Full text of H.6 Money Stock Measures : August 28, 1997
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FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Billions of dollars Forreteaseat4:30p.m. EastemTme ; August 2 8 , 1 9 9 7 -f** Date M11 M22 DEBT5 | ^ ^ 9 * « — — Seasonally adjusted 1995-Aug. Sep. Oct. Nov. Dec. 1144.0 1141.6 1135.7 1133.1 1129.0 3604.4 3620.1 3629.8 3639.3 3655.0 4525.5 4548.8 4565.0 4578.3 4592.5 5591.4 5637.1 5666.9 5674.2 5697.6 13659.0 13706.2 13766.4 13823.3 13866.9 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 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 3762.7 3775.2 3788.0 3810.0 3834.3 4620.1 4652.9 4689.4 4706.2 4728.9 4751.4 4770.0 4790.5 4822.0 4858.0 4887.8 4933.0 5720.8 5739.5 5789.7 5825.9 5846.5 5889.6 5914.7 5945.0 5987.0 6013.5 6057.0 6098.7 13917.8 13992.9 14069.5 14135.3 14190.9 14250.3 14323.2 14379.3 14428.8 14493.8 14562.5 14614.0 1997-Jan. Feb. Mar. Apr. May June July 1079.8 1080.6 1075.2 1065.1 1062.7 1063.2 1062.2 3851.6 3868.5 3885.4 3905.0 3904.7 3919.8 3931.8 4956.0 4994.9 5027.6 5067.5 5075.8 5097.9 5141.7 6113.7 6159.7 6201.8 6254.9 6271.4 6300.0 p 14656.8 14719.1 14784.7 14857.8 14905.9 14937.8 p Not seasonally adjusted 1995-Aug. Sep. Oct. Nov. Dec. 1139.3 1138.5 1132.9 1138.7 1152.8 3603.6 3613.5 3621.5 3643.2 3675.3 4524.4 4539.3 4561.5 4587.1 4612.0 5588.7 5621.8 5654.0 5685.4 5729.5 13612.0 13671.5 13732.7 13808.0 13867.3 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 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 3753.9 3764.0 3768.0 3777.7 3812.9 3852.8 4626.4 4641.0 4691.9 4715.6 4712.7 4748.7 4768.1 4791.0 4810.8 4853.8 4895.9 4950.0 5734.9 5731.4 5802.6 5838.9 5824.0 5876.0 5906.1 5944.4 5969.6 5999.9 6067.3 6128.1 13897.6 13952.3 14037.6 14098.1 14144.8 14206.4 14267.8 14329.7 14391.0 14455.1 14541.9 14612.1 1997-Jan. Feb. Mar. Apr. May June July 1086.0 1066.4 1067.2 1071.6 1051.8 1062.5 1063.7 3853.3 3852.7 3890.3 3922.0 3887.2 3917.3 3936.6 4961.6 4986.0 5034.5 5075.1 5057.6 5094.0 5139.5 6127.0 6154.9 6218.7 6266.7 6247.9 6284.4 p 14636.9 14679.2 14754.7 14820.9 14857.6 14890.6 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 DEBT 1 3 Months from Apr. 1997 TO July 1997 -1.1 2.7 5.9 4.1 6 Months from Jan. 1997 TO July 1997 -3.3 4.2 7.5 4.4 12 Months from July 1996 TO July 1997 -4.2 4.8 7.8 4.8 -2.0 3.9 6.3 Feb. 17, 1997 (26 weeks previous) -3.2 4.5 7.2 Aug. 19, 1996 (52 weeks previous) -4.2 4.9 7.6 Thirteen weeks ending August 18 , 1997 from thirteen weeks ending: May 19, 19 97 (13 weeks previous) 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1997 to June 1997, December 1996 to June 1997, and June 1996 to June 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, RF 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 M3 M2 M1 Period endiing 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 26 1068.0 1062.6 1064.6 3896.2 3902.5 3913.3 5052.8 5072.7 5079.5 June 2 9 16 23 30 1067.3 1066.0 1065.1 1064.4 1063.7 1064.1 1064.2 1064.4 1062.8 1062.1 1070.3 1060.9 1061.6 1058.4 1067.6 3899.2 3901.9 3904.6 3907.5 3909.8 3906.3 3910.7 3913.4 3915.5 3918.8 3912.6 3913.1 3914.4 3921.8 3925.8 5058.8 5063.9 5069.0 5074.8 5080.3 5077.7 5081.7 5083.9 5089.9 5097.2 5087.0 5084.8 5084.4 5103.5 5116.0 July 7 14 21 28 1063.7 1063.8 1062.9 1062.7 1063.5 1062.7 1062.9 1061.4 1066.5 1058.3 1059.0 1061.8 3912.6 3914.8 3915.7 3917.8 3924.8 3928.0 3930.4 3933.3 3937.0 3927.3 3931.6 3937.3 5087.3 5093.0 5097.7 5102.9 5111.0 5124.5 5134.2 5142.9 5140.1 5138.2 5142.6 5150.5 Aug. 4 HP 18p 1063.2 1063.4 1063.8 1062.5 1063.8 1065.6 1070.9 1063.3 1066.5 3921.4 3925.7 3930.5 3935.3 3941.4 3950.1 3945.1 3951.4 3966.4 5109.9 5117.7 5126.6 5147.4 5155.3 5167.5 5158.2 5169.9 5191.2 1997-May Not seasonally adjusted 1997-May 26 1063.4 1050.5 1041.9 3897.7 3884.0 3876.3 5051.5 5052.1 5047.5 Juno 2 9 16 23 30 1063.1 1062.9 1062.8 1062.4 1061.8 1052.1 1055.6 1059.6 1061.5 1061.4 1068.1 1063.5 1064.9 1049.5 1067.8 3900.5 3903.5 3906.3 3907.9 3908.6 3887.9 3899.9 3911.5 3916.5 3916.6 3902.4 3936.5 3930.8 3896.2 3903.0 5057.5 5062.8 5067.6 5071.4 5075.4 5060.3 5073.8 5085.8 5092.2 5093.3 5081.4 5110.8 5103.5 5073.1 5085.9 July 7 14 21 28 1061.9 1061.1 1059.2 1059.0 1065.9 1065.2 1066.9 1062.8 1081.3 1062.3 1056.2 1051.5 3909.9 3909.5 3908.9 3911.9 3923.5 3927.4 3935.2 3937.6 3964.0 3946.2 3927.7 3912.5 5080.6 5083.9 5087.3 5094.0 5104.3 5115.5 5130.2 5139.9 5154.8 5148.2 5131.8 5124.7 Aug. 4 lip 18p 1060.2 1061.3 1062.8 1061.8 1062.3 1065.1 1077.1 1064.4 1067.5 3917.4 3924.0 3931.1 3936.2 3943.0 3955.2 3958.4 3973.5 3976.2 5103.0 5113.3 5124.3 5142.6 5153.2 5169.7 5165.5 5190.6 5198.1 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 Other checkable deposits Currency1 Date 4. 5. 6. 7. s Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 1996-Mar. 375.4 8.9 404.5 227.1 110.2 337.3 2587.8 975.5 Apr. May June 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 2626.4 981.7 1003.3 1009.4 July Aug. Sep. 382.8 385.2 387.6 8.6 8.4 8.5 408.7 405.8 404.9 202.9 195.2 188.0 105.8 105.2 104.3 308.7 300.4 292.2 2641. 2662. 2682. 1020, 1027, 1046.8 Oct. Nov. Dec. 390.2 392.5 395.2 8.6 8.6 8.6 398.2 402.1 402.4 178.9 172.7 171.5 104.3 104.2 103.3 283.2 276.8 274.8 2707.8 2730.0 2753.3 1070, 1077, 1098. 1997-Jan. Feb. Mar. 397, 400, 402, 401. 404. 402. 170.9 165.4 160.3 101.6 101.9 101.3 272. 267. 261. 2771.8 2787.8 2810.2 1104, 1126, 1142. Apr. May June 403, 406, 407, 395.4 395.6 397.3 159.7 155.6 153.7 97.9 97.2 96.4 257. 252. 250. 2839, 2842, 2856, 1162. 1171, 1178. July 410.3 396.4 150.4 96.9 247.3 2869.6 1210.0' Week ending 1997-June 23 30 1. 2. 3. Travelers checks2 Demand deposits3 8.2 407.8 408.7 8.0 7.9 395.6 400.5 151.7 154.7 95.3 95.8 247.1 250.5 2863.4 2858.2 1181.7 1190*2 399.4 394.9 395.4 396.2 149.7 149.2 148.6 150.7 99.6 96.1 96.4 95.8 249.4 245.3 245.0 246.5 2870.5 2869.0 2872.6 2875.5 1233.1 1210.9 1211.0 1213.2 400.8 395.6 401.6 152.8 150.1 147.9 97.9 98.2 96.9 250.7 248.3 244.8 2874.2 2888.1 2899.9 1213.1 1218.5 1224.8 July 7 14 21 28 409.8 410.0 410.4 410.7 8.0 8.2 8.3 8.4 Aug. 4 lip 18p 410.9 410.9 411.6 8.5 8.5 8.5 e 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. 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 NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW 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. astfmated p preliminary Page 5 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Small-denomination time deposits2 Savings deposits1 Date 3. 4. p Institutional money funds At commercial banks At thrift institutions Total At commercial banks At thrift institutions 1996-Mar. 819.7 360.5 1180.2 578.2 352.6 930.8 476.8 Apr. May June 825.5 829.3 837.4 364.6 366.3 366.7 1190. 1195. 1204. 577.5 577.0 578.0 352. 351. 350, 929.5 928.4 928.8 July Aug. Sop. 844, 857, 865, 366.8 365.6 365.8 1211. 1222. 1231. 580. 582. 585. 350 351 352 Oct. Nov. Dae. 879. 892. 903. 367, 366, 367, 1246.3 1259.0 1271.0 587, 589, 592, 1997-Jan. Feb. Mar. 914. 921. 934. 368 369 370 1282 1290 1304 Apr. May June 947, 945, 949, 373, 375, 375, July 955.2 Week ending 1997-June 23 30 1. 2. Retail money funds Large-denomination time deposits3 At commercial banks4 At thrift institutions 263.7 356.8 75.8 432.5 481.4 484.5 493.6 263.4 263.6 269.7 359.4 367.1 373.3 76.0 75.4 75.6 435.4 442.5 448.9 930. 934. 937. 499. 506. 513. 274, 278. 285. 379, 383, 389. 76, 77. 78, 455.9 460.4 468.3 353.6 354.0 353.7 941. 943. 945. 520. 527. 536, 288. 292. 299. 402. 404. 412. 78.8 79.4 79.2 480.9 483.4 491.5 592. 593. 596. 354, 355, 352, 946. 948, 948. 542.4 548.7 557.8 296. 305. 311.8 412. 418, 427, 81. 81, 82, 493, 500, 509, 1321, 1320, 1325, 598, 602, 607.8 350.8 351.8 350.6 949. 953, 958. 569.2 567.2 572.9 311, 311. 318. 439,7 441.% 44*~f 82. 82. 83. 522, 523, 533, 374.7 1329.8 614.2 346.7 960.9 578.9 324.1 467.0 84.7 551.7 953.2 945.8 378.2 377.2 1331.4 1323.0 608.7 608.7 350.5 350.5 959.2 959.2 572.8 576.0 318.1 321.5 454.6 457.4 83.7 84.2 538.2 541.6 Total Total July 7 14 21 28 958.2 956.5 958.0 956.8 372.6 374.0 376.6 377.4 1330.8 1330.5 1334.5 1334.2 612.9 613.8 614.6 614.8 347.0 346.8 346.7 346.6 959.9 960.6 961.3 961.4 579.8 577.9 576.8 579.9 325.7 325.1 321.7 325.2 461.3 463.6 469.3 471.2 84.7 84.7 84.5 84.7 546.1 548.3 553.8 555.9 Aug. 4 HP 18p 956.9 964.4 967.7 373.9 373.1 375.1 1330.8 1337.6 1342.8 615.4 615.2 615.4 346.4 346.3 346.5 961.9 961.5 961.9 581.5 589.0 595.1 321.0 327.3 329.3 471.8 470.9 470.7 85.1 85.3 85.0 556.9 556.2 555.8 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.1 Date Short-term Treasury securities3 Savings bonds 1996-Mar. 1S7.6 91.5 Apr. May June 188.9 202.7 195.3 July Aug. Sep. u e o t c o n iponents0 Non-M3 uompio n e n i s OT L Eurodollars2 Bankers acceptances4 Commercial paper 5 Non-Federal debt Federal debt 165.4 458.7 9.9 446.3 3*65.1 10364.4 94.0 94.5 95.6 185.8 186.1 186.4 464.5 452.9 470.5 10.2 10.7 11.1 459.3 468.0 470.1 3698.0 3704.3 3710.7 10437.3 10486.6 10539.6 194.2 192.4 194.4 95.8 96.3 98.9 186.7 186.9 187.1 473.6 478.1 483.9 11.5 11.7 12.0 473.0 477.7 482.0 3729.4 3743.4 3746.4 10593.8 10636.0 10682.3 Oct. Nov. Dae. 196.0 195.3 194.0 105.1 107.1 113.9 187.1 187.0 187.0 476.7 486.7 471.0 12.1 12.2 12.2 479.6 483.2 495.5 3758.2 3771.4 3780.4 10735.6 10791.1 10833.6 1997-Jan. Fab. Mar. 197.2 201.1 199.4 117.5 119.8 121.9 186.7 186.4 186.3 450.1 448.1 448.5 11.9 12.7 13.5 509.1 517.5 525.9 3778.6 3784.2 3799.1 10878.3 10934.9 10985.6 Apr. May June 202.1 202.7 198.7 126.5 133.0 127.4 186.2 186.2 186.3 450.6 452.4 447.2 12.8 13.1 12.3 537.8 543.9 556.2 3806.8 3794.3 3782.1 11051.1 11111.6 11155.7 July 206.0 128.2 199.0 199.8 126.5 127.2 Week ending 1997-June 23 30 July 7 14 21 28 202.9 206.8 207.9 205.5 128.5 130.6 127.5 126.6 Aug. 4 HP 18p 208.1 207.4 209.3 127.1 127.7 130.5 p p p p p 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 p Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency1 Date e Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 374.3 8.6 397.1 228.0 109.8 337.8 2597.9 976.3 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. 974.1 1003.5 1009.1 July Aug. Sep. 383.7 385.8 386.8 8.8 410, 404. 403.8 200.8 192.8 186.7 105.8 104.5 103.9 306, 297, 290, 2644 2667 2677.9 1014. 1027, 1042.8 Oct. Nov. Dec. 388, 392. 397, 398. 407, 418.8 176, 171, 173, 103.8 104.4 104.5 280, 276, 278, 2700.9 2727.7 2749.8 1076, 1083, 1097, 395, 397, 401. 405, 394. 396. 174.8 165.6 160.9 101.8 100.2 101.1 276.6 265.8 261.9 2767, 2786, 2823. 1108. 1133, 1144, Apr. May June 403, 406, 408. 396. 387, 396. 163, 153, 152.8 100, 96. 96, 263, 250, 249, 2850, 2835, 2854.8 1153, 1170, 1176.8 July 411.3 398.1 148.8 96.8 245.6 2872.9 1202.8 Week ending 1997-June 23 30 4. 5. 6. 7. Demand deposits3 1996-Mar. 1997-Jan. Feb. Mar. 1. 2. 3. Travelers checks2 8.7 407.9 408.1 8.3 8.3 386.4 400.3 152.4 155.6 94.4 95.5 246.9 251.1 2846.8 2835.3 1176.9 1182.8 410.2 399.9 393.7 388.1 148.4 145.9 147.6 149.9 101.0 96.4 95.3 94.3 249.3 242.3 242.9 244.2 2882.6 2883.8 2871.5 2861.0 1190.8 1202.1 1204.1 1212.2 405.3 397.5 403.4 151.3 146.2 146.4 99.2 97.6 95.8 250.5 243.8 242.1 2881.3 2909.2 2908.7 1207.2 1217.1 1221.9 July 7 14 21 28 413.4 411.5 410.9 410.3 8.4 8.6 8.8 8.9 Aug. 4 HP 18p 412.2 413.9 413.0 9.1 9.1 9.0 e 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. 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 NOW 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 Small-denomination time deposits 2 Savings deposits 1 At thrift institutions 353.4 Total 1180.7 At commercial banks 579.6 Retail money funds 933.0 484.2 365.1 365.7 367.7 1191.7 1193.7 1207.6 579.1 578.0 578.4 353.0 352.1 351.1 932.1 930.2 929.5 847.0 860.0 866.6 368.1 366.8 366.2 1215.1 1226.8 1232.8 581.0 582.9 584.7 350.6 351.2 351.5 Oct. Nov. Dec. 878.9 894.5 902.9 366.9 367.1 366.7 1245.7 1261.5 1269.6 586.7 588.5 589.8 1997-Jan. Feb. Mar. 908.9 915.4 935.1 366.5 367.1 370.5 1275.4 1282.4 1305.6 Apr. May June 949.4 943.7 952.7 373.7 374.8 376.6 July 958.5 Week e n d i n g 1 9 9 7 - J u n e 23 30 July Aug. Date 1. 2. 3. 4. p Institutional money funds Large-denomination time deposits 3 267.1 At commercial banks 4 355.7 At thrift institutions 75.6 431.2 486.5 480.1 488.3 261.4 260.1 264.6 356.2 369.2 373.7 75.3 75.8 75.7 431.6 445.0 449.4 931.6 934.1 936.2 497.6 506.8 508.9 271.2 278.1 280.4 377.3 382.4 389.5 76.1 77.1 78.3 453.4 459.5 467.8 353.2 353.1 352.4 939.9 941.6 942.1 515.3 524.6 538.1 284.7 292.6 300.5 406.7 408.7 413.7 79.7 80.3 79.5 486.4 489.0 493.2 591.8 594.0 597.6 353.9 355.3 352.9 945.7 949.3 950.4 546.2 554.6 567.1 304.8 315.5 316.4 408.7 416.5 426.4 80.4 81.6 81.9 489.1 498.1 508.2 1323.2 1318.5 1329.2 600.6 603.2 608.2 351.8 352.5 350.8 952.4 955.8 959.1 574.8 561.1 566.5 309.2 307.0 313.1 435.7 443.6 450.1 81.8 82.8 83.3 517.5 526.4 533.4 376.0 1334.5 614.8 347.1 961.9 576.5 321.0 464.5 84.2 548.7 946.3 936.3 375.4 373.5 1321.7 1309.8 608.8 609.3 350.6 350.8 959.3 960.1 565.7 565.4 310.1 314.6 453.4 454.8 83.4 83.7 536.9 538.5 7 14 21 28 971.5 967.4 956.8 946.4 377.8 378.3 376.1 373.3 1349.3 1345.7 1332.9 1319.7 614.2 614.7 615.1 614.9 347.8 347.3 346.9 346.6 962.1 962.0 962.0 961.5 571.3 576.2 576.6 579.8 319.6 322.9 319.7 323.6 457.3 461.2 466.9 469.7 84.0 84.3 84.1 84.4 541.2 545.5 551.0 554.2 4 lip 18p 961.9 977.2 972.8 375.9 378.1 377.1 1337.8 1355.3 1349.9 615.6 615.6 615.4 346.5 346.6 346.5 962.1 962.2 961.9 581.4 591.7 596.8 316.9 326.7 328.5 469.7 469.3 469.2 84.8 85.0 84.8 554.5 554.2 554.0 At commercial banks At thrift institutions 1996-Mar. 820.0 360.6 Apr. May June 826.7 828.0 839.8 July Aug. Sep. Total 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 Total 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 Debt components6 Non-M3 Components of L 2 Eurodollars Savings bonds Total Short-term Treasury securities3 Bankers acceptances4 Commercial paper6 Federal debt Non-Federal debt 1996-Mar. 139.8 45.6 185.4 92.5 185.7 470.9 9.8 444.3 3698.1 10339.5 Apr. May June 140.0 153.9 149.3 47.9 50.8 51.0 187.9 204.8 200.3 93.3 93.6 94.9 186.1 186.3 186.4 465.8 443.1 462.7 10.4 10.5 11.2 461.1 471.4 467.0 3699.5 3692.1 3698.1 10398.6 10452.7 10508.3 July Aug. Sep. 144.7 144.5 147.4 50.4 49.4 49.1 195.1 193.9 196.4 94.5 95.5 98.2 186.6 186.7 186.7 472.9 482.0 476.9 10.7 11.1 12.0 467.8 473.6 483.1 3708.3 3730.9 3736.1 10559.5 10598.7 10654.9 Oct. Nov. Dec. 150.7 146.7 143.0 48.3 47.5 45.8 199.0 194.2 188.8 106.0 107.3 114.7 186.8 186.9 187.0 461.0 486.9 484.6 12.2 12.4 12.6 486.1 485.2 493.8 3740.9 3771.4 3787.9 10714.3 10770.5 10824.2 1997-Jan. Feb. Mar. 149.5 151.6 149.9 45.7 46.9 46.8 195.2 198.5 196.7 119.3 121.2 123.0 186.8 186.6 186.6 455.8 451.9 460.9 12.5 12.9 13.4 510.3 517.4 523.4 3773.4 3783.0 3815.4 10863.6 10896.2 10939.3 Apr. May June 153.9 158.9 156.8 47.0 46.5 47.0 200.8 205.3 203.8 125.6 131.8 126.5 186.5 186.4 186.3 452.3 442.3 439.4 13.0 12.9 12.3 539.9 548.7 552.4 3810.3 3781.3 3766.2 11010.6 11076.3 11124.5 July 159.3 47.4 206.6 126.5 157.4 155.9 47.4 46.9 204.8 202.8 125.1 126.8 Week e n d i n g 1 9 9 7 - J u n e 23 30 July 7 14 21 28 156.7 159.3 160.4 159.8 47.3 47.2 47.3 47.6 204.0 206.5 207.7 207.3 125.9 127.3 125.7 127.1 Aug. 4 HP 18p 161.3 161.6 163.0 47.7 48.2 48.0 209.0 209.8 211.0 126.7 126.3 128.5 p p p p p 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 1. 2. p 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 Note balances at depository institutions IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve 14.0 4.0 5.7 10.8 20.6 1.2 151.0 109.5 79.6 340.0 7.8 8.3 8.9 14, 13, 13, 5.8 2.8 4.8 7.2 5.7 6.1 11.6 10.1 14.5 24.6 18.7 25.4 3.2 4.5 4.4 151.2 151.3 151.6 109.3 109.0 108.8 79, 78. 76, 340.0 338.4 336.9 July Aug. Sep. 9.1 7.9 8.5 13. 13. 13. 17. 12. 20, 25. 20, 31. 151.9 151.8 151.4 108, 108. 108, 76. 76, 76, 337. 337. 336. Oct. Nov. Dec. 8.6 8.8 9.1 14.9 16.4 17.9 11 11 11 19. 19. 21, 151, 151, 151, 108, 107. 107, 76.8 e 76.9 e 77.0 e 336, 335. 335. 1997-Jan. Feb. Mar. 18. 18. 18. 20.2 14.7 17.8 30 22 26 151. 151. 151. 106. 106. 105. 77, 77. 77, 334.8 334.4 334.1 Apr. May June 17. 17. 17. 21, 29. 22. 38.7 44.8 34.5 150, 150. 150. 105. 105. 105. 77. 77. 77, 334. 334. 334, 150.9 e 105.5 e 77.8 e 334.2 e Date Foreign commercial banks Foreign official institutions 1996-Mar. 8.0 1.4 Apr. May June July Week e n d i n g 1 9 9 7 - J u n e 23 30 e p Time and savings deposits due to foreign banks and official institutions 1.4 1.4 1.4 11 12 8 Total cash balance 3.1 2.8 2.5 9.3 1.4 17.9 1.8 5.0 18.2 24.9 2.4 9.3 9.3 1.3 1.4 17.9 17.9 4.7 2.5 15.7 5.0 34.6 36.7 55.0 44.1 2.4 2.4 July 7 14 21 28 9.3 9.3 9.3 9.3 1.4 1.4 1.4 1.3 17.9 17.9 17.9 17.9 2.0 1.8 1.9 1.4 4.7 5.0 5.0 5.1 19.7 11.4 18.2 23.7 26.5 18.2 25.0 30.2 2.4 2.4 2.4 2.4 Aug. 4 lip 18p 9.3 9.3 9.3 1.4 1.3 1.4 17.9 17.9 17.9 1.8 1.5 2.4 5.1 5.1 4.5 17.8 12.7 11.6 24.8 19.3 18.5 2.4 2.4 2.4 estimated preliminary At commercial banks At thrift institutions At money market funds Total H.6 (508) Special Supplementary Table Monthly Survey of Selected Deposits 1 June 30,1997 and July 31,1997 (not seasonally adjusted) Insured Commercial Banks Amount Outstanding ($mil.) Liability Categories June 30 July 31 31,464 30,115 91,512 183 days to 1 year 1 to 2-V2 year Interest-bearing time deposits with balances of less than $100,000 with original maturities of: 7 to 91 days 92 to 182 days 2-'/ 2 years and over 2 All IRA/Keogh Plan deposits Change (percent) Averag ;e Rate Paid (%) Change (b. p.) June 30 July 31 -4.29 4.09 4.08 -1 90,765 -0.82 4.79 4.76 -3 211,961 211,772 -0.09 228,783 197,903 231,833 1.33 5.16 5.44 5.15 5.41 -1 -3 195,665 -1.13 5.69 5.63 -6 152,639 152,137 -0.33 N.A. N.A. N.A. BIF-insured Savings BanksJ Amount Outstanding ($mil.) Liability Categories Interest-bearing time deposits with balances of less than $100,000 with original maturies of: 7 to 91 days 92 to 182 days 183 days to 1 year 1 to 2-V2 year 2-V2 years and over All IRA/Keogh Plan deposits 2 June 30 July 31 2,684 13,747 29,804 32,126 21,472 2,596 13,629 29,850 32,730 21,171 20,595 20,557 Change (percent) Averaj ge Rate Paid (%) Change (b.p.) June 30 July 31 0.15 1.88 -1.40 4.82 5.13 5.47 5.72 5.90 4.87 5.13 5.44 5.74 5 0 -3 2 5.89 -1 -0.18 N.A. N.A. N.A. -3.26 -0.86 N.A. - data are not available NOTE: Data for earlier month may show revisions. 1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial banks and 75 savings banks. All rates are expressed as annual effective yields. Owing to statistical difficulties associated in part with the implementation of sweep accounts, estimates for NOW and Savings accounts are not currently available. 2. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid. 3. BIF-insured savings banks include both mutual and federal savings banks. Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class