Full text of H.6 Money Stock Measures : February 26, 1998

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreleaseat4:30p.m. EastemTime

Billions of dollars

Date

February26,1998

M11

M22

M33

L4

DEBT5

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

1118.7
1125.3
1124.9
1117.0
1116.1
1110.4
1100.2
1094.8
1081.9
1081.3
1082.8

3682.4
3710.0
3722.4
3726.7
3743.4
3753.5
3762.3
3774.6
3786.0
3804.5
3826.1

4658.8
4692.3
4710.2
4739.3
4764.3
4783.6
4801.7
4832.1
4867.1
4894.2
4935.5

5752.0
5797.4
5831.1
5855.6
5899.9
5927.2
5951.1
5989.6
6019.3
6053.1
6088.4

13895.8
13972.0
14035.3
14088.1
14147.7
14219.7
14273.7
14322.1
14383.7
14446.6
14496.6

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

1080.8
1078.8
1075.0
1068.3
1064.3
1065.4
1065.6
1071.1
1063.6
1061.9
1069.2
1076.0

3840.7
3853.3
3868.9
3890.0
3892.7
3908.2
3922.0
3953.1
3973.8
3993.2
4017.5
4040.2

4961.1
4997.8
5032.0
5075.2
5091.2
5114.3
5154.2
5199.3
5237.2
5274.7
5326.3
5376.1

6113.6
6160.6
6204.3
6260.3
6290.5
6317.5
6350.1
6406.7
6445.2
6482.6
6553.3
6618.3 p

14538.1
14596.0
14657.8
14729.2
14776.3
14806.3
14862.9
14922.9
14983.9
15052.7
15119.1
15180.2 p

1998-Jan.

1073.3

4064.5

5425.4

Not seasonally adjusted
1996-Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1105.4
1117.6
1131.4
1105.5
1114.6
1110.4
1097.4
1091.5
1077.9
1086.6
1104.9

3665.9
3713.4
3740.4
3709.1
3740.2
3755.2
3764.5
3767.6
3774.7
3807.6
3845.4

4647.7
4698.8
4723.4
4721.8
4759.0
4779.5
4802.7
4821.2
4860.8
4901.0
4953.4

5738.2
5809.5
5846.6
5833.1
5886.3
5917.5
5956.1
5979.9
6006.9
6065.6
6116.5

13858.9
13944.2
14003.6
14048.7
14110.7
14171.8
14230.7
14289.3
14348.4
14428.3
14496.0

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

1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.3
1097.5

3842.7
3838.0
3876.1
3908.7
3873.9
3904.6
3923.3
3957.0
3965.9
3980.9
4019.9
4059.1

4965.0
4990.6
5044.2
5088.5
5071.6
5106.5
5148.2
5201.0
5224.2
5267.7
5332.2
5393.2

6116.3
6149.0
6221.4
6278.0
6266.5
6301.3
6338.1
6411.1
6434.8
6471.3
6564.4
6644.1 p

14519.0
14558.1
14631.1
14697.8
14734.9
14766.8
14811.8
14877.3
14949.7
15016.2
15099.9
15179.3 p

1998-Jan.

1078.7

4066.4

5429.3

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 annua! rates

M2

M3

3 Months from Oct. 1997 TO Jan. 1998

4.3

7.1

11.4

5.2

6 Months from July 1997 TO Jan. 1998

1.4

7.3

10.5

5.1

12 Months from Jan. 1997 TO Jan. 1998

-0.7

5.8

9.4

4.7

3.3

6.9

10.7

Thirteen weeks ending February 16 , 1998
from thirteen weeks ending:
Nov. 17, 1997 (13 weeks previous)

1.

DEBT 1

M1

Aug.

18, 1997 (26 weeks previous)

1.4

6.9

10.2

Feb.

17, 1997 (52 weeks previous)

-0.7

5.8

9.1

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1997 to December 1997, June 1997 to December 1997,
and December 1996 to December 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
M1
Period ending
1997-Nov. 24

M2

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

1065.0

1068.3

1068.2

3991.1

4014.1

4021.2

5271.6

5320.0

5332.0

Dec.

1
8
15
22
29

1064.8
1064.8
1065.7
1066.9
1068.2

1069.0
1069.3
1070.5
1072.5
1073.8

1075.2
1068.0
1070.6
1076.0
1080.4

3995.4
4000.0
4004.6
4010.0
4015.8

4018.5
4023.4
4027.6
4032.8
4039.2

4030.8
4028.2
4030.2
4042.1
4056.4

5280.6
5290.6
5301.1
5312.0
5323.2

5328.5
5341.6
5353.2
5364.3
5374.8

5347.8
5361.2
5371.7
5376.5
5389.8

1998-Jan.

5
12
19
26

1069.8
1070.4
1071.2
1072.3

1078.4
1076.8
1075.4
1074.3

1086.4
1064.4
1070.3
1076.1

4021.6
4027.4
4032.8
4038.3

4047.3
4054.3
4060.0
4063.4

4060.5
4058.1
4065.0
4070.1

5335.4
5347.7
5359.3
5370.7

5387.2
5400.6
5412.6
5423.0

5410.9
5425.0
5424.5
5431.5

2
9P
16p

1073.3
1073.5
1074.0

1073.8
1075.2
1075.5

1084.3
1070.0
1071.5

4043.4
4049.1
4055.0

4068.1
4074.3
4080.5

4079.0
4062.9
4090.1

5380.6
5391.9
5402.7

5431.0
5438.6
5449.0

5443.1
5455.2
5466.2

Feb.

Not seasonally adjusted
1997-Nov. 24

1063.2

1070.3

1063.4

3984.0

4011.2

4006.6

5265.4

5320.5

5322.1

Dec.

1
8
15
22
29

1064.3
1064.8
1066.7
1070.7
1075.4

1073.4
1076.2
1079.5
1088.6
1094.3

1092.3
1078.3
1084.0
1099.9
1114.8

3989.7
3994.7
4000.1
4008.5
4016.2

4021.3
4030.6
4038.6
4051.4
4057.5

4036.1
4056.6
4055.1
4057.9
4060.2

5276.2
5287.3
5299.5
5313.6
5328.4

5334.5
5351.6
5369.3
5386.2
5393.1

5358.1
5391.2
5405.6
5389.8
5385.7

1998-Jan.

5
12
19
26

1080.2
1082.4
1083.3
1084.1

1108.1
1107.6
1100.3
1085.7

1133.8
1082.0
1070.5
1056.3

4026.9
4034.5
4040.8
4046.4

4069.4
4077.4
4080.2
4073.1

4104.2
4087.1
4069.3
4031.9

5341.7
5355.4
5368.2
5380.0

5401.4
5413.9
5426.0
5431.8

5424.5
5455.4
5438.5
5408.8

2
9p
16p

1083.2
1082.5
1081.7

1069.2
1063.5
1060.7

1066.1
1059.0
1059.3

4050.1
4054.8
4059.4

4058.1
4056.4
4059.9

4044.2
4080.0
4083.5

5388.5
5399.2
5409.7

5429.1
5430.7
5436.9

5413.6
5462.0
5471.2

Feb.

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.




H.6 (508)
Table 4

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

Date

At thrift
institutions5

Total

lnM26

In M3 only7

8.5

405.3

188.4

104.8

293.2

2679.8

1057.6

Oct.
Nov.
Doc.

390.4
392.4
394.9

8.6
8.6
8.6

399.1
402.5
403.6

179.1
173.0
172.1

104.8
104.7
103.7

283.9
277.7
275.9

2704.1
2723.2
2743.2

1081.1
1089.6
1109.4

1997-Jan.
Feb.
Mar.

396.9
399.6
401.6

8.6
8.6
8.4

402.2
402.4
402.4

171.3
166.0
161.0

101.9
102.2
101.5

273.2
268.2
262.5

2759,
2774,
2794,

1120.
1144.
1163,

Apr.
June

403.5
406.0
408.0

8.3
8.2
8.0

397.3
396.6
398.3

160.6
155.8
154.1

98.5
97.6
97.0

259.1
253.4
251.1

2821,
2828.
2842.8

1185.
1198,
1206.0

July
Aug.
Sap.

410,
412,
415.

398.
401.
391.

151.0
150.5
150.7

97.4
97.8
97.1

248.4
248.2
247.8

2856.
2882.
2910,

1232
1246,
1263,

Oct.
Nov.
Dec.

418.
421.
425.

389.
394.
397.

148.8
147.8
148.5

97.0
96.9
96.7

245.8
244.6
245.1

2931,
2948.
2964.

1281.5
1308.8
1335.9

392.7

149.0

95.9

244.9

2991.2

1360.9

427.5

Week e n d i n a
1997-Dec. 22

1998-Jan.

Feb.

e

At commercial
banks4

387.8

1998-Jan.

4.
5.
6.
7.

Nontransactions components

Other checkable deposits

1996-Sep.

May

1.
2.
3.

Travelers checks2 Demand deposits3

8.2

29

425.
427.

398.
399.

148.8
150.2

95.
95.

244.
245.

2966.
2975.

1334.
1333,

5
12
19
26

427.4
426.4
427.8
428.8

400.
385.
390.
395.

152.
148.
148.
148.

97.
96.
95.
95.

249.
244.
244.
243,

2974.
2993.
2994.
2994.1

1350.4
1366.8
1359.1
1361.4

2
9P
16p

428.8
429.7
431.3

400.8
387.9
388.0

149.5
146.3
146.1

97.0
98.0
97.9

246.5
244.3
244.0

2994.7
3012.8
3018.6

1364.1
1372.3
1376.1

8.2
8.2
8.2

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.
estimated




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

At
commercial
banks

At
thrift
institutions

1996-Sep.

banks
867.4

Total
1234.1

587.3

353.3

940.6

505.1

Oct.
Nov.
Dec.

881.5
894.8
904.8

367.9
366.8
366.9

1249.4
1261.6
1271.7

589.6
592.3
594.5

354.7
354.7
354.3

944.3
947.0
948.8

510.
514.

1997-Jan.
Feb.
Mar.

914.0
920.8
932.4

367.4
368.1
368.0

1281.4
1288.8
1300.4

595.1
595.5
598.5

355.
355,
353.

June

946.
946.
951.

371.0
374.4
374.6

1317.
1320.
1325.8

601.2
603.8
609.2

July
Aug.
Sep.

957.3
968.8
985.4

374,
374,
374,

1331.
1343.
1359,

Oct.
Nov.
Dec.

999.6
1009.5
1020.9

375,
374,
376,

1998-Jan.

1033.2

29

295.8

At
thrift
institutions
76.7

522.8

299.0
304.2
310.3

401.1
404.1
413.2

77.3
78.1
78.0

478.4
482.2
491.3

950.
951,
951.

528.4
534.5
541.9

309.9
319.8
325.9

416.5
424.8
436.3

80.1
80.7
80.5

496.6
505.4
516.8

351.9
352.8
351.5

953.
956.
960.

551.4
551.2
556.4

328.
331.
338.

448.0
449.9
456.6

80.8
81.1
82.0

528.8
531.0
538.6

614.
615.
616.

348.
348.
346.

962.
963.
963.

562.
575,
587,

342.
348.
356.

467.
469.
476,

83.
83,
83,

550.5
552.3
559.7

1374.
1384.
1397.5

618.
621.
621.

346.
343.
343.

964.
964.
965.

592.
599.
601.

363.
365.
376.

478,
487,
495.

83.
84.
85.

562.3
572.1
581.1

378.6

1411.7

621.6

344.8

966.4

613.1

380.8

497.9

87.3

535.3

1023.7
1027.3

377.4
380.8

1401.0
1408.0

622.1
621.6

343, , 8
3 4 3 .. 6

965.9
965.2

599.2
602.7

373.2
377.4

497.9
495.3

84.
85.

582.9
580.8

5
12
19
26

1027.7
1037.3
1036.2
1030.9

376.4
377.5
377.8
380.5

1404.1
1414.8
1414.0
1411.4

621.0
621.4
622.0
622.1

344.. 2
344.. 6
344.. 8
3 4 5 .. 1

965.3
965.9
966.9
967.2

604.7
613.0
613.8
615.4

380.6
384.5
380.5
378.1

493.3
497.0
496.3
500.0

86.
87.
87,
88.

579,
584.
584.

2
9P
16p

1029.8
1044.5
1044.4

381,
380.
381.

1411.4
1424.8
1426.2

621.3
621.7
622.0

3 4 5 .. 0
344.. 5
3 4 3 .. 7

966.3
966.2
965.7

617.0
621.9
626.6

380.4
3S3.7
385.7

502.8
503.4
508.9

87,
87.
87.

589.
591.
596,

May

Week e n d i n a
1997-Dec. 22
1998-Jan.

Feb.

p

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




Large-denomination time deposits3
At
commercial
banks4
388.9

Apr.

3.
4.

Institutional
money
funds

At
thrift
institutions
366.7

At

commercial

1.
2.

Retail
money
funds

Total

Total
465.7

588.

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
1

RPs

Date

Non-M3 Components of L

2

Eurodollars

Short-term
Treasury
securities3

Savings bonds

Bankers
acceptances4

Commercial paper5

Debt components6
Non-Federal debt

Federal debt

19$6--sap.

157.6

99.1

Oct.
Nov.
Dec.

197.2
195.6
194.2

106.6
107.8
113.7

187.0
186.9
186.9

471.8
473.5
455.1

12.2
12.4
12.4

481.2
486.1
498.5

3756.0
3770.0
378O.0

10627.7
10676.6
10716.7

1997-Jan.
Feb.
Mar.

197.2
200.0
198.9

116.8
119.3
121.4

186.7
186.6
186.5

443.1
444.7
446.5

12.2
12.8
13.3

510.5
518.7
526.1

3778.0
3782.6
3796.5

10760.1
10813.4
10861.3

Apr.
May
June

202.4
204.1
199.8

125.5
131.5
129.3

186.4
186.3
186.4

451.4
458.9
450.9

12.8
13.0
12.8

534.5
541.1
553.2

3803.2
3789.7
3776.5

10926.0
10986.6
11029.8

July
Aug.
Sep.

207.4
210.0
209.2

131.7
135.5
137.9

186.4
186.4
186.4

433.3
444.8
444.8

12.7
13.0
12.9

563.6
563.2
563.9

3779.4
3784.5
3788.0

11083.5
11138.4
11195.9

Oct.
Nov.
Dec.

219.0
233.5
235.6

136.8
137.5
143.1

186.4
186.4
186.4

436.9
446.4
437.4

13.4
13.0
12.1 p

571.3
581.3
606.3 p

3789.6
3790.4
3797.3

11263.1
11328.7
11382.9

1998-Jan.

249.1

145.8

Week e n d i n a
1 9 9 7 - D e c . 22
29

235.0
234.6

143.3
140.7

5
12
19
26

241.2
251.5
250.8
249.9

149.2
146.4
144.2
145.3

2
9P
16p

249.6
254.9
251.0

144.2
142.5
142.6

1998-Jan.

Feb.

187.0

476.2

11.$

482.5

3743.8

i557S.3

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.




Page 7
H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
cy1

Date

e

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

lnM2 6

Total

In M3 only7

386.7

8.8

404.4

187.1

104.5

291.7

2676.1

1053.6

Oct.
Nov.
Dec.

388.8
392.8
397.9

8.6
8.4
8.3

398.8
408.3
419.9

177.3
172.4
174.1

104.3
104.8
104.7

281.6
277.2
278.8

2696.8
2721.0
2740.5

1086.1
1093.4
1108.0

1997-Jan.
Feb.
Mar.

395.4
397.5
400.8

8.2
8.3
8.2

406.0
393.2
396.0

175.0
166.2
161.5

102.0
100.5
101.4

277.0
266.8
262.9

2756.0
2772.4
2808.1

1122.3
1152.5
1168.2

Apr.
May
June

403.3
406.0
408.3

8.2
8.2
8.2

397.5
388.5
397.4

163.9
154.1
153.3

100.7
97.1
97.3

264.7
251.2
250.6

2835.1
2820.0
2840.0

1179.7
1197.7
1201.9

July
Aug.
Sep.

411.2
413.3
414.2

8.7
8.8
8.4

399.4
401.7
391.0

149.3
148.7
149.8

97.4
97.2
96.8

246.7
245.9
246.6

2857.2
2887.3
2905.7

1224.9
1244.0
1258.3

Oct.
Nov.
Dec.

417.3
422.4
429.0

8.2
8.0
7.9

388.8
399.8
412.9

147.4
147.2
150.2

96.5
96.9
97.5

243.9
244.2
247.6

2922.7
2945.6
2961.6

1286.7
1312.3
1334.1

1998-Jan.

426.4

7.9

396.2

152.2

96.1

248.2

2987.7

1362.9

Week e n d i n a
1 9 9 7 - D e c . 22
29

430.5
433.0

7.9
8.0

414.3
421.9

151.2
155.4

96.0
96.5

247.2
251.9

2958.0
2945.4

1331.9
1325.6

5
12
19
26

429.7
426.9
426.2
424.8

8.0
7.9
7.9
7.8

436.3
398.2
390.2
380.2

158.7
151.6
151.1
150.6

101.0
97.4
95.1
92.8

259.8
249.0
246.2
243.5

2970.4
3005.1
2998.7
2975.6

1320.3
1368.3
1369.2
1377.0

2
9P
16p

425.0
428.6
430.1

7.8
7.8
7.8

387.6
379.2
381.2

152.3
146.3
144.7

95.5
97.1
95.4

247.8
243.4
240.2

2976.1
3021.0
3024.2

1369.3
1382.0
1387.7

Feb.

4.
5.
6.
7.

Demand
deposits 3

1996-Sep.

1998-Jan.

1.
2.
3.

Travelers
checks 2

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.
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~~"~
At
thrift
commercial
institutions
banks

Date

p

— —
commercial
banks

At
thrift
institutions

Total

money
funds

Large-denomination time deposits3
At
commercial
banks4

At
thrift
institutions

Total

867.0

366.6

1233.5

586.8

353.0

939.8

502.7

291.4

390.5

77.0

467.6

Oct.
Nov.
Dec.

879.3
895.1
903.3

367.0
366.9
366.4

1246.3
1262.0
1269.7

589.3
591.3
592.7

354.5
354.1
353.2

943.9
945.3
946.0

506.6
513.7
524.8

296.1
304.3
312.7

406.6
408.6
413.6

78.4
79.0
78.1

485.0
487.6
491.7

1997-Jan.
Feb.
Mar.

910.0
916.2
936.1

365.8
366.2
369.5

1275.8
1282.4
1305.5

594.5
595.7
599.1

354.6
355.8
353.5

949.1
951.5
952.5

531.1
538.5
550.0

317.7
329.6
332.0

410.3
422.2
435.2

78.9
80.2
80.3

489.2
502.4
515.5

Apr.
May
June

950.4
944.8
953.9

372.7
373.8
375.6

1323.2
1318.6
1329.5

602.1
604.6
609.7

352.4
353.3
351.8

954.5
957.8
961.4

557.5
543.5
549.1

326.2
325.8
332.4

444.9
451.1
455.9

80.2
81.4
81.9

525.1
532.5
537.8

July
Aug.
Sep.

959.5
971.0
984.3

375.0
375.1
374.0

1334.5
1346.1
1358.2

615.3
615.2
616.5

348.5
348.1
346.3

963.8
963.3
962.7

558.9
577.9
584.6

339.0
346.8
351.5

466.5
469.1
478.2

82.8
83.4
83.9

549.3
552.5
562.2

Oct.
Nov.
Dec.

996.5
1009.2
1019.0

374.0
374.8
375.8

1370.4
1384.0
1394.8

618.1
620.2
620.0

346.1
343.1
342.7

964.2
963.3
962.7

588.1
598.3
604.1

359.6
365.2
378.9

485.7
493.4
496.3

84.8
85.3
85.3

570.5
578.7
581.6

1998-Jan.

1028.9

377.0

1405.9

621.2

344.6

965.8

616.0

389.8

490.4

86.0

576.5

Week e n d i n a
1 9 9 7 - D e c . 22
29

1017.2
1006.9

375.0
373.2

1 3 9 2 ..2
1 3 8 0 ..2

620.1
619.7

342.6
342.5

962.8
962.2

603.1
603.0

376.4
379.7

498.4
491.1

85.0
84.8

583.4
575.9

5
12
19
26

1031.0
1043.0
1035.1
1014.1

377.6
379.6
377.4
374.2

1 4 0 8 ..6
1 4 2 2 ..6
1 4 1 2 ..4
1 3 8 8 ..3

620.3
621.0
621.7
621.6

343.8
344.4
344.7
344.9

964.1
965.4
966.4
966.5

597.7
617.1
619.9
620.7

367.4
394.5
395.1
396.3

484.2
489.9
489.2
492.8

84.5
86.0
86.4
86.7

568.7
576.0
575.6
579.6

2
9P
16p

1013.4
1046.4
1045.0

375.5
381.0
382.1

1389,• 0
1 4 2 7 ,.4
1 4 2 7 ..0

621.2
621.9
622.3

344.9
344.6
343.9

966.1
966.6
966.2

621.0
627.1
631.0

388.9
395.4
398.0

495.6
498.7
505.7

85.8
87.0
87.3

581.5
585.8
593.0

Feb.

3.
4.

Total

Institutional
money
funds

Retail

1996-Sep.

1998-Jan.

1.
2.

Small-denomination time deposits2

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

Debt components 6

Non-M3 Components of L
2

Eurodollars

Savings bonds

Total

Short-term
Treasury
securities 3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

1996-flop.

147.4

49.1

196.5

98.2

186.7

476.9

12.0

483.1

3736.1

10553.3

Oct.
Nov.
Doc.

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
480.1
469.7

12.2
12.4
12.6

486.1
485.2
493.8

3740.9
3771.4
3787.9

10607.6
10657.0
10708.1

1997-Jan.
Fab.
Mar.

150.6
152.6
151.1

45.7
46.9
46.7

196.2
199.5
197.8

119.2
121.1
122.9

186.8
186.6
186.6

441.6
441.5
453.9

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10745.6
10775.1
10815.8

Apr.
May
Juno

155.8
160.7
156.9

47.0
46.4
47.0

202.8
207.2
203.9

125.7
132.2
127.9

186.5
186.4
186.3

450.2
446.9
443.8

13.0
13.0
12.7

539.9
548.7
552.0

3810.3
3781.3
3766.2

10887.5
10953.7
11000.6

July
Aug.
Sop.

160.3
162.7
160.9

47.4
47.9
47.2

207.7
210.5
208.2

128.8
134.1
136.5

186.3
186.3
186.2

431.0
451.9
446.7

12.1
12.7
13.1

560.4
559.2
564.5

3759.9
3774.4
3780.4

11051.9
11103.0
11169.4

Oct.
Nov.
Dec.

173.0
183.1
180.7

47.9
48.9
48.2

221.0
232.0
228.9

135.6
136.3
144.7

186.3
186.4
186.5

427.2
453.3
452.0

13.4
13.0
12.3

576.7
579.6
600.0

3774.4
3792.1
3805.8

11241.9
11307.8
11373.5

1998-Jan.

201.5

46.3

247.8

148.9

Wook o n d i n a
1 9 9 7 - D o c . 22
29

179.0
178.4

48.1
47.3

227.2
225.7

144.9
144.3

5
12
19
26

186.3
201.5
204.1
206.1

46.4
47.1
46.6
45.8

232.7
248.6
250.7
251.9

151.6
149.2
147.8
149.3

2
9P
16p

206.5
210.5
205.8

45.7
46.3
46.4

252.2
256.8
252.2

146.8
144.0
144.6

1998-Jan.

Fob.

p

p

p

p

p

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 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

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

13.8

4.6

6.2

20.5

31.3

3.4

151.4

108.6

82.3

342.3

1.4
1.4
1.4

14.9
16.4
17.9

3.0
3.3
4.2

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.8

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

84.8
87.2
89.6

344.3
346.2
348.0

9.2
9.3
9.3

1.7
1.5
1.4

18.6
18.3
18.0

4.1
2.8
3.1

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.7

2.4
2.4
2.4

151.3
151.3
151.4

106.6
106.3
105.9

91.5
92.7
93.8

349.4
350.3
351.1

June

9.5
9.9
10.3

1.3
1.4
1.5

17.9
17.8
17.8

5.3
2.5
3.8

11.7
12.7
8.1

21.7
29.6
22.5

38.7
44.8
34.5

2.6
2.9
3.2

151.6
151.8
152.0

105.6
105.2
104.9

94.2
94.1
94.0

351.4
351.1
350.9

July
Aug.
Sep.

10.0
9.4
8.7

1.5
1.5
1.4

17.9
18.2
18.4

1.8
1.8
3.2

5.0
4.9
6.2

18.2
12.4
20.1

24.9
19.1
29.4

3.2
3.0
2.9

152.8
154.0
155.2

104.5
104.0
103.5

94.2
94.7
95.2

351.5
352.7
353.9

Oct.
Nov.
Dec.

8.3
8.3
8.3

1.5
1.5
1.4

18.5
18.5
18.5

1.7
1.7
2.2

5.5
5.1
5.0

16.0
12.4
16.6

23.1
19.2
23.8

2.8
2.8
2.8

156.0 e
156.1 e
156.2 e

103.0
102.7
102.3

e
e
e

95.9
96.9
97.9

e
e
e

354.9
355.7
356.5

e
e
e

1998-Jan.

8.3

1.5

18.5

3.1

6.5

23.2

32.9

2.8

156.3

101.9

e

99.0

e

357.2

e

29

8.3
8.3

1.4
1.4

18.5
18.5

1.9
1.8

6.1
4.5

18.6
31.2

26.7
37.5

2.8
2.8

5
12
19
26

8.3
8.3
8.3
8.3

1.6
1.4
1.4
1.4

18.5
18.5
18.5
18.5

2.9
2.5
4.6
3.5

5.2
5.2
7.5
8.0

15.4
8.3
20.2
37.1

23.5
16.0
32.3
48.6

2.8
2.8
2.8
2.8

2
9P
16p

8.3
8.3
8.3

1.5
1.4
1.4

18.5
18.5
18.5 .

1.8
1.5
1.7

6.2
5.3
4.8

36.7
9.8
5.8

44.6
16.5
12.3

2.8
2.8
2.8

Date

Foreign
commercial
banks

Foreign
official
institutions

1996-Sep.

8.5

1.4

Oct.
Nov.
Dec.

8.6
8.8
9.1

1997-Jan.
Feb.
Mar.
Apr.
May

Week e n d i n g
1997-Dec. 22
1998-Jan.

Feb.

e
p

Time and
savings
deposits
due to
foreign
banksand
official
institutions

estimated
preliminary




Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

e

At
thrift
institutions

At
money
market
funds

Total