Full text of H.6 Money Stock Measures : April 23, 1998

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FEDERAL RESERVE statistic
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASUR
Billionsofdollars
Date

M11

M22
Seasonallyadjusted

1996- Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

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

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
5154.1
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

1998-Jan.
Feb.
Mar. p

1073.3
1075.8
1080.1

4064.6
4096.1
4123.8

5430.2
5468.2
5530.9

6700.9 p

15227.2
15308.9 p

Notseasonallyadjusted
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
4059.2

4965.0
4990.6
5044.2
5088.5
5071.6
5106.5
5148.1
5200.8
5223.8
5267.5
5334.9
5399.9

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. p

1078.7
1063.3
1073.6

4066.5
4082.8
4135.0

5434.3
5466.0
5549.6

6702.8 p

15207.0
15268.8 p

Footnotes appear on the following page
p

preliminary




Page 2

H.6 (508)
Table2

MONEY STOCK AND DEBT MEASURES
Percentchange atseasonallyadjustedannual rates
M1

M2

M3

DEBT1

3 Months

from Doc.

1997 TO Mar.

1998

1.5

8.3

11.0

6.2

6 Months

from Sep.

1997 TO Mar. 1998

3.1

7.5

11.2

6.0

from Mar. 1997 TO Mar. 1998

0.5

6.6

9.9

5.4

2.5

7.9

10.9

12 Months

T h i r t e e n weeks ending A p r i l 13 , 1998
from t h i r t e e n weeks endi ng:
Jan. 12/ 1998 (13 weeks p r e v i o u s )
O c t . 13/ 1997

(26 weeks p r e v i o u s )

2.1

7.5

11.0

Apr.

(52 weeks p r e v i o u s )

0.1

6.4

9.7

14,

1997

1. Growth ratesfordebtarebased on periodsbeginningand endingone month earlierthanforthemonetaryaggregates, namely, November 1997 toFebruary 1998, August 1997 toFebruary 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

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

1998-Jan.

19
26

1071.2
1072.3

1075.4
1074.3

1070.3
1076.1

4032.9
4038.3

4060.1
4063.5

4065.1
4070.2

5363.9
5375.4

5419.5
5428.5

5430.3
5432.9

Fab.

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
4049.2
4055.1
4061.7

4068.2
4074.4
4080.8
4090.0

4079.1
4083.1
4090.9
4106.7

5385.4
5396.3
5406.9
5417.5

5435.2
5439.8
5448.0
5458.6

5444.8
5451.1
5463.3
5475.2

Mar.

2
9
16
23
30

1075.5
1076.2
1077.1
1077.3
1076.8

1076.1
1078.2
1080.5
1081.0
1078.1

1085.2
1078.2
1081.5
1079.1
1073.7

4068.1
4075.1
4082.2
4088.4
4093.6

4098.9
4107.8
4115.8
4119.8
4122.1

4114.9
4118.8
4122.6
4123.0
4123.9

5428.7
5440.1
5452.0
5463.4
5474.5

5472.4
5488.2
5505.8
5519.8
5530.0

5499.8
5514.6
5533.6
5531.0
5540.9

Apr.

6p
13p

1076.5
1077.1

1079.2
1076.9

1082.4
1072.2

4100.2
4107.0

4129.1
4135.0

4146.7
4146.2

5486.5
5497.7

5544.9
5556.1

5573.9
5578.7

Not seasonally adjusted
1998-Jan.

19
26

1083.3
1084.1

1100.3
1085.7

1070.5
1056.3

4040.8
4046.4

4080.3
4073.2

4069.4
4032.0

5372.9
5384.7

5433.1
5437.5

5444.4
5410.4

Fab.

2
9
16
23

1083.2
1082.5
1081.7
1081.4

1069.3
1063.5
1060.9
1061.7

1068.2
1058.9
1060.0
1059.8

4050.2
4054.9
4059.6
4065.2

4058.2
4056.5
4060.2
4072.3

4044.3
4080.2
4084.2
4080.3

5393.4
5403.7
5413.9
5424.3

5433.3
5432.0
5437.9
5451.0

5415.3
5457.8
5468.2
5462.6

Mar.

2
9
16
23
30

1080.3
1080.0
1079.3
1076.5
1073.2

1064.1
1067.8
1071.5
1072.6
1071.1

1077.6
1073.7
1074.9
1064.2
1071.6

4070.4
4077.3
4084.2
4089.1
4093.8

4087.2
4103.5
4118.9
4129.2
4133.4

4103.9
4145.4
4145.9
4121.6
4120.8

5434.8
5446.7
5458.6
5469.7
5480.8

5472.3
5495.8
5520.3
5539.7
5549.1

5500.4
5551.9
5566.4
5540.0
5538.2

Apr•

6p
13p

1070.0
1070.3

1075.8
1078.5

1092.3
1085.9

4100.9
4110.3

4146.1
4162.1

4196.2
4209.8

5495.0
5508.5

5565.4
5583.4

5616.9
5638.3

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
Date

Currency1

e

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

392.4
394.9

8.6
8.6

402.5
403.6

173.0
172.1

104.7
103.7

277.7
275.9

2723.2
2743.2

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

2759.9
27*74.6
2794.0

1120.4
1144.5
1163.0

Apr .
May
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

2821.7
2828.5
2842.8

1185.2
1198.5
1206.0

July
Aug.
Sep.

410.5
412.6
415.6

8.3
8.3
8.1

398.4
401.9
391.9

151.0
150.5
150.7

97.4
97.8
97.1

248.4
248.2
247.8

2856.5
2882.0
2910.3

1232.0
1246.0
1263.0

Oct.
Nov.
Dec.

418.3
421.9
425.5

8.2
8.1
8.2

389.6
394.5
397.1

148.7
147.7
148.5

97.0
96.9
96.7

245. 8
244.6
245. 1

2931.3
2948.3
2964.3

1281.3
1311.5
1342.4

427.5
431.0
432.4

8.2
8.1
8.1

392.7
391.8
390.9

149.0
147.2
148.9

96.0
97.8
99.9

244.9
245.0
248.7

2991.3
3020.3
3043.7

1365.6
1372.0
1407.0

w«.k
1998-Feb.

4.
5.
6.
7.

Nontransactions components

1996-Nov.
Dec*

1998-Jan.
Feb.
Mar. p

1.
2.
3.

Travelers checks2 Demand deposits3

16
23

431.3
431.7

8.2
8.2

388.6
392.2

146.3
147.3

97.9
97.6

244.2
244.9

3018.7
3029.6

1372.3
1368.5

Mar.

2
9
16
23
30

432.2
432.4
432.4
432.5
432.3

8.2
8.1
8.1
8.1
8.0

397.8
389.2
391.9
390.7
385.7

148.7
148.1
147.9
148.7
149.5

98.3
100.4
101.1
99.1
98.2

247.0
248.5
249,0
247.8
247.7

3029.7
3040.6
3041.2
3044.0
3050.1

1385.0
1395.8
1411.0
1407.9
1417.0

Apr.

6p
13p

433.0
433.7

8.0
8.0 e

389.6
383.5

149.4
146.2

102.2
100.9

251.7
247.0

3064.3
3074.0

1427.3
1432.5

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

Savings deposits1
Date

1.
2.
3.
4.

p

Small-denomination time deposits2

Retail
money
funds

Institutional
money
funds

947.0
948.8

514.6
522.8

355.0
355.7
353.1

950.1
951.2
951.6

601.2
603.8
609.2

351.9
352.8
351.5

1331.4
1343.0
1359.7

614.5
615.0
616.9

375.1
374.9
376.6

1374.7
1384.5
1397.5

1033.2
1044.4
1055.1

378.6
382.9
386.6

1044.5
1046.2

At
commercial
banks

At
thrift
institutions

1996-Nov.
Dac.

894.8
904.8

366.8
366.9

1997-Jan.
Fab.
Mar.

914.0
920.8
932.4

Apr .
May
June

Large-denomination time deposits3
At
commercial
banks4

At
thrift
institutions

304.2
310.3

404.1
413.2

78. 1
78.0

482.2
491.3

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

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

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

618.2
621.1
621.6

346.2
343.6
343.6

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

1411.8
1427.3
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
512.1
528.1

87.3
87.5
87.0

586.6
599.6
615.1

381.8
385.0

1426.3
1431.2

622.0
621.7

343.8
343.8

965.8
965.4

626.6
633.0

385.7
384.5

512.5
513.8

87.9
87.6

600.4
601.4

At
commercial
banks

At
thrift
institutions

1261.6
1271.7

592.3
594.5

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

J ul y
Aug.
Sap.

957.3
968.8
985.4

374.1
374.3
374.4

Oct.
Nov.
Dac.

999.6
1009.5
1020.9

1998-Jan.
Fab.
Mar. p

1998- Feb. 16
23

Total

Total

Total

Mar.

2
9
16
23
30

1047.2
1055.2
1054.2
1054.5
1056.3

385.5
384.1
385.9
386.9
389.7

1432.6
1439.3
1440.1
1441.4
1445.9

620.9
620.9
621.1
621.9
621.4

34 3.5
343.6
342.8
341.7
341.0

964.5
964.5
963.8
963.7
962.4

632.6
636.9
637.2
638.9
641.7

386.8
386.4
391.6
390.7
399.0

519.8
524.0
529.5
527.7
532.4

86.7
87.0
87.4
86.8
86.9

606.5
611.0
616.8
614.5
619.2

Apr.

6p
13p

1072.5
1076.6

387.6
386.9

1460.1
1463.6

621.7
621.9

340.6
340.1

962.2
961.9

642.0
648.5

401.6
414.0

535.5
525.4

88.2
88.7

623.7
614.0

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 atrcommercial banks less those held, by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
p re lim in a ry




Page 6
H.6 (508)
Table 4 -continued

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

Non-M3 Components of L
RPs1

Date

Eurodollars2

Short-term
Treasury.
securities3

Bankers
acceptances4

Commercial paper5

Debt components6
Federal debt

12.4
12.4

¥ fm

3776.1

Non-Federaldebt
1659$. 6

1 8 6 .9

473.4
455.0

498.5

3780.0

10639.9

116.8
119.3
121.4

186.7
186.6
186.5

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

202.4
204.1
199.8

125*5
131.5
129.3

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

July
Aug.
Sep.

207.4
210.0
209.2

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
3788.0

11021.4
11076.2
11131.7

Oct.
Nov.
Dec.

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

245.1
239.8
257.3

153.0
147.9
142.7

186.3 p

445.1 p

12.2 p

627.1 p

3797.4
3794.9 p

11429.8
11514.0 p

Savings bonds
Dec.

1 9 $ •5
194.2

107.8
113.7

1997-Jan.
Feb.
Mar.

197.2
200.0
198.9

A pr .
May
June

1 9 9 6 -n o

v

.

1998-Jan.
Feb.
Mar. p

------------ r r r r s --------

W ..K,ending

1.
2.

1998-Feb.

16
23

237.3
236.1

148.9
146.5

Mar.

2
9
16
23
30

245.5
256.8
258.7
260.7
256.4

146.1
141.6
143.9
142.0
142.3

Apr.

6p
13p

258.1
259.1

143.9
145.4

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 ll.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

p relim in ary

3.




Page 7
H.6 (508)
Table 5

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

Currency1

Date

1996-Nov.
Dac.

392.8
397.9

1997-Jan.
Fab.
Mar.

e

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

8.4
8.3

172.4
174.1

104.8
104.7

395.4
397.5
400.8

8.2
8.3
8.2

406.0
393.2
396.0

175.0
166.2
161.5

Apr .
May
June

403.3
406.0
408.3

8. 2
8.2
8.2

397.5
388.5
397.4

July
Aug.
Sap.

411.2
413.3
414.2

8.7
8.8
8.4

Oct •
Nov.
Dac.

417.3
422.4
429.0

426.4
428.9
431.5

W . . k endi ng
1998-Fab. 16
23

4.
5.
6.
7.

Demand
deposits3
408.3
419.9

1998-Jan.
Fab.
Mar. p

1.
2.
3.

Travelers
checks2

Total

In M26

In M3 only7

277.2
278.8

2721.0
2740.5

1093.4
1108.0

102.0
100.5
101.4

277.0
266.8
262.9

2756.0
2772.4
2808.1

1122.3
1152.5
1168.2

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

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
1243.8
1257.9

8.2
8. 0
7. 9

388.8
399.8
412.9

147.4
147.2
150.1

96.6
97.0
97.5

243.9
244.2
247.6

2922.7
2945.6
2961.7

1286.6
1315.0
1340.7

7.9
7. 8
7. 9

396.2
382.9
385.1

152.2
147.3
149.3

96.1
96.3
99.9

248.2
243.6
249.2

2987.8
3019.5
3061.3

1367.8
1383.2
1414.6

430.1
428.9

7.8
7.8

381.7
380.7

144.9
147.4

95.4
94.9

240.3
242.3

3024.3
3020.5

1384.0
1382.3

Mar.

2
9
16
23
30

429.2
432.5
431.6
431.3
430.9

7.9
7.9
7.9
7.9
7.9

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
98.2
98.7

249.2
248.9
246.6
247.1
251.2

3026.3
3071.6
3071.1
3057.4
3049.2

1396.5
1406.6
1420.5
1418.4
1417.4

Apr.

6p
13p

434.1
435.1

7.9
7.9 a

394.1
391.6

151.0
148.6

105.1
102.6

256.1
251.2

3104.0
3123.9

1420.7
1428.5

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

H.6 (508)
Tab les-co ntinu ed

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

Small-denomination time deposits2

3.
4.

p

354.1
353.2

945.3
946.0

513.7
524.8

304.3
312.7

408.6
413.6

79.0
78.1

487.6
491.7

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

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

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
584.8

339.0
346.8
351.5

466.5
469.1
478.2

to
00

83.4
83.9

549.3
552.5
562.2

996.5
1009.2
1019.0

374.0
374.8
375.9

1370.4
1384.0
1394.9

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

1028.9
1039.9
1060.1

377.0
381.2
388.4

1405.9
1421.1
1448.6

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
508.6
526.7

86.0
86.9
86.8

577.8
595.6
613.5

1045.1
1035.7

382.0
381.1

1427.1
1416.8

622.3
621.9

344.0
343.9

966.2
965.8

631.0
637.9

398.0
400.6

509.3
510.9

87.3
87.1

596.6
598.1

At
thrift
institutions

1262.0
1269.7

591.3
592.7

365.8
366.2
369.5

1275.8
1282.4
1305.5

950.4
944.8
953.9

372.7
373.8
375.6

July
Aug.
Sep.

959.5
971.0
984.3

Oct.
Nov.
Dec.

At
thrift
institutions

1996-Nov.
Dec •

895.1
903.3

366.9
366.4

1997-Jan.
Feb.
Mar.

910.0
916.2
936.1

Apr .
May
June

Week endi ng
1998-Feb. 16
23

1.
2.

Total

Institutional
money
funds

At
commercial
banks

At
commercial
banks

1998-Jan.
Feb.
Mar. p

Large-denomination time deposits3

Retail
money
funds

CO

Savings deposits1
Date

Total

At
commercial
banks4

At
thrift
institutions

Total

Mar.

2
9
16
23
30

1039.7
1069.6
1067.2
1056.0
1048.9

382.7
389.3
390.7
387.5
387.0

1422.4
1458.9
1457.9
1443.5
1435.8

621.3
621.3
621.4
622.1
621.9

343.7
343.8
343.0
341.8
341.3

965.0
965.1
964.4
963.9
963.2

638.8
647.6
648.8
650.0
650.2

399.7
399.2
401.8
400.0
399.8

518.6
524.0
528.8
526.9
529.1

86.4
87.0
87.2
86.7
86.3

605.0
610.9
616.0
613.5
615.4

Apr.

6p
13p

1092.2
1101.1

394.8
395.7

1487.0
1496.9

622.6
622.6

341.1
340.5

963.8
963.2

653.2
663.9

400.4
415.6

530.3
521.3

87.3
88.0

617.6
609.3

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 commer­
cial 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.
p re lim in a ry




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

Total

Savings bonds

Short-term
Treasyry*
securities3

Bankers
acceptances4

Debt components6
Commercial
paper6

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

12.6

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
122.9

186.8
186.6
186.6

441.4
4,41.3
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 .
May
June

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

198.0
194.0
209.6

45.9
45.8
46.6

243.9
239.8
256.2

156.3
150.3
144.7

186.4 p

443.0 p

12.5 p

626.6 p

3792.5
3795.3 p

11414.5
11473.5 p

192.5
188.5

45.9
45.8

238.4
234.2

151.0
149.3

1998-Jan.
Feb.
Mar. p

Weak endina
1998- Fe b• 16
23

1.
2.

At thrift
institutions

Non-M3 Components of L
Eurodollars2

121.1

Mar.

2
9
16
23
30

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

149.0
143.0
145.2
144.0
145.4

Apr•

6p
13p

210.7

210.8

46.6
47.8

257.4
258.6

145.3
144.9

12.4

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, ana 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.




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

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

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.
Sap.

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.
Dac.

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 a
156.1 a
156.2 a

103.0 a
102.7 a
102.3 a

95.9 a
96.9 a
97.9 a

354.9 a
355.7 a
356.5 a

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 a
156.5 a
156.6 a

101.9 a
101.6 a
101.3 a

99.0 a
99.9 a
100.9 a

357.2 a
358.0 a
358.8 a

Waak andl ng
1998-Fab. 16
23

8.3
8.3

1.4
1.4

18.5
18.5

1.7
1.7

4.8
4.6

5.8
21.1

12.3
27.5

2.8
2.8

Mar.

2
9
16
23
30

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

14.9
6.1
7.0
30.6
28.6

21.6
12.7
15.0
38.0
35.3

2.8
2.8
2.8
2.8
2.8

Apr.

6p
13p

8.3
8.3

1.4
1.4

18.5
18.5

1.9
2.5

5.0
5.5

10.9
4.7

17.8
12.8

2.8
2.8

Date

Foreign
commercial
banks

Foreign
official
institutions

1996-Nov.
Dec.

8.8
9.1

1.4
1.4

1997-Jan.
Fab.
Mar.

9.2
9.3
9.3

Apr .
May
Juna

1998-Jan.
Fab.
Mar. p

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

estimated
preliminary




Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total