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FEDERAL RESERVE statistical release H.6(508) i For release at 4:15 P.M. EST February 14, 1983 Motvey Stock Revisions Measures of the money stock have been revised to incorporate annual seasonal adjustment and benchmark changes, as well as minor definitional changes. Updated monthly seasonal factors for 1982 and 1983 are shown in Appendix Table 1, and weekly factors for late 1982 and all of 1983 are shown in Appendix Table 2. Historical data will be available shortly on request. Definitional Changes Two changes in the composition of the broader money stock measures have been made. First, tax-exempt money market funds which previously had been excluded from the aggregates are now included on the same basis as taxable money funds; that is, balances in general purpose and broker/dealer funds enter at the M2 level and balances in institution-only funds enter at the M3 level. This change boosted both M2 and M3 growth in 1982 by about 1/2 percentage point. Second, all IRA/Keogh balances at depository institutions and money market mutual funds are now removed at the M2 level. This change reduced M2 growth last year by a bit more than 1 percentage point and M3 by about 1 percentage point. Benchmark Revisions Deposits of commercial banks, savings and loan associations and credit unions have been benchmarked to recent call reports. Deposits of commercial - 2 - banks were benchmarked to the December 1981 and March, June and September 1982 call reports; data for savings and loan associations were benchmarked to the December 1981 and June 1982 call reports; data for credit unions were benchmarked to the June and December 1981 call reports. The impact of these bench- marks is minimal—generally raising the level of Ml and lowering the levels of other deposits in the broader measures slightly, and affecting growth rates only marginally. RPs and overnight Eurodollar deposits also have been revised. The overnight and term RP series have been revised using a special survey of RPs at depository institutions and more complete information on money market mutual fund holdings of RPs. The net effect of the changes to RPs was to reduce the level of net overnight RPs and raise the level of term RPs; growth of M2 in 1982 was affected only slightly by these revisions and M3 growth was boosted a bit. The revision to the overnight Eurodollar component of M2 resulted from broadening the panel of branches of U.S. banks (previously consisting of a number of Caribbean offices) to include additional Caribbean offices as well as offices in other locations, principally London; the net impact of this change on both levels and growth rates was minor after allowing for holdings of such deposits by money market mutual funds. Seasonal Revisions Seasonal factors were revised using an X-11-ARIMA procedure adopted last year. Revisions to seasonal factors tended to be greater than in recent years, because additional data for 1982 tended to confirm evolving patterns that had been obscured by unusual circumstances associated with the credit control period of 1980. With the exception of July, growth in Ml in first months-of- quarters was lowered, especially in April and October. - 3 - The experimental Ml series, constructed using an alternative seasonal adjustment technique, will continue to be made available on a monthly basis for the next year while the series remains under review by experts both within and outside the Federal Reserve (see the last page of this release). Finally, it may be noted that money market deposit accounts (MMDAs) continue to enter the broader monetary aggregates on a not seasonally adjusted basis; alternative possible seasonal adjustment methods are under review. FEDERAL RESERVE statistical release H6(508) Table 1 For Release at 4:15 p.m. EST FEB. MONEY STOCK MEASURES AND LIQUID ASSETS 1 4 , 1983 Billions of dollars M1 sum of currency, travelers checks, demand deposits and other checkable deposits1 Date 1981—OCT. NOV. DEC. 1982—JAM. FEB. MAB. APR. NAT JONE JOLT AUG. SEPT. OCT. NOV. DEC. 1983—JAN, P 433.3 435.9 440.6 447.8 448.0 448.6 449.3 452.4 453.4 454.4 458.3 463.2 468.8 474.1 478.3 482.2 M2 L M3 ! Seasonall f adjusted M1 plus overnight RPs and Eurodollars, M2 plus large time deposits, MMMF term RPs and M3 plus other balances (gen. institution-only liquid assets4 pur. and broker/dealer), MMMF balances3 MMOAs, and savings and small time deposits2 1763.8 1780.6 1794.9 1810.1 1815.8 1828.9 1835.2 1850.6 1864.6 1880.9 1903.6 1917.0 1929.5 1944.6 1957.6 5 / 2005,7 2128.4 2150.0 2167.9 2181.8 2191.6 2210.9 2224.1 2240.6 2260.2 2283.4 2317.9 2333.9 2351.8 2369.7 2376.1 2398.5 M1 | sum of currency, travelers checks, demand deposits and other checkable deposits1 2579.1 2605.2 2622.0 2644.3 2667.9 2692.5 2709.9 2736.8 2765.9 2795.7 2821.2 2837.7 M2 ] M3 Not seasonally adjusted M1 plus overnight RPs and Eurodollars, M2 plus large time deposits, MMMF balances (gen. term RPs and institution-only pur. and broker/dealer), MMMF balances3 MMDAs, and savings and small time deposits2 435.2 440.4 452.1 454.3 438.1 440.9 456.3 445.8 450.8 454.3 454.3 461.0 470.6 479.1 491.1 489.8 1763.0 1779.4 1799.6 1817.7 1807.9 1825.9 1848.6 1848.7 1865.4 1883.0 1896.5 1908.7 1928.4 1943.2 1962.65y 2014.0 13-week average Not seasonally adjusted 4-week average 2126.7 2149.6 2175.9 2193.5 2189.1 2210.9 2235.3 2237.3 2257.2 2280.8 2308.8 2324.3 2350.2 2368.8 2383.8 2410.3 L M3 plus other liquid assets4 2574.2 2604.1 2629.7 2658.2 2671. * 2697.4 2724.4 2737.0 2762.7 2787.5 2309.4 2822.6 M1 For period ended 13- week average Seasonally adjusted 4-week average week average week average 983—JAN. 5 12 19 26 P 474.5 475.7 476.7 477.6 478.6 479.3 480.3 481.2 477.2 483.2 482.5 481.9 482.1 484.1 485.7 486.6 494.3 496.3 496.3 493.1 506.0 500.4 491.3 474.5 FSB. 478.8 483.9 487.8 486.8 486.2 478.6 HOTE: 2P SPECIAL CAOTIOM SHODLD BE TAKEN IN INTERPRETING WEEK-TO-iEEK CHANGES IN MONET SOPPLT DATA, WHICH ARE HIGHLY VOLATILE AND SUBJECT TO REVISION. P—INDICATES PBELIBINARY DATA. FOOTNOTES APPEAR ON THE FOLLOWING PAGE H.6(508) Table 2 MONEY STOCK MEASURES AND LIQUID ASSETS Percent change at seasonally adjusted annual rates Date 3 MONTHS FROM OCT. 1 9 8 2 TO JAN. 6 SOUTHS FROM JULY 1 9 8 2 TO J i H . 12 MONTHS FROM JAN. 1 9 8 2 TO JAN. 1983 1983 1983 M1 M2 M3 11.4 15.8 7.9 12.2 13.3 10.1 10.8 9.9 7.7 * THIRTEEN WEEKS ENDING FEB. 2 , 1983 FHOfl THIRTEEN NEEKS ENDING: NOV. 3, 1982 ( 1 3 WEEKS PREVIOUS) 12.7 AOG. 4, 1962 ( 2 6 SEEKS PREVIOUS) 11.0 FEB. 3, 1982 ( 5 2 1ESKS PREVIOUS) 8.3 FOOTNOTES TO TABLE 1 AVERAGES OF DAILY FIGURES FOR (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS; (2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE O.S^ GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS OTHER THAN CREDIT UNIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. 2/ INCLUDES OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND EURODOLLARS ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS, MHDAS, SAVINGS AND SHALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN $100,000), AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND HONEY MARKET FUNDS. ALSO EXCLUDES AMOUNTS HELD BY U.S. COMMERCIAL BANKS, HONEY MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND THE U.S. GOVERNMENT^ M2 WILL DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE TIME AND SAVINGS DEPOSITS. 3/ INCLUDES LARGE DENOMINATION TIME DEPOSITS AND TERM RPS (IN AMOUNTS OF $100,000 OR MORE) ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS,* THE U.S. GOVERNMENT, HONEY MARKET FUNDS, AND FOREIGN BANKS AID OFFICIAL INSTITUTIONS. H3 WILL DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVBRNIGHT RPS HELD BY INSTITUTION-ONLY HONEY MARKET MUTUAL FUNDS. 4/ OTHER LIQUID ASSETS INCLUDE TEE NONBANK PUBLIC HOLDING OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES, AND TERM EURODOLLARS HELD BY 0.S. RESIDENTS, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS. 5/ ALL OF THE NEWLY-AUTHORIZED HONEY MARKET DEPOSIT ACCOUNTS ARE PRESENTLY INCLUDED IN BOTH M2 AND H3; WHETHER SOME OF THESE ACCOUNTS SHOULD ENTER ONLY AT THE M3 LEVEL WILL BE CONSIDERED AS DATA ON THE CHARACTERISTICS OF THE ACCOUNTS AND THEIR HOLDERS BECOME AVAILABLE. 1/ H.6 (508) Tabla 3 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS a jns of joHaja, seasonally adjusted unless otherwise noted Date Currency1 Travelers checks? Demand deposits3 Overnight Other RPsS checkable deposits4 NSA Overnight Eurodollars 6 NSA Money market deposit accounts 7 NSA 0.0 Small denomination time deposits9 Savings deposits 8 at thrift total 158.9 institutions 185.5 344.4 at commercial banks at commercial banks at total Money market mutual fund balances10 general purpose institution only and broker/ dealer t 350.1 thrift Institutions 478.6 828.6 150.9 36.0 I961-0BC. 123.2 4.5 236.4 77.4 28.6 7.5 1982-JAM. FEB. BAB. 124.0 124.7 125.2 1.4 i1 . 5 i1 . 5 238.9 235.5 233.8 80.1 83.i 85. 31.3 30.3 32.4 8.4 7.7 6.7 0.0 0.0 0.0 160.6 159.8 159.8 187.1 187.0 186.8 347.7 346.9 346.6 350.8 355.1 360.6 475.8 477.9 480.2 826.6 833.1 840.7 154.7 156.0 159.7 35.3 33.6 34.8 API. BAT JO MB 126.3 127.4 128.2 t1.4 41 . 5 1.5 233.3 233.1 232.3 85.; 87.4 68.4 31.0 32.7 32.8 5.8 7.4 7.5 0.0 0.0 0.0 159.4 159.3 159.5 186.5 187.3 187.8 345.9 346.6 347.2 366.4 370.5 375.0 480.8 482.0 484.3 847.2 852.5 859.3 161.8 164.9 170.1 15.6 36.6 JOLT AOG. SEPT. 128.8 129.6 130.5 1.4 1.4 1.4 231.1 232.5 234.0 89. 91.1 94.. 33.3 34.0 34.1 8.5 8.4 7.4 0.0 0.0 0.0 158.2 158.4 159.6 186.8 188.3 190.4 345.0 346.7 350.0 383.8 388.6 391.4 489.2 491.2 491.8 872.9 879.8 883.2 172.9 182.3 185.1 40.4 47.1 48.2 OCT. MOf. 01C. 131.3 131.9 132.6 1.4 11.4 1.4 236.1 237.6 239.7 97.( 100. ioi.: 37.4 38.5 37.6 6.5 6.7 5.7 0.0 0.0 42.8 162.3 166.2 163.4 195.7 200.1 195.5 358.0 366.3 358.9 389.9 389.2 383.2 487.9 485.4 475.8 877.8 874.5 859.1 187.6 191.1 182.1 49.3 49.9 47.6 134.2 4.5 239.2 104.4 40.8 6.0 165.0 152.8 183.0 335.7 356.6 440.5 797.0 166.5 46.0 157.9 154.9 152.1 150.4 369.1 361.3 355.3 350.2 170.7 168.9 166.0 164.1 45.5 46.2 46.2 46.1 345.7 162.9 46.0 1983-JAB. 1 34.3 iJBBK BMOIBC 1983 JAM. PBB. 5 12 19 26 P 133.5 134.0 134.1 134.3 241.9 241.5 238.7 236.6 97.3 103.3 105,2 106.5 34.6 41.7 41.1 41.5 5.2 6.1 5.2 7.0 119.8 160.0 190.9 216.8 2 P 134.7 238.7 109.9 44.6 6.4 232.2 CUBBEMCY OUTSIDB TUB U.S. TSEASOil, F.B. BANKS AND VAULTS OP COMMERCIAL BANKS. BXCL0DES THE ESTIHATED AMOUNT OP fiOL? CASH ttBLO BY THBIFT INSTITUTIONS TO SERVICE THEIB OCD LIABILITIES. OUTSTANDING AMOUNT OP U.S. DOLLAR-DBHOMINATBD TRAVELERS CHECKS OF NONBANK ISSUERS. DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOBBIGN BELATED INSTITUTIONS OTHER THAN THOSB DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OP COLLECTION AND P.R. FLOAT. EXCLUDES THE £STI BATED AMOUMT OF DEBAND DBPOSITS HBLD AT COBHEiCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. 4/ INCLUD2S ATS AND NOH BALANCES AT ALL DEPOSITORY INSTITUTIONS EXCEPT CREDIT UNIONS, CREDIT UNION SHARE DRAFT BALANCES AND DBMANO DBPOSITS AT THRIFT INSTITUTIONS. OTHEB CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS DEMAND DEPOSITS PLUS OCD SEASONALLY ADJUSTED LESS DfiMAND DEPOSITS SEASONALLY ADJUSTED. NOH ACCOUNTS INCLUDE CEILING PREE "SUPER HOWS," AUTHORIZED BY THE DEPOSITOSY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5, 1983. PRELIMINARY DATA INDICATE THAT BALANCES IN -SOPEI MOWS- HERE ABOUT $15.4 BILLION ON A DAILY AVERAGE BASIS IN THE WEEK CNDE*) JAMOABY 19, 1983, ABOUT $17.4 BILLION IN THE MEEK ENDED JANUARY 26 AND ABOUT $18.3 BILLION IN THE WEEK ENDED FEBRUARY 2. THESE FIGURES INCLUDE BALANCES IN "SUPER NOUS" AT COMMERCIAL BANKS OF ABOUT *9.7 BILLION IN THE WEEK ENDS!) JANUARY 19 AND $11.2 BILLION IN THE MBEK ENDED JAMOABY 26. FIGURES FOB THE LATEST WEEK ARE 1OT YET AVAILABLE BY TYPE OF INSTITUTION. 5/ INCLUDES OVSBNIGHT AND CONTINUING CONTfiACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND SONEY MARKET MUTUAL FUNDS (GENERAL PUBPOSB AND BBOKEB/DBALEB). 6/ ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCBES OF U.S. BANKS TO U.S. RESIDENTS OTHEB THAN DEPOSITORY INSTITUTIONS AND MONEY HARKBT MUTUAL FUNDS. 7/ HONEY MABKET DEPOSIT ACCOUNTS (MMDAS) HERB AUTHORISED BY THB DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING DECEMBER 14, 1982. «V SAVINGS DEPOSITS EXCLUDE HHDAS. 9/ SMALL DENOMINATION TIME DBPOSITS — INCLUDING RETAIL BPS — ABB THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL INDIVIDUAL RfiTIBZHBMT ACCOUNTS (IRA) AND KBOGH ACCOUNTS AT COBHEBCIAL BANKS ABD THRIFTS ARE SUBTRACTED FROM SHALL TIHB DBPOSITS. 10/ MOT SEASONALLY ADJUSTED, INCLUDES BALANCES IN BOTH TAXABLE AMD TAX-BXEHPT FUNDS. ALL INDIVIDUAL RETIREMENT ACCOUNTS AND KBOGH ACCOUNTS AT MONBY FUMDS ABB EXCLUDED. 1/ 2/ 3/ H.6 (508) Table 3-continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, seasonally ad usted unless otlerwise noted Large denomination time deposits1 Date at thrift at commercial total institutions banks? at commercial banks NSA Term RP$3 at thrift institutions NSA total NSA NSA Term 4 Eurodollars Savings bonds Short-term Treasury securities^ Bankers Commercial paper? acceptances^ 1981-DEC 246.4 54.2 302.6 27.1 10.1 37.2 65.3 67.7 176.3 40.6 104.2 1982-JAN. FEB. MAB. 249.1 253.4 258.2 55.2 56.5 57.5 304.3 309.9 315.7 25.1 25.1 24.9 10.5 10.6 10.6 35.6 35.7 35.6 68.3 72.8 74.0 67.8 67.8 67.7 179,9 186.8 189.8 41.1 40.6 39.9 105.5 108.4 110.3 APR. MAY JOHE 262.8 263.2 267.3 58.4 58.9 60.0 321.2 322.0 327.3 27.2 25.6 24.6 11.0 11.3 11.7 38.1 37.0 36.3 77.9 83.8 84.7 67.7 67.7 67.7 190.3 191.4 196.2 40.2 41.3 41.6 109.7 112.1 115.7 JOLT AUG. SBPT. 271.7 273.7 273.6 60.4 61.3 62.5 332.1 334.9 336.1 22.7 25.4 24.6 11.8 11.6 11.8 34.5 37.0 36.4 83.7 80.5 80.3 67.6 67.5 67.5 200.4 202.1 203.6 42.0 41.3 41.4 118.7 112.0 111.1 OCT. NO¥. DSC 275.3 273.6 268.0 64.3 66.7 66.7 339.6 340.4 334.7 26.0 27.8 28.0 11.7 11.6 12.1 37.7 39.4 40.1 247.9 63.2 311.0 28.0 12.1 40.1 1983-JAN. P WEEK ENDIMG: 1983-JAN- 5 12 19 26 P 269.3 261.5 257.2 252.2 33.4 25.1 27.0 27.8 FEB. 2P 248.8 28.3 1/ LARGE OBNOAINATION TIME DEPOSITS ARE THOSE ISSUED IN AHO0NTS OF $100,000 OB MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL BANKING FACILITIES (IBFS). 2/ LABGE DENOMINATION TlflB DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BT HONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS. 3/ TERM RPS ABE THOSE KITH ORIGINAL HATUEITI GREATER THAN ONE DAT, EXCLUDING CONTINUING CONTRACTS AND RETAIL EPS. 4/ TEfia EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ON* DAT EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS AND HONEI flARKET HUTUAL FUNDS. 5/ INCLUDES U.S. TBEASURT BILLS AND COUPONS HITH REGAINING HATURITY OF LESS THAN 18 HONTflS HELD BT OTHER THAN DEPOSITORT INSTITUTIONS, P.S. BANKS, AND HONEY MARKET MUTUAL FUKDS. 6/ NET OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, F.R. BANKS, FOR.EIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOUR LOAN BANK SYSTEM, AND HONEY MARKET MUTUAL FUNDS. 7/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BT f*sNET MARKET MUTUAL FUNDS. H.6 (508) Table 3A COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted Currency1 Date Travelers checks2 Demand deposits " at foreignrelated at domestic at member banking nonmember banks3 4 offices banks in the U.S.5 Other checkable deposits total 6 at commercial banks 7 at thrift Institutions8 total Overnight RPs 9 Overnight Eurodollars 1981-DEC. 125.a 4.3 156.9 83.2 4.2 244.0 63.4 15.1 78.4 28.6 7.5 1982-JAN. FEB. MAE. 123.3 123.0 123.9 4.2 4.3 4.2 157.7 147.4 147.6 82.9 78.1 77.6 .0 .2 .3 244.3 229.3 229.1 66.9 65.8 67.4 15.6 15.6 16.4 82.5 81.5 83.8 31.3 30.3 32.4 8.4 7.7 6.7 APE. HAT JOKE 125.7 127.2 128.3 4.2 4.3 4.7 152.7 147.7 149.2 60.3 77.5 78.1 .3 .0 3.7 236.9 228.8 230.7 71.4 67.9 69.2 18.1 17.5 18.0 89.5 85.4 87.2 31.0 32. 7 32.8 5.8 7.4 7.5 JOLT AUG. SEPT. 129.8 130.1 130.2 4.9 4.9 4.7 151.0 150.1 152.5 77.4 76.2 77.0 3.7 3.7 3.9 231.7 229.6 232.9 69.3 70.7 73.4 18.5 19.1 19.9 87.9 89.8 93.3 33.3 34.0 34.1 8.5 8.4 7.4 OCT. NOV. DEC. 131.3 132.7 135.2 4.4 4.3 4.2 155.7 158.0 163.3 78.4 79.2 81.0 4.0 3.9 3.9 237.6 240.6 247.7 76.1 79.2 81.0 21,2 22.3 23.0 97.3 101.5 104.0 37.4 38.5 37.6 6.5 6.7 5.7 133.2 4.3 161.9 79.9 3.7 244.9 82.3 25.1 107.4 40.8 6.0 1963-JAN. P 1ESK ENDING: 1983-JAN. FEB. 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10/ 5 12 19 26 P 131.7 134.1 133.2 132.0 174.4 166.4 161.8 153.3 84.6 83.1 80.0 75.9 3.9 3.4 3.6 3.7 262.5 252.3 244.9 232.4 81.1 84.1 83.4 80.8 23.5 25,5 25.5 25.2 104.6 109.7 108.9 106.0 34.6 41.7 41.1 41.5 5.2 6.1 5.2 7.0 2P 132.0 155.5 76.5 3.9 235.4 81.3 25.7 107.0 44.6 6.4 CURRENCY O0TSIDE THB U.S. TREASURT, F.R. BANKS AHD THE FAULTS OF COHHERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OF VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. OUTSTANDING AMOUNT OF U.S. DOLLAB-DENOMINATED TFAVELERS CHECKS OF NOHBANK ISSUERS. DEMAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT AT MEMBER BANKS OF THE FEDERAL RESERVE STSTEH. DEMAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AT NONHEHBER BANKS. DEPOSITS AS DESCRIBED IN FOOTNOTE 4 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS AND FOREIGN INVESTMENT COMPANIES. EQUALS SUB OF THREE PREVIOUS COMPONENTS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. NOW AND ATS BALANCES AT COMMERCIAL BANKS, BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT CORPORATIONS. KOH AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE DRAFT BALANCES. AND DEMAND DEPOSITS AT THRIFTS, INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COHHERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER) . ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER). H.6 (508) Table 3A—continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted Savings deposits1 Money market deposit accounts at commercial banks at at savings and loans mutual savings banks unions 1982-JAH. FEB. BAR. 0*0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 APR. dAT JUME 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 JOLY AUG. SEPT. 0.0 0.0 0.0 0.0 0.0 0.0 OCT. MO?. DSC. 0.0 0.0 26.1 Date 1963-JAN. P savings and loans at mutual at credit savings banks unions 159.0 158.0 159.1 96.7 95.9 95.9 47.9 47.3 47.2 43.0 43.3 44.2 0.0 0.0 0.0 160.5 160. 1 160.1 96.0 95.7 95.8 47.1 46.8 46.9 0.0 0.0 0.0 0.0 0.0 0.0 159.9 159.3 159.7 95.6 94.9 95.3 0.0 0.0 3.8 0.0 0.0 0.3 0.0 0.0 42.8 163.0 165.0 161.7 56.0 15.9 0.9 185.0 151.4 35.5 46.3 57.2 67.1 10.3 13.6 16.4 18.7 0.5 0.7 1.1 1.1 119.8 160.0 190.9 216.8 156.6 154.0 150.7 148.4 at credit at commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 O.p 0.0 0.0 0.0 0.0 12.6 112.2 73.5 97.3 116.3 130.0 total at Small denomination time deposits2 at commercial banks at savings and 3 loans 346.6 344.6 346.3 350.9 357.0 363.4 380.1 382.6 385.2 99.4 99.8 99.9 17.1 17.5 18.1 828.7 837.3 845.8 44.8 45.3 45.9 348.5 347.9 348.6 368.0 372.7 376.9 386.9 387.1 388.3 100.2 100.6 101.0 18.4 18.8 19.1 851.1 855.9 861.4 46.9 46.6 46.8 46.2 45.9 46.4 348.6 346.8 348.2 383.0 387.4 389.7 392.0 393.0 393.9 101.7 101.7 101.5 19.4 19.6 19.7 871.6 876.6 879.0 98.2 99.5 96.2 47.7 48.3 47.3 48.8 50.5 51.1 357.8 363.3 356.4 388.3 387.1 380.3 394.1 393.8 386.5 100.4 99.1 96.9 19.1 18.7 18.4 875.1 871.2 853.8 88.1 44.1 51.7 335.3 356.2 362.4 91.2 17.8 798.2 total at mutual savings banks 3 at credit unions 3 total HEEK ENDING 1983 JAN. FEB. 1/ 2/ 3/ 5 12 19 26 P 2 P 232.2 368.0 360.9 355.5 350.6 346.6 SAVINGS DEPOSITS EXCLUDE HHDAS. SPALL DENOMINATION TIHE DEPOSITS — INCLUDING RETAIL RPS — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL INDIVIDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COflHERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROR SMALL TIHE DEPOSITS. AT PRESENT, BALANCES IN IRA AND KEOGH ACCOUNTS CAN BE DIVIDED ONLY BETWEEN COMMERCIAL BANKS AND TOTAL THRIFT INSTITUTIONS (SEE TABLE 4 ) . THUS, IN CATEGORIES FOR SHALL TIHE DEPOSITS AT COMMERCIAL BANKS AND FOE TOTAL SHALL TIHE DEPOSITS, IRA/KEOGH BALANCES HAVE BEEN SUBTRACTED, BUT THE FIGURES FOR SHALL TIHE DEPOSITS AT EACH TIPS OF THRIFT INSTITUTION STILL INCLUDE IRA/KEOGH ACCOUNTS. H.6 (508) Table 3A-continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted Large denomination time deposits'! at at mutual commercial at savings total3 savings bank$2 and loans banks Date 251.9 1961-DEC. 47.6 6.0 305.9 Term RPs4 at commercial banks 27.1 Term at thrift institutions 10.1 total 37.2 Eurodollars 5 65.3 Savings bonds 68.1 Short-term Treasury securities 6 Bankers acceptances7 Commercial papers 175.2 40.6 104.6 106.2 109.8 110.2 1982-JAN. FEB. MAR. 252.6 257.9 260.7 49.3 50.7 51.5 6.0 6.3 6.1 308.4 315.3 318.8 25.1 25.1 24.9 10.5 10.6 10.6 35.6 35.7 35.6 68.3 72.8 74.0 68.1 67.8 67.6 181.1 191.2 195.0 41.1 41.0 39.7 APE. MAY JOHE 260.8 261.7 263.8 51.6 52.5 53.2 6.1 6.0 6.0 318.9 320.6 323.5 27.2 25.6 24.6 11.0 11.3 11.7 38.1 37.0 36.3 77.9 83.8 84.7 67.4 67.4 67.4 194.1 194.9 196.0 39.8 40.9 41.4 110.0 112.8 116.1 JOLT AUG. SEPT. 267.5 271.9 272.6 53.4 54.3 55.1 6.0 6.2 6.5 327.4 332.9 334.8 22.7 25.4 24.6 11.8 11.6 11.8 34.5 37.0 36.4 83.7 80.5 80.3 67.4 67.5 67.5 196.3 197.2 199.2 41.3 40.9 41.8 118.0 114.7 109.5 OCT. HOV« DEC. 275.0 274.5 271.0 57.0 59.1 59.5 6.6 6.6 6.4 339.1 340.8 337.4 26.0 27.8 28.0 11.7 11.6 12.1 37.7 39.4 40.1 250.7 57.7 5.7 314.6 28.0 12.1 40.1 1983-JAM. P WEEK ENDING: 1983-JAN. 5 12 19 26 P 274.7 265.2 259.6 255.3 33.4 25.1 27.0 27.8 FEB. 2 P 253.2 28.3 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ LARGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF $100,000 OH MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL BANKING FACILITIES (IBFS) . LARGE DENOMINATION TIAE DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BT MONET MARKET MUTUAL PONDS AND THRIFT INSTITUTIONS. TOTAL LARGE DENOMINATION TIME DEPOSITS EXCEEDS SDM OF THREE PREVIOUS COLUMNS BT SOCH DEPOSITS AT CREDIT UNIONS. TERM RPS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS. TERM EURODOLLARS ARE THOSE HITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTION AND MONEY MARKET MUTUAL FUNDS. INCLUDES U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHER THAN DEPOSITORY INSTITUTIONS, F.R. BANKS, AND HONEY MARKET MUTUAL FUNDS. KET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK SYSTEM, AND MONEY MARKET MUTUAL FUNDS. TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS. H.6 (508) Table 4 MEMORANDA ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date foreign commercial banks foreign official institutions Time and savings due to foreign commerical banks and foreign official institutions U.S. government deposits commercial banks Federal Reserve Banks 1981-DEC. 12.4 2.6 9.2 3.0 2.9 1982-JAN. FEB. MAR.. 10.9 10.3 9.5 2.5 2.2 2.2 8.8 8.4 8.3 2.9 2.8 2.7 4.7 5.5 3.3 APR. MAY. JUNE 8.8 9.4 9.4 2.0 2.1 2.4 8.4 9.1 9.6 3.6 2.6 3.2 JOLY AOG. SEPT. 9.6 8.6 8.4 2.5 2.3 2.0 9.9 9.7 9.4 OCT. MOV. DEC. 8.4 6.4 8.6 2.2 1.9 2.1 7.9 5 12 19 26 P 2 P 1983-JAN. P IRA and Keogh Accounts demand deposits at time and savings note balances deposits at at commercial total demand commercial banks and thrift deposits and institutions note balances banks FEB. thrift institutions money market mutual funds total 18.2 2.2 28.5 8.5 9.8 11.1 18.7 19.6 20.8 2.4 2.7 3.0 29.6 32.1 35.0 0.9 0.9 1.0 12.6 14.0 14.7 22.5 23.3 23.8 3.4 3.7 3.9 38.5 41.0 42.5 11.6 11.4 16.1 ().9 1.0 1 1.1 15.2 15.6 16.0 24,5 25.1 25.8 4.1 4.2 4.3 43.8 44.9 46.2 13.8 5.3 7.9 19.5 10.9 14.0 1.1 1.1 I.I 16.6 17.2 17.9 26.8 27.5 28.3 4.4 4.5 4.7 47.8 49.2 50.9 3.3 13.5 19.6 1.0 19.3 29.4 4.8 53.5 2.6 2.5 3.7 2.7 4.2 2.9 3.1 3.9 13.4 12.2 12.5 14.9 20.1 17.6 19.3 21.5 1.1 1.1 1.0 0.9 2.5 2.5 14.6 19.5 8.1 14.0 0.7 11.5 17.2 12.7 19.0 25.5 18.8 0.7 0.7 0.8 4.5 4.5 3.3 10.1 12.7 7.5 18.2 19.8 14.0 2.5 2.3 3.3 3.3 3.3 3.8 5.7 5.8 9.0 9.2 9.2 9.0 2.5 2.6 2.9 3.2 3.1 3.2 2.1 8.7 2.8 7.7 8.0 7.8 8.0 2,1 2.2 2.1 2.0 8.9 8.7 8.7 8.6 7.8 2.3 8.7 REEK ENDING: 1983 JAN. commerical banks . 1.0 8.1 Appendix Table 1 SEASONAL FACTORS-MONTHLY CURRENCY, TRAVELERS CHECKS AND DEPOSIT COMPONENTS OF THE NET MONEY STOCK 1982-1983 i Nonbank travelers checks 2 Currency 1 1982-JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 1983-JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER .9497 .9543 .9521 .9447 .9674 1.0481 1.1114 1.1005 1.0547 1.0041 .9594 .9533 I i .9942 .9868 .9889 .9950 .9985 1.0006 i 1.0077 1.0033 .9978* .9997 1.0059 1 1.0181 .9925 .9860 .9881 .9956 .9970 1.0002 1.0082 1.0024 .9974 .9979 1.0055 1.0181 I Transact ion deposits *•' 3 Demand deposits*' r 4 Commercial Banks Small Large denomdenomination inat ion Savings time time deposits deposits deposits 5 6 7 ] Thrift Institut ions Small Large denom- i denominat ion ination Savings time time deposits deposits | deposits 8 10 9 I 1 1.0234 .9748 .9809 1.0247 .9804 .9910 .9949 .9850 .9932 1.0055 1.0130 1.0312 1.0224 .9740 .9795 1.0154 .9816 .9928 .9981 .9877 .9951 1.0065 1.0126 1.0331 .9901 .9888 .9957 1.0069 1.0051 1.0037 1.0103 1.0057 1.0007 1.0043 .9929 .9899 1.0003 1.0053 1.0079 1.0043 1.0059 1.0050 .9979 .9971 .9956 .9958 .9947 .9922 1.0141 1.0176 1.0097 .9925 .9943 .9867 .9847 .9936 .9967 .9989 1.0033 1.0111 1.0027 .9976 1.0020 1.0081 1.0027 1.0042 1.0103 .9957 .9899 .9953 .9909 .9955 1.0044 1.0050 1.0046 1.0047 1.0025 1.0004 .9990 .9958 .9950 .9978 .9973 .9952 .9503 1.0255 .9553 .9762 .9525 .9816 .9443 1.0249 .9666 .9806 1.0488 I .9901 .9933 1.1110 .9840 1.0999 1.0537 .9923 1.0039 1.0052 .9592 1.0135 .9540 1.0319 1.0239 .9751 .9797 1.0147 .9821 .9922 .9971 .9872 .9946 1.0062 1.0129 1.0338 .9908 .9916 .9986 1.0084 1.0066 1.0048 1.0099 1.0039 .9983 1.0022 .9925 .9895 .9990 1.0047 1.0072 1.0039 1.0053 1.0047 .9982 .9980 .9967 .9970 .9945 .9916 1.0114 1.0149 1.0077 .9917 .9939 .9886 .9876 .9964 .9982 .9993 1.0027 1.0093 1.0054 1.0003 1.0039 1.0092 1.0035 1.0036 1.0091 .9940 I .9878 I .9939 .9912 1 .9958 1.0035 1.0042 1.0038 1.0041 1.0022 1.0007 .9995 .9967 .9958 .9982 .9971 .9946 1 I 1 I I 1 | | I I I | I 1 1.0095 1.0166 1.0098 .9947 1.0006 .9947 .9923 .9957 .9951 .9970 .9926 .9962 1.0113 1.0191 1.0142 .9956 1.0015 .9934 .9897 .9940 .9944 .9966 .^920 .9962 I 1/ IN CONSTRUCTING Ml THE SEASONAL FACTORS FOR "TRANSACTION DEPOSITS11 ARE USED TO DERIVE THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS, SEASONALLY ADJUSTED. THE DEMAND DEPOSIT COMPONENT SEASONALLY ADJUSTED IS CONSTRUCTED USING THE DEMAND DEPOSITS SEASONAL FACTORS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED IS DERIVED AS THE DIFFERENCE BETWEEN THESE TWO SERIES. Appendix Table 2 SEASONAL FACTORS-WEEKLY CURRENCY AND DEPOSIT COMPONENTS OF Ml AND COMMERCIAL BANK DEPOSIT COMPONENTS OF BROADER AGCREGVT] December 1982 T.December 1983 Currency 1 Demand deposits plus other checkable deposits 1 / Commercial Banks Demand deposits 1 / 2 Savings deposits 3 4 Small Lar& • denomination denomination time time deposits deposits 6 l 5 321201 821203 S2121S 321222 321229 1.004 1.019 1.017 1.022 1.02 1.012 1.028 1.03 1.014 1.026 1.033 1.034 1.026 .99057 .99424 .99324 .98918 .98709 .99536 .99259 .99231 .99235 .99319 830105 836112 830119 630126 830202 830209 830216 830223 830302 830309 830316 830323 830330 830406 830413 830420 830427 830504 830S11 830S18 830525 830601 830608 630615 630622 830629 830706 830713 830720 830727 830803 830810 830817 S30324 830831 930907 830914 830921 830928 831005 831012 83iO19 831026 S31102 S3U09 33 2116 331123 83113© 831107 S31T.14 831221 S31228 1.009 1.001 .993 .933 1.082 1.05 1.029 .986 .932 .984 .982 .962 .975 .988 .989 .974 .969 1.031 1.037 1.041 1.002 .999 .987 .982 .965 .978 .997 1.004 .936 .973 1 .013 1.009 1.085 1.045 1.026 .982 .986 .982 .981 .96 .973 .984 .989 .973 .967 1.023 1.024 1.026 .994 .99156 .99432 .99109 .98706 .9856 .98907 .99019 .98881 .98821 .99177 .99413 .99657 1.0016 1.0124 1.013 1.0041 1.0OO9 1.0033 1.006 1.0062 1.0047 1.0O37 1.0054 1.0043 1 .002 1.0034 1.0105 1.0124 1.0108 1.0031 1.0073 1.0085 1.0076 1.0051 1.0024 1.0029 1.0032 .99919 .99759 1.0057 1.0083 1.0055 1.0012 .99723 .99633 .99391 .99074 .99024 .99424 .99324 .98919 .98709 .9972 .99832 1.0006 1.0013 1.0027 1.0044 1.0045 1.0053 1.0067 1.0083 1.0091 1.0034 1.0067 1.0044 .93 .994 .991 .981 .98 .996 .992 .986 .981 1.003 1.004 .994 .985 .993 1.005 .998 .992 .995 1.007 1.004 .999 .991 1 .018 1.014 1 .006 .997 1.002 1.014 1.008 .999 .989 1.012 1.001 .995 .984 .997 1.003 1 .992 .992 1.011 1.008 1.006 1.003 1.017 1.017 1.021 1.023 1.029 1.02 .99 .966 .985 .994 .992 .975 .977 1.005 1.011 .99 .961 1.003 1.016 1.01 .935 1.006 1.02 1.024 1.003 1.O07 1.029 1.028 1.03 1.02 1 .985 .985 .966 .98 .996 1.005 .988 .976 1.02 1.01 .997 .97 .992 .995 .994 .977 .93 1.003 1.013 .992 .967 1.01 1.017 1.01 .986 1.011 1.019 1.024 .999 1.008 1.029 1.027 1.033 1.027 JL.0039 1L.0O42 :L.0039 1 .0041 :L.0054 1.0062 1 .0064 I .0071 I .008 1.007 1 .0044 I .001 .99963 .99859 .99767 .99713 .99706 .9977 .99723 .99662 .99606 .99756 .99681 .99548 .99452 .99447 .99568 .99637 .99651 .99574 .99463 .99451 .99461 .99637 .99259 .99231 .9923S .99319 1 .0101 1.0113 1 .0126 1 .0102 1.0202 1.0199 1.0141 1.0094 1.0125 1.0173 1.0206 1.0174 1.0156 1.0185 1.0133 1.0088 1.0078 1.0094 .99983 .99509 .98737 .99306 .98643 .99054 .99272 .99893 .99934 .9937 .9869 .93162 .9844 .9841.3 .93157 .9815 .93946 .9901.1 .99223 .99111 .99391 1.0005 1.0001 .99361 .99356 1.0009 .99588 1.0019 1.0001 .99729 .99831 .99841 1.0004 1.0055. 1 .0097 1.0113 1.0126 1.0102 1.0202 Supplementary Table Levels and Annual Growth Rates of Ml Using Current* and Experimental Alternative^ Seasonal Adjustment Procedures (Monthly average) Levels in billions of dollars Current Experimental Alternative 1982 - January Annual growth rates in percent Experimental Current Alternat ive 447.6 445.8 19.6 10.0 February 447.9 447.0 0.8 3.2 March 448.6 449.7 1.9 7.2 April 449.3 451.2 1.9 4.0 May 452.4 452.3 8.3 2.9 June 453.4 453.3 2.7 2.7 July 454.4 452.0 2.6 -3.4 August 458.3 456.8 10.3 12.7 September 463.2 462.8 12.8 15.8 October 468.8 468.0 14.5 13.5 November 474.1 474.9 13.6 17.7 December 478.3 478.6 10.6 9.3 482.2 481.1 9.8 6.3 1983 - January 1. Current monthly seasonal factors are derived using an X-11/ARIMA-based procedure. 2. Alternative monthly seasonal factors are derived using an experimental modelbased procedure. This procedure uses a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more sensitive than the current factors to unique characteristics of each series. These characteristics include, fixed and evolving seasonal patterns, trading day effects, within-raonth seasonal variations, holiday effects, outlier adjustments, special events adjustments, and serially correlated noise components. SPECIAL SUPPLEMENTARY TABLE Variable-Ceiling Time Deposits and Retail Repurchase Agreements At All Insured Commercial Banks and All Mutual Savings Banks November 30, 1982, December 29, 1982 and January 26, 1983 (not seasonally adjusted)1 Liability Categories Super NOW accounts (standard error of the estimate)2 Insurec1 Commercial Banks Nov. 30 Dec. 29 Jan. 26P Amount outstanding ($ millions) 12,136 (257) Money market deposit accounts (MMDAs)3 (standard error of the estimate) 61,944 (202) Mutua L Savings Banks Nov. 30 Dec. 29 Jan. 26P Amount outstanding ($ millions) 528 136,737 (856) 8,352 (22) 18,081 (120) (22) 90S (14) • 831 (standard error of the estimate) 14 711 (726) 9 714 (644) 6 698 (689) 91-day money market cert ificates^ (standard error of the estimate) 7,322 (194) 7,280 (182) 6,300 (171) 916 (32) 819 (31) 630 (25) 6-month money market certificates^ (standard error of the estimate) 226,682 (2,030) 218,657 (1,895) 203,975 (1,894) 47,519 (843) 45,728 (717) 40,620 (757) 2-1/2 year and over variable ceiling certificates7 (standard error of the estimate) 86,968 (1,812) 86,607 (1,770) 87,655 (1,768) 26,506 (535) 25,634 (503) 25,270 (517) 3-1/2 year ceiling-free time deposits in:8 2,760 3,269 3,757 426 485 547 2,614 (221) 146 (61) 3,125 (263) 144 (63) 3,600 (307) 157 (84) 397 (26) 29 (6) 455 (32) 30 (7) 515 (36) 32 (7) Fixed-rate accounts (standard error of the estimate) Variable-rate accounts (standard error of the estimate) (68) i All IRA/Keogh Plan Deposits9 17,272 18,096 19,763 6,199 6,347 6,396 12,837 1,592 1,694 1,867 t Ceiling-free IRA/Keogh Time Deposits in: 10,420 11,224 Fixed-rate accounts (standard error of the estimate) Variable-rate accounts (standard error of the estimate) 8,276 (340) 2,144 (137) 8,963 (367) 2,261 (143) 10,190 (411) 2,647 (164) 1,313 (75) 279 (29) 1,387 (83) 307 (32) 1,532 (92) 335 (35) All Other IRA/Keogh time and savings deposits (standard error of the estimate) 6,852 (356) 6,872 (371) 6,926 (383) 4,607 (190) 4,653 (192) 4,529 (191) 7,677 Retail repurchase agreements^ 4,581 5,937 2,576 807 1,472 (standard error of the estimate) (772) (683) (533) (460) (153) (279) 1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banks and 90 mutual savings banks. 2. Super NOW accounts are NOW accounts containing an agreement between depositor and depository such that, provided certain conditions—including a $2,500 minimum balance—are met, soae or all funds deposited are eligible to earn more than 5.25 percent. 3. Money market deposit accounts (MMDAs)—Deposits with a $2,500 initial and average balance requirement, no required minimum maturity but institutions must reserve the right to require at least seven days' notice prior to withdrawal, no restrictions on depositor eligibility, or limitations on the amount of interest that may be paid unless the average balance falls below $2,500 during which period the NOW account rate ceiling applies; such accounts may allow up to six transfers per month, no more than three of which may be by draft and may permit unlimited withdrawals by mail, messenger, or in person. 4. 7- to 31-day money market certificates are nonnegotiable time deposits that require a minimum daily balance of $20,000, but less than $100,000, and have an original maturity or required notice period of at least 7 days but no more than 31 days. The maximum permissible rate of interest is tied to the discount yield (auction average) on the most recently issued 91-day Treasury bill. 5. 91-day money market certificates are negotiable or nonnegotiable time deposits issued in denominations of at least $7,500, but less than $100,000, with original maturities of exactly 91 days for which the maximum permissible rate of interest on new deposits is tied to the discount yield on the most recently issued 91-day (13-week) Treasury bill (auction average). 6. 6-month money market certificates (MMCs) are nonnegotiable time deposits in denominations of $10;000, but less than $100,000, with original maturities of exactly 26 weeks for which the maximum*permissible rate of interest on new deposits related to the discount yield on the most recently issued 6-month Treasury bill (auction average). 7. This category includes all 4-year and over variable ceiling accounts having no legal minimum denomination issued between July 1 and December 31, 1979 and all 2-1/2 year and over variable ceiling accounts issued since January 1, 1980. 8. Ceiling-free time deposits are all negotiable or nonnegotiable time deposits in denominations of less than $100,000 with original maturities of 3-1/2 years or more that were authorized beginning May 1, 1982. Fixed-rate accounts pay one rate of return over the life of the instrument, whereas variable rate accounts pay a rate of return that may vary over the life of the instrument. Excludes IRA/Keogh accounts. 9. Ceiling-free IRA/Keogh time deposits of less than $100,000 with original maturities of 1-1/2 years of more, were authorized beginning December 1, 1981. Fixed-rate accounts pay one rate of return over the life of the instrument, whereas variable rate accounts pay a rate of return that may change periodically over the life of the instrument. All other IRA and Keogh Plan time and savings deposits include all IRA/Keogh time deposits regardless of maturity or ceiling rate. 10. Retail repurchase agreements are in denominations of less than $100,000 with maturities of less than 90 days that arise from the transfer of direct obligations of, or obligations fully-guaranteed as to principal and interest by, the U.S. Government or an agency thereof. p—preliminary SPECIAL SUPPLEMENTARY TABLE (CONTINUED): Liability Categories Mutual Savings Banks Jan. 26P Nov. 30 | Dec. 29 Offering Number of Institutions —— — I 250 Insured Commercial Banks Nov. 30 Dec. 29 Jan. 26P Number of Offering Inst itutions —— 11,269 1 Super NOW accounts 11,639 12,632 — 395 1 400 7,684 8,020 7,522 239 204 I 189 13,243 13,341 13,070 386 366 I 373 13,981 14,071 14,027 422 420 I 418 13,588 13,702 13,559 422 420 N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4,188 1,131 4,337 1,156 N.A. N.A. 142 88 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11,256 8,663 11,258 8,840 11,258 8,917 388 329 379 332 378 329 8,946 9,021 8,862 379 357 364 5,550 5,727 5,168 229 209 Money market deposit accounts 7- to 31-day money market certificates 91-day money market certificates • 6-month money market certificates 2-1/2 year and over variable ceiling certificates i 3-1/2 year ceiling-free IRA/Keogh time deposits in: Fixed-rate accounts Variable-rate accounts All IRA and Keogh Plan deposits Ceiling-free IRA/Keogh time deposits in: Fixed-rate accounts Variable-rate accounts All Other IRA/Keogh time and saving deposits Retail repurchase agreements N.A. - Data not available. NOTE: 1 | 223 | See table 1.16 in the Federal Reserve Bulletin for regulatory ceiling rates on specific account categories. 418 N.A. 140 70
@FedFRASER