Full text of H.6 Money Stock Measures : April 11, 1985

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FEDERAL RESERVE statistical release
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

APRIL 11,

Billions of dollars
M1
Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

M2
M3
M2 plus
M1 plus overnight RPs
and Eurodollars,
large time deposits,
MMMF balances (gen. pur. term RPs, term Eurodollars
and institution-only
and broker/dealer), MMOAs,
MMMF balances1
and savings and small
2
time deposits
Seasonally adjusted

1 9 3 4 — HAB.
APR.
HAY
JUNE
JULY
AUG.
SEPT,
OCT.
NOV.
DEC.

537.3
539.2
542.5
547.3
546.9
548.9
551.5
548.3
553.8
558.5

2229.1
2241.1
2255.2
2269.3
2280.2
2292.8
2308.2
2318.7
2345.7
2371.4

2765.4
2788.0
2815.2
2839.0
2862.1
2879.0
2901.3
2925.4
2959.9
2995.1

1985—JAN,
FEE.
flAfi.

562.7
569.3
571.9

2398.8
2420.1
2427.4

3020.9
3040.5
3053.0

P

1985

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors5

5398.4
5458.0
5519.6
5575.6
5635.1
5692.4
5740.8
5797.4
5868.3
5937.6

3267.8
3293.3
3328.0
3366.7
3402.7
3429.9
3459.4
3480.5
3508.8
3543.9

6000.8

Not seasonally adjusted

1934—MAR.
APR.
HAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

530.4
545.6
537.3
547.9
549.9
545.0
548.5
548.2
555.9
570.4

2228.5
2252.2
2251.3
2272.3
2285.7
2287.6
2298.7
2316.0
2343.9
2376.4

2766.4
2798.9
2812.8
2840.5
2863.7
2875.0
2891.3
2920.9
2960.4
3002.3

1985—JAN.

568.2
558.5
564.6

2404.1
2413.6
2427.6

3024.6
3033.8
3054.7

FEB.
HAB. P

3273.9
3305.1
3321.8
3368.0
3403.4
3423.6
3447.9
3476.2
3509.3
3545.2

5374.3
5431.7
5493.4
5552.3
5613.6
5674.0
5728.3
5786.9
5855.9
5931.0
5992.3

M1
For period ended
13-week average
1985-flAR.

APR.

NOTE:

Seasonally adjusted
4-week average

Not seasonally adjusted
week average

13-week average

4—week average

11
18
25 P

564.0
565.2
566.2
567. 1

570.4
571.3
571.5
571.5

572.6
570.6
570.0
572.8

566.3
566.3
566. 1
565.1

559.1
560.8
562.2
563.5

1 P

568.0

572.0

574.7

564.2

564.4

4

week average

563.8
568.0
564.3
557.8
567.3

SPECIAL CAUTION SHOULD BE TAKEN IN INTERPRETING HEEK-TO-HEEK CHANGES IB HONEY SUPPLY DATA, WHICH ARE
HIGHLY VOLATILE AND SUBJECT TO REVISION.
P—INDICATES PRELIHINARY DATA.
FOOTNOTES APPEAR ON THE FOLLOWING PAGE




H.6 (508)
Table 2

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

M1

M2

M3

Debt1

1984 TO MAR. 1985

9.6

9. 4

7. 7

14.0

6 MONTHS FBOM SEPT. 1984 TO MAE. 1985

7.4

10. 3

10. 5

13.0

6.4

8. 9

10. 4

13.6

3 MONTHS FROM DEC.

12 MONTHS FBOM MAB.

1984 TO MAR. 1985

THIBTEEN WEEKS ENDING APB. 1, 1985
FROM THIBTEEN WEEKS ENDING:

1/

1/

2/

3/

4/
5/




DEC.

31# 1984 (13 WEEKS PBEVIOUS)

10,5

OCT.

1, 1984 (26 WEEKS PREVIOUS)

6.8

APB.

2, 1984 (52 WEEKS PREflOOS)

6.3

GROWTH BATES FOB DEBT ABE BASED 01 PERIODS BEGINNING AND ENDING TiO MONTHS EABLIEB THAI FOB THE MONETARY AGGREGATES,
NAMELY, OCTOBER 1984 TO JANUARY 1985, JULY 1984 TO JANUABY 1985, AND JANUARY 1984 TO JANOABY 1985, BESPECTIVBLY.
POOTNOTES TO TABLE 1
CONSISTS OF (1) CDBBENCY OUTSIDE THE TREASURY, FEDEBAL BESEBfE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TBATELEBS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DOE TO
DOMESTIC BANKS, THE O.S. GOVERNMENT, AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS III THE PROCBSS
OF COLLECTION AND FEDEBAL BESEBVE PLOAT; AND (4) OTHEB CHECKABLE DEPOSITS (OCD) CONSISTING OP NEGOTIABLE OBDEB
OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SEBVICE (ATS) ACCOUNTS AT DEPOSITOBX INSTITUTIONS,
CREDIT UNION SHABE DBAPT ACCOUNTS AND DEMAND DEPOSITS AT THBIFT INSTITUTIONS. THE CUBBENCY AMD DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OP VAULT CASH AMD DEMAND DEPOSITS, RESPECTIVELY, HELD BI
THRIFT INSTITUTIONS TO SEBVICE THEIB OCD LIABILITIES.
CONSISTS OF HI PLUS OVERNIGHT (AND CONTINUING CONTRACT) BPS ISSUED BY ALL COMMERCIAL BANKS AND OVEBNIGHT EUBOOOLLA1S
ISSUED TO U.S. RESIDENTS BY FOBEIGN BRANCHES OF U.S. BANKS WORLDWIDE, MHDAS, SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN $100,000), AND BALANCES IM BOTH
TAXABLE AND TAX-EXEMPT GENEBAL PUBPOSE AND BROKER/DEALER HONEY MABKET MUTUAL FUNDS. EXCLUDES IBA AMD KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY O.S* COMMERCIAL
BANKS, MONEY BASKET FUNDS (GENERAL PUBPOSE AND BROKER/DEALEB), FOREIGN GOVEBNMENTS AND COMMERCIAL BANKS, AMD
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OP DEMAND DEPOSITS AND VAULT CASH HELD BY THBIPT INSTITUTIONS TO SEBVICE THEIB TIME AND SAVINGS DEPOSITS.
CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OB MORE) AND TERM RP LIABILITIES ISSUED
BY COMMEBCIAL BANKS AND THBIFT INSTITUTIONS, TEBM EURODOLLABS HELD BY U.S. RESIDENTS AT FOREIGN BRANCHES OF U.S. BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY MONEY MABKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITOBY INSTITUTIONS, THE U.S. GOfEBMItENT, MONEY
MARKET FUNDS, AND FOBEIGN BJTNKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT BEPBESEMTS
THE ESTIMATED AMOUNT OF OVEBNIGHT RPS AND EURODOLLABS HELD BY INSTITUTION-ONLY MONEY MAHKET MUTUAL FUNDS.
CONSISTS OF H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TBEASUBY SECURITIES, COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKET MUTUAL FUND HOLDINGS CF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVEBNHENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF COBPOBATE BONDS. MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND 01HE8 DEET
INSTRUMENTS. THE DATA AFE DERIVED FROM THE FEDERAL RESERVE BOARD«S FLOW CF FUNDS ACCOUNTS. ALL DATA CN DEBT OF DOMESTIC
NONFINAKCIAL SECTORS ARE PRESENTED IN MONTH-AVER AGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING FlOW OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED IN
IN THE FEDERAL RESERVE RELEASES Z. 7 AND Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MABKET DEET ABE MEASURED ON A
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.

COMPOWCMTl O f T H E MONEY STOCK
mmo*• of *>««*.<

Dais

J

Cunsney*

TnvsttIS
i»

Damand
osposfts*

Othtr
ehackabkt

Nonttantact tons
eompiwiants
toil* 1
onty<i

V4Mngsdaposl

!

*

172.8

302. 9

SmaN tkns dsposrts^
at
tola1
thrN1
tanks
445. 7
356. 5
802. 3

at

at

lota1

Laqi t Mm* tefKM
at
total
thrurt
19
tanks
233.9
115. 8
349.7
at

1984-HAR.

151.2

5. 0

245.5

135.6

1691.8

536. 4

I tanks
130. 1

APR.
HAY
JURE

152.1
152.8
154.3

5. 1
5. 1
5. 1

245.9
246.3
248.9

136.1
138.3
139.0

1701.8
1712.8
1722.0

546.9
560.0
569.6

129. 3
128. 8
128. 7

172.6
172.7
172.1

301. 9
301. 5
300. 8

361. 2
366. 2
371. 0

450. 0
456. 4
463. 0

811. 2
822. 6
834. 0

237.6
245.2
24 9.4

120. 1
124. 6
1

357.7
369.8
379.5

JULY
AUG.
SEPT.

155.0
155.9
156.8

5. 2
5. 2
5. 1

247.3
246.8
247.5

139.4
141.0
142.2

1733.3
1743.9
1756.7

581. 9 ! 128. 1
127. 0
586. 2
593. 1 | 126. 1

171.0
169.5
168.5

299. 1
296. 5
294. 6

374. 7
378. 8
381. 7

468. 9
476. 2
482. 6

843. 6
855. 0
864. 4

254.6
255.0
258.0

134. 6
137. 6
138. 1

389.3
392.6
396.1

OCT.
NOV.
DEC.

157.1
157.9
158.7

5. 0
5. 1
5. 2

244.5
246.8
248.6

141.8
143.9
145.9

1770.4
1791.9
1812.9

606. 6
614. 2
623. 7

124. 9
123. 8
122. 6

167.7
166.9
166.1

292. 6
290. 7
288. 7

383. 1
384. 5
387. 0

489. 0
493. 4
498. 0

872. 1
877. 9
885. 1

263.2
263.6
264.4

142.
147.
152.

5
6
4

405.7
411.2
416.8

159.4
160.5
161.2

5. 3
5. 3
5. 3

249.1
251.7
251.9

148.9
151.7
153.5

1836.2
1850.9
1855.5

622. 0
620. 4
625. 6

121. 6
121. 4
120. 2

167.1
168.3
168.6

288. 7
289. 7
288. 9

384. 7
382. 0
382. 3

496. 8
494. 4
494. 6

881. 4
876. 4
877. 0

262.3
264.4
269.3

155. 0
155. 4
154. 0

417.3
419.7
423.3

1985-JAR.
FEB.
HAB. P

130.

VEEK ERDIRG
1985
HAB.

11
18
25 P

161.4
161.1
161.1
161.3

252.7
251.5
250.7
252.3

153.2
152.7
152.9
153.9

121. 0
120. 5
120. 2
120. 0

381.
381.
382.
382.

6
7
0
9

266.5
267.7
269.5
270.5

1 P

161.5

253.8

154.1

119. 8

383. 3

271.5

4

APR.

1/
2/
3/

4/

5/
6/
7/
8/
9/
10/

CDBRERCY OOTSIDE THE 0. S. TREASURY, PEDEBAL RESEBfE BAIRS AMD VAULTS OP COMMERCIAL BANKS. EXCLUDES TBE ESTIMATED
AMOUNT OF VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AflOONT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BT DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER THAR THOSE DOE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BARKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDEBAL RESERVE FLOAT.
EXCLUDES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
CONSISTS OF NOR AND ATS BALANCES AT ALL DEPOSITOR! INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES ARD
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
FREE "SUPER NOUS," AUTHORIZED BT THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARI 5,
1983.
SUM OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, MONET MARKET FUND BALANCES (GERERAL PURPOSE AND BROKER/DEALER),
HflDAS, AND SAVINGS ARD SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS ARD TERM EURODOLLARS OF U.S. RESIDENTS, BONET MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS ARD EURODOLLARS HELD BY
INSTITUTION-ONLY HOMEY RAPKET FUNDS.
SAVINGS DEPOSITS EXCLUDE flflDAS.
SMALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL B P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN 5100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BA*KS AND THRIFTS ARE SUBTRACTED FROM SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TlfiE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY HONEY MARKET MUTUAL FUNDS,
DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 4

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

Date

3/
4/

commercial paper9

Debt components4
federal debt
non-federal debt

226.7
233.2
243.4

43.3
42.9
44.0

137.3
138. 1
142.9

1191.7
1214.5
1224.6

4092.9
4129.2
4173.8

APR.
HAY
JUNE

72.5
72.7
73.0

242.0
241.5
251.6

44.7
46.5
47.7

146.1
152.0
155.5

1236.8
1251.9
1261.3

4221.2
4267.7
4314.2

JULY
AUG.
SEPT.

73.1
73.3
73.6

259.9
269.2
280.4

48.2
47.8
46.8

159.4
160.5
157.2

1277.9
1299.0
1311.1

4357.2
4393.4
4429.8

OCT.
NOV.
DEC.

73.7
73.9
73.9

279.9
275.0
271.8

44.8
42.5
41.3

156.7
157.6
161.8

1325.2
1347.2
1367. 1

4472. 2
4521.0
4570.5

1385.6

4615.2

JAN.

2/

Non-M3 components of L
short-term treasury
bankers acceptances2
securities1

71.4
71.8
72.1

1984-JAM.
FEB.
MAR.

1/

savings bonds

CONSISTS OF U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, MONEY 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 MONEY MARKET MUTUAL FUNDS.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-MONTH 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

1

Currency

Travelers
checks 2

Demand
deposits3

at commercial
banks4

at thrift
institutions5

Nontransactions components
e

total

in M2

in M3 only

7

Overnight
RPs'

Overnight
Eurodollars9

General
purpose and
broker/dealer
money market
funds
144.8

1<*84-flAR.

149.9

4.8

240. 1

100.3

35.4

135.7

1698. 1

537,9

45.3

11.3

APR.
JUNE

151.6
152.9
154.9

4. 8
5.0
5.4

248.6
242. 1
247.8

103.4
100.3
101.7

37.3
37. 1
38. 1

140.6
137.4
139.8

1706.6
1714.0
1724.3

546.7
561.4
568.2

45.2
46.2
43.3

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

246.4
243.8
246. 1

101.0
100.7
101.7

38.4
38.2
38.8

139.4
138.9
140.5

1735.8
1742.7
1750.1

578.0
587.3
592.6

42,7
45.0
44. 1

13.6
13.4
12.6

150.5
150.6
152.1

OCT.
NOV.
DEC.

156.7
158.7
160.9

5.0
4.8
4.9

245.8
248.9
257.4

101.5
103. 1
105.9

39.3
40.4
41.3

140.8
143.4
147.2

1767.8
1788.0
1806.0

604.9
616.5
625.9

44.7
47.9
45.2

12.1
10.1
12.4

155.6
162.0
167.7

158.3
158.6
159.8

4.9
5.0
5.0

254.9
244.9
246.3

108.3
107.7
109.9

41.8
42.3
43.7

150.1
150.0
153.5

1835.9
1855.2
1863.0

620.5
620. 1
627.0

48.7
56.3
55.7

14.2
13.3
11.9

172.2
175.4
177.9

MAY

1985-JAH.
FEB.
MAR. P
WEEK ENDING:
1985-MAR.

4
1 1
18
25 P

159.0
160.4
159.8
159.2

246.7
247.8
246.6
241.9

109.6
110.7
109.6
108.7

43.4
44. 1
43.4
43.0

153.0
154.7
152.9
151.7

59.7
57.0
55.3
54.5

12.2
10.2
11.7
12.8

177.0
178.2
177.8
178.4

APR.

1 P

159.3

2*9,0

109.8

44. 1

153.9

53.5

13.1

177.4

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

CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE ?AULTS OP COMMERCIAL BANKS. EXCLDDBS THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AHOUNT 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 DOHESTIC BANKS, THE U.S. GOVERNMENT AMD FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS THE ESTIMATED AHOUNT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOH AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIG1 BANKS, &ND EDGE ACT
CORPORATIONS. INCLUDES SUPER NOMS OF $37.8 BILLION IN THE WEEK ENDED MARCH 18, $37.7 BILLION II THE iEBK ENDED MARCH
25, AND $38.1 BILLION IN THE HEEK ENDED APRIL 1.
~
CONSISTS OF NOH AND ATS BALANCES AT SAflKGS.AND LOAN ASSOCIATIONS AND HUTOAi. SAVINGS BANKS, CREDIT ONION SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOUS OF $15.2 BILLION IN THE »EEK ENDED MARCH 18, $15.2
BILLION IN THE 8EEK ENDED MARCH 25, AND $15.5 BILLION IN THE SEEK ENDED APRIL 1.
SUM OF OVERNIGHT RPS AND EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), HHDAS AND SAVINGS
AND SHALL TIME DEPOSITS LESS THE ESTIMATED AHOUNT OF DEMAND DEPOSITS A3D VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF D. S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AHOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
MONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY r.APKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED Bf FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
M\RKET MUTUAL FUNDS (GENERAL PURPOSE AND FPOKER/DEALER) .




H.6 (506)
Table 5-continued

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

Date

Money market deposit accounts
at
at
commercial
thrift
total
banks
institutions

at
commercial
>_ banks

Savings deposits
at
thrift
institutions

total

Small denomination time deposits2
at
at
thrift
commercial
total
institutions
banks

Large denomination time deposits9
at
at
commercial
thrift
total
4
institutions
banks

1984-HAR.

243.4

153.4

396.9

130.4

172.6

303.0

357.6

446.3

803.9

234.8

115.2

349.9

APR.

246.3
245.3
245.9

154.7
154. 1
151.9

401.0
399.4
397.8

130.7
130.2
130.0

173.7
173.8
174.4

304.5
304.0
104.4

358,0
362.0
367.1

448.2
450.9
457.2

806.1
812.9
824.4

235.4
243.1
248.5

119.3
124.6
129.7

354.7
367.7
378.2

244.9

394.2
388.9
388.6

129.3
126.8
125.2

173.3
168.9
167.4

302.6
295.7
292.6

372.7
379.9
384.0

466.6
475.9
483.3

839.3
855.7
867.2

253.5
256.4
259.3

134.6
138.7
138.7

388.0
395.1
398.0

HAT

JUNE
JULY
AUG.
SEPT,

244.8

149.3
145.3
143.8

OCT.
HOT.
DEC.

248.2
257.1
267.1

143.9
145.4
148.0

392.0
402.5
415.1

124.3
122.7
121.4

167.4
166.1
164.9

291.7
268.8
286.3

386.2
387.1
387.6

492.6
496.7
498.8

878.7
883.9
886.4

264.0
263.6
265.9

143.6
148.1
151.6

407.6
411.7
417.5

1985-JAN.
FEB.

280.4
289.3
293.9

153.2
159.0
163.7

433.7
448.3
457.7

121.1
120.4
120.6

165.9
166.7
168.5

287.0
287.1
289.0

386.3
384.1
383.2

501.6
498.3
495.1

887.9
882.4
878.3

263.0
263.9
269.6

154.5
155.3
153.1

417.5
419.2
422*7

MAR. P

24 3c 6

WEEK ENDING
1985
HAR.

APR.

1/
2/
3/
U/

4
11
18
25 P

292.6
293.5
293.9
294.1

120.3
120.6
120.5
120.5

383.4
383.2
383.2
383.5

266.7
268.3
269.2
271.2

1 P

295.1

120.9

382.8

271.8

SAflNGS DEPOSITS EXCLUDE MIDAS.
SMALL DENOMINATION TIHE DEPOSITS — INCLUDING RETAIL RPS — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL FETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL
TIME DEPOSITS.
LAFGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LKRG* DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY HONEY MARKET MUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 5-contlnued

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

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars'

Savings
bonds

Non M3 Components of L
Short-term
treasury
Bankers
acceptances4
securities1

wOfnponwini OT UVOC

Commercial
paper*

Federal debt*

Non-Federal*
debt

45. 0

31.9

21.6

53.5

93.2

72.1

251.2

43.0

141.2

1223.6

4150.7

APR.
HAT
JURE

45.0
45.3
45.7

32.5
32.0
29.2

24.8
27.5
30.0

57.3
59.5
59.2

93.1
93.6
89.5

72.3
72.6
72.8

244. 1
238.8
249.1

43.4
45.7
47.2

146.4
152. 1
158.3

1235.9
1248.7
1255.8

4195.8
4244.7
4296.5

JULY
AUG.
SEPT.

46. 1
46.2
46.9

28. 1
30.7
31.3

31.8
33.4
35.4

60.0
64. 1
66.6

88.4
86.7
86.0

73.0
73.3
73.5

258.0
267.9
277.5

47.5
47.7
47.2

161.2
159.8
158.%

1270.8
1295.8
1310.5

4342.8
4378.2
4417.8

OCT.
NOV.
DEC.

52.2
58.3
62.7

33.1
35.4
32.5

36.1
35.3
37.3

69.3
70.7
69.7

81.0
81.9
83. 1

73.8
74.0
74.2

278.2
272.3
269.1

45.1
43.3
42.8

158.3
159.4
156.9

1323.0
1343.0
1364.7

4463.9
4512.9
4566.3

1985-JAN.
FEB.
NAB.

65.0
62.2
59.5

29.9
31.2
32.7

35.0
34.2
35.3

65.0
65.4
68.0

81. 1
81.6
85.2

1383.1

4609.2

25 P

61.5
59.8
58.4
58.8

32.2
31.6
33.2
32.9

1 P

59.9

33.3

1984-MAR.

WEEK

P

ENDING:

1985-HAR.

4

11
18

APR.

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

TERH BPS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAT, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS. INCLUDES
A RELATIVELY SHALL AMOUNT OF OVERNIGHT RPS AT THRIFT INSTITUTIONS.
TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAT. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS BT
FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD
BT DEPOSITOKT INSTITUTIONS AND MONET MARKET MUTUAL FUNDS.
CONSISTS OF U.S. TREASURT BILLS AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BT OTHER THAN DEPOSITORT
INSTITUTIONS, FEDERAL RESERVE BANKS, MONET MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOflE LOAN BANK SYSTEM AND MONET MARKET MUTUAL PUNDS.
TOTAL COMBFRCIAL PAPER LESS COMMERCIAL PAPER HELD BT MONET MARKET MUTUAL FUNDS.
DFBT DATA \FE ON A MONTHLY AVERAGE DASIS, DERIVED BT AVERAGING ENP-OP-MONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED 1*0 REMOVE DISCONTINUITIES.




M.6 (508)
Table 6

MEMORANDUM ITEMS
Biliions of dollars, not seasonally adjusted
Demand deposits at banks du* to

Date

foreign
commercial
banks

APS.

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

commercial
banks

thrift
institutions

money
market
mutual funds

total

2.0

7.7

3.0

4.0

14.5

21.5

0.9

34.2

47.4

5.7

87.3

APR.
HAT
JUNE

8.3
8.7
8.6

1.9
2.1
2.0

8.0
8.2
8.4

3.8
2.7
3.9

6.7
4.6
3.8

12.7
10.0
8.5

23.2
17.4
16.2

0.9
0.9
0.9

38. 1
39.4
40.0

51.1
52.9
53.9

6.2
6.3
6.2

95.4
98.6
100.0

JOLT
AUG.
SEPT.

8.7
8.4
8.4

2.0
1.9
2.0

8.4
9.0
9.4

2.8
2.9
3.4

4.0
3.6
6.0

9.0
7.5
14.1

15.8
13.9
23.6

0.9
0.9
1.0

40.6
41.3
41.9

54.7
55.1
55.9

6.2
6.2
6.2

101.5
102.7
104.0

OCT.
MOT.
DEC.

8.5
8.8
8.6

1.8
2.1
2.0

9.2
9.4
9.5

2.7
2.8
3.<•

4.0
3.2
3.4

a. 4
7.5
9.1

15.1
13.6
16.0

1.0
U1
1.0

42.6
43.2
43.8

56.9
57.7
59.0

6.2
6.5
6.7

105.7
107.3
109. S

8.5
8.3
7.5

1.9
2.1
1.8

9.2
8.9
8.7

3.7
3.2
3.7

4.0
4.3
3.8

14.9
12.7
9.2

22.5
20.1
16.6

i.;
i.i
1.0

45.3
47.0
49.3

61.4
64.0
66.7

7.0e
7.4e
7.7e

113.7e
118.4e
123. 6e

4
11
18
25 P

8.0
7.6
7.2
7.6

1.9
1.8
1.8
1.8

8.9
8.8
8.7
8.7

2.9
3.0
6.3
3.0

3.2
4.2
3.7
4.3

12.1
5.0
5.5
13.7

18.2
12.2
15.5
21.0

1.0
i.i
1.0
1.0

1 P

7.4

1.9

8.7

2.7

3.3

11.0

17.1

1.0

1985-JII.
FEB.
HAR. P

1985
flAR.

U.S. government deposits

8.4

1984-HAH.

WEEK

foreign
official
institutions

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

EtfDIVG:

e = estimated




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

1984 - March

537.3

538.5

7.0

9.2

April

539.2

541.2

4.2

6.0

May

542.5

543.6

7.3

5.3

June

547.3

547.7

10.6

9.1

July

546.9

548.2

-0.9

1.1

August

548.9

547.2

4.4

-2.2

September

551.5

549.4

5.7

4.8

October

548.3

548.1

-7.0

-2.8

November

553.8

551.5

12.0

7.4

December

558.5

557.2

10.2

12.4

562.7

561.4

9.0

9.0

February

569.3

570.0

14.1

18.4

March

571.9

574.2

5.5

8.8

1985 - 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.