Full text of H.6 Money Stock Measures : September 12, 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
For Release at 4:30 Eastern Time

H.6 (508)

MONEY STOCK, LIQUfO ASSlTS, AND DEBT MEASURES

SEPTEMBER 12, 1985

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), MMOAs,
and savings and small
time deposits2

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

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

Seasonally adjusted

1984—AUG.
SEPT,
OCT.
NOV.
DEC.

548.9
551.5
548.3
553.8
558.5

2292.8
2J08.4
2319.3
2346.3
2371.7

2878.8
2901.0
2925.1
2959.9
2995. 0

3421.6
3452. 1
3473.5
3501.6
3539.4

5690.3
5742. 1
5602.4
5677.9
5953.2

1985—JAM.
FEB.
HAE.
APE.

562.7
569.4
572.1
574.9
581.6
591.2
595.8
606.0

2398.9
2421.0
2429.3
2427.3
2444.6
2472.6
2490.0
2513.3

3020.5
3041.0
3055.6
3056.3
3075.9
3103.1
3113.9
3136.3

3562.0
3593.4
3621.4
3624.3
3642.5

6019.3
6074.7
6129.6
6191.7
6253.5
6313.9

HAY

JOVE
JULY
AOG. P

Not seasonally adjusted

198**—AUG.
SEPT.
OCT.
MOV.
DEC.

545.0
548.5
548.2
555.9
570.4

2287.7
2298.8
2316.6
2344.4
2376.7

2874.6
2890.9
2920.6
2960.4
3002.2

3414.8
3441.6
3469.0
3502.2
3540.9

5672.1
5729.6
5791.9
5666. 1
5947.2

1985—JAM.
FEB.
flAB.
APE.
BAY
JO HE
JULY
AUG. P

568.3
556.6
564.9
581.6
576.2
592.3
599.1
601.6

2404.2
2414.5
2429.6
2439.2
2440.7
2476.4
2496.1
2506.6

3024.2
3034.3
3057.3
3068.2
3073.8
3105.8
3116.1
3131.1

3566.8
3589.9
3627.7
3638.5
3637.4

60IU1
6052.6
6100.8
6161. 1
6224.7
6266.6

M1
For period ended
13-week average

Seasonally adjusted
4-week average

5
12
19
26 P

591.0
592.9
594.7
596.5

596.6
599.4
602.0
604.9

602.1
603. 1
605.6
608.4

590.9
593.0
594.9
. 596.6

597.5
597.9
599.9
601.5

604.7
604.9
603.0
593.5

SEPT. 2 P

598.4

606.8

609.8

598.0

600.5

600.6

1985-AUG.

MOTE:

week average

13-week average

Not seasonally adjusted
^ 4-week average

r

week average

SPECIAL CAUTION SHOULD BE TAKEN IN IMTEfiPfiETIMG 1BEI-TO-SEEK CHANGES IN flOMEY SUPPLX DATA, HHICH ABE
HIGHLY FOLATILE AMD SUBJECT TO fiEVISION.
P—INDICATES PEELiaiMABI DATA.
FOOTNOTES APPEAfi 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

Debt 1

3 MONTHS FBOM HAY

1985 TO AUG.

1985

16.8

11. 2

7.9

12.0

6 MONTHS FBOfl FBB.

1 9 8 5 TO AUG.

1985

U.9

7.6

6.3

12*1

12 MOUTHS FROM AUG.

1 9 8 4 TO AUG.

1985

10.4

9.6

8.9

13.3

THIRTEEN MEBKS ENDING SEPT. 2 , 1985
FBOfl THIRTEEN NBEKS ENDINGS

1/

1/

2/

3/

4/
5/




JUKE

3,

1985

( 1 3 WEEKS PREVIOUS)

15.1

BAB*

4>#

1985

( 2 6 HBEKS PBEVIOUS)

12.2

SEPT.

3,

1984

( 5 2 SEEKS PREVIOUS)

9.2

GBOUTH BATES FOB DEBT ABE BASED OH PEBIODS BEGINNING AJID ENDING XHO HQNTBS BABLIBB 1BAN FOB 1HE H0NB1ABX AGGBBGAIES,
Mia Bit, MABCfl 1985 TO JUNE 1985, DECBBBEB 1984 TO JUNE 1985# AND JUNB 1984 TO JO ME 1985, BBSPBCXIVELX.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CUHHBNCY OUTSIDE THE THEkSO&X, FEDERAL BESEBVB BANKS, AND THE FAULTS OF COMMERCIAL BANKS;
(2) TiiAVELEfiS CHECKS OF HOMBANK XSSOfifiS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHBB XiJAM THOSi HOE TO
DOBESTIC BANKS, THE 0. S. GOVERNMENT, AND FOREM* BAUKS AND OFFICIAL INSTITUTIONS LBSS CASB llfiftS IN THE PBOCBSS
OF COLLECTION AND FEDBfiAL JLBSEBVE FLOAT; AND (4) OTHEB CBECKABLE DEPOSI2S (OCDJL CONSISTING OF NEGOTIABLE QRDEB
OF HITUDBABAL (NOU) AND AUTOMATIC TBANSFEB S Bit VICE (ATS) ACCOUNTS AT DEPCSITOBX INSTITUTIONS,
CfiEDIT UNION SBABE DBAFT ACCOUNTS AND DEBAND DEPOSITS AT THBIFT INSTITUTIONS. THE CUBBENCX AND DEHAND
DEPOSIT COHPONENTS EXCLUDE TfeE ESTIMATED AMOUNT OF VAULT CASH AND DEBAND DEPOSITS# BESPBCTIVELI, HELD hi
TUBIFT INSTITUTIONS TO SEBVICE THEIB OCD LIABILITIES.
CONSISTS OF fli PLUS OYEBNIGHT (AND CONTINUING CONTBACT) BPS ISSUED BI ALL COBBEBCIAL BANKS AND OVBBNIGHT EUBODOXLABS
ISSUED TO U.S. BESIDENTS BY tOREIGU BBANCHES OF U.S. BANKS UOBLDNIDE, BBCAS# SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS (TISE DEPOSITS—INCLUDING BETAIL BPS—IN AHOUN2S OF LESS TBAN $100,000)0 AND BALANCES IN dOTH
TAXABLE AND TAX-EXEMPT tiBUERAL PUBPOSE AND BfiOKEH/DEALEB HONEY HABKET HUSUAL FUNDS, EXCLUDES JLBA AND K40GH
BALANCES AT DBPOSITOBX INSTITUTIONS AND HONE* HABKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD HX U.S. COBHEBCIAI.
BANKS# BONEX HABKET FUNDS |GENEBAL PUBPOSB AND BBOKKB/DfiALEBj# FOBEIGN GOVEBkHENXS AND COHHiBCIAL BANKS, AND
THE U.S. GOVB&NHENT. ALSO SUBTBACTED IS A CONSOLIDATION ADJUSTHENT THAT BEPfiESBNTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THB1FT INSTITUTIONS TO SEBVICE THEIB TIME AND SAVING DEPOSITS.
CONSISTS OF H2 PLUS LkRGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OB HOBBj AND lEttH HP LlAftlLIUES ISSUED
BY COMMEBCIAL BANKS AND THblFT INSTITUTIONS, TEAM EUBODOLLABS HELD BY U.S. BESIDENTS AT FOBEIGN BBAMCbis OF U.S. BINKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AID BALANCES IN BOTH TAXABLE kUl TAX-EXEMPT
INSTITUTION-ONLY MONEY MABKBT MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEEGSI1OBY INSTITUTIONS, TdB U.S* GQVEBNHBNT, BQNEY
HABKET FUUDS, AND FOBEIGN iJAUKS A Mi) OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT RgSMESiiktS
THE ESTIMATED AMOUNT OF OVERNIGHT EPS AND EUBODOLLABS HELD til INSTITUTION-ONLY MONEY MABKE1 MUTUAL FUUDS^
CONSISTS OF M3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHOBT-TEBM TBEASUBY SECUHITIBS, COHMEBCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKET MUTUAL FUND HOLDINGS CF THESE ASSETS.
DEdX OF DOMESTIC NONFINAMCIAL SECTORS CONSISTS OF OUTSTANDING CJiEDIT MABKBT DEBT OF THE UNITED STATES GOVEBNMENT,
STATE AND LOCAL GOVEBNMEN1S AND PRIVATE NONFINANCIAL SECTOMS. PBIVATE DEbl CONSISTS OF COBPORAT£ BONDS, MOBTGAGES,
CONSUMEB CfiEDIT (INCLUDING BANK LOANS), OTHEB dAMK LOANS, COMMEBCIAL PAPEB, EANKBBS ACCEPTANCES AND OTHEB DE£T
INST&UMENTS. THE DATA ARE DERIVED FROM THE F£D£*ALfi£SJSBVEBOARD'S FLOU CF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINAMCIAL SECTORS Afifc PRESENTED IN MONTH-AVERAGJ2 FORM, DERIVED &Y. AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT BAY ARISE IN THE UHDBULY1MG flOtf OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IB THIS hELEASE DIFFERS, THEREFORE, FROM T££ QUARTERLY FLOU OF FUNDS SIAllSTICS CON1AINED IU
IM THE FEDERAL RESERVE RELEASES Z. 7 AMD Z.I. J.M THOSE RELEASES, PUBLISHiD LEVELS OF CREDIT MARKET DB£T ABE MBASUBEC QN A
A gUABTEB-END BASIS AND INCLUDE DISCONTINUITIES.

COMPONENTS OF THE MONEY STOCK
Wiltons of doimra, seasonally adjusted

Non

met tons
Savings dapoalta7

OtHaf

ntmnaacttona Hams
Small tlrnatfapoalta"

Larpa tlma dapoaHa*

lnM3
dapoalta'

total

lnM2*

1984-AUG.
SEPT.

tnatttuttooa

Inatltutlona

Inatltutkma

155.9
156.8

5.1

246.8
247.5

141.0
142.2

1744.0
1756.9

586.0
592.6

127.0
126. 1

169.5
168.5

296.5
294.6

378.8
381.7

4 76.2
462.6

8S5.0
864.5

255.0
266.0

137.6
138.0

392.6
396.0

OCT.
MOV.
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

605.8
613.6
623.3

124.9
123.8
122.6

167.7
166.9
166.0

292.6
290.7
286.6

383.1
384.5
387.0

489.6
494.0
496.6

672.7
678.5
865.6

263.2
263.6
264.4

141.9
147. 1
151.8

405.2
410.7
416.2

1985-JAN.
FED.
HAS.

159.4
160.5
161.3

5.3
5.3
b.4

249.1
251.7
251.9

149.0
151.8
153.6

1836.2
1851.6
1857.1

621.6
620.0
626.3

121.6
121.4
120.3

166.9
168.0
168.4

288.6
289.4
268.6

364.7
382.0
382.8

497.2
495.6
495.8

881.9
8/7.6
878.6

262.3
264.4
269.4

154.6
154.9
154.2

416.9
419.3
423.6

APR.
HAY
JUNE

161.7
163.1
164.5

5.5
5.5
5.7

252.5
255.8
260.7

155.3
157.3
160.3

1652.4
1863.0
1881.4

628.9
631.3
630.5

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

885.4
892.0
894.2

273.0
272.1
267.7

154.4
156.1
156.4

427.3
426.2
424.1

JULY
AUG. P

165.4
167.1

5.9
5.9

260.9
264.1

163.6
168.6

1694.2
1907.4

623.9
622.9

123.2
124.2

172.6
176* t

296.0
300.3

388.4
384.2

500.2
494.4

888.6
878.6

266.0
268.0

154.2
153.7

420.2
421.7

SEEK ENDING
1985
AOG. 5
12
19
26 P

166.6
166.7
167.2
167.6

262.4
261.7
263.5
265.0

167.2
166.8
169.2
169.8

124.0
124.3
124.2
124.2

385.5
384.2
384.1
383.9

265.2
267.2
267.8
269.8

SEPT. 2 P

167.5

266.2

170.1

124.2

383.2

269.6

1/
2/
3/

4/

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




CURRENCY OUTSIDE TflB U.S. TREASURY, FEDERAL RESERVE BANKS AND VAULTS OP COHBEBCIAL B A M S . EXCLUDES IflB ESTIHATBD
AHOUNT OP YAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIB OCD LIABILITIES.
OUTSTANDING ABOUNT OF U.S. DOLLAR-DENOMINATED TEA?ELBBS CHECKS OP NONBANK ISSUERS. TRAVELERS CHECKS 1SSQED Bf DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEHAND DEPOSITS.
DEMAND DEPOSITS AT COflflEfiCIAL BANKS AND FOREIGN BELATED INSTITUTIONS OTflEB TBAN TBOSE DOB TO DOMESTIC BANKS, THE U.S. GOVBRNHSNT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEJIS IN 1HE PSOCESS OF COLLECTION AMD FEJJIBAL RESERVE FLOAT.
EXCLUDES THE ESTIMATED AHOUNT OF DEMAND DEPOSITS HELD AT COHHERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE TBBIB OCD
LIABILITIES.
CONSISTS OF NOW AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CBEDIT UNION SBABE DRAFT BALANCES AND
DEHAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFfEBBHCB BJE1HB1N THE
SEASONALLY ADJUSTED SUA OF DEHAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEHAND DEPOSITS. INCLUDED ARE ALL CEILING
FREE "SUPER NOUS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COBBITTEE TO EB OFFERED BEGINNING JANUARY 5 #
1983.
SUJI OF OVERNIGHT RPS AND OVEBIIGBT EURODOLLARS, HONEY HARKBT FUND BALANCES (GENEBAL PURPOSE AND BBOIIB/DEALER),
HNDAS, AND SAVINGS AND SHALL TIHE DEPOSITS, LESS THE CONSOLIDATION ADJUSTHENT THAT REPRESENTS THE ES3IHATED ABOUBT OF
DBHAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE TBEIB TIAE AND SAVINGS DEPOSITS LIABILITIES*
SUH OF LARGE TIBE DEPOSITS, TSRH RPS AND TEBH EURODOLLARS OF U.S. BESIDINTS, HONEY HARKE1 FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTHENT THAI BBBRBS2U1S THE ESTIBATED AHOUBT OF OVERNIGHT RPS AND E0BODOLLARS HEtD BY
INSTITUTION-ONLY HONEY BARKBI FUNDS.
SAVINGS DEPOSITS EXCLUDE HHDAS.
SHALL DENOHINATION TIHE DEPOSITS—INCLUDING RETAIL BPS-- ABE THOSE ISSUED IN ABOONTS OF LESS THAN J100,000. ALL
INDIVIDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COAHBRCIAL BANKS AND THRIFTS Afil SUBTRACTID FROH SHALL
TiHE DEPOSITS.
LABGB DENOHINATION TIHE DEPOSITS ARE THOSE ISSUED IN AHOONTS OF 1100,000 OB HOBE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOHINATION TIBE DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BY HOJEI flAKKET H0T0AL FUNDS,
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
bankers acceptances3
short-term treasury
securities*

commercial paper9

Debt components4
federal debt
non-federal debt

73.0

244.8

47.7

155.5

1261,3

4309.6

JOLT
AUG.
SEPT.

73.1
73.3
73.6

252.1
261.1
273.5

48.2
47.8
46.8

159.4
160.5
157.2

1277.9
1299.0
1311.1

4353.2
4391.3
4431.0

OCT.
NOV.
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

1325.2
1347.2
1367.0

4477.2
4530.7
4586.2

1985-JAN.
FEB.
HAR.

74.4
74.9
75.3

266.7
270.3
276.5

40.8
42.5
44.3

159.6
164.8
169.8

1385.3
1401.0
1413.5

4634.0
4673.7
4716.2

75.8
76.2

279.4
279.2

44.0
42.5

168.9
168.6

1429.0
1446.6
1162.2

4762.6
4806.9
4851.8

1984-JUNE

APR.
HAT
JUNE

1/ CONSISTS OF U.S. TREASURY BILLS AMD COUPONS WITH REMAINING MATURITIES OF LESS THAN 12 MOUTHS HELD BT OTHER THAM DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, HONET HABKET MUTUAL FUNDS AND FOREIGN ENTITIES.
2/ NET OF BANKERS ACCEPTANCES HELDfirACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOME LOAN BANK SYSTEM AND MONET MARKET MUTUAL FUNDS.
3/ TOT AX COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL PUNDS.
4/ DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OP-MOUTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H 6 (506)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billion* of dollars, not seasonally adjusted
Other checkable deposits
Data

1

Currency

Travelers
checks'

Demand
deposits1

at commercial
banks4

Nontransactiona components
In M2*

at thrift
institutions*

7

in M3 only

Overnight
RPs'

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

156.5
156.5

5.7
5.4

243.8
246.1

100.7
101.7

38.2
38.8

138.9
140.5

1742.7
1750.3

587.1
592.1

45.0
44.1

13.5
12.6

150.6
152.1

OCT.
NO?.
OBC

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.
PEG.
BAH.

158.3
158.6
159.8

4.9
5.0
5.1

254.9
244.9
246. J

108.3
107.9
109.9

41.8
42.3
43.8

150.1
150. 1
153.6

1835.9
1855.9
1864.7

620.1
619.9
627.8

48.7
56.3
55.7

14.2
13.3
12.1

171.9
175.1
177.6

APR.
HAY
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

1857.6
1864.5
1884.1

628.9
633. 1
629.5

47.4
51.3
50.3

11.
12.
12.

176.2
172.2
175.4

JULI
AUG. P

166.8
167.7

6.6
6*6

262.2
260.9

115.0
117.0

48.5
49.3

163.5
166.4

1896.9
1905.0

620.1
624.5

50.2
52.2

11.
13.

175.6
176.5

1984-AUG.
SEPT.

IEEK ENDING:
198S-AUG.




SEPT.

17
2/
3/
4/
5/
6/
7/
8/
9/

5
12
19
26 P

167.7
168.6
167.8
166,7

263.2
262.1
262.6
256.0

117.0
117.8
116.9
116.0

50.0
49.8
49.1
49.4

167.0
167.6
166.0
164.3

52.0
50.8
53.7
52.5

12.8
13.2
13.7
15.0

175.4
176.7
176.6
177.0

2 P

167.2

260.4

117.2

49.4

166.6

51.6

13.5

176.7

CURfiBNCT OUTSIDE THE U . S . TREA5UII, FEDERAL RESElTB BAIX3 TOTT¥E~TAlTLTS~OT"rCHIIBRClAt BANKS.
IXCLUffES THE ESTIHAIED
ABOUNT OP IAULT CASH HELD BT THRIFT INSTITUTIONS TO SEflflCB THE III OCD LIABILITIES.
OUTSTANDING ABOONT OP U . S . DOLLAB-DBNOHINATBD TBAfBLEBS CHECKS OP IONBANK ISSUEBS. TBAIBLBBS CHECKS ISSUED BI DEPOSITORI
INSTITUTIONS ABE INCLUDED IN DEHAND DEPOSITS.
DEHAND DEPOSITS AT COflflEBCIAL BANKS OTUBB THAN THOSE DOE TO OOflESTIC BANKS, TIE U . S . GOfEMNHBNT AND fOIBIGI BANKS AND
OFFICIAL INSTITUTIONS, LRSS CASH ITBHS IN THE PROCESS OP COLLECTION AND P . B . FLOAT, LESS TBB ESTIIAIED AHOUNT OP DEBAND
DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SBBflCB THEIB OCD L I A B I L I T I E S .
CONSISTS OP NOH AND ATS BALANCES AT COflflEBCIAL BANKS, U . S . BRANCHES AND AGEBCIBS OP FOREIGN BANKS. AND EDGE ACT
CORPORATIONS. INCLUDES SUPER NOUS OP $ 4 1 . 4 BILLION I B THE WEEK ENDED AOGOSX 1 9 , $ 4 1 . 3 BILLION III THE BEEK BIDED AUGUST 2 6 ,
AND $ 4 1 . 6 BILLION IN THE H£EK BUDBD SBPTEBBEB 2 .
CONSISTS OF NOH AND ATS BALANCES AT SAflNGS AND LOAN ASSOCIATIONS AND BOTUAL SAVINGS BANKS, CBBDIT UNIOI SHABE
DSAPT BALANCES, AND DEBAND DEPOSITS AT THRIFTS. INCLUDES SUPER NONS OP $ 1 7 . 3 BILLION IN THB HBEK ENDBD AUGUST 1 9 , $ 1 7 . 2
BILLION IN THE HEEK ENDED AUGUST 2 6 , AND $ 1 7 . 5 BILLION IN THE IEEK BNDBD SBPTBBBEB
2.
SOB OP OfEBNlGHT BPS AND EURODOLLAIS, HONE! IABKST FUND BALANCES (GENEBAL PURPOSE AND BBOKBB/DBALEB), BflDAS AND SAflNGS
AND SBALL TIHE DEPOSITS LESS TUB ESTIHATED AHOUNT OP DEHAND DEPOSITS AND fAULT CASH HELD BI THBIFT INSTITUTIONS 1 0 SBBflCE
THEIB TIflE AND SAflNGS DEPOSIT LIABILITIES.
SUH OF LAfiGE TIHE DEPOSITS, TEBH BPS AND EOBODOLLAIS OF V* S. RESIDENTS, HONEf BASKET FUND BALANCES (IISTITUTION-ONLI), LESS A
CONSOLIDATION ADJUSTBENT TBAT BEPfiBSBNTS THE ESTIHATED ABOUNT OF OfBRNIGHT BPS AND BDBODOLLABS HELD BI INSTITUTION-ONLI
H0NE1 HARKET HOTOAL FUNDS.
CONSISTS OF OVEANIGHT AND CONTINUING CONTBACI BPS ISSUED BT COHHEBCIAL BANKS TO OTHBB THAN OBPOSITOil INSTITUTIONS AND
HONEY flABKEI HUTUAL FUNDS |GEN£BAL PURPOSE AND BROKER/DEALER).
ISSUED BI POfiEIGN BLANCHES OP U . S . BANKS ttOULOUIDE TO U . S . RESIDENTS OTBEB THAN DEPOSITOR! INSTITUTIONS AND
HONEt HARKET BOTUAL PONDS |GENERAL PURPOSE AND BROKER/DEALER).

M.6 (508)
Table 5-contlnued

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

Data

Money market deposit accounts
at
at
thrift
commercial
Institutions
banks

commercial
banks

vings deposits1
at
thrift
Institutions

total

Small denomination time deposits'
at
at
I
thrift
total
commercial
banks
Institutions

Large denomination time deposits1
at
at
thrift
commercial
total
4
banks
institutions

243.6
244.8

145.3
143.8

388.9
3d8.6

126.8
125.2

168.9
167.4

295.7
292.6

379.9
384.0

475.9
483.4

855.8
867.4

256.4
259. J

1J8.7
138.6

395.1
397.9

OCT.
MOV.
DEC.

248.2
257.1
267. I

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.
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

880.4
883.6
680.0

263.0
263.9
269.6

154.1
154.9
153.3

417.1
418.8
423.0

APE.
HAT
JDIIE

295.9
298.3
J07.3

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
880.8
663.2

270.4
270.0
267.3

153.4
156.1
156.0

423.8
426.0
423.2

JOLT
AUG. P

313.0
317.7

171.0
174.0

483.9
491.7

124.4
124.0

175.1
175.5

299.4
299.5

386.4
385.4

497.6
494.2

684.0
879.5

265.1
269.8

154.3
155.1

419.4
424.9

1984-ADG.
SEPT.

• BEK E l O I i e

SEPT. 2 P




1/
2/
3/
4/

315.7
316.8
317.8
318.6

124.3
124.4
124.0
123.7

385.7
385.5
385.4
385.2

266.0
266.5
269.5
272.3

319.5

123.5

385.1

272.5

SAVINGS DEPOSITS EXCLUDE HHDAS.
SMALL DENOMINATION TIME DEPOSITS — INCLUDING METAIL HPS — AUK THOSE ISSUED IN AMOUNTS OF IBUS THAN *100,000. ALL
INDIVIDUAL RETIBEMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COHHEBCIAL BANKS AND THRIFTS ABB SUBTRACTED FROM SMALL
TIME DEPOSITS.
LABGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF $100,000 OB MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BT BONBX MARKET MUTUAL FUNDS, DEPOSITORI
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.

H.6 (508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
TermRPs1

Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars*

Savings
bonds

NonM3Co mponents of L
Short-term
Bankers
treasury
acceptances4
securities*

Components of Debt
Commercial
paper*

Federal debt*

Non-Federal
debt

46.2
46.9

30.7
31.3

33.4
35.4

64. 1
66.6

86.5
85.6

73.3
73.5

259.4
271.6

47.7
47.2

159.8
158.4

1295.8
131Q.5

4376.3
4419.3

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

60.6
81.9
83.1

73.8
74.0
74.4

271.3
265.1
264.8

45.1
43.3
42.6

158.3
159.4
15b.9

1323.0
1343.0
1364.7

4468.9
4523.0
4582.5

1985-JAN.
FEB.
BAR.

65.0
62.2
59.5

29.9
31.2
32.7

35.1
34.5
36.2

6S.0
65.7
68.9

81.1
81.3
84.7

74.6
74.9
75.3

268.5
273.8
284.1

42.0
42.7
43.2

157.3
164.2
167.7

1383. 1
1397.4
1412.0

4628.0
4655.4
4688.8

APR.
HAI
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
81.0
78.7

75.6
76.1

282.8
277.1

4U7

1427.1
1443.8
1457.9

4734.0
4780.9
4830.8

JOLT
AUG. P

64.8
62.8

31.1
32.1

33.8
34.2

64.8
66.3

75.9

5
12
19
26 P

62.9
62.8
62.2
63.8

30.2
31.5
32.4
31.7

SEPT. 2 P

61.9

34.9

1984-AUG.
SEPT.

42.6

169.3
168.8

76.6

HEBK ENDING:
1985-AOG.

1/

2/
3/
4/
5/
6/

TBRH RPS ARE THOSE IITH ORIGINAL HATOBITIES GREATER THAI 0 ME D A Y . EX CLUDING CO NTIIUIRG CONTRACTS AND RETAIL R P S .

INCLUDES

A RELATITELT SHALL AHO0IT OF OVERNIGHT RPS AT THRIFT INSTITUTIONS.
TERH EURODOLLARS ARE THOSE IITH ORIGINAL HATORITIES GREATER THAN ONE DAT. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS B!
FOREIGN BRANCHES OF U.S. BANKS HORLDfllDE AND BT ALL BANKING OFFICES II THE UNITED KINGDOH AJID CANADA. EXCLUDES TBOSE HELD
BT DEPOSITORI INSTITUTIONS AND HONET HARKET BOTOAL FUNDS.
CONSISTS OF U.S. TBEASUBI BILLS AND COUPONS SITH REMAINING HATOBITIES OF LESS THAI 12 BOMTHS HELD BT OTHER THAN DEPOSITORI
INSTITUTIONS, FEDERAL RESERVE BANKS, HONET HARKET HUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOHE LOAN BANK STSTEH AND HONET HARKET HUTUAL FUNDS.
TOTAL COHHERCIAL PAPER LESS CtiflflERCIAL PAPER HELD BT HOHEI HARKET HOTUAL FUNDS.
DEBT DATA ARE ON A BONTHIT AVERAGE BASIS, DERIVED BT AVERAGING END-OF-flONTH LEVBLS OF ADJACENT HONTHS, AND HAVE BEEN
ADJUSTED TO REBOVE 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

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

8.4
8.4

1.9
2.0

9.0
9.4

2.9
3.4

3.6
6.0

7.5
14.1

13.9
23.6

0.9
1.0

41.3
4U9

55. 1
55.9

6.2
6.2

102.7
104.0

OCT.
NOV.
DEC.

8.5
8.8
8.6

1.8
2.1
2.0

9.2
9.4
9.6

2.7
2.8
3.4

4.0
3.2
3.4

8.4
7.5
9.1

15.1
13.6
16.0

1.0
1.1
1.0

42.6
43.2
43.0

56.9
57.7
59.0

6.2
6.5
6.9

105.7
107.3
109.7

1985-JAH.
FEB.
HAH.

8.5
8.3
7.5

1.9
2.1
1.8

9.2
8.9
8.7

3.7
3.1
3.6

4.0
4.3
3.8

14.9
12.7
9.2

22.5
20.1
16.6

1.1
1.1
1.0

45.3
47.0
48.8

61.4
63.1
65.4

7.4
7.7
7.9

114.0
117.9
122.1

APR.
HAT
JUNE

7.6
7.8
7.8

1.9
2.1
1.9

8.5
8.4
8.3

3.9
3.1
3.4

6.6
6.7
2.8

11.5
17.8
11.4

22.0
27.6
17.7

1.0
1.0
1.0

53.5
55.1
55.9

69.2
70. 5e
71.8e

8.6
6.6
8.5e

131.2
134.2e
136.2e

JUlj
IOC- P

7.9
7.6

1.8
1.9

8.3
8.2

3.1
2.8

4.0
3.0

20.0
10.6

27.0
16.4

1.0
1.1

56.7
57.4

73. 7«
75. 2e

*.6e

139.0e
141. 3e

5
12
19
26 p

8.2
7.8
7.3
7.5

1.9
1.9
2.1
1.8

8.3
8.1
8.2
8.2

3.4
2.5
2.8
2.8

2.4
3.5
2.9
2.7

15.9
9.5
8.8
10.7

21.7
15.5
14.4
16.1

1.1
1.0
1.1
1.1

5BPfr. 2 p

7.1

2.0

8.2

2.6

3.3

9.4

15.3

1.1

1984-AUG.
SEPT.

SEEK ENDING:
1985
AUG.




Supplementary Table 1
Levels and Annual Growth Rates of Ml Using Standard,
Concurrent,2 and Experimental Alternative^
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

548.5

548.1

-7.0

-5.0

-2.8

November

553.8

553.8

551.5

12.0

11.6

7.4

December

558.5

558.6

557.2

10.2

10.4

12.4

562.7

563.1

561.4

9.0

9.7

9.0

February

569.4

569.6

570.0

14.3

13.9

18.4

March

572.1

573.0

574.4

5.7

7.2

9.3

April

574.9

576.3

576.2

5.9

6.9

3.8

May

581.6

582.3

583.2

14.0

12.5

14.6

June

591.2

590.3

592.5

19.8

16.5

19.1

July

595.8

595.2

596.7

9.3

10.0

8.5

August

606.0

604.2

604.5

20.5

18.1

15.7

L984 - October

1985 - January

1. Standard monthly seasonal factors are derived at the beginning of each year by applying
an X-ll/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/ARIMAfeased 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 statistical regression and time series
nodeling 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 variations, holiday effects, outlier adjustments, special events adjustments, and serially
correlated noise components.