Full text of H.6 Money Stock Measures : August 5, 1999
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FEDERAL RESERVE staffs H.6 (508) Table 1 MONEY STOCK AND DEBT MEASURES lease at 4:30 p.m. Eastern Time Billions of dollars - B Date M11 M22 RESEARCH IIR M33 A u g u s t 5, 1999 f t f l g y DEBT4 Seasonally adjusted 1997-J u ly Aug. Se p . O ct. Nov. Dec. 1067.6 1 072.1 1064.8 1 062.1 1067.5 1074.9 3929 .1 3961 .1 3981.7 4 000.2 4 0 23 .1 4 046.6 5185.9 5232 .8 5 269.7 5306.7 5353.7 5404.7 1 4751.1 14816.8 14884.4 14956.2 15025.9 15094.9 1998-J a n . Feb. M ar. Apr. May June J u ly Aug. Sep. O ct. Nov. Dec. 1073.8 1076.0 1080.6 1 0 82 .1 1078.2 1077 .8 1075.4 1072 .2 1074.7 1080.4 1 089.0 1093.4 4071.4 4 100.9 4126 .2 4155 .2 4 1 74 .8 4198 .6 4 2 16 .1 4241.7 4285 .5 4326 .9 4365 .2 4402 .0 5449.7 5 485.0 5543 .5 5588 .6 5630 .6 5 673.4 5693 .4 5748 .8 5811 .6 5 8 73 .1 5937 .8 5996 .2 15158.3 15235.1 15320.3 15397.5 15467.0 15539.8 15619.3 15696.2 15766.5 15850.3 15945.2 16026.1 1 9 9 9 - Jan. Feb. M ar. Apr. May June 1091 .0 1 092.6 1102.0 1108.4 1104.7 1101.0 4 4 26 .1 4447.0 4457 .2 4490 .0 4507.4 4 523.4 6 017.3 6064.4 6058 .3 6 100.5 6124.4 6 150.3 1 6 099.1 16165.5 16259.7 16353.0 16423.5 p Not seasonally adjusted 1997-J u ly Aug. Se p . O c t. Nov. Dec. 1065.6 1069.2 1059.6 1057.6 1 074.1 1097.4 3925.1 3960.4 3970.7 3986.7 4025.7 4 064.8 5171.7 5 226.8 5252 .0 5295.0 5359.2 5420.9 14704.8 14773.7 14850.2 14920.1 15008.5 15094.4 1998-J a n . Feb. Mar. Apr. May June Ju ly Aug. Sep . O c t. Nov. Dec. 1079.9 1066.0 1075.7 1087.4 1070.5 1074.7 1073.6 1068.6 1069.9 1076.2 1094.3 1115.3 4073.7 4 0 92 .1 4 143.6 4186 .2 4 155.9 4 188.7 42 09 .0 4 238.7 42 73 .4 4 311.7 4 365.7 4 4 18 .8 5453.9 5486.7 5572 .8 5618.4 5617 .2 56 61 .1 5671.0 5 737.2 5 788.9 5 8 58 .1 5942.6 6 012.3 15141.5 15205.3 15308.0 15380.7 15434.9 15506.9 15571.4 15651.6 1 5 731.1 15812.3 15927.7 16026.5 1 9 9 9 - Jan . F eb . M ar. Apr. May June 1098.3 1083.4 1097.2 1113.7 1096.7 1098.3 44 29 .5 4 441.3 4 480.7 4 527.5 4 486.7 4 511.3 6025.4 6 0 73 .1 6097 .3 6137 .5 6109.4 6133.7 16083.1 16138.5 16252.6 16339.0 16387.9 p Footnotes appear on the following page p preliminary Components may not add to totals due to rounding. Page 2 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 1999 TO June 1999 -0 .4 5.9 6 .1 6.4 6 Months fro m D e c . 1998 TO June 1999 1.4 5.5 5 .1 6 .0 12 Months fro m June 1998 TO June 1999 2 .2 7 .7 8.4 6 .2 0.6 5.3 4 .9 3 Months fro m Mar. T h i r t e e n weeks e n d i n g J u l y 26 , 1999 fro m t h i r t e e n weeks e n d i n g : A p r . 26, 1999 (13 weeks p r e v i o u s ) 25, 1999 (26 weeks p r e v i o u s ) 2 .1 5.8 5.6 J u l y 27, 1998 (52 weeks p r e v i o u s ) 2.3 7 .8 8.6 Jan. 1. DEBT1 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, February 1999 to May 1999, November 1998 to May 1999,*1 4 3 2 and May 1998 to May 1999, respectively.___________________________________________________________________ ______________________ Footnotes to Table 1: 1. 2. 3. 4. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits— including retail RPs— in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board’s flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal 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: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. Page 3 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period ending M2 M3 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 3 10 17 24 31 1102.0 1103.3 1104.2 1104.5 1105.1 1108.3 1108.9 1107.2 1105.6 1103.1 1117.3 1100.2 1100.9 1104.1 1107.2 4466.4 4472.0 4476.9 4480.4 4485.1 4493.2 4502.0 4504.1 4502.4 4508.9 4490.7 4503.2 4508.5 4507.0 4516.7 6075.9 6080.7 6085.3 6089.1 6094.6 6106.4 6115.9 6117.8 6117.3 6126.8 6 100.1 6113.8 6123.6 6131.7 6137.9 June 7 14 21 28 1105.5 1105.4 1105.6 1105.0 1102.7 1100.8 1101.6 1100.2 1098.7 1093.3 1107.0 1101.8 4490.5 4495.9 4501.5 4506.0 4511.1 4512.9 4519.8 4523.2 4512.3 4515.4 4534.8 4530 .1 6101.4 6108.5 6116.4 6123.3 6130.5 6135.1 6143.4 6150.0 6128.8 6141.8 6164.9 6164.6 J u ly 5 12 19p 26p 1103.2 1103.3 1102.4 1101.8 1099.2 1100.8 1097.9 1098.4 1094.8 1099.6 1095.4 1103.6 4508.6 4514.2 4517.7 4521.0 4522.8 4529.2 4531.7 4538.6 4510.9 4541.0 4 544.8 4557.5 6128.7 6136.7 6141.5 6145.6 6152.9 6162.4 6165.8 6171.6 6140.3 6179.8 6 178.6 6187.5 1999-May Not seasonally adjusted 3 10 17 24 31 1099.5 1100.7 1101.6 1101.5 1102.4 1113.1 1109.0 1101.3 1096.5 1093.4 1118.0 1091.2 1091.5 1085.1 1105.6 4485.2 4489.3 4492.6 4494.7 4498.1 4518.2 4504.1 4487.2 4480.3 4485.0 4473 .1 4494.7 4488.5 4464.9 4491.8 6104.0 6107.0 6109.2 6111.0 6114.5 6130.1 6115.6 6101.4 6099.8 6109.4 6080.7 6112.2 6109.7 6096.5 6119 .1 June 7 14 21 28 1103.0 1103.2 1103.4 1102.9 1094.3 1094.8 1097.7 1095.7 1095.1 1093.5 1096.4 1097.8 4501.5 4505.0 4507.6 4508.2 4494.2 4504.4 4514.9 4511.7 4531.7 4529.0 4507.1 4 478.8 6118.8 6122.7 6125.4 6126.5 6120.7 6133.4 6140.8 6135.6 6157.6 6160.2 6126.3 6098.3 J u ly 5 12 19p 26p 1101.6 1100.9 1098.4 1097.4 1100.1 1101.2 1099.7 1097.9 1112.6 1097.9 1090.5 1090.6 4507.5 4507.5 4505.5 4506.9 4513.3 4518.7 4524.6 4532.5 4 538.2 4550.7 4530.5 4510.5 6126.3 6126.2 6124.5 6126.3 6131.6 6133.8 6138.3 6145.3 6141.6 6169.0 6144 .1 6 126.6 1999-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. Components may not add to totals due to rounding. Page 4 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Currency1 4. 5 Other checkable deposits Demand deposits3 At commercial banks4 At thrift institutions5 Total 1 9 98 -F eb. Mar. 43 0.0 4 3 2.1 7.6 7.7 392.3 391.0 147.8 149.2 9 8 .3 100.6 246.1 249.8 Apr. May June 43 4.2 436.4 439.2 7.8 7.8 389.2 387.8 384.7 150.3 146.2 145.9 100.6 100.0 100.0 250.9 246.2 245.9 J u ly Aug. Sep. 442.3 444.8 44 9.6 8.5 8.5 8.3 379.3 374.8 374.4 144.2 143.2 141.1 101.2 100.9 101.3 245.3 244.0 242.4 O ct. N ov. Dec. 453.3 45 6.5 45 9.2 8.3 7.9 7.8 374.7 377.0 377.5 141.5 144.0 143.8 102.7 103.6 105.0 244.2 247.6 248.8 1 9 9 9 -Jan. F eb. Mar. 462.7 46 7.6 47 2.0 7 .8 7.7 7.8 371.1 371.8 374.1 145.5 141.5 143.0 103.9 104.0 1 0 5.1 249.5 245.5 248.1 Apr. May June 476.5 48 0.9 48 4.0 7 .8 7 .8 8.2 374.0 369.4 362.9 144.9 141.3 140.8 105.2 105.2 1 0 5.1 250.1 246.5 245.9 48 3.8 8.0 368.3 141.8 105.4 247.2 Week e n d in a 1999-May 31 1. 2. 3. Travelers checks2 00 o Date June 7 14 21 28 4 8 3 .1 48 3.5 484.4 484.7 8.0 8.1 8.2 8.3 360.3 358.8 368.5 362.9 139.7 138.7 141.4 142.1 107.5 104.2 104.5 103.8 247.2 242.9 245.9 245.9 J u ly 5 12 19p 26p 485.2 4 8 6 .1 48 7.2 488.4 8.4 8.4 e 8.4 e 8.4 e 356.2 363.0 360.2 366.7 139.8 136.6 135.5 136.6 105.3 105.6 104.2 103.4 245.1 242.1 239.7 240.0 Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. e estimated p preliminary Components may not add to totals due to rounding. Page 5 H.6 (508) Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date At commercial banks Total At commercial banks At thrift institutions Total Retail money funds Total Non-M1 M2 1998-Feb. Mar. 1045.9 1054.1 382.5 385.3 1428.5 1439.4 626.3 626.5 343.7 342.4 97 0.1 968.9 626.3 637.3 3024.9 3045.5 Apr. May June 1072.2 1078.0 1089.6 387.0 394.3 396.3 1459.3 1472.2 1485.9 627.5 626.3 625.7 340.1 339.7 339.5 967.6 966.0 965.2 646.3 658.4 669.7 3073.1 3096.6 3120.8 J u ly Aug. Sep. 1106.3 1121.6 1140.2 399.5 400.9 403.6 1505.8 1522.5 1543.7 625.1 627.4 627.7 337.3 332.4 330.9 962.4 959.7 958.7 672.5 687.2 70 8.4 3140.7 3169.5 3210.8 O ct. N ov. Dec. 1155.3 1171.1 1189.8 407.8 411.5 415.2 1563.1 1582.6 1605.0 627.5 628.2 626.0 330.4 327.5 325.9 957.9 955.7 952.0 72 5.5 7 3 7.9 751.7 3246.5 3276.3 3308.7 1 9 9 9 -Jan. Feb . Mar. 1202.3 1207.7 1207.9 420.4 425.4 428.1 1622.7 1633.1 1636.0 622.0 618.0 616.1 324.6 322.9 320.8 946.6 940.9 936.9 7 6 5.9 78 0.3 7 8 2.3 3335.1 3354.3 3355.2 Apr. May June 1225.7 1233.9 1246.2 431.4 441.1 447.8 1657.1 1675.1 1694.1 614.4 613.3 611.9 319.7 317.8 314.7 934.0 93 1.1 926.6 7 9 0.5 7 9 6.5 801.7 3381.6 3402.7 3422.4 1233.9 444.4 1678.3 613.3 317.3 930.6 800.6 3409.5 Week e n d in a 31 1999-May 1. 2. At thrift institutions June 7 14 21 28 1246.4 1245.7 1248.9 1245.1 442.3 444.7 449.7 453.5 1688.7 1690.4 1698.5 1698.6 612.4 612.0 611.9 611.7 315.4 314.9 314.6 314.2 927.8 926.9 926.5 925.9 7 9 7.2 804.7 802.7 803.8 3413.6 3422.1 3427.8 3428.3 Ju ly 5 12 19p 26p 1247.6 1260.9 1263.1 1263.9 447.0 452.7 456.6 459.6 1694.6 1713.7 1719.7 1723.5 611.1 611.0 612.1 611.9 314.3 314.0 313.8 313.9 925.4 925.0 925.9 925.9 7 9 6 .1 802.8 803.7 804.5 3416.1 3441.4 3449.4 3453.9 Savings deposits include money market deposit accounts. Small-denomination time deposits— including retail RPs— are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. p preliminary Components may not add to totals due to rounding. Page 6 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Date 1. 3. 4! 5. Large-denomination time deposits1 At commercial banks2 At thrift institutions Total RPs3 Eurodollars4 Total Non-M2 M3 Debt components5 Federal Non-Federal 1998-Feb. Mar. 391.3 399.8 505.2 521.0 87.2 85.7 592.4 606.7 254.9 268.9 145.4 141.8 1384.1 1417.3 3792.9 3797.2 11442.3 11523.1 Apr. May June 414.4 426.9 437.7 520.8 527.4 534.9 86.7 85.2 85 .8 607.4 612.6 620.7 269.7 271.0 270.1 141.9 145.4 146.3 1433.4 1455.8 1474.8 3791.5 3 778.8 3775.8 11605.9 11688.2 11764.1 J u ly Aug. Sep. 441.9 454.5 4 6 7.8 527.8 534.6 534.7 85 .8 85.6 86.6 613.6 620.2 621.3 272.6 278.9 282.6 149.2 153.5 154.4 1477.2 1507.1 1526.2 3772.9 3770.3 3760.0 11846.3 11925.9 12006.5 O ct. Nov. Dec. 486.7 503.8 516.2 533.8 537.5 541.0 87.7 87.9 8 9 .1 621.5 625.4 63 0.1 282.6 288.9 2 9 7.1 155.5 154.5 150.7 1546.2 1572.5 1 594.1 3 750.3 3 748.8 3747.4 12100.1 12196.4 12278.7 1 9 9 9 - Jan. F eb . Mar. 515.0 529.9 52 9.1 546.9 536.7 528.5 91.0 89.9 88.8 637.9 626.6 617.2 290.9 307.8 295.3 147.3 153.1 159.4 1591.2 1617.4 1 601.1 3740.9 3 718.2 3714.7 12358.2 12447.3 12545.0 Apr. May June 538.4 544.6 54 8.1 534.4 532.7 527.8 8 9.1 88 .0 87.8 623.4 620.7 615.6 286.2 290.4 302.1 162.4 161.2 161.1 1610.5 1617.0 1626.9 3 707.2 3690.8 p 12645.7 12732.6 p 544.8 533.9 87.5 621.4 294.8 160.2 1621.2 Week e n d in a 31 1999-May 2. Institutional money funds June 7 14 21 28 544.8 549.8 549.3 551.7 530.0 521.9 527.6 530.0 87.5 87.6 88.0 88.1 617.5 609.6 615.6 618.1 296.6 305.7 303.4 301.9 157.6 161.4 161.8 162.9 1616.5 1626.5 1 630.1 1634.5 J u ly 5 12 19p 26p 536.1 546.7 546.3 548.5 536.4 536.7 541.2 537.4 88.2 89.0 88.9 88.9 624.6 625.7 630.1 626.2 304.6 306.9 300.7 300.8 164.1 159.5 156.8 154.6 1629.4 1638.8 1633.8 1 630.1 Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary Components may not add to totals due to rounding. Page 7 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Other checkable deposits Currency1 Date Travelers checks1 2 Demand deposits3 At commercial banks4 4. 5. Total 1998-Feb. M ar. 428.8 431.4 7 .8 7 .9 384.6 385.8 147.7 149.8 97 .0 100.9 244.7 25 0.6 Apr. May June 433.7 436.1 438.3 7 .9 7 .9 8.0 389.4 381.7 382.8 153.2 145.3 145.6 103.3 99 .6 100.1 25 6.5 244.9 245.7 J u ly Aug. Sep. 442.7 444.4 448.4 8.2 8.2 8 .1 378.9 374.3 372.6 142.8 141.6 140.0 100.9 100.1 100.7 24 3.8 241.7 24 0.7 O ct. Nov. Dec. 452.6 457.5 464.2 8 .2 8 .1 8.0 373.2 381.7 392.4 140.2 143.5 144.9 102.0 103.5 105.8 24 2.2 24 7.0 250.7 1 9 9 9 - Jan. Feb . M ar. 462.5 466.5 471.3 7 .9 7 .9 7 .9 375.7 364.7 368.9 148.1 141.4 143.5 104.1 102.8 105.5 2 5 2.2 2 4 4.2 2 4 9.0 Apr. May June 476.0 479.9 483.1 7 .9 7 .9 8 .1 374.1 363.6 361.3 147.6 140.5 140.6 10 8.1 104.8 10 5.1 255.7 24 5.3 24 5.7 481.6 8 .0 368.7 142.2 105.1 2 4 7.4 Week endincr 1999-May 31 1. 2. 3. At thrift institutions5 June 7 14 21 28 483.5 483.1 483.1 482.9 8 .1 8 .1 8 .2 8.2 356.5 360.3 360.5 361.0 138.8 137.5 141.0 142.7 108.3 104.4 103.7 103.0 2 4 7 .1 2 4 1 .9 2 4 4.6 24 5.7 Ju ly 5 12 19p 26p 487.9 487.7 486.9 486.9 8 .2 8 .2 e 8 .1 e 8 .0 e 369.2 362.0 358.8 358.9 139.6 134.7 133.8 135.3 107.6 105.5 103.0 101.5 2 4 7.2 2 4 0 .1 2 3 6.8 2 3 6.8 Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. e estimated p preliminary Components may not add to totals due to rounding. Page 8 H.6 (508) Table 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Small-denomination time deposits2 Savings deposits1 Date Total Non-M1 M2 344.4 342.8 972.0 970.1 631.4 6 4 8.1 3026.2 3067.8 627.7 625.4 624.8 340.3 339.2 339.0 968.0 964.6 963.8 654.6 647.9 660.0 3098.8 3085.3 3114.0 1507.4 1522.3 1536.5 625.1 627.0 627.3 337.3 332.2 330.7 962.3 959.1 958.0 665.7 688.6 7 0 9 .0 3135.4 3170.1 3203.5 405.1 410.3 414.1 1552.6 1578.2 1600.9 628.1 628.4 625.4 330.7 327.6 325.6 958.7 956.0 951.0 7 2 4 .1 7 3 7 .2 7 5 1.7 3235.4 3271.4 3303.6 1197.3 1203.8 1217.6 418.6 424.1 431.5 1616.0 1627.9 1649.1 622.7 619.4 617.0 324.9 323.6 321.2 947.6 943.0 938.2 7 6 7 .6 7 8 7.0 7 9 6 .2 3331.1 3357.9 3383.5 1241.5 1235.2 1249.8 437.0 441.6 449.1 1678.5 1676.8 1698.9 614.5 612.0 610.6 319.7 317.2 314.0 934.2 929.2 924.6 8 0 1.1 7 8 4.0 7 8 9 .6 3413.8 3390.0 3413.0 1227.3 442.0 1669.4 611.6 316.4 928.0 7 8 8 .8 3386.1 At thrift institutions 1422.8 1449.6 627.6 627.3 391.5 394.4 397.4 1476.2 1472.8 1490.1 1107.5 1121.5 1134.8 399.9 400.8 401.7 O ct. N ov. Dec. 1147.6 1167.9 1186.8 1 9 9 9 -Jan. F eb. Mar. Apr. May June At thrift institutions 1 9 98 -F eb. Mar. 1041.8 1061.6 381.0 388.1 Apr. May June 1084.6 1078.4 1092.7 J u ly Aug. Sep. Week e n d in a 31 1999-May 1. 2. Total Retail money funds At commercial banks At commercial banks Total June 7 14 21 28 1271.5 1264.9 1247.3 1223.3 451.2 451.6 449.1 445.6 1722.7 1716.5 1696.3 1668.9 610.9 610.6 610.4 610.4 314.6 314.2 313.8 313.5 925.5 924.8 924.2 923.9 7 8 8.3 7 9 4 .1 7 9 0.2 7 8 8 .2 3436.5 3435.5 3410.7 3381.0 J u ly 5 12 19p 26p 1266.3 1274.6 1262.4 1244.7 453.7 457.6 456.4 452.6 1720.0 1732.2 1718.8 1697.3 610.8 611.0 612.0 611.6 314.2 314.0 313.8 313.8 925.0 92 5.1 925.8 925.4 78 0.7 7 9 5 .5 7 9 5.4 7 9 7.2 3425.7 3452.7 3440.0 3419.9 Savings deposits include money market deposit accounts. Small-denomination time deposits— including retail RPs— are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. p preliminary Components may not add to totals due to rounding. Page 9 H.6 (508) Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars RPs3 Large-denomination time deposits1 Date Institutional money funds Eurodollars4 At commercial banks2 At thrift institutions Total At commercial banks At thrift institutions Total Non-M2 M3 Total Debt components5 Federal Non-Federal 19 98 -F eb. Mar. 404.3 407.0 501.1 524.5 86.5 86.3 587.6 610.8 210.0 225.2 4 4.6 45.2 254.6 270.5 148.0 141.1 1394.5 1429.2 3795.3 3820.7 11409.9 11487.3 Apr. May June 412.7 421.0 431.7 520.8 532.6 539.4 86.6 86.1 86.5 607.4 618.7 625.9 225.8 230.0 221.3 46 .0 46.9 49 .6 271.8 277.0 270.9 140.2 144.7 143.9 1432.1 1461.4 1472.4 3800.5 3765.9 3755.3 11580.2 11669.0 11751.6 J u ly Aug. Sep. 432.6 448.4 45 8.8 527.6 534.9 535.1 85.8 85.6 86.7 613.4 620.6 621.9 221.3 228.3 231.3 4 9 .0 49 .2 50.4 270.3 277.6 281.7 145.8 152.0 15 3.1 1462.0 1498.5 1515.5 3740.8 3749.6 3743.4 11830.6 11902.0 11987.7 O ct. Nov. Dec. 482.9 504.9 523.3 537.2 539.6 537.4 88.2 88.3 88.5 625.4 627.9 625.9 233.9 241.4 238.7 47.8 47 .9 51.0 281.8 289.4 289.8 156.2 154.9 154.5 1546.4 1577.0 1593.4 3727.8 3746.6 3754.9 12084.5 12181.2 12271.5 1 9 9 9 -J a n . Feb. Mar. 529.3 547.3 537.9 533.2 532.2 532.9 88.8 89.1 89.5 621.9 621.3 622.5 240.4 252.3 239.4 52.0 55.1 58.6 292.3 307.4 297.9 152.4 155.9 158.4 1595.9 1631.9 1616.7 3736.6 3721.8 3741.2 12346.5 12416.7 12511.4 Apr. May June 536.7 538.3 540.6 535.1 538.6 533.2 89.2 89.0 88.8 624.3 627.5 621.9 229.2 235.4 238.4 59.7 61.4 63.5 288.9 296.8 301.9 16 0.1 160.1 157.9 1610.0 1622.7 1622.4 3717.1 3674.2 p 12621.9 12713.7 p Week e n d in a 31 1999-May 53 7.1 540.4 88.6 629.0 238.7 61.8 300.5 160.7 1627.3 June 7 14 21 28 542.4 546.3 538.2 540.8 538.4 530.5 532.6 532.3 88.9 89.1 88.8 88.5 627.3 619.5 621.4 620.7 239.0 242.8 238.1 234.3 61.5 64.2 63.8 64 .1 300.5 306.9 301.9 298.4 155.7 158.4 157.6 159.6 1625.9 1631.2 1619.1 1619.5 J u ly 5 12 19p 26p 521.8 537.2 533.1 537.3 533.1 534.7 541.4 538.9 87.7 88.7 88.9 89.1 620.7 623.4 630.3 628.0 236.0 234.7 230.8 232.3 6 5.1 67.8 6 7.1 67.0 301.2 302.6 297.8 299.3 159.7 155.2 152.3 151.6 1603.4 1618.4 1613.6 1616.2 1. 2. 3. 4. 5. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, p preliminary Components may not add to totals due to rounding. Page 10 H.6 (508) Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions U.S. government deposits IRA and Keogh Accounts Total cash balance Time and savings deposits at commercial banks 14.5 17.5 21.1 24.8 3.2 3 .1 9.7 5.5 10.4 24.0 43.3 32.7 38.3 50.3 45.8 1.3 1.4 2.7 5.4 5.1 6.3 42.6 11.9 20.4 15.4 16.1 16.8 1.4 1.3 1.7 5.4 5.1 5.9 1.8 1.8 1.7 17.6 18.3 18.9 2.9 1.4 1.5 1.6 1.6 1.6 19.3 19.3 19.3 Demand deposits at commercial banks Balance at Federal Reserve 19.0 18.9 1.6 1.8 5.0 5.5 1.5 1.8 2.0 18.3 17.3 16.3 4.6 1.5 2.7 10.0 9.8 9.6 2.1 2.1 2.0 15.6 15.4 15.2 O ct. N ov. Dec. 9.4 9.2 8.9 2.1 1.9 1.9 1 9 99 -Jan. F eb . Mar. 8.8 8.7 8.7 Apr. May June 8.7 8.7 8.7 Note balances at depository institutions1 At thrift institutions At money market funds Total 151.7 151.5 101.1 100.8 97.7 98.1 350.6 350.4 3.0 3.1 3.2 151.4 151.2 151.0 100.1 99.0 98.0 98.7 99.7 100.6 350.2 349.9 349.6 49.4 18.4 29.4 3.3 3.4 3.5 151.0 151.2 151.4 97.5 98.0 98.4 102.7 106.1 109.$ 351.2 355.3 359.4 19.3 18.7 24.4 26.1 25.1 32.0 3.7 4 .1 4.5 151.5 151.5 151.5 98.4 97.9 97.4 112.3 114.3 116.3 362.2 363.7 365.1 6.6 4.8 5.5 30.8 6.9 12.1 40.2 13.0 19.1 4.6 4 .3 4 .0 151.5 a 151.5 a 151.6 a 96.9 a 96.7 0 96.4 e 118.1 a 119.7 e 121.4 a 366.5 a 367.9 a 369.3 a 4.6 1.5 2.6 6.4 5.4 5.9 16.5 28.4 24.0 27.5 35.3 32.5 3.9 3.9 3.9 151.6 e 151.6 e 151.6 e 96.1 a 95.8 e 95.5 a 123.0 a 124.7 a 126.4 a 370.7 a 372.1 a 373.5 a Week e n d in a 31 1999-May 1.1 5.1 20.6 26.8 June 7 14 21 28 1.4 2.5 5.2 1.4 4.8 4.9 6.8 6.9 4 .1 2.7 28.5 53.0 10.4 10.1 40.5 61.3 J u ly 5 12 19p 26p 1.3 1.2 1.6 1.8 6.2 5.2 5.2 4.9 28.9 18.9 26.9 34.5 36.4 25.3 33.6 41.2 Date Foreign commercial banks Foreign official institutions 1 9 98 -F eb. Mar. 9.8 9.9 1.5 1.5 Apr. May June 9.9 10.0 10.0 J u ly Aug. Sep. 1. Source: Daily Treasury statement, e estimated p preliminary Components may not add to totals due to rounding. At commercial banks
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