Full text of H.6 Money Stock Measures : November 15, 1984

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,.-<;&%•,

FEDERAL RESERVE statistical release
For release at
4:30 PM EST
November 15, 1984

H.6(508)

NOTICE

Because of the Thanksgiving on Thursday, November 22, the H.6
statistical release "Money Supply Measures and Liquid Assets" will not be
published that day.
at 4:30 p.m. EST.




It will be published instead on Friday, November 23

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

NOVEMBER

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

Date

M2
M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.
and broker/dealer), MMDAs,
and savings and small
time deposits2

M3
M2 plus
large time deposits,
term RPs, term Eurodollars
and institution-only
MMMF balances3

15,

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors5

1984

Seasonally adjusted
198 3 — O C T .
HCV.
DSC.

521.7
523. 1
525.4

2167.3
2182.2
2196.3

2658.9
2689.3
2710.4

3116.4
3147.2
3178.7

5124.7
5170.6
5224.8

1984—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT. P

530. 1
533.0
535.3
535.5
541.2
546.3
545.8
546.7
548.9
545.6

2206.8
2222.6
2230.0
2242.9
2258.6
2272. 1
2281.9
2291.1
2305.7
2317,0

2723.8
2747.0
2767.8
2792.4
2818.3
2839.5
2860.5
2872.1
2890.3
2916.0

3201.4
3231.6
3273.6
3299.3
3330.3
3371.3
3407.0 '

5282.6
5340.4
5394.2
5452.2
5512.6
5565.3
5627.4
5693a0
5745.2

1983 — O C T .
NOV.
DEC.

522.4
526.8
537.9

2167.2
2181.3
2198.1

2657.6
2690.4
2716.5

3112.4
3148.4
3189.4

5114.4
5158.8
5218.8

1984—JAN.
FEB.
MAF.
APE.
MAY
JUNE
JULY
AUG.
SEPT.
OCT. P

5 35.0
522. 0
52b.2
543.3
535.0
545.6
547.5
542.7
546.3
546. C

2210.6
2212.5
2231.0
2254.7
2253.5
2273.9
2287.0
2288.5
2299.3
2316.3

2729.7
2739.7
2769.0
2800.9
2813.6
2838.2
2859.3
2870.2
2884.6
2914. 1

3212.9
3233.1
3279.9
3310.8
3326.2
3367.4
3399.0

5275o7
5321.3
5370.7
5426.4
5486.2
5543.2
5607. 1
5674.6
5733. 8

Not seasonally adjusted

M1
For period ended
13-week average

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

1984-CCT.

1
8
15
22
29 P

547. 1
547. 0
547.0
547.0
547. 1

549.2
547.2
546.8
546.3
545.3

548.0
545.4
54 7.3
544.6
544.0

545.4
544.9
544.9
545.0
545.1

546.5
545. 1
545.6
547. 1
545.9

540. 4
552.3
553.5
542* 1
535.8

NOV.

5P

547. 1

545.7

546.7

545.4

546. 1

553. 1

NOTE:

SPECIAL CAUTION SHOULD BE TAKEN IN INTERPRETING WEEK-TO-KEEK CHANGES IN MONEY S0FPLY DATA, WHICH ARE
HIGHLY VOLATILE AND SUBJECT TO REVISION.
P—INDICATES PRELIMINARY DATA.
FOOTNOTES APPEAR ON THE FOLLOWING PAGE




H.6 (508)
Table 2

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

Ml

M2

M3

Debt1

3 MONTHS FROM JULY

1984 T O OCT. 1984

-0.1

6. 2

7.8

12.9

6 MONTHS FROM APR.

1984 TO OCT. 1984

3.8

6. 6

8.9

13.0

12 MONTHS FBOM OCT.

1983 TO OCT. 1984

4.6

6. 9

9.7

13.1

THIRTEEN WEEKS ENDING NOV. 5, 1984
FROM THIRTEEN WEEKS ENDING:

1/

AUG.

6, 1984 (13WEEKS PREVIOUS)

1.5

MA*

7, 1984 (26WEEKS PREVIOUS)

4.4

NOV.

7 , 1983 (52WEEKS PREVIOUS)

5.3

GROWTH RATES FOR DEBT ARE BASED ON PERIODS BEGINNING AND ENDING O N E MONTH EARLIER THAN FOR T H E MONETARY A G G R E G A T E S ,
NAMELY, JUNE 1984 TO SEPTEMBER 1984, MARCH 1984 T O SEPTEMBER 1984, AND SEPTEMBER 1983 TO SEPTEMBER 1984, RESPECTIVELY.

FOOTNOTES T O TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE T H E TREASURY, FEDERAL RESERVE BANKS, AND T H E VAULTS OF COMMERCIAL BANKS;
(2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO
DOMESTIC BANKS, T H E U.S. G O V E R N M E N T AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN T H E PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER
OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY I N S T I T U T I O N S ,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT I N S T I T U T I O N S . T H E CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE T H E ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
2 / CONSISTS OF M1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE, HHDAS, SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME D E P O S I T S — I N C L U D I N G RETAIL R P S — I N AMOUNTS OF LESS THAN $ 1 0 0 , 0 0 0 ) , AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U . S . COMMERCIAL
BAUKS, MONEY MARKET FUNDS (GENERAL PURPOSE AND B R O K E R / D E A L E R ) , FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE Lf.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS T H E ESTIMATED AMOUNT
OF DSflAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
3/ CONSISTS OF B2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM PP 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 T H E UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, T H E U.S. GOVERNMENT, MONEY
MAKKfiT F U N D S , AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT E P S ASD EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS.
4/ CONSISTS OF M 3 PLUS T H E NONBANK PUBLIC HOLDINGS O F U.S. SAVINGS BONDS, SHORT-TERM TREASURY S E C U R I T I E S , COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF WONEY MARKET MUTUAL FUND HOLDINGS CF THESE ASSETS.
5/ DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF T H E UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSOHER CREDIT (INCLUDING BANK L O A N S ) , OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES A N D OTHER DEBT
INSTRUMENTS. T H E DATA ARE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLOW CF FUNDS ACCOUNTS. ALL DATA CN DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN T H E UNDERLYING FLOW OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, T H E R E F O R E , FEOM T H E QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED IN
IN T H E FEDERAL RESERVE RELEASES Z. 7 AND Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON A
A Q U A R T E R - E N D ' B A S I S * N D INCLUDE DISCOKTINOITIES.
1/




COMPONENTS OF 1HE WMTf
Other

Date

ft®©!'

si

Trswetero
ctecfes*

_

on**

Set*

r

ocw tt@m<

sM item i^ronotto 1
et

at
Vtaf

commas•ciai
bank. *
tfl®trt«tfc

©rte T

sf

t

total

ten*ft

iota

torn;

1645.6
1659.2
1670.9

49U6
507.1

137. 0
136. i
134. 6

180. 2
179. 2
178. 2

317. 1
315* 4
312. 9

344. 8
350. 0
353. 1

428* 2
435. 5
440. 0

77J. 0
785. 5
793. 1

223 \l
225 . 1

1oS:

I

Jib. 1

! 126.3
243^7 : i 2 s a $

4. 9
5. 0
5. 0

130.8
244.5
243.8 i 134.0
135.4
244.0

1676.7
1689.6
1694.3

517.0
524.4
537.7

132. 1
130. 1
128. 9

177. 1
176. 5
176.

309. 9
306. 6
305. 5

352.9
352.8
353.5

1
1

4491 9

797. 0
800. 9
803. 4

2 26 .8
227 9
232 .4

106,
112.
115.

3
0
5

333. 0
339. 9
J47. 9

151.8
152.9
154.2

5. 1
5. 1
5. 1

245.3
245.2
248.2

133.3
138.0
138.6

1707.4
1717.4
1725.7

549.5
559.7
567.4

128. 6
128. 2
128. 0

176. 9
177. 3
177. 1

305. 5
305. 5
305. 1

356. 0
360. 5
365. 7

452. 4
456. 1
463« 3

608. 3
816. 7
829. 0

236< 0
243. 4
249, 4

119.
123.
129.

5
8
4

355. 5
367. 3
37b. 8

155.0
156.0
156.7
157.2

5.
5.
5.
5.

247.1
245.5
246.4
243.8

138.5
139.9
140.8
139.5

1736.1
1744.4
1756.8
1771.5

578.5
581.0
584.6
599.0

127. 4
126. 3
125. 9
125. 2

175. 6
173. 4
17 3. 0
172. 3

303.
299.
298.
297.

371. 8
377. 9
382. 3
384. 5

473. 3
484. 2
492O 3
500. 4

845. 2
862. 0
874. 5
884. 9

254.
255.
257,
262.

134. 2
136. 7
135. 1
138. 7

1983-OCT.
NOV.
DEC.

14712
148*0

1984-JAN.
FEB.
MAR.

149.9
150.2
150.9

APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT. P

!

4. 8
4 .9
4a 9

2
2
1
0

i 243,6

,

127=3

0
8
9
4

8
3
8
4

320. 3
325. u

J89.
391.
392.
401.

VEEK ENDING
1984
OCT.

NOV.

1/
2/
3/

4/

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




1
8
15
22
29 P

157.3
157.1
157.3
157.4
157.6

247.3
243. 1
245. 1
242.5
242.7

138.3
140.2
139.9
139.6
138.7

125. 4
125. 7
125. 4
125. 1
124. 7

384.
385.
384.
384.
384.

4
0
7
4
2

260.4
261.4
262.2
263.3
26 3.3

5 P

156.9

244.7

140. 1

124. 9

385. 4

262. 7

CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCO LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENO0INATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEBAHD 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 FEDERAL RESERVE FLOAT.
EXCLUDES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
CONSISTS OF NOH AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AMD
DEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THE
SEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED ARE ALL CEILING
FBEF "SUPER NO«S," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5,
1983.
SUM OF OVERNIGHT EPS AND OVERNIGHT EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
MMDAS, AND SAVINGS AND SMALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIfi TIME AND SAVINGS DEPOSITS LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AMD EURODOLLARS HELD BY
INSTITUTION-ONLY HONEY MARKET FUNDS.
SAVINGS DEPOSITS EXCLUDE MMDAS.
SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IBA) AND KEOGH ACCOUNTS AT COHHERCIAX BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED 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 MONEY MARKET MUTUAL FUIDS,
DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AMD OFFICIAL INSTITUTIONS.

0
9
9
1

H.6 (508)
Table 4

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

1983-SEPT.

1/

2/
3/
4/

savings bonds

Non~M3 components of L
bankers acceptances2
snort-term treasury
securities'

commercial paper*

Debt components4
non-federal debt
federal debt

70.5

221.5

43.7

125.3

1137. 1

3943.0

OCT.
NOV.
DEC.

70.7
70.8
71.0

218.4
217.2
223.3

42.8
42.9
43.3

125.7
126.9
130.8

1151.3
1163.6
1173. 1

3973.4
4007.1
4051.7

1984-JAN.
FEB.
MAR.

71.2
71.7
72.2

226.6
231.7
245.8

42.7
41.6
42.4

137.1
139.6
145.4

1192.2
1216.2
1224.9

4090.4
4124.2
4169.3

APR.
HAY
JUNE

72.5
72.8
73.0

241.8
240.0
252.0

43.1
45.3
46.9

149.5
154.0
159.9

1236.5
1252.5
1260.2

4215.7
4260. 1
4305.1

JULY
AUG.
SEPT.

73.2

262.8

47,3

163.2

1276.8
1299.3
1310.3

4350.6
4393.6
4434.9

CONSISTS

P

OF U . S . T&EASURY BILLS

AMD COUPONS NITH REMAINING MATURITIES

OP L ESS THAN 12 MOIITHC HPT.n RT riTHc-L

r u ni

r\p nocTTno v

INSTITUTIONS, FEDERAL RESERVE BANKS, HONEY BASKET MUTUAL FUNDS AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOBE LOAN BANK SYSTEM AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE 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
institutions5

6

in M2

total

7

in M3 only

Overnight
RPs8

Overnight
Eurodollars9

General
purpose and
broker/dealer
money market
funds

1983-OCT.
0OV.
DEC.

145.7
147.9
150.5

4.8
4.6
4.6

244.8
245.2
251.6

94.3
95.6
97.7

32.8
33.4
33.6

127. 1
129. 0
131. 3

1644. 8
1654. 5
1660. 2

490.3
509.1
518.4

45.3
44.9
44.8

11.7
10.3
11.4

137.5
138.8
138.2

1984-JAN.
FEB.
MAP.

148.4
148.3
149.8

4.6
4.7

4. a

249.4
237.9
239.4

99.2
97.8
99.7

33.4
33.3
34.5

132. 6
131. 1
134. 2

1675. 7
1690. 5
1702. 7

519. 1
527.2
538. 1

47.1
48. 1
47.0

11.5
11.4
11.3

137.8
142. 1
144.8

APR.
MAY
JUNE

151.5
152.9
154.9

4.8
5.0
5.4

247.8
241.3
247.0

102.8
99.7
101. 1

36.4
36.2
37.2

139. 1
135. 9
138. 3

1711. 4
1718. 5
1728. 3

546.2
560.0
564.3

46.4
47.0
43.9

11. 1
12.1
12.6

145.9
146.5
148.9

JULY
AUG.
SEPT.

156.3
156.5
156.5

5.8
5.7
5.4

247.5
242.9
245.3

100.4
100.2
101.2

37.6
37.4
38.0

138. 0
137. 6
139. 1

1739. 5
1745. 8
1753. 0

572.3
581.7
585.4

43.2
45.2
44. 1

13.7
13.6
12.6

150.5
150.5
151.9

OCT. P

156.8

5.1

245.0

100.8

38.5

139. 2

1770. 3

597.8

44.5

12.0

155.5

WEEK ENDING :
1984-OCT.

1
8
15
22
29 P

155.3
158. 1
157.3
156.6
155.6

243.6
247.2
250.0
242.0
238.9

98.8
102.6
102.3
100.3
98.8

37.4
39.2
38.9
38. 1
37.5

136.
141.
141.
138.
136.

3
8
1
4
3

43.5
42.5
43.6
44.7
46.2

12.4
11.9
10.8
12.7
12.7

152.7
153.2
155.3
156.4
156.8

NOV.

5 P

157.6

248.6

102.4

39.6

142. 0

48.9

10.6

158.2

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

CUKRENCI OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ABE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAN THOSE DDE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.B. FLOAT, LESS THE ESTIMATED AMOUNT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOW AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS. INCLUDES SUPER NOHS OF $32.4 BILLION IN THE WEEK ENDED OCTOBEfa 22. $32.2 BILLION IN THE WEEK ENDED OCTOBER
29, AND $33.0 BILLION IN THE WEEK ENDED NOVEMBER 5.
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 HOWS OF $12.1 BILLION IN THE MEEK ENDED OCTOBER 22 # $12.0
BILLION IN THE KEEK ENDED OCTOBER 29, AND $12.6 BILLION IN THE WEEK ENDED NOVEMBER 5.
SUM OF OVERNIGHT UPS AND EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), MMDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAOLT CASH HELD BY THRIFT INSTITUTIONS 1C SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS, MONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT EPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
MONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVEfaNlGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL EANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKEfe/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (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
Money market deposit accounts
at
at
total
thrift
commercial
institutions
banks

Date

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
commercial
thrift
total
4
banks
institutions

1983-OCT.
NOV.
DEC.

223.4
227.1
230.0

147.1

370.5
372.9
376.0

135.8
133.7
132.0

180.1

343.9
348.9
351.0

427.5
434.2
437.6

771.4
783.1
788.6

95. 8

178.3
176.5

316.0
312.0
308.5

221.7

145.8
145.9

225.0
228.5

98.3
100.7

317.4
323.3
329.2

1984-JAN.
FEB.
MAR.

234.2
238.3
242.6

146.2
147.7
149.9

380.3
386.0
392.5

131.3
129.9
130.2

176.2
175.3
177.0

307.4
305.2
307.2

353.7
355.4
356.0

445.7
450.0
451.6

799.4
805.4
807.6

228.9
229.3
232.7

105.7
111.2
114.2

334.6
340.5
346.9

APE.
HAY
JUNE

245.4
244.3
244.9

151.0
150.2
148.0

396.4
394.6
392.9

130.5
129.9
129.7

178.1
178.3
178.8

308.7
308.2
308.5

356.5
360.5
365.4

454.2
457.2
463.7

810.7
817.6
829.0

233.4
241.3
247.0

118.2
123.3
128.2

351.6
364.6
375. 1

JULY
AUG.
SEPT.

243.9
242.6
243.8

145.3
141.2
139.6

389.2
383.8
383.4

128.9
126.4
124.7

177.7
173.4
171.9

306.7
299.7
296.7

370.8
377.6
381.7

473. 1
48 2.6
490.2

843.9
860.2
871.9

251.5
255.6
258.7

132.9
136.9
136.9

384.5
392.5
395.6

247.2

139.6

386.9

123.8

172.0

295.8

383.8

499.5

883.4

263.3

141.7

405.0

OCT.

P

WEEK ENDING
1984
OCT.

NOV.

1/
2/
3/
4/

1
8
15
22
29 P

243.5
245.1
246.7
247.3
248.9

124.3
124.9
124.3
123.5
122.7

383. 1
383.9
383.9
383.8
383.7

261.7
262.4
262.8
263.9
264.5

5 P

251.6

122.9

364.7

262.9

SAVINGS DEPOSITS EXCLUDE NMDAS.
SMALL DENOMINATION TIME DEPOSITS — INCLUDING BETAIL RPS — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AJID KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY MONEY MARKET MUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN 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
TermRIV
Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars2

Savings
bonds

Non M3 Components of L
Short-term
Bankers
treasury
acceptances 4
securities 3

Components of Debt
Commercial
paper 8

Federal debt*

Non-Federal*
debt

1983-OCT.
NOV.
DEC-

42.8
43.5
43.2

30.6
35.3
36.4

16.7
18.1
19.6

47.3
53.4
56.0

86.8
91.7
93.4

70.7
71.0
71.3

216.4
215.7
222.7

42.9
43.3
44.7

124.8
128.0
134. 1

1147.6
1158.0

1170.2

3966.8
4000.8
4048.6

1984-JAN.
FEB.
MAR.

43.5
44.6
45.0

34.2
35.7
35.4

19.1
18.8
20.6

53.3
54.5
55.9

90.6
90.7
93.9

71.6
71.8
72.1

230.2
239.6
253. 1

43.6
42.2
42.0

137.8
139.9
143.6

1189.8
1210.7
1223.6

4085.9
4110.6
4147. 1

APR.
MAY
JUNE

45.0
45.3
45.7

36.2
35.7
32.5

23.6
25.9
27.1

59.8
61.6
59.6

93.3
93.3
88.2

72.3
72.6
72.8

246.2
240.6
249.0

42.4
44.7
46.2

148.9
154.7
161.1

1235.9
1248.7
1255.8

4190.5
4237.5
4287.4

JULY
AUG.
SEPT.

46. 1
46.2
46.9

31.4
34.3
34.9

28.2
29.1
29.8

59.6
63.4
64.7

86.6
84.5
83.1

73.0

256.0

46.5

164.2

1270.8
1295.8
1310.5

4336.3
4378.8
4423.3

OCT. P

52.2

36.9

30.4

67.2

78.5

WEEK ENDING:
1984-OCT.

1
8
15
22
29 P

48.8
49.1
51.3
53.0
54.9

35.8
35.6
35.7
37.4
38.2

NOV.

5 P

55.0

39.1

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

TERM RPS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.
TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY. CONSISTS OP THOSE ISSUED TO U.S. RESIDENTS BY
FO8EIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BY ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD
BY DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS.
CONSISTS OP U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, HONEY MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDEBM
HOME LOAN BANK SYSTEM AND HONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-HONTH LEVELS 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 to

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

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

commercial
banks

thrift
institutions

money
market
mutual funds

total

1983-OCT.
NOV.
DEC.

8.0
8,4
8.2

1.9
2.0
2.0

7.1
7.2
7.1

2.7
2.7
3.0

7. 1
2.9
3.6

22.0
4.7
7.8

31.8
10.4
14.4

0.8
0.7
0.7

28.9
29.5
30. 1

37.8
38.3
39.5

5. 1
5. 1
5.0

71. 8
72.9
74.6

1984-JAN.
FEB.
MAR.

8.3
8.5
8. 1

1.8
1.9
1.9

7.0
6.8
6.9

3. 1
3.1
3.0

4.7
4.5
4.0

16.5
19.2
14.5

24.2
26.8
21.5

0.9
0<.9
0.9

31.0
32.7
34.7

41.0
42.8
44.6

5.2
5. 5
5.7

77.3
81.0
85.0

APR.
MAY
JONE

8.0
8.2
8.1

1.7
1.9
1.8

7.2
7.4
7.5

3.8
2.7
3.9

7.5
4.2
3.8

12.7
10.0
8.5

24.0
16.9
16. 1

0.9
0.9
0.8

38.3
39.5
40.1

47.6
49.2
50.0

6.2
6.3
6.2

92. 1
95.0
96.3

JULY
AUG.
SEPT.

8.2
8.0
8.0

1.8
1.8
1.9

7.3
7.5
7.6

2.8
2.9
3.4

4.0
3.6
6.2

9.0
7.5
14.1

15. b
13.9
23.7

0.8
0.8
0.3

40.6
41.4
42.0

50.7
51.0
51.7

6.2
6 . 3e
6.3e

97.5
98.7e
100.Oe

OCT. P

8.1

1.7

7.3

2.6

3.9

8.4

14.9

0.9

42.5

52.8

6.4e

101. 6e

1
8
15
22
29 P

7.7
8.3
8.3
7.9
7.9

2.0
1.7
1.8
1.7
1.7

7.5
7.3
7.2
7.3
7.2

2.6
2.8
2.9
2.6
2.2

7.7
4.6
3.7
3. 1
3.8

21.7
8.6
4.1
6.1
11-5

31. 1
16.0
10.7
11.6
17.5

0.8
0.8
0.9
0.9
0.9

5 P

8.0

1.9

7.3

3.0

3.2

13.0

19.2

1.0

tfESK ENDING:
1984
OCT.

MOV.

e = estimated




Supplementary Table 1
Levels and Annual Growth
Rates of Ml Using Current* and Experimental
Alternative^ Seasonal Adjustment Procedures
(Monthly average)

Levels in billions
of dollars
Current
Experimental
Alternative

Annual growth
rates in percent
Experimental
Current
Alternative

521.7

520.7

6.2

9.5

November

523.1

521.7

3.2

2.3

December

525.4

524.2

5.3

5.8

530.1

528.7

10.7

10.3

February

533.0

532.9

6.6

9.5

March

535.3

536.5

5.2

8.1

April

535.5

537.7

0.4

2.7

May

541.2

542.5

12.8

10.7

June

546.3

547.0

11.3

10.0

July

545.8

546.4

-1.1

-1.3

August

546.7

545.6

2.0

-1.8

September

548.9

547.0

4.8

3.1

October

545.6

543.7

-7.2

-7.2

1983 - October

1984 - January

1, Current monthly seasonal factors are derived using an X-11/ARlMA-based procedure.
2. Alternative monthly seasonal factors are derived using an experimental modelbased procedure. This procedure uses a combination of statistical regression
and time series modeling techniques to construct seasonal factors that are more
sensitive than the current 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.