Full text of H.6 Money Stock Measures : June 13, 1985

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FEDERAL RESERVE statistical release
H.6 (508)
Table 1

For Release at 4 30 Eastern Time

MONEY STOCK, LIQUID ASSETS, AND DEBT 1*EASU RES

JUMI

Billions of dollars

Date

M1

M2

Sum of currency,
travelers checks.
demand deposits and
other checkable deoosits1

M l plus overnight RPs
and Eurodollars.
MMMF balances (gen. pur.
and broker/dealer), MMOAs,
and savings and small
time deposits2

M3
M2plus
large time deposits,
term RPs, term Eurodollars
mnd institution-only
MMMF balances'

13,

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors4

1985

Seasonally adjusted

1984—BAT
JDBE
JOLT
AUG.
SEPT.
OCT.
MOT.
DEC.

542.5
547.3
546.9
548.9
551.5
548.3
553.8
558.5

2255.2
2269.3
2280.2
2292.8
2308.4
2319.3
2346.3
2371.7

2814.6
2838.8
2862.0
2878.8
2901.0
2925.0
2959.9
2995. 0

3327.4
3366.5
J402.7
3429.7
J459.0
3480.2
3508.9
3544.0

5519.7
5575.5
5635.0
5692.6
5741.1
5796.9
5866.8
5936.6

1985—JAB.
FEB.
BAB.
APR.
BAT P

562.7
569.4
572.1
575.0
581.5

2398.9
2421.0
2429.2
2427.6
2444.2

3020.6
3041.1
3055.6
3057.4
3077.4

3568.1
3597.8
3623.9

6001.0
6062. 1
6121.5

Not seasonally adjusted

1984—BAT
JOHE
JOLT
AOG.
SEPT.
OCT.
MOT.
DEC.

537.3
547.9
549.9
545.0
548.5
548.2
555.9
570.4

2251.3
2272.3
2285.7
2287.7
2298.8
2316.6
2344.4
2376.7

2812.2
2840.3
2863.6
2674. 8
2890. 9
2920. 6
2960.4
3002. 2

3321.3
3367.8
3403.3
J423.4
3447.5
3475.9
3509.3
3545.3

5493.5
5552.3
5613.6
5674. 1
5728.5
5786.5
5854.6
5930.2

1985—JAM.
FEB.
BAB.
APfi.
BAT P

568.3
558.6
564.9
581.6
576.1

2404.1
2414.5
2429.5
2439.5
2440.3

3024.3
3034.4
3057.3
3069.3
3075. 3

3573.5
3596.5
3631.4

5992.5
6038.2
6090.8

M1

For period ended

1985-flAT.

JDBE

VOTE:

13-week average

Seasonally adjusted
4—week average

6
13
20
27 P

573.0
573.8
574.8
575.7

575.8
576.9
578.3
580.7

3 P

576,7

582.6

week average

13-week average

Not seasonally adjusted
4-week average

week average

577.7
577.9
i
562.2
584.8

569.3
570.6
572.1
573.3

579.9
577.2
575.4
575.7

578.5
577.5
578.0
568.7

585.6

5 74.6

577.1

564.2

i
i

SPECIAL CAOTIOV SHOOLD BE TAKE! I I IBTEBPBETIHG IES&-TO-IEEK CBAIGES I B BOIEI SUPPLT DATA, IHICfl ABE
HIGHLY VOLATILE AMD SUBJECT TO BEVISIOH.
P—INDICATES PBELIBIBABT DATA.
FOOTBOTES APPEAB OH TBE FOLLOilBG PAGE




H.6 (508)
Tabte 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Rtrcant ch«ng« at seasonally Adjusted annual rates

Ml
3 MONTHS FfiOB FEB.

1 9 8 5 TO HAY

1985

6 MONTHS FROM MOV.

1 9 8 4 TO HAY

1985

1 9 8 4 TO N i l

1985

12 SOUTHS FBOH a i l

8.5
10.0
7.2

M2

M3

Debt 1

3.8

4.8

12.5

8.3

7.9

13.3

8.4

9.3

13.4

THIBTBEN WEEKS ENDING JONB 3 , 1 9 8 5
FBOfl THIBTBBN NBBKS ENDIKG:

1/

1/

2/

3/

4/
5/

BAR.

4#

1985

( 1 3 HEEKS PREVIOUS)

9.0

DEC.

3,

1984

( 2 6 WEEKS PREVIOUS)

9.2

JOMB

4,

1984

( 5 2 WEEKS PBEVIOUS)

6.8

GBOUTH MATES POB DEBT ABE BASED ON PBBIODS BEGINNING AMD ENDING TWO BONTJiS BABLIEfi THAN FOB THB MOBBTABY AGGREGATES,
NAMELY, DECEMBER 1 9 8 4 TO BABCU 1 9 8 5 , SBPTEHBBR 1 9 8 4 TO MABCH 1 9 8 5 , AND HABCH 1 9 8 4 TO BABCB 1 9 8 5 , RESPECTIVELY.

FOOTNOTES TO TABLE 1
CONSISTS OF (1) CUBBENCT OOTSIDE THE TBEAS0BI, FBDEBAL BESBBVE BANKS, AND TUB VAULTS OF COBBBBCIAL BANKS;
(2) TBAVELSBS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COBHBBCIAL BANKS OTHEB 1BAN THOSE DUB TO
DOMESTIC BANKS, THE 0.S. GOYEHNHBNT, AND FOBBIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PBOCBSS
OF COLLECTION AND FBDBBA1 BESBBVE FLOAT; ANO (4) OTHEB CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE OBDBfi
OF WITHDRAWAL (NOW) AND AUTOMATIC TBANSFEB SERVICE (ATS) ACCOUNTS AT DEPOSITOBT INSTITUTIONS,
CBEDIT ONION SHABB DBAFT ACCOUNTS AND DEMAND DEPOSITS AT THBIPT INSTITUTIONS. THE CUBBBNCT AND DEMAND
DEPOSIT COMPONENTS EICLUDB THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, BESPBCTIVBLY, HELD BY
THBIPT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF Ml PLUS OVEBNIGHT (AND CONTINUING CONTRACT) BPS ISSUED BY ALL COHHBBCIAL BANKS AND OVERNIGHT EUBODOLLABS
ISSUED TO U.S. BESIDENTS BT FOBEIGN BBANCHES OF U.S. BANKS WOBLDWIDB, MMDAS, SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN $100,000), AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENEBAL PUBPOSE AND BBOKEB/DEALBfi MONET HABKET MUTUAL FUNDS. EXCLUDES IBA AND KEOGH
BALANCES AT DEPOSITOBT INSTITUTIONS AND MONET MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMEBCIAL
BANKS, MONEY MABKET FUNDS (GBNEBAL PURPOSE AND BROKER/DEALER), FOBEIGN GOVERNMENTS AND COMMEBCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUBTBACTED IS A CONSOLIDATION ADJUSTMENT THAT BEPBESEMTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIB TIME AND SAVINGS DEPOSITS.
CONSISTS OF H2 PLUS LABGB DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OB MORE) AND TERM RP LIABILITIES ISSUBD
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EUBODOLLABS HELD BY U.S. BESIDENTS AT FOBBIGN BBANCHBS OF U.S. BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-BXBMPT
INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVEBBHENT, MONEY
MABKET FUNDS, AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTBACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY HONEY MABKET MUTUAL FUNDS.
CONSISTS OF H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMEBCIAL
PAPEB AND BANKEBS ACCEPTANCES, NET OF MONEY HABKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMES CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHEB DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERVE BOABD'S FLOW OF FUNDS ACCOUNTS. ALL DATA CN DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVER AGE FOBH, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO BEHOVE STATISTICAL DISCONTINUITIES THAT MAY ABISE IN THE UNDERLYING FLOW OF FUNDS STATISTICS.
THE PRESENTATION OF DBBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED IN
IN THE FEDLHAL RESEKVE RELEASES Z. 7 AND Z. 1. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT HABKBT DEBT ABE HEASUBBD ON A
A UUARTER-KND BASIS AND INCLUDE DISCONTINUITIES.




COMPONENTS OF THE MONEY STOCK
•Mllons of dollars, seasonally adjusted

Dete

1

Currency

cnecRs

Demand
deposits9

Other
checkable
deposits4

Nontraneactlons
components
In MS
only*
mitt*

thrift

total
301.5

128.7

172.7
172.1

Selected nontransacttons Items
Small time depoelts
at
at
total
thftft
banks
Institutions
456. 4
366. 2
822.6

300.8

371.0

463.0

834.0

LanM time deposits'
at
total
thrift
19
banks
Institutions
124.6
245.2
369.8
249.4
130.1
379.5

Savings deposi ts7
at
oommofolol
banks
128.8

at

at

154.3

5. 1
5. 1

246.3
248.9

138.3
139.0

1712.8
1722.0

559.4
569.4

JULY
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
47t.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.
NOV.
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
613.6
623.3

124.9
123.8
122.6

167.7
166.9
166.0

292.6
290.7
288.6

383. 1
384.5
387.0

489.6
494.0
498.6

872.7
878.5
885.6

263.2
263.6
264.4

141.9
147. 1
151.8

405. 1
410.7
416.2

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
1857.0

621.7 i 121.6
620.0 | 121.4
626.4
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
419.4
423.7

161.7
163.0

5.5
5.5

252.5
255.7

155.3
157.3

1852.7
1862.7

629.8
633.2

168.3
169.0

287.9
289.4

387.6
389.9

497.8
501.8

885.3
891.8

272.8
271.7

154.3
156.0

427.1
427.7

1984-HAY
JUNE

1985-JAN.
FEB.
MAR.
APR.
MAY P

152.8

119.6
120.4

KEEK ENDING
1985
MAY

JUNE

6
13
20
27 P

162.4
162.5
163.2
163.6

253.8
253.1
256.3
257.4

156.0
156.8
157.2
158.3

120.2
120.3
120.4
120.5

389.3
389.3
390.1
390.7

273.3
273.1
271.6
270.4

3 P

163.5

258.2

158.4

121.0

390.4

269.1

1/

CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND VAULTS OP COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OP VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
2/ OUTSTANDING AMOUNT OP U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
3/ DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE 0.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT.
EXCLUDES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
4/ CONSISTS OF NOW AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THE
SEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED ARE ALL CEILING
FREE "SUPER NOWS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO EE OFFERED BEGINNING JANUARY 5,
1983.
5/ SUM OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
HHDAS, AND SAVINGS AND SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS LIABILITIES.
6/ SUM OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF 0.S. RESIDENTS. MONEY MARKET FUND BALANCES (INSTITUTIONONLY) 9 LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY
INSTITUTION-ONLY MONEY MARKET FUNDS.
7/ SAVINGS DEPOSITS EXCLUDE NMDAS.
8/ SMALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
JNDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SMALL
TIME DEPOSITS.
9/ LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
10/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY MONEY MARKET MUTUAL FUNDS,
DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H 6 (506)
Table 4

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

1/
2/
3/
4/

savinos bonds

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

commercial paper*

Debt components4
federal debt
non-federal debt

1984-HAB.

72.1

243.4

44.0

142.9

1224.6

4173.7

APB.
HAY
JUMB

72.5
72.7
73.0

242.0
241.5
251.6

44.7
46.5
47.7

146.1
152.0
155.5

1236.8
1251.9
1261.3

4221.3
4267.8
4314.2

JULY
AUG.
SEPT.

73.1
73.3
73.6

259.9
269.2
280.4

48.2
47.8
46.8

159.4
160.5
157.2

1277.9
1299.0
1311. 1

4357. 1
4393.6
4430.0

OCT.
MOV.
DEC.

73.7
73.9
74.1

279.9
275.0
271.8

44.8
42.5
41.3

156.7
157.6
161.8

1325.2
1347.2
1367. 1

4471.7
4519.6
4569.6

19 8 5 - J A N .
FEB.
MAB.

74.4
74.9
75.3

272.7
274.6
279.6

40.8
42.5
44.3

159.6
164.8
169.1

1365.5
1402.2
1414.4

4615.5
4660. 0
4707. 1

CONSISTS OF O.S. TREASURY BILLS AMD COUPO1S HITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHEfi THAI OEPOSITOBY
INSTITUTIONS, FEDBBAL BESEBVE BANKS, HONEY BASKET MUTUAL FUNDS AND FOBEIGN ENTITIES.
NET OF BANKBBS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDEBAL RESERVE BANKS, FOBBIGN OFFICIAL INSTITUTIONS, THI FBDEBAL
HOME LOAN BANK SYSTEM AND NONBY MARKET fiUTUAL FUNDS.
TOTAL COMHBBCIAL PAPBB LESS COMMERCIAL PAPBB HELD BY MONEY MARKET MUTUAL FUNDS.
DEBT DATA ABB ON A MONTHLY AVERAGE BASIS, DEBIVED BY AVERAGING END-OF-HQNTH LEVELS OF ADJACENT MONTHS, AMD HAVB BEBN
ADJUSTED TO BEMOVB DISCONTINUITIES.




H.6 (508)
Table 5

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

Other checkable deposits

in M3 only7

Overnight
RPs*

1735.8
1742*7
1750.3

560.0
568.0
578.0
587.1
592.1

46.2
43.3
42.7
45.0
44.1

140.8
143.4
147.2

1768.4
1788.5
1806.2

604.0
616.0
625.5

44.7
47.9
45.2

41.8
42.3
43.8

150.1
150.1
153.6

1835.9
1855.9
1864.6

620.1
619.8
627.9

114.1
110.5

46.0
45.7

160.1
156.2

1857.9
1864,2

629,8
635.0

S8.7
36.3
55.7
47.4
51.4

Travelers
checks7

Demand
deposits3

152.9
154.9

5.0
5.4

242.1
247.8

100.3
101.7

37.1
38. 1

137.4
139.8

1714.0
1724.3

JULT
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

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

1985-JAN.
FEB.
MAR.

158.3
158.6
159.8

4.9
5.0
5.1

254.9
244.9
246.3

108.3
107.8
109.9

161.2
163.1

5.2
5.4

255.1
251.4

Currency1

Date

1984-HAT
JUNE

APR.
HAT P

at commercial
banks4

at thrift
institutions*

total

in M2*

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

12.1
12.6
13.6
13.5
12.6
12.1
10.1
12.3
14.1
13.3
12.0
11.8
12.3

146.5
148.9
150.5
150.6
152.1
155.6
162.0
167.5
171.9
175.1
177.6
176.3
172.2

13.0
11.3
12.4
12.7
12.2

171.9
172. 1
172.0
172.4
172.5

WEEK ENDING:
1985-HAT

JUNE

1•

6
13
20
27 P

162.7
163.4
163.2
163.3

252.9
251.8
253.5
245.9

111.2
110.9
110.4
109.3

46.5
46.0
45.5
44.8

157.6
157.0
155.9
154. 1

46.2
48.1
52.2
54.4

3 P

163.4

256.9

112.0

46.4

158.4

58.1

rnoovurr

nriTcrnv n> D f

n Q _

fflCIIPT.
«*»

fV nVDH BVCf

AND T U B TJI OLTS

OF COMMERCIAL

BANKS.

EXCLUDES THE ESTIMATED

AMOUNT OF VAULT CASH HELD BT THHIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
2/ OUTSTANDING AHOONT OF U.S. DOLLAR-DENOMINATED TRATELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BT DBPOSITOtT
INSTITUTIONS ARE INCLUDED IN DEHAND DEPOSITS.
3/ DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.B. FLOAT, LESS THE ESTIMATED AMOUNT OF DEHAND
DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THBIB OCD LIABILITIES.
4/ CONSISTS OF NON AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS, INCLUDES SUPER HOWS OF $38.7 BILLION IN THE WEEK ENDED MAT 20, $38.5 BILLION IN THE PEEK ENDED HAT 27
AND $39.3 BILLION IN THE WEEK ENDED JUNE 3.
5/ CONSISTS OF NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AMD DEHAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOWS OF $15.9 BILLION IH THE WEEK ENDED MAT 20, $15.8
BILLION IN THE WEEK ENDED HAT 27, AND $16.4 BILLION Iff THE WEEK ENDED JUNE 3.
6/ SUM OF OVERNIGHT RPS AND EURODOLLARS, HONEI MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), HHDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEHAND DEPOSITS AND VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
._„%
1/ SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTION-ONLT), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT EPS AND EURODOLLARS HELD BT INSTITUTION-ONLT
MONET MARKET MUTUAL FUNDS.
„«.»•.—»«.... .„.*
8/ CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BT COMMERCIAL BANKS TO OTHER THAN DEPOSITORT INSTITUTIONS AND
MONET MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
9/ ISSUED BT FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORT INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H.6 (506)
Table 5-continued

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

Date

Money market deposit accounts
at
at
thrift
commercial
total
Institutions
banks

at
commercial
banks

Savings deposits
at
thrift
institutions

1

Small denomination time deposits2
at
at
thrift
commercial
total
institutions
banks
r

total

Large denomination tfme deposits3
at
at
thrift
commercial
total
4
Institutions
banks

JUKE

245.3
245.9

154.1
151.9

399.4
397.8

130.2
130.0

173.8
174.4

304.0
304.4

362.0
367.1

450.9
457.2

812.9
824.4

243.1
248.5

124.6
129.7

367.7
378.2

JOLT
AUG.
SEPT,

244.9
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.
NOV.
DEC.

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
280,8
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.
FSB.
HAB.

280.4
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

263.1
263.9
269.8

154.1
154.9
153.3

417.1
418.8
423.1

295.9
298.3

164.4
165.5

460.3
463.8

120.9
121.7

169.3
170.2

290.2
291.9

383.9
385.2

495.6
495.3

879.4
880.5

270.2
269.6

153.4
155,9

423.6
425.5

1934-HAT

AFB.
HAT P
WEEK EHDIIG
1985
HAT

JD1B

1/
2/
3/
4/

6
13
20
21 P

294.6
296.7
298.6
300.2

121.2
121.6
121.8
121.9

384.6
384.8
385.2
385.8

269.6
270.1
269.3
269.7

3 P

302.9

122.4

385.8

268.9

SAVINGS DEPOSITS EXCLUDE flHDAS.
SHALL DENOMINATION TIDE DEPOSITS — INCLUDING RETAIL BPS — ABE THOSE ISSUED IN AHO0NTS OF LESS THAN $100,000. ALL
INDIVIDP ,L BETIRBHENT ACCOUNTS (IBA) AND KEOGfl ACCOUNTS AT COHSEBCIAL BANKS AND THBIPTS ABE SUBTBACTED FBOB SHALL
TIHE DEPOSITS.
LABGE DENOMINATION TIHE DEPOSITS ABE THOSE ISSUED IN AMOUNTS OP $100,000 OB ROBE, EXCLUDING THOSE BOOKED AT INTEBNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOMINATION TIHE DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BT HONET HARKET HUTUAL FUNDS, DEPOSITOR!
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (506)
Table 5-contlnued

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

Dale

3/
4/
5/
6/

total

Term
Eurodollars*

Savings
bonds

Non M3 Components of L
Short-term
Bankers
treasury
acceptances4
securities1

Components of Debt

Commercial
paper*

^eoerai osot

Non-Federal*
debt

27.5
30.0

59.5
59.2

93.0
89.3

72.6
72.8

238.8
249.1

45.7
47.2

152.1
158.3

1248.7
1255.8

4244.8
4296.6

JOLT
AUG.
SEPT.

46. 1
46.2
416.9

28.1
30.7
31.3

31.8
33. U
35.4

60.0
64.1
66.6

88.3
86.5
85.6

73.0
73.3
73.5

258.0
267.9
277.5

47.5
47.7
47.2

161.2
159.8
158.4

1270.6
1295.8
1310.5

4342.8
4378.4
4418.0

OCT.
NOV«
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

278.2
272.3
269.1

45.1
43.3
42.8

158.3
159.4
156.9

1323.0
1343.0
1364.7

4463.5
4511.€
4565.5

65.0
62.2
59.5

29.9
31.2
32.7

35.1
34.5
36.5

65.0
65.7
69. 1

81.2

FEB.
HAB.

74.6
74.9
75.3

275.2
280.4
288.4

42.0
42.7
43.2

157.3
164.2
167.1

1363.1
1397.4
1412.0

4609.4
4640.8
4678.8

APB.
HAT P

59.6
63.5

35.2
33.4

37.9
38.8

73.1
72.2

80.6
80.5

6
13
20
27 P

60.9
62.7
62.8
65.8

31.7
32.1
34.0
35.3

3 P

65.8

33.7

81.5
84.6

ENDING:

JURE

2/

at thrift
Institutions

32.0
29.2

1985-HAT

1/

ai cofntrieTviai
banks

45.3
45.7

1984-HAT
JOVE

IEBK

Institution
only money
market funds

TERa HPS A»E THOSE HITfl ORIGINAL MATURITIES GBEATER THAN ORE DAY, EXCLUDING CONTINUING COUTSACTS ARD BETAIL BPS. INCLUDES
A RELATIVELX SHALL AHOURT OF OVERRIGHT BPS AT THBIPT INSTITUTIONS.
TEflfl 2UBODOLLABS ABE THOSE WITH ORIGINAL HATOBITIES GBEATEB THAN ORE DAT. CONSISTS OP THOSE ISSUED TO 0. S. RESIDERTS BT
FOREIG3 BBARCHES OP O.S. BANKS WORLDWIDE ARD BT ALL BANKING OFFICES IN THE UNITED KIRGDOH ARD CARADA. EXCLUDES THOSE HELD
BT OBPOSITOBT INSTITUTIONS ARD HONET HABKET MUTUAL FORDS.
CONSISTS OF U.S. TBEASUBT BILLS ARD COUPORS WITH BBNAINIRG HATOBITIES OF LESS THAR 12 MONTHS HELD BT OTHER THAR DEPOSITORY
INSTITUTIONS, FEDEBAL BESEBTE BANKS, RORET BASKET MUTUAL FUNDS. AND FOREIGN ENTITIES.
NET OF BANKEHS ACCEPTANCES HELD BT ACCEPTING BANKS, FEDEBAL BESEHVE BANKS, FOBEIGN OFFICIAL IRSTITUTIOBS, THE FEDERAL
HOHE LOAN BANK STSTEH ARD HONEY HABKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPEB LESS COMMERCIAL PAPEB HELD BT HONET MARKET flUTDAL FUNDS.
DEBT DATA ABE ON A MONTHLY AVERAGE BASIS, DERIVED BT AVERAGING END-OF-HONTH LEVELS OF ADJACENT MOUTHS, AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.8<908)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Dale

foreign
commercial
banks

foreign
official
institutions

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

IRA and Keogh Accounts

U.S. government deposits

Demand deposits at banks due to

demand
deposits at
commarcial
banks

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
Institutions

total demand
deposits and
nofe and
FR balances

time
and savings
deposits at
commercial
banks

If W lit

commercial
banks

Institutions

money
market
mutual funds

total

8.7
3.6

2.1
2.0

8.2
8.4

2.7
3.9

4.6
3.8

10.0
8.5

17.4
16.2

0.9
0.9

39.4
40.0

52.9
53.9

6.3
6.2

98.6
100.0

JOLI
AUG.
SEPT,

8*7
8.4
8.4

2.0
1.9
2.0

8.4
9.0
9.4

2.8
2.9
3.4

4.0
3.6
6.0

9.0
7.5
14.1

15.8
1*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

OCT.
NOV.
DEC.

8.5
8.8
8.6

1.8
2. 1
2.0

9*2
9.4
9.5

2,7
2.8
3.4

4.0
3.2
3.4

8.4
7.5
9.1

15.1
13.6
16.0

LO
1.1

56.9
57.7
59.0

6.2
6.5
6.9

105.7

t.o

42.6
43.2
43.8

1985-JAS.
FEB.
BAR.

8.5
8.3
7.5

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

7.4

114.0

63.1
65.4

7.7
7.9

117.9
122.2

7.6
7.9

1.9
2.1

8.5
8.4

3.9
3.1

6.6
6.7

11.5
17.8

22.0
27.6

1.0
1.0

53.5
55.1

69. 3«
71.1c

8.4e
8.6e

131.1©
134.9«

7.9

1984-HAY
JUNE

APR*
RAT P
SEEK
1985
HAT

JOVE

ERDIVG:

6
13
20
27 P

8.0
8.1
7.7

2.3
2.1
2.2
1.9

8.5
8.4
8.%
8.4

4.8
2.5
3.2
2.4

15.7
8.0
3.5
3.2

21.6
21.9
18.2
14.6

42.1
32.4
24.8
20.2

1.0
1.0
1.0
1.0

3 P

7.9

1.9

8.3

2.8

2.7

9.8

15.2

1.0

e = estimated




107.3
109.7

Supplementary Table 1
Levels and Annual Growth Rates of Ml Using Standard,
Concurrent,2 a n d Experimental Alternative^
Seasonal Adjustment Procedures
(Monthly average)
Levels in billions of dollars
Experimental
Standard
Concurrent Alternative
1984 - October

Annual growth rates in percent
Experimental
Standard
Concurrent
Alternative

548.3

548.9

548.1

-7.0

-5.7

-2.8

November

553.8

554.4

551.5

12.0

12.0

7.4

December

558.5

558.9

557.2

10.2

9.7

12.4

562.7

563.5

561.4

9.0

9.9

9.0

February

569.4

569.4

570.1

14.3

12.6

18.6

March

572.1

572.0

574.4

5.7

5.5

9.1

April

575.0

575.4

576.2

6.1

7.1

3.8

May

581.5

580.8

583.1

13.6

11.3

14.4

1985 - January

1. Standard monthly seasonal factors are derived at the beginning of each year by applying
an X-11/ARIMA-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/ARIMAbased 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.