Full text of H.6 Money Stock Measures : April 10, 1997
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FEDERAL RESERVE statistical n?leas< H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Uli «<*««* Billions of dollars -ai4|30p.m. Eastern Time ,pril10,1997 FRB RESEARCH LIBRARY Date M11 M22 DEBT5 M33 Seasonally adjusted 1995-Apr. May June July Aug. Sep. Oct. Nov. Dec. 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 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 3762.8 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 5960.6 5983.2 6020.9 6057.2 13925.4 13998.7 14075.6 14145.7 14205.5 14265.6 14338.9 14396.4 14445.8 14508.5 14574.6 14624.4 1997-Jan. Feb. Mar. p 1079.6 1080.3 1074.8 3849.8 3866.2 3881.1 4948.6 4987.2 5016.1 6071.8 p 14665.5 14725.8 p Not seasonally adjusted 1995-Apr. May June July Aug. Sep. Oct. Nov. Dec. 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 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 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 6031.2 6085.5 13906.6 13961.3 14045.6 14108.6 14158.9 14220.0 14280.8 14343.2 14406.1 14470.7 14556.2 14623.7 1997-Jan. Feb. Mar. p 1085.8 1066.1 1066.8 3851.5 3850.5 3885.9 4954.2 4978.4 5023.0 6084.6 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 Dec. 199 6 TO Mar» 1997 -2.3 5.0 7.2 4.1 6 Months from Sop. 199 6 TO Mar. 1997 -3.4 5.6 8.0 4.6 12 Months from Mar. 199 6 TO Mar« 1997 -4.6 4.5 6.9 5.2 Thirteen weeks ending March 31 1997 from thirteen weeks ending: Dec. 30, 1996 (13 weeks previous) -0.5 5.9 7.8 Sep. 30, 1996 (26 weeks previous) -4.0 5.5 7.9 Apr. -3.9 4.8 7.0 1. 1, 1996 (52 weeks previous) 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 M 1 . 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 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 1997-Jan. 6 13 20 27 1080.2 1080.4 1080.5 1080.3 1080.9 1080.5 1080.7 1080.4 1082.1 1075.0 1080.7 1083.9 3814.7 3819.4 3824.7 3829.5 3837.1 3839.7 3845.1 3851.0 3847.6 3840.4 3856.4 3859.5 4897.1 4904.1 4910.8 4918.1 4933.6 4937.5 4943.0 4949.5 4943.7 4942.9 4952.3 4959.1 Fab. 3 10 17 24 1080.6 1081.3 1081.2 1081.3 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 4932.9 4941.1 4949.4 4954.7 4963.1 4973.5 4982.3 4964.6 4976.3 4993.8 4994.5 Mar. 3 10 17 24p 31p 1080.5 1080.5 1080.2 1079.2 1078.6 1079.9 1078.4 1077.2 1074.0 1073.5 1079.4 1077.1 1072.0 1067.6 1077.3 3851.2 3854.7 3858.3 3861.8 3866.2 3867.4 3870.6 3872.8 3875.6 3881.4 3870.5 3874.8 3876.8 3880.4 3893.6 4956.9 4963.7 4969.9 4976.6 4984.3 4991.4 4999.5 5003.3 5008.8 5016.9 5001.1 5008.7 5009.0 5016.2 5033.8 Not seasonally adjusted 1997-Jan. 6 13 20 27 1090.7 1091.8 1092.1 1092.0 1108.8 1108.0 1101.9 1089.9 1123.5 1092.2 1080.4 1063.6 3820.8 3827.3 3832.9 3837.3 3859.1 3864.0 3864.1 3856.7 3884.3 3871.4 3853.0 3818.0 4905.1 4913.8 4921.1 4928.2 4950.5 4956.8 4960.1 4957.6 4962.9 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 3846.6 3849.8 3844.8 3841.5 3841.8 3847.0 3836.8 3858.0 3854.4 3838.6 4933.7 4940.9 4947.6 4954.6 4953.8 4954.9 4961.8 4971.8 4947.8 4981.8 4984.6 4972.9 Mar. 3 10 17 24p 31p 1085.0 1082.8 1080.6 1076.6 1073.9 1065.9 1065.1 1065.6 1064.1 1065.4 1070.6 1066.1 1066.1 1053.4 1076.0 3852.5 3855.7 3858.7 3860.2 3863.6 3853.5 3862.5 3871.9 3880.2 3887.4 3862.9 3894.1 3892.0 3871.9 3891.4 4961.0 4968.0 4974.1 4979.4 4985.6 4983.7 4996.4 5007.9 5017.9 5024.9 4995.5 5032.4 5030.9 5012.7 5023.7 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 Travelers checks2 Demand deposits3 Other checkable deposits Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2' In M3 only7 1995-Nov. Dae. 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 8.5 408.7 405.8 404.9 202, .9 195, .2 188 .0 105, . 8 105, . 2 104 . 3 308.7 300.4 292.2 2641.2 2663.0 2682.2 1021.1 1028.7 1047.2 Oct. Dae. 390.2 392.5 395.2 8.6 8.6 8.6 398.2 402.1 402.5 178, >9 172, .7 171, .5 104, . 3 104, . 2 103, . 3 283.2 276.8 274.8 2707.7 2729.4 2752.1 1069.7 1075.5 1094.2 1997-Jan. Fab. Mar. 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, . 1 272.4 267.0 261.2 2770.2 2785.9 2806.2 1098.8 1121.0 1135.1 NOT. Wtth tnfllaq 1997-Fab. Mar. 1. 2. 3. 4. 5. 6. 7. e 3 10 17 24 398.4 399.8 400.5 401.5 406, 404, 403, 404, 171, 168, 162, 164, ,1 .0 ,7 ,8 102. .9 102, • 1 101, .5 100, • 7 274.0 270.1 264.2 265.5 2774.4 2779.0 2791.3 2788.8 1103.0 1114.2 1125.8 1125.4 3 10 17 24p 31P 401.5 402.4 402.0 402.7 402.8 403, 402, 401, 399, 405, 163, 161, 158. 158, 161, ,0 .4 .4 .3 .9 102, 102, 101, 99, 99, .8 .8 .8 .1 .1 265.8 264.2 260.2 257.4 261.0 2791.1 2797.6 2804.8 2812.8 2816.3 1130.6 1133.9 1132.2 1135.8 1140.2 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. 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 Retail money funds Institutional money funds 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 1303.0 592.7 593.9 596.1 352.5 352.8 349.4 945.2 946.7 945.5 542.4 548.7 557.8 296.3 305.4 311.8 410.3 417.6 427.5 81.1 81.9 82.0 491.4 499.5 509.5 369.4 366.9 369.6 372.1 1280.3 1283.8 1293.7 1296.4 593.6 593.7 593.7 593.6 352.8 353.0 353.0 353.2 946.5 946.7 946.8 946.9 547.6 548.6 550.8 545.5 291.9 300.2 307.1 311,2 410.6 414.1 418.8 420.1 81.7 82.0 82.0 81.9 492.3 496.1 500.8 502.0 368.0 364.6 368.5 373.4 374.6 1293.1 1295.3 1303.6 13t>9.3 1308.1 595.8 596.4 596.1 596.1 595.7 350.4 349.4 349.4 349.3 349.1 946.2 945.8 945.6 945.4 944.8 551.9 556.6 555.7 558.2 563.4 311.7 313,4 311.7 314.1 307.9 422.9 426.3 426.3 428.3 430.9 81.7 81.8 81.7 81.8 82.9 504.7 508.1 508.0 510.1 513.8 At thrift institutions Total At commercial banks At thrift institutions 1995-Nov. Dae. 762.4 776.0 361.8 361.1 1124.2 1137.1 574.6 576.0 356.1 357.7 930.7 933.7 451.2 455.2 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 Juna 825.5 829.3 837.4 364.6 366.3 366.7 1190.1 1195.6 1204.1 577.5 577.0 578.0 352.0 351.5 350.8 lit At commercial banks 4 At commercial banks 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. Nov. Dae. 879.3 892.7 903.9 367.1 366.3 367.1 1246.3 1259.0 1271.1 1997-Jan. Fab. Mar. P 914.0 921.1 932.3 368.6 369.4 370.0 3 10 17 24 910.9 916.9 924.1 924.3 3 10 17 24p 31p 925.0 930.7 935.1 935.9 933.5 Date Large-denomination time deposits3 Total Total WtK fading 1997-Fab. Mar. 1. 2. 3. 4. p 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 6 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted RPs1 Date Non-M3 Components of L 2 Eurodollars Savings bonds —i3§6-ttov. Dae. 187.5— Si.5 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 184.8 m.§— H73 11.7 17575 3435.§ 161&5.5 469.7 94.2 95.4 94.0 185.0 185.2 185.4 464.3 448.1 458.4 11.6 10.5 10.1 440.0 443.0 446.3 3639.6 3658.0 3685.1 10285.8 10340.7 10390.5 188.9 202.7 195.2 96.5 97.0 97.8 185.8 186.1 186.4 460.0 439.6 448.5 10.4 11.0 11.5 459.3 468.0 470.1 3698.0 3704.3 3710.7 10447.7 10501.2 10554.9 July Aug. Sap. 194.0 192.2 194.0 97.9 98.4 101.2 186.7 186.9 187.1 447.6 452.4 457.7 11.6 11.4 11.3 473.0 477.7 482.0 3729.4 3743.4 3746.4 10609.5 10653.1 10699.3 Oct. Nov. Dae. 195.3 194.3 192.7 107.1 107.5 112.6 187.1 187.0 187.0 447.6 454.3 435.7 11.3 11.6 11.8 479.6 483.2 495.5 3758.2 3771.4 3780.4 10750.4 10803.3 10844.1 194.8 198.4 197.4 116.3 117.7 116.4 186.7 p 415.9 p 11.5 p 509.1 p 3778.6 3784.2 p 10887.0 10941.6 p 3 10 17 24 199.3 200.3 200.6 195.4 119.6 117.7 117.2 116.9 3 10 17 24p 31p 195.8 194.8 196.4 196.1 203.2 118.4 117.6 116.1 115.6 115.3 182.1 91.0 1996-Jan. Fab. Mar. 187.2 188.9 187.8 Apr. May Juna 1997-Jan. Fab. Mar. P Waak a n d i n o 1997-Fab. Mar. T5T7Z Short-term Treasury securities3 Debl[components6 439.3 3638.8 10236.6 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 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 6 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. Fab. 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 2543.2 2562.9 2597.9 955.4 974.8 978.8 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 2610.3 2604.0 2625.4 976.6 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,.9 171,.9 173,.5 103.8 104.4 104.4 280.7 276.3 278.0 2700.9 2727.1 2748.6 1075, 1080. 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,.8 101.7 100.0 100.8 276.4 265.5 261.6 2765.6 2784.4 2819.1 1102.8 1127.9 1137.1 399.,1 395.,3 395..2 390.,0 173,.8 166.,1 162.,7 165.,7 100.4 101.4 99.5 98.1 274. 267, 262, 263.8 2760. 2788, 2790, 2779, 1110.9 1123.8 1130.3 1134.3 397.,8 394. 6 397..4 386. 4 401.,3 164.,5 158. 8 158. 4 159. 8 165..2 101.6 102.8 101.3 98.1 100.0 266. 261. 259. 257, 265. 2792, 2828. 2826. 2818. 2815.4 1132.6 1138.3 1138.9 1140.8 1132.3 W»*k andina 1997-Fab. Mar. 4. 5. 6. 7. Demand deposits3 1995-Nov. Dae. 1997-Jan. Fab. Mar. P 1. 2. 3. Travelers checks2 3 10 17 24 394.6 398.1 398.5 397.5 8.3 8.3 8.3 8.3 3 10 17 24p 31p 398.4 401.6 400.8 400.8 401.2 8.3 8.3 8.2 8.2 8.2 a a a 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 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. e 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 deposits 1 Total 573.2 573.8 At thrift institutions 355.2 356.3 928.4 930.1 449.2 456.3 245.6 248.2 1147.6 1157.8 1180.7 578.6 579,6 579.6 354.4 354.9 353.4 933.0 934.5 933.0 462.7 470.6 484.2 365.1 365.7 367.7 1191.7 1193.7 1207.6 579V1 571.4) 57B,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 58T1.0 583.0 584.8 350 . 6 351.3 351.7 Oct. Nov. Dae. 878.9 894.5 902.9 366.9 367.1 366.7 1245.7 1261.5 1269.6 586.8 588.6 589.8 1997-Jan. Fab. Mar. P 908.9 915.3 933.9 366.5 367.1 370.4 1275.4 1282.5 1304.3 3 10 17 24 898.8 919.8 920.0 910.7 364.5 368.1 368.0 366.6 3 10 17 24p 31p 919.7 944.4 940.8 930.8 925.6 365.9 369.9 370.8 371.3 371.4 p 346.5 345.7 422.1 421.1 257.3 267.7 267.1 341.5 348.3 355.7 75.7 76.2 75.6 417.2 424.4 431.2 486.5 480.1 488.3 261.4 260.1 264.6 356.2 369.2 373.7 75.3 75.8 75.7 431.6 445.0 449.4 931.6 934.3 936.5 497.6 506.8 508.9 271.2 278.1 280.4 376.6 381.4 388.0 76.1 77.1 78.3 452.7 458.5 466.4 353/0 352.4 351.1 939.8 940.9 940.9 515.3 524.6 538.1 284.7 292.6 300.5 405.0 406.9 411.9 79.7 80.3 79.5 484.7 487.2 491.4 592.0 594.3 597.5 352.1 353.0 350.3 944.1 947.3 947.8 546.2 554.6 567.1 304.8 315.5 316.4 406.7 416.0 426.7 80.4 81.6 81.6 487.1 497.5 508.5 1263.2 1287.8 1288.0 1277.3 593.5 593.9 594.2 594.1 352.8 353.1 353.3 353.5 946.2 947.0 947.6 947.6 551.2 553.8 554.8 554.2 305.3 313.9 314.9 321.9 406.6 411.8 416.9 419.3 80.9 81.5 81.6 81.8 487.6 493.3 498.5 501.1 1285.6 1314.4 1311.6 1302.1 1297.0 596.8 597.8 597.6 597.5 597.6 350.9 350.2 350.3 350.1 350.2 947.7 948.0 948.0 947.6 947.8 559.1 565.6 566.4 568.9 570.7 315.8 320.8 318.5 318.9 307.5 423.1 426.6 426.8 428.1 426.8 81.8 81.8 81.8 81.8 82.1 504.9 508.4 508.5 509.9 508.8 At thrift institutions 1995-Nov. Dae. 362.7 360.8 1126.9 1136.1 1996-Jan. Fab. Mar. 790.2 799.8 820.0 357.4 357.S 360.6 Apr. May June 826.7 828.0 839.8 July Aug. Sap. Mar. Large-denomination time deposits 3 At thrift institutions 75.6 75.4 At commercial banks 764.2 775.3 W»«fr • n f l i n q 1997-Fab. 3. 4. Institutional money funds Retail money funds Date 1. 2. Small-denomination time deposits 2 Total At commercial banks At commercial banks 4 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 Debtcomponents* Non-M3 Components of L Eurodollars2 Total Savings bonds Short-term Treasgry secunties3 Bankers acceptances4 Commercial paper6 Federal debt Non-Federal debt 1995-Nov. Dec. 140.3 132.6 46.3 45.4 186.6 178.0 92.1 91.8 184.3 184.8 462.0 482.9 12.5 12.1 440.1 438.1 3635.9 3645.9 10180.1 10229.8 1996-Jan. Fab. Mar. 140.4 140.9 139.8 45.0 45.3 45.6 185.4 186.2 185.4 95.4 96.5 95.0 185.1 185.4 185.7 470.0 451.8 470.7 12.3 10.6 10.0 441.3 442.7 444.3 3634.4 3655.5 3698.1 10272.2 10305.8 10347.4 Apr. May Juna 139.9 153.9 149.2 47.9 50.8 51.0 187.8 204.7 200.2 95.8 96.0 97.1 186.1 186.3 186.4 461.4 430.1 441.1 10.5 10.8 11.5 461.1 471.4 467.0 3699.5 3692.1 3698.1 10409.1 10466.9 10522.0 July Aug. Sap. 144.5 144.1 146.8 50.4 49.6 49.2 194.9 193.7 196.0 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 Oct. Nov. Dae. 149.8 145.5 141.5 48.5 47.6 46.0 198.3 193.1 187.5 108.0 107.7 113.5 186.8 186.9 187.0 432.8 454.4 448.3 11.4 11.8 12.1 486.1 485.2 493.8 3740.9 3771.4 3787.9 10729.9 10784.8 10835.8 147.1 149.2 148.3 45.7 46.6 46.4 192.8 195.8 194.7 118.0 119.0 117.5 186.8 p 421.1 p 12.1 p 510.3 p 3773.4 3783.0 p 10872.1 10903.3 p 3 10 17 24 151.7 152.2 151.3 145.2 46.5 46.4 46.7 46.7 198.1 198.6 198.0 191.9 119.9 118.0 118.9 119.4 3 10 17 24p 31P 145.4 144.6 148.7 149.7 151.5 46.7 46.8 46.1 45.8 46.9 192.1 191.4 194.7 195.5 198.4 119.8 117.7 117.1 116.6 117.5 1997-Jan. Fab. Mar. P Wttft fading 1997-Fab. Mar. 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 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve 12.4 12.5 2.9 5.9 5.4 6.5 14.6 16.5 27.1 1.5 1.5 1.4 13.0 13.5 14.0 4.3 3.0 4.0 6.2 5.0 5.7 15.9 13.2 10.8 June 7.8 8.3 8.9 1.4 1.5 1.5 14.0 13.5 13.0 5.8 2.8 4.8 7.2 5.7 6.1 July Aug. Sap. 9.1 7.9 8.5 1.6 1.5 1.4 13.2 13.6 14.1 2.9 2.7 4.6 Oct. Nov. Dae. 8.5 8.4 8.3 1.4 1.4 1.4 15.1 16.3 17.6 8.3 8.3 8.3 1.4 1.4 1.4 3 10 17 24 8.3 8.3 8.3 8.3 3 10 17 24p 31P 8.3 8.3 8.3 8.3 8.3 Date At money market funds Total 1.6 l.i 150.7 150.5 110.5 a 110.1 a 74.9 75.5 336.1 a 336.1 a 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 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 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 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 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 1.4 1.4 1.4 1.5 18.4 18.4 18.4 18.4 3.0 2.5 2.9 2.8 7.5 4.8 4.9 4.5 27.8 12.5 10.1 16.6 38.3 19.8 17.9 23.8 4.6 4.6 4.6 4.6 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 21.6 17.9 20.1 37.2 33.5 4.6 4.6 4.6 4.6 4.6 1995-Nov. Dae. 8.3 8.4 1.6 1.5 1996-Jan. Fab. Mar. 8.4 8.2 8.0 Apr. Waak andlncr 1997-Fab. Mar. estimated preliminary Time and savings deposits at commercial banks At thrift institutions Foreign official institutions 1997-Jan. Fab. Mar. P Note balances at depository institutions IRA and Keogh Accounts At commercial banks Foreign commercial banks May e p Time and savings deposits due to foreign banks and official institutions 8.2 9.6 27.9 25.3 Total cash balance Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class