Full text of H.6 Money Stock Measures : November 14, 1985

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FEDERAL RESERVE statistical release
£<)
fable 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

NOFBHBEH

Billions of dollars
M1
Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

M2
M3
M1 plus overnight RPs
M2 plus
and Eurodollars,
large time deposits,
MMMF balances (gen. pur. term RPs, term Eurodollars
and institution-only
and broker/dealer), MMOAs,
and savings and small
MMMF balances9
2
time deposits
Seasonally adjusted

14, I9d5

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

1984—OCT.
MO?.
DEC

5*8.3
553.8
558.5

2319.3
2346.3
2371.7

2925.1
2959.9
2995.0

3473-5
3501.8
3539-4

5773.9
5851.0
55*27. 1

1985—JAN.
FEB.
BAB.
APE.
HAT

562.7
5b9.4
572.1
574.9
581.6
591.2
595.8
605.9
611.7
611.1

2398.9
2421.0
2429.6
2427.7
2444.9
2472.9
2490.5
2513.7
2528.5
2532.7

3020.5
3041.0
3055.9
3056.6
3076.0
3102.9
3114.2
3137.8
3164.1
3173.6

3562.0
3593.4
3621.2
3623.1
3640.2
3669.0
3686.1

5993.9
6049.7
6103.1
6163.4
6226.J
6287.3
6351.1
6412.3
6466.0

JUIS
JULY
AUG.
SEPT.
OCT. P

Not seasonably adjusted

1984—OCT.
NOV.
DEC

548.2
555.9
570.4

2316.6
2344.4
2376.7

2920.6
2960.4
3002.2

3469.0
3502.2
3540.9

5760.8
5337.8
5921.0

1985—JAM.
FEB.
NAB.
APR.

568.3
558.6
564.9
581.6
576.2
592.2
599.1
601.5
608.4
610.9

2404.2
2414.5
2429.9
2439.6
2441.0
2476.6
2496.5
2507.0
2517.1
2529.4

3024.3
3034.3
3057.6
3068.5
3073.9
3105.6
3116.4
3132.6
3152.3
3168.1

3566.8
3589.9
3627.5
3637.3
3635.1
3672.3

5985.9
6028.1
6075.6
6135.0
0198.3
6262.4
6327. 6
6390.2
6447.d

HAY
JUNE
JOLT
AUG.
SEPT.
OCT. P

3688.1

M1
For ptriod ended
13-week average

1985-OCT.

7

ROTE:

week average

13-week average

Not seasonally adjusted
4-week average

week average

28 P

605.6
606.7
608.1
609.2

611.6
610.4
611.5
610.6

611.9
605.4
613.8
611.4

603.4
604.2
605.6
606.5

60b. 5
608.5
612.1
611.4

618.9
613.8
613. 1
599-9

4 P

609.9

610.6

611.6

607.5

610.7

616. 1

14
21
NOV.

Seasonally adjusted
4—week average

SPECIAL CAUTIOB SHOULD B8 TAKEN III INTEBPBETIBG BBEK-TO-gESK CHAIGBS III HONEY S0PPLY DATA, WHICH ARE
HIGHLY TOLATILE AMD SUBJECT TO BEVISION.
P—INDICATES PBELIHIHARY DATA.
FOOTNOTES APPEAB ON THE FOLLOWING PAGE




H 6 (506)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Percent change at seasonally adjusted annual ratos
M1

3 HOHTHS FROM JULY

M2

Debt1

M3

1985 TO OCT. 1985

10.3

6.8

7.6

11.4

6 HOITHS PSOfl APR.

1985 TO OCT. 1985

12.6

8.7

7.7

11.9

12 MONTHS FfiOH OCT.

1984 TO OCT. 1985

11.5

9.2

8.5

U.2

THIRTEEN WEEKS ENDING NOV. 4, 1985
PROM THIRTEEN SEEKS ENDING:
ADG.

5, 1985 (13 MEEKS PREVIOUS)

12.8

HAT

6, 1985 (26 HEBKS PREVIOUS)

12.9

NOV.

5, 1984 (52 WEEKS PREVIOUS)

11.0

1/ GROWTH RATES FOR DEBT ARE RASED ON PERIODS BEGINNING AND ENDING ONE MONTH EARLIER THAN FOR THE MONETARY AGGREGATES,
J ^ E L Y » _ ™ 3 _ j g y 5 ° ^ y j f f j y y }**K\MA^CJ! 1 *8_5_™ SEPTEMBER 1985, AND SEPTEMBER 1984 TO SEPTEMRFR iW5 4 RESPECTIVELY^

1/

2/

3/

1/
5/

FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURE FEDERAL RESERVE BANKS, AND THE VAULTS OF COHHERCIAL BANKS;
(2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEHAND DEPOSITS AT ALL COHHERCIAL BANKS OTHER THAN THOSE DOE TO
DOMESTIC BANKS# THE U.S. GOVEBNHENT, AND FOREI3N BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITKHS IN THE PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHfiH CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER
OF WITHDRAWAL (MOW) AND AUTOHATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEHAND
DEPOSIT COBPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DSHAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF HI PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COHHERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS BORLDWIDE, HHDAS, SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL EPS—IN AMOUNTS OF LESS THAN $100,000), AND BALANCES IH BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY NARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY KARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS, HONEY MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AHOUHT
OF DEHAND DEPOSITS AMD VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM HP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. RESIDENTS AT FOREIGN BRANCHES OF U.S. BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY HOMEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS.
COMSISTS OF M3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AND BAMKERS ACCEPTANCES, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE MONFINANCIAL SECTORS. PRIVATE DEBT COMSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BkHKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLOW OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVEBAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO HEMOVE STATISTICAL DISCONTINUITIES THAT HAY AfilSE IN THE UNDERLYING FLOW OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEHBFORE, FfiOH THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED IN
IN THE FEDERAL RESERVE RELEASES Z. 7 AND Z.1. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT BARKKT DEBT ABE MEASURED ON A
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.




H 6(508)
1able3

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

1

Currency

Date

Travelers
checks1

Demand
deposits9

Other
checkable
deposits4

Nontransactlons
components

infttt
onh/

SevinQS deposits
at
at
thrift
commercial
Institutions
banks

total

setecieo nomraneaciions items
Small time deposits1
at
at
thrift
commercial
total
banks

Larais time deposits'
at
at
total
thrift
commercial
19
institutions
banks

1984-OCT.
NOVDEC.

157.9
158.7

5.0
5- 1
5.2

244.5
246.8
248.6

141.8
143.9
146.0

1771.0
1792.5
1813.J

605.8
613.6
623.3

124.9
123.8
122.6

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
88b.6

263.2
263.6
264.4

141.9
147.1
151.8

405. 2
410.7
416.2

1985-JAN.
FEB.
MAR.

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
1851.6
1857.5

621.6
621). 0
b2b.3

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

801.9
877.6
878.6

262.3
264.4
269.4

154.6
154.9
154.2

416.9
419.3
423.6

APR.
MAY
JUNE

161.7
163.1
164.5

5.5
5.5
5.7

252.5
255.8
260.7

155.3
157.J
160.3

1852.7
1863.3
1881.7

628.9
631.1
630.0

119.6
120.4
121.9

168.3
168.9
170.2

287.8
289.3
292.1

387.6
390.0
390.7

497.8
502.0
503.4

885.3
892.0
894.2

273.0
272.1
267.7

154.4
156. 1
156.4

427.3
428.2
424.2

JULY
AUG.
SEPT.

165.4
167.1
167.9

5.9
5.9
5.9

260.9
264.0
266.8

163.6
168-d
171.1

1894.7
1907.8
191b.8

623.7 ! 123.2
624.1 i 124.2
635. b ! 124.6

172.8
176.1
177.0

296.0
300.3
301.7

388.4
384. 1
382.8

500.1
494.4
492.0

888.5
878.6
874.9

265.7
267.5
272.6

154.2
153.7
155.6

419.9
421-2
428.2

169.0

5.9

264.Q

172.2

1921.6

640.9

179.0

304.2

381.8

489.9

871.7

276.8

156.0

432.8

OCT.

157.1

P

125.2

HEEK ENDING

1985
OCT.

NOV.

1/
2/
3/

4/

5/
6/
7/
8/
9/
10/

7
14
21
28 P

168.3
168.6
169.0
169.3

266.3
260.0
265.6
263.1

171.4
170.9
173.2
173.1

125.0
125.1
125.2
125.3

382.7
381.8
381.7
381.3

276.8
277.4
276.1
275.8

4 P

169.7

263.6

172.5

125.4

380.7

279.0

CURRENCY OUTSIDE THB U.S. TREASURY, FEDERAL RBSBRFB BANKS AND FAULTS OF COMMERCIAL BANKS. BZCLUDBS THB ESTIMATED
ABOUNT OF fAULT CASH BELD BY THRIFT INSTITUTIONS TO SBRflCB THEIR OCD LIABILITIES.
OUTSTANDING AHO0IT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBARK ISSUERS. TRAFBLBRS CHBCKS ISSUBD BI DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DBHAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS AND F0RBI5B RBLATBD INSTITUTIONS OTHER THAN THOSE DUB TO DOMESTIC BANKS, THB U.S. GOFERNHENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RBSBRTB FLOAT.
BXCLUDBS THE ESTIMATED AHOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERFICE THBIR OCD
LIABILITIES.
CONSISTS OF NO* AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CRBDIT UNION SHARB DRAFT BALANCBS AND
DBHAND DEPOSITS AT THRIFT INSTITUTIONS. OTHBR CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THB DIFFERENCE BETNEEN THX
SEASONALLY ADJUSTED SUH OF DBHAND DEPOSITS PLUS OCD AND SBASONALLY ADJUSTED DBHAND DEPOSITS- INCLUDED ARB ALL CEILING
FRBB "SUPER NOBS," AUTHORIZED BI THB DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5,
1983.
SUH OF OfBRNIGHT RPS AND OYBRNIGHT EURODOLLARS, HONEY HARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
NNDAS, AND SATINGS AND SHALL TIME DEPOSITS, LESS THB CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AHOUNT OF
DEMAND DEPOSITS AND FAULT CASH HELD BI THRIFT INSTITUTIONS TO SERFICE THBIR TIME AND SAFINGS DEPOSITS LIABILITIES.
SUH OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, HONEY HARKET FUND BALANCBS (INSTITUTIONONLY) , LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OFBRNIGHT RPS AND EURODOLLARS HELD BY
SAFINGS DEPOSITS EXCLUDE BHDAS.
-SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARB THOSE ISSUBD IN AMOUNTS OF LESS THAN S100,000. ALL
INDIFIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS AilB SUBTRACTED FROM SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUBD IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY HONEY HARKET MUTUAL FVHDS.
DEPOSITORY INSTITUTIONS AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (506)
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 acceptances3
securities1

commercial paper3

Debt components4federal debt
non-federal debt

SEPT.

73.6

273.5

46.8

157.2

1310.5

4400.7

OCT.
NOV.
DEC.

73.7
73.$
74.1

273.1
268.0
267.2

44.8
42.5
41.3

156.7
157.6
161.8

1325.2
1347.6
1367.3

4448.7
4503.4
4559.8

1985-JANFEB.
HAR.

74.4
74.9
75.3

266.7
270.3
275.9

40.9
42.5
44.3

159.6
164.8
169.8

1385.0
1399.8
1409.9

4609.0
4650.0
4693.2

APR.
HAY

75.8
76.2
76.6

277.8
276.8
284.6

44.0
42.5
40.2

168.9
168.6
164.7

1424.1
1442.9
1459.5

4739.3
4783.3
4827.7

76.7

284.4

39.7

171.1

1478.9
1495.8
1505.5

4872.2
4916.5
4960.5

1984

jane
JOLT
AOG.
SEPT.

1/
2/
J/
H/

P

CONSISTS OP U.S. TREASURY BILLS AND COUPONS H U H REHAINING MATURITIES OP LESS THAN 12 MONTHS HELD BY OTHER TBAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, HONEY HARKBT HUJUAL FUNDS AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOHE LOAN BANK SYSTEH AND HONEY HARKET HUTUAL FUNDS.
TOTAL COHHERCIAL PAPER LESS COHHERCIAL PAPER HELD BY HONEY HARKET HUTUAL FUNDS.
D-EBT DATA ARE ON A HONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-HONTH LEVELS OF ADJACENT HONTHS, AND HAVE BEEN
ADJUSTED TO REHOVB DISCONTINUITIES.




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

1

Currency

Travelers
checks2

Demand
deposits3

at commercial
banks4

at thrift
institutions 9

total

6

in M2

in M3 only

7

Overnight •
RPs8

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

1984-OCT.
ROT.
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

604.0
615.9
625.4

44.7
47.9
45.2

12.1
10.1
12.4

155.6
162.0
167.5

1985-JAN.
FEB.
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
1855.9
1865.0

620.1
619.8
627.7

48.7
56.3
55.7

14.2
13.3
12.4

171.9
175.1
177.6

APR.
HAT
JUNE

161.2
163.2
165.2

5.2
5.4
6.0

255.1
251.4
259.8

114.1
110.5
113.8

46.1
45.7
47.4

160.1
156.2
161.3

1858.0
1864.8
1884.4

628.9
632.9
629.0

47.4
51.3
50.3

12.0
12.8
12.7

176.2
172.2
175.4

JULY
AUG.
SEPT.

166.8
167.8
167.6

6.6
6.5
6.2

262.2
260.9
265.4

115.0
117.0
119.0

48.5
49.3
50.2

163.5
166.3
169.2

1897.4
1905.5
1908.7

619.9
625.6
635.2

50.2
51.9
52.7

12.4
14.2
13.9

175.8
176.7
176.6

168.6

5.9

265.4

119.8

51.3

171.1

1918.4

638.7

53.1

14.5

176.7

OCT.

P

NBBK ENDING:
1985-OCT.

7
14
21
28 P

169.2
169.5
168.7
167.5

270.7
266.3
2b7.0
258.4

120.9
120.4
120.0
118.1

52.1
51.6
51.6
50.1

173.0
172.0
171.6
168.2

53.7
52.5
52.8
53.1

13.5
13.1
14.1
16.9

176.0
177.3
177.1
176.8

MO?.

4 P

169.2

267.5

121.4

52.4

173.7

54.2

15.0

176.3

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

CURRENCY OUTSIDE THE O.S. TREASURY, FEDERAL RBSBRfE BAIKS AMD THE FAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AHOUMT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AHOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DBflAND DEPOSITS.
DEMAND DEPOSITS AT COHHERCIAL BANKS OTHER THAN THOSE DUB 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, LESS THE ESTIMATED AMOUNT OF DEMAND
DEPOSITS HELD AT COHHERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THBIR OCD LIABILITIES.
CONSISTS OF NOi AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS. INCLUDES SUPER NOVS OF $42.8 BILLION IN THE WEEK END OCTOBER 21, $42.2 BILLION IN THB WEEK ENDED
OCTOBER 28, AND $43.1 BILLION IN THE HEEK ENDED NOVEMBER 4.
CONSISTS OF HOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOIS OF $18.2 BILLION IN THB NEBK ENDED OCTOBER 21,
$18.0 BILLION IN THE HEEK ENDED OCTOBER 28, AMD $18.6 BILLION IN THE REEK ENDED NOVEMBER 4.
SUM OF OVERNIGHT RPS AND EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BBOKEB/DEALER), HHDAS AND SAVINGS
AND SHALL TIME DEPOSITS LESS THB ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIHB AND SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THB ESTIMATED AHOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
MONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS BORLDHIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEY MARKET MUTUAL PUNDS (GENERAL PURPOSE AND BROKER/DEALER).




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
total
thrift
commercial
institutions
banks

at
commercial
banks

Savings deposits
at
thrift
institutions

total

Small denomination time deposits2
at
at
thrift
total
commercial
banks
institutions

Large denomination time deposits3
at
at
thrift
total
commercial
4
institutions
banks

DEC.

248.2
257.1
267.1

143.9
145.4
147.9

392.0
402.4
415.1

124.3
122.7
121.4

167.4
166.1
164.9

291.7
288.8
286.3

386.2
387.1
387.6

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.
FSB.
BAB.

280.4
289.3
294.0

153.2
159.0
163.9

433.7
448.3
457.9

121.1
120.4
120.6

165.7
166.5
168.2

286.9
286.9
288.8

386.3
384.1
383.7

502.0
499.5
496.3

888.4
883.6
880.0

263.0
263.9
269.8

154.1
154.9
153.3

417.1
418.8
423.0

APB.
HAT
JUKE

295.9
298.3
307.3

164.5
165.5
167.8

460.3
463.8
475.1

120.9
121.7
123.2

169.3
170.1
172.6

290.2
291.8
295.8

383.9
385.2
386.4

495.6
495.5
496.7

879.4
880.8
883.1

270.4
270.0
267.3

153.4
156.1
156.0

423.8
426.1
423.2

JOLT
AUG.
SEPT.

313.0
317.7
321.1

171.0
174.1
175-1

483.9
491.8
496.2

124.4
124.0
123.7

175.1
175.5
175.9

299.4
299.5
299.6

386.4
385.4
385.2

497.5
494.2
492.8

884.0
879.5
877.9

264.9
269.3
274.3

154.3
155.1
156.2

419.2
424.4
430.4

OCT. P

324.3

176.4

500.7

124.6

178.8

303.4

384.9

493.6

878.5

277.8

157.3

435.1

1984-OCT.
MOV,

NEBK BNDING

1985
OCT.

7
14
21
28 P

322.7
324.0
324.3
325.1

124.9
124.8
124.6
124.2

385.6
385.3
384.7
384.4

278.2
278.4
277.0
277.4

NOT.

4 P

326.9

124.3

384.0

278.3

1/
2/
3/
4/

SAfIHGS DEPOSITS EXCLUDE HRDAS.
SHALL DBNOHINATION TIHE DEPOSITS — INCLUDING IBTAIL BPS — ABB THOSE ISSUED II AHOOUTS OP LESS THAI $100,000. ALL
IHDIVIDUAL BETIBBHENT ACCOUNTS (IBA) AND KEOGH ACC001TS AT COHHBBCIAL BASKS AMD THRIFTS ABE SUBTBACTED FBOH SHALL
TIHE DEPOSITS.
LARGE DENOHINATION TIHE DEPOSITS ABB THOSE ISSUED IM AHOUNTS OP $100,000 OB HOBS, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBPS).
LABGB DENOHINATIOV TIHE DEPOSITS AT COHHEBCIAL BANKS LESS THOSE HELD BI HONET HABKBT HUTUAL FUNDS, DEPOSITOR!
INSTITUTIONS AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (506)
Table 5-continued

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

Institution
only money
market funds

• I GOfimWCISI

banks

at thrift
institutions

total

term

Eurodollars1

Savings
bonds

Non M3 Components of L
Short-term
treasury
Bankers
acceptances4
securities1

Components of Debt
Commercial
paper1

Federal debt6

Non-Federal*
debt

1984-OCT.
HOY.
DEC.

52.2
58.3
62.7

33.1

36.1

35.3
37.3

69.3
70.7
69.7

80.6
81.9
83.1

73.8
74.0
74.4

271.3
265.1
264.8

45.1

35.4
32.5

43.3
42.8

158.3
159.4
156.9

1323.0
1343.0
1364.7

4437.9
4494.7
4556.2

1985-JAH.
FEB.
HAH.

65.0
62.2
59.5

29.9
31.2
32.7

35.1
34.5
36.2

65.0
65.7
68.9

81.1
81.3
84.7

74.6
74.9
75.3

268.5
273.8
283.6

42.0
42.7
43.2

157.3
164.2
167.7

1383.1
1397.4
1412.0

4602.8
4630.7
4663.6

APR.
HAT
JUNE

59.6
63.5
67.1

35.2
33.4
33.1

36.8
35.4
33.8

71.9
68.8
66.9

80.7
80.8
78.3

75.6
76.1
76.5

281.2
274.6
282.5

42.6
41.7
39.8

169.3
166.8
167.9

1427.1
1443.8
1457.9

4707.9
4754.6
4804.5

JOLT
AUG.
SEPT.

65.0
63.6
62.3

31.1
32.1
33.1

33.9
35.3
37.2

65.0
67.4
70.3

76.5
76.0
76.8

76.6

282.9

39. 1

173.1

1475.8
1495.8
1506.9

4852.1
4894.4
4941.0

OCT. P

63.3

31.8

38.0

69.8

76.1

WEEK ENDING:
1985-OCT.

7
14
21
28 P

62.5
63.5
63.4
63.2

31.1
32.1
31.6
32.1

ROT.

4 P

64.8

32.3

1/

2/
3/
4/
5/
6/

TERM BPS ABE THOSE 1ITH ORIGINAL HATOBITIES GREATER THAN ONE DAT. EXCLUDING CONTINUING CONTRACTS AID RETAIL 3PS-

iNCLUDfeS
A RELATIVELY SHALL AMOUNT OF OfERNIGHT RPS AT THRIFT INSTITUTIONS.
TBRH EURODOLLARS ABE THOSE SflTH ORIGINAL FUTURITIES GREATER THAN ONE DAT. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS BT
FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BT ALL BANKING OFFICES IN THE UNITED KINGDOH AND CANADA. EXCLUDES THOSE HELD
BT DEPOSITOR! INSTITUTIONS AND NONET MARKET HUTUAL FUNDS.
CONSISTS OF U.S. TREASURT BILLS AND COUPONS VITH REMAINING FUTURITIES OF LESS THAN 12 HONTHS HELD BT OTHER THAN DEPOSITOR!
INSTITUTIONS, FEDERAL RESERfE BANKS, NONET BARKBT HUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, FEDERAL RESBBTB BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HONE LOAN BANK STSTEfl AND MONET MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BT HONEI MARKET HUTUAL FUNDS.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BT AVERAGING END-OF-HONTH LEVBLS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 6

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

Date

foreign
commercial
banks

foreign
official
institutions

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

1984-OCT.
NOV.
DEC.

8.5
8.8
8.6

I.d
2.1
2.0

9.2
9.4
9.6

2.7
2.8
3.4

1985-JAN.
FiSB..
MAH.

8.5
8.3
7.5

1.9
2.1
1-8

9.2
8.9
8.7

APR.
MAY
JUNE

7.6
7.8
7.8

1.9
2.1
1.9

JULI
AUG.
SEPT.

7.9
7.. 6
7.9

OCT. P

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

MOV.

thrift
institutions

56.9
57.7

3.4

8.4
7.5
9.1

15- 1
13.6
16.0

1.0
1.1
1.0

42.6
43.2
43.8

3.7
3.1
3.6

4.0
4.3
3.9

14.9
12.7
9-2

22.5
20. 1
16.6

1.1
1-1
1.0

8.5
8.4
8.3

3.9
3.1
3.4

6.6
6.7
2.8

11.5
17.8
1 1.4

22.0
27.6
17.7

1.8
1.9
2.0

8.3
8.2
8.2

3.1
3.4

4.0
3.0
4.3

20.0
10.6
13.4

27.0
16.4

7.9

1.8

8.4

2.9

3.2

2.4

7
14
21
28 P

9.0
7.4
7.9

1.8
1.9
1.8
1.8

8.4
8.4
8.3
8.4

3.1
2.4
3.9
2.4

3. 1
3.2
3.3
3. 1

4 P

7.8

1.8

8.4

3.0

3.2

4.0

e = estimated




money
market
mutual funds

total

59.0

6.2
6.5
6.9

105.7
107.3
109.7

45.3
47.0
4d. 8

61.4
63.1
05.4

7.7
7.9

114.0
117.9
122.1

1.0
1.0
1.0

53.5
55. 1
55.*

69.2
70.5
71.8

8.6
8.6
8.4

131.2
134.2
136-1

1.0
1.1
1.1

56.7
57.4
57.d

73.7
75.2
76.4

8.5
8.5
8.5e

138.8
141.0

8.5

1.1

58.2

77.6e

8. 7e

144.5a

4.9
1.4
1.5
2.1

11. 1
7.0
8.7
7.6

1.1
1.1
1.1
1.1

1.9

8. 1

1.1

WEEK ENDING:
1985
OCT.

commercial
banks

142.7B

Supplementary Table 1
Levels and Annual Growth Rates of Ml Using Standard, 1
Concurrent,^ a n c | Experimental Alternative^
Seasonal Adjustment Procedures
(Monthly average)
Levels i n b i l l i o n s of dollars
Experimental
Standard
Concurrent Alternative

Annual growth rates i n percent
Experimental
Standard
Concurrent
Alternative

548-3

543.7

548.1

-7.0

-3.7

-2.8

Novembe r

553-8

553.9

551.5

12.0

11.4

7.4

December

558.5

558.7

557.2

10.2

10.4

12.4

562.7

563.2

561.4

9.0

9.7

9.0

February

569.4

569.5

570.0

14.3

13.4

18.4

March

572.1

572.9

574.4

5.7

7.2

9.3

April

574.9

576.3

576.2

5.9

7.1

3.8

May

581.6

582.3

583.2

14.0

12.5

14.6

June

591.2

590.4

5 92.4

19.8

16.7

18.9

July

595.8

595.2

596.7

9.3

9.8

8.7

August

605.9

604.0

604.4

20.3

17.7

15.5

September

611.7

610.2

609.7

11.5

12.3

10.5

October

611.1

611.6

610.2

-1.2

2.8

1.0

1984 - October

1985 - January

1. Standard monthly seasonal factors are derived at the beginning of each year by applying
an X-11/ARIMA-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 s t a t i s t i c a l regression and time series
modeling techniques to construct seasonal factors that are more sensitive than the standard factors to unique characteristics of each s e r i e s . These characteristics include
fixed and evolving seasonal patterns, trading day effects, within-month seasonal variations, holiday e f f e c t s , outlier adjustments, special events adjustments, and serially
correlated noise components.