Full text of H.6 Money Stock Measures : October 10, 1985

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
H.6 (508)

For Release at 4:30 Eastern Time

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

OCTOBEH 10,

Billions of dollars
M1

M2

Sum of currency,

M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.

travelers checks,
demand deposits and
other checkable deposits1

Date

and broker/dealer), MMDAs,
and savings and small
time deposits2

*M3
M2 plus
large time deposits,
term RPs, term Eurodollars
and institution-only
MMMF balances 3

1985

L

Debt

M3 plus other
liquid assets 4

Debt of domestic
nonfinancial sectors*

Seasonally adjusted

198%—SEPT.
OCT.
NOf.
DEC.

551.5
543.3
553*8
558.5

2308.4
2319.3
2346.3
2371.7

2901.0
2925.1
2959.9
2995.0

3452.1
3473.5
3501.8
3539.4

5711.2
577J.7
5850.6
5927.0

1985—JA«.
FSB.
BAR.
APfi.
BAT
JQ1E
JULI
AUG.
sBPt; p

562.7
569.4
572.1
574.$
581.6
591.2
595.8
605.9
611.8

2396.9
2421.0
2429.6
2427.7
2445.0
2473.0
2490.6
2513.7
2528.4

3020.5
3041.0
3055.9
3056.6
3076.0
3103.0
3114.2
3137.8
3163.3

3562.0
3593.4
3621.2
3623.1
3640.2
3669.1
3686.5

5993.7
6049.2
6102.6
6 163.4
6226.5
6287.5
6J49.9

Not seasonally adjusted

1984~SB*T.
OCT.
NO?.

DEC.
1985— JAN.
FEB.

an*

APR.
HA I
JOIE
JOLI
AUG.
SEPT. P

548.5
548*2
555.9
570.4

2298.8
2316.6
2344.4
2376.7

2890.9
2920.6
2960.4
3002^2

3441.6
3469.0
3502.2
3540.9

5696.1
5760.7
5837. 4
5920.6

568.3
558.6
564.9
581.6
576.2
592.3
599.1
601.5
608.5

2404.2
2414.5
2429.9
2439.6
2441.0
2476.7
2496.6
2507.0
2517*1

3024.2
3034.3
3057.6
3068.5
3073.9
3105.7
3116.4
3132.6
3151.6

3566.8
3589.9
3627.5
3637.3
3635.2
3672.4
3668.5

5985.7
6027.7
6075.4
6135.1
6196.7
6262.6
6326.6

M1

For period ended
13-week average

1985-AUG.

5
12
19
26

1985-SEPT. 2
9
16
23 P
30 P

NOTE:

Seasonally adjusted
4-week average

Not seasonally adjusted
week average

13-week average

4-week average

week average

591.0
592.9
594.7
596.5

596.6
599.4
602.0
604.8

602. 1
603.1
605.8
608.3

590.9
593.0
594.9
596. 6

601.5

604.7
604.9
603.0
593.4

598.3
600.1
601.7
603.0
604.5

606.7
609.4
610.5
610.8
612.2

609.6
613.7
o10.2
609.7
615.0

598.0
599.6
601.0
602.1
602.8

600.4
o04.0
60b. 8
608.1
608.7

600.4
619.3
613.9
598.8
602.9

597.5
597.9
599.9

SPECIAL CAUTIOU SHOULD BE TAKEN IN INTERPRETING BEEK-TO-HEBK CHANGES IN HONEY SUPPLY DATA, WHICH ARE
HIGflLY 70LATILE AND SUBJECT TO REVISION.
P— INDICATES PRELIMINARY DATA.
FOOTNOTES APPEAR ON THE fOLLOlXNG PAGE




H.6 (508)
Table 2

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

" " ' 1

M1

M2

M3

,

Debt1

"1
3 MOUTHS FROM JUNE

1 9 8 5 TO SEPT.

1985

13.9

9.0

7

.8

12.1

6 SOUTHS FBOfl MAR.

1985 TO SEPT. 1985

1J.9

8. 1

7. 0

11.9

1985

10.9

9.5

9- 0

tJ.5

12 MONTHS FROM SEPT.

1984 TO SEPT.

THIRTEEN WEEKS ENDING SEPT. 3 0 # 1985
FitOfl THIfiTEEM SEEKS ENDING:

1/

1/

2/

3/

4/
5/




JULI

1,

1985

( 1 3 UEEJLS PREVIOUS)

I4.tf

APR.

1,

1985

( 2 6 H££1S PREVIOUS)

12.8

OCT.

1,

1984

( 5 2 WEEKS PfiEVIOUS)

10.1

GROWTH BATES FOB DEBT ABE BASED ON PERIODS BEGINNING AND ENDING TWO MONTHS EARLIER THAN FOhL THE MONBTAR* AGGREGATES,
NAMELY, APRIL 1985 TO JULY 1985, JANUARY 1985 TO JULY 1985, AND JULY 1984 TO JULY 1985, RESPECTIVELY.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CUBBENCI OUTSIDE THB TREASURY, FEDE&LL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TfiAVELEBS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHBR THAN THOSE DUE TO
DOMESTIC BANKS, THE U.S. GOVERNMENT, AND FOHEIGH BANKS AND OFFICIAL INSTITUTIONS LESS CASH I1£MS IN ThE PBOCESS
OF COLLECTION AND FEDEBAL BESEBVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER
OF WITHDRAWAL (NOW) AND AUTOMATIC TfiANSFEfi SEHVICE (ATS) ACCOUNTS AT DEPOSITOR INSTITUTIONS,
CREDIT UNION SHABS DA AFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AMD DEMAND DEPOSITS. RESPECTIVELY, HELD fir
THBIFT INSTITUTIONS TO SERVICE THEIfi OCD LIABILITIES.
CONSISTS OF M1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) BPS ISSUED BY ALL COMMERCIAL BANKS AND OfEBNIGUT EUBODOLLABS
ISSUED TO O.S. RESIDEUTS BY FOBSIGN BfiANCHES OF U.S. BANKS WORLDWIDE, MHDAS, SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING BETAIL BPS—IN AHOUMIS OF LESS THAN $100,000), AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOoH
BALANCES AT DEPOSITOR! INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS# .HOMEY MABKET FUNDS (GENERAL PUBPOSE AND BROKER/DEALEfi), FOREIGN GOVERNHEN IS AND COMMERCIAL BkMHS0 AND
THE U.S. GOVE1MHENT« ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SkVlHHS DEPOSITS.
CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TEMH fcP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EUBODOLLARS HELD BY U.S. RESIDENTS AT FOREIGN BRANCHES OF U.S. B1NKS
WORLDWIDE AND AT ALL BkU&lMG OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
IMSTITUTIOM-ONLY MONEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY
MARKET .FUNDS, ABD FOREIGN BANKS AMD OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVEBNIGHT BPS AND EURODOLLARS HELD BY INSTITOTION-ONLY MONEY HARKE1 MUTUAL FUNDS.
CONSISTS OF A3 PLUS THB NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKET iUJTUAL FUND HOLDINGS CF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAi. SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OlhER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLOW CF FUNDS ACCOUNTS. ALL DATA €N DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN HONTH-AVKitAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING FLOW OF FUNDS STATISTICS.
THE PRESENTATION OF DEbT DATA IN THIS RELEASE DIFFERS. THEREFORE, FROM TBE QUARTERLY FLOW Of FUNliS STATISTICS CONTAINED IN
IN THE FEDERAL RESERVE RELEASES Z.7 AND Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DttiT ABE HEASUBED ON A
A UUABTER-END BASIS AND INCLUDE DISCONTINUITIES.

COMPONENTS OF THE MONEY STOCK
MtMofw of oofiars, ssosoMrity OQUMOtsd

omsr
QMS

TrswstSfS

1

ohscW

1984-SBPT.

,

Osm-H
»«»

arty*

156.8

5.1

247.5

\k2.2

1756.9

592.5

OCT.
NOV.
DEC.

157.1
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
1813.3

1985-JAi.
FEB.
HAR.

159.4
160.5
161.3

5.3
5.3
5.4

249.1
25U7
251.9

149.0
151.8
153.6

APR.
HAI
JUNE

161.7
163.1
164.5

5.5
5.5
5.7

252.5
255.8
260.7

JOLI
AUG.
SEPT. P

165.4
167.1
167.9

5.9
5.9
5.9

BswtOQs dsposHs
at
at
oofwnsfclaJ
tin in

si
total

SmaM ttma dapoatts*
at
thrift
total

LM o ttma doposfts*
at
at
total
oommarcla
thrift
b a n * * " taotttutlofts

168.5

294.6

3B1.7

482.8

864.5

"25fl.O

138.0

396.0

605.8 i 124.9
613.6 ; 123.8
623.3 i 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
885.6

263.2
263.6
264.4

141.9
147.1
151.8

405.2
410.7
416.2

1836.2
1851.6
1857.5

621.6
620.0
626.3

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

881.9
877.6
878.6

262.3
264.4
269.4

154.6
154.9
154.2

416.9
419.3
423.6

155.3
157.3
160.3

1852.7
1863.3
1881.8

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
502.1
503.5

885.3
892.0
894.2

273.0
272.1
267.7

154.4
156. 1
156.4

427.3
428.2
424.2

260.9
264.0
266.9

163.6
168.9
171.2

1894.8
1907.8
1916.6

623.7
624.1
634.9

123.2
124.2
124.6

172.8
176.1
176.9

296.0
300.3
301.5

388.4
384.1
382.8

500.2
494.5
492.2

888.6
878.6
875.1

265.7
267.6
272.6

154.2
153.7
155.4

419.9
421.3
428.1

166.6
166.7
167.2

167.6

262.4
261.7
263.5
265.0

167.2
168.8
169.2
169.8

124.0
124.3
124.2
124.2

385.5
384.2
384. 1
383.9

264.7
266.7
267.3
269.5

167.5
167*7
167.9
168.1

265.3
267.8
265.1
265.0

170.2
172.3
171.3
170.7
169.6

124.2
124.5
124.6
124.8
124.6

383.3
382.6
383.1
382.7
382.9

269.4
270.7
273.4
273.4
274.0

726.1

iEEK ENDING
1985
AOG.

5
12
19
26

SBPT. 2
9
16
23 P
30 P
1/
2/
3/

4/

5/
6/
7/
e/
9/
10/

27.U%

CURRENCY OUTSIDE TAB O . S . TIE AS OB I , FEDERAL RBSBRVB BANKS AMD FAULTS OF COHBBRCIAL JBABJCS.
EXCLUDES THE BSTI BATED
AaOOlT OF »ADLT CASH HELD B1 THAI FT INSTITUTIONS TO SBBfJCB THBIB OCO L I A B I L I T I E S .
OUTSTANDING AHOONT OF O.S« DOLLAR-DBBOHIMATED TRAVELERS CHECKS OP NOHBANK I 5 S 0 E B S . TRAVELERS CHECKS 1 S S 0 E 0 Bf DEPOSITOR!
INSTITUTIONS ABB IBCLUDBD IB DBflAMD DEPOSITS.
DEAAID DEPOSITS kt COHHBBCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTIBB THAI THOSE DUB TO DOHESTIC BANKS, THE O . S . GOVBRRHBBT AID PORBIGM BANKS ABO OFFICIAL INSTITOTiONS LESS CASH ITEHS I B THE PROCESS OF COLLECTION AND FEDERAL RESBRfB FLOAT.
EXCLUDES TBE BSTIBATED ABOONT OF DEBAND DEPOSITS HELD AT COBHEHCIAL BABIS fir THRIFT INSflTUTIONS TO SIBflCE
THEIR OCD
LIABULITIBS.
CONSISTS OF JOB ABD ATS BALANCES AT ALL DEPOSITOR! INSTITUTIONS, CBBDIT ONION SHABB DRAFT BALANCES AND
DEBAND DEPOSITS AT THRIFT JNSTIT0TIONSOTHER CHECKABLE DEPOSITS SBASOBALLI ADJUSTED EQUALS THE DLFtRMBHCE BBTREEN THE
SEASONALLY ADJOSTBD SOB OF DBHAJD DEPOSITS PUIS OCD AND SEASONALLY ADJOSTBD DMAND DEPOSITS. INCLOOBD ARE ALL CEILING
FREE "SOPBB NONS," AOTBOEIiED BY THE DBPOSITORT INSTITUTIONS DBBBGOLATION COflBITTBE TO E£ OFFERED BEGINNING JANOART 50
1983.
SOH OF OTERNIGHT RPS AND OfEBNIGHT B0RODOLLARS, HOBBY HARKBT FOBD BALANCES fGBNERAL PORPOSB AND fiBO&BB/DEALER) #
BHDAS# AND SAIINGS AND SHALL TIHB DEPOSITS, LESS TBE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIHATED AH0UN1 OF
DBHABD DEPOSITS AND TAOLT CASH HELD BX THRIFT INSTITUTIONS TO SBRflCfi THEIR TIHB AND SAVINGS DEPOSITS L I A B I L I T I E S .
SUB OF LARGB TIflE DEPOSITS, TBBB ZPS AND TBRH EURODOLLARS OF U . S . RESIDENTS, BONE! BARKET fUUD BALANCES (INSTIT01IONONLX), LBSS A CONSOLIDATIOB ADJOSTHBNT THAT BEPkESEUTS THB BSTIHATBD AHCUNT OF OfERNIGUT RPS AND BURODOLLARS HELD BY
INSTITUTION-ONLY HONEI HAB&BT FUNDS.
SAflNGS DEPOSITS EXCLUDE BADAS.
SHALL DBBQHINATION TIftE DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AflOUNTS OF LESS THAN $ 1 0 0 , 0 0 0 . ALL
INDIVIDUAL RBTIREHBNT ACCOUNTS (IRA) AND KBOGU ACCOUNTS AT COHHBRCIAL BANKS AND THRIFTS ARf SUBTRACTED FROfl SBkLL
TIHE DEPOSITS.
LARGE DENOBINATION TIHE OBPOSITS ABB THOSE ISSUED IN AHOONTS OF $ 1 0 0 , 0 0 0 : OR BOBE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LAfiGE DENOBINATION TIflE DEPOSITS AT COBHERCIAL BANKS LESS THOSE HELD BY HONEY BASKET BUXUAL FUNDS,
DEPOSITORY INSTITUTIONS AND fOBEIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
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 acceptances2
securities1

commercial paper3

Debt components4
federal debt
non-federal debt

73,1
73.3
73,6

252.1
261.1
273. S

48.2
47.8
46.8

159.4
160.5
157.2

1275.9
1297.8
1310.6

4317.2
4358.3
4400.6

OCT.
MOV.
DEC.

73.7
73.9
74.1

273.1
268.0
267.2

44.8
42.5
41.3

156.7
157.6
161.8

1325. 1
1347.5
1367.3

4448.5
4503.1
4559.7

1985-JAN.
FEB.
MAR.

74.4
74.9
75.3

266.7
270.3
275.9

40.8
42.5
44.3

159.6
164.8
169.8

1384.6
1399.5
1409.0

4606.9
4649.7
4693.0

APR*
flAX
JUNE

75.8
76.2
76.6

277.8
276.8
284.6

44.0
42.5
40.2

168.9
168.6
164.7

1424.0
1442. 8
1459.5

4739.4
4783.7
482U.0

JDLI P

76.7

284.8

39.7

171.1

1479.0

4870.9

1984-JULI
AUG.
SEPT.

1/

CONSISTS OF U . S . TREAS0RI BILLS AID COOPOJIS WITH REHAININC MATURITIES OP LESS THAN 1 2 MONTHS HELD Bl OTHER THAI DEPOSITORY
I V S T I T U T I O I S , FEDERAL RESERVE BANKS, HOMEI *A£KET MUTUAL FUNDS AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BX ACCEPTING tiANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOBE LOAN BANK STSTEH AND HONE! HARKBT HUTUAL FUNDS.
3/
TOTAL COMMERCIAL PAPER LESS COBflBRCIAL PAPER HELD BT MOMET MARKET MUTUAL FUNDS.
4 / ' DEBT DATA ARE ON A BONTHLI AVERAGE BASIS, DERIVED BI AVERAGING END-OF-HONTH LEVELS OF ADJACENT BONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.

2/




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

Currency1

Travelers
checks1

Demand
deposits3

Overnight
at commercial
banks4

at thrift
institutions9

total

in M2*

in M3 only7

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

156.5

246.1

101.7

38.8

140.5

1750,3

59^. 1

44.1

12,6

152.1

5.4

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

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
627,8

48.7
56,3
55.7

14.2
13.3
12,4

171,9
175. 1
177,6

HAH.

1S8.3
158-6
159. %

APR.
MAI
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
47.5

160.1
156.2
161.3

1858.0
1864,8
1884,5

629,0
632.9
629.0

47.4
51,3
50,3

12,0
12,8
12,7

176.2
172.2
175.4

JOLT
AUG.
SEPT.

166. *
167.7
167,6

6.6
6.5
6.2

262.2
260.9
265.5

115.0
117.0
119.0

48,5
49.3
50.3

163.5
166.4
169.2

1897.5
1905,5
1908.5

619,9
625,6
634,5

50.2
52.0
52.8

12.4
14.0
13.7

175.8
176.7
176.4

1984-SBPT,
OCT.
HOT.
DEC,

1985-JAI,
FSB.

P

HEBK ENDING:
1 9 8 5 - AUG.

SEPT.

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

5
12
19
26

167.1
168*6
167.8
166.7

263.2
262.1
262.6
255.9

117.0
117.8
116,8
116.0

50.0
49.8
49.1
48,4

167,0
167.6
166.0
164,3

51.8
50.6
53.5
52.3

13.4
13.7
14.2
15.2

175.6
176.9
176.7
177.1

2
9
16
23 P
30 P

167.2
168.9
168.0
167.0
166.2

260.1
270.0
268.2
258.7
265.9

117.3
122.3
120.7
117,4
115.7

49.4
51,8
50.8
49.4
49.0

166,7
174.1
171,5
166,8
164.7

51.6
52.1
51.5
52.2
55,7

13.4
13.8
12.8
13,9
14.6

176.8
176.0
176.5
176.8
176.3

CURREKCI OBTSIDB T I B Q . S . TREASOEI, FEDERAL RKSE&TS BANKS AMD T I E TKILTS OF COMMERCIAL BAMKS,
EICLUDBS THE ESTIMATED
AMOUNT OF IA0LT CASH HJULD BT THRIFT INSTITOTIOMJ5 IO SERVICE THEIR OCO L I A B I L I T I E S ,
OUTSTANDING AHOONT OF Q , S , DOLLAR- DEMO III MATED TRAVELERS CHECKS OF NONBANK I S S D E R S , TRAfRLBRS CHECKS ISSOEO BZ OEPOSITORI
INSTITUTIONS ARE INCLUDED I V DEMJkUD DEPOSITS.
DEMAND DEPOSITS AT COHBERCIAL BAMKS OTHER THAN THOSE DUB TO DOMESTIC BAMKS, THE 0 , S , GOfSRIHBIT AID FOREIGN BAMKS AMD
OFFICIAL INSTITUTIONS, LESS CASH ITBHS I I TUB PROCESS OF COLLECTION AMD F . R . FLOAT, LESS THE ESTIMATED AMOUIT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BX THRIFT INSTITUTIONS TO SEfiflCB THEIR OCD L I A B I L I T I E S .
CONSISTS OF ION AID ATS BALANCES AT COMMERCIAL BANKS, U . S . BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS. INCLUDES SUPER MOMS OF $ 4 2 . 7 BILLION I N THE «EBK ENDED SEPTEMBER 1 6 , $ 4 1 , 7 BILLION IN IHE MEEK EUDED
SEPTEMBER 2 3 , AND $ 4 1 , 4 BILLION IN IHE IEEK EUDED SEPTEMBER 3 0 .
CONSISTS OF ION AND ATS BALANCES AT S A f l N G S AID LOAN ASSOCIATIONS A I D MUTUAL S A f l N G S BANKS, CREDIT UNION SHA£E
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS..INCLUDES SUPER NOIS OF $ 1 7 , 8 BILLION IN THE IEEK EMDED SEPTEMBER 1 6 ,
$ 1 7 . 5 BILLION IN THE IEEK ENDED SEPTEMBER 230. AND $ 1 7 , 3 BILLION IN THE REEK ENDED SEPTEMBER J O .
SUM OF OfERIIGHT RPS AND EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), flflDAS AND SAflNGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND fAOLT CASH HELD BX THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAflNGS DEPOSIT L I A B I L I T I E S .
SUM OF LARGE TIMS DEPOSITS, TERM RPS AND EURODOLLARS OF U . S . RESIDENTS, HONEX MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OfBRNIGHT RPS AND EURODOLLARS HELD BX JNSTITUTION-ONLX
HONEX MARKBT MUTUAL FONDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BX COMMERCIAL BANKS TO OTHER THAN DEPOSITOBI INSTITUTIONS AND
HONEY MARKET MOTUAL JWNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BX FOREIGN BRANCHES OF U . S . BAMKS HOKLDWIDB TO U . S . RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AMD
HONEY MARKET ttUTOAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H.6 (506)
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 deposits1
at
thrift
institutions

total

Small denomination time deposits2
at
at
commercial
thrift
total
banks
institutions

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

244.8

143.8

388.6

125.2

167.4

292.6

384.0

483.4

867.4

259.3

138.6

397.9

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
864.5
687.0

264.0
263.6
265.9

143.1
147.6
151.1

407.1
411.2
416.9

1985-JAM.
FEB.
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
683.6
880.0

263.0
263.9
269.8

154.1
154.9
153.3

417.1
418.8
423.0

APEMAI
JUNE

295.9
298.3
307.3

164.5
165.6
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
496.8

879.4
6*0.6
863.2

270.4
270.0
267.3

153.4
156.1
156.0

423.8
426.1
423.2

JOLT
AUG.
SBPT-

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
299.5

386.4
385.4
385.2

497.6
494.2
493.0

884.0
879.6
676.2

264.9
269.4
274.3

154.3
*155.1
156.0

419.2
424.4
430.3

1984-SBP1.
OCT.

P

MEEK ENDING
1985
AOG.

SEPT.

5
12
19
26

315.7
316.8
317.8
318.6

124.3
124.4
124.0
123.7

385.7
385.4
385.4
385.1

265.5
268.0
269.0
272.0

2
9
16
23 P
30 P

319.5
321.3
322.0
320.5
321.1

123.5
123.9
123.7
123.6
123.5

385.2
385.1
385.3
385.2
385.2

272.0
272.1
274.0
275.0
276.7

1/

SAflIGS DEPOSITS EXCLUDE flflDAS.

2/

SHALL DENOMINATION TXIIE DEPOSITS — INCLUDING BET AIL fiPS — ABB THOSE ISSUED XM AMOUNTS OF LESS THAU £ 1 0 0 * 0 0 0 .
ALL
I N D I f l D U A L BETIfiEflEVT ACCOUNTS (IBA) AND REQGH ACCOUNTS AT C0A4EBCIAL BAIKS AMD THRIFTS ABE SUBTRACTED FfiOfl SHALL
TIME DEPOSITS.
LARGE DENOHINATION TIHE DEPOSITS ABE THOSE ISS0BD IN AHO8BTS OF $ 1 0 0 , 0 0 0 OB HOBE, EXCLUDING THOSE BOOKED AT INTERNAIIOIAL
BANKING FACILITIES
UBFS).
LARGE DENOBINATION Tlflfi DEPOSITS AT COflHEBCIAL BANKS LESS THOSE HELD BY HONE! MARKET flUTUAL FUNDS, DEPOSITORY
I N S T I T U T I O N AND FOREIGN BANKS A«D OFFICIAL INSTITUTIONS.

3/
4/




H.6(S0e>
Table 5-contlnued

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

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars*

SavinQS
bonds

Non M3 Components of L
Short-term
treasury
Bankers
securities9
acceptances4

Components of Debt
Commercial
paper*

Federal debt*

Non-Federal*
debt

46.9

31 . 3

35.4

66.6

85.6

73.5

271.6

47.2

158.4

1310.5

4385.6

OCT.
NOV.
DEC.

52.2
58.3
62.7

33.1
35.4
32.5

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
43.3
42.8

158.3
159.4
156.9

1323.0
1343.0
1364.7

4437.7
4494.4
4536.1

1985-JAN.
FEB.
MAR.

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

4602.6
4630.3
4663.4

APR.
MAY
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
168.8
167.9

1427.1
1443.8
1457.9

4708.0
4754.9
4804.8

JULY
AUG.
SEPT. P

65.0
63.6
62.3

31 .1
32.1
33.1

33.9
34.9
36.1

64.9
67.0
69.2

76.5
76.2
77.1

76.6

283.3

39.1

173.1

1475.8

4850.9

63.6
63.6
63.0
64.7

30.2
31.5
32.4
31 .7

62.8
63.0
62.3
62.0
61 .9

34.8
33.2
33.5
32.7
32.6

1984-SEPT.

UEEK ENDING:
1985-AUG.

5
12
19
26

SEPT. 2
9
16
23 P
30 P

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

TERM RPS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS. INCLUDES
A RELATIVELY SMALL AMOUNT OF OVERNIGHT RPS AT THRIFT INSTITUTIONS.
TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAY. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS BY
FOREIGN 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 OF U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, MONEY MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE 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.
. DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-MONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6(5O0>
Table 6

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

Date

foreign
commercial
banks

1984-SBPT.
OCT.

•Of.
DEC

1985-JAI.
FEB. .

8.4
8.5
8.8
8.6
8.5
8.3

foreign
official
institutions

2.0
1.8
2.1
2.0

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

9.4
9.2
9.4
9.6

3.4

2.7
2.8
3.4

balances at
Federal
Reserve
Banks

6.0
4.0
3.2
3.4

note balances
at commercial
banks
and thrift
institutions

14.1

8.4

7.5
9.1

total demand
deposits and
note and
FR balances

time
and savings
deposits at
commercial
banks

1.0

41.9

55.9

6.2

104.0

15.1
13.6
16.0

I •0
»1

42.6
43.2
43.4

56.9
57.7
59.0

6.2
6.5
6.9

105.7
107.3
109. 7

1

•0

4.0
4.3
3.8

14.9
12,7
9.2

22.5
20.1
16.6

.1
•0

45.3
47.0
46.8

61.4
63.1
65.4

7.4
7.7
7.9

114.0
117.9
122. 1

8.5
8.4
8.3

3.9
3.1
3.4

6.6
6.7

11.5
17.8
11.4

22.0
27.6
17.7

I• 0
I• 0
*.0

53.5
55.1
55.9

69.2
70*5
71.8

8.6
6.6
8.4

131.2
134.2
136. 1

3.1
2.8

4.0
4.3

27.0
16.4
21.1

1. 0
.1
1. 1

56.7
57.4
57.8

73.7
75. 2e
76. He

8.5

3.5

20.0
10.6
13.4

8.6«
8.7e

138.8
141.1e
142.8e

3.4
2.5
2.8
2.8

2.4

3.5
2.9
2.7

15.9

21.7
15.5
14.4
16.1

1. 0
1. 0
1. 0
I• 1

15.3
13.3
14.2
30.5
28.0

1
1
1
1
1

1.9
2.1

JOlj

7.9
7.6
7.9

K8
1.9
2.0

8.3

5

8.2

12
19
26

r.8

1.9
1.9
2.1
U*

8.3
8.1
B.2
8.2

SEPT. 2

M

9
16

1.0

23 P
30 P

7.6
7.6

estimated




r.5

total

3.7
3.1
3.6

7.6
7.8
7.8

r.s

money
market
mutual funds

9.2
8.9
8.7

APft.
HAI
JO HE

P.3

thrift
institutions

23.6

1.9

8.2
8.2

2.8
3.0

SEEK E I D I I 6 :
1985
AD6.

commercial
banks

1.9
2.1
1.8

7.5

SBR.P

demand
deposits at
commercial
banks

1. 1

BAJU

AUG.

IRA and Keogh Accounts

U.S. government deposits

2.0
1.9

2.3
1.8
2.2

8.2
8.1
8.2
8.3
8.3

2.6
3.5
4.7
3.3
2.6

3.3
3.6
3.2
5.7
4.9

9.5
8.8

10.7
9.4
6.3
6.3

21.6
20.6

Supplementary Table 1
Levels and Annual Growth Rates of Ml Using Standard, 1
Concurrent, 2 and Experimental Alternative 3
Seasonal Adjustment Procedures
(Monthly average)
Levels in billions of dollars
Experimental
Standard
Concurrent Alternative

Annual growth rates in percent
Experimental
Standard
Concurrent
Alternative

548.3

548.0

548.1

-7.0

-5.4

-2.8

November

553.8

553.6

551.5

12.0

12.3

7.4

December

558.5

558.6

557.2

10.2

10.8

12.4

562.7

563.0

561.4

9.0

9.5

9.0

February

569.4

569.5

570.G

14.3

13.9

18.4

March

572.1

573.0

574.4

5.7

7.4

9.3

April

574.9

576.4

576.2

5.9

7.1

3.8

May

581.6

582.5

583.2

14.0

12.7

14.6

June

591.2

590.7

592.5

19.8

16.9

19.1

July

595.8

595.6

596.7

9.3

10.0

8.5

August

605.9

604.5

604.4

20.3

17.9

15.5

September

611.8

610.4

609.7

11.7

11.7

10.5

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 series. These characteristics include
fixed and evolving seasonal patterns, trading day effects, within-month seasonal variat i o n s , holiday e f f e c t s , outlier adjustments, special events adjustments, and serially
correlated noise components.