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FEDERAL RESERVE statistical release For release at 4:15 PM EST February 10, 1984 H.6(508) The accompanying standard Money Stock and Liquid Assets tables are the final ones that present weekly data on a week-ended Wednesday basis and weekly and monthly data not revised to incorporate updated seasonal adjustment factors, benchmark revisions and a redefinition of M3 to incorporate term Eurodollars held by U.S. residents. This release also includes updated monthly seasonal adjustment factors for all money stock measures. In addition, revised monthly levels of the money stock measures are presented for the period from October 1982 to January 1984, together with a comparison of growth rates of the revised and old money stock measures over the same period. (This comparison updates information included in the Appendix to the February 6, 1984 Monetary Policy Report to Congress.) The next H.6 release, scheduled for Thursday, February 16, will be published on the revised basis. All weekly data on that release will be presented for weeks ending on Monday, to correspond with the new reporting cycle under contemporaneous reserve requirements (CRR). The weekly seasonal factors to be used in constructing these data are not yet available; such factors will be published on February 16. In light of the substantial changes to reporting and reserve computation and maintenance systems occasioned by CRR, delays may occur in coming weeks in the publication of money stock and related data and data revisions for a time could be larger than normal. FEDERAL RESERVE statistical release H6(508) Table 1 For Release at 4:15 p.m Eastern Time MONEY STOCK MEASURES AND LIQUID ASSETS PBBBUaBY 10, 1984 Billions of dollars M1 sum of currency, travelers checks, demand deposits and other checkable deposits1 Date 196 3 — J A N . FEB. MAR. APR. HAY 198*1—JAN. P Seasonal! i M1 plus overnight RPs and Eurodollars, MMMF balances (gen. pur. and broker/dealer), MMDAs, and savings and small time deposits2 M2 plus large time deposits, term RPs and institution-only MMMF 2010.0 2050.8 2069.9 2074.8 2096.2 M3 plus other liquid assets4 balances3 L M3 plus other liquid assets4 deposits 497.6 496.5 507.4 511.7 515.5 516.7 517.1 517.9 518.3 521.1 2126.3 2136.9 2145.4 2161.6 2174.6 2184. 1 524.3 2191.9 2614.5 2114.4 M2 M3., Not seasonally adjusted M1 plus sum of overnight RPs currency, and Eurodollars, M2 plus large time deposits, travelers MMMF checks, balances (gen. term RPs and institution-only demand pur. and MMMF deposits and broker/dealer), balances3 other MMDAs, checkable and savings deposits1 and small time 2 M1 adjusted 2403.3 2430.7 2447.1 2453.9 2476.2 2496.8 2510.3 2528.8 2544.9 2563.2 2588.7 2602.4 482.1 491.1 JUNE JULY AOG. SEPT, OCT. NOV. DEC. M3 M2 2930.6 2960.2 2987.5 3005.8 3031.3 3058.6 3087.8 3116.2 3137.9 3155.2 489.7 480.6 489.2 504.5 499.8 508.3 514.7 511.6 514.1 519.5 523.8 535.3 2018.3 2042.5 2065.9 2088.5 2092.7 2114.1 2127.8 2129.2 2137.2 2160.6 2174.4 2190.9 2415.2 2427.1 2445.9 2465.4 2471.5 2495.4 2508. 1 25.19.8 2945.5 2964.7 2992.2 3020.6 302S.7 3054.9 3078.6 3102.9 2535.7 2561.7 2538.3 2610.9 3121.3 3150.3 532.2 2200.7 2627.1 13-week average Not seasonally adjusted 4-week average M1 13-week average Seasonally adjusted 4-week average 18 25 P 519.4 519.9 520.4 520.7 521.6 523.0 523.4 523.4 522.2 526.3 S23.6 521.6 527.7 529.2 530.4 530.8 538.1 541.5 541.5 537.7 551.2 546.9 536.0 516.6 1 P 521.3 524.0 524.6 530.6 528.4 514. 1 For period ended 1934-JAN. 4 11 FEE. NOTE: week average week average SPECIAL CAUTION SHOULD BE TAKEH IH INTBBPRETIIG MEEK-TO-IEEK CHANGES III HONEY SUPPLY DATA, WHICH HIGHLY VOLATILE AMD SUBJECT TO REVISION. P ~ I N D I C A T E S P B E L i n i N l B Y DATa. POOTNOTES APPEAR Oil THE POLLOVING PAGE H.6(508) Table 2 MONEY STOCK MEASURES AND LIQUID ASSETS Percent change at seasonally adjusted annual rates Date M1 M2 M3 3 MONTHS FFOH OCT. 1 9 8 3 TO JAN. 1984 4.9 5.6 8.0 6 HONTHS FROM JOLY 1 9 8 3 TO JIM. 1984 3.4 6.2 8.3 12 MONTHS FROft JAN. 1 9 8 3 TO JAN. 1984 8.8 9.0 8.8 THIRTEEN WEEKS ENDING F E B . . 1 , 1984 FROM THIRTEEN WEEKS ENDING: 1/ 2/ 3/ 4/ NOV. 2, 1983 ( 1 3 WEEKS PREVIOUS) 3.3 AUG. 3, 1983 (26 WEEKS PREVIOUS) 3.6 FEB. 2, 1983 ( 5 2 WEEKS PPEVIOOS) 8.9 FOOTNOTES TO TABLE 1 AVERAGES OF DAILY FIGURES FOR (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, ANP THE VAULTS OF COHHERCIAL BANKS; (2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHEB THAN THOSE DUE TO DOHESTIC BANKS, THE U.S. GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITOPY INSTITUTIONS OTHER THAN CREDIT UNIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE TH* ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. INCLUDES OVEXNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND FURODOLLURS ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF TT.S. BANKS, HMDAS, SAVINGS AND SHALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF L?SS THAN $100,000), AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BPOKEB/DEALEP MONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND MONFY MABKET FUNDS. ALSO EXCLUDES AMOUNTS HELD BY U.S. COMMERCIAL BANKS, HONEY MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COHHERCIAL BANKS, AND THE U.S. GOVERNMENT. H2 WILL DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE TIME AND SAVINGS DEPOSITS. INCLUDES LARGE DENOMINATION TIME DEPOSITS AND TERM RPS (IN AMOUNTS OF $100,000 OR MORE) ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. M3 WILL DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS HELD BY INSTITUTION-ONLY MONEY HARKE"* MUTUAL FUNDS. OTHEB LIQUID ASSETS INCLUDE THE NONBANK PUBLIC HOLDING OF tl.S. SAVINGS BONDS, SHOPT-TPPH TREASUEY SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES, AND TERM EURODOLLARS HgLfl BY U.S. RESIDENTS, NET OF MONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS. H.6 (508) Table 3 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Buttons of dollars, seasonally adjusted unless otherwise noted Date Travelers2 checks Currency' Demand deposits3 Other Overnight RPs 5 checkable 4 deposits NSA Overnight Eurodollars6 Money market deposit accounts 7 NSA NSA Savings depositsB at commercial banks at thrift institutions total Small denomination time deposits'9 at at commerthrift total cial institubanks tions Money market mutual fund balances'0 general purpose institution and broker/ only dealer 1 i 1i4. 2 1J5. 6 137. 0 4. 1 4. 3 4. 5 239. 4 238. 7 240. 1 1 0 4 . t> 112.5 116.0 40. 1 41.0 4 0.9 4. 6 4. 7 4. 7 238. 9 242. 5 244. 0 115.0 120.9 122.7 42.5 46.0 46.6 a. 1 9. 1 JUNE 13d. 0 139. 3 140. 3 JULY AUG. SEPT. 140. 9 141. 8 143. 0 4. b 4. 7 4. 7 245. 8 244. 5 24 3. 4 124.2 125.8 126.0 43.5 9.2 42.1 42.9 OCT. MOV. ORC. 144. 2 14 5. 3 146.0 4. 8 4. 8 4. 6 242. 9 241. 6 243. 1 126.0 126.5 127.1 147.8 4. 7 243. 3 244. 246. 243. 239. 198J-JAN. PBb* MAR. APR. HAY 1984-JAN. P 18 9 . 1 277. 7 320. 5 151.7 144.7 142.3 103.3 181.0 180.4 3 3 5. 1 125. 7 322.7 356.7 337.7 326.8 440.7 417.4 407.0 797.4 755.1 73 3.8 34 1 . 2 356. 6 367* 3 14O%8 140.8 140.6 180.7 182.3 184.2 321.5 323. 1 325.0 321.5 318.8 319.5 404.2 401.4 402.6 725.7 720. IV 722.1 146,7 14 1.1 119,7 41.0 40.4 39.21 368* 4 366. 3 366. 9 139.6 10.0 10. 1 136.3 137.3 183.9 183.fi 183.3 323.5 322. 1 320.6 326.1 312.2 337.0 408.9 415.7 420.7 735.1 748.0 757.7 13*. B 13<>.1 137.6 38.6 * 38.4 39.1 45.2 44.8 45.3 11.3 10.4 10.9 367. 4 36 9 . 1 372. 4 136. 1 135.2 133.9 182.7 181.1 178.3 318.8 316.4 312.3 343.5 349.7 352.3 427.5 434.7 439.2 771.0 784. « 791.5 137.8 138.7 138.0 39.9 40.6 40.2 128.4 46.7 11.0 376. 7 133.0 176.0 309.0 351.9 442. 1 794.0 138.1 40.8 5 3 7 8 125.9 127.7 127.5 129.2 45.2 46.8 46.1 47.0 12. 2 11. 1 11. 1 11. 1 374. 376. 376. 376. 8 9 6 133.5 133.2 133.0 132.9 351.5 352.0 351.7 351.7 136.5 137.9 138.0 138.4 40.0 40.6 40.8 41.1 241. 8 129.8 48.0 10.0 377. 8 132.8 351.7 139.3 41.1 7. 2 7.9 7.9 9.4 166^7 159.6 •.}**•*$ Uf. 1 45.? ,43.5 WEEK ENDING 1984 JAN, 4 11 16 25 P FEB. 1/ 1 P 147. 147. 147. 147. 1 5 7 8 148. 2 5 CURBENCY OUTSIDE THE U.S. TREASURY, P.fa. BANKS AND VAULTS OP COMMERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OP fAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. 2/ OUTSTANDING AMOUNT OP U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OP NONBANK ISSUERS. 3/ DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED IiSTITUTIONS OTHER THAN THOSE DIIE TO DOMESTIC BANKS, THE fl.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OP COLLECTION AND P.R. FLOAT. FfCLnDES THE ESTIMATED AMOUNT OP DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIPT INSTITUTIONS TO SERVICE THEIR OCI> LIABILITIES. 4/ INCLUDES ATS AND NOH BALANCES AT ALL DEPOSITORY INSTITUTIONS EXCEPT CREDIT UNIONS, CREDIT UNION SHABE DRAFT BALANCES AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THP SEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED APE ALL CEILING PREE "SUPEh NOUS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5, 1983. PRELIMINARY DATA INDICATE THAT BALANCES IN "SUPER NOUS1* HERP ABOnT $38.8 BILLION IN THE BERK ENDED JANUARY IB, ABOUT $37.6 BILLION IN THE KEEK ENDED JANUARY 25, AND ABOUT $37.6 BILLION IN THE HEFK ENDED PEBRUARY 1. THESE FIGURES INCLUDE BALANCES IV "SUPER NOBS" AT COMMERCIAL BANKS OP ABOUT $28.0 BILLION IN THE WEPK ENDPD JANUARY 1fi, ABOUT $27.1 BILLION IN THE MEEK ENDEO JANUARY 25, AND ABOUT $27.1 BILLION IN THE HEEK ENDED PBBRriARY 1. 5/ INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AMD BROKER/DKALEK). t»/ ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY MARKET NflTUAL FUNDS. 7/ MONEY ?!AfeKtT DEPOSIT ACCOUNTS (HHDAS) HERE AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OPPERED BEGINNING DECEMbER 14, 1982. 8/ SAVINGS DEPOSITS EXCLUDE MNDAS. 9/ SMALL DENOMINATION TIME DEPOSITS -- INCLUDING KETATL JU'S -- AhF THOSE ISSUED IN AMOUNTS OP LESS THAN *100,000. ALL INDIVIDUAL RETIREMENT ACCOUNTS (IKA) AND KFOGH ACCOUNTS AT COMMEHC1AL BANKS AND THhIFTS ARE SUBTRACTED FROM SMALL TIM?? DEPOSITS. 10/ NOT SEASONALLY ADJUSTED, INCLUDES BALANCES IN BOTH TAXABLE AND TAX-EXEMPT FUNDS. ALL INDIVIDUAL RETIREMENT ACCOnNTS AND KEOGH ACCOUNTS AT MONEY PUNDS AHE EXCLUDED. H.6 (508) Table 3—continued ^f%aj|DfiiiL|Ciui"ro rtl- m ^ NEY STOCK MEASURES AND Billions of dollars, seasonally adius ted unless otherwise noted Laroe denomination time deposits 1 at thrift Date at commercial total institutions banks? LIQUID ASSETS 4 at commercial banks NSA Term RP$3 at thrift institutions NSA total NSA Term 4 Eurodollars Savings bonds Short-term Treasury securities** Bankep . Commercial paper? NSA 19 8 3 - J A N . FEB. MAR. 247.6 235.2 231.6 63.1 62-7 64.6 310.7 297.9 296.2 27.9 28.6 29.4 12.6 12.2 12.3 40.6 40.8 41.7 81.1 68.1 83.5 85.9 68.5 68.8 219.3 219.3 224.5 45.3 43.2 42*0 113.5 115.1 119.2 APR. HAY JUNE 231.0 226.7 228.8 69.2 72.5 75.3 300.2 299.2 304.1 30.3 32.7 31.5 12.4 12.5 13.0 42.7 45.3 44.5 88.4 89.9 89.8 69.2 69.6 69.8 210.5 231.4 237.2 • 1.2 40.8 40.2 122.5 123.4 122.9 JULY AUG. SEPT. 225.7 226.4 226.8 79.9 85.1 90.8 305.6 311.6 317.7 29.5 31.6 31.8 13.3 13.7 14.3 42.8 45.3 46.1 89.6 89.8 89.5 70.0 70.2 70.4 252.1 262.9 264.5 41.4 43.5 43.3 124.4 121.0 125.3 OCT. NOT. PEC. 224.3 226.5 228.6 95.6 98.4 100.4 319.9 324.8 329.0 30.4 35.3 35.2 15.1 16.3 17.4 45.5 51.6 52.6 90.4 70.6 262.1 42*3 126.6 228.8 103.5 332.3 33.8 18.2 52.0 1984-JAN. P WEEK ENDING: 1984-JAN. ' FEB. 1/ 2/ 3/ 4/ 5/ 6/ 7/ 4 11 18 25 P 232.3 229.0 229.1 228.7 33.5 31.0 34.4 34.6 1 P 225.9 35.7 LARGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF |10( ,000 OR MORE, EXCLUDING THOSE BOOKED AT INTrRWATlONAL BANKING FACILITIES (IBFS). LARGE DBMOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTION?. TERM RPS ARE THOSE HITH ORIGINAL MATURITY GREATER THAN OMB DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS. TERM EURODOLLARS ARE THOSE KITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS. INCLUDES U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHPR THAN DEPOSITOR! INSTITUTIONS, F.B. BANKS, AND HONEY MARKET MUTUAL FUNDS. NB? OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL ROUE LOAN BIN* SYSTEM, AND MONEY MARKET MUTUAL FUNDS. TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL FUNDS. H.6 (508) Table 3A COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted Othe r checkable deposits Demand deposit s Date Currency1 Travelers checks2 at member banks3 at domestic nonmember banks4 at foreignrelated banking offices In the U.S.5 total 6 at commercial banks 7 at thrift institutions8 total Overnight RPs9 Overnight Eurodollars 1983-JAN. FEB. MAR. 133.7 135. 4 3.9 4.1 4.3 161.9 153.4 155.4 80.1 76.2 76.5 3.7 3.6 3.7 245. 1 232.8 235.2 82.4 83.6 86.7 25.1 26.4 27.7 107.5 110.0 114.3 40. 1 41.0 40.9 7.2 7.9 7.9 APR. HAT JUNE 137.4 138.9 140.3 4.4 4.5 4.9 160.1 157.4 160.2 79.0 77.5 78.6 3.8 3.7 3.7 242.4 238.2 242. 1 90.8 88.7 90.7 29.5 29.5 30.3 120.2 118.2 121.0 42.5 46.0 46.6 «. 1 9. 1 0.4 JULY AUG. SEPT. 142.0 142.1 142.6 5.2 5.1 5.0 162.7 160.8 161.5 79.1 77.4 77.6 3.7 3.6 3.4 245.1 241.3 242.1 91.7 92.2 93.3 30.8 30.8 31.2 122.5 123.0 124.5 4 3.5 42. 1 42.9 0.2 10.0 10. 1 OCT. MO?. DEC. 143.9 146.1 148.7 4.8 4.6 4.6 163.2 163.4 168.4 78.1 78.2 79.7 3.6 3.5 3.7 244.4 244.7 251.4 94.2 95.5 97.6 32.2 32.9 33.1 126.4 128.4 130.7 45.2 44.8 45.3 11.1 10.4 10.9 146.5 4.5 167.7 78.3 3.7 249. 1 99.1 33.0 132.1 46.7 11.0 133.2 19 8«»-JAN. P WEEK ENDING: 1984-JAH. 4 11 18 25 P 148.1 147.8 146.7 145.3 178.1 172.9 169.2 160.4 8 3.4 82.2 78.9 74.6 4.1 3.6 3.6 3.6 265.0 258. 1 251.2 238. 1 99.9 102.3 100.5 96.7 33.7 34.1 33.2 32.0 133.5 136.5 133.7 12ft.7 45.2 46.8 46. 1 47.0 12.2 11.1 11. 1 11.1 FEB. 1P 144.7 160.3 73.8 3.6 237.2 95.7 32.0 127.7 48.0 10.0 1/ 2/ 3/ 4/ 5/ 6/ 1/ 8/ 9/ 10/ CUBHBNCY OUTSIDE THE U.S. TBEAS0RY, F.B. BANKS AND THE VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OP VAULT CASH HELD ET THRIFT INSTITUTIONS TO SEBVICE THFIR OCD LIABILITIES. OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OP NONBANK ISSUERS. DEHAND DEPOSITS OTHEB THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT AT MEMBER BANKS OF THF FEDP.PAL RESERVF SYSTEM. DEHAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FORFIGN BANKS AND OFFICIAL INSTITHTIONS f.PSS CASH ITEMS IN THE PROCESS OF COLLECTION AT NONMEMBER BANKS. DEPOSITS AS DESCRIBED IN FOOTNOTE 4 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS ANT> POPEIGN TNVESTHFNT COHPAN ES. EQUALS SUM OF THREE PREVIOUS COMPONENTS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMPRCIAL BANKS BY TTfRTFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. NOW AND ATS BALANCES AT COMMERCIAL BANKS, BRANCHES AND AGENCIES OP FOREIGN BANKS, AND EDGE ACT CORPORATIONS; INCLUDES SUPEB BOW ACCOUNTS. NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHAPF, DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS; INCLUDES SUPER NOW ACCOUNTS. INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSHFD BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKFF/D^ALER) . ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO T.S. RESIDENTS O T H W THAN DEPOSITORY INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS (GENERAL PUPPCSE ANT) H.6 (508) Table 3A—continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted Savings deposits1 Money market deposit accounts total at commercial banks at thrift institutions Small denomination time deposits^ total at commercial banks at thrift institutions total Large denomination time deposits 3 at commercial banks4 at thrift institutions at commercial banks at thrift institutions 1983-JAN. FEB. HAB. 114.2 163.3 185.8 74.9 114.5 134.6 189.1 277.7 320.5 150.3 143.5 142.1 184.3 181.0 181.1 334.7 324.5 323.2 356.3 339.3 329.2 442. 3 419.2 408.5 798.6 758.5 737.7 250.4 238.7 233.4 63.8 63.9 65.5 314.2 APR. MAY JOHE 198.0 207.6 215.0 143.2 149.2 152.3 341.2 356.8 367.3 141.9 141.7 141.5 182.4 182.9 184.8 324.3 324.6 326.3 322.7 320.4 321.0 405.9 402.3 402.8 728.6 722.7 723.9 229.1 225.3 226.2 68.9 72.6 74.8 298.0 298.0 301.0 JOLY AOG. SEPT. 216.9 217.4 219.5 151.5 148.8 147.4 368.4 366.3 366.9 141.0 138.8 137. 1 185-6 182.7 181.0 326.6 321.5 318.2 325.6 331.6 335.9 408.7 414.4 418.9 734.3 746.0 754.8 222.9 225.6 226.4 79.1 84.6 90.3 301.9 310.3 316.7 OCT. HOV. DEC* 221.8 225.1 22 8.5 145.6 144.0 144.0 36 7.4 369.1 372.4 136.4 134.2 132.5 181.6 179.5 177.6 318.0 313.8 310.1 342.5 347.8 349.4 426.7 433.5 436.9 769.2 781.3 786.2 224.2 227.1 230.8 95.2 97.6 100.0 319.4 324.6 330.8 23 2.5 144.2 376.7 131.8 176.9 308.7 351.5 4*3.7 795.2 231.4 104.7 336. 1 4 11 18 25 P 230.3 23 2.3 23 2.7 232.8 144.1 144.5 144.2 143.8 374.5 376.8 376.9 376.6 132.6 132.7 131.9 131.3 350.1 350.9 351.7 352.0 236.0 231.5 230.9 231.0 1 P 233.6 144.3 377.8 130.8 352.4 229.3 Date 1984-JAM. P totals 302.6 298.9 WEEK ENDING 1984 JAM. FEB. 1/ 2/ 3/ 4/ SAVINGS DEPOSITS EXCLUDE NMDAS. SMALL DENOMINATION TIME DEPOSITS — INCLUDING RETAIL EPS — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100#000. ALL INDIVIDUAL RETIBEMENT ACCOUNTS (IBA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FBOM SMALL TIME DEPOSITS. LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL BANKING FACILITIES (IBFS). LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONET MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS. H.6 (508) Table 3A—continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS 7 Billions of dona rs, not seasonally adjijsted Term RP's 1 Date at commercial banks at thrift institutions total Term Eurodollars 2 Savings bonds Short-term treasury securities 3 Bankers acceptances Commercial paper 5 1983-JAN. FEB. WAR. 27.9 28.6 29.4 12.6 12.2 12.3 40.6 40.8 41.7 81.1 83.5 8S.9 68.4 68.5 68.7 221.3 225.5 231.1 45.4 43.5 41.5 114.1 116.6 119. 1 APR. 12,4 12.5 13.0 42.7 45.3 44.5 88.4 JUNE 30.3 32.7 31.5 89.9 89.8 69.0 69.3 69.6 234.3 234.5 236.7 40.7 40.4 40.1 122.8 124.2 123.3 JULY ADG. SEPT. 29.5 31.6 31.8 13.3 13.7 14.3 42.8 45.3 46. 1 89.6 89.8 89.5 69.9 70.2 70.4 246.5 256.1 258.4 40.9 43.1 43.8 123.7 123.9 123.5 OCT. NOV. OEC. 30.4 35.3 35.2 15. 1 16.3 17.4 45.5 51.6 52.6 90.4 70.7 258.1 43.0 126.4 33.8 18.2 52.0 HAY 1984-JAN. P MEEK ENDING: 1984-JAN. 4 11 18 25 P 33.5 31.0 34.4 34.6 FEB. 1 P 35.7 1/ 2/ 3/ 4/ TERM RPS ARE THOSE WITH ORIGINAL HATUBITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS. TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSF HFLD BY DEPOSITORY INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS. INCLUDES U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHER THAN DEPOSITORY INSTITUTIONS, F.R. BANKS, AND MONEY MARKET MUTUAL FUNDS. NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OPFICIAL INSTITUTIONS, THE FEOERAL HOME LOAN BANK SYSTEM, AND MONEY MARKET MUTUAL FUNDS. TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS. 5/ H.6 (508) Table 4 MEMORANDA ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to 8 Time and savings deposits due to foreign commercial banks and foreign official institutions IRA and Keogh Accounts U.S. government deposits demand deposits at commercial banks balances at Federal Reserve Banks 8.7 8.3 8.1 2.8 2.8 2.7 3.3 3.2 3.3 13.5 7.4 10.4 19.6 13.4 16.5 1.0 0.9 1.0 19.3 20.7 22.8 28.8 29.7 31.3 4.7 4.8 4.9 52.8 55.2 59.0 2.0 2.0 2.0 7.9 7.7 7.7 3.9 2.5 3.4 3.8 3.6 3.4 10.3 10.0 9.8 18.0 16.0 16.6 1.1 0.9 0.8 26.2 27.3 27.9 33.6 34.9 35.6 5.2 5.2 5.1 65.1 67.4 68.6 8.3 8.1 8.3 2.0 2.1 2.0 7.6 7.6 7.5 2.8 2.4 3.2 4.2 3.5 7.4 19.1 14.0 14.8 26.0 19.9 25.3 0.8 0.8 0.8 28.4 28.9 29.5 36.4 37.1 37.7 5.0 5.1 5.0 69.8 71. 1 72.2 8.3 8.6 8.5 2.0 2.1 2.0 7.4 7.4 7.4 2.7 2.8 3.0 7.1 2.9 3.5 22.0 5.8 7.6 31.8 11.5 14.2 0.7 0.7 0.7 30.2 30.7 31.2 38.2 38.8 40.2 5.1 5. 1 5.0e 73.4 74.5 76.4e 8.5 1.9 7.2 3.1 4.5 15.7 23.3 0.9 32.7 42.3 5. 1e 80.1e 4 11 18 25 P 9.6 8.6 8.2 7.7 2.0 2.0 1.8 1.8 7.4 7.3 7.2 7.2 2.9 3.3 3.8 2.9 3.4 3.5 3.1 5.3 9.4 11.4 13.3 21.1 15.7 18.1 20.3 29.3 0.8 0.8 0.8 0.9 1P 8.9 1.8 7.1 2.3 7.2 21.6 31.1 0.9 foreign commercial banks foreign official institutions 1983-JAN. FEB. HAR. 7.8 7.9 8.1 2.1 2.0 1.9 APR. JUNE 7.9 8.1 8.2 JULY A06. SEPT. OCT. NOV. DEC. Date HAY 1984-JAN. P note balances total demand time and saving* deposits at at commercial deposits and commercial note and banks and thrift banks FR balances institutions MEEK ENDING: 1984 JAN. FEB. estiaated commercial banks thrift institutions money market mutual funds total SPECIAL SUPPLEMENTARY TABLE Monthly Survey of Selected Deposits and Other Accounts At All Insured Commercial Banks and All Mutual Savings Banks^ December 28, 1983 and January 25, 1984P (not seasonally adjusted) Liability Categories "Super NOW" accounts2 (standard error of the estimate) Money market deposit accounts-* Interest-bearing time deposits with balances of less than $100,000 with original maturities of:** 7 to 31 days (standard error of the estimate) Amount Outstanding ($mil) Dec. 28 Jan. 25P 28,769r (529) 228,433r 29,002 (561) 232,751 [nsured Commercial Banks Average Rate Paid (%) Jan. 25P Dec. 28 Number of Issuing Banks Dec. 28 Jan. 25P 7.3Or 7.28 12,164r 12,198 8.36 8.38 12,465* 12,597 8.50* 8.49 7,741* 7,396 4,815r (449) 4,655 (398) 32 to 91 days (standard error of the estimate) 14,653r (659) 15,573 (849) 8.61 8.62 12,952r 13,059 92 to 182 days (standard error of the estimate) 177,543r (2,417) 174,824 (2,505) 9.42 9.33 13,868 13,804 183 days to 1 year (standard error of the estimate) 22,720* (1.658) 26.522 (1.764) 9.56 9.48 11,317* 11,498 over 1 year to 2-1/2 years (standard error of the estimate) 43,431* (1,560) 46,823 (1.602) 10.07 9.99 13,127r 13.058 2-1/2 years and over (standard error of the estimate) lll,409r (2,384) 112,731 (2.450) 10.48 10.42 12,53Or 12,587 All IRA/Keogh Plan deposits5 (standard error of the estimate) 30,144* (269) 31,927 (302) (N.A.) (N.A.) 13,141r 13,073 Retail repurchase agreements6 (standard error of the estimate) l,342r (185) 1.145 (164) 8.19r 7.99 3,282r 3,062 Liability Categories State-Chartered Mutual Savings Banks7 Amount Outstanding ($mil) Number of [ssuing Banks Average Rate Paid (X) Jan. 25P Dec. 28 Jan. 25P Dec. 28 Jan. 25P Dec. 28 "Super NOW" accounts2 (standard error of the estimate) 951 r (50) 954 (52) 7.51r 7.60 236r 236 Money market deposit accounts-' (standard error of the estimate) 24,734r (62) 24,908 (64) 8.71r 8.73 351r 351 198r (49) 187 (50) 8.31r 8.44 114* 114 32 to 91 days (standard error of the estimate) 977r (105) 829 (94) 8.85r 8.67 266* 256 92 to 182 days (standard error of the estimate) 27,646r (726) 27,23a (774) 9.72 9.67 374 374 183 days to 1 year (standard error of the estimate) 3,829* (457) 4,543 (496) 9.98 9.97 283* 283 over 1 year to 2-1/2 years (standard error of the estimate) 8,776r (851) 9,057 (863) 10.54* 10.44 355 355 2-1/2 years and over (standard error of the estimate) 23,096r (865) 23,328 (889) 10.78r 10.91 310r 318 All IRA and Keogh Plan deposits5 (standard error of the estimate) 6,579* (197) 6,834 (215) (N.A.) (N.A.) 366 366 Retail repurchase agreements6 (standard error of the estimate) 131 (59) 119 (61) 8.42 8.71 103 70 Interest-bearing time deposits with balances of less than $100,000 with original maturities of: 4 7 to 31 days (standard error of the estimate) p - preliminary. r - revised. N.A. - Data not available. 1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banks and 75 mutual savings banks. Until the end of September 1983 data were collected concerning specific indexedceiiing and ceiling-free deposit accounts. Effective October 1, 1983, the DIDC deregulated time deposits, and this survey now provides information on all small interest-bearing time deposits by maturity category. The data presented for the end of October are not directly comparable to specific account data published previously, but include those balances. 2. "Super NOW" accounts are NOW accounts containing an agreement between depositor and depository such that, provided certain conditions—Including a $2,500 minimum balance—are met, some or all funds deposited are eligible to earn more than 5.25 percent. 3. Money market deposit accounts (MMDAs)—Deposits with a $2,500 initial and average balance requirement, no required minimum maturity but institutions must reserve the right to require at least seven day's notice prior to withdrawal, no restrictions on depositor eligibility, or limitations on the amount of interest that may be paid unless the average balance falls below $2,500 during which period the NOW account rate ceiling applies; such accounts may allow up to six transfers per month, no more than three of which may be draft and may permit unlimited withdrawals by mail, messenger, or in person. Estimates for this category of deposits are based on data collected by the Federal Reserve from weekly deposit reports submitted by about 10,500 commercial banks. 4. All interest-bearing time cercificates and open account time deposits with balances of less than $100,000, Including those held in IRAs and Keogh Plan deposits. 5. All IRA/Keogh Plan time deposits regardless of size, type of instrument In which held, or Interest rate paid. 6. Retail repurchase agreements are in denominations of less than $100,000 wich maturities of less than 90 days that arise from the transfer of direct obligations of, or obligations fully-guaranteed as to principal and interest by, the U.S. Government or an agency thereof. 7. Over the last several months the number of mutual savings banks has declined sharply largely due to the conversion of MSBs to federal savings banks. As a result month-to-month changes In th« amounts outstanding in various accounts are distorted downward. Appendix A Seasonal Adjustment Updated monthly seasonal adjustment factors for 1983 and 1984 presented in Appendix Tables Al and A2. Seasonal factors have been updated using the X-ll ARIMA procedure adopted in 1982. All seasonal factors used to construct seasonally adjusted monthly data for Ml, M2, and M3 are presented in Table Al. The nontransactions portion of M2 on the new basis is being seasonally adjusted as a whole—instead of being built up from seasonally adjusted savings and small time deposits—in Qrder to reduce distortions caused by substantial portfolio shifts arising from regulatory and financial changes in recent years, especially shifts to MMDAs in 1983. A similar procedure has been used to seasonally adjust the remaining nontransactions balances in M3. Updated monthly seasonal factors for selected components of the broader money stock measures—savings, small time and large time deposits at commercial banks and thrift institutions—are presented in Appendix Table A2; in light of the regulatory changes and portfolio shifts affecting these components, special caution should be taken in using such factors. Finally, Appendix Table A2 also presents monthly seasonal factors for the experimental Ml series which are derived from a model-based procedure applied to weekly data. Appendix Table Al Seasonal Factors Used to Construct Ml, M2 and M3 Monthly, 1983-1984 Currency 1 1983—January February March April May June July August September October November December 1984—January February March April May June July August September October November December Nonbank travelers checks 2. Transactions deposits* Demand deposits* 3 4 Nontransactions components in in M3 only M2 5 6 .9909 .9869 .9899 .9971 .9992 1.0017 1.0085 1.0020 .9968 .9979 1.0053 1.0173 .9424 .9480 .9520 .9536 .9798 1.0526 1.1155 1.1027 1.0564 1.0043 .9528 .9400 1.0173 .9757 .9841 1.0224 .9841 .9955 .9999 .9875 .9933 1.0028 1.0085 1.0276 1.0194 .9750 .9811 1.0110 .9836 .9951 1.0017 .9895 .9957 1.0049 1.0098 1.0323 .9990 .9999 1.0041 1.0021 1.0003 1.0014 1.0022 1.0012 .9982 .9995 .9972 .9936 1.0045 1.0082 1.0014 .9940 1.0007 .9939 .9887 1.0007 1.0005 .9974 1.0040 1.0083 .9895 .9870 .9932 .9978 .9996 1.0048 1.0079 1.0036 .9989 .9971 1.0070 1.0183 .9414 .9470 .9515 .9541 .9814 1.0545 1.1157 1.1018 1.0562. 1.0048 .9527 .9390 1.0179 .9767 .9848 1.0222 .9844 .9954 .9997 .9870 .9903 1.0024 1.0080 1.0278 1.0202 .9758 .9812 1.0105 .9838 .9949 1.0017 .9893 .9957 1.0046 1.0093 1.0326 .9994 1.0005 1.0047 1.0024 1.0006 1.0015 1.0019 1.0008 .9978 .9993 .9969 .9934 1.0040 1.0054 1.0006 .9940 1.0006 .9945 .9893 1.0012 1.0013 .9980 1.0042 1.0081 * In constructing Ml the seasonal factors for "transactions deposits" are used to derive the seasonally adjusted sum of demand deposits and other checkable deposits. The demand deposits seasonal factors are used to-construct seasonally adjusted demand deposits. Seasonally adjusted other checkable deposits is derived as the difference between these two series. Appendix Table A2 Seasonal Factors for Selected Deposit Components of M2 and M3 Monthly, 1983-1984 Commercial bank deposits Small Large denomidenomination nation Savings time time 1 2 3 Thrift Institution deposits Large Smal 1 denomidenomination nation Savings time time 4 5 6 Memo: FExperimental Alternative (Model-based) Seasonal Factors for Ml Currency 7 Nonbank travelers checks 8 Transact ions deposits 9 1983—January February March April May June July August September October November December .9925 .9954 1.0056 1.0130 1.0116 1.0111 1.0129 1.0023 .9929 .9917 .9822 .9806 1.0027 1.0075 1.0081 1.0020 1.0008 1.0001 .9967 .9983 .9973 .9976 .9966 .9939 1.0118 1.0099 1.0037 .9892 .9918 .9888 .9849 .9991 1.0022 1.0020 1.0058 1.0153 .9906 .9912 .9996 1.0055 1.0047 1.0078 1.0125 1.0015 .9961 .9998 .9950 .9904 1.0054 1.0001 .9968 .9968 .9931 .9936 .9969 .9987 1.0010 1.0067 1.0088 1.0060 .9969 .9967 .9906 .9890' .9962 .9909 .9909 1.0016 1.0120 1.0203 1.0174 1.0035 .9928 .9879 .9918 .9963 1.0000 1.0035 1.0061 1.0037 .9987 .9982 1.0073 1.0169 .9412 .9476 .9570 .9599 .9786 1.0423 1.1110 1.1035 1.0601 1.0094 .9595 .9471 1.0203 .9755 .9822 1.0174 .9797 .9954 .9991 .9892 .9990 1.0051 1.0112 1.0309 1984—January February March April May June July August September October November December .9934 .9986 1.0103 1.0146 1.0132 1.0131 1.0123 1.0004 .9906 .9892 .9809 .9791 1.0023 1.0073 1.0072 1.0015 .9999 .9992 .9971 .9993 .9984 .9983 .9968 .9936 1.0095 1.0061 1.0013 .9888 .9911 .9903 .9871 1.0012 1.0036 1.0034 1.0059 1.0145 .9914 .9932 1.0022 1.0071 1.0060 1.0098 1.0121 .9996 .9936 .9982 .9939 .9901 1.0049 .9986 .9946 .9956 .9924 .9928 .9974 .9997 1.0022 1.0077 1.0097 1.0065 .9947 .9933 .9888 .9890 .9958 .9906 .9908 1.0021 1.0131 1.0214 1.0194 1.0047 .9932 .9884 .9915 .9960 1.0006 1.0032 1.0062 1.0038 .9979 .9993 1.0067 1.0168 .9412 .9477 .9570 .9599 .9799 1.0433 1.1117 1.1029 1.0599 1.0087 .9596 .9472 1.0201 .9764 .9822 1.0169 .9806 .9946 .9989 .9897 .9984 1.0063 1.0109 1.0 29 3 Appendix B Revised and Old Monetary Aggregates* October 1982 - January 1984 Billions of dollars, seasonally adjusted Experimental MS> Ml Ml M3 2 old revised old 2352.0 2370.2 2377.6 469.6 475.9 479.2 468.0 474.8 478.5 2489.9 2517.1 2532.3 2550.6 2571.0 2593.0 2604.0 2617.2 2636.5 2657.2 2688.5 2707.5 2403.3 2430.7 2447.1 2453.9 2476.2 2498.8 2510.3 2528.8 2544.9 2563.2 2588.7 2602.4 483.8 491.1 496.8 499.7 508.2 510.8 515.6 516.5 516.6 520.7 521.7 524.1 481.0 490.7 498.8 498.7 507.6 510.8 512.2 515.2 515.0 517.0 520.0 520.3 2721.1 2614.5 528.6 523.7 revised old 1982 October November December 470.2 476.4 480.5 468.7 474.0 478.2 1928.8 1945.7 1965.3 1929.7 1945.0 1959.5 2432.9 2448.6 2460.3 1983 January February March April June July August September October November December 485.1 491.1 496.4 497.9 506.6 510.9 514.9 517.4 518.9 521.6 523.0 525.3 482.1 491.1 497.6 496.5 507.4 511.7 515.5 516.7 517.1 517.9 518.3 521.1 2017.5 2054.0 2067.4 2081.8 2102.2 2117.0 2126.6 2135.3 2148.0 2167.3 2182.2 2196.5 2010.0 2050.8 2069.9 2074.8 2096.2 2114.4 2126.3 2136.9 2145.4 2161.6 2174.6 2184.1 1984 January p 530.0 524.3 2205.6 2191.9 May revised p—preliminary 1. The revisions are described in Appendix C. 2. Includes term Eurodollars held by U.S. residents, revised old Appendix C Money Stock Revisions Revised measures of the money stock shown in Appendix B reflect annual seasonal factor and benchmark revisions, as well as a definitional change affecting M3. This appendix discusses these revisions and presents tables comparing growth rates of the old and new series. Definitional Change The definition of M3 has been changed to include term Eurodollars held by U.S. residents in Canada and the United Kingdom, and at foreign branches of U.S. banks elsewhere. A recent reporting change provides data on term Eurodollars at a panel of branches of large U.S. banks on a Schedule similar to other M3 elements. The inclusion of term Eurodollars raised the level of M3 by about $90 billion but had a minimal effect on M3 growth in 1983. Benchmark Revisions Deposits have been benchmarked to recent call reports; further revisions to deposits stem from changes to System reporting procedures made in 1983, largely related to reduced reporting under the Garn-St Germain Act of 1982. In addition, the currency component was revised to reflect revi- sions to figures on the amount of coin in circulation. The net impact of these revisions was to raise the levels and boost the growth rates of each of the aggregates in 1983. Seasonal Revisions Seasonal factors have been updated using the X-ll ARIMA procedure adopted in 1982. Nontransactions M2 has been seasonally adjusted as a C-2 whole—instead of being built up from seasonally adjusted savings and small time deposits—in order to reduce distortions caused by portfolio shifts arising from financial change in recent years, especially shifts to MMDAs in 1982. A similar procedure has been used to seasonally adjusted the non- M2 portion of M3. C-3 COMPARISON OF REVISED AND OLD Ml GROWTH RATES (percent changes at annual rates) Difference Difference due to (1-2) Benchmark Seasonals (3) (4) (5) Revised Ml (1) Old Ml (2) 1982—Oct. Nov. Dec. 17.3 15.8 10.3 14.2 13.6 10.6 3.1 2.2 -0.3 0.5 0.8 -0.4 1.4 1983—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 11.5 14.8 13.0 3.6 21.0 10.2 5.8 3.5 6.2 3.2 5.3 9.8 22.4 15.9 -2.7 26.3 10.2 8.9 2.8 0.9 1.9 0.9 6.5 1.7 -7.6 -2.9 6.3 -5.3 0.0 0.5 3.0 2.6 4.3 2.3 -1.2 -2.4 0.2 0.0 1.7 0.5 1.4 0.9 0.0 0.6 1.6 0.0 -1.0 4.1 -7.8 -2.9 4.6 -5.8 -1.4 -0.4 3.0 2.0 2.7 2.3 -0.2 1984—Jan. 10.7 7.4 3.3 0.5 2.8 1982—QIV 15.4 13.1 2.3 0.2 2.1 1983—QI QII QIII QIV 12.8 11.6 9.5 4.8 14.1 12.2 8.9 2.1 -1.3 -0.6 0.6 2.7 -0.7 0.8 0.8 0.6 -0.6 -1.4 -0.2 2.1 10.0 9.6 0.4 0.4 0.0 QIV '82 to QII '83 12.4 13.3 -0.9 0.0 -0.9 QII '83 to QIV '83 7.2 5.5 1.7 0.7 1.0 Monthly 9.4 2.6 0.1 Quarterly Annual 1983—QIV '82 to QIV '83 Semi-Annual C-4 COMPARISON OF REVISED AND OLD M2 GROWTH RATES (percent changes at annual rates) Revised (1) M2 Old M2 (2) Difference (1-2) (3) Difference due to Benchmark Seasonals (A) (5) Monthly 1982—Oct. Nov. Dec. 19 83—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.3 10.5 12.1 31.9 21.7 7.8 8.4 11.8 8.4 5.4 4.9 7.1 7.9 9.5 8.9 30.9 24.4 11.2 1.4 1.0 3.2 -0.1 1.5 0.6 2.7 1.0 -0.6 -O.9 1.6 -2.7 -3.4 2.8 5.6 12.4 10.4 -0.6 -2.0 -1.4 -1.1 0.4 0.5 0.0 1.9 0.1 -0.1 0.0 0.0 0.6 0.9 0.0 0.3 -1.8 -3.4 3.7 -0.7 -1.9 -1.4 -1.1 8.2 6.8 6.0 4.8 9.1 7.2 7.9r 5.2r 2.3 1.7 1.0 2.7 5.0 4.3 0.7 0.6 0.1 1982—QIV 10.6 9.3 1.3 0.3 1.0 1983—QI QII QIII QIV 20.5 10.6 20.3 10.1 0.2 0.5 6.9 8.5 7.8 7.0 -0.9 12.1 8.3 1984—Jan. 10.8 1.7 0.8 1.0 2.4 Quarterly -0.2 0.4 0.0 1.5 0.5 0.1 0.4 11.7 0.4 0.3 0.1 7.8 0.5 0.6 -0.1 -1.0 1.1 Annual 1982--QIV f 82 to QIV '83 Feb/Mar. f83 to QIV ! 83 r—revised. C-5 COMPARISON OF REVISED AND OLD M3 GROWTH RATES1 (percent changes at annual rates) Revised M3 (1) Old M3 (2) Difference (1-2) (3) Difference Due to Benchmark Seasonals (4) (5) Monthly 1982—Oct. Nov. Dec. 11.7 7.7 5.7 9.3 9.3 3.7 2.4 -1.6 2.0 0.0 -0.8 -0.3 2.4 -0.8 2.3 1983—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.4 13.1 7.2 8.7 9.6 10.3 5.1 6.1 8.8 9.4 14.1 8.5r 13.0 13.7 8.1 3.3 10.9 11.0 5.5 8.8 7.6 8.6 11.9 6.4r 1.4 -0.6 -0.9 5.4 -1.3 -0.7 -0.4 -2.7 1.2 0.8 2.2 2.1r -1.2 1.4 1.2 2.8 0.5 0.2 -0.2 -0.3 -0.5 -1.0 2.7 0.2r 2.6 -2.0 -2.1 2.6 -1.8 -0.9 -0.2 -2.4 1.7 1.8 -0.5 1.9 1984—-Jan. 6.0 5.6 0.4 -1.4 1.8 1982—QIV 10.0 9.5 0.5 -0.3 0.8 1983--QI QII QIII QIV 10*8 9.3 7.4 10.0 10.2 8.1 8.4 9.0 0.6 1.2 -1.0 1.0 -0.1 1.5 -0.1 0.1 0.7 -0.3 -0.9 0.9 9.7 9.2 0.5 0.5 0.0 Quarterly Annual 1982—QIV ?82 to QIV f83 r—revised. 1. Revised M3 includes term Eurodollars; the inclusion of term Eurodollars boosted M3 growth in 1983 by no more than 0.1 percentage points.