Full text of H.6 Money Stock Measures : August 4, 1988

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;ci£ou/'

FEDERAL RESERVE statistical release
*4L Rt'

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

AUGUST

.Billions of dollars
M1 J

Date

M2 2

4, 1988

Debt 5

M3 J
Seasonally adjusted

1986-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

670.8
680.5
687.4
694.9
706.4
725.4

2702.
2725.
2743.
2766.
2782.
2807.8

3377.4
3403.8
3429.8
3448.3
3463.8
3490.4

4010.
4036.
4064.
4083.
4104.
4133.8

7194.7
7280.8
7365.2
7429.6
7512.1
7607.7

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8

2827.8
2829.3
2834.
2847.
2849.
2851.
2858.
2869.
2880.
2894.
2896.
2901.

3515.1
3523.9
3532.6
3549.8
3564.4
3580.
3587.
3605.
3620.
3642.
3656.
3661.

4162.
4175.
4174.
4189.
4217.
4232.
4235.
4257.8
4283.5
4312.
4323.
4323.

7673..0
7710..9
7756..6
7816..7
7881..6
7939..3
7980..7
8031..0
8092..9
8163..3
8245.8
8305.4

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE

758.8
759.5
762.9
770.0
770.0
776.2

2925.
2946.
2967.
2991.
3003.
3016.8

3686.8
3719.5
3744.4
3767.0
3780.6
3800.9

4360.7
4392.0
4418.6
4460.8
4489.1 p

8352.3
8407.5
8468.8
8527.7
8584.7

1986-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

674.0
679.1
685.2
692.8
709.5
740.6

2707.
2723.
2737.
2766.
2785.
2821.

3376.1
3400.7
3426.6
3448.3
3470.3
3507.2

4003.
4029.
4058.
4083.
4112,
4151.

7170.2
7258.8
7350..1
7412..0
7486..4
7593..3

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9

2839
2817
2826
2855
2836
2850
2862
2868.2
2876.0
2895.3
2900.1
2914.8

3527
3512
3526
3555
3552
3576
3585
3602.8
3618.4
3642
3664
3677

4180.
4170.
4173.
4191.
4201.
4229.
4226.
4250.
4278.
4312.
4333.
4342.

7655.
7677.
7725.
7786.
7849.
7911.
7958.
8013.
8079.
8147.
8220.
8289.

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE

764.7
745.0
752.1
778.2
763.6
778.5

2937.3
2933.4
2958.8
2999.3
2989.3
3014.6

3699.
3708.
3737.
3771.
3768.
3796.

4379.4
4387.6
4417.0
4461.2
4471.7 p

8334.6
8373.0
8436.8
8498.0
8555.0 p

Not seasonally adjusted

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml

M2

M3

Debt 3

3 Months from MAR. 1988 TO JUNE 1988

7.0

6.7

6.0

8.4

6 Months from DEC. 1987 TO JUNE 1988

6.8

8.0

7.6

8.2

12 Months from JUNE 1987 to JUNE 1988

4.6

5.8

6.2

8.9

APR. 25, 1988 (13 weeks previous)

6.2

6.4

6.1

JAN.-25, 1988 (26 weeks previous)

5.8

7.4

7.2

Thirteen weeks ending JULY 25, 1988
•from thirteen weeks ending:

JULY 27, 1987 (52 weeks previous)
1.

6.2
5.6
4.2
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
February 1988 to May 1988, November 1987 to May 1988, and May 1987 to May 1988, respectively.
Footnotes to Table 1

1.

2.

3.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions*
(2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NON) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml 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, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and 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 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 the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then adding this'result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. 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 domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. 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.l. In those releases, published levels of credit market debt are measured on a quartei—end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of dollars
Seasonally adjusited

Ml

Period em ding
1988-MAY

13-week
average

4-week
average

764.4
765.1
765.7
766.2
767.5

771.5
772.3
772.7
770.6
769.3

768.9
769.8
770.7
771.5
772.5
773.9
775.0
775.4

2

9
16
23
30
JUNE 6
13
20
27
JULY 4
11
18p
25p

M3

M2
week
average

13-week
average

4-week
average

2993.1
2994.8
2997.0
2999.8
3003.2

2995.2
2997.8
3000.1
3005.9
3009.1

3745.0
3750.2
3754.4'
3758.9
3763.7

3768.2
3771.2
3773.8
3777.5
3780.7

3772.9
3777.4
3776.6
3783.0
3785.8

2992.1
2995.9
2999.3
3002.5

3008.1
3011.1
3013.8
3016.1

3017.2
3012.2
3016.7
3018.2

3769.0
3773.0
3777.1
3781.3

3785.5
3789.8
3794.7
3800.0

3796.4
3794.1
3802.4
3807.0

3005.5
3008.4
3010.8
3013.1

3017.4
3021.2
3022.9
3024.5

3022.3
3027.6
3023.4
3024.6

3784.8
3788.8
3792.9
3797.1

3802.5
3808.4
3812.7
3816.6

3806.6
3817.7
3819.6
3822.4

13-week
average

4-week
average

776.1
769.4
767.9
768.9
770.8

2969.5
2974.0
2978.1
2982.3
2987.1

770.4
771.3
773.6
775.5

773.9
771.7
778.0
778.5

776.3
779.5
780.4
781.2

777.1
784.5
781.3
781.8

week
average

week
average

Not seasonally adjusted

Ml

Period em ding
1988-MAY

13-week
average

4-week
average

758.8
760.1
761.6
762.7
764.2

776.8
773.5
768.7
764.4
762.2

766.6
768.8
771.0
772.6
773.8
775.1
775.1
775.0

2

9
16
23
30
JUNE 6
13
20
27
JULY 4
11
18p
25p

M3

M2
weeK
average

week
average

13-week
average

4-week
average

2979.3
2987.7
2991.4
2987.0
2987.3

3740.3
3745.0
3749.2
3753.8
3758.7

3768.9
3764.5
3761.7
3763.7
3767.5

3754.8
3766.6
3767.0
3766.2
3770.1

2998.1
3005.5
3012.3
3014.7

3026.7
3021.1
3014.1
2996.9

3764.3
3769.3
3773.8
3777.3

3777.2
3786.2
3793.5
3796.5

3805.3
3803.2
3795.4
3782.0

3015.7
3021.4
3025.7
3031.0

3030.6
3044.1
3031.0
3018.1

3780.1
3783.2
3786.3
3790.2

3797.6
3803.0
3808.7
3815.6

3809.8
3824.8
3818.2
3809.6

13-week
average

4-week
average

764.6
769.6
766.7
756.7
755.6

2964.8
2968.9
2973.4
2977.4
2981.9

2997.3
2991.1
2986.8
2986.4
2988.4

766.5
770.5
776.5
778.6

786.8
783.0
780.6
764.0

2987.5
2992.2
2996.4
2999.5

779.3
783.4
784.7
787.0

789.6
799.2
786.1
773.0

3002.5
3004.9
3006.6
3008.9

week
average

N o t e : S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which a r e h i g h l y v o l a t i l e and subject t o
revision.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* seasonally adjusted
Nontransactions
components

Small time deposits8

Savings deposits7

At
thrift
institutions

Total

362.2
360.8

485.9
486.2

848.1
847.0

404.1
409.5
413.1

358.9
359.0
361.6

486.1
487.0
490.5

845.1
845.9
852.1

238.7
239.5
240.0

415.5
417.8
418.6

364.4
366.7
368.3

494.7
499.1
503.8

859.1
865.9
872.1

178.4
178.2
178.2

238.6
236.8
236.0

417.0
415.0
414.3

374.2
381.6
384.6

509.1
520.1
528.5

883.3
901.7
913.1

761.8
773.5
777.0

179.0
181.0
183.2

235.3
235.2
236.6

414.4
416.2
419.8

388.0
393.7
397.5

536.6
547.8
556.0

924.6
941.5
953.5

2221.7
2233.1
2240.6

775.3
777.5
784.2

184.2
185.9
188.0

238.6
239.3
241.2

422.8
425.3
429.2

402.4
404.6
406.8

562.4
567.3
568.6

964.8
972.0
975.4

At
thrift
institutions

Currency *

Travelers
checks2

Demand
deposits3

Other
checkable
deposits*

In M2 5

In M3
only2

A*
commercia 1
banks

1987-FEB.
MAR.

183.6
184.4

6.7
6.8

295.9
295.0

245.1
248.0

2098.0
2100.1

694.6
698.3

164.6
168.1

225.1
228.2

389.7
396.3

APR.
MAY
JUNE

185.6
187.0
187.8

6.7
6.7
6.8

299.3
298.9
293.3

253.1
253.9
254.3

2102.7
2102.7
2109.6

702.5
715.3
728.5

171.4
174.0
175.3

232.7
235.5
237.8

JULY
AUG.
SEP.

189.0
190.2
191.4

6.8
6.9
7.0

292.3
292.1
290.5

255.6
257.2
258.6

2114.5
2123.1
2133.4

729.5
736.0
739.6

176.9
178.3
178.7

OCT.
NOV.
DEC.

193.1
195.0
196.5

7.0
7.0
7.1

295.9
291.3
288.0

260.3
259.5
259.3

2138.4
2143.9
2150.3

747.4
760.1
760.0

1988-JAN.
FEB.
MAR.

198.4
199.3
200.9

7.2
7.3
7.3

289.9
287.8
287.9

263.3
265.0
266.9

2166.2
2186.5
2204.5

APR.
MAY
JUNE

202.5
203.6
204.9

7.3
7.4
7.3

290.1
287.3
289.7

270.1
271.8
274.3

Date

Total

At
commercial
banks

Week ending
1988-MAY

30

204.2

7.4

288.3

270.9

2238.3

776.6

186.8

239.6

426.4

405.3

568.3

973.5

JUNE

6
13
20
27

203.5
204.1
204.9
206.1

7.4
7.3
7.3
7.2

290.7
287.3
290.6
289.2

272.2
273.1
275.2
276.1

2243.4
2240.5
2238.7
2239.6

779.2
781.9
785.7
788.8

187.3
187.6
188.2
188.5

240.3
241.0
241.6
241.9

427.6
428.6
429.8
430.5

405.5
406.3
407.1
407.7

568.7
568.1
568.9
568.9

974.2
974.4
976.0
976.6

JULY

4
11
18p
25p

205.7
206.0
206.3
207.0

7.2
7.2 e
7.2 e
7.2 e

289.9
292.8
289.6
289.0

274.4
278.5
278.1
278.6

2245.2
2243.1
2242.1
2242.7

784.3
790.1
796.2
797.8

188.9
189.0
189.4
189.7

241.8
242.0
242.6
242.8

430.6
431.0
432.1
432.4

407.7
409.1
410.1
410.8

569.0
569.4
569.1
569.6

976.8
978.5
979.2
980.4

1.
2.

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions* the U.S. government and foreign
banks and official institutions* less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at all depository institutions* credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars* money market fund balances (general purpose and broker/dealer)* MMDAs* and savings and small time
deposits. This sum is seasonally adjusted as a whole.
6.
Sum of large time deposits* term RPs and term Eurodollars of U.S. residents* money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMDAs.
8.
Small denomination time deposits—including retail RPs—are those issued in amounts of less than $100*000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
e—indicates estimated data,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s > seasonally adjusted
Large time deposits1
At m
commercial
banks 2

Date

At
thrift
institutions

Debt components6

Non-M3 components of L

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-federal
debt

1987-FEB.
MAR.

295.3
298.2

147.9
147.4

443.1
445.6

93.3
94.2

280.0
267.7

38.9
39.6

239.0
239.9

1833.4
1850.8

5877.5
5905.7

APR.
MAY
JUNE

303.1
308.1
311.9

145.8
145.9
146.7

448.9
454.0
458.6

95.1
95.9
96.6

257.6
261.6
259.6

40.9
42.1
43.1

246.3
253.7
252.8

1862.8
1875.5
1887.1

5953.9
6006.1
6052.2

JULY
AUG.
SEP.

312.2
312.8
313.8

148.0
149.6
151.5

460.2
462.4
465.3

97.5
98.1
98.4

254.8
258.9
263.7

43.4
43.5
44.3

251.8
251.8
256.6

1889.9
1903.6
1913.9

6090.8
6127.4
6178.9

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
158.1
161.2

472.3
480.5
484.7

98.8
99.3
100.2

272.7
269.7
258.0

44.5
45.0
45.7

254.2
252.5
258.9

1920.4
1941.2
1954.7

6242.9
6304.6
6350.7

1988-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.7
164.9
165.1

482.9
489.7
491.5

101.4
102.6
103.5

259.9
255.0
249.7

43.6
40.9
40.6

269.0
274.1
280.3

1963.3
1981.5
2006.6

6389.0
6425.9
6462.1

APR.
MAY
JUNE

325.7
327.9
333.6

167.2
168.1
1*8.0

493.0
496.0
501.6

104.6
105.4 p

259.7
258.6 p

41.2
40.6 p

288.2
303.9 p

2018.5
2023.1 p

6509.2
6561.6 p

Neek ending

30

329.0

167.8

496.8

JUNE

6
13
20
27

329.0
332.5
335.1
336.0

167.5
167.7
168.4
168.0

496.5
500.2
503.5
504.0

JULY

4
11
18p
25p

334.7
338.7
341.7
343.0

168.5
168.7
168.8
167.6

503.2
507.4
510.5
510.7

1988-MAY

Large denomination time deposits are those issued in amounts of $100>000 or more> excluding those booked at international banking
facilities.
Large denomination time deposits at commercial banks less those held by money market mutual funds> depository institutions and
foreign banks and official institutions.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository
institutions> Federal Reserve Banks> money market mutual funds and foreign entities.
Net of bankers acceptances held by accepting banks> Federal Reserve Banks> foreign official institutions> Federal Home Loan Banks>
and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
5.
6.
Debt data are on a monthly average basis> derived by averaging adjacent end-of-month levels> and have been adjusted to remove
discontinuities,
-indicates preliminary data.






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H.6 (508)
Table 5-continued

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

At
At
commercial m thrift
banks
institutions

Date

Total

Small-denomination time deposits2

Savings deposits1

Money market deposit accounts

At
At
commercial
thrift
banks
institutions

Total

At
At
thrift
commercial
institutions
banks

Total

Large-denomination time deposits3
At
At
thrift
commercial
institutions
banks*

Total

1987-FEB.
MAR.

378.8
378.8

193.2
193.0

572.0
571.8

163.2
167.4

222.9
227.9

386.0
395.4

362.3
360.2

488.1
486.3

850.4
846.4

295.1
300.0

148.9
147.5

444.0
447.5

APR.
MAY
JUNE

376.1
369.7
368.5

190.
188.
186.

566.8
558.6
555.1

172.3
175.0
176.8

233.6
237.4
240.4

405.9
412.4
417.3

356.3
356.2
360.4

484.6
483.0
487.4

840.9
839.1
847.8

302.7
308.7
311.2

144.5
145.1
145.7

447.2
453.7
457.0

JULY
AUG.
SEP.

366.2
365.0
363.3

183.
180.
177.

549.4
545.0
540.5

178.7
178.5
178.2

241.8
240.0
239.2

420.
418.
417.

364.9
367.9
370.0

494.7
499.0
503.2

859.6
866.8
873.2

309.7
312.3
314.1

146.8
149.4
151.8

456.5
461.7
465.9

OCT.
NOV.
DEC.

360.0
358.1
358.2

173.
169.
167.

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.
413.
410.

375.1
382.6
385.2

510.5
521.1
529.3

885.6
903.8
914.6

317.3
322.4
323.6

155.7
159.0
161.8

473.1
481.3
485.4

1988-JAN.
FEB.
MAR.

359.0
359.2
360.9

165.1
163.5
163.8

524.1
522.6
524.7

178.2
179.5
182.5

233.0
232.8
236.1

411.2
412.2
418.7

389.4
394.1
397.2

540.1
550.4
556.6

929.5
944.5
953.7

321.3
325.1
328.5

163.8
166.0
165.3

485.0
491.1
493.8

APR.
MAY
JUNE

360.3
356.9
359.9

163.0
162.6
162.4

523.2
519.5
522.2

185.1
187.1
189.5

239.5
241.4
244.0

424.6
428.4
433.6

399.5
401.4
405.3

560.9
562.8
565.2

960.5
964.2
970.5

325.7
328.6
332.8

165.7
167.1
166.8

491.3
495.7
499.7

187.8

241.6

429.5

402.3

563.4

965.7

167.1

498.8

189,
189.
189,
189.

243.
244.
244.
243.

432.6
433.8
433.5
433.3

403.1
404.4
405.5
406.8

564.2
564.0
564.8
566.2

967.3
968.4
970.3
973.0

331.7
330.1
332.5
332.5
335.3

166.
166.
166,
166.8

496.8
499.4
499.4
502.1

191.
191,
191.
191.

245.
246.
246.
245.

437.0
438.3
437.8
436.6

408.2
409.4
410.4
411.5

569.
569.
569.
569.

977.3
979.1
979.8
981.3

333.0
335.5
337.9
340.2

166
167.
167.
166.4

499.9
502.5
505.2
506.6

Neek e n d i n g
30

357.6

162.5

JUNE

6
13
20
27

360.6
361.3
359.5
358.6

163,
163,
162,
161,

520.1
523.
524.
521.
520.

JULY

4
11
18p
25p

359.9
359.9
359.8
358.4

161.
162,
161,
161.

521.
522.
521.
519.8

1988-MAY

1.
2.

Savings deposits exclude MMDAs.
Small-denomination time deposits--including retail R P s — are those issued in amounts of less than $100,000 All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities,
4.
Large7denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p—indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of d o l l a r s , not seasonally

Term RPs 1
At
At
Institutionthrift
o n l y money c o m m e r c i a l
banks
m a r k e t funds
institutions

Date

8

adjusted

Debt c omponents

Non-M3 Components o f L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

6

Federal
debt

Non-Federal
debt

1987-FEB.
MAR.

85.1
85.4

35.4
34.9

51.8
52.3

87.2
87.2

88.1
88.5

93.5
94.3

285.3
273.3

38.9
39.3

240.4
240.2

1827.9
1839.8

5849.4
5885.5

APR.
MAY
JUNE

83.5
82.1
81.7

38.3
40.6
40.4

56.1
61.9
67.0

94.4
102.5
107.4

84.0
86.8
87.9

95.1
95.8
96.5

257.0
256.8
257.8

40.5
42.2
43.5

243.8
253.6
255.1

1848.5
1859.4
1870.5

5937.8
5990.1
6040.9

JULY
AUG.
SEP.

83.8
84.0
81.3

38.5
39.5
40.2

68.5
67.9
68.8

107.0
107.4
109.1

84.5
90.2
94.5

97.1
97.7
98.3

251.1
257.2
260.8

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
1888.5
1901.0

6085.3
6124.6
6178.4

OCT.
NOV.
DEC.

82.5
89.5
89.6

37.0
39.2
37.4

69.1
69.5
68.0

106.1
108.7
105.5

93.0
92.8
90.8

98.8
99.6
100.6

269.8
272.7
260.9

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6237.0
6283.2
6335.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

37.7
42.5
42.6

68.3
67.4
64.7

106.0
109.9
107.3

85.3
85.2
89.4

101.7
102.7
103.6

262.5
260.1
254.9

43.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.6
1993.2

6372.7
6398.4
6443.6

APR.
MAY
JUNE

91.9
90.0
86.3

43.0
44.1
44.0

65.1
67.0
67.0

108.1
111.1
111.0

8a. 7
91.0
92.8

104.6
105.4 p

256.9
253.8 p

40.9
40.8 p

285.0
303.7 p

2001.6
2005.2 p

6496.4
6549.8 p

Week e n d i n g
1988-MAY

30

88.4

44.9

67.4

112.3

92.3

JUNE

6
13
20
27

87.0
86.3
86.0
86.4

43.3
44.7
44.4
44.7

66.9
67.0
67.1
66.8

110.3
111.7
111.5
111.5

92.9
93.1
91.7
93.3

JULY

4
11
18p
25p

85.2
85.4
85.2
84.6

41.3
41.1
42.1
43.1

67.6
68.0
67.9
69.0

108.9
109.1
110.0
112.1

93.0
91.4
94.8
96.2

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overniqht RPs at thrift institutions.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal
Reserve Banks, money market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
p—indicates
preliminary
data. average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
Debt data
are on a monthly
2.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS
Billions of dollars> not seasonally adjusted

Demand deposits
at banks due to

Foreign
commercial
banks

Date

IRA and Keogh Accounts

U.S. government deposits

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

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

5.5
5.5

5.0
5.1

25.2
15.6

55.6
20.5

7,
16.
8.

16
27.
21.8

Total
cash
balance

Time and
savings
deposits
at commercial
banks

11.0
11.2

184.4
187.1

28.5
46.8
54.2

78.6
79.7
79.8

105.0
105.7
104.6

12.4
15.1
15.5

195.9
196.5
197.7

25.
18.
21.

51.9
25.0
55.8

80.2
80.7
81.4

105.4
105.7
106.6

15.5
14.0
14.5

199.2
200.4
202.4

27.4
22.6
18.4

59.5
29.7
26.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

4.4
4.5
4.4

20.8
25.1
18.7

50.
52.
25.

85.9
84.7
85.5

110.0
111.2
115.2

16.6
16.8
16.9 e

210.6
212.8
215.6

4.4
4.5
4.5

16.4
27.1
16.7

26.
57.
25.

87.5
88.8
89.4

115.4
116.5
117.2

17.6 e
17.7 e
17.4 e

220.5
225.0
224.0

1.7
1.6

APR.
MAY
JUNE

9.0
9.0
9.5

1.8
2.0
2.0

JULY
AUG.
SEP.

9.5
8.9
9.4

5.
5.
10.

OCT.
NOV.
DEC.

9.5
9.4
9.6

8.
4.
4.

1988-JAN.
FEB.
MAR.

10.0
9.5
9.2

APR.
MAY
JUNE

9.0
9.1
9.5

4.4
4.6

1.4
1.4

Week ending
50

8.7

21.5

27.6

JUNE

6
15
20
27

10.4
9.0
9.0
9.7

4.5
4.5
4.4
4.4

9.
4.
17.
51.

17,
10,
27,
40,

JULY

4
11
18p
25p

9.9
11.2
9.5
9.4

4.4
4.4
4.4
4.4

25.
14.
16.
20.

52,
22,
24,
27.

e—indicates estimated data,
p—indicates preliminary data.




Total

98.9
100.5

9.5
8.8

1.5

money
market
funds

74.5
75.6

1987-FEB.
MAR.

1988-MAY

At
At
At
commercial
thrift
banks
institutions

4.5

2.7

5.4

1.8