Full text of H.6 Money Stock Measures : May 29, 1981

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FEDERAL RESERVE statistical release
For immediate Release
H.6 (508)
Table 1

HAT

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

Date

Currency
plus demand
deposits'

MI-Aplus
other
checkable
deposits
(OCD) 2

^""
M1-B
Shift adjusted
M1-B less
shifts to OCD
from
non-demand
deposit
sources3

M2

Addenda:

Overnight RPs
at commercial
banks plus
overnight
Eurodollars4

Money market
mutual fund
shares

NSA

NSA

29, 1981

M3

M1-B plus
overnight RPs
and
M2 plus large
Eurodollars,
time deposits
MMMF shares, and term RPs6
and savings
and small
time deposits5

L

M3 plus other
liquid assets'

366.6
367.0
370.8

386.5
386.9
391.0

22.1
23.3
24.6

60.4
66.8
74.2

1551.2
1566.2
1587.6

1811.9
1827.9
1848.2

2212.3
2226.0
2241.8

JULY
AUG-.
SEPT.

373.8
379.5
382.8

395.4
402.5
407.0

29.1
31.6
33.0

80.6
80.7
78.2

1613.1
1632.7
1644.3

1869.3
1891.9
1905.7

2259.6
2284.8
2300.6

OCT.
HOV. P
DEC. P

386.4
388.2
384.4

411.6
414.7
411.3

32.5
32.6
32.1

77.4
77.0
75.8

1653.6
1667.1
1668.7

1920.0
1941.0
1952.2

2317.0
2346.7
2365.3

1981-JAN. P
FEB. P
HAB. P

373.3
366.6
365.0

416.0
419.0
422.9

412.4
412.9
415.4

32.6
31.7
33.0

80.7
92.4
105.6

1681.7
1695.4
1717.0

1978.6
1996.4
2011.9

2398.4
2421.5

APE. P

365.1

429.5

420.2

33.4

117.1

1734.9

2028.1

29 ]

365.6
366.1
363.4
365.8
363.3

424.3
428.9
427.9
432.2
427.8

34.0
32.6
33.6
27.9
38.5

112.3
115.7
117.3
117.5
118.4

6 1
13 1
20 ]

367.0
364.9
363.9

431.1
428.6
427.4

39.3
35.5
36.6

118.3
118.1
117.9

1980-APB.
HAY
JUNE

SEEK E H D I 1 G :

1981-APB. 1
8
15
22
HAY

P
1
1
1

INCLUDES (1) DEHAND 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.fi. 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 PROCEDURE, SEE THE SUPPLEMENTARY NOTE ON SHIFT ADJUSTMENT AT THE END OF THIS
RELEASE.
4/ OVERNIGHT (AND CONTINUING CONTRACT) BPS 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/ INCLUDES 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/ INCLUDES LARGE DENOMINATION TIME DEPOSITS ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS IN AMOUNTS OF
$100,000 OR MORE, LESS HOLDINGS OF DOMESTIC BANKS, THRIFT INSTITUTIONS, THE U.S. GOVERNMENT, MONEY MARKET
MUTUAL FUNDS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.
7/ OTHER LIOUID ASSETS INCLUDE THE NONBANK PUBLIC'S HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM 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 3E TAKEN IN INTERPRETING WEEK-TO-WEEK CHANGES IN
MONEY SUPPLY DATA, WHICH ARE OFTEN HIGHLY VOLATILE AND SUBJECT TO REVISION IN SUBSEQUENT WEEKS AND
MONTHS. PRELIMINARY DATA ARE SUBJECT TO WEEKLY REVISIONS UNXIL THEY ARE FINAL.
1/




H.6 (508)
Table 1A
MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, not seasonally adjusted
M1-B
M1-B
M1-A
Shift adjusted

Date

Currency
plus demand
deposits'

M1-A plus
other
checkable
deposits
(OCD) 2

M1-B less
shifts to OCD
from
non-demand
deposit
sources'3

M2

Addenda:

Overnight RPs
at commercial
banks plus
overnight
Eurodollars4

Money market
mutual fund
shares

NSA

NSA

M3

M1-B plus
overnight RPs
and
M2 plus large
Eurodollars,
time deposits
MMMF shares, and term RPs6
and savings
and small
time deposits5

L

M3 plus other
liquid assets7

370.0
361.5
369.7

389.6
380.5
390.2

22.1
23.3
24.6

60.4
66.8
74.2

1558.6
1560.8
1589.4

1818.1
1821.7
1845.6

2221.3
2224.1
2241.0

JULY
AUG.
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
flAfi, P

377.3
358.2
358.3

420.6
409.4
415.1

417.0
403.4
407.6

32.6
31.7
33.0

80.7
92.4
105.6

1684.7
1685.1
1712.0

1984.3
1988.3
2009.5

2401.4
2414.7

APfi. P

368.3

432.9

423.5

33.4

117.1

1742.8

2034.9

P
P
P
P
P

358.7
370.0
371.4
371.9
359.8

417.5
433.5
437.2
438.7
423.1

34.0
32.6
33.6
27.9
38.5

112.3
115.7
117.3
117.5
118.4

6 P
13 P
20 P

365.0
360.8
358.2

428.0
423.4
420.1

39.3
35.5
36.6

118.3
118.1
117.9

1980-APB.
HAY
JUNE

iEEK

EHDIHG:

1981-APR,

HAY

MOTE:

1
8
15
22
29

SEE TABLE 1 FOR FOOTNOTES.




H.6 (508)
Table 2

MONEY STOCK MEASURES AND LIQUID ASSETS
Percent change at seasonalty adjusted annual rates

Date

M1-A

M1-B

Currency
plus demand
deposits 1

MI-Aplus
other checkable
deposits at banks
and thrift
institutions 2

M2
M I B plus
overnight RPs
and Eurodollars,
MMMF shares, and
savings and small
time deposits at
commercial banks
and thrift
institutions 5

M3
M2 plus large
time deposits
and term RPs at
commercial banks
and thrift
institutions 6

APE. FROM:

10.0

JAM.

1981

(3 MONTHS PREVIOUS)

-8.8

OCT.

1980

(6 MONTHS PREVIOUS)

-11.0

8.7

9.8

11.3

APfi.

1980

(12 MONTHS PREVIOUS)

-0.U

11.1

11.8

11.9

10.9

MAY
20,
FOUR WEEKS ENDING:
FROM FOUR SEEKS ENDING:

1981

FEB.

18,

1981

( 1 3 WEEKS PREVIOUS)

-2.9

NO?.

19,

1980

(26 WEEKS PREVIOUS)

-12.0

MAY

21,

1980

( 5 2 WEEKS PREVIOUS)

-0..3

NOTE:

SEE TABLE 1 FOR FOOTNOTES.




13.0

7-0
11.1

12.7

H.6 (508)
Table 3

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

Date

1

Currency

Demand
deposits2

I
Other
checkable
deposit$3

Overnight
RPs
(net)*

Overnight
Eurodollars
NSA

Money
market
mutual
funds6
NSA

savings deposits
at
at
thrift
commercial
institutions
banks

total

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

109. 1
110.4
111.2

257,4
256.7
259.6

19.8
20,?

19.4
20.5
21.7

2.7
2.8
2.9

60.4
$6.8
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
AUG.
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

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
465.9

726.5
7.39. 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

177.4
174.0
172.6

200.3
196.5
195.2

377.7
370.5
367.8

303.2
306.8
310.9

474.7
478.3
480.1

777.9
785.1
791.0

Ai>R. P

119.0

246.1

64.5

38.7

4.7

80.7
92.4
105.6
117.1

172.3

194.3

366.6

312.0

479.6

791.5

1P
8 P
15 P
22 P
29 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

29,3
28.5
29.1
23,3
33,3

4*7
••*
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
20 P

119.5
119.5
119.6

247.5
245.4
244.3

64.1
63.7
63,5

32.8
30.4
30.5

6.5
5.1
6.0

118.3
118.1
117.9

17?.0
171.0
169.7

312.7
314.4
316.5

1980-APR.
MAY
JUNE

tfBEK ENDING:
1981-APfi.

HAY

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

CURRENCY OUTSIDE THE U.S. TREASURY, P.B. 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.
AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEHS 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 R?S 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 flARKET 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 OT aonars, seasonally agusiea unless otnerwise notea
Large denomination time deposits1
at commercial
at thrift
Date
banks2
total
institutions

at commercial
banks
NSA

Term RPs^
at thrift
institutions
NSA

total
NSA

Term
Eurodollars
(net)4

Savings
bonds

Short-term
Treasury
securities^

Bankers
acceptances^

Commercial
paper7

NSA

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
96.5
96.7

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
98.5

OCl.
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

98.9
99.8
100.2

1981-JAN. P
FEB. P
HAS. P

214.0
217.9
214.0

44.0
45.1
45.1

258.1
263.0
259.1

31.1
30.5
28.5

7.8
7.4
7.3

38.8
37.9
35.8

50.2
51.0

71.9
71.1

165.5
171.7

33.0
32.0

99.2
99.4

APB. P

211.8

45.3

257.1

28.9

7.2

36.1

1980-APfi.
HAY
JUNE

HEEK

ENDING:

1981-APE.

HAY

P
P
P
P
P

213.4
211.2
211.4
211.5
213.5

29.2
27.3
27.4
33.5
28.0

6 P
13 P
20 P

212.9
217.4
219.1

27.6
28.9
29.8

1
8
15
22
29

1 7 L A R G E DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AHOUNTS OF $100,000 OB HOBE.
2/ LABGE DENOMINATION TIHE DEPOSITS AT COMMERCIAL BANKS LESS LABGE TIHE HELD BY HONEY MARKET MUTUAL FUIDS AND THRIFT INSTITUTIONS.
3/ TBRM BPS ABE THOSE WITH ORIGINAL MATURITY GBEATEB THAN ONE DAY AND EXCLUDE CONTINUING CONTRACTS.
4/ TERM EURODOLLARS ABE THOSE WITH ORIGINAL MATURITY GBEATEB THAN ONE DAY NET OF TEBH EURODOLLARS HELD BY HONEY MARKET MUTUAL
FUNDS.
5/ INCLUDES U.S. TREASURY BILLS AtiD COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY THE NONBANK PUBLIC LESS SUCH
SECURITIES HELD BY HONEY HABKET MUTUAL FUNDS.
6/ NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BAHKS, F.B. BANKS, FOBEIGH OFFICIAL IHSTITOTIOHS, THE FEDBBAL HOHE LOAN BANK
SYSTEM, AMD HONEY HABKET HUTUAL FUNDS.
7/ TOTAL COMMERCIAL PAPEB LESS COHHEBCIAL PAPER HELD BY HONEY MARKET HUTUAL FUNDS.




H.6 (508)
Table 3A

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

Date

Currency 1

at member
banks2

Demand deposits
at foreignat domestic
related
nonmember
banking
banks3
offices
in the U.S. 4

Other checkable deposits

total

at
commercial
banksS

at thrift
institutions^

108.7
109.9
111.2

161.3
166.1

87.0
84.3
86.2

5.9
6.3

261.3
251.5
258.6

14.8
14.2
15.5

4.8
4.8

JULY
AUG.
SEP2.

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

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

1981-JAN. P
FEB. P
BAB. P

115.8
115-9
116.8

166.1
151.3
151.0

89.6
85.2
84.8

5.9

118.5

156.5

P
P
P
P
P

116.8
119.2
119-1
118.5
117.2

6 P
13 P
20 P

119.5
119.6
119.0

1980-APR.
HAY
JUNE

APB.
WEEK

HAY

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

Overnight
RPs(net)7

Overnight

Money market

Eurodollar mutual funds9

19.4
20.5
21.7

2.7
2.8

60.4
66.8

4.9

19.5
19.0
20.4

2.9

74.2

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

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

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

88.1

5.2

249.8

52.6

12.0

64.6

28.7

4.7

117.1

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

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

29.3
28.5
29.1
23.3
33.3

4.7
4.1
4.5
4.6

5.2

112.3
1t5w7
117.3
117.5
118.4

152.5
149.4
148.7

87.6
86.2
85.0

5.4

245.5
241.2
239.2

50.8
50.4
49.8

12.2
12.2
12.1

63.1
62.6
62.0

32.8
30.4
30.5

6.5
5.1
6.0

118.3
118.1
117.9

168.6

5.7

ENDING:

1981-APR.

1/
2/

P

total

1
8
15
22
29

4.6
5.4

5.5
5.5

CURRENCY OUTSIDE THE U.S. TREASURY, F.R. BANKS AND THE VAULTS OF COMMERCIAL BANKS.
DEHAND DEPOSITS OTHER THAN THOSE DUE TO DOHESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS
CASH ITEHS IN THE PROCESS OF COLLECTION AND F.R. FLOAT AT MEMBER BANKS OF THE FEDERAL RESERVE SYSTEH.
DEMAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS
CASH ITEHS 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 HONEY MARKET MUTUAL FUND SHARES OUTSTANDING.




H.6 (508)
Table 3A—continued

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
• OVJJ u a i g u

at commercial
banks

Date

at savings
and loans

Savings deposits
at
at mutual
savings banks
credit unions

total

at commercial
banks

Small denomination time deposits'!
at
at mutual
at savings
credit unions
savings banks
and loans

total

178.0
176.7
181.2

106.8
104.8
108.3

54.3
53.2
54.2

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

7 07.9
716-4
716.6

JULY
AUG.
SEP'i.

187.6
190.8
191.6

112.9
116.0
117.7

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

OC1.
NOV. P
DEC. P

192.9
191.0
184.1

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

1981-JAN. P
FEB. P
NAB. P

176.5
172.1
171.6

103.7
100.6
101.0

51.7
50.8
50.9

43.0
41.9
41.7

374.9
365.3
365.2

302.6
308.7
312.8

365.3
367.9
369.3

94.7
95.6
96.3

16.5
17.4
18.2

779.1
789.5
796.5

APR. P

172.5

101.3

50.8

41.3

366. 0

313.2

368.5

96.3

18.8

796.8

1980-APR.
HAY
JUNE

WEEK ENDING:

1981-APR.

MAY

1/

1
8
15
22
29

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
20 P

171.1
170.5
169.5

314.6
316.4
318.3

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




H.6 (508)
Table 3A-continued

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

Date

Large denomination time deposits"*
at
at mutual
savings
at savings
commercial
total
banks2
and loans
banks

Term RP$3
at

commercial
banks

at thrift
institutions

total

Term
Eurodollars
(net}4

Savings
bonds

31.6
32.8
33.5

2.9
2.9
2.9

230.4
231.9
226.2

22.5

6.7

196.2
189.8

22.5
23.5

6.5
6.5

29.1
28.9
30.0

49.9
50.3
48.9

JULY
AUG.
SEP1.

184.6
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

OCT.
NOV. P
DEC. 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

1981-JAN. P
FEB. P
MAR. P

217.3
220.9
217.2

40.4
41.1
41.3

3.1
3.3
3.2

260.7
265.3
261.7

31.1
30.5
28.5

7.8
7.4
7.3

38.8
37.9
35.8

50.2
51.0

211. 1

41.6

3.2

255.9

28.9

7.2

36.1

195.9

1980-APR.
HAY
JUNE

APE.

P

Short-term ' Bankers
Commercial
paper7
Treasury acceptances^
securities^
148.5
151.9
146.2

29.0
29.0
29.4

100.7
97.4
97.3

142.1
146.0
148.8

28.8
28.8
30.0

96.2
95.6
96.8

73.0
72.9

72.7

149.4
152.0
156.6

30.8
31.3
31.4

98.1
100.3
100.0

71.9
71.1

163.5
170.7

32.1
33.3

99.3
100.4

75.1

73.9
73.5

73.2
73.1

WEEK ENDING:

1981-AP.R.

HAY

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

15 P
22 P
29 P

215.5
211.4
210.5
209.7
212.2

29.2
27.3
27.4
33.5
28.0

6 P
13 P
20 P

211.8
216.6
218.6

27.6
28.9
29.8

1 P
8 P

LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OB MORE.
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT
INSTITUTIONS.
TERM RPS ARE THOSE WI1H 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 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
SYS1EM, AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.




H.6 (508)
Table 4

MEMORANDA ITEMS
Demand deposits
foreign commercial
banks

Date

foreign official
institutions

Time and savings
deposits due to
foreign commercial
banks and foreign
official institutions

demand deposits at
Federal Reserve
commercial banks
Banks

U.S>. government deposi s
note balances at
commercial
banks and thrift
institutions

12.4
13.0
11.9

3.8
3.7
3.2

10.1
10.5
11.1

3.6
2.6
3.2

2.6
2.8
2.9

5.4
5.9
6.8

JULY
AUG.
SEP1.

11.8
11.2
11.3

3.3
3.2
2.9

11.1
11.1
11.4

3.2
2.8
3.2

3.1
3.3
3.3

OCl.
MCV. ?
DEC. P

11.5
11.9
12.0

3.0
3.4
3.6

11.6
11.5
11.7

3.0
2.5
2.7

1980-APB.
SAY
JUNE

total demand
deposits and
note balances

time and
savings deposits at
commercial banks

u.V

11.7
11.3
13.0

0.6

6.1
6.5
11.0

12.4
12.6
17.4

u.a
0.8
0.9

3.2
3.0
2.7

9.7
4.1
6.3

16.0
9.6

11.7

O.o
O.tf
0.8

1981-JAN.
FEb.
flAB-

P
P
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
11.4
13.2

0.8
c.b
0.8

APE.

P

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
11.6
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

G.6
O.b
0.8
0.8

6 P
13 P
20 P

11.3
11.1
11.6

3.6
3.3
2.8

11.3
11.4
11.4

3.6
2.1
3.2

4.2
3.3
3.1

14.3
13.0
8.0

22.0
18.4
14.3

0. b
0.8
0.3

WEEK ENDING

1981-AFR.

MAY




1
8
15
22
29

c.a

NOTE ON SHIFT ADJUSTMENT
Seasonally adjusted Ml-B in 1981 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.