Full text of H.6 Money Stock Measures : February 11, 1988

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release

H.6 (508)

NOTICE

Revisions to the monetary aggregates reflecting annual
benchmark and seasonal factor adjustments will appear in the H.6 (508)
statistical releast "Money Stock, Liquid Assets, and Debt Measures" to
be published on February 18.




mK^H

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

H.6 (508)
Table 1

February 11, 1988

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Billions of donars

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 balances3

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

Seasonally adjusted
1987—JAM,
FEB.
HAB.
APR.
HA I
JUNE
JULY
AUG.
SEP!.
OCT.
NOV.

DEC
1988— JAN.

P

737.7
737.4
739.5
750.3
753.1
746.6
747.6
751.0
751.2
760.8
756.7
753.2

2823.5
2823.0
2826.5
2839.9
2840.3
2841.6
2847.9
2862.7
2875.6
2892.2
2890.9
2894.8

3519.1
3522.7
3527.4
3544.0
3560.3
3577.5
3584.2
3604.8
3621.1
3644.4
3657.7
3661.8

762.5

2920.9

3688.1

-

H

Not seasonally adjusted
19 8 7 — J A N .
FEB.
MAE.
APfi.
HAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
i>EC
1988—JAN.

P

744.4
723.3
728.9
757.5
744.9
749.1
751.5
749.4
749.4
757.7
759.8
769.3

2833.7
2811.1
2820.3
2848.6
2829.3
2842.7
2855.0
2860.8
2868.4
2888.1
2893.2
2908.4

3529.8
3513.0
3524.6
3552.1
3550.5
3575.3
3583.9
3600.3
3615.8
3640.1
3662.0
3676.8

769.0

2930.9

3699.2

7673.6
7710.9
7754.3
7815.6
7882.8
7943.2
7985.9
8037.5
8098.0
8166.2
8243.4
8299.0

4173.3
4180.8
4169.8
4181.8
4215.8
4230.7
4226.1
4252.1
4280.7
4316.3
4330.7
4330.3

7656.4
7676.9
7722.5
7784.5
7850.2
7915.0
7963.9
8019.5
8084.2
8147.2
8212.1
8276.6

4184.6
4172.5
4172.9
4189.7
4200.4
4229.9
4226.4
4248.6
4275.4
4310.3
4333.7
4343.2

M1
For period ended
13-week average

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

1988-JAN.

4
11
18
25 P

756.8
757.1
757.2
757.1

753.1
754.9
757.2
760.8

756.8
758.3
761.4
766.5

763.6
765.8
766.6
766.6

773.5
778.4
779.3
775.2

792. 1
785.2
771.3
752.3

FEB.

1 P

757.4

763.4

767.4

766.1

764.4

748.7

NOTE:

SPECIAL CAUTION SHOULD BE TAKEN IN INTEBPBETING lEEK-TO-iEEK CHANGES IN HONEY SUPPLY DATA, VHICH ABE
HIGHLY VOLATILE AND SUBJECT TO REVISION.
P—INDICATES PB£LIHINABY DATA.
FOOTNOTES APPEAB ON THE FOLLOWING PAGE




H 6 (508)
Table 2

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

M1

M2

Debt1

M3

3 MONTHS FROM OCT.

1987 TO JAN.

1988

0.9

4.0

4.8

9.9

6 MONTHS FROM JULY

1987 TO JAN.

1988

4.0

5. 1

5.8

9.0

12 MONTHS FROM JAN.

1987 TO JAN.

1988

3.4

3.4

4.8

9.1

TUIBTEEN WEEKS ENDING FEB.
1, 1988
FROM THIRTEEN BBBKS ENDING:

NOV.

2 , 1987 (13 WEEKS PREVIOUS)

1.4

AUG.

3, 1987

2.1

FEB.

2 , 1987 (52 WEEKS

(26 WEEKS PREVIOUS)
PREVIOUS)

"•1
-- -,

1/

1/

2/

3/

4/
5/

•-

• •

h^w-

GROWTH RATES FOR DEBT ARE BASED ON PERIODS BEGINNING AND ENDING ONE HONTM EARLIER THAN FOB THE MONETARY AGGREGATES,
NAMELY, SEPTEMBER 1987 TO DECEMBER 1987, JUNE 1987 TO DECEflBER 1987, DECBHBBB 1986 TO DECEHBEB 1987, RESPECTIVELY.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COHHEBCIAL BANKS;
(2) TRAVELBBS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO
DOHESTIC BANKS, TBE U.S. GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PBOCESS
OF COLLECTION AND FEDERAL 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
THBIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF H1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EUBODOLLABS
ISSUED TO U.S. RESIDENTS BY FOBEIGN BBANCHES OF U.S. BANKS WORLDWIDE, HHDAS, SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN $100,000). AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENEBAL PURPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FWDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COHHEBCIAL
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 THBIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OF H2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM RP LIABILITIES ISSUED
BY COHHEBCIAL BANKS AND THBIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. RESIDENTS AT FOBEIGN 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 MONEY MARKET MUTUAL FUNDS. EXCLUDES 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 MONEY MARKET MUTUAL FUNDS.
CONSISTS OF H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOHESTIC 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, MOBTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL BESEBVE BOARD'S FLOW OF FUHDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTOBS ARE PRESENTED IN MONTH-AVERAGE FORM, DERIVED BY AVERAGIMG MONTH-END LEVELS 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, FROM THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED
IN THE FEDERAL RESERVE RELEASES Z. 7 AND Z. 1. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON
A UUARTER-END BASIS AND INCLUDE DISCONTINUITIES.




M.6(50B)
Tab* 3

COMPONENTS OF THE MONEY STOCK
Btttlono of dollars, seeeonoMy edhietod

Da*

Currency'

1*6.6

rs

3

Other
deposits'

checkable
deposits4

mat*

matt
onhy

216.9

376.7

164.4
168.3

222.7
228.0

387.2
396.3

704.1
719.9
735.9

172.2
174.5
175-5

233.8
237.2
239.7

406.1
411.7
415.2

357.5
357.1
360.1

486.3
486.1
490.0

2100.2
2111.7
2124.4

736.3 ;
742.0 !
745.5 ;

176.6
178.0
178.0

240.1
241.8
241.3

416.7
419.9
419.3

363.4
365.4
367.3

257.1
255.5
254.7

2131.4
2134.2
2141.6

752.2
766.9
767.1

177.5
177.0
177.2

239.3
23 5 . 0
233.4

416.8
412.0
410.6

294.3

258.7

2158.4

767.2

178.4

232.8

411.2

246.1

2695.7

645.4

300.8
299.3

242.9
245.7

2085.6
2087.1

699.6
700.9

188.9
190.2
191.1

6.8
6.7
6.8

303.9
303.9
297.4

250.7
252.2
251.2

2089.6
2087.3
2095.0

JULY
AUG.
SEPT.

192.1
193.2
194.5

6.8
6.9
7.0

. 296.2
296.4
294.1

252.6
254.6
255.6

OCT.
HOY.
DEC.

196.2
198.4
199.7

7.0
7.0
7.0

300.5
295.8
291.7

202.5

7.0

187.2
187.7

APB.
BAX
JOBE

1988-JAB. P

4.5

total

155. 3

365.1

6.7
6.8

«87-JAB.
FEB.
BAB.

Savings deposits7
at
at
commorcioJ
thrift
banks
Institutions

components

Selected nontreneectlons Items
Small time deposits*
at
at
thrift
total
commercial
institutions
banks
36*1.7
486.9
351.6
362.6
485.9
848.5
360.0
486.1
84 6 . 1

1

1

- - At^M. ^ ^ A A ^ l ^ ^ V

LOTOS lime osposn*
at
at
commercial
thrift
banks" memwi^Mie

total

2*5.7

154.6

M9.7

296.0
299.0

152.3
151.1

448.2
450.1

843.9
843.2
850.1

305.9
310.7
314.9

148.7
149.1
150.2

454.6
459.7
465.1

495.1
500.1
504.2

858.5
865.5
871.5

313.7
313.7
313.6

151.4
153.1
155.3

465.1
466.8
468.9

373.0
380.8
384.6

509.6
520.1
528.8

882.5
900.9
913.4

31«., 8
322.3
322.5

159.1
162.7
166.0

475.9
485.0
488.5

388.5

537.7

926.2

319.4

167.3

486-7

BEEK BBDIBG
1988
JAB.

FEB.

1/
2/
3/

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

i
4
11
18
25 P

201.7
201.5
202.7
202.7

292.0
294.2
293.7
294.9

256.1
255.6
258.0
261.8

177.5
178.2
178.3
178.6

385.9
387.4
388.2
389.4

323.6
320.2
320.8
316.6

1 P

203.2

296.0

261.1

179.3

390.7

317.3

CUBBEBCT OUTSIDE TBB U . S . TBBASUBT, FEDERAL BBSSBFB BABIS ABD FAULTS OF COflflEBCIAL BABKS.
EXCLUDES TBE ESTIBATBD
ABOUBT OF FAULT CASH HELD BT THBIFT IBSTITUTIOBS TO SEBflCB THEIR OCD L I A B I L I T I E S .
OUTSTABDIBG ABOUBT OF U . S . DOLLAB-DEBOBINATBD TBAfELEBS CHECKS OF BOBBABK ISSUERS. TBAfELEBS CHECKS ISSUED BI DEPOSITOBI
IBSTITUTIOBS ABE IBCLUDED IB DEBAMD DEPOSITS.
DEHAND DEPOSITS AT COflflEBCIAL BABKS ABD FOBEIGB BELATED IBSTITUTIOBS OTBEB THAfl THOSE DUB TO DOflESTIC BABKS, THE U . S . GOfEBflHBBT ABD FOBEIGB BABKS ABD OFFICIAL IBSTITUTIOBS LESS CASE ITEBS IB TBB PBOCESS OF COLLECTION ABD FEDEBAL BBSEBfB FLOAT.
EXCLUDES THE ESTIBATBD ABOUBT OF DEHAflD DEPOSITS HELD AT COflflEBCIAL BABKS BI THBIFT IBSTITUTIOBS TO SEBflCB THBIB OCD
LIABILITIES.
COBSISTS OF BOB ABD ATS BALABCBS AT ALL DEPOSITOBT IBSTITUTIOBS, CBBDIT UBIOB SHABB DBAFT BALANCES ABD
DEflABD DEPOSITS AT THBIFT IBSTITUTIOBS.
SUB OF OfEBBIGBT BPS ABD OfEBBIGHT EUBODOLLABS, BOBEI BABKBT FUHD BALABCBS (GEHEBAL PUBPOSE ABD BBOKEB/DBALBB),
BHDAS, ABD SAflBGS ABD SHALL TIHE DEPOSITS, LESS THE COBSOLIDATIOB ADJUSTBEBT THAT BBPBBSEBTS THE ESTIBATBD AHOUBT OF
DEBABD DEPOSITS ABD fAULT CASH H E L D ' B X THBIFT IBSTITUTIOBS TO SERVICE THEIB TIHE ABD SAflBGS DEPOSITS L I A B I L I T I E S .
SUB OF LABGB TIBE DEPOSITS, TEBB BPS ABD TEBB EUBODOLLABS OF U . S . RESIDENTS, flOBET BABKBT FUMD BALABCBS (IBSTITUTIOBO B L I ) , LESS A COBSOLIDATIOB ADJUSTBEBT THAT BBPBBSEBTS THE ESTIBATBD AHOUBT OF OTBBHIGHT BPS ABD EUBODOLLABS HELD BI
IBSTITUTIOB-OBLI BOBEI BABKBT FUHDS.
SAflBGS DEPOSITS EXCLUDE HflDAS.
SHALL DEBOHIBATION TIHE DEPOSITS—IBCLUDIHG BETAIL B P S — ARE THOSE ISSUED I B AHOUBTS OP LESS TflAfl S 1 0 0 . 0 0 0 . ALL
INDIVIDUAL BBTIBEBENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FBOH SHALL
TIHE DEPOSITS.
LABGB DEflOBIBATIOB TIBE DEPOSITS ABE THOSE ISSUED IN AHOUBTS OF $ 1 0 0 , 0 0 0 OR BORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKIBG FACILITIES.
LARGE DEBOHIBATION TIHE DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BT NONET HARKBT MUTUAL FUHDS,
DEPOSITOBI INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H 6 (508)
Table 4

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

2/
3/

V

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

commercial paper1

Debt components4
federal debt
I
non-federal debt

1986-DBC.

91.7

288.1

37.5

230.2

1804.5

5801.5

1987-JAN.
FEB.
BAB.

92.7
93.5
94.3

284.1
285.6
269.2

37.8
39.3
39.8

239.7
239.8
239.1

1818.7
1832.9
1850.0

5855.0
5877.9
5904.3

APB.
HAY
JUNE

95.1
95.9
96.5

256.5
262.9
261.1

41.2
42.4
43.5

244.9
254.3
252.1

1861.7
1874.4
1886.0

5953.9
6008.4
6057. 1

JULY
AUG.
SEPT.

97.3
97.8
98.2

252.9
256.3
260.1

43.4
42.9
43.8

248.4
250.2
257.5

1888.9
1902.8
1913.1

6097.0
6134.7
6184.9

98.7
99.5
100.4

272.3
277.8
271.3

44.5
45.1
44.6

256.4
250.6
252.2

1919.3
1939.5
1952.5

6246.9
6303.9
6346.5

OCT.
NOV.
DEC- P

1/

savings bonds

CONSISTS OF U.S. THEASUBY BILLS AND COUPONS NITU BEHAINING BATUBITIES OF LESS TflAN 12 MONTHS HELD BX OTHER THAN DBPOSITOBY
INSTITUTIONS, FEDEBAL BBSEBVE BANKS, HONEY NABKET HUTUAL WUHDS AND FOBEIGN ENTITIES.
NET OF BANKEBS ACCEPTANCES HELD BY ACCEPTING BANKS, FBDBBAL BBSEBVE BANKS, FOBEIGN OFFICIAL INSTITUTIONS, THB FEDEBAL
HOHE LOAN BANK SYSTEM AND HONEY HABKBT HUTUAL FUNDS.
TOTAL COHHEBCIAL PAPEB LESS COHHEBCIAL PAPEB HELD BX HONEY HABKET HUTUAL FUNDS.
DEBT DATA ABE ON A HONTHLY AVEBAGE BASIS, DERIVED BX AVEBAGING END-OP-HONTH LEVELS OF ADJACENT HONTHS, AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposits
Date

Currency1

Travelers
checks2

Demand
deposits9

at commercial
banks4

at thrift
institutions5

Nontransactions com0onents
in M2 6

total

in M3 only7

Overnight
RPs8

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

198 7 - JAN.
FEB.
HAR.

184.6
184.8
186.0

6.0
6.2
6.4

311.0
292.0
291.5

169.8
167.6
170.4

73. 1
72.7
74.5

242.8
240.3
245.0

2089.3
2087.8
2091.4

696.2
701.9
704.3

62.4
60.6
58.3

22.3
19.5
18.6

209.0
210.7
211.6

APR.
HAT
JUNE

188.0
190.2
191.9

6.4
6.5
7.1

305.8
298.8
298.8

178.6
171,7
172.9

78.8
77.8
78.4

257.4
249.4
251.3

2091.0
2084.4
2093.6

703.6
721.2
732.6

56.2
55.1
54.5

20.7
20.9
20.0

211.0
208.9
209.6

JULT
AUG.
SEPT.

193.8
194.1
194.3

7.7
7.9
7.6

298.6
294.8
293.4

172.9
174.5
176.2

78.5
78. 1
78.0

251.4
252.6
254.2

2103.4
2111.4
2119.0

729.0
739.5
747.4

56.4
60.8
61.7

18.7
18.4
21.1

209.6
212.2
215.4

OCT.
HO?.
DEC

195.9
199.3
202.7

7.0
6.6
6.5

299.9
298.1
302.3

176.7
177.7
180.0

78.3
78.1
77.8

254.9
255.7
257.8

2130.4
2133.4
2139.1

751.9
768.8
768.4

64.4
62.5
61.5

21.0
16.5
16.1

217.9
219.9
221.2

200.9

6.5

300.0

183.9

77.7

261.7

2161.9

768.3

64.0

18.1

225.2

61.7
64.5
63.6
63.9

18.3
19.6
17.8
18.3

218.5
221.2
225.9
228.6

65.4

16.3

229.5

1988-JAN. P
HBEK ENDING:
- — — — .

• • - - —

1 9 8 8 - JAN.

FEB.

4
11
18
25 P

203.2
202.0
201.1
199.4

319.7
309.3
300.3
288.7

183.9
187.6
185.3
181.6

78.8
79.8
78.1
76. 1

262.7
267.4
263.4
257.7

1 P

199.0

287.3

179.8

76.0

255.8

.

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

\

L.

COBRENCI OUTSIDE THE U.S. TREASURY, FEDERAL RBSERfE BANKS AND THE FAULTS OF COHHBRCIAL BANKS. EXCLUDES THE BSTIHATED
AHOUNT OF FAULT CASH HELD BI THRIFT INSTITUTIONS TO SERFICB THEIR OCD LIABILITIES.
OUTSTANDING AHOUNT OF U.S. DOLLAR-DENOMINATED TRAFELBRS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEEAND DEPOSITS.
DEB AND DEPOSITS AT COHHBRCIAL BANKS OTHER THAN THOSE DUB TO DOHESTIC BANKS, TBB U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITBflS IN THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS THE BSTIHATED AHOUNT OF DEHAND
DEPOSITS HELD AT COHHBRCIAL BkWKS BY THRIFT INSTITUTIONS TO SERFICB THEIR OCD LIABILITIES.
CONSISTS OF NOB AND ATS BALANCES AT COHHEBCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS.
CONSISTS OF NOV AND ATS BALANCES AT SAflNGS AND LOAN ASSOCIATIONS AND HOTUAL SAYINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEHAND DEPOSITS AT THRIFTS.
SUM OF OYERNIGBT RPS AND EURODOLLARS, HONEY HARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), HHDAS AND SAYINGS
AND SHALL TIHE DEPOSITS LESS THE BSTIHATED AHOUNT OF DEHAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SBRYICE
THEIR TIHE AND SAYINGS DEPOSIT LIABILITIES.
SUH OF LARGE TIHE DEPOSITS, TERR RPS AND EURODOLLARS OF U.S. RESIDENTS, HONEY HARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTHBNT THAT REPRESENTS TH* ESTIHATED AHOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
HONEY HARKET HUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COHHERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEY HARKET HUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEY HARKET HUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H.6 (508)
Table 5-continued

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

Date

Money market deposit accounts
at
at
thrift
total
commercial
institutions
banks

at
commercial
banks

Savings deposits1
at
thrift
institutions

total

Small denomination time deposits2
at
at
commercial
total
thrift
banks
institutions

r

I

Large denomination time deposits3
at
at
commercial
thrift
total
institutions
banks4

1987-JAN.
FEB*
HAft.

331.7
378.5
378.2

192.5
192.3
192.3

574.3
570.8
570.6

159.2
162.8
167.2

217.1
221.8
227.9

376.4
384.6
395.1

364.4
362.1
359.7

490.0
488.4
486.3

854.5
850.5
846.0

296.9
298.1
301.3

154.4
153.1
151.2

451.3
451.2
452.5

APR.
HAT
JUNE

375.*
368.9
367.6

190.1
188.3
185.9

565.5
557.1
553.5

172.1
174.8
176.6

234.0
237.8
240.9

406.1
412.7
417.5

355.6
355.7
359.7

484.7
482.8
487.2

840.3
838.5
846.9

303.2
309.2
311.8

148.0
149.1
149.8

451.2
458.3
461.6

JULY
AUG,
SEPT.

365.3
364.1
362.5

182.9
179.6
176.8

548.1
543.7
539.2

178.4
178.2
177.9

241.8
240.0
239.2

420.3
418.2
417.1

363.9
366.8
369.0

494.7
499.3
503.4

858.6
866.0
872.4

310.4
313.0
314.8

150.7
153.2
155.7

461.1
466.3
470.5

OCT.
N07.
DEC.

359.1
357.2
357.3

173.5
169.1
166.4

532.6
526.3
523.7

178.3
177.3
176.5

239.4
235.9
233.5

417.7
413.2
410.0

374.0
381.4
384.1

510.8
521.5
529.9

884.8
902.9
914.0

318.1
323.1
323.9

159.5
162.8
165.6

477.6
485.9
489.5

358.0

164.6

522.5

177.8

233.1

411.0

388.1

541.1

929.3

321.0

167.6

488.6

1988-JAN. P
SEEK ENDING
1988
JAN.

FEB.

1/
2/
3/
4/

4
11
18
25 P

356.9
359.4
358.7
357.3

177.1
178.3
178.0
177.8

385.6
387.1
388.1
389.1

325.9
321.5
321.6
318.2

1 P

356.8

177.8

390.0

319.5

SATINGS DEPOSITS EXCLUDE HflDAS.
SHALL DENOMINATION TIHE DEPOSITS — INCLUDING RETAIL RPS ~ ARE THOSE ISSUED IN AHOUNTS OF LESS THAN $100,000. ALL
INDIflDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COHHERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROH SHALL
TIHE DEPOSITS.
LARGE DENOMINATION 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 COHHERCIAL BANKS LESS THOSE HELD BI HONET HARKET HUTUAL FUNDS, DEPOSITOR!
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (506)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1

Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Savings
bonds

Term
Eurodollars'

Non M3 Components of L
Short-term
Bankers
treasury
acceptances4
securities3

Components of Debt
Commercial
P^P*^

Federal debt*

Non-Federal9
debt

198 7 - J A N .
FEB.
MAR.

84.0
84.7
84.9

34.1
35.4
34.9

49.5
51.8
52.3

83.6
87.2
87.2

85.4
88.0
88.4

92.7
93.5
94.3

284.9
286.7
274.6

37.8
38.9
39.3

239.3
240.4
240.2

1817.6
1827.4
1839.0

5838.8
5849.5
5883.5

APR.
HAT
JUNE

83.1
81.8
81.3

38.4
40.8
40.8

56.1
61.9
67.0

94.5
102.8
107.8

83.8
87.0
89.7

95. 1
95.8
96.5

258.3
258.3
259.5

40.5
42.2
43.5

243.8
253.6
255.1

1847.4
1858.3
1869.5

5937.1
5991.9
6045.5

JULY
AUG.
SEPT.

83.4
83.4
80.7

39.0
40.1
40.9

68.5
67.9
68.8

107.5
108.0
109.7

85.7
90.5
94.8

97. 1
97.7
98.3

252.5
257.7
260.1

43.6
43.6
44.4

249.2
249.2
256.8

1872.7
1887.7
1900.2

6091.2
6131.8
6184.0

OCT.
NO 7 .
DEC

81.6
88.5
88.6

37.7
39.8
38.1

69.2
69.9
68.6

106.9
109.7
106.7

93.7
93.1
92.7

98.8
99.6
100.6

269.5
276.9
271.1

44.8
45.1
44.3

257.1
250.2
250.5

1909.8
1935.2
1951.9

6237.5
6276.9
6324.7

93.5

38.3

68.8

107. 1

88.5

4
11
18
25 P

85.8
91.0
95.6
95.9

31.9
36.7
38.0
41.2

1 P

96.2

41.5

1988-JAL

P

r

SEEK ENDING:
1988-JAN.

FEB.

,

^L
V

~\

TEBH BPS ABE THOSE NITH OBIGINAL HATUBITIES GBBATEfi THAN ONE DAY, EXCLUDING CONTINUING CONTBACTS AND RETAIL RPS. INCLUDES
A RELATIVELY SHALL AHOUNT OF OfERNIGHT RPS AT THRIFT INSTITUTIONS.
2/ TEBH BOBODOLLABS ABE THOSE NITH OBIGINAL HATUBITIES GBEATER THAN ONE DAY. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS BY
FOREIGN BRANCHES OF U.S. BANKS HORLDBTDE AND BY ALL BANKING OFFICES IN THE UNITED KINGDOH AND CANADA. EXCLUDES THOSE HELD
BY DEPOSITORY INSTITUTIONS AND HONEY MARKET MUTUAL FUNDS.
3/ CONSISTS OF U.S. TREASURY BILLS AND COUPONS NITH BEHAINING MATURITIES OF LESS THAR 12 MONTHS HELD BY OTHER THAN DEPOSITORY
INSTITUTIONS, FEDERAL RESERVE BANKS, MONEY MARKET MUTUAL FUNDS, AND FOBBIGN ENTITIES.
4/ NET OF BANKEBS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDEBAL RESEBVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOHE LOAN BANK SYSTBH AND HONEY MARKET MUTUAL FUNDS.
5/ TOTAL COHHERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY MARKET MUTUAL FUNDS.
6/, DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 6

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

foreign
commercial
banks

Date

foreign
official
institutions

Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

U ^ government deposits
demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

total demand
deposits and
note and
FR balances

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

money
market
mutual funds

total

4.0

9.6
5.0
3.1

23.8
25.2
13.6

37.1
33.6
20.3

1.7
1.6
1.6

73.4
74.0
75.4

97.2
97.7
98.8

10.8
11.0
11.2

181.4
182.8
| 185.4

1.9
2.1
2.0

3.9
3.9
3.9

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.7
1.8
1.8

78.5
79.2
79.5

101.3
102.0
102.6

12.4
13.1
13.3

192.1
i 194.2
195.4

9.7
9.3
9.8

2.0
2.1
2.0

3.8
3.8
3.8

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.8
1.8
1.7

80.1
80.7
81.3

103.4
103.5
104.4

13.5
14.0
14.5

197.0
198.2
200.1

9.9
9.8
10.0

1.9
1.7
1.8

3.8
3.8
3*8

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.7
1.7
1.8

81.7
82.3
82.8

104.9
105.1
106.1

14.8e
15.0e
15.2e

201.4
202.4
204.2

10.4

1.8

3.8

4.1

5.6

2Q.8

30.5

1.8

83.9

106.9*

15.5a

2 0 6 . 3e

4
11
18
25 P

10.0
11.7
10.2
11.2

2.1
1.8
1.7
1.8

3.8
3.8
3.8
3.8

4.0
3.6
5.2
4.2

5.0
4.3
2.7
6.9

20.0
12.0
17.5
25.5

29.0
19.9
25.5
36.6

1.8
1.8
1.8
1.8

1 P

8.5

1.6

3.8

3.3

9.6

30.0

42.9

1.8

10.4
9.9
9.5

1.8
1.7
1.7

4.0

APH.
HAY
JUME

9.7
9.6
9.8

JDLI
AUG.
SEPT.
OCT.
HOT.
DSC
1988-JA*.

P

4. a

WEEK E 1 D I I G :

FEB.

thrift
institutions

3.7
3.3
3.5

1 9 8 7 - JAN.
FEB.
HAR.

1988
JAM.

commercial
banks

e - estimated




H.6 ( 5 0 8 )
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2, and Experimental
Alternative3 Seasonal Adjustment Procedures
Monthly Average
of dollars
Levels in billions <
Standard
1986-NOVEMBER

712.4

DECEMBER

730.5
737.7

FEBRUARY

737.4

MARCH

739.5

APRIL

750.3

Concurrent

Experimental
Alternative

Annual growth rates in percent
Standard

Concurrent

Experimental
Alternative
20.4

711.8

18.8

18.6

731.0

730.2

30.5

30.6

737.5

735.4

11.8

10.7

8.5

737.4

735.6

-0.5

-0.2

0.3

738.8

737.8

3.4

2.3

3.6

748.0

743.8

17.5

14.9

9.8

712.8

31.0
J

1987-JANUARY

MAY

753.1

751.5

751.9

4.5

5.6

13.1

JUNE

746.6

747.1

747.4

-10.4

-7.0

-7.2

JULY

747.6

748.6

747.7

1.6

2.4

0.5

AUGUST

751.0

751.5

753.1

5.5

4.6

8.7

SEPTEMBER

751.2

752.7

750.2

0.3

1.9

-4.6

OCTOBER

760.8

761.4

759.4

15.3

13.9

14.7

NOVEMBER

756.7

757.3

756.4

-6.5

-6.5

-4.7

DECEMBER

753.2

753.9

753.0

-5.6

-5.4

-5.4

762.5

762.1

760.4

14.8

13.1

11.8

1988-JANUARY

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMAbased procedure to the data through the end of the previous year.
2. Concurrent monthly seasonal factors are derived each month by applying an X-11/ARIMA-based procedure to
data through that month.
3. Alternative monthly seasonal factors are derived using an experimental model-based procedure. This procedure uses a combinat ion of statistical regression and time series modeling techniques to construct seasonal factors that are more sensitive than standard factors to unique characteristics of each series. These
characteristics include fixed and evolving seasonal patterns* trading day effects, within-month seasonal variations, holiday effects, outlier adjustments, special events adjustments and serially correlated noise components.