Full text of H.6 Money Stock Measures : April 19, 1979

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F E D E R A L

R E S E R V E

statistical

release

Table 1

FEDERAL RESERVE Statistical Release H.6

For Immediate Release

MONEY STOCK MEASURES
APR. 19, 1979

IN BILLIONS OF DOLLARS

M-1 +

M-1

M-2

M-3

M-1 Plus
M-1 Plus
M-2 Plus
Tune
Savings
Currency
Deposits at Deposits at Deposits at
Plus
CB's and
Nonbank
Commercial
Demand
Thrift
Deposits^ Checkable Banks Other
Deposits at Than Large Institutions^/
CD's 3/
Thrift lnst.2/

pete

M-4

M-5

M-2 Plus
Large
Negotiable
CD's 5/

M-3 Plus
Large
Negotiable
CD'sS/

904.0
913.8
922.9
929.3
936.7
944.5
954.8
959.6
969.7
972.9
975.9
979.2
r 978.8

1481, 7
1495. 3
1508. 2
1519. 8
1532. 6
1546. 0
1563. 2
1574. 1
1589. 2
1597. 3
1604. 6
1612. 2
r 1616. 6

M-1

M-1 +

M-1 Plus
Savings
Currency
Deposits at
Plus
CB's and
Demand
Deposits^ Checkable
Deposits at
Thrift Inst. 2J

343. .2
347. 9
350. 7
352. 5
354. 5
357. 0
361. 1
361. 6
361. 0
361. 5
359. 9
358. 8
r 359. 1

566.4
572.1
576.1
578.6
580.0
583.4
589.4
589.7
587.2
586.4
582.3
578.9
578.1

822.6
830.3
836.7
842.6
848.7
856.9
866.2
870.9
874.3
876.3
875.4
877.1
r 879.8

1400. 3
1411. 9
1422. 0
1433. 1
1444. 6
1458. 4
1474. 7
1485. 5
1493. 8
1500. 6
1504. 1
1510. 0
r 1517. 6

M-3

M-4

M-5

M-3 Plus
Large
Negotiable
CD**/

NotSeasona liyAdJu**

Seasonally1 Adjust*
1978—^AR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
3CT.
NOV.
DEC.
1 9 7 9 — JAN.
FEB.
MAR. p

M-2

M-1 Plus
M-2 Plus
Time
M-2 Plus
Deposits at Deposits at
Large
Commercial
Nonbank
Negotiable
Banks Oner
Thrift
CD'«#
Than Large Institutions-^
CD's 3/

338.2
350.9
345.5
351.8
356.3
354.4
359.0
361.4
363.0
371.6
365.7
352.0
r 353.9

562.6
577.6
572.7
579.5
5 83.7
580.8
585.3
587.8
587.4
594.4
587.3
571.5
r 574.2

821.1
837.0
834.9
844.0,
851.4
853.8
861.7
868.2
871.6
882.0
880.1
871.4
r 878.5

1400. 0
1421. 3
1421. 3
1436. 8
1450. 2
1455. 5
1469. 2
1481. 6
1487 . 8
1503. 3
1507. 2
1502. 5
r 1517. 5

901.4
918.3
919.5
930.3
938.8
941.8
952.0
959.0
968.0
981.6
981.2
970.9
r 976.0

1480.
1502.
1506.
1523.
1537.
1543.
1559.
1572.
1584.
1602.
1608.
1602.
1615.

WEEK ENDINJG :

1979-FFB.

14
21
23

360.
358.
356.

3
3
4

580.5
578.3
576.3

878.7
876.9
876.0

980.5
979.3
978.4

355.3
350.5
345.4

575.0
570.0
564.7

874.5
870.6
866.7

974.1
970.0
965.8

MAP.

7
14
21
28

360. 2
358. 8
359. 7
r 358.8

580.0
578.3
578.6
r 577.2

879.7
879.1
879.7
r 880.7

981.0
979.2
978.5
977.8

355.7
355.3
354.2
r 349.2

575.4
575.3
574.3
569.8

878.1
879.4
878.3
r 875.3

976.8
977.5
975.T
972.0

r 359. 8
361. 6

r

r 883.0
886.8

r 979.2
982.8

r 360.4
367.2

r 582.5
590.3

r 889.0
897.6

r 984.7
99?. 0

APR.

40

IIP

578.4
581.1

1/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE 3UE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENT,
LESS CASH TTEMS IN THF PROCFSS OF COLLECTION AND F.R.FLOAT? (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3) CURRENCY OUTSIDE
THE TREASURY, F.R.RANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE W A F T
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, IN ADDITION TO CURRENCY AND DEMANO DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AND TIME CERTIFICATES OF
DEPDSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ INCLUDES M?, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPDSITS QF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARFS.
5/ INCLUDES M?, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M?, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
P - PRELIMINARY; R - REVISED




2
7
0
1
6
5
5
4
2
9
3
0
0

TabU2

FEDERAL RESERVE StetUical R t l — • • H.6

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

M-1

M-1+

M-2

M-3

M-4

M-5

Currency
Plus
Demand
Deposits ^

M-1 Plus Savings
Deposits at CB's
and Checkable
Deposits at
Thrift Inst. 2/

M-1 Rus Time
Deposits at
Commercial
Banks Other Than
Large CD's 3/

M-2 Plus Deposits
at Nonbank Thrift
Institutions 1/

M-2 Plus Large
Negotiable CD's §/

M-3 Rus Large
Negotiable CD's fi/

MAR.

FROM:

DEC.

1978

(3 MONTHS PREVIOUS)

-2.7

-5.7

1.6

4.5

2.4

4.8

SEPT.

1978

(6 MONTHS PREVIOUS)

-l.l

-3.8

3.1

5.8

5.0

6.8

MAR.

1978

(12 MONTHS PREVIOUS)

4.6

2.1

7.0

8.4

8.3

9.1

FOUR WEEKS ENDING: APR. 1 1 , 1979
FROM FOUR WEEKS ENDING:
JAN.

1 0 , 1979(13 WEEKS PREVIOUS)

-1.5

-4.8

2.9

2.5

OCT.

1 1 , 1978(26 WEEKS PREVIOUS)

-1.0

-3.8

3.2

4.8

APR.

1 2 , 1978(52 WEEKS PREVIOUS)

4.4

1.9

6.9

7.9

1/ INCLUOES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DJE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENT,
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3) CURRENCY OUTSIDE
THE TREASURY, F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAF^
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, IN ADDITION TO CURRENCY AND DEMAND DEPOSITSt SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AND TIME CERTIFICATES OF
DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN 3EN0MINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END 0^ MONTH DEPOSITS OF MUTUAL SAVINGS BANKS, SAVINGS ANO LOAN SHARES, AND
CREDIT UNION SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT COMPOUNDED.




FEDERAL RESERVE Statistical Release H.6

Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED.IN BILLIONS OF DOLLARS
Time and Savings Deposits 17

Currency

Date

Time Deposits
Savings 3/
CD's 2/

1978—MAR.
APR.
MAY

JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
OEC.
1979—JAN.
FEB.
MAR. P

Nonbank
1
1
1 f\
^1VI

Demand
Deposits

Total

Other

90.7
91.3
92.0
92.5
9 3.2
93.9
95.2
95.8
96.6
97.5
98.2
98.9
99.4

252.5
256.6
258.8
260.0
261.3
263.0
265.9
265.8
264.4
264.1
261.7
259.9
259.6

81.5
83.4
86.2
86.7
88.0
87.6
88.5
88.6
95.4
96.6
100.5
102.1
99.0

258.5
260.8
26?.2
266.6
271.4
276.2
279.6
284.1
289.9
292.8
295.9
300.9
304.4

220.9
221.7
222.8
223.5
222.8
223.7
225.5
225.2
223.4
222.0
219.6
217.4
216.3

560.8
565.9
572.2
576. 8
582.2
587.5
593.7
597.9
608.8
611.4
616.0
620.4
619.7

98.6
98.8
99.1

261.7
259.5
257.3

101.8
102.4
102.4

300.9
301.4
302.4

217.5
217.3
217.1

620.2
621.0
622.0

99.5
99.1
99.4
99.6

260.7
259.7
260.3
r 259.2

101.3
100.2
9«.a
97.0

302.5
303.6
303.P
306.3

216.9
216.7
216.2
215.6

620.8
620.5
618.8
r 619.0

r 100.0
99.9

r 259.8
261.8

r 96.2
95.9

r 307.4
308.5

r 215.9
216.7

r 619.5
6*1.2

577.7
581.5
*85.3
590.5
595.9
601.5
608.5
614.6
619.5
624.3
628.7
633.0
637.8

WEEK ENDING:
1979-FEB.

14
21
28

MAR.

7
14
21
28

A»R.

4P
U P

1/ TIME- AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ INCLUDES NEGOTIABLE TIME CERTIFICATES .OF DEPOSIT ISSUED IN DENOMINATIONS IF $100,000 np MORE BY LAPGE WEEKLY REPORTING COMMERCIAL BANKS.
J}J. INCLUDES,, NQW ACCOUNTS AT CDMMERCIAL BANKS.
4/ AVERAGE 0* BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES,
P - PRELIMINARY; R - REVISED




I^QI

Thrift
Institutions 4/

FEDERAL RESERVE Statistical Reserve H.6

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Time and Savings Deposit^

Demand Deposits
Currency

Date

19

-r9—^AR.
APR.
MAY
JONE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

197O — J A N .
PEB.
MAR.P

Total^

Member

Ddmestic^
Nonmember

Time Deposits
CD's 47

Other

Savings^

Total

89.°
91.0
91.9
92.8
9^.9
94.?
94.9
95.6
97.?
99.1
O7.4
97. f
9 8 . f>

248.2
2^9.9
253.6
?5Q.O
26 2. *
?60.2
264.1
26*.8
26 5.7
272.5
268.3
254.4
255.2

170.0
177.3
172.7
175.8
177.9
176.2
173.3
17^.3
178.3
182.9
179.2
169.5
r 170.4

74.3
78.5
77.0
79.2
80.5
80.1
81.9
82.7
83.7
85.6
84.9
81.0
80.8

80.2
81.4
84.6
86.3
87.3
88.0
90.3
90.8
96.4
99.5
101.1
99.6
97.5

260.8
261.9
264. ft
267*1
270.5
275.7
?79.2
283.3
287.1
290.5
295.6
302.6
307.1

222.1
224.2
224.6
2*5.1
224.7
223.7
223.6
223.5
221.5
219.9
218.8
216.7
217.5

563.2
567.4
574.1
578.5
58?.4
*87.*
593.1
5O7.6
605.0
609.9
615.5
618.9
622.1

Other
Checkable
Deposits

2.5
2.6
2.6
2.7
2.7
2.8
2.8
2.9
2.9
2.8
2.8
2.8

Nonbank
Thrift
Institutions

U.S.
Gov't.
Demand^

578.8
584.3
5 86.4
592.B
598.6
601.7
607.5
613.4
616.2
621.3
627.1
631.1
639.0

4.8
5.0
4.0
6.2
4.5
3.6
6.?
4.3
8.0

10.2
12.0
8.3
6.6

WEEK ENDING •
1979-FEB.

14
21
28

97. 8
97.«
9* . 9

257. 5
252.7
248.5

172.5
167.7
164.3

81.3
81.1
80.1

99.6
99.4
99.1

302.3
303.4
304.8

216.9
216.7
216.5

618.8
619.4
620.4

7.2
7.2
7.5

MAR.

7
14
21
28

98.°
98.7
98.6
r 98.0

256.8
256.6
25*.6
251.?

171.2
170.8
170.9
167.9

81.6
81.5
80.7
79.4

98.7
98.2
97.4
96.6

305.5
306.8
306.8
308.3

216.9
217.3
217.3
217.8

621.1
622.3
621.5
r 622.8

6.6
3.5
9.9

r 7.4

4P
11*

r

r 261.1
266.5

r 174.6
177.4

r 82.5
85.4

r 95.7
94.3

r 309.2
310.1

r 219.4
220.4

r 624.3

r

A»R.

99.3
100.7

624.8

4.3
2.7

1/ TIME AND SAVINGS DEPPSITS AT ALL COMMERCIAL BANKS.
it TOTAL DEMAND DEPOSITS INCL'JOE, 1M ADOITION TO THE MEMBER AND DOMESTIC N9NMEM8ER DEPOSITS SHOWNt DEPOSITS DUE TO FOREIGN AND
INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE BALANCES AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
*r BASED ON MOST PECENT CALL REPORT DATA.
4/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING
COMMERCIAL BANKS.
5A INCLUDES NOW ACCOUNTS AT COMMERCIAL BANKS.
6/ INCLUDES N3W ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNIONJ SHARE DRAFT ACCOJNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS'
7/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREOIT UNION SHARES.
8A U.S. GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. INCLUDES TREASURY NOTE BALANCES, BEGINNING NOVEMBER 2, 1978.
P - PRELIMINARY; R - REVISED




Special Supplementary Table
Savings Deposits Authorized for Automatic Transfer
(ATS) and NOW Accounts in New York State at
Insured Commercial Banks=/
(amounts outstanding, millions of dollars)
2/
ATS Accounts—
March

2
NOW Accounts in New York State—

14

5635

1070

21

5705

1120

28

5790

1155

6255

1330

April

1/ Excluding commercial banks in Massachusetts, New Hampshire, Connecticut,
Rhode Island, Maine and Vermont.
2/ Estimates are based on data collected by the Federal Reserve and the FDIC
from a stratified random sample of 351 commercial banks.




SPECIAL SUPPLEMENTARY TABLE*
1/
Money Market Certificates
All Insured Commercial Banks and All Mutual Savings Banks
As of February 28, 1979 and March 28, 1979

Mutulal Savings

Commercial
Bankai./
February 28

BanksJ/

March 28

February

28

March 28

4/
Amount outstanding—
(millions of dollars)

35,981

41, 193

19,154

21,329

Number of institutions
offering

12,389

12, 363

463

463

94,9

81.6

95.8

98.8

Per cent of offering
institutions paying the
ceiling rate during the
survey week

*
\J

2J

_3/
kj

The survey collecting these data has been conducted as of the last Wednesday
of each month since June 1978.
Money market certificates are nonnegotiable time deposits in denominations
of $10,000 or more with original maturities of exactly 26 weeks for which
the maximum permissible rate of interest on new deposits at commercial banks
is equal to the discount yield on the most recently issued six-month Treasury
bill (auction average). For MSBs the interest rate ceiling is one-quarter
per cent higher. This new category of deposits was authorized beginning on
June 1, 1978.
Estimates for all insured commercial banks in March are based on data
collected by the Federal Reserve and the FDIC from a stratified random
sample of about 540 banks.
Estimates for all mutual savings banks in February are based on data collected
by the FDIC from a stratified random sample of about 100 banks.
For March 28, the standard error associated with the dollar estimates for
commercial banks is about $845 million, and for mutual savings banks the
standard error is about $500 million. For February 28, the standard errors
for commercial banks and mutual savings banks are $815 and $415 million,
respectively.