Full text of H.6 Money Stock Measures : July 2, 1998

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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 2, 1 9 9 8

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1996-June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1116.1
1110.4
1100.2
1094.8
1081.9
1081.3
1082 . 8

3743.4
3753.5
3762.3
3774.6
3786.0
3804.5
3826.1

4764.3
4781.2
4797.7
4828.0
4862.7
4889.7
4931.1

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

1998-Jan.
Feb.
Mar.
Apr.
May

1073.7
1076.5
1081.1
1080 . 9
1078.1

4071.3
4103.9
4132.3
4165.0
4174.6

5421.5
5461.7
5527.2
5574.1
5602.2

5899.9
5924.8
5947.2
5985.5
6014.9
6048.5
6083 . 9

14083.4
14157.1
14211.0
14259.3
14320.7
14383.7
14432.2

6109 . 0
6155.8
6199.4
6255.2
6285.3
6312.3
6345.8
6403.6
6442.9
6478.1
6546.1
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

6677.2
6741.9
6808.4
6825.6 p

15245.2
15330 . 8
15413 .4
15476.9 p

*

'

Not seasonally adjusted
199 6 - J u n e
July
Aug.
Sep.
Oct.
Nov.
Dec.

1114.6
1110.4
1097.4
1091.5
1077.9
1086.6
1104 . 9

3740.2
3755.2
3764 . 5
3767.6
3774.7
3807.6
3845.4

4759.0
4777.2
4798.8
4817.1
4856.4
4896.5
4948.9

5886.3
5915.2
5952.1
5975.8
6002.5
6061.1
6111.9

14042.3
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

1079 . 0
1063.9
1074.6
1086 . 2
1068.7

4073 . 1
4090.6
4143.5
4185.7
4154.0

5425.5
5459.5
5545.8
5588.7
5580.1

6679.1
6734.2
6830 . 6
6846.9 p

15226.1
15294.1
15390.6
15450.2 p

Footnotes appear on the following p a g e
p

preliminary




H.6 (508)
Table 2

MONEY-STOCJCAND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

3 Months

from Feb.

1 9 9 8 TO May

1998

0.6

6.9

10.3

6.1

6 Months

f r o m Nov.

1 9 9 7 TO May

199 8

1.7

7.6

10.5

6.1

f r o m May

1 9 9 7 TO May

1998

1.3

7.2

10.1

5.5

0.2

7.4

10.1

12 M o n t h s

T h i r t e e n w e e k s e n d i n g J u n e 22 , 1 9 9 8
from t h i r t e e n weeks e n d i n g :
Mar. 23, 1998 (13 weeks p r e v i o u s )

1.

M1

Dec.

22,

1997

(26 w e e k s p r e v i o u s )

2.1

7.9

10.7

June

23,

1997

(52 weeks p r e v i o u s )

1.1

7.1

10.1

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, January 1998 to April 1998, October 1997 to April 1998,
and April 1997 to April 1998, respectively.

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal R eserv e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank issuers; (3) d e m a n d
deposits at all commercial banks other than t h o s e due to depository institutions, the U.S. government, and foreign banks and official institutions, l e s s c a s h items in the
p r o c e s s of collection and Federal R e s e r v e float; and (4) other checkable deposits (CCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service
(ATS) accounts at depository institutions, credit union share draft a c c o u n t s and demand deposits at thrift institutions. S e a s o n a l l y adjusted M1 is calculated by summing
currency, travelers checks, demand deposits, and OCDs, e a c h s e a s o n a l l y adjusted separately.
Consists of M1 plus s a v i n g s deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of l e s s
than $ 1 0 0 , 0 0 0 ) , and b a l a n c e s in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh b a l a n c e s at depository institutions and m o n e y
market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail m o n e y fund balances, e a c h s e a s o n a l l y
adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $ 1 0 0 , 0 0 0 or more), balances in institutional money funds, RP liabilities (overnight and term) i s s u e d 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, e a c h 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 a c c e p t a n c e s , net of money market
mutual fund holdings of t h e s e a s s e t s .
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governments p o n s o r e d enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, c o n s u m e r 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 b e e n 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 r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , 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 seri es in the H.6 statistical release are available e a c h w e e k via the w e b site of the Federal R e s e r v e
Board (http://www.bog.frb.fed.us), a s well a s 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 a c c e s s the Commerce bulletin board, call (202) 4 8 2 - 1 9 8 6 or toll-free
(800) STAT-USA (800-782-8872).




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
S e a s o n a l l y adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1998-Mar.

30

1077.5

1079.2

1074.9

4101.3

4131.0

4133.1

5468.2

5526.8

5538.9

Apr.

6
13
20
27

1077.3
1078.1
1079.2
1079.5

1080.3
1078.5
1080.0
1081.1

1083.6
1075.3
1086.0
1079.3

4108.2
4115.3
4123.7
4131.1

4138.2
4144.6
4156.7
4166.7

4156.1
4157.1
4180.3
4173.4

5480.9
5492.8
5505.0
5516.2

5542.6
5554.9
5567.7
5575.6

5573.4
5579.2
5579.1
5570.8

May

4
11
18
25

1079.5
1079.6
1079.8
1079.9

1081.5
1080.5
1078.0
1077.8

1085.
1071,
1075.
1078.

4137.6
4143.5
4149.0
4153.2

4170.4
4173.0
4170.4
4169.6

4170.7
4167.6
4169.9
4170.0

5527.9
5539.6
5550.5
5560.6

5579.4
5583.6
5588.2
5595.6

5588.3
5596.3
5597.3
5600.4

June

1
8
15p
22p

1079,
1079.
1078.
1078.3

1078.3
1078.6
1078.4
1077.0

1087.2
1072.7
1075.2
1072.9

4158.2
4162.5
4167.3
4172.2

4173.8
4177.8
4183.5
4190.0

4187.6
4183.8
4192.7
4195.7

5569.8
5578.9
5586.7
5594.0

5602.4
5610.4
5619.0
5624.5

5615.7
5628.1
5631.7
5622.3

Not s e a s o n a l l y adjusted
1998-Mar.

30

1073.9

1072.1

1072.7

4101.5

4142.4

4130.1

5474.5

5545.9

5536.1

Apr.

6
13
20
27

1070.7
1071.3
1073.3
1074.4

1076.9
1080.1
1088.3
1087.8

1093.6
1088.9
1098.0
1070.5

4108.9
4118.6
4128.8
4136.4

4155.3
4171.8
4191.2
4193.2

4205.7
4220.8
4208.3
4137.9

5489.4
5503.6
5516.1
5526.0

5563.1
5582.2
5597.4
5596.0

5616.4
5638.9
5598.3
5530.2

May

4
11
18
25

1075.4
1075.7
1076.3
1076.1

1084.8
1078.6
1070.9
1067.8

1081.8
1063.9
1067.4
1057.9

4143.9
4149.0
4153.6
4157.5

4179.1
4162.3
4148.1
4148.2

4149.2
4153.8
4151.5
4138.1

5537.8
5547.7
5556.6
5565.2

5581.8
5567.1
5561.7
5571.2

5559.9
5579.8
5576.9
5568.3

June

1
8
15p
22p

1076,
1076,
1076,
1076.6

1068.0
1070.7
1073.5
1075.2

1082.8
1074.5
1078.8
1064.5

4161.8
4165.9
4169.8
4173.0

4153.1
4166.3
4180.0
4188.5

4169.0
4206.6
4206.2
4172.3

5573.2
5581.2
5587.5
5591.6

5581.2
5599.1
5615.8
5621.6

5599.8
5651.2
5643.9
5591.5

N o t e : S p e c i a l c a u t i o n s h o u l d b e t a k e n in i n t e r p r e t i n g w e e k - t o - w e e k c h a n g e s in m o n e y s u p p l y d a t a , w h i c h a r e h i g h l y v o l a t i l e a n d s u b j e c t t o r e v i s i o n ,
p

preliminary data.




Page 4

H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

402.2
402.4
402.4

171.3

101.9
102.2
101.5

273.2
268.2
262.5

2759.8
2774.5
2793.9

1116.0

397.3
396.6
398.3

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

151.
150,
150,

97.4
97.8
97.1

248.4
248.2
247.8

2857.0
2883.7
2913.2

1227.1
1241.0
1257.9

396.9
399.6
401.6

8.6
8.6

Apr.
May
June

403.5
406.0
408.0

8.3

July
Aug.
Sep.

410.5
412.6
415.6

8.3
8.3

8.1

398.4
401.9
391.9

Oct.
Nov.
Dec.

418.3
421.9
425.5

8.2
8.1
8.2

389.6
394.5
397.1

148,
147,
148,

97,
96,
96.7

245.8
244.6
245.2

2935.2
2953.0
2969.7

1274.8
1301.7
1329.1

1998-Jan.
Feb.
Mar.

427.5
431.0
432.4

392.8
391.9
391.2

149,
147,
148,

96.2
98.3
100.5

245.2
245.5
249.5

2997.
3027.
3051,

1350.2
1357.8
1394.8

Apr.
May

433.7
435.6

388. 6
388.0

149.8
146.6

100.7
99.9

250.5
246.4

3084.1
3096.5

1409.1
1427.6

388.0

150.2

99.1

249.3

3094.1

1397.4

May

June

8.4

8.2
8.0

166.0
161.0

1139.9
1158.4

27

434.0

4
11
18
25

434.7
434.8
435.1
436.4

392.3
383.0
388.3
389 . 0

149.6
145.9
145.8
146.9

100.7
99.8
98.8
98.3

250,
245,
244,
245,

3085.4
3096.1
3094.0
3091.5

1417.5
1428.7
1427.5
1430.4

1

436,
437,
438,
438.8

392.2
379.6
384.8
382.2

148.5
145.8
145.1
145.7

102.
101.

250,
247,
244,
244,

3100.4
3111.1
3117.5
3122.8

1428,
1444,
1439,
1426,

8
15p
22p

4.
5.
6.
7.

Demand deposits3

1997-Jan.
Feb.
Mar.

Week e n d i n g
19 9 8 - A p r .

1.
2.
3.

Travelers checks2

8.0

99.
98.

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of n o n b a n k i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U.S. g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h items in t h e p r o c e s s of collection and Federal R e s e r v e float.
C o n s i s t s of NOW and ATS b a l a n c e s at c o m m e r c i a l banks, U.S. b r a n c h e s a n d a g e n c i e s of foreign banks, and E d g e Act corporations.
C o n s i s t s of NOW and A T S b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
S u m of s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t a c c o u n t s ) , small time d e p o s i t s , and retail m o n e y fund b a l a n c e s , e a c h s e a s o n a l l y a d j u s t e d s e p a r a t e l y .
S u m of large time d e p o s i t s , institutional m o n e y fund b a l a n c e s , RP liabilities (overnight and term) i s s u e d by depository institutions, and Eurodollars (overnight and term) of
U.S. a d d r e s s e e s , e a c h s e a s o n a l l y adjusted s e p a r a t e l y .

e foreFRASER
stimated
Digitized


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

Total

At
commercial
banks

At
thrift
institutions

1997-Jan.
Feb.
Mar.

914.0
920.8
932.4

367.4
368.1
368.0

1281.4
1288.8
1300.4

595.1
595.5
598.5

355.0
355.6
353.0

950.1
951.1
951.5

528.4
534.5
541.9

309.9
319.8
325.9

416.5
424.8
436.3

80.1
80.7
80.5

496.6
505.4
516.8

Apr.
May
June

946.2
946.2
951.2

371.0
374.4
374.6

1317.2
1320.6
1325.8

601.2

351.7
352.6
351.2

953.0
956.5
960.4

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

July
Aug.
Sep.

957.3
968.8
985.4

374.
374,
374,

1331.4
1343.0
1359.7

615.1
619.4

347.8
347.8
346.3

962.9
964.4
965.7

562.7
576.3
587.7

342.7
348.4
356.6

467.5
469.0
476.1

83.0
83.4
83.6

550.5
552.4
559.7

Oct.
Nov.
Dec.

999.6
1009.5
1020.9

375,
374.
376.

1374.7
1384.5
1397.5

621.4
624.7
625.7

346.1
343.7
343.9

967.5
968.4
969.6

593.0

600.1
602.6

363.4
365.7
376.2

477.2
482.9
487.5

83.6
84.4
85.4

560.8
567.3
572.9

1998-Jan.
Feb.
Mar.

1033.3
1044.7
1055.2

378.6
382.9
386.6

1411.9
1427.6
1441.8

626.1
626.3
626.2

345.3
344.5
342.9

971.4
970.8
969.1

614.3
629.0
640.3

380.8
384.7
391.9

490.0
504.9
524.2

87.5
87.8
87.2

577.5
592.7
611.5

Apr.
May

1078.0
1078.2

390.0
395.3

1468.0
1473.5

626.5
624.4

339.8
338.1

966.3
962.5

649.9

408.8
422.0

521.2
524.4

88.2

660.6

86.9

609.4
611.3

27

1081.4

394.7

1476.1

626.0

338.7

964.7

653.4

409.0

511.7

87.4

599.1

4
11
18
25

1074.3
1080.4
1077.7
1071.4

394,
394,
395.
394.

1468.5
1474.8
1473.2
1466.1

625.2
624.8
624.6
623.9

338,
338,
338,
337,

963.6
963.3
962.8
961.8

653.3
658.1
658.0
663.6

416.8
422.6
419.1
425.2

517.9
525.7
528.8
523.3

87.
87.
87.

604.9

86.8

610.2

1

1075.8
1086.3
1090.6
1090.0

395,
392,
395,
398,

1471,
1478,
1486,
1488,

623.8
623.9
624.3
624 . 1

337,
337,
337,
337,

961.4
961.6
961.7
961.3

667.8
671.1
669.6
673.2

424.
432.
433.
431.3

521.4
529.0
532.6
527.1

86.6

608.0
617.0
621.0
615.5

June

8
15p
22p

p

Large-denomination time deposits3

At
thrift
institutions

May

3.
4.

Institutional
money
funds

At
,
commercial
banks

Week e n d i n g
1998-Apr.

1.
2.

Retail
money
funds

S a v i n g s d e p o s i t s include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




603.8
609 . 2

616.6

Total

At
commercial
banks 4

At
thrift
institutions

87.9
88.3
88.4

Total

612.8
615.8

m o n e y market d e p o s i t a c c o u n t s .
deposits—including retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s
from small time d e p o s i t s .
d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international banking facilities.
d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U.S. g o v e r n m e n t , a n d foreign b a n k s a n d

Page 6

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
RPs1

Date

Non-M3 Components of L

Eurodollars2
Savings bonds

3.
4.
5.
6.

Bankers
acceptances4

Commercial paper5
516.5

Federal debt
5777.4

Non-Federal debt
16445.7

518.7
526.1

3780.6
3793.1

10752.0
10802.6

3801.3
3792.3
3783.5

10868.1

12.8

534.5
541.1
553 .2

433.5
445.3
445.0

12.7
13.0
12.9

563.6
563 . 2
563.9

3788.3
3792.5
3795.1

11087.6
11149.0

186.4
186.4
186.4

435.2
441.6
429.7

13.4
13.0

571.3
581.3
606. 3

3795.1
3793.8
3798.4

11223.0
11301.9
11372.3

146.5
140.4
133.9

186.3
186.3
186.2

430.1
442.5
418.1

11.2
11.3

627.1
640.2
665.7

3796.8
3792.9
3797.3

11448.4
11537.9

257.0
258.4

133.9
135.9

186.1 p

378.2 p

12.5 p

674.7 p

3788.9 p

11688.0 p

255.7

133.6

i 497 - J a n .
Feb.
Mar.

147.2
200.0

iii.S

198.9

116.8

186.7
186.6
186.5

Apr.
May
June

202.4
204.1
199.8

120.7
126.7
124.5

July
Aug.
Sep.

207.4
210. 0
209.2

126.6

Oct.
Nov.
Dec.

218.8

443.0
444.5
446.3

TT7T

186.4
186.3
186.4

451.2
458.6
450.8

12.8

130.2
132.4

186.4
186.4
186.4

233.0
234.8

131.8
135.7
145.3

1998-Jan.
Feb.
Mar.

245.4
239.9
257.6

Apr.
May

Week e n d i n g
1 9 9 8 - A p r . 27

1.

Short-term
Treasury,,
securities3

Debt components6

114.7

May

4
11
18
25

261.9
259.2
255.6
257.9

133.9
134.1
137.0
137.2

June

1
8
15p
22p

258. 8
258.7
248.6
245.8

136.7
136.6
136.3
134.1

12.8
13.3

13.0

12.1
12.2

10927.3
10969.4

11026.1

11616.1

Overnight and term R P s of $ 1 0 0 , 0 0 0 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. a d d r e s s e e s 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 l e s s than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper l e s s 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
Currency

Date

4.
5.
6.
7.
e

Demand
deposits3

Nontransactions components

Other checkable deposits
At thrift
institutions5

At commercial
banks4

Total

In M26

In M3 only7

1997-Jan.
Feb.
Mar.

395 .4
397.5
400 .8

8.2
8.3
8.2

406.0
393.2
396.0

175 .0
166 .2
161,. 5

102 . 0
100.5
101.4

277 .0
266.8
262.9

2756.0
2772.3
2808.0

1117.8
1147.9
1163.5

Apr.
MayJune

403 .3
406 . 0
408.3

8.2
8.2
8.2

397 . 5
388.5
397 .4

163,.9
154,. 1
153,.3

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.
Sep.

411.2
413.3
414.2

8.7
8.8
8.4

399.4
401.7
391.0

149,.3
1 4 8 ..7
1 4 9 ., 8

97.4
97.2
96.8

246.7
245.9
246.6

2857.7
2889.0
2908.6

1220.0
1238.8
1252.9

Oct.
Nov.
Dec.

417.3
422.4
429.0

8.2
8.0
7.9

388.8
399.8
413.0

1 4 7 . .4
1 4 7 . ,2
1 5 0 . ,2

96.6
97.0
97.5

243.9
244.2
247.7

2926.6
2950.3
2967.1

1280.1
1305.1
1327.4

1998-Jan.
Feb.
Mar.

426.4
428.9
431.5

7.9
7.8
7.9

396.3
383.1
385.4

152. 2
147. 4
149. 4

96.3
96.8
100 . 5

248.5
244.1
249.9

2994.1
3026.6
3068.9

1352.4
1368.9
1402.3

Apr.
May

433 .7
436.1

7.9
7.9

388.7
380.3

152. 9
145. 0

103 . 0
99.3

255.9
244.4

3099.5
3085.3

1402.9
1426.2

99.3

253.1

3067.5

1392.2

Week e n d i n c r
1 9 9 8 - A p r . 27

2.
3.

Travelers
checks2

432.7

7.9

376.8

153. 9

386.2
374.9
382.5
373.2

150.
143.
143.
144.

7
9
3
0

102.3
100.7
98.2
96.3

253.0
244.5
241.6
240.3

3067.4
3090.0
3084.1
3080.2

1410.7
1426.0
1425.4
1430.2

390.9
381.0
388.5
375.1

148.
144.
143.
145.

3
0
6
2

100.2
102.7
100.1
97.7

248.5
246.7
243.7
242.9

3086.1
3132.1
3127.4
3107.8

1430.8
1444.6
1437.7
1419.3

May

4
11
18
25

434.7
436.6
435.5
436 . 6

7.8
7.9
7.9
7.9

June

1
8
15p
22p

435 .4
438.8
438.5
438 .4

7.9
8.0
8.1
8.2

e
e
e

Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d deposits
Demand deposits at commercial banks and foreign-related institutions other than t h o s e due to depository institutions, the U.S. government and foreign banks and official
institutions, l e s s c a s h items in the p r o c e s s of collection and Federal R e s e r v e float.
Consists of NOW and ATS b a l a n c e s at commercial banks, U.S. branches and a g e n c i e s of foreign banks, and E d g e Act corporations.
Consists of NOW and ATS b a l a n c e s 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 m o n e y fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. a d d r e s s e e s .
'
estimated




p

preliminary

Page 8
H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT

Billions of dollars, not seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1

At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds

1275.8
1282.4
1305.5

594.5
595.7
599.1

354.6
355.8
353.4

949.1
951.4
952.4

531.1
538.5
550.0

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

959.5
971.0
984.3

375.0
375.1
374.0

1334.5
1346.1
1358.2

615.9
616.7
618.9

348.2
347.9
346.1

Oct.
Nov.
Dec.

996.5
1009.2
1019.0

374.0
374.8
375.9

1370.4
1384.0
1394.9

621.2
623.8
624.1

1998-Jan.
Feb.
Mar.

1029.0
1040.2
1060.2

377.0
381.2
388.4

1406.1
1421.4
1448.6

Apr.
May

1083.3
1076.7

391.9
394.7

27

1061.6

May

4
11
18
25

June

1
8
15p
22p

Date

1.
2.
3.
4.
p

Large-denomination time deposits 3
At
commercial
banks 4

At
thrift
institutions

Total

317.7
329.6
332.0

410.3
422.2
435.2

78.9
80.2
80.3

489.2
502.4
515.5

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

964.1
964.6
965.0

559.1
578.3
585.4

339.0
346.8
351.5

466.5
469.1
478.2

82.8
83.4
83.9

549.3
552.5
562.2

346.0
343.2
343.0

967.2
967.0
967.1

589.0
599.2
605.1

359.6
365.2
378.9

484.2
488.5
487.9

84.8
85.4
85.4

569.1
573.9
573.4

625.7
626.5
626.6

345.1
344.7
343.1

970.7
971.2
969.7

617.3
634.0
650.5

389.8
397.7
400.2

482.6
501.5
522.9

86.2
87.2
87.0

568.8
588.7
609.9

1475.1
1471.4

627.2
625.0

340.2
338.5

967.5
963.4

656.9
650.4

405.8
414.1

517.7
525.6

87.6
87.1

605.3
612.8

387.5

1449.0

626.6

339.0

965.6

652.9

403.3

509.5

87.0

596.6

1067.8
1083.3
1077.9
1068.6

391.8
395.4
395.6
393.7

1459.6
1478.7
1473.5
1462.3

625.9
625.5
625.2
624.5

338.9
338.9
338.6
338.2

964.8
964.4
963.7
962.7

643.0
646.9
646.9
655.2

407.1
415.0
412.3
416.7

517.0
526.9
529.2
525.4

86.9
87.4
87.1
87.2

603.9
614.3
616.3
612.6

1072.2
1106.6
1102.2
1085.8

394 . 1
399.4
399. 8
396.8

1466.2
1506.0
1502.1
1482.6

624.2
624.5
624.7
624.2

337.8
338.0
337.6
337.2

962.0
962.5
962.2
961.5

657.9
663.6
663.0
663.7

416.8
425.8
427.4
422.3

524.1
530.1
532.4
525.4

87.0
88.1
88.3
88.1

611.1
618.3
620.7
613.5

At
commercial
banks

At
thrift
institutions

1997-Jan.
Feb.
Mar.

910.0
916.2
936.1

365.8
366.2
369.5

Apr.
May
June

950.4
944.8
953.9

July
Aug.
Sep.

Week endincr
1998-Apr.

Institutional
money
funds

Total

S a v i n g s deposits include m o n e y market deposit accounts.
Small-denomination time deposits—including retail RPs—are t h o s e issued in amounts of l e s s 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.
Large-denomination time deposits are t h o s e issued in amounts of $ 1 0 0 , 0 0 0 or more, excluding t h o s e booked at international banking facilities.
Large-denomination time deposits at commercial banks l e s s t h o s e held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




Page 9

H.6 (508)
Table 5 - continued

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

At commercial
banks

At thrift
institutions

Total

Savings bonds

Short-term
Treasury

Bankers

Debt components6
Commercial

Federal debt

Non-Federal

19 9 7 - J a n .
Feb.
Mar.

150. 6
152.6
151.1

45.7
46.9
46.7

196.2
199.5
197.8

114.7
116.5
118.2

186.8
186.6
186.6

441.5
441.3
453 .7

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10681.2
10713.7
10757.1

Apr.
May
June

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.
Sep.

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.
Feb.
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

11433.7
11498.8
11569.9

Apr.
May

210 . 8
214.8

46.6
47.6

257.4
262.4

134.4
136.9

186.1 p

377.3 p

12.7

682.1 p

3800.5

27

210.7

46.5

257.2

135.1

May

4
11
18
25

218 . 0
215.2
212.2
214.0

46.5
47.4
47.2
47.9

264.5
262.6
259.4
261.8

135.2
134.1
137.4
139.0

June

1
8
15p
22p

216.1
214.6
204.0
200.6

48.6
50.0
50.9
50.8

264.8
264.6
254 . 8
251.3

138.2
136.0
134.8
132.2

Week e n d i n a
1998-Apr.

u u

2.

Non-M3 Components of L
Eurodollars2

r\f

SbfSSS&T

Sarkef mutuaffund! and S r e i g n l n Z ^

3 n d by

°'

r e m a i n i n g m a t u r i t i e s of l e s s t h a n

12

° f f i c e s in t h e

*" ^

11649.7

United Kin dom a n d C a n a d a

9

-

months held by other than depository institutions, Federal R e s e r v e Banks, m o n e y

4.
5.
6.

Debt data are on a monthly a v e r a g e basis, derived by averaging adjacent end-of-month levels, and have b e e n adjusted to r e m o v e discontinuities.

p

preliminary

°"iciai




p

(t H n n A n n

S Z g Stold
a

p

•=«*«<

h

° ™

l

° »

^

^

m u t u a

i ,„„ds.

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

IRA and Keogh Accounts
Time and
savings
deposits at
commercial

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

18.6
18.3
18.0

4.1
2.8
3.1

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.7

2.4
2.4
2.4

151.3
151.3
151.4

106.6
106.3
106.0

91.5
92.7
93.8

349.4
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

17.9
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

152.3
152.5
152.8

104.7
104.2
103.7

94.1
94.3
94.6

351.1
351.0
351.0

Oct.
Nov.
Dec.

8.5
9.0
9.5

1.5
1.5
1.5

18.6
18.9
19.1

1.7
1.7
2.2

5.5
5.1
5.0

16.0
12.4
16.6

23.1
19.2
23.8

2.9
3.1
3.3

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.
Feb.
Mar.

9.8
9.8
9.9

1.6
1.5
1.5

19.2
19.0
18.9

3.1
1.7
1.8

6.5
5.0
5.4

23.2
14.5
17.6

32.9
21.2
24.8

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.7

97.7
98.4
99.0

Apr.
May

9.9
9.9

1.4
1.4

18.8
18.8

4.6
1.6

8.1
7.1

24.2
43.3

36.9
51.9

3.0
3.0

151.3 e
150.9 e

100.4
100.0

27

9.9

1.5

18.8

7.5

10.3

48.0

65.8

3.0

May

4
11
18
25

9.9
9.9
9.9
9.9

1.4
1.4
1.4
1.4

18.8
18.8
18.8
18.8

2.3
1.3
2.2
1.2

17.6
5.9
5.6
5.2

56.5
54.0
42.9
36.2

76.4
61.3
50.7
42.7

3.0
3.0
3.0
3.0

June

1
8
15p
22p

9.9
9.9
9.9
9.9

1.4
1.4
1.4
1.4

18.8
18.8
18.8
18.8

1.5
1.6
3.9
4.4

5.2
5.1
6.2
9.0

30.5
5.9
10.3
55.0

37.3
12.6
20.5
68.4

3.0
3.0
3.0
3.0

Date

Foreign
commercial
banks

Foreign
official
institutions

1997-Jan.
Feb.
Mar.

9.2
9.3
9.3

1.7
1.5
1.4

Apr.
MayJune

9.5
9.9
10.3

July
Aug.
Sep.

Week endincr
19 9 8 - A p r .

e
p

Time and
savings
deposits
due to
foreign
banks and
official

estimated
preliminary




Note
balances at
depository
institutions

Total
cash
balance

At
commercial
hank*
banks

institutions

e
e

Total

5

e
e
e

351.0 e
351.2 e
351.3 e

99.7 e
100.3 e

351.3 e
351.3 e