Full text of H.6 Money Stock Measures : January 12, 1989
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
&£&&: FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. •^SfigTtf- H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES JANUARY 12, 1989 Billions of dollars Date M1 J M2 2 Debt5 M3J Seasonally adjusted 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 2827 2829 2834 2847 2849 2851 2858 2869 2880.8 2894.5 2896.5 2901.0 3515.6 3524.5 3533.2 3550.5 3565.2 3581.1 3588.8 3607.2 3622.7 3644.6 3659.6 3664.4 4163.2 4175.7 4174.5 4190.2 4218.2 4233.0 4236.1 4259.1 4285.2 4314.9 4327.3 4329.3 7641.4 7683.0 7731.3 7793.3 7859.0 7918.3 7962.8 8018.0 8083.3 8152.5 8229.2 8282.2 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. p 758.8 759.5 762.9 770.1 770.2 776.5 782.3 782.5 782.4 783.5 783.6 787.5 2925.1 2946.2 2967.5 2990.9 3002.2 3016.5 3025.8 3031.6 3034.2 3037.5 3054.0 3066.2 3690 3722 3748 3772 3789 3814 3836 3848 3853 3868.8 3889.2 3902.8 4367.1 4398.7 4425.5 4469.5 4501.9 4518.5 4561.6 4582.3 4589.1 4608.8 4644.7 p 8327.5 8386.9 8452.1 8513.2 8572.0 8631.1 8690.7 8757.1 8821.7 8877.7 8942.7 p 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9 2839.8 2817.1 2826.4 2854.9 2835.8 2849.9 2862.4 2868.0 2875.8 2895.1 2899.9 2914.7 3527.8 3513.0 3526.9 3555.7 3553.4 3577.1 3586.8 3604.5 3620..5 3644..6 3666..9 3681..0 4181.1 4171.1 4173.9 4191.9 4201.6 4229.7 4227.5 4251.9 4280.3 4315.2 4337.1 4347.4 7624.5 7647.2 7695.0 7757.1 7822.3 7886.9 7935.5 7989.6 8054.9 8122.8 8195.4 8264.2 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. p 764.7 745.0 752.1 778.3 763.8 778.8 785.5 781.2 779.8 780.9 787.0 802.9 2937.4 2933.6 2958.9 2998.5 2988.3 3014.3 3030.3 3030.8 3029.4 3039.0 3057.8 3079.9 3703.0 3711.4 3741.4 3776.8 3776.9 3809. 3833. 3845. 3852. 3869. 3897. 3919.4 4385.7 4394.4 4424.1 4469.9 4484.4 4514.9 4550.9 4574.3 4584.8 4610.2 4655.7 p 8310.2 8350.3 8414.4 8476.2 8534.7 8598.7 8656.7 8718.4 8788.4 8843.7 8900.6 Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. H.6 <£>08) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates 3 Months from SEP. 1988 TO DEC. 1988 Ml M2 M3 Debt3 2.6 4.2 5.1 8.5 6 Months from JUNE 1988 to DEC. 1988 2.8 3.3 4.7 8.6 12 Months from DEC. 1987 TO DEC. 1988 4.9 5.7 6.5 8.7 Thirteen weeks ending JANUARY 2> 1989 from thirteen weeks ending: OCT. 3, 1988 (13 weeks previous) 1.2 3.0 4.2 JULY 4, 1988 (26 weeks previous) 3.2 3.2 4.9 JAN. 4, 1988 (52 weeks previous) 4.3 5.4 6.3 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1988 to November 1988, May 1988 to November 1988, and November 1987 to November 1988, respectively. 1. 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 (NON) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted Ml. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued 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 market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. 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 Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. Footnotes to Table 1 2. 3. 4. 5. H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjus ted Ml Period ending 13-week average 4-week average 1988-OCT. 10 17 24 31 782.8 783.0 782.9 782.9 783.9 783.7 782.9 783.5 NOV. 7 14 21 28 782.9 782.9 783.0 783.4 DEC. 5 12 19 26p 1989-JAN. 2p M3 M2 week average 13-week average 4-week average 3034.9 3041.5 3034.9 3040.1 3850.2 3852.9 3855.2 3857.2 3858.4 3861.9 3866.1 3869.4 3866.4 3871.6 3868.4 3871.3 3040.8 3041.8 3047.9 3053.4 3046.7 3045.4 3059.4 3062.0 3859.7 3862.6 3866.2 3869.6 3872.7 3875.4 3882.2 3888.5 3879.4 3882.4 3895.7 3896.6 3043.7 3045.8 3048.0 3050.5 3058.0 3063.4 3064.9 3065.8 3065.3 3066.7 3065.4 3065.6 3873.4 3877.3 3880.8 3884.5 3893.8 3899.6 3901.4 3902.3 3900.3 3905.6 3902.9 3900.3 3053.o 3066.6 3068.7 3888.1 3903.5 3905.0 13-week average 4-week average 784.9 783.7 781.0 784.5 3031.5 3033.0 3033.8 3034.6 3033.5 3034.6 3035.1 3037.9 782.8 781.7 782.7 783.4 781.8 779.6 784.8 787.5 3036.0 3037.3 3039.3 3041.4 783.7 784.1 784.1 784.3 784.7 786.6 786.8 786.6 786.8 Z87.4 765.6 786.4 785.2 788.1 793.1 week average week average Not seasonally adjusted Ml Period ending 13-week average 4-week average 1988-OCT. 10 17 24 31 780.9 781.0 780.9 780.5 777.8 779.1 781.2 779.9 NOV. 7 14 21 28 780.4 780.7 781.2 782.4 DEC. 5 12 19 26p 1989-JAN. 2p M3 M2 week average week average 13-week average 4-week average 3042.9 3048.6 3029.2 3032.3 3847.8 3851.0 3853.5 3855.8 3855.3 3860.8 3866.9 3868.5 3874.7 3875.6 3859.5 3864.3 3042.1 3044.6 3052.9 3057.6 3058.2 3058.8 3062.1 3051.1 3858.8 3862.3 3866.7 3871.5 3873.2 3878.6 3888.6 3897.2 3893.3 3897.4 3899.2 3898.7 3044.3 3047.1 3050.7 3055.4 3062.6 3068.5 3072.4 3077.1 3078.5 3082.1 3078.0 3069.7 3876.0 3880.5 3885.3 3891.2 3902.7 3908.8 3913.1 3916.2 3915.3 3921.8 3916.7 3910.9 3060.3 3080.7 3092.9 3897.0 3920.8 3933.6 13-week average 4-week average 788.4 787.8 771.4 771.9 3030.1 3031.4 3032.4 3032.9 3028.0 3032.2 3037.4 3038.3 780.6 781.1 784.5 787.2 791.3 789.8 785.0 782.6 3034.3 3036.0 3038.5 3041.1 783.3 784.0 785.4 788.1 789.4 792.2 796.2 800.0 800.3 800.9 801.0 797.6 791.1 803.9 816.2 week average Note: "pecial caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p—inr?-sates preliminary data. H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Small time deposiIts8 Savings deposits7 At thrift institutions Total 366.7 368.3 499.1 503.8 865.9 872.1 417.0 415.0 414.3 374.2 381.6 384.6 509.1 520.1 528.5 883.3 901.7 913.1 235.3 235.2 236.6 414.4 416.2 419.8 388.0 393.7 397.5 536.6 547.8 556.0 924.6 941.5 953.5 184.2 186.0 188.0 238.6 239.2 241.0 422.7 425.1 429.0 402.5 404.7 406.8 562.3 567.3 568.1 964.8 972.0 974.9 810.4 816.6 819.4 189.5 190.7 190.3 242.5 243.6 243.1 432.0 434.2 433.4 409.8 414.1 421.0 568.7 571.6 576.4 978.5 985.7 997.4 2254.0 2270.4 2278.7 831.3 835.2 836.6 189.9 192.9 191.8 241.3 240.8 239.9 431.3 433.7 431.7 429.2 435.3 442.3 580.7 583.8 585.1 1009.9 1019.1 1027.4 277.6 277.9 280.4 280.2 2264.8 2265.7 2274.7 2274.5 832.7 837.1 836.3 834.7 193.2 193.2 193.0 192.6 240.8 241.0 240.8 240.7 434.0 434.1 433.8 433.3 432.7 434.3 436.1 437.2 583.3 583.8 583.9 584.1 1016.1 1018.1 1020.1 1021.3 289.1 287.8 286.5 286.7 279.2 280.3 280.0 280.0 2278.5 2279.3 2279.8 2279.2 835.0 838.9 837.5 834.7 192.0 191.7 192.2 191.7 240.2 240.1 240.2 240.1 432.2 431.8 432.5 431.8 438.6 440.8 443.0 444.2 584.0 585.0 585.6 585.3 1022.6 1025.8 1028.6 1029.4 290.3 282.8 2275.6 836.3 191.2 238.8 430.0 444.7 585.2 1029.9 Date Currency * Travelers checks2 Demand deposits3 Other checkable4 deposits In M2 5 In M3 only* 1987-AUG. SEP. 190.2 191.4 6.9 7.0 292.1 290.5 257.2 258.6 2122.9 2133.3 737.8 741.9 OCT. NOV. DEC. 193.1 195.0 196.5 7.0 7.0 7.1 295.9 291.3 288.0 260.3 259.5 259.3 2138.3 2143.7 2150.2 1988-JAN. FEB. MAR. 198.4 199.3 200.9 7.2 7.3 7.3 289.9 287.8 287.9 263.3 265.0 266.9 APR. MAY JUNE 202.5 203.6 204.9 7.3 7.4 7.3 290.2 287.4 289.9 JULY AUG. SEP. 206.3 207.2 208.5 7.2 7.2 7.3 OCT. NOV. DEC. P 209.5 210.3 211.7 7 14 21 28 DEC. 1989-JAN. At thrift institutions Total 178.3 178.7 239.5 240.0 417.8 418.6 750.1 763.1 763.4 178.4 178.2 178.2 238.6 236.8 236.0 2166.3 2186.8 2204.6 765.4 776.7 780.7 179.0 181.0 183.2 270.1 271.9 274.4 2220.8 2232.0 2240.0 781.1 787.2 797.5 290.6 290.1 288.4 278.2 278.0 278.2 2243.4 2249.2 2251.8 7.4 7.5 7.5 288.6 286.8 287.9 278.0 279.1 280.3 209.6 209.7 210.4 211.0 7.5 7.5 7.5 7.5 287.1 284.5 286.4 288.8 5 12 19 26p 211.1 211.8 211.5 212.1 7.4 7.5 e 7.5 e 7.6 e 2p 212.2 7.6 e A* commercial banks At commercial banks Week ending 1988-NOV. 1. 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. 3. 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. 4. Consists of NON and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions. 5. Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits. This sum is seasonally adjusted as a whole. 6. Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole. 7. Savings deposits exclude MMDAs. 8. 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. e—indicates estimated data, p—indicates preliminary data. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Large time deposits1 At . commercial banks2 Date Debt components6 Non-M3 components of L At thrift institutions Total Savings bonds Short-term Treasury securities3 Bankers acceptances* Commercial paper5 Federal debt Non-federal debt 1987-AUG. SEP. 312.8 SIS.8 149.6 151.5 462.4 465.3 98.1 98.4 258.6 263.3 43.5 44.3 251.8 256.6 1909.0 1922.2 6109.0 6161.0 OCT. NOV. DEC. S17.5 322.3 323.5 154.6 158.1 161.2 472.3 480.5 484.7 98.8 99.3 100.2 272.8 270.9 260.1 44.5 45.0 45.7 254.2 252.5 258.9 1928.7 1946.4 1956.1 6223.8 6282.8 6326.0 1988-JAN. FEB. MAR. 320.2 324.8 326.3 162.5 163.8 164.0 482.6 488.6 490.3 101.4 102.6 103.5 262.5 258.3 252.8 43.6 40.9 40.6 269.0 274.1 280.3 1962.6 1980.0 2004.9 6365.0 6406.9 6447.2 APR. MAY JUNE 325.7 327.8 334.1 166.4 167.6 167.5 492.1 495.4 501.7 104.6 105.4 106.1 263.5 265.1 256.6 41.2 40.9 40.6 288.2 301.1 301.2 2016.7 2021.3 2031.4 6496.5 6550.7 6599.7 JULY AUG. SEP. 341.1 347.1 352.3 168.0 167.9 171.3 509.1 515.0 523.7 106.9 107.4 107.7 266.5 273.1 278.0 40.6 41.1 41.9 311.5 312.5 307.9 2041.1 2058.6 2079.6 6649.7 6698.6 6742.1 OCT. NOV. DEC. P 357.3 358.1 361.7 173.3 173.7 173.0 530.6 531.9 534.8 108.3 108.4 p 281.3 283.0 p 41.3 42.4 p 309.2 321.7 p 2089.0 2100.9 p 6788.8 6841.9 p 7 14 21 28 357.5 358.7 358.3 357.3 174.2 173.7 173.5 173.7 531.7 532.4 531.8 531.0 DEC. 5 12 19 26p 360.5 361.8 361.1 362.6 173.5 173.2 172.9 172.8 534.1 535.0 533.9 535.4 1989-JAN. 2p 362.6 172.8 535.4 Neek ending 1988-NOV. 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 and foreign banks and official institutions. 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 discont inui ties. --indicates preliminary data. H.6 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars* not seasonally adjusted Other checkable deposiits 1Currency1 Date Travelers Demand checks2 deposits3 At commercial banks* Nontransactions components At thrift institutions5 Total In M2* In M3 only* Overnight RPs 8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1987-AUG. SEP. 190.9 190.9 7.9 7.6 290.7 289.3 174.9 176.6 80.8 80.9 255.6 257.5 2123.a 2130.6 736.4 744.7 61.2 62.2 18.4 21.1 213.1 216.3 OCT. NOV. DEC. 192.6 195.9 199.4 7.0 6.6 6.5 295.7 294.1 298.5 177.0 178.0 180.3 81.5 81.4 81.2 258.5 259.3 261.6 2141.4 2144.0 2148.8 749.5 767.0 766.3 65.0 63.1 61.9 20.9 16.5 16.0 218.2 219.7 221.1 1988-JAN. FEB. MAR. 197.1 197.2 199.2 6.6 6.8 6.9 295.8 279.1 279.9 184.1 181.8 184.0 81.1 80.1 82.2 265.2 261.8 266.1 2172.7 2188.6 2206.8 765.6 777.8 782.5 64.5 61.8 60.2 18.4 16.4 14.8 225.0 231.0 234.8 APR. MAY JUNE 201.6 203.6 205.8 6.9 7.1 7.6 292.0 282.9 291.0 190.9 184.9 187.3 86.8 85.2 87.1 277.8 270.1 274.4 2220.2 2224.6 2235.6 778.3 788.6 795.0 60.7 63.6 63.9 15.4 17.2 17.1 235.8 231.8 228.9 JULY AUG. SEP. 207.9 207.9 207.9 8.2 8.2 7.9 292.7 288.7 287.1 188.4 188.5 189.4 88.4 87.8 87.6 276.8 276.3 276.9 2244.8 2249.6 2249.6 803.1 815.2 822.9 62.2 64.3 62.9 15.6 15.8 14.7 229.6 230.8 230.8 OCT. NOV. DEC. P 209.0 211.3 214.9 7.5 7.1 6.9 288.4 289.7 298.4 188.7 191.0 194.8 87.4 88.0 88.0 276.1 279.0 282.8 2258.1 2270.8 2277.0 830.1 839.4 839.5 62.2 61.7 63.3 13.8 12.3 15.1 231.2 238.0 240.8 7 14 21 28 211.2 211.5 211.2 212.0 7.2 7.2 7.1 7.0 290.4 290.7 288.2 288.7 192.7 191.9 190.8 188.9 89.7 88.7 87.6 86.0 282.4 280.6 278.5 274.9 2266.9 2268.9 2277.1 2268.5 835.1 838.7 837.2 847.5 61.5 60.2 65.1 59.0 12.5 12.2 13.0 11.1 234.1 236.1 239.6 241.6 DEC. 5 12 19 26p 212.6 213.9 214.7 217.4 6.9 6.9 e 6.9 e 7.0 e 296.9 296.5 297.3 293.4 194.1 194.6 194.3 193.7 89.8 89.0 87.8 86.1 283.9 283.6 282.0 279.8 2278.2 2281.2 2277.0 2272.1 836.7 839.7 838.6 841.2 65.0 66.1 63.5 61.5 13.9 14.1 14.6 15.7 240.7 241.4 241.6 240.3 1989-JAN. 2p 214.1 7.0 e 310.6 196.9 87.7 284.6 2276.7 840.7 59.7 17.6 239.8 Week ending 1988-NOV. 1. 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. 3. Demand deposits at commercial banks and fore ion-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. 4. Consists of NON and ATS balances at commercial banks > U.S. branches and agencies of fore ion banks > and Edge Act corporations. 5. Consists of NON and ATS balances at thrifts, credit union share draft balances> and demand deposits at thrifts. 6. Sum of ovemioht RPs and Eurodollars, money market fund balances (general purpose and broker/dealer)> MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. 8. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). e—indicates estimated data, p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Money market At commercial thrift banks institutions Date Small-denomination time deposits 2 Savings d e p o s i t s 1 d e p o s i t accounts A Total At * thrift commercial institutions banks Total At At commercial thrift banks institutions Total 3 Large-denomination time deposits At At commercial thrift institutions banks4 Total 1987-AUG. SEP. 365.0 363.3 180.0 177.2 545.0 540.5 178.5 178.2 240.0 239.2 418.5 417.3 367.9 370.0 499.0 503.2 866.8 873.2 312.3 314.1 149.4 151.8 461.7 465.9 OCT. NOV. DEC. 360.0 358.1 358.2 173.9 169.6 167.0 533.9 527.7 525.2 178.6 177.5 176.7 239.3 235.7 233.3 417.8 413.2 410.0 375.1 382.6 385.2 510.5 521.1 529.3 885.6 903.8 914.6 317.3 322.4 323.6 155.7 159.0 161.8 473.1 481.3 485.4 1988-JAN. FEB. MAR. 359.0 359.2 360.9 165.1 163.5 163.8 524.1 522.6 524.7 178.2 179.5 182.5 233.0 232.8 236.1 411.2 412.2 418.6 389.4 394.1 397.2 540.1 550.4 556.5 929.5 944.5 953.7 321.3 325.1 328.4 163.6 164.9 164.2 484.8 490.0 492.6 APR. MAY JUNE 360.3 357.0 359.9 163.0 162.6 162.4 523.3 519.6 522.3 185.1 187.1 189.6 239.4 241.2 243.8 424.5 428.3 433.4 399.6 401.4 405.4 560.9 562.8 564.6 960.5 964.2 970.0 325.6 328.5 333.4 164.8 166.6 166.4 490.4 495.1 499.8 JULY AUG. SEP. 359.4 357.0 353.7 161.7 160.0 156.9 521.1 517.0 510.7 191.5 190.9 189.8 245.7 244.1 242.3 437.2 435.0 432.1 410.3 415.3 422.8 568.9 571.4 575.6 979.1 986.7 998.4 338.3 346.4 352.4 166.5 167.6 171.7 504.8 514.1 524.1 OCT. NOV. DEC. P 352.3 353.4 351.8 154.4 152.4 150.0 506.7 505.8 501.8 190.1 192.1 190.2 242.0 239.6 237.1 432.1 431.8 427.2 430.0 436.5 443.0 582.0 584.7 585.8 1012.1 1021.1 1028.8 356.6 358.2 361.9 174.4 174.7 173.6 531.0 532.9 535.5 7 14 21 28 354.0 354.1 353.7 352.2 153.3 152.9 152.2 151.5 507.2 507.0 505.9 503.7 192.6 192.6 192.2 191.5 240.7 240.3 239.4 238.5 433.4 433.0 431.6 430.0 433.9 435.8 437.1 438.4 584.3 584.7 584.8 584.9 1018.2 1020.4 1021.9 1023.2 357.7 358.5 358.5 357.8 175.2 174.7 174.4 174.7 532.9 533.2 532.9 532.5 DEC. 5 12 19 26p 352.8 353.1 352.1 350.4 151.4 151.0 150.0 149.0 504.2 504.1 502.0 499.4 191.1 190.7 190.3 189.2 238.7 238.0 237.0 235.7 429.7 428.8 427.3 424.9 439.7 441.7 442.9 444.4 585.0 585.0 585.2 585.9 1024.7 1026.7 1028.0 1030.4 359.0 361.5 360.2 363.3 173.9 173.6 173.4 173.8 532.9 535.2 533.6 537.1 1989-JAN. 2p 350.3 148.8 499.1 189.8 236.2 425.9 446.3 588.4 1034.6 365.5 173.5 539.0 Neek e n d i n g 1988-NOV. 1. 2. Savings deposits exclude MMDAs. 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. 3. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 4. Large7denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions> and foreign banks and official institutions. p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs1 Date At At Institutionthrift only money commercial banks institutions Total Imarket funds Debt components6 Non-M3 Components of L Term Eurodollars2 Savings bonds Short-term Treasury securities3: Bankers acceptances* Commercial paper5 Federal debt Non-Federal debt 1987-AUG. SEP. 84.0 81.3 39.8 40.7 69.5 70.7 109.2 111.4 90.2 94.5 97.7 98.3 256.9 260.3 43.6 44.4 249.2 256.8 1888.5 1901.0 6101.1 6154.0 OCT. NOV. DEC. 82.5 89.5 89.6 37.6 39.9 38.4 71.2 71.8 70.5 108.8 111.7 108.9 93.0 92.8 90.8 98.8 99.6 100.6 269.9 274.0 263.0 44.8 45.1 45.1 257.1 251.6 257.8 1910.9 1936.9 1954.1 6212.0 6258.5 6310.1 1988-JAN. FEB. MAR. 94.4 98.7 97.4 38.7 43.6 43.8 70.9 70.3 67.8 109.6 113.9 111.7 85.4 85.5 90.0 101.7 102.7 103.6 265.2 263.5 258.1 43.4 41.0 40.4 272.5 275.8 280.5 1961.9 1974.7 1993.3 6348.3 6375.5 6421.1 APR. MAY JUNE 91.9 90.0 86.3 44.9 47.1 48.0 69.4 73.5 75.8 114.3 120.6 123.8 89.1 91.8 93.1 104.6 105.4 105.9 262.6 260.1 254.9 40.9 41.1 41.0 285.0 300.8 303.8 2001.6 2005.1 2014.6 6474.6 6529.6 6584.1 JULY AUG. SEP. 84.8 84.0 83.7 46.6 45.0 42.4 78.5 78.1 79.1 125.0 123.1 121.5 96.2 102.3 101.4 106.5 106.9 107.6 262.4 271.0 274.7 40.8 41.2 41.9 307.8 309.3 308.3 2022.5 2036.6 2056.3 6634.2 6681.8 6732.1 OCT. NOV. DEC. P 84.6 87.4 87.6 42.8 44.7 40.3 81.1 81.7 82.3 123.9 126.4 122.6 99.1 102.2 103.3 108.3 108.7 p 278.2 286.7 p 41.5 42.5 p 313.1 320.7 p 2069.2 2090.3 p 6774.5 6810.3 p 7 14 21 28 85.9 86.8 88.1 88.7 43.9 45.6 43.1 47.6 81.4 81.9 81.8 81.7 125.2 127.5 124.9 129.2 99.6 101.3 101.0 106.6 DEC. 5 12 19 26p 88.2 86.7 88.5 87.3 40.2 40.3 40.6 41.9 81.7 81.9 82.2 82.1 121.9 122.2 122.7 124.0 102.7 104.2 104.1 102.9 1989-JAN. 2p 87.2 37.6 83.8 121.4 102.4 Neek ending 1988-NOV. Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount of overniqht RPs at thrift institutions. Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks world-wide and by all bankina offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual 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, •-indicates preliminary data. H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted Demand deposits at banks due to Date IRA and Keogh Accounts U.S. government depos its Time and savings deposits due to Foreign Foreign foreign banks <commercial official and official banks institutions institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings deposits At At thrift at commercial commerciail institutions banks banks At money market funds Total 1987-AUG. SEP. 8.9 9.4 2.0 1.9 4.4 4.4 3.0 4.2 3.4 10.3 18.6 21.3 25.0 35.8 1.6 1.5 80.7 81.4 105.7 106.6 14.0 14.5 200.4 202.4 OCT. NOV. DEC. 9.5 9.4 9.6 1.8 1.7 1.7 4.4 4.4 4.4 3.2 3.2 3.9 8.9 4.0 4.2 27.4 22.6 18.4 39.5 29.7 26.6 1.5 1.5 1.6 81.8 82.2 82.9 107.1 107.4 108.7 15.4 16.2 16.4 204.4 205.8 208.0 1988-JAN. FEB. MAR. 10.0 9.3 9.2 1.7 1.6 1.5 4.4 4.3 4.4 4.1 3.1 3.6 5.6 3.8 2.9 20.8 25.1 18.7 30.5 32.1 25.2 1.6 1.6 1.6 83.9 84.7 85.5 110.0 111.2 113.2 16.6 16.8 17.1 210.6 212.8 215.8 APR. MAY JUNE 9.0 9.1 9.5 1.8 1.6 1.7 4.4 4.3 4.3 5.3 3.3 4.3 5.1 7.2 4.1 16.4 27.1 16.7 26.8 37.5 25.0 1.7 1.7 1.8 87.3 88.8 89.4 115.4 116.5 117.7 18.0 18.6 18.4 220.7 223.9 225.5 JULY AUG. SEP. 9.9 9.2 9.5 1.8 1.6 1.5 4.4 4.4 4.4 3.4 3.0 4.1 3.9 3.2 7.4 18.6 8.9 20.4 25.9 15.1 32.0 1.8 1.7 1.6 90.2 91.2 91.8 119.0 119.5 120.5 18.5 18.7 18.9 227.7 229.4 231.1 OCT. NOV. DEC. P 9.1 9.3 9.6 1.5 1.7 1.8 4.4 4.4 4.3 3.2 3.4 4.2 6.2 5.2 5.5 24.5 12.8 18.7 33.9 21.5 28.4 1.6 1.6 1.7 92.5 93.3 93.9 121.5 121.7 122.2 e 19.0 e 19.0 e 19.0 e 233.1 e 234.0 e 235.1 e 7 14 21 28 8.5 9.4 9.5 9.8 1.6 1.5 1.8 1.8 4.4 4.4 4.4 4.4 3.3 3.3 3.8 3.2 5.2 5.8 4.9 5.1 14.9 11.1 7.6 17.7 23.3 20.2 16.4 26.0 1.6 1.7 1.7 1.7 DEC. 5 12 19 26p 10.0 9.7 9.6 9.2 1.7 1.8 1.8 1.9 4.4 4.4 4.3 4.3 3.4 2.9 6.5 3.7 4.6 4.7 5.5 5.3 12.9 8.3 20.5 26.6 20.9 15.9 32.6 35.6 1.7 1.7 1.7 1.7 1989-JAN. 2p 9.4 1.8 4.3 4.3 7.6 25.4 37.3 1.7 Meek ending 1988-NOV. e—indicates estimated data, p—indicates preliminary data. H.6 (508) Supplementary Table 1 Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2, and Experimental Alternative3 Seasonal Adjustment Procedures Monthly Average Levels in billions of dollars Standard Concurrent Experimental Alternative Annual growth rates in percent Standard Concurrent Experimental Alternative OCTOBER 756.2 756.9 755.0 14.0 14.8 14.3 NOVEMBER 752.7 754.2 751.8 -5.6 -4.3 -5.1 DECEMBER 750.8 751.0 749.6 -3.0 -3.8 -3.5 JANUARY 758.8 758.9 756.3 12.8 11.3 10.7 FEBRUARY 759.5 759.8 757.4 1.1 1.4 1.7 5.4 4.9 3.2 9.4 10.1 MARCH 762.9 762.9 759.4 APRIL 770.1 768.9 765.8 11.3 MAY 770.2 769.9 769.6 0.2 1.6 6.0 JUNE 776.5 775.4 775.8 9.8 8.6 9.7 JULY 782.3 781.3 782.8 9.0 9.1 10.8 AUGUST 782.5 781.5 782.9 0.3 0.3 0.2 SEPTEMBER 782.4 782.6 781.0 -0.2 1.7 -2.9 1.7 2.6 3.7 OCTOBER 783.5 784.3 783.4 NOVEMBER 783.6 785.5 781.6 0.2 1.8 -2.8 DECEMBER 787.5 788.8 786.8 6.0 5.0 8.0 1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMAbased procedure to the data through the end-of the previous year. 2. Concurrent monthly seasonal factors are derived each month by applying an X-11/ARIMA-based procedure to data through that month. 3. Alternative monthly seasonal factors are derived using an experimental model-based procedure. This procedure uses a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more sensitive than standard factors to ^jnique characteristics of each series. These characteristics include fixed and evolving seasonal patterns, trading day effects, within-month seasonal variations, holiday effects, outlier adjustments, special events adjustments and serially correlated noise components.