Full text of H.6 Money Stock Measures : January 3, 1997

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteasoat4.-30pjn. Eastern Tme

Billions of dollars

Date

January 3 , 1 9 9 7

M1 1

M22

DEBT5

M33
Seasonally adjusted

1994-Dec.

1148.7

3509.2

4319.2

5302.9

13148.4

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
4453.2
4480.4
4508.8
4530.0
4545.8
4557.7
4572.4

5329.1
5360.5
5395.3
5427.6
5452.8
5489.6
5538.2
5575.1
5622.1
5649.5
5656.4
5681.9

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.

1119.2
1117.3
1126.7
1123.6
1117.0
1116.4
1107.9
1098.7
1090.8
1075.6
1075.7

3671.6
3687.2
3722.1
3727.1
3720.6
3736.7
3741.7
3753.5
3763.9
3773.2
3797.7

4600.3
4638.1
4680.1
4688.6
4701.7
4722.2
4733.0
4751.6
4779.4
4813.5
4842.4

5700.4
5720.7
5779.7
5807.0
5804.5
5834.3
5850.0
5881.5
5921.6
5940.8 p

13917.4
13989.8
14065.9
14130.6
14185.9
14244.9
14314.7
14368.9
14414.3
14469.8

Not seasonally adjusted
1994-Dec.

1174.2

3529.6

4340.9

5332.3

13150.0

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
4451.2
4481.0
4512.2
4524.7
4545.8
4570.7
4593.4

5341.8
5349.6
5396.8
5435.2
5434.4
5481.9
5534.4
5575.6
5607.2
5639.2
5669.8
5711.5

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.

1128.1
1103.6
1116.0
1129.9
1103.8
1112.5
1107.9
1094.7
1088.3
1074.9
1083.4

3673.4
3667.7
3714.8
3740.0
3706.1
3735.0
3748.7
3757.5
3761.0
3768.9
3803.5

4604.8
4619.1
4669.9
4693.4
4686.7
4719.7
4735.3
4757.7
4774.2
4814.2
4856.5

5713.7
5709.7
5780.5
5812.4
5785.3
5825.7
5847.3
5884.7
5906.3
5932.0 p

13898.7
13952.7
14036.4
14094.3
14140.5
14200.8
14258.4
14317.9
14377.1
14434.3 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

DEBT1

3 Months from Aug. 1996 TO Nov. 1996

-8.4

4.7

7.6

4.3

6 Months from May

1996 TO Nov. 1996

-7.4

4.1

6.0

4.8

12 Months from Nov. 1995 TO Nov. 1996

-4.7

4.3

6.2

5.1

-8.8

4.5

7.6

JUne 24, 1996 (26 weeks previous)

-7.7

3.5

5.9

Dec. 2 5, 1995 (52 weeks previous)

-4.6

4.2

6.2

Thirteen weeks ending December 23
1996
from thirteen weeks ending:
Sep. 23, 1996 (13 weeks previous)

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, July 1996 to October 1996, April 1996 to October 1996,
and October 1995 to October 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, ana 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
M
1
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-Sep.

30

1098.7

1090.2

1088.4

3752.6

3763.7

3756.5

4754.2

4779.7

4781.2

Oct.

7
14
21
28

1096.2
1093.6
1091.3
1089.0

1084.5
1079.0
1076.7
1074.6

1072.9
1068.3
1077.3
1080.0

3754.5
3757.0
3759.8
3762.7

3762.4
3762.4
3767.3
3773.4

3766.5
3768.8
3777.5
3780.9

4759.0
4765.5
4772.4
4779.1

4786.3
4794.4
4803.9
4813.7

4798.4
4812.5
4823.4
4820.6

Nov.

4
11
18
25

1086.9
1084.6
1083.0
1081.1

1076.5
1076.5
1076.1
1074.6

1080.3
1068.3
1075.7
1074.0

3765.5
3768.7
3772.1
3774.9

3779.3
3785.0
3789.9
3792.8

3790.0
3791.7
3797.1
3792.3

4786.0
4792.2
4799.5
4806.0

4821.7
4826.3
4831.5
4836.7

4830.4
4830.7
4844.2
4841.3

Dec.

2
9
16p
23p

1080.4
1078.5
1077.2
1076.6

1076.4
1077.1
1076.4
1077.6

1087.7
1070.8
1072.9
1079.0

3779.4
3783.3
3787,5
3793.1

3798.6
3806.2
3812.6
3822.2

3813.1
3822.2
3822.6
3831.0

4814.0
4822.5
4831.1
4839.9

4844.4
4857.4
4869.5
4883.9

4861.3
4882.9
4892.4
4899.0

Not seasonally adjusted
1996-Sep.

30

1096.5

1087.7

1074.3

3755.5

3760.7

3732.1

4755.5

4774.1

4753.9

Oct.

7
14
21
28

1093.3
1090.5
1088.8
1086.6

1081.1
1076.2
1077.2
1074.2

1083.1
1076.0
1075.3
1062.3

3756.1
3757.7
3760.1
3762.0

3756.5
3756.2
3764.6
3769.6

3776.5
3778.6
3771.0
3752.4

4760.1
4766.3
4773.4
4779.8

4778.7
4787.1
4802.3
4814.5

4809.0
4824.3
4822.1
4802.5

Nov.

4
11
18
25

1084.5
1082.7
1082.1
1081.7

1074.9
1075.6
1078.5
1081.0

1086.1
1078.5
1087.0
1072.3

3763.8
3766.6
3770.4
3774.0

3773.1
3779.3
3788.7
3797.5

3790.3
3803.5
3808.4
3787.8

4786.4
4792.8
4800.7
4808.3

4822.0
4828.6
4838.4
4849.3

4839.1
4850.7
4861.1
4846.3

Dec.

2
9
16p
23p

1082.3
1081.0
1080.8
1083.3

1084.2
1087.6
1089.2
1097.0

1099.0
1091.9
1093.6
1103.5

3779.3
3783.2
3788.1
3796.3

3804.8
3815.0
3823.7
3837.8

3819.3
3844.5
3843.3
3844.2

4817.5
4826.4
4836.2
4847.7

4858.6
4872.5
4886.6
4902.8

4876.4
4906.1
4917.5
4911.2

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
Other checkable deposits
Currency1

Date

Travelers checks2 Demand deposits3

Nontransactions components

At thrift
institutions5
104.6
105,1
106.0

Total

lnM2*

In M3 only7

380.8
377.2
372.4

2441.6
2463.6
2480.7

893.4
901.5
909.1

1995-July
Aug.
Sep.

367.3
368.5
369.5

8.9
8.9
8.8

388.5
389.3
389.4

At commercial
banks 4
276.2
272.0
266,4

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

364.1
360.4
353.0

2496.6
2511.2
2532.6

917.4
917.5
914.9

1996-Jan.
Feb.
Mar.

373.6
373.3
375.2

8.9
8.9
8.9

393.5
397.4
407 . 1

236.5
226.0

10*, 6
107.4
109.4

343.2
337.8
335.4

2552.5
2569.9
2595.4

928.6
950.9
958.0

June

376.
377.
379,

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,
2603,
2620,

961.
981.
985.

July
Aug.
Sep.

382,
385,
387,

410.
407.
405.

201.6
193.5
186.1

105.1
104.9
103.9

306
298
290

2633.8
2654.8
2673.1

991.
998.
1015,

Oct.
Nov.

390.4
392.7

395.8
400.3

177.0
170.4

103.9
103.7

280
274

2697.
2722.

1040.
1044.

Apr.
May

8.5
8.6

1996-Oct.

e

8.6

397.0

179.3

104.3

283.6

2700.9

1039.7

4
11
18
25

390.6
391.6
391.9
392.4

8.6
8.6
8.6
8.7

400.0
396.3
401.9
398.3

175.7
167.9
170.3
172.1

105.4
104.0
103.0
102.5

281.2
271.8
273.3
274.6

2709.7
2723.4
2721.4
2718.3

1040.4
1038.9
1047.1
1049.0

Dec.

4.
5.
6.
7.

390.9

Nov.

1.
2.
3.

28

2
9
16p
23p

396.6
395.8
395.4
395.2

8.7
8.7
8.6
8.4

406.3
398.8
401.5
401.9

172.1
164.3
165.2
171.4

104.0
103.2
102.2
102.1

276.1
267.5
267.4
273.5

2725.5
2751.4
2749.7
2752.0

1048.2
1060.7
1069.9
1068.0

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.
estimated




p

preliminary

PagsLSL
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

1096.2
1101.6
1108.4

At
commercial
banks
566.2
569.6
571.5

Xt
thrift
institutions
352.6
353.7
355.0

362.2
360.3
359.5

1116.1
1120.6
1134.6

573.1
576.6
578.3

793.2
804.1
821.0

358.6
360.4
362.1

1151.8
1164.5
1183.0

Apr.
May
June

826,
829,
838,

366.3
367.9
368.8

July
Aug.
Sep.

844,
857,
864,

Oct.
Nov.

At
commercial
banks
731.3
739.1
746.3

At
thrift
institutions
365.0
362.4
362.1

Oct.
Nov.
Dec.

753.9
760.3
775.0

1996-Jan.
Feb.
Mar.

1995-July
Aug.
Sep.

Total

Total

Retail
money
funds*

Institutional
money
funds4

Large-denomination time deposits5

— 7 3 —

commercial
banks*
320.8
323.0
326.6

At
thrift
institutions
72.7
73.3
73.7

Total

919.0
923.3
926.4

426.3
438.7
445.9

218
218
221.

393.5
396.4
400.3

356.7
358.5
359.4

929.8
935.1
937.7

450.6
455.5
460.3

223.7
224.8
227.2

335.2
340.5
342.1

74.4
74.8
75.1

409.7
415.3
417.2

580.7
580.1
577.9

356.8
356.9
354.4

937.5
937.0
932.3

463.2
468.4
480.1

230.6
243.9
248.3

340.0
345.4
352.9

76.1
76.2
75.6

416.1
421.6
428.5

1193,
1197,
1207

576.2
574.8
575.0

353.8
353.0
352.0

930.1
927.8
927.0

480.3
478.3
486.3

245
243,
249,

355.6
362.4
368.8

75
75
75

431,
437,
444.

368.6
367.1
366.8

1213
1224
1231

577.6
580.6
583.6

351.1
352.2
353.2

928.7
932.8
936.8

491,
497,
504,

252,
257,
262,

373.6
375.7
381.5

76,
76,
78,

449.8
452.5
459.5

877,
890,

367.8
367.2

1244.8
1257.9

586.5
590.5

355.3
356.3

941.8
946.7

511,
517,

264,
267,

397.1
402.7

78.9
79.5

476,
482,

874.6

367.8

1242.5

587.4

356.2

943.6

514.8

262.1

402.3

79.0

481.3

Wee}; fBfllag
1 9 9 6 - O c t . 28
Nov.

3.
4.
5.
6.
p

882.3
892.1
890.7
886.7

367.8
368.3
366.9
366.0

1250.1
1260.4
1257.6
1252.7

587.9
588.7
590.5
591.8

356.8
356.7
356.0
356.0

944.6
945.4
946.6
947.8

514.9
517.7
517.2
517.8

262.5
264.1
270.7
269.7

399.8
398.9
401.3
406.3

79.5
79.5
79.6
79.4

479.3
478.4
480.8
485.8

Dec.

1.
2.

4
11
18
25
2
9
16p
23p

892.1
906.2
904.4
903.2

366.5
368.6
368.7
368.5

1258.6
1274.7
1273.0
1271.7

593.1
593.3
593.5
592.9

355.8
355.8
355.7
355.6

948.9
949.1
949.2
948.5

518.0
527.5
527.5
531.8

268.2
275.1
281.2
271.5

407.8
410.5
413.3
417.5

79.5
79.4
79.1
79.1

487.3
490.0
492.4
496.6

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs-—are those issued in amounts of less than $ 1 0 0 , 0 0 0 . All IRA and Keogh account b a l a n c e s at commercial banks
and thrifts are subtracted from small time deposits.
Balances in money funds with minimum initial investments of less than $ 5 0 , 0 0 0 .
Balances in money funds with minimum initial investments of $ 5 0 , 0 0 0 or more.
Large-denomination time deposits are those issued in amounts of $ 1 0 0 , 0 0 0 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, a n d foreign b a n k s a n d
official institutions.
preliminary




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

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

RPs1

Savings bonds

1995-July

Debt components6

Non-M3 Components of L

Eurodollars2

Aug.
Sep.

ISA.7—
193.5
193.5

92.5
93.1
93.7

mru
183.5

Oct.
Nov.
Dec.

191.2
186.8
179.4

1996-Jan.
Feb.
Mar.

Short-term
Treason/
secundes3

Bankers
acceptances4

Commercial paper5

Federal debt

Non-Federal debt

12.8

433.3
438.6

3S0B.5
3613.8
3616.5

IDU0574
10040.4
10087.9

465.6
464.5
475.7

13.4
12.6
12.0

440.5
437.1
437.1

3626.5
3635.9
3638.8

10137.6
10184.8
10228.1

1 8 5 .C
O
185.2

466.1
445.1
459.5

11.8
10,3
9.8

437.2
442.3
445.1

3639.6
3658.0
3685.1

10277.8
10331.8
10380.8

97.0
97.1
97.6

185.6
186.0
186.4

461.4
432.6
443.5

10.3
10.8
11.4

461.0
473.4
470.9

3698.0
3704.3
3710.8

10432.6
10481.6
10534.1

192.5
191.6
194.7

96.2
96.8
98.5

186.8
187.2
187.3

445.7
452.8
461.1

11.4
11.3
11.5

473.1
478.6
482.4

3729.4
3743.4
3746.5

10585.3
10625.5
10667.8

196.9
194.1

103.1
101.1

187.3 p

449.4 p

11.6 p

479.1 p

3758.2 p

10711.6 p

193.2

103.1

183.9

i 7.
4 3m1
456.8

92.9
$0.7
91.1

184.2
184.5
184.8

186.6
188.7
186.8

95.4
96.6
94.4

185.0

Apr.
May
June

187.6
203.1
194.3

July
Aug.
Sep.
Oct.
Nov.

Weeft eafljng
1996-Oct. 28
Nov.

4
11
18
25

195.1
194.9
195.8
193.4

2
9
16p
23p

190.7
188.9
189.5
192.7

429

0

103.5
101.6
99.8
100.1

Dec.

in—
12.4

102.0
106.8
106.8
107.1

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.
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
Currency1

Date

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions*

Total

lnM2»

In M3 only7

1995-July
Aug.
Sep.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2447.3
2470.1
2480.0

888.6
903.6
907.5

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

921.3
924.8
916.3

1996-Jan.
Feb.
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

406,
399.
409,

229.8
211.5
206.0

109.6
106.8
107.6

339,
318,
313,

2610
2602,
2622

953
980,
984,

July
Aug.
Sep.

383.8
385.9
386.9

410.
404.
404.

199,
191,
185,

105.2
104.0
103.4

304.
295.
288.

2640.7
2662.8
2672.7

986,
1000,
1013,

Oct.
Nov.

389,
392,

398.
408.

175,
170,

103.2
103.8

278.
274.

2693.9
2720.1

1045,
1053,

Week endincr
1996-Oct. 28

8.8

388.2

8.6

390.1

175.1

100.3

275.4

2690.1

1050.2

Nov.

4.
5.
6.
7.
e

390.3
393.4
391.9
392.0

8.5
8.5
8.4
8.4

405.8
402.7
413.6
401.1

175.6
169.0
170.3
170.4

105.8
105.0
102.8
100.4

281.5
273.9
273.1
270.8

2704.2
2725.0
2721.4
2715.5

1048.8
1047.3
1052.7
1058.5

Dec.

1.
2.
3.

4
11
18
25
2
9
16p
23p

394.7
396.1
396.6
400.0

8.3
8.3 e
8.2 e
8.1 e

418.8
413.4
418.2
419.2

172.0
168.0
167.5
174.1

105.1
106.0
103.1
102.1

277.1
274.0
270.6
276.2

2720.3
2752.6
2749.7
2740.7

1057.1
1061.6
1074.1
1067.0

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 institutbns 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
Savings deposits 1

Small-denomination time deposits 2
At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds3

1099.2
1105.1
1111.0

568.4
570.9
571.7

354.2
354.5
355.1

922.6
925.4
926.8

425.5
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
866.9

369.7
368.4
367.8

1217.1
1228.7
1234.7

Oct.
Nov.

878.9
894.4

368.6
368.7

872.4

At
commercial
banks

At
thrift
institutions

1995-July
Aug.
Sep.

733.3
741.5
748.0

365.9
363.6
363.0

Oct.
Nov.
Dec.

755.4
763.4
775.0

1996-Jan.
Peb.
Mar.

Date

Week engine*
1 9 9 6 - O c t . 28

Institutional
money
funds4

Large-denomination time deposits 5
At
commercial
banks*

At
thrift
institutions

Total

215.9
218.4
218.1

319.4
323.9
327.3

72.4
73.5
73.9

391.8
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
382.3

75.8
76.9
78.1

447.7
453.5
460.4

1247.5
1263.1

585.6
587.4

354.8
354.4

940.4
941.8

506.0
515.2

262.6
269.9

400.2
406.4

79.6
80.2

479.7
486.6

366.9

1239.2

585.5

355.1

940.5

510.4

262.2

405.5

79.6

485.1

Total

Nov.

3.
4.
5.
6.
p

884.5
898.4
896.1
888.3

368.7
370.8
369.1
366.6

1253.1
1269.2
1265.2
1254.9

585.7
586.2
587.5
588.2

355.4
355.2
354.2
353.8

941.1
941.4
941.7
942.1

510.0
514.4
514.5
518.5

263.5
265.9
271.7
274.0

403.1
403.6
404.8
410.0

80.1
80.4
80.3
80.2

483.2
484.1
485.0
490.2

Dec.

1.
2.

4
11
18
25
2
9
16p
23p

893.7
911.0
907.3
899.6

367.2
370.5
369.8
367.1

1260.9
1281.5
1277.2
1266.7

589.2
589.2
588.9
588.2

353.5
353.4
353.0
352.8

942.7
942.6
941.9
940.9

516.7
528.5
530.7
533.1

272.6
276.0
284.7
273.9

410.2
412.3
414.9
417.6

79.9
79.8
79.4
79.1

490.2
492.1
494.3
496.6

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 9
H.6(508)
Table 5 - continued

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

2

Date

At commercial
banks

At thrift
institutions

Debt components0

Non-M3 Components of L

RPs'
Eurodollars

Savings bonds

Total

Short-term
Treasury
secunties3

Bankers
acceptances4

Commercial
paper5

Federal debt

Non-Federal
debt

1995-July
Aug.
S»p.

143.6
147.4
146.4

45.6
47.2
47.9

189.2
194.6
194.3

91.7
93.2
93.9

182.8
183.0
183.3

434.6
439.8
447.2

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9972.8
10005.0
10062.8

Oct.
Nov.
Doc.

146.2
140.3
132.6

47.0
46.3
45.4

193.2
186.6
178.0

93.9
92.3
91.9

183.8
184.3
184.8

450.2
462.1
483.0

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

470.2
451.8
470.6

12.3
10.6
10.0

441.3
442.7
444.3

3634.4
3655.5
3698.1

10264.3
10297.2
10338.3

Apr.
May
June

139.1
152.6
147.2

47.9
50.8
51.0

187.0
203.4
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

10394.9
10448.5
10502.7

July
Aug.
Sep.

142.7
143.0
146.5

50.4
49.6
49.2

193.1
192.7
195.7

95.5
97.2
99.0

186.6
186.7
186.7

446.8
455.9
451.0

10.9
10.8
11.3

467.8
473.6
483.1

3708.3
3730.9
3736.1

10550.1
10587.0
10641.1

Oct.
Nov.

150.1
145.3

48.7
48.3

198.8
193.6

104.3
102.8

186.8

1996-Oct.

28

148.1

49.0

197.0

4
11
18
25

148.3
146.6
147.0
143.3

48.8
48.3
47.9
48.3

197.1
194.9
194.9
191.6

2
9
16p
23p

141.7
139.5
141.2
142.4

48.4
47.8
47.1
46.7

190.1
187.2
188.3
X89.1

p

11.4

p

485.7

p

3740.9

p

10693.4

105.0
102.4
101.1
102.7

Dec.

433.9

105.7

Nov.

p

104.2
106.3
106.8
107.4

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 sea sonally adjusted
Demand deposits
at banks due to

time and
savings
deposits
due to
foreiqn
banksand
official
institutions

U.S. government deposits
Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funas

Total

37.6
21.7
30.6

2.8
2.9
2.8

148.9
149.1
149.4

: 07.8 e
107.7 e
2 08.3 e

74.8
74.4
74.1

331.4 e
331.3 e
3 3 1 . 9 ft

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
108.2
108.2

e
e
e

74.3
74.9
75.5

332.5
332.9
333.6

6.2
5.0
5.7

15.9
13.2
10.8

26.5
21.2
20.6

1.2
1.3
1.2

150.2
150.2
150.2

107.9
107.6
107.4

•
«
e

76.6
78.2
79.8

3 3 4 . 8 ft
336.0 e
337.5 e

5.8
2.8
4.0

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
81.8
82.5

•
e
«

3 3 8 . 7 ft
339.6 o
3 4 0 . 8 ft

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 •
107.3 e
107.4 e

83.3
84.0
84.8

e
e
e

342.0 a
3 4 2 . 9 ft
343.4 e

1.4
1.4

14.3
14.3

3.0
3.3

5.0
5.0

11.0
11.6

19.0
19.9

4.6
4.6

151.3
151.3

107.2 e
106.9 e

8 5 . 5 ft
86.0 e

8.6

1.4

14.3

2.5

5.3

14.6

22.4

4.6

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

15.1
13.9
12.7

3.3
2.8
5.9

6.6
5.3
6.8

27.7
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
6.5

8 4
8.2
2,0

1.5
1.5
1.4

13.0
13.5
14.0

4.3
3.0
4.0

Apr.
May
June

. .8
K3
8.9

1.4
1.5
1.5

14.0
13.5
13.0

July
Aug.
S*p.

9.1
7.9
8.5

1.6
1.5
1.4

Oct.
Nov.

8.6
8.6

Date

Foreign
commercial
banks

Foreign
official
institutions

1995-July
Aug.

8.6
7.6
7.6

1.5
1.5
1.6

Oct .
Nov.
Dec .

8.4
8. 3
0,4

1996-Jan.
Feb.
Mar.

yeeH ^ndjnq
1 9 9 6 - O c t . 28

IRAandKeogh Accounts

Note
balances at
depository
institutions

Total
cash
balance

Nov.

8.6
8.6
8.6
8.6

1.4
1.4
1.4
1.4

14.3
14.3
14.3
14 3

3.5
2.6
4.1
2.5

5.0
5,1
5.0
5.0

13.8
7.2
8.1
13.4

22.2
14.9
17.2
21.0

4.6
4.6
4.6
4.6

Dec.

e
p

4
11
18
25
2
9
16p
23p

8.6
8.6
8.6
8.6

1.4
1.4
1.4
1.4

14.3
14.3
14.3
14.3

3.5
2.6
6.7
3.9

4.8
4.6
5.7
6.7

18.7
2.9
4.7
16.8

27.0
10.2
17.1
27.4

4.6
4.6
4.6
4.6

estimated
preliminary




344.0
344.3

e
e
o

e
e




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




First Class