Full text of H.6 Money Stock Measures : December 29, 1988

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FEDERAL RESERVE statistical release
••f^TRES?:

H.6 (5Q8)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

DECEMBER 29, 1988

Billions of dollars
Date

Ml 1

M2 2

M3 3

Debt5

Seasonally adjusted
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..7
2829..1
2834..2
2847..2
2849..0
2851..5
2858..0
2869..3
2880.8
2894.5
2896.5
2901.0

3515.6
3524.5
3533.2
3550.4
3564.8
3580.7
3588.7
3607.0
3622.4
3644.3
3659.3
3664.1

4163.2
4175.7
4174.5
4190.1
4217.9
4232.7
4235.9
4259.0
4284.9
4314.7
4327.0
4328.9

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.

758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.3
783.5
783.6

2925,
2946.
2967,
2990,
3002.
3016,
3025.
3031.
3034.
3037.
3053.

3690.5
3722.9
3748.3
3772.0
3789.4
3814.0
3836.1
3848.3
3853.6
3868.6
3888.8

4367.0
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
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
3555.6
3553.0
3576.8
3586.6
3604.3
3620.3
3644.4
3666.6
3680.6

4181.1
4171.1
4173.9
4191.8
4201.2
4229.4
4227.4
4251.8
4280.1
4315.0
4336.8
4347.0

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.

764.7
745.0
752.1
778.3
763.8
778.8
785.5
781.2
779.8
780.9
787.0

2937.4
2933.6
2958.9
2998.5
2988.3
3014.3
3030.3
3030.8
3029.4
3039.0
3057.7

3703.0
3711.4
3741.4
3776.8
3776
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
p—indicates preliminary data.




H.6 ( 5 0 8 )
Tabla 2

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

3 Months from AUG. 1988 TO NOV. 1988

Ml

M2

M3

Debt1

0.6

2.9

4.2

8.7

1988 TO NOV. 1988

3.5

3.4

5.2

8.6

12 Months from NOV. 1987 TO NOV. 1988

4.1

5.4

6.3

8.9

1.1

2.5

3.9

6 Months from MAY

Thirteen weeks ending DECEMBER 19, 1988
from thirteen weeks ending:

SEP. 19, 1988 (13 weeks previous)
JUNE 20> 1988 (26 weeks previous)

3.4

3.3

5.0

DEC. 21, 1987 (52 weeks previous)

4.1

5.3

6.2

Growth rates for debt are based on periods beginning and ending one month earlier than for tha monetary aggregates, namely,
July 1988 to October 1988, April
" " IS
1988 to October 1988, and October 1987 to October 1988, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and tha 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 itams 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 institutionst 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.
Consists of Ml plus overnight (end continuing contract) RPs issuad by all commercial banks and overnight Eurodollars issuad
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. Excludas individual retirement account
(IRA) and Keogh balances at depository institutions and monay market funds. Also excludes all balances held by
U.S. commercial banks, monay 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 than
adding this result to seasonally adjusted Ml.
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 tha 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.
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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments 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 formr 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 m
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 ere measured on a quarter-end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of

3

dollars

Seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

M2

average

13-week
average

4-week
average

M3

average

13-week
average

4-week
average

average

1988-SEP.

26

782.4

783.5

784.0

3030.5

3036.2

3032.8

3844.9

3853.8

3851.4

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

3031.0
3031.5
3033.0
3033.8
3034.7

3034.4
3033.5
3034.6
3035.1
3037.9

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

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
3888.2

3879.1
3882.1
3895.3
3896.1

DEC.

5
12p
19p

783.6
784.0
784.1

784.6
786.5
786.7

786.7
787.2
785.5

3043.6
3045.8
3048.0

3057.8
3063.2
3064.8

3064.9
3066.7
3065.8

3873.2
3877.0
3880.5

3893.3
3899.1
3901.0

3899.6
3905.3
3902.8

Not seasonally adjusted

P e r i o d e nd i n g

13-week
average

4-week
average

M3

M2

Ml
week
average

13-week
average

4-week
average

igQQJf

average

13-week
average

4-week
average

week
average

1988-SEP.

26

782.7

781.3

763.0

3030.3

3030.8

3008.7

3842.7

3852.2

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
3030.0
3031.4
3032.4
3032.9

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
782.3

780.6
781.1
784.5
787.2

791.3
789.8
784.9
782.6

3034.3
3036.0
3038.5
3041.1

3042.1
3044.6
3052.8
3057.4

3058.2
3058.7
3061.9
3050.9

3858.7
3862.2
3866.6
3871.3

3873.0
3878.4
3888.3
3896.8

3893.0
3897.1
3898.8
3898.1

DEC.

5
12p
19p

783.3
784.0
785.4

789.4
792.1
796.1

800.3
800.7
800.9

3044.2
3047.1
3050.7

3062.4
3068.3
3072.4

3078.2
3082.1
3078.4

3875.8
3880.2
3885.1

3902.2
3908.3
3912.7

3914.6
3921.6
3916.5

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—indicates preliminary data.




H.6 ( 5 0 8 )
Tabla 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT

4

B i l l i o n s of d o l l a r s » saasonally adjusted
Nontransactions
coMponents

Data

Currancy l

Travelers
checks51

deposits 3

Othar
checkable4
deposits

I n M2*

I n N3
only*

1987-AUG.
SEP.

190.2
191.4

6.9
7.0

292.1
290.5

257.2
258.6

2122.9
2133.3

737.7
741.7

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

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

APR.
NAY
JUNE

202.5
203.6
204.9

7.3
7.4
7.3

290.2
287.4
289.9

JULY
AUG.
SEP.

206.3
207.2
208.5

7.2
7.2
7.3

OCT.
NOV.

209.5
210.3

7.4
7.5

Savings deposits 7

Small t i n e daposi ts«

"bJnks a

At
thrift
institutions

Total

417.8
418.6

366.7
368.3

499.1
503.8

865.9
872.1

238.6
236.8
236.0

417.0
415.0
414.3

374.2
381.6
384.6

509.1
520.1
528.5

883.3
901.7
913.1

179.0
181.0
183.2

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

781.1
787.2
797.5

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

2243.4
2249.2
2251.8

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

277.9
279.0

2254.1
2270.3

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

285.7
288.5

277.9
278.0

2254.0
2255.7

189.6
190.3

241.2
241.0

430.9
431.3

430.5
431.7

581.3
581.8

1011.8
1013.5

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
583.9

1016.0
1018.0
1019.9
1021.1

192.0
191.7
192.2

240.2
240.2
240.3

432.2
431.9
432.5

438.7
440.8
443.1

583.7
585.0
585.5

1022.3
1025.8
1028.6

At
commercial
banks

At
thrift
institutions

Total

178.3
178.7

239.5
240.0

749.8
762.8
763.0

178.4
178.2
178.2

2166.3
2186.8
2204.6

765.4
776.7
780.7

270.1
271.9
274.4

2220.8
2232.0
2240.0

290.6
290.1
288.4

278.2
278.0
278.2

288.6
286.8

210.0
210.5

C0

Meek ending

NOV.

7
14
21
28

209.6
209.7
210.4
211.0

287.1
284.5
286.4
288.8

277.6
277.9
280.4
280.1

2264.9
2265.7
2274.6
2274.3

833.3
830.9
832.4
836.8
836.0
834.3

DEC.

5
12p
19p

211.1
211.8
211.5

289.1
287.7
286.5

279.1
280.2
280.0

2278.2
2279.5
2280.3

834.7
838.6
837.0

1988-OCT. 24
31

1.
2.

Currency outside U.S. Treasury, Federel Reserve Banks and the vaults of depository institutions. a
. , ..
Outstanding amount of U.S. dollar-denominated travalars checks of nonbank issuers. Travalars checks issuad by depository institutions are included
in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than thosa 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 NON and ATS balances at all depository institutions* credit union share dreft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars* money market fund balances (general purpose and broker/dealer)* HMD As, and savings and small time
deposits. This sum is seasonally adjusted as a mhole.
. . * . . ,
..* A.
, . ,
*• A J
A.
6.
Sum of large time deposits* term RPs and term Eurodollars of U.S. residents* monay market fund.balances (institution-only)* lass the estimated
amount of overnight RPs and Eurodollars hald by institution-only money market funds. This sum is saasonally adjusted as a irfiole.
7.
Savings deposits exclude MID As.
_
_
__m
. „ .
.. %
x
8.
Small danomination time deposits--including retail RPs—are those issued in amounts of lass than #100*000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Lairge time deposits1
At
commercial
banks 2

Date

At
thrift
institutions

Debt components6

Non-M3 components of L

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-federal
debt

1987-AUG.
SEP.

312.8
313.8

149.6
151.5

462.4
465.3

98.1
98.4

258.6
263.3

43.5
44.3

251.8
256.6

1909.0
1922.2

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.

357.1
357.8

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

358.8
357.4

173.5
173.6

532.3
531.0

Week ending
1988-OCT. 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.

5
12p
19p

360.3
361.6
360.7

173.5
173.1
172.7

533.8
534.7
533.4

Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking
Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign banks and official institutions.
....
, ,
..
^
AL
L , .L
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,
-indicates preliminary data.




H.6 1508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* not seasonally adjusted
Other checkable deposits

Dete

Currency

1

Travelers Demand _
checks* deposits9

At
commercial
bank**

At
thrift
_
institutions9

Nontransactions
components

Total

In M2

6

In M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

Gem iral purpose
and fc
>roker/dealer
money market funds

1987-AUG.
SEP.

190.9
190.9

7.9
7.6

290.7
289.3

174.9
176.6

80.8
80.9

255.6
257.5

2123.0
2130.6

736.3
744.5

61.2
62.2

18.4
21.1

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

749.3
766.6
766.0

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.
NAY
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
822.8

62.2
64.3
62.9

15.6
15.8
14.7

229.6
230.8
230.8

OCT.
NOV.

209.0
211.3

7.5
7.1

288.4
289.7

188.7
191.0

87.4
88.0

276.1
278.9

2258.1
2270.7

829.9
839.1

62.2
61.7

13.8
12.4

231.2
238.0

208.5
207.8

7.4
7.3

282.4
284.4

187.2
186.6

85.9
85.7

273.1
272.3

2257.9
2260.5

830.0
831.7

62.5
63.7

231.7
232.6
234.1
236.1
239.6
241.6

240.7
241.4
241.6

HeoK ending

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
288.7

192.7
191.9
190.8
188.9

89.7
88.6
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
847.2

61.5
60.2
65.1
59.0

13.
14.
12.
12.
13.
11.

DEC.

5
12p
l*p

212.6
213.9
214.7

6.9
6.9 e
6.9 e

296.9
296.4
297.4

194.1
194.6
194.2

89.7
88.9
87.7

283.8
283.5
282.0

2277.9
2281.4
2277.5

836.4
839.4
838.1

65.0
66.1
63.5

14.
14.
15.

1988-OCT. 24
31

1.
2.

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.
3.
Demand deposits et commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks end 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 NOM and ATS balances at thrifts, credit union share draft balances, end demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MNDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (ins ti tut ion-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
......
^ A A i
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).
......
. .
. « A J
9.
Issued by foreign branches of U.S. banks MorloVfide 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
B i l l i o n s of dollars> not seasonally adjusted
Savings deposits1

Money market deposit accounts
At
At
thrift
commercial
institutions
banks

Date

Total

At
At
commercial
thrift
banks
institutions

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits3
At
At
commercial
thrift
1
.4
banks'
institutions

Total

1987-AUG.
SEP.

365.0
363.3

180.0
177.2

545.0
540.5

178.5
178.2

240.0
239.2

418.5
417.3

367.9
370.0

499.0
503.2

866.8
873.2

312.3
314.1

149.4
151.8

461.7
465.9

OCT.
NOV.
DEC.

360.0
358.1
358.2

173.9
169.6
167.0

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.8
413.2
410.0

375.1
382.6
385.2

510.5
521.1
529.3

885.6
903.8
914.6

317.3
322.4
323.6

155.7
159.0
161.8

473.1
481.3
485.4

1988-JAN.
FEB.
MAR.

359.0
359.2
360.9

165.1
163.5
163.8

524.1
522.6
524.7

178.2
179.5
182.5

233.0
232.8
236.1

411.2
412.2
418.6

389.4
394.1
397.2

540.1
550.4
556.5

929.5
944.5
953.7

321.3
325.1
328.4

163.6
164.9
164.2

484.8
490.0
492.6

APR.
MAY
JUNE

360.
357,
359,

163
162
162.4

523.
519.
522.

185.1
187.1
189.6

239.4
241.2
243.8

424,
428,
433,

399,
401.
405.

560.9
562.8
564.6

960.5
964.2
970.0

325.
328.
333.

164.8
166.6
166.4

490.4
495.1
499.8

JULY
AUG.
SEP.

359.
357,
353,

161.
160.
156.

521.
517.
510.

191.5
190.9
189.8

245.
244,
242.

437,
435,
432,

410.
415,
422.8

568.
571,
575,

979.1
986.7
998.4

338.
346.
352.4

166.5
167.6
171.7

504.8
514.1
524.0

OCT.
NOV.

352.
353.

154.4
152.4

506.7
505.8

190.1
192.1

242.
239.

432.1
431.8

430.
436.

582.
584.

1012.1
1021.0

356.4
357.9

174.4
174.7

530.8
532.6

1988-OCT. 24
31

351.4
351.2

153.8
153.1

505.2
504.3

189.8
189.7

241,
240,

431.
430.

430.8
431.8

582.5
583.1

1013.3
1014.9

357.4
356.9

174.7
174.8

532.
531.

NOV.

7
14
21
28

354.0
354.1
353.7
352.2

153,
152.
152,
151,

507.2
507.0
505.9
503.7

192.6
192.6
192.2
191.5

240.
240,
239,
238,

433.4
433.0
431.6
430.0

433.9
435.8
437.1
438.4

584.2
584.6
584.6
584.7

1018.2
1020.4
1021.7
1023.0

357.4
358.2
358.3
357.5

175.2
174.7
174.4
174.7

532.
532.
532.
532.

DEC.

5
12p
19p

352.7
353.2
352.1

151.4
151.0
150.0

504.1
504.2
502.1

191.0
190.7
190.3

238.
238,
237.

429.7
428.8
427.3

439.
441.
442.

584.7
585.0
585.1

1024.4
1026.7
1028.1

358.7
361.4
359.8

173.8
173.5
173.2

532.
534.
533.

Heek ending

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.




H.6 ( 5 0 8 )
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Term RPs 1

Date

Debt components6

Non-M3 Components of L

At
At
Institutionthrift
only money commercial
institutions
market funds
banks

Total

Term
Eurodollars2

Savings
bond!

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1987-AUG.
SEP.

84.0
81.3

39.8
40.7

69.5
70.7

109.2
111.4

90.1
94.2

97.7
98.3

256.9
260.3

43.6
44.4

249.2
256.8

1888.5
1901.0

6101.1
6154.0

OCT.
NOV.
DEC.

82.5
89.5
89.6

37.6
39.9
38.4

71.2
71.8
70.5

108.8
111.7
108.9

92.7
92.5
90.5

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
84.0
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.

84.6
87.4

42.8
44.7

81.1
81.7

123.9
126.4

99.1
102.2

108.3 p

278.2 p

41.5 p

313.1 p

2069.2 p

6776.9 p

84.5
85.4

43.1
43.9

81.0
81.2

124.1
125.0

98.5
98.5

Week ending
1988-OCT. 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
81.7

125.2
127.5
124.9
129.2

99.6
101.3
101.0
106.6

DEC.

5
12p
19p

88.2
86.7
88.5

40.2
40.3
40.7

81.7
81.9
82.2

121.9
122.2
122.8

102.6
104.2
104.1

1.

Term RPs are those with original maturities greater than one day* excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
Term Eurodollars are those with original maturities greater 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 Field 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 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.
2.




H.6 (508)
Table 6

MEMORANDUM ITEMS

9

Billions of dollars* not seasonally adjusted
Demand deposits
at banks due to

Foreign
Foreign
official
commercial
institutions
banks

Date

U.S. government deposits
Time and savings
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

1987-AUG.
SEP.

8.9
9.4

2.0
1.9

4.4
4.4

3.0
4.2

3.4
10.3

18.6
21.3

25.0
35.8

OCT.

9.5

1.8

4.4

3.2

8.9

27.4

NOV.
DEC.

9.4
9.6

1.7
1.7

4.4
4.4

3.2
3.9

4.0
4.2

22.6
18.4

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

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

JULY
AUG.
SEP.

9.9
9.2
9.5

1.8
1.6
1.5

4.4
4.4
4.4

OCT.
NOV.

9.1
9.3

1.5
1.7

9.2
8.6

IRA and Keogh Accounts
Time and
savings
At
At
deposits
thrift
at commercial clommercia 1
institutions
banks
banks

14.0
14.5

200.4
202.4

80.7
81.4

105.7
106.6

39.5

1.5

81.8

107.1

15.4

204.4

29.7
26.6

1.5
1.6

82.2
82.9

107.4
108.7

16.2
16.4

205.8
208.0

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

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

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

4.4
4.4

3.2
3.4

6.2
5.2

24.5
12.8

33.9
21.5

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

1.5
1.5

4.4
4.5

3.0
2.9

5.6
6.4

26.6
27.1

35.2
36.4

1.6
1.6

NOV.

7
14
21
28

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

DEC.

5
12p
19p

10.0
9.7
9.6

1.7
1.8
1.8

4.4
4.4
4.3

3.4
2.9
6.5

4.6
4.7
5.5

12.9
8.3
20.5

20.9
15.9
32.6

1.7
1.7
1.7

e—indicates estimated data,
p—indicates preliminary data.




Total

1.6
1.5

Heek ending
1988-OCT. 24
31

At
•on*yx
market
funds