Full text of H.6 Money Stock Measures : March 20, 1981
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FEDERAL RESERVE statistical release For Immediate Release H.6 (508) MAR. Table 1 2 0 , 1981 MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, seasonally adjusted unless otherwise noted M1-A M1-B Currency plus demand deposits1 Date M1-Aplus other checkable deposits at banks and thrift institutions2 , _j Overnight RPs at commercial banks plus overnight Eurodollars3 Money market mutual fund shares NSA NSA M3 M2 MI-Bplus M2 plus large overnight RPs time deposits and Eurodollars, MMMF shares, and and term RPs at savings and small commercial banks and thrift time deposits at institutions^ commercial banks and thrift institutions^ L M3 plus other liquid assets® 373.5 372.9 391.4 391.4 28.3 26.3 56.7 1547.6 1554.6 1805.4 1813.0 2188.5 60.9 APR. HAY JUNE 366,7 367.1 370.9 386.3 386.1 391.3 22.1 23.3 24.6 60.4 66.8 74.2 1550.4 1563.7 1587.6 1811.9 1825.7 1846.2 2213.3 2229.8 2242.7 JULY AUG. SEPT. 373.5 379.5 383.4 395.5 402.7 408.0 29.1 31.6 33.0 80.6 80.7 78.2 1612.5 1632.5 1644.4 1867.7 1889.5 1904.6 2258.2 2282.7 2306.5 OCT. P NOV. P DEC. P 386.3 388.4 384.8 412.0 415.0 411.9 32.5 32.6 32.1 77.4 77.0 75.8 1656.5 1670.8 1673.4 1921.8 1946.1 1957.9 2319.1 2346.5 2373.5 372.8 7/ 366.0 7/ 416.1 7 / 417.2 1/ 32.6 31.8 80.7 92.4 1681.3 1692.1 1978.7 1993.2 P P P P 367.0 365.9 366.8 364.6 415.2 416.6 418.3 416.6 31.9 29.7 30.7 33.4 86.9 89.8 92.2 95.7 4 P 11 P 365.7 365.7 419.7 421.8 35.7 34.1 98.0 101.2 1980-FEB. MAR. 1981-JAN. P PEB. P 2203.8 WEEK ENDING: 1981-FEB. MAR. 1/ 2/ 3/ 4/ 5/ 6/ 7/ 4 11 18 25 INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DOE TO DOMESTIC BANKS, THE O.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT; AND (2) CURRENCY OUTSIDE THE TREASURY, F.R. BANKS AND THE VAULTS OF COMMERCIAL BANKS. H1-A PLUS NOW AND ATS ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS. OVERNIGHT (AND CONTINUING CONTRACT) RPS ARE THOSE ISSUED BY COMMERCIAL BANKS TO THE NONBANK PUBLIC, AND OVEBNIGHT EURODOLLARS ARE THOSE ISSUED BY CARIBBEAN BRANCHES OF MEMBER BANKS TO U.S. NONBANK CUSTOMERS. SMALL DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. H2 WILL DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE AMOUNT OF DEMAND DEPOSITS HELD BY THRIFT INSTITUTIONS AT COMMERCIAL BANKS. LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE AND ARE NET OF THE HOLDINGS OF DOMESTIC BANKS, THRIFT INSTITUTIONS, THE U.S. GOVERNMENT, MONEY MARKET MUTUAL FUNDS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. TERM RPS ARE NET OF RPS HELD BY MONEY MARKET MUTUAL FUNDS. OTHER LIQUID ASSETS INCLUDE THE NONBANK PUBLIC'S HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND TERM EURODOLLARS NET OF MONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS* THE OBSERVED DATA FOR H1-A AND M1-B SINCE THE BEGINNING OF THE YEAR HAVE BEEN DISTORTED BY SHIFTS OF FUNDS OUT OF DEMAND DEPOSITS AND OTHER ACCOUNTS INTO NOW ACCOUNTS, RESULTING FROM THEIR INTRODUCTION ON A NATIONWIDE BASIS. ADJUSTMENTS NEED TO BE MADE TO THE OBSERVED SERIES TO MEASURE THE UNDERLYING BEHAVIOR OF NARROW MONEY SUPPLY, ABSTRACTING FROM SUCH SHIFTS. INFORMATION CURRENTLY AVAILABLE FROM A NUMBER OF SOURCES—SUCH AS SAMPLES OF DEPOSITORY INSTITUTIONS AND HOUSEHOLDS—SUGGESTS THAT IN JANUARY AND FEBRUARY OF THIS YEAR ABOUT 75 TO 80 PERCENT OF THE INCREASE IN OTHER CHECKABLE DEPOSITS IN EXCESS OF "TREND1* CAME FROM DEMAND DEPOSITS AND THE REMAINING 20 TO 25 PERCENT FROM SAVINGS ACCOUNTS AND OTHER SOURCES. ON THE BASIS OF THE ABOVE ESTIMATES, THE OBSERVED CHANGE IN Mi-B, FOR EXAMPLE, FROM THE DECEMBER AVERAGE TO THE JANUARY AVERAGE WOULD APPEAR TO BE OVERSTATED BY $3.2 TO $4 BILLION AND BY SI.5 TO $1.9 BILLION FROM JANUARY TO FEBRUARY AS A RESULT OF THE DISTORTING IMPACT OF THE SHIFTS. THESE ESTIMATES ARE SUBJECT TO REVISION AS MORE INFORMATION BECOMES AVAILABLE. NOTE: P INDICATES PRELIMINARY DATA. SPECIAL CAUTION SHOULD BE TAKEN IN INTERPRETING WEEK-TO-WEEK CHANGES IN MONEY SUPPLY DATA, WHICH ARE OFTEN HIGHLY VOLATILE AND SUBJECT TO REVISION IN SUBSEQUENT WEEKS AND MONTHS. PRELIMINARY DATA ARE SUBJECT TO WEEKLY REVISIONS UNTIL THEY ARE FINAL. H.6 (508) Table 1A MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted M1-A Currency plus demand deposits 1 Date Addenda: M1-B MI-Aplus other checkable deposits at banks and thrift institutions2 Overnight RPs at commercial banks plus overnight Eurodollars3 Money market mutual fund shares M3 M2 MI-Bplus M2 plus large overnight RPs time deposits and Eurodollars, MMMF shares, and and term RPs at savings and small commercial banks and thrift time deposits at institutions5 commercial banks and thrift institutions^ L M3 plus other liquid assets6 1980-FEB. MAR. 365.3 366.1 383.2 384.6 28.3 26,3 56.7 60.9 1539.6 1551.4 1797.5 1810.7 2185.9 2204.5 APF. HAT JUNE 370.0 361.5 369.7 389.6 380.5 390.2 22.1 23.3 24.6 60.4 66.8 74.2 1558.6 1560.8 1589.4 1818.1 1821.7 1845.6 2221.3 2224.1 2241.0 JULY AUG. SEPT. 375.5 377.3 382.6 397.5 400.5 407.2 29.1 31.6 33.0 80.6 80.7 78.2 1618.0 1629.5 1642.3 1870.8 1886.6 1902.3 2259.6 2278.6 2296.2 OCT. P NOV. P DEC. P 388.0 391.1 394.7 413.7 417.7 421.8 32.5 32.6 32.1 77.4 77.0 75.8 1656.9 1665.7 1674.8 1923.1 1942.1 1962.8 2318.0 2344.7 2375.0 1981-JAN. P PEB. P 377.3 358.2 420.7 409.4 32.6 31.8 80.7 92.4 1684.8 1685.1 1984.0 1986.2 P P P P 362.2 361.2 360.1 350.6 410.4 411.9 411.7 402.6 31.9 29.7 30.7 33.4 86.9 89.8 92.2 95.7 4P 11 P 358.8 361.2 412.9 417.3 35.7 34.1 98.0 101.2 WEEK ENDING: 1981-FEB. MAR. NOTE: 4 11 18 25 SEE TABLE 1 FOP FOOTNOTES. H.6 (508) Table 2 MONEY STOCK MEASURES AND LIQUID ASSETS Percent change at seasonally adjusted annual rates Date FEB. FROM: NOV. 1980 (3 MONTHS PREVIOUS) AUG. 1980 (6 FEB. 1980 (12 MAR. FOUR WEEKS ENDING: FROM FOUR WEEKS ENDING: M1-B Currency plus demand deposits1 Mt-Aplus other checkable deposits at banks and thrift institutions2 M2 plus large time deposits and term RPs at commercial banks and thrift | institutions^ 5.1 9.7 -7.1 7.2 7.3 11.0 -2.0 6.6 9.3 10,4 PREVIOUS) -22,5 4.6 PREVIOUS) 11, 1981 10, 1980 (13 WEEKS SEPT. 10. 1980 (26 WEEKS PREVIOUS) -8.0 7.1 MAR. 12, 1980 (52 WEEKS PREVIOUS) -2.1 7.0 SEE TABLE 1 FOR FOOTNOTES. M3 2.1 DEC. NOTE: M2 M1-Bplus overnight RPs and Eurodollars, MMMF shares, and savings and small time deposits at commercial banks and thrift institutions^ -23.1 MONTHS PREVIOUS) MONTHS M1-A H.6 (508) Table 3 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, seasonally adjusted unless otherwise noted 1 Currency Date Demand deposits 2 Other checkable deposits3 Overnight RPs (net) 4 Overnight Eurodollar NSA NSA NSA Money market mutual funds6 NSA Savings deposits at at thrift commercial institutions banks total Small denomination time deposits? at at commercial thrift total banks institutions 108.1 108.9 265.4 264.0 17.9 18.4 24.2 22.7 4.1 3.6 56.7 60.9 188.4 182.7 215.7 210.6 404.0 393.3 251.3 260.2 418.8 425.4 670.2 685.7 APR. MAY JUNE 109.0 110.2 111.0 257.7 256.9 259.9 19.5 19.0 20.4 19.4 20.5 21.7 2.7 2-8 2.9 60.4 66.8 74.2 176.3 175.6 180.6 203. 1 199.6 204.0 379.4 375.2 384.6 271.5 274.7 274.0 4 33.8 4 40.6 441.8 705.3 715.3 715.8 JULY AUG. SEPT. 112.1 113.5 113.9 261.4 266.0 269.5 22.0 23.2 24.6 25.5 27.9 29.2 3.6 3.7 3.7 80.6 80.7 78.2 186.5 190.6 192.0 211.5 217.5 220.1 398.0 408.1 412. 1 273.3 273.5 275.0 439,1 439. 1 441.4 712.4 712.6 716.4 OCT. P NOV. P DEC. P 115.1 115.8 116. 4 271.2 272.6 268.4 25.7 26.6 27.1 28.1 27.9 27.6 4.4 4.7 4.6 77.4 77.0 75.8 193.6 192.2 185.8 220.6 215.6 207.8 414.2 407.9 393.6 277.6 284.9 294.3 446.1 456.7 468.9 723.6 741.6 763.2 116.6 117.3 256.2 248.8 43.3 51.2 27.4 26.9 5.1 4.9 80.7 92.4 177.3 173.0 199.8 194.1 377.1 367.2 303.2 307.7 474.9 479-0 778.0 786.7 P P P P 116.8 116.9 117.4 117.6 250.1 249.0 249.3 246.9 48.2 50.6 51.6 52.0 26.7 25. 1 25.5 28.5 5.2 4.6 5.2 4.9 86.9 89.8 92.2 95.7 174.2 173.7 173. 1 172.2 306.3 307.1 307.1 308.1 4 P 11 P 117.7 117.3 248.0 248.4 54.1 56.0 31.0 29.9 4.7 4.2 98.0 101.2 171.3 171.4 310.4 311.3 1980-FEB. MAR. 1981-JAN. FEB. P P WEEK ENDING: 1981-FFB. MAF. 1/ 2/ 3/ 4/ 5/ 6/ 7/ 4 11 18 25 CUFF.ENCY OUTSIDE THE U.S. TREASURY, F.R. BANKS AND VAULTS OF COMMERCIAL BANKS. DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS 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.R. FLOAT. INCLUDES ATS AND NOW BALANCES AT ALL INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS. INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED TO THE NONBANK PUBLIC BY COMMERCIAL BANKS, NET OF AMOUNTS HELD BY MONEY MARKET MUTUAL FUNDS. ISSUED BY CAPIBBEAN BRANCHES OF U.S. MEMBER BANKS TO U.S. NONBANK CUSTOMERS. TOTAL MONEY MARKET MUTUAL FUND SHARES OUTSTANDING. SMALL DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. H.6 (508) Table 3—continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, seasonally adjusted unless otherwise noted Large denomination time deposits1 at commercial Date at thrift banks2 total institutions at commercial banks NSA Term RPs3 at thrift institutions NSA total NSA Term Eurodollars (net)4 NSA Savings bonds Short-term Treasury securities^ Bankers acceptances6 Commercial paper7 1980-FEB. HAH. 193.9 195.4 33.5 34.1 227.4 229.5 23,7 22.2 6.6 6.7 30.3 28.9 49.5 78.1 49.2 76.8 129.3 137.2 26.9 27.9 99.3 99.8 APR. MAY JUNE 197.5 197.2 192.7 34.9 35.9 35.9 232.4 233.1 228.6 22.5 22.5 23.5 6.7 6.5 6.5 29.1 28.9 30.0 49.9 50.3 48.9 75.2 74.0 73.3 147.2 152. 1 148.7 28.5 28.3 29.1 100.6 99.5 96.5 JULY AUG. SEPT. 187.8 186.6 189.0 36.2 36.7 37.8 224.0 223.3 226.8 24.7 27.3 26.4 6.5 6.5 7.0 31.1 33.8 33.5 48.4 48.4 45.2 72.8 72.6 73.2 144.7 147.2 154.8 28.9 28.5 30.0 95.8 96.6 98.7 190.4 197.5 229.8 238.8 248.0 28.0 28.9 28.9 7.5 7.5 7.6 35.5 36.5 36.5 43.6 46. 1 49.1 74.6 72.9 72.8 149.1 149.7 158.7 31.0 32-5 34.2 99.0 99.2 100.9 258.8 263.3 31.1 30.5 7.5 7.3 38.6 37.8 OCT. NOV. DEC. P P P 204.7 39.4 41.3 43.3 1981-JAN. FEB. P P 214.2 217.9 44.6 45.4 WEEK ENDING: 1981-FEB. MAR. 1/ 2/ 3/ 4/ 5/ 6/ 7/ P P P P 220.2 220.4 218.8 219.3 31.7 31.8 30.9 29.2 4 P 11 P 216. 1 213.3 28.0 28.8 4 11 18 25 LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE. LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS. TERM RPS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY AND EXCLUDE CONTINUING CONTRACTS. TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY NET OF TERM EURODOLLARS HELD BY MONEY MARKET MUTUAL FUNDS. INCLUDES U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY THE NONBANK PUBLIC LESS SUCH SECURITIES HELD BY MONEY MARKET MUTUAL FUNDS. NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK SYSTEM, AND MONEY MARKET MUTUAL FUNDS. TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS. H.6 (508) Table 3A COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS 1 Currency Date at member banks2 Demand deposits at foreignat domestic related nonmember banking banks3 offices in the U.S.4 Other checkable deposits total at commercial banks5 at thrift institutions6 total Overnight RPs(net)7 Money market Overnight Eurodollars8 mutual funds9 1980-FFB. MAR. 106.8 107.9 165.4 164.9 86.6 86.5 6.5 6.7 258.5 258.2 13.6 13.9 4.3 4.6 17.9 18.4 24.2 22.7 4.1 3.6 56.7 60.9 APP. MAY JUNE 108.7 109.9 111.2 168.6 161.3 166.1 87.0 84.3 86.2 5.7 5.9 6.3 261.3 251.5 258.6 14.8 14.2 15.5 4.8 4.8 4.9 19.5 19.0 20.4 19.4 20.5 21.7 2.7 2.8 2.9 60.4 66.8 74.2 JULY AUG. SEPT. 112.7 113.7 113.7 167.9 169.2 173.1 87.9 88.3 89.9 6.9 6.1 5.9 262,7 263.6 268.9 16.9 18.0 18.9 5.1 5.2 5.6 22.0 23.2 24.6 25.5 27.9 29.2 3.6 3.7 3.7 80,6 80.7 78.2 OCT. P NOV. P DEC. P 114.9 116.6 118.5 175.7 175.7 177.2 91.5 92.7 92.7 5.9 6.1 6.2 273.1 274.5 276.2 19.8 20.6 21.0 5.9 6.0 6.1 25.7 26.6 27. 1 28.1 27.9 27.6 4.4 4.7 4.6 77.4 77.0 75.8 1981-JAN. P FEB. P 115.8 115.9 166.1 151.3 89.6 85.2 5.9 5.7 261. 5 242.3 34.7 41.4 8.6 9.8 43.3 51.2 27.4 26.9 5.1 4.9 80.7 92.4 P P P P 115.1 116.4 116.5 115.0 155.7 153.5 151.2 146.7 86.1 85.8 86.0 83.5 5.4 5.5 6.4 5.5 247. 1 244.8 243.6 235.6 38.8 40.9 41.6 42.0 9.4 9.7 10.0 9.9 48.2 50.6 51.6 52.0 26.7 25.1 25.5 28.5 5.2 4.6 5.2 4.9 86.9 89.8 92.2 95.7 4 P 11 P 116.0 117.3 151.5 152.5 85.1 85.7 6.1 5.6 242.8 243.9 43.9 45.6 10.2 10.4 54.1 56.0 31.0 29.9 4.7 4.2 98.0 101.2 WEEK ENDING: 1981-FEB. MAP, 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 4 11 18 25 CURRENCY OUTSIDE THE U.S. TREASURY, F.R. BANKS AND THE VAULTS OF COMMERCIAL BANKS. DEMAND DEPOSITS 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.R. FLOAT AT MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM. DEMAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LFSS CASH ITEMS IN THE PROCESS OF COLLECTION AT NONMEMBER BANKS. DEPOSITS AS DESCRIBED IN FOOTNOTE 3 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS AND FOREIGN INVESTMENT COMPANIES. NOW AND ATS ACCOUNTS AT BANKS. NOW ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS. INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED TO THE NONBANK PUBLIC BY COMMERCIAL BANKS NET OF AMOUNTS HELD BY MONEY MARKET MUTUAL FUNDS. ISSUED BY CARIBBEAN BRANCHES OF U.S. MEMBER BANKS TO U.S. NONBANK CUSTOMERS. TOT\I MONEY MARKET MUTUAL FUND SHARES OUTSTANDING. H.6 (508) Table 3A—continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Date at commercial banks at savings and loans Savings deposits at mutual savings banks at credit unions total at commercial banks Small denomination time deposits1 at at mutual at savings credit unions savings banks and loans total 187.3 183.4 113.5 111.1 57.5 56.3 42.6 42.9 400.9 393.6 252.1 261.0 329.1 333.8 81.7 83.3 10.5 10.9 673.4 689.0 APR. NAY JUNE 178.0 176.7 181.2 106.8 104.8 108.3 54.3 53.2 54.2 42.7 42.2 43.2 381.8 376.9 386.9 271.8 275.8 275.4 339.3 341.7 341.7 85.6 86.9 87.1 11.2 12.0 12.4 707.9 716.4 716.6 JULY AUG. SEPT. 187.6 190.8 191.6 112.9 116.0 117.7 55.7 56.6 57.0 44.9 45.5 46.0 401.0 408.8 412.4 273.6 273.2 275.0 340.2 338.5 339.8 86.9 86.8 87.3 12.2 12.6 12.7 712.9 711.1 714.9 OCT. P NOV. P DEC. P 192.9 191.0 184.1 117.2 114.0 109.1 56.7 55.4 53.5 46.2 45.4 44.2 412.9 405.8 390.9 278.4 282.7 291.3 343.7 349.1 358.0 88.5 90.0 92.6 13.1 14.1 15.5 723.7 735.9 757.4 1981-JAN. P FEB. P 176.5 172.1 103.7 100.4 51.6 50.0 43.0 41.8 374.7 364.4 302.6 308.7 365.3 368.1 94.9 96.2 16.5 17.4 779.3 790.4 1980-FEB. MAR. WEEK ENDING: 1981-FEB. MAR. 1/ P P P P 173.0 172.8 172.2 171.3 306.3 307.7 308.3 310.0 4 P 11 P 170.7 171.4 311.7 312.5 4 11 18 25 SMALL DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. H.6 (508) Table 3A—continued COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS Billions of dollars, not seasonally adjusted Date Large denomination time deposits'1 at at mutual at savings commercial total savings banks2 banks and loans Term RPs3 at commercial banks at thrift institutions total Term Eurodollars (net)4 Savings bonds Bankers Commercial Short-term paper7 Treasury acceptances^ securities^ 194.9 197.0 29.9 30.6 2.8 2.8 227.6 230.4 23.7 22.2 6.6 6.7 30.3 28.9 49.5 49.2 78.2 132.6 139.0 28.2 76.8 28.9 100.0 99.8 APR. MAY JUNE 195.9 196.2 189.8 31.6 32.8 33.5 2.9 2.9 2.9 230.4 231.9 226.2 22.5 22.5 23.5 6.7 6.5 6.5 29.1 28.9 30.0 49.9 50.3 48.9 75.1 73.9 73.5 148.5 151.9 146.2 29.0 29.0 29.4 100.7 97.4 97.3 JULY AUG. SEPT. 184.6 185.4 187.7 34.1 35.0 ^5.9 2.9 2.9 2.9 221.7 223.3 226.5 24.7 27.3 26.4 6.5 6.5 7.0 31.1 33.8 33.5 48.4 48.4 45.2 73.3 73.2 73.1 142.1 146.0 148.8 28.8 28.8 30.0 96.2 95.6 96.8 OCT. P NOV. P DEC. P 190.6 198.9 209.4 37.1 39.0 39.1 3.0 3.0 3.0 230.7 240.0 251.5 28.0 28.9 28.9 7.5 7.5 7.6 35.5 36.5 36.5 43.6 46. 1 49.1 73.0 72.9 72.7 149.4 152.0 158.1 30.8 31.3 31.4 98. 1 100.3 100.8 217.2 219.0 40.4 41.0 3.1 3.3 260.7 263.3 31.1 30.5 7.5 7.3 38.6 37.8 1980-FEB. MAP. 1981-JAN. FEB. P P WEEK ENDING: 1981-FEB. MAR. 1/ 2/ 3/ 4/ 5/ 6/ 7/ 25 P 222.0 221.6 219.6 219.8 31.7 31.8 30.9 29.2 4 P 11 P 217.8 215.2 28.0 28.8 4 P 11 P 18 P LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSOED IN AMOUNTS OF $100,000 OR HOPE. LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS. TERM RPS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY AND EXCLUDE CONTINUING CONTRACTS. TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY NET OF TERM EURODOLLARS HELD BY MONEY MARKET MUTUAL FUNDS. INCLUDES U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY THE NONBANK PUBLIC LESS SUCH SECURITIES HELD BY MONEY MARKET MUTUAL FUNDS. NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK SYSTEM, AND MONEY MARKET MUTUAL FUNDS. TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS. H.6 (508) Table 4 MEMORANDA ITEMS Billions of dollars, not seasonally adjusted Demand deposits atbahks due to foreign commercial banks Date foreign official institutions Time and savings deposits due to foreign commercial banks and foreign official institutions demand deposits at Federal Reserve commercial banks Banks U.S. government deposits note balances at commercial banks and thrift institutions total demand deposits and note balances time and savings deposits at commercial banks 1980-FEB. NAB. 12.0 12,8 3.3 3.2 9.1 9.4 2.7 2.7 3.4 2.7 9.0 5.1 15.1 10.5 0.9 0.9 APR. MAT JONE 12.a 13.0 11.9 3.8 3.7 3.2 10.1 10.5 11. 1 3.6 2.6 3.2 2.6 2.8 2.9 5.4 5.9 6.8 11.7 11.3 13.0 0.9 0.9 0.8 JULY AUG. SEPT. 11.8 11-2 11.3 3.3 3.2 2.9 11.1 11.1 11.4 3.2 2.8 3.2 3.1 3.3 3.3 6.1 6.5 11.0 12.4 12.6 17.4 0.9 OCT. P NOV. P DEC. P 11.5 11.9 12.0 3.0 3.4 3.6 11.6 11.5 11.7 3.0 2.5 2.7 3.2 3.0 2.7 9.7 4.1 6.3 16.0 9.6 11.7 0.8 1981-JAN. P FEB. P 11.3 12.2 3.4 3.5 11.6 11.5 2.8 2.7 3.2 3.3 5.1 5.4 11. 1 11.4 0.8 0.8 P P P P 10.6 13.4 13.0 11.9 3.6 3.2 3.9 3.2 11.5 11.5 11.6 11.5 3.1 2.4 2.9 2.6 3.3 3.9 2.8 3.4 7.7 4.0 3.8 6.3 14.1 10.4 9.5 12.3 0.8 0.8 0.8 0.8 4 P 11 P 10.6 11.7 3.6 3.2 11.2 11.2 2.7 2,5 2.7 3.0 6.9 4.0 12.3 9.5 0.6 0.8 WEEK ENDING: 1981-FEB. BAR. 4 11 18 25 Attachment to H.6 March 1981 MONEY STOCK SEASONAL FACTORS, 1981 Shown below are monthly and weekly seasonal adjustment factors for the currency, demand deposit, and the commercial bank time and savings deposit components of the monetary aggregates for the second quarter of 1981. The factors presented here are based on data through 1979 and are essentially the same as those employed last year. These seasonal factors will be used by the Board in compiling seasonally adjusted money stock measures until the annual revision of seasonal factors is completed and published, which is presently anticipated for May 1981. Monthly April May June Currency Demand deposits Savings deposits Commercial Bank Small denomination time deposits .9970 .9980 1.0010 1.0140 .9790 .9950 1.0100 1.0070 1.0040 1.0010 1.0040 1.0050 .9920 .9950 .9850 Large denomination time deposits Weekly April 1 8 15 22 29 .9860 1.0080 1.0030 .9980 .9820 .9810 1.0140 1.0320 1.0250 .9920 1.0100 1.0160 1.0140 1.0080 1.0040 1.0010 1.0000 1.0000 1.0010 1.0040 1.0070 1.0000 .9920 .9870 .9870 May 6 13 20 27 .9980 1.0040 .9980 .9900 .9900 .9810 .9760 .9650 1.0050 1.0080 1.0080 1.0080 1.0030 1.0040 1.0040 1.0040 .9880 .9920 .9970 1.0000 June 3 10 17 24 .9990 1.0110 1.0030 .9970 .9870 1.0010 1.0060 .9820 1.0070 1.0060 1.0040 1.0020 1.0060 1.0060 1.0060 1.0040 .9960 .9890 .9840 .9800 July 1 .9950 .9970 1.0040 1.0040 .9830 SPECIAL SUPPLEMENTARY TABLE Variable Ceiling Time Deposits at All Insured Commercial Banks and All Mutual Savings Banks December 31, 1980, January 28, 1981, and February 25, 1981 (Not seasonally adjusted)^ Insured Commercial Banks December 31 January 28 February 25 Mutual Savings Banks December 31 January 28 February 25 Amount outstanding (millions of dollars): 2/ 6-month money market certificates (Standard error of the estimate) 2-1/2 year and over variable ceiling certificates 37 (Standard error of the estimate) 177,619 (1837) 188,382 (1800) 192,718 (2054) 49,446 (530) 49,825 (647) 51,493 (499) 32,012 (838) 31,991 (821) 33,866 (855) 11,770 (349) 12,918 (516) 13,014 (335) 14,236 14,213 14,298 462 461 462 14,236 14,213 14,298 462 461 462 88 .8 89.3 94 . 0 98.7 90. 7 88.3 93 .8 96.0 95 .5 94.2 97. 5 98.5 Number of institution offering; 2/ 6-month money market certificates 2-1/2 year and over variable ceiling certificates Percent of offering institutions paying the ceiling rate during the survey period: 6-month money market certificates 2-1/2 year and over variable ceiling certificates 1/ Estimates for February are based on data collected by the Federal Reserve and the FDIC from a stratified random sample of 521 commercial banks and 90 mutual savings banks. 2/ Money market certificates (MMCs) are nonegotiable 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 is related to the discount yield on the most recently issued six-month Treasury bill (auction average). See Table 1.16 in the Federal Reserve Bulletin for specific ceiling rates. 3/ This category includes all 4-year and over variable ceiling accounts having no legal minimum denomination issued between July 1 and December 31, 1979 and all such 2-1/2 year and over variable ceiling accounts issued since January 1, 1980. See Table 1.16 in the Bulletin for specific ceiling rates.