Full text of H.6 Money Stock Measures : January 18, 1979

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F E D E R A L

R E S E R V E

H.t

statistical

release

Table 1

MONEY STOCK MEASURES
JAN. 18,

IN MLDONS OF DOLLARS

M-1 +

M-1

M-2

M-3

M-1 R u t
M-1 Rus
Savings
M-2 Plus
Time
Currency
Deposits* Depoeitsat
Depoeitsat
Rut
Commercial
Nonbsnk
CB'sand
Demand
Thrift
Deposits^/ Checkable Benks Other
Deposits at Than Large Institutions^/
CD's 3 /
ThnHlnetjZ/

Date

M-4
M-2 Rus
Large
NogotiBDie

CD's &

M-6
M-3RU8
Large
M.finliiiht-

negotiQDf19

CD's &

M-1

M-1 +

M-1 Plus
Savings
Currency
Deposits at
Rus
CB'sand
•*
•
uemano
Checkable
Deposits^ Deposits at
Thrffl mat. J2/

M-2

338.5
341.7
341.8
342.9
348.5
350.6
352.8
354.2
356.7
360.9
362.0
360.6
r 361.1

560.2
564.6
565.0
566.2
572.6
575.2
577.1
577.8
582.0
587.9
588.8
585.3
r 584.1

809.5
815.9
819.1
822.6
830.3
835.2
840.6
846.2
853.5
862.4
867.4
870.5
r 872.0

15
22
29

361.4
359.3
358.6

586.7
583.7
582.5

870.9
870.1
869.2

6
20
27

360.7
360.9
361.2
360.6

584.4
584.5
r 584.1
583.4

3P r
10P

362.3
359.5

r

MAY

JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
P
DEC.

1376.1
1386.6
1393.1
1400.3
1411.4
1419.9
1429.8
1441.0
1455.1
1472.1
1483.9
1492.1
r 1498.5

M-4

M-S

M-2 Plus
Large

M-3 Plus
Lsrge

CD's*

CD's*/

cxys^

Sstsofitll y Adjusted
1977—DEC.
1978—JAN.
FEB.
MAR.
APR.

M-3

M-1 Plus
M-2 Plus
Time
Deposits at Deposits at
NonoanK
Commercial
Thrift
Banks Other
Than Large Institution**/

1979

• rl

348.2
347.5
335.9
338.2
350.9
345.3
351.7
356.0
354.2
358.8
361.3
362.8
r 371.4

568.1
569.4
558.3
562.7
577.3
571.7
578.1
581.9
579.2
583.7
586.2
585.7
r 592.7

814.9
820.6
813.9
821.1
836.6
833.6
842.0
848.7
850.8
858.4
864.5
867.6
r 877.6

966.3
966.4
965.5

365.6
360.1
359.2

588.9
582.8
581.5

869.9
865.6
864.3

966. 0
962. 8
962. 0

871.8
871.8
r 871.6
871.1

968.1
968.9
r 969.2
967.8

367.6
369.3
371.5
370.9

589.7
591.1
r 592.3
591.1

873.2
875.5
r876.8
876.8

971. 1
974. 7
r 977. 0
r 976. 9

r

r 970.9
969.1

r 382.9
373.1

r604.2
594.7

r891.6
881.7

r 991.5
982. 2

383.5
892.2
898.5
904.7
913.7
922.2
927.3
933.6
939.8
950.5
955.6
965.9
r 968.9

1450. 1
1462. 9
1472. 5
1482. 3
1494. 9
1506. 9
1516. 5
1528. 4
1541. 4
1560. 2
1572. 1
1587. 5
r 1595. 4

1377. 5
1389. 0
1386. 0
1400. 2
1421. 2
1420. 3
1435. 2
1447. 9
1453. 0
1466. 4
1478. 5
1484. 2
r 1499. 4

890. 9
897. 0
890. 8
901. 4
917. 9
918. 2
928. 3
936. 0
938. 8
948. 7
955. 3
963. 9
r 977. 1

1453 . 4
1465 . 4
1462 . 9
1480 .5
1502, . 6
1505 . 0
1521, . 5
1535,. 3

1541 . 0
1556,.7
1569.3
1580 .5
1598 . 9

WEEK ENDING :
1978-NOV.

DEC.

13

1979-JAN.

585.0
581.8

873.7
87 0.3

1/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHE^ THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENT,
LESS CASH ITEMS IN THE PROCESS OF COLLECTION ANO 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/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AND TIME CERTIFICATES OF
DEPOSITS OTHER >HAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ INCLUDES Mr> "'..US THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
P - PRELIMINARY;
R - REVISED




TaWeZ

»H.0

REDBKAI. RESERVE 1

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

CM e

DEC.

MM

M-1+

M-2

M-3

MM

M-5

Currency
Rue
Demand
Deposits^

M-1 Plus Savings
Deposits at CB's
and Checkable
Deposits at
Thrift Inst. 2/

M-1 PkJsTime
Deposits at
Commercial
Banks Other Than
Large CD's 3;

M-2 Plus Deposits
at Nonbank Thrift
Institutions!

M-2 Plus Large
Negotiable CD's 5/

M-3 Plus Large
Negotiable CD's §/

FROM:

SEPT.

1978

( 3 MONTHS PREVIOUS)

0.2

JUNE

1978

( 6 MONTHS PREVIOUS)

4.7

OEC.

1977

(12 MONTHS PREVIOUS)

6.7

FOUR WEEKS ENDING : J A N . 1 0 ,
FROM FOUR WEEKS ENDING:

-2.6

4.5

7.2

7.7

9.0

2.4

7,5

9.6

9.0

10.4

4.3

7,7

8.9

9.7

10.0

1979

OCT.

11,

1 9 7 8 ( 1 3 WEEKS PREVIOUS)

-1.1

JULY

12,

1 9 7 8 ( 2 6 WEEKS PREVIOUS)

4.1

JAM.

11,

1 9 7 8 ( 5 2 WEEKS PREVIOUS)

6.2

-3.7

3.0

7.0

2.0

6.8

8.5

3.9

7.4

9.3

1/ INCLUDES (1) 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/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, 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.
4/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING ANO ENO OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT COMPOUNDED




FEDERAL RESERVE Statistical Release H.8

Table 3

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

Time and Savings Deposits^
Nonhank
Date

Currency

Demand
Deposits

Time Deposits

Savings 3/

Thrift
Institutions^/

Total

Other

CD's*/

1977—DEC.

88.6

249.9

74.0

251.5

219.6

545.0

566.6

1978—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC. P

89.4
90.1
90.7
91.2
92.1
92.8
93.3
94.0
95.2
96.0
96.7
97.5

252.2
251.7
252.3
257.3
258.5
259.9
260.9
262.8
265.7
266.1
263.9
r 263.6

76.3
79.4
82.0
83.4
87.1
86.7
87.4
86.3
88.1
88.2
95.4
r 97.0

253.6
256.4
258.7
260.1
262.6
266.1
271.1
274.3
277.4
281.5
288.0
290.6

220.7
220.9
221.0
221.6
222.0
221.7
220.9
222.4
224.2
223.9
221.8
220.2

550.6
556.7
561.7
565.2
571.6
574.5
579.4
583.0
589.7
593.6
605.3
607.8

570.7
574.0
577.7
581.2
584.7
589.2
594.7
601.6
609.6
616.5
621.6
r 626.5

r

WEEK ENDING:

19^8-NOV.

15
22
29

96.6
96.9
97.0

264.8
262.4
261.7

95.4
96.3
96.4

287.1
289.3
289.5

222.4
221.5
221.0

604.9
607.0
606.9

DEC.

6
13
20
27

97.2
97.2
97.2
97.9

263.5
263.7
263.9
262.7

96.3
97.1
97.7
96.7

290.3
290.1
290.3
290.5

220.8
220.7
220.1
220.0

607.4
607.9
r608.1
607.2

r 98.1
98.2

r 264.3
261.4

r 97.2
98.9

291.5
291.3

219.8
219.5

r 608.6
609.6

1979-JAN.

3P
10 P

r

1/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY
ING COMMERCIAL BANKS.
3/ IMCLUDES NOW ACCOUNTS AT COMMERCIAL BANKS.
V A V pcf?E,2» D v E G I o N I N L?,?c C o N D ° F M 0 N ™ DEP0SITS ATMUTUAU
r — k'KtL 1 Hi NARY «
R — REVISED




REPORT-

SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT ONION SHARES.

FEDERAL RESERVE Statistical R i M r v i H.6

Table 4

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

De
Date

Currency
Tota-^

Member

Time and Savings Deposit^
Total

Other
Checkable
Deposits^/

Time Deposits

Domestic^

Savings^
CD's*/

NOfHnemDer

Other

Nonbank
Thrift
Institutional/

US
Qov't.
Demand57

1977—DEC.

90.1

258.1

177.5

76.2

75.9

249.0

217.7

542.6

2.1

562.5

5.1

1978—JAN.
FtB.
MAR.
AHR.

88.7
89.0
89.9
91.0
91.9
92.9
94.1
94.3
95.0
95.8
97.4
99.2

258.8
247.0
248.2
259.9
253.3
258.8
262.0
259.9
263.8
265.6
265.5
r ?72.3

177.3
169.0
170.0
177.3
172.6
175.7
177.7
176.1
178.2
179.2
178.2
r 182.9

77.0
73.8
74.3
78.5
76.9
79.1
80.3
79.9
81.8
82.6
83.5
85.4

76.4
76.9
80.2
81.4
84.6
86.3
87.3
88.0
90.3
90.8
96.4
99.5

253.4
257.9
260.7
261.8
264.5
266.5
269.5
274.4
277.5
281.2
284.8
r 287.8

219.7
220.1
222.2
223.9
223.8
223.8
223.1
222.2
222.1
222.0
220.0
r 218.4

549.5
554.9
563.2
567.1
572.9
576.6
579.9
584.6
589.9
594.0
601.1
r 605.6

2.2
2.3
2.3
2.5
2.6
2.6
2.7
2.8
2.8
2.8
2.8
2.8

568.4
572.1
579.1
584.6
586.7
593.2
599.3
602.1
608. I
614.0
616.6
• 621.8

4.3
4.3
4.8
5.0
4.0
6.2
4.5
3.6

97.6
97.7
97.3

268.0
262.4
261.9

180.0
175.2
175.6

84.5
83.6
82.5

96.1
97.1
97.6

283.9
285.7
285.7

220.4
219.8
219.5

600.4
602.7
602.8

98.6
99.0
99.1
100.3

269.0
270.3
272.4
270.6

180.6
181.3
183.3
181.6

84.5
85.4
85.2
85.2

98.0
99.2
100.2
100.0

286.3
287.2
287.3
288.6

219.3
218.9
217.9
217.3

603.6
605.4
605.4
r 606.0

98.5
98.7

r 284.4
274.4

r 191.5
182.4

r 87.8
87.7

r 290.2
289.9

r 218.5
218.7

r 608.6
609.1

MAY

JUNE
JULY
AUG.
Sf PT.
OCT.
NOV.
OfC. P

6. I
4. \
8.0

10.2

WEEK ENMNO:
1978-NOV.

15
22
29

DEC •

6
13
20
27

1979-JAN',

3P
10P

*

99.9
100.5

6. 2
10.6
10.8
5.8
4.1

12.2
15.1
r 15.*
9.9

1/ TIME AND SAVINGS DEPOSITS AT AIL COMMERCIAL BANKS.
2/ TOTAL DEMAND DEPOSITS INCLUOEt IN ADDITION TO THE MEMBER AND DOMESTIC NONMEMBER DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AND
INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE BALANCES AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
UKCIV,*
3/ BASED ON MOST RECENT CALL REPORT DATA.
4/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING
COM^EhCIAL BANKS.
5/ INCLUIES NOW ACCOUNTS AT COMMERCIAL BANKS.
6/ INCLUDES NOW ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS RANKS
If AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARFS * '
8/ U.S. GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. INCLUDES TREASURY NOTE BALANCES, BEGINNING NOVEMBER 2, 1978.
P — PRELIMINARY?
R ~ REVISED




SPECIAL SUPPLEMENTARY TABLE*
Savings Deposits Authorized for Automatic Transfer (ATS)
All Insured Commercial Banks and Mutual Savings Banks in Selected States,
on Selected Dates

Commercial Banks2/

Mutual Savings
Banksj/

Dec. 27

Jan. 3

Dec. 27 Jan. 3

Amount outstanding
($ millions)

3245^-

376(A ~

llr

Number of ATS accounts
(thousands)

423

n.a.

*
1/
2/
3/

47

5/
r

5

13

n.a.

The survey collecting data on outstanding balances is scheduled to be conducted weekly through March 1979.
Excluding Massachusetts, New Hampshire, Connecticut, Rhode Island,
Maine and Vermont for both commercial banks and mutual savings banks
and Alaska, Washington and Wisconsin for mutual savings banks.
Estimates for all commercial banks are based on data collected by
the Federal Reserve and the FDIC from a stratified random sample of
351 commercial banks.
Estimates for all mutual savings banks are based on data collected
by the FDIC from a stratified random sample of 73 mutual savings
banks.
Based on judgments of the survey respondents, it is estimated that
roughly 50 to 60 per cent of the balances in ATS accounts represented
funds which had come from demand deposit accounts; this estimate is
subject to a wide range of error.
The standard error associated with this estimate is about $250 million.
Revised.




SPECIAL SUPPLEMENTARY TABLE*
Money Market Certificates-'
All Insured Commercial Banks and All Mutual Savings Banks
As of November 29, 1978 and December 27, 1978

Commercial
Banks2/

4/
Amount outstanding(millions of dollars)
Number of institutions
offering
Per cent of offering
institutions paying the
ceiling rate during the
survey week
*
1/

2/

3/
4/

Mutual Savings
Banks3/

November 29

December 27

November 29

December 27

19,729

22,956

10,841

12,822

11,065

11,658

349

431

83.3

72.9

62.6

90.6

The survey collecting these data has been conducted as of the last Wednesday
of each month since June 1978.
Money market certificates are nonnegotiable time deposits in denominations
of $10,000 or more with original maturities of exactly 26 weeks for which the
maximum permissible rate of interest on new deposits at commercial banks is
equal to the discount yield on the most recently issued six-month Treasury
bill (auction average). For MSBs the interest rate ceiling is one-quarter
per cent higher. This new category of deposits was authorized beginning on
June 1, 1978.
Estimates for all insured commercial banks in December are based on data collected by the Federal Reserve and the FDIC from a stratified random sample
of about 525 banks.
Estimates for all mutual savings banks in December are based on data collected
by the FDIC from a stratified random sample of about 100 banks.
For December 27, the standard error associated with the dollar estimates for
commercial banks is about $615 million, and for mutual savings banks the
standard error is $430 million. For November 29, the standard errors for
commercial banks and mutual savings banks are $570 and $400 million, respectively.