Full text of H.6 Money Stock Measures : June 16, 1988

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•SSSg&C:

FEDERAL RESERVE statistical release
These data are scheduled f o r release each Thursday a t 4:30 p.m.

•f^iRt^;

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JUNE 16, 1988

Billions of dollars
Date

Ml ]

M2 2

Debt5

M3 3
Seasonally adjusted

1986-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

661.3
670.8
680.5
687.4
694.9
706.4
725.4

2677.4
2702.9
2725.6
2743.6
2766.
2782.
2807.8

3347.3
3377.4
3403.8
3429.8
3448.5
3464.5
3491.5

3979.0
4010.0
4036.3
4064.4
4083.8
4105.2
4135.0

7129.0
7194.7
7280.8
7365.2
7429.6
7512.1
7607.6

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8

2827.8
2829.3
2834.3
2847.4
2849..1
2851..7
2858..2
2869..5
2880..9
2894..7
2896..6
2901..1

3516.2
3524.6
3532.9
3549.8
3564.4
3580..1
3587..6
3605..5
3620..5
3642..0
3656..7
3661..1

4163.8
4175.9
4174.2
4189.6
4217.7
4232.3
4235.1
4257.8
4283.5
4312.5
4324.0
4325.4

7673.0
7710.9
7756.6
7816.7
7881.6
7939.3
7980.7
8031.0
8092.8
8162.4
8244.5
8305.1

1988-JAN.
FEB.
MAR.
APR.
MAY p

758.9
759.6
763.1
770.2
770.1

2925.0
2946.0
2967.5
2992.3
3004.4

3686.5
3718.8
3742.9
3765.4
3780.0

4363.0
4395.4
4422.9
4469.1 p

8353.8
8409.8
8469.5
8528.7 p

1986-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

663.5
674.0
679.1
685.2
692.8
709.5
740.6

2676.
2707.
2723.
2737.
2766.
2785.
2821.

3344.
3376,
3400.
3426.
3448.
3471.
3508.

3975.5
4003.2
4029.6
4058.3
4083.3
4113.4
4153.0

7103.1
7170.2
7258.8
7350.1
7412.0
7486.4
7593.3

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9

2839.
2817.
2826.
2855.
2836.
2850.
2862.
2868.
2876.
2895.
2900.
2914.8

3528
3513
3526
3555
3552
3576
3585
3602.8
3618.3
3642.0
3664.0
3677.7

4181.8
4171.3
4173.6
4191.3
4201.0
4229.1
4226.6
4250.6
4278.6
4312.8
4333.8
4343.4

7655.9
7677.3
7725.3
7786.2
7849.5
7911.5
7958.9
8013.1
8079.4
8147.0
8218.8
8288.9

1988-JAN.
FEB.
MAR.
APR.
MAY p

764.8
745.1
752.3
778.4
763.7

2937.3
2933.4
2958.9
2999.8
2990.5

3699.0
3707.3
3736.1
3770.3
3767.5

4381.7
4391.1
4421.5
4469.5 p

8336.1
8375.3
8437.6
8499.0 p

Not seasonally adjusted

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 (5081
Table 2

MGMEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml

M2

M3

Debt1

3 Months from FEB. 1988 TO MAY

1988

5.5

7.9

6.6

8.4

6 Months from NOV. 1987 TO MAY

1988

4.6

7.4

6.7

9.0

1988

3.2

5.5

6.0

9.1

7, 1988 (13 weeks previous)

6.5

8.9

8.0

7, 1987 (26 weeks previous)

4.4

6.9

6.8

8> 1987 (52 weeks previous)

3.5

5.2

6.0

12 Months from MAY

1987 to MAY

Thirteen weeks ending JUNE 6> 1988
from thirteen weeks ending:

MAR.
DEC.
JUNE

Growth rates for debt are based -on periods beginning and ending one month earlier than for the monetary aggregates* namely*
•• -•
1987 to April 1988, and April 1987 to April 1988, respectively.
January 1988 to April
1988, October
Footnotes to Table 1
Consists of 11) 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 (N0H) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
. . . .
,
. , . ,.
. ,,
,
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and.smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
. . .
„„ ,- .-,..•
•
.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents.at foreign branches of U.S. banks
and at all bankina offices in the United Kinadom and Canada, and balances in both taxable and tax-exempt
. money
RPs and
^
_
_
_
_
non-M2
component as a'whole and then 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
ents
and
private
nonfinancial
sectors.
Private
debt
consists
of
corporate
bonds,
mortgages,
consumer
credit
governmen
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonf inancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The .
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.




H.6 (508)
Table 3

MONEY STOCK MEASURES
Bi-llions of dollars
Seasonally adjusted
Ml
Period ending

13-week
average

4-week
average

1988-MAR. 14
21
28

757.7
758.9
760.2

758.3
759.3
762.6

APR.

4
11
18
25

761.2
762.1
762.6
763.7

MAY

2
9
16
23
30p
6p

JUNE

M2
week
average

13-week
average

4-week
average

760.3
766.2
768.1

2932.7
2938.0
2943.8

2953.5
2958.6
2966.3

764.9
766.4
766.4
768.9

765.0
766.3
766.3
777.8

2949.7
2955.8
2960.9
2965.6

764.6
765.3
765.9
766.5
767.7

771.7
772.5
773.0
770.8
769.5

776.3
769.7
768.1
769.2
771.1

769.1

770.5

773.5

M3
week
average

13-week
average

4-week
average

week
average

2963.1
2972.5
2977.0

3699.7
3706.2
3713.0

3728.4
3734.3
3741.5

3741.0
3747.5
3751.1

2973.8
2980.8
2985.7
2990.4

2982.4
2991.3
2991.9
2995.8

3720.3
3727.4
3733.3
3738.7

3749.7
3755.4
3759.7
3763.6

3759.0
3763.8
3764.7
3766.9

2969.8
2974.3
2978.5
2982.8
2987.8

2993.8
2995.7
2998.0
3000.9
3004.5

2996.3
2998.8
3001.1
3007.3
3010.6

3743.7
3748.9
3753.1
3757.6
3762.5

3766.8
3770.0
3772.8
3776.7
3780.1

3771.6
3776.6
3776.1
3782.3
3785.2

2992.8

3009.3

3018.1

3767.8

3784.7

3795.2

Not seasonally adjusted
M3

M2

Ml
13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

754.5
751.8
744.2

2934.8
2938.3
2942.0

2944.5
2950.8
2957.6

2959.7
2959.8
2956.5

3703.2
3707.7
3712.0

3720.0
3727.3
3734.4

3737.6
3735.2
3734.3

756.0
763.1
771.8
779.2

773.4
783.1
786.3
774.0

2945.8
2950.6
2955.9
2960.8

2967.0
2980.3
2992.6
3000.9

2992.1
3012.9
3008.9
2989.8

3717.7
3723.5
3729.1
3734.3

3744.8
3756.0
3766.3
3772.0

3772.1
3782.3
3776.6
3757.1

759.0
760.3
761.9
763.0
764.5

777.1
773.8
769.0
764.7
762.5

764.9
769.9
767.0
756.9
756.0

2965.1
2969.2
2973.8
2977.9
2982.5

2998.0
2992.0
2987.9
2987.5
2989.6

2980.4
2988.7
2992.5
2988.3
2988.8

3739.0
3743.7
3747.9
3752.5
3757.4

3767.4
3763.3
3760.7
3762.8
3766.8

3753.5
3765.8
3766.5
3765.5
3769.5

766.8

766.6

786.4

2988.1

2999.3

3027.5

3763.1

3776.4

3804.1

Period ending

13-week
average

4-week
average

1988-MAR. 14
21
28

757.5
756.6
754.9

747.5
749.8
751.8

APR.

4
11
18
25

753.8
754.0
755.4
757.4

MAY

2
9
16
23
30p

JUNE

6p

week
average

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly v o l a t i l e and subject to

revision.
http://fraser.stlouisfed.org/
p—indicates preliminary data.
Federal Reserve Bank of St. Louis

H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Nontransactions
components
Other
checkable
deposits*

In M2 S

In M3
only6

299.7
295.9
295.0

243.0
245.1
248.0

2096.4
2098.0
2100.1

6.7
6.7
6.8

299.3
298.9
293.3

253.1
253.9
254.3

189.0
190.2
191.4

6.8
6.9
7.0

292.3
292.1
290.5

OCT.
NOV.
DEC.

193.1
195.0
196.5

7.0
7.0
7.1

1988-JAN.
FEB.
MAR.

198.4
199.3
200.9

Savings deposits7

At

Small time deposits8

commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

688.
695,
698,

160.
164.
168.

220.1
225.1
228.2

380.6
389.7
396.3

363.6
362.2
360.8

487.0
485.9
486.2

850.6
848.1
847.0

2102.7
2102.7
2109.6

702.
715.
728.

171.
174.
175.

232.7
235,5
237.8

404.1
409.5
413.1

358.9
359.0
361.6

486.1
487.0
490.5

845.
845.
852.

255.6
257.2
258.6

2114.5
2123.1
2133.4

729.
736.
739,

176.
178.
178.

238.
239.
240.

415.5
417.8
418.6

364.4
366.7
368.3

494.7
499.1
503.8

859.
865.
872.

295.9
291.3
288.0

260.3
259.5
259.3

2138.4
2143.9
2150.3

747.3
760.1
760.0

178.4
178.2
178.2

238.6
236.8
236.0

417.0
415.0
414.3

374.2
381.6
384.6

509.1
520.1
528.5

883.
901,
913.

7.2
7.3
7.3

289.9
287.8
287.9

263.4
265.2
267.1

2166.1
2186.4
2204.4

761.5
772.7
775.4

179.
181.
183.

235.3
235.2
236.6

414.3
416.2
419.8

388.0
393.7
397.5

536.6
547.8
556.0

924.6
941.5
953.5

202.5
203.6

7.3
7.4

290.1
287.3

270.3
271.9

2222.0
2234.3

773.2
775.6

184.
185.

238.6
239.3

422.8
425.3

402.
404.

562.3
567.1

964.8
971.8

1988-APR. 11
18
25

202.1
202.2
203.2

7.3
7.3
7.3

291.3
287.9
292.9

265.
269.
274.

2225.
2225.
2218.

772.5
772.8
771.0

184,
183.
184,

238.4
238.8
239.0

422.
422.
423.

401.
403.
403.

560.8
562.5
564.2

962.8
965.6
967.1

MAY

2
9
16
23
30p

203.3
202.9
203.2
203.8
204.2

7.3
7.3
7.4
7.4
7.4

288.8
287.2
286.3
286.2
288.3

276.9
272.2
271.2
271.8
271.2

2220.
2229.
2233.
2238.
2239.

775.3
777.8
774.9
775.0
774.6

184.4
185.2
185.8
186.2
186.8

238.8
238.7
239.4
239.6
239.6

423.
423.
425.
425.
426.

403.
404.
404,
405.
405.

565.
566.
567.
568.
568.

968.
970.
971.
973.
973,

6p

203.5

7.4

290.2

272.3

2244.6

777.1

187.3

240.3

427.5

405.6

568.2

973.9

Date

Currency1

Travelers
checks2

1987-JAN.
FEB.
MAR.

182.2
183.6
184.4

6.5
6.7
6.8

APR.
MAY
JUNE

185.6
187.0
187.8

JULY
AUG.
SEP.

APR.
MAY P

Demand
deposit;

Meek endii•>g

JUNE

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
_
. . .
-.
. ... .•
• i _i j
Outstanding
amount* of
- * • '"
-* U.S
•• - dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
in demand deposits.
and foreign
<
Demand deposits at commercia 1 banks and foreign-related institutions other than those due to depository institutions, the U.S. ggovernment
ons, less cash items in the process of collection and Federal Reserve float.
, ,, ...
banks and official institutions.
Consists of NOW and ATS balances
nces at all depository institutions, credit union share draft balances and demand deposits at thrift institutions.
4.
Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time
5.
deposits. This sum is seasonally adjusted as a whole.
...
• 4 , , , ,
, - ±-± j.i , i
j.u
_A: i-j
Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund.balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
Smail9denominationXtimeedeposits—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.
e—indicates estimated data,
p—indicates preliminary data.



H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Large time deposits1
At
commercial
banks2

Date

At
thrift
institutions

Debt components6

Non-M3 components of L
Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-federal
debt

1987-JAN.
FEB.
MAR.

291.8
295.3
298.2

148.6
147.9
147.4

440.4
443.1
445.6

92.5
93.3
94.2

280.8
280.0
267.7

38.0
38.9
39.6

236.3
239.0
239.9

1818.8
1833.4
1850.8

5854.2
5877.5
5905.7

APR.
MAY
JUNE

303.1
308.1
311.9

145.8
145.9
146.7

448.9
454.0
458.6

95.1
95.9
96.6

257.6
261.6
259.6

40.9
42.1
43.1

246.3
253.7
252.8

1862.8
1875.5
1887.1

5953.9
6006.1
6052.2

JULY
AUG.
SEP.

312.2
312.8
313.8

148.0
149.6
151.5

460.2
462.4
465.3

97.5
98.1
98.4

254.8
258.9
263.7

43.4
43.5
44.3

251.8
251.8
256.6

1889.9
1903.6
1913.9

6090.8
6127.3
6178.9

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
158.1
161.2

472.3
480.5
484.7

98.8
99.3
100.2

273.0
270.6
259.5

44.5
45.0
45.7

254.2
252.5
258.9

1920.4
1941.2
1954.7

6242.0
6303.3
6350.4

320.1
324.8
326.3

162.7
164.9
165.1

482.8
489.7
491.4

101.4
102.6
103.5

262.5
259.2
255.5

43.5
40.9
40.6

269.0
274.1
280.3

1963.3
1981.5
2006.6

6390.6
6428.2
6462.9

325.3
328.2

167.2
168.0

492.5
496.2

104.6 p

265.7 p

40.7 p

292.7 p

2018.5 p

6510.2 p

1988-APR. 11
• 18
25

325.2
325.0
325.0

167.0
167.3
167.3

492.1
492.3
492.4

MAY

168.0
168.2
168.2
168.1
167.6

493.8
494.7
497.0
496.3
497.5

167.5

497.2

1988-JAN.
FEB.
MAR.
b
APR.
MAY p
i'

Meek ending

1.

C

23
30p

325.8
326.5
328.8
328.2
329.9

JUNE

6p

329.7

2

Large denomination time deposits are those issued in amounts of 5100,000 or more, excluding those booked at international banking

2.

Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign banks and official institutions.
. .
....
- ,
..
,. . , . .
..
..
.
..
3
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.
.
.
, . , ..
.
„ i
4.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
....
^ x
x v * J
5.
Total commercial paper less commercial paper held by money market mutual funds.
. . . .
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p—indicates preliminary data.



H.6 (5081
Table 5

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

Date
1987-JAN.
FEB.
MAR.

180.8
181.5
182.8

APR.
MAY
JUNE

Travelers Demand 3
checks' deposits
6.0
6.2
6.4

At .
commercial
banks4

At
thrift
institutions*

Nontransactions
components

Total

In M2 6

In M3
only7

Overnight
RPs4

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

305.8
287.1
286.9

169.9
167.8
170.7

74.9
74.5
76.6

244.9 242.3
247.4

2102.4
2100.0
2103.0

688.4
695.9
700.0

62.4
60.6
58.3

22.3
19.5
18.6

209.5
211.5
212.5

184.8
187.0
188.6

301.
294.
294.

178.9
172.0
173.4

81.2
80.2
81.0

260.2
252.3
254.3

2102.6
2096.2
2105.6

699.9
716.5
726.1

56.3
55.3
54.9

20.7
20.9
20.0

212.
209.
210.

JULY
AUG.
SEP.

190.
190.
190.

294.
290.
289.

173.3
174.9
176.6

81.0
80.8
80.9

254.3
255.6
257.5

2115.8
2123.2
2130.8

723.0
734.6
742.4

56.9
61.4
62.4

18.7
18.4
21.1

210.
213.
216.

OCT.
NOV.
DEC.

192.
195.
199.

295,
294,
298.

177.0
178.0
180.3

81.5
81.4
81.2

258.5
259.3
261.6

2141.5
2144.1
2148.9

746.8
763.9
762.9

65.1
63.2
62.1

20.9
16.5
16.0

218.
219.
221.

197.1
197.2
199.2

6.6
6.8
6.9

295.8
279.1
279.9

184.2
181.9
184.1

81.1
80.1
82.2

265.3
262.0
266.3

2172.5
2188.3
2206.6

761.8
773.9
777.1

64.4
61.6
60.0

18.4
16.5
14.8

225.
231.
234.

201.6
203.6

6.9
7.1

291.9
282.8

191.1
184.9

86.9
85.3

278.0
270.2

2221.4
2226.8

770.5
777.0

61.1
63.9

16.0
18.3

236.
232.

202.5
201.4
200.7

293.9
294.8
289.5

191
194
191

87.8
88.4
85.9

2229.8
2222.7
2215.9

201.0
204.3
203.6
203.3
203.9

285.
284.
285,
278,
277.8

185
186
185
183
183

85.4
86.8
85.5
84.2
83.9

2215.5
2218.8
2225.5
2231.4
2232.8

769.4
767.7
767.3
773.1
777.1
774.0
777.2
780.7

60.7
61.5
61.3
61.9
62.3
64.6
64.1
65.1

16
16
15
17
16
17
19
19

8
2
0
8
9
8
5
2

237.9
235.6
236.6

2
9
16
23
30p

279.7
283.1
276.9
271.4
273.7
270.6
267.8
267.0

6p

205.9

294.7

189.5

89.0

278.5

2241.2

776.5

65.2

20.1

232.3

1988-JAN.
FEB.
MAR.
APR.
MAY p

Neek ending
1988-APR. 11
18
25
MAY

JUNE

1.
2.

7.3

233.6
231.4
231.8
233.5
233.7

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
.
, . ,
.^
. ^.^ A .
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
„
,,
„
, , ,
..
... ..
., ,, _
.
3.
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.
4.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances 1 institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
......
.
, .
± i
8.
Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
....
...
..
..
•
•±
• i.-± ±j
i. x
± i x J
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data,
p—indicates preliminary data.





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H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
InstitutionAt
At
only money commercial
thrift
market funds
banks
institutions

Data

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Debt components'
i
Commercial
paper5

Federal
debt

Non-Federal
debt

1987-JAN.
FEB.
MAR.

84.4
85.1
85.4

34.1
35.4
34.9

49.5
51.8
52.3

83.6
87.2
87.2

86.5
88.8
88.7

92.7
93.5
94.3

283.6
285.3
273.3

37.8
38.9
39.3

239.3
240.4
240.2

1817.7
1827.9
1839.8

5838.1
5849.4
5885.5

APR.
MAY
JUNE

83.5
82.1
81.7

38.3
40.6
40.4

56.1
61.9
67.0

94.4
102.5
107.4

83.9
86.8
87.8

95.1
95.8
96.5

257.0
256.8
257.8

40.5
42.2
43.5

243.8
253.6
255.1

1848.5
1859.4
1870.5

5937.8
5990.1
6040.9

JULY
AUG.
SEP.

83.8
84.0
81.3

38.5
39.5
40.2

68.5
67.9
68.8

107.0
107.4
109.1

84.4
90.2
94.4

97.1
97.7
98.3

251.1
257.2
260.8

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
1888.5
1901.0

6085.3
6124.6
6178.4

OCT.
NOV.
DEC.

82.5
89.5
89.6

37.0
39.2
37.4

69.1
69.5
68.0

106.1
108.7
105.5

92.9
92.8
90.8

98.8
99.6
100.6

270.1
273.7
262.4

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6236.1
6281.9
6334.7

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

37.7
42.5
42.6

68.3
67.4
64.7

106.0
109.9
107.3

85.1
84.5
87.9

101.7
102.7
103.6

265.2
264.4
260.9

43.3
40.9
40.4

272.5
275.8
280.5

1961.9
1974.6
1993.2

6374.2
6400.7
6444.4

91.9
90.0

42.9
44.0

65.1
67.0

108.0
111.0

86.6
88.2

104.6 p

264.8 p

40.4 p

289.4 p

2001.6 p

6497.4 p

1988-APR. 11
18
25

93.2
92.3
89.9

41.6
42.0
42.9

64.8
64.9
65.2

106.4
106.9
108.1

86.0
85.6
85.9

MAY

2
9
16
23
30p

90.1
92.2
88.4
91.3
88.4

44.4
44.3
44.2
42.6
44.8

66.1
67.0
67.0
67.0
67.4

110.5
111.2
111.2
109.6
112.2

88.5
88.4
88.0
87.1
89.0

6p

87.0

43.2

66.9

110.2

89.6

APR.
MAY p

Heek ending

JUNE

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overniaht RPs at thrift institutions.
.
. . .
. . . , ^ - i _
u
^ n o i i,_
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banKs
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual 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.
.
.....
- . , .,
.
u.
j
.. _«_u„+
a
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money marKet
mutual funds.
,,,.
. x x i ^ j
Total commercial paper less commercial paper held by money market mutual funds.
.
j;.^^^*;^.;*;-,.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
•-indicates preliminary data.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars> not seasonally adjusted

Demand deposits
at banks due to

Foreign
commercial
banks

Date

U.S. government deposits

Time and savings
deposits due to
Foreign
foreign banks
official
and official
institutions
institutions

Demand
deposits at
commercial
banks

4.1

Balance
at
Federal
Reserve

Note balances
at depository
institutions

9.6
5.0
3.1

23.8
25.2
13.6

37.1
33.6
20.3

1987-JAN.
FEB.
MAR.

9.9
9.3
8.8

1.9
1.7
1.6

APR.
MAY
JUNE

9.0
9.0
9.3

1.8
2.0
2.0

7.
16.
8.

16.6
27.4
21.8

JULY
AUG.
SEP.

9.3
8.9
9.4

2.0
2.0
1.9

5.
3.
10.

OCT.
NOV.
DEC.

9.5
9.4
9.6

1.8
1.7
1.7

1988-JAN.
FEB.
MAR.

10.0
9.3
9.2

1.7
1.6
1.5

9.0
9.1

1.8
1.6

1988-APR. 11
18
25

9.5
6.3
9.2

MAY

2
9
16
23
30p
6p

APR.
MAY P

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits.
at commerci

banks

At
money
market
funds

Total

73.7
74.5
75.6

98.1
98.9
100.3

10.8
11.0
11.2

182.6
184.4
187.1

28.5
46.8
34.2

78.6
79.7
79.8

103.0
103.7
104.6

12.4
13.1
13.3

193.9
196.5
197.7

23.3
18.6
21.3

31.
25.
35.8

80.2
80.7
81.4

105.4
105.7
106.6

13.5
14.0
14.5

199.2
200.4
202.4

8.
4.
4,

27.4
22.6
18.4

39.5
29.7
26.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
16.9 e

210.6
212.8
215.6 e

5.3
3.3

5.1
7.2

16.4
27.1

26.8
37.6

87.3
88.8

115.4
116.8 e

17.6 a
17.7 e

220.3 e
223.3 e

1.9
1.9
1.7

3.
3.
3.

6.
9.
27.

13.
22.
35.

9.1
9.2
9.5
8.8
8.7

1.6
1.7
1.6
1.7
1.5

14,
12.
8,
2.
3.

30.
31.
31.
25.
21.

49.
48.
43.
31.
27.

10.5

1.8

4.4
4.6

1.4
1.4
1.4

Week endi ng

JUNE

At
At
commercial
thrift
banks
institutions

e — i n d i c a t e s estimated data,
p — i n d i c a t e s preliminary data.




4.3

5.0

2.8

9.8

17.6

1.8

H.6 ( 5 0 8 )
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2, and Experimental
Alternative3 Seasonal Adjustment Procedures
Monthly Average
Levels in billions of dollars
Standard

Concurrent

Experimental
Alternative

Annual growth rates in percent
Standard

Concurrent

Experimental
Alternative

-MARCH

734.2

733.8

732.7

4.8

5.1

6.1

APRIL

744.7

744.3

739.4

17.2

17.2

11.0

MAY

746.5

746.7

745.5

2.9

3.9

9.9

JUNE

742.1

742.5

743.0

-7.1

-6.7

-4.0

JULY

743.6

744.1

742.7

2.4

2.6

-0.5

AUGUST

746.5

747.1

747.4

4.7

4.8

7.6

SEPTEMBER

747.5

748.0

746.1

1.6

1.4

-2.1

OCTOBER

756.2

756.7

755.0

14.0

14.0

14.3

NOVEMBER

752.7

753.1

751.8

-5.6

-5.7

-5.1

DECEMBER

750.8

750.4

749.6

-3.0

-4.3

-3.5
10.9

-JANUARY

758.9

757.5

756.4

12.9

11.4

FEBRUARY

759.6

758.9

757.5

1.1

2.2

1.7

MARCH

763.1

762.7

759.6

5.5

6.0

3.3

APRIL

770.2

769.6

765.9

11.2

10.9

10.0

MAY

770.1

770.4

769.5

-0.2

1.2

5.6

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMAbased procedure to the 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. 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.




H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits and Other Accounts:
April 27, 1988 and May 25, 19881
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil)

Average Rate Paid (Z)

Number of Issuing Banks

April 27

May 25

April 27

May 25

180,628

178,751

4.88

4.89

12,973

12,895

Honey market deposit accounts

353,453

355,521

5.35

5.40

12,223

12,154

Savings deposits3

181,452

184,551

5.22

5.21

12,781

12,706

Liability Categories

April 27

NOW accounts2
2

May 25

Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:4
7 to 31 days

6,304

6,290

5.90

5.97

8,608

8,597

32 to 91 days

21,507

21,406

6.05

6.16

12,123

12,045

92 to 182 days

129,088

128,748

6.55

6.71

13,064

12,986

106,401

108,865

6.90

7.05

12,784

12,708

97,508

98,465

7.22

7.36

12,824

12,749

183 to 1 year
Over 1 year to 2-1/2 years

124,566

124,707

7.58

7.72

12,648

12,572

All IRA/Keogh Plan deposits5

88,431

89,087

N.A.

N.A.

12,474

12,401

Retail repurchase agreements

886

988

5.63

5.78

2,190

1,948

2-1/2 years and over

FDIC-Insured Savings Banks
Amount Outstanding ($mil)
Liability Categories
NOW. accounts2
Money market deposit accounts2
3

Savings deposits

Average Rate Paid i'/.i

Number of Issuing Banks

April 27

May 25

April 27

7,144

7,090

5.24

5.23

338

338

31,823

32,066

5.67

5.69

373

373

41,861

42,488

5.45

5.45

384

384

April 27

May 25

May 25

Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:4
7 to 31 days

142

143

5.93

5.96

91

100

32 to 91 days

2,121

2,194

6.64

6.65

305

304

92 to 182 days

21,136

21,238

6.88

7.10

378

378

183 to 1 year

27,002

27,009

7.20

7.26

382

382

Over 1 year to 2-1/2 years

21,382

21,586

7.44

7.50

361

361

2-1/2 years and over

25,310

25,385

7.88

7.95

379

379

All IRA/Keogh Plan deposits5

18,845

18,982

N.A.

N.A.

376

376

Retail repurchase agreements

101

76

6.11

6.12

14

14

NOTE: The lower panel of this table presents data for both mutual and FDIC-insured federal savings banks.
N.A. - Data not available.
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 490 commercial banks and 80 savings banks.
2. NOW and MMDA account rates are reported as simple annual rates.
3. Savings deposits exclude MMDAs. The savings deposits rate is reported as a simple annual rate.
4. Hith the exception of the 7^31 and 32-91 day deposit rates, which are reported as simple annual rates, time
deposit rates are annual effective yields reflecting the method of compounding reported by the individual
institutions.
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid.