Full text of H.6 Money Stock Measures : April 17, 1997

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FEDERAL RESERVE statistical release
H.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat4:30p.m. Eastern Tm©

Billions of dollars

Date

April 1 7 , 1 9 9 7

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1995-Apr.
May

July
Aug.
Sep.
Oct.
Nov.
Dec.
1996-Jan.
Feb.
Mar.
Apr.
May

June
July
Sep.
Oct.
Nov.
Dec.
1997-Jan.
Feb.
Mar. p

1150.4
1145.1
1142.7
1145.0
1144.0
1141.6
1135.7
1133.1
1129.0

3519.1
3534.9
3562.9
3583.1
3604.4
3620.1
3629.8
3639.3
3655.0

4397.5
4427.6
4463.9
4495.2
4527.1
4550.7
4567.1
4580.8
4594.8

5432.0
5465.5
5503.5
5555.0
5592.1
5638.9
5669.8
5677.5
5700.3

13416.4
13494.6
13571.3
13625.5
13666.2
13713.6
13774.1
13831.3
13875.3

1122.2
1119.8
1126.2
1123.5
1117.1
1115.5
1108.8
1099.8
1093.2
1080.2
1080.0
1081.0

3669.9
3685.0
3713.9
3724.5
3725.6
3741.9
3750.0
3762.8
3775.4
3787.9
3809.4
3833.1

4622.3
4655.2
4691.9
4708.7
4731.2
4753.5
4771.1
4791.5
4822.6
4857.6
4884.9
4927.3

5723.3
5741.9
5792.1
5824.2
5835.9
5870.0
5890.0
5919.9
5960.7
5983.2
6021.0
6057.3

13925.4
13998.7
14075.6
14145.7
14205.5
14265.6
14338.9
14396.4
14445.8
14508.5
14574.6
14624.4

1079.6
1080.3
1074.7

3849.8
3866.2
3881.0

4948.6
4985.1
5011.9

6071.8
6123.4 p

14665.5
14725.8 p

Not seasonally adjusted
1995-Apr.
May

June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1996-Jan.
Feb.
Mar.
Apr.
May

June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1997-Jan.
Feb.
Mar. p

1160.1
1133.8
1140.8
1145.6
1139.3
1138.5
1132.9
1138.7
1152.8

3536.9
3520.9
3560.8
3586.6
3603.6
3613.5
3621.5
3643.2
3675.3

4408.7
4413.7
4462.0
4493.2
4526.1
4541.1
4563.6
4589.7
4614.3

5445.8
5445.2
5493.0
5546.7
5589.5
5623.6
5656.9
5688.7
5732.2

13370.2
13444.4
13527.5
13573.3
13619.2
13678.8
13740.4
13816.0
13875.8

1130.1
1105.6
1117.7
1131.2
1105.2
1114.2
1109.7
1096.4
1090.1
1076.8
1085.2
1103.0

3673.3
3668.6
3715.6
3741.5
3709.2
3739.5
3754.0
3764.2
3768.2
3777.6
3812.3
3851.5

4628.7
4643.3
4694.4
4718.1
4715.1
4750.8
4769.2
4792.0
4811.4
4853.4
4892.9
4944.3

5737.4
5733.9
5805.0
5837.2
5813.7
5856.8
5881.4
5919.0
5943.6
5970.5
6031.3
6085.6

13906.6
13961.3
14045.6
14108.6
14158.9
14220.0
14280.8
14343.2
14406.1
14470.7
14556.2
14623.7

1085.8
1066.1
1066.6

3851.5
3850.5
3885.8

4954.2
4976.3
5018.7

6084.6
6118.4 p

14645.4
14686.3 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6 (508)
Table 2

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

M1

M2

M3

DEBT1

3 Months from Dae. 1996 TO Mar. 1997

-2.3

5.0

6.9

4.1

6 Months from S*p. 1996 TO Mar. 1997

-3.4

5.6

7.9

4.6

12 Months from Mar. 1996 TO Mar. 1997

-4.6

4.5

6.8

5.2

Thirteen weeks ending April 7
19 97
from thirteen weeks endings
Jan. 6, 1997 (13 weeks previous)

-1.1

5.8

7.5

Oct. 7, 1996 (26 weeks previous)

-3.8

5.6

7.8

Apr. 8, 1996 (52 weeks previous)

-4.0

4.7

7.0

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, November 1996 to February 1997, August 1996 to February 1997,
and February 1996 to February 1997, respectively.
Footnotes to Table 1:

1.

2.

3.

4.
5.

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 M1 is calculated by summing
currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less
than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money
market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all
depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United
Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted
M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and 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: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the
data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels), the presentation of the debt
data in this release differ, 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 quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week via the web site of the Federal Reserve
Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and
weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free
(800) STAT-USA (800-782-8872).




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
M2

M1
Period ending

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1997-Jan.

13
20
27

1080.4
1080.4
1080.3

1080.5
1080.6
1080.4

1075.0
1080.6
1083.8

3819.4
3824.7
3829.5

3839.7
3845.1
3851.0

3840.4
3856.4
3859.5

4904.1
4910.8
4918.1

4937.5
4943.0
4949.5

4942.9
4952.3
4959.1

Feb.

3
10
17
24

1080.6
1081.3
1081.1
1081.2

1081.7
1083.7
1082.7
1081.8

1087.2
1083.0
1076.7
1080.3

3834.1
3838.4
3842.9
3847.6

3854.5
3859.9
3862.8
3865.2

3861.6
3862.0
3868.0
3869.1

4925.1
4932.8
4940.9
4948.9

4954.7
4962.8
4972.7
4980.8

4964.6
4975.3
4991.8
4991.5

Mar.

3
10
17
24
31p

1080.5
1080.5
1080.2
1079.2
1078.6

1079.9
1078.4
1077.2
1074.1
1073.3

1079.4
1077.2
1072.0
1067.6
1076.5

3851.2
3854.7
3858.3
3861.8
3866.2

3867.4
3870.6
3872.8
3875.7
3881.3

3870.5
3874.8
3876.8
3880.5
3893.2

4956.1
4962.6
4968.6
4974.9
4982.2

4988.9
4996.3
4999.6
5004.8
5012.6

4997.1
5004.7
5005.0
5012.3
5028.5

Apr.

7P

1077.2

1070.1

1064.3

3870.0

3886.9

3897.2

4989.0

5019.6

5032.4

Not seasonally adjusted
1997-Jan.

13
20
27

1091.8
1092.1
1092.0

1108.0
1101.9
1089.9

1092.2
1080.4
1063.6

3827.3
3832.9
3837.3

3863.9
3864.1
3856.7

3871.4
3853.0
3818.0

4913.7
4921.1
4928.2

4956.8
4960.1
4957.6

4977.4
4957.2
4932.8

Fab.

3
10
17
24

1091.1
1090.3
1088.4
1087.3

1078.1
1072.4
1068.3
1067.3

1076.2
1069.2
1064.1
1059.5

3840.2
3843.7
3846.5
3849.8

3844.8
3841.5
3841.8
3847.0

3836.8
3858.0
3854.4
3838.6

4933.7
4940.8
4947.4
4954.1

4953.8
4954.7
4961.0
4970.3

4947.8
4980.8
4982.6
4969.9

Mar.

3
10
17
24
31P

1085.0
1082.8
1080.6
1076.6
1073.9

1065.9
1065.1
1065.6
1064.1
1065.2

1070.6
1066.1
1066.1
1053.4
1075.3

3852.5
3855.7
3858.7
3860.2
3863.6

3853.5
3862.5
3871.9
3880.3
3887.3

3863.0
3894.1
3892.0
3872.0
3891.0

4960.3
4967.0
4972.7
4977.7
4983.5

4981.2
4993.1
5004.2
5013.9
5020.7

4991.6
5028.4
5026.9
5008.8
5018.5

Apr.

7P

1070.4

1068.4

1078.6

3868.2

3899.7

3943.8

4991.8

5031.1

5070.3

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

preliminary data.




Page 4
H.6(508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

e

Nontransactions components

At commercial
banks 4

At thrift
institutions5

Total

lnM2 6

In M3 only7

371.2
372.6

8.9
8.9

389.7
391.1

256.7
248.5

106.7
108.0

363 .3
356 . 5

2506.2
2526.0

941.5
939.8

1996-Jan.
Fab.
Mar.

373.0
373.4
375.4

8.9
8.9
8.9

394.4
397.3
404.5

238.4
231.9
227.1

107.5
108.4
110.2

345 . 9
340 . 3
337 . 3

2547.7
2565.2
2587.8

952.4
970.2
978.0

Apr.
May
Juna

376.4
377.7
379.9

8.8
8.7
8.7

404.5
407.1
410.6

226.3
215.6
208.7

107.6
107.9
107.7

333 . 9
323 . 5
316 . 4

2600.9
2608.5
2626.4

984.2
1005.7
1011.5

July
Aug.
Sap.

382.8
385.2
387.6

8.6
8.4
8.5

408.
405.
404.

202.9
195.2
188.0

105.8
105.2
104.3

308 .7
300 . 4
292 .2

2641,
2663,
2682,

1021.
1028.
1047.

Oct.
Nov.
Dae.

390.2
392.5
395.2

8.6
8.6
8.6

398.
402,
402,

178.9
172.7
171.5

104.3
104.2
103.3

283 .2
276 .8
274 .8

2707,
2729.
2752.

1069.
1075.
1094.

397.0
400.5
402.4

8.6
8.6
8.5

401.7
404.2
402.8

170.8
165.2
160.1

101.5
101.8
101.0

272. .4
267. ,0
261, .1

2770.2
2785.9
2806.3

1098.8
1118.9
1130.9

Waak a n d i n a
1 9 9 7 - F a b . 10
17
24

4.
5.
6.
7.

Other checkable deposits

1995-Nov.
Dae.

1997-Jan.
Fab.
Mar. P

1.
2.
3.

Travelers checks2 Demand deposits3

399.8
400.5
401.5

8.6
8.6
8.6

404.4
403.4
404.7

168.0
162.7
164.8

102.1
101.5
100.7

270, ,1
2 6 4 , ,2
2 6 5 . .5

2779.0
2791.3
2788.8

1113.2
1123.8
1122.4

8.6
8.5
8.5
8.4
8.4

403.4
402.0
401.4
399.0
405.0

163.0
161.4
158.4
158.3
161.5

102.8
102.8
101.8
99.1
98.9

265.
264,
260,
257.
260.

.8
,2
,1
4
.5

2791.1
2797.6
2804.8
2812.9
2816.6

1126.6
1129.9
1128.2
1131.9
1135.3

397.9

154.8

100.3

255.1

2833.0

1135.2

Mar.

3
10
17
24
31P

401.5
402.4
402.0
402.7
402.7

Apr.

7p

402.9

.4 a

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 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.
Consists of N O W and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of N O W and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.
estimated




p

preliminary

Page 5
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
Date

3.
4.

p

Retail
money
funds

Institutional
money
funds

930.7
933.7

451.2
455.2

At
thrift
institutions

Total

At
commercial
banks

1995-Nor.
Dae.

At
commercial
banks
762.4
776.0

361.8
361.1

1124.2
1137.1

574.6
576.0

At
thrift
institutions
356.1
357.7

1996-Jan.
Fab.
Mar.

794.5
804.9
819.7

359.3
360.2
360.5

1153.8
1165.1
1180.2

579.4
579.4
578.2

354.9
354.7
352.6

934.3
934.1
930.8

Apr.
May
June

825.5
829.3
837.4

^64.6
366.3
366.7

1190.1
1195.6
1204.1

577.5
577.0
578.0

352.0
351.5
350.8

July
Aug.
Sap.

844.2
857.1
865.7

366.8
365.6
365.8

1211.0
1222.7
1231.5

580.4
582.9
585.5

Oct.
Nor.
Dae.

879.3
892.7
904.0

367.1
366.3
367.1

1246.3
1259.0
1271.1

1997-Jan.
Fab.
Mar.

914.0
921.1
933.0

368.6
369.4
370.1

916.9
924.1
924.3

P

W««fr «n<Ung
1 9 9 7 - F a b . 10
17
24

t.
2.

Small-denomination time deposits 2

Large-denomination time deposits 3
At
commercial
banks 4

At
thrift
institutions

244.7
246.9

342.9
344.7

74.8
75.1

417.7
419.8

459.6
466.0
476.8

250.1
259.7
263.7

344.5
349.7
356.8

76.4
76.5
75.8

420.9
426.3
432.5

929.5
928.4
928.8

481.4
484.5
493.6

263.4
263.6
269.7

359.4
367.1
373.3

76.0
75.4
75.6

435.4
442.5
448.9

350.2
351.3
352.1

930.5
934.2
937.5

499.6
506.1
513.2

274.0
278.8
285.2

378.7
382.1
388.4

76.5
77.2
78.4

455.2
459.3
466.8

587.5
590.1
592.0

353.4
353.2
352.4

940.9
943.3
944.4

520.5
527.1
536.6

288.1
292.0
299.3

400.4
402.3
410.4

78.8
79.4
79.2

479.2
481.7
489.6

1282.5
1290.5
1303.0

592.7
593.9
596.1

352.5
352.8
349.4

945.2
946.7
945.5

542.4
548.7
557.8

296.3
305.4
311.8

410.3
416.0
424.5

81.1
81.9
82.0

491.4
498.0
506.5

366.9
369.6
372.1

1283.8
1293.7
1296.4

593.7
593.7
593.6

353.0
353.0
353.2

946.7
946.8
946.9

548.6
550.8
545.5

300.2
307.1
311.2

413.4
417.3
417.8

82.0
82.0
81.9

495.3
499.3
499.7

Total

Total

Mar.

3
10
17
24
31p

925.0
930.7
935.0
935.9
933.7

368.0
364.6
368.5
373.4
374.8

1293.1
1295.3
1303.5
1309.3
1308.4

595.8
596.4
596.2
596.1
595.7

350.4
349.4
349.4
349.3
349.1

946.2
945.8
945.6
945.4
944.8

551.9
556.6
555.7
558.2
563.4

311.7
313.4
311.7
314.1
307.9

419.9
423.3
423.3
425.3
428.1

81.7
81.8
81.7
81.8
82.9

501.7
505.0
505.0
507.1
511.0

Apr.

7p

949.5

371.1

1320.6

598.2

347.2

945.4

566.9

311.2

429.7

83.2

512.9

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




money market deposit accounts.
deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
from small time deposits.
deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and

Page 6
H.6(508)
Table 4 - continued

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

RPs

Date

Non-M3 Components of L

Eurodollars2

1

Savings bonds

Short-term
Treasgry
securities3

Bankers
acceptances4

4*1.3

nrr-

91.0

154.4
184.8

469.7

11.7

187.2
188.9
187.8

94.2
95.4
94.0

185.0
185.2
185.4

464.3
448.1
458.4

Apr.
May
Juna

188,
202,
195,

96.5
97.0
97.8

185.8
186.1
186.4

July
Aug.
Sap.

194
192.
194.

97.9
98.4
101.2

Oct.
Nov.
Dae.

195.3
194.3
192.7

1997-Jan.
Fab.
Mar.

Commercial paper5

Debt components6
Federal debt

Non-Federal debt

439.3

ur.

5*35.5
3638.8

10155.5
10236.6

11.6
10.5
10.1

440,
443.
446.

3639.6
3658.0
3685.1

10285.8
10340.7
10390.5

460.0
439.6
448.5

10.4
11.0
11.5

459,
468.
470,

3698.0
3704.3
3710.7

10447.7
10501.2
10554.9

186.7
186.9
187.1

447.6
452.4
457.7

11,
11,
11,

473.0
477.7
482.0

3729,
3743,
3746,

10609,
10653,
10699.

107.1
107.5
112.6

187.1
187.0
187.0

447.6
454.3
435.7

11.3
11.6
11.8

479.6
483.2
495.5

3758,
3771,
3780.

10750,
10803,
10844,

194.8
197.9
196.1

116.3
117.7
116.4

186.7
186.4 p

415.9
422.2 p

11.5
12.1 p

509.1
517.5 p

3778.6
3784.2 p

10887.0
10941.6 p

200.
200.
194.

117.7
117.2
116.9

194,
193,
195,
195,
200,

118.4
117.6
116.1
115.6
115.7

194.4

116.7

1335-Hov.

157.5

TT7T

Dae.

182.1

1996-Jan.
Fab.
Mar.

Wttfr ending
1997-Fab. 10
17
24
Mar.

3
10
17
24
31P

Apr.

7p

4.
5.
6.

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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, ana 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.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary




Page 7
H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2«

In M3 only7

371 .6
376 .2

8.7
8.5

395.6
407.3

255.6
251.6

107.1
109.2

362.7
360.8

2504.5
2522.6

946.5
939.0

1996-Jan.
Feb.
Mar.

371 .7
370 .9
374 .3

8.5
8.5
8.6

398.6
387.9
397.1

244.0
232.2
228.0

107.3
106.2
109.8

351.3
338.4
337.8

2543,
2562,
2597,

955.4
974.8
978.8

Apr.
May
June

375 .8
377 .5
380 .4

8.6
8.6
8.9

405.3
398.7
409.2

231.3
213.1
207.6

110.1
107.3
108.0

341.5
320.4
315.6

2610,
2604,
2625,

976.6
1005.9
1011.2

July
Aug.
Sap.

383 .7
385 .8
386 .8

9.1
9.0
8.8

410.3
404.2
403.8

200.8
192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2644.3
2667.8
2678.2

1015.2
1027.8
1043.2

Oct.
Nov.
Dae.

388 .9
392 .9
397 .9

8.6
8.4
8.3

398.5
407.6
418.8

176,
171,
173,

103.8
104.4
104.4

280.7
276o3
278.0

2700.9
2727.1
2748.6

1075.7
1080.6
1092.8

395..6
397,.7
401,.0

8.2
8.3
8.2

405.6
394.6
396.0

174.7
165.5
160.7

101.7
100.0
100.8

276.4
265.5
261.5

2765.6
2784.4
2819.2

1102.8
1125.8
1132.9

Waak andina
1997-Fab. 10
17
24

4.
5.
6.
7.

Demand
deposits3

1995-Nov.
Dae.

1997-Jan,
Fab.
Mar. P

1.
2.
3.

Travelers
checks2

398,.1
398,.5
397,.5

8.3
8.3
8.3

395.3
395.2
390.0

166.1
162.7
165.7

101.4
99.5
98.1

267.6
262.2
263.8

2788.7
2790.3
2779.1

1122.8
1128.3
1131.3

8.3
8.3
8.2
8.2
8.2

397.8
394.6
397.4
386.4
401.2

164.5
158.8
158.3
159.8
164.8

101.6
102.8
101.3
98.1
99.8

266.2
261.7
259.6
257.9
264.6

2792.4
2828.0
2825.9
2818.6
2815.7

1128.6
1134.3
1134.9
1136.8
1127.5

403.7

158.2

104.0

262.2

2865.1

1126.5

Mar.

3
10
17
24
31p

398,.4
401,.6
400,.8
400,.8
401..2

Apr.

7p

404.5

.2 a

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 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.
Consists of N O W and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of N O W and ATS balances at thrifts, credit union share draft balances, and demand deposits at. thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.

estimated



p

preliminary

Page 8
H.6(508)
Table 5 - continued

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

At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds

1126.9
1136.1

573.2
573.8

355.2
356.3

928.4
930.1

449.2
456.3

357.4
357.9
360.6

1147.6
1157.8
1180.7

578.6
579.6
579.6

354.4
354.9
353.4

933.0
934.5
933.0

826.7
828.0
839.8

365.1
365.7
367.7

1191.7
1193.7
1207.6

579.1
578.0
578.4

353.0
352.1
351.1

July
Aug.
Sap.

847.0
860.0
866.6

368.1
366.8
366.2

1215.1
1226.8
1232.8

581.0
583.0
584.8

Oct.
Nov.
Dae.

878.9
894.5
902.9

366.9
367.1
366.7

1245.7
1261.5
1269.6

908.9
915.4
933.9

366.5
367.1
370.4

919.8
920.0
910.7

3.
4.
p

Total

245.6
248.2

346.5
345.7

75.6
75.4

422.1
421.1

462.7
470.6
484.2

257.3
267.7
267.1

341.5
348.3
355.7

75.7
76.2
75.6

417.2
424.4
431.2

932.1
930.2
929.5

486.5
480.1
488.3

261.4
260.1
264.6

356.2
369.2
373.7

75.3
75.8
75.7

431.6
445.0
449.4

350.6
351.3
351.7

931.6
934.3
936.5

497.6
506.8
508.9

271.2
278.1
280.4

376.6
381.4
388.0

76.1
77.1
78.3

452.7
458.5
466.4

586.8
588.6
589.8

353.0
352.4
351.1

939.8
940.9
940.9

515.3
524.6
538.1

284.7
292.6
300.5

405.0
406.9
411.9

79.7
80.3
79.5

484.7
487.2
491.4

1275.4
1282.5
1304.3

592.0
594.3
597.5

352.1
353.0
350.3

944.1
947.3
947.8

546.2
554.6
567.1

304.8
315.5
316.4

406.7
414.4
423.7

80.4
81.6
81.9

487.1
496.0
505.6

368.1
368.0
366.6

1287.8
1288.0
1277.3

593.9
594.2
594.1

353.1
353.3
353.5

947.0
947.6
947.6

553.8
554.8
554.2

313.9
314.9
321.9

411.0
415.3
417.1

81.5
81.6
81.8

492.5
496.9
498.8

1995-Nov.
Dae.

764.2
775.3

362.7
360.8

1996-Jan.
Fab.
Mar.

790.2
799.8
820.0

Apr.
May
Juna

Waak a n d i n a
1 9 9 7 - F a b . 10
17
24

Large-denomination time deposits 3
At
thrift
institutions

At
thrift
institutions

1997-Jan.
Fab.
Mar. P

Institutional
money
funds

At
commercial
banks 4

At
commercial
banks

Date

1.
2.

Small-denomination time deposits 2
Total

Mar.

3
10
17
24
31p

919.7
944.4
940.8
930.8
925.7

365.9
369.9
370.8
371.3
371.6

1285.6
1314.4
1311.6
1302.1
1297.3

596.8
597.8
597.6
597.5
597.5

350.9
350.2
350.3
350.1
350.2

947.7
948.0
948.0
947.7
947.7

559.1
565.6
566.4
568.9
570.7

315.8
320.8
318.5
318.9
307.5

420.1
423.6
423.7
425.1
424.0

81.8
81.8
81.8
81.8
82.1

501.8
505.4
505.5
506.8
506.1

Apr.

7p

963.2

376.5

1339.7

600.4

348.6

949.0

576.5

311.0

424.4

82.2

506.6

Savings deposits include money market deposit accounts.
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.
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, U.S. government, and foreign
banks and official institutions.
preliminary




Page 9
H.6 (508)
Table 5 - continued

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

At commercial
banks

At thrift
institutions

Eurodollars2
Savings bonds

Total

1995-Nov.
Dae.

140.3
132.6

46.3
45.4

186.6
178.0

92.1
91.8

184.3
184.8

1996-Jan.
Feb.
Mar.

140.4
140.9
139.8

45.0
45.3
45.6

185.4
186.2
185.4

95.4
96.5
95.0

185.1
185.4
185.7

Apr.
May
June

139.9
153.9
149.2

47.9
50.8
51.0

187.8
204.7
200.2

95.8
96.0
97.1

July
Aug.
Sap.

144.5
144.1
146.8

50.4
49.6
49.2

194.9
193.7
196.0

Oct.
Nov.

149.8
145.5
141.5

48.5
47.6
46.0

1997-Jan.
Fab.
Marc P

147.1
148.7
147.4

1 9 9 7 - F a b . 10
17
24

DtCc

Debt components 6

Non-M3 Components of L
Short-term
Treasury
secunties 3
462.0
482.9

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

12.5
12.1

440.1
438.1

3635.9
3645.9

10180.1
10229.8

470.0
451.8
470.7

12.3
10.6
10.0

441.3
442.7
444.3

3634.4
3655.5
3698.1

10272.2
10305.8
10347.4

186.1
186.3
186.4

461.4
430.1
441.1

10.5
10.8
11.5

461.1
471.4
467.0

3699.5
3692.1
3698.1

10409.1
10466.9
10522.0

96.4
97.6
100.4

186.6
186.7
186.7

446.9
456.0
451.0

10.9
10.8
11.3

467.8
473.6
483.1

3708.3
3730.9
3736.1

10572.4
10612.3
10670.0

198.3
193.1
187.5

108.0
107.7
113.5

186.8
186.9
187.0

432.8
454.4
448.3

11.4
11.8
12.2

486.1
485.2
493.8

3740.9
3771.4
3787.9

10729.9
10784.8
10835.8

45.7
46.6
46.1

192.8
195.3
193.4

118.0
119.0
117.5

186.8
186.6 p

421.1
425.8 p

12.1
12.3 p

510.3
517.4 p

3773.4
3783.0 p

10872.1
10903.3 p

151.9
150.8
144.5

46.4
46.7
46.7

198.4
197.5
191.2

118.0
118.9
119.4

Mar.

3
10
17
24
31p

144.4
143.7
147.7
148.7
150.5

46.7
46.8
46.1
45.8
45.5

191.1
190.5
193.8
194.5
196.0

119.8
117.7
117.1
116.6
117.8

Apr.

7P

146.8

45.3

192.2

116.7

4.
5.
6.

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary




Page 10

H.6(508)
Table 6

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

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

16.5
27.1

1.6
l.i

150.7
150.5

110.5 a
110.1 a

74.9
75.5

336.1 a
336.1 a

15.9
13.2
10.8

26.5
21.2
20.6

1.2
1.3
1.2

150.7
150.8
151.0

109.8 a
109.6 a
109.5 a

76.6
78.0
79.6

337.1 a
338.4 a
340.0 a

7.2
5.7
6.1

11.6
10.1
14.5

24.6
18.7
25.4

3.2
4.5
4.4

151.2
151.3
151.6

109.3 a
109.0 a
108.8 a

79.5
78.1
76.5

340.0 a
338.4 a
336.9 a

2.9
2.7
4.6

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.3

4.6
4.6
4.6

151.9
151.7
151.3

108.6 a
108.5 a
108.4 a

76.6 a
76.7 a
76.7 a

337.1 a
336.9 a
336.5 a

15.1
16.3
17.6

3.0
3.3
4.3

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.9

4.6
4.6
4.6

151.2
151.2
151.3

108.4 a
108.4 a
108.4 a

76.8 a
76.9 a
77.0 a

336.4 a
336.5 a
336.7 a

1.4
1.4
1.4

18.4
18.4
18.4

4.1
2.8
3.0

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.6

4.7
4.6
4.6

151.0
150.7
150.7

108.4 a
108.4 a
108.4 a

77.0 a
77.2 a
77.4 a

336.4 a
336.3 a
336.6 a

8.3
8.3
8.3

1.4
1.4
1.5

18.4
18.4
18.4

2.5
2.9
2.8

4.8
4.9
4.5

12.5
10.1
16.6

19.8
17.9
23.8

4.6
4.6
4.6

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

12.4
12.5

2.9
5.9

5.4
6.5

8.2
14.6

1.5
1.5
1.4

13.0
13.5
14.0

4.3
3.0
4.0

6.2
5.0
5.7

7.8
8.3
8.9

1.4
1.5
1.5

14.0
13.5
13.0

5.8
2.8
4.8

July
Aug.
Sap.

9.1
7.9
8.5

1.6
1.5
1.4

13.2
13.6
14.1

Oct.
Nov.
Dae.

8.5
8.4
8.3

1.4
1.4
1.4

1997-Jan.
Fab.
Mar. P

8.3
8.3
8.3

1 9 9 7 - F a b . 10
17
24

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

Foreign
commercial
banks

Foreign
official
institutions

1995-Nov.
Dae.

8.3
8.4

1.6
1.5

1996-Jan.
Fab.
Mar.

8.4
8.2
8.0

Apr.
May
Juna

Note
balances at
depository
institutions

Total
cash
balance

Mar.

3
10
17
24
31P

8.3
8.3
8.3
8.3
8.3

1.5
1.4
1.4
1.4
1.5

18.4
18.4
18.4
18.4
18.4

2.8
2.6
4.6
2.3
2.6

5.1
5.2
5.9
7.0
5.6

13.7
10.1
9.6
27.9
25.3

21.6
17.9
20.1
37.2
33.5

4.6
4.6
4.6
4.6
4.6

Apr.

7p

8.3

1.4

18.4

3.0

5.1

14.8

22.9

4.6

estimated
preliminary







Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class