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