h6_19800213_revision.pdf

February 13, 1980

Redefined Money Stock Measures, Liquid Assets and Related Components

The attached tables show historical data for redefined money stock

measures and liquid assets. The new definitions of money are as follows:

M-1A Currency plus demand deposits at commercial banks. This is

essentially the same as the old M-l with one exceptionit

excludes demand deposits held by foreign banks and official

institutions.

M-IB This equals M-1A plus other checkable deposits at all depositary

institutions including NOW accounts, ATS, credit union share

drafts and demand deposits at mutual savings banks.

Mr-2 This equals M-IB plus savings and small-denomination time deposits

at all depositary institutions, overnight RPs at commercial banks,

overnight Eurodollars held by U.S. residents other than banks at

Caribbean branches of member banks, and money market mutual fund

shares.

Mr-3 This equals M-2 plus large-denomination time deposits at all

depositary institutions and term RPs at commercial banks and savings

and loan associations.

L This equals }tir& plus other liquid assets not included elsewhere such

as term Eurodollars held by U.S. residents other than banks, bankers

acceptances, commercial paper, Treasury bills and other liquid

Treasury securities and U.S. savings bonds.

For a detailed explanation of the new measures see the February 19B0

issue of the Federal Reserve Bulletin.

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

TABLE 1 MCNEY STOCK MEASURES AND LIQUID ASSETS

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) (NOT SEASONALLY ADJUSTED)

- r MI-A i

195^1 J A N . . . F E B . . . M A R . . . A P R . . * M A Y . . . J U N . . . J UL . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1960 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1961 J A N . . . F E B . . . M A f t . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1962 J A N . . . F E B . . . M A R . . . A P R . . * M A Y . . . J U N . . . J U L . . . A U G . . S E P . . . OCT. . . N O V . . . D E C . . .

CURRENCY PLUS

DEMAND DEPOSITS

1 3 9 . 5 1 3 9 . 9 1 4 0 . 3 1 4 0 . 2 1 4 1 . 3 1 4 1 . 6 1 4 2 . 2 1 4 2 . 4 1 4 1 . 6 1 4 1 . 1 1 4 1 . 0 1 4 0 . 7

1 4 0 . 6 1 4 0 . 4 1 4 0 . 3 1 4 0 . 2 1 4 0 . 3 1 4 0 . 2

1 1 4 0 . 9 1 4 2 . 0 1 4 1 . 9 1 4 1 . 8 1 4 1 . 6 1 4 1 . 6

1 4 1 . 8 1 4 2 . 3

i 1 4 2 . 6 1 4 2 . 9

I 1 4 3 . 5 1 4 3 . 7 1 4 3 . 8 1 4 4 . 2 1 4 4 . 7 1 4 5 . 0 1 4 5 . 6 1 4 6 . 1

1 4 6 . 2 1 4 6 . 6 1 4 6 . 9 1 4 7 . 3 1 4 7 . 8 1 4 7 . 5 1 4 7 . 4 1 4 7 . 4 1 4 7 . 3 1 4 7 . 7 1 4 8 . 2 1 4 8 . 8

1 M l -B 1 M-1A PLUS

OTHER CHECKABLE

DEPOSITS

1 3 9 . 5 1 1 3 9 . 9 1 4 0 . 3 1 4 0 . 2 1 4 1 . 3 1 4 1 . 6 1 4 2 . 2 1 4 2 . 4 1 4 1 . 6 1 4 1 . 1 1 4 1 . 0 1 4 0 . 7

1 4 0 . 6 1 4 0 . 4

1 1 4 0 . 3 1 4 0 . 2 1 4 0 . 3 1 4 0 . 2 1 4 0 . 9 1 4 2 . 0 1 4 1 . 9 1 4 1 . 8 1 4 1 . 6 1 4 1 . 6

1 4 1 . 8 1 4 2 . 3 1 4 2 . 6 1 4 2 . 9 1 4 3 . 5 1 4 3 . 7 1 4 3 . 8 1 4 4 . 2 1 4 4 . 7 1 4 5 . 0 1 4 5 . 6 1 4 6 . 1

1 4 6 . 2 1 4 6 . 6 1 4 6 . 9

1 1 4 7 . 3 1 4 7 . 8 1 4 7 . 5 1 4 7 . 4 1 4 7 . 4 1 4 7 . 3 1 4 7 . 7 1 4 8 . 2 1 4 8 . 8

1 M2 1 M-1B PLUS OVERNIGHT

RPMS AND MMMF AND

SAVINGS AND SMALL"

TIME 1 DEPOSITS

28T75 I 1 2 8 6 . 4

2 8 7 . 9 I 2 8 8 . 9

2 9 1 . 3 2 9 2 . 7 2 9 4 . 1 2 9 5 . 3

I 2 9 5 . 4 2 9 5 . 4 2 9 6 . 1 2 9 6 . 7

2 9 6 . 9 2 9 6 . 9 2 9 7 . 8 2 9 8 . 8 2 9 9 . 8 3 0 1 . 0 3 0 3 . 1 3 0 5 . 7 3 0 7 . 1 3 0 3 . 4 3 0 9 . 8 3 1 1 . 2

3 1 2 . 6 3 1 5 . 0 | 3 1 6 . 7 3 1 8 . 5 3 2 0 . 9 3 2 2 . 8 3 2 4 . 3 3 2 6 . 2 3 2 8 . 0 3 2 9 . 7 3 3 1 . 9 3 3 3 . 9

3 3 6 . 2 3 3 8 . 9 3 4 1 . 7 3 4 4 . 1 3 4 6 . 1 3 4 7 . 6 3 4 9 . 5 3 5 1 . 3 3 5 3 . 2 3 5 5 . 6 3 5 8 . 4 3 6 1 . 1

M3 M-2 PLUS

I LARGE TIME

I DEPOSITS 1 AND

TERM RPS

1 2 8 7 . 1 2 8 8 . 0 2 8 9 . 5 2 9 0 . 4 2 9 2 . 8 2 9 4 . 2 2 9 5 . 6 2 9 6 . 8 2 9 6 . 8 2 9 6 . 7 2 9 7 . 3 2 9 7 . 9

2 9 8 . 2 2 9 8 . 2 2 9 9 . 1 3 0 0 . 0 3 0 1 . 1 3 0 2 . 3 3 0 4 . 5 3 0 7 . 2 3 0 8 . 7 3 1 0 . 1 3 1 1 . 7 3 1 3 . 3

3 1 4 . 8 3 1 7 . 4 3 1 9 . 2 3 2 1 . 3 3 2 3 . 9 3 2 5 . 9 3 2 7 . 6 3 2 9 . 7 3 3 1 . 7 3 3 3 . 5 3 3 5 . 8 3 3 7 . 9

3 4 0 . 3 3 4 3 . 3 3 4 6 . 4 3 4 9 . 1 3 5 1 . 4 3 5 3 . 2 3 5 5 . 1 3 5 7 . 1 3 5 9 . 2 3 6 2 . 0 3 6 5 . 0 3 6 8 . 2

L T M-3 PLUS 1

OTHER I LIQUID ! ASSETS 1

37372 T 3 7 3 . 3 1 3 7 5 . 0 I 3 7 6 . 3 1 3 7 9 . 5 I 3 8 1 . 9 | 3 8 4 . 6 | 3 8 6 . 7 | 3 8 7 . 0 | 3 8 7 . 2 I 3 8 7 . 9 | 3 8 7 . 5 |

3 8 8 . 3 | 3 8 9 . 0 | 3 9 0 . 1 | 3 9 0 . 9 | 3 9 1 . 5 | 3 9 3 . 0 | 3 9 5 . 4 | 3 9 7 . 1 | 3 9 9 . 0 | 4 0 0 . 3 | 4 0 1 . 4 | 4 0 2 . 5 J

4 0 4 . 2 | 4 0 6 . 5 | 4 0 8 . 1 | 4 1 0 . 4 | 4 1 3 . 2 I 4 1 5 . 2 | 4 1 7 . 6 | 4 1 9 . 2 . | 4 2 0 . 9 | 4 2 3 . 5 | 4 2 6 . 4 | 4 2 9 . 1 |

4 3 2 . 2 | 4 3 5 . 0 J 4 3 8 . 8 I 4 4 2 . 0 | 4 4 4 . 4 | 4 4 6 . 8 j 4 4 8 . 9 I 4 5 1 . 7 | 4 5 4 . 0 | 4 5 5 . 8 I 4 6 0 . 3 1 4 6 4 . 5 |

nzzsnuzi j CURRENCY I PLUS I DEMAND | DEPOSITS

T 14277 I 1 3 9 . 9 I 1 3 9 . 0 I 1 4 0 . 3 I 1 3 9 . 3 I 1 4 0 . 0 I 1 4 0 . 8 I 1 4 0 . 5 I 1 4 0 . 9 1 1 4 1 . 3 j 1 4 2 . 4 1 1 4 4 . 3

I 1 4 4 . 0 1 1 4 0 . 5 1 1 3 9 . 2 1 1 4 0 . 4 1 1 3 8 . 3 1 1 3 8 . 6 I 1 3 9 . 5 1 1 4 0 . 0 1 1 4 1 . 2 1 1 4 1 . 9 1 1 4 3 . 1 1 1 4 5 . 3

1 1 4 5 . 3 1 1 4 2 . 4 1 1 4 1 . 4 1 1 4 3 . 2 i 1 4 1 . 4 1 1 4 2 . 0 1 1 4 2 . 4 1 1 4 2 . 2 1 1 4 3 . 9 1 1 4 5 . 3 1 1 4 7 . 2 1 1 5 0 . 1

1 1 4 9 . 8 1 1 4 6 . 5 I 1 4 5 . 6 1 1 4 7 . 6 1 1 4 5 . 4 1 1 4 5 . 7 1 1 4 5 . 9 1 1 4 5 . 3 1 1 4 6 . 4 1 1 4 8 . 0 1 1 4 9 . 8 1 1 5 2 . 9

1 M E - B 1 M-1A PLUS I

OTHER CHECKABLE

DEPOSITS

1 4 2 . 7 1 3 9 . 9 1 3 9 . 0 1 4 0 . 3 139 .3 1 4 0 . 0 1 4 0 . 8 1 4 0 . 5 1 4 0 . 9 1 4 1 . 3 1 4 2 . 4 1 4 4 . 3

1 4 4 . 0 1 4 0 . 5 139 .2 1 4 0 . 4 138 .3 1 3 8 . 6 139 .5 1 4 0 . 0 141 .2 1 4 1 . 9

1 1 4 3 . 1 1 4 5 . 3

1 4 5 . 3 1 4 2 . 4 1 4 1 . 4 1 4 3 . 2

I 1 4 1 . 4 1 4 2 . 0 1 4 2 . 4 142 .2

I 1 4 3 . 9 1 4 5 . 3 147 .2 1 5 0 . 1

1 4 9 . 8 146 .5 1 4 5 . 6 1 4 7 . 6 1 4 5 . 4 1 4 5 . 7 1 4 5 . 9 1 4 5 . 3 1 4 6 . 4 1 4 8 . 0 1 4 9 . 8

1 1 5 2 . 9

1 MJLJ M-1B PLUS OVERNIGHT

RP"S AND MMMF AND

SAVINGS , AND SMALL

TIME | DEPOSITS

2"58TS 2 8 6 . 6 2 8 6 . 8 2 8 9 . 2 2 8 9 . 2 2 9 1 . 3 2 9 3 . 1 2 9 3 . 3 2 9 4 . 6 2 9 5 . 5 2 9 6 . 7 2 9 9 . 6

3 0 0 . 5 2 9 7 . 3 2 9 7 . 0 2 9 9 . 2 2 9 7 . 8 2 9 9 . 6 3 0 2 . 1 3 0 3 . 7 3 0 6 . 2 3 0 8 . 4 3 1 0 . 4 3 1 4 . 2

3 1 6 . 4 3 1 5 . 4 3 1 6 . 0 3 1 9 . 1

I 3 1 8 . 9 3 2 1 . 4

i 3 2 3 . 4 3 2 4 . 1

1 3 2 7 . 0 I 3 2 9 . 9

3 3 2 . 7 3 3 7 . 4

3 3 9 . 9 3 3 8 . 9 3 4 0 . 7

I 3 4 4 . 7 3 4 3 . 7 3 4 6 . 2 3 4 8 . 4 3 4 9 . 0 3 5 2 . 0 3 5 5 . 7 3 5 9 . 0

I 3 6 4 . 5

1 H3 1 M-2 PLUS

LARGE TIME

DEPOSITS AND

TERM RPS

290.3 2 8 8 . 1 2 8 8 . 4 2 9 0 . 7 2 9 0 . 8 2 9 3 . 0 2 9 4 . 7 2 9 4 . 8 2 9 6 . 0 2 9 6 . 8 2 9 7 . 9 3 0 0 . 7

3 0 1 . 7 2 9 8 . 5 2 9 8 . 3 3 0 0 . 5 2 9 9 . 1 3 0 1 . 1 3 0 3 . 6 3 0 5 . 3 3 0 7 . 8 3 1 0 . 1 3 1 2 . 1 3 1 6 . 1

3 1 8 . 5 I 3 1 7 . 7

3 1 8 . 5 3 2 1 . 9 3 2 1 . 9

I 3 2 4 . 7 3 2 6 . 9

1 3 2 7 . 8 1 3 3 0 . 7 I 3 3 3 . 6 I 3 3 6 . 4

3 4 1 . 1

i 3 4 3 . 8 1 3 4 3 . 3 1 3 4 5 . 5 I 3 4 9 . 9 I 3 4 9 . 2 I 3 5 2 . 1 1 3 5 4 . 3 I 3 5 4 . 9 | 3 5 8 . 0 I 3 6 1 . 9 I 3 6 5 . 1 I 3 7 1 . 1

1 L... J"..! M-3 PLUS I

OTHER | L IQUID 1 ASSETS I

376.5 J 3 7 4 . 5 J 3 7 4 . 6 I 3 7 7 . 3 1 3 7 8 . 2 I 3 8 0 . 3 I 3 8 3 . 3 j 3 8 4 . 9 | 3 8 5 . 3 1 3 8 6 . 3 1 3 8 7 . 8 1 3 8 9 . 6 |

3 9 1 . 9 | 3 9 0 . 6 I 3 9 0 . 2 I 3 9 2 . 1 I 3 9 0 . 4 | 3 9 1 . 5 | 3 9 4 . 0 1 3 9 5 . 3 I 3 9 7 . 2 I 3 9 9 . 4 1

1 4 0 1 . 2 1 4 0 4 . 5 1

4 0 7 . 8 | 4 0 8 . 1 I

1 4 0 8 . 2 I 4 1 1 . 8 | 4 1 2 . 1 | 4 1 3 . 7 | 4 1 6 . 2 | 4 1 7 . 4 |

1 4 1 9 . 1 | 1 4 2 2 . 7 J 1 4 2 6 . 6 |

4 3 1 . 6 |

4 3 5 . 6 | 4 3 6 . 2 I 4 3 8 . 8 I 4 4 3 . 5 | 4 4 3 . 3 I

1 4 4 5 . 5 | 4 4 7 . 3 | 4 4 9 . 6 |

i 4 5 1 . 8 J 1 4 5 4 . 7 | 1 4 6 0 . 3 | 1 4 6 6 . 7 |


TABLE 1 MONEY STCCK MEASURES AND LIQUID A*

BILLIONS OF DOLLARS SETS

(SEASONALLY ADJUSTED) (NOT SEASONALLY ADJUSTED)

1963 J A N . . . F E 3 . . . MAR. . . A P R . . . M A Y . . . J UN, . . J U L . . . AUG. . . S E P . . . O C T . . . N O V . . . D E C . . .

1964 J A N . . . F E B . . . M A R . . . A P R . . . MAY. . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . DEC. . .

1965 J A N . . . F E B . . . M A R . . . APR. . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . OCT. . . NOV. . . DEC. . .

1966 J A N . . . FES. . . MAR. . . APR. . . M A Y . . . J U N . . . J U L . . . AUG. SEP. . . O C T . . . N O V . . . D E C . . .

\ M l - A 1 M l - B J I CURRENCY I PLUS I DE4AND I DEPOSITS

1 1 4 9 . 1 1 1 4 9 . 8 I 1 5 0 . 1 1 1 5 0 . 5 I 1 5 1 . 3 I 1 5 1 . 3 I 1 5 2 . 3 I 1 5 2 . 7 I 1 5 2 . 9 I 1 5 3 . 5 I 1 5 4 . 6 I 1 5 4 . 2

I 1 5 4 . 7 1 1 5 5 . 2 I 1 5 5 . 4 [ 1 5 5 . 7 I 1 5 6 . 5 j 1 5 6 . 6 I 1 5 7 . 9 I 1 5 8 . 9 i 1 5 9 . 8 I 1 6 0 . 3 1 1 6 0 . 9 I 1 6 1 . 2

1 1 6 1 . 8 1 1 6 1 . 9 I 1 6 2 . 5 I 1 6 3 . 0 I 1 6 2 . 7 I 1 6 3 . 3 I 1 6 4 . 1 1 1 6 4 . 8 1 1 6 5 . 8 1 1 6 7 . 1 1 1 6 7 . 7 I 1 6 8 . 7

1 1 7 0 . 1 I 1 7 0 . 5 1 1 7 1 . 5 1 1 7 2 . 8 I 1 7 2 . 3 1 1 7 2 . 7 j 1 7 1 . 6 1 1 7 1 . 8 1 1 7 2 . 8 j 1 7 2 . 2 1 1 7 2 . 3 1 1 7 2 . 8

M-1A PLUS OTHER

CHECKABLE DEPOSITS

1 4 9 . 2 1 4 9 . 8 1 5 0 . 2 1 5 0 . 6 1 5 1 . 4 1 5 1 . 4 1 5 2 . 3 1 5 2 . 7 1 5 2 . 9 1 5 3 . 5 1 5 4 . 6 1 5 4 . 2

1 5 4 . 8 1 5 5 . 3 1 5 5 . 5 1 5 5 . 8 1 5 6 . 5 1 5 6 . 7 1 5 7 . 9 1 5 9 . 0 1 5 9 . 8 1 6 0 . 4 1 6 1 . 0 1 6 1 . 3

1 1 6 1 . 9 1 6 2 . 0

1 1 6 2 . 5 ! 1 6 3 . 1

1 6 2 . 8 1 1 6 3 . 3 ! 1 6 4 . 2 1 1 6 4 . 8 I 1 6 5 . 9 I 1 6 7 . 1 1 1 6 7 . 8 1 1 6 8 . 8

1 1 7 0 . 2 I 1 7 0 . 6 I 1 7 1 . 6 I 1 7 2 . 9 I 1 7 2 . 4 1 1 7 2 . 7 I 1 7 1 . 6 I 1 7 1 . 8 1 1 7 2 . 9 I 1 7 2 . 3 I 1 7 2 . 3 I 1 7 2 . 9

142 j M-1B PLUS OVERNIGHT

RPS AND MMMF AND

SAVINGS AND SMALL

TIME DEPOSITS

3 6 3 . 7 3 6 6 . 3 3 6 9 . 0 3 7 1 . 5 3 7 4 . 6 3 7 6 . 5 3 7 9 . 5 3 8 2 . 1 3 8 4 . 1 3 8 6 . 6 3 8 9 . 9 3 9 1 . 4

3 9 3 . 6 3 9 6 . 0 3 9 7 . 8 3 9 9 . 9 4 0 2 . 8 4 0 5 . 2 4 0 8 . 4 4 1 1 . 9 4 1 4 . 9 4 1 7 . 4 4 2 0 . 4 4 2 2 . 8

4 2 5 . 8 4 2 8 . 6 4 3 1 . 1 4 3 3 . 6

1 4 3 5 . 4 43 8 . 0 4 4 1 . 1 4 4 4 . 1 4 4 7 . 2 4 5 1 . 0 4 5 3 . 9

1 4 5 7 . 2

4 6 0 . 1 4 6 2 . 4

t 4 6 5 . 0 4 6 7 . 4 4 6 8 . 3 4 6 9 . 2 4 6 9 . 2 4 7 1 . 0 4 7 3 . 6 4 7 4 . 4

i 4 7 5 . 8 4 7 8 . 5

t& J A-2 PLUS

LARGE TIME

DEPOSITS AND

TERM RP"S

37T70 3 7 3 . 8 3 7 6 . 8 3 7 9 . 6 3 8 2 . 9 3 8 5 . 0 3 8 3 . 1 3 9 1 . 1 3 9 3 . 5 3 9 6 . 5 4 0 0 . 4 4 0 2 . 3

4 0 4 . 9 4 0 7 . 7 4 0 9 . 6 4 1 1 . 9 4 1 5 . 3 4 1 8 . 0 4 2 1 . 5 4 2 5 . 3 4 2 8 . 8 4 3 1 . 9 4 3 5 . 3 4 3 8 . 0

4 4 1 . 8 4 4 4 . 9 4 4 7 . 7 4 5 0 . 6

1 4 5 2 . 7 4 5 5 . 9

I 4 5 9 . 5 4 6 3 . 2 4 6 7 . 0 4 7 1 . 6 4 7 4 . 8 4 7 8 . 5

4 8 1 . 5 4 8 3 . 9 4 8 6 . 9 4 9 0 . 5 4 9 2 . 1 4 9 3 . 5 4 9 4 . 5 4 9 6 . 2 4 9 8 . 8 4 9 8 . 5 4 9 8 . 9 5 0 2 . 2

L ~ M-3 PLUS |

OTHER | L I Q J I J 1 ASSETS I

4 6 7 T I T 4 7 0 . 7 | 4 7 3 . 9 | 4 7 b . 3 | 4 8 0 . 1 | 4 8 2 . 2 | 4 8 5 . 2 | 4 8 9 . 3 | 4 9 2 . 8 j 4 9 5 . 1 | 4 9 9 . 7 | 5 0 1 . 8 |

5 0 4 . 3 1 5 0 7 . 1 | 5 0 9 . 1 1 5 1 1 . 7 | 5 1 5 . 6 I 5 1 9 . 0 | 5 2 1 . 9 | 5 2 4 . 7 1 5 2 8 . 9 | 5 3 2 . 5 I 5 3 5 . 7 | 5 3 8 . 3 |

5 4 1 . 7 j 5 4 4 . 7 | 5 4 8 . 1 |

I 5 5 1 . 7 | 1 5 5 4 . 7 !

5 5 8 . 7 | 5 6 3 . 1 I 5 6 6 . 8 {

I 5 7 0 . 3 I 5 7 4 . 7 | 5 7 8 . 6 | 5 8 2 . 3 |

5 8 6 . 2 1 5 8 9 . 0 J 5 9 2 . 1 | 5 9 6 . 3 I 5 9 8 . 6 | 6 0 0 . 1 j 6 0 0 . 9 | 6 0 2 . 6 | 6 0 5 . 7 | 6 0 7 . 3 I 6 1 0 . 1 I 6 1 3 . 9 |

1 di-A J I -CURRENCY j PLUS I DEMAND I DEPOSITS

1 T5T7T 1 1 4 9 . 6 1 1 4 8 . 8 1 1 5 1 . 0 1 1 4 8 . 8 1 1 4 9 . 6 I 1 5 0 . 8 1 1 5 0 . 3 1 1 5 1 . 9 1 1 5 3 . 8 1 1 5 6 . 2 1 1 5 8 . 5

I 1 5 8 . 9 I 1 5 4 . 9 I 1 5 4 . 0 1 1 5 6 . 3 1 1 5 3 . 6 1 1 5 4 . 8 1 1 5 6 . 4 1 1 5 6 . 4 1 1 5 8 . 8 1 1 6 C . 7 1 1 6 2 . 6 I 1 6 5 . 9

I 1 6 6 . 3 ( 1 6 1 . 3 1 l c 0 . 9 1 1 6 3 . 6 1 1 5 9 . 7 1 1 6 1 . 5 1 1 6 2 . 7 1 1 6 2 . 1 1 1 6 4 . 9 1 1 6 7 . 5 1 1 6 9 . 3 1 1 7 3 . 7

1 1 7 5 . 0 i 1 6 9 . 6 1 1 6 9 . 7 1 1 7 3 . 4 I 1 6 8 . 9 1 1 7 1 . 0 1 1 7 0 . 2 1 1 6 9 . 2 1 1 7 2 . 0 1 1 7 2 . 6 1 1 7 3 . 9 1 1 7 7 . 9

M l - B 1 M-1A PLUS I

OTHER CHECKABLE

DEPOSITS

I5TTL 1 4 9 . 7 1 4 8 . 8 1 5 1 . 0 1 4 8 . 9 1 4 9 . 6 1 5 0 . 8 1 5 0 . 4 1 5 2 . 0 1 5 3 . 8 156 .2 1 5 8 . 5

1 5 8 . 9 1 5 4 . 9 1 5 4 . 1 156 .3 1 5 3 . 7 1 5 4 . 9 1 5 6 . 5 1 5 6 . 4 1 5 8 . 8 160 .8 1 6 2 . 6 1 6 5 . 9

1 6 6 . 4 1 6 1 . 3 1 6 0 . 9 1 6 3 . 6 1 5 9 . 7 1 6 1 . 6 1 6 2 . 8 1 6 2 . 2 1 6 5 . 0 1 6 7 . 6 1 6 9 . 3 1 7 3 . 7

1 7 5 . 0 1 6 9 . 7 1 6 9 . 8 1 7 3 . 5 1 6 9 . 0 1 7 1 . 0 1 7 0 . 3 1 6 9 . 3 1 7 2 . 0 1 7 2 . 7 1 7 3 . 9 1 7 8 . 0

L &Z-JZ3 M-1B PLUS OVERNIGHT

RPS AND MMMF AND

SAVINGS AND SMALL

TIME I DEPOSITS

3 6 7 . 8 3 6 6 . 5 3 6 8 . 3 3 7 2 . 5 3 7 2 . 0 3 7 5 . 2 3 7 8 . 4 3 7 9 . 4 3 8 2 . 7 3 8 6 . 8 3 9 0 . 6 3 9 5 . 1

3 9 8 . 1 3 9 5 . 9 3 9 7 . 3 4 0 1 . 0 3 9 9 . 7 4 0 3 . 7 4 0 7 . 3 4 0 8 . 8 j 4 1 3 . 4 4 1 7 . 7 4 2 1 . 1 4 2 6 . 8

4 3 0 . 8 4 2 8 . 3 4 3 0 . 5 4 3 4 . 7 4 3 2 . 0 4 3 6 . 5 4 3 9 . 9 4 4 0 . 8 4 4 5 . 8 4 5 1 . 3 4 5 4 . 7 4 6 1 . 5

4 6 5 . 5 4 6 1 . 8 4 6 4 . 2 4 6 8 . 6 4 6 4 . 7 4 6 7 . 9 4 6 8 . 3 4 6 7 . 9 4 7 2 . 3 4 7 4 . 9 4 7 6 . 6 4 8 2 . 6

1 H3 1 M-2 PLUS I

LARGE TIME

DEPOSITS AND

TERM RP"S

3 7 4 . 9 3 7 4 . 0 3 7 6 . 3 3 8 0 . 7 3 8 0 . 7 3 8 4 . 0 3 8 7 . 3 3 8 8 . 6 3 9 2 . 1 3 9 6 . 3 4 0 0 . 5 4 0 5 . 4

4 0 9 . 3 4 0 7 . 7 4 0 9 . 3 4 1 3 . 2 4 1 2 . 8 4 1 6 . 9 4 2 0 . 7 4 2 2 . 5 4 2 7 . 1 4 3 1 . 7 4 3 5 . 5 4 4 1 . 5

4 4 6 . 6 4 4 4 . 8 4 4 7 . 3 4 5 2 . 0 4 5 0 . 0 4 5 4 . 7

1 4 5 8 . 5 4 6 0 . 2 4 6 5 . 4

1 4 7 1 . 2 4 7 5 . 0 4 8 2 . 1

4 8 6 . 8 4 8 3 . 5 4 8 6 . 4 4 9 2 . 1 4 8 9 . 1 4 9 2 . 4 4 9 3 . 7 4 9 3 . 7 4 9 7 . 3 4 9 8 . 4 4 9 9 . 3 5 0 5 . 8

u. L , m M-3 PLUS 1

OTHER 1 L IQUID 1 ASSETS |

T n j 7 F ~ ? 4 7 2 . 3 ! 4 7 4 . 4 j 4 7 8 . 3 j 4 7 9 . 1 ! 4 8 0 . 9 1 4 8 3 . : : | 4 8 6 . 7 i 4 9 0 . 3 | 4 9 3 . 9 1 4 9 9 . 7 1 5 0 4 . 3 i

5 0 8 . 3 1 5 0 8 . 4 1 5 0 9 . 9 f 5 1 3 . 9 | 5 1 4 . 5 ! 5 1 7 . 5 j 5 1 9 . 7 1 5 2 1 . 8 I 5 2 6 . 2 | 5 3 1 . 3 | 5 3 5 . 8 | 5 4 1 . 1 |

5 4 6 . 2 I 5 4 5 . 9 | 5 4 9 . 0 | 5 5 4 . 0 | 5 5 3 . 4 | 5 5 7 . 2 I 5 6 0 . 6 | 5 6 3 . 6 | 5 6 7 . 6 | 5 7 3 . 4 | 5 7 8 . 7 I 5 8 5 . 2 I

5 9 1 . 1 ! 5 9 0 . 2 i 5 9 3 . 0 I 5 9 9 . 1 J 5 9 7 . 1 I 5 9 8 . 5 | 5 9 8 . 4 I 5 9 9 . 7 | 6 0 3 . 2 t 6 0 6 . 1 | 6 1 0 . 3 | 6 1 6 . 6 |


TABLE I MONEY STOCK MEASURES AND LIQUID ASSETS

3i L L IONS Of- DOLLARS (SEASONALLY ADJUSTED) (NOT SEASONALLY ADJUSTED)

19fc7 J A N . , . FES. . . MAR. . . APR. . . MAY. . . JUN. . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1968 J A N . * . F E B . . . MAR. . . A P R . . . H A Y . . . JUN. . . J U L . . . A U G . . * SEP. . . O C T . . . NOV. . . OEC. . .

1969 J A N . . . FES. . . MAR. . . APR. . . MAY. . . JUN. . . J UL . , . A U G . . . SEP. . . O C T . . . NOV. . . DEC. . .

1970 J A N . . . F E B . . . MAR. . . APR. . . MAY. . . J U N . . . JUL . . . A U G . . . S E P . . . OCT. . . NOV

1 fll-A I CURRENCY I PLUS 1 DEMAND 1 DEPOSITS

T 17379 1 173 .8 j 1 7 5 . 9 I 1 7 5 . 0 I 1 7 6 . 5 J 1 7 8 . 0 I 1 7 9 . 5 I 180 *9 1 1 8 1 . 4 i 1 8 2 . 6 ) 1 8 3 . 3 I 164 .2

1 185 .2 1 1 8 5 . 7 i 1 8 6 . 7 1 1 8 7 . 6 ! 1 8 9 . 3 I 190 .8 1 1 9 1 . 9 ! 1 9 3 . 0 ! 1 9 3 . 8 1 1 9 5 . 1 1 1 9 7 . 1 1 198 .4

f 1 9 9 . 9 1 2 0 0 . 5 1 2 0 1 . 3 J 2 0 1 . 7 J 2 0 2 . 2 1 2 0 2 . 9 I 2 0 3 . 1 1 2 0 2 . 9 1 2 0 3 . 1 I 2 0 3 . 9 i 2 0 4 . 6 1 2 0 4 . 6

1 2 0 7 . 0 J 2 0 5 . 4 1 2 0 6 . 9 S 2 0 8 . 2 1 2 0 8 . 9 ! 2 0 9 . 2 1 2 0 9 . 5 ! 2 1 1 . 3 1 2 1 2 . 6 [ 2 1 3 . 4 I 2 1 4 . 1

. $1~2L J M-1A PLUS

I OTHER cnf. CITABLE

DEPOSITS

mTo"~ 173 .9 1 7 5 . 9 1 7 5 . 1 1 7 6 . 6 J 178 .0 1 7 9 . 6 1 8 1 . 0 1 8 1 . 5 1 8 2 . 7 1 8 3 . 3 184 .2

1 8 5 . 3 1 8 5 . 8 1 8 6 . 8 1 8 7 . 7 1 8 9 . 3 1 9 0 . 9 1 9 1 . 9 1 9 3 . 1 1 9 3 . 9 1 9 5 . 2 197 .2 1 9 8 . 5

2 0 0 . 0 2 0 0 . 6 2 0 1 . 3 2 0 1 . 8 2 0 2 . 3 2 0 3 . 0 2 0 3 . 2 2 0 3 . 0 2 0 3 . 2 2 0 4 . 0 2 0 4 . 7 2 0 4 . 7

2 0 7 . 1 2 0 5 . 5 2 0 7 . 0 2 0 8 . 3 2 0 9 . 0 2 0 9 . 3 2 0 9 . 6 2 1 1 . 4 2 1 2 . 7 2 1 3 . 5 2 1 4 . 2

L a * . J M-1B PLUS OVERNIGHT

RP*S AND MMMF AND

SAVINGS AND SMALL

TIME DEPOSITS

*i80.T 4 8 3 . 5 4 8 8 . 0 4 9 0 . 5 4 9 5 . 6 500 .3 5 0 5 . 3 5 0 9 . 9 5 1 3 . 3 5 1 7 . 3 5 2 0 . 0 5 2 3 . 6

526 .6 5 2 9 , 2 5 3 2 . 0

% 534.5 5 3 6 . 1 5 4 1 . 7 5 4 4 , 9 54 9 . 0 5 5 3 . 1 5 5 7 , 4 5 6 1 . 9 5 6 6 . 2

5 6 8 . 8 5 7 1 . 5 5 7 3 . 4 5 7 4 . 9 5 7 6 . 4 578 .3 579 .3 5 8 0 . 0 5 8 1 . 6 5 8 2 . 9 5 8 5 . 2 5 8 7 . 6

5 8 7 . 8 5 8 6 . 1 5 8 8 . 1 5 8 9 . 7 5 9 3 . 3 5 9 6 . 3 5 9 8 . 6 6 0 3 . 6 6 0 8 . 4 6 1 3 . 2 6 1 8 . 8

L__ Mi J M-2 P U S

LARGE T I ME

OEPOSITS AND

TERM RP*S

* ^ T 0 6 T 3 ~ " 51 L 2 5 1 6 . 6 519*4 5 2 4 . 6 J 5 2 9 . 9 5 3 5 , 2 5 4 0 . 3 5 4 4 . 3 I 5 4 8 . J 5 5 1 . 7 1 5 5 5 , 7

5 5 8 . 5 5 6 1 . 2 5 6 4 . 4 5 6 6 . 5 5 6 9 . 9 5 7 3 . 4 5 7 3 . 0 5 8 3 . 2 5 8 8 . 3 5 9 3 . 9 599 , 8 6 0 5 . 3

6 0 6 . 3 6 0 7 . 4 6 0 8 . 2 6 0 9 . 5 6 1 0 . 2 6 1 0 . 9 6 0 8 . 9 6 0 6 . 7 6 0 7 . 2 6 0 7 . 3 6 0 8 . 6 6 1 0 * 4

6 0 9 . 3 6 0 7 . 5 6 1 0 . 9 6 1 6 . 0 6 2 0 . 6 6 2 3 . 1 6 3 0 . 6 6 3 9 . 2 6 4 7 . 7 6 5 5 . 1

i 6 6 2 . 8

L_ _ L 1 M - 3 P L U S f

OTHER | LIQUID ( ASSETS I

- J T K T T 6 2 1 . 2 | 6 2 6 . 6 I 6 2 8 . 9 j 6 3 3 . 2 1 6 3 7 . 8 1 6 4 2 . 5 J 6 4 8 . 3 | 6 5 3 . 1 | 6 5 7 . 7 I 6 6 2 . 0 | 6 6 7 . 2 I

6 7 2 . 1 J 6 7 6 . 1 ) 6 8 0 . 5 J 6 8 4 . 5 I 6 8 9 . 5 J 6 9 4 . 8 I 7 0 0 . 9 [ 7 0 7 . 4 J 7 1 3 . 5 J 7 1 9 . 8 | 725 .3 | 7 3 0 . 9 |

7 3 4 . 0 j 7 3 7 . 7 | 741 .3 | 7 4 4 . 8 j 746 .2 I 748 .3 { 7 4 7 . 9 j 748 .3 I 751 .9 j 753 ,8 | 7 5 7 . 2 | 761 ,2 I

7 6 1 . 8 | 7 6 1 . 6 J 7 6 5 . 9 | 770.9" | 7 7 4 . 6 | 7 7 8 . 1 |

1 784 .6 ( 791*2 J 796 .3 i 8 0 1 . 7 | S06.7 | -- - ~ '

1 BLZLA 1 Mirj3_ 1 \ CURRENCY I PLUS { DEMAND I DEPOSITS

r7777 1 1 7 2 . 7 1 1 7 3 . 9 1 1 7 5 . 9 1 1 7 3 . 3 j 1 7 6 . 6 I 1 7 8 . 2 i 178 .2 j 1 8 0 . 8 1 1 8 3 . 1 ) 1 8 5 . 0 i 1 8 9 . 6

1 1 9 0 . 2 I 1 8 4 . 1 t 1 3 4 . 6 1 1 8 8 . 5 J 1 8 5 . 8 1 1 8 9 . 4 1 1 9 0 . 9 I 1 9 0 . 5 1 1 9 3 . 0 I 1 9 5 . 4 I 1 9 8 . 7 I 2 0 4 . 0

I 2 0 5 . 1 I 1 9 8 . 5 } 1 9 9 . 0 I 2 0 2 . 6 S 1 9 8 . 4 J 2 0 1 . 3 J 2 0 2 . 3 1 2 0 0 . 4 I 2 0 2 . 3 I 2 0 4 . 0 I 2 0 6 . 1 ! 2 1 0 . 4

1 2 1 2 . 0 | 2 0 3 . 1 1 2 0 4 . 5 I 2 0 9 . 2 ( 2 0 5 . 2 i 2 0 7 . 8 J 2 0 9 . 0 1 2 0 8 . 9 1 2 1 1 . 7 I 2133 I 2 1 5 . 7

- -,, -,

M-1A PLUS CTHER

CHECKABLE DEPOSITS

TJf^f 172.3 174.0 i 1 7 5 . 9 173 .4 | 176 .7 178 .3 | 178 .2 180 .9 I 1 8 3 . 1 1 8 5 . 0 1 8 9 . 6

190 .3 184 .2 184 .7 188 .6 185 .8 189 .4 191 .0 190 .5 193 .1 195 .5 198.8 2 0 4 , 1

205 .2 198 .5 1 9 9 . 1 2 0 2 . 7 198 .5 2 0 1 . 4 202*4 2 0 0 . 5 2 0 2 . 4 2 0 4 . 1

I 206 .2 2 1 0 . 5

2 1 2 . 1 ! 2 0 3 . 2

2 0 4 . 6 209 .3

1 205 .3 2 0 7 , 9

1 2 0 9 . 1 2 0 9 . 0

I 211 .8 ! 2 1 3 . 4 i 2 1 5 . 8 i -3ti a

[ M | M-18 PLUS OVERNIGHT

RP"S AND MMMF AND

SAVINGS AND SMALL

TIME DEPOSITS

48 5". 3 4 6 2 . 2 4 8 6 . 9 4 9 1 . 9 4 9 2 * 3 4 9 9 . 8 5 0 4 . 8 5 0 6 . 8 5 1 2 . 4 5 1 7 . 7 5 2 0 . 6 5 2 7 . 4

5 3 1 . 1 5 2 7 . 3 5 3 0 . 9 5 3 6 . 4 5 3 5 . 0 5 4 1 . 6 5 4 5 . 1 5 4 6 . 2 5 5 1 . 8 5 5 7 , 3 5 6 1 . 9 5 6 9 . 6

5 7 3 . 3 5 6 8 . 6 5 7 2 . 6 5 7 7 , 2 57 3 .3 5 7 8 * 4 57 9 . 8 57 7 .3 5 0 0 . 2 5 8 2 . 8 5 8 4 . 6 5 9 0 , 7

5 9 1 . 9 1 5 8 3 . 3 j 5 8 7 . 5

5 9 2 . 9 1 5 9 1 * I 5 9 7 . 3 1 5 9 9 . 9 I 6 0 1 . 1 ( 6 0 6 . 7 f 6 1 2 . 1 1 6 1 7 . 2 1 A 7 7 . 3

L _ M J J I M-2 PLUS 1 LARGE I TIME , DEPOSITS

ANO TERM RPWS

____ 5 1 0 . 1 5 1 5 . 8 5 2 1 . 2 5 2 2 . 0 5 2 9 . 4 5 3 4 . 5 I 5 3 7 . 9 5 4 3 . 2 ! 5 4 8 . 2 1 5 5 2 . 0 | 5 5 9 . 2

5 6 2 . 7 559 .3 5 6 3 . 5 568 .6

I 5 6 7 . 3 i 5 7 3 . 1 ! 5 7 7 . 7 1 5 8 1 . 2 1 5869 1 5 9 3 . 5

5 9 9 . 7 ! 6 0 8 . 7

I 6 1 0 . 7 6 0 4 . 6

i 6 0 7 . 4 6 1 1 . 8

1 6 0 7 . 4 !

TABLE i MONEY STOCK MEASURES AND LIQUID ASSETS

BILLIONS OF DOLLARS {SEASONALLY ADJUSTED) (NOT SEASONALLY ADJUSTED)

1971 J A N . . . F E B . . . M A R . . . A P R . . . MAY. . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . DEC. . .

1972 J A N . . . FEB. . . MAR* . . APR. . . M A Y . . . JUN. . . JUL. . . A U G . . . S E P . . . O C T . . . NOV. . . D E C . . .

1973 J A N . . . F E B . . . M A R . . . APR. . . MAY. . . J U N . . . J U L . . . A U G . . . S E P . . . OCT. . . N O V . . . DEC. . .

1974 J A N . . . FEB. . . M A R . . . A P R . . . M A Y . . . JUN. . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

f M l - A i I CURRENCY ] i PLUS I DEMAND | I DEPOSITS

| 2 1 6 . 7 i 2 1 8 . 1 | I 2 2 0 . 0 I 2 2 1 . 5 I 2 2 3 . 7 I 2 2 5 . 2 { 2 2 6 . 2 I 2 2 6 . 9 I 2 2 7 . 4 i 2 2 8 . 0 I 2 2 8 . 3 I 2 2 9 . 2

i 2 3 1 . 3 J 2 3 3 . 2 I 2 3 5 * 6 i 2 3 7 . 0 I 2 3 7 . 2 I 238 * 3 I 2 4 0 . 1 I 2 4 2 . 3 I 2 4 4 . 3 I 2 4 6 . 1 I 2 4 7 . 3 I 2 5 0 , 5

! 2 5 2 . 8 I 2 5 3 . 3 I 2 5 3 . 1 J 2 5 4 . 0 I 2 5 6 . 3 J 2 5 8 . 4 I 2 5 8 . 8 I 2 5 9 . 2 1 2 5 9 . 1 I 2 6 0 . 2 I 2 6 1 . 9 I 2 6 4 . 1

I 2 6 5 . 1 I 2 6 6 . 5 I 2 6 8 . 0 I 2 6 8 . 0 I 2 6 8 . 7 I 2 7 0 . 0 I 2 7 0 . 2 1 2 7 0 . 9 1 2 7 1 . 8 1 2 7 3 . 0 I 2 7 4 . 5 1 2 7 5 . 3

_ MJL-fi M-1A PLUS

OTHER CHECKABLE

DEPOSITS

2 1 6 . 8 2 1 8 . 2 2 2 0 . 1 2 2 1 . 6 2 2 3 . 8 2 2 5 . 3 2 2 6 . 3 2 2 7 . 0 2 2 7 . 5 2 2 8 . 1 2 2 8 . 4 2 2 9 . 4

2 3 1 . 4 . 2 3 3 . 3 2 3 5 . 7 2 3 7 . 2 2 3 7 . 4 2 3 8 . 4 2 4 0 . 2 2 4 2 . 4 2 4 4 . 4 2 4 6 . 2 2 4 7 . 4 2 5 0 . 6

2 5 3 . 0 2 5 3 . 5 2 5 3 . 3 2 5 4 . 2 2 5 6 . 5 2 5 8 . 6 2 5 9 . 1 2 5 9 . 5 2 5 9 . 4 2 6 0 . 5 2 6 2 . 2 2 6 4 . 4

2 6 5 . 4 2 6 6 . 8 2 6 8 . 3

\ 2 6 8 . 3 2 6 9 . 1 2 7 0 . 3 2 7 0 . 5 2 7 1 . 3 2 7 2 . 1 2 7 3 . 4 2 7 4 . 9

1 2 7 5 . 7

M2 M-1B PLUS OVERNIGHT

RP"S AND MMMF AND

SAVINGS AND SMALL

TIME DEPOSITS

6 3 1 . 7 6 4 0 . 1 6 4 9 . 4 6 5 8 . 9 6 6 7 . 5 6 7 3 . 4 6 7 8 . 9 6 8 4 . 5 6 9 0 . 3 6 9 6 . 0 7 0 3 . 2 7 0 9 . 6

7 1 6 . 8 7 2 5 . 1

1 7 3 3 . 6 7 3 8 . 9 7 4 3 . 7 7 5 0 . 4 7 5 9 . 5 7 6 8 . 6 7 7 7 . 3 7 8 5 . 4 7 9 3 . 1 8 0 1 . 6

8 0 9 . 9 8 1 4 . 9 8 1 6 . 7

1 8 2 0 . 5 8 2 7 . 8 8 3 5 . 3 8 3 8 . 4 8 4 1 . 1 8 4 1 . 4 8 4 4 . 9 8 5 1 . 9 8 5 3 . 1

8 6 2 . 5 8 6 8 . 4 8 7 5 . 1 8 7 6 . 8 8 7 9 . 5 8 8 3 . 7 8 8 6 . 4 8 8 9 . 4 8 9 3 . 0

i 8 9 7 . 3 9 0 3 . 8 9 0 6 . 2

MJ M-2 PLUS

LARGE TIME

DEPOSITS AND

TERM *P"S

6 8 0 . 9 6 9 1 . 2 7 0 2 . 0 7 1 0 . 1 7 1 8 . 8 7 2 5 . 8 7 3 2 . 8 7 3 8 . 1 7 4 5 . 0 7 5 2 . 8 7 6 1 . 4 7 6 9 . 7

7 7 7 . 5 7 8 7 . 0 7 9 5 . 3 8 0 2 . 8 8 0 9 . 9 8 1 8 . 7 8 2 8 . 4 8 3 9 . 2 8 4 8 . 9 8 5 7 . 5 8 6 8 . 1 8 7 7 . 8

8 8 7 . 7 8 9 8 . 5 9 0 8 . 5 9 1 5 . 5 9 2 4 . 5 9 3 3 . 6 9 4 2 . 3 9 5 1 . 2 9 5 7 . 9 9 6 2 . 8 9 6 9 . 9 9 7 6 . 1

9 8 4 . 2 9 9 4 . 6

1 0 0 3 . 5 1 0 1 1 . 7 1 0 2 0 . 2 1 0 2 9 . 4 1 0 3 5 . 3

1 1 0 3 9 . 7 1 0 4 4 . 9 1 0 4 8 . 6 1 0 5 4 . 9

I 1 0 5 8 . 6

L_ L M-3 PLUS I

OTHER I L IQUID 1 ASSETS 1

8 2 0 . 2 I 8 2 7 . 4 | 8 3 5 . 6 I 8 4 3 . 0 | 8 4 9 . 2 1 8 5 6 . 6 | 8 6 5 . 4 I 8 7 1 . 1 1 8 7 6 . 7 I 8 8 3 . 3 I 8 9 0 . 7 I 8 9 8 . 7 |

9 0 7 . 2 1 9 1 7 . 0 |

1 9 2 6 . 8 I 9 3 5 . 2 I 9 4 2 . 1 1

1 9 5 1 . 7 | I 9 6 1 . 2 I

9 7 2 . 4 | 9 8 2 . 9 |

I 9 9 2 . 9 I 1 0 0 6 . 1 | 1 0 1 7 . 7 |

! 1 0 2 8 . 9 | 1 0 4 1 . 1 |

I 1 0 5 2 . 1 I I 1 0 6 1 . 2 I I 1 0 7 2 . 3 I ! 1 0 8 4 . 3 i

1 0 9 3 . 6 J I 1 1 0 4 . 8 I

1 1 1 4 . 3 i 1 1 1 2 0 . 9 I

1 1 3 0 . 0 I 1 1 3 7 . 2 I

1 1 4 7 . 4 | 1 1 1 6 1 . 2 1 I 1 1 7 2 . 7 ! 1 1 1 8 2 . 7 | 1 1 1 9 2 . 1 | i 1 2 0 2 . 8 I 1 1 2 0 9 . 6 1 1 1 2 1 7 . 2 I ! 1 2 2 6 . 0 1 1 1 2 3 1 . 8 | I 1 2 3 8 . 5 I 1 1 2 4 2 . 8 |

1 M l -A J Ml -B 1 1 CURRENCY 1 PLUS I DEMAND 1 DEPOSITS

1 2 2 1 . 6 1 2 1 5 . 5 1 2 1 7 . 5 1 2 2 2 . 6 1 2 1 9 . 9 1 2 2 3 . 9 I 2 2 6 . 0 1 2 2 4 . 4 1 2 2 6 . 4 1 2 2 7 . 8 1 2 2 9 . 9 1 2 3 5 . 7

1 2 3 6 . 3 1 2 3 0 . 2 1 2 3 2 . 9 1 2 3 8 . 3 1 2 3 3 . 5 1 2 3 7 . 3 1 2 4 0 . 3 I 2 3 9 . 8 1 2 4 3 . 0 1 2 4 5 . 6 1 2 4 9 . 0 1 2 5 7 . 5

1 2 5 7 . 9 ! 2 4 9 . 7 t 2 5 0 . 1 I 2 5 5 . 4 1 2 5 2 . 0 1 2 5 7 . 6 1 2 5 9 . 2 1 2 5 6 . 8 1 2 5 7 . 7 1 2 5 9 . 6 1 2 6 3 . 9 I 2 7 1 . 5

1 2 7 0 . 0 1 2 6 2 . 3 1 2 6 4 . 6 1 2 6 9 . 7 1 2 6 4 . 4 1 2 6 9 . 3 1 2 7 1 . 1 i 2 6 8 . 8 1 2 7 0 . 3 1 2 7 2 . 6 1 2 7 6 . 6 1 2 8 2 * 9

M-1A PLUS i OTHER

CHECKABLE I DEPOSITS

22177 2 1 5 . 6 2 1 7 . 6 2 2 2 . 7 2 2 0 . 1 2 2 4 . 1 2 2 6 . 2 2 2 4 . 6 2 2 6 . 5 2 2 7 . 9 2 3 0 . 1 2 3 5 . 8

2 3 6 . 4 2 3 0 . 3 2 3 3 . 0 2 3 8 . 4 2 3 3 . 6 2 3 7 . 4 2 4 0 . 4 2 3 9 . 9 2 4 3 . 2 2 4 5 . 7 2 4 9 . 2 2 5 7 . 6

2 5 8 . 0 2 4 9 . 9 2 5 0 . 3 2 5 5 . 6

1 2 5 2 . 2 2 5 7 . 8 2 5 9 . 5 2 5 7 . 0 2 5 8 . 0 2 5 9 . 9 2 6 4 . 2 2 7 1 . 8

2 7 0 . 3 2 6 2 . 6 2 6 4 . 9 2 7 0 . 0 2 6 4 . 7 2 6 9 . 7 2 7 1 . 4 2 6 9 . 2 2 7 0 . 7 2 7 3 . 0 2 7 7 . 1

1 2 8 3 . 4

1 M2 1 M-1B PLUS OVERNIGHT

RP"S AND MMMF AND

SAVINGS AND SMALL

TIHE DEPOSITS

6 3 4 . 6 6 3 6 . 9 6 4 9 . 2 6 6 3 . 2 6 6 6 . 0 6 7 5 . 4 6 8 1 . 0 6 8 1 . 9 6 8 7 . 9 6 9 4 . 2 7 0 0 . 9 | 7 1 1 . 3

7 1 9 . 5 7 2 1 . 6 7 3 3 . 6 | 7 4 3 . 9 7 4 2 . 6 7 5 3 . 3 7 6 2 . 6 j 7 6 6 . 2 7 7 3 . 9 7 8 2 . 5 7 9 0 . 0 8 0 3 . 5

8 1 2 . 4 8 1 0 . 7 8 1 6 . 8 8 2 6 . 5

1 8 2 6 . 8 8 3 8 . 8 8 4 2 . 1 8 3 8 . 7 8 3 7 . 7 8 4 1 . 7 8 4 8 . 8 8 6 0 . 1

8 6 4 . 7 8 6 3 . 6

1 8 7 4 . 7 8 8 3 . 2

I 8 7 8 . 5 1 8 8 7 . 3 I 8 9 0 . 6 I 8 8 7 . 5 I 8 8 9 . 2 I 8 9 4 . 4 1 9 0 0 . 9 | 9 0 8 . 5

i MA n M-2 PLUS

LARGE TIME 1

DEPOSITS AHO

TERM RP"S

6 8 4 . 0 6 8 7 . 6 7 0 1 . 3 7 1 3 . 9 7 1 7 . 6 7 2 7 . 0 7 3 3 . 8 7 3 6 * 6 i 7 4 3 . 5 7 5 2 . 0 7 5 8 . 9 7 7 1 . 4

7 8 0 . 6 7 8 3 , 0 7 9 4 . 6 8 0 7 . 1 8 0 9 . 2 8 2 0 . 6 8 3 0 . 4 8 3 8 . 0 8 4 6 . 7 8 5 5 . 8 8 6 4 . 5 8 7 9 . 8

8 9 0 . 7 8 9 3 . 9

I 9 0 7 . 6 1 9 2 0 . 5 I 9 2 3 . 9 1 9 3 5 . 8 i 1 9 4 4 . 5 {

9 5 0 . 5 9 5 6 . 0 9 6 1 . 4 9 6 5 . 9 I 9 7 8 . 4

i 9 8 7 . 4 9 8 9 . 3

i 1 0 0 2 . 0 1 0 1 7 . 0

t 1 0 1 9 . 7 1 0 3 1 . 3

I 1 0 3 7 . 5 1 0 3 9 . 6 1 0 4 2 . 8 1 0 4 7 . 5

1 1 0 5 1 . 2 I 1 0 6 1 . 8

LZZZ3ZT" M-3 ?L ih

OTHER LIQUID ASSETS

8237F" 8 2 5 , 5 &3&- B 84?* % 64** 856. y 864, V 869 2 87 * * * 8 8 i , f 8*8,? 900*4

910.3 914*6 927.6 939.7 941.7 952.5 **!* 9 7 0 . 6 % I"., 8 *v H

100 -*3 io?or

103.3 1038.1 1052.8 1066.4 1071.7 1084*9 1094.2 1103*3 1111.3 l i l t . 2 1.127.2 1140.0

1151.1 1 1157.8 t 1173*0 f 1188.1 1 l i t 1.3 1 1203.Q 1 1210.1 ! 1216.4

1222. 7 i 1230*6 1 1236*2 1 1246.1

" * X

I

i

i

*

i %

.. i t i i * i i i * i i

i t j * i f i

I 1 1 1 1

-.1


TABLE 1 MONEY STOCK MEASURES ANO LIQUID ASSETS

BILLIONS Of DOLLARS (SEASONALLY ADJUSTED) (NOT SEASONALLY AOJUSTED)

~ 1

1975 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . AUG. S E P . . . O C T . . . N O V . . . D E C * .

1976 J A N . . . FEB. M A R . . . A P R . . . MAY. J U N . . . I J U L . . . A U G . . . I S E P . . . O C T . . . J N O V . . . D E C . . .

1977 J A N . . . F E f t . . . MAR. A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . J S E f > . . . O C T . . . J NOV. O E C . . .

1978 J A N . . . F E B . . . MAf t * . . A P R . . .

J U N . J U L . . . AUG. S E P . . . O C T . . . NOV. . D E C . . .

M l - A CURRENCY

PLUS DEMAND

DEPOSITS

2 7 5 . 0 2 7 5 . 8 2 7 7 . 6 1 2 7 6 . 9 2 7 9 . 9 2 8 3 . 7 2 8 4 . 0 2 8 5 . 3 2 8 5 , 9 2 8 5 . 4 288 2 2 8 7 . 9

2 8 9 . 4 2 9 1 . 4 2 9 2 . 5 2 9 4 . 1 2 9 6 . 0 2 9 5 . 9 2 9 6 . 4 2 9 8 . 2 2 9 8 . 7 3 0 1 . 6 3 0 2 . 3 3 0 5 . 0

3 0 7 . 6 3 0 9 . 9 3 1 1 . 6 3 1 4 . 0 3 1 4 . 7 3 1 6 . 1 3 1 8 . 0 3 1 9 . 2

[ 3 2 1 . 7 3 2 4 . 0 3 2 6 . 5 3 2 8 . 4

3 3 2 . 0 3 3 2 . 0

1 3 3 3 . 5 3 3 7 . 0 3 3 9 . 9 3 4 2 . 2 3 4 3 . 5 3 4 4 . 9 3 4 8 . 7 3 4 9 . 3 3 5 0 . 7 3 5 1 . 6

M l - B M-1A PLUS

OTHER CHECKABLE

DEPOSITS

2 7 5 . 5 N 2 7 6 . 3 2 7 8 . 2 2 7 7 . 6 280 . 5 2 8 4 . 4 2 8 4 . 8 2 8 6 . 1 2 8 6 . 8 2 8 6 . 4 2 8 9 . 2 2 8 9 . 0

2 9 0 . 5 2 9 2 . 6

I 2 9 3 . 8 2 9 5 . 6

1 2 9 7 . 6 I 2 9 7 . 6 1 2 9 8 . 4

3 0 0 . 2 1 3 0 0 . 9 1 3 0 4 . 0 1 3 0 4 . 8

3 0 7 . 7

1 3 1 0 . 4 3 1 2 . 8 3 1 4 . 6 3 1 7 . 0 3 1 7 . 8 3 1 9 . 3 3 2 1 . 4 3 2 2 . 8 3 2 5 . 3 3 2 7 . 8 3 3 0 . 4 3 3 2 . 5

3 3 6 . 2 3 3 6 . 2 3 3 7 . 8 3 4 1 . 6 3 4 4 . 6 3 4 7 . 0 3 4 8 . 4 3 4 9 . 9 3 5 3 . 8 3 5 4 . 5

I 3 5 7 . 3 I 3 5 9 . 9

12 ; . M-1B PLUS OVERSIGHT

RPS AND MMMF AND

SAVINGS AND SMALL

TIME | DEPOSITS

9 1 0 . 5 9 1 9 . 2 J 9 3 0 . 6 9 4 0 . 2 9 5 3 . 6 9 6 9 . 2 9 8 0 . 4 9 8 9 . 2 | 9 9 7 . 7 |

1 0 0 3 . 5 1 0 1 4 . 6 1 0 2 2 . 4

1 0 3 3 . 4 1 0 4 8 . 3 1 0 5 7 . 5 1 0 6 8 . 4 1 0 8 2 . 8 1 0 8 7 . 7 1 0 9 6 . 2 1 1 1 0 . 9 1 1 2 2 . 9

I 1 1 3 8 . 4 1 1 1 5 1 . 2 I 1 1 6 6 . 7

I 1 1 7 9 . 4 1 1 1 9 1 . 9 1 1 2 0 3 . 2 1 1 2 1 4 . 6 1 1 2 2 5 . 7 1 1 2 3 4 . 5 1 1 2 4 4 . 1 1 1 2 5 4 . 3 I 1 2 6 4 . 7 1 1 2 7 4 . 9 I 1 2 8 5 . 5 1 1 2 9 4 . 1

1 3 0 2 . 6 1 1 3 0 8 . 0 I 1 3 1 6 . 4 1 1 3 2 5 . 0

1 3 3 3 . 7 1 3 4 2 . 0 1 3 4 9 . 7

I 1 3 6 0 . 2 1 1 3 7 2 . 8 1 1 3 8 3 . 7 i 1 3 9 4 . 7 I 1 4 0 0 . 8

* 3 ~ 1 M-2 PLUS 1

LARGE I TIME I

DEPOSITS ] AND |

TERM RPSI

1 0 6 4 . 5 1 1 0 7 2 . 7 | 1 0 8 1 . 4 | 1 0 8 6 . 5 I 1 0 9 7 . 2 1 1 1 0 . 6 I 1 1 1 9 . 7 | 1 1 2 6 . 3 I 1 1 3 6 . 7 | 1 1 4 3 . 1 | 1 1 5 5 . 7 | 1 1 6 1 . 0

1 1 6 9 . 8 ! 1 1 8 2 . 6 j 1 1 9 3 . 1 | 1 2 0 4 . 4 I 1 2 1 7 . 0 1 2 2 4 . 6 j 1 2 3 4 . 4 1 1 2 4 8 . 0 1 2 5 7 . 6 1 2 7 0 . 1 | 1 2 8 3 . 2 1 2 9 9 . 7

1 1 3 1 0 . 9 1 3 2 4 . 5

I 1 3 3 6 . 9 1 3 4 8 . 6

I 1 3 6 2 . 6 1 3 7 4 . 8

! 1 3 8 7 . 8 I 1 4 0 2 . 2 I 1 4 1 5 . 7 I 1 4 2 9 . 8 I 1 4 4 7 . 3 I 1 4 6 0 . 3

I 1 4 7 1 . 9 I 1 4 8 2 . 3 I 1 4 9 7 . 2 1 1 5 1 1 . 4 I 1 5 2 6 . 5 I 1 5 3 6 . 7 | 1 5 4 9 . 0 I 1 5 6 4 . 3 I 1 5 7 9 . 6 I 1 5 9 1 . 9 | 1 6 1 3 . 9 I 1 6 2 2 . 2

L ~r M-3 PLUS 1

OTHER 1 L IQUID 1 ASSETS |

1 2 5 0 . 3 r 1 2 5 9 . 8 1 1 2 6 9 . 0 | 1 2 7 6 . 4 | 1 2 8 9 . 1 | 1 3 0 3 . 3 I 1 3 1 2 . 6 | 1 3 2 2 . 2 1 1 3 3 5 . 4 | 1 3 4 5 . 0 | 1 3 6 1 . 6 j 1 3 6 9 . 6 |

1 3 7 9 . 3 | 1 3 9 3 . 7 | 1 4 0 6 . 1 1 1 4 1 9 . 4 | 1 4 3 3 . 2 1 1 4 4 2 . 9 | 1 4 5 4 . 2 I 1 4 6 9 . 1 | 1 4 8 0 . 2 I 1 4 9 3 . 0 I 1 5 0 6 . 2 | 1 5 2 3 . 5 |

1 5 3 4 . 5 | 1 5 5 1 . 3 I 1 5 6 6 . 5 I 1 5 8 1 . 0 | 1 5 9 7 . 4 1 1 6 1 1 . 5 I 1 6 2 6 . 8 | 1 6 4 5 . 1 ' | 1 6 6 4 . 1 | 1 6 8 0 . 1 I 1 6 9 8 . 6 I 1 7 1 5 . 5 |

1 7 2 9 . 7 I I 1 7 4 3 . 9 | 1 1 7 6 2 . 8 | I 1 7 8 1 . 4 1

1 8 0 1 . 2 I 1 8 1 5 . 4 |

1 1 8 3 0 . 1 | ! 1 8 4 8 . 9 | 1 1 8 7 0 . 8 I i 1 8 8 3 . 6 | I 1 9 0 8 . 6 1 1 1 9 2 6 . 3 1

\ M i - A n I CURRENCY | I PLUS I DEMAND I I DEPOSITS

T 2T9T6" 1 I 2 7 1 . 0 I 2 7 3 . 9 I I 2 7 8 . 9 1 2 7 5 . 4 I 2 8 3 . 0 I 2 8 4 . 9 I 2 8 3 . 1 I 2 8 4 . 6 1 2 8 5 . 4 I 2 9 0 . 5 1 2 9 5 . 9

I 2 9 3 . 8 1 2 8 5 . 7 i 2 8 8 . 0 I 2 9 6 . 3 I 2 9 1 . 3 I 2 9 5 . 2 | I 2 9 7 . 7 I 2 9 6 . 1 I 2 9 7 . 6 i 3 0 2 . 0 I 3 0 4 . 7 1 3 1 3 . 5

I 3 1 2 . 3 I 3 0 3 . 4 I 3 0 6 . 6 I 3 1 6 . 8 I 3 0 9 . 7 I 3 1 5 . 3 1 3 1 9 . 5 I 3 1 7 . 4 I 3 2 1 . 0 1 3 2 5 . 2 I 3 2 8 . 8 I 3 3 7 . 2

I 3 3 6 . 4 I 3 2 4 . 9 I 3 2 7 . 6 I 3 3 9 . 9 I 3 3 4 . 6 I 3 4 1 . 3 i 3 4 5 . 3 1 3 4 3 . 1 I 3 4 8 . 3 I 3 5 0 . 9 i 3 5 3 . 2 I 3 6 0 . 9

M l - B 1 M-1A PLUS I

OTHER CHECKABLE 1

DEPOSITS

280.1 ] 2 7 1 . 5 I 2 7 4 . 5 | 2 7 9 . 5 1 2 7 6 . 1 | 2 8 3 . 7 | 2 8 5 . 7 2 8 3 . 9 | 2 8 5 . 5 2 8 6 . 4 2 9 1 . 5 2 9 6 . 9

2 9 4 . 9 2 8 6 . 9 i 2 8 9 . 3 2 9 7 . 8 2 9 2 . 9 2 9 6 . 9 2 9 9 . 6 2 9 8 . 2 2 9 9 . 8 3 0 4 . 4 3 0 7 . 2 3 1 6 . 1

3 1 5 . 1 3 0 6 . 3 3 0 9 . 6 3 1 9 . 9 3 1 2 . 8 3 1 8 . 5 3 2 2 . 9 3 2 0 . 9 3 2 4 . 7 3 2 9 . 1 3 3 2 . 7 3 4 1 . 3

3 4 0 . 6 3 2 9 . 1

1 3 3 1 . 9 3 4 4 . 5 3 3 9 . 2 3 4 6 . 1

I 3 5 0 . 2 1 3 4 8 . 1

3 5 3 . 4 3 5 6 . 1

I 3 5 9 . 7 1 3 6 9 . 3

M2 1 M-1B PLUS I OVERNIGHT 1

RP"S AND | MMMF AND I

SAVINGS i AND SMALL

TIME | DEPOSITS

9T775 1 9 1 3 . 7 9 3 0 . 0 | 9 4 7 . 0 | 9 5 2 . 5 | 9 7 2 . 7 9 8 5 . 0 9 8 7 . 2 I 9 9 4 . 1

1 0 0 1 . 0 1 0 1 1 . 4 1 0 2 4 . 5

1 0 3 5 . 1 1 0 4 1 . 5 | 1 0 5 5 . 9 | 1 0 7 5 . 8 1 0 8 1 . 6 1 0 9 1 . 2 1 1 0 1 . 3 1 1 0 B . 9 1 1 1 9 . 7 1 1 3 5 . 9 1 1 4 8 . 2 1 1 6 9 . 1

1 1 8 1 . 6 1 1 8 4 . 3 1 2 0 1 . 4 1 2 2 2 . 7 1 2 2 4 . 2 1 2 3 7 . 8 1 2 5 0 . 1 1 2 5 3 . 0

i 1 2 6 3 . 2 [ 1 2 7 4 . 3

1 2 8 1 . 4 1 2 9 5 . 9

1 3 0 4 . 4 1 1 2 9 9 . 5 1 1 3 1 3 . 3 1 1 3 3 2 . 8 1 1 3 3 1 . 6 1 1 3 4 4 . 7 ! 1 3 5 6 . 1 t 1 3 5 8 . 7 1 1 3 7 1 . 9 1 1 3 8 3 . 8 I 1 3 9 0 . 4 1 1 4 0 2 . 9

1 H3 1 M-2 PLUS 1

LARGE TIME 1

DEPOSITS 1 AND j

TERM RPWS

1067.8 1 1 0 6 7 . 0 | 1 0 7 9 . 8 ! 1 0 9 2 . 2 1 1 0 9 6 . 4 i 1 1 1 2 . 5 1 1 1 2 2 . 6 I 1 1 2 5 . 2 1 1 1 3 4 . 0 1 1 4 1 . 5 1 1 1 5 2 . 1 " 1 1 6 4 . 5

1 1 7 2 . 7 1 1 7 5 . 7 I 1 1 9 1 . 3 1 2 1 0 . 8 1 2 1 5 . 6 1 2 2 6 . 6 1 2 3 7 . 8 1 2 4 6 . 3 1 2 5 4 . 7 1 2 6 8 . 2 1 2 8 0 . 4 1 3 0 3 . 8

1 1 3 1 4 . 4 I 1 3 1 7 . 1 1 1 3 3 5 . 3

1 3 5 5 . 6 1 1 3 6 0 . 5

1 3 7 6 . 6 1 1 3 9 2 . 3

1 4 0 0 . 9 I 1 4 1 4 . 1 I 1 4 2 9 . 6 I 1 4 4 3 . 6 I 1 4 6 4 . 5

I 1 4 7 5 . 4 I 1 4 7 4 . 1 I 1 4 9 4 . 8 I 1 5 1 7 . 8 I 1 5 2 3 . 5 I 1 5 3 7 . 2 I 1 5 5 3 . 0 1 1 5 6 2 . 3 I 1 5 7 8 . 3 I 1 5 9 2 . 7 I 1 6 1 0 . 5 | 1 6 2 7 . 8

I i M-3 PLUS |

OTHER 1 L IQUID I ASSETS t

1254.0 I 1 2 5 5 . 9 i 1 2 6 9 . 1 1 1 2 8 2 . 2 | 1 2 8 8 . 0 1 1 3 0 3 . 2 I 1 3 1 3 . 7 | 1 3 2 0 . 4 I 1 3 3 1 . 2 I 1 3 4 3 . 3 J 1 3 5 9 . 6 I 1 3 7 3 . 1 I

1 3 8 3 . 4 i 1 3 8 9 . 3 | 1 4 0 6 . 2 1 1 4 2 6 . 2 I 1 4 3 1 . 6 I 1 4 4 2 . 7 I 1 4 5 5 . 9 | 1 4 6 6 . 7 | 1 4 7 4 . 7 | 1 4 9 0 . 5 I 1 5 0 5 . 1 | 1 5 2 7 . 1 I

1 5 3 9 . 2 I 1 5 4 6 . 6 | 1 5 6 6 . 6 I 1 5 8 8 . 7 | 1 5 9 5 . 4 | 1 6 1 1 . 9 | 1 6 3 0 . 2 } 1 6 4 3 . 2 I 1 6 5 9 . 1 I 1 6 7 8 . 7 j 1 6 9 6 . 5 I 1 7 1 8 . 5 |

1 7 3 4 . 3 I 1 7 3 8 . 9 I 1 7 6 2 . 2 J

\ 1 7 8 8 . 7 | 1 1 7 9 8 . 8 | 1 1 8 1 5 . 0 t 1 1 8 3 3 . 3 1 I 1 8 4 6 . 5 I 1 1 8 6 4 . 9 I 1 1 8 8 2 . 5 | I 1 9 0 6 . 8 i 1 1 9 2 9 . 8 I


TABLE 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS

SEASONALLY ADJUSTED* BILLIONS OF DOLLARS

L959 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1960 J A N . . . FEB. . . M A R . . . A P R . . . M A Y . . . J U N . . . JUL . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1961 J A N . . . F E B . . . M A R . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1962 J A N . . . FEB. . . M A R . . . A P R . . . MAY. . . JUN. =. J U L . . . A U G . S E P . . . O C T . . . N O V . . . D E C . . .

I CURRENCY

1 iiTS 1 2 3 . 7 I 2 8 . 8 I 2 8 . 7 t 2 9 . 0 I 2 9 . 0 1 2 9 . 0 1 2 9 . 1 I 2 9 . 0 1 2 9 . 0 I 2 8 . 9 1 2 8 . 9

I 2 8 . 9 I 2 9 . 0 I 2 8 . 9 1 2 9 . 0 I 2 9 . 0 1 2 9 . 0 I 2 9 . 0 I 2 9 . 0 I 2 9 . 0 I 2 9 . 1 1 2 9 . 0 1 2 9 . 0

1 2 8 . 9 i 2 8 . 9 i 2 8 . 9 i 2 8 . 9 I 2 8 . 9 1 2 8 . 9 1 2 9 . 0 1 2 9 . 1 I 2 9 . 3 1 2 9 . 3 I 2 9 . 4 1 2 9 . 6

1 2 9 . 6 1 2 9 . 7 I 2 9 . 8 1 3 0 . 0 1 3 0 . 0 1 3 0 . 1 I 3 0 . 2 1 3 0 . 2 I 3 0 . 3 1 3 0 . 3 1 3 0 . 4 I 3 0 . 6

DEMANO DEPOSITS

TIo79 1 1 1 . 2 1 1 1 . 5 1 1 1 . 5 1 1 2 . 3 1 1 2 . 6 1 1 3 . 2 1 1 3 . 4 1 1 2 . 6 1 1 2 . 1 1 1 2 . 1 1 1 1 . 8

1 1 1 . 7 1 1 1 . 4 1 1 1 . 4 1 1 1 . 2 1 1 1 . 3 1 1 1 . 2 1 1 1 . 9 -1 1 3 . 0 1 1 2 . 9 1 1 2 . 7 1 1 2 . 7 1 1 2 . 7

1 1 2 . 8 1 1 3 . 3 1 1 3 . 7 1 1 4 . 0 1 1 4 . 5 1 1 4 . 7 1 1 4 . 8 1 1 5 . 1

1 1 1 5 . 4 1 1 5 . 7 1 1 6 . 2 1 1 6 . 6

1 1 6 . 6 1 1 6 . 9 1 1 7 . 1 1 1 7 . 3 1 1 7 . 8 1 1 7 . 4

1 1 1 7 . 3 1 1 7 . 2 1 1 7 . 0 1 1 7 . 3 1 1 7 . 8 1 1 8 . 2

SAVINGS DEPQS1 ,- AT

COMMERCIAL BANKS

5 1 . 4 5 1 . 6 5 1 . 9 5 2 . 2 5 2 . 6 5 3 . 0 5 3 . 2 5 3 . 4 5 3 . 7 5 3 . 9 5 4 . 0 5 4 . 4

5 4 . 2 5 4 . 1 5 4 . 2 5 4 . 5 5 4 . 7 5 5 . 0 5 5 . 3 5 5 . 9 5 6 . 4 5 6 . 9 5 7 . 4 5 8 . 0

5 8 . 3 5 9 . 2 5 9 . 7 6 0 . 3 6 0 . 6 6 1 . 1 6 1 . 4 6 1 . 8 6 2 . 1 6 2 . 6 6 3 . 2 6 3 . 7

6 4 . 2 6 4 . 8 6 5 . 5 6 6 . 1 6 6 . 6 6 7 . 2 6 8 . 0 6 8 . 5 6 9 . 1 6 9 . 7 7 0 . 3 7 0 . 9

AT THRIFT

1 INSTS f f 1 8 3 . 6 8 4 . 1 8 4 . 8 8 5 . 5 8 6 . 3 8 7 . 0 8 7 . 8 8 8 . 5 8 9 . 1 8 9 . 6 9 0 . 1 9 0 . 8

9 1 . 4 9 2 . 0 9 2 . 7 9 3 . 4 9 4 . 2 9 4 . 9 9 5 . 7 9 6 . 5 9 7 . 4 9 8 . 2 9 9 . 1 9 9 . 9

1 0 0 . 7 1 0 1 . 5 1 0 2 . 4 1 0 3 . 2 1 0 4 . 1 1 0 5 . 0 1 0 5 . 8 1 0 6 . 7 1 0 7 . 5 1 0 8 . 3

1 1 0 9 . 3 1 1 0 . 2

1 1 1 . 2 1 1 2 . 0 1 1 3 . 0 1 1 4 . 0 1 1 4 . 9 1 1 5 . 8 1 1 6 . 8 1 1 7 . 9 1 1 8 . 9 1 2 0 . 0 1 2 1 . 2 1 2 2 . 2

T C

TOTAL

F35.0 1 3 5 . 7 1 3 6 . 7 1 3 7 . 7 1 3 8 . 9 1 4 0 . 0 1 4 0 . 9 1 4 1 . 9 1 4 2 . 8 1 4 3 . 4 1 4 4 . 2 1 4 5 . 2

1 4 5 . 5 1 4 6 . 1 1 4 6 . 9 1 4 7 . 9 1 4 8 . 8 1 4 9 . 9 1 5 1 . 0 1 5 2 . 4 1 5 3 . 7 1 5 5 . 1 1 5 6 . 4 1 5 7 . 8

1 5 9 . 0 1 6 0 . 7 1 6 2 . 1 1 6 3 . 5 1 6 4 . 8 1 6 6 . 1 1 6 7 . 2 1 6 8 . 5

I 1 6 9 . 7 1 7 0 . 9 1 7 2 . 5 1 7 3 . 9

1 7 5 . 4 1 7 6 . 9 1 7 8 . 5 1 8 0 . 1 1 8 1 . 5 1 8 3 . 1 1 8 4 . 8 1 8 6 . 4 1 8 8 . 0 1 8 9 . 7 1 9 1 . 4 1 9 3 . 1

AT COMMERCIAL

BANKS 9 . 8

1 9 . 5 9 . 7 9 . 7 9 . 7 9 . 7

1 9 . 5 9 . 5 9 . 6 9 . 4 9 . 4 9 . 3

9 . 3 9 . 0 9 . 1 9 . 1 9 . 1 9 . 3 9 . 5

[ 9 . 7 9 . 8 9 . 9

1 0 . 1 1 0 . 1

1 0 . 1 1 0 . 3 1 0 . 2 1 0 . 3 1 0 . 8 1 1 . 0 1 1 . 2 1 1 . 4 1 1 . 5 1 1 . 6 1 1 . 6 1 1 . 6

1 2 . 3 1 2 . 9 1 3 . 7 1 4 . 1 1 4 . 1 1 4 . 3 1 4 . 5 1 4 . 6 1 4 . 9 1 5 . 3 1 5 . 6

1 1 6 . 0

AT THRIFT INSTSt 1

1 .9 2 . 0 2 . 0 2 . 0 2 . 0 2 . 0 2 . 1 2 . 1 2 . 1 2 . 1 2 . 1 2.2

2.2 2.2 2.2 2 . 3 2 . 3 2 . 3 2 . 3 2 . 4 2 . 4 2 . 4 2 . 4 2 . 5

2 . 5 2 . 6 2 . 6 2 . 7 2 . 8 2 . 8 2 . 9 3 . 0 3 . 0 3 . 1 3 . 2 3 . 2

3 . 3 3 . 4 3 . 5 3 . 5 3 . 6 3 . 7 3 . 8 3 . 8 3 . 9 4 . 0 4 . 1 4 . 2

TOTAL

1 1 . 7 1 1 . 5 1 1 . 7 1 1 . 6 1 1 . 7 1 1 . 7 1 1 . 6 1 1 . 6 1 1 . 7 1 1 . 6 1 1 . 6 1 1 . 5

1 1 . 5 1 1 . 2 1 1 . 4 1 1 . 4 1 1 . 4 1 1 . 6 1 1 . 9 1 2 . 1 1 2 . 2 1 2 . 3 1 2 . 5 1 2 . 6

1 2 . 7 1 2 . 8 1 2 . 9 1 3 . 0 1 3 . 6 1 3 . 9 1 4 . 1 1 4 . 3 1 4 . 5 1 4 . 7 1 4 . 7 1 4 . 8

15 .6 1 6 . 3 1 7 . 2 1 7 . 6 1 7 . 7 1 8 . 0 1 8 . 2 1 8 . 5 1 8 . 9 1 9 . 3 1 9 . 7 2 0 . 2


TABLE 2 CGMPGNENTS UF MONEY STOCK MEASURES AND RELATED ITEMS

SEASONALLY ADJUSTED, BILLIONS OF DOLLARS

1 9 6 3 J A N . . . F E S . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . AUG. . . S E P . . . OCT. . . NOV. . . D E C . . .

1 9 6 4 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . AUG. . . S E P . . . OCT . . . NOV. . . DEC. . .

1 9 6 5 J A N . . . F E B . . . MAR. . . A P R . . . MAY. . . J U N . . . J U L . . . AUG. . . S E P . . . O C T . . . NOV. . . DEC. . .

1 9 6 6 J A N . . . F E B . . . MAR. . . APR. . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

I CJRRfcNCY

j JolZ I 3 0 . 9 I 3 1 . 0 i I 3 1 . 2 I 3 1 . 3 I 3 1 . 5 I 3 1 . 6 I 3 1 . 8 I 3 1 . 9 1 3 2 . 0 1 3 2 . 3 I 3 2 . 5

j 3 2 . 5 I 3 2 . 7 I 3 2 . 9 I 3 3 . 1 I 3 3 . 3 I 3 3 . 5 I 3 3 . 6 I 33 .8 I 3 3 . 9 I 3 4 . 0 1 3 4 . 2 I 34 .2

j 3 4 . 4 I 3 4 . 6 1 3 4 . 7 I 3 4 . 8 1 3 4 . 9 1 3 5 . 0 I 35 .3 I 3 5 . 5 1 3 5 . 7 I 3 6 . 0 I 3 6 . 1 I 3 6 . 3

1 3 6 . 6 I 3 6 . 7 I 3 6 . 9 I 3 7 . 1 I 3 7 . 3 1 3 7 . 4 1 3 7 . 7 I 3 7 . 7 I 3 7 . 9 I 3 8 . 0 I 3 8 . 2 I 3 3 . 3

DEMAND ! DEPOSITS

niTi * 118 .9 1 1 9 . 1 ! 1 1 9 . 4 1 2 0 . 1 119 .8 120 .7 120 .9 120 .9 121 .5 122 .3 1 2 1 . 7

1 2 2 . 2 1 2 2 . 6 122 .5 122 .6 123 .2 123 .2 124 .3 125.2 125 .9 126 .3 126 .7 1 2 7 . 0

1 2 7 . 4 127 .3 127 .8 128 .2 1 2 7 . 9 128 .2 128 .9 129 .3 130 .2 1 3 1 . 1 1 3 1 . 6 1 3 2 . 4

133 .5 133 .8

i 1 3 4 . 7 135 .7

! 135 .0 135 .3

i 133 .9 1 3 4 . 0

1 1 3 4 . 9 ! 134 .2 1 1 3 4 . 1 1 134 .5

AV INGS DEPQSIIS 1 AT

COMMERCIAL BANKS

7 1 . 5 | 71 .9 7 2 . 5 I 7 3 . 1 7 3 . 7 7 4 . 2 7 4 . 8 75 .2 7 5 . 6 75 .5 7 5 . 9 7 6 . 3

7 6 . 7 7 7 . 2 77 .6 7 8 . 1 7 8 . 7 7 9 . 2 7 9 . 6 8 0 . 2 80 .8 81 .3 81 .9 8 2 . 4

83 .3 84 .2 84 .8 85 .6 86 .3 8 7 . 0 8 7 . 8 8 8 . 8 89 .6 9 0 . 5 9 1 . 2 9 2 . 0

9 2 . 1 9 2 . 1

! 91 .8 90 .6 90 .3 9 0 . 0 9 0 . 6 9 0 . 1 9 0 . 0 89 .8 89 .5

I 8 9 . 5

AT THRIFT INSTS. ,

123 .5 124 .8 1 2 6 . 1 1 2 7 . 4 128 .6 129 .8 130 .9 132 .0 133 .0 1 3 4 . 1 135 .2 136 .3

137 .3 138.5

1 1 3 9 . 7 141 .0 142 .3 143 .6 144 .9 146 .3 147.5 148 .7 1 4 9 . 8 150 .9

151 .9 152 .9 1 5 4 . 1 1 5 5 . 1 1 5 6 . 1 1 5 7 . 1 1 5 8 . 1 1 5 9 . 1 1 6 0 . 1 1 6 1 . 1 162 .0 163 .0

163 .7 1 6 4 . 1 164 .3

i 163 .9 163 .4 163 .0 162 .5

! 162 .0 I 161 .7

161 .5 I 161 .3 I 161 .6

TOTAL

19479 196 .8 1 9 8 . 6 2 0 0 . 5 2 0 2 . 3 2 0 4 . 0 2 0 5 . 7 | 2 0 7 . 2

. 208 .6 2 0 9 . 6 2 1 1 . 1 2 1 2 . 6

2 1 4 . 0 2 1 5 . 7 2 1 7 . 3 2 1 9 . 1 2 2 1 . 0 2 2 2 . 8 224 .5 226 .5 2 2 8 . 3 2 3 0 . 0 2 3 1 . 7 2 3 3 . 3

2 3 5 . 2 2 3 7 . 1 2 3 8 . 9 2 4 0 . 7 2 4 2 . 4 244 .2 2 4 6 . 0 2 4 7 . 9 2 4 9 . 6 2 5 1 . 5 253 .2 2 5 5 . 0

2 5 5 . 8 2 5 6 . 2

I 2 5 6 . 1 2 5 4 . 5

! 2 5 3 . 7 2 5 3 . 0

1 2 5 3 . 0 1 2 5 2 . 1

251 .7 1 2 5 1 . 2 1 2 5 0 . 8 1 2 5 1 . 1

SMALL TIME DEPOSITS AT

COMMERCIAL &ANJi

16 .3 1 6 . 4 16 .8 1 7 . 0 17 .3 1 7 . 5 17 .8 1 8 . 4 1 8 . 7 19 .5 2 0 . 1 2 0 . 4

2 0 . 6 2 0 . 6 2 0 . 6 2 0 . 7 2 0 . 7 2 1 . 1 2 1 . 4 2 1 . 6 2 1 . 8 2 2 . 1 2 2 . 6 2 3 . 0

2 3 . 5 2 4 . 1 2 4 . 3 2 4 . 4 2 4 . 7 2 5 . 0 2 5 . 3 2 5 . 6 2 5 . 9 2 6 . 4 2 6 . 8 2 7 . 2

2 7 . 9 2 8 . 8 2 9 . 7 3 1 . 7

1 3 2 . 9 3 3 . 3

I 3 3 . 7 1 3 5 . 3 1 3 6 . 4 1 3 7 . 5

3 8 . 4 I 3 9 . 3

AT THRIFT

1 LUI* 1 4 . 3 1 4 . 4 4 . 4 4 . 5 4 . 6 I 4 . 6 4 . 7 4 . 8 4 . 9 5 .0 I 5 . 1 5 . 2

5 .3 i 5 . 4 1 5 .5 ! 5 . 5 5 . 6 5.6 ! 5 . 7 5 .8 i 5 . 9 6 . 1 6 . 2 6 . 3

6 . 4 6 . 5 6 . 5 6 . 5 6 . 6 6 . 6 6 . 7 6 . 8 6 . 9 7 . 1 7 . 2 7 . 3

7 . 4 7 . 9 8 . 6 9 . 4

1 10 .2 1 1 . 0 11 .7

1 12 .5 1 13 .3

1 4 . 1 1 14 .9 1 1 5 . 8

TOTAL

2 0 . 6 2 0 . 8 2 1 . 2 2 1 . 5 2 1 . 9 2 2 . 2 2 2 . 5 2 3 . 2 2 3 . 6 2 4 . 5 2 5 . 2 2 5 . 7

2 6 . 0 2 6 . 0 2 6 . 1 2 6 . 2 2 6 . 3 2 6 . 8 2 7 . 1 2 7 . 4 27 .8 2 8 . 2 28 .8 2 9 . 3

2 9 . 9 3 0 . 6 3 0 . 8 3 1 . 0 3 1 . 3 3 1 . 6 3 2 . 0 3 2 . 4 3 2 . 8 3 3 . 5 3 4 . 0 3 4 . 5

3 5 . 3 3 6 . 6 3 8 . 3 4 1 . 0

1 4 3 . 1 4 4 . 3 4 5 . 5 4 7 . 8

I 4 9 . 7 5 1 . 6 5 3 . 3

1 5 5 . 1


TABLE 2 COMPONENTS CF MONEY STOCK MEASJKES AND RELATEJ ITEMS


1 9 6 7 J A N . . . F E B . . . MAR. . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1 9 6 8 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . NOV. . . DEC. . .

1 9 6 9 J A N . . . F E B . . . M A R . . . A P R . . . MAY. . . J U N . . . J U L . . . A U G . . . S E P . . . OCT. . . N O V . . . DEC. . .

1 9 7 0 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . AUG. . . S E P . . . O C T . . . N O V . . . D E C . . .

1 I CURRENCY

I 3 8 . 5 1 3 8 . 7 1 3 8 . 8 t 3 8 . 9 1 3 8 . 9 1 3 9 . 0 1 3 9 . 4 1 3 9 . 6 1 3 9 . 6 1 3 9 . 9 1 4 0 . 1 I 4 0 . 4

I 4 0 . 6 1 4 0 . 7 1 4 1 . 1 I 4 1 . 3 J 1 4 1 . 5 1 4 1 . 8 j 4 2 . 1 1 4 2 . 3 I 4 2 . 7 1 4 2 . 8 I 4 3 . 2 1 - 4 3 . 5

1 4 3 . 6 1 4 3 . 9 j 4 4 . 1 1 4 4 . 1 I 4 4 . 4 1 4 4 . 7 i 4 4 . 9 I 4 5 . 2 1 4 5 . 3 J 4 5 . 6 j 4 6 . 0 j 4 6 . 1

1 4 6 . 3 1 4 6 . 5 I 4 6 . 7 1 4 7 . 0 I 4 7 . 6 1 4 7 . 6 1 4 7 . 9 1 4 8 . 1 1 4 8 . 3 1 4 8 . 5 1 4 8 . 8 1 4 9 . 1

DEMAND DEPOSITS

"" 1 3 4 . 4 1 3 5 . 2 1 3 7 . 0 1 3 6 . 1 1 3 7 . 6 1 3 9 . 0 1 4 0 . 1 1 4 1 . 3 1 4 1 . 8 1 4 2 . 7 1 4 3 . 2 1 4 3 . 7

1 4 4 . 6 1 4 5 . 0 1 4 5 . 7 1 4 6 . 3 1 4 7 . 7 1 4 9 . 0 1 4 9 . 8 1 5 0 . 7 1 5 1 . 2 1 5 2 . 3 1 5 3 . 9 1 5 4 . 9

1 5 6 . 3 1 5 6 . 6 1 5 7 . 2 1 5 7 . 6 1 5 7 . 7 1 5 8 . 2 1 5 5 . 0 1 5 7 . 7 1 5 7 . 3 1 5 8 . 3 1 5 8 . 6 1 5 8 . 6

1 6 0 . 7 1 5 8 . 9 1 6 0 . 1 1 6 1 . 2 1 6 1 . 3 1 6 1 . 6 1 6 1 . 5 1 6 3 . 2 1 6 4 . 3 1 6 4 . 8 1 6 5 . 3 1 6 6 . 2

AT COMMERCIAL

MM 8 9 . 0 8 8 . 8 8 9 . 0 8 9 . 6 9 0 . 2 9 0 . 8 9 1 . 4 9 1 . 9 9 2 . 2 9 2 . o 9 3 . 2 9 3 . 6

9 3 . o 9 3 . 7 9 3 . 9 9 4 . 0 9 4 . 0 9 4 . 1 9 4 . 0 9 4 . 2 9 4 . 4 9 4 . 7 9 5 . 1 9 5 . 6

9 5 . 4 9 5 . 2 9 * . 9 9 4 . 5 9 4 . 2 9 4 . 0 9 3 . 4 9 3 . 1 9 3 . 2 9 3 . 0 9 3 . 1 9 3 . 3

9 2 . 7 9 2 , 1 9 1 . 8 9 2 . 1 9 2 . 4 9 2 . 7 9 3 . 6 9 4 . 2 9 4 . 8 9 5 . 6 9 6 . 3 9 7 . 5

/ I N G S DEPOSITS J SMA^L T I M E D E P O S I T S AT

T H R I F T 1 lb&I i * J

1 6 1 . 5 1 6 1 . 4 1 6 2 . 3 1 6 3 . 3 1 6 4 . 2 1 6 4 . 9 1 6 5 . 9 1 6 6 . 6 1 6 7 . 2 1 6 7 . 8 1 6 7 . 9 1 6 7 . 3

1 6 7 . 1 1 6 6 . 6 1 6 7 . 4 1 6 7 . 8 1 6 8 . 0 1 6 8 . 2 1 6 8 . 3 1 6 8 . 7 1 6 9 . 4 1 6 9 . 8 1 6 9 . 9 1 7 0 . 7

1 7 0 . 6 1 7 0 . 5 1 7 0 . 8 1 7 0 . 8 1 7 0 . 6 1 7 0 . 7 1 6 9 . 7 1 6 8 . 4 1 6 8 . 2 1 6 7 . 7 1 6 7 . 6 1 6 7 . 7

1 6 5 . 7 1 6 2 . 8 1 6 0 . 1 1 5 8 . 0 1 5 6 . 5 1 5 6 . 0 1 5 5 . 7 1 5 5 . 7 1 5 6 . 4 1 5 7 . 2 1 5 8 . 0 1 5 9 . 2

TOTAL

2 5 0 T 5 2 5 0 . 2 2 5 1 . 3 2 5 2 . 9 2 5 4 . 4 2 5 5 . 8 2 5 7 . 2 2 5 8 . 5 2 5 9 . 5 2 6 0 . 5 2 6 1 . U 2 6 1 . 4

2 6 0 . 7 2 6 0 . 4 2 6 1 . 3 2 6 1 . 8 2 6 2 . 0 2 6 2 . 3 2 6 2 . 3 2 6 2 . 9 2 6 3 . 8 2 6 4 . 5 2 6 5 . 0 2 6 6 . 3

2 6 6 . C 2 6 5 . 7 2 6 5 . 8 2 6 5 . 3 2 6 4 . 8 2 6 4 . 7 2 6 3 . 0 2 6 1 . 5 2 6 1 . 4 2 6 0 . 7 2 6 0 . 7 2 6 1 . 0

2 5 8 . 3 2 5 4 . 9 2 5 1 . 9 2 5 0 . 1 2 4 8 . 9 2 4 8 . 7 2 4 9 . 3 2 4 9 . 8 2 5 1 . 2 2 5 2 . 8 i 2 5 4 . 3 I 2 5 6 . 7 j

AT COMMERCIAL

2Ati!lS. J 4 0 . 5

1 4 1 . 4 4 2 . 2 4 3 . 3 4 4 . 6 4 5 . 7 4 7 . 0 4 8 . 1 4 9 . 2 5 0 . 0 5 0 . 6 5 1 . 6

5 2 . 6 5 3 . 7 5 4 . 2 5 4 . 9 5 5 . 9 5 7 . 0 5 3 . 2 5 9 . 7 6 1 . 3 6 2 . 7 6 3 . 5 6 4 . 5

6 5 . 1 6 6 . 0 6 6 . 8 6 7 . 6 6 8 . 2 6 8 . 9 6 9 . 9 7 0 . 5 7 0 . 9 7 1 . 2 7 1 . 6 7 2 . 5

7 2 . 3 7 2 . 4 7 2 . 9 7 2 . 4 7 3 . 5 7 4 . 9 7 5 . 0 7 5 . 7 7 6 . 7 7 7 . 6 7 8 . 9 8 0 . 2 I

AT T H R I F T

L l ^ I S ^ . 1 7 . 2 1 8 . 5 1 9 . 0 1 9 . 6 2 0 . 3 2 1 . 1 2 1 . 9 2 2 . 7 2 3 . 5 2 4 . 3 2 5 . 2 2 6 . 5

2 3 . 2 2 9 . 5 2 9 . 7 3 0 . 1 3 0 . 7 3 1 . 5 3 2 . 4 3 3 . 2 3 3 . 9 3 4 . 9 3 5 . 9 3 6 . 6

3 7 . 4 3 8 . 8 3 9 . 1 3 9 . 8 4 0 . 7 4 1 . 3 4 2 . 7 4 4 . 4 4 5 . 4 4 6 . 4 4 7 . 4 4 8 . 2

4 9 . 6 5 2 . 2 5 5 . 2 5 8 . 2 6 0 . 3 6 2 . 5 6 4 . 6 6 6 . 5 6 7 . 8 6 9 . 3 7 1 . 1 I 7 2 . 8 !

TOTAL

5777 j 5 9 . 9

6 1 . 2 6 3 . 0 6 5 . 0

1 6 6 . 9 6 8 . 9 7 0 . 7 7 2 . 7 7 4 . 4 7 5 . 8 7 8 . 1

8 0 . 8 8 3 . 2 8 3 . 9 8 5 . 1 8 6 . 7 8 8 . 4 9 0 . 7 9 2 . 9 9 5 . 2 9 7 . 6 9 9 . 4

1 0 1 . 1

1 0 2 . 6 1 0 4 . 8 1 0 5 . 9 1 0 7 . 4 1 0 8 . 9 1 1 0 . 2 1 1 2 . 5 1 1 4 . 8 1 1 6 . 3 1 1 7 . 6 1 1 9 . 0 1 2 0 . 7

1 2 1 . 9 1 2 4 . 7 1 2 8 . 1 1 3 0 . 6 1 3 4 . 2 1 3 7 . 4 1 3 9 . 5 1 4 2 . 2 1 4 4 . 5 1 4 7 . 0 1 5 0 . 0 1 5 3 . 0


TABLE 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS


1971 J A N . . . FEB. . . MAR. . . APR. . . MAY. . . J UN. . . JUL. . . AUG. . . S E P . . . OCT. . . NOV. . . DEC. . .

1972 J A N . . . FEB. . . MAR. . . APR. . . MAY. . . JUN. . . J U L . . . AUG. . . SEP. . . OCT. . . N O V . . . D E C . . .

1973 J A N . . . F E 3 . . . MAR. . . APR. . . M A Y . . . JUN. . . J U L . . . AUG. . . S E P . . . OCT. . . NOV. . . D E C . . .

1974 J A N . . . FEB. . . MAR. . . APR. . . M A Y . . . JUN. . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . DEC. . .

I CURRENCY

I 49*74 1 4 9 . 7 i I 5 0 . 0 1 50 .3 j 5 0 . 7 I 5 0 . 9 1 51 .5 1 51 .7 1 5 2 . 0 1 52 .2 1 52 .3 i 5 2 . 6

1 5 2 . 9 j 53 .2 j 5 3 . 6 ! 53 .7 1 54 .0 I 54 .3 I 54 .7 j 5 4 . 9 I 5 5 . 4 1 5 5 . 8 1 5 6 . 3 j 5 6 . 9

1 5 7 . 2 1 57 .5 I 5 7 . 9 1 5 8 . 4 I 58 .8 I 59 .3 i 5 9 . 5 1 5 9 . 8 ! 6 0 . 3 1 6 0 . 6 1 6 1 . 0 J 6 1 . 6

1 6 2 . 0 I 6 2 . 6 1 63 .2 I 6 3 . 7 1 6 4 . 2 I 6 4 . 6 I 6 4 . 9 1 6 5 . 5 1 6 6 . 0 ! 6 6 . 6 I 6 7 . 3 1 6 7 . 8

DEMAND DEPOSITS

IlTTi 168 .3 170 .0 1 7 i . 2 1 7 3 . 1 174 .3 174 .7 175 .2 175 .4 175 .8 176 .0 1 7 6 . 7

1 178 .4 180 .0 182.0

i 183 .3 183.2 184.0 185 .4 187 .3 188 .9 190 .2 1 9 1 . 0 1 9 3 . 6

195 .6 195 .8 195 .2 195 .6 197 .4 1 9 9 . 1 199 .3 199 .3 198 .8 199 .6 2 0 0 . 9 202 .5

2 0 3 . 1 2 0 3 . 9 2 0 4 . 3 2 0 4 . 3 204 .5 2 0 5 . 4 2 0 5 . 3 2 0 5 . 4 205 .8 2 0 6 . 3 2 0 7 . 1 2 0 7 . 4

SAmifci-flfiEQSIIi J AT

COMMERCIAL BANKS

98 .8 100 .6 102 .9 104.8 105 .8 106 .4 107 .0 107 .7 108 .6 109 .6 110.5

! 111 .7

1 1 1 3 . 1 114 .6

1 115 .7 1 116.5

116 .8 117 .8 118 .8 120 .0 121 .2 1 2 2 . 1 122.8 1 2 3 . 6

124 .0 124 .0 123 .8 123 .9 124 .6 125 .3 125 .7 1 2 5 . 0 125.2 125 .7 126 .5 127 .0

1 2 7 . 6 1 2 3 . 1 128 .7

' 1 2 9 . 4 129 .8 130 .7 132 .0 132 .0 132 .5 133 .4 134 .5 135 .7

AT THRIFT

1 6 0 . 4 162.2 163 .7 166 .0 168.2 169.7

1 171.2 172 .3

1 173.2 174 .1

1 175.0 1 175 .8

! 177 .7 ! 179.2 I 180 .3 1 181.7 1 182 .6 1 183 .7 I 185 .2 1 1 8 7 . 1 I 189 .0 ! 190 .6 1 192 .0

193 .4

194 .3 195 .1 195.7 196.2 196 .5 197 .3 197 .5 1 9 6 . 1 194 .8 194.9 194.7 195.2

195 .4 1 9 5 . 4

i 195 .9 I 196 .2 1 195 .7

195 .6 1 195 .5 1 195.2 1 195.2 I 196 .0 I 196 .9 1 198 .2

TOTAL

259~7l 2 6 2 . 8 2 6 6 . 6 2 7 0 . 8 2 7 4 . 1 2 7 6 . 1 278 .2 2 8 0 . 0 2 8 1 . 8 2 8 3 . 7 285 .5 287 .5

2 9 0 . 7 2 9 3 . 8 2 9 6 . 0 298 .2 2 9 9 . 4 301 .5 3 0 4 . 0 3 0 7 . 0 3 1 0 . 1 3 1 2 . 7 3 1 4 . 8 3 1 7 . 0

318 .3 3 1 9 . 1 3 1 9 . 5 3 2 0 . 1 3 2 1 . 1 3 2 2 . 6 3 2 3 . 2 3 2 1 . 1 3 2 0 . 0 3 2 0 . 6 3 2 1 . 2 322 .2

3 2 3 . 0 3 2 3 . 5 3 2 4 . 6 3 2 5 . 5 3 2 5 . 5 326 .3 3 2 7 . 5 3 2 7 . 2

1 3 2 7 . 7 3 2 9 . 4 3 3 1 . 3 3 3 3 . 9

AT COMMERCIAL

BANKS 81 .3 8 3 . 1 8 5 . 1 8 6 . 9 8 8 . 3 8 9 . 3 8 9 . 8 9 0 . 6 9 1 . 9 9 2 . 7 9 4 . 6 9 5 . 6

9 6 . 7 9 7 . 5 9 9 . 2 9 8 . 6 9 9 . 4

100.5 102 .7 104 .0 105 .5 106 .8 108 .0 109 .3

111 .4 111 .8 112 .0 112 .9 114 .3 115 .3 115 .0 117 .0 115.2 114 .3 116 .3 117 .7

1 1 8 . 6 1 1 9 . 6 121 .5 121 .3 121 .5 121 .7 1 2 1 . 6 122.5 123 .4 124 .3 125 .4 124 .2

AT THRIFT

1 I i iS I^ 1 7 4 . 4 7 5 . 9 7 7 . 5 7 9 . 1 8 0 . 5 8 2 . 2 84 .2 8 6 . 2 8 8 . 4 9 0 . 9 9 3 . 5 9 6 . 2

9 7 . 4 9 9 . 6

101 .7 103 .7 1 0 6 . 1 108 .4 110 .9 : 1 1 3 . 4 1 1 6 . 0 118 .7 1 2 1 . 1 123 .2

125 .7 127 .9 1 2 9 . 1 130 .8 133 .3 1 3 5 . 4 137 .0 139 .2 141 .9 144 .0 146.5 148 .7

150 .6 152 .4 154 .1 155 .3 156 .5 157 .9 159.2 1 6 0 . 1 161 .2 1 6 2 . 1 163 .2 164 .8

TOTAL

155 .8 159 .0 162 .5 165 .9 168 .7 171.5 173 .9 176 .8 180 .3 183 .5 1 8 8 . 1 191 .8

1 9 4 . 1 1 9 7 . 1 2 0 0 . 8 2 0 2 . 4 2 0 5 . 5 2 0 8 . 9 2 1 3 . 5

1 2 1 7 . 4 1 2 2 1 . 5 1 2 2 5 . 4

2 2 9 . 1 2 3 2 . 6

2 3 7 . 1 2 3 9 . 7 241 .2 2 4 3 . 7 247 .5 2 5 0 . 7 251 .9 2 5 6 . 1 2 5 7 . 1 258 .3

i 262 .8 2 6 6 . 4

2 6 9 . 1 1 2 7 2 . 0

275 .6 2 7 6 . 6

! 2 7 8 . 0 2 7 9 . 6

I 280 .8 2 8 2 . 6

1 284 .6 2 8 6 . 4

1 2 8 8 . 6 1 2 8 8 . 9


TABLE 2 COMPONENTS OF MONEY STOCK MEASURES ANO RELATED ITEMS SEASONALLY ADJUSTED, BILLIONS OF DOLLARS

"1975 JANTTT F E B . . . MAR. . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . DEC. . .

1976 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . AUG..- ; S E P . . . OCT. . . NOV. . . D E C . . .

1977 J A N . . . F E B . . . ! MAR. . . A P R . . . M A Y . . . J U N . . . J U L . . . AUG. . . S E P . . . O C T . . . N O V . . . DEC. . .

1978 J A N . . . F E B . . . M A R . . . A P R . . . MAY. . . J U N . . . JUL . . . AUG. . . S E P . . . O C T . . . N O V . . . DEC. . .

L-....._. .., CURRENCY

6875 6 8 . 7 6 9 . 4 6 9 . 3 7 0 . 1 7 1 . 0 7 1 . 4 7 2 . 0 7 2 . 1 7 2 . 7 7 3 . 4 7 3 . 8

7 4 . 3 7 5 . 0 I 7 5 . 7 7 6 . 4 7 7 . 2 7 7 . 6 7 8 . 2 7 8 . 7 7 9 . 2 7 9 . 9

. 8 0 . 2 8 0 . 7

8 1 . 3 8 1 . 9 8 2 . 4 8 3 . 1 8 3 . 6 8 4 . 1 8 5 . 1 8 5 . 6 8 6 . 4 8 7 . 1 8 7 . 9 8 8 . 7

8 9 . 2 9 0 . 0 9 0 . 8 9 1 . 2 9 2 . 1 9 2 . 8 9 3 . 4 9 4 . 1

1 9 5 . 0 1 9 5 . 9

9 6 . 7 1 9 7 . 6

DEMAND DEPOSITS

2 0 6 . 7 2 0 7 . 1 208 .2 2 0 7 . 7 2 0 9 . 8 2 1 2 . 7 2 1 2 . 6 213 .3 2 1 3 . 8 2 1 2 . 7 2 1 4 . 8 2 1 4 . 1

2 1 5 . 1 2 1 6 . 4 2 1 6 . 8 2 1 7 . 7 2 1 8 . 8 2 1 8 . 3 218 .3 219 .5 2 1 9 . 5 2 2 1 . 7 2 2 2 . 1 2 2 4 . 4

2 2 6 . 4 2 2 8 . 0 229 .2 2 3 0 . 9 2 3 1 . 1 231 .9 2 3 2 . 9 2 3 3 . 7 2 3 5 . 3 2 3 6 . 8 2 3 8 . 6 2 3 9 . 7

2 4 2 . 8 2 4 2 . 0 2 4 2 . 7 2 4 5 . 8 2 4 7 . 9 2 4 9 . 4 2 5 0 . 1 2 5 0 . 8 2 5 3 . 7 2 5 3 . 5 2 5 4 . 0 2 5 3 . 9

SAVINGS DEPOSITS j AT

COMMERCIAL

136 .8 138 .2 1 4 0 . 4 142 .9 145 .3 149 .2 151 .5 152 .5 1 5 4 . 0 155.2 1 5 7 . 3 1 6 0 . 1

153 .8 170 .2 173 .9 177 .0 179 .8 1 9 0 . 6 182 .2 184.5 1 8 7 . 6 191 .9 1 9 5 . 9 200 .5

204 .3 2 0 6 . 9 2 0 8 . 7 2 1 0 . 5 2 1 1 . 7 212 .5 213 .3 2 1 4 . 7 2 1 5 . 6 2 1 6 . 9 217 .3 2 1 7 . 8

2 1 8 . 7 2 1 9 . 1 219 .3 219 .8 2 2 0 . 3 221 .2 2 2 0 . 1 2 2 0 . 3 2 2 1 . 0 2 2 1 . 4 2 1 9 . 0 2 1 6 . 1

AT THRIFT INSTS.

199 .7 201 .5 2 0 3 . 7 2 0 6 . 4 2 0 9 . 2 212 .3 2 1 4 . 8 2 1 6 . 9 2 1 8 . 7 2 2 0 . 7 222 .2 2 2 3 . 8

225 .6 2 2 8 . 0 230 .2 2 3 2 . 1 2 3 3 . 6 2 3 5 . 0 2 3 6 . 7 2 3 8 . 8 2 4 0 . 8 2 4 3 . 9 2 4 5 . 3 247.2

2 4 9 . 4 2 5 1 . 2 2 5 2 . 4 2 5 4 . 2 2 5 5 . 4 257 .2 2 5 9 . 1 2 6 1 . 5 2 6 3 . 4 2 6 6 . 3 2 6 7 . 1 2 6 8 . 7

2 7 0 . 4 2 7 1 . 2 272 .3 2 7 2 . 4 2 7 2 . 4 2 7 1 . 4 2 6 8 . 6 2 6 7 . 9 2 6 7 . 6 2 6 7 . 4 2 6 3 . 1 2 5 9 . 9

TOTAL

3 3 6 . 5 3 3 9 . 7 3 4 4 . 1 3 4 9 . 3 3 5 4 . 5 3 6 1 . 6 3 6 6 . 3 3 6 9 . 4 3 7 2 . 7 3 7 6 . 0 3 7 9 . 5 3 8 3 . 9

3 8 9 . 4 398 .3 4 0 4 . 2 4 0 9 . 0 4 1 3 . 4 4 1 5 . 6 4 1 8 . 9 4 2 3 . 3 4 2 8 . 4 4 3 5 . 8 4 4 1 . 2 4 4 7 . 7

4 5 3 . 7 4 5 8 . 2 4 6 1 . 1 4 6 4 . 7 4 6 7 . 1 4 6 9 . 7 4 7 2 . 4 4 7 6 . 2 4 7 9 . 0 483 .2 4 8 4 . 4 4 8 6 . 5

4 8 9 . 1 4 9 0 . 3 4 9 1 . 6 4 9 2 . 1 4 9 2 . 8 4 9 2 . 6 4 8 8 . 7 4 8 8 . 1 4 8 8 . 6 4 8 8 . 9 4 8 2 . 1 4 7 6 . 0

SHALL. AT I

COMMERCIALI BANKS 1

125 .0 I 1 2 6 . 6 | 1 2 9 . 1 | 131 .2 I 1 3 2 . 9 | 134 .8 | 137 .3 1 138 .7 | 139 .6 I 140 .5 I 142 .0 I 1 4 3 . 9 I

144 .6 | 144 .4 | 142 . 8 I 142 .8 | 1 4 5 . 1 j 145 .6 j 147 .3 I 149 .9 | 1 5 3 . 1 I 155.2 I 156 .7 | 157 .9 |

159 .3 | 1 6 0 . 6 j 162 .6 | 164 .3 | 166 .3 | 167 .6 I 168 .5 | 168 .4 | 168 .9 | 168.8 t 169 .7 | 170 .7 |

171 .8 | 172 .6 | 173 .4 | 1 7 4 . 1 | 174 .7 | 1 7 6 . 1 | 178.0 | 179 .4 | 181.5 | 183 .6 | 186 .3 | 187 .8 |

TIME DEPOSITS AT

THRIFT INSTS.

166 .2 1 6 7 . 9 1 7 0 . 4 173 .0 176 .0 179 .2 1 8 2 . 6 185 .5 188.2 190 .8 1 9 3 . 6 196 .5

1 9 9 . 6 2 0 2 . 9 2 0 6 . 2 2 1 0 . 0 2 1 3 . 7 2 1 6 . 9 2 2 0 . 0 223 .3 2 2 7 . 1 2 3 0 . 9 2 3 4 . 6 2 3 8 . 7

2 4 2 . 4 2 4 6 . 0 2 4 9 . 7 2 5 3 . 4 2 5 7 . 2 261 .2 2 6 5 . 0 2 6 9 . 0 2 7 3 . 0 2 7 6 . 8 2 8 1 . 1 2 8 4 . 2

2 8 5 . 6 2 8 7 . 7 290 .8 2 9 4 . 1 297 .2 3 0 3 . 1 3 1 0 . 4 3 1 6 . 3 3 2 2 . 1 3 2 8 . 7 3 3 8 . 1 3 4 6 . 0

TOTAL

29TT2 2 9 4 . 6 2 9 9 . 5 3 0 4 . 3 3 0 8 . 9 3 1 4 . 0 3 1 9 . 9 3 2 4 . 2 3 2 7 . 7 3 3 1 . 3 3 3 5 . 7 3 4 0 . 4

3 4 4 . 2 3 4 7 . 3 3 4 9 . 0 3 5 2 . 8 3 5 8 . 8 3 6 2 . 5 3 6 7 . 2 3 7 3 . 2 3 8 0 . 2 3 8 6 . 1 3 9 1 . 3 3 9 6 . 6

4 0 1 . 8 4 0 6 . 6 4 1 2 . 3 4 1 7 . 7 423 .4 428 .8 4 3 3 . 4 4 3 7 . 3 4 4 1 . 9 4 4 5 . 6 4 5 0 . 8 4 5 4 . 9

4 5 7 . 4 4 6 0 . 3 4 6 4 . 2 468 .2 4 7 1 . 9 4 7 9 . 2 4 8 8 . 3 4 9 5 . 7 5 0 3 . 6 5 1 2 . 3 524 .5 533 .8


TABLE 3 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS

(BILLIONS OF DOLLARS, SEASONALLY ADJUSTED)

1959 J A N . , . F E B . . . M A R . . . A P R . . . MAY. . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1960 J A N . . . FEB. . . M A R . . . A P R . . . M A Y . . . JUN. . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1961 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1962 J A N . . . F E B . . . MAR. A P R . . . M A Y . . . J U N . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

LAR^E TIME DEPOSITS AT

COMMERCIAL BANKS J

1.6 1.5 1.5 1.5 1.5 1.5 1.5 1 .4 1.4 1.3 1.3 1.2

1.2 1.3 1.3 1.3 1.3 1 .4 1.4 1.5 1.6 1.7 1.9 2 . 0

2.2 2 . 4 2 . 5 2 . 7 2 . 9 3 . 1 3 . 3 3 . 5 3 . 7 3 . 8 4 . 0 4 . 0

4 . 1 4 . 4 4 . 8 5 . 1 5 . 2 5 . 6 5 . 6 5 . 7 4 6 . 0 6 . 3 6 . 6 7 . 1

AT THRIFT

INSTITUTIONS 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

TOTAL

_ i . 5 1.5 1.5 1.5 1.5 1.5 1 .4 1 .4 1.3 1 .3 1.2

1.2 1.3 1.3 1.3 1.3 1.4 1 .4 1.5 1 .6 1.7 1.9 2 . 0

2 . 2 2 . 4 2 . 5 2 . 7 2 . 9 3 . 1 3 . 3 3 . 5 3 . 7 3 . 8 4 . 0 4 . 0

4 . 1 4 . 4 4 . 8 5 . 1 5 . 2 5 . 6 5 . 6 5 . 7 6 . 0 6 . 3 6 . 6 7 . 1

SAVINGS BONDS

_ _ 4 7 . 6 4 7 . 5 4 7 . 4 4 7 . 3 4 7 . 1 4 6 . 9 4 6 . 8 4 6 . 6 4 6 . 4 4 6 . 3 4 6 . 1

4 5 . 9


(BILLIONS OF DOLLARSt SEASONALLY ADJUSTED)

1963 J A N . . . F E B . . . M A R . . . A P R . . . MAY. . . JUN. . . JUL. . . A U G . . . S E P . . . O C T . . . NOV. . . D E C . . .

1964 J A N . . . F E B . . . MAR. . . A P R . . . M A Y . . . JUN. JUL. . . A U G . . . S E P . . . O C T . . . N O V . . . DEC. . .

1965 J A N . . . FEB. . . MAR. . . A P R . . . M A Y . . . J U N . . . JUL. . . A U G . . . S E P . . . OCT. . . N O V . . . D E C . . .

1966 J A N . . . F E B . . * M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

LARii_LLM_DEP_QS.lIS AT

COMMERCIAL BANKS |

7 . 3 7 .5 7 . 9 8 . 1 8 . 3 8 .5 8 . 6

r 9 . 1 9 . 5 9 . 8

1 0 . 5 1 0 . 9

1 1 . 3 1 1 . 7 1 1 . 8 1 2 . 0 1 2 . 5 1 2 . 9 1 3 . 1 1 3 . 5 1 3 . 9 1 4 . 5 1 4 . 9 1 5 . 3

1 6 . 0 1 6 . 3 1 6 . 6 1 7 . 0 1 7 . 4 1 7 . 9 I * . * 1 9 . 1 1 9 . 8 2 0 . 6 2 0 . 9 2 1 . 3

2 1 . 4 2 1 . 4

t 2 1 . 8 2 2 . 9

1 2 3 . 6 2 4 . 0 2 5 . 0 2 4 . 9

1 2 4 . 9 2 3 . 7

1 2 2 . 7 2 3 * 2

AT THRIFT

INSTITUTIONS 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 o.o 0 . 0 o.o o.o 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 - 0

TOTAL ___ 7 . 5 7 . 9 a . i 8 . 3 8 . 5 8 .6 9 . 1 9 . 5 9 . 8

1 0 . 5 1 0 . 9

1 1 . 3 1 1 . 7 1 1 . 3 1 2 . 0 1 2 . 5 1 2 . 9 1 3 . 1 1 3 . 5 1 3 . 9 1 4 . 5 1 4 . 9 1 5 . 3

1 6 . 0 1 6 . 3 1 6 . 6 1 7 . 0

I 1 7 . 4 1 7 . 9 1 8 . 4 1 9 . 1 1 9 . 8 2 0 . 6 2 0 . 9 2 1 . 3

2 1 . 4 2 1 . 4 2 1 . 8 2 2 . 9 2 3 . 6 2 4 . 0 2 5 . 0 2 4 . 9 2 4 . 9 2 3 . 7 2 2 . 7 2 3 . 2

SAVINGS BONDS ----4 7 . 1 4 7 . 3 4 7 . 4 4 7 . 4 4 7 . 5 4 7 . 6 4 7 . 7 4 7 . 8 4 7 . 9 4 8 . 0 4 8 . 1

4 8 . 2 4 8 . 3 4 8 . 4 4 8 . 4 4 8 . 5 4 8 . 6 4 8 . 6 4 8 . 7 4 8 . 8 4 8 . 8 4 8 . 9 4 9 . 0

4 9 . 1 4 9 . 2 4 9 . 2 4 9 . 3 4 9 . 3 4 9 . 4 4 9 . 5 4 9 . 5 4 9 . 5 4 9 . 5 4 9 . 6 4 9 . 7

4 9 . 7 4 9 . 7 4 9 . 7 4 9 . 8 4 9 . 8 4 9 . 9 5 0 . 0 5 0 . 0 5 0 . 0 5 0 . 1 5 0 . 1 5 0 . 2

SHORT-TERM TREASURY

SECURITIES

3 976 4 0 . 2 4 0 . 0 3 9 . 4 3 9 . 5 3 9 . 3 3 9 . 1 4 0 . 1 4 1 . 0 4 0 . 3 4 0 . 6 4 0 . 7

4 0 . 4 4 0 . 0 4 0 . 0 4 0 . 4 4 0 . 5 4 0 . 7 3 9 . 8 3 8 . 6 3 9 . 3 3 9 . 3 3 8 . 9 3 8 . 5

3 8 . 0 3 8 . 0 3 8 . 5 3 9 . 0 3 9 . 6 4 0 . 3 4 0 * 8 4 0 . 7 4 0 . 4 4 0 . 2 4 0 . 6 4 0 . 7

4 1 . 4 4 1 . 6 4 1 . 3 4 1 . 6 4 2 . 1 4 2 . 0 4 1 . 2 4 0 . 2 4 0 . 4 4 2 . 3 4 3 . 7 4 3 . 2

BANKERS 1 ACCEPTANCES

_ _, 1.0 1 .0 1 .0 1 . 0 1 . 1 1 . 1 1 . 1 1 . 1 1 . 1 1 . 1 1 . 1

1 . 1 1 . 1 1 . 1 1 . 1 1 . 1 1 .2 1 .2 1 . 1 1 . 1 1 .2 1 .2 1 .2

1 .2 1 .2 1 .3 1 .4 1 . 4

lit 1 .4 1 .4 1 .4 1 .4 1 .5

1 .5 1 .5 1 .5 1 . 5 1 .5 1 . 4 1 .6 1 .7 1 .7 1 . 7 1 . 6 1 .6

COMMERCIAL ! PAPER I

. _ ^ 1 6.9 |

7.0 | 7.2 | 7.4 | 7.4 | 7.4 1 7.5 | 7.5 | 7.5 | 7.7 | 7.7 |

7 . 7 8 . 0 8.0 1 7.8 | 8 .1 | 8.3 | 8.5 | 8.7 | 6.7 | 8.9 | 9.0 | 9 .1 |

9.2 I 9 . 1 | 9.2 1 9.4 1 9.7 1

IO'.O 1 10.2 | 10.2 1

1 10.3 | 10.4 | 10.2 j

1 10.3 | 10.5 |

1 10.8 I 1 11.2 | 1 11.4 |

11.4 | 1 11.8 I 1 12.5 |

12.7 | 12.8 | 13.6 | 14*4 t


TABLE 3 COMPONENTS OF MONEY STOtK MEASURES AND LIQUIO ASSETS (BILLIONS OF DOLLARS, SEASONALLY ADJUSTED)

1 LARUE TIME DEPOSITS 1 J

. L_ 1967 J A N . . . |

F E B * * . ! MAR.. . * ! A P R * * i M A Y * . . ! J U N - - - I J U L . . . ! A y G . | S E P . . . ! O C T . . . I NOV. . . J D E C . . . !

1 1

1963 J A N . . . ] F B * . . l M A R . . . I A P R . . . ! M A Y . . . ! J U N . . . I J U L . . . I A U G . . . I S E P . . . 1 O C T . . . ! N O V . . . ! D E C . . . I

i 1

1969 J A N . . . 1 F B * . I M A R . . . I A P R . . . 1 M A Y * . . 1 J U W * ! J U L . . . I A U G . . . ! 5 ? . . . i O C T . . . 1 N 0 V . . . I D E C . . . I

i

1970 J A M . . . ! *m++.\ IHpfe* . 1 A P R . . . I M A Y . . . ! J U N . . . I J U L . . . I Ai!G. . . I j | f r . . . l O C T i . . N O V . . . I D E C . . . I

AT COMMERCIAL

BANKS 2 5 . 3 2 7 . 1 2 8 . 0 2 8 . 2 2 8 . 3 2 8 . 9 2 9 . 1 2 9 * 5 3 0 . 1 3 0 . 0 3 0 . 7 3 1 . 1

3 0 . 7 3 0 . 9 3 1 . 3 3 0 . 8 3 0 . 6 3 0 . 4 3 1 . 7 3 2 . 9 3 3 . 7 3 5 . 0 3 6 . 3 3 7 . 6

3 5 . 9 3 4 . 3 3 3 . 1 3 2 . 8 3 2 . 0 3 0 # 8 2 7 . 8 2 4 . 8 2 3 . 7 2 2 . 4 2 1 . 3 2 0 . 4

1 9 . 5 1 9 . 1 2 0 . 3 2 4 . 1 2 4 . 7 2 4 . 5 3 0 . 2 3 3 . 8 3 7 . 5 4 0 . 1 ' 4 1 . 9 4 4 . 4

A T ^ - :

THRIFT INSTITUTIONS

0 . 0 0 . 0 0 . 0 | 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

I 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 1

1 0 . 2 1 0 . 2

0 . 3 0 . 3 0 . 4

! 0 . 5 1 0 . 5 ! 0 . 6

0 . 7 0 . 7

TOTAL

_ _ 2 7 . 1 2 8 . 0 1

1 2 8 . 2 2 8 . 3 2 8 . 9 2 9 . 1 2 9 . 5 3 0 . 1 3 0 . 0 3 0 . 7 3 1 . 1

3 0 . 7 3 0 . 9 3 1 . 3 3 0 . 8 3 0 . 6 3 0 . 4 3 1 . 7 3 2 . 9 3 3 . 7 3 5 . 0 3 6 . 3 3 7 . 6

3 5 . 9 3 4 . 3 3 3 . 1 3 2 . 8 3 2 . 0 3 0 # 8 2 7 * 8 2 4 . 8 2 3 . 7 2 2 . 4 2 1 . 3 2 0 . 4

1 9 . 6 1 9 . 2

! 2 0 . 5 2 4 . 3

! 2 5 . 0 2 4 . 8

1 3 0 . 6 3 4 . 3

1 3 8 . 1 4 0 . 7

1 4 2 . 6 1 4 5 . 1

SAVINGS BONDS

5 0 . 2 5 0 . 3 5 0 . 4 5 0 . 5 5 0 . 6 5 0 . 6 5 0 . 7 5 0 . 8 5 0 - 9 5 1 . 0 5 1 . 1 5 1 . 2

5 1 . 2 5 1 . 3 5 1 . 3 5 1 . 4 5 1 . 4

1 5 1 . 5 5 1 . 5 5 1 . 6 5 1 . 6

\ 5 1 . 7 5 1 . 8 5 1 . 8

5 1 . 8 1 5 1 . 8

5 1 . 8 5 1 . 8 5 1 . 8 5 1 . 8 5 1 . 8

1 5 1 . 7 1 5 1 . 7

5 1 . 7 1 5 1 . 7

5 1 . 7

5 1 . 7 5 1 . 7

1 5 1 . 6 5 1 . 6 5 1 . 6 5 1 . 6 5 1 . 6

! 5 1 . 7 1 5 1 . 7 ! 5 1 . 8 ! 5 1 . 9 1 5 2 . 0

SHORT-TERM TREASURY 1

SECURITIES

_ - -4 0 . 4 3 9 . 7 3 8 . 7 3 7 . 3 I 3 6 . 2 3 5 . 7 3 6 . 4 3 7 . 0 i 3 7 . 6 3 8 . 3 3 8 . 7

4 0 . 0 4 0 . 9 4 1 . 7 4 3 . 5 4 5 . 0 4 5 . 8 4 6 . 5 4 6 . 8 4 7 . 1 4 7 . 5 4 6 . 6 4 6 . 1

4 8 . 0 5 0 . 0 5 2 . 0 5 3 . 5 5 3 . 5 5 3 - 6 5 3 . 5 5 4 . 8 5 6 . 6 5 6 . 9 5 7 . 9 5 9 . 5

6 0 . 3 6 0 . 5

I 6 0 . 0 ! 5 8 . 8 1 5 6 . 9

5 7 . 5 5 7 . 7 5 6 . 8 5 4 . 6 5 3 . 7

1 5 1 . 8 4 9 . 2

BANKERS 1 ACCEPTANCES 1

1 .6 I 1 .6 1 .6 I 1*6 1 .7 1-8 1 .8 ! 1-7 | 1 .7 | 1 .7 | 1.7 1.7

1 .8 1.9 | 1 .9 1.9 2 . 1 \ 2 . 0 1 .9 1 .9 1 .9 2 . 1 2 . 2 2 . 2

2 . 3 2 . 4 2 . 4 2 . 4 2 . 4 2 - 6 2 . 8 2 . 9 3 . 1 3 . 2 3 . 2 3 . 2

3 . 2 I 3 . 2 I 3 . 3 I 3 . 3

3 . 4 3 . 5 3 . 5

1 3 . 3 1 3 . 1 t 3 . 1 1 3 . 1 I 3 . 3

COMMERCIAL PAPER

TiTT 1 5 . 5 1 6 . 0 1 6 . 5 1 6 . 8 1 7 . 1 1 7 . 0 1 7 . 0 1 7 . 1 1 7 * 2 1 7 . 2 1 7 . 8

1 8 . 5 1 8 . 5 1 8 . 7 1 8 . 5 1 8 . 3 1 9 . 3 2 0 . 0 2 0 . 6 2 1 . 3 2 1 . 5 2 1 . 9 2 2 . 5

2 2 . 7 2 3 . 2 2 3 . 9 2 4 . 6 2 5 . 2 2 6 - 5 2 8 . 0 2 9 . 4 3 0 . 6 3 1 . 9 3 3 . 2 3 4 . 0

3 5 . 0 3 6 . 1

1 3 7 . 4 3 8 . 5 3 9 . 5 3 9 . 9 3 8 . 7 3 7 . 8

\ 3 6 . 9 3 5 . 7 3 4 . 9

[ 3 4 . 5


TABLE 3 COMPONENTS OH 40NEY STOCK .MEASURES ANO L IQUID ASSETS

(BILLIONS OF JOLLAKS, SEASONALLY AOJUSTEDr

1971 JAN...1 FEB... MAR...! APR... MAY...J JUN... JUL...I AUG... SEP...I OCT... NOV...I DEC...,

1972 JAN... FE3. .. MAR... APR... MAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

1973 JAN... FEB... MAR... APR... MAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...


LARGE TIME DEPOSITS I AT

COMMERCIAL BANKS ! 47.1 48.8 50.1 48.3 48.1 49.4 50.8 50.4 51.3 53.3 54.1 56.1 57.1 57.8 57.4 59.2 61.5 63.1 63.6 65.0 66.4 66.8 69.2 70.7 71.8 76.7 84.7 87.8 89.2 90.2 94.7 100.5 106.3 107.0 106.9 107.4 111.0 114.5 116.1 122.7 127.7 132.1 135.1 136.0 137.5 137.3 136.4 138.8

AT THRIFT INSTITUTIONS

0.8 0.8 0.9 i 1.0 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.5 1.6 1.7 1.8 1.8 1.9

: 2.0 2.1 2.2 2.2 2.3 2.4 2.5 2.5 2.6 2.7 2.8 2.9 2.9 }.0 af 1 1 1*2 if 3 S.5 3,6 3,8 1 3.9 4.0 4.1 4.1 1 4.|

1 4.1 4.4 1 4.j 1 4.9 I 5.2

TOTAL 4779 49.6 51.0 49.3 49.2 50.5 51.9 51.6 52.6 54.6 55.6 57.6 58.6 59.4 59.1 61.0 63.3 65.0 65.6 67.1 68.6 69.0 71.5 73.0 74.3 79.2 87.3 90.5 92.0 93.0 97.6 103.5 109.4 110.2 110.2 110.9 114.6 118.3 120.0 126.7 131.3 136.2 139.3 140.3 141.9 141.9 141.4 144.0

SAVINGS BONOS __ 52.2 52.5 52.6 52.9 53.1 53.2 53.4 53.6 53.9 54.1 54.3 54.5 54.8 55.1 55.3 55.6 55.9 56.1 56.4 56.6 56.9 57.2 57.5 57.8

1 58.1 58.5 58.8 1 59.0

1 59.3 59.5

1 59.7 59.8 59.9 60.2 60.4 60.5 60.7 61.0 61.3 61.5 61.7 62.0 62.1 62.4 62.7 63.0 63.2

SHORT-TERM TREASURY SECURITIES

4 45.2 42.8 42.0 39.4 40.0 42.0 41.6 39.4 37.8 36.6 36.2 36.1 35*9 36.5 36.7 36.6 36.8 35.6 35.8 36.5 37.6 39.5 40.9 41.5 42.5 43.4 45.0 46.0 47.2 47.3 48.4 49.6 49.4 49.3 49.8 49.9 50.4 52.0 53.5 52.5 52.2 1 51.4 51.5 1 53.4 54-4 53.5 53.4

BANKERS 1 ACCEPTANCES

_ 5 I 3.3

3.3 3.5 3.6 3*8 3.9 4.2 4*.5 4*0 3.8 3,5 3.6 4.0

1 4.0 3.9 3.7

1 3.4 1 3.2 1 3.1

3.1 3.2

I 3.3 3.3 3.3 3.3 3.4

I 3.4 \ 3*4 1 3.7

3.9 1 4,1

4.4 1 4.7 1 4.7 I 4.7

4.9 5.1 5.2

1 5.5 1 6.2 1 7.3 1 8.9 1 10.0 1 9.9 I 9.9 1 10.2 I 10.7

COMMERCIAL PAPER -_

I 33.6 33.0 32.6 32.4 31.8 31.4 31.7 32.1 32.5 32.5 32.7 33.1 33.0 33.3 33.7 33.6 34.3 34.9 34.9 34.6 34-, 8 35. Q 35.2 35.5 34.9 34.3 34.3 35.0 36.0 36.0 36.8 38.0 39.5

1 41.4 41.9 43.5 45.5 45.4 44.8 45.3 45 . 8 45.6 47.3 49.2 50.0 50.4 50.1


TABLE 3 COMPONENTS OF MONEY STOCK MEASURES ANO LIQUID ASSETS

(BILLIONS OF DOLLARS* SEASONALLY ADJUSTED)

1975 JAM... FEB... MAR.*. APR.,. MAY, ,. JUN... JUL... AUG. .. SEP... OCT... NOV... DEC...

1976 JAN... FEB... MAR. .. APR... MAY... JUN... JUL... AUG. . | SEP... OCT. .. NOV... DEC...


1978 JAN... FEB... MAR... APR... MAY... JUN... JUL. AyG. SEP... OCT... NOV... DEC...

LARGE TIME DEPOSITS AT

COMMERCIAL BANKS 140.9 139.4 136.5 131.7 128.7 126.7 124.5 122.3 123.1 123.9 125.0 123.4 120.8 117.9 118.9 118.8 114.9 118.4 119.3 115.6 113.7 111.3 110.3 110.2 109.8 110.5 110.6 110.6 110.9 114.4 117.3 120.2 122.6 126.4 131.2 135.0 138.1 142.0 146.8 151.6 156.1 159.5 162.8 165*7 168.1 168.4

\ 176.3 178.5

AT THRIFT

INSTITUTIONS 5.5

1 5.8 6.0 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.2 6.4 6.5 6.5 6.4 6.3 6.3 6.6 6.9 7.1 7.3 7.6 7.8 7.8 7.8 7.9 8.1 8.4 8.5 8.8 9.1 9.3 9.5 9.8

10.2 10.7 11.3 11.8 12.5 13.1 13.3 13.7 14.2

1 14.7 I 15.1

15.6 16.2

TOTAL 146.3 145.1 142.5 | 137.9 134.8 132.8 130.5 128.3 129.2 130.0 131.2 129.6 127.2 124.4 125.4 125.2 121.2 124.7 125.9 122.5 120.8 118.6 117.8 118.0 117.6 118.3 118.5 118.7 119.2 123.0 126.2 129.3 131.9 135.9 141.0 145.2 148.8 153.2 158.6 164.0 169-2 172.8

I 176.5 1*9.8-182.8 183.4 191.9

I 194.7

SAVINGS BONDS 63.6 63.9 64.2 I 64.5 64.9 65.2 65.5 65.8 66.2 66.8 66.9 67.3 67.6 68.0 68.3 68.7 69.1 69.4 69.6 70.1 70.8 71.7 71.5 71.8 72.2 72.6 73.0 73.4 73.8 74.1 74.3 74.6 75.3 76.7 76.3 76.6 77.0

1 77.4 1 77.8

78.2 1 78.7

78.8 78.6 78.9"

I 79.8 1 81.5 I 80.4 1 80.7

SHORT-TERM TREASURY SECURITIES

54.2 55.0 55.7 57.4 59.3 61.3 62.7 64.7 67.2 70.0 73.9 76.8 77.1 77.5 78.3 79.5 79.6 80.7 81.3 81.5 82.9 82.3 81.4 80.7 78.9 80.6 81.7 82.5 82.9 82.6 83.4 85.2 88.6 87.3 87.1 89.5 89.1 89.9

1 91.5 92.4 93.8 94.5

1 94.2 94.9

1 100.0 96.3

1 94.3 1 98.7

BANKERS j 1 ACCEPTANCES

11.0 10.4 10.2 1 10.2 9.9 9.6 8.9 I 8.5 8.5 I 8.7 8.7 1 8.5 8.5 8.8 8.9 8.8 9.0 9.0 9.2 9.3 9.0 9.0 9.1 9.0 9.9

10.5 10.6 10.7 10.9 11.2 11.2 11.4 11.7 11.9 12.1 12.3

! 13.0 1 13.8 1 14.4 1 15.0 1 15.4 1 15.9 ! 16.6 1 17*0 1 17.1 1 17.7 1 20.4 1 22.6

COMMERCIAL PAPER

_ _-_ 50.8 50.7 50.9 50.8 49.8 48.8 49.6 49.3 48.8 48.5 48.1 48.0 48.3 48.8 49.0 49.2 49.7 50.1 50.5 50.2 5 0.1 50.7 51.8 52.3 52.7 53.5 54.7 55.7 57.5 58.2 59.0 60.0 61.5 62.3 63.1 64.6 65.2 65.9 67.6 69.1 70.2

1 71.2 1 72.1 1 73.3 1 75-0 1 76.8 1 79.4


TABLE 4 COMPONENTS OF MONEY STOCK MEASURES ANO LIQUID ASSETS

(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

1959 JAN... FEB... MAR...I APR... MAY... JUN... JUL... AUG. .. SEP... OCT... NOV... DEC. ..


1961 JAN... FEB... MAR. . . APR... MAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

1962 JAN... FEB... MAR... APR. .. MAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

CURRENCY

2a7Z 28.4 28.5 28.5 28.7 28.9 29.1 29.1 29.1 29.0 29.2 29.5 28.9 28.6 28.7 28.8 28.8 28.9 29.1 29.1 29.1 29.1 29.3 29.6 28.8 28.6 28.6 28.7 28.7 28.9 29.2 29.2 29.3 29.4 29.7 30.2 29.5 29.4 29.5 29.7 29.7 30.0 30.3 30.3 30.3 30.4 30.8 31.2

DEMAND DEPOSITS j AT

MEMBER BANKS

" 94.6 92.3 91.6 92.6 91.5 91.9 92.2 91.8 91.3 92.0 92.6 94.0 94.3 91.6 90.7 91.6 89.8 90.0 90.5 91.0 91.9 92.2 92.8 94.5 95.0 92.9 92.3 93.8

1 92.3 92.7 92.7 92.5 93.7 94.6 95.6 97.7 97.8 95.1 94.1 95.6 93.8 94.0 93.8 93.3 94.0 95.1 96.1 98.4

AT DOMESTIC

NONMEMBER BANKS -18.7 18.4 18.7 18.4 18.5 18.8 18.9 19.3 19.5 19.8 19.9 20.0 19.4 19.0 19.1 18.8 18.8 18.9 19.1 19.3 19.7 20.0 20.2 20.4 19.9 19.4 19.7 19.4 19.4 19.5 19.5 19.9 20.3 20.9 21.2 21.6 21.1 20.9 21.3 20.8 20.7 20.8 20.7 21.1 21.5 22.0 22.2

AT FOREIGN RELATED BANKING OFFICES Llfcl-IH U.S. 1

0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.7 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.0 1.0 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.0 1.0 1.0 1.0 0.9

OTHER CHECKABLE DEPOSITS J AT

COMMERCIAL BANKS

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 o.c 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

AT THRIFT INST

oTo " 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TOTAL

oTo " 0.0 j 0.0 0.0 0.0 I 0.0 j 0.0 0.0 | 0.0 j 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1 0.0 0.0 0.0 0.0

1 0.0 0.0 0.0 0.0 0.0 0.0

: o.o 0.0 0.0 0.0

i 0.0 1 0.0

0.0 0.0 0.0 0.0 0.0 0.0

OVERNIGHT RPS J

GROSS

oTo 0.0 0.0 0.0 0.0 | 0.0 | 0.0 j 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1 0.0 0.0

1 0.0 I 0.0 1 0.0

0.0 0.0

1 0.0 0.0

i 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

NET |

0.0 "j 0.0 | 0.0 | 0.0 I 0.0 1 0.0 1 0.0 | o.o t 0.0 | 0.0 | 0.0 | 0.0 1 0.0 | 0.0 | 0.0 | 0.0 | 0.0 I 0.0 1 o.o i 0.0 1 0.0 2 0.0 ! 0.0 I 0.0 f

1 0.0 | ! 0.0 |

0.0 | 1 0.0 I 1 0.0 I I 0.0 I 1 0.0 1 1 0.0 I 1 0.0 | 1 0.0 | 1 0.0 |

0.0 | 0.0 J

1 o.o i 1 0.0 1 h o.o j 1 0.0 |

0.0 | 0.0 I 0.0 | 0.0 I 0.0 I 0.0 I 0.0 |


TABLE 4 COMPONENTS OF HONEY STOCK MEASURES ANO LIQUID ASSETS

(BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED)

1 9 6 3 J A N . . . . F5B* . M A R . . . A P R * , . MAY*.. J U N . . * J U L . . . A U G . . S E P . . . O C T . . . N O V . . . D E C . . .

1 9 6 4 J A N . . * F E B * . . M A R . . . APR. M A Y . . . JUU J U L . . . A U G . . . S E P * . * O C T . . . N O V . . . D E C . . .

1 9 6 5 J A N . . . F E B . . . MAR. A W t . . M A Y . . . J U N . . . J U L . . . A U S . . . S E P . . . O C T . . . N O V . . . | D E C . . .

1 9 6 4 J A N . . . F E B . M A R . . . A P R . . . M^iV* * J U N . . . J U L * . . A U G . . . S E P . * * O C T . . . N O V * . . D E C . . .

CURRENCY

"" 3 0 . 5 3 0 . 5 3 0 . 7 30 .9

i 31 .0 1 3 1 . 4

3 1 . 8 3 1 . 9 3 2 . 0 3 2 . 1 32-. 6 3 3 . 1

1 3 2 . 4 3 2 . 3 3 2 . 6 3 2 . 8

1 3 3 . 1 \ 3 3 . 4

3 3 . 7 33*9 3 3 . 9 3 4 . 1 3 4 . 6 3 5 . 0

3 4 . 4 3 4 . 2 3 4 . 4 3 4 . 5

! 3 4 . 6 3 * * * ^ 3 5 . 4 $ 5 . 5 35*7 1 3 6 . 0 j

1 3 6 . 5 37*1

3 6 . 5 36*4 j

i 3 6 . 5 3 6 . 8

i 3 7 . 0 3 7 . 3 3 7 . 8 3 7 . 8 3 7 . 9 1 3 8 . 1 3 8 . 5 3 9 . 1 |

DEMAND DEPOSITS |

1 AT MEMBER BANKS

9 8 . 9 9 6 . 2 9 5 . 3 9 7 . 1 \ 9 5 . 0 9 5 . 4 9 5 . 9 9 5 . 5 9 6 . 6 9 7 . 9 9 9 . 2

1 0 0 . 8

1 0 1 . 7 9 8 . 5 9 7 . 7 9 9 . 3 9 6 . 8 9 7 . 6 9 8 . 4 9 8 . 1 9 9 . 8

1 0 1 . 0 1 0 1 . 9 1 0 4 . 3

1 0 5 . 0 1 0 1 . 1 1 0 0 . 8 1 0 2 . 9

9 9 . 5 1 0 0 . 8 1 0 1 . 2 1 0 0 . 5 1 0 2 . 5 1 0 4 . 1 1 0 4 . 9 1 0 8 . 1

1 0 9 . 3 1 0 5 . 2

1 1 0 5 . 2 1 0 8 . 1

I 1 0 3 . 9 1 0 5 . 5

' 1 0 3 . 9 1 0 3 . 2 1 0 5 . 5 1 0 5 . 7 1 0 6 . 2 1 0 9 . 3 I

! AT DOMESTIC

NONMEMBER BANKS

2 2 . 6 ~" 2 2 . 0 2 1 . 8 2 2 . 1 2 1 . 8 2 1 . 8 2 2 . 1 2 2 . 0 2 2 . 5 2 2 * 9 2 3 . 4 2 3 . 7

2 3 . 9 2 3 . 1 2 2 . 8 2 3 . 2 2 2 . 7 2 2 . 9 2 3 . 3 2 3 . 3 2 3 . 9 2 4 . 5 2 4 . 9 2 5 . 4

2 5 . 7 2 4 . 8 2 4 . 6 2 5 . 0 2 4 . 4 2 4 . 6 2 5 . 0 2 4 . 9 2 5 . 7 2 6 . 2 2 6 . 8 2 7 . 4

2 7 . 9 2 6 . 8 2 6 . 6 2 7 . 2 2 6 . 5 2 6 . 7 2 7 . 0 2 6 . 7 2 7 . 2

\ 2 7 . 4 2 7 . 9 2 8 . 3

AT ! FOREIGN

RELATED BANKING

I OFFICES IN T H E . U . S .

1 . 0 0 . 9 1 . 0 0 . 9 1 . 0 1 . 0 1 . 0 0 . 9

I 0 . 9 0 . 9 0 . 9 0 . 9

0 . 9 0 . 9 0 . 9 1 . 0 1 . 0 1 . 0 1 . 1 1 . 1 1 . 1 1 . 1 1 . 2 1 . 2

1 . 2 1 . 2 1 . 2 1 . 2 1 . 2 1 . 2 1 . 2 1 . 1 1 . 1 1 . 1 1 . 1 1 . 2

1 . 2 1 . 3 1 . 3 1 . 3 1 . 5 1 . 5 1 . 5 1 . 5 1 . 4 1 . 4 1 . 3 1 . 2

OTHER CHECKABLE DEPOSITS |

1 AT COMMERCIAL

BANKS

oTo 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 o.o 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 , 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 I 0 . 0

AT r THRIFT

INST

o7o 0 . 0 0 . 0 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 0 0 . 0

0 * 0 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1 o . i 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

TOTAL

bTo " 0 . 0 0 . 0 0 . 1 \ 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 0 0 . 0

0 . 0 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

OVERNIGHT RPS

GROSS

575 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 o.o 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 1 0 . 1 0 . 2 0 . 2 0 . 3 0 . 3 0 . 3 0 . 4 0 . 4 0 . 5 0 . 5

NET

oTo 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 - 0 0 . 0

. 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 1 0 . 1 0 . 2 0 . 2 0 . 3 0 . 3 0 . 3 0 . 4 0 . 4 0 . 5 0 . 5



I BILLIONS OF DOLLARS, NOT SEASONALLY ADJUSTED!

1967 J A N . . . F E B . . . M A R . . . A P R . . . MAY. . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1968 J A N . . . F E B . . . MAR. . . A P R . . . MAY. . . J U N . . . J U L . A U G . . . S E P . . . O C T . . . NOV. . . DEC. . .

1 9 6 9 J A N . . . FEB. . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1970 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . NOV. D E C . . .

} CURRENCY i

I iiBTiT 1 3 8 . 3 I 1 3 8 . 5 ) 3 8 . 6 1 3 6 . 8 1 3 9 . 2 1 3 9 . 6 1 3 9 . 6 t 3 9 . 7 | I 4 0 . 0 J 4 0 . 5 1 4 1 , 2

I 4 0 . 5 I 4 0 . 3 I I 4 0 . 7 I 1 4 1 . 0 i { 4 1 . 3 1 I 4 1 . 8 \ 4 2 . 3 I 1 4 2 . 5 i 4 2 . 6 I J 4 2 . 8 I ( 4 3 . 6 i 4 4 . 3

J 4 3 . 5 I 4 3 . 4 J 4 3 . 7 I 4 3 . 8 i 4 4 . 2 1 4 4 . 7 1 4 5 . 2 I 4 5 . 4 I 4 5 . 3 1 4 5 . 6 1 4 6 . 4 I 4 6 . 9

1 4 6 . 1 1 4 5 . 9 I 4 6 . 3 ) 4 6 . 6 I 4 7 . 3 I 4 7 . 7 I 4 8 . 3 1 4 8 . 3 f 4 8 . 2 I 4 8 . 5 ) 4 9 . 2 I 5 0 . 0

J2J

AT MEMBER i BANKS

_ ._ 1 0 9 . 5 1 0 5 . 7 1 0 7 . 0 1 0 8 . 3 1 0 6 . 0 1 0 8 . 5 1 0 9 . 3 1 0 9 . 1 1 1 0 . 9 1 1 2 . 5 1 1 3 . 4 1 1 6 . 6

1 1 7 . 5 1 1 2 . 8 I 1 1 2 . 9 1 1 5 . 7 1 1 2 . 9 i 1 1 5 . 2 1 1 5 . 9 1 1 5 . 5 1 1 6 . 9 1 1 8 . 5 1 2 0 . 2 1 2 4 . 0

1 2 5 . 4 1 2 0 . 0 1 2 0 . 1 1 2 3 . 0 1 1 8 . 9 1 2 0 . 4 1 2 0 . 4 1 1 8 . 4 1 1 9 . 5 1 2 0 . 5 1 2 1 . 1 1 2 4 . 2

1 1 2 5 . 9 1 1 1 8 . 8 1 1 2 0 . 0 1 1 2 3 . 2 1 1 1 9 . 4

1 2 1 . 0 1 1 2 1 . 1

121*0 1 2 2 . 7 1 2 3 . 3

1 1 2 4 . 1 1 1 2 8 . 0

JJAiiQ_QEQi:

AT DOMESTIC

NONMEMBER BANKS

L. J 2 8 , 5 2 7 . 5 2 7 . 3 2 7 . 7 2 7 . 2 2 7 . 6 2 8 . 1 2 8 . 1 2 8 . 8 2 9 . 3

* 2 9 . 8 3 0 . 5

3 0 . 8 2 9 . 5 2 9 . 4 3 0 . 2 2 9 . 8 3 0 . 3 3 0 . 9 3 0 . 9 3 1 . 7 3 2 , 2 3 3 . 0 3 3 . 9

3 4 . 4 3 3 . 1 3 3 . 1 3 4 . 1 3 3 . 3 3 4 . 1

1 3 4 . 5 3 4 . 2 3 5 . 0 3 5 . 4 3 6 . 0 3 6 . 8

3 7 . 3 3 5 . 3

1 3 5 . 2 1 3 6 . 3 i 3 5 . 4 ! 3 5 . 6 1 3 6 . 1

3 6 . 0 ! 3 6 . 7 1 3 7 . 2 1 3 7 . 8 ' 1 3 8 . 8

L S L _ J AT 1

FOREIGN RELATED ! BANKING OFFICES I

J L t L . I d J J j J i ^ 1.2 1.2 1 .1 1 1.2 1 .3 i . 3 1 .3 1 .3 S 1 . 3 | 1 . 3 1 .3 1 1 . 3

1 .4 i 1 . 5 1 .6 1 .6 ! 1 . 8 : 2 . 0 1 . 8 1 .6 1 .8 j 1 .9 1 . 9 1 .8

1 .8 2 . 0 2 . 1 1 . 7 2 . 0 2 . 1

j 2 . 3 2 . 4

1 2 . 5 2 . 5

! 2 . 6 2 . 5

2 . 7 1 3 . 1 1 3 . 1

3 . 0 I 3 . 2 I 3 . 5 1 3 . 6 I 3 . 6 ! 4 , 1 1 4 . 4 1 4 . 6 1 4 . 4

IflI.HEl...( AT

COMMERCIAL BANKS

_ . _ _ 0 . 0 0 . 0 0*0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0 0 . 0

0 . 0 0 . 0

! 0 . 0 1 0 . 0 1 0 . 0 i 0 . 0 I 0 . 0

0 . 0 I 0 . 0 i 0 . 0

0 . 0 i 0 . 0

itifXiiAiLJEJQiJ

AT 1 THRIFT i

INST

_ . _ 0 . 1 0 . 1 O . I 0 . 1 0 . 1 j 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 | 0 . 1

0 . 1 0 . 1 0 . 1 0 . 1 ! 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1

i 0 . 1 \ 0 . 1 1 0 . 1 1 0 . 1

0 . 1 1 0 . 1 t 0 , 1 i 0 . 1 I 0 . 1

I 0 . 1 1 0 . 1 1 0 . 1 1 0 . 1 1 0 . 1 1 0 . 1 1 0 . 1 i 0 . 1 i 0 . 1 I 0 . 1 i 0 . 1 1 0 . 1

ioiiiiJZ i

TOTAL 1

_ _ _ -

0 . 1 o . i i 0 . 1 0 . 1 0 . 1 0 . 1 i 0 . 1 0 . 1 1 O . i 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 | 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

0 . 1 0 . 1 0 . 1 0 . 1 0 . 1 0 . 1

1 0 . 1 ; o.i ! 0 . 1 i 0 . 1 1 0 . 1 1 0 . 1

1 0 . 1 1 0 . 1 I 0 . 1 ! 0 . 1 1 0 . 1 i 0 . 1 i 0 . 1 I 0 . 1 i 0 . 1 ( 0 . 1 J 0 . 1 ! 0 . 1

GROSS

1)76 ~~ 0 . 6 0 . 7 0 . 7 0 . 7 0 . 8 0 . 8 0 . 9 0 . 9 S 1 .0 ( 1 .0 1 1 .1 1

1 .1 1 .2 ! 1.2 1.2 j 1 .3 1 .3 1 1 .4 1 .4 1 .5 1 .5 I 1 .6 1.6

1 .7 1.7 1.7 1 .8 1.8 1 .9

1 1 .9 2 . 0

1 2.0 2 . 1

\ 2 . 2 2 . 5

2 . 0 1 2 . 3 ( 2 . 4 1 2 . 1 t 2 . 4 I 2 . 1 1 1 .5 1 1 .4 1 1 .3 | 1 .3 I 1 .5 ! 1 .4

aiJL.EHS

NET

" o76 0 . 6 0 . 7 0 . 7 0 . 7 0 . 8 0 . 8 0 . 9 0 . 9 1 .0 1.0 1 .1

1 .1 1 .2 1 .2 1 .2 1 .3 1 .3 1 .4 1 .4 1 .5 1 .5 1 .6 1.6

1 .7 1 .7 1 .7 1 .8 1 .8 1 .9 1 .9 2 . 0 2.0 2 . 1 2 . 2 2 . 5

2 . 0 2 . 3 2 . 4 2 . 1

1 2 . 4 1 2 . 1 i 1 .5 1 1 .4 \ 1 . 3 I 1 .3 1 1 .5 1 1 . 4


TABLE 4 COMPONENTS OF MONEY STOCK MEASURES AND L i t f U I D ASSETS

(B ILL IONS CF DOLLARS. NOT SEASONALLY ADJUSTED)

1971 J A N . . . F E B . . . M A R . . , A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1972 J A N . . . F E B . . . H A H . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . DEC. . .

1973 J A N . . . tea... M A R . . . APR . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . .

1974 J A W . . . F E B . . . MAR. A P R . . . M A Y * . . J U N . . . J U L . . . A U G . . . S E P . . . O C T * . . WN... DEC. . .

CURRENCY

_ _ . 4 9 . 1 4 9 . 5 5 0 . 1 5 0 . 5 5 1 . 0 5 1 . 9 5 1 . 9 5 1 . 9 5 2 . 2 5 2 . 7 5 3 . 5

5 2 . 5 5 2 . 6 5 3 . 1 5 3 . 5 5 3 . 9 5 4 . 4 5 5 . 1 5 5 . 1 5 5 . 3 5 5 . 7 5 6 . 7 5 7 . 9

5 6 . 8 5 6 . 8 5 7 . 4 5 8 . 3

1 5 8 . 7 5 9 . 4 6 0 . 0 6 0 . 0 6 0 . 1 6 0 . 4 6 1 . 5 6 2 . 7

6 1 . 6 6 1 . 9 6 2 * 7 6 3 * 5 6 4 . 1 6 4 . 8 6 5 . 3 6 5 . 7 6 5 . 8 6 6 . 4 6 7 . 9 6 9 . 0

-J. QE.MANP. PEPQSITS J

AT MEMBER BANKS

1 2 8 . 7 1 2 3 . 9 1 2 5 . 1 1 2 8 . 5 1 2 6 . 1 1 2 8 . 3 1 2 8 . 5 1 2 7 . 5 1 2 8 . 7 1 2 8 . 7 1 3 0 . 0 1 3 4 . 6

1 3 5 . 5 1 3 0 . 3 1 3 3 . 6 1 3 8 . 0 1 3 3 . 9 1 3 6 . 2 1 3 7 . 4 1 3 7 . 0 1 3 8 . 8 1 3 9 . 7 1 4 1 . 4 1 4 6 . 6

1 4 7 . 5 1 4 1 . 0 1 4 0 . 7 1 4 3 . 8 1 4 0 . 3 1 4 3 . 4 1 4 3 . 3 1 4 2 . 3 1 4 2 . 4 1 4 3 . 5 1 4 5 . 2 1 4 9 . 9

1 4 8 . 9 1 4 3 . 4 1 4 4 . 4 1 4 7 . 1

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