h6_19851212_note.pdf

FEDERAL RESERVE statistical release s:

For release atA:30 PM EST

H.6(508) December 12, 1985

NOTICE

Preliminary seasonal factors for components of the monetary

aggregates for January through March and the corresponding weeks of 1986

are shown on the last page of today's release. Seasonal factors for a l l

of 1986 wi l l be announced later .

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

FEDERAL RESERVE statistical release

H.6 (506)Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESBillions of dollars

For Release at 4.30 Eastern Time

DECBflBEB 1 2 ,

Date

1984—NOV.D E C

1 9 8 5 — J A B .FEB.BAR.APR.HAYJUNEJULYAUG.SEPT.OCT.MOV. P

1984—NOV.D E C

1 9 8 5 — J A M .FEB.BAR.APE.HAYJUREJULYAUG.SEPT.OCT.NOV. P

For period ended

1983-NOV. 4111825 P

D E C 2 P

M1

Sum of currency,travelers checks,

demand deposits andother checkable deposits1

553.8558.5

562.7569.4572.1574.9581.6591.2595.8605.9611.9611.1617.7

555.9570.4

568.3558.6564.9581.6576.2592.2599.1601.5608.6611.0619.9

M2M1 plus overnight RPs

and Eurodollars,MMMF balances (gen. pur.and broker/dealer), MMOAs,

and savings and smalltime deposits2

2346.32371.7

2398.92421.02*29.62427.72444.92472.92490.62514.12528.92533.42547.3

2344.42376.7

2404.22414.52429.92439.62441.02476.62496.62507.42517.62530.12545.2

M3M2 plus

large time deposits,term RPs. term Eurodollars

and institution-onlyMMMF balances'

Seasonally adjusted

2959.92995.0

3020.53041.03055.93056.63076.03102.93115.33140.63167.03177.33190.6

2960.43002.2

3024.33034.33057.63068.53073.93105.63117.53135.43155.23171.83191.2

L

M3 plus otherliquid assets4

3502.83541.3

3564.03595.53623.33625.23642.43671.63690.23728.23759.1

3503.13542.9

3568.93592.03629.63639.43637.33674.83692.23720,33747.1

Debt

Debt of domesticnonfinancia! sectors*

5850.95927.1

5994.06050.06104.26165.26228.06290.5635o.46420.26479.36541.9

5838.05921.2

5985.96027.66075.86136.96201.46266.96334.76400.86463.96526.5

M1Seasonally adjusted

13-week average

6 1 0 . 1610.9611.7612.7

614.0

4-week average

610.8612.9613.5615.9

619.3

week average

612.2613.8616.6620.8

626.1

Not seasonally adjusted13-week average

607.7608.8610.2611.8

613.8

4-week average

610.9612.4614.561d.O

620.6

week average

616.6619.8621.5613.9

627.1

MOTE: SPECIAL CAUTIOK SHOULD B4 TAKEN IM INTERPRETING BEEK-TO-SEEK CHANGES IN flONKY SUPPLY DATA, HHICH AREHIGHLY VOLATILE AMD SUBJECT TO REVISION.P—INDICATES PRELIMINARY DATA.FOOTIOTES APPEAR OM THE FOLLOWING PAGE


H b ̂ bOb)

Table 2

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

3 MONTHS FROM AUG. 1985 TO MOV. 1985

6 SOUTHS FROM SAT 1985 TO NOV. 1985

12 BOUTOS FROM 1OV. 1984 TO MOV. 1985

THIRTEEN WEEKS ENDING DEC. 2, 1985FROM THIRTEEN REEKS ENDING;

SEPT. 2, 1985 (13 HEEKS PRBflOUS)

JOWE 3, 1985 (26 HfiEKS PAEfXODS)

DEC. 3, 1984 (52 VKEKS PREVIOUS)

M1

7.8

12.4

11.5

10.5

12.9

11.4

M2

5.3

8.4

8.6

M3

6.4

7.5

7.8

Debt1

11.7

12.2

1J-3

1/ GROHTH RATES FOR DEBT ARE BASED OH PERIODS BEGINNING AMD KIDING ONE MONTH EARLIER THAU FOR THE HO MET AM I AGGREGATES,NAMELY, JULY 1985 TO OCTOBER 1985, APRIL 1985 TO OCTOBER 1985, AMD OCTOBER 1984 TO OCTOBER I9tib, RESPECTIVELY.

FOOTMOTES TO TABLE 11/ CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AMD THE VAULTS OF COMMERCIAL BANKS;

(2) TRAVELERS CHECKS OF MOMBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTdfiR THAN THOSE DUE TODOMESTIC BANKS, THE U.S. GOVERNMENT, AND FOREIGN BANKS AMD OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESSOF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING Q¥ NEGOTIA&LE ORDEROF HITHDRANAL (NOR) AND AUTOMATIC TRANSFER S&ZV1CE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,CREDIT ONION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMANDDEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BYTHRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.

2/ CONSISTS OF Ml PLUS OVERNIGHT (AMD CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARSISSUED XO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS WORLD HIDE, MMDAS, SAVINGS AND SHALL DENOMINATIONTIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN 1100,000), AND BALANCES IN BOTHTAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUUDS^ EXCLUDES IRA AND KEOGHBALANCES AT DEPOSITORY INSTITUTIONS AND HONEY MARKET FUNDS. ALSO E1CLUDES ALL BALANCES H£LD BY U.S. COMMERCIALBANKS. HONEY MARKET ¥U»DS (GENERAL PURPOSE AND BROKER/DEALER)0 FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, ANDTHE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATE!) AMOUNTOF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.

3/ CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF 1100,000 OR MORE) AND TERM RP LIABILITIES ISSUEDBY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. RESIDENTS AT tOUEUiH BRANCHES OF U.S. BANKSHORLDUIDB AID AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPTINSTITUTION-ONLY HOMEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEYMARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTSTHE ESTIMATED AMOUNT OF OVERMIGUT RPS AMD EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS.

4/ CONSISTS OF M3 PLUS Tflfc NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIALPAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKitT MUTUAL FUND HOLDINGS OF THESE ASSETS.

5/ DEBT OF DOMESTIC NOMFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,STATE AND LOCAL GOVERNMENTS AMD PRIVATE NONFIMANLIAL SECtOBSm PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOAMS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBTINSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL HESEBÊ BOARD'S FLOW OF FONDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTICNOMFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE FORM, f>EBXÊD BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THEDATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING FLO* OF tUUDS STATISTICS.THE PRESENTATION OF DEBT DATA IN THIS RELEASE DLtVa&S, THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED INIM THE FEDERAL RESERVE RELEASES 4.7 AMD Z. 1. IM THOSE RELEASES, PUBLISHED LEVELS OF CRJSDIl1 MARKET DEBT ARE MEASURED ON AA QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.


COMPONENTS OF THE MONEY STOCKl i l i m of doMaw, aaaaowatty abutted

Dato

1984 -HOf .DEC

1985-JAB.FEB*BAB.

APB.HATJOHB

JOLTAUG.SBPT.

OCT.BOf. P

BBBK BBDIHG

1985NOf. 4

111825 P

DBC. 2 P

Cunvicy1

157.9158.7

159.4160.5161.3

161.7163.1164.5

165.4167.1167.9

168.8169.9

169.7169.9169.6169.8

170.6

TwaHn

5.15.2

5.35.35.4

5.55.55.7

5.95.95.9

5.95.9

Damantf

2 4 b . 8248.6

249.1251.7251.9

252.5255.8260.7

260.9264.1266.8

264.0266.2

263.8262.4265.2269.5

272.6

ohacfcaMa

143.9146.0

149.0151.8153.6

155.3157.3160.3

163.6168.9171.3

172.4175.7

172.8175.6176.0175.7

177.0

' " "MluiijJ-IL

oofnp

1792.51813.3

1836.21851.61857.5

1852.71863.31881.7

1894.81908.11917.0

1922.31929.5

•acttona"*ar*t

Mi MS

613 .6623.3

621.6620.0626.3

628.9631.1630.0

624.7626.5638.1

643.9643.3

at

j banka123.8

, 122.6

121.6121.4120.3

119.6120.4121.9

123.2124.2124.6

125.1125.3

125.4125.2125.4125.4

125.2

rtngadapoMat

Mwtft

166.9166.0

166.9168.0168.4

168.3168.9170.2

172.8176.1177.1

179.3180.4

i

290.7264.6

288.6289*4288.6

287.8289.3292.1

296.0300.3301.7

304.4305.7

8MMat

banfca334.5337.0

384.7382.0382.8

387.6390.0390.7

388.4384.1382.8

381.8381.6

380.8381.0381.5382.1

382.5

fltfetwoaaoiat

494.0498.6

497.2

495.8

497.8502.0503.4

500.1494.3491.6

489.9489.9

tote*

878.5885.6

881.9877.6878.6

885.3692.0894.2

868.5878.4874.4

871.6871.5

at

bai*a»2t»J.6264.4

262.3264.4269.4

273.0272.1267.7

26 5. 7267.6272.9

277.2280.0

279.5281.1279.1279.6

280.4

r •*147. 1151.8

154.6154.9154.2

154.4156.1156.4

154.2153.7155.7

156.1157.6

iMa"

total

410.7416.2

416.9419.3423.6

427.3428.2424.1

420.0421.3428.5

433.3437.5

1/ COBBBBCT OOTSIOB TBB O.S. TBBASOBI, FBDKBAL BBSBBfB BAIKS ABD fAOLTS OF COHHXBCIAL BABKS. BICL0DBS THB BSTIHATBDAHOUHT OP fAOLT CASB UBLD BT THBIPT IVSTITOTIOBS TO SBBIICB TUII OCO LIABILITIES.

2/ OOTSTABDIHG ABOOBT OP O.S. DOLLAB-DBBOHIHATED THATKLE1S CBBCKS OP BOBBABK ISS01BS. TBAIBJLBBS CHECKS ISSUBD Bf DB POSIT OB IINSTITOTIOBS ABB IICLODBO IB DEHAID DEPOSITS.

3/ DBBABD DEPOSITS AT COBBBBCIAL BABKS ABO F0BBI6B iELATED IBSTITOTIOBS OTBBft TBAB THOSB OOB TO DOHBSTIC BABKS, THE O.S. GOfBBB-HEMT ABO POBBIG8 BABKS ABO OFFICIAL IBSTITUTIOBS LBSS CASB ITBBS IB TBB PBOCBSS OP COLLECTION ABO FSDEBAL MMSEBVE FLOAT.EXCLUDES TUB ESTIBATBD ABOOBT OF DBBABD DEPOSITS HELD AT COflBBBCZLAL BABKS Bl TUBIFT IBSTITOTIOBS TO SB* ¥ ICE TBBIB OCDLIABILITIES.

4/ COBSISTS OF BOB ABD ATS BALABCBS AT ALL DBPOSITOBI IBSTITOTIOBS, CBBDIT OBIOfl SIABB DBAFT BALABCBS ABDDBBABD DEPOSITS AT THRIFT IMSTITOTIOBS. OTBBB CHECKABLE DEPOSITS SEASONALLY ADJOSTBD EQUALS TBB DIFFBBEBCB BETIEEI TBBSBASOBALLT ADJOSTBD SOB OF DBBABD DEPOSITS PLUS OCD ABD SEASOBALLI ADJOSTBO DBflABD DEPOSITS. IBCLODBD ABB ALL CBILIBGFBBB "SOPBB BOVS," AUTBOBIXED BT TBB DEPOSITOBT IBSTITOTIOBS DEBEGOLATIOi COBWITTBE TO BE OFFBBBD BBttlBBIBG JABOABT 5#1983.

5/ SOB OF OfBBBIGBT BPS ABD OfElBIGHT BOBODOLLABS, BOBBT BABKBT FOBD BALABCBS (GBBBBAL POBPOSB ABD BBOKBB/DBALSB).*BBDAS# ABD SATIBGS ABD SHALL TINE DEPOSITS, LBSS THE COBSOLIDATIOB ADJOSTBBHT THAT RBPBBSBMTS TBB BSTIBATBD ABOOMT OFDBflABD DEPOSITS ABD fAOLT CASH HELD BT THBIFT IBSTITOTIOBS TO SEBflCE THKIi TIflB SiD SAflBGS DEPOSITS LIABILITIES.

6/ SOB OF LABGB TIHB DEPOSITS, TBBB BPS ABD TEBfl BOBODOLLABS OF O.S. BESIDEBTS# gOSBf BASKET FUBD UALAtfCBS (IBSTITOTIOB-OBLT), LBSS A COBSOLIDATIOB ADJUSTBBBT THAT gBPBESEBTS THE BSTIfiATBD AflOOBT OF OVÂBIGUT UPS ABD BOBODOLLABS HELD BTIHSTITUTXOH-OBLr HONET HABKET FORDS.

7/ SAflBGS DEPOSITS EXCLUDE HHDAS.8/ SHALL DBI0HI1ATI0H TIRE DEPOSITS— IBCLODIBG BBTAIL BPS— ABB THOSE ISSOJSD 111 £r:r

IMDIflDUAL tt£TIHt£AeST ACCOUBTS (IBA) ABD KBOGti ACCOUITS AT COHBBBCIAL BASKS UC rTINE DEPOSITS.

9/ LABGB DZHOfllKATIOR TIHB DEPOSITS kUE THOSE ISSU&) IB AHOOMTS OF $100,300 CB X^Jtt,IMTEBMATIONAL BAMKIIG FACILITIES.

10/ LARGE DKNOHI8AT7ON XIHB DEPOSITS A COflflBHCIAL BABKS LESS THOSE HELD BT HONElt MAfiiXBT KdTÂL FUKttS,1M •"fpT TUTIONS AND POREKiii BANKS AND OFFICIAL IMSTITtlTinMS •

OF L«SS THA» $100,000. ALLASK 5U8TB&CT&J FBOfl SHALL

BtCLUDLKii THOScI ftOOKKD AT


H.6 (506)Table 4

COMPONENTS OF LIQUID ASSETS AND DEBTBillions of dollars, seasonally adjusted

Oftie

1984-OCT.NOV.DEC.

1 9 8 5 - J A N .FEB.MAfi.

APB.HAYJUNE

JULYAUG.SEPT.

OCT. P

savings bonds

73.773.974.1

74.474.975.3

75.876.276. $

76.777.278.1

Non-M3 components of L.short-term treasury

securities'

273.1268.0267.2

266.7270.3275.9

277.8276.8284.6

284.4285.5287.1

bankers acceptances3

44.843.443.2

42.844.646.4

46.144.842.8

42.742.942.8

commercial p

156,7157.616U6

159.6164.8169.8

168.9168.6164.7

171.1182.0184.2

federal debtDebt component sT*

h. 21347.61367.4

4. 91399-41409.3

3 423.11441.41458.3

1478. $1496. 1

1516.6

non-federal debt

4448.74503.34559.7

4609.14650.64694.9

4742.04786.54832.2

4877.94924.14973.7

5025.3

1/ CONSISTS OP U.S. TREASURY BILLS AMD COUPONS WITH BEHAINING HATUfllTliJS OF LESS THAN 12 HONTHS HRLD BY QTHKB THAU DEPOSITOBYINSTITUTIONS, FEDEBAL BBSEBVE BAMKS, BOHEI HABKET HOTOAL F01DS AND FOBEIGM ENTITIES.

2/ NET OF BAHKEAS ACCEPTANCES HELD BY ACCBPTING BANKS, FEDKBAL BESEBVE BANKS, FOBEXGN OFFICIAL INSTITUTIONS, THE FEDEBALHOME LOAN BANK SYSTEM AND HONEY BASKET HUTDAL FUNDS.

3/ TOTAL CUHflEBCIAL PAPEB LESS COHNEBCIAL PAPEB HELD BK HONEY BASKET HQTUAL FUNDS.4/ DEBT DATA ABE ON A MONTHLY AVEBAGE BASIS, DERIVED BY AV3BAGING END-OF-HONTH LEVELS OF ADJACENT HONTUS, AND HAVE BEEN

ADJUSTED TO BEHOVE DISCONTINUITIES.


H.6 (506)Table 5

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

Date

1984-NOV.DEC

1985-JAN.FEB.MAR.

APR.HATJUNE

JULTAUG.SEPT.

OCT.HOY. P

HEEK ENDING:

1985-NOV. 4111825 P

DEC 2 P

Currency1

158.7160.9

158.3158.6159.8

161.2163.2165.2

166.8167.7167.6

168.5170.7

169.2171.4170.3169.8

171.7

Travelerschecks2

4.84.9

4.95.05.1

5.25.46.0

6.66.56.2

5.95.6

Demanddeposits1

248.9257.4

254.9244.9246.3

255.1251.4259.8

262.2260.9265.5

265.4268.4

267.7266.0270.1265.9

274.3

Other checkable deposits

at commercialbanks4

103.1105.9

108.3107.8109.9

114.1110.5113.8

115.0117.1119.0

119.8122.6

121.4123.4122.8121.3

122.7

1 / CURRENCY OUTSIDE THE U .S . TREASURY, FEDERAL RESERVE BARKS

at thriftinstitutions*

40.441.3

41.842.343.8

46.145.747.4

48.549.350.3

51.452.7

52.653.452.851.4

53.0

total

143.4147.2

150.1150.1153.6

160.1156.2161.3

163.5166.4169.3

171.2175.3

174.0176.8175.6172.7

175.7

Nontransactions components

in M2*

1788.51806.3

1835.91855.91865.0

1858.01864.81884.4

1897.51905.81909.0

1919.11925-2

AID THE TAOLTS OF COHHERCIAL

in M3 only7

616.0625.4

620. 161* .8627.7

628.9632.9629.0

620.9628.0637.6

641.7646.0

..Overnight

RPs1

47.945.2

48.756.355.7

47.451.350.3

50.251.952.7

53.155.4

54.251.955.159.5

55.6

3ANKS. EXCLUDES THE

OvernightEurodollars*

10.112.4

14.213.312.4

12.012.812.7

12.414.213.9

14.514.1

15.013.314.214.9

13.5

ESTIHATED

Generalpurpose andbroker/dealer

money marketfunds

162.0167.5

171.9175.1177.6

176.2172.2175.4

175.8176.8176.7

176.9176.4

176.4176.5175.9176.7

176.5

AMOUNT OF TAULT CASH HELD BT THRIFT INSTITUTIONS TO SERTICE THEIR OCD LIABILITIES.2/ OUTSTANDING AHOONT OF U.S. DOLLAB-DEIOHINATED TRAVELERS CHECKS OF RONBANK ISSUERS. TRAVELERS CHECKS ISSUED BT DEPOSITORT

INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.3/ DEMAND DEPOSITS AT COHHERCIAL BANKS OTHER THAN THOSE DOS TO DOHSSTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND

OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F-R. FLOAT, LESS THE ESTIMATED AHOONT OF DEMANDDEPOSITS HELD AT COHHERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.

4/ CONSISTS OF NO! AKD ATS BALANCES AT COHHERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACTCORPORATIONS. INCLUDES SUPER SOWS OF $43.8 BILLION IN THE IBEK END NOVEMBER 18. $43.5 BILLION IN THE REEK ENDEDNOVEMBER 25, AND $44.0 BILLION IN THE NEEK ENDED DECEMBER 2.

5/ CONSISTS OF NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHAREDRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS. INCLUDES SUPER NOUS OF $18.6 BILLION IN THE HEEK ENDED NOVEMBER 18,$18.3 BILLION IN THE HEEK ENDED NOVEMBER 25,, AND $18.7 BILLION IN THE HEEK ENDED DECEMBER 2.

6/ SUM OF OVERNIGHT RPS AND EURODOLLARS, MONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), MIDAS AND SAVINGSAND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BI THRIFT INSTITUTIONS TO SERVICETHEIR TIME AND SAVINGS DEPOSIT LIABILITIES.

7/ SUM OF LARGE TIME DEPOSITS, TEHH RPS AND EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTION-ONLY), LESS ACONSOLIDATION ADJUSTMENT THAT RilPHKSENTS THE ESTIMATED AMOUNT OF OVERNIGHT fiPS AND EURODOLLARS HELD til INSTITUTION-ONLYMONET MARKET MUTUAL FUNDS.

8/ CONSISTS OF OVERHlCiUI AND CONTINUING CONTRACT RPS ISSUED BI COMMERCIAL BANKS TO OTHER THAN DEPOSITOR* INSTITUTIONS ANDMON£Y MARKET MUTUAL FUNDS (GENERAL PURPOSE AMD BROKKR/DEALEK).

9/ ISSUED BY FORfcIGN BhANCHKS OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHEK THAN DEPOSITOR* IN STITUTJLONS ANDHUNKY MAKKET MUTUAL FUNDS (GENKHAL PURPOSE AND lifcOKEK/DKA LEH) .


H 6 (508)Table 5-continued

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

Date

1 9 8 4 - N O ? .DEC.

1 9 8 5 - J A N .PEB.HAB.

APB.HATJUNE

JOLTAUG.SEPT.

OCT.NOV. P

0EEK ENDING

1985HO?. 4

111825 P

DEC. 2 P

Money market deposit accountsat

commercialbanks

257.1267.1

280.4289.3294.0

295.9298.3307.3

313.0317.7321.2

324.3329.1

327.0328.4329.4330.0

330.3

atthrift

institutions

145.4147.9

153.2159.0163.9

164.5165.5167.8

171.1174.3175.5

176.8177.3

total

402.4415.1

433.7448.3457.9

460.3463.8475.1

484.1492. 1496.7

501.1506.4

Savings deposits1

atcommercial

banks

122.7121.4

121.1120.4120.6

120.9121.7123.2

124.3124.0123.7

124.5124.3

124.3124.4124.4124.2

123.9

atthrift

institutions

166.1164.9

165.7166.5168.2

169.3170.1172.6

175.1175.5176.0

179-0179.6

total

288.8286.3

286.9286.9288.8

290.2291.8295.8

299.4299.5299.7

303.6303.8

Small denomination time deposits'atat

commercialbanks

387.1387.6

386.3384.1383.7

383.9385.2386.4

386.4385.4385.2

384.9384.2

384.1384.3J84.1384.4

384.3

thriftinstitutions

497.4499.4

502.0499-5496.3

49 5.6495.5496.7

497.5494.0492-3

493.6493.5

884.5887.0

488.488J.6880.0

879.48ti0.8883.1

88 J. 9879.4877.5

878.4tt77.7

Laroe_denomina1 ton time deposits'" a t "

commercialbanks4

278.9279.7278.6^80.9

281.3

thriftinstitutions

total

263.6265.9

^63.0^63.9269.8

270.4270.0267.2

264.9i69. 4274.5

J78. 22 79.9

147.6151.1

154.1154.9153.3

153.4156-1156-0

154.3155.1156.3

157.4158.2

411.2416.9

417. 1418.8423.0

423.8426.0423.2

419.2424.5430.8

435.6438.0

... .„.. i i ...1/ SAVINGS DEPOSITS EXCLUDE MMDAS.2/ SMALL DENOMINATION TIME DEPOSITS -- INCLUDING BBTAIL EPS -- ARR THOSE ISSUED II AMOUNTS Or LESS THAN $100,000. ALL

INDIVIDUAL RETIBEMBNT ACCOUNTS (IBA) AND KKOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ABIE SUBTRACTED FBON SHALLTIME DEPOSITS.

3/ LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OP $100,000 OR MURE, EXCLUDING THOSE BOOKED AT INTERNATIONALBANKING FACILITIES (IBFS).

'*/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL HANKS LESS THOSE HELD BT MONEY MARKET MUTUAL FUNDS, DEPOSITORYINSTITUTIONS AND FOREIGN HANKS AND OFPICIAL 1MSTITUT1ONS-


H.6(506)Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBTBillions of dollars, not seasonally adjuttad

Date

1984-NOV.DEC.

1985 -JAN.FEB,MAR.

APR-MAYJUNE

JULYAUG.SEPT.

OCT.NOV. P

WEEK ENDING:

1985-NOV. 4111825 P

DEC 2 P

Institutiononly money

market funds

58.362.7

65.062.259.5

59.663.567.1

65.063.662.3

63.364.5

64.864.063.765.4

64.5

at commercialbanks

35.432.5

29.931.232.7

35.233.433. 1

31.132.133.1

31.833.6

32.232.632.831.6

39.8

Term RPS

at thriftinstitution*

35.337.3

J5.1J4.536.2

36. a35.433.8

33.935.337.2

38.539.3

total

70.769.7

65.065.768.9

71.968.866.9

65.067.470.3

70.372.9

wrmEurodollars*

81.983.2

81.181.384.7

80.780.878.3

77.478.378.8

78.077.0

Savingsbonds

74.074.4

74.674.975.3

75.676.176.5

76.677. 178.0

No*M3CaShort-tsrm

treasurysecurities*

265.1264.8

268.5273.8283.6

281.2274.6282.5

282.9283.9285.2

nponents of L

Bankersacceptances4

44.244.8

44.144.845. J

44.743.942.J

42.042.843.2

Commercialpaper*

159.4156.9

157.3164.2167.7

169.3168.8167.9

173.1181.0185.4

Component* of Debt

Federal debt

1343.01364.7

1383.11397.41412.0

1427. 11443.81457.9

1475.81495.81506.9

1515.5

Non-Federal*debt

4495.04556.4

4602.84630.14663.8

4709.84757.64809.0

4858.94905.0

' 4957.0

5013.0

1/ TERM EPS ABE THOSE HITfl ORIGINAL flATOHITIBS GREATER THAU OMB DAT, EXCLUDING CONTINUING CONTRACTS AND RETAIL BPS. INCLUDESA RELATIVELY SMALL AHOUNT OF OVERNIGHT RPS AT THRIFT INSTITUTIONS.

2/ TERM EURODOLLARS ARE THOSE 0ITH ORIGINAL MATURITIES GREATER THAN ONE DAT. CONSISTS OP THOSE ISSUED TO U.S. RESIDENTS BTFOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BI ALL BANKING OFFICES IN TflE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELDBT DEPOSITOR! INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS.

3/ CONSISTS OF U.S. TREASURY BILLS AND COUPONS 1ITH REMAINING MATURITIES OF LESS THAN 12 MONTHS HELD BI OTHER THAN DEPOSITORYINSTITUTIONS, FEDERAL RESERVE BANKS, MONEY MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.

4/ NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERTE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERALHOME LOAN BANK SYSTEM AND MONEY MARKET MUTUAL eUHDS^

5/ T0TAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD dX MONET MARKET MUTUAL FUNDS.6/ DEBT DATA ARE ON A MONTHLY AVERAGE BASIS. DERIVED BY AVERAGING END-OF-NONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN

ADJUSTED TO REMOVE DISCONTINUITIES.


H.6 (506)Table 6

MEMORANDUM ITEMSBillions of dollars, not seasonally adjusted

Date

1984-MO?.DEC.

1985-JAM.FEB.MAH.

APR.rlAIJUNE

JOLTAUG.SEPT.

OCT.MO?. P

WEEK SMDIIG:

1985MOV. 4

111825 P

DEC. 2 P

Demand deposits at bank* due to

foreigncommercial

banks

8 . 88 .6

8 . 58 . 37 . 5

7 . 67 . 87 . 8

7 . 97 . 67 . 9

7 . 97 . 8

7 . 87 . 87 . 97 . 8

7 . 8

foreignofficial

Institutions

2 . 12 . 0

1.92 . 11.8

1.92 . 11.9

1.81.92 . 0

1.82 . 1

1.82 . 12 . 11.9

2 . 4

Time andsavings

depositsdue to foreign

commercialbanks and

foreign officialinstitutions

9 . 49 . 6

9 . 28 . 98 . 7

8 . 58 .48 . 3

8 . 38 . 28 . 2

8 .48 . 5

8 .48 . 68 . 68 . 5

8 . 2

demanddeposits atcommercial

banks

2 .83.4

3.73 .13 .6

3.93-13 .4

3 . 12 . 83 .4

3 .03 .0

3 . 02.73 . 42 . 7

3 .2

U.S.

balances atFederalReserveBanks

3 . 23 . 4

4 . 04 . 33 . 8

6 . 66 . 72 . 8

4 . 03 . 04 . 3

3 . 12 . 8

2 . 53 . 2

2 . 8

2 . 2

government deposits

note balancesat commercial

banksand thrift

institutions

7 . 59 . 1

14.912.7

9 . 2

11.517.811.4

20.010.613.4

2 . 44 . 8

1.95 . 13 . 04 . 4

10.0

total demanddeposits and

note andFR balances

13.616.0

22.520.116.6

22.027.617.7

27.016.421. 1

8 . 510.7

7 . 411.19 . 69 . 8

15.4

timeand savingsdeposits atcommercial

banks

1.11.0

1.11 .11.0

1.01.01.0

1.01 .11 .1

1 .11.1

1 .11 .11.11 .1

1.2

IRA and Keogh Accounts

commercialbanks

43.243.8

45.347.048.8

53.555.155.9

56.757.457.8

58.258.8

thriftinstitutions

57.759.0

61.463.165.4

69.270.571.8

73.775.276.4

77.3e77. 9e

moneymarket

mutual funds

6 . 56 . 9

7 . 47 . 77 . 9

8 . 68 . 68 . 4

8 . 58 . 48 . 3

8.6e8.8e

total

107.3109.7

114.0117.9122,1

131.2134.2136.1

138.8140.9142.5

144. 1e145. 5e

e = estiaated


Supplementary Table 1

Levels and Annual Growth Rates of Ml Using Standard,1

Concurrent,2 and Experimental Alternative^Seasonal Adjustment Procedures

(Monthly average)

Levels in billions of dollarsExperimental

Standard Concurrent Alternative

Annual growth rates in percentExperimental

Standard Concurrent Alternative

1984 - October

November

December

1985 - January

February

March

April

May

June

July

August

Sep tember

Oc tober

November

548.3

553.8

558.5

562.7

569.4

572.1

574.9

581.6

591.2

595.8

605.9

611.9

611.1

617.7

549.3

553.5

558.2

562.4

569.7

573.0

576.2

582.6

590.6

595.6

604.3

610.2

612.4

617.6

548.1

551.5

557.2

561.4

570.0

574.4

576.2

583.2

592.4

596.7

604.4

609.8

610.3

615.6

-7.0

12.0

10.2

9.0

14.3

5.7

5.9

14.0

19.8

9.3

20.3

U.9

-1.6

13.0

-2.4

9.2

10.2

9.0

15.6

7.0

6.7

13.3

16.5

10.2

17.5

11.7

4.3

10.2

-2 .8

7.4

12.4

9.0

18.4

9.3

3.8

14.6

18.9

8.7

15.5

10.7

1.0

10.4

1. Standard monthly seasonal factors are derived at the beginning of each year by applyingan 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-ll/ARIMA-based procedure to data through that month.3. Alternative monthly seasonal factors are derived using an experimental model-basedprocedure. This procedure uses a combination of s ta t i s t i ca l regression and time seriesmodeling techniques to construct seasonal factors that are more sensitive than the stan-dard factors to unique characteristics of each ser ies . These characteristics includefixed and evolving seasonal patterns, trading day effects , within-raonth seasonal varia-tions, holiday ef fects , outlier adjustments, special events adjustments, and serial lycorrelated noise components.


Appendix Table 1Seasonal Factors for Ml, M2 and M3

Monthly, early 1986

1986—JanuaryFebruaryMarch

1986—JanuaryFebruaryMarch

Currency1

.9935

.9878

.9913

Nonbanktravelers

checks2

.9380

.9469

.9506

Commercial bank deposits

Savings1

.9950

.99181.0025

Smalldenomi-nation

time2

1.00461.00541.0020

Largedenomi-nation

time3

1.0023.9969

1.0003

Transactionsdeposits*

3

1.0174.9788.9865

Demanddeposits*

4

1.0233.9728.9778

Thrift institutions deposits

Savings4

.9925

.9905

.9988

Smalldenomi-nation

time5

1.00981.00811.0006

Largedenomi-nation

time6

.9959

.9989

.9935

Nontransactions ComponentsInM25

.99991.00281.0042

InM3 only

6

.9970

.99891.0023

Memo: Experimental Alternative(model-based) Seasonal Factors for Mi

Currency7

.9937

.9878

.9907

Nonbanktravelerschecks

8

.9380

.9469

.9506

Transactionsdeposits

9

1.0209.9765.9798

* Factors for transactions deposits are used to seasonally adjust the sum of demand deposits and othercheckable deposits. Seasonally adjusted other checkable deposits are seasonally adjusted transactionsdeposits minus seasonally adjusted demand deposits.


Appendix Table 2Seasonal Factors for Selected Components

of Ml, M2 and M3Weekly, early 1986

Weekended

1986

Jan. 6132027

Feb. 3101724

Mar. 310172431

Currency1

1.00651.0013

.9918

.9831

.9849

.9941

.9914

.9809

.9844

.9973

.9932

.9884

.9847

Transactionsdeposits*

2

1.06931.04491.0140

.9724

.9888

.9863

.9817

.9640

.9791

.9964

.9920

.9723

.9811

Demanddeposits*

3

1.08761.05411.0198

.9708

.9863

.9783

.9784

.9563

.9724

.9855

.9847

.9611

.9740

Commercial Bank Deposits

Savings4

.9962

.9978

.9955

.9929

.9910

.9920

.9919

.9913

.99331.00041.00171.00391.0080

Smalldenomi-nation

time5

1.00271.00411.00551.0056

1.00491.00471.00531.0064

1.00481.00321.00281.0010

.9995

Largedenomi-nation

time6

1.00661.00221.00041.0018

1.0001.9977.9956.9953

.99841.0018

.99811.00121.0006

* See notes to Appendix Table 1.


h6_19851212_note.pdf

Documents

week average610

federal reserve bank

week average616

week average612

federal reserve banks

adjusted13week average607

d e c1

amd kiding