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FEDERAL RESERVE statistical release

For release at
4:15 PM EST
February 10, 1984

H.6(508)

The accompanying standard Money Stock and Liquid Assets tables are
the final ones that present weekly data on a week-ended Wednesday basis and
weekly and monthly data not revised to incorporate updated seasonal adjustment factors, benchmark revisions and a redefinition of M3 to incorporate
term Eurodollars held by U.S. residents.
This release also includes updated monthly seasonal adjustment
factors for all money stock measures.

In addition, revised monthly levels

of the money stock measures are presented for the period from October 1982
to January 1984, together with a comparison of growth rates of the revised
and old money stock measures over the same period.

(This comparison updates

information included in the Appendix to the February 6, 1984 Monetary Policy
Report to Congress.)
The next H.6 release, scheduled for Thursday, February 16, will
be published on the revised basis.

All weekly data on that release will be

presented for weeks ending on Monday, to correspond with the new reporting
cycle under contemporaneous reserve requirements (CRR).

The weekly seasonal

factors to be used in constructing these data are not yet available; such
factors will be published on February 16.

In light of the substantial

changes to reporting and reserve computation and maintenance systems occasioned by CRR, delays may occur in coming weeks in the publication of money
stock and related data and data revisions for a time could be larger than
normal.




FEDERAL RESERVE statistical release
H6(508)
Table 1

For Release at 4:15 p.m Eastern Time

MONEY STOCK MEASURES AND LIQUID ASSETS

PBBBUaBY 10, 1984

Billions of dollars
M1

sum of
currency,
travelers
checks,
demand
deposits and
other
checkable
deposits1

Date

196 3 — J A N .
FEB.
MAR.
APR.
HAY

198*1—JAN. P

Seasonal! i
M1 plus
overnight RPs
and Eurodollars,
MMMF
balances (gen.
pur. and

broker/dealer),
MMDAs,
and savings
and small time
deposits2

M2 plus large
time deposits,
term RPs and
institution-only
MMMF

2010.0
2050.8
2069.9
2074.8
2096.2

M3 plus other
liquid assets4

balances3

L

M3 plus other
liquid assets4

deposits

497.6
496.5
507.4
511.7
515.5
516.7
517.1
517.9
518.3
521.1

2126.3
2136.9
2145.4
2161.6
2174.6
2184. 1

524.3

2191.9

2614.5

2114.4

M2
M3.,
Not seasonally adjusted
M1 plus
sum of
overnight RPs
currency,
and Eurodollars, M2 plus large
time deposits,
travelers
MMMF
checks,
balances (gen. term RPs and
institution-only
demand
pur. and
MMMF
deposits and
broker/dealer),
balances3
other
MMDAs,
checkable
and savings
deposits1
and small time
2
M1

adjusted

2403.3
2430.7
2447.1
2453.9
2476.2
2496.8
2510.3
2528.8
2544.9
2563.2
2588.7
2602.4

482.1
491.1

JUNE
JULY
AOG.
SEPT,
OCT.
NOV.
DEC.

M3

M2

2930.6
2960.2
2987.5
3005.8
3031.3
3058.6
3087.8
3116.2
3137.9
3155.2

489.7
480.6
489.2
504.5
499.8
508.3
514.7
511.6
514.1
519.5
523.8
535.3

2018.3
2042.5
2065.9
2088.5
2092.7
2114.1
2127.8
2129.2
2137.2
2160.6
2174.4
2190.9

2415.2
2427.1
2445.9
2465.4
2471.5
2495.4
2508. 1
25.19.8

2945.5
2964.7
2992.2
3020.6
302S.7
3054.9
3078.6
3102.9

2535.7
2561.7
2538.3
2610.9

3121.3
3150.3

532.2

2200.7

2627.1

13-week
average

Not seasonally adjusted
4-week
average

M1

13-week
average

Seasonally adjusted
4-week
average

18
25 P

519.4
519.9
520.4
520.7

521.6
523.0
523.4
523.4

522.2
526.3
S23.6
521.6

527.7
529.2
530.4
530.8

538.1
541.5
541.5
537.7

551.2
546.9
536.0
516.6

1 P

521.3

524.0

524.6

530.6

528.4

514. 1

For period ended

1934-JAN.

4
11

FEE.

NOTE:

week average

week average

SPECIAL CAUTION SHOULD BE TAKEH IH INTBBPRETIIG MEEK-TO-IEEK CHANGES III HONEY SUPPLY DATA, WHICH
HIGHLY VOLATILE AMD SUBJECT TO REVISION.
P ~ I N D I C A T E S P B E L i n i N l B Y DATa.
POOTNOTES APPEAR Oil THE POLLOVING PAGE




H.6(508)
Table 2

MONEY STOCK MEASURES AND LIQUID ASSETS
Percent change at seasonally adjusted annual rates
Date

M1

M2

M3

3 MONTHS FFOH OCT.

1 9 8 3 TO JAN.

1984

4.9

5.6

8.0

6 HONTHS FROM JOLY

1 9 8 3 TO JIM.

1984

3.4

6.2

8.3

12 MONTHS FROft JAN.

1 9 8 3 TO JAN.

1984

8.8

9.0

8.8

THIRTEEN WEEKS ENDING F E B .
. 1 , 1984
FROM THIRTEEN WEEKS ENDING:

1/

2/

3/

4/




NOV.

2,

1983

( 1 3 WEEKS PREVIOUS)

3.3

AUG.

3,

1983

(26 WEEKS PREVIOUS)

3.6

FEB.

2,

1983

( 5 2 WEEKS PPEVIOOS)

8.9

FOOTNOTES TO TABLE 1
AVERAGES OF DAILY FIGURES FOR (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, ANP
THE VAULTS OF COHHERCIAL BANKS; (2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS
AT ALL COMMERCIAL BANKS OTHEB THAN THOSE DUE TO DOHESTIC BANKS, THE U.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 DEPOSITOPY
INSTITUTIONS OTHER THAN CREDIT UNIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMAND
DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE TH*
ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONS
TO SERVICE THEIR OCD LIABILITIES.
INCLUDES OVEXNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND FURODOLLURS
ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF TT.S. BANKS, HMDAS, SAVINGS
AND SHALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF L?SS
THAN $100,000), AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BPOKEB/DEALEP
MONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND MONFY
MABKET FUNDS. ALSO EXCLUDES AMOUNTS HELD BY U.S. COMMERCIAL BANKS, HONEY MARKET FUNDS (GENERAL
PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COHHERCIAL BANKS, AND THE U.S. GOVERNMENT.
H2 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.
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, MONEY MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. M3 WILL
DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT
THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS HELD BY INSTITUTION-ONLY MONEY HARKE"*
MUTUAL FUNDS.
OTHEB LIQUID ASSETS INCLUDE THE NONBANK PUBLIC HOLDING OF tl.S. SAVINGS BONDS, SHOPT-TPPH
TREASUEY SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES, AND TERM EURODOLLARS HgLfl BY U.S.
RESIDENTS, NET OF MONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.

H.6 (508)
Table 3

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Buttons of dollars, seasonally adjusted unless otherwise noted

Date

Travelers2
checks

Currency'

Demand
deposits3

Other
Overnight
RPs 5
checkable
4
deposits
NSA

Overnight
Eurodollars6

Money
market
deposit
accounts 7

NSA

NSA

Savings depositsB
at
commercial
banks

at

thrift
institutions

total

Small denomination
time deposits'9
at
at
commerthrift
total
cial
institubanks
tions

Money market
mutual fund balances'0
general

purpose institution
and broker/
only
dealer

1
i

1i4. 2
1J5. 6
137. 0

4. 1
4. 3
4. 5

239. 4
238. 7
240. 1

1 0 4 . t>
112.5

116.0

40. 1
41.0
4 0.9

4. 6
4. 7
4. 7

238. 9
242. 5
244. 0

115.0
120.9
122.7

42.5
46.0
46.6

a. 1
9. 1

JUNE

13d. 0
139. 3
140. 3

JULY
AUG.
SEPT.

140. 9
141. 8
143. 0

4. b
4. 7
4. 7

245. 8
244. 5
24 3. 4

124.2
125.8
126.0

43.5

9.2

42.1
42.9

OCT.
MOV.
ORC.

144. 2
14 5. 3
146.0

4. 8
4. 8

4. 6

242. 9
241. 6
243. 1

126.0
126.5
127.1

147.8

4. 7

243. 3

244.
246.
243.
239.

198J-JAN.
PBb*
MAR.

APR.
HAY

1984-JAN. P

18 9 . 1
277. 7
320. 5

151.7
144.7
142.3

103.3
181.0
180.4

3 3 5. 1
125. 7
322.7

356.7
337.7
326.8

440.7
417.4
407.0

797.4
755.1
73 3.8

34 1 . 2
356. 6
367* 3

14O%8
140.8
140.6

180.7
182.3
184.2

321.5
323. 1
325.0

321.5
318.8
319.5

404.2
401.4
402.6

725.7
720. IV
722.1

146,7
14 1.1
119,7

41.0
40.4
39.21

368* 4
366. 3
366. 9

139.6

10.0
10. 1

136.3
137.3

183.9
183.fi
183.3

323.5
322. 1
320.6

326.1
312.2
337.0

408.9
415.7
420.7

735.1
748.0
757.7

13*. B
13<>.1
137.6

38.6
* 38.4
39.1

45.2
44.8
45.3

11.3
10.4
10.9

367. 4
36 9 . 1
372. 4

136. 1
135.2
133.9

182.7
181.1
178.3

318.8
316.4
312.3

343.5
349.7
352.3

427.5
434.7
439.2

771.0
784. «
791.5

137.8
138.7
138.0

39.9
40.6
40.2

128.4

46.7

11.0

376. 7

133.0

176.0

309.0

351.9

442. 1

794.0

138.1

40.8

5
3
7
8

125.9
127.7
127.5
129.2

45.2
46.8
46.1
47.0

12. 2
11. 1
11. 1
11. 1

374.
376.
376.
376.

8
9
6

133.5
133.2
133.0
132.9

351.5
352.0
351.7
351.7

136.5
137.9
138.0
138.4

40.0
40.6
40.8
41.1

241. 8

129.8

48.0

10.0

377. 8

132.8

351.7

139.3

41.1

7. 2
7.9
7.9

9.4

166^7

159.6

•.}**•*$

Uf. 1
45.?
,43.5

WEEK ENDING
1984
JAN,

4
11
16
25 P

FEB.

1/

1 P

147.
147.
147.
147.

1
5
7
8

148. 2

5

CURBENCY OUTSIDE THE U.S. TREASURY, P.fa. BANKS AND VAULTS OP COMMERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OP fAULT CASH
HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
2/ OUTSTANDING AMOUNT OP U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OP NONBANK ISSUERS.
3/ DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED IiSTITUTIONS OTHER THAN THOSE DIIE TO DOMESTIC BANKS, THE fl.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OP COLLECTION AND P.R. FLOAT. FfCLnDES THE
ESTIMATED AMOUNT OP DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIPT INSTITUTIONS TO SERVICE THEIR OCI> LIABILITIES.
4/ INCLUDES ATS AND NOH BALANCES AT ALL DEPOSITORY INSTITUTIONS EXCEPT CREDIT UNIONS, CREDIT UNION SHABE DRAFT BALANCES AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THP
SEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED APE ALL CEILING
PREE "SUPEh NOUS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5,
1983. PRELIMINARY DATA INDICATE THAT BALANCES IN "SUPER NOUS1* HERP ABOnT $38.8 BILLION IN THE BERK ENDED JANUARY
IB,
ABOUT $37.6 BILLION IN THE KEEK ENDED JANUARY
25, AND ABOUT $37.6 BILLION IN THE HEFK ENDED PEBRUARY
1. THESE
FIGURES INCLUDE BALANCES IV "SUPER NOBS" AT COMMERCIAL BANKS OP ABOUT $28.0 BILLION IN THE WEPK ENDPD JANUARY 1fi,
ABOUT $27.1 BILLION IN THE MEEK ENDEO JANUARY
25, AND ABOUT $27.1 BILLION IN THE HEEK ENDED PBBRriARY 1.
5/ INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY
MARKET MUTUAL FUNDS (GENERAL PURPOSE AMD BROKER/DKALEK).
t»/ ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO U.S. RESIDENTS OTHER THAN
DEPOSITORY INSTITUTIONS AND MONEY MARKET NflTUAL FUNDS.
7/ MONEY ?!AfeKtT DEPOSIT ACCOUNTS (HHDAS) HERE AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OPPERED
BEGINNING DECEMbER 14, 1982.
8/ SAVINGS DEPOSITS EXCLUDE MNDAS.
9/ SMALL DENOMINATION TIME DEPOSITS -- INCLUDING KETATL JU'S -- AhF THOSE ISSUED IN AMOUNTS OP LESS THAN *100,000. ALL INDIVIDUAL
RETIREMENT ACCOUNTS (IKA) AND KFOGH ACCOUNTS AT COMMEHC1AL BANKS AND THhIFTS ARE SUBTRACTED FROM SMALL TIM?? DEPOSITS.
10/ NOT SEASONALLY ADJUSTED, INCLUDES BALANCES IN BOTH TAXABLE AND TAX-EXEMPT FUNDS. ALL INDIVIDUAL RETIREMENT ACCOnNTS
AND KEOGH ACCOUNTS AT MONEY PUNDS AHE EXCLUDED.




H.6 (508)
Table 3—continued
^f%aj|DfiiiL|Ciui"ro rtl- m ^ NEY STOCK MEASURES AND
Billions of dollars, seasonally adius ted unless otherwise noted
Laroe denomination time deposits 1
at thrift
Date
at commercial
total
institutions
banks?

LIQUID ASSETS

4

at commercial
banks
NSA

Term RP$3
at thrift
institutions
NSA

total
NSA

Term 4
Eurodollars

Savings
bonds

Short-term
Treasury
securities**

Bankep .

Commercial
paper?

NSA

19 8 3 - J A N .
FEB.
MAR.

247.6
235.2
231.6

63.1
62-7
64.6

310.7
297.9
296.2

27.9
28.6
29.4

12.6
12.2
12.3

40.6
40.8
41.7

81.1

68.1

83.5
85.9

68.5
68.8

219.3
219.3
224.5

45.3
43.2
42*0

113.5
115.1
119.2

APR.
HAY
JUNE

231.0
226.7
228.8

69.2
72.5
75.3

300.2
299.2
304.1

30.3
32.7
31.5

12.4
12.5
13.0

42.7
45.3
44.5

88.4
89.9
89.8

69.2
69.6
69.8

210.5
231.4
237.2

• 1.2
40.8
40.2

122.5
123.4
122.9

JULY
AUG.
SEPT.

225.7
226.4
226.8

79.9
85.1
90.8

305.6
311.6
317.7

29.5
31.6
31.8

13.3
13.7
14.3

42.8
45.3
46.1

89.6
89.8
89.5

70.0
70.2
70.4

252.1
262.9
264.5

41.4
43.5
43.3

124.4
121.0
125.3

OCT.
NOT.
PEC.

224.3
226.5
228.6

95.6
98.4
100.4

319.9
324.8
329.0

30.4
35.3
35.2

15.1
16.3
17.4

45.5
51.6
52.6

90.4

70.6

262.1

42*3

126.6

228.8

103.5

332.3

33.8

18.2

52.0

1984-JAN. P
WEEK ENDING:
1984-JAN. '

FEB.

1/

2/
3/
4/
5/
6/
7/

4
11
18
25 P

232.3
229.0
229.1
228.7

33.5
31.0
34.4
34.6

1 P

225.9

35.7

LARGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF |10( ,000 OR MORE, EXCLUDING THOSE BOOKED AT INTrRWATlONAL

BANKING FACILITIES (IBFS).
LARGE DBMOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTION?.
TERM RPS ARE THOSE HITH ORIGINAL MATURITY GREATER THAN OMB DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.
TERM EURODOLLARS ARE THOSE KITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS.
INCLUDES U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHPR THAN DEPOSITOR! INSTITUTIONS, F.B. BANKS, AND HONEY MARKET MUTUAL FUNDS.
NB? OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL ROUE LOAN BIN*
SYSTEM, AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL FUNDS.




H.6 (508)
Table 3A

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, not seasonally adjusted
Othe r checkable deposits

Demand deposit s

Date

Currency1

Travelers
checks2

at member
banks3

at domestic
nonmember
banks4

at foreignrelated
banking
offices
In the U.S.5

total 6

at
commercial
banks 7

at thrift
institutions8

total

Overnight
RPs9

Overnight
Eurodollars

1983-JAN.
FEB.
MAR.

133.7
135. 4

3.9
4.1
4.3

161.9
153.4
155.4

80.1
76.2
76.5

3.7
3.6
3.7

245. 1
232.8
235.2

82.4
83.6
86.7

25.1
26.4
27.7

107.5
110.0
114.3

40. 1
41.0
40.9

7.2
7.9
7.9

APR.
HAT
JUNE

137.4
138.9
140.3

4.4
4.5
4.9

160.1
157.4
160.2

79.0
77.5
78.6

3.8
3.7
3.7

242.4
238.2
242. 1

90.8
88.7
90.7

29.5
29.5
30.3

120.2
118.2
121.0

42.5
46.0
46.6

«. 1
9. 1
0.4

JULY
AUG.
SEPT.

142.0
142.1
142.6

5.2
5.1
5.0

162.7
160.8
161.5

79.1
77.4
77.6

3.7
3.6
3.4

245.1
241.3
242.1

91.7
92.2
93.3

30.8
30.8
31.2

122.5
123.0
124.5

4 3.5
42. 1
42.9

0.2
10.0
10. 1

OCT.
MO?.
DEC.

143.9
146.1
148.7

4.8
4.6
4.6

163.2
163.4
168.4

78.1
78.2
79.7

3.6
3.5
3.7

244.4
244.7
251.4

94.2
95.5
97.6

32.2
32.9
33.1

126.4
128.4
130.7

45.2
44.8
45.3

11.1
10.4
10.9

146.5

4.5

167.7

78.3

3.7

249. 1

99.1

33.0

132.1

46.7

11.0

133.2

19 8«»-JAN. P
WEEK ENDING:
1984-JAH.

4
11
18
25 P

148.1
147.8
146.7
145.3

178.1
172.9
169.2
160.4

8 3.4
82.2
78.9
74.6

4.1
3.6
3.6
3.6

265.0
258. 1
251.2
238. 1

99.9
102.3
100.5
96.7

33.7
34.1
33.2
32.0

133.5
136.5
133.7
12ft.7

45.2
46.8
46. 1
47.0

12.2
11.1
11. 1
11.1

FEB.

1P

144.7

160.3

73.8

3.6

237.2

95.7

32.0

127.7

48.0

10.0

1/
2/
3/
4/
5/
6/
1/
8/
9/
10/




CUBHBNCY OUTSIDE THE U.S. TBEAS0RY, F.B. BANKS AND THE VAULTS OF COMMERCIAL BANKS.
EXCLUDES THE ESTIMATED AMOUNT OP VAULT
CASH HELD ET THRIFT INSTITUTIONS TO SEBVICE THFIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OP NONBANK ISSUERS.
DEHAND DEPOSITS OTHEB 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 THF FEDP.PAL RESERVF SYSTEM.
DEHAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FORFIGN BANKS AND OFFICIAL INSTITHTIONS f.PSS
CASH ITEMS IN THE PROCESS OF COLLECTION AT NONMEMBER BANKS.
DEPOSITS AS DESCRIBED IN FOOTNOTE 4 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS ANT> POPEIGN TNVESTHFNT
COHPAN ES.
EQUALS SUM OF THREE PREVIOUS COMPONENTS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMPRCIAL BANKS BY TTfRTFT
INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
NOW AND ATS BALANCES AT COMMERCIAL BANKS, BRANCHES AND AGENCIES OP FOREIGN BANKS, AND EDGE ACT CORPORATIONS; INCLUDES
SUPEB BOW ACCOUNTS.
NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHAPF, DRAFT BALANCES, AND
DEMAND DEPOSITS AT THRIFTS; INCLUDES SUPER NOW ACCOUNTS.
INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSHFD BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKFF/D^ALER) .
ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO T.S. RESIDENTS O T H W THAN DEPOSITORY
INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS (GENERAL PUPPCSE ANT)

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
total

at
commercial
banks

at
thrift
institutions

Small denomination time deposits^
total

at
commercial
banks

at
thrift
institutions

total

Large denomination time deposits 3
at
commercial
banks4

at
thrift
institutions

at
commercial
banks

at
thrift
institutions

1983-JAN.
FEB.
HAB.

114.2
163.3
185.8

74.9
114.5
134.6

189.1
277.7
320.5

150.3
143.5
142.1

184.3
181.0
181.1

334.7
324.5
323.2

356.3
339.3
329.2

442. 3
419.2
408.5

798.6
758.5
737.7

250.4
238.7
233.4

63.8
63.9
65.5

314.2

APR.
MAY
JOHE

198.0
207.6
215.0

143.2
149.2
152.3

341.2
356.8
367.3

141.9
141.7
141.5

182.4
182.9
184.8

324.3
324.6
326.3

322.7
320.4
321.0

405.9
402.3
402.8

728.6
722.7
723.9

229.1
225.3
226.2

68.9
72.6
74.8

298.0
298.0
301.0

JOLY
AOG.
SEPT.

216.9
217.4
219.5

151.5
148.8
147.4

368.4
366.3
366.9

141.0
138.8
137. 1

185-6
182.7
181.0

326.6
321.5
318.2

325.6
331.6
335.9

408.7
414.4
418.9

734.3
746.0
754.8

222.9
225.6
226.4

79.1
84.6
90.3

301.9
310.3
316.7

OCT.
HOV.
DEC*

221.8
225.1
22 8.5

145.6
144.0
144.0

36 7.4
369.1
372.4

136.4
134.2
132.5

181.6
179.5
177.6

318.0
313.8
310.1

342.5
347.8
349.4

426.7
433.5
436.9

769.2
781.3
786.2

224.2
227.1
230.8

95.2
97.6
100.0

319.4
324.6
330.8

23 2.5

144.2

376.7

131.8

176.9

308.7

351.5

4*3.7

795.2

231.4

104.7

336. 1

4
11
18
25 P

230.3
23 2.3
23 2.7
232.8

144.1
144.5
144.2
143.8

374.5
376.8
376.9
376.6

132.6
132.7
131.9
131.3

350.1
350.9
351.7
352.0

236.0
231.5
230.9
231.0

1 P

233.6

144.3

377.8

130.8

352.4

229.3

Date

1984-JAM. P

totals

302.6
298.9

WEEK ENDING
1984
JAM.

FEB.

1/
2/

3/
4/




SAVINGS DEPOSITS EXCLUDE NMDAS.
SMALL DENOMINATION TIME DEPOSITS — INCLUDING RETAIL EPS — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100#000. ALL
INDIVIDUAL RETIBEMENT ACCOUNTS (IBA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FBOM SMALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONET MARKET MUTUAL FUNDS AND THRIFT
INSTITUTIONS.

H.6 (508)
Table 3A—continued

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
7

Billions of dona rs, not seasonally adjijsted
Term RP's 1
Date

at
commercial
banks

at
thrift
institutions

total

Term
Eurodollars 2

Savings
bonds

Short-term
treasury
securities 3

Bankers
acceptances

Commercial
paper 5

1983-JAN.
FEB.
WAR.

27.9
28.6
29.4

12.6
12.2
12.3

40.6
40.8
41.7

81.1
83.5
8S.9

68.4
68.5
68.7

221.3
225.5
231.1

45.4
43.5
41.5

114.1
116.6
119. 1

APR.

12,4
12.5
13.0

42.7
45.3
44.5

88.4

JUNE

30.3
32.7
31.5

89.9
89.8

69.0
69.3
69.6

234.3
234.5
236.7

40.7
40.4
40.1

122.8
124.2
123.3

JULY
ADG.
SEPT.

29.5
31.6
31.8

13.3
13.7
14.3

42.8
45.3
46. 1

89.6
89.8
89.5

69.9
70.2
70.4

246.5
256.1
258.4

40.9
43.1
43.8

123.7
123.9
123.5

OCT.
NOV.
OEC.

30.4
35.3
35.2

15. 1
16.3
17.4

45.5
51.6
52.6

90.4

70.7

258.1

43.0

126.4

33.8

18.2

52.0

HAY

1984-JAN. P
MEEK ENDING:
1984-JAN.

4
11
18
25 P

33.5
31.0
34.4
34.6

FEB.

1 P

35.7

1/
2/
3/
4/

TERM RPS ARE THOSE WITH ORIGINAL HATUBITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.
TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSF HFLD BY DEPOSITORY INSTITUTIONS AND
HONEY MARKET MUTUAL FUNDS.
INCLUDES U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHER THAN DEPOSITORY INSTITUTIONS, F.R. BANKS, AND MONEY MARKET MUTUAL FUNDS.
NET OF BANKERS
ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OPFICIAL INSTITUTIONS, THE FEOERAL HOME LOAN BANK
SYSTEM, AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.

5/




H.6 (508)
Table 4
MEMORANDA ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to

8
Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

IRA and Keogh Accounts

U.S. government deposits
demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

8.7
8.3
8.1

2.8
2.8
2.7

3.3
3.2
3.3

13.5
7.4
10.4

19.6
13.4
16.5

1.0
0.9
1.0

19.3
20.7
22.8

28.8
29.7
31.3

4.7
4.8
4.9

52.8
55.2
59.0

2.0
2.0
2.0

7.9
7.7
7.7

3.9
2.5
3.4

3.8
3.6
3.4

10.3
10.0
9.8

18.0
16.0
16.6

1.1
0.9
0.8

26.2
27.3
27.9

33.6
34.9
35.6

5.2
5.2
5.1

65.1
67.4
68.6

8.3
8.1
8.3

2.0
2.1
2.0

7.6
7.6
7.5

2.8
2.4
3.2

4.2
3.5
7.4

19.1
14.0
14.8

26.0
19.9
25.3

0.8
0.8
0.8

28.4
28.9
29.5

36.4
37.1
37.7

5.0
5.1
5.0

69.8
71. 1
72.2

8.3
8.6
8.5

2.0
2.1
2.0

7.4
7.4
7.4

2.7
2.8
3.0

7.1
2.9
3.5

22.0
5.8
7.6

31.8
11.5
14.2

0.7
0.7
0.7

30.2
30.7
31.2

38.2
38.8
40.2

5.1
5. 1
5.0e

73.4
74.5
76.4e

8.5

1.9

7.2

3.1

4.5

15.7

23.3

0.9

32.7

42.3

5. 1e

80.1e

4
11
18
25 P

9.6
8.6
8.2
7.7

2.0
2.0
1.8
1.8

7.4
7.3
7.2
7.2

2.9
3.3
3.8
2.9

3.4
3.5
3.1
5.3

9.4
11.4
13.3
21.1

15.7
18.1
20.3
29.3

0.8
0.8
0.8
0.9

1P

8.9

1.8

7.1

2.3

7.2

21.6

31.1

0.9

foreign
commercial
banks

foreign
official
institutions

1983-JAN.
FEB.
HAR.

7.8
7.9
8.1

2.1
2.0
1.9

APR.
JUNE

7.9
8.1
8.2

JULY
A06.
SEPT.
OCT.
NOV.
DEC.

Date

HAY

1984-JAN. P

note balances total demand time and saving*
deposits at
at commercial deposits and
commercial
note and
banks and thrift
banks
FR balances
institutions

MEEK ENDING:
1984
JAN.

FEB.

estiaated




commercial
banks

thrift
institutions

money
market
mutual funds

total

SPECIAL SUPPLEMENTARY TABLE
Monthly Survey of Selected Deposits and Other Accounts
At All Insured Commercial Banks and All Mutual Savings Banks^
December 28, 1983 and January 25, 1984P
(not seasonally adjusted)

Liability Categories

"Super NOW" accounts2
(standard error of the estimate)
Money market deposit accounts-*
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:**
7 to 31 days
(standard error of the estimate)

Amount Outstanding ($mil)
Dec. 28
Jan. 25P
28,769r
(529)
228,433r

29,002
(561)
232,751

[nsured Commercial Banks
Average Rate Paid (%)
Jan. 25P
Dec. 28

Number of Issuing Banks
Dec. 28
Jan. 25P

7.3Or

7.28

12,164r

12,198

8.36

8.38

12,465*

12,597

8.50*

8.49

7,741*

7,396

4,815r
(449)

4,655
(398)

32 to 91 days
(standard error of the estimate)

14,653r
(659)

15,573
(849)

8.61

8.62

12,952r

13,059

92 to 182 days
(standard error of the estimate)

177,543r
(2,417)

174,824
(2,505)

9.42

9.33

13,868

13,804

183 days to 1 year
(standard error of the estimate)

22,720*
(1.658)

26.522
(1.764)

9.56

9.48

11,317*

11,498

over 1 year to 2-1/2 years
(standard error of the estimate)

43,431*
(1,560)

46,823
(1.602)

10.07

9.99

13,127r

13.058

2-1/2 years and over
(standard error of the estimate)

lll,409r
(2,384)

112,731
(2.450)

10.48

10.42

12,53Or

12,587

All IRA/Keogh Plan deposits5
(standard error of the estimate)

30,144*
(269)

31,927
(302)

(N.A.)

(N.A.)

13,141r

13,073

Retail repurchase agreements6
(standard error of the estimate)

l,342r
(185)

1.145
(164)

8.19r

7.99

3,282r

3,062

Liability Categories

State-Chartered Mutual Savings Banks7
Amount Outstanding ($mil)
Number of [ssuing Banks
Average Rate Paid (X)
Jan. 25P
Dec. 28
Jan. 25P
Dec. 28
Jan. 25P
Dec. 28

"Super NOW" accounts2
(standard error of the estimate)

951 r
(50)

954
(52)

7.51r

7.60

236r

236

Money market deposit accounts-'
(standard error of the estimate)

24,734r
(62)

24,908
(64)

8.71r

8.73

351r

351

198r
(49)

187
(50)

8.31r

8.44

114*

114

32 to 91 days
(standard error of the estimate)

977r
(105)

829
(94)

8.85r

8.67

266*

256

92 to 182 days
(standard error of the estimate)

27,646r
(726)

27,23a
(774)

9.72

9.67

374

374

183 days to 1 year
(standard error of the estimate)

3,829*
(457)

4,543
(496)

9.98

9.97

283*

283

over 1 year to 2-1/2 years
(standard error of the estimate)

8,776r
(851)

9,057
(863)

10.54*

10.44

355

355

2-1/2 years and over
(standard error of the estimate)

23,096r
(865)

23,328
(889)

10.78r

10.91

310r

318

All IRA and Keogh Plan deposits5
(standard error of the estimate)

6,579*
(197)

6,834
(215)

(N.A.)

(N.A.)

366

366

Retail repurchase agreements6
(standard error of the estimate)

131
(59)

119
(61)

8.42

8.71

103

70

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of: 4
7 to 31 days
(standard error of the estimate)

p - preliminary.
r - revised.

N.A. - Data not available.
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banks
and 75 mutual savings banks. Until the end of September 1983 data were collected concerning specific indexedceiiing and ceiling-free deposit accounts. Effective October 1, 1983, the DIDC deregulated time deposits, and
this survey now provides information on all small interest-bearing time deposits by maturity category. The data
presented for the end of October are not directly comparable to specific account data published previously, but
include those balances.
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, some 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 day's 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 draft and may permit unlimited
withdrawals by mail, messenger, or in person. Estimates for this category of deposits are based on data collected
by the Federal Reserve from weekly deposit reports submitted by about 10,500 commercial banks.
4. All interest-bearing time cercificates and open account time deposits with balances of less than $100,000,
Including those held in IRAs and Keogh Plan deposits.
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument In which held, or Interest rate paid.
6. Retail repurchase agreements are in denominations of less than $100,000 wich 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.
7. Over the last several months the number of mutual savings banks has declined sharply largely due to the conversion of MSBs to federal savings banks. As a result month-to-month changes In th« amounts outstanding in various
accounts are distorted downward.




Appendix A
Seasonal Adjustment

Updated monthly seasonal adjustment factors for 1983 and 1984
presented in Appendix Tables Al and A2.
Seasonal factors have been updated using the X-ll ARIMA procedure adopted in 1982.

All seasonal factors used to construct seasonally

adjusted monthly data for Ml, M2, and M3 are presented in Table Al.

The

nontransactions portion of M2 on the new basis is being seasonally adjusted
as a whole—instead of being built up from seasonally adjusted savings and
small time deposits—in Qrder to reduce distortions caused by substantial
portfolio shifts arising from regulatory and financial changes in recent
years, especially shifts to MMDAs in 1983.

A similar procedure has been

used to seasonally adjust the remaining nontransactions balances in M3.
Updated monthly seasonal factors for selected components of the broader
money stock measures—savings, small time and large time deposits at commercial banks and thrift institutions—are presented in Appendix Table A2;
in light of the regulatory changes and portfolio shifts affecting these
components, special caution should be taken in using such factors.

Finally,

Appendix Table A2 also presents monthly seasonal factors for the experimental
Ml series which are derived from a model-based procedure applied to weekly
data.




Appendix Table Al
Seasonal Factors Used to Construct Ml, M2 and M3
Monthly, 1983-1984

Currency

1
1983—January
February
March
April

May
June
July
August
September
October
November
December

1984—January
February
March
April

May
June
July
August
September
October
November
December

Nonbank
travelers
checks

2.

Transactions
deposits*

Demand
deposits*

3

4

Nontransactions components
in
in M3
only
M2

5

6

.9909
.9869
.9899
.9971
.9992
1.0017
1.0085
1.0020
.9968
.9979
1.0053
1.0173

.9424
.9480
.9520
.9536
.9798
1.0526
1.1155
1.1027
1.0564
1.0043
.9528
.9400

1.0173
.9757
.9841
1.0224
.9841
.9955
.9999
.9875
.9933
1.0028
1.0085
1.0276

1.0194
.9750
.9811
1.0110
.9836
.9951
1.0017
.9895
.9957
1.0049
1.0098
1.0323

.9990
.9999
1.0041
1.0021
1.0003
1.0014
1.0022
1.0012
.9982
.9995
.9972
.9936

1.0045
1.0082
1.0014
.9940
1.0007
.9939
.9887
1.0007
1.0005
.9974
1.0040
1.0083

.9895
.9870
.9932
.9978
.9996
1.0048
1.0079
1.0036
.9989
.9971
1.0070
1.0183

.9414
.9470
.9515
.9541
.9814
1.0545
1.1157
1.1018
1.0562.
1.0048
.9527
.9390

1.0179
.9767
.9848
1.0222
.9844
.9954
.9997
.9870
.9903
1.0024
1.0080
1.0278

1.0202
.9758
.9812
1.0105
.9838
.9949
1.0017
.9893
.9957
1.0046
1.0093
1.0326

.9994
1.0005
1.0047
1.0024
1.0006
1.0015
1.0019
1.0008
.9978
.9993
.9969
.9934

1.0040
1.0054
1.0006
.9940
1.0006
.9945
.9893
1.0012
1.0013
.9980
1.0042
1.0081

* In constructing Ml the seasonal factors for "transactions deposits" are used to derive the seasonally
adjusted sum of demand deposits and other checkable deposits. The demand deposits seasonal factors are
used to-construct seasonally adjusted demand deposits. Seasonally adjusted other checkable deposits is
derived as the difference between these two series.




Appendix Table A2
Seasonal Factors for Selected Deposit Components of M2 and M3
Monthly, 1983-1984
Commercial bank deposits
Small
Large
denomidenomination
nation
Savings
time
time
1
2
3

Thrift Institution deposits
Large
Smal 1
denomidenomination
nation
Savings
time
time
4
5
6

Memo: FExperimental Alternative
(Model-based) Seasonal Factors for Ml

Currency
7

Nonbank
travelers
checks
8

Transact ions
deposits
9

1983—January
February
March
April
May
June
July
August
September
October
November
December

.9925
.9954
1.0056
1.0130
1.0116
1.0111
1.0129
1.0023
.9929
.9917
.9822
.9806

1.0027
1.0075
1.0081
1.0020
1.0008
1.0001
.9967
.9983
.9973
.9976
.9966
.9939

1.0118
1.0099
1.0037
.9892
.9918
.9888
.9849
.9991
1.0022
1.0020
1.0058
1.0153

.9906
.9912
.9996
1.0055
1.0047
1.0078
1.0125
1.0015
.9961
.9998
.9950
.9904

1.0054
1.0001
.9968
.9968
.9931
.9936
.9969
.9987
1.0010
1.0067
1.0088
1.0060

.9969
.9967
.9906
.9890'
.9962
.9909
.9909
1.0016
1.0120
1.0203
1.0174
1.0035

.9928
.9879
.9918
.9963
1.0000
1.0035
1.0061
1.0037
.9987
.9982
1.0073
1.0169

.9412
.9476
.9570
.9599
.9786
1.0423
1.1110
1.1035
1.0601
1.0094
.9595
.9471

1.0203
.9755
.9822
1.0174
.9797
.9954
.9991
.9892
.9990
1.0051
1.0112
1.0309

1984—January
February
March
April
May
June
July
August
September
October
November
December

.9934
.9986
1.0103
1.0146
1.0132
1.0131
1.0123
1.0004
.9906
.9892
.9809
.9791

1.0023
1.0073
1.0072
1.0015
.9999
.9992
.9971
.9993
.9984
.9983
.9968
.9936

1.0095
1.0061
1.0013
.9888
.9911
.9903
.9871
1.0012
1.0036
1.0034
1.0059
1.0145

.9914
.9932
1.0022
1.0071
1.0060
1.0098
1.0121
.9996
.9936
.9982
.9939
.9901

1.0049
.9986
.9946
.9956
.9924
.9928
.9974
.9997
1.0022
1.0077
1.0097
1.0065

.9947
.9933
.9888
.9890
.9958
.9906
.9908
1.0021
1.0131
1.0214
1.0194
1.0047

.9932
.9884
.9915
.9960
1.0006
1.0032
1.0062
1.0038
.9979
.9993
1.0067
1.0168

.9412
.9477
.9570
.9599
.9799
1.0433
1.1117
1.1029
1.0599
1.0087
.9596
.9472

1.0201
.9764
.9822
1.0169
.9806
.9946
.9989
.9897
.9984
1.0063
1.0109
1.0 29 3




Appendix B
Revised and Old Monetary Aggregates*
October 1982 - January 1984
Billions of dollars, seasonally adjusted

Experimental

MS>

Ml

Ml

M3
2

old

revised

old

2352.0
2370.2
2377.6

469.6
475.9
479.2

468.0
474.8
478.5

2489.9
2517.1
2532.3
2550.6
2571.0
2593.0
2604.0
2617.2
2636.5
2657.2
2688.5
2707.5

2403.3
2430.7
2447.1
2453.9
2476.2
2498.8
2510.3
2528.8
2544.9
2563.2
2588.7
2602.4

483.8
491.1
496.8
499.7
508.2
510.8
515.6
516.5
516.6
520.7
521.7
524.1

481.0
490.7
498.8
498.7
507.6
510.8
512.2
515.2
515.0
517.0
520.0
520.3

2721.1

2614.5

528.6

523.7

revised

old

1982 October
November
December

470.2
476.4
480.5

468.7
474.0
478.2

1928.8
1945.7
1965.3

1929.7
1945.0
1959.5

2432.9
2448.6
2460.3

1983 January
February
March
April
June
July
August
September
October
November
December

485.1
491.1
496.4
497.9
506.6
510.9
514.9
517.4
518.9
521.6
523.0
525.3

482.1
491.1
497.6
496.5
507.4
511.7
515.5
516.7
517.1
517.9
518.3
521.1

2017.5
2054.0
2067.4
2081.8
2102.2
2117.0
2126.6
2135.3
2148.0
2167.3
2182.2
2196.5

2010.0
2050.8
2069.9
2074.8
2096.2
2114.4
2126.3
2136.9
2145.4
2161.6
2174.6
2184.1

1984 January p

530.0

524.3

2205.6

2191.9

May

revised

p—preliminary
1. The revisions are described in Appendix C.
2. Includes term Eurodollars held by U.S. residents,




revised

old

Appendix C
Money Stock Revisions

Revised measures of the money stock shown in Appendix B reflect
annual seasonal factor and benchmark revisions, as well as a definitional
change affecting M3.

This appendix discusses these revisions and presents

tables comparing growth rates of the old and new series.
Definitional Change
The definition of M3 has been changed to include term Eurodollars
held by U.S. residents in Canada and the United Kingdom, and at foreign
branches of U.S. banks elsewhere.

A recent reporting change provides data

on term Eurodollars at a panel of branches of large U.S. banks on a Schedule
similar to other M3 elements.

The inclusion of term Eurodollars raised the

level of M3 by about $90 billion but had a minimal effect on M3 growth in
1983.
Benchmark Revisions
Deposits have been benchmarked to recent call reports; further
revisions to deposits stem from changes to System reporting procedures made
in 1983, largely related to reduced reporting under the Garn-St Germain Act
of 1982.

In addition, the currency component was revised to reflect revi-

sions to figures on the amount of coin in circulation.

The net impact of

these revisions was to raise the levels and boost the growth rates of each
of the aggregates in 1983.
Seasonal Revisions
Seasonal factors have been updated using the X-ll ARIMA procedure
adopted in 1982.




Nontransactions M2 has been seasonally adjusted as a

C-2

whole—instead of being built up from seasonally adjusted savings and small
time deposits—in order to reduce distortions caused by portfolio shifts
arising from financial change in recent years, especially shifts to MMDAs
in 1982.

A similar procedure has been used to seasonally adjusted the non-

M2 portion of M3.




C-3
COMPARISON OF REVISED AND OLD Ml GROWTH RATES
(percent changes at annual rates)
Difference
Difference
due to
(1-2)
Benchmark Seasonals
(3)
(4)
(5)

Revised
Ml
(1)

Old
Ml
(2)

1982—Oct.
Nov.
Dec.

17.3
15.8
10.3

14.2
13.6
10.6

3.1
2.2
-0.3

0.5
0.8
-0.4

1.4

1983—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

11.5
14.8
13.0
3.6
21.0
10.2
5.8
3.5
6.2
3.2
5.3

9.8
22.4
15.9
-2.7
26.3
10.2
8.9
2.8
0.9
1.9
0.9
6.5

1.7
-7.6
-2.9
6.3
-5.3
0.0
0.5
3.0
2.6
4.3
2.3
-1.2

-2.4
0.2
0.0
1.7
0.5
1.4
0.9
0.0
0.6
1.6
0.0
-1.0

4.1
-7.8
-2.9
4.6
-5.8
-1.4
-0.4
3.0
2.0
2.7
2.3
-0.2

1984—Jan.

10.7

7.4

3.3

0.5

2.8

1982—QIV

15.4

13.1

2.3

0.2

2.1

1983—QI
QII
QIII
QIV

12.8
11.6
9.5
4.8

14.1
12.2
8.9
2.1

-1.3
-0.6
0.6
2.7

-0.7
0.8
0.8
0.6

-0.6
-1.4
-0.2
2.1

10.0

9.6

0.4

0.4

0.0

QIV '82 to
QII '83

12.4

13.3

-0.9

0.0

-0.9

QII '83 to
QIV '83

7.2

5.5

1.7

0.7

1.0

Monthly

9.4

2.6
0.1

Quarterly

Annual
1983—QIV '82 to
QIV '83
Semi-Annual




C-4
COMPARISON OF REVISED AND OLD M2 GROWTH RATES
(percent changes at annual rates)

Revised
(1)

M2

Old M2
(2)

Difference
(1-2)
(3)

Difference
due to
Benchmark
Seasonals
(A)
(5)

Monthly
1982—Oct.
Nov.
Dec.
19 83—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.3

10.5
12.1
31.9
21.7
7.8
8.4

11.8
8.4
5.4
4.9
7.1

7.9
9.5

8.9
30.9
24.4
11.2

1.4
1.0
3.2

-0.1

1.5
0.6
2.7

1.0

-0.6
-O.9

1.6

-2.7
-3.4

2.8

5.6

12.4
10.4

-0.6
-2.0
-1.4
-1.1

0.4
0.5

0.0
1.9
0.1

-0.1
0.0
0.0
0.6
0.9
0.0
0.3

-1.8
-3.4
3.7

-0.7
-1.9
-1.4
-1.1

8.2

6.8
6.0
4.8
9.1
7.2

7.9r

5.2r

2.3
1.7
1.0
2.7

5.0

4.3

0.7

0.6

0.1

1982—QIV

10.6

9.3

1.3

0.3

1.0

1983—QI
QII
QIII
QIV

20.5
10.6

20.3
10.1

0.2
0.5

6.9
8.5

7.8
7.0

-0.9

12.1

8.3

1984—Jan.

10.8

1.7
0.8
1.0
2.4

Quarterly

-0.2

0.4
0.0

1.5

0.5
0.1
0.4

11.7

0.4

0.3

0.1

7.8

0.5

0.6

-0.1

-1.0
1.1

Annual
1982--QIV

f

82
to
QIV '83
Feb/Mar. f83
to
QIV ! 83

r—revised.




C-5
COMPARISON OF REVISED AND OLD M3 GROWTH RATES1
(percent changes at annual rates)

Revised M3
(1)

Old M3
(2)

Difference
(1-2)
(3)

Difference
Due to
Benchmark
Seasonals
(4)
(5)

Monthly
1982—Oct.
Nov.
Dec.

11.7
7.7
5.7

9.3
9.3
3.7

2.4
-1.6
2.0

0.0
-0.8
-0.3

2.4
-0.8
2.3

1983—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

14.4
13.1
7.2
8.7
9.6
10.3
5.1
6.1
8.8
9.4
14.1
8.5r

13.0
13.7
8.1
3.3
10.9
11.0
5.5
8.8
7.6
8.6
11.9
6.4r

1.4
-0.6
-0.9
5.4
-1.3
-0.7
-0.4
-2.7
1.2
0.8
2.2
2.1r

-1.2
1.4
1.2
2.8
0.5
0.2
-0.2
-0.3
-0.5
-1.0
2.7
0.2r

2.6
-2.0
-2.1
2.6
-1.8
-0.9
-0.2
-2.4
1.7
1.8
-0.5
1.9

1984—-Jan.

6.0

5.6

0.4

-1.4

1.8

1982—QIV

10.0

9.5

0.5

-0.3

0.8

1983--QI
QII
QIII
QIV

10*8
9.3
7.4
10.0

10.2
8.1
8.4
9.0

0.6
1.2
-1.0
1.0

-0.1
1.5
-0.1
0.1

0.7
-0.3
-0.9
0.9

9.7

9.2

0.5

0.5

0.0

Quarterly

Annual
1982—QIV ?82 to
QIV f83

r—revised.
1. Revised M3 includes term Eurodollars; the inclusion of term Eurodollars boosted M3
growth in 1983 by no more than 0.1 percentage points.