Full text of H.6 Money Stock Measures : February 12, 1998

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FEDERAL RESERVE statis
H.6 (50 )
8
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEAS

Forreleaseat4:30pjn. EastemTme

Blin o d l a s
ilos f o l r
Date

February 12,1998

M1'

M22

M32

t
■ wgggr]—

DEBT5

Seasonallyadjusted
1996-Feb.
Mar.
Apr.
May
June
July
Aug.
Sap.
Oct.
Nov .

Dac.
1997-Jan.
Fab.
Mar.
Apr.
May
Juna
July
Aug.
Sep.
Oct.
Nov .

Dac.
1998-Jan. p

1118.7
1125.3
1124.9
1117.0
1116.1
1110.4
1100.2
1094.8
1081.9
1081.3
1082.8

3682.4
3710.0
3722.4
3726.7
3743.4
3753.5
3762.3
3774.6
3786.0
3804.5
3826.1

4658.8
4692.3
4710.2
4739.3
4764.3
4783.6
4801.7
4832.1
4867.1
4894.2
4935.5

5752.0
5797.4
5831.1
5855.6
5899.9
5927.2
5951.1
5989.6
6019.3
6053.1
6088.4

13895.8
13972.0
14035.3
14088.1
14147.7
14219.7
14273.7
14322.1
14383.7
14446.6
14496.6

1080.8
1078.8
1075.0
1068.3
1064.3
1065.4
1065.6
1071.1
1063.6
1061.9
1069.2
1076.0

3840.7
3853.3
3868.9
3890.0
3892.7
3908.2
3922.0
3953.1
3973.8
3993.2
4017.5
4040.2

4961.1
4997.8
5032.0
5075.2
5091.2
5114.3
5154.2
5199.3
5237.2
5274.1
5324.6
5373.2

6113.6
6160.6
6204.3
6260.3
6290.4
6317.5
6350.1
6406.7
6445.1
6479.0
6544.0 p

14538.1
14596.0
14657.8
14729.2
14776.3
14806.3
14862.9
14922.9
14983.9
15052.7
15119.1
15180.2 p

1073.6

4063.8

5419.9

Notseasonallyadjusted
1996-Feb.
Mar.
Apr.
May
Juna
July
Aug.
Sap.
Oct.
No v .

Dec.
1997-Jan.
Fab.
Mar.
Apr.
May
Juna
July
Aug.
Sap.
Oct.
Nov .

Dec.
1998-Jan. p

1105.4
1117.6
1131.4
1105.5
1114.6
1110.4
1097.4
1091.5
1077.9
1086.6
1104.9

3665.9
3713.4
3740.4
3709.1
3740.2
3755.2
3764.5
3767.6
3774.7
3807.6
3845.4

4647.7
4698.8
4723.4
4721.8
4759.0
4779.5
4802.7
4821.2
4860.8
4901.0
4953.4

5738.2
5809.5
5846.6
5833.1
5886.3
5917.5
5956.1
5979.9
6006.9
6065.6
6116.5

13858.9
13944.2
14003.6
14048.7
14110.7
14171.8
14230.7
14289.3
14348.4
14428.3
14496.0

1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.3
1097.5

3842.7
3838.0
3876.1
3908.7
3873.9
3904.6
3923.3
3957.0
3965.9
3980.9
4019.9
4059.1

4965.0
4990.6
5044.2
5088.5
5071.6
5106.5
5148.2
5201.0
5224.2
5267.2
5330.5
5390.3

6116.3
6149.0
6221.4
6278.0
6266.5
6301.3
6338.0
6411.0
6434.8
6467.8
6555.0 p

14519.0
14558.1
14631.1
14697.8
14734.9
14766.8
14811.8
14877.3
14949.7
15016.2
15099.9
15179.3 p

1079.0

4065.6

5423.7

Footnotes appear on the following page
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percentchange a seasonallyadjustedannual r t s
t
ae
M3

DEBT1

4.4

7. 1

11.1

5.2

Months from J u l y 1997 TO Jan.

1998

1.5

7. 2

10.3

5. 1

1997 TO Jan.

1998

-0.7

5.8

9.2

4.7

T h i r t e e n weeks ending Fe b r ua r y 2 , 1998
from t h i r t e e n weeks endi ng:
Nov. 3, 1997 (13 weaks p r e v i o u s )

6.8

10.3

1.5

9.9

5.7

9.0

6

12 Months from Jan.

1997 (26 waaks p r e v i o u s )

Aug.

4,

Fab.

3# 1997 (52 waaks p r e v i o u s )

CO

1998

3 Months from Oct.

0
1

1997 TO Jan.

a\
0
0

M2

u
>
o

M1

1 Growth r t sf rdebta ebased on p r o sb g n i gand endingone month e r i rthanf rt emonetarya g e a e ,namely, September 1997 t December 1997,June 1997 t December 1 9 ,
.
ae o
r
eid einn
ale
o h
grgts
o
o
97
and December 1996 t December 1997, r s e t v l .
o
e p c i e y ____________________________________________________________________________________
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 M 1.
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
Blin o d l a s
ilos f o l r
Seasonallyadjusted
M1
Periodending

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

1997-Nov.

10
17
24

1065.5
1065.3
1065.0

1065.0
1066.5
1068.3

1066.6
1065.8
1068.2

3981.6
3986.3
3991.1

4003.7
4008.6
4014.1

4008.5
4013.5
4021.2

5252.3
5262.0
5271.0

5294.0
5306.5
5318.5

5307.5
5323.5
5330.1

Dec.

1
8
15
22
29

1064.8
1064.8
1065.7
1066.9
1068.2

1069.0
1069.3
1070.5
1072.5
1073.8

1075.2
1068.0
1070.6
1076.0
1080.5

3995.4
3999.9
4004.6
4009.9
4015.8

4018.5
4023.4
4027.6
4032.8
4039.2

4030.8
4028.1
4030.2
4042.2
4056.4

5279.8
5289.6
5299.9
5310.6
5321.5

5326.7
5339.5
5350.9
5361.7
5372.0

5345.6
5358.7
5369.0
5373.5
5386.6

1998-Jan.

5
12
19
26p

1069.8
1070.4
1071.2
1072.4

1078.4
1076.9
1075.5
1074.6

1086.4
1064.5
1070.7
1076.6

4021.6
4027.4
4032.8
4038.3

4047.4
4054.4
4060.1
4063.6

4060.6
4058.2
4065.1
4070.6

5333.4
5345.5
5356.8
5367.8

5384.0
5397.0
5408.8
5418.7

5406.9
5421.1
5420.7
5426.0

Fab•

2p

1073.4

1074.3

1085.5

4043.5

4068.6

4080.5

5377.5

5426.6

5438.6

Notseasonallyadjusted
1997-Nov.

10
17
24

1062.8
1062.9
1063.2

1062.9
1065.9
1070.3

1067.3
1070.6
1063.4

3974.3
3979.1
3984.0

3990.5
3999.3
4011.1

4019.3
4023.0
4006.6

5245.2
5255.3
5264.8

5287.2
5302.8
5318.9

5321.5
5333.1
5320.2

Dac.

1
8
15
22
29

1064.3
1064.8
1066.7
1070.7
1075.4

1073.4
1076.2
1079.5
1088.6
1094.3

1092.3
1078.3
1084.0
1099.9
1114.8

3989.7
3994.7
4000.1
4008.5
4018.2

4021.3
4030.6
4038.6
4051.4
4057.5

4036.1
4056.6
4055.1
4057.9
4060.2

5275.5
5286.3
5298.3
5312.2
5326.7

5332.7
5349.5
5366.9
5383.5
5390.2

5355.8
5388.7
5402.8
5386.8
5382.4

1998-Jan.

5
12
19
26p

1080.2
1082.4
1083.3
1084.2

1108.1
1107.7
1100.4
1085.9

1133.8
1082.1
1071.0
1056.8

4026.9
4034.5
4040.8
4046.4

4069.4
4077.4
4080.2
4073.3

4104.2
4087.1
4069.4
4032.3

5339.7
5353.1
5365.7
5377.1

5398.1
5410.3
5422.2
5427.4

5420.5
5451.4
5434.6
5403.2

Fab.

2p

1083.4

1069.8

1069.3

4050.3

4058.6

4045.7

5385.4

5424.6

5409.0

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

Othercheckable deposits
Date

Currency1

Tra e e s checks2 Demand deposits3
vlr

Nontransactionscomponents

Atcommercial
banks4

Attrf
hit
isiuin5
ntttos

Ttl
oa

I M26
n

I M3 only7
n

1996-Sep.

387.8

8.5

405.3

188.4

104.8

293.2

2679.8

1057.6

Oct .
Nov.
Dec.

390.4
392.4
394.9

8.6
8.6
8.6

399.1
402.5
403.6

179.1
173.0
172.1

104.8
104.7
103.7

283.9
277.7
275.9

2704.1
2723.2
2743.2

1081.1
1089.6
1109.4

1997-Jan.
Feb.
Mar.

396.9
399.6
401.6

8.6
8.6
8.4

402.2
402.4
402.4

171.3
166.0
161.0

101.9
102.2
101.5

273.2
268.2
262.5

2759.9
2774.6
2794.0

1120.4
1144.5
1163.0

Apr .
May
June

403.5
406.0
408.0

8.3
8.2
8.0

397.3
396.6
398.3

160.6
155.8
154.1

98.5
97.6
97.0

259.1
253.4
251.1

2821.7
2828.5
2842.8

1185.2
1198.5
1206.0

July
Aug.
Sep.

410.5
412.6
415.6

8.3
8.3
8.1

398.4
401.9
391.9

151.0
150.5
150.7

97.4
97.8
97.1

248.4
248.2
247.8

2856.5
2882.0
2910.3

1232.1
1246.2
1263.4

Oct.
Nov.
Dec.

418.3
421.9
425.6

8.2
8.1
8.2

389.6
394.5
397.1

148.8
147.8
148.5

97.0
96.9
96.7

245.8
244.6
245.1

2931.2
2948.3
2964.2

1281.0
1307.1
1333.0

427.6

8.2

392.7

149.0

96.1

245.1

2990.2

1356.1

1998-Jan. P
Week endina
1997-Dec.

e

8.2
8.2
8.2
8.3

391.6
395.6
398.3
399.3

145.4
146.2
148.8
150.2

98.7
96.0
95.5
95.7

244.0
242.2
244.3
245.9

2960.2
2959.6
2966.1
2975.9

1330.6
1338.8
1331.4
1330.2

5
12
19
26p

427.4
426.5
427.9
428.8

8.3
8.3 e
8.2 e
8.2 e

400.9
385.0
390.1
395.5

152.5
148.4
149.0
148.7

97.4
96.3
95.6
95.4

249.9
244.7
244.6
244.1

2974.1
2993.7
2994.3
2994.0

1346.3
1362.9
1355.6
1355.4

Feb.

4.
5.
6.
7.

424.1
424.7
425.2
427.0

1998-Jan.

1.
2.
3.

8
15
22
29

2p

428.9

8.2 e

401.3

149.7

97.4

247.1

2995.1

1358.1

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of 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.
estim ated




p

prelim inary

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

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

Savingsd p s t eois1
Date

Small-denominationtimedeposits2

Rti
eal
money
funds

Isiuinl
ntttoa
money
funds

Large-denomination time deposits3
commercial
banks4

At

At
trf
hit
isiuin
ntttos

295.8

388.9

76.7

465.7

510.5
514.6
522.8

299.0
304.2
310.3

401.1
404.1
413.2

77.3
78.1
78.0

478.4
482.2
491.3

950.1
951.2
951.6

528.4
534.5
541.9

309.9
319.8
325.9

416.5
424.8
436.3

80.1
80.7
80.5

496.6
505.4
516.8

351.9
352.8
351.5

953.1
956.6
960.6

551.4
551.2
556.4

328.5
331.8
338.3

448.0
449.9
456.6

80.8
81.1
82.0

528.8
531.0
538.6

614.5
615.0
616.9

348.0
348.1
346.5

962.5
963.1
963.5

562.5
575.9
587.1

342.7
348.4
356.6

467.5
469.0
476.1

83.0
83.4
83.6

550.5
552.3
559.7

1374.7
1384.5
1397.5

618.2
621.1
621.6

346.2
343.6
343.6

964.4
964.7
965.2

592.1
599.2
601.6

363.4
365.7
376.2

478.7
487.7
495.8

83.6
84.4
85.2

562.3
572.1
581.1

A
t
commercial
banks

A
t
trf
hit
isiuin
ntttos

Ttl
oa

At
commercial
banks

At
trf
hit
Isiuin
ntttos

1996-Sap.

867.4

366.7

1234.1

587.3

353.3

940.6

505.1

Oct.
Nov.
Dec.

881.5
894.8
904.8

367.9
366.8
366.9

1249.4
1261.6
1271.7

589.6
592.3
594.5

354.7
354.7
354.3

944.3
947.0
948.8

1997-Jan.
Fob.
Mar.

914.0
920.8
932.4

367.4
368.1
368.0

1281.4
1288.8
1300.4

595.1
595.5
598.5

355.0
355.7
353.1

Apr .
May
Juaa

946.2
946.2
951.2

371.0
374.4
374.6

1317.2
1320.6
1325.8

601.2
603.8
609.2

July
Aug.
Sap.

957.3
968.8
985.3

374.1
374.3
374.4

1331.4
1343.0
1359.7

Oct.
Nov.
Dac.

999.6
1009.5
1020.9

375.1
374.9
376.5

Ttl
oa

Ttl
oa

1998-Jan.

P

1032.2

378.6

1410.8

621.5

344.8

966.4

613.1

380.8

497.9

87.3

585.2

1997-Dac.

8
15
22
29

1018.7
1018.7
1023.7
1027.3

373.2
375.6
377.4
380.8

1391.9
1394.3
1401.0
1408.0

621.5
621.7
622.1
621.6

343.2
343.6
343.8
343.6

964.6
965.3
965.9
965.2

603.7
600.0
599.2
602.7

375.4
378.7
373.2
377.4

494.4
497.6
497.9
495.3

85.2
85.2
84.9
85.6

579.7
582.8
582.9
580.8

5

376.4
377.5
377.9
380.6

1404.1
1414.8
1413.9
1411.4

621.0
621.4
621.7
621.9

344.2
344.6
344.9
345.3

965.3
965.9
966.6
967.2

604.7
613.0
613.8
615.4

380.6
384.5
380.5
378.1

493.3
497.0
496.3
499.9

86.1

19
26p

1027.7
1037.3
1036.0
1030.7

87.3
87.7

88.1

579.4
584.3
584.0
588.0

2p

1030.0

381.6

1411.6

621.4

345.0

966.4

617.0

380.4

502.8

87.0

589.8

1998-Jan.

12

Fab.

1.
2.
3.
4.

p

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




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 $100,0p0 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. government, 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

Non-M3 Components o L
f
RPs1

Date

Erdlas
uoolr2

1996-Sep.

----------157775

5771

187.0

S
hort-term
Treasury,
scrte3
euiis
J7772

Oct.
Nov.
Dec.

197.2
195.6
194.2

106.6
107.8
113.7

187.0
186.9
186.9

1997-Jan.
Feb.
Mar.

197.2
200.0
198.9

116.8
119.3
121.4

Apr .
May
June

202.4
204.1
199.8

July
Aug.
Sep.
Oct.
Nov.
Dec.

Savings bonds

Bankers
acceptances4

Commercial paper5

Debtcomponents6
Federaldebt
3743.6

Non-Federaldebt
---- 3777573----

11.9

482.5

471.8
473.5
455.1

12.2
12.4
12.4

481.2
486. 1
498.5

3756.0
3770.0
3780.0

10627.7
10676.6
10716.7

186.7
186.6
186.5

443.1
444.7
446.5

12.2
12.8
13.3

510.5
518.7
526.1

3778.0
3782.6
3796.5

10760.1
10813.4
10861.3

125.5
131.5
129.3

186.4
186.3
186.4

451.4
458.9
450.9

12.8
13.0
12.8

534.5
541.1
553.2

3803.2
3789.7
3776.5

10926.0
10986.6
11029.8

207.4
210.0
209.2

131.7
135.5
137.9

186.4
186.4
186.4

433.3
444.8
444.8

12.7
12.9
12.9

563.6
563.2
563.9

3779.4
3784.5
3788.0

11083.5
11138.4
11195.9

219.0
233.5
235.6

136.3
135.8
140.1

186.4
186.4 p

433.9
438.9 p

13.3
12.9 p

571.3
581.3 p

3789.6
3790.4
3797.3 p

11263.1
11328.7
11382.9 p

248.2

141.9

8
15
22
29

235.3
235.9
235.0
234.6

140.1
141.4
140.3
137.4

1998-Jan.

5
12
19
26p

241.2
251.5
250.8
247.8

145.2
142.6
140.3
141.5

Feb.

2p

247.5

140.3

1998-Jan. p
•M ing
1997-Dec.

1.
2.

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

prelim inary

3.




Page 7
H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B l i n o d l a s notseasonallyadjusted
ilos f olr,
Currency1

Date

Tra e e s
vlr
checks2

Demand
deposits3

Nontransactionscomponents

Othercheckable deposits
Atcommercial
banks4

Attrf
hit
isiuin5
ntttos

Ttl
oa

I M26
n

I M3 o l 7
n
ny

1996-Sap.

386.7

8.8

404.4

187.1

104.5

291.7

2676.1

1053.6

Oct.
Nov.
Doc.

388.8
392.8
397.9

8.6
8.4
8.3

398.8
408.3
419.9

177.3
172.4
174.1

104.3
104.8
104.7

281.6
277.2
278.8

2696.8
2721.0
2740.5

1086.1
1093.4
1108.0

1997-Jan.
Fab.
Mar.

395.4
397.5
400.8

8.2
8.3
8.2

406.0
393.2
396.0

175.0
166.2
161.5

102.0
100.5
101.4

277.0
266.8
262.9

2756.0
2772.4
2808.1

1122.3
1152.5
1168.2

Apr .
May
Juna

403.3
406.0
408.3

8.2
8.2
8.2

397.5
388.5
397.4

163.9
154.1
153.3

100.7
97.1
97.3

264.7
251.2
250.6

2835.1
2820.0
2840.0

1179.7
1197.7
1201.9

July
Aug.
Sap.

411.2
413.3
414.2

8.7
8.8
8.4

399.4
401.7
391.0

149.3
148.7
149.8

97.4
97.2
96.8

246.7
245.9
246.6

2857.2
2887.3
2905.7

1224.9
1244.0
1258.3

Oct.
Nov.
Dac.

417.3
422.4
429.0

8.2
8.0
7.9

388.8
399.8
412.9

147.4
147.2
150.2

96.5
96.9
97.5

243.9
244.2
247.6

2922.7
2945.5
2961.6

1286.2
1310.6
1331.2

426.4

7.9

396.2

152.2

96.2

248.4

2986.7

1358.1

1998-Jan. p
Waak andino
1997-Dac.

7. 9
7. 9
7. 9
8.0

399.7
407.3
414.3
421.9

144.8
145.3
151.2
155.4

99.6
96.4
96.0
96.5

244.4
241.7
247.2
251.9

2978.3
2971.1
2958.0
2945.4

1332.1
1347.7
1328.8
1322.2

5
12
19
26p

429.8
426.9
426.3
424.8

8.0
7. 9 a
7. 9 a
7. 8 a

436.3
398.2
390.3
380.3

158.7
151.6
151.2
150.7

101.0
97.4
95.3
93.1

259.8
249.0
246.5
243.8

2970.4
3005.1
2998.4
2975•5

1316.2
1364.3
1365.2
1370.9

Fab.

4.
5.
6.
7.

426.3
427.0
430.5
433.0

1998-Jan.

1.
2.
3.

8
15
22
29

2p

425.0

7. 8 a

388.1

152.5

95.9

248.4

2976.4

1363.2

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.
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
estim ated



p

prelim inary

Page 8

H.6 ( 0 )
58
Table 5 -continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B l i n o d l a s notseasonallyadjusted
ilos f olr,
Small-denominationtimedeposits2

Savingsdeposits1

At
commercial
banks

A
t
trf
hit
isiuin
ntttos

Ttl
oa

Rti
eal
money
funds

1233.5

586.8

353.0

939.8

502.7

367.0
366.9
366.4

1246.3
1262.0
1269.7

589.3
591.3
592.7

354.5
354.1
353.2

943.9
945.3
946.0

910.0
916.2
936.1

365.8
366.2
369.5

1275.8
1282.4
1305.5

594.5
595.7
599.1

354.6
355.8
353.5

Apr .
May
June

950.4
944.8
953.9

372.7
373.8
375.6

1323.2
1318.6
1329.5

602.1
604.6
609.7

July
Aug.
Sep.

959.5
971.0
984.3

375.0
375.1
374.0

1334.5
1346.1
1358.2

Oct.
Nov.
Dec.

996.5
1009.2
1019.0

374.0
374.8
375.8

1027.9

Date

At
commercial
banks

At
trf
hit
isiuin
ntttos

1996-Sep.

867.0

366.6

Oct.
Nov.
Dec.

879.3
895.1
903.3

1997-Jan.
Feb.
Mar.

1998-Jan. P

Isiuinl
ntttoa
money
funds

Large-denomination time deposits3
At
commercial
banks4

At
trf
hit
isiuin
ntttos

Ttl
oa

291.4

390.5

77.0

467.6

506.6
513.7
524.8

296.1
304.3
312.7

406.6
408.6
413.6

78.4
79.0
78. 1

485.0
487.6
491.7

949.1
951.5
952.5

531.1
538.5
550.0

317.7
329.6
332.0

410.3
£22.2
435.2

78.9
80.2
80.3

489.2
502.4
515.5

352.4
353.3
351.8

954.5
957.8
961.4

557.5
543.5
549.1

326.2
325.8
332.4

444.9
451. 1
455.9

80.2
81.4
81.9

525.1
532.5
537.8

615.3
615.2
616.5

348.5
348.1
346.3

963.8
963.3
962.7

558.9
577.9
584.8

339.0
346.8
351.5

466.5
469. 1
478.2

82.8
83.4
83.9

549.3
552.5
562.2

1370.4
1384.0
1394.8

618.0
620.2
620.0

346.1
343.1
342.7

964.2
963.3
962.7

588.1
598.3
604.1

359.6
365.2
378.9

485.7
493.4
496.3

84.8
85.3
85.3

570.5
578.8
581.6

377.0

1404.9

621.1

344.6

965.7

616.0

389.8

490.4

86.0

576.4

Ttl
oa

W f K «n<Ung
1997- Dec.

p

377.7
377.8
375.0
373.2

1408.7
1402.6
1392.2
1380.2

620.3
620.1
620.1
619.7

342.6
342.7
342.6
342.5

962.9
962.8
962.8
962.2

606.8
605.7
603.1
603.0

377.2
387.1
376.4
379.7

498.7
501.1
498.4
491. 1

85.9
85.8
85.0
84.8

584.6
586.9
583.5
575.9

5
12
19
26p

1031.0
1043.0
1034.9
1013.9

377.6
379.6
377.5
374.4

1408.6
1422.6
1412.4
1388.3

620.3
621.0
621.4
621.4

343.8
344.4
344.7
345.1

964.1
965.4
966.1
966.5

597.7
617.1
619.9
620.7

367.4
394.5
395.1
396.3

484.2
489.9
489. 1
492.7

84.5
86.0
86.4
86.8

568.7
576.0
575.5
579.5

Feb.

3.
4.

1031.0
1024.7
1017.2
1006.9

1998-Jan.

1.
2.

8
15
22
29

2p

1013.7

375.6

1389.2

621.3

344.9

966.2

621.0

388.9

495.7

85.7

581.4

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 commer­
cial 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.
prelim inary




Page 9
H.6 (508)
Table 5 - continued

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

RPs1
Date

Atcommercial
banks

Attrf
hit
isiuin
ntttos

Non-M3 Components o L
f
Erdlas
uoolr2
Ttl
oa

Savings bonds

Short-term
Treasury
scrte3
euiis

Bankers
acceptances4

Debtcomponents8
Commercial
paper6

Federaldebt

Non-Federal
debt

147.4

49.1

196.5

98.2

186.7

476.9

12.0

483. 1

3736.1

10553.3

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

10607.6
10657.0
10708.1

1997-Jan.
Fab.
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
441.5
453.9

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3615.4

10745.6
10775.1
10815.8

Apr .
May
Juna

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

450.2
446.9
443.8

13.0
12.9
12.6

539.9
548.7
552.0

3810.3
3781.3
3766.2

10887.5
10953.7
11000.6

July
Aug.
Sap.

160.3
162.7
160.9

47.4
47.9
47.2

207.7
210.5
208.2

128.8
134.1
136.5

186.3
186.3
186.2

431.0
451.9
446.7

12.1
12.6
13.1

560.4
559.2
564.5

3759.9
3774.4
3780.4

11051.9
11103.0
11169.4

Oct.
Nov.
Dac.

173.0
183.1
180.7

47.9
48.9
48.2

221.0
232.0
228.9

135.1
134.6
141.7

186.3
186.4 p

424.3
445.7 p

13.4
12.9 p

576.7
579.6 p
3805.8 p

3774.4
3792.1

11241.9
11307.8
11373.5 p

1996-Sap.
Oct •
Nov.
Doc.

1998-Jan.

200.7

46.3

247.0

144.9

1997-Dac.

8
15
22
29

181.3
182.2
179.0
178.4

49.0
48.9
48.1
47.3

230.3
231.0
227.2
225.7

140.0
142.6
141.8
140.9

1998-Jan.

5
12
19
26p

186.3
201.5
204.1
204.0

46.4
47.1
46.6
45.7

232.7
248.6
250.7
249.8

147.4
145.3
143.9
145.3

Fab.

1.
2.

P

2p

204.4

45.7

250.1

142.8

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

prelim inary

3.




Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS
B l i n o d l a s notseasonallyadjusted
ilos f olr,
Demand deposits
a banks due t
t
o

U.S. governmentdeposits

IRA and Keogh Accounts

4.6

6.2

20.5

31.3

3.4

151.4

108.6

82.3

342.3

1.4
1.4
1.4

14.9
16.4
17.9

3.0
3.3
4.2

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.8

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

84.8
87.2
89.6

344.3
346.2
348.0

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

91.5
92.7
93.8

349.4
35Q.3
351.1

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
3.8

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

105.6
105;2
104.9

94.2
94.1
94.0

351.4
351.1
;350.9

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

5.0
4.9
6.2

18.2
12.4
20.1

24.9
19.1
29.4

3.2
3.0
2.9

152.8
154.0
155.2

104.5
104.0
103.5

94.2
94.7
95.2

351.5
352.7
353.9

Oct.
Nov.
Dec.

8.3
8.3
8.3

1.5
1.5
1.4

18.5
18.5
18.5

1.7
1.7
2.2

5.5
5.1
5.0

16.0
12.4
16.6

23.1
19.2
23.8

2.8
2.8
2.8

156.0 a
156.1 a
156.2 a

103.0 a
102.7 a
102.3 a

95.9 a
96.9 a
97.9 a

354.9 a
355.7 a
356.5 a

8.3

1.5

18.5

3.2

6.5

23.2

32.9

156.3 a

101.9 a

99.0 a

357.2 a

8
15
22
29

8.3
8.3
8.3
8.3

1.4
1.4
1.4
1.4

18.5
18.5
18.5

1.3
3.3
1.9
1.8

4.5
5.1
6.1
4.5

9.9
7.3
18.6
31.2

15.7
15.7
26.7
37.5

2.8
2.8
2.8
2.8

1998-Jan.

5
12
19
26p

8.3
8.3
8.3
8.3

1.6
1.4
1.4
1.4

18.5
18.5
18.5
18.5

2.9
2.5
4.8
3.6

5.2
5.2
7.5
8.0

15.4
8.3
20.2
37.1

23.5
16.0
32.5
48.7

2.8
2.8
2.8
2.8

Fab.

2p

8.3

1.5

18.5

1.8

6.2

36.7

44.6

2.8

Foreign
commercial
banks

F reign
o
ofca
fiil
isiuin
ntttos

1996-Sap.

8.5

1.4

Oct.
Nov.
Dec.

8.6
8.8
9.1

1997-Jan.
Feb.
Mar.

1998-Jan. p
Waak andinq
1997-Dac•

e
p

estimated
preliminary




Note
balancesa
t
dp
e ository
isiuin
ntttos

Ttl
oa
cash
balance

00

13.8

Date

in

Balance
a
t
Fd
e eral
Reserve

r»

Time and
savings
A
t
deposits a commercial
t
commercial
banks
banks

Demand
depositsa
t
commercial
banks

08
*4

Timeand
svns
aig
dpst
eois
duet
o
frin
oeg
banksand
ofca
fiil
isiuin
ntttos

At
trf
hit
isiuin
ntttos

At
money
market
funds

Ttl
oa