Full text of H.6 Money Stock Measures : May 22, 1981

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FEDERAL RESERVE statistical release
For Immediate Release
H.6 (508)

MAY

22,

1981

Table 1

MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, seasonally adjusted unless otherwise noted
M1-A
M1-B

Date

Currency
plus demand
deposits^

M1-Aplus
other
checkable
deposits
(OCD) 2

M1-B
Shift adjusted
M1-B less
shifts to OCD
from
non-demand
deposit
sources**

Addenda:

Overnight RPs
at commercial
banks plus
overnight
Eurodollars^

Money market
mutual fund
shares

NSA

NSA

M2

M3

L

M1-B plus
overnight RPs
and
Eurodollars,
MMMF shares,
and savings
and small
time deposits^

M2 plus large
time deposits
and term RPs^

M3 plus other
liquid assets

366.6
367.0
370.8

386.5
386.9
391.0

22.1

60.4

1551.2

23.3
24,6

66.8
74-2

1566.2
1587.6

JULY
AUG.
SEPT.

373.8
379.5
382.3

395.4
402.5
407.0

29.1
31.6
33.0

80.6
80.7
78.2

OCT.
NOV. P
DEC. P

386.4
388.2
384.4

411.6
414.7
411.3

32.5
32-6
32.1

?381-JAN. P
FEB. P
MAR- P

373.3
366.6
365.0

416.0
419.0
422.9

412-4
412-9
415.4

APR, P

365.1

429.5

420.2

P
P
P
P
P

365.6
366-1
363.4
365.8
363.3

6 P
13 P

366.9
365.0

1980-APR.
MAY
JUNE

REEK

1811.9
1827-9

2212.3

1848.2

2226.0
2241.8

1613.1
1632.7
1644.3

1869.3
1891.9
1905.7

2259.6
2284.8
2300.6

77.4
77.0
75.8

1653.6
1667.1
1668.7

1920.0
1941.0
1952.2

2317.0
2346.7
2365.3

32.6
31.7
32.9

80.7
92.4
105.6

1681.7
1695.4
1716.8

1978.6
1996-4
2011-7

2398.2
2421.2

31.7

117.1

1733.6

2028.1

424.3
428.9
427.9
432.2
427.8

33.9
31.9
32.3
26.0
35.9

112.3
115-7
117.3
117.5
118.4

431.0
428.8

36-7
32-8

118.3
118-1

ENDING:

1981-APR.

MAY

1
8
15
22
29

INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS 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; AND (2) CURRENCY OUTSIDE THE TREASURY, F.R. BANKS AND THE VAULTS OF COMMERCIAL BANKS.
2/ NOW AND ATS ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND
DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ M1-B SHIFT ADJUSTED ABSTRACTS FROM SHIFTS IN 1981 INTO OCD FROM SOURCES OTHER THAN DEMAND DEPOSITS. FOR
DETAILS OF THE ADJUSTMENT PROCEDBRE, SEE THE SUPPLEMENTARY NOTE ON SHIFT ADJUSTMENT AT THE END OF THIS
RELEASE.
4/ OVERNIGHT (AND CONTINUING CONTRACT) RPS ARE THOSE ISSUED BY COMMERCIAL BANKS TO THE NONBANK PUBLIC, AND
OVERNIGHT EURODOLLARS ARE THOSE ISSUED BY CARIBBEAN BRANCHES OF MEMBER BANKS TO U.S« NONBANK CUSTOMERS.
5/ INCLUDING SAVINGS AND SMALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS IN AMOUNTS OF LESS THAN $100,000)
ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS. M2 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.
6/ INCLUDING LAPGE DENOMINATION TIME DEPOSITS ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS IN AMOUNTS OF
$100,000 OR MORE, EXCLUDING HOLDINGS OF DOMESTIC BANKS, THRIFT INSTITUTIONS, THE U.S. GOVERNMENT, MONEY
MARKET MUTUAL FUNDS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.
7/ OTHER LIQOID ASSETS INCLUDE THE NONBANK PUBLIC«S HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TEEM TREASURY
SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND TERM EURODOLLARS NET OF MONEY MARKET MUTUAL FUND
HOLDINGS OF THESE ASSETS.
NOTE: P INDICATES PRELIMINARY DATA. SPECIAL CAUTION SHOULD BE TAKEN IN INTFRPRETING WEEK-TO-WEEK CHANGES IN
MONEY HuPPLY DATA, WHICH ARE DFTEN HIGHLY VOLATILE AND SUBJECT TO REVISION IN SUBSEQUENT WEEKS AND
HOVrHS. PRELIMINARY DATA ARE SUBJECT TO WEEKLY REVISIONS UNTIL THEY APE FINAL.

V




H.6 (508)
Table 1A

MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, not seasonally adjusted
M1-A

Date

Currency
plus demand
deposits^

M1-B

M1-B
Shift adjusted

M1-Aplus
other
checkable
deposits
(OCD) 2

M1-B less
shifts to OCD
from
non-demand
deposit
sources**

Addenda:

Overnight RPs
at commercial
banks plus
overnight
Eurodollars'*

Money market
mutual fund
shares

NSA

NSA

M2

M3

L

M1-B plus
overnight RPs
and
Eurodollars,
MMMF shares,
and savings
and small
time deposits5

M2 plus large
time deposits
and term RPs6

M3 plus other
liquid assets'

370.0
361.5
369.7

389.6
380.5
390.2

22.1

60-4

23.3
24.6

66.8
74.2

1558.6
1560.8
1589.4

1821.7
1845.6

2221.3
2224.1
2241.0

JULY
A0G.
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.
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
1674.7

1923.1
1942.1
1962.8

2318-0
2344.7
2372.0

1981-JAN. P
FEB. P
MAR. P

377.3
358.2
358.3

420.6
409.4
415.1

417.0

403.4
407.6

32.6
31.7
32-9

80.7
92.4
105.6

1684.7
1685.1
1711.8

1984.3
1988.3
2009.4

2401.2
2414.4

APE. P

368.3

432.9

423.5

31.7

117.1

1741.6

2034.9

417.5
433.5
437.2
438.7
423.1

33.9
31.9
32.3
26.0
35-9

112.3
115.7
117.3
117.5

29 P

358.7
370.0
371.4
371.9
359.8

6 P
13 P

364.9
361.0

428.0
423.6

36.7
32.8

118.3
118. 1

1980-APR.
MAY
JUNE

WEEK ENDING:

1981-APR.

1 P
8 P
15 P

22 P
MAY

NOTE:

SEE TABLE 1 FOR FOOTNOTES.




118.4

1818.1

H.6 (508)
Table 2

MONEY STOCK MEASURES AND LIQUID ASSETS
Percent change at seasonally adjusted annual rates
M1-A

M1-B

M2

M3

M1-Bplus
Date

Currency
plus demand
deposits1

MI-Aplus
other checkable
deposits at banks
and thrift
institutions2

overnight RPs
and Eurodollars,
MMMF shares, and
savings and small
time deposits at
commercial banks
and thrift
institutions 5

M2 plus large
time deposits
and term RPs at
commercial banks
and thrift
institutions 6

APR.

FROM:

JAN.

1981

(3 MONTHS PREVIOUS)

-8.8

13.0

12.3

10.0

OCT.

1980

(6 MONTHS PREVIOUS)

-11.0

8.7

9.7

11.3

APfi.

1980

(12 MONTHS PREVIOUS)

-0.4

11.1

11.8

11.9

FOUR WEEKS ENDING:
MAY
FROM FOUR WEEKS ENDING:

13,

1981

FEB.

1 1 , 1981

(13

WEEKS PREVIOUS)

-3.6

12.9

NOV.

12,

1980

(26

WEEKS PREVIOUS)

-11.5

8.0

MAY

14,

1980

( 5 2 WEEKS PREVIOUS)

NOTE:

SEE TABLE 1 FOR FOOTNOTES.




0.0

11.6

H.6 (508)
Table 3

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, seasonally adjusted unless otherwise noted

Other
Currency1

Date

Demand
deposits2

checkable
deposits3

Overnight
RPs
(net) 4

Overnight
Eurodollars5

NSA

NSA

Money
market
mutual
funds 6
NSA

at
commercial
banks

Savings deposits
at

thrift
institutions

total

Small denomination time deposits?
at
at
thrift
commercial
total
banks
institutions

19.9
19.8
20.2

20-5
21-7

2.7
2-8
2-9

60.4

110.a
111.2

257.4
256-7
259.6

66.8
74.2

177.6
177.1
180.7

204.7
201.1
204.5

382.3
378.1
385.2

270-7
274.2
274.0

432-4
440-0
441-6

703.1
714.1
715.6

JULY
ADG.
SEPT.

112.2
113.5
113.8

261.7
266.0
268.9

21.6
23.0
24.2

25.5
27.9
29.2

3.6
3.7
3.7

80.6
80.7
78.2

185.9
189,-4
190.7

210.7
216-0
218.2

396.6
405.4
408.9

273.9
274.6
276.4

440.6
441. 1
444.1

714-5
715.7
720.4

OCT.
NOV. P
DEC- P

114.9
115.6
116.2

271.5
272.6
268.2

25.2
26.5
26.9

28.1
27.9
27.6

4.4
4.7
4.6

77.4
77-0
75.8

191.0
191-8
185.6

217.9
215.1
208,2

408-8
406.8
393.8

279.0
284.7
293.1

447.5
454.6
4 65-9

726.5
739.3
759.0

1981-JAN- P
FEB. P
MAR- P

116.6
117.3
117.9

256.7
249-3
247.1

42-8
52.5
57.9

27.4
26.8
28.5

5-1
4.9
4.4

80.7
92-4
105-6

177.4
174.0
172-6

200-3
196.5
194,. 9

377.7
370.5
367.6

303-2
306.8
310.9

474-7
478.3
480.2

777.9
785.1
791.1

APR. P

119.0

246.1

64.5

27.1

4.7

117.1

172.3

194.3

366.6

312.0

4 79-9

791.9

P
P
P
P
P

118.4
118.5
118.6
119.4
119,3

247.2
247.6
244.8
246.4
244.0

58.8
62-8
64.5
66.4
64.6

29.2
27.8
27.8
21.3
30.7

4-7
4-1
4.5
4.6
5.2

112.3
115.7
117.3
117.5
118.4

172.4
172.9
172-4
171.5
171.8

311.7
311.4
312-0
312.1
312.1

6 P
13 P

119.5
119.5

247.4
245.5

64.1
63-7

30.1
27.7

6.5
5.1

118.3
118.1

172.0
171. 1

312.7
314-4

109.1

1980-APR.
MAY
JUNE

19.4

WEEK E N D I N G :

1981-APR.

MAY

1/
2/
3/
<•/
5/
6/
7/

1
8
15
22
29

CURRENCY 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. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS M-1B SEASONALLY ADJUSTED LESS M-1A SEASONALLY ADJUSTED.
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.
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 thrift
at commercial
Date
banks2
institutions
total

at commercial
banks
NSA

Term RPs3
at thrift
institutions

total

NSA

NSA

Term
Eurodollars
(net)4
NSA

Savings
bonds

Short-term
Treasury
securities^

Bankers
acceptances6

Commercial
paper?

196.7
197.0
194.4

34.9
35.8
36.2

231.6
232.8
230.7

22.5
22.5
23.5

6.7
6.5
6.5

29.1
28.9
30.0

49.9
50.3
48.9

75.4
74.2
73.7

145.6
148.1
144.6

28.9
29.2
29.6

100.6

JULY
AUG.
SEPT.

188.6
188.3
190.0

36.5
37.2
38.1

225.1
225.4
228.0

24.7
27.3
26.4

6.5
6.5
7.0

31.1
33.8
33.5

48.4
48.4
45.2

73.5
73.2
73.0

142.9
145-7
148.5

29.3
28.8
29.7

96.2
96.8
98.3

OCT.
NOV. P
DEC. P

191.3
196.2
204.3

39.7
41.3
42.8

231.0
237.4
247-0

28.0
28.9
28.9

7.5
7.5
7.6

35.5
36,5
36.5

43.6
46.1
48.4

72.8
72.6
72.3

151.1
155.9
159.7

30.6
31,3
32.5

98.ft
99. $
100.2

1981-JAN. P
FEB. P
HAH. P

214.0
217.9
214.1

44.0
45.1
45.1

258.1
263.0
259.2

31.1
30.5
28.5

7.8
7,4
7.3

38.8
37.9
35.8

50.0
50.8

71-9
71.1

165.5
171.7

33.0
32.0

99.2
99.4

APR. P

213.3

45.1

258.4

28.9

7.2

36.1

1980-APR.
MAY
JUNE

96.5
96.7

WEEK E N D I N G :

1981-APR.

MAY

1/
2/
3/
4/
5/
6/
7/

P
P
P
P
P

213.5
211.8
212.7
213.3
215.8

29.2
27.3
27.4
33.5
28.0

6 P
13 P

215,4
219.8

27.6
28.9

1
8
15
22
29

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 GFEATER THAN ONE DAY AND EXCLUDE CONTINUING CONTRACTS,.
TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY NET OF TERM EURODOLLARS HELD BY HONEY 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

aujusicu

Currency1

Date

Demand deposits
at foreignat member
banks2

at domestic
nonmember
banks3

related
banking
offices
in the U.S.4

Other checkable deposits

total

at
commercial
banks5

at thrift
institutions^

total

Overnight
RPs(net)7

Money market
Overnight
Eurodollars 8 mutual funds9

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

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.
NOV. P
DEC. P

114.9
116.6
118.5

175.7
175.7
177.3

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
MAE. P

115.8
115.9
116.8

166.1
151.3
151.0

89.6
85.2
84.8

5.9
5-7
5.6

261.5
242.3
241.4

34.7
41.4
46.0

8.6
9.9

10.8

43.3
51.2
56.8

27.4
26.8
28.5

5.1
4.9
4.4

80.7
92.4
105.6

APR. P

118.5

156.5

88.1

5.2

249.8

52.6

12,0

64.6

27.1

4.7

117.1

P
P
P
P
P

116.8
119.2
119.1
118.5
117.2

151.8
156.9
157.6
159.7
151.2

84.6
88.5
89.5
89. 1
85.9

5.6
5.4
5.2
4.6
5.4

242.0
250.8
252.4
253.3
242.5

47.6
51.6
53.6
54.6
51.4

11.2
11.9
12.2
12.3
11.9

58.8
63.5
65.8
66.9
63.3

29.2
27.8
27.8
21.3
30.7

4.7
4.1
4.5
4.6

5.2

112.3
115.7
117.3
117.5
118.4

6 P
13 P

119.5
119.7

152.6
149.5

87.6
86.3

5.4

245.5
241.3

50.8
50.4

12-2
12.2

63.1
62.6

30.1
27.7

6.5
5.1

118.3
118. 1

1980-APR.
MAY

60.4
66.8

WEEK ENDING:
1981-APR.

MAY

1/
2/
3/
4/
5/
6/
7/
8/
9/

1
8
15
22
29

5.5

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 LESS
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.
TOTAL MONEY MARKET MUTUAL FUND SHARES OUTSTANDING.




H.6 (508)
Table 3A—continued

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Savings deposits
at
at mutual
credit unions
savings banks

at commercial
banks

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

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

117.2
113.9
109.0

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

176.5
172.1
171.6

103.7
100.6
101.0

51.7
50.8
50.7

43.0
41.9
41.7

374.9
365.3
364.9

302.6
308.7
312.8

365.3
367.9
369.3

94.7
95^6
96.4

16.5
17-4
18.2

779.1
789.5
796.6

172.5

101.5

50.7

41.3

365.9

313.2

368.6

96-5

18-8

797.2

at savings
and loans

178.0
176.7
181.2

106.8
104.8
108.3

54.3
53.2
54.2

JULY
AUG.
SEPT.

187.6
190.8
191.6

112.9
116.0
117.7

OCT.
NOV. P
DEC. P

192-9
191.0
184.1

1981-JAN. P
FEB. P
MAR. P
APR. P

1980-APR.
MAY
JUNE

WEEK E N D I N G :

1981-APF.

MAY

1/

P
P
P
P
P

172.7
174.5
173.5
171.3
170.9

313-0
312.4
313.0
313.6
313~8

6 P
13 P

171.1
170.6

314.6
316.3

1
8
15
22
29

SMALL DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000.




Small denomination time deposits1
at mutual
at savings
at
and loans
savings banks
credit unions

total

at commercial
banks

Date

total

H.6 (508)
Table 3A—continued

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

Large denomination time deposits'1
at
at mutual
total
savings
at savings
commercial
banks?
banks
and loans

Date

1980-APR.
MAY
JUNE
JULY
AUG.
SEPT.

Term RPs3
at
commercial
banks

at thrift
institutions

total

Term
Eurodollars
(net)4

Savings
bonds

Short-term
Treasury
securities^

75.1

Bankers
Commercial
acceptances^
paper7

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

73-9
73.5

148.5
151.9
146.2

29.0
29.0
2 9,4

100.7
97.4
97.3

18U.6
185.4
187.7

34.1
35.0
35.9

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

26.8
28.8
30.0

96.2
95.6
96.8

OCT.
NOV.
DEC.

P
P

190.6
198.9
209.4

37.1
38.0
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
48.4

73.0
72.9
72.7

149.4
152.0
156.6

30.8
31-3
31.4

98.1
100.3
100.0

1981-JAN.
FEB.
HAP.

P
P
P

217.3
220.9
217.3

40.4
41.1
41.3

3.1
3.3
3.2

260.7
265.3
261.8

31.1
30.5
28.5

7.8
7.4
7.3

38.8
37.9
35.8

50.0
50.8

71.9
71.1

163.5
170.7

32.1
33.3

99.3
100,4

APR.

P

212.6

41.4

3.2

257.2

28.9

7.2

36.1

WEEK E N D I N G :

1981-APR.

MAY

1/
2/
3/
4/
5/
6/
7/

P
P
P
P
P

215-6
212.1
211.8
211.5
214.6

29.2
27-3
27.4
33.5
28.0

6 P
13 P

214.2
219.0

27.6
28.9

1
8
15
22
29

LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OP $100,000 OH 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 4

MEMORANDA ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to
foreign commercial
banks

Date

12.4

1980-APP.
MAY
JUNE

13.0
11.9

Tim*-? and savings
deposits due to
foreign commercial
banks a^d foreign
official institutions

foreign official
institutions

3.8
3.7
3.2

demand de»
commercial banks

,its at
Federal Reserve
Banks

U.S. government deposits
note balances at
commercial
banks and thrift
institutions

tot«?> oemand
deposits and
not; balances

time and
savings deposits at
commercial banks

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

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

0,8
0.8
0.9

16.0

0.8
0.8
0.8

11.8
11.2
11.3

3.3
3.2

P
P

11.5
11.9
12.0

3.0
3.4
3.6

H.6
11.5
11.7

3.0
2-5
2.7

3.2
3.0
2.7

9.7
4.1
6.3

1981-JAN. P
FEB. P
MAP. P

11.3
12.2
11.4

3.4
3.5
3.2

11.6
11.5
11.4

2.8
2.7
2.7

3.2
3.3
3.0

5.1
5.4
7.5

11.1
11c 4

13.2

0-8
0.8
0.8

11.8

3.7

11.2

3.7

3.4

8.3

15.3

0.8

P
P
P
P
P

12.3
11.1
12-3
11.8
11.9

3.5
3.5
3.7
3-7
3.9

11.4
11.2
11,2
11.2
11.2

1.9
3.6
3.8
3-9
3.8

2.9
2.9
3.0
4.0
3.5

9.7
7.2
3.0
9.3
12.5

14.5
13.7
9.9
17.1
19.9

0.8
0.8
0.8
0.8
0.8

6 P
13 P

11.3
11.1

3.6
3.3

11.3
11.4

3.6
2.1

4.2
3.3

14.3
13.0

22.0
18.4

0.6
0.8

JQLY
AUG.
SEPT.
OCT.
NOV.
DEC.

APP.
WEEK

P

2.9

j

9.6
11-7

ENDING:

1981-APR.

MAY




1
8
15
22
29

SPECIAL SUPPLEMENTARY TABLE
Variable C e i l i n g Time Deposits a t A l l Insured
Commercial Banks and A l l Mutual Savings Banks
Itebruary 25, 1981, March 25, 1981, and £ p r i l 29, 1981
(Not S e a s o n a l l y A d j u s t e d ) !

Feb. 25

March 25

April 29

Feb. 25

March 25

April 29

200, 207 51 ,493
( 1, 816) ( 499)
35, 235 13 ,014
819) ( 335)
(

5 1 , 969
( 483)
13, 480

5 3 , 253
( 597)
14, 727
( 509)

Amount outstanding:

(millions of dollars)
2
6-month money market certificates
(Standard error of the estimate)
2J$ year and over variable ceiling certificates
(Standard error of the estimate)

192 ,718

( 2 ,054)
33 ,870
855)
(

198, 224
I 2, 260)
34, 924
(

957)

I 430)

Number o f o f f e r i n g i n s t i t u t i o n s ;
2
6-month money market c e r t i f i c a t e s
2% year and o^v^r v a r i a b l e c e i l i n g c e r t i f i c a t e s

14, 298
14, 298

14, 291
14, 291

14, 282
14, 282

462
462

462
462

461
461

97.4

98.5

100.0

95.1

Percent of offering i n s t i t u t i o n s paying
the c e i l i n g rate during the survey period;
2% year and over variable c e i l i n g certificates

95.5

95.3

1/ Estimates for April are based on data collected by the Federal Reserve and the FDIC from a s t r a t i f i e d
dom sample of 510 corrnercial banks and 84 mutual savings banks.
2 / Money irerket c e r t i f i c a t e s (MMCs) are nonnsgotiable 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 i s
related t o the discount y i e l d on tlie most recently issued 6-month Treasury b i l l (auction average) . See Table
1.16 i n the Federal Rsserve Bulletin for s p e c i f i c c e i l i n g r a t e s .
3/ This category includes a l l 4-year and orer variable c e i l i n g accounts having no legal irinimum denomination
issued between July 1 and Decenber 31, 1979 and a l l such 2% year and over variable c e i l i n g accounts issued
since January 1, 1980. See Table 1.16 in the Bulletin for s p e c i f i c c e i l i n g rates.




NOTE ON SHIFT ADJUSTMENT
Seasonally adjusted Ml-B in 1^81 is constructed by adding the following
seasonally adjusted components: currency; the sum of demand deposits and
other checkable deposits (apart from this year's accumulated trend growth)
coming from demand deposits; other checkable deposits (apart from this year's
accumulated trend growth) coming from savings deposits; and a relatively small
accumulated trend growth, amounting to $200 million per month in the first
several months of the year. This trend growth represents the expansion in
other checkable deposits (OCD) balances only from accounts already in
existence at the end of 1980.
The share of not seasonally adjusted OCD growth apart from trend since the
beginning of 1981 attributable to demand deposits is estimated to be: about 75
to 80 percent in January and 70 to 75 percent in February, March, and April.
Thus, the share coming from savings accounts and other non-demand deposit sources
is estimated to be: about 20 to 25 percent in January and 25 to 30 percent in
February, March, and April. (Calculations of shift adjusted M-lB use the
mid-points of these ranges).
These estimates are based on samples of depository institutions and households and econometric evidence. For commercial banks, samples of about 100
institutions, as well as econometric cross-section analysis of deposit flows
at about 9000 institutions, indicate that the proportion of inflows to new
NOW accounts coming from demand deposits was somewhat above 80 percent in
January and somewhat below 80 percent in the following three months. Surveys
of about 100 S&Ls indicate that the fraction of growth in OCDs at thrifts
coming from sources outside these institutions was about 60 percent in January
and about 65 percent in March; thus, if such funds coming from outside are
distributed between demand deposit and non-demand deposit sources using the
commercial bank fraction, around one-half of OCD inflows at thrifts can be
presumed to come from demand deposits. An increase in the share of OCD inflows going to thrift institutions since early in the year has tended to
lower the fraction of OCD growth shifted from demand deposits. Small-scale
surveys of households conducted by the Survey Research Center of the University
of Michigan confirm an overall fraction within the above-stated ranges.
In order to derive a seasonally adjusted Ml-B measure that abstracts from
shifts in 1981 into OCD from non-demand deposit sources, an estimate of
seasonally adjusted inflows to OCD from these sources must be subtracted from
Ml-B. Such amounts are derived by multiplying the increase in OCD (not
seasonally adjusted) in excess of trend in end-of-year OCD balances (not
seasonally adjusted) by the mid-points of the ranges for the share coming from
non-demand deposit sources; cumulative amounts are then seasonally adjusted
by applying the seasonal factor for commercial bank savings deposits.
The shift adjusted procedure will be described in more detail in a forthcoming Federal Reserve Bulletin article.