Full text of H.6 Money Stock Measures : September 11, 1986

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

FED ER AL R ES ER VE statistical release
Th e se data are sch e duled for release each Th u rs d a y at 4:30 p.m .

iabrary
H.6 (508)
Table 1

SHF 1

'>9B6

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASUR

, i

j A N i

SEPTEHBER

11,

1986

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,
M M M F balances (gen. pur. term RPs, term Eurodollars
and broker/dealer), MMOAs,
and institution-only
and savings and small
M M M F balances3
time deposits2
Seasonally adjusted

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors1*

1985— AUG.
SEPT.
OCT.
MOV.
DEC.

604. 8
6 1 1 .5
6 1 4.2
620. 1
62 6 .6

25 15 .6
25 29 .9
25 38 .9
25 51 .4
25 66 .5

3 1 30 .5
31 5 0 .8
3165.7
3181.2
3201.1

3711.5
3739.7
3761.6
3799.2
3838.2

64 60 .3
6525.3
6592.0
66 80 .5
6810.0

1986— JAM.
FEB.
MAR.
APR.
HAT
JURE
JULY
AUG. P

62 7 .2
6 3 1.0
6 3 8.4
646. 1
6 5 8 .7
6 6 6 .8
67 6.1
6 8 7 .5

2569.9
25 7 7 .7
2 5 92 .4
26 2 2 .2
2649.7
2 6 70 .5
2699.1
27 2 2 .5

32 24 .5
32 41 .6
32 6 2 .7
32 93 .9
3 3 1 5 .5
3339.2
33 75 .4
33 98 .7

3860.6
3879.2
3892.8
3916.7
3950.0
3974.4
4010.9

6913.7
6963. 8
7012.3
7071.0
7134.7
7197.9
7263.7

V985— AUG.
SEPT.
OCT.
MOV.
DEC.

6 0 2 .0
609.1
6 1 2 .2
6 2 1 .7
63 9.9

25 11 .2
2 5 2 1 .4
25 3 4 .2
25 4 9 .7
25 74 .7

3126.4
31 44 .3
3162.7
3184.7
32 13 .8

3709.2
3735.4
3759.1
3801.9
3844.4

64 41 .5
6505.9
6578.4
6667.3
6804.1

1986— JAM.
FEB.
BAR.
APR.
HAT
JURE
JULT
AUG. P

6 3 3 .5
6 1 9 .2
6 3 0 .5
6 5 2 .9
6 5 1 .8
6 6 9 .2
6 7 9 .8
68 4.4

25 78 .7
25 71 .0
2594.4
2 6 3 1 .8
2 6 40 .7
2672.7
2 7 04 .4
27 17 .4

3232.2
3233.6
3263.0
3300.3
3308.7
33 39 .9
3373.0
3393.4

3865.8
3871.6
3897.0
3926.8
3936.8
3974.6
4011.0

6907. 1
6944.4
6985.2
7042.4
7109.0
7176.7
7243.9

Not seasonally adjusted

M1
For period ended
13-week average

1986-AUG.

SEPT.

MOTES

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

4
11
18
25 P

6 6 8 .5
6 7 0.7
6 7 2 .9
675.1

677.1
679.9
6 8 2 .5
68 5.3

6 7 9 .8
6 8 5 .0
6 8 7 .9
6 8 8 .4

668.6
67 1.3
67 4.0
6 7 6 .5

679.0
6 7 9.7
68 1 .9
684.1

68 4.6
68 9.0
682. 3
6 7 5.3

1 P

677.3

6 8 8 .6

6 9 3 .0

67 8 .3

68 3 .6

68 2.9

SPECIAL CAUTIOM SHOULD BE XAKEi IM IMTERPRETIMG SEEK*TO**MEEK CHAM6ES IN BOMEl S U P P L i DATA, MUACM ABE
HIGHLY VOLATILE ABB SUBJECT TO HEVISIOM.
P— IMDICATES PBELIBIMARI DATA*
FOOTMOTES APPEAR OH THE POLLORIMG PAGE




H.6 (508)
Table 2

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

2
M1

M2

M3

Debt12
*

1986

17.5

11.0

10.0

10.9

6 MONTHS FROM FEB.

1986 TO AUG.

1986

17.9

11.2

9 .7

10-1

12 MONTHS FROM AUG.

1985 TO AUG.

1986

13.7

8 .2

•

CO

1986 10 AUG.

Cfr

3 HOMXUS FBOB HAI

IS . 7

THIRTEEN WEEKS ENDING SEPT.
1# 1986
FROM THIRTEEN REEKS ENDING;

1/

1/

2/

3/

M/
5/

JUNE

2#

1986 (13 REEKS PREVIOUS)

17.7

MAR.

3,

1986 (26 REEKS PREVIOUS)

15.6

SEPT.

2,

1985 (52 WEEKS PREVIOUS)

13.3

GROM TH RATES FOR DEBT ARE BASED OV PERIODS B E G I N KING AMD ENDING OME MONTH EARLIER TEAM FOR TEE MOMETARY AGGREGATES,
MAAELI# APRIL 1986 TO JOLT 1986, JANUARY 1986 T O JULY 1986, AMD JULX 1985 TO JULY 1986, RESPECTIVELY*

FOOTNOTES TO TABLE 1
CONSISTS OF (1 ) CURRENCY OUTSIDE TEE TREASURY# FEDERAL RESERVE BANKS# AND THE VAULTS OF COEflERCIAL BANKS;
(2) TRAVELERS CHECKS OF MONBANK ISSUERS; (3 ) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DOE TO
DOMESTIC BANKS# THE O.S* GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS I N THE PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD} CONSISTING OF NEGOTIABLE ORDER
OF HITHDRAHAL (NON) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIO NS,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS.
THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS# RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD L IA B IL IT IE S .
CONSISTS OF Ml PLUS OVERNIGHT (AND CONTINUING CONTRACT) EPS ISSUED BY ALL COMMERCIAL BANKS AMD OVERNIGHT EURODOLLARS
ISSUED TO U .S . RESIDENTS BY FOREIGN BRANCHES OF U .S. BANKS NORLDHIDE# MMDAS# SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS— INCLUDING RETAIL R P S ~ IN AMOUNTS OF LESS THAN $100#OQ0), AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U .S . COMMERCIAL
BANKS, MONEY MARKET FUUDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE O .S . GOVERNMENT.
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 SAVINGS DEPOSITS.
CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100#00Q OR MORE) AND TERM RP L IA B IL IT IE S ISSUED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS# TERM EURODOLLARS HELD BY 0 . S. RESIDENTS AT FOREIGN BRANCHES OF O .S . BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA# AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY HONEY MARKET MUTUAL FUNDS.
EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS# THE O .S . GOVERNMENT, MONEY
MARKET FUNDS# AND FOREIGN BANKS AND OFFIC IA L. INSTITUTIONS.
ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT EPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS.
CONSISTS OF M3 PLUS THE NONBANK PUBLIC HOLDINGS OF U .S . SAVINGS BOUDS# SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AMD BANKERS ACCEPTANCES# NET OF MONEY MARKET MUTUAL FUND HOLDINGS QF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT#
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS.
PRIVATE DEBT CONSISTS OF CORPORATE BONDS# MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS# COMMERCIAL PAPER, BANKERS 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-AVERAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS4
.
THESE
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 a ELEASE D IE Z E E S , THEREFORE# FROM THE QUARTERLY FLOE OF FUUDS STATISTICS CONTAINED
IN THE FEDERAL RESERVE RELEASES 2 .7 AND 2. 1.
IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.




H.6<90*
*M *3

COMPONENTS OF THE MONEY STOCK

3

■titansoftatars, imw>»y sBN— d

166.9
167-7

5.9
5.9

263.1
266.4

169.0
171.5

1910.8
1918.4

614.9
621.0

tanks
123.7
124.0

176.0
176.3

299.7
300.3

sns tarns
8sltetsd
Small 8ms dsposHs*
•1
at
tatfl
tatai
banks
383.4
497.5
880.9
382.7
495.6
878.3

OCT.
BOY.
DEC.

168.7
169.8
170.6

5.9
5.9
5.9

266.0
267.8
271.5

173.7
176.7
176.6

1924.6
1931.3
1939.9

626.6
629.8
634.6

124.4
124.8
124.5

177.9
179.0
179.1

302.3
303.7
303.6

382.0
382.2
384.1

493.7
493.7
496.2

875.7
876.0
880.3

273.9
276.7
279. 1

155.9
156.3
157.3

429.7
432.9
436.5

1986-JAB.
FEB.
HAB.

171.9
172-9
173.9

5.9
5.9
6.1

268.9
269.2
273.2

180.5
183.1
185.2

1942.7
1946.7
1954.0

654.6
664.0
670.3

124.7
125.0
125.6

179.3
179.9
181.2

304.0
304.9
306.9

386.6
388.1
389.0

499-4
502. 9
505.7

885.9
891.0
894.7

289.7
291.5
287. 1

158.2
159.7
163.4

447.9
451.2
450.5

APB.
HAY
JOBE

174.4
175.8
176.7

6.1
6. 1
6.2

275.7
281.6
284.9

189.9
195.1
199.0

1976.1
1991.0
2003.7

671.7
665.8
668.7

126.6
129.0
130.9

184.8
189.5
194. 1

311.4
318.5
325.0

388.0
384.9
381.8

507.9
506.3
503-9

895.9
891.2
885.7

287.0
281. 5
280.5

165.0
164.9
164.6

452.1
446.3
445. 1

JOLY
AUG. P

177.5
179.0

6.4
6.4

288.3
291.6

203.9
210.4

2023.0
2035.1

676.3
676.1

133.4
136.8

197.7
200.5

331. 1
337.3

380.0
375.5

503.7
501. 1

883.6
876.5

279.7
281. 1

165.7
166.0

445.4
447. 1

Date

1985—AOG.
SEPT.

Cansney1 m a lm
OtlSQkS

PamsnB

Ottwr
otactxM

in Ml

•1

•1

III M r

_______ 1*3 a tknt dsposta*
at
St
Itata
IMVYYI
tanka" Institutions
266.9
15%. 1
421.0
270.6
155. 1
425.6

BEBA EBDIBG
1986
AOG.

4
11
18
25 P

178.2
178.7
179.0
179.4

288.7
290.5
292.3
291.6

206.4
209.4
210.3
211.1

134.8
135.8
136.7
137.5

377.6
376.8
375.5
374.5

SEPT. 1 P

179.6

293.9

213.0

138.4

373.6

1/
2/
3/

4/
5/
6/
7/
0/
9/
10/

*

278.9
280.7
281.3
282.0
281.8

COBB£«CZ OUTSIDE THE 0. S. TBEAS8BY, FIDBBAL BESEBYE BABES ABO FAULTS OF C0HHEBCI1L BABAS.
ElCLODES THE ISTIHAT1D
AHOOBT OF YAOLT CASH HELD BI THBIFT IBSTITUTIOBS TO SEBYICB THEIE OCD LIABILITIES*
OOTSTANDIBG AHOOBT OF U.S. DOLLAB-DBIOHIBATBD TBAYELEBS CHBCAS OF BOBBABA ISSOEES. TBAVELEBS CHECKS ISSUED BI DEPQSITOBI
IBSTITOTIOBS ABB IBCLODBD IB DEHABD DEPOSITS.
DEHABD DEPOSITS AT COHBEBC1AL BABAS ABD FOBEIGB BELATED IBSTITOTIOBS OTHEft THAB THOSE DOB TO DOMESTIC BABAS, THE 0 .S. GOYBBBHEBT ABD FOBEIGB BABAS ABD OFFICIAL IBSTITOTIOBS LESS CASH ITEHS IB THE F10CISS OF COLLECTIOB ABD FEDEBAL BESEBYE FLOAT.
B1CLUDBS THE BSTIHATED AHOOBT OF DEHABD DEPOSITS HELD AT COHHEBCIAL BABAS BY THBIFT IBSTITOTIOBS TO SEEYICE THBIfi OCD
LIABILITIES.
COBSISTS OF BOB ABD ATS BALABCES AT ALL DEPOSITOEI IBSTITOTIOBS, Cl EDIT OIIOB SHABE DBAFT SALAMCES ABD
DEHABD DEPOSITS AT THBIFT IBSTITOTIOBS.
OTHEE CHECAABLE DEPOSITS SBASOIALLI ADJOSTED EQUALS THE DIFFEEEBCE BETIIEl THE
SEASOBALL! ADJUSTED SDH OF DEHABD DEPOSITS PLOS OCD ABD SBASGBALLI ADJUSTED DEHABD DEPOSITS.
SOH OF OYBBMIGHT BPS ABD OYEBBIGHT BOBODOLLABS, HOBII HABABT FOBD BALABtES (GEBEBAL PUBPOSE ABD BHOKEB/DBALES) ,
HADAS, ABD SAYIBGS ABD SHALL TIHE DEPOSITS, LESS THE COISOL1DATIOI ADJOSTHEIT THAT BEPBBSEBTS THE BSTIHATED AHOOI1 OF
DEHABD DEPOSITS ABD YAOLT CASH HELD BI THBIFT IBSTITOTIOBS TO SEBYICE THBIB TIHE ABD SAYIBGS DEPOSITS LIAB ILIT IE S.
SOH OF LABGE TIHE DEPOSITS, TEBfl BPS AID TEBH 1 0 8 0 DOLLARS OF O.S. BESIDBBTS, HOBBY HABABT FOND BALABCES (IBSTIT UTIOBO ILY ), LESS A COISOLIDATIOB ADJOSTHEIT THAT BEPBBSEBTS THE BSTIHATED AHOOBT OF OYEBBIGHT BPS ABD BUBODOLLARS HELD BY
USTITUTIOI-OHLI HOBEI BABKBT FOIDS.
SAYIBGS DEPOSITS IXCLODE HHDAS.
SHALL DBBOHIBATIOB TIHE DEPOSITS— IHCLODIIG BET AIL BPS— ABE THOSE ISSUED IB Afl 00 UTS OF LESS THAB $ 100,000. ALL
IBDIVIDOAL BETIBEHBBT ACCOUNTS (IRA) ABD AEOGH ACCOOBTS AT COHHEBCIAL BABAS ABD THBIFTS ABE SUBTRACTED FBOH SHALL
TIHE DEPOSITS.
LABGE DBBOHIBATIOB TIHE DEPOSITS ABE THOSE ISSUED IB AHOOHTS OF $100,000 OB HOBS, EICLODIIG THOSE BOOKED AT
IMTEBIATIOBAL BANKING FACILITIES.
LABGE uEBOHINATION TIHE DEPOSITS AT COHHEBCIAL BAMAS LESS THOSE HELD BI HOBEI BASKET HOTOAL FONDS,
DEPOSITOBI INSTITUTIONS AND FOREIGN BABAS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 4

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

Date

1985s JULY
AUG.
SEPT.

2/
3/
4/

savings bonds

Non-M 3 components of L
bankers acceptances2
short term treasury
securities’

commercial paper9

Debt components4
federal debt
non-federal debt

76.7
77.2
78.0

279.2
277.3
280.6

43 .7
4 3 .6
4 3 .2

171.6
182.9
187.2

1479.5
1496.7
1506. 6

4910.3
4963.6
5018.8

OCT.
NOV.
DEC.

78.5
79.0
79 .5

280.9
299.5
307.1

43 .9
43.1
41 .1

192-5
196.4
209.5

1518.0
1549. 0
1586.3

5074.0
5131.5
5223.7

1986s JAN.
HAB.

79.9
80 .5
81.1

304.1
305.8
298.0

4 1 .5
42.1
4 1 .6

210.6
209.2
2 0 9.5

1608.0
1621.1
1628.2

5305.7
5342.8
5384.1

APB.
HAY
JUNE

81.8
82.6
83.4

297.1
305. 1
300.9

4 1 .0
40.1
4 0 .3

203.0
20 6.7
210.7

1638.8
1656.3
1677.7

5432.2
5478.3
5520.2

JULY P

84.3

297.2

4 0 .3

213.8

1697.1

5566.5

FEB.

1/

4

CONSISTS OF U .S . TBEASUBI BILLS AND COUPONS HUH BEHAINING BATUNITIES OF LESS THAN 12 HONXHS HELD BY OTHEfi THAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, NONB7 HABKET HUTUAL FUNDS AND FOREIGN E N TITIE S.
NET OF BANKERS ACCEPTANCES HELD BI ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOBEIGN OFFICIAL INSTITUTIO NS, THE FEDEBAL
HONE LOAN BANK SYSTBH AND HONE! HABKET HUTUAL FUNDS.
TOTAL COHHBBCIAL PAPEfi LESS COflNNBCIAL PAPER HELD BI HONEY HABKET H0T0AL FUMDS.
DEBT DATA ABE ON A HONTHLY AVERAGE BASIS, DERIVED BY AYEBAGING END-OF-HONTH LEVELS OF ADJACENT NONCES, AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (506)
Table 5

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

5
Nontransactions components

Other checkable deposits
Date

1985AUG.
SEPT.
OCT.
MOV.
DEC.
1986JAM.
FEB.
BAB.

Currency1

llravelers
checks*

Demand
deposits*

at commercial
banks4

at thrift
institutions*

total

in M2*

in M3 only7

Overnight
RPs*

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

167.7
167.6

6.6

6.2

260.8
265.0

117.0
119.0

50.3
51.3

167.3
170.3

1909.1
1912.3

615.3
622.9

89.6
50.5

18.2
18.0

176.8
176.7

168.8
170.7
173. 1

5.9
5.6
5.5

265.6
269.0
281.3

119.8
125.8

52.5
53. 8
58.8

172.3
176.8
180.1

1922.0
1928.0
1938.7

628.5
635.0
639.2

50.9
52.5
53.3

18.3
13.9
17.0

177.0
176.8
176,5

170.5
170.6
172.3

5.5
5.6
5.8

275.1
2 6 2 .0

128.1
126.8
129.3

58.3
58.2
56.0

182.8
181.0
185.3

1985.1
1951.8
1968.0

653.6
662.6
6 6 8 .6

50.1
52.8
51.2

18.8
16.2

16.8

177.7
181.0
186.2

668.5
668 . 1
667.2

S1.0

51.5
89.7

17.5
17.6
16.6

191.8
193.2
197.2

668.6

58.7
57.8

17.2
16.7

20 Q. 2

16.3
15.3
15.9
17.6
18.5

267.1

122.6

APB.
HAI
JUKE

173.6
175.8
177.8

5.8
5.9
6.5

278.7
276.7
285.6

138.8
132.8
136.6

59.9
68.5
62.0

198.7
193.8
199.6

1979.0
1988.9
2003.5

JBU
AUG. P

179.1
179.9

7.2
7.2

290.0
288.8

139.0
182.7

68.5
65.8

203.5
208.5

2028.6
2032. 9

290.3
290.8
292.0
283.0

181.8
183.3
182.3
181.8

6 6 .0
66.8

287.3

65.9

25 P

179.5
180.8
179.9
178.9

68.8

208.2
206.2

55.7
57.5
57.9
57.8

1 P

179.8

287.8

183.8

65.6

209. Q

57.5

676.0

199.8

■ESI EMHIMGI

1986-AUG.

A

11

18

SEPT.

1/
2/
3/

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

.

210 1

20Q.7

201.8
20Q.0

2 0 0 .0
198.8

CUBESMCI OUTSIDE THE U.S. TREASURY* FEDERAL RESERVE BAMAS AMO THE VAULTS OF COMMERCIAL BARKS.
EXCLUDES THE ESTIMATED
AHOUIT Of VAULT CASH HELD BT THRIFT IMSTITUTIOMS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF MONBANK ISSUERS. TRAVELERS CHECKS ISSUED BV DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAN THOSE DUB TO DOMESTIC BANKS# THE U.S. GOVIRHEEMT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS* LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT# LESS THE ESTIMATED AMOUNT OF DBRAND
DEPOSITS HELD AT COMMERCIAL BANKS fil THRIFT INSTITUTIONS TO SERVICE TMNIR OCD LIABILITIES.
CONSISTS OF NON AND ATS BALANCES AT COMMERCIAL BANKS* U.S. BRANCHES AMD AGENCIES OF FOREIGN BANKS* AMD EDGE ACT
CORPORATIONS.
CONSISTS OF NOV AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND HUTOAL SAVINGS BANKS* CREDIT ONION SHABR
DRAFT BALANCES* AND DEMAND DEPOSITS AT THRIFTS.
SUM OF OVERNIGHT RPS AND EURODOLLARS* MONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER) * MMDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO 5BRVICE
THEIR TIME AND SAVINGS DEP05IT LIABILITIES.
SUE OF LARGE TIME DEPOSITS* TERM RPS AND EURODOLLARS OF U .S . RESIDENTS* HONEY MARKET FUND BALANCES (INSTITUTION-ONLY) * LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
HONEY EARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAR DEPOSITORY INSTITUTIONS AND
HONEl MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS EORLDN1DE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
MONET MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER)-




H.6 (508)
Table 5-continued

COMPONENTS OF TH E MONEY STOCK, LIQUID AjSSETS AND DEBT
Billions of dollars, not seasonally adjusted

Date

6

Money market deposit accounts
at
at
total
thrift
commercial
institutions
banks

Savings deposits'
at
at
thrift
commercial
institutions
banks

total

Small denomination time deposits2
at
at
commercial
thrift
total
banks
institutions

Large denomination time deposits3
at
at
commercial
thrift
total
institutions
banks4

317.9
321.3

177.3
178.5

895.2
899.8

128.Q
123.7

178.9
175.8

298.9
299.1

385.3
385. 1

897.1
895.8

882.5
880.5

267.8
272.6

153.9
155.1

821.8
827.6

OCT.
NOY.
DEC.

328.3
329.J
332.8

179.8
180.3
179.6

508.1
509.5
512.0

128.6
128.3
123.5

178.3
179-0
178.3

302.9
303.3
301.8

388.8
388.2
388.8

896.5
896.8
897.6

881.3
880.7
882.5

276.3
278.2
280.9

156.2
157.1
157.8

832.5
835.3
838.7

1986-JAN.
FEB.
BAB.

336.7
337.0
380.8

179.0
179.8
180.2

515.7
516.3
520.5

123.9
123.6
128.9

178.8
179.1
181.6

302.7
3 *2 .7
306.5

386.5
387.1
387.2

502.6
508.6
508.6

889.1
891.7
891.8

288.5
290.8
287.7

159.0
160.7
163.2

887.6
851.0
850.8

APR.
HAT
JUNE

388.8
388.6
355.2

180.8
182.2
185.2

525.2
530.8
580.8

127.2
129.5
132.2

185.8
190.3
198.8

312.9
319.9
32t.O

388.5
382.3
380.7

505.1
502.8
501.0

889.6
888.7
881.7

283.6
280.8
278.8

168.1
168.8
168.1

887.6
885. 1
882.9

JULI
AUG. P

358.9
363.8

187.2
189.7

586.2
553.2

135.1
137.2

198.7
199.8

333.7
336.6

379.9
377.8

502.8
500.8

882.6
877.8

278.7
281.8

168.6
165.9

883.3
887.3

1985-AUG.
SEPT.

REEK ENDING
1986
AUG.

SEPT.

1/
2/
3/
8/

8
11
18
25 P

360.9
362.3
363.7
368.1

135.8
136.8
137.3
137.7

378.7
378.3
377.8
376.7

278.6
280.5
281. 1
282.7

1 P

365.3

138.1

376.1

283.8

SAVINGS DIPOSITS EXCLUDE HHDAS.
SHALL DENOHINATION TIBE DEPOSITS — INCLUDING RETAIL BPS — ABE THOSE ISSUED IN AHOUNTS OF LESS THAN *100,000.
ALL
INDIVIDUAL BETIBBHBNT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COHHEBCIAL BANKS AND THRIFTS ARE SUBTRACTED FBOH SHALL
TIBE DEPOSITS*
LARGE DENOHINATION TIBE DEPOSITS ARB THOSE ISSUED IN AHOONTS OP $100,000 OR HOBE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IB F S ).
LARGE DENOHINATION TIBE DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BI HONE! HARKET HUTUAL FUNDS, DEPOSITOBI
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS*




H.6 (508)
Table 5-continued

COMPONENTS O F TH E MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted

7
Tbrm RPs1

Date

Institution
only money
market funds

at commercial
banks

at thrift
Institutions

total

Tbrm
Eurodollars1

Savings
bonds

Non M3 components of L
Short-term
Bankers
treasury
acceptances4
securities’

Components of Debt
Commercial
paper4

Federal debt*

Non-Federal*
debt

63*6
62*3

30*6
31*2

2 6 .7
2 7 .5

57.3
5 8 .6

78 .8
78.9

77.1
78.0

280.4
281.3

44.3
43.9

181.0
187.8

1495.8
1506.9

4945.7
5003.0

DEC*

63.3
64.5
64*6

3 0 .5
31.7
32*1

2 9 .2
31.6
33*9

5 9 .0
6 3 .3
6 6 .0

78.2
78 .4
76.7

78 .5
79.8
7 9 .6

280.7
295.7
304.3

4 3 .8
4 3 .3
42.1

193.4
199.1
204.6

1515.6
1544.2
1583.7

5062.9
5123.2
5220.4

1986-JAH.
FEB.
BAR.

67*3
67.7
70*2

33*7
35*8
37.2

35*1
34.7
34*4

6 8 .8
70 .6
71 .6

76.1
79 .4
82 .9

80 .0
80.5
81. 1

303.8
306.7
304.2

4 2 .2
41.9
40.7

207.5
208*8
207.9

1606.7
1621.0
1633.3

5300.4
5323.4
5351.9

APR*
HAY
JUNE

74.1
76* 1
75*0

35.6
35.5
33.9

3 5 .9
38.7
41*6

7 1 .5
74.2
7 5 .5

81 .6
79.9
8 0 .5

81.8
82.6
83.4

299.7
298.8
298.2

3 9 .9
3 9 .6
3 9 .8

205.2
207.0
213.3

1644.6
1660.7
1678.9

5397.7
5448.3
5497.8

JULY
AUG* P

77.5
80.8

33 .0
3 3 .8

42.0
41.7

74 .9
75 .5

7 9 .5
7 9 .5

8 4 .2

298.3

40. 1

215.5

1695.6

5548.3

4
11
18
25 P

79*8
80*4
80 .0
80.9

33 .7
33*7
33.6
33.3

1 P

82*9

34.9

1985-AOG.
SEPT*
O CT.
M O V.

WEEK SIDINGS
1986*-AUG*

SEPT*

/
2/
3f
4/
5/
6/
‘

IRCLu WES
TEBB BPS ABB THOSE NITH ORIGINAL HATURI t l t S GREAT er T har or %' ra.'Bxc LADING COSIt I RUING to RTRACTS A N D RETAIL RPS:
A RELATIVELY SHALL ABOOST OF OVERSIGHT BPS AT THRIFT INSTITUTIONS.
TEfifl EURODOLLARS ARE THOSE KITH OfilGIHAL HATURIT1ES GREATER THAR ORE DAI* CORSISTS OF THOSE ISSUED TO
U .S . RESIDERTS BI
FORBIGS BBARCHES OF 0 *S . BARKS WORLDWIDE AND BY ALL BARKIRG OFFICES IR THE URITED KIHGDOfl ARD CANADA.EXCLUDES THOSE
HELD
BY DEPOSITORY IIST IT U T IO IS ARD ROREY RAREST HOTUAL FUNDS.
CORSISTS OF U*S* TREASURY BILLS ARD COUPORS WITH BEHAI RING HATURITIES OF LESS THAN 12 HONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS# FEDERAL RESERVE BANKS# HONEY HARKET HUTUAL FUNDS# AND FOREIGN ENTITIES*
NET OF BANKERS ACCBPTAICES HELD BY ACCEPTING BARKS# FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS# THE FEDERAL
HOHE LOAN BANE SYSTEH AMD HONEY HARKET HUTUAL FUNDS*
TOTAL COHHEBCIAL PAPER LESS COHEERCIAL PAPER HELD BY HONEY HARKET HUTUAL FUNDS.
DEBT DATA ARE ONA HONTHLY AVERAGE BASIS# DERIVED BY AVERAGING ERD-OF-HOHTH LEVELS OF ADJACENT NORTHS, AND HAVE BEEH
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 6

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

Date

foreign
commercial
banks

foreign
official
institutions

8
Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

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

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

7 .8
8.1

2. 0
2 .1

8 .2
8 .2

2 .8
3.4

3 .0
4 .3

10.6
13.4

16.4
21. 1

1.3
1.3

5 7 .4
57 .8

7 6 .8
78.1

8 .4
8.3

142.6
144.3

OCT.
NOV.
DEC.

8.2
8.1
8 .5

1.9
2.1
1.9

8 .3
8 .4
8.3

3.0
3.0
3 .4

3. 1
2 .8
3 .4

2 .4
4 .8
11.1

8 .5
10.7
17.9

1.3
1.3
1.4

5 8 .2
58.7
5 9 .2

7 9 .0
79 .5
8 0 .9

8 .4
8 .4
8.3

! 145.7
146.6
14 8. 4

1986-JAR.
FBB.
BAR*

8 .8
8 .3
8 .4

2 .0
1.9
1.8

8.0
7 .8
7 .6

3.6
3.2
3.3

10.5
7 .5
3 .4

2 0 .5
2 1 .0
12.4

3 4 .5
31.7
19.2

1.3
1.4
1.4

60.7
62 .5
6 4 .2

8 1 .9
8 2 .9
8 6 .4

8 .6
8 .7
9 .0

151.2
154.2
159.5

APB.
BAT
JUNE

8 .7
8 .8
8 .8

1.9
1.8
1.8

7 .5
7 .4
7 .3

4.2
3 .0
3 .5

3 .7
4 .8
2 .9

13.6
18.7
12.6

21 .5
2 6 .5
18.9

1.5
1.5
1.7

68.4
6 9 .5
70. 1

9 0 .4
91.2
92.1

9 .8
10. 1
10.38

168.5
170.8
172. 4a

JULY
AUG. P

9.1
8.9

2 .0
1.8

7 .2
7 .2

3.6
3 .0

3 .8
3 .2

13.2
8 .0

2 0 .6
14.2

1.6
1.6

70.8
71.8

92 .9
9 J .b e

10. 4e
10.5a

3 7 4 .1e
175. 9e

19 85 -AUG.
SEPT.

*

BBBK BIDING:
1986
AUG.

1
11
18
25 P

8 .5
9.2
8 .7
8 .7

1.9
1.8
1.7
1.7

7 .2
7 .2
7 .2
7 .2

3.1
3.0
3.3
2 .9

3 .3
3 .9
3 .2
3 .4

11.9
6 .5
5 .3
8.9

18.3
13.4
11.8
15.2

1.6
1.6
1.6
1.7

SEPT, 1 P

9 .3

1.7

7.1

2.8

2 .0

9.5

14.3

1.7

e = e stim ate d




H.6<506)
Supplem entary Table 1

Lavals and Annual Growth Rates of M1 Ualng Standard1, Concurrent*,
and Exporimantal Alternative* Soaaonal Adjustment Procedures
M onthly average
Lavala In billions of dollars
txpenImental
Standard
Alternative
Concurrent

Annual arowtn ratos In p a re n t
Experim ental
Standard
Alternative
Concurrent

I5— JUNE

590.9

590.9

592.3

17.3

16.9

18.1

JULY

596.2

596.0

597.4

10.8

10.4

10.3

AUGUST

604.8

603.8

604.5

17.3

15.7

14.3

SEPTEMBER

611 .5

610.5

610.0

13.3

13.3

10.9

OCTOBER

614.2

613.1

611 .7

5.3

5.1

3.3

NOVEMBER

620.1

618.7

617.5

11 .5

11 .0

11 .4

DECEMBER

626.6

625.9

624.6

12.6

14.0

13.8

627.2

628.0

626.1

1 .1

4.0

2.9

FEBRUARY

631.0

632.5

632.1

7.3

8.6

11 .5

MARCH

638.4

640.3

641 .4

14.1

14.8

17.7

APRIL

646.1

647.8

646.6

14.5

14.1

9.7

MAY

658.7

659.1

660 a2

23.4

20.9

25.2

JUNE

666.8 .

666.9

669.5

14.8

14.2

16.9

JULY

676.1

675.7

676.5

16.7

15.8

12.5

AUGUST

687.5

686.0

687.8

20.2

18.3

20.0

36— JANUARY

1. Standard m onthly aeaeonal factors aie derived at the be­
ginning of each year by applying an X-11/ARIMA-baeed proce­
dure to data through the end of the previous year.
2. Concurrent-m onthly seasonal factors are derived each
m onth by applying an X-11/ARtMA-based procedure to data
through that m onth.




3. Alternative m onthly seasonal factors are derived using an
experim ental m odel baaed procedure. Th is procedure uses
• m m hinatinn of afaUntiiwi leoresalon and tim e series modeling techniques to construct seasonal factors that are m ore
sensitive than standard factors to unique characteristics of
each series. These characteristics include fixed and evolv­
ing seasonal patterns, trading day effects, within-m onth sea­
sonal variations, holiday effects, outlier adjustm ents, special
events adjustm ents, and serially correlated noise com -