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FEDERAL RESERVE statistical H.6 MONEY STOCK MEASURES release February 17, 1977 The money stock and related measures have been revised to incorporate the latest benchmark adjustments for nonmember banks and revised seasonal factors, Revised monthly money stock data for 1974-76 and weekly data for 1976 are shown in the attached special tables. Rates of change for recent annual, half year, and quarterly periods for Mj, M^, and M« measures derived from quarterly averages are shown in the table Below. Monthly and weekly MI and M^ seasonal factors for the first four months of 1977 are shown in the table on the next page. Only very small adjustments were required to benchmark the money stock (M- and M^ measures) to the June 1976 call report data for domestic nonmember banks. Nonmember bank demand deposits were increased by $100 million in June and time deposits were reduced $200 million. Seasonal factor revisions were also quite small and the changes in rates of growth by quarters and half years were minor. The current revision also incorporates new seasonal factors for M~. Revised factors for M~ go back to 1959, but the changes had little impact on M~ growth rates. Monthly and weekly data from 1959 to date are available from the Banking Section of the Board's Division of Research and Statistics. COMPARISON OF OLD AND REVISED MONEY STOCK GROWTH RATES (Per Cent Annual Rates of Growth) Old Revised Old Revised Old Revised Based on quarterly average data: Annual: 1975 1976 4.4 5.4 4.4 5.5 8.3 10.9 8.3 10.9 11.1 12.8 11.1 12.8 5.6 5.1 5.6 5.3 10.4 10.8 10.3 10.9 11.8 13.0 11.8 13.1 2.7 8.4 4.1 6.0 2.9 8.2 4.2 6.3 9.7 10.8 9.2 12.2 9.9 10.5 9.2 12.3 11.2 12.0 11.6 14.0 11.5 11.8 11.4 14.3 Half-year; 1976—1 II Quarterly; 1976—1 II III IV MONEY STOCK SEASONAL FACTORS Currency Demand Deposits Time Deposits Member Banks Other CDs Nonmember Banks Monthly ; 197 7 — January .9930 1.0280 1.0010 .9990 .9950 February .9870 .9870 .9690 1.0010 1.0020 March .9920 .9900 .9780 1.0060 1.0090 April .9960 1.0090 .9750 1.0080 1.0080 Weekly: January 5 12 1.0090 1.0656 1.0090 .9973 .9908 1.0050 1.0484 1.0070 .9980 .9934 19 .9937 1.0331 1.0040 .9985 .9948 26 .9799 .9986 .9970 .9995 .9962 February 2 .9783 .9978 .9870 1.0000 .9973 9 16 23 .9961 .9930 .9760 .9995 .9998 .9900 .9900 .9690 1.0005 1.0016 .9832 .9761 .9630 1.0020 1.0035 2 .9808 .9868 .9620 1.0030 1.0054 9 16 1.0000 .9905 .9700 1.0045 1.0072 .9960 .9965 .9770 1.0060 1.0088 23 .9902 .9861 .9830 1.0060 1.0088 30 .9814 .9847 .9850 1.0085 1.0098 6 1.0019 1.0108 .9830 1.0080 1.0106 13 1.0087 1.0186 .9800 1.0080 1.0090 20 .9949 1.0206 .9730 1.0080 1.0070 27 .9822 .9932 .9690 1.0080 1.0062 March April FEDERAL RESERVE FEDERAL RESERVE Statistical Release H.6 statistical release For Immediate Release February 17, 1977 Table 1 MONEY STOCK MEASURES IN BILLIONS OF DOLLARS M! Date M2 M4 *3 MI Plus Time M 2 Plus M2P«us Currency Deposits at Deposits at Large Commercial Nonbank Plus Negotiable Demand Banks Thrift CD's4/ Deposits^/ Other Than Institutions^ Large CD's V MS M3Plus Large Negotiable CD'sS/ M l FfcB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1977 —JAN. P MEEK ^3 M4 MI Plus Time M2Plus Currency Deposits at Deposits at M2Plus Plus Large Commercial Nonbank Banks Negotiable Demand CD's4/ Deposits^ Other Than Institutions^ Large CD's^ MS M3Plus Large Negotiable CD's-5/ Not Seasonally Adjusted Seasonally Adjusted 1976 —JAN. M2 1162.6 1192.9 1200.2 1211.3 1218.7 1227.1 1236.2 1246.3 1257.6 1273.6 1285.6 1 300 . 1 301.0 292.9 295.3 303.5 298.6 302.6 305.3 303.3 304.6 309.0 312.1 321.1 675.0 674.8 682.5 695.5 694. 1 699.7 705.7 707.3 712.8 723.0 729.7 744.7 1106.9 1112.8 1126.2 1148.2 1150.8 1162.2 1173.7 1178.6 1169.2 1205.5 1216.5 1237.7 753.5 747.8 754.2 764.9 761.4 768.8 774.6 77:>. 6 77b.l 767.1 792.6 809.0 1185.4 1165.5 1199.9 1217.5 1218.2 1231.3 1242.6 U44.9 1254.5 1269.7 1279.4 1302.0 1311.0 319.7 750.4 1250.9 613.5 1314.0 295.3 296.8 298.1 301.8 303.5 303.2 305.0 306.3 306*6 310.1 310.1 312.2 670.3 678.2 662.6 690.6 695.7 098.2 705.2 710.5 716.5 725.9 732.0 739.7 1104.1 1117.5 1126.8 1140.1 1150.1 1156.9 1169.2 1181.4 1194.5 1211.2 1223.6 1236.9 748.7 753.5 755.9 761.8 764.3 768.4 774.1 775.5 779.5 788.2 794.3 803.0 313.7 745.5 1247.9 808.6 310.6 312.7 313.9 738.3 740.7 741.6 801.0 803.8 805.8 320.2 321.7 322.4 743.5 745.8 746.9 807.3 809.9 812.2 315.2 314.6 313.7 312.9 745.4 746.0 745.6 745.9 810.1 609.3 808.0 808.4 331.3 326.3 320.9 310.9 759.4 756.2 751.6 743.2 824.7 819.9 814.3 805.6 312.7 313.6 745. * 808.6 812.0 310.4 311.7 743.1 746.4 805.1 808.3 ENDING: 1976-DEC. 15 22 29 1977- JAN. 5 12 19 26 FEB. 2 P 9 P 748.5 I/ INCLUDES CD DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENT LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3) CURRENCY OUTSIDE THE TREASURY» F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS. 2/ INCLUDESt IN ADDITION TO CURRENCY AND DEMAND DEPOSITS, SAVINGS DEPOSITS* TIME DEPOSITS OPEN ACCOUNT, AND TIME CERTIFICATES OF DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. 3/ INCLUDES M2t PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS B A N K * SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES. 4/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE. 5/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE. p - PRELIMINARY; R - REVISED FEDERAL RESERVE Statistical Release H.6 Table 2 MONEY STOCK MEASURES PER CENT CHANGE AT SEASONALLY ADJUSTED A N N U A L RATES M, M2 Mi Plus Time Deposits at Currency Plus Commercial Demand Deposits-!/ Banks Other Than Large CD's^ DATE M3 M2 Plus Deposits at Nonbank Thrift Institutions^/ M4 M2 Plus Large Negotiable CD's 5 ' M 5 Ma Plus Large Negotiable CD's^ AN. FROM: ICT. 1976 (3 MONTHS PREVIOUS) 4*6 10.8 12.1 ULY 1976 (6 MONTHS PREVIOUS) 5.7 11.4 13.5 8.9 11.8 AN* 1976 (12 6.2 11.2 13.0 a.o 10.9 MONTHS PREV1UUS) OUR WEEKS ENDING: FEB. FROM FOUR WEEKS ENDING: 9V 10.4 11.7 1977 0V. 10, 1976(13 WEEKS PREVIOUS) 3.9 10. 1 9.8 UG. lit 1976(26 WEEKS PREVIOUS) 4.8 11.0 8.9 E6. lit 1976(52 WEEKS PREVIOUS) 5.8 10.7 7.8 I/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENTt LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3) CURRENCY OUTSIDE THE TEASURYt F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS. 2/ INCLUDESt IN ADDITION TO CURRENCY AND DEMAND DEPOSITS* SAVINGS DEPOSITS* T I M E DEPOSITS OPEN ACCOUNT* AND TIME CERTIFICATES OF DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE BY LARGE WEEKLY REPORTING C O M M E R C I A L BANKS. 3/ INCLUDES M2t PLUS THE A V E R A G E OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS* SAVINGS AND LOAN SHARES* AND CREDIT UNION SHARES. 4/ INCLUDES M2t PLUS NEGOTIABLE T I M E CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE. «>/ INCLUDES M3 V PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE. NOTE: ALL RATES OF CHANGE ARE BASED UN DAILY A V E R A G E DATA; RATES OF CHANGE ARE NOT COMPOUNDED. FEDERAL RESERVE Statistical R«le»t« H.6 TabU 3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Time and Savings Deposits Date 1976 —JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1977—JAN. P Currency Demand Deposits CD's^ Other Total N on bank 0/ Thrift Institutions-" 74.3 75.0 75.7 76.6 77.3 77.5 78.1 78.6 79.2 79.9 80.3 80.7 221.1 221.8 222.4 225.2 226.2 225.6 226.8 227.7 227.4 230.3 229.8 231.6 78.4 75.4 73.4 71.2 68.6 70.2 68.9 65.0 63.1 62.3 62.2 63.3 374.9 381.3 384.4 388.9 392.1 395.1 400.2 404.1 409.9 415.8 421.9 427.4 453.3 456.7 457.8 460.0 460.7 465.3 469.1 469.1 472.9 478.1 484.2 490.7 433.8 439.4 444.3 449.5 454.4 458.6 464.0 470.9 478.0 485.3 491.6 497.3 81.4 232.3 63.1 431.8 494.8 502.4 80.6 80.8 81.0 230.0 232.0 232.9 62.8 63.0 64.2 427.7 428.0 427.7 490.4 491.0 491.9 80.9 81.2 81.4 81.7 234.3 233.4 232.3 231.1 64.7 63.3 62.4 62.5 430.2 431.4 431.9 433.0 494.9 494.7 494.3 495.5 81.7 81.8 231.0 231.8 62.8 63.5 433.1 434.9 495.9 498.4 MEEK ENDING! 1976-DEC. 15 22 29 1977- JAN. 5 12 19 26 FEB. 2 P 9 P I/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS. 2/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS* SAVINGS AND LOAN SHARES* AND CREDIT UNION SHARES. P - PRELIMINARY! R - REVISED FEDERAL RESERVE Statistical Release H.6 Table 4 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Demand Deposits Date 1976 — JAN. FfcB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1977 —JAN. P Currency Total^ Time and Savings Deposit Member Domestic Nonmember2 CD's* Other Total Nonbank Thrift Institutions4/ U.S. Gov't. Demand-^/ 73.7 74.1 75.1 76.3 77.1 77.8 78.7 76.9 79.0 79.7 80.8 82.2 227.3 218.9 220.2 227.2 221.5 224.8 226.6 224.4 225.6 229.3 231.2 239.0 162.0 155.8 156.9 161.3 157.2 159.2 160.1 158.4 159.0 161.7 162.6 168.5 62.1 59.9 60.3 62.4 61.1 62.5 63.0 62.6 63.5 64.4 65.4 66.9 78.5 73.0 71.8 69.4 67.4 69.1 68.9 66.3 65.3 64.2 62.9 64.3 374.0 381.9 367.2 392.0 395.5 397.1 400.3 404.0 408.2 414.0 417.6 423.5 452.5 454.9 458.9 461.4 462.8 466.3 469.2 470.3 473.5 478.2 480.5 487.8 431.9 438*0 445.7 452.6 456.7 462.5 468.0 471.3 476.4 482.6 486.8 493.1 3.8 4.6 3.9 3.9 3.8 4*8 3.4 3.7 4.9 3.9 4.0 4.4 80. a 238.8 168*2 67.1 63.1 430.8 493.9 500.5 3.8 167.7 168.6 169.5 66.9 67.3 66.9 63.8 64.1 65.3 423.3 424.0 424.5 487.1 488.1 489.8 4.2 6.7 3.6 493.4 493.6 493*4 494.7 3.3 3.8 3.9 4.3 494.7 496.7 3.5 3.8 WEEK ENDINGS 1976-OEC. 15 82.2 22 29 82*5 82.3 238.1 239.3 240.1 5 81.7 81.6 80.9 80.1 249.6 244.7 240.0 230.8 176.8 172.0 168 . 7 162 . 3 69.0 69.0 67.7 65.3 63.7 65. i 62.3 428.1 429.9 430.7 432.3 79.9 81.5 230.5 230.2 162.7 16l«9 64.4 64.8 62.0 61.9 432.7 434.7 1977-JAN. 12 19 26 FEB. 2 P 9 P 62«7 I/ TOTAL DEPOSITS INCLUDE, IN ADOITION TO THE MEMBER AND DOMESTIC NQNMEMBEfc DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AND INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE BALANCES AT AGENCIES AND BRANCHES pF FOREIGN BANKS. 2/ BASED ON MOST RECENT CALL REPORT SINGLE-DAY OBSERVATIONS* 3/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE MEEKLY REPORTING COMMERCIAL BANKS. 4/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES. 5/ U.S.GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. P - PRELIMINARY! R - REVISED SPECIAL TABLE 1 MONEY STOCK MEASURES BILLIONS OF DOLLARS 1SEASONALLY ADJUSTED) Ql \ M2_ i M2 J M4 DEMAND I Ml PLUS M2 PLUS M2 PLUS LARGE DEPOSITS ITIME OTHER! DEPOSITS PLUS M5 1A Ml M3 PLUS || DEMAND LARGE | DEPOSITS PLUS (THAN LARGE} AT N ON BANK NEGOTIABLE NEGOTIABLE || _£DS CU^RPMCY CDS 1 THRIFT INT | £QS 991.7 276.9 641.5 575.8 926.0 1000.7 269.3 648.6 580.7 932.8 1006.8 271.5 652.5 584.3 938.7 1017.6 277.0 661.8 588.1 944.0 1025.3 || 271.6 668.8 590.2 946.7 1032.6 | 277.0 675.0 594.2 951.8 1040.0 (I 279.0 597.8 681.0 956.8 1046.0 || 276.4 685.9 600.5 960.6 1049.9 | 278.0 688.3 602.5 964.1 1057.0 || 280.1 693.4 970.8 607.2 696.7 1062.8 || 284.2 976.6 610.5 1070.5 || 291.3 701.4 612.4 981 .5 i 1974. .JAN. ..FEB. ..MAR. ..APR. ..MAY ..JUNE ..JULY • AUG. .SEP. .OCT. .NOV. .DEC. CURRENCY 271.5 272.9 274.1 275.4 276.2 277.6 278.8 279.3 279.9 281.2 282.5 283.1 1975. .JAN. ..FEB. ..MAR. .APR. • NAY .JUNE .JULY • AUG. • SEP. .OCT. • NOV. .DEC. 282.1 282.1 284.1 284.8 287.6 290,8 291.8 292.9 293.7 293.4 295.6 294.8 614.8 618.4 623.0 626.6 633.7 642.2 647.4 650.3 652.9 655.8 662.1 664.3 987.1 994.7 1004.0 10 12 .9 1025.5 1040.0 1051.2 1059.8 1067.6 1075.3 1086.4 1092.9 706.6 710.4 713.1 714.6 719.3 725.8 728.7 729.9 732.8 737.1 744.1 746.5 1079.0 1086.7 1094.1 1100.9 1111.1 1123.6 1132.5 1139.4 1147.5 1156.6 1168.4 1175.1 1976. .JAN. ..FEB. ..MAR. ..APR. • •MAY ..JUNE ..JULY ..AUG. ..SEP. ..OCT. ..NOV. ..DEC. 295.3 296 .8 298.1 301.8 303.5 303.2 305.0 306.3 306.6 310.1 310.1 312.2 670.3 678.2 682.6 690.6 695.7 698.2 705.2 710.5 716.5 725.9 732.0 739.7 1104.1 1117.5 1126.8 1140.1 1150.1 1156.9 1169.2 1181.4 1194.5 1211.2 1223.6 1236.9 748.7 753.5 755.9 761.8 764.3 768.4 774.1 775.5 779.5 788.2 794.3 803.0 1182.5 1192.9 1200.2 1211.3 1218.7 1227.1 1238.2 1246.3 1257.6 1273.6 1285.8 1300.2 || || (NOT SEASONALLY ADJUSTED) 1 M2 1 M3 1 M4 1 MS I I Ml PLUS I M2 PLUS M3 PLUS M2 PLUS LARGE ITIME OTHER) DEPOSITS LARGE (THAN LARGE | AT NONBANK NEGOTIABLE NEbOTIABLE 1 CDS 1 THRIFT INT LLQ.S_ JL QP^ 646.3 995.1 580.5 929.3 643.6 577.6 929.0 995.1 1006.3 650.6 583.9 939.7 1022.6 664.1 592.3 950.8 665.5 1043.8 588.3 946.6 674.9 1035.4 595.3 955.8 1042.9 681.0 598.2 960.1 1044. S684.6 597.5 957.8 1048.5 599.3 959.7 688.1 1055.1 693.5 604.7 966.3 1058.8 695.9 608.8 971.7 708.0 1074.3 617.5 983.8 || || || || I || | || || 287.7 278.5 281.4 286.5 282.9 290.3 292.1 290.0 291.7 292.3 297.4 303.2 619.5 615.2 622.7 631.1 631.9 643.5 647.8 647.2 649.5 653.2 660.2 669.3 | | II | || II II || || || | II 301.0 292.9 295.3 303.5 298.6 302.6 305.3 303.3 304.6 309.0 312.1 321.1 675.0 674.8 682.5 695.5 694.1 699.7 705.7 TO 7. 3 712.8 723.0 729.7 744.7 1 990.3 990.3 1005.0 1020.0 1025.7 1044.5 1055.0 1057.1 1062.8 1070.4 1080.6 1094.6 711.4 704.4 710.8 716.9 716.0 725.8 729.1 728.4 732.2 736.9 743.0 752.8 1082.2 1079.6 10V3.1 1105.8 1109.8 1126.8 1136.3 1138.3 1145.5 1154.1 1163.5 1178.1 1106.9 1112.8 1128.2 1148.2 1150.8 1162.2 1173.7 1178.6 1189.2 1205.6 1216.5 1237.7 753.5 747.8 754.2 764.9 761.4 768.8 774.6 773.6 778.1 187.1 792.6 809.0 1185.4 1185.6 1199.9 1217.5 1218.2 1231.3 1242.6 1244.9 1254.5 1269.7 1279.4 1302.0 :IAL DATE 1974.. JAN. ..FEB. . . MAR. . .APR. ..MAY . . JUNE ..JULY ..AUG. ..SEP. ..OCT. ..NOV. ..DEC. SPEC TABl.E 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED 1[TEMS SEASONAI IV ADJUSTED,L BILLIONS OF DOLLARS NONBANK 1 TIME AND SAVINGS DEPOSITS DEMAND J THRIFT CURRENCY DEPOSITS TOTAL PTHER 62.0 370.0 304.3 209.5 65.7 350.2 375.8 307.9 62.7 67.9 210.2 352.1 354.3 63.2 210 .9 378.4 310.2 68.2 355.9 312.7 63.8 211.6 73.6 386.4 64.3 356.5 392.6 314.0 78.6 211.9 357.6 64.6 316.7 397.5 213.0 80.8 359.0 213.9 64.8 319.1 402.3 83.2 360.1 406.6 65.5 321.2 85.4 213.8 361.6 66.0 322.7 85.7 213.9 408.4 363.6 66.6 214.6 412.2 326.0 86.2 67.4 328.0 366.2 414.2 215.1 86.2 418.3 369.1 329.3 67.8 89.0 215.3 L CDS TN&T* J 1975.. JAN. ..FEB. ..MAR. ..APR. ..MAY ..JUNE ..JULY ..AUG. ..SEP. . . DC T . ..NOV. ..DEC. 68.2 68.7 69.4 69.4 70.2 70. V 71.3 71.9 72.1 72.6 73.4 73.7 213.9 213.4 214.7 215.4 217.4 219.9 220.5 221.0 221.6 220.8 222.1 221 .0 91.8 92.1 90.0 88.0 85.6 83.6 81.4 79.5 79.9 81.3 82.0 82.1 332.6 336.2 339.0 341.8 346.1 351.4 355.5 357.4 359.2 362.4 366.5 369.6 42*. 5 428.3 429.0 429.8 431.7 435.0 436.9 436.9 439.1 443.7 448.6 451.7 372.4 376.3 381.0 386.3 391.8 397.8 403.8 409.5 414.6 419.5 424.3 428.6 1976.. JAN. • • FE6. . . MA K . ..APR. ..MAY ..JUNE ..JULY ..AUG. ..SEP. ..OCT. ..NOV. ..DEC. 74.3 75.0 75.7 76.6 77.3 77.5 78.1 78.6 79.2 79.9 80.3 80.7 221.1 221.8 222.4 225.2 226.2 225.6 226.8 227.7 227.4 230.3 229.8 231.6 78.4 75.4 73.4 71.2 68.6 70. 2 68.9 65.0 63.1 62.3 62.2 63.3 374.9 381.3 384.4 388.9 392.1 395.1 400.2 404.1 409.9 415.8 421.9 427.4 453.3 456.7 457.8 460.0 460.7 465.3 469.1 469.1 472.9 478.1 484.2 490.7 433.8 439.4 444.3 449.5 454.4 458.6 464.0 470.9 478.0 485.3 491.6 497.3 DATE 1975 1976 JL CURRENCY 1 JL J1 61.6 61.9 62.7 63.5 64.1 64.6 65.3 65.7 65.8 66.4 67.9 69.0 SPECIAL TABLE 3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS ISinT S P A S f l M A U Y ADJUSTED. BILLIONS OF DOLLARS NGN BANK TIME $ SAVINGS DEPOSITS QfcftAND DEPOSITS.. _ THRIFT DOMESTIC J ___.1AIST. TOTAL MEMBER _JLt*ON-M£MBERJ LQS_ L QIULB- J TOTAL 56.6 348.8 303.6 65.8 369.4 155.8 215.3 66.1 54.4 374.3 308.3 351.4 207.4 150.4 355.8 379.1 312.4 66.7 54.4 151.6 208.8 387.1 315.3 56.0 358.5 71.8 15n.8 213.5 77.2 358.3 393.9 316.7 54.6 207.4 150.2 55.9 318.3 79.6 397.9 360.5 152.7 212.2 82.8 361.8 402.0 319.2 56.2 153.8 213.7 55.8 360.3 321.1 87.1 408.2 151.7 210.7 56.3 410.1 88.7 321.3 360.4 152.7 212.2 88.8 413.3 324.6 56.8 153.7 361.6 213.7 87.1 362.9 324.6 57.3 411.7 155.4 216.4 416.7 58.5 366*3 326.3 90.5 159.7 222.2 U.S. GOVT DEMAND 8.1 6.6 6.4 6.0 7.6 6.1 5.4 4.0 5.5 3.7 3.4 4.9 .JAN. .FEB. • MAR. .APR. .MAY .JUNE .JULY • AUG. .SEP. .OCT. •NOV. .DEC. 67.8 67.8 68.8 69.1 70.0 71.2 71.9 72.1 71.9 72.5 73.9 75.1 219.9 210.6 212.6 217.4 212.9 219.1 220.3 217.8 219.9 219.9 223.5 228.1 158.2 151.8 153.4 156.9 153.4 157.2 157.9 155.8 157.0 156.6 159.0 162.1 58.2 55.7 56.0 57.4 56.6 58.9 59.4 59.0 59.7 60.3 61.4 62.6 91.9 89.2 88.1 85.8 84.1 82.3 81.3 81.1 82.7 83.7 82.9 83.5 331.9 336.7 341.4 344.6 349.1 333.2 355.7 357.3 357.7 360.8 362.8 366.2 423.8 425.9 429.4 430.4 433.2 435.5 436.9 438.4 440.4 444.5 445.6 449.6 370.8 375.2 362.3 388.9 393.8 401.0 407.2 409.9 413.3 417.2 420.4 425.3 4.0 3.3 3.8 • JAN. .FEB. • MAR. • APR. .MAY .JUNE .JULY • AUG. .SEP. .OCT. • NOV. .DEC. 73.7 74.1 75.1 76.3 77.1 77.8 78.7 78.9 79.0 79.7 80.8 82.2 227.3 218.9 220.2 227.2 221.5 224.8 226.6 224.4 225.6 229.3 231.2 239.0 162.0 155.8 156.9 161.8 157.2 159.2 160.1 158.4 159.0 161.7 162.6 168.5 62.1 59.9 60.3 62.4 61.1 62.5 63.0 62.6 63.5 64.4 65.4 66.9 78.5 73.0 71.8 69.4 67.4 69.1 68.9 66.3 65.3 64.2 62.9 64.3 374.0 381.9 387.2 3V2.0 3S5.5 397.1 400.3 404.0 408.2 414.0 417.6 423.5 452.5 454.9 458.9 461.4 462.8 466.3 469.2 470.3 473.5 478.2 480.5 487.8 431.9 438.0 445.7 452.6 456.7 462.5 468.0 471.3 476.4 482.6 486.9 493.1 3.8 4.5 3.9 3.9 3.8 4.8 3.4 3.7 4.9 3.9 4.0 4.4 <*.o 4.1 4.2 3.4 2.7 3.9 3.4 3.5 4.1 1 DATE 1976 JAN... 7 ..14 ..21 ..28 FEB... 4 ..11 ..18 ..25 MAR... 3 ..10 ..17 ..24 ..31 APR... 7 ..14 ..21 ..26 MAY . . 5 ..12 ..19 ..26 JUNE.. 2 .. 9 ..16 ..23 ..30 JULY.. 7 ..14 ..21 ..28 AUG... 4 ..11 ..18 ..25 SEP... 1 .. 8 ..15 ..22 ..29 OCT... 6 ..13 ..20 ..27 NOV... 3 ..10 ..17 ..24 OFC... 1 .. fa ..15 ..2? ..2* SPECIAL TABLE 4 MONEY STOCK MEASURES, COMPONENTS, AND RELATED ITEMS BILLIONS OF DOLLARS N2 Ml JI M£ J DEMAND Ml PLUS M2 PLUS DEMAND DEPOSITS CURRENCY LARGE DEPOSITS TIME OTHER THAN LARGE NEGOTIABLE PLUS CDS CDS CpR^fNCY J 221.5 666.7 73.8 747.6 295.3 220.2 74.0 747.4 668.4 294.3 221.2 748.4 74.4 670.8 29 5. 5 220.9 673 .1 74.7 750.0 295.7 221.7 675.5 74.7 296.4 752.1 221.9 753.1 677.3 74.7 296.6 222.* 75.1 754.5 679.2 297.5 678.5 221.1 753.3 296.4 75.2 221.5 679.7 753.7 296.7 75.2 222.4 681.8 297.9 75.5 755.1 222.2 75.7 755.5 682.2 297.9 221.5 75.9 755.3 682.1 297.4 223.6 76.0 759.0 685.4 299.6 223.2 759.8 686.8 299.3 76.0 225.7 762.7 690 .9 76.4 302.1 691.6 226.2 303.3 77.0 762.3 693.3 226.2 763.0 77.0 303.2 225.6 693.2 77.0 762.4 302.5 226.9 695.9 764.7 304.1 77.1 225.8 695.7 763.8 303.1 77.3 303.8 226.5 696.4 764.8 77.3 226.6 77.6 766.5 697.5 304.2 225.7 697.4 303.1 766.9 77.4 697.7 225.3 767.7 302.9 77.5 697.8 224.7 302.3 77.6 768.0 225.6 700.1 303.3 77.7 771.3 226.4 702.2 304.1 77.7 772.8 703.7 303.9 225.8 773.3 78.1 227.9 706.5 775.5 306.2 78.3 707.5 305.9 227.5 775.3 78.4 707.7 305.6 227.3 774.3 78.4 708 .6 227.3 305.8 774.4 78.5 710.8 306.7 228.2 78.6 775.8 307.0 712.2 228.2 776.5 78.8 227.6 712.8 306.3 78.7 776.5 225.3 712.3 775.5 79.0 304.2 229.5 780.9 716.1 308.6 79.1 227.1 717.1 306.4 780.0 79.3 226.7 717.7 79.6 781.0 306.2 230.1 723.4 309.8 79.7 786.6 230.7 725.0 310. 4 79.7 787.8 724.3 229.1 308.8 79.7 786.5 728.6 231.4 79.8 311.2 790.3 729.0 310.5 230.4 790.6 80.1 730.5 230.1 310.1 792.5 80.0 732.0 230.5 310.6 80.1 794.2 227. S 731 .5 308.3 793.9 80.4 735.3 310.7 230.2 797.9 80.4 737.3 230.7 311.2 800.1 80.4 310. 6 738.3 230.0 801.0 80.6 312.7 740.7 232.0 803.8 80.8 313. <5 741.6 232.9 805.8 61.0 TIMf AND SAVINGS DEPOSITS CDS OTHER TOTAL 80.9 78.9 77.5 76.9 76.5 75.8 75.4 74.9 74.0 73.3 73.2 73.2 73.6 72.9 71.7 70.7 69.7 69.2 68.8 68.1 68.5 69 JO 69.5 70.0 70.3 71.2 70.6 69.6 68.9 67.8 66.6 65.7 65.1 64.3 63.7 63.2 62.9 62.9 63.3 63.1 62.7 62.2 61.7 61.6 62.0 62.2 62.5 62.6 62.8 62.8 63.0 64.2 371.5 374.2 375.3 377.4 379.1 380.6 381.7 382.1 382.9 364.0 384.3 384.8 385.7 387.5 388.9 388.4 390.1 390.6 391.8 392.7 392.6 393.3 394.3 394.8 395.5 396.8 398.1 399.8 400.4 401.6 402.0 402.8 404.0 405.2 406.5 408.0 409.4 410.7 411.5 413.6 414.7 415.5 417.3 418.5 420.4 421.4 423.2 424.6 426.1 427.7 428.0 427.7 452.3 453.1 452.9 454.4 455.7 456.5 457.1 457.0 457.0 457.2 457.5 458.0 459.3 460.5 460.6 459.1 459.8 459.8 460.6 460.7 461.0 462.3 463.8 464.9 465.7 468.0 468.7 469.4 469.3 469.4 466.6 468.6 469.1 469.5 470.2 471.3 472.3 473.6 474.8 476.7 477.4 477.7 479.1 480.2 482.3 483.6 485.7 487.3 488.9 490.4 4S1.0 491.9 SPECIAL TABLE 5 HONEY STOCK MEASURES, COMPONENTS, AND RELATED ITEMS J 1 DEMAND DFPSfllTS 1 TIME AND SAVINGS DEPOSITS | Ml t M2 .1 £* 1 1 (DOMESTIC 1 I DEMAND 1 Ml PLUS 1 M2 PLUS TOTAL OTHER MEMBER US GOVT CD NONLARGE | CURRENCY I TOTAL IDEPOSITSITIME DEP MEMBER DEMAND NEGOT. 1 PLUS I EXCL. ICliRRFMCYlLARGF CD CD .-, „ ._ . , I , 235.0 81.6 167.6 3.5 451.3 369.7 64.2 74.5 760.8 679.2 1976 JAN. . 7 309.5 230.6 452.5 79.4 163.9 3.4 373.1 63.5 74.1 304.7 677.8 757.2 .14 226.7 62.0 4.3 452.3 77.8 73.6 161.4 374.5 752.6 674.8 300.3 .21 219.3 59.9 3.8 453.5 76.6 376.9 156.4 73.0 745.8 669.? 292.3 .28 221.5 453.7 59.9 158.6 4.3 378.5 75.2 73.5 295.0 748.7 FEB. 673.5 .4 220.3 4.5 454.8 156.8 73.9 60.5 74.5 380.9 749.7 294.9 675.7 • 11 220.1 4.6 454.8 72.9 156.4 60.4 382.0 74.3 676.4 294.4 749.2 .18 214.8 72.0 152.6 59.0 5.0 455.3 73.5 383.3 743.5 288.2 671.5 .25 219.6 156.5 59.7 3.7 455.6 384.3 71.3 74.1 293.7 749.3 678.0 MAR. . 3 220.5 156.6 60.7 386.1 71.1 75.6 3.2 457.2 753.4 296.2 682.3 .10 221.4 60.9 157.5 458.7 75.3 4.4 387.0 71.6 683.7 296.7 755.3 .17 217.7 155.0 59.7 4.8 459.6 72.0 387.6 75.1 680.4 292.8 752.4 .24 220. 158.0 59.7 74.7 461.8 3.3 389.3 72.5 757.1 684.6 295.3 .31 225. 160.9 61.9 76.3 3.3 462.9 71.7 391.2 765.1 693.4 . 7 302.2 APR. 229. 76.6 163.5 2*8 63.5 462.3 768.9 70.2 306.6 392.2 698.8 .14 230. 76.6 460.1 68.7 164.3 63.4 5.6 391.4 767.2 698.5 307.1 .21 223. 75.6 460.6 159.6 61.3 299.4 3.8 393.0 67.6 760.0 692.5 .28 223.4 76.6 158.8 460.7 393.5 760.7 300.1 61.2 693.6 4.3 67.2 MAY .5 222.9 157.9 77.4 462.0 67.0 61.8 300.4 3.6 395.0 762.4 695.4 .12 221.0 77.1 395.9 156.5 760.9 3.9 462.8 61.3 694.0 298.1 66.9 .19 218.7 76.6 3.8 759.1 67.6 155.4 295*3 463.8 396.1 60.3 691.5 .26 223.2 77.4 158.7 300.6 697.0 3.0 464.8 68.4 61.2 765.4 396.4 JUNE . 2 224.2 78.4 158.4 68.8 62.7 302.7 397.1 768.6 699.8 465.9 .9 3.5 227.4 161.1 78.0 305.4 397.1 68.9 771.4 702.5 .16 466.0 63.2 5.3 223.3 77.6 158.0 766.7 300.9 697.6 396.7 62.3 69.1 .23 465.8 6.4 223.7 61.7 158.7 70.0 77.2 768.8 698.8 300.9 397.9 .30 467.8 4.4 228.3 79.4 307.6 63.3 706.4 69.8 161.5 776.1 468.5 398.8 JULY . 7 3.6 228.7 79.1 160.8 776.8 707.7 307.7 399.9 64.3 469.1 .14 69.2 3.0 227.2 78.6 63.1 305.9 69.0 469.3 706.2 400.3 160.8 3.8 775.2 .21 223.1 78.0 61.8 157.9 770.8 702.6 469.7 301.1 401.5 •28 68.2 3.3 225.8 78.6 773.6 706.3 304.4 402.0 159.8 67.3 62.4 AUG. . 4 3*9 469.2 225.5 79.7 774.9 708.3 66.6 63.4 158.7 305.2 3.6 469.7 403.1 •11 226.0 159.4 79.2 775.3 709.0 470.0 • 18 3.7 403.8 66.2 63.2 305.2 222.1 300.6 61.9 78.5 156.9 771.4 705.4 .25 66.0 470.8 404.8 4.1 223.6 158.1 301.7 78.1 773.2 707*6 .1 65.7 62.2 SEP. 405.9 471.5 2.8 223.6 775.9 710.7 | 80.0 157.0 63.4 303.6 65.3 407.1 • 8 472.4 4.4 230.5 309.7 162.3 717.5 64.9 79.2 65.0 782.3 .15 472.7 407.8 4.1 225.4 78.9 158.8 777.6 712.6 | 304.3 63.5 .22 408.3 65.1 473.4 6.1 222.0 709.7 156.9 775.4 300.1 62.1 78.2 65.8 409.5 • 29 475.3 5.4 161.9 79.9 229.4 786.6 OCT. • 6 721.0 309.3 411.7 65.5 64.2 4.5 477.2 161.8 230.1 310.3 65.1 788.6 723.7 80.2 64.8 .13 413.4 3.4 478.2 229.3 786.7 79.5 722.6 308.8 64.8 .20 161.2 413.8 64.1 477.9 3.8 227.5 785.1 160.8 78.9 306.4 .27 721.8 63.5 415.4 63.3 478.7 3.8 727.7 790.4 232.7 64.7 164.7 79.5 NOV. • 3 312.3 62.7 478.1 415.4 4.4 231.0 729.1 791.6 • 10 65.7 81.2 312.1 62.5 162.2 416.9 479.5 3.8 233.3 731.1 793.8 .17 80.9 314.1 66.3 163.6 417.0 62.7 3.7 479.7 727.0 790.0 159.6 81.0 308.3 .24 64.5 227.3 63.0 418.7 481.7 4.4 733.3 796.6 80.8 313.7 232.9 64.9 DEC. . 1 164.4 482.9 63.4 419.5 3.7 739.3 803.0 235.6 317.8 82.2 .8 165.9 63.7 66.3 3.6 421.5 485.2 238.1 743.5 807*3 .15 82.2 320.2 63.8 167.7 66.9 487.1 423.3 4.2 745.8 809.9 82.5 321.7 239.3 .22 168.6 64.1 424.0 67.3 488.1 6.7 240.1 322.4 .29 82.3 746.9 812.2 169.5 65.3 66.9 424.5 489.8 3.6