Full text of H.6 Money Stock Measures : June 5, 1997
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FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Forreleaseat4:30p.m. Eastern Time Billions of dollars Date J u n e 5, 1 9 9 7 M1 1 M22 DEBT5 M33 Seasonally adjusted 1995-May June July Aug. Sep. Oct. Nov. Dec. 1145.1 1142.7 1145.0 1144.0 1141.6 1135.7 1133.1 1129.0 3534.9 3562.9 3583.1 3604.4 3620.1 3629.8 3639.3 3655.0 4427.6 4463.9 4495.2 4527.1 4550.7 4567.1 4580.8 4594.8 5467.0 5505.4 5556.4 5593.0 5638.9 5669.0 5676.7 5699.8 13494.6 13571.3 13625.5 13666.2 13713.6 13774.1 13831.3 13875.3 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1122.2 1119.8 1126.2 1123.5 1117.1 1115.5 1108.8 1099.8 1093.2 1080.2 1080.0 1081.0 3669.9 3685.0 3713.9 3724.5 3725.6 3741.9 3750.0 3762.8 3775.3 3787.8 3809.3 3833.1 4622.3 4655.2 4691.9 4708.7 4731.3 4753.6 4771.2 4791.5 4822.6 4857.7 4885.0 4927.7 5722.9 5741.6 5791.9 5824.0 5835.7 5869.8 5889.9 5920.3 5961.4 5984.1 6021.8 6058.1 13925.4 13998.7 14075.6 14145.7 14205.5 14265.6 14338.7 14395.9 14444.9 14507.4 14572.5 14622.0 1997-Jan. Feb. Mar. Apr. 1079.7 1080.6 1075.2 1065.1 3849.7 3866.0 3882.5 3901.8 4950.1 4987.4 5015.7 5050.5 6073.7 6124.6 6167.7 p 14663.3 14722.9 14786.3 p Not seasonally adjusted 1995-May June July Aug. Sep. Oct. Nov. Dec. 1133.8 1140.8 1145.6 1139.3 1138.5 1132.9 1138.7 1152.8 3520.9 3560.8 3586.6 3603.6 3613.5 3621.5 3643.2 3675.3 4413.7 4462.0 4493.2 4526.1 4541.1 4563.6 4589.7 4614.3 5446.7 5494.9 5547.9 5590.3 5623.7 5656.1 5687.8 5731.7 13444.4 13527.5 13573.3 13619.2 13678.8 13740.4 13816.0 13875.8 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1130.1 1105.6 1117.7 1131.2 1105.2 1114.2 1109.7 1096.4 1090.1 1076.8 1085.2 1103.0 3673.3 3668.6 3715.6 3741.5 3709.2 3739.5 3754.0 3764.1 3768.1 3777.5 3812.2 3851.5 4628.7 4643.3 4694.4 4718.1 4715.1 4750.8 4769.3 4792.0 4811.4 4853.4 4893.1 4944.7 5737.0 5733.6 5804.8 5837.0 5813.5 5856.5 5881.3 5919.4 5944.3 5971.4 6032.1 6086.4 13906.6 13961.3 14045.6 14108.6 14158.9 14220.0 14280.6 14342.7 14405.2 14469.6 14554.0 14621.3 1997-Jan. Feb. Mar. Apr. 1086.0 1066.4 1067.2 1071.6 3851.4 3850.3 3887.3 3918.8 4955.8 4978.5 5022.6 5058.2 6086.5 6119.6 6183.9 p 14643.3 14683.7 14756.0 p Footnotes appear on the following page p preliminary Page 2 H.6(508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT1 3 Months from Jan. 1997 TO Apr. 1997 -5.4 5.4 8.1 4.5 6 Months from Oct. 1996 TO Apr. 1997 -2.8 6.0 7.9 4.7 12 Months from Apr. 1996 TO Apr. 19 97 -5.2 4.8 7.3 5.0 Thirteen weeks ending May 26 , 1997 from thirteen weeks endingt Feb. 24, 1997 (13 weeks previous) -4.9 4.7 7.0 Nov. 25, 1996 (26 weeks previous) -3.1 5.6 7.7 May -4.9 4.6 7.0 1. 27, 1996 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1996 to March 1997, September 1996 to March 1997, and March 1996 to March 1997, 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 M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week via the web site of the Federal Reserve Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free (800) STAT-USA (800-782-8872). Page 3 H.6(508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M3 M2 M1 Period endi ng 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1997-Mar. 3 10 17 24 31 1080.6 1080.7 1080.4 1079.5 1078.9 1080.2 1078.8 1077.6 1074.5 1073.8 1079.8 1077.6 1072.5 1068.1 1077.0 3851.1 3854.6 3858.2 3861.7 3866.1 3867.3 3870.5 3872.8 3875.7 3881.4 3870.5 3874.8 3876.9 3880.6 3893.3 4957.5 4964.2 4970.4 4976.9 4984.3 4991.3 4998.9 5002.3 5007.6 5015.0 4999.9 5007.5 5007.7 5015.1 5029.5 Apr. 7 14 21 28 1077.6 1076.2 1075.5 1074.0 1070.9 1067.0 1067.7 1064.7 1065.9 1056.9 1071.0 1064.8 3869.9 3874.2 3878.8 3882.5 3887.0 3891.7 3900.7 3904.2 3897.2 3895.8 3916.6 3907.1 4991.1 4999.0 5007.6 5015.5 5021.6 5031.6 5044.0 5052.7 5034.2 5047.4 5064.7 5064.3 May 5 12 19p 26p 1072.2 1070.5 1069.3 1068.0 1064.3 1065.2 1062.7 1062.8 1064.3 1060.6 1061.2 1064.9 3885.0 3887.4 3889.9 3893.0 3903.4 3902.5 3898.6 3899.2 3893.9 3892.5 3900.7 3909.6 5021.8 5027.4 5032.2 5037.1 5056.1 5056.7 5054.5 5053.2 5047.9 5049.9 5055.9 5058.9 Not seasonally adjusted 1997-Mar. 3 10 17 24 31 1085.1 1083.1 1080.8 1076.9 1074.2 1066.2 1065.5 1066.0 1064.5 1065.7 1071.0 1066.6 1066.6 1053.8 1075.8 3852.4 3855.6 3858.7 3860.2 3863.5 3853.3 3862.4 3871.9 3880.3 3887.4 3862.9 3894.1 3892.1 3872.1 3891.2 4961.7 4968.6 4974.5 4979.7 4985.5 4983.6 4995.7 5006.9 5016.7 5022.9 4994.3 5031.1 5029.6 5011.6 5019.4 Apr. 7 14 21 28 1070.8 1069.4 1069.4 1068.6 1069.1 1070.8 1077.4 1072.0 1080.3 1073.4 1080.2 1054.2 3868.1 3873.9 3880.1 3884.1 3899.8 3913.7 3928.9 3923.4 3943.8 3947.5 3932.9 3869.4 4993.8 5002.2 5010.8 5017.3 5033.2 5047.9 5062.5 5062.5 5072.0 5088.6 5069.9 5019.3 May 5 12 19p 26p 1067.5 1066.0 1064.8 1063.4 1067.4 1061.4 1053.7 1050.7 1061.9 1049.3 1049.3 1042.2 3887.7 3889.8 3891.9 3894.5 3908.4 3892.8 3879.9 3880.7 3883.8 3885.1 3881.3 3872.7 5023.5 5027.7 5031.7 5035.9 5051.9 5039.2 5030.7 5032.6 5029.8 5037.7 5036.0 5026.8 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 4. 5. 6. 7. e Demand deposits3 Other checkable deposits Nontransactions components At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 1995-Dec. 372.6 8.9 391.1 248.5 108.0 356.5 2526.0 939.8 1996-Jan. Feb. Mar. 373.0 373.4 375.4 8.9 8.9 8.9 394.4 397.3 404.5 238.4 231.9 227.1 107.5 108.4 110.2 345 .9 340 .3 337 .3 2547.7 2565.2 2587.8 952.4 970.2 978.0 Apr. May June 376.4 377.7 379.9 8.8 8.7 8.7 404.5 407.1 410.6 226.3 215.6 208.7 107.6 107.9 107.7 333 .9 323 .5 316,.4 2600.9 2608.5 2626.4 984.2 1005.7 1011.6 July Aug. Sep. 382.8 385.2 387.6 408.7 405.8 404.9 202, 195, 188. 105.8 105.2 104.3 308,.7 300,.4 292..2 2641, 2663. 2682. 1021.2 1028.8 1047.3 Oct. Nov. Dec. 390, 392. 395, 398, 402, 402, 178. 172. 171. 104, 104, 103, 283..2 276,.8 274,.8 2707, 2729, 2752. 1069.9 1075.8 1094.6 272,.5 267,,3 261,.6 2770.0 2785.4 2807.2 1100.4 1121.3 1133.3 1997-Jan. Feb. Mar. 397.0 400.5 402.4 8.6 8.6 8.5 401.7 404.2 402.8 170.9 165.4 160.3 101.6 101.9 101.3 Apr. 403.7 8.3 395.3 159.8 98.0 257.8 2836.7 1148.7 Week endina 1997-Mar. 31 1. 2. 3. Travelers checks2 402.7 8.4 405.0 161.8 99.2 261.0 2816.3 1136.2 398.5 391.3 398.0 394.0 155.8 157.5 162.9 160.7 100.3 97.0 98.0 96.9 256.1 254.5 261.0 257.6 2831.3 2838.9 2845.6 2842.3 1137.0 1151.5 1148.1 1157.2 394.4 393.1 394.2 398.6 157.4 155.6 155.7 155.5 98.6 97.6 96.9 96.0 256.0 253.3 252.6 251.4 2829.7 2831.9 2839.6 2844.7 1154.0 1157.4 1155.2 1149.3 Apr. 7 14 21 28 402.9 402.7 403.7 404.8 8.3 8.3 8.3 8.3 May 5 12 19p 26p 405.6 405.9 406.0 406.4 8.3 8.3 8.4 8.4 e e e Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately. Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. estimated p preliminary Page 5 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits1 Date Institutional money funds Large-denomination time deposits3 At thrift institutions 1137.1 357.7 933.7 455.2 246.9 344.7 359.3 360.2 360.5 1153.8 1165.1 1180.2 579.4 579.4 578.2 354.9 354.7 352.6 934.3 934.1 930.8 459.6 466.0 476.8 250.1 259.7 263.7 344.5 349.7 356.8 76.4 76.5 75.8 420.9 426.3 432.5 June 825.5 829.3 837.4 364.6 366.3 366.7 1190.1 1195.6 1204.1 577.5 577.0 578.0 352.0 351.5 350.8 929.5 928.4 928.8 481.4 484.5 493.6 263.4 263.6 269.7 359.4 367.1 373.3 76.0 75.4 75.6 435.4 442.5 448.9 July Aug. Sep. 844.2 857.1 865.7 366.8 365.6 365.8 1211.0 1222.7 1231.5 580.3 582.9 585.4 350.2 351.3 352.1 930.5 934.1 937.5 499.6 506.1 513.2 274.0 278.8 285.2 378.7 382.1 388.4 76 77 78, 455. 459. 466.8 Oct. Nov. Dec. 879.3 892.7 903.9 367.1 366.3 367.1 1246.3 1259.0 1271.0 587.4 589.9 592.0 353.4 353.2 352.4 940.8 943.2 944.4 520.5 527.1 536.6 288.1 292.0 299.3 400.4 402.3 410.4 78.8 79.4 79.2 479, 481. 489, 1997-Jan. Feb. Mar. 914.0 921.1 934.2 368.5 369.4 370.1 1282.5 1290.5 1304.3 592.5 593.4 595.8 352.5 352.8 349.3 945.0 946.2 945.1 542.4 548.7 557.8 296.3 305.4 311.8 410.3 416.0 424.8 81.1 81.9 82.0 491.4 497.9 506.7 Apr. 947.9 373.1 1321.1 598.5 347.9 946.4 569.2 311.6 436.3 82.5 518.8 933.7 374.7 1308.4 595.4 349.2 944.5 563.4 307.9 428.4 82.8 511.3 At thrift institutions Total 1995-Dec. 361.1 1996-Jan. Feb. Mar. 794.5 804.9 819.7 Apr. Week e n d i n a 1997-Mar. 31 3. 4. Retail money funds At commercial banks 576.0 At commercial banks 776.0 May 1. 2. Small-denomination time deposits2 Total At commercial banks4 At thrift institutions 75.1 Total 419.8 Apr. 7 14 21 28 948.6 951.2 953.6 947.0 371.0 371.7 373.4 377.3 1319.6 1322.9 1327.0 1324.3 597.4 598.0 598.7 599.5 347.4 347.8 348.0 348.3 944.8 945.9 946.8 947.7 566.9 570.2 571.8 570.3 311.2 314.9 309.9 312.6 430.0 436.4 437.1 440.8 83.2 82.9 82.0 81.9 513.2 519.3 519.2 522.6 May 5 12 19p 26p 944.6 943.2 944.6 946.3 375.3 373.8 375.8 376.4 1319.9 1317.0 1320.4 1322.7 599.9 600.5 601.1 602.4 348.7 349.3 349.5 348.9 948.7 949.7 950.6 951.3 561.1 565.2 568.6 570.8 304.1 311.5 315.0 311.7 441.5 438.8 435.7 435.2 82.5 82.8 82.5 81.7 524.0 521.6 518.2 516.9 Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. p preliminary 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 Date RPs 1 Non-M3 Components of L 2 Eurodollars Short-term Treasury securities3 Savings bonds lSSg-Dec. 182.1 $1.6 lg4>8 urn H72 1996-Jan. Feb. Mar. 187.2 188.9 187.8 94.2 95.4 94.0 185.0 185.2 185.4 464.3 448.1 458.4 Apr. May June 188.9 202.7 195.3 96.5 97.0 97.8 185.8 186.1 186.4 July Aug. Sep. 194.1 192.3 194.1 97.9 98.4 101.2 Oct. Nov. Dec. 195.5 194.6 193.0 1997-Jan. Feb. Mar. Apr. Week ending 1997-Mar. 31 1. 2. Bankers acceptances4 Commercial paper5 Debtcomponents6 Federal debt Non-Federal debt ¥75"73 3^38.6 16234.4 11.3 10.2 9.9 440.0 443.0 446.3 3639.6 3658.0 3685.1 10285.8 10340.7 10390.5 460.0 439.6 448.5 10.2 10.7 11.1 459.3 468.0 470.1 3698.0 3704.3 3710.7 10447.7 10501.2 10554.9 186.7 186.9 187.1 447.6 452.4 457.7 11.5 11.7 12.0 473.0 477.7 482.0 3729.4 3743.4 3746.4 10609.3 10652.5 10698.5 107.1 107.6 112.7 187.1 187.0 187.0 447.6 454.3 435.7 12.1 12.2 12.2 479.6 483.2 495.5 3758.2 3771.4 3780.4 10749.2 10801.1 10841.6 196.4 200.3 198.7 116.4 117.8 116.1 186.7 186.4 186.3 415.8 420.6 426.3 11.9 12.7 13.5 509.1 517.5 525.9 p 3778.6 3784.2 3799.1 10884.7 10938.7 10987.2 200.3 117.9 203.3 113.7 Apr. 7 14 21 28 198.0 200.8 201.2 200.8 114.6 116.5 117.8 121.2 May 5 12 19p 26p 202.3 200.7 197.8 194.0 123.6 123.6 124.2 126.7 p p p p 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. p Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted cy1 Date 1. 2. 3. 4. 5. 6. 7. e Travelers checks 2 Demand deposits 3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 6 Total In M3 only7 1995-Dec. 376.2 8.5 407.3 251.6 109.2 360.8 2522.6 939.0 1996-Jan. Feb. Mar. 371.7 370.9 374.3 8.5 8.5 8.6 398.6 387.9 397.1 244.0 232.2 228.0 107.3 106.2 109.8 351.3 338.4 337.8 2543.2 2562.9 2597.9 955.4 974.8 978.8 Apr. May June 375.8 377.5 380.4 8.6 8.6 8.9 405.3 398.7 409.2 231.3 213.1 207.6 110.1 107.3 108.0 341.5 320.4 315.6 2610.3 2604.0 2625.4 976.6 1005.9 1011.3 July Aug. Sep. 383.7 385.8 386.8 9.1 9.0 8.8 410.3 404.2 403.8 200.8 192.8 186.7 105.8 104.5 103.9 306.6 297.3 290.6 2644.3 2667.8 2678.1 1015.3 1027.9 1043.3 Oct. Nov. Dec. 388.9 392.9 397.9 8.6 8.4 8.3 398.5 407.6 418.8 176.9 171.9 173.5 103.8 104.4 104.5 280.7 276.3 278.0 2700.8 2727.0 2748.5 1075.9 1080.9 1093.2 1997-Jan. Feb. Mar. 395.6 397.7 401.0 8.2 8.3 8.2 405.6 394.6 396.0 174.8 165.6 160.9 101.8 100.2 101.1 276.6 265.8 262.0 2765.4 2783.9 2820.1 1104.4 1128.2 1135.3 Apr. 403.4 8.2 396.3 163.5 100.3 263.8 2847.2 1139.4 Week e n d i n a 1 9 9 7 - M a r . 31 401.2 8.2 401.2 165.0 100.1 265.1 2815.4 1128.3 Apr. 7 14 21 28 404.5 403.8 403.0 402.6 8.2 8.2 8.2 8.2 404.3 400.0 400.1 382.7 159.3 160.8 168.5 163.9 104.0 100.5 100.5 96.9 263.3 261.3 268.9 260.8 2863.5 2874.2 2852.6 2815.2 1128.2 1141.1 1137.0 1149.9 May 5 12 19p 26p 405.2 406.3 405.6 406.6 8.1 8.2 8.3 8.4 390.7 385.1 386.9 380.0 157.9 152.8 153.0 153.1 99.9 97.0 95.4 94.1 257.8 249.7 248.4 247.2 2821.9 2835.8 2832.1 2830.5 1146.0 1152.5 1154.6 1154.2 e e e Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances. 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 Small-denomination time deposits2 Savings deposits1 At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total Retail money funds 1995-Dec. 775.3 360.8 1136.1 573.8 356.3 930.1 456.3 1996-Jan. Feb. Mar. 790.2 799.8 820.0 357.4 357.9 360.6 1147.6 1157.8 1180.7 578.6 579.6 579.6 354.4 354.9 353.4 933.0 934.5 933.0 Apr. June 826.7 828.0 839.8 365.1 365.7 367.7 1191.7 1193.7 1207.6 579.1 578.0 578.4 353.0 352.1 351.1 July Aug. Sep. 847, 860. 866. 368.1 366.8 366.2 1215.1 1226.8 1232.8 581.0 582.9 584.7 Oct. Nov. Dec. 878, 894. 902. 366, 367 366, 1245, 1261, 1269. 1997-Jan. Feb. Mar. 908.9 915.4 935.1 366.5 367.1 370.5 Apr. 949.4 Date May Week e n d i n a 1997-Mar. 31 1. 2. 3. 4. p Institutional money funds Large-denomination time deposits3 At commercial banks 4 At thrift institutions Total 248.2 345.7 75.4 421.1 462.7 470.6 484.2 257.3 267.7 267.1 341 .5 348 . 3 355 .7 75.7 76.2 75.6 417.2 424.4 431.2 932.1 930.2 929.5 486.5 480.1 488.3 261.4 260.1 264.6 356 .2 369 .2 373 .7 75.3 75.8 75.7 431.6 445.0 449.4 350.6 351.3 351.7 931.6 934.2 936.4 497.6 506.8 508.9 271.2 278.1 280.4 376 .6 3 8 1 ,.4 3 8 8 ,.0 76.1 77.1 78.3 452.7 458.5 466.4 586.7 588.5 589.8 353.0 352.4 351.1 939.7 940.8 940.9 515.3 524.6 538.1 284.7 292.6 300.5 4 0 5 ,,0 4 0 6 ..9 4 1 1 ..9 79.7 80.3 79.5 484.7 487.2 491.4 1275.4 1282.4 1305.6 591.7 593.8 597.3 352.1 353.1 350.2 943.8 946.9 947.5 546.2 554.6 567.1 304.8 315.5 316.4 4 0 6 ..7 4 1 4 .,3 4 2 4 . .0 80.4 81.6 81.8 487.1 495.9 505.8 373.7 1323.1 600.3 349.0 949.2 574.8 309.2 432.3 81.7 514.1 925.8 371.5 1297.3 597.2 350.2 947.4 570.7 307.5 424.3 506.4 Apr. 7 14 21 28 962.3 966.0 952.6 927.2 3 7 6 ,.4 3 7 7 ,.4 3 7 3 ,. 1 3 6 9 ..4 1338 .6 1 3 4 3 ,.4 1 3 2 5 , .7 1 2 9 6 ,.6 599 .6 5 9 9 .. 8 6 0 0 ,.4 6 0 0 ,.9 3 4 8 ,.7 3 4 8 ,.9 3 4 9 ..0 3 4 9 .. 1 948 .4 9 4 8 ,. 8 9 4 9 ,. 4 9 5 0 ,.0 576 .5 582 .0 5 7 7 ,. 5 5 6 8 ,.6 311.0 314.7 306.3 307.8 424 .8 4 3 1 ,.2 4 3 3 , .2 4 3 8 ,.5 8 2 ,. 2 8 1 ,.9 8 1 ,.3 8 1 ..4 506, 513. 514. 519. May 5 12 19p 26p 940.4 948.9 943.5 939.0 3 7 3 ,.7 3 7 6 .. 1 3 7 5 , .4 3 7 3 ..5 1 3 1 4 ,. 1 1 3 2 4 ,.9 1 3 1 8 ,.9 1 3 1 2 ,,5 6 0 1 ,• 5 6 0 1 ..8 6 0 2 ,.3 6 0 3 ,.4 3 4 9 ..7 3 5 0 ,. 1 3 5 0 .. 1 3 4 9 ,,5 9 5 1 , .2 9 5 1 ,.9 9 5 2 ,.4 9 5 2 .,9 5 5 6 ..6 5 5 9 ..0 5 6 0 ..7 5 6 5 ,.1 298.7 305.9 310.5 308.2 4 4 0 ..6 4 4 0 .. 1 4 3 8 .. 1 4 3 9 . .4 8 2 .. 3 8 3 ..0 8 2 ,.9 8 2 , ,5 522.9 523.1 521.0 521.9 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 RPs1 Date At commercial banks Eurodollars2 Savings bonds Total Short-term Treasury securities3 Bankers acceptances 4 Commercial paper6 Federal debt Non-Federal debt 1995-Dec. 132.6 45.4 178.0 91.8 184.8 482.9 11.6 438.1 3645.9 10229.8 1996-Jan. Feb. Mar. 140.4 140.9 139.8 45.0 45.3 45.6 185.4 186.2 185.4 95.4 96.5 95.0 185.1 185.4 185.7 470.0 451.8 470.7 11.9 10.3 9.8 441.3 442.7 444.3 3634.4 3655.5 3698.1 10272.2 10305.8 10347.4 Apr. May June 140.0 153.9 149.3 47.9 50.8 51.0 187.9 204.8 200.3 95.8 96.0 97.1 186.1 186.3 186.4 461.4 430.1 441.1 10.4 10.5 11.2 461.1 471.4 467.0 3699.5 3692.1 3698.1 10409.1 10466.9 10522.0 July Aug. Sep. 144. 144. 146. 50, 49, 49, 195.0 193.8 196.1 96.4 97.6 100.4 186.6 186.7 186.7 446.9 456.0 451.0 10.7 11.1 12.0 467.8 473.6 483.1 3708.3 3730.9 3736.1 10572.3 10611.8 10669.2 Oct. Nov. Dec. 150.0 145.8 141.8 48, 47, 46. 198. 193, 187.8 108.1 107.8 113.5 186.8 186.9 187.0 432.8 454.4 448.3 12.2 12.4 12.6 486.1 485.2 493.8 3740.9 3771.4 3787.9 10728.7 10782.6 10833.4 148.5 150.5 149.0 45.9 47.1 46.9 194.4 197.7 196.0 118.1 119.1 117.2 186.8 186.6 186.6 421.1 424.1 438.0 12.5 12.9 13.4 510.3 517.4 523.4 3773.4 3783.0 3815.4 10869.9 10900.8 10940.6 152.0 47.1 199.1 117.1 152.0 46.5 198.5 115.9 1997-Jan. Feb. Mar. Apr. Week ending 1997-Mar. 31 1. 2. At thrift institutions Debtcomponents 6 Non-M3 Components of L Apr. 7 14 21 28 148.4 151.2 153.4 153.8 47.3 47.1 46.9 47.1 195.7 198.4 200.3 200.9 114.6 114.9 116.0 121.3 May 5 12 19p 26p 155.6 155.6 154.3 151.4 46.8 46.6 46.2 46.1 202.4 202.1 200.4 197.5 122.1 121.4 122.7 126.5 p p p p p 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. p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits IRA and Keogh Accounts Time and savings deposits at commercial At commercial 27.1 1.1 150.5 110.1 e 75.5 336.1 e 15.9 13.2 10.8 26.5 21.2 20.6 1.2 1.3 1.2 150.7 150.8 151.0 109.8 109.6 109.5 e e e 76.6 78.0 79.6 337.1 338.4 340.0 e e e 7.2 5.7 6.1 11.6 10.1 14.5 24.6 18.7 25.4 3.2 4.5 4.4 151.2 151.3 151.6 109.3 109.0 108.8 e e e 79.5 78.1 76.5 340.0 338.4 336.9 e e e 2.9 2.7 4.6 5.3 5.1 6.2 17.4 12.2 20.5 25.7 20.1 31.3 4.6 4.6 4.6 151.9 151.8 151.4 108.6 108.5 108.4 e e e 76.6 76.7 76.7 e e e 337.1 337.0 336.6 e e e 15.1 16.3 17.6 3.0 3.3 4.3 5.0 5.0 5.7 11.0 11.6 11.9 19.0 19.9 21.9 4.6 4.6 4.6 151.3 151.4 151.3 108.4 108.4 108.4 e e e 76.8 76.9 77.0 e e e 336.5 336.6 336.7 e e e 1.4 1.4 1.4 18.4 18.4 18.4 4.1 2.8 3.1 6.2 5.1 5.9 20.2 14.7 17.8 30.5 22.6 26.7 4.7 4.6 4.6 151.2 151.2 151.2 108.4 108.4 108.4 e e e 77.0 77.2 77.4 e e e 336.7 336.8 337.1 e e e 8.3 1.4 18.4 5.3 11.7 21.7 38.7 4.6 151.2 108.4 e 77.6 e 337.2 e Week e n d i n g 1 9 9 7 - M a r . 31 8.3 1.5 18.4 2.6 5.6 25.3 33.5 4,6 Apr. 7 14 21 28 8.3 8.3 8.3 8.3 1.4 1.4 1.4 1.4 18.4 18.4 18.4 18.4 3.0 3.7 8.3 6.4 5.1 5.0 8.3 22.6 14.8 8.2 23.6 35.5 22.9 17.0 40.2 64.5 4.6 4.6 4.6 4.6 May 5 12 19p 26p 8.3 8.3 8.3 8.3 1.4 1.4 1.4 1.4 18.4 18.4 18.4 18.4 3.5 2.4 2.8 2.0 32.4 16.0 8.4 5.1 38.0 37.9 30.7 24.4 73.8 56.4 41.9 31.4 4.6 4.6 4.6 4.6 Demand deposits at commercial banks Balance at Federal Reserve 12.5 5.9 6.5 14.6 1.5 1.5 1.4 13.0 13.5 14.0 4.3 3.0 4.0 6.2 5.0 5.7 7.8 8.3 8.9 1.4 1.5 1.5 14.0 13.5 13.0 5.8 2.8 4.8 July Aug. Sep. 9.1 7.9 8.5 1.6 1.5 1.4 13.2 13.6 14.1 Oct. Nov. Dec. 8.5 8.4 8.3 1.4 1.4 1.4 1997-Jan. Feb. Mar. 8.3 8.3 8.3 Apr. Date e p Time and savings deposits due to foreign banks and official institutions Foreign commercial banks Foreign official institutions 1995-Dec. 8.4 1.5 1996-Jan. Feb. Mar. 8.4 8.2 8.0 Apr. May June estimated preliminary Note balances at depository institutions Total cash balance banks . tffft S institutions Total funds Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class