Full text of H.6 Money Stock Measures : January 4, 1973

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,*£>

FEDERAL

RESERVE

.toiiiticai

release

Tibie i

MONEY STOCK MEASURES 1

H6

m—m^—tiLEL•LIOH1 pyMOBLUHHMa
a

Ml

Mi plus time deposits
M2 plus Hepruiti
Currency plus
at commercial banks
it Honbank
other than large , thrift initltullom 4 /
demand deposit* 2/

Date

1971*-November
J)ecember

227.7
228,2

1972—Jflmiflfy
February
March
April
May
June
July
August
September
October
November

Week ending
l972--Nov
l
8
15
22
29
Dec

6
13
20 p
27 p

i

uwm
mM
460.6

Tor Immediate Release
January 4 , 19?3

Mg
I1" '"n ""r y" "" [~~~~
Ml plus time deposits 1

»lli6

229 6

464 ? 7

ns,t

WA

228.8

469*9

727,1

W*3

231 2
233*5
235 0
235 5
236 6
239 4
240 5
241.6
242 3
243 6

475 5
480, t
483 0
486 1
490 4
495*0
498 3
501,8
505^0
508 2

737 4

229.0

Mi. 9

231.3

478 7

732,7
758,8
766.1
774.7
78L6
788 4
795*2
801.2

236 i
231 3
234 7
237*9
237,2
240,0
242,1
245.7

485 4
483 2
488.9
493.6
495.5
500 4
504,8
508,7

242 1
242 7
244 3
244.3
242 8

50514
506 0
508 5
509 4
508 3

243.2
245.4
246.8
245 4
244 5

506
508
509
508
507

246
245
r 246
248

1
7
lv
5v

51? 2
r 512 1
r 513 6
517 3

<** ....

M2 plus deposits
at commercfal banks
at nonbfink
demand deposits £ /
other than large
thrift Institutions £ /
QkUl
Not Seasonally Adjusted
~

Quttmy uiu*

r
t

250
?51
251
25^

461.4
470.2

711 4
723,4

475.3
472 7

732,8
734 t
744 9
755 6
755,9
765 5
774,0
778 4
786 6
794.5
800*8

3
0
8
4
8

514 4
r 516 6
r 520 9
522 9

2
7
1
8

1
U

y
"
\l

4/

Implementation of revised Regulation J on November 9, because of U s effects on clearing accounts on bank
balance sheets, had the effect of raising demand deposits an calculated for inclusion In money supply
However
the resulting Increase has been eliminated from current money aupply data (beginning with the week ended
November 15) In order to avoid a discontinuity In the series
fha upward adjustment of money suppty as a result
of revised Regulation J will be Incorporated in tht» statistics a ^ the time of the regular annual benchmark and
seasonal adjustment review
At the same time historical figures will also be revised on a consistent basis
The
forthcoming adjustment-s to the figures stemming from the change in Regulation J will primarily affect the level of
the series and will themselves have minimal effects on rates of change
Includes (1) demand depoaltB at all commercial banks other than those due to domestic commercial bankB and the
U S Government
less cash items In the proceBB nf collection and P R floats (2) foreign demand balances at
F- R Banks and (3) currency outside the Treasury F R Hanks and vaults of all commercial banks
Includes in addition to currency and demind deposits savings deposits time deposit*? open account and time
certificates of deposits other than negotiable time certification of deposit issued in denominations of $100 000
or more by large weekly reporting commercial banks
Includes NL plus the average of the beginning and ond of month deposits of mutual savings banks and savings
capital at savings and loan associations
r
Rev 1nnd
p - Preliminary




M * +4

HU*i*

i i »*-M* *« *fM

*•

TfW* J

MONEY STOCK MEASURES
iLBiJimi '

" 'i irinaminwiuuiiMr:—riri~«'""inrT~"~irr~iir~irTr-in

|

r*

U,

1

**

!

f
«tff»#* m#* rtrgi

M v i ^ f

i^?5 Irt^T

9**>i

H

j „ , w 28
D*c

29

5 2

7,9
9*1

10.0
1U2

7,0

10,3

12,$

a l

9,7

^? * 1972

1972 ( H weeks
previous)
i 9 ; 2 <2& weeks
previous)
1971 <52 weckr
previous)

8 L

l i h — • — — —

J,/

r,

M? pluv dtaoitt*
it aonbink
Ihnfj intlitut$n* J '

;

Si $ W72 CI month* p r t v t u u * }
Mw 1972
C*> m m t h s i r e v i o u s ?
iWi-TtSff t**7l (12 rtr* ntttlf
prtvlous)
f i t wssfcs e n d i n g !?<*<•
Fr jm ftnir ws*V e n d i n g

-

—M—miii'ii

mi-

Includes (1) demand deposits at all commercial banks other than those doe £p domestic commercial banks and
the U S Government, lees cash items in the ptocgeB
Oi &9%%&($£ on and F,R, float!

(2) foreign demand balanced at F R BankKj and
(3) currency outside the Treasury F R# Banks and vaults of all aommeircial banks.
If
Includes in addition to currency and demand deposits, savings deposits time deposits open account, and time
certificates of deposit** other than negotiable time) certificates of deposit issued in denominations of $100*000
or more by istge weekly reporting commercial banks,
V
Includes H 2 plus the average of the beginning and end oi martin deposits $£ mutual savings banks and savings
capital at savings and loan associations t
Note
All rates of change are based on daily average d&tfM ratea at ahange are not compounded




rrofft/u amRVE tt*ttitit»i R * I # « # Me

Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED

IN BILLIONS OF DOLLARS

time and UVifigi dfpoilU
Currency

0em#nd deposit*-

J 971 -Novcmbpi
December

5? 2
52 5

1972 -January
ttibruary
Mrirch
April
Hay
June
July
August
September
October
November

52
53
53
54
54
54
54
55
55
55
56

8
2
7
0
4
7
9
0
5
9
3

55
56
56
56
56

8
2
3
4
4

56
56
57
57

4
9
0
1

DM*

|

Week ending
1972— Nov 1
8
15
22
29
Dec

'"

6
IJ
20 p
27 p

i
i
|

i r

i
I
|

1

Uonbwk
Ottof
233 J
236 4

.low

175 5
175 7

CO**'
32 ?
3B 4

763 3
269,9

;D0 8
25 J 4

176 0
178 0
179 9
180,9
181 1
181 9
184 5
185 5
186 1
186 5
187 3

33 2
33*8
33 4
34,7
36,3
37,1
38,1
39,3
40 3
40.7
41.3

241,2
244 3
246 5
248 1
250,7
253 8
255 6
297 7
200 2
262 7
264.6

274 4
278 1
279 9
282 B
28/ 0
290 9
293 7
297 J
300 5
303,4
305*9

2 57
263
265
269
27?
275
279
283
286
290
293

186
186
188
187
186

40.6
41,1
40.8
41.6
41 8

263
263
264
265
265

303
304
305
306
307

42.4
43.5
44.3
44.5

266,1
266 *
267 4
268 8

2
5
0
8
4

189,7
188,8
189 2
191*4

1
r

4
3
3
1
5

4
8
8
;
6
/
7
i
6
1
0

9
4
1
7
3

m 5
t

W$ 8

t

an 7
313.3

—mtmmmmmm———

Implementation of revised Regulation J on November 9 beaming of i t s effects on clearing accounts on bank
balance sheets, had the effect of r a i s i n g demand deposits as calculated for Inclusion in money supply
However,
the resulting Increase has been eliminated from current money Supply data (beginning with the week ended
November 15) In order to avoid a discontinuity in the series
The uptfard adjustment of money supply as a result
of revised Regulation J will be incorporated in the s t a t i s t i c s at the time of the tegular annual benchmark and
seasonal adjustment review
At the same time h i s t o r i c a l figures w i l l also be revised on a consistent basis
the forthcoming adjustments to the figures stemming from the change in Regulation J will primarily affect the
level of the series and will themselves have minimal ai-EetSftB dn fjttes of change*
Negotiable time c e r t i f i c a t e s oj depdsit issued In denominations of $100,OoO dt more by large Weekly reporting
commerciel banks
Average of beginning and end of month deposits at mutual savings {tepkfl and savings capital at savings and
loan associations
p - Preliminaryj
t - Hevised




FEDERAL RESERVE itttitticaf Rtltiff H 6

t

A

TifaJi 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED IN BILLIONS OF DOLLARS
Tima and iavmaj dtponti
Demand deposits

Currency

Date

CD s i /

Other

Nonbank thrift
institutions 3 /

Total

I971--November
December

52 8
53 5

176 9
181 5

33.7
33,9

231,8
235 I

265 5
269 0

I972--January
February
March
April
May

52 6
52 6

182 7
176*4
178,1
182 6
177 3

33,7
33*6
33,3
33 8
35,1

240
243
24/
249
251

53 2

1

53 6
54 0

!

Juno

54 6

July
August
September
October
November

55 3
55 3
55 4
55 9
56.9

Week Ending
1
T972-»Nov
8
15
22
29
Dec

55
56
56
57
56

1

4
9
9
2
8

:

3 9
6 7

257 5
261 4
266 2
270 I
272 7
276 6
280 4
282 9
286 3
289*7
292.2

7 2
7 2
7 7
7 6
10 4
6 8
7 2
5*3
5 8
6 6
6,1

180,1

35,8

254,2

182*6
182 0
184 6
186 3
188 8

37*0
39 9
41 0
41 9
43,3

255
258
260
262
263

7
2
3
7
0

7
5
8
2
7

41
42
42
43
43

8
9
9
7
9

263
262
263
263
263

2
6
0
0
3

305
305
305
306
307

0
6
9
7
3

7
6
4
6
7

1
4
4
0
3

43
44
44
44

6
1
3
8

264
264
265
267

2
9
8
1

307
309
r 310
311

8
0
1
9

7
5
6
8

0
1
9
1

187
188
189
188
187

57 5

192 7

n

57 9
58 1
58 6

193 7
197 0
197 2

1r

250 0
253 2

273 7
277 3
280 8
283 1
286 9
290 0
292 7
298 1
301 3
304 5
306.3

6
20 p
27 p

0
7
5
3
9

!

US Govt
demand ^ /

!

J

r
;

1

!

\J

Implementation of revised Regulation J on November 9, because of its effects on clearing accounts on bank balance
sheets, hid tht effect of riising dcmdnd deposits as calculated for inclusion m money supply
However, the
resulting increase has been eliminated from current money supply data (beginning with the week ended November 15)
in order to avoid a discontinuity in the series
The upward adjustment of money supply as a result of revised
Regulation J will be incorponted in the statistics at the time of the regular annual bekchmark and seasonal
adjustment review
At the same time historical figures will also be revised on a consistent basis
The forthcoming adjustments to the figures stemming -from the change In Regulation J will primarily af f ec tr~the- ~teve1r erf t+re—
series and will themselves have minimal effects on rates of change

£/

Negotiable timt certificates of deposit issued in denomination of $100 000 or more by large weekly reporting
commercial banks
Average of beginning and end of month deposits at mutual savings banks and savings capital at savings and loan
associations
I S Government dtmand deposits at all commercial banks

2/
4./

n

Preliminary

r

Revised