Full text of H.6 Money Stock Measures : January 23, 1997

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat4:30p.m. Eastern Tm©

Billions of dollars

Date

January 2 3 , 1 9 9 7

M11

M22

M33

DEBT5

Seasonally adjusted
1995-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1149.2
1147.7
1148.7
1151.2
1146.1
1144.5
1145.4
1143.8
1140.1
1131.8
1129.0
1124.9

3513.9
3513.8
3518.8
3528.4
3540.8
3569.1
3587.0
3607.3
3620.8
3628.4
3640.2
3657.4

4341.8
4351.9
4369.2
4390.8
4417.0
4453.1
4480.0
4508.4
4529.5
4545.4
4557.4
4572.1

5329.1
5360.6
5395.4
5427.7
5453.0
5489.8
5537.9
5574.7
5621.7
5649.1
5656.0
5681.5

13201.7
13277.3
13345.2
13405.5
13482.6
13560.6
13613.9
13654.2
13704.4
13764.1
13820.7
13866.9

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec. p

1119.2
1117.3
1126.7
1123.6
1117.0
1116.4
1107.9
1098.8
1090.9
1075.7
1075.8
1076.9

3671.6
3687.2
3722.1
3727.1
3720.6
3736.7
3741.7
3753.6
3764.1
3773.4
3797.9
3825.8

4600.3
4638.1
4680.1
4688.6
4701.6
4722.2
4733.7
4751.8
4780.7
4816.3
4845.5
4894.5

5700.2
5720.7
5779.8
5806.9
5804.3
5834.3
5850.6
5881.6
5923.1
5944.2
5986.6 p

13917.5
13990.2
14066.3
14133.8
14189.9
14246.2
14317.0
14372.3
14418.4
14480.1
14545.2 p

Not seasonally adjusted
1995-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1159.0
1134.7
1138.8
1159.8
1133.4
1140.5
1145.1
1138.5
1137.3
1131.0
1136.5
1150.7

3517.0
3495.6
3512.5
3542.9
3527.3
3567.6
3592.5
3608.5
3617.3
3624.4
3645.8
3677.1

4346.3
4333.9
4361.0
4398.2
4403.1
4451.1
4480.6
4511.7
4524.3
4545.4
4570.3
4593.2

5341.8
5349.7
5396.9
5435.3
5434.5
5482.1
5534.1
5575.1
5606.8
5638.7
5669.3
5711.0

13181.5
13235.1
13305.4
13359.3
13432.4
13516.8
13561.6
13607.2
13669.6
13730.4
13805.4
13867.4

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec. p

1128.1
1103.6
1116.0
1129.9
1103.8
1112.5
1107.9
1094.7
1088.3
1075.0
1083.6
1101.4

3673.4
3667.7
3714.8
3740.0
3706.1
3735.0
3748.7
3757.6
3761.2
3769.1
3803.8
3843.7

4604.8
4619.1
4669.9
4693.4
4686.6
4719.7
4735.9
4757.9
4775.5
4817.0
4859.6
4913.7

5713.5
5709.7
5780.5
5812.4
5785.2
5825.7
5847.8
5884.8
5907.8
5935.4
6000.9 p

13898.8
13953.2
14036.8
14097.5
14144.5
14202.1
14260.7
14321.3
14381.3
14444.6
14528.2 p

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

3 Months from Sep. 1996 TO Dec. 1996

-5.1

6.6

9.5

4.8

6 Months from June 1996 TO Dec. 1996

-7.1

4.8

7.3

5.0

12 Months from Dec. 1995 TO Dec. 1996

-4.3

4.6

7.1

5.2

Thirteen weeks ending January 13
1997
from thirteen weeks ending:
Oct. 14, 1996 (13 weeks previous)

-6.4

5.6

8.5

July 15, 1996 (26 weeks previous)

-7.1

4.4

6.7

Jan. 15, 1996 (52 weeks previous)

-4.5

4.4

6.6

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1996 to November 1996, May 1996 to November 1996,
and November 1995 to November 1996, respectively.
_ _

Footnotes to Table 1 :

1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in retail money market mutual funds (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination 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 (money funds with minimum initial investments of $50,000 or more), 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 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
Period ending

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

1996-Oct. 21
28

1091.4
1089.1

1076.8
1074.7

1077.4
1080.1

3759.9
3762.8

3767.6
3773.7

3777.8
3781.1

4773.7
4780.5

4806.7
4816.6

4826.2
4823.4

Nov.

4
11
18
25

1087.0
1084.7
1083.1
1081.2

1076.6
1076.6
1076.2
1074.7

1080.4
1068.4
1075.8
1074.1

3765.7
3768.9
3772.3
3775.2

3779.5
3785.3
3790.2
3793.0

3790.2
3792.0
3797.3
3792.6

4787.6
4794.0
4801.4
4808.2

4824.6
4829.2
4834.5
4839.7

4833.2
4833.9
4847.4
4844.3

Dec.

2
9
16
23
30

1080.5
1078.6
1077.3
1076.7
1075.9

1076.5
1077.2
1076.5
1077.7
1075.4

1087.8
1070.9
1073.1
1078.8
1078.8

3779.7
3783.6
3787.7
3793.4
3798.6

3798.8
3806.5
3813.0
3822.6
3825.4

3813.4
3822.6
3823.2
3831.2
3824.5

4816.5
4825.2
4834.1
4842.8
4851.7

4847.5
4860.5
4872.6
4886.9
4895.6

4864.3
4886.1
4895.7
4901.5
4899.0

6P
13p

1076.1
1076.0

1076.6
1075.1

1075.8
1067.0

3804.3
3809.9

3830.1
3834.6

3841.6
3841.1

4860.0
4868.5

4901.5
4908.9

4909.7
4925.2

1997-Jan.

Not seasonally adjusted
1996-Oct. 21
28

1088.8
1086.6

1077.3
1074.3

1075.4
1062.4

3760.3
3762.2

3764.8
3769.8

3771.2
3752.6

4774.7
4781.3

4805.2
4817.3

4824.9
4805.4

Nov.

4
11
18
25

1084.5
1082.8
1082.2
1081.8

1075.0
1075.7
1078.6
1081.1

1086.2
1078.6
1087.1
1072.4

3764.0
3766.8
3770.6
3X74.2

3773.3
3779.5
3788.9
3797.7

3790.5
3803.7
3808.6
378$.t)

4788.0
4794.6
4802.7
4810.6

4824.9
4831.6
4841.4
4852.4

4841.9
4854.0
4864.2
4849.4

Dec.

2
9
16
23
30

1082.4
1081.1
1080.9
1083.4

i me. i

1084.3
1087.7
1089.4
1097.1
1099.8

1099.1
1092.0
1093.9
1103.3
110:9-9

3719.5
3T83.4
3788.4
379€.i6
3804.8

3805.0
3815.3
3824.1
3838.2
3843.2

3819.6
3845.0
3843.9
3844.3
3839.4

4820.1
4829.2
4839.1
4850.7
4862.7

4861.8
4875.6
4889.7
4905.8
4914.2

4879.4
4909.3
4920.8
4913.7
4913.1

6p
13p

1089.1
10913.2

1107.3
1106.3

1122.1
1089.9

3812.5
3819.0

3851.2
3856.0

3877.0
3863.2

4872.3
4881.9

4921.0
4928.7

4936.4
4951.6

1997-Jan.

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4
H.6(508)
Table 4

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

Other checkable deposits
Currency1

Date

Total

lnM2 6

In M3 only7

8.9
8.8

389.3
389.4

272.0
266.4

105.1
106.0

377372,

2463.6
2480.7

901.0
908.7

Oct.
Nov.
Dec.

370.8
371.6
373.2

8.8
8.9
8.9

388.1
388.2
389.8

258.1
254.1
245.6

105.9
106.3
107.4

364,
360.
353,

2496.6
2511.2
2532.6

917.0
917.1
914.7

1996-Jan.
Feb.
Mar.

373.6
373.3
375.2

8.9
8.9
8.9

393.5
397.4
407.1

236.5
230.4
226.0

106.6
107.4
109.4

343.2
337.8
335.4

2552.5
2569.9
2595.4

928.6
950.9
958.0

Apr.
May
June

376
377
379

8.9
8.7
8.6

406.3
409.5
413.4

225.4
214.5
207.6

107.1
107.2
107.3

332.4
321.8
315.0

2603.6
2603.6
2620.3

961,
981,
985,

July
Aug.
Sep.

382.6
385.0
387.5

410,
407,
405,

201.6
193.6
186.2

105.1
104.8
103.8

306,
298,
290,

2633.8
2654.8
2673.2

992,
998,
1016,

Oct.
Nov.
Dec. p

390.4
392.7
395.7

395,
400,
400,

177.1
170.5
169.2

103.8
103.7
102.6

280,
274,
271.8

2697,
2722,
2748.8

1042.9
1047.5
1068.7

1997-Jan.

e

At thrift
institutions5

368.5
369.5

Dec.

4.
5.
6.
7.

At commercial
banks 4

1995-Aug.
Sep.

fteek e n d i n g
1 9 9 6 - N o v . 18
25

1.
2.
3.

Travelers checks2 Demand deposits3

391.9
392.4

8.6
8.7

402.0
398.3

170.4
172.2

103.0
102.5

273.4
274.7

2721.5
2718.4

1050.0
1051.8

2
9
16
23
30

396.6
395.8
395.4
395.2
396.1

8.7
8.7
8.7
8.6
8.6

406.4
398.9
401.6
401.8
397.2

172.2
164.4
165.3
171.2
174.4

103.9
103.2
102.2
102.1
102.6

276.1
267.6
267.5
273.2
277.0

2725.6
2751.8
2750.0
2752.4
2745.7

1050.9
1063.5
1072.6
1070.3
1074.5

6p
13p

397.4
396.8

8.6
8.6 e

399.7
397.1

168.0
165.9

102.1
98.6

270.1
264.5

2765.8
2774.2

1068.1
1084.1

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 N O W 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.
estimated




p

preliminary

Page 5
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date

p

Large-denomination time deposits5
At
thrift
institutions

218.5
221.7

323.0
326.6

73.3
73.7

396.4
400.3

450,
455,
460,

223.7
224.8
227.2

335.2
340.5
342.1

74.4
74.8
75.1

409.7
415.3
417.2

937.5
937.0
932.3

463.2
468.4
480.1

230.6
243.9
248.3

340
345,
352

76.1
76.2
75.6

416.1
421.6
428.5

353.8
353.0
352.0

930,
927,
927,

480.3
478.3
486.3

245.6
243.5
249.4

355
362
368.8

75.7
75.1
75.4

431.3
437.5
444.2

577,
580,
583,

351,
352,
353,

928.7
932.8
936.8

491,
497,
504,

252
257
262

373
375,
381,

76,
76,
78,

449.8
452.5
459.5

1244.9
1258.1
1271.4

586.5
590.5
592.9

355,
356,
355,

941.8
946.7
948.6

511,
517,
528,

264
267
273

396,
402,
414.8

78
79
79,

475,
481,
494,

366.9
366.0

1257.7
1252.8

590,.5
591,.8

356 .0
356 .0

946.5
947.8

517.2
517.8

270.7
269.7

400.5
405.4

79.6
79.4

480.1
484.8

892.2
906.5
904.7
903.4
899.0

366.6
368.6
368.7
368.6
367.8

1258.7
1275.1
1273.4
1272.0
1266.8

593,. 1
593,.3
593,.5
5 9 3 ,.0
5 9 1 ,.9

355,.8
355 ,8
355 .7
355,.6
355,.5

948.8
949.1
949.1
948.6
947.3

518.0
527.5
527.5
531.8
531.6

268.2
275.1
281.2
271.5
271.1

406.6
409.3
412.0
415.9
423.4

79.5
79.4
79.1
79.1
80.0

486.1
488.7
491.1
495.0
503.4

915.3
916.7

369.1
371.1

1284.4
1287.8

5 9 2 ,.3
5 9 2 ,.2

3 5 6 ,.3
3 5 6 , .3

948.6
948.5

532.9
537.9

265.1
274.7

420.9
422.5

80.0
80.0

500.9
502.5

Total

At
commercial
banks

At
thrift
institutions

1995-Aug.
Sep.

739.1
746.3

362.4
362.1

1101.6
1108.4

569.6
571.5

353.7
355.0

923.3
926.4

438
445

Oct.
Nov.
Dec.

753.9
760.3
775.0

362.2
360.3
359.5

1116.1
1120.6
1134.6

573.1
576.6
578.3

356.7
358.5
359.4

929.8
935.1
937.7

1996-Jan.
Feb.
Mar.

793.2
804.1
821.0

358.6
360.4
362.1

1151.8
1164.5
1183.0

580.7
580.1
577.9

356.8
356.9
354.4

Apr.
May
June

826.9
829.7
838.2

366,
367,
368.8

1193.2
1197.5
1207.0

576.2
574.8
575.0

July
Aug.
Sep.

844,
857,
864,

368,
367.
366,

1213.6
1224.3
1231.5

Oct.
Nov.
Dec.

877.1
890.8
903.1

367.8
367.2
368.3

Week ending
1996-Nov. 18
25

890.8
886.8

2
9
16
23
30
6p
13p

p

Institutional
money
funds4

At
commercial
banks6

At
thrift
institutions

1997-Jan.

3.
4.
5.
6.

Retail
money
funds3

At
commercial
banks

Dec.

1.
2.

Small-denomination time deposits2
Total

Total

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
and thrifts are subtracted from small time deposits.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
preliminary




Page 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L
RPs

Date

1995-Aug.
Sep.

193.5
193.5

92.7
93.2

183.5
183.9

Short-term
Treasury^
secunties3
437.1
456.8

Oct.
Nov.
Dec.

191.2
186.8
179.4

92.5
90.3
90.9

184.2
184.5
184.8

465.6
464.4
475.5

1996-Jan.
Feb.
Mar.

186.6
188.7
186.8

95.4
96.6
94.4

185.0
185.0
185.2

Apr.
May
June

187.6
203.0
194.3

97.0
97.1
97.6

July
Aug.
Sep.

192.5
191.6
194.7

96.8
96.9
99.7

Oct.
Nov.
Dec. p

196.9
194.9
191.1

105.8
103.9
109.6

196.7
194.4

102.6
102.8

2
9
16
23
30

191.8
190.1
190.7
193.9
189.3

104.8
109.6
109.6
109.9
110.6

6p
13p

191.3
194.6

110.7
112.2

Savings bonds

Weefr ending
1996-Nov. 18
25
Dec.

1997-Jan.

Bankers
acceptances4
12.4
12.8

Commercial paper5

Debt components6

Federal debt

Non-Federal debt

433.3
438.6

3613.8
3616.5

1004O.4
10087.9

13.4
12.6
12.0

440.5
437.1
437.1

3626.5
3635.9
3638.8

10137.6
10184.8
10228.1

466.0
445.0
459.6

11.8
10.3
9.8

437.2
442.3
445.1

3639.6
3658.0
3685.1

10277.9
10332.2
10381.2

185.6
186.0
186.4

461.4
432.6
443.4

10.3
10.8
11.4

461.0
473.4
470.9

3698.0
3704.3
3710.7

10435.7
10485.7
10535.5

186.8
187.2
187.3

445.6
452.7
461.1

11.4
11.3
11.5

473.1
478.6
482.4

3729.4
3743.4
3746.4

10587.6
10628.9
10672.0

187.3
187.1 p

449.6
460.3 p

11.6
11.9 p

479.5
481.9 p

3758.2
3771.4 p

10721.9
10773.9 p

1. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
2. 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.
4. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
5. Total commercial paper less commercial paper held by money market mutual funds.
6. 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
Currency
cy1

Date

At commercial
banks4

At thrift
institutions5

Total

lnM2»

In M3 only7

9.5
9.3

386.8
388.5

268.7
264.7

104.4
105.6

373.1
370.3

2470.1
2480.0

903.2
907.0

Oct.
Nov.
Dec.

370.0
371.7
376.1

8.9
8.7
8.5

391.1
395.8
407.9

255.6
253.9
249.7

105.4
106.4
108.4

361.0
360.3
358.1

2493.4
2509.3
2526.4

920.9
924.4
916.1

1996-Jan.
Peb.
Mar.

371.7
370.8
374.3

8.5
8.5
8.6

399.0
388.3
397.5

242.3
230.5
226.4

106.6
105.5
109.2

348.9
336.0
335.6

2545.3
2564.0
2598.8

931.5
951.5
955.1

Apr.
May
June

375.8
377.5
380.5

8.6
8.6
8.9

406.0
399.3
409.5

229.8
211.5
206.0

109.6
106.8
107.6

339.4
318.3
313.6

2610.1
2602.2
2622.6

953.4
980.5
984.6

July
Aug.
Sep.

383.8
385.9
386.9

9.1
9.0
8.8

410.7
404.6
404.2

199.1
191.2
185.1

105.2
104.0
103.4

304.3
295.2
288.5

2640.7
2662.9
2672.8

987.2
1000.4
1014.4

Oct.
Nov.
Dec. p

389.0
392.9
397.9

8.6
8.4
8.3

398.9
408.1
419.4

175.3
170.4
172.1

103.2
103.8
103.7

278.5
274.2
275.8

2694.1
2720.2
2742.3

1048.0
1055.8
1070.0

1997-Jan.

e

Nontransactions components

Other checkable deposits

369.1
369.3

Dec.

4.
5.
6
7.

Demand
deposits 3

1995-Aug.
Sep.

free* en
1996-Nov,

1.
2.
3

Travelers
checks 2

18
25

391.9
392.0

8.4
8.4

413.7
401.1

170.4
170.5

102.8
100.4

273.2
270.9

2721.5
2715.6

1055.6
1061.4

2
9
16
23
30

394.7
396.1
396.6
400.0
399.9

8.3
8.3
8.3
8.3
8.2

418.9
413.5
418.3
419.1
422.0

172.1
168.1
167.6
173.9
177.1

105.1
106.0
103.1
102.1
102.6

277.2
274.1
270.7
276.0
279.7

2720.4
2753.0
2750.0
2741.1
2729.5

1059.9
1064.3
1076.9
1069.3
1073.8

6p
13p

398.2
396.2

8.2
8.2

431.6
410.6

177.6
173.4

106.5
101.5

284.1
274.9

2754.9
2773.3

1059.4
1088.5

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 N O W 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
Savings deposits1

At
thrift
institutions
354.5
355.1

Total

11«35.1
1111.0

At
commercial
banks
570.9
571.7

Retail
money
funds3

925.4
926.8

439.5
442.2

362.9
361.7
359.5

1118.3
1125.1
1134.5

572.5
573.7
574.3

356.3
356.8
356.9

928.8
930.5
931.3

789.5
798.9
819.0

356.9
358.1
361.2

1146.3
1157.0
1180.1

578.3
579.2
579.1

355.4
356.3
355.1

Apr.
May
June

825.9
827.7
839.9

365.9
367.0
369.5

1191.8
1194.7
1209.4

578.2
576.9
577.1

July
Aug.
Sep.

847.4
860.3
867.0

369.7
368.4
367.9

1217.1
1228.7
1234.8

Oct.
Nov.
Dec. p

879.0
894.5
903.0

368.6
368.7
368.3

Weefr endjlnq
1 9 9 6 - N o v . 18
25

896.2
888.4

2
9
16
23
30
6p
13p

Date

3.
4.
5.
6.
p

218.4
218.1

397.5
401.2

446.3
453.7
460.6

221.8
227.1
229.4

337.6
343.4
342.0

74.9
75.4
75.1

412.5
418.8
417.1

933.7
935.4
934.2

465.2
471.6
484.5

238.2
249.6
248.7

337.3
343.8
351.4

75.5
75.9
75.3

412.8
419.7
426.7

355.0
354.3
353.2

933.2
931.2
930.4

485.1
476.4
482.9

242.8
241.1
244.5

352.9
364.7
369.6

75.1
75.6
75.5

428.0
440.3
445.1

580.0
582.0
583.6

352.6
353.1
353.3

932.5
935.1
936.9

491.1
499.1
501.1

250.2
256.9
258.0

371.9
376.6
382.2

75.8
76.9
78.1

447.7
453.5
460.4

1247.6
1263.2
1271.3

585.6
587.4
588.6

354.8
354.4
353.1

940.4
941.8
941.7

506.0
515.2
529.3

262.6
269.9
276.5

400.0
405.6
414.6

79.6
80.2
79.4

479.5
485.8
494.0

369 .2
366 .6

1265 .4
1255 . 1

587.5
588.2

354.2
353.8

941.7
942.0

514.5
518.5

271.7
274.0

404.0
409.1

80.3
80.2

484.3
489.2

893.8
911.3
907.6
899.8
893.9

367
370
369
367
365

1261
1281
1277
1267
1259

.0
.9
.5
.0
.6

589.2
589.2
588.9
588.3
587.8

353.5
353.4
352.9
352.8
353.0

942.7
942.6
941.8
941.0
940.8

516.7
528.5
530.7
533.1
529.1

272.6
276.0
284.7
273.9
274.3

409.0
411.1
413.6
416.0
419.3

79.9
79.8
79.4
79.1
79.3

488.
490.
493,
495,
498.

916.6
917.5

369 .6
371 .4

1286 .2
1288 .9

589.3
589.6

354.4
354.7

943.7
944.3

525.1
540.0

264.1
283.8

415.5
419.4

79.0
79.4

494.5
498.8

Oct.
Nov.
Dec.

755.4
763.4
775.0

1996-Jan.
Feb.
Mar.

1997-Jan.

Large-derlomination timed*Bposits5
At
thrift
institutions
73.5
73.9

At
thrift
institutions
363.6
363.0

Dec.

Institutional
money
funds4

At
commercial
banks6
323.9
327.3

At
commercial
banks
741.5
748.0

1995-Aug.
Sep.

1.
2.

Small-denomination time deposits 2

.2
.6
.9
.2
.7

Total

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




Total

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

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

At commercial
banks

At thrift
institutions

Debt components6

Non-M3 Components of L
2

Eurodollars

Savings bonds

Total

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper*

Federal debt

Non-Federal
debt

1995-Aug.
Sep.

147.4
146.4

47.2
47.9

194.6
194.3

92.8
93.5

183.0
183.3

439.8
447.2

11.9
12.6

428.7
439.4

3602.2
3606.8

10005.0
10062.8

Oct.
Nov.
Dec.

146.2
140.3
132.6

47.0
46.3
45.4

193.2
186.6
178.0

93.5
91.9
91.6

183.8
184.3
184.8

450.1
462.0
482.9

13.2
12.5
12.1

446.2
440.1
438.1

3610.1
3635.9
3645.9

10120.3
10169.4
10221.4

1996-Jan.
Feb.
Mar.

140.3
140.6
139.4

45.0
45.3
45.6

185.3
185.9
185.0

95.2
96.3
94.8

185.1
185.4
185.7

470.0
451.8
470.7

12.3
10.6
10.0

441.3
442.7
444.3

3634.4
3655.5
3698.1

10264.4
10297.6
10338.6

Apr.
May
June

139.1
152.5
147.2

47.9
50.8
51.0

187.0
203.3
198.2

95.6
95.8
96.8

186.1
186.3
186.4

461.4
430.1
441.1

10.5
10.8
11.5

461.1
471.4
467.0

3699.5
3692.1
3698.1

10398.0
10452.4
10504.0

July
Aug.
Sep.

142.7
143.0
146.5

50.4
49.6
49.2

193.1
192.7
195.7

96.2
97.3
100.2

186.6
186.7
186.7

446.7
455.8
451.1

10.9
10.8
11.3

467.8
473.6
483.1

3708.3
3730.9
3736.1

10552.4
10590.4
10645.2

Oct.
Nov.
Dec. P

150.1
146.1
142.3

48.7
48.3
47.0

198.8
194.4
189.3

107.1
105.6
110.2

186.8
186.9 p

434.1
457.4 p

11.4
11.8 p

486.1
485.2 p

3740.9
3771.4 p

10703.8
10756.9 p

147.8
144.3

47.9
48.3

195.7
192.6

103.9
105.5

2
9
16
23
30

142.9
140.6
142.4
143.6
142.0

48.4
47.8
47.1
46.7
46.3

191.2
188.4
189.5
190.3
188.3

107.0
109.1
109.6
110.2
112.6

6p
13p

143.7
148.1

45.8
45.6

189.5
193.6

111.3
112.3

Week e n d i n g
1 9 9 6 - N o v . 18
25
Dec.

1997-Jan.

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




Page 10
H.6(508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Demand deposits
at banks due to

Time and
savings
deposifs at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

21.7
30.6

2.9
2.8

149.1
149.4

107.7 e
108.3 e

74.4
74.1

331.3 e
331.9 e

11,4
8,2
14.6

19.8
16.5
27.1

2.8
1.6
1.1

149,9
149.8
149,9

108.4 e
108.2 e
108.2 e

74.3
74.9
75.5

332.5 e
332.9 e
333.6 e

6.2
5.0
5.7

15.9
13.3
10.8

26.5
21.2
20.6

1.2
1.3
1.2

150.2
150,2
150.2

107.9 e
107.6 e
107.4 e

76.6
78.2
79.8

334.8 e
336.0 e
337.5 e

5.8
2.8
4.8

7.2
5.7
6.1

11.6
10.1
14.5

24.6
18.7
25.4

3,2
4.5
4.4

150.6
150.8
151.1

107.1 e
107.1 e
107.2 e

81.0 e
81.8 e
82.5 e

338.7 e
339.6 e
340.8 e

13.2
13.6
14.1

2.9
2.7
4.6

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.3

4.6
4.6
4.6

151.6
151.6
151.3

107.2 e
107.3 e
107.4 e

83.3 e
84.0 e
84.8 e

342.0 e
342.9 e
343.4 e

1.4
1.4
1.4

14.3
14.3
14.3

3.0
3.3
4.2

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.8

4.6
4.6
4.6

151.3
151.3
151.4

107.2 e
106.9 e
107.0 e

85.5 e
86.0 e
86.3 e

344.0 e
344.3 e
344.8 e

8.6
8.6

1.4
1.4

14.3
14.3

4.1
2.5

5.0
5.0

8.1
13.4

17.2
21.0

4.6
4.6

2
9
16
23
30

8.6
8.6
8.6
8.6
8.6

1.4
1.4
1.4
1.4
1.4

14.3
14.3
14.3
14.3
14.3

3.5
2.6
6.7
3.9
3.8

4.8
4.6
5.7
6.7
6.0

18.7
2.9
4.7
16.8
20.6

27.0
10.2
17.1
27.4
30.3

4.6
4.6
4.6
4.6
4.6

6p
13p

8.6
8.6

1.4
1.4

14.3
14.3

5.4
3.2

5.2
5.1

17.5
11.1

28.1
19.3

4.6
4.6

Balance
at
Federal
Reserve

13.3
12.7

2,8
5-9

5.3
6.8

13,6
17.8

1*5
1.6
1.5

12.2
12.4
-12.5

3.1
2.9
6.0

5.3
5,4

8.4
8.2
8.0

1.5
1.5
1.4

13.0
13.5
14.0

4.3
3.0
4.0

Apr.
May
June

7.8
8.3
8.9

1.4
1.5
1.5

14.0
13.5
13.0

July
Aug.
Sep.

9.1
7.9
8.5

1.6
1.5
1.4

Oct.
Nov.
Dec. P

8.6
8.6
8.6

Foreign
commercial
banks

Foreign
official
instituliorts

1995-Aug.
Sep.

7.6
7.6

1,5
1.6

Oct.
Nov.
Dec.

8.4
8.3
8.4

1996-Jan.
Feb.
Mar.

Week e n d i n g
1 9 9 6 - N o v . 18
25
Dec.

1997-Jan.

estimated
preliminary




IRA and Keogh Accounts

U.S. government deposits
Demand
deposits at
cornmeirctal
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
. official
(institutions

Note
balances at
depository
institutions

Total
cash
balance




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




First Class