Full text of H.6 Money Stock Measures : February 13, 1997
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..•qtjGOvA-. FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK. LIQUID ASSETS. AND DEBT MEASURES6 Forreteaseat4:30p.m. Eastern Tme Billions of dollars February 13,1997 M11 Date M22 M33 L4 DEBT5 Seasonally adjusted 1995-Feb. Mar. Apr „ May June July Aug. Sep. Oct. Nov. Dec. 1148.4 1147.1 1150.4 1145.1 1142.7 1145.0 1144.0 1141.6 1135.7 1133.1 1129.0 3506.1 3506.7 3519.1 3534.9 3562.9 3583.1 3604.4 3620.1 3629.8 3639.3 3655.0 4357.7 4371.1 4397.5 4427.6 4463.9 4495.2 4527.1 4550.7 4567.1 4580.8 4594.8 5366.4 5397.3 5434.5 5463.6 5500.5 5553.2 5593.4 5642.9 5670.8 5679.4 5704.2 13277.3 13345.2 13405.5 13482.6 13560.6 13613.9 13654.2 13704.4 13764.1 13820.7 13866.9 1996-Jan. Feb. Mar. Apr. May 1122.2 1119.8 1126.2 1123.5 1117.1 1115.5 1108.8 1099.8 1093.2 1080.1 1080.0 1081.0 3669.9 3685.0 3713.9 3724.5 3725.6 3741.9 3750.0 3762.8 3775.4 3787.8 3809.2 3832.8 4622.2 4654.9 4691.4 4707.8 4729.8 4751.5 4769.3 4790.4 4822.3 4859.7 4890.2 4936.4 5722.2 5737.5 5791.1 5826.1 5832.5 5863.6 5886.4 5920.4 5964.7 5987.6 6031.5 p 13916.6 13987.3 14063.2 14129.5 14186.6 14246.1 14317.5 14378.3 14426.4 14484.9 14553.1 14611.4 p 1079.9 3849.6 4966.4 July Aug. Sep. Oct. Nov. Dec. 1997-Jan. p Not seasonally adjusted 1995-Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1135.1 1139.1 1160.1 1133.8 1140.8 1145.6 1139.3 1138.5 1132.9 1138.7 1152.8 3489.7 3506.6 3536.9 3520.9 3560.8 3586.6 3603.6 3613.5 3621.5 3643.2 3675.3 4343.9 4371.2 4408.7 4413.7 4462.0 4493.2 4526.1 4541.1 4563.6 4589.7 4614.3 5359.7 5407.1 5445.8 5445.2 5493.0 5546.7 5589.5 5623.6 5656.9 5688.7 5732.2 13235.1 13305.4 13359.3 13432.4 13516.8 13561.6 13607.2 13669.6 13730.4 13805.4 13867.4 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1130.1 1105.6 1117.7 1131.2 1105.2 1114.2 1109.7 1096.4 1090.1 1076.7 1085.2 1103.0 3673.3 3668.6 3715.6 3741.5 3709.2 3739.5 3754.0 3764.2 3768.2 3777.5 3812.1 3851.3 4628.6 4643.1 4693.9 4717.2 4713.6 4748.7 4767.3 4790.9 4811.1 4855.4 4898.3 4953.4 5737.3 5733.6 5804.6 5836.3 5812.2 5854.7 5879.5 5918.0 5943.4 5973.8 6039.7 p 13897.7 13949.9 14033.1 14092.3 14140.0 14200.5 14259.3 14325.1 14386.7 14447.0 14534.4 14610.5 p 1086.1 3851.3 4971.8 1997-Jan. 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 M1 M2 M3 DEBT1 1997 -0.1 6.5 8.8 5.1 6 Months from J u l y 199 6 TO J a n . 19 97 -5.2 5.3 8.3 5.1 1997 -3.8 4.9 7.4 5.4 Thirteen weeks ending February 3 , 1997 from thirteen weeks ending: Nov. 4, 1996 (13 weeks previous) -3.3 6.0 8.9 Aug. 5, 1996 (26 weeks previous) -5.8 4.9 7.7 Feb. 5, 1996 (52 weeks previous) -4.1 4.8 7.3 3 Months from O c t . 1996 TO J a n . 12 Months from J a n . 1996 TO J a n . 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1996 to December 1996, June 1996 to December 1996, and December 1995 to December 1996, 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 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 oy 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 13-week average 4-week average M3 M2 M1Period ending week average 13-week average 4-week average week average 13-week average 4-week average week average 1996-Nov. 11 18 25 1087.7 1086.4 1084.8 1080.8 1080.4 1078.8 1074.3 1078.4 1079.0 3780.9 3784.5 3787.8 3798.0 3803.3 3806.3 3805.6 3809.1 3808.3 4836.0 4843.9 4851.3 4872.9 4879.0 4885.5 4879.5 4891.6 4893.5 Dec. 2 9 16 23 30 1084.1 1082.7 1081.5 1080.8 1080.0 1080.3 1080.9 1080.4 1080.6 1079.5 1089.5 1076.5 1076.5 1080.0 1084.8 3792.0 3795.9 3799.9 3804.8 3809.4 3811.6 3817.6 3822.7 3829.3 3832.4 3823.3 3829.6 3829.5 3834.8 3835.6 4859.9 4869.1 4877.9 4886.3 4894.6 4893.9 4906.0 4917.1 4928.6 4936.9 4910.8 4928.1 4936.0 4939.6 4943.7 1997-Jan. 6 13 20 27p 1080. 1080, 1080, 1080, 1080, 1080, 1080. 1080. 1082. 1075. 1080. 1084. 3814. 3819, 3824, 3829, 3836.8 3839.4 3844.6 3850.3 3847, 3839, 3855. 3858, 4903, 4911, 4919, 4927. 4944.1 4949.5 4956.8 4965.7 4957.2 4957.5 4968.8 4979.3 Feb. 3p 1080.7 1082.0 1088.0 3833.7 3853.6 3860.8 4936.4 4973.3 4987.5 Not seasonally adjusted 1996-Nov. 11 18 25 1084.5 1083.9 1083.4 1077.3 1080.2 1082.7 1080.2 1088.7 1073.9 3774.5 3778.3 3782.1 3787.9 3797.2 3806.0 3812.1 3816.9 3796.2 4831.1 4839.6 4847.9 4870.1 4879.9 4890.9 4892.5 4902.8 4888.0 Dec. 2 9 16 23 30 1084.1 1082.7 1082.6 1085.0 1087.7 1085.9 1089.2 1090.9 1098.7 1101.3 1100.7 1093.6 1095.5 1104.8 1111.3 3787.4 3791.4 3796.5 3804.8 3813.0 3813.3 3823.4 3832.1 3846.1 3851.0 3827.8 3852.5 3851.7 3852.3 3847.3 4857.8 4867.4 4877.7 4889.5 4901.7 4900.6 4914.8 4929.3 4945.7 4954.2 4918.9 4949.3 4960.8 4953.6 4952.9 1997-Jan. 6 13 20 27p 1090.7 1091.8 10,92.1 1092.1 1108.8 1108.0 1101.9 1090.1 1123.5 1092.3 1080.6 1063.8 3820.6 3827.0 3832.6 3836.9 3858o9 3863.6 3863.6 3856.0 3884.1 3870.8 3852.2 3816.7 4911.4 4921.1 4929.6 4937.9 4960.9 4968.6 4973.6 4973.5 4976.2 4991.8 4973.4 4952.7 Feb. 3p 1091.2 1078.4 1077.0 3839.7 3843.9 3836.0 4944.9 4972.1 4970.4 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 At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 369.3 8.9 389.0 267.9 106.5 374.4 2478.5 930.6 Oct. Nov. Dae. 370.5 371.2 372.6 8.8 8.9 8.9 390 .0 389 .7 391 . 1 260.0 256.7 248.5 106.4 106.7 108.0 366 . 4 363 . 3 356 . 5 2494.1 2506.2 2526.0 937.3 941.5 939.8 1996-Jan. Feb. Mar. 373.0 373.4 375.4 8.9 8.9 8.9 394 ,4 397 . 3 404 .5 238.4 231.9 227.1 107.5 108.4 110.2 345 .9 340 .3 337 .3 2547.7 2565.2 2587.8 952.3 969.9 977.5 Apr. May June 376.4 377.7 379.9 8.8 8.7 8.7 404 .5 407 .1 410. .6 226.3 215.6 208.7 107.6 107.9 107.7 333. .9 323. .5 316, ,4 2600.9 2608.5 2626.4 983.3 1004.3 1009.6 July Aug. Sep. 382.8 385.2 387.6 408. .7 405. .8 404. .9 202.9 195.2 187.9 105.8 105.2 104.3 3 0 8 . .7 300. .4 292. .2 2641. 2663. 2682. 1019.3 1027.6 1046.9 Oct. Nov. Dec. 390.2 392.4 395.1 398, .2 402. .1 4 0 2 . ,6 179.0 172.8 171.6 104.2 104.1 103.1 283. .1 2 7 6 , ,8 2 7 4 . ,8 2707. 2729. 2751. 1071.9 1081.0 1103.6 401.9 170.9 101.4 272.4 2769.7 1116.8 Week e n d i n a 1996-Dec. 1997-Jan. Feb. 4. 5. 6. 7. Nontransactions components 1995-Sep. 1997-Jan. 1. 2. 3. Travelers checks2 Demand deposits3 P 396.9 8.6 9 16 23 30 394.5 396.0 393.4 395.3 8.6 8.6 8.6 8.6 402. 402. 402. 401. 167.4 167.0 173.0 176.6 103.8 102.4 102.3 102.9 271.2 269.3 275.4 279.5 2753.1 2753.0 2754.8 2750.8 1098, 1106. 1104. 1108, 6 13 20 27p 396.2 395.8 397.1 398.1 8.5 8.6 8.6 8.6 401.5 398.1 404.2 405.3 173.1 172.0 169.0 171.2 102.7 100.6 102.0 100.8 275.8 272.6 271.0 272.0 2765.3 2764.8 2774.7 2774.2 1109.7 1117.6 1113.2 1121.1 3P 398.4 8.7 406.5 171.4 103.1 274.5 2772.8 1126.7 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. e 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 deposits1 Date At thrift institutions 239.5 330.0 74.0 404.0 446 451 455 242.6 244.7 246.9 337.0 342.9 344.7 74.4 74.8 75.1 411.4 417.7 419.8 934.3 934.1 930.8 459.6 466.0 476.8 250.1 259.7 263.7 344.5 349.7 356.8 76.4 76.5 75.8 420.9 426.3 432.5 352.0 351.5 350.8 929.5 928.4 928.8 481.4 484.5 493.6 263.4 263.6 269.7 359.4 367.1 373.3 76.0 75.4 75.6 435.4 442.5 448.9 580. 582. 585. 350. 351. 352, 930. 934. 937, 499, 506. 513. 274.0 278.8 285.2 378.7 382.1 388.4 76 77 78 455. 459. 466.8 1246, 1258, 1270. 587.5 590.1 592.1 353. 353. 352. 940. 943. 944. 520. 527. 536. 288.1 292.0 299.3 402.8 408.4 420.4 78.8 79.4 79.3 481.6 487.8 499.7 368.6 1282.6 592.0 352.7 944.7 542.4 296.3 430.2 81.3 511.5 906.7 905.6 903.7 900.2 367.1 367.4 367.2 366.6 1273.8 1273.0 1270.9 1266.8 592. 592. 592. 591, 352. 352. 352. 352. 944.7 944.9 944.8 944.1 534.5 535.0 539.1 539.9 299.5 304.3 297.1 297.4 415.6 418.6 422.2 426.6 79 79 79 79 495. 497. 501, 506. 6 13 20 27p 912.6 910.7 919.5 916.0 366.4 366.9 369.4 371.7 1279.0 1277.6 1288.8 1287.7 591.8 592.0 591.6 592.5 352.3 352.2 352.9 353.1 944.1 944.3 944.5 945.6 542.3 543.0 541.4 540.8 301.3 300.5 292.4 295.5 424.8 429.9 430.3 431.0 80.4 81.0 81.3 81.7 505.2 510.9 511.7 512.7 3p 910.3 369.4 1279.7 592.3 353.1 945.4 547.6 291.9 437.4 81.9 519.2 At commercial banks At thrift institutions 1995-Sep. 748.6 363.4 1112.0 571.1 353.1 924.3 442.2 Oct. Nov. Dec. 756.6 762.4 776.0 363.9 361.8 361.1 1120.6 1124.2 1137.1 572.1 574.6 576.0 354.7 356.1 357.7 926.9 930.7 933.7 1996-Jan. Feb. Mar. 794.5 804.9 819.7 359.3 360.2 360.5 1153.8 1165.1 1180.2 579.4 579.4 578.2 354.9 354.7 352.6 Apr. May June 825.5 829.3 837.4 364.6 366.3 366.7 1190.1 1195.6 1204.1 577. 577, 578. July Aug. Sep. 844 857 865 366.8 365.6 365.8 1211. 1222, 1231, Oct. Nov. 879, 892, 903, 367.0 366.3 367.0 913.9 9 16 23 30 1997-Jan. Feb. Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary Large-denomination time deposits3 At commercial banks 4 Total Week endina 1996-Dec p Institutional money funds At thrift institutions 1997-Jan. P 3. 4. Retail money funds At commercial banks DeCc 1. 2. Small-denomination time deposits2 Total Total 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. 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 Debtcomponents6 Non-M3 Components ofL RPs Date 1 2 Eurodollars i<^.<5 94.5 183.9 Short-term Treasury securities3 45*.8 Oct. Nov. Dec . 190.4 187.5 182.1 92.9 91.5 91.0 184.2 184.5 184.8 1996-Jan. Feb. Mar. 187.1 188.6 187.3 94.2 95.4 94.0 Apr. May June 188.0 201.3 193.3 July Aug. Sep , Oct. Nov. Dec. Savings bonds 19$5-Sep. Commercial paper5 Federal debt Non-Federal debt 15.6 438.6 3S1S.5 10657.5 465.6 464.4 475.5 13.4 12.6 12.0 440.5 437.1 437.1 3626.5 3635.9 3638.8 10137.6 10184.8 10228.1 185.0 185.0 185.2 466.0 445.0 459.6 11.8 10.3 9.8 437.2 442.3 445.1 3639.6 3658.0 3685.1 10276.9 10329.3 10378.1 96.5 97.0 97.8 185.6 186.0 186.4 461.4 432.6 443.4 10.3 10.8 11.4 461.0 473.4 470.9 3698.0 3704.3 3710.7 10431.4 10482.3 10535.4 192.3 191.2 193.7 97.8 98.3 101.1 186.8 187.2 187.3 445.8 452.9 461.1 11.4 11.3 11.5 473.1 478.6 482.4 3729.4 3743.4 3746.4 10588.1 10635.0 10680.0 195.8 195.6 195.0 106.4 105.6 109.6 187.3 187.1 3758.2 3771.4 3780.4 10726.8 10781.8 10831.0 P 196.5 112.6 9 16 23 30 194.0 194.8 196.7 194.9 110.0 109.7 109.8 109.7 1997-Jan. 6 13 20 27p 193.9 195.9 196.0 197.7 109.3 110.3 113.3 115.2 Feb. 3p 200.0 115.6 1997-Jan. Week e n d i n a 1996-Dec. 1. 2. Bankers acceptances4 p 449.6 460.4 p 11.6 11.9 p 479.5 481.9 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. preliminary p Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency1 Date At commercial banks4 At thrift institutions5 lnM26 Total In M3 only7 9.3 387.8 266.1 106.2 372.2 2474.9 927.7 Oct. Nov. Dec . 369.9 371.6 376.2 8.9 8.7 8.5 390.9 395.6 407.3 257.0 255.6 251.6 106.2 107.1 109.2 363.2 362.7 360.8 2488.6 2504.5 2522.6 942.0 946.5 939.0 1996-Jan. Feb. Mar. 371.7 370.9 374,3 8.5 8.5 8.6 398.6 387.9 397.1 244.0 232.2 228.0 107.3 106.2 109.8 351.3 338.4 337.8 2543.2 2562.9 2597.9 955.3 974.5 978.3 Apr. May June 37 5 . 8 377.5 380.4 8.6 8.6 8.9 405.3 398.7 409.2 231.3 213.1 207.6 110.1 107.3 108.0 341.5 320.4 315.6 2610.3 2604.0 2625.4 975.7 1004.4 1009.2 July Aug. Sep. 383.7 385.8 386.8 9.1 9.0 8.8 410.3 404.2 403.9 200.8 192.8 186.7 105.8 104.5 103.9 306.6 297.3 290.6 2644.3 2667.8 2678.2 1013.4 1026.7 1042.9 Oct. Nov. Dec. 388.9 392.8 397.9 8.6 8.4 8.3 398.6 407.7 418.9 176.9 172.0 173.7 103.7 104.3 104.3 280.6 276.3 278.0 2700.8 2726.9 2748.3 1077.9 1086.2 1102.1 P 395.6 8.2 405.9 174.9 101.6 276.4 2765.2 1120.6 9 16 23 30 396.0 396.5 399.9 399.9 8.3 8.3 8.3 8.2 413.1 417.9 418.6 421.4 169.7 169.2 175.4 178.7 106.5 103.6 102.6 103.1 276.2 272.8 278.1 281.8 2758.9 2756.2 2747.4 2736.0 1096.8 1109.1 1101.4 1105.6 6 13 20 27p 398.1 396.0 395.5 394.0 8.2 8.2 8.2 8.3 e e e 430.9 410.2 402.8 390.6 179.2 175.5 172.8 173.2 107.1 102.3 101.2 97.6 286.3 277.8 274.0 270.9 2760.6 2778.6 2771.5 2752.9 1092.0 1120.9 1121.3 1136.0 3p 394.6 8.3 e 399.5 174.1 100.6 274.7 2759.0 1134.4 1997-Jan. Feb. e Nontransactions components Other checkable deposits 369.2 Week e n d i n a 1996-Dec. 4. 5. 6. 7. Demand deposits3 1995-Sep. 1997-Jan. 1. 2. 3. Travelers checks2 Currency outside U.S. Treasury, Federal Reserve Banks and the vaults oi 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 Page 8 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Small-denomination time d<eposits 2 Savings deposits 1 Date Total money funds 570.7 At thrift institutions 352.9 923.6 438.1 1120.3 1126.9 1136.1 571.7 573.2 573.8 354.4 355.2 356.3 926.1 928.4 930.1 357.4 357.9 360.6 1147.6 1157.8 1180.7 578.6 579.6 579.6 354.4 354.9 353.4 826.7 828.0 839.8 365.1 365.7 367.7 1191.7 1193.7 1207.6 579.1 578.0 578.4 July Aug. Sep. 847.0 860.0 866.6 368.1 366.8 366.2 1215.1 1226.8 1232.8 Oct. Nov. Dec. 878.8 894.2 902.5 366.9 367.0 366.6 P 908.9 9 16 23 30 1997-Jan. Feb. At commercial banks At thrift institutions 1995-Sep. 749.4 363.8 1113.2 Oct. Nov. Dec. 756.4 764.2 775.3 363.9 362.7 360.8 1996-Jan. Feb. Mar. 790.2 799.8 820.0 Apr. May June 1997-Jan. Week e n d i n a 1996-Dec. 1. 2. 3. 4. p Retail Institutional money funds Large-denomination time deposits 3 commercial banks 4 At thrift institutions Total 235.6 330.0 74.1 404.1 442.2 449.2 456.3 239.7 245.6 248.2 340.4 346.5 345.7 75.1 75.6 75.4 415.5 422.1 421.1 933.0 934.5 933.0 462.7 470.6 484.2 257.3 267.7 267.1 341.5 348.3 355.7 75.7 76.2 75.6 417.2 424.4 431.2 353.0 352.1 351.1 932.1 930.2 929.5 486.5 480.1 488.3 261.4 260.1 264.6 356.2 369.2 373.7 75.3 75.8 75.7 431.6 445.0 449.4 581.0 583.0 584.8 350.6 351.3 351.7 931.6 934.3 936.4 497.6 506.8 508,9 271.2 278.1 280.4 376.6 381.4 388.1 76.1 77.1 78.3 452.7 458.5 466.4 1245.6 1261.3 1269.1 586.8 588.6 589.9 353.1 352.4 351.2 939.9 941.0 941.1 515.3 524.6 538.1 284.7 292.6 300.5 407.4 413.1 421.9 79.7 80.4 79.6 487.1 493.4 501.5 366.6 1275.5 591.3 352.3 943.6 546.2 304.8 426.5 80.6 507.1 911.0 907.4 899.5 893.6 368.9 368.2 365.5 364.0 1280.0 1275.5 1265.0 1257.6 590.4 590.1 589.6 589.2 351.3 351.0 351.0 351.2 941.7 941.2 940.6 940.5 537.2 539.5 541.9 537.9 300.0 308.7 297.9 298.3 418 420 423, 426 79, 79, 79. 79, 498.4 500.5 502.4 505.8 6 13 20 27p 916.3 917.2 912.7 896.4 367.9 369.5 366.6 363.7 1284.2 1286.7 1279.3 1260.1 590.8 591.3 590.9 591.7 351.7 351.8 352.4 352.7 942.5 943.0 943.3 944.3 533.9 548.8 548.9 548.5 288.1 307.8 305.8 314.7 422.6 426.4 426.2 426.5 80.0 80.4 80.6 80.9 502.7 506.8 506.7 507.4 3p 898.2 364.5 1262.7 592.1 353.0 945.1 551.2 305.3 433.1 81.1 514.2 Total At commercial banks 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 9 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPs 1 Date At thrift institutions Eurodollars Savings bonds Total Short-term Treasury securities3 Bankers acceptances 4 Commercial paper6 Federal debt Non-Federal debt 1995-Sep. 146.4 47.9 194.3 93.7 183.3 447.2 12.6 439.4 3606.8 10062.8 Oct. Nov. Dec. 146.2 140.3 132.6 47.0 46.3 45.4 193.2 186.6 178.0 93.7 92.1 91.8 183.8 184.3 184.8 450.1 462.0 482.9 13.2 12.5 12.1 446.2 440.1 438.1 3610.1 3635.9 3645.9 10120.3 10169.4 10221.4 1996-Jan. Feb. Mar. 140.3 140.6 139.4 45.0 45.3 45.6 185.3 185.9 185.0 95.4 96.5 95.0 185.1 185.4 185.7 470.0 451.8 470.7 12.3 10.6 10.0 441.3 442.7 444.3 3634.4 3655.5 3698.1 10263.3 10294.4 10335.0 Apr. May June 139.1 152.5 147.2 47.9 50.8 51.0 187.0 203.3 198.2 95.8 96.0 97.0 186.1 186.3 186.4 461.4 430.1 441.1 10.5 10.8 11.5 461.1 471.4 467.0 3699.5 3692.1 3698.1 10392.9 10447.9 10502.4 July Aug. Sap. 142.7 143.0 146.5 50.4 49.6 49.2 193.1 192.7 195.8 96.4 97.5 100.4 186.6 186.7 186.7 446.9 456.0 451.1 10.9 10.8 11.3 467.8 473.6 483.1 3708.3 3730.9 3736.1 10551.0 10594.2 10650.6 Oct. Nov. Dae. 150.1 146.1 142.7 48.7 48.3 47.0 198.8 194.4 189.7 107.3 105.8 110.4 186.8 186.9 3740.9 3771.4 3787.9 10706.2 10763.1 10822.6 P 148.9 45.6 194.5 114.2 9 16 23 30 141.3 142.9 144.0 142.3 47.8 47.1 46.7 46.3 189.1 190.1 190.7 188.6 109.3 109.8 110.3 112.8 1997-Jan. 6 13 20 27p 144.0 148.4 148.7 151.4 45.8 45.6 45.3 45.7 189.8 194.0 194.0 197.0 111.4 112.4 114.8 116.9 Feb. 3p 153.4 45.5 198.9 115.9 1997-Jan. Weefc e n d i n g 1996-Dec. 4. 5. 6. At commercial banks Debt components 6 Non-M3 Components of L 2 p 434.1 457.5 p 11.4 11.8 p 486.1 485.2 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 oy 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 for preliminary Digitized FRASER p 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 IRA and Keogh Accounts Time and savings deposits at commerce At commercial banks institutions f unc | s 30e6 2.8 150.5 111.2 e 74.1 335.8 e 14.6 19.8 16.5 27-1 2.8 1.6 1.1 150.9 150.7 150.5 111.0 e 110.5 e 110.1 e 74.3 74.9 75.5 336.1 e 336.1 e 336.1 e 5.2 5.0 5.7 15.9 13.2 10.8 26-5 21.2 20.6 1.2 1.3 1.2 150.7 150.8 151.0 109.8 e 109.6 e 109.5 e 76.6 78.0 79.6 337.1 e 338.4 e 340.0 e 7.2 5.7 6.1 11.6 10.1 14.5 24. 18. 25. 3.2 4.5 4.4 151.2 151.3 151.6 109.3 e 109.0 e 108.8 e 79.5 78.1 76.5 340.0 e 338.4 e 336.9 e 13, 13. 14. 5.3 5.1 6.2 17, 12, 20, 25. 20, 31. 151.9 151.7 151.3 108.6 e 108.5 e 108.4 e 76.6 e 76.7 e 76.7 e 337.1 e 336.9 e 336.5 e 1.4 1.4 1.4 14. 14. 14. 5.0 5.0 5.7 11. 11. 11. 19.0 19.9 21.9 4.6 4.6 4.6 151.2 151.2 151.2 108.4 e 108.4 e 108.4 e 76.8 e 76.9 e 77.0 e 336.4 e 336.5 e 336.6 e 8.6 1.4 14.3 4.2 6.2 20.2 30.6 4.6 151.6 108.4 e 77.0 e 337.0 e 9 16 23 30 8.6 8.6 8.6 8.6 1.4 1.4 1.4 1.4 14.3 14.3 14.3 14.3 2.6 6.7 3.9 3.8 4.6 5.7 6.7 6.0 2.9 4.7 16.8 20.6 10.2 17.1 27.4 30.3 4.6 4.6 4.6 4.6 1997-Jan. 6 13 20 27p 8.6 8.6 8.6 8.6 1.4 1.4 1.4 1.4 14. 14. 14. 14. 5.2 5.1 6.7 6.8 17. 11. 14. 32. 28. 19, 26. 43. Feb, 3p 8.6 1.4 14.3 7.5 27.8 38.3 Note balances at depository institutions Demand deposits at commercial banks Balance at Federal Reserve 12.7 5.9 6.8 17.8 1.5 1.6 1.5 12.2 12.4 12.5 3.1 2.9 5.9 5.3 5.4 6.5 11.4 1.5 1.5 1.4 13.0 13.5 14.0 4.3 3.0 4.0 June 7 ,. 8 8. . 3 8. ,9 14.0 13.5 13.0 5.8 2.8 4.8 July Aug. Sep. 9 ,. 1 7 , ,9 8 . ,5 Oct. Nov. Dec. 8. 6 8. 6 8. 6 Date Foreign commercial banks Foreign official institutions 1995-Sep. 7.6 1.6 Oct. Nov. Dec. 8 .4 8 .3 8 .4 1996-Jan. Feb. Mar. 8 .4 8 .2 8, . 0 Apr. May 1997-Jan. P Week e n d i n a 1996-Dec. e p lime and savings deposits due to foreign banksand official institutions estimated preliminary 3.1 8.2 Total cash balance 4.6 Total Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class