Full text of H.6 Money Stock Measures : January 29, 1998

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H.6 (508)
Table 1

•• • • ~~ ~~ • • ••

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES 6

Forreleaseat4:30p.m.EastemTme

Billions of dollars

Date

January29, 1998

M1 1

M22

M33

L4

DEBT5

Seasonally adjusted
1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.

Nov.
Dec.
1997-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
3780.1
3799.8
3821.8

4620.1
4652.9
4689.4
4706.3
4728.9
4751.4
4769.4
4787.7
4816.5
4850.2
4877.6
4920.5

5720.8
5739.5
5789.7
5826.0
5846.5
5889.6
5914.2
5942.1
5981. 5
6005.7
6040.0
6071. 7

13822.8
13895.8
13972.0
14035.3
14088.1
14147.7
14219.7
14273.7
14322.1
14383.7
14446.6
14496.6

1079.7
1080.7
1075.4
1065.3
1062.8
1063.1
1062.1
1069.6
1060.8
1057.4
1064.0
1068.7

3836.9
3852.3
3867.9
3885.7
3883.3
3896.8
3907.1
3941.3
3959.8
3974.9
3997.8
4019.3

4943.7
4984.3
5019.0
5058.4
5063.0
5080.9
5121.2
5168.2
5204.9
5237.1
5285.0
5333.0

6087.5
6138.7
6186.5
6243.7
6263.3
6287.5
6318.8
6380.1
6421.2
6444.7
6507.5 p

14538.1
14595.8
14657.5
14728.7
14775.7
14805.5
14860.6
14917 . 8
14975.9
15042.5
15107.9 p

Not seasonally adjusted
1996-Jan.
Feb.
Ma:r.
Apr.
May
June
July
Aug.
Sep.
Oct.

Nov.
Dec.
1997-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
3769.9
3802.7
3840.2

4626.5
4641.0
4691.9
4715.7
4712.7
4748.7
4767.5
4788.1
4805.4
4846.0
4885.7
4937.5

5734.9
5731.4
5802.6
5839.0
5824.0
5876.0
5905.5
5941. 5
5964.1
5992.1
6050.4
6100.6

13804.5
13858.9
13944.2
14003.6
14048.7
14110. 7
14171. 8
14230.7
14289.3
14348.4
14428.3
14496.0

1085.9
1066.5
1067.4
1071. 8
1051. 8
1062.4
1063.7
1067.5
1057.7
1054.6
1068.9
1089.9

3838.4
3836.4
3872.5
3902.6
3866.0
3894.5
3912.0
3944.7
3952.1
3964.4
3999.9
4036.6

4949.2
4975.2
5025.6
5065.7
5045.2
5077.3
5119.0
5170.1
5192.0
5233.8
5292.9
5347.7

6100.4
6133.6
6202.8
6255.2
6240.1
6272 .1
6308.8
6380.1
6402.6
6434.5
6517.8 p

14519.0
14558.1
14631.1
14697.8
14734.9
14766.8
14810.5
14873.4
14943.1
15007.0
15088.5 p

Footnotes appear on the following page
p

preliminary


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Page2
H.6 (508}
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT 1

3 Months from Sep. 1997 TO Dec. 1997

3.0

6.0

9. 8

5.1

6 Months from June 1997 TO Dec. 1997

1.1

6.3

9.9

4.5

12 Months from Dec. 1996 TO Dec. 1997

-1.1

S.2

8.4

4.6

Thirteen weeks ending January 19 I 1998
from thirteen weeks ending:
Oct. 20, 1997 ( 13 weeks previous)

0.6

6.1

9. 6

1.

July 21 ,

1 997

(26 weeks previous )

0.4

6.1

9.1

Jan.

1997

(52 weeks previous )

-1.4

5.2

8.4

20,

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1997 to November 1997, May 1997 to November 1997,
and Nove mber 1996 to November 1997, respecti vely.

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 qy 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 retai l money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money
ma rket funds. Saasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retai l 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 al l
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 amo unts held by depository institutions, the U.S . government, money fund s, and foreign banks and official institutions . Seasonally adjusted
M3 is calculated by summing large tim e 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 er ;dit, 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 i ..,, discontinuities in the
data have been smooth ed into the series) and month-averaged (that is, the data have been derived by averagin g adjacent month-end levels). The presentati on of the debt
data in this re lease diffe r, therefore, from the quarterly flow of funds statistics contained in th e Federal Reserve releases Z. 7 and Z. 1. In those releases, publ ished 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).


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Page3
H.6 (508)
Table3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

1997-Oct. 27

M2

13-week
average

4-week
average

week
average

13-week
average

1062.6

1057.3

1054.1

3955.8

4-week
average

M3
week
average

13-week
average

4-week
average

week
average

3974. 8

3975.8

5198.1

5233.7

5243.6

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

3961.2
3965.7
3969.9
3974.1

3978.3
3982.6
3985.6
3991. 8

3989.4
3984.4
3992.9
4000.3

5208.6
5217.6
5226.5
5235.0

5246.1
5253.4
5264.2
5275.7

5270.0
5262.9
5280.2
5289.7

Dec.

1
8
15
22
29

1060.5
1060.3
1060.6
1061.7
1062.9

1062.4
1062.4
1063.0
1064.9
1066.3

1071.9
1059.2
1059.3
1069.1
1077.4

3978.1
3982.7
3986.7
3991.2
3996.3

3997.6
4004.0
4007.5
4013.0
4018.4

4012.6
4010.1
4007.1
4022.3
4034.2

5243.6
5253.7
5263.6
5273.5
5283.1

5285.9
5301.4
5314. 0
5325.6
5332.9

5310.9
5324.9
5330.6
5336.1
5339.9

5
12p
19p

1064.3
1064.6
1064.9

1073.2
1072. 0
1069.7

1086.8
1054.5
1060.2

4001.5
4006.1
4011.1

4026.5
4031.5
4037.2

4042.5
4026.9
4045.2

5293.3
5303.4
5314.3

5340.1
5348.5
5359.2

5353.8
5364.1
5378.9

1998-Jan.

Not seasonally adjusted

1997-Oct. 27

1060.0

1054.1

1041. 6

3951.8

3965.0

3941.7

5193.7

5230.8

5221.4

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

3955.2
3959.3
3963.4
3967.7

3965.4
3972.4
3980.6
3991.4

3977.0
4000.0
4003.6
3984.9

5203.3
5212.5
5222.1
5230.9

5242.3
5252.5
5267.1
5281.9

5265.7
5285.1
5296.2
5280.7

Dec.

1
8
15
22
29

1060.4
1060.6
1062.1
1065.6
1070.0

1067.9
1070.4
1073.1
1081.6
1086.7

1086.5
1072. 2
1075.9
1091.8
1106. 7

3972.8
3977. 2
3981.9
3989.5
3998.6

4001. 1
4010.1
4017.3
4029.8
4035.0

4016.0
4036.0
4032.2
4034.8
4036.9

5241.0
5251. 3
5262.5
5275.5
5289.1

5294.9
5310.8
5326.9
5342.5
5347.7

5317.4
5349.0
5360.3
5343.3
5338.2

5
12p
19p

1074. 3
1076.0
1076.6

1099.9
1099.2
1091.9

1125.1
1073.3
1062.6

4006.6
4013.6
4019.3

4046.0
4053.6
4056.2

4080.1
4062.5
4045.3

5301. 1
5313.4
5324.8

5354.1
5365.2
5375.9

5374.4
5404.8
5386.3

1998-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.


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Page4
H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars , seasonally adjusted
Other checkable deposits
Currency 1

Date

At commercial
banks 4

At thrift
institutions 5

Total

In M2 6

In M3 only7

385.2
387.6

8.4
8.5

405.9
405.1

195.2
188.0

105.2
104.3

300.4
292.2

2659.7
2676.4

1 028.0
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

2699.8
2719.7
2740.7

1 070 . 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. 5
267.3
261. 5

2757.2
2771.6
2792.5

1106.8
1132 . 0
1151.1

Apr.
May
June

403.7
406.1
407.7

8.3
8.2
8.0

395.6
395.7
397.2

159.7
155.6
153.7

97.9
97.2
96.4

257.7
252.8
250.1

2820.4
2820.6
2833.7

1172.7
1179.7
1184.1

July
Aug .
Sep.

410.2
412.1
415.4

8.2
8.3
8.1

396 . 4
402.0
390.6

150 . 5
150.0
150.2

96.8
97.2
96.5

247.2
247.2
246.7

2845.0
2871.7
2899.0

1214 .1
1226 . 9
1245.2

Oct.
Nov.
Dec.

418.0
421.9
426.0

8. 1
8.2
8.2

386.4
391.0
391. 7

148.5
147 .1
147.4

96.3
95.9
95.4

244.8
243.0
242.8

2917.5
2933.8
2950 . 6

1262.1
1287 . 3
1 3 13.7

Dec.

1 99 8-Jan.

4.
5.
6.
7.

Nontransactions components

Demand deposits 3

1996-Aug.
Sep .

Week ending:
1997-Nov. 24

1.
2.
3.

Travelers checks 2

422.1

8.2

390.7

146.1

94.6

240.7

2938.7

1 289. 4

1
8
15
22
29

4 24 . 0
4 24 . 6
425.1
4 2 6. 2
4 28 .0

8.2
8.2
8.2
8.2
8. 3

396.2
384 . 6
385.9
392 . 9
3 97.2

146 . 3
145.3
14 5 . 2
14 7. 0
1 49. 4

9 7.3
96.5
94.9
94 . 8
94.5

243.5
241.8
240.1
241.7
243 .9

2 9 40. 7
2 950.9
2 947.8
2 95 3.2
295 6 .9

1298.3
1314.9
13 2 3.6
1313.8
1305.7

5
12p
19p

42 6 .9
426.1
427.5

8.3
8.3 e
8.3 e

40 3.3
37 8 .4
383 . 5

151.7
1 4 7.5
146.5

9 6 .6
9 4 .2
94.3

248 . 3
241.7
240.8

2955.7
2972. 3
:. 985 .1

1311.4
1337.2
1333.7

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 liabi lities (overn ight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.

Digitized foreFRASER
estimated
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preliminary

Pages
H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1
Date

At
commercial
banks
857.1
865.7

At
thrift
institutions
365.6
365.8

Dec.

879.3
892.7
903.9

1997-Jan.
Feb.
Mar.
Apr.

1246.3
1259.0
1271. 0

587.4
589.9
592.0

353.6
354.0
353.7

941.0
943.9
945.7

512.5
516.8
523.9

288.1
292.0
299.3

402.1
404.0
412. 3

78.8
79.4
79.2

480.9
483.4
491.4

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

946.8
948.2
947.4

527.9
532.9
540.8

296.3
305.4
311.8

413.6
422.8
435.0

81.1
81.9
82.0

494.8
504.7
517.0

947.9
945.4
949.9

373.1
375.5
375.5

1321.1
1320.9
1325.4

598.2
601. 1
606.7

350.7
352.1
351.2

948.9
953.3
957.9

550.5
546.4
550.5

311.6
311.6
318.9

447.9
447.6
454.4

82.6
82.4
83.4

530.4
530.0
537.7

955.2
966.7
982.2

374. 6
374. 8
374.5

1329.9
1341.4
1356.7

612.3
613.0
615.1

347.8
347.8
346.5

960.2
960.8
961. 6

554.9
569.4
580.8

324.1
329.2
338.9

467.5
468.7
477.5

84.8
85.2
85.6

552.4
553.9
563.1

995.3
1005.2
1018.1

374.9
374. 9
377. 3

1370.2
1380.2
1395.4

616.8
619.3
619.8

346.4
343.8
343.9

963.2
963.2
963.7

584.2
590.4
591. 5

345.3
346.4
359.5

480.0
487.6
492.6

85.4
85.9
86.6

565.3
573.4
579.2

1007.1

376.4

1383.6

619.8

343.7

963.5

591.6

346.1

486.9

86.1

573.0

1
8
15
22
29

1008.8
1018.5
1017.7
1021.4
1020.2

376.8
374.8
376.9
378.4
380.1

1385.6
1393.3
1394.6
1399.9
1400.3

620.3
619.8
620.0
620.3
619.6

343.1
343.6
344.0
344.1
343.9

963.4
963.3
964.0
964.4
963.5

591. 7
594.2
589.2
588.9
593.1

349.0
357.9
361.5
358.3
361.7

489 .8
494.0
496.6
494.8
488.3

85.9
86 . 8
86.9
86 . 4
86.4

575.7
580.8
583.5
581.2
574.7

5
12p
19p

1022.3
1031. 7
1039.4

376.2
377.4
381.2

1398.5
1409. 2
1420.7

618.9
618.8
619.3

344.3
344.7
345.1

963.2
963.5
964.4

593.9
599.6
600.0

359.8
365.7
362.8

483.3
490.2
490.4

86.6
88.4
88.9

569.9
578.6
579.4

July
Aug.

Sep.
Oct.
Nov.

Dec.

Week ending
1997-Nov. 24

p

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary

278.8
285.2

367 .1
366.3
367.1

May
June

3.
4.

503.0
507.5

1222.7
1231. 5

Oct.

1.
2.

934.1
937.3

At
commercial
banks 4
383.1
389.9

At
thrift
institutions
351.2
352.0

Nov.

1998-Jan.

Institutional
money
funds

At
commercial
banks
582.9
585.4

1996-Aug.
Sep.

Dec.

Large-denomination time deposits 3

Retail
money
funds


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Total

Total

At
thrift
institutions
77.2
78.4

Total
460.4
468.3

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

Page6

H.6 (508)
Table 4 - continued

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

RPs 1

Date

Non-M3 Components of L

Eurodollars2

1996-Aug.
Sep.

192. 6
19 4.4

96.3
98.9

186.9
187.1

Short-term
Treasury
securities 3
478 .1
483.9

Oct.
Nov.
Dec.

196.0
195.3
194.1

105.1
107.1
113. 9

187.1
187.0
187.0

1997-Jan.
Feb.
Mar.

198.3
202.1
200.6

117. 5
119.7
121.7

Apr.
May
June

204.1
204.5
198.7

July
Aug.
Sep.
Oct.
Nov.
Dec.

Savings bonds

1998-Jan.

1.
2.
3.
4.
5.
6.

11. 1

Commercial paper 5

Federal debt

Non-Federal debt

12.0

477. 1
482.0

3740.5
3743.8

105 33.2
105 78.3

476.7
479.9
456.5

12.1
12.2
12.2

479.6
483.2
495.5

3756.0
3-770.0
3780.0

10627 .7
10676 .6
107 16.7

186.8
186.4
186.3

436.1
437.7
441.7

11.9
12.7
13.5

509.1
517.5
525.9

3778.0
3782.6
3796.5

10760.1
10813.2
10861.1

126.6
133.5
128.8

186.2
186.2
186.3

448.5
457.1
451.7

12.8
13.1
12.6

537.8
543.9
555.9

3803.1
3789.7
3776.4

10925.6
10986.0
11029. 1

207.1
208.6
205.7

130.5
135.3
137 .4

186.4
186.5
186.5

431.5
448.1
453.3

12.9
13.3
13.0

566.8
563.9
563.5

3779.4
3784.5
3787.9

11081.2
11133.3
11187.9

217.6
233.5
235.9

133.8
133.9
139.1

186.5
186.5 p

439.0
445.8 p

13.2
12.7 p

568.9
577.4 p

3789.6
37 90. 4 p.

11253.0
11317.5 p

236.8

133.5

1
8
15
22
29

236.1
237.0
237.3
234.6
233.7

137.5
139.2
141.2
139.7
135.6

5
12p
19p

238.4
251. 8
251.3

143.3
141.1
140.2

Week ending:
1997-Nov. 24
Dec.

Bankers
acceptances 4

Debt components 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. addrnssees by foreign branches of U.S. banks worldwide and by all banking offices in the Un,ted 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.

preliminary
Digitized forpFRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Page7
H.6 (508)
Tables

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency 1

Date

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks 4

At thrift
institutions 5

Total

In M2 6

In M3 only7

1996-Aug.
Sep.

385.8
386.8

9.0
8.8

404.3
404.0

192.8
186.7

104.5
103.9

297.3
290.6

2664.5
2672.3

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

2693.1
2717.4
2737.1

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

2752.5
2769.9
2805.1

1110. 7
1138.8
1153.1

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

2830.8
2814.2
2832.1

1163.2
1179.1
1182. 8

July
Aug.
Sap.

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. 7
245.4

2848.3
2877.3
2894.5

1207.0
1225.4
1239.9

Oct.
Nov.
Dec.

417.3
422.4
429.0

8.2
8.0
7.9

386.5
396.1
407.4

146. 8
146.5
149. 2

95.8
96.1
96.4

242.6
242.5
245.6

2909.8
2931.0
2946.8

1269.4
1293.0
1311.1

H:eek anding:

1997-Nov. 24

421.9

7.9

389.0

145.7

93.4

239.1

2927.0

1295.9

1
8
15
22
29

424.7
426.3
427.0
430.5
433.0

7.9
7.9
7.9
7.9
8.0

408.5
395.6
401.3
408.2
415.9

147.8
143. 8
144.3
150.1
154.4

97.6
98.6
95.4
95.0
95.4

245.4
242.4
239.7
245.1
249.9

2929.5
2963.8
2956.3
2943.1
2930.2

1301.4
1313.1
1328.0
1308.5
1301.3

5
12p
19p

429.8
426.9
426.3

8.0
8.0 e
8.0 e

429.8
391.7
383.9

157.7
150.5
150.2

99.9
96.3
94.2

257.6
246.8
244.4

2954.9
2989.2
2982.7

1294.3
1342.2
1341.0

Dae.

1998-Jan.

1.
2.
3.

4.
5.
6.
7.

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 foreigri banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand depos!ts at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutionc1.I money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.

Digitized for
estimated
e FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

p

preliminary

Page8

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits 1
thrift
institutions

Total

commercial
banks

thrift
institutions

Total

1996-Aug.
Sep.

860.0
866.6

366.8
366.2

1226.8
1232.8

582.9
584.7

351.2
351. 5

934.1
936.2

503.6
503.3

278.1
280.4

382.4
389.5

77.1
78.3

459.5
467.8

Oct.
Nov.
Dec.

878.9
894.5
902.9

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

507.4
514.3
525.4

284.7
292.6
300.5

406.7
408.i
413.7

79.7
80.3
79.5

486.4
489.0
493.2

1997-Jan.
Feb.
Mar.

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

945.6
948.9
949.8

531.5
538.6
549.7

304.8
315.5
316.4

410.1
421.1
434.2

80.4
81.6
81.9

490.5
502.7
516.1

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

351. 8
352.8
351. 5

951. 7
955.1
958.6

555.9
540.5
544.3

309.2
307.0
313.1

443.8
449.9
454.6

81.8
82.9
83.4

525.6
532.8
538.0

July
Aug.
Sep.

958.6
970.0
983.2

375.9
376.1
374. 9

1334.5
1346 . 0
1358.1

613.0
612.9
614.2

348.2
347.8
346.0

961.2
960.8
960.3

552.7
570.4
576.1

321.0
328.3
333.1

465.0
467.5
476.7

84.4
85.0
85.5

549,4
552.4
562.2

Oct.
Nov.
Dec.

994.7
1007.1
1016. 7

374. 7
375.6
376.8

1369.4
1382.7
1393.5

616.0
617.8
617.5

345.9
343.0
342.7

961.9
960.8
960.2

578.5
587.5
593.1

341.2
346.8
360.5

485.7
493.5
494.6

86.4
'86. 9
86.9

572 .1
580.5
581.6

1000.5

373.9

1374. 4

618.1

342.8

960.9

591.7

348.9

492.8

87.1

579.9

1
8
15
22
29

1003.6
1028.8
1022.5
1014.8
1004.6

374.8
378.6
378.7
376.0
374.2

1378.4
14 07. 4
1401.2
1390.8
1378.8

618.5
617.9
617.7
617.6
617.2

342.1
342.5
342.7
342.7
342.5

960.6
960.4
960.3
960.2
959.6

590.4
596.0
594.8
592.0
591.8

350.7
358.8
368.7
358.0
361.3

494.4
498.0
499.8
496.5
488.5

86.7
87.6
87.4
86.6
86.5

581.1
585.5
587.2
583.1
574.9

5
12p
19p

1028.6
1040.5
1032.4

378.5
380.6
378.6

1407 .1
1421.2
1411.0

617.8
618.1
618.7

343.7
344.4
344.8

961. 5
962.5
963.4

586.3
605.5
608.2

349.0
376.1
376.7

480.6
486.2
485.4

86.1
87.6
88.0

566.8
573.9
573.4

Dec.

1998-Jan.

p

Large-denomination time deposits 3

commercial
banks

At

Week ending:
1997-Nov. 24

3.
4.

Institutional
money
funds

Retail
money
funds

Date

1.
2.

Small-denomination time deposits 2

At

At

At

At

commercial
banks 4

At

thrift
institutions

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


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Total

Page9
H.6 (508)
Table 5 - continued

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

Date

At commercial
banks

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

194.1
196.5

95.5
98.2

186.7
186.7

482.0
476.9

11.1
12.0

473.6
483.1

3730 . 9
3 7 36 . 1

1 049 9 . 8
10553.3

Oct.
Nov.
Dec.

150.7
146.7
143.0

48.3
47.5
45.8

199.0
1 94.2
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

10 607 . 6
10 6 57. 0
10 70 8 .1

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
441.5
453.9

12.5
12.9
13.4

510 . 3
517.4
523.4

3773.4
3783.0
3815.4

10745.6
10775 .1
1081 5 .8

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

450.2
446.9
443.8

13 . 0
12.9
12.6

539.9
548.7
552.0

3810.3
3781.3
3766.2

10887 . 5
10953 . 7
11000.6

July
Aug.
Sep.

160.3
162.7
160.9

47.4
47.9
47.2

207.7
210.5
208.2

128.8
134.1
136.5

186.3
186.3
186.2

431.0
451.9
446.8

12.1
12.6
13.1

560.4
559.2
564.5

3759.9
3774.4
3780.4

11050.6
11099.0
11162. 7

Oct.

173.0
183.1
180.7

47.9
48.9
48.2

221. 0
232.0
228.9

135.1
133.7
140.1

186.3
186.4 p

424 . 3
446.0 p

13.4
12.9 p

576.7
579.6 p

3774.4
3792.1 p

11232.6
11296.4 p

Week ending:
1997-Nov. 24

185.1

48.6

233.7

133.3

1
8
15
22
29

183.5
181.3
182.2
179.0
178.4

48.3
49.0
48.9
48.1
47.3

231.8
230.3
231. 0
227.2
225.7

137.8
138.4
141.1
140.3
139.4

5
12p
1 9p

1 86 . 3
2 01. 5
202.0

46.4
47 . 1
46 .6

232.7
248.6
2 48 . 6

145 . 9
143 .7
14 2. 3

1998-Jan.

4.
5.
6.

Short-term
Treasury
securities 3

49.4
49.1

Dec.

3.

Savings bonds

144 . 6
147.4

Dec.

1.

Eurodollars 2
Total

1996-Aug.
Sep.

Nov.

2.

At thrift
institutions

Debt components 6

Non-M3 Components of L

RPs 1

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.

Digitized for
p FRASER
preliminary
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1996-Aug.
Sep.

7.9
8.5

1.5
1.4

Timeand
savings
deposits
dueto
foreign
banks and
official
institutions
13.4
13.8

Oct.
Dec.

8.6
8.8
9.1

1.4
1.4
1.4

14. 9
16.4
17. 9

3.0
3.3
4.3

1997-Jan.
Feb.
Mar.

9.2
9.3
9.3

1.7
1.5
1.4

18.6
18.3
18.0

Apr.
May
June

9.5
9.9
10.3

1.3
1.4
1.5

July
Aug.
Sep.

10.0
9.4
8.7

Oct.
Nov.
Dec.

Demand deposits
at banks due to

Time and
savinas
deposi sat
commercial
banks

12.2
20.5

20.1
31.3

3.8
3.4

151.8
151.4

108.6
108.6

79.8
82.3

340.2
342,3

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

84.7
87.2
89·. 7

344.2
346.2
348,1

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

91.7
93.2
94.8

349.6
350.8
352.1

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

105.6
105.2
104.9

96.5 e
98.2 e
99.9 e

353.7 e
355.3 e
356.9 e

1.5
1.5
1.4

17.9
18.2
18.4

1.8
1.8
3.2

5.0
4.9
6.2

18.2
12.4
20.1

24.9
19.1
29.4

3.2
3.0
2.9

152.8 e
154.0 e
155.2 e

104.5 e
104.0 e
103.5 e

101.6 e
103.3 e
105.0 e

359.0 e
361.3 e
363.7 e

8.3
8.3
8.3

1.5
1.5
1.4

18.5
18.5
18.5

1.7
1.7
2.2

5.5
5.1
5.0

16.0
12.4
16.6

23.1
19.2
23.8

2.8
2.8
2.8

156.0 e
156.1 e
156.2 e

103.0 e
102.7 e
102.3 e

106.7 e
108.4 e
110. 1 e

365.7 e
367.2 e
368.7 e

8.3

1.4

18.5

1.4

5.2

7.3

13.9

2.8

1
8
15
22
29

8.3
8.3
8.3
8.3
8.3

1.4
1.4
1.4
1.4
1.4

18.5
18.5
18.5
18.5
18.5

1.8
1.3
3.3
1.9
1.8

4.8
4.5
5.1
6.1
4.5

15.2
9.9
7.3
18.6
31.2

21.8
15.7
15.7
26.7
37.5

2.8
2.8
2.8
2.8
2.8

5
12p
19p

8.3
8.3
8.3

1.6
1.4
1.4

18.5
18.5
18.5

2.9
2.5

5.2
5.2
7.5

15.4
8.3
20.2

23.5
16.0
32.5

2.8
2.8
2.8

Nov.

Week ending:
1997-Nov. 24

1998-Jan.

e
p

IRA and Keogh Accounts

Total
cash
balance

Date

Dec.

U.S. government deposits

estimated
preliminary


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

2.7
4.6

5.1
6.2

4.8

Note
balances at
depository
institutions

At
commercial
banks

At
thrift
institutions

At

money
market
funds

Total