Full text of H.6 Money Stock Measures : May 17, 1979

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F E D E R A L

R E S E R V E

statistical

release

Iff
FEDERAL RESERVE Statistical M M M H.6 (508)

For Immediate R t l t i M

MONEY STOCK MEASURES
MAY 17, 1979

IN BILLIONS OF DOLLARS

M-1 +

M-1

Date

347. 9
350. 7
352. 5
354. 5
357. 0 1
361. 1
361. 6
361. 0
361. 5 ,
359. 9
3 58i 8
359. 0
r 364. 2
r

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

WEEK

M-2

M-3

M-1 Plus
M-1 Plus
M-2 Plus
Savings
Time
Currency
Deposits at
Deposits at Deposits at
Plus
Nonbank
CB'8 and
Commercial
Demand
Thrift
Deposits J / Checkable Banks Other
Deposits at Than Large Instltution&i/
CD's 5 /
Thrift h s t . 2 /

1411. 9
1422. 0
1433. 1
1444. 6
1458. 4
1474. 7
1485. 5
1493. 8
1500. 6
1504. 1
1510. 0
1517. 7
r 1531. 5

M-4

M-5

M-2 Plus
Large
Negotiable
CD's -5/

M-3 Plus
Large
Negotiable

913. 8
922. 9
929. 3
936. 7
944. 5
954. 8
959. 6
969. 7
972. 9
975. 9
979. 2
978. 8
984. 8

1495 . 3
1508 . 2
1519 . 8
1532 . 6
1546 . 0
1563 . 2
1574 . 1
1589 . 2
1597 . 3
1604 . 6
1612 . 1
1616 . 7
r 1626 . 4

M-1 +

M-1

M-2

M-3

M-1 Plus
M-1 Plus
M-2 Plus
Time
Savings
Currency
Deposits at Deposits at Deposits at
Plus
Nonbank
Commercial
CB'sand
Demand
Thrift
Checkable Banks Other
Deposits J /
Deposits at Than Large Institutions^/
Thrift Inst. 1/
CD'sl/

350.9
345.5
351.8
356.3
354.4
359.0
361.4
363.0
371.6
365.7
352.0
353.8
r 367.3

572.1
576.1
578.6
580.0
583.4
589.4
589.7
587.2
586.4
582.3
578.9
578.1 :
583.2
r

830.3
836.7
842.6
848.7
856.9
866.2
870.9
874.3
876.3
875.4
877.1
879.8
889.9

578.3
578.7
577.3

879.1
879.7
880.7

979. 2
978. 5
977. 8

355.3
354.2
349.2

577.6
572.7
579.5
583.7
580.8
585.3
587.8
587.4
594.4
587.3
571.5
574.1
r 588.7

Adluftta
Not seasom llv
lly AUJU9W
837.0
1421. 3
834.9
1421. 3
844.0
1436. 8
851.4
1450. 2
853.8
1455. 5
861.7.
1469. 2
868.2
1481. 6
871.6
1487. 8
882.0
1503. 3
880;l
1507. 2
871.4
1502. 5
878.5
1517. 7
r 896.9 r 1541. 5

M-4

M-2 Plus
Large
Negotiable
CD's &

918.3
919.5
930.3
938.8
941.8
952.0
959.0
968.0
981.6
981.2
970.9
976.0
X 989.5 t

M-5

M-3 Plus
Large
Negotiable
CD's &

1502. 7
1506. 0
1523. 1
1537. 6
1543. 5
1559. 5
1572. 4
1584. 2
1602. 9
1608. 3
1602. 0
1615. 2
1634. 1

ENDING :

1979-MIVR.

APR.

MAY

14
21
28

358. 8
359. 7
358. 8

4
11
18
25

359. 8
361. 6
r 365. 9
365. 9

r 578.5
r 581.1
r 585.0
r 5 84.7

883.1
886.8
r 891.2
892.4

979. 3
982. 7
r 986. 3
986. 8

36>. 0
364. 9

r 582.1
582.8

891.7
893.5

935. 1
985. 8

2P
90

r
r

r

575.4
574.3
r 569.9

879.4
878.3
875.3

977.5
975.7
972.0

360.4
367.2
r 373.9
r 366.8

X 582.6
x 590.4
r 595.4
r 587.1

889.0
897.7
r 902.9
r 896.2

984.7
991.9
r 995.4
987.2

362.3
360.6

r 581.6
580.2

892.5
892.5

992.6
982.1

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.R.BANKS; AND (3) CURRENCY OUTSIDE
THE TREASURY, FwRtBANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES Ml, PLU§ 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/ INCLUDES, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AND TIME CERTIFICATES GF
DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DEN3MINATIONS OF 4100,000 OR MO^E BY LARGE WEEKLY REPORTIN'; COMMERCIAL BANK'S.
4/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
*f INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
hf INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
P - PRF.LIMINAPY; P '- REVISED




FEDERAL RESERVE Statistical Release H.6(508)

Table 2

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

APR.

M-1+

M-2

M-3

M-4

M-5

Currency
Plus
Demand
Deposits^

M-1 Pius Savings
Deposits at CB's
and Checkable
Deposits at
Thrift Inst. 2J

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

M-2 Plus Deposits
at Nonbank Thrift
Institutions 1/

M-2 Plus Large
Negotiable CD's §/

M-3 Plus Large
Negotiable CD's 6/

FROM:

0.6

6.6

7.3

( 6 MONTHS PREVIOUS)

1.4

-2.2

4.4

6.2

5.3

6.6

(12 MONTHS PREVIOUS)

4.7

1.9

7.2

8.5

7.8

.8.8

1979

(3 MONTHS °REVIOUS)

OCT.

1978
1978

FOUR WEEKS ENDING: MAY
FROM FOUR WEEKS ENDING:

9,

3.6

1979

FEB.

7 , 1979(13 WEEKS PREVIOUS)

6.8

2.3

7.7

3.7

NOV.

8 , 1978(26 WEEKS PREVIOUS)

2.1

-1.8

4.6

4.9

1 0 , 1 9 7 8 ( 5 2 WEEKS PREVIOUS)

4.5

1.7

7.1

7.4

MAY

5.4

4.8

JAN.

APR.

M-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.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, 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 ISSJED 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 OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSJED IN DENOMINATIOMS 3F $100,000 OR MORE.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT COMPOUNDED.




FEDERAL RESERVE Statistical Release H.6 (508)

Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY AD JUSTED, IN BILLIONS OF DOLLARS
Time and Savings Deposits^
Currency

Date

1978—APR.
^AY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1979—JAN.
FEB.
MAR.
APR. P

Demand
Deposits

Time Deposits

Savings 3/

CD's 2/

Other

Total

91.3
92.0
92.5
93.2
93.9
95.2
95.8
96.6
97.5
98.2
98.9
99.4
100.2

256.6
258.8
260.0
261.3
263.0
265.9
265.8
264.4
264.1
261.7
259.9
259.6
r 264.0

83.4
86.2
86.7
88.0
87.6
88.5
88.6
95.4
96.6
100.5
102.1
99.0
95.0

260.8
263.2
266.6
271.4
276.2
279.6
284.1
289.9
292.8
295.9
300.9
304.4
309.6

221.7
222.8
223.5
222.8
223.7
225.5
225.2
223.4
222.0
219.6
217.4
216.3
216.1

565.9
572.2
576.8
582.2
587.5
593.7
597.9
608.8
611.4
616.0
620.4
619.7
62 0.7

Nonhank
1 l v l f L/CU 1 n
Thrift
Institutions ^

581-5
5*5. 3
^90.5
595.9
601.5
608.5
614.6
619. 5
624.3
6?8.7
633.0
638.0
r 641.6

WEEK ENDING:
1979-MAR.

14
21
28

99.1
99.4
99.6

259.7
260.3
259.2

100.2
98.8
97.0

303.6
303.8
306.3

216.7
216.2
215.6

62 0.5
618.8
619.0

APR.

4
11
18
25

100.0
99.8
100.1
100.1

259.8
261.8
r 265.7
r 265.8

96.2
95.9
95.1
94.4

307.4
308.6
309.1
r 310.5

215.9
216.7
216.3
216.0

619.5
621.2
62 0.5
620.9

100.4
100.3

263.6
264.5

93.4
92.3

312.5
313.6

215.3
215.1

621.1
621.0

MAY

2 P
9 P

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




FEDERAL RESERVE Statistical Reeerve H.6 (508)

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Demand Deposits
Date

Currency
Total^

1978—APR.
MAY

JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1979—JAN.
FEB.
MAP.
APR. P

Member

91.0
91.9
92.8
93.9
94.2
94.9
95.6
97.2
99.1
97.4
97.6
98.6
99 . 9

259.9
253.6
259.0
262.4
260.2
264.1
265.8
265.7
272. 5
268.3
254.4
255.2
267.4

98.7
98.6
98.0

256.6
255.6
251.2

170.8
170.9

99.3
100.7
100.4
99 . 1

261.1
266.5
r 273.5
267.6

99.2
101.1

263.1
259.5

177.3

Time and Savings Deposit^

Domestic^
Nonmember

Time Deposits
CD's^

Other

Savings^

Total

Other
Checkable
Deposits

Nonbank
Thrift
Institutions: '

U.S.
Gov't.
Demand57

78.5
77.0
79.2
80.5
80.1
81.9
82.7
83.7
85.6
84.9
81.0
80.8
85.3

81.4
84.6
86.3
87.3
88.0
90.3
90.8
96.4
99.5
101.1
99.6
97.5
92.6

261.9
264.8
267.1
270.5
275.7
279.2
283.3
287.1
290.5
295.6
30 2.6
307.2
311.0

216.7
217.5
218.6

567.4
574.1
578.5
582.4
587.5
593.1
597.6
605.0
609.9
615.5
618.9
622.2
622.2

167.9

81.5
80.7
79.4

98.2
97.4
96.6

306.8
306.8
308.3

217.3
217.3
217*8

622.3
621.5
622.8

3.5
9.9
7.4

174.6
177.5
182.0
178.7

82.5
85.4
87.6
85.3

95.7
94.3
92.5

309.2

310.1

217.5

624.4
624.8
621.5
620.5

4.3
2.7
6.0

91.1

310.4
r 311.9

219.4
220.4
218.7

175.4
172.0

83.9
83.6

90.2
89.7

315.1

216.4
216.8

620.3
621.6

172.7
175.8
177.9
176.2
178.3
179.3
178.3
182.9
179.2
169.5
170.3
178.4

224.2
224.6

225.1
224.7
223.7
223.6
223.5
221.5
219.9
218.8

2.5
2.6
2.6

2.7
2.7
2.8
2.8
2.9
2.9
2.8
2.8
2.8

r 2.9

584.3
5 86.4
592.8
598.8
601.7
607.5
613.4
616.2

5.0
4.0
6.2
4.5
3.6
6.2
4.3
8.0

621.3
627.1

10.2
12.0

631.1
639.2
r 644.6

8.3
6.5
5.4

WEEK ENDING:
1979-MAR.

14
21
28

APR.

4
11
18
25

MAY

2F
91

313.8

r

6.0
7.7
9.9

1/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ TOTAL DFMANO DEPOSITS INCLUDE, IN ADDITION TO THE MEMBER AND DOMESTIC NONMEMBER DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AMD
INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE BALANCES AT AGENCIES A^D BRANCHES OF FOREIGN BANKS.
?/ RASED ON MOST RECENT CALL REPORT DATA.
4/ INCLUDES NFG0TIA8LE 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 UNI3N SHARE DRAFT ACCOJNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
If AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
8/ U.S. GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. INCLUDES TREASURY NOTE BALANCES, BEGINNING NOVEMBER 2, 1978.
P - PRELIMINARY; R - REVISED




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

ATS Accounts—'
April

May

1/
If

2/

NOW Accounts in New York StateH

11

6440

1400

18

6690

1500

25

6440

1590

2

6655

1560

9

6200

1545

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.




SPECIAL SUPPLEMENTARY TABLE*
Money Market CertificatesAll Insured Commercial Banks and All Mutual Savings Banks
As of March 28, 1979 and April 25, 1979

Mutual Savings
Bankal/

Commercial

Banks:?/
March 28

April 25

March 28

4/
Amount outstanding(millions of dollars)

41.193
41,193

48,491

^ ortrt
21,329

Number of institutions
offering

12,363
12,363

12,295

463

81,6

70.6

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

*

98

April 25
-^o
23,173

oo

462

*8

The survey collecting these data has been conducted as of the last Wednesday
of each month since June 1978.
JV 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.
2J Estimates for all insured commercial banks in April are based on data
collected by the Federal Reserve and the FDIC from a stratified random
sample of 510 banks.
_3/ Estimates for all mutual savings banks in April are based on data collected
by the FDIC from a stratified random sample of about 105 banks.
kj For April 25* the standard error associated with the dollar estimates for
commercial banks is about $1 billion, and for mutual savings banks the
standard error is about $445 million. For March 28, the standard errors
for commercial banks and mutual savings banks are $845 a n d $500 million,
respectively.