Full text of H.6 Money Stock Measures : August 13, 1987

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

AUGUST

Billions of dollars
M1
Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

M2
M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.
and broker/dealer), MMDAs,
and savings and small
time deposits2

M3
M2 plus
large time deposits,
term RPs, term Eurodollars
and institution-only
MMMF balances'

13. 1987

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors3

Seasonally adjusted
1986—JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

676.6
687.0
693.1
701.4
712.4
730.5

2693.8
2718.4
2736.3
2760.7
2775.4
2800.1

3368.3
3396.8
3422.0
3442.2
3460.1
3489.1

3998.8
4027.7
4057.0
4082.7
4108.5
4141.1

7234.4
7318.6
7400.7
7456.8
7530.1
7630.4

1987—JAN.
FEB.
MAS.
APE.
MAY
JUNE
JULi P

737.7
737.4
739.5
750.3
753.1
746.6
747.7

2822.2
2821.5
2824.7
2838.2
2839.0
2841.3
2847.9

3514.8
3516.4
3523.1
3539.1
3553.0
3568.5
3574.4

4174.1
4182.6
4172.4
4186.0
4218.0
4222.8

7695.0
7727.4
7780.7
7tt45. 1
7914.6
7979.5

198b—JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

680.4
685.2
691.2
698.9
715.4
746.5

2700.4
2715.8
2728.8
2757.1
2777.7
2813.6

3368.5
3392.3
3416.4
3438.7
3464.4
35041.4

3999.3
4024.5
4051.1
4077.0
4111.3
4154.5

7198.9
7287.3
7378.3
7440.5
7515.5
7623.1

1*87—JAN.

744.4
723.3
728.9
757.5
744.9
749.1
751.6

2832.4
2809.5
2818.4
2846.9
2827.9
2842.5
2855.1

3525.5
3508.7
3520.2
3547.2
3543.2
3566.3
3574.3

4185.5
4174.4
4175.7
4194.1
4202.4
4222.0

7689.4
7712.4
7768.6
7817.5
7616.2
7937.7

13-week average

Seasonally adjusted
4-week average
'

Not seasonally adjusted

FIB.
NAB.
APR.
JUNE
JULY P

M1
For period ended

week average

13-week average

Not seasonally adjusted
4-week average

week average

1987-JULY

6
13
20
27 P

750.5
750.5
749.9
749.2

746.9
746.6
746. 1
747.8

750.3
743.5
748.0
749.2

751.4
751.4
749.7
748.7

750.7
751.4
753.0
753.6

769.5
757.8
750.3
736.9

AUG.

3 P

749.4

748.1

751.8

748.5

748.1

747.3

NOTE:

SPECIAL CAUTION SHOULD BE TAKEN IN INTERPRETING MEEK-TO-MEEK CHANGES
HIGHLT VOLATILE AND SUBJECT TO REVISION.
P—INDICATES PRELIHINAJiY DATA.
FOOTNOTES APPEAR ON THE FOLLOVING PAGE




HONEY SUPPLY DATA, WHICH Afi£

H.6 (508)
Table 2

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

M1

-1.4

3 HO NT iiS FROM APR,

1907 TO JULY

1987

6 HO W H S FROM JAN.

1987 TO JULY

1987

2.7

1987

10O

12 HO JIT US FROM JULY

1986 TO JULY

M2

1.4

M3

Debt1

4.0

10.2

1.8

3.4

9.2

5.7

6.1

11.3

THIRTEEN KEEKS ENDING AUG. 3, 1987
FROM THIRTEEN WEEKS ENDING:

1/

1/

2/

3/

V
5/

HAY

2, 1987 (13 WEEKS PREVIOUS)

3.6

F£B.

2, 1967 (26 WEEKS PREVIOUS)

6.0

AUG.

4, 1986 (52 HEEKS PREVIOUS)

12.0

GROWTH RATES FOR DEBT ARE BASED OM PERIODS BEGINNING AMD HHDZHG ONE MONTH EARLIER THAN FOR TUB MONETARY AGGREGATES,
NAMELY, MARCH 1987 TO JUNE 1987, DECEMBER 198o TO JUNE 1987, AND JUKE 1986 TO JUNE 1987, RESPECT If ELY.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERAL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO
DOMESTIC BANKS, THE U.S. GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IU THE PROCESS
OF COLLECTION AND F&D&hkL RESERVE FLOAT; AND <4) OTHER CHECKABLE DEPOSITS (OCD) 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. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF M1 PLUS OVERNIGHT (AMD CONTINUIMG CONTRACT) RPS ISSUED BY ALL COMMERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE, HMDAS, SAVINGS AID SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IU AMOUNTS OF LESS THAN $100,000), AND BALANCES IU BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKER/DEALER HONEY MARKET MUTUAL FUUDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO &ICLQD&S ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS, MONEY MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BAMKS, AND
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM HP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, 1'ERH 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 BALkUCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY HOMEY MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY
MARKET FQUDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUUDS.
CONSISTS OF H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BQUDS, SHORT-TERN TREASURY SECURITIES, COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER bAMK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL HESLKVE BOARD'S FLOW OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PhKSEHTED IN MONTH-AVERAGE FORM, DEtLlV&D BY AVERAGING MONTH-END LEVE1.S OF ADJACENT MONTHS." 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. 1. IH THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON
A UUARTEH-END BASIS AND INCLUDE DISCONTINUITIES.




Md (908)

COMPONENTS OF THE MONEY STOCK
BIIMons of doilsrs,

3
NontfsnssjCtlons
oompi msnts

Dsts

Cuntncy*
chscks

dsposlts

dsposlts*

lnM2*

In M3
only*

SiitfnQsdspos*IS7
st

st
oofvwnofClsJ
thrift
bsnks
Institutions

total

TJslsctsd
8miMl tlmsdspa•Its1
st
st
intin
oommsfClsJ
total
bsnks

tST( s tints dspo ms"
st
thnft
19
bsnks
st

177.6
179.0
179.7

6.3
6.4
6.4

288.2
291.2
292.2

204.5
210.4
214.7

2031.4
2043.2

674.5
678.4
685.7 '

134.0
1J7.5
141.1

193.3
197.2
200.3

327.4
334.6
341.4

380.0
377.0
374.1

500.9
499.6
498.1

880.9
876.7
872.2

289.5
290.1
289.8

158.9
159.3
158.7

448.3
449.4
448.4

OCT.
NOV.
DSC.

181.2
182.4
183.5

6.4
6.4
6.4

293.4
297.8
308.3

220.3
225.8
232.3

2059.3
2063.1
2069.7

681.5
684.6
689.0

145.8
150.2
154.5

20 4.7
20 8.3
211.8

350.5
358.5
366.3

370.0
365.9
364.7

494.6
491.3
488.7

864.7
857.1
853.5

288. 1
289.9
291.8

157.4
155.9
155.3

445.5
44 5.6
447.1

1987-JAN.
FSB.
MAR.

186.0
187.2
187.7

6.5
6.7
6.8

305.1
300.8
299.3

240.1
242.9
245.7

2084.5
2064.0
2085.2

692.6
696.9
698.4

159.8
164.4
168.3

216.9
222.7
228.0

376.7
387.2
396.3

364.7
362.6
360.0

486.9
485.6
465.8

851.6
648.3
845.9

295.7
296.0
299.0

154.0
152.3
151.1

449.7
448.2
450.1

APR.
MAI
JUNE

188.9
190.2
191.1

6^7
b.6

303.9
303.9
297.4

250.7
252.2
251.2

2087.9
2085.9
2094.7

700.9
714.1
727.1

172.2
174.5
175.5

23 3.8
237.2
239.7

406.1
411.7
415.2

357.5
357.1
360.2

486.3
466.1
490.3

843.9
843.3
850.4

305.9
310.7
315.0

148.7
149.0
150.1

454.6
459.7
465.1

JULY P

192.1

6.8

296.3

252.5

2100.2

726.5

176.6

240.1

416.8

363.4

495.4

858.9

313.7

151.2

464.9

1986-JULY
AUG.
SEPT.

8SBK BNDING
1987
JULY

AUG.

6
13
20
27 P

191.3
192.1
192.3
192.7

301.0
293.6
295.8
295.7

251.2
250.9
253.1
253.9

176.3
176.0
176.5
177. 1

362.1
362.8
363.4
364.2

312.7
315.1
313.8
313.1

3 P

192.2

298.5

254.4

177.8

365.2

313.3

1/

I

CDRR&NCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
2/ OUTSTANDING AHOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BT DEPOSITOR!
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
3/ DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER THAN THOSE DOE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FBDRRkL RESERVE FLOAT.
EXCLUDES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
4/ CONSISTS OF NOB AND ATS BALANCES AT ALL DEPOSITOR! INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS.
5/ SUM OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, MONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DBALEfl)•
HHDAS, AND SAVINGS AND SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVIUGS DEPOSITS LIABILITIES.
6/ SUB OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, HONEY MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY
INSTITUTION-ONLY MONEY MARKET FUNDS.
7/ SAVINGS DEPOSITS EXCLUDE MHDAS.
8/ SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL
TIMS DEPOSITS.
9/ LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF 1100,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
10/ LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BI MONEY MARKET MUTUAL FUNDS,
• DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 4

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

Date

1986—JUNE

Debt components4
federal debt
non-federal debt

39.8

212.6

1694.0

5474. 3

292,6
266,7
16 7.9

39.0
37.3
36.9

214.5
219.7
223.9

1713.5
1727.3
17443.3

5520.9
5590.9
5657.4

OCT.
NO?..
DBC.

87.7
89.8
91.7

2B6.7

37.7
38.0
37.5

228.4
228.4
230.2

1753.8
1774.9
1804. 5

5703.0
5755.2
5825.9

1967-JAN.

92.7
93.5
94.3

289.3
291.7
276.1

37.8
39.8

239.7
239.8
239.1

1814.8
1819.3
1828.2

5880.3
5908.2
5952.5

95.1
95.9
96.5

26b, 8
272.4
265.6

41.2
42.4
43.5

244.9
254.3
248.8

1841. 1
1864.2
1887.41

6004.0
6050.3
6092.1

JUNE P

3/
%/

83.5

commercial paper3

84.3
85.3
86.4

an

2/

Non-M3 components of L
5S2
short-term treasury
bankers acceptances
securities1

JULY
AUG.
SEPT.

APS.

1/

savings bonds

^92.2
292.4

39.3

CONSISTS OF O.S. THEASUBY BILLS AND COUPONS WITH fiEHAINING HATUBITIES OF LESS THAN 12 HOHTHS HELD BY OTHER THAN DBPOSITOBY
INSTITUTIONS, FEDEBAL BKSEJtVE BANKS, HONEY HAHKKT MUTUAL FUNDS AND FOfiEIGN ENTITIES.
NET OF BANKBBS ACCEPTANCES HELD Bt ACCEPTING fiANKS, FEDERAL RESERVE BANKS, FOfiEIGN OFFICIAL INSTITUTIONS, THE FEDEIAL
UOHE LOAN BANK SYSTEfl AND HONEY HABKET HUTUAL FUNDS.
TOTAL COHHEBCIAL PAP EH LESS COHHEBCIAL PAP ER HELD Bt HONEY HAftKET HUTUAL FUNDS.
DEBT DATA ABE ON A HONTHLY A7EBAGE BASIS, DEBIV4D BY AVEBAGING END-OF-HONTH LEVELS OF ADJACENT HONTHS, AND HAVE BEEU
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (503)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Bullions of dollars, not seasonal1:/ adjusted

"T"
Oate

Other checkable deposits
Currency'

Travelers
checks 2

Demand
deposits 3

at commercial
banks 4

at thrm
institutions 5

NonUansaciions components
total

\n M2

§

in M3 only

7

RP3*

Overnight
Eurodollars*

Gerse :i!
purpose and
broker/deaSGr
money market
funds

179,1
179,9
179.5

7.2
7.3
6.9

290.5
289.4
291.3

139.3
143.0
146.9

64.3
65.6
66.6

20 3.6
208.6
213.5

2020.1
20J0.6
2037. t»

668.1
676.5
687.5

54.6
57.6
55.5

199.7
200.5
202.2

OCT.
MOV.
DSC.

180.9
183.2
186.2

6.5
6.1
6.0

29 3.0
300.1
319.5

150.4
155.7
162.8

68.0
70.3
72.2

218.5
226.0
235.0

2058.2
2062.2
2067.1

681.6
686.7
690.7

58.1
57.9
58.3

206.9
20 7.1
207.6

1987-JAN*
FSB.
HAS.

1841.6
184.8
186.0

6.0
6.2
6.4

311.0
292.0
291.5

169.8
167.6
170.4

73.1
72.7
74.5

242.8
240.3
245.0

2088.0
2086.2
2089.5

693.1
699.1
701.8

61.2
59.2
56.7

209.0
210.7
211.6

APR.
HAY

188.0
190.2
191.9

6.4
6.5
7.1

305.8
298.8
298.9

178.6
171.7
172.9

78.8
77.8
78.4

257.4
249.4
251.3

2089.3
2083.0
2093.3

700.3
715.3
723.9

54.4
53.3
53.0

211.0
209. 1
210.2

193.8

7.8

298.7

172.9

78.5

251.4

2103.4

719.2

54.4

210.4

195.1
194.3
193.5
192.6

311.6
301.8
297.9
289.2

174.7
174. 1
172.4
170.9

80.4
79.8
78.6
76.2

255.2
254.0
251. 1
247.2

48.2
53.9
55.2
57.2

208.6
210.6
210.2
211.3

193.1

295.6

172.8

77.8

250.6

58.2

211.7

1986-JOLY
AUG.
SEPT.

JUNE
JULY P
ffEEK SIDING:

AUG.

2/
3/

V
5/
6/
7/
8/
9/

3 P

OUTSIDE "THE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS ~XST JZUtiffERCIALBANKS. ETCLUDBS THE ESTIMATED
AHOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AHOUNT 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 OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THJfi PROCESS OF COLLECTION AND F.R. FLOAT, LESS THE ESTIMATED AMOUNT OF DEHAND
DEPOSITS HELD AT COflHERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOW AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS.
CONSISTS OF NOB AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEHAND DEPOSITS AT THRIFTS.
SON OF OVERNIGHT RPS AND EURODOLLARS, MONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), HNDAS AND SAVINGS
AND SHALL TIHE DEPOSITS LESS THE ESTIMATED AflOUNT OF DEHAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIHE DEPOSITS, TERfl HPS AND EURODOLLARS OF U.S. RESIDENTS, MONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AP^UNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
MONEY MARKET MUTUAL fUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT BBS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITOR! INSTITUTIONS AND
MONEY BASKET MUTUAL FUNDS (GENERAL PUfaPOSB AND BROKEH/DEALEH).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BKOKER/DEALEfi).




H.6 (508)
Table 5-continued

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

Date

Money market deposit accounts
at
at
total
thrift
commercial
institutions
banks

at
commercial
banks

Savings deposits1
at
thrift
institutions

total

Small denomination time deposits2
at
at
thrift
commercial
total
institutions
banks

Large denomination time deposits3
at
at
thrift
total
commercial
4
institutions
banks

359.8
364.3
368.9

186.9
189.3
189.9

546.6
553.6
558.8

135.4
137.6
141.0

194.7
195.6
198.6

380.4
378.5
375.9

500.5
498.9
497.4

880.9
877.5
873.3

286.7
289.9
291.2

158.1

333.2
339.6

159-3
159.1

444.8
449-2
450-3

OCT.
NOV.
DEC.

372.6
375.9
379.0

191.9
192.8
192.4

564.4
568.7
571.4

146.4
150.3
153.8

204.8
209.0
211.8

351.2
359-3
365.6

371.3
366.7
364.4

496.1
492.8
489.8

867.3
4*59.5
854.2

289.3
290.6
293.2

157.8
156.0
154.9

447.1
446.7
448.1

1987-JAN.
FEB.
MAR.

381.7
378.5
378.2

192.5
192.3
192.3

574.3
570.8
570.6

159.2
162.8
167.2

217.1
221.8
227.9

376.4
384.6
395.1

364.4
362.1
359.7

490.0
488.3
486.1

854.4
850.4
845.8

296.9
298. 1
301.3

154.4
153.1
151.2

451.3
451.2
452.5

APR.
JUNE

375.4
368.9
367.6

190.0
188.3
185.9

565.5
557.1
553.5

172.1
174.8
176.6

234.0
237.8
240.8

406.1
412.7
417.5

355.6
355.7
359.7

484.7
482.8
487.5

840.3
838.5
847.2

303.2
309.2
311.9

148.0
149.0
149.7

451.2
458-3
461.6

JOLT P

365.3

182.8

548.1

178.5

241.9

420.4

363.9

495.0

858.9

310.4

150.5

460.9

1986-JULI
AUG.
SEPT*

HAT

330.1

8EEK ENDING
1987
JOLT

27 P

365.9
366.2
365.5
364.2

178.5
178.5
178.6
176.3

362.6
363.4
363.8
364.5

309.0
310.5
310.2
311.0

3 P

364.0

178.i>

365.9

311.2

6
13
20

AUG.

1/
2/
3/
4/

SAVINGS DEPOSITS EXCLUDE flflDAS.
SMALL DENOMINATION TIH3 DEPOSITS — INCLUDING tt£TAXL HPS — ARE THOSE ISSUED IN AMOUNTS OF L&SS THAN S100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IBA) AND K5OGH ACCOUNTS AT COMMERCIAL B A M S AHD THRIFTS ZB& SUBTRACTED FROM SMALL
TIME DEPOSITS.
LARGE DENOMINATION TIRE DEPOSITS ABE THOSE ISSUJsD \U AMOUNTS OF $100,000 Oii BORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IbFS).
1ARGE DENOMINATION TIMii DEPOSITS AT COMMERCIAL i>\NKS LESS THOSE HELD BY MONEY MARKET MUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (506)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs
Date

Institution
only money
market funds

at commercial
banks

at thrift

total

institutions

Term
Eurodollars 1

Savings
bonds

Non M3 Components of L
Short-term
treasury
Bankers
acceptances 4
securities'

Components of Debt
Commercial
paper*

Federal debt 9

Non-Federal*
debt

77.5
80.8
84.4

33.2
34.0
35.6

41.2
41.2
42.2

74.4
75.2
77.9

78.3
78.0
81.4

84.2
85.2
86.4

292.1
290.2
287.8

39.2
37.9
37.4

215.3
219.0
223.1

1695.6
1713.3
1734.5

5503.3
5574.0
5643.8

84.5
84.4
84.1

34.3
36.9
34.9

43.7
45.5
47.1

78.0
82.4
82.0

78.0
79.3
83.0

87.8
69.9
91. V

283.8
291.0
292.2

38.0
J8.0
37.4

228.7
22 7.9
228.7

1748.6
1771.7
1803.3

5691.9
5743.7
5819.8

84.0
84.7
84.9

33.4
34.5
33.9

47.8
50.4
51. Q

81.2
84.9
84.9

84.8
87.6
88.2

92.7
93.5
94.3

290.1
292.9
281.8

37.8
38.9
J9.3

2J9.3
240.4
240.2

1816.9
1826.7
1838.2

5872.5
5885.7
5920.4

APR.
MAT
JUNE

83.1
81.8
81.3

16.8
38.4
37.5

54.2
57.9
60.9

91.0
96.4
98.4

84.1
87.6
90.3

95. 1
95.8
96.5

267.6
267.6
263.9

40.5
42.2
43.5

243. 8
253.6
251.8

1846.7
1857.8
1869.1

5970.7
6020.4
6068.6

JULT P

83.4

35.3

96.5

86.8

20
27 P

81.7
82.7
83.9
84.4

38.8
34.4
34.2
34.5

3P

84.5

34.7

1936-JU1T
AUG.
SSFT.*
OCT.
NOV.
DSC
J93 7-JAV.
L eSB.

3BBK ENDING:
1987-JOLX

AUG.

1/
2/

V
V
5/

6
13

TERM RPS ABE THOSE WITH ORIGINAL MATURITIES CHEATER THAN ONE DAT, EXCLUDING CONTINUING COUTHACTS AID RETAIL BPS. IffCLODES
A RELATIVELY SHALL AMOUNT OP OVERNIGHT RPS AT THRIFT INSTITUTIONS.
TEBH EURODOLLARS ARE THOSE WITH ORIGINAL MATURITIES GREATER THAN ONE DAT. CONSISTS OP THOSE ISSUED TO 0.S. RESIDENTS BT
FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD
BY DEPOSITORT INSTITUTIONS AND HONET MARKET HUTUAL FISHQS.
CONSISTS OF U.S. TREASURT BILLS AND COUPONS MITH REHAINING MATURITIES OF LESS THAN 12 MONTHS H8LD BT OTHER THAN DEPOSITORT
INSTITUTIONS, FEDERAL RESERVE BANKS, MONET flARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
*2T OF BANKERS ACCEPTANCES HELD BT ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOSE LOAN BANK SYSTEM AND MOMEI MARKET HUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPKK HELD BY MONET MARKET MUTUAL FUNDS.
DKBT DATA ARK ON K MONTHLY IVERAGi; BASIS, DERIVED BY AVERAGING 2»D-OF-!1ONT,i LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED tO SSWGViS DISCONTINUITIES.




H.6 (508)
Table 6

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

1.9
1.7
1.8

4.2
4.2
4.*

3.6
3.0
3.6

3.8
3.2
5.6

13.2

1.8
2.0
1.8

4.2
4.1
4.1

3.4
3.4
3.7

9.9
9.5

1.8
1.7
1.7

4.0
4.0

3.7
3.3
3.5

APR.
HAY
JUNE

9.7
9.6
9.8

1.9
2.1
2.0

3.9
3.9
3.9

5.0
3.4
3.6

JOLI P

9.7

2.0

3. &

2.2
2.0
2.1
1.9
1.9

10.0

1987-JAN,
FEB.
HAR.

10.4

AUG.

note balances
at commercial
banks
and thrift
institutions

9.7
9.5
9.9

OCT.
NO?.
DEC.

1987
JULY

balances at
Federal
Reserve
Banks

foreign
official
institutions

1986-JULY
AUO.
SEPT.

WEEK

demand
deposits at
commercial
banks

foreign
commercial
banks

Date

9.7
9.9

IRA and Keogh Accounts

U.S. government deposits

Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

total demand
deposits and
note and
FR balances

time
and savings
deposits at
commercial
banks

10.3

3 P

10.2

e = estiaate^




9.6
9.5
9.3

thrift
institutions

money
market
mutual funds

total

14.6

20.6
14.2
23.8

1.7
1.7
1.8

71.0
71.3
71.5

95.4
95.1
95.2

10,2
10.2
10.5

176.6
176,7

3.4
3.2
3.7

11.8
11.9
15.5

18.6
18.4
22.9

1.8
1.7
1.7

71.6
72.1
72.8

95.6
95.6
96.2

10.8
10.7
10.7

178. 1
178.4
179.7

9.6
5.0
3.1

23.8
25.2
13.6

37.1
33.$
20.3

1.7
1.6
1.6

73.4
74.0
75.4

97.2
97.7
98.8

10.8
11.0
11.2

181.4
182.8
185.4

7.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.7
1.8
1.8

78.5
79.2
79.5

101.0
101.7e
102.Je

12.4
12. 8e
12.8e

191.8
193. 7e
194. 5e

3.3

5.3

23.3

32.0

1.8

80.1

103. 1e

12.de

196. Oe

3.8
3.8
3.7
3.8

4.2
2.9
3.6
2.Q

6.5
6.0
4.6
4.5

24.4
27.0
26.7
19.9

35. 1
35.8
34.9
27.2

1.8
1.8
1.8
1.8

3.8

3.2

5.0

15.4

23.6

1.8

4.0

16.0

8.1

SIDING:

6
13
20
27 P

commercial
banks

17 7.2

H.6(508)
Supplementary Table 1

Levels and Annual Growth Rates of MM Using Standard1, Concurrent2,
and Experimental Alternative3 Seasonal Adjustment Procedures
Monthly average

OMHNMMUi

Levels In billions of dollars
Experimental
Concurrent
Alternative

Annual growth rates in percent
Experimental
Standard

Concurrent
22.5

' Alternative
28. 0

659.6

658.3

653.4

21 .1

JUNE

667.5

668.2

668.7

14.4

17.1

18. 8

JULY

676.6

673.0

676.5

16.4

17.6

14. 0

AUGUST

687.0

688. 3

687.9

18.4

18.2

20. 2

SEPTEMBER

693.1

694.6

692.7

10.7

11 .0

8. 4

OCTOBER

701 .4

702.2

699.9

14.4

13.1

12. 5

NOVEMBER

712.4

712.7

71 1 .8

18.8

17.9

20. 4

PFCFHUFR

730.5

730.2

730.2

30.5

29.5

31 . 0

737.7

736.7

735*4

1 1 .8

10.7

3. 5

FEBRUARY

737.4

735.9

735.6

-.5

-1 .3

3

MARCH

739. S

737,9

737.8

3.4

3.3

3. 6

APRIL

750.3

748.0

743.8

17.5

16.4

9. 8

MAY

753.1

752.1

751 .9

4.5

6.6

13. 1

JUNE

746.6

747.7

747.4

-10.4

-7.0

-7. 2

JULY

747.7

749.7

747.8

1 .8

3.2

6

1986-MAY

1987-JANUARY

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMA-based procedure to data through the end of the previous year.
2. Concurrent-monthly seasonal factors are derived each
month by applying an X-11/ARIMA-based procedure to data
through that month.




3. Alternative monthly seasonal factors are derived using an
experimental model-based procedure. This procedure uses
a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more
sensitive than standard factors to unique characteristics of
each series. These characteristics include fixed and evolving seasonal patterns, trading day effects, within-month seasonal variations, holiday effects, outlier adjustments, special
events adjustments, and serially correlated noise components.