Full text of H.6 Money Stock Measures : December 15, 1988

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FEDERAL RESERVE statistical release
•:**iRe

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

DECEMBER 15, 1988

Billions of dollars
Date

Ml 3

M2 2

Debt5

M3 3
Seasonally adjusted

1986-DEC.

725.4

2807.7

3490.8

4134.3

7576.8

1987-JAN.
FEB.
MAR.
APR.

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.
2829.
2834.
2847.
2849.
2851.
2858.
2869.
2880.
2894.
2896.
2901.

3515.6
3524.5
3533.2
3550.5
3565.2
3581.1
3588.8
3607.2
3622.7
3644.6
3659.6
3664.4

4163.2
4175.7
4174.5
4190.2
4218.2
4233.0
4236.1
4259.1
4285.2
4314.9
4327.3
4329.3

7641.4
7683.0
7731.3
7793.3
7859.0
7918.3
7962.8
8018.0
8083.3
8152.5
8229.2
8282.2

758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.3
783.5
783.7

2925.
2946.
2967.
2990.
3002.
3016.
3025.
3031.
3034.
3037.
3053.

3690.5
3722.9
3748.3
3772.0
3789.4
3814.0
3836.2
3848.3
3853.6
3868.7
3888.9

4367.1
4398.7
4425.5
4469.5
4501.9
4518.5
4561.7
4582.4
4589.1
4611.8 p

8327.5
8386.9
8452.1
8513.2
8572.0
8631.1
8691.0
8758.3
8822.6
8880.2 p

MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1988-JAN.
FEB.
MAR.
APR.

MAY

JUNE
JULY
AUG.
SEP.
OCT.
NOV. p

Not seasonally adjusted
1986-DEC.

740.6

2821.4

3507.6

4152.3

7561.0

1987-JAN.
FEB.
MAR.
APR.

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

2839.8
2817.1
2826.4
2854.9
2835.8
2849.9
2862.4
2868.0
2875.8
2895.1
2899.9
2914.7

3527..8
3513..0
3526..9
3555..7
3553.4
3577.1
3586..8
3604..5
3620..5
3644..6
3666..9
3681..0

4181.
4171,
4173.
4191.
4201.
4229.
4227.
4251.
4280.
4315.
4337.
4347.

7624..5
7647..2
7695..0
7757..1
7822..3
7886..9
7935..5
7989..6
8054..9
8122.8
8195.4
8264.2

764.7
745.0
752.1
778.3
763.8
778.8
785.5
781.2
779.8
780.9
787.1

2937,
2933.
2958.
2998.
2988.
3014.
3030.
3030.
3029.
3038.
3057.

3703.0
3711.4
3741.4
3776.8
3776.9
3809.3
3833.5
3846.0
3852.3
3869.0
3897.0

4385.
4394.
4424.
4469

8310. 2
8350. 3
8414. 4
8476. 2
8534. 7
8598. 7
8656. 9
8719, 1
8788. 9
8846. 1 P

MAY

JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1988-JAN.
FEB.
MAR.
APR.

MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p

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




'i/ifl/i

4514!
4551
4574
4584,
4613

H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt1

3 Months from AUG. 1988 TO NOV. 1988

0.6

2.9

4.2

8.7

6 Months from MAY

1988 TO NOV. 1988

3.5

3.4

5.3

8.6

12 Months from NOV. 1987 TO NOV. 1988

4.1

5.4

6.3

8.9

1.5

2.3

3.9

Thirteen weeks ending DECEMBER 5> 1988
from thirteen weeks ending:

SEP.

5, 1988 (13 weeks previous)

JUNE

6, 1988 (26 weeks previous)

3.8

3.5

5.1

DEC.

7, 1987 (52 weeks previous)

4.1

5.2

6.2

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates* namely,
July 1988 to October 1988, April 1988 to October 1968, and October 1967 to October 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 (NOW) 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 Mz.
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
overnments 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 quarter-end
basis and include discontinuities.

f




H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

Period ending
1988-SEP. 12

19
26
OCT. 3
10
17
24
31

4-week
average

3038.3
3037.2
3032.8

3839.5
3842.7
3845.0

3851.9
3854.0
3853.9

3855.1
3857.8
3851.5

3034.4
3033.5
3034.5
3034.9
3037.5

3029.1
3034.8
3041.2
3034.5
3039.6

3847.8
3850.3
3853.0
3855.2
3857.2

3855.6
3858.4
3861.8
3866.1
3869.3

3858.1
3866.2
3871.5
3868.4
3871.1

4-week
average

782.3
784.6
784.0

3027.8
3029.4
3030.5

3035.6
3036.5
3036.2

783.3
783.9
783.7
782.9
783.5

782.1
784.9
783.7
780.9
784.5

3031.0
3031.5
3032.9
3033.8
3034.5

4-week
average

781.6
782.0
782.4

782.8
783.1
783.5

782.8
782.8
783.0
782.9
782.9

week
average

week
average

13-week
average

13-week
average

13-week
average

MS

M2

Ml

UJQfflf

average

NOV.

7
14
21
28p

782.9
782.9
783.0
783.4

782.7
781.7
782.7
783.4

781.8
779.6
784.7
787.5

3035.9
3037.1
3039.0
3041.1

3040.4
3041.2
3047.3
3052.7

3046.1
3044.7
3058.6
3061.2

3859.7
3862.6
3866.1
3869.5

3872.5
3875.2
3881.9
3888.1

3879.1
3882.2
3895.1
3895.9

DEC.

5p

783.6

784.6

786.4

3043.2

3057.2

3064.1

3873.2

3893.2

3899.4

Not seasonally adjusted

Period ending
1988-SEP. 12

13-week
average

4-week
average

782.7
782.8
782.7

781.3
782.5
781.3

M3

M2

Ml
week
average

13-week
average

4-week
average

791.8
782.4
763.0

3028.1
3029.4
3030.3

3032.2
3032.8
3030.8

week
average

week
average

13-week
average

4-week
average

3045.0
3031.5
3008.7

3836.4
3839.8
3842.8

3849.8
3852.7
3852.3

3864.0
3853.7
3835.1

19
26
OCT. 3
10
17
24
31
NOV. 7
14
21
28p

781.8
780.9
781.0
780.9
780.4

778.6
777.8
779.1
781.2
779.9

777.3
788.4
787.8
771.3
771.9

3030.1
3030.0
3031.4
3032.3
3032.8

3028.5
3027.9
3032.1
3037.1
3037.9

3028.7
3042.7
3048.3
3028.8
3031.7

3845.3
3847.9
3851.0
3853.6
3855.8

3852.7
3855.3
3860.8
3866.8
3868.4

3857.9
3874.5
3875.5
3859.4
3864.1

780.4
780.6
781.2
782.3

780.6
781.1
784.5
787.2

791.3
789.8
784.9
782.6

3034.1
3035.8
3038.2
3040.8

3041.6
3044.1
3052.2
3056.8

3057.6
3058.1
3061.2
3050.4

3858.7
3862.3
3866.6
3871.3

3873.0
3878.4
3888.3
3896.7

3893.0
3897.2
3898.7
3898.0

DEC.

783.3

789.3

799.9

3043.9

3061.8

3077.4

3875.8

3902.1

3914.3

Note: Special caution should be taken in interpreting week-to-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 dollars> seasonally adjusted
Nontransactions
components

Date

Currency

l

Travelers
checks 2

Demand
deposits 3

Other
checkable4
deposits

In M 2 5

In M3
only 6

Savings deposits 7
At
commercial
banks

Small time deposi ts«

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

1987-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

2114.3
2122.9
2133.3

730.9
737.8
741.9

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

2138.3
2143.7
2150.2

750.1
763.1
763.4

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

2166.3
2186.8
2204.6

765.4
776.7
780.7

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

2220.8
2232.0
2240.0

781.1
787.2
797.5

184.2
186.0
188.0

238.6
239.2
241.0

422.7
425.1
429.0

402.5
404.7
406.8

562.3
567.3
568.1

964.8
972.0
974.9

JULY
AUG.
SEP.

206.3
207.2
208.5

7.2
7.2
7.3

290.6
290.1
288.4

278.2
278.0
278.2

2243.4
2249.2
2251.8

810.5
816.7
819.5

189.5
190.7
190.3

242.5
243.6
243.1

432.0
434.2
433.4

409.8
414.1
421.0

568.7
571.6
576.4

978.5
985.7
997.4

OCT.
NOV. P

209.5
210.3

7.4
7.5

288.6
286.8

277.9
279.1

2253.7
2269.8

831.4
835.4

189.9
192.9

241.3
240.8

431.3
433.7

429.2
435.3

580.7
583.7

1009.9
1019.0

\
Meek ending
1988-OCT. 10
17
24
31

208.7
209.4
210.0
210.5

7.4
7.4
7.4
7.5

290.3
288.8
285.7
288.5

278.5
278.1
277.9
278.0

2249.9
2257.6
2253.5
2255.1

831.5
830.2
833.9
831.6

189.7
189.7
189.7
190.3

241.3
241.3
241.2
241.0

431.0
431.0
430.9
431.3

427.2
429.0
430.5
431.7

579.8
580.5
581.3
581.8

1007.0
1009.5
10 LI. 8
1013.5

NOV.

7
14
21
28p

209.6
209.7
210.4
211.0

7.5
7.5
7.5
7.5

287.1
284.5
286.4
288.8

277.6
277.9
280.4
280.1

2264.3
2265.1
2273.9
2273.8

833.0
837.5
836.5
834.7

193.2
193.2
193.0
192.6

240.8
241.0
240.8
240.8

434.0
434.2
433.8
433.4

432.7
434.3
436.1
437.3

583.3
583.7
583.8
583.9

1016.0
1018.0
1019.9
1021.1

DEC.

5p

211.1

7.4

288.7

279.2

2277.7

835.3

191.9

240.3

432.2

438.7

583.5

1022.2

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-re la ted 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 NOW 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 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Large time deposits1
At m
commercial
banks 2

'late

Debt components6

Non-M3 components of L

At
thrift
institutions

Total

Savings
. bonds

Short-term
Treasury
securities3

Bankers
acceptances*

Commercial
paper5

debt

Non-federal
debt

Federal

1987-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

254.6
258.6
263.3

43.4
43.5
44.3

251.8
251.8
256.6

1891.6
1909.0
1922.2

6071.2
6109.0
6161.0

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
15*. 1
161.2

472.3
480.5
484.7

98.8
99.3
100.2

272.8
270.9
260.1

44.5
45.0
45.7

254.2
252.5
258.9

1928.7
1946.4
1956.1

6223.8
6282.8
6326.0

1988-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.5
163.8
164.0

482.6
488.6
490.3

101.4
10 .6
103.5

262.5
258.3
252.8

43.6
40.9
40.6

269.0
274.1
280.3

1962.6
1980.0
2004.9

6365.0
6406.9
6447.2

APR.
MAY
JUNE

325.7
327.8
334.1

166.4
167.6
167.5

492.1
495.4
501.7

JH4.6
165.4
106.1

263.5
265.1
256.6

41.2
40.9
40.6

288.2
301.1
301.2

2016.7
2021.3
2031.4

6496.5
6550.7
6599.7

JULY
AUG.
SEP.

341.2
347.2
352.4

168.0
167.9
171.3

509.2
515.1
523.7

106.9
107.'
107.7

266.5
273.1
278.0

40.6
41.1
41.9

311.5
312.5
307.9

2041.0
2058.5
2079.6

6650.0
6699.8
6743.0

OCT.
NOV. P

356.7
357.2

173.3
173.7

530.0
530.9

108.3 p

281.3 p

41.3 p

312.3 p

2089.0 p

6791.2 p

356.3
356.8
358.4
356.8

173.0
173.7
173.5
173.6

529.3
530.5
531.9
530.4

Heek ending
1988-OCT. 10
17
24
31
NOV.

7
14
21
28p

356.6
357.8
357.5
356.4

174.2
173.6
173.4
173.6

530.8
531.5
530.8
530.0

DEC.

5p

359.8

173.5

533.3

1.

Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking
facilities.
2.
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, mor<*y market mutual funds and foreign entities.
4.
Net of bankers acceptances held by accepting banks, Feder>* 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.




H.6 ( 5 0 8 )
Table 5

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

Currency 1

Date

Travelers Demand 3
checks* deposits

A*
commercial
banks 4

At
thrift
institutions5

Nontransact ions
components

Total

In M2*

In M3
only 7

Overnight
RPs*

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1987-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

2115.6
2123.0
2130.6

724.4
736.4
744.7

56.7
61.2
62.2

18.7
18.4
21.1

210.6
213.1
216.3

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

2141.4
2144.0
2148.8

749.5
767.0
766.3

65.0
63.1
61.9

20.9
16.5
16.0

218.2
219.7
221.1

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

2172.7
2188.6
2206.8

765.6
777.8
782.5

64.5
61.8
60.2

18.4
16.4
14.8

225.0
231.0
234.8

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
187.3

86.8
85.2
87.1

277.8
270.1
274.4

2220.2
2224.6
2235.6

778.3
788.6
795.0

60.7
63.6
63.9

15.4
17.2
17.1

235.8
231.8
228.9

JULY
AUG.
SEP.

207.9
207.9
207.9

8.2
8.2
7.9

292.7
288.7
287.1

188.4
188.5
189.3

88.4
87.8
87.6

276.8
276.3
276.9

2244.8
2249.6
2249.6

803.2
815.2
822.9

62.2
64.3
62.9

15.6
15.8
14.7

229.6
230.8
230.8

OCT.
NOV. P

209.0
211.3

7.5
7.1

288.4
289.7

188.7
191.0

87.4
88.0

276.1
279.0

2257.8
2270.2

830.3
839.7

62.1
61.5

13.6
12.0

231.2
238.0

210.4
209.2
208.5
207.8

7.6
7.5
7.4
7.3

290.5
292.8
282.4
284.4

190.8
189.9
187.2
186.6

89.2
88.5
85.9
85.7

280.0
278.4
273.1
272.3

2254.3
2260.5
2257.5
2259.8

831.8
827.2
830.6
832.3

60.7
62.1
62.4
63.5

11.7
13.9
13.6
14.4

229.9
230.9
231.7
232.6

Heek ending
1988-OCT. 10
17
24
31
NOV.

7
14
21
28p

211.2
211.5
211.2
212.0

7.2
7.2
7.1
7.0

290.4
290.7
288.2
288.7

192.7
191.9
190.8
188.9

89.7
88.6
87.6
85.9

282.4
280.5
278.4
274.9

2266.3
2268.3
2276.3
2267.8

835.4
839.1
837.4
847.6

61.4
60.0
64.9
58.8

12.1
11.9
12.6
10.7

234.1
236.1
239.6
241.6

DEC.

5p

212.6

6.9

296.5

194.2

89.7

283.9

2277.5

837.0

64.5

14.0

240.7

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.
Demand deposits at commercial banks and fore ion-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 NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of ovemioht 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 (oeneral 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).
*—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 adjustea

At
At
commercial
thrift
institutions
banks

Da**

Total

Small-denomination time deposits2

Savings deposits:I

Money market deposit accounts

At
At
thrift
commercial
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits3
At
At
commercial
thrift
4
banks
institutions

Total

1987-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

c*rr.
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
397.2

540.1
550.4
556.5

929.5
944.5
953.7

321.3
325.1
328.4

163.6
164.9
164.2

484.8
490.0
492.6

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

424.5
428.3
433.4

399.6
401.4
405.4

560.9
562.8
564.6

960.5
964.2
970.0

325.6
328.5
333.4

164.8
166.6
166.4

490.4
495.1
499.8

JULY
AUG.
SEP.

359.4
357.0
353.7

161.7
160.0
156.9

521.1
517.0
510.7

191.5
190.9
189.8

245.7
244.1
242.3

437.2
435.0
432.1

410.3
415.3
422.8

568.9
571.4
575.6

979.1
986.7
998.4

338.4
346.5
352.4

166.5
167.6
171.7

504.9
514.1
524.1

OCT.
NOV. P

352.3
353.4

154.4
152.4

506.7
505.8

190.1
192.2

242.0
239.7

432.1
431.9

430.0
436.5

582.0
584.5

1012.1
1021.1

356.1
357.3

174.4
174.6

530.4
531.9

352.6
354.2
351.4
351.2 •

155.4
154.9
153.8
153.1

508.0
509.1
505.2
504.3

190.6
190.1
189.8
189.7

243.2
242.7
241.5
240.4

433.8
432.8
431.2
430.1

428.8
429.9
430.8
431.8

581.4
581.8
582.5
583.1

1010.3
1011.7
1013.3
1014.9

356.4
355.3
356.9
356.2

174.1
174.6
174.7
174.8

530.6
530.0
531.6
531.0

Heek ending
1988-OCT. 10
17
24
31
NOV.

7
14
21
28p

354.0
354.1
353.7
352.2

153.3
152.9
152.1
151.5

507.2
507.0
505.8
503.6

192.6
192.6
192.2
191.5

2*0.7
240.4
239.4
238.5

433.4
433.0
431.6
430.1

433.9
435.8
437.1
438.4

584.2
584.6
584.6
584.6

1018.2
1020.4
1021.7
1023.0

356.8
357.6
357.7
356.9

175.2
174.7
174.3
174.6

532.0
532.3
531.9
531.5

DEC.

5p

352.8

151.5

504.3

190.9

238.8

429.7

439.8

584.5

1024.3

358.2

173.9

532.1

Sr5- *r»gs deposits exclude MMOAs.
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 andJ thrifts are subtracted from small *
*ime deposits.
Large-denomination time deposits are those issued in amcvks of $100*000 or more* excluding those booked at international banking facilities.
L»rg«7^~7*iination time deposits at commercial banks less those held by money market mutual funds* depository institutions* and foreign banks and
official institutions,
-indicates
preliminary data.
p.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjustea
Term RPs1
Date

Debt components6,

Non-M3 Components of L

At
At
Institutionthrift
only money commercial
institutions
banks
market funds

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1987-JW V
AUG.
SEP.

83.8
84.0
81.3

38.6
39.8
40.7

69.8
69.5
70.7

108.4
109.2
111.4

84.5
90.2
94.5

97.1
97.7
98.3

250.8
256.9
260.3

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
1888.5
1901.0

6061.8
6101.1
6154.0

OCT.
NCV.
DEC.

82.5
89.5
89.6

37.6
39.9
38.4

71.2
71.8
70.5

108.8
111.7
108.9

93.0
92.8
90.8

98.8
99.6
100.6

269.9
274.0
263.0

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6212.0
6258.5
6310.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

38.7
43.6
43.8

70.9
70.3
67.8

109.6
113.9
111.7

85.4
85.5
90.0

101.7
102.7
103.6

265.2
263.5
258.1

43.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.7
1993.3

6348.3 j
6375.5 *
6421.1,

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.1
48.0

69.4
73.5
75.8

114.3
120.6
123.8

89.1
91.8
93.1

104.6
105.4
105.9

262.6
260.1
254.9

40.9
41.1
41.0

285.0
300.8
303.8

2001.6
2005.1
2014.6

6474.6 '
6529.6
6584.1

JULY
AUG.
SEP.

84.8
84.0
83.7

46.6
45.0
42.4

78.5
78.1
79.1

125.0
123.1
121.5

96.2
102.3
101.4

106.5
106.9
107.6

262.4
271.0
274.7

40.8
41.2
41.9

307.8
309.3
308.3

2022.5
2036.6
2056.2

6634.4
6682.5
6732.6

OCT.
NOV. P

84.6
87.4

43.1
45.3

81.1
81.6

124.2
126.9

99.3
102.4

108.3 p

278.2 p

41.6 p

316.3 p

2069.2 p

6776.9 p

84.5
84.3
84.5
85.4

42.9
42.2
43.5
44.5

81.4
80.9
81.0
81.2

124.3
123.1
124.6
125.6

100.0
98.1
98.8
98.8

Heek ending
1988-OCT. 10
17
24
31
NOV.

7
14
21
28o

85.9
86.8
88.1
88.7

44.5
*6.2
43.7
48.2

81.4
81.9
81.8
81.4

125.8
128.1
125.5
129.6

99.9
101.5
101.2
106.9

DEC.

5p

88.2

41.1

81.4

122.5

102.8

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.
J.
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 depotsits

Time and savings
deposits due to
foreion banks
Foreign
Foreign
and official
official
ccommercial
institutions
banks
institutions

Date

Demand
deposits at
commercial
banks

Balance
Note balances
at
Federal at depository
Reserve institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
At
At
deposits
At
money
at commercial commercial
market
thrift
banks
banks
institutions funds

Total

1987-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

20.6
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
17.1

210.6
212.8
215.8

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

18.0
18.6
18.4

220.7
223.9
225.5

JULY
AUG.
SEP.

9.9
9.2
9.5

1.8
1.6
1.5

4.4
4.4
4.4

3.4
3.0
4.1

3.9
3.2
7.4

18.6
8.9
20.4

25.9
15.1
32.0

1.8
1.7
1.6

90.2
91.2
91.8

119.0
119.5
120.5

18.5
18.7
18.9

227.7
229.4
231.1

OCT.
NOV. P

9.1
9.3

1.5
1.7

4.4
4.4

3.2
3.4

6.2
5.2

24.5
12.8

33.9
21.4

1.6
1.6

92.5
93.3

121.5
121.9 e

19.0 e
19.0 e

233.0 e
234.2 e

8.8
9.6
9.2
8.6

1.7
1.4
1.5
1.5

4.4
4.4
4.4
4.5

3.4
3.7
3.0
2.9

4.8
5.3
5.6
6.4

20.8
21.0
26.6
27.1

29.1
29.9
35.2
36.4

1.6
1.6
1.6
1.6

Meek ending
1988-OCT. 10
17
24
31
NOV.

7
14
21
28p

8.5
9.4
9.5
9.8

1.6
1.5
1.8
1.8

4.4
4.4
4.4
4.4

3.3
3.3
3.8
3.2

5.2
5.8
4.9
5.1

14.9
11.1
7.6
17.7

23.3
20.2
16.4
26.0

1.6
1.7
1.7
1.7

DEC.

5p

10.0

1.7

4.4

3.4

4.6

12.8

20.9

1.7

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




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
Levels in billions of dollars
Standard
1987-SEPTEMBER

7*7.5

Concurrent

Experimental
Alternative

Annual growth rates in percent
Standard

Concurrent

Experimental
Alternative

7*7.8

7*6.1

1.6

3.5

-2.1

OCTOBER

756.2

757.1

755.0

1*.0

1*.9

1*3

NOVEMBER

752.7

75*.*

751.8

-5.6

-*.3

-5.1

DECEMBER

750.8

751.8

7*9.6

-3.0

-*.l

-3.5

758.8

758.8

756.3

12.8

11.2

10.7

FEBRUARY

759.5

759.7

757.*

1.1

1.*

1.7

MARCH

762.9

763.0

759.*

5.*

5.2

3.2

APRIL

770.1

768.8

765.8

11.3

9.1

10.1

MAY

770.2

769.9

769.6

0.2

1.7

6.0

9.8

8.6

9.7

9.0

9.1

10.8

1988-JANUARY

JUNE

776.5

775.*

775.8

JULY

782.3

781.3

782.8

AUGUST

782.5

781.6

782.8

0.3

0.5

0.0

SEPTEMBER

782.3

782.7

781.0

-0.3

1.7

-2.8

OCTOBER

783.5

78*.*

783.*

1.8

2.6

3.7

NOVEMBER

783.7

785.8

781.6

0.3

2.1

-2.8

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 proceoVire. 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 .