Full text of H.6 Money Stock Measures : July 26, 1979

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F E D E R A L

R E S E R V E

statistical

release

TaM*1

FEDERAL RESERVE Statistical R»l«M^H.a(SOe)

For Immediate R I I M M

MONEY STOCK MEASURES
IN BILLIONS OF DOLLARS
M-1

M-2

M-3

M-1 Pius
M-1 Plus
Savings
Time
M-2 Plus
Currency
Deposits at Deposits at Deposits at
Plus
CB's and
Nonbank
Commercial
Demand
Thrift
Deposits V Checkable Banks Other
Deposits at Than Large Institutions^/
CD's 2/
Thrift lnst.2/

Date

Saosonally Ad)u»M
842.6
1433.1
848.6
1444.5
856.5
1458.0
865.6
1474.1
870.2
1484.8
87?. 7
1493.1
875.8
1500.1
875.0
1503.7
876.7
1509.7
879.5
1517.5
889.8
1530.8
893.8
1537.0
904.3
r1552.0

352.5
354.4
356.7
360.7
?61.2
360.6
361.2
359.7
358.6
359.0
364.3
364.5
368.9

r
r
r
r
r
r
r
r

23
30

*64.5
364.0

r 5*4.0
r 583.4

894.4
895.3

JUNE

6
13
20
27

371.1
368.5
368.8
368.7

r
r
r
r

591.2
589.3
589.9
589.9

JULY

4P
IIP
18P

r 591.7
r 596.0
595.3

1978—JUNE
JULY
AUG.
S C PT.
OCT.
NOV.
DFC.
1979—JAN.
FEB.
MAR.
AP*.
MAY
JUNE P

WEEK

M-1 +

578.6
580.1
583.6
589.5
589.9
587.8
587.2
583.4
580.1
579.6
585.1
584.0
589.8

M-4
M-2 Plus
Large
Negotiable
CD's 5/

M-5
M-3 Plus
Large
Negotiable
CD'sS/

M-1 +

M-1

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

y

i

M-2

M-3

M-1 Plus
Time
M-2 Plus
Deposits at Deposits at
Commercial
Nonbank
Banks Other
Thrift
Than Large Institutions-*/
CD's!/

JULY

2*, 19?9

M-4

M-S

M-2 Plus
Large
Negotiable
CD's 5/

M-3 Plus
Large
Negotiable
CD's 5/

Not SMtonally Adjusted
1436.8
1450.1
1455.1
1468.6
1480.9
1487.2
1502. 8
1506.8
1502.1
1517.4
1540.8
1536.4
r 1555.9

351.8
356.2
354.1
358.5
361.0
362.6
371.3
365.4
351.9
353.7
367.4
359.1
368.1

*579.5
583.7
580.9
585.5
r 588.1
r 5*7.9
r 595.2
r 588.3
r 572.8
r 575.6
r 590.7
r 580.5
r 590.7

844.0
851.3
853.4
861.1
867.5
871.0
881.5
879.6
871.0
878.2
896.8
89?. 1
905.8

984.3
983.6

356.5
356.2

r 577.9
r 577.5

890.4
891.6

979.1
979.3

903.4
902.8
904.6
905.8

989.3
987.3
989.1
990.3

370.2
369.4
368.6
363.7

r
r
r
r

592.5
592.1
591.0
5 86.0

906,3
906.9
906.1
901.9

991.8
991.0
9R9. 8
986.2

909.0
r 913.7
914.8

r 994.2
r 998.5
998.6

374.5
r 378.6
376.6

r 598.2
r 603.6
601.5

915.2
r 920.3
919.8

10 00.3
r 1004.4
100?.7

929.3
936.6
944.1
954.1
958.8
969. 1
972.4
975.5
978.8
978.5
984.8
984.4
989.1

1519.8
1532.5
1545.6
1562.6
1573.4
1588.6
1596.7
1604.2
1611.8
1616.5
1625.9
1627.6
1636.9

°30.3
938.6
941.*
951.4
958.*
°67.4
9B1.0
980.7
°70.6
975.7
989.5
981.1
990.3

1523.1
1537.5
1^43.?
155R.9
1571.7
J. 583.5
!60?.4
1607.q
1601.7
1614.9
1633.5
1625.4
r 1640.4

ENDING:

X97C-MAY

369.9
r 373.4
372.5

1/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMFNT,
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; ANO (3) CURRENCY OUTSIDE
THE TREASURY, F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES Mlf PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT
ACCOUNTS, AND OEMAND 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 $103,000 OR MOPE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARES, ANO
CREDIT UNION SHARES.
 5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
http://fraser.stlouisfed.org/
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
Federal Reserve Bank of St. Louis

FEDERAL RESERVE Statistical F M M N H.6(508)

Table 2

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

M-1

M-1+

M-2

M-3

M-4

M-5

Currency
Plus
Demand
Deposits ^

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

M-1 Plus Time
Deposits at
Commercial
Banks Other Than
Large CD's i

M-2 Plus Deposits
at Nontank Thrift
Institutions*/

M-2 Plus Large
Negotiable CD's 5/

M-3 Plus Large
Negotiable CD's §/

JUNE

FROM:

MAR.

1979

(3 MONTHS PREVIOUS)

11.0

7.0

11.3

9.1

4.3

5.0

DEC.

1978

( 6 MONTHS PREVIOUS)

4.3

0.9

6.5

6.9

3.4

5.0

JUNE

1978

(12 MONTHS PREVIOUS)

4.7

1.9

7.3

8.T

6.4

7.7

FOUR WEFKS ENDING: JULY
18,
FROM FOUR WEEKS ENDING:

1979

APR.

1 8 t 1979(13 WEEKS PREVIOUS)

10.6

7.6

11.6

5.7

JAN.

1 7 , 1979(26 WEEKS PREVIOUS)

5.6

2.4

8.0

4.4

JULY

1 9 , 1978(52 WEEKS PREVIOUS)

4.9

2.3

7.6

6.6

1/ INCLUDES (I) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THF U.S.GOVERNMENT,
LESS CA5H ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (*) CURRFNCY O U T S I T
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 SHARF DPA^T
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AN3 TIME CERT IF ICATES*OF
DEPOSITS OTHFR THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS 0* $100,000 OR MOPF RY LARGE WFEKLY pppoqyING COMMERCIAL BANKS.
4/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARE C , AND
CREDIT UNION SHARES.
5/ INCLUDES M?, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIMF CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OP MO*F.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT CPMPPUNOFD.




FEOIRAL RESERVE 8 t i

>H.6

Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Time and Savings Deposits^
Dote

Currency

Demand
Deposits

Time Deposits
Savings 3/

Total

CD's-2/

Other

223.5
222.9
2?4. 1
226.0
2?5.9
224.3
223.0
220.8
21A.6
21^.7
217.7
216.4
217.8

576.8
582.1
587.4
593.5
597.7
608.5
611.2
615.8
620.2
619.5
670.6
619.9
620.3

92.5
93.2
93.9
95.2
95.8
96.6
97.5
98.?
98.9
99.4
100.2
100.7
101.4

?60,0
261.2
262.8
265.5
265,3
264.0
263.7
261.5
259.7
259.5
264.1
263.8
267.5

86.7
83.0
87.6
88.5
88.6
95.4
96.6
100.5
102.1
99.
0
C
Q0.6
84.9

266.6
271.2
275.7
27«.9
283.2
288.8
291.5
294.6
29Q.5
30?.9
307.9
313.0
317.6

23
30

100.8
101.3

263.7
262.7

8<>.8
«8.2

313.7
315.1

216.3
216.2

619.8
619.6

JUNE

6
13
20
27

101.*
101.2
101.4
loi.a

269.6
267.3
267.4
266.8

B5.9
84.5
84.5
84.6

315.4
316.6
317.8
319.0

217.0
?17.7
218.0
218.1

613.2
618.9
620.3
621.7

JULY

4P
IIP
18P

101.9
102.0
102.3

267.9
r 271.4
270.2

R5.2
84. P
83.8

320.5
r 320.8
322.7

218.7
219.5
219.6

624.4
r 625.1
626.1

19TQ—JUNE
JULY
AUG.
SFPT.
OCT.
NOV.
DEC.
1979—JAN.
FEB.
MAR.
APR.
*AY
J'JNE P

9 .O

Nonbank
Thrift
Institutions^

590. r>
595.9
60B.5
614.6
619. *
624.4
628.7
633.0
638.0
641.0
643.?
r 647.7

WE£K ENDING:

1979-MAY

1/
2/

TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
INCLUOES NEGOTIABLE TIME CERTIFICATES O c DEPOSIT ISSUFO I N DENOMINATIONS 0 * $ 1 0 0 , 0 0 0 OR MORE BY LARGF WEEKLY REPORTING COMMERCIAL BANKS.
3 / INCLUOES NOW ACCOUNTS. AT COMMERCIAL BANKS.
4 / AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT U N I W SHARES.
P -* PRELIMINARY;
R - REVISED




FEDERAL RESERVE Statistical R n m H.6(508)

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED. IN BILUONS OF DOLLARS
Time and Savings Deposit^

Demand Deposits
Date

Currency
Total^

Member

Domestic^
Nonmember

Time Deposits
Savings-^

CD's 4 7

Other

Total

92.8
93.9
94.?
Q4.9
o«>.6
O7.3
99.1
97.4
97.6
98.6
99.9
100.6
101.7

259.0
262.3
2 59,9
263.6
265.3
265.3
272.2
?68.0
254.2
255. 1
?67.5
258.5
266.4

175.8
177.9
176.2
178.3
179.4
178.4
183.0
179.3
169.6
170.4
178.5
171.8
177.1

79.2
R0.4
79.8
81.4
. 82 .2
83.2
85.2
84.6
80.7
80.6
85.1
82.6
P4.P

86.3
87.3
88.0
90.3
90.3
96.4
99.5
101.1
99.6
97.5
92.6
98.9
«4.4

267.1
270.3
275.2
278.4
282.3
286.0
289.2
294.3
301.1
305.5
309.3
314.9
31R.3

225.1
2?4.8
224.1
224.2
224.?
222.4
220.°
219.9
218.0
218.9
220.1
218.2
219.4

578.5
^82.4
587.4
^92.9
597.4
604.8
609.7
615.3
618.7
622.0
622.1
622.0
622.?

23
30

100.4
100.6

256.1
255.6

170.2
170.2

81.8
81.0

88.7
87.7

315.7
317.3

218.2
218.1

6?2.7
623.1

13
20
27

101.9
102.1
101.7
131.2

268.3
267.3
266.9
262.6

178.7
177.1
177.3
174.7

84.9
85.5
85.2
83.5

85.5
84.1
83.8
P4.3

316.9
317.9
318.2
319.1

219.2
219.6
219.3
219.1

621.6
621.7
621.3
622.5

102.ft
r103.9
103.4

271.7
r 274.6
273.2

181.5
r182.3
181.8

«5.9
88.1
87.2

85.1
R4.1
82.9

320.1
r 319.8
321.4

220.5
221.9
221.7

625.8
r 625.8
626.1

1978—JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
OFC.
1OTC J 4 N .
FEB.
MAR.
APR.
MAY

J5JN5 P

Other
Checkable
Deposits

2.6
2.7
2.7
2.8

, r 2.9
2.9

r
r
r
r
r
r
r

3.0
2.9
2.9
3.0
3..^
3.2
*.l

Nonbank
Thrift
Institutions

592.8
598.P
601.7
607.5
613.4
616.2
621.4
677.1
631.1
639.2
644.0
644.3
650.1

U.S.
Gov't.
Demand 57

6.?
4.4
3.5
6.2
4.*>
9.0

10.'
11.9
«.3
6.S
8.4
10.8

WCCK ENDING :

197Q-MAY

JUNE

JJLY

4P
IIP

18°

7.9
4.4
16,9
13.7
ltil
12.0

ti.r

1/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ TOTAL OEWANO DEPOSITS INCLUOEt IN ADDITION JO 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.
3/ BASED ON MOST RECENT CALL REPORT DATA.
4/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF *100t000 OR MORE BY LARGE WEEKLY REPORTING
COMMERCIAL BANKS.
5/ INCLUDES NOW ACCOUNTS AT COMMERCIAL BANKS.
6/ INCLUDES NOW ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
7/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
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) and NOW Accounts in New York State at
Insured Commercial B a n k s ^
(amounts outstanding, millions of dollars)
2/
ATS Accounts—'
June

,July

1/
2J

2/
NOW Accounts in New York State-

20

6750

1810

27

6675

1710

4

6815

1905

11

7100

1915

18

7210

1940

Excluding commercial banks in Massachusetts, New Hampshire, Connecticut, Rhode
Island, Maine and Vermont,
Estimates are based on data collected by the Federal Reserve and the FDIC from
a stratified random sample of 351 commercial banks.




SPECIAL SUPPLEMENTARY TABLE*
Money Market Certificates—
All Insured Commercial Banks and All Mutual Savings Banks
As of May 30, 1979 and June 27, 1979

Mutual Savings
Banks3/

Commercial
Banks^/
May 30

June 27

May 30

June 27

4/
Amount outstanding-1
(millions of dollars)

56,262

59,307r

24,079

24,175r

Number of institutions
offering

12,631

12,690r

461

460

93.8

96.6r

Percent of offering
institutions paying the
ceiling rate during the
survey week

85.7

97.7

r—revised
* The survey collecting these data has been conducted as of the last Wednesday
of each month since June 1978.
1/ 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
percent higher. This new category of deposits was authorized beginning on
June 1, 1978.
_2/ Estimates for all insured commercial banks in May are based on data
collected by the Federal Reserve and the FDIC from a stratified random
sample of about 535 banks.
3/ Estimates for all mutual savings banks in Kay are based on data collected
by the FDIC from a stratified random sample of about 100 banks.
4/ For June 27, the standard error associated with the dollar estimates for
commercial banks is about $1.1 billion, and for mutual savings banks the
standard error is about $475 million. For May 30, the standard errors
for commercial banks and mutual savings banks are $1.2 billion and $400
million, respectively.