Full text of H.6 Money Stock Measures : December 4, 1997

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

-S^misc-

FEDERAL RESERVE statistical release
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat4:30p.m. EastemTime

Billions of dollars

Date

December4,1997

M11

M22

M33

DEBT5

Seasonally adjusted
1995-Nov.
Dec.

1133.1
1129.0

3639.3
3655.0

4578.3
4592.5

5674.2
5697.6

13722.3
13768.1

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1122.2
1119.8
1126.2
1123.6
1117.1
1115.6
1108.9
1099.9
1093.3
1080.3
1080.1
1081.1

3669.9
3685.0
3714.0
3724.5
3725.4
3741.6
3749.1
3759.7
3769.7
3779.6
3798.3
3819.3

4620.1
4652.9
4689.4
4706.3
4728.9
4751.4
4769.4
4787.7
4816.5
4849.6
4876.1
4918.0

5720.8
5739.5
5789.7
5826.0
5846.5
5889.6
5914.2
5942.2
5981.6
6005.2
6038.5
6069.3

13816.7
13888.7
13964.2
14027.5
14080.3
14139.0
14211.0
14264.2
14311.7
14372.9
14435.7
14485.7

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

1079.7
1080.7
1075.4
1065.3
1062.8
1063.1
1062.1
1069.6
1060.8
1057.4

3834.7
3850.0
3865.5
3883.3
3880.9
3894.4
3905.3
3940.5
3960.0
3975.8

4940.1
4977.3
5008.7
5047.8
5054.2
5073.7
5117.4
5168.9
5210.0
5247.1

6083.9
6131.5
6175.8
6231.1
6249.1
6271.5
6307.4
6378.1
6428.4 p

14526.2
14583.7
14644.8
14713.4
14756.0
14780.6
14832.1
14887.3
14943.8 p

Not seasonally adjusted
1995-Nov.
Dec.

1138.7
1152.8

3643.2
3675.3

4587.1
4612.0

5685.4
5729.5

13707.4
13768.5

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1130.1
1105.7
1117.8
1131.3
1105.3
1114.2
1109.8
1096.5
1090.2
1076.9
1085.3
1103.1

3673.3
3668.6
3715.7
3741.6
3709.1
3739.2
3753.1
3761.0
3762.5
3769.4
3801.2
3837.7

4626.5
4641.0
4691.9
4715.7
4712.7
4748.7
4767.5
4788.1
4805.4
4845.4
4884.2
4935.0

5734.9
5731.4
5802.6
5839.0
5824.0
5876.0
5905.5
5941.5
5964.2
5991.6
6048.9
6098.1

13798.6
13852.1
13936.8
13996.0
14041.3
14103.4
14164.3
14222.6
14280.6
14338.9
14418.2
14485.1

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

1085.9
1066.5
1067.4
1071.8
1051.8
1062.4
1063.7
1067.5
1057.7
1054.6

3836.3
3834.0
3870.0
3900.1
3863.6
3892.1
3910.3
3944.0
3952.4
3965.3

4945.6
4968.2
5015.2
5055.1
5036.3
5070.1
5115.3
5170.8
5197.1
5243.9

6096.8
6126.5
6192.1
6242.7
6225.9
6256.3
6297.4
6378.1
6409.8 p

14507.4
14546.3
14618.5
14682.3
14715.3
14743.1
14782.8
14843.9
14912.3 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6(508)
Table 2

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

M2

M3

3 Months from July 1997 TO Oct. 1997

-1.8

7.2

10.1

4.4

6 Months from Apr. 1997 TO Oct. 1997

-1.5

4.8

7.9

4.1

12 Months from Oct. 1996 TO Oct. 1997

-2.1

5.2

8.2

4.4

-1.1

6.7

10.3

26, 1997 (26 weeks previous)

-1.3

5.2

8.4

Nov. 25, 1996 (52 weeks previous)

-2.2

5.2

8.3

Thirteen weeks ending November 24 , 1997
from thirteen weeks ending:
Aug. 25, 1997 (13 weeks previous)
May

1.

DEBT 1

M1

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1997 to September 1997, March 1997 to September 1997,
and September 1996 to September 1997, 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 ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

5173.0
5186.1
5196.7
5204.4
5209.7

5201.3
5197.2
5207.0
5212.1
5222.5

1997-Sep.

l
8
15
22
29

1064.9
1065.0
1064.5
1064.3
1063.9

1069.9
1069.6
1067.0
1063.1
1058.7

1079.8
1062.2
1055.3
1055.2
1061.9

3914.4
3919.1
3924.2
3929.5
3934.8

3942.1
3948.4
3952.6
3957.7
3959.4

3961.0
3949.4
3955.8
3964.4
3967.8

5122.4
5132.9
5144.2
5154.4
5164.5

Oct.

€
13
20
27

1064.0
1063.4
1063.2
1062.6

1060.0
1059.0
1059.2
1057.3

1067.5
1051.2
1056.3
1054.1

3939.8
3944.9
3950.8
3955.9

3966.0
3969.1
3973.4
3975.7

3976.1
3968.0
3981.7
3976.8

5173.0
5183.0
5192.9
5202.8

5217.6
5226.4
5235.1
5243.3

5228.6
5242.2
5247.1
5255.2

Nov.

3
10
17p
24p

1062.8
1062.5
1061.8
1061.1

1058.8
1060.8
1061.0
1062.9

1073.4
1059.4
1056.9
1061.7

3961.4
3966.1
3970.4
3974.7

3979.2
3983.6
3986.6
3992.5

3990.4
3985.5
3993.8
4000.3

5214.3
5224.2
5233.9
5243.5

5256.7
5264.6
5275.5
5288.2

5282.3
5273.9
5290.6
5306.0

*

Not seasonally adjusted

8
15
22
29

1064.5
1065.0
1064.4
1064.1
1062.7

1066.2
1067.5
1065.1
1061.8
1055.6

1075.2
1069.5
1057.1
1045.4
1050.2

3916.6
3921.8
3926.8
3931.8
3935.1

3943.2
3951.5
3957.2
3958.7
3951.6

3948.6
3979.6
3970.9
3935.6
3920.4

5121.1
5131.3
5142.0
5152.1
5160.2

5173.3
5186.8
5198.8
5201.8
5196.4

5188.2
5219.6
5219.4
5179.8
5166.9

Oct.

6
13
20
27

1061.8
1060.9
1060.8
1060.0

1055.5
1053.8
1056.2
1054.1

1069.4
1050.2
1055.0
1041.6

3938.0
3942.1
3947.5
3951.9

3950.8
3951.3
3960.3
3965.9

3976.3
3972.7
3971.9
3942.7

5167.5
5177.6
5188.3
5198.5

5198.4
5207.0
5223.9
5240.5

5227.6
5253.6
5247.6
5233.1

Nov.

3
10
17p
24p

1059.9
1059.7
1059.6
1059.5

1055.5
1058.5
1061.0
1065.1

1075.3
1062.1
1065.0
1057.9

3955.5
3959.7
3964.0
3968.3

3966.3
3973.4
3981.6
3992.2

3978.0
4001.1
4004.6
3984.9

5209.1
5219.2
5229.6
5239.5

5253.1
5263.8
5278.6
5294.6

5278.2
5296.2
5306.7
5297.2

997-Sep.

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.




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

e

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

410.7

208.7

107.7

316.4

2626.0

1009.7

379.9

July
Aug.
Sep.

382.8
385.2
387.6

408.8
405.9
405.1

202.9
195.2
188.0

105.8
105.2
104.3

308,
300,
292,

2640,
2659,
2(576,

1020,
1028.
1046.

Oct.
Nov.
Dec.

390,
392,
395,

398.
402,
402,

178.9
172.7
171.5

104.3
104.2
103.3

283.2
276.8
274.8

2699:
2718.
2738,

1070.0
1077.8
1098.7

397.0
400.5
402.4

401.6
404.3
403.1

170.9
165.4
160.3

101.6
101.9
101.3

272.5
267.3
261.5

2755.0
2769.3
2790.0

1105.
1127.
1143,

Apr.
May
June

403,
406,
407,

395,
395,
397,

159.7
155.6
153.7

97.9
97.2
96.4

257.7
252.8
250.1

2818.
2818.
2831.

1164.
1173.
1179,

July
Aug.
Sep.

410,
412,
415,

8.2
8.3
8.1

396,
402,
390.

150.5
150.0
150.2

96.8
97.2
96.5

247,
247,
246,

2843,
2871,
2899.

1212.1
1228.4
1249.9

Oct.

418.0

8.1

386.4

148.5

96.3

244.8

2918.4

1271.2

391.1

150.9

95.3

246.3

2905.9

1254.7

393,
382,
387,
384,

150.8
146.8
147.0
147.8

98,
96,
96,
95,

249,
243,
243.
242.

2908.7
2916.8
2925.4
2922.6

1252.5
1274.3
1265.4
1278.5

395.6
387.1
386.4
390.7

154.3
146.8
145.7
146.4

96.1
96.2
95.3
94.3

250.3
243.0
240.9
240.7

2916.9
2926.1
2937.0
29>8.6

1291.9
1288.4
1296.7
1305.7

Week e n d i n a
1 9 9 7 - S e p . 29

4.
5.
6.
7.

Demand deposits3

1996-Juno

1997-Jan.
Feb.
Mar.

1.
2.
3.

Travelers checks2

416.5

Oct.

6
13
20
27

416.8
417.4
418.2
418.8

Nov.

3
10
17p
24p

419.4
421.1
421.4
422.1

8.7

8.1

8.1
8.1
8.1
8.1

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

Page 5
H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
Date

p

Institutional
money
funds

928.8

493.2

Large-denomination time deposits 3

269.7

At
commercial
banks 4
373.3

At
thrift
institutions
75.6

498.7
503.0
507.5

274.0
278.8
285.2

379.4
383.1
389.9

76.5
77.2
78.4

455.9
460.4
468.3

941.0
943.9
945.7

512.0
515.2
521.5

288.1
292.0
299.3

402.1
404.0
412.3

78.8
79.4
79.2

480.9
483.4
491.5

354.3
355.0
351.8

946.8
948.2
947.4

525.7
530.6
538.3

296.3
305.4
311.8

412.2
418.1
427.1

81.1
81.9
82.0

493.3
500.1
509.1

598.2
601.1
606.7

350.7
352.2
351.2

948.9
953.3
957.9

548.1
543.9
546.0

311.6
311.6
318.9

439.€
441.1
449.€

82.6
82.4
83.4

522.1
523.6
533.0

1329.9
1341.4
1356.7

€13.2
€15.0
€18.3

347.7
347.5
345.9

960.9
962.5
964.3

552.5
567.0
578.3

324.1
329.2
338.9

466.3
472.0
485.3

84.8
85.2
85.6

551.1
557.2
570.9

374.9

1370.2

€20.8

345.7

966.5

581.8

345.3

491.9

85.3

577.2

983.5

378.7

1362.2

619.0

345.5

964.6

579.1

343.8

485.0

85.0

570.0

1204.1

At
thrift
institutions
350.8

366.8
365.6
365.8

1211.0
1222.7
1231.5

580.3
582.9
585.4

350.2
351.2
352.0

930.5
934.1
937.3

879.3
892.7
903.9

367.1
366.3
367.1

1246.3
1259.0
1271.0

587.4
589.9
592.0

353.6
354.0
353.7

1997-Jan.
Feb.
Mar.

914.0
921.1
934.2

368.5
369.4
370.1

1262.5
1290.5
1304.3

592.4
593.3
595.6

Apr.
May
June

947.9
945.4
949.9

373.1
375.5
375.5

1321.1
1320.9
1325.4

July
Aug.
Sep.

955.2
966.7
982.2

374.6
374.8
374.5

Oct.

995.3

At
thrift
institutions

Total

366.7

July
Aug.
Sep.

844.2
857.1
865.7

Oct.
Nov.
Dec.

Week endina
1 9 9 7 - S e p . 29

3.
4.

Retail
money
funds

At
commercial
banks
578.0

At
commercial
banks
837.4

1996-June

1.
2.

Small-denomination time deposits 2

Total

Total
448.9

Oct.

6
13
20
27

992.4
996.8
999.7
995.4

373.6
374.0
376.1
376.5

1366.0
1370.7
1375.6
1371.9

€19.4
€19.9
€20.8
€21.4

345.8
346.1
345.7
345.4

965.3
966.0
966.5
966.8

577.4
580.0
583.0
583.9

340.8
347.7
343.9
346.2

487.9
492.0
488.7
494.2

85.3
85.€
85.5
85.0

573.2
577.€
574.1
579.2

Nov.

3
10
17p
24p

990.4
002.4
006.9
006.7

374.7
371.7
374.6
376.2

1365.1
1374.1
1381.5
1382.9

€22.2
€22.8
€23.1
€24.1

344.4
343.5
343.3
342.5

966.5
966.3
966.4
966.6

585.3
585.7
589.0
589.1

349.0
344.4
345.4
346.1

499.9
496.0
499.2
499.8

85.2
85.7
86.0
85.9

585.1
581.7
585.2
585.7

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




money market deposit accounts.
deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
from small time deposits.
deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. govemment, and foreign banks and

Page 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
,1

Date

RPs

Non-M3 Components of L

2

Eurodollars

Savings bonds
lSM-Juna

195.*

July
Aug.
Sap.

194.5
192.6
194.4

95.8
96.3
98.9

Oct.
Nov.
Dae.

196.0
195.3
194.1

1997-Jan.
Fab.
Mar.

Commercial paper5

Federal debt

Non-Federal debt

TT7I

476.i

575777

16431.4

186.7
186.9
187.1

473.6
478.1
483.9

11.5
11.7
12.0

473.0
477.7
482.0

3726.4
,3740.5
3743.8

10484.6
10523.6
10567.9

105.1
107.1
113.9

187.1
187.0
187.0

476.8
480.0
456.5

12.1
12.2
12.2

479.6
483.2
495.5

3756.0
3770.1
3780.0

10616.9
10665.6
10705.7

198.3
202.1
200.6

117.5
119.7
121.7

186.7
186.4
186.3

436.1
437.6
441.5

11.9
12.7
13.5

509.1
517.5
525.9

3778.0
3782.6
3796.5

10748.2
10801.1
10848.3

Apr.
May
June

204.1
204.5
198.7

126.6
133.5
128.8

186.2
186.2
186.3

446.6
451.7
443.0

12.8
13.1
12.6

537.8
543.9
555.9

3803.2
3789.7
3776.5

10910.3
10966.3
11004.2

July
Aug.
Sap.

207.1
208.6
205.7

129.8
133.4
134.4

186.4
186.5
186.5 p

423.8
445.5
455.1 p

12.9
13.3
12.8 p

566.8
563.9
563.9 p

3779.4
3784.5
3788.0 p

11052.7
11102.8
11155.9 p

Oct.

217.0

131.6

206.1

134.8

Oct.

6
13
20
27

206.5
216.3
216.3
222.2

132.0
132.6
131.1
130.9

Nov.

3
10
17p
24p

226.4
231.0
233.2
237.0

131.5
131.3
132.9
137.0

T577J

Bankers
acceptances4

mn

1 9 9 7 - S a p . 29

95.6

Short-term
Treasury,
securities3

Debt components6

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

1.
2.




Page 10
H.6(508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

U.S. government deposits
Note
balances at
depository
institutions

IRAandKeoghi Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

13.0

4.8

6.1

14.5

25.4

4.4

151.6

108.8

76.9

337.3

1.6
1.5
1.4

13.0
13.4
13.8

2.9
2.7
4.6

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.3

4.1
3.8
3.4

151.9
151.8
151.4

108.7
108.'6
108.6

77.5
79.8
82.3

338.1
340.2
342.3

8.6
8.8
9.1

1.4
1.4
1.4

14.9
16.4
17.9

3.0
3.3
4.3

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.9

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

85.3
88.7
92.2

344.8
347.7
350.6

1997-Jan.
Feb.
Mar.

9.2
9.3
9.3

1.7
1.5
1.4

18.6
18.3
18.0

4.1
2.8
3.1

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.7

2.4
2.4
2.4

151.3
151.3
151.4

106.6
106.3
105.9

93.9 e
95.6 e
97.3 e

351.7
353.2
354.6

e
e
e

Apr.
May
June

9.5
9.9
10.3

1.3
1.4
1.5

17.9
17.8
17.8

5.3
2.5
3.9

11.7
12.7
8.1

21.7
29.6
22.5

38.7
44.8
34.5

2.6
2.9
3.2

151.6
151.8
152.0

105.5
105.2
104.9

e
e
e

356.1
357.7
359.3

e
e
e

July
Aug.
Sep.

10.4
10.4
10.4

1.5
1.5
1.5

17.8
17.8
17.8

1.8
1.8
3.2

5.0
4.9
6.2

18.2
12.4
20.1

24.9
19.1
29.4

3.3
3.3
3.3

152.0
152.0
152.0

e
e
e

104.1 e
105.8 e
107.5 e

360.7
362.1
363.5

e
e
e

Oct.

10.4

1.5

17.8

1.7

5.5

16.0

23.1

3.3

152.0 e

103.7 e

109.2 e

364.9 e

Week e n d i n a
1 9 9 7 - S e p . 29

10.4

1.5

17.8

1.7

7.1

37.1

45.9

3.3

Oct.

6
13
20
27

10.4
10.4
10.4
10.4

1.5
1.5
1.5
1.5

17.8
17.8
17.8
17.8

1.8
1.4
2.2
1.4

5.6
5.2
5.2
6.1

19.5
6.9
13.9
21.5

26.8
13.6
21.3
29.1

3.3
3.3
3.3
3.3

Nov.

3
10
17p
24p

10.4
10.4
10.4
10.4

1.5
1.5
1.6
1.5

17.8
17.8
17.8
17.8.

1.7
1.5
2.1
1.5

5.1
5.3
5.2
5.2

20.4
12.9
11.3
7.3

27.2
19.6
18.6
13.9

3.3
3.3
3.3
3.3

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

Foreign
commercial
banks

Foreign
official
institutions

1996-June

8.9

1.5

July
Aug.
Sep.

9.1
7.9
8.5

Oct.
Nov.
Dec.

estimated
preliminary




Total
cash
balance

At
commercial
banks

e
e
e

At
thrift
institutions

104.6
104.3
104.0

At
money
market
funds

99.0
100.7
102.4

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

At thrift
institutions

Debt components 6

Non-M3 Components of L
Eurodollars2
Savings bonds

Total

Short-term
Treasury
securities3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

1996-June

149.6

51.0

200.6

94.9

186.4

462.7

11.2

467.0

3698.1

10405.3

July
Aug.
Sep.

145.0
144.6
147.4

50.4
49.4
49.1

195.4
194.1
196.5

94.5
95.5
98.2

186.6
186.7
186.7

472.9
482.0
476.9

10.7
12.0

467.8
473.6
483.1

3708.3
3730.9
3736.1

10455.9
10491.6
10544.5

Oct.
Nov.
Dec.

150.7
146.7
143.0

48.3
47.5
45.8

199.0
194.2
188.8

106.0
107.3
114.7

186.8
186.9
187.0

461.0
480.1
469.7

12.2
12.4
12.6

486.1
485.2
493.8

3740.9
3771.4
3787.9

10598.1
10646.9
10697.1

1997-Jan.
Feb.
Mar.

150.6
152.6
151.1

45.7
46.9
46.7

196.2
199.5
197.8

119.2
121.1
122.9

186.8
186.6
186.6

441.6
441.3
453.6

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10734.0
10763.3
10803.1

Apr.
May
June

155.8
160.7
156.9

47.0
46.4
47.0

202.8
207.2
203.9

125.7
132.2
127.9

186.5
186.4
186.3

448.2
441.6
435.2

13.0
12.9
12.6

539.9
548.7
552.0

3810.3
3781.3
3766.2

10872.0
10934.1
10976.9

July
Aug.
Sep.

160.3
162.7
160.9

47.4
47.9
47.2

207.7
210.5
208.1

128.1
132.3
133.5

186.3
186.3
186.2

423.3
449.3
448.5

12.1
12.6
12.9

560.4
559.2
564.9

3759.9
3774.4
3780.4

11023.0
11069.6
11131.9

Oct.

172.5

47.9

220.4

132.9

161.5

46.9

208.5

135.5

Week e n d i n g
1 9 9 7 - S e p . 29
Oct.

6
13
20
27

160.7
171.8
171.8
178.9

47.5
47.7
48.0
48.3

208.3
219.5
219.8
227.2

132.1
133.2
132.4
133.7

Nov.

3
10
17p
24p

181.2
181.6
182.7
185.1

48.2
49.7
49.2
48.8

229.4
231.3
232.0
233.9

132.8
130.8
131.8
136.7

p

n.i

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




p

Page 8
H.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
351.1

Total

1207.6

At
commercial
banks
578.4

Retail
money
funds

929.5

487.9

368.1
366.8
366.2

1215.1
1226.8
1232.8

581.0
582.9
584.7

350.6
351.2
351.5

931.6
934.1
936.2

878.9
894.5
902.9

366.9
367.1
366.7

1245.7
1261.5
1269.6

586.7
588.5
589.8

353.2
353.1
352.4

1997-Jan.
Feb.
Mar.

908.9
915.4
935.1

366.5
367.1
370.5

1275.4
1282.4
1305.6

591.7
593.7
597.1

Apr.
May
June

949.4
943.7
952.7

373.7
374.8
376.6

1323.2
1318.5
1329.2

July
Aug.
Sep.

958.6
970.0
983.2

375.9
376.1
374.9

Oct.

994.7

Date

At
commercial
banks
839.8

At
thrift
institutions
367.7

July
Aug.
Sep.

847.0
860.0
866.6

Oct.
Nov.
Dec.

1996-June

Week e n d i n a
1 9 9 7 - S e p . 29

1.
2.
3.
4.

p

Small-denomination time deposits 2

Institutional
money
funds

Large-denomination time deposits 3

264.6

At
commercial
banks 4
373.7

At
thrift
institutions
75.7

449.4

496.7
503.6
503.3

271.2
278.1
280.4

.377.3
382.4
389.5 .

76.1
77.1
78.3

453.4
459.5
467.8

939.9
941.6
942.1

506.8
512.8
522.9

284.7
292.6
300.5

406.7
408.7
413.7

79.7
80.3
79.5

486.4
489.0
493.2

353.9
355.2
352.7

945.6
948.9
949.8

529.3
536.3
547.2

304.8
315.5
316.4

408.7
416.5
426.3

80.4
81.6
81.9

489.1
498.1
508.2

599.9
602.3
607.1

351.8
352.9
351.5

951.7
955.2
958.6

553.5
538.1
541.9

309.2
307.0
313.1

435.6
443.4
449.8

81.8
82.9
83.4

517.4
526.3
533.2

1334.5
1346.0
1358.1

613.8
615.0
617.5

348.1
347.5
345.5

961.9
962.4
962.9

550.2
568.0
573.7

321.0
328.3
333.1

463.7
470.7
484.5

84.4
84.9
85.4

548.1
555.7
569.9

374.7

1369.4

620.0

345.2

965.2

576.1

341.2

497.8

86.3

584.1

965.0

371.5

1336.6

618.1

345.0

963.1

570.5

333.3

484.4

84.9

569.3

Total

Total

Oct.

6
13
20
27

997.2
1004.3
998.2
985.2

375.4
376.8
375.5
372.6

1372.6
1381.1
1373.8
1357.8

619.5
619.7
619.8
619.9

345.8
346.0
345.1
344.6

965.3
965.8
965.0
964.5

568.9
575.7
578.1
578.7

333.9
343.3
342.3
342.0

491.2
498.2
494.7
501.4

85.
86.
86.
86.

577.1
584.8
581.2
587.6

Nov.

3
10
17p
24p

986.2
1016.2
1013.9
1000.1

373.1
376.8
377.2
373.7

1359.3
1393.0
1391.1
1373.8

620.6
621.5
621.6
622.4

343.5
342.7
342.5
341.5

964.2
964.3
964.2
963.9

579.2
581.7
584.2
589.3

345.1
342.8
346.2
348.9

506.6
503.3
505.1
505.9

86.3
87.0
87.0
87.0

592.
590.
592.
592.

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




Page 7
H.6(508)
Tables

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

4.
5.
6.
7.
e

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 8

In M3 only7

1996-June

380.4

8.9

409.3

207.6

108.0

315.6

2625.0

1009.4

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0
8.8

410.
404,
404.

200.8
192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2643.4
2664.5
2672.3

1014.
1027,
1042.

Oct.
Nov.
Dec.

388.9
392.9
397.9

8.6
8.4
8.3

398
407
418

176.9
171.9
173.5

103.8
104.4
104.5

280.7
276.3
278.0

2692.5
2715.9
2734.6

1076.
1083.
1097,

1997-Jan.
Feb.
Mar.

395,
397,
401,

8.2
8.3
8.2

405.5
394.7
396.2

174.8
165.6
160.9

101.8
100.2
101.1

276.6
265.8
261.9

2750.3
2767.6
2802.6

1109,
1134,
1145,

Apr.
May
June

403,
406,
408.

8.2
8.2
8.2

396.
387.
396.

163,
153,
152,

100.
96.
96.

263.6
250.2
249.5

2828.
2811.
2829.

1155,
1172,
1178,

July
Aug.
Sap.

411.3
413.4
414.2

8.7
8.8
8.4

398,
400,
389,

148.8
148.2
149.3

96,
96,
96.

245.5
244.8
245.5

2846,
2876,
2894.

1205.0
1226.8
1244.7

Oct.

417.3

8.2

386.5

146.8

95.8

242.6

2910.7

1278.6

Weak ending
1997-Sep. 29

1.
2.
3.

Travelers
checks2

413.3

8.4

383.4

151.4

93.7

245.2

2870.2

1246.5

396.1
383.6
388.4
377.1

149.0
143.8
146.0
146.6

99.2
96.2
95.0
93.3

248.2
240.0
241.1
239.8

2906.9
2922.5
2916.9
2901.0

1251.3
1280.8
1275.7
1290.5

399.2
389.9
394.9
389.0

152.9
144.6
144.8
146.0

97.2
97.2
95.4
93.1

250.0
241.8
240.2
239.1

2902.7
2939.0
2939.5
2926.9

1300.2
1295.1
1302.2
1312.4

Oct.

6
13
20
27

416.8
418.3
417.4
416.6

8.3
8.3
8.2
8.1

Nov.

3
10
17p
24p

418.0
422.3
421.9
421.9

8.1
8.0
8.0
7.9

e
e
e

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.
estimated




p

preliminary




Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class