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FEDERAL RESERVE statistical release For release at A:30 PM EST December 12, 1985 H.6(508) NOTICE Preliminary seasonal factors for components of the monetary aggregates for January through March and the corresponding weeks of 1986 are shown on the l a s t page of today's release. of 1986 w i l l be announced l a t e r . s: Seasonal factors for a l l FEDERAL RESERVE statistical release For Release at 4.30 Eastern Time H.6 (506) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES DECBflBEB Billions of dollars M1 Sum of currency, travelers checks, demand deposits and other checkable deposits1 Date M3 M2 M1 plus overnight RPs M2 plus and Eurodollars, large time deposits, MMMF balances (gen. pur. term RPs. term Eurodollars and broker/dealer), MMOAs, and institution-only MMMF balances' and savings and small time deposits2 Seasonally adjusted 12, L Debt M3 plus other liquid assets4 Debt of domestic nonfinancia! sectors* 1984—NOV. DEC 553.8 558.5 2346.3 2371.7 2959.9 2995.0 3502.8 3541.3 5850.9 5927.1 1985—JAB. FEB. BAR. APR. HAY JUNE JULY AUG. SEPT. OCT. MOV. P 562.7 569.4 572.1 574.9 581.6 591.2 595.8 605.9 611.9 611.1 617.7 2398.9 2421.0 2*29.6 2427.7 2444.9 2472.9 2490.6 2514.1 2528.9 2533.4 2547.3 3020.5 3041.0 3055.9 3056.6 3076.0 3102.9 3115.3 3140.6 3167.0 3177.3 3190.6 3564.0 3595.5 3623.3 3625.2 3642.4 3671.6 3690.2 3728.2 3759.1 5994.0 6050.0 6104.2 6165.2 6228.0 6290.5 635o.4 6420.2 6479.3 6541.9 1984—NOV. DEC 555.9 570.4 2344.4 2376.7 2960.4 3002.2 3503.1 3542.9 5838.0 5921.2 1985—JAM. FEB. BAR. APE. HAY JURE JULY AUG. SEPT. OCT. NOV. P 568.3 558.6 564.9 581.6 576.2 592.2 599.1 601.5 608.6 611.0 619.9 2404.2 2414.5 2429.9 2439.6 2441.0 2476.6 2496.6 2507.4 2517.6 2530.1 2545.2 3024.3 3034.3 3057.6 3068.5 3073.9 3105.6 3117.5 3135.4 3155.2 3171.8 3191.2 3568.9 3592.0 3629.6 3639.4 3637.3 3674.8 3692.2 3720,3 3747.1 5985.9 6027.6 6075.8 6136.9 6201.4 6266.9 6334.7 6400.8 6463.9 6526.5 M1 For period ended 13-week average 1983-NOV. DEC MOTE: Seasonally adjusted 4-week average week average 13-week average Not seasonally adjusted 4-week average week average 4 11 18 25 P 610. 1 610.9 611.7 612.7 610.8 612.9 613.5 615.9 612.2 613.8 616.6 620.8 607.7 608.8 610.2 611.8 610.9 612.4 614.5 61d.O 616.6 619.8 621.5 613.9 2 P 614.0 619.3 626.1 613.8 620.6 627.1 SPECIAL CAUTIOK SHOULD B4 TAKEN IM INTERPRETING BEEK-TO-SEEK CHANGES IN flONKY SUPPLY DATA, HHICH ARE HIGHLY VOLATILE AMD SUBJECT TO REVISION. P—INDICATES PRELIMINARY DATA. FOOTIOTES APPEAR OM THE FOLLOWING PAGE H b ^bOb) Table 2 MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 Debt 1 3 MONTHS FROM AUG. 1985 TO MOV. 1985 7.8 5.3 6.4 11.7 6 SOUTHS FROM SAT 1985 TO NOV. 1985 12.4 8.4 7.5 12.2 12 BOUTOS FROM 1OV. 1984 TO MOV. 1985 11.5 8.6 7.8 1J-3 THIRTEEN WEEKS ENDING DEC. 2, 1985 FROM THIRTEEN REEKS ENDING; 1/ SEPT. 2, 1985 (13 HEEKS PRBflOUS) 10.5 JOWE 3, 1985 (26 HfiEKS PAEfXODS) 12.9 DEC. 3, 1984 (52 VKEKS PREVIOUS) 11.4 GROHTH RATES FOR DEBT ARE BASED OH PERIODS BEGINNING AMD KIDING ONE MONTH EARLIER THAU FOR THE HO MET AM I AGGREGATES, NAMELY, JULY 1985 TO OCTOBER 1985, APRIL 1985 TO OCTOBER 1985, AMD OCTOBER 1984 TO OCTOBER I9tib, RESPECTIVELY. FOOTMOTES TO TABLE 1 CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AMD THE VAULTS OF COMMERCIAL BANKS; (2) TRAVELERS CHECKS OF MOMBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTdfiR THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT, AND FOREIGN BANKS AMD OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING Q¥ NEGOTIA&LE ORDER OF HITHDRANAL (NOR) AND AUTOMATIC TRANSFER S&ZV1CE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS, CREDIT ONION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. 2/ CONSISTS OF Ml PLUS OVERNIGHT (AMD CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARS ISSUED XO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS WORLD HIDE, MMDAS, SAVINGS AND SHALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN 1100,000), AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUUDS^ EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND HONEY MARKET FUNDS. ALSO E1CLUDES ALL BALANCES H£LD BY U.S. COMMERCIAL BANKS. HONEY MARKET ¥U»DS (GENERAL PURPOSE AND BROKER/DEALER)0 FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATE!) AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS. 3/ CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF 1100,000 OR MORE) AND TERM RP LIABILITIES ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. RESIDENTS AT tOUEUiH BRANCHES OF U.S. BANKS HORLDUIDB AID AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT INSTITUTION-ONLY HOMEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERMIGUT RPS AMD EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS. 4/ CONSISTS OF M3 PLUS Tflfc NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKitT MUTUAL FUND HOLDINGS OF THESE ASSETS. 5/ DEBT OF DOMESTIC NOMFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT, STATE AND LOCAL GOVERNMENTS AMD PRIVATE NONFIMANLIAL SECtOBSm PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES, CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOAMS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL HESEB^E BOARD'S FLOW OF FONDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC NOMFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE FORM, f>EBX^ED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING FLO* OF tUUDS STATISTICS. THE PRESENTATION OF DEBT DATA IN THIS RELEASE DLtVa&S, THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED IN IM THE FEDERAL RESERVE RELEASES 4.7 AMD Z. 1. IM THOSE RELEASES, PUBLISHED LEVELS OF CRJSDIl1 MARKET DEBT ARE MEASURED ON A A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES. 1/ COMPONENTS OF THE MONEY STOCK l i l i m of doMaw, aaaaowatty abutted ' " "MluiijJ-IL•acttona" oofnp*ar*t Dato Cunvicy 1 TwaHn Damantf Mi MS ohacfcaMa at rtngadapoM at Mwtft 8MM at fltfetwoaaoi at at tote* r •* iMa" total 157.9 158.7 5.1 5.2 24b.8 248.6 143.9 146.0 1792.5 1813.3 613.6 DEC 623.3 123.8 , 122.6 166.9 166.0 290.7 264.6 334.5 337.0 494.0 498.6 878.5 885.6 bai*a» 2t»J.6 264.4 1985-JAB. FEB* BAB. 159.4 160.5 161.3 5.3 5.3 5.4 249.1 251.7 251.9 149.0 151.8 153.6 1836.2 1851.6 1857.5 621.6 620.0 626.3 121.6 121.4 120.3 166.9 168.0 168.4 288.6 289*4 288.6 384.7 382.0 382.8 497.2 495.8 881.9 877.6 878.6 262.3 264.4 269.4 154.6 154.9 154.2 416.9 419.3 423.6 APB. HAT JOHB 161.7 163.1 164.5 5.5 5.5 5.7 252.5 255.8 260.7 155.3 157.3 160.3 1852.7 1863.3 1881.7 628.9 631.1 630.0 119.6 120.4 121.9 168.3 168.9 170.2 287.8 289.3 292.1 387.6 390.0 390.7 497.8 502.0 503.4 885.3 692.0 894.2 273.0 272.1 267.7 154.4 156.1 156.4 427.3 428.2 424.1 JOLT AUG. SBPT. 165.4 167.1 167.9 5.9 5.9 5.9 260.9 264.1 266.8 163.6 168.9 171.3 1894.8 1908.1 1917.0 624.7 626.5 638.1 123.2 124.2 124.6 172.8 176.1 177.1 296.0 300.3 301.7 388.4 384.1 382.8 500.1 494.3 491.6 868.5 878.4 874.4 26 5. 7 267.6 272.9 154.2 153.7 155.7 420.0 421.3 428.5 OCT. BOf. P 168.8 169.9 5.9 5.9 264.0 266.2 172.4 175.7 1922.3 1929.5 643.9 643.3 125.1 125.3 179.3 180.4 304.4 305.7 381.8 381.6 489.9 489.9 871.6 871.5 277.2 280.0 156.1 157.6 433.3 437.5 j 1984-HOf. banfca banka 147. 1 151.8 410.7 416.2 BBBK BBDIHG 1985 NOf. 4 11 18 25 P 169.7 169.9 169.6 169.8 263.8 262.4 265.2 269.5 172.8 175.6 176.0 175.7 125.4 125.2 125.4 125.4 2 P 170.6 272.6 177.0 125.2 DBC. 1/ i 380.8 381.0 381.5 382.1 279.5 281.1 279.1 279.6 382.5 280.4 COBBBBCT OOTSIOB TBB O.S. TBBASOBI, FBDKBAL BBSBBfB BAIKS ABD fAOLTS OF COHHXBCIAL BABKS. BICL0DBS THB BSTIHATBD AHOUHT OP fAOLT CASB UBLD BT THBIPT IVSTITOTIOBS TO SBBIICB T U I I OCO LIABILITIES. 2/ OOTSTABDIHG ABOOBT OP O.S. DOLLAB-DBBOHIHATED THATKLE1S CBBCKS OP BOBBABK ISS01BS. TBAIBJLBBS CHECKS ISSUBD Bf DB POSIT OB I INSTITOTIOBS ABB IICLODBO IB DEHAID DEPOSITS. 3/ DBBABD DEPOSITS AT COBBBBCIAL BABKS ABO F0BBI6B iELATED IBSTITOTIOBS OTBBft TBAB THOSB OOB TO DOHBSTIC BABKS, THE O.S. GOfBBBHEMT ABO POBBIG8 BABKS ABO OFFICIAL IBSTITUTIOBS LBSS CASB ITBBS IB TBB PBOCBSS OP COLLECTION ABO FSDEBAL MMSEBVE FLOAT. EXCLUDES TUB ESTIBATBD ABOOBT OF DBBABD DEPOSITS HELD AT COflBBBCZLAL BABKS Bl TUBIFT IBSTITOTIOBS TO SB* ¥ ICE TBBIB OCD LIABILITIES. 4/ COBSISTS OF BOB ABD ATS BALABCBS AT ALL DBPOSITOBI IBSTITOTIOBS, CBBDIT OBIOfl SIABB DBAFT BALABCBS ABD DBBABD DEPOSITS AT THRIFT IMSTITOTIOBS. OTBBB CHECKABLE DEPOSITS SEASONALLY ADJOSTBD EQUALS TBB DIFFBBEBCB BETIEEI TBB SBASOBALLT ADJOSTBD SOB OF DBBABD DEPOSITS PLUS OCD ABD SEASOBALLI ADJOSTBO DBflABD DEPOSITS. IBCLODBD ABB ALL CBILIBG FBBB "SOPBB BOVS," AUTBOBIXED BT TBB DEPOSITOBT IBSTITOTIOBS DEBEGOLATIOi COBWITTBE TO BE OFFBBBD BBttlBBIBG JABOABT 5 # 1983. 5/ SOB OF OfBBBIGBT BPS ABD OfElBIGHT BOBODOLLABS, BOBBT BABKBT FOBD BALABCBS (GBBBBAL POBPOSB ABD BBOKBB/DBALSB).* BBDAS# ABD SATIBGS ABD SHALL TINE DEPOSITS, LBSS THE COBSOLIDATIOB ADJOSTBBHT THAT RBPBBSBMTS TBB BSTIBATBD ABOOMT OF DBflABD DEPOSITS ABD fAOLT CASH HELD BT THBIFT IBSTITOTIOBS TO SEBflCE THKIi TIflB SiD SAflBGS DEPOSITS LIABILITIES. 6/ SOB OF LABGB TIHB DEPOSITS, TBBB BPS ABD TEBfl BOBODOLLABS OF O.S. BESIDEBTS# gOSBf BASKET FUBD UALAtfCBS (IBSTITOTIOBOBLT), LBSS A COBSOLIDATIOB ADJUSTBBBT THAT gBPBESEBTS THE BSTIfiATBD AflOOBT OF OV^ABIGUT UPS ABD BOBODOLLABS HELD BT IHSTITUTXOH-OBLr HONET HABKET FORDS. 7/ SAflBGS DEPOSITS EXCLUDE HHDAS. 8/ SHALL DBI0HI1ATI0H TIRE DEPOSITS— IBCLODIBG BBTAIL B P S — ABB THOSE ISSOJSD 111 £r:r OF L«SS THA» $100,000. ALL IMDIflDUALtt£TIHt£AeSTACCOUBTS (IBA) ABD KBOGti ACCOUITS AT COHBBBCIAL BASKS U C r ASK 5U8TB&CT&J FBOfl SHALL TINE DEPOSITS. 9/ LABGB DZHOfllKATIOR TIHB DEPOSITS kUE THOSE ISSU&) IB AHOOMTS OF $100,300 CB X^Jtt,BtCLUDLKii THOScI ftOOKKD AT IMTEBMATIONAL BAMKIIG FACILITIES. 10/ LARGE DKNOHI8AT7ON XIHB DEPOSITS A COflflBHCIAL BABKS LESS THOSE HELD BT HONElt MAfiiXBT KdT^AL FUKttS, 1M •"fpT TUTIONS AND POREKiii BANKS AND OFFICIAL IMSTITtlTinMS • H.6 (506) Table 4 COMPONENTS OF LIQUID ASSETS AND DEBT Billions of dollars, seasonally adjusted Oftie savings bonds Non-M3 components of L. bankers acceptances3 short-term treasury securities' commercial p Debt component s T * federal debt non-federal debt 1984-OCT. NOV. DEC. 73.7 73.9 74.1 273.1 268.0 267.2 44.8 43.4 43.2 156,7 157.6 16U6 h. 2 1347.6 1367.4 4448.7 4503.3 4559.7 1985-JAN. FEB. MAfi. 74.4 74.9 75.3 266.7 270.3 275.9 42.8 44.6 46.4 159.6 164.8 169.8 4. 9 1399-4 1409.3 4609.1 4650.6 4694.9 APB. HAY JUNE 75.8 76.2 76. $ 277.8 276.8 284.6 46.1 44.8 42.8 168.9 168.6 164.7 3 423.1 1441.4 1458.3 4742.0 4786.5 4832.2 JULY AUG. SEPT. 76.7 77.2 78.1 284.4 285.5 287.1 42.7 42.9 42.8 171.1 182.0 184.2 1478. $ 1496. 1 4877.9 4924.1 4973.7 1516.6 5025.3 OCT. P 1/ 2/ 3/ 4/ CONSISTS OP U.S. TREASURY BILLS AMD COUPONS WITH BEHAINING HATUfllTliJS OF LESS THAN 12 HONTHS HRLD BY QTHKB THAU DEPOSITOBY INSTITUTIONS, FEDEBAL BBSEBVE BAMKS, BOHEI HABKET HOTOAL F01DS AND FOBEIGM ENTITIES. NET OF BAHKEAS ACCEPTANCES HELD BY ACCBPTING BANKS, FEDKBAL BESEBVE BANKS, FOBEXGN OFFICIAL INSTITUTIONS, THE FEDEBAL HOME LOAN BANK SYSTEM AND HONEY BASKET HUTDAL FUNDS. TOTAL CUHflEBCIAL PAPEB LESS COHNEBCIAL PAPEB HELD BK HONEY BASKET HQTUAL FUNDS. DEBT DATA ABE ON A MONTHLY AVEBAGE BASIS, DERIVED BY AV3BAGING END-OF-HONTH LEVELS OF ADJACENT HONTUS, AND HAVE BEEN ADJUSTED TO BEHOVE DISCONTINUITIES. H.6 (506) Table 5 COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not seasonally adjusted Nontransactions components Other checkable deposits Date 1 Currency Travelers checks2 Demand deposits1 at commercial banks4 at thrift institutions* total in M2* in M3 only 7 .. Overnight RPs1 Overnight Eurodollars* General purpose and broker/dealer money market funds 1984-NOV. DEC 158.7 160.9 4.8 4.9 248.9 257.4 103.1 105.9 40.4 41.3 143.4 147.2 1788.5 1806.3 616.0 625.4 47.9 45.2 10.1 12.4 162.0 167.5 1985-JAN. FEB. MAR. 158.3 158.6 159.8 4.9 5.0 5.1 254.9 244.9 246.3 108.3 107.8 109.9 41.8 42.3 43.8 150.1 150.1 153.6 1835.9 1855.9 1865.0 620. 1 61*.8 627.7 48.7 56.3 55.7 14.2 13.3 12.4 171.9 175.1 177.6 APR. HAT JUNE 161.2 163.2 165.2 5.2 5.4 6.0 255.1 251.4 259.8 114.1 110.5 113.8 46.1 45.7 47.4 160.1 156.2 161.3 1858.0 1864.8 1884.4 628.9 632.9 629.0 47.4 51.3 50.3 12.0 12.8 12.7 176.2 172.2 175.4 JULT AUG. SEPT. 166.8 167.7 167.6 6.6 6.5 6.2 262.2 260.9 265.5 115.0 117.1 119.0 48.5 49.3 50.3 163.5 166.4 169.3 1897.5 1905.8 1909.0 620.9 628.0 637.6 50.2 51.9 52.7 12.4 14.2 13.9 175.8 176.8 176.7 OCT. HOY. P 168.5 170.7 5.9 5.6 265.4 268.4 119.8 122.6 51.4 52.7 171.2 175.3 1919.1 1925-2 641.7 646.0 53.1 55.4 14.5 14.1 176.9 176.4 HEEK ENDING: 1985-NOV. 4 11 18 25 P 169.2 171.4 170.3 169.8 267.7 266.0 270.1 265.9 121.4 123.4 122.8 121.3 52.6 53.4 52.8 51.4 174.0 176.8 175.6 172.7 54.2 51.9 55.1 59.5 15.0 13.3 14.2 14.9 176.4 176.5 175.9 176.7 DEC 2 P 171.7 274.3 122.7 53.0 175.7 55.6 13.5 176.5 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL RESERVE BARKS AID THE TAOLTS OF COHHERCIAL 3ANKS. EXCLUDES THE ESTIHATED AMOUNT OF TAULT CASH HELD BT THRIFT INSTITUTIONS TO SERTICE THEIR OCD LIABILITIES. OUTSTANDING AHOONT OF U.S. DOLLAB-DEIOHINATED TRAVELERS CHECKS OF RONBANK ISSUERS. TRAVELERS CHECKS ISSUED BT DEPOSITORT INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS. DEMAND DEPOSITS AT COHHERCIAL BANKS OTHER THAN THOSE DOS TO DOHSSTIC BANKS, 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 AHOONT OF DEMAND DEPOSITS HELD AT COHHERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. CONSISTS OF NO! AKD ATS BALANCES AT COHHERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT CORPORATIONS. INCLUDES SUPER SOWS OF $43.8 BILLION IN THE IBEK END NOVEMBER 18. $43.5 BILLION IN THE REEK ENDED NOVEMBER 25, AND $44.0 BILLION IN THE NEEK ENDED DECEMBER 2. 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 NOUS OF $18.6 BILLION IN THE HEEK ENDED NOVEMBER 18, $18.3 BILLION IN THE HEEK ENDED NOVEMBER 25,, AND $18.7 BILLION IN THE HEEK ENDED DECEMBER 2. SUM OF OVERNIGHT RPS AND EURODOLLARS, MONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), MIDAS 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, TEHH RPS AND EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A CONSOLIDATION ADJUSTMENT THAT RilPHKSENTS THE ESTIMATED AMOUNT OF OVERNIGHT fiPS AND EURODOLLARS HELD til INSTITUTION-ONLY MONET MARKET MUTUAL FUNDS. CONSISTS OF OVERHlCiUI AND CONTINUING CONTRACT RPS ISSUED BI COMMERCIAL BANKS TO OTHER THAN DEPOSITOR* INSTITUTIONS AND MON£Y MARKET MUTUAL FUNDS (GENERAL PURPOSE AMD BROKKR/DEALEK). ISSUED BY FORfcIGN BhANCHKS OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHEK THAN DEPOSITOR* IN STITUTJLONS AND HUNKY MAKKET MUTUAL FUNDS (GENKHAL PURPOSE AND lifcOKEK/DKA LEH) . 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 total commercial thrift banks institutions Savings deposits1 at thrift commercial institutions banks at total Small denomination time deposits' at at commercial thrift banks institutions Laroe_denomina1 ton time deposits' " a t " commercial thrift total 4 banks institutions 1984-NO?. DEC. 257.1 267.1 145.4 147.9 402.4 415.1 122.7 121.4 166.1 164.9 288.8 286.3 387.1 387.6 497.4 499.4 884.5 887.0 263.6 265.9 147.6 151.1 411.2 416.9 1985-JAN. PEB. HAB. 280.4 289.3 294.0 153.2 159.0 163.9 433.7 448.3 457.9 121.1 120.4 120.6 165.7 166.5 168.2 286.9 286.9 288.8 386.3 384.1 383.7 502.0 499-5 496.3 488.4 88J.6 880.0 ^63.0 ^63.9 269.8 154.1 154.9 153.3 417. 1 418.8 423.0 APB. HAT JUNE 295.9 298.3 307.3 164.5 165.5 167.8 460.3 463.8 475.1 120.9 121.7 123.2 169.3 170.1 172.6 290.2 291.8 295.8 383.9 385.2 386.4 49 5.6 495.5 496.7 879.4 8ti0.8 883.1 270.4 270.0 267.2 153.4 156-1 156-0 423.8 426.0 423.2 JOLT AUG. SEPT. 313.0 317.7 321.2 171.1 174.3 175.5 484.1 492. 1 496.7 124.3 124.0 123.7 175.1 175.5 176.0 299.4 299.5 299.7 386.4 385.4 385.2 497.5 494.0 492-3 88 J. 9 879.4 877.5 264.9 i69. 4 274.5 154.3 155.1 156.3 419.2 424.5 430.8 OCT. NOV. P 324.3 329.1 176.8 177.3 501.1 506.4 124.5 124.3 179-0 179.6 303.6 303.8 384.9 384.2 493.6 493.5 878.4 tt77.7 J78. 2 2 79.9 157.4 158.2 435.6 438.0 0EEK ENDING 1985 HO?. 4 11 18 25 P 327.0 328.4 329.4 330.0 124.3 124.4 124.4 124.2 384.1 384.3 J84.1 384.4 278.9 279.7 278.6 ^80.9 2 P 330.3 123.9 384.3 281.3 DEC. ... .„.. i 1/ 2/ i ... SAVINGS DEPOSITS EXCLUDE MMDAS. SMALL DENOMINATION TIME DEPOSITS -- INCLUDING BBTAIL EPS -- ARR THOSE ISSUED II AMOUNTS Or LESS THAN $100,000. ALL INDIVIDUAL RETIBEMBNT ACCOUNTS (IBA) AND KKOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ABIE SUBTRACTED FBON SHALL TIME DEPOSITS. 3/ LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OP $100,000 OR MURE, EXCLUDING THOSE BOOKED AT INTERNATIONAL BANKING FACILITIES (IBFS). '*/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL HANKS LESS THOSE HELD BT MONEY MARKET MUTUAL FUNDS, DEPOSITORY INSTITUTIONS AND FOREIGN HANKS AND OFPICIAL 1MSTITUT1ONS- H.6(506) Table 5-continued COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not seasonally adjuttad Term RPS Date Institution only money market funds at commercial banks at thrift institution* total wrm Eurodollars* Savings bonds N o * M 3 C a nponents of L Short-tsrm Bankers treasury acceptances4 securities* Component* of Debt Commercial paper* Federal debt Non-Federal* debt 1984-NOV. DEC. 58.3 62.7 35.4 32.5 35.3 37.3 70.7 69.7 81.9 83.2 74.0 74.4 265.1 264.8 44.2 44.8 159.4 156.9 1343.0 1364.7 4495.0 4556.4 1985-JAN. FEB, MAR. 65.0 62.2 59.5 29.9 31.2 32.7 J5.1 J4.5 36.2 65.0 65.7 68.9 81.1 81.3 84.7 74.6 74.9 75.3 268.5 273.8 283.6 44.1 44.8 45. J 157.3 164.2 167.7 1383.1 1397.4 1412.0 4602.8 4630.1 4663.8 APRMAY JUNE 59.6 63.5 67.1 35.2 33.4 33. 1 36. a 35.4 33.8 71.9 68.8 66.9 80.7 80.8 78.3 75.6 76.1 76.5 281.2 274.6 282.5 44.7 43.9 42.J 169.3 168.8 167.9 1427. 1 1443.8 1457.9 4709.8 4757.6 4809.0 JULY AUG. SEPT. 65.0 63.6 62.3 31.1 32.1 33.1 33.9 35.3 37.2 65.0 67.4 70.3 77.4 78.3 78.8 76.6 77. 1 78.0 282.9 283.9 285.2 42.0 42.8 43.2 173.1 181.0 185.4 1475.8 1495.8 1506.9 4858.9 4905.0 ' 4957.0 OCT. NOV. P 63.3 64.5 31.8 33.6 38.5 39.3 70.3 72.9 78.0 77.0 1515.5 5013.0 64.8 64.0 63.7 65.4 32.2 32.6 32.8 31.6 64.5 39.8 WEEK ENDING: 1985-NOV. 4 11 18 25 P DEC 1/ 2/ 3/ 4/ 5/ 6/ 2 P TERM EPS ABE THOSE HITfl ORIGINAL flATOHITIBS GREATER THAU OMB DAT, EXCLUDING CONTINUING CONTRACTS AND RETAIL BPS. INCLUDES A RELATIVELY SMALL AHOUNT OF OVERNIGHT RPS AT THRIFT INSTITUTIONS. TERM EURODOLLARS ARE THOSE 0ITH ORIGINAL MATURITIES GREATER THAN ONE DAT. CONSISTS OP THOSE ISSUED TO U.S. RESIDENTS BT FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BI ALL BANKING OFFICES IN TflE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD BT DEPOSITOR! INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS. CONSISTS OF U.S. TREASURY BILLS AND COUPONS 1ITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BI OTHER THAN DEPOSITORY INSTITUTIONS, FEDERAL RESERVE BANKS, MONEY MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES. NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERTE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK SYSTEM AND MONEY MARKET MUTUAL eUHDS^ T0TAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD dX MONET MARKET MUTUAL FUNDS. DEBT DATA ARE ON A MONTHLY AVERAGE BASIS. DERIVED BY AVERAGING END-OF-NONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES. H.6 (506) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at bank* 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 deposits 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 1984-MO?. DEC. 8.8 8.6 2.1 2.0 9.4 9.6 2.8 3.4 3.2 3.4 7.5 9.1 13.6 16.0 1.1 1.0 43.2 43.8 57.7 59.0 6.5 6.9 107.3 109.7 1985-JAM. FEB. MAH. 8.5 8.3 7.5 1.9 2.1 1.8 9.2 8.9 8.7 3.7 3.1 3.6 4.0 4.3 3.8 14.9 12.7 9.2 22.5 20.1 16.6 1.1 1.1 1.0 45.3 47.0 48.8 61.4 63.1 65.4 7.4 7.7 7.9 114.0 117.9 122,1 APR. rlAI JUNE 7.6 7.8 7.8 1.9 2.1 1.9 8.5 8.4 8.3 3.9 3-1 3.4 6.6 6.7 2.8 11.5 17.8 11.4 22.0 27.6 17.7 1.0 1.0 1.0 53.5 55.1 55.9 69.2 70.5 71.8 8.6 8.6 8.4 131.2 134.2 136.1 JOLT AUG. SEPT. 7.9 7.6 7.9 1.8 1.9 2.0 8.3 8.2 8.2 3.1 2.8 3.4 4.0 3.0 4.3 20.0 10.6 13.4 27.0 16.4 21. 1 1.0 1.1 1.1 56.7 57.4 57.8 73.7 75.2 76.4 8.5 8.4 8.3 138.8 140.9 142.5 OCT. MO?. P 7.9 7.8 1.8 2.1 8.4 8.5 3.0 3.0 3.1 2.8 2.4 4.8 8.5 10.7 1.1 1.1 58.2 58.8 77.3e 77. 9e 8.6e 8.8e 144. 1e 145. 5e 4 11 18 25 P 7.8 7.8 7.9 7.8 1.8 2.1 2.1 1.9 8.4 8.6 8.6 8.5 3.0 2.7 3.4 2.7 2.5 3.2 1.9 5.1 3.0 4.4 7.4 11.1 9.6 9.8 1.1 1.1 1.1 1.1 2 P 7.8 2.4 8.2 3.2 2.2 15.4 1.2 WEEK S M D I I G : 1985 MOV. DEC. e = estiaated 2.8 10.0 Supplementary Table 1 Levels and Annual Growth Rates of Ml Using Standard, 1 Concurrent,2 and Experimental Alternative^ Seasonal Adjustment Procedures (Monthly average) Levels in billions of dollars Standard Experimental Concurrent Alternative Annual growth rates in percent Experimental Standard Concurrent Alternative 548.3 549.3 548.1 -7.0 -2.4 -2.8 November 553.8 553.5 551.5 12.0 9.2 7.4 December 558.5 558.2 557.2 10.2 10.2 12.4 562.7 562.4 561.4 9.0 9.0 9.0 February 569.4 569.7 570.0 14.3 15.6 18.4 March 572.1 573.0 574.4 5.7 7.0 9.3 April 574.9 576.2 576.2 5.9 6.7 3.8 May 581.6 582.6 583.2 14.0 13.3 14.6 June 591.2 590.6 592.4 19.8 16.5 18.9 July 595.8 595.6 596.7 9.3 10.2 8.7 August 605.9 604.3 604.4 20.3 17.5 15.5 Sep tember 611.9 610.2 609.8 U.9 11.7 10.7 Oc tober 611.1 612.4 610.3 -1.6 4.3 1.0 November 617.7 617.6 615.6 13.0 10.2 10.4 1984 - October 1985 - January 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-ll/ARIMAbased 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 s t a t i s t i c a l regression and time series modeling techniques to construct seasonal factors that are more sensitive than the standard factors to unique characteristics of each s e r i e s . These characteristics include fixed and evolving seasonal patterns, trading day e f f e c t s , within-raonth seasonal variations, holiday e f f e c t s , outlier adjustments, special events adjustments, and serially correlated noise components. Appendix Table 1 Seasonal Factors for Ml, M2 and M3 Monthly, early 1986 Currency 1 1986—January February March Nonbank travelers checks 2 Transactions deposits* 3 Demand deposits* 4 .9380 .9469 .9506 1.0174 .9788 .9865 1.0233 .9728 .9778 Nontransactions Components In In M2 M3 only 5 6 .9970 .9999 .9989 1.0028 1.0042 1.0023 Memo: Experimental Alternative Thrift i n s t i t u t i o n s deposits (model-based) Seasonal Factors for Mi Commercial bank deposits Small Large Small Large Nonbank denomi- denomidenomidenomitravelers Transactions nation nation nation nation time time Savings checks Savings time time Currency deposits 1 2 3 4 5 6 7 8 9 .9935 .9878 .9913 .9950 .9380 1.0023 .9925 1.0098 .9959 .9937 1.0046 1.0209 1986—January .9918 .9969 1.0081 .9989 .9878 .9469 1.0054 .9905 .9765 February 1.0003 1.0006 .9935 .9907 1.0025 1.0020 .9506 .9798 .9988 March * Factors for transactions deposits are used to seasonally adjust the sum of demand deposits and other checkable deposits. Seasonally adjusted other checkable deposits are seasonally adjusted transactions deposits minus seasonally adjusted demand deposits. Appendix Table 2 Seasonal Factors for Selected Components of Ml, M2 and M3 Weekly, early 1986 Week ended Currency 1 Transactions deposits* 2 Demand deposits* 3 Commercial Bank Deposits Small Large denomidenomination nation time time Savings 4 5 6 1986 Jan. 6 13 20 27 1.0065 1.0013 .9918 .9831 1.0693 1.0449 1.0140 .9724 1.0876 1.0541 1.0198 .9708 .9962 .9978 .9955 .9929 1.0027 1.0041 1.0055 1.0056 1.0066 1.0022 1.0004 1.0018 Feb. 3 10 17 24 .9849 .9941 .9914 .9809 .9888 .9863 .9817 .9640 .9863 .9783 .9784 .9563 .9910 .9920 .9919 .9913 1.0049 1.0047 1.0053 1.0064 1.0001 .9977 .9956 .9953 Mar. 3 10 17 24 31 .9844 .9973 .9932 .9884 .9847 .9791 .9964 .9920 .9723 .9811 .9724 .9855 .9847 .9611 .9740 .9933 1.0004 1.0017 1.0039 1.0080 1.0048 1.0032 1.0028 1.0010 .9995 .9984 1.0018 .9981 1.0012 1.0006 * See notes to Appendix Table 1.
@FedFRASER