Full text of H.6 Money Stock Measures : August 17, 1978

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FEDERAL

RESERVE

FEDERAL RESERVE Statistical Reloasf H.6

statistic aI

Table 1

release

For Immediate Release

MONEY STOCK MEASURES

AUG. 17, 1978

IN BILLIONS OF DOLLARS

M!

M2

M4

*3

M9
"i

MI Plus Time
M 2 Plus
M 2 Plus
M 3 Plus
Currency Deposits at Deposits
at
Large
Large
Commercial Nonbank
Plus
Banks
Negotiable Negotiable
Demand
Thrift
Deposits-!/ Other Than
CD's^
CD's*/
Institutions^/
Large CD's2/

Date

1978 — JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY P

M4

M5

*3

Mf Plus Time
M 2 Plus
M2 Plus
Currency Deposits at Deposits at
Large
Commercial Nonbank
Plus
Banks
Negotiable
Demand
Thrift
CD's*/
Deposits!/ Other Than Institutions*
Large CD's 2

M 3 Plus
Large
Negotiable
CD's#

Not Seasonally Adjusted

Seasonally Adjusted
1977 — JULY
AUG.
SEPT.
UCT.
NOV.
DEC.

M2

327.5
329.2
331.6
334.7
334.9
337.2

782.9
787.9
793.8
800.3
804.2
808.4

1317.2
1330.0
1343.5
1356.8
1366.0
1375.0

845.8
851.1
857.6
866.7
875.1
tt82.4

1380.0
1393.2
1407.4
1423.2
1436.9
1449.0

329.1
326.9
329.8
334.1
337.1
346.9

785.2
785.5
790.0
797.6
801.7
813.8

1323.5
1328.0
1338.4
1351.9
1359.0
1376.3

848.0
849.9
855.4
865.9
873.3
889.7

1366.3
1392.4
1403.6
1420.2
1430.6
14^2.3

340.1
339.9
340.9
346.3
348.6
350.3
r 351.9

814.8
818.0
821.8
829.7
835.1
840.5
r 846.5

1385.4
1392.0
1399.5
1410.9
1419.8
1429.7
r 1441.7

891.1
897.4
903.9
913.2
922.2
927.2
r 933.9

1461.7
1471.3
1481.5
1494.3
1506.9
1516.4
r 1529.1

345.9
334.1
336.2
348.7
343.3
349.3
353.6

819.4
812.8
820.4
836.0
833.6
841.9
848.9

1387.8
1384.9
1399.5
1420.7
1420.3
1435.2
r 1448.7

895.8
889.7
900.6
917.4
918.2
928.1
936.2

1464.2
1461.8
1479.7
1502.0
1505.0
1521.4
r 1536.0

WEEK ENDING:

19 78- JUNE

14
21
28

351.1
349.2
350.0

840.7
839.4
841.3

929.0
925.6
927.1

351.8
349.0
344.8

844.8
840.8
837.3

931.3
926.4
923.5

JULY

5
12
19
26

353.9
352.0
349.2
r 352.1

846.5
845.3
843.7
847.8

933.4
933.1
931.4
935.1

358.4
355.8
353.3
r 349.3

852.5
850.1
848.2
845.4

939.8
937.4
935.6
r 932.8

r 353.2
353.6

r 850.0
852.1

r 936.8
938.4

r 352.1
353.2

649,1
851.6

r 936.5
939.2

AUG.

2 P
9 P

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE 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, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS* SAVINGS DEPOSITS* TIME DEPOSITS OPEN ACCOUNT* AND TIME CERTIFICATES OF
DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
3/ INCLUDES M2* PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS B A N K * SAVINGS AND LOAN SHARES* AND
CREDIT UNION SHARES.
4/ INCLUDES M2, PLUS NEGOTIAbLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
5/ INCLUDES M3* PLUS NEGOTIABLE T I M E CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE.

P - PRELIMINARY;




R - REVISED

FEDERAL RESERVE Statistical Rtleate H.6
Tablt 2

MONEY STOCK MEASURES
PER CENT CHANGE AT SEASONALLY ADJUSTED A N N U A L RATES

"i

*2

Mi Plus Time
Deposits at
Currency Plus
Commercial
Demand Deposits-^ Banks Other Than
Large CD's-^

DATE

»3
M2 Plus Deposits
at Nonbank Thrift
Institutions^/

M4

M 2 Plus Large 4
Negotiable CD's-7

"5
Ma Plus Large 5
Negotiable CD's-7

JULY

FROM:

APR.

1978

(3 MONTHS PREVIOUS)

6.5

8.1

8.7

9.1

9.3

JAN.

1978

(6 MONTHS PREVIOUS)

6.9

7.8

8.1

9.6

9.2

JULY

1977

(12 MONTHS PREVIOUS)

7.5

8.1

9.5

FOUR WEEKS ENDING: AUG.
FROM FOUR WEEKS ENDING:
MAY

9,

10.4

10.8

1978

10 » 1978(13 WEEKS PREVIOUS)

4.8

7.8

7.9
9.4

FEB.

8,

1978(26 WEEKS PREVIOUS)

7.0

7.9

AUG.

10,

1977(52 WEEKS PREVIOUS)

7.2

8.0

10.3

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE 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 C3) CURRENCY OUTSIDE
THE TEASURY, F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AND TIME CERTIFICATES OF
DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
3/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
4/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
5/ 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
Date

1977 — JULY
AUG.

SEPT.
OCT.
NOV.
DEC.

1978— JAN.
FEB.
MAR.
APR.

MAY
JUNE
JULY P

Currency

Demand Deposits
CD's^

Other

Total

Nonbank
Thrift Institutions2'

85.1
85.5
36.3
87.1
87.7
88.6

242.3
243.7
245.3
247.6
247.2
248.6

62.8
63.2
63.8
66.4
70.9
74.0

455.5
458.7
462.1
465.6
469.3
471.2

518.3
521.9
525.9
531.9
540.2
545.2

534.3
542.1
549.8
556.5
561.7
566.6

69.4
90.1
90.7
91.3
92.2
92.9
93.3

250.7
249.8
250.2
255.1
256.4
257.4
258.5

76.3
79.4
82.0
83.4
87.1
86.7
87.4

474.7
478.1
480.9
483.4
486.5
490.1
494.6

551.0
557.5
562.9
566.8
573.6
576.8
582.0

570.7
574.0
577.7
581.2
584.7
589.3
595.2

WEEK ENDING:

1978-JUNE

14
21
28

92.8
92.9
93.2

258.3
256.3
256.8

87.4
86.2
85.8

489.6
490.2
491.3

576.9
576.4
577.1

JULY

5
12
19
26

93.1
93.3
93.2
93.5

260.8
258.7
255.9
r 258.7

86.9
87.8
87.8
87.3

492.5
493.3
494.5
r 495.7

579.4
581.1
582.3
r 583.0

r93*7
93.9

r 259.5
260.0

86.8
86.3

r 496.8
498.2

583.6
584.6

AUG.

2 P
9 P

I/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING C O M M E R C I A L BANKS.
2/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT M U T U A L SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
P - P R E L I M I N A R Y ; R - REVISED




FEDERAL RESERVE Statistical Release H.6

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Demand Deposits
Date

1977 — JULY
AUG.

SEPT.
OCT.
NOV.
DEC.
1978 — JAN.
FEB.
MAR.
APR.
MAY

JUNE
JULY P

Currency

Member

Total^

Time and Savings Deposit

Domestic
Non member^

CD's^/

Other

Total

Nonbank
Thrift
Institutions4/

U.S. Gov't.
Demand^/

85.8
85.9
86.2
86.9
88.4
90.1

243.3
241.0
243.6
247.1
248.7
256.8

167.7
166.3
167.5
170.0
170.3
176.3

71.4
70.8
71.8
72.8
74.1
76.2

62.8
64.5
65.4
68.3
71.6
75.9

456.1
458.6
460.2
463.5
464.5
466.9

518.8
523.0
525.7
531.9
536.1
542.8

538.3
542 .5
548.4
554.2
557.3
562.5

3.6
3.4
5.0
3.7
3.5
5.1

88.7
89.0
90.0
91.1
92.0
93.0
94.1

257.2
245.0
246.2
257.6
251.3
256.3
259.6

175.8
167.3
168.4
175.7
171.2
174.0
176.1

76.9
73.6
73.8
77.8
76.2
78.3
79.4

76.4
76.9
80.2
81.4
84.6
86.3
87.3

473.5
478.8
484.2
487.3
490.3
492.6
495.3

549.9
555.7
564.4
568.7
574.9
578.9
582.6

568.4
572.1
579.1
584.6
586.7
593.3
599.8

4.3
4.3
4.7
4.9
3.9
6.1
4.3

r

r

r

WEEK ENDING:
1978-JUNE

14
21
28

JULY

5
12
19
26

AUG.

2 P
9 P

93.3
92.9
92.5

258.6
256.0
252.4

175.5
173.4
171..6

79.2
78.7
77.0

86.5
85.6
86.2

493.0
491.8
492.4

579.5
577.5
578.7

2.9
11.8
5.9

94.4
94.8
94.1
93.5

264.0
261.0
259.2
* 255.8

r

180.5
175.7
175.5
173.8

79.2
81.2
79.9
78.1

87.3
87.2
87.3
87.4

494.1
494.3
494.9
496.1

581.4
581.6
582.2
583.5

7.6
4.4
3.4
3.4

93.6
95.3

r

r

176.2
174.3

78.4
79.6

87.3
87.5

258.5
257.9

r

497.1
498.5

*

584.4
586.0

r

3.7
3.4

I/ T O T A L DEPOSITS INCLUDE, IN ADDITION TO THE MEMBER AND DOMESTIC N O N M E M B E R DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AND
INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE B A L A N C E S AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
2/ BASED ON MOST RECENT CALL REPORT SINGLE-DAY OBSERVATIONS.
3/ INCLUDES NEGOTIABLE TINE CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE W E E K L Y
REPORTING COMMERCIAL BANKS.
4/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
5/ U.S.GOVERNMENT D E M A N D DEPOSITS AT ALL COMMERCIAL BANKS.

p - PRELIMINARY; R - REVISED




SPECIAL SUPPLEMENTARY TABLE*

Money Market Time DepositsAll Insured Commercial Banks and All Mutual Savings Banks
As of June 28, 1978 and July 26, 1978

Commercial
Banka2/

Mutual Sayings

June 28

July 26

June 28

July 26

Amount outstanding
(millions of dollars)

2,055

5,470

1,596

3,504

Number of institutions
offering

7,963r

8,961

258

273

r—revised.
* The survey collecting these data is scheduled to be conducted as of the
last Wednesday of each month from June through December 1978.
JL/ Money market time deposits are nonnegotiable time deposits in denomination 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.
2J Estimates for all insured commercial banks are based on data collected
by the Federal Reserve and the FDIC from a stratified random sample of
about 515 banks.
3/ Estimates for all mutual savings banks are based on data collected by
the FDIC from a stratified random sample of 97 banks in June and 83
banks in July.