Full text of H.6 Money Stock Measures : June 14, 1984

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

JUNE

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

14, 1984

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

Date

M2
M3
M2 plus
M1 plus overnight RPs
and Eurodollars,
large time deposits,
MMMF balances (gen. pur. term RPs, term Eurodollars
and institution-only
and broker/dealer), MMDAs,
MMMF balances1
and savings and small
2
time depos ts
Seasonally adjusted

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

1933--3AY
JUNE
JULY
AUG
SEPT,
OCT.
NCV.
DEC.

506.6
510.9
514.9
517.4
518.9
521.6
523.0
525.3

2102.2
2117.0
2126.6
2135.3
2147.9
2167.2
2182.1
2196.2

2571.0
2593.0
2604.0
2617.2
2636.4
2656.4
2688.5
2706.8

3003.3
3033.1
3059.7
3075.1
3097.6
3114.0
3146.5
3176.9

4877.Or
4931.4r
4984.Or
5025.2r
5066.4c
5109.2r
5152.4r
5203.9r

1984—JAN,
FEE.
HAR.
APR.
HAY P

530.0
532.9
535.2
535,3
541.1

2206.8
2222.5
2229.9
2242.2
2259.4

2721.8
2744.7
2765.9
2790.6
2814.8

3198.4
3228.2
3266.2

5260.3r
5317.2r
5371.2r
5431.0

Not seasonally adjusted

1983 —MAY
JUNE
JULY
AUG.
SEPT.
OCT,
NOV.
DEC.

500.7
509.8
516.6
513.5
516.3
522.3
526.7
537,8

2096.7
2118.1
2131.9
2133.3
2142.2
2167,1
2181.2
2198.0

2565.9
2591.2
2604.0
2615.6
2631.0
2655.1
2689.5
2712.8

2999.3
3028,6
3052.5
3070.6
3085.4
3110.0
3147.7
3184.7

4851.4r
4905.Or
4957.3r
5000.3r
5048.5r
5095.3r
5138.1r
5197.Or

1984—JAN.
FEB.
HAR.
APB.
MAY P

534.8
521.9
528.1
543.2
535.0

2210.5
2212.3
2230.9
2254.1
2254.3

2727,7
2737.4
2767,2
2799.1
2810.1

3209.8
3229.6
3272.4

5254.4r
5301.7r
5352.7r
5408.4

13-week average

Seasonally adjusted
4-week average

M1
For period ended

1984-HAY

JUNE

NOTE:

week average

13-week average

Not seasonally adjusted
4-week average

week average

14
21
28 P

535.1
535.7
536.5
537. 1

535.8
537.1
540.1
541.9

540.1
541.1
544.3
54 2.1

532.0
533.1
534.2
534.9

540.8
537.7
535.8
534.6

540.0
538.6
535.0
524.8

4 P

538.1

543.2

545.2

536.3

536.3

546.9

7

SPECIAL CA0TIOM SHOULD BE TAKER IS INTERPRETING iEEK-TO-iEEK CHANGES III HOIEY SUPPLY DATA, WHICH ABE
HIGHLY VOLATILE AND SUBJECT TO REVISION.
P — INDICATES PBELIMIMABY DATA.
R—REVISED.
FOOTNOTES APPEAR ON THE FOLLOWING PAGE




H.6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
R»rc«nt chang* at seasonally adjusted annual rates

M1

M2

M3

Debt*

3 MONTHS FfiOU FEB.

1 9 8 4 TO HAY

1984

6.2

6.6

6 MONTHS FROM NOV.

1 9 8 3 TO BAT

1984

6.9

7.1

9.4

12.6

1 9 8 3 TO

1984

6.8

7.5

9.5

12.3

12 MONTHS FROM MAI

flll

10.2

13.0

THIRTEEN SEEKS ENDING JUNE 4 , 1984
PROM THIRTEEN VEERS ENDING:

1/

1/

2/

3/

4/
5/

BAR.

5,

1984

( 1 3 KEEKS PREVIOUS)

6.3

DEC.

5,

1983

( 2 6 iEEKS PREVIOUS)

6.3

JUNE

6,

1983

( 5 2 WEEKS PREVIOUS)

7,3

GROWTH RATES FOR DEBT ARE BASED ON PERIODS BEGINNING AND ENDING CNE MONTH EARLIER THAN POR THE MONETARY AGGREGATES,
NAMELY, JANUARY 1984 TO APRIL 1984, OCTOBER 1983 TO APRIL 1984, AND APRIL 1983 TO APRIL 1984, RESPECTIVELY.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TRAVELERS CHECKS OF N0N6AHK ISSUERS; (3) DEMAND DEPOSITS AT ALL 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
OP COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER
OF WITHDRAWAL (MOW) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF Ml PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE, MMDAS, SAVINGS AMD SHALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN $100,000), AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND HONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS, MONEY MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMEHT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM RP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. RESIDENTS AT FOREIGN BRANCHES OF U.S. BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AID TAX-EXEMPT
INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE O.S. GOVERNMENT, MONEY
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT BPS AND EURODOLLARS HELD BY INSTITUTION-ONLY HONEY MARKET MUTUAL FUNDS.
CONSISTS OF H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPEI AND BANKERS ACCEPTANCES, NET OF MCNEY MARKET 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,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLOW OF FUNDS ACCOUNTS. BEGINNING WITH THIS RELEASE,
ALL DATA ON DEBT OF DOMESTIC NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE 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
FLOW OF FUHDS STATISTICS. THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS
STATISTICS CONTAINED IN THE FEDERAL RESERVE RELEASES Z.7 AND Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT
ARE MEASURED ON A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES,




H.6(508)
Table 3

COMPONENTS OF THE MONEY STOCK
Billions of dollars, seasonally adjusted

Date

1983-HAT
JUNE

Nontransactions
components
in M3
only6
in M2 f

Savings deposits7
at
at
thrift
total
commercial
institutions
banks

Selected nontransactions items
Small time deposits"
at
at
commercial
total
thrift
banks
institutions

Currency

Travelers
checks2

Demand
deposits3

Other
checkable
deposits4

140.5
141.6

l1.6

241.5
243.0

120.0
121.7

1595.6
1606.1

468.8
476.0

140.4
140.0

182.6
182.8

323.1
322.8

321.2
322.3

401.4
402.5

722.6
724.8

224.5
226.9

73.5
76.0

298.0
303.0

123.4
125.6
126.4

1611.6
1617.9
1629.0

477.5
482.0
488.5

138.8
138.0
137.4

181.9
181.3
180.5

320.7
319.3
317.9

328.0
333.4
338.2

409.0
415.6
420.7

737.0
749.0
759.0

224.1
224.0
223.3

80.1
84.5
89.4

304.2
308.6
313.2

1

1.6

JOLT
AUG.
SEPT.

142.4
143.5
144.8

l4.7

i.7

244.5
243.7
243.0

OCT.
BOY.
DEC.

146.0
147.2
148.0

I1.8
l1.9
11.9

243.6
242.8
243.7

127.2
128.2
128.8

1645.6
1659.2
1670.9

489.2
506.3
510.6

137.0
136.1
134.6

180.2
179.2
178.2

317.1
315.4
312.9

344.8
350.0
353.1

428.2
435.5
440.0

773.0
785.5
793.1

221.7
224.2
225.5

93.9
96.6
100.4

315.6
320.8
325.9

1984-JAB.
FEB.
HAB.

149.9
150.2
150.9

4.9
5.0
5.0

244.5
243.8
244.0

130.7
133.8
135.3

1676.8
1689.6
1694.8

515.1
522.2
536.0

132.1
130.1
128.9

177.7
176.5
176.6

309.9
306.6
305.5

352.9
352.8
353.5

444.1
448.1
449.9

797.0
800.9
803.4

227.2
228.3
232.8

106.3
111.9
115.5

333.4
340.3
348.3

151.8
153.0

5.1
5.1

245.3
245.2

133.2
137.8

1706.9
1718.2

548.4
555.5

128.6
128.2

176.8
177.0

305.4
305.2

355.9
360.1

452.4
457.3

808.3
817.4

236.4
243.6

119.4
123.5

355.7
367.1

152.8
152.9
153.2
153.9

245.8
245.8
247.0
242.9

136.3
137.3
139.1
140.2

128.5
128.4
128.2
128.0

358.7
359.4
360.2
361.3

239.5
241.1
244.0
247.9

JO1E 4P 153.5

248.4

138.1

128.0

361.8

248.3

APR*
HAT P
MEEK

BVDING

1984-HAT

1/
2/
3/

4/

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

1.6

Larf e time deposits"
at
at
total
commercial
thrift
10
banks
institutions

7
14
21
28P

CURRENCY OUTSIDE THE U.S. TREASURT, FEDERAL RESERVE BASICS AMD VAULTS OF COMMERCIAL BAIKS. EXCLUDES THE ESTIHATED
AMOUNT OF VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENONINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BT DEPOSITOR!
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTBBR THAN THOSE DOE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT.
EXCLUDES TBE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
CONSISTS OF NOW AND ATS BALANCES AT ALL DEPOSITORT 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 SEASONALLT ADJUSTED DEMAND DEPOSITS. INCLUDED ABE ALL CEILING
FREE "SUPER NOWS," AUTHORIZED BT THE DEPOSITORT INSTITUTIONS DEBEGULATICN COMMITTEE TO BE OFFERED BEGINNING JANUART 5,
1983.
SUM OF OVERNIGHT RPS AMD OVERNIGHT EURODOLLARS, NONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
MMDAS, AND SAVINGS AND SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIHATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTIONONLI), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BT
INSTITUTION-ONLY HCNET MARKET FUNDS.
SAVINGS DEPOSITS EXCLUDE HMDAS.
SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SMALL
TIME DEPOSITS.
LAfiGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BT MONET MARKET MUTUAL FUNDS,
DEFOSITCBT INSTITUTIONS AND FOREIGN DANKS AND OFFICIAL INSTITUTIONS.




H.6(S0t)
Table 4

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

Otto

savings bonds

Non-M3 components of L
bankers acceptances1
short-tsrm treasury
securities1

commercial paper*

Debt components4
federal debt
non-federal debt

69.2
69.5
69.8

196.4
198.5
206.8

41.3
41.0
40.6

122.5
123.4
122.9

1046.0c
1063.7c
1091.0c

3788.7c
3813.3c
3840.3c

JOLY
AUG.
SEPT.

70.1
70.3
70.5

219.6
222.9
221.6

41.6
43.6
43.8

124.4
121.0
125.3

1113.6c
1128.2c
1142.6c

3870.4c
3897.0c
3923.8c

OCT.
MOV.
DEC.

70.7
70.8
71.0

218.5
217.3
223.4

42.8
43.0
43.4

125.7
126.9
132.4

1156.0c
1166.5c
1174.0c

3953.2c
3985.9c
4029.9c

1984-JAN.
FEB.
BAB.

71.2
71.7
72.2

227.4
232.8
242.6

42.8
41.7
42.6

135.0
137.2
142.9

1191.3c
1213.1c
1220.7c

4069.0c
4104.1c
4150.6c

1233.6

4197.4

1983-APR.
BAY
JOHB

APB.

1/
2/
3/
4/

CONSISTS OF O.S. TfiEASUfiY BILLS AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 BONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS, FBDERAL RESERVE BANKS, HONEY MARKET MUTUAL FUNDS AND FOREIG1 ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOBEIGI OFFICIAL INSTITUTIONS, THE FEDERAL
HONE LOAN BANK SYSTEM AND HONEY MARKET MUTUAL PUNDS.
TOTAL COMMERCIAL PAPER LESS COHHERCIAL PAPER HELD BY HONEY HARKET HUTUAL FUNDS.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-MONTH LEVELS OF ADJACENT MONTHS, AID HAVE BEEN
ADJUSTED TO REMOVB DISCONTINUITIES.




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

Other checkable deposits

Date

Currency1

Travelers
checks'

Demand
deposits'

at commercial
banks4

at thrift
institutions*

total

in M2*

in M3 only7

Overnight
RPs'

Overnight
Eurodollars'

General
purpose and
broker/dealer
money market
funds

140.4
141.9

%.5
4.9

237.5
241.8

88.8
91.0

29.4
30.3

118.2
121.2

1596.1
1608.3

469.1
473.1

46.0
46.7

9.%
9.%

141.4
140.2

JULY
AUG.
SEPT.

U3.6
143.8
144.3

5.2
5.1
5.0

244.9
241.1
242,0

91.9
92.4
93.4

31.0
31.1
31.6

122.9
123.5
124.9

1615.2
1619.8
1626.0

472.1
482.3
%88.7

43.5
42.0
42.8

9.6
10.4
10.7

138.7
139.1
137.9

OCT.
NOV.
DEC.

145.7
147.9
150.5

4.8
4.6
4.6

244.8
245.2
251.6

94.3
95.6
97.7

32.7
33.3
33.5

127.0
128.9
131.2

16%%.8
1654.5
1660.2

487.9
508.4
51%.9

%5.3
%4.9
44.8

11.7
10.3
11.%

137.5
138.8
138.2

198%-JAN.
FEB.
HAH.

148.%
148.3
149.8

4.6
%.7
%.8

249.4
237.9
239.4

99.2
97.8
99.7

33.2
33.2
3%.%

132.5
130.9
134.1

1675.7
1690.5
1702.8

517.2
525.1
536.3

47.1
48.1
%7.0

11.5
11.%
11.3

137.9
142.1
144.8

151.5
152.9

4.8
5.0

247.8
241.3

102.7
99.7

36.2
36.1

139.0
135.8

1710.9
1719.3

545-1
555.8

%6.%
46.6

10.%
12.5

146.1
146.8

1983-HAY
JUNE

APB.
HAY P
SEEK ENDING:
1984-HAY

JUNE

1/

7
1%
21
28 P

153.3
153.2
152.8
152.8

244.1
244.1
242.0
233.4

100.8
100.2
99.%
98.3

36.9
36.2
35.7
35.2

137.7
136.%
135.1
133.5

%5.7
45.0
47.7
%6.8

9.5
12.8
12.7
1%.3

1%4.5
146.2
147.2
148.5

%P

154.0

248.7

101.7

37.3

139.0

49.2

13.7

148.6

CURRENCY OUTStDE f H

U.S. TBE SORT, FED BAL RE5BR E BARKS A ID TBB f AU .TS OP COBIfffe&AL 6A R§. EICL IDES THf B SttMllEb
AMOUNT OP VAULT CASH HELD BY THBIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NOHBAIK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ABE INCLUDED IN DEMAND DEPOSITS.
3/ DEMAND DEPOSITS AT CONHERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, TUB 0.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.B. FLOAT, LESS THE ESTIHATED AMOUNT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIB OCD LIABILITIES.
4/ CONSISTS OF MOW AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS. INCLUDES SUPER NOMS OF $30.8 BILLION IN THE WEEK ENDED MAY 21, $30.6 BILLION IN THE »EEK ENDED HAY 28,
AND $31.4 BILLION IN THE IEEK ENDED JUNE 4.
5/ CONSISTS OF NOB AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND HUTUAL SAVINGS BANKS, CREDIT OWIOI SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOIS OF $11.6 BILLION IN THE WEEK ENDED HAY 21, $11.5
BILLION IN THE WEEK ENDED HAY 28, AND $12.0 BILLION IN THE SEER ENDED JUNE 4.
6/ SUM OF OVERNIGHT RPS AND EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BHOKBR/DEALER), MMDAS AMD SITINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
7/ SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLABS OF O.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
HONEY MARKET MUTUAL FUNDS.
8/ CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHBB THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET HUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
9/ ISJUED BY FOREIGN ERANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHEB THAI DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
2/




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
total
commercial
thrift
banks
institutions

Savings deposits1
at
commercial
banks

at
thrift
institutions

total

Small denomination time deposits1
at
at
thrift
total
commercial
institutions
banks

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

208.4
216.0

149.1
152.6

357.4
368.6

142.1
141.6

183.5
184.2

325-5
325.8

321.4
322.3

402.3
402.7

723.8
725.1

222.7
224.4

73.2
75.3

295.9
299.8

JUNE
JOLT
AUG.
SEPT,

218.4
218.9
221. 1

152.2
149.7
148.4

370.5
368.6
369.5

140.6
138.3
136.4

184.2
181.5
179.8

324.8
319.8
316.2

327.0
332.8
337.3

408,8
414.2
419.0

735.8
747.0
756.3

220.7
223.8
224.2

79.«
84.7
90.5

300.1
308.5
314.8

OCT.
NOV.
DEC.

223.4
227.1
230.0

147.1
145.8
145.9

370.5
372.9
376.0

135.8
133.7
132.0

180.1
178.3
176.5

316.0
312.0
308.5

343.9
348.9
351.0

427.5
434.2
437.6

771.4
783.1
788.6

222.1
225.5
229.0

95.8
98.3
100.7

317.9
323.7
329.7

1984-JAI.
FEB.
HAH.

234.2
238.3
242.6

146.2
147.7
149.9

380.3
386.0
392.5

131.3
129.9
130.2

176.2
175.3
177.0

307.4
305.2
307.2

353.7
355.4
356.0

445.7
450.0
451.6

199.4
605.4
807.7

229.3
229.7
233.1

105.7
111.2
114.2

335.0
340.9
347.3

APR.

245.3
244.3

151.0
150.4

396.4
394.7

130.5
129.9

178.0
178.1

308.5
308.0

356.4
360.1

454.3
458.3

810.7
818.4

233.7
241.5

118.0
122.9

351.8
364.4

1983-HAY

HAT P
WEEK

1984
WAY

EHDIMG

7
14
21
28 P

243.2
244.3
244.7
244.7

130.1
130.1
129.9
129.6

358.7
359.4
360.2
361.2

236.9
238.6
241.8
246.3

JUNE 4 P

245.5

129.9

362.0

246.7

1/
2/
3/
4/

SAVINGS DEPOSITS EXCLUDE HMD S.
SHALL DENOHINATION TIflE DEPOSITS — INCLUDING BETAIL BPS — ARE THOSE ISSUED III AMOUNTS OF LESS THAN 1100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROB SHALL
TIME DEPOSITS.
LARGE DENOHINATION tIHE DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BI HONEY MARKET HUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)

Table 5-continued

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

Bankers
acceptances4

69.3
69.6

199.5
204.4

40.4
40.1

124.2
123.3

1059.Or 3792.4r
1031. 1r 3823.9r

92.1
91.9
90.4

69.9
70.2
70.4

214.1
217.9
216.7

40.9
43.1
43.8

123.7
123.9
123.5

1099.9r 3857.5r
1116. 1c 3884.3r
1134.Or 3914.4r

47.3
53.4
56.0

86.8
93.3
92.3

70.7
71.0
71.3

216.4
215.7
222.8

43.0
43.4
44.8

124.8
128.0
132.9

1147.6r
1158.Or
1170.2r

3947.7r
3980.2r
4026.8r

19.1
18.7
20.6

53.3
54.4
55.9

91.1
91.3
94.8

71.6
71.8
72.1

231.1
240.7
249.8

43.8
42.3
42.2

135.7
137.5
141.1

1189.8r
1210.7r
1223.6r

4064.6r
4091.Or
4129.1r

23.1
23.3

59.4
59.1

95.5
95.0

1235.9

4172.5

at commercial
banks

40.5
39.5

32.6
31.5

13.0
13.9

45.6
45.5

92.3
91.9

JULY
AUG.
SEPT.

38.6
38.4
38.8

29.6
31.6
31.9

14.8
15.2
16.1

44.3
46.9
48.0

OCT.
NO?.
DEC.

39.8
40.6
40.3

30.6
35.3
36.4

16.7
18.1
19.6

1984-JAN.
FEE,
MAR.

40.6
41.6
41.8

34.2
35.7
35.4

41.8
42.0

36.3
35.8

7
14
21
28 P

40.8
41.5
42.4
42.9

36.4
36.9
36.0
35.4

4 P

43.0

32.3

1983-MAY
JUNE

APR.
MAI P

Savings
bonds

Short-term
treasury
securities9

Term
Eurodollars2

Institutiononly money
market funds

Date

at thrift
institutions

total

Commercial
paper1

Federal debt

Non- Federal 6
debt

MEEK ENDING;
1984-MAY

JOVE

V
2/
3/
4/
5/

TERM EPS ABE THOSE ilTH ORIGINAL MATURITIES GREATER THAN ONE DA*, EXCLUDING CONTINUING CONTRACTS AMD RETAIL RPS.
TEH I! EURODOLLARS ABE THOSE WITH OBIGINAL MATURITIES GREATER THAN ONE DAY. CONSISTS OP THOSE ISSUED TO 0. S. BESIDENTS BY
FOSEIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BY ALL BANKING OFFICES IV THE UNITED KINGDOM AMD CANADA. EXCLUDES THOSE HELD
BY DEPOSITOBY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS.
CONSISTS OF U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHEB THAN DEPOSITOBY
INSTITUTIONS, FEDERAL RESERVE BANKS, HONEY MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOME LOAN BANK SYSTEM AND HOMEY MARKET BUTOAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.




H.6 (508)
Tabta 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks do* 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

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

IRA and Keogh Accounts

total demand
deposits and
note and
FR balances

time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

7.7
8.1

1.9
1.9

7.5
7.4

2.5
3.4

3.6
3.4

10.0
9.8

16.0
16.6

0.9
0.9

26.4
26.9

34.5
35.2

5.2
5.1

66.0
67.2

JULI
AUG.
SEPT.

8.2
7.9
8.1

2.0
2.0
2.0

7,3
7.3
7.3

2.8
2.4
3.2

4.2
3.5
7.4

19.1
14.0
14.8

26.0
19.9
25.3

0.8
0.8
0.8

27.5
28.0
28.5

36.0
36.7
37.6

5.0
5.1
5.0

68.4
69.8
71.1

OCT.
NOV.
DEC.

8.0
8.4
8.2

1.9
2.0
2.0

7.1
7.2
7.1

2.7
2.7
3.0

7.1
2.9
3.6

22.0
4.7
7.8

31.8
10.4
14.4

0.8
0.7
0.7

28.9
29.5
30.1

37.8
38.3
39.5

5.1
5.1
5.0

71.8
72.9
74.6

*984-JAN.
FEB.
MAS.

8.3
8.5
8.1

1.8
1.9
1.9

7.0
6.8
6.9

3.1
3.1
3.0

4.7
4.5
4.0

16.5
19.2
14.5

24.2
26.8
21.5

0.9
0.9
0.9

31.0
32.7
34.7

41.0
42.8
44.6

5.2

5.5e
5.7e

77.2
81.0e
85. Oe

8.0
8.2

1.7
1.9

7.2
7.4

3.8
2.7

7.5
4.2

12.7
10.0

24.0
16.9

0.9
0.9

38.3
39.8

47.6
48.5

6. Oe
6.0e

91.9e
94.He

8.3
8.1
8.3
8.1

2.0
1.9
2.1
1.8

7.3
7.3
7.6
7.3

3.0
2.2
3.4
2.3

5.7
3.5
4.0
3.3

21.9
15.2

30.6
20.9
10.2
8.7

0.9
0.9
0.9
0.9

8.6

1.9

7.3

2.7

4.7

3,5

10.9

0.8

1983-HAY
JUNE

APR.
MAY P
MEEK ENDING:
1984
»A¥

JONE

7
14
21
28 P
4

P

e = estimated




2.7
3.1

Supplementary Table 1
Levels and Annual Growth
Rates of Ml Using Current^ and Experimental
Alternative^ Seasonal Adjustment Procedures
(Monthly average)

Levels in billions
of dollars
Current
Experimental
Alternative
1983 - May

Annual growth
rates in percent
Experimental
Current
Alternative

506.6

508.2

21.0

20.4

June

510.9

510.8

10.2

6.1

July

514.9

515.6

9.4

1.1.3

August

517.4

516.5

5.8

2.1

September

518.9

516.5

3.5

0.0

October

521.6

520.7

6.2

9.8

November

523.0

521.6

3.2

2.1

December

525.3

524.1

5.3

5.8

530.0

528.6

10.7

10.3

February

532.9

532.8

6.6

9.5

March

535.2

536.4

5.2

8.1

April

535.3

537.5

0.2

2.5

May

541.1

542.5

13.0

11.2

1984 - January

1. Current monthly seasonal factors are derived using an X-11/ARIMA-based procedure •
2. Alternative monthly seasonal factors are derived using an experimental modelbased procedure. This procedure uses a combination of statistical regression
and time series modeling techniques to construct seasonal factors that are more
sensitive than the current 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.