Full text of H.6 Money Stock Measures : April 21, 1988
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
D? OOVi
FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
°{^m?y
H.6 (508)
Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
APRIL 2 1 , 1988
Billions of dollars
Date
Ml]
M2^
Debt 5
M3 3
Seasonally adjusted
1986-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
641.2
651.7
661.3
670.8
680.5
687.4
694.9
706.4
725.4
2627.
2652.
2677.
2702.
2725.
2743.
2766.
2782.
2807.8
3298.8
3319.7
3347.2
3377.2
3403.7
3429.8
3448.5
3464.5
3491.5
3926.6
3953.9
3978.8
4009.8
4036.2
4064..4
4083..9
4105..2
4135..0
6997.7
7063.2
7129.0
7194.7
7280.8
7365.2
7429.5
7511.3
7607.1
1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.9
2827.8
2829.3
2834
2847
2849
2851
2858
2869
2880
2894
2896
2901
3516.3
3524.6
3532.9
3549.8
3564.6
3581.8
3588..5
3605..5
3620..5
3642..0
3656..5
3660.8
4163
4175
4174
4189
4217
4234
4236
4257.8
4283.5
4312
4324
4325
7676.8
7717.7
7764.
7827.
7894.
7953.
7997.
8051.2
8114.4
8180.2
8259.0
8318.8
1988-JAN.
FEB.
MAR. p
758.9
759.6
763.3
2925.2
2946.4
2969.0
3686.2
3716.3
3738.2
4363.7
4396.6 p
8379.2
8457.6 p
Not seasonally adjusted
1986-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
647.2
645.7
663.5
674.0
679.1
685.2
692.8
709.5
740.6
2634.
2641.
2676.
2707.
2723.
2737.9
2766.0
2785.7
2821.5
3302.9
3309.6
3343.8
3376.0
3400 .7
3426 .6
3448 .5
3471 .0
3508 .3
3928.5
3938.3
3975.3
4003.1
4029.5
4058.3
4083.3
4113.4
4153.0
6969.3
7034.3
7103.1
7170.2
7258.8
7350.1
7411.9
7485.8
7592.8
1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9
2839.
2817.
2826.
2855.
2836.
2850.
2862.
2868.
2875.
2895.
2899.
2914.
3528.4
3513.1
3526.6
3555.0
3552.8
3577.8
3586.4
3602.8
3618.4
3642.0
3663.8
3677.4
4181.8
4171.3
4173.6
4191.3
4201.2
4230.7
4227.4
4250.6
4278.6
4312.8
4334.1
4343.5
7659.6
7683.7
7732.8
7796.3
7861.6
7925.7
7975.4
8032.8
8100.3
8164.2
8233.1
8302.6
1988-JAN.
FEB.
MAR. p
764.8
745.1
752.5
2937.5
2933.8
2960.4
3698.7
3704.8
3731.4
4382.4
4392.4 p
8360.9
8421.8 p
Footnotes appear on the following page,
p—indicates preliminary data.
H.6 ( 5 0 8 )
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml
M2
M3
Debt 1
3 Months from DEC. 1987 TO MAR. 1988
6.6
9.4
8.5
9.6
6 Months from SEP. 1987 TO MAR. 1988
4.2
6.1
6.5
10.1
12 Months from MAR. 1987 TO MAR. 1988
4.0
4.8
5.8
9.6
4.5
7.7
7.2
OCT. 12> 1987 (26 weeks previous)
4.1
5.7
6.3
APR. 13, 1987 (52 weeks previous)
4.0
4.4
5.6
Thirteen weeks ending APRIL 11> 1988
from thirteen weeks ending:
JAN. 11, 1988 (13 weeks previous)
1.
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
November 1987 to February 1988, August 1987 to February 1988, and February 1987 to February 1988, 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 Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMOAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages> consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-averaqe form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.
H.6 (508)
Table 3
MONEY STOCK MEASURES
B i l l i o n s of d o l l a r s
Seasonally adjusted
M2
Ml
Period ending
13-week
average
4-week
average
1988-JAN. 18
25
753.9
753.7
754.6
757.4
13-week
average
4-week
average
759.9
763.2
2902.9
2905.0
2911.5
2919.7
week
average
M3
week
average
13-week
average
4-week
average
2926.8
2934.6
3662.1
3664.8
3671.2
3679.7
3687.4
3695.8
week
average
FEB.
1
8
15
22
29
754.2
754.8
755.4
756.1
756.4
760.5
762.1
762.1
761.8
759.5
764.1
761.1
759.9
762.1
754.9
2908.3
2911.6
2915.8
2919.9
2923.7
2928.8
2936.0
2940.9
2945.4
2946.5
2941.8
2940.6
2946.5
2952.5
2946.4
3668.7
3672.5
3677.4
3682.3
3687.2
3690.3
3699.4
3707.3
3713.6
3716.7
3706.0
3708.2
3719.0
3721.2
3718.2
MAR.
7
14
21
28
756.9
757.7
758.9
760.2
758.2
758.3
759.4
762.7
755.9
760.4
766.3
768.2
2928.1
2932.9
2938.4
2944.2
2949.7
2954.0
2959.2
2967.2
2953.2
2963.9
2973.4
2978.1
3692.1
3698.0
3704.1
3710.5
3720.1
3724.4
3729.6
3736.4
3721.9
3736.1
3742.1
3745.4
APR.
4p
lip
761.2
762.1
765.0
766.5
765.1
766.2
2950.2
2956.3
2974.7
2981.5
2983.4
2991.2
3717.4
3723.9
3744.1
3749.3
3752.9
3756.6
Not seasonally adjusted
Ml
Period ending
13-week
average
4-week
average
1988-JAN. 18
25
762.9
762.8
775.4
771.1
FEB.
1
8
15
22
29
762.3
761.5
760.5
760.1
758.9
MAR.
7
14
21
28
APR.
4p
Up
M2.
week
average
M3
13-week
average
4-week
average
2940.8
2925.8
3674.6
3677.9
3696.7
3699.5
3703.8
3689.0
2935.6
2931.9
2930.0
2932.2
2933.3
2925.3
2935.8
2933.0
2934.8
2929.7
3680.8
3683.3
3686.6
3690.2
3693.4
3697.8
3697.0
3698.3
3701.8
3704.6
3691.0
3704.1
3709.1
3703.0
3702.1
2931.5
2935.0
2938.7
2942.4
2938.1
2945.0
2951.5
2958.4
2955.0
2960.5
2960.7
2957.5
3697.2
3701.5
3705.6
3709.5
3710.0
3715.9
3722.6
3729.2
3725.7
3732.7
3729.8
3728.6
2946.3
2951.1
2968.0
2981.0
2993.1
3012.7
3714.8
3720.0
3739.3
3749.9
3766.0
3775.1
13-week
average
4-week
average
767.3
748.4
2913.4
2915.8
2935.5
2939.7
760.3
753.3
748.0
746.6
744.5
744.6
752.8
746.3
742.5
736.4
2918.0
2920.2
2922.5
2925.6
2928.5
758.1
757.5
756.6
754.9
745.5
747.5
749.9
751.8
756.7
754.5
751.8
744.2
753.8
754.0
756.0
763.1
773.4
782.9
week
average
week
average
Note: Special caution should be taken in i n t e r p r e t i n g week-to-week changes in money supply d a t a , which are highly v o l a t i l e and subject to
revision.
p—indicates preliminary data.
H.6 ( 5 0 8 )
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non transacti ons
components
Currency
Date
1
Travelers
checks2
Demand
deposits3
Other
checkable
deposits^
In M2
Small time deposiits8
Savings deposits7
5
In M3
only6
At
commercia 1
banks
At
thrift
institutions
Total
At
commercial
banks
At
thrift
institutions
Total
1986-NOV.
DEC.
179.2
180.4
6.5
6.5
292.4
303.3
228.3
235.2
2076.3
2082.4
681.8
683.7
151.2
155.5
211.5
215.2
362.7
370.7
366.5
364.6
491.2
488.6
857.6
853.2
1987-JAN.
FEB.
MAR.
182.2
183.6
184.4
6.5
6.7
6.8
299.7
295.9
295.0
243.0
245.1
248.0
2096.4
2098.0
2100.1
688.5
695.3
698.6
160.5
164.6
168.1
220.1
225.1
228.2
380.6
389.7
396.3
363.6
362.2
360.8
487.0
485.9
486.2
850.6
848.1
847.0
APR.
MAY
JUNE
185.6
187.0
187.8
6.7
6.7
6.8
299.3
298.9
293.3
253.1
253.9
254.3
2102.7
2102.7
2109.6
702.4
715.5
730.1
171.4
174.0
175.3
232.7
235.5
237.8
404.1
409.5
413.1
358.9
359.0
361.6
486.1
487.0
490.5
845.1
845.9
852.1
JULY
AUG.
SEP.
189.0
190.2
191.4
6.8
6.9
7.0
292.3
292.1
290.5
255.6
257.2
258.6
2114.5
2123.0
2133.4
730.3
736.0
739.7
176.9
178.3
178.7
238.7
239.5
240.0
415.5
417.8
418.6
364.4
366.7
368.3
494.7
499.1
503.8
859.1
865.9
872.1
OCT.
NOV.
DEC.
193.1
195.0
196.5
7.0
7.0
7.1
295.9
291.3
288.0
260.3
259.5
259.3
2138.3
2143.7
2150.1
747.4
760.0
759.8
178.4
178.2
178.2
238.6
236.8
236.0
417.0
415.0
414.3
374.2
381.6
384.6
509.1
520.1
528.5
883.3
901.7
913.1
198.4
199.3
200.9
7.2
7.3
7.3
289.9
287.8
288.0
263.4
265.1
267.1
2166.3
2186.8
2205.7
761.0
769.9
769.3
179.0
181.0
183.3
235.3
235.2
236.7
414.3
416.2
420.0
388.0
393.6
397.5
536.6
548.0
556.4
924.6
941.6
953.9
199.4
199.5
199.1
7.3
7.3
7.3
287.7
289.6
284.7
265.4
265.7
263.8
2186.6
2190.4
2191.4
772.5
768.7
771.8
180.6
181.3
182.0
235.3
235.1
235.1
415.9
416.4
417.1
393.6
394.1
395.3
547.4
549.6
551.3
941.0
943.7
946.6
1988-JAN.
FEB.
MAR. P
Week ending
1988-FEB. 15
22
29
MAR.
7
14
21
28
199.2
200.2
201.4
202.2
7.3
7.3
7.3
7.3
e
e
e
e
285.2
286.5
289.0
289.3
264.2
266.3
268.5
269.3
2197.2
2203.5
2207.2
2209.9
768.8
772.2
768.7
767.4
182.5
183.1
183.7
183.6
235.7
236.6
236.9
237.2
418.2
419.7
420.6
420.8
396.1
396.5
397.5
398.7
554.3
555.8
557.3
557.6
950.4
952.2
954.8
956.3
APR.
«P
lip
201.8
202.1
7.3 e
7.3 e
290.0
291.2
265.9
265.5
2218.3
2224.9
769.5
765.5
183.8
184.1
237.4
238.3
421.2
422.4
400.2
401.3
558.1
560.7
958.3
962.0
1.
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.
3.
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.
4.
Consists of NOH and ATS balances at all depository institutions> credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars> money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time
deposits. This sum is seasonally adjusted as a whole.
6.
Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMDAs.
8.
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.
e—indicates estimated data,
p—indicates preliminary data.
H.6 (508)
Table 4-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Large time deposits1
At m
commercial
banks2
Date
Debt components6
Non-M5 components of L
At
thrift
institutions
Total
Savings
bonds
Short-term
Treasury
securities3
Bankers
acceptances4
Commercial
paper5
Federal
debt
Non-federal
debt
1986-NOV.
DEC.
288.4
288.9
152.6
150.5
440.9
459.2
89.7
91.6
284.2
284.2
57.9
57.8
228.9
229.9
1776.2
1804.5
5755.1
5802.6
1987-JAN.
FEB.
MAR.
291.8
295.5
298.2
148.6
147.9
147.4
440.4
445.1
445.6
92.5
95.5
94.2
280.8
280.0
267.7
58.0
58.9
59.6
256.5
259.0
259.9
1818.7
1852.9
1850.0
5858.2
5884.8
5914.6
APR.
MAY
JUNE
505.1
508.1
511.9
145.8
145.9
146.7
448.9
454.0
458.6
95.1
95.9
96.6
257.6
261.6
259.6
40.9
42.1
45.1
246.5
255.7
252.8
1861.7
1874.4
1886.0
5965.7
6019.8
6067.9
JULY
AUG.
SEP.
512.2
512.8
515.8
148.0
149.6
151.5
460.2
462.4
465.5
97.5
98.1
98.4
254.8
258.9
265.7
45.4
45.5
44.5
251.8
251.8
256.6
1888.9
1902.8
1915.1
6108.6
6148.4
6201.5
OCT.
NOV.
DEC.
517.5
522.5
525.5
154.8
158.1
161.2
472.5
480.5
484.7
98.8
99.5
100.2
275.0
270.9
259.8
44.5
45.0
45.7
254.2
252.5
258.9
1919.5
1959.5
1952.4
6260.9
6519.5
6566.4
520.2
525.8
524.7
162.6
164.8
165.0
482.8
488.7
489.6
101.4
102.6 p
265.5
264.5 p
45.5
59.1 p
269.0
274.1 p
1960.8
1979.2 p
6418.4
6478.4 p
524.6
525.8
525.4
165.1
165.1
164.9
489.7
488.9
490.5
1988-JAN.
FEB.
MAR. P
Neek ending
1988-FEB. 15
22
29
MAR.
7
14
21
28
525.2
525.5
524.4
525.5
164.5
164.6
165.0
165.4
489.5
490.1
489.5
488.9
APR.
«P
lip
524.8
525.5
166.2
166.7
491.0
490.5
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 and
foreign banks and official institutions.
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.
_* bankers
• i.
L
. , . by
. accepting
.
...
Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
4.
Net
acceptances
held
banks
k. i of
and money market mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual fundsk
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels and have been adjusted to remove
discontinuities.
p—indicates preliminary data.
so
0>
•vio^ui^
w
ro i—•
•a
o
w
<
fl)ft)0 " 3 ©
"DOfl)H H
3TJ
H- T 0
W W W 3 (/>C/>0 3 O C H
fl)
0 3"fl) 3
n-Q.
- K © W • -j
* • © 3 Q.Q) H - 0 " 0 ~ - K - » H . ( / > ©
©WQ.
3 W m i lfl)M - 0 H - - ft)
T
O Q . « C M M O H-W W
\ 0 0"0
t ft) fl) H.fl) . Q . C
0L-+.-J 3 m n - 0 3 3 fl) » O n
©
O H-C I D a O O H
M K
fl> C ^ n n - j O © ©
O" M * .
I—- (D 3 O 3 M W W H>fl)
fl)
© (/>-J C Q_
M
3 3
-i -n
-J • \ H - 0 7 3 © fl) fl) W 7T
I (D
w
Q . 3 M - Q - J H-H-H-W
Q.Q.
. 0"©(Q M W W
H.
(D ©
fl) 0)
ft)
v H - 0 H-©
3 I
3 H O T B
3"0 C 3
O fl)
;*•© O W 3 3 T 3 H - Q .
3 M
W -J 3
Q.0 M - 3 H .
H3«73
wH-3"
3 - K © O -K fl> ©
Z • T © m © H--» 3 O
H-W
O fl) H - C < W O W -J
© ©
-j
O Q.">
>• * * • * (0
M
H- O 3
ft)
H.
Q.
Q-CLfl) O K-H-4Q
H-©
2
» < O n
©
3
-J
H-O
M * - © D"W I
fl) 09
Q_
W M.t-«(0 Q.0) W "J < fl)
©
3fl>H - H - 3
©
© 3
H-W 1
H-*"0 M
W H
H-W
- h C <•Wfl)
w
. c
wft)
H- © W
C H-0 3 3
3"©
•J
W 0)
© C -KCLM-C
Q.
Q.H0 • HH - C O - 3 0T)H-H.
0-0 »ft)
• © 3
© H< 3 C/)»—W
3W
O 3"
I • fl) 3"0TW H©
O O
3 fl) "J M . 7T©
w
.
..
.
_
O 3 1 O "Jfl)H - H - W
H3 M © © © 3 3 C
Q.
3 < WW
O
HO 0)
©
©
•-• Q . 3 " «-»-•-•
-hC
3
"J 3 Q . ~ T © 3 " 0
HO O © ( O ft) W © 3
3 HW
H > 3 3 © -h
W
O W
ft) © H - 3 H - W * 0
3
0
M»< W ©
3 1 0
0"0
H- "J C T Q . 0 H- ft) -K
3 - 0 - 3
fl)
fl)
0 3 - 3
© fl) fl) 3 H-H-Q) (D ©
TTOL.
1
3 "J O
0)(O W -J
©
^•^"3XJ 3 © W
H."U
HW © © £ 0 3
H- W O
3"
H J < - J © 0 0 3 "
WW
fl)
HT3 W M.-Kfl)
CM.
3
O 3 3 O v (D
3
©HC ft) W
WO
-JO
Q.
0 H--J © 0)
O rh
W T
©
H-C ^" 3 O h - 3 "
• <
"U
3"ft) © ft) Q--h»— O
O
© »—H-3
© W
- I f
W
f
Q.Q.H%0 ©
"3 3
M*
- K - K © O H - ft) W
HH - C C 0 * 3 "I H - Q .
< HO
3"3 3 - J f t ) © 0 C
© H .
T fl) O . Q . 0 3 H - 3 © V - H <
3 W
?TOJQ
© C
• 0-©
3 fl) H- "J HMQ. Q ) - j Q .
3 0 W M .
3
©
i - \ © O-Q.
O
W
"O fl) Q-"0 fl) Q. O 3
HO
3 © O 3 -n©
3"W
H - w
Oft)W ^ - © " O
© •
HM . (0 h-iM-W Q . 0
O
C
H - W © H->» © W
^
H - 0
I W
-J H . W
H>
"J
— w fl) fl) H O
<
H->.fl)3 H - 0
H.
3
3
H-Q. t
W
W
H. W 3
» <
W
3
H-ZH-m©
c
fl)
W
H ' D J Q . 1 1 ) H* ©
3
H- H - > - > ( 0 © 3
Q.
Q.
M- C W H - © -J W
HH- -•» < H- O"
3
C
H-fl) H - > © H<
0
H0 3 W O
H3 0 . * H—KC
Q.
©
O
- H.- T3
©
<
3
0 W
O OH H
W
3 0)
0 0)0
O
3
M <
T H-3
W
fl)
fl)
< H
"O • W
HO
>•
H•J
3
w 3
*"
C L <• ( Q
-»
o
©
ft)
H1
H3
H3"
<
©ft)
H- ©
0
W 3
O
H.
3
3
C
©
W Q.
3
C
3
H<
w
•
w
C
H-W
•
(/)
H3"3
•
H.
fl)
3
©
fl)
HM
fl)
»(Q
C
T
©I—
O
H<
H.
£
©
3
H/+•«-•©
o
Q_
*>•**•
W
3
3 3
3
£ fl) ©
©
©
© Q.
3
-J
H©
a©
DQ.10J ©W
3 0 Q.0 (/>
Q.H-fl)W H-73"U > > Q _ 0 © -K-
Q . Q . — M - K O Q ) COCOOOQ) O M - O O
H<H<Q
I A C 0 3 C C 0 0 3 I D 3 C C
0 0 © W 3 3 0 3 3 3 3 Q » 3 0 H - T
© Q) 3 C Q.W C
W W
© M>W -7
r»-H-(D (D W H ' 3 O O H ' H ' 4 , 3 C H - ©
IDQlQ.
(A H--+»-f»W w O Q . Q . © 3
WWW
~ H H-H--J
© 3 0
M0TQ W 0 M O W W © Q.Q-Q-<
U ©
< ©
-h© <
H . © HTW"0
3 0
T I O O O I Q T J H O O
© H - C -•»© - h O ( Q T - + » - h 3 O 3 ( 0 C
h-M.-J 0 T
< © 3
W
HH-3"DT0IO(0
H-ZZCTH-aW W
3 fi> 0 © K - < T r K Q O O © H-© 3 HH - H - W H . © 3 H J I X 3 W 3 0 Q.
3 © © 1 0 7 5 T M - 3 H7T fl) C ©
01 Q. 3 C 3 ( 0 ©
0) 0) W 0) 3 3
->
fl)
- J H . J733 3
H-Q.H-C
< 0L 3 0~D (O H - Q. "D Q. Q. 0)
•o ©
o^uiurivji
M09>ONO
IMOO^O
rorororo
wwww
o^Ui^ro
NjvOM^J
vO09
roro
ww
09C"
O-P
MMfVJ>J
^09
(Mn
OsO
Hvoroo
O->4 09
rororo
www
roMO
WslLn
o^a«»<
O M O
-PWO
ro09<r
U4rv>x|
soorva
roro
rororo
•xjinu*
WOJOW
Mvors)09
a«ro
"Nl-^JCD
09vOO
09-M
09090909
i-«H,rs>rv>
09 09
•>IUI
rOlMO
rorororo
rororo
ror\>rvjM M M M
HOOvO
v0v009
IM 09 0 - 0 9 W N O ^
(7109U1NO
O-Nl
09 09 09
ror\>
rv>ro
N H
v0>0
09090909
ND09
*>oo
rorororo
cr->jui">j
(prv>
rorors)
>4"N|xj
waia-09
rvdrororo
-NI-NI0909
rs>rv>
^)>0
sor»
© © © ©
© ©
sO>O09
roro
OOOsO
sO-PW0sl
U1W
O O
M M M
\ 0 >0 sO
<r>o*Q>
M M M M
sO vO v0 sO
0>>O>OsO
rorv)
o o
rv>M
HsOH
r»rs)i-«
sorolTi
-n
m
03
roroM
0Ji-'^->j
>73
2
H«
M4>
•0T3
73
>"O
t-»
sO
00
CD
(O
©
3
* •
©
z©
din
rororo
wwro
UlHUl
WCDCT
U10^09
vOM-P
rorv>rs>
roMM
O09>l
vi09ro
rororo
OsOsOs
o^Mvn
09 09 09
N O H
09 09 09
WfN9fV>
009 0^
rorot^
vO
09
00
I
2-nL
> m >
73 0 3 Z
090909
O O M
090909
!->*-'*-'
M>jro
rororo
l*0MM
Msoco
rororo
MOM
Oso ro
W M O ^ O^NOM
rororo
t-*>~H~»
o^wo
Os<JsO
ouivo
O O O
Oso-si
W H H rororo
M0900
M^XJ
HHN
sOWW
wuiui
-PUiaWWsO
<r<Mji
roMQN
->I09VO
"sjvjo"
roMso
->i<rso
->jro^
rororo
MOM
OsOO
uio^ro
w w IN)
rororo
UIVJI9>
* N O
orors)
09 09 09
M O M
sOMO
a^<ra^
MWUI
VJ1-M09
"^J^NJ
.pwr\>
ro^w
>4-M^J
a-as^
NWO^
•vlOJCD
->JM09
*sjo^
rororo
¥->t^^
WMH
owui
ixio^w
UIWVTI
pororo
t-»t^t->
-P-P-P
09^M
rororo
Uiuiln
"sJUl-P
rororo
(Mjiln
MvO09
v009O
O^sOW
W O O
ro^ui
->J->I>J
Wro09
•NI>J,NJ
O ^ W
09-M>J
OCO-vi
^OvO
^•"•M
IM>JW
UIM^J
rorvjw
\OVOO
^ ^ H
M U I ^
INJIVJIV)
09 sO NO
SOO-P
O'VO-M
"^j^cr
<roo9
090909
0>-sl-P
L Z >
O
3
—T —
Z<73
m
rororo
sO sO ^0
a>-Fin
uio^o
**j*sj>j
sOsoUi
^soos
cro^xj
NOVONO
O O O
( / >_» <_mCC
•DCOl. - . •<
sOsOsO
sOlJirO
O Z O
m o o
0 < H
uimai
rororo
MMO
roMso
09v0ro
<Mnw
H H N
W<T^
UKTCT
oooro
M>0U1
-MO^cr
Oso09
ouioo
o o ^
rororo
t-H-^i-'
OOO
woro
^Wso
rororo
-P-P^
>JfS>^
<MnsO
vl"Nl*>J
O ^ ^ ^
>409vO
•^o^ir
O-MvO
vOHOJ
rorow
09 09 O
o^-^iui
^roo
^C'O'*
09UiOo
090909
N H O
09
^j
i
2-n<> m >
73CDZ
oin
roro
o o
09 > i
O09
sO09
171 (Jl
sO09
09is>
o^a^
09 oo
o^vn
Oorv>
rors>
OO
09>4
o a
wro
roro
wr\>
>409
Wf>9
OM
Q-sQs
09 09
WO
09
as
i
O Z
mo
0 <
DL-J
-h©T3
C © 0
3 H-W
Q.© ©
W -j
^ c
3
0 fl)
3 3 O
© Q.©
<
3
CT©
3 -> "J
© 0 ©
-I 7 T M
^r©
© T O
Q.©
0 "t
M-3
M"»-"
Q)(Q
"J 3 "
5?
W 3
COM(Q
3"
73©
o M
3 3
<
2
>JW
M-3"
H-"» X
C M-H
H--h
3
W
fl)
O
0
CT3
© 3
3 © :
?T"J «
W 0
Q.
© o
"O ©
0 3
W 0)
H-3
H-Q.
W
W
0 T
3"»
© <
0 ©
7TM
w ©
rrj
W
©
3
W
©
O
W M.
"O
O
3
©
3
Z
0
O 3
0 H-
o
©
•o
a
M
©
o-
fl)
O
3"
©
0
3"
©
-J
2
CD
a
m
m
H
>
CO
CO
>
© 5T
>
"cO
© m
© O
H-
is
a) —i
ww#
c
8-5
oO
-
M ^ ^ M>
© H . 9
O Sfc
Ul
03^%
H I
H.V / fl) •
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
At
commercial
thrift
institutions
banks
Date
Total
Small-denomination time deposits2
Savings deposits1
Money market deposit accounts
At
A*
thrift
commercia.1
institutions
banks
Total
At
At
commercial
thrift
institutions
banks
Total
Large-denomination time deposits3
At
At
thrift
commercial
4
institutions
banks
Total
1986-NOV.
DEC.
376.4
379.6
193.4
192.9
569.8
572.5
150.6
154.2
210.5
212.9
361.1
367.0
367.6
365.3
492.6
489.7
860.3
855.0
288.5
289.1
153.4
150.7
441.9
439.8
1987-JAN.
FEB.
MAR.
382.0
378.8
378.8
193.4
193.2
193.0
575.4
572.0
571.8
159.7
163.2
167.4
218.1
222.9
227.9
377.8
386.0
395.4
364.7
362.3
360.2
490.3
488.1
486.3
855.0
850.4
846.4
292.5
295.1
300.0
149.5
148.9
147.5
442.1
444.0
447.5
APR.
MAY
JUNE
376.1
369.7
368.5
190.7
188.9
186.6
566.8
558.6
555.1
172.3
175.0
176.8
233.6
237.4
240.4
405.9
412.4
417.3
356.3
356.2
360.4
484.6
483.0
487.4
840.9
839.1
847.8
302.7
308.7
311.2
144.5
145.1
145.7
447.2
453.7
457.0
JULY
AUG.
SEP.
366.2
365.0
363.3
183.3
180.0
177.2
549.4
545.0
540.5
178.7
178.5
178.2
241.8
240.0
239.2
420.5
418.5
417.3
364.9
367.9
370.0
494.7
499.0
503.2
859.6
866.8
873.2
309.7
312.3
314.1
146.8
149.4
151.9
456.5
461.7
465.9
OCT.
NOV.
DEC.
360.0
358.1
358.2
173.9
169.6
167.0
533.9
527.7
525.2
178.6
177.5
176.7
239.3
235.7
233.3
417.8
413.2
410.0
375.1
382.6
385.2
510.5
521.1
529.3
885.6
903.8
914.6
317.3
322.4
323.6
155.7
159.0
161.7
473.1
481.3
485.4
358.9
359.0
360.9
165.2
163.6
164.0
524.0
522.6
524.9
178.2
179.5
182.6
233.0
232.8
236.2
411.2
412.2
418.8
389.4
394.0
397.2
540.2
550.6
557.0
929.6
944.6
954.1
321.3
324.1
326.8
163.8
166.0
165.2
485.0
490.1
491.9
^B-FEB. 15
22
29
358.9
359.5
359.1
163.6
163.4
163.1
522.5
522.9
522.2
179.3
179.7
179.9
233.0
232.6
232.5
412.3
412.3
412.3
393.9
394.4
395.3
550.3
551.5
553.0
944.2
946.0
948.3
325.1
324.0
325.4
166.3
166.2
165.8
491.4
490.1
491.2
MAR.
7
14
21
28
360.5
361.2
360.8
360.5
163.8
164.1
164.1
163.9
524.3
525.3
524.8
524.4
181.1
182.1
182.9
183.3
234.6
235.7
236.3
236.7
415.6
417.8
419.2
420.0
396.1
396.8
397.3
397.8
555.4
556.3
557.0
557.9
951.5
953.1
954.4
955.7
326.0
327.0
326.3
327.5
165.1
165.2
165.1
165.3
491.1
492.2
491.4
492.8
APR.
4p
lip
362.0
363.5
164.4
164.6
526.4
528.2
185.1
186.1
239.6
240.7
424.7
426.8
398.6
398.6
559.7
560.2
958.2
958.7
327.3
324.7
165.2
165.4
492.5
490.2
1988-JAN.
FEB.
MAR. P
Neek ending
V
1.
Z.
Savings deposits exclude MMDAs.
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.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p—indicates preliminary data.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions
of d o l l a r s , not seasonally
Term RPs 1
At
At
Institutionthrift
o n l y money c o m m e r c i a l
banks
institutions
market funds
Date
8
adjusted
Debt components 6
Non-M3 Components o f L
Total
Term
Eurodollars2
Savings
bonds
Short-term
Treasury
securities3
Bankers
acceptances4
Commercial
paper5
Federal
debt
Non-Federal
debt
1986-NOV.
DEC.
84.8
84.4
37.2
35.4
46.6
48.6
83.8
84.0
80.8
84.9
89.9
91.9
286.6
286.7
38.0
37.4
227.9
228.7
1772.3
1804.0
5713.5
5788.8
1987-JAN.
FEB.
MAR.
84.4
85.1
85.4
34.1
35.4
34.9
49.5
51.8
52.3
83.6
87.2
87.2
86.6
88.8
88.7
92.7
93.5
94.3
283.6
285.3
273.3
37.8
38.9
39.3
239.3
240.4
240.2
1817.6
1827.4
1839.0
5842.0
5856.3
5893.8
APR.
MAY
JUNE
83.5
82.1
81.7
38.3
40.6
40.4
56.1
61.9
67.0
94.4
102.5
107.4
83.9
87.0
89.5
95.1
95.8
96.5
257.0
256.8
257.8
40.5
42.2
43.5
243.8
253.6
255.1
1847.4
1858.3
1869.5
5948.9
6003.3
6056.3
JULY
AUG.
SEP.
83.8
84.0
81.3
38.5
39.6
40.3
68.5
67.9
68.8
107.0
107.5
109.2
85.3
90.2
94.4
97.1
97.7
98.3
251.1
257.2
260.8
43.6
43.6
44.4
249.2
249.2
256.8
1872.7
1887.6
1900.1
6102.7
6145.1
6200.1
OCT.
NOV.
DEC.
82.5
89.5
89.6
37.1
39.3
37.5
69.1
69.4
67.9
106.2
108.7
105.4
92.9
92.8
90.8
98.8
99.6
100.6
270.1
274.0
262.7
44.8
45.1
45.1
257.1
251.6
257.8
1909.7
1935.2
1951.9
6254.4
6297.9
6350.8
94.4
98.7
97.4
37.6
41.8
41.5
67.9
66.8
63.8
105.5
108.6
105.4
85.1
83.7
85.9
101.7
102.7 p
266.2
269.8 p
43.3
39.2 p
272.5
275.8 p
1959.4
1972.3 p
6401.5
6449.f p
1988-JAN.
FEB.
MAR. P
Neek
ending
1988-FEB.
15
22
29
99.4
98.1
100.0
43.5
40.3
41.9
67.3
66.5
65.2
110.8
106.8
107.1
84.9
83.7
84.7
MAR.
7
14
21
28
98.6
99.1
97.0
95.7
40.5
41.7
42.7
40.4
64.6
63.7
63.6
63.5
105.1
105.4
106.3
103.9
85.5
85.3
84.9
87.5
APR.
«P
Up
95.1
93.2
43.4
40.3
63.8
63.8
107.2
104.1
86.4
84.1
Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overniqht RPs at thrift institutions.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual 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,
-indicates preliminary data.
H.6 ( 5 0 8 )
Table 6
MEMORANDUM ITEMS
B i l l i o n s of dollars> not seasonally adjusted
Demand deposits
at banks due to
Date
IRA and Keogh Accounts
U.S. government deposits
Time and savings
deposits due to
Foreign
Foreign
foreign banks
commercial
official
and official
banks
institutions
institutions
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
Note balances
at depository
institutions
Total
cash
balance
Time and
savings
deposits
t commerci
banks
3.4
3.7
3.2
3.7
11.9
15.5
18.4
22.9
1.5
1.5
71.8
72.7
3.7
3.3
3.5
9.
5.
3.
23.8
25.2
13.6
37.1
33.6
20.3
1.4
1.4
1.4
At
money
market
funds
Total
96.4
97.2
10.7
10.7
178.9
180.7
73.7
74.5
75.6
98.1
98.9
100.3
10.8
11.0
11.2
182.6
184.4
187.1
At
At
thrift
commercial
institutions
banks
1986-NOV.
DEC.
9.3
9.5
2.1
2.0
1987-JAN.
FEB.
MAR.
9.9
9.3
8.8
1.9
1.7
1.6
APR.
MAY
JUNE
9.0
9.0
9.3
7.
16.
8.
16.6
27.4
21.8
28.5
46.8
34.2
78.6
79.7
79.8
103.0
103.7
104.6
12.4
13.1
13.3
193.9
196.5
197.7
JULY
AUG.
SEP.
9.3
8.9
9.4
5.
3.
10.
23.
18.
21.
31.
25.
35.8
80.2
80.7
81.4
105.4
105.7
106.6
13.5
14.0
14.5
199.2
200.4
202.4
OCT.
NOV.
DEC.
9.5
9.4
9.6
8.
4.
4.
27.
22.
18.
39.
29,
26,
81.8
82.2
82.9
107.1
107.4
108.7
15.4
16.2
16.4
204.4
205.8
208.0
5.6
3.8
3.0
20.8
25.1
18.6
30.5
32.0
25.2
83.9
84.7
85.5
110.0
111.2
113.1 e
16.6 e
16.8 e
16.9 e
210.6 e
212.7 e
215.5 e
9.0
10.3
9.3
21.1
25.8
29.4
26.
33.
34.8
7
14
21
28
9.7
8.7
9.3
9.2
21.7
15.1
23.8
17.7
28.
21.
32,
22.
Up
8.7
9.5
1988-JAN.
FEB.
MAR. P
10.0
9.3
9.2
4.2
4.1
4.4
4.4
4.4
1.7
1.6
1.5
4.4
4.3
4.4
4.1
3.1
3.6
Neek ending
1988-FEB. 15
22
29
MAR.
APR.
-indicates estimated data,
-indicates preliminary data.
15.
13.
1.6
1.6
1.6
H.6 (508)
Special Supplementary Table
Monthly Survey of Selected Deposits and Other Accounts:
February 24, 1988 and March 30, 19881
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil)
Liability Categories
February 24
March 30
Average Rate Paid (X)
February 24
Number of Issuing Banks
March 30
February 24
March 30
NOH accounts2
172,592
176,212
4.91
4.89
12,970
13,019
Money market deposit accounts2
357,030
357,647
5.37
5.34
12,395
12,266
Savings deposits3
176,390
180,985
5.25
5.24
12,875
12,827
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of: 4
7 to 31 days
6,920
6,249
5.89
5.82
8,440
8,373
32 to 91 days
22,824
21,951
6.06
6.03
12,398
12,166
13,013
131,253
129,932
6.51
6.50
13,063
183 to 1 year
99,453
103,729
6.97
6.86
12,779
12,731
OVer 1 year to 2-1/2 years
93,927
95,626
7.21
7.19
12,934
12,885
92 to 182 days
123,023
123,323
7.60
7.57
12,742
12,693
All IRA/Keogh Plan deposits5
84,867
86,039
N.A.
N.A.
12,565
12,519
Reta:l repurchase agreements
982
989
5.40
5.47
2,238
2,241
2-1/2 years and over
FDIC-Insured Savings Banks
Amount Outstanding ($mil)
2
Money market deposit accounts
3
Savings deposits
Number of Issuing Banks
March 30
March 30
February 24
6,635
6,993
5.24
5.24
338
338
32,721
32,608
5.70
5.66
373
373
40,922
41,762
5.45
5.46
384
384
149
147
5.85
5.88
95
98
307
306
February 24
Liability Categories
N0N accounts2
Average Rate Paid (X)
March 30
February 24
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of: 4
7 to 31 days
32 to 91 days
2,161
2,052
6.39
6.62
92 to 182 days
21,519
21,404
7.01
6.90
378
378
25,775
26,661
7.40
7.26
382
382
Over 1 year to 2-1/2 years
21,045
20,938
7.58
7.45
360
361
2-1/2 years and over
24,984
25,069
8.00
7.88
379
379
18,137
18,489
N.A.
N.A.
376
376
6.12
6.12
14
14
183 to 1 year
All IRA/Keogh Plan deposits5
Retail repurchase agreements
93
81
NOTE: The lower panel of this table presents data for both mutual and FDIC-insured federal savings banks.
N.A. - Data not available.
„
, ,
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 350 commercial banks and 80 savings banks.
.
2. NOW and MMDA account rates are reported as simple.annual rates.
.
3. Savings deposits exclude MMDAs. The savings deposits rate is reported as a simple annual rate.
4. Mith the exception of the 7-31 and 32-91 day deposit rates, which are reported as simple annual rates, time
deposit rates are annual effective yields reflecting the method of compounding reported by the individual
institutions.
..
, . " .
, . .
. - . - . L ,.
- .
.
.
- .
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid.
@FedFRASER