h6_19810522.pdf

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

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


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.


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


and term RPs atcommercial banks

and thriftinstitutions 6

10.0

11.3

11.9

NOTE: SEE TABLE 1 FOR FOOTNOTES.


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/

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


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.


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.


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.


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


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.


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


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 .


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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