Full text of H.6 Money Stock Measures : August 29, 1996

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FEDERAL RESERVE statistical release
N.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

ForiBJeaseat430p.m. EasternTime

Billions of dollars

Date

AUQUST29.1996

M11

M22

M33

DEBT5

Seasonally adjusted
1994-AUG.
SEP.
OCT.
NOV.
DEC.

1150.0
1150.4
1148.9
1148.7
1148.7

3504.0
3503.6
3503.8
3506.6
3509.2

4276.4
4284.8
4293.7
4304.5
4319.5

5240.2
5242.8
5261.6
5281.2
5303.5

12934.3
12994.3
13044.9
13119.2
13159.3

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1149.2
1147.8
1148.7
1151.2
1146.2
1144.5
1145.4
1143.8
1140.2
1131.8
1129.0
1124.9

3514.0
3513.8
3518.8
3528.9
3543.2
3573.7
3592.4
3612.2
3625.3
3632.8
3645.0
3662.3

4342.2
4352.3
4369.6
4391.6
4419.7
4458.1
4486.0
4513.4
4533.7
4549.1
4561.2
4575.7

5329,8
5361.2
5395.9
5428.7
5455.8
5494.8
5544.1
5580.0
5626.1
5653,1
5659.9
5685.1

13208.2
13291.3
13357.7
13432.3
13532.7
13595.9
13634.3
13689.4
13734.3
13786.5
13857.3
13894.8

1996-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1119.2
1117.3
1126.6
1123.6
1117.2
1116.7
1108.4

3677.1
3693.7
3729.7
3735.7
3730.0
3746.8
3753.1

4604.0
4642.8
4686.2
4693.4
4704.7
4722.7
4736.5

5704.0
5725.1
5785.3
5813.0
5812.3
5843.5 p

13933.2
14009.4
14080.4
14132.9
14177.0
14222.4 p

Not seasonally adjusted
1994-AUG.
SEP.
OCT.
NOV.
DEC.

1143.9
1146.5
1147.8
1155.9
1174.2

3502.7
3498.7
3500.3
3513.3
3529.6

4277.1
4278.3
4292.8
4317.5
4341.3

5237.4
5228.9
5253.2
5295.8
5333.0

12875.1
12947.5
13005.3
13089.8
13150.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1159.0
1134.7
1138.8
1159.8
1133.5
1140.6
1145.2
1138.5
1137.3
1131.0
1136.5
1150.7

3517.0
3495.7
3512.5
3543.4
3529.7
3572.1
3597.9
3613.5
3621.7
3628.8
3650.6
3682.0

4346.7
4334.3
4361.3
4399.0
4405.8
4456.1
4486.6
4516.8
4528.4
4549.1
4574.1
4596.8

5342.5
5350.3
5397.4
5436.3
5437.4
5487.1
5540.3
5580.5
5611.1
5642.6
5673.2
5714.7

13182.1
13235.8
13306.4
13360.6
13433.9
13518.6
13564.2
13612.0
13676.8
13738.9
13814.7
13878.0

1996-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1128.1
1103.6
1115.9
1129.9
1104.0
1112.8
1108.5

3678.9
3674.2
3722.4
3748.6
3715.4
3745.1
3760.0

4608.7
4624.0
4676.0
4698.3
4689.5
4719.9
4738.6

5717.3
5714.2
5786.2
5818.6
5793.0
5834.5 p

13906,7
13954.5
14032.2
14060.2
14070.7
14138.7 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6(508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

3 Months from APR. 1996 TO JULY 1996

-S.4

1.9

3.7

4.0

6 Months from JAN. 1996 TO JULY 1996

-1.9

4.1

5.8

4.7

12 Months from JULY 1995 to JULY 1996

-3.2

4.5

5.6

4.6

Thirteen weeks ending AUGUST 19/ 1996
from thirteen weeks ending:
MAY 20, 1996 (13 weeks previous)

-4.6

2.3

3.7

FEB. 19, 1996 (26 weeks previous)

-2.0

4.3

5.9

AUG. 21, 1995 (52 weeks previous)

-3.0

4.6

5.7

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1996 to June 1996, December 1995 to June 1996,
and June 1995 to June 1996, 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 (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination 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 (money funds with minimum initial investments of $50,000 or more), RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign
branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government,
money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP
liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutual fund holdings of these assets.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors —the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in
the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the
debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published
levels of credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week on the Economic Bulletin Board of the
U.S. Commerce Department. Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information on
how to access the Commerce bulletin board, call (202) 482-1986 or toll-free (800) STAT-USA (800-782-8872).




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
M1
Period entding

M3

M2

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
' average

27

1122.9

1117.3

1113.2

3730.9

3730.0

3726.6

4692.7

4703.9

4701.1

JUNE

3
10
17
24

1122.3
1121.5
1120.6
1119.7

1117.4
1116.9
1117.3
1117.7

1122.9
1113.5
1119.6
1114.9

3732.1
3733.7
3735.1
3736.3

3732.1
3735.5
3741.4
3745.4

3740.4
3745.4
3753.3
3742.5

4695.9
4699.1
4702.0
4704.5

4707.6
4712.1
4719.2
4722.7

4720.6
4724.9
4730.1
4715.3

JULY

1
8
15
22
29

1118.9
1117.4
1115.7
1114.3
1114.2

1116.5
1114.6
1110.4
1108.4
1106.7

1117.9
1106.0
1102.6
1106.9
1111.1

3737.6
3738.4
3738.5
3739.8
3742.9

3747.4
3749.3
3747.6
3750.2
3752.0

3748.3
3752.9
3746.6
3753.0
3755.4

4707.3
4710.4
4713.1
4716.5
4720.9

4722.8
4725.7
4725.9
4731.5
4736.1

4721.0
4736.4
4731.0
4737.6
4739.5

AUOc

5
12p
19p

1113.1
1111.9
1110.3

1107.1
1106.6
1104.0

1107.8
1100.4
1096.7

3745.4
3748.0
3750.6

3754.9
3759.4
3762.3

3764.7
3764.6
3764.6

4724.1
4728.1
4732.5

4738.9
4745.8
4751.2

4747.5
4758.6
4759.0

1996-MAY

Not seasonally adjusted
27

1116.7

1103.9

1085.3

3727.4

3714.6

3696.3

4685.4

4687.3

4677.1

JUNE

3
10
17
24

1116.4
1116.6
1116.7
1116.0

1103.3
1106.9
1110.8
1113.1

1117.4
1121.1
1119.3
1094.6

3729.3
3732.4
3734.8
3735.7

3717.5
3727.2
3738.5
3744.3

3736.2
3762.2
3759.2
3719.7

4689.5
4694.6
4698.8
4700.8

4694.1
4706.0
4719.1
4722.2

4718.0
4742.8
4738.3
4689.7

JULY

1
8
15
22
29

1115.3
1114.0
1111.5
1109.0
1108.4

1112.2
1113.3
1111.6
1112.6
1107.1

1113.6
1125.5 1112.5
1098.8
1091.5

3736.3
3736.4
3735.4
3736.0
3739.5

3745.1
3749.3
3751.6
3759.6
3759.7

3739.1
3779.1
3768.4
3751.9
3739.2

4702.7
4704.8
4706.5
4709.7
4715.1

4718.6
4720.4
4722.6
4733.6
4738.8

4703.7
4750.0
4746.8
4733.7
4724.6

AUG.

5
12p
19p

1108.0
1107.7
1107.1

1104.1
1101.9
1100.9

1113.6
1103.6
1095.0

3743.7
3748.1
3752.5

3759.7
3762.8
3767.7

3779.3
3780.6
3771.8

4720.5
4726.8
4732.9

4741.4
4748.8
4757.0

4760.6
4776.4
4766.5

1996-MAY

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4
H.6(508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Other checkable deposits
Currency1

Date

Travelers checks2 Demand deposits3

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

lnM2*

In M3 only7

362.3

8.7

382.9

290.4

104.3

394.8

2370.1

850.8

APR.
MAY
JUNE

365.0
367.6
367.0

9.0
9.1
9.0

382.1
382.1
386.5

290.9
283.5
277.0

104.2
103.9
105.0

395.1
387.4382.0

2377,7
2397.0
2429.2

862.6
876.6
884.4

JULY
AUG.
SEP.

367.3
368.5
369.5

8.9
8.9
8.8

388.5
389.3
389.4

276.2
272.0
266.4

104.6
105.1
106.0

380.8
377.2
372.4

2447.0
2468.5
2485.2

893.5
901.2
908.4

OCT.
NOV.
DEC.

370.8
371.6
373.2

8.8
8.9
8.9

388.1
388.2
389.8

258.1
254.1
245.6

105.9
106.3
107.4

364.1
360.4
353.0

2501.0
2515.9
2537.5

916.3
916.2
913.4

1996-JAN.
FEB.
MAR.

373.6
373.3
375.2

8.9
8.9
8.9

393.5
397.4
407.1

236.5
230.4
226.0

106.6
107.4
109.4

343.2
337.8
335.4

2558.0
2576.4
2603.0

926.9
949.2
956.5

APR.
MAY
JUNE

376.0
377.1
379.4

8.9
8.7
8.6

406.3
409.6
413.6

225.4
214.5
207.6

107.1
107.2
107.4

332.4
321.8
315.0

2612.1
2612.8
2630.2

957.8
974.7
975.9

JULY

382.6

8.5

410.5

201.6

105.2

306.8

2644.6

983.4

380.5

8.6

410.2

209.3

106.3

315.6

2627.6

972.8

1995-MAR.

Week ending
1996-JUNE 24
JULY

1
8
15
22
29

380.4
382.2
381.5
382.7
383.6

8.6
8.6
8.5
8.5
8.5

414.0
408.9
406.9
409.5
412.8

207.3
200.0
200.9
201.4
202.0

107.7
106.2
104.7
104.8
104.2

314.9
306.3
305.6
306.2
306.2

2630.4
2647.0
2644.1
2646.1
2644.3

972.6
983.5
984.3
984.6
984.1

AUG.

5
12p
19p

384.2
384.3
384.9

8.4
8.4 e
8.5 e

412.1
410.0
405.3

196.9
193.1
193.1

106.1
104.6
105.0

303.0
297.7
298.1

2656.9
2664.2
2667.8

982.9
994.0
994.4

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 deposit*.
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

estimated




p

preliminary

Page 5
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits2

Savings deposits1
Date

Retail
money
funds3

Institutional
money
funds4

Large-denomination time deposits5

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

725.2

377.3

1102 .5

538.5

338.9

877.4

390.2

195.0

308.4

69,2

377.6

APR.
MAY
JUNE

718.8
719.-8
729.3

372 4
369.7
367.7

1091.2
1089.5
1097.0

546
554
560

346.4
351.8
352.5

893,
905,
913,

393.3
401.6
418.8

199.
203.
213.

309.
314.
316.

71.
70.
70.

381.
384.
387.

JULY
AUG.
SEP.

731.3
739.1
746.3

365.0
362.4
362.1

1096.2
1101.6
1108.4

566.
569.
571.

352.8
353.7
355.0

919,
923,
926,

431.
443.
450.

218.
218.
221.

321.
323.
326.8

72
73
73

393.
396.
400.

OCT.
NOV.
DEC.

753.9
760.3
775.0

362.2
360.3
359.5

1116.1
1120.6
1134.6

573.1
576.6
578.3

356.8
358.6
359.5

929.9
935.2
937.8

455.
460.
465.

223.7
224.8
227.2

335.4
340.7
342.4

74.4
74.7
75.0

409.8
415.5
417.5

1996-^AN.
FEB.
MAR.

793.2
804.1
821.0

358.6
360.4
362.1

1151.8
1164.5
1183.0

580.7
580.1
577.9

356
357,
354,

937.6
937.1
932.4

468
474
487

2^0.
243.
248.

340
346
354

76
76
75

416.
422.
429.

APR.
MA.Y
JUNE

826.9
829.7
838.2

366.3
367.9
368. 8

1193 .2
1197.5
1206.9

576.2
574.8
575.1

353
353.
352,

930,
927,
927,

488
487
496

245.
243.
249.

356.
362.
368.

75.
75,
75,

43^.
437.
443.

JULY

845,0

368.7

1213.6

577.9

351 2

929.2

501.8

252.9

375.8

76c2

451.9

833.9

369-2

1203 .0

575.0

352.2

927.2

497.3

247*3

369.3

75c4

444.7

1995-MAR.

Total

At
commercial
banks6

At
thrift
institutions

At
commercial
banks

Total

Weeft ea<Upq
1996-JUNE 24

1.
2.
3.
4.
5.
6.

JULY

1
8
15
22
29

838.6
848.9
846.6
843.8
842.8

368.4
369.3
369.0
368.9
368.1

1207 .0
1218.2
1215.6
1212.8
1210.9

5 7 6 ,. 1
5 7 7 ,.3
5 7 7 ,.5
5 7 7 ,.9
5 7 8 ,.7

3 5 1 ,.1
3 5 0 ,.6
3 5 1 .• 1
3 5 1 ,.5
3 5 1 ,.7

927.2
927.9
928.6
929.4
930 .3

496.1
500.8
499.8
503.9
503.1

252.3
253.3
254.6
253.2
252.2

371.0
372 .5
376.0
379.0
376.8

76.1
76.4
76.2
76.0
76.0

447.1
448.9
452.2
455.1
452.8

AUG.

5
12p
19p

853.4
857.4
858.7

368 .4
367.8
366.8

12 3 J .8
1225.2
1225.5

5 7 9 ,.3
5 7 9 ,.8
5 8 1 .,0

3 5 2 ,,0
3 5 2 ,.6
3 5 2 ,,2

931.3
932.4
933.2

503 . 8
506.7
509.2

248.3
259.3
256.7

376.4
378.7
384.3

76.2
76.5
76.3

452.6
455.2
460.6

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $tQ0,0C0 All IRA and Keogh account balances at commercial banks
and thrifts are subtracted from small time deposits.
Balances in money funds with minimum initial investment of less than $50,000.
Balances in money funds with rrtinimum initial investments of $50,000 or more.
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, depositary institutions, U.S. government, and foreign banks and
official institutions.


p
preliminary


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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components6

Non-M3 Components of L
RPs!

Date

Eurodollars2
Savir.gs bonds

mrr-

l3bort-term
Treasury
securities-*

Bankers
acceptances4

Commercial paper5

rrr-

ETDT3

411.
405,
414,

13.4
12.0
11.0

183,
183.
183.

434.
437,
457.

92
90,
91

184.2
184.5
184.F

184
186
184

95.
96.
94.

APR.
MAY
JUNB

182
195
183,

97.1
98.5
99.3

JULY

180.8

97 . 7

STTOI73

430.6
437.0
428.9

3558.6
3576.9
3602.6

9873.7
9955.8
9993.3

12,
12.
12.8

429.0
433.3
438.6

3615,
3621,
3623.8

10018.8
10068.0
10110.5

465.7
454.5
47 5 . 6

13.
12.
11.

440.5
437.1
437.1

3632.6
3645.8
3644.6

10153,
10211,
10250,

185.
185,
185.

466.0
444.8
459.1

11.
10.
9.

437.2
442.3
445.1

3638.6
3661.7
3696.0

10294.7
10347.7
10384.4

185,
186.
186.

462, 7
437, 6
452, 2 P

10,
10,
11.

461.0
473.4
470.9

3707.0
3712.6
3720.2

10425.9
10464.4
10502.1

191.1

TTTT

APR.
MAY
JUNB

192.1
197.3
191.7

90.1
91.1
91.3

13T.2
.14.1 . 7
182.4

JULY
AUG.
SEP.

188.4
192.9
192.5

92
93
93

OCT.
MOV.
DEC.

190.0
185.3
177.6

—~ i l l . a

'

Non-Federal debt

3555.4

1935-MAft.

1996-JAN.
FEB.
MAR.

Federal debt

p

p

W*»ft ending

1.
2.
3.
4.
5.
6.

1996-JUNB

24

182.1

98,6

JULY

1
8
15
22
29

175.6
182.7
181.3
179.2
180.7

97.7
98.5
96.2
97.1
98.4

AUG.

5
12p
19p

181.8
181.0
179.1

100.2
98.5
98.1

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



p

Page 7
H.6(508)
Table 5

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

Currency'

Date

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2«

In M3 only7

361.3

8.4

374.0

291.1

103.9

395.1

2373.7

848.9

APR.
MAY
JUNE

365.5
367.9
368.2

8.8
8.9
9.2

382.1
373.1
382.8

296.6
279.8
274.8

106.8
103.8
105.5

403.4
383.6
380.3

2383.5
2396.2
2431.6

855.6
876.1
884.0

JULY
AUG.
SEP.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2452.8
2475.0
2484.4

888.7
903.3
906.7

OCT.
NOV.
DEC.

370.0
371.7
376.1

8.9
8.7
8.5

391.1
395.8
407.9

255.6
253.9
249.7

105.4
106.4
108.4

361.0
360.3
358.1

2497.8
2514.0
2531.3

920.3
923.5
914.8

1996-JAN.
FEB.
MAR.

371.7
370.8
374.3

8.5
8.5
8.6

399.0
388.3
397.5

242.3
230.5
226.4

106.6
105.5
109.2

348.9
336.0
335.6

2550.8
2570.5
2606.5

929.8
949.8
953.6

APR.
MAY
JUNE

375.8
377.5
380.5

8.6
8.6
8.9

406.0
399.5
409.8

229.8
211.5
206.0

109.6
106.8
107.6

339.4
318.3
313.6

2618.7
2611.4
2632.4

949.7
974.1
974.8

JULY

383.7

9.1

411.1

199.1

105.4

304.5

2651.6

978.6

380.1

9.0

397.2

204.3

104.1

308.4

2625.1

970.0

414.8
419,0
414.3
405.7
401.6

202.7
202.0
199.7
197.3
195.8

106.1
109.4
105.8
103.6
102.2

308.8
311.3
305.5
300.8
298.0

2625.5
2653.6
2655.8
2653.1
2647.7

964.6
970.9
978.4
981.8
985.4

414.5
410.6
406.7

196.6
191.9
190.1

107.6
105.3
103.4

304.2
297.2
293.5

2665.7
2677.0
2676.9

981.3
995.7
994.7

1995-MAR.

W?gfc ending
1996-JUNB 24

1.
2.
3.
4.
5.
6.
7.
e

JULY

1
8
15
22
29

380.9
386.1
383.6
383.1
382.7

9.0
9.1
9.1
9.1
9.1

AUG.

5
12p
19P

385.8
386.7
385.7

9.1
9.1
9.1

e
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 nonhank 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 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits2

Savings deposits'

At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds3

1100.4

539.3

339.4

678.7

394.6

372.1
369.0
368.5

1090.5
1087.4
1099.4

548.2
555.7
562.6

347.4
352.8
353.6

895.6
908,5
916.2

733,
741,
748,

365.
363.
363.

1099,
1105,
1111.0

568
570
571 7

354.2
354.5
355.1

755.4
763.4
775.0

362,
361,
359.

1118.3
1125.1
1134.5

572
573
574.3

1996-JAN.
FEB.
MAR.

789,
798,
819,

356.9
358.1
361.2

1146.3
1157.0
1180.1

APR.
MAY
JUNE

825,
827,
839,

365.9
367 .0
369.5

JULY

847.4

Date

At
commercial
banks

At
thrift
institutions

1995-MAR.

723.9

376.6

APR.
MAY
JUNE

718.4
713.4
730.9

JULY
AUO.
SEP.
OCT.
NOV.
DEC.

Week endina
1996 -JUNE 24

1.
2.

Institutional
money
funds4

Large-denomination time deposits5
At
commercial
banks6

At
thrift
institutions

Total

195.6

306.9

68.9

375.8

397.5
400.3
416.0

197.1
202.0
208.8

307.7
316.2
317.5

70.6
70.9
71.1

378.3
387.1
388.6

922,
925.
926.8

430
444,
446

215.9
218.4
218.1

319,
324,
327

72
73
73

392.2
397.8
401.4

356.3
356.9
3 57.0

928.8
930.6
931.4

450,
458,
465

221.8
227.1
229.4

337
343
342

74
75
75

412,
419,
417.

578.3
579.2
579.1

355,
356,
355,

933.8
935.5
934.3

470
478
492,

238.
249,
248,

337
344
352

75.4
75.8
75.2

413.2
420.5
427.8

1191,
1194,
1209.

578
576
577

355,
354,
353,

933,
931.
930.

493
485
492

242.8
241.1
244.5

353.8
364.9
369.0

75
75,
75,

428.8
440.4
444.5

369.7

1217.1

580.3

35:

933.0

501.4

250.2

374.1

75.8

449.9

832.9

368 .7

1201 .7

576.7

353.3

930.0

493.4

242.0

369.0

75.3

444.3

Total

JULY

1
8
15
22
29

836,
853,
851,
845,
841,

367 .5
371 .5
371 . 1
369 .6
367 .6

1204 .0
1225 .4
1222,.4
1215 .0
1209 .3

578 .7
580 .4
580 .2
580 .1
580 .5

352 .7
352 .5
352 .7
352 .9
352 .8

931.4
932.8
932.9
933.0
933.3

490.1
495.3
500.5
505.2
505.1

244..7
247, •
"
<
251,,9
252 .0
251,, 7

367.9
369.2
374.3
377.6
376.2

75.5
75.8
75.8
75.8
75.9

443,
445.
450.
453.
452.

AUO.

5
12p
19p

856.6
862.8
862.4

369 .7
370,.1
368 .4

1226 .4
1233 .0
1230 .8

581 .2
581 .6
582 .4

353 .2
353 .6
353 .0

934.4
935.3
935.5

504.9
508.8
510.6

246.•4
256..9
256.,0

376.3
379.1
384.7

76.2
76,5
76.4

452,
455.
461.

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those i s s u e d j n amounts of less than $100,000. All IRA and Keogh a c c e n t balances at commercial banks and thrifts are subtracted from small time deposits.
3. Balances in money funds with minimum initial investments of less than $50,000.
4. Batances in money funds with minimum initial investments of $50,000 or more.
5. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
6. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.

p
preliminary


Page 9
H.6(508)
Tables continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1
Date

At commercial
banks

At thrift
institutions

Debtcomponents 6

Non-M3 Components of L
Eurodollars2
Savings bonds

Total

Short-term
Treasury
securities3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

146.0

43.4

189.4

88.0

181.2

420.6

13.9

420.4

3551.1

9755.3

APR.
MAY
JUNE

146.8
151.4
150.3

44.4
45.8
45.3

191.3
197.2
195.6

88.9
89.9
91.0

181.7
182.1
182.4

411.2
402.8
412.1

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9816.5
9881.3
9939.3

JULY
AUG.
SEP,

143.4
146.9
145.7

45.5
47.0
47.7

189.0
194.0
193.4

91.7
93.2
93.9

182.8
183.0
183.3

434.9
440.1
447.4

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9975.4
10009.8
10070.0

OCT.
NOV.
DEC.

145.2
139.1
131.1

46.7
46.0
45.0

191.9
185.1
176.2

93.9
92.3
91.9

183.8
184.3
184.8

450.3
462.2
483.0

13.2
12.5
12.1

446.2
440.1
438.1

3610.1
3635.9
3645.9

10128.8
10178.8
10232.1

1996-JAN.
FEB,
MAR.

138.5
138.7
137.3

44.6
44.8
45.0

183.1
183.5
182.3

95.2
96.3
94.8

185.1
185.4
185.7

470.0
451.6
470.2

12.2
10.6
9.9

441.3
442.7
444.3

3634.4
3655.5
3698.1

10272.3
10299.0
10334.0

APR.
MAY
JUNE

135.2
145.6
137.5

47.1
49.8
49.8

182.3
195.4
187.2

95.7
97.2
98.5

186.1
186.3
186.4

462.7
435.1
449.8

10.5
10.7
11.4

461.1
471.4
467.0

3699.5
3692.0
3698.0

10360.7
10378.7
10440.6

JULY

132.2

49.2

181.4

97.1

136.2

49.6

185.8

97.9
97.8
96.1
94.9
96.8
99.6

1995-MAR.

Week e n d i n a
1 9 9 6 -JUNE 2 4
JULY

1
8
15
22
29

129.6
133.4
132.3
130.5
132.7

49.0
49.2
49.3
49.1
49.3

178,
182,
181,
179,
182,

AUG.

5
12p
19p

132.3
133.0
130.8

49.4
49.4
48.8

181.7
182.4
179.7

p

p

p

p

p

100.7
98.7
97.9

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




p

Page 10

H.6(508)
Tables

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

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

18.8

2.4

145.6

107.9

66,2

319.6

12.4
18.7
19.6

24.1
27.5
32.0

2.6
2.5
2.5

146.4
146.8
147.8

107.9
107.8
107.7

68 o 5

69-0
69,2

322,
323,
324,

14,
13,
12,

27,
13,
17.8

37.
21,
30.6

148.
149.
149.

107.8
107.7
108.3

69«
69,
69.8

326,
326
327

12,
12,
12,

11
8
14

19.8
16.5
27.1

149.9
149.8
149.9

108,
108.
108,

70,
70 <
70c8

328.1
328.1
328.7

1996-JAN.
FEB,
MAR.

12,
12.
12,

15,
13,
10.8

26,
21.
20,

150,
150,
150,

107,
107,
107,

71c3
7L8
72o3

APR.
MAY
JUNE

12,
12,
12.

11
10
14

24,
18,
25.

150.6
150.8
151.1

107,
106,
107,

72.6 e
72.7 &
72«9 e

330,
330,
331,

151.3

107.0 e

73,0 e

331.4 e

Balance

Demand
deposits at
commercial
banks

at
Federal
Reserve

12.7

3.4

5.2

10.1

1.6
1.5
1.5

12.8
13.8
14.8

5.5
3.1
4.5

6.2
5.7
7.9

JULY
AUG.
SEP.

1.5
1.4
1.6

OCT
NOV,
DEC.

1.5
1.6
1.5

Date

Foreign
commercial
banks

Foreign
official
institutions

I995-MAR,

8.1

1.6

APR.
MAY
JUNE

7.7
8.2
8.2

JULY

'eek endin(
1996-JUNE 24

e
p

Time and
savings
deposits
due to
banks and
official
institutions

Note
balances at
depository
institutions

Total

cash

balance

8.7

1.5

12.6

2.9

5.3

17.4

25.7

4.6

8.4

1.4

12.4

4.7

7.1

20.4

32.2

4.5

JULY

1
8
15
22
29

8.9
8.8
8.4
9.8
8.1

1.4
1.6
1.4
1.6
1.3

12.4
12.5
12.7
12.6
12.6

3.7
3.1
3.1
2.7
2.4

7.0
5.1
5.4
5.4
5.1

29.6
10.5
7.5
21.3
28.4

40.3
18.7
16.0
29.3
36.0

4.5
4.7
4.5
4.5
4.5

AUG.

5
12p
19p

7.5
7.5
7.2

1.6
1.4
1.7

12.6
12.5
12.6

3.0
2.6
3.1

5.4
4.7
5.0

18.5
9.6
11.5

27.0
16.8
19.6

4.5
4.6
4.6

estimated
preliminary




At
™*
institutions

At

Total

mark!
%anX

e
s
3

e
e
e

329,
329,
329.8




Board of Governors of the
Federal Reserve System
Washington, DC 205514)001
OFFICIAL BUSINESS




First Class