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••OJGOWV,-,

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

December 1 0 , 1 9 9 8

M11

M22

M33

DEBT4

Seasonally adjusted
1996-Dec.

1082.8

3826.1

4931.1

14424.1

1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1080.8
1078.8
1075
1068
1064
1065
1065
1071
1063
1061
1069
1076

3840.8
3853.8
3869.
3891.
3894.
3910.
3925.
3957.
3979.
3999.
4023.
4046.

4956.8
4993.7
5028.
5071.
5088.
5111.
5152.
5198.
5237.8
5274.8
5326.3
5376.8

14464,
14522.
14582.
14653.
14703,
14736,
14798.
14867.
14935,
15010,
15088,
15167.3

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov. p

1073
1076
1081
1080
1077
1074
1071.8
1069.0
1072.1
1078.5
1087.7

4071
4104
4133
4166
4175
4194
4210.8
4240.7
4292.9
4338.5
4376.0

5423
5463
5529
5578
5612
5643.8
5650.9
5707.2
5776.3
5838.3
5909.6

15240.9
15321.8
15404.7
15482.2
15555.
15629.
15711.
15790.
15866.
15945.8 p

Not seasonally adjusted
1996-Dec.

1104.9

3845.4

4948 .9

14424.4

1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1086.
1065.
1068.
1073.
1053.
1064.
1066.
1069.
1060.
1058.
1074.
1097.6

3842.8
3838.5
3876.8
3909.9
3875.6
3906.8
3926.4
3961
3971
3987
4026
4065

4960 .6
4986 .4
5040 .3
5084 .9
5068 .5
5104 .0
5146,
.5
5200 .4
5224 .8
.8
5267,
5332,
.1
.0
5394.

14448,
14490,
14567,
14635,
14672,
14704,
14752,
14824,
14901,
14974,
15070,
15166.8

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov. p

1079
1063
1074
1086
1068
1073.8
1072.8
1067.7
1068.9
1074.7
1092.6

4073,
4091,
4144,
4186.
4155.
4189.
4211.
4245.
4284.
4324.
4377.8

,2
5427,
5461,
.4
5548,
,0
5593,
.4
5590,
,7
5633.
.8
5642,.8
5708.
,3
5760,,7
5829.
,2
,3
5914.

15223, 7
15291, 0
15391, 8
15464, 7
15522, 9
15596, 3
15663, 0
15746, 1
15829, 9
15906. 3 P

Footnotes appear on the following page
p
preliminary
Components may not add to totals due to rounding.




Page i
f

H.6 (508)
Table 2

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

DEBT 1

M1

M2

M3

3 Months from Aug. 1998 TO Nov. 1998

7.0

12.8

14.2

6.0

6 Months from May

1998 TO Nov. 1998

1.9

9.6

10.6

6.0

12 Months from Nov. 1997 TO Nov. 1998

1.7

8.8

11.0

6.2

3.0

11.5

12.3

Thirteen weeks ending November 30
1998
from thirteen weeks ending:
Aug. 31, 1998 (13 weeks previous)
June

-0.1

8.5

9.5

Dec.
1.

1, 1998 (26 weeks previous)
1, 1997 (52 weeks previous)

1.4

8.4

10.6

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, July 1998 to October 1998, April 1998 to October 1998,
and October 1997 to October 1998, 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, c6ntact 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.




Paged
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period erding

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

1998-Sep.

7
14
21
28

1070.9
1070.3
1070.6
1070.8

1067.6
1068.7
1071.0
1070.4

1065.9
1066.4
1075.2
1073.9

4222.3
4229.6
4238.0
4246.3

4250.9
4264.3
4281.2
4293.6

4277.4
4287.9
4307.0
4302.2

5677.0
5686.6
5697.8
5708.7

5723.2
5741.2
5763.1
5777.6

5766.9
5772.7
5785.0
5785.6

Oct.

5
12
19
26

1070.6
1071.0
1071.7
1072.7

1074.2
1074.2
1075.0
1078.0

1081.1
1066.7
1078.2
1085.9

4253.9
4262.6
4272.7
4283.7

4303.0
4310.2
4318.8
4332.7

4314.8
4316.9
4341.1
4358.0

5720.6
5733.7
5748.5
5764.3

5785.0
5794.5
5808.1
5828.5

5796.7
5810.8
5839.1
5867.3

Nov.

2
9
16
23p
3 Op

1073.3
1074.6
1076.3
1077.8
1079.4

1080.5
1084.2
1085.4
1085.5
1087.1

1091.0
1081.7
1083.0
1086.3
1097.5

4294.2
4305.0
4316.1
4326.9
4336.4

4344.1
4358.0
4367.7
4372.8
4376.8

4360*3
4372,7
4379.6
4378.7
4376.2

5778*8
5793.2
5809,3
5826.0
5841.9

5847.6
5867.0
5884.8
5896.7
5911.8

5873.3
5888.2
5910.3
5914.8
5934.0

Not seasonally adjusted
1998-Sep.

7
14
21
28

1070.7
1070.1
1070.4
1069.8

1065.6
1067.0
1069.3
1066.9

1069.0
1070.0
1067.2
1061.2

4222.9
4230.7
4239.0
4245.6

4256.9
4270.9
4283.2
4284.8

4303.3
4307.9
4281.8
4246.2

5671.1
5681.0
5692.2
5701.6

5725.8
5744.5
5759.9
5761.8

5783.6
5788.9
5754.8
5719.8

Oct.

5
12
19
26

1068.5
1068.3
1069.0
1069.9

1070.6
1069.0
1071.1
1073.6

1084.1
1063.6
1075.3
1071.2

4251.0
4258.9
4268.7
4278.6

4286.6
4290.1
4303.0
4320.1

4310.3
4322.2
4333.4
4314.4

5711.7
5725.1
5740.7
5756.4

5762.2
5770.6
5791.4
5819.5

5785.3
5822.5
5837.9
5832.1

Nov.

2
9
\16
23p
3 Op

1070.4
1071.5
1073.4
1075.5
1078.7

1075.7
1080.3
1083.7
1087.3
1092.3

1092.7
1082.1
1088.9
1085.3
1112.7

4287.6
4297.5
4308.1
4318.4
4329.3

4327,7
4343.0
4357.0
4370.1
4380.1

4340.9
4383.2
4389.5
4366.8
4380.8

5771.1
5785.3
5801.3
5817.7
5835.2

5838.6
5858.6
5879.6
5898.1
5917.6

5862.0
5902.3
5922.0
5906.1
5940.1

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

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

At thrift
institutions5

Total

151.0
150.5
150.7

97.4
97.8
97.1

248.
248,
247.8
245.8
244.6
245.2

1997-July
Aug.
Sep.

410.
412.
415.

398.
401.
391.

Oct.
Nov.
Dec.

418.
421.
425.

389.
394.
397.

148.7
147.7
148.5

97.0
96.9
96.7

1998-Jan.
Feb.
Mar.

427.5
431.0
432.4

8.2
8.1
8.1

392.8
392.0
391.2

149.0
147.2
148.9

96.2
98.3
100.5

245,
245,
249,

Apr.
June

433.7
435.5
438.2

8.0
8.0
7.8

388.6
387.9
383.1

149.8
146.6
146.1

100.7
99.7
99.4

250,
246,
245,

July
Aug.
Sep.

441.3
443.8
449.5

378.
374,
373.

144,
142,
140,

100,
100.
100,

244.8
243.2
241.2

Oct.
Nov. P

453.3
456.7

374.
376.

141,
143,

102,
102,

243.0
246.6

378.2
366.1
374.4
379.2

141.6
139.1
140.3
142.3

101.8
101.5
101.8
102.1

243.5
240.6
242.1
244.3

380.2
371.3
372.8
375.7
383.6

144.2
142.8
142.1
143.9
146.3

103.5
103.9
103.8
101.6
101.7

247.7
246.7
246.0
245.5
248.0

May

Week ending;
1998-Oct.

Nov.

5
12
1926

451.4
452.0
453.7
454.4

8.0
8.0
8.0
8.0

2
9
16
23p

455.1
455.7
456.3
457.1
457.9

6.0
8.0
8.0
6.0
8.0

3 Op

1.
2.
3.
4.
5.

e
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.

e
estimated
p
preliminary
Components may not add to totals due to rounding.



Page 5
n.o lb08)

Table 5

SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-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

565.4
578.9
590.3

2859.6
2886.3
2915.7

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

595.2
601.5
603.2

2937.4
2954.4
2970.4

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

614.7
629.6
641.2

2998.0
3028.0
3052.1

Apr.
May
June

1078.2
1078.6
1088.4

389.9
395.2
396.4

1468.2
1473.8
1484.9

626.3
624.0
623.5

340.1
339.2
338.9

966.5
963.2
962.4

650.8
661.2
672.3

3085.4
3098.2
3119.5

July
Aug.
Sep.

1103.8
1117.8
1135.2

399.2
400.1
402.6

1503.0
1517.8
1537.8

623.6
626.5
627.4

337.4
333.8
334.2

961.0
960.3
961.5

675.1
693.6
721.5

3139.0
3171.7
3220.8

P

1150.3
1165.5

406.6
410.4

1556.9
1576.0

628.4
629.9

334.4
331.7

962.8
961.6

740.3
750.8

3260.0
3288.3

5
12
19
26

1143.2
1150.1
1151.3
1150.5

403.6
403.9
405.8
409.5

1546.9
1554.1
1557.1
1560.0

627.6
628.0
628.8
628.9

334.3
334.6
334.4
334.5

961.9
962.6
963.2
963.3

724.9
733.6
742.7
748.8

3233.7
3250.2
3263.0
3272.0

2
9
16
23p
3 Op

1147.2
1168.2
1173.3
1169.2
1156.5

409.7
408.3
410.4
412.2
411.1

1556.9
1576.5
1583.7
1581.4
1567.6

628.5
628.6
629.9
631.1
630.6

334.0
333.9
332.0
330.2
329.9

962.5
962.4
961.9
961.3
960.5

749.9
752.0
751.0
749.8
750.5

3269.3
3291.0
3296.6
3292.4
3278.6

Oct.
Nov.

Week e n d i n g
1998-Oct.

Nov.

1.
2.

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

Institutional
money funds

Large-denomination time deposits1
At commercial
banks2

At thrift
institutions

RPs3

Eurodollars4

Total

Total
Non-M2 M3

Debt components5
Non-Federal

Federal

1997-July
Aug.
Sep.

342.
348.
356.

467.5
469.0
476.1

83.0
83.4
83.6

550.5
552.4
559.7

207,
210,
209.8

126.6
130.2
132.4

1227.1
1241.3
1258.5

3788.3
3792.5
3795.0

11010.3
11074.8
11140.2

Oct.
Nov.
Dec.

363.
365.
376.

477.2
482.9
487.5

83.6
84.4
85.4

560.8
567.3
572.9

219
233
236

131.8
135.7
145.3

1275.5
1302.6
1330.4

3795.1
3793.7
3798.4

11215.4
11294.7
11368.9

1998-Jan.
Feb.
Mar.

380.8
384.7
391.9

489.9
504.6
523.6

87.5
87.8
87.2

577.4
592.4
610.9

246.9
241.7
259.7

146.5
140.3
133.8

1351.5
1359.1
1396.2

3796.7
3792.7
3797.0

11444.2
11529.1
11607.8

Apr.
May
June

408.8
422.0
432.1

521,
528,
536.

88.0
86.5
87.5

609.9
615.1
623.5

259.
261,
254.

134.3
138.3
139.9

1412.8
1436.8
1449.8

3791.3
3778.6
3775.7

11690.9
11777.1
11854.2

July
Aug.
Sep.

430.
443.
457,

522.7
527.8
525.9

86.8
86.2
86.4

609.
614.
612.

258.
265,
272.

142.1
143.6
141.4

1440.1
1466.5
1483.4

3772.9
3770.3
3760.0

11938.3
12020.6
12106.0

480.7
498.5

520.9
524.5

87,
87,

607.8
611.9

267.5
277.8

143.8
145.3

1499.8
1533.5

3750.3

P

5
12
19
26

462.9
474.1
480.6
491.6

523.2
521.4
523.8
518.3

86.8
87.0
86.9
87.0

610.0
608.5
610.6
605.3

270.3
267.9
263.2
266.5

138.7
143.4
143.5
145.9

1481.9
1493.9
1497.9
1509.3

2
9
16
23p
30p

492.4
487.3
496.3
497.8
514.1

515.4
521.3
524.8
526.1
528.6

86.9
87.3
87.3
87.4
87.4

602.3
608.6
612.2
613.5
616.0

271.4
273.3
274.8
280.8
284.4

146.8
146.3
147.4
144.0
143.3

1513.0
1515.5
1530.7
1536.1
1557.8

Oct.
Nov.

Week e n d i n g
1998-Oct.

Nov.

1.
2.
3.
4.
5.

p

12195.5

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.



p

H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars

Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

1997-July
Aug.
Sep.

411.
413,
414.

Oct.
Nov.
Dec.

8.7
8.8
8.4

At thrift
institutions5

Total

399.
401.
391.

149.3
148.7
149.8

97.4
97.2
96.8

246.7
245.9
246.6

417.
422.
429.

388.8
399.8
413.0

147.4
147.2
150.2

96.6
97.0
97.5

243.9
244.2
247.7

1998-Jan.
Feb.
Mar.

426.4
428.9
431.4

396.
383.
385.

152.2
147.4
149.4

96.3
96.8
100.5

248.
244.
249.

Apr.
May
June

433.7
436.1
438.3

388,
380,
382,

152.9
145.0
145.4

102.9
99.2
99.6

255.8
244.2
245.0

July
Aug.
Sep.

442.
444.
448.

378.8
374.2
372.6

142,
141,
139.

100.6
99.7
100.3

243.1
241.0
239.9

Oct.
Nov. P

452.
457.

372,
381,

139.
143.

101.5
102.9

241.3
246.1

381.0
364.9
374.9
370.5

140.8
136.1
138.6
141.0

103.6
101.6
100.9
99.4

244.4
237.7
239.5
240.4

382.9
371.0
379.8
377.0
396.3

145.6
141.3
141.0
143.5
146.8

103.3
104.9
103.3
100.3
102.7

248.9
246.2
244.3
243.8
249.5

Week endina
1998-Oct.

Nov.

1.
2.
3.
4.
5.

5
12
19
26

450.5
452.9
452.8
452.3

2
9
16
23p
30p

453.0
457.1
456.9
456.8
459.2

8.2
8.1
8.1
8.0

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.



H.6 (508)
Table 8

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Tote!
Non-M1 M2

1997-July
Aug.
Sep.

959.5
971.0
984.3

375.0
375.1
374.0

1334.5
1346.1
1358.2

615.9
616.7
618.9

348.2
347.9
346.1

964.1
964.6
965.0

561.7
580.9
588.0

2860.4
2891.6
2911.2

Oct.
Nov.
Dec.

996.5
1009.2
1019.0

374.0
374.8
375.9

1370.4
1384.0
1394.9

621.2
623.8
624.1

346.0
343.2
343.0

967.2
967.0
967.1

591.1
600.6
605.8

2928.8
2951.7
2967.8

1998-Jan.
Fob.
Mar.

1029.0
1040.2
1060.3

377.0
381.2
388.4

1406.1
1421.4
1448.7

625.7
626.5
626.6

345.1
344.7
343.1

970.7
971.2
969.7

617.6
634.6
651.4

2994.4
3027.2
3069.7

Apr.
June

1083.5
1077.1
1091.6

391.8
394.7
397.6

1475.3
1471.8
1489.2

627.1
624.6
623.9

340.5
339.5
339.1

967.6
964.1
963.0

657.9
651.0
663.2

3100.8
3087.0
3115.4

July
Aug.
Sep.

1106.3
1120.1
1133.5

400.1
400.9
402.0

1506.4
1521.1
1535.5

624.3
626.6
627.0

337.8
333.9
333.9

962.0
960.5
960.9

670.2
695.9
719.0

3138.6
3177.4
3215.3

Oct.
Nov. P

1146.1
1164.7

405.2
410.2

1551.3
1574.9

628.3
629.1

334.4
331.2

962.7
960.4

735.6
749.9

3249.6
3285.2

19
26

1144.1
1158.4
1150.4
1132.5

403.9
406.8
405.5
403.1

1548.0
1565.2
1555.9
1535.6

628.2
628.6
628.6
628.2

334.6
334.9
334.3
334.1

962.8
963.6
962.9
962.4

715.4
729,8
739.2
745.2

3226.3
3258.6
3258.0
3243.1

2
9
16
23p
30p

1135.7
1179.4
1179.0
1159.6
1149.3

405.6
412.2
412.4
408.8
408.5

1541.3
1591.6
1591.4
1568.4
1557.8

627.8
627.9
629.1
630.2
629.7

333.6
333.5
331.6
329.7
329.5

961.4
961.4
960.7
960.0
959.2

745.5
748.1
748.5
753.1
751.1

3248.2
3301.1
3300.7
3281.4
3268.1

May

Week e n d i n g
1998-Oct.

5

12 -

Nov.

1.
2.

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 N0N-M2 M3 AND DEBT
Billions of dollars

Date

Institutional
money funds

RPs3

Large-denomination time deposits1
At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

'odollars4
Total

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1997-July
Aug.
Sep.

339.0
346.8
351.5

466.5
469.1
478.2

82.8
83.4
83.9

549.3
552.5
562.2

160.3
162.9
161.4

47.4
47.9
47.3

207.8
210.8
208.7

123.9
128.9
131.1

1220.0
1239.1
1253.5

3759.9
3774.3
3780.4

10992.7
11050.3
11120.7

Oct.
Nov.
Dec.

359.6
365.2
378.9

484.3
488.5
488.0

84.8
85.4
85.4

569.1
573.9
573.4

173.6
183.8
181.5

47.8
48.6
47.9

221.4
232.4
229.4

130.7
134.5
146.9

1280.8
1306.1
1328.6

3774.4
3792.1
3805.8

11199.6
11278.6
11361.1

1998-Jan.
Feb.
Mar.

389.8
397.7
400.2

482.5
501.2
522.3

86.2
87.2
87.0

568.7
588.4
609.3

199.6
195.8
212.1

46.1
45.9
46.5

245.7
241.6
258.6

149.6
142.6
135.6

1353.7
1370.3
1403.7

3792.4
3795.2
3820.4

11431.3
11495.8
11571.4

Apr.
May
June

405.8
414.1
424.5

518.4
529.9
534.9

87.4
86.7
87.3

605.8
616.6
622.3

212.9
217.3
208.5

47.2
48.2
50.9

260.1
265.5
259.4

134.8
139.2
138.4

1406.5
1435.4
1444.6

3800.2
3765.7
3755.2

11664.5
11757.2
11841.0

July
Aug.
Sep.

425.
441.
451.

521.8
528.0
528.3

86.7
86.2
86.8

608.
614.
615.

208.5
215.6
218.6

50.2
50.5
51.6

258,
266,
270,

139.0
142.0
139.9

1431.5
1463.2
1476.4

3740.8
3749.6
3743.4

11922.2
11996.5
12086.6

475,
497,

528.8
530.6

88.3
88.4

617,
619.

221.1
227.8

48.9
48.6

270,
276,

142.3
143.8

1504.8
1536.5

3727.8

P

5
12
19
26

451.5
469.8
477.3
486.3

528.7
530.8
531.3
527.0

87,
88.
88,
88,

616.3
619.4
619.4
615.5

219.3
219.3
217.5
223.3

50.1
49.7
49.1
48.0

269.4
269.0
266.6
271.3

137.6
142.2
141.2
144.6

1474.9
1500.3
1504.6
1517.8

2
9
16
23p
3 Op

489.1
483.8
494.6
499.3
513.9

523.3
528.6
530.7
531.5
533.8

88,
88.
88,
88,
88,

611.6
617.1
619.0
619.8
622.1

227.3
226.7
226.0
229.3
229.2

47.5
47.8
47.9
48.5
50.4

274.8
274.5
273.9
277.8
279.6

145.6
143.7
144.9
142.4
143.7

1521.0
1519.1
1532.5
1539.4
1559.3

Oct.
Nov.

Week e n d i n a
1998-Oct.

Nov.

1.
2.
3.
4.
5.

p

12178.5

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.



p

H.6 (508)
Table 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1997-July
Aug.
Sep.

10 .0
9 .4
8 .7

1.5
1.5
1.4

Time and
savings
deposits
due to
foreign
banks and
official
institutions
17.9
18.2
18.4

Oct.
Nov.
Dec.

8 .5
9 .0
9 .5

1.5
1.5
1.5

1998-Jan.
Feb.
Mar.

9,
.8
9,
.8
9.
.9

Apr.

Demand deposits
at banks due to

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

1.8
1.8
3.2

4.7
4.9
6.3

18.6
18.9
19.1

1.7
1.7
2.2

1.6
1.5
1.5

19.2
19.0
18.9

June

9,
.9
10,
.0
10,
.0

1.5
1.8
2.0

18.3
17.3
16.3

July
Aug.
Sep.

10.
.1
10. 1
•
10.
.1

2.2
2.2
2.2

Oct.
Nov. P

10,
.1
10,
.1

2.2
2.2

Date

Hay

W e e k ending
1998-Oct.

Nov.

Note
balances at
depository
institutions1

A*
thrift
institutions

At
money
market
funds

Total

152.3
152.5
152.8

104.7
104.2
103.7

91.4
91.7
92.0

348.4
348.4
348.5

2.9
3.1
3.3

152.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.8
349.6
350.4

31.9
21.1
24.8

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.4
97.7
98.1

350.7
350.5
350.4

24.0
43.3
32.7

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
97.8

5.4
5.1
6.3

42.6
11.9
20.4

49.4
18.4
29.4

150.9 e
150.7 e
150.5 e

5.4
5.1

19,
18,

26.1
25.1

150.4 e
150.2 e

18.3

commercial

18.8
11.8
20.4

25,
18,
29.

3.2
3.0
2.9

5.4
5.1
5.1

15.9
11.2
17.9

23.
18.
25,

3.1
1.7
1.8

6.5
5.0
5.5

22.3
14.5
17.5

4.6
1.5
2.8

9.7
5.5
10.4

15,
15.
15,
15.
15.

1.5
1.2
1.9
1.2

6.1
5.6
5.2
5.2

16.9
28.6

25.9
16.3
24.0
35.0

2
9
16
23p

1.3
1.2
1.7
1.1
1.2

5.1
5.3
4.8
5.1
5.4

30.1
17.0
17.4
17.6
21.7

36.6
23.5
23.9
23.8
28.3

1. Source: Daily Treasury statement.
e
estimated
p
preliminary
Components may not add to totals due to rounding.




Time and

savings
deposits at

Total
cash
balance

5
12
19
26

3 Op

IRA and Keogh Accounts

9.5

banks

At
commercial
banks

98.7 e
99.7 e
100.7 e

350.2 e
349.9 e
349.6 e

96.9 e
96.4 e
95.9 e

101.6 e
102.3 e
102.9 e

149.4 e
349.4 e
349.4 e

95.4 e
94.8 e

103.6 e
104.3 e

349.3 e
349.3 e