Full text of H.6 Money Stock Measures : August 12, 1999

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FEDERAL RESERVE statistic
H.6 (508)
Table 1

MONEY STOCK AND DEBT MEASURES
Billions of dollars
Date

M11

M22
Seasonally adjusted

1 9 9 7 -A u g.
Sa p.
Oct.
Nov.
Doc.

1 0 72 .1
1064.8
10 62 .1
1067.5
1074.9

39 61 .1
3981.7
4000 .2
4 0 23 .1
4046 .6

5 2 32 .8
5 2 69 .7
5 3 06 .7
5353.7
5404 .7

14816.8
14884.4
14956.2
15025.9
15094.9

1 9 9 8 - Jan .
F ob .
Mar.
Apr.
May
Juno
Ju ly
Aug.
So p.
O ct.
Nov.
Doc.

1073.8
1076.0
1080.6
1082 .1
1078.2
1077.8
1075.4
1 072.2
1074.7
1080.4
1089.0
1093.4

4 071.4
4100.9
4126 .2
4155 .2
4174 .8
41 98 .6
4 2 1 6 .1
4241 .7
4285 .5
4326 .9
4 3 65 .2
4 4 02 .0

5449 .7
5485 .0
55 43 .5
5 5 88 .6
5 6 30 .6
5673 .4
5693 .4
5 7 48 .8
5 8 11 .6
5 8 73 .1
5 9 37 .8
5 9 96 .2

15158.3
1 5235.1
15320.3
15397.5
15467.0
15539.8
15619.3
15696.2
15766.5
15850.3
15945.2
1 6 026.1

1 9 9 9 - Jan.
F ob .
Mar.
Apr.
May
Juno
Ju ly p

1 091.0
1092.6
1 102.0
1108.4
1104.7
1101.0
1097.8

4 4 26 .1
4 4 47 .0
4457 .2
4490 .0
4 507.4
4523.4
4542.3

6 0 17 .3
6 0 64 .4
6 0 58 .3
6 1 00 .5
6 1 24 .6
6 1 5 2 .1
6 1 76 .9

16099.1
16165.1
16259.2
16349.8
16414.9
16483.3 p

Not seasonally adjusted
1 9 97-A u g.
Sap.
O ct.
Nov.
D ec.

1069.2
1059.6
1057.6
1074.1
1097.4

3960.4
3970.7
3986.7
4025.7
4064.8

5 2 26 .8
5 2 52 .0
5 2 95 .0
5 3 59 .2
5 4 20 .9

14773.7
14850.2
14920.1
15008.5
15094.4

1 9 9 8 - Jan .
Fab.
Mar.
Apr.
May
Juna
J u ly
Aug.
Sap.
O ct.
N ov .
Dac.

1079.9
1066.0
1075.7
1087.4
1070.5
1074.7
1073.6
1068.6
1069.9
1076.2
1094.3
1115.3

4073.7
4092 .1
4143.6
4186.2
4155.9
4188.7
4209.0
4238.7
4273.4
4 311.7
4365.7
4418.8

5453 .9
5 486.7
5 5 72 .8
5618 .4
5 6 17 .2
5 6 6 1 .1
5 6 71 .0
5 7 37 .2
5788 .9
5 8 58 .1
5 9 42 .6
6012 .3

15141.5
15205.3
15308.0
15380.6
15434.9
15506.9
15571.4
15651.6
15731.1
15812.3
15927.7
16026.5

1999- J a n .
Fab.
Mar.
Apr.
May
Juna
Ju ly p

1098.3
1083.4
1097.2
1113.7
1096.7
1098.3
1096.4

4429 .5
4441 .3
4480 .7
4527 .5
4 486.7
4 511.3
4 532.5

6025 .4
6 0 7 3 .1
6 0 97 .3
6 1 37 .5
6 1 09 .6
6 1 35 .5
6 1 47 .8

16083.3
16138.9
16252.8
16336.5
16380.6
1 6444.5 p

Footnotes appear on the following page
p preliminary
Components may not add to totals due to rounding.




I l.u

)

Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

3 Months fro m A p r .

1999 TO J u l y 1999

6 Months fro m Jan.

1999 TO J u l y 1999

12 Months fro m J u l y 1998 TO J u l y 1999

T h i r t e e n weeks e n d i n g August 2 , 1999
fro m t h i r t e e n weeks e n d i n g :
May 3, 1999 (13 weeks p r e v i o u s )

1.

M2

M3

DEBT’

00
in
i

M1

4 .7

5 .0

5.5

1.2

5.3

5.3

5.7

2 .1

7 .7

8 .5

6 .1

-0 .6

5.3

5 .1

F eb .

1,

1999

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

1.7

5.7

5 .6

Aug.

3,

1998

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

2 .2

7 .8

8 .5

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1999 to June 1999, December 1998 to June 1999,
and June 1998 to June 1999, respectively.___________________________________________________ _____________________ __________________________’

Footnotes to Table 1:
1.

2.

3.

4.

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.
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 R( serve 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: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to
January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services
at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.




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

10
17
24
31

1103.3
1104.2
1104.5
1105.1

1108.9
1107.2
1105.6
1103.1

1100.2
1100.9
1104.1
1107.2

4472.0
4476.9
4480.4
4485.1

4502.0
4504.1
4502.4
4508.9

4503.2
4508.5
4507.0
4516.7

6080.7
6085.3
60 89 .1
6094.7

6115.9
6117.9
6117.4
6127.0

6113.9
6123.8
6131.8
6138.3

June

7
14
21
28

1105.5
1105.4
1105.6
1105.0

1102.7
1100.8
1101.6
1100.2

1098.7
1093.3
1107.0
1101.8

4490.5
4495.9
4501.5
4506.0

4511.1
4512.9
4519.8
4523.2

4512.3
4515.4
4534.8
4530.1

6101.6
6108.7
6116.8
6123.9

6130.9
6135.8
6144.5
6151.8

6129.7
6143.3
6166.8
6167.2

J u ly

5
12
19
26p

1103.2
1103.3
1102.4
1101.8

1099.2
1100.9
1098.1
1098.4

1094.8
1099.8
1096.0
1102.9

4508.6
4514.2
4517.7
4 521.1

4522.8
4529.3
4531.9
4539.0

4510.9
4541.2
4545.3
4558.7

6129.5
6 137.8
6 142.9
6147 .2

6155.2
6165.1
6169.0
6174.7

6143.4
6183.1
6182.3
6189.8

Aug.

2p

1100.5

1099.5

1099.3

4525.9

4549.4

4552.5

6153.3

6183.8

6180.1

1999-May

Not seasonally adjusted
1999-May

June

1101.5
1102.4

1109.0
1101.3
1096.5
1093.4

1091.2
1091.5
1085.1
1105.6

4489.3
4492.6
4494.7
4498.1

4504.1
4487.2
4480.3
4485.0

4494.7
4488.5
4464.9
4491.8

6107.0
6109.2
6111.0
6114.6

6115.6
6101.5
6099.9
6109.6

6112.3
6109.8
6096.7
6119.5

1103.0
1103.2
1103.4
1102.9

1094.3
1094.8
1097.7
10S5.7

1095.1
1093.5
1096.4
1097.8

4501.5
4505.0
4507.6
4508.2

4494.2
4504.4
4514.9
4511.7

4531.7
4529.0
4507.1
4478.8

6119.0
6122.9
6125.8
6127 .1

6121.2
6134.1
6142.0
6137.3

6158.6
6161.6
6128.2
6100.9

5

1101.6

12

1100.1
1101.2

19
26p

1100.9
1098.5
1097.4

1099.9
1097.9

1112.5
1098.1
1091.0
1089.9

4507.5
4507.5
4505.5
4507.0

4513.3
4518.8
4524.7
4533.0

4538.2
4550.9
4531.0
4511.7

6 127.1
6 127.3
6125.9
6 127.9

6133.9
6136.6
6141.5
6.14 8.5

6144.7
6172.4
6147.8
6128.9

2p

1096.3

1095.7

1103.9

4511.4

4530.9

4529.8

6132.4

6147.2

6139.5

10
17
24
31
7
14

21
28
J u ly

Aug.

1100.7

1101.6

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
prelim inary data.
Components may not add to totals due to rounding.



Page 4

H.6 (508)
Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Currency*

Date

5!

At thrift
institutions5

Total

7.7

391.0

149.2

100.6

249.8

Apr.
May
June

434.2
436.4
439.2

7.8

8.0

389.2
387.8
384.7

150.3
146.2
145.9

100.6
100.0
100.0

•250.9
246.2
245.9

J u ly
Aug.
Sep.

442.3
444.8
449.6

8.5
8.5
8.3

379.3
374.8
374.4

144.2
143.2
141.1

101.2
100.9
10 1.3

245.3
244.0
242.4

O ct.
N ov.
Dec.

453.3
456.5
459.2

8.3
7.9
7.8

374.7
377.0
377.5

141.5
144.0
143.8

102.7

103.6
105.0

244.2
247.6
248.8

1 9 9 9 -J a n .
F eb.
M ar.

462.7
467.6
472.0

7.8
7.7
7.8

371.1
371.8
374.1

145.5
141.5
143.0

103.9
104.0
10 5.1

249.5
245.5
24 8.1

Apr.
May
June

476.5
480.9
484.0

7.8
8.2

374.0
369.4
362.9

144.9
141.3
140.8

105.2
105.2
105.1

250.1
246.5
245.9

J u ly p

487.2

8.6

361.0

136.4

104.6

241.0

7
14
21
28

4 8 3.1
483.5
484.4
484.7

8.0
8.1
8.2
8.3

360.3
358.8
368.5
362.9

139.7
138.7
141.4
142.1

107.5
104.2
104.5
103.8

247.2
242.9
245.9
245.9

J u ly

5
12
19
26p

48 5.2
48 6.1
48 7.2
488.4

8.4
8.5
8.6
8.7

356.1
363.0
360.5
365.9

139.8
136.6
135.5
136.3

105.3
105.6
104.2
103.6

245.1
242.2
239.7
239.9

Aug.

2p

48 9.2

8.8

360.3

136.1

105.1

241.1

00

432.1

00

4

At commercial banks4

t**

3.

Other checkable deposits

Demand deposits3

1998-Mar.

1999-June

1
2

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.

e
estimated
p
preliminary
Components may not add to totals due to rounding.



Page 5
H.6 (508)
Table 5

SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1998-Mar.

1054.1

385.3

1439.4

626.5

342.4

968.9

637.3

3045.5

Apr.
May
June

1072.2
1078.0
1089.6

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340.1
339.7
339.5

967.6
966.0
965.2

646.3
658.4
669.7

3 073.1
3096.6
3120.8

Ju ly
Aug.
Sep.

1106.3
1121.6
1140.2

399.5
400.9
403.6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.4
330.9

962.4
959.7
958.7

672.5
687.2
70 8.4

3140.7
3169.5
3210.8

O ct.
Nov.
Dec.

1155.3
1171.1
1189.8

407.8
411.5
415.2

1563.1
1582.6
1605.0

627.5
628.2
626.0

330.4
327.5
325.9

957.9
955.7
952.0

7 2 5 .5
7 3 7 .9
75 1.7

3 246.5
3 276.3
3308.7

1 9 9 9 -Jan.
Feb.
Mar.

1202.3
1207.7
1207.9

420.4
425.4
428.1

1622.7
1633.1
1636.0

622.0
618.0
616.1

324.6
322.9
320.8

946.6
940.9
936.9

76 5.9
78 0.3
7 8 2.3

3 335.1
3354.3
3355.2

Apr.
May
June

1225.7
1233.9
1246.2

431.4
441.1
447.8

1657.1
1675.1
1694.1

614.4
613.3
611.9

319.7
317.8
314.7

934.0
9 3 1 .1
926.6

7 9 0.5
7 9 6 .5
801.7

3 381.6
3402.7
3422.4

J u ly p

1260.6

455.0

1715.6

612.2

314.1

926.2

802.7

3 444.5

7
14
21
28

1246.4
1245.7
1248.9
1245.1

442.3
444.7
449.7
453.5

1688.7
1690.4
1698.5
1698.6

612.4
612.0
611.9
611.7

315.4
314.9
314.6
314.2

927.8
926.9
926.5
925.9

7 9 7 .2
804.7
802.7
803.8

3413.7
34 22 .1
3427.8
3 428.3

J u ly

5
12
19
26p

1247.6
1260.9
1263.1
1264.3

447.0
452.7
456.6
459.8

1694.6
1713.6
1719.7
1724.1

611.1
611.0
612.1
613.3

*314.3
314.0
313.8
313.9

925.4
925.0
925.9
927.2

7 9 6 .1
802.8
803.7
804.5

3 4 16 .1
3441.4
3 449.3
3455.9

Aug.

2p

1262.0

458.4

1720.5

613.1

314.4

927.5

80 5.2

3453 .2

1 9 9 9 -June

1.
2.

At commercial
banks

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.

p
preliminary
Components may not add to totals due to rounding.



Page 6

H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Institutional
money fundj

Date

1.

3
4.
5.

RPs3
At commercial
banks2

At thrift
institutions

Total

Eurodollars4

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1998-Mar.

399.8

521.0

85.7

606.7

268.9

141.8

1417.3

3797.2

11523.1

Apr.
May
June

414.4
426.9
437.7

520.8
527.4
534.9

86.7
85.2
85.8

607.4
612.6
620.7

269.7
271.0
270.1

141.9
145.4
146.3

1433.4
1455.8
1474.8

3791.5
3778.8
3775.8

11605.9
11688.2
1 1 764.1

J u ly
Aug.
Sep.

441.9
454.5
467.8

527.8
534.6
534.7

85 .8
85 .6
86.6

613.6
620.2
621.3

272.6
278.9
282.6

149.2
153.5
154.4

1477.2
1507.1
1526.2

3772.9
3770.3
3760.0

11846.3
11925.9
12006.5

O ct.
N ov.
Dec.

486.7
503.8
516.2

533.8
537.5
541.0

8 7.7
8 7.9
8 9 .1

621.5
625.4
630.1

282.6
288.9
29 7.1

155.5
154.5
150.7

1 546.2
1572.5
1594 .1

3750.3
3748.8
3747.4

1 2 100.1
12196.4
12278.7

1 9 9 9 -J a n .
F eb.
Mar.

515.0
529.9
52 9.1

546.9
536.7
528.5

91 .0
89 .9
88 .8

637.9
626.6
617.2

290.9
307.8
295.3

147.3
153.1
159.4

1591.2
1617.4
1601 .1

3740.9
3718.2
3714.7

12358.2
12446.9
12544.6

Apr.
May
June

538.4
544.6
548.1

534.4
532.9
529.6

8 9 .1
88 .0
8 7.8

623.4
620.9
617.4

286.2
290.4
302.1

162.4
161.2
161.1

1610.5
1617.2
1628.7

3707 .1
3690.4
3690.4 p

12642.7
12724.5
1 2793.0 p

J u ly p

546.0

539.8

88.7

628.5

302.7

157.4

1 634.6

7
14
21
28

544.8
549.8
549.3
551.7

531.0
523.4
529.6
532.6

87.5
87.7
88.0
8 8.1

618.5
611.0
617.5
620.7

296.6
305.7
303.4
301.9

157.6
161.4
161.8
162.9

1617.4
1627.9
1632.0
1637 .1

J u ly

5
12
19
26p

536.1
546.7
546.3
548.5

539.5
539.8
544.4
538.7

88.2
8 9.0
88.9
88.8

627.7
628.9
633.3
627.5

304.6
306.9
300.7
300.4

164.1
159.5
156.8
154.6

1632.5
1641.9
1637.0
1631.0

Aug.

2p

551.0

534.5

8 8.0

622.4

301.1

153.0

1627.5

Week e n d i n a
1 9 9 9 -June

2.

Large-denomination time deposits1

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.
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 ail banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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
prelim inary
Components may not add to totals due to rounding.



Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars

Other checkable deposits
Currency1

4.
5.

Demand deposits3
At commercial banks4

At thrift
institutions5

Total

1998-Mar.

431.4

7 .9

385.8

149.8

100.9

250.6

Apr.
May
June

433.7
436.1
438.3

7 .9
7 .9
8 .0

389.4
381.7
382.8

153.2
145.3
145.6

103.3
9 9 .6
1 0 0.1

256.5
244.9
245.7

Ju ly
Aug.
Sep.

442.7
444.4
448.4

8.2
8.2

378.9
374.3
372.6

142.8
141.6
140.0

100.9
100.1
100.7

243.8
241.7
240.7

O ct.
Nov.
Dec.

452.6
457.5
464.2

8.2
8 .1
8.0

373.2
381.7
392.4

140.2
143.5
144.9

102.0
103.5
105.8

242.2
247.0
250.7

1 9 9 9 -J a n .
F eb .
Mar.

462.5
466.5
471.3

7 .9
7 .9
7 .9

375.7
364.7
368.9

14 8.1
141.4
143.5

1 0 4.1
102.8
105.5

252.2
244.2
249.0

Apr.
May
June

476.0
479.9
483.1

7 .9
7 .9
8 .1

374.1
363.6
361.3

147.6
140.5
140.6

1 0 8.1
104.8
10 5.1

255.7
245.3
245.7

J u ly p

487.6

8.3

361.0

135.1

104.3

239.5

7
14
21
28

483.5
483.1
483.1
482.9

8 .1
8 .1
8.2
8.2

356.5
360.3
360.5
361.0

138.8
137.5
141.0
142.7

108.3
104.4
103.7
103.0

247.1
241.9
244.6
245.7

J u ly

5
12
19
26p

487.9
487.7
486.9
486.8

8 .2
8.3
8.3
8.3

369.2
362.1
359.0
358.1

139.6
134.7
133.8
135.0

10 7.6
105.5
103.0
101.7

247.2
240.2
236.8
236.7

Aug.

2p

488.0

8.3

365.6

136.4

105.7

242.1

Week e n d in a
1 9 99 -June

1.
2.
3.

Travelers checks2

00

Date

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.

e
estimated
p
preliminary
Components may not add to totals due to rounding.



Page 8

H.6 (508)
Table 8

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

1

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1998-Mar.

1061.6

388.1

1449.6

627.3

342.8

970.1

6 4 8.1

3067.8

Apr.
May
June

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339.2
339.0

968.0
964.6
963.8

654.6
647.9
660.0

3098.8
3085.3
3114.0

J u ly
Aug.
Sep.

1107.5
1121.5
1134.8

399.9
400.8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.2
330.7

962.3
959.1
958.0

665.7
68 8.6
7 0 9 .0

3135.4
3170.1
3203.5

O ct.
N ov.
Dec.

1147.6
1167.9
1186.8

405.1
410.3
414.1

1552.6
1578.2
1600.9

628.1
628.4
625.4

330.7
327.6
325.6

958.7
956.0
951.0

7 2 4 .1
7 3 7 .2
7 5 1 .7

3235.4
3271.4
3303.6

1 9 9 9 -Jan.
Feb .
Mar.

1197.3
1203.8
1217.6

418.6
424.1
431.5

1616.0
1627.9
1649.1

622.7
619.4
616.9

324.9
323.6
321.2

947.6
943.0
938.2

7 6 7 .6
7 8 7 .0
7 9 6 .2

3331.1
3357.9
3383.5

Apr.
May
June

1241.5
1235.2
1249.8

437.0
441.6
449.1

1678.5
1676.8
1698.9

614.5
612.0
610.6

319.7
317.2
314.0

934.2
929.2
924.6

8 0 1 .1
7 8 4 .0
7 8 9 .6

3413.8
3390.0
3413.1

Ju ly p

1261.5

455.3

1716.8

612.0

314.0

925.9

7 9 3 .4

3436.2

1271.5
1264.9
1247.3
1223.3

451.2
451.6
449.1
445.6

1722.7
1716.5
1696.4
1668.9

610.9
610.6
610.4
610.4

314.6
314.2
313.8
313.5

925.5
924.8
924.2
923.9

7 8 8 .3
7 9 4 .1
7 9 0 .2
7 8 8 .2

3436.5
3435.5
3410.7
3381.0

Week e n d i n g
1 9 9 9 - June - 7
14
21
28

2.

At thrift
institutions

J u ly

5
12
19
26p

1266.3
1274.6
1262.4
1245.1

453.7
457.6
456.4
452.8

1720.0
1732.2
1718.8
1697.9

610.8
611.0
612.0
613.0

314.2
314.0
313.8
313.8

925.0
925.1
925.8
926.7

7 8 0 .7
7 9 5 .5
7 9 5 .4
7 9 7 .2

3425.7
3452.8
3439.9
3421.9

Aug.

2p

1249.6

453.9

1703.6

612.7

314.2

926.9

7 9 5 .3

3425.8

Savinas 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.

p
prelim inary
Components may not add to totals due to rounding.



Page 9
H.6 (508)
Table 9

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Institutional
money funds

Date

3.
4.
5.

RPs3
Eurodollars4

At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1998-Mar.

407.0

524.5

86.3

610.8

225.2

4 5 .2

270.5

141.1

1429.2

3820.7

11487.3

Apr.
May
June

412.7
421.0
431.7

520.8
532.6
539.4

86.6
8 6 .1
86.5

607.4
618.7
625.9

225.8
230.0
221.3

4 6 .0
46.9
49 .6

271.8
277.0
270.9

140.2
144.7
143.9

1432.1
1461.4
1472.4

3800.5
3765.9
3755.3

11580.2
11669.0
11751.6

J u ly
Aug.
Sep.

432.6
448.4
458.8

527.6
534.9
535.1

85.8
85 .6
86.7

613.4
620.6
621.9

221.3
228.3
231.3

4 9.0
4 9 .2
50.4

270.3
277.6
281.7

145.8
152.0
153.1

1462.0
1498.5
1515.5

3740.8
3749.6
3743.4

11830.6
11902.0
11987.7

O ct.
Nov.
Dec.

482.9
504.9
523.3

537.2
539.6
537.4

88.2
88.3
88.5

625.4
627.9
625.9

233.9
241.4
238.7

47 .8
47.9
5 1.0

281.8
289.4
289.8

156.2
154.9
154.5

1546.4
1577.0
1593.4

3727.8
3746.6
3754.9

12084.5
12181.2
12271.5

1999-J an .
Feb.
M ar.

529.3
547.3
537.9

533.2
532.2
532.9

88.8
8 9 .1
8 9.5

621.9
621.3
622.5

240.4
252.3
239.4

52.0
55 .1
58.6

292.3
307.4
297.9

152.4
155.9
158.4

1595.9
1631.9
1616.7

3736.6
3721.8
3741.2

12346.7
12417.0
12511.6

Apr.
May
June

536.7
538.3
540.6

535.1
538.7
535.0

89 .2
89 .0
88.8

624.3
627.7
623.8

229.2
235.4
238.4

59.7
61.4
63.5

288.9
296.8
301.9

160.1
160.1
157.9

1610.0
1622.9
1624.2

3717.1
3674.2
3662.8 p

12619.4
12706.4
12781.7 p

J u ly p

533.4

539.6

8 8 .6

628.2

233.0

67.0

300.0

153.7

1615.3

7
14
21
28

542.4
546.3
538.2
540.8

539.4
531.9
534.6
534.9

88 .9
8 9.1
88.8
88.5

628.3
621.0
623.4
623.3

239.0
242.8
238.1
234.3

61.5
64.2
63.8
64 .1

300.5
306.9
301.9
298.4

155.7
158.4
157.6
159.6

1626.9
1632.6
1621.1
1622 .1

J u ly

5
12
19
26p

521.8
537.2
533.1
537.3

536.2
537.8
544.6
540.2

87.7
88.7
8 8.9
8 9 .1

623.8
626.5
633.6
629.3

236.0
234.7
230.8
232.0

6 5.1
67.8
67 .1
67.0

301.2
302.6
297.8
299.0

159.7
155.2
152.3
151.6

1606.5
1621.5
1 616.8
1617 .1

Aug.

2p

534.6

536.6

88.4

625.0

232.2

67.6

299.8

150.4

1 609.8

Week e n d in g
1999-June

1.
2.

Large-denomination time deposits1

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.
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.
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
Components may not add to totals due to rounding.



Page 10
H.6 (508)
Table 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

Time and
savings
deposits
due to
foreign
banks and
official
institutions

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
At
deposits at commercial
commercial
banks
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

18.9

1.8

5.5

17.5

24.8

3.1

1.8
2.0

18.3
17.3
16.3

4.6
1.5
2.7

9.7
5.5
10.4

24.0
43.3
32.7

38.3
50.3
45.8

2.1
2.1
2.0

15.6
15.4
15.2

1.3
1.4
2.7

5.4
5.1
6.3

42.6
11.9
20.4

9.4
9.2
8.9

2.1

15.4
16.1
16.8

1.4
1.3
1.7

5.4
5.1
5.9

8.8

1.8
1.8

2.9
1.4
1.5

6.6

1.7

17.6
18.3
18.9

4.8
5.5

8.7
8.7
8.7

1.6
1.6
1.6

19.3
19.3
19.3

4.6
1.5

8.7

1.6

19.3

Note
balances at
depository
institutions1

At
thrift
institutions

At
money
market
funds

Total

151.5

100.8

98.1

350.4

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

98.7
99.7
100.6

350.2
349.9
349.6

49.4
18.4
29.4

3.3
3.4
3.5

151.0
151.2
151.4

97.5
98.0
98.4

102.7
106.1
109.6

351.2
355.3
359.4

19.3
18.7
24.4

26.1
25.1
32.0

3.7
4.1
4.5

151.5
151.5
151.5

98.4
97.9
97.4

112.3
114-3
116.3

362.2
363.7
365.1

30.8
6.9

4.6
4.3
4.0

151.5 e
151.5 •
151.6 •

96.9
96.7
96.4

8

12.1

40.2
13.0
19.1

118.1 8
119.7 8
121.4 8

366.5
367.9
369.3

16.5
28.4
24.0

27.5
35.3
32.5

3.9
3.9
3.9

151.6
151.6
151.6

8

96.1
95.8
95.5

8

2.6

6.4
5.4
5.9

8

123.0 8
124.7 8
126.4 8

370.7
372.1
373.5

8

1.7

5.2

27.2

34.1

3.9

151.6

8

95.2

8

128.1

374.9

8

7
14
21
28

1.4
2.5
5.2
1.4

4.8
4.9
6.8
6.9

4.1
2.7
28.5
53.0

10.4
10.1
40.5
61.3

J u ly

5
12
19
26p

1.3
1.2
1.6
1.8

6.2
5.2
5.2
4.9

28.9
18.9
26.9
34.5

36.4
25.3
33.6
41.2

Aug.

2p

2.5

5.1

34.5

42.1

Date

Foreign
commercial
banks

Foreign
official
institutions

1998-Mar.

9.9

1.5

Apr.
May
June

9.9

1.5

10.0
10.0

Ju ly
Aug.
Sep.

10.0

O ct.
N ov.
Dec.

1 9 9 9 -J a n .
F eb.
Mar.

8.7
8.7

Apr.
May
June
J u ly p

Week e n d i n g
1 9 99 -June

9.8
9.6

1.9
1.9

1. Source: Daily Treasury statement,
e
estimated
p
preliminary
Components may not add to totals due to rounding.



Total
cash
balance

e
8

8
8
8

8

8
8
8
8
8