h6_19810522.pdf
Transcript of h6_19810522.pdf
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FEDERAL RESERVE statistical release
H.6 (508)Table 1MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, seasonally adjusted unless otherwise noted
For Immediate Release
MAY 22, 1981
Date
1980 -APR.MAYJUNE
JULYAUG.SEPT.
OCT.NOV. PDEC. P
? 3 8 1 - J A N . PFEB. PMAR- P
APR, P
REEK ENDING:
1 9 8 1 - A P R . 1 P8 P
15 P22 P29 P
MAY 6 P13 P
M1-A
Currencyplus demand
deposits^
366.6367.0370.8
373.8379.5382.3
386.4388.2384.4
373.3366.6365.0
365.1
365.6366-1363.4365.8363.3
366.9365.0
M1-B
M1-Aplusother
checkabledeposits(OCD)2
386.5386.9391.0
395.4402.5407.0
411.6414.7411.3
416.0419.0422.9
429.5
424.3428.9427.9432.2427.8
431.0428.8
M1-BShift adjusted
M1-B lessshifts to OCD
fromnon-demand
depositsources**
4 1 2 - 44 1 2 - 94 1 5 . 4
420.2
Addenda:
Overnight RPsat commercial
banks plusovernight
Eurodollars^
NSA
2 2 . 123.324,6
29.131.633.0
32.532-632.1
32.631.732.9
31.7
33.931.932.326.035.9
36-732-8
Money marketmutual fund
shares
NSA
6 0 . 466.874-2
80.680.778.2
77.477.075.8
80.792.4
105.6
117.1
112.3115-7117.3117.5118.4
118.3118-1
M2
M1-B plusovernight RPs
andEurodollars,
MMMF shares,and savingsand small
time deposits^
1 5 5 1 . 21566.21587.6
1613.11632.71644.3
1653.61667.11668.7
1681.71695.41716.8
1733.6
M3
M2 plus largetime deposits
and term RPs^
1 8 1 1 . 91827-91848.2
1869.31891.91905.7
1920.01941.01952.2
1978.61996-42011-7
2028.1
L
M3 plus otherliquid assets
2 2 1 2 . 32226.02241.8
2259.62284.82300.6
2317.02346.72365.3
2398.22421.2
V
2/
3/
INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS 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 ANDF.R. FLOAT; AND (2) CURRENCY OUTSIDE THE TREASURY, F.R. BANKS AND THE VAULTS OF COMMERCIAL BANKS.NOW AND ATS ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMANDDEPOSITS AT MUTUAL SAVINGS BANKS.M1-B SHIFT ADJUSTED ABSTRACTS FROM SHIFTS IN 1981 INTO OCD FROM SOURCES OTHER THAN DEMAND DEPOSITS. FORDETAILS OF THE ADJUSTMENT PROCEDBRE, SEE THE SUPPLEMENTARY NOTE ON SHIFT ADJUSTMENT AT THE END OF THISRELEASE.
4/ OVERNIGHT (AND CONTINUING CONTRACT) RPS ARE THOSE ISSUED BY COMMERCIAL BANKS TO THE NONBANK PUBLIC, ANDOVERNIGHT EURODOLLARS ARE THOSE ISSUED BY CARIBBEAN BRANCHES OF MEMBER BANKS TO U.S NONBANK CUSTOMERS.
5/ INCLUDING SAVINGS AND SMALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS IN AMOUNTS OF LESS THAN $100,000)ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS. M2 WILL DIFFER FROM THE SuM OF COMPONENTS PRESENTEDIN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE AMOUNT OF DEMAND DEPOSITS HELD BYTHRIFT INSTITUTIONS AT COMMERCIAL BANKS.INCLUDING LAPGE DENOMINATION TIME DEPOSITS ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS IN AMOUNTS OF$100,000 OR MORE, EXCLUDING HOLDINGS OF DOMESTIC BANKS, THRIFT INSTITUTIONS, THE U.S. GOVERNMENT, MONEYMARKET MUTUAL FUNDS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.OTHER LIQOID ASSETS INCLUDE THE NONBANK PUBLICS HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TEEM TREASURYSECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND TERM EURODOLLARS NET OF MONEY MARKET MUTUAL FUNDHOLDINGS OF THESE ASSETS.
NOTE: P INDICATES PRELIMINARY DATA. SPECIAL CAUTION SHOULD BE TAKEN IN INTFRPRETING WEEK-TO-WEEK CHANGES INMONEY HuPPLY DATA, WHICH ARE DFTEN HIGHLY VOLATILE AND SUBJECT TO REVISION IN SUBSEQUENT WEEKS ANDHOVrHS. PRELIMINARY DATA ARE SUBJECT TO WEEKLY REVISIONS UNTIL THEY APE FINAL.
6/
7/
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 1A
MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, not seasonally adjusted
Date
1980-APR.MAYJUNE
JULYA0G.SEPT.
OCT.NOV. PDEC. P
1 9 8 1 - J A N . PFEB. PMAR. P
APE. P
WEEK ENDING:
1981-APR. 1 P8 P
15 P22 P29 P
MAY 6 P13 P
M1-A
Currencyplus demand
deposits^
370.0361.5369.7
375.5377.3382.6
388.0391.1394.7
377.3358.2358.3
368.3
358.7370.0371.4371.9359.8
364.9361.0
M1-B
M1-Aplusother
checkabledeposits(OCD)2
389.6380.5390.2
397.5400.5407.2
413.7417.7421.8
420.6409.4415.1
432.9
417.5433.5437.2438.7423.1
428.0423.6
M1-BShift adjusted
M1-B lessshifts to OCD
fromnon-demand
depositsources**
4 1 7 . 0403.4407.6
423.5
Addenda:
Overnight RPsat commercial
banks plusovernight
Eurodollars'*
NSA
2 2 . 123.324.6
29.131.633.0
32.532.632.1
32.631.732-9
31.7
33.931.932.326.035-9
36.732.8
Money marketmutual fund
shares
NSA
6 0 - 466.874.2
80.680.778.2
77.477.075.8
80.792.4
105.6
117.1
112.3115.7117.3117.51 1 8 . 4
1 1 8 . 31 1 8 . 1
M2
M1-B plusovernight RPs
andEurodollars,
MMMF shares,and savingsand small
time deposits5
1558.61560.81589.4
1618.01629.51642.3
1656.91665.71674.7
1684.71685.11711.8
1741.6
M3
M2 plus largetime deposits
and term RPs6
1 8 1 8 . 11821.71845.6
1870.81886.61902.3
1923.11942.11962.8
1984.31988.32009.4
2034.9
L
M3 plus otherliquid assets'
2221.32224.12241.0
2259.62278.62296.2
2318-02344.72372.0
2401.22414.4
NOTE: SEE TABLE 1 FOR FOOTNOTES.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 2MONEY STOCK MEASURES AND LIQUID ASSETSPercent change at seasonally adjusted annual rates
Date
APR. FROM:
JAN. 1981 (3 MONTHS PREVIOUS)
OCT. 1980 (6 MONTHS PREVIOUS)
APfi. 1980 (12 MONTHS PREVIOUS)
FOUR WEEKS ENDING: MAY 1 3 , 1981FROM FOUR WEEKS ENDING:
FEB. 1 1 , 1981 (13 WEEKS PREVIOUS)
NOV. 1 2 , 1980 (26 WEEKS PREVIOUS)
MAY 1 4 , 1980 (52 WEEKS PREVIOUS)
M1-A
Currencyplus demand
deposits1
-8.8
-11.0
-0.4
-3.6
-11.5
0.0
M1-B
MI-Aplusother checkable
deposits at banksand thrift
institutions2
13.0
8.7
11.1
12.9
8.0
11.6
M2M1-Bplus
overnight RPsand Eurodollars,
MMMF shares, andsavings and smalltime deposits at
commercial banksand thrift
institutions 5
1 2 . 3
9 . 7
1 1 . 8
M3
M2 plus largetime deposits
and term RPs atcommercial banks
and thriftinstitutions 6
10.0
11.3
11.9
NOTE: SEE TABLE 1 FOR FOOTNOTES.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 3COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, seasonally adjusted unless otherwise noted
Date
1980 -APR.MAYJUNE
JULYADG.SEPT.
OCT.NOV. PDEC- P
1 9 8 1 - J A N - PFEB. PMAR- P
APR. P
WEEK ENDING:
1981 -APR. 1 P8 P
15 P22 P29 P
MAY 6 P13 P
Currency1
1 0 9 . 1110.a111.2
112.2113.5113.8
114.9115.6116.2
116.6117.3117.9
119.0
118.4118.5118.6119.4119,3
119.5119.5
Demanddeposits2
257.4256-7259.6
261.7266.0268.9
271.5272.6268.2
256.7249-3247.1
246.1
247.2247.6244.8246.4244.0
247.4245.5
Othercheckabledeposits3
19.919.820.2
21.623.024.2
25.226.526.9
42-852.557.9
64.5
58.862-864.566.464.6
64.163-7
OvernightRPs(net) 4
NSA
1 9 . 420-521-7
25.527.929.2
28.127.927.6
27.426.828.5
27.1
29.227.827.821.330.7
30.127.7
OvernightEuro-
dollars5
NSA
2 . 72 - 82 - 9
3 . 63 . 73 . 7
4 . 44 . 74 . 6
5 - 14 . 94 . 4
4 . 7
4 - 74 - 14 . 54 . 65 . 2
6 . 55 . 1
Moneymarketmutualfunds 6NSA
6 0 . 466.874.2
80.680.778.2
77.477-075.8
80.792-4
105-6
117.1
112.3115.7117.3117.5118.4
118.3118.1
Savings depositsat
commercialbanks
177.6177.1180.7
185.9189,-4190.7
191.0191-8185.6
177.4174.0172-6
172.3
172.4172.9172-4171.5171.8
172.0171. 1
atthrift
institutions
204.7201 .1204.5
210.7216-0218.2
217.9215.1208,2
200-3196.5194,. 9
194.3
total
382.3378.1385.2
396.6405.4408.9
408-8406.8393.8
377.7370.5367.6
366.6
Small denomination time deposits?at
commercialbanks
270-7274.2274.0
273.9274.6276.4
279.0284.7293.1
303-2306.8310.9
312.0
311.7311.4312-0312.1312.1
312.7314-4
atthrift
institutions
432-4440-0441-6
440.64 4 1 . 1444.1
447.5454.64 65-9
474-7478.3480.2
4 79-9
total
703.1714.1715.6
714-5715.7720.4
726.5739.3759.0
777.9785.1791.1
791.9
1/
2/
3/
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H.6 (508)Table 3continuedCOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, seasonally adjusted unless otherwise noted
Date
1980-APR.MAYJUNE
JULYAUG.SEPT.
OCT.NOV. PDEC. P
1 9 8 1 - J A N . PFEB. PHAH. P
APR. P
WEEK ENDING:
1981 -APR. 1 P8 P
15 P22 P29 P
MAY 6 P13 P
Large denomination time deposits1at commercial
banks2
196.7197.0194.4188.6188.3190.0191.3196.2204.3214.0217.9214.1213.3
213.5211.8212.7213.3215.8215,4219.8
at thriftinstitutions
34.935.836.236.537.238.139.741.342.844.045.145.145.1
total
231.6232.8230.7225.1225.4228.0231.0237.4247-0258.1263.0259.2258.4
Term RPs3at commercial
banksNSA
22.522.523.524.727.326.428.028.928.931.130.528.528.9
29.227.327.433.528.027.628.9
at thriftinstitutions
NSA
6.76 .56.5
6.56 .57 .0
7.57.57.6
7.87,47.3
7 .2
totalNSA
29.128.930.031.133.833.5
35.536,536.538.837.935.836.1
TermEurodollars
(net)4NSA
49.950.348.948.448.445.2
43.646.148.450.050.8
Savingsbonds
75.474.273.773.573.273.0
72.872.672.3
71-971.1
Short-termTreasurysecurities^
145.6148.1144.6
142.9145-7148.5
151.1155.9159.7
165.5171.7
Bankersacceptances6
28.929.229.6
29.328.829.7
30.631,332.5
33.032.0
Commercialpaper?
1 0 0 . 696.596.7
96.296.898.3
98.ft99. $
100.2
99.299.4
1/ LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE.2/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS.3/ TERM RPS ARE THOSE WITH ORIGINAL MATURITY GFEATER THAN ONE DAY AND EXCLUDE CONTINUING CONTRACTS,.4/ TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY NET OF TERM EURODOLLARS HELD BY HONEY MARKET MUTUAL
FUNDS.5/ INCLUDES U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY THE NONBANK PUBLIC LESS SUCH
SECURITIES HELD BY MONEY MARKET MUTUAL FUNDS.6/ NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK
SYSTEM, AND MONEY MARKET MUTUAL FUNDS.7/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 3ACOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Date
1980-APR.MAYJUNE
JULYAUG.SEPT.
OCT.NOV. PDEC. P
1981-JAN. PFEB. PMAE. P
APR. P
WEEK ENDING:
1981-APR. 1 P8 P
15 P22 P29 P
MAY 6 P13 P
1 aujusicu
Currency1
108.7109 .9111 .2
112 .7113.7113.7
114.9116.6118.5
115.8115.9116.8
118.5
116.8119.2119.1118.5117.2
119.5119.7
Demand deposits
at memberbanks2
168.6161.3166.1
167.9169 .2173 .1
175.7175.7177.3
166.1151.3151.0
156.5
151.8156.9157.6159.7151.2
152.6149.5
at domesticnonmember
banks3
87.084.386.2
87.988.389.9
91.592.792.7
89.685.284.8
88.1
84.688.589.589. 185.9
87.686.3
at foreign-relatedbankingoffices
in the U.S.4
5 . 75 . 96 . 3
6 . 96 . 15 . 9
5 . 96 . 16 . 2
5 . 95 - 75 . 6
5 . 2
5 . 65 . 45 . 24 . 65 . 4
5 . 45.5
total
261.3251.5258.6262.7263.6268.9273.1274.5276.2261.5242.3241.4249.8
242.0250.8252.4253.3242.5
245.5241.3
Other checkable deposits
atcommercial
banks5
14.814.215.516.918.018.919.820.621-034.741.446.052.6
47.651.653.654.651.450.850.4
at thriftinstitutions^
4 . 84 . 84 . 9
5 . 15 . 25 . 6
5 . 96 . 06 . 1
8 . 69 . 9
10.812,0
11.211.912.212.311.912-212.2
total
19.519.020.4
22.023.224.6
25.726.627.1
43.351.256.8
64.6
58.863.565.866.963.3
63.162.6
OvernightRPs(net)7
19.420.521.725.527.929.228. 127.927.627.426.828.527.1
29.227.827.821.330.730.127.7
OvernightEurodollars 8
2 . 72 . 82 . 9
3 . 63 - 73 . 7
4 . 44 . 74 . 6
5 . 14 . 94 . 4
4 . 7
4 . 74 . 14 . 54 . 65.2
6.55.1
Money marketmutual funds9
60.466.874.2
80.680.778.277.477.075.880.792.4
105.6117.1
112.3115.7117.3117.5118.4118.3118. 1
1/ CURRENCY OUTSIDE THE U.S. TREASURY, F.R. BANKS AND THE VAULTS OF COMMERCIAL BANKS.2/ 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 SYSTEM.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 AT NONMEMBER BANKS.4/ DEPOSITS AS DESCRIBED IN FOOTNOTE 3 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS AND FOREIGN INVESTMENT
COMPANIES.5/ NOW AND ATS ACCOUNTS AT BANKS.6/ NOW ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.7/ INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED TO THE NONBANK PUBLIC BY COMMERCIAL BANKS NET OF AMOUNTS HELD BY MONEY
MARKET MUTUAL FUNDS.8/ ISSUED BY CARIBBEAN BRANCHES OF U.S. MEMBER BANKS TO U.S. NONBANK CUSTOMERS.9/ TOTAL MONEY MARKET MUTUAL FUND SHARES OUTSTANDING.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 3AcontinuedCOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Date
1 9 8 0 - A P R .MAYJUNE
JULYAUG.SEPT.
OCT.NOV. PDEC. P
1 9 8 1 - J A N . PFEB. PMAR. P
APR. P
WEEK ENDING:
1 9 8 1 - A P F . 1 P8 P
15 P22 P29 P
MAY 6 P13 P
Savings depositsat commercial
banks
1 7 8 . 0176.7181.2
187.6190.8191.6
192-9191.0184.1
176.5172.1171.6
172.5
172.7174.5173.5171.3170.9
171.1170.6
at savingsand loans
1 0 6 . 81 0 4 . 8108.3
112.9116.0117.7
117.2113.9109.0
103.7100.6101.0
101.5
at mutualsavings banks
54.353.254.2
55.756.657.0
56.755.453.5
51.750.850.7
50.7
atcredit unions
42.742.243.2
44.945.546.0
46.245.444.2
43.041.941.7
41.3
total
381.8376-9386.9
401.0408-8412.4
412.9405.8390.9
374.9365.3364.9
365.9
Small denomination time deposits1at commercial
banks
271.8275.8275.4
273.6273.2275.0
278-4282.7291.3
302.6308.7312.8
313.2
313-0312.4313.0313.6313~8
314.6316.3
at savingsand loans
339.3341.7341.7
340.2338.5339.8
343.7349-1358.0
365.3367.9369.3
368.6
at mutualsavings banks
85.686.987.1
86986-887.3
88.590.092.6
94.795^696.4
96-5
atcredit unions
1 1 . 212.012.4
12.212-612.7
13.114.115.5
16.517-418.2
18-8
total
707.9716.4716.6
712.9711,1714.9
723.7735.9757.4
779.1789.5796.6
797.2
1/ SMALL DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 3Acontinued
COMPONENTS OF MONEY STOCKBillions of dollars, not seasonally adjusted
Date
1 9 8 0 - A P R .MAYJUNE
JULYAUG.SEPT.
OCT.NOV. PDEC. P
1 9 8 1 - J A N . PFEB. PHAP. P
APR. P
WEEK ENDING:
1 9 8 1 - A P R . 1 P8 P
15 P22 P29 P
MAY 6 P13 P
MEASURES AND LIQUID ASSETSLarge denomination time deposits'1
atcommercial
banks?
195.9196.2189.818U.6185.4187.7190.6198.9209.4217.3220.9217.3212.6
215-6212.1211.8211.5214.6214.2219.0
at savingsand loans
31.632-833.534.135.035.937.138.039.140.441.141.341.4
at mutualsavingsbanks
2,92,92.9
2.92.92.9
3.03.03.0
3.13.33.2
3.2
total
230.4231.9226.2221.7223.3226.5230.7240.0251.5260.7265.3261.8257.2
Term RPs3at
commercialbanks
22.522-523.524.727.326.428.028.928.931.130.528.528.9
29.227-327.433.528.027.628.9
at thriftinstitutions
6.76-56.5
6.56.57.0
7.57.57.6
7.87.47.3
7.2
total
29.128.930.031.133,833.535.536.536,538.837.935.836.1
TermEurodollars
(net)4
49.950.348.948.448.445.243.646.148.450.050.8
Savingsbonds
7 5 . 173-973.573.373.273.173.072.972.771.971.1
Short-termTreasury
securities^
148.5151.9146.2142.1146.0148.8149.4152.0156.6163.5170.7
Bankersacceptances^
29.029.02 9,426.828.830.030.831-331.432.133.3
Commercialpaper7
100.797.497.396.295.696.898.1
100.3100.099.3
100,4
1/ LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OP $100,000 OH MORE.2/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT
INSTITUTIONS.3/ TERM RPS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY AND EXCLUDE CONTINUING CONTRACTS.4/ TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY NET OF TERM EURODOLLARS HELD BY MONEY MARKET MUTUAL
FUNDS.5/ INCLUDES U.S. TREASURY BILLS AND COUPONS WITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY THE NONBANK PUBLIC LESS SUCH
SECURITIES HELD BY MONEY MARKET MUTUAL FUNDS.6/ NET OF BANKERS ACCEPTANCES HELD, BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL HOME LOAN BANK
SYSTEM, AND MONEY MARKET MUTUAL 'FUNDS.7/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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H.6 (508)Table 4MEMORANDA ITEMSBillions of dollars,
Date
1 9 8 0 - A P P .MAYJUNE
JQLYAUG.SEPT.
OCT.NOV. PDEC. P
1 9 8 1 - J A N . PFEB. PMAP. P
APP. P
WEEK ENDING:
1981 -APR.
MAY
not seasonally adjusted
18
152229
613
PPPPP
PP
Demand deposits at banks due to
foreign commercialbanks
1 2 . 413.011.9
11.811.211.3
11.511.912.0
11.312.211.4
11.8
12.311.112-311.811.9
11.311.1
foreign officialinstitutions
3 . 83 . 73 . 2
3 . 33 . 22.9 j3 . 03 . 43 . 6
3 . 43 . 53 . 2
3 . 7
3 . 53 . 53 . 73 - 73 . 9
3 . 63 . 3
Tim*-? and savingsdeposits due to
foreign commercialbanks a^d foreign
official institutions
10.110.511.1
1 1 . 11 1 . 4
H . 611.511.7
11.611.511.4
11.2
11.411.211,211.211.2
11.311.4
demand de ,its atU.S. government deposits
commercial banks
3.62.63.2
3.22.83.2
3.02-52.7
2.82.72.7
3.7
1.93.63.83-93.8
3.62.1
Federal ReserveBanks
2.62.82-9
3. 13.33.3
3.23.02.7
3.23.33.0
3.4
2.92.93.04.03.5
4 . 23 . 3
note balances atcommercial
banks and thriftinstitutions
5.45.96.8
6.16-5
11.0
9.74.16.3
5.15.47.5
8.3
9.77.23.09.3
12.5
14.313.0
tot?> oemanddeposits andnot; balances
1 1 . 71 1 . 313.0
12.412.617.4
16.09.6
1 1 - 7
1 1 . 111c 413.2
15.3
14.513.7
9.917.119.9
22.018.4
time andsavings deposits atcommercial banks
0.90.90.8
0,80.80.9
0.80.80.8
0-80.80.8
0.8
0.80.80.80.80.8
0.60.8
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SPECIAL SUPPLEMENTARY TABLE
Variable Ce i l ing Time Deposits a t A l l InsuredCommercial Banks and Al l Mutual Savings Banks
Itebruary 25, 1981, March 25, 1981, and p r i l 29, 1981(Not Seasonal ly Adjusted) !
Feb. 25 March 25 April 29 Feb. 25 March 25 April 29
Amount outstanding:(millions of dollars)
26-month money market certif icates
(Standard error of the estimate)2J$ year and over variable cei l ing certif icates
(Standard error of the estimate)
Number of o f f e r i n g i n s t i t u t i o n s ;2
6-month money market c e r t i f i c a t e s2% year and o^ v^ r var iable c e i l i n g c e r t i f i c a t e s
192( 233
(
,718,054),870855)
198,I 2,34,
(
224260)924957)
200,( 1,35,
(
207816)235819)
51(13(
,493499)
,014335)
51 ,(13,I
969483)480430)
53,(14,(
253597)727509)
14,14,
298298
14,14,
291291
14,14,
282282
462462
462462
461461
Percent of offering inst i tut ions payingthe ce i l ing rate during the survey period;
2% year and over variable cei l ing cert i f icates 95.5 95.3 97.4 98.5 100.0 95.1
1/ Estimates for April are based on data collected by the Federal Reserve and the FDIC from a s trat i f i eddom sample of 510 corrnercial banks and 84 mutual savings banks.2 / Money irerket cert i f icates (MMCs) are nonnsgotiable time deposits in denominations of $10,000 or more withoriginal maturities of exactly 26 weeks for which the maximum permissible rate of interest on new deposits i srelated to the discount y ie ld on tlie most recently issued 6-month Treasury b i l l (auction average) . See Table1.16 in the Federal Rsserve Bulletin for speci f ic ce i l ing rates .3/ This category includes a l l 4-year and orer variable ce i l ing accounts having no legal irinimum denominationissued between July 1 and Decenber 31, 1979 and a l l such 2% year and over variable ce i l ing accounts issuedsince January 1, 1980. See Table 1.16 in the Bulletin for spec i f ic ce i l ing rates .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
NOTE ON SHIFT ADJUSTMENT
Seasonally adjusted Ml-B in 1^81 is constructed by adding the followingseasonally adjusted components: currency; the sum of demand deposits andother checkable deposits (apart from this year's accumulated trend growth)coming from demand deposits; other checkable deposits (apart from this year'saccumulated trend growth) coming from savings deposits; and a relatively smallaccumulated trend growth, amounting to $200 million per month in the firstseveral months of the year. This trend growth represents the expansion inother checkable deposits (OCD) balances only from accounts already inexistence at the end of 1980.
The share of not seasonally adjusted OCD growth apart from trend since thebeginning of 1981 attributable to demand deposits is estimated to be: about 75to 80 percent in January and 70 to 75 percent in February, March, and April.Thus, the share coming from savings accounts and other non-demand deposit sourcesis estimated to be: about 20 to 25 percent in January and 25 to 30 percent inFebruary, March, and April. (Calculations of shift adjusted M-lB use themid-points of these ranges).
These estimates are based on samples of depository institutions and house-holds and econometric evidence. For commercial banks, samples of about 100institutions, as well as econometric cross-section analysis of deposit flowsat about 9000 institutions, indicate that the proportion of inflows to newNOW accounts coming from demand deposits was somewhat above 80 percent inJanuary and somewhat below 80 percent in the following three months. Surveysof about 100 S&Ls indicate that the fraction of growth in OCDs at thriftscoming from sources outside these institutions was about 60 percent in Januaryand about 65 percent in March; thus, if such funds coming from outside aredistributed between demand deposit and non-demand deposit sources using thecommercial bank fraction, around one-half of OCD inflows at thrifts can bepresumed to come from demand deposits. An increase in the share of OCD in-flows going to thrift institutions since early in the year has tended tolower the fraction of OCD growth shifted from demand deposits. Small-scalesurveys of households conducted by the Survey Research Center of the Universityof Michigan confirm an overall fraction within the above-stated ranges.
In order to derive a seasonally adjusted Ml-B measure that abstracts fromshifts in 1981 into OCD from non-demand deposit sources, an estimate ofseasonally adjusted inflows to OCD from these sources must be subtracted fromMl-B. Such amounts are derived by multiplying the increase in OCD (notseasonally adjusted) in excess of trend in end-of-year OCD balances (notseasonally adjusted) by the mid-points of the ranges for the share coming fromnon-demand deposit sources; cumulative amounts are then seasonally adjustedby applying the seasonal factor for commercial bank savings deposits.
The shift adjusted procedure will be described in more detail in a forth-coming Federal Reserve Bulletin article.
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