Board of Governors of the Federal Reserve System

2 to 2 percent to new records over the intermeeting period. (3) The dollar's...2 percent, leaving it only a little above the upper end of its 2 to 6

2.2 3.2 5.9 2.5 5.0 2.2 23. Nondeposit funds 5.2 -3.4 4.4 7.6 2.6 -10.4...2.9 -2.2 1.2 2.4 2.0 -4.6 0.7 25. Other 5 2.2 -1.2 3.3 5.2 0.7 -5.9 0.8

Q2 Feb. Mar. Apr. May June Reserves of depository institutions2 1 Total...2.0 −7.5 7.9 7.3 −2.8 10.7 1

2). On a quarterly average basis, M2 is estimated to have increased at...M2 Growth Chart 2 Percent Ratio Scale 2.05 - 2-00 Nominal GDP Percent

.2 Though a stringent quality assurance process was employed, some imperfections...2 A two-step process was used. An advanced optimal character recognition

4.2 4.5 4.9 4.2 Median 2.9 2.8 2.7 2.9 2.8 2.9 3.0 3.0 2.9 Expected inflation...4.2 4.2 4.3 4.1 4.8 4.0 Median 3.1 3.1 3.1 3.1 3.2 3.2 3.0 3.2 3.1 * -

7.2 3.2 - .7 4.2 2.1 Auto 6.8 1.4 -2.7 5.6 1.6 Furniture & appliances ...2.5 .7 3.4 1.3 Nondurable 3.4 1.2 .1 .6 1.2 Apparel 6.3 3.7 2.1 4.2 .2

2.6 .2 .1 ... Q2... 100.0 80.2 16.6 3.0 .2 .1 ... Q3... 100.0 78.7 17.8...81.2 15.0 3.3 .4 .1 .0 2004: Q1... 100.0 79.2 17.2 3.2 .2 .1 .0 Q2...

7.2 7¼ 0.5 3½ to 6 M-1B -1.2 16.8 7.8 8.0 1.9 4 to 6½ M-2 8.8 17.3 13.1...1.2 0.8 -2.0 -2.5 Memo Nonbank commercial paper 0.3 0.9 2.1 2.2 2.0 1/

2- (2) Market interest rates declined on balance over the inter- meeting...M2 5.3 0.4 -0.9 3-1/2 M3 0.8 -1.0 -1.4 1-1/2 Domestic nonfinancial debt