Full text of H.6 Money Stock Measures : July 24, 1997

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat4;30p.m. EastemTme

Billions of dollars

Date

July 2 4 , 1 9 9 7

M11

M22

M33

DEBT5

Seasonally adjusted
1995-July
Aug.
Sep*
Oct.
Nov.
Dec.

1145.0
1144.0
1141.6
1135.7
1133.1
1129.0

3583.1
3604.4
3620.1
3629.8
3639.3
3655.0

4495.2
4527.1
4550.7
4567.1
4580.8
4594.8

5556.4
5593.0
5638.9
5669.0
5676.8
5700.0

13619.9
13660.7
13708.2
13768.7
13825.8
13869.7

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1122.2
1119.8
1126.2
1123.5
1117.1
1115.5
1108.8
1099.8
1093.2
1080.2
1080.0
1081.0

3669.9
3685.0
3713.9
3724.5
3725.6
3741.9
3750.0
3762.7
3775.2
3788.0
3810.0
3834.3

4622.3
4655.2
4691.9
4708.7
4731.3
4753.6
4771.9
4792.5
4823.9
4859.6
4889.2
4934.4

5723.1
5741.8
5792.2
5828.4
5848.9
5891.8
5916.7
5947.0
5989.0
6014.9
6058.1
6099.9

13919.7
13993.1
14070.7
14137.9
14195.0
14256.0
14329.3
14386.0
14434.4
14498.8
14568.1
14621.7

1997-Jan.
Feb.
Mar.
Apr.
May
June

1079.8
1080.6
1075.2
1065.1
1062.7
1063.2

3851.6
3868.5
3885.4
3905.0
3904.7
3919.8

4957.3
4996.7
5029.8
5067.5
5074.2
5098.3

6114.9
6161.4
6202.0
6247.5
6253.0 p

14666.1
14726.6
14791.9
14865.0
14914.2 p

Not seasonally adjusted
1995-July
Aug.
Sep.
Oct.
Nov.
Dec.

1145.6
1139.3
1138.5
1132.9
1138.7
1152.8

3586.6
3603.6
3613.5
3621.5
3643.2
3675.3

4493.2
4526.1
4541.1
4563.6
4589.7
4614.3

5547.9
5590.3
5623.7
5656.1
5687.9
5731.8

13567.7
13613.7
13673.4
13735.0
13810.5
13870.2

199 6-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1130.1
1105.6
1117.7
1131.2
1105.2
1114.2
1109.7
1096.4
1090.1
1076.8
1085.2
1103.0

3673.3
3668.6
3715.6
3741.5
3709.2
3739.5
3753.9
3764.0
3768.0
3777.7
3812.9
3852.8

4628.7
4643.3
4694.4
4718.1
4715.1
4750.9
4770.0
4792.9
4812.7
4855.3
4897.3
4951.5

5737.2
5733.8
5805.1
5841.4
5826.4
5878.2
5908.0
5946.3
5971.5
6001.3
6068.5
6129.3

13900.8
13955.7
14040.6
14100.8
14148.3
14210.3
14271.1
14332.6
14394.5
14460.8
14549.5
14621.0

1997-Jan.
Feb.
Mar.
Apr.
May
June

1086.0
1066.4
1067.2
1071.6
1051.8
1062.5

3853.3
3852.7
3890.3
3922.1
3887.2
3917.2

4962.9
4987.9
5036.8
5075.1
5056.0
5094.4

6128.2
6156.6
6218.9
6259.3
6229.8 p

14646.2
14687.8
14761.8
14826.2
14863.3 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

3 Month* from Mar. 1997 TO June 1997

-4.5

3.5

5.4

5.1

6 Months from Doc. 199 6 TO June 1997

-3.3

4.5

6.6

4.8

12 Months from June 199 6 TO Jun© 1997

-4.7

4.8

7.3

5.1

-4.6

3.9

6.5

Jan. 13, 1997 (26 weeks previous)

-3.1

4.9

7.5

July 15, 1996 (52 weeks previous)

-4.7

4.8

7.4

Thirteen weeks ending July 14 , 1997
from thirteen weeks ending:
Apr. 14, 1997 (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 1997 to May 1997, November 1996 to May 1997,
and May 1996 to May 1997, respectively.

Footnotes to Table 1:
1.

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.
2. 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, ana adding this result to seasonally adjusted M1.
3. 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 adjustea M2.
4. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial papor and bankers acceptances, net of money market
mutual fund holdings of these assets.
5. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the
data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt
data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of
credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week 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

M3

M2

4-week
average
1067.7
1064.7

week
average
1071.0
1064.8

13-week
average
3881.6
3885.4

4-week
average
3904.0
3907.4

week
average

28

13-week
average
1075.5
1074.0

Hay

5
12
19
26

1072.2
1070.5
1069.2
1068.0

1064.3
1065.2
1062.6
1062.6

1064.3
1060.5
1060.9
1064.6

3888.0
3890.4
3893.0
3896.2

Juno

2
9
16
23
30

1067.3
1066.0
1065.1
1064.4
1063.7

1064.1
1064.2
1064.4
1062.8
1062.1

1070.3
1060.9
1061.6
1058.4
1067.6

July

7P
14p

1063.7
1063.7

1063.5
1062.5

1066.4
1057.4

1997-Apr. 2 1

3919.8
3910.3

13-week
average
5020.0
5028.7

4-week
average
5060.5
5069.6

week
average
5081.7
5081.9

3906.6
3905.8
3901.7
3902.5

3897.2
3895.7
3903.7
3913.3

5035.8
5042.2
5047.6
5053.2

5073.4
5074.2
5072.2
5071.2

5065.8
5067.5
5073.7
5077.8

3899.2
3901.9
3904.6
3907.5
3909.8

3906.3
3910.7
3913.4
3915.5
3918.8

3912.6
3913.1
3914.4
3921.8
3925.8

5058.9
5063.8
5068.7
5074.4
5079.9

5076.0
5080.2
5083.0
5089.7
5097.8

5085.0
5084.1
5084.9
5104.8
5117.3

3912.6
3914.7

3924.7
3927.6

3936.8
3926.1

5086.9
5092.6

5112.0
5125.3

5141.1
5138.1

Not seasonally adjusted

28

1069.4
1068.6

1077.5
1072.1

1080.3
1054.2

3882.9
3886.9

3932.1
3926.6

3936.1
3872.6

5023.3
5030.6

5079.0
5079.3

5086.7
5036.9

May

5
12
19
26

1067.5
1066.0
1064.8
1063.4

1067.5
1061.4
1053.6
1050.5

1061.9
1049.3
1049.0
1041.9

3890.6
3892.8
3895.0
3897.7

3911.6
3896.0
3883.1
3884.0

3887.0
3888.4
3884.3
3876.3

5037.6
5042.5
5047.1
5051.9

5069.1
5056.6
5048.3
5050.6

5047.6
5055.1
5053.7
5045.8

Juno

2
9
16
23
30

1063.2
1062.9
1062.8
1062.5
1061.9

1052.1
1055.7
1059.6
1061.5
1061.5

1068.1
1063.6
1064.9
1049.5
1067.8

3900.5
3903.5
3906.3
3907.9
3908.6

3887.9
3899.9
3911.5
3916.5
3916.6

3902.4
3936.5
3930.8
3896.2
3903.0

5057.6
5062.7
5067.3
5071.0
5074.9

5058.5
5072.2
5084.8
5091.9
5093.9

5079.3
5110.0
5103.9
5074.4
5087.1

July

7p
14p

1061.9
1061.0

1065.9
1065.0

1081.2
1061.4

3909.9
3909.4

3923.5
3927.0

3963.8
3945.0

5080.1
5083.4

5105.3
5116.4

5155.7
5148.2

1997-Apr. 2 1

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
Nontransactions components

Other checkable deposits
Date

4.
5.
6.
7.
e

At thrift
institutions5

Total

lnM2 6

In M3 only7

1996-Feb.
Mar.

373.4
375.4

8.9
8.9

397.3
404.5

231.9
227.1

108.4
110.2

340.3
337.3

2565.2
2587.8

970.2
978.0

Apr.
May
Juno

376.4
377.7
379.9

8.8
8.7
8.7

404.5
407.1
410.6

226.3
215.6
208.7

107.6
107.9
107.7

333.9
323.5
316.4

2600.9
2608.5
2626.4

984.2
1005.7
1011.6

July
Aug.
Sop.

382.8
385.2
387.6

8.6
8.4
8.5

408.7
405.8
404.9

202.9
195.2
188.0

105.8
105.2
104.3

308.7
300.4
292.2

2641.1
2662.9
2682.0

1021.9
1029.8
1048.8

Oct.
Nov.
Doc.

390.2
392.5
395.2

8.6
8.6
8.6

398.2
402.1
402.4

178.9
172.7
171.5

104.3
104.2
103.3

283.2
276.8
274.8

2707.8
2730.0
2753.3

1071.6
1079.2
1100.1

1997-Jan.
Feb.
Mar.

397.0
400.5
402.4

8.6
8.6
8.5

401.7
404.2
402.8

170.9
165.4
160.3

101.6
101.9
101.3

272.5
267.3
261.6

2771.8
2787.8
2810.2

1105.7
1128.3
1144.4

Apr.
May
Juno

403.7
406.1
407.7

8.3
8.2
8.0

395.4
395.6
397.3

159.7
155.6
153.7

97.9
97.2
96.4

257.7
252.8
250.2

2839.9
2841.9
2856.6

1162.5
1169.5
1178.5

Week endinor
1997-May 19
26

1.
2.
3.

At commercial
banks 4

406.0
406.4

8.2
8.2

394.4
398.9

155.5
155.0

96.8
96.1

252.2
251.1

2842.8
2848.7

1170.0
1164.6

Juno

2
9
16
23
30

406.5
407.0
407.6
407.8
408.7

8.1
8.1
8.0
8.0
7.9

399.7
394.2
396.0
395.6
400.4

158.6
154.3
153.4
151.7
154.7

97.4
97.3
96.6
95.3
95.8

256.0
251.6
250.0
247.1
250.5

2842.3
2852.2
2852.8
2863.3
2858.2

1172.4
1171.0
1170.5
1183.0
1191.5

July

7p
14p

409.8
410.1

7.9 o
7.9 o

399.3
394.6

149.8
149.0

99.6
95.8

249.4
244.8

2870.4
2868.7

1204.3
1212.0

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.
estimated




p

preliminary

Page 5
H.6 (508)
Table 4 - continued

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

3.
4.
p

Retail
money
funds

Institutional
money
funds

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

1996-Fob.
Mar.

804.9
819.7

360.2
360.5

1165.1
1180.2

579.4
578.2

354.7
352.6

934.1
930.8

466.0
476.8

Apr.
May
Juno

825.5
829.3
837.4

364.6
366.3
366.7

1190.1
1195.6
1204.1

577.5
577.0
578.0

352.0
351.5
350.8

929.5
928.4
928.8

July
Aug.
Sop.

844.2
857.1
865.7

366.8
365.6
365.8

1211.0
1222.7
1231.5

580.3
582.9
585.4

350.2
351.2
352.0

Oct.
Nov.
Doc.

879.3
892.7
903.9

367.1
366.3
367.1

1246.3
1259.0
1271.0

587.4
589.9
592.0

1997-Jan.
Fob.
Mar.

914.0
921.1
934.2

368.5
369.4
370.1

1282.5
1290.5
1304.3

Apr.
May
Juno

947.9
945.4
949.9

373.1
375.5
375.5

944.6
946.7

Wook o n d i n a
1997-May
19
26

1.
2.

Small-denomination time deposits 2

Large-denomination time deposits 3
At
commercial
banks 4

At
thrift
institutions

259.7
263.7

349.7
356.8

76.5
75.8

426.3
432.5

481.4
484.5
493.6

263.4
263.6
269.7

359.4
367.1
373.3

76.0
75.4
75.6

435.4
442.5
448.9

930.5
934.0
937.3

499.6
506.1
513.2

274.0
278.8
285.2

379.4
383.1
389.9

76.5
77.2
78.4

455.9
460.4
468.3

353.6
354.0
353.7

941.0
943.9
945.7

520.5
527.1
536.6

288.1
292.0
299.3

402.1
404.0
412.3

78.8
79.4
79.2

480.9
483.4
491.5

592.5
593.6
596.1

354.4
355.1
352.0

946.9
948.6
948.1

542.4
548.7
557.8

296.3
305.4
311.8

412.2
418.2
427.1

81.1
81.9
82.0

493.3
500.1
509.1

1321.1
1320.9
1325.3

598.9
602.0
607.8

350.8
351.8
350.6

949.6
953.9
958.4

569.2
567.2
572.9

311.6
311.6
318.9

439.7
441.4
450.8

82.5
82.4
83.2

522.2
523.7
534.1

375.8
376.5

1320.4
1323.2

601.5
602.9

352.3
351.7

953.8
954.6

568.6
570.8

315.0
311.7

438.9
438.2

82.5
81.8

521.4
520.0

Total

Total

Juno

2
9
16
23
30

942.5
949.4
949.9
953.2
945.7

374.7
372.4
373.8
378.2
377.2

1317.2
1321.8
1323.7
1331.3
1322.9

605.1
606.8
607.5
608.7
608.7

350.9
350.6
350.8
350.5
350.5

956.0
957.3
958.3
959.2
959.2

569.1
573.1
570.9
572.8
576.0

314.7
318.7
318.5
318.1
321.5

443.0
443.9
447.0
455.8
459.1

81.8
82.5
83.0
83.7
84.2

524.8
526.4
530.0
539.5
543.3

July

7p
14p

958.1
956.3

372.6
374.0

1330.7
1330.3

612.9
613.8

347.0
346.7

959.9
960.4

579.8
577.9

325.7
325.1

463.0
465.1

84,
84,

547.7
549.8

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




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

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

RPs

Date

1

Non-M3 Components of L
Eurodollars

ort-term

Savings bonds

T5TT

las.a

ir

secunties3

Bankers
acceptances4

Commercial paper5

Federal debt

Non-Federal debt

446.3

nr:

MBS.6
3685.1

16555.1
10385.6

185.4

458.7

Tsrr

185.8
186.1
186.4

464.5
452.9
470.5

10.2
10.7
11.1

459.3
468.0
470.1

3698.0
3704.3
3710.7

10439.9
10490.7
10545.3

97.9
98.4
101.2

186.
186.
187,

473.6
478.1
483.9

11.
11.
12.

473.0
477.7
482.0

3729.4
3743.4
3746.4

10599.9
10642.6
10688.0

195.5
194.6
193.0

107.1
109.3
116.3

187.
187.
187.

476.6
486.5
470.8

12.
12.
12.

479.6
483.2
495.5

3758.2
3771.4
3780.4

10740.6
10796.8
10841.3

1997-Jan.
Feb.
Mar.

196.1
200.1
198.3

120.0
122.7
125.1

186.7
186.4
186.3

449.9
448.0
446.5

11.9
12.7
13.5

509.1
517.5
525.9

3778.6
3784.2
3799.1

10887.5
10942.4
10992.8

Apr.
May
June

200.2
199.7
197.2

128.4
134.5
128.3

186.2
186.2 p

443.2
435.6 p

12.8
13.1 p

537.8
543.9 p

3806.8
3794.3 p

11058.2
11119.9 p

199.3
196.3

134.2
136.7

Mar.

187.8

94.0

Apr.
May
June

188.9
202.7
195.3

96.5
97.0
97.8

July
Aug.
Sep.

194.1
192.3
194.1

Oct.
Nov.
Dec.

Week ending
1997-May 19
26

4.
5.
6.

Debt components6

2

June

2
9
16
23
30

199.1
195.7
195.5
198.3
199.1

133.7
130.2
126.6
127.2
127.6

July

7p
14p

202.1
206.0

128.8
131.1

9.9

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

4.
5.
6.
7.

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2«

In M3 only7

1996-Fab.
Mar.

370.9
374.3

8.5
8.6

387.9
397.1

232.2
228.0

106.2
109.8

338.4
337.8

2562.9
2597.9

974.8
978.8

Apr.
May
June

375.8
377.5
380.4

8.6
8.6
8.9

405.3
398.7
409.2

231.3
213.1
207.6

110.1
107.3
108.0

341.5
320.4
315.6

2610.3
2604.0
2625.4

976.6
1005.9
1011.3

July
Aug.
Sap.

383.7
385.8
386.8

9.1
9.0
8.8

410.3
404.2
403.8

200.8
192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2644,
2667,
2677,

1016.0
1028.9
1044.7

Oct.
Nov.
Dae.

388.9
392.9
397.9

8.6
8.4
8.3

398.5
407.6
418.8

176.9
171.9
173.5

103.8
104.4
104.5

280.7
276.3
278.0

2700,
2727,
2749.8

1077.6
1084.4
1098.7

1997-Jan.
Fab.
Mar.

395.6
397.7
401.0

8.2
8.3
8.2

405.6
394.6
396.0

174.8
165.6
160.9

101.8
100.2
101.1

276.6
265.8
261.9

2767.3
2786.3
2823.1

1109.7
1135.2
1146.5

Apr.
May
Juna

403.4
406.1
408.4

8.2
8.2
8.2

396.4
387.3
396.3

163.4
153.7
152.8

100.3
96.5
96.7

263.7
250.2
249.6

2850.4
2835.4
2854.7

1153.0
1168.8
1177.2

Wook «ndina
1997-May 19
26

1.
2.
3.

Travelers
checks2

405.7
406.6

8.2
8.2

387.1
380.3

152.8
152.7

95.2
94.2

248.1
246.9

2835.3
2834.4

1169.3
1169.5

Juna

2
9
16
23
30

405.7
409.2
408.6
408.0
408.2

8.2
8.2
8.2
8.3
8.3

399.1
395.9
399.4
386.4
400.3

157.0
151.3
151.5
152.5
155.6

98.1
98.9
97.2
94.4
95.5

255.1
250.2
248.7
246.9
251.1

2834.3
2872.9
2865.9
2846.7
2835.2

1176.9
1173.5
1173.1
1178.2
1184.1

July

7P
14p

413.4
411.6

8.3 o
8.4 o

410.1
399.6

148.4
145.7

101.0
96.2

249.3
241.9

2882.5
2883.5

1191.9
1203.2

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 N O W 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.

e
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

At
commercial
banks

At
thrift
institutions

Total

Retail
money
funds

1157.8
1180.7

579.6
579.6

354.9
353.4

934.5
933.0

470.6
484.2

365.1
365.7
367.7

1191.7
1193.7
1207.6

579.1
578.0
578.4

353.0
352.1
351.1

932.1
930.2
929.5

847.0
860.0
866.6

368.1
366.8
366.2

1215.1
1226.8
1232.8

581.0
582.9
584.7

350.6
351.2
351.5

Doc.

878.9
894.5
902.9

366.9
367.1
366.7

1245.7
1261.5
1269.6

586.7
588.5
589.8

1997-Jan.
Fob.
Mar.

908.9
915.4
935.1

366.5
367.1
370.5

1275.4
1282.4
1305.6

Apr.
May
Juno

949.4
943.7
952.6

373.7
374.8
376.6

943.5
939.4

3.
4.
p

Large-denomination time deposits 3
At
thrift
institutions

Total

267.7
267.1

348.3
355.7

76.2
75.6

424.4
431.2

486.5
480.1
488.3

261.4
260.1
264.6

356.2
369.2
373.7

75.3
75.8
75.7

431.6
445.0
449.4

931.6
934.1
936.2

497.6
506.8
508.9

271.2
278.1
280.4

377.3
382.4
389.5

76.1
77.1
78.3

453.4
459.5
467.8

353.2
353.1
352.4

939.9
941.6
942.1

515.3
524.6
538.1

284.7
292.6
300.5

406.7
408.7
413.7

79.7
80.3
79.5

486.4
489.0
493.2

591.8
594.0
597.6

353.9
355.3
352.9

945.7
949.3
950.4

546.2
554.6
567.1

304.8
315.5
316.4

408.7
416.5
426.3

80.4
81.6
81.9

489.1
498.1
508.2

1323.2
1318.5
1329.2

600.6
603.2
608.2

351.8
352.5
350.8

952.4
955.7
959.1

574.8
561.1
566.5

309.2
307.0
313.1

435.7
443.6
451.1

81.8
82.8
83.3

517.4
526.4
534.3

375.4
373.6

1319.0
1313.0

602.7
604.0

353.0
352.3

955.6
956.3

560.7
565.1

310.5
308.2

441.3
442.4

83.0
82.6

524.3
525.0

At
thrift
institutions

1996-Fob.
Mar.

799.8
820.0

357.9
360.6

Apr.
May
Juno

826.7
828.0
839.8

July
Aug.
Sop.
Oct.

Wooft o n < U n q
1997-May
19
26

Institutional
money
funds

At
commercial
banks 4

At
commercial
banks

Date

1.
2.

Small-denomination time deposits 2
Total

June

2
9
16
23
30

939.9
966.8
961.5
946.2
936.3

373.6
379.3
378.4
375.4
373.5

1313.5
1346.0
1339.9
1321.7
1309.8

605.9
607.4
607.8
608.8
609.3

351.4
351.0
351.0
350.6
350.8

957.3
958.4
958.8
959.3
960.1

563.5
568.5
567.2
565.7
565.4

310.0
314.3
314.1
310.1
314.6

446.8
446.6
447.9
454.7
456.4

82.5
83.0
83.2
83.4
83.7

529.3
529.6
531.1
538.1
540.2

July

7p
14p

971.4
967.2

377.8
378.3

1349.2
1345.5

614.3
614.6

347.8
347.2

962.0
961.8

571.3
576.2

319.6
322.9

459.0
462.7

83.9
84.3

542.9
547.0

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




Page 9
H.6(508)
Table 5 - continued

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

RPs1
Date

At commercial
banks

4.
5.
6.

Eurodollars2
Total

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal debt

Non-Federal
debt

1996-Feb.
Mar.

140.9
139.8

45.3
45.6

186.2
185.4

96.5
95.0

185.4
185.7

452.0
470.9

10.3
9.8

442.7
444.3

3655.5
3698.1

10300.2
10342.5

Apr.
May
June

140.0
153.9
149.3

47.9
50.8
51.0

187.9
204.8
200.3

95.8
96.0
97.1

186.1
186.3
186.4

465.8
443.1
462.7

10.4
10.5
11.2

461.1
471.4
467.0

3699.5
3692.1
3698.1

10401.3
10456.3
10512.2

July
Aug.
Sep.

144.6
144.2
146.9

50.4
49.6
49.2

195.0
193.8
196.1

96.4
97.6
100.4

186.6
186.7
186.7

472.9
482.0
476.9

10.7
11.1
12.0

467.8
473.6
483.1

3708.3
3730.9
3736.1

10562.8
10601.7
10658.5

Oct.
Nov.
Doc.

150.0
145.8
141.8

48.5
47.6
46.0

198.5
193.4
187.8

108.1
109.5
117.2

186.8
186.9
187.0

460.9
486.6
484.4

12.2
12.4
12.6

486.1
485.2
493.8

3740.9
3771.4
3787.9

10720.0
10778.2
10833.0

1997-Jan.
Fob.
Mar.

148.2
150.3
148.7

45.9
47.1
46.9

194.1
197.4
195.6

121.7
124.2
126.3

186.8
186.6
186.6

455.6
451.8
458.8

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10872.8
10904.8
10946.4

Apr.
May
June

151.9
155.8
155.5

47.1
46.4
46.8

199.0
202.2
202.4

127.4
133.2
127.4

186.5
186.4 p

444.8
425.8 p

13.0
12.9 p

539.9
548.7 p

3810.3
3781.3 p

11015.9
11082.1 p

155.8
153.5

46.2
46.3

202.0
199.8

132.6
136.4

Weofr gftdjnq
1997-May 19
26

1.
2.

At thrift
institutions

Debt components6

Non-M3 Components of L

Juno

2
9
16
23
30

157.9
154.0
155.2
156.9
155.4

46.2
46.7
47.0
47.2
46.7

204.1
200.7
202.2
204.1
202.1

133.4
129.0
125.7
125.9
127.2

July

7p
14p

156.2
158.7

47.0
46.9

203.2
205.7

126.3
127.7

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 10

H.6 (508)
Table 6

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

Time and
savings
deposits at
commercial
banks

At
commercial
banks

21.2
20.6

1.3
1.2

150.8
151.0

109.6
109.5

78.0
79.6

338.4
340.0

11.6
10.1
14.5

24.6
18.7
25.4

3.2
4.5
4.4

151.2
151.3
151.6

109.3
109.0
108.8

79.5
78.1
76.5

340.0
338.4
336.9

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.3

4.1
3.8
3.4

151.9
151.8
151.4

108.7
108.6
108.6

76.6 e
76.7 e
76.7 e

337.2 e
337.1 e
336.7 e

3.0
3.3
4.3

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.9

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

76.8 e
76.9 e
77.0 e

336.3 e
335.9 e
335.4 e

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

151.2
151.1
151.0

106.6
106.1
105.7

77.0 e
77.2 e
77.4 e

334.8 e
334.4 e
334.1 e

1.4
1.4
1.4

17.9
17.9
17.9

5.3
2.5
3.9

11.7
12.7
8.1

21.7
29.6
22.5

38.7
44.8
34.5

2.4
2.4
2.4

150.9
150.9
150.9

105.5 e
105.5 e
105.5 e

77.6 e
77.7 e
77.7 e

334.0 e
334.1 e
334.2 e

9.3
9.3

1.3
1.3

17.9
17.9

2.7
2.0

8.4
5.1

30.7
24.4

41.9
31.4

2.4
2.4

Note
balances at
depository
institutions

Balance
at
Federal
Reserve

13.5
14.0

3.0
4.0

5.0
5.7

13.2
10.8

1.4
1.5
1.5

14.0
13.5
13.0

5.8
2.8
4.8

7.2
5.7
6.1

9.1
7.9
8.5

1.6
1.5
1.4

13.0
13.4
13.8

2.9
2.7
4.6

Oct.
Nov.
Dec.

8.6
8.8
9.1

1.4
1.4
1.4

14.9
16.4
17.9

1997-Jan.
Feb.
Mar.

9.2
9.3
9.3

1.4
1.4
1.4

Apr.
May
June

9.3
9.3
9.3

Foreign
commercial
banks

Foreign
official
institutions

1996-Feb.
Mar.

8.2
8.0

1.5
1.4

Apr.
May
June

7.8
8.3
8.9

July
Aug.
Sep.

Week e n d i n g
1997-May 19
26

IRAandKeoghi Accounts

U.S. government deposits
Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

Total
cash
balance

June

2
9
16
23
30

9.3
9.3
9.3
9.3
9.3

1.4
1.3
1.4
1.3
1.4

17.9
17.9
17.9
17.9
17.9

2.5
2.3
6.2
4.7
2.5

5.1
5.3
7.5
15.7
5.0

15.2
8.5
12.2
34.6
36.7

22.7
16.1
26.0
55.0
44.1

2.4
2.4
2.4
2.4
2.4

July

7p
14p

9.3
9.3

1.4
1.4

17.9
17.9

2.0
1.8

4.7
5.0

19.7
11.3

26.5
18.1

2.4
2.4

estimated
preliminary




At
thrift
institutions

At
money
market
funds

Total

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits *
May 31,1997 and June 30,1997
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)

Average Rate Paid (%)
Change
(b.p.)

Liability Categories

May 31

June 30

Change
(percent)

May 31

June 30

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over

32,561
91,234
209,296
220,795
198,694

31,500
91,316
211,653
228,180
198,477

-3.26
0.09
1.13
3.34
-0.11

4.07
4.77
5.15
5.45
5.68

4.09
4.76
5.16
5.44
5.69

2
-1
1
-1
1

All IRA/Keogh Plan deposits2

151,192

151,776

0.39

N.A.

N.A.

N.A.

BIF-insured Savings1 Banks 3
Amount Outstanding ($mil.)

Average Rate Paid (%)

May 31

June 30

Change
(percent)

May 31

June 30

ax P .)

Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over

2,738
13,731
29,661
31,664
21,391

2,684
13,745
29,806
32,117
21,471

-1.99
0.10
0.49
1.43
0.37

4.81
5.15
5.45
5.77
5.91

4.82
5.11
5.47
5.72
5.89

1
-4
2
-5
-2

All IRA/Keogh Plan deposits2

20,683

20,559

-0.60

N.A.

N.A.

N.A.

Liability Categories

Change

N.A. ~ data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 75 savings banks. All rates are expressed as annual effective yields. Owing to statistical difficulties associated in part
with the implementation of sweep accounts, estimates for NOW and Savings accounts are not currently available.
Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
BIF-insured savings banks include both mutual and federal savings banks.




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Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class