Full text of H.6 Money Stock Measures : April 16, 1998
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.-ssmsic: FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 For release at4:30 p.m. EastemTime Billions of dollars April 16, 1998 M11 Date M22 M33 L4 DEBT5 Seasonally adjusted 1996-Apr. May June July Aug. Sep. Oct. Nov. Dec. 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1998-Jan. Feb. Mar. p 1124.9 1117.0 1116.1 1110.4 1100.2 1094.8 1081.9 1081.3 1082.8 3722.4 3726.7 3743.4 3753.5 3762.3 3774.6 3786.0 3804.5 3826.1 4710.2 4739.3 4764.3 4783.6 4801.7 4832.1 4867.1 4894.2 4935.5 5831.1 5855.6 5899.9 5927.2 5951.1 5989.6 6019.3 6053.0 6088.3 13959.4 14011.8 14071.0 14142.9 14196.9 14245.3 14307.0 14369.9 14419.9 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 5154.1 5199.1 5236.8 5274.5 5329.1 5382.6 6113.4 6160.4 6204.1 6260.1 6290.3 6317.3 6349.8 6406.2 6444.6 6482.6 6557.0 6626.5 14462.7 14523.2 14587.6 14661.4 14710.6 14743.0 14800.8 14860.7 14919.7 14993.1 15074.2 15152.7 1073.3 1075.8 1080.0 4064.6 4096.1 4123.6 5430.2 5467.7 5529.9 6700.9 p 15227.2 15308.9 p Not seasonally adjusted 1996-Apr. May June July Aug. Sep. Oct. Nov. Dec. 1131.4 1105.5 1114.6 1110.4 1097.4 1091.5 1077.9 1086.6 1104.9 3740.4 3709.1 3740.2 3755.2 3764.5 3767.6 3774.7 3807.6 3845.4 4723.4 4721.8 4759.0 4779.5 4802.7 4821.2 4860.8 4901.0 4953.4 5846.6 5833.1 5886.3 5917.5 5956.1 5979.9 6006.9 6065.5 6116.3 13927.7 13972.4 14034.0 14094.9 14153.9 14212.6 14271.7 14351.6 14419.3 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 5148.1 5200.8 5223.8 5267.5 5334.9 5399.8 6116.1 6148.8 6221.2 6277.8 6266.3 6301.1 6337.8 6410.6 6434.2 6471.3 6568.1 6652.4 14443.5 14485.3 14560.9 14630.0 14669.3 14703.5 14749.7 14815.1 14885.6 14956.7 15055.0 15151.9 1998-Jan. Feb. Mar. 1078.7 1063.3 1073.5 4066.4 4082.7 4134.7 5434.2 5465.6 5548.6 6702.7 p Footnotes appear on the following page p preliminary p 15207.0 15268.8 p Page 2 H.6(508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates DEBT1 M1 M2 M3 3 Months from Dec. 1997 TO Mar. 1998 1.5 8.3 10.9 6.2 6 Months from Sep. 1997 TO Mar. 1998 3.1 7.5 11.2 6.0 12 Months from Mar. 1997 TO Mar. 1998 0.5 6.6 9.9 5.4 Thirteen weeks ending April 6 1998 from thirteen weeks ending: Jan. 5, 1998 (13 weeks previous) 2.5 7.8 11.0 Oct. 6, 1997 (26 weeks previous) 1.9 7.4 10.9 Apr. 7/ 1997 (52 weeks previous) -0.1 6.3 9.6 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, November 1997 to February 1998, August 1997 to February 1998, and February 1997 to February 1998, 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 M3 M2 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1998-Jan. 12 19 26 1070.4 1071.2 1072.3 1076.8 1075.4 1074.3 1064.4 1070.3 1076.1 4027.4 4032.8 4038.3 4054.3 4060.1 4063.5 4058.2 4065.0 4070.2 5351.8 5363.8 5375.3 5407.7 5419.5 5428.5 5432.6 5430.3 5432.9 Feb. 2 9 16 23 1073.3 1073.5 1074.0 1074.7 1073.8 1075.2 1075.7 1075.9 1084.3 1070.0 1072.2 1077.0 4043.4 4049.1 4055.1 4061.6 4068.1 4074.3 4080.8 4089.9 4079.0 4083.0 4090.9 4106.6 5385.4 5396.3 5406.8 5417.4 5435.2 5439.7 5447.9 5458.3 5444.8 5450.9 5462.9 5474.6 Mar. 2 9 16 23 30p 1075.4 1076.2 1077.1 1077.3 1076.8 1076.1 1078.2 1080.5 1081.1 1078.3 1085.1 1078.3 1081.6 1079.2 1073.9 4068.1 4075.1 4082.2 4088.4 4093.6 4098.8 4107.8 4115.7 4119.8 4122.1 4114.8 4118.8 4122.7 4123.0 4123.9 5428.6 5439.9 5451.8 5463.1 5474.1 5471.9 5487.6 5505.1 5519.0 5529.3 5499.0 5513.9 5532.9 5530.3 5540.1 Apr. 6p 1076.5 1079.1 1081.6 4100.2 4129.0 4146.3 5486.0 5544.1 5572.9 Not seasonally adjusted 1998-Jan. 12 19 26 1082.3 1083.3 1084.1 1107.6 1100.3 1085.7 1082.0 1070.5 1056.3 4034.5 4040.8 4046.4 4077.4 4080.2 4073.1 4087.1 4069.3 4031.9 5359.6 5372.9 5384.7 5421.2 5433.1 5437.5 5463.1 5444.4 5410.4 Feb. 2 9 16 23 1083.2 1082.5 1081.7 1081.4 1069.2 1063.5 1060.8 1061.7 1068.1 1058.9 1059.9 1059.8 4050.1 4054.8 4059.5 4065.2 4058.2 4056.4 4060.1 4072.2 4044.3 4080.1 4084.2 4080.2 5393.4 5403.7 5413.9 5424.2 5433.3 5431.9 5437.8 5450.7 5415.3 5457.6 5467.9 5462.0 Mar. 2 9 16 23 30p 1080.3 1079.9 1079.3 1076.5 1073.2 1064.1 1067.8 1071.5 1072.7 1071.2 1077.6 1073.8 1074.9 1064.4 1071.7 4070.4 4077.2 4084.2 4089.1 4093.8 4087.1 4103.4 4118.8 4129.2 4133.4 4103.9 4145.3 4145.9 4121.6 4120.8 5434.7 5446.5 5458.4 5469.3 5480.5 5471.8 5495.2 5519.6 5539.0 5548.4 5499.6 5551.2 5565.7 5539.3 5537.4 Apr. 6p 1070.0 1075.6 1091.5 4100.8 4146.1 4195.9 5494.6 5564.6 5615.9 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 At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 402.5 403.6 173.0 172.1 104.7 103.7 277.7 275.9 2723 .2 2743 .2 1089 .6 1109 .4 392.4 394.9 1997-Jan. Feb. Mar. 396.9 399.6 401.6 402. 402. 402. 171.3 166.0 161.0 101.9 102.2 101.5 273.2 268.2 262.5 2759 .9 2774,.6 2794 .0 1120 .4 1144 .5 1163 .0 Apr. May June 403.5 406.0 408.0 397. 396. 398. 160.6 155.8 154.1 98.5 97.6 97.0 259.1 253.4 251.1 2 8 2 1 , .7 2 8 2 8 ..5 2 8 4 2 ,.8 1185,.2 1198,.5 1 2 0 6 ,.0 July Aug. Sep. 410, 412. 415. 398. 401. 391. 151.0 150.5 150.7 97.4 97.8 97.1 248. 248. 247.8 2 8 5 6 ,.5 2 8 8 2 ,.0 2910,.3 1232,.0 1 2 4 6 ,.0 1 2 6 3 ,.0 Oct. Nov. Dec. 418. 421. 425. 8.2 8.1 8.2 389. 394. 397. 148.7 147.7 148.5 97.0 96.9 96.7 245.8 244.6 245.1 2 9 3 1 ,.3 2 9 4 8 ..3 2 9 6 4 ..2 1 2 8 1 ..3 1 3 1 1 ..6 1 3 4 2 ..4 P 427.5 431.0 432.4 8.2 8.1 8.1 392.7 391.8 390.8 149.0 147.2 148.8 96.0 97.8 99.9 244.9 245.0 248.7 2 9 9 1 ..3 3 0 2 0 ..3 3 0 4 3 ,.6 1 3 6 5 ..6 1 3 7 1 , ,7 1 4 0 6 .,3 9 16 23 429.7 431.3 431.7 8.2 8.2 8.2 387.9 388.6 392.2 146.3 146.3 147.3 98.0 97.9 97.6 244.3 244.1 244.9 3 0 1 3 ,.0 3 0 1 8 ..6 3 0 2 9 .,6 1 3 6 7 ,.9 1 3 7 2 ,,0 1 3 6 8 . ,0 Mar. 2 9 16 23 30p 432. 432. 432. 432. 432. 8.2 8.2 397.8 389.2 391.9 390.7 385.7 148.7 148.1 147.9 148.7 149.5 98.2 100.4 101.1 99.0 98.2 247.0 248.5 249.0 247.8 247.7 3 0 2 9 . ,7 3 0 4 0 . ,5 3041,.1 3 0 4 3 . .8 3 0 5 0 .,0 1 3 8 4 ..2 1 3 9 5 . ,0 1 4 1 0 ..2 1 4 0 7 .,2 1 4 1 6 ..2 Apr. 6p 433.0 8.2 388.8 148.8 102.9 251.7 3064.7 1426.6 Week e n d i n g 1998-Feb. 4. 5. 6. 7. Nontransactions components 1996-Nov. Dec. 1998-Jan. Feb. Mar. 1. 2. 3. Travelers checks2 Demand deposits3 8.6 8.6 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. e 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 deposits 2 Savings deposits 1 Total money funds 947.0 948.8 514.6 522.8 304.2 310.3 404.1 413.2 At thrift institutions 78.1 78.0 355.0 355.7 353.1 950.1 951.2 951.6 528.4 534.5 541.9 309.9 319.8 325.9 416.5 424.8 436.3 80.1 80.7 80.5 496.6 505.4 ,516.8 601.2 603.8 609.2 351.9 352.8 351.5 953.1 956.6 960.6 551.4 551.2 556.4 328.5 331.8 338.3 448.0 449.9 456.6 80.8 81.1 82.0 528.8 531.0 538.6 1331.4 1343.0 1359.7 614.5 615.0 616.9 348.0 348.1 346.5 962.5 963.1 963.5 562.5 575.9 587.1 342.7 348.4 356.6 467.5 469.0 476.1 83.0 83.4 83.5 550.5 552.3 559.7 375.1 374.9 376.5 1374.7 1384.5 1397.5 618.2 621.1 621.6 346.2 343.5 343.5 964.4 964.7 965.2 592.1 599.2 601.6 363.4 365.7 376.2 478.7 487.7 495.8 83.6 84.4 85.2 562.3 572.1 581.1 1033.2 1044.4 1055.1 378.6 382.8 386.6 1411.7 1427.2 1441.7 621.7 621.6 621.3 344.8 344.0 342.3 966.5 965.6 963.6 613.1 627.4 638.4 380.8 384.7 391.9 499.3 511.6 527.2 87.3 87.6 87.0 586.6 599.1 614.2 9 16 23 1044.5 1044.5 1046.2 380.4 381.8 385.0 1424.9 1426.2 1431.2 621.7 622.0 621.7 344.5 343.8 343.7 966.2 965.7 965.4 621.9 626.6 633.0 383.7 385.7 384.5 506.2 512.1 513.2 87.8 87.9 87.6 594.1 600.0 600.8 Mar. 2 9 16 23 30p 1047.2 1055.2 1054.2 1054.5 1056.2 385.4 384.0 385.9 386.9 389.6 1432.6 1439.2 1440.0 1441.4 1445.9 620.9 620.9 621.1 621.9 621.4 343.5 343.6 342.8 341.7 341.0 964.4 964.4 963.8 963.6 962.4 632.6 636.9 637.2 638.9 641.7 386.8 386.4 391.6 390.7 399.0 519.0 523.2 528.6 526.9 531.5 86.7 87.0 87.4 86.8 86.9 605.7 610.2 616.0 613.7 618.4 Apr. 6p 1072.7 387.9 1460.6 621.6 340.5 962.2 642.0 401.6 534.1 88.2 622.3 Date 1261.6 1271.7 At commercial banks 592.3 594.5 At thrift institutions 354.7 354.3 367.4 368.1 368.0 1281.4 1288.8 1300.4 595.1 595.5 598.5 946.2 946.2 951.2 371.0 374.4 374.6 1317.2 1320.6 1325.8 July Aug. Sep. 957.3 968.8 985.4 374.1 374.3 374.4 Oct. Nov. Dec. 999.6 1009.5 1020.9 At commercial banks 894.8 904.8 At thrift institutions 366.8 366.9 1997-Jan. Feb. Mar. 914.0 920.8 932.4 Apr. May June v1996-Nov. Dec. 1998-Jan. Feb. Mar. P Week e n d i n g 1998-Feb. 1. 2. 3. 4. p Large-denomination time deposits 3 Institutional money funds Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary Total Retail At commercial banks 4 Total 482.2 491.3 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 473.4 Savings bonds 1996-Nov. Dec. 194.2 113.7 1997-Jan. Feb. Mar. 197.2 200.0 198.9 116.8 119.3 121.4 186.7 186.6 186.5 Apr. May June 202.4 204.1 199.8 125.5 131.5 129.3 July Aug. Sep. 207.4 210.0 209.2 Oct. Nov. Dec. 1998-Jan. Feb. Mar. Bankers acceptances4 Commercial paper5 Federal debt. Non-Federal debt 12.4 486\i 498.5 3776.1 16544.8 3780.0 10639.9 442.9 444.5 446.3 12.2 12.8 13.3 510.5 518.7 526.1. 3778.0 3782.6 3796.5 10684.7 10740.6 10791.1 186.4 186.3 186.4 451.2 458.6 450.7 12.8 13.0 12.8 534.5 541.1 553.2 3803.2 3789.7 3776.5 10858.2 10920.9 10966.5 131.6 135.2 137.5 186.4 186.4 186.4 433.0 444.6 444.6 12.7 13.0 12.9 563.6 563.2 563.9 3779.4 3784.5 37 8 8 . 0 11021.4 11076.2 11131.7 218.8 233.0 234.8 136.9 140.8 150.3 186.4 186.4 186.4 437.0 447.3 439.1 13.4 13.0 12.1 571.3 581.3 606.3 3789.6 3790.4 3797.3 11203.5 11283.7 11355.4 153.0 148.0 142.9 186.3 p 245.1 239.8 257.3 9 16 23 241.2 237.3 236.1 148.9 149.0 146.5 Mar. 2 9 16 23 30p 245.5 256.8 258.7 260.7 256.4 146.2 141.7 144.0 142.1 142.4 Apr. 6p 258.1 144.6 Week e n d i n g 1998-Feb. 1. 2. Debt components6 Non-M3 Components of L Eurodollars2 145.4 167.8 T8T75 186.9 1771 455.0 p 445.1 p 12.2 p 627.1 p 3797.4 3794.9 p 11429.8 11514.0 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 3. p 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 lnM2 6 Total In M3 only7 392.8 397.9 8.4 8.3 408.3 419.9 1 7 2 , ,4 1 7 4 ..1 104.8 104.7 277.2 278.8 2721.0 2740.5 1093.4 1108.0 1997-Jan. Feb. Mar. 395, 397, 400.8 8.2 8.3 8.2 406.0 393.2 396.0 1 7 5 , ,0 1 6 6 .,2 1 6 1 , ,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. 406. 408. 8.2 8.2 8.2 397.5 388.5 397.4 1 6 3 .,9 1 5 4 ..1 1 5 3 ,,3 100, 97, 97, 264.7 251.2 250.6 2835.1 2820.0 2840.0 1179.7 1197.7 1201.9 July Aug. Sep. 411, 413. 414. 8.7 8.8 8.4 399. 401, 391, 1 4 9 ..3 1 4 8 ..7 1 4 9 ,.8 97, 97, 96.8 246, 245, 246, 2857. 2887. 2905. 1224.9 1243.8 1257.9 Oct. Nov. Dec. 417. 422. 429. 388.8 399.8 412.9 1 4 7 ,.4 147,.2 1 5 0 .. 1 96.6 96.9 97.5 243, 244, 247, 2922. 2945. 2961. 1286 1315 1340.7 426.4 428.9 431.5 7.9 7.8 8.0 396.2 382.9 384.9 152,.2 147,.3 149,.2 96.1 96.3 99.9 248.2 243.6 249.1 2987.7 3019.5 3061.3 1367.8 1382.8 1413.9 9 16 23 428.6 430.1 428.9 7.8 7.8 7.8 379.1 381.7 380.7 146,.3 144,.9 147,.4 97.1 95.4 94.9 243.4 240.3 242.3 3021.2 3024.3 3020.4 1377.5 1383.7 1381.8 Mar. 2 9 16 23 30p 429.2 432.5 431.6 431.3 430.9 7.9 7.9 8.0 8.0 8.0 391.4 384.5 388.8 378.0 381.6 150,.4 147,.3 146,.8 148,.9 152,.5 98.8 101.6 99.7 98.1 98.7 249.2 248.9 246.6 247.1 251.2 3026.3 3071.6 3071.0 3057.3 .3049.1 1395.7 1405.9 1419.7 1417.7 1416.6 Apr. 6p 434.1 8.1 393.3 150.3 105.8 256.1 3104.4 1420.0 Week ending 1998-Feb. 4. 5. 6. 7. Demand deposits3 1996-Nov. v Dec. 1998-Jan. Feb. Mar. 1. 2. 3. Travelers checks2 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 Small-denomination time dieposits 2 Savings deposits 1 At commercial banks At thrift institutions Total Retail money funds 1262.0 1269.7 591.3 592.7 354.1 353.2 945.3 946.0 513.7 524.8 365.8 366.2 369.5 1275.8 1282.4 1305.5 594.5 595.7 599.1 354.6 355.8 353.5 949.1 951.5 952.5 950.4 944.8 953.9 372.7 373.8 375.6 1323.2 1318.6 1329.5 602.1 604.6 609.7 352.4 353.3 351.8 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 Oct. Nov. Dec. 996.5 1009.2 1019.0 374.0 374.8 375.8 1370.4 1384.0 1394.8 1998-Jan. Feb. Mar. P 1028.9 1039.9 1060.1 377.0 381.2 388.4 9 16 23 1046.4 1045.1 1035.7 Mar. 2 9 16 23 3 Op Apr. 6p Date 1996-Nov. Dec. At commercial banks 895.1 903.3 At thrift institutions 366.9 366.4 1997-Jan. Feb. Mar. 910.0 916.2 936.1 Apr. May June Week e n d i n a 1998-Feb. 1. 2. 3. 4. p Institutional money funds Large-denomination time deposits 3 304.3 312.7 At commercial banks 4 408.6 413.6 At thrift institutions 79.0 78.1 487.6 491.7 531.1 538.5 550.0 317.7 329.6 332.0 410.3 422.2 435.2 78.9 80.2 80.3 489.2 502.4 515.5 954.5 957.8 961.4 557.5 543.5 549.1 326.2 325.8 332.4 .444.9 451.1 455.9 80.2 81.4 81.9 525.1 532.5 537.8 348.5 348.1 346.3 963.8 963.3 962.7 558.9 577.9 584.8 339.0 346.8 351.5 466.5 469.1 478.2 82.8 83.4 83.9 549.3 552.5 562.2 618.0 620.2 620.0 346.1 343.1 342.7 964.2 963.3 962.7 588.1 598.3 604.1 359.6 365.2 378.9 485.7 493.4 496.3 84.8 85.3 85.3 570.5 578.8 581.6 1405.9 1421.1 1448.5 621.3 621.9 621.7 344.6 344.1 342.5 965.8 966.0 964.2 616.0 632.4 648.6 389.8 397.7 400.2 491.8 508.1 525.9 86.0 87.0 86.8 577.8 595.1 612.7 381.1 382.0 381.1 1427.5 1427.0 1416.8 622.0 622.3 621.9 344.6 344.0 343.9 966.6 966.2 965.8 627.1 631.0 637.9 395.4 398.0 400.6 501.5 508.8 510.3 87.0 87.3 87.2 588.5 596.2 597.5 1039.7 1069.6 1067.2 1056.0 1048.8 382.7 389.3 390.7 387.5 386.9 1422.4 1458.9 1457.9 1443.4 1435.7 621.3 621.3 621.4 622.1 621.9 343.7 343.8 342.9 341.8 341.3 965.0 965.1 964.3 963.9 963.2 638.8 647.6 648.8 650.0 650.2 399.7 399.2 401.8 400.0 399.8 517.7 523.2 528.0 526.0 528.2 86.5 87.0 87.3 86.7 86.3 604.2 610.1 615.2 612.7 614.5 1092.5 395.0 1487.5 622.6 341.1 963.7 653.2 400.4 528.9 87.4 616.3 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 thrift institutions Eurodollars2 Total Savings bonds Short-term Treasury securities3 Bankers acceptances 4 Commercial paper5 Federal debt Non-Federal debt 1996-Nov. Dec. 146.7 143.0 47.5 45.8 194.2 188.8 107.3 114.7 186.9 187.0 480.0 469.6 12.4 12.6 485.2 493.8 3771.4 3787.9 10580.2 10631.3 1997-Jan. Feb. Mar. 150.6 152.6 151.1 45.7 46.9 46.7 196.2 199.5 197.8 119.2 121.1 122.9 186.8 186.6 186.6 441.4 441.3 453.7 12.5 12.9 13.4 510.3 517.4 523.4 3773.4 3783.0 3815.4 10670.2 10702.3 10745.6 Apr. MayJune 155.8 160.7 156.9 47.0 46.4 47.0 202.8 207.2 203.9 125.7 132.2 127.9 186.5 186.4 186.3 450.0 446.7 443.6 13.0 13.0 12.7 539.9 548.7 552.0 3810.3 3781.3 3766.2 10819.7 10888.0 10937.4 July Aug. Sep. 160.3 162.7 160.9 47.4 47.9 47.2 207.7 210.5 208.2 128.7 133.9 136.1 186.3 186.3 186.2 430.8 451.7 446.5 12.1 12.7 13.1 560.4 559.2 564.5 3759.9 3774.4 3780.4 10989.8 11040.7 11105.2 Oct. Nov. Dec. 173.0 182.9 180.4 47.7 48.6 47.8 220.7 231.5 228.2 135.7 139.5 152.0 186.3 186.4 186.5 427.3 454.2 453.7 13.4 13.0 12.3 576.7 579.6 600.0 3774.4 3792.1 3805.8 11182.3 11262.9 11346.1 1998-Jan. Feb. Mar. 45.9 45.8 46.6 243.9 239.8 256.2 156.3 150.3 144.8 186.4 P 198.0 194.0 209.6 9 16 23 197.2 192.5 188.5 45.8 45.9 45.8 243.1 238.4 234.2 150.5 151.1 149.4 Mar. 2 9 16 23 30p 197.1 206.6 210.7 213.8 210.7 45.6 46.9 46.6 47.1 46.2 242.8 253.5 257.4 260.9 256.9 149.1 143.1 145.3 144.1 145.5 Apr. 6p 210.7 46.6 257.4 146.0 Week e n d i n a 1998-Feb. 1. 2. At commercial banks Debt components 6 Non-M3 Components of L p 443.0 p 12.5 p 626.6 p 3792.5 3795.3 p 11414.5 11473.5 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 10 H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date Time and savings deposits at commercial banks 16.4 17.9 3.3 4.2 5.0 5.7 11.6 11.9 19.9 21.8 2.8 2.5 151.4 151.3 107.7 107.1 87.2 89.6 346.2 348.0 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 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 1996-Nov. Dec. 8.8 9.1 1.4 1.4 1997-Jan. Feb. Mar. 9.2 9.3 9.3 Apr. 9.5 9.9 Note balances at depository institutions IRA and Keogh Accounts Balance at Federal Reserve Foreign official institutions Total cash balance At commercial banks At thrift institutions At money market funds Total June 10.3 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 e 102.7 e 102.3 e 95.9 e 96.9 e 97.9 e 354.9 e 355.7 e 356.5 e 8.3 8.3 8.3 1.5 1.4 1.4 18.5 18.5 18.5 3.1 1.6 1.8 6.5 5.0 5.4 23.2 14.5 17.6 32.9 21.1 24.8 2.8 2.8 2.8 156.3 e 156.5 e 156.6 e 101.9 e 101.6 e 101.3 e 99.0 e 99.9 e 100.9 e 357.2 e 358.0 e 358.8 e 9 16 23 8.3 8.3 8.3 1.4 1.4 1.4 18.5 18.5 18.5 1.5 1.7 1.7 5.3 4.8 4.6 9.8 5.8 16.5 12.3 27.5 2.8 2.8 2.8 2 9 16 23 30p 8.3 8.3 8.3 8.3 8.3 1.5 1.4 1.4 1.4 1.4 18.5 18.5 18.5 18.5 18.5 1.6 1.6 2.5 1.5 1.5 5.2 5.1 5.5 5.9 5.2 30.6 28.6 21.6 12.7 15.0 38.0 35.3 2.8 2.8 2.8 2.8 2.8 6p 8.3 1.4 18.5 1.9 5.0 10.9 17.7 2.8 1998-Jan. Feb. Mar. P Week e n d i n g 1998-Feb. Mar. Apr. e p U.S. government deposits Demand deposits at commercial banks Foreign commercial banks May Time and savings deposits due to foreign banks and official institutions estimated preliminary 21.1 14.9 6.1 7.0