Full text of H.6 Money Stock Measures : June 23, 1988

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.•'ofcow:-

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
JUNE 23, 1988

Billions of dollars
Date

Ml 1

M2 2

M3 3

Debt5

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
2766.1
2782.7
2807.8

3347.4
3377.4
3403.8
3429.8
3448.3
3463.8
3490.4

3979.1
4010.0
4036.3
4064.4
4083.6
4104.5
4133.8

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

3515.1
3523.9
3532.6
3549.8
3564.4
3580.1
3587.6
3605.5
3620.5
3642.0
3656.7
3661.1

4162.6
4175.2
4174.0
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
2991.9
3003.7

3686.7
3719.5
3744.5
3766.7
3780.0

4363.2
4396.1
4424.5
4467.3 p

8353.8
8409.8
8469.5
8528.7 p

Not seasonally adjusted
1986-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

663.5
674.0
679.1
685.2
692.8
709.5
740.6

2676.4
2707.6
2723.7
2737.9
2766.0
2785.7
2821.5

3344.0
3376.1
3400.7
3426.6
3448.3
3470,3
3507.2

3975.6
4005.2
4029.6
4058.3
4083.1
4112.7
4151.9

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

2839.9
2817.2
2826.5
2855.1
2836.0
2850.1
2862.6
2868.2
2876.0
2895.3
2900.1
2914.8

3527.2
3512.4
3526.3
3555.0
3552.6
3576.2
3585.6
3602.8
3618.3
3642.0
3664.0
3677.7

4180.6
4170.6
4173.4
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
2999.5
2989.8

3699.2
3708.0
3737.7
3771.5
3767.6

4381.9
4391.8
4423.1
4467.7 p

8336.1
8375.3
8437.6
8499.0 p

Footnotes appear on the following page.
p--indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt3

3 Months from FEB. 1988 TO MAY

1988

5.5

7.8

6.5

8.4

6 Months from NOV. 1987 TO MAY

1988

4.6

7.4

6.7

9.0

1988

3.2

5.4

6.0

9.1

MAR. 14, 1988 (13 weeks previous)

6.5

8.7

7.8

DEC. 14, 1987 (26 weeks previous)

4.5

7.0

6.9

JUNE 15, 1987 (52 weeks previous)

3.6

5.2

6.1

12 Months from MAY

1987 to MAY

Thirteen weeks ending JUNE 13, 1988
from thirteen weeks ending:

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
January 1988 to April 1988, October 1987 to April 1988, and April 1987 to April 1988, respectively.
Footnotes to Table 1

4.

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 (NOH) 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 worloViide, 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
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, ,money
market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its 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
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(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 nonfinancial
sectors are presented in month-averaqe 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 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of

dollars
Seasonally adjusted

Period ending

13-week
average

4-week
average

1988-MAR. 21
28

758.9
760.2

759.5
762.6

M5

M2

Ml
15-week
average

4-week
average

766.2
768.1

2958.0
2945.8

2958.6
2966.5

week
average

13-week
average

4-week
average

2972.5
2977.0

3706.8
5715.8

5755.6
5745.1

5749.1
5755.0

week
average

week
average

APR.

4
11
18
25

761.2
762.1
762.6
763.7

764.9
766.4
766.4
768.9

765.0
766.3
766.3
777.8

2949.7
2955.8
2960.8
2965.5

2975.8
2980.8
2985.5
2990.1

2982.4
2991.2
2991.5
2995.5

5721.5
5728.4
5754.4
5759.9

5751.4
5757.2
5761.4
5765.1

5761.1
5765.4
5766.0
5767.8

MAY

2
9
16
23
30

764.6
765.3
765.9
766.5
767.7

771.7
772.5
773.0
770.8
769.5

776.5
769.7
768.1
769.2
771.1

2969.7
2974.1
2978.5
2982.5
2987.4

2995.4
2995.1
2997.4
5000.2
5005.7

2995.6
2998.1
5000.4
5006.5
5009.8

5744.9
5750.1
5754.2
5758.6
5765.4

5767.8
5770.6
5775.1
5776.7
5780.1

5772.0
5776.7
5775.8
5782.4
5785.5

JUNE

6p
13p

769.1
770.0

770.6
771.5

775.9
771.8

2992.4
2996.2

5008.6
5011.7

5017.7
5012.9

5768.7
5772.6

5784.8
5789.5

5795.7
5795.9

Not seasonally adjusted
Ml

;,Period ending

13-week
average

4-week
average

1988-MAR. 21
28

756.6
754.9

749.8
751.8

M5

M2
week
average

15-week
average

4-week
average

751.8
744.2

2958.5
2942.0

2950.8
2957.6

week
average

utmnlf

15-week
average

4-week
average

2959.8
2956.5

5708.5
5712.8

5728.6
5755.9

5756.8
5756.2

average

APR.

4
11
18
25

755.8
754.0
755.4
757.4

756.0
765.1
771.8
779.2

775.4
785.1
786.5
774.0

2945.8
2950.6
2955.9
2960.8

2967.0
2980.5
2992.5
5000.7

2992.1
5012.7
5008.6
2989.5

5718.7
5724.5
5750.2
5755.5

5746.6
5757.8
5768.1
5775.5

5774.5
5785.9
5777.9
5758.0

MAY

2
9
16
23
30

759.0
760.5
761.9
763.0
764.5

777.1
775.8
769.0
764.7
762.4

764.9
769.9
767.0
756.9
755.9

2965.0
2969.0
2975.6
2977.6
2982.2

2997.6
2991.4
2987.2
2986.8
2988.8

2979.7
2988.0
2991.8
2987.5
2988.0

5740.2
5744.9
5749.0
5755.6
5758.4

5768.4
5765.9
5761.0
5762.9
5766.9

5755.9
5765.9
5766.2
5765.6
5769.7

JUNE

6p
l3p

766.8
769.0

766.7
770.7

786.9
785.0

2987.8
2992.5

2998.6
5006.1

5027.2
5021.7

5764.0
5768.9

5776.5
5785.7

5804.6
5805.0

N o t e : S p e c i a l c a u t i o n s h o u l d be t a k e n i n i n t e r p r e t i n g week-to-week changes i n money s u p p l y d a t a , w h i c h a r e h i g h l y v o l a t i l e and s u bJi e c t
revision.
p--indicates preliminary data.




to

H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Nontransactions
components
1

Travelers
checks2

Demand
deposits3

Other
checkable4
deposits

In M3
only6

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

Date

Currency

1987-JAN.
FEB.
MAR.

182.
183.
184.

299.
295.
295.

243.0
245.1
248.0

2096.4
2098.0
2100.1

687.3
694.6
698.3

160.5
164.6
168.1

220.1
225.1
228.2

380.6
389.7
396.3

363
362
360.8

487.0
485.9
486.2

850.6
848.1
847.0

APR.
MAY
JUNE

185.
187.
187.8

299.
298.
293.

253.1
253.9
254.3

2102.7
2102.7
2109.6

702.5
715.2
728.4

171.4
174.0
175.3

232
235
237.8

404.1
409.5
413.1

358.
359.
361.

486.1
487.0
490.5

845.
845.
852.

JULY
AUG.
SEP.

189.
190.
191.4

292.3
292.1
290.5

255.6
257.2
258.6

2114.5
2123.1
2133.4

729.
736.
739.

176.9
178.3
178.7

238.
239.
240.

415.5
417.8
418.6

364.4
366.7
368.3

494.7
499.1
503.8

859,
865.
872,

OCT.
NOV.
DEC.

193
195.
196.5

295.9
291.3
288.0

260.3
259.5
259.3

2138.4
2143.9
2150.3

747,
760,
760.

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.

1988-JAN.
FEB.
MAR.

198.4
199.3
200.9

289.9
287.8
287.9

263.4
265.2
267.1

2166.1
2186.4
2204.4

761.7
773.5
777.0

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

290.1
287.3

270.3
271.9

2221.7
2233.6

774.8
776.4

184.
185.

238.6
239.3

422.8
425.3

402.5
404.7

562.3
567.1

964.8
971.8

1988-APR. 18
25

202.2
203.2

287.
292.

269.0
274.4

2225.2
2217.5

774.4
772.5

183.9
184.0

238.8
239.0

422.
423,

403.
403.

562.5
564.2

965,
967,

MAY

2
9
16
23
30

203.3
202.9
203.2
203.8
204.2

288.8
287.2
286.3
286.1
288.3

276.9
272.2
271.2
271.8
271.2

2219.3
2228.5
2232.3
2237.3
2238.7

776.4
778.6
775.3
775.9
775.5

184.4
185.2
185.8
186.2
186.8

238.8
238.7
239.4
239.6
239.6

423,
423,
425,
425,
426.4

403.
404.
404.
405.
405,

565.2
566.0
567.0
567.8
567.9

968,
970,
971,
972.
973.

JUNE

6p
13p

203.5
204.1

290.
287.

272.3
273.1

2243.8
2241.1

778.0
781.0

187.3
187.7

240.3
241.0

427.6
428.7

405.6
406.4

568.3
567.7

973.
974.

APR.
MAY p

In M2

5

Small time deposits8

Savings deposits7

Neek ending

1.
2.

Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
in demand deposits.
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 NOH and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time
deposits. This sum is seasonally adjusted as a whole.
6.
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.
7.
Savings deposits exclude MMDAs.
8.
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.
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

1988-JAN.
FEB.
MAR.

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

325.4
328.5

167.2
168.1

492.6
496.5

104.6 p

266.7 p

41.2 p

288.2 p

2018.5 p

6510.2 p

1988-APR. 18
25

325.1
325.2

167.3
167.3

492.4
492.5

MAY

2
9
16
23
30

326.0
326.7
329.0
328.4
330.1

168.0
168.2
168.2
168.3
167.8

494.0
494.9
497.2
496.7
497.9

JUNE

6p
13p

330.0
333.5

167.6
167.8

497.6
501.2

APR.
MAY p

'

Heek ending

1.

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 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.
4.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foraign official institutions, Federal Home Loan Ba»iks,
and money market mutual funds.
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 ^dj»car.t enJ-of-momh levels, and have been adjusted to remove
discontinuities.
p—indicates preliminary data.
2.




H.6 ( 5 0 8 )
Table 5

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

Date

Currency

1

Demand
Travelers
checks 2 deposits 3

At
commercial
banks 4

At
thrift
institutions5

Nontransactions
components

Total

In M 2

6

In M3
only 7

Overnight
RPs 8

Overnight
Eurodollars9

Geneiral purpose
and t>roker/dealer
money market funds

1987-JAN.
FEB.
MAR.

180.8
181.5
182.8

6.0
6.2
6.4

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

687.3
695.2
699.8

62.4
60.6
58.3

22.3
19.5
18.6

209.5
211.5
212.5

APR.
MAY
JUNE

184.8
187.0
188.6

6.4
6.5
7.1

301.1
294.1
294.4

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

212.1
209.9
210.6

JULY
AUG.
SEP.

190.5
190.9
190.9

7.7
7.9
7.6

294.3
290.7
289.3

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

210.6
213.1
216.3

OCT.
NOV.
DEC.

192.6
195.9
199.4

7.0
6.6
6.5

295.7
294.1
298.5

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

218.2
219.7
221.1

1988-JAN.
FEB.
MAR.

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

761.9
774.6
778.7

64.4
61.6
60.0

18.4
16.5
14.8

225.0
231.0
234.9

201.6
203.6

6.9
7.1

291.9
282.8

191.1
184.9

86.9
85.3

278.0
270.2

2221.1
2226.1

772.0
777.7

61.2
64.0

15.6
17.6

236.1
232.7

1988-APR. 18
25

201.4
200.7

6.9
6.9

294.8
289.5

194.7
191.0

88.4
85.9

283.1
276.9

2222.3
2215.4

769.3
768.7

61.6
61.4

15.8
14.4

235.
236.

MAY

2
9
16
23
30

201.0
204.3
203.6
203.3
203.9

6.9
7.0
7.1
7.2
7.2

285.6
284.9
285.7
278.7
277.8

185.9
186.9
185.0
183.7
183.1

85.4
66.8
85.5
84.2
83.9

271.4
273.7
270.6
267.8
267.0

2214.9
2218.1
2224.8
2230.6
2232.1

774.2
777.9
774.4
778.1
781.6

62.0
62.3
64.7
64.2
65.2

17.0
16.1
17.0
18.7
18.4

233.6
231.4
231.8
233.5
233.7

JUNE

6p
13p

205.9
206.3

7.3
7.5 e

295.2
291.9

189.4
189.3

89.0
88.0

278.4
277.3

2240.3
2238.7

777.4
781.3

65.3
64.8

19.2
16.7

232.3
230.8

APR.
MAY p

Neek ending

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
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 NOH 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 (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
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).
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.