Full text of H.6 Money Stock Measures : August 14, 1986

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

H 6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

AUGUST

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

Date

M2
M3
M1 plus overnight RPs
M2 plus
and Eurodollars,
large time deposits,
MMMF balances (gen. pur. term RPs, term Eurodollars
and broker/dealer), MMDAs,
and institution-only
and savings and small
MMMF balances3
2
time deposits
Seasonally adjusted

1985—JULI
AUG.
SEPT.
OCT.
NOV.
DEC.

596.2
604.8
611.5
614.2
620.1
626.6

2496.1

1986—JANFEB.
HAH.
APR.
MAY
JUNE
JULY P

627.2
631.0
638.4
646.1
658.7
666.7
676.1

2569.0
2576.6
2591.2
2620.9
2648.0
2669.0
2697.1

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

3760.7
3798.2
3836.9

63*9.8
6460.J
6i>2b. J
6592.0
6tob0.5
6610.0

3859.0
3877.2
3890.4
3912.2
3942.2
3956.9

6913.9
6964. 1
7012.4
7070.5
71JJ.3
7194.6

36S3.2
3711.1
3739.1

3112.1
3130-1

2515.4
2529.5
2538.4
2550.8
2565.8

3150.2
3164.9
3180.2
3199.9
3222.9
3239.6
3260.3
3289.1
3304.6
3322.S

14, 1986

3358.5
Not seasonally adjusted

1985—JULI
AUG.
SEPT.
OCT.
NOV.
DEC

599.6
602.0
609.1
612.2
621.7
639.9

2501.0
2510.9
2521.0
2533.7
2549.1
2573.9

3109.6
3126.1
3143.7
3161.9
3183.7
3212.6

3682.7
3708.9
3734.8
3758.3
3800.9
3843.2

6370.3
6441.5
6509.9
657b.4
6667.3
6804. 1

1986—JAN.

633.5
619.2
630.5
652.9
651.8
669.1
679.8

2577.7
2569.9
2593.2
2630.5
2638.9
2671.2
2702.4

3230.6
3231.6
3260.6
3295.6
3297.8
3323.5
3356.2

3864.2
3869-6
3894.5
3922.3
3928.9
3957.0

6907.3
t>944. b
698b.3
7041.9
7107.6
717J.4

HAR.
APR.
flAT
JUHE
JULI P

M1
For period ended

1986-JULY

AUG.

MOTS:

Not seasonally adjusted
4-week average

13-week average

Seasonally adjusted
4-week average

7
14
21
28 P

659.4
661.9
664.3
666.5

669.0
670.2
672.9
675.5

674.1

673.4
677.5
676.9

660.4
662.7
664.2
666.2

672.8
675.5
679.7
680.5

4 P

668.4

676.9

679.6

668.5

678.8

week average

13-week average

week average

691. 1
685. 9

678.4
666.5
684.3

SPECIAL CAUTION SHOULD BK TAKEN IN INTERPRETING iEEK-TO-MESK CHANGES IN HONEY SUPPLI DATA, WHICH ABE
HIGHLT VOLATILE AND SUBJECT TO REVISION.
P~INDICATES PRELIHINABY 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

Ml

M2

M3

Debt1

3 MONTHS FROM APR.

1966 TO JULY

1966

td.fc

11.6

8.4

10. 4ft

6 HO IT US FROfl JAN.

1986 TO J0LY

1966

1i-6

10.0

8.4

11. 3

12 MONTHS FROM JULI

1965 TO JULY

1986

13.4

6.1

7.9

13. 8

THIRTEEN BBEKS ENDING AUG. 4, 1986
FROM THIRTEEN HBBKS ENDING:

1/

1/

2/

3/

4/
5/

BAT

5, 1986 (13 HBEKS PREVIOUS)

17.6

FSB.

3, 1986 (26 VEBKS PREVIOUS)

13.9

AUG.

5 , 1985

13.1

(52 REEKS PfiBflOUS)

G B O U X H R A T E S F O B D E B T A R E BASED OM PERIODS B E G I N N I N G A M D E N D I N G 0112 M O N T H EARLIER THAN F O R T H E M O N E T A R Y A G G R E G A T E S ,
NAMELY, MARCH 1986 TO JUMB 1986, DECEMBER 1985 TO JOKE 1986, AMD JUMB 1985 TO JOME 1986, RESPECTIVELY.
FOOTMOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASON, FEDERAL UESEBJIE BANKS, AMD THE fAOLTS OF COMMERCIAL BANKS;
(2) TRAfELBRS CHECKS OF MOMBAMK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BAMKS OTUER TliAM THOSE DUE TO
DOMESTIC BAMKS, THE U.S. GOVERNMENT, AMD FOREIGN BAMKS AND OFFICIAL IMSTITOIIOMS LESS CASH ITEMS IN THE PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER
OF NITHDRAHAL (MOM) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CEEDIT UNION SHARE DRAFT ACCOUNTS AND DBflANO DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF FAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERflCE THEIR OCD LIABILITIES.
CONSISTS OF M1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS MORLDHIDS, HMDAS, SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL R P S — I N AAOUNTS OF LESS THAN $100,000), AND BALANCES 1U BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BtfOKBR/DEALER HONEY MARKET MUTUAL ¥UHDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS, HONEI MARKET WQUDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESEUTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AMD VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM RP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS 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 AMD TAX-EXEMPT
INSTITUTION-ONLY HOMEY MARKET MUTUAL tUUDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY
MARKET IUUDS0 AMD FOREIGN BAMKS AMD OFFICIAL INSTITUTIONS. ALSO SUBTfiACTED IS A CONSOLIDATION ADJUSTHENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL PUMDS.
CONSISTS OF H3 PLUS THE MONBAMK PUBLIC HOLDINGS OF U.S. SAVIMGS BQUDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AMD BAMKERS ACCEPTANCES, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC MONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT Of THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONflMANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONOS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTUER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE VED&UAL B&SEB1R BOARD'S FLOtf OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE FORM, DERIVED BY AVERAGING AONTU-END L£yELS OF ADJACENT MONTHS.. THESE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT HAY ARISE IN THE UNDERLYING FLOU OF FUHDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DlfFEUS, THEREFORE, FROM THE QUARTERLY FLOK OF FUNDS STATISTICS COUTA1UED
IN THE WEDEUAL BESEECH kELEASES Z.7 AND Z.I. IM THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED OM
A gUARTER-END BASIS AMD INCLUDE DISCONTINUITIES.




HJfSO*
13

COMPONENTS OF THE MONEY STOCK
OMlir

*

I^IJUA junmi'

SUM iHttnwfltapoiMtfl"

at

Cwrfwioy'

mitt*

IVIf Ml

I *«*•

a*
total

im w ttnw ctopotJts'

•1
thrift

total

m

•I
thrift

total

165.3
166.9
167.7

5.8
5.9
5.9

260.4
263.1
266.4

164.8
169.0
171.5

1899.8
1910.6
1918.0

616.0
614.8 I
620.7 ;

122.9
123.7
124.0

173.8
176.0
176.3

296.7
299.7
300.3

386.7
383.4
382.7

501.3
497.5
495.6

888.0
880.9
878.3

264.0
266.9
270.6

154.3
151.1
155.1

418.2
421.0
425.6

OCT.
NOT.
DBC.

168.7
169.8
170.6

5.9
5.9
5.9

266.0
267.8
271.5

173.7
176.7
178.6

1924.2
1930.6
1939.2

626.5
629.4
634.1

124.4
124.8
124.5

177.9
179.0
179.1

302.3
303.7
303.6

382.0
382.2
384.1

493.7
493.7
496.2

075.7
876.0
880.3

273.9
276.7
279.1

155.9
156.3
157.3

432.9
436.5

1986-JAN.
FEB.
BAB.

171.9
172.9
173.9

5.9
5.9
6.1

268.9
269.2
273.2

180.5
183.1
185.2

1941.8
1945.6
1952.8

653.9
663.0
669.1

124.7
125.0
125.6

179.3
179.9
181.2

304.0
304.9
306.9

386.6
388.1
389.0

499.4
502. 9
505.7

885.9
891.0
894.7

289.7
291.5
287.1

158.2
159.7
163.4

447.9
451.2
450.5

APB.
HAI
JOME

174.4
175.8
176.6

6.1
6.1
6.2

275.7
281.6
284.9

189.9
195.1
199.0

1974.8
1989.3
2002.2

668.2
656.6
653.8

126.6
129.0
130.9

184.8
189.5
194.1

311.4
318.5
325.0

388.0
384.9
381.8

508.2
50b. 3
504.1

896.2
891.2
885.9

287.0
281.5
281.0

165.0
164.9
164.6

452.1
446.3
445.6

JULI P

177.5

6.3

288.3

204.0

2021.Q

661.4

133.5

197.8

331.3

380.1

503.3

083.4

280.8

165.7

446.5

288.5
287.4
289.1
287.8

202.2
202.7
204.6
205.0

132.4
132.6
133.9
134.4

381.7
381.0
379.9
378.8

288.7

206.4

134.8

377.6

1985-JULI
AUG.
SEPT.

429.7

BBBK BBDIBG
1986
JOLI

AUG.

7
14
21
28 P

177.1
177.0
177.5
177.8

4 p

178.2

1/

i

t

281.8
280.1
281.1
280.5
279.9

CUBREICI ODTSIDB THB O.S. TBBASURI, FEDERAL 8BSE&VB BANKS^AHD fAOLTS OF COHMERCIAL B A M S . EICLUDES THE ESIIHATED
ABOUBT OF VAULT CASH HELDfilTHEIFT INSTITUTIONS TO SBRflCB THEIR OCD LIABILITIES,
2/ OUTSTANDING ABOONT OF U.S. DOLLAR-DBHOBINATBD TBAfBLKBS CHECKS OF NONBANK ISSUERS. TfiAFBLEBS CHECKS ISSUED BX DEPOSITORY
INSTITUTIONS ABB IHCLUDBD IB DEBAMD DEPOSITS.
3/ DBBABD DEPOSITS AT COflHEBCIAL BARKS AND FOfiBIGB BELATED INSTITUTIONS OTHEB TBAB THOSE DOE TO DOBBSTXC BABKS, THE O.S. GOfBRNBBVT ABO FOREIGN BANKS AMD OFFICIAL IBSTITOTIOMS LESS CASH ITBBS IB THB PBOCBSS OF COLLBCTIOB ABO P8DBBAL RESEUfE FLOAT.
EICL0DBS THB BSTIBATBD ABO0IT OF DEBABO DEPOSITS HELD AT COBHEBCIAL BANKS BI TH&IFT INSTITUTIONS TO SEBflCE THEIR OCD
LIABILITIES.
4/ CONSISTS OF BOB ABO ATS BALANCES AT ALL DBPOSITOBT INSTITUTIONS, CBEDIT ONION SHARE DRAFT BALANCSS AND
DBBAND DBPOSITS AT THRIFT INSTITUTIONS. OTHEB CHECKABLE DEPOSITS SEASONALLY ADJUSTED BO.UALS THB DIFFBBBBCB BBTVBBB THB
SEASONALLY ADJUSTED SOB OF DBBAND DBPOSITS PLUS OCD AND SB AS ON ALL I ADJUSTED DEJIAND DBPOSITS.
5/ SUB OF OVBBBIGHT BPS ANO OFBRIIGHT EURODOLLARS, HOSET BABKBT FUND BALANCES (GBBBRAL PURPOSB AND BBOKBB/DBALBB) ,
HHDAS, AND SAflNGS AND SUkLL TIBB DBPOSITS, LESS THB CONSOLIDATION ADJUSTMENT THAT REPBESKMTS THB BSTIBATBD AB0UN1 OF
DBBAND DBPOSITS ABD IAOLT CASH HBLD BX THRIFT IBSTITUTIONS TO SBRFICE THBIfi TIME AND SAVINGS DBPOSITS LIABILITIES.
6/ SOB OF LARGE TIBB DEPOSITS, TBRfl BPS ABD TBBB EURODOLLARS OF O.S. RBSIDBNTS, flONEI BARKET FUND BALANCES (INSTITUTIOBOBLX), LESS A CONSOLIDATION ADJOSTHBBT THAT HEPRESBHTS THB BSTIBATBD ABQDNT OF OVBRNIGHT BPS AND EURODOLLARS HBLD BX
IBSTITUTIOB-OBLT BONBI HABKBT FOBDS.
7/ SAflNGS DBPOSITS BICLODB HHDAS.
8/ SHALL DBNOBINATION TIBB DEPOSITS—INCLUDING RETAIL B P S — ABB THOSB ISSOBD IN ABOOHTS OF LBSS THAN S 100,000. ALL
IBDIflDOAL RETIREBEHT ACCOUNTS (IRA) AND KBOGH ACCOUNTS AT COBHBRCIAL BANKS AND THRIFTS ARE SUBTBACTED FBOB SHALL
TIHB DBPOSITS.
9/ LARGB DBNOHINATION TIBB DBPOSITS ABB THOSB ISSUED IN AHOUNTS OF $100,000 OB BORE, EXCLUDING THOSB BOOKED AT
•INTERNATIONAL BANKING FACILITIES.
10/ LARGB DBNOHINATION TIHB DBPOSITS AT COHHBRCIAL BANKS LBSS THOSB HBLD BY HONEY BABKBT HUTUAL FUNDS,
DBPOSITOBX 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

281.9

44.5

165.7

1459.3

4860.9

JOLT
AUG.
SEPT.

76.7
77.2
78.0

279.2
277.3
280.0

43.7
43.6
43.2

171.6
182.9
187.2

1479.5
1496.7
1506.6

4910.3
4963.6
5018.8

OCT.
NOY.
OBC.

78.$
79.0
79.5

280.9
299.5
J07. 1

43.9
43.1
41.1

192.5
196.4
209.5

1518.0
1549.0
1586.3

5074.0
5131.5
5223.7

1986-JAM.
FSB.
HAS.

79.9
80.5
81.1

304.1
305.8
298.0

41.5
42.1
41.6

210.6
209.2
209.5

1608.0
1621. 1
1628.2

5305.9
5343.0
5384.1

81.8
82.6
83. 4

297.2
308.3
304.4

41.0
40.1
40.0

203.0
206.7
206.3

1638.8
1656.2
1677.5

5431.7
5477.0
5517.1

APR.
HAY
JUNE P

2/

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

76.5

1985-JUNE

1/

savings bonds

CONSISTS OF U.S. TREASURY BILLS AMD COUPOIS UlTA REHAINING HATURITIES OF LESS THAU 12 BOUTUS HELD BY OTHER THAU DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, HONEI HAfiKET BUTUAL FUNDS AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERkh BESEBWE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDEBIL
HOHE LOAN BANK SISTEH AND HOMEY flARKET HUTUAL FUUDS*
TOTAL COHHERCIAL PAPER LESS COHHERCIAL PAPER HELD BY HONEY HARKET MUTUAL FUNDS.
DEBT DATA ARE ON A HOMTHLY AYSRAGE BASIS, DEUI^IEQ BY AYERAGING END-OF-JONTfl LEVELS OF ADJACENT flONTUS, AND HAYE BEEN
ADJUSTED TO REflOYE DISCONTINUITIES.




H.6 (508)
Table 5

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

Other checkable deposits
Date

Currency

1

Travelers
checks 2

Demand
deposits 3

at commercial
banks 4

at thrift
institutions 8

total

in M2

6

in M3 only

7

Overnight
RPs 8

Overnight
Eurodollars 9

General
purpose and
broker/dealer
money market
funds

166.8
167.7
167.6

6.5
6.6
6.2

26L8
260.4
265.0

115.0
117.0
119.0

49.5
50.3
51.3

164.5
167.3
170.3

1901.4
1908.9
1911.9

608.6
615.1
62^.7

48.3
49.4
50.2

12.4
14.2
14.0

175.8
176.8
176.7

OCT.
NOV.
DSC

163.4
170.7
173.1

5.9
5-6
5.5

265.6
269.0
281. J

119.8
122.6
125.8

52.5
53.8
54.4

172.3
176.4
180.1

192U5
1927.4
1934.0

628.2
634.5
638. 7

50.4
51.9
52.6

14.3
13.9
17.0

177.0
176.8
176.5

1986-JAN.
FSB.
MAJL

170.5
170.6
172.3

5.5
5.6
5.8

275.1
262.0
267.1

128.1
126.8
129.3

54.3
54.2
56. 0

182.4
181.0
185.3

1944.2
1950.7
1962.7

652.9
661.6
667.4

49.2
51.4
50. 1

18.8
16.1
16.3

177.7
181.0
186.2

APE.
JUNE

173.6
175.8
177.4

5.8
5.9
6.5

278.7
276.7
285. b

134.8
132.8
136.6

59.9
60.5
63.0

194.7
193.4
199.6

1977.7
1987.1
2002.1

665. 1
658. 8
652.4

49.5
49.5
47.0

17.4
17.6
17.0

191.4
193.4
19 7.7

JULI P

179. 1

7.1

290.0

139.0

64.7

203.7

2022.6

653*8

51.5

17.8

200.1

1985-JULI
AUGSSPT.

NAY

IEEK EH D U G :
1986-JULI

7
14
21
28 P

180.8
179.6
179.0
177.9

297.1
294.1
289.2
281.4

140.4
139.9
138.7
137.3

65.9
65.3
64.4
62.7

206.3
205.2
203. 1
200.0

48.2
51.0
52.4
54.0

16.2
17.6
18.9
18.7

197.4
199.5
201.2
201.9

AUG.

4 P

179.4

290.4

141.4

65.9

207.4

52.4

16.8

201. 6

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

CURRENCY OUTSIDE THE O.S. TREASURY, FEDEBAL RESERVE BANKS AND THE VAULTS OF COflflEHCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAB-DENOfllNATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COHHEHCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. 6OVERNHENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS THS ESflMATED AflOUNT OF DBflAND
DEPOSITS HELD AT COMMERCIAL BANKS BI THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOB AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
GOBPORATIOMS.
CONSISTS OF HOI AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CBEDIT UNION SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS.
SUM OF OVEBNIGHT RPS AND EURODOLLARS, fcONBY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), HHDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BI THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVEBNIGHT BPS AND EURODOLLARS HELD BI INSTITUTION-ONLY
HONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVEBNIGHT AND CONTINUING CONTRACT BPS ISSUED BY COMMERCIAL BANKS TO OTHEB THAN DEPOSITORY INSTITUTIONS AND
HONEY HABKST MUTUAL FUNDS (GENEBAL PURPOSE AMD BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHEB THAN DEPOSITOBY INSTITUTIONS AND
HONEY HABKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER),




H.6 (508)
Table 5-continued

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

Date

Money market deposit accounts
at
at
thrift
total
commercial
institutions
banks

at
commercial
banks

Savings deposits
at
thrift
institutions

total

Small denomination time deposits 2
at
at
commercial
thrift
total
institutions
banks

Large denomination time deposits 3
at
at
commercial
thrift
total
banks 4
institutions

313.2
317.9
321.3

174.0
177.3
178.5

487.2
495.2
499.8

124.4
124.0
123.7

174.6
174.9
175.4

298.9
298.9
299.1

386.5
385.3
385.1

500.6
497.1
495.4

887.1
882.5
880.5

263.0
267.4
272.6

153.1
153.9
155.1

416.1
421.4
427.6

OCT.
HOY.
DSC.

324.3
329*2
332.4

179.8
180.3
179.6

504.1
509.5
512.0

124.6
124.3
123.5

178.3
179.0
178.3

302.9
303.3
301.8

384.8
384.2
384.8

496.5
496.4
497.6

881.3
880.7
882.5

276.3
278.2
280.9

156.2
157.1
157.8

432.5
435.3
438.7

1986-JAM-

336.7
337.0
340.4

179.0
179.4
180.2

515.7
516.3
520.5

123.9
123.6
124.9

178.8
179.1
181.6

302.7
302.7
306.5

386.5
3 87.1
387.2

502.6
504.6
504.6

889.1
891.7
891.8

288.5
290.4
287.7

159.0
160.7
163.2

447.6
451.0
450.8

JUNB

344.8
348.6
355.2

180.4
182.2
185.2

525.2
530.8
540.4

127.2
129.5
132.2

185.8
190.3
194.8

312.9
319.9
327.0

384.5
382.3
380.7

505.4
502.4
501.2

889.9
884.7
881.9

283.6
280.8
279.3

164.1
164.4
164.1

447.6
445.1
443.4

JOLT P

359.0

187.2

546.2

135.2

198.8

334.0

379.9

502.3

882.2

279.7

164.6

444.3

1985-JULI
AUG.
SEPT.

BAR.
APR*
HAY

SEEK E I D I I G
1986
JOLT

21
28 P

357.6
358.6
359.1
359.9

134.6
134.8
135.5
135.4

380.6
380.3
379.8
379.5

279.9
278.1
280.1
280.7

4 P

360.9

135.9

378.6

279.6

7
14

AUG.

1/
2/
3/
4/

SAflIGS DEPOSITS EXCLUDE HHDAS.
SHALL DENOHIHATIOH TIHE DEPOSITS ~ INCLUDING RETAIL BPS — ABB THOSE ISSUED III AHOUHTS OF L&SS THAN $100,000. ALL
IlDIttDUAL RBTIHEHBNT ACCOUNTS (IftA) AMD KBOGd ACCOUNTS AT COHHEBCIAL BANKS AND THRIFTS ABE SUBTHACTED FBOH SHALL
TIHE DEPOSITS.
LARGE DEHOHINATION TIHE DEPOSITS ARE THOSE ISSUED IN AHOUHTS OF $100,000 OB MORE, EXCLUDING THOSE BOOKED AT INTEBNATIOHAL
BANKING FACILITIES (IBFS).
LABQE DBHOHIHATION TIHE DEPOSITS AT COHHBBCJAL BANKS LESS THOSE HELD BY HONET HABKET HUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.ft<908)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of (Mian, not MMOnally adjust**
wrm RPs

Date

Institution
only money
martest funds

at commercial
banks

at thrift
Institutions

total

ierrn
Eurodollars*

Savings
bonds

N o n M 3 C o mponents of L
Short-term
Bankers
treasury
acceptances 4
securities'

Components of Debt
Commercial
Federal debt 9

Non-Federal*
debt

65.0
63.6
62.3

29.8
30.4
30.9

25.9
26.7
27.5

55.7
57.1
58.4

77.6
78.8
78.9

76.6
77.1
78.0

279.9
280.4
281.3

43.5
44.3
43.9

173.1
181.0
187.6

1475.8
1495.8
1506.9

4894.5
4945.7
5003.0

D£C

63.3
64.5
64.6

30.2
31.2
31.6

29.3
31.6
33.9

59.4
62.8
65.5

78.2
78.4
76.7

78.5
79.0
79.6

280.7
295.7
304.3

43.6
43.3
42.1

193.4
199.1
204.6

1515.6
1544.2
1583.7

5062.9
512J.2
5220.3

1986-JAH.
FBBL
SAB.

67.3
67.7
70.2

33.1
35.1
36.3

35.1
34.7
34. J

68.2
69.8
70.6

76.0
79.2
82.7

80.0
80.5
81. 1

303.8
306.7
304.2

42.2
41.9
40.7

207.5
208.8
207.9

1606.7
1621.0
1633.3

5300.5
5323.6
5352.0

API.
HAI
JOU

74.1
76.1
75.0

34.6
33.6
31.3

34. 1e
34. 1e
33. 9e

68. 7e
67. 7e
65. 2e

81.0
78.3
77.6

81.8
82.6
83.4

299.8
301.9
301.7

39.9
J9.6
39.5

205.2
207.0
208.9

1644.6
1660.6
1678.7

5397.3
5447.0
5494.7

JOLT P

77.5

30.4

34. 7e

65. 1e

76.1

1985-JOLI
AOG.
SBPT.
OCX.
10 f .

VEBK BIDING:
1986-JOLT

7
14
21
28 P

75.4
75.9
78.5
79.5

30.2
30.4
29.7
31.0

AUG.

4P

79.8

31.2

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

tBIB BPS ABB THOSE ilTH OHIGIMAL HATOBITIBS GBEATBB THAI OIB DAT, BXCLUDING CONTINUING COMTBACTS AMD BBTAIL BPS. IIICLODES
A BBLAXIfBLI SHALL AflOONT OF OfBBHIGHT EPS AT THJUFT INSTITUTIONS.
TSBB E0BODOLLABS ABB TBOSB H T H OB I GIN A L 1IAT0BITIBS GBEATEE THAN ONB DAT. CONSISTS OF THOSB ISSUED TO U.S. BBS I DEBTS BI
FOBBIGI BBABCUBS OF O.S. BANKS BOBLDBXDB ABD BY ALL BANKING OFFICES IB THE UNITED KIMGDOfl AND CANADA. BXCL0DBS THOSB HBLD
BT DBPOSITOBI INSTITUTIONS ABD HONBT MARKET HOTOAL FUNDS.
CONSISTS OF O.S. TBEASOBI BILLS ABD COOPOBS HITH BBHAINING HATOBITIBS OF LESS THAN 12 HONTHS HBLD BI OTHBB THAN DBPOSITOBT
INSTITUTIONS, FBDEBAL BBSBBfB BANKS, HONEI BABKET HUTUAL FUNDS, AND FOBEIGN ENTITIES.
NBT OF BANKBBS ACCEPTANCES HBLD BT ACCEPTING BANKS, FEDEBAL BBSBBVE BANKS, FOBEIGN OFFICIAL INSTITUTIONS, THE WEDEBkL
HOBB LOAN BANK SISTEfl AND HOHBI BABKBT HOTOAL FQUDS^
TOTAL COflHEBCIAL PAPBB LESS COHHBBCIAL PAPBB HELD BI HONE! BABKBT HUTUAL FONDS.
DBBT DATA ABB OB A BONTHLI ATBBAGB BASIS, DEBITED BI AVEBAGING END-OF-HONTH LEVELS OF ADJACENT HONTHS, AND HAVE BEEN
ADJOSTBD TO BBBOfE DISCONTINOITIBS.




H.6 (508)
Tables

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

demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

8.5

11.1

10.7
17.9

1.3
1.3
1.4

58.2
58.7
b9.2

79.0
79.5
80.9

8.4
8.4
8.3

145.7
146.6
148.4

10.5
7.5
3.4

20.5
21.0
12.4

34.5
31.7
19.2

1.3
1.4
1.4

60.7
62.5
64.2

81.9
82.9
86.4

8.6

151.2
154.2
159.5

3.7

13.6
18.7
12.6

21.5
26.5
18.9

1.5
11.5

3.5

4.8
2.9

1.7

68.4
69.5
70.1

90.1
91.2
91. 8e

9.9e
9.7e

168.2
170. 6e
171.6e

7.2

3.6

3.8

13.2

20.5

1.6

71.0

93.4e

9.7e

174.1o

2.1
2.1
1.9
1.8

7.2
7.2
7.2
7.2

5.7
2.6
3.8
2.4

3.8
3.7
3.9

12.4

3.9

11.6
13.1
16.1

21.9
17.9
20.9
22.5

1.6
1.6
1.6
1.6

1.9

7.2

3.1

3.3

11.9

18.3

1.6

8.2
8.1
8.5

1.9
2*1
1.9

8.3
8.4
8.3

3.0
3.0
3.4

3.1
2.8
3.4

2.4
4.8

1986-JAE.
FSB.
BAB*

8.8
8.3
8.4

2.0
1.9
1.8

8.0

3.6
3.2
3.3

APE.
BAT
JOBS

8.7
8.8
8.8

1.9
1.8
1.8

7.5
7.4
7.3

4.2
3.0

JOLI P

9.1

2.0

28 P

9.0
9.4
9.0
9.2

4 P

8.6

7
21

AUG.

7.8
7.6

BBDIBG:

14

estimated




total

140.4
142.6
144.3

20.0
10.6
13.4

1986
JOLT

money
market
mutual funds

8.5
8.4
8.3

4.0
3.0
4.3

IIBK

thrift
institutions

75.3
76.8
78.1

3.1
2.8
3.4

DEC

commercial
banks

56.7
57.4
57.8

8.3
8.2
8.2

•Of.

time
and savings
deposits at
commercial
banks

1.2
1.3
1.3

1.9
2.0
2.1

OCT.

total demand
deposits and
note and
FR balances

27.0
16.4
21.1

8.1
7.8
8.1

1985-JOLT
AUG.
SEPT.

IRA and Keogh Accounts

U.S. government deposits

8.7
9.0
9.8

H.6/508)
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2,
and Experimental Alternative3 Seasonal Adjustment Procedures
Monthly average
Levels In billions of dollars
Experimental
Standard
Concurrent
Alternative

Annual growth rates in percent
Standard

Experimental
Concurrent
Alternative
11.9
13.3

532.5

532.7

533.5

1*.2

JUHE

590.9

590.9

592.3

17.3

16.9

13.1

JULY

596.2

595.9

597.*

10.3

10.2

10.3

AU3JST

60*.8

603.8

60*.5

17.3

15.9

1*.3

SEPTEMBER

611.5

610.*

610.0

13.3

13.1

10.9

OCTOBER

61*.2

613.2

611.7

5.3

5.5

3.3

NOVEMBER

620.1

618.9

617.5

11.5

11.2

11.*

DECEMBER

626.6

625.8

62*.6

12.6

13.*

13.3

627.2

628.0

626.1

1.1

*.2

2.9

FEBRUARY

631.0

632.5

632.1

7.3

8.6

11.5

MARCH

633.*

6*0.3

6*1.*

l*.l

1*.8

17.7

APRIL

6*6.1

6*7.8

6*6.6

1*.5

l*.l

9.7

MAY

658.7

659.1

660.2

23.*

20.9

25.2

JUME

666.7

666.8

669.5

1*.6

1*.O

16.9

JULY

676.1

675.6

676.5

16.9

15.8

12.5

1985—MAY

1936--JANU4RY

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMA-based procedure to data through the end of the previous year.
2. Concurrent-monthly seasonal factors are derived each
month by applying an X-11/ARIMA-based procedure to data
through that month.




3. Alternative monthly seasonal factors are derived using an
experimental model-based procedure. This procedure uses
a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more
sensitive than standard 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.