Full text of H.6 Money Stock Measures : December 22, 1988
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•v^g&
FEDERAL RESERVE statistical release
H.6 (50oi
Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
DECEMBER 22, 1988
Billions of dollars
Date
Ml 1
M2 2
Debt 5
M3 3
Seasonally adjusted
1986-DEC.
725.4
2807.7
3490.8
4134.3
7576.8
1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8
2827
2829
2834
2847
2849
2851
2858
2869
2880.8
2894.5
2896.5
2901.0
3515.6
3524.5
3533.2
3550.5
3565.2
3581.1
3588.8
3607.2
3622.7
3644.6
3659.6
3664.4
4163.2
4175.7
4174.5
4190.2
4218.2
4233.0
4236.1
4259.1
4285.2
4314.9
4327.3
4329.3
7641.4
7683.0
7731.3
7793.3
7859.0
7918.3
7962.8
8018.0
8083.3
8152.5
8229.2
8282.2
1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p
758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.3
783.5
783.7
2925.
2946.
2967.
2990.
3002.
3016.
3025.
3031.
3034.
3037.
3054.
3690,
3722.
3748,
3772,
3789,
5814
3836.
3848,
3853,
3868.
3888.
4367.1
4398.7
4425.5
4469.5
4501.9
4518.5
4561.6
4582.3
4589.0
4608.6 p
8327.5
8386.9
8452.1
8513.2
8572.0
8631.1
8691.0
8758.3
8822.6
8880.2 p
Not seasonally adjusted
1986-DEC.
740.6
2821.4
3507.6
4152.3
7561.0
1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9
2839.8
2817.1
2826.4
2854.9
2835.8
2849.9
2862.4
2868.0
2875.8
2895.1
2899.9
2914.7
3527.8
3513.0
3526.9
3555.7
3553.4
3577.1
3586.8
3604.5
3620.5
3644.6
3666.9
3681.0
4181.1
4171.1
4173.9
4191.9
4201.6
4229.7
4227.5
4251.9
4280.3
4315.2
4337.1
4347.4
7624.5
7647.2
7695.0
7757.1
7822.3
7886.9
7935.5
7989.6
8054.9
8122.8
8195.4
8264.2
1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p
764.7
745.0
752.1
778.3
763.8
778.8
785.5
781.2
779.8
780.9
787.1
2937.4
2933.6
2958.9
2998.5
2988.3
3014.3
3030.3
3030.8
3029.4
3039.0
3057.9
3703
3711
3741
3776.8
3776.9
3809
3833
3845
3852
3869
3896
4385.7
4394.4
4424.1
4469.9
4484.4
4514.9
4550.9
4574.3
4584.8
4610.0 p
8310.2
8350.3
8414.4
8476.2
8534.7
8598.7
8656.9
8719.1
8788.9
8846.1 p
Footnotes appear on the following page,
p—indicates preliminary data.
H.6 ( 5 0 8 )
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml
M2
M3
Debt1
0.6
3.0
4.2
8.7
1988 TO NOV. 1988
3.5
3.5
5.3
8.6
12 Months from NOV. 1987 TO NOV. 1988
4.1
5.4
6.3
8.9
1.2
2.4
3.9
3 Months from AUG. 1988 TO NOV. 1988
6 Months from MAY
Thirteen weeks ending DECEMBER 12, 1988
from thirteen weeks ending:
SEP. 12, 1988 (13 weeks previous)
JUNE 13, 1988 (26 weeks previous)
3.7
3.4
5.1
DEC. 14, 1987 (52 weeks previous)
4.1
5.2
6.2
1.
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
July 1988 to October 1988, April 1988 to October 1988, and October 1987 to October 1988, respectively.
Footnotes to Table 1
1.
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions!
(2) travelers checks of nonbank issuers! (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float! and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOH) and
automatic transfer service (ATS) accounts at depository institutions? credit union snare draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs; each seasonally adjusted separately.
2.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000). and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
3.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
* component as a whole and then adding this result to seasonally adjusted M2.
4.
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.
5.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
Dvernments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.
f
H.6 ( 5 0 8 )
Table 3
MONEY STOCK MEASURES
B i l l i o n s of d o l l a r s
Seasonally adjusted
M3
M2
Ml
Period ending
13-week
average
4-week
average
1988-SEP. 19
26
782.0
782.4
783.1
783.5
784.6
784.0
week
average
13-week
average
4-week
average
3036.5
3036.2
3034.4
3033.5
3034.6
3035.1
3037.9
week
average
13-week
average
4-week
average
3037.2
3032.8
3842.6
3844.9
3853.9
3853.8
3857.7
3851.4
3029.1
3034.9
3041.5
3034.9
3040.2
3847.7
3850.2
3852.9
3855.1
3857.2
3855.6
3858.4
3861.8
3866.0
3869.2
3858.1
3866.2
3871.4
3868.2
3871.1
week
average
OCT.
3
10
17
24
31
782.8
782.8
783.0
782.9
782.9
783.3
783.9
783.7
782.9
783.5
782.1
784.9
783.7
780.9
784.5
3029.4
3030.5
3031.0
3031.5
3033.0
3033.8
3034.7
NOV.
7
14
21
28
782.9
782.9
783.0
783.4
782.7
781.7
782.7
783.4
781.8
779.6
784.7
787.5
3036.0
3037.3
3039.3
3041.4
3040.8
3041.8
3047.9
3053.3
3046.7
3045.3
3059.3
3061.8
3859.6
3862.5
3866.0
3869.4
3872.5
3875.1
3881.9
3888.1
3879.1
3882.1
3895.3
3895.8
DEC.
5p
12p
783.6
784.0
784.6
786.5
786.7
787.0
3043.6
3045.8
3057.8
3063.2
3064.8
3066.8
3873.1
3877.0
3893.1
3898.8
3899.0
3905.2
Not seasonally adjusted
Period,ending
13-week
average
4-week
average
1988-SEP. 19
26
782.8
782.7
782.5
781.3
M3
M2
Ml
13-week
average
4-week
average
782.4
763.0
3029.4
3030.3
3032.8
3030.8
week
average
week
average
13-week
average
4-week
average
week
average
3031.5
3008.7
3839.7
3842.7
3852.6
3852.2
3853.6
3835.1
OCT.
3
10
17
24
31
781.8
780.9
781.0
780.9
780.4
778.6
777.8
779.1
781.2
779.9
777.3
788.4
787.8
771.3
771.9
3030.1
3030.1
3031.4
3032.4
3033.0
3028.5
3028.0
3032.2
3037.4
3038.3
3028.7
3042.9
3048.6
3029.3
3032.3
3845.2
3847.8
3850.9
3853.5
3855.7
3852.7
3855.3
3860.7
3866.8
3868.3
3857.9
3874.5
3875.4
3859.3
3864.1
NOV.
7
14
21
28
780.4
780.6
781.2
782.4
780.6
781.1
784.5
787.2
791.3
789.8
785.0
782.7
3034.3
3036.0
3038.5
3041.1
3042.1
3044.6
3052.8
3057.5
3058.2
3058.7
3061.9
3051.0
3858.7
3862.2
3866.6
3871.3
3873.0
3878.4
3888.3
3896.7
3893.0
3897.1
3898.8
3897.9
DEC.
5p
12p
783.3
784.0
789.4
792.1
800.2
800.6
3044.2
3047.1
3062.4
3068.3
3078.0
3082.2
3875.7
3880.2
3902.0
3908.1
3914.0
3921.5
Note: S p e c i a l caution should be taken in i n t e r p r e t i n g week-to-week changes in money supply data> which are highly v o l a t i l e and subject to
revision.
p--indicates preliminary data.
H.6 ( 5 0 8 )
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Nontransactions
components
Savings d e p o s i t s 7
Small time deposi t s 8
At
thrift
institutions
Total
364.4
366.7
368.3
494.7
499.1
503.8
859.1
865.9
872.1
417.0
415.0
414.3
374.2
381.6
384.6
509.1
520.1
528.5
883.3
901.7
913.1
235.3
235.2
236.6
414.4
416.2
419.8
388.0
393.7
397.5
536.6
547.8
556.0
924.6
941.5
953.5
184.2
186.0
188.0
238.6
239.2
241.0
422.7
425.1
429.0
402.5
404.7
406.8
562.3
567.3
568.1
964.8
972.0
974.9
810.4
816.6
819.4
189.5
190.7
190.3
242.5
243.6
243.1
432.0
434.2
433.4
409.8
414.1
421.0
568.7
571.6
576.4
978.5
985.7
997.4
2254.1
2270.4
831.1
834.8
189.9
192.9
241.3
240.8
431.3
433.7
429.2
435.3
580.7
583.7
1009.9
1019.0
Currency *
Travelers
checks2
Demand
deposits3
Other
checkable
deposits*
I n M2 5
I n M3
only*
At
commercia 1
banks
1987-JULY
AUG.
SEP.
189.0
190.2
191.4
6.8
6.9
7.0
292.3
292.1
290.5
255.6
257.2
258.6
2114.3
2122.9
2133.3
730.9
737.8
741.9
176.9
178.3
178.7
238.7
239.5
240.0
415.5
417.8
418.6
OCT.
NOV.
DEC.
193.1
195.0
196.5
7.0
7.0
7.1
295.9
291.3
288.0
260.3
259.5
259.3
2138.3
2143.7
2150.2
750.1
763.1
763.4
178.4
178.2
178.2
238.6
236.8
236.0
1988-JAN.
FEB.
MAR.
198.4
199.3
200.9
7.2
7.3
7.3
289.9
287.8
287.9
263.3
265.0
266.9
2166.3
2186.8
2204.6
765.4
776.7
780.7
179.0
181.0
183.2
APR.
MAY
JUNE
202.5
203.6
204.9
7.3
7.4
7.3
290.2
287.4
289.9
270.1
271.9
274.4
2220.8
2232.0
2240.0
781.1
787.2
797.5
JULY
AUG.
SEP.
206.3
207.2
208.5
7.2
7.2
7.3
290.6
290.1
288.4
278.2
278.0
278.2
2243.4
2249.2
2251.8
OCT.
NOV. P
209.5
210.3
7.4
7.5
288.6
286.9
277.9
279.1
Date
At
thrift
institutions
Total
At
commercial
banks
Week e n d i n g
1988-OCT.
17
24
31
209.4
210.0
210.5
7.4
7.4
7.5
288.8
285.7
288.5
278.1
277.9
278.0
2257.9
2254.0
2255.7
829.9
833.3
830.9
189.7
189.7
190.3
241.3
241.2
241.0
431.0
430.9
431.3
429.0
4*0.5
431.7
580.5
581.3
581.8
1009.5
1011.8
1013.5
NOV.
7
14
21
28
209.6
209.7
210.4
211.0
7.5
7.5
7.5
7.5
287.1
284.5
286.5
288.9
277.6
277.9
280.4
280.1
2264.9
2265.7
2274.6
2274.3
832.4
836.8
836.0
834.0
193.2
193.2
193.0
192.6
240.8
241.0
240.8
240.7
434.0
434.2
433.8
433.3
432.7
434.3
436.1
437.2
583.3
583.7
583.8
583.8
1016.0
1018.0
1019.9
1021.1
DEC.
5p
12p
211.1
211.8
7.4
7.4 e
289.1
287.7
279.1
280.1
2278.1
2279.7
834.2
838.5
192.0
191.8
240.3
240.2
432.2
432.0
438.7
441.0
583.7
585.1
1022.3
1026.1
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 NOH and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions.
Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time
deposits. This sum is seasonally adjusted as a whole.
Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
6.
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
Savings
deposits exclude MMDAs.
** ! * -»---•
i.- . -time
- deposits—including
•
-i
•. ••
retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
Small
denomination
commercial banks and thrifts are subtracter from small time deposits.
e—indicates estimated data.
p--indicates preliminary data.
H.6 (508)
Table 4-centinued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Large time deposits1
At
commercial
banks 2
Date
Debt components6
Non-M3 components of L
At
thrift
institutions
Total
Savings
bonds
Short-term
Treasury
securities3
Bankers
acceptances*
Commercial
paper5
Federal
debt
Non-federal
debt
1987-JULY
AUG.
SEP.
312.2
312.8
313.8
148.9
149.6
151.5
460.2
462.4
465.3
97.5
98.1
98.4
254.6
258.6
263.3
43.4
43.5
44.3
251.8
251.8
256.6
1891.6
1909.0
1922.2
6071.2
6109.0
6161.0
OCT.
NOV.
DEC.
317.5
322.3
323.5
154.8
158.1
161.2
472.3
480.5
484.7
98.8
99.3
100.2
272.8
270.9
260.1
44.5
45.0
45.7
254.2
252.5
258.9
1928.7
1946.4
1956.1
6223.8
6282.8
6326.0
1988-JAN.
FEB.
MAR.
320.2
324.8
326.3
162.5
163.8
164.0
482.6
488.6
490.3
101.4
102.6
103.5
262.5
258.3
252.8
43.6
40.9
40.6
269.0
274.1
280.3
1962.6
1980.0
2004.9
6365.0
6406.9
6447.2
APR.
MAY
JUNE
325.7
327.8
334.1
166.4
167.6
167.5
492.1
495.4
501.7
104.6
105.4
106.1
263.5
265.1
256.6
41.2
40.9
40.6
288.2
301.1
301.2
2016.7
2021.3
2031.4
6496.5
6550.7
6599.7
JULY
AUG.
SEP.
341.1
347.1
352.3
168.0
167.9
171.3
509.1
515.0
523.7
106.9
107.4
107.7
266.5
273.1
278.0
40.6
41.1
41.9
311.5
312.5
307.9
2041.0
2058.5
2079.6
6650.0
6699.8
6743.0
OCT.
NOV. P
357.1
357.9
173.3
173.7
530.4
531.6
108.3 p
281.3 p
41.3 p
309.2 p
2089.0 |p
6791.2 p
357.1
358.8
357.4
173.7
173.5
173.6
530.8
532.3
531.0
Meek ending
1988-OCT. 17
24
31
NOV.
7
14
21
28
357.2
358.4
358.1
357.0
174.2
173.6
173.5
173.6
531.4
532.1
531.5
530.6
DEC.
5p
12p
360.3
361.7
173.5
173.1
533.8
534.8
1.
Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking
facilities.
2.
Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign banks and official institutions.
3.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 1£ months held by other than depository
institutions, Federal Reserve Ranks, money market mutual funds and foreign entities.
4.
Net of bankers acceptances held by accepting banks. Federal Reserve Banks> foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels* and have been adjusted to remove
discontinuities.
p—indicates preliminary data.
*
H.6 ( 5 0 8 )
Table 5
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposi ts
Currency 1
Date
Travelers Demand
checks 2 deposits 3
At
commercial
banks*
At
thrift
institutions 5
Non t ransae t i ons
components
Total
In M 2 6
In M3
only 7
Overnight
RPs*
Overnight
Eurodollars 9
General purpose
and broker/dealer
money market funds
1987-JULY
AUG.
SEP.
190.5
190.9
190.9
7.7
7.9
7.6
294.3
290.7
289.3
173.3
174.9
176.6
81.0
80.8
80.9
254.3
255.6
257.5
2115.6
2123.0
2130.6
724.4
736.4
744.7
56.7
61.2
62.2
18.7
18.4
21.1
210.6
213.1
216.3
OCT.
NOV.
DEC.
192.6
195.9
199.4
7.0
6.6
6.5
295.7
294.1
298.5
177.0
178.0
180.3
81.5
81.4
81.2
258.5
259.3
261.6
2141.4
2144.0
2148.8
749.5
767.0
766.3
65.0
63.1
61.9
20.9
16.5
16.0
218.2
219.7
221.1
1988-JAN.
FEB.
MAR.
197.1
197.2
199.2
6.6
6.8
6.9
295.8
279.1
279.9
184.1
181.8
184.0
81.1
80.1
82.2
265.2
261.8
266.1
2172.7
2188.6
2206.8
765.6
777.8
782.5
64.5
61.8
60.2
18.4
16.4
14.8
225.0
231.0
234.8
APR.
MAY
JUNE
201.6
203.6
205.8
6.9
7.1
7.6
292.0
282.9
291.0
190.9
184.9
187.3
86.8
85.2
87.1
277.8
270.1
274.4
2220.2
2224.6
2235.6
778.3
788.6
795.0
60.7
63.6
63.9
15.4
17.2
17.1
235.8
231.8
228.9
JULY
AUG.
SEP.
207.9
207.9
207.9
8.2
8.2
7.9
292.7
288.7
287.1
188.4
188.5
189.3
88.4
87.8
87.6
276.8
276.3
276.9
2244.8
2249.6
2249.6
803.1
815.2
622.8
62.2
64.3
62.9
15.6
15.8
14.7
229.6
230.8
230.8
OCT.
NOV. P
209.0
211.3
7.5
7.1
288.4
289.7
188.7
191.0
87.4
88.0
276.1
279.0
2258.1
2270.8
829.9
839.0
62.2
61.7
13.8
12.4
231.2
238.0
209.2
208.5
207.8
7.5
7.4
7.3
292.8
282.4
284.4
189.9
187.2
186.6
88.5
85.9
85.7
278.4
273.1
272.3
2260.8
2258.0
2260.5
826.8
830.0
631.7
62.2
62.5
63.7
14.1
13.9
14.9
230.9
231.7
232.6
Neek endiing
1988-OCT. 17
24
31
NOV.
7
14
21
28
211.2
211.5
211.2
212.0
7.2
7.2
7.1
7.0
290.4
290.7
288.2
288.8
192.7
191.9
190.8
188.9
89.7
68.6
87.6
86.0
282.4
280.5
278.4
274.9
2267.0
2268.9
2277.0
2268.3
834.8
838.4
836.9
846.9
61.5
60.2
65.1
59.0
12.6
12.3
13.1
11.1
234.1
236.1
239.6
241.6
DEC.
5p
12p
212.6
213.9
6.9
6.9 e
296.9
296.4
194.1
194.6
89.7
88.9
283.8
283.4
2277.9
2281.6
835.9
639.3
64.9
66.0
14.0
14.2
240.7
241.4
1. ~ Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions.
2.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions* the U.S. government
and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts* credit union share draft balances* and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars* money market fund balances (general purpose and broker/dealer)* MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents* money market fund balances (institution-only)* less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e--indicates estimated data.
p--indicates preliminary data.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
Money market deposit accounts
At
At
commercial
thrift
banks
institutions
Date
Total
At
At
thrift
commercial
banks
institutions
Small-denomination time deposits2
Total
At"
At
commercial
thrift
banks
institutions
Total
Large-denomination time deposits3
At
At
commercial
thrift
banks4
institutions
Total
1987-JULY
AUG.
SEP.
366.2
365.0
363.5
185.5
180.0
177.2
549.4
545.0
540.5
178.7
178.5
178.2
241.8
240.0
259.2
420.5
418.5
417.5
564.9
567.9
570.0
494.7
499.0
505.2
859.6
866.8
875.2
509.7
512.5
514.1
146.8
149.4
151.8
456.5
461.7
465.9
OCT.
NOV.
DEC.
560.0
558.1
558.2
175.9
169.6
167.0
555.9
527.7
525.2
178.6
177.5
176.7
259.5
255.7
255.5
417.8
415.2
410.0
575.1
582.6
585.2
510.5
521.1
529.5
885.6
905.8
914.6
517.5
322.4
525.6
155.7
159.0
161.8
475.1
481.5
485.4
1988-JAN.
FEB.
MAR.
559.0
559.2
560.9
165.1
165.5
165.8
524.1
522.6
524.7
178.2
179.5
182.5
255.0
252.8
256.1
411.2
412.2
418.6
589.4
594.1
597.2
540.1
550.4
556.5
929.5
944.5
955.7
521.5
525.1
528.4
163.6
164.9
164.2
484.8
490.0
492.6
APR.
MAY
JUNE
560.5
557.0
559.9
165.0
162.6
162.4
525.5
519.6
522.5
185.1
187.1
189.6
259.4
241.2
245.8
424.5
428.5
455.4
599.6
401.4
405.4
560.9
562.8
564.6
960.5
964.2
970.0
525.6
528.5
555.4
164.8
166.6
166.4
490.4
495.1
499.8
JULY
AUG.
SEP.
559.4
557.0
555.7
161.7
160.0
156.9
521.1
517.0
510.7
191.5
190.9
189.8
245.7
244.1
242.5
457.2
455.0
452.1
410.5
415.3
422.8
568.9
571.4
575.6
979.1
986.7
998.4
558.3
346.4
352.3
166.5
167.6
171.7
504.8
514.1
524.0
OCT.
NOV. P
552.5
555.4
154.4
152.4
506.7
505.8
190.1
192.2
242.0
259.7
452.1
451.8
430.0
436.5
582.0
584.5
1012.1
1021.0
356.4
357.9
174.4
174.6
550.8
552.6
354.2
351.4
351.2
154.9
153.8
153.1
509.1
505.2
504.5
190.1
189.8
189.7
242.7
241.5
240.4
452.8
451.2
450.1
429.9
430.8
431.8
581.8
582.5
585.1
1011.7
1015.5
1014.9
355.6
357.4
356.9
174.6
174.7
174.8
550.3
532.1
531.7
Heek ending
1988-OCT. 17
24
51
NOV.
7
14
21
28
354.0
354.1
355.7
352.2
153.5
152.9
152.2
151.5
507.2
507.0
505.9
505.7
192.6
192.6
192.2
191.5
240.7
240.4
259.4
258.5
455.4
455.0
451.6
450.0
435.9
455.8
457.1
458.4
584.2
584.6
584.6
584.6
1018.2
1020.5
1021.7
1025.0
357.4
358.2
358.3
357.5
175.2
174.7
174.4
174.7
532.6
532.9
532.6
532.2
DEC.
5p
12p
352.7
355.2
151.5
151.0
504.2
504.2
191.0
190.8
258.7
258.1
429.8
428.9
459.7
441.9
584.6
585.1
1024.4
1027.0
358.7
361.5
175.8
175.6
532.6
535.0
'
Savings deposits exclude MMDAs.
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* and foreign banks and
official institutions,
-indicates
preliminary data.
p-
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* not seasonally adjusted
Term RPs1
Date
Debt components6
Non-M3 Components of L
At
InstitutienAt
thrift
only money commercial
banks
institutions
market funis
Total
Term
Eurodollars2
Savings
bonds
Short-term
Treasury
securities
Bankers
acceptances4
Commercial
paper5
Federal
debt
Non-Federal
debt
1987-JULY
AUG.
SEP.
83.8
84.0
81.3
38.6
39.8
40.7
69.8
69.5
70.7
108.4
109.2
111.4
84.5
90.2
94.5
97.1
97.7
98.3
250.8
256.9
260.3
43.6
43.6
44.4
249.2
249.2
256.8
1873.7
1888.5
1901.0
6061.8
6101.1
6154.0
OCT.
NOV.
DEC.
82.5
89.5
•9.6
37.6
39.9
38.4
71.2
71.8
70.5
108.8
111.7
108.9
93.0
92.8
90.8
98.8
99.6
100.6
269.9
274.0
263.0
44.8
45.1
45.1
257.1
251.6
257.8
1910.9
1936.9
1954.1
6212.0
6258.5
6310.1
1988-JAN.
FEB.
MAR.
94.4
98.7
97.4
38.7
43.6
43.8
70.9
70.3
67.8
109.6
113.9
111.7
85.4
85.5
90.0
101.7
102.7
103.6
265.2
263.5
258.1
43.4
41.0
40.4
272.5
275.8
280.5
1961.9
1974.7
1993.3
6348.3
6375.5
6421.1
APR.
MAY
JUNE
91.9
90.0
86.3
44.9
47.1
48.0
69.4
73.5
75.8
114.3
120.6
123.8
89.1
91.8
93.1
104.6
105.4
105.9
262.6
260.1
254.9
40.9
41.1
41.0
285.0
300.8
303.8
2001.6
2005.1
2014.6
6474.6
6529.6
6584.1
JULY
AUG.
SEP.
84.8
•4.0
83.7
46.6
45.0
42.4
78.5
78.1
79.1
125.0
123.1
121.5
96.2
102.3
101.4
106.5
106.9
107.6
262.4
271.0
274.7
40.8
41.2
41.9
307.8
309.3
308.3
2022.5
2036.6
2056.2
6634.4
6682.5
6732.6
OCT.
NOV. P
84.6
87.4
42.8
44.7
81.1
81.6
123.9
126.3
99.1
102.1
108.3 p
278.2 p
41.5 p
313.1 p
2069.2 p
6776.9 p
•4.3
•4.5
•5.4
41.9
43.1
43.9
•0.9
•1.0
81.2
122.8
124.1
125.0
97.9
98.5
98.5
Heek ending
1988-OCT. 17
24
31
NOV.
7
14
21
28
85.9
86.8
88.1
88.7
43.9
45.6
43.1
47.6
81.4
81.9
81.8
81.4
125.2
127.5
124.9
129.0
99.6
101.3
101.0
106.6
DEC.
5p
12p
88.2
86.7
40.2
40.3
81.4
81.7
121.6
121.9
102.5
104.2
l.~
Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively smell amount
of overnight RPs at thrift institutions.
2.
Term Eurodollars are those with original maturities freater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
3.
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.
4.
Net of bankers acceptances held by accepting banks* Federal Reserve Banks, foreign official institutions, Federal Home fcoan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p--indicates preliminary data.
H.6 (508)
Table 6
MEMORANDUM ITEMS
Billions of dollars* not seasonally adjusted
Demand deposits
at banks due to
Foreign
Foreign
icommercial
official
banks
institutions
Date
U.S. government depotsits
Time and savinas
deposits due to
foreign banks
and orficial
institutions
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
Note balances
at depository
institutions
Total
cash
balance
IRA and Keogh Accounts
Time and
savinas
deposits
At
At
at commercial commercia 1
thrift
banks
banks
institutions
Total
1987-JULY
AUG.
SEP.
9.3
8.9
9.4
2.0
2.0
1.9
4.4
4.4
4.4
3.3
3.0
4.2
5.3
3.4
10.3
23.3
18.6
21.3
31.9
25.0
35.8
1.7
1.6
1.5
80.2
80.7
81.4
105.4
105.7
106.6
13.5
14.0
14.5
199.2
200.4
202.4
OCT.
NOV.
DEC.
9.5
9.4
9.6
1.8
1.7
1.7
4.4
4.4
4.4
3.2
3.2
3.9
8.9
4.0
4.2
27.4
22.6
18.4
39.5
29.7
26.6
1.5
1.5
1.6
81.8
82.2
82.9
107.1
107.4
108.7
15.4
16.2
16.4
204.4
205.8
208.0
1988-JAN.
FEB.
MAR.
10.0
9.3
9.2
1.7
1.6
1.5
4.4
4.3
4.4
4.1
3.1
3.6
5.6
3.8
2.9
20.8
25.1
18.7
30.5
32.1
25.2
1.6
1.6
1.6
83.9
84.7
85.5
110.0
111.2
113.2
16.6
16.8
17.1
210.6
212.8
215.8
APR.
MAY
JUNE
9.0
9.1
9.5
1.8
1.6
1.7
4.4
4.3
4.3
5.3
3.3
4.3
5.1
7.2
4.1
16.4
27.1
16.7
26.8
37.5
25.0
1.7
1.7
1.8
87.3
88.8
89.4
115.4
116.5
117.7
18.0
18.6
18.4
220.7
223.9
225.5
JULY
AUG.
SEP.
9.9
9.2
9.5
1.8
1.6
1.5
4.4
4.4
4.4
3.4
3.0
4.1
3.9
3.2
7.4
18.6
8.9
20.4
25.9
15.1
32.0
1.8
1.7
1.6
90.2
91.2
91.8
119.0
119.5
120.5
18.5
18.7
18.9
227.7
229.4
231.1
OCT.
NOV. P
9.1
9.3
1.5
1.7
4.4
4.4
3.2
3.4
6.2
5.2
24.5
12.8
33.9
21.4
1.6
1.6
92.5
93.3
121.5
121.9 e
19.0 e
19.0 e
233.0 e
234.2 e
9.6
9.2
8.6
1.4
1.5
1.5
4.4
4.4
4.5
3.7
3.0
2.9
5.3
5.6
6.4
21.0
26.6
27.1
29.9
35.2
36.4
1.6
1.6
1.6
8.5
9.4
9.5
9.8
1.6
1.5
1.8
1.8
4.4
4.4
4.4
4.4
3.3
3.3
3.8
3.2
5.2
5.8
4.9
5.1
14.9
11.1
7.6
17.7
23.3
20.2
16.4
26.0
1.6
1.7
1.7
1.7
10.0
9.7
1.7
1.7
4.4
4.4
3.4
2.9
4.6
4.7
12.9
8.3
20.9
15.9
1.7
1.7
Meek ending
1988-OCT. 17
24
31
NOV.
DEC.
7
14
21
28
Sp
12p
—
At
money
market
funds
- • • * *
e—indicates estimated data,
p—indicates preliminary data.
H.6 (508)
Special Supplementary Table
Monthly Survey of Selected Deposits and Other Accounts:
October 26, 1988 and November 30, 19881
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil)
Liability Categories
October 26
Average Rate Paid ('/.)
November 30
October 26
MOW accounts2
181,901
186,993
4.95
Money market deposit accounts2
347,068
349,562
Savings deposits3
186,241
187,102
Number of Issuing Banks
October 26
November 30
4.94
12,594
12,550
5.67
5.78
11,924
11,814
5.25
5.24
12,367
12,328
November 30
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:*
7 to 31 days
6,103
6,364
6.47
6.58
8,035
7,816
32 to 91 days
23,198
24,207
6.81
7.00
11,817
11,417
131,366
132,262
7.46
7.65
12,691
12,643
183 to 1 year
123,943
126,555
7.80
8.00
12,584
12,539
Over 1 year to 2-1/2 years
106,193
107,388
7.98
8.15
12,358
12,319
8.18
92 to 182 days
128,624
129,399
8.30
12,266
12,230
All IRA/Keogh Plan deposits5
93,005
93,567
N.A.
N.A.
11,992
12,053
Retail repurchase agreements
1,277
1,307
6.35
6.53
1,893
1,892
2-1/2 years and over
FDIC-Insured Savings Banks
Amount Outstanding ($mil)
Liability Categories
NOW accounts2
Money market deposit accounts2
3
Savings deposits
Average Rate Paid (>C)
Number of Issuing Banks
November 30
October 26
November 30
October 26
November 30
7,448
7,575
5.23
5.25
342
340
30,882
30,474
5.91
5.95
377
375
42,791
42,778
5.51
5.53
388
386
168
166
6.56
6.69
103
102
7.42
7.48
317
323
October 26
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:4
7 to 31 days
32 to 91 days
2,651
3,310
92 to 182 days
22,112
21,587
7.92
8.21
373
371
183 to 1 year
29,913
30,748
8.20
8.26
377
375
Over 1 year to 2-1/2 years
24,201
24,340
8.26
8.43
357
355
2-1/2 years and over
25,837
25,842
8.55
8.72
374
372
All IRA/Keogh Plan deposits5
20,402
20,496
N.A.
N.A.
379
377
Retail repurchase agreements
82
82
6.19
7.54
15
16
NOTE: The lower panel of this table presents data for both mutual and FDIC-insured federal savings banks.
N.A. - Data not available.
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 490 commercial banks and 80 savings banks.
2. NOW and MMDA account rates are reported as simple annual rates.
3. Savings deposits exclude MMDAs. The savings deposit rates are reported as simple annual rates.
4. With the exception of the 7-31 and 32-91 day deposit rates, which are reported as simple annual rates, time
deposit rates are annual effective yields reflecting the method of compounding reported by the individual
institutions.
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid.
@FedFRASER