Full text of H.6 Money Stock Measures : July 11, 1985

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FEDERAL RESERVE statistical release
H.6 (506)
Table 1

For Release at 4:30 Eastern Time
JOLT

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

11,

1985

Billions of dollars
M1
Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

M3
M2
M2 plus
M1 plus overnight RPs
large time deposits,
and Eurodollars,
MMMF balances (gen. pur. term RPs, term Eurodollars
and institution-only
and broker/dealer), MMDAs,
MMMF balances3
and savings and small
2
time deposits
Seasonally adjusted

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors8

1984—J01E
JOLT
AUG.
SEPT.
OCT.
MOV.
DEC.

5*7.3
546.9
548.9
551.5
548.3
553.8
558.5

2269.3
2280.2
2292.8
2308.4
2319.3
2346.3
2371.7

2838.8
2862.0
2878.8
2901.0
2925.0
2959.9
2995.0

3366.5
3402.7
3427.7
3457.0
3480.2
3508.8
3543.8

5571.0
5631.0
5690.3
5742.1
5802.5
5877.9
5953.2

1985—JAN.
FEB.
BAB.
APE.
BAT
JUIE P

562.7
569.4
572.1
574.9
581.6
591.1

2398.9
2421.0
2429.2
2427.6
2444.8
2472.8

3020.5
3041.0
3055.4
3056.0
3074.5
3101.5

3568.0
3598.1
3624.2
3626.4

6018.7
6074.7
6130.2
6191.7

Not seasonally adjusted

1984—J01E
JOLT
AOG.
SEPT.
OCT.
1 0 Y.
DEC.

547.9
549.9
545.0
548.5
548.2
555.9
570.4

2272.3
2285.7
2287.7
2298.8
2316.6
2344.4
2376.7

2840.3
2863.6
2874.8
2890.9
2920.6
2960.4
3002.2

3367.8
3403.3
3421.4
3445.5
3475.9
3509.2
3545. 1

5547.6
5609.6
5672.1
5729.8
5791.9
5866.1
5947.2

198b - J A B .
FEB.
HAB.
APB.
BAT
JOHE P

568.3
558.6
564.9
581.6
576.2
592.1

2404.1
2414.5
2429.5
2439.5
2440.9
2476.5

3024.3
3034.3
3057. 1
3067.9
3072.4
3104.2

3573.5
3596.8
3631.6
3639.6

6010.5
6052.8
6101.4
6161.2

M1
For period ended
13-week average
1985-JOHE

24 P

576.7
578.3
579.7
581.2

582.8
586.0
587.8
589.5

1P

582.8

592.0

3

10
17
JOLT

MOTE:

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

585.9
590.8
589.3
592.0

574.9
577.2
579.6
581.6

577.3
582.6
586.9
590.8

584.5
598.8
595.3
584.4

596.0

583.5

592.8

592.8

SPECIAL CAUTJLUI SHOULD BE rAKEN 11 IITEBE BETIIG BEEI-TO- BEEK CHA1GES t l HOBET S 0 P P L T D A T A . H H I C f i ABE
HIGHLT VOLATILE AID SUBJECT TO BEflSIOl.
P — 11DIC AT ES PBELIIUIABT DATA.
FOOT1OTES APPEAB 01 THE FOLLO1I1G PAGE




H 6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

M1

M2

M3

Debt1

3 HOMTHS FROM HAH.

1985 TO JDME 1985

13.3

7.2

6.0

11.5

6 HOITHS FIOB DBC.

1984 TO J01B 1985

11.7

8.5

7.1

13.4

12 SOUTHS PROS JONB

1984 TO JUNB 1985

8.0

9.0

9.3

13.5

THIBTEER WEEKS BIDING JOLT 1, 1985
PBOH THIRTEEN 1BBKS ENDING:

1/

1/

2/

3/

4/
5/




APB.

1, 1985 (13 IEEKS PBBYI005)

10.4

JAN.

7, 1985 (26 MtEKS PBBTIOUS)

10.6

JOLT

2, 1984 (52 BBBKS PBBVIODS)

7.3

GBOITH BATES POB DEBT ABB BASBD OV PERIODS BEGI1BIBG AID BNDIBG IHO HOMTHS EABLIBB THAI FOB THE MONETARY AGGREGATES,
HAHELI, JAIOABI 1985 TO APBIL 1985, OCTOBEB 1984 TO APBIL 1985, AID APBIL 1984 TO APRIL 1985, RESPECTIVELY.
POOTIOTSS TO TABLE 1
CONSISTS OP (1) CURRENCY OUTSIDE THE TBEASOBY, PBDEBAL BESEBfE BANKS, AND THE FAULTS OP COHHEBCIAL BANKS;
(2) TBAYBLEBS CflBCKS OF IOIBAIK ISSUERS; (3) DEMAND DEPOSITS AT ALL COHBEBCIAL BAIKS OTBEB THAI THOSE DOB TO
DOMESTIC BAIKS, TflB O.S. GOVERNMENT, AND POBEIGN BANKS AND OFFICIAL INSTITOTIONS LESS CASH ITEHS IN THE PBOCBSS
OP COLLBCTIOI AID PBDBBAL RESBBVB FLOAT; AID (4) OTHER CHECKABLE DEPOSITS (OCD) COISISTIIG OP NEGOTIABLE OBDEB
OP WITHDBAIAL (ION) AID AOTOHATIC TBAISPEB SBBTICB (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT ONION SHARE DRAPT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITOTIONS. THE CO&BENCY AND DEBAND
DEPOSIT CO8POIEITS BXCLODB THE BSTIHATED ABOOIT OF YAOLT CASH AND DEMAND DEPOSITS, BBSPBCTIYELY, HELD BY
THBIFT INSTITUTIONS TO SEBYICB THEIB OCD LIABILITIES.
CONSISTS OP HI PLOS OYERIIGHT (AID CONTINUING CONTBACT) BPS ISSUED BY ALL COHHEBCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO O.S. RESIDENTS BY FOREIGN BBAICHES OF O.S. BANKS HOBLDHIDE, BHDAS, SAYINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL BPS-II AHOUITS OF LESS THAN $100,000), AND BALANCES IN BOTH
TAXABLE AMD TAX-EXEMPT GENERAL PURPOSE AND BBOKEB/DEALEB MONEY MARKET HOTOAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITOTIONS AMD HOIEY HABKET PONDS. ALSO EXCLUDES ALL BALANCES HELD BY O.S. COHHEBCIAL
BANKS, HOMEY HABKET FOMDS (GENEBAL POBPOSB AND BBOKEB/DEALBB), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SOBTBACTED IS A CONSOLIDATION ADJUSTMENT THAT BEPRBSENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AID VAULT CASH HELD BY THBIFT INSTITOTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OP H2 PLOS LABGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OP $100,000 OR HOBE) AND TBBM BP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THBIFT INSTITOTIONS, TBBH EURODOLLARS HELD BY O.S. BBSIDEMTS AT FOREIGN BRANCHES OP O.S. BANKS
IORLDVIDE AID AT ALL BANKING OFFICES IN THE ONITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY HONEY BARRET HOTOAL FUNDS. EXCLUDES AMOONTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVEBNHENT, MONEY
MARKET FOIDS, AID FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT BEPBESENTS
THE ESTIMATED AMOUNT OP OVEBNIGHT BPS AND EURODOLLABS HELD BY INSTITUTION-ONLY HONEY MABKBT HOTOAL PONDS.
CONSISTS OP H3 PLOS THE NONBANK P0BLIC HOLDINGS OF U.S. SAVINGS BONDS, SHOBT-TERH TREASORI SBCORITIES, COMMERCIAL
PAPER AID BAIKBRS ACCEPTAICES, NET OP HONEY MARKET MUTUAL PUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC NOIFIIANCIAL SECTORS CONSISTS OP OUTSTANDING CREDIT MARKET DEBT OF THE ONITED STATES GOVERNMENT,
STATE AMD LOCAL GOVBBNMBNTS AND PBIVATE IONFINANCIAL SECTOBS. PBIVATE DEBT CONSISTS OF CORPOBATE BONDS, MORTGAGES,
CONSUHEB CREDIT (INCLUDING BANK LOANS), OTHEH BANK LOANS, COMMERCIAL PAPBB, BANKERS ACCEPTANCES AND OTHEB DEBT
INSTBUHENTS. THE DATA ABE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLO1 OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONPINANCIAL SECTOBS ABE PRESENTED IN MONTH-AVER AGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING PLOW OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FROH THE QUARTERLY FLOi OF FUNDS STATISTICS CONTAINED IN
IN THE FEDERAL RESEBVE RELEASES Z.7 AND Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON A
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.

H.6(90S)

COMPONENTS OF THE MONEY STOCK
BiHioos of dollars, saaaonaHy ad|oatad
nontranaactk ma Mams
8maill tHna dapoiHtSat
at
ooffMvtsfclal
thrift
total
banks
Institutions

Ti—ilan
charts'

Demand
daposhV

Othar
enaefcabfa
dapoalts4

154.3

5.1

248.9

139.0

1722.0

569.4

128.7

172. 1

300.8

371.0

463.0

834.0

L M fstlmadaaoiMs'
at
WttAl
thrift
19
Institutions
banks
249.4
130. 1
379.5

JOLT
AUG.
SEPT.

155.0
155.9
156.8

5.2
5.2
5.1

247.3'
246.8
247.5

139.4
141.0
142.2

1733.3
1744.0
1756.9

581.8
586.0
592.6

128. 1
127.0
126. 1

171.0
169.5
168.5

299. 1
296.5
294.6

374.7
378.8
381.7

468.9
47f>.2
482.8

843.6
855.0
864.5

254.6
255.0
258.0

134.6
137.6
138.0

389.3
392.6
396.0

OCT.
Noy.
DEC.

157.1
157.9
158.7

5.0
5.1
5.2

244.5
246.8
248.6

141.8
143.9
146.0

1770.9
1792.5
1813.2

605.8
613.7
623.3

124.9
123.8
122.6

167.7
166.9
166.0

292.6
290.7
288.6

183. 1
384.5
387.0

489.6
494.0
498.6

B72.7
878.5
885.6

263.2
263.6
264.4

141.9
147. 1
151.8

405.2
410.7
416.2

1985-JAN.
PEB.
HAH.

159.4
160.5
161.3

5.3
5.3
5.4

249.1
251.7
251.9

149.0
151.8
153.6

1836.2
1851.6
1857.1

621.7
620.0
626. 1

121.6
121.4
120,3

166.9
168.0
168.4

288.6
289.4
288.6

384.7
382.0
382.8

497.2
495.6
495.8

881.9
877.6
878.6

262.3
264.4
269.5

154.6
154.9
154.2

416.9
419.3
423.6

161.7
163.1
164.5

5.5
5.5
5.5

252.5
255.7
260.8

155.3
157.3
160.3

1852.6
1863.2
1881.7

119.6
628.5
629.7 i 120.4
628.7
121.9

168.3
169.0
170.2

287.8
289.4
292.0

387.6
389.9
390.7

497.8
502.2
504.2

885.4
892.2
894.9

272.9
272.0
267.6

154.3
156.0
156.3

427.2
428. 1
423.9

Data

1984-JUNE

APR.
HAT
JUNE P

Cunancy'

oomp inants

moo*

In M3
only*

• • rings dapoaii
at
at
thrift
oonwitafclai
Institutions
banks

total

at

HEEK ENDING
1985
JUNE

JULY

1/
2/
3/

«/

5/
6/
7/
8/
9/
10/




3
10
17
24 p

163.5
164.3
164.5
164.8

258.4
261.1
259.7
261.2

158.6
159.8
159.7
160.5

121.0
121.7
121.9
121.9

390.4
390.1
390.6
391.2

269.3
267.8
268.9
267.7

1P

165.0

263.5

161.9

122.2

391.2

265.3

COIBBVCI OOTSIOK TIB O.S. TRBASfRY, FEDERAL BBSBRIB BANKS ABO f AULTS OF COMMERCIAL BAMS. BXCLDDBS TIB ESTIMATED
AHOO1T OP VA»LT CASB HELD BY TBBIPT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING A BOO NT OP fJ.S. DOLLAR-DENO HI NATED THATELERS CHECKS OF NONBAHK ISSUERS. TRAf BLEBS CHECKS ISSOBD BT DBPOSITOBT
INSTITUTIONS ARB INCLUDED IB DBBAND DEPOSITS.
DKBAND DEPOSITS AT C08HBRCIAL BANKS AND FOREIGN BELATED INSTITUTIONS OTBER THAN THOSE DOB TO DOBESTIC BANKS, THE O.S. GOVERNMENT ABO FOREIGN BANKS ABO OFFICIAL INSTITUTIONS LESS CASH ITBBS IB THB PROCBSS OF COLLECTION ABO FBDBBAL RBSERfE FLOAT.
EXCLUDES THB BSTIBATED ABOONT OP DBBAND DEPOSITS HELD AT COBBBBCIAL BANKS BT THRIFT INSTITUTIONS TO SBBflCB THEIR OCD
LIABILITIES.
CONSISTS OP BOB ABO ATS BALANCES AT ALL DBPOSITOBT INSTITUTIONS, CBBDIT ONION SHARE DRAFT BALANCES AND
OEHAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASOBALLT ADJUSTED EQUALS THB DIFFERENCE BETNEEI THB
SBASONALLT ADJUSTED SOB OP DBHAHD DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED ABB ALL CEILING
FREE "SUPER BOBS," AUTHORISED BT THE DEPOSITOR! INSTITUTIONS DEREGULATION COHR1TTBB TO BE OFFERED BEGINNING JANUARY 5,
1983.
SUH OP OfBRNIOBT RPS ARD OfERNIGBT EURODOLLARS, HONEY BJARKBT FORD BALANCES (GENERAL PURPOSE ABO BBOKR/DBALBR) 9
HHDAS, ABO SAVINGS AND SHALL TIHB DEPOSITS, LESS THE CONSOLIDATION ADJOSTHENT THAT REPRBSBRTS THB BSTIHATEO ABOONT OF
DBHABD DEPOSITS AND VAVLT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR TIHB ARD SAVINGS DEPOSITS LIABILITIES.
SDH OF LARGE TIHB DEPOSITS, TBRH RPS AND TERH EURODOLLARS OF U.S. RESIDENTS, BOBBT HARKET FORD BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTHBRT THAT REPRESENTS TBB BSTIBATED ABOUKT OF OVERNIGHT RPS AND EURODOLLARS HELD BT
INSTITUTION-ONLY BORBT MARKET FUNDS*
SAVINGS DEPOSITS BXCLODS HUDAS.
SHALL DBBOBINATIOR TIHB DEPOSITS—INCLUDING RETAIL B P S - ARE THOSE ISSOJSft IN AMOUNTS OF LESS THAR $100,000. ALL
INDIVIDUAL RETIREHBHT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COHBERCIAL BAN3S ART) THRIFTS ARE SUBTRACTED FROB SHALL
TIRE DEPOSITS.
LARGE DENOHINJITION TIME m?**S7.TS ARE THOSE ISSUED IN AHOUNTS OF $100,000* OR BORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TI*« DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BT MO*BY MARKET MUTUAL FORDS,
DEPOSITORY INSTITUTIONS Afl*> FOREIGN BANKS ABD OFFICIAL INSTITOTIOUS.

H.6 (506)
Table 4

COMPONENTS OF LIQUID ASSETS AND DEBT
Billions of dollars, seasonally adjusted

Datt

2/
3/
4/

Non-M3 components of L
short-term treasury
bankers acceptances2
securities1

commercial paper*

Debt components4
federal debt
non-federal debt

72.5
72.7
73.0

242.0
241.5
251.6

44.7
46.5
47.7

146.1
152.0
155.5

1236.0
1251.9
1261.3

4218.0
4263.0
4309.7

JULY
AUG.
SEPT.

73.1
73.3
73.6

259.9
267.2
278.4

48.2
47.8
46.8

159.4
160.5
157.2

1277.9
1299.0
1311.1

4353. 1
4391.2
4431.0

OCT.
MOV.
DEC.

73.7
73.9
74.1

279.8
274.9
271.6

44.8
42.5
41.3

156.7
157.6
161.8

1325.2
1347.2
1367.0

4477.3
4530.7
4586.1

1985-JAM.
FEB.
MAR.

74.4
74.9
75.3

272.7
275.0
279.5

40.8
42.5
44.3

159.6
164.8
169.0

1385.3
1401.0
1413.5

4633.4
4673.7
4716.8

API.

75.8

281.7

44.0

168.9

1429.0

4762.7

1984-APR.
HAT
JUNE

1/

savings bonds

CONSISTS OP O.S. TRBASORT BILLS AMD COOPOMS ilTH REHAIMIMG HATOBITIES OF LESS THAN 12 SONTBS HELD BI OTHER THAM DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, HOMET MARKET H0T0AL F0MDS AND FOREIGN ENTITIES.
'
NET OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDEBAL
HOME LOAN BANK STSTEH AID MONET MARKET HOTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BT MONET MARKET HDTOAL FUNDS.
DEBT DATA ARE ON A MOITBXT AVBRAGE BASIS, DERIVED BT AVERAGING END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEB
Billions of dollars, not seasonally adjusted
Nontransactions components

Other checkable deposits
Date

1

Currency

Travelers
checks2

Demand
deposits9

at commercial
banks4

at thrift

total

in M2*

in M3 only

7

Overnight
RPs1

Overnight
Eurodollars9

institutions*

General
purpose and
broker/dealer
money market
funds

154.9

5.4

247.8

101.7

38.1

139.8

1724.3

568.0

43.3

12.6

148.9

JWLT
AUG.
SEPT.

156.3
156.5
156.5

5.8
5.7
5.4

248.4
243.8
246.1

101.0
100.7
101.7

38.4
38.2
38.8

139.4
138.9
140.5

1735.8
1742.7
1750.3

578.0
587. 1
592.1

42.7
45.0
44.1

13.6
13.5
12.6

150.5
150.6
152.1

OCT.
NOV.
DEC.

156.7
158.7
160.9

5.0
4.8
4.9

245.8
248.9
257.4

101.5
103.1
105.9

39.3
40.4
41.3

140.8
143.4
147.2

1768.4
1788.5
1806.2

604.0
616.0
625.5

44.7
47.9
45.2

12.1
10.1
12.3

155.6
162.0
167.5

1985-JAB.
FEB.
HAH.

158.3
158.6
159.8

4.9
5.0
5.1

254.9
244.9
246.3

108.3
107.8
109.9

41.8
42.3
43.8

150.1
150.1
153.6

1835.9
1855.9
1864.6

620.1
619.8
627.6

48.7
56.3
55.7

14.1
13.3
12.1

171.9
175.1
177.6

161.2
163.2
165.2

5.2
5.4
5.8

255.1
251.4
259.8

114.1
110.5
113.8

46.0
45.7
47.4

160. 1
156.2
161.3

1857.9
1864.7
1884.4

628.5
631.5
627.7

47.4
51.3
50.4

11.8
12.6
12.6

176.3
172.1
175.1

1984-JUIB

APR.
RAT
JUNE P
IBEK E I D I I G :
1985-JDNB

3
10
17
24 P

163.4
166.1
165.3
164.6

257.0
262.8
261.6
255.0

112.0
115.8
114.9
112.3

46.5
48.5
47.7
46.6

158.5
164.2
162.6
158.9

58.1
49.0
50.4
50.0

12.5
12.4
11.8
12.8

172.5
173.8
175.2
176.8

JOLT

1 P

165.0

262.0

112.6

47.1

159.7

48.6

13.2

175.8

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

CURREtCT OUTSIDE TBB 0 . $ . fltEASOfty, FED EftiL RESERVE BANKS ABD TBE TADLTS OF CORHERCIAL BANKS. EXCLUDES THE E S T I H A T E D
AHOUIT OP VAOLT CASH HELD BT TflBIPT IISTITUTIOIS TO SERVICE THEIft OCD LIABILITIES.
OUTSTAVDIIG AHOOIT OP U.S. DOLLAR-DEIOHIHATED TRAVELERS CHECKS OP IONBABK ISSUERS. TRAVELERS CHECKS ISSUED BT DEPOSITOR!
INSTITUTIONS ARE I1CLUDBD II DBflAID DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BA1KS OTHER THAU THOSE DOB TO DOHESTIC BANKS, THE U.S. GOVERIHEIT ABD PORBIGI BABKS AID
OFFICIAL IISTITUTIOIS, LESS CASH ITBBS IH THE PROCESS OF COLLECTION AID F.B. FLOAT, LESS THE ESTIHATED AHOUIT OF DEHAID
DEPOSITS HELD AT COHBEHCIAL BABKS BT THRIFT IISTITUTIOBS TO SEETICK THEIR OCD LIABILITIES.
COISISTS OF IOI AID ATS BALAICES AT COflHERCIAL BAIKS, U.S. BBAICHES AID AGENCIES OF FORBIGI BAIKS, AID EDGE ACT
CORPORATIONS. IICLUDES SUPEB HOWS OF $40.3 BILLIOI II THE BEBK EIDED JOIE 17, $39.7 BILLIOI II THE IEEK EIDED JUIE 24
AID $40.0 BILLIOI II THE WEEK EIDED JULT 1.
COISISTS OF IOI AID ATS BALANCES AT SAVIRGS AID LOAI ASSOCIATIONS AID flUTOAL SAVIIGS BAIKS, CREDIT UIIOI SHABE
DRAFT BALAICES, AID DEHAID DEPOSITS AT THRIFTS. IICLUDES SUPER IONS OF $16.6 BILLIOI II THE WEEK EIDED JUIE 17, $16.4
BILLIOI IN THE IEEK EIDED JUNE 24, AID $16.5 BULLION II THE BEEK EIDED JULT 1.
SUH OF OVEBIIGHT RPS AID EURODOLLARS, BOIBT BASKET FUID BALAICES (GENERAL PURPOSE AND BROKER/DEALER), HflDAS AID SAVIIGS
AID SHALL TIHE DEPOSITS LESS THE ESTIHATED AHOUIT OF DEHAID DEPOSITS AID VAULT CASH HELD BT THRIFT IISTITUTIOIS TO SERVICE
THEIR TIME AID SAVINGS DEPOSIT LIABILITIES.
SUB OF LARGE TIHB DEPOSITS, TERB RPS AND EURODOLLARS OF U.S. RESIDENTS, HONET HARKET FUND BALANCES (INSTITUTIOI-ONLT), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVBRIIGHT RPS AND EURODOLLARS HELD BT IISTITUTION-ONLT
MONET HARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BT COMMERCIAL BAIKS TO OTHER THAN DEPOSITORT INSTITUTIONS AND
HONPY HARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUKD BT POREIGH BRANCHES OP U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORT INSTITUTIONS AND
HONPT MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H 6 (506)
Table 5-contlnued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted

Date

Money market deposit accounts
at
at
total
thrift
commercial
institutions
banks

at
commercial
banks

Savings deposits1
at
thrift
institutions

total

Smalt denomination time deposits2
at
at
commercial
thrift
total
banks
institutions

Large denomination time deposits'
at
at
commercial
thrift
total
4
Institutions
banks

245.9

151.9

397.8

130.0

174.4

304.4

367.1

457.2

824.4

248.5

129.7

378.2

JOLT
106.
SEPT.

241.9
243.6
244.8

149.3
145.3
143.8

394.2
388.9
388.6

129.3
126.8
125.2

173.3
168.9
167.4

302.6
295.7
292.6

372.7
379.9
384.0

466.6
475.9
483.4

839.3
855.8
867.4

253.5
256.4
259.3

134.6
138.7
138.6

388.0
395.1
397.9

OCT.
I! O f .
DBC.

248.2
257.1
267. 1

143.9
145.4
147.9

392.0
402.4
415.1

124.3
122.7
121.4

167.4
166.1
164.9

291.7
288.8
286.3

386.2
387.1
387.6

493.2
497.4
499.4

879.4
884.5
887.0

264.0
263.6
265.9

143.1
147.6
151.1

407.1
411.2
416.9

1985-JAN.
FEB.
HAR.

280 e 4
289.3
294.0

153.2
159.0
163.9

433.7
448.4
457.9

121.1
120.4
120.6

165.7
166.5
168.2

286.9
286.9
288.8

386.3
384.1
383.7

502.0
499.5
496.2

888.4
883.6
880.0

263.0
263.9
269.9

154.1
154.9
153.3

417.1
418.8
423.1

API.
HAT
J0I8 P

295.9
298.2
307,. 2

164.4
165.5
167.6

460.3
463.7
474.3

120.9
121.7
123.2

169.3
170.2
172.6

290.2
291.9
295.8

383.9
385.2
386.4

495.7
495.7
497.5

879.5
880.9
883.3

270.4
269.9
267.2

153.4
156.0
155.8

423.7
425.9
423.0

1984-JONE

VSEK ENDING
1985
JUNE

JOLT

1/
2/
3/
4/

3
19
17
24 P

303.0
306.1
307.7
307.9

122.4
123.3
123.2
123.0

385.8
386.1
386.4
386.6

269.0
268.4
267.8
266.2

5 ?

309.1

123.4

386.7

265.1

SATIUCS :>2F'OSITS BXCL0DB HHDAS.
SHALL DENOMINATION TIflE DEPOSITS — INCLUDING RETAIL RPS — ABE THOSE ISS0SD Ii AHOJNTS 07 LESS THAI $100,000. ALL
INDI7IDUAL RETIREMENT ACCO0WTS (ISA) AHD KEOGH ACCOUNTS AT COHHERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROH SHALL
TIHB DEPOSITS.
LABGB DENOMINATION TIME DEPOSITS ARE THOSE ISS0ED IX AHOUSTS OP $100,000 OR BORE, BZCL0DIJG 'THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOHINATION TIRE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD B? riONE? HARKET fiOTUAL PONDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




Tabte 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
lerro RPs1
Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

lerm
Eurodollar!1

Savings
bonds

NonM3Cw Ttponents of L
Short-term
DSfnterv
treasury
acceptances4
securities1

Components of Debt
Commercial
paper*

fed**

debt*

Non-Federal*
debt

45.7

29.2

30.0

59.2

89.3

72.8

249.1

47.2

158.3

1255.8

4291.9

ini T
AUG.
SEPT.

46. 1
46.2
46.9

28. 1
30.7
31.3

31.8
33.4
35.4

60.0
64.1
66.6

88.3
86.5
85.6

73.0
73.3
73.5

258.0
265.9
275.5

47.5
47.7
47.2

OCT.
MOT.
DEC.

52.2
58.3
62.7

33.1
35.4
32.5

36.1
35.3
37.3

69.3
70.7
69.7

80.6
81.9
83.2

73.8
74.0
74.4

278.1
272.1
269.0

45.1
43.3
42.8

161.2
159.8
158.4
158.3
159.4
156.9

1985-JAI.
FEB.

65*0
62.2
59.5

29.9'
31.2
32.7

35.1
34.5
36.2

65.0
65.7
68.9

81.2
81.3
84.5

74.6
74.9

75.3

275.2
280.7
288.3

42.0
42.7
43.2

157.3
164.2
167.7

59.6
63.5
67.1

35.2

71.9
68.8
67.4

80.3
80.1
77.7

75.6

284.1

42.6

169.3

4338.8
4376.3
4419.2
4469.0
4523.1
4582.5
4627.4
4655.4
4689.4
4734.1

33.4
33.2

36.8
35.4
34.3

1270.8
1295.8
1310.5
1323.0
1343.0
1364.7
1383.1
1397.4
1412.0
1427. 1

24 P

65.8
65.5
67.0
69.2

33.7
33.4
32.8
33.5

1P

67.3

32.7

1984-JONB
UUlil

MAB.
API.
HAT
JO WE P

VEEK ENDING:
1985~J0IB

3
10
17

JOLT

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

TEBH RPS ABE THOSE WITH OII6IIAL flATOBITIBS GEEATEH THIN ONE DAT, EXCLUDING COITIIOING COMTRACTS AMD RETAIL RPS. INCLUDES
A BEL ATI? EL T SHALL ABODIT OP OfEBNIGHT BPS AT THRIFT INSTITUTIONS.
TBRH EURODOLLARS ABE THOSE WITH ORIGINAL HATOHITIES GREATER THAI O1S DAT. CONSISTS OP THOSE ISSUED TO 0.S. RBSIDEITS BT
FOREIGI BRANCHES OF U.S. BAIKS B0BL08IDE AID BT ALL BANKING OFFICES IB THE Oil I TED KIHGDOH AID CANADA. EXCLUDES THOSE HELD
BT DSPOSITOBT INSTITUTIONS AID BOHEI HABKET MUTUAL F0IDS.
CONSISTS OF U.S. TREASOET SILLS AID COUPOHS HITS BEHAIIIIG HATOIITXES OF LESS THAI 12 HOITHS HELD BT OTHEB THAI DEPOSITORY
INSTITUTIONS, FEDERAL EESEBTB BAIKS, HOIET HABKST HOTUAL FUNDS, AND FOBEIGI ENTITIES.
1ST OP BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, PEOBBAL RESERVE BANKS, FOBEIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOHE LOAN BANK STSTEH AND HOIET HABKET HUTUAL FUNDS.
TOTAL COHHERCIAL PAPER LESS COHHERCIAL PAPER HELD BT HOBKT MARKET HOTOAL PONDS.
DEBT DATA ARB ON A "SONTHLT ATERAGE BASIS, DEBITED BT ATEBAGING END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HATE BEEN
ADJUSTED TO REHOYE DISCONTINUITIES.




H.6 (506)
Table 6

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

Date

foreign
commercial
banks

foreign
official
institutions

Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

U.S. government deposits
demand
deposits at
commercial
banks

time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

8.5

16.2

0.9

40.0

53.9

6.2

100.0

4.0
3.6
6.0

9.0
7.5

14.1

15.8
13.9
23.6

0.9
0.9
1.0

40.6
41.3
41.9

54.7
55. 1
55.9

6.2
6.2
6.2

101.5
102.7
104.0

9.4

9.4

2.7
2.8
3.4

4.0
3.2
3.4

8.4
7.5
9.1

15.1
13.6
16.0

1.0
1.1
1.0

42.6
43.2
43.8

56.9
57.7
59.0

6.2
6.5
6.9

105.7
107.3
109.7

1.9
2.1
1.8

9.2
8.9
8.7

3.7
3.1
3.6

4.0
4.3
3.8

14.9
12.7
9.2

22.5
20.1
16.6

1.1
1.1
1.0

45.3
47.0
48.8

61.4
63.1
65.4

7.4
7.7
7.9

114.0
117*9
122.1

7.6
7.8
7.8

1.9
2.1
1.9

8.5
8.4
8.3

3.9
3.1
3.5

6.6
6.7
2.8

11.5
17.8
11.4

22.0
27.6
17.7

11.0
1.0
1.0

53.5
55.1
55.8

69. 2«
70.5e
71.4e

8.5e
8.7e
8.8e

131.2e
134.3e
136. Oe

3
10
17
24 P

7.6
8.2
7.4
7.6

1.9
1.8
2.2
1.9

8.3
8.4
8.3
8.3

2.8
3.0
4.7
3.5

2.7
2.3
2.0
3.7

9.8
5.4
4.7

17.3

15.2
10.6
11.3
24.5

1.0
1.0
1.0
1.0

1 P

8.0

1.8

8.3

2.9

3.5

20.3

26.7

1.0

2.0

8.4

3.9

.TOLT
AUG.
SEPT,

8.7
8.4
8.4

2.0
1.9
2.0

8.4
9.0
9.4

OCT.
NOF.
DEC.

8.5
8.6
8.6

1.8
2.1
2.0

9.2

1985-JAN.
FEB.
HAS.

8.5
8.3
7.5

APR.
HAT
JDIE P

JOLT

total demand
deposits and
note and
FR balances

2.8
2.9
3.4

8.6

1985
JOHE

nots balances
at commercial
banks
and thrift
institutions

3.8

1984-JONE

IBEK

bal&nces at
Federal
Reserve
Banks

IRA and Keogh Accounts

BIDIIG:

estimated




Supplementary Table 1
Levels and Annual Growth Rates of Ml Using Standard,
Concurrent,^ and Experimental Alternative^
Seasonal Adjustment Procedures
(Monthly average)
Levels in billions of dollars
Experimental
Standard
Concurrent Alternative

Annual growth rates in percent
Experimental
Standard
Concurrent
Alternative

548.3

548.9

548.1

-7.0

-5.0

-2.8

November

553.8

554.1

551.5

12.0

11.4

7.4

December

558 .5

558.8

557.2

10.2

10.2

12.4

562 .7

563.2

561.4

9.0

9.4

9.0

February

569.4

569.6

• 570.1

14.3

13.6

18.6

March

572.1

572.8

574.4

5.7

6.7

9.1

April

574.9

575.8

576.2

5.9

6.3

3.8

May

581 .6

581.5

583.2

14.0

11.9

14.6

June

591.1

589.4

592.3

19.6

16.3

18.7

1984 - October

1985 - January

1. Standard monthly seasonal factors are derived at the beginning of each year by applying
an X-11/ARlMA-based procedure to data through the end of the previous year.
2. Concurrent monthly seasonal factors are derived each month by applying an X-11/ARIM\based procedure to data through that month.
3. Alternative monthly seasonal factors are derived using an experimental model-based
procedure. This procedure uses a combination of statistical regression and time series
modeling techniques to construct seasonal factors that are more sensitive than the standard 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.