agreements.
  • We are providing narrower aggregates, such as Divisia M1 and M2, only on a spreadsheet and through a link to the St. Louis Fed’s source. We do not include those narrower aggregates among these featured charts. More...

More Information Below

CFS Money Supply for August
(Released September 16, 2020)

Featured Charts

Hover over chart to see a larger version, or click on the title for an even larger full-page version.

Select start date of charts:

 

Divisia Data Table

Levels normalized to equal 100 in Jan. 1967
Select a different start year for the table below:

Divisia M4
Including Treasuries (M4)
Divisia M4
Excluding Treasuries (M4-)
Divisia M3 (M3)
Date Divisia M4
Including
Treasuries1
Y/Y Pct.
Change2
Divisia M4
Excluding
Treasuries1
Y/Y Pct.
Change2
Divisia M31 Y/Y Pct.
Change2
Jan 1967 100.0 NA 100.0 NA 100.0 NA
Feb 1967 100.7 NA 100.7 NA 100.7 NA
Mar 1967 101.9 NA 101.7 NA 101.7 NA
Apr 1967 101.8 NA 101.7 NA 101.7 NA
May 1967 102.7 NA 102.6 NA 102.7 NA
Jun 1967 103.3 NA 103.5 NA 103.5 NA
Jul 1967 104.3 NA 104.2 NA 104.3 NA
Aug 1967 105.1 NA 105.1 NA 105.1 NA
Sep 1967 105.8 NA 105.8 NA 105.8 NA
Oct 1967 106.4 NA 106.3 NA 106.4 NA
Nov 1967 106.9 NA 106.8 NA 106.8 NA
Dec 1967 107.4 NA 107.3 NA 107.4 NA
Jan 1968 108.1 8.09% 107.9 7.92% 107.8 7.82%
Feb 1968 108.4 7.67% 108.2 7.47% 108.1 7.36%
Mar 1968 108.9 6.90% 108.7 6.95% 108.6 6.84%
Apr 1968 109.2 7.32% 109.2 7.32% 109.1 7.19%
May 1968 109.9 7.03% 109.8 6.94% 109.6 6.80%
Jun 1968 110.6 7.05% 110.5 6.72% 110.4 6.58%
Jul 1968 111.2 6.69% 111.1 6.56% 110.9 6.33%
Aug 1968 111.9 6.52% 111.8 6.36% 111.6 6.13%
Sep 1968 112.7 6.53% 112.5 6.34% 112.3 6.10%
Oct 1968 113.3 6.44% 113.2 6.46% 113.0 6.24%
Nov 1968 114.2 6.84% 114.1 6.89% 114.0 6.68%
Dec 1968 115.1 7.16% 115.0 7.15% 114.8 6.95%
Jan 1969 115.7 7.05% 115.6 7.11% 115.2 6.83%
Feb 1969 115.9 6.93% 115.8 7.00% 115.4 6.72%
Mar 1969 116.3 6.82% 116.1 6.75% 115.7 6.47%
Apr 1969 116.7 6.79% 116.4 6.63% 115.8 6.22%
May 1969 116.6 6.11% 116.3 6.00% 115.8 5.59%
Jun 1969 116.6 5.50% 116.6 5.53% 116.0 5.11%
Jul 1969 116.7 4.88% 116.6 4.98% 115.7 4.40%
Aug 1969 116.6 4.15% 116.3 4.06% 115.5 3.47%
Sep 1969 116.7 3.62% 116.4 3.54% 115.6 2.95%
Oct 1969 117.1 3.37% 116.7 3.08% 115.7 2.37%
Nov 1969 117.5 2.92% 116.9 2.38% 115.9 1.66%
Dec 1969 117.5 2.12% 117.1 1.81% 116.1 1.09%
Jan 1970 118.4 2.31% 118.0 2.06% 116.6 1.22%
Feb 1970 117.4 1.28% 116.9 0.98% 115.5 0.13%
Mar 1970 117.5 0.98% 116.7 0.56% 115.3 -0.30%
Apr 1970 117.4 0.60% 116.8 0.30% 115.3 -0.45%
May 1970 117.6 0.88% 117.0 0.55% 115.5 -0.19%
Jun 1970 117.9 1.08% 117.2 0.54% 115.8 -0.20%
Jul 1970 118.3 1.39% 117.4 0.71% 116.2 0.43%
Aug 1970 119.3 2.33% 118.5 1.85% 117.3 1.58%
Sep 1970 120.4 3.14% 119.7 2.76% 118.5 2.51%
Oct 1970 121.2 3.49% 120.4 3.23% 119.4 3.22%
Nov 1970 121.9 3.72% 121.2 3.70% 120.1 3.70%
Dec 1970 122.8 4.51% 122.0 4.25% 121.0 4.26%
Jan 1971 123.8 4.61% 123.1 4.36% 122.1 4.75%
Feb 1971 125.3 6.74% 124.5 6.51% 123.6 6.96%
Mar 1971 126.6 7.78% 126.0 7.92% 125.0 8.41%
Apr 1971 127.6 8.75% 127.0 8.75% 126.3 9.50%
May 1971 129.2 9.90% 128.5 9.84% 127.8 10.63%
Jun 1971 130.3 10.54% 129.4 10.41% 128.8 11.22%
Jul 1971 131.4 11.13% 130.6 11.21% 129.9 11.75%
Aug 1971 132.2 10.82% 131.4 10.91% 130.7 11.45%
Sep 1971 133.2 10.61% 132.5 10.70% 131.8 11.24%
Oct 1971 134.1 10.62% 133.5 10.86% 132.8 11.26%
Nov 1971 135.0 10.69% 134.6 11.06% 133.9 11.47%
Dec 1971 136.4 11.08% 135.6 11.07% 134.9 11.49%
Jan 1972 137.7 11.19% 136.9 11.17% 136.1 11.42%
Feb 1972 139.1 11.02% 138.3 11.09% 137.6 11.35%
Mar 1972 140.8 11.25% 139.6 10.84% 138.9 11.09%
Apr 1972 141.7 11.01% 140.7 10.84% 140.0 10.83%
May 1972 142.3 10.11% 141.4 10.08% 140.7 10.05%
Jun 1972 143.3 9.93% 142.4 10.08% 141.7 10.05%
Jul 1972 144.6 10.01% 144.0 10.23% 143.3 10.30%
Aug 1972 146.0 10.45% 145.5 10.74% 144.9 10.81%
Sep 1972 147.3 10.62% 146.8 10.81% 146.2 10.89%
Oct 1972 148.7 10.87% 148.1 10.94% 147.5 11.00%
Nov 1972 149.9 11.07% 149.3 10.97% 148.7 11.03%
Dec 1972 151.4 11.01% 150.9 11.35% 150.3 11.41%
Jan 1973 152.8 10.98% 152.3 11.30% 151.8 11.54%
Feb 1973 153.7 10.48% 153.2 10.76% 152.7 10.98%
Mar 1973 154.2 9.49% 153.8 10.11% 153.2 10.30%
Apr 1973 155.0 9.43% 154.6 9.84% 153.9 9.98%
May 1973 156.2 9.75% 155.8 10.15% 155.2 10.29%
Jun 1973 157.4 9.85% 157.0 10.23% 156.4 10.36%
Jul 1973 158.4 9.53% 158.1 9.83% 157.4 9.82%
Aug 1973 158.7 8.66% 158.4 8.85% 157.6 8.81%
Sep 1973 158.9 7.85% 158.7 8.15% 158.0 8.09%
Oct 1973 160.0 7.66% 159.8 7.88% 158.8 7.68%
Nov 1973 161.0 7.39% 160.4 7.42% 159.4 7.22%
Dec 1973 161.7 6.78% 161.5 6.96% 160.5 6.75%
Jan 1974 162.7 6.48% 162.5 6.70% 161.3 6.26%
Feb 1974 163.5 6.35% 163.3 6.57% 162.0 6.12%
Mar 1974 164.7 6.80% 164.2 6.83% 163.0 6.39%
Apr 1974 165.0 6.42% 164.7 6.57% 163.5 6.23%
May 1974 165.5 5.97% 165.2 6.04% 164.0 5.69%
Jun 1974 166.3 5.64% 165.9 5.69% 164.7 5.34%
Jul 1974 167.4 5.69% 167.0 5.59% 165.3 5.07%
Aug 1974 168.2 6.02% 167.6 5.83% 166.0 5.31%
Sep 1974 168.8 6.21% 168.1 5.91% 166.5 5.40%
Oct 1974 169.5 5.89% 168.8 5.62% 167.2 5.30%
Nov 1974 170.3 5.80% 169.6 5.69% 168.0 5.37%
Dec 1974 171.1 5.83% 170.2 5.45% 168.7 5.11%
Jan 1975 171.5 5.39% 170.5 4.91% 168.8 4.67%
Feb 1975 173.0 5.79% 171.8 5.22% 170.1 4.99%
Mar 1975 174.4 5.87% 173.2 5.45% 171.5 5.23%
Apr 1975 175.8 6.53% 174.2 5.74% 172.7 5.63%
May 1975 178.1 7.59% 176.1 6.59% 174.6 6.50%
Jun 1975 180.3 8.46% 178.5 7.54% 177.0 7.47%
Jul 1975 182.1 8.82% 180.0 7.83% 178.7 8.07%
Aug 1975 183.3 8.96% 180.9 7.91% 179.5 8.16%
Sep 1975 184.9 9.59% 182.2 8.41% 180.9 8.66%
Oct 1975 185.8 9.65% 182.8 8.30% 181.5 8.58%
Nov 1975 187.2 9.90% 183.9 8.45% 182.7 8.74%
Dec 1975 188.0 9.86% 184.5 8.39% 183.3 8.68%
Jan 1976 190.0 10.80% 186.4 9.36% 185.1 9.67%
Feb 1976 192.3 11.21% 188.6 9.80% 187.4 10.12%
Mar 1976 193.9 11.22% 190.3 9.88% 189.0 10.20%
Apr 1976 195.8 11.39% 192.1 10.30% 190.8 10.49%
May 1976 197.5 10.91% 193.8 10.04% 192.5 10.23%
Jun 1976 198.3 9.95% 194.4 8.94% 193.1 9.09%
Jul 1976 199.2 9.38% 195.5 8.58% 194.2 8.70%
Aug 1976 201.1 9.74% 197.5 9.21% 196.3 9.34%
Sep 1976 201.9 9.18% 198.4 8.87% 197.2 9.00%
Oct 1976 203.9 9.72% 200.5 9.67% 199.1 9.69%
Nov 1976 205.5 9.80% 202.2 9.97% 200.9 10.00%
Dec 1976 207.5 10.36% 204.4 10.79% 203.2 10.83%
Jan 1977 209.5 10.23% 206.5 10.76% 205.0 10.76%
Feb 1977 211.4 9.91% 208.6 10.58% 207.2 10.57%
Mar 1977 213.0 9.84% 210.4 10.57% 209.0 10.56%
Apr 1977 215.0 9.82% 212.5 10.58% 210.7 10.39%
May 1977 216.2 9.46% 213.9 10.40% 212.1 10.21%
Jun 1977 217.4 9.64% 215.3 10.75% 213.5 10.57%
Jul 1977 218.5 9.70% 216.6 10.81% 214.8 10.60%
Aug 1977 220.1 9.45% 218.3 10.51% 216.5 10.29%
Sep 1977 221.5 9.70% 219.7 10.71% 217.9 10.49%
Oct 1977 223.1 9.43% 221.3 10.40% 219.3 10.13%
Nov 1977 224.7 9.33% 223.0 10.25% 221.0 9.97%
Dec 1977 225.9 8.91% 224.2 9.66% 222.2 9.37%
Jan 1978 228.1 8.89% 226.4 9.64% 224.2 9.37%
Feb 1978 229.0 8.31% 227.4 9.00% 225.2 8.71%
Mar 1978 230.3 8.13% 228.7 8.68% 226.5 8.38%
Apr 1978 232.0 7.91% 230.6 8.55% 228.1 8.27%
May 1978 233.9 8.20% 232.5 8.69% 230.0 8.42%
Jun 1978 234.7 7.95% 233.1 8.28% 230.6 7.99%
Jul 1978 235.1 7.55% 233.4 7.78% 230.8 7.45%
Aug 1978 236.2 7.30% 234.6 7.50% 232.0 7.16%
Sep 1978 237.5 7.22% 236.0 7.43% 233.4 7.09%
Oct 1978 238.7 6.98% 237.2 7.17% 234.1 6.76%
Nov 1978 239.1 6.40% 237.6 6.58% 234.6 6.17%
Dec 1978 238.8 5.67% 237.5 5.95% 234.5 5.53%
Jan 1979 238.4 4.54% 237.2 4.75% 233.7 4.21%
Feb 1979 237.9 3.91% 236.8 4.13% 233.3 3.58%
Mar 1979 238.5 3.53% 237.3 3.76% 233.8 3.20%
Apr 1979 240.6 3.69% 239.4 3.78% 235.3 3.18%
May 1979 240.8 2.95% 239.5 3.02% 235.5 2.40%
Jun 1979 242.6 3.37% 241.4 3.54% 237.4 2.93%
Jul 1979 244.3 3.93% 243.1 4.14% 238.8 3.49%
Aug 1979 245.2 3.81% 244.1 4.03% 239.8 3.38%
Sep 1979 245.6 3.43% 244.4 3.58% 240.2 2.92%
Oct 1979 245.0 2.63% 243.7 2.75% 239.1 2.12%
Nov 1979 242.6 1.48% 241.1 1.45% 236.5 0.79%
Dec 1979 242.5 1.57% 240.7 1.33% 236.1 0.67%
Jan 1980 243.3 2.05% 241.4 1.78% 236.3 1.11%
Feb 1980 243.8 2.45% 241.9 2.17% 236.8 1.52%
Mar 1980 242.4 1.67% 239.8 1.07% 234.7 0.39%
Apr 1980 239.8 -0.31% 236.5 -1.21% 231.0 -1.86%
May 1980 240.0 -0.32% 236.5 -1.27% 231.0 -1.92%
Jun 1980 242.5 -0.03% 239.7 -0.69% 234.3 -1.30%
Jul 1980 246.6 0.94% 243.4 0.11% 238.3 -0.25%
Aug 1980 250.6 2.21% 247.1 1.25% 242.1 0.92%
Sep 1980 253.2 3.06% 249.7 2.16% 244.6 1.86%
Oct 1980 254.9 4.07% 251.4 3.16% 246.3 3.00%
Nov 1980 255.2 5.22% 251.4 4.30% 246.3 4.16%
Dec 1980 253.0 4.33% 249.0 3.44% 243.8 3.28%
Jan 1981 251.7 3.45% 247.4 2.48% 241.6 2.26%
Feb 1981 251.3 3.10% 246.7 1.99% 241.0 1.75%
Mar 1981 252.3 4.06% 247.4 3.18% 241.7 2.97%
Apr 1981 255.6 6.56% 251.1 6.17% 244.4 5.79%
May 1981 254.4 5.98% 249.7 5.60% 243.0 5.19%
Jun 1981 254.0 4.74% 249.4 4.05% 242.7 3.59%
Jul 1981 255.5 3.60% 251.0 3.12% 243.3 2.11%
Aug 1981 254.6 1.60% 250.1 1.19% 242.4 0.13%
Sep 1981 254.2 0.42% 249.4 -0.12% 241.7 -1.22%
Oct 1981 254.5 -0.16% 249.4 -0.82% 241.7 -1.86%
Nov 1981 255.9 0.27% 250.6 -0.33% 242.9 -1.36%
Dec 1981 258.5 2.18% 253.0 1.61% 245.3 0.63%
Jan 1982 261.8 4.01% 255.9 3.46% 248.0 2.64%
Feb 1982 261.2 3.94% 255.4 3.49% 247.4 2.68%
Mar 1982 261.8 3.77% 255.8 3.40% 247.9 2.58%
Apr 1982 264.4 3.44% 258.3 2.87% 249.6 2.14%
May 1982 264.9 4.14% 258.5 3.51% 249.8 2.80%
Jun 1982 265.6 4.58% 259.0 3.84% 250.3 3.14%
Jul 1982 265.9 4.11% 258.8 3.13% 250.7 3.04%
Aug 1982 269.0 5.65% 261.4 4.52% 253.2 4.48%
Sep 1982 271.5 6.80% 263.5 5.66% 255.4 5.68%
Oct 1982 274.7 7.93% 266.3 6.81% 259.0 7.16%
Nov 1982 277.6 8.48% 268.8 7.26% 261.5 7.64%
Dec 1982 276.9 7.13% 267.3 5.68% 260.0 5.98%
Jan 1983 276.7 5.70% 267.2 4.39% 259.5 4.65%
Feb 1983 277.7 6.29% 267.9 4.90% 260.2 5.17%
Mar 1983 279.8 6.88% 269.1 5.19% 261.5 5.47%
Apr 1983 280.8 6.21% 270.1 4.59% 262.2 5.05%
May 1983 282.8 6.76% 271.9 5.20% 264.0 5.69%
Jun 1983 284.4 7.07% 273.0 5.38% 265.0 5.88%
Jul 1983 285.7 7.43% 274.1 5.88% 265.9 6.08%
Aug 1983 286.2 6.40% 274.6 5.07% 266.5 5.23%
Sep 1983 286.9 5.68% 275.3 4.49% 267.2 4.61%
Oct 1983 288.5 5.03% 277.1 4.02% 268.5 3.68%
Nov 1983 289.1 4.13% 278.1 3.45% 269.6 3.08%
Dec 1983 290.2 4.78% 279.1 4.40% 270.6 4.07%
Jan 1984 292.2 5.60% 280.9 5.15% 271.5 4.63%
Feb 1984 293.7 5.75% 282.3 5.38% 272.9 4.87%
Mar 1984 295.5 5.61% 284.1 5.57% 274.7 5.07%
Apr 1984 298.5 6.30% 287.1 6.27% 276.6 5.51%
May 1984 299.6 5.94% 288.2 5.96% 277.7 5.19%
Jun 1984 300.6 5.70% 289.2 5.94% 278.7 5.17%
Jul 1984 301.5 5.52% 289.8 5.75% 279.0 4.94%
Aug 1984 302.0 5.49% 289.7 5.47% 278.9 4.66%
Sep 1984 302.5 5.42% 290.3 5.46% 279.6 4.65%
Oct 1984 303.5 5.20% 291.4 5.18% 280.4 4.40%
Nov 1984 305.3 5.60% 293.1 5.39% 282.1 4.63%
Dec 1984 307.1 5.85% 294.7 5.59% 283.7 4.85%
Jan 1985 310.5 6.26% 298.1 6.12% 286.1 5.38%
Feb 1985 313.3 6.67% 300.7 6.55% 288.8 5.83%
Mar 1985 314.6 6.47% 301.9 6.25% 289.9 5.53%
Apr 1985 315.9 5.85% 303.0 5.56% 290.4 4.98%
May 1985 317.9 6.12% 304.8 5.77% 292.2 5.20%
Jun 1985 320.9 6.74% 307.6 6.39% 295.1 5.86%
Jul 1985 324.0 7.47% 310.8 7.23% 297.2 6.50%
Aug 1985 326.3 8.05% 313.1 8.08% 299.5 7.39%
Sep 1985 328.4 8.57% 315.4 8.65% 301.9 7.98%
Oct 1985 331.1 9.06% 318.0 9.14% 303.6 8.30%
Nov 1985 332.6 8.96% 319.5 9.03% 305.1 8.19%
Dec 1985 335.6 9.26% 322.6 9.49% 308.3 8.66%
Jan 1986 336.8 8.47% 323.9 8.66% 309.3 8.10%
Feb 1986 338.3 8.01% 325.5 8.24% 310.9 7.66%
Mar 1986 341.2 8.45% 328.5 8.83% 313.9 8.28%
Apr 1986 345.1 9.22% 332.3 9.67% 316.8 9.11%
May 1986 348.7 9.68% 335.8 10.19% 320.4 9.65%
Jun 1986 351.5 9.56% 338.5 10.02% 323.1 9.49%
Jul 1986 356.2 9.94% 343.1 10.39% 327.0 10.03%
Aug 1986 359.1 10.06% 346.0 10.52% 330.0 10.17%
Sep 1986 362.5 10.37% 349.0 10.65% 333.0 10.32%
Oct 1986 364.4 10.08% 351.3 10.45% 335.3 10.45%
Nov 1986 367.0 10.32% 353.7 10.69% 337.8 10.70%
Dec 1986 372.5 11.00% 359.4 11.39% 343.6 11.45%
Jan 1987 374.3 11.13% 361.5 11.59% 345.0 11.53%
Feb 1987 374.2 10.61% 361.7 11.10% 345.2 11.03%
Mar 1987 374.4 9.74% 362.4 10.30% 345.9 10.19%
Apr 1987 378.1 9.59% 366.4 10.25% 349.1 10.19%
May 1987 379.4 8.81% 367.8 9.54% 350.6 9.43%
Jun 1987 379.6 7.98% 368.2 8.77% 350.9 8.63%
Jul 1987 379.2 6.46% 369.1 7.59% 351.4 7.47%
Aug 1987 381.4 6.22% 370.5 7.08% 352.8 6.92%
Sep 1987 382.1 5.43% 372.1 6.60% 354.4 6.42%
Oct 1987 385.6 5.82% 375.1 6.79% 356.8 6.39%
Nov 1987 384.7 4.83% 375.0 6.02% 356.6 5.58%
Dec 1987 384.2 3.13% 374.5 4.19% 356.1 3.65%
Jan 1988 387.5 3.53% 377.9 4.54% 358.7 3.98%
Feb 1988 388.8 3.90% 379.1 4.81% 359.9 4.27%
Mar 1988 390.5 4.28% 380.5 5.02% 361.4 4.48%
Apr 1988 394.6 4.34% 384.8 5.02% 364.1 4.30%
May 1988 396.4 4.48% 386.7 5.14% 366.1 4.43%
Jun 1988 398.5 4.97% 388.7 5.57% 368.1 4.88%
Jul 1988 399.5 5.36% 389.8 5.60% 368.7 4.92%
Aug 1988 400.3 4.94% 390.2 5.32% 369.1 4.62%
Sep 1988 400.9 4.91% 390.4 4.93% 369.4 4.22%
Oct 1988 402.6 4.40% 392.1 4.53% 369.9 3.67%
Nov 1988 404.1 5.05% 393.5 4.94% 371.3 4.10%
Dec 1988 405.0 5.42% 394.5 5.36% 372.3 4.54%
Jan 1989 406.2 4.81% 395.6 4.70% 371.9 3.67%
Feb 1989 405.6 4.31% 394.8 4.16% 371.1 3.11%
Mar 1989 406.1 4.01% 395.4 3.92% 371.7 2.85%
Apr 1989 406.0 2.90% 394.9 2.64% 370.5 1.75%
May 1989 404.7 2.08% 393.7 1.81% 369.4 0.88%
Jun 1989 405.0 1.63% 394.4 1.47% 370.0 0.53%
Jul 1989 406.5 1.75% 396.6 1.74% 371.8 0.84%
Aug 1989 407.9 1.91% 397.3 1.81% 372.5 0.92%
Sep 1989 408.9 1.98% 398.2 1.99% 373.5 1.12%
Oct 1989 412.4 2.44% 400.9 2.24% 375.7 1.57%
Nov 1989 413.4 2.31% 402.5 2.28% 377.3 1.62%
Dec 1989 415.1 2.50% 404.0 2.41% 378.8 1.76%
Jan 1990 417.4 2.77% 406.2 2.66% 380.1 2.21%
Feb 1990 419.5 3.43% 407.9 3.31% 381.8 2.89%
Mar 1990 421.2 3.72% 409.1 3.46% 383.0 3.05%
Apr 1990 422.8 4.12% 410.7 4.01% 384.5 3.79%
May 1990 423.0 4.53% 410.8 4.33% 384.6 4.13%
Jun 1990 425.6 5.11% 412.5 4.60% 386.3 4.41%
Jul 1990 428.2 5.33% 414.6 4.56% 387.6 4.24%
Aug 1990 431.4 5.75% 416.9 4.94% 389.8 4.65%
Sep 1990 432.4 5.77% 418.4 5.06% 391.3 4.77%
Oct 1990 433.1 5.03% 418.3 4.35% 391.4 4.18%
Nov 1990 433.7 4.91% 418.3 3.93% 391.4 3.74%
Dec 1990 434.8 4.73% 419.0 3.71% 392.1 3.50%
Jan 1991 437.5 4.82% 421.1 3.68% 393.8 3.60%
Feb 1991 440.1 4.92% 423.1 3.72% 396.0 3.73%
Mar 1991 441.0 4.71% 425.0 3.87% 397.8 3.85%
Apr 1991 441.6 4.44% 425.8 3.68% 399.6 3.91%
May 1991 443.0 4.74% 427.4 4.03% 401.4 4.37%
Jun 1991 445.3 4.62% 428.8 3.93% 402.9 4.30%
Jul 1991 446.7 4.33% 429.7 3.63% 403.6 4.14%
Aug 1991 447.5 3.73% 429.9 3.11% 404.2 3.70%
Sep 1991 448.0 3.60% 429.2 2.57% 403.9 3.22%
Oct 1991 450.8 4.07% 430.7 2.95% 405.7 3.64%
Nov 1991 451.9 4.18% 432.9 3.48% 407.8 4.20%
Dec 1991 453.9 4.40% 434.7 3.75% 409.8 4.52%
Jan 1992 456.5 4.33% 437.3 3.85% 412.2 4.67%
Feb 1992 460.3 4.59% 440.5 4.13% 415.7 4.96%
Mar 1992 463.1 4.99% 442.5 4.11% 417.1 4.86%
Apr 1992 464.1 5.10% 442.8 3.99% 417.3 4.44%
May 1992 465.5 5.07% 443.5 3.78% 418.2 4.19%
Jun 1992 466.5 4.77% 444.5 3.67% 418.8 3.94%
Jul 1992 468.4 4.86% 446.1 3.83% 420.3 4.15%
Aug 1992 471.1 5.27% 448.8 4.39% 423.1 4.67%
Sep 1992 474.0 5.81% 451.6 5.24% 425.8 5.41%
Oct 1992 476.0 5.59% 454.0 5.41% 427.9 5.48%
Nov 1992 476.9 5.53% 455.2 5.16% 429.0 5.21%
Dec 1992 477.4 5.19% 455.0 4.66% 429.3 4.76%
Jan 1993 476.7 4.42% 454.2 3.86% 428.8 4.02%
Feb 1993 477.3 3.70% 454.6 3.19% 429.7 3.37%
Mar 1993 478.6 3.35% 455.9 3.05% 430.8 3.29%
Apr 1993 480.8 3.61% 457.6 3.34% 432.3 3.60%
May 1993 485.7 4.35% 462.4 4.25% 436.9 4.46%
Jun 1993 487.5 4.50% 463.9 4.37% 438.5 4.69%
Jul 1993 488.8 4.36% 465.0 4.23% 439.8 4.62%
Aug 1993 490.1 4.04% 466.1 3.87% 440.6 4.14%
Sep 1993 491.5 3.69% 468.1 3.64% 442.7 3.99%
Oct 1993 493.9 3.77% 469.6 3.45% 444.0 3.76%
Nov 1993 497.2 4.26% 472.4 3.77% 446.7 4.12%
Dec 1993 499.7 4.67% 474.4 4.28% 448.4 4.45%
Jan 1994 500.3 4.96% 475.2 4.62% 448.9 4.70%
Feb 1994 499.6 4.68% 474.7 4.44% 448.4 4.37%
Mar 1994 501.1 4.71% 475.9 4.38% 449.8 4.40%
Apr 1994 502.8 4.58% 476.7 4.16% 450.7 4.25%
May 1994 502.9 3.55% 477.7 3.31% 451.4 3.33%
Jun 1994 502.5 3.08% 477.1 2.85% 450.7 2.79%
Jul 1994 504.6 3.22% 479.2 3.05% 452.4 2.87%
Aug 1994 504.5 2.94% 478.7 2.69% 452.1 2.61%
Sep 1994 505.1 2.76% 479.5 2.43% 452.6 2.22%
Oct 1994 506.8 2.62% 479.9 2.19% 452.5 1.91%
Nov 1994 506.4 1.86% 480.1 1.63% 452.9 1.39%
Dec 1994 507.1 1.49% 480.8 1.33% 453.0 1.03%
Jan 1995 509.3 1.79% 482.3 1.50% 453.9 1.10%
Feb 1995 508.5 1.78% 481.4 1.40% 452.8 0.96%
Mar 1995 508.1 1.38% 481.5 1.17% 452.3 0.58%
Apr 1995 510.0 1.43% 482.6 1.24% 452.8 0.46%
May 1995 512.7 1.95% 485.1 1.55% 455.3 0.86%
Jun 1995 515.6 2.60% 487.9 2.25% 458.1 1.64%
Jul 1995 517.4 2.54% 489.6 2.16% 459.5 1.56%
Aug 1995 519.9 3.06% 492.6 2.90% 462.2 2.24%
Sep 1995 522.1 3.37% 494.3 3.10% 463.7 2.46%
Oct 1995 523.4 3.28% 495.9 3.33% 465.1 2.80%
Nov 1995 523.9 3.45% 496.1 3.33% 465.4 2.76%
Dec 1995 524.7 3.46% 497.2 3.41% 466.3 2.94%
Jan 1996 528.5 3.77% 500.9 3.87% 469.6 3.47%
Feb 1996 531.3 4.48% 503.0 4.49% 471.6 4.17%
Mar 1996 535.6 5.43% 507.2 5.34% 475.5 5.11%
Apr 1996 538.7 5.62% 510.1 5.70% 477.8 5.52%
May 1996 542.3 5.77% 513.5 5.85% 480.9 5.61%
Jun 1996 544.8 5.67% 516.0 5.76% 482.8 5.40%
Jul 1996 547.4 5.80% 518.4 5.88% 485.1 5.57%
Aug 1996 548.6 5.51% 520.3 5.62% 486.3 5.20%
Sep 1996 551.2 5.57% 522.8 5.76% 488.7 5.38%
Oct 1996 553.7 5.78% 525.5 5.97% 491.3 5.62%
Nov 1996 556.5 6.22% 528.3 6.50% 493.7 6.08%
Dec 1996 559.2 6.57% 531.5 6.91% 496.6 6.49%
Jan 1997 562.4 6.41% 535.1 6.81% 499.0 6.26%
Feb 1997 564.0 6.16% 537.8 6.92% 501.5 6.33%
Mar 1997 567.6 5.97% 541.2 6.70% 503.9 5.97%
Apr 1997 570.4 5.88% 543.5 6.55% 506.1 5.93%
May 1997 571.9 5.45% 546.1 6.34% 508.2 5.69%
Jun 1997 574.6 5.46% 549.2 6.44% 511.0 5.82%
Jul 1997 578.0 5.58% 552.8 6.64% 513.9 5.94%
Aug 1997 583.1 6.28% 558.0 7.25% 519.0 6.72%
Sep 1997 585.7 6.27% 560.5 7.21% 520.9 6.60%
Oct 1997 589.3 6.44% 564.5 7.41% 524.4 6.74%
Nov 1997 593.2 6.60% 569.0 7.71% 528.4 7.02%
Dec 1997 597.1 6.78% 572.8 7.76% 531.4 7.02%
Jan 1998 600.5 6.78% 576.8 7.80% 535.2 7.24%
Feb 1998 604.9 7.25% 581.5 8.12% 538.9 7.47%
Mar 1998 610.2 7.50% 587.1 8.49% 543.2 7.80%
Apr 1998 613.5 7.55% 590.6 8.66% 546.8 8.03%
May 1998 616.7 7.84% 594.2 8.81% 549.9 8.21%
Jun 1998 620.1 7.91% 597.6 8.83% 552.4 8.11%
Jul 1998 623.0 7.79% 600.9 8.70% 555.3 8.06%
Aug 1998 628.2 7.74% 605.7 8.55% 559.5 7.81%
Sep 1998 634.3 8.29% 612.4 9.25% 565.1 8.48%
Oct 1998 640.0 8.60% 618.0 9.48% 570.6 8.81%
Nov 1998 646.2 8.94% 624.2 9.70% 576.5 9.10%
Dec 1998 651.1 9.04% 628.5 9.72% 580.5 9.23%
Jan 1999 654.5 9.00% 632.8 9.71% 584.3 9.18%
Feb 1999 658.2 8.81% 637.2 9.58% 588.6 9.22%
Mar 1999 660.7 8.29% 638.5 8.75% 589.1 8.45%
Apr 1999 665.0 8.40% 643.2 8.90% 593.3 8.50%
May 1999 669.3 8.52% 647.3 8.95% 597.1 8.57%
Jun 1999 672.1 8.39% 650.1 8.78% 599.9 8.60%
Jul 1999 676.4 8.57% 654.2 8.87% 603.4 8.66%
Aug 1999 679.4 8.14% 657.3 8.52% 606.1 8.32%
Sep 1999 681.2 7.39% 659.3 7.67% 607.7 7.54%
Oct 1999 685.8 7.16% 663.9 7.43% 611.2 7.11%
Nov 1999 690.3 6.81% 668.9 7.16% 615.3 6.73%
Dec 1999 698.2 7.24% 674.5 7.33% 620.1 6.82%
Jan 2000 698.5 6.72% 677.0 6.99% 622.4 6.51%
Feb 2000 700.2 6.38% 678.6 6.49% 623.4 5.91%
Mar 2000 704.6 6.64% 682.0 6.81% 626.2 6.30%
Apr 2000 710.2 6.81% 688.6 7.06% 632.2 6.57%
May 2000 709.0 5.93% 687.7 6.24% 630.9 5.66%
Jun 2000 711.4 5.84% 690.4 6.20% 633.2 5.55%
Jul 2000 715.7 5.81% 695.2 6.27% 637.1 5.58%
Aug 2000 718.7 5.79% 698.7 6.30% 640.3 5.65%
Sep 2000 723.3 6.18% 703.4 6.69% 645.0 6.13%
Oct 2000 725.9 5.83% 706.1 6.35% 646.8 5.81%
Nov 2000 727.9 5.46% 707.3 5.74% 647.1 5.17%
Dec 2000 732.6 4.93% 712.6 5.65% 652.5 5.22%
Jan 2001 737.6 5.59% 716.9 5.89% 659.2 5.91%
Feb 2001 743.8 6.23% 723.2 6.57% 665.1 6.70%
Mar 2001 751.3 6.63% 730.2 7.06% 672.5 7.39%
Apr 2001 760.3 7.05% 740.8 7.59% 682.4 7.94%
May 2001 762.8 7.58% 743.1 8.05% 686.0 8.74%
Jun 2001 769.4 8.16% 749.9 8.61% 692.9 9.43%
Jul 2001 775.4 8.35% 754.5 8.53% 698.0 9.57%
Aug 2001 781.5 8.74% 758.6 8.57% 704.5 10.03%
Sep 2001 800.4 10.67% 776.0 10.31% 722.2 11.97%
Oct 2001 800.2 10.24% 775.9 9.89% 722.9 11.77%
Nov 2001 813.3 11.73% 787.3 11.31% 735.4 13.65%
Dec 2001 816.0 11.39% 788.9 10.70% 736.5 12.87%
Jan 2002 817.2 10.79% 790.2 10.22% 738.0 11.96%
Feb 2002 825.6 11.00% 798.3 10.39% 746.9 12.30%
Mar 2002 825.3 9.85% 798.8 9.39% 748.5 11.30%
Apr 2002 829.6 9.11% 801.7 8.22% 752.0 10.20%
May 2002 833.8 9.30% 804.4 8.25% 754.9 10.05%
Jun 2002 836.8 8.76% 807.2 7.65% 758.6 9.49%
Jul 2002 844.9 8.97% 814.0 7.89% 765.2 9.63%
Aug 2002 849.8 8.73% 819.4 8.01% 770.8 9.40%
Sep 2002 852.5 6.50% 821.5 5.87% 774.0 7.17%
Oct 2002 853.4 6.65% 822.3 5.98% 774.9 7.20%
Nov 2002 861.3 5.90% 831.3 5.59% 784.4 6.67%
Dec 2002 863.6 5.83% 833.0 5.59% 786.5 6.79%
Jan 2003 869.3 6.37% 838.8 6.16% 791.8 7.29%
Feb 2003 873.6 5.81% 842.5 5.54% 796.9 6.69%
Mar 2003 876.6 6.22% 844.6 5.74% 798.8 6.71%
Apr 2003 879.9 6.06% 845.6 5.47% 799.5 6.32%
May 2003 888.0 6.51% 854.5 6.23% 808.5 7.10%
Jun 2003 896.2 7.09% 861.8 6.76% 816.7 7.65%
Jul 2003 901.1 6.65% 867.4 6.56% 822.3 7.46%
Aug 2003 898.3 5.71% 864.6 5.52% 821.2 6.55%
Sep 2003 896.1 5.12% 862.9 5.04% 819.6 5.89%
Oct 2003 898.2 5.24% 864.5 5.13% 821.3 5.99%
Nov 2003 897.5 4.20% 864.8 4.03% 822.1 4.80%
Dec 2003 897.3 3.91% 864.9 3.83% 823.8 4.75%
Jan 2004 902.0 3.76% 869.7 3.68% 828.6 4.64%
Feb 2004 907.7 3.91% 875.1 3.86% 832.4 4.46%
Mar 2004 916.1 4.51% 883.8 4.64% 841.0 5.29%
Apr 2004 922.2 4.81% 889.6 5.21% 847.2 5.96%
May 2004 928.1 4.51% 893.3 4.54% 851.1 5.27%
Jun 2004 935.5 4.39% 901.1 4.56% 858.9 5.17%
Jul 2004 937.6 4.04% 903.2 4.13% 860.4 4.64%
Aug 2004 940.8 4.74% 907.0 4.90% 864.2 5.23%
Sep 2004 948.1 5.81% 913.4 5.85% 870.6 6.23%
Oct 2004 951.1 5.89% 916.2 5.97% 872.3 6.21%
Nov 2004 954.1 6.32% 918.7 6.23% 874.3 6.35%
Dec 2004 962.5 7.26% 927.1 7.18% 881.8 7.04%
Jan 2005 960.7 6.51% 925.1 6.37% 880.1 6.22%
Feb 2005 963.8 6.18% 928.5 6.10% 882.4 6.00%
Mar 2005 966.5 5.51% 931.4 5.39% 885.0 5.22%
Apr 2005 970.7 5.26% 935.8 5.19% 888.7 4.89%
May 2005 977.3 5.31% 943.0 5.57% 895.1 5.17%
Jun 2005 981.5 4.91% 947.9 5.19% 899.1 4.67%
Jul 2005 984.9 5.05% 951.5 5.34% 902.2 4.85%
Aug 2005 991.7 5.40% 959.0 5.73% 908.4 5.11%
Sep 2005 997.7 5.22% 965.2 5.67% 913.5 4.92%
Oct 2005 1,006.5 5.82% 973.5 6.26% 921.4 5.63%
Nov 2005 1,014.1 6.28% 981.0 6.78% 927.4 6.08%
Dec 2005 1,015.9 5.55% 982.3 5.96% 928.8 5.33%
Jan 2006 1,020.5 6.22% 986.6 6.65% 932.7 5.98%
Feb 2006 1,023.0 6.14% 989.4 6.57% 935.2 5.99%
Mar 2006 1,025.8 6.13% 992.0 6.50% 937.2 5.90%
Apr 2006 1,029.0 6.00% 995.5 6.38% 940.0 5.78%
May 2006 1,032.7 5.66% 999.1 5.95% 943.0 5.35%
Jun 2006 1,037.0 5.66% 1,003.5 5.87% 947.1 5.34%
Jul 2006 1,043.2 5.92% 1,010.2 6.17% 953.3 5.66%
Aug 2006 1,048.7 5.75% 1,015.8 5.93% 957.7 5.43%
Sep 2006 1,052.6 5.50% 1,020.3 5.71% 960.6 5.16%
Oct 2006 1,059.2 5.23% 1,026.3 5.42% 966.5 4.90%
Nov 2006 1,069.5 5.46% 1,036.3 5.65% 975.3 5.16%
Dec 2006 1,074.9 5.81% 1,041.7 6.05% 979.4 5.44%
Jan 2007 1,077.8 5.62% 1,044.5 5.86% 982.2 5.30%
Feb 2007 1,081.2 5.69% 1,048.3 5.94% 985.3 5.36%
Mar 2007 1,087.0 5.96% 1,053.2 6.18% 989.4 5.57%
Apr 2007 1,097.2 6.63% 1,064.5 6.93% 1,000.3 6.41%
May 2007 1,099.6 6.48% 1,067.6 6.85% 1,001.6 6.22%
Jun 2007 1,105.0 6.56% 1,073.3 6.95% 1,006.3 6.25%
Jul 2007 1,111.5 6.55% 1,080.3 6.94% 1,012.3 6.19%
Aug 2007 1,119.8 6.78% 1,084.9 6.80% 1,024.2 6.94%
Sep 2007 1,127.0 7.07% 1,093.3 7.15% 1,034.0 7.64%
Oct 2007 1,135.9 7.24% 1,102.8 7.46% 1,042.8 7.89%
Nov 2007 1,146.5 7.20% 1,111.2 7.22% 1,052.1 7.88%
Dec 2007 1,147.7 6.78% 1,111.1 6.66% 1,053.4 7.55%
Jan 2008 1,155.1 7.17% 1,117.9 7.03% 1,058.1 7.73%
Feb 2008 1,168.8 8.10% 1,128.3 7.64% 1,069.7 8.56%
Mar 2008 1,187.3 9.23% 1,146.5 8.86% 1,087.9 9.95%
Apr 2008 1,178.7 7.43% 1,144.5 7.52% 1,087.9 8.75%
May 2008 1,185.5 7.81% 1,144.6 7.21% 1,088.2 8.64%
Jun 2008 1,186.0 7.34% 1,145.4 6.72% 1,089.2 8.24%
Jul 2008 1,192.4 7.27% 1,149.4 6.40% 1,093.3 8.01%
Aug 2008 1,196.1 6.82% 1,150.2 6.02% 1,093.1 6.73%
Sep 2008 1,222.8 8.50% 1,154.5 5.60% 1,101.6 6.53%
Oct 2008 1,256.0 10.57% 1,148.9 4.17% 1,097.1 5.21%
Nov 2008 1,250.8 9.10% 1,141.8 2.75% 1,089.3 3.53%
Dec 2008 1,241.3 8.16% 1,137.5 2.38% 1,081.5 2.67%
Jan 2009 1,254.1 8.57% 1,151.0 2.96% 1,100.8 4.03%
Feb 2009 1,249.7 6.92% 1,143.6 1.35% 1,099.1 2.75%
Mar 2009 1,250.8 5.35% 1,143.6 -0.25% 1,096.4 0.78%
Apr 2009 1,234.3 4.72% 1,123.6 -1.82% 1,086.5 -0.13%
May 2009 1,244.2 4.95% 1,128.5 -1.40% 1,096.0 0.72%
Jun 2009 1,244.4 4.92% 1,126.9 -1.61% 1,097.7 0.78%
Jul 2009 1,229.3 3.10% 1,113.6 -3.11% 1,093.8 0.04%
Aug 2009 1,226.2 2.51% 1,112.3 -3.30% 1,087.4 -0.53%
Sep 2009 1,220.4 -0.20% 1,108.3 -4.00% 1,074.0 -2.50%
Oct 2009 1,202.5 -4.26% 1,096.5 -4.56% 1,067.8 -2.67%
Nov 2009 1,190.3 -4.84% 1,088.4 -4.67% 1,059.4 -2.75%
Dec 2009 1,182.9 -4.71% 1,081.9 -4.89% 1,056.1 -2.35%
Jan 2010 1,175.7 -6.25% 1,077.3 -6.40% 1,053.9 -4.25%
Feb 2010 1,167.4 -6.59% 1,075.1 -5.99% 1,051.8 -4.30%
Mar 2010 1,158.0 -7.43% 1,060.7 -7.25% 1,037.9 -5.33%
Apr 2010 1,162.5 -5.82% 1,061.5 -5.53% 1,039.8 -4.30%
May 2010 1,165.8 -6.30% 1,064.3 -5.69% 1,044.0 -4.75%
Jun 2010 1,151.9 -7.43% 1,051.3 -6.71% 1,031.4 -6.04%
Jul 2010 1,167.1 -5.06% 1,066.8 -4.20% 1,046.1 -4.35%
Aug 2010 1,174.2 -4.24% 1,075.9 -3.27% 1,055.8 -2.91%
Sep 2010 1,175.3 -3.69% 1,076.5 -2.87% 1,053.6 -1.90%
Oct 2010 1,187.4 -1.26% 1,088.0 -0.78% 1,067.5 -0.03%
Nov 2010 1,182.0 -0.70% 1,084.7 -0.34% 1,065.6 0.59%
Dec 2010 1,175.3 -0.64% 1,076.6 -0.49% 1,058.5 0.23%
Jan 2011 1,172.6 -0.26% 1,070.8 -0.60% 1,056.3 0.23%
Feb 2011 1,169.5 0.19% 1,077.5 0.22% 1,059.8 0.76%
Mar 2011 1,174.2 1.40% 1,088.3 2.60% 1,068.0 2.90%
Apr 2011 1,189.9 2.36% 1,104.7 4.06% 1,078.9 3.76%
May 2011 1,198.7 2.83% 1,116.9 4.94% 1,091.1 4.51%
Jun 2011 1,189.9 3.29% 1,108.8 5.47% 1,083.0 5.00%
Jul 2011 1,193.3 2.25% 1,114.3 4.45% 1,091.1 4.30%
Aug 2011 1,191.1 1.43% 1,116.1 3.73% 1,096.2 3.83%
Sep 2011 1,190.6 1.31% 1,113.4 3.43% 1,097.7 4.19%
Oct 2011 1,190.3 0.25% 1,111.9 2.20% 1,096.8 2.75%
Nov 2011 1,190.5 0.72% 1,112.8 2.59% 1,099.5 3.18%
Dec 2011 1,185.3 0.86% 1,105.8 2.71% 1,096.1 3.55%
Jan 2012 1,198.3 2.19% 1,116.1 4.24% 1,104.3 4.54%
Feb 2012 1,200.8 2.67% 1,119.7 3.92% 1,108.9 4.63%
Mar 2012 1,201.8 2.35% 1,119.3 2.85% 1,110.3 3.96%
Apr 2012 1,207.5 1.48% 1,124.3 1.78% 1,114.6 3.31%
May 2012 1,206.9 0.68% 1,122.3 0.48% 1,111.1 1.83%
Jun 2012 1,217.5 2.32% 1,131.4 2.04% 1,121.0 3.51%
Jul 2012 1,227.3 2.85% 1,141.7 2.46% 1,129.4 3.51%
Aug 2012 1,231.3 3.37% 1,144.7 2.57% 1,132.8 3.34%
Sep 2012 1,242.2 4.33% 1,154.5 3.69% 1,144.6 4.27%
Oct 2012 1,242.1 4.35% 1,154.8 3.85% 1,145.5 4.43%
Nov 2012 1,251.8 5.14% 1,163.7 4.58% 1,153.7 4.93%
Dec 2012 1,266.4 6.83% 1,181.7 6.87% 1,170.9 6.83%
Jan 2013 1,271.9 6.14% 1,186.6 6.31% 1,171.0 6.04%
Feb 2013 1,265.7 5.40% 1,178.1 5.22% 1,164.7 5.03%
Mar 2013 1,262.3 5.04% 1,174.2 4.90% 1,163.8 4.82%
Apr 2013 1,270.7 5.23% 1,182.8 5.20% 1,173.2 5.26%
May 2013 1,268.4 5.10% 1,184.6 5.56% 1,173.2 5.59%
Jun 2013 1,270.3 4.34% 1,186.3 4.85% 1,176.6 4.96%
Jul 2013 1,271.6 3.61% 1,188.7 4.11% 1,180.1 4.49%
Aug 2013 1,273.7 3.45% 1,189.5 3.92% 1,181.2 4.27%
Sep 2013 1,281.6 3.18% 1,201.0 4.02% 1,191.1 4.06%
Oct 2013 1,287.0 3.61% 1,206.7 4.50% 1,194.0 4.24%
Nov 2013 1,286.1 2.74% 1,205.1 3.56% 1,192.1 3.33%
Dec 2013 1,290.8 1.93% 1,210.9 2.47% 1,199.5 2.44%
Jan 2014 1,283.1 0.88% 1,207.9 1.80% 1,198.6 2.36%
Feb 2014 1,293.0 2.16% 1,215.5 3.17% 1,206.8 3.62%
Mar 2014 1,297.1 2.76% 1,219.4 3.85% 1,211.3 4.08%
Apr 2014 1,292.6 1.72% 1,221.4 3.26% 1,212.5 3.35%
May 2014 1,299.6 2.46% 1,227.9 3.66% 1,219.2 3.93%
Jun 2014 1,300.9 2.41% 1,230.5 3.73% 1,221.2 3.79%
Jul 2014 1,302.4 2.42% 1,231.2 3.58% 1,222.4 3.58%
Aug 2014 1,303.5 2.34% 1,232.7 3.63% 1,222.9 3.54%
Sep 2014 1,304.9 1.81% 1,233.8 2.74% 1,223.9 2.76%
Oct 2014 1,308.1 1.64% 1,238.8 2.66% 1,229.4 2.97%
Nov 2014 1,307.0 1.63% 1,240.0 2.90% 1,229.9 3.17%
Dec 2014 1,318.3 2.13% 1,249.8 3.21% 1,242.1 3.55%
Jan 2015 1,320.9 2.95% 1,252.6 3.70% 1,247.6 4.08%
Feb 2015 1,329.8 2.85% 1,262.2 3.84% 1,256.9 4.15%
Mar 2015 1,332.1 2.70% 1,267.1 3.91% 1,262.4 4.22%
Apr 2015 1,331.4 3.00% 1,262.7 3.38% 1,259.1 3.84%
May 2015 1,334.5 2.68% 1,263.7 2.91% 1,261.5 3.47%
Jun 2015 1,337.0 2.78% 1,266.8 2.95% 1,262.0 3.34%
Jul 2015 1,350.8 3.72% 1,279.1 3.89% 1,271.7 4.04%
Aug 2015 1,357.6 4.15% 1,289.5 4.61% 1,283.0 4.91%
Sep 2015 1,351.7 3.59% 1,286.0 4.23% 1,279.5 4.54%
Oct 2015 1,350.0 3.20% 1,292.8 4.35% 1,286.4 4.64%
Nov 2015 1,363.2 4.30% 1,294.1 4.37% 1,287.3 4.67%
Dec 2015 1,367.6 3.75% 1,297.4 3.81% 1,291.2 3.96%
Jan 2016 1,374.0 4.02% 1,303.0 4.03% 1,297.5 4.00%
Feb 2016 1,385.2 4.16% 1,312.9 4.02% 1,307.1 3.99%
Mar 2016 1,392.3 4.52% 1,319.6 4.15% 1,310.4 3.80%
Apr 2016 1,396.5 4.88% 1,323.0 4.78% 1,315.5 4.47%
May 2016 1,402.6 5.10% 1,328.7 5.14% 1,322.1 4.80%
Jun 2016 1,414.2 5.77% 1,338.5 5.66% 1,332.8 5.61%
Jul 2016 1,415.3 4.78% 1,338.0 4.61% 1,334.1 4.91%
Aug 2016 1,422.7 4.79% 1,341.9 4.07% 1,340.4 4.48%
Sep 2016 1,423.6 5.32% 1,340.7 4.25% 1,339.9 4.72%
Oct 2016 1,426.0 5.64% 1,338.8 3.56% 1,339.3 4.11%
Nov 2016 1,433.2 5.13% 1,343.6 3.82% 1,344.5 4.45%
Dec 2016 1,437.7 5.12% 1,349.3 4.00% 1,346.8 4.31%
Jan 2017 1,440.6 4.85% 1,352.6 3.81% 1,351.9 4.19%
Feb 2017 1,442.7 4.15% 1,357.6 3.41% 1,357.0 3.82%
Mar 2017 1,447.1 3.93% 1,365.6 3.49% 1,364.2 4.10%
Apr 2017 1,458.3 4.43% 1,372.5 3.74% 1,373.0 4.37%
May 2017 1,465.2 4.47% 1,378.5 3.75% 1,378.6 4.28%
Jun 2017 1,469.0 3.87% 1,381.4 3.20% 1,381.9 3.68%
Jul 2017 1,473.9 4.14% 1,385.4 3.54% 1,386.2 3.90%
Aug 2017 1,482.4 4.19% 1,394.8 3.94% 1,394.7 4.05%
Sep 2017 1,493.3 4.90% 1,403.1 4.66% 1,401.3 4.58%
Oct 2017 1,498.2 5.06% 1,407.5 5.13% 1,406.4 5.01%
Nov 2017 1,504.0 4.94% 1,412.0 5.09% 1,410.9 4.94%
Dec 2017 1,508.2 4.90% 1,415.0 4.87% 1,413.3 4.94%
Jan 2018 1,512.4 4.98% 1,417.7 4.82% 1,415.2 4.68%
Feb 2018 1,514.5 4.98% 1,418.6 4.49% 1,416.3 4.37%
Mar 2018 1,521.1 5.11% 1,422.8 4.19% 1,420.7 4.14%
Apr 2018 1,526.0 4.64% 1,427.6 4.01% 1,425.4 3.82%
May 2018 1,532.7 4.61% 1,433.3 3.98% 1,431.1 3.81%
Jun 2018 1,540.4 4.86% 1,439.9 4.24% 1,437.8 4.05%
Jul 2018 1,545.2 4.84% 1,444.1 4.24% 1,442.0 4.03%
Aug 2018 1,549.6 4.54% 1,446.1 3.68% 1,444.1 3.54%
Sep 2018 1,553.8 4.05% 1,451.7 3.46% 1,449.6 3.45%
Oct 2018 1,556.1 3.86% 1,454.4 3.33% 1,452.4 3.27%
Nov 2018 1,556.6 3.50% 1,454.0 2.98% 1,452.0 2.91%
Dec 2018 1,569.1 4.04% 1,465.7 3.58% 1,463.6 3.56%
Jan 2019 1,575.9 4.20% 1,472.1 3.84% 1,470.4 3.90%
Feb 2019 1,581.0 4.39% 1,476.9 4.11% 1,475.2 4.16%
Mar 2019 1,588.0 4.40% 1,483.7 4.28% 1,481.7 4.29%
Apr 2019 1,594.9 4.51% 1,490.0 4.37% 1,488.3 4.41%
May 2019 1,604.0 4.65% 1,498.8 4.57% 1,497.1 4.61%
Jun 2019 1,614.9 4.83% 1,509.8 4.85% 1,507.2 4.83%
Jul 2019 1,622.4 5.00% 1,519.0 5.19% 1,516.4 5.16%
Aug 2019 1,634.0 5.45% 1,527.1 5.60% 1,524.8 5.59%
Sep 2019 1,644.9 5.86% 1,536.5 5.85% 1,534.4 5.85%
Oct 2019 1,656.9 6.48% 1,547.3 6.39% 1,545.2 6.39%
Nov 2019 1,667.8 7.15% 1,558.5 7.19% 1,556.4 7.19%
Dec 2019 1,673.7 6.66% 1,564.7 6.76% 1,562.9 6.78%
Jan 2020 1,683.2 6.81% 1,573.2 6.87% 1,571.0 6.84%
Feb 2020 1,690.1 6.90% 1,578.7 6.89% 1,576.8 6.88%
Mar 2020 1,744.3 9.84% 1,633.1 10.07% 1,633.0 10.21%
Apr 2020 1,947.8 22.12% 1,741.5 16.88% 1,743.1 17.12%
May 2020 2,063.1 28.62% 1,812.0 20.89% 1,817.8 21.42%
Jun 2020 2,118.5 31.19% 1,826.8 21.00% 1,835.1 21.75%
Jul 2020 2,122.6 30.83% 1,833.0 20.67% 1,842.7 21.51%
Aug 2020 2,120.5 29.77% 1,832.9 20.03% 1,843.4 20.90%

1Level, normalized to equal 100 in Jan. 1967
2Year-over-year percentage growth rate. We are displaying year-over-year growth rates rather than monthly growth rates, since the volatility of the monthly growth rates masks information that is more evident from the smoother year-over-year growth rates. But users who prefer monthly growth rates can compute those month-over-month growth rates directly from the levels that we are providing. All component quantities that are not seasonally adjusted by the data source are being seasonally adjusted by the CFS using the Census X-12 program. As a result, any volatility in the monthly growth rates is not a consequence of seasonality.
3Interest-rate aggregate, percent per year. The formula and theory relevant to interest rate aggregation can be found in the AMFM’s data sources document.

Federal Reserve Official Monetary Aggregates

Extensive published results demonstrate that the best monetary aggregate for almost all uses was the Federal Reserve’s former broadest aggregate, L, but only if computed as a properly weighted index number, such as the Divisia or Fisher-ideal index. 

The second-best monetary aggregate was the former next-broadest aggregate, M3, properly constructed as an index number.  See, e.g., Barnett (1982), “The Optimal Level of Monetary Aggregation,” in the AMFM Library. In contrast, when computed as simple-sum accounting numbers, disconnected from economic aggregation theory, M3 and L were among the worst monetary aggregates and were inconsistent with elementary principles of economic measurement.

Narrow aggregates, such as M1 and M2, give no weight to many highly-liquid substitutes for money.  That truncation is hard to justify.  At the other extreme, the broad, simple-sum aggregates give equal weight to distant substitutes for money as to currency.  That far worse weighting cannot be justified at all.  Recognizing the distortions produced by improper weighting within the broad, simple-sum, monetary aggregates, the Federal Reserve has rightfully discontinued publication of both simple-sum M3 and L.

Figures Provided on This Page

We are displaying on this page three broad Divisia monetary aggregates. The primary one is what we are calling Divisia M4. It is a broad aggregate, including negotiable money-market securities, such as commercial paper, negotiable CDs, and T-bills. DM4's components are similar to those of the monetary aggregate once called L, but modernized to be consistent with current market realities.a

The aggregate DM4- (to be called "M4 minus") is DM4 minus Treasury bills. In aggregation theory, DM4 should always be preferred to DM4-, since there is no good reason to give a weight of zero to T-bills in DM4. Nevertheless, for some research purposes, it might be useful to separate the effects of monetary from fiscal policy. Including T-bills in DM4 produces an overlap. The supply of T-bills can change either from monetary-policy open-market operations or from fiscal-policy changes in debt financing.

Divisia M3 excludes those money-market securities not issued by financial intermediaries, such as commercial paper and Treasury bills, but does include negotiable CDs and repurchase agreements. Divisia M3 may be closer than Divisia M4 to Federal Reserve actions in the policy transmission mechanism, so could be useful under some circumstances.  But aggregation theory provides no reason to impute weight of zero to the highly liquid money-market securities included in DM4, but not in DM3.

Simple-sum or arithmetic-average monetary-quantity aggregates are inconsistent with best practice economic measurement. For the same reasons, linear approaches to price aggregation are also unacceptable. The price of a monetary asset is its user-cost price, measuring the opportunity cost of holding the asset in terms of foregone interest. In continuous time, the real user-cost price of a Divisia monetary asset is the difference between the real rate of return on pure capital investment, R, called the “benchmark rate,” and the asset’s interest rate. We are providing as figures on this page the interest-rate aggregates, but not the aggregation-theoretic user-cost price aggregates, since there can be differences of opinion on how to compute the real rate of return on pure capital. However, we are providing our user-cost price aggregates on a spreadsheet for the benefit of experts. In our work, we are using the benchmark rate measure recently proposed by Akiva Offenbacher at the Bank of Israel.b

Interest rate aggregates, unlike quantity and price aggregates, are based on accounting conventions, rather than on deep aggregation and index number theory. The formulas and theory relevant to economic user-cost price aggregation and to accounting interest-rate aggregation are provided in the AMFM data sources document.

The Methodology

We are not supplying simple-sum M3 and L, since we agree with the Fed that those aggregates were severely defective by grossly overweighting distant substitutes for money.  In addition, constructing broad simple-sum aggregates, even as accounting numbers, cannot be based directly upon available data, since the Fed is no longer providing the former consolidated components.  Those consolidated components netted out overlaps, such as the overlaps among negotiable CDs and money market funds.  Adding up non-consolidated components produces double counting and other violations of accounting conventions.  But the need remains for the very best monetary aggregates --- M3 and L, produced as competently weighted index numbers.

We do so, using the highly-regarded Divisia monetary-index formula, as first derived and produced by Barnett (1980), “Economic Monetary Aggregates: An Application of Aggregation and Index Number Theory.” Consolidated components are not needed for that purpose.  Index number theory, being based on microeconomic theory, rather than on accounting conventions, uses market data.  Economic index numbers aggregate over assets and over economic agents in terms of demand for the imperfectly-substitutable services of the market assets and do not just add up the components.  No mathematical-economics training is needed to understand that “you can add apples and apples, but not apples and oranges.” For extensive background on how we are “getting it right,” see Barnett’s (2012) book, Getting It Wrong.

Download CFS Divisia Monetary Data for the United States

Download the data for the Divisia Aggregates in this Excel workbook, Divisia.xlsx. (Updated September 16, 2020)

The Excel workbook includes three worksheets that include:

  • The broad Divisia monetary aggregates, including DM3, DM4-, and DM4 (Broad tab)
  • The narrower Divisia monetary aggregates (Narrow tab)
  • All user-cost price aggregates (User-Cost tab)
The CFS Divisia aggregates are normalized to equal 100 at their first observation (January 1967).

The Center for Financial Stability is now releasing new Credit Card-Augmented Divisia Aggregates each month. See more information about the new Divisia alternatives here.

Download Divisia Documentation

  • The document describing data sources here.
  • The document describing data sources for the augmented Divisia here.
  • The CFS theoretical foundations paper, Barnett and Su (2017), “Financial Firm Production of Inside Monetary and Credit Card Services: An Aggregation Theoretic Approach,” here.

See more information about the supporting data below.

Divisia on Bloomberg Terminals

Bloomberg users can access the CFS data by any of the four options:

  1. {ALLX DIVM }
  2. {ECST T DIVMM4IY}
  3. {ECST} --> 'Monetary Sector' --> 'Money Supply' --> Change Source in top right to 'Center for Financial Stability'
  4. {ECST S US MONEY SUPPLY} --> From source list on left, select 'Center for Financial Stability'

Data Provided on a Spreadsheet, but Not Displayed on This Page

Data and analysis that cannot be replicated are not consistent with the normal standards of science, regardless of any claims of proprietary interest.  We use only component quantity and interest-rate data available to the public. The component data are provided at no cost only to established researchers, who need the data for use in their research for publication in major peer-reviewed journals, such as Macroeconomic Dynamics, edited by CFS Director, Professor William A. Barnett. For such academic research purposes, requests for the component data or the dual user-cost price aggregates should be sent to Professor Barnett.

We do not provide the Federal Reserve’s official simple-sum monetary aggregates.  We consider the Federal Reserve’s simple-sum monetary aggregates to be entirely without merit. The simple-sum aggregates are based on archaic economic-measurement methodology, incompetent since the appearance of Irving Fisher’s (1922) landmark book, The Making of Index Numbers, nearly a century ago. The simple-sum aggregates have been obsolete, since monetary assets began yielding interest. If you nevertheless should wish to see the Federal Reserve’s, official, simple-sum monetary aggregates, you can find them in the St. Louis Federal Reserve’s database, FRED.

While the broadest Divisia monetary aggregates are best for most purposes, some applications exist for which narrower Divisia monetary aggregates are of use.c  The St. Louis Federal Reserve is supplying narrower Divisia monetary aggregates, which the St. Louis Fed calls MSI (monetary services index). At present, the St. Louis Fed is providing most but not all the component data, included now with the MSI data in the St. Louis Fed’s excellent FRED database. Eventually all components are planned to be available within FRED. At that time, the FRED Divisia data will be easy to replicate and use, since FRED contains outstanding software for display and analysis. Although the component quantity and interest rate data are not yet all available on FRED, we are indebted to Richard Anderson at the St. Louis Fed for providing that data to us. As opposed to the Federal Reserve Board’s simple-sum monetary aggregates, which we consider to be entirely without merit, we consider the St. Louis Fed’s MSI (Divisia) narrow monetary aggregates to be an admirable and important contribution to public information.

We also compute and provide narrow Divisia monetary aggregates, such as M1 and M2.  Our series differ from the St. Louis Fed’s only in our use of the Bank of Israel’s benchmark-rate procedure, described above.  But the Divisia monetary-quantity index is highly robust to the choice of benchmark rate, so our narrow Divisia monetary aggregates can be expected usually to track the St. Louis Fed’s MSI aggregates relatively closely.d  Because of the anticipated inclusion of the MSI data in the excellent FRED database, the difference in benchmark rate alone would not have been adequate reason for the CFS to produce those aggregates in a manner nearly redundant with MSI.  But the St. Louis Fed froze its MSI data for over five years, from the start of the housing crises through the financial crisis and Great Recession.  To protect the public from any such future freezes in that data, we are providing our own parallel computations as a backup source — in response to popular demand.

There is one entirely nontrivial difference between our narrow aggregates and MSI:  the dual user-cost aggregate, which is not robust to changes in the benchmark rate.  If you only need the quantity aggregates, there is little reason to prefer our CFS narrow Divisia monetary aggregates over the St. Louis Fed’s, especially when the MSI Divisia monetary aggregates become conveniently available within FRED.  But if you need the dual user-cost aggregates in your research, you may find that you will have good reason to prefer ours.

Key Takeaway Points

  • The broadest monetary aggregates are almost always the best monetary aggregates, when their components are properly weighted.
  • When computed as unweighted simple sums, the broadest monetary aggregates are among the worst monetary aggregates ever provided by the Federal Reserve.
  • The Federal Reserve was right to discontinue publication of the broad, simple-sum, monetary aggregates.
  • The Fed has hampered computation of simple-sum, broad, monetary aggregates as accounting numbers, by discontinuing publication of their consolidated components.  But there is no good reason to compute simple-sum broad monetary aggregates at all.
  • Aggregation-theoretic monetary aggregates, such as our Divisia monetary aggregates, use available market data and do not need consolidated components, since those aggregates are based on microeconomic theory, not accounting.
  • Imperfect substitutes are never given equal weights in economic aggregation theory or in economic index-number theory.  Valid aggregation over imperfect substitutes is the primary focus of the field of economic measurement.
  • While economic aggregation and index number theory provide the relevant principles for quantity aggregation over monetary assets and for price aggregation over user costs, accounting principles are relevant to aggregation over interest rates. We use accounting principles where relevant and economic theory where relevant, as is consistent with best practice economic measurement. Details are provided in the AMFM data sources document.

CFS Divisia Release Schedule

CFS Divisia Aggregates for the prior month are released at 9:00 AM Eastern time on the following dates:

  • October 21, 2020,
  • November 18, 2020,
  • December 16, 2020
  • January 20, 2021,
  • February 17, 2021,
  • March 17, 2021,
  • April 21, 2021,
  • May 19, 2021,
  • June 16, 2021,
  • July 21, 2021,
  • August 18, 2021,
  • September 22, 2021,
  • October 20, 2021,
  • November 17, 2021,
  • December 22, 2021

a The Federal Reserve discontinued publication of its broadest aggregate, L, in 1998.  There have been substantial changes in money markets since then.  M4’s components take into considerations those changes.  Similarly the component data for M3, which was discontinued by the Fed in 2006, have been modified to take into consideration market data availability and market structural changes.  For example, the repurchase agreements in our Divisia M3 and M4 are from the New York Federal Reserve Bank and include the total market values, rather than from the narrower definition previously adopted by the Federal Reserve Board in its aggregates, and provided by the St. Louis Fed.

b In discrete time, the foregone interest is discounted to present value from the end of the period to the start of the period, by division by 1 + R.  The real user cost is multiplied by the cost-of-living index to convert to the nominal user cost. If p is the cost-of-living index and ri is the interest rate on monetary asset i, then the asset’s nominal user cost in discrete time is p(R - ri)/(1 + R). For the formal derivation, see Barnett (1980).  The Bank of Israel’s measure of the rate of return on pure investment is the short-term, bank, loan rate.  To protect against the highly improbable risk that a monetary component’s interest rate might occasionally exceeding that loan rate, we incorporate the short-term bank-loan rate into the upper envelope over all of DM4’s monetary-asset component yields.

c For the relevant criterion, since Barnett and de Peretti (2009).

d The Divisia monetary-quantity index computes the growth rate of the aggregate as a weighted average of the growth rates of the component quantities.  The weights are the expenditure shares of the components with user-cost prices in the share computations.  Since the benchmark rate appears symmetrically in all terms in the numerator and denominator of the share weights, those weights are not highly sensitive to variations in the benchmark rate.