Full text of H.6 Money Stock Measures : July 9, 1998
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••qt^w.- 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 J u l y 9, 1 9 9 8 M1 1 M22 M33 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 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 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 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 1998-Jan. Feb. Mar. Apr. May 1073.7 1076.5 1081.1 1080.8 1078.1 4071.3 4103.9 4132.3 4165.0 4174.6 5421.5 5461.7 5527.2 5574.1 5602.9 6677.2 6741.9 6808.4 6825.6 p 15245.2 15330.8 15413.4 15476.9 p Not seasonally adjusted 1996-June 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 5580.8 6679.1 6734.2 6830.6 6846.9 p 15226.1 15294.1 15390.6 15450.2 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 M2 M3 DEBT 1 3 Months from Feb. 1998 TO May 1998 0.6 6.9 10.3 6.1 6 Months from Nov. 1997 TO May 1998 1.7 7.6 10.5 6.1 1998 1.3 7.2 10.2 5.5 0.2 7.4 9.7 29, 1997 (26 weeks previous) 1.8 7.8 10.5 June 30, 1997 (52 weeks previous) 1.1 7.2 10.1 12 Months from May 1997 TO May Thirteen weeks ending June 29 , 1998 from thirteen weeks ending: Mar. 30, 1998 (13 weeks previous) Dec. 1. M1 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 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 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 M3Ts 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 organiz r> -s, nonfina iciaf corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer creo i 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, < SL ntinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end ieveis). 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 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 6 13 20 27 1077.3 1078.1 1079.3 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 4156.6 4166.7 4156.1 4157.1 4180.2 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 1085.3 1071.5 1075.9 1078.5 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 5539.7 5550.5 5560.7 5579.3 5583.7 5588.4 5596.1 5588.2 5596.7 5598.0 5601.4 June 1 8 15 22p 29p 1080.0 1079.4 1078.9 1078.2 1078.0 1078.3 1078.6 1078.3 1076.6 1073.0 1087.2 1072.6 1074.9 1071.8 1072.6 4158.2 4162.5 4167.2 4172.1 4176.7 4173.8 4177.8 4183.4 4189.7 4191.2 4187.6 4183.5 4192.4 4195.4 4193.4 5570.1 5579.2 5587.1 5594.4 5601.1 5603.3 5611.4 5620.1 5625.5 5627.7 5617.0 5629.3 5632.7 5622.9 5625.7 1998-Apr. Not seasonally adjusted 6 13 20 27 1070.7 1071.3 1073.3 1074.4 1076.9 1080.2 1088.3 1087.8 1093.6 1089.0 1098.0 1070.4 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 5582.1 5597.4 5595.9 5616.4 5638.9 5598.2 5530.1 May 4 11 18 25 1075.4 1075.7 1076.3 1076.1 1084.8 1078.5 1070.9 1067.8 1081.8 1063.9 1067.4 1058.0 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 5556.7 5565.4 5581.8 5567.1 5561.9 5571.7 5559.9 5580.2 5577.5 5569.3 June 1 8 15 22p 29p 1076.4 1076.4 1076.6 1076.5 1076.3 1068.0 1070.6 1073.4 1074.8 1071.9 1082.8 1074.3 1078.5 1063.5 1071.1 4161.8 4165.8 4169.8 4172.9 4175.2 4153.1 4166.2 4179.8 4188.2 4185.8 4169.0 4206.2 4205.8 4171.9 4159.3 5573.5 5581.5 5587.9 5592.1 5595.4 5582.0 5600.1 5616.9 5622.7 5617.2 5601.1 5652.4 5644.9 5592.2 5579.1 98-Apr. 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 Nontransactions components At commercial banks4 At thrift institutions5 Total lnM26 In M3 only7 396.9 399.6 401.6 8.6 8.6 8.4 402.2 402.4 402.4 171.3 166.0 161.0 101.9 102.2 101.5 273.2 268.2 262.5 2759.8 2774.5 2793.9 1116.0 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. 412. 415. 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, 2883, 2913, 1227.1 1241.0 1257.9 Oct. Nov. Dec. 418. 421. 425. 389, 394, 397, 148.7 147.7 148.5 97.0 96.9 96.7 245.8 244.6 245.2 2935, 2953, 2969. 1274.8 1301.7 1329.1 1998-Jan. Feb. Mar. 427.5 431.0 432.4 392.8 391.9 391.2 149.0 147.2 148.9 96.2 98.3 100.5 245.2 245.5 249.5 2997, 3027, 3051. 1350. 1357. 1394. Apr. May 433.7 435.6 388, 388, 149.8 1«6.6 100.7 99.9 250.5 246.4 3084, 3096, 1409. 1428. June 4. 5. 6. 7. Other checkable deposits 1997-Jan. Feb. Mar. Week ending 1998-May 1. 2. 3. Travelers checks2 Demand deposits3 4 11 18 25 434.7 434.8 435.1 436.4 8.0 8.0 8.0 7.9 392.3 383.0 388.3 389.0 149.6 145.9 145.8 146.9 100.7 99.8 98.8 98.3 250.3 245.7 244.7 245.1 3085.4 3096.1 3093.9 3091.5 1417.5 1429.1 1428.1 1431.4 1 8 15 22p 29p 436.7 437.6 438.0 438.8 439.1 7.9 7.8 7.8 7.7 7.6 392.2 379.5 384.7 381.4 382.6 148.5 145.8 145.1 145.3 146.4 102.0 101.9 99.3 98.6 96.9 250.5 247.6 244.4 243.9 243.3 3100.4 3110.9 3117.5 3123.5 3120.7 1429.4 1445.8 1440.3 1427.6 1432.3 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 Small-denomination time deposits2 Savings deposits1 Date 416.5 424.8 436.3 80. 80, 80, 496.6 505.4 516.8 551. 551. 556. 328.5 331.8 338.3 448.0 449.9 456.6 80.8 81.1 82.0 528.8 531.0 538.6 962, 964, 965, 562.7 576.3 587.7 342.7 348.4 356.6 467.5 469.0 476.1 83.0 83.4 83.6 550.5 552.4 559.7 346.1 343.7 343.9 967, 968, 969. 593.0 600.1 602.6 363.4 365.7 376.2 477.2 482.9 487.5 83.6 84.4 85.4 560.8 567.3 572.9 626.1 626.3 626.2 345.3 344.5 342.9 971.4 970.8 969.1 614.3 629.0 640.3 380. 384, 391, 490, 504, 524, 87.5 87.8 87.2 577.5 592.7 611.5 1468. 1473, 626.4 624.4 339.8 338.1 966.3 962.5 649.9 660.6 408.8 422.0 521, 525. 88. 86. 609.4 612.0 394.2 394.4 395.5 394.7 1468.5 1474.8 1473.2 1466.1 625.2 624.8 624.6 623.9 338.4 338.5 338.2 337.9 963.6 963.2 962.8 961.8 653.3 658.1 658.0 663.6 416.8 422.6 419.1 425.2 517.9 526.0 529.4 524.3 87.0 87.2 87.1 86.8 604. 613. 616. 611. 395.4 392.1 395.6 398.5 400.2 1471.2 1478.4 1486.3 1489.0 1485.5 623.8 623.9 624.3 624.1 624.1 337.6 337.5 337.3 337.2 336.4 961.4 961.4 961.6 961.3 960.5 667.8 671.1 669.6 673.2 674.7 424.6 432.0 433.1 431.3 434.3 522.7 530.4 533.9 528.5 522.9 86.6 88.1 88.3 88.4 88.0 609. 618. 622. 616. 610.8 At commercial banks At thrift institutions 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 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 July Aug. Sap. 957.3 968.8 985.4 374.1 374.3 374.4 1331. 1343, 1359, 615.1 616.6 619.4 347.8 347.8 346.3 999. 1009, 1020. 375.1 374.9 376.6 1374, 1384, 1397, 621.4 624.7 625.7 1998-Jan. Fab. Mar. 1033.3 1044.7 1055.2 378. 382, 386, 1411, 1427, 1441.8 Apr. May 1078.0 1078.2 390, 395, 4 11 18 25 1074.3 1080.4 1077.7 1071.4 1 8 15 22p 29p 1075.8 1086.3 1090.6 1090.5 1085.3 June p 309.9 319.8 325.9 Total Week anfllng 1998-May Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary Large-denomination time deposits3 At thrift institutions At thrift institutions Oct. Nov. Dae. 3. 4. Institutional money funds At commercial banks4 At commercial banks 1997-Jan. Fab. Mar. 1. 2. Retail money funds Total 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 1 Date RPs Eurodollars2 Savings bonds 13§7-Jan. Fab. Mar. 200.0 198.9 114.7 116.8 186.6 186.5 Apr. May Juna 202.4 204.1 199.8 120.7 126.7 124.5 July Aug. Sap. 207.4 210.0 209.2 Oct. Nov. Dae. 157.2— TST7J acceptances4 3TT2 Commercial paper5 51775 Debt components6 Federal debt 3777.4 Non-Federal debt 16555.7 444.5 446.3 12.8 13.3 518.7 526.1 3780.6 3793.1 10752.0 10802.6 186.4 186.3 186.4 451.2 458.6 450.8 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 11149.0 218.8 233.0 234.8 131.8 135.7 145.3 186.4 186.4 186.4 435.2 441.6 429.7 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. Fab. Mar. 245.4 239.9 257.6 146.5 140.4 133.9 186.3 186.3 186.2 430.1 442.5 418.1 12.2 11.2 11.3 627.1 640.2 665.7 3796.8 3792.9 3797.3 11448.4 11537.9 11616.1 Apr. May 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 4 11 18 25 261.9 259.2 255.6 257.9 133.9 134.1 137.0 137.2 1 258.8 258.7 248.6 245.4 250.2 136.7 136.6 136.3 134.1 137.0 WaaK W l i n q 1998-May Juna 8 15 22p 29p 1. 2. 112.3 Short-term Trea?yrya securities3 443.0 Non-M3 Components of L _ _ _ 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? H.6 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted 1 Currency cy1 Date Travelers checks2 Demand3 ts Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM26 Total In M3 only7 1997-Jan. Fab. 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. May Juna 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. Sap. 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 1236.8 1252.9 Oct. Nov. Dae. 417.3 422.4 429.0 8.2 6.0 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. Fab. 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, 3026, 3068.8 1352.4 1368.9 1402.3 Apr. May 433.7 436.2 7.9 7.9 388.7 380.3 152.9 145.0 103.0 99.3 255.9 244.4 3099, 3085, 1402.9 1426.9 4 11 18 25 434.7 436.6 435.5 436.6 7.8 7.9 7.9 7.9 386.2 374.9 382.5 373.2 150.7 143.9 143.3 144.0 102.3 100.7 98.2 96.3 253.0 244.5 241.6 240.3 3067.4 3090.0 3084.1 3080.2 1410.7 1426.3 1426.0 1431.2 1 8 15 22p 29p 435.4 438.8 438.5 438.4 438.2 7.9 7.9 8.0 8.0 8.0 391.0 380.9 388.4 374.4 380.2 148.3 144.0 143.6 144.8 147.4 100.2 102.7 100.1 98.0 97.2 248.5 246.7 243.7 242.8 244.6 3086.1 3131.9 3127.3 3108.4 3088.3 1432.2 1446.2 1439.1 1420.2 1419.8 w«»K anting 1998-May Juna 1. 2. 3. 4. 5. 6. 7. 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. 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 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 4 11 18 25 1067.8 1083.3 1077.9 1068.6 1 8 15 22p 29p 1072.2 1106.6 1102.2 1086.3 1070.2 3. 4. p 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 1471.4 627.2 625.0 340.2 338.5 967.5 963.4 656.9 650.4 405.8 414.1 517.7 526.3 87.6 87.1 605.3 613.5 391.8 395.4 395.6 393.7 1459.6 1478.7 1473.5 1462.3 625.9 625.5 625.2 624.5 338.9 338.9 338.6 338.2 964.8 964.4 963.7 962.7 643.0 646.9 646.9 655.2 407.1 415.0 412.3 416.7 517.0 527.2 529.8 526.4 86.9 87.4 87.1 87.2 604.0 614.6 617.0 613.6 394.1 399.4 399.8 397.0 394.6 1466.2 1506.0 1502.1 1483.3 1464.8 624.2 624.5 624.7 624.2 624.5 337.8 337.8 337.6 337.3 336.6 962.0 962.3 962.2 961.5 961.1 657.9 663.6 663.0 663.7 662.3 416.8 425.8 427.4 422.3 424.9 525.4 531.5 533.7 526.8 519.6 87.0 88.3 88.3 88.1 87.4 612.4 619.8 622.0 614.8 607.0 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. June Large-denomination time deposits3 At thrift institutions At thrift institutions Week e n d i n g 1998-May Institutional money funds At commercial banks4 At commercial banks Date 1. 2. Small-denomination time deposits2 Total 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 RPS 1 Date At commercial banks At thrift institutions Debt components6 Non-M3 Components of L Total Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1997-Jan. 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 37-60.4 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 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 1 8 15 22p 29p 216.1 214.6 204.0 200.2 202.9 48.6 50.0 50.9 50.7 50.0 264.8 264.6 254.8 250.9 252.9 138.2 136.0 134.8 132.2 135.0 Week e n d i n g 1998-May June p 377.3 p 12.7 p 682.1 p 3800.5 p 11649.7 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 p 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 due to foreign banks and official institutions U.S. government deposits Note balances at depository institutions IRA and Keogh Accounts Time and savings deposits at commercial banks 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. 351, 351, 10.0 9.4 8.7 1.5 1.5 1.4 17, 18. 18. 1.8 1.8 3.2 5.0 4.9 6.2 18.2 12.4 20.1 24, 19. 29, 152.3 152.5 152.8 104.7 104.2 103.7 94. 94. 94. 351. 351. 351. Oct. Nov. Dec. 8.5 9.0 9.5 1.5 1.5 1.5 18. 18. 19. 1.7 1.7 2.2 5.5 5.1 5.0 16.0 12.4 16.6 23, 19, 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. Feb. Mar. 9.8 9.8 9.9 1.6 1.5 1.5 19, 19. 18. 3.1 1.7 1.8 6.5 5.0 5.4 23.2 14.5 17.6 32. 21. 24.8 151, 151, 151, 101.5 101.1 100.7 97. 98. 99. 351.0 351.2 351.3 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. 51. 151. 150. 100.4 100.0 99. 100, 351.3 351.3 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 1 8 15 22p 29p 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 82.8 3.0 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. May June 9.5 9.9 10.3 July Aug. Sep. Total cash balance Week e n d i n g 1998-May June e p estimated preliminary At commercial banks At thrift institutions At money market funds Total