Full text of H.6 Money Stock Measures : August 20, 1998
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FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES For release at 4:30 p.m. Eastern Time Billions of dollars Date August 20, 1 9 9 8 M11 M22 M33 L4 DEBT5 Seasonally adjusted 1996-Aug. Sep. Oct. Nov. Dec. 1100.2 1094.8 1081.9 1081.3 1082.8 3762.3 3774.6 3786.0 3804.5 3826.1 4797.7 4828.0 4862.7 4889.7 4931.1 5947.2 5985.5 6014.7 6048.2 6083.6 14211.0 14259.3 14320.7 14383.7 14432.1 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 1063.5 1061.9 1069.2 1076.0 3840.7 3853.3 3868.8 3889.8 3892.5 3908.0 3922.5 3954.8 3976.7 3997.1 4022.2 4045.8 4956.7 4993.2 5027.2 5070.3 5086.3 5109.2 5149.6 5195.8 5234.7 5271.9 5323.9 5374.9 6108.9 6155.8 6199.4 6255.2 6285.3 6312.3 6345.8 6403.6 6442.9 6478.1 6546.0 6609.4 14473.0 14532.5 14595.7 14669.4 14719.5 14752.9 14814.4 14880.0 14944.0 15018.1 15095.7 15170.7 1998-Jan. Feb. Mar. Apr. May June July p 1073.7 1076.5 1081.1 1080.8 1078.0 1075.1 1072.3 4071.3 4103.9 4132.3 4165.1 4174.9 4193.0 4210.0 5421.5 5461.7 5527.1 5574.3 5602.8 5628.1 5629.8 6677.2 6741.8 6808.2 6834.2 6853.4 6890.3 15245.4 15330.6 15416.8 15493.4 15557.2 15623.5 p p Not seasonally adjusted 19 9 6 - A u g . Sep. Oct. Nov. Dec. 1097.4 1091.5 1077.9 1086.6 1104.9 3764.5 3767.6 3774.7 3807.6 3845.4 4798.8 4817.1 4856.4 4896.5 4948.9 5952.2 5975.8 6002.3 6060.8 6111.6 14163.4 14222.6 14282.5 14363.7 14431.0 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 1074.4 1097.6 3842.7 3837.9 3876.0 3908.6 3873.7 3904.3 3923.8 3958.7 3968.8 3984.9 4024.6 4064.7 4960.5 4985.9 5039.5 5083.6 5066.6 5101.5 5143.8 5197.5 5221.7 5264.9 5329.7 5392.1 6111.5 6144.1 6216.5 6272.9 6261.3 6296.2 6333.9 6408.0 6432.6 6466.9 6557.0 6634.9 14454.6 14496.7 14572.4 14639.9 14675.6 14706.4 14754.4 14826.5 14902.9 14976.2 15073.2 15168.8 1998-Jan. Feb. Mar. Apr. May June July p 1079.0 1063.9 1074.6 1086.2 1068.7 1074.3 1073.2 4073.1 4090.6 4143.4 4185.8 4154.3 4188.1 4210.5 5425.5 5459.5 5545.8 5588.8 5580.7 5618.1 5621.8 6679.1 6734.1 6830.5 6855.5 6830.9 6872.6 p 15226.4 15293.8 15394.0 15464.3 15512.3 15575.4 p Footnotes appear on the following page p preliminary H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT1 3 Months f r o m A p r . 1998 TO J u l y 1 9 9 8 -3.1 4.3 4.0 5.4 6 Months f r o m J a n . 1998 TO J u l y 1998 -0.3 6.8 7.7 6.0 12 Months f r o m J u l y 1997 TO J u l y 1998 0.6 7.3 9.3 5.9 -1.9 5.3 6.4 T h i r t e e n w e e k s e n d i n g A u g u s t 10 , 1998 from t h i r t e e n w e e k s e n d i n g : May 1 1 , 1998 (13 w e e k s p r e v i o u s ) Feb. 9, 1998 (26 w e e k s p r e v i o u s ) 0.1 7.1 8.9 Aug. 11, 1997 (52 w e e k s p r e v i o u s ) 0.8 7.3 9.8 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1998 to June 1998, December 1997 to June 1998, and June 1997 to June 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, sh jrt-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 5(508) ble 3 MONEY STOCK MEASURES : ilions 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 18 25 1079.7 1079.8 1077.9 1077.7 1075.9 1078.4 4149.0 4153.3 4170.6 4169.8 4170.1 4170.3 5550.6 5560.7 5588.5 5596.1 5598.0 5601.1 June 1 8 15 22 29 1079.9 1079.4 1078.8 1078.1 1077.9 1078.2 1078.5 1078.2 1076.6 1072.7 1087.2 1072.5 1074.7 1071.8 1071.7 4158.3 4162.7 4167.4 4172.3 4176.9 4174.0 4178.1 4183.7 4190.1 4191.5 4187.9 4183.9 4192.8 4195.9 4193.4 5570.1 5579.2 5587.1 5594.5 5601.2 5603.1 5611.2 5619.9 5625.5 5627.9 5616.6 5629.1 5632.7 5623.7 5626.1 July 6 13 20 27 1078.0 1076.9 1075.7 1075.3 1075.7 1072.5 1072.0 1072.4 1084.7 1061.6 1070.1 1073.1 4181.4 4184.9 4187.1 4190.1 4199.2 4201.6 4204.8 4209.7 4214.6 4202.3 4208.8 4212.9 5604.8 5608.0 5611.5 5616.7 5625.9 5622.7 5623.0 5626.2 5621.0 5619.8 5624.9 5639.2 Aug. 3p lOp 1075.1 1074.3 1072.1 1072.0 1083.7 1060.9 4194.1 4198.8 4211.6 4218.3 4222.3 4229.0 5622.3 5628.5 5636.4 5650.5 5661.5 5676.5 19 9 8 - M a y Not seasonally adjusted 1076. 1076, 1070.8 1067.7 1067.3 1057.9 4153.7 4157.6 4148.4 4148.4 4151.8 4138.4 5556.7 5565.4 5562.0 5571.7 5577.5 5569.1 8 15 22 29 1076.4 1076.3 1076.5 1076.4 1076.2 1068.0 1070.6 1073.3 1074.7 1071.5 1082.8 1074.2 1078.3 1063.4 1070.1 4162.0 4166.0 4170.0 4173.2 4175.4 4153.4 4166.5 4180.1 4188.7 4186.2 4169.3 4206.6 4206.2 4172.5 4159.3 5573.5 5581.5 5587.9 5592.1 5595.5 5581.9 5599.9 5616.7 5622.7 5617.4 5600.7 5652.2 5644.9 5592.9 5579.5 July 6 13 20 27 1076.8 1075.1 1072.7 1071.9 1078.3 1075.6 1076.4 1073.7 1101.5 1067.2 1066.6 1059.3 4178.0 4177.8 4177.5 4181.0 4194.3 4197.2 4205.2 4211.5 4239.0 4218.1 4204.3 4184.4 5596.8 5595.9 5597.1 5602.8 5612.8 5608.5 5613.5 5620.0 5633.7 5627.9 5612.9 5605.3 Aug. 3p lOp 1072.3 1072.3 1070.1 1069.3 1087.1 1064.3 4186.5 4194.0 4207.0 4215.3 4221.0 4251.3 5609. 5618. 5623.5 5639.8 5647.7 5693.4 1998-May June 18 25 1 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile a n d subject to revision, p preliminary data. Page4 H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Currency1 Date 4. 5. 6. 7. Nontransactions components Other checkable deposits — At commercial banks4 At thrift institutions5 Total In M26 In M3 only7 1997-Mar. 401.6 8.4 402.4 161.0 101.5 262.5 2793.9 1158.4 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 2821.6 2828.3 2842,6 1180.5 1193.7 1201.2 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 2857.0 2883.7 2913.2 1227.1 1241.0 1257.9 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 96.7 245.8 244.6 245.2 2935.2 2953.0 2969.7 1274.8 1301.7 1329.1 1998-Jan. Feb. Mar. 427.5 431.0 432.4 8.2 8.1 8.1 392.8 392.0 391.2 149.0 147.2 148.9 96.2 98.3 100.5 245.2 245.5 249.5 2997.6 3027.4 3051.2 1350.2 1357.8 1394.8 Apr. May June 433.7 435.5 438.2 8.0 8.0 7.8 388.7 388.2 383.7 149.8 146.6 146.1 100.7 99.7 99.3 250.5 246.3 245.4 3084.3 3096.9 3117.9 1409.2 1427.9 1435.2 July p 441.3 7.7 378.5 144.1 100.7 244.8 3137.7 1419.8 Week e n d i n g 1 9 9 8 - J u n e 15 22 29 1. 2 3. Hooncitc^ L/UIIlCUlU UG|AJollO Travelers checks2 HomanH 437.9 438.7 439.0 7.8 7.7 7.6 384.8 381.6 382.3 145.1 145.3 146.0 99.2 98.5 96.8 244.2 243.8 242.8 3118.0 3124.2 3121.7 1440.0 1427.8 1432.8 387.2 368.8 377.9 381.0 146.6 143.1 143.0 143.1 103.2 102.0 100.0 98.8 249.9 245.0 243.0 241.9 3129.8 3140.7 3138.8 3139.8 1406.4 1417.5 1416.0 1426.3 385.8 366.5 147.3 141.3 100.2 102.3 247.5 243.6 3138.6 3168.1 1439.2 1447.5 July 6 13 20 27 440.1 440.1 441.4 442.4 7.6 7.6 7.7 7.8 Aug. 3p lOp 442.5 443.0 7.8 7.8 e Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. . . Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately. Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. e for estimated Digitized FRASER p preliminary Page 5 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits 1 Institutional money funds 951.5 541.9 325.9 At commercial oanKsr 436.3 351.7 352.6 351.2 953.0 956.5 960.4 551.4 551.2 556.4 328.5 331.8 338 . 3 448.0 449.9 456.6 80.8 81.1 82.0 528.8 531.0 538.6 615.1 616.6 619.4 347.8 347.8 346.3 962.9 964.4 965.7 562.7 576.3 587.7 342.7 348.4 356.6 467.5 469.0 476.1 83.0 83.4 83.6 550.5 552.4 559.7 1374.7 1384.5 1397.5 621.4 624.7 625.7 346.1 343.7 343.9 967.5 968.4 969.6 593.0 600.1 602.6 363.4 365.7 376.2 477.2 482.9 487.5 83.6 84.4 85.4 560.8 567.3 572.9 378.6 382.9 386.6 1411.9 1427.6 1441.8 626.1 626.3 626.2 345.3 344.5 342.9 971.4 970.8 969.1 614.3 629.0 640.3 380.8 384.7 391.9 490.0 504.9 524.2 87.5 87.8 87.2 577.5 592.7 611.4 1078.2 1078.6 1088.4 389.9 395.2 396.4 1468.2 1473.8 1484.8 626.4 624.4 624.0 339.8 338.1 337.1 966.3 962.5 961.1 649.9 660.6 672.0 408.8 422.0 432.1 521.1 524.2 527.8 88.0 86.6 87.6 609.1 610.8 615.4 1104.2 399.2 1503.4 624.3 335.1 959.4 675.0 430.2 510.7 86.9 597.6 15 22 29 1091.3 1091.2 1086.2 395.6 398.5 400.3 1486.9 1489.7 1486.5 624.3 624.1 624.1 337.3 337.1 336.4 961.6 961.2 960.5 669.6 673.2 674.7 433.1 431.3 434.3 533.5 528.6 523.1 87.8 87.8 87.5 621.3 616.4 610.5 July 6 13 20 27 1101.3 1107.8 1107.9 1101.9 397.5 399.0 400.2 400.4 1498.8 1506.8 1508.1 1502.3 622.9 623.1 624.3 625.6 337.1 336.8 335.0 333.4 959.9 959.9 959.3 959.0 671.1 673.9 671.4 678.5 422.6 431.5 426.6 433.6 511.7 508.6 508.2 511.8 86.9 87.8 87.1 86.4 598.6 596.4 595.3 598.2 Aug. 3p lOp 1099.4 1122.8 398.5 398.8 1497.9 1521.7 626.1 625.9 332.1 332.1 958.2 958.1 682.6 688.3 439.7 442.6 515.3 517.8 85.7 86.9 601.0 604.7 At commercial At thrift Total At commercial At thrift 1997-Mar. 932.4 368.0 1300.4 598.5 353.0 Apr. May June 946.2 946.2 951.2 371.0 374.4 374.6 1317.2 1320.6 1325.8 601.2 603.8 609.2 July Aug. Sep. 957.3 968.8 985.4 374.1 374.3 374.4 1331.4 1343.0 1359.7 Oct. Nov. Dec. 999.6 1009.5 1020.9 375.1 374.9 376.6 1998-Jan. Feb. Mar. 1033.3 1044.7 1055.2 Apr. May June July P Week e n d i n a 1998-June p Total At thrift institutions 80.5 Total 516.8 FsAvinn.Q it4a mr\no>/ ~ CJ rltanrv oitc innli inwiuub 11IVI ioy morlzv 11 iai rwi v i t ^ v o u auuuui lid. SSSftSSS"!depots! 3. 4. Large-denomination time deposits 3 Retail money funds Date 1. Small-denomination time deposits 2 n a o n !-^rdenomi ti o f S l S t S s official institutions, R P S - a , e , h ° s e l s $ u e d in a m o u n , s 01 l e s s l h a n $ 1 0 0 '000- A " I R A a "d to °9h a c c o u n t b a l a n c e s at commercial b a n k s t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 o r m o r e , e x c l u d i n g t h o s e b o o k e d at i n t e r n a t i o n a l b a n k i n g f a c i l i t i e s . c o m m e r c i a l b a n k s less t h o s e h e l d b y m o n e y m a r k e t m u t u a l f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s a n d preliminary Page 6 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted RPs1 Date Savings bonds 166.5 Short-term Bankers acceptances4 Commercial paper5 5rm— Debt components6 3793.1 Non-Federal debt 16662.S 12.8 534.5 541.1 553.2 3801.3 3792.3 3783.5 10868.0 10927.2 10969.4 433.5 445.3 445.0 12.7 13.0 12.9 563.6 563.2 563.9 3788.3 3792.5 3795.1 11026.1 11087.5 11149.0 186.4 186.4 186.4 435.2 441.5 429.7 13.4 13.0 571.3 581.3 606.3 3795.1 3793.8 3798.4 11223.0 11301.9 11372.3 146.5 140.4 133.9 186.3 186.3 186.2 430.1 442.4 417.9 12.2 11.3 627.1 640.2 665.7 3796.8 3792.9 3797.2 11448.7 11537.7 11619.5 257.4 258.8 251.3 133.9 136.4 136.3 186.1 186.0 186.0 p 386.6 385.7 377.3 p 13.0 13.3 13.4 674.2 665.5 685.4 3791.5 3778.8 3775.8 p 11701.8 11778.4 11847.7 p 254.1 137.9 15 22 29 249.0 245.8 250.6 136.5 134.3 137.4 July 6 13 20 27 249.5 251.2 255.7 255.7 135.7 138.5 138.4 138.8 Aug. 3p lOp 260.7 261.7 137.9 138.5 l$S7-Mar. 196.4 114.6 Apr. May June 202.4 204.1 199.8 120.7 126.7 124.5 July Aug. Sep. 207.4 210.0 209.2 Oct. Nov. Dec. 218.8 446.3 13.3 186.4 186.3 186.4 451.2 458.6 450.8 12.8 13.0 126.6 130.2 132.4 186.4 186.4 186.4 233.0 234.8 131.8 135.7 145.3 19 9 8 - J a n . Feb. Mar. 245.4 239.9 257.6 Apr. May June July p Week e n d i n g 1998-June 1. 2. Non-M3 Components of L Eurodollars2 12.1 11.2 Federal debt 4. 5. 6. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary 3. Page 7 H.6 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted ^ Currency1 Date 4. 5. 6. 7. e Travelers checks2 Demand deposits3 At commercial banks4 Other checkable deposits L At thrift 5 institutions Nontransactions components Total In M26 In M3 only7 1997-Mar. 400.8 8.2 396.0 161.5 101.4 262.9 2808.0 1163.5 Apr. MayJune 403.3 406.0 408.3 8.2 8.2 8.2 397.5 388.5 397.4 163.9 154.1 153.3 100.7 97.1 97.3 264.7 251.2 250.6 2835.0 2819.8 2839.8 1175.0 1192.9 1197.1 July Aug. Sep. 411.2 413.3 414.2 8.7 8.8 8.4 399.4 401.7 391.0 149.3 148.7 149.8 97.4 97.2 96.8 246.7 245.9 246.6 2857.7 2889.0 2908.6 1220.0 1238.8 1252.9 Oct. Nov. Dec. 417.3 422.4 429.0 8.2 8.0 7.9 388.8 399.8 413.0 147.4 147.2 150.2 96.6 97.0 97.5 243.9 244.2 247.7 2926.6 2950.3 2967.1 1280.1 1305.1 1327.4 1998-Jan. Feb. Mar. 426.4 428.9 431.4 7.9 7.8 7.9 396.3 383.1 385.4 152.2 147.4 149.4 96.3 96.8 100.5 248.5 244.1 249.9 2994.1 3026.6 3068.8 1352.4 1368.9 1402.3 Apr. May June 433.7 436.1 438.3 7.9 7.9 8.0 388.8 380.5 383.1 152.9 145.0 145.4 102.9 99.2 99.6 255.8 244.2 245.0 3099.6 3085.6 3113.8 1403.0 1426.5 1430.0 July p 442.7 8.2 379.3 142.5 100.5 243.0 3137.3 1411.3 Week e n d i n a 1998-June 1. 2. 3. T 15 22 29 438.4 438.3 438.1 8.0 8.0 8.0 388.5 374.5 379.9 143.6 144.8 147.0 99.9 97.8 97.1 243.5 242.7 244.1 3127.9 3109.1 3089.2 1438.7 1420.4 1420.2 July 6 13 20 27 443.4 442.6 442.4 442.2 8.0 8.1 8.2 8.3 400.2 374.5 375.7 369.2 145.1 140.5 141.0 142.2 104.8 101.5 99.2 97.4 250.0 242.0 240.2 239.6 3137.5 3150.9 3137.7 3125.1 1394.7 1409.8 1408.6 1420.9 Aug. 3p lOp 443.1 445.7 8.4 8.3 387.3 369.6 146.9 138.7 101.4 101.9 248.3 240.7 3133.9 3187.0 1426.8 1442.2 e 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 Page 8 H.6 (508) Table 5 - c o n t i n u e d COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not s e a s o n a l l y a d j u s t e d S a v i n g s deposits 1 Ai"~ thrift IMMIlUUUriS Total 1305.5 599.1 353.4 952.4 550.0 332.0 435.2 80.3 515.5 372.7 373.8 375.6 1323.2 1318.6 1329.5 602.1 604.6 609.7 352.2 353.1 351.5 954.3 957.6 961.2 557.5 543.5 549.1 326.2 325.8 332.4 444.9 451.1 455.9 80.2 81.4 81.9 525.1 532.5 537.8 959.5 971.0 984.3 375.0 375.1 374.0 1334.5 1346.1 1358.2 615.9 616.7 618.9 348.2 347.9 346.1 964.1 964.6 965.0 559.1 578.3 585.4 339.0 346.8 351.5 466.5 469.1 478.2 82.8 83.4 83.9 549.3 552.5 562.2 Oct. Nov. Dec. 996.5 1009.2 1019.0 374.0 374.8 375.9 1370.4 1384.0 1394.9 621.2 623.8 624.1 346.0 343.2 343.0 967.2 967.0 967.1 589.0 599.2 605.1 359.6 365.2 378.9 484.2 488.5 487.9 84.8 85.4 85.4 569.1 573.9 573.4 1998-Jan. Feb. Mar. 1029.0 1040.2 1060.3 377.0 381.2 388.4 1406.1 1421.4 1448.7 625.7 626.5 626.6 345.1 344.7 343.1 970.7 971.2 969.7 617.3 634.0 650.5 389.8 397.7 400.2 482.6 501.5 522.9 86.2 87.2 87.0 568.8 588.7 609.9 Apr. May June 1083.5 1077.1 1091.6 391.8 394.7 397.6 1475.3 1471.8 1489.2 627.2 625.0 624.4 340.2 338.4 337.3 967.4 963.4 961.7 656.9 650.4 662.9 405.8 414.1 424.5 517.6 525.5 526.8 87.4 86.8 87.4 605.0 612.2 614.2 p 1106.7 400.1 1506.8 625.0 335.5 960.5 670.1 425.3 509.8 86.7 596.5 15 22 29 1102.9 1087.0 1071.1 399.8 396.9 394.7 1502.7 1484.0 1465.8 624.7 624.2 624.5 337.5 337.2 336.6 962.2 961.4 961.1 663.0 663.7 662.3 427.4 422.3 424.9 533.3 526.9 519.8 87.8 87.5 86.9 621.1 614.4 606.7 July 6 13 20 27 1112.9 1117.1 1108.3 1093.1 401.7 402.4 400.3 397.2 1514.6 1519.5 1508.6 1490.4 624.0 624.0 625.0 625.9 337.7 337.3 335.4 333.6 961.7 961.3 960.4 959.5 661.2 670.1 668.8 675.3 416.7 429.5 422 . 8 429.3 507.8 507.1 508.5 512.2 86.3 87.5 87.2 86.5 594.1 594.6 595.7 598.7 Aug. 3p lOp 1099.7 1136.3 398.6 403.6 1498.4 1539.9 626. 6 626.4 332.3 332.4 959.0 958.8 676.5 688.3 428.4 438.9 515.5 517.0 85.7 86.8 601.3 603.8 At thrift 1997-Mar. 936.1 369.5 Apr. MayJune 950.4 944.8 953.9 July Aug. Sep. Week endincr 1998-June At commercial banks4 At thrift institutions F^Avinnc H o n n c i t o innli irlo mar»o\/ m o r l / / lh 3. 4. p Total Institutional money funds L a r g e - d e n o m i n a t i o n time deposits 3 At commercial At commercial July 1 2. Small-denomination time deposits 2 Retail money funds Date preliminary °SS iSSUed 5 "n°Un,s 01 l e s s , h a " $,00 ' ° 0 0 ' A" IRA K =°9 h =«=«"' balance at comme,. Total Page 9 H.6(508) "rdble 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPSi Date At thrift institutions Eurodollars Savings bonds Total Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1997-Mar. 151.1 46.7 197.8 118.2 186.6 453.7 13.4 523.4 3815.4 10757.1 Apr. May June 155.8 160.7 156.9 47.0 46.4 47.0 202.8 207.2 203.9 120.9 127.5 123.1 186.5 186.4 186.3 449.9 446.6 443.6 13.0 13.0 12.7 539.9 548.7 552.0 3810.3 3781.3 3766.2 10829.6 10894.4 10940.3 July Aug. Sep. 160.3 162.7 160.9 47.4 47.9 47.2 207.7 210.5 208.2 123.9 128.9 131.1 186.3 186.3 186.2 431.2 452.4 447.0 12.1 12.7 13.1 560.4 559.2 564.5 3759.9 3774.4 3780.4 10994.6 11052.1 11122.5 Oct. Nov. Dec. 173.0 182.9 180.4 47.7 48.6 47.8 220.7 231.5 228.2 130.7 134.5 146.9 186.3 186.4 186.5 425.5 448.3 444.0 13.4 13.0 12.3 576.7 579.6 600.0 3774.4 3792.1 3805.8 11201.8 11281.1 11363.1 1998-Jan. Feb. Mar. 198.2 194.2 210.2 45.9 45.7 46.3 244.2 239.9 256.5 149.7 142.7 135.8 186.4 186.3 186.2 428.1 438.6 424.9 12.5 11.2 11.4 626.6 638.5 662.2 3792.5 3795.3 3820.7 11433.9 11498.5 11573.3 Apr. May June 210.8 214.8 205.7 47.0 48.0 50.7 257.8 262.8 256.4 134.4 137.3 134.8 186.1 186.1 186.0 p 385.7 375.0 371.1 p 13.2 13.3 13.2 p 681.7 675.7 684.2 p 3800.5 3765.9 3755.3 p 11663.8 11746.4 11820.1 p July P 204.9 49.6 254.5 134.9 15 22 29 204.0 200.2 203.0 51.3 51.1 50.3 255.2 251.3 253.3 135.0 132.4 135.3 July 6 13 20 27 203.1 201.7 205.6 205.6 48.4 49.3 49.8 50.6 251.4 251.0 255.3 256.2 132.4 134.6 134.8 136.6 Aug. 3p lOp 211.1 213.4 49.6 49.9 260.7 263.2 136.4 136.2 Week e n d i n g 1998-June 1. 2. At commercial banks Debt components6 Non-M3 Components of L 2 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. . . . , n 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. _ , , - , . __ 4 ^ , . 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 Time and savings deposits due to foreign banks and official institutions U.S. government deposits IRA and Keogh Accounts Demand deposits at commercial banks Balance at Federal Reserve 18.0 3.1 5.9 17.8 26.7 2.4 151.4 106.0 93.8 351.2 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 3.2 151.6 151.8 152.0 105.7 105.4 105.2 94.2 94.1 94.0 351.5 351.3 351.1 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 2.9 152.3 152.5 152.8 104.7 104.2 103.7 94.1 94.3 94.6 351.1 351.0 351.0 Oct. Nov. Dec. 8.5 9.0 9.5 1.5 1.5 1.5 18.6 18.9 19.1 1.7 1.7 2.2 5.5 5.1 5.0 16.0 12.4 16.6 23.1 19.2 23.8 2.9 3.1 3.3 152.8 152.5 152.1 103.1 102.5 101.9 95.1 96.0 96.9 351.0 351.0 351.0 19 9 8 - Jr n . 9.8 9.8 9.9 1.6 1.5 1.5 19.2 19.0 18.9 3.1 1.7 1.8 6.5 5.0 5.4 23.2 14.5 17.6 32.9 21.2 24.8 3.3 3.2 3.1 151.9 151.7 151.5 101.5 101.1 100.7 97.7 98.4 99.0 June 9.9 9.9 9.9 1.4 1.4 1.4 18.8 18.8 18.8 4.6 1.6 2.8 8.1 7.1 10.1 24.2 43.3 33.1 36.9 51.9 45.9 3.0 3.0 3.0 151.3 e 150.9 e 150.5 e 100.4 100.0 99.7 July p 9.9 1.4 18.8 1.4 5.7 42.0 49.1 3.0 150.1 e 99.3 15 22 29 9.9 9.9 9.9 1.4 1.4 1.4 18.8 18.8 18.8 3.9 4.3 1.6 6.2 9.0 21.0 10.3 55.0 60.1 20.4 68.3 82.7 3.0 3.0 3.0 July 6 13 20 27 9.9 9.9 9.9 9.9 1.5 1.4 1.4 1.4 18.8 18.8 18.8 18.8 1.4 1.3 1.6 1.2 8.1 5.2 5.4 5.0 42.6 37.3 43.7 47.0 52.0 43.8 50.7 53.2 3.0 3.0 3.0 3.0 A g. 3p lOp 9.9 9.9 1.4 1.4 18.8 18.8 1.5 1.3 5.2 4.9 37.6 11.2 44.3 17.3 3.0 3.0 Date Foreign commercial banks Foreign official institutions 1997-Mar. 9.3 1.4 Apr. MayJune 9.5 9.9 10.3 July Aug. Sep. 10.0 F b. M. r . A; >r. Mi y Week e n d i n g 1998-June estimate preliminary Note balances at depository institutions Total cash balance Time and d!positsSat commercial At commercial banks At thrift institutions At money market Total e e e 351.0 351.2 351.3 e e e 99.7 e 100.3 e 101.0 e 351.3 351.3 351.2 e 101.7 351.1 e e