Full text of H.6 Money Stock Measures : March 1, 1979

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F E D E R A L
FEDERAL RESERVE Sta

al Rele

R E S E R V E

statistical

relea,
For Immediate

Table 1

»H.6

MONEY STOCK MEASURES
MAR.

IN BILLIONS OF DOLLARS
M-1

M-1 +

M-1 Plus
Savinga
Currency
Deposits at
Rue
CB'aand
Demand
DepoaNeJ/ Checkable
Deposits at
Thrift hat 2 /

Date

M-2

M-3

M-4

M-1 Plus
M-2 Plus
Time
M-2 Plus
Deposits at Deposits at
Large
Nonbank
Commercial
Nepotlotito
Thrift
Banks Other
00*8.6/
Than Large institution*!/
CD's £ /

M-5

M-1

M-3 Plus
U*ge
&

CD**/

• - iM +

M-1 Rue
Savinga
Currency
Deposits at
Plus
C8'aand
Demand
Depoaltai/ Checkable
DepoeNsat
Thrift mat. 1 /

M-2

M-3

M-1 Rue
M-2 Plus
Time
Deposits at Deposits at
NunDaniv
Commercial
Banka Other
Thrift
Than Large Institutions^/
CD's 2/

1, 1979

M-4

M-6

M-2 Rue
Large

M-3 Rue
Large
NeQutiatile

CD**/

CD**/

ft aiMMll
341.9
342.4
343.2
347.9
350.7
352.5
354.5
357.0
361.1
361.6
361.0
361.5
3S9.9

1<>78—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT
OCT.
NOV.
OEC.
1979—JAN.

564.6
565.3
566.4
572.1
576.1
578.6
580.0
583.5
*89.4
589.8
587.4
586.7
582.8

816.0
819.4
822.6
830.3
836.7
842.6
848.7
856.9
866.2
870.9
874.3
876.3
r 875.4

1385. 5
1392. 9
1400. 3
1411. 9
1422. 0
1433. 1
1444. 6
1458. 4
1474. 7
1485. 5
1493. 8
1500. 6
r1504. 5

891.9
898.3
904.0
913.8
922.9
929.3
936.7
944.5
954.8
959.6
969.7
972.9
975.9

1461. 4
1471. 8
1481. 7
1495. 3
1508. 2
1519. 8
1532. 6
1546. 0
1563. 2
1574. 1
1589. 2
1597. 3
r 1605. 0

347.5
335.9
338.2
350.9
345.5
351.8
356.3
354.4
359.0
361.4
363.0
371.6
365.7

569.3
558.2
562.6
577.6
572.7
579.5
583.7
580.9
585.4
587.9
587.6
594.7
587.7

820. 6
913. 9
821. 1
837. 0
834. 9
844. 0
851. 4
853. 8
861. 7
868. 2
871. 6
882. 0
880. 1

1388.8
1385.8
1400.0
1421.3
1421.3
1436.8
1450.2
1455.5
1469.2
1481.6
1487.8
1503.3
rl507.6

897.0
890.8
901.4
918.3
919.5
930.3
938.8
941.8
952.0
959.0
968.0
981.6
981.2

146* . 1
146? . 7
1480 . 2
1502 . 7
1506 . 0
1523 . 1
1537 • 6
1543 . 5
1559 . 5
1572 • 4
1584 . 2
1602 . 9
r 1608 . 7

MEEK ENDING:

1978-OEC.

27

361.1

585.9

875.9

972.4

371.0

593.1

881. 3

981.3

1979-JAN.

3
10
17
24
31

362.4
360.6
360.9
357.9
357**

r587.3
r 584.8
583.9
590.0
578.6

877.9
875.0
r 876.3
874.0
873.8

974.6
973.9
976.9
975.9
976.2

383.1;
373.6
370.0
358.2
351.5 A

606.4
597.1
592.4
579.6
572.0

895. 7
886. 3
884. 4
873. 8
867. 6

996.0
987.4
985.3
975.2
968.9

360.1
r360.2
358.2

581.1
r581.0
578.8

876.9
878.5
876.7

r 978.7
r 980.3
979.1

577.0
r 575.5
570.4

873. 6
r 874. 3
870. 3

973.7
r 973.9
969.7

FEP.

7
14P
21P

356.8
r355.2
350.4

1/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U*S.GOVERNMENT,
LESS CASH ITEMS IN TfcE PROCESS OF COLLECTION AND F.R.FLOATS 12) FORSIGN DEMANO BALANCES AT F.R.BANKS; AND 13) CURRENCY nUTSIOE
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 INSTITUTIONSt CREDIT UNION SHARE DRAFT
ACCOUNTS, AND DEMAND*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 $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ INCLUDES M2, PLUS TH5 AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARES, AND
CREOIT UNION SHARES.
5/ INCLUDES M2 f PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUEO IN DENOMINATIONS OF $100,000 OR MORE.
P - PRELIMINARY; R -REVISED




FEDERAL RESERVE S M s f e a l Rt

Table 2

>H.6

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

JAN.

MM

M-1+

M-2

M-3

M-4

M-5

Currency
Pius
Demand
Deposits ^

M-1 Plus Savings
Deposits at CBs
and Checkable
Deposits at
Thrift Inst. 2/

M-1 Rus Time
Deposits at
Commercial
Banks Other Than
Large CD's 3,

M-2 Plus Deposits
at Nonbank Thrift
Institutions 4/

M-2 Plus Large
Negotiable CD's 5/

M-3 Plus Large
Negotiable CD's fi/

F&.OM:
(3 MONTHS PREVIOUS)

-1.9

OCT.

1978

JULY

1978

(6 MONTHS PREVIOUS)

3.0

JAN.

1978

t12 MONTHS PREVIOUS)

5.3

-4.7

6.8

"*.9

8.3

8.4

9.4

8.6

9.4

9.«

2.1

5.1

1.0

6.3

3.2

7.3

FOUR WEEKS ENDING: FEB. 2 1 , 1979
FROM FOUR WEEKS ENOING:
NOV.

2 2 , 1978(13 WEEKS PREVIOUS)

-2.4

-5.6

1.3

4.4

AUG.

2 3 t 1978(26 WEEKS PREVIOUS)

1.3

-1.0

4.9

7.6

FEB.

2 2 , 1978(52 WEEKS PREVIOUS)

4.9

2.6

7.1

9.1

1/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENT,
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.P.BANKS; ANO (3) CURRENCY OUTSIDE
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 SHARE PPAFT
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDESt 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 $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS 05 $100»000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT COMPOUNDED.




FEDERAL RESERVE Statatleal M M M H.0

Tabto 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED.IN BIUIONS OF DOLLARS

Date

Currency

Demand
Deposits

Time Deposits
Savings^
CD's-2/

1978—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1979—JAN.

Total

Nonbank
Thrift
Institutions^

Other

89.4
90.2
90.7
91.3
92.0
92.5
93.2
93.9
95.2
95.8
96.6
97.5
98.2

252.5
252.3
252.5
256.6
258.8
260.0
261.3
263.0
265.9
265.8
264.4
264.1
261.7

75.9
78.9
81.5
83.4
86.2
86.7
88.0
87.6
88.5
88.6
95.4
96.6
100.5

253.7
256.4
258.5
260.8
263.2
266.6
271.4
276.2
279.6
284.1
289.9
292.8
295.9

220.4
220.6
220.9
221.7
222.8
223.5
222.8
223.7
225.5
225.2
223.4
222.0
219.6

550.0
555.9
560.8
565.9
572.2
576.8
582.2
587.5
593.7
597.9
608.8
611.4
616.0

569.5
573. «5
577.7
581.5
5*5.3
* 590.5
59«5.9
601.5
608.5
614.6
619.5
624.3
r 629.0

WEEK ENDING:

1978-DEC.

27

97.6

263.5

96.5

293.3

221.6

611.3

1979-JAN.

3
10
17
24
31

97.8
^8.0
98.0
98.4
98.5

264.6
262.7
262.9
259.5
258.7

96.7
98.9
100.5
101.9
102.4

293.8
293.4
295.7
297.3
298.5

221.7
221.0
219.7
218.8
218.0

612.2
613.2
615.9
618.0
618.9

r 98.9
r 98.6
98.8

r 261.2
r 261.6
259.4

101.8
r 101.8
102.4

299.2
r 300.8
301.3

217.6
217.5
217.2

r 618.6
r 620.2
620.9

FEB«

7
14 P
21 P

1/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORF BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
3/ INCLUDES NOW ACCOUNTS *T COMMERCIAL BANKS.
4/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARESt AND CREDIT UNION SHARES,
P - PRELIMINARY; R - REVISED




FEDERAL RESERVE Stitlttical Reserve H.6

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Time and Sewings Deposit^
Date

Currency

Total*/

Member

Domestic 3/
iMonmemDer

1978—JAN.
FEB.
MAR.
APR.
MAY

JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1979—JAN.

Total

Other
Checkable
Deposits^/

2.2
2.3
2.3
2.5
2.6
2.6
2.7
2.8
2.8
2.9
3.1
3.2
3.3

Time Deposits
Savings^

CD's 4 /

Other

88.7
89.0
89.9
91.0
91.9
92.8
93.9
94.2
94.9
95.6
97.2
99.1
97.4

258.8
247.0
248.2
259.9
253.6
259.0
262.4
260.2
264.1
265.8
265.7
272.5
268.3

177.3
169.0
170.0
177.3
172.7
175.8
177.9
176.2
178.3
179.3
178.3
182.9
179.2

77.0
73.8
74.3
78.5
77.0
79.2
80.5
80.1
81.9
82.7
83.7
85.6
84.9

76.4
76.9
80.2
81.4
84.6
86.3
87.3
88.0
90.3
90.8
96.4
99.5
101.1

253.5
258.0
260.8
261.9
264.8
267.1
270.5
275.7
279.2
283.3
287.1
290.5
295.6

219.6
220.0
222.1
224.2
224.6
225.1
224.7
223.7
223.6
223.5
221.5
219.9
218.8

549.5
554.9
563.2
567.4
574.1
578.5
582.4
587.5
593.1
597.6
605.0
609.9
615.5

Nonbank
Thrift
Institutions

U.S.
Gov't.
Demand*/

568.1
571.8
578.8
584.3.
586.4
592.8
598.8
601.7
607.5
613.4
616.2
621.3
• 627.5

4.3
4.3
4.8
5.0
4.0
6.?
4.5
3.6
6.2
4.3
8.0

10.2
12.0

WEEK ENDING:
1978-DEC.

27

100.2

270.8

181.7

85.4

100.0

291.4

218.9

610.3

15.1

1979-JAN.

3
10
17
24
31

98.4
98.6
97.6
96.9
96.2

284.7
275.0
272.4
261.3
255.4

191.7
182.7
181.9
174.2
170.8

88.0
88.0
86.5
83.1
80.5

100.3
101.0
r 101.0
101.4
101.3

292.5
292.5
r 295.2
297.5
299.0

220.1
220.3
219.1
218.1
217.1

612.9
613.8
615.3
617.0
617.4

15.4

r 97.9
r 97.8
97.7

258.9
r 257.4
252.6

r 173.5
r 172.3
167.7

r 81.4
r 81.3
81.0

100.1
r 99.6
99.4

300.0
r 302.2
303.2

216.9
216.9
216.7

r 617.0
618.7
619.3

FEB.

7
14*
21P

i

9.7
8.5

12.5
15.9
r

11.5
7.2
7.1

1/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ TOTAL DEMAND DEPOSITS INCLUDE, IN ADDITION TO 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 OATA.
4/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 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 SAVINQT^A
NOTE BALANCES, BEGINNING NO
2, 1978.
8/ U.S. GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. I N C L u l fITREASURY
T
P - PRELIMINARY; R - REVISED
^ r



Special Supplementary Table
Savings Deposits Authorized for Automatic Transfer
(ATS) and NOW Accounts in New York State at
Insured Commercial Banksi/
(amounts outstanding, millions of dollars)
ATS Account
January

February

NOW Accounts jLn New York Stat;<

24

4215

790

31

' 4305

830

7

4800

935

14

4830^

1000

1/ Excluding commercial banks in Massachusetts, New Hampshire, Connecticut,
Rhode Island, Maine and Vermont.
2/ Estimates are based on data collected by the Federal Reserve and the FDIC
from a stratified random sample of 351 commercial banks. The survey collecting data on outstanding balances is scheduled to be conducted weekly
through March 1979.
3/ The standard error associated with this estimate is about $350 million.




2/

SPECIAL SUPPLEMENTARY TABLE*
Money Market CertificatesAll Insured Commercial Banks and All Mutual Savings Banks
As of December 27, 1978 and January 31, 1979

Commercial
Banks 2/
December 27

Mutual Savings
Banks 3/

January 31

December 27

January 31

4/
Amount outstanding—
(millions of dollars)

22,956

31,855

12,822

17,538

Number of institutions
offering

11,658

11,972

431

451

72.9

79.0

90.6

86.6

Per cent of offering
institutions paying the
ceiling rate during the
survey week
*
Xj

2/
3/
4/

The survey collecting these data has been conducted as of the last Wednesday
of each month since June 1978.
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
per cent higher. This new category of deposits was authorized beginning on
June 1, 1978.
Estimates for all insured commercial banks in January are based on data collected by the Federal Reserve and the FDIC from a stratified random sample
of 530 banks.
Estimates for all mutual savings banks in January are based on data collected
by the FDIC from a stratified random sample of about 95 banks.
For January 31, the standard error associtated with the dollar estimates for
commercial banks is about $765 million, and for mutual savings banks the
standard error is about $450 million. For December 27, the standard errors for
commercial banks and mutual savings banks are $615 and $430 million, respctively.