Full text of H.6 Money Stock Measures : March 27, 1997

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FEDERAL RESERVE statistical release
H.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteasoat4.-30pjn. Eastern Tme

Billions of dollars

Date

March 2 7 , 1 9 9 7

M1 1

M22

DEBT5

M33
Seasonally adjusted

1995-Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1147.1
1150.4
1145.1
1142.7
1145.0
1144.0
1141.6
1135.7
1133.1
1129.0

3506.7
3519.1
3534.9
3562.9
3583.1
3604.4
3620.1
3629.8
3639.3
3655.0

4371.1
4397.5
4427.6
4463.9
4495.2
4527.1
4550.7
4567.1
4580.8
4594.8

5398.3
5432.0
5465.5
5503.5
5555.0
5592.1
5638.9
5669.8
5677.5
5700.3

13354.4
13416.4
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
3775.4
3787.9
3809.4
3833.1

4622.3
4655.2
4691.9
4708.7
4731.2
4753.5
4771.1
4791.4
4822.5
4857.9
4885.2
4927.1

5723.3
5741.9
5792.1
5824.2
5835.9
5870.0
5890.0
5919.8
5960.5
5983.4
6021.2
6057.0

13925.4
13998.7
14075.6
14145.3
14204.2
14263.6
14336.8
14395.2
14445.3
14509.5
14577.3
14626.3

1997-Jan.
Feb.

1079.6
1080.3

3849.8
3866.2

4948.5
4987.0

6071.7 p

14666.4 p

Not seasonally adjusted
1995-Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1139.1
1160.1
1133.8
1140.8
1145.6
1139.3
1138.5
1132.9
1138.7
1152.8

3506.6
3536.9
3520.9
3560.8
3586.6
3603.6
3613.5
3621.5
3643.2
3675.3

4371.2
4408.7
4413.7
4462.0
4493.2
4526.1
4541.1
4563.6
4589.7
4614.3

5407.1
5445.8
5445.2
5493.0
5546.7
5589.5
5623.6
5656.9
5688.7
5732.2

13314.6
13370.2
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
3764.2
3768.2
3777.6
3812.3
3851.5

4628.7
4643.3
4694.4
4718.1
4715.1
4750.8
4769.2
4791.8
4811.3
4853.6
4893.3
4944.2

5737.4
5733.9
5805.0
5837.2
5813.7
5856.8
5881.3
5918.9
5943.5
5970.7
6031.5
6085.4

13906.6
13961.3
14045.6
14108.2
14157.6
14218.0
14278.7
14342.0
14405.6
14471.7
14558.9
14625.7

1997-Jan.
Feb.

1085.9
1066.1

3851.5
3850.5

4954.2
4978.2

6084.5 p

14646.4 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 Nov, 1996 TO Fab. 1997

0.1

6.0

8.3

4.3

6 Months from Aug. 199 6 TO Feb. 1997

-3.5

5.5

8.2

4.6

12 Months from Feb. 1996 TO Feb. 1997

»3.5

4.9

7.1

5.3

Thirteen weeks ending March 17
1997
from thirteen weeks endings
Dec. 16, 1996 (13 weeks previous)

-0.5

6.1

7.8

Sep. 16, 1996 (26 weeks previous)

-4.3

5.3

7.8

Mar. 18, 1996 (52 weeks previous)

-3.8

4.8

7.0

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 1996 to January 1997, July 1996 to January 1997,
and January 1996 to January 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
M2

M1
Period endiing

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

1996-Dec.

23
30

1080.8
1080.0

1080.7
1079.5

1080.0
1084.8

3805.0
3809.5

3829.6
3832.6

3835.1
3835.8

4881.9
4889.4

4920.3
4927.6

4930.0
4933.2

1997-Jan.

6
13
20
27

1080.2
1080.4
1080.5
1080.3

1080.9
1080.5
1080.7
1080.4

1082.1
1075.0
1080.7
1083.9

3814.7
3819.4
3824.7
3829.5

3837.1
3839.7
3845.1
3851.0

3847.6
3840.4
3856.4
3859.5

4897.3
4904.2
4910.9
4918.2

4933.5
4937.4
4943.0
4949.4

4943.6
4942.8
4952.3
4959.0

Feb.

3
10
17
24

1080.6
1081.3
1081.2
1081.3

1081.7
1083.7
1082.8
1081.9

1087.2
1083.1
1076.8
1080.3

3834.1
3838.4
3842.9
3847.6

3854.5
3859.9
3862.8
3865.2

3861.6
3862.1
3868.0
3869.1

4925.1
4932.8
4941.1
4949.3

4954.7
4963.0
4973.3
4982.2

4964.5
4976.1
4993.7
4994.3

Mar.

3
lOp
17p

1080.5
1080.6
1080.2

1079.9
1078.5
1077.4

1079.4
1077.5
1072.3

3851.2
3854.7
3858.3

3867.4
3870.7
3873.0

3870.5
3875.3
3876.9

4956.7
4963.6
4969.9

4991.3
4999.5
5003.2

5000.9
5009.0
5008.7

Not seasonally adjusted

p

1996-Dec. 23
30

1085.1
1087.8

1098.7
1101.3

1104.8
.1111.3

3801.9
3813.1

3846.3
3851.2

3852.5
3847.5

4885.0
4896.4

4937.3
4944.9

4944.1
4942.6

1997-Jan.

6
13
20
27

10*0.7
l«tl- 8
1092.1
1092.0

1108.8
1108.0
1101.9
1050.0

1123.5
MWL.n'2
1080.4
1M3..7

3820.8
3887.^2
3832^9
3837.3

3859.1
3863.9
3864.1
3856.7

3884.3
3871.4
3853.0
3818.0

4905.2
#913.9
4921.2
4928.2

4950.4
4956.7
4960.0
4957.5

4962.8
4977.3
4957.1
4932.7

Feb,

3
10
17
24

1091.2
1090.3
1088.4
1087.3

1078.1
1072.4
1068.3
1067.3

I©76v2
1069-3
1064.1
1059.$

3 8 * 0 ,.2
3843-7
384*.5
3849.8

3844.8
3841.5
3841.8
3847.0

3836.8
3858.0
3854.4
3838.€

4933.7
4940.8
4947.5
4954.5

4953.7
4954.8
4961.7
4971.7

4947.7
4981.7
4984.5
4972.8

Mar.

3
lOp
17p

1085.0
1082.9
1080.7

1065.9
1065.2
1065.8

1070.6
1066.5
1066.4

3852.5
3855.7
3858.8

3853.5
3862.7
3872.1

3863.0
3894.7
3892.1

4960.9
4967.9
4974.0

4983.6
4996.3
5007.9

4995.3
5032.7
5030.6

preliminary data.




Page 4
H.6(508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

3.
4.
5.
6.
7.

Nontransactions components

Other checkable deposits

At commercial
banks 4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1995-Oct.
Nov.
Doc.

370.5
371.2
372.6

8.8
8.9
8.9

390.0
389.7
391.1

260.0
256.7
248.5

106.4
106.7
108.0

366.4
363.3
356.5

2494.1
2506.2
2526.0

937.3
941.5.
939.8

1996-Jan.
Fob.
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
Juno

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
1011.5

July
Aug.
Sop.

382.8
385.2
387.6

8.6
8.4
8.5

408.7
405.8
404.9

202.9
195.2
188.0

105.8
105.2
104.3

308.7
300.4
292.2

2641.2
2663.0
2682.2

1021,
1028.
1047,

Oct.
Nov.
Doc.

390.2
392.5
395.2

8.6
8.6
8.6

398.2
402.1
402.5

178.9
172.7
171.5

104.3
104.2
103.3

283.2
276.8
274.8

2707.7
2729.4
2752.1

1070.0
1075.8
1094.1

1997-Jan.
Fob.

397.0
400.5

8.6
8.6

401.7
404.2

170.8
165.2

101.5
101.8

272.4
267.0

2770.2
2785.9

1098.7
1120.8

397.2
398.2

403.9
405,0

168.8
171.1

102.2
100.9

271.0
272.0

2775.7
2775.7

1095.8
1099.5

406.1
404.5
403.5
404.7

171.1
168.0
162.7
164.8

102.9
102.1
101.5
100.7

274.0
270.1
264.2
265.5

2774.4
2779.0
2791.2
2788.8

1102,
1114,
1125,
1125,

403.2
401.6
401.0

163.0
161.5
158.3

103.1
103.3
102.3

266.1
264.8
260.6

2791.1
2797.9
2804.5

1130.4
1133.7
1131.8

Wook o n d i n a
1 9 9 7 - J a n . 20
27

1.
2.

Travelers checks2 Demand deposits3

Fob.

3
10
17
24

398.4
399.8
400.5
401.5

Mar.

3
lOp
17p

401.5
402.5
402.1

8.6
8.6 o
8.6 o

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
e


p

preliminary

Page 5
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1
Date

1.
2.
3.
4.

p

Retail
money
funds

Institutional
money
funds

926.9
930.7
933.7

446.7
451.2
455.2

At
commercial
banks 4

At
thrift
institutions

242.6
244.7
246.9

337.0
342.9
344.7

74.4
74.8
75.1

411.4
417.7
419.8

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

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

350.2
351.3
352.1

930.5
934.2
937.5

499.6
506.1
513.2

274.0
278.8
285.2

378.7
382.1
388.4

76.5
77.2
78.4

455.2
459.3
466.8

587.5
590.1
592.0

353.4
353.2
352.4

940.9
943.3
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

479.2
481.7
489.6

1282.5
1290.5

592.7
593.6

352.5
353.1

945.2
946.6

542.4
548.7

296.3
305.4

410.2
417.4

81.1
81.9

491.3
499.4

369.5
371.7

1289.3
1288.2

592.3
593.8

352.7
352.9

945.1
946.6

541.4
540.8

292.4
295.5

410.9
406.7

81.2
81.6

492.1
488.3

910.9
916.9
924.1
924.3

369.4
366.9
369.6
372.1

1280.3
1283.8
1293.7
1296.4

593.6
593.7
593.7
593.6

352.8
353.0
353.0
353.2

946.5
946.6
946.8
946.9

547.6
548.6
550.8
545.5

291.9
300.2
307.1
311.2

410.5
414.0
418.7
419.9

81.7
82.0
82.0
81.9

492.2
495.9
500.7
501.8

923.4
929.0
933.1

369.6
366.3
370.3

1293.1
1295.4
1303.4

593.8
594.6
594.1

352.3
351.3
351.4

946.2
945.9
945.5

551. 9
556.6
555.7

311.7
313.4
311.7

422.5
425.8
425.7

82.0
82.0
82.0

504.4
507.8
507.7

At
thrift
institutions

Total

At
commercial
banks

1995-Oct.
Nov.
Dec.

At
commercial
banks
756.6
762.4
776.0

363.9
361.8
361.1

1120.6
1124.2
1137.1

572.1
574.6
576.0

At
thrift
institutions
354.7
356.1
357.7

1996-Jan.
Fob.
Mar.

794.5
804.9
819.7

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

Apr.
May
Juno

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

July
Aug.
Sop.

844.2
857.1
865.7

366.8
365.6
365.8

1211.0
1222.7
1231.5

580.4
582.9
585.5

Oct.
Nov.
Doc.

879.3
892.6
903.9

367.1
366.3
367.1

1246.3
1259.0
1271.0

1997-Jan.
Fob.

914.0
920.9

368.6
369.6

Woolc o n d i n a
1 9 9 7 - J a n . 20
27

919.9
916.5

Fob.

3
10
17
24

Mar.

3
lOp
17p

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




Large-denomination time deposits 3

Total

Total

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
1

Date

RPs

Non-M3 Components ofL

2

Eurodollars

Savings bonds
146.4—

Commercial paper5

Federal debt

Non-Federal debt

91.5
91.0

184.4
184.8

no

TC7I
12.3
11.7

**T57*

THTTZ

461.9
469.7

3635.9
3638.8

10195.5
10236.6

187.2
188.9
187.8

94.2
95.4
94.0

185.0
185.2
185.4

464.3
448.1
458.4

11.6
10.5
10.1

440.0
443.0
446.3

3639.6
3658.0
3685.1

10285.8
10340.7
10390.5

Apr.
May
June

188.9
202.7
195.2

96.5
97.0
97.8

185.8
186.1
186.4

460.0
439.6
448.5

10.4
11.0
11.5

459.3
468.0
470.1

3698.0
3704.3
3710.7

10447.2
10500.0
10552.8

194.0
192.0
193.9

97.9
98.4
101.2

186.7
186.9
187.1

447.6
452.4
457.7

11.6
11.4
11.3

473.0
477.7
482.0

3729.4
3743.4
3746.4

10607.5
10651.8
10698.9

Oct.
Nov.
Dec.

195.6
194.7
192.5

107.1
107.5
112.6

187.1
187.0
187.0

447.5
454.2
435.7

11.3
11.6
11.8

479.6
483.2
495.5

3758.2
3771.4
3780.4

10751.3
10805.9
10846.0

1997-Jan.
Feb.

194.8
198.4

116.3
117.7

186.7 p

415.9 p

11.5 p

509.1 p

3778.6 p

10887.8 p

194.3
196.8

117.0
119.0

Nov.
Dec.

187.5
182.1

1996-Jan.
Feb.
Mar.

Week e n d i n a
1 9 9 7 - J a n . 20
27

52T3

-

Bankers
acceptances4

m

—l§3S-ocfc.

Short-term
Treasury
secunties3

Debt components6

Feb.

3
10
17
24

199.3
200.3
200.6
195.4

119.6
117.7
117.2
116.9

Mar.

3
lOp
17p

195.8
194.8
196.4

118.4
117.6
116.1

nn

438.0
439.3

16147.7

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




Page 7

H.6(508)
Table 5

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

Date

1.
2.
3.
4.
5.
6.
7.

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 e

In M3 only7

1995-Oct.
Nov.
Dae.

369.9
371.6
376.2

8.9
8.7
8.5

390 .9
395 .6
407 .3

257 .0
255 .6
251 .6

106.2
107.1
109.2

363.2
362.7
360.8

2488.6
2504.5
2522.6

942.0
946.5
939.0

1996-Jan.
Fab.
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.
Hay
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,
1005,
1011,

July
Aug.
Sap.

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,
297,
290.

2644,
2667,
2678,

1015.
1027,
1043.

Oct.
Nov.
Dae.

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
104.4

280.
276,
278,

2700,
2727,
2748,

1076.0
1081.0
1092.6

1997-Jan.
Fab.

395.6
397.7

8.2
8.3

405..6
394..6

174,.7
165,.5

101.7
100.0

276.4
265.5

2765.6
2784.4

1102.7
1127.7

Weak andlna
1997-Jan. 20
27

395.6
394.1

8.2
8.3

402..5
390,.4

172,,7
173,,1

101.4
97.8

274.1
270.9

2772.6
2754.4

1104.1
1114.7

Fab.

3
10
17
24

394.6
398.1
398.5
397.5

8.3
8.3
8.3
8.3

399..1
395..3
395.,2
390.,0

173,,8
166.,1
162.,7
165,,7

100.4
101.4
99.5
98.1

274.2
267.6
262.2
263.8

2760.6
2788.7
2790.3
2779.1

1110.8
1123.7
1130.1
1134.1

Mar.

3
lOp
17p

398.4
401.7
400.9

8.3
8.3
8.4

397,,6
394.,2
397,,1

164,,5
158,,9
158,.3

101.9
103.4
101.8

266.4
262.3
260.1

2792.3
2828.2
2825.7

1132.4
1138.1
1138.5

a
a

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
Digitized for e
FRASER


p

preliminary

Page 8
H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
At
commercial
banks

At
thrift
institutions

Doc,

756.4
764.2
775.3

363.9
362.7
360.8

1996-Jan.
Fob.
Mar.

790.2
799.8
820.0

Apr.
May
June

Date

Total

1120.3
1126,9
1136.1

571.7
573.2
573.8

354.4
355.2
356.3

926.1
928.4
930.1

442.2
449.2
456.3

239.7
245.6
248.2

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

462.7
470.6
484.2

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

932.1
930.2
929.5

July
Aug.
Sop.

847.0
860.0
866.6

368.1
366.8
366.2

1215.1
1226.8
1232.8

581.0
583.0
584.8

350.6
351.3
351.7

Oct.
Nov.
Doc.

878.9
894.5
902.9

366.9
367.1
366.7

1245.7
1261.5
1269.6

586.8
588.6
589.8

1997-Jan.
Fob.

908.9
915.1

366.5
367.3

1275.4
1282.5

913.0
896.9

366.7
363.7

Wo«ft e n d i n g
1 9 9 7 - J a n . 20
27

p

Institutional
money
funds

At
thrift
institutions

Nov.

3.
4.

Retail
money
funds

St
commercial
banks

1995-Oct.

1.
2.

Small-denomin^on time deposits2

Large-denomination time deposits3
At
thrift
institutions

Total

346.5
345.7

75.1
75.6
75.4

415.5
422.1
421.1

257.3
267.7
267.1

341.5
348.3
355.7

75.7
76.2
75.6

417.2
424.4
431.2

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

931.6
934.3
936.5

497.6
506.8
508.9

271.2
278.1
280.4

376.6
381.4
388.0

76.1
77.1
78.3

452.7
458.5
466.4

353.0
352.3
351.1

939.8
940.9
940.9

515.3
524.6
538.1

284.7
292.6
300.5

405.0
406.9
411.9

79o7
80o3
79o5

484.7
487.2
491.3

592.0
594.0

352.1
353.3

944.0
947.3

546.2
554.6

304.8
315.5

406.6
415.7

80.4
81.6

487.1
497.4

1279.8
1260.6

591.6
592.9

352.3
352.4

943.9
945.3

548.9
548.5

305.8
314.7

407.0
402.5

80.4
80.7

487.4
483.3

Total

—zr~

commercial
4
340.4
banks

Fob.

3
10
17
24

898.8
919.7
920.0
910.7

364.5
368.1
368.0
366.6

1263.2
1287.8
1288.0
1277.3

593.5
593.9
594.2
594.1

352.8
353.1
353.3
353.5

946.2
947.0
947.5
947.6

551.2
553.8
554.8
554.2

305.3
313.9
314.9
321.9

406.5
411.6
416.7
419.2

80.9
81.5
81.6
81.8

487.4
493.1
498.3
500.9

Mar.

3
lOp
17p

918.1
942.7
938.8

367.5
371.7
372.6

1285.6
1314.4
1311.4

594.7
596.0
595.6

352.9
352.2
352.3

947.6
948.2
947.9

559.1
565.6
566.4

315.8
320.8
318.5

422.6
426.1
426.1

82.0
82.1
82.0

504.6
508.2
508.2

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 thrift
institutions

Eurodollars2
Savings bonds

Total

Short-term
Treasyrv
secunties3

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1995-Oct.
Nov.
Dec.

146.2
140.3
132.6

47.0
46.3
45.4

193.2
186.6
178.0

93.7
92.1
91.8

183.8
184.3
184.8

450.1
462.0
482.9

13.2
12.5
12.1

446.2
440.1
438.1

3610.1
3635.9
3645.9

10130.3
10180.1
10229.8

1996-Jan.
Fab.
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

12.3
10.6
10.0

441.3
442.7
444.3

3634.4
3655.5
3698.1

10272.2
10305.8
10347.4

Apr.
May
Juna

139.9
153.9
149.2

47.9
50.8
51.0

187.8
204,7
200.2

95.8
96.0
97.1

186.1
186.3
186.4

461.4
430.1
441.1

10.5
10.8
11.5

461.1
471.4
467.0

3699.5
3692.1
3698.1

10408.7
10465.6
10519.9

tot
4.
5.
6.

At commercial
banks

Debt components6

Non-M3 Components of L

144.4
143.9
146.7

50.5
49.6
49.2

194.9
193.5
195.9

96.4
97.6
100.4

186.6
186.7
186.7

446.9
456.0
451.0

10.9
10.8
11.3

467.8
473.6
483.1

3708.3
3730.9
3736.1

10570.4
10611.0
10669.6

Oct.
Nov.
Dae.

150.1
145.9
141.3

48.5
47.6
46.0

198.5
193.5
187.3

108.0
107.7
113.5

186.8
186.9
187.0

432.8
454.4
448.2

11.4
11.8
12.1

486.1
485.2
493.8

3740.9
3771.4
3787.9

10730.9
10787.6
10837.8

1997-Jan.
Fab.

147.1
149.2

45.7
46.6

192.8
195.8

118.0
119.0

186.8 p

421.1 p

12.1 p

510.3 p

3773.4 p

10873.1 p

1 9 9 7 - J a n . 20
27

146.8
149.6

45.5
46.5

192.4
196.1

118.6
120.7

Fab.

3
10
17
24

151.7
152.2
151.3
145.2

46.5
46.4
46.7
46.7

198.1
198.6
198.0
191.9

119.9
118.0
118.9
119.4

Mar.

3
lOp
17p

145.4
144.6
148.7

46.7
46.8
46.1

192.1
191.4
194.7

119.8
117.7
117.1

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


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
At
commercial
banks

At
thrift
institutions

19.8
16.5
27.1

2.8
1.6
l.i

150.9
150.7
150.5

111.0 o
110.5 o
110.1 o

74.3
74.9
75.5

336.1
336.1
336.1

o
o
o

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 o
109.6 o
109.5 o

76.6
78.0
79.6

337.1
338.4
340.0

o
o
o

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 o
109.0 o
108.8 o

79.5
78.1
76.5

340.0
338.4
336.9

o
o
o

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
151.7
151.3

108.6 o
108.5 o
108.4 o

76.6
76.7
76.7

o
o
o

337.1
336.9
336.5

o
o
o

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

151.2
151.2
151.3

108.4
108.4
108.4

o
o
o

76.8
76.9
77.0

o
o
o

336.4
336.5
336.7

o
o
o

1.4
1.4

18.4
18.4

4.1
2.8

6.2
5.1

20.2
14.7

30.5
22.6

4.7
4.6

151.0
150.7

108.4 o
108.4 o

77.0
77.2

o
o

336.4
336.3

o
•

8.3
8.3

1.4
1.5

18.4
18.4

5.3
3.9

6.7
6.8

14.9
32.3

26.9
43.1

4v6
4.6

Balance
at
Federal
Reserve

12.2
12.4
12.5

3.1
2.9
5.9

5.3
5.4
6.5

11.4
8.2
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.
Sop.

9.1
7.9
8.5

1.6
1.5
1.4

13.2
13.6
14.1

Octc
Nov.
Doc.

8.5
8.4
8.3

1.4
1.4
1.4

1997-Jan.
Fob.

8.3
8.3

Foreign
commercial
banks

Foreign
official
institutions

Doc.

8.4
8.3
8.4

1.5
1.6
1.5

1996-Jan.
Fab.
Mar.

8.4
8.2
8.0

Apr.
May
Juno

1995-Oct.
NOV.

Woofc en<U|KF
1 9 9 7 - J a n . 20
27

IRAandKeoghi Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

Note
balances at
depository
institutions

Total
cash
balance

Fob.

3
10
17
24

8.3
8.3
8.3
8.3

1.4
1.4
1.4
1.5

18.4
18.4
18.4
18.4

3.0
2.5
2.9
2.8

7.5
4.8
4.9
4.5

27. S
12.5
10.1
16.6

38.3
19.8
17.9
23.8

4.6
4.6
4.6
4.6

Mar.

3
10p
17P

8.3
8.3
8.3

1.5
1.4
1.4

18.4
18.4
18.4

2.8
2.6
4.6

5.1
5.2
5.9

13.7
10.1
9.6

21.6
17.9
20.1

4.6
4.6
4.6

estimated
preliminary




At
money
market
funds

Total

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits *
January 31,1997 and February 28,1997
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Liability Categories

Jan. 31

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over
2

All IRA/Keogh Plan deposits

Feb. 28

32,776

32,904

94,915
201,398
213,771
197,998

95,201
202,185
213,128
197,736

150,717

150,819

Change
(percent)

Average Rate Paid (%)
Jan. 31

Feb. 28

Change
(b.p.)

4.03

4.04
4.62
5.02

-0.30
-0.13

4.63
5.01
5.25
5.49

5.51

1
-1
1
2
2

0.07

N.A.

N.A.

N.A.

0.39
0.30
0.39

5.27

BIF-insured Savings Banks 3
Amount Outstanding ($mil.)
Liability Categories
Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days

Jan. 31

Feb. 28

2,539

2,532

Change
(percent)

Average Rate Paid (%)
Jan. 31

Feb. 28

4.75
5.05

4.73
5.04

Change
(b.p.)

13,100

13,073

-0.29
-0.21

183 days to 1 year

29,479

1 to 2-V2 year

29,151

29,446
29,688

-0.11
1.84

5.31
5.58

5.31
5.59

21,814

21,855

0.19

5.77

5.78

-2
-1
0
1
1

20,223

20,242

0.09

N.A.

N.A.

N.A.

2-V2 years and over
2

All IRA/Keogh Plan deposits

N.A. ~ data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 75 savings banks. All rates are expressed as annual effective yields. Owing to statistical difficulties associated in part
with the implementation of sweep accounts, estimates for NOW and Savings accounts are not currently available.
2. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
3. BIF-insured savings banks include both mutual and federal savings banks.




Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class