Full text of H.6 Money Stock Measures : March 6, 1986
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FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES MARCH Billions of dollars M1 Sum of currency, travelers checks, demand deposits and other checkable deposits 1 Date M2 M3 M1 plus overnight RPs M2 plus and Eurodollars, large time deposits, MMMF balances (gen. pur. term RPs, term Eurodollars and broker/dealer), MM OAs, and institution-only and savings and small MMMF balances 3 time deposits 2 Seasonally adjusted 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 562.9 569.3 572.2 575.7 582.5 590.9 596.2 604.8 611.5 614.1 620.0 626.5 2399.9 2421.8 2429.4 2434.4 2451.9 2479.0 2496.1 2515.4 2529.5 2538.3 2550.6 2565.5 3013.5 3033.8 3046.6 3052.2 3070. 3 3098.7 3113.9 3132.7 3153.1 3166.1 3180.8 3199. 1 1986 —JAN. 627. 1 2569.3 3222.3 6, 198b L Debt M3 plus other liquid assets 4 Debt of domestic nonfinancial sectors' ' 3557.6 3588.8 3612.7 3618.7 3636.9 3665.3 3684.2 3713.3 3743.4 3762.7 3799.6 5992.6 6048.2 6103.8 6 1b5. 4 6228.6 6290.8 6356.0 6419.6 6479.1 6542.8 6628.5 6741.J 3562.8 3581.9 3616. 1 3626.2 3625.2 3665.6 3684.2 3711.9 3739.7 3761.1 3801.8 5985.9 6027.6 6075.8 6136.9 6201.4 6266.9 6334.2 6400.2 6463.7 6529.1 6616.0 6737.3 Not seasonally adjusted 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 568.4 558.7 565.0 581.7 576.5 592.7 599.6 602.0 609. 1 612. 1 621.6 639.8 2407.3 2415.3 2430.9 2443.1 2444.1 2480.7 2501.0 2510.9 2521.0 2533.7 2549.0 2573.6 3019.9 3026.4 3046.9 3058.2 3064.3 3098.6 3111.4 3128.6 3146.6 3163. 1 3184.3 3211.8 1986—JAN. 633.4 2578.0 3230.0 For period ended 13-week average 1986-JAN. FEB. NOTE: Seasonally adjusted 4-week average M1 13-week average 627.4 629.6 630.9 631.9 645.3 647.0 644.8 637.7 662.4 643.3 631.5 613.7 631.7 631.9 631.6 631.5 626. 1 621.3 618.1 618.5 616.0 623. 9 618.9 615.0 6 13 20 27 621.3 622.4 623.3 624.2 627.8 627.9 627.7 627.6 629.7 626. 1 627.2 627.5 3 10 17 P 24 P 624.9 626.0 626.9 627.8 626.4 627.7 628.5 630. 1 624.8 631.2 630.3 634.0 S P E C I A L CAUTION SHOULD BE TAKEN I N I N T E R P R E T I N G HIGHLY V O L A T I L E AND S U B J E C T TO R E V I S I O N . P — I N D I C A T E S PRELIMINARY DATAFOOTNOTES APPEAR ON THE FOLLOWING PAGE Not seasonally adjusted 4-week average week average B E E K - T O - B E E K CHANGES I N week average MONEY SUPPLY DATA, BHICH ARE Table 2 MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 Debt1 3 MONTHS FBOM OCT. 1 9 8 5 TO J A N . 1986 8.5 4.9 7.1 16.2 6 MONTHS FBOM JULY 1 9 8 5 TO J A N . 1986 10.4 5.9 7.0 14.3 1 2 MONTHS FROM J A N . 1 9 8 5 TO J A N . 1986 11.4 7. 1 6.9 13.7 THIBTEEN WEEKS ENDING FEB- 2 4 , 1 9 8 6 FBOM THIRTEEN WEEKS ENDING: 1/ 1/ 2/ 3/ 4/ 5/ 8.9 NOV. 25, 1985 ( 1 3 WEEKS PREVIOUS) AUG. 26, 1985 (26 WEEKS PREVIOUS) 10.6 FEB. 25, 1985 (52 WEEKS PREVIOUS) 11.6 GROWTH BATES FOB DEBT ABB BASED OH PERIODS BEGINNING AND ENDING ONE MONTH EABLIEB THAN FOB THE MONETAMI AGGBEGATES, NAMELY, SEPTEMBER 1 9 8 5 TO DECEMBEB 1 9 8 5 , JUNE 1 9 8 5 TO DECEMBEB 1 9 8 5 , AND DECEMBEB 1 9 8 4 TO DECEMBEB 1 9 8 5 , BESPECXIVELY. FOOTNOTES TO TABLE 1 C O N S I S T S OF ( 1 ) CURBENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COMMEBCIAL BANKS; ( 2 ) TRAVELERS CHECKS OF NONBANK I S S U E R S ; ( 3 ) DEMAND D E P O S I T S AT ALL COMMERCIAL BANKS OTHER THAN THOSE DOE TO DOMESTIC BANKS, THE U . S . GOVERNMENT, AND FOREIGN BANKS AND O F F I C I A L I N S T I T U T I O N S L E S S CASH ITEMS I N THE PBOCESS OF COLLECTION AND FEDEBAL RESERVE FLOAT; AND ( 4 ) OTHER CHECKABLE D E P O S I T S (OCD) C O N S I S T I N G OF NEGOTIABLE OBDEB OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER S E R V I C E (ATS) ACCOUNTS AT D E P O S I T O B I I N S T I T U T I O N S , CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND D E P O S I T S AT T H R I F T I N S T I T U T I O N S . THE CUBBENCY AND DEMAND D E P O S I T COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND D E P O S I T S , B E S P E C T I V E L Y , HELD BY T H R I F T I N S T I T U T I O N S TO SEBVICE THEIR OCD L I A B I L I T I E S . C O N S I S T S OF M1 PLUS OVERNIGHT (AND CONTINUING CONTBACT) BPS I S S U E D BY ALL COMMEBCIAL BANKS AND OVEBNIGHT EURODOLLARS I S S U E D TO U . S . RESIDENTS BY FOREIGN BBANCHES OF U . S . BANKS WOBLDWIDE, HMDAS, SAVINGS AND SMALL DENOMINATION f 1 M B D E P O S I T S (TIME D E P O S I T S — I N C L U D I N G R E T A I L B P S — I N AMOUNTS OF L E S S THAN $ 1 0 0 , 0 0 0 ) , AND BALANCES I N BOTH TAXABLE AND TAX-EXEMPT GENEBAL PURPOSE AND BBOKBB/DBALEB MONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITOBY I N S T I T U T I O N S AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U . S . COMMEBCIAL BANKS, MONEY MABKET FUNDS (GENEBAL PUBPOSE AND BBOKEB/DEALEB), FOBEIGN GOVERNMENTS AND COMMEBCIAL BANKS, AND THE U . S . GOVERNMENT. ALSO SUBTBACTED I S A CONSOLIDATION ADJUSTMENT THAT BEPBESENTS THE ESTIMATED AMOUNT OF DEMAND D E P O S I T S AND VAULT CASH HELD BY T H B I F T I N S T I T U T I O N S TO S E B V I C E THEIH TIME AND SAVINGS D E P O S I T S . C O N S I S T S OF M2 PLUS LABGE DENOMINATION TIME D E P O S I T S ( I N AMOUNTS OF $ 1 0 0 , 0 0 0 OB MOBE) AMD TEBM BP L I A B I L I T I E S I S S U E D BY COMMEBCIAL BANKS AND T H R I F T I N S T I T U T I O N S , TEEM EUBODOLLABS HELD BY U . S . B E S I D E N T S AT FOBEIGN BBANCHES OF U . S . BANKS WORLDWIDE AND AT ALL BANKING O F F I C E S IN THE UNITED KINGDOM AND CANADA, AND BALANCES I N BOTH TAXABLE AND TAX-EXEMPT I N S T I T U T I O N - O N L Y MONEY MABKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITOBY I N S T I T U T I O N S , THE U . S . GOVEBNMENT, MONEY MARKET FUNDS, AND FOBEIGN BANKS AND O F F I C I A L I N S T I T U T I O N S . ALSO SUBTBACTED I S A CONSOLIDATION ADJUSTMENT THAT BEPBESENTS THE ESTIMATED AMOUNT OF OVEBNIGHT BPS AND EUBODOLLABS HELD BY I N S T I T U T I O N - O N L Y MONEY MABKET MUTUAL FUNDS. C O N S I S T S OF M3 PLUS THE NONBANK P U B L I C HOLDINGS OF U . S . SAVINGS BONDS, SHOBT-TEBM TBEASUBY S E C U R I T I E S , COMMEBCIAL PAPER AMD BANKEBS ACCEPTANCES, NET OF MONEY MABKET MUTUAL FUND HOLDINGS OF THESE A S S E T S . DEBT OF DOMESTIC NONFINANCIAL SECTORS C O N S I S T S OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVEBNMENT, STATE AMD LOCAL GOVEBNHENTS AND PBIVATE NONFINANCIAL SECTOBS. PBIV A TB DEBT C O N S I S T S OF COBPOBATE BONDS, MOBTGAGES, CONSUMER CBBDIT (INCLUDING BANK L O A N S ) , OTHEB BANK LOANS, COMMEBCIAL PAPEB, BANKEBS ACCEPTANCES AND OTHEB DEBT INSTRUMENTS. THE DATA ABE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLOW OF FUNDS ACCOUNTS. 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 BEHOVE S T A T I S T I C A L D I S C O N T I N U I T I E S THAT MAY ARISE IN THE UNDERLYING FLOW OF FUNDS S T A T I S T I C S . THE PRESENTATION OF DEBT DATA IN T H I S RELEASE D I F F E R S , THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS S T A T I S T I C S CONTAINED I N THE FEDERAL RESERVE RELEASES Z . 7 AND Z . 1 . IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ABB MEASUBED ON A QUARTER-END B A S I S AND INCLUDE D I S C O N T I N U I T I E S . H i <80* We 3 COMPONENTS OF THE MONEY STOCK •Nitons of dollars, seasonally sdfustsd Dm* Currency1 Trmters checks* Demand dsposlte' Other checkable dspoerts4 components In MS only* mutt* Saving* deposits7 at at total thrift commercial Institutions I banks Selected nontransacttons Hems Smell time depoelts* at at thrift total commercial Institutions banks 1*1as time depotIMSat total thrift banks" Institutions at 121.8 121.6 121.1 167.7 168.4 168.7 289.4 289.9 289.7 386.3 385.0 385.2 501. 1 500.2 499.7 887.4 885.2 885.0 263. 1 263.8 268.2 152.6 153. 1 152.7 415.6 416.9 421.0 617.8 618.3 619.7 120.3 121.2 122.1 168.7 169.6 171.5 289.0 290.8 293.6 387.1 387.7 387.6 500.5 501.8 502.6 887.6 889.5 890.3 272.3 269.3 267.3 153.6 155.7 155.4 425.9 425.0 422.7 1899.8 1910.6 1918.0 617.8 617.4 623.7 122.9 123.7 124.0 173.8 176.0 176.3 296.7 299.7 300.3 386.7 383.4 382.7 501.3 497.5 495.6 888.0 880.9 878.3 264.0 268.0 272.4 154.3 154.1 155. 1 418.3 422. 1 427.4 173.6 176.6 178.5 1924.2 1930.6 1938.9 627.7 630.2 633.7 124.4 124.8 124.4 177.9 179.0 179.1 302.3 303.7 303.6 382.0 382.2 384. 1 493.7 493.7 496.2 875.7 876.0 880.3 274.3 276.7 279. 1 155.9 156.2 157.3 430.2 432.9 436.4 268.9 180.4 1942.1 653.0 124.7 179.3 304.0 386.5 499.6 886.1 289.8 158.2 447.9 1985-JAN. FEB. MAR. 159.6 160.7 161.3 5.3 5.3 5.4 249.0 251.2 251.4 149.0 152.2 154.1 1837.0 1852.5 1857.2 613.6 611.9 617.2 APR. MAY JUNE 161.9 163.2 164.4 5.5 5.5 5.7 251.8 255.4 259.0 156.5 158.4 161.8 1858.7 1869.5 1888.1 JULY AUG. SEPT. 165.3 166.9 167.7 5.8 5.9 5.9 260.4 263.1 266.4 164.8 169.0 171.5 OCT. NOV. DEC. 168.7 169.8 170.6 5.9 5.9 5.9 266.0 267.8 271.5 1986-JAN. 171.9 5.9 • | WEEK ENDING 1986 JAN. FEB. 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10/ 6 13 20 27 171.3 171.8 172.3 172.4 272.9 268.2 268.3 268.0 179.6 180.2 180.7 181.2 124.6 124.8 124.7 124.8 385.8 386.2 386.4 387.0 286.1 288.7 290.2 291.6 3 10 17 P 24 P 172.2 172.8 173.0 173.2 266.7 269.4 268.0 271.0 179.9 183. 1 183.5 183.8 124.7 124.9 124.9 125.2 387.4 387.7 387.8 387.7 293.3 292.7 291.8 289.4 1 CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL RESERVE BANKS AND FAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD L I A B I L I T I E S . OUTSTANDING AMOUNT OF U . S . DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK I S S U E R S . TRAVELERS CHECKS ISSUED BY DEPOSITORY I N S T I T U T I O N S ARE INCLUDED IN DEMAND D E P O S I T S . DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U . S . GOVERNMENT AND FOREIGN BANKS AND O F F I C I A L 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 I N S T I T U T I O N S TO SERVICE THEIR OCD LIABILITIES. CONSISTS OF NOV AND ATS BALANCES AT ALL DEPOSITORY I N S T I T U T I O N S , CREDIT UNION SHARE DRAFT BALANCES AID DEMAND DEPOSITS AT THRIFT I N S T I T U T I O N S . OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THE SEASONALLY ADJUSTED SUE OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND D E P O S I T S . INCLUDED ARE ALL CEILING FREE "SUPER N O N S , " AUTHORIZED BY THE DEPOSITORY I N S T I T U T I O N S DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5 , 1983. SUM OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), MMDAS, AND SAVINGS AND SHALL TIME D E P O S I T S , 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 L I A B I L I T I E S . SUM OF LARGE TIME D E P O S I T S , TERM RPS AND TERM EURODOLLARS OF U . S . RESIDENTS, HONEY MARKET FUND BALANCES ( I N S T I T U T I O N ONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET FUNDS. SAVINGS DEPOSITS EXCLUDE MMDAS. SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $ 1 0 0 , 0 0 0 . ALL INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL TIME D E P O S I T S . LARGE DENOMINATION TIME DEPOSITS ARB THOSE ISSUED IN AMOUNTS OF $ 1 0 0 , 0 0 Q OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL BANKING F A C I L I T I E S . LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY MONEY MARKET MUTUAL FUNDS, DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL I N S T I T U T I O N S . H.6 (509) Table 4 C O M P O N E N T S O F LIQUID A S S E T S AND DEBT Billions of dollars, seasonally adjusted Date savings bonds Non-M3 components of L bankerTacceptances: short-term treasury securities 1 2/ 3/ 4/ Debt components^. federal debt I non federal debt 19 8 4 - D E C . 74.3 266.0 43.6 161.8 1367.4 4559.6 1 9 8 5 - J AN. FEB. MAR. 74.5 74.9 75.3 2b6. 7 270.4 274.6 43.3 45.0 46. 3 159.6 164.8 169.8 1384.9 1399.4 1409.3 4607.a 4648.8 4694.5 APR. MAY JUNE 75.7 76.1 76.5 276.0 277.4 282.6 45.9 44.5 42.8 168.9 168.6 164.7 1423. 1 1441.4 1458.3 4742.3 4787.1 4832.5 JULY AUG. SEPT. 76.7 77.2 78.0 280.3 279.2 283.2 42.2 42.2 42.5 171.1 182.0 186.6 1478.5 1496.1 1505.6 4877.5 4923.5 4973.5 OCT. NOV. DEC. 78.5 79.0 282.6 299.8 191.7 196.8 1516.6 1548.3 1586.3 5026.2 5080.3 5155.0 ! 1/ commercial paper 3 i 43.9 4J, 1 C O N S I S T S OF U . S . T R E A S U R Y B I L L S AND COUPONS W I T H R E G A I N I N G M A T U R I T I E S O F L E S S THAN 1 2 MONTHS H E L D BY OTHER THAN D E P O S I T O R Y I N S T I T U T I O N S , F E D E R A L R E S E R V E B A N K S , MONEY MARKET MUTUAL F U N D S AND F O R E I G N E N T I T I E S . NET OF B A N K E R S A C C E P T A N C E S HELD BY A C C E P T I N G B A N K S , V&DESikL R E S E R V E B A N K S , F O R E I G N O F F I C I A L I N S T I T U T I O N S , THE F E D E R A L HOM& LOAN BANK SYSTEM AND MONEY MARKET MUTUAL F U N D S . T O T A L COMMERCIAL P A P E R L E S S COMMERCIAL P A P E R HELD BY DEBT DATA ARE ON A MONTHLY AVERAGE B A S I S , D E R I V E D BY ADJUSTED TO REMOVE D I S C O N T I N U I T I E S . MONEY MARKET MUTUAL F U N D S . AVERAGING ENU-OF-MONTH LEVELS OF A D J A C E N T MONTHS, AND HAVE BEEN 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 Date Currency1 Travelers checks 2 Demand deposits 3 at commercial banks 4 at thrift institutions 5 total in M26 in M3 only7 Overnight RPs8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1985-JAB. FEB. MAR. 158.3 158.5 159.8 4.9 5.0 5.1 254.8 244.6 245.9 108.3 107.7 109.9 42.2 42.8 44.4 150.5 150.6 154.2 1838.9 1856.6 1865.9 612.6 611.1 616.0 46.2 51.3 50.9 14.2 13.3 12.4 171.9 175. 1 177.6 APR. MAT JUNE 161. 1 163.1 165. 1 5.2 5.4 5.9 254.6 251.0 259.4 114.1 110.5 113.8 46.7 46.5 48.4 160.8 157.0 162.2 1861.3 1867.6 1888.0 615.2 620.3 618.0 45.8 48.5 48. 1 12.0 12.8 12.7 176.2 172.2 175.4 166.8 6.5 167.7 167.6 6.6 6.2 261.8 260.4 265.0 115.0 117.0 119.0 49.5 50.3 51.3 164.5 167.3 170.3 1901.4 1908.9 1911.9 610-4 617.7 625.7 48.3 49.4 50.2 12.4 14.2 13.9 175.8 176.8 176.7 OCT. NO?. DEC. 168.4 170.7 173.1 5.9 5.6 5.5 265.6 269.0 281.3 119.7 122.5 125.7 52.5 53.8 54.4 172.2 176.3 180.0 1921.6 1927.4 1933.7 629.4 635.3 638.2 50.4 51.9 52.5 14.2 13.8 16.7 177.0 176.8 176.5 1986-JAN. 170.5 5.5 275.1 128.0 54.3 182.3 1944.6 652.0 49.4 18.7 177.8 172.4 171.4 170.6 169.0 297.7 280.7 272.6 261.9 130.7 130.7 128.4 124.7 56. 1 55. 1 54.3 52.6 186.8 185.8 182.7 177.3 50.2 48.4 47.3 51. 1 21.6 19.3 17.6 17.4 172.9 176.5 179.2 180.4 169.2 171.4 171.2 169.9 262.7 263.8 261.7 259.9 125.0 53.6 55. 1 54. 1 53.6 178.6 183. 1 180.4 179.6 50.3 49.6 51.3 54. 1 17.1 15.4 16.5 17.0 180.0 180.6 181.0 180.9 JULY AUG. SEPT. WEEK ENDING: 1986-JAN. 6 13 20 27 FEB. 3 10 17 24 1/ 2/ 3/ 4/ 5/ 6/ 128.0 126.4 126.0 EXCLUDES THE ESTIMATED CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS OF COMMERCIAL BANKS. AMOUNT OF VAULT CASH HELD BY T H R I F T I N S T I T U T I O N S TO S E R V I C E THEIR OCD L I A B I L I T I E S . _ f f t _ oir OUTSTANDING AMOUNT OF U . S . DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK I S S U E R S . TRAVELERS CHECKS I S S U E D BY DEPOSITORY I N S T I T U T I O N S ARB INCLUDED IN DEMAND D E P O S I T S . D1M,C DEMAND D E P O S I T S AT COMMERCIAL BANKS OTHER THAN THOSE DUB TO DOMESTIC BANKS, THE U . S . GOVERNMENT AND FOREIGN BANKS AND O F F I C I A L I N S T I T U T I O N S , L E S S CASH ITEMS I N THE PROCESS OF COLLECTION AND F . R . FLOAT, L E S S THE ESTIMATED AMOUNT OF DEMAND D E P O S I T S HELD AT COMMERCIAL BANKS BY T H R I F T I N S T I T U T I O N S TO S E R V I C E THEIR OCD L I A B I L I T I E S . C O N S I S T S OF NOW AND ATS BALANCES AT COMMERCIAL BANKS, U . S . BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT CORPORATIONS. INCLUDES SUPER NOWS OF $ 4 7 . 9 B I L L I O N I N THE WEEK ENDED FEBRUARY 1 0 , $ 4 7 . 6 B I L L I O N I N THE WEEK ENDED FEBRUARY 1 7 , AND $ 4 7 . 6 B I L L I O N I N THE WEEK ENDED FEBRUARY 24. otlsnc, C O N S I S T S OF NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, C R E D I T UNION SHARE DRAFT BALANCES, AND DEMAND D E P O S I T S AT T H R I F T S . INCLUDES SUPER NOWS OF $ 1 9 . 5 B I L L I O N I N THE WEEK ENDED FEBRUARY $ 1 9 . 2 B I L L I O N I N THE WEEK ENDED FEBRUARY 1 7 , ANb $ 1 9 . 1 B I L L I O N IN THE WEEK ENDED FEBRUARY 2 4 . Mi<nac llin C1WTMCQ SUM OF OVERNIGHT RPS AND EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND B R O K E R / D E A L E R ) , %MDAS AND SAVINGS AND SHALL TIME D E P O S I T S LESS THE ESTIMATED AMOUNT OF DEMAND D E P O S I T S AND VAULT CASH HELD BY T H R I F T I N S T I T U T I O N S TO SERVICE 10, 7/ SUM^OF^LARGE TIME D E P O S I T S , TERM RPS AND EURODOLLARS OF U . S . R E S I D E N T S , MONEY MARKET FUND BALANCES ( I N S T I T U T I O N - O N L Y ) , L E S S A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY I N S T I T U T I O N - O N L Y 8/ CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS I S S U E D BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY I N S T I T U T I O N S AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER). I S S U E D BY FOREIGN BRANCHES OF U . S . BANKS WORLDWIDE TO U . S . RESIDENTS OTHER THAN DEPOSITORY I N S T I T U T I O N S AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROK ER/DEA I.FR t .. 9/ H.6 (508) Table 5-continued COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not seasonally adjusted Money market deposit accounts at at total thrift commercial institutions banks Date at commercial banks Savings deposits 1 at thrift institutions total Small denomination time deposits 2 at at total thrift commercial institutions banks Large den omination time <deposits 3 at at total thrift commercial 4 institutions banks 1985-JAN. FEB. MAR. 280.5 289.4 294.1 155.2 161.0 166.1 435.7 450.5 460.2 121.1 120.4 120.6 167.3 167.7 169.2 288.4 288,2 289.8 386.3 384.1 383.7 504.0 501.7 498.7 890.3 885.8 882.4 262.2 263. 1 268.9 153.5 154.2 152.6 415.7 417.3 421.5 APR. MAY JUNE 295.9 298.4 307.5 166.6 168.0 170.6 462.5 466.4 478. 1 121.0 121.8 123.2 169.7 170.4 172.2 290.6 292.2 295.4 383.8 385.2 386.5 498.0 498.2 499.9 881.8 883.5 886.3 269.2 268.5 265.5 152.7 155.1 154.9 421.9 423.6 420.4 JULY AUG. SEPT. 313.2 317.9 321.3 174.0 177.3 178.5 487.2 495.2 499.8 124.4 124.0 123.7 174.6 174.9 175.4 298.9 298.9 299.1 386.5 385.3 385.1 500.6 497. 1 495.4 887. 1 882.5 880.5 263.0 268.6 274.4 153.1 153,9 155.1 416. 1 422.5 429.4 OCT. NOV. DEC. 324.4 329.3 332.5 179.8 180.3 179.6 504.2 509.6 512.1 124.6 124.3 123.5 178.3 179.0 178.3 302.9 303.3 301.9 384.8 384.2 384.8 496.5 496.4 497.7 881-3 880.6 882.5 276.7 278.2 280.9 156.2 157.0 157.8 433.0 435.3 438.6 1986-JAN. 336.8 179.1 515.8 123.9 178.8 302.7 386.5 502.8 889.2 288.6 159.0 447,6 NEEK ENDING 1986 JAN. FEB. 1/ 2/ 3/ 4/ 6 13 20 27 337.0 337.7 337.1 336.2 124.4 124.3 123.8 123.4 386.1 386.4 386.6 386.6 288. 1 288. 1 288.2 289.0 3 10 17 24 335.6 336.6 336.7 337.7 123.3 123.7 123.6 123.6 386.7 386.9 386.7 386.4 290.5 290.9 290.6 288.9 P P S A V I N G S D E P O S I T S EXCLUDE MMDAS. SHALL DENOMINATION T I M E D E P O S I T S — I N C L U D I N G R E T A I L E P S — ARB THOSE I S S U E D I N AMOUNTS OF L E S S THAN $ 1 0 0 , 0 0 0 , ALL I N D I V I D U A L RETIREMENT ACCOUNTS ( I R A ) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND T H R I F T S ARE SUBTRACTED FROM SMALL TIME D E P O S I T S . LARGE DENOMINATION T I M E D E P O S I T S ARE THOSE I S S U E D I N AMOUNTS OF $ 1 0 0 , 0 0 0 OR MORE, EXCLUDING THOSE BOOKED AT I N T E R N A T I O N A L BANKING F A C I L I T I E S ( I B F S ) , LARGE DENOMINATION T I M E D E P O S I T S AT COMMERCIAL BANKS L E S S THOSE HELD B I MONEY MARKET MUTUAL F U N D S , D E P O S I T O R Y I N S T I T U T I O N S AND FOREIGN BANKS AND O F F I C I A L I N S T I T U T I O N S , H.6 (508) Table 5-continued COMPONENTS O F THE MONEY STOCK, LIQUID ASSETS AND DEBT Billions of dollars, not seasonally adjusted Date Institution only money market funds i Term RPs1 at commercial banks at thrift institutions total Term Eurodollars2 Savings bonds Non M3 Components of L Short-term Bankers treasury acceptances 4 securities3 Components of Debt Commercial paper8 Federal debt 8 Non-Federal6 debt 1985-JAN. FEB. MAR. 65.0 62.2 59.5 29.7 29.9 30.7 29.2 28.6 27.9 58.9 58.4 58.7 81. 1 81.3 84.7 74.6 74.9 75.3 266.8 271.6 280.8 44. 1 44.8 45.3 157.3 164.2 167.7 1383. 1 1397.4 1412.0 4602.8 4630.2 4663.8 APR. MAY JUNE 59.6 63.5 67. 1 32.5 31.2 31.4 27.2 26.5 25.7 59.8 57.7 57. 1 81.0 81.8 79.9 75.6 76. 1 76.5 278.4 272.1 280.2 44.7 43.9 42.3 169.3 168.8 167.9 1427.1 1443.8 1457.9 4709.8 4757.6 4809.1 JULY AUG. SEPT. 65.0 63.6 62.3 29.8 30.4 30.9 25.9 26.7 27.6 55.7 57. 1 58.5 79.4 80.2 80.0 76.6 77. 1 78.0 281.0 282.3 284.0 42.0 42.8 43.2 173.1 181.0 187.8 1475.8 1495.8 1506.9 4858.4 4904.4 4956.8 OCT. NOV. DEC. 63.3 64.5 64.6 30.2 31.3 31.6 29.4 31.7 34.'1 59.5 63.0 65.7 78.9 79.0 76. 1 78.5 79.0 282.3 296.0 43.8 43.3 193.4 199. 1 1515.6 1544.2 1583.7 5013.6 5071.9 5153.5 1986-JAN. 66.8 33.1 35. 5e 68. 6e 74.7 6 13 20 27 64.6 67.6 66.8 67.5 31.3 33.0 33.7 33.4 3 10 17 P 24 P 67.8 67.2 66.6 67.4 34.4 35.2 35.6 34.2 WEEK ENDING: 19 8 6 - J AN. FEB. 1/ 2/ 3/ 4/ 5/ 6/ e TERM R p S ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL R P S . INCLUDES A RELATIVELY SMALL AMOUNT OP OVERNIGHT RPS AT T H R I F T I N S T I T U T I O N S . TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY. C O N S I S T S OF THOSE I S S U E D TO U . S . R E S I D E N T S BY FOREIGN BRANCHES OF U . S . BANKS WORLDWIDE AND BY ALL BANKING O F F I C E S I N THE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD BY DEPOSITORY I N S T I T U T I O N S AND MONEY MARKET MUTUAL FUNDS. CONSISTS OF U . S . TREASURY B I L L S AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAN DEPOSITORY I N S T I T U T I O N S , FEDERAL RESERVE BANKS, MONEY MARKET MUTUAL FUNDS, AND FOREIGN E N T I T I E S . NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN O F F I C I A L I N S T I T U T I O N S , THE FEDERAL HOME LOAN BANK SYSTEM AND MONEY MARKET MUTUAL FUNDS. TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDSDEBT DATA ARE ON A MONTHLY AVERAGE B A S I S , DERIVED BY AVERAGING END-OF-MONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN ADJUSTED TO REMOVE D I S C O N T I N U I T I E S . = estimated H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to foreign official institutions foreign commercial banks Date Time and savings deposits due to foreign commercial banks and foreign official institutions IRA and Keogh Accounts U S government deposits demand deposits at commercial banks balances at Federal Reserve Banks note balances at commercial banks and thrift institutions total demand deposits and note and FR balances time and savings deposits at commercial banks commercial banks thrift institutions money market mutual funds total 1985-JAN. FEB. MAR. 9.0 8.7 7.8 1.9 2. 1 1.9 9.0 8.8 8.6 3.7 3. 1 3.6 4.0 4.3 3.8 14.9 12.7 9.2 22.5 20. 1 16.6 1.4 1.3 1.2 45.3 47.0 48.8 62. 1 64.0 66.4 7.4 7.7 7.9 114.7 118. 7 123.2 APB. WAY JUNE 7.7 8.0 8.0 1.9 2.1 2.0 8.4 8.3 8.3 3.9 3.1 3.4 6.6 6.7 2.8 11.5 17.8 11.4 22.0 27.6 17.7 1. 1 1.2 1.2 53.5 55. 1 55.9 70.4 71.9 73.4 8.6 8.6 8.4 132.5 135.6 137.7 JULY AUG. SEPT. 8. 1 7.8 8.1 1.9 2.0 2.1 8.3 7- 1 6.4 3.1 2.8 3.4 4.0 3.0 4.3 20.0 10.6 13.4 27.0 16.4 21. 1 1.2 1.3 1.3 56.7 57.4 57.8 75.3 76.8 78. 1 8.5 8.4 8.3 140.4 142.6 144.3 OCT. NOV. DEC. 8.2 8. 1 8.5 1.9 2. 1 1.9 7.9 8.4 8.3 3.0 3.0 3.4 3. 1 2.8 3.4 2.4 4.8 1 1. 1 8.5 10.7 17.9 1.3 1.3 1.4 58.2 58.7 59.2 79.0 79.5 80.9 8.4 8.4 8.4 145.7 146.6 148.4 1986-JAN. 8.8 2.0 8.0 3.6 10.5 20.5 34.5 1.3 60.7 81.9 8 . 5e 151.2B 6 13 20 27 9.9 8.1 8.6 9.4 2. 1 2.0 2.0 1.9 8.2 8. 1 8.0 7.9 3.8 2.9 3.9 3.8 5.5 5.0 10.3 17. 4 2 0. 1 15.0 21.7 23.3 29. 4 23.0 35.9 44.5 1.4 1.3 1.3 1.3 3 10 17 24 7.8 7.9 7.8 9.4 2.2 1.8 1.7 1.8 7.8 7.8 7.8 7.7 3.3 3.4 3.3 3.4 15.6 7.2 5.8 7. 4 23.4 21.0 20.3 21. 1 42.3 31.6 29- 4 31.9 1.4 1.4 1.4 1.4 WEEK 1986 JAN. FEB. ENDING: P P # • # • • • # v~ •