Full text of H.6 Money Stock Measures : March 25, 1999

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FEDERAL RESERVE statisfipfllrafe
H.6 (508)
Table 1

MAR ? Q I999

MONEY STOCK AND DEBT MEASURES

•f*ALRfc*V'
|For release at 4:30 p.m. Eastern Time

Billions of dollars
Date

M a rc h 25. 1999

M11

---------------r r m ■ w e a c n n u r i
M22
■"
M33

j
DEBT4

Seasonally adjusted
1072.4
1067.5
1063.4
1066.0
1067.6
1072.1
1064.8
1062.1
1067.5
1074.9

3862.7
3882.4
3892.8
3911.6
3929.1
3961.1
3981.7
4000.2
4023.1
4046.6

5044.2
5086.5
5108.3
5135.5
5185.9
5232.8
5269.7
5306.7
5353.6
5404.7

14578.4
14648.6
14698.3
14730.4
14792.2
14860.5
14928.3
14999.7
15069.6
15140.2

Dec.

1073.8
1076.0
1080.6
1082.1
1078.2
1077.8
1075.4
1072.2
1074.7
1080.4
1089.0
1093.3

4071.4
4100.9
4126.2
4155.2
4174.8
4198.6
4216.1
4241.7
4285.5
4326.9
4365.3
4402.0

5449.6
5485.2
5543.8
5589.3
5631.3
5674.1
5694.2
5749.7
5812.4
5874.5
5940.2
5999.6

15207.4
15285.1
15368.5
15446.6
15517.2
15590.6
15672.0
15748.8
15819.7
15903.6
15998.0
16084.5

1999-Jan.
Feb.

1090.7
1092.1

4425.7
4446.6

6018.3
6068.9

16160.7 p

1997-Mar.
Apr.
May
June
J ul y
Aug.
Sep.
Oct.

Nov.
Dec.
1998-Jan.
Feb.
Mar.
Apr.
May
June
J ul y
Aug.
Sep.
Oct.

Nov.

Not seasonally adjusted
1997-Mar.
Apr.
May
June
Jul y
Aug.
Sep.

1067.8
1073.4
1053.8
1064.1
1065.6
1069.2
1059.6
1057.6
1074.1
1097.4

3875.1
3908.3
3873.8
3905.3
3925.1
3960.4
3970.7
3986.7
4025.7
4064.8

5064.8
5109.0
5092.4
5128.0
5171.7
5226.8
5251.9
5295.0
5359.2
5420.8

14563.3
14630.2
14667.0
14698.3
14746.1
14817.8
14894.1
14963.2
15051.9
15139.8

Nov.
Dec.

1079.9
1066.0
1075.7
1087.4
1070.5
1074.7
1073.6
1068.6
1069.9
1076.2
1094.3
1115.3

4073.7
4092.1
4143.6
4186.2
4155.9
4188.7
4209.0
4238.7
4273.4
4311.7
4365.7
4418.8

5453.9
5486.9
5573.2
5619.0
5618.0
5661.9
5671.8
5738.1
5789.6
5859.5
5945.1
6015.8

15190.2
15254.4
15355.9
15429.5
15484.8
15557.5
15624.5
15704.7
15784.5
15865.4
15980.4
16085.0

1999-Jan.
Feb.

1098.0
1082.8

4429.1
4440.9

6026.5
6077.6

16144.1 p

O c t.

Nov.
Dec.
1998-Jan.
Feb.
Mar.
Apr.
May
June
J ul y
Aug.
Sep.
O c t.

Footnotes appear on the following page
p
preliminary
Components may not add to totals due to rounding.



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 Nov.

1998 TO Feb.

1999

1.1

7.4

8.7

6.5

6 Months from Aug.

1998 TO Feb.

1999

3.7

9.7

11.1

6.2

12 Months from Feb.

1998 TO Feb.

1999

1.5

8.4

10.6

6.3

3.4

8.3

9.2

T h i r t e e n weeks endi ng March 15 , 1999
from t h i r t e e n weeks endings
Dec. 14, 1998 (13 weeks p r e v i o u s )
Sep.

14,

1998

(26 weeks p r e v i o u s )

3.5

9.5

10.9

Mar.

16,

1998. (52 weeks p r e v i o u s )

1.5

8.5

10.4

1. Growth rates for debt are based on periods beginning and ending one month earlierthan for the monetary aggregates, namely, October 1998 to January 1999, July 1998 to January 1999,
and January 1998 to January 1999, respectively._________________________________________________________________________ _
Footnotes to Table 1:
1.

2.

3.

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 (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 M 1.
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.
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: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to
January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services
at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1998-Dec.

21
28

1085.1
1086.8

1090.9
1091.7

1094.0
1098.1

4352.8
4362.3

4391.1
4401.2

4408.6
4423.1

5918.6
5933.9

5984.3
5997.9

6007.3
6027.3

1999- Jan.

4
11
18
25

1088.9
1089.7
1090.3
1090.5

1096.7
1096.1
1094.2
1091.3

1107.8
1084.4
1086.6
1086.5

4371.8
4380.1
4387.7
4393.8

4413.4
4420.0
4423.9
4423.6

4430.1
4418.3
4423.9
4422.2

5948.7
5960.8
5972.0
5980.4

6014.5
6020.0
6022.4
6017.1

6038.1
6007.4
6016.8
6006.1

Feb.

1
8
15
22

1090.9
1090.9
1091.0
1091.7

1088.0
1087.7
1088.2
1091.4

1094.6
1083.1
1088.7
1099.2

4399.6
4405.6
4412.1
4419.0

4423.5
4426.6
4431.8
4441.3

4429.7
4430.4
4444.7
4460.5

5989.3
5999.7
6010.2
6021.0

6015.6
6026.8
6039.7
6060.1

6032.0
6052.3
6068.4
6087.8

Mar.

1
8p
15p

1092.1
1092.4
1092.9

1092.6
1094.8
1096.0

1099.3
1092.1
1093.3

4424.6
4429.3
4433.3

4447.8
4450.7
4450.5

4455.5
4442.2
4443.8

6028.8
6034.5
6039.6

6070.6
6068.9
6064.7

6073.9
6045.5
6051.4

Not seasonally adjusted
1998-Doc.

2l
28

1088.0
1093.3

1106.3
1110.6

1118.7
1130.5

4346.8
4360.9

4404.2
4417.2

4421.5
4417.5

5914.7
5934.5

6007.8
6017.5

6015.5
6006.4

1999- Jan.

4
11
18
25

1098.9
1101.5
1102.4
1102.8

1126.0
1126.5
1119.2
1106.0

1158.3
1098.6
1089.4
1077.6

4373.0
4383.9
4393.2
44Q0.5

4427.7
4436.5
4441.5
4436.2

4456.0
4450.8
4441.8
4396.1

5950.5
5965.2
5978.9
5989.2

6018.8
6022.2
6029.8
6027.6

6022.9
6044.1
6045.6
5997.7

Fob.

1
8
15
22

1102.5
1101.8
1100.9
1100.7

1089.1
1083.2
1080.6
1082.5

1090.9
1074.9
1079.0
1085.0

4406.3
4411.8
4417.0
4423.6

4423.1
4420.7
4421.4
4431.9

4403.8
4441.0
4444.6
4438.3

5998.6
6009.5
6019.8
6030.9

6025.4
6033.1
6043.0
6063.4

6014.2
6Q75.0
6084.9
6079.4

Mar.

1
8p
15p

1099.2
1098.5
1097.9

1083.3
1086.2
1088.8

1094.1
1086.8
1089.2

4429.8
4435.5
4440.6

4442.7
4454.2
4463.8

4446.8
4487.1
4483.1

6039.6
6041.5
6052.7

6080.1
6088.1
6094.7

6081.1
6106.8
6111.3

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
prelim inary data.
Com ponents may not add to totals due to rounding.



H.6 (508)
Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Other checkable deposits
Date

Currency1

Travelers checks2

Demand deposits3
At commercial banks4

4.
5.

Total

1997-Oct.
Nov.
Doc.

417. 9
421. 2
424. 5

8. 3
7.8
7. 7

389.6
393.2
396.5

148.9
148.0
149.2

97. 5
97.4
97. 0

246. 3
245. 3
246. 2

1998-Jan.
Fob.
Mar .

427. 0
430. 0
432. 1

7. 7
7. 6
7.7

392.8
392.3
391.0

149.7
147.8
149.2

96.6
98.3
100. 6

246.3
246. 1
249. 8

Apr .
May
Juno

434. 2
436.4
439. 2

7.8
7. 8
8. 0

389.2
387.8
384.7

150.3
146.2
145.9

100.6
100. 0
100. 0

250. 9
246. 2
245. 9

July
Aug.
Sep.

442. 3
444. 8
449. 6

8. 5
8.5
8. 3

379.3
374.8
374.4

144.2
143.2
141. 1

101. 2
100. 9
101. 3

245. 3
244. 0
242. 4

Oct .
Nov.
Dec.

453. 3
456. 4
459. 2

8. 3
7. 9
7. 8

374.7
377.0
377.5

141.5
144.0
143.8

102.7
103. 6
105. 0

244. 2
247. 6
248. 7

1999- Jan.
Fob.

462. 7
467. 6

7. 8
7. 7

371.1
371.8

145.4
141.4

103.7
103. 5

249. 2
244. 9

462. 4
463. 6

7. 8
7. 7

369.9
367.2

143.6
145.6

102. 9
102.4

246. 6
248. 0

Week endi na
1999-Jan. 18
25

1.
2.
3.

At thrift
institutions’

Feb.

1
8
15
22

464. 8
466. 0
467. 1
468. 6

7. 7
7. 7
7. 7
7. 7

374.5
364.7
370.7
377.4

144.8
140.2
140.1
142.3

102. 8
104. 6
103. 1
103. 2

247.7
244. 8
243. 2
245.5

Mar.

1
8p
15p

469. 5
470. 3
471. 0

7. 8
7. 8 e
7. 8 e

375.5
367.9
370.2

143.0
141.0
140.3

103.6
105.2
104.0

246.6
246.2
244.3

Cu rre n cy outside U .S . Tre a su ry , Federal R eserve Banks and the vaults of depository institutions.
Outstanding am ount of U .S . dollar-denom inated travelers checks of nonbank issuers. Tra ve le rs checks issued b y depository institutions are included in dem and deposits.
D em and deposits at com m ercial banks and foreign-related institutions other than those due to depository institutions, the U .S . governm ent and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of N O W and A T S balances at com m ercial banks, U .S . branches and agencies of foreign banks, and E d g e A ct corporations.
Consists of N O W and A T S balances at thrifts, credit union share draft balances, and dem and deposits at thrifts.

e
e s tim a te d
p
p re lim in ary
C o m p o n e n ts m a y not a d d to to ta ls d u e to rounding.




Page 5
H.6 (508)

Table 5

SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

19 97 - Oc t •
Nov.
Dec.

1003.0
1012.3
1022.9

377.0
376.3
377.3

1379.9
1388.6
1400.2

622.6
625.5
626.1

345.7
343. 1
343.2

968. 3
968. 6
969. 3

589.9
598.4
602.3

2938. 1
2955.6
2971.8

1998-Jan.
Feb.
Mar.

1035.1
1045.9
1054.1

378.8
382.5
385.3

1413.8
1428.5
1439.4

626.2
626.3
626.5

344.6
343.7
342.4

970. 8
970. 1
968. 9

612.9
626.3
637.3

2997.6
3024.9
3045.5

Apr .
May
June

1072.2
1078.0
1089.6

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340. 1
339.7
339.5

967. 6
966. 0
965. 2

646.3
658.4
669.7

3073.1
3096.6
3120.8

July
Aug.
Sep.

1106.3
1121.6
1140.2

399.5
400.9
403. 6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.4
330.9

962. 4
959.7
958. 7

672.5
687. 2
708. 4

3140.7
3169.5
3210.8

Oct .
Nov.
Dec.

1155.3
1171.1
1189.8

407. 8
411. 5
415. 2

1563.1
1582.6
1605.0

627.5
628.3
626.1

330.4
327.5
326.0

957. 9
955. 8
952. 0

725. 5
737. 9
751. 6

3246.5
3276.3
3308.6

1999-Jan.
Feb.

1202.0
1207.1

420.4
425.4

1622.4
1632.4

622.0
618.0

324.6
322.9

946. 6
940. 9

766. 1
781. 2

3335.0
3354.6

Week end i n g
1999-Jan. 18
25

1204.1
1197.7

418.4
422. 1

1622.5
1619.8

621.6
6210.8

324.4
323.8

946. 1
944. 6

768. 7
771. 4

3337.3
3335.7

Feb.

1
8
15
22

1194.4
1204.6
1208.5
1209.0

424. 0
420. 9
425. 1
428.9

1618.4
1625.6
1633.6
1637.9

619.7
618.9
617.9
617.2

323.7
323.5
323.3
323.0

943. 4
942. 5
941. 1
940. 1

773. 4
779. 2
781. 2
783. 3

3335.1
3347.3
3356.0
3361.3

Mar.

1
8p
15p

1207.5
1208.7
1208.2

426.9
422. 6
425. 9

1634.4
1631.3
1634.2

617.9
616.7
616.1

321.5
321.4
321.0

939.4
938. 0
937. 1

782. 4
780. 8
779. 3

3356.2
3350.1
3350.5

1.
2.

Sa vings deposits include m oney market deposit accounts.
Sm all-denom ination time deposits— including retail R P s— are those issued in am ounts of less than $100,000. All IR A and Keogh account balances at com m ercial banks and
thrifts are subtracted from small time deposits.

p
prelim inary
Components may not add to totals due to rounding.



Page 6
H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars

Date

3.
4.
5.

Debt components5

Large-denomination time deposits1
RPs3
At commercial
banks2

At thrift
institutions

Total

Eurodollars4

Total
Non-M2 M3

Federal

Non-Federal

19 9 7 - Oc t .
Nov.
Dec.

368.0
370.6
379.9

479.6
485. 1
490.2

84.2
85.0
85.9

563.9
570.1
576.1

239.2
250.0
252.8

135.5
139.8
149.2

1306.5
1330.5
1358.0

3795.1
3793.7
3798.4

11204.6
11275.9
11341.8

1998*Jan.
Feb.
Mar.

385.9
391.3
399.8

494.7
505.2
521.0

87.7
87.2
85.7

582.4
592.4
606.7

260.0
255.1
269.3

150.0
145.4
141.8

1378.3
1384.3
1417.7

3796.8
3792.9
3797.2

11410.6
11492.2
11571.3

Apr .
May
June

414.4
426.9
437.7

520.8
527.4
534.9

86.7
85.2
85.8

607.4
612.6
620.7

270.3
271.7
270.8

141.9
145.4
146.3

1434.0
1456.6
1475.5

3791.5
3778.8
3775.8

11655.1
11738.4
11814.8

July
Aug.
Sep.

441. 9
454. 5
467. 8

527.8
534.6
534.7

85.8
85.6
86.6

613.6
620.2
621.3

273.4
279.7
283.4

149.2
153.5
154.4

1478.0
1508.0
1527.0

3772.9
3770.3
3760.0

11899.1
11978.5
12059.7

Oct.
Nov.
Dec.

486.7
503.8
516.2

533.9
537.5
541.1

87.7
87.9
89.1

621.5
625.5
630.2

283.5
289.5
297.7

156.0
156.2
153.6

1547.7
1575.0
1597.7

3750.3
3748.8
3747.4

12153.4
12249.3
12337.1

1999*Jan.
Feb.

515.0
529.9

545.9
540.7

91.0
89.8

637.0
630.5

291.5
308.2

149.1
153.7

1592.6
1622.2

3740.9 p

12419.8 p

513.9
518. 1

549.6
542.0

91.2
91.2

640.8
633.3

290.7
287.1

147.5
145.4

1592.9
1583.9

Week ..anflijig
1999-Jan. 18
25

1.
2.

Institutional
money funds

Feb.

1
8
15
22

524.3
530.6
527.6
533.0

544.5
546.4
541.7
537.6

90.7
90.6
90.0
89.7

635.2
637.1
631.7
627.3

294. 1
302.0
310.4
311.4

148.7
152.3
154.0
155.5

1602.2
1621.9
1623.7
1627.3

Mar.

1
8p
15p

529.0
524.8
528.0

535.4
536.1
532.2

88.8
89.0
88.8

624.2
625. 1
621.0

311.5
301.3
300.1

153.7
152.0
158.4

1618.4
1603.3
1607.6

Large-denom ination time deposits are those issued in am ounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denom ination time deposits at com m ercial banks less those held by m oney market mutual funds, depository institutions, U .S . governm ent, and foreign banks and
official institutions.
O vernight and term R P s of $ 1 00,000 or more issued by depository institutions, excluding those held by depository institutions and by m on e y funds.
O vernight 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 C a nada,
excluding those held by depository institutions and by m oney funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-m onth levels, and have been adjusted to rem ove discontinuities,

p
preliminary
Com ponents m ay not add to totals due to rounding.




Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Other checkable deposits
Currency1

Date

Travelers checks2

Demand deposits3
At commercial banks4

7. 9

147.4
147.4
150.5

96.9
97.3
97.8

244.3
244.7
248.3

426.3
428.8
431.4

7. 9
7. 8
7. 9

396.6
384.6
385.8

152.5
147.7
149.8

96.6
97.0
100.9

249.1
244.7
250.6

Apr .
May
June

433.7
436. 1
438.3

7. 9
7. 9

153.2
145.3
145.6

103.3
99.6

8.0

389.4
381.7
382.8

256.5
244.9
245.7

July
Aug.
Sep.

442.7
444.4
448.4

8.2
8.2
8.1

378.9
374.3
372.6

142.8
141.6
140.0

Oct.
Nov.
De c .

452.6
457.5
464.2

8.2
8.1
8.0

373.2
381.8
392.4

140.2
143.5
144.9

102.0
103.5
105.8

242.2
247.0
250.7

1999- Jan.
Feb.

462.5
466.5

7. 9
7. 9

375.7
364.8

148.0
141.2

103.8
102.3

251.9
243.6

462. 1
460.9

7. 9
7. 9

371.1
361.0

145.5
147.2

102.8
100.6

248.4
247.8

7. 9
7. 9
7. 9
7.9

372.5
357.5
363.8
367.0

147.1
140.1
138.6
142.1

101.9
103.7

22

461.5
465.7
467. 1
466. 8

101.6
101.1

249.0
243.8
240.2
243.3

1
8p
15p

467.3
471. 0
470.9

7. 9
7. 9 e
7. 9 e

371.5
361.4
367.0

144.1
140.5
139.5

103. 2
106. 1
103.8

247.4
246.5
243.4

417.2
422.3
428.9

1998- Jan.
Feb.
Mar.

Feb.

Mar.

4.
5.

Total

387.9
399.1
412.3

1997-Oct.
Nov.
De c .

WfeeH endi ng
1999- Jan. 18
25

1.
2.
3.

8.2
8.0

At thrift
institutions5

1
8
15

100.1
100.9

100.1
100.7

243.8
241.7
240.7

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.

e
estimated
p
prelim inary
C om ponents may not add to totals due to rounding.



n .o

Table 8

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-Oct.
Nov.
Doc.

997.5
1010.3
1020.4

374.9
375.5
376.4

1372.4
1385.9
1396.8

622.9
625.3
625.3

345.9
343.0
342.8

968.8
968.3
968. 1

587.9
597.4
602.5

2929.0
2851.5
2967.4

1998-Jan.
Fob.
Mar.

1030.5
1041.8
1061.6

377.1
381.0
388.1

1407.6
1422.8
1449.6

626.8
627.6
627.3

344.9
344.4
342.8

971.6
972.0
970. 1

614.5
631.4
648. 1

2993.8
3026.2
3067.8

Apr .
May
Juno

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339. 2
339.0

968. 0
964. 6
963. 8

654. 6
647. 9
660. 0

3098.8
3085.3
3114.0

J ul y
Aug.
Sop.

1107.5
1121.5
1134.8

399.9
400. 8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.2
330.7

962.3
959. 2
958.0

665.7
688.6
709. 0

3135.4
3170.1
3203.5

Oct.
Nov.
Doc.

1147.6
1167.9
1186.7

405. 1
410.4
414. 1

1552.6
1578.2
1600.8

628.1
628.4
625.4

330.7
327.6
325.6

958. 8
956. 0
951. 1

724. 1
737. 2
751. 6

3235.4
3271.4
3303.5

1999-Jan.
Fob.

1197.0
1203.2

418.6
424.0

1615.7
1627.2

622.7
619.4

324.9
323.6

947.6
943.0

767. 8
787. 9

3331.1
3358.1

1209.9
1180.4

420.4
416.0

1630.3
1596.3

622.6
621.9

325.0
324.4

947.5
946.4

774. 5
775. 8

3352.4
3318.5

Weak endi ng
1999-Jan. 18
25

1.
2.

At thrift
institutions

Feb.

1
8
15
22

1175.2
1213.5
1209.9
1195.0

417. 1
424. 1
425.6
424.0

1592.4
1637.6
1635.6
1619.0

621.0
620.4
619.3
618.5

324.3
324.3
324.0
323.7

945.4
944.7
943.4
942.2

775. 2
783. 8
786. 7
792. 1

3313.0
3366.1
3365.7
3353.3

Mar .

1
8p
15p

1197.0
1232.5
1228.0

423.2
430.9
432.9

1620.2
1663.5
1660.9

619.0
617.9
617.1

322.1
322.0
321.5

941.2
939.9
938. 6

791. 3
796. 9
794.4

3352.7
3400.3
3394.0

Savings deposits include m oney market deposit accounts.
Sm all-denom ination time deposits— including retail R P s— are those issued in am ounts of less than $100,000. All IR A and Keogh account balances at com m ercial banks and
thrifts are subtracted from small time deposits.

p
prelim in ary
C o m p o n e n ts m a y not a d d to totals d u e to rounding.




Page 9
H.6 (508)

Table 9

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Date

Large-denomination time deposits1

RPs3
Eurodollars4

At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1997-Oct.
Nov.
Dec.

364.9
370.7
384.5

483.4
487.6
487.7

84.9
85.4
85.4

568.3
573.0
573.1

192.4
202.5
199.5

46.5
47.4
46.6

239.0
249.9
246. 1

136.1
139.9
152.3

1308.3
1333.5
1356.0

3774.4
3792.1
3805.8

11188.8
11259.8
11334.0

1998- Jan.
Feb.
Mar.

395.7
404.3
407. 0

483. 1
501. 1
524.5

85.6
86.5
86.3

568.7
587.6
610.8

215.8
210.2
225.6

44.9
44. 6
45. 2

260.6
254.8
270.9

155. 1
148.0
141. 1

1380.1
1394.7
1429.6

3792.5
3795.3
3820.7

11397.7
11459.1
11535.2

Apr .
May
June

412. 7
421. 0
431. 7

520.8
532.6
539.4

86.6
86. 1
86.5

607.4
618.7
625.9

226.5
230.8
222. 1

46. 0
46.9
49. 6

272. 4
277. 8
271.7

140. 2
144.7
143. 9

1432.8
1462.1
1473.2

3800.5
3765.9
3755.3

11629.0
11718.9
11802.2

July
Aug.
Sep.

432. 6
448. 4
458. 8

527.6
534.9
535. 1

85.8
85.6
86.7

613.4
620.6
621.9

222. 1
229. 1
232. 1

49. 0
49. 2
50.3

271. 0
278.4
282. 5

145. 8
152. 0
153. 2

1462.8
1499.3
1516.3

3740.8
3749.6
3743.4

11883.7
11955.2
12041.2

Oct .
Nov.
Dec •

482. 9
504.9
523.3

537.2
539.7
537.5

88.2
88.3
88.5

625.5
627.9
626.0

234.9
242.4
239.9

47. 7
47. 6
50.4

282. 6
290. 0
290. 3

156. 8
156.6
157.4

1547.9
1579.4
1597.0

3727.8
3746.6
3754.9

12137.5
12233.8
12330.0

1999- Jan.
Feb.

529.3
547.3

532.2
536. 1

88.8
89. 1

621.0
625. 1

241.7
253.9

51.1
53.8

292. 9
307.7

154. 3
156.5

1597.4
1636.6

3736.6 p

12407.5 p

533.6
540.9

535.3
527.7

88.9
88.8

624.2
616.5

242.3
241.7

51.2
50.9

293. 5
292. 6

152.4
151.7

1603.7
1601.6

Week endi ng
1999-Jan. 18
25

1.
2.

Institutional
money funds

Feb.

1
8
15
22

537.0
547.9
545. 6
551.8

531.2
536.3
537. 5
534.5

88.5
88.9
89.3
89.2

619.7
625.2
626. 8
623.7

247.5
251.9
256.8
254.4

52.0
53.6
53.9
53.7

299. 5
305.5
310.7
308. 1

154. 2
155.4
157. 1
157. 5

1610.3
1634.0
1640.3
1641.1

Mar.

1
8p
15p

545. 2
538.6
540.2

536.4
539.8
537.8

88.9
89.6
89.7

625.3
629.4
627.5

253.4
245. 1
246.3

54.4
55.9
56.8

307. 8
301. 1
303. 1

156. 1
150. 7
157. 3

1634.3
1619.7
1628.2

5.

Large-denom ination time deposits are those issued in am ounts of $ 100,000 or m ore, excluding those booked at international banking facilities.
Large-denom ination time deposits at com m ercial banks less those held by m on ey market mutual funds, depository institutions, U .S . governm ent, and foreign banks a nd
official institutions.
O vernight and term R P s of $100,000 or m ore issued by depository institutions, excluding those held by depository institutions and by m oney funds.
O vernight 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 C a n a d a ,
excluding those held by depository institutions and by m oney funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-m onth levels, and have been adjusted to rem ove discontinuities,

p

preliminary

3.
4.

Components may not add to totals due to rounding.



Page 10

H.6 (508)
Table 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

Time and
savings
deposits
due to
foreign
banks and
official
institutions

U.S. government deposits
Total
cash
balance

Time and
savings
deposits at
commercial
banks

15.9
11.2
17.9

23.0
18.0
25.2

2.9
3.1
3.3

6.5
5.0
5.5

22.3
14.5
17.5

31.9
21.1
24.8

4.6
1.5
2.7

9.7
5.5
10.4

24.0
43.3
32.7

15.6
15.4
15.2

1.3
1.4
2.7

5.4
5.1
6.3

2.1
1.9
1.9

15.4
16.0
16.8

1.4
1.3
1.7

1.8
1.9

17.1
17.1

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

18.6
18.9
19.1

1.7
1.7
2.2

5.4
5.1
5.1

1.6
1.5
1.5

19.2
19.0
18.9

3.1
1.6
1.8

9.9
10.0
10.0

1.5
1.8
2.0

18.3
17.3
16.3

July
Aug.
Sep.

10.0
9.8
9.6

2.1
2.1
2.0

Oct.
Nov.
De c .

9.5
9.2
9.0

1999- Jan.
Feb.

8.9
8.9

Date

Foreign
commercial
banks

Foreign
official
institutions

19 97 - Oc t •
Nov.
De c .

8.5
9.0
9.5

1.5
1.5
1.5

1998- Jan.
Feb.
Mar.

9.8
9.8
9.9

Apr .
May
June

Week,.eiidjng
1999-Jan. 18
25

Note
balances at
depository
institutions1

At
thrift
institutions

At
money
market
funds

Total

152.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.8
349.6
350.4

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.4
97.7
98.1

350.7
350.6
350.4

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

42.6
11.9
20.4

49.4
18.4
29.4

3.3
3.4
3.5

151.0 e
151.2 a
151.4 e

5.4
5.1
5.9

19.3
18.7
24.4

26.1
25.1
32.0

3.7
4.1
4.5

2.9
1.3

6.6
4.8

30.8
6.9

40.2
13.0

4.7
4.7

4.0
3.8

6.9
6.9

24.6
45.5

35.4
56.2

Feb.

1
8
15
22

1.6
1.3
1.4
1.5

7.3
5.1
4.3
4.9

46.2
12.7
6.0
3.3

55.0
19.1
11.6
9.7

Mar.

1
8p
15p

1.3
1.3
2.0

4.9
5.3
5.8

4.0
14.6
8.2

10.2
21.2
16.0

1. Source: Daily Treasury statement,
e estimated
p preliminary
Com ponents m ay not add to totals due to rounding.




IRA and Keogh Accounts
At
commercial
banks

98.7 a
99.7 a
100.6 a

350.2 a
349.9 a
349.6 a

97.5 a
98.0 a
98.4 a

102.7 a
106.1 a
109.6 a

351.2 a
355.3 a
359.4 a

151.5 a
151.5 a
151.4 a

98.4 a
97.9 a
97.3 a

112.3 a
114.3 a
116.4 a

362.2 a
363.7 a
365.1 a

151.4 a
151.3 a

96.9 a
96.6 a

117.9 a
118.9 a

366.2 a
366.8 a