Full text of H.6 Money Stock Measures : February 5, 1987

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•jjassfc

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
••f*4LRfcSV:

H 6 (506)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

FEBRUARY

5, 1987

Billions of dollars

Date

M1

M2

M3

Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.
and broker/dealer), MMOAs,
and savings and small
time deposits'

M2 plus
large time deposits,
term RPs, term Eurodollars
and institution-only
MMMF balances'

L

-

M3 plus other
liquid assets4

--

Debt

Debt of domestic
nonfinancial sectors'1

Seasonally adjusted

1 9 8 5 — DEC.

626.6

2566.5

1 9 8 6 — JAM.
FEB.
HAR.
APR.
WAY
JUNE
JULY
AUG.
SEPT.
OCT.
MOV.
DEC.

627.2
631.0
638.4
646.1
658.7
666.8
676.0
687.6
693.2
701.2
713.5
730.4

2569.9
2577.7
2592.4
2622.2
2649.7
2670.8
2699.2
2724.3
2740.8
2765.2
2781.5
2804.0

|

I
'

j
1

3201.0

3839.J

0778.6

3224.4
3241.4
3262.5
3293.7
3315.3
3338.8
3374.9
3400.6
3425.5
3444.5
3462.1
3488.6

3862.1
3881.2
3895.1
3918.5
3950.9
3973.4
4003.4
4031.0
4059.3
4082.3
4112.9

6878.5
6923.3
6968. 5
7029. 1
7101.3
7172.2
7238. 1
7314.8
73«*7.2
7444.4
7519.3

Not seasonally adjusted

1985—DEC.

639.9

2574.7

3213.7

3845.6

6772.0

198o—JAN.
FEB.
HAR.
APR.
HAY
JUNE
JULY
AUG.
SEPT.
OCT.
NO?.
DEC.

633.5
619.2
630.5
652.9
651.8
669.2
679.8
684.6
690.7
698.4
715.0
746.0

2578.7
2570.9
2594.5
2631.8
2640.7
2673.0
2704.6
2719.2
2731.5
2759.2
2779.4
2814.2

3232.0
3233.4
3262.8
3300.1
3308.5
3339.5
3372.5
3395.3
34 1 8 . 2
3440.5
3465.6
3503.9

3867.3
3873.6
3899.2
3928.6
3937.6
3973.5
4003.5
4027.3
4054.2
4078.2
4115.8

6d72.4
6906.2
6945.0
7001.9
7U69.0
7137. 1
7203.2
7284.6
7365.4
7426-8
7-303.5

M1
For period ended
1986-DEC.

1
8
15
22
29

1967-JAN.

5
12
19 P
26 P

NOTE:

13-week average
703.0
705.0
707.5
710.3
714.0
717.7
720.7
723.0
725.2

Seasonally adjusted
4-week average
714.8
716.7
719.2
724.1
729.0
736.1
739.3
739.5
737.2

week average
721.8
721.0
722.3
731.1
741.6
749.5
734.9
731.9
732.4

SPECIAL CAUTION SHOULD BE T*KEN III INTERPRETING
HIGHLY VOLATILE AMD SUBJECT TO REVISION.
P— INDICATES PRBLIHIllAttY DATA.
FOOTNOTES APPEAR ON THE FOLLOWING PAGE




13-week average
702.0
704.5
707.5
712.1
718.3
724.8
729.2
732.0
734.3

Not seasonally adjusted
4-week average
716.2
721.1
725.7
735.6
743.5
756.5
761.9
760.4
751.0

week average
725.3
736.0
735.8
745.3
756.7
788.2
757.5
739.2
719. 1

iEEK-TO-NBEK CHAIGES III HONEY S0PPLY DATA,

MHICH APE

H.6 (508)
Table 2

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

2

Mr
3 MONTHS FBOfl SEPT. 1986 TO DEC.

1986

21.5

6 MONTHS FROM JUNE

19*6 TO DEC.

1986

19.1

12 MONTHS FROM DEC.

1985 TO DEC.

1986

16.6

M2

M3

1

Debt

7.4

11.2

10.0

9.0

11.8

9.3

9.0

13.0

y. 2

THIRTEEN WEEKS ENDING JAN. 26, 1987
FROM THIRTEEN WEEKS ENDING:

1/

1/

2/

3/

4/
5/

OCT.

2 7 , 1986

(13 WEEKS PREVIOUS)

18.5

JULY

28, 1986

(26 KEEKS

PREVIOUS)

17.0

JAN.

2 7 , 1986

(52 WEEKS PREVIOUS)

16.2

GROWTH RATES FOR DEBT ARE BASED ON PERIODS BEGINNING AND ENDING ONE MONTH EARLIER THAN FOR THE MONETARY AGGREGATES,
NAMELY, AUGUST 1986 TO NOVEMBER 1986, HAY 1986 TO NOVEMBER 1986, AND NOVEMBER 1985 TO NOVEMBER 1986, RESPECTIVELY.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO
DOMESTIC BANKS, T H E U.S. GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS
OF COLLECTION AND FBDl&BJkL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER
OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF M1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE, MNDAS, SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS (TIME D E P O S I T S — I N C L U D I N G RETAIi. R P S — I N AMOUNTS OF LESS THAN $ 1 0 0 , 0 0 0 ) , AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS, HONEY MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BANKS, AND
THE U.S. GOVERNMENT.
ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AMD SAVINGS DEPOSITS.
CONSISTS OF M2 PLUS LARGE DENOHINATION TIHE DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND
TERM HP LIABILITIES ISSUED
BY COMMERCIAL BANKS AMD THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S.
RESIDENTS AT FOREIGN BRANCHES OF U.S. BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY HONEY MARKET MUTUAL FUNDS. &JLCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U^S. GOVERNMENT, MONEY
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.
ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY HONEY MARKET MUTUAL fUHDS.
CONSISTS OF H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AMD BANKERS ACCEPTANCES, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS.
PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERVE BOARD'S FLOW OF FUNDS ACCOUNTS.
ALL DATA ON DEBT OF DOHESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE FORM, DERIVED BY AVERAGING MONTH-END LUVELS OF ADJACENT MONTHS.
THESE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING FLOW OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FROH THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED
IN THE F&DEHAL RESERVE RELEASED Z. 7 AND Z. 1. IN THOSE RELEASES, PUBLISHED L^ELS
OF CREDIT MARKET DEBT ARE MEASURED ON
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.




new*)

COMPONENTS OF THE MONEY STOCK
afcltl| n i l • m.t i*fit*

-

«»-- A ^ L ^ ^ a ^

4

wmom oi oofiare, Maaanany aafwawa

Data

•

rs

~

Otfwr

Nowtiamactlaai
ooffiaoaaaaj

f1

dapoaHa4

fctttt*

LOOP Hma aapoaWy

*
Bwtfl

OaaMJfMj
OiWJr

[

DanaO

I

at
total

WMIttlftfOflt

total

OOHMIMPOlM

bttnta | WWtHlwtOfWI
384.1 ! 496.2

880.3

it

*

total

oomm-atat
1 bof*o" IwotlMlono
157.3
' 279.2

1985-DBC.

176.6

5TT

271.5

m.i

1939.9

634.4 |

124.5

179.1

1986-JAH.
FEB.
HAB.

171.9
172.9
173.9

5.9
5.9
6.1

268.9
269.2
273.2

180.5
183.1
185.3

1942.7
1946.6
1954.0

654.5
663.7
670.1

124.7
125.0
125.6

304.0
179.3
179.9
304.9
181.2 1 306.9

386.6 ! 499.4
388.1 ! 502.9
505.7
389.0

885.9
891.0
894.7

289.7
291.5
287.1

158.2
159.7
163.4

447.9
451.3
450.5

APB.
HAI
JURE

174.4
175.8
176.7

6.1
6.1
6.2

275.7
281.6
284.9

189.9
195.1
199.0

1976.1
1991.1
2004.0

671.5
665.5
668.1

126.6

I 129.0
130.9

184.6 !
189.5 i
194.1 !

311.4
318.5
325.0

388.0
384.9
381.7

507.9
506.3
503.9

895.9
891.2
885.6

287.1
281.5
280.5

165.0
164.9
164.6

452.1
446.4
445. 1

JDLI
AUG.
SEPT.

177.5
179.0
179.7

6.4
6.5
6.5

288.3
291.8
292.2

203.8
210.4
214.8

2023.2
2036.7
2047.6

675.7
676.2
684.7

133.4
136.8
140.9

197.8
200.8
203.5

331.2
337.6
344.4

380.0
376.0
372.6

503.7
501.2
498.7

663.7
877.2
871.3

280.1
281.9
281.4

165.8
166.1
165.8

445.9
448.0
447.1

OCT.
HOT.
DEC.

181.2
182.2J
183.5

6.4
6.4
6.4

293.2
298.4
307.9

220.4
226.4
232.7

2064.0
2068.1
2073.6

679.3
680.5
684.6

145.7
150.4
154.6

206.1
212.9
216.8

353.8
363.3
371.4

367.7
363.9
362.8

494.0
490.9
488.8

861.8
854.9
851.6

278.9
281.0
283.4

164.0
161.8
160.8

442.9
442.8
444.2

303. 6

436.5

SEEK ERDIRG
1986
DEC.

1987
JAN.

1/
2/
3/

4/
5/
6/
7/
8/
9/
10/

1
8
15
22
29

182.8
182.4
182.8
183.1
184.9

304.1
302.8
302.6
307.8
314.0

228.4
229.4
230.5
233.8
236.2

5
12
19 P
26 P

185.1
185.2
186.2
186.6

319.7
303.2
299.1
298.1

238.3
240.1
240.3
241.4

1

j

1

152.3
153.0
154.0
155.2
156.0

363.3
362.6
362.5
362.1
363.6

j

157.6
156.9
159.9
161. 1

364.2
363.7
362.9
362.5

J

280.0 i
281.2
281.3
282.7
287.7

j

j
f

i

I

'•!
*• |

j

_J

|

287.8
289.7
290.8 '
290.8

1 Mil 1

COBBBRCI O0TSIDE TBE U.S. TREASURY, FEDERAL RESERVE BANKS ARD VAULTS OF COHHBBCIAL BARKS. EXCLUDES THE BSTIRATED
AHOURT OF VAULT CASH HELD BT TBBIFT INSTITUTIONS TO SEBVICB THEIR OCD LIABILITIES.
OUTSTANDING AHOURT OF U.S. DOLLAR-DBRORIRATED TRAVELERS CHECKS OF RORBARK ISSOEBS. TRAVELBBS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEHARD DEPOSITS.
DEHARD DEPOSITS AT COHHBBCIAL BARKS ARD FOBEIGR RELATED INSTITUTIONS OTHER THAR THOSE DUE TO DOHBSTIC BARKS, THE U.S. GOVERNHEHT ARD FOREIGR BARKS ARD OFFICIAL INSTITUTIONS LESS CASH ITERS IN THE PROCESS OF COLLECTION AND FEDERAL BBSEBVE FLOAT.
EXCLUDES THE ESTIHATED AHOURT OF DEHARD DEPOSITS HELD AT COHHBBCIAL BARKS BI THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
CONSISTS OF ROR ARD ATS BALANCES AT ALL DEPOSITOBI INSTITUTIONS, CREDIT UNION SHARE DRAFT BALARCBS ARD
DEHARD DEPOSITS AT THRIFT INSTITUTIONS. OTHER CHECKABLE DEPOSITS SEASORALLI ADJUSTED EQUALS THE DIFFERERCB BBTRBER THE
SBASORALLI ADJUSTED SOH OF DEHARD DEPOSITS PLUS OCD ARD SEASONALLY ADJUSTED DEHAND DEPOSITS.
SOB OF OVERNIGHT EPS ARD OVERRIGHT EURODOLLARS, HONEY HARKET FUHD BALANCES (GENERAL PURPOSE ARD BROKER/DEALBB) ,
HHDAS, ARD SAVIRGS ARD SHALL TIBS DEPOSITS, LESS THE CONSOLIDATION ADJUSTHENT THAT REPRESENTS THE BSTIRATED AHDORT OF
DEHAND DEPOSITS AND VAULT CASH HELD BI THRIFT INSTITUTIONS TO SERVICE TBEIR TIHE ARD SAVIRGS DEPOSITS LIABILITIES.
SOH OF LARGE TIHE DEPOSITS, TBBH BPS ARD TERR EURODOLLARS OF 0.S. RESIDENTS, HORET HARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTHENT THAT REPRESBRTS THE ESTIHATED AHOUNT OF OVERRIGHT EPS ARD EURODOLLARS HELD BT
IHSTITDTIOH-OHLT HORET HARKET FORDS.
-SAVINGS DEPOSITS EXCLUDE HHDAS.
SHALL DENOHINATION TIHE DEPOSITS—INCLUDING RETAIL B P S — ARE THOSE ISSUED IR AHOURTS OF LESS THAR $100,000. ALL
INDIVIDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT CONNERCIAL BANKS AND THRIFTS ARE SUBTBACTED FBOH SHALL
TIHE DEPOSITS.
LABGB DENOHINATION TIHE DEPOSITS ARE THOSE ISSUED IR AROUNTS OF $100,000 OR HORB, EXCLUDIRG THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOHINATION TIHE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BY HONEY HABKET MUTUAL FUNDS,
DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




1 >

H.6 (508)
Table 4

COMPONENTS OF LIQUID ASSETS AND DEBT
Billions of dollars, seasonally adjusted
Date

2/
3/
4/

savings bonds

Non-M3 components of L
short-term treasury
bankers acceptances2
securities1

commercial paper3

Debt components
federal debt
non-federal debt

1985-NOV.
DEC.

79.0
79.5

300.7
308.4

43.1
41.1

196.4
209.5

1551.0
1567.0

5100.8
5191.6

1986-JAN.
FEB.
HAfi.

79.9
BO.5
81.1

305.6
307.8
300.3

41.6
42.4
41.7

210.6
209.2
209.5

1607.9
1621.0
1628.5

5270.6
5302.4
5340.1

APB.
HAY
JUNE

61.8
82.6
83.4

299.1
306.2
300.2

41.0
40.1
40.3

203.0
206.7
210.6

1D41.5
1665.1
1691.9

5387.7
5436.2
5480.3

JULY
AUG.
SEPT.

84.3
85. 3
86.4

292.5
288.6
289.4

39.4
37.3
36.7

212.3
219.3
221.1

1712.6
1725. 1
1741.6

5525.4
5589.7
5645.7

87.8
89.9

287.6
298.7

38.1
37.8

224.3
224.3

1755.9
1779.4

5688.5
5739.9

OCT*
NOV.

1/

4
4

P

CONSISTS OF U . S . TBEASOBY BILLS AND COUPONS WITH BEHAINING HATUBITIES OF LESS THAN 12 HONTHS HELD BY OIHEB THAN DEPOSITOBY
INSTITUTIONS, FEDEBAL BESEBVE BANKS, HONEY HAKKKT HUTUAL FUNDS AND FOBEIGN ENTITIES.
NET OF BANKEfiS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDEBAL HESBRV& BANKS, FOBEIGN OFFICIAL INSTITUTIONS, THE FEDEBAL
HOHE LOAN BANK SYSTEfi AND HONEY HAfiKET HUTUAL FQHDSm
TOTAL COHHEBCIAL PAPEB LESS COflHEBCIAL PAPEH HELD BY HONEY HABKET HUTUAL FUNDS.
DEBT DATA ABE ON A HONTHLY AVEBAGE BASIS, DEBIVED BY AVEBAGING END-OF-HONTH LEVELS OF ADJACENT HONTHS, AND HAVE BEEH

ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Nontransactions components

Other checkable deposits
Date

Currency1

Travelers
checks2

Demand
deposits3

at commercial
banks4

at thrift
institutions9

total

in M26

| in M3 only7

Overnight
RPs*

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

1985-DEC

173.1

5.5

281.3

125.8

54.4

180.1

1934.7

639.0

53.3

17.0

176.5

1986-JAB.
FEB.
BAB.

170.5
170.6
172.3

5.5
5.6
5.8

275.1
262.0
267.1

128.1
126.8
129.3

54.3
54.2
56.0

182.4
181.0
185.3

1945.1
1951.8
1963.9

653.4
662. 4
668.4

50.1
52.4
51.2

18.8
16.1
16.4

177.7
181.0
186.2

APE.
BAT
JUNE

173.6
175.8
177.4

5.8
5.9
6.5

278.7
276.7
285.6

134.8
132.9
136.6

59.9
60.5
63.0

194.7
193.4
199.6

1978.9
1988.9
2003.8

668.3
667.8
666.6

51.1
51.6
49.9

17.5
17.6
16.6

191.4
193.2
197.3

JOLI
AUG.
SEPT.

179.1
179.9
179.5

7.2
7.3
6.9

290.0
289.0
290.8

139.0
142.7
146.7

64.5
65.8
66.8

203.5
208.5
213.5

2024.8
2034.6
2040.7

668.0
676.1
686.8

54.7
57.5
55.4

17.2
17.1
17.3

199.7
200.5
202.2

OCT.
BOY.
DEC.

180.9
183.2
186.1

6.5
6.1
6.0

292.5
299.6
318.9

150.2
155.4
162.5

68.3
70.6
72.4

218.5
226.0
235.0

2060.8
2064.4
2068.2

681.3
686.3
689.6

57.8
57.0
56.5

19.4
18.8
19.2

206.9
207.1
207.5

VEEK BMDIHG:
198 6 - DEC

1
8
15
22
29

184.1
185.5
185.4
186.7
187.6

307.8
310.0
311.3
317.9
327.8

156.6
161.2
161.0
162.8
163.8

70.8
73.4
72.2
72.0
71.5

227.4
234.6
233.2
234.8
235.3

54.6
57.6
56.9
56.8
54.3

17.2
17.7
18.8
20.2
19.5

207.0
206.8
208.0
208.4
207.2

198 7 - JAB.

5
12
19 P
26 P

186.0
185.1
184.5
183.2

348.4
318.5
305.3
292.6 j

172.6
173.0
170.1 ]
165.9

75.3
74.9
73.4
71.5

247.9
248.0
243.5
237.4

58.9
61.6
58.6
59.2

22.6
25.3
20.5
22.2

206.5
208.8
209.6
210.0

-

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

L

C0BBEECT OOTSXOB TAB U.S. TREASURY, FEDERAL BBSBBYB BABKS ABD THE FAULTS OF COBBBBCIAL BABKS. EXCLUDES THE BSTIBATBD
ABOOBT OF FAULT CASH BBLD BT TBBXFT XBSTXTOTXOBS TO SBBYICB TBBXB OCD LIABILITIES.
OOTSTABDIBG ABOBBT OF O.S. DOLLAB-DBBOBIBATBD TBATBLERS CHECKS OF BOBBABK XSS0BBS. TRAY EL BBS CHECKS ISSUED Bf OBPOSITOBT
XBSTXTOTXOBS ABE IBCLODED IB BBBkBD DEPOSITS.
DBBABD D2P0SXTS AT COBBEBCXAL BABKS OTHER THAI THOSE DUB TO DOBBSTIC BABKS, TAB U.S. 60YBBBBEBT ABD F0BBX6B BABKS ABD
OFFICIAL IBSTITUTIOBS, LESS CASH IT BBS IB THE PROCESS OF COLL EC TI OH ABD F.B. FLOAT, LESS THE BSTIHATED ABOOBT OF DBBABD
DEPOSITS HELD AT COBBBBCIAL BABKS BX TflBIFT IBSTITUTIOBS TO SBBYICB TBBXB OCD LIABILITIES.
COBSXSTS OF BOB ABD ATS BALABCBS AT COBBBBCIAL BABKS, U.S. BBABCBES ABD A6BBCIBS OF FOBBIGB BABKS, ABD BDGB ACT
COBPORATIOIS.
COBSXSTS OF BOB ABD ATS BALABCBS AT SAYXB6S ABD LOA* ASSOCXATXOBS ABD BOTOAL SAYIBGS BABKS, CBBDIT UBIOB SBABB
DBAFT BALABCBS, ABD DBBABD DEPOSITS AT THRIFTS*'
SUB OF OYERIIGHT BPS ABD EURODOLLARS, BOBBI BABKBT FUBD BALABCBS (GBWBBkL PURPOSE ABD BROKER/DEALER), BBDkS ABD SAVIBGS
ABD SBkhL TIBB DEPOSITS LESS TBB BSTIBATBD ABOUBT OF DBBABD DEPOSITS ABD YAOLT CASB BBLD BI THRIFT IBSTITUTIOBS TO SBBYICB
THEIR TIBB ABD SAYIBGS DBPOSIT LIABILITIES*
SUB OF LARGE TIBB DEPOSITS, TEBB BPS ABD EUBODOLLABS OF U.S. BBSIDBBTS, BOBBY HARKET FUBD BALABCBS (IBSTITUTIOB-OBLT), LESS A
COBSOLIDATIOB ADJUSTBBBT THAT BBPBESEBTS TBB BSTIBATBD ABOUBT OF 0YEBBI6BT BPS ABD EURODOLLARS HELD BI IBSTITUTIOI-OHLI
BOBBT BABKBT BUTUAL FUBDS.
COBSISTS OF OYEfiBIGBT ABD COBTIBUIBG COBTBACT BPS ISSUED BI COBBBBCIAL BABKS TO OTHER TBAB OBPOSITOBT IBSTITUTIOBS AKD
HONEY BABKBT BUTUAL FUBDS (GEBBBAL PURPOSE ABD BROKER/DEALER) .
ISSUED BI FOREIGB BBABCBES OF U.S. BAIKS WORLDWIDE TO U.S. BESIDEBTS OTHER THAI DEPOSITORY IBSTITUTIOBS ABD
HON EI HARKET BUTUAL FUBDS (GEKERM, PURPOSE AID BROKER/DEALER) .




H.6 (508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
1

_

commercial
banks

Date

1985-DEC.
1986-JAH.
FEB.
BAR.

MEEK
1986
DEC.

1987
JAN.

1/
2/
3/
4/

Money market deposit accounts

r

1

336.7
337.0
340.4

thrift
institutions

I

179.0
179.4
180.2

at
commercial
banks

total

179.6

332.4

I

at

|

Savings deposits1
at
thrift
institutions

1
total

512.0

123.5

178.3

301.8

515.7
516.3
520.5

123.9
123.6
124.9

178.8
179.1
181.6

302.7
302.7
306.5

127.2
129.5
132.2

185.8
190.3
194.8

Small denomination time deposit?
al
at
thrift
total
commercial
institutions
banks

384.8

497.6

386.5
387.1
387.2

502.6
504.6
504.6

312.9
319.9
327.0

384.5
382.3
380.6

1

Large denomination time deposits3
at
I
at
total
I commercial
thrift
4
banks
institutions

882.5

280.9

157.8

438.7

889.1
891.7
891.8

288.6
290.4
287.7

159.0
160.7
163.2

447.6
451.1
450.9

505.1
502.4
501,0

889.6
884.7
681.6

283.6
260.8
278.8

164.1
164.4
164.1

447.7
445.2
443.0

I

APR.
HAI
JUNE

344.8
348.6
355.2

180.4
182.2
185.2

525.2
530.8
540.4

JULY
AUG.
SEPT.

359.0
363.5
368.1

187.1
189.5
190.2

546.1
553. 1
558.2

135.1
137.3
140.7

198.8
199.7
202.5

333.8
337.0
343.2

379.8
377.9
375.1

502.7
500.5
498.4

882.6
876.5
873.6

279.1
282.3
283.5

164.7
166.0
165.7

443.6
448.2
449.2

OCT.
NOT.
DEC.

371.7
375.1
378.1

192.1
193.0
192.5

563.8
568.1
570.6

146.0
149.9
153.5

208.8
213.0
215.8

354.8
363.0
369.3

370.4
365.9
363.6

496.9
493.8
490.6

867.3
859.6
854.2

281.6
282.8
285.2

164.4
162.5
161.2

446.0
445.3
446.4

|

ENDING

1
8
15
22
29

376.3
377.3
378.2
377.3
378.8

151.4
152.6
153.1
153.5
154.3

364.8
364.1
363.6
362.9
363.7

282.4
283.3
283.5
284.2
288.9 i

5
12
19 P
26 P

382.8
383.1
380.8
379.3

157.2
158.4
158.7
159.3

364.4
364.0
363.2
362.2

290. 1
288.7
288.8
288.2

I
J
.
L
SAVINGS DEPOSITS EXCLUDE HHDAS.
SHALL DENOHINATION TIHE DEPOSITS — INCLUDING RETAIL RPS — ARE THOSE ISSUED IN AHOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COHHEBCIAL BANKS AND THRIFTS ARE SUBTRACTED FROH SHALL
TIHE DEPOSITS.
LARGE DENOHINATION TIHE DEPOSITS ARE THOSE ISSUED IN AHOUNTS OF $100,000 OR HORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOHINATION TIHE DEPOSITS AT CORHERCIAL BLANKS LESS THOSE HELD BI HONEY HARKET HUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 5-contlnued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
TermRP*
Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total
Eurodollars1

Savings
bonds

Non M3 Components of L
Short-term
Bankers
treasury
acceptances4
securities'

Components of Debt
Commercial
paper*

Federal debt1

198 5-DEC.

64.6

32.1

33.9

66.0

76.6

79.6

305.6

42.1

204.6

1583.7

1986 -JAR.
FEB.
HAR.

67.3
67.7
70.2

33.7
35.8
37.2

35.1
34.7
34.4

68.8
70.6
71.6

75.9
79.1
82.7

80.0
80.5
81.1

305.3
308.6
306.5

42.4
42.2
40.8

207.5
208.8
207.9

1606.7
1621.0
1633.3

APR.
HAY
JURE

74.1
76.1
75.0

35.6
35.4
33.8

35.9
38.7
41.6

71.5
74.2
75.3

81.4
79.7
80.0

81.8
82.6
83.4

301.7
299.9
297.5

39.9
39.6
39.8

205.2
207.0
213.3

1644.6
1660.7
1678.9

JDLY
AUG.
SEPT, •

77.5
80.8
84.4

33.1
33.9
35.5

41.9
41.6
42.5

75.0
75.5
78.0

78.5
78.3
81.7

84.2
85.2
86.4

293.5
292.3
290.6

39.2
37.9
37.4

214.0
216.6
221.4

1695.6
1713.3
1734.5

OCT.
ROf.
DEC.

84.5
84.4
84.1

34.1
36.7
34.7

43.7
45.1
46.3

77.8
81.8
81.1

79.0
80.7
84.3

87.8
89.9

287.3
294.7

38.0
38.0

224.6
227.6

1748.6
1771.8

REEK EHDIHG:

—_-._.———.._ _
1986- -DEC

1
8
15
22
29

83.9
83.8
84.7
84.8
83.6

40.1
33.9
34.2
34.5
36.6

1 9 8 7 - •JAR.

5
12
19 P
26 P

61.9
84.7
84.5
84.1

31.5
32.2
34.0
34.1

1/
2/

TBRH RPS ARB THOSE RITH OBIGIRAL HATORITIBS GREATER THAR ORB DAY, EXCL0DIRG COHTIHUIHG CORTRACTS ARD RETAIL RPS. IHCL0DBS
A RELATIVELY SHALL AflOOHT OF OVERHIGH! RPS AT THRIFT IRSTIT0TIORS.
_„„„« „„ „ c o»eTn»i.<i>c ur
TBRH EORODOLLARS ARE THOSE RITH ORIGIHAL HATORITIBS GREATER THAR ORB DAY. CORSISTS OF THOSE ISSUED TO O.S. RESI»B«S BY
FOREIGR BRARCHES OF O.S. BARKS RORLDRIDE ARD BY ALL BARKIRG OFFICES IR THE ORITED KIRGDOfl ARD CARADA. EXCLODES THOSE HELD
BY DBPOSITOBY IRSTITUTIORS ARD HORBY HABKET HOTOAL FORDS.

3/
4/
5/
6/

«.„«,

u

« r, n » ™ P U * D K U I I

^POCTWRT

CORSISTS OF O.S. TREASURY BILLS ARD COOPORS RITH RBHAIRIRG HATORITIBS OF LESS THAR 12 HORTHS HELD BY OTHER THAR DEPOSITORY
IHSTITUTIOHS, FEDERAL RESERVE BARKS, HOREY HARKET HOTUAL FORDS, ARD FOREIGR ERTITIES.
„^rmwtm^mts
mu„ V P H P D H
RET OF BARKERS ACCEPTARCES HELD BY ACCEPTIHG BARKS, FEDERAL RESERVE BARKS, FOREIGR OFFICIAL IHSTITOTIOHS, THE FEDERAL
HOHE LOAR BARK SYSTEH ARD HOREY HARKET HUTOAL FiiHDS.
TOTAL COHHERCIAL PAPER LESS COHHERCIAL PAPER H2LD BY HOREY HARKET HOTOAL FORDS.
DEBT DATA ARE OR A HORTHLY AVERAGE BASIS, DERIVED BY AVERAGIRG BHD-OF-HOHTH LEVELS OF ADJACENT HORTHS, ARD HAVE BBB*
ADJUSTED TO REHOVE DISCONTINUITIES.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to]

foreign
commercial
banks

Date

total demand
deposits and
note and
FR balances

time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

374

3^*

11.1

17.9

U

59.2

80.9

573

148.4

8.8
8.3
8.4

2.0
1.9
1.8

8.0
7.8
7.6

3-6
3.2
3.3

10.5
7.5
3.4

20.5
21.0
12.4

34.5
31.7
19.2

1.3
1.4
1.4

60.7
62.5
64.2

81.9
82.9
86.4

8.6
8.7
9.0

151.2
154.2
159.5

APH.
HA I
JUHE

8.7
8.8
8.8

1.9
1.8
1.8

7.5
7.3

4.2
3.0
3.5

3.7
4.8
2.9

13.6
18.7
12.6

21.5
26.5
18.9

1.5
1.5
1.7

68.4
69.5
70.1

90.4
91.2
92.1

9.8
10.1
10.1

168.5
170.8
172.2

JOLT
AUG*
SEPT.

9.1
8.9
9.2

2.0
1.8
1.9

7.2
7.2
7.2

3.6
3.0
3.6

3.8
3.2
5.6

13.2
8.1
14.6

20.6
14.2
23.8

1.6
1.7
1.7

70.8
71.1
71.4

92.9
93.4
94.1

10.2
10.2
10.5

173.9
174.7
176.0

OCT.
BO?.
DEC.

9. 4
9.0
9.3

1.8
2.0
1.9

7.1
7.1
7.0

3.4
3.4
3.7

3.4
3.2
3.7

11.8
11.9
15.5

18.6
18.4
22.9

1.7
1.7
1.6

71.7
72.1
72.8

94.8
94.6
9 5 . 2e

10.8
1 0 . 7e
1 0 . 7e

177.2
177.4e
178.7e

9.3
9.3
9.5
8.2
9.8

2.1
1.9
1.7
1.8
1.9

7.0
7.1
7.0
7.0
7.0

3.3
3.1
4.6
3.6
3.5

2.7
2.6
3.1
3.6
4.8

14.0
9.2
6.4
22.0
24. 1

20.0
14.9
14.1
29.2
32.3

1.6
1.6
1.6
1.6
1.6

10.2
9.8
8.4
10.8

2.0
1.8
1.7
1.8

6.9
6.9
7.0
7.0

3.6
3.7
4.1
3.9

6.1
4.0
6.8
15.8

17.6
23.1
25.1
25.8

27.3
30.8
36.0
45.5

1.6
1.6
1.6
1.5

1986-JAM.
FEB.
HAfi.

1987
JAR

note balances
at commercial
banks
and thrift
institutions

~

iT3

iTs

1986
DEC.

balances at
Federal
Reserve
Banks

IRA and Keogh Accounts

***

1985-DEC-

MEEK

foreign
official
institutions

U.S. j jovernment deposits

Time and
[
savings
[
demand
deposits
deposits at
due to foreign
commercial
commercial
banks and
banks
foreign official
institutions

|

"

7.4

I

EMDING:

1
8
15
22
29
5
12
19 P
26 P

e = estisated




I

i

\

1

SPECIAL SUPPLEMENTARY TABLE
Monthly Survey of S e l e c t e d Deposits and Other Accounts
At A l l Insured Commercial Banks and A l l Mutual Savings Banks 1
November 2 6 , 1986 and December 3 1 , 1986
(not seasonally adjusted)

Liability

Insured Commercial Banks
"I
Amount Outstanding ( $ a i l ) l Average Rate Paid (X)
1 Number of I s s u i n g Banks
November 26 December 31 I November 26| December 31 1 November 261 December 31 j

Categories

NOW a c c o u n t s 2

|

148,848

164,247

Money market d e p o s i t accounts- 3

|

373,716

379,998

|

5.20

Savings accounts*

|

148,840

154,543

j

5.27

5.03
|

13,645

13,640

|

5.19

13,090

13,087

|

5.24

13,615

13,581

I

I
j

6,161
(475)

6,101
(527)

5.39

5.45

8,720

32 t o 91 days
(standard e r r o r of the e s t i m a t e )

I
I

20,912
(805)

21,601
(781)

5.52

5.62

12,876

12,878

I
|

133,620
(2,492)

131,483
(1,827)

5.66

5.70

13,874

13,869

71,471
(1,699)

72,227
(1,635)

5.93

5.93

13,157

I
183 days to 1 year
(standard error of the e s t i m a t e )

I
I

I
I
|

83,530
(1,748)

83,761
(1.731)

6.24

6.22

13,617

2 - 1 / 2 y e a r s and over
(standard e r r o r of the e s t i m a t e )

I
j

119.929
(2.367)

120,699
(2,369)

6.64

6.61

13,418

A l l IRA/Keogh Plan d e p o s i t s 6
(standard e r r o r of the e s t i m a t e )

I
|

72.461
(266)

73,127
(196)

N.A.

N.A.

13,372

R e t a i l repurchase agreements 7
(standard e r r o r of the e s t i m a t e )

I
|

1.237
(222)

1,062
(193)

5.14

5.37

2,423

NOW a c c o u n t s 2
Money market d e p o s i t accounts-'
Savings accounts'

1

I n t e r e s t - b e a r i n g time d e p o s i t s w i t h
b a l a n c e s of l e s s than $100,000
with original maturities of:5
7 t o 31 days
(standard e r r o r of the e s t i m a t e )

|

8,504

|

13,163

I
I

over 1 year t o 2 - 1 / 2 y e a r s
(standard e r r o r of the e s t i m a t e )

L i a b i l i t y Categories

I

I

I n t e r e s t - b e a r i n g time d e p o s i t s with
b a l a n c e s of l e s s than $100,000
with original maturities of:5
7 to 31 days
(standard e r r o r of the e s t i m a t e )

92 t o 182 days
(standard e r r o r of t h e e s t i m a t e )

I

5.00

|

I
I
13,611

|

I

2,284

S t a t e - C h a r t e r e d Mutual Savings Banks
Amount Outstanding ( $ m l l 7
Average Rate Paid (%)
Number of I s s u i n g Banks
November 26 December 31
November 26 December 31
November 26 December 31
4,745

5,253

5.20

5.19

307

310

31,994

31,932

5.48

5.48

337

339

29,186

30,044

5.46

5.45

352

355

156
(17)

149
(14)

5.52

5.49

93

32 t o 91 days
(standard e r r o r of t h e e s t i m a t e )

1,235
(121)

1.265
(101)

5.64

5.64

283

92 t o 182 days
(standard e r r o r of the e s t i m a t e )

18.580
(396)

18,553
(337)

5.95

5.95*

339

183 days to 1 y e a r
(standard e r r o r of the e s t i m a t e )

12,815
(246)

12,918
(187)

6.23

6.24

342

over 1 year t o 2 - 1 / 2 y e a r s
(standard e r r o r of the e s t i m a t e )

12,475
(462)

12,391
(245)

6.56

6.49

340

2 - 1 / 2 y e a r s and over
(standard error of t h e e s t i m a t e )

20,821
(56)

20,851
(65)

6.96

6.91

347

A l l IRA and Keogh Plan d e p o s i t s 6
(standard e r r o r of the e s t i m a t e )

12,106
(322)

12,288
(307)

N.A.

N.A.

345

R e t a i l repurchase agreements'
(standard e r r o r of the e s t i m a t e )

88
(43)

93
(47)

5.30

5.29

15

286

344

350

I
N.A. - Data not a v a i l a b l e .
rri^
1 . Estimates are based on data c o l l e c t e d by the Federal Reserve from a s t r a t i f i e d random sample of about 550 banks
and 75 mutual s a v i n g s banks.
2 . As of January 1 , 1986 i n t e r e a t r a t e c e i l i n g s were removed from a l l NOW a c c o u n t s . Beginning w i t h the January 1986
data the NOW account c a t e g o r y I n c l u d e s a l l NOW a c c o u n t s , i n c l u d i n g those accounts which were s u b j e c t to a 5.25 percent r e g u l a t o r y i n t e r e s t r a t e r e s t r i c t i o n p r i o r to January 1 , 1 9 8 6 . Estimates for t h i s category are based on r e p o r t s
of d e p o s i t s . The NOW account r a t e i s reported as a simple annual r a t e .
3 . Money market d e p o s i t accounts (MMDAs)—Deposits with no required minimum maturity but i n s t i t u t i o n s must r e s e r v e
the r i g h t to require a t l e a s t seven d a y ' s n o t i c e prior t o withdrawal, no r e s t r i c t i o n s on d e p o s i t o r e l i g i b i l i t y , or
l i m i t a t i o n s on the amount of i n t e r e s t t h a t may be paid; such accounts may a l l o w up t o s i x t r a n s f e r s per month, no
more than three of which may be d r a f t and may permit u n l i m i t e d withdrawals by m a l l , messenger, or In person.
Estimates for t h i s category are based on r e p o r t s of d e p o s i t s . The MMDA r a t e i s reported as a simple annual r a t e .
4. Savings d e p o s i t s t h a t , because of r e s t r i c t i o n s on t r a n s a c t i o n s , do n o t meet the d e f i n i t i o n of an MMDA.
Estimates f o r t h i s category are based on r e p o r t s of d e p o s i t s . The s a v i n g s account r a t e l a reported as a
simple annual r a t e .
5. A l l i n t e r e s t - b e a r i n g time c e r t i f l c s t e s and open account time d e p o s i t s with b a l a n c e s of l e s s than $ 1 0 0 , 0 0 0 ,
i n c l u d i n g those held i n IRAs and Keogh Plan d e p o s i t s . With the e x c e p t i o n of the 7-31 and 32-91 day d e p o s i t
r a t e s , which are reported as simple annual r a t e s , time d e p o s i t r a t e a are annual e f f e c t i v e y i e l d s r e f l e c t i n g the
method of compounding reported by the I n d i v i d u a l i n s t i t u t i o n s .
6. A l l IRA/Keogh Plan time d e p o s i t s r e g a r d l e s s of s i r e , type of instrument in which h e l d , o r I n t e r e s t r a t e p a i d .
7. R e t a i l repurchase agreements are i n denominations of l e s s than $100,000 with m s t u r i t l e s of l e s s than 90 days
that a r i s e from the t r a n s f e r of d i r e c t o b l i g a t i o n s o f , o r o b l i g a t i o n s f u l l y - g u a r a n t e e d as to p r i n c i p a l and i n t e r e s t
by, the U.S. Government or an agency t h e r e o f .
*—revised »