Full text of H.6 Money Stock Measures : January 2, 1998
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FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Forreleaseat4:30p.m. Eastern Time Billions of dollars Date January 2 , 1 9 9 8 M11 M22 DEBT5 M33 Seasonally adjusted 1995-Dec. 1129.0 3655.0 4592.5 5697.6 13768.0 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1122.2 1119.8 1126.2 1123.6 1117.1 1115.6 1108.9 1099.9 1093.3 1080.3 1080.1 1081.1 3669.9 3685.0 3714.0 3724.5 3725.4 3741.6 3749.1 3759.7 3769.7 3779.6 3798.3 3819.3 4620.1 4652.9 4689.4 4706.3 4728.9 4751.4 4769.4 4787.7 4816.5 4849.6 4876.1 4918.0 5720.8 5739.5 5789.7 5826.0 5846.5 5889.6 5914.2 5942.1 5981.5 6005.1 6038.4 6069.2 13817.1 13889.2 13964.5 14027.2 14079.7 14139.0 14210.5 14263.7 14311.4 14372.2 14434.0 14483.0 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. 1079.7 1080.7 1075.4 1065.3 1062.8 1063.1 1062.1 1069.6 1060.8 1057.4 1064.0 3834.7 3850.0 3865.5 3883.3 3880.9 3894.4 3905.3 3940.5 3960.0 3975.8 3998.8 4940.1 4977.3 5008.7 5047.8 5054.2 5073.7 5117.4 5168.9 5209.9 5245.0 5293.2 6083.9 6131.6 6175.9 6232.9 6254.5 6280.2 6315.0 6380.8 6426.0 6452.5 p 14523.9 14581.7 14643.4 14713.8 14759.0 14787.2 14838.9 14891.1 14944.8 15007.8 Not seasonally adjusted 1995-Dec. 1152.8 3675.3 4612.0 5729.5 13768.6 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1130.1 1105.7 1117.8 1131.3 1105.3 1114.2 1109.8 1096.5 1090.2 1076.9 1085.3 1103.1 3673.3 3668.6 3715.7 3741.6 3709.1 3739.2 3753.1 3761.0 3762.5 3769.4 3801.2 3837.7 4626.5 4641.0 4691.9 4715.7 4712.7 4748.7 4767.5 4788.1 4805.4 4845.4 4884.2 4935.0 5734.9 5731.4 5802.6 5839.0 5824.0 5876.0 5905.5 5941.5 5964.1 5991.5 6048.8 6098.1 13798.7 13852.3 13936.7 13995.5 14040.3 14102.0 14162.6 14220.8 14278.7 14336.9 14415.8 14482.4 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. 1085.9 1066.5 1067.4 1071.8 1051.8 1062.4 1063.7 1067.5 1057.7 1054.6 1068.9 3836.3 3834.0 3870.0 3900.1 3863.6 3892.1 3910.3 3944.0 3952.4 3965.3 4000.9 4945.6 4968.2 5015.2 5055.1 5036.3 5070.1 5115.3 5170.8 5197.1 5241.8 5301.2 6096.8 6126.5 6192.2 6244.5 6231.2 6264.9 6305.0 6380.8 6407.4 6442.3 p 14504.8 14543.9 14616.9 14682.6 14718.0 14748.2 14788.3 14846.2 14911.4 14971.8 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 DEBT 1 -2.1 5.9 9.6 4.6 1997 TO Nov. 1997 0.2 6.1 9.5 4.0 12 Months from Nov. 1996 TO Nov. 1997 -1.5 5.3 8.6 4.4 -1.0 6.4 9.8 June 23, 1997 (26 weeks previous) -0.5 5.6 9.0 Dec. -1.8 5.2 8.4 3 Months from Aug. 1997 TO Nov. 1997 6 Months from May Thirteen weeks ending December 22 1997 from thirteen weeks ending: Sep. 22, 1997 (13 weeks previous) 23, 1996 (52 weeks previous) 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, July 1997 to October 1997, April 1997 to October 1997, and October 1996 to October 1997, 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 M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and 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 Periodendi ng M3 M2 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1997-Sep. 29 1063.9 1058.7 1061.9 3934.8 3959.4 3967.8 5164.5 5209.7 5222.5 Oct. 6 13 20 27 1063.9 1063.4 1063.2 1062.6 1060.0 1058.9 1059.2 1057.3 1067.4 1051.2 1056.3 1054.1 3939.8 3944.9 3950.8 3955.9 3966.0 3969.1 3973.4 3975.7 3976.1 3968.0 3981.7 3976.8 5173.0 5182.9 5192.6 5202.3 5217.4 5225.9 5234.2 5241.5 5227.9 5241.1 5245.2 5251.9 Nov. 3 10 17 24 1062.8 1062.5 1061.8 1061.1 1058.8 1060.8 1060.9 1062.8 1073.4 1059.3 1056.9 1061.6 3961.4 3966.1 3970.4 3974.8 3979.2 3983.6 3986.6 3992.8 3990.3 3985.4 3993.9 4001.4 5213.5 5223.2 5232.7 5241.7 5254.2 5261.7 5272.5 5284.0 5278.5 5271.3 5288.3 5297.7 Dec. 1 8 15p 22p 1060.5 1060.3 1060.6 1061.7 1062.4 1062.4 1063.1 1065.1 1071.9 1059.3 1059.4 1069.9 3978.8 3983.6 3987.6 3992.2 3998.6 4005.1 4008.6 4014.2 4013.7 4011.2 4008.2 4023.8 5250.7 5261.2 5271.2 5281.1 5294.0 5309.4 5321.8 5332.6 5318.8 5332.8 5338.0 5340.9 Not seasonally adjusted 1997-Sep. 29 1062.7 1055.5 1050.2 3935.1 3951.6 3920.4 5160.2 5196.4 5166.9 Oct. 6 13 20 27 1061.8 1060.9 1060.8 1060.0 1055.5 1053.8 1056.2 1054.1 1069.4 1050.2 1055.0 1041.6 3938.0 3942.1 3947.5 3951.9 3950.8 3951.3 3960.3 3965.9 3976.3 3972.7 3971.9 3942.6 5167.4 5177.4 5188.0 5198.0 5198.3 5206.5 5223.0 5238.7 5226.9 5252.5 5245.7 5229.7 Nov. 3 10 17 24 1059.9 1059.7 1059.6 1059.5 1055.5 1058.5 1061.0 1065.1 1075.3 1062.0 1065.1 1057.9 3955.4 3959.7 3964.0 3968.3 3966.3 3973.4 3981.6 3992.4 3978.0 4001.0 4004.6 3985.9 5208.3 5218.2 5228.4 5237.7 5250.6 5260.9 5275.6 5290.4 5274.4 5293.6 5304.5 5288.9 Dec. 1 8 15p 22p 1060.4 1060.6 1062.1 1065.7 1067.9 1070.5 1073.2 1081.9 1086.5 1072.3 1076.0 1092.6 3973.6 3978.0 3982.8 3990.5 4002.1 4011.2 4018.3 4030.9 4017.0 4037.1 4033.3 4036.3 5248.2 5258.8 5270.2 5283.2 5303.1 5318.9 5334.7 5349.6 5325.3 5357.0 5367.7 5348.3 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision, p preliminary data. Page 4 H.6(508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of debars, seasonally adjusted Currency1 Date 4. 5. 6. 7. Other checkable deposits Nontransactions components At commercial banks4 At thrift institutions5 Total lnM26 In M3 only7 1996-July Aug. Sep. 382,8 385.2 387,6 8.6 8.4 8.5 408.8 405.9 405,1 202.9 195.2 188.0 105.8 105.2 104.3 308.7 300.4 292.2 2640.2 2659.7 2676.4 1020.3 1028.0 1046.9 Oct. Nov. Dec. 390.2 392.5 395.2 8.6 8.6 8.6 398.4 402.2 402.6 178.9 172.7 171.5 104.3 104.2 103.3 283.2 276.8 274.8 26?9.3 2718.2 2738.2 1070.0 1077.8 1098.7 1997-Jan. Feb. Mar. 397.0 400.5 402.4 8.6 8.6 8.5 401.6 404.3 403.1 170.9 165.4 160.3 101.6 101.9 101.3 272. 267, 261. 2755.0 2769.3 2790.0 1105.4 1127.3 1143.2 Apr. May June 403.7 406.1 407.7 8.3 8.2 8.0 395. * 395.7 397.2 153.7 155.6 153.7 97.9 97.2 96.4 257. 252. 250. 2818.1 2818.1 2831.3 1164.4 1173.3 1179.3 July Aug. Sep. 410. 412, 415, 396. 402. 390. 150.5 150.0 150.2 96.8 97.2 96.5 247. 247, 246. 2843.2 2871.0 2899.3 1212. 1228. 1249. Oct. Nov. 418. 421, 386. 391. 148.5 147.1 96.3 95.9 244.8 243.0 2918.4 2934.8 1269. 1294. Week e n d i n a 1 9 9 7 - O c t . 27 1. 2. 3. Travelers checks2 Demand deposits3 418.8 8.1 384.3 147.8 95.1 242.9 2922.6 1275.1 395.6 387.0 386.4 390.7 154.3 146.8 145.7 146.1 96.1 96.2 95.3 94.6 250.3 243.0 240,9 240,7 2916.9 2926.1 2937.0 2939.7 1288.1 1285.9 1294.5 1296.4 396.2 384.7 386.0 393.5 146.3 145.3 145.2 147.4 97.3 96.6 95.0 94.8 243.5 241.8 240.2 242.2 2941.8 2952.0 2948.8 2953.9 1305.1 1321.6 1329.8 1317.2 Nov. 3 10 17 24 419.4 421.1 421.4 422.1 8.1 8.1 8.2 8.2 Dec. 1 8 15p 22p 424.0 424.6 425.1 426.2 8.2 8.2 8.1 8.0 e 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 1. 2. 3. 4. p Retail money funds Institutional money funds Large-denomination time deposits3 At commercial banks4 At thrift institutions 274.0 278.8 285.2 379.4 383.1 389.9 76.5 77.2 78.4 455.9 460.4 468.3 512, 515, 521, 288. 292. 299. 402.1 404.0 412.3 78.8 79.4 79.2 480.9 483.4 491.5 946.8 948.2 947.4 525.7 530.6 538.3 296.3 305.4 311.8 412.2 418.1 427.1 81.1 81.9 82.0 493.3 500.1 509.1 350, 352, 351, 948.9 953.3 957.9 548.1 543.9 548.0 311.6 311.6 318.9 439.6 441.1 449.6 82.6 82.4 83.4 522.1 523.6 533.0 613. 615, 618, 347, 347, 345, 960. 962. 964. 552.5 567.0 578.3 324. 329. 338. 466. 472. 485. 84.8 85.2 85.6 551, 557. 570, 1370, 1380. 620.8 623.6 345.7 343.1 966. 966. 581.8 588.0 345, 346, 489. 495. 85.3 85.8 574, 581, At commercial banks At thrift institutions Total At commercial banks At thrift institutions 1996-July Aug. Sep. 844.2 857.1 865.7 366.8 365.6 365.8 1211.0 1222.7 1231.5 580.3 582.9 585.4 350.2 351.2 352.0 930.5 934.1 937.3 498, 503. 507. Oct. Nov. Dec. 879.3 892.7 903.9 367.1 366.3 367.1 1246.3 1259.0 1271.0 587.4 589.9 592.0 353.6 354.0 353.7 941.0 943.9 945.7 1997-Jan. Feb. Mar. 914.0 921.1 934.2 368.5 369.4 370.1 1282.5 1290.5 1304.3 592.4 593.3 595.6 354.3 355.0 351.8 Apr. May June 947.9 945.4 949.9 373.1 375.5 375.5 1321.1 1320.9 1325.4 598.2 601.1 606.7 July Aug. Sep. 955, 966, 982. 374.6 374.8 374.5 1329, 1341, 1356. Oct. Nov. 995, 1005, 374, 374, Total Total Week e n d i n g 1 9 9 7 - O c t . 27 995.4 376.5 1371.9 621.4 345.4 966.8 583.9 346.2 490.3 85.0 575.3 Nov. 3 10 17 24 990.4 1002.4 1006.9 1007.2 374.7 371.7 374.6 376.4 1365.1 1374.1 1381.5 1383.6 622.2 622.8 623.1 624.1 344.4 343.4 343.3 343.0 966.5 966.2 966.4 967.0 585.3 585.7 589.0 589.1 349.0 344.4 345.4 346.1 495.8 493.5 496.4 494.7 85.2 85.7 86.0 86.0 581.0 579.2 582.4 580.7 Dec. 1 8 15p 22p 1008.8 1018.5 1017.7 1021.4 376.8 374.8 376.8 378.1 1385.6 1393.3 1394.5 1399.5 624.6 624.1 624.4 624.7 342.3 342.8 343.1 343.2 966.9 966.8 967.5 967.9 589.3 591.8 586.8 586.5 349.0 357.9 361.5 358.3 497.5 501.6 504.1 501.6 85.9 86.8 86.8 86.3 583.3 588.4 590.9 587.9 Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary money market deposit accounts. deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks from small time deposits. deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and Pagef H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted RPs1 Date Short-term Treasury securities3 T7TTS Savings bonds lSST^JuIy 1. 2. 4. 5. 6. 144.5 55T5 Debt components6 Non-M3 Components of L Eurodollars2 id*.7 Bankers acceptances4 478.1 483.9 Commercial paper5 Non-Federal debt Federal debt TT75 11.7 12.0 473.0 477.7 482.0 372773 16464.1 3740.5 3743.8 10523.2 10567.6 Aug. Sep. 192.6 194.4 96.3 98.9 186.9 187.1 Oct. Nov. Dec. 196.0 195.3 194.1 105.1 107.1 113.9 187.1 187.0 187.0 476.7 479.9 456.5 12.1 12.2 12.2 479.6 483.2 495.5 3756.0 3770.0 3780.0 10616.2 10664.0 10703.0 1997-Jan. Feb. Mar. 198.3 202.1 200.6 117.5 119.7 121.7 186.7 186.4 186.3 436.1 437.6 441.6 11.9 12.7 13.5 509.1 517.5 525.9 3778.0 3782.6 3796.5 10745.9 10799.1 10846.9 Apr. May June 204.1 204.5 198.7 126.6 133.5 128.8 186.2 186.2 186.3 448.4 457.1 451.7 12.8 13.1 12.6 537.8 543.9 555.9 3803.1 3789.7 3776.4 10910.6 10969.3 11010.8 July Aug. Sep. 207.1 208.6 205.7 129.8 133.4 134.4 186.4 186.5 186.5 431.4 448.2 453.1 12.9 13.3 13.0 566.8 563.9 563.5 3779.4 3784.5 3787.9 11059.5 11106.6 11156.9 Oct. Nov. 217.6 233.5 131.6 133.1 186.5 Week e n d i n a 1 9 9 7 - O c t . 27 222.8 130.9 Nov. 3 10 17 24 226.7 231.0 233.6 236.8 131.5 131.3 133.1 132.7 Dec. 1 8 15p 22p 236.1 237.0 236.9 232.1 136.7 138.4 140.5 138.8 p 438.8 p 13.2 p 568.9 p 3789.6 p 11218.2 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. p preliminary Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted cy1 Date 1. 2. 3. 4. 5. 6. 7. e Travelers checks 2 Demand deposits 3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 6 Total In M3 only7 1996-July Aug. Sep. 383.7 385.8 386.8 9.1 9.0 8.8 410.4 404.3 404.0 200.8 192.8 186.7 105.8 104.5 103.9 306.6 297.3 290.6 2643.4 2664.5 2672.3 1014.4 1027.1 1042.9 Oct. Nov. Dec. 388.9 392.9 397.9 8.6 8.4 8.3 398.7 407.7 418.9 176.9 171.9 173.5 103.8 104.4 104.5 280.7 276.3 278.0 2692.5 2715.9 2734.6 1076.1 1083.0 1097.3 1997-Jan. Feb. Mar. 395.6 397.7 401.0 8.2 8.3 8.2 405.5 394.7 396.2 174.8 165.6 160.9 101.8 100.2 101.1 276.6 265.8 261.9 2750.3 2767.6 2802.6 1109.3 1134.2 1145.2 Apr. May June 403.4 406.1 408.4 8.2 8.2 8.2 396.6 387.3 396.2 163.4 153.7 152.8 100.3 96.5 96.7 263.6 250.2 249.5 2828.4 2811.8 2829.7 1155.0 1172.6 1178.0 July Aug. Sep. 411.3 413.4 414.2 8.7 8.8 8.4 398.2 400.6 389.6 148.8 148.2 149.3 96.7 96.5 96.2 245.5 244.8 245.5 2846.6 2876.5 2894.7 1205.0 1226.8 1244.7 Oct. Nov. 417.3 422.4 8.2 8.0 386.5 396.0 146.8 146.5 95.8 96.1 242.6 242.5 2910.7 2932.0 1276.5 1300.3 Week e n d i n a 1 9 9 7 - O c t . 27 416.6 8.1 377.1 146.6 93.3 239.9 2901.0 1287.1 Nov. 3 10 17 24 418.0 422.3 421.9 421.9 8.1 8.0 8.0 7.9 399.2 389.9 395.0 389.0 152.9 144.6 144.8 145.7 97.2 97.2 95.4 93.4 250.0 241.8 240.2 239.1 2902.7 2938.9 2939.5 2928.0 1296.4 1292.6 1299.9 1302.9 Dec. 1 8 15p 22p 424.7 426.3 427.0 430.5 7.9 7.8 7.8 7.7 408.5 395.7 401.4 408.8 147.8 143.8 144.3 150.6 97.6 98.6 95.5 95.0 245.4 242.5 239.8 245.6 2930.6 2964.8 2957.3 2943.7 1308.3 1319.9 1334.3 1312.0 e 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 At thrift institutions 350.6 351.2 351.5 Total 1215.1 1226.8 1232.8 At commercial banks 581.0 582.9 584.7 Retail money funds 931.6 934.1 936.2 496.7 503.6 503.3 366.9 367.1 366.7 1245.7 1261.5 1269.6 586.7 588.5 589.8 353.2 353.1 352.4 939.9 941.6 942.1 908.9 915.4 935.1 366.5 367.1 370.5 1275.4 1282.4 1305.6 591.7 593.7 597.1 353.9 355.2 352.7 Apr. May June 949.4 943.7 952.7 373.7 374.8 376.6 1323.2 1318.5 1329.2 599.9 602.3 607.1 July Aug. Sep. 958.6 970.0 983.2 375.9 376.1 374.9 1334.5 1346.0 1358.1 Oct. Nov. 994.7 1007.1 374.7 375.6 985.2 Date 1. 2. 3. 4. p 271.2 278.1 280.4 At thrift institutions 76.1 77.1 78.3 453.4 459.5 467.8 506.8 512.8 522.9 284.7 292.6 300.5 406.7 408.7 413.7 79.7 80.3 79.5 486.4 489.0 493.2 945.6 948.9 949.8 529.3 536.3 547.2 304.8 315.5 316.4 408.7 416.5 426.3 80.4 81.6 81.9 489.1 498.1 508.2 351.8 352.9 351.5 951.7 955.2 958.6 553.5 538.1 541.9 309.2 307.0 313.1 435.6 443.4 449.8 81.8 82.9 83.4 517.4 526.3 533.2 613.8 615.0 617.5 348.0 347.5 345.5 961.9 962.4 962.9 550.2 568.0 573.7 321.0 328.3 333.1 463.7 470.7 484.4 84.4 84.9 85.4 548.1 555.7 569.9 1369.4 1382.7 620.0 622.0 345.2 342.2 965.2 964.2 576.1 585.0 341.2 346.8 495.2 501.6 86.3 86.9 581.5 588.5 372.6 1357.8 619.9 344.6 964.5 578.7 342.0 497.3 86.2 583.6 At thrift institutions 368.1 366.8 366.2 Oct. Nov. Dec. 878.9 894.5 902.9 1997-Jan. Feb. Mar. Week e n d i n g 1 9 9 7 - O c t . 27 Large-denomination time deposits 3 At commercial banks 4 377.3 382.4 389.5 At commercial banks 847.0 860.0 866.6 1996-July Aug. Sep. Institutional money funds Total Total Nov. 3 10 17 24 986.2 1016.2 1013.9 1000.5 373.1 376.8 377.2 373.9 1359.3 1393.0 1391.1 1374.4 620.6 621.5 621.7 622.3 343.5 342.7 342.5 342.0 964.2 964.2 964.2 964.3 579.2 581.7 584.2 589.3 345.1 342.8 346.2 348.9 502.5 500.7 502.3 500.7 86.3 87.0 87.0 87.1 588.8 587.7 589.4 587.8 Dec. 1 8 15p 22p 1003.6 1028.8 1022.5 1014.8 374.8 378.6 378.6 375.7 1378.4 1407.4 1401.1 1390.4 622.8 622.2 622.0 621.9 341.4 341.7 341.8 341.7 964.1 963.9 963.9 963.7 588.0 593.6 592.4 589.6 350.7 358.8 368.7 358.0 502.1 505.7 507.4 503.3 86.7 87.5 87.4 86.6 588.8 593.2 594.7 589.8 Savings deposits include money market deposit accounts. Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. 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 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 Debt components6 Non-M3 Components of L 2 Eurodollars Savings bonds Total Short-term Treasury securities3 Bankers acceptances4 Commercial paper6 Federal debt Non-Federal debt 1996-July Aug. Sep. 145.0 144.6 147.4 50.4 49.4 49.1 195.4 194.1 196.5 94.5 95.5 98.2 186.6 186.7 186.7 472.9 482.0 476.9 10.7 ll.i 12.0 467.8 473.6 483.1 3708.3 3730.9 3736.1 10454.2 10489.8 10542.6 Oct. Nov. Dec. 150.7 146.7 143.0 48.3 47.5 45.8 199.0 194.2 188.8 106.0 107.3 114.7 186.8 186.9 187.0 461.0 480.1 469.7 12.2 12.4 12.6 486.1 485.2 493.8 3740.9 3771.4 3787.9 10596.1 10644.4 10694.5 1997-Jan. Feb. Mar. 150.6 152.6 151.1 45.7 46.9 46.7 196.2 199.5 197.8 119.2 121.1 122.9 186.8 186.6 186.6 441.6 441.3 453.7 12.5 12.9 13.4 510.3 517.4 523.4 3773.4 3783.0 3815.4 10731.4 10760.9 10801.5 Apr. May June 155.8 160.7 156.9 47.0 46.4 47.0 202.8 207.2 203.9 125.7 132.2 127.9 186.5 186.4 186.3 450.1 446.9 443.7 13.0 12.9 12.6 539.9 548.7 552.0 3810.3 3781.3 3766.2 10872.4 10936.8 10982.0 July Aug. Sep. 160.3 162.7 160.9 47.4 47.9 47.2 207.7 210.5 208.2 128.1 132.3 133.5 186.3 186.3 186.2 430.9 452.0 446.5 12.1 12.6 13.1 560.4 559.2 564.5 3759.9 3774.4 3780.4 11028.4 11071.8 11131.1 Oct. Nov. 173.0 183.1 47.9 48.9 221.0 232.0 132.9 132.9 186.3 179.5 48.3 227.8 133.7 Week e n d i n a 1 9 9 7 - O c t . 27 Nov. 3 10 17 24 181.4 181.6 183.1 185.1 48.2 49.7 49.2 48.6 229.6 231.3 232.3 233.7 132.8 130.8 132.0 132.5 Dec. 1 8 15p 22p 183.5 181.3 181.8 176.6 48.3 49.0 48.9 48.2 231.8 230.3 230.6 224.8 137.0 137.7 140.3 139.4 p 424.1 p 13.4 p 576.7 p 3774.4 p 11197.5 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 p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date U.S., government deposits Note balances at depository institutions IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve 13.0 13.4 13.8 2.9 2.7 4.6 5.3 5.1 6.2 17.4 12.2 20.5 25.7 20.1 31.3 4.1 3.8 3.4 151.9 151.8 151.4 108.7 108.6 108.6 77.5 79.8 82.3 338.1 340.2 342.3 1.4 1.4 1.4 14.9 16.4 17.9 3.0 3.3 4.3 5.0 5.0 5.7 11.0 11.6 11.9 19.0 19.9 21.9 3.1 2.8 2.5 151.3 151.4 151.3 108.2 107.7 107.1 85.3 88.7 92.2 344.8 347.7 350.6 9.2 9.3 9.3 1.7 1.5 1.4 18.6 18.3 18.0 4.1 2.8 3.1 6.2 5.1 5.9 20.2 14.7 17.8 30.5 22.6 26.7 2.4 2.4 2.4 151.3 151.3 151.4 106.6 106.3 105.9 93.9 95.6 97.3 351.7 353.2 354.6 9.5 9.9 17.9 17.8 17.8 5.3 2.5 3.9 11.7 12.7 8.1 21.7 29.6 22.5 38.7 44.8 34.5 2.6 2.9 3.2 151.6 151.8 152.0 105.5 105.2 104.9 99.0 100.7 102.4 356.1 357.7 359.3 Foreign commercial banks Foreign official institutions 1996-July Aug. Sep* 9.1 7.9 8.5 1.6 1.5 1.4 Oct. Nov. Dec. 8.6 8.8 9.1 1997-Jan. Feb. Mar. Apr. Total cash balance At commercial banks At thrift institutions At money market funds Total June 10.3 1.3 1.4 1.5 July Aug. Sep. 10.4 10.4 10.4 1.5 1.5 1.5 17.8 17.8 17.8 1.8 1.8 3.2 5.0 4.9 6.2 18.2 12.4 20.1 24.9 19.1 29.4 3.3 3.3 3.3 152.0 e 152.0 e 152.0 e 104.6 e 104.3 e 104.0 e 104.1 105.8 107.5 360.7 e 362.1 e 363.5 e Oct. Nov. 10.4 10.4 1.5 1.5 17.8 17.8 1.7 1.7 5.5 5.1 16.0 12.4 23.1 19.2 3.3 3.3 152.0 e 152.0 e 103.7 e 103.4 e 109.2 110.9 364.9 e 366.3 e 10.4 1.5 17.8 1.4 6.1 21.5 29.1 3.3 10.4 10.4 10.4 10.4 1.5 1.5 1.6 1.5 17.8 17.8 17.8 17.8 1.7 1.5 2.1 1.4 5.1 5.3 5.2 5.2 20.4 12.9 11.3 27.2 19.6 18.6 13.9 3.3 3.3 3.3 3.3 10.4 10.4 10.4 10.4 1.5 1.5 1.5 1.5 17.8 17.8 17.8 17.8 1.9 1.3 3.4 2.0 4.8 4.5 5.1 6.1 15.2 21.8 15.7 15.8 26.7 3.3 3.3 3.3 3.3 May Week e n d i n g 1 9 9 7 - O c t . 27 Nov. 3 10 17 24 Dec. 1 8 15p 22p e p Time and savings deposits due to foreign banks and official institutions estimated preliminary 7.3 9.9 7.3 18.6 *