Full text of H.6 Money Stock Measures : August 25, 1988
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V'.CtOOwy FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES AUGUST 25, 1988 Billions of dollars Date M1 J M2* Debt 5 M3 3 Seasonally adjusted 1986-AUG. SEP. OCT. NOV. DEC. 680.5 687.4 694.9 706.4 725.4 2725.6 2743.6 2766.1 2782.7 2807.8 3403.8 3429.8 3448.3 3463.8 3490.4 4036. 4064. 4083. 4104. 4133.8 7280.8 7365.2 7429.6 7512.1 7607.7 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 2827.8 2829.3 2834..3 2847..4 2849..1 2851..7 2858..2 2869..5 2880..9 2894..7 2896..6 2901..1 3515.1 3523.9 3532.6 3549.8 3564.4 3580. 3587. 3605. 3620. 3642. 3656. 3661. 4162..7 4175..2 4174..0 4189..7 4217..7 4232..4 4235..2 4257.8 4283.5 4312.2 4323.2 4323.9 7673. 7710. 7756. 7816. 7881. 7939. 7980. 8031. 8092. 8163. 8245.8 8305.5 1988-JAN. FEB. MAR. APR. MAY JUNE JULY 758.8 759.5 762.9 770.1 770.2 776.5 782.4 2925. 2946. 2967. 2991. 3002 3016 3025.0 3686.8 3719.5 3744. 3766. 3778. 3798. 3815. 4360.7 4392.1 4418.4 4459.8 4485.9 4497.0 p 8352.7 8407.9 8468.8 8529.7 8588.5 8643.2 Not seasonally adjusted 1986-AUG. SEP. OCT. NOV. DEC. 679.1 685.2 692.8 709.5 740.6 2723. 2737. 2766, 2785. 2821. 3400.7 3426.6 3448.3 3470.3 3507.2 4029.6 4058.3 4083.1 4112.7 4151.9 7258.8 7350.1 7412.0 7486.4 7593.3 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9 2839.9 2817.2 2826. 2855. 2836. 2850. 2862. 2868. 2876.0 2895.3 2900.1 2914.8 3527. 3512. 3526. 3555. 3552. 3576. 3585. 3602.8 3618.4 3642. 3664. 3677. 4180.6 4170.6 4173.4 4191.3 4201.0 4229.1 4226.6 4250.6 4278.6 4312.5 4333.0 4342.0 7655.9 7677.3 7725.3 7786.2 7849.5 7911.5 7958.9 8013.1 8079.4 8147.8 8220.1 8289.3 1988-JAN. FEB. MAR. APR. MAY JUNE JULY 764.7 745.0 752.1 778.3 763.8 778.8 785.6 2937.3 2933.4 2958.6 2998.9 2988.5 3014.0 3029.5 3699. 3708. 3737. 3770. 3766. 3794. 3813. 4379.4 4387.6 4416.9 4460.2 4468.5 4493.5 p 8335.0 8373.4 8436.8 8500.0 8558.8 8618.3 p Footnotes appear on the following page, p—indicates preliminary data. H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Debt 1 Ml M2 3 Months from APR. 1988 TO JULY 1988 *.4 4,5 5.3 8.2 6 Months from JAN. 1988 TO JULY 1988 6.2 6.8 7.0 8.1 12 Months from JULY 1987 to JULY 1988 5.2 5.8 6.4 8.9 6.4 5.6 5.6 Thirteen weeks ending AUGUST 15, 1988 from thirteen weeks ending: MAY 16, 1988 (13 weeks previous) FEB. 15, 1988 (26 weeks previous) 6.0 7.1 7.0 AUG. 17, 1987 (52 weeks previous) 4.6 5.7 6.1 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1988 to June 1988, December 1987 to June 1988, and June 1987 to June 1988, respectively. Footnotes to Table 1 1. 2. 3. 4. 5. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOH) and automatic transfer service (ATS) accounts at depository institutions, credit union snare draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs--in amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted Ml. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments. The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. H.6 (508) Table 3 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Seasonally adjusted Ml 13-week average 4-week average 23 30 766.3 767.6 770.8 769.5 JUNE 6 13 20 27 769.0 769.9 770.9 771.7 JULY 4 11 18 25 AUG. 1 8p 15p Period en<ding 1988-MAY M2 week average 13-week average 4-week average 769.1 771.1 2981.9 2986.7 2998.9 3002.4 770.6 771.6 773.9 775.8 774.1 772.0 778.3 778.9 2991.6 2995.4 2998.8 3001.9 772.7 774.1 775.3 775.6 776.7 779.9 780.7 781.4 777.5 784.8 781.5 781.7 776.2 777.2 778.1 783.1 782.4 782.0 784.3 782.0 780.0 M3 week average 13-week average 4-week average 3005.1 3008.4 3758.1 3762.8 3775.6 3779.0 3781.4 3784.5 3007.4 3010.5 3013.2 3015.5 3016.7 3011.7 3016.1 3017.5 3768.0 3771.8 3775.8 3779.7 3783.9 3788.2 3792.9 3797.8 3794.9 3792.1 3800.2 3804.1 3005.0 3007.7 3010.0 3012.3 3016.7 3020.4 3022.0 3023.3 3021.6 3026.4 3022.3 3023.0 3783.0 3786.8 3790.6 3794.5 3799.9 3805.4 3809.3 3812.7 3803.3 3814.1 3815.5 3817.9 3014.9 3017.3 3019.5 3025.1 3025.6 3026.9 3028.7 3028.2 3027.5 3798.5 3802.3 3806.0 3817.3 3820.1 3822.1 3821.7 3825.2 3823.4 week average Not seasonally adjusted Ml 13-week average 4-week average 23 30 762.8 764.3 764.6 762.4 JUNE 6 13 20 27 766.7 768.9 771.2 772.8 JULY 4 11 18 25 AUG. 1 8p 15p Period en<ding 1988-MAY M2 week average M3 week average 13-week average 4-week average 2986.2 2986.6 3753.0 3757.7 3761.8 3765.8 3764.7 3768.8 2997.4 3004.9 3011.7 3014.1 3026.2 3020.5 3013.5 2996.2 3763.3 3768.1 3772.5 3775.8 3775.6 3784.6 3791.8 3794.3 3803.8 3801.2 3793.2 3779.1 3001.9 3004.2 3005.8 3008.0 3015.0 3020.6 3024.7 3029.8 3029.9 3042.9 3029.9 3016.5 3778.3 3781.2 3784.0 3787.7 3795.0 3800.0 3805.2 3811.7 3806.4 3821.2 3814.2 3805.1 3011.5 3015.6 3019.1 3028.3 3027.5 3029.1 3023.9 3039.8 3036.2 3792.3 3797.6 3802.5 3813.3 3816.2 3820.1 3812.5 3832.9 3830.0 13-week average 4-week average 756.9 755.9 2977.0 2981.5 2985.5 2987.6 766.7 770.8 776.8 778.9 787.1 783.3 780.9 764.4 2987.0 2991.7 2995.8 2998.9 774.1 775.3 775.4 775.3 779.7 783.7 785.1 787.2 790.0 799.5 786.3 772.9 776.3 778.0 779.5 784.1 782.2 782.3 777.8 791.9 786.6 week average Note: Special caution should be taken in interpreting week-to-week changes in money supply d a t a , which are highly volatile and subject to revision. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Savings deposits7 Small time deposits8 Date Currency1 Travelers checks2 Demand deposits3 Other checkable4 deposits In M2 5 In M5 only6 At commercia 1 banks 1987-MAR. 184.4 6.8 295.0 248.0 2100.1 698.5 168.1 228.2 596.5 360.8 486.2 847.0 APR. MAY JUNE 185.6 187.0 187.8 6.7 6.7 6.8 299.5 298.9 295.5 255.1 255.9 254.5 2102.7 2102.7 2109.6 702.5 715.5 728.5 171.4 174.0 175.5 252.7 255.5 257.8 404.1 409.5 415.1 558.9 559.0 561.6 486.1 487.0 490.5 845.1 845.9 852.1 JULY AUG. SEP. 189.0 190.2 191.4 6.8 6.9 7.0 292.5 292.1 290.5 255.6 257.2 258.6 2114.5 2125.1 2155.4 729.5 756.0 759.6 176.9 178.5 178.7 258.7 259.5 240.0 415.5 417.8 418.6 564.4 566.7 568.5 494.7 499.1 505.8 859.1 865.9 872.1 OCT. NOV. DEC. 195.1 195.0 196.5 7.0 7.0 7.1 295.9 291.5 288.0 260.5 259.5 259.5 2158.4 2145.8 2150.5 747.4 760.1 760.0 178.4 178.2 178.2 258.6 256.8 256.0 417.0 415.0 414.5 574.2 581.6 584.6 509.1 520.1 528.5 883.3 901.7 913.1 1988-JAN. FEB. MAR. 198.4 199.5 200.9 7.2 7.5 7.5 289.9 287.8 287.9 265.5 265.0 266.9 2166.2 2186.5 2204.5 761.8 773.6 777.0 179.0 181.0 185.2 255.5 255.2 256.6 414.4 416.2 419.8 588.0 595.7 59-7.5 556.6 547.8 556.0 924.6 941.5 953.5 APR. MAY JUNE 202.5 205.6 204.9 7.5 7.4 7.5 290.2 287.4 289.9 270.1 271.9 274.4 2221.5 2252.1 2259.7 774.7 776.6 782.5 184.2 186.0 188.0 258.6 259.2 241.0 422.7 425.1 429.0 402.5 404.7 406.8 562.5 567.5 568.1 964.8 972.0 974.9 JULY 206.3 7.2 290.6 278.5 2242.6 790.8 189.5 242.5 451.8 409.8 568.5 978.1 204.9 206.1 290.8 289.4 275.5 276.2 2257.8 2258.6 784, 786. 188. 188. 241, 241, 429.6 450.2 407.2 407.8 568.5 568.0 975.4 975.8 At thrift institutions Total At commercial banks At thrift institutions Total Neek ending 1988-JUNE 20 27 JULY 4 11 18 25 205.7 206.0 206.5 207.0 290.1 295.0 289.8 288.9 274.5 278.7 278.2 278.7 2244.1 2241.6 2240.8 2241.2 781. 787, 795. 794. 188. 189. 189. 189. 241, 241, 242, 242, 450.4 450.7 451.8 452.1 407.8 409.0 409.8 410.2 567.8 567.8 568.0 568.4 975.6 976.8 977.8 978.7 AUG. 1 8p 15p 207.0 206.5 206.7 289.8 290.8 288.5 280.5 277.7 277.6 2244.4 2246.1 2247.4 795. 797. 795. 190. 190. 190. 245.0 242.8 245.4 455.1 455.5 454.1 411, 412, 415, 568. 570. 570. 980.2 982.5 984.1 1. 2. Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding: amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NON and ATS balances at all depository institutions> credit union share draft balances and demand deposits at thrift institutions. 5. Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits. This sum is seasonally adjusted as a whole. 6. Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole. 7. Savings deposits exclude MMDAs. 8. Small denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. e--indicates estimated data. p--indicates preliminary data. H.6 (508 I Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Large time deposits1 At . commercial banks 2 Date Debt components6 Non-M3 components of L At thrift institutions Total Savings bonds Short-term Treasury securities3 Bankers acceptances* Commercial paper5 Federal debt Non-federal debt 1987-MAR. 298.2 147.4 445.6 94.2 267.7 39.6 239.9 1850.8 5905.7 APR. MAY JUNE 303.1 308.1 311.9 145.8 145.9 146.7 448.9 454.0 458.6 95.1 95.9 96.6 257.6 261.6 259.6 40.9 42.1 43.1 246.3 253.7 252.8 1862.8 1875.5 1837.1 5953.9 6006.1 6052.2 JULY AUG. SEP. 312.2 312.8 313.8 148.0 149.6 151.5 460.2 462.4 465.3 97.5 98.1 98.4 254.8 258.9 263.7 43.4 43.5 44.3 251.8 251.8 256.6 1889.9 1903.6 1913.9 6090.8 6127.3 6178.9 OCT. NOV. DEC. 317.5 322.3 323.5 154.8 158.1 161.2 472.3 480.5 484.7 98.8 99.3 100.2 272.7 269.7 258.0 44.5 45.0 45.7 254.2 252.5 258.9 1920.4 1941.2 1954.7 6242.8 6304.6 6350.8 1988-JAN. FEB. MAR. 320.2 324.8 326.3 162.7 164.9 165.1 482.9 489.7 491.4 101.4 102.6 103.5 259.9 255.0 249.7 43.6 40.9 40.6 269.0 274.1 280.3 1963.3 1981.5 2006.6 6389.4 6426.3 6462.1 APR. MAY JUNE 325.7 327.8 333.8 167.3 168.1 168.1 492.9 496.0 501.9 104.6 105.4 106.1 p 259.7 259.6 250.4 p 41.2 40.9 40.6 p 288.2 301.1 301.2 p 2018.5 2023.1 2032.1 p 6511.2 6565.4 6611.2 p JULY 341.2 168.3 509.5 335.5 336.5 168.5 168.1 503.9 504.6 Heek ending 1988-JUNE 20 27 JULY 4 11 18 25 335.3 339.2 342.3 343.5 168.6 169.1 168.6 167.6 503.9 508.3 510.9 511.1 AUG. 1 8p 15p 343.7 344.8 346.6 167.5 167.7 167.3 511.2 512.5 513.9 Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks> money market mutual funds and foreign entities. Net of bankers acceptances held by accepting banks. Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, --indicates preliminary data. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions cf dollars, not seasonally adjusted Other checkable deposiits At thrift institutions5 Nontransactions components General purpose and broker/dealer money market funds Total In M2 6 In M3 only7 Overnight RPs 5 Overnight Eurodollars9 76.6 247.4 2103.0 699.8 58.3 18.6 212.5 81.2 80.2 81.0 260.2 252.3 254.3 2102.6 2096.2 2105.6 699.9 716.5 726.1 56.3 55.3 54.9 20.7 20.9 20.0 212. 209. 210. 81.0 80.8 80.9 254.3 255.6 257.5 2115.8 2123.2 2130.8 723.0 734.6 742.4 56.9 61.4 62.4 18.7 18.4 21.1 210. 213. 216. 177.0 178.0 180.3 81.5 81.4 81.2 258.5 259.3 261.6 2141.5 2144.1 2148.9 746.8 763.9 762.9 65.1 63.2 62.1 20.9 16.5 16.0 218. 219. 221. 295.8 279.1 279.9 184.1 181.8 184.0 81.1 80.1 82.2 265.2 261.8 266.1 2172.6 2188.4 2206.5 762.0 774.7 778.8 64.4 61.6 60.0 18.4 16.4 14.8 225.0 231.0 234.8 6.9 7.1 7.6 292.0 282.9 291.0 190.9 184.9 187.3 86.8 85.2 87.1 277.8 270.1 274.4 2220.7 2224.7 2235.2 772.0 777.9 780.0 61.2 63.7 63.7 15.4 17.2 16.9 235.8 231.7 228.9 207.9 8.2 292.6 188.4 88.4 276.8 2244.0 783.7 62.3 15.3 229.5 206.0 205.0 7.6 7.8 292.4 283.1 187.8 183.7 87. 84. 274.9 268.4 2232.6 2231.9 779.7 782.9 63.2 62.9 16. 15, 227. 228. Demand Travelers checks2 deposits3 commercial banks5 Date Currency1 1987-MAR. 182.8 6.4 286.9 170.7 APR. MAY JUNE 184.8 187.0 188.6 6.4 6.5 7.1 301.1 294.1 294.4 178.9 172.0 173.4 JULY AUG. SEP. 190.5 190.9 190.9 7.7 7.9 7.6 294.3 290.7 289.3 173.3 174.9 176.6 OCT. NOV. DEC. 192.6 195.9 199.4 7.0 6.6 6.5 295.7 294.1 298.5 1988-JAN. FEB. MAR. 197.1 197.2 199.2 6.6 6.8 6.9 APR. MAY JUNE 201.6 203.6 205.8 JULY Meek ending 1988-JUNE 20 27 JULY 4 11 18 25 208.2 209.0 207.6 206.8 8.0 8.1 8.2 8.3 297.3 301.2 293.7 285.0 188. 191. 188. 186. 88.3 90.3 88.8 86.5 276.5 281.3 276.9 272.8 2239.9 2243.4 2243.6 2243.6 776.5 778.3 784.3 788.6 62.2 61.2 61.9 62.5 16. 15. 13. 14. 226. 228. 230. 230. AUG. 1 8p 15p 206.7 209.6 208.7 8.3 8.3 e 8.2 e 288.5 293.0 292.0 186. 191. 189. 87. 90. 88. 274.3 281.0 277.8 2246.1 2247.9 2249.5 788.6 793.1 793.8 64.1 64.4 65.2 16. 15. 14. 230. 228. 229.8 1. 2. Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOH and ATS balances at commercial banKs, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual funds (general purpose and broker/dealer) 9. 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 broker/dealer), e—indicates estimated data, p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted At At commercial thrift banks institutions Hate Total Small-denomination time deposits2 Savings deposits1 Money market deposit accounts At At commercia il m thrift banks institutions Total At At commercial thrift banks institutions Total Large-denomination time deposits3 At At commercial thrift banks4 institutions Total 1QP7-MAR. 378.8 193.0 571.8 167.4 227.9 395.4 360.2 486.3 846.4 300.0 147.5 447.5 APR. MAY JUNE 376.1 369.7 368.5 190.7 188.9 186.6 566.8 558.6 555.1 172.3 175.0 176.8 233.6 237.4 240.4 405.9 412.4 417.3 356.3 356.2 360.4 484.6 483.0 487.4 840.9 839.1 847.8 302.7 308.7 311.2 144.5 145.1 145.7 447.2 453.7 457.0 JULY AUG. SEP. 366.2 365.0 363.3 183.3 180.0 177.2 549.4 545.0 540.5 178.7 178.5 178.2 241.8 240.0 239.2 420.5 418.5 417.3 364.9 367.9 370.0 494.7 499.0 503.2 859.6 866.8 873.2 309.7 312.3 314.1 146.8 149.4 151.8 456.5 461.7 465.9 OCT. NOV. DEC. 360.0 358.1 358.2 173.9 169.6 167.0 533.9 527.7 525.2 178.6 177.5 176.7 239.3 235.7 233.3 417.8 413.2 410.0 375.1 382.6 385.2 510.5 521.1 529.3 885.6 903.8 914.6 317.3 322.4 323.6 155.7 159.0 161.8 473.1 481.3 485.4 1988-JAN. FEB. MAR. 359.0 359.2 360.9 165.1 163.5 163.8 524.1 522.6 524.7 178.2 179.5 182.5 233.0 232.8 236.1 411.2 412.2 418.6 389.4 394.1 397.2 540.1 550.4 556.5 929.5 944.5 953.7 321.3 325.1 328.4 163.8 166.0 165.3 485.0 491.1 493.7 APR. MAY JUNE 360.3 357.0 359.9 163.0 162.6 162.4 523.3 519.6 522.3 185.1 187.1 189.6 239.4 241.2 243.8 424.5 428.3 433.3 399.6 401.4 405.4 560.9 562.8 564.6 960.5 964.2 970.0 325.6 328.5 333.1 165.7 167.2 166.9 491.3 495.7 500.1 JULY 359.4 161.8 521.1 191.4 245.6 437.0 410.3 568.5 978.7 338.4 166.8 505.2 359.5 358.6 162 161 521.8 520.1 189. 189. 243. 243. 433.3 433.0 405.6 406.9 564. 565. 969.7 972.1 332.9 335.7 167. 166. 499.8 502.6 Neek ending 1988-JUNE 20 27 JULY 4 11 18 25 360.0 360.0 359.8 358.4 161.8 162.3 162.0 161.5 521.7 522.3 521.8 519.9 191. 191, 191. 191. 245. 246. 246. 244. 436.7 438.1 437.6 436.2 408.2 409.3 410.1 411.0 567. 568, 568. 568. 976.1 977.3 978.5 979.6 333.6 336.1 338.5 340.6 167. 167. 167. 166. 500. 503. 505. 507. AUG. 1 8p 15p 358.1 358.2 357.8 161. 161, 160.8 519.3 519.5 518.6 191, 191. 191. 244, 245. 244. 435.5 436.6 436.0 411.9 413.4 414.6 569.0 569.8 570.3 980.9 983.2 985.0 341.7 343.2 345.3 166. 166. 167. 508. 510. 512. Savings deposits exclude MMOAs. Small-denomination time deposits — includinq 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 at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and official institutions, -indicates preliminary data. H.6 ( 5 0 8 ) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 Date At InstitutionAt only money commercial thrift market funds institutions banks Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities*3* Bankers acceptances 4 Commercial paper5 Federal debt Non-Federal debt 1987-MAR. 85.4 34.9 52.3 87.2 88.5 94.3 273.3 39.3 240.2 1839.8 5885.5 APR. MAY JUNE 83.5 82.1 81.7 38.3 40.6 40.4 56.1 61.9 67.0 94.4 102.5 107.4 84.0 86.8 87.9 95.1 95.8 96.5 257.0 256.8 257.8 40.5 42.2 43.5 243.8 253.6 255.1 1848.5 1859.4 1870.5 5937.8 5990.1 6040.9 JULY AUG. SEP. 83.8 84.0 81.3 38.5 39.5 40.2 68.5 67.9 68.8 107.0 107.4 109.1 84.5 90.2 94.5 97.1 97.7 98.3 251.1 257.2 260.8 43.6 43.6 44.4 249.2 249.2 256.8 1873.7 1888.5 1901.0 6085.3 6124.6 6178.4 OCT. NOV. DEC. 82.5 89.5 89.6 37.0 39.2 37.4 69.1 69.5 68.0 106.1 108.7 105.5 93.0 92.8 90.8 98.8 99.6 100.6 269.8 272.7 260.9 44.8 45.1 45.1 257.1 251.6 257.8 1910.9 1936.9 1954.1 6237.0 6283.2 6335.1 1988-JAN. FEB. MAR. 94.4 98.7 97.4 37.7 42.5 42.6 68.3 67.4 64.7 106.0 109.9 107.3 85.3 85.2 89.5 101.7 102.7 103.6 262.5 260.1 254.9 43.4 41.0 40.4 272.5 275.8 280.5 1961.9 1974.6 1993.2 6373.1 6398.8 6443.6 APR. MAY JUNE 91.9 90.0 86.3 43.0 44.1 44.0 65.1 67.0 67.2 108.1 111.1 111.2 88.1 90.1 90.6 104.6 105.4 105.9 p 258.9 254.8 248.7 p 40.9 41.1 41.1 p 285.0 300.8 303.8 p 2001.6 2005.2 2014.7 p 6498.4 6553.6 6603.6 p JULY 84.8 42.2 68.4 110.6 91.1 86.0 86.4 44.4 44.7 67.4 67.1 111.8 111.8 89.4 90.4 Week ending 1988-JUNE 20 27 JULY 4 11 18 25 85.2 85.4 85.2 84.6 41.3 41.1 42.1 43.0 68.0 68.3 68.2 69.0 109.3 109.4 110.3 112.0 89.5 87.8 91.3 93.1 AUG. 1 8p 15p 83.8 83.8 83.8 43.3 43.2 41.8 68.5 68.6 67.9 111.8 111.9 109.7 93.6 95.5 95.8 Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount of overniqht RPs at thrift institutions. Term Eurodcllars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, p- •indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government depos;its Time and savings deposits due to foreign banks Foreign Foreign official commercial and official banks institutions institutions Date Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance IRA and Keogh Accounts Time and savings deposits At At at commercial commerciail . thrift banks banks institutions At money market funds Total J987-MAR. 8.8 1.6 4.6 3.5 3.1 13.6 20.3 1.4 75.6 100.3 11.2 187.1 APR. MAY JUNE 9.0 9.0 9.3 1.8 2.0 2.0 4.6 4.5 4.5 5.0 3.4 3.6 7.0 16.0 8.7 16.6 27.4 21.8 28.5 46.8 34.2 1.4 1.6 1.6 78.6 79.7 79.8 103.0 103.7 104.6 12.4 13.1 13.3 193.9 196.5 197.7 JULY AUG. SEP. 9.3 8.9 9.4 2.0 2.0 1.9 4.4 4.4 4.4 3.3 3.0 4.2 5.3 3.4 10.3 23.3 18.6 21.3 31.9 25.0 35.8 1.7 1.6 1.5 80.2 80.7 81.4 105.4 105.7 106.6 13.5 14.0 14.5 199.2 200.4 202.4 OCT. NOV. DEC. 9.5 9.4 9.6 1.8 1.7 1.7 4.4 4.4 4.4 3.2 3.2 3.9 8.9 4.0 4.2 27.4 22.6 18.4 39.5 29.7 26.6 1.5 1.5 1.6 81.8 82.2 82.9 107.1 107.4 108.7 15.4 16.2 16.4 204.4 205.8 208.0 1988-JAN. FEB. MAR. 10.0 9.3 9.2 1.7 1.6 1.5 4.4 4.3 4.4 4.1 3.1 3.6 5.6 3.8 2.9 20.8 25.1 18.7 30.5 32.1 25.2 1.6 1.6 1.6 83.9 84.7 85.5 110.0 111.2 113.2 16.6 16.8 17.1 210.6 212.8 215.8 APR. MAY JUNE 9.0 9.1 9.5 1.8 1.6 1.7 4.4 4.3 4.3 5.3 3.3 4.3 5.1 7.2 4.1 16.4 27.1 16.7 26.8 37.5 25.0 1.7 1.7 1.8 87.3 88.8 89.4 115.4 116.5 117.7 18.0 18.6 e 18.4 e 220.7 224.0 e 225.5 e JULY 9.9 1.8 4.4 3.4 3.9 18.6 25.9 1.8 90.2 119.4 18.6 e 228.3 e 9.0 9.7 1.6 1.6 4.4 4.4 6.7 2.8 3.9 5.7 17.0 31.5 27.7 40.0 1.8 1.8 Neek ending 1988-JUNE 20 27 JULY 4 11 18 25 9.9 11.2 9.3 9.4 2.0 1.8 1.5 1.8 4.4 4.4 4.4 4.4 3.2 3.7 3.8 3.0 5.7 4.1 3.4 3.6 23.2 14.9 16.9 20.5 32.1 22.7 24.0 27.1 1.8 1.8 1.8 1.8 AUG. 1 8p 15p 9.7 9.0 9.1 1.8 1.7 1.5 4.4 4.4 4.4 3.3 3.4 2.9 3.5 2.9 2.9 19.6 8.6 6.1 26.4 14.9 11.9 1.8 1.8 1.8 -indicates estimated data, -indicates preliminary data.