h6_19830214_revision.pdf

FEDERAL RESERVE statistical release i

H.6(508) For release at4:15 P.M. EST

February 14, 1983

Motvey Stock Revisions

Measures of the money stock have been revised to incorporate annual

seasonal adjustment and benchmark changes, as well as minor definitional

changes. Updated monthly seasonal factors for 1982 and 1983 are shown in

Appendix Table 1, and weekly factors for late 1982 and all of 1983 are shown

in Appendix Table 2. Historical data will be available shortly on request.

Definitional Changes

Two changes in the composition of the broader money stock measures

have been made. First, tax-exempt money market funds which previously had been

excluded from the aggregates are now included on the same basis as taxable

money funds; that is, balances in general purpose and broker/dealer funds enter

at the M2 level and balances in institution-only funds enter at the M3 level.

This change boosted both M2 and M3 growth in 1982 by about 1/2 percentage point.

Second, all IRA/Keogh balances at depository institutions and money market

mutual funds are now removed at the M2 level. This change reduced M2 growth

last year by a bit more than 1 percentage point and M3 by about 1 percentage

point.

Benchmark Revisions

Deposits of commercial banks, savings and loan associations and credit

unions have been benchmarked to recent call reports. Deposits of commercial

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

- 2 -

banks were benchmarked to the December 1981 and March, June and September 1982

call reports; data for savings and loan associations were benchmarked to the

December 1981 and June 1982 call reports; data for credit unions were bench-

marked to the June and December 1981 call reports. The impact of these bench-

marks is minimalgenerally raising the level of Ml and lowering the levels of

other deposits in the broader measures slightly, and affecting growth rates

only marginally.

RPs and overnight Eurodollar deposits also have been revised. The

overnight and term RP series have been revised using a special survey of RPs

at depository institutions and more complete information on money market mutual

fund holdings of RPs. The net effect of the changes to RPs was to reduce the

level of net overnight RPs and raise the level of term RPs; growth of M2 in

1982 was affected only slightly by these revisions and M3 growth was boosted a

bit. The revision to the overnight Eurodollar component of M2 resulted from

broadening the panel of branches of U.S. banks (previously consisting of a

number of Caribbean offices) to include additional Caribbean offices as well

as offices in other locations, principally London; the net impact of this

change on both levels and growth rates was minor after allowing for holdings

of such deposits by money market mutual funds.

Seasonal Revisions

Seasonal factors were revised using an X-11-ARIMA procedure adopted

last year. Revisions to seasonal factors tended to be greater than in recent

years, because additional data for 1982 tended to confirm evolving patterns that

had been obscured by unusual circumstances associated with the credit control

period of 1980. With the exception of July, growth in Ml in first months-of-

quarters was lowered, especially in April and October.


- 3 -

The experimental Ml series, constructed using an alternative sea-

sonal adjustment technique, will continue to be made available on a monthly

basis for the next year while the series remains under review by experts both

within and outside the Federal Reserve (see the last page of this release).

Finally, it may be noted that money market deposit accounts (MMDAs)

continue to enter the broader monetary aggregates on a not seasonally adjusted

basis; alternative possible seasonal adjustment methods are under review.


FEDERAL RESERVE statistical release

H6(508)Table 1

MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars

For Release at 4:15 p.m. EST

FEB. 1 4 , 1983

Date

1981OCT.NOV.DEC.

1982JAM.FEB.MAB.APR.NATJONEJOLTAUG.SEPT.OCT.NOV.DEC.

1 9 8 3 J A N , P

M1 M2Seasonall

sum ofcurrency,travelerschecks,demand

deposits andother

checkabledeposits1

433.3435.9440.6447.8448.0448.6449.3452.4453.4454.4458.3463.2468.8474.1478.3482.2

M1 plusovernight RPs

and Eurodollars,MMMF

balances (gen.pur. and

broker/dealer),MMOAs,

and savingsand small time

deposits2

1763.81780.61794.91810.11815.81828.91835.21850.61864.61880.91903.61917.01929.51944.61957.6

5 /2005,7

M3 !f adjusted

M2 plus largetime deposits,term RPs and

institution-onlyMMMF

balances3

2128.42150.02167.92181.82191.62210.92224 .12240.62260.22283.42317.92333.92351.82369.72376 .12398.5

L

M3 plus otherliquid assets4

2579.12605.22622.02644.32667.92692.52709.92736.82765.92795.72821.22837.7

M1 | M2 ] M3 LNot seasonally adjusted

sum ofcurrency,travelerschecks,demand

deposits andother

checkabledeposits1

435.2440.4452.1454.3438.1440.9456.3445.8450.8454.3454.3461.0470.6479.1491.1489.8

M1 plusovernight RPs

and Eurodollars,MMMF

balances (gen.pur. and

broker/dealer),MMDAs,

and savingsand small time

deposits2

1763.01779.41799.61817.71807.91825.91848.61848.71865.41883.01896.51908.71928.41943.21962 .6 5 y2014.0

M2 plus largetime deposits,term RPs and

institution-onlyMMMF

balances3

2126.72149.62175.92193.52189.12210.92235.32237.32257.22280.82308.82324.32350.22368.82383.82410.3

M3 plus otherliquid assets4

2574.22604.12629.72658.22671. *2697.42724.42737.02762.72787.52309.42822.6

For period ended

983JAN. 5121926 P

FSB. 2 P

M1Seasonally adjusted

13- weekaverage

474.5475.7476.7477.6

478.8

4-weekaverage

478.6479.3480.3481.2

483.9

week average

477.2483.2482.5481.9

487.8

Not seasonally adjusted13-weekaverage

4 8 2 . 14 8 4 . 1485.7486.6

486.8

4-weekaverage

494.3496.3496.3493.1

486.2

week average

506.0500.4491.3474.5

478.6

HOTE: SPECIAL CAOTIOM SHODLD BE TAKEN IN INTERPRETING WEEK-TO-iEEK CHANGES IN MONET SOPPLT DATA, WHICH AREHIGHLY VOLATILE AND SUBJECT TO REVISION.PINDICATES PBELIBINARY DATA.FOOTNOTES APPEAR ON THE FOLLOWING PAGE


H.6(508)Table 2

MONEY STOCK MEASURES AND LIQUID ASSETSPercent change at seasonally adjusted annual rates

Date

3 MONTHS FROM OCT. 1 9 8 2 TO JAN. 1 9 8 3

6 SOUTHS FROM JULY 1982 TO J i H . 1 9 8 3

12 MONTHS FROM JAN. 1982 TO JAN. 1983

THIRTEEN WEEKS ENDING FEB. 2 , 1 9 8 3FHOfl THIRTEEN NEEKS ENDING:

NOV. 3 , 1982 ( 1 3 WEEKS PREVIOUS)

AOG. 4 , 1962 (26 SEEKS PREVIOUS)

FEB. 3 , 1982 (52 1ESKS PREVIOUS)

M1

1 1 . 4

12.2

7 . 7

12.7

11.0

8 . 3

M2

15.8

13.3

10.8

M3 *

7 . 9

10.1

9 . 9

FOOTNOTES TO TABLE 11/ AVERAGES OF DAILY FIGURES FOR (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND

THE VAULTS OF COMMERCIAL BANKS; (2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITSAT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE O.S^ GOVERNMENT, ANDFOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION ANDFEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLEORDER OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORYINSTITUTIONS OTHER THAN CREDIT UNIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMANDDEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE THEESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONSTO SERVICE THEIR OCD LIABILITIES.

2/ INCLUDES OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND EURODOLLARSISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS, MHDAS, SAVINGSAND SHALL DENOMINATION TIME DEPOSITS (TIME DEPOSITSINCLUDING RETAIL RPSIN AMOUNTS OF LESSTHAN $100,000), AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALERHONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND HONEYMARKET FUNDS. ALSO EXCLUDES AMOUNTS HELD BY U.S. COMMERCIAL BANKS, HONEY MARKET FUNDS (GENERALPURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND THE U.S. GOVERNMENT^M2 WILL DIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATIONADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BYTHRIFT INSTITUTIONS TO SERVICE TIME AND SAVINGS DEPOSITS.

3/ INCLUDES LARGE DENOMINATION TIME DEPOSITS AND TERM RPS (IN AMOUNTS OF $100,000 OR MORE) ISSUEDBY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS,*THE U.S. GOVERNMENT, HONEY MARKET FUNDS, AND FOREIGN BANKS AID OFFICIAL INSTITUTIONS. H3 WILLDIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENTTHAT REPRESENTS THE ESTIMATED AMOUNT OF OVBRNIGHT RPS HELD BY INSTITUTION-ONLY HONEY MARKETMUTUAL FUNDS.

4/ OTHER LIQUID ASSETS INCLUDE TEE NONBANK PUBLIC HOLDING OF U.S. SAVINGS BONDS, SHORT-TERMTREASURY SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES, AND TERM EURODOLLARS HELD BY 0.S.RESIDENTS, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.

5/ ALL OF THE NEWLY-AUTHORIZED HONEY MARKET DEPOSIT ACCOUNTS ARE PRESENTLY INCLUDED IN BOTH M2AND H3; WHETHER SOME OF THESE ACCOUNTS SHOULD ENTER ONLY AT THE M3 LEVEL WILL BE CONSIDERED ASDATA ON THE CHARACTERISTICS OF THE ACCOUNTS AND THEIR HOLDERS BECOME AVAILABLE.


H.6 (508)

Tabla 3

COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSa jns of joHaja, seasonally adjusted unless otherwise noted

Date

I961-0BC.

1982-JAM.FEB.BAB.

A P I .BATJO MB

JOLTAOG.SEPT.

OCT.MOf.0 1 C .

1983-JAB. 1

iJBBK BMOIBC

1983JAM. 5

121926 P

PBB. 2 P

Currency1

123.2124.0124.7125.2126.3127.4128.2128.8129.6130.5131.3131.9132.6134.2

133.5134.0134.1134.3134.7

Travelerschecks?

4 .5

ii

t4

1

1.41.51.5

1.41.51.5

1.41.41.4

1.41.41.4

4.5

Demanddeposits3

236.4238.9235.5233.8233.3233.1232.3231.1232.5234.0236.1237.6239.7

239.2

241.9241.5238.7236.6

238.7

Othercheckabledeposits4

77.480.183.i85.85.;87.468.489.91.194..97.(

100.ioi.:104.4

97.3103.3105,2106.5109.9

OvernightRPsS

NSA28.631.330.332.431.032.732.833.334.034.137.438.537.640.8

34.641.741.141.544.6

OvernightEuro-

dollars6

NSA7.5

8.47.76.75.87.47.58.58.47.4

6.56.75.76 .0

5.26.15.27.06.4

Moneymarketdeposit

accounts 7NSA

0 . 0

0.00.00.00.00.00.00.00.00.00.00.0

42.8165.0

119.8160.0190.9216.8232.2

Savings deposits8

atcommer-

cialbanks158.9160.6159.8159.8159.4159.3159.5158.2158.4159.6162.3166.2163.4152.8

157.9154.9152.1150.4

atthrift

institu-tions

185.5

187.1187.0186.8

186.5187.3187.8186.8188.3190.4195.7200.1195.5183.0

total

344.4

347.7346.9346.6

345.9346.6347.2

345.0346.7350.0

358.0366.3358.9

335.7

Small denominationtime deposits9

atcommer-

cialbanks

3 5 0 . 1

350.8355.1360.6366.4370.5375.0383.8388.6391.4389.9389.2383.2356.6

369.1361.3355.3350.2345.7

atthrift

Institu-tions

478.6

475.8477.9480.2

480.8482.0484.3

489.2491.2491.8

487.9485.4475.8

440.5

total

828.6

826.6833.1840.7

847.2852.5859.3

872.9879.8883.2

877.8874.5859.1

797.0

Money marketmutual fund balances10

generalpurpose

and broker/dealer150.9154.7156.0159.7161.8164.9170.1172.9182.3185.1187.6191.1182.1166.5

170.7168.9166.0164.1162.9

institutiononly

t36.0

35.333.634.8

34.315.636.640.447.148.249.349.947.646.0

45.546.246.246.146.0

1 / BXCL0DES THE ESTIHATED AMOUNT OP fiOL? CASH2/3/

4/

CUBBEMCY OUTSIDB TUB U.S. TSEASOil, F.B. BANKS AND VAULTS OP COMMERCIAL BANKS.ttBLO BY THBIFT INSTITUTIONS TO SERVICE THEIB OCD LIABILITIES.OUTSTANDING AMOUNT OP U.S. DOLLAR-DBHOMINATBD TRAVELERS CHECKS OF NONBANK ISSUERS.DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOBBIGN BELATED INSTITUTIONS OTHER THAN THOSB DUE TO DOMESTIC BANKS, THE U.S. GOVERN-MENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OP COLLECTION AND P.R. FLOAT. EXCLUDES THESTI BATED AMOUMT OF DEBAND DBPOSITS HBLD AT COBHEiCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.INCLUD2S ATS AND NOH BALANCES AT ALL DEPOSITORY INSTITUTIONS EXCEPT CREDIT UNIONS, CREDIT UNION SHARE DRAFT BALANCES ANDDBMANO DBPOSITS AT THRIFT INSTITUTIONS. OTHEB CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS DEMAND DEPOSITS PLUS OCDSEASONALLY ADJUSTED LESS DfiMAND DEPOSITS SEASONALLY ADJUSTED. NOH ACCOUNTS INCLUDE CEILING PREE "SUPER HOWS,"AUTHORIZED BY THE DEPOSITOSY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5, 1983. PRELIMINARYDATA INDICATE THAT BALANCES IN -SOPEI MOWS- HERE ABOUT $15.4 BILLION ON A DAILY AVERAGE BASIS IN THE WEEK CNDE*)JAMOABY 19, 1983, ABOUT $17.4 BILLION IN THE MEEK ENDED JANUARY 26 AND ABOUT $18.3 BILLION IN THE WEEK ENDED FEBRUARY 2.THESE FIGURES INCLUDE BALANCES IN "SUPER NOUS" AT COMMERCIAL BANKS OF ABOUT *9.7 BILLION IN THE WEEK ENDS!) JANUARY 19 AND$11.2 BILLION IN THE MBEK ENDED JAMOABY 26. FIGURES FOB THE LATEST WEEK ARE 1OT YET AVAILABLE BY TYPE OF INSTITUTION.INCLUDES OVSBNIGHT AND CONTINUING CONTfiACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND SONEYMARKET MUTUAL FUNDS (GENERAL PUBPOSB AND BBOKEB/DBALEB).ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCBES OF U.S. BANKS TO U.S. RESIDENTS OTHEB THANDEPOSITORY INSTITUTIONS AND MONEY HARKBT MUTUAL FUNDS.HONEY MABKET DEPOSIT ACCOUNTS (MMDAS) HERB AUTHORISED BY THB DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFEREDBEGINNING DECEMBER 14, 1982.SAVINGS DEPOSITS EXCLUDE HHDAS.

9/ SMALL DENOMINATION TIME DBPOSITS INCLUDING RETAIL BPS ABB THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALLINDIVIDUAL RfiTIBZHBMT ACCOUNTS (IRA) AND KBOGH ACCOUNTS AT COBHEBCIAL BANKS ABD THRIFTS ARE SUBTRACTED FROM SHALLTIHB DBPOSITS.

10/ MOT SEASONALLY ADJUSTED, INCLUDES BALANCES IN BOTH TAXABLE AMD TAX-BXEHPT FUNDS. ALL INDIVIDUAL RETIREMENT ACCOUNTSAND KBOGH ACCOUNTS AT MONBY FUMDS ABB EXCLUDED.

5/

6/

7/

V


H.6 (508)Table 3-continuedCOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, seasonally ad

Date

1981-DEC

1982-JAN.FEB.MAB.

APR.MAYJOHE

JOLTAUG.SBPT.

OCT.NO.D S C

1983-JAN. P

WEEK ENDIMG:

1983-JAN- 5121926 P

FEB. 2 P

usted unless otlerwise notedLarge denomination time deposits1

at commercialbanks?

246.4

249.1253.4258.2

262.8263.2267.3

271.7273.7273.6

275.3273.6268.0

247.9

269.3261.5257.2252.2

248.8

at thriftinstitutions

54.2

55.256.557.5

58.458.960.0

60.461.362.5

64.366.766.7

63.2

total

302.6

304.3309.9315.7

321.2322.0327.3

332.1334.9336.1

339.6340.4334.7

311.0

at commercialbanksNSA

2 7 . 1

2 5 . 12 5 . 124.9

27.225.624.6

22.725.424.6

26.027.828.0

28.0

33.425.127.027.8

28.3

Term RP$3at thrift

institutionsNSA

1 0 . 1

10.510.610.6

11.011.311.7

11.811.611.8

11.711.612.1

12.1

totalNSA

37.2

35.635.735.6

38.137.036.3

34.537.036.4

37.739.440.1

40.1

Term 4Eurodollars

NSA

65.3

68.372.874.0

77.983.884.7

83.780.580.3

Savingsbonds

67.7

67.867.867.7

67.767.767.7

67.667.567.5

Short-termTreasurysecurities^

176.3

179,9186.8189.8

190.3191.4196.2

200.4202.1203.6

Bankersacceptances^

40.6

41.140.639.9

40.241.341.6

42.041.341.4

Commercialpaper?

104.2

105.5108.4110.3

109.7112.1115.7

118.7112.0111.1

1/ LARGE OBNOAINATION TIME DEPOSITS ARE THOSE ISSUED IN AHO0NTS OF $100,000 OB MORE, EXCLUDING THOSE BOOKED AT INTERNATIONALBANKING FACILITIES (IBFS).

2/ LABGE DENOMINATION TlflB DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BT HONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS.3/ TERM RPS ABE THOSE KITH ORIGINAL HATUEITI GREATER THAN ONE DAT, EXCLUDING CONTINUING CONTRACTS AND RETAIL EPS.4/ TEfia EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ON* DAT EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS AND

HONEI flARKET HUTUAL FUNDS.5/ INCLUDES U.S. TBEASURT BILLS AND COUPONS HITH REGAINING HATURITY OF LESS THAN 18 HONTflS HELD BT OTHER THAN DEPOSITORT INSTI-

TUTIONS, P.S. BANKS, AND HONEY MARKET MUTUAL FUKDS.6/ NET OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, F.R. BANKS, FOR.EIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOUR LOAN BANK

SYSTEM, AND HONEY MARKET MUTUAL FUNDS.7/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BT f*sNET MARKET MUTUAL FUNDS.


H.6 (508)Table 3ACOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, not seasonally adjusted

Demand deposits " Other checkable deposits

Date Currency1 Travelerschecks2

at memberbanks3

at domesticnonmember

banks4

at foreign-relatedbankingoffices

in the U.S.5

total6at

commercialbanks7

at thriftInstitutions8 total

OvernightRPs 9

OvernightEurodollars

1981-DEC.

1982-JAN.FEB.MAE.

APE.HATJOKE

JOLTAUG.SEPT.

OCT.NOV.DEC.

1963-JAN. P

1ESK ENDING:

1983-JAN. 5121926 P

125.a

123.3123.0123.9

125.7127.2128.3

129.8130.1130.2

131.3132.7135.2

133.2

131.7134.1133.2132.0

4.3

4.24.34.2

4.24.34.7

4.94.94.7

4.44.34.2

4.3

FEB. 2 P 132.0

156.9157.7147.4147.6

152.7147.7149.2

151.0150.1152.5

155.7158.0163.3

161.9

174.4166.4161.8153.3

155.5

83.282.978.177.6

60.377.578.1

77.476.277.0

78.479.281.0

79.9

84.683.180.075.9

76.5

4 . 2

.0

.2

.3

.3

.03.7

3.73.73.9

4.03.93.9

3.7

3.93.43.63.7

3.9

244.0

244.3229.3229.1

236.9228.8230.7

231.7229.6232.9

237.6240.6247.7

244.9

262.5252.3244.9232.4

235.4

63.466.965.867.4

71.467.969.2

69.370.773.4

76.179.281.082.3

81.184.183.480.8

81.3

15.1

15.615.616.4

18.117.518.0

18.519.119.9

21,222.323.0

25.1

23.525,525.525.2

25.7

78.482.581.583.8

89.585.487.2

87.989.893.3

97.3101.5104.0

107.4

104.6109.7108.9106.0

107.0

28.6

31.330.332.4

31.032. 732.8

33.334.034.1

37.438.537.6

40.8

34.641.741.141.5

44.6

7.5

8.47.76.7

5.87.47.5

8.58.47.4

6.56.75.7

6.0

5.26.15.27.0

6.4

1/ CURRENCY O0TSIDE THB U.S. TREASURT, F.R. BANKS AHD THE FAULTS OF COHHERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OF VAULTCASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.

2/ OUTSTANDING AMOUNT OF U.S. DOLLAB-DENOMINATED TFAVELERS CHECKS OF NOHBANK ISSUERS.3/ DEMAND DEPOSITS 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 F.R. FLOAT AT MEMBER BANKS OF THE FEDERAL RESERVE STSTEH.4/ DEMAND DEPOSITS 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 AT NONHEHBER BANKS.5/ DEPOSITS AS DESCRIBED IN FOOTNOTE 4 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS AND FOREIGN INVESTMENT

COMPANIES.6/ EQUALS SUB OF THREE PREVIOUS COMPONENTS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT

INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.7/ NOW AND ATS BALANCES AT COMMERCIAL BANKS, BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT CORPORATIONS.8/ KOH AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE DRAFT BALANCES. AND

DEMAND DEPOSITS AT THRIFTS,9/ INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COHHERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY

MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER) .10/ ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO U.S. RESIDENTS OTHER THAN DEPOSITORY

INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).


H.6 (508)Table 3AcontinuedCOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, not seasonally adjusted

Date

1982-JAH.FEB.BAR.

APR.dATJUME

JOLYAUG.SEPT.

OCT.MO?.DSC.

1963-JAN. P

HEEK ENDING

1983JAN. 5

121926 P

FEB. 2 P

Money market deposit accountsat

commer-cial

banks0*00.00.00.00.00.00.00.00.00.00.0

26.1112.2

73.597.3

116.3130.0

atsavings

andloans

0.00.00.00.00.00.00.00.00.00.00.0

12.656.0

35.546.357.267.1

atmutualsavingsbanks

0.00.00.0

0.00.00.0

O.p0.00.0

0.00.03.8

15.9

10.313.616.418.7

atcreditunions

0.00.00.00.00.00.00.00.00.00.00.00.30 . 9

0.50.71.11.1

total

0.00.00.00.00.00.00.00.00.00.00.0

42.8185.0

119.8160.0190.9216.8232.2

Savings deposits1

atcommer-

cialbanks159.0158.0159.1

160.5160. 1160.1

159.9159.3159.7

163.0165.0161.7

151.4

156.6154.0150.7148.4

atsavings

andloans

96.795.995.9

96.095.795.8

95.694.995.3

98.299.596.2

88.1

atmutualsavingsbanks47.947.347.2

47.146.846.9

46.946.646.8

47.748.347.3

44.1

atcreditunions

43.043.344.2

44.845.345.9

46.245.946.4

48.850.551.1

51.7

total

346.6344.6346.3

348.5347.9348.6

348.6346.8348.2

357.8363.3356.4

335.3

atcommer-

cialbanks

350.9357.0363.4

368.0372.7376.9

383.0387.4389.7

388.3387.1380.3

356.2

368.0360.9355.5350.6

346.6

Small denomination time deposits2

atsavings

and 3

loans380.1382.6385.2

386.9387.1388.3

392.0393.0393.9

394.1393.8386.5

362.4

atmutualsavingsbanks 399.499.899.9

100.2100.6101.0

101.7101.7101.5

100.499.196.9

91.2

atcreditunions 3

1 7 . 117.518.1

18.418.819.1

19.419.619.7

19.118.718.4

17.8

total

828.7837.3845.8

851.1855.9861.4

871.6876.6879.0

875.1871.2853.8

798.2

1/ SAVINGS DEPOSITS EXCLUDE HHDAS.2/ SPALL DENOMINATION TIHE DEPOSITS INCLUDING RETAIL RPS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL

INDIVIDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COflHERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROR SMALLTIHE DEPOSITS.

3/ AT PRESENT, BALANCES IN IRA AND KEOGH ACCOUNTS CAN BE DIVIDED ONLY BETWEEN COMMERCIAL BANKS AND TOTAL THRIFT INSTITUTIONS(SEE TABLE 4). THUS, IN CATEGORIES FOR SHALL TIHE DEPOSITS AT COMMERCIAL BANKS AND FOE TOTAL SHALL TIHE DEPOSITS,IRA/KEOGH BALANCES HAVE BEEN SUBTRACTED, BUT THE FIGURES FOR SHALL TIHE DEPOSITS AT EACH TIPS OF THRIFT INSTITUTION STILLINCLUDE IRA/KEOGH ACCOUNTS.


H.6 (508)Table 3A-continuedCOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, not seasonally adjusted

Date

1961-DEC.

1982-JAN.FEB.MAR.

APE.MAYJOHE

JOLTAUG.SEPT.

OCT.HOVDEC.

1983-JAM. P

WEEK ENDING:

1983-JAN. 5121926 P

FEB. 2 P

Large denomination time deposits'!at

commercialbank$2

251.9252.6257.9260.7260.8261.7263.8267.5271.9272.6275.0274.5271.0250.7

274.7265.2259.6255.3253.2

at savingsand loans

47.649.350.751.551.652.553.253.454.355.157.059.159.557.7

at mutualsavingsbanks

6 . 0

6.06.36.1

6.16.06.0

6.06.26.5

6.66.66.4

5 .7

total3

305.9

308.4315.3318.8

318.9320.6323.5

327.4332.9334.8

339.1340.8337.4

314.6

atcommercial

banks

2 7 . 1

2 5 . 12 5 . 124.9

27.225.624.6

22.725.424.6

26.027.828.0

28.0

33.425.127.027.8

28.3

Term RPs4

at thriftinstitutions

1 0 . 1

10.510.610.6

11.011.311.7

11.811.611.8

11.711.612.1

12.1

total

37.2

35.635.735.6

38.137.036.3

34.537.036.4

37.739.440.1

40.1

TermEurodollars5

65.3

68.372.874.0

77.983.884.7

83.780.580.3

Savingsbonds

6 8 . 1

6 8 . 167.867.6

67.467.467.4

67.467.567.5

Short-termTreasury

securities6

175.2

181.1191.2195.0

194.1194.9196.0

196.3197.2199.2

Bankersacceptances7

40.641.141.039.739.840.941.441.340.941.8

Commercialpapers

104.6

106.2109.8110.2

110.0112.8116.1

118.0114.7109.5

1/ LARGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF $100,000 OH MORE, EXCLUDING THOSE BOOKED AT INTERNATIONALBANKING FACILITIES (IBFS) .

2/ LARGE DENOMINATION TIAE DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BT MONET MARKET MUTUAL PONDS AND THRIFTINSTITUTIONS.

3/ TOTAL LARGE DENOMINATION TIME DEPOSITS EXCEEDS SDM OF THREE PREVIOUS COLUMNS BT SOCH DEPOSITS AT CREDIT UNIONS.4/ TERM RPS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.5/ TERM EURODOLLARS ARE THOSE HITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTION AND

MONEY MARKET MUTUAL FUNDS.6/ INCLUDES U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHER THAN DEPOSITORY INSTI-

TUTIONS, F.R. BANKS, AND HONEY MARKET MUTUAL FUNDS.7/ KET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK

SYSTEM, AND MONEY MARKET MUTUAL FUNDS.8/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.


H.6 (508)Table 4MEMORANDA ITEMSBillions of dollars, not seasonally adjusted

Date

1981-DEC.

1982-JAN.FEB.MAR..

APR.MAY.JUNE

JOLYAOG.SEPT.

OCT.MOV.DEC.

1983-JAN. P

REEK ENDING:

1983JAN. 5

121926 P

FEB. 2 P

Demand deposits at banks due to

foreigncommercial

banks

12.4

10.910.3

9.5

8.89.49.4

9.68.68.4

8.46.48.6

7 . 9

7.78.07.88.0

7 .8

foreignofficial

institutions

2 . 6

2.52.22.2

2.02.12.4

2.52.32.0

2.21.92.1

2 . 1

2,12.22.12.0

2.3

Time andsavings

due to foreigncommericalbanks and

foreign officialinstitutions

9 .2

8.88.48.3

8.49.19.6

9.99.79.4

9.29.29.0

8 .7

8.98.78.78.6

8 .7

U.S.demand deposits at

commercialbanks

3 .0

2.92.82.7

3.62.63.2

2.52.33.3

2.52.62.9

2 .8

2.62.53.72.7

2 . 5

FederalReserveBanks

2 . 9

4.75.53.3

4.54.53.3

3.33.33.8

3.23.13.2

3 . 3

4.22.93.13.9

2 . 5

government deposits

note balancesat commercial

banks and thriftinstitutions

8 . 1

11.517.212.7

10.112.7

7.5

5.75.89.0

13.85.37.9

13.5

13.412.212.514.9

14.6

total demanddeposits andnote balances

14.0

19.025.518.8

18.219.814.0

11.611.416.1

19.510.914.0

19.6

20.117.619.321.5

19.5 .

time and savingsdeposits at

commercialbanks

0 .7

0.70.70.8

0.90.91.0

(1

).91.01.1

1.11.1I.I

1.0

1.11.11.00.9

1.0

IRA and Keogh Accounts

commericalbanks

8 . 1

8.59.8

11.1

12.614.014.7

15.215.616.0

16.617.217.9

19.3

thriftinstitutions

18.2

18.719.620.8

22.523.323.8

24,525.125.8

26.827.528.3

29.4

moneymarket

mutual funds

2 . 2

2.42.73.0

3.43.73.9

4.14.24.3

4.44.54.7

4 . 8

total

28.5

29.632.135.0

38.541.042.5

43.844.946.2

47.849.250.9

53.5


Appendix Table 1

SEASONAL FACTORS-MONTHLYCURRENCY, TRAVELERS CHECKS AND DEPOSIT COMPONENTS OF THE NET MONEY STOCK

1982-1983

1982-JANUARYFEBRUARYMARCHAPRILMAYJUNEJULYAUGUSTSEPTEMBEROCTOBERNOVEMBERDECEMBER

1983-JANUARYFEBRUARYMARCHAPRILMAYJUNEJULYAUGUSTSEPTEMBEROCTOBERNOVEMBERDECEMBER

Currency

1

I .9942i .9868

.9889

.9950

.99851.0006

i 1.00771.0033.9978*.9997

1.00591 1.0181

.9925

.9860

.9881

.9956

.99701.00021.00821.0024.9974.9979

1.00551.0181

I

Nonbanktravelerschecks

2

.9497

.9543

.9521

.9447

.96741.04811.11141.10051.05471.0041.9594.9533

.9503

.9553

.9525

.9443

.96661.0488 I1.11101.09991.05371.0039.9592.9540

i

Transac-t ion

deposits *'3

1.0234.9748.9809

1.0247.9804.9910.9949.9850.9932

1.00551.01301.0312

1.0255.9762.9816

1.0249.9806.9901.9933.9840.9923

1.00521.01351.0319

Demanddeposits*'r 41.0224.9740.9795

1.0154.9816.9928.9981.9877.9951

1.00651.01261.0331

1.0239.9751.9797

1.0147.9821.9922.9971.9872.9946

1.00621.01291.0338

Commercial Banks

Savingsdeposits

5

.9901

.9888

.99571.00691.00511.00371.01031.00571.00071.0043.9929.9899

.9908

.9916

.99861.00841.00661.00481.00991.0039.9983

1.0022.9925.9895

Smalldenom-ination

timedeposits

6

1.00031.00531.00791.00431.00591.0050.9979.9971.9956.9958.9947.9922

.99901.00471.00721.00391.00531.0047.9982.9980.9967.9970.9945.9916

Largedenom-inat ion

timedeposits

7 ]

1.01411.01761.0097.9925.9943.9867.9847.9936.9967.9989

1.00331.0111

1.01141.01491.0077.9917.9939.9886.9876.9964.9982.9993

1.00271.0093

Thrift

Savingsdeposits

811.0027.9976

1.00201.00811.00271.00421.0103.9957.9899.9953.9909.9955

1.00541.00031.00391.00921.00351.00361.0091.9940

I .9878I .9939

.99121 .9958

Institut ionsSmall

denom- iination

timedeposits |

9 I

1.0044 11.0050 |1.0046 |1.0047 I1.0025 I1.0004 I.9990 |.9958 I.9950 1.9978.9973.9952

1.00351.00421.00381.00411.00221.0007.9995

1 .9967I .99581 .9982I .9971I .9946I

Largedenom-inat iontime

deposits10

1.00951.01661.0098.9947

1.0006.9947.9923.9957.9951.9970.9926.9962

1.01131.01911.0142.9956

1.0015.9934.9897.9940.9944.9966.^920.9962

1/ IN CONSTRUCTING Ml THE SEASONAL FACTORS FOR "TRANSACTION DEPOSITS11 ARE USED TO DERIVE THE SUM OF DEMAND DEPOSITS ANDOTHER CHECKABLE DEPOSITS, SEASONALLY ADJUSTED. THE DEMAND DEPOSIT COMPONENT SEASONALLY ADJUSTED IS CONSTRUCTED USINGTHE DEMAND DEPOSITS SEASONAL FACTORS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED IS DERIVED AS THE DIFFERENCEBETWEEN THESE TWO SERIES.


Appendix Table 2

SEASONAL FACTORS-WEEKLYCURRENCY AND DEPOSIT COMPONENTS OF Ml AND COMMERCIAL BANK DEPOSIT COMPONENTS OF BROADER AGCREGVT]

December 1982 T.December 1983

321201821203S2121S321222321229

830105836112830119630126830202830209830216830223830302830309830316830323830330830406830413830420830427830504830S11830S18830525830601830608630615630622830629830706830713830720830727830803830810830817S3032483083193090783091483092183092883100583101283iO19831026S31102S3U0933 211633112383113831107S31T.14831221S31228

Currency

1

1.0041.0191.0171.0221.02

1.0091.001

.993

.933

. 9 3

.994

.991

.981

. 9 8

.996

.992

.986

.9811.0031.004

.994

.985

.9931.005

.998

.992

.9951.0071.004

.999

.9911 .0181.0141 .006

.9971.0021.0141.008

.999

.9891.0121.001

.995

.984

.9971.0031

.992

.9921.0111.0081.0061.0031.0171.0171.0211.023

Demanddeposits

plusother

checkabledeposits 1 /

2

1 . 0 1 21 . 0 2 81 . 0 31.0291.02

1.0821.051.029

.986

.932

.984

.982

.962

.975

.988

.989

.974

.9691.0311.0371.0411.002

.999

.987

.982

.965

.978

.9971.004

.936

.9731 .0131.009

. 9 9

.966

.985

.994

.992

.975

.9771.0051.011

. 9 9

.9611.0031.0161.01

.9351.0061.021.0241.0031.O071.0291.0281.031.02

Demanddeposits 1 /

3

1 .0141 .0261 . 0 3 31 .0341 . 0 2 6

1 . 0 8 51 .0451 .026

. 9 8 2

. 9 8 6

. 9 8 2

. 9 8 1

. 9 6

. 9 7 3

. 9 8 4

. 9 8 9

. 9 7 3

. 9 6 71 . 0 2 31 .0241 . 0 2 6

. 9 9 41

. 9 8 5

. 9 8 5

. 9 6 6

. 9 8

. 9 9 61 .005

. 9 8 8

. 9 7 61 .021 .01

. 9 9 7

. 9 7

.992

.995

.994

.977

. 9 31.0031.013

.992

.9671.011.0171.01

.9861.0111.0191.024

.9991.0081.0291.0271.0331.027

Commercial Banks

Savingsdeposits

4

.99057

.99424

.99324

.98918

.98709

.99156

.99432

.99109

.98706

.9856

.98907

.99019

.98881

.98821

.99177

.99413

.996571.00161.01241.0131.00411.0OO91.00331.0061.00621.00471.0O371.00541.00431 .0021.00341.01051.01241.01081.00311.00731.00851.00761.00511.00241.00291.0032

.99919

.997591.00571.00831.00551.0012

.99723

.99633

.99391

.99074

.99024

.99424

.99324

.98919

.98709

Smalldenomination

timedeposits

5

.99536

.99259

.99231

.99235

.99319

.9972

.998321.00061.00131.00271.00441.00451.00531.00671.00831.00911.00341.00671.0044J1:

:

L.0039L.0O42L.00391 .0041L.00541.00621 .0064I .0071I .0081.0071 .0044I .001

.99963

.99859

.99767

.99713

.99706

.9977

.99723

.99662

.99606

.99756

.99681

.99548

.99452

.99447

.99568

.99637

.99651

.99574

.99463

.99451

.99461

.99637

.99259

.99231

.9923S

.99319

Lar& denomination

timedeposits

6 l

1 .01011.01131 .01261 .01021.0202

1.01991.01411.00941.01251.01731.02061.01741.01561.01851.01331.00881.00781.0094

.99983

.99509

.98737

.99306

.98643

.99054

.99272

.99893

.99934

.9937

.9869

.93162

.9844

.9841.3

.93157

.9815

.93946

.9901.1

.99223

.99111

.993911.00051.0001

.99361

.993561.0009

.995881.00191.0001

.99729

.99831

.998411.00041.0055.1 .00971.01131.01261.01021.0202


Supplementary Table

Levels and Annual GrowthRates of Ml Using Current* and ExperimentalAlternative^ Seasonal Adjustment Procedures

(Monthly average)

1982

1983

- January

February

March

April

May

June

July

August

September

October

November

December

- January

Levelsof

Current

447.6

447.9

448.6

449.3

452.4

453.4

454.4

458.3

463.2

468.8

474.1

478.3

482.2

in billionsdollarsExperimentalAlternative

445.8

447.0

449.7

451.2

452.3

453.3

452.0

456.8

462.8

468.0

474.9

478.6

481.1

Annual growthrates in percent

Current

19.6

0.8

1.9

1.9

8.3

2.7

2.6

10.3

12.8

14.5

13.6

10.6

9.8

ExperimentalAlternat ive

10.0

3.2

7.2

4.0

2.9

2.7

-3.4

12.7

15.8

13.5

17.7

9.3

6.3

1. Current monthly seasonal factors are derived using an X-11/ARIMA-based proce-dure.2. Alternative monthly seasonal factors are derived using an experimental model-based procedure. This procedure uses a combination of statistical regressionand time series modeling techniques to construct seasonal factors that are moresensitive than the current factors to unique characteristics of each series.These characteristics include, fixed and evolving seasonal patterns, tradingday effects, within-raonth seasonal variations, holiday effects, outlier adjust-ments, special events adjustments, and serially correlated noise components.


SPECIAL SUPPLEMENTARY TABLE

Variable-Ceiling Time Deposits and Retail Repurchase AgreementsAt All Insured Commercial Banks and All Mutual Savings Banks

November 30, 1982, December 29, 1982 and January 26, 1983(not seasonally adjusted)1

Liability Categories

Super NOW accounts(standard error of the estimate)2

Money market deposit accounts (MMDAs)3(standard error of the estimate)

(standard error of the estimate)

91-day money market cert ificates^(standard error of the estimate)

6-month money market certificates^(standard error of the estimate)

2-1/2 year and over variable ceilingcertificates7(standard error of the estimate)

3-1/2 year ceiling-free time depositsin:8

Fixed-rate accounts(standard error of the estimate)Variable-rate accounts(standard error of the estimate)

All IRA/Keogh Plan Deposits9

Ceiling-free IRA/Keogh TimeDeposits in:

Fixed-rate accounts(standard error of the estimate)Variable-rate accounts(standard error of the estimate)

All Other IRA/Keogh time andsavings deposits

(standard error of the estimate)

Retail repurchase agreements^(standard error of the estimate)

InsurecNov. 30

1 CommercialDec. 29

BanksJan. 26P

Amount outstanding($ millions)

14 711(726)

7,322(194)

226,682(2,030)

86,968(1,812)

2,760

2,614(221)146(61)

17,272

10,420

8,276(340)

2,144(137)

6,852(356)

7,677(772)

61,944(202)

9 714(644)

7,280(182)

218,657(1,895)

86,607(1,770)

3,269

3,125(263)144(63)

18,096

11,224

8,963(367)

2,261(143)

6,872(371)

5,937(683)

12,136(257)

136,737(856)

6 698(689)

6,300(171)

203,975(1,894)

87,655(1,768)

3,757

3,600(307)157(84)

19,763

12,837

10,190(411)

2,647(164)

6,926(383)

4,581(533)

MutuaNov. 30

L Savings BanksDec. 29 Jan. 26P

Amount outstanding($ millions)

831

(68)

916(32)

47,519(843)

26,506(535)

426

397(26)29(6)

i

6,199t

1,592

1,313(75)279(29)

4,607(190)

2,576(460)

8,352(22)

(22)

819(31)

45,728(717)

25,634(503)

485

455(32)30(7)

6,347

1,694

1,387(83)307(32)

4,653(192)

1,472(279)

528

18,081(120)

90S(14)

630(25)

40,620(757)

25,270(517)

547

515(36)32(7)

6,396

1,867

1,532(92)335(35)

4,529(191)

807(153)

1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about550 banks and 90 mutual savings banks.2. Super NOW accounts are NOW accounts containing an agreement between depositor and depository such that,provided certain conditionsincluding a $2,500 minimum balanceare met, soae or all funds deposited areeligible to earn more than 5.25 percent.3. Money market deposit accounts (MMDAs)Deposits with a $2,500 initial and average balance requirement,no required minimum maturity but institutions must reserve the right to require at least seven days'notice prior to withdrawal, no restrictions on depositor eligibility, or limitations on the amount ofinterest that may be paid unless the average balance falls below $2,500 during which period the NOWaccount rate ceiling applies; such accounts may allow up to six transfers per month, no more than threeof which may be by draft and may permit unlimited withdrawals by mail, messenger, or in person.4. 7- to 31-day money market certificates are nonnegotiable time deposits that require a minimum dailybalance of $20,000, but less than $100,000, and have an original maturity or required notice period ofat least 7 days but no more than 31 days. The maximum permissible rate of interest is tied to the discountyield (auction average) on the most recently issued 91-day Treasury bill.5. 91-day money market certificates are negotiable or nonnegotiable time deposits issued in denominationsof at least $7,500, but less than $100,000, with original maturities of exactly 91 days for which themaximum permissible rate of interest on new deposits is tied to the discount yield on the most recentlyissued 91-day (13-week) Treasury bill (auction average).6. 6-month money market certificates (MMCs) are nonnegotiable time deposits in denominations of $10;000,but less than $100,000, with original maturities of exactly 26 weeks for which the maximum*permissiblerate of interest on new deposits related to the discount yield on the most recently issued 6-monthTreasury bill (auction average).7. This category includes all 4-year and over variable ceiling accounts having no legal minimum denomina-tion issued between July 1 and December 31, 1979 and all 2-1/2 year and over variable ceiling accountsissued since January 1, 1980.8. Ceiling-free time deposits are all negotiable or nonnegotiable time deposits in denominations of lessthan $100,000 with original maturities of 3-1/2 years or more that were authorized beginning May 1, 1982.Fixed-rate accounts pay one rate of return over the life of the instrument, whereas variable rate accountspay a rate of return that may vary over the life of the instrument. Excludes IRA/Keogh accounts.9. Ceiling-free IRA/Keogh time deposits of less than $100,000 with original maturities of 1-1/2 years ofmore, were authorized beginning December 1, 1981. Fixed-rate accounts pay one rate of return over the lifeof the instrument, whereas variable rate accounts pay a rate of return that may change periodically over thelife of the instrument. All other IRA and Keogh Plan time and savings deposits include all IRA/Keogh timedeposits regardless of maturity or ceiling rate.10. Retail repurchase agreements are in denominations of less than $100,000 with maturities of less than 90days that arise from the transfer of direct obligations of, or obligations fully-guaranteed as to principaland interest by, the U.S. Government or an agency thereof.ppreliminary


SPECIAL SUPPLEMENTARY TABLE (CONTINUED):

Liability Categories

Super NOW accounts

Money market deposit accounts

7- to 31-day money market certificates

91-day money market certificates

6-month money market certificates

2-1/2 year and over variableceiling certificates

3-1/2 year ceiling-free IRA/Keoghtime deposits in:

Fixed-rate accountsVariable-rate accounts

All IRA and Keogh Plan deposits

Ceiling-free IRA/Keogh timedeposits in:

Fixed-rate accountsVariable-rate accounts

All Other IRA/Keogh time and savingdeposits

Retail repurchase agreements

Insured Commercial1 Nov. 30 Dec. 29

Number of Offering Inst

7,684

13,243

13,981

i13,588

N.A.

N.A.N.A.

1 N.A.

N.A.

11,2568,663

8,946

5,550

11,639

8,020

13,341

14,071

13,702

N.A.

4,1881,131

N.A.

N.A.

11,2588,840

9,021

5,727

BanksJan. 26Pitutions11,269

12,632

7,522

13,070

14,027

13,559

N.A.

4,3371,156

N.A.

N.A.

11,2588,917

8,862

5,168 |

MutualNov. 30 |Number of

239

386

422

422

N.A.

N.A.N.A.

N.A.

N.A.

388329

379

223 |

SavingsDec. 29

Offering

395

204

366

420

420

N.A.

14288

N.A.

N.A.

379332

357

229

BanksJan. 26P

InstitutionsI 250

1 400

I 189

I 373

I 418

418

N.A.

14070

N.A.

N.A.

378329

364

209N.A. - Data not available.

NOTE: See table 1.16 in the Federal Reserve Bulletin for regulatory ceiling rates on specific accountcategories.


h6_19830214_revision.pdf

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