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FEDERAL RESERVE press release H.6 (508) For release at 4:30 PM EST February 13, 1986 MONEY STOCK REVISIONS Measures of the money stock have been revised to incorporate annual benchmark and seasonal adjustment changes. This release includes revised monthly and weekly seasonal adjustment factors. In addition, revised monthly levels of the money stock measures for the period from October 1984 to December 1985 are presented, together with comparisons of growth rates of the revised and old money stock measures over the same period. Deposits of commercial banks and thrifts have been benchmarked through the June 1985 call reports and incorporate data revisions. In addition, RPs have been benchmarked to new quarterly and annual RP surveys. The benchmark revisions on net had a relatively small positive impact on Ml growth over 1985 and a negligible effect on M2; Ml growth was raised by 0.4 percentage point for the second half of the year and 0.3 percentage point for the year as a whole. M3 growth over 1985 was lowered by 0.5 percentage point, reflecting primarily large revisions to term RPs at thrifts. The seasonal factor review employed the same X-ll ARIMA procedures that were used last year. Although revisions to seasonal factors had little effect on the broad patterns of growth in 1985 for the monetary aggregates, some redistributions of growth occurred between the first and second halves. On a quarterly average basis, the seasonal factor revisions raised Ml growth by 0.2 percentage point in the second half of last year, while lowering that for M2 and M3. Complete historical data will be available soon on request. FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. H.6 (506) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEtJfiUAfi* 13, 196b Billions of dollars M1 M2 M I pvtw uwmiyni H F ^ and Eurodollars, MMMF balances (gen. pur. Sum of currency, mnti hmkmrMmMlmt\ l i M n A t t ottMr ch#cka%ft>t# dftooftits* M3 M2pius large time deposits, term RPs, term Eurodollars and institution-only L Debt M3 plus other liquid assets4 rwttt nf rinmActir and savings and small time deposits2 Seasonally adjusted 1985—JAB. PBB. HAR. APR. 562.9 569.3 572.2 575.7 582.$ 590.9 596.2 604.8 611.4 614.1 619.$ 626.3 2399.8 2421.8 2429.4 2434.4 2452.0 2479.0 2496.0 1515.2 2529.2 2537.9 2549.7 2564.0 3013.4 3033.7 3046.6 3052.1 3070.2 3098.5 3113.6 3131.1 3150.7 3163.3 3175.5 3190.6 1986—JAB. P 626.9 2567.1 3211.6 1985—JAM. PBB. HAR. APR. 568.4 558.7 565.0 581.7 576.5 592.7 599.6 602.0 609.1 612.0 621.5 639.6 2407.3 2415.3 2430.9 2443.1 2444.1 2480.7 2501.0 2510.8 2520.7 2533.2 2548.0 2572.1 3019.9 3026.4 3046.9 3058.2 3064.2 3098.5 3111.1 3127.0 3144.2 3160.2 3178.9 3203.5 633.2 2575.9 3219.3 BAT JOBS JOLI AUG. SEPT. OCT. MOV. DEC 3557.6 3588.8 3612.7 3618.6 3636.8 3665.2 3683.9 3711.7 3740.9 3759.9 3794.3 5992.b 6048.2 610J.8 6165.4 6228.6 6290.8 6356.0 6419.6 6479. 1 6542.8 6628.5 6741.3 3562.7 3581.9 3616.1 3626.2 3625.1 3665.4 3683.9 3710.3 3737.2 3758.2 3796.5 5985.9 6027.6 6075.8 6136.9 6201.4 626b.9 6334.2 6400.2 6463.7 6529.1 6616.0 6737.3 Not seasonally adjusted HAT JURE JOLT AUG. SEPT. OCT. BOV. DEC 1986—JAB. P M1 For period ended 13-week average Seasonally adjusted 4-week average Not seasonally adjusted week average 13-week average 4-week average week average 1986-JAB. 6 13 20 27 P 621.1 622.2 623.1 624.Q 627.5 627.7 627.4 627.4 629.4 625.8 626.9 627.3 627.2 629.4 630.7 631.7 645.1 646.7 644.6 6J7.5 662.2 643.1 631.3 613.5 FEB. 3P 624.7 626.2 624.6 631.5 626.0 615.9 BOTE: SPECIAL CADTIOM SHOULD BE TAKE II IN IBTERPRBTIBG VBEK-TO-BEEK CflABGSS IB flOHEY SU PPL I DATA, 1HICH ABE HIGHLY fOLATILE ABD SUBJECT TO BEVISION. P—IBDICATES PBELIHIBAR? DATA. FOOTBOTES APPEAR OB THE FOLLOWING PASE H.6 (508) Table 2 MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES Rercent change at seasonally adjusted annual rates M1 M2 M3 Debt1 3 BONTHS FBOH OCT. 1985 TO JAN. 1986 8.3 4.6 6.1 6 BONTHS FBOB JULI 1985 TO JAM. 1966 10.3 5.7 6.3 14.3 11.* 7.0 6.* 13.7 12 HOITHS FBOB JAM. 1984 TO JAM. 1986 16. 2 THIBTEBN WEEKS BNDIMG PBAV. 3 # 1986 FBOB TBIBTBBM BBBIS BBBIN: NOV. 4, 1985 (13 I1IIS PBBflODS) 9.1 AUG. 5, 1985 (26 VBEKS PREVIOUS) 11.3 FEB. 4, 1985 (52 MBBKS PBBflOOS) 11.7 1/ fiBOMTH BArBS FOB OBBT ABE BASED OB PERIODS BBSIMMIMG AMD BMOIMG OMB HOMTB BABLIBB TBAM FOB TUB BONETART AGGREGATES, NABBLI, SEPTEMBER 1965 TO DECEMBER 1985, JOMB 1985 TO DECBBBEB 1985, AMD DBCMKiBRU 1984 TO DECEBBEE 1985, RESPECTIVELY. 1/ 2/ 3/ «/ 5/ FOOTNOTES TO TABLE 1 C8MSISTS OF (1) COBBBMCT OUTSIDE TUB TBBASUBT, FBDBBAL BBSBBfB BANKS, AMD THE VAULTS OF COMMERCIAL BANKS; (2) TBAfBLEBS CBBCKS OF MOHBAMK ISSOBBS; (3) OBIAMD DEPOSITS AT ALL COBI1EBCIAL BAMKS OTUEB THAN THOSE DOE TO DOMESTIC BAMKS, TBB O.S. GOVERNMENT* AMD FOBBIGM BAMKS AMD OFFICIAL INSTITUTIONS LESS CASB ITEMS IM TUB PROCESS OF COLLECTION AMD FBDEBAL BESEBVB FLOAT; AMD (4) OTUEB CHECKABLE DBPOSITS (OCD) CONSISTING OF NEGOTIABLE OiDEB OF HITHOBAMAL (MOM) AMD AUTOMATIC TRANSFER SBBIICB (ATS) ACCOUNTS AT DBPOSITOBT INSTITUTIONS, CBBDIT UNION SHABB DRAFT ACCOUNTS AMD DEBAMD DBPOSITS AT THBIFT INSTITUTIONS. THE CURRENCI AND DEBkED DEPOSIT COMPONENTS EXCLUDE THE ESTIHATBD AMOUNT OF fAULT CASH AND DBBAMD DEPOSITS, RESPECTIVELY, HELD BT THBIFT INSTITUTIONS TO SERVICE TflEIB OCD LIABILITIES. CONSISTS OF B1 PLUS OVEBMIGHT (AND CONTINUING CONTRACT) BPS ISSUED BI ALL COHflBRCIAL BANKS AND OVERNIGHT BUBODOLLABS ISSUED TO U.S. BESIDBNTS BI FOBEIGN BBAMCHES OF U.S. BANKS HORLDMIDE, HMDAS, SAVINGS AND SHALL DENOMINATION ffIHE DBPOSITS (TIflB DEPOSITS—INCLUDING RETAIL B P S — I N ABOUMTS OF LESS THAN $100,000), AND BALANCES IM BOTH TAIABLB AMD TAX-BIBflPT GENERAL PURPOSE AND BROKEB/DEALEB BONBT MARKET HUTUAL FUNDS. EXCLUDES IkA AMD KEOGH BALANCES AT DBPOSITOBT INSTITUTIONS AMD HOME! BABKET FUMDS. ALSO BICLUDBS ALL BALANCES HELD 61 0.3. COBBEBCIAL BANKS, BONET BABKBT FUNDS (GENERAL PURPOSE AMD BBOKEB/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND THE tt.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF DEBAND DBPOSITS AND VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS. CONSISTS OF B2 PLUS LARGE DEMOBINATION TIHE DEPOSITS (IN ABOUNTS OF $100,000 OB BORE) AND TERB RP LIABILITIES ISSUED BT COBBEBCIAL BANKS AND THBIFT INSTITUTIONS, TBRfl BUBODOLLABS HELD BT U.S. RESIDENTS AT FOREIGN BLANCHES OF U.S. BANKS MOBLDHIDB AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAI-EXEHPT IBSTITOTION-OBLI BONBT BARRET BUTUAL FUNDS. EXCLUDES AMOUNTS HELD BT DEPOSITOR! INSTITUTIONS, THE U.S. GOVERNBENT, BONET BABKET FUNDS, AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTBENT THAT REPRESENTS THE BSriflATBD ABOUNT OF OVEBNIGHT BPS AND BUBODOLLABS HELD BI IMSTITUTION-ONLT BONBT BARKET HUTUAL FUNDS. CONSISTS OF B3 PLUS THE BOMBANK PUBLIC HOLDINGS OF UmS. SAVINGS BONDS, SBORT-TBAH TREASUB7. SECURITIES, COMMERCIAL PAPEB AND BANKEBS ACCEPTANCES, NET OF BONBT BABKBT BUTUAL FUND HOLDINGS OF THESE ASSETS. DEBT OF DOHESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT BARKET DEBT OF THE UNITED STATES GOVERNMENT, STATE AND LOCAL GOVEBNBENTS AND PBIVATB NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF COHPOkATE BONDS, BORTGAGES, CONSUBEB CBBDIT (INCLUDING BANK LOANS), OTHEB BANK LOAMS, COBHBRCIAL PAPER, BANKBBS ACCEPTANCES AMD OTHER DEBT INSTRUMENTS. THE DATA ARE DBBIVED FBOB THE FEDERAL RKSEHVE BOARD 4 S FLOV OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOHESTIC MONFIMAMCIAL SECTOBS ABE PRESENTED IN MONTH-AVERAGE FORH, DBBIVED BT AVERAGING MONTH-END LEVELS OF ADJACENT BONTHS. THE DATA HAVE ALSO BEEN ADJUSTED TO BEHOVE STATISTICAL DISCONTINUITIES THAT BAT AHISE IN THE UNDKKLI1NG FLOW OF FUNDS STATISTICS. THE PRESENTATION OF DEBT DATA IM THIS RELEASE DIFFERS, THEREFORE, FBOB THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED IN IN THE FEDERAL RESERVE BBLBASES Z. 7 AND Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON A A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES. H.6<508) COMPONENTS OF THE MONEY STOCK Billions of dollar*. seasonally adjusted Nontransacttons Data 1 Currency Travstors checks1 Demand Othsf chackabla deposits4 lnM2* inM3 only* 8WWC19O nOwi mnw •CHOfiB llVfn* §U|^II lima fi.nn.l»«* 1 at commercial banks at thrift total Institutions at commarcial banks at thrift insiiiuiions at at thrift commarcial 10 banks Institutions total 2b3.8 268.2 152.6 153. 1 152-7 4 15.6 416.9 421.0 890.3 272.3 269-3 267.3 153.6 155. 7 155.4 425.9 425.0 422.7 888-0 880-9 87t».3 264.0 266.9 270.6 154.3 154. 1 155.1 418.3 421.0 425.7 49J.9 494.0 496.0 tf/5.8 876.2 880.6 273.6 27b. 5 278.9 155.8 156-2 157.3 429.7 432.7 436. 1 49d.6 8b5.4 289.5 158.0 447.5 1985-JAN. FEB. HAR. 159.6 160.7 161.3 5.3 5.3 5.4 249.0 251.2 251.4 149.0 152.2 154.1 1836.9 1852.5 1857.2 613.6 611.9 617.2 121.8 121-6 121.1 167.7 168-4 168.7 289.4 289.9 289.7 386-3 385-0 385.2 501.1 APR. HAY JUNE 161.9 163.2 164.4 5.5 5.5 5.7 251-8 255.4 259.0 156.5 158.4 161.8 1858.7 1869.5 1888.1 617.7 618.2 619.5 120.3 121-2 122.1 168.7 169.6 171.5 289.0 290.8 293.6 387.1 387.7 387.6 500.5 601. « D02.6 JULT AUG. SEPT. 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 1910.4 1917.8 617.5 615.9 621.4 122.9 123-7 124.0 173.8 176.0 176.3 296.7 299-7 300.3 386.7 383-4 382.7 t>01.J 497.i> 495.6 OCT. NOV. DEC. 168.7 169.8 170.6 5.9 5.9 5-9 265.9 267.7 271.4 173.6 176.6 178.4 1923.8 1929.8 1937.7 625.3 625.9 626.8 124.4 , 124.7 124.4 177.9 179.0 179.1 302-3 303.7 303.5 382.0 382.2 384.0 172-0 5.9 268.7 180.3 1940.3 644.5 124.7 179.3 304.0 386.8 1986-JAN. P total 500.2 49y.7 887.4 885.2 885.0 887. o 263. 1 MEEK ENDING 19A6 JAN. FEB. 1/ 2/ 3/ 4/ 5/ 6/ If 8/ 9/ 10/ 13 20 27 P 171.3 171.7 172.3 172.4 272.8 268.0 268.2 267.9 179.5 180.2 180.6 181.1 124.6 124.8 124.6 124.8 J85.9 386.4 386.8 J87.4 285-8 288.4 289.9 291.3 3 P 172.2 266.7 179.9 124.7 388.0 293.0 6 CURRENCY OUTSIDE THB U.S. TREASURY, FEDERAL RESERVE BANKS AND VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED AHOUNT DF YAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. OUTSTANDING AHOUHT OF U.S. DOLLAR-DENOMINATBO TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHfiCKS ISSUED BY DEPOSITORY INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS. DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER 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 FEDERAL RESERVE FLOAT. EXCLUDES THE ESTIMATED AHOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES. CONSISTS OF N38 AND ATS BALANCES AT ALL DEPOSITOR* INSTITUTIONS, CREDIT UNION SHARE DBAFT iiALANCfcS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THE SEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED AHE ALL CEILING FREE "SUPER NOHS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO UE O/tffcR^D O E G I N N I N G JANUARY 5, 1983. SUM OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER) # MHDAS, AND SAVINGS AND SHALL TINE DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THcIR TIME AND SAVINGS DEPOSITS LIABILITIES. SUM OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT 8PS ANA) EURODOLLARS HELD dX INSTITUTION-ONLY HONEY MARKET FUNDS. SAVINGS DEPOSITS EXCLUDE MHDAS. SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL &PS-- ARE THOSE ISSUED IN AMOUNTS OF LESS THAN i100,000. ALL INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOJh ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL TIME DEPOSITS. LARGE DENOMINATION TIHE DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL BANKING FACILITIES. LARGE DENOMINATION TIHE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY HONEY MARKET MUTUAL DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AMD OFFICIAL INSTITUTIONS. H.6 (508) Tabla4 COMPONENTS OF LIQUID ASSETS AND DEBT BttlkMtt of dollars, aaaaonally adjustad Data 3/ 4/ commarciai paaar* Dabt componantsl fadaraldabt non-fadaral dabt 7M.3 266.0 43.6 161.8 1367.4 4559.6 1985-JAB. FIB. BAB. 74.5 74. 9 75.3 266.7 270.4 274.8 43.3 45.0 46.3 159.6 164.8 169.8 13U4.9 1399.4 1409.3 4607.8 4648.9 4694.5 API. HAI JOIB 75.7 76.1 76.5 276.Q 277.4 282.6 45.9 44.5 42.9 168.9 168.6 164.7 1423.1 1441.4 1458.3 4742.3 4787.1 4832.5 JOLT AUG. SEPT. 76.7 77.2 78.0 280.3 279.2 283.2 42.2 42.2 42.5 171.1 182.0 186.6 1478.5 1496.1 1505.6 4877.5 4923.5 4973.5 OCT. 78.5 79.0 282.6 299.9 43.9 43.1 191.7 196.9 1516.6 1548.3 1586.3 5026.2 5080.3 5155.Q roc 2/ Non-M3 component* of L short-tarm traasury banters accaptancas2 1984-DBC. •Of. 1/ Mvioot bonds CONSISTS OP 0.$. TBBA50BT BILLS AID COOPOMS Ultti BBBAIBIBG BATUBITIBS OP LBSS THAN 12 HOiTVS HBLD BI OTiBB THAI DBPOSITOBI HSTiroriOBs, PBDBBAL UESIBWE BABKS# BOHBT BABKBT BOTOAL POBOS AID POBBIGB BBTITIBS. BBf OP BABKEBS ACCBPTAMCBS BBLD BY ACCEPT IMG BABKS# PBDBIAL BBSBBfB BABKS# P0BBX6B OFFICIAL I1ISTITUTIOB5# TBB PBOBBAL BOBB LOAB BABB SISTBB AMD BOSBT BABBBT HDTOAL PUBOS. TOTAL COttBBBClAL PAPBB LBSS COflflBBCIAL PAPBB MBLO BI BOBBI BABKBT flUTUAL FOBOS. BBBT DATA ABB OB A HOBTHLI Af BBA6B BASIS, DBB If BO BI AfJBAGIBG BIO-OP-BOBTU LEfBLS OP ADJACBBT BOBTBS, ABO HAfB BBJ5B ADJOSTBD TO BBHOfB DISCOBTIBOITIBS. H.8 (508) Table 5 COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not seasonally adjusted Nont ran sections components Other checkable deposits Date Currency' IVsveJers checks1 Demand deposits' at commercial banks4 at thrift institutions* total In M2* In M3 onry7 Overnight RPs' Overnight Eurodollars9 General purpose and broker/dealer money market funds 250.8 24(1.6 245.9 108.3 107.7 109.9 42.2 42.9 44.4 150.5 150.6 154.2 1838.8 1856.5 1865.9 612.6 611.1 616.0 46.1 51.2 50.9 14.2 13.3 12.4 171.9 175.1 177.6 5.9 254.6 251.0 259.4 114.1 110.5 113.$ 46.7 46.5 48.4 160.8 157.0 162.2 1861.3 1867.6 1888.0 615.1 620.2 617.8 45.8 48.5 48. 1 . 12.0 12.8 12.7 176.2 172.2 175-C 167.7 167.6 6.5 6.6 6.2 261.8 260.4 265. 0 115.0 117.0 119.0 49.5 50.3 51.3 164.5 167.3 170.3 19O1.# 1908.8 1911.6 610.1 616.3 623.4 48.3 49.3 49.9 12.4 14.2 13.9 175.8 176.8 176.7 168.4 170.7 173,0 5.9 5.6 5.5 265.5 268.9 281.1 119.7 122.5 125.7 52.5 53.7 54.3 172.2 176.2 179.9 1921.2 1926.6 1932.6 627.0 630.9 631.4 49.9 51.2 51.8 14.2 13.8 16.7 177.0 176.5 17 5.8 179.9 5.* 275.0 128.0 54.2 182.2 1942.7 643.4 48.6 18.9 177.1 27 P 172. 4 171.* 170.6 169.0 297.6 280.5 272.5 261.7 130.7 130.7 128.4 124.7 56. Q 55. Q 54.3 52.6 186.7 185.7 182.7 177.3 49.4 47.6 46.6 50.3 21.7 19.4 17.7 18.3 172.3 175,8 178.5 179.8 3p 169.2 262.6 125.1 53.5 178.6 49.5 17.0 179.4 1985-JAH. FEB. HAH. 158.3 158.$ 159.9 APB. 161.1 163.1 165. 1 HAT JOIE 166.$ JWLY AOG. SEPT. OCT. HO?. DEC 1986-JAB. P 4.9 5.0 5.1 5.* 5.4 W2BK BHBIIG: 1986-JAB. Fsa. 1/ 2/ 3/ 4/ 5/ 1 7/ 3/ 9/ 6 13 20 COBRBHCY 0WTSW% THE O.S. TREASURY, PBOEIAL BSSBBfB BANKS ABD TflB fAOLTS OP COftflBBCIAL BABKS. JSICLOOJBS TBB ESTIMATED A8O0BT DP ?A0LT CASH HELD BY THBIPT IBSTIT0TI0R3 TO SBBflCB TBEIB OCD LIABILITIES. 00TSTAS3IRG iBOOBT OP U.S. &OLLAR-DSROHIRATBD TRAYBLEBS CHECKS OP BORBABK ISSUBBS. TRAVBL3BS CBBCKS ISS8ED BI DBPOSITOBT IBSTirOTIOBS ABB IBCLUDBD IB DBBABD DEPOSITS. DBEMD DEPOSITS AT COHHBRCIAL BABKS OTHER THAR THOSE DOE TO DOMESTIC BARKS, THE 0.$. GOfBRRBBRT ARD FOB 116 R BABKS ARD OFFICIAL IBSTirtJTIOBS, LESS CASH I TEH 5 IR TBB PKOCBSS OP COLLECTIOR ARD P. B. FLOAT, LESS THE ESTIHATED ASO0HT OF DEHARB DEPOSITS BBLD AT COBHEBCIAL BABKS BI TflBIPT IRSTITOTIORS TO SBHFICE THBIB OCD LIABILITIES. CONSISTS Of BOB AID ATS BALABCBS AT COHHEBCIAL BARKS, O.S. BBAHCHBS ARD A6BRCI8S OF FORBIGH BARKS, ARD EDGE ACT COaPO&ATIBBS. IBCLODES SVPKR ROWS OF $47.3 BILLIOH IR THE BBBK ERD JAROABI 20, $46.6 BILLIOR IR THE REEK tUDED JAROABI 27, ABO $47.0 BILLIOR IR TBB BEEK BRDBD FEBBOABI 3. COBSISTS OP HOB ABD ATS BALARCES AT SAflIGS AID LOAR ASSOCIATIORS ABD HOTOAL SAFIB6S BABKS, CBBDIT ORIOR SHARE DRAFT BALABCBS, ARD D6BAHD DEPOSITS AT THRIFTS. IBCL0D1S SOPIB RORS OP $19.0 BILLIOR IR TBE REEK BHDED JAROABI 20, $18.6 BILLIOH IR THE REEK BRDBD JAHOARY 27, ABO $18.9 BILLIOR IR TBE BBEK BIDED FEBROABI i. mn OF 3¥!!aRI6HT BPS ARD B O R O D O L L A R S , HORET HABKBT FORD BALARCES (GBREBAL PURPOSE ARD BBOKBB/DEALBR) , HHDAS ABD SAflRGS ARD SHALL TIHE DEPOSITS LESS THE BSTIHATED AR30RT OF DBHARB DEPOSITS ARD VAOLT CASH HELD BT THRIFT IRSTITOTIORS TO SEBTICE TBBIH TIHE ARD SAflBGS DEPOSIT LIABILITIES. SOU OP LABGE TIBE DEPOSITS, TBBH BPS ABD EUBODOLLABS OF 0.9* BESIDBRTS, HORET HABKBT FORD BALARCBS (IRSTIT0TIOR-OHLI|, LESS A C0H30LIDATIOR ADJOSTHERT THAT BBPRBSBRTS THE ESTIHATBD AHOORT OF OfEBRIGHT RPS ARD EURODOLLARS HELD BI IRSTITOTIOR-ORLT BOIBY 9AHKET HOTUAL FORDS. COBSISTS OF OfKBBIGHT ARD CORTIROIRG COHTBACT BPS ISSOED BY CONHERCIAL BARKS TO OTHER THAR DBPOSITOBI IISTITUTIORS ARD H3HBY HABKBT HOTUAL PONDS (GEREBAL PURPOSE ARD BKOKEB/DBALBB). ISSOED BY FOREIGV BRANCHES OF O.S. BANKS W0BLD9IUE TO O.S. BESIDRITS OTREB THAN DBPOSITOfil INSTITUTIONS AND HONEY MARKET HUTOAL FUNDS (GEREPAL PUPPOSE AND BKOKEB/DbALBR). M.6 (508) Table 5-confirmed COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not seasonally adjusted • Date Money market deposit accounts at at thrift commercial total banks institutions at commercial banks Savings deposits i at thrift institutions total Small denomination time deposits2 at at total thrift commercial institutions banks targe denomination time deposits' at at thrift total commercial 4 institutions banks 1985-JAM. FEB. MR. 280.5 289.% 294.1 155.2 161.0 166.1 435.7 450.5 460.2 121.1 120.4 120.6 167.3 167.7 169.2 288.4 288.2 289.8 386.3 384.1 383.7 504.0 501.7 498.7 890.3 685.8 882.4 262.^ 263. 1 268.9 153-5 154.2 152.6 415.7 417.3 421.5 APB. HAT JDHB 295.9 298.* 307.5 166.6 168.0 170.6 462.5 466.% 478.1 121.0 121.8 123.2 169.7 170.4 172.2 290.6 292.2 295.4 383.8 385.2 386.5 498.0 498.2 499.9 881.8 883.5 886.3 269.2 268.5 265.5 152.7 155.1 154.9 421.9 423.6 420.4 JOLT AUG. SEPT. 313.2 317.9 321.3 174.0 177.3 178.5 487.2 495.2 499.9 124.4 124.0 123.7 174.6 174.9 175.4 298.9 298.9 299.1 386.5 385.3 385.1 500.6 497.1 495.4 687.1 882.5 880.5 263.0 267.5 272.6 153.1 153.9 155.1 416.1 421.4 427.7 OCT. no?. DSC. 32*.* 329.3 332.4 179.8 180.3 179.7 504.2 509.6 512.1 124.6 124.3 123.5 178.3 179.0 178.3 302.6 303.2 301.8 384.7 384.2 384.7 496.7 496.7 498.1 881.4 880.9 882.8 276.2 ^78. 1 280.6 156.2 157~0 157.7 432.5 435.1 438.3 336.7 179.1 515.8 123.9 178.9 302.7 386.8 501.8 888.6 288.3 158.9 447.2 1986-J1V. P «?SIK E I D I I G 1986 JAI. PEB. 1/ 2/ 3/ %/ 6 13 20 27 P 336.9 337.6 336.9 336.1 124.* 124.3 123.7 123.4 386.2 386.7 386.9 387.0 287.8 287.8 267.9 268.7 3 P 335.4 123.3 387.3 290.2 SAflIGS DEPOSITS EXCLUDE HIIDAS. SHALL DBBOBISATIOB TIHE DEPOSITS — IICL0DIM6 BETAIL BPS -- ABE THOSE ISSUED Iff AHOONTS OF LESS THAN $100,000. ALL IHDIflDOAL IBTIIEREffT ACCOUNTS (HA) AID KBOGH ACCOUNTS AT COHHBBCIAL BABKS AID THtlPTS ABE SUBTRACTED FBOH SHALL TIHE DEPOSITS. LABG2 DBIOHIIATIOI TIHE DEPOSITS ABB THOSE ISSUED II AHOUITS OP $100,000 OR HOHE, EXCLUDING THOSK BOOKED AT INTERNATIONAL BAIKIBG FACILITIES (IBPS). LARGE DBIOniVATIOIf TIHE DEPOSITS AT COflfiKRCIAL BAIKS LESS THOSK HELD BT HONBT flABKET BUTUAL FUNDS, DEPOSITORY IM3TIT0TI0IIS AND FOtEIGH BANKS AID OFFICIAL INSTITUTIONS. H.«<508) Ifebte 5-conttnuad COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not saaaonally Adjust*) Tkrm RPs Data only money ittaniat funds at cofiwnarciaJ banks at thrift Institutions total larm Eurodollars1 Savings bonds Men M3 Comaonants of L Btioi l-tai m Bankan traasury accaptancaa sacurltlas1 OPW»SWSWH a* Bait Commarcial papa** Fadaraldabt* NonFadaral 9 datot 1985-JAB. FEB. BAB. 65.0 62.2 59.5 29.7 29.9 30.7 29. ? 28.6 27.9 58.9 58.5 58.6 81.1 81.3 84.7 74.6 74.9 75.3 266.8 271.6 280.8 44.8 45.3 157.3 164.2 167.7 1383. 1 1397.4 1412.0 4602.8 4630.2 4663.8 APB. mi JOB* 59.6 63.5 67.1 32.5 31.1 31.3 27.2 26. * 25.6 59.7 57.5 56.9 81.0 81.8 79.9 75.6 76.1 76.5 278.4 272.1 280.2 44.7 43.9 42.3 169.3 168.8 167.9 1427.1 1443.8 1457.9 4709.8 4757.6 4809. 1 JOLT AUG. SBPT. 6S.0 63.6 62.3 29.8 30.3 30.7 25.7 26.$ 27.3 55.4 56.3 58.0 79.4 80.2 80.0 76.6 77.1 78.0 281.0 282.3 284.0 42.0 42.8 43.2 173.1 181.0 187.8 1475.8 1495.8 1506.9 4858.4 4904.4 4956.8 OCT. BOf. 63.3 61.5 64.5 30.0 31.1 31.4 27.7a) 27.7* 27. 7o 57. 7 • 78.5 79-0 282.3 296.0 43.8 43.3 193.4 199.1 59. %• 78.9 79.0 76.4 1515.6 1544.2 1583.7 5013.6 5071-9 5153.5 66.5 32.9 27.7* 60. 5« 75.2 64.3 67.3 66.5 67.2 31.1 32.7 33.4 33.1 67.5 34.1 DEC T986-JAB. P 44. 1 BIBB BB0IB6S 19B6-JAB. FBB. 1/ 1/ 3/ 1/ 5/ 6/ 6 13 20 27 P 3 P VBBfi BPS ABB fBOSB ilfB OBIGIIAL HATOBITIBS 6BBATBB THAI OBB DAI. BXCL00IBG COITII0IIG COBTBACTS ABO BBTAIL BPS. IHCL0DBS A aSLATtfBLT SHALL AflOOVT OF OfBBBXOBT BPS AT TBBIFT IBSTiroriOBS. fBBB BOBODOLLABS UiE THOSE BITB 01I6IIAL RATBBiriBS GBBATBI THAI OBB OAT. COBSISTS OF TBOSB ISSUED TO 0.S. BESIDEITS BT FOBBX6B BBABCBBS OF ».$. BABKS BOBLDBIDB ABD Bl ALL BABKIB6 OFFICES IB THE OHITED KIIGDOB AID CAIADA. EXCLUDES THOSE HELD it DBPOStrOBI IISriTOTIOIS AMD BOBBY BASKET HOTOAL FOBDS. CONSISTS OF U.S. TB8AS0BI BILLS ABB COO POPS fflfB BEBAIBIBG BAtOBITIBS OF LBSS THAI 12 BOITHS HELD BI OTHER THAI DEPOSITOBT IISTITUTIOIS, FBDBBAL BBSBBfE BAIKS# HOIEf HAIKET HOTOAL FOBDS, AID FORBIGI BITITIES. BET OF BAIKBBS ACCEPTAICBS HELD BT ACCEPTIBG BAIKS# FEDERAL BBSEBTB BANKS, FOBBIGR OFFICIAL IMSTITOTIOSS, THE FBDBBAL BOBB LOAB BAIK STSTBH AID BOIBY BABKBT HOTOAL FOIDS. TOTAL COBBBBCIAL PAPBB LESS COHHBBCIAL PAPEfl HELD Bl HONET HABKET HOTOAL FOIDS. DEBT DATA ABE OB A HOITHLI AfEBAGB BASIS, DEMISED bl AVEBAGIBG END-OF-HOa*TH LEVELS OF ADJACEIT HOITHS# AID HAVE BBEI ADJUSTED TO BEHOVE DISCOITIIOITIBS. H 6 (508) Table 6 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 dw to foreign commercial banks and foreign official institutions time &nd saving* deposits at commercial banks 9.2 7.4 7.7 7.9 114.7 118.7 123.2 8.9 8.3 8.3 3.9 11.5 17.8 11.4 22.0 27.* 17.7 1.1 1.2 3.4 6.6 6.7 2.8 53.5 55.1 55.9 70.4 71.9 73.4 8.6 8.6 8.4 132.5 135.6 137.7 1.9 2.0 2.1 8-3 8.2 8.2 3.1 2.8 3.% 4.0 3.0 4.3 20.0 10.6 13.4 27.0 16.4 21.1 1. < 1.: 1.. 56.7 57.4 57.8 75.3 76.9 78.1 8.5 8.4 8.3 140.4 142.6 144.3 8.3 8.4 8.3 3.0 3.0 3.4 3. 1 2.8 2.4 4.8 8.5 3.4 11.1 10.7 17.9 i.; 1*. 1.1 58.2 58.7 59.2 79.0 79.5 80.9a 8.4 8.7t) 9. 1* 145.7 196.9* 149.18 60.4 8 3 . 4e> 9.4a 153.1a 8.1 8.p 1.2 SEPT. 8.1 OCT. 10 U 8.1 DBC~ 8.5 1.9 2.1 1.9 8.8 2.Q 8.0 3.6 10.5 20*5 34.5 1.3 2.1 2.0 2.0 1.9 8.2 8.1 8.0 7.9 3.8 2.9 3.9 3.8 5.5 20.1 27 P 9.9 8.1 8.6 9.% 5.0 10.3 17.4 15.Q 21.7 23.3 29.4 23.0 35.9 44.5 1.4 1.3 1.3 1.3 3P 7.9 2.2 7.8 3.3 15.6 23.4 42.3 1.4 6 13 20 PBB. e = estisated total mutual funds 62.1 64.0 66.4 K2SK B I D I I G : 1986 JA1. money 45.3 47.0 48. tt 1.9 2.1 2.0 1986-JAK.P thrift institutions 1.4 1.3 1.2 7.7 8.0 8.0 8. a commercial banks 22.5 20. 1 16.6 APR. NAT JUM8 7.8 total dtnmnd deposits »mi note and FR balances 12.7 9.0 8.8 1 note balances at commercial banks and thrift institutions 14.9 1.9 2.1 1.9 AUG. balances at Federal Reserve Banks 4.0 4.3 3.8 9.0 8.7 7.8 JULY demand deposits at commercial banks tRA and Keogh Accounts 3.7 3.1 3.6 PBB. NAB. 1985-JAN. US government deposits Appendix Table 1 Monthly Seasonal Factors Used to Construct Ml, M2 and M3 1985--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1986—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1987—Jan. Feb. Mar. Currency Nonbank travelers checks Transactions deposits* 1 2 3 4 5 6 .9919 .9868 .9906 .9955 .9998 1.0043 1.0089 1.0050 .9989 .9984 1.0056 1.0146 .9331 .9417 .9481 .9529 .9748 1 .0482 1 .1269 1 .1220 1 .0655 1 .0050 .9531 .9311 1.0181 .9797 .9868 1.0173 .9860 1.0019 1.0027 .9900 .9942 .9958 1.0020 1.0249 1.0232 .9738 .9782 1.0111 .9826 1.0016 1.0054 .9899 .9950 .9985 1.0046 1.0358 1.0010 1.0022 1.0047 1.0014 .9990 1.0000 1.0008 .9991 .9968 .9986 .9983 .9973 .9984 .9986 .9981 .9958 1 .0032 .9972 .9880 1 .0006 1 .0032 1 .0026 1 .0081 1 .0072 .9917 .9868 .9906 .9954 .9997 1.0043 1.0090 1.0051 .9990 .9985 1.0056 1.0145 .9317 .9404 .9469 .9529 .9748 1 .0476 1 .1287 1 .1240 1 .0656 1 .0042 .9527 .9308 1.0181 .9797 .9870 1.0168 .9860 1.0028 1.0027 .9906 .9948 .9950 1.0015 1.0248 1.0233 .9735 .9779 1.0109 .9825 1.0025 1.0059 .9903 .9954 .9977 1.0039 1.0360 1.0013 1.0026 1.0051 1.0015 .9989 .9999 1.0008 .9990 .9966 .9984 .9982 .9974 .9984 .9980 .9974 .9953 1 .0034 .9977 .9885 .9998 1 .0030 1 .0029 1 .0084 1 .0074 .9916 .9867 .9905 .9310 .9398 .9465 1.0182 .9797 .9871 1.0233 .9735 .9777 1.0014 1.0028 1.0053 .9984 .9978 .9973 Demand deposits* Nontransactions components in M2 in M3 only * Factors for transactions deposits are used to seasonally adjust the sum of demand deposits and other checkable deposits. Seasonally adjusted other checkable deposits are derived as the difference between seasonally adjusted transactions deposits and seasonally adjusted demand deposits. Appendix Table 2 Monthly Seasonal Factors for Selected Components of the Monetary Aggregates Commercial Bank Ideposits Small Large denomidenomination nation time time Savings 1 2 3 Thrift Institution Deposits Large Small denomidenomination nation Savings time time 6 4 5 Experimental (Model-Based) Factors for Ml Currency 7 Nonbank travelers checks 8 Transaction deposits 9 1985—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. .9942 .9907 .9964 1.0056 1.0050 1.0094 1.0118 1.0025 .9977 1.0011 .9964 .9927 1.0000 .9978 .9960 .9914 .9936 .9970 .9995 1.0051 1.0064 1.0073 1.0052 1.0019 .9968 .9973 1.0025 .9886 .9970 .9935 .9961 1.0019 1.0074 1.0088 1.0056 1.0064 .9978 .9963 1.0032 1.0058 1.0044 1.0038 1.0045 .9941 .9947 1.0024 1.0000 .9954 1.0058 1.0031 .9980 .9951 .9929 .9945 .9986 .9991 .9995 1.0057 1.0054 1.0030 1.0058 1.0073 .9994 .9941 .9961 .9963 .9925 .9989 1.0000 1.0025 1.0051 1.0028 .9942 .9880 .9907 .9961 .9998 1.0029 1.0085 1.0051 .9980 .9999 1.0067 1.0174 .9331 .9417 .9481 .9529 .9748 1.0482 1.1269 1.1220 1.0655 1.0050 .9531 .9311 1.0192 .9776 .9817 1.0134 .9835 .9990 1.0000 .9907 .9980 1.0011 1.0077 1.0286 1936—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec .9933 .9892 .9942 1.0047 1.0043 1.0095 1.0127 1.0035 .9984 1.0020 .9970 .9928 .9999 .9973 .9954 .9910 .9934 .9971 .9996 1.0051 1.0068 1.0073 1.0053 1.0023 .9961 .9962 1.0019 .9879 .9975 .9940 .9962 1.0012 1.0075 1.0097 1.0062 1.0064 .9973 .9953 1.0018 1.0052 1.0043 1.0035 1.0048 .9944 .9951 1.0033 1.0006 .9954 1.0064 1.0035 .9978 .9945 .9923 .9942 .9981 .9987 .9996 1.0058 1.0058 1.0035 1.0052 1.0058 .9988 .9941 .9970 .9971 .9936 .9994 .9997 1.0022 1.0046 1.0025 .9940 .9879 .9906 .9966 .9994 1.0027 1.0089 1.0050 .9984 .9995 1.0068 1.0175 .9317 .9404 .9469 .9529 .9748 1.0476 1.1287 1.1240 1.0656 1.0042 .9527 .9308 1.0198 .9769 .9806 1.0154 .9829 .9977 1.0019 .9900 .9980 1.0017 1.0071 1.0286 .9928 .9883 .9929 .9999 .9970 .9951 .9957 .9957 1.0019 .9969 .9948 1.0010 1.0067 1.0035 .9977 1.0049 1.0054 .9987 .9937 .9879 .9910 .9310 .9398 .9465 1.0203 .9765 .9807 1987—Jan. Feb. Mar. Appendix Table 3 Weekly Seasonal Factors for Selected Components of the Monetary Aggregates Commercial Bank Deposits Small Large denomidenomination nation Savings 1:ime time 5 6 4 Currency 1 Transactions deoosits* 2 Demand deposits* 16 23 30 1.0072 1.0164 1.0126 1.0216 1.0130 1.0071 1.0252 1.0212 1.0189 1.0279 1.0148 1.0248 1.0291 1.0305 1.0488 .9941 .9962 .9934 .9898 .9897 1..0039 1 ,0036 1 .0020 1..0006 1 .0008 1.0069 1.0084 1.0080 1.0053 1.0048 6 13 20 27 1.0068 .9978 .9903 .9804 1.0708 1.0403 1 .0143 .9777 1.0909 1.0466 1.0161 .9769 .9985 .9960 .9927 .9893 1 .0009 1 .0006 1 .0005 .9989 1.0072 .9978 .9930 .9911 Feb. 3 10 17 24 .9827 .9920 .9900 .9808 .9879 .9877 .9794 .9664 .9848 .9794 .9767 .9594 .9885 .9909 .9897 .9875 .9980 .9980 .9971 .9966 .9904 .9941 .9959 .9984 Mar. 3 10 17 24 31 .9854 .9955 .9921 .9874 .9858 .9833 .9953 .9885 .9737 .9843 .9742 .9849. .9806 .9619 .9782 .9888 .9917 .9922 .9941 1.0011 .9974 .9967 .9958 .9946 .9936 1.0006 1.0022 1.0003 1.0033 1.0026 Apr. 7 14 21 28 1.0033 1.0018 .9949 .9868 1 .0243 1 .0344 1.0292 .9904 1.0171 1.0268 1.0216 .9872 1.0110 1.0066 1.0019 .9994 .9908 .9898 .9918 .9912 .9941 .9883 .9829 .9863 May 5 12 19 26 .9975 1.0030 .9990 .9978 1.0000 .9930 .9882 .9640 .9966 .9896 .9879 .9573 1.0036 1.0050 1.0047 1.0025 .9920 .9925 .9930 .9942 .9884 .9934 .9975 1.0046 2 .9959 1.0105 1.0055 1.0011 1.0003 .9919 1.0155 1.0110 .9884 .9921 .9911 1.0102 1.0099 .9854 .9992 1.0063 1.0112 1.0106 1.0079 1.0092 .9951 .9972 .9972 .9969 .9978 1.0023 .9968 .9920 .9891 .9955 1.0210 1.0145 1.0082 1.0002 1.0259 1.0299 1.0233 1.0005 .9779 1.0164 1.0165 1.0125 1.0075 .9972 .9981 .9998 1 .0018 .9933 .9932 .9966 1.0005 Week ended : 1985—Dec. 1986~Jan. June 2 9 9 16 23 30 July 7 14 21 28 1 .0187 .9972 .9770 3 *Factors for transactions deposits are used to seasonally adjust the sum of demand deposits and other checkable deposits. Seasonally adjusted other checkable deposits are derived as the difference between seasonally adjusted transactions deposits and seasonally adjusted demand deposits. Appendix Table 3 (continued) Weekly Seasonal Factors for Selected Components of the Monetary Aggregates Week ended • Currency Transactions deposits* Demand deposits* 1 2 1.0069 1.0117 1.0051 .9971 1.0052 1.0021 .9953 .9734 1.0057 1.0011 .9989 .9707 .9986 1.0089 1.0036 .9963 .9890 .9793 1.0112 1.0112 .9813 .9715 .9779 1.0104 1.0137 .9801 .9740 1.0022 1.0055 .9982 .9908 1.0034 1.0056 1.0009 .9744 1.0036 1.0071 1.0077 .9760 .9969 1.0090 1.0055 1.0011 1.0015 1.0038 1.0082 .9886 29 1.0069 1.0166 1.0138 1.0196 1.0144 1987—Jan. 5 12 19 26 Feb. Commercial Bank Deposits Small Large denomidenomination nation Savings time time 4 5 1.0078 1.0030 1.0042 1.0052 1.0059 .9990 .9990 .9994 1.0024 1.0067 1.0069 1.0066 1.0071 1.0066 1.0057 1.0054 1.0042 1.0075 1.0124 .9980 1.0071 1.0084 1.0074 1.0066 1.0139 1.0131 1.0101 1.0065 1.0057 1.0014. 1.0131 .9902 .9991 .9989 .9977 .9956 1.0068 1.0069 1.0051 1.0044 1.0025 1.0045 1.0048 1.0091 1.0050 1.0234 1.0213 1.0205 1.0234 1.0121 1.0238 1.0287 1.0329 1.0438 .9945 .9973 .9941 .9890 .9893 1.0041 1.0041 1.0030 1.0022 1.0001 1.0084 1.0074 1.0079 1.0052 1.0042 1.0049 .9996 .9910 .9818 1.0686 1.0426 1.0174 .9824 1.0897 1.0505 1.0207 .9815 .9973 .9969 .9929 .9893 1.0007 1.0006 1.0007 .9993 1.0082 .9967 .9932 .9912 2 9 16 23 .9808 .9915 .9903 .9822 .9863 .9881 .9807 .9680 .9859 .9819 .9768 .9592 .9872 .9897 .9889 .9875 .9979 .9977 .9967 .9962 .9920 .9940 .9950 .9967 Mar. 2 9 16 23 30 .9838 .9956 .9932 .9890 .9854 .9806 .9959 .9915 .9774 .9758 .9723 .9849 .9840 .9654 .9666 .9873 .9909 .9920 .9930 .9957 .9970 .9964 .9959 .9947 .9936 .9992 1.0015 1.0004 1.0029 1.0045 Apr. 6 1.0012 1.0140 1.0029 1.0036 .9909 .9966 1986—Aug. 4 11 18 25 Sept. 1 8 15 22 29 Oct. 6 13 20 27 Nov. 3 10 17 24 Dec. 1 8 15 22 3 1.0072 1.0040 1.0015 .9983 1.0010 .9992 .9961 .9965 1.0044 1.0051 1.0026 6 *Factors for transactions deposits are used to seasonally adjust the sura of demand deposits and other checkable deposits. Seasonally adjusted other checkable deposits are derived as the difference between seasonally adjusted transactions deposits and seasonally adjusted demand deposits. Appendix Table 4 Comparison of Revised and Old Monetary Aggregate Levels (billions of dollars, seasonally adiusted) MS> MlL Revised M3 Revised Old 1984—October November December 549.6 554.2 558.5 548.3 553.R 558.5 2323.5 2348.3 2373.7 2319.3 2346.3 2371.7 2926.4 2955.8 2986.6 2925.1 2959.9 2995.0 1985—January February March April 562.9 569.3 572.2 575.7 582.5 590.9 596.2 604.8 611.4 614.1 619.9 626.3 562.7 569.4 572.1 574.9 581.6 591.2 595.8 605.9 611.9 611.1 617.0 624.7 2399.8 2421.8 2429.4 2434.4 2452.0 2479.0 2496.0 2515.2 2529.2 2537.9 2549.7 2564.0 2398.9 2421.0 2429.6 2427.7 2444.9 2472.9 2490.6 2514.0 2528.8 2533.0 2547.0 2563.6 3013.4 3033.7 3046.6 3052.1 3070.2 3098.5 3113.6 3131.1 3150.7 3163.3 3175.5 3190.8 3020.5 3041.0 3055.9 3056.9 3076.9 3104.5 3117.2 3142.6 3168.5 3178.3 3194.0 3213.1 May June July August September October November December Old Revised Old Appendix Table 5 COMPARISON OF REVISED AND OLD Ml GROWTH RATES (percent changes at annual rates) Difference Revised Ml (1) Old Ml m~ due to Difference (1-2) Benchmark Seasonals (3) (4) (5) 0.3 0.0 0.2 -2.0 -1.1 Monthly 10 84—Oct. Nov. -2.4 10.0 Dec 9.3 -7.0 12.0 10.2 4.6 -2.0 -0.9 1985—Jan. 9.5 9.0 0.5 Feb. Mar. Apr. 13.6 14.3 -0.7 6.1 5.7 5.9 May 14.2 17.3 10.8 17.3 13.1 0.4 1.4 0.2 4.3 9.3 1.5 -3.0 11.3 12.4 20.3 11.9 -1.6 13.4 13.2 -2.1 -0.8 0.0 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 1.2 0.5 0.5 4.5 3.2 1.3 0.4 0.9 10.1 10.5 14.5 10.6 10.6 10.2 15.0 -0.5 0.1 0.1 -0.6 -0.6 8.9 1.7 0.1 0.6 1985—QIV '84 to QII '85 10.4 10.5 -0.1 0.1 -0.2 QII '85 to QIV '85 12.7 12.1 0.6 0.4 0.2 5.4 5.2 11.9 11.6 0.2 0.3 0.2 0.3 0.0 0.0 June July Aug. Sept. Oct. Nov. Dec. 7.3 5.3 14.0 19.8 -2.5 1.2 6.9 0.5 -0.7 0.4 1.4 -0.2 -2.9 1.5 -3.0 1.2 5.7 -2.6 -1.3 Quarterly 1984--QIV 1985—QI QII QIII QIV 0.3 -0.5 0.2 1.1 Semi-Annual Annual (QIV to QIV) 1984 1985 Appendix Table 6 COMPARISON OF REVISED AND OLD M2 GROWTH RATES (percent changes at annual rates) Difference Revised M2 (1) Old M2 (2) due to Difference (1-2) Benchmark Seasonals (3) (4) (5) Monthly 1984—Oct. Nov. Dec. 1985—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 7.1 5.7 1.4 0.0 1.4 12.8 13.0 14.0 13.0 -1.2 -0.5 0.0 0.6 -0.7 -0.6 13.2 11.0 13.8 11.1 -0.5 -1.1 -0.1 3.8 2.5 8.7 4.3 -0.6 -0.1 -0.5 0.1 -0.6 -0.9 3.4 1.2 8.5 0.2 -0.2 2.2 0.4 13.2 13.7 8.2 8.6 0.5 0.1 9.2 6.7 4.1 5.6 6.7 11.3 7.1 2.0 6.6 7.8 -0.5 -0.4 -2.1 -0.4 -0.4 -0.1 -1.0 -0.5 -1.7 -0.3 2.1 0.2 1.9 -1.0 -1.1 -0.3 -0.2 -0.7 -0.9 9.7 9.1 0.6 0.6 0.0 11.7 12.1 -0.4 -0.4 0.0 6.3 9.5 5.9 5.3 1.0 10.2 -0.7 0.3 0.0 -0.7 5.9 0.0 -0.1 0.1 9.1 8.8 0.3 0.0 0.3 8.1 -0.3 -0.1 -0.2 7.7 8.6 0.3 0.0 0.2 0.0 0.1 0.0 1.0 Quarterly 1984—QIV 1985--QI QII QIII QIV 0.7 Semi-'Annual 1985—QIV '84 to Oil '85 QII '85 to QIV '85 7.8 Annual (QIV to QIV) 1984 1985 8.0 8.6 Appendix Table 7 COMPARISON OF REVISED AND OLD M3 GROWTH RATES (percent changes at annual rates) Difference Revised M3 (1) Old M3 (2) due to Difference (1-2) Benchmark Seasonals (3) (4) (5) -2.2 -1.7 -0.5 -2.2 -1.2 0.7 0.0 0.6 0.0 -1.4 Monthly 10.2 1984—Oct. Nov. Dec. 12.1 12.5 10.0 14.3 14.2 0.2 -O.5 10.8 8.1 5.1 2.2 7.1 11.1 5.8 6.7 7.5 4.R 4.6 5.8 10.2 3.7 1.1 0.0 1.1 5.9 7.2 -1.3 -1.4 -1.1 -0.7 -0.2 -0.7 1984—QIV 10.5 11.0 -0.5 -0.2 -0.3 1985—QI 10.1 5.6 7.6 5.7 10.7 -0.6 5.3 8.2 6.7 -1.0 -0.3 0.4 0.3 -0.6 -1.0 0.0 -0.6 -0.6 -0.4 7.9 8.1 -0.2 -0.7 0.5 6.7 7.5 -0.8 -0.3 -0.5 10. 5 7.4 10.4 0.1 0.0 7.9 -0.5 -0.5 0.1 0.0 1985—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.1 5.9 0.4 7.9 10.8 4.9 9.8 9.9 0.0 0.3 0.9 -1.1 0.1 0.1 0.8 0.2 -3.1 -2.4 -0.9 -0.7 -0.8 1.8 -0.8 0.6 1.4 0.3 1.7 -0.9 -0.5 0.7 -2.2 -1.7 Quarterly QII QIII QIV 0.6 Semi-annual 19 K 5—QIV QII f 84 to f 85 QII QIV f 85 to f 85 Annual (OIV to QIV) 1984 1985 Supplementary Table 1* Levels and Annual Growth Rates of Ml Using Standard-'- and Experimental Alternative^ Seasonal Adjustment Procedures (Monthly average) Levels In billions of dollars Experimental Standard Alternative 1984 - October Annual growth rates in percent Experimental Standard Alternative 549.6 548.3 -2.4 -1.3 November 554.2 551.6 10.0 7.2 December 558.5 557.1 9.3 12.0 562.9 562.1 9.5 10.8 February 569.3 570.0 13.6 16.9 March 572.2 574.3 6.1 9.1 April 575.7 577.1 7.3 5.9 May 582.5 583.5 14.2 13.3 June 590.9 592.3 17.1 18.1 July 596.2 597.4 10.8 10.3 August 604.8 604.5 17.3 14.3 September 611.4 609.9 13.1 10.7 October 614.1 611.5 5.3 3.1 November 619.9 617.2 11.3 11.2 December 626.3 624.2 12.4 13.6 626.9 625.7 1.1 2.9 1985 - January 1986 - January seasonal factor revisions. 1. Standard monthly seasonal factors are derived using an X-11/ARIMA-based procedure • 2. Alternative monthly seasonal factors are derived using an experimental modelbased procedure. This procedure uses a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more sensitive than the 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.
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