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Vobico^..# FEDERAL RESERVE statistical release ••*«?s^ H.6(508) NOTICE Weekly seasonal factors for the nontransactions component of M2 (M2 less Ml) beginning with the week of March 28, 1988 have been revised to incorporate further analysis of certain holiday-related effects. The revised factors for this component appear in Appendix Table 1. .•tiS-g&i- 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 MARCH 10, 1988 Billions of dollars Date M1J M2 Z Debt5 M3 3 Seasonally adjusted 1986-MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 634.0 641.2 651.7 661.3 670.8 680.5 687.4 694.9 706.4 725.4 2603. 2627. 2652. 2677. 2702. 2725. 2743. 2766. 2782 2807.8 3270 3299 3319 3347 3377 3403 3429.8 3448.3 3463.9 3490.4 3900. 3927. 3954. 3978. 4009. 4036. 4064.6 4083.9 4104.8 4134.1 6941. 6997. 7063. 7129. 7194. 7280. 7365. 7429. 7511. 7606. 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.9 2827.8 2829..3 2834..3 2847..4 2849..1 2851..7 2858..1 2869..5 2880..9 2895..2 2897.7 2902.1 3515.1 3523.8 3532.5 3549 3564 3582 3588 3605 3620 3643 3658.1 3662.4 4162 4175 4173 4189 4217 4234 4236 4257 4282 4311.8 4326.9 4333.9 7673.6 7710.9 7754.3 7815.6 7882.8 7943.2 7985. 8037. 8098. 8166. 8243. 8299. 1988-JAN. FEB. p 758.9 759.6 2925.5 2946.6 3687.9 3719.1 4373.lp 8358.Op Not seasonally adjusted 1986-MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 624.6 647.2 645.7 663.5 674.0 679.1 685.2 692,8 709.5 740.6 2597. 2634. 2641. 2676. 2707. 2723. 2737. 2766. 2785. 2821. 3266.1 3303.3 3309.8 3343.9 3376 3400 3426 3448 3470 3507 3901.7 3928.9 3938.5 3975.4 4003.1 4029.6 4058.5 4083.4 4113.0 4152.1 6914.5 6969.3 7034.3 7103.1 7170.2 7259.0 7350.2 7411.8 7485.6 7591.7 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 2875 2895.8 2901 1 2915.8 3527.3 3512.3 3526.2 3554.9 3552.8 3578.0 3586.8 3603.2 3618.8 3643.3 3665.4 3679.0 4180.8 4170.6 4173. 4191. 4201. 4231. 4227. 4250. 4277. 4312. 4336.8 4352.0 7656. 7676. 7722. 7784. 7850. 7915. 7963. 8019. 8084. 8147. 8212. 8276. 1988-JAN. FEB. p 764.8 745.1 2937.8 2934.0 3700.4 3707.6 4391.9p 8329.4p 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 Debt 1 3 Months from NOV. 1987 TO FEB. 1988 3.7 6.8 6.7 9.4 6 Months from AUG. 1987 TO FEB. 1988 3.5 5.4 6.3 9.3 12 Months from FEB. 1987 TO FEB. 1988 3.9 4.1 5.5 8.9 NOV. 30, 1987 (13 weeks previous) 2.2 4.6 5.3 AUG. 31, 1987 (26 weeks previous) 3.3 4.5 5.4 MAR. 3.7 3.6 5.1 Thirteen weeks ending FEBRUARY 29, 1988 from thirteen weeks ending: 1. 2, 1987 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 1987 to January 1988, July 1987 to January 1988, and January 1987 to January 1988, 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 (0CDs)> consisting of negotiable order of withdrawal (NON) 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 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 account . All data on debt of domestic nonfinancial 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 2.1. In those releases, published levels c. credit market debt are measured on a quarter-end basis and include discontinuities. H.6 (508) Table 3 MONEY STOCK MEASURES B i l l i o n s of dollars Seasonally adjusted Ml Period ending 1987-DEC. 7 14 21 28 1988-JAN. 4 11 18 25 FEB. 1 8 15 22p 29p 13-week average 4-week average 752.5 752.9 753.1 753.2 751.4 751.0 750.2 750.4 753.1 753.6 753.9 753.7 754.2 754.8 755.4 756.1 756.4 M3 M2 week average week average 13-week average 4-week average 2898.2 2902.2 2903.4 2902.9 3644.6 3647.9 3651.0 3653.6 3657.8 3658.9 3660.1 3662.1 3658.8 3661.5 3664.3 3663.6 2903.8 2906.4 2912.4 2920.3 2906.8 2912.5 2927.2 2934.5 3656.6 3659.8 3663.8 3666.5 3663.8 3666.8 3673.0 3681.4 3665.7 3673.7 3689.0 3697.3 2928.9 2935.8 2940.7 2945.3 2946.9 2941.3 2940.3 2946.6 2953.1 2947.5 3670.3 3674.2 3679.1 3684.1 3689.2 3692.0 3701.1 3709.2 3716.0 3719.6 3707.8 3710.1 3721.6 3724.4 3722.4 13-week average 4-week average 749.9 749.5 750.2 751.9 2893.2 2895.0 2896.6 2897.8 2897.4 2899.7 2900.3 2901.7 750.9 752.2 754.6 757.4 751.8 754.8 759.9 763.2 2899.2 2901.3 2904.0 2906.0 760.5 762.1 762.1 761.8 759.5 764.1 761.1 759.8 762.1 755.1 2909.1 2912.4 2916.5 2920.5 2924.3 week average Not seasonally adjusted Ml Period ending 1987-DEC. 7 14 21 28 1988-JAN. 4 11 18 25 FEB. 1 8 15 22p 29p 13-week average 4-week average 752.6 753.1 754.8 757.6 756.5 757.3 761.3 764.7 759.8 762.0 762.9 762.8 762.3 761.5 760.5 760.1 758.9 M2 week average ... M3 week average 13-week average 4-week average 2917.1 2916.4 2914.3 2909.9 3647.0 3650.7 3655.3 3660.7 3666.3 3669.0 3673.8 3678.3 3677.8 3677.9 3677.7 3679.6 2920.9 2929.6 2936.4 2940.3 2943.0 2951.3 2941.2 2925.8 3665.6 3671.1 3676.3 3679.5 3683.8 3691.6 3698.5 3701.2 3699.9 3709.0 3705.4 3690.6 2935.8 2931.9 2929.9 2932.3 2933.7 2924.9 2935.6 2933.2 2935.3 2930.8 3682.4 3684.9 3688.4 3692.0 3695.5 3699.5 3698.7 3700.3 3704.2 3707.6 3692.8 3706.1 3711.7 3706.3 3706.3 13-week average 4-week average 766.6 762.3 764.5 765.5 2893.8 2896.0 2899.2 2902.8 2902.6 2905.7 2910.2 2914.4 770.0 774.7 775.4 771.1 787.7 780.9 767.3 748.4 2906.4 2910.9 2914.5 2916.8 760.3 753.3 748.0 746.6 744.5 744.6 752.8 746.3 742.5 736.5 2918.9 2921.0 2923.2 2926.2 2929.1 week average Note: Special caution should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply data, which are highly volatile and subject to revision. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Savings deposits7 At thrift institutions Small time deposits8 Currency1 Travelers checks2 Demand deposits3 Other checkable deposits4 In M2 5 In M3 only* At commercia 1 banks 1986-OCT. NOV. DEC. 178.3 179.2 180.4 6.4 6.5 6.5 288.0 292.4 303.3 222.3 228.3 235.2 2071.2 2076.3 2082.4 682.2 681.2 682.6 146.5 151.2 155.5 206.7 211.5 215.2 353.2 362.7 370.7 1987-JAN. FEB. MAR. 182.2 183.6 184.4 6.5 6.7 6.8 299.7 295.9 295.0 243.0 245.1 248.0 2096.4 2098.0 2100.1 687.4 694.6 698.2 160.5 164.6 168.1 220.1 225.1 228.2 APR. MAY JUNE 185.6 187.0 187.8 6.7 6.7 6.8 299.3 298.9 293.3 253.1 253.9 254.3 2102.7 2102.7 2109.6 702.3 715.5 730.3 171.4 174.0 175.3 JULY AUG. SEP. 189.0 190.2 191.4 6.8 6.9 7.0 292.3 292.1 290.5 255.6 257.2 258.6 2114.5 2123.0 2133.4 730.7 736.4 740.1 OCT. NOV. DEC. 193.1 195.0 196.5 7.0 7.0 7.1 295.9 291.3 288.0 260.3 259.5 259.3 2138.9 2144.9 2151.3 198.4 199.3 7.2 7,3 289.9 287.9 263.4 265.1 4 11 18 25 197.1 198.0 198.5 199.0 7.1 7.2 7.2 7.3 287.2 288.1 291.5 291.7 1 8 15 22p 29p 199.8 199.4 199.4 199.5 199.1 7.3 7.3 7.3 7.3 7.3 290.7 289.0 287.7 289.6 284.9 Date 1988-JAN. FEB. P At thrift institutions Total 370.8 366.5 364.6 495.1 491.2 488.6 865.9 857.6 853.2 380.6 389.7 396.3 363.6 362.2 360.8 487.0 485.9 486.2 850.6 848.1 847.0 232.7 235.5 237.8 404.1 409.5 413.1 358.9 359.0 361.6 486.1 487.0 490.5 845.1 845.9 852.1 176.9 178.3 178.7 238.7 239.5 240.0 415.5 417.8 418.6 364.4 366.7 368.3 494.7 499.1 503.8 859.1 865.9 872.1 748.1 760.4 760.3 178.4 178.2 178.2 238.6 236.8 236.0 417.0 415.0 414.3 374.2 381.6 384.6 509.1 520.1 528.5 883.3 901.7 913.1 2166.6 2187.0 762.4 772.5 179.0 181.0 235.3 235.2 414.3 416.1 388.0 393.6 536.7 548.8 924.7 942.4 260.4 261.5 262.7 265.2 2155.0 2157.7 2167.2 2171.3 758.9 761.2 761.8 762.8 177.9 178.4 179.1 179.3 235.1 235.1 235.2 235.6 413.0 413.5 414.2 414.9 385.6 386.8 387.8 388.9 531.1 533.4 536.1 539.0 916.7 920.2 923.9 927.9 266.3 265.5 265.4 265.7 263.8 2177.2 2179.2 2186.8 2191.0 2192.5 766.4 769.8 775.0 771.3 774.8 179.6 180.2 180.6 181.3 182.0 235.5 235.2 235.3 235.1 235.1 415.1 415.3 415.9 416.4 417.1 389.9 392.0 393.6 394.1 395.3 541.9 544.6 548.0 550.7 552.9 931.9 936.6 941.6 944.8 948.2 Total At commercial banks Week ending 1988-JAN. FEB. 1. 2. e e 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. 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 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 banks 2 Date Debt components6 Non-M3 components of L At thrift institutions Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt 1986-OCT. NOV. DEC. 289.0 288.4 288.9 155.5 152.6 150.3 444.5 440.9 439.2 87.8 89.7 91.6 283.2 284.4 284.4 37.8 37.9 37.8 226.8 228.9 229.9 1757.7 1776.2 1804.5 5671.7 5734.9 5801.5 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 94.2 280.9 280.1 267.8 38.0 38.9 39.6 236.3 239.0 239.9 1818.7 1832.9 1850.0 5855.0 5877.9 5904.3 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 96.6 257.6 261.6 259.7 40.9 42.1 43.1 246.3 253.7 252.8 1861.7 1874.4 1886.0 5953.9 6008.4 6057.1 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 98.4 254.7 257.9 261.8 43.4 43.5 44.3 251.8 251.8 256.6 1888.9 1902.8 1913.1 6097.0 6134.7 6184.9 OCT. NOV. DEC. 317.5 322.3 323.5 154.8 158.1 161.2 472.3 480.5 484.7 98.8 99.3 100.2 271.0 272.1 266.7 44.5 45.0 45.7 254.2 252.5 258.9 1919.3 1939.5 1952.5 6246.9 6303.9 6346.5 320.1 323.6 162.6 164.9 482.7 488.5 101.4 p 273.5 p 41.9 p 268.3 p 1960.4 p 6397.6 p 4 11 18 25 322.9 320.6 321.4 317.7 161.3 162.1 162.7 163.3 484.2 482.7 484.0 481.0 1 8 15 22p 29p 318.7 322.1 324.3 323.6 325.3 163.4 164.5 165.1 165.2 165.0 482.1 486.6 489.4 488.8 490.2 1988-JAN. FEB. P • Week ending 1988-JAN. FEB. 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. 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 Tunds 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. 5. 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 6. discontinuities. -indicates preliminary data. H.6 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Other checkable deposi.ts Date Currency 1 Demand Travelers checks2 deposits3 At commercial banks' At thrift institutions5 Total Nontransact ions components In M2* In M3 only7 Overnight RPs 8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1986-OCT. NOV. DEC. 177.8 180.1 183.0 6.5 6.1 6.0 287.9 295.0 314.4 150.6 155.8 163.0 70.1 72.4 74.3 220.6 228.2 237.3 2073.2 2076.2 2080.8 682.3 684.6 685.7 58.7 58.7 59.4 19.4 18.8 19.0 207.3 207.5 208.0 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 2103.0 687.4 695.1 699.7 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 2105.7 699.8 716.8 727.9 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 2123.1 2130.7 724.2 735.0 742.9 56.9 61.3 62.3 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 81.2 258.5 259.3 261.5 2142.1 2145.1 2149.9 747.6 764.2 763.2 65.0 63.1 61.9 20.9 16.5 16.0 218.8 220.9 222.2 197.1 197.2 6.6 6.8 295.8 279.2 184.2 181.9 81.1 80.0 265.3 261.9 2172.9 2188.9 762.6 773.7 64.3 61.4 17.7 15.2 226.2 232.2 4 11 18 25 199.2 198.1 197.2 195.6 6.5 6.6 6.6 6.7 315.4 305.1 296.3 284.7 184.2 187.9 185.6 181.9 82.3 83.2 81.5 79.4 266.5 271.1 267.1 261.3 2155.3 2170.4 2173.9 2177.4 756.9 757.7 764.2 764.8 61.8 64.9 63.9 64.2 17.8 19.1 17.4 18.1 219.5 222.1 226.9 229.6 1 8 15 22p 29p 195.3 198.0 198.1 196.9 196.1 6.7 6.8 6.8 6.8 6.9 283.3 282.9 279.0 278.0 274.6 180.1 183.9 182.0 181.3 180.2 79.2 81.4 80.3 79.4 78.7 259.3 265.2 262.3 260.8 259.0 2180.3 2182.7 2186.9 2192.9 2194.3 767.9 770.5 778.6 770.9 775.5 65.8 62.4 60.5 61.7 60.2 15.9 14.0 14.7 16.1 15.9 230.5 230.5 232.0 232.8 233.7 1988-JAN. FEB. P Neek endiing 1988-JAN. FEB. 1. 2. e e 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. 3. Demand deposits at commercial banks and foreign-re la ted institutions other than those due to depository ins ti tut ions , 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 NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NON 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. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits1 Money market deposit accounts At At commercial thrift banks institutions Date Total At At thrift commercial institutions banks Small-denomination time deposits2 Total At At commercial _ thrift banks institutions Total Large-denomination time deposits3 At At commercial thrift 4 banks institutions Total 1986-OCT. NOV. DEC. 372.9 376.4 379.6 192.3 193.4 192.9 565.2 569.8 572.5 146.6 150.6 154.2 207.2 210.5 212.9 353.8 361.1 367.0 372.0 367.6 365.3 496.9 492.6 489.7 868.8 860.3 855.0 289.3 288.5 289.1 156.4 153.4 150.7 445.7 441.9 439.8 1987-JAN. FEB. MAR. 382.0 378.8 378.8 193.4 193.2 193.0 575.4 572.0 571.8 159.7 163.2 167.4 218.1 222.9 227.9 377.8 386.0 395.4 364.7 362.3 360.2 490.3 488.1 486.3 855.0 850.4 846.4 292.5 295.1 300.0 149.5 148.9 147.5 442.1 444.0 447.5 APR. MAY JUNE 376.1 369.7 368.5 190.7 188.9 186.6 566.8 558.6 555.1 172.3 175.0 176.8 233.6 237.4 240.4 405.9 412.4 417.3 356.3 356.2 360.4 484.6 483.0 487.4 840.9 839.1 847.8 302.7 308.7 311.2 144.5 145.1 145.7 447.2 453.7 457.0 JULY AUG. SEP. 366.2 365.0 363.3 183.3 180.0 177.2 549.4 545.0 540.5 178.7 178.5 178.2 241.8 240.0 239.2 420.5 418.5 417.3 364.8 367.9 370.0 494.7 499.0 503.2 859.6 866.8 873.2 309.7 312.3 314.1 146.8 149.4 151.8 456.5 461.7 465.9 OCT. NOV. DEC. 360.0 358.1 358.2 173.9 169.6 167.0 533.9 527.7 525.2 178.6 177.5 176.7 239.3 235.7 233.3 417.8 413.2 410.0 375.1 382.6 385.2 510.5 521.1 529.3 885.6 903.8 914.6 317.3 322.4 323.6 155.7 159.0 161.7 473.1 481.3 485.4 358.9 359.0 165.2 163.6 524.0 522.5 178.2 179.4 233.0 232.8 411.2 412.2 389.4 394.0 540.2 551.4 929.6 945.4 321.2 323.9 163.8 166.0 484.9 489.9 4 11 18 25 357.8 360.3 359.6 358.2 166.2 166.1 165.3 164.4 524.0 526.4 524.9 522.6 177.3 178.5 178.2 178.0 233.7 233.9 233.2 232.4 411.0 412.4 411.3 410.3 386.7 388.2 389.3 390.2 534.4 537.2 540.2 542.4 921.1 925.4 929.5 932.6 326.0 321.7 321.7 318.3 161.6 163.0 163.9 164.6 487.8 484.7 485.6 483.0 1 8 15 22p 29p 357.6 358.5 358.9 359.5 359.1 163.9 164.1 163.6 163.4 163.1 521.6 522.6 522.5 522.9 522.2 178.1 179.1 179.3 179.7 179.9 232.0 233.0 233.0 232.6 232.5 410.1 412.1 412.3 412.3 412.4 391.2 392.8 393.9 394.4 395.3 545.2 548.3 551.0 552.7 554.6 936.4 941.1 944.9 947.1 949.9 319.9 322.5 324.8 323.8 325.2 164.7 165.8 166.4 166.2 165.9 484.6 488.3 491.1 490.0 491.1 1988-JAN. FEB. P Neek ending 1988-JAN. FEB. 1. 2. Savings deposits exclude MMDAs. Small-denomination time deposits—includinq 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. 3. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities, 4. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and official institutions. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 At InstitutionAt thrift only money commercial institutions banks market funds Date Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities31 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1986-OCT. NOV. DEC. 84.9 84.8 84.4 34.5 37.2 35.4 44.3 46.6 48.6 78.8 83.8 84.0 79.0 80.2 83.8 87.8 89.9 91.9 280.6 286.8 287.0 38.0 38.0 37.4 228.7 227.9 228.7 1749.1 1772.3 1804.0 5662.7 5713.3 5787.8 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 85.4 88.0 88.4 92.7 93.5 94.3 283.7 285.4 273.4 37.8 38.9 39.3 239.3 240.4 240.2 1817.6 1827.4 1839.0 5838.8 5849.5 5883.5 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 83.8 87.0 89.7 95.1 95.8 96.5 257.0 256.8 257.9 40.5 42.2 43.5 243.8 253.6 255.1 1847.4 1858.3 1869.5 5937.1 5991.9 6045.5 JULY AUG. SEP. 83.8 84.0 81.3 38.5 39.6 40.3 68.5 67.9 68.8 107.0 107.5 109.2 85.7 90.5 94.8 97.1 97.7 98.3 251.0 256.2 258.9 43.6 43.6 44.4 249.2 249.2 256.8 1872.7 1887.7 1900.2 6091.2 6131.8 6184.0 OCT. NOV. DEC. 82.5 89.5 89.6 37.1 39.3 37.5 69.1 69.4 67.9 106.2 108.7 105.4 93.7 93.1 91.2 98.8 99.6 100.6 268.1 275.2 269.7 44.8 45.1 45.1 257.1 251.6 257.8 1909.8 1935.2 1951.9 6237.5 6276.9 6324.7 94.4 98.7 37.8 42.2 67.9 66.8 105.6 109.0 85.9 85.2 101.7 p 276.3 p 41.7 p 271.8 p 1959.0 p 6370.4 p 4 11 18 25 86.8 92.0 96.5 96.9 31.3 36.1 37.4 40.8 67.5 68.0 68.4 67.7 98.7 104.1 105.8 108.4 90.1 84.5 85.0 85.8 1 8 15 22p 29p 97.1 97.5 99.4 98.1 100.0 40.9 42.2 43.9 40.7 42.2 67.8 67.9 67.3 66.5 65.2 108.7 110.1 111.1 107.1 107.5 86.0 82.4 86.4 85.2 86.6 1988-JAN. FEB. P Week ending 1988-JAN. FEB. Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount of overnight RPs at thrift institutions. 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. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan E s, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthlv average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove scontinuities. --indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted Demand deposits at banks due to Date IRA and Keogh Accounts U.S. government deposits Time and savings deposits due to Foreign Foreign foreion banks commercial official and official banks institutions institutions Time and savings At deposits At thrift at commercial commercial institutions banks banks At money market funds Total 95.8 96.4 97.2 10.8 10.7 10.7 178.1 178.9 180.7 73.7 74.5 75.6 98.1 98.9 100.3 10.8 11.0 11.2 182.6 184.4 187.1 Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance 3.4 3.4 3.7 3.4 3.2 3.7 11.8 11.9 15.5 18.6 18.4 22.9 1.6 1.5 1.5 71.5 71.8 72.7 3.7 3.3 3.5 9.6 5.0 3.1 23.8 25.2 13.6 37.1 33.6 20.3 1.4 1.4 1.4 1986-OCT. NOV. DEC. 9.7 9.3 9.5 1.9 2.1 2.0 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 7. 16. 8. 16.6 27.4 21.8 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 JULY AUG. SEP. 9.3 8.9 9.4 5. 3. 10. 23, 18. 21. 31.9 25.0 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 OCT. NOV. DEC. 9.5 9.4 9.6 8, 4. 4. 27. 22, 18. 39.5 29.7 26.6 81.8 82.2 82.9 107.1 107.4 108.7 14.8 e 15.0 e 15.2 e 203.7 e 204.6 e 206.8 e 5.6 3.8 20.8 24.4 30.5 31.3 83.9 84.7 110.0 110.3 e 15.5 e 15.6 e 209.4 e 210.7 e 1988-JAN. FEB. P 10.0 9.3 4.2 4.2 4.1 4.4 4.4 4.4 1.7 1.6 4.4 4.3 4.1 3.1 Week ending 1988-JAN. FEB. 4 11 18 25 9.6 11.3 9.8 10.8 4.4 4.4 4.5 4.4 20. 12. 17. 25. 29, 19, 25, 36, 1 8 15 22p 29p 8.2 8.6 9.0 10.3 9.4 4.4 4.4 4.4 4.3 4.3 30. 22. 20. 25. 27.8 42, 30, 26, 33. 33, e—indicates estimated data, p—indicates preliminary data. 1.6 1.6 Appendix Table 1 Revised Weekly Seasonal Factors for the Nontransactions Component of M2 Week ended: 7 14 21 28 1.0010 1.0007 0.9984 0.9969 4 11 18 25 1.0001 1.0059 1.0031 1.0028 1 8 15 22 29 1.0014 1.0016 1.0000 1.0008 1.0009 Mar. 7 14 21 28 Apr. 1987--Dec. 0.9983 0.9987 0.9984 0.9986 | | | j 24 31 1.0019 1.0020 1.0013 1.0018 1.0021 | | | j j Nov. 7 14 21 28 1.0009 | 1.0014 j 1.0011 j 0.9974 j 1.0005 1.0011 1.0008 1.0015 Dec. 5 12 19 26 0.9999 1.0008 0.9988 0.9969 | | j j 4 11 18 25 1.0006 1.0022 0.9987 0:9990 1989--Jan. 2 9 1.0005 1.0053 1.0028 1.0026 1.0016 | j j j j 2 9 16 23 30 0.9980 0.9953 0.9967 0.9970 0.9970 | j j j June 6 13 20 27 July Aug. 1988--Jan. Week ended: Feb. May 1988--Sept . 5 12 19 26 Oct. 3 10 17 16 23 30 1 , Feb. 6 13 20 27 1.0014 1.0015 1.0000 1.0005 0.9984 0.9989 0.9977 0.9970 Mar. 6 13 20 27 1.0004 | 1.0014 j 1.0006 j 0.9986 j 4 11 18 25 0.9981 1.0008 1.0012 1.0011 Apr. 3 1 8 15 22 29 1.0007 1.0008 1.0009 1.0003 1 0.9992 1.0043 | H.6 (508) 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 1986-DECEMBER 725.4 725.4 724.5 32.3 31.8 32.5 987-JANUARY 731.4 730.4 728.6 9.9 8.3 6.8 FEBRUARY 731.3 731.1 729.0 -0.2 1.1 0.7 MARCH 734.2 734.1 732.7 4.8 4.9 6.1 APRIL 744.7 744.5 739.4 17.2 17.0 11.0 MAY 746.5 746.6 745.5 2.9 3.4 9.9 JUNE 742.1 742.1 743.0 -7.1 -7.2 -4.0 JULY 743.6 743.8 742.7 2.4 2.7 -0.5 AUGUST 746.5 746.8 747.4 4.7 4.8 7.6 SEPTEMBER 747.5 747.9 746.1 1.6 1.8 -2.1 OCTOBER 756.2 756.6 755.0 14.0 14.0 14.3 NOVEMBER 752.7 753.2 751.8 -5.6 -5.4 -5.1 DECEMBER 750.9 750.8 749.6 -2.9 -3.8 -3.5 758.9 757.7 756.4 12.8 11.0 10.9 759.6 759.4 757.5 1.1 2.7 1 7 1988-JANUARY FEBRUARY 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 .