Full text of H.6 Money Stock Measures : January 14, 1988

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

'o*Gov^

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

JANUARY

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

Date

M3
M2
M2 plus
M1 plus overnight RPs
large time deposits,
and Eurodollars,
MMMF balances (gen. pur. term RAs, term Eurodollars
and institution-only
and broker/dealer), MMDAs,
MMMF balances3
and savings and small
2
time deposits
Seasonally adjusted

14,

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors'1

1986—DEC

730.5

2801.2

3493.1

4140.7

7606.1

1987—JAM.
FEBSAB.
APRHAY
JUME
JULY
AUG.
SEPT.
OCT.
NOV.
DEC P

737.7
737.4
739.5
750.3
753.1
746.6
747.6
751.1
751.3
760.7
756.6
752.9

2823.5
2823.0
2826.5
2639.9
2840.3
2841.6
2847.9
2862.8
2876.0
2892.7
2892.1
2897.1

3519.1
3522.7
3527.4
3544. 0
3560.3
3577.5
3584.2
3604.8
3621.5
3644.9
3659.5
3665.4

4173.3
4180.8
4169.8
4181.8
4215.8
4230.7
4226.1
4252.1
4281.1
4317.1
4329.6

7673.6
7710.9
7754.3
7815.6
7882.8
7943.2
7985.9
8037.5
8098.0
8163.7
8235. 7

1986—DEC

746.5

2814.7

3508.3

4154.2

7591.7

1987—JAM.
FEB.
flAE.
APE.
HAY
JUKE
JULY
AUG.
SEPT.
OCT.
MO?.
DEC P

744.4
723.3
728.9
757.5
744.9
749.1
751.5
749.4
749.5
757.7
759.7
769.0

2633.7
2611.1
2820.3
2848.6
2829.3
2842.7
2855.0
2860.8
2868.8
2688.7
2894.4
2910.7

3529.6
3513.0
3524.6
3552.1
3550.5
3575.3
3583.9
3600.3
3616.2
3640.6
3663.7
3680.4

4164.6
4172.5
4172.9
4189.7
4200.4
4229.9
4226.4
4248.7
4275.8
4311.1
4332.6

7656. 4
7676.9
7722.5
7784.5
7850.2
7915.0
7963.9
8019.5
8084.2
6144.7
8204.4

19*8

Not seasonaHy adjusted

M1
For period ended
13-week average

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

week average

1987-DEC.

7
14
21
28 P

756.9
756.9
756.7
756.7

755.2
753.9
752.1
752.5

754.6
751.0.
752.2
752.0

756.5
756.9
758.5
761.2

760.1
760.7
764.5
767.8

770.3
765.3
767.5
768.2

1988-JAM.

4 P

756.6

752.8

756.0

763.4

773.1

791.2

MOTE:

SPSCXAL CADTIOM SHOULD 6 2 TAAEM IM IMTE&PEETIMG IBEE-TO-HEEX CfiAHGES IM HOMEY SUPPLY DATA, MfiXCH AKE
HIGHLY fOLATXLE AID SUBJECT TO tEflSIOM*
P—INDICATES PfiSLIfllHAEY DATA.
FOOTNOTES APPEAR OM THE FOLLOWING PAGE




H.6 (508)
Table 2

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

2

M1

M2

M3

Debt1

3 MONTHS PfiOM SEPT. 1987 TO DEC.

1987

0.9

2.9

4.8

9.9

6 HONTHS FROM JUNE

1987 TO DEC.

1987

1.7

3.9

4.9

9-0

12 HONTHS FBOa DSC.

1986 TO DEC.

1987

3.1

3.4

4.9

9.6

THIBTBEN SEEKS ENDING JAN. 4, 1988
PfiOM THIBTBEN WEEKS ENDING;

1/

OCT.

5, 1987 (13 NBEKS PREVIOUS)

3.2

JULY

6, 1987 (26 WEEKS PREVIOUS)

1.6

JAN.

5, 1987 (52 WEEKS PREVIOUS)

5.3

GBONTfl BATES FOB DEBT ABE BASED ON PEBIODS BEGINNING AND ENDING ONE MONTH EARLIER THAN FOB THE MONETAE! AGGREGATES,
NAMELY, AUGUST 1987 TO NOVEMBER 1987, NAT 1987 TO NOVEMBER 1987. AND NOVEMBER 1986 TO NOVEMBER 1987, RESPECTIVELY

FOOTNOTES TO TABLE 1
CONSISTS OF (1) CUBBBNCI OUTSIDE THE TREASON*, FEDSRkL RESERVE BANKS, AND THE VAULTS OF COMMERCIAL BANKS;
(2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHEB THAN THOSE DUE TO
DOMESTIC BANKS, THE U.S. GOVERMMEMT, AND FOREIGM BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IB THE PROCESS
OF COLLECTION AND FEDEBAL RESERVE FLOAT; AND (4) OTHEB CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE OBDEB
OF WITHDRAWAL (NON) AND AUTOMATIC TBANSFEB SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BI
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
2/ CONSISTS OF Ml PLUS OVERNIGHT (AND CONTINUING CONTBACT) BPS ISSUED BI ALL COMMERCIAL BANKS AND OVERNIGHT EUfiODOLLABS
ISSUED TO U.S. RESIDENTS BI FOBEIGN BRANCHES OF U.S. BANKS WORLDHIDE, MHDAS, SAVINGS AND SMALL DENOMINATION
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 MONET MARKET MUTUAL FUMDS. EXCLUDES IBA AND KEOGH
BALANCES AT DEPOSITOBI INSTITUTIONS AND HONEY MARKET FUUDS. ALSO EXCLUDES ALL BALANCES HELD BY U.S. COMMERCIAL
BANKS, MONEY MARKET FUNDS (GENEBAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BkRKS, AND
THE 0.£. GOVERNMENT. ALSO SUBTBACTED IS A CONSOLIDATION ADJUSTMENT THAT BEPBBSENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAOLT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
3/ CONSISTS OF M2 PLUS LABGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OB MOBE) AND TERM RP LIABILITIES ISSUED
BI COMMERCIAL BANKS AND THRIFT INSTITUTIONS, TERM EUfiODOLLABS HELD BT U.S. RESIDENTS AT FOBEIGN BBANCHBS 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 MONET MARKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BI DEPOSITOBI INSTITUTIONS, THE U.S. GOVEBNMENT, MONEI
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT EPS AND EURODOLLARS HELD BI INSTITUTION-ONLY MONEI MABKET MUTUAL FUNDS.
4/ CONSISTS OF M3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BOMBS, SHORT-TERM TREASORY SECURITIES, COMMERCIAL
PAPER AND BANKEBS ACCEPTANCES, NET OF MONEI MARKET MUTUAL FUND HOLDINGS QF THESE ASSETS.
5/ DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MABKET DEBT OF THE UNITED STATES GOVEBNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BQBBS9 MOBTGAGES,
CONSUMES CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BkRKiERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERfE BOARD'S FLON OF FUNDS ACCOUNTS. ALL DATA QM DEBT OF DOMESTIC
NONFINANCIAL SECTORS ABE PRESENTED IN MONTH-AVERAGE FORM, DBRllRB BY AVEBAGING MONTH-END LEVELS OF ADJACENT MONTHS. THESE
DATA HAVE ALSO BEEN ADJUSTED TO BEHOVE STATISTICAL DISCONTINUITIES THAT MAI ARISE IN THE UNDERLYING FLON OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FROM THE QUARTERLY FLON OF FUNDS STATISTICS CONXAINED
IN THE FEBERkL RESERVE RELEASES Z.7 AND Z.1. IN THOSE RELEkSES, PUBLISHED LEVELS OF CREDIT MARKET DEBT ARE HEASr
ON
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.
1/




M i (908)

COMPONENTS OF THE MONEY STOCK
Othtr
Otto

TVMWfS

Currency'

dtpMHs*

tftpOthV

oompomnn
In M9
InMf*
only*

»'

mamma

BtHcUd

7
Bartngt dtpotttt
j
i
1 at r
total
! OOfflflMICMl
thrift

I

Uwy Hmt a^oim*
it
5
1
total
thttft
oommwolat

l

bantu

it

NMtNlltlOfW

I

thrift
IntWutlona

tot*

488.7

853.5

291.8

155.3

447. 1

mumniom!

1986 -DEC.

183.5

6T4"

308.3

232.3

2070.7

691.9

154.5

211.8

366.3

panto
364.7

1987 - J A B .
FEB.
BAB.

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

159.8
164.4
168.3

216.9
222.7
228.0

376.7
387.2
396.3

364.7
362.6
360.0

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

APB.
BAT
JURE

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

172.2
174.5
175.5

233.8
237.2
239.7

406. 1
411.7
415.2

357.5
357.1
360.1

486.3
486.1
490.0

843.9
843.2
850.1

305.9
310.7
314.9

148.7
149.1
150.2

454.6
459.7
465.1

JULI
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
2124.7

736.3
742.0
745.5

176.6
178.0
178.0

240.1
241.8
241.3

416.7
419.9
419.3

363.4
365.4
367.3

495.1
500.1
504.3

858.5
865.5
871.6

313.7
313.7
313.6

151.4
153.1
155.3

465.1
466.8
468.9

OCT.
B07.
BBC. P

196.2
198.4
199.7

7.0
7.0
7.0

300.4
295.7
291.4

257.2
255.6
254.8

2132.0
2135.5
2144.2

752.2
767.4
768.3

177.5
177.0
177.3

239.3
235.0.
233.3

416.7
412.0
410.6

373.0
380.8
384.8

509.9
520.6
530.0

882.8
901.4
914.8

317.0
323.2
323.8

159.1
162.7
166.0

476.1
485.9
489.9

294.7
291.3
290.7
289.0

254.4
253.5
255.2
255.2

291.3

256.0

8BBK BBDIBG
1987
DEC.

1988
JAB.

7
14
21
28 P

198.6
199.2
199.3
200.8

4 P

201.8

\

I

\

1

|

383.7
384.3
385.0
385.6

177.5
177.5
177. |
177.2
177. 4

j

322.8
324.2
324.3
323.7

;
j

385.8

i

324.8

•i

COBBEBCX OUTSIDE TAB O.S. TBBASOBX, WBDEBkL BBSEBfB BABKS ABO FAOLTS OF COBBBBCXAL BABKS. EXCLUDES TAB ESTXBATBD
ABOOBT OF TAULT CASB HELD BX TBBIFT IBSTITUTIOBS TO SEBflCB TBBIB OCO LIABILITIES.
2/ OOTSTABOIBG ABOOBT OF O.S. DOLLAB-DBBOBIBATBD TBAfBLBBS CHECKS OF BOBBABK ISSUBBS. TBAfBLBBS CBBCKS ISSUBO BX DEPOSITORI
IBSTITOTIOBS ABB IBCLUDED IB DEBABD DEPOSITS.
3/ DEBABD DEPOSITS AT COBBEBCIAL BABKS ABD FOBBIGB BELATED INSTITUTIONS OTBBB THAI TBOSB DOB TO DOMESTIC BABKS, THE ULS. GOfBBRBEBT ABD FOBBIGB BABKS ABD OFFICIAL IBSTITUTIOBS LESS CASB ITBBS IB THE PBOCESS OF COLLECTIOB ABD FEDEBAL BBSEBfB FLOAT.
EXCLUDES TBE ESTXBATBD ABOUBT OF DEBABD DEPOSITS BELD AT COBBEBCIAL BABKS BX THBIFT IBSTITUTIOBS TO SEBflCB THEIR OCD
LIABILITIES.
4/ COBSISTS OF BOB ABD ATS BALABCBS AT ALL DBPOSITOBX IBSTITOTIOBS, CBBDIT UBIOB SBABB DBAFT BALABCBS ABD
DEBABD DEPOSITS AT TBBIFT IBSTITUTIOBS.
5/ SUB OF OfBBBIGBT BPS ABD OFEBBIGBT EURODOLLARS. BOBEX BABKBT FUBD BALABCBS (GENERAL PUBPOSB ABD BROKER/DEALER),
BBDAS, ABD SAFIBGS ABD SHALL TIBB DEPOSITS, LESS TBB COBSOLIDATIOB ADJUSTBBBT THAT BBPBBSEBTS TBE ESTIBATBD ABOUBT OF
DBHABD DEPOSITS ABD fAULT CASH HELD BX THBIFT IBSTITUTIOBS TO SBBflCE THBIB TIRE ABD SAflBGS DEPOSITS LIABILITIES.
6/ SOB OF LABGB TIBB DEPOSITS, TBBB BPS ABD TBfifl EURODOLLARS OF U.S. BESIDBBTS, BOBEX BABKBT FUBD BALABCBS (INSTITUTIOflOBLI), LESS A COBSOLIDATIOB ADJUSTBBBT THAT BEPBESEHTS THE ESTIBATBD ABOUBT OF OfEBBIGHT BPS ABD EURODOLLARS HELD BX
IBSTITUTIOB-OBLI BOBEX BABKBT FUBDS.
7/ SAflBGS DEPOSITS EXCLUDE BHDAS.
8/ SHALL DBBOHIBATIOB TIBE DEPOSITS—IBCLUDIBG RETAIL BPS-- ABE THOSE ISSUED IB ABOUBTS OF LESS THAB $100,000. ALL
IBDIflDUAL BETIBEHEBT ACCOUBTS (IBA) AND KEOGH ACCOUBTS AT COHHBRCIAL BABKS ABD THBIFTS ARE SUBTRACTED FBOH SHALL
TIRE DEPOSITS.
9/ LABGB DBBOHIBATIOB TIBS DEPOSITS ABE THOSE ISSUED IB ABOUBTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKIBG FACILITIES.
10/ LARGE DENOMINATION IIHE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BX HONEX MARKET MUTUAL FUNDS,
DEPOSITOR! INSTITUTIONS AND POREIGN BANKS AND OFFICIAL INSTITUTIONS.
1/




H.6 (508)
Table 4

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

^__^
Dats

2/
3/
4/

short-term treasury
securities1

bankers acceptances'

commercial paper9

Debt components4
federal debt
non-federal debt

1986-NOf.
DEC.

69. 8
91.7

288.8
288.1

38.0
37.5

228.4
230.2

1776.2
1804. 5

5734.9
5801.5

19 8 7 - J AN.
tEB*
HAJU

92.7
93.5
94.3

264.1
285.6
269.2

37.8
39.3
39.8

239.7
239.8
239.1

1818.7
1832.9
1850.0

5655. 0
5877.9
590.4.3

APR.
J 0MB

95.1
95.9
96.5

256.5
262.9
261.1

41.2
42.4
43.5

244.9
254.3
252.1

1661.7
1674.4
1666.0

5953.9
60.08.4
6057. 1

JULY
AUG.
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

1686.9
1902.6
1913.1

6097.0
6134.7
6184.9

OCT.
MOf. P

98.7
99.5

272.6
279.3

44.5
44.6

256.4
246.8

1919.3
1939.5

6244.4
6296.2

NAY

1/

Non-M3 components of L
savings bonds

TBBASUBI BILLS AND COOPONS WITH RBRAINING NATOBITIBS OF LESS TBAN 12 HONTBS HELD BI OTHBfi THAU DBPOSITOfil
INSTITUTIONS, IBDBRkL RRSBRIB BANKS, HOMEY MARKET MUTUAL WUMDS AND FORBIGN BNTITIBS.
NBT OF BANKERS ACCEPTANCES HELD BI ACCEPTING BANNS, FEDEEkL RBSBRfB BANNS, FOREIGN OFFICIAL INSTITUTIONS, TUB VEDBRkL
HORB LOAN BARK SXSTBH AND HONEY RARKBT MUTUAL FUNDS.
TOTAL COHREBCIAL PAPER LBSS CONNERCIAL PAPER UELD BY HONEY NARKET BUTUAL FUNDS.
DEBT DATA ABB ON A HONTBLY AVERAGE BASIS, DKBllfED BY AVERAGING NND-OF-NONTR LEVELS OF ADJACENT HONTHS, AND RAVE BEEM
ADJUSTED TO BBBOfB DISCONTINUITIES.
CONSISTS OF U . S .




H.6 (508)
Table 5

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

1

Currency

Travelers
checks2

Demand
deposits3

at commercial
banks4

Nontransactions components"

at thrift
institutions'

in M2

e

in M3 only

7

Overnight
RPs8

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market

funds

1986--DEC

186.2

6.0

319.5

162.8

72.2

235.0

2068.2

693.6

59.4

19.0

207.6

1987--JAM.
FEB.
HAS.

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

APB.
HAX
JUMB

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

JULI
AUG.
SEPT.

193.8
194.1
194.3

7.7
7.9
7.6

298.6
294.8
293.3

172.9
174.5
176.2

78.5
78.1
78.0

251.4
252.6
254.3

2103.4
2111.4
2119.4

729.0
739.5
747.4

56.4
60.8
61.7

18.7
18.4
21.1

209.6
212.2
215.5

OCT.
MOT.
DBC P

195.9
199.3
202.7

7.0
6.6
6.5

299.8
298.0
302.0

176.7
177.7
180.0

78.3
78.1
77.8

255.0
255.8
257.8

2131.0
2134.7
2141.7

751.9
769.3
769.7

64.4
62.3
61.1

21.0
17.3
17.3

218.1
220.2
221.5

if EBB BMDING:
1987 -DBC

7
14
21
28 P

201.5
201.6
202.9
204.9

301.5
299.5
300.8
301.9

181.2
179.8
179.9
178.7

79.7
77.9
77.4
76. }

260.9
257.7
257.3
254.9

61.7
62.9
60.9
58.8

16.5
17.4
17.8
16.8

221.1
222.6
222.4
221.2

1988-JAH.

4 P

203.3

318.9

183.8

78.7

262.6

60.9

19.2

218.8

1/
2/
3/
4/
5/
6/
7/
8/
9/

CUBfifcMCX OUTSlDB TUB U.S. TREASdRI, fftMftiL R B S B R T R BAMIS AMD TBB TAUNTS OF COflHSfiCIAL ItAHKS. EXCLUDES THE BSTIHATED
AHOOMT OF FAULT CASH HELD BX THRIFT INSTITUTIONS TO SBBTICB THEIR OCD LIABILITIES.
OUTSTANDING AHOOMT OF U.S. DOLLAR-DBNOHIN AT ED IBAfBLEBS CHECKS OF NONBANK ISSUBBS. TBATBLBBS CHECKS ISSUED BX DEPOSIT OB I
INSTITUTIONS ABB INCLUDED IN DEMAND DEPOSITS.
DBHAND DEPOSITS AT COHHBBCIAL BANKS OTHER THAN THOSB DUB TO DOHBSTIC BANKS, THE U.S. GOVBBNHBNT AMD FOBBIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITBHS IN THB PROCESS OF COLLECTION AND F.fi. FLOAT, LESS THE BSTIHATED AMOUNT OF DBHAND
DEPOSITS HELD AT COHHBBCIAL BANKS BX THRIFT INSTITUTIONS TO SEBUCB THEIR OCD LIABILITIES.
CONSISTS OF NOR AND ATS BALAMCES AT COHHBBCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOBEIGN BANKS, AND BDGB ACT
CORPORATIONS.
CONSISTS OF NOR AND ATS BALANCES AT SATINGS AND LOAN ASSOCIATIONS AND MUTUAL SATINGS BANKS, CBBDIT UNION SHARE
DBAFT BALANCES, AND DBHAND DEPOSITS AT THRIFTS.
SUH OF OTERNIGHT RPS AND EOBODOLLABS, HONEX MABKBT PUND BALANCBS (GENERAL PURPOSE AND BROKER/DEALBR), HflOAS AND SATINGS
AND SHALL TIHB DEPOSITS LESS THB BSTIHATED AMOUNT OF DBHAND DEPOSITS AMD TAULT CASH HELD BX THRIFT INSTITUTIONS TO SERTICB
THEIR TIHB AND SATINGS DEPOSIT LIABILITIES.
SOH OF LABGB TIHB DEPOSITS, TBBH BPS AND EURODOLLARS OF U.S. RESIDENTS, HOME! MARKET FUMD BALANCES (IHSTITUTION-ONLI)0 LESS A
CONSOLIDATION ADJUSTHEMT THAT BBPBBSEMTS THB ESTIHATBD AMOUNT OF OTEBNIGHT BPS AMD EURODOLLARS HELD BT INSTITUTION-ONLI
HONEX MARKET HOTUAL.FUNDS.
CONSISTS OF OTEBNIGHT AND CONTINUING CONTRACT BPS ISSUED Bl COHHBBCIAL BANKS TO OTHER THAN DBPOSITORI INSTITUTIONS AND
HOME! HARKET HUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BI FOREIGN BRANCHES OF U.S. BANKS VOBLDULDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEX HARKBT HUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H.6 (506)
Table 5-continued

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

Date

Money market deposit accounts
at
|
at
thrift
total
commercial
institutions
i
banks

__
commercial
banks

Savings deposits1
at

!

thrift
institutions

Small
denomination time deposits'
_____
I
at
commercial
thrift
total
banks
institutions

total

1

Large denomination time deposits'
at
j
at
thrift
total
commercial
institutions
banks4

1986- -DBC.

379.0

192.4

571.4

153.6

211.8

365.6

364.4

489.8

854.2

293.2

154.9

448.1

1987- - J A N .
FEB.
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

364.4
362.1
359.7

490.0
488.4
486.3

854.5
850.5
846.0

296.9
298.1
301.3

154.4
153.1
151.2

451.3
451.2
452.5

APB.
HAI
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

840.3
638.5
846.9

303.2
309.2
311.8

148.0
149.1
149.8

451.2
458.3
461.6

JUL!
AUG.
SEPT.

365.3
364.1
362.5

182.9
179.6
176.6

548. 1
543.7
539.3

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
503.6

858.6
866.0
672.6

310.4
313.0
314.8

150.7
153.2
155.7

461.1
466,3
470.5

OCT.
NOV.
DEC. P

359.1
357.2
357.3

173.6
169.2
166.5

532.6
526.3
523.8

178.3
177.3
176.6

239.4
235.9
233.4

417.7
413.1
410.0

374.0
381.4
384.3

511.1
521.9
531.2

885.1
903.4
915.4

318.2
324.0
325.3

159.5
162.8
165.6

477.8
486.7
490.9

•BBK ENDING
1987
DEC

1988
JAN.

7
14
21
28 P

358.4
358.5
357.0
355.6

177.2
177.0
176.3
175.8

383.7
383.9
384.1
384.7

4 P

356.9

176.9

385.4

%

1/
2/
3/
4/

323.4
325.4
325.2
326.4

j

327. 1

\

J

SAVINGS DEPOSITS EXCLUDE HHDAS.
SHALL DBNOHINATION TIHB DEPOSITS — INCLODXNG BETAIL BPS — ABE THOSE ISSUED IN AHODNTS OF LESS THAN $100,000. ALL
INDIVIDUAL BBTIBEHBNT ACCOUNTS (IBA) AND KEOGH ACCOUNTS AT COHHERCIAL BANKS AND THBIFTS ABB SUBTBACTED FBOH SHALL
TIHE DEPOSITS.
LABGB DENOHINATION TIHB DEPOSITS ABE THOSE ISSUED IN AHOUNTS OF $100,000 OB BORE, EXCLUDING THOSE BOOKED AT INTEBNATIONAL
BANKING FACILITIES (IBFS).
LABGB DENOHINATION TIHE DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BI HONEI HABKET HUTUAL FUHDS, DEPOSITORI
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (506)
Table 5-continued

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

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars1

Savings
bonds

Non M3 Components of L
Short-term
Bankers
treasury
acceptances4
securities3

Components of Debt
Commercial
paper*

Federal debt*

1986-DBC

84.1

35.4

48.6

84.0

83.8

91.9

287.9

37.4

228.7

1804.0

1987--JAB*
FEB.
BAB.

84.0
84.7
84.9

34.1
35.4

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

34.9

49.5
51.8
52.3

38.9
39. 3

239.3
240.4
240.2

1817.6
1827.4
1839.0

APR.
BAX
JOBS

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
1869.5

JOLI
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

97.1
97.7
98.3

252.5
257.7

43.6
43.6
44.4

249.2
249.2
256.8

1872.7
1887^7
1900.2

OCT.
BOY.
DEC. P

81.6
88.5
88.6

37.7
39.8
38.1

69.2
69.9
68.6

106.9
109.7
106.7

93.5
92.1
91.3

98.8
99.6

269.8

44.8
44.6

257.1
246.3

1909.8
1935.2

90.6
94.8

260.1
278.4

BBBK BRDING*
1987--DEC

7
14
21
28 P

89.0
88.9
89.0
88.6

39.9
38.7
37.4
39.0

1988-JAB.

4 P

85.8

32.2

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

TEBB BPS ABB THOSB WITH ORIGINAL BATOBITXBS GBBATBB TEAR ONB DAI, EXCLUDING CONTINUING CONTACTS AND RETAIL RPS. INCLUDES
A RELATIYBLI SHALL ABOUBT OF OVEBNIGHI BPS AT THRIFT INSTITUTIONS.
TBBH EURODOLLARS ABB THOSE RITH ORIGINAL MATURITIES GBEATEB THAN ONB DAT. COBSISTS OF THOSB ISSUED TO U.S. BBSIDEBTS BX
FOREIGN BRANCHES OF U.S. BANKS NORLDNI0B AND BX ALL BANKING OFFICES IN THB UNITED KINGDOB AND CANADA. EXCLUDES THOSE HBLD
BX DEPOSITOBX INSTITUTIONS AND HONBX BASKET HUTUAL FUNDS.
CONSISTS OF U.S. TBEASUBX BILLS ABD COUPONS RITH RBRAINING BATUBITIBS OF LESS THAN 12 BONTHS HELD BX OTHBB TflAN DEPOSITORI
INSTITUTIONS, FEDERAL RESERVE BANKS, BONEX HARKET HUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKBBS ACCEPTANCES HELD BY ACCEPTING BANKS, FEDEBAL BBSBBYB BANKS, FOBEIGH OFFICIAL INSTITUTIONS, THB FEDERkL
HOHB LOAN BARK SXSTEH AND BONEX HARKET HUTUAL FUNDS.
TOTAL COHHBBCIAL PAPBB LESS COHHERCIAL PAPER HELD BX BONEX HARKET HUTUAL FUNDS.
DEBT DATA ABE ON A HONTHLI AVERAGE BASIS, DERIVED BY AVERAGING BMD-OP-HONTH LEVELS OF ADJACENT BONTHS, AND HAVE BEEN
ADJUSTED TO BEHOVE 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

8
Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

U.S. 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

thrift
institutions

commercial
banks

money
market
mutual funds

total

1986-DSC

9.9

1.8

4.1

3.7

3.7

15.5

22.9

1.7

72.8

96.2

10.7

179.7

1 9 8 7 - JAS.
PEE*
HAS*

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
97.7
98.8

10.8
11.0
11.2

181.4
182.8
185*4

APS*
HAI
JO MS

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

JOLI
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
1 4 . 3e

197.0
198.2
199.9e

OCT.
MOf.
DEC?

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
29.8
26.6

1.7
1.7
1.8

81.7
82.3
82.7

104.9
105.1
1 0 5 . 5e

1 4 . 5e
14.7e
15.0e

2 0 1 . 1e
202.1e
203.2e

8EEK E I D I I G :
1987
DEC.

1988
JAM.

f
i

7
14
21
28 P

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
8.7
21.9
27.4

4 P

10.0

2*1

3.8

4*1

5.0

20.0

e = estisated




.

22.3
15.8
33.3
34.1

1.7
1.7
1.8
1.8

29.0

1.8

,

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
1986-OCTOBER

701.4

Concurrent
701.7

Experimental
Alternative
699.9

Annual growth rates in percent
Standard
14.4

Concurrent

Experimental
Alternative

13.5

12.5

NOVEMBER

712.4

712.6

711.8

18.8

18.6

20.4

DECEMBER

730.5

731.4

730.2

30.5

31.7

31.0

737.7

737.8

735.4

11.8

10.5

8.5

737.4

737.7

735.6

-0.5

-0.2

0.3
3.6

1987-JANUARY
FEBRUARY
MARCH

739.5

738.8

737.8

3.4

1.8

APRIL

750.3

748.2

743.8

17.5

15.3

9.8

MAY

753.1

751.4

751.9

4.5

5.1

13.1

JUNE

746.6

747.0

747.4

-10.4

-7.0

-7.2

JULY

747.6

748.4

747.7

1.6

2.2

0.5

AUGUST

751.1

751.4

753.1

5.6

4,8

8.7

SEPTEMBER

751.3

752.3

750.2

0.3

1.4

-4.6

OCTOBER

760.7

761.0

759.4

15.0

13.9

14.7

NOVEMBER

756.6

756.9

756.4

-6.5

-6.5

-4.7

DECEMBER

752.9

754.0

752.8

-5.9

-4.6

-5.7

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 unique 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.