Full text of H.6 Money Stock Measures : August 6, 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 A u g u s t 6, 1998 M11 M22 M33 L4 DEBT5 Seasonally adjusted 1996-July Aug. Sep. Oct. Nov. Dec. 1110.4 1100.2 1094.8 1081.9 1081.3 1082.8 3753.5 3762.3 3774.6 3786.0 3804.5 3826.1 4781.2 4797.7 4828.0 4862.7 4889.7 4931.1 5924.9 5947.2 5985.5 6014.7 6048.2 6083.6 14157.1 14211.0 14259.3 14320.7 14383.7 14432.2 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 14532.6 14595.7 14669.4 14719.6 14753.0 14814.4 14880.0 14944.0 15018.1 15095.7 15170.7 1998-Jan. Feb. Mar. Apr. May June 1073.7 1076.5 1081.1 1080.8 1078.0 1075.1 4071.3 4103.9 4132.3 4165.1 4174.9 4193.0 5421.5 5461.7 5527.1 5574.3 5602.9 5628.2 6677.2 6741.8 6808.2 6825.6 6835.4 p 15245.7 15331.2 15413.9 15477.3 15532.0 p Not seasonally adjusted 1996-July Aug. Sep. Oct. Nov. Dec. 1110.4 1097.4 1091.5 1077.9 1086.6 1104.9 3755.2 3764.5 3767.6 3774.7 3807.6 3845.4 4777.2 4798.8 4817.1 4856.4 4896.5 4948.9 5915.2 5952.2 5975.8 6002.3 6060.8 6111.6 14103.9 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 1079.0 1063.9 1074.6 1086.2 1068.7 1074.3 4073.1 4090.6 4143.5 4185.8 4154.3 4188.1 5425.5 5459.5 5545.8 5588.8 5580.8 5618.1 6679.1 6734.1 6830.5 6846.9 6813.4 p 15226.6 15294.5 15391.2 15450.8 15494.5 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 Mar. 1998 TO June 1998 -2.2 5.9 7.3 5.2 6 Months from Doc. 1997 TO June 199 8 -0.2 7.3 9.4 5.8 0.9 7.3 10.2 5.5 •1.5 5.7 7.3 Jan. 26, 1998 (26 weeks previous) 0.5 7.2 9.3 July 28, 1997 (52 weeks previous) 1.0 7.3 9.9 12 Months from June 1997 TO June 1998 Thirteen weeks ending July 27 1998 from thirteen weeks ending: Apr. 2 7 , 1998 (13 weeks previous) 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, February 1998 to May 1998, November 1997 to May 1998, and May 1997 to May 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 M 1 . 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, 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 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 H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period endii"9 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 4 11 18 25 1079.5 1079.5 1079.8 1079.8 1081.4 1080.5 1078.0 1077.8 1085.3 1071.4 1075.9 1078.4 4137.6 4143.6 4149.1 4153.3 4170.5 4173.2 4170.7 4169.8 4170.9 4167.9 4170.2 4170.3 5527.9 5539.7 5550.6 5560.8 5579.5 5583.8 5588.5 5596.1 5588.4 5596.7 5598.0 5601.2 June 1 8 15 22 29 1079.9 1079.4 1078.8 1078.2 1077.9 1078.2 1078.5 1078.2 1076.6 1072.7 1087.2 1072.5 1074.8 1071.8 1071.7 4158.3 4162.7 4167.4 4172.3 4177.0 4174.1 4178.1 4183.8 4190.2 4191.5 4188.0 4183.9 4192.8 4195.9 4193.4 5570.1 5579.2 5587.1 5594.5 5601.2 5603.1 5611.2 5619.9 5625.6 5627.9 5616.6 5629.1 5632.8 5623.7 5626.1 July 6 13 2 Op 27p 1078.0 1077.0 1075.7 1075.4 1075.8 1072.5 1072.0 1072.7 1084.7 1061.6 1070.1 1074.4 4181.5 4184.9 4187.1 4190.2 4199.2 4201.6 4204.8 4209.8 4214.6 4202.3 4208.9 4213.4 5604.9 5607.9 5611.3 5616.6 5625.9 5622.4 5622.4 5625.9 5621.0 5618.6 5624.0 5639.9 1998-May Not seasonally adjusted 4 11 18 25 1075.4 1075.7 1076.2 1076.0 1084.8 1078.5 1070.9 1067.7 1081.8 1063.8 1067.4 1057.9 4144.0 4149.1 4153.7 4157.6 4179.2 4162.5 4148.4 4148.5 4149.4 4154.1 4151.8 4138.5 5537.8 5547.8 5556.8 5565.4 5582.0 5567.3 5562.1 5571.8 5560.0 5580.3 5577.6 5569.1 June 1 8 15 22 29 1076.4 1076.3 1076.5 1076.4 1076.2 1068.0 1070.6 1073.3 1074.7 1071.6 1082.8 1074.2 1078.4 1063.5 1070.1 4162.0 4166.0 4170.0 4173.2 4175.5 4153.4 4166.6 4180.2 4188.7 4186.2 4169.3 4206.6 4206.2 4172.5 4159.3 5573.5 5581.6 5587.9 5592.2 5595.5 5582.0 5599.9 5616.8 $622.7 5617.4 5600.8 5652.2 5645.0 5592.9 5579.5 July 6 13 2 Op 27p 1076.8 1075.1 1072.7 1072.0 1078.4 1075.6 1076.4 1074.0 1101.5 1067.2 1066.6 1060.6 4178.0 4177.8 4177.5 4181.1 4194.3 4197.3 4205.2 4211.6 4239.0 4218.2 4204.4 4184.9 5596.8 5595.9 5596.9 5602.8 5612.8 5608.2 5613.0 5619.6 5633.7 5626.7 5612.0 5606.0 1998-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 At thrift institutions5 Total lnM2 6 In M3 only7 8.6 8.4 402.4 402.4 166.0 161.0 102.2 101.5 268. 262. 2774.5 2793.9 1139.9 1158.4 Apr. May June 403. 406. 408. 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. 253. 251. 2821.6 2828.3 2842.6 1180.5 1193.7 1201.2 July Aug. Sep. 410. 412. 415. 398. 401. 391, 151.0 150.5 150.7 97.4 97.8 97.1 248.4 248.2 247.8 2857, 2883, 2913, 1227. 1241. 1257. Oct • Nov. Dec. 418.3 421.9 425.5 389. 394. 397. 148.7 147.7 148.5 97.0 96.9 96.7 245.8 244.6 245.2 2935. 2953. 2969. 1274.8 1301.7 1329.1 1998-Jan. Feb. Mar. 427. 431. 432. 392.8 392.0 391.2 149.0 147.2 148.9 96.2 98.3 100.5 245. 245. 249. 2997, 3027, 3051, 1350.2 1357.8 1394.8 Apr. May June 433. 435. 438. 388. 388, 383, 149.8 146.6 146.1 100.7 99.7 99.3 250, 246. 245. 3084. 3096. 3117. 1409, 1427, 1435, 392.3 379.7 384.8 381.6 382.3 148.5 145.8 145.1 145.3 146.0 101.9 101.7 99.2 98.5 96.8 250.4 247.5 244.2 243.8 242.8 3100.8 3111.4 3118.0 3124.2 3121.7 1428.7 1445.2 1440.0 1427.8 1432.8 387.2 368.8 377.9 382.0 146.6 143.1 143.0 143.5 103.2 102.0 100.0 98.7 249.9 245.0 243.1 242.2 3129.8 3140.7 3138.8 3138.9 1406.4 1416.2 1415.1 1426.5 W e e k ending 1998-June July 4. 5. 6. 7. At commercial banks 4 Nontransactions components 399.6 401.6 1997-Feb. Mar. 1. 2. 3. Travelers checks2 Demand deposits3 1 8 15 22 29 436.6 437.5 437.9 438.7 439.0 7.9 7.8 7.8 7.7 7.6 6 13 2 Op 27p 440.1 440.1 441.4 442.4 7.6 7.7 7.8 7.9 e 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 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 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 deposits 2 Savings deposits 1 Date 319.8 325.9 595.5 598.5 Apr. May June 946.2 946.2 951.2 371.0 374.4 374.6 1317.2 1320.6 1325.8 601.2 603.8 609.2 351.7 352.6 351.2 953.0 956.5 960.4 551.4 551.2 556.4 328.5 331.8 338.3 448.0 449.9 456.6 80.8 81.1 82.0 528.8 531.0 538.6 July Aug. Sep. 957.3 968.8 985.4 374.1 374.3 374.4 1331.4 1343.0 1359.7 615.1 616.6 619.4 347.8 347.8 346.3 962.9 964.4 965.7 562.7 576.3 587.7 342.7 348.4 356.6 467.5 469.0 476.1 83.0 83.4 83.6 550.5 552.4 559.7 Oct. Nov. Dec. 999.6 1009.5 1020.9 375.1 374.9 376.6 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 1998-Jan. Feb. Mar. 1033.3 1044.7 1055.2 378.6 382.9 386.6 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 87.2 577.5 592.7 611.5 Apr. May June 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 1 8 15 22 29 1076.3 1086.8 1091.3 1091.2 1086.2 395.3 392.0 395.6 398.5 400.3 1471.6 1478.9 1486.9 1489.7 1486.5 623.8 623.9 624.3 624.1 624.1 337.6 337.5 337.3 337.1 336.4 961.4 961.4 961.6 961.2 960.5 667.8 671.1 669.6 673.2 674.7 424.6 432.0 433.1 431.3 434.3 521.3 529.4 533.5 528.6 523.1 86.1 87.6 87.8 87.8 87.5 607.4 617.0 621.3 616.4 610.5 6 13 2 Op 27p 1101.3 1107.8 1107.9 1101.2 397.5 399.0 400.2 400.5 1498.8 1506.8 1508.1 1501.6 622.9 623.1 624.3 625.6 337.1 336.8 335.0 333.2 959.9 959.9 959.3 958.8 671.1 673.9 671.4 678.5 422.6 431.5 426.6 433.6 511.7 507.4 507.0 511.8 86.9 87.8 87.1 86.4 598.6 595.1 594.2 598.2 July p 534.5 541.9 1288.8 1300.4 At thrift institutions 355.6 353.0 Week e n d i n g 1998-June 3. 4. 951.1 951.5 At commercial banks 4 424.8 436.3 At thrift institutions 368.1 368.0 1997-Feb. Mar. 1. 2. Institutional money funds At commercial banks 920.8 932.4 Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary Total At commercial banks Large-denomination time deposits 3 Retail money funds Total At thrift institutions 80.7 80.5 Total 505.4 516.8 money market deposit accounts. deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks from small time deposits. deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and Page 6 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Non-M3 Components of L RPs Date 1 Eurodollars 1$$7-Feb. Mar. 566.6 114.7 18*.6 Short-term Treasury securities3 444.5 198.9 116.8 186.5 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. Savings bonds Commercial paper5 Federal debt Non-Federal debt 5TF77 5786.* 16752.6 446.3 526.1 3793.1 10802.6 186.4 186.3 186.4 451.2 458.6 450.8 12.8 13.0 12.8 534.5 541.1 553.2 3801.3 3792.3 3783.5 10868.1 10927.3 10969.4 126. 130, 132, 186, 186, 186, 433. 445. 445. 12. 13, 12. 563. 563. 563. 3788. 3792. 3795, 11026, 11087. 11149, 218.8 233.0 234.8 131.8 135.7 145.3 186, 186, 186, 435. 441. 429. 13, 13, 12, 571. 581, 606. 3795.1 3793.8 3798.4 11223, 11301. 11372, 245, 239. 257. 146 140 133 186. 186, 186. 430, 442. 417. 12. 11. 11. 627, 640, 665, 3796.8 3792.9 3797.3 11448.9 11538.3 11616.7 257.4 258.8 251.3 133. 136. 136. 186. 186. 378, 367, 13, 0 13. 3 P 674, 2 665. 5 P 3788.9 3770.8 p 11688.5 11761.1 p 1 8 15 22 29 259.2 259.1 249.0 245.8 250.6 137.5 137.1 136.5 134.3 137.4 6 13 20p 27p 249.5 251.2 255.9 255.9 135.7 138.5 138.4 138.8 Apr. May June July Bankers acceptances4 12.8 13.3 1998-Jan. Feb. Mar. Week ending 1998-June Debt components6 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. 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 Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency1 Date e Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 6 Total In M3 only7 397.5 400.8 8.3 8.2 393.2 396.0 166.2 161.5 100. 5 101. 4 266. 8 2 6 2 . ,9 2772.3 2808.0 1147.9 1163.5 Apr. May June 403.3 406.0 408.3 8.2 8.2 8.2 397.5 388.5 397.4 163.9 154.1 153.3 1 0 0 , ,7 97,,1 9 7 ,,3 2 6 4 . ,7 2 5 1 . ,2 2 5 0 , .6 2835.0 2819.8 2839.8 1175.0 1192.9 1197.1 July Aug. Sep. 411, 413, 414, 8.7 8.8 8.4 399, 401, 391, 149, 148, 149.8 9 7 , .4 9 7 ,.2 9 6 .,8 2 4 6 . ,7 2 4 5 , .9 2 4 6 ,,6 2857, 2889. 2908. 1220.0 1238.8 1252.9 Oct. Nov. Dec. 417. 422, 429. 8.2 8.0 7.9 388.8 399.8 413.0 147, 147, 150, 96,.6 97,,0 9 7 ,.5 2 4 3 ,.9 2 4 4 ..2 2 4 7 , ,7 2926. 2950. 2967.1 1280. 1305, 1327.4 1998-Jan. Feb. Mar. 426, 428, 431, 396. 383, 385, 152, 147. 149, 96,.3 9 6 ,.8 1 0 0 ..5 2 4 8 ..5 244,. 1 249,.9 2994.1 3026.6 3068.8 1352, 1368. 1402. Apr. May June 433, 436. 438. 388.8 380.5 383.1 152, 145. 145, 102,.9 9 9 ,. 2 9 9 ,. 6 255,.8 2 4 4 .. 2 245 .0 3099.6 3085.6 3113.8 1403, 1426, 1430.0 391.1 381.1 388.5 374.5 380.0 148.3 144.0 143.6 144.8 147.0 100.1 102.5 99.9 97.8 97.1 248.4 246.5 243.5 242.7 244.1 3086.5 3132.4 3127.9 3109.1 3089.2 1431.4 1445.6 1438.7 1420.4 1420.2 400.2 374.5 375.7 370.1 145.1 140.5 141.0 142.6 104.8 101.5 99.2 97.3 250.0 242.0 240.3 239.9 3137.5 3150.9 3137.8 3124.2 1394.7 1408.5 1407.6 1421.1 July 4. 5. 6. 7. Demand deposits3 1997-Feb. Mar. W e e k ending 1998-June 1. 2. 3. Travelers checks2 1 8 15 22 29 435.3 438.7 438.4 438.3 438.1 7.9 7.9 8.0 8.0 8.0 6 13 2 Op 27p 443.4 442.6 442.4 442.2 8.0 8.1 8.3 8.4 e 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 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 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Small-denomination time deposits 2 Savings deposits 1 At thrift institutions 355.8 353.4 Total 1282.4 1305.5 At commercial banks 595.7 599.1 Retail money funds 951.4 952.4 538.5 550.0 372.7 373.8 375.6 1323.2 1318.6 1329.5 602.1 604.6 609.7 352.2 353.1 351.5 954.3 957.6 961.2 959.5 971.0 984.3 375.0 375.1 374.0 1334.5 1346.1 1358.2 615.9 616.7 618.9 348.2 347.9 346.1 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 1998-Jan. Feb. Mar. 1029.0 1040.2 1060.3 377.0 381.2 388.4 1406.1 1421.4 1448.7 Apr. May June 1083.5 1077.1 1091.6 391.8 394.7 397.6 1 8 15 22 29 1072.7 1107.2 1102.9 1087.0 1071.1 6 13 20p 27p 1112.9 1117.1 1108.3 1092.4 Date At commercial banks 916.2 936.1 At thrift institutions 366.2 369.5 Apr. May June 950.4 944.8 953.9 July Aug. Sep. 1997-Feb. Mar. Week e n d i n g 1998-June July 1. 2. 3. 4. p Institutional money funds Large-denomination time deposits 3 329.6 332.0 At commercial banks 4 422.2 435.2 At thrift institutions 80.2 80.3 502.4 515.5 557.5 543.5 549.1 326.2 325.8 332.4 444.9 451.1 455.9 80.2 81.4 81.9 525.1 532.5 537.8 964.1 964.6 965.0 559.1 578.3 585.4 339.0 346.8 351.5 466.5 469.1 478.2 82.8 83.4 83.9 549.3 552.5 562.2 346.0 343.2 343.0 967.2 967.0 967.1 589.0 599.2 605.1 359.6 365.2 378.9 484.2 488.5 487.9 84.8 85.4 85.4 569.1 573.9 573.4 625.7 626.5 626.6 345.1 344.7 343.1 970.7 971.2 969.7 617.3 634.0 650.5 389.8 397.7 400.2 482.6 501.5 522.9 86.2 87.2 87.0 568.8 588.7 609.9 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 87.4 605.0 612.2 614.2 394.0 399.3 399.8 396.9 394.7 1466.7 1506.5 1502.7 1484.0 1465.8 624.2 624.5 624.7 624.2 624.5 337.8 337.8 337.5 337.2 336.6 962.0 962.2 962.2 961.4 961.1 657.9 663.6 663.0 663.7 662.3 416.8 425.8 427.4 422.3 424.9 523.9 530.5 533.3 526.9 519.8 86.6 87.8 87.8 87.5 86.9 610.5 618.3 621.1 614.4 606.7 401.7 402.4 400.3 397.3 1514.6 1519.5 1508.6 1489.7 624.0 624.0 625.0 625.9 337.7 337.3 335.4 333.4 961.7 961.3 960.3 959.3 661.2 670.1 668.8 675.3 416.7 429.5 422.8 429.3 507.8 505.9 507.4 512.2 86.3 87.5 87.2 86.5 594.1 593.4 594.5 598.7 Total 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. 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. preliminary Total Page 9 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPS 1 Date At commercial banks At thrift institutions Debt components6 Non-M3 Components of L 2 Eurodollars Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1997-Feb. Mar. 152.6 151.1 46.9 46.7 199.5 197.8 116.5 118.2 186.6 186.6 441.3 453.7 12.9 13.4 517.4 523.4 3783.0 3815.4 10713.7 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 11434.1 11499.2 11570.5 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 1 8 15 22 29 216.1 214.6 204.0 200.2 203.0 49.1 50.4 51.3 51.1 50.3 265.2 265.0 255.2 251.3 253.3 139.0 136.4 135.0 132.4 135.3 6 13 2 Op 27p 203.1 201.7 205.6 205.6 48.4 49.3 50.0 50.9 251.4 251.0 255.5 256.5 132.5 134.6 134.8 136.6 Week e n d i n g 1998-June July p 377.0 357.5 p 13.2 13.3 p 681.7 675.7 p 3800.5 3765.9 p 11650.3 11728.6 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 ana 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 1. 2. p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date Foreign commercial banks Foreign official institutions 1997-Feb. Mar. 9.3 9.3 1.5 1.4 Apr. May June 9.5 9.9 1.3 1.4 1.5 U.S. government deposits Note balances at depository institutions IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve 2.8 3.1 5.1 5.9 14.7 17.8 22.6 26.7 2.4 2.4 151.3 151.4 106.3 106.0 92.7 93.8 350.3 351.2 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. 351, 351, Total cash balance At commercial banks At At thrift market institutions fuands Total July Aug. Sep. 10.0 9.4 8.7 1.5 1.5 1.4 17, 18, 18. 1.8 1.8 3.2 5.0 4.9 6.2 18.2 12.4 20.1 24. 19, 29. 152.3 152.5 152.8 104. 104. 103. 94, 94, 94, 351, 351. 351. Oct. Nov. Dec. 8.5 9.0 9.5 1.5 1.5 1.5 18. 18. 19, 1.7 1.7 2.2 5.5 5.1 5.0 16.0 12.4 16.6 23. 19. 152.8 152.5 152.1 103, 102, 101. 95. 96. 96, 351.0 351.0 351.0 1998-Jan. Feb. Mar. 9.8 9.8 9.9 1.6 1.5 1.5 19, 19, 18, 3.1 1.7 1.8 6.5 5.0 5.4 23.2 14.5 17.6 32. 21, 24.8 151, 151, 151, 101, 101, 100, 97, 98, 99, 351, 351, 351, Apr. May 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. 51. 45. 151, 150. 150, 100, 100, 99, 99. 100, 101, 351. 351. 351. 1 8 15 22 29 9.9 9.9 9.9 9.9 9.9 1.4 1.4 1.4 1.4 1.4 18.8 18.8 18.8 18.8 18.8 1.5 1.5 3.9 4.3 1.6 5.2 5.1 6.2 9.0 30.5 21.0 10.3 55.0 60.1 37.2 12.5 20.4 68.3 82.7 3.0 3.0 3.0 3.0 3.0 6 13 20p 27p 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 Week e n d i n g 1998-June July e p 10.3 Time and savings deposits due to foreign banks and official institutions 18.3 18.0 estimated preliminary 5.9 23.8