Full text of H.6 Money Stock Measures : July 30, 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 30, 1998 M1 1 M22 PPW|IWL<«^ 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 1073.7 1076.5 1081.1 1080.8 1078.0 1075.0 4071.3 4103.9 4132.3 4164.9 4174.5 4192.4 5421.5 5461.7 5527.1 5574.3 5602.3 5625.8 6677.2 6741.8 6808.2 6825.6 6835.0 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 1079.0 1063.9 1074.6 1086.2 1068.6 1074.2 4073.1 4090.6 4143.4 4185.6 4153.9 4187.5 5425.5 5459.5 5545.8 5588.9 5580.2 5615.7 6679.1 6734.1 6830.5 6846.9 6812.9 p 15226.6 15294.5 15391.2 15450.8 15494.5 p Footnotes appear on the following page p preliminary Page 2 H.6(508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT1 3 Months from Mar. 1998 TO June 1998 -2.3 5.8 7.1 5.2 6 Months from Doc. 1997 TO Juno 1998 -0.2 7.2 9.3 5.8 12 Months from June 1997 TO June 1998 0.9 7.3 10.1 5.5 -1.3 6.1 7.6 Jan. 19, 1998 (26 weeks previous) 0.8 7.4 9.4 July 21, 1997 (52 weeks previous) 1.0 7.3 9.8 Thirteen weeks ending July 20 1998 from thirteen weeks ending: Apr. 20, 1998 (13 weeks previous) 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, February 1998 to May 1998, November 1997 to May 1998, and May 1997 to May 1998, respectively. Footnotes to Table 1 : 1. 2. 3. 4. 5. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M 1 . Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage 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 M3 M2 Period endii">g 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1 9 9 8 - A p r . 27 1079.4 1081.0 1079.2 4131.0 4166.6 4173.3 5516.3 5575.8 5570.9 Hay 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 5560.6 5579.5 5583.8 5588.3 5595.7 5588.4 5596.5 5597.5 5600.4 June 1 8 IS 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 5578.9 5586.7 5593.8 5600.3 5602.5 5610.3 5618.6 5623.7 5625.5 5615.7 5627.5 5630.6 5621.0 5622.9 July 6 13p 20p 1077.9 1076.9 1075.7 1075.6 1072.4 1072.1 1084.6 1061.5 1070.8 4181.0 4184.4 4186.6 4198.5 4200.9 4204.2 4213.9 4201.6 4208.6 5603.7 5606.4 5609.5 5623.0 5619.0 5618.8 5617.5 5614.7 5620.1 Not seasonally adjusted 1 9 9 8 - A p r . 27 1074.4 1087.7 1070.4 4136.4 4193.1 4137.8 5526.1 5596.1 5530.3 May 4 11 18 25 1075.4 1075.7 1076.2 1076.0 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 5568.4 Juna 1 8 15 22 29 1076.3 1076.3 1076.5 1076.3 1076.1 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 4158.7 5573.3 5581.2 5587.4 5591.5 5594.6 5581.3 5599.0 5615.4 5620.9 5615.0 5599.8 5650.7 5642.8 5590.2 5576.3 July 6 13p 20p 1076.7 1075.1 1072.7 1078.2 1075.5 1076.5 1101.4 1067.1 1067.3 4177.5 4177.3 4177.0 4193.6 4196.6 4204.7 4238.3 4217.5 4204.1 5595.7 5594.4 5595.1 5609.9 5604.9 5609.4 5630.3 5622.8 5608.2 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 Currency' Date 4. 5.x 6. 7. Demand deposits3 Other checkable deposits Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 402.4 402.4 166.0 161.0 102.2 101.5 268.2 262.5 2774.5 2793.9 1139.9 1158.4 1997-Feb. Mar. 399.6 401.6 Apr. May June 403.5 406.0 408.0 397.3 396.6 398.3 160.6 155.8 154.1 98.5 97.6 97.0 259. 253. 251. 2821.6 2828.3 2842.6 1180.5 1193.7 1201.2 July Aug. Sep. 410.5 412.6 415.6 398. 401. 391. 151.0 150.5 150.7 97.4 97.8 97.1 248. 248. 247.8 2857. 2883. 2913. 1227, 1241. 1257. Oct. Nov. Dec . 418.3 421.9 425.5 389. 394. 397. 148.7 147.7 148.5 97.0 96.9 96.7 245.8 244.6 245.2 2935, 2953. 2969.7 1274.8 1301.7 1329.1 8.6 8.4 8.2 8.1 8.2 1998-Jan. Feb. Mar. 427. 431. 432. 392. 392. 391. 149.0 147.2 148.9 96.2 98.3 100.5 245. 245. 249. 2997. 3027. 3051, 1350. 1357. 1394. Apr . May June 433. 435. 438. 388. 388. 383. 149.8 146.6 146.1 100.7 99.9 99.5 250. 246. 245. 3084. 3096. 3117. 1409. 1427. 1433, Week ending 1998-May 25 1. 2. 3. Travelers checks2 436.3 7.9 389.0 146.9 98.3 245.1 3091.5 1430.6 392.1 379.5 384.5 381.3 382.0 148.5 145.8 145.1 145.3 146.0 102.0 101.9 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 1428.2 1444.2 1438.5 1425.7 1430.2 386.9 368.5 378.2 146.6 143.1 143.4 103.5 102.2 100.2 250.1 245.3 243.5 3129.3 3140.1 3137.8 1403.6 1413.1 1411.5 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 July 6 13p 20p 440.0 440.1 441.3 7.6 7.7 7.8 e e 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. e estimated p preliminary Page 5 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits 1 Date At commercial banks 3. 4. p Large-denomination time deposits 3 Retail Institutional Total money funds money funds At commercial banks 4 951.1 951.5 534.5 541.9 319.8 325.9 424.8 436.3 At thrift institutions 80.7 80.5 "" 1997~Feb. Mar. 920.8 932.4 At thrift institutions 368.1 368.0 Apr. May June 946.2 946.2 951.2 371.0 374.4 374.6 1317.2 1320.6 1325.8 601.2 603.8 609.2 351.7 352.6 351.2 953.0 956.5 960.4 551.4 551.2 556.4 328.5 331.8 338.3 448.0 449.9 456.6 80.8 81.1 82.0 528.8 531.0 538.6 July Aug. Sap. 957.3 968.8 985.4 374.1 374.3 374.4 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. Doc . 999.6 1009.5 1020.9 375.1 374.9 376.6 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. 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 Juno 1078.0 1078.2 1087.8 390.0 395.3 396.5 1468.0 1473.5 1484.3 626.4 624.4 624.0 339.8 338.1 337.1 966.3 962.5 961.2 649.9 660.6 672.0 408.8 422.0 432.1 521.1 524.3 526.5 88.2 86.9 88.1 609.3 611.2 614.7 1071.4 394.7 1466.1 623.9 337.9 961.8 663.6 425.2 523.2 86.8 610.1 Week ending 1998-May 25 1. 2. Small-denomination time deposits 2 At thrift institutions 355.6 353.0 Total 505.4 516.8 June 1 8 15 22 29 1 0 7 5 ..8 1 0 8 6 .,3 1 0 9 0 , .7 1 0 9 0 ..6 1 0 8 5 ..6 3 9 5 , .4 3 9 2 ..1 3 9 5 . .6 3 9 8 ..5 4 0 0 ..3 1 4 7 1 ..2 1 4 7 8 . .4 1 4 8 6 ..3 1 4 8 9 ..1 1 4 8 5 ..9 623.8 623.9 624.3 624.1 624.0 3 3 7 . .6 3 3 7 . .5 3 3 7 . .4 3 3 7 ..2 3 3 6 ..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. 528. 532. 527, 520. 86. 88. 88. 88. 88. 607.9 617.1 620.8 615.4 609.0 July 6 13p 20p 1 1 0 0 ,.7 1 1 0 7 ,.2 1 1 0 6 ,.9 3 9 7 ..6 399,.1 4 0 0 ..2 1498,.2 1 5 0 6 ,. 2 1 5 0 7 ,. 1 622.8 623.1 624.3 3 3 7 .. 1 336,.9 335,.0 959.9 960.0 959.2 671.1 673.9 671.4 422.6 431.5 426.6 509.0 504.6 504.3 87.5 88.3 87.7 596.5 593.0 591.9 Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary 1288.8 1300.4 At commercial banks 595.5 598.5 Total money market deposit accounts. deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks from small time deposits. deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and Page 6 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted RPs Date , Short-term Treasury securities3 444.5 Savings bonds ' 1537-feb. 266.6 Mar. Debt components6 Non-M3 Components of L Eurodollars2 Bankers acceptances4 Commercial paper5 Non-Federal debt Federal debt 518.7 4766.« 446.3 12.8 13.3 526.1 3793.1 10752.0 10802.6 166.4 186.3 186.4 451.2 458.6 450.8 12.8 13.0 12.8 534.5 541.1 553.2 3801.3 3792.3 3783.5 10868.1 10927.3 10969.4 126.6 130.2 132.4 186.4 186.4 186.4 433.5 445.3 445.0 12.7 13.0 12.9 563.6 563.2 563.9 3788.3 3792.5 3795.1 11026.1 11087.6 11149.0 218.8 233.0 234.8 131.8 135.7 145.3 186.4 186.4 186.4 435.2 441.5 429.7 13.4 13.0 12.1 571.3 581.3 606.3 3795.1 3793.8 3798.4 11223.0 11301.9 11372.3 1998-Jan. Feb. Mar. 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 Apr. May June 257.4 258.8 251.4 133.9 135.9 135.3 186.1 186.0 258.3 137.0 198.9 114.7 116.8 186.6 186.5 Apr. May Juno 202.4 204.1 199.8 120.7 126.7 124.5 July Aug. Sep. 207.4 210.0 209.2 Oct. Nov. Doc. Week e n d i n a 1998-May 25 June 1 8 15 22 29 259.2 259.1 249.0 245.8 250.6 136.5 136.1 135.4 133.3 136.3 July 6 13p 20p 249.9 251.2 255.6 134.7 137.4 137.3 p 378.0 367.7 p 13.0 13.3 p 674.2 665.5 p 3788.9 3770.8 p 11688.5 11761.1 p 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. e Demand deposits3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 Total |26 lnM2 In M 3 only7 1997-Feb. Mar. 397.5 400.8 8.3 8.2 393.2 396.0 166.2 161.5 100.5 101.4 266.8 262.9 2772.3 2808.0 1147.9 1163.5 Apr. May 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. 413. 414. 8.7 8.8 8.4 399. 401. 391. 149. 148. 149.8 97. 97, 96.8 246. 245, 246. 2857.7 2889.0 2908.6 1220.0 1238.8 1252.9 Oct. Nov. Dae. 417. 422. 429. 388.8 399.8 413.0 147, 147. 150. 96. 97. 97, 243. 244. 247. 2926.6 2950.3 2967.1 1280.1 1305.1 1327.4 1998-Jan. Feb. Mar. 426. 428. 431. 396, 383, 385, 152. 147. 149, 96.3 96.8 100.5 248. 244. 249. 2994.1 3026.6 3068.8 1352.4 1368.9 1402.3 Apr. May June 433. 436, 438. 388, 380, 382.8 152, 145. 145, 103. 99, 99.8 255. 244, 245, 3099.5 3085.3 3113.3 1403.2 1426.4 1428.2 Week endina 1998-May 25 1. 2. 3. Travelers checks2 436.5 7.9 373.1 144.0 96.3 240.3 3080.2 1430.4 June 1 8 15 22 29 435.3 438.7 438.3 438.3 438.1 7.9 7.9 8.0 8.0 8.0 390.9 380.9 388.3 374.2 379.7 148.3 144.0 143.6 144.8 147.0 100.2 102.7 100.1 98.0 97.3 248.5 246.6 243.7 242.9 244.3 3086.1 3131.9 3127.4 3108.5 3088.6 1431.0 1444.6 1437.2 1418.4 1417.6 July 6 13p 20p 443.4 442.6 442.4 8.0 8.1 e 8.3 e 399.8 374.2 375.9 145.1 140.5 141.4 105.1 101.7 99.4 250.2 242.2 240.7 3136.9 3150.4 3136.7 1392.0 1405.3 1404.1 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 Small-denomination time deposits2 At commercial banks At thrift institutions Total Retail money funds 1282.4 1305.5 595.7 599.1 355.8 353.4 951.4 952.4 538.5 550.0 372.7 373.8 375.6 1323, 1318. 1329. 602.1 604.6 609.7 352.2 353.1 351.5 954.3 957.6 961.2 959. 971, 984. 375. 375. 374.0 1334. 1346. 1358.2 615, 616. 618. 348. 347. 346. 996. 1009. 1019. 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. 381. 388. 1406. 1421. 1448. Apr. May June 1083.3 1076.7 1091.0 391. 394. 397. 25 1068.6 June 1 8 15 22 29 July 6 13p 2 Op Date At commercial banks At thrift institutions 1997-Feb. Mar. 916.2 936.1 366.2 369.5 Apr. May June 950.4 944.8 953.9 July Aug. Sep. Oct . Nov. Dec. Institutional money funds Large-denomination time deposits3 At commercial banks4 At thrift institutions Total 329. 332, 422.2 435.2 80. 80. 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. 964. 965. 559, 578. 585. 339.0 346.8 351.5 466.5 469.1 478.2 82.6 83. 83. 549. 552, 562. 346. 343. 343. 967, 967. 967. 589. 599. 605, 359.6 365.2 378.9 484.2 488.5 487.9 84.8 85.4 85.4 569, 573. 573, 625. 626. 626. 345. 344, 343. 970. 971. 969. 617, 634, 650. 389.8 397.7 400.2 482. 501. 522. 86. 87. 87. 568.8 588.7 609.9 1475. 1471. 1488. 627. 625, 624, 340. 338. 337. 967, 963. 961.8 656, 650, 662, 405.8 414.1 424.5 517. 525. 525. 87, 87, 88. 605, 612, 613. 393.7 1462.3 624.4 338.2 962.7 655.2 416.7 525.3 87.2 612.5 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. 624. 624. 624. 624. 337.8 337.8 337.6 337.3 336.7 962, 962. 962. 961. 961, 657. 663. 663. 663. 662. 416.8 425.8 427.4 422.3 424.9 524. 530. 532. 525. 517. 87, 88. 88. 88, 87, 611, 618, 620, 613. 605. 1112..3 1116,.5 1107..3 401.7 402.4 400.3 1514,.0 1518..9 1507..6 623.9 624.0 624.9 337.7 337.4 335.3 961.7 961.3 960.3 661.2 670.1 668.8 416.7 429.5 422.8 505.2 503.1 504.6 86.9 88.1 87.7 592.0 591.2 592.3 Total Week endina 1998-May 1. 2. 3. 4. Savings deposits include money market deposit accounts. Small-denomination time deposits—including retail RPs-—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at 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 p Page 9 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPs1 Date At commercial banks At thrift institutions Debt components 6 Non-M3 Components of L 2 Eurodollars Total Savings bonds Short-term Treasury securities3 Bankers acceptances 4 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 47.8 220.7 231.5 228.2 130.7 134.5 146.9 186.3 186.4 186.5 425.5 448.3 444.0 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. 1981 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 Apr. May June 210.8 214.8 205.7 47.0 48.0 50.7 257.8 262.8 256.4 134.4 136.8 133.8 186.1 186.1 Week ending 1998-May 25 214.0 48.3 262.3 138.9 June 1 8 15 22 29 216.1 214.6 204.0 200.2 203.0 49. 50. 51. 51, 50, 265. 265. 255, 251, 253, 138, 135. 134, 131, 134. July 6 13p 20p 203.3 201.7 205.6 4 8.5 49.3 49.7 251.8 251.0 255.2 131.5 133.6 133.8 p 377.1 357.6 p 13.2 13.3 p 681.7 675.7 p 3800.5 3765.9 p 11650.3 11728.6 4. 5. 6. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date 1997-Fab. Mar. Foreign official institutions 9.3 9.3 1.5 1.4 1.3 1.4 1.5 Apr. May Juna 9. 9. 10, July Aug. Sap. 10. 9. 8. U.S. government deposits Balance Demand deposits at commercial banks at Federal Reserve 18.3 18.0 2.8 3.1 5.1 5.9 17.9 17.8 17.8 5.3 2.5 3.8 11, 12, 8, 17. 18. 18. Note balances at depository institutions Total cash balance IRA and Keogh Accounts Time and savings deposits at commercial banks At commercial banks At thrift institutions At money market funds Total 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 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. 351. 351. 18, 12, 20, 24.9 19.1 29.4 152.3 152.5 152.8 104.7 104.2 103.7 94. 94. 94. 351. 351. 351. 8.5 9.0 9.5 18. 18. 19. 5.5 5.1 5.0 16. 12, 16. 23.1 19.2 23.8 152.8 152.5 152.1 103.1 102.5 101.9 95. 96. 96. 351.0 351.0 351.0 1998-Jan. Fab. Mar. 9.8 9.8 9.9 19.2 19.0 18.9 6.5 5.0 5.4 23, 14, 17 32. 21. 24.8 151, 151, 151, 101, 101, 100. 97. 98, 99, 351. 351. 351. Apr. May Juna 9.9 9.9 9.9 18.8 18.8 18.8 8.1 7.1 10.1 24. 43. 33. 36. 51. 46. 151. 150. 150. 100. 100, 99, Oct. Nov. Dae. Waafr a n < U n q 25 1998-May e p Foreign commercial banks Time and savings deposits due to foreign banks and official institutions 9.9 1.4 18.8 1.2 5.2 36.2 42.7 3.0 Juna 1 8 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 July 6 13p 20p 9.9 9.9 9.9 1.5 1.4 1.4 18.8 18.8 18.8 1.4 1.3 1.6 8.1 5.2 5.4 42.6 37.3 43.7 52.1 43.8 50.7 3.0 3.0 3.0 estimated preliminary 99 100 101 351. 351. 351.