Full text of H.6 Money Stock Measures : March 22, 1979

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FEDERAL

R E S E I V E

statistical

re

Teb»e1

H.6

a se

Form

MONEY STOCK MEASURES
MAR. 2 2 , 1979

M HUJON8 OF DOLLAR?

M-1 •

M-2

M-1 Rue
Sevlnge

M-1 Rue
Tkne
Deposits at
Commercial

M-1

Currency
Deposits at
Rue
CB'aand
Demand
Deposits J /

Date

M-3
M-2 Rue
Depoeittat

Thrift
uenNs umar
Institution**/
Than Large
Cffe £ /
Thrift mat 2/
..

M-4
M-2 Rue
Lerge
Negotiable
CD's*/

M-3 Rue
Large
Negotiable

898.3
904.0
913.8
922.9
929.3
936.7
944.5
954.8
959.6
959.7
972.9
975.9
r 979.2

1471.8
1481.7
1495.3
1508.2
1519.8
1532.6
1546.0
1563.2
1574.1
1589.2
1597.3
1604.6
1612.1

342.4
343.2
347.9
350.7
352.5
354.5
357.0
361.1
361.6
361.0
361.5
359.9
35«.8

565.3
566.4
572.1
576.1
578.6
530.0
583.4
539.4
539.7
587.?
536.4
582.4
579.0

819.4
822.6
830.3
836.7
842.6
848.7
856.9
866.2
870.9
874.3
876.3
875.4
r 877.0

17
24
31

360.9
357.9
357.3

r

533.5
579.6
578.2

876.3
874.0
873.8

976.9
975.9
976.2

FEB.

7
14
21
28

360.1
360.3
353.3
356.4

530.6
580.6
578.4
r 576.4

876.9
878.7
876.9
r 876.0

MAR.

7P
14P

T 360.2
359.0

r 530.0
578.6

r 879.7
879.0

1978—FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
")CT.
MOV.
SEC.
1979—JAN.
FEB.

1392.9
1400.3
1411.9
1422.0
1433.1
1444.6
1458.4
1474.7
1495.5
1493.8
1500.6
1504.1
1510.0

M-5

M-1

M-1 +

M-2

M-3

M-1 Rue
M-1 Rue
Savings
M-2 Rue
Time
Currency
Deposits st Deposits st Depoetoat
Rue
NonoanK
Commercial
CB'sand
Demand
Thrift
Deposits 1 / Checkable
Depoerteat Than Large institutions^/
Thrift Inat. 3J C D * *

335.9
338.2
350. 9
345.5 .
351.3
356.3
354.4
359.0
361.4
363.0
371.6
365.7
352.0

M-4

M-5

M-2 Rue
Large
Negotiable
CDs *

M-3 Rue

558.?
562.6
577.6
57?.7
579.5
583.7
580.8
585.3
587.8
587.4
594.4
587.3
r 571.6

813.9
821.1
837.0
834.9
844.0
851.4
353.8
861.7
868.2
871.6
882.0
880.1
r 871.4

370.0
358.2
351.5

592.0
579.2
571.5

884.4
373.8
867.6

985.3
975.2
968.9

978.7
980.5
979.3
X 978.4

356.8
355.3
350.5
345.4

576.5
575.1
570.0
r 564.8

873.6
874.5
870.5
r 866.7

973.7
974.1
969.9
r 965.8

r 981.0
979.4

r 355.7
355.5

r 575.5
575.6

r 878.1
879.4

r 976.7
977.7

r

1385.8
1400.0
1421.3
1421.3
1436.8
1450.2
1455.5
1469.2
1481.6
1487.8
1503.3
1507.2
r 1502.4

Negotiebfe
CD's ^

1462.7
1480.2
1502.7
1506.0
1523.1
1537.6
1543.5
1559.5
1572.4
1584.2
1602.9
1608.3
1602.0

890.8
901.4
918.3
919.5
930.3
938.8
941.8
952.0
959.0
968.0
931.6
981.2
r 970.9

WEEK ENDING:

197O-JAN.

r~
i
i

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? (21 FOREIGN OENANO BALANCES AT F.R.BANKS; AND (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 DRAFT
ACCOUNTS, ANO DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUOESt IN ADDITION TU 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 BANK, SAVINGS ANO LOAN SHARES, ANO
CREDIT UNION SHARES.
5/ INCLUOES M 2 f PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.

6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
http://fraser.stlouisfed.org/P - PRELIMINARY; R - REVISED

Federal Reserve Bank of St. Louis

FEDERAL RESERVE SMsHoal Rele

1H.6

TIDU2

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

FEB.

M-1

M-1+

M-2

M-3

M-4

M-5

Currency
Plus
Demand
Deposits-V

M-1 Pius Savings
Depoefts at CB's
and Checkable
Deposits at
Thrift mst. V

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

M-2 Plus Deposits
at Nonbank Thrift
Institutions*/

M-2 Plus Urge
Negotiable CD's 5/

M-3 Plua Large
NegotableCD'sey

FROM:

NOV.

1978

( 3 MONTHS PREVIOUS)

-2.4

-5.6

1.2

4.3

3.9

5.8

AUG.

1978

(6 MONTHS PREVIOUS)

1.0

-1.5

4.7

7.1

7.3

A.6

FEB.

1978

(12 MONTHS PREVIOUS)

4.8

2.4

7.0

8.4

9.0

9.5

FOUR WEEKS ENDING: MAR.
14,
FROM FOUR WEEKS ENDING:

1979

1 3 , 1978(13 WEEKS PREVIOUS)

-2.7

-5.5

1.2

3.3

SEPT. 1 3 , 1978(26 WEEKS PREVIOUS)

-0.2

-2.7

3.8

6.3

4.7

2.3

7.Q

8.7

DEC.

MAR.

1 5 , 1978(52 WEFKS PREVIOUS)

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; (7) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND 13) 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 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 MORP 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 UNIOW SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES NB*- PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
NOTF.: ALL RAT^S OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT COMPOUNDED.




FEDERAL RESERVE Statistical Release H.6

Tabla 3

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

Currency

Demand
Deposits

Time Deposits
CDfs~2/

1978—FEB.
MAR.
APR.

Savings 3/
Other

90.2
90.7
91.3
92.0
92.5
93.2
93.9
95.2
95.8
96.6
97.5
98.2
98.9

252.3
252.5
256.6
258.8
260.0
261.3
263.0
265.9
265.8
264.4
264.1
261.7
259.9

78.9
81.5
83.4
86.2
86.7
88.0
87.6
88.5
88.6
95.4
96.6
100.5
102. 1

256.4
258.5
260.8
263.2
266.6
271.4
276.2
279.6
284.1
289.9
292.8
295.9
300.9

220.6
220.9
221.7
222.8
223.5
222. 8
223.7
225.5
225.2
223.4
222.0
219.6
217.4

98.0
98.4
98.5

262.9
259.5
258.7

100.5
101.9
102.4

295.7
297.3
298.5

219.7
218.8
213.0

14
21
28

98.9
98.6
98.8
99.1

261.2
261.7
259.5
257.3

101.8
101.8
102.4
102.4

299.2
300.9
301.4
•T 302.4

7P
14 P

99.5
99.2

r 260.7
259.8

101.3
100.3

r 302.5
303.3

MAY

JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
OEC.
1979—JAN.
FEB.

Total

Nonbank
Thrift
Institutions^

555.9
560.8
565.9
572.2
576.8
582.2
587.5
593.7
597.9
608.8
611.4
616.0
X 620.4

573.5
577.7
5R1.5
585.3
590.5
595.9
601.*>
608.5
614.6
619.5
624.3
628.7
r 632.9

WEEK ENDING:
1979-JAN.

17
24
31

FEB.

MAR.

7

*

r

217.6
217.5
217.3
217.1
216.9
216.7

615.9
618.0
618.9
618.6
620.2
621.0
x 622.0
620.7
620.4

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




FEDERAL RESERVE Statistical fUnrvt H.t

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN MUIONS OF DOLLARS
wwwmwwtm

Date

•

Currency
Member

-

Domestic^
NonmemUr

1978—FEB.
MAR.
APR.
MAY

JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
OEC.
1979—JAN.
FEB.

Time Deposits
Savings^
Other

CP'^

89.0
89.9
91.0
91.9
92.8
93.9
94.2
94.9
95.6
97.2
99.1
97.4
97.6

247.0
248.2
259.9
253.6
259.0
262.4
260.2
264.1
265.8
265.7
272.5
268.3
254.4

169.0
170.0
177.3
172.7
175.8
177.9
176.2
178.3
179.3
178.3
182.9
179.2
169.5

73.8
74.3
78.5
77.0
79.2
80.5
80.1
81.9
82.7
83.7
85.6
84.9
81.0

76.9
80*2
81.4
84.6
86.3
87.3
88.0
90.3
90.8
96.4
99.5
101.1
99.6

97.6
96.9
96.2

272.4
261.3
255.4

181.9
174.2
170.8

86.5
83.1
80.5

101.0
101.4

97.9
97.8
97.8
96.9

258.9
257.5
252.7
248.5

173.5
172.5
167.7
164.3

98.9
98.8

r 256.8
2 56.7

r 171.2
170.9

Total

Other
Checkable
Deposits

Nonbank
Thrift
Institution sL

U.S.
QoVt.
Demand^

224.2
224.6
225.1
224.7
223.7
223.6
223.5
221.5
219.9
218.8
216.7

554.9
563.2
56^.4
574.1
578.5
582.4
587.5
593.1
597.6
605.0
609.9
615.5
r 618.9

101.3

295.2
297.5
299.0

219.1
218.1
217.1

615.3
617.0
617.4

12.5
15.9

81.4
81.3
81.1
80.1

100.1
99.6
99.4
99.1

300.0
302.3
303.3
304.7

216.9
216.9
216.7
r 216.5

617.0
618.8
619.4
r 620.4

11.5
7.2
7.2
7.5

r 81.6
fU.5

r 98.7
98.3

X 305.4
306.6

216.9
217.3

621.0
622.2

r 6.6

258.0
260.8
261.9
264.8
267.1
270.5
275.7
279.2
283.3
287.1
290.5
295.6
r 302.6

220.0

222.1

r

2.3
2.3
2.5
2.6
2.6

2*7
2.7
2.8
2.8
2.9
2.9
2.9

r 2.9

571.8
578.8
584.3
586.4
592.8
598.8
601.7
607.5
613.4
616.2
621.3
627.1
r63l.O

4.3
4.8
5.0
4.0
6.2
4.5
3.6
6.2
4.3
8.0

10.2
12.0
8.3

WEEK ENDING:
1979-JAN.

17
24
31

FEB.

7
14
21
28

MAR.

7P

14°

r

8.5

3.4

1/ TIME ANO SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
?/ TOTAL DEMAND DEPOSITS INCLUDE, IN ADDITION TO THE MEMBER AND DOMESTIC NONMEMBER DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN ANT)
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 $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 DEMANO DEPOSITS AT MUTUAL SAVINGS BANKS,
7/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS ANO LOAN SHARES, AND CREOIT UNION,SHARES.
*
 8/ U.S. GOVERNMENT DEMAND OEPOSITS AT ALL COMMERCIAL BANKS. IN»f)ES TREASURY NOTE BALANCES, BEGINNI^lfOVEMBER 2,
P - PRELIMINARY; R - REVISED
%T
V*


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)
2/
ATS Accounts—

2/
NOW Accounts in New York State—

February 14

4830

1000

21

4930

1050

28

5110

1105

7

5675

1195

March
1/
2/

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. The survey collecting data on outstanding balances is scheduled to be conducted weekly
through March 1979.




SPECIAL SUPPLEMENTARY TABLE*
Money Market Certificates-'
All Insured Commercial Banks and All Mutual Sayings Banks
As of January 31, 1979 and February 28, 1979

Commercial
Banksi/
January 31

'

February 28

Mutual Savings
Banks!/
January 31

February 28

4/
Amount outstanding-1(millions of dollars)

31,855

35,981

17,538

19,154

Number of institutions
offering

11,972

12,389

451

463

79.0

94.9

86.6

95.8

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

*
jL/

2J

_3/
47

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 February are based on data
collected by the Federal Reserve and the FDIC from a stratified random
sample of about 530 banks.
Estimates for all mutual savings banks in February are based on data collected
by the FDIC from a stratified random sample of about 100 banks.
For February 28, the standard error associated with the dollar estimates for
commercial banks is about $815 million, and for mutual savings banks the
standard error is about $415 million. For January 31, the standard errors
for commercial banks and mutual savings banks are $715 and $450 million,
respectively.