Full text of H.6 Money Stock Measures : February 17, 2000
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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 17, 2000 M11 M22 M33 DEBT4 Seasonally adjusted 1 9 9 8 - Fe b . Mar. Apr . May June July Aug. Sep. Oct. Nov. Dec. 1076.1 1080.3 1081.7 1076.5 1077.9 1076.9 1073.1 1078.2 1084.7 1093.7 1097.4 4098.7 4128.6 4152.9 4175.0 4200.3 42 1 8 . 9 42 4 3 . 0 42 8 5 . 8 43 2 7 . 3 4364.3 4397.0 5487.5 5557.0 5594.7 5638.3 5682.6 5703.6 5762.2 5824.4 5887.8 5945.2 5997.0 15 39 5. 5 15 49 3. 8 15581. 4 15 66 1. 3 1 5746. 7 1 5832. 7 1 5 91 5. 2 1 5 99 2. 6 1 6 07 7. 2 16 17 0. 4 1625 0. 4 1 9 9 9 - Jan. Feb. Mar. Apr . May June July Aug. Sep. Oct. Nov. Dec. 1096.0 1094.3 1101.4 1107.2 1101.8 1100.2 1099.4 1098.3 1095.5 1101.2 1110.2 1125.4 44 2 2 . 4 4447.7 4463.5 4490.4 4513.1 4531.0 4553.6 4572.9 4594.1 4612.1 4632.2 4661.1 6028.8 6078.0 6087.8 6123.8 6156.3 61 8 7 . 4 6211.9 6231.6 6260.0 6311.4 6388.1 6471.5 1 6 33 6. 6 16 42 7. 2 16 542. 5 1 6 6 4 6. 1 16 71 9. 5 16 79 5. 7 16 87 4. 0 16 9 6 8 . 1 17 06 7. 0 17 1 5 4 . 1 17 22 3. 2 1732 3. 0 2 0 0 0 - Ja n . p 1121.9 4684.4 6513.6 Not seasonally adjusted 1 9 9 8 - Fe b . Mar. Apr . May June July Aug. Sep. Oct. Nov. Dec. 1066.3 1076.0 1087.8 1070.9 1075.3 10 7 4 . 4 1069.5 1070.9 1077.6 1098.2 1121.3 4090.9 4142.1 4184.6 4154.2 4187.3 4208.1 4237.8 4272.8 4311.6 4367.6 4422.2 5491.9 5578.1 5624.0 5622.0 56 6 6 . 3 56 7 8 . 9 5747.4 5801.8 5869.9 5955.4 6026.5 15361. 5 15 4 7 4 . 1 1555 5. 3 15619. 4 15702. 7 15772. 7 15 856. 5 15 9 4 0 . 1 16024. 4 16 14 4. 0 1624 7. 3 1 9 9 9 - Jan. Feb. Mar. Apr. May June July Aug. Sep. Oc t . Nov. Dec. 1104.0 1085.2 1097.4 1113.5 1096.4 1098.4 1097.5 1093.1 1086.6 1095.1 1113.7 1149.9 4433.0 4443.1 4481.3 4528.3 4489.0 4515.3 4539.4 4563.0 4577.8 4597.4 4634.5 4689.4 6043.3 6091.3 6115.7 6160.1 6137.5 6167.8 61 7 8 . 8 62 0 9 . 7 6230.3 6290.8 63 9 9 . 7 6506.6 1631 8. 2 16 39 3. 0 16 52 2. 8 1 6 61 7. 5 1 6 67 1. 9 16 746. 7 16 811. 9 16 9 1 1 . 1 17 017. 0 17 10 3. 3 17 2 0 2 . 1 1 7 32 3. 5 2000-Jan. p 1128.6 4694.9 6529.8 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 3 Months f r o m O c t , M1 M2 M3 DEBT1 1999 TO Jan. 2000 7.5 6.3 12.8 6.0 6 Months f r o m J u l y 1999 TO Jan. 2000 4.1 5.7 9.7 6.3 2000 2.4 5.9 8.0 6.6 T h i r t e e n weeks e n d i n g F e b r u a r y 7 , 2000 f rom t h i r t e e n weeks e n d i n g : Nov. 8, 1 9 9 9 (13 weeks p r e v i o u s ) 7.4 5.9 12.2 12 Months f r om Jan. 1999 TO Jan. Aug. 9, 1999 (26 weeks p r e v i o u s ) 3.5 5.6 9.0 Feb. 8, 1999 (52 weeks p r e v i o u s ) 2.2 6.0 7.8 f aggregates, namely, September 1999 to December 1999, June 1999 to December 1999, and December 1998 to December 1999, 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 summinq 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 addina 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. ** http://fraser.stlouisfed.org/ • • Federal Reserve Bank of St. Louis * K • • • • • • • • • I l.v 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 1999- Nov. 15 22 29 10 99 . 7 11 0 0 . 9 1102.1 1106.2 1109.1 11 0 9 . 9 1110. 0 11 13 . 1 1110. 5 4602.8 4607.7 4612.2 4622.0 4627.3 46 3 1 . 7 4629.2 4637.7 4637.9 6293.4 6306.2 6318.1 63 54 . 3 63 74 . 4 63 88 . 8 6389.8 6400.6 63 9 6 . 4 Dec. 6 13 20 27 1 1 03 . 4 1 1 04 . 8 1 1 06 . 8 1 1 10 . 2 1111.5 1112.1 1114.6 1121.4 1112. 5 1112. 4 1122. 8 1137. 7 4616.8 4622.0 4627.4 4632.6 46 3 6 . 9 4643.0 4650.2 4658.1 4642.9 46 5 3 . 4 46 6 6 . 7 4669.3 6331.1 6346.5 6363.3 6381.0 63 98 . 9 64 1 5 . 1 64 3 5 . 2 64 6 2 . 0 64 0 8 . 7 6454.6 64 8 0 . 9 6503.6 2 0 0 0 - Jan. 3 10 17 24 31p 11 1 4 . 0 11 1 5 . 6 1 1 17 . 2 1118.6 1119.2 11 3 0 . 8 1132.3 1131.8 11 2 7 . 5 11 1 8 . 8 1150. 3 1118. 5 1120. 6 1120. 7 1115. 3 4637.9 4643.5 4648.8 4654.6 4659.8 46 6 6 . 3 4673.2 46 7 7 . 0 4682.7 4685.7 4675.9 4680.7 4682.1 4692.0 4687.8 6399.6 6414.7 6429.8 6445.1 6459.7 6490.2 6500.6 6507.1 6511.2 6513.0 6521.5 6496.3 6507.1 6519.9 6528.7 Feb. 7p 11 1 9 . 3 1115.8 1106. 7 4665.7 4690.1 4698.4 6472.0 6521.0 6528.4 Not seasonally adjusted 1999- No v. 15 22 29 1093.1 1095.1 1 0 98 . 2 1103.0 11 0 8 . 4 11 1 2 . 3 1108. 8 1112. 6 11 27. 1 4589.3 4595.4 4602.3 4611.8 46 2 5 . 2 46 3 3 . 3 46 4 1 . 3 4630.1 4630.7 6271.7 6287.8 6304.3 63 4 3 . 6 63 75 . 5 63 99 . 7 6407.3 6405.8 6410.7 Dec. 6 13 20 27 11 00 . 6 1 1 03 . 6 11 08 . 3 1 1 15 . 6 1 1 17 . 4 1121.3 1130.2 1142.0 1121. 2 1124. 3 1148. 3 1174. 0 4608.2 4614.3 4622.9 4634.7 4 6 44 . 4 4654.2 4670.2 46 8 5 . 4 4675.3 4680.7 4694.1 46 9 1 . 4 6321.3 6340.0 6361.6 6386.8 64 20. 7 64 4 5 . 0 6472.1 65 00 . 3 6459.0 6504.4 6514.4 6523.4 2000-Jan. 3 10 17 24 3lp 1123.1 1127.0 1 1 29 . 4 1131.1 1131.0 1161.9 1165.1 1159.2 1143.9 1121.1 1201. 0 1137. 0 1124. 9 1112. 6 1110. 0 4644.7 4653.8 4661.7 4669.1 4673.7 4696.6 4706.8 4710.9 4706.3 4690.7 4720.1 4721.6 4710.4 4673.2 4657.6 6409.7 6429.0 6447.8 6465.7 6480.8 6521.6 6530.5 65 3 8 . 2 6535.1 6526.6 6544.1 6540.0 6545.1 6511.2 6510.1 Feb. 7p 11 3 0 . 8 11 1 1 . 4 10 98. 1 4679.3 4686.5 4704.7 6494.4 65 2 9 . 4 6551.3 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 m ay not add to totals due to rounding. Page 4 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Date Currency1 Travelers checks2 Other checkable deposits Demand deposits3 1998-Sep. 450.0 8.7 37 5 . 7 141. 4 At thrift institutions5 102.5 Oct. Nov. Dec. 453.8 456.7 459.5 8.6 8.3 8.2 37 6. 7 37 9. 1 3 7 9. 3 141. 8 145. 3 14 5 . 1 103.9 104.3 105.2 245.7 249.7 250.3 1 9 9 9 - Jan. Feb. Mar. 463.0 46 7 . 4 471.5 8.2 8.1 8.2 374.0 37 1 . 3 37 1 . 9 14 7. 0 142. 8 14 4. 2 103.9 10 4 . 7 105.6 250.8 247.5 249.8 Apr. May June 47 5. 6 480.0 48 3. 5 8.2 8.3 00 00 371.6 366.1 360.8 146.1 14 2. 2 1 4 2. 0 105.8 10 5. 3 105.1 251.9 247.4 247.2 July Aug. Sep. 487.3 491.2 495.3 9.1 8.9 8.7 360.2 356.6 351.1 1 3 8. 0 13 6. 9 1 3 6. 5 104.8 104.8 103.9 242.8 241.7 24 0. 4 Oct. Nov. Dec. 499.8 50 5 . 5 51 7 . 5 8.4 8.2 8.3 353.1 355.7 356.0 13 6. 4 1 3 7. 6 14 1. 3 10 3. 5 103.2 10 2. 4 239.9 240.9 24 3. 7 525.4 8.2 34 5 . 5 14 1. 5 10 1. 2 242.7 5 1 2. 4 516.1 523.1 8.2 8.3 8.4 351.9 3 5 5. 7 360.1 1 3 6. 9 14 0. 5 1 4 5. 0 103.0 102.2 101.2 240.0 242.7 246.1 At commercial banks4 2 0 0 0 - Jan. p Wee)? e n d i n g 1 9 9 9 - De c . 13 20 27 2. 3. 4. 5. Total 243.9 2000- J a n . 3 10 17 24 31p 533.0 5 3 0. 4 52 4 . 7 522.3 5 2 0. 7 8.5 8.4 8.3 8.2 8.1 359.6 337.1 345.6 348.0 345.1 1 4 8. 2 14 1. 2 1 4 0. 6 1 4 1. 6 14 0. 5 101.2 101.4 101.5 10 0. 7 101.0 249.3 242.6 242.1 24 2. 3 24 1. 5 Feb. 7p 520.1 8.1 e 336.3 1 3 7. 8 10 4. 4 242.2 ---------------------- J ' ---------------------- ---------— • • ■ -----------------J , . . iv w v i * V IIW W IIM II V U M IM VI u o p w o i i u i y I I I O U I U I I W I 19, 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 foreiqn banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consjsts 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 estim ated p preliminary Components m ay not add to totals due to rounding. • I l.u • • • • • • \v»U U / Table 5 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Savings deposits1 Date At commercial banks Total At commercial banks At thrift institutions Total Retail money funds Total Non-M1 M2 1 9 9 8 - Se p . 1138.1 40 3. 0 15 41. 1 62 8 . 7 33 1. 5 96 0. 3 706.3 3207.6 Oct. Nov. Dec. 11 5 2 . 7 1168.0 1184.8 40 7. 0 410.7 41 3. 8 1559.7 1578.7 1598. 6 628.3 62 8 . 3 626.1 330. 7 32 7. 3 32 5. 6 958.9 955.6 951.7 724.0 736.3 749.4 3242.6 3270.6 3299.6 1 9 9 9 - Jan. Feb. Mar. 1198.6 1212.6 1217.3 419.2 426.0 429.9 1617. 7 1638. 6 1647. 2 622.6 618.6 616.9 324. 3 3 2 2. 6 32 0. 4 947.0 941.1 937.3 761.7 773.7 777.6 3326.4 3353.4 3362.1 Apr. May June 1230.9 1242.4 1252.2 431.5 442.0 447.7 1662. 4 1684. 3 1699. 9 616.0 616.2 616.5 3 1 9. 3 3 1 7. 7 3 1 5. 0 935.2 933.9 931.5 78 5. 5 793.0 79 9. 4 3383.1 3411.3 3430.8 July Aug. Sep. 1264.3 1274.0 1285.8 453.6 455.4 455.4 1717. 9 1729. 5 1741. 2 617.6 619.6 623.1 314.1 31 4. 4 3 1 5. 2 931.7 933.9 938.3 804.5 811.1 819.1 3454.1 3474.5 3498.6 Oct. Nov. Dec. 1289.7 1288.7 1285.2 453.2 451.6 448.8 1742. 9 1740. 4 1734. 0 626.4 630.5 634.2 3 1 6. 3 31 8. 4 3 2 0. 0 942.6 948.8 954.2 825.4 832.7 847.6 3510.9 3522.0 3535.7 1287.5 447.3 1734. 9 638.4 3 2 2. 2 960.6 867.0 3562.5 1293.5 1291.2 1276.3 44 9. 4 449.7 44 8. 6 1742. 9 1741. 0 1725. 0 63 3. 6 634.5 635.8 31 9. 4 320.1 3 2 0. 7 953.0 954.6 956.5 845.1 84 8 . 4 85 0 . 2 3541.0 3544.0 3531.6 2000-Jan. p Week e n d i n g 1 9 9 9 - De c . 13 20 27 1. 2. At thrift institutions Small-denomination time deposits2 20 0 0 - J a n . 3 10 17 24 31p 12 6 4 . 5 1289.9 1290.9 1293.3 1286.7 444.6 445.3 446.9 449.9 450.3 1 7 09. 1 1735. 2 1737. 8 1743. 2 1737. 0 635.5 636.7 637.8 638.9 640.2 3 2 1. 2 321.6 3 2 2. 2 3 2 2. 6 3 2 2. 7 95 6. 7 958.3 960.0 961.6 962.9 859 .8 86 8 . 6 863.7 86 6 . 5 872.6 3525.6 3562.1 3561.5 3571.3 3572.5 Feb. 7p 1309.5 448.6 1758 . 1 641.3 3 2 2. 7 963.9 869.7 3591.8 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 m ay not add to totals due to rounding. Page 6 H.6 (508) Table 6 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Institutional money funds Date 3. 4. 5. At commercial banks2 At thrift institutions Eurodollars4 Total Debt components5 Total Non-M2 M3 Federal Non-Federal 472.7 536.5 86.6 623.1 288.2 15 4 . 6 1538.6 3 7 79 . 3 12 2 1 3 . 3 Oct. Nov. Dec. 491.7 507.1 51 8 . 4 534.6 537.6 539.3 87 . 7 88.0 88.9 62 2. 2 6 2 5. 6 628.1 289.1 293.1 3 0 0. 9 15 7. 4 15 5. 0 15 2 . 6 1560.5 1580.8 1599.9 37 6 7 . 2 37 5 8 . 9 37 5 0 . 8 12 3 1 0 . 1 12411.5 12499.6 1 9 9 9 - Jan. Feb. Mar. 52 3 . 3 533.2 535.9 54 1 . 4 537.8 534.5 90.3 90.0 89.6 63 1. 7 62 7. 8 624.1 30 0 . 7 31 5 . 2 30 5 . 7 15 0. 7 154.1 15 8 . 7 1606.4 16 3 0 . 3 1624.4 37 42 . 7 37 23 . 7 37 23 . 9 12 5 9 3 . 9 12 7 0 3 . 5 1 2 81 8. 7 Apr. May June 544.4 550.1 553.9 537.1 53 7. 2 535.9 89 . 4 88.6 88 . 9 6 2 6. 5 62 5 . 8 62 4 . 8 301.0 305.1 312.9 16 1 . 5 162.3 16 4 . 8 1633.4 1643.3 1656.4 37 1 8 . 6 37 0 2 . 8 37 0 3 . 6 12 9 2 7 . 5 13 0 1 6 . 8 13092.0 July Aug. Sep. 556.1 56 3. 8 56 6. 9 537.7 53 3. 9 54 0. 0 88 . 7 89.6 89.6 6 2 6. 5 6 2 3. 5 62 9 . 6 312.8 31 3 . 4 31 3 . 5 16 3 . 0 15 8 . 0 155.8 1658.3 1658.7 1665.9 37 0 8 . 0 3 7 11 . 0 3698.1 13166.1 13257.0 13 3 6 8 . 9 Oct. Nov. Dec. 577.7 592.1 607.4 565.5 593.5 614.9 89 . 6 91.1 91.6 655.1 68 4 . 6 706.5 312.7 31 8 . 7 329.2 153.8 160.5 167.2 1699.3 1756.0 18 1 0 . 4 3680.1 36 5 6 . 5 36 5 8 . 9 p 13 4 7 3 . 9 13 5 6 6 . 7 13664.1 p 62 3 . 5 620.9 94.4 715.3 320.8 169.6 1829.2 600.0 606.5 616.2 610.4 61 9. 6 619.7 91.2 91.5 91.9 701.6 71 1. 2 711.7 332.9 32 8 . 3 337.7 1 6 6. 7 168.2 16 8 . 7 1801.2 1814.2 1834.2 P Week e n d i n g 1 9 9 9 - De c . 13 20 27 1. RPs3 1 9 9 8 - Se p . 2 0 0 0 - Jan. 2. Large-denomination time deposits1 20 0 0 - J a n . 3 10 17 24 31p 637.7 61 6. 2 616.6 622.9 63 2 . 7 619.3 623.7 622.5 61 6. 9 62 0. 6 93.3 94.0 94.5 95.1 94.5 712.5 717.8 717.0 711.9 715.1 32 3. 1 31 3 . 7 319.5 323.1 32 5 . 7 17 2 . 3 168.0 172.0 17 0 . 0 16 7 . 4 1845.6 1815.7 1825.0 1828.0 1840.9 Feb. 7p 614.8 62 1. 8 94.7 716.5 334.9 16 3 . 9 1830.0 Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large-denomination ,ime deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and oTTiciai 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 UnitedI Kin< 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 m ay not add to totals due to rounding. » • V. • • • • • • • • • Page 7 H.6 (508) Table 7 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars Date Currency1 Travelers checks2 Other checkable deposits Demand deposits3 At commercial banks4 448.4 8.5 3 7 2. 4 14 0. 2 101.5 241.6 Oct. Nov, Dec. 45 2. 6 457.5 464.1 8.6 8. 4 8. 4 373.2 38 3 . 5 39 5 . 9 140. 4 1 4 4. 6 146. 3 102.8 104.2 106.6 24 3. 2 248.8 252.8 1 9 9 9 - Jan . Feb. Mar. 462.4 46 6. 4 471.2 8.3 8.3 8.3 379.2 36 4 . 3 367.2 14 9. 3 142. 7 14 4 . 8 104.7 103.5 105.9 254.1 246.1 250.7 Apr. May June 47 5. 7 479.7 483.0 8.3 8.3 8.6 372.1 361.6 359.4 1 4 9. 0 1 4 1. 8 142.1 108.4 10 4. 9 105.2 257.4 246.7 247.3 July Aug. Sep. 48 7. 7 490.1 493.2 8.7 8.6 8.5 360.1 355.2 347.0 136. 7 13 5. 5 1 3 5. 2 104.3 103.6 102.6 241.1 239.1 237.8 Oct. Nov. Dec. 498.9 506.3 523.1 8.4 8.3 8.4 35 0 . 5 359.0 372.0 13 5 . 0 13 7 . 0 14 2. 4 102.4 103.0 104.0 237.4 24 0. 0 246.4 52 4. 2 8.4 350.2 14 3. 7 102.0 245.8 516.4 522.2 532.6 8.3 8.4 8.5 360.5 373.4 382.6 1 3 5. 7 1 4 1. 2 1 4 7. 6 103.3 10 3. 0 10 2. 6 239.0 24 4. 3 250.2 p Week e n di n a 1 9 9 9 - De c . 13 20 27 4. 5. Total 1 9 98 - Se p. 2000-Jan. 1. 2. 3. At thrift institutions5 2000-Jan. 3 10 17 24 31p 537.7 531.2 523.5 518.9 516.6 8.6 8.5 8.4 8.4 8.3 394.6 349.5 348.7 342.1 342.4 153. 7 144.0 14 2 . 2 14 3. 3 1 4 2. 3 106.4 10 3. 8 102.1 99.9 100.3 260.1 247.8 24 4. 3 243.3 24 2. 6 Feb. 7p 519.1 8.3 e 328.5 1 3 7. 8 104.4 24 2. 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. e estim ated p preliminary Components m ay not add to totals due to rounding. H.6 (508) Table 8 Pa9e 8 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars Savings deposits1 Date At commercial banks Total At commercial banks At thrift institutions Total Retail money funds Total Non-M1 M2 1998-Sep. 1 1 35 . 4 402.1 15 37 . 5 628.1 331. 2 959.3 705.1 3201.9 Oct. Nov. Dec. 11 48 . 2 1 1 67 . 7 1186.0 405.4 41 0. 6 41 4. 2 15 53 . 6 15 78. 4 16 00 . 2 62 9 . 0 6 2 9. 4 62 6 . 5 33 1 . 1 3 27. 9 3 25. 8 960.1 957.3 952.3 720.3 733.7 74 8. 3 32 3 4 . 0 3269.4 3300.9 1 9 9 9 - Jan. Feb. Mar. 11 9 6 . 8 1 2 05 . 9 1220.4 418.5 423.6 431.0 16 15. 3 1 6 29 . 5 16 51 . 4 624.1 62 0 . 8 61 8 . 5 32 5 . 1 323. 7 32 1 . 2 94 9. 2 944.5 93 9. 7 76 4. 6 78 3. 9 792.8 3329.0 3357.9 3383.9 Apr. May June 12 4 4 . 9 1238.8 12 5 3 . 4 436.4 440.7 448.1 16 8 1 . 2 1 6 79 . 4 1 7 01 . 5 61 6 . 4 61 4 . 4 61 3 . 4 31 9. 5 3 1 6. 8 313. 4 93 5. 9 931.2 92 6. 8 797.6 782.0 788.6 3414.8 3392.6 3416.9 July Aug. Sep. 1265.7 1272.5 1282.0 454.1 454.9 454.1 1719.8 17 2 7 . 4 1736.1 61 5 . 8 618.0 622.5 31 3. 2 31 3. 5 314. 9 929.0 93 1. 5 937.4 793.1 811.0 817.6 3441.9 3469.9 3491.2 Oct. Nov. Dec. 1285.1 1288.4 1288.0 451.5 451.5 449.8 1736.6 1 7 39 . 9 1 7 37 . 8 6 2 7. 4 632.0 635.0 31 6. 8 319.1 320. 4 944.2 951.2 955.4 821.4 829.7 846.3 3502.2 3520.8 3539.5 1 2 85 . 7 446.7 1 7 32 . 4 640.0 3 2 3. 0 963.0 870.9 3566.3 1303.1 1291.6 1268.1 452.7 449.9 445.7 1 7 55 . 8 17 4 1 . 5 17 1 3 . 8 634.8 635.0 635.8 32 0. 0 320. 4 3 20. 7 954.7 955.4 956.4 845.8 849.0 847.1 3556.4 3545.9 3517.4 2000-Jan. p Week endincr 1 9 9 9 - De c . 13 20 27 1. 2. At thrift institutions Small-denomination time deposits2 2 0 0 0 —J a n . 3 10 17 24 31p 1 2 66 . 4 13 0 6 , 5 12 9 9 . 8 12 7 7 . 4 1261.9 445.3 451.0 450.0 444.3 441.6 17 1 1 . 6 1 7 57 . 4 1 7 49 . 7 17 2 1 . 8 1703.5 636.3 638.3 639.5 640.6 642.1 32 1. 6 3 22. 4 32 3. 0 3 23. 5 323. 7 957.8 960.6 96 2. 5 964.1 96 5. 8 849.5 866.6 873.2 874.7 878.3 3519.0 3584.7 3585.5 3560.6 3547.6 Feb. 7p 1309.9 448.7 1758.6 64 3 . 7 3 2 3. 9 967.6 880.3 3606.6 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. • • • • • • • • • • • • • • • • • • I I.U Table 9 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT Billions of dollars Institutional money funds Date 3. 4. 5. Eurodollars4 At commercial banks2 At thrift institutions Total At commercial banks At thrift institutions Non-Federal 1529.0 3743.4 12196. 7 156.2 154.9 154.5 1 5 58 . 3 15 8 7 . 8 16 0 4 . 3 3727. 8 3746.6 3754.9 12296. 6 12397. 5 12492. 3 3 0 0. 9 316. 7 3 0 7. 7 152.4 155.9 158.4 1610.3 1648.3 1634.4 3736. 6 3721.8 3741. 2 12581. 6 12671. 1 12781. 6 56.3 58.1 59.9 300.2 309.1 31 3 . 9 161.3 163.9 16 4. 7 1631.8 1648.4 1652.5 3 7 17. 1 3674. 2 3662. 8 12900. 4 12997. 7 13083. 9 248.6 249.3 246.9 62.2 63.6 65.8 31 0 . 8 31 2 . 9 3 1 2. 7 16 0. 9 15 6. 9 154.3 1639.4 1646.7 1652.5 3652. 2 3665. 8 3655. 8 13159. 8 13245. 3 13 36 1. 1 66 0. 1 6 8 8. 1 704. 4 244.4 256.7 261.2 65.6 64.6 63.4 31 0. 1 3 2 1. 3 324.6 152.4 16 0. 7 169.3 1693.5 1765.2 1817.2 3635. 4 3641. 4 3662. 5 p 13467. 9 13560. 7 1366 1. 0 p 93.0 7 0 5. 0 256.8 64.2 32 1 . 0 170.8 1834.9 611.8 61 8 . 7 615.2 91.4 91.4 91.3 7 03. 3 710.1 70 6. 5 267.6 259.4 265.0 63.8 63.3 63.3 3 3 1. 4 322.8 328.3 169.0 168.6 170.2 1823.7 1820.3 1832.0 86.9 625. 3 239.1 48.7 28 7 . 9 153.1 Oct. Nov. Dec. 486.9 5 0 8. 9 527 .9 53 9 . 3 540.6 537 .8 88.4 88.5 88.6 627. 7 62 9. 1 626. 4 24 2 . 6 250.6 248.6 44.8 44.3 46.9 28 7. 4 29 5 . 0 2 9 5. 5 1 9 9 9 - Jan. Feb. Mar. 534 .8 55 2. 4 544.1 53 3 . 2 53 3 . 9 534.6 89.0 89.3 89.6 622. 2 623. 3 624. 3 252.9 26 5 . 7 252.9 48.0 51.0 54.7 Apr. May June 54 4 . 2 54 5 . 3 547.6 53 6 . 7 541.0 537.1 89.4 89.2 89.1 626.1 630. 2 6 26. 2 243.9 251.0 254.1 July Aug. Sep. 54 0 . 5 555 .0 553 .2 538.4 532.6 542.3 88.8 89.4 90.0 627. 2 6 22. 0 632. 3 Oct. Nov. Dec. 570.9 595.1 618.9 569.8 596.6 613.0 90.3 91.6 91.3 638.2 61 1 . 9 620.0 61 8 . 9 6 2 6. 9 2000-Jan. 3 10 17 24 31p 633.4 628.2 633.5 643 .4 649.7 608.8 615.0 615.0 606.4 612.1 91.7 92.7 93.3 93.4 93.2 70 0. 5 707. 7 70 8. 3 699. 9 705. 3 252.2 249.4 256.4 259.1 264.2 63.1 63.8 64.3 64.9 64.4 315.3 313.2 32 0 . 6 324.0 32 8 . 6 174.9 169.2 172.4 170.8 169.0 1824.1 1818.4 1834.8 1838.1 1852.6 Feb. 7p 635.0 616.1 93.8 7 1 0. 0 274.0 64.0 33 8 . 0 16 3. 7 1846.6 I„ Debt components5 Federal 53 8. 4 p Total Non-M2 M3 Total 462.7 Week e n d i n a 1 9 99 - De c . 13 20 27 1. 2. RPs3 1 9 9 8 - Se p . 2000-Jan. ■i Large-denomination time deposits1 ~ 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. qovernment, and foreian banks and official institutions. a 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 Kinqdom 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 m ay not add to totals due to rounding. Table 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions 15 . 2 U.S. government deposits Total cash balance Time and savings deposits at commercial banks 20 . 4 29. 4 3.5 15 1. 4 5. 4 5.1 5. 9 19. 3 18. 7 24. 4 26 . 1 25. 1 32. 0 3.7 4.1 4.5 2. 9 1. 4 1. 5 6. 6 4.8 5. 5 30.8 6.9 12 . 1 40. 2 13. 0 19. 1 19.1 18.6 18.1 4.6 1. 4 2. 6 6. 4 5. 4 5. 9 16. 5 28 . 4 24 . 0 1. 6 1. 4 1. 3 18 . 7 20 . 6 22 . 4 1. 3 1. 3 2. 5 5. 2 5.1 6. 4 7. 4 7. 4 7. 4 1.2 1. 2 1.2 23 . 3 23 . 3 23 . 3 1. 4 1. 2 1. 5 7. 4 1.1 23 . 3 Demand deposits at commercial banks Balance at Federal Reserve 2.7 6. 3 15 . 5 16 . 5 17.5 1. 4 1. 3 1. 7 1. 8 1. 8 1. 7 18.2 18. 6 19.1 8.6 8.5 8. 3 1.6 1.6 1. 6 July Aug. Sep. 8.1 7. 9 7.6 Oct. Nov. Dec. Date Foreign commercial banks Foreign official institutions 1998-Sep. 9.6 2.0 Oct. Nov. Dec. 9. 4 9.2 8. 9 2.1 1.9 1.9 1 9 9 9 - Jan. Feb. Mar. 8. 8 8. 7 8.7 Apr. May June 2000-Jan. P Week e n di n a 19 99 - De c . 13 20 27 Note balances at depository institutions1 At money market funds Total 98. 4 110. 9 360. 7 15 1. 5 15 1. 5 151. 5 98. 4 97. 9 97. 4 113. 6 115. 5 117. 3 36 3. 6 364. 8 366.1 4.6 4.3 4.0 15 1. 5 1 5 1. 6 151. 7 97. 0 96. 8 96 . 5 119. 2 121. 0 122. 8 367. 7 36 9. 3 37 1. 0 27. 5 35. 3 32. 5 3.9 4.0 4.0 15 1. 6 15 1. 3 151.1 96. 4 96 . 3 96. 3 124. 3 125. 4 126. 5 37 2. 3 37 3 . 1 37 3. 8 27 . 2 9.2 29 . 3 33. 7 15. 6 38. 2 4.1 4.3 4.5 150. 7 150.1 149. 6 96 . 2 96 . 1 96 . 0 127. 8 e 129. 5 e 131. 2 e 37 4. 7 e 37 5. 7 e 37 6 . 8 e 5. 2 5. 1 8. 3 28 . 6 8.0 39 . 0 35. 2 14.3 48. 8 4.6 4.6 4.6 149.1 e 14 8. 7 e 1 4 8. 4 e 95 . 9 e 95 . 8 e 95 . 7 e 132. 9 e 134. 6 e 136. 3 e 3 7 7. 9 e 379.1 e 3 8 0. 3 e 2. 9 8. 1 52. 5 63. 5 4.6 14 8 . 0 e 95 . 6 e 137. 9 e 38 1. 6 e 1. 3 2.0 1. 4 4. 7 6. 6 7.1 0. 6 47 . 8 79.8 6. 6 56. 3 88. 2 20 0 0 - J a n . 3 10 17 24 3lp 1. 8 1. 8 3.1 5. 3 1. 7 24. 5 6. 9 5. 3 6. 7 6. 7 60 . 1 59 . 2 39 . 5 49 . 5 61. 8 86. 5 67. 8 47. 8 61. 6 70. 2 Feb. 7p 1. 2 5. 3 31. 4 37. 9 1. Source: Daily Treasury statement, e estimated p preliminary Components may not add to totals due to rounding. IRA and Keogh Accounts At commercial banks At thrift institutions