Full text of H.6 Money Stock Measures : January 18, 1973

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FEDERAL

RESERVE

w

statistical

Table I
For Immediete Releese

MONEY STOCK MEASURES

January

IN •ILLtONl OF OOLLAM
•!_
Iivevrpros

deposits 1 /

1971--December

228.2

1972--January
February
March
April

228.8
231.2
233.5
235.0
235.5
236.6
- 239.4
240.5
241.6
242 .3
243.6
r 246.9.

J ime
July
August
September
October
November
December p
Week e n d i n g :
1972--Dec. 6
13
20
27
1973--Jan.

U

y

,

3 p
10 p

other then lerge

co»y
leeionelly Adjuited
464.7
469.9
475.5
480.1
483.0
486.1
490.4
495 .0
498.3
501.8
505.0
508.2
r 514.5

18,

1973

=1_
M, plus deposit!
et nonbenk
thrift institutions ^

M} plus deposits

Currency plus
demand deposits^

et nonbenk
thrift institutionsy
eTIeeseneTiTTdluited

718.1

235.1

470.2

727 . 3
737 .4
>45.9
752 .7
758.8
766.1
774.7
781.6
7 88 .4
795.2

235.3

242.1
245.7
254.3

475.3
472.7..
478.7
485.4
483.2
488.9
493.6
495.5
500.4
504.8
508.7
520.4

801.2
r 810.2

229.0
231.3
236.1
231.3
234.7
237.9
237.2

240.0

246.1
245 .6
246.0
r 248.6

512.2
512.0
513.6
517.3

250.2
251.6
254.9
*55.9

514.4
516.5
520.9
522.9

r 247.3
245.9 1

517,6
516.0

261.1
257.8

r 5 30.5
526.6

732 .R
734.1

1«U . 4
755.6
7 55.9
765.5
774.0
778.4
786.6
794.5
800.9
815.9

Implementation of r e v i s e d R e g u l a t i o n j on November 9, becauae of t t a e f f e c t s on c l e a r i n g a c c o u n t s on bonk
b a l a n c e s h e e t s , had the e f f e c t of r a i s i n g demand d e p o s i t s as c a l c u l a t e d f o r I n c l u s i o n In money aupply.
However,
the r e s u l t i n g I n c r e a s e haa been e l i m i n a t e d from c u r r e n t money ,supply data ( b e g i n n i n g w i t h t h e week ended
November 15) In order t o avoid a d i s c o n t i n u i t y In t h e s e r i e s . The upward adjustment of money supply as a r e s u l . t of r e v i s e d R e g u l a t i o n J w i l l be I n c o r p o r a t i o n t h e s t a t i s t i c s a t the time of the r e g u l a r a n n u a l benchmark and
s e a s o n a l adjustment r e v i e w . At t h e same t l * e , h i s t o r i c a l f i g u r e s w i l l a l s o b e . r e v i s e d on a c o n s i s t e n t b a s i s . The
f o r t h c o m i n g adjustments t o ' t h e f i g u r e s stemming from t h e change in R e g u l a t i o n J w i l l p r i m a r i l y a f f e c t the l e v e l of
the s e r i e s and w i l l t h e m s e l v e s have minimal e f f e c t s on r a t e s of change.
r
„ I n c l u d e s ( 1 ) demand d e p o s i t s a t a l l commercial banks o t h e r than t h o s e due t o d o m e s t i c commercial banks and the
U.S. Government, l e s s cash items i n t h e p r o c e s s of c o l l e c t i o n and P.R. f l o a t ; ( 2 ) f o r e i g n demand b a l a n c e s a t
F.R. Banks; and ( 3 ) currency o u t s i d e t h e Treasury, F.R. Banks and v a u l t s of a l l commercial b a n k s .
I n c l u d e s ; In a d d i t i o n t o c u r r e n c y and demand d e p o s i t s , s a v i n g s d e p o s i t s , time d e p o s i t s open a c c o u n t , and time
c e r t i f i c a t e s of d e p o s i t s o t h e r than n e g o t i a b l e time ^ c e r t i f i c a t e s of d e p o s i t Issued In denominations of $ 1 0 0 , 0 0 0
or more by l a r g e Weekly r e p o r t i n g commercial banks.
I n c l u d e s M«, p l u s the average of t h e b e g i n n i n g and end of month d e p o s i t s of mutual s a v i n g s banks and s a v i n g s
c a p i t a l at s a v i n g s and loan a s s o c l s t l o n s .




p - Preliminary.

r - Revised.

FEDERAL RESERVE Statistical Release H.6

MONEY STOCK MEASURES

PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES
"I
Peno,

Currency plus
demand deposits^

M3

M2
M i plus time deposits
at commercial banks
other than large
CD's V

'

*

M2 plus deposits
at nonbank
thrift institutions ^

December 1972 lrnm:
S e p f . 1972 (3 months p r e v i o u s )
June 1972 (6 months p r e v i o u s )
December 1971 (12 months
p r e v i ous)

R.8
8.7

10.1
9.8

11 .5

8.2

10.7

12 .8

8.6

10.4

Four weeks ending J a n . 10,1973
From four weeks e n d i n g : '
Oct . 11 , 1972 (1 3 weeks
previous) '
J ily 12 . 1972 (26 weeks
previous)
r
J a n . 12, 1972 ( ,2 weeks
previous)

1/

7.5

9.4

'8.2

10.5

1

I n c l u d e s (1) demand d e p o s i t s a t a l l commercial banks o t h e r than those due t o domestic commercial nanks and
the U.S. Government, l e s s cash items in the p r o c e s s of c o l l e c t i o n and F.R. f l o a t ;
(2) f o r e i g n demand b a l a n c e s a t F.R. Banks; and
(3) c u r r e n c y o u t s i d e the T r e a s u r y F.R. Banks and v a u l t s of a l l commercial b a n k s .
l_l I n c l u d e s in a d d i t i o n t o c u r r e n c y and demand d e p o s i t s , s a v i n g s d e p o s i t s , time d e p o s i t s open a c c o u n t , and time
c e r t i f i c a t e s of d e p o s i t s o t h e r than n e g o t i a b l e time c e r t i f i c a t e s of d e p o s i t i s s u e d in d e n o m i n a t i o n s of $100,000
or more by l a r g e weekly r e p o r t i n g commercial b a n k s .
3/ I n c l u d e s
p l u s the a v e r a g e of the b e g i n n i n g and end of month d e p o s i t s of mutual s a v i n g s hanks and s a v i n g s
c a p i t a l a t s a v i n g s and loan a s s o c i a t i o n s .
Note: All r a t e s of change a r e based on d a i l y a v e r a g e d a t a ; r a t e s of change a r e not compounded.




FEDERAL RESERVE Statistical Release H.6

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS

Total

• Nonbank
thrift institutions^

1971--December

52 .5

175 .7

33.4

236.4

269.9

253.4

1^72--January
iFebruary
March
April
May

52.8
53.2
53.7
54.0
54.4
54.7
54.9
55.0

176.0
178.0
179.9
180.9
181.1
181.9
184.5
185.5
186 .1
186.5
187.3
190.0

33.2
33.8
33.4
34.7
36.3
37.1
38.1
39.3
40.3
40.7
41.3
43.7

241.2
'244.3
246 .5
248.1
250.7
253.8
255.6
257.7
260.2
262 .7
264.6
r 267.6

274.4
278.1
279 .9
282 .8
287.0
290.9
293.7
297.1
300.5
303.4
305.9
311.2

257 .4
261 .8
265.8
269.7
2 72.6
275.7
2 79.7
283.3
2 86.6
290.1
293.1
295.8

Currency

Date

. July
August
September
October
November
December p

Zi

r

Week e n d i n g :
1972--Dec, 6
13
20
27
1973--Jan.

' „

_1/

'2/
3/

56.3
56.9

56 .4
56.9
57.0
5f.O

3 p
10 p

-

,

Demand deposits

r

56.8
57.1

1

189.7
188.8
189.0
r 191.6
r 190.5
188.7

'

CD's1'

Other

42.4
43.5
44.3
44.7 .
r 43.1
44.1

'

266.1
266.4
267.6
268.7 /
r

270.3
270.1

308.5
309.8
311.9
313.4
r

313.4
314.2

'

Implementation of r e v i s e d R e g u l a t i o n J on November 9, because © f l i t s ' e f f e c t s on c l e a r i n g a c c o u n t s on bank
b a l a n c e s h e e t s , h a d . t h e e f f e c t of r a i s i n g demand d e p o s i t s a s c a l c u l a t e d f o r i n c l u s i o n in money s u p p l y . However,
the r e s u l t i n g increas'e has been e l i m i n a t e d from c u r r e n t money supply d a t a ( b e g i n n i n g w i t h the week ended
November 15) in o r d e r t o avoid a d i s c o n t i n u i t y in t j h e ^ s e r i e s . The upward a d j u s t m e n t of money supply a s a r e s u l t
of r e v i s e d R e g u l a t i o n J w i l l tie i n c o r p o r a t e d in the: S t a t i s t i c s a t t h e time of the r e g u l a r a n n u a l benchmark and
s e a s o n a l a d j u s t m e n t r e v i e w . At t h e same tltne, h i s t o r i c a l f i g u r e s w i l l a l s o be r e v i s e d on a* c o n s i s t e n t b a s i s , .
The f o r t h c o m i n g a d j u s t m e n t s t o t h e f i g u r e s stemming from t h e change in R e g u l a t i o n J w i l l p r i m a r i l y a f f e c t t h e
l e v e l of: t h e s e r i e s and w i l l t h e m s e l v e s have minimal e f f e c t s on r a t e s of c h a n g e .
N e g o t i a b l e time c e r t i f i c a t e s of d e p o s i t i s s u e d i n denominations of $100,000 or more by l a r g e weekly r e p o r t i n g
commercial b a n k s .
Average of b e g i n n i n g and end of month d e p o s i t s a t mutual s a v i n g s banks and savings c a p i t a l a t s a v i n g s and
loan a s s o c i a t i o n s .
p - Preliminary.
r -Revised.




FEDERAL RESERVE Statistical Release M.6

^

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED. IN BILLIONS OF DOLLARS

\

Time end savings deposits

Currency

Demand deposits

Other

Total

Nonbank thnlt
institutions V

197:l*-December

53.5

181,5

33.9

235.1

269.0

253.2

1972--January
February
March
April
May

52 .6
52.6 ,
53.2
53.6
54.0
•
54.6
55.3
55.3
55.4
55.9
56.9
58.0

182.7
176.4
178.1
182.6
177.3
180.1
182 .6
182 .0
184.6
186.3
188.8
196 .3

33.7
33.6
33.3
33.8
35.1
35.8
37.0
39.9
41.0
41.9
43.3
44.2

240.0
243.7
247.5
249.3
251.9
254.2
255.7
258.2
260.3
262.7
263.0
266.1

273.7
277.3
280.8
283.1
286.9
290.0
292 .7
298.1
301.3
304 .5
306.3
HO.3

257 .5
261.4
266.2
270.2
272 .7
276 .6
280.4
2 82,9
286.3
289.7
.292 .2
2 95 .6

264.2
264.9
266.0
267.1

307.8
309.0
310.3
312 .0

7.0
5.1
6 .9
8.2

269.3
268.8

313.2
313.6

r 10.1
7.3

0»te

July
September
October
November
December p
Week ending:
1972--Dec. 6
13
20
27
1973—Jan.

1/

2/
3/
6/

3 p
10 p

r

CD's1'

•

r

57.5
57.9
58.1
58.5

192 .7
193.7
196.8
r 197.3

43.6
44.1
,44.3
44.9

57.6
57.7

r 203.6
200.1

r 43.9
44.8

r

\U.S Gov't
demand1'

7.2
'7 .6 '
6 .8
7 .2
5.3
5.8
6 .6
6.1
'7 .2

Implementation of revised Regulation J on November 9, becauae of I t s e f f e c t s on c l e a r i n g accounts on bank balance
s h e e t s , had the e f f e c t of r a i s i n g demand d e p o s i t s as c a l c u l a t e d f o r Inclusion In money supply. However, the
r e s u l t i n g Increase has been eliminated from current money supply d a t a (beginning with the week ended November 15)
in order t o avoid a d i s c o n t i n u i t y In the s e r i e s . The upward adjustment of money supply as a r e s u l t of r e v i s e d
Regulation J w i l l be Incorporated In the s t a t i s t i c s at the time of the regular annual benchmark nnd nensonal
adjustment review. At the same time, h i s t o r i c a l f i g u r e s w i l l a l s o be revised on a c o n s i s t e n t b a s i s . The f o r t h coming adjustments to the f i g u r e s stemming from the change In Regulation J w i l l primarily a f f e c t the l e v e l of the
s e r i e s and w i l l themselves have minimal e f f e c t s on r a t e s of change.
Negotiable time c e r t i f i c a t e s of d e p o s i t Issued In denomination of $100,000 or more by large weekly r e p o r t i n g
commercial banks.
Average of beginning and end of month d e p o s i t s a t mutual savings banks and savings c a p i t a l a t s a v i n g s and loan
associations.
U.S. Government demand d e p o s i t s at a l l commercial banks.




p - Preliminary.

r - Revised.