Full text of H.6 Money Stock Measures : December 3, 1998
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-*bjGovs. 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 3,1998 M11 M22 DEBT5 M33 Seasonally adjusted 1996-Nov. Dec. 1081.3 1082.8 3804.5 3826.1 4889.7 4931.1 6048.2 6083.6 14373.8 14425.2 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 3840.8 3853.8 3869.7 3891.2 3894.5 3910.5 3925.2 3957.4 3979.3 3999.3 4023.6 4046.4 4956.8 4993.7 5028.1 5071.6 5088.2 5111.7 5152.3 5198.7 5237.8 5274.8 5326.3 5376.8 6109.0 6156.3 6200.2 6256.5 6287.2 6314.8 6348.5 6406.5 6446.0 6481.0 6548.4 6611.3 14466.0 14523.0 14582.9 14653.9 14703.6 14736.2 14798.6 14867.3 14935.2 15010.8 15088.8 15167.4 1998-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. 1073.7 1076.5 1081.1 1080.7 1077.7 1074.5 1071.8 1069.0 1072.1 1078.5 4071.8 4105.0 4133.9 4167.2 4177.5 4196.1 4213.2 4243.2 4295.6 4341.3 5423.3 5464.1 5530.1 5580.0 5614.3 5645.9 5652.8 5709.2 5779.0 5841.2 6683.3 6756.8 6831.7 6863.9 6887.1 6928.1 6926.1 6982.0 7065.2 p 15241.0 15322.2 15405.4 15483.2 15558.2 15634.0 15714.3 15790.9 15864.3 Not seasonally adjusted 1996-Nov. Dec. 1086.6 1104.9 3807.6 3845.4 4896.5 4948.9 6060.8 6111.6 14358.6 14425.5 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 3842.8 3838.5 3876.8 3909.9 3875.6 3906.8 3926.4 3961.3 3971.3 3987.0 4026.0 4065.3 4960.6 4986.4 5040.3 5084.9 5068.5 5104.0 5146.5 5200.4 5224.8 5267.8 5332.1 5394.0 6111.6 6144.6 6217.3 6274.2 6263.2 6298.7 6336.6 6410.9 6435.7 6469.8 6559.3 6636.7 14449.2 14491.8 14567.8 14635.7 14672.5 14704.3 14752.5 14824.6 14901.0 14974.2 15071.0 15166.9 1998-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. 1079.0 1063.9 1074.6 1086.1 1068.4 1073.8 1072.8 1067.7 1068.9 1074.7 4073.6 4091.6 4145.1 4188.0 4156.9 4191.2 4213.7 4247.6 4286.8 4327.1 5427.4 5461.9 5548.7 5594.5 5592.3 5635.8 5644.7 5710.4 5763.4 5832.1 6685.2 6749.0 6854.3 6885.2 6863.9 6910.2 6911.3 6983.6 7052.7 p 15223.7 15291.3 15392.5 15465.7 15525.4 15600.3 15666.0 15746.0 15828.1 p Footnotes appear on the following page p preliminary Components may not add to totals due to rounding. Page 2 H.6(508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT 1 3 Months from July 1998 TO Oct. 1998 2.5 12.2 13.3 5.9 6 Months from Apr. 1998 TO Oct. 1998 -0.4 8.4 9.4 6.0 12 Months from Oct. 1997 TO Oct. 1998 1.6 8.6 10.7 6.2 2.1 11.1 11.8 25, 1998 (26 weeks previous) -0.3 8.4 9.4 Nov. 24, 1997 (52 weeks previous) 1.2 8.3 10.6 Thirteen weeks ending November 23 1998 from thirteen weeks ending: Aug. 24, 1998 (13 weeks previous) May 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1998 to September 1998, March 1998 to September 1998, and September 1997 to September 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 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. 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 endi ng 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-Aug. 31 1071.4 1067.1 1076.4 4217.5 4242.2 4255.1 5669.5 5708.9 5729.7 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 4224.7 4231.9 4240.5 4248.8 4253.4 4266.8 4283.8 4296.2 4279.9 4290.5 4309.6 4304.9 5679.1 5688.7 5700.0 5710.9 5725.4 5743.5 5765.6 5780.3 5769.5 5775.4 5787.8 5788.4 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 4256.4 4265.2 4275.3 4286.3 4305.6 4312.9 4321.5 4335.5 4317.5 4319.7 4343.9 4360.8 5722.9 5736.0 5750.9 5766.8 5787.8 5797.4 5810.9 5831.4 5799.6 5813.7 5842.0 5870.2 Nov. 2 9 16p 23p 1073.3 1074.7 1076.3 1077.9 1080.5 1084.2 1085.6 1085.7 1091.0 1081.8 1083.7 1086.2 4296.8 4307.6 4318.8 4329.3 4346.9 4360.7 4370.4 4374.9 4363.1 4375.0 4382.5 4379.0 5781.4 5795.8 5812.0 5828.6 5850.6 5869.8 5887.6 5898.8 5876.3 5890.6 5913.2 5915.2 Not seasonally adjusted 1998-Aug. 31 1071.1 1065.1 1070.8 4217.8 4247.2 4242.4 5664.0 5711.6 5714.5 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 4225.3 4233.1 4241.4 4248.1 4259.4 4273.5 4285.8 4287.4 4305.9 4310.6 4284.4 4248.8 5673.1 5683.1 5694.4 5703.8 5728.1 5747.0 5762.5 5764.5 5786.3 5791.6 5757.5 5722.6 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 4253.5 4261.4 4271.2 4281.2 4289.2 4292.8 4305.7 4322.8 4313.0 4324.9 4336.1 4317.2 5714.0 5727.4 5743.1 5759.0 5765.0 5773.4 5794.2 5822.4 5788.1 5825.4 5840.8 5835.1 Nov. 2 9 16p 23p 1070.4 1071.5 1073.4 1075.5 1075.7 1080.4 1083.9 1087.4 1092.7 1082.2 1089.5 1085.2 4290.3 4300.1 4310.8 4320.9 4330.5 4345.6 4359.7 4372.2 4343.8 4385.4 4392.4 4367.1 5773.7 5787.9 5804.0 5820.2 5841.6 5861.4 5882.4 5900.2 5864.9 5904.6 5924.9 5906.5 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 preliminary data. Components may not add to totals due to rounding. 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 1997-June 408.0 At thrift institutions5 Total lnM2 6 In M3 only7 398.3 154.1 97.0 251.1 2845.1 1201.2 410. 412. 415. 398. 401. 391. 151.0 150.5 150.7 97.4 97.8 97.1 248.4 248.2 247.8 2859. 2886. 2915. 1227.1 1241.3 1258.5 Oct. Nov. Dec. 418. 421. 425. 389. 394. 397. 148.7 147.7 148.5 97.0 96.9 96.7 245.8 244.6 245.2 2937, 2954, 2970, 1275.5 1302.6 1330.4 392.8 392.0 391.2 149.0 147.2 148.9 96.2 98.3 100.5 245.2 245.5 249.5 2998.1 3028.4 3052.8 1351.5 1359.1 1396.2 427.5 431.0 432.4 8.2 8.1 8.1 Apr. May June 433. 435, 438, 388, 387, 383, 149.8 146.6 146.1 100.7 99.7 99.4 250, 246, 245, 3086.5 3099.8 3121.6 1412.8 1436.8 1449.8 July Aug. Sep. 441.3 443.8 449.5 378, 374, 373, 144.1 142.9 140.5 100.7 100.3 100.6 244.8 243.2 241.2 3141.4 3174.2 3223.4 1439 1466 1483 Oct. 453.3 374.1 141.0 102.1 243.0 3262.8 1500.0 Week e n d i n a 1 9 9 8 - S e p . 28 4. 5. 6. 7. 8.0 At commercial banks 4 Nontransactions components July Aug. Sep. 1998-Jan. Feb. Mar. 1. 2. 3. Travelers checks2 Demand deposits3 8.0 451.6 7.9 375.7 140.1 98.5 238.7 3231.1 1483.5 378.2 366.1 374.4 379.2 141.6 139.1 140.3 142.3 101.8 101.5 101.8 102.1 243.5 240.6 242.1 244.3 3236.5 3253.0 3265.7 3274.9 1482.0 1494.0 1498.1 1509.4 380.2 371.2 373.4 375.7 144.2 142.8 142.2 144.0 103.5 103.9 103.9 101.3 247.7 246.8 246.0 245.2 3272.1 3293.2 3298.8 3292.8 1513.1 1515.6 1530.8 1536.2 Oct. 5 12 19 26 451.4 452.0 453.7 454.4 8.0 8.0 8.0 8.0 Nov. 2 9 16p 23p 455.1 455.7 456.3 457.2 8.0 8.0 8.0 8.0 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. estimated p preliminary nri* arid tn totals riuft to mundina. Page 5 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Small-denomination time deposits2 Savings deposits1 Date Large-denomination time deposits3 At thrift institutions Total Aj commercial banks At thrift institutions 1997-June 951.2 374.6 1325.8 609.2 351.2 960.4 559.0 338.3 456.6 82.0 538.6 July Aug. Sep. 957.3 968.8 985.4 374.1 374.3 374.4 1331.4 1343.0 1359.7 615.1 616.6 619.4 347.8 347.8 346.3 962.9 964.4 965.7 565.4 578.9 590.3 342.7 348.4 356.6 467.5 469.0 476.1 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 1397.5 621.4 624.7 625.7 346.1 343.7 343.9 967.5 968.4 969.6 595.2 601.5 603.2 363.4 365.7 376.2 477.2 482.9 487.5 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 1441.8 626.1 626.3 626.2 345.3 344.5 342.9 971.4 970.8 969.1 614.8 630.0 641.9 380.8 384.7 391.9 489.9 504.6 523.6 87.5 87.8 87.2 577.4 592.4 610.9 Apr. June 1078.2 1078.6 1088.4 389.9 395.2 396.4 1468.2 1473.8 1484.9 626.3 624.0 623.5 340.1 339.2 338.9 966.5 963.2 962.4 651.9 662.8 674.3 408.8 422.0 432.1 521.9 528.6 536.0 88.0 86.5 87.5 609.9 615.1 623.5 July Aug. Sep. 1103.8 1117.8 1135.2 399.2 400.1 402.6 1503.0 1517.8 1537.8 623.6 626.5 627.4 337.4 333.8 334.2 961.0 960.3 961.5 677.4 696.1 724.1 430.2 443.3 457.5 522.7 527.8 525.9 86.8 86.2 86.4 609.5 614.1 612.3 Oct. 1150.3 406.6 1556.9 628.4 334.4 962.8 743.1 480.7 520.9 87.0 607.8 1133.7 407.6 1541.3 627.8 333.9 961.7 728.1 463.6 526.7 86.8 613.5 Week ending 1998-Sep. 28 3. 4. Institutional money funds At commercial banks May 1. 2. Total Retail money funds At ' At commercial thrift banks4 institutions ~~~ Total Oct. 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 1560.0 627.6 628.0 628.8 628.9 334.3 334.6 334.4 334.5 961.9 962.6 963.2 963.3 727.7 736.4 745.5 751.6 462.9 474.1 480.6 491.6 523. 521. 523. 518. 86.8 87.0 86.9 87.0 610.0 608.5 610.6 605.3 Nov. 2 9 16p 23p 1147.2 1167.7 1172.8 1167.6 409.7 408.3 410.5 412.0 1556.9 1576.1 1583.2 1579.6 628.5 628.4 629.7 630.4 334.0 333.9 332.0 330.1 962.5 962.2 961.6 960.5 752.7 754.9 753.9 752.7 492.4 487.3 496.3 497.8 515.4 521.2 524.8 526.1 86.9 87.3 87.3 87.2 602.3 608.5 612.1 613.4 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. p preliminary Components may not add to totals due to rounding. Page 6 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted 1 Date RPs Non-M3 Components of L 2 Eurodollars Short-term Treasury securities3 456.6 Savings bonds i$$7-June i$$.6— 154.5 T5TT3 July Aug. Sep. 207.4 210.3 209.8 126.6 130.2 132.4 186.4 186.4 186.4 Oct. Nov. Dec. 219.5 233.9 236.1 131.8 135.7 145.3 1998-Jan. Feb. Mar. 246.9 241.7 259.7 Apr. May June Bankers acceptances4 Commercial paper5 Debt components6 Federal debt Non-Federal debt 3T7S 553.2 3763.5 16552.7 433.5 445.3 445.0 12.7 13.0 12.9 563.6 563.2 563.9 3788.3 3792.5 3795.1 11010.3 11074.8 11140.1 186.4 186.4 186.4 435.2 441.5 429.6 13.4 13.0 12.1 571.3 581.3 606.3 3795.1 3793.8 3798.4 11215.7 11295.1 11369.0 146.5 140.3 133.8 186.3 186.3 186.2 434.4 455.1 438.4 12.2 11.2 11.3 627.1 640.2 665.7 3796.7 3792.7 3797.0 11444.3 11529.4 11608.5 259.7 261.4 254.3 134.3 138.3 139.9 186.1 186.0 186.0 410.7 407.8 396.6 13.0 13.3 13.4 674.2 665.5 686.2 3791.3 3778.6 3775.7 11691.9 11779.6 11858.3 July Aug. Sep. 257.8 265.1 272.2 142.1 143.6 141.4 186.0 185.9 186.0 371.2 374.3 371.2 14.6 14.8 14.0 701.6 697.7 715.0 p 3772.9 3770.3 3760.0 11941.4 12020.6 12104.3 Oct. 267.6 143.8 268.6 137.9 Week ending 1998-Sep. 28 Oct. 5 12 19 26 270.4 268.0 263.4 266.6 138.7 143.4 143.5 145.9 Nov. 2 9 16p 23p 271.6 273.5 274.9 281.0 146.8 146.3 147.4 144.0 p p p p 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 http://fraser.stlouisfed.org/ Components may not add to totals due to rounding. Federal Reserve Bank of St. Louis p H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Date Demand deposits3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 6 Total In M3 only7 8.2 397.4 153.3 97.3 250.6 2842.3 1197.1 July Aug. Sep. 411, 413, 414, 8.7 8.8 8.4 399, 401, 391, 149, 148, 149.8 97, 97, 96.8 2 4 6 , ,7 2 4 5 ..9 2 4 6 ..6 2860. 2891. 2911. 1220.0 1239.1 1253.5 Oct. Nov. Dec. 417, 422, 429, 8.2 8.0 7.9 388.8 399.8 413.0 147, 147, 150, 96. 97, 97, 2 4 3 .,9 244,.2 2 4 7 ,,7 2928.8 2951.7 2967.8 1280.8 1306.1 1328.6 426.4 428.9 431.4 7.9 7.8 7.9 396.3 383.1 385.4 152.2 147.4 149.4 96.3 96.8 100.5 248,.5 244,.1 249,.9 2994.6 3027.7 3070.5 1353.7 1370.3 1403.7 1998-Jan. Feb. Mar. Apr. May June 433, 436. 438. 388. 380. 382. 152. 145. 145. 102, 99, 99, 255,.8 2 4 4 ..2 245,.0 3101, 3088. 3117, 1406. 1435, 1444, July Aug. Sep. 442, 444, 448.2 378.8 374.2 372.6 142, 141, 139, 100, 99, 100, 243,. 1 241,.0 239,.9 3141, 3179. 3217. 1431.0 1462.8 1476.6 Oct. 452.5 372.9 139.7 101.5 241.3 3252.4 1505.0 367.2 140.3 97.4 237.7 3187.6 1473.8 381. 364. 374, 370. 140.8 136.1 138.6 141.0 103, 101. 100, 99, 2 4 4 . .4 2 3 7 . ,7 2 3 9 ..5 2 4 0 ..4 3229.0 3261.3 3260.8 3245.9 1475, 1500, 1504, 1517, 382.9 371.0 380.4 377.0 145.6 141.3 141.1 143.6 103.3 104.9 103.3 100.0 2 4 8 ..9 246,.2 244,.4 243,.5 3251.0 3303.3 3302.9 3281.8 1521.2 1519.2 1532.5 1539.4 Week ending 1998-Sep. 28 4. 5. 6. 7. Travelers checks2 408.3 1997-June 1. 2. 3. Currency1 448.2 Oct. 5 12 19 26 450.5 452.9 452.8 452.3 Nov. 2 9 16p 23p 453.0 457.1 456.9 456.9 8.1 8.2 7.9 7.9 7.8 7.8 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. e estimated p preliminary Components may not add to totals due to rounding. Page 8 1-1.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 At thrift institutions 351.5 Total 1329.5 At commercial banks 609.7 Retail money funds 961.2 551.6 375.0 375.1 374.0 1334.5 1346.1 1358.2 615.9 616.7 618.9 348.2 347.9 346.1 964.1 964.6 965.0 996.5 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 1998-Jan. Feb. 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 Apr. May June 1083.5 1077.1 1091.6 391.8 394.7 397.6 1475.3 1471.8 1489.2 July Aug. Sep. 1106.3 1120.1 1133.5 400.1 400.9 402.0 Oct. 1146.1 Week e n d i n g 1 9 9 8 - S e p . 28 Oct. Nov. Date 3. 4. Institutional money funds Large-denomination time deposits 3 332.4 At commercial banks 4 455.9 At thrift institutions 81.9 537.8 561.7 580.9 588.0 339.0 346.8 351.5 466.5 469.1 478.2 82.8 83.4 83.9 549.3 552.5 562.2 967.2 967.0 967.1 591.1 600.6 605.8 359.6 365.2 378.9 484.3 488.5 488.0 84.8 85.4 85.4 569.1 573.9 573.4 345.1 344.7 343.1 970.7 971.2 969.7 617.8 635.1 652.1 389.8 397.7 400.2 482.5 501.2 522.3 86.2 87.2 87.0 568.7 588.4 609.3 627.1 624.6 623.9 340.5 339.5 339.1 967.6 964.1 963.0 659.0 652.6 665.2 405.8 414.1 424.5 518.4 529.9 534.9 87.4 86.7 87.3 605.8 616.6 622.3 1506.4 1521.1 1535.5 624.3 626.6 627.0 337.8 333.9 333.9 962.0 960.5 960.9 672.6 698.4 721.6 425.3 441.1 451.3 521.8 528.0 528.3 86.7 86.2 86.8 608.5 614.2 615.1 405.2 1551.3 628.3 334.4 962.7 738.4 475.4 528.8 88.3 617.1 1107.9 398.3 1506.2 627.3 333.6 960.9 720.4 452.1 529.2 87.2 616.3 5 12 19 26 1144.1 1158.4 1150.4 1132.5 403.9 406.8 405.5 403.1 1548.0 1565.2 1555.9 1535.6 628.2 628.6 628.6 628.2 334.6 334.9 334.3 334.1 962.8 963.6 962.9 962.4 718.1 732.5 742.0 748.0 451.5 469.8 477.3 486.3 528.7 530.8 531.3 527.0 87.7 88.6 88.1 88.5 616.3 619.4 619.4 615.5 2 9 16p 23p 1135.7 1178.9 1178.5 1158.0 405.6 412.2 412.5 408.6 1541.3 1591.1 1591.0 1566.6 627.8 627.6 628.9 629.6 333.6 333.5 331.6 329.7 961.4 961.2 960.5 959.2 748.3 751.0 751.4 756.0 489.1 483.8 494.6 499.3 523.3 528.5 530.7 531.6 88.3 88.6 88.3 88.1 611.6 617.1 618.9 619.7 At commercial banks 953.9 At thrift institutions 375.6 July Aug. Sep. 959.5 971.0 984.3 Oct. Nov. Dec. 1997-June 1. 2. Small-denomination time deposits 2 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. p preliminary Components may not add to totals due to rounding. Total Page 9 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPs1 Date At commercial banks Eurodollars Total Savings bonds Short-term Treasury securities 3 Bankers acceptances 4 Commercial paper6 Federal debt Non-Federal debt 1997-June 156.9 47.0 203.9 123.1 186.3 443.6 12.7 552.0 3766.2 10938.1 July Aug. Sep. 160.3 162.9 161.4 47.4 47.9 47.3 207.8 210.8 208.7 123.9 128.9 131.1 186.3 186.3 186.2 431.2 452.4 447.0 12.1 12.7 13.1 560.4 559.2 564.5 3759.9 3774.4 3780.4 10992.6 11050.2 11120.6 Oct. Nov. Dec. 173.6 183.8 181.5 47.8 48.6 47.9 221.4 232.4 229.4 130.7 134.5 146.9 186.3 186.4 186.5 425.5 448.3 443.9 13.4 13.0 12.3 576.7 579.6 600.0 3774.4 3792.1 3805.8 11199.8 11279.0 11361.1 1998-Jan. Feb. Mar. 199.6 195.8 212.1 46.1 45.9 46.5 245.7 241.6 258.6 149.6 142.6 135.6 186.4 186.3 186.2 432.4 451.2 445.8 12.5 11.2 11.4 626.6 638.5 662.2 3792.4 3795.2 3820.4 11431.3 11496.2 11572.0 Apr. May June 212.9 217.3 208.5 47.2 48.2 50.9 260.1 265.5 259.4 134.8 139.2 138.4 186.1 186.1 186.0 409.7 396.5 390.1 13.2 13.3 13.2 681.7 675.7 685.0 3800.2 3765.7 3755.2 11665.5 11759.6 11845.1 July Aug. Sep. 208.5 215.5 218.9 49.7 50.1 51.3 258.2 265.6 270.2 139.0 142.0 139.9 185.9 185.8 185.8 369.3 380.2 373.4 13.9 14.5 14.2 697.6 692.7 715.8 3740.8 3749.6 3743.4 11925.2 11996.4 12084.7 Oct. 221.4 48.7 270.1 142.3 216.5 51.1 267.6 137.8 Week e n d i n a 1 9 9 8 - S e p . 28 1. 2. At thrift institutions Debt components 6 Non-M3 Components of L 2 Oct. 5 12 19 26 219.6 219.6 217.8 223.6 50.0 49.5 48.9 47.9 269. 269. 266. 271. 1 3 7 ,,6 1 4 2 ,.2 1 4 1 ..2 1 4 4 ..6 Nov. 2 9 16p 23p 227.6 227.0 226.3 229.6 47.4 47.6 47.8 48.4 275.0 274.6 274.1 278.0 1 4 5 ..6 1 4 3 ..7 1 4 4 ..9 1 4 2 ..4 p p p p p 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 3. Components may not add to totals due to rounding. 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 Time and savings deposits due to foreign banks and official institutions U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions1 Total cash balance IRA and Keogh Accounts Time and savings deposits at commercial banks At commercial banks At thrift institutions At money market funds Total 1997-June 10.3 1.5 17.8 3.8 8.8 21.8 34.5 3.2 152.0 105.2 91.5 348.7 July Aug. Sep. 10.0 9.4 8.7 1,5 1.5 1.4 17.9 18.2 18.4 1.8 1.8 3.2 4.7 4.9 6.3 18.8 11.8 20.4 25.3 18.4 29.9 3.2 3.0 2.9 152.3 152.5 152.8 104.7 104.2 103.7 91.4 91.7 92.0 348.4 348.4 348.5 Oct. Nov. Dec. 8.5 9.0 9.5 1.5 1.5 1.5 18.6 18.9 19.1 1.7 1.7 2.2 5.4 5.1 5.1 15.9 11.2 17.9 23.0 18.0 25.2 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 1998-Jan. Feb. Mar. 9.8 9.8 9.9 1.6 1.5 1.5 19.2 19.0 18.9 3.1 1.7 1.8 6.5 5.0 5.5 22.3 14.5 17.5 31.9 21.1 24.8 3.3 3.2 3.1 151.9 151.7 151.5 101.5 101.1 100.8 97.2 97.3 97.4 350.6 350.1 349.7 Apr. 9.9 May 1.5 1.8 2.0 18.3 17.3 16.3 4.6 1.5 2.8 9.7 5.5 June 10.0 10.0 10.4 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 97.6 e 98.2 e 98.7 e 349.1 e 348.3 e 347.5 e July Aug. Sep. 10.1 10.1 10.1 2.2 2.2 2.2 15.7 15.7 15.7 1.3 1.4 2.7 5.4 5.1 6.3 42.6 11.9 20.4 49.4 18.4 29.4 3.2 3.2 3.2 150.9 e 150.7 e 150.5 e 96.9 e 96.4 e 95.9 e 99.2 e 99.8 e 100.3 e 347.0 e 346.9 e 346.7 e Oct. 10.1 2.2 15.7 1.4 5.4 19.3 26.1 3.2 150.4 e 95.4 e 100.8 e 346.6 e 1.5 7.1 44.8 53.5 5 12 19 26 1.5 1.2 1.9 1.2 6.1 5.6 5.2 5.2 18.3 16.9 28.6 25.9 16.3 24.0 35.0 2 9 16p 23p 1.3 1.2 1.7 1.1 5.1 5.3 4.8 5.1 30.1 17.0 17.4 17.6 36.6 23.5 23.9 23.9 Week ending 1998-Sep. 28 Oct. Nov. 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. 9.5