h6_19840210_note.pdf

FEDERAL RESERVE statistical release

For release at4:15 PM EST

H.6(508) February 10, 1984

The accompanying standard Money Stock and Liquid Assets tables are

the final ones that present weekly data on a week-ended Wednesday basis and

weekly and monthly data not revised to incorporate updated seasonal adjust-

ment factors, benchmark revisions and a redefinition of M3 to incorporate

term Eurodollars held by U.S. residents.

This release also includes updated monthly seasonal adjustment

factors for all money stock measures. In addition, revised monthly levels

of the money stock measures are presented for the period from October 1982

to January 1984, together with a comparison of growth rates of the revised

and old money stock measures over the same period. (This comparison updates

information included in the Appendix to the February 6, 1984 Monetary Policy

Report to Congress.)

The next H.6 release, scheduled for Thursday, February 16, will

be published on the revised basis. All weekly data on that release will be

presented for weeks ending on Monday, to correspond with the new reporting

cycle under contemporaneous reserve requirements (CRR). The weekly seasonal

factors to be used in constructing these data are not yet available; such

factors will be published on February 16. In light of the substantial

changes to reporting and reserve computation and maintenance systems occa-

sioned by CRR, delays may occur in coming weeks in the publication of money

stock and related data and data revisions for a time could be larger than

normal.

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

FEDERAL RESERVE statistical release

H6(508)Table 1

MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars

For Release at 4:15 p.m Eastern Time

PBBBUaBY 10, 1984

Date

196 3JAN.FEB.MAR.APR.HAYJUNEJULYAOG.SEPT,OCT.NOV.DEC.

198*1JAN. P

M1

sum ofcurrency,travelerschecks,demand

deposits andother

checkabledeposits1

4 8 2 . 14 9 1 . 1497.6496.5507.4511.7515.5516.7517.1517.9518.3521.1

524.3

M2Seasonal!

M1 plusovernight RPs

and Eurodollars,MMMF

balances (gen.pur. and

broker/dealer),MMDAs,

and savingsand small time

deposits2

2010.02050.82069.92074.82096.22 1 1 4 . 42126.32136.92145.42161.62174.62184. 12191.9

M3i adjusted

M2 plus largetime deposits,term RPs and

institution-onlyMMMF

balances3

2403.32430.72447.12453.92476.22496.82510.32528.82544.92563.22588.72602.4

2614.5

M3 plus otherliquid assets4

2930.62960.22987.53005.83031.33058.63087.83116.23137.93155.2

M1

sum ofcurrency,travelerschecks,demand

deposits andother

checkabledeposits1

489.7480.6489.2504.5499.8508.3514.7511.6514.1519.5523.8535.3

532.2

M2 M3.,Not seasonally adjustedM1 plus

overnight RPsand Eurodollars,

MMMFbalances (gen.

pur. andbroker/dealer),

MMDAs,and savings

and small timedeposits2

2018.32042.52065.92088.52092.72114.12127.82129.22137.22160.62174.42190.9

2200.7

M2 plus largetime deposits,term RPs and

institution-onlyMMMF

balances3

2415.22427.12445.92465.42471.52495.42508. 125.19.82535.72561.72538.32610.9

2627.1

L

M3 plus otherliquid assets4

2945.52964.72992.23020.6302S.73054.93078.63102.93121.33150.3

For period ended

1934-JAN. 4111825 P

FEE. 1 P

M1Seasonally adjusted

13-weekaverage

519.4519.9520.4520.7

521.3

4-weekaverage

521.6523.0523.4523.4

524.0

week average

522.2526.3S23.6521.6

524.6

Not seasonally adjusted13-weekaverage

527.7529.2530.4530.8530.6

4-weekaverage

538.1541.5541.5537.7528.4

week average

551.2546.9536.0516.6514. 1

NOTE: SPECIAL CAUTION SHOULD BE TAKEH IH INTBBPRETIIG MEEK-TO-IEEK CHANGES III HONEY SUPPLY DATA, WHICHHIGHLY VOLATILE AMD SUBJECT TO REVISION.P~INDICATES PBELin iNlBY DATa.POOTNOTES APPEAR Oil THE POLLOVING PAGE


H.6(508)Table 2

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

Date

3 MONTHS FFOH OCT. 1983 TO JAN. 1984

6 HONTHS FROM JOLY 1983 TO JIM. 1984

12 MONTHS FROft JAN. 1983 TO JAN. 1984

THIRTEEN WEEKS ENDING FEB. . 1 , 1984FROM THIRTEEN WEEKS ENDING:

NOV. 2 , 1 9 8 3 ( 1 3 WEEKS PREVIOUS)

AUG. 3 , 1983 (26 WEEKS PREVIOUS)

FEB. 2 , 1983 (52 WEEKS PPEVIOOS)

M1

4 . 9

3 . 4

8 . 8

3 . 3

3 . 6

8 . 9

M2

5 . 6

6 . 2

9 . 0

M3

8 . 0

8 . 3

8 . 8

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

THE VAULTS OF COHHERCIAL BANKS; (2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITSAT ALL COMMERCIAL BANKS OTHEB THAN THOSE DUE TO DOHESTIC BANKS, THE U.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 DEPOSITOPYINSTITUTIONS OTHER THAN CREDIT UNIONS, CREDIT UNION SHARE DRAFT ACCOUNTS, AND DEMANDDEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE TH*ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONSTO SERVICE THEIR OCD LIABILITIES.

2/ INCLUDES OVEXNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND FURODOLLURSISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF TT.S. BANKS, HMDAS, SAVINGSAND SHALL DENOMINATION TIME DEPOSITS (TIME DEPOSITSINCLUDING RETAIL RPSIN AMOUNTS OF L?SSTHAN $100,000), AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BPOKEB/DEALEPMONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH BALANCES AT DEPOSITORY INSTITUTIONS AND MONFYMABKET FUNDS. ALSO EXCLUDES AMOUNTS HELD BY U.S. COMMERCIAL BANKS, HONEY MARKET FUNDS (GENERALPURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COHHERCIAL BANKS, AND THE U.S. GOVERNMENT.H2 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, MONEY MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. M3 WILLDIFFER FROM THE SUM OF COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENTTHAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS HELD BY INSTITUTION-ONLY MONEY HARKE"*MUTUAL FUNDS.

4/ OTHEB LIQUID ASSETS INCLUDE THE NONBANK PUBLIC HOLDING OF tl.S. SAVINGS BONDS, SHOPT-TPPHTREASUEY SECURITIES, COMMERCIAL PAPER, BANKERS ACCEPTANCES, AND TERM EURODOLLARS HgLfl BY U.S.RESIDENTS, NET OF MONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.


H.6 (508)

Table 3COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSButtons of dollars, seasonally adjusted unless otherwise noted

Date

198J-JAN.PBb*MAR.

APR.HAYJUNE

JULYAUG.SEPT.

OCT.MOV.ORC.

1984 -JAN. P

WEEK ENDING

1984JAN, 4

111625 P

FEB. 1 P

Currency'

1i4.1J5.137.

13d.139.140.

140.141.143.

144.14 5.

260

033

980

23

146.0

147.8

147.147.147.147.

148.

1578

2

Travelerschecks2

1i

4 .4 .4 .

4 .4 .4 .

4 .4 .4 .

4 .4 .4.

4.

135

677

b77

886

7

Demanddeposits3

239.238.240.

238.242.244.

245.244.24 3.

242.2 4 1 .243.

243.

244.246.243.239.

2 4 1 .

471

950

854

961

3

5378

8

Othercheckabledeposits4

104. t>112 .5116.0115.0120.9122.7

124.2125.8126.0126.0126.5127.1

128.4

125.9127.7127.5129.2

129.8

OvernightRPs5

NSA

40. 141.04 0.9

42.546.046.6

43.542.142.945.244.845.346.7

45.246.846.147.0

48.0

OvernightEuro-

dollars6

NSA

7. 27 . 97 . 9

a. 19. 19.4

9 . 210.010. 1

11.310.410.911.0

12. 211. 111. 111. 1

10.0

Moneymarketdeposit

accounts 7NSA

18 9 .277.320.

34 1 .356.367*

368*366.366.

367.36 9 .372.

376.

374.376.376.376.

377.

175

263

439

414

7

5896

8

Savings depositsBat

commer-cial

banks

151.7144.7142.3

14O%8140.8140.6

139.6136.3137.3

136. 1135.2133.9

133.0

133.5133.2133.0132.9

132.8

atthrift

institu-tions

103.3181.0180.4180.7182.3184.2183.9183.fi183.3

182.7181.1178.3

176.0

total

3 3 5. 1125. 7322.7321.5323. 1325.0323.5322. 1320.6

318.8316.4312.3

309.0

Small denominationtime deposits'9

atcommer-

cialbanks

356.7337.7326.8

321 .5318.8319.5

326.1312.2337.0

343.5349.7352.3

351.9

351.5352.0351.7351.7

351.7

atthrift

institu-tions

440.7417.4407.0

404.2401.4402.6

408.9415.7420.7

427.5434.7439.2

442. 1

total

797.4755.173 3.8

725.7720. IV722.1

735.1748.0757.7

771.0784. 791.5

794.0

Money marketmutual fund balances'0

generalpurpose

and broker/dealer

166^7159.6

.}***$

146,714 1.1119,7

13*. B13.1137.6

137.8138.7138.0

138.1

136.5137.9138.0138.4

139.3

institutiononly

Uf. 145.?

, 4 3 . 5

41.040.439.21

38.6* 38.4

39.1

39.940.640.2

40.8

40.040.640.841.1

41.1

1 / EXCLUDES THE ESTIMATED AMOUNT OP fAULT CASHCURBENCY OUTSIDE THE U.S. TREASURY, P.fa. BANKS AND VAULTS OP COMMERCIAL BANKS.HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.

2/ OUTSTANDING AMOUNT OP U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OP NONBANK ISSUERS.3/ DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED IiSTITUTIONS OTHER THAN THOSE DIIE TO DOMESTIC BANKS, THE fl.S. GOVERN-

MENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OP COLLECTION AND P.R. FLOAT. FfCLnDES THEESTIMATED AMOUNT OP DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIPT INSTITUTIONS TO SERVICE THEIR OCI> LIABILITIES.

4/ INCLUDES ATS AND NOH BALANCES AT ALL DEPOSITORY INSTITUTIONS EXCEPT CREDIT UNIONS, CREDIT UNION SHABE DRAFT BALANCES ANDDEMAND DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS THE DIFFERENCE BETWEEN THPSEASONALLY ADJUSTED SUM OF DEMAND DEPOSITS PLUS OCD AND SEASONALLY ADJUSTED DEMAND DEPOSITS. INCLUDED APE ALL CEILINGPREE "SUPEh NOUS," AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OFFERED BEGINNING JANUARY 5,1983. PRELIMINARY DATA INDICATE THAT BALANCES IN "SUPER NOUS1* HERP ABOnT $38.8 BILLION IN THE BERK ENDED JANUARY IB,ABOUT $37.6 BILLION IN THE KEEK ENDED JANUARY 25, AND ABOUT $37.6 BILLION IN THE HEFK ENDED PEBRUARY 1. THESEFIGURES INCLUDE BALANCES IV "SUPER NOBS" AT COMMERCIAL BANKS OP ABOUT $28.0 BILLION IN THE WEPK ENDPD JANUARY 1fi,ABOUT $27.1 BILLION IN THE MEEK ENDEO JANUARY 25, AND ABOUT $27.1 BILLION IN THE HEEK ENDED PBBRriARY 1.

5/ INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MONEYMARKET MUTUAL FUNDS (GENERAL PURPOSE AMD BROKER/DKALEK).

t/ ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO U.S. RESIDENTS OTHER THANDEPOSITORY INSTITUTIONS AND MONEY MARKET NflTUAL FUNDS.

7/ MONEY ?!AfeKtT DEPOSIT ACCOUNTS (HHDAS) HERE AUTHORIZED BY THE DEPOSITORY INSTITUTIONS DEREGULATION COMMITTEE TO BE OPPEREDBEGINNING DECEMbER 14, 1982.

8/ SAVINGS DEPOSITS EXCLUDE MNDAS.9/ SMALL DENOMINATION TIME DEPOSITS -- INCLUDING KETATL JU'S -- AhF THOSE ISSUED IN AMOUNTS OP LESS THAN *100,000. ALL INDIVIDUAL

RETIREMENT ACCOUNTS (IKA) AND KFOGH ACCOUNTS AT COMMEHC1AL BANKS AND THhIFTS ARE SUBTRACTED FROM SMALL TIM?? DEPOSITS.10/ NOT SEASONALLY ADJUSTED, INCLUDES BALANCES IN BOTH TAXABLE AND TAX-EXEMPT FUNDS. ALL INDIVIDUAL RETIREMENT ACCOnNTS

AND KEOGH ACCOUNTS AT MONEY PUNDS AHE EXCLUDED.


H.6 (508)Table 3continued^f%aj|DfiiiL|Ciui"ro rtl- m ^Billions of dollars, seasonally adi

Date

19 8 3 - JAN.FEB.MAR.

APR.HAYJUNE

JULYAUG.SEPT.

OCT.NOT.PEC.

1984-JAN. P

WEEK ENDING:

1984-JAN. ' 4111825 P

FEB. 1 P

1 / LARGE DENOMINATION

NEY STOCK MEASURES AND LIQUID ASSETSus ted unless otherwise noted

Laroe denomination time deposits 1at commercial

banks?

247.6235.2231.6

231.0226.7228.8

225.7226.4226.8

224.3226.5228.6

228.8

232.3229.0229.1228.7

225.9

at thriftinstitutions

63.162-764.6

69.272.575.3

79.985.190.8

95.698.4

100.4

103.5

total

310.7297.9296.2

300.2299.2304.1

305.6311.6317.7

319.9324.8329.0

332.3

Term RP$3at commercial

banksNSA

27.928.629.4

30.332.731.5

29.531.631.8

30.435.335.2

33.8

33.531.034.434.6

35.7

at thriftinstitutions

NSA

12.612.212.3

12.412.513.0

13.313.714.3

15.116.317.4

18.2

TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF |10(

totalNSA

40.640.841.7

42.745.344.5

42.845.346.1

45.551.652.6

52.0

Term 4Eurodollars

NSA

8 1 . 183.585.9

88.489.989.8

89.689.889.5

90.4

Savingsbonds

6 8 . 168.568.8

69.269.669.8

70.070.270.4

70.6

,000 OR MORE, EXCLUDING THOSE

Short-termTreasurysecurities**

219.3219.3224.5

210.5231.4237.2

252.1262.9264.5

262.1

BOOKED AT

Bankep .

45.343.242*0

1.240.840.2

41.443.543.3

42*3

4

Commercialpaper?

113.5115.1119.2

122.5123.4122.9

124.4121.0125.3

126.6

INTrRWATlONAL

2/3/4/

BANKING FACILITIES (IBFS).LARGE DBMOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTION?.TERM RPS ARE THOSE HITH ORIGINAL MATURITY GREATER THAN OMB DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.TERM EURODOLLARS ARE THOSE KITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSE HELD BY DEPOSITORY INSTITUTIONS ANDMONEY MARKET MUTUAL FUNDS.

5/ INCLUDES U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHPR THAN DEPOSITOR! INSTI-TUTIONS, F.B. BANKS, AND HONEY MARKET MUTUAL FUNDS.

6/ NB? OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL ROUE LOAN BIN*SYSTEM, AND MONEY MARKET MUTUAL FUNDS.

7/ TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL FUNDS.


H.6 (508)

Table 3ACOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dollars, not seasonally adjusted

Date

1983-JAN.FEB.MAR.

APR.HATJUNE

JULYAUG.SEPT.

OCT.MO?.DEC.

19 8-JAN. P

WEEK ENDING:

1984-JAH. 4111825 P

FEB. 1 P

Currency1

1 3 3 . 2133.7135. 4

137.4138.9140.3

142.0142.1142.6

143.9146.1148.7

146.5

148.1147.8146.7145.3

144.7

Travelerschecks2

3.94.14.3

4.44.54.9

5.25.15.0

4.84.64.6

4 . 5

Demand deposit

at memberbanks3

161.9153.4155.4

160.1157.4160.2

162.7160.8161.5

163.2163.4168.4

167.7

178.1172.9169.2160.4

160.3

at domesticnonmember

banks4

80.176.276.5

79.077.578.6

79.177.477.6

78.178.279.7

78.3

8 3.482.278.974.6

73.8

sat foreign-

relatedbankingoffices

In the U.S.5

3.73.63.7

3.83.73.7

3.73.63.4

3.63.53.7

3.7

4.13.63.63.6

3 .6

total6

245. 1232.8235.2

242.4238.2242. 1

245.1241.3242.1

244.4244.7251.4

249. 1

265.0258. 1251.2238. 1

237.2

Othe

atcommercial

banks7

82.483.686.7

90.888.790.7

91.792.293.3

94.295.597.6

99.1

99.9102.3100.596.7

95.7

r checkable deposits

at thriftinstitutions8

25.126.427.7

29.529.530.3

30.830.831.2

32.232.933.1

33.0

33.734.133.232.0

32.0

total

107.5110.0114.3

120.2118.2121.0

122.5123.0124.5

126.4128.4130.7

132.1

133.5136.5133.712ft.7

127.7

OvernightRPs 9

40. 141.040.9

42.546.046.6

4 3.542. 142.9

45.244.845.3

46.7

45.246.846. 147.0

48.0

OvernightEurodollars

7 .27 .97 . 9

. 19 . 10.4

0.210.010. 1

11.110.410.9

11.0

12.211.111. 111.1

10.0

1/ CUBHBNCY OUTSIDE THE U.S. TBEAS0RY, F.B. BANKS AND THE VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED AMOUNT OP VAULTCASH HELD ET THRIFT INSTITUTIONS TO SEBVICE THFIR OCD LIABILITIES.

2/ OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OP NONBANK ISSUERS.3/ DEHAND DEPOSITS OTHEB 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 THF FEDP.PAL RESERVF SYSTEM.4/ DEHAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FORFIGN BANKS AND OFFICIAL INSTITHTIONS f.PSS

CASH ITEMS IN THE PROCESS OF COLLECTION AT NONMEMBER BANKS.5/ DEPOSITS AS DESCRIBED IN FOOTNOTE 4 AT AGENCIES AND BRANCHES OF FOREIGN BANKS, EDGE ACT CORPORATIONS ANT> POPEIGN TNVESTHFNT

COHPAN ES.6/ EQUALS SUM OF THREE PREVIOUS COMPONENTS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMPRCIAL BANKS BY TTfRTFT

INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.1/ NOW AND ATS BALANCES AT COMMERCIAL BANKS, BRANCHES AND AGENCIES OP FOREIGN BANKS, AND EDGE ACT CORPORATIONS; INCLUDES

SUPEB BOW ACCOUNTS.8/ NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHAPF, DRAFT BALANCES, AND

DEMAND DEPOSITS AT THRIFTS; INCLUDES SUPER NOW ACCOUNTS.9/ INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSHFD BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND

MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKFF/D^ALER) .10/ ISSUED BY FOREIGN (PRINCIPALLY CARIBBEAN AND LONDON) BRANCHES OF U.S. BANKS TO T.S. RESIDENTS OTHW THAN DEPOSITORY

INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS (GENERAL PUPPCSE ANT)


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

Date

1983-JAN.FEB.HAB.

APR.MAYJOHE

JOLYAOG.SEPT.

OCT.HOV.DEC*

1984-JAM. P

WEEK ENDING

1984JAM. 4

111825 P

FEB. 1 P

Money market deposit accountsat

commer-cial

banks

114.2163.3185.8

198.0207.6215.0

216.9217.4219.5

221.8225.122 8.5

23 2.5

230.323 2.323 2.7232.8

233.6

atthrift

institutions

74.9114.5134.6

143.2149.2152.3

151.5148.8147.4

145.6144.0144.0

144.2

144.1144.5144.2143.8

144.3

total

189.1277.7320.5

341.2356.8367.3

368.4366.3366.9

36 7.4369.1372.4

376.7

374.5376.8376.9376.6

377.8

Savings deposits1

atcommer-

cialbanks

150.3143.5142.1

141.9141.7141.5

141.0138.8137. 1

136.4134.2132.5

131.8

132.6132.7131.9131.3

130.8

atthrift

institutions

184.3181.0181.1

182.4182.9184.8

185-6182.7181.0

181.6179.5177.6

176.9

total

334.7324.5323.2

324.3324.6326.3

326.6321.5318.2

318.0313.8310.1

308.7

Small denomination timeat

commer-cial

banks

356.3339.3329.2

322.7320.4321.0

325.6331.6335.9

342.5347.8349.4

351.5

350.1350.9351.7352.0

352.4

atthrift

institutions

442. 3419.2408.5

405.9402.3402.8

408.7414.4418.9

426.7433.5436.9

4*3.7

deposits^total

798.6758.5737.7

728.6722.7723.9

734.3746.0754.8

769.2781.3786.2

795.2

Large denomination time deposits 3

atcommer-

cialbanks4

250.4238.7233.4

229 .1225.3226.2

222.9225.6226.4

224.2227.1230.8

231.4

236.0231.5230.9231.0

229.3

atthrift

institutions

63.863.965.5

68.972.674.8

79.184.690.3

95.297.6

100.0

104.7

totals

3 1 4 . 2302.6298.9

298.0298.0301.0

301.9310.3316.7

319.4324.6330.8

336. 1

1/ SAVINGS DEPOSITS EXCLUDE NMDAS.2/ SMALL DENOMINATION TIME DEPOSITS INCLUDING RETAIL EPS ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100#000. ALL

INDIVIDUAL RETIBEMENT ACCOUNTS (IBA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FBOM SMALLTIME DEPOSITS.

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

4/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS LARGE TIME HELD BY MONET MARKET MUTUAL FUNDS AND THRIFTINSTITUTIONS.


H.6 (508)Table 3AcontinuedCOMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETSBillions of dona

Date

1983-JAN.FEB.WAR.

APR.HAYJUNE

JULYADG.SEPT.

OCT.NOV.OEC.

1984-JAN. P

MEEK ENDING:

1984-JAN. 4111825 P

FEB. 1 P

rs, not seasonally adjijstedTerm RP's1

atcommercial

banks

27.928.629.4

30.332.731.5

29.531.631.8

30.435.335.2

33.8

33.531.034.434.635.7

atthrift

institutions

12.612.212.3

12,412.513.0

13.313.714.3

15. 116.317.4

18.2

total

40.640.841.7

42.745.344.5

42.845.346. 1

45.551.652.6

52.0

TermEurodollars 2

81 .183.58S.9

88.489.989.889.689.889.590.4

Savingsbonds

68.468.568.769.069.369.669.970.270.470.7

Short-termtreasury

securities 3

221.3225.5231.1

234.3234.5236.7

246.5256.1258.4

258.1

Bankersacceptances

45.443.541.5

40.740.440.1

40.943.143.8

43.0

7

Commercialpaper5

114 .1116.6119. 1

122.8124.2123.3

123.7123.9123.5

126.4

1/

2/

3/

4/

5/

TERM RPS ARE THOSE WITH ORIGINAL HATUBITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL RPS.TERM EURODOLLARS ARE THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSF HFLD BY DEPOSITORY INSTITUTIONS ANDHONEY MARKET MUTUAL FUNDS.INCLUDES U.S. TREASURY BILLS AND COUPONS HITH REMAINING MATURITY OF LESS THAN 18 MONTHS HELD BY OTHER THAN DEPOSITORY INSTI-TUTIONS, F.R. BANKS, AND MONEY MARKET MUTUAL FUNDS.NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F.R. BANKS, FOREIGN OPFICIAL INSTITUTIONS, THE FEOERAL HOME LOAN BANKSYSTEM, AND MONEY MARKET MUTUAL FUNDS.TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.


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

Date

1 9 8 3 - J A N .FEB.HAR.

APR.HAYJUNE

JULYA06.SEPT.

OCT.NOV.DEC.

1 9 8 4 - J A N . P

MEEK ENDING:

1984JAN. 4

111825 P

FEB. 1 P

Demand deposits at banks due to

foreigncommercial

banks

7 .87 .98 . 1

7 . 98 . 18 . 2

8 .38 . 18 .3

8 .38 .68 .5

8 . 5

9 .68 .68 . 27 .7

8 . 9

foreignofficial

institutions

2 .12 .01.9

2 .02 . 02 .0

2 .02 . 12 .0

2 .02 . 12 . 0

1.9

2 .02 .01.81.8

1.8

Time andsavingsdeposits

due to foreigncommercialbanks and

foreign officialinstitutions

8 .78 .38 .1

7 .97.77 .7

7 .67 .67 . 5

7 .47 .47 .4

7 .2

7 .47 .37.27 .2

7 .1

demanddeposits atcommercial

banks

2 .82 .82 .7

3 .92 .53.4

2 .82 .43.2

2 .72 .83 .0

3.1

2.93.33.82 .9

2.3

U.S. government deposits

balances atFederalReserveBanks

3 .33 .23 .3

3 .83 .63 .4

4 . 23 . 57 .4

7 . 12 . 93 . 5

4 . 5

3.43 .53 . 15 . 3

7 . 2

note balancesat commercial

banks and thriftinstitutions

13.57.4

10.4

10.310.0

9 .8

19.114.014.8

22.05 .87 .6

15.7

9 .411.413.321.1

21.6

total demanddeposits and

note andFR balances

19.613.416.5

18.016.016.6

26.019.925.3

31.811.514.2

23.3

15.718.120.329.3

31.1

time and saving*deposits atcommercial

banks

1.00 .91.0

1.10 .90 . 8

0.80 .80 .8

0.70 .70 .7

0 .9

0 .80 .80.80.9

0 . 9

8IRA and Keogh Accounts

commercialbanks

19.320.722.8

26.227.327.9

28.428.929.5

30.230.731.2

32.7

thriftinstitutions

28.829.731.3

33.634.935.6

36.437.137.7

38.238.840.2

42.3

moneymarket

mutual funds

4 . 74 . 84 . 9

5 . 25 . 25 . 1

5 .05 . 15 . 0

5 . 15. 15.0e

5. 1e

total

52.855.259.0

65.167.468.6

69.871. 172.2

73.474.576.4e

80.1e

estiaated


SPECIAL SUPPLEMENTARY TABLE

Monthly Survey of Selected Deposits and Other AccountsAt All Insured Commercial Banks and All Mutual Savings Banks^

December 28, 1983 and January 25, 1984P

(not seasonally adjusted)

Liability Categories

"Super NOW" accounts2

(standard error of the estimate)

Money market deposit accounts-*

Interest-bearing time deposits withbalances of less than $100,000with original maturities of:**

7 to 31 days(standard error of the estimate)



183 days to 1 year(standard error of the estimate)

over 1 year to 2-1/2 years(standard error of the estimate)

2-1/2 years and over(standard error of the estimate)

All IRA/Keogh Plan deposits5(standard error of the estimate)

Retail repurchase agreements6(standard error of the estimate)

Liability Categories

"Super NOW" accounts2

(standard error of the estimate)

Money market deposit accounts-'(standard error of the estimate)

Interest-bearing time deposits withbalances of less than $100,000with original maturities of:4




183 days to 1 year(standard error of the estimate)

over 1 year to 2-1/2 years(standard error of the estimate)

2-1/2 years and over(standard error of the estimate)

All IRA and Keogh Plan deposits5(standard error of the estimate)

Retail repurchase agreements6(standard error of the estimate)

Amount Outstanding ($mil)Dec. 28

28,769r

(529)

228,433r

4,815r(449)

14,653r

(659)

177,543r

(2,417)

22,720*(1.658)

43,431*(1,560)

lll,409r

(2,384)

30,144*(269)

l,342r

(185)

Jan. 25P

29,002(561)

232,751

4,655(398)

15,573(849)

174,824(2,505)

26.522(1.764)

46,823(1.602)

112,731(2.450)

31,927(302)

1.145(164)

[nsured Commercial BanksAverage RateDec. 28

7.3Or

8.36

8.50*

8.61

9.42

9.56

10.07

10.48

(N.A.)

8.19r

State-Chartered MutualAmount Outstanding ($mil)

Dec. 28

951r

(50)

24,734r

(62)

198r

(49)

977r

(105)

27,646r

(726)

3,829*(457)

8,776r

(851)

23,096r

(865)

6,579*(197)

131(59)

Jan. 25P

954(52)

24,908(64)

187(50)

829(94)

27,23a(774)

4,543(496)

9,057(863)

23,328(889)

6,834(215)

119(61)

Average RateDec. 28

7.51r

8.71r

8.31r

8.85r

9.72

9.98

10.54*

10.78r

(N.A.)

8.42

Paid (%)Jan. 25P

7.28

8.38

8.49

8.62

9.33

9.48

9.99

10.42

(N.A.)

7.99

SavingsPaid (X)Jan. 25P

7.60

8.73

8.44

8.67

9.67

9.97

10.44

10.91

(N.A.)

8.71

Number ofDec. 28

12,164r

12,465*

7,741*

12,952r

13,868

11,317*

13,127r

12,53Or

13,141r

3,282r

Banks7

Number ofDec. 28

236r

351r

114*

266*

374

283*

355

310r

366

103

Issuing BanksJan. 25P

12,198

12,597

7,396

13,059

13,804

11,498

13.058

12,587

13,073

3,062

[ssuing BanksJan. 25P

236

351

114

256

374

283

355

318

366

70

p - preliminary.r - revised.N.A. - Data not available.1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 550 banksand 75 mutual savings banks. Until the end of September 1983 data were collected concerning specific indexed-ceiiing and ceiling-free deposit accounts. Effective October 1, 1983, the DIDC deregulated time deposits, andthis survey now provides information on all small interest-bearing time deposits by maturity category. The datapresented for the end of October are not directly comparable to specific account data published previously, butinclude those balances.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, some or all funds deposited are eligibleto earn more than 5.25 percent.3. Money market deposit accounts (MMDAs)Deposits with a $2,500 initial and average balance requirement, norequired minimum maturity but institutions must reserve the right to require at least seven day's notice prior towithdrawal, no restrictions on depositor eligibility, or limitations on the amount of interest that may be paidunless the average balance falls below $2,500 during which period the NOW account rate ceiling applies; suchaccounts may allow up to six transfers per month, no more than three of which may be draft and may permit unlimitedwithdrawals by mail, messenger, or in person. Estimates for this category of deposits are based on data collectedby the Federal Reserve from weekly deposit reports submitted by about 10,500 commercial banks.4. All interest-bearing time cercificates and open account time deposits with balances of less than $100,000,Including those held in IRAs and Keogh Plan deposits.5. All IRA/Keogh Plan time deposits regardless of size, type of instrument In which held, or Interest rate paid.6. Retail repurchase agreements are in denominations of less than $100,000 wich maturities of less than 90 daysthat arise from the transfer of direct obligations of, or obligations fully-guaranteed as to principal and interestby, the U.S. Government or an agency thereof.7. Over the last several months the number of mutual savings banks has declined sharply largely due to the conver-sion of MSBs to federal savings banks. As a result month-to-month changes In th amounts outstanding in variousaccounts are distorted downward.Digitized for FRASER

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

Appendix A

Seasonal Adjustment

Updated monthly seasonal adjustment factors for 1983 and 1984

presented in Appendix Tables Al and A2.

Seasonal factors have been updated using the X-ll ARIMA proce-

dure adopted in 1982. All seasonal factors used to construct seasonally

adjusted monthly data for Ml, M2, and M3 are presented in Table Al. The

nontransactions portion of M2 on the new basis is being seasonally adjusted

as a wholeinstead of being built up from seasonally adjusted savings and

small time depositsin Qrder to reduce distortions caused by substantial

portfolio shifts arising from regulatory and financial changes in recent

years, especially shifts to MMDAs in 1983. A similar procedure has been

used to seasonally adjust the remaining nontransactions balances in M3.

Updated monthly seasonal factors for selected components of the broader

money stock measuressavings, small time and large time deposits at com-

mercial banks and thrift institutionsare presented in Appendix Table A2;

in light of the regulatory changes and portfolio shifts affecting these

components, special caution should be taken in using such factors. Finally,

Appendix Table A2 also presents monthly seasonal factors for the experimental

Ml series which are derived from a model-based procedure applied to weekly

data.


Appendix Table AlSeasonal Factors Used to Construct Ml, M2 and M3

Monthly, 1983-1984

1983JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Currency1

.9909

.9869

.9899

.9971

.99921.00171.00851.0020.9968.99791.00531.0173

.9895

.9870

.9932

.9978

.99961.00481.00791.0036.9989.99711.00701.0183

Nonbanktravelerschecks

2.

.9424

.9480

.9520

.9536

.97981.05261.11551.10271.05641.0043.9528.9400

.9414

.9470

.9515

.9541

.98141.05451.11571.10181.0562.1.0048.9527.9390

Transactionsdeposits*

3

1.0173.9757.9841

1.0224.9841.9955.9999.9875.9933

1.00281.00851.0276

1.0179.9767.9848

1.0222.9844.9954.9997.9870.9903

1.00241.00801.0278

Demanddeposits*

4

1.0194.9750.9811

1.0110.9836.9951

1.0017.9895.9957

1.00491.00981.0323

1.0202.9758.9812

1.0105.9838.9949

1.0017.9893.9957

1.00461.00931.0326

Nontransactions componentsinM25

.9990

.99991.00411.00211.00031.00141.00221.0012.9982.9995.9972.9936

.99941.00051.00471.00241.00061.00151.00191.0008.9978.9993.9969.9934

in M3only6

1.00451.00821.0014.99401.0007.9939.9887

1.00071.0005.99741.00401.0083

1.00401.00541.0006.99401.0006.9945.98931.00121.0013.99801.00421.0081

* In constructing Ml the seasonal factors for "transactions deposits" are used to derive the seasonallyadjusted sum of demand deposits and other checkable deposits. The demand deposits seasonal factors areused to-construct seasonally adjusted demand deposits. Seasonally adjusted other checkable deposits isderived as the difference between these two series.


Appendix Table A2Seasonal Factors for Selected Deposit Components of M2 and M3

Monthly, 1983-1984



Commercial bank deposits

Savings1

.9925

.99541.00561.01301.01161.01111.01291.0023.9929.9917.9822.9806

.9934

.99861.01031.01461.01321.01311.01231.0004.9906.9892.9809.9791

Smalldenomi-nationtime

2

1.00271.00751.00811.00201.00081.0001.9967.9983.9973.9976.9966.9939

1.00231.00731.00721.0015.9999.9992.9971.9993.9984.9983.9968.9936

Largedenomi-nationtime

3

1.01181.00991.0037.9892.9918.9888.9849.9991

1.00221.00201.00581.0153

1.00951.00611.0013.9888.9911.9903.9871

1.00121.00361.00341.00591.0145

Thrift Institution deposits

Savings4

.9906

.9912

.99961.00551.00471.00781.01251.0015.9961.9998.9950.9904

.9914

.99321.00221.00711.00601.00981.0121.9996.9936.9982.9939.9901

Smal 1denomi-nationtime

5

1.00541.0001.9968.9968.9931.9936.9969.9987

1.00101.00671.00881.0060

1.0049.9986.9946.9956.9924.9928.9974.9997

1.00221.00771.00971.0065

Largedenomi-nationtime

6

.9969

.9967

.9906

.9890'

.9962

.9909

.99091.00161.01201.02031.01741.0035

.9947

.9933

.9888

.9890

.9958

.9906

.99081.00211.01311.02141.01941.0047

Memo: FExperimental(Model-based) Seasonal

Currency7

.9928

.9879

.9918

.99631.00001.00351.00611.0037.9987.9982

1.00731.0169

.9932

.9884

.9915

.99601.00061.00321.00621.0038.9979.9993

1.00671.0168

Nonbanktravelers

checks8

.9412

.9476

.9570

.9599

.97861.04231.11101.10351.06011.0094.9595.9471

.9412

.9477

.9570

.9599

.97991.04331.11171.10291.05991.0087.9596.9472

AlternativeFactors for Ml

Transact ionsdeposits

9

1.0203.9755.9822

1.0174.9797.9954.9991.9892.9990

1.00511.01121.0309

1.0201.9764.9822

1.0169.9806.9946.9989.9897.9984

1.00631.01091.0 29 3


Appendix B

Revised and Old Monetary Aggregates*October 1982 - January 1984

Billions of dollars, seasonally adjusted

1982 OctoberNovemberDecember

1983 JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1984 January p

Ml

revised

470.2476.4480.5

485.1491.1496.4497.9506.6510.9514.9517.4518.9521.6523.0525.3

530.0

old

468.7474.0478.2

482.1491.1497.6496.5507.4511.7515.5516.7517.1517.9518.3521.1

524.3

MS

revised

1928.81945.71965.3

2017.52054.02067.42081.82102.22117.02126.62135.32148.02167.32182.22196.5

2205.6

>

old

1929.71945.01959.5

2010.02050.82069.92074.82096.22114.42126.32136.92145.42161.62174.62184.1

2191.9

M32

revised

2432.92448.62460.3

2489.92517.12532.32550.62571.02593.02604.02617.22636.52657.22688.52707.5

2721.1

old

2352.02370.22377.6

2403.32430.72447.12453.92476.22498.82510.32528.82544.92563.22588.72602.4

2614.5

ExperimentalMl

revised

469.6475.9479.2

483.8491.1496.8499.7508.2510.8515.6516.5516.6520.7521.7524.1

528.6

old

468.0474.8478.5

481.0490.7498.8498.7507.6510.8512.2515.2515.0517.0520.0520.3

523.7

ppreliminary1. The revisions are described in Appendix C.2. Includes term Eurodollars held by U.S. residents,


Appendix C

Money Stock Revisions

Revised measures of the money stock shown in Appendix B reflect

annual seasonal factor and benchmark revisions, as well as a definitional

change affecting M3. This appendix discusses these revisions and presents

tables comparing growth rates of the old and new series.

Definitional Change

The definition of M3 has been changed to include term Eurodollars

held by U.S. residents in Canada and the United Kingdom, and at foreign

branches of U.S. banks elsewhere. A recent reporting change provides data

on term Eurodollars at a panel of branches of large U.S. banks on a Schedule

similar to other M3 elements. The inclusion of term Eurodollars raised the

level of M3 by about $90 billion but had a minimal effect on M3 growth in

1983.

Benchmark Revisions

Deposits have been benchmarked to recent call reports; further

revisions to deposits stem from changes to System reporting procedures made

in 1983, largely related to reduced reporting under the Garn-St Germain Act

of 1982. In addition, the currency component was revised to reflect revi-

sions to figures on the amount of coin in circulation. The net impact of

these revisions was to raise the levels and boost the growth rates of each

of the aggregates in 1983.

Seasonal Revisions

Seasonal factors have been updated using the X-ll ARIMA procedure

adopted in 1982. Nontransactions M2 has been seasonally adjusted as a


C-2

wholeinstead of being built up from seasonally adjusted savings and small

time depositsin order to reduce distortions caused by portfolio shifts

arising from financial change in recent years, especially shifts to MMDAs

in 1982. A similar procedure has been used to seasonally adjusted the non-

M2 portion of M3.


C-3

COMPARISON OF REVISED AND OLD Ml GROWTH RATES(percent changes at annual rates)

RevisedMl(1)

OldMl(2)

Difference(1-2)(3)

Differencedue to

Benchmark Seasonals(4) (5)

Monthly

1982Oct.Nov.Dec.

1983Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.

1984Jan.

Quarterly

1982QIV

1983QIQIIQIIIQIV

Annual

1983QIV '82 toQIV '83

Semi-Annual

QIV '82 toQII '83

QII '83 toQIV '83

17.315.810.3

11.514.813.03.6

21.010.29.45.83.56.23.25.3

10.7

15.4

12.811.69.54.8

10.0

12.4

7.2

14.213.610.6

9.822.415.9-2.726.310.28.92.80.91.90.96.5

7.4

13.1

14.112.28.92.1

9.6

13.3

5.5

3.12.2

-0.3

1.7-7.6-2.96.3

-5.30.00.53.02.64.32.3

-1.2

3.3

2.3

-1.3-0.60.62.7

0.4

-0.9

1.7

0.50.8-0.4

-2.40.20.01.70.51.40.90.00.61.60.0-1.0

0.5

0.2

-0.70.80.80.6

0.4

0.0

0.7

2.61.40.1

4.1-7.8-2.94.6

-5.8-1.4-0.43.02.02.72.3

-0.2

2.8

2.1

-0.6-1.4-0.22.1

0.0

-0.9

1.0


C-4

COMPARISON OF REVISED AND OLD M2 GROWTH RATES(percent changes at annual rates)

Revised M2(1)

Old M2(2)

Difference(1-2)(3)

Differencedue to

Benchmark(A)

Seasonals(5)

Monthly

1982Oct.Nov.Dec.

19 83Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.

1984Jan.

Quarterly

1982QIV

1983QIQIIQIIIQIV

Annual

1982--QIV f82to

QIV '83

Feb/Mar. f83to

QIV !83

9.310.512.1

31.921.7

7.88.4

11.88.45.44.97.1

10.88.27.9r

7.99.58.9

30.924.411.2

2.812.410.4

6.86.04.89.17.25.2r

1.41.03.2

1.0-2.7-3.4

5.6-0.6-2.0-1.4-1 .1

2.31.71.02.7

-0 .10.40.5

-0.6-O.9

0.01.90.1

-0 .10.00.00.60.90.00.3

1.50.62.7

1.6-1.8-3.4

3.7-0.7-1 .9-1.4-1 .1

1.70.81.02.4

5.0

10.6

12.1

8.3

4.3

9.3

11.7

7.8

0.7

1.3

0.4

0.5

0.6

0.3

0.3

0.6

0.1

1.0

20.510.6

6.98.5

20.310.1

7.87.0

0.20.5

-0.91.5

-0.20.50.10.4

0.40.0

-1.01.1

0.1

-0.1

rrevised.


C-5

COMPARISON OF REVISED AND OLD M3 GROWTH RATES1(percent changes at annual rates)

Revised M3(1)

Old M3(2)

Difference(1-2)(3)

DifferenceDue to

Benchmark Seasonals(4) (5)

Monthly

1982Oct.Nov.Dec.

1983Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.

1984-Jan.

Quarterly

1982QIV

1983--QIQIIQIIIQIV

Annual

1982QIV ?82 toQIV f83

11.77.75.7

14.413.1

7.28.79.6

10.35.16.18.89.4

14.18.5r

9.39.33.7

13.013.7

8.13.3

10.911.0

5.58.87.68.6

11.96.4r

2.4-1.6

2.0

1.4-0.6-0.9

5.4-1.3-0.7-0.4-2.7

1.20.82.22.1r

0.0-0.8-0.3

-1.21.41.22.80.50.2

-0.2-0.3-0.5-1.0

2.70.2r

2.4-0.8

2.3

2.6-2.0-2.1

2.6-1.8-0.9-0.2-2.4

1.71.8

-0.51.9

6.0

10.0

10*89.37.410.0

9.7

5.6

9.5

10.28.18.49.0

9.2

0.4

0.5

0.61.2-1.01.0

0.5

-1.4

-0.3

-0.11.5

-0.10.1

0.5

1.8

0.8

0.7-0.3-0.90.9

0.0

rrevised.1. Revised M3 includes term Eurodollars; the inclusion of term Eurodollars boosted M3growth in 1983 by no more than 0.1 percentage points.


h6_19840210_note.pdf

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