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

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FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

AUGUST 11, 1988

pillions of dollars
Date

M1 J

M2 2

M3 3

Debt5

Seasonally adjusted
1986-AUG.
SEP.
OCT.
NOV.
DEC.

680.5
687.4
694.9
706.4
725.4

2725.6
2743.6
2766.1
2782.7
2807.8

3403.8
3429.8
3448.3
3463.8
3490.4

4036.3
4064.4
4083.6
4104.5
4133.8

7260.8
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.
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

4162.7
4175.2
4174.0
4189.7
4217.7
4232.4
4235.2
4257.8
4283.5
4312.2
4323.2
4323.9

7673.0
7710.9
7756.6
7816.7
7881.6
7939.3
7980.7
8031.0
8092.9
8163.3
8245.8
8305.5

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

758.8
759.5
762.9
770.1
770.2
776.5
782.4

2925.
2946.
2967.
2991.
3003.
3016.
3024.

3686.8
3719.5
3744.4
3767.0
3780.7
3800.6
3817.6

4360.7
4392.0
4418.5
4460.8
4489.2
4502.3 p

8352.7
8407.9
8468.8
8529.7
8588.5
8643.2 p

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

679.1
685.2
692.8
709.5
740.6

2723.7
2737.9
2766.0
2785.7
2821.5

3400.7
3426.6
3448.3
3470.3
3507.2

4029.6
4058.3
4083.1
4112.7
4151.9

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
2876
2895
2900
2914.8

3527.2
3512.4
3526.3
3555.0
3552.6
3576.2
3585.7
3602.8
3618.4
3642.0
3664.0
3677.7

4180.6
4170.6
4173.4
4191.3
4201.0
4229.1
4226.6
4250.6
4278.6
4312,5
4333.0
4342.0

7655.9
7677.3
7725.3
7786.2
7849.5
7911.5
7958.9
8013.1
8079.4
8147.8
8220.1
8289.3

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

764.7
745.0
752.1
778.3
763.8
778.8
785.6

2937.3
2933.4
2958.8
2999.3
2989.4
3014.3
3028.5

3699.
3708.
3737.
3771.
3768.
3795.
3815.

4379.4
4387.5
4417.0
4461.2
4471.8
4498.9 p

8335.0
8373.4
8436.8
8500.0
8558.8
8618.3 p

Not seasonally adjusted

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




H.6 (508)
Table 2

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

Ml

M2

M3

Debt 1

3 Months from APR. 1988 TO JULY 1988

6.4

4.3

5.4

8.2

6 Months from JAN. 1988 TO JULY 1988

6.2

6.8

7.1

8.1

3.2 Months from JULY 1987 to JULY 1988

5.2

5.8

6.4

8.9

Thirteen weeks ending AUGUST 1, 1988
from thirteen weeks ending:

MAY

2* 1988 (13 weeks previous)

6.2

6.1

5.9

FEB.

1* 1988 (26 weeks previous)

5.9

7.3

7.2

3* 1987 (52 weeks previous)

4.3

5.7

6.2

AUG.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates* namely*
March 1988 to June 1988* December 1987 to June 1988* and June 1987 to June 1988* respectively.
Footnotes to Table 1
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 (NOH) 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 commercial1 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
Dvernments 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-averaqe 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 quarter-end
basis and include discontinuities.

f




H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
1

> • • •

•

• • •

•

'

'

•

•'

•

'

'

'

"

'

•

Seasonally adjusted

HI
11-week
average

4-week
average

765.1
765.8
766. 1
767.6

772.4
772.9
770.8
769.5

769.0
769.9
770.9
771.?

11
18
25p
lp

Period ending
1968-MAY

9

16
23
30
JUNE

6

13
20
27
JULY

AUG.

4

M2
week
average

13-week
average

4-week
average

769.6
768.1
769.1
771.1

2974.0
2978.1
2982.3
2987.2

2994.9
2997.1
2999.9
3003.4

770.6
771.6
773.9
775.8

774.1
772.0
778.3
778.9

2992.2
2995.9
2999.3
3002.4

772.7
774.1
77S.1
775.6

776.7
779.9
780.7
781.5

777.5
784.9
781.6
781.9

776.S

783.2

784.4

M3
week
average

13-week
average

4-week
average

2997.9
3000.2
3006.0
3009.3

3750.2
3754.4
3758.9
3763.8

3771.3
3773.9
3777.6
3780.8

3777.5
3776.7
3783.1
3785.9

3008.2
3011.2
3013.8
3015.8

3017.4
3012.1
3016.3
3017.5

3769.1
3773.1
3777.1
3781.2

3785.6
3789.9
3794.6
3799.7

3796.5
3794.0
3801.9
3806.2

3005.4
3008.2
3010.5
3012.6

3016.8
3020.4
3021.8
3023.1

3021.4
3026.2
3022.1
3022.7

3784.6
3788.6
3792.5
3796.5

3801.9
3807.6
3811.6
3815.1

3805.6
3816.5
3818.0
3820.2

3015.1

3024.7

3027.7

3800.4

3819.5

3823.2

UJQO|f

average

Not seasonally adjusted

HI
13-week
average

4-week
average

9
16
23
30

760.1
761.7
762.8
764.1

773.6
768.8
764.6
762.4

6
27

766.7
768.9
771.2
772.8

4,
11*
18
2Sp

Period ending
1988-MAY

JUNE

JULY

AUG.

H2
week
average

H3
13-week
average

4-week
average

2987.7
2991.5
2987.1
2987.5

3745.0
3749.2
3753.6
3758.7

3764.6
3761.8
3763.7
3767.6 .

3766.6
3767.1
3766.3
3770.3

2998.3
3005.6
3012.3
3014.5

3026.9
3021.0
3013.8
2996.2

3764.4
3769.3
3773.8
3777.3

3777.3
3786.3
3793.5
3796.2

3805.4
3803.1
3795.0
3781.2

3002.4
3004.7
3006.3
3008.4

3015.2
3020.6
3024.6
3029.6

3029.7
3042.7
3029.7
3016.2

3779.9
3783.0
3785.9
3789.7

3797.0
3802.1
3807.5
3814.1

3808.7
3823.6
3816.6
3807.4

3011.8

3027.9

3023.0

3794.2

3815.4

3813.9

13-week
average

4-week
average

769.8
766.9
756.9
755.9

2968.9
2973.4
2977.5
2981.9

2991.2
2986.9
2986.4
2988.5

766.7
770.8
776.8
778.9

787.1
783.3
780.9
764.4

2987.5
2992.2
2996.4
2999.5

774.1
775. S
775.4
775.1

779.7
783.7
785.1
787.3

790.0
799.6
786.4
773.0

776.1

784.3

778.0

week
average

week
average

Note: Special caution should be taken in interpreting week-io-week changes in money supply data> which are highly volatile and subject to
revision.
p—indicates preliminary data.




•

H.6 ( 5 0 8 )
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of d o l l a r s *

seasonally

4

adjusted
Nontransactions
components

Date

Currency

1

Travelers
checks2

Demand
deposits3

Other
checkable
deposits*

I n M2

5

I n M3
only*

Savings d e p o s i t s 7
At
commercial
banks

At
thrift
institutions

Small time

Total

At
commercial
banks

deposits8

At
thrift
institutions

Total

1987-MAR.

184.4

6.8

295.0

248.0

2100.1

698.3

168.1

228.2

396.3

360.8

486.2

847.0

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

404.1
409.5
413.1

358.9
359.0
361.6

486.1
487.0
490.5

845.1
845.9
852.1

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

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

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
2143.8
2150.3

747.4
760.1
760.0

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

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

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

APR.
MAY
JUNE

202.5
203.6
204.9

7.3
7.4
7.3

290.2
287.4
289.9

270.1
271.9
274.4

2221.6
2233.0
2239.9

775.3
777.4
784.1

184.2
186.0
188.0

238.6
239.2
241.0

422.7
425.1
429.0

402.4
404.7
406.8

562.3
567.3
568.1

964.8
972.0
974.9

206.3

7.2

290.6

278.3

2241.5

793.6

189.4

242.3

431.7

409.7

568.0

977.8

JULY

p

Neek ending
6
13
20
27

203.6
204.1
204.9
206.1

290.9
287.4
290.8
289.4

272,
273.
275.
276,

2243.3
2240.1
2238.0
2238.6

779.1
781.8
785.6
788.7

187.
187.
188.
188.

240.
240,
241,
241.

427.5
428.4
429.6
430.2

405.6
406.4
407.2
407.8

568.7
567.8
568.3
568.0

974.3
974.2
975.4
975.8

JULY

4
11
18
25p

205.
206.
206.
207.

290.1
293.0
269.8
288.9

274,
278.
278.
278.

2243.9
2241.3
2240.6
2240.8

784.2
790.4
795.9
797.5

188.
189.
189.
189.

241,
241.
242.
242.4

430.4
430.7
431.8
432.1

407.8
409.0
409.8
410.2

567.8
567.8
568.0
568.4

975.6
976.8
977.8
978.7

AUG.

lp

289.9

280.3

2243.3

745.5

190.1

243.1

433.2

411.3

569.0

980.3

1988-JUNE

207.0

1.
2.

7.2

e

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), HMDAs, and savings and small time
deposits. This sum is seasonally adjusted as a whole.
....
,
,
..
. - A J
6.
Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (ins ti tut ion-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 MMDA&.
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 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* seasonally adjusted
Large time deposits1

Date

At
commercia
1
banks 2

1987-MAR.

298.2

APR.
MAY
JUNE

At
thrift
institutions

Debt components6

Non-M3 components of L

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

147.4

445.6

94.2

267.7

39.6

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

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

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
158.1
161.2

472.3
480.5
484.7

1988-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.7
164.9
165.1

APR.
MAY
JUNE

325.7
327.8
333.4

JULY P

Federal
debt

Non-federal
debt

239.9

1850.8

5905.7

40.9
42.1
43.1

246.3
253.7
252.8

1862.8
1875.5
1887.1

5953.9
6006.1
6052.2

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
6127.3
6178.9

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

6242.8
6304.6
6350.8

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

6389.4
6426.3
6462.1

167.3
168.1
168.1

492.9
495.9
501.5

104.6
105.4
106.1 p

259.7
258.6
248.2 p

41.2
40.6
40.0 p

288.2
303.9
307.4 p

2018.5
2023.1
2032.1 p

6511.2
6565.4
6611.2 p

340.5

168.5

509.0

6
13
20
27

328.9
332.3
335.0
335.9

167.6
167.8
168.5
168.1

496.5
500.2
503.5
503.9

JULY

4
11
18
25p

334.5
338.5
341.6
342.7

168.6
169.1
168.6
167.6

503.2
507.6
510.2
510.3

AUG.

lp

342.9

167.6

510.5

Commercial
paper5

Heek ending
1988-JUNE

1.

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.
3.
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.
4.
Net of bankers acceptances held by accepting banks* Federal Reserve Banks* foreign offipial institutions* Federal Home Loan Banks*
and money market mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis* derived by averaging adjacent end-of-month levels* and have been adjusted to remove
discontinuities.
p—indicates preliminary data.
2.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s > not seasonally adjusted
Other checkable deposiits

Date

Currency

1

Trave
checks*

te«d e p o s i t s
Demand

3

At
commercial
banks9

At
thrift
institutions5

Total

Nontransactions
components

In M2

6

In M3
only*

Overnight
RPs 8

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1987-MAR.

182.8

6.4

286.9

170.7

76.6

247.4

2103.0

699.8

58.3

18.6

212.5

APR.
MAY
JUNE

184.8
187.0
188.6

6.4
6.5
7.1

301.1
294.1
294.4

178.9
172.0
173.4

81.2
80.2
81.0

260.2
252.3
254.3

2102.6
2096.2
2105.6

699.9
716.5
726.1

56.3
55.3
54.9

20.7
20.9
20.0

212.
209.
210.

JULY
AUG.
SEP.

190.5
190.9
190.9

7.7
7.9
7.6

294.3
290.7
289.3

173.3
174.9
176.6

81.0
80.8
80.9

254.3
255.6
257.5

2115.8
2123.2
2130.8

723.0
734.6
742.4

56.9
61.4
62.4

18.7
18.4
21.1

210.
213.
216.

OCT.
NOV.
DEC.

192.6
195.9
199.4

7.0
6.6
6.5

295.7
294.1
298.5

177.0
178.0
180.3

81.5
81.4
81.2

258.5
259.3
261.6

2141.5
2144.1
2148.9

746.8
763.9
762.9

65.1
63.2
62.1

20.9
16.5
16.0

218.
219,
221.

1988-JAN.
FEB.
MAR.

197.1
197.2
199.2

6.6
6.8
6.9

295.8
279.1
279.9

184.1
181.8
184.0

81.1
80.1
82.2

265.2
261.8
266.1

2172.6
2188.4
2206.7

762.0
774.6
778.7

64.4
61.6
60.0

18.4
16.4
14.8

225.
231.
234,

APR.
MAY
JUNE

201.6
203.6
205.8

6.9
7.1
7.6

292.0
282.9
291.0

190.9
184.9
137.3

86.8
85.3
87.1

277.8
270.1
274.4

2221.0
2225.6
2235.5

772.6
778.8
781.7

61.2
63.7
63.3

15.4
17.2
16.6

236.
232.
229.8

207.9

8.2

2*2.7

188.4

88.4

276.8

2242.9

786.5

61.4

14.7

230.4

6
13
20
27

205.9
206.3
206.0
205.0

7.3
7.5
7.6
7.8

295.3
292.1
292.4
283.1

189.6
189.4
187.8
183.7

88.
88.
87.
84.

278.5
277.5
274.9
268.4

2239.8
2237.7
2232.8
2231.9

778.
782.
781.
785.

64.8
64.3
62.8
62.4

18.9
16.4
16.6
15.1

232.3
230.8
228.6
229.1

JULY

4
11
18
25p

208.2
209.0
207.6
206.8

8.0
8.1 e
8.2 e
8.3 e

297.3
301.2
293.7
285.1

188,
191,
188,
186,

88.3
90.3
88.8
86.5

276.5
281.3
276.9
272.9

2239.
2243.
2243.
2243.

779.
780.
786.
791.

61.
60.
61,
61,

16.2
15.4
12.8
14.4

227.
229.
231.
231.

AUG.

lp

206.7

8.4 e

288.6

187.0

87.4

274.3

2245.0

790.9

62.2

15.6

231.1

JULY

p

Meek ending
1988-JUNE

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 ere
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 commercial banks, U.S. branches and agencies of foreign banks> and Edge Act corporations.
5.
Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and 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 mutual funds.
8.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1

Money market deposit accounts
At
thrift
commercial
institutions
banks

Date

Total

At
At
commercia,1 _ thrift
institutions
banks

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits3
At
At
commercial
thrift
banks4
institutions

Total

1987-MAR.

378.8

193.0

571.8

167.4

227.9

395.4

360.2

486.3

846.4

300.0

147.5

447.5

APR.
MAY
JUNE

376.1
369.7
368.5

190.7
188.9
186.6

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 I
3^0 „ *

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

183.3
180.0
177.2

549.4
545.0
540.5

178.7
178.5
178.2

241.8
240.0
239.2

420.5
418.5
417.3

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

173.9
169.6
167.0

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.8
413.2
410.0

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
418.6

389.4
394,1
397.1

540.1
550.4
556.5

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
357.0
359.9

163.0
162.6
162.4

523.3
519.6
522.3

185.1
187.1
189 6

239.4
241.2
243.8

424.6
428.3
433.3

399.6
401.4
405.4

560.9
562.8
564.6

960.5
964.2
970.0

325.6
328.5
332.7

165.7
167.2
166.9

491.3
495.7
499.6

p

359.3

161.8

521.0

191.4

245.5

436.9

410.2

568.2

978.4

337.7

167.0

504.7

6
13
20
27

360.7
361.3
359.5
358.6

163.3
163.2
162.3
161.5

524.0
524.5
521.8
520.1

189.
189,
189.
189.

243.4
244.0
243.7
243.3

432.4
433.5
433.3
433.0

403.
404.
405.
406.

564.
563.
564,
565.

967.
968.
969.
972,

330.0
332.3
332.4
335.1

166,
167.
167.
166.

496.7
499.3
499.4
502.0

JULY

4
11
18
25p

360.0
360.0
359.8
358.4

161.8
162.3
162.0
161.5

521.7
522.3
521.8
519.9

191.
191.
191.
191.

245,
246,
246,
244,

436.
438.
437.
436.

408.
409,
410.
411.

567.9
568.0
568.4
568.6

976.
977.
978,
979,

332.8
335.4
337.8
339.9

167.
167.
167.
166.4

499.8
502.7
504.8
506.3

AUG.

lp

358.3

161.2

519.4

191.1

244.5

435.6

412.0

569.0

981.0

340.9

166.4

507.4

JULY

Neek ending
1988-JUNE

Savings deposits exclude MMDAs.
Small-denomination time deposits—includinq retail R P s — a r e those issued in amounts of less than $100,000. All IRA and Keogh account balances at
are subtracted from ssmall
time deposits.
commercial banks and thrifts are
ir
Large-denomination time deposits are those issued in amounts of $100,000 or more excluding those booked at international banking facilities,
sal funds> depository institutions, and foreign banks and
Large-denomination time deposits at commercial banks less those held by money market mutua
official institutions,
-indicates preliminary data.




H.6 (508)
Table 5-continued

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

8

Term RPs 1
InstitutionAt
A*
only money
thrift
market funds commercial institutions
banks

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1987-MAR.

85.4

34.9

52.3

87.2

88.5

94.3

273.3

59.5

240.2

1859.8

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
45.5

245.8
255.6
255.1

1848.5
1859.4
1870.5

5957.8
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

45.6
45.6
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
1956.9
1954.1

6237.0
6283.2
6555.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

57.7
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

45.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.6
1995.2

6575.1
6598.8
6445.6

APR.
MAY
JUNE

91.9
90.0
86.3

45.0
44.1
44.0

65.1
67.0
67.0

108.1
111.1
111.0

88.7
91.0
92.8

104.6
105.4
105.9 p

258.9
253.8
246.6 p

40.9
40.8
40.4 p

285.0
505.7
510.0 p

2001.6
2005.2
2014.7 p

6498.4
6555.6
6605.6 p

JULY p

84.8

42.2

68.3

110.5

94.4

6
15
20
27

87.0
86.5
86.0
86.4

45.5
44.7
44.4
44.7

66.9
67.0
67.1
66.8

110.5
111.7
111.5
111.5

92.9
. 95.1
91.7
95.5

JULY

4
11
18
25p

85.2
85.4
85.2
84.6

41.5
41.1
42.1
45.0

67.6
68.0
67.9
69.0

108.9
109.1
110.0
112.0

95.0
91.4
94.8
96.2

AUG.

lp

85.8

45.5

68.6

111.8

96.4

Neek ending
1988-JUNE

1.

Term RPs are those with original maturities greater than one day> excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight 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.
5.
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.
4.
Net of bankers acceptances held by accepting banks> Federal Reserve Banks> foreign official institutions, Federal Home Loan Banks* and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis* derived by averaging adjacent end-of-month levels* and have been adjusted to remove discontinuities,
p—indicates preliminary data.
2.




H.6 ( 5 0 8 )
Table 6

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

U.S. government depos its

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

Date

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
At
deposits,
At
at commercial commercia 1
thrift
banks
institutions
banks

At
money
market
funds

Total

1987-MAR.

8.8

1.6

4.6

3.5

3.1

13.6

20.3

1.4

75.6

100.3

11.2

187.1

APR.
MAY
JUNE

9.0
9.0
9.3

1.8
2.0
2.0

4.6
4.5
4.5

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.4
1.6
1.6

78.6
79.7
79.8

103.0
103.7
104.6

12.4
13.1
13.3

193.9
196.5
197.7

JULY
AUG.
SEP.

9.3
8.9
9.4

2.0
2.0
1.9

4.4
4.4
4.4

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.7
1.6
1.5

80.2
80.7
81.4

105.4
105.7
106.6

13.5
14.0
14.5

199.2
200.4
202.4

OCT.
NOV.
DEC.

9.5
9.4
9.6

1.8
1.7
1.7

4.4
4.4
4.4

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.5
1.5
1.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

1988-JAN.
FEB.
MAR.

10.0
9.3
9.2

1.7
1.6
1.5

4.4
4.3
4.4

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

63.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
16.9 e

210.6
212.8
215.6 e

APR.
MAY
JUNE

9.0
9.1
9.5

1.8
1.6
1.7

4.4
4.3
4.3

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.7
1.7
1.8

87.3
88.8
89.4

115.4
116.5
117.7

17.6 e
17.7 e
17.4 e

220.3 e
223.1 a
224.5 e

p

9.9

1.8

4.4

3.4

3.9

18.6

25.9

1.8

90.2

119.4 e

17.7 e

227.3 e

6
13
20
27

10.4
9.0
9.0
9.7

1.8
1.5
1.6
1.6

4.3
4.3
4.4
4.4

5.0
3.1
6.7
2.8

2.8
2.9
3.9
5.7

9.8
4.5
17.0
31.5

17.6
10.6
27.7
40.0

1.8
1.8
1.8
1.8

JULY

4
11
18
25p

9.9
11.2
9.3
9.4

2.0
1.8
1.5
1.8

4.4
4.4
4.4
4.4

3.2
3.7
3.8
3.0

5.7
4.1
3.4
3.6

23.2
14.9
16.9
20.5

32.1
22.7
24.0
27.2

1.8
1.8
1.8
1.8

AUG.

lp

9.7

1.8

4.4

3.4

3.5

19.6

26.4

1.8

JULY

Neek ending
1988-JUNE

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




H.6 (508)
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2, and Experimental
Alternative3 Seasonal Adjustment Procedures
Monthly Average
Levels in billions of dollars
Standard
1987-HAY

746.5

Concurrent

Experimental
Alternative

Annual growth rates in percent
Standard

Concurrent

Experimental
Alternative

747.0

745.5

2 9

4.8

9.9

JUNE

742.1

742.3

743.C

-7.1

-7.6

-4.0

JULY

743.6

744.0

742.7

2.4

2.7

-0.5

AUGUST

746.5

747.0

747.4

4.7

4.8

7.6

SEPTEMBER

747.5

747.9

746.1

1.6

1.4

-2.1

OCTOBER

756.2

756.4

755.0

14.0

13.6

14.3

NOVEMBER

752.7

753.1

751.8

-5.6

-5.2

-5.1

750.8

750.8

749.6

-3.0

-3.7

-3.5

758.8

757.5

756.3

12.8

10.7

10.7

1.1

2.2

1.7

OECEMBER
1988-JANUARY
FEBRUARY

759.5

758.9

757.4

MARCH

762.9

762.7

759.4

5.4

6.0

3.2

APRIL

770.1

769.1

765.8

11.3

10.1

10.1

MAY

770.2

770.8

769.6

0.2

2.7

6.0

JUNE

776.5

776.9

775.8

9.8

9.5

9.7

JULY

782.4

783.1

783.0

9.1

9.6

11.1

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 proceoWe to
data through that month.
3. Alternative monthly seasonal factors are derived using an experimental model-based procedure. This procedure uses a combination 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.