Full text of H.6 Money Stock Measures : February 4, 1988

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release

H.6(508)

NOTICE

Revisions to the monetary aggregates reflecting annual
benchmark and seasonal factor adjustments will appear in the H.6 (508)
statistical release "Money Stock, Liquid Assets, and Debt Measures" to
be published on February 18.




FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

FEBRUARY

4, 1988

Billions of dollars
M1
Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

M2
M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.
and broker/dealer), MMDAs,
and savings and small
time deposits2

M3
M2 plus
large time deposits,
term RPs, term Eurodollars
and institution-only
MMMF balances3

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

Seasonally adjusted

3493.1

4140.7

7606.1

3519.1
3522.7
3527.4
3544.0
3560.3
3577.5
3584.2
3604.8
3621.1
3644.4
3657.8
3662.6

4173.3
4180.8
4169.8
4181.8
4215.8
4230.7
4226.1
4252.1
4280.7
4316.5
4331.5

7673.6
7710.9
7754.3
7815.6
7882.8
7943.2
7985.9
8037.5
8098.0
8163.7
8237.1

1986—DEC

730.5

2801.2

1987—JAN.
FEB.
BAB.
APEMAY
JUNE
JULY
AUG.
SEP1OCT.
NOV.
DEC

737.7
737.4
739.5
750.3
753.1
746.6
747.6
751.0
751.2
760.8
756.7
753.2

2823.5
2823.0
2826.5
2839.9
2840.3
2841.6
2847.9
2862.7
2875.7
2892.2
2890.9
2895.4

19 8 o — D E C .

746.5

2814.7

3508.3

4154.2

7591.7

1987 — JAN.
FEB.
MAB.
APE.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NUV.
DEC

744.4
723.3
728.9
757.5
744.9
749.1
751.5
749.4
749.4
757.7
759.8
769.3

2833.7
2811.1
2820.3
2848.6
2829.3
2842.7
2855.0
2860.8
2868.5
2888.1
2893.2
2909.0

3529.8
3513.0
3524.6
3552.1
3550.5
3575.3
3583.9
3600.3
3615.8
3640.1
3662.1
3677.6

4184.6
4172.5
4172.9
4189.7
4200.4
4229.9
4226.4
4248.6
4275.4
4310.5
4334.5

7b 5 6 . 4
7676.9
7722.5
7784.5
7850.2
7915.0
7963.9
8019.5
8084.2
8144.7
8205.9

Not seasonally adjusted

M1
For period ended
13-week average

1987-DEC.

7
14
21
28

756.9
757.0
756.8
756.8

1988-JAN.

4
11
18 P
25 P

756.8
757.1
757.2
757.1

NOTE:

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

755.4
754.1
752.3
752.6

754.8
751.1
752.3
752.3

756.5
757.0
758.6
761.3

760.2
760.8
764.7
768.0

770.4
765.5
767.7
768.5

753.1
755.0
757.2
760.7

756.8
758.4
761.4
766.3

763.6
765.8
766.6
766.6

773.5
778.4
779.3
775.2

792. 1
785.2
771.3
752.1

SPECIAL CAUTION SHOULD BE TAKEN IN INTERPRETING IEEK-TO-8E*K CHANGES IN HONEY SUPPLY DATA, WHICH ARfc
HIGHLY VOLATILE AND SUBJECT TO REVISION.
P~INDICATES PRELIHINARY DATA.
FOOTNOTES APPEAB ON THE FOLLOHING PAGE




H.6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

2

M1

M2

M3

1

Debt

9.9

3 M O N T H S FBOfl S E P T . 1 9 8 7 T O D E C .

1987

1.1

2.7

4.6

6 M O N T H S FROM J U N E

1987

1.8

3.8

4.8

9.0

4.9

9.7

12 H O N T H S F R O M D E C .

1987 TO D E C .
1986 T O D E C .

1987

3.1

3.4

H I B T E E N W E E K S E N D I N G J A N . 2 5 , 1988
FBOM THIRTEEN WEEKS ENDING:

1/

OCT.

2 6 , 1 9 8 7 (13 R E E K S

PBEVIOUS)

1.8

JULY

2 7 , 1987 (26 W E E K S

PREVIOUS)

2.1

JAN.

2 6 , 1 9 8 7 (52 W E E K S

PBEVIOUS)

4.4

v—--?.,..G R O W T H B A T E S F O B D E B T A B E B A S E D ON P E R I O D S B E G I N N I N G A N D E N D I N G O N E M O N T H E A B L I E B T H A N F O B T H E M O N E T A E * A G G R E G A T E S ,
N A M E L Y , A U G U S T 1987 T O N Q V E H B E B 1 9 8 7 . MAY 1987 T O N O V E M B E R 1 9 8 7 , AND N O V E M B E R 1986 T O N O V E M B E R 1 9 8 7 , R E S P E C T I V E L Y .

.FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FUDUkkL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TBAVELEBS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO
DOMESTIC BANKS, THE U.S. GOVEBNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PBOCESS
OF COLLECTION AND FEDERAL BES8BVE FLOAT; AND (4) OTHEB CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE OBDEB
OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER SEBVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CBEDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THBIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THBIFT INSTITUTIONS TO SEBVICE THEIR OCD LIABILITIES.
2/ CONSISTS OF M1 PLUS OVERNIGHT (AND CONTINUING CONTBACT) BPS ISSUED BY ALL COMMERCIAL BAMKS AND OVERNIGHT EUBODOLLABS
ISSUED TO U.S. RESIDENTS BY FOBEIGN BRANCHES OF U.S. BANKS WORLDWIDE, MMDAS, SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING BETAIL BPS—IN AMOUNTS OF LBSS THAN $100,000), AND BALANCES IN BOTH
TAXABLE AND TAX-EXEMPT GENEBAL PUBPOSE AND BROKER/DEALER MONEY MARKET MUTUAL FUNDS. EXCLUDES IRA AND KEOGH
BALANCES AT DEPOSITOBY INSTITUTIONS AND MONEY MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BY 0.3. COMMERCIAL
BANKS, MONEY MARKET FUNDS (GENEBAL PURPOSE AND BBOKEB/DEALEB), FOREIGN GOVEBNMENTS AND COMMERCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
3/ CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OR MORE) AND TERM RP LIABILITIES ISSOED
BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BY U.S. RESIDENTS AT FOREIGN BRANCHES OF U.S. BANKS
WORLDWIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTION-ONLY MONEY MABKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVERNMENT, MONEY
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT BPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MABKET MUTUAL FUUDS.
4/ CONSISTS OF M3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AMD BANKERS ACCEPTANCES, NET OF MONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
5/ DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE ¥&DHRkL RESERVE BOARD'S FLOW OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTOBS ARE PRESENTED IN MONTH-AVERAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THESE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY AfilSE IN THE UNDERLYING FLOW OF FUNDS STATISTICS,
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIPPERS, THEREFORE, FROM THE QUARTERLY FLOW OF FUNDS STATISTICS CONTAINED
IN THE FEDERAL UISEHV& RELEASES Z. 7 AND Z. 1. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ABE MEASURED ON
A WUARTER-END BkHlS AND INCLUDE DISCONTINUITIES.
1/




H.tmi
*Ma3

COMPONENTS OF THE MONEY STOCK
•miom of dollars, ssssonaBy stfjumd

3
Omar

Oats

Currency1

Demand
dapoarts'

Traualsrs
cnscks*

chacfcabta
dapoalta4

Nootranaac tlons
componsnts
JnM3
only8
mitt 1

691.9

Satactad
msltams
SmaH tlma dappa!^

Savings dapoarts

banks
154.5

at
thrift
Institutions
211.8

366.3

159.8
164.4
168.3

216.9
222.7
228.0

376.7
387.2
396.3

364.7
362.6
360.0

172.2
174.5
175.5

23 3 . 8
237.2
239.7

406. 1
411.7
415.2

176.6
178.0
178.0

240.1
241.8
241.3

177.5
177.0
177.2

239.3
235.0
233.4

COfflfflOfCw

it

total

1

at
oommarclal
tnrHt
banks
Institutions
364.7
488.7

Uawpaj nnw aBjBtjQBjBiJi

at
total

1986-DEC.

183.5

oTF"

308.3

232.3

2070.7

1987-JAN.
FEB.
BAR.

186.0
187.2
187.7

6.5
6.7
6.8

305.1
300.8
299.3

240.1
242.9
245.7

2085.7
2085.6
2087.1

695.6
699.6
700.9

APR.
BAT
JUNE

188.9
190.2
191.1

6.8
6.7
6.8

303.9
303.9
297.4

250.7
252.2
251.2

2089.6
2087.3
2095.0

704.1
719.9
735.9

JUL!
AUG.
SEPT.

192.1
193.2
194.5

6.8
6.9
7.0

296.2
296.4
294.1

252.6
254.6
255.6

2100.2
2111.7
2124.4

736.3
742.0
745-5

OCT.
NOT.
DEC.

196.2
198.4
199.7

7.0
7.0
7.0

300.5
295.8
291.7

257.1
255.5
254.7

2131.4
2134.2
2142.2

752.2
767.0
767.2

294.8
291.5
290.8
289.3

254.3
253.5
255.1
255.2

177.5
177.5
177.1
177.2

383.5
384.3
385.0
385.5

321.5
322.9
322.9
322.6

292.0
294.2
293.6
294.8

256.1
255.6
258.0
261.7

177.5
178.2
178.3
178.6

385.9
387.3
388.2
389.4

323.8
320.4
321.0
316.7

1

i
i

at

oommarclal
tnrlft
banks" Institutions

total

853.5

291.8

155.3

447.1

486.9
485.9
486.1

851.6
848.5
846.1

295.7
296.0
299.0

154.0
152.3
151.1

449.7
448.2
450.1

357.5
357.1
360.1

486.3
486.1
490.0

843.9
843.2
650.1

305.9
310.7
314.9

148.7
149.1
150.2

454.6
459.7
465.1

416.7
419.9
419.3

363.4
365.4
367.3

495.1
500.1
504.2

858.5
865.5
871.5

313.7
313.7
313.6

151.4
153.1
155.3

465.1
466.8
468.9

416.8
412.0
410.6

373.0
380.8
384.6

509.6
520.1
529.4

882.5
900.9
914.1

316.9
322.4
322.6

159.1
162.7
166.0

476.0
485.1
488.6

BEBK ENDING
1987
DEC.

1988
JAN.

1/
2/
3/

4/
5/
6/
7/
8/
9/
10/

7
14
21
28

198.6
199.2
199.4
200.8

4
11
18 P
25 P

201.7
201.5
202.7
202.7

i

,

i

CURRENCY OUTSIDE TBB U.S. TREASURY, FEDERAL BBSSBfE BARKS AND TAULTS OF COHHERCIAL BANKS. EXCLUDES THE ESTIHATBD
AMOUNT OF VAULT CASH HELD BI THRIFT INSTITUTIONS TO SEBflCE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF BONBANK ISSUERS. TRAVELERS CHECKS ISSUED BI DEPOSITOBT
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOBEIGN BELATED INSTITUTIONS OTHEB THAN THOSE DUB TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT.
EXCLUDES THE ESTIBATED AMOUNT OF DEMAND DEPOSITS HELD AT COBMERCIAL BANKS BI THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
CONSISTS OF NOB AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS.
SUH OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, MONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
MMDAS, AND SAVINGS AND SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIBATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BI THBIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS LIABILITIES.
SUH OF LARGE TIBB DEPOSITS, TERM RPS AHD TERM EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIBATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BI
INSTITUTION-ONLY BONEY MARKET FUNDS.
SAVINGS DEPOSITS EXCLUDE HHDAS.
SHALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL BETIBEMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ABB SUBTBACTED FBOM SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF $100,000 OB MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TIME DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BY MONEY MARKET MUTUAL FUNDS,
DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS-




H.6 (508)
Table 4

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

Date

1/
2/
3/
4/

4

savings bonds

Non-M3 components of L
bankers acceptances2
short-term treasury
securities1

commercial paper3

Debt components4
federal debt
1
non-federal debt

1986-NOV.
DEC.

89.8
91.7

288.8
288.1

38.0
37.5

228.4
230.2

1776.2
1804.5

5734.9
5801.5

1987-JAN.
FEB.
HAB.

92.7
93.5
941.3

2*4.1
285.6
269.2

37.8
39.3

39.8

239.7
239.8
239.1

1818.7
1832.9
1850.0

5855.0
5877. 9
5904.3

APB.
MAI
JUNE

95.1
95.9
96.5

256.5
262.9
261.1

41.2
42.4
43.5

244.9
254.3
252.1

1851.7
1874.4
1886.Q

5953. 9
6008. 4
6057. 1

JULY
AOG.
SEPT.

97.3
97.8
98.2

252.9
256.3
260.1

43.4
42.9
43.8

248.4
250.2
257.5

1888.9
1902.8
1913. 1

6097.0
6134.7
6184.9

OCT.
NOV. P

98.7
99.5

272.5
278.5

44.5
45.1

256.4
250.6

1919.3
1939.$

6244.4
6297.6

CONSISTS OF U.S. TBEASUHY BILLS AND COUPONS BITH REMAINING HATOBITIES OP LESS THAN 12 MONTHS HELD BI OTHEfi THAN DEPOSITOR!
INSTITUTIONS, FEDBBAL BESEBVE BANKS, NONET MARKET MUTUAL FUNDS AND FOBEIGN ENTITIES.
NET OF BANKEBS ACCEPTANCES HELD Br ACCEPTING BANKS, PEDERAL RESERVE BANKS, FOBEIGN OFFICIAL INSTITUTIONS, THE FEDBBAL
HOME LOAN BANK SYSTEM AND HONEY HABKET MUTUAL FUNDS.
TOTAL CONHEBCIAL PAPEfi LESS COMMERCIAL PAPEB HELD BI MONEY HABKET MUTUAL PUUDS^
DBBT DATA ABE ON A MONTHLY AVEBAGE BASIS, DEBIVED BY AVEBAGING BND-OP-HOMTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Othe r checkable deposits
Currency

Date

1

Travelers
checks 2

Demand
deposits 3

at commercial
banks 4

at thrift
institutions 5

Nontransactions components
i
in M26
in M3 only7

total

Overnight
RPs8

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

1986-DBC

186.2

6.0

319.5

162.8

72.2

235.0

2068.2

693.6

59.4

19.0

207.6

198 7 - J A N .
FEB.
HAR.

184.6
184.8
186.0

6.0
6.2
6.4

311.0
292.0
291.5

169.8
167.6
170.4

73. 1
72.7
74.5

242.8
240.3
245.0

2089.3
2087.8
2091.4

696.2
701.9
704.3

62.4
60.6
58.3

22.3
19.5
18.6

209.0
210.7
211.6

APR.
HAT
JUNE

188.0
190.2
191.9

6.4
6.5
7.1

305.8
298.8
298.8

178.6
171.7
172.9

78.8
77.8
78.4

257.4
249.4
251.3

2091.0
2084.4
2093.6

703.6
721.2
732.6

56.2
55.1
54.5

20.7
20.9
20.0

211.0
208.9
209.6

JULY
AUG.
SEPT.

193.8
194.1
194.3

7.7
7.9
7.6

298.6
294.8
293.4

172.9
174.5
176.2

78.5
78. 1
78.0

251.4
252.6
254.2

2103.4
2111.4
2119.0

729.0
739.5
747.4

56.4
60.8
61.7

18.7
18.4
21.1

209.6
212.2
215.4

OCT.
NOV.
DEC

195.9
199.3
202.7

7.0
6.6
6.5

299.9
298.1
302.3

176.7
177.7
180.0

78.3
78. 1
77.8

254.9
255.7
257.8

2130.4
2133.4
2139.8

752.0
768.9
768.6

64.4
62.5
61.5

21.0
16.5
16.1

217.9
219.9
221.2

62. 1
63.2
61.3
59.1

15.2
16.1
16.4
15.6

220.8
222.3
222.1
220.9

61.7
64.5
63.6
63.8

18.3
19.6
17.8
18.8

218.5
221.2
22 5 . 9
228.6

SEEK

ENDING:

1987-DEC

198 8 - J A N .

1/
2/
3/
4/
5/
6/
?/
8/
9/

7
14
21
28

201.5
201.7
202.9
204.9

301.6
299.6
300.9
302.2

181.2
179.8
179.9
178.7

79.7
77.9
77.4
76.2

260.8
257.6
257.3
254.9

4
11
18
25

203.2
202.0
201.1
199.4

319.7
309.3
300.2
288.6

183.9
187.6
185.3
181.6

78.8
79.9
78. 1
76.1

262.7
267.5
263.4
257.7

P
P

\

CURRENCY OUTSIDE THB O.S. TREASURY, FEDERAL RBSBRVE BANKS AND THE VAULTS OF COHHERCIAL BANKS. EXCLUDES THE BSTIHATBD
AHOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AHOUNT OF U.S. DOLLAR-DENOHINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVBLBRS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDBD IN DEHAND DEPOSITS.
DEHAND DEPOSITS AT COHHERCIAL BANKS OTHER THAN THOSE DUE TO DOHBSTIC BANKS, THB U.S. GOVERNHENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEHS IN THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS THB BSTIHATBD AHOUNT OF DEMAND
DEPOSITS HELD AT COHHBRCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF HON AND ATS BALANCES AT COHHERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS.
CONSISTS OF NOV AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND HDTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEHAND DEPOSITS AT THRIFTS.
SUH OF OVERNIGHT RPS AND EURODOLLARS, HONEY HARKET FUND BALANCES (GENERAL PURPOSB AND BROKER/DEALER), HHDAS AND SAVINGS
AND SHALL TIHE DEPOSITS LESS THE ESTIHATED AHOUNT OF DEHAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIHE AND SAVINGS DEPOSIT LIABILITIES.
SUH OF LARGE TIHE DEPOSITS, TERH RPS AND EURODOLLARS OF U.S. RESIDENTS, HONEY HABKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTHENT THAT REPRESENTS THE ESTIHATED AHOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
HONEY HARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEY HARKET HUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHER THAN DEPOSITOR* INSTITUTIONS AND
MONEY HARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALKK).




H.6 (508)
Table 5-continued

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

Date

1986-DEC.

Money market deposit accounts
at
at
I
thrift
total
commercial
institutions
'
banks

379.0

192.4

571.4

Small denomination time deposits2
at
at
total
commercial
thrift
banks
institutions

Savings depos
at
at
thrift
commercial
1 institutions
banks

1

153.8

211.8

365.6

364.4
364.4
362.1
359.7

Large denomination time deposits3
at
at
commercial
thrift
4
banks
institutions

854.2

293.2

154.9

490.0
488.4
486.3

854.5
850.5
846.0

296.9
298. 1
301.3

154.4
153.1
151.2

489.8

1987-JAHFEB.
BAR.

381.7
378.5
378.2

192.5
192.3
192.3

574.3
570.8
570.6

159.2
162.8
167.2

217.1
221.6
227.9

376.4
384.6
395.1

APR.
HAY
JUNE

375.4
368.9
367.6

190.1
188.3
185.9

565.5
557.1
553.5

172.1
174.8
176.6

234.0
237.8
240.9

406.1
412.7
417.5

355.6
355.7
359.7

484.7
482.8
487.2

640.3
838.5
846.9

303.2
309.2
311.8

148.0
149.1
149.8

JULY
AUG.
SEPT.

365.3
364.1
362.5

182.9
179.6
176.8

548.1
543.7
539.2

178.4
178.2
177.9

241.8
240.0
239.2

420.3
418.2
417.1

363.9
366.8
369.0

494.7
499.3
503.4

858.6
866.0
872.4

310.4
313.0
314.8

150.7
153.2
155.7

OCT.
NOT.
DEC.

359.1
357.2
357.3

173.5
169.1
166.4

532.6
526.3
523,7

178.3
177.3
176.5

239.4
235.9
233.5

417.7
413.2
410.0

374.0
381.4
384.1

510.8
521.5
530.6

684.6
902.9
914.7

316.1
323.2
324.1

159.5
162.8
165.6

MEEK BIDING
1987
DEC.

1988
JAN.

1/
2/
3/
4/

7
14
21
28

358.5
358.6
357.0
355.6

177.2
177.0
176.2
175.7

383.5
383.9
384.1
384.6

322.1
324.1
323. 8
325.3

4
11
18 P
25 P

356.9
359.4
358.7
357.4

177.1
178.3
178.0
177.8

385.6
387.0
388.1
389.1

326.1
321.7
321.8
318.3

SAYINGS DEPOSITS EXCLUDE HHDAS.
SHALL DSNOHINATION TIHE DEPOSITS — INCLUDING RETAIL RPS — ARE THOSE ISSUED IN AflOUNTS OF LESS THAN $100,000, ALL
INDIVIDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT CONHERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROfl SHALL
TIHE DEPOSITS.
LARGE DENOBINATION TIHE DEPOSITS ARE THOSE ISSUED IN AHOUNTS OF $100,000 OR BORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOBINATION TlrnS DEPOSITS AT COHBERCIAL BANKS LESS THOSE HELD BY BONEY BAFKET flUTUAL FUHDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 5-continued

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

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars 1

Savings
bonds

Non M3 Components of L
Short-term
Bankers
treasury
acceptances4
securities 3

Components of Debt
Commercial
paper4

Federal debt*

Non-Federal*
debt

1986-DEC.

84.1

35.4

48.6

84.0

83.8

91.9

287.9

37.4

228.7

1804.0

5787.8

1987-JAN.
FEB.
NAB.

84.0
84.7
84.9

34.1
35.4
34.9

49.5
51.8
52.3

83.6
87.2
87.2

85.4
88.0
88.4

92.7
93.5
94.3

284.9
286.7
274.6

37.8
38.9
39.3

239.3
240.4
240.2

1817.6
1827.4
1839.0

5838.8
5849.5
5883.5

APR.
HAY
JUNE

83.1
81.8
81.3

38.4
40.8
40.8

56.1
61.9
67.0

94.5
102.8
107.8

83.8
87.0
89.7

95.1
95.8
96.5

258.3
258.3
259.5

40.5
42.2
43.5

243.8
253.6
255.1

1847.4
1858.3
1669.5

5937.1
5991.9
6045.5

JULY
AUG.
SEPT.

83.4
83.4
80.7

39.0
40.1
40.9

68.5
67.9
68.8

107.5
108.0
109.7

85.7
90.5
94.8

97.1
97.7
98.3

252.5
257.7
260.1

43.6
43.6
44.4

249.2
249.2
256.8

1872.7
1887.7
1900.2

6091.2
6131.8
6184.0

OCT.
NOV.
DEC

81.6
88.5
88.6

37.7
39.8
38.1

69.2
69.9
68.6

106.9
109.7
106.7

93.7
93. 1
92.7

98.8
99.6

269.7
277.5

44.8
45. 1

257.1
250.2

1909.8
1935.2

6234.9
6270.7

89.0
88.9
89.0
88.6

39.9
38.7
37.4
39.0

85.8
91.0
95.6
95.9

31.9
36.7
38.0
41.3

» •

~

HEEK ENDING:
1987-DEC

1988-JAH.

1/
2/
3/
4/
5/
6/

7
14
21
28
4
11
18 P
. 25 P

1

TERN BPS ABE TBOSE H U H ORIGINAL HATUBITIES GREATER THAN ONE DAI, EXCLUDING CONTINUING CONTHACTS AMD RETAIL BPS. INCLUDES
A RELATIVELY SHALL AflOUHT OP OVERNIGHT RPS AT THBIFT INSTITUTIONS.
TERH EUBODOLLARS ABB THOSE BITH OBIGINAL HATUBITIES GBBATER THAN ONE DAY. CONSISTS OF THOSE ISSUED TO U.S. HESIDBNTS BY
FOREIGN BRANCHES OF U.S. BANKS BORLDHIDE AND BY ALL BANKING OFFICES IN THE UNITBD KINGDOfl AND CANADA. EXCLUDES THOSE HELD
BY DEPOSITORY INSTITUTIONS AND HONEY HARKET MUTUAL FUNDS.
CONSISTS OF U.S. TBBASUBY BILLS AND COUPONS HITH REHAINING MATURITIES OF LESS THAN 12 MONTHS HELD BY OTHER THAN DEPOSITOBI
INSTITUTIONS, FEDERAL RESEBVB BANKS, MONEY MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDERAL RESERVE BANKS, FOREIGN OFFICIAL INSTITUTIONS. THE FEDERAL
HONE LOAN BANK SYSTEM AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY HONEY HARKET MUTUAL FUNDS.
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, DERIVED BY AVERAGING END-OF-WONTH LEVELS OF ADJACENT MONTHS. AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Demand deposits at banks due to

"
Date

foreign
commercial
banks

foreign
official
institutions

Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

US^ government deposits
demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

total demand
deposits and
note and
FR balances

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

1986 - D E C .

9.9

1.8

4.1

3.7

3.7

15.5

22.9

1.7

72.8

96.2

10.7

179.7

1987 - J A M .
FEB.
HAH.

10.4
9.9
9.5

1.8
1.7
1.7

4.0
4.0
4.0

3.7
3.3
3.5

9.6
5.0
3. 1

23. 8

25.2
13.6

37.1
33.6
20.3

1.7
1.6
1.6

73.4
74.0
75.4

97.2
j 97.7
98.8

10.8
11.0
11.2

181.4
182.8
185.4

AP&.
HAY
JUNE

9.7
9.6
9.8

1.9
2.1
2.0

3.9
3.9
3.9

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.7
1.8
1.8

78.5
79.2
79.5

101.3
102.0
102.6

12.4
13.1
13.3

192. 1
194.2
195.4

JOLT
AUG.
SEPT.

9.7
9.3
9.8

2.0
2.1
2.0

3.8
3.8
3.8

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.8
1.8
1.7

80.1
80.7
81.3

103.4
103.5
104.4

13.5
14.0
14.5

197.0
198.2
200.1

9.9
9.8
10.0

1.9
1.7
1.8

3.8
3.8
3.8

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.7
1.7
1.8

81.7
&2.3
82.8

104.9
105.1
105.5e

14.8e
15.0e
1 5 . 2e

20 1. 4e
202.4e
203.5e

7
14
21
28

10.2
10.2
9.6
9.8

1.8
1.7
1.9
1.6

3.8
3.8
3.8
3.8

3.2
2.8
6.3
3.4

4.0
4.2
5.1
3.3

15.1
21.9
27.4

22.3
15.8
33.3
34. 1

1.7
1.7
1.8
1.8

4
11
18 P
25 P

10.0
11.7
10.3
11.2

2.1
1.8
1.7
1.8

3.8
3.8
3.8
3.8

4.0
3.6
5.2
4.1

5.0
4.3
2.7
6.9

20.0
12.0
17.5
27.6

29.0
19.9
25.5
38.6

1.8
1.8
1.8
1.8

OCT.
NOV.
DEC
IBEK EMDIMG:
1987
DEC.

1988
JAN.

e = estimated



8.7

1