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•Mm.i:-

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

MONEY STOCK. LIQUID ASSETS. AND DEBT MEASURES6

Forreleaseai4:30p.m. Eastern Tme

Billions of dollars

Date

February 27,1997

M11

M22

M33

DEBT5

Seasonally adjusted
1995-Fob.
Mar.
Apr.
May
Juno
July
Aug.
Sop.
Oct.
Nov.
Doc.

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.
Fob.
Mar.
Apr.
May
Juno
July
Aug.
Sop.
Oct.
Nov.
Doc.

1122.2
1119.8
1126.2
1123.5
1117.1
1115.5
1108.8
1099.8
1093.2 .
1080.1
1079.9
1080.9

3669.9
3685.0
3713.9
3724.5
3725.6
3741.9
3750.0
3762.8
3775.4
3787.8
3809.3
3833.0

4622.3
4655.2
4692.1
4708.7
4731.2
4753.5
4771.5
4791.4
4822.5
4859.8
4890.1
4935.2

5722.3
5737.8
5791.8
5827.1
5833.9
5865.6
5888.6
5921.4
5964.8
5987.4
6030.9
6071.9 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

1997-Jan.

1079.6

3849.7

4965.6

Not seasonally adjusted
1995-Feb.
Mar.
Apr.
May
Juno
July
Aug.
Sop.
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.
Fob.
Mar.
Apr.
May
Juno
July
Aug.
Sop.
Oct.
Nov.
Dec.

1130.1
1105.6
1117.7
1131.2
1105.2
1114.2
1109.7
1096.4
1090.1
1076.7
1085.1
1102.9

3673.3
3668.6
3715.6
3741.5
3709.2
3739.5
3754.0
3764.2
3768.2
3777.6
3812.2
3851.5

4628.7
4643.3
4694.6
4718.1
4715.1
4750.8
4769.5
4791.8
4811.3
4855.5
4898.2
4952.3

5737.4
5733.9
5805.2
5837.2
5813.7
5856.8
5881.7
5918.9
5943.5
5973.6
6039.1
6096.7 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

1997-Jan.

1085.8

3851.4

4971.1

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

-0.2

6.5

8.7

5.1

1997

-5.3

5.3

8.1

5.1

12 Months from J a n . 199 6 TO J a n . 19 97

-3.8

4.9

7.4

5.4

-1.9

6.2

9.1

Aug. 19, 1996 (26 weeks previous)

-5.2

5.1

8.0

Feb. 19, 1996 (52 weeks previous)

-3.9

4.9

7.4

3 Months from O c t .

199 6 TO J a n . 19 97

6 Months from J u l y 1996 TO J a n .

Thirteen weeks ending February 17
1997
from thirteen weeks ending:
Nov. 18, 1996 (13 weeks previous)

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 by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted
M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this
result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutual fund holdings of these assets.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the
data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt
data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z . 1 . In those releases, published levels of
credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week via the web site of the Federal Reserve
Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and
weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free
(800) STAT-USA (800-782-8872).




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1

M2

M3

Period endi ng

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1996-Nov. 25

1084.8

1078.7

1078.9

3787.8

3806.5

3808.5

4851.4

4885.6

4893.4

Dec.

2
9
16
23
30

1084.1
1082.6
1081.5
1080.7
1079.9

1080,2
1080,8
1080.3
1080.5
1079.4

1089.4
1076.4
1076.4
1079.9
1084.7

3792.1
3796.0
3800.0
3804.9
3809.5

3811.7
3817.8
3822.9
3829.5
3832.6

3823.5
3829.8
3829.6
3835.0
3835.8

4859.9
4869.0
4877.7
4886.0
4894.2

4893.7
4905.5
4916.3
4927.6
4935.7

4910.1
4926.9
4934.8
4938.4
4942.5

1997-Jan.

6
13
20
27

1080.1
1080.3
1080.4
1080.2

1080.8
1080.4
1080.6
1080.4

1082.0
1075.0
1080.6
1083.8

3814.7
3819.4
3824.6
3829.5

3837.0
3839.7
3845.1
3851.0

3847.7
3840.4
3856.3
3859.4

4903.1
4911.0
4918.9
4927.5

4943.0
4948.7
4956.5
4965.7

4956.1
4957.8
4969.7
4979.0

3
lOp
17p

1080.5
1081.2
1081.1

1081,6
1083.7
1082.7

1087.1
1083.1
1076.7

3834.0
3838.4
3842.8

3854.4
3859.8
3862.6

3861.4
3862.1
3867.5

4935.9
4945.1
4954.6

4973.3
4983.6
4995.1

4986.8
4998.8
5015.8

Feb.

Not seasonally adjusted
1996-Nov. 25

1083.4

1082.6

1073.9

3782.2

3806.2

3796.4

4848.0

4891.0

4887.8

Dec.

2
9
16
23
30

1084.1
1082.7
1082.5
1085.0
1087.7

1085.9
1089.2
1090.9
1098.6
1101.2

1100.7
1093.5
1095.4
1104.7
1111.2

3787.5
3791.5
3796.6
3804.9
3813.1

3813.4
3823.5
3832.2
3846.3
3851.2

3827.9
3852.7
3851.9
3852.5
3847.5

4857.9
4867.3
4877.5
4889.2
4901.3

4900.4
4914.2
4928.5
4944.6
4953.0

4918.3
4948.1
4959.6
4952.5
4951.8

1997-Jan.

6
13
20
27

1090.6
1091.7
1092,0
1092.0

1108.7
1107.9
1101.8
1089.9

1123.4
1092.2
1080.3
1063.6

3820.7
3827.2
3832.8
3837.2

3859.1
3863.9
3864.0
3856.6

3884.3
3871.4
3852.9
3817.9

4911.0
4920.7
4929.2
4937.6

4959.8
4967.9
4973.4
4973.6

4975.2
4992.2
4974.4
4952.4

3
lOp
17p

1091.1
1090.2
1088.3

1078.1
1072.4
1068.3

1076.1
1069.4
1064.0

3840.1
3843.6
3846.5

3844.7
3841.4
3841.6

3836.7
3858.0
3853.8

4944.4
4953.0
4961.0

4972.2
4975.2
4983.2

4969.8
5004.2
5006.5

Feb.

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

Travelers checks2

Demand deposits3

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1995-Sep.

369.3

8.9

389.0

267.9

106.5

374.4

2478.5

930.6

Oct.

Nov.
Doc.

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,
397,
404,

238.
231.
227,

107,.5
108,.4
110,.2

345.9
340.3
337.3

2547,
2565,
2587.8

952 .4
970 .2
978 .2

June

376 = 4
377.7
379.9

8.8
8.7
8.7

404,
407,
410,

226.
215.
208.

107,.6
107,.9
107,.7

333.9
323.5
316.4

2600,
2608.
2626.

1005 .7
1011,.6

July
Aug.
Sep.

382.8
385.2
387.6

408.7
405.8
404.9

202.
195.
188.

105,.8
105,.2
104,,3

308.7
300.4
292.2

2641.
2663.
2682.

1021,.5
1028,.5
1047,.1

Oct.
Nov.
Dec.

390,
392,
395.

398.3
402.2
402.6

178.
172.
171.

104.,2
104<,0
103,,0

283.1
276.7
274.5

2707.
2729.
2752.

1071,,9
1080,.7
1102,.2

401.9

170.8

101.3

272.1

2770.2

1115,.9

Apr.

May

397.0

1997-Jan.
W e e k endina
1996-Dec. 23

8.6

984 .2

30
1997-Jan.

Feb.

1.
2.
3.
4.
5.
6.
7.

393.
395,

8.6
8.6

402.7
401.4

172.8
176.4

102.3
102.8

275.1
279.3

2755 .1
2751,.2

1103,.4
1106,,6

6
13
20
27

396.3
395,9
397.2
398.2

8.5
8.6
8.6
8.6

401.6
398.2
404.1
405.2

172.9
171.8
168.8
171.1

102.6
100.5
101.9
100.7

275.5
272.3
270.7
271.7

2765,.7
2765,.4
2775,.7
2775,.6

1108,,5
1117.,4
1113..4
1119,,5

3
lOp
17p

398.4
399.8
400.5

8.7
8.6
8.6

406.3
404.9
404.0

171.1
168.0
162.4

102.6
101.8
101.2

273.7
269.9
263.6

2774,.3
2778,.9
2790,.8

1125,.4
1136.,8
1148.,3

e
e

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

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
Small-denomination time deposits2

Savings deposits1
Date

Institutional
money
funds

At
commercial
banks

At
thrift
institutions

1112.0

571.1

353.1

924.3

442.2

239.5

commercial
banks4
330.0

1995-Sep.

748.6

Oct.
Nov.
Dae.

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

446.7
451.2
455.2

242.6
244.7
246.9

1996-Jan.
Feb.
Mar.

794.
804.
819.

359
360,
360,

1153.8
1165.1
1180.2

579.4
579.4
578.2

354.9
354.7
352.6

934.3
934.1
930.8

459.6
466.0
476.8

Apr.
May
June

825.
829.
837,

364
366
366

1190.1
1195.6
1204.1

577.5
577.0
578.0

352.0
351.5
350.8

929.5
928.4
928.8

July
Aug.
Sep.

844.
857.
865.

366.8
365.6
365.8

1211,
1222,
1231,

580,
582,
585,

350,
351,
352,

Oct.
Nov.
Dec.

879,
892,
903,

367.
366.
367,

1246.3
1258.8
1270.8

587,
590,
592,

1997-Jan.

913.7

368.5

1282.2

Week endina
1996-Dec. 23
30

903.9
900.3

367.2
366.7

6
13
20
27

912.7
910.8
919.6
916.3

3
lOp
17p

910.7
916.6
923.8

Feb.

1.
2.
3.
4.
p

Large-denomination time deposits3

Total

At
thrift
institutions
363.4

1997-Jan.

At
commercial
banks

Retail
money
funds

Total

—a—

At
thrift
institutions

Total

74.0

404.0

337.0
342.9
344.7

74.4
74.8
75.1

411.4
417.7
419.8

250.1
259.7
263.7

344.5
349.7
356.8

76.4
76.5
75.8

420.9
426.3
432.5

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

930,
934,
937,

499.
506,
513,

274.0
278.8
285.2

378.
382,
388,

76,
77.
78,

455.2
459.3
466.8

353,
353,
352.

941,
943,
944,

520,
527,
536.

288.
292.
299.

402.8
408,
420.

78.8
79.4
79.3

481.6
487.9
499.8

592.8

352.7

945.5

542.4

296.3

429.4

81.2

510.6

1271.1
1267.0

592.3
591.6

352.6
352.6

944.9
944.2

539.1
539.9

297.1
297.4

422.2
426.7

79.0
79.4

501.3
506.1

366.4
366.9
369.4
371.6

1279.1
1277.7
1289.0
1287.9

591.9
592.4
592.4
593.8

352.4
352.3
352.9
353.1

944.2
944.7
945.4
946.9

542.3
543.0
541.4
540.8

301.3
300.5
292.4
295.5

424.8
429.9
430.4
428.8

80.4
81.0
81.3
81.7

505.3
511.0
511.8
510.5

369.3
366.9
369.5

1280.0
1283.5
1293.3

593.7
593.7
593.5

353.0
353.2
353.2

946.7
946.9
946.7

547.6
548.6
550.8

291.9
300.2
307.1

435.0
438.7
443.4

81.9
82.1
82.1

516.9
520.8
525.5

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 6
H.6(508)
Table 4 - continued

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

RPs 1

Date

Non-M3 Components of L

Eurodollars2

1995-Sep.

192.6

94.5

183.9

Short-term
Treasury
securities3
454.6

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.

187.2
188.9
188.0

94.2
95.4
94.0

Apr.
May
June

188.9
202.7
195.3

July
Aug.
Sep.

Savings bonds

Bankers
acceptances4

Commercial paper5

Debtcomponents6
Federal debt

Non-Federal debt

12.5

43d.6

3*11.5

16667.$

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

194.4
192.0
193.9

97.9
98.4
101.2

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

Oct.
Nov.
Dec.

195.6
194.7
192.5

106.6
106.3
110.6

187.3
187.1
187.0

449.3
459.9
445.6

11.6
11.9
12.0

479.5
481.9
492.1 p

3758.2
3771.4
3780.4

10726.8
10781.8
10831.0

1997-Jan.

195.2

113.8

194.1
192.2

110.8
110.8

6
13
20
27

191.4
194.4
194.7
197.1

110.5
111.6
114.5
116.5

3
lOp
17p

199.6
200.7
201.0

117.0
115.2
114.7

Week e n d i n a
1 9 9 6 - D e c . 23
30
1997-Jan.

Feb.

p

p

p

p

4,
5.
6.

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary

1.
2.




p

Page 7
H.6(508)
Table 5

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

Date

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

lnM2 6

Total

In M3 only7

1995-Sep.

369.2

9.3

387.8

266.1

106.2

372.2

2474.9

927.7

Oct.
Nov.
Doc.

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

955.4
974.8
979.0

Apr.
May
June

375,8
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

976.6
1005.9
1011.3

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0
8.8

410.3
404.2
403.8

200.8
192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2644.3
2667.8
2678.2

1015.6
1027.6
1043.1

Oct.
Nov.
Dec.

388.9
392.8
397.9

8.6
8.4
8.3

398.6
407.7
418.9

176.9
171.9
173.6

103.7
104.2
104.2

280.6
276.2
277.7

2700.9
2727.1
2748.6

1077.9
1086.0
1100.8

1997-Jan.

395.6

8.2

405.8

174.7

101.4

276.1

2765.6

1119.7

Week e n d i n a
1 9 9 6 - D e c . 23
30
1997-Jan.

Feb.

1.
2.
3.
4.
5.
6.
7.
e

400.0
400.0

8.3
8.2

418.6
421.5

175.3
178.5

102.5
103.0

277.8
281.5

2747.7
2736.3

1100.0
1104.3

6
13
20
27

398.2
396.1
395.6
394.1

8.2
8.2
8.2
8.3

430.9
410.3
402.7
390.6

179.0
175.3
172.7
173.1

107.0
102.2
101.1
97.5

286.1
277.6
273.8
270.6

2760.9
2779.2
2772.6
2754.3

1090.9
1120.8
1121.4
1134.5

3
lOp
17p

394.6
398.1
398.4

8.3
8.2
8.2

399.3
395.7
395.7

173.8
166.2
162.5

100.1
101.2
99.2

273.9
267.3
261.6

2760.6
2788.7
2789.8

1133.1
1146.2
1152.6

e
e

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




p

preliminary

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 deposits 2

Savings deposits 1

Institutional
money
funds

Total

570.7

At
thrift
institutions
352.9

Retail
money
funds

923.6

438.1

235.6

1120.3
1126.9
1136.1

571.7
573.2
573.8

354.4
355.2
356.3

926.1
928.4
930.1

442.2
449.2
456.3

357.4
357.9
360.6

1147.6
1157.8
1180.7

578.6
579.6
579.6

354.4
354.9
353.4

933.0
934.5
933.0

826.7
828.0
839.8

365.1
365.7
367.7

1191.7
1193.7
1207.6

579.1
578.0
578.4

353.0
352.1
351.1

July
Aug.
Sop.

847.0
860.0
866.6

368.1
366.8
366.2

1215.1
1226.8
1232.8

581.0
583.0
584.8

Oct.
Nov.
Doc.

878.8
894.3
902.7

366.9
367.1
366.6

1245.7
1261.4
1269.3

1997-Jan.

908.7

366.5

899.7
893.8

6
13
20
27
3
lOp
17p

At
commercial
banks
749.4

At
thrift
institutions
363.8

1113.2

Oct.
Nov.
Doc.

756.4
764.2
775.3

363.9
362.7
360.8

1996-Jan.
Fob.
Mar.

790.2
799.8
820.0

May
Juno

Date

1995-Sop.

Wook o n d i n q
1 9 9 6 - D o c . 23
30
1997-Jan.

Fob.

1.
2.
3.
4.

p

'"At"""
commercial
banks

Large-denomination time deposits 3
At
commercial
banks 4
330.0

At
thrift
institutions
74.1

404.1

239.7
245.6
248.2

340.4
346.5
345.7

75.1
75.6
75.4

415.5
422.1
421.1

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

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

350.6
351.3
351.7

931.6
934.3
936.5

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

586.8
588.6
590.0

353.1
352.5
351.2

939.9
941.1
941.2

515.3
524.6
538.1

284.7
292.6
300.5

407.4
413.1
422.0

79.7
80.4
79.6

487.1
493.5
501.5

1275.1

592.1

352.3

944.3

546.2

304.8

425.6

80.5

506.2

365.5
364.0

1265.2
1257.8

589.7
589.3

351.0
351.3

940.7
940.6

541.9
537.9

297.9
298.3

423.2
426.5

79.2
79.4

502.5
505.9

916.5
917.4
912.8
896.6

367.9
369.5
366.7
363.7

1284.4
1286.9
1279.5
1260.3

590.9
591.7
591.7
593.0

351.8
351.8
352.5
352.6

942.6
943.5
944.2
945.6

533.9
548.8
548.9
548.5

288.1
307.8
305.8
314.7

422.7
426.5
426.3
424.3

80.0
80.4
80.6
80.9

502.7
506.9
506.9
505.2

898.5
919.5
919.8

364.4
368.0
367.8

1263.0
1287.5
1287.6

593.5
594.0
594.0

352.9
353.3
353.4

946.4
947.3
947.5

551.2
553.8
554.8

305.3
313.9
314.9

430.8
436.2
441.3

81.1
81.6
81.7

511.9
517.8
523.0

Total

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




Total

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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1
Date

At commercial
banks

At thrift
institutions

Debtcomponents6

Non-M3 Components of L
Eurodollars'
Total

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal debt

N on-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.

140.4
140.9
140.0

45.0
45.3
45.6

185.4
186.2
185.6

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

140.0
153.9
149.2

47.9
50.8
51.0

187.9
204.7
200.3

95.8
96.0
97.1

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.
Sep.

144.7
143.9
146.7

50.5
49.6
49.2

195.2
193.5
195.9

96.4
97.6
100.4

186.6
186.7
186.7

446.9
456.0
451.0

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.
Dec.

150.1
145.9
141.3

48.5
47.6
46.0

198.5
193.5
187.4

107.5
106.5
111.4

186.8
186.9
187.0

433.8
457.0
452.2

11.4
11.8
12.1 p

486.1
485.2
493.1 p

3740.9
3771.4
3787.9

10706.2
10763.1
10822.6 p

1997-Jan.

147.5

45.7

193.2

115.5

Week e n d i n g
1 9 9 6 - D e c . 23
30

142.6
140.9

45.6
45.2

188.3
186.1

111.4
114.0

6
13
20
27

142.6
146.9
147.2
149.9

44.7
45.5
45.5
46.5

187.3
192.5
192.7
196.4

112.7
113.6
116.0
118.2

3
lOp
17p

152.0
152.5
151.6

46.5
46.4
46.7

198.5
198.9
198.3

117.4
115.5
116.4

1997-Jan.

Feb.

1.
2.
3.
4.
5.
6.

p

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 10
H.6(508)
Table 6

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

Time and
savings
deposits
due to
foreign
banksand
official
institutions

U.S., government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

30.6

2.8

150.5

111.2

e

74.1

335.8

e

11.4
8.2
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
336.1
336.1

e
e
e

6.2
5.0
5.7

15.9
13c2
10.8

26.5
21.2
20.6

1.2
1.3
1.2

150.7
150.8
151.0

109.8
109.6
109.5

e
e
e

76.6
78.0
79.6

337.1
338.4
340.0

e
e
e

5.8
2.8
4.8

7.2
5.7
6.1

11.6
10.1
14.5

24.6
18.7
25.4

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
338.4
336.9

e
e
e

13.2
13.6
14.1

2.9
2.7
4.6

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.3

4.6
4.6
4.6

151.9
151.7
151.3

108.6
108.5
108.4

e
e
e

76.6
76.7
76,7

e
e
e

337.1
336.9
336.5

e
e
e

1.4
1.4
1.4

14.3
14.3
14.3

3.0
3.3
4.3

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.9

4.6
4.6
4.6

151.2
151.2
151.2

108.4
108.4
108.4

e
e
e

76.8
76.9
77.0

e
e
e

336.4
336.5
336.6

e
e
e

8.6

1.4

14.3

4.1

6.2

20.2

30.5

4.6

151.0

108.4

e

77.0

e

336.4

e

Week e n d i n g
1 9 9 6 - D e c . 23
30

8.6
8.6

1.4
1.4

14.3
14.3

3.9
3.8

6.7
6.0

16.8
20.6

27.4
30.3

4.6
4.6

6
13
20
27

8.6
8.6
8.6
8.6

1.4
1.4
1.4
1.4

14.3
14.3
14.3
14.3

5.4
3.2
5.3
3.9

5.2
5.1
6.7
6.8

17.5
11.2
14.9
32.3

28.1
19.4
26.9
43.1

4.6
4.6
4.6
4.6

3
lOp
17p

8.6
8.6
8.6

1.4
1.4
1.4

14.3
14.3
14.3

3.0
2.5
2.9

7.5
4.8
4.9

27.8
12.5
10.2

38.3
19.8
18.1

4.6
4.6
4.6

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

8.4
8.2
8.0

1.5
1.5
1.4

13.0
13.5
14.0

4.3
3.0
4.0

Apr.
May
June

7.8
8.3
8.9

1.4
1.5
1.5

14.0
13.5
13.0

July
Aug.
Sep.

9.1
7.9
8.5

1.6
1.5
1.4

Oct.
Novc
Dec.

8.6
8.6
8.6

1997-Jan.

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.

1997-Jan.

Feb.

e
p

estimated
preliminary




Total
cash
balance

At
thrift
institutions

At
money
market
funds

Total

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1
December 31,1996 and January 31,1997
(not seasonally adjusted)

Insured Commercial Banks
Amount Outstanding ($mil.)

Average Rate Paid (%)
Change
(b.p.)

Liability Categories

Dec. 31

Jan. 31

Change
(percent)

Dec. 31

Jan. 31

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-'/2 years and over

32,929
92,296
201,441
213,198
199,911

32,775
94,916
201,401
213,769
197,769

-0.47
2.84
-0.02
0.27
-1.07

4.03
4.63
5.00
5.22
5.46

4.03
4.63
5.01
5.25
5.49

0
0
1
3
3

All IRA/Keogh Plan deposits2

151,364

150,682

-0.45

N.A.

N.A.

N.A.

BIF-insured Savings Banks
Amount Outstanding ($mil.)

Average Rate Paid (%)

Dec. 31

Jan. 31

Change
(percent)

Dec. 31

Jan. 31

Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-1/2 years and over

2,426
13,008
28,800
29,098
22,253

2,542
13,117
29,517
29,181
21,847

4.74
0.84
2.49
0.28
-1.82

4.66
5.02
5.28
5.53
5.72

4.75
5.05
5.32
5.58
5.77

9
3
4
5
5

All IRA/Keogh Plan deposits2

20,469

20,258

-1.03

N.A.

N.A.

N.A.

Liability Categories

Change
(b.p.)

N.A. - - data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 75 savings banks. All rates are expressed as annual effective yields. Owing to statistical difficulties associated in part
with the implementation of sweep accounts, estimates for NOW and Savings accounts are not currently available.
2. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
3. BIF-insured savings banks include both mutual and federal savings banks.




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




First Class