Full text of H.6 Money Stock Measures : February 11, 1999

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••^SSSiii-

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

MONEY STOCK AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time

Billions of dollars

Date

February 1 1 , 1999

M11

M22

M33

DEBT4

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

1076
1072
1067
1063
1066
1067
1072
1064.8
1062.1
1067.5
1074.9

3848.2
3862.7
3882.4
3892.8
3911.6
3929
3961
3981
4000
4023
4046

5012
5044
5086
5108
5135
5185
5232.8
5269.7
5306.7
5353.6
5404.7

14522.
14582,
14653.
14703,
14736.
14798.
14867,
14935.
15010.
15088.
15167.

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

1073.8
1076.0
1080.6
1082.1
1078.2
1077.8
1075.4
1072.2
1074.7
1080.4
1088.8
1093.0

4071.
4100.
4126.
4155.
4174.
4198.
4217.
4245.
4292.
4335.
4375.
4412.9

5449.6
5485.2
5543.8
5589.3
5631.
5674.
5695.
5753.
5819.
5884.
5954.8
6016.4

15240, 9
15321, 7
15404, 7
15482. 9
15555. 6
15628. 7
15710, 5
15790. 9
15869. 4
15956. 7
16048. 3
16128. 1 P

1999-Jan. p

1090.1

4436.2

6039.0

Not seasonally adjusted
1997-Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1065.5
1067.8
1073.
1053.
1064.
1065.
1069.
1059.
1057.
1074.
1097.

3836.4
3875.1
3908.3
3873.8
3905.3
3925
3960
3970
3986
4025
4064.8

5009.8
5064.8
5109.0
5092.4
5128.0
5171.7
5226.8
5251.9
5295.0
5359.2
5420.8

14490.9
14567.0
14635.
14672.
14704.
14752.
14824.
14901.
14973.
15070.
15166.8

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

1079.9
1066.0
1075.
1087.
1070.
1074.
1073.
1068.
1069.
1076.
1094.
1115.0

4073.7
4092.1
4143.6
4186.2
4155.8
4188.6
4210.1
4242.7
4280.2
4320.5
4375.6
4429.7

5453
5486
5573
5619
5618
5661.8
5672.9
5742.0
5796.5
5869.9
5959.7
6032.5

15223.7
15291.1
15392.0
15465.8
15523.2
15595 7
15663 0
15746 9
15834 2
15918 3
16030 4
16128 5 P

1999-Jan. p

1097.4

4439.6

6046.8

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

DEBT1

3 Months from Oct. 1998 TO Jan. 1999

3.6

9.3

10.5

6.5

6 Months from July 1998 TO Jan. 1999

2.7

10.4

12.1

6.4

12 Months from Jan. 1998 TO Jan. 1999

1.5

9.0

10.8

6.3

Thirteen weeks ending February 1
1999
from thirteen weeks ending:
Nov. 2, 1998 (13 weeks previous)

5.5

10.8

12.5

Aug. 3, 1998 (26 weeks previous)

2.5

10.0

11.8

Feb. 2, 1998 (52 weeks previous)

1.7

8.9

11.1

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1998 to December 1998, June 1998 to December 1998,
and December 1997 to December 1998, respectively.

Footnotes to Table 1:

1.

2.

3.

4.

Consists of (1) currency outside the U.S, Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service
(ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing
currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less
than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money
market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all
depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United
Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted
M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this
result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the
data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels), The presentation of the debt
data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of
credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to
January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services
at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.




Paged
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period eriding

M3

M2

1998-Nov.

9
16
23
30

13-week
average
1076.9
1078.3
1079.7
1081.2

4-week
average
1084.0
1085.9
1087.2
1088.7

week
average
1083.8
1086.8
1089.5
1094.8

13-week
average
4304.5
4314.7
4324.8
4334.4

4-week
average
4352.9
4362.0
4369.0
4376.3

week
average
4360.8
4370.8
4380.2
4393.4

13-week
average
5839.4
5854.6
5870.6
5886.3

4-week
average
5912.0
5928.4
5941.9
5957.1

week
average
5930.4
5946.0
5962.4
5989.4

Dec.

7
14
21
28

1082.6
1083.7
1084.9
1086.6

1089.6
1089.6
1090.6
1091.4

1087.3
1086.7
1093.7
1097.8

4343.8
4352.9
4362.3
4372.1

4384.0
4391.9
4401.8
4412.0

4391.5
4402.6
4419.5
4434.3

5901.1
5915.9
5931.5
5947.5

5971.4
5985.4
6000.8
6014.6

5987.9
6001.7
6024.1
6044.5

1999-Jan.

4
11
18
25p

1088.7
1089.5
1090.1
1090.2

1096.4
1095.7
1093.9
1090.9

1107.4
1084.0
1086.2
1086.0

4381.8
4390.4
4398.2
4404.4

4424.5
4431.3
4435.3
4435.1

4441.7
4429.8
4435.3
4433.6

5963.0
5975.9
5988.0
5997.3

6031.5
6037.8
6041.3
6037.6

6055.8
6026.8
6038.1
6029.5

Feb.

IP

1090.6

1087.6

1094.2

4410.4

4435.3

4442.3

6007.3

6038.2

6058.5

Not seasonally adjusted
1998-Nov.

9
16
23
30

1072.7
1074.7
1076.8
1080.0

1082.0
1085.5
1089.1
1093.7

1084.0
1090.8
1087.0
1112.9

4293.9
4304.4
4314.7
4325.4

4339.3
4353.4
4366.5
4376.2

4379.6
4385.9
4363.0
4376.1

5823.2
5840.0
5857.1
5875.3

5901.0
5922.7
5941.8
5961.4

5946.0
5965.7
5950.3
5983.7

Dec.

7
14
21
28

1082.1
1084.0
1087.9
1093.1

1096.9
1098.2
1106.0
1110.3

1096.7
1096.0
1118.4
1130.2

4334.9
4344.4
4356.3
4370.7

4387.3
4397.5
4414.9
4428.0

4424.2
4426.6
4432.5
4428.7

5891.9
5909.1
5927.6
5948.1

5983.5
6003.8
6024.3
6034.2

6034.3
6046.8
6032.2
6023.4

1999-Jan.

4
11
18
25p

1098.7
1101.2
1102.2
1102.5

1125.6
1126.2
1118.8
1105.5

1157.9
1098.2
1089.0
1077.0

4383.1
4394.1
4403.7
4411.1

4438.8
4447.7
4452.9
4447.6

4467.3
4462.4
4453.3
4407.5

5964.8
5980.3
5994.7
6006.0

6035.6
6039.7
6048.3
6047.7

6040.0
6063.3
6066.6
6020.7

Feb.

IP

1102.2

1088.7

1090.4

4417.2

4434.9

4416.4

6016.4

6047.7

6040.3

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p
preliminary data.
Components may not add to totals due to rounding.




Page 4

H.6 (508)
Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

415.5

8.6

392.3

150.9

97.5

248.4

Oct.
Nov.
Dec.

417.9
421.2
424.5

8.3
7.8
7.7

389.6
393.2
396.5

148.9
148.0
149.2

97.5
97.4
97.0

246.3
245.3
246.2

1998-Jan.
Feb.
Mar.

427.0
430.0
432.1

7.7
7.6
7.7

392.8
392.3
391.0

149.7
147.8
149.2

96.6
98.3
100.6

246.3
246.1
249.8

June

434.
436.
439,

7.8
7.8
8.0

389.2
387.8
384.7

150.3
146.2
145.9

100.6
100.0
100.0

250.9
246.2
245.9

July
Aug.
Sep.

442.3
444.8
449.6

8.5
8.5
8.3

379.3
374.8
374.4

144.2
143.2
141.1

101.2
100.9
101.3

245,
244,
242,

Oct.
Nov.
Dec.

453.3
456.4
459.2

8.3
7.9
7.8

374.7
376.8
377.3

141.5
144.0
143.8

102.7
103.6
105.0

244,
247,
248,

462.6

7.8

370.7

145.4

103.7

249.1

374,.2
375,.2
378,,5
378,.8

141.
140.
143.
146.

106,
104,
104,
104,

247.1
245.2
248.2
251.0

May

1999-Jan. P
W e e k endina
1998-Dec.

1999-Jan.

Feb.

4.
5.

Total

1997-Sep.

Apr.

1.
2.
3.

At thrift
institutions5

7
14
21
28

458,
458,
459.
460.

4
11
18
2 5p

460.9
461.5
462.3
463.5

7.9
7.8
7.8
7.7

e
e
e

381,.6
365,.7
369,.6
367,.0

151.9
143.5
143.6
145.6

105.2
105.5
102.9
102.1

257.1
249.0
246.6
247.8

IP

464.7

7.7 e

373.8

144.8

103.2

248.0

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

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




Page 5
H.6 (508)
Table 5

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

Savings deposits1
Date

At commercial
banks

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-Sep.

988.4

376.4

1364.8

621.0

346.2

967.1

584.9

2916.9

Oct.
Nov.
Dec.

1003.0
1012.3
1022.9

377.0
376.3
377.3

1379.9
1388.6
1400*2

622.6
625.5
626.1

345.7
343.1
343.2

968.3
968.6
969.3

589.9
598.4
602.3

2938.1
2955.6
2971.8

1998-Jan.
Feb.
Mar.

1035.1
1045.9
1054.1

378.8
382.5
385.3

1413.8
1428.5
1439.4

626.2
626.3
626.5

344.6
343.7
342.4

970.8
970.1
968.9

612.9
626.3
637.3

2997.6.
3024.9
3045.5

Apr.
June

1072.2
1078.0
1089.6

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340.1
339.7
339.5

967.6
966.0
965.2

646.3
658.3
669.6

3073.1
3096.5
3120.7

July
Aug.
Sep.

1106.3
1121.6
1140.2

399.5
400.9
403.6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.5
331.2

962.5
959.9
958.9

673.6
691.1
715.0

3141.9
3173.5
3217.6

Oct.
Nov.
Dec.

1155.3
1171.1
1189.8

407.8
411.5
415.2

1563.1
1582.6
1605.0

627.5
628.3
626.1

330.5
327.5
325.7

958.1
955.7
951.8

734.2
748.0
763.1

3255.4
3286.3
3319.8

1201.2

420.3

1621.5

621.9

324.3

946.2

778.3

3346.0

7
14
21
28

1184.9
1190.8
1193.9
1196.2

409.8
413.2
416.0
421.0

1594.7
1603.9
1609.9
1617.1

627.2
626.4
625.6
625.6

325.7
325.6
325.6
325.9

953.0
952.1
951.2
951.5

756.5
759.9
764.7
768.0

3304.2
3315.9
3325.8
3336.6

1999-Jan.

4
11
18
25p

1193.4
1211.2
1204.1
1197.6

419.4
417.3
418.4
422.2

1612.8
1628.5
1622.5
1619.7

625.4
623.4
621.7
620.7

325.9
324.9
324.1
323.6

951.3
948.4
945.8
944.3

770.2
769.0
780.8
783.6

3334.3
3345.8
3349.1
3347.6

Feb.

IP

1195.0

424.3

1619.3

619.6

323.5

943.1

785.7

3348.2

May

1999-Jan. P
Week e n d i n g
1998-Dec.

1.
2.

At thrift
institutions

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.

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



H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Institutional
money funds

Date

Total
Non-M2 M3

Debt components5

Total

362.9

476.8

83.9

560.7

226.5

137.9

1288.0

3795.0

11140.2

368.
370,
379,

479.6
485.1
490.2

84.
85,
85.

563.9
570.1
576.1

239.
250.
252.8

135.5
139.8
149.2

1306.5
1330.5
1358.0

3795.1
3793.7
3798.4

11215.4
11294.6
11368.8

1998-Jan.
Feb.
Mar.

385.9
391.3
399.8

494.7
505.2
521.0

87.7
87.2
85.7

582.4
592.4
606.7

260.0
255.1
269.3

150.0
145.4
141.8

1378.3
1384.3
1417.7

3796.8
3792.9
3797.2

11444.1
11528.8
11607.5

Apr.
May
June

414.4
426.9
437.7

520.8
527.4
534.9

86.7
85.2
85.8

607.4
612.6
620.7

270.3
271.7
270.8

141.9
145.4
146.3

1434.0
1456.6
1475.5

3791.5
3778.8
3775.8

11691.3
11776.8
11853.0

July
Aug.
Sep.

441.
454.
467.8

527.8
534.6
534.7

85.8
85.6
86.6

613
620
621

273,
279,
283,

149.2
153.5
154.4

1478.0
1508.0
1527.0

3772.9
3770.3
3760.0

11937.6
12020.6
12109.4

Oct.
Nov.
Dec.

486.7
503.8
516.2

535,
542,
548,

87,
87,
89,

623.2
630.7
637.6

283,
289,
297,

155.9
155.7
152.1

1549.2
1579.6
1603.6

3750.3
3748.8
3747.4

12206.4
12299.5
12380.8

P

515.0

558.3

91.0

649.4

291.5

147.0

1602.9

7
14
21
28

513,
512,
518,
519,

546.
547,
548,
549.8

88,
88,
88,
89,

634.7
636.6
636.9
639.3

296.
295.
298.
299.

152.0
154.0
150.8
151.9

1596.
1599.
1604.
1610.

1999-Jan.

4
11
18
25p

518.2
506.3
513.9
518.1

555,
557,
561,
556.

90,
91,
91,
91,

645.
648.
652.
647.

298.
291.
290.
287.

151.
151,
145.
143.

1614.
1597.
1602.
1595.

Feb.

IP

524.3

560.7

90.7

651.4

294.1

146.5

1616.2

1999-Jan.
Week e n d i n g
1998-Dec.

5.

Eurodollars4

At thrift
institutions

Oct.
Nov.
Dec.

3.
4.

RPs3

At commercial
banks2

1997-Sep.

1.
2.

Large-denomination time deposits1

Federal

Non-Federal

p

Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

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



p

Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

4.
5.

Total

1997-Sep.

414.2

8.4

390.1

149.8

97.1

246.9

Oct.
Nov.
Doc.

417.2
422.3
428.9

8.2
8.0
7.9

387.9
399.1
412.3

147.4
147.4
150. S

96.9
97.3
97.8

244.3
244.7
248.3

1998-Jan.
Feb.
Mar.

426.3
428.8
431.4

7.9
7.8
7.9

396.6
384.6
385.8

152.5
147.7
149.8

96.6
97.0
100.9

249.1
244.7
250.6

Apr.
May
June

433.7
436.1
438.3

7.9
7.9
8.0

389.4
381.7
382.8

153.2
145.3
145.6

103.3
99.6
100.1

256.5
244.9
245.7

July
Aug.
Sap.

442.7
444.4
448.4

8.2

8.2
8.1

378.9
374.3
372.6

142.8
141.6
140.0

100.9
100.1
100.7

243.8
241.7
240.7

Oct.
Nov.
Dae.

452.6
457.5
464.1

8.2
8.1
8.0

373.2
381.6
392.1

140.2
143.5
144.9

102.0
103.5
105.8

242.2
247.0
250.7

1999-Jan.

462.4

7.9

375.3

148.0

103.8

251.9

7
14
21
28

460.
461.
464.
469.

8.0
8.0
8.0
8.0

380.1
383.5
396.1
398.4

140.1
138.6
144.7
149.8

107.9
104.4
105.0
104.6

248.0
243.0
249.7
254.3

1999-Jan.

4
11
18
2 5p

465.
463.
462.
460.8

415.
374,
370.
360.8

158.7
146.1
145.5
147.2

109.6
106.5
102.8
100.3

268.2
252.6
248.4
247.5

Feb.

IP

461.4

371.8

147.1

102.3

249.4

aek e n d i
1998-Dec.

1.
2.
3.

At thrift
institutions5

7.9 a

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

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



Page 8
H.6 (508)
Table 8

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

Savings deposits1
Date

At commercial
banks

Total .

At commercial
banks

Atthrift
institutions

Total

Retail
money
funds

Total
Non~M1 M2

1997-Sep.

985.0

375.1

1360.1

620.4

345.9

966.3

584.7

2911.1

Oct.
Hov.
Dec.

997.5
1010.3
1020.4

374.9
375.5
376.4

1372.4
1385.9
1396.8

622.9
625.3
625.3

345.9
343.0
342.8

968.8
968.3
968.1

587.9
597.4
602.5

2929.0
2951.5
2967.4

1998-Jan.
Fob.
Mar.

1030.5
1041.8
1061.6

377.1
381.0
388.1

1407.6
1422.8
1449.6

626.8
627.6
627.3

344.9
344.4
342.8

971.6
972.0
970.1

614.5
631.4
648.1

2993.8
3026.2
3067.8

Apr.
May
June

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339.2
339.0

968.0
964.6
963.8

654.6
647.9
660.0

3098.8
3085.3
3113.9

July
Aug.
Sap.

1107.5
1121.5
1134.8

399.9
400.8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.3
330.9

962.4
959.3
958.2

666.8
692. &
715.6

3136.6
3174.1
3210.4

Oct.
Hov.
Dae.

1147.6
1167.9
1186.7

405.1
410.4
414.1

1552.6
1578.2
1600.8

628.1
628.4
625.5

330.8
327.6
325.4

958.9
956.0
950.9

^ 732.8
* 747.2
763.0

1196.3

418.5

1614.8

622.6

324.6

947.2

780.1

3342.1

7
14
21
28

1201.1
1198.9
1184.9
1171.3

415.5
416.0
412.9
412.2

1616.5
1614.9
1597.8
1583.5

627.4
626.2
624.9
624.2

325.8
325.5
325.2
325.1

953.2
951.7
950.1
949.3

757.8
764.0
766.2
765.7

3327.5
3330.6
3314.1
3298.5

4
11
18
25p

1184.6
1222.8
1209.9
1180.2

416.3
421.3
420.4
416.0

1601.0
1644.1
1630.3
1596.3

623.8
622.6
621.9

325.3
325.1
324.6
324.2

949.5
948.9
947.3
946.1

758.9
771.0
786.8
7£8.1

3309.4
. 3364.1
3364.3 .
'- 3 3 3 0 . 5

IP

1175.8

417.5

1593.3

620.9

324.2

945.1

7^7.7

3326.0

1999-Jan. P
Week e n d i n g
1998-Dec.

1999-Jan.

Feb.
1.
2.

At thrift
institutions

:

3244.3
3281.4
3314.7

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. i I IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.

p
preliminary . •:, >
$
Components may not add to totals due to rounding.




Page 9
H.6 (508)
Table 9

NOT SEASONALLY ADJUSTED COMPONENTS OF N0N-M2 M3 AND DEBT
Billions of dollars
Large-denomination time deposits 1

5.

At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total
Non-M2 M3

Total

Debt components 5
Federal

Non-Federal

356.9

477.5

84.0

561.5

180.2

46.1

226.3

136.5

1281.2

3780.4

11120.7

Oct.
Nov.
Dec.

364.9
370.7
384.5

483.4
487.6
487.7

84.9
85.4
85.4

568.3
573.0
573.1

192.4
202.5
199.5

46.5
47.4
46.6

239.0
249.9
246.1

136.1
139.9
152.3

1308.3
1333.5
1356.0

3774.4
3792.1
3805.8

11199.6
11278.5
11361.0

1998-Jan.
Feb.
Mar.

395.7
404.3
407.0

483.1
501.1
524.5

85.6
86.5
86.3

568.7
587.6
610.8

215.8
210.2
225.6

44.9
44.6
45.2

260.6
254.8
270.9

155.1
148.0
141.1

1380.1
1394.7
1429.6

3792.5
3795.3
3820.7

11431.2
11495.7
11571.4

Apr.
May
June

412.7
421.0
431.7

520.8
532.6
539.4

86.6
86.1
86.5

607.4
618.7
625.9

226.5
230.8
222.1

46.0
46.9
49.6

272.4
277.8
271.7

140.2
144.7
143.9

1432.8
1462.1
1473.2

3800.5
3765.9
3755.3

11665.3
11757.3
11840.4

July
Aug.
Sep.

432.6
448.4
458.8

527.6
534.9
535.2

85.8
85.7
86.7

613.4
620.6
621.9

222.1
229.1
232.1

49.0
49.2
50.3

271.0
278.4
282.5

145.8
152.0
153.2

1462.8
1499.3
1516.3

3740.8
3749.6
3743.4

11922.2
11997.3
12090.8

Oct.
Nov.
Dec.

482.9
504.9
523.3

538.9
544.9
544.9

88.2
88.3
88.5

627.1
633.2
633.4

234.9
242.4
239.9

47.7
47.6
50.4

282.6
290.0
290.3

156.6
156.1
155.9

1549.4
1584.1
1602.9

3727.8
3746.6
3754.9 p

12190.5
12283.9
12373.5 p

P

529.3

544.3

88.8

633.1

241.7

51.1

292.9

152.0

1607.3

7
14
21
28

525.0
532.0
522.7
522.5

548.1
549.0
543.9
540.6

88.8
89.2
88.3
88.0

637.0
638.1
632.1
628.7

243.8
240.9
240.6
236.1

49.6
50.7
50.5
50.9

293.4
291.6
291.1
287.0

154.8
158.5
153.8
156.5

1610.1
1620.2
1599.7
1594.7

1999-Jan.

4
11
18
25p

501.9
522.5
533.6
540.9

540.5
544.3
547.1
541.4

88.0
89.3
88.9
88.8

628.5
633.6
636.0
630.3

236.2
239.4
242.3
241.7

50.4
51.0
51.2
50.8

286.5
290.4
293.5
292.5

155.8
154.4
150.2
149.4

1572.7
1600.9
1613.3
1613.2

Feb.

IP

537.0

547.0

88.5

635.5

247.6

51.9

299.5

151.9

1623.9

Week e n d i n g
1998-Dec.

3.
4.

Eurodollars4

1997-Sep.

1999-Jan.

1.
2.

RPs 3

Institutional
money funds

Dat e

Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

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




Page 10
H.6 (508)
Table 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Demand deposits
at banks due to

i wie ariu

savings
deposits
due to
.foreign,
banks and
official
institutions

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
At
deposits at commercial
commercial
banks
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

18.4

3.2

6.3

20.4

29.9

2.9

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

9.8
9.8
9.9

1.6
1.5
1.5

19.2
19.0
18.9

3.1
1.6
1.8

6.5
5.0
5.5

22.3
14.5
17.5

June

9.9
10.0
10.0

1.5
1.8
2.0

18.3
17.3
16.3

4.6
1.5
2.7

9.7
5.5
10.4

July
Aug.
Sep.

10.0
9.8
9.6

2.1
2.1
2.0

15.6
15.4
15.2

1.3
1.4
2.7

Oct.
Nov.
Dec.

9.6
9.6
9.6

2.1
2.0
2.0

15.0
15.0
15.0

9.6

2.0

15.0

Note
balances at
depository1
institutions

At
thrift
institutions

At
money
market
funds

Total

152.8

103.7

92.0

348.5

2.9
3.1
3.3

152.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.8
349.6
350.4

31.9
21.1
24.8

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.4
97.7
98.1

350.7
350.6
350.4

24.0
43.3
32.7

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

5.4
5.1
6.3

42.6
11.9
20.4

49.4
18.4
29.4

3.3
3.4
3.5

151.0 a
151.2 a
151.4 a

1.4
1.3
1.7

5.4
5.1
5.9

19.3
18.7
24.4

26.1
25.1
32.0

3.6
3.6
3.6

2.9

6.6

30.8

40.2

3.6

7
14
21
28

1.3
1.5
2.3
1.5

5.1
5.1
6.7
5.9

8.8
3.5

33.3
46.3

15.2
10.0
42.4
53.7

1999-Jan.

4
11
18
25p

2.4
2.2
4.0
3.8

6.9
5.5
6.9
6.9

23.3
17.4
24.6
45.5

32.5
25.1
35.4
56.2

Feb.

lp

1.6

7.3

46.2

55.0

Date

Foreign
commercial
banks

Foreign
official
institutions

1997-Sep.

8.7

1.4

Oct.
Nov.
Dec.

8.5
9.0
9.5

1998-Jan.
Feb.
Mar.
Apr.
May

1999-Jan. P
Week e n d i n a
1998-Dec.

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




Total
cash
balance

98.7 a
99.7 a
100.7 a

350.2 a
350.0 a
349.7 a

97.5 a
97.9 a
98.2 a

101.6 a
102.3 a
102.9 a

350.1 a
351.3 a
352.6 a

151.5 a
151.5 a
151.4 a

98.2 a
97.9 a
97.6 a

103.6 a
104.3 a
105.0 a

353.4 a
353.6 a
353.9 a

151.4 a

97.2 a

105.6 a

354.2 a




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




First Class