Full text of H.6 Money Stock Measures : January 13, 1984

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE press release
January 13, 1984

For immediate release

The Federal Reserve Board today announced a series of changes in the
content and timing of its statistical releases on money stock and reserves data
that will occur with the forthcoming conversion to contemporaneous reserve
requirements (CRR)•
Under contemporaneous reserves, the reserve computation and maintenance
periods will change from one to two weeks.

Reserves will be maintained beginning

two days after the opening of the computation period for transaction accounts*
At present, there is a two-week lag from the beginning of the one-week computation
period to the beginning of the one-week reserve maintenance period.
The initial computation period for required reserves on transactions
accounts will begin Tuesday, January 31, and end Monday, February 13.

The initial

reserve maintenance period will begin Thursday, February 2, and end Wednesday,
February 1.5.
Money stock and reserves data will continue to be issued on a weekly
basis with the following changes:
Money Stock and Liquid Assets —

H.6

The H.6 will be published each Thursday at 4:15 p.m., one day earlier
than now.

It will be essentially unchanged in content.

Ml and certain other

deposit data will continue to be published weekly, but the figures will pertain
to a week ending on a Monday, consistent with the CRR reporting cycle.

The last

publication of the current H.6 will be on February 10, and the initial publication
of the new H.6 is scheduled for February 16.

It is anticipated that the February

16 release also will contain revisions associated with the annual benchmark and




- 2 -

seasonal factor review.

Historical data reflecting all these changes will be

available upon request as soon thereafter as possible; data for weeks ending
on Monday, both seasonally adjusted and not seasonally adjusted, will be extended
back to 1975.
Factors Affecting Reserves of Depository Institutions
and Condition Statement of F.R. Banks — H.4.1
The H.4.1 will be published each Thursday at 4:15 p.m.—a day earlier
than now—and will continue to show weekly average and Wednesday data for reserve
balances at the Federal Reserve and factors affecting reserves during the week
ended the preceeding Wednesday, including borrowing at the discount window.

It

also will continue to show the Wednesday condition statement for the Federal
Reserve Banks, both consolidated and for each District separately.

However,

all reserves items that depend on a calculation of required reserves—such as
excess reserves and total reserves—will no longer appear on the H.4.1; they
will be shown on the H.3 on a two-week average basis.

The last publication of

the current H.4.1 will be on February 3, and the first publication on the new
basis is scheduled for February 9.
Aggregate Reserves of Depository Institutions and Monetary Base —

H.3

The H.3 will be published each Thursday at 4:15 p.m., rather than the
current Monday afternoon.

All reserves items that depend on the calculation of

required reserves—including total, nonborrowed and excess reserves and the
monetary base—will be shown on the basis of averages of two weeks ended every
second Wednesday, corresponding to the reserve maintenance period under CRR.
Preliminary estimates of these two-week averages will be published for the first
time on alternate Thursdays, with a lag of one day from the Wednesday end of
the two-week reserve maintenance period.




Data revisions will be published on

- 3 -

intervening Thursdays.

The last publication of the old H.3 will be on Febru-

ary 6 and the first publication of the new H.3 is scheduled for February 16.
Final historical data for the reserves series on the old basis, including any
revisions to most recent data, will be made available upon request.
As experience is gained about the magnitude of revisions to the
published preliminary estimates of these two-week reserves series, consideration will be given to whether that publication schedule should be retained or
perhaps delayed a week.

Depending on this experience, consideration may also

be given, on the other hand, to the feasibility of publishing estimates of
weekly reserve series.
Weekly Summary of Reserves and Interest Rates —

H.9

The H.9—now published each Friday at 4:15 p.m.—will be discontinued,
because each reserves item will be published on Thursdays on either the H.4.1
or the H.3, and interest rate data will continue to be published the following
Monday on the release Selected Interest Rates —

H.15.

The last H.9 will be

published on February 3.

In light of the substantial changes to data reporting and reserve
computation and maintenance systems occasioned by CRR, transitional delays in
meeting publication schedules for money stock and reserves data may occur
initially and data revisions for a time could be larger than normal.




- 0 -

FEDERAL RESERVE statistical release
H6 (508)
Table 1

For Release at 4:15 p.m. Eastern Time

JAIUABY 1 3 , 1984

MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars
M1

sum of
currency,
travelers
checks,
demand
deposits and
other
checkable
deposits1

Date

M2
|
M3
Seasonal!]f adjusted
M1 plus
OVvrnfynl n r i
and Eurodollars, M2 plus large
MMMF
time deposits,
term RPs and
balances (gen.
pur. and
institution-only
broker/dealer),
MMMF
MMDAs,
balances3
and savings
and small time
deposits2

M1

M3 plus other
liquid assets4

sum of
currency,
travelers
checks,
demand
deposits and
other
checkable
deposits1

M2.
M3*»
Not seasonally adjusted
M1 plus
overnight RPs
and Eurodollars, M2 plus large
time deposits,
MMMF
balances (gen. term RPs and
pur. and
institution-only
broker/dealer),
MMMF
balances3
MMOAs,
and savings
and small time
deposits2

L

M3 plus other
liquid assets4

1982—DEC.

478.2

1959.5

2377.6

2896.7

491.0

1964.5

2385.3

2904.7

1983—JAI.
PBB.
MAR.
APS.
HAT
JO MB
JOLI
AUG.
SEPT.
OCT.
HO?.
DEC. P

482.1
491. 1
497.6
496.5
507.4
511.7
515.5
516.7
517.1
517.9
518.3
521.1

2010.0
2050.8
2069.9
2074. 8
2096.2
2114.4
2126.3
2136.9
2145.4
2161.6r
2174.6r
2184.7

2403.3
2430.7
2447.1
2453.9
2476.2
2498.8
2510.3
2528.3
2543.8
2561.4
2585. 9r
2599.7

2930.6
2960.2
2987.5
3005.8
3031.3
3058.6
3087.8
3115.6
3136.9

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
2160.7
2174.4r
2191.5

2415.2
2427.1
2445.9
2465.4
2471.5
2495.4
2508.1
2519,3
2534.6
2559.9
2585.5r
2608.2

2945.1
2964.7
2992.2
3020.6
3029.7
3054.9
3078.6
3102.3
3120.3

•

M1
For period ended

13-week
average

Seasonally adjusted
4-week
average

week average

13-week
average

Not seasonally adjusted
4-week
average

week average

1983-DEC.

7
14
21
28 P

518.1
518.5
518.8
519.1

519.2
520.0
520.7
521.7

522.6
520.7
522.0
521.5

520.2
521.2
523.0
525.3

526.1
527.5
531.2
534.2

535.6
533.3
536.0
532.0

1964-JAi.

4 P

519.4

521.6

522.0

527.7

538.1

550.9

MOTE:

SPECIAL CA0TX01 SHOOLD BE TAKE* I * IITEHPIETIIG S S E I - f O - V E E E CHAIGES I I SOIEI SUPPLY DATA, iBICB ABE
HIGHLY VOLATILE AID SUBJECT TO B B Y I S I O 1 .
P—IMDICATES PBBLIfllMABY. DATA.
FOCTIOTES APPBA1 0 1 THE FOLLOIIIG PACE
R - Revision




H.6(508)
Table 2

MONEY STOCK MEASURES AND LIQUID ASSETS
Percent change at seasonally adjusted annual rates
Date
3 HONTHS FBOH SEPT.

1 9 8 3 TO DEC.

M1

M2

M3

1983

3.1

7.3

8.8

6 MONTHS FBOH JOVE

1 9 8 3 TO DBC.

1983

3.7

6.6

8.1

12 SOUTHS FBOfl DEC.

1 9 8 2 TO DBC.

1983

9.0

11.5

9.3

THIRTEEN BEfKS EMDIH6 JAN.
4 , 1984
FBOH THIBTEEN WEEKS ENDING:

1/

2/

3/

4/

OCT.

5,

1 9 8 3 ( 1 3 IEEKS PREVIOUS)

2.2

JOLT

6,

1983

( 2 6 IEEKS PREVIOUS)

5.3

JAN.

5,

1983

( 5 2 IEEKS PBEflOOS)

9.5

FOOTNOTES TO TABLB 1
AYEBAGES OF DAXLX FIGURES FOB (1) COBBBNCT OOTSXDE THE TBEASOBT, PEDRBAL BESEHTE BASKS, AID
THE VAULTS OF COHflEBCIAL BAIKS; (2) TBAVELBBS CHECKS OF NOHBANK ISSOEBS; (3) DEHAIO DEPOSITS
AT ALL COHHERCIAL BANKS OTHEB THAN THOSE DOB TO DOMESTIC BANKS, THE U.S. GOYERNHEHT, AND
FOBEIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PBOCBSS OF COLLECTION AND
FEDEBAL BSSEfiVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE
OBDEB OF WITHDRAWAL (NOB) AND AUTOMATIC TBANSFEB SEBYICE (ATS) ACCOUNTS AT DEPOSITOBI
INSTITUTIONS OTHEB THAN CBEDIT ONIONS, CREDIT ONION SHABE DBAFT ACCOUNTS, AND DEHAND
DEPOSITS AT THBXFT INSTITUTIONS. THE COBBENCI AND DESAND DEPOSIT COMPONENTS EICLODE THE
ESTIMATED AHOUNT OF YAOLT CASH AND DEHAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONS
TO SEBYICE THEIB OCD LIABILITIES.
INCLODES OYEBNIGHT (AND CONTINUING CONTBACT) BPS ISSUED BY ALL COHHEBCIAL BANKS AND EUBODOLLABS
ISSUED BI FOBEIGN (PRINCIPALLY CABIBBEAN AND LONDON) BBANCHES OF U.S. BANKS, HHDAS, SAYINGS
AND SHALL DEMOHIHATIOH TIHE DEPOSITS (TIHB DEPOSITS—INCLUDING BBTAIL BPS—IB AHOUNTS OF LESS
THAN $100,000), AND BALANCES IN BOTH TAXABLE AND TAI-EIEHPT GENERAL PURPOSE AND BBOKER/DEALBR
flOHET HAfiKET HUTOAL FUNDS. EXCLUDES IBA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND HONEY
HABKET FUNDS. ALSO EXCLUDES AHOUNTS HELD BY U.S. COHflEBCIAL BANKS, HONEY BASKET FUNDS (GSNEBAL
PURPOSE AND BBOKEB/DEALEB), FOBBIGN GOVERNMENTS AND COHHEBCIAL BANKS, AND THE U.S. GOYEHNHEHT.
H2 VILL DIFFEB FBOH THE SUH OF COHPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION
ADJUSTMENT THAT REPRESENTS THE ESTIHATED AHOUNT OF DEflAND DEPOSITS AND YAOLT CASH HELD BY
THBIFT INSTITUTIONS TO SERVICE TIHE AND SAYINGS DEPOSITS.
INCLODES LARGE DENOHIHATION TIHE DEPOSITS AND TEHH BPS (IN AHOUNTS OF $100,000 OR HORE) ISSUED
BI COHHERCIAL BANKS AND THRIFT INSTITUTIONS, EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS,
THE U.S. GOYERNHENT, HONEY HABKET F0HDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. H3 HILL
DIFFER FBOH THE SUH OF COHPONENTS PBESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJDSTHENT
THAT BEPBESENTS THE ESTIHATED AHOUNT OF OVERNIGHT BPS HELD BI INSTITUTION-ONLY HONEY HARKET
MUTUAL FUNDS.
OTHER LIQUID ASSETS INCLUDE THE NONBANK PUBLIC HOLDING OF U.S. SAYINGS BONDS, SHOBT-TEBH
TREASURY SECURITIES, COHHERCIAL PAPER, BANKERS ACCEPTANCES, AID TERH EURODOLLARS HELD BY U.S.
BESIDENTS, NET OF HONBX HABKET HUTUAL FUND HOLDINGS OF THESE ASSETS.




HO (508)
Table 3

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS

3

Billions of dollars, seasonally adjusted unless otherwise noted

Date

Currency1

Travelers
checks2

Other
Overnight Overnight
Demand checkable
EuroRPs*
3
4
deposits deposits
dollars 6
NSA

NSA

Savings deposits8
Money
at
at
market ,
total
commerthrift
deposit
cial
instituaccounts7
banks
tions
NSA

Small denomination
time deposits'9
at
commercial
banks

at
thrift
institutions

total

Money market
mutual fund balancealO
general
purpose institution
only
and broker/
dealer

1982-DEC.

13 2 . 8

4.2

239.8

101.3

38.5

5.8

43.2

163.4

195.9

359.3

383.2

475.9

859.1

182.2

47.6

198 3 - JAM.
FEB.
HAH.

134.2
135.6
137.0

41 . 1
41 . 3
Ii-5

239.4
238,7
240.1

104.5
112.5
116.0

40.1

41.0
40.9

7.2
7.9
7.9

189.1
277.7
320.5

151.7
144.7
142.3

183.3
181.0
180.4

335.1
325.7
322.7

356.7
337.7
326.8

440.7
417.4
407.0

797.4
755.1
733.8

166.7
159.6
154.0

46.1
45.2
43.5

APB.
HAT
JUNE

138.0
139.3
140.3

I1.6
It.7
4• • 7

238.9
242.5
244.0

115.0
120.9
122.7

42.5
46.0
46.6

8.1
9.1
9.4

341.2
356.8
367.3

140^8
140.8
140.8

180.7
162.3
184.2

321.5
323.1

325.0

321.5
318.8
319.5

404.2
401.4
402.6

725.7
720.1
722.1

146.7
141.1
139.7

41.0
40.4
39.2

JOLT
AUG.
SEPT.

140.9
141.8
143.0

J1.6
11.7
41.7

245.8
24 4 . 5
243.4

124.2
125.8
126.Q

43.5
42.1
42.9

9.2
10.0
10.1

368.4
366.3
366.9

139.6
138.3
137.3

183.9
183.8
183.3

323.5
322.1
320.6

326.1
332.2
337.0

408.9
415.7
420.7

735.1
748.0
757.7

138.8
139.1
137.6

38.6
38.4
39.1

OCT.
MOT.
DEC. P

144.2
145.3
146*0

I1.8

242.9
241.6
243.1

126.0
126.5
127.1

45.2
44.8
45.3

1U3
10.4
10.8

367.4
369.1
372.5

136.1
135.2
133.9

182.7
181.1
178.4

318.8
316.4
312.3

343.S
349.7
352.5

427.5
434.7r
439.7

771.0
784.4r
792.2

137.8
138.7
137.9

39.9

1.8
11.8

40.8
40.1

IEEK BIDING
1983
DEC.

1984
JAM.

7
14
21
28 P

145.5
14S.6
145.9
14 6.5

243.6
243.4
244.2
241.9

128.7
127.0
127.1
128.2

46.5
45.4
47.2
42.2

10.8
10.8
11.0
10.2

372.3
372.8
372.0
372.2

134.4
133.8
133.6
133.3

351.4
352.0
352.3
352.3

138.4
138.6
138.1
137.2

40.2
40.1
40.0
40.1

7 P

14 7.1

244.1

125.9

45.1

12.0

374.4

133.5

351.8

136.3

39.9

CDBBKHC r OUTSin R TH B O «S. TfiKlSI1RT. F.B. BAMKS 1LMD fA0LTS OF COMMERCIAL BAMKS. EXCLUDES TBB BSTIBATED AHOOHI OF TA0LT CASB
HELD BT THRIFT INSTITUTIONS TO SBBTICB TBEIB OCD L I A B I L I T I E S .
2/
OUTSTANDING AMOUNT OF O . S - DOLLAR-DENGfllNATED TBATELEBS CHECKS OF MOMBAMK I S S 0 E B S .
3/
DEfiAND DEPOSITS AT COBBEBCIAL BAMKS AMD FOBBIGM BELATED IMSTITOTIOMS OXBBB TBAB THOSE DOE TO DOBBSTIC BAMKS, TBB O . S . GOTEBBBENT AND FOBEIGM BAMKS AMD OFFICIAL INSTITUTIONS LESS CASH ITEHS I N THE PROCESS OF COLLECTION AND F . B . FLOAT. EXCLUDES TBB
EST1BATED ABOUNT OF DBHAND DEPOSITS HELD AT COHHEBCIAL BANKS BT THBIPT INSTITUTIONS TO SEBTICE TBBIB OCD L I A B I L I T I E S .
4/
INCLUDES ATS AND NOB BALANCES AT ALL DEPOSITORY INSTITUTIONS BZCEPT CBBDIT UNIONS, CBBDIT UNION SHABE DBAFT BALANCES AMD
DEMAND DEPOSITS AT THBIFT INSTITUTIONS.
OTBBB CHECKABLE DEPOSITS SEASONALLI ADJUSTED EQUALS THB DIFFBBENCB BBTBBBN TBB
SEASONALLT ADJUSTBD SOU Of DBHAND DEPOSITS PLUS OCD AND SEASONALLI ADJUSTED DBHAND DEPOSITS. INCLUDBD ABE ALL CEILING
FREE "SUPER HOWS," AUTHORIZED BT THE DEPOSITOBT INSTITUTIONS DEREGULATION COHBITTEE TO BE OFFERED BEGINNING JANUABT 5 ,
1 9 8 3 . PRELIMINARY DATA INDICATE THAT BALANCBS I N "SUPER MOBS" MERE ABOUT $ 3 7 . 4 BILLION IN TBB WEEK BBOBD DBCBHBBB 2 1 ,
ABOUT $ 3 7 . 3 BILLION I N THE REEK ENDED DBCBHBEB 2 8 , AND ABOUT $ 3 8 . 4 BILLION XN THB IIEK 2NDED JANUABT
4 . THESE
FIGURES INCLUDE BALANCES IN "SOPER MOWS" AT COMMERCIAL BANKS OF ABOUT $ 2 6 . 7 BILLION IN TBE BBBK BMDBD DECBflBEB 2 1 ,
AND ABOUT $ 2 6 . 7 BILLION IN IBB SEEK BNDBD DSCBHBEB 2 8 . FIGURES POB THE LATEST BEEK ABB NOT TET AfAILABLB BT TTPB OF
INSTITUTION.
5/
INCLUDES OTBBNIGHT AMD CONTINUING CONTRACT EPS ISSUED BI COHHBBCIAL BAIKS TO OTHER THAN DEPOSITORI INSTITUTIONS AMD HOMBI
BASKET BUTUAL FUNDS (GEHERAL PURPOSE AND BROKEB/DBALEB).
6/
ISSUED BT FOBBIGN (PBINCIPALLT CARIBBEAN AND LONDON) BBANCHES OF O . S . BAMKS TO U . S . RESIDENTS OTHER THAN
DEPOSITOBT INSTITUTIONS AND HONBT HAHKET HUTUAL FUNDS.
...».„
7/
HONEI HARKET DEPOSIT ACCOUNTS (HHDAS) MERE AUTHORIZED BT THB DEPQSITO1T INSTITUTIONS DEREGULATION COHBITTBB TO BE OFFBBBD
BEGINNING DECEMBER 1 4 , 1 9 8 2 .
8/
SATINGS DEPOSITS EXCLUDE HMDAS.
m
m nnn
%fw
T»nTWTnn.t
9/
SHALL DENOBINATION TIHE DEPOSITS — INCLUDING BETAIL BPS — ARE THOSE ISSUED IN AHOiNTS OF LESS THAN $ 1 0 0 , 0 0 0 .
ALL INDIVIDUAL
RETIREMENT ACCOUNTS (IBA) AND KEOGH ACCOUNTS AT COHBEBCIAL BANKS AND THBIFTS ABB SUBTBACTED FROH SHALL TIHE DEPOSITS.
1 0 / NOT SEASONALLT ADJUSTED, INCLUDES BALANCES IN BOTH TAIABLB AND T1X-BXBHPT FIHDS.
ALL XMDITIDUAL RBTIHEHENT ACCOUNTS
AND KEOGH ACCOUNTS AT HONBT FUNDS ABE EXCLUDED.
\J




H.6 (508)
Table 3—continued

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, seasonally adusted unless otherwise noted
Large denomination time deposits1
at thrift
at commercial
Date
bank$2
institutions
total

.4
Term 4
Eurodollars

NSA

Term RP$3
at thrift
institutions
NSA

total
NSA

NSA

at commercial
banks

Savings
bonds

Short-term
Treasury
tecuriti«fl5

Bankej^
acceptances^

Commercial

1982-DEC.

267.0

66.7

333.8

28.2

12.1

40.3

80.0

67.9

217.6

44.9

108.0

1983-JAN.
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
83.5
85.9

68.1
68.5
68.8

219.3
219.3
224.$

45.3
43.2
42.0

113.5
115.1
119.2

APB.
MAY
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

230.5
231.4
237.2

41.2
40.8
40.2

122.5
123.4
122.9

JULY
AUG.
SBPT.

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
13.2
13.3

42.8
44.8
45.1

89.6
89.8
89.5

70.0
70.2
70.4

252.1
262.9
264.5

41.4
413.5
43.3

124.4
121.0
125.3

OCT.
NOT.
DEC. P

224.4
226.6
228.7

95.6

319.9
324.9
329.1

30.4
35.3
35.1

13.3
13.4
U.I

43.7
4 8.7
49.2

98.4
100.4

HEEK ENDING:
1983-DEC.

1984-JAN.

1/
2/
3/
4/
5/
6/
7/

:

7
14
21
28 P

226.3
226.7
227.5
228.3

35.1
34.5
33.0
38.8

4 P

232.5

33.1

LABGE DENOMINATION TIHB DEPOSITS ARE THOSE ISSUED IN AMOUNTS OP $100,000 OB HOHE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBPS).
LABGE DENOMINATION TIHE DEPOSITS AT COMMERCIAL BANKS LESS LABGE IIHB HELD BY MONET MARKET B0TQAL PONDS AND THRIFT INSTITUTIONS.
TERM BPS ABB THOSE W T H OBIGINAL MATURITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND BBTAIL BPS.
TEBM EUBODOLLABS ABE THOSE NITH OBIGINAL MATURITY GBEATEB THAN ONB DAI EXCLUDING THOSB HELD BI DEPOSITOBY INSTITUTIONS AND
MONEY BASKET flUTOAL FUNDS.
INCLUDES U.S. TREASURY BILLS AND COUPONS KITH BBHAINING HATUBITY OF LESS THAN 18 HONTHS HELD BY OTHEB THAN DEPOSITORY INSTITUTIONS, F.fi. BANKS, AND HONEY MARKET BUIUAL FUNDS.
NET OP BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.g^ B A N K ^ FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOflE LOAN BANK
SYSTEM, AND HONEY HAhKET MUTUAL FUNDS.
TOTAL COHHEBCIAL PAPER LESS CCHAERCIAL PAPEH HELD BY MONEY MARKET MUTUAL FUNDS.




H.6 (508)
Table 3A

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, not seasonally adjusted
other checkable deposits

Demand deposits
Date

Currency

1

Travelers
checks2

at member
banks3

at domestic
nonmember
banks4

at foreignrelated
banking
offices
In the U.S.5

totale

at
commercial
banks 7

at thrift
Institutions 8

total

Overnight
Overnight ^
R P s 9 ' Eurodollars

1982-DEC.

135.2

4.0

163.3

81.0

3.9

247.7

81.0

23.1

104.0

38.5

5.8

19 83-JAN.
FEB.
MAB.

133.2
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

APB..
HAY
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

8.1
9.1
9.4

JULI
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

43.5
42.1
42.9

9.2
10.0
10.1

OCT.
NO?.
DEC F

143.9
146.1
148.7

4.8
4.6
4.6

163.2
163.4
168.1

78.1
78.2
79.9

3.6
3.5
3.7

244.4
244.7
251.J

94.2
95.5
97.6

32.2
32.9
33.2

126.4
128.4
130.7

45.2
44.8
45.3

11.3
10.4
10.8

BBBK ENDING:

1983-DEC.

7
14
21
28 P

147.9
148.1
149.0
149.9

167.3
167.3
169.4
166.0

80.3
79.6
79.4
79.0

3.5
3.6
3.9
3.9

250.7
249.9
252.2
248.4

98.3
97.6
97.4
96.7

34.1
33.1
32.8
32.4

132.5
130.7
130.2
129.1

46.5
45.4
47.2
42.2

10.8
10.8
11.0
10.2

1984-JAft.

4P

148.2

177.8

83.3

4.1

264.7

99.8

33.7

133.5

45.1

12.0

1/
2/
3/
4/
5/
6/
7/
8/
9/
10/




CUBBBNCY OUTSIDE THE O.S. TBEASBBY, F.fi. BANKS AMD THE fADLTS OF COBSEBCIAL BAIKS. EXCLUDES THE ESTIHATED ABGOHT OF fAOLT
CASB HELD BY TBBIFT INSTITUTIONS TO SEBfXCE THEIB OCD LIABILITIES.
OUTSTANDING AMOUNT OF O.S. DOLLAB-DENOBIBAIED TBATE1EBS CHECKS OF NONBAIK ISS0EBS.
DEMAND DEPOSITS OTBEB THAN THOSE DUE TO DOBBSTIC BANKS, THB U.S. GOVBBNBBIt AID FOBEI6I BABKS AND OFFICIAL INSTITUTIONS LESS
CASH ITEHS IN THE PBOCESS OF COLLECTION AND F.B. PLOAT AT HEHBEfi BANKS OF THB FEDERAL BBSBfifB SYSTBfl.
DEHAND DEPOSITS OTHEfi THAN THOSE DUB TO DOHESTIC BANKS, THB U.S. GOfBBNBBBT AID FOBEI6N EANKS AND OFFICIAL INSTITUTIONS LESS
CASH ITEHS IN THE PBOCESS OF COLLECTION AT NONBEHBEB BANKS.
DEPOSITS AS DESCBIBED IN FOOTNOTE 4 AT AGENCIES AND BBANCHES OP FOBBIGN BABKS, EDGE ACT COiPOBATIONS AND FOBBIGN INTESTHBNT
COMPANIES.
EQUALS SOB OF THBEE PIEflOUS COMPONENTS LESS THE ESTIHATED AHOUNT OF DEBAND DEPOSITS HELD AT COHHEICIAL BANKS BY THBIFT
INSTITUTIONS TO SEBTICE TBEIB OCD LIABILITIES.
NOH AND ATS BALANCES AT COBBEBCIAL BANKS, BBANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT CORPORATIONS; INCLUDES
SUPER 10y ACCOUNTS.
NOB AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS ANDflOTOALSAflNGS BANKS, CREDIT UNION SHARE DBAFT BALANCES, AND
DEBAND DEPOSITS AT THRIFTS; INCLUDES SUPEB NOV ACCOUNTS.
INCLUDES OVBBNIGHT AND CONTINUING CONTBACT BPS ISSUED BY COnHEBCIAL BANKS TO OTHER THAN DEPOSITOR! INSTITUTIONS AND HONEY
HARKET HUTUAL FUNDS (GENERAL PURPOSE AHD EROKEB/DEALEB)ISSUED BY FOBEIGN (PRINCIPALLY CARIBBEAN AND LONDON) BBAHCHES OF U.S. BANKS TO U.S. BESIDEITS OTHEB THAN DEPOSITORY
INSTITUTIONS AND HONEY HARKET HUTUAL FUNDS (GENERAL PURPOSE AND BROKEB/DEALEB).

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
Date

at
commercial
banks

at
thrift
Institutions

total

at
commercial
banks

at
thrift
institutions

Small denomination time deposits^
total

at
commercial
banks

at
thrift
Institutions

total

Large denomination time deposits3
at
commercial
L banks4

total5

at
thrift
institutions

1982-DBC.

26.5

16.8

43.2

161.8

195.0

356.7

380.2

473.6

853.9

270.0

66.5

336.5

1983-JAM.
PEB.
BAB.

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

79 8.6
758.5
737.7

250.4
238.7
233.4

63.8
63.9
65.5

314.2
302.6
298.9

APE.
HAY
JUIE

198.0
20 7.6
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

JOLI
AUG.
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.
HO?.
DEC. P

22 J. 8
225.1
228.5

145.6
144.0
144.0

367.4
369.1
372.5

136.4
134.2
132.5

181.6
179.5
177.6

318.0
313.8
310.2

342.5
347.8
349.5

426. 7 r
433.5r
437.4

769.2r
781.3t
786.9

224.2
227.2
230.8

95.2
97.6
100.0

319.5
324.8
330.8

7
14
21
28 P

228.0
22 8.7
228.2
228.4

144.3
144.1
143.8
143.7

372.3
37 2.8
372.0
372.2

133.6
132.8
132.1
131.6

348.8
349.3
349.6
349.9

228.9
229.5
229.8
232.9

4 P

230.3

144. 1

374.4

132.5

350.4

236.2

SEEK ENDIHG
1983
DBC.

198U
JAN.

1/
2/

SAYINGS DEPOSITS EXCLUDE HHDAS.
n^n
SMALL DENOMINATION TIHE DEPOSITS — INCLUDING RETAIL EPS — ABB TflOS* ISSUED II AHO0ITS OP LESS THAI 1100,000. ALL
INDIVIDUAL RETIREMENT ACCOUITS (IRA) AID KBOGH ACCOOITS AT COMMERCIAL BA1KS AID THRIFTS ARE SUBTRACTED FBOH SHALL

3/
4/

LARGE DENOMINATION 1IHE DEPOSITS ARE THOSE ISSUED II ABOOITS OF $100,000 OR MORE, EXCLUDIIG THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IfiFS)•
LARGE DENOMINATION TIME DEPOSITS AT COHHBRCIAL BANKS LESS LABGB TIHE HELD BI MONEY MARKET MUTUAL FUIDS AND THRIFT

5/

TOTAL LABGE DENOMINATION TIHE DEPOSITS EXCBEDS SUM OF THRBB PRB?10OS COLUHNS BT SUCH DEPOSITS AT CREDIT UNIONS.
R = Revision




H.6 (508)
Table 3A-contlnued
7

Billions of dollars, not seasonally adjusted
TermRP's
at
commercial
banks

Date

1

at
thrift
Institutions

total

Term
Eurodollars2

Savings
bonds
>

Short-term
treasury
securities3

Bankers
acceptances

Commercial
paper ^

1982-DEC.

28.2

12.1

40.3

80.0

68.2

216.8

45.1

109.2

1983-JAMFEB.
HA8.

27.9
28.6
29.4

12.6
12.2
12.3

40.6
40.8
41.7

81.1
83.5
85.9

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.
MAT
JONS

30.3
32.7
31.5

12.4
12.5
13.0

42.7
45.3
44.5

88.4
89.9
89.8

69.0
69.3
69.6

234.3
234.5
236.7

40.7
40.4
40.1

122.8
124.2
123.3

JOLT
AUG.
SEPT.

29.5
31.6
31.8

13.3
13.2
13.3

42.8
44.8
45.1

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.
MOT.
DBC. f

30.4
35.3
35.1

13*3
13.4
14.1

43.7
48.7
49.2

BEEK EBDIMG:
1983-DBC

7
14
21
28 P

35.1
34.5
33.0
38.8

1984-JAi.

4 *

33.1

1/ TEBH BPS ABB THOSE 1ITH OftlGIBAL BATORITT GBEATEB THA» OVB DAT, EXCLUDING CO1T1V0IIG COBTBACTS AID BETAIL EPS,
2/ TERH EUBODOLLARS ABB THOSE ilTH OHIGIHAL HATOBITT 6BBATBB T1AI OBB DAI EICLODIBG THOSE HELD BY DEPOSITOBI IHSTIT0TIO1S ABD
HONET BARRET MOTOAL POHDS.
3/ IHCLODKS O.S. TBEASOBT BILLS ABD COOPOHS WITH BEHAIBIiG HATOBITI OF LESS THAU 18 HOBTHS HELD BT OTHER THAB DBPOSITOBT IBSTITUTIONStf P.B. BABRS, ABD BOBBT BABKBT BOTDAL POBDS.
4/ MET OF BABKBBS ACCBPf ABCES BELD BT ACCBPTIBG BABKS, P.B. BA,BKS# POBBIGB OFFICIAL IBSTITOTIOIS, THE FBDBBAL BOBS LOAB BABK
SISTEB, AMD HONET HABKET HUTOAL PUBDS.
5/ TOTAL COHHEBCIAL PAPEB LESS COBflBBCIAL PAPBB HELD BT BOBET BASKET HOTOAL PDBDS.




H.6 (508)
Table 4

MEMORANDA ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to

foreign
commercial
banks

Date

foreign
official
institutions

8
Time and
savings
deposits
due to foreign
commerical
banks and
foreign official
institutions

U.S. government deposits
demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

IRA and Keogh Accounts

note balances total demand time and savings
at commercial deposits and
deposits at
note and
banks and thrift
commercial
FR balances
institutions
banks

commerical
banks

thrift
institutions

money
market
mutual funds

total

1982-DBC.

8.6

2.1

9.0

2.9

3.2

7.9

14.0

1.1

17.9

27.7

4.6

50.1

1983-JAM.
FEB.
HAB.

7.8
7.9
8.1

2.1
2.0
1.9

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

APS.
MAY
JUKI

7.9
8.1
8.3

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

JULY
AUG.
SEPT.

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

OCT.
NOV.
DEC. P

8.3
8.6
8.1

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
7.5

31.8
11.5
14.1

0.7
0.7
0.7

30.2
30.7
31.1

38. 2 r
38.8r
39.9

5. 1e
5. 1e
5. 1e

73. 4e
74. 6e
76.1e

8.3
8.2
8.0
8.0

1.9
t.9
2.1
2.0

7.3
7.4
7.5
7*4

2.7
2.4
4.5
2.5

3.1
3.3
4.1
3.7

6.9
3.6
10.2
9.0

12.7
9.3
18.9
15.2

0.7
0.7
0.7
0.7

8.0

2.0

7.5

2.9

3.4

8.6

14.9

0.7

MEEK EMDIVG:
1983
DEC.

1984
Jan.

9 *

7
14
21 P
28 P

4

F

esti.id>te<

R • Revision







SPECIAL SUPPLEMENTARY TABLE
Monthly Survey of Selected Deposits and Other Accounts
At All Insured Commercial Banks and All Mutual Savings Banks
November 30, 1983 and December 28, 1983P
(not seasonally adjusted)

Number of ]ssulng Banks
Nov. 30
"Super N O W accounts2
(standard error of the estimate)
Money market deposit accounts3

28,387
(443)

27,943
(414)
226,284

228,749

7.29

7.28

12,029

12,084

8.40

8.37

12,563

12,594

Interest-bearing time deposits with
balances of less than $100,000
7 to 31 days
(standard error of the estimate)

5,411
(157)

5,418
(252)

8.44

8.50

7,775

7,542

32 to 91 days
(standard error of the estimate)

14,102
(456)

14,582
(503)

8.50

8.60

12,743

12,973

92 to 182 days
(standard error of the estimate)

179,968
(309)

176,635
(473)

9.35

9.43

13,893

13,873

183 days to 1 year

21,266
(792)

23,273
(814)

9.49

9.57

11,180

11.322

over 1 year to 2-1/2 years

41,703
(871)

43,009
(897)

10.05

10.07

13,098

13,122

2-1/2 years and over
(standard error of the estimate)

109,785
(212)

115,190
(431)

10.43

10.48

12,645

12,568

All IRA/Keogh Plan deposits5
(standard error of the estimate)

29,680
(248)

30,050
(269)

(N.A.)

(N.A.)

13,113

13,128

1,645
(397)

1,366
(177)

8.08

8.19

3,585

3,287

Retail repurchase agreements6

Stated hartered Mutual Savings B nks*
Number of 1
Average Rate Paid (X)
Amount Outstanding (Sail)
ssuing Banks
Dec. 28P
Nov. 30
Dec. 28JL
Nov. 30
Nov. 30
Dec. 28P

Liability Categories

"Super NOW" accounts2
(standard error of the estimate)

939
(50)

949
(50)

7.50

7.48

231

234

Money market deposit accounts3
(standard error of the estimate)

24,636
(66)

24,679
(62)

8.71

8.71

350

350

429
(51)

206
(50)

8.22

8.33

120

118

32 to 91 days
(standard error of the estimate)

1,256
(106)

990
(98)

8.83

8.84

294

272

92 to 182 days
(standard error of the estimate)

27,757
(342)

27,637
(254)

9.72

9.72

373

373

183 day. to 1 year
(standard error of the estimate)

3,565
(260)

3,805
(266)

9.93

9.98

259

280

over 1 year to 2-1/2 years
(standard error of the estimate)

8,310
(289)

8,596
(242)

10.58

10.56

344

3S4

2-1/2 year, and over
(standard error of the estimate)

22,339
(476)

22,883
(441)

10.78

10.78

314

309

All IRA and Keogh Plan deposit.5
(standard error of the estimate)

6,479
(171)

6,636
(168)

(B.A.)

(H.A.)

364

365

Retail repurchase agreement.6
(standard error of the estimate)

132
(65)

131
(62)

8.36

8.42

101

105

p - preliminary.
N.A. - Data not available.
1. Estimates are based on data collected by
and 75 mutual saving, banks. Until the end
ceiling and ceiling-free deposit accounts.
this survey now provide, information on .11

the Peder.l laserve from a stratified random sample of about 550 banks
of September 1983 data were collected concerning specific indexedEffective October 1, 1983, the DIDC deregulated t i ^ d e p o s i u l n d
. - 1 1 interest-bearing time depo.it. by maturity c T t e g « y ! Jhe dJta

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)

Jnc'^iho. 0 : b a L n c ^ ^

^ *" ™ " " " ^

C

°**""U

tO

•!»«*"' ««~nt • • " published p^vTouslj! t \

2. "Super
r N
NO
OW
W"
" acco
accounts are MOW accounts containing an agreement between depositor and depository such that

j s f i T g ' s r 1 1 * - * S2>50° •"""-«-"~" •»• —«.»"»'• -.p21;r.:.ta:ii,,M.

5. All IRA/K.o8h M.n t l M dtpo.lt> r.g.rdl... of . l i t . typ. of l o . t r u . n t In rtlch h.ld, or lnt.r.M r . t . p.ld

Hni.?:1^

Supplementary Table 2
Levels and Annual Growth
Rates of Ml Using Current-'- and Experimental
Alternative^ Seasonal Adjustment Procedures
(Monthly average)

Levels in billions
of dollars
Current
Experimental
Alternative

Annual growth
rates in percent
Experimental
Current
Alternative

1982 - December

478.2

478.5

10.6

9.4

1983 - January

482.1

481.0

9.8

6.3

February

491.1

490.7

22.4

24.2

March

497.6

498.7

15.9

19.6

April

496.5

498.7

-2.7

0.0

May

507.4

507.6

26.3

21.4

June

511.7

510.8

10.2

7.6

July

515.5

512.2

8.9

3.3

August

516.7

515.2

2.8

7.0

September

517.1

515.0

0.9

-0.5

October

517.9

517.0

1.9

4.7

November

518.3

520.0

0.9

7.0

December

521.1

520.4

6.5

0.9

1. Current 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 current 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.