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FEDERAL RESERVE statistical release
H.6(508)
T*b»e1

For Release at 4:30 Eastern Time

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

DECEMBER 1 3 , 1 9 8 4

Billions of dollars
M1
Sum of currency,

M2
M1 plus overnight RPs
•no cuiuwMin,
yyyr

demand deposits and
other checkable deposits1

M3
M2plus
iwye iinw ocposuv,

L

Debt

liquid assets4

Debt of domestic
nonfinancial sectors5

h«lanr.« IJ^MI r i r
kt

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

wnn nrv, m m

CUIDQOIIAIO

and institution-only
MMMF balances9
Seasonally adjusted

1 9 8 3 — MOV.
DEC.

523.1
525.4

2182.2
2196.3

2689.3
2710.4

3153.7
3183.1

5170.5
5224.6

1984—JAN.
FEB.
MAR.
APR.
HAT
JUNE
JULY
AUG.
SEPT.
OCT.
MOV. P

530.1
533.0
535.3
535.5
541.2
546.3
545.8
546.7
548.9
545.5
549.4

2206.8
2222.6
2230.0
2242.9
2258.6
2272.1
2281.9
2291.1
2305.8
2317.4
2346.2

2723.8
2747.0
2767.8
2792.4
2818.3
2839.5
2860.5
2872.2
2890.6
2916.3
2955.0

3201.4
3231.6
3273.6
3299.3
3330.6
3373.7
3411.3
3433.8

5282.8
5341.7
5396.7
5455.9
5517.7
5571.7
5632.4
5694.5
5743. 1
5797.8

1983—MOV.
DEC.

526.8
537.9

2181.3
2198.1

2690.4
2716.5

3155.0
3193.8

5158.5
5218.5

1984—JAM.
FEB.
BAR.
APR.
HAT
JUNE
JOLT
AUG.
SEPT.

535.0
522.0
528.2
543.3
535.0
545.6
547.5
542.7
546.3
546.0
553.4

2210.6
2212.5
2231.0
2254.7
2253.5
2273.9
2287.0
2288.5
2299.4
2316.7
2344.7

2729.7
2739.7
2769.0
2800.9
2813.6
2838.2
2859.4
2870.3
2884.9
2914.4
2956.1

3212.9
3233.1
3279.9
3310.8
3326.5
3369.7
3403.3
3423.2

5276.0
5322.5
5373. 1
5430.1
5491.8
5550.9
5613.2
5676.2
5731.9
5791.2

Not seasonally adjusted

OCT.
MOV. P

M1
Not seasonally adjusted

For period ended
13

1984-MOV.

5
12

19
26 P
DEC.

MOTE:

3 P

U/tmk A A f O
V fi A

j

w

l

ftiMrinA

U/AAIT auttrtnA

547.0
547.0
547.3
547.8

545.6
545.2
547.1
549.7

546.8
545.6
552.0
554.2

545.4
545.9
546.9
548.1

546.1
546.5
550.2
553.4

553.2
554.9
556.8
548.8

548.0

549.7

54 7. 1

548.9

553.5

553.4

SPECIAL CAUTION SHOULD BE TAKEN IN INTERPRETING MEEK-TO-WEEK CHANGES IN MONET SUPPLT DATA, WHICH APE
HIGHLT VOLATILE AMD SUBJECT TO REVISION.
P—INDICATES PRELIMINARY DATA.
FOOTNOTES APPEAR ON THE FOLLOWING PAGE




H.« (506)
TaWt 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
2

Fsfcem cnange ai seasonally aajusiac annual raivt
M1

M2

2.0

9.6

3 MONTHS FROM AUG.

1 9 8 4 TO HO?.

1981

6

1 9 8 4 TO HOY.

198U

3.0

1984

5.0

HONTHS FROM HAY.

1 2 MONTHS FROM NOV.

1 9 8 3 TO MOV.

M3

Drtt'

11.5

11.7

7.8

9.7

12.5

7.5

9.6

13. 1

THIRTEEM WEEKS ENDING DEC. 3 , 1 9 8 4
FROM THIRTEEM WEEKS ENDING:

SEPT.

1984

( 1 3 WEEKS PREVIOUS)

1.3

4,

1984

( 2 6 KEEKS

PREVIOUS)

3.S

DEC.

1/

3,

JUNE

5,

1963

( 5 2 HEEKS

PREVIOUS)

5.0

GROWTH RATES POR DEBT ARE BASED ON PERIODS BEGINNING AMD ENDING ONE MONTH EARLIER THAN FOR THE MONETARY AGGREGATES,
NAMELY, JULY 1984 TO OCTOBER 1984, APRIL 1984 TO OCTOBER 1984, AMD OCTOBER 1983 TO OCTOBER 1984, RESPECTIVELY.

FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COflHEBCIAL BANKS;
(2) TRAVELERS CHECKS OF NOMBAMK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER 1HAM THOSE DUE TO
DOMESTIC BAMKS, THE 0. S. GOVERNMENT. AND FOREIGN BANKS AMD OFFICIAL INSTITUTIONS LESS CASH ITEHS IM THE PROCESS
OF COLLECTION AMD 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,
CREDIT UNION SHARE DRAFT ACCOUNTS ANT) DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COHPONEMTS EXCLUDE THE ESTIMATED AHOUMT OF VAULT CASH AND DEHAMD DEPOSITS, RESPECTIVELY, HELD BY
THRIFT IMSTITUTIONS TO SERVICE THEIR OCD LIABILITIES,
2/ CONSISTS OF B1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUBD BY ALL COHHERCIAL BAMKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRAMCHES OF U.S. BANKS WORLDWIDE, MMDAS, SAVINGS AMD SHALL DENOMINATION
TIHE DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IM AMOUNTS OF l.ZSS THAN $100,000), AMD BALANCES IM BOTH
TAXABLE AMD TAX-EXEMPT GENERAL PURPOSE AMD BROKER/DEALER HONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AMD KEOGH
BALANCES AT DEPOSITORY IMSTITUTIONS AND HONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COHHEBCIAL
BANKS, HONEY MARKET FUNDS (GENERAL PURPOSE AMD BROKER/DEALER). FOREIGN GOVERNMENTS AMD COHHERCIAL BAMKS, AMD
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED ABOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIHP AMD SAVINGS DEPOSITS.
3/ CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR 1OHE) AMD TERM FP LIABILITIES ISSUED
BY COHHERCIAL BAMKS AMD THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. BESIDEMTS AT FOREIGN BRAMCHES OF U.S. BAMKS
WORLDWIDE AMD AT ALL BANKING OFFICES IN THE UNITED KINGDOM AMD CANADA, AMD BALANCES IM BOTH TAXABLE AMD TAX-EXEMPT
INSTITUTIOM-OMLY MONEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY IMSTITUTIONS, THE U.S. GOVERMBEMT, HOMEY
MARKET FUMDS, AMD FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AHODMT OF OVERNIGHT RPS AMD EURODOLLARS HELD BY INSTITUTIOM-ONLY MONEY MARKET MUTUAL FUNDS.
4/ CONSISTS OF B3 PLUS THE MONBAMK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHOBT-TERH TREASURY SECURITIES, COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKET MUTUAL FUND HOLDINGS CF THESE ASSETS.
5/ DEBT OF DOMESTIC NONFINAMCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOAMS), OTHER BANK LOANS, COHHERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DEPIVED FROM THE FEDERAL RESERVE BOARD'S FLOW CF FUNDS ACCOUNTS. ALL DATA CN DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IM MONTH-AVERAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT BOMTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT BAT ARISE IN THE UNDERLYING FLOW OF FUHDS STATISTICS,
THE PRESENTATION OF DEBT DATA IM THIS RELEASE DIFFERS, THEREFORE, FROM THE QUARTERLY FLOW OF FUMDS STATISTICS CONTAIMED IM
IN THE FEDERAL RESERVE RELEASES Z.7 AND Z-1. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON A
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.
1/




STOCK
Sc*

ctftwwllt

1983-NOV.
DEC.

147*2
148.0

4.9
4.9

242.8
243.7

128.3
128.9

1659.2
1670.9

507.1
514.1

136. 1
134.6

179.2
178.2

315.4
312.9

350.0
353.1

435. 5
440.0

785.5
793. 1

223.7
225. 1

96.6
100.4

320.3
325.4

1984-JAN.
FEB.
MAR.

149.9
150.2
150.9

4.9
5.0
5.0

244.5
243.8
244.0

130.8
134.0
135.4

1676.7
1689.6
1694.8

517.0
524-4
537.7

132. 1
130.1
128.9

177.7
176.5
176.6

309.9
306.6
305.5

352.9
352.8
353.5

444.1
448.1
449.9

797.0
800.9
803.4

226.8
227.9
232.4

106.3
112.0
115.5

333.0
339.9
347.9

APR.
HAY
JUNE

151.8
152.9
154.2

5.1
5.1
5.1

245.3
245.2
248.2

133.3
138.0
138.8

1707.4
1717.4
1725.7

549.5
559.7
567.4

128.6
128.2
128.0

176.9
177.3
177. 1

305.5
305.5
305. 1

356.0
360.5
365.7

452.4
456. 1
463.3

808.3
816.7
829.0

236.0
243.4
249.4

119.5
123.8
129.4

355.5
367.3
378.8

JULI
AUG.
SEPT.
OCT.
NOV. P

155.0
156.0
156.7
157.2
157.5

5.2
5.2
5.1
5.0
4.9

247.1
245.5
246.4
243.8
245.8

138.5
139.9
140.8
139.6
141.2

1736.1
1744.4
1756.9
1771.9
1796.8

578.6
581.1
584.7
598.9
608.8

127.4
126.3
125.9
125.2
124.7

175.6
173.4
173.0
172.2
171.6

303.0
299.8
298.9
297.4
296.2

371.8
377.9
382.3
384.4
386.1

473.3
484.2
492.3
500.7
505.5

845.2
862.0
874.5
885.1
891.7

254.8
255.3
257.8
262. 1
260.9

134.2
136.7
135.1
138.7
143.3

389.0
391.9
392.9
400.9
404.2

HESK ENDING
1984
NOV.

DEC.

1/
2/
3/

5
12
19
26 P

156.9
157.4
157.5
158.3

244.7
243.7
248.2
247.0

140.3
139.7
141.5
144.0

124.9
124.7
124.7
124.5

385.4
385.8
385.8
366. 3

262.6
262.4
260.5
260.2

3 P

157.2

244.3

140.7

121.4

387.6

258.3

CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITOR!
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPCSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS 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 FEDERAL RESERVE FLOAT.
EXCLUDES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD
C0NSI5TSX0F-N0W AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNICN SHARE DRAFT BALANCES AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THE
SEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED ARE ALL CEILING
TKZF. "SUPEB MOWS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE CFFERED BEGINNING JANUARY 5,

,,
f/
,

,un vt OVEBNIGHT RPS AND OVERNIGHT EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
HHDAS AND SAVINGS AND SMALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT CF
DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS LIABILITIES.
H O
LARGE -IHE DEPOSITS. TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTIONONLY), LESS A^CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELE EY
INSTITUTION-ONLY MONEY MARKET FUNDS.

8/

SMALLGDENOH1NAT10NXTIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL IRETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SMALL

9/

LAR(iEDDENOHINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT

10/ LAaG^DENOHINATION^IHE DEPOSITS* AT COMMERCIAL BANKS LESS THOSE HBLD BY HONEY MARKET MUTUAL FUNDS,
DEPOSITORY INSTITUTIONS AMD FOREIGN BANKS AMD OFFICIAL INSTITUTIONS.



H.6 (508)
Table 4

COMPONENTS OF LIQUID ASSETS AND DEBT
BHIions of dollars, seasonally adjusted

Date

1983-OCT.

savings bonds

Non-M3 components of L
short-term treasury
bankers acceptances'
securities1

commercial paper9

Debt components4
federal debt
non-feder«l debt

125.7
126.9
130.8

1163.6
1173.1

3973.4
4006.9
4051.6

71.2
71.7
72.2

226.6
231.7
245.8

42.7
41.6
42. 4

137.1
139.6
145.4

1192.2
1216.2
1224.9

4090.6
4125.5
4171.8

72*5
72.8
73.0

241.8
240.3
254.6

43.1
45.3
46.9

149.5
154.0
159.7

1236.5
1252.2
1259.9

4219.4
4265.4
4311.8

JOLT
AUG.
SEPT.
OCT. P

3/
4/

42.*
43.3

APR.
HAT
JUNE

2/

218.4
217.2
223.3

1984-JAN.
FEB.
MAR.

1/

70.7
70.8
71.0

1151.3

NOV.
DEC.

73.2
73.4

267.4
276.7

47.3
47.3

162.9
164.2

1276.8
1300.1
1310.9
1323.1

4355.5
4394.4
4432.2
4474.7

42. 8

CONSISTS OF O . S .THE ASURY BILLS AND CO IPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAW DEPOSITORY

INSTITUTIONS, FEDERAL RESERVE BANKS, HOMEY MARKET MUTUAL FUNDS AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOME LOAN BANK SYSTEM AND HONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL FUNDS.
DJEBT DATA ABE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposits
Date

Travelers
checks1

Currency1

Demand
deposits3

at commercial
banks4

at thrift
institutions*

Nontransactiof w components
total

inM2*

in M3 only7

Overnight
RPs*

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

1983-NOV.
DEC.

147.9
150.5

4.6
4.6

245.2
251.6

95.6
97.7

33.4
33.6

129.0
131.3

1654.5
1660.2

509.1
518.4

44.9
44.8

10.3
11.4

138.8
138.2

1984-JAN.
FEB.
NAB.

148.4
148.3
149.8

4.6
4.7
4.8

249.4
237.9
239.4

99.2
97.8
99.7

33.4
33.3
34.5

132.6
131.1
134.2

1675.7
1690.5
1702.7

519.1
527.2
538.1

47.1
48.1
47.0

11.5
11.4
11.3

137.8
142.1
144.8

APB.
HAT
JOKE

151.5
152.9
154.9

4.8
5.0
5.4

247.8
241.3
247.0

102.8
99.7
101.1

36.4
36. 2
37.2

139. 1
135.9
138.3

1711.4
1718.5
1728.3

546. 2
560. 0
564.3

46.4
47.0
43.9

11.1
12.1
12.6

145.9
146.5
148.9

JULY
AUG.
SEPT.

156.3
156,5
156.5

5.8
5.7
5.4

247.5
242.9
245.3

100.4
100.2
101.2

37.6
37.4
38.0

138.0
137.6
139. 1

1739.5
1745.8
1753.1

572.4
581.8
585.5

43.2
45.2
44.1

13.7
13.6
12.7

150.5
150.5
151.9

OCT.
NOV. P

156.7
158.6

5.0
4.7

244.9
248. 1

100.9
102.6

38.4
39.5

139.4
14 2. 1

1770.7
1791.3

597.7
611.4

44.6
48.0

12.2
9.9

155.5
162.1

KEEK

ENDING:

12
19
26 P

198 4-NOV.

157.6
159.2
158.6
159.1

248.6
247.8
251.4
24J.7

102.4
103.3
102.7
101.5

39.8
39.9
39.5
38.8

142.2
143.2
142.2
140.3

49.1
48.6
51.2
40.7

10.8
10.6
10.3
7.6

158.2
160.7
162.2
164.2

3P

158.0

248.3

102.9

39.6

14 2.5

53.1

10.9

165.3

5

DEC.

V

1/
2/
3/
4/
5/
6/
7/
8/
9/

CURRENCY O0TSIDE TBE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BASKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS THE ESTIMATED AMOUNT OF DIMAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOW AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS. INCLUDES SUPER NOVS OF $33.6 BILLION IN THE SEEK ENDED NOVEMBER 19, $33.2 BILLION IN THE WfiEK ENDED NOVEMBER
26, AND $33.8 BILLION IN THE WEEK ENDED DECEMBER 3.
CONSISTS OF NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOWS OF $12.6 BILLION IN THE WEEK ENDED NOVEMBER
19, $12.5
BILLION IN THE WEEK ENDED NOVEMBER 26, AND $12.7. BILLION IN THE WEEK ENEED DECEMBER 3.
SUM OF OVERNIGHT BPS AND EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), MHDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SOB OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTION-ONLY)# LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD ET INSTITOTION-ONLY
HONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H.S(508)

Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted

Data

Money market deposit secounts
at
at
thrift
total
commercial
institutions
banks

at
commercial
banks

Savings deposits
T
at
thrift
institutions

total

Small de nomination time deposits2
at
at
thrift
commercial
total
banks
institutions

Large der
nomination time deposits'
at
at
commercial
thrift
total
banks4
inatitutions

1983-NOT.
DEC.

227.1
230.0

145. 8
145. 9

372. 9
376. 0

133.7
132.0

178.3
176.5

312. 0
308. 5

348.9
351.0

434.2
437.6

783. 1
788. 6

225.0
228. 5

98.3
100.7

323. 3
329. 2

1984-JAM.
FEB.
MAR.

234.2
238.3
242.6

146. 2
147. 7
149. 9

380. 3
386. 0
392. 5

131.3
129.9
130.2

176.2
175.3
177.0

307. 4
305. 2
307. 2

353.7
355.4
356.0

445.7
450.0
451.6

799. 4
805. 4
607. 6

228.9
229.3
232.7

105.7
111.2
114.2

334. 6
340. 5
346. 9

APR.
HAI
JUNE

245.4
244.3
244.9

151. 0
150. 2
148. 0

396. 4
394. 6
392. 9

130.5
129.9
129.7

178.1
178.3
178.8

308. 7
308. 2
308. 5

356.5
360.5
365.4

454.2
457.2
463. 7

810. 7
817. 6
829. 0

233.4
241.3
247.0

118.2
123.3
128.2

351. 6
364. 6
375. 1

JULY
AUG.
SEPT.

243.9
242.6
243.8

145. 3
141. 2
139. 6

389. 2
383. 8
383. 4

128.9
126.4
124.7

177.7
173.4
171.9

306. 7
299. 7
296. 7

370.8
377.6
381.6

473.1
482.6
490.2

843. 9
860. 2
871. 9

251.5
255.6
258.7

132.9
136.9
136.9

384. 5
392. 5
395. 5

OCT.
NOT. P

247.2
256.1

139. 6
141. 2

386. 8
397. 3

123.8
122.3

171.9
170.5

295. 8
292. 8

383.8
384.9

499*8
504. 1

883. 6
889. 0

263.0
262.5

141.7
146.1

404. 7
408. 6

• EBK ENDING
1984
NO?.

DEC.

1/
2/
3/
4/

5
12
19
26 P

251.6
254.5
256.2
258.0

122.9
122.6
122.4
121.9

384.6
365.0
384.8
385.0

262.8
263.2
261.9
262.3

3 P

260.7

121.7

385.1

262.1

SAVINGS DEPOSITS EXCLUDE WMDAS,
SHALL DENOMINATION TIME DEPOSITS — INCLUDING RETAIL EPS — ABE THOSE ISSUED IH AHOOHTS OF LESS THAIH$100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (ISA) O D KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THfilFTS ABE SUBTRACTED FROH SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
j
LARGE DENOMINATION TIHE DEPOSITS AT COHMERCIAL BANKS LESS THOSE HELD BY MONEY MARKET HUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

Non M3 Components of L

total

ienn
Eurodollars2

Savings
bonds

Components of Debt

\

Snort-term
treasury
securities'

Bankers
acceptances4

Commercial
pap***

Federal debt 9

Non-Federal*
debt

1983-NOV.
DEC.

43.5
43.2

35.3
36.4

18.1
19.6

53.4
56.0

91.7
93.4

71.0
71.3

215.7
222.7

43.3
44.7

128.0
134.1

1158.0
1170.2

4000.5
4048.3

1984-JAN.
FEB.
NAB.

43.5
44.6
45.0

34.2
35.7
35.4

19.1
18.8
20.6

53.3
54.5
55.9

90.6
90.7
93.9

71.6
71.8
72.1

230.2
239.6
253.1

43.6
42.2
42.0

137.8
139.9
143.6

1189.8
1210.7
1223.6

4086.2
4111.8
4149.5

A PP.
WAY
JUNE

45.0
45.3
45.7

36.2
35.7
32.5

23.6
25.9
27. 1

59.8
61.6
59.6

93,3
93.3
88.2

72.3
72.6
72.8

246.2
241. 1
251.5

42.4
44.7
46.2

148.9
154.7
161.0

1235.9
1248.7
1255.8

4194.2
4243.1
4295.1

JULY
AUG.
SEPT.

46.1
46.2
46.9

31.4
34.3
34.9

28.2
29. 1
29.7

59.6
63.4
64.7

86.7
84.6

73.0
73.3

260.5
270.6

46.5
46.6

163.9
162.5

1270.8
1295.8
1310.5

4342.4
4380.5
4421.4

OCT.
NOV. P

52.2
58.3

36.9
39.5

29.4
29.5

66.4
69.0

1323.0

4468.2

f

»j

^ /

^»

WEEK

*#

* •

*~

•

ENDING:

1984-NOV.

5
12
19
26 P

55.0
57.3
58.6
59.6

39.1
39.6
35.8
45.7

DEC.

3P

61.3

35.1

i
1/
2/
3/
4/
5/
6/

TERM EPS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.
TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS BY
FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BY ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD
BY DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS.
CONSISTS OF U S TREASURY RILLS AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, MONEY MARKET MUTUAL FUNDS, AHD FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE 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.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGIWG END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (506)
Tab* 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to

Date

foreign
commercial
banks

foreign
official
institutions

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

U.S. government dep<>sits
demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

total demand
deposits and
note and
FR balances

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

38.3
39.5

5. 1
5.0

72.9
74.6

16.5
19.2
14.5

24.2
26.8
21.5

0.9
0.9
0.9

31.0
32.7
34.7

41.0
42.8
44.6

5.2
5.5
5.7

77.3
81.0
85.0

7.5
4.2
3.8

12.7
10.0
8.5

24.0
16.9
16. 1

0.9
0.9
0.8

38.3
39.5
40. 1

47.6
49.2
50.0

6.2
6.3
6.2

92. 1
95.0
96.3

2.8
2.9
3.4

4.0
3.6
6.2

9.0
7.5
14.1

15.8
13.9
23.7

0.8
0.8
0.8

40.6
41.4
42.0

50.7
51.0
51.7

6.2
6.3e
6. 3e

97.5
98.7e
100. Oe

7.3
7,4

2.6
2.8

3.9
3.1

8.4
7.5

14.9
13.5

0.9
1.0

42.6
43.1

52.6
53.4

6.4e
6.4e

101. 5e
102. 9e

1.9
2.0
2.0
1.9

7.3
7.4
7.4
7.4

3.0
2.7
2.8
3.0

3.2
3. 1
3.5
3.0

13.0
7.8
5.7
6.5

19.3
13.7
12.0
12.5

1.0
1.0
1.0
1.0

1.9

7.4

2.3

2.6

5.3

10.2

1.0

7.0
6.8
6.9

3. 1
3.1
3.0

4.7
4.5
4.0

.7
1.9
.8

7.2
7.4
7.5

3.8
2.7
3.9

8.2
8.0
8.0

1
I.8

.8
.9

7.3
7.5
7.6

8.1
8.5

1.7
2.0

5
12
19
26 P

8.5
8.8
8.7
8.3

3 P

8.2

1984-JAN.
FEB.
WAR.

8.3
8.5
8.1

•8
1.9
.9

APR.
HAY
JUNE

8.0
8.2
8.1

JOLY
HUG.
SEPT.
OCT.
NOV. P

.

4.7
7.8

WEEK ENDING:




total

29.5
30. 1

2.9
3.6

2.0
2.0

estisated

money
market
mutual funds

0.7
0.7

2.7
3.0

8.4
8.2

DEC.

thrift
institutions

10.4
14.4

7.2
7.1

1983-HOV\.
DEC.

1984
HOV.

commercial
banks

Supplementary Table 1
Levels and Annual Growth
Rates of Ml Using Current^ and Experimental
Alternative^ Seasonal Adjustment Procedures
(Monthly average)
Levels in billions
of dollars
Experimental
Current
Alternative

Annual growth
rates in percent
Experimental
Current
Alternative

1983 - November

523.1

521.7

3.2

2.3

December

525.4

524.2

5.3

5.8

530.1

528.7

10.7

10.3

February

533.0

532.9

6.6

9.5

March

535.3

536.5

5.2

8.1

April

535.5

537.7

0.4

2.7

May

541.2

542.5

12.8

10.7

June

546.3

547.0

11.3

10.0

July

545.8

546.4

-1.1

-1.3

August

546.7

545.6

2.0

-1.8

September

548.9

547.0

4.8

3.1

October

545.5

543.6

-7.4

-7.5

November

549,4

548.3

8.6

10.4

1984 - 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-month seasonal variations, holiday effects, outlier adjustments, special events adjustments, and serially correlated noise components.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102