Full text of H.6 Money Stock Measures : May 16, 1985

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FEDERAL RESERVE statistical release
H.6(S0«

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

Oil

16,

1985

Billions of dollars

Date

M1

M2

M3

L

Debt

Sum of currency,
travelers checks,
demand deposits and

M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.
and broker/dealer), MMOAa,

M2 plus
large time deposits,
term RPs, term Eurodollars
and institution-only

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors'

time deposits1
Seasonally adjusted

1984—APB.
BAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

539.2
542.5
547.3
546.9
548.9
551.5
548.3
553.8
558.5

2255.2
2269.3
2280.2
2292.8
2308.4
2319.3
2346.3
2371.8

2788.0
2815.2
2839.0
2862.1
2879.1
2901.4
2925.4
2960.1
2995. 1

3293.3
3328.0
3366.7
3402.7
3429*9
3459.4
3480.6
3509.1
3544.1

5458.0
5519.7
5575.5
5635.0
56S2.6
5741.1
5796.9
5866.8
5936.6

1985—JAI.
FEB.
NAB.
APB.

562.7
569.4
572.1
575.0

2398.9
2420.9
2428.6
2427.0

3020.6
3041.6
3055.7
3057.5

3568.1
3591.9
3611.4

6001.0
6062. 1
6121.5

2798.9
2812.8
2840.5
2863.7
2875.0
2891.3
2920.9
2960.6
3002.3

3305.1
3321.8
3368.0
3403.4
3423.6
3447.9
3476.3
3509.5
3545.4

5431.8
5493.5
5552.3
5613.6
5674. 1
5728.5
5786.5
5854.6
5930.2

3024.4
3034.9
3057.4
3069.4

3573.6
3590.5
3618.4

5992.5
6038.2
6090.8

P

2241.1

Not seasonally adjusted
1 9 8 4 — APE.
BAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

545.6
537.3
547.9
549.9
545.0
548.5
548.2
555.9
570.4

2252.2
2251.3
2272.3
2285.7
2287.7
2298.8
2316.6
2344.4
2376.7

1985—JAN.
FEB.
BAB.
APR. P

568.3
558.6
564.9
581.6

2404.2
2414.4
2428.8
2438.9

!

Ml

For period ended
13-week average

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

1985-APH.

1
8
15
22
29 P

568.2
569.1
570.1
571.1
572.0

572.4
573.1
574.0
574.8
574.9

575.0
574.0
573.7
576.3
575.5

564.4
564.0
565.0
566.5
567.9

564.7
569.1
575.0
581.8
581.8

567.5
586.0
588.5
585.0
567.7

BAT.

6 P

573.0

575.8

577.6

569.:\

579.9

578. 4

NOTE:

SPECIAL CAUTION SHOULD BE TAKEN IN IHTERPBETING HEEK-TO-WEEK CHANGES IN HONEY SUPPLY DATA, 8HICH ABE
HIGHLY VOLATILE AND SUBJECT TO REVISION.
P—INDICATES PBELIHINABY DATA.
FOOTNOTES APPEAR ON THE FOLLOWING PAGE




H.6 (506)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
R»rcent change at seasonally adjusted annual rates

M1

M2

M3

Debt1

3 IIGNTHS F*OB JAN.

1985 TO APB. 1985

8.7

4.7

4.9

12.5

6 HOMTUS PBCH OCT.

1984 TO APB. 1985

9.7

9.3

9.0

13.3

6.6

8.3

9.7

13.4

12 HCMTHS FBOH APB.

1984 TO APB. 1985

THIBTEEM KEEKS BIDING HI!
6 , 1985
PBOH THIBTEBJI WEEKS EBOIMGs

1/

1/

2/

3/

4/
5/

10.0

**BB.

4,

1985 (13 PEEKS PREVIOUS)

JO?.

5,

1984

(26 WEEKS PBEVIOUS)

8.5

1AT.

7,

1984

(52 hBEKS PfiEVIOOS)

6.6

MvOHTH BATES FOB DEBT ABE BASED ON PEBIODS BEGINNING ABO ENDING CNE flONTH EABLIEB THAN FOB THE HONETAEY AGGREGATES,
J'AHELY, DECEBBIB 1984 TO MARCH 1985, SBPTBBBEB 1984 TO BABCH 1985, AND BABCH 1984 TO BABCH 1985, BESPICTIVELI.
FOOTNOTES TC TABLE 1
CONSISTS OP (1) CUBBBBCT OUTSIDE THE TBEASUHI, FEDBBAL BESEBTE BANKS, AND THE VAULTS OP COBBEBCIAL BA1KS;
(2) TBATBLEBS CHECKS OF NONBANK ISSOEBS; (3) DBBAND DEPOSITS AT AIL CQHHIBCIAL BANKS OTBEfi iflAN TBOSI DOE TO
DOBBSTIC BANKS, THB U.S. GOVBHNHBHT, AND POBEIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEHS IB TBE PBOCESS
OP COLLECTION AND FBDBBAJ. B2SEBVB FLOAT; AND (4) OTHEfi CHECKABLE DEPOSITS (OCD) CONSISTING OP NEGOTIABLE OBDBB
OP BITHDBAIAL (NOB) AND A0TOBATIC TBANSPBB SBBVICE (ATS) ACCOUNTS AT DEPCSITOBI INSTITUTIONS,
CBBDIT ONION SBABE DBAPT ACCOUNTS AND DBflAND DEPOSITS AT THBIPT INSTITUTIONS. THE COBBENCT AND DEBAND
DEPOSIT COHPONENTS EXCLUDE THE ESTIBATED AHOUNT OF VAULT CASH AND DEBAND DEPOSITS, BESPBCTIVBLI, BELD BT
THHIFT INSTITUTIONS TO SEBVICE THEIB OCD LIABILITIES.
CONSISTS OF H1 PLUS OVERNIGHT (ADD CONTINUING CONTBACT) BPS ISSUED BY ALI COBBEBCIAL BANKS IND OVEBNIGHT EUBODOLLAES
ISSUED TO U.S. BESIDENTS BY FOBBIGN BRANCHES OF U.S. BAJIKS tORLDHIDE, BBCAS, SAVINGS AND SHALL DEBCHIIATION
TISB DEPOSITS (TISE DEPOSITS—INCLUDING BETAIL BPS—IN ABOUNTS OP LESS TfiAN 1100,000), AND BALANCES II BCTB
TAXABLE AND TAX-EXEBPT GENERAL PUBPOSE AND BBOKEB/DEALEB HONEY flABKET BUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITOBT INSTITUTIONS AND HONEY HABKET PONDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. CCflflEBCIAL
BANKS, HONEY BASKET FUNDS (GENEBAL PUBPOSE AND BBOKEB/DEALEB), FOBEIGN GCVEBNHENTS AND COBBEBCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUfiTBACTED IS A CONSOLIDATION ADJUSTflENT THAT BBPBESENTS THE ESTIHATED ABOUNT
OF DEBAUD DEPOSITS AND VAULT CASH HELD BY THBIPT INSTITUTIONS TO SEBVICE THEIB TIBS AND SAVINGS DEPOSITS.
CONSISTS OF B2 PLUS LARGE DESOBINATION TIHE DEPOSITS (IN AHOUNTS OF $100,000 OR BORE) AND IERB RP LIABILITIES ISSUIL
BY COHBIBC1AL BAUKS AND THFIFT INSTITUTIONS, TERB EUBODOLLABS HELD BY U.S. BESIDENTS AT FOBEIGN BBANCHES OF U.S. EIBKS
WORLDWIDE AMD AT ALL BANKING OFFICES IN THB UNITED KINGDOH AND CANADA, AID BALANCES IN BOTH TAXABLE AND TAI-EXEflPT
INSTITUTION-ONLY HONEY MARKET BUTUAL FUNDS. EXCLUDES AHOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVEBRBENT, HONEY
BARKET FUNDS, AMD FOBEIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIHATBD ABOUNT OF OVERNIGHT BPS AND EURODOLLARS HELD BY INSTITUTIOI-ONLY BONEY BARKET BOTUAL FU1DS.
CONSISTS OF B3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS fcCMDS, SBCBT-TEBfl TBEASUBY SECURITIES, COBHEBCIAL
PAPEB AND BANKERS ACCEPTANCES, SET OF HCHEY BARKET BUTUAL FUND HOLDINGS CF THESE ASSETS.
DEBT OF DOHESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT BARKET DEBT OF THE UNITED STATES GOVBRNBENT,
STATE AND LOCAL GOVERNBENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DIBT CONSISTS OF COBPOBATE BONDS, MORTGAGES,
CONS0BEB CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COBBEBCIAL PAPffi, BANKERS ACCEPTANCES AND C1HER DEET
INSTRUMENTS. THE DATA ARE DEBIVED PBOH 1HE FEDERAL BESEBVE BOABD*S FLOW CF FUNDS ACCOUNTS. ALL DATA CN DEBT OP DOHESTIC
NONFINANCIAL SBCTOBS ABE PBESINTED IN BCHTH-AVEBAGE FOBH, DERIVED BY AVBBAGING MONTH-END LEVELS Of ADJACENT BONTflS. THE
DATA HAVE ALSO BEEN ADJUSTED TO BEHOVE STATISTICAL DISCONTINUITIES THAT BAY ABISE IN THE UNIBBLYING FLOW OP FUNDS STATISTICS.
TIE PRESENTATION OP DEBT DATA IN THIS BELEASE DIFPEBS, THEREFORE, PBOH THE QUARTERLY FLOI OP FUNDS STATISTICS CONTAINED IB
IN THE PEDSBAL BSSEBVE RELEASES Z.7 AND Z.1. IN THOSE RELEASES, PUBLISHED LEVELS OP CBBDIT BASKET DEET ABE BEASOBED ON A
A gUABTEB-END BASIS AND INCLUDE DISCONTINUITIES.




ML* <

COMPONENTS OF THE MONEY STOCK
Billions of dollar*, seasonally adjusts*

Da*

Currency1

Otter

TiwtHil
cftsc***

Dsmand

•Mill

tot*

301.9
301.5
300.8

8 * . clad ftontrantactlons Msm
SmaM tfena dapottts*
*
at
total
mnn
Institutions
banta•
450. 0
361. 2
811. 2
822. 6
456. 4
366. 2
834. 0
463. 0
371. 0

Savinos dapoaHs7

I
taiUS

*

torn*
f tanks
1

at
banks19

B» tlms dsposlts"
at
tot*I
tnrlft
tnstlUftioni

237.6
245.2
249.4

120. 1
124. 6
130. 1

357. 7
369. 8
379. 5

152.8
154.3

5.1
5.1
5.1

245.9
246.3
248.9

136.1
136.3
139.0

1701.8
1712.3
1722.0

546.9
560.0
569.6

129.3
128.8
128.7

172.6
172.7
172.1

JULY
AOG.
SEPT*

155.0
155.9
156.8

5.2
5.2
5.1

247.3
246.8
247.5

139.4
141.0
142.2

1733.3
1744.0
1756.9

581.9 ' 128. 1
127.0
586.2
126.1
593.0

171.0
169.$
168.5

299.1
296.5
294.6

374. 7
378. 8
381. 7

468. 9
476. 2
482. 8

843. 6
855. 0
864. 5

254.6
255.0
258.0

134. 6
137. 6
138. 0

389. 3
392. 6
J96. 0

OCT.
NOV.
DEC.

157.1
157.9
158.7

5.0
5.1
5.2

244.5
246.8
248.6

141.8
143.9
146.0

1770.9
1792.5
1813.3

606.1 i 124.9
123.8
613.9
122.6
623.4

167.7
166.9
166.0

292.6
290.7
288.6

383. 1
384. 5
387. 0

489. 6
494. 0
498. 6

872. 7
878. 5
685. 6

263.2
263.6
264.4

141. 9
147. 1
151. 8

405. 1
410. 7
416. 2

1985-JAN.
FEB.
HAS.

159.4
160.5
161.3

5.3
5.3
5.4

249.1
251.7
251.9

149.0
151.8
153.6

1836.2
1851.5
1856.4

621.7
620.7
627.2

121.6
121.4
120.3

166.9
168.0
168.4

288.6
289.4
288.6

384. 7
382. 0
382. 8

497. 2
495. 6
495. 8

881. 9
877. 6
678. 6

262.3
264.4
269.5

154. 6
154. 9
154. 2

416. 9
419. 4
423. 7

161.7

5.5

252.5

155.3

1852.0

630.5

119.5

168.2

287.8

387. 6

498. 0

885. 6

272.9

154. 4

427. 3

1984-APR.
HAT
JUNE

APB. P

152.1

WEEK ENDING
1985
APR.

HAY

1
8
15
22
29 P

161,5
161.8
161.2
161.6
162.2

253.8
251.8
252.0
253.0
252.8

154.3
155.0
155.0
156.2
155.0

119.9
119.5
119.3
119.6
119.7

384.
387.
387.
388.
388.

7
1
1
2
1

271.6
271.2
271.9
273.6
274.8

6 P

162.4

253.8

156.0

120.2

389. 4

273.2

-...__
_
_. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILI1IES.
2/ OUTSTANDING AHO0NT OF U.S. DOLLAR-DENOHINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ABE INCLUDED IN DEMAND DEPOSITS.
3/ DEHAND DEPOSITS AT COHHERCIAL 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 FEDERAL RESERVE FLOAT.
EXCLUDES THE ESTIHATED AMOUNT OF DEMAND DEPOSITS HELD AT COHHERCIAX BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
4/ CONSISTS OF NOM AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND
DEHAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THE
SEASONALLY ADJUSTED SUM OF DEHAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEHAND DEPOSITS. INCLUDED ARE ALL CEILING
FHER "SUPER NOUS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COHHITTEE TO ES OFFERED EEGINNING JANUARY 5,
1983.
5/ SUM OF OVERNIGHT RPS AND OVERNIGHT EORODOLLARS# HONEY HARKBT FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
HHDAS, AND SAVINGS AND SHALL TIHE DEPOSITS, LESS THE CONSOLIDATION ADJUSTHENT THAT REPRESENTS THE ES1IHATED AMOUNT OF
DEHAND DEPOSITS AND VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR TIHE AND SAVINGS DEPOSITS LIABILITIES.
6/ SUH Ok LARGE TIHE DEPOSITS # TERH RPS AND TBRH EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIHATED AHCUNT OF OVERNIGHT fcPS AND EURODOLLARS HELD EY
INSTITUTION-ONLY HONEY MARKET FUNDS,
7/ SAVINGS DEPOSITS EXCLUDE MMDAS.
8/ SMALL DENOMINATION TlHH 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
TIHE DEPOSITS.
V
LARGE DENOMINATION TIHE DEPOSITS /.RE THOSE ISSUED IN AHOONTS OF $100,000 OR MORE, EXCLUDING THOSE BOCKED AT
INTERNATIONAL BACKING FACILITIES.
10/ LARGE DENOMINATION TIHE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY HONEY MARKET MUTUAL FUNDS,

DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.


H.6 (508)
Table 4

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

savings bonds

Non-M3 components of L
short-term treasury
bankers acceptances2
securities*

I

commercial paper9

Debt components4
federal debt
non-federal debt

•

1984-NAR.

72.1

243,4

44.0

142.9

1224.6

4173.7

APR.
HAY
JUNE

72.5
72.7
73.0

242.0
241.5
251.6

44.7
46.5
47.7

146.1
152.0
155.5

1236.8
12*1.9
1261.3

4221.3
4267.8
4314.2

JULY
AUG.
SEPT.

73.1
73.3
73.6

259.9
269.2
280.4

48.2
47.8
46.8

159.4
160.5
157.2

1277.9
1299.0
1311.1

4 357.1
4393.6
4430.0

CCT.
NOV.
DEC.

73.7
73.9
74.1

279.9
275.0
271.8

44.8
42.5
41.3

156.7
157.6
161.8

1325.2
1347.2
1367.1

4471.7
4519.6
4569.6

74.4
74.9
75.3

272.7
268.2
266.9

40.8
42.5
44.3

159.6
164.8
169.1

1385.5
14C2.2
1414.4

4615.5
4660.0
4707.1

198S-JAN.
FEB.
MAR. P

1/ CONSISTS OP U.S. IBBASOBI BILLS AHD COUPONS KITH REMAINING HATOBITIES Of LESS IB AN 12flONTHSHELD BY CTHER THAfc DEPOSITORY
INSTITUTIONS, PE0EBAL RESERVE BANKS, HONEY MARKET MUTUAL FUNDS AND FOREIGN ENTITIES.
2/ NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS# FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOME LOAN BANK SYSTEM AND HONEY MARKET BUTUAL FUNDS.
3/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL FUNDS.
4/ DEBT DATA ABE ON A MONTBLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-HONTfl LEVELS OF ADJACENT MONTHS. AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 5

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

Other checkable deposits
Travelers
checks2

Currency1

Date

Demand
deposits3

at commercial
banks4

at thrift
institutions5

total

in M26

^3 only

Overnight
RPs8

7

Overnight
Eurodollars9

General
purpose and
broker/dealer
money market
funds

151.6
152.9
154.9

4.8
5.0
5.4

248.6
242, 1
247.8

103.4
100.3
101.7

37.3
37. %
38. 1

140.6
137.4
139.8

1706.6
1714.0
1724.3

546.7
561.4
568.2

45.2
46.2
43.3

11.1
12 1
12.6

145.9
146.5
146.9

JULY
AUG.
SEPT.

156.3
156.5
156.5

5.8
5.7
5.4

248.4
243.8
246.1

101.0
100.7
101.7

38.4
38.2
38.8

139.4
138.9
140.5

1735.8
1742.7
1750.3

578.0
587.3
592.5

42.7
45.0
44. 1

13.6
13.5
12.6

150.5
150.6
152.1

OCT.
NOV.
DEC.

156.7
158.7
160.9

5.0
4.8
4.9

245.8
248.9
257.4

101.5
103.1
105.9

39.3
40.4
41.3

140.8
143.4
147.2

1768.4
1788.5
1806.3

604.4
616.2
625.5

44.7
47.9
45.2

12.1
10. 1
12.4

155.6
162.0
167.5

1985-JAN.
FE£.
MAR.

158.3
158.6
159.8

4.9
5.0
5.1

254.9
244.9
246.3

108.3
107.8
109.9

41.8
42.3
43.8

150.1
150.1
153.6

1835.9
1855.8
1863.9

620.2
620.5
628.6

48.7
56.3
55.7

14.2
13.3
11.6

171.9
175.0
177.4

161.2

5.2

255.1

114.1

46.0

160. 1

1857.2

630.5

47.4

11.3

176.1

22
29 P

159.3
162.5
161.6
160.9
160. 1

249.0
256.7
258.8
256.6
247.7

109.9
114.8
116.1
116.1
110.2

44.2
46.3
46.8
46.2
44.4

154.1
161.6
163.0
162.3
154.6

53.5
42.4
47.5
49.4
49.7

12.5
8.0
10.6
13.5
12.6

176.9
177.5
177.6
176.2
173.5

6 P

162.6

252.9

111.1

46.5

157.6

46.6

12.6

171.6

1984-APH.
MAY
JUNE

APR. P

j
'

HEEK ENDING •
1985-APR.

HAY

1
8
15

j

L

17 CURRENCY OUTSIDE~ T H E U T S . TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS CF COMMERCIAL BANKS.
2/
3/
4/
5/
6/
7/
8/
9/

EXCLJC5S THE ESTIMATED
AJIOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVIC2 THEIR OCD LIABILITIES.
OUTSTANDING AHOUNT OF U.S. DOLLAR-DENOfilHATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ABE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IH THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS TBE ESTIMATED AMOUNT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NO1 AND ATS BALANCES AT COflMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AMD EDGE ACT
CORPORATIONS. INCLUDES SUPER HOWS OF $40.1 BILLIOH IN THE MEEK ENDED APRIL 22, $38.4 BILLION IN THE B1EK ENDED APRIL
29, AND $38.6 BILLION Itf THE IEEK ENDED MAY 6.
CONSISTS OF NOI AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIO8S AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOUS OF $16.0 BILLION IN THE HEEK ENDED APRIL 22, J15.5
BILLION IN THE SEEK ENDED APRIL 29, AND $16.1 BILLION IN THE SEEK ENDED MAY 6.
SUM OF OVERNIGHT RPS AND EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE .\^D BROKER/DEALER), MHDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS ANE VAUL1 CASH SELD BY THRIFT I1STITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SUN OF LARGE TINE DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS* MONEY MARKET FOND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERSIGHT RPS AND EURODOLLARS HELD BI INSTITUTION-ONLY
MONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COflMERCIAL BANKS TO OTHER THAN DEPOSITOR! INSTITUTIONS AND
HONEY MARKET MUTUAL FUNDS {GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF 0.S. BANKS VORLD9IDE TO L\ J; RESIDENTS CTEEB 1BAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKEE/DEALEB).




H.6 (508)
Table 5-continued

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

Date

Money market deposit accounts
at
at
thrift
total
commercial
institutions
banks

at
commercial
banks

savings deposits
at
thrift
institutions

total

Small denomination time deposits2
at
at
total
thrift
commercial
institutions
banks

Large denomination time deposits3
at
at
total
thrift
commercial
institutions
banks4

246.3
245.3
245.9

154.7
154.1
151.9

401.0
399.4
397.8

130.7
130.2
13O.0

173.7
173.8
174.4

304.5
304.0
304.4

358.0
362.0
367.1

448.2
450.9
4S7.2

806.1
812.9
824.4

235.4
243.1
248,5

119.3
124.6
129.7

354.7
367.7
378.2

JULY
AUG.
SEPT.

244.9
243.6
244.8

149.3
145.3
143.8

394.2
388.9
388.6

129.3
126.8
125.2

173.3
168.9
167.4

302.6
295.7
292.6

372.7
379.9
364.0

466.6
475.9
463.4

839.3
855.6
667.4

253.5
256.4
259.3

134.6
138.7
138.6

388.0
395.1
397.9

OCT.
NOV.
DBC.

248.2
257.1
267.1

143.9
145.4
147.9

392.0
402.4
415.1

124.3
122.7
12U4

167.4
166.1
164.9

291.7
288.8
286.3

386.2
387.1
367.6

493.2
497.4
499.4

879.4
884.5
887.0

264.0
263.6
265.9

143. 1
147.6
151.1

407.1
411.2
416.9

1985-JAN.
FEB.
HAS.

280.4
289.3
294.0

153.2
159.0
163.9

433.7
448.4
457.9

121.1
120.4
120.6

16 5.8
166.$
168.2

286.9
286.9
288.8

366.3
384.1
383.7

502.0
499.5
496.2

888.4
883.6
880.0

263. 1
263.9
269.8

154.1
154.9
153.3

417.1
418.8
423.1

295.9

164.4

460.3

120.9

169.3

290. 1

363.9

495.8

879.7

270.3

153.4

423.8

1984-AP£.
MAY
JUNE

APS. P
WEEK ENDING
1985
APR.

HAY

1/
2/
3/
4/

1
8
15
22
29 P

295.3
297.2
297.4
295.2
293.9

121.0
121.6
121.0
120.5
120.3

384.3
383.4
3e3.1
364.4
384.4

271.9
270.9
269.7
269.7
270.8

6 P

294.6

121.2

364.7

269.5

... _._ .. . 1
SAVINGS DEPOSITS EXCLUDE HMDAS.
SMALL DENOMINATION TIME DEPOSITS — INCLUDING RETAIL EPS — ABE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BAhXS ANC THRIFTS ARE SUBTRACTED FROM SHALL
TIME DEPOSI1S.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LABGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY MONEY MARKET MUTUAL FUNDS, DEPCSITO&Y
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




M.6(506)
Taoie 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusts*
i

TermRPs1

Date

Institution
only money
market funds

at commercial
banks

st thrift
institutions

total

Term
Eurodollars2

Savings
bonds

Non M3 Components of I
Short-term
Bankers
treasury
acceptances4
securities3

Components of Debt
Commercial
paper*

Federal debt 6

Non-Federal6
debt

45.0
45.3
45.7

32.5
32.0
29.2

24.8
27.5
30.0

57.3
59.5
59.2

93.1
93.6
69.5

72.3
72.6
72.8

244.1
238.8
249.1

43.4
45.7
47.2

146.4
152.1
158.3

1235.9
1248.7
1255.8

U195.9
4244.8
4296.6

46.1
46.2
46.9

28.1
30.7
31.3

31.8
33.4
35.4

60.0
64.1
66.6

88.4
86.7
86.0

73.0
73.3
73.5

258.0
267.9
277.5

47.5
47.7
47.2

161.2
159.8
158.4

1270.8
1295.8
1310.5

4342.6
4378.4
4U16.0

DEC.

52.2
58.3
62.7

33.1
35.4
32.5

36.1
35.3
37.3

69.3
70.7
69.7

81.0
82.2
83.3

73.8
74.0
74.4

278.2
272.3
269.1

45.1
43.3
42.8

158.3
159.4
156.9

132J.0
1343.0
1364.7

4463.5
4511.6
4565.5

1985-JAN.
FEB.
BAB.

65.0
62.2
S9.5

29.9
31.2
32.7

35.1
34.5
35.9

65.0
65.7
68.6

81.2
82.0
85.8

74.6
74.9
75.3

275.2
273.9
275.3

42.0
42.7
43.3

157.3
164.2
167.1

1363. 1
1397.4
1412.0

4640.8
4676.6

59.6

& 35.2

37.4

72*5

81.7

1
8
15
22
29 P

59.9
58.4
57.8
59.2
62.6

33.3
40.3
35.5
31.6
34.0

6P

60.9

31.7

1984-APB.
HAY
JUNE
JULY
AUG.

SEPT.
OCT.
MO?.

APB. P

4 6 0 9 . <4

SEEK ENDING:
1965-APB.

HAY

1/
2/
3/
4/
5/
6/

I
>
TEBH EPS ABE THOSE S I T U 0 B I 6 I N A L I A T O B I T I E S GBEATEB T H A N ONE D A I . E X C L U D I N G C O N T I N U I N G C OK TRACTS A HD R FT ATI. UPS.
nun
A RELATIVELY SHALL AMOUNT OF OfEHNIGHT BPS AT TBBIPT INSTITUTIONS.
TBBfl EURODOLLARS ABI THOSE WITH OBIGINAL HATOBITIES GBEATEB THAN ONE DAY. CONSISTS OP THOSE ISSUED TO O . S . BESIDENTS BY
FOBEIGN BBINCHES OP U.S. BANKS HOBLOVIDE AND BT ALL BANKING OFFICES IN THE UNIIED KINGDOB AND CANADA. EXCLUDES THOSI HELD
BT DEPOSITOBY INSTITUTIONS ABO HONEY HABKBT HUTUAL FUNDS.
CONSISTS OF O.S. TBEASUBY BILLS AND COUPONS ilTH BEHAIIING HATUBITIES OF LESS THAN 12 HONTHS HELD BY CTHEB THAB DEPOSITOBY
INSTITUTIONS, FEDEBAL BESBBVE BANKS, HONEY HABKBT HOTUAL FONDS# AND FOBBIGB ENTITIES.
NET OF BANKEBS ACCEPTANCES HELD BI ACCEPTING BANKS, FEDEBAL BESEBVE BANKS, FOBBIGN OFFICIAL INSTITUTIONS, THE FEDEBAL
HOBE LOAN BANK SYST1H ANDflOBEYHABKBT BUTUAL FUNDS.
TOTAL COHHBBCIAL PAPBB LESS COHHBBCIAL PAPBB HELD BI MONET HABKET flUTOAL FUNDS.
DEBT DATA ABB OH A BONTHLY AVEBAGE BASIS, DEBIfED BY AfEfiAGING BBD-OF-HONTH LEVELS OF ADJACINT BONTHS, AND HAYS BEES
ADJUSTED TO BBHOfE DISCONTINUITIES.
'
" " f " " "




H.6 (508)
Table 6

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

total demand
deposits and
note and
FR balances

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
nutual funds

"T"
8.3
8.7
8.6

1.9
2.1
2.0

JOLT
AUG.
SEPT.

8.7
8.4
8.4

OCt.
NO?.
DEC.
1985-JAIU
FEB.

8.0
8.2
8.4

3.8
2.7

6.7
4.6
3.8

12.7
10.0
8.5

23.2
17. 4
16.2

0.9
0.9
0.9

38.1
39.4
40.0

51.1
52.9
53.9

6.2
6.3
6.2

95.4
98.6
100.0

2.0
1.9
2.0

8.4
9.0
9.4

2.8
2.9
3.4

4.0
3.6
6.0

9.0
7.5
14.1

15.8
13.9
23.6

0.9
0.9
1.0

40.6
41.3
41.9

54.7
55.1
55.9

6.2
6.2
6.2

101.5
102.7
104.0

8.5
8.8
8.6

1.8
2.1
2.0

9.2
9.4
9.5

2.7
2.8
3.4

4.0
3.2
3.4

8.4
7.5
9.1

15.1
13.6
16.0

,0
1
,0

42.6
43,2
43.8

56.9
57.7
59.0

6.2
6.5
6.9

105.7
107.3
109.7

8.5
8.3
7.5

1.9
2.1
1.8

9.2
8.9
8.7

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
,1
0

45.3
47.0
46.0

61.4
63.1
65.4

7.4
7.6e
8.1e

im.o
118.Oe
122.4e

7.6

1.9

8.5

3.9

6.6

11.5

22.0

1.0

8.7e

131.2*

«£EK BMDIHG:
1985
APfi.
1
8
15
22
29 P

7.5
8.3
7.7
7.3
7.1

1.9
1.8
2.0
1*8
1.9

8.7
8.6
8.5
8.6
8.5

2.7
3.2
4.4
4.1
3.7

3.3
4.4
3.3
4.5
13.5

11.0
5.6
1.4
17.0
20.4

17.1
13.2
9. 1
25.7
37.7

1.0
1.0
1.0
0.9
1.0

BAY

8.2

2.3

8.5

4.8

15.7

21.6

42. 1

1.0

1984-APB.
BAY
JOME

A

Halt.
APB. p

6 P

estimated




53.5

Supplementary Table 1
Levels and Annual Growth Rates of Ml Using Standard,
Concurrent,^ an(j Experimental Alternative^
Seasonal Adjustment Procedures
(Monthly average)
Levels in billions of dollars
Experimental
Standard
Concurrent Alternative
1984 - October

Annual growth rates in percent
Experimental
Alternative
Concurrent
Standard

548.3

548.9

548.1

-7.0

-5.9

-2.8

November

553.8

554.4

551.5

12.0

12.0

7.4

December

558.5

558.8

557.2

10.2

9.5

12.4

562.7

563.3

561.4

9.0

9.7

9.0

February

569.4

569.0

570.1

14.3

12.1

18.6

March

572.1

571.6

574.4

5.7

5.5

9-1

April

575.0

575.0

576.2

6.1

7.1

3.8

1985 - January

1. Standard monthly seasonal factors are derived at the beginning of each year by applying
an X-11/ARlMA-based procedure to data through the end of the previous year.
2. Concurrent monthly seasonal factors are derived each month by applying an X-11/ARIMAbased procedure to data through that month.
3. Alternative monthly seasonal factors are derived using an experimental model-based
procedure. This procedure uses a combination of statistical regression and time series
modeling techniques to construct seasonal factors that are more sensitive than the standard 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.
NOTE:

Beginning with this week's H.6(508) release, Supplementary Table 1 will include
monthly Ml data seasonally adjusted on an experimental basis by a concurrent
technique, as well as Ml data seasonally adjusted by both the standard method and
the experimental model-based alternative method. The other tables will continue
to contain data adjusted only by the standard method as well as not seasonally
adjusted data. Under concurrent seasonal adjustment, seasonal factors are
revised each time an additional month's data become available. Under both the
standard method and the experimental model-based alternative method, historical
and projected seasonal factors are constructed only once a year. The concurrent
adjustment has advantages and disadvantages: it incorporates new information that
becomes available during the course of the year, but it may be distorted when the
current monthly figure is an outlier or when data for a series of months represent a sharp break in trend.




SPECIAL SUPPLEMENTARY TABLE
Monthly Survey of Select-^ Deposits and Other Accounts
At All Insured Commercial Banks and All Mutual Savings Banks 1
March 27, 1985 and April 24, 1985
(not seasonally adjusted)

Liability Categories

"Super N O W accounts2*
(standard error of the estimate)
Money market deposit accounts3*
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:*
7 to 31 days
(standard error of the estimate)

Insured Commercial Banks
Average Rate Paid (Z)
Amount Outstanding ($mil)
April 24
March 27
April 24
March 27
36,966
(493)
295,196

38,080
(485)
293,778

Number of Issuing Banks
March 27
Arpil 24

6.79

6.69

11,748

11,817

7.75

7.61

12,872

13,044

5,344
(420)

5,421
(414)

7.83

7.58

7,820

8.083

32 to 91 days
(standard error of the estimate)

18,440
(726)

18,584
(734)

8.10

7.78

12,899

12,861

92 to 182 days
(standard error of the estimate)

161,383
(2,333)

160,106
(2,259)

8.93

8.52

13,639

13,704

183 days to 1 year
(standard error of the estimate)

61,231
(1.221)

63.479
(1,148)

9.32

8.91

12,866

12,847

over 1 year to 2-1/2 years
(standard error of the estimate)

73,518
(1,655)

76,732
(1,577)

9.87

9 .53

13,155

13,240

2-1/2 years and over
(standard error of the estimate)

107,458
(1,632)

108,372
(1,673)

10.32

10.04

12,642

12,709

All IRA/Keogh Plan deposits5
(standard error of the estimate)

49,887
(335)

54,613
(396)

(N.A.)

(N .A.)

13,104

13,080

Retail repurchase agreements6
(standard error of the estimate)

1,293
(240)

1,328
(265)

7.51

7.31

2,898

2,836

Liability Categories

i

State-Chartered Mutual Savings Banks
Amount Outstanding ($mll)
Average
Number of Issuing Banks
Averagi Rate Paid (Z)
April 24
April 24
March 27
April 24
arch 27

"Super NOW" accounts2*
(standard error of the estimate)

1,000
(2)

1,034
(2)

7.08

7.03

213

209

Money market deposit accounts3*
(standard error of the estimate)

28,431
(79)

28,396
(81)

8.01

7.88

346

343

255
(33)

263
(33)

7.71

7.30

109

119

32 to 91 days
(standard error of the estimate)

1,07 5
(69)

1,097
(69)

8.11

7.99

273

268

92 -to 182 days
(standard error of the estimate)

25,017
(71)

25,519
(182)

9.01

8.83

353

351

183 days to 1 year
(standard error of the estimate)

10,813
(113)

11,278
(92)

9.58

9.46

323

337

over 1 year to 2-1/2 years
(standard error of the estimate)

10,569
(414)

10,511
(403)

10.02

9.96

338

336

2-1/2 years and over
(standard error of the estimate)

18,821
(137)

18,882
(160)

10.63

10.50

340

348

All IRA and Keogh Plan deposits^
(standard error of the estimate)

9,166
(206)

9,609
(217)

(N.A.)

(N.A.)

351

348

Retail repurchase agreements^
(standard error of the estimate)

95
(68)

87
(67)

7.80

7.62

61

46

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:*
7 to 31 days
(standard error of the estimate)

N.A. - Data not available.
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banks
and 75 mutual savings banks.
2. "Super NOW" accounts are NOW accounts containing an agreement between depositor and depository such that,
provided certain conditions—including a $1,000 minimum balance—are met, some or all funds deposited are eligible
to earn more than 5.25 percent.
3. Money market deposit accounts (MMDAs)—Deposits with a $1,000 initial and average balance requirement, no
required minimum maturity but institutions must reserve the right to require at least seven day's notice prior to
withdrawal, no restrictions on depositor eligibility, or limitations on the amount of interest that may be paid
unless the average balance falls below $1,000 during which period the NOW account rate ceiling applies; such
accounts may allow up to six transfers per month, no more than three of which may be draft and may permit unlimited
withdrawals by mall, messenger, or in person. Estimates for this category of deposits are based on data collected
by the Federal Reserve from weekly deposit reports submitted by about 10,500 commercial banks.
4. All interest-bearing time certificates and open account time deposits with balances of less than $100,000
including those held in IRAs and Keogh Plan deposits.
*
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument In which held, or interest rate paid.
6. Retail repurchase agreements are in denominations of less than $100,000 with maturities of less than 90 days
that arise from the transfer of direct obligations of, ot obligations fully-guaranteed as to principal and interest
by, the U.S. Government or an agency thereof.
* In January, 1985 the minimum balance required in Super NOW and MMDA accounts was lowered from $2,500 to $1,000.