Full text of H.6 Money Stock Measures : June 11, 1987

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

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

H.6(506)
febte 1

MONEY STOCK, LIQUID ASSETS. AND DEBT MEASURES

JOIE 11, 1987

Billions of dollars
Ml

M3
M2plus
tefQe time deposits,

L

Debt

Sum of cunency,

M2
M1 plus overnight RPs
end Eurodollars,
y y u r taatAficaM fn*V) •*»*»

t w m WaV taWTTI riaMM^AlIaMW

demand deposits and

and bfofcsrfdesler), MMOAs,

end instttution-only

M3 pHif uttief
HQuid assets4

fteht nf rftnme*«tir
nonftnancial sectors*

time deposits2

659.6
667.$
676.6
687. Q
693.1
701.4
712.*
730.5

2647.3
2667.5
2693.8
2718.4
2736.3
2760.7
2775.4
2800.2

3314.7
3338.1
3368.3
3396.8
3422.0
3442.2
3459.6
3488.6

3951.9
3972.4
3998.8
4027.7
4057.0
4082.7
4108.0
4140.6

7092.9
7166.1
7236.2
7319.1
7399.3
7464.9
7550.8
7643.0

1987—JAB.
FEB.
BAIL
APB.
BAT P

737.7
737.4
739.5
750.4
753. 0

2822.0
2621.1
2824.3
2838.0
2838.9

3514.5
3518.4
3523.6
3540.6
3555.)

4174.2
4181.3
4170.9
4190.4

7711.7
7754.6
7791.3
7848.7

1986—EAI
JO IB
JOLT
AOG.
SEPT.
OCT.
MOF.
DSC

652.5
669.8
680.4
685. a
691.2
698.9
715.4
746.$

2637.9
2668.7
2700.4
2715.8
2728.8
2757.1
2777.7
2813.7

3306.4
3336.2
3368.5
3392.3
3416.4
3438.7
3463.9
3503.9

3937.7
3971.1
3999.3
4024.5
4051.1
4077.0
4110.6
4154.1

1987—JAI.
FEB.
BAB.
APB.
HA I P

744.4
723.3
729.0
757.$
744.9

2832.3
2809.1
2818.0
2846.7
2827.8

3525.3
3508.7
3520.7
3548.9
3545.3

4165.5
4173.1
4174.1
4198.4

7060.6
7131-0
7201.2
7288.2
7377.0
7447.4
7535.1
7635.8
7705.8
7738.2
7768.1
7821.1

1986—HAT
JOIE
JOLI
AOG.
SEPT.
OCT.

•Of.
DSC

Not sesaonaJty adjusted

M1
Seeeonaity adjusted

Foe period ended

A -H^k mvmcmnm

1987-BAI

4

u ween evsraos

]

P

751.8
753.9
753.2
753.2

749.2
751.3
754.0
758.1

737.9
739.2
740.9
742.3

157.^
755.1
748.4
744.9

749.8
747.7
746.1
736.0

t P

748.0

754.3

753.7

744.3

744.1

746.7

as

SOTE:

i

742.9
744.1
745-4
746.9

11
18
JOIS

Not seasonally adjusted
- - -•*•

SPECIAL CAOTIOI SBOOLO Bl TAEEI IV IITSBPBETIIG BSEK-TO-flSI CBAI6XS IB BOBBI SOPPLI DATA, BBICH ABE
BIGflLI TOLATILJ ABD SUBJECT TO RBfXSIOB.
P—IBDICATSS P1SLIBIBABI DATA..
fOOTBOTES APPEAB OB TBB FOLLOW«C PACE







H.6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

M1

M3

Debt1

3 SOUTHS FBOH FEB.

1987 TO HAY

1987

8.5

2.5

4.2

7.1

6 MONTHS FBOB MOf.

1986 TO HAY

1987

11.4

4.6

5.5

10.3

1986 TO MAY

1987

14.2

7.2

7.3

1L8

12 MONTHS FROM HAY

THIRTEEN HBEKS ENDING JUNE 1, 1987
FROM THIRTEEN HBEKS ENDING:

1/

M2

r

ait.

2, 1987 (13 BEEKS PREVIOUS)

7.0

DSC.

1# 1986 (26 HEEKS PREVIOUS)

12.9

JUNE

2, 1986 (52 SEEKS PREVIOUS)

15.0

GBOHTH BATES FOR DEBT ARE BASED OH PERIODS BEGINNING AMD ENDING ONE HOMTfl BABLIEB THAN FOB THE MONETARY AGGBBGATES,
NAMELY, JANUARY 1987
TO APRIL 1 9 8 7 , OCTOBER
1 9 8 6 TO APRIL 1 9 8 7 , AID APRIL 1 9 8 6 TO APRIL 1 9 6 7 , RESPECTIVELY.

FOOTIOTKS TO TABLE 1

1/ CONSISTS OF (1) COBBBMCT OOTSIDE THE TBBASUBY, FEDEBAL BSSBBVE BANKS, AMD THE fAOLTS OF COMMERCIAL BABKS;

2/

3/

5/

(2) TBAVELEBS CHECKS OF BOMBANK ISSOSBS; (3) DEMAND DEPOSITS AT ALL COflflEBCIAL BABKS OTHBH THAN THOSE WE TO
DOMESTIC BANKS, THE U.S. GOVEBNMENT, AMD FOREIGN BAMKS AMD OFFICIAL INSTITUTIONS LESS CASH ITEflS IN THE PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE QBDEU
OF 8ITHDBAUAL (MOB) AND AUTOMATIC TRANSFER SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT INSTITUTIONS. THE CURBENCI AND DEflAMD
DEPOSIT COHPONBNTS EXCLUDE THE BSTIHATED AHOUNT OF VAULT CASH AND DSHAND DEPOSITS, RESPECTIVELY, HELD BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF H1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS ISSUED BX ALL COMHERCIAL BANKS AND OVERNIGHT EURODOLLARS
ISSUED TO U.S. RESIDENTS BX FOBEIGN BRANCHES OF fl.S. BANKS HOBLDHIDB, HBDAS, SAVINGS AND SHALL DENOMINATION
TIHE DEPOSITS (TIflE DEPOSITS—INCLUDING RETAIL UPS—IN AHOUNTS OF LESS THAN $100,000), AND BkLkUCES IN BOTH
TAXABLE AMD TAX-EXEMPT GENERAL PUBPOSB AND BROKER/DEALER HONEI HABKET flOTUAL FUNDS. EXCLUDES IBA AND KEOGH
BALANCES AT DEPOSITOR! INSTITUTIONS AND HOMEI HARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BX 0. S. COMMERCIAL
BANKS, HONEX HABKET FUNDS (GENERAL PUBPOSB AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COflflEBCIAL BANKS, AND
THE O^Sm GOVEBNMEMT. ALSO SUBTBACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AHOUNT
OF DBHAND DEPOSITS AND VAULT CASH HELD BX THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS.
CONSISTS OF M2 PLUS LARGE DENOHINATION TIHE DEPOSITS (IN AHOUNTS OF $100,000 OR flOBE) AND TERM RP LIABILITIES ISSUED
BX COMMEBCIAL BANKS AND THRIFT INSTITUTIONS, TERM EURODOLLARS HELD BX U.S. RESIDENTS AT FOREIGN BRANCHES OF U.S. BANKS
•ORLDMIDE AND AT ALL BANKING OFFICES IN THE UNITED KINGDOH AND CANADA, AND BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITOTION-OMLI MOMEl HABKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BX DEPOSITORY INSTITUTIONS, THE U.S. GOVBBNHENT, MONEY
MARKET ¥QUDSt AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AHOUNT OF OVERNIGHT RPS AMD EURODOLLARS HELD BY INSTITUTION-ONLY HONEY MARKET MUTUAL riiUDS,
CONSISTS OF Mi PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONDS, SHOBT-TEfifl TBEASUBX SECUBITIES, COMMERCIAL
PAPER AMD BANKERS ACCEPTANCES, BET OF HONEY MARKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC MONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OP THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PBIVATE NONFINANCIAL SECTOBS. PRIVATE DEBT CONSISTS OF COBPOBATB BQHDSt MOBTGAGSS,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHEB DEBT
INSTRUMENTS. THE DATA ABE DERIVED FROM THE FEDERAL RESERVE BOABD'S FLOtf OF FUNDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
MONFINANCIAL SECTORS ARE PBJJSEMTBD IU MONTH-AVERAGE FORM, DEBIVED BY AVEBAGING MONTH-END LEVELS Oi ADJACENT MONTHS. THESE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT HAY ABISE IN THE UBDZdLYlHG FLOtf OF FUNDS STATISTICS.
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DIFFERS, THEREFORE, FBOH THE QUARTERLY FLO* OF FUNDS STATISTICS CONTAINED
IN THE FEDERAL RESERVE KZLEhSES L.I AMD Z.I. IN THOSE RELEASES, PUBLISHED LEVELS OF CREDIT MAfiKET DEBT ABE MEASURED ON
A QUARTER-END BASIS AND INCLUDE DISCONTINUITIES.

M.6(908)

COMPONENTS OF THE MONEY STOCK
BNHons of dollars, taaaonaHy afluatad

sjatsctad nonajanaacttons items
Date

Cwriaftey'

Osmand

Tvavatars
onsets'

1 Mlis tans dsoofl

OMiar
oUaokaMs
tfapoaNs4

In MS
on*-

at

at
UN III

at
total

175.8
176.7

£.2

total

at
total

banks

banks
1986-BAT
JOIB

at

at
tfvtft

282.2
285.0

195.5
199.6

1987.7
2000.0

667.4
670.6

129.5
131.5

187.3
190.2

316.8
321.8

384.1

381.5

503.9
501.5

888.0
883.0

289.9
289.4

157.7
158.2

447.6
447.6

JULff
AOG.
SEPT.

177.6
179.0
179.7

286.2
291.2
292.2

204.5
210.4
214.7

2017.2
2031.41
2043.2

674.5
678.4
685.7

134.0
137.5
141.1

193.3
197.2
200.3

327.4
334.6
341.4

380.0
377.0
374.1

500.9
499.6
498.1

880.9
876.7
872.2

289.5
290.1
289.8

158.9
159.3
158.7

448.3
449.4
448.4

OCT.
BOf.
DEC.

181.2
182.4
183.5

293.4
297.8
308.3

220.3
225.9
232.3

2059.3
2063.1
2069.7

681.5
684.1
688.4

145.0
150.2
154.5

204.?
208.3
211.8

350.5
358.5
366.3

370.0
365.9
364.7

494.6
491.3
488.7

864.7
857.1
853.5

288.1
289.9
291.8

157.4
155.9
155.3

445.5
445.8
447.1

1987-JAI.
FEB.
BAB.

186.0
187.2
187.7

>-5
>.7

305.1
300.8
299.3

240.1
242.9
245.7

2084.3
2083.6
2084.7

692.5
697.4
699.3

159.8
164.4
168.3

216.9
222.7
227.9

376.7
387.1
396.2

364.7
362.6
360.0

486.7
485.4
485.5

851.4
848.0
845.5

295.7
296.0
299.0

154.0
152.2
151.1

449.7
448.2
450.1

188.9
190.2

».8

304.0
303.8

250.8
252.2

2087.6
2085.9

702.7
716.2

172.2
174.5

233.7
237.Q

406.0
411.5

357.5
357.1

486.0
486.5

843.5
843.6

305.9
310.6

148.7
149.0

454.6
459.6

303.2
302.9
304.0
306.7

249.8
251.$
253.0
253.7

173.4
174.2
174.4
174.8

356.7
356.5
356.9
357.3

303.2

253.3

175.2

357.9

APR.
HAT P

>.a

BBBK ENDING
1987
HAT

4
11
18
25 P

189.6
189.9
190.3
190.9

1 P

190.5

JOIE

I

1
1/
2/
3/

4/
5/
6/
7/
8/
9/
10/

i

309.$
310.6
310.1
311.2
311.4
\
V

CUB1MCT OUTSIDE THE 0 . S. TBBASORI, FEDERAL BBSBBIB BAIKS AID fAOLTS OF COflCBICIAL BAIKS.
BICLODBS THE ESTIBATBD
ABOOTT OF IA0LT CASH HBLD BT XflBIFT IISTITOTIOBS TO SBfiflCB TBBIB OCO LIABILITIES.
OOTSTABDIIG ABOOBt OF O . S . DOLLAE-DBIOBIIATBD TBAfBLBBS CHECKS OF BOBBABK ISSOBBS. TRAfBLBBS CHECKS ISSUED BT DBPOSITOBT
IISTITOTIOHS ABB IiCLODBD IB DBBABD DEPOSITS.
DEHABD DEPOSITS AT COflflBBClAL BABKS AID FOBBIGB BELATED IBSTITOTIOBS OTBBB THAU TBOSB DOB TO DOHESTIC BABKS, THE U . S . GOfBBIBBVT ABO FOBBIGB BABKS ABP OFFICIAL IISTIT0TIO1S LESS CASH I T M S I I TBB PBOCBSS OF COLLECTION AID FBDBBAL BBSBIfB FLOAT.
EICLODES TBB BSTIBATBD ABOOIT OF DB4AID DEPOSITS HBLD AT COBHERCIAL BAIKS BT THRIFT IISTITOTIOIS TO SBBflCB THEIfi OCD
LIABIUTIBS.
CONSISTS OF 1 0 1 AID ATS BALANCES AT ALL DEPOSITOBI IISTITOTIOIS, CHBDIT OIIOI 5BABB DBAFT BALABCBS ABD
DEBAID DBPOSITS AT THRIFT IISTITOTIOIS.
SOI OF 3?BRIIGHT BPS AID OfEBBIGHT EUBODOLLkBS. BOIBT flABKBT FOID BALAICBS (GBI8BAL PORPOSE AID BBOKBB/DBALBB),
HADAS, ABD SAflIGS kBh SBALL TIBB DEPOSITS, LESS THE COISOLIDATIOI ADJOSTBBIT THAT BBPBESBITS TBB BSTIHATBD AHOOIT OF
DB8AID DEPOSITS AID FAULT CASH HBLD BI THBIFT IISTITOTIOIS TO SBBflCB TBBIB TIflB AID SAflIGS DBPOSITS LIABILITIES.
SOB OF LARGE TIBB DEPOSITS, TERH BPS AID TERH EURODOLLARS OF O . S . RESIDENTS, BOIET flARKBT FOID B A LA ICES (IISTITOTIOIO i L I ) , LESS A COBSOLIDATXOI ADJOSTHEIT THAT BBPBESEITS THE ESTIHATED AHOOIT OF OTBBIIGHT BPS AID EURODOLLARS HBLD BT
IISTITOTIOI-OILT BOIBT BASKET FOIDS.
SAflIGS DEPOSITS EXCLUDE HHDAS.
SHALL DBIOHIIATIOI TIHE DBPOSITS—IRCLODIIG BBTAIL RPS— ABE THOSE ISSUED I I AHOOITS OF LESS THAI $ 1 0 0 , 0 0 0 . ALL
IIDIflDOAL RETIBEHBIT ACCOOHTS (IRA) AID KEOGH ACCOOITS AT COflHEPCIAL BAIKS AID THRIFTS ARE SUBTRACTED FROH SHALL
TIHK DBPOSITS.
LARG8 DENOHIIATIOI TIHB DBPOSITS ARE THOSE ISSUED I I AHOOITS OF $ 1 0 0 , 0 0 0 OR HOAE, EXCLUDING THOSB BOOKED AT
1ITBRIATIOIAL BAIKXIG FACILITIES.
LARGB DENOSIIATIOM TIfl£ DEPOSITS AT COHHBRCIAL BAIKS LESS THOSE HELD BT HOMEY MARKET HUTUAL FUIDS,
DEPOSITOR! INSTITUTIONS ABD FOREIGN BANKS AND r^jrlClAL INSTITUTIONS.




H.6 (508)
Table 4

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

1/
4/

commercial paper1

Debt components4
federal debt
non-federal debt

40.6
39.8
39.8

206. 1

JOIE

298.5
304.0
298.3

210.7
212.6

1641.5
1665. 1
1691.9

5381.4
5427.8
5474.2

JULI
AUG.
SEPT.

84.3
85.3
86.4

292.6
288.7
287.9

39.0
37.3
36.9

214.5
219.7
223.9

1712.6
1725. 1
1741.6

5523.5
5593.9
5657.8

OCT.
HO?.
DEC.

87.7
89.8
91.7

286.7
292.2
292.5

37.7
38.0
37.5

228.4
228.4
230.2

1755.9
1779.3
1806.9

5709.0
5771.5
5836.2

1987-JAM.
BAJL

92.7
93.5
94.3

289.5
290.3
274.1

37.8
39.3
39.8

239.7
239.8
239.1

1818. 1
1825.9
1831.6

5893.6
5928.7
5959. £

APS* P

95.1

266.5

40.8

247.0

1841.6

6007. 1

an

2/

Non-M3 components of L
bankers acceptances2
short term treasury
securities1

81.9
82.7
83.5

1986-APJi.

1/

savings bonds

CO1SISTS OF 0 . 5 . TBEASUBI BILLS AMD COOPOBS fflttf BBHAINING BATUBITI&S OF LESS TBA1 12 SOUTHS HELD BI OTHfifi THAM DEPOSITOBI
INSTITUTIONS, WEDBBkh BESBBVB BANKS, BONBI BABKET flOTOAL FUNDS AMD POBEIGN ENTITIES.
MET OF BAMKBBS ACCBPtAICSS HELD BI ACCBPTIMG BAMKS# FEDEBAL BBSSAfB BABKS# F 0 B B I 6 I OFFICIAL INSTITUTIONS, THE FBOBBAL
HOSB LOAN BANK SJSTEB AND HOHBX HARICBT flOTOAL FONDS.
TOTAL COBHBBCIAL PAPBB LESS COBBBBCIAL PAPBB UELD BX HONE! HABKBT HUTUAL WUUDS.
DEBT DATA ABB ON A AONTBLI AVBBA6B BASIS, DBBIVBD BI AfBBAGING EMIHOF-BOBTH Li^UhS OF ADJACENT BONTMS, AND HAVE BZKB
ADJUSTED TO BEBOfE DISCONTIB0ITIBS*




H 6 (508)
T^ble 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions i't dollars, not seasonally adjusted
Other checkable deposits

Date

1

Currency

Travelers
checks2

Demand
deposits3

at cc
4
t
banks

Nontransactions components

at thrift
institutions6

In M2*

In M3 only

7

Overnight
RPs§

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

175.7
177.4

5.9
6.5

277.4
286.2

133.1
136.9

60.3
62.8

193.5
199.7

1985.4
1998.9

668.5
667.5

51.3
49.7

17.6
16.6

193.2
197.3

JO L I
AUG.
SEPT.

179.1
179.9
179.5

7.2
7.3
6.9

290.5
289.4
291.3

139.3
143.0
146.9

64.3
65.6
66.6

203.6
208.6
213.5

2020.1
2030.6
2037.6

668.1
676.5
687.5

54.6
57.6
55.5

17.2
17.1
17.3

199.7
200.5
202.2

OCT.
MO?.
DEC

180.9
183.2
186.2

6.5
6.1
6.0

293.0
300.1
319.5

150.4
155.7
162.8

68.Q
70.3
72.2

218.5
226.0
235.0

2058.2
2062.2
2067.1

681.6
686.2
690.2

58.1
57.$
58.3

19.4
18.8
19.0

206.9
207.1
207.6

184.6
184.8
186.0

6.0
6.2
6.4

311.0
291.9
291.5

169.8
167.6
170.4

73.1
72.7
74.6

242.8
240.3
245.1

2087.8
2085.8
2089.0

693.1
699.6
702.7

61.2
59.2
56.7

22.3
19.5
18.6

209.0
210.7
211.6

188.0
190.2

6.4
6.5

305.8
298.7

178.5
171.6

78.9
77.9

257.5
249.5

2089.1
2083.0

702.2
717.4

54.5
53.2

20.1
19.9

211.8
210.3

1987-HAY
JUNE

1 9 8 7 - JAB.
FEB.
a A a.
APH.
BAT P
H2KK E N D I N G :
1987-HAY

JUNE

1/
2/
3/
4/
5/
6/
7/
8/
9/

4
11
18
25 P

188.7
190.4
189.8
190.3

303.1
299.6
300.8
292.7

173.3
172.2
171.0
170.3

78.2
79.0
78.0
76.2

251.5
251.2
249.0
246.5

54.5
51.8
53.5
53.3

21.9
18.1
20.5
18.9

211.0
208.6
208.3
211.5

1 P

189.8

300.6

171.8

77.8

249.7

53.5

20.9

212-5

C0BBEMCY OUTSIDE THE O.S. TREASURY, FEDERAL RBSERVB BANKS AID THE fAOLTS OP COMMERCIAL BAIIS. EXCLUDES THE ESTIMATED
AHO01T OF VAULT CASH HELD BI THRIFT IHSTITUflOIS TO SERflCB THEIR OCD LIABILITIES.
OUTSTANDING AflOOIT OF O.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF IOMBAIK ISSUERS. TBAfELBRS CHECKS ISS0EO BT DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COflHERCIAL BANKS OTHER THAU THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LBSS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R. FLOAT, LESS THE ESTIMATED AMOUNT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOB AND ATS BALANCES AT COMMERCIAL BANKS, O.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND ED6E ACT
CORPORATIONS.
CONSISTS OF NOW AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS.
SUM OF OVERNIGHT RPS AND EURODOLLARS, MONET MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), HMDAS AND SAVINGS
AND SMALL TIME DEPOSITS LBSS THE ESTIMATED AMOUNT OF DBHAND DEPOSITS AND VAULT CASH HELD BI THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLARS OF O.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS TEE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HBLD BY INSTITUTION-ONLY
HONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AMD BROKEB/DBALBR)•
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE TO U.S. RESIDENTS OTHBB THAN DEPOSITORY INSTITUTIONS AND
HONEY MARKET MUTUAL FUNDS (GENERAL PUBPOSE AND BROKKfa/DEALEB) .




H.6 (506)

Table 5-continued

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

Date

Money market deposit accounts
at
at
total
thrift
commercial
institutions
banks

Savings deposits7
at
cc
commercial
banks

thrift
institutions

total

Small denomination time deposits'
at
at
commercial
thrift
banks
institutions

LarQe denomination time deposits3
at
at
'
commercial
thrift
total
4
banks
institutions

3419.2
356.0

182.4
185.1

531.6
541.0

129.9
132.5

187.8
191.2

317.7
323.6

382.4
381.0

500.3
498.5

882.7
879.5

288.6
286.7

157.5
157.6

446.0
444.3

359.8
364.3
368.9

186.9
189.3
189.9

546.6
553.6
558.8

135.4
137.6
141.0

194.7
195.6
198.6

330.1
333.2
339.6

380.4
378.5
375.9

500.5
498.9
497.4

880.9
877.5
873.3

286.7
289.9
291.2

158.1
159.3
159.1

444.8
449.2
450.3

0J5C.

372.6
375.9
379.0

191.9
192.8
192.4

564.4
568.7
571.4

146.4
150.3
153.8

204.8
209.0
211.8

351.2
359.3
365.6

371.3
366.7
364.4

496.1
492.8
489.8

867.3
859.5
854.2

289.3
290.6
293.2

157.6
156.0
154.9

447.1
446.7
448.1

1987-JA».
FEB.
HAft.

381.7
378.5
378.2

192.5
192.3
192.3

574.3
570.8
570.5

159.2
162.8
167.2

217.1
221.8
227.8

376.4
364.6
395.0

364.4
362.1
359.6

489.a
487.9
485.8

854.2
650.0
845.4

296.9
298.1
301.3

154.4
153.1
151.2

451.3
451.2
452.5

375.4
366.8

190.1
188.3

565.5
557.1

172.1
174.8

233.9
237.6

406.0
412.4

355.6
355.6

484.4
483.2

839.9
838.6

303.2
309.2

148.0
149.0

451.2
458.2

JOSE
JOLS
SEPT.
OC2.
HO?.

APS.
RAT P
*SBK EVDIMG
Bhl

4
11
IS
25 P

369.0
368.6
369.0
368.7

173.2
174.5
174.8
175.3

354.7
354.9
355.5
356.0

305.8
308.0
308.4
311.4

1 P

369.1

175.6

356.8

311.3

•

1/
/
3/
4/

S^flVCvS DEPOSITS EXCLUDE HHDAS.
SHAL*. £BNOBIHATION TIBE DEPOSITS -- INCLUDING RETAIL RPS — ABB THOSE ISSUED IV A HO OPTS OF LESS THAM $100,000. ALL
IMDIflDOAL RETIRBHBMT ACCOUNTS (IRA) AMD KEOGtt ACCOOMTS AT COHNBRCIAL BAMKS AMD THRIFTS ARE SUBTRACTED FROH SHALL
TIHJS DEPOSITS.
LARGE DEMOHIBATIOM TIHE DEPOSITS ABE THOSE ISSUED IH A A O U M T S OF $100,000 OR HORB, EXCLUDIMG THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
L*JRGE DENOMINATION TIHE DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BT HOHBT HARKBT HOTUAL WOUDS, DEPOSITORY
IKSTATZTTIONS AHD FOREIGN BANKS AND OFFICIAL INSTITUTIONS-




5-contmued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
P lions of dollars, not seasonally adjusted
Term R f V
Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollar**

Savings
bonds

N o n M 3 C o nponents of L
Short-term
Bankers
treasury
acceptances 4
securities 1

Components ef Debt
Commercial
paper4

Federal debt 9

Non-Federal*
debt

76.1
75.0

35.5
33.8

38.6
41.3

74.1
75.1

79.5
79.8

82.6
83.4

298.8
296.4

39.6
39.8

210.3
215.3

1660.7
1678.9

5399.9
5452.1

JOLI
106.
SEPT*

77.5
80.8
84.4

33.2
34.Q
35.6

41.2
41.2
42.2

74.4
75.2
77.f

76.3
78.0
81.4

84.2
85.2
86.4

292.1
290.2
287.8

39.2
37.9
37.4

215.3
219.0
223.1

1695.6
1713.3
1734.5

5505.5
5574.9
5642.5

OCT.
10 V.
DEC.

84.5
84.4
84.1

34.3
36.9
34.9

43.7
45.5
47.1

78.0
82.4
82.0

78.0
78.7
82.4

87.8
89.9
91.9

283.9
291.1
292.3

38.0
38.0
37.4

228.7
227.9
228.7

1749.3
1774.5
1805.4

5696.1
5760.6
5830.4

1987-JAN.
FEB.
BAB.

84.0
84.7
84.9

33.4
34.5
33.9

47.8
50.4
51.0

81.2
84.9
84.9

84.7
88.1
89.1

92.7
93.5
94.3

290.3
291.5
279.7

37.8
38.9
39.3

239.3
240.4
240.2

1817.2
1827.9
1839.1

5888.7
5910.4
5928.9

83.1
81.8

36.9
38.5

54.2
57.9

91.0
96.4

85.9
90.2

95. 1

268.4

40.2

245.9

1846.7

5974.4

4
11
18
25 P

81.6
81.3
81.1
82.7

38.1
38.1
38.3
39.4

1 P

82.0

38.4

1986-MAT
JOVE

APB.
HAY P
«BBK ENDING:
1987-MAY

JOBE

1/
2/

3/
4/
5/
6/

T I B S I P S ABB TBOSE i l T f l OBIGI1AL HATOBITIBS GRBATKB THAI OIB D A I , EXCLUDING COITII01MG CONTBACTS AMD RETAIL B P S .
INCLUDES
A BBLATIVBLY SHALL ABOOIT OF OVBB1IGHT BPS AT THRIFT I 1 S T I T O T I O I S .
TBBfl B0BODOU.ABS ABB TBOSE WITH ORIGINAL MATURITIES GBBATEB TBAI OIB DAT. C O 1 S I S T S OP THOSE I S S 0 B D TO U . S . RESIDENTS BT
FOREIGN BRANCHES OF 0 . S . BANKS SOBLDVIDB AMD BY ALL BARKING OFFICES I N THE ONITBD KINGDOM AND CANADA. BXCLODBS THOSE HELD
BT DBPOSITOBI INSTITUTIONS AND BONEI BABKBT HUTUAL FUNDS.
CONSISTS OF O . S . TRBASOBI BILLS AND COUPONS WITH REflAIMING B A T 0 B I T I B S OF LBSS THAN 1 2 MONTHS HELD BT OTHER THAN DBPOSITOBI
I N S T I T U T I O N S , FBDBBAL BBSBBVB BANKS, NONET HABKET BUTUAL FONDS, AND FOREIGN E N T I T I E S .
NET OF BANKBBS ACCEPTANCBS HBLD BT ACCEPTING BANKS, TZDBBkL BESEBVE BANKS, FOREIGN OFFICIAL I N S T I T U T I O N S , THE FBDBBAL
HOHE LOAN BANK SYSTEM AND MOIEI BARKET MUTUAL FONDS.
TOTAL COMMERCIAL PAPBB LBSS COMMERCIAL PAPER HELD BI MOHEI BABKBT BOTOAL FONDS.
DBBT DATA ARE ON A MONTHLY AVERAGE B A S I S , DERIVED BY AVEBAGING BND-OF-HOMTH LEVELS OF ADJACENT MONTHS, AND HAVE BEBN
ADJUSTED TO REMOVE D I S C O N T I N U I T I E S .




H.6(500)
Table 5-contlnued

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

Data

Money,narket deposit accounts
at
at
commercial
thrift
total
banks
Institutions

•t
commercial
banks

Savings deposits
|
at
thrift
institutions

total

Small deinomination time deposits 1
at
at
commercial
total
thrift
banks
institutions

Large dectominatlon time deposits'
at
at
thrift
commercial
total
banks4
institutions

349.2
356.0

182.4
185.1

531.6
541.0

129.9
132.5

187.6
191.2

317.7
323.6

362.4
381.0

500.3
498.5

882.7
879.5

288.6
286.7

157.5
157.6

446.0
444.3

JOLI
AiC.
SEPT.

359.8
364.3
368.9

186.9
189.3
189.9

546.6
553.6
558.8

135.4
137.6
141.0

194.7
195.6
198.6

330.1
333.2
339.6

380.4
378.5
375.9

500.5
498.9
497.4

880.9
877.5
873.3

286.7
289.9
291.2

158.1
159.3
159.1

444.8
449.2
450.3

OCT.
BO¥.
OBC.

372.6
375.9
379.0

191.9
192.8
192.4

564.4
568.7
571.4

146.4
150.3
153.8

204.8
209.0
211.8

351.2
359.3
365.6

371.3
366.7
364.4

496.1
492.8
489.8

867.3
859.5
854.2

289.3
290.6
293.2

157.8
156.0
154.9

447.1
446.7
446.1

1987-JAB.
FIB.
BAB.

381.7
376.5
376.2

192.5
192.3
192.3

574.3
570.8
570.5

159.2
162. 6
167.2

217.1
221.8
227.8

376.4
384.6
395.0

364.4
362.1
359.6

469.9
487.9
485.8

854.2
850.0
845.4

296.9
298.1
301.3

154.4
153.1
151.2

451.3
451.2
452.5

375.4
368.8

190.1
188.3

565.5
557.1

172.1
174.8

233.9
237.6

406.0
412.4

355.6
355.6

484.4
483.2

839.9
836.8

303.2
309.2

148.0
149.0

451.2
458.2

1986-BAI
JOBB

APB.
BAT P
BBSK BBDIBG
1987
BAT

4
11
18
25 P

369.0
368.6
369.0
368.7

173.2
174.5
174.6
175.3

354.7
354.9
355.5
356.0

305.8
308.0
306.4
311.4

1 P

369.1

175.6

356.8

311.3

JOBB

1/
2/
3/

SAflBGS DEPOSITS EXCLUDE BBDAS.
SHALL DBBOBIBATIOI TXBB DEPOSITS — IiCLODIiC BBTAIL BPS — ABB THOSE ISSOBD IB ABOOBTS OF LESS TflAV $ 1 0 0 , 0 0 0 ,
ALL
IIDIIID8AL BBTIBBBBBT ACCOOBTS (IRA) AID KEOGJi ACCOOBTS AT COflflBBCIAL BABKS AID THRIFTS ABK SUBTRACTED FBOB SBALL
TIBB DEPOSITS,
LAEGE OBBOHIBATIOB TIHB DEPOSITS ABB THOSE ISS0ED IB ABOOBTS OF $ 1 0 0 , 0 0 0 OB HORE, EXCLODIBG THOSE BOOKED AT IHTBBBATIOBAL
BABKIBG FACILITIES ( I B F S ) .
LAHGE DBBOHIBATIOV TIHB DEPOSITS AT COflflBBCIAL BAIKS LESS THOSE HELD BT HOBBY MARKET HOTUAL FUNDS, DBPOSITOBT
XHSTITCTIONS AMD FOBEIGB BABKS ABD OFPICIAL IKSTITOTIOBS.

4/



H.6(508)
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2,
and Experimental Alternative9 Seasonal Adjustment Procedures
Monthly average

Standard
VtW IUSIU

Annual growth rates in percent
Experimental
Alternative
Concurrent

Levels in billions of dollars
Experimental
Alternative
Concurrent

Standard

1986-March

640.5

640*5

639,4

1 '"> . 8

1 .s. 7

1 h. 0

Apr i I.

648.2

648.1

643.4

14.4

14.2

7,5

May

659.6

660.0

658.4

21 . i

22.0

28.0

June

667.5

668.4

668.7

14,4

i 5.3

18.3

July

676.6

677.0

676,5

16,4

15.4

14.0

Aug us t

687.0

687.1

687.9

1 8.4

17.9

20.2

.September

693.1

693.5

692.7

10.7

1 1 .2

October

701 .4

701 .4

699.9

14.4

13.7

1 2.5

November

712.4

712.0

71 1 . 8

1 8.8

18.1

20.4

Pecember

730.5

729.8

730 ...2

30.5

30 ...0

31.0

737.7

736.8

735.4

11.8

1 1 .5

February

737.4

736.8

735.6

•••. 5

March

739.5

739,5

737.9

Apr i L

750.4

750.2

743.9

May

753.0

753.7

751 . 9

1987-January

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMA-based procedure to data through the end of the previous year.
2. Concurrent-monthly seasonal factors are derived each
month by applying an X-11/ARIMA-based procedure to data
through that month.




:

3.4

8,. 5

.0

.3

3.4

4.4

3.R

17.7

17.4

9.8

4.2

5.6

12.9

3. Alternative monthly seasonal factors are derived using an
experimental model-based procedure. This procedure uses
a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more
sensitive than standard factors to unique characteristics of
each series. These characteristics include fixed and evolving seasonal patterns, trading day effects, within-month seasonal variations, holiday effects, outlier adjustments, special
events adjustments, and serially correlated noise components.