Full text of H.6 Money Stock Measures : July 16, 1998

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

: o* Gove

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time

Billions of dollars

Date

July 16, 1998

M1 1

M22

M33

L4

DEBT5

Seasonally adjusted
1996-July
Aug.
Sap.
Oct.
Nov.
Dec.

1110.4
1100.2
1094.8
1081.9
1081.3
1082.8

3753.5
3762.3
3774.6
3786.0
3804.5
3826.1

4781.2
4797.7
4828.0
4862.7
4889.7
4931.1

5924.8
5947.2
5985.5
6014.9
6048.5
6083.9

14157.1
14211.0
14259.3
14320.7
14383.7
14432.2

1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1080.8
1078.8
1075.0
1068.3
1064.3
1065.4
1065.6
1071.1
1063.5
1061.9
1069.2
1076.0

3840.7
3853.3
3868.8
3889.8
3892.5
3908.0
3922.5
3954.8
3976.7
3997.1
4022.2
4045.8

4956.7
4993.2
5027.2
5070.3
5086.3
5109.2
5149.6
5195.8
5234.7
5271.9
5323.9
5374.9

6109.0
6155.8
6199.4
6255.2
6285.3
6312.3
6345.8
6403.6
6442.9
6478.1
6546.0
6609.4

14473.0
14532.6
14595.7
14669.4
14719.6
14753.0
14814.4
14880.0
14944.0
15018.1
15095.7
15170.7

1998-Jan.
Feb.
Mar.
Apr.
May
June p

1073.7
1076.5
1081.1
1080.8
1078.0
1074.8

4071.3
4103.9
4132.3
4164.9
4174.5
4192.9

5421.4
5461.7
5527.1
5574.1
5602.3
5627.1

6677.2
6741.9
6808.3
6825.5 p

15245.7
15331.2
15413.9
15477.3
15532.0 p

Not seasonally adjusted
1996-July
Aug.
Sep.
Oct.
Nov.
Dec.

1110.4
1097.4
1091.5
1077.9
1086.6
1104.9

3755.2
3764.5
3767.6
3774.7
3807.6
3845.4

4777.2
4798.8
4817.1
4856.4
4896.5
4948.9

5915.2
5952.1
5975.8
6002.5
6061.1
6111.9

14103.9
14163.4
14222.6
14282.5
14363.7
14431.0

1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.4
1097.6

3842.7
3837.9
3876.0
3908.6
3873.7
3904.3
3923.8
3958.7
3968.8
3984.9
4024.6
4064.7

4960.5
4985.9
5039.5
5083.6
5066.6
5101.5
5143.8
5197.5
5221.7
5264.9
5329.7
5392.1

6111.6
6144.1
6216.5
6272.9
6261.3
6296.2
6333.9
6408.0
6432.6
6466.9
6557.0
6634.9

14454.6
14496.7
14572.4
14639.9
14675.6
14706.4
14754.4
14826.5
14902.9
14976.2
15073.2
15168.8

1998-Jan.
Feb.
Mar.
Apr.
May
June p

1079.0
1063.9
1074.6
1086.2
1068.6
1074.0

4073.1
4090.6
4143.4
4185.7
4153.9
4188.0

5425.5
5459.5
5545.8
5588.6
5580.2
5617.1

6679.1
6734.2
6830.6
6846.8 p

15226.6
15294.5
15391.2
15450.8
15494.5 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 Mar. 1998 TO June 1998

-2.3

5.9

7.2

5.2

6 Months from Dec. 1997 TO June 1998

-0.2

7.3

9.4

5.8

12 Months from June 1997 TO June 1998

0.9

7.3

10.1

5.5

0.3

7.1

9.0

Jan. 5, 1998 (26 weeks previous)

1.5

7.7

10.2

July 7, 1997 (52 weeks previous)

1.1

7.2

10.0

Thirteen weeks ending July 6 „ 1998
from thirteen weeks ending:
Apr. 6, 1998 (13 weeks previous)

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, February 1998 to May 1998, November 1997 to May 1998,
and May 1997 to May 1998, 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 poois) and the nonfederal sectors (state and iocai 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 Fleserve
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
M3

M2

M1
Period endiii g

20
27

13-week
average
1078.0
1079.2
1079.4

4-week
average
1078.4
1079.9
1081.0

week
average
1075.2
1085.9
1079.2

13-week
average
4115.3
4123.6
4131.0

4-week
average
4144.6
4156.6
4166.7

week
average
4157.1
4180.2
4173.3

13-week
average
5492.8
5504.9
5516.2

4-week
average
5554.9
5567.6
5575.5

week
average
5579el
5579.0
5570.7

May

4
11
18
25

1079.4
1079.5
1079.7
1079.8

1081.4
1080.4
1077.9
1077.7

1085.2
1071.4
1075.8
1078.4

4137.5
4143.4
4148.9
4153.2

417 0 . 3
4172.9
417 0 . 3
4169.5

4170.6
4167.5
4169.8
4169.9

5527.8
5539.6
5550.4
5560.5

5579.3
5583.6
5588.2
5595.6

5588.2
5596.3
5597.4
5600.5

June

1
8
15
22
29p

1079.9
1079.4
1078.8
1078.1
1077.9

1078.2
1078.5
1078.2
1076.5
1072.6

1087.1
1072.5
1074.7
1071.7
1071.5

4158.1
4162.4
4167.1
4172.0
4176.6

4173.7
4177.7
4183.3
4189.6
4190.9

4187.5
4183.4
4192.3
4195.3
4192.7

5569.8
5578.9
5586.7
5593.9
5600.4

5602.5
5610.4
5619.0
5624.3
5626.3

5615.8
5628.0
5631.5
5621.8
5624.0

July

6p

1077.9

1075.6

1084.3

4181.0

4198.5

4213.7

5604.0

5624.4

5620.2

1998-Apr. 13

Not seasonally adjusted

20
27

1071.2
1073.3
1074.4

1080.1
1088.3
1087.7

1088.9
1097.9
1070.4

4118.6
4128.8
4136.4

4171.8
4191.2
4193.1

4220.8
4208.2
4137.8

5503.6
5516.1
5526.0

5582.1
5597.4
5595.9

5638.9
5598.2
5530.1

May

4
11
18
25

1075.4
1075.7
1076.2
1076.0

1084.8
1078.5
1070.8
1067.7

1081.8
1063.8
1067.3
1057.9

4143.9
4149.0
4153.6
4157.4

417 9 . 0
4162.2
4148.0
4148.1

4149.1
4153.8
4151.4
4138.0

5537.7
5547.7
5556.6
5565.2

5581.8
5567.0
5561.7
5571.2

5559.8
5579.8
5576.9
5568.4

June

1
8
15
22
29p

1076.4
1076.3
1076.5
1076.4
1076.2

1067.9
1070.5
1073.3
1074.7
1071.5

1082.7
1074.2
1078.3
1063.4
1069.9

4161.8
4165.8
4169.7
4172.9
4175.1

4153.0
4166.1
4179.7
4188.1
4185.6

4168.8
4206.1
4205.7
4171.9
4158.7

5573.2
5581.2
5587.4
5591.5
5594.7

5581.3
5599.1
5615.8
5621.4
5615.8

5599.9
5651.1
5643.7
5591.0
5577.4

July

6p

1076.7

1078.2

1101.0

4177.6

4193.6

4238.1

5596.0

5611.2

5632.8

1998-Apr. 13

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

4.
5.
6.
7.

Demand deposits3

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

166.0
161.0

102.2
101.5

268.2
262.5

2774.5
2793.9

1139.9
1158.4

160.6
155.8
154.1

98.5
97.6
97.0

259.1
253.4
251.1

2821.6
2828.3
2842.6

1180.5
1193.7
1201.2

1997-Feb.
Mar.

399.6
401.6

8.6
8.4

402.4
402.4

Apr.
May
June

403.5
406.0
408.0

8.3
8.2
8.0

397.3
396.6
398.3

July
Aug.
Sep.

410.
412.
415.

398,
401,
391.

151.0
150.5
150.7

97.4
97.8
97.1

248,
248.
247.8

2857,
2883,
2913,

1227,
1241,
1257,

Oct.
Nov.
Dec.

418,
421.
425.

389.
394.
397.

148.7
147.7
148.5

97.0
96.9
96.7

245.8
244.6
245.2

2935,
2953,
2969,

1274.8
1301.7
1329.1

1998-Jan.
Feb.
Mar.

427.
431.
432.

392.8
391.9
391.2

149.0
147.2
148.9

96.2
98.3
100.5

245.
245.
249.

2997.
3027,
3051.

1350.2
1357.8
1394.8

Apr.
May
June

433.
435.
438.

388.
388.
383.

149.8
146.6
146.0

100.7
99.9
99.6

250.
246.
245.

3084.
3096,
3118.1

1409.1
1427.8
1434.2

p

Week ending
1998-May 11
18
25

1.
2.
3.

Travelers checks2

,

434.7
435.0
436.3

8.0
8.0
7.9

383.0
388.3
389.0

145.9
145.8
146.9

99.8
98.8
98.3

245.7
244.6
245.1

3096.1
3093.9
3091.5

1428.8
1427.6
1430.6

June

1
8
15
22
29p

436.5
437.5
437.9
438.7
439.0

7.9
7.8
7.8
7.7
7.6

392.2
379.5
384.6
381.3
381.9

148.5
145.8
145.1
145.3
146.0

102.0
101.9
99.3
98.7
97.0

250.5
247.6
244.4
244.0
243.0

3100.4
3110.9
3117.5
3123.6
3121.2

1428.3
1444.7
1439.2
1426.5
1431.3

July

6p

440.0

7.6

386.5

146.0

104.2

250.2

3129.4

1406.4

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, 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 arid 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

319.8
325.9

424.8
436.3

80.7
80.5

505.4
516.8

551.4
551.2
556.4

328.5
331.8
338.3

448.0
449.9
456.6

80.8
81.1
82.0

528.8
531.0
538.6

962.
964.
965.

562.
576.
587.

342.
348.
356,

467.
469.
476.

83.0
83.4
83.6

550.5
552.4
559.7

346.
343,
343,

967,
968.
969.

593.
600.
602.

363.
365.
376,

477,
482.
487.

83.6
84.4
85.4

560.8
567.3
572.9

626.
626.
626,

345.
342.

971.4
970.8
969.1

614.
629.
640.

380.8
384.7
391.9

490.
504.
524.

87.5
87.8
87.2

577.5
592.7
611.5

1468,
1473,
1485,

626.
624.
624.

339.8
338.1
337.2

966.
962.
961,

649.
660.
672.

408.8
422.0
432.1

521.
524.
527.

88,
86,
88,

609.4
611.4
615.2

394.4
395.5
394.7

1474.8
1473.2
1466.1

624.8
624.5
623.9

338.5
338.2
337.9

963.2
962.8
961.8

658.1
658.0
663.6

422.6
419.1
425.2

525.7
528.9
523.5

87.1
87.1
86.8

612.9
616.0
610.3

At
commercial

banks

At
thrift
institutions

Total

920.8
932.4

368.1
368.0

1288.8
1300.4

595.5
598.5

355.6
353.0

951.
951.

534.5
541.9

Apr.
May
Juna

946.2
946.2
951.2

371.0
374.4
374.6

1317.2
1320.6
1325.8

601.2
603.8
609.2

351.7
352.6
351.2

953.0
956.5
960.4

July
Aug.
Sap.

957.
968.
985.

374.
374.
374.

1331.
1343.
1359.

615,
616.
619.

347.8
347.8
346.3

Oct.
Nov.
Dae.

999.
1009.
1020.9

375.
374.
376.

1374.
1384.
1397.

621.
624.
625.

1033.
1044.
1055,

378,
382.
386.

1411.
1427,
1441.8

1078.
1078.
1088.

390,
395,
396.

1080.4
1077.7
1071.4

Waak andina
1998-May 11
18
25

p

At
thrift
institutions

Total

Apr.
May
Juna P

Large-denomination time deposits3
At
commercial
banks4

At
thrift
institutions

1998-Jan.
Fab.
Mar.

3.
4.

Institutional
money
funds

At
commercial
banks

1997-Fab.
Mar.

1.
2.

Retail
money
funds

344.

Total

Juna

1
8
15
22
29p

1075.8
1086.3
1090.7
1090.6
1085.6

395.4
392.1
395.6
398.5
400.3

1471.2
1478.4
1486.3
1489.1
1486.0

623.8
623.9
624.3
624.1
624.0

337.
337,
337.
337.
336.

961.4
961.4
961.6
961.3
960.5

667.8
671.1
669.6
673.2
674.7

424
432
433
431
434

521.7
529.3
532.8
527.4
521.8

86.5
88.1
88.3
88.4
88.0

608.2
617.4
621.2
615.7
609.8

July

6p

1101.9

397.8

1499.6

621.7

337.0

958.7

671.1

422.6

511.9

87.4

599.3

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 foreiqn banks and
*

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
RPs1

Date

Eurodollars2
Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

rrrr"

Commercial paper5

Debt components6
Federal debt

Non-Federal debt

13.3

STST7T
526.1

3793

107531.6
10802.6

114.7

Mar.

200.0
198.9

1st.6

116.8

186.5

444.5
446.3

Apr.
May
Juna

202.4
204.1
199.8

120.7
126.7
124.5

186.4
186.3
186.4

451.2
458.6
450.8

12.8
13.0
12.8

534.5
541.1
553.2

3801.3
3792.3
3783.5

10868.1
10927.3
10969.4

July
Aug.
Sap.

207.
210,
209,

126.6
130.2
132.4

186.4
186.4
186.4

433.
445.
445.

12.
13.
12.

563.
563.
563.

3788.
3792,
3795.

11026.
11087.
11149.

Oct.
Nov.
Dae.

218.8
233.0
234.8

131.8
135.7
145.3

186.4
186.4
186.4

435.
441.
429.

13.
13.
12,

571.
581.
606.

3795.1
3793.8
3798.4

11223.
11301,
11372.3

245,
239,
257,

146,
140,
133,

186.3
186.3
186.2

430.1
442.5
418.1

12.2
11.2
11.3

627,
640,
665,

3796.8
3792.9
3797.3

11448.9
11538.3
11616.7

257,
258,
250,

133,
135,
136,

186.1 p

378.2 p

12.9 p

674.2 p

3788.9
3770.8 p

11688.5
11761.1 p

259.2
255.6
257.9

134.1
137.0
137.2

"1757-Feb.

1998 -Jan.
Fab.
Mar.
Apr.
May
Juna P

Waak andina
1998 -May 11
18
25
Juna

1
8
15
22
29p

258.8
258.7
248.6
245.4
250.2

136.7
136.6
136.3
134.1
137.0

July

6p

249.2

135.4

3780.6

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 7
H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

e

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

lnM2 6

Total

In M3 only7

397.5
400.8

8.3
8.2

393.2
396.0

166.2
161.5

100..5
101. 4

266.8
262.9

2772.3
2808.0

1147.9
1163.5

Apr.
May
Juna

403.3
406.0
408.3

8.2
8.2
8.2

397.5
388.5
397.4

163.
154.
153.

100. 7
97..1
97.,3

264.7
251.2
250.6

2835.0
2819.8
2839.8

1175.0
1192.9
1197.1

July
Aug.
Sap.

411.
413.
414.

8.7
8.8
8.4

399.
401.
391.

149.
148,
149.8

97..4
97,.2
96..8

246.
245,
246.

2857.
2889.
2908.

1220.0
1238.8
1252.9

Oct.
Nov.
Dae.

417.
422.
429.

8.2
8.0
7.9

388.8
399.8
413.0

147.4
147.2
150.2

96..6
97,.0
97,.5

243.
244,
247,

2926.
2950.
2967.

1280.
1305.
1327.4

1998-Jan.
Fab.
Mar.

426.
428.
431.

396.3
383.1
385.4

152.
147,
149.

96,.3
96,.8
100,.5

248.
244.
249.

2994.1
3026.6
3068.8

1352.
1368.
1402.

433.
436.
438.

388.7
380.3
382.6

152.
145,
145,

103,.0
99 .3
99 .9

255.
244.
245,

3099.
3085.
3114.

1402,
1426,
1429,

Waak andina
1998-May 11
18
25

4.
5.
6.
7.

Demand
deposits3

1997-Fab.
Mar.

Apr.
May
Juna P

1.
2.
3.

Travelers
checks2

436.5
435.4
436.5

7.9
7.9
7.9

374.9
382.5
373.2

143.8
143.3
144.0

100.7
98.2
96.3

244.5
241.6
240.3

3090.0
3084.1
3080.2

1426.1
1425.5
1430.4

Juna

1
8
15
22
29p

435.3
438.7
438.3
438.3
438.1

7.9
7.9
8.0
8.0
8.0

391.0
380.9
388.3
374.3
379.6

148.3
144.0
143.6
144.8
147.0

100.2
102.7
100.1
98.1
97.3

248.5
246.6
243.7
242.9
244.3

3086.1
3131.9
3127.4
3108.6
3088.7

1431.1
1445.0
1438.0
1419.1
1418.8

July

6p

443.3

8.0

399.4

144.5

105.8

250.3

3137.1

1394.8

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 deposits2

Savings deposits1
Date

p .

355.8
353.4

951.4
952.4

538.5
550.0

Large-denomination time deposits3
At
commercial
banks4

At
thrift
institutions

Total

329.6
332.0

422.2
435.2

80.2
80.3

502.4
515.5

1997-Fab.
Mar.

916.2
936.1

Apr.
May
Juna

950.4
944.8
953.9

372.7
373.8
375.6

1323.2
1318.6
1329.5

602.1
604.6
609.7

352.2
353.1
351.5

954.3
957.6
961.2

557.5
543.5
549.1

326.2
325.8
332.4

444.9
451.1
455.9

80.2
81.4
81.9

525.1
532.5
537.8

July
Aug.
Sap.

959,
971,
984.

375,
375,
374,

1334,
1346,
1358,

615,
616,
618,

348,
347,
346,

964.
964.
965.

559,
578,
585.

339.0
346.8
351.5

466,
469,
478,

82.8
83.4
83.9

549.3
552.5
562.2

Oct.
Nov.
Dae.

996.
1009.
1019.

374.0
374.8
375.9

1370,
1384,
1394.

621.2
623.8
624.1

346,
343,
343,

967.
967,
967.

589.
599.
605.

359,
365,
378,

484,
488,
487,

84.8
85.4
85.4

569.1
573.9
573.4

1998-Jan.
Fab.
Mar.

1029.
1040.
1060.

377.
381.
388.

1406.
1421,
1448,

625,
626,
626,

345,
344,
343,

970.
971,
969.

617,
634,
650,

389,
397,
400,

482,
501,
522.

86,
87.
87.

568.
588.
609.

1083.
1076.
1091.

391.
394.
397.8

1475,
1471.
1489,

627,
625,
624,

340,
338,
337,

967.
963.
961,

656,
650.
662.

405.8
414.1
424.5

517.8
525.8
526.1

87.
87,
88.

605.
612.
614,

1083.3
1077.9
1068.6

395.4
395.6
393.7

1478.7
1473.5
1462.3

625.5
625.2
624.4

338.9
338.6
338.2

964.4
963.7
962.7

646.9
646.9
655.2

415.0
412.3
416.7

527.0
529.3
525.6

87.4
87.1
87.2

614.3
616.4
612.7

1072,
1106,
1102.
1086.
1070.

394.0
399.4
399.8
397.0
394.7

1466.2
1506.0
1502.1
1483.4
1465.2

624.2
624.4
624.7
624.2
624.5

337.8
337.8
337.6
337.3
336.7

657.9
663.6
663.0
663.7
662.3

416.8
425.8
427.4
422.3
424.9

524.
530,
532,
525.
518,

87.0
88.3
88.3
88.1
87.5

611.3
618.7
620.9
613.7
606.0

1113.5

401.9

1515.4

622.8

337.6

661.2

416.7

508.0

86.8

594.8

Waak andina
1998-May 11
18
25

3.
4.

Total

Institutional
money
funds

At
thrift
institutions
366.2
369.5

At
commercial
banks

Apr.
May
Juna P

1.
2.

At
thrift
institutions

1282.4
1305.5

At
commercial
banks
595.7
599.1

Retail
money
funds

Juna

1
8
15
22
29p

July

6p

Total

962,
962.
962,
961,
,961,
960.4

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 commer
cial 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 foreian
y
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 Cornponents of L
2

Eurodollars

Savings bonds

Total

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1997-Feb.
Mar.

152.6
151.1

46.9
46.7

199.5
197.8

116.5
118.2

186.6
186.6

441.3
453.7

12.9
13.4

517.4
523.4

3783.0
3815.4

10713.7
10757.1

Apr.
May
Juno

155.8
160.7
156.9

47.0
46.4
47.0

202.8
207.2
203.9

120.9
127.5
123.1

186.5
186.4
186.3

449.9
446.6
443.6

13.0
13.0
12.7

539.9
548.7
552.0

3810.3
3781.3
3766.2

10829.6
10894.4
10940.3

July
Aug.
Sop.

160.3
162.7
160.9

47.4
47.9
47.2

207.7
210.5
208.2

123.9
128.9
131.1

186.3
186.3
186.2

431.2
452.4
447.0

12.1
12.7
13.1

560.4
559.2
564.5

3759.9
3774.4
3780.4

10994.6
11052.1
11122.5

Oct.
Nov.
Dec.

173.0
182.9
180.4

47.7
48.6
47.8

220.7
231.5
228.2

130.7
134.5
146.9

186.3
186.4
186.5

425.5
448.3
444.0

13.4
13.0
12.3

576.7
579.6
600.0

3774.4
3792.1
3805.8

11201.8
11281.1
11363.1

1998-Jan.
Fob.
Mar.

198.2
194.2
210.2

45.9
45.7
46.2

244.2
239.9
256.5

149.7
142.7
135.8

186.4
186.3
186.2

428.1
438.7
425.1

12.5
11.2
11.4

626.6
638.5
662.2

3792.5
3795.3
3820.7

11434.1
11499.2
11570.5

210.8
214.8
205.7

46.6
47.6
50.3

257.4
262.4
255.9

134.4
136.9
134.5

186.1

215.2
212.2
214.0

47.4
47.2
47.9

262.6
259.4
261.8

134.1
137.4
139.0

Apr.
May
Juno P

Wook o n d i n a
1998-May
11
18
25
Juno

1
8
15
22
29p

216.1
214.6
204.0
200.2
202.9

48.6
50.0
50.9
50.7
50.0

264.8
264.6
254.8
250.9
252.9

138.2
136.0
134.8
132.2
135.0

July

£p

203.0

48.1

251.1

132.1

p

377.3

p

13.1

p

681.7

p

3800.5
3765.9

p

11650.3
11728.6

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

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

18.3
18.0

2.8
3.1

5.1
5.9

14.7
17.8

22.6
26.7

2.4
2.4

151.3
151.4

106.3
106.0

92.7
93.8

350.3
351.2

1.3
1.4
1.5

17.9
17.8
17.8

5.3
2.5
3.8

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

105.7
105.4
105.2

94.2
94.1
94.0

351.5
351.3
351.1

10.0
9.4
8.7

1.5
1.5
1.4

17,
18,
18.

18.
12,
20.

24,
19.
29.

152.3
152.5
152.8

104.7
104.2
103.7

94.1
94.3
94.6

351.1
351.0
351.0

Oct.
Nov.
Dae.

8.5
9.0
9.5

1.5
1.5
1.5

18,
18,
19.

16.
12.
16.

23.1
19.2
23.8

152.8
152.5
152.1

103.1
102.5
101.9

95.1
96.0
96.9

351.0
351.0
351.0

1998-Jan.
Fab.
Mar.

9.8
9.8
9.9

1.6
1.5
1.5

19,
19,
18,

6,
5.
5.

23.
14,
17,

32,
21,
24.8

151.
151.
151.

101.
101.
100.

97,
98.
99,

351,
351,
351,

9.9
9.9
9.9

1.4
1.4
1.4

18.8
18.8
18.8

8.
7,
10.

24,
43.
33,

36.
51,
45.

151.
150,
150,

100,
100.
99,

99.
100,
101.

351.
351.
351.

9.9
9.9
9.9

1.4
1.4
1.4

18.8
18.8
18.8

54.0
42.9
36.2

61.3
50.7
42.7

30,
5,
10,
55,
60,

37,
12,
20.
68.
82.

42.6

52.1

Date

Foreign
commercial
banks

Foreign
official
institutions

1997-Feb.
Mar.

9.3
9.3

1.5
1.4

Apr.
May
Juno

9.5
9.9
10.3

July
Aug.
Sep.

Apr.
May
June p

Waak e n d i n g
11
1998-May
18
25

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

June

1
8
15
22
29p

July

6p

estimated
preliminary




1.3
2.2
1.2

18.8
18.8
18.8
18.8
18.8
9.9

1.5

18.8

5.9
5.6
5.2
5,
5,
6.
9.
21.

1.4

8.1

Total
cash
balance

3.0
3.0
3.0

3.0

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total