Full text of H.6 Money Stock Measures : July 23, 1998

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

FEDERAL RESERVE statistical release
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

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

Billions of dollars
Date

j u i y 23,1998
M11

M22

M33

L4

DEBT5

Seasonally adjusted
1996-July
Aug.
Sep.
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
6014.7
6048.2
6083.6

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

6108.9
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
1075.0

4071.3
4103.9
4132.3
4164.9
4174.5
4193.0

5421.5
5461.7
5527.1
5574.3
5602.4
5627.1

6677.2
6741.8
6808.2
6825.6
6835.1 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
6002.3
6060.8
6111.6

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

6111.5
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
1086.1
1068.6
1074.2

4073.1
4090.6
4143.4
4185.6
4153.9
4188.1

5425.5
5459.5
5545.8
5588.9
5580.3
5617.1

6679.1
6734.1
6830.5
6846.9
6813.0 p

15226.6
15294.5
15391.2
15450.8
15494.5 p

Footnotes appear on the following page
p

preliminary




Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

3 Months f r o m Mar.

1998 TO J u n e 1998

-2.3

5.9

7.2

5.2

6 Months f r o m Dec.

1997 TO J u n e 1998

-0.2

7.3

9.4

5.8

12 M o n t h s f r o m J u n e 1997 TO J u n e 1998

0.9

7.3

10.1

5.5

-0.5

6.7

8.3

T h i r t e e n w e e k s e n d i n g J u l y 13 , 1998
from t h i r t e e n weeks e n d i n g :
A p r . 1 3 , 1998 ( 1 3 w e e k s p r e v i o u s )
Jan.

1.

M1

12,

1998

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

1.2

7.5

9.8

J u l y 14,

1997

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

1.1

7.2

9.9

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 Mav 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
PIto6xSS o f 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
3
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, b k 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, disc- 'inuities 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 present jn 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, put shed levels of
credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week via the web site of the Federal Reserve
Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and
weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free
(800) STAT-USA (800-782-8872).
'




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending
1 9 9 8 - A p r . 20
27

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

1079.2
1079.4

1079.9
1081.0

1085.9
1079.2

4123.6
4131.0

4156.6
4166.6

4180.2
4173.3

5505.0
5516.3

5567.8
5575.8

5579.3
5570.9

May

4
11
18
25

1079.5
1079.5
1079.7
1079.8

1081.4
1080.4
1077.9
1077.7

1085.2
1071.4
1075.8
1078.3

4137.5
4143.4
4148.9
4153.2

4170.3
4172.9
4170.3
4169.4

4170.6
4167.5
4169.7
4169.9

5527.9
5539.7
5550.5
5560.7

5579.5
5583.8
5588.3
5595.8

5588.4
5596.5
5597.5
5600.6

June

1
8
15
22
29

1079.9
1079.3
1078.7
1078.1
1077.8

1078.2
1078.4
1078.1
1076.5
1072.6

1087.1
1072.4
1074.6
1071.7
1071.6

4158.1
4162.4
4167.1
4172.0
4176.5

4173.6
4177.6
4183.2
4189.6
4190.9

4187.4
4183.3
4192.2
4195.3
4192.7

5569.9
5579.0
5586.8
5594.0
5600.5

5602.6
5610.5
5619.0
5624.3
5626.2

5615.9
5628.1
5631.5
5621.8
5623.5

July

6p
13p

1077.
1076.

1075.7
1071.9

1084.8
1059.3

4181.0
4184.3

4198.
4200.

4213.8
4199.8

5604.0
5606.6

5623.9
5619.4

5618.7
5613.6

Not seasonally adjusted
• A p r . 20
27

1073 . 3
1074 . 4

1088.3
1087.7

1097.9
1070.4

4128.8
4136.4

4191.2
4193.1

4208.2
4137.8

5516.2
5526.1

5597.6
5596.1

5598.5
5530.3

May

4
11
18
25

1075
1075
1076
1076

.4
.7
.2
.0

1084.7
1078.5
1070.8
1067.7

1081.7
1063.8
1067.3
1057.8

4143.9
4149.0
4153.6
4157.4

4179.0
4162.2
4148.0
4148.1

4149.1
4153.7
4151.4
4138.0

5537.8
5547.8
5556.7
5565.3

5582.0
5567.2
5561.9
5571.4

5560.0
5580.0
5577.1
5568.5

June

1
8
15
22
29

1076
1076
1076
1076
1076

.3
.3
.5
.3
.1

1067.9
1070.5
1073.2
1074.6
1071.4

1082.7
1074.1
1078.2
1063.3
1070.0

4161.7
4165.8
4169.7
4172.8
4175.0

4153.0
4166.1
4179.6
4188.1
4185.5

4168.8
4206.0
4205.6
4171.8
4158.6

5573.3
5581.3
5587.5
5591.7
5594.8

5581.4
5599.2
5615.9
5621.5
5615.7

5600.0
5651.2
5643.7
5591.0
5576.9

July

6p
13p

1076 .7
1074 .9

1078.3
1075.0

1101.6
1064.9

4177.5
4177.1

4193.6
4196.1

4238.2
4215.7

5596.0
5594.6

5610.7
5605.3

5631.3
5621.8

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
Currency1

Date

e

Other checkable deposits

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

399.6
401.6

8.6
8.4

402.4
402.4

166.0
161.0

102.2
101.5

268.2
262.5

2774.5
2793.9

1139.9
1158.4

Apr.
May
June

403.5
406.0
408.0

8.3
8.2

8.0

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

July
Aug.
Sep.

410.5
412.6
415.6

8.3
8.3
8.1

398.4
401.9
391.9

151.0
150.5
150.7

97.4
97.8
97.1

248.4
248.2
247.8

2857.0
2883.7
2913.2

1227.1
1241.0
1257.9

Oct.
Nov.
Dec.

418.3
421.9
425.5

8.2

8.1
8.2

389.6
394.5
397.1

148.7
147.7
148.5

97.0
96.9
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

8.2
8.1
8.1

392.8
392.0
391.2

149.0
147.2
148.9

96.2
98.3
100.5

245.2
245.5
249.5

2997.6
3027.4
3051.2

1350.2
1357.8
1394.9

433.7
435.5
438.2

8.0
8.0
7.8

388.6
388.0
383.4

149.8
146.6
146.1

100.7
99.9
99.5

250.5
246.4
245.6

3084.1
3096.5
3118.0

1409.4
1427.9
1434.1

Week e n d i n g
1 9 9 8 - M a y 18
25

4.
5.
6.
7.

Demand deposits3

1997-Feb.
Mar.

Apr.
May
June p

1.
2.
3.

Travelers checks2

435.0
436.3

8.0
7.9

388.2
388.9

145.8
146.9

98.8
98.3

244.6
245.1

3093.9
3091.5

1427.8
1430.7

June

1
8
15
22
29

436.5
437.5
437.9
438.7
439.0

7.9
7.8
7.8
7.7
7.6

392.1
379.5
384.5
381.3
382.0

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

3100.3
3110.9
3117.5
3123.6
3121.1

1428.4
1444.8
1439.3
1426.5
1430.8

July

6p
13p

440.0
440.1

7.6
7.7 e

387.0
367.4

146.7
142.5

103.5
101.7

250.2
244.2

3129.1
3140.5

1404.8
1413.8

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, 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)9 of
U.S. addressees, each seasonally adjusted separately.
estimated




p

preliminary

Pages

H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date

p

Institutional
money
funds

At
commercial

At
thrift

Total

At
thrift

Total

At
commercial

At
thrift

1997-Feb.
Mar.

9 2 0 . .8
9 3 2 . .4

368, . 1
368, .0

1288.8
1300.4

595.5
598.5

355 . 6
353 . 0

951.1
951.5

534.5
541.9

319.8
325.9

424 . 8
436.3

80.7
80.5

505 .4
516.8

Apr.
May
June

94 6..2
94 6.,2
9 5 1 , ,2

371, .0
374, .4
374, .6

1317.2
1320.6
1325.8

601.2
603 . 8
609.2

3 5 1 .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.

9 5 7 . ,3
9 6 8., 8
9 8 5 . ,4

374. . 1
374. .3
3 7 4 . .4

1331.4
1343.0
1359.7

615.1
616.6
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
1 0 0 9 . ,5
1020. 9

3 7 5 .. 1
3 7 4 . ,9
3 7 6 ., 6

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.

1 0 3 3 ., 3
1044. 7
1055. 2

3 7 8 . ,6
3 8 2 . ,9
3 8 6 . ,6

1411.9
1427.6
1441.8

626.1
626.3
626.2

34 5,. 3
344, .5
3 4 2 . .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

1078. 0
1078. 2
1088. 3

3 9 0 . ,0
395. 3
396. 6

1468.0
1473.5
1484.9

626.4
624.4
624.0

3 3 9 . .8
3 3 8 .. 1
3 3 7 . .2

966.3
962.5
961.2

649.9
660.6
672.0

408.8
422.0
432.1

521.1
524.3
526.6

88.2
86.9
88.1

609.3
611.2
614.7

1077. 7
1071. 4

395. 5
394. 7

1473.2
1466.1

624.5
623.9

3 3 8 . ,2
3 3 7 . .9

962.8
961.8

658.0
663.6

419.1
425.2

528.7
523.2

87.1
86.8

615.7
610.1

395.
392.
395.
398.
400.

4
1
6
5
3

1471.2
1478.4
1486.3
1489.1
1485.9

623.8
623.9
624.3
624 . 1
624.0

3 3 7 . ,6
3 3 7 . ,5
3 3 7 . ,4
337. 2
336. 5

961.4
961.4
961.6
961.3
960.5

667.8
671.1
669.6
673.2
674.7

424.6
432.0
433.1
431.3
434.3

521.4
528.9
532.5
527.0
520.9

86.6
88.1
88.3
88.4
88.0

607.9
617.1
620.8
615.4
608.9

397. 5
399. 1

1498.0
1506.7

622.8
623.0

337. 1
336. 9

959.9
959.9

671.1
673.9

422.6
431.5

509.7
505.3

87.5
88.4

597.2
593 . 7

Week e n d i n a
1998-May 18
25

3.
4.

Large-denomination time deposits3

Retail
money
funds

At
commercial

Apr.
May
June p

2.

Small-denomination time deposits2

June

1
8
15
22
29

1075.
1086.
1090.
1090.
1085.

July

6p
13p

1100. 5
1107. 6

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




8
3
7
6
6

Total

deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
from small time deposits.
deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and

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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT

Billions of dollars, seasonally adjusted

RPs1

Date
•Feb.
Mar.

266.6
198.9

114.7
116.8

186.6
186.5

Short-term
Treasury
securities^
444.5
446.3

Apr.
May
June

202.4
204.1
199.8

120.7
126.7
124.5

186.4
186.3
186.4

July
Aug.
Sep.

207.4
210.0
209.2

126.6
130.2
132.4

Oct.
Nov.
Dec.

218.8
233.0
234.8

1998-Jan.
Feb.
Mar.

Savings bonds

Apr.
May
June p

Week e n d i n g
19 98-May 18
25

1.
2.

Debt components6

Non-M3 Components of L

Eurodollars2

Bankers
acceptances4

Commercial paper5

Federal debt

Non-Federal debt

12.8
13.3

518.7
526.1

3780.6
3793.1

10752.0
10802.6

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

186.4
186.4
186.4

433.5
445.3
445.0

12.7
13.0
12.9

563.6
563.2
563.9

3788.3
3792.5
3795.1

11026.1
11087.6
11149.0

131.8
135.7
145.3

186.4
186.4
186.4

435.2
441.5
429.7

13.4
13.0
12.1

571.3
581.3
606.3

3795.1
3793.8
3798.4

11223.0
11301.9
11372.3

245.4
239.9
257.6

146.5
140.4
133.9

186.3
186.3
186.2

430.1
442.4
417.9

12.2
11.2
11.3

627.1
640.2
665.7

3796.8
3792.9
3797.3

11448.9
11538.3
11616.7

257.4
258.8
251.3

133.9
135.9
136.0

186.1
186.0

378.0
367.7

13.0
13.3

674.2
665.5 p

3788.9
3770.8 p

11688.5
11761.1 p

256.0
258.3

137.0
137.2

June

1
8
15
22
29

259.2
259.1
249.0
245.8
250.6

136.7
136.6
136.3
134.1
137.0

July

6p
13p

249.5
251.2

135.5
137.4

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

3.




Page 7

-1.6(508)
Tables

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

Date

At commercial
banks4

At thrift
institutions5

Nontransactions components
Total

lnM26

In M3 only7

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
June

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
148.7
149.8

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

147.4
147.2
150.2

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
431.4

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
3068.8

1352.4
1368.9
1402.3

433.7
436.1
438.3

7.9
7.9
8.0

388.7
380.3
382.8

152.9
145.0
145.3

103.0
99.3
99.8

255.9
244.4
245.2

3099.5
3085.3
3113.9

1403.2
1426.5
1429.0

June

435.4
436.5

7.9
7.9

382.4
373.1

143.3
144.0

98.2
96.3

241.6
240.3

3084.1
3080.2

1425.7
1430.5

29

435.3
438.7
438.3
438.3
438.0

7.9
7.9
8.0
8.0
8.0

390.9
380.9
388.3
374.2
379.6

148.3
144.0
143.6
144.8
147.0

100.2
102.7
100.1
98.0
97.3

248.5
246.6
243.7
242.9
244.3

3086.1
3131.9
3127.4
3108.5
3088.6

1431.2
1445.1
1438.0
1419.1
1418.3

6p
13p

443.4
442.6

8.0
8.1 e

399.9
373.0

145.3
139.9

105.0
101.2

250.3
241.1

3136.7
3150.8

1393.1
1406.1

1
8
15

22
July

e

Other checkable deposits

397.5
400.8

Week e n d i n a
1998-May 18
25

4.
5.
6.
7.

Demand
deposits3

1997-Feb.
Mar.

Apr.
May
June p

1.
2.
3.

Travelers
checks2

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
Savings deposits1

Total

Institutional
money
funds

951.4
952.4

538.5
550.0

352.2
353.1
351.5

954.3
957.6
961.2

615.9
616.7
618.9

348.2
347.9
346.1

1370.4
1384.0
1394.9

621.2
623.8
624.1

377.0
381.2
388.4

1406.1
1421.4
1448.6

1083.3
1076.7
1091.5

391.9
394.7
397.7

1077.9
1068.6

1
8
15
22
29
6p
13p

At
commercial

At
thrift

1997-Feb.
Mar.

916.2
936.1

366.2
369.5

1282.4
1305.5

Apr.
MayJune

950.4
944.8
953.9

372.7
373.8
375.6

July
Aug.
Sep.

959.5
971.0
984.3

Oct.
Nov.
Dec.
1998-Jan.
Feb.
Mar.
Apr.
May
June p

Week e n d i n c r
1 9 9 8 - M a y 18
25
d"une

July
1

Small-denomination time deposits2

Retail
money
funds

Date

At
commercial
595.7
599.1

At
thrift
iiisuiuuons
355.8
353.4

1323.2
1318.6
1329.5

602.1
604.6
609.7

375.0
375.1
374.0

1334.5
1346.1
1358.2

996.5
1009.2
1019.0

374.0
374.8
375.9

1029.0
1040.2
1060.2

329.6
332.0

At
commercial
banks 4
422.2
435.2

At
thrift
institutions
80.2
80.3

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
1489.2

627.2
625.0
624.4

340.2
338.5
337.4

967.4
963.4
961.8

656.9
650.4
662.9

405.8
414.1
424.5

517.6
525.5
525.5

87.6
87.2
88.0

605.2
612.7
613.5

395.6
393.7

1473.5
1462.3

625.2
624.4

338.6
338.2

963.7
962.7

646.9
655.2

412.3
416.7

529.1
525.3

87.1
87.2

616.2
612.5

1072.2
1106.6
1102.3
1086.4
1070.4

394.0
399.4
399.8
397.0
394.7

1466.2
1506.0
1502.1
1483.4
1465.2

624,2
624.5
624.7
624.2
624.4

337.8
337.8
337.6
337.3
336.7

962.0
962.3
962.2
961.5
961.1

657.9
663.6
663.0
663.7
662.3

416.8
425.8
427.4
422.3
424.9

524.0
530.1
532.3
525.3
517.6

87.0
88.3
88.3
88.1
87.5

611.0
618.4
620.6
613.4
605 . 1

1112.1
1116.9

401.7
402.5

1513.8
1519.4

623.9
623.9

337.8
337.4

961.7
961.2

661.2
670.1

416.7
429.5

505.9
503.8

86.9
88.1

592.7
592.0

Rflvinnc wcpuouo
rlonnoitc M
innh
iHQ mnrtftw
vv*vi.iy»
iviuuc
Miuiicy mofl//

Total

P

preliminary




,

UUfJUSIl ciuuounis.
t h 0 8 e iSSUed

3.,
4.

Large-denomination time deposits3

am

°Un,S

01 l e s s , h a n $ 1 0 0 0 0 0

'

'

A

"

IRA a n d

Keogh ==<:<*,„. balances a. commer-

Total

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

Eurodollars

Savings bonds

Total

Short-term

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
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

186.3
186.4
186.5

425.5
448.3
444.0

13.4
13.0
12.3

576.7
579.6

3774.4
3792.1
3805.8

11201.8

228.2

130.7
134.5
146.9

1998-Jan.
Feb.
Mar.

198.2
194.2
210.2

45.9
45.7
46.3

244.2
239.9
256.5

149.7
142.7
135.8

186.4
186.3
186.2

428.1
438.6
424.9

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

47.0
48.0
50.7

257.8

186.1

377.1
357.6

13.2
13.3 p

681.7
675.7

3800.5
3765.9 p

11650.3
11728.6 p

256.4

134.4
136.9
134.5

212.2
214.0

47.6
48.3

259.8
262.3

137.4
139.0

216.1
214.6
204.0
203.0

49.1
50.4
51.3
51.1
50.3

265.2
265.0
255.2
251.3
253.3

138.2
136.0
134.8
132.2
135.0

203.1
201.7

48.4
49.3

251.4
251.0

132.3
133.6

Apr.
May
June p

Week e n d i n g
1998-May 18
25
June

1

8
15
22
29
July

1.
2.

At thrift
institutions

Debt components6

Non-M3 Components of L
2

6p
13p

200.2

262.8

186.1 p

600.0

11281.1
11363.1

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

3.




H.6 (508)
Table 6

Page 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Date

U.S. government deposits

IRA and Keogh Accounts

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

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

Note
balances at
depository
institutions

Time and
savings

Foreign
commercial
banks

Foreign
official
institutions

1997-Feb.
Mar.

9.3
9.3

1.5
1.4

Apr.
May
June

9.5
9.9
10.3

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

July
Aug.
Sep.

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

Oct.

351.1
351.0
351.0

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 e
98.4 e
99.0 e

351.0 e
351.2 e
351.3 e

9.9
9.9
9.9

1.4
1.4
1.4

18.8
18.8
18.8

4.6
1.6
2.8

8.1
7.1
10.1

24.2
43.3
33.1

36.9
51.9
45.9

3.0
3.0
3.0

151.3 e
150.9 e
150.5 e

100.4 e
100.0 e
99.7 e

99.7 e
100.3 e
101.0 e

351.3 e
351.3 e
351.2 e

9.9
9.9

1.4
1.4

18.8
18.8

2.2
1.2

5.6
5.2

42.9
36.2

50.7
42.7

3.0
3.0

15
22
29

9.9
9.9
9.9
9.9
9.9

1.4
1.4
1.4
1.4
1.4

18.8
18.8
18.8
18.8
18.8

1.5
1.6
3.9
4.4
1.7

5.2
5.1
6.2
9.0
21.0

30.5
5.9
10.3
55.0
60.1

37.3
12.6
20.5
68.4
82.7

3.0
3.0
3.0
3.0
3.0

6p
13p

9.9
9.9

1.5
1.4

18.8
18.8

1.4
1.3

8.1
5.2

42.6
37.3

52.1
43.8

3.0
3.0

Apr.
May
June p

Week e n d i n g
1 9 9 8 - M a y 18
25
June

1
8

July

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions
18.3
18.0

estimated
preliminary




Total

bsss.

At

"

s

r

At
thrift
institutions

At
money
market
funds

Total