Full text of H.6 Money Stock Measures : November 16, 1978

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'l&SS&i

FEDERAL

RESERVE

statistical

Tabtol

FEDERAL RESERVE Statistical R.l.t«« H.

release

For Immediate Release

MONEY STOCK MEASURES
NOV. 16, 1978

IN BILLIONS OF DOLLARS
M-1

M-1 +

M-2

M-3

M-1 Plus
M-1 Plus
M-2 Plus
Time
Savings
Currency
Deposits at Deposits at
Deposits at
Plus
Noooank
Commercial
CB'sand
Demand
Thrift
Deposits J/ Checkable Banks Other
Deposits at
Than Large Institutions^/
CD's 3/
Thrift lnst.2/

Date

M-4

M-2 Rgs
Large
Negotiable
CD's^/

M-5

M-3 Plus
Large
Negotiable
CD's^X

M-1

M-1 4-

1978— JAN.
FEB.
MAR.

APR*
MAY

JUNE
JULY
AUG.

SEPT.
P

OCT.

335.9
336.2
338.5
341.7
341.8
342.9
348.5
350.6
352.8
354.2
356.7
360.9
r 361.9

557.5
557.7
560.2
564.6
565.0
566.2
572.6
575.2
577.1
577.8
582.0
587.9
588*6

801.4
805.4
609.5
815.9
819.1
822.6
830.3
835*2
840.6
846.2
853.5
862.4
r 867.2

360.5
361.1
361.8

587.4
588.1
588.9

861.7
862.6
864.1

360.2
364.3
364.3
r 358.8

587.6
591.6
591.2
585.4

864.5
869.4
869.3
r 865.1

361.0
362.1

586.9
587.8

r 868.1
870.5

1357.9
1367.1
1376.1
1386.6
1393.1
1400.3
1411.4
1419.9
1429.8
1440,9
1455.1
1472.0
r 1484.3

M-3

M-4

M-2 Rus
Large
Negotiable
CD'sS/

M-5

M-3 Rus
Large
Negotiable
CD's^/

Not Seasonally Adjusted

Seasonally Adjusted
1977 —OCT.
NOV.
DEC.

M-2

M-1 Plus
M-1 Rus
Savings
Time
M-2 Rus
Currency
Deposits at Deposits at Deposits at
Plus
CBsand
Nonbank
Commercial
Demand
Checkable Banks Other
Thrift
Deposits ^
Deposits at Than Large Institutions^/
CD's.3/
Thrift inst. 2/

1424.3
1438.0
1450.1
1462.9
1472.5
1482.3
1494.9
1506.9
1516.5
1528,3
1541.4
1560.1
r 1572.5

335.2
338.4
346.2
347.5
335.9
338.2
350.9
345.3
351.7
356.0
354.2
358.8
r 361.1

555.0
558.1
568.1
569.4
556.3
562.7
577.3
571.7
578.1
581.9
579.3
583.8
586.0

798.7
802.8
814.9
320.6
813.9
821.1
836.6
833.6
842.0
84B.7
850.8
858.4
r 864.3

362.4
360. 3
353.0

587.6
584.9
577.5

861.9
858.8
852.6

952.1
949.5
943.3

951.4
955.6
r 956.2
r 954.1

360.5
364.9
364.8
356.0

585.9
590.8
589.9
580.5

862.5
868.6
868.0
r 859.6

953.1
958.4
r 957.6
r 950. d

r 959.9
964.4

359.2
365.5

582.6
588.7

r 862.3
869.4

r 955.6
964. i

867.8
876.3
883.5
892.2
898.5
904.7
913.7
922.2
927.3
933.6
939.8
950.5
i 955.4

1353.0
1360.1
1377.5
1389.0
1386.0
1400.2
1421.2
1420.3
1435.2
1447.9
1452.9
1466*4
r 1478.6

867..1
674.4
890.9
897.0
890.8
901.4
917.9,
918.2
928.3
936.0
938.8
948.7
* 955.2 r

1421.3
1431.7
1453.4
1465.4
1462.9
1460.5
1502.6
1505.0
1521.5
1535.2
1541.0
1556.7
1569.7

MEEK ENDING:
1978-SEPT.13
30
27

OCT.

4
11
18
25

NOV.

1 f
8 f

950.3
951.6
951.7

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC C O M M E R C I A L BANKS AND THE U.S.GOVERNMENTt
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; 42) FOREIGN DEMAND B A L A N C E S AT F.K.8ANKS; AND (3) CURRENCY OUTSIDE
THE TREASURY, F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, C R E D I T UNION SHARE D R A F T S *
AND D E M A N D DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, ANQ TIME C E R T I F I C A T E S OF
DEPOSITS OTHER THAN N E G O T I A B L E T$ME C E R T I F I C A T E S OF DEPOSIT ISSUED IN D E N O M I N A T I O N S OF 5100,000 OR MORE BY LARGE W E E K L Y REPORTING C O M M E R C I A L BANKS.
4/ INCLUDES M2, PLUS THE A V E R A G E OF THE BEGINNING AND C-ND OF MONTH DEPOSITS OF M U T U A L S A V I N G S BANK, S A V I N G S AND LOAN SHARES, AND
CREDIT UNION SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE T I M E C E R T I F I C A T E S OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE.
6/ INCLUDES M3, PLUS N E G O T I A B L E TIME C E R T I F I C A T E S OF DEPOSIT ISSUED IN D E N O M I N A T I O N S OF $100,000 OR MORE.
P - P R E L I M I N A R Y ; R - R E V I S E D



FEDERAL RESERVE State**!

Table 2

H.6

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

MM

M-1+

M-2

M-3

M-4

M-5

Currency
Plus
Demand
Deposits17

M-1 Rus Savings
Deposits at CB's
and Checkable
Deposits at
Thrift Inst. V

M-1 Plus Time
Deposits at
Commercial
Banks Other Thai
Large CD's 3/

M-2 Rus Deposits
at Nonbank Thrift
Institutions I/

M-2 Plus Large
Negotiable CD's 5/

M-3 Plus Large
Negotiable CD's fi/

OCT.

FROM:

JULY

1978

(3 MONTHS PREVIOUS)

8*7

7.5

9.9

12.0

9.3

11.6

APR.

1978

(6 MONTHS PREVIOUS)

7.7

5.6

8.9

10.3

9.1

10.4

OCT.

1977

(12 MONTHS PREVIOUS)

7.7

5.6

8.2

7.9

6.6

9.5

PREVIOUS)

6.6

4.7

8.6

1977(52 WEEKS PREVIOUS)

7.7

5.4

8.2

9.3

10.1

10.4

FOUR WEEKS ENDING:
NOV. B 9 1976
FROM FOUR WEEKS ENDING:
AUG.
MAY
NOV.

9 » 1978(13 WEEKS PREVIOUS)
I0t
9,

1978(26 WEEKS

10.1

8.9
10.1

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL 8ANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENT»
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3) CURRENCY OUTSIDE
THE TREASURY, F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS.
2/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFTS,
AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDES, IN ADDITION TO C U R R E N C Y AND DEMAND DEPOSITS, SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT, AND T I M E C E R T I F I C A T E S OF
DEPOSITS OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING C O M M E R C I A L BANKS.
4/ INCLUDES M2, PLUS THE A V E R A G E OF THE BEGINNING AND END OF MONTH DEPOSITS OF M U T U A L SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
5/ I N C L U D E S M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS N E G O T I A B L E TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR M O R E *
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY A V E R A G E DATA; RATES OF CHANGE ARE NOT COMPOUNDED.




FEDERAL RESERVE Statistical Rabasa H.6

Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY AD JUST ED, IN BILLIONS OF DOLLARS
Time and Savings Deposits17
Date

Currency

Demand
Deposits

Time Deposits
Savings^/
CD's2/

Total

Other

Nonbank
Thrift
Institutions^

1977 —OCT.
NOV.
DEC.

87.1
87.7
88.6

248.7
248.5
249.9

66.4
70.9
74.0

246.0
249.7
251.5

219.6
219.4
219.6

531.9
540.1
545.0

556.5
561.7
566.6

1978 — JAN.
FEB.
MAR.
APR.

89.4
90.7
90.7
91.2
92.1
92.8
93.3
94.0
95.2
r 96.0

252.2
252.3
252.3
257.3
258.5
259.9
260.9
262.8
265.7
r 265.9

76.3
82.0
82.0
83.4
87.1
86.7
87.4
86.3
88.1
88.2

253.6
258.7
258.7
260.1
262.6
266.1
271.1
274.3
277.4
281.5

220.7
221.0
221.0
221.6
222.0
221.7
220.9
222.4
224.2
223.9

550.6
561.7
561.7
565.2
571.6
574.5
579.4
583.0
589.7
593.6

570.7
577.7
577.7
581.2
584.7
589.2
594.7
601.6
609.6
617.0

95.0
95.1
95.4

265.5
266.0
266.4

88.6
89.1
87.5

277.1
277.4
278.1

224.1
224.1
224.2

589.6
590.6
589.9

95.8

*7
96.0
95.8

264.5
268.5
268.3
r 263.0

87.0
86.4
87.0
89.0

279.8
280.7
281.0
282.6

224.5
224.5
224.0
223.7

591.2
591.5
592.0
r 595.3

96.5
96.4

264.5
265.7

91.8
93.9

284.1
285.6

223.0
222.8

r 598.9
602.4

MAY
JUNE
JULY

AUG.
SEPT.
OCT.
P
WEEK ENDING:
1978-SEPT. 13
20
27

OCT.

4
11
16
25

NOV.

1P
8 P

1

95

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




FEDERAL RESERVE Statistical Raaarva H.6

Tabla 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Time and Savings Deposit^

Damand Deposits
Date

Currency
Total^/

1977—OCT.
NOV.

DEC*
1978 — JAN.
FEB.
MAR.
APR.
MAY

JUNE
JULY
AUG.

SEPT.
OCT.

P

86.9
88.4
90.1

248.2
250.0
258.1

88.7
89.0
89.9
91.0
91.9
92.9
94.1
94.3
95.0
r 95.8

258.8
247.0
248.2
259.9
253.3
258.8
262.0
259.9
263.8
r 265.4

Member

171.2
171.5
177.5
177.3
169.0
170.0
177.3
172.6
175.7
177.7
176.1
178.2
r 179.1

Domestic^/
Nonmember

Time Deposits
CD's47

Savings^7

Total

Other

Other
Checkable
Deposits^

Nonbank
Thrift
Institutions!/

U.S.
Gov't.
Demand57

72.8
74.1
76.2

68.3
71.6
75.9

245.8
246.8
249.0

217.8
217.6
217.7

531.9
536.0
542.6

2.0
2.1
2.1

554.2
557.3
562.5

3.7
3.5
5.1

77.0
73.8
74.3
78.5
76.9
79.1
80.3
79.9
81.8
r 82.5

76.4
76.9
80.2
81.4
64.6
86.3
87.3
90.3
90.8

253.4
257.9
260.7
261.8
264.5
266.5
269.5
274.4
277.5
281.2

219.7
220.1
222.2
223.9
223.8
223.8
223.1
222.2
222.1
222.0

549.5
554.9
563.2
567.1
572.9
576.6
579.9
584.6
589.9
r 594.0

2.2
2.3
2.3
2.5
2.6
2.6
2.7
2.8
2.9
2.9

568.4
572.1
579.1
584.6
586.7
593.2
599.2
602.1
608.0
614.5

4.3
4.3
4.tf
5.0
4.0
6.2
4.5
3.6
6.2
4.3

63.5
82.3
80.1

90.1
90.7
90.8

277.2
276.7
277.9

222.4
221.8
221.6

589.7
589.3
590.3

3.5
9.1
7.8

81.6
83.4
84.1
81.4

90.6
89.8
89.7
91.1

279.4
280.7
280.9
282.1

222.6
223.0
222.3
221.6

592.6
593.5
r 592.8
594.8

8.1
4.2
3.6
3.7

81.5
83.5

93.3
94.8

282.6
283.6

220.5
220.3

r 596.4
598.7

3.3
6.6

8&.0

WEEK ENDING:
1978-SEPT. 13
20
27

OCT.

4
li
18
25

NOV.

IP
8P

95.2
94.8
94.1

267.1
265.5
258.9

95.2
96.6
96.0
95.3

265.3
268.3
268.8
r 260.6

95.3
97.4

264.0
268.1

179.7
179.3
175.0
179.9
181.1
r 180.9
175.6
178.6
180.7

I/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
2/ TOTAL DEMAND DEPOSITS INCLUDEt IN ADDITION TO THE MEMBER AND DOMESTIC N O N M E M B E R DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AND
INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE BALANCES AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
3/ BASED ON MOST RECENT CALL REPORT DATA.
4/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE W E E K L Y REPORTING
COMMERCIAL BANKS.
5/ INCLUDES NOW ACCOUNTS AT COMMERCIAL BANKS.
6/ INCLUDES NOW ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
7/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
8/ U.S. GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. INCLUDES TREASURY NOTE BALANCES, BEGINNING NOVEMBER 2, 1978.
P - PRELIMINARY; R - REVISED




SPECIAL SUPPLEMENTARY TABLE*
Money Market Time DepositsAll Insured Commercial Banks and All Mutual Savings Banks

As of September 27, 1978 and October 25, 1978

Commercial
Banks?./

September 27

Mutual Savings
Banks!/

October 25

September 27

October 25

9,679

13,858

6,136

8,908

9,886

10,552

364

319

Amount outstanding-!!/

(millions of dollars)
Number of institutions

offering

*
_!/

2j

3/
47

The survey collecting these data is scheduled to be conducted as of the
last Wednesday of each month from June through December 1978.
Money market time deposits are nonnegotiable time deposits in denomination
of $10,000 or more with original maturities of exactly 26 weeks for which
the maximum permissible rate of interest on new deposits at commercial
banks is equal to the discount yield on the most recently issued sixmonth Treasury bill (auction average). For MSBs the interest rate ceiling
is one-quarter per cent higher. This new category of deposits was
authorized beginning on June 1, 1978.
Estimates for all insured commercial banks in August are based on data
collected by the Federal Reserve and the FDIC from a stratified random sample
of about 530 banks.
Estimates for all mutual savings banks in August are based on data collected
by the FDIC from a stratified random sample of about 90 banks.
The standard error associated with each of the dollar volume estimates is
about $400 million.