Full text of H.6 Money Stock Measures : March 5, 1987

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FEDERAL RESERVE statistical release
Thaaa data ara achaduM for rafaaaa aaeh Thursday at 4:30 p.m.

HA (506)
11

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MARCH

Billions of dollars
M1
Sum of currency,
travelers chocks,
domand deposits and
othsr checkable dsposlts1

Date

M2
M3
M1 plus overnight RPt ""
M2plus
and Eurodollars,
large tims deposits,
MMMF balances (gon. pur. term RPs, term Eurodollsrs
and broker/dealer), MMDAs,
and institution-only
and savings and smsll
MMMF balances'
2
time dsposlts
Seasonally adjusted

1 9 8 6 — JAB.
FEB.
BAB.
APB.
BAT
JUBE
JULY
AUG.
SEPT.
OCT.
BOf.
DEC

628.9
632.2
640.5
648.2
659.6
667.5
676.6
667.0
693.1
701.4
712.4
730.5

2574.7
2582.4
2598.9
2623.9
2647.3
2667.6
2693.8
2718.4
2736.2
2760.4
2774.6
2796.4

3226.9
3242.6
3264.4
3293.3
3315.0
3338.6
3368.6
3396.3
3420.5
3440.9
3456.4
3486.2

1987—JAB.

737.6

2820.0

3511.4

5, 1987

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancia! sectors*

3861.7
3880.1
3894.9
3920.0
3952.0
3972.7
3999.5
4028.1
4057.2
4083.4
4108.6
4139.6

6878.5
6923. 3
6968.5
7029.1
7101.3
7172.2
7238. 1
7314.8
7J67.2
7444.7
7519~8
7604.4

3871.0
3873.2
3899.5
3927.0
3937.8
3971.5
4000.1
4024.9
4051.2
4077.7
4111.4
4153.0

6672.4
0906.2
6945.0
7001.9
7069.0
7137.1
7203.2
7284.6
7365.4
7427.2
7504.0
7597.2

Not seasonaMy adjusted
1986—JAB.
FEB.
BAB.
APB.
BAT
JO BE
JOLT
AUG.
SEPT.
OCX.
BO?.
DEC

634.3
620. Q
631.3
653.9
652.5
669.6
680.4
685.2
691.3
698.9
715.5
746.6

2583.3
2572.6
2594.5
2631.4
2637.9
2666.7
2700.4
2715.7
2728.8
2756.8
2776.8
2811.8

3235.5
3234.1
3262.6
3299.8
3306.7
3336.7
3369.1
3391.6
3414.9
3437.3
3462.7
3501.4

1987—JAB.

744.3

2830.2

3522-2

13-week average

Seasonally adjusted
etwees average

•

For period ended
1967-JAB.

FEB.

BOTE:

M1
Not eeasonally adjusted
weeK average

§3™ween average

A_aaae»A^Ar aMaaw*/teB
^^^Bf^aji\ vwtsjpyaF

week average

5
12
19
26

718.3
721.0
723.2
725.3

737.$
739.5
736.6
735.9

747.2
734.1
730.6
731.8

725.3
729.7
732.5
734.8

757.0
762.4
760.9
751.5

788.7
758.0
739.6
719.6

2
9
16 P
23 P

727.7
729.8
731.8
733.7

733.4
733.5
735.Q
736.7

736.9
734.6
736.6
738.5

736.2
737.2
737.6
738.5

734.8
727.6
723.7
723.2

721.7
730.2
723.2
717.7

SPECIAL CA0TIOB SflOOLD BE TABEB IB IBTBBPBBTIBG BBBE-XO-BEBK CBAB6BS IB BOBBI SUPPLI DATA, BBICB ABB
HIGHLI VOLATILE ABO SUBJECT TO BBiTSIOB.
P—IBOICATES P&ELIBINABI DATA.
FOOTBOTBS APPBAB OB THE FOLLOBIBG PAGE




H.6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
0

Percent change at seasonally adjusted annual rates

2

M1
20.*

8.6

8.2

1U*

T O JAR.

1987

18.0

9.4

8.5

12.1

1986 TO JAR.

1987

17.3

9.5

8.8

12.2

1986 TO JAR.

6 nomas

1986

12 HOBTiiS FRO* JAR.

M3

1987

3 HOHTHS FROM OCT.
FROE J O L T

M2

Debt'

THIRTEEN REEKS BNDIRG FER^ 2J, 1987
FROH THIRTRBR REEKS EHDIHG:
ROV.

24, 1986 (13 WEEKS PREVIOUS)

19.1

AUG.

25, 1986 (26 REEKS PBEVXOOS)

17.3

FEB.

24, 1986 (52 UEEES PRE? 1005)

16.7
•

1/

1/

2/

3/

4/
5/

-• -

* •

GBOHTB B A T E S FOR DEBT A B E BASED OR PBBXOOS BEGXRRXRG A R D EEDIHG O R E BORTR EARLIER THAR F O B T H E H O R E T A B I A G G R E G A T E S ,
RARELY, SBPTBHBEB 1986 T O DBCBHBBB 1986, JURE 1986 T O DECEERER 1986, A R D DECEMBER 1985 T O DECEEREE 1986, R E S P E C T I V E L Y .
FOOTROTES T O TABLE 1
C O N S I S T S O F (1) CURBBBCY OUTSIDE T H E TREASURY, PBDBBAL RESERVE B A R K S , A R B T B E F A U L T S OF COflHBBCXAL B A R K S ;
(2) TRAVELERS CHECKS OF RORBARK ISSOEBS; (3) DEHARD D E P O S I T S AT A L L COMMERCIAL B A R K S OTflEB THAR T H O S E D O B TO
DOMESTIC BARKS, T H E U . S . GOVEBRHERT, ARD FOBBXGR BARKS A R O O F F X C X A L X R S T X T O T X O R S L E S S CASH I T E M S XR T H E PROCESS
OF COLLECTIOR A R D PBDEBAL BSSEBVE F L O A T ; ARD (4) OTHER C H E C K A B L E D E P O S I T S (OCD) CORSISTXRG O F R E G O T I A B L E ORDER
OF RXTUDBARAL (ROR) A R D AUTOMATIC TRANSFER SEfifXCE (ATS) A C C O U N T S AT DEPOSITOBX I N S T I T O T I O N S ,
CREDIT UHXOR S H A R E DBAFI ACCOUNTS ARD DEBAND DEPOSITS AT T H R I F T X R S T X T O T X O R S . T H E CURRBMCY A R D D E H A R D
DEPOSIT COHPORERTS EXCLUDE T H E BSTIRATED AAOURT OF VAULT C A S H ARD DEHARD D E P O S I T S , B B S P E C T I V E L I , H E L D BY
THBXFT X R S T X T O T X O R S T O SERVICE THEIR O C D LIABILITIES.
CONSISTS OF Hi PLUS OVEBRIGHT (ARD CONTINUING CORTRACT) R P S I S S U E D B X A L L C O R E B B C I A L BARKS A R D O V B R R I G H T E U R O D O L L A R S
ISSUED T O U . S . RESIDENTS BX FOREIGR BRARCHES OF U . S . B A R K S W O R L D W I D E , HflDAS, S A V X R G S A R D S H A L L D E R O E X R A T X O R
TXHB D E P O S I T S (TIRE D E P O S I T S — I N C L U D I N G RETAIL B P S - X R A H O U N T S OF LESS TEAR $ 1 0 0 , 0 0 0 ) , A R D B A L A R C B S XR B O T H
T A X A B L E A R D TAX-EXEMPT GERERAL PURPOSE ARD BBOKBB/DEALEfi HORET H A R K E T MUTUAL F U R D S . E X C L U D E S XRA A E D K E O G H
BALARCBS A T D E P O S I T O R ! INSTITUTIONS AND HONEY MARK AT F O R D S . ALSO E X C L U D E S A L L BALARCBS H E L D BX U . S . COflHBBCXAL
B A N K S , H O N E Y HARKET FURDS (GERERAL PURPOSE ARD B B O K E B / D E A L E R ) , F Q B E X G R G O V E R N M E N T S A R D C O H H B B C X A L B A R K S , A R D
THE U . S . GOVEBRHERT. ALSO SUBTRACTED IS A CONSOLIDATION A D J U S T M E N T THAT R B P B E S E R T S T B E E S T I M A T E D AHOURT
OF DEHARD DEPOSXTS A R D VAULT CASH HELD BI THBXFT X R S T X T U T X O R S TO S E R V I C E TREXB T I E S A R D S A V X R G S D E P O S I T S .
CORSISTS O F H 2 PLUS L A R G E DENOM1 RATION TIME DEPOSITS (XR AMOUNTS O F $ 1 0 0 , 0 0 0 O R MORE) A R D TERM B P L I A B I L I T I E S ISSUED
BY COMMERCIAL BARKS A R D TBRIFT INSTITOTIONS, TERM E U R O D O L L A R S H E L D B Y U. $• R E S I D E N T S A T FOREIGR EEAECEES O F 0.S. BARKS
HOBLDHIDE A R D AT A L L BARKING OFFICES IR T H E URIXED KXRGDOM ARD CAR AD A, A R D B A L A R C E S XR BOTH T A X A B L E A R D T A X - E X E M P T
IflSTITOTIOM-OHLY HONEY HARKET MUTUAL FURDS. EICLUDES AflOUHTS HELD B Y DEPOSITOBX X R S T I T U T X O R S , T H E U . S . G O V E B R H E R T , HOBBY
HARKET FURDS, A R D FOREIGR BARKS ARD OFFICIAL X R S T X T U T X O R S . ALSO S U B T B A C T B D X S A C O R S O L X D A T X O R A D J U S T E E R T THAT R B P B E S E R T S
T H E BSTXflAXED AHOURT O F OVEBRIGHT R P S A R D EURODOLLARS H E L D BX I N S T I T U T I O N - O N L Y HONEY HARKET H U T U A L F U R D S .
CORSISTS O F H 3 PLOS T H E RORBARK PUBLIC HOLDINGS O F U . S . SAVXRGS B O H D S , S H O B T - T E R H TBEASUBX S E C U R I T I E S , C O H H E R C X A L
PAPER A R D BARKERS ACCBPTARCES, RET O F HONEY MARKET H O T U A L F U H D H O L D X R G S OF T H E S E A S S E T S .
DEBT O F DOMESTIC HOHFIHAHCIAL SECTORS CORSISTS OF OUTSTANDING C R E D I T M A R K E T DEBT OF T H E O R X T E D S T A T E S G O V E B R H E R T ,
S T A T E A R D LOCAL GOVERNMENTS AND PRIVATE HORPIflAHCIAL SECTORS^
P E X V A T E DEBT C O R S I S T S O F C O B P O B A T E B O H D S , H O B T G A G E S ,
CORSUHER C R E D I T (XHCLUDXRG BARK L O A R S ) , OTHER BARK L O A R S , COMMERCIAL PAPER, BARKERS A C C B P T A R C E S A R D O T H E R DEBT
X R S X B U H E R T S . T H E DATA ARB DERIVED FROH THE FEDERAL RESERVE B O A R D S F L O R O F F O R D S A C C O U R T S . A L L DATA OR DEBT O F D O H B S T X C
HORFIRAHCIAL SECTORS ARE PRESERTED IR AOHTH-AVBBAGS FORM, D B B X V B D BY AVXBAGXBG M O N T H - E N D LEHELS O F A D J A C E R T H O R T E S . T H E S E
DATA H A V E ALSO BEEN ADJUSTED TO BEHOVE STATISTICAL D I S C O R T I R U I T I E S T H A T HAX ARISE XR T H E URDEBLXXRG FLOR O F FORDS S T A T I S T I C S .
THE PRESERTATXOH O F DEBT DATA IR THIS RELEASE DIFFERS,
T H E R E F O R E , F R O H T H E Q U A R T E R L Y FLOE O F FURDS S T A T I S T I C S C O R T A X R E D
XR T H E FEDERAL RESERVE RELEASES 2.7 ARD Z. 1. XR THOSE RELEASES,
P U B L I S H E D LEVELS OF CREDIT E A B K B T D E B T A R E MEASURED O E
A UUARTER-ERD BASIS ARD 1RCLUDE DISCONTINUITIES.




COMPONENTS OF THE MONEY STOCK
•NHons of dollars, seasonally adjusted

3
NontrsnsaCtlOnS

OM

Currency*

TfSMStsfs

dsposits*

Othsr
cnscksbts
dsposits4

Demand

taring* dsposits7
at
total
thrift
I OOfflfflOPQNM
Institutions
banks
i 124.8
304.0
179.2
j 125.0
304.8
179.8
306.6
180.8
125.8

components
InM*
only*
taMP

Sotsctsd nontrsnsactlons Itsrns
Small ttont dsposits"
•t
at
total
oornmsrclal
thrift
bank*
Institutions
688.1
385.8
502.3
386.7
889.8
503.2
387.4
892.0
504.6

Largs time deposits"
at
at
total
commercial
thrift
1
banks * institutions
j 292.9
152. 1
445.0
294.8
152.8
447.6
292.7
155.9
448.5

!

«

|
j

127.2
129.5
131.5

183.9
187.3
190.2

311.1
316.8
321.8

387.1
384.1
381.5

506.0
503.9
501.5

893.1
868.0
883.0

293.5
289.9
289.4

157.7
157.7
156.2

451.3
447.6
447.5

1986-JAN.
FEB.
HAH.

171.8
172.7
173.8

5.9
6.0
6.1

270.3
270.3
274.6

180.9
183.1
186.0

1945.8
1950.3
1958.4

652.2
660.4
665.5

APB.
HAY
JUNE

174.4
175.8
176.7

6.1
6.1
6.2

277.7
282.2
285.0

189.9
195.5
199.6

1975.7
1987.8
2000.0

669.4
667.7
671.1

JULY
AUG.
SEPT.

177.6
179.0
179.7

6.3
6.4
6.4

288.2
291.2
292.2

204.5
210.4
214.7

2017.2
2031.4
2043.1

675.1
677.9
684.3

134.0
137.5
141.1

193.3
197.2
200.3

327.4
334.6
341.4

380.0
377.0
374.1

500.9
499.6
498.1

880.9
876.7
872.2

289.5
290.1
289.8

158.9
159.3
158.7

448.3
449.4
446.5

OCT.
NOV.
DEC.

181.2
182.4
183.5

6.4
6.4
6.4

293.4
297.8
308.3

220.4
225.9
232.4

2059.0
2062.1
2067.9

680.5
683.8
687.8

145.8
150.2
154.5

204.6
20 8 . 3
211.7

350.4
358.5
366.2

370.0
365.9
364.7

494.7
491.3
488.5

864.7
857.1
853.3

288.3
290.0
291.9

157.4
155.8
155.1

445.7
445.9
447.0

1987-JAN.

186.0

6.5

305.1

240.0

2082.4

691.4

159.8

216.9

376.7

364.7

486.1

850.7

295.6

153.8

449.4

317.6
303.6
298.7
297.6

238.6
239.1
239.5
241.2

158.0
158.7
159.6
160.6

365.2
365.1
364.6
364.3

i 296.4

302.1
300.0
300.2
300.9

241.6
241.2
243.0
243.6

161.8
163.2
164.3
165.1

363.9
362.8
362.3
361.5

|

MEEK ENDING
1987
JAN.

FEB.

5
12
19
26

184.6
185.0
186.0
186.4

2
9
16 P
23 P

186.8
186.9
186.9
187.5

|

i

i

1/
2/
3/

4/
5/
6/
7/
8/
9/
10/

'

295.9
296.5
295.3

)

293.8
294.0
296.3
296. 1

,i

CURBENCY OUTSIDE THE U.S. TBEASURI, FEDERAL BBSEBYE BANKS AND VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BI THRIFT INSTITUTIONS TO SERVICE THEIB OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED THAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BI DEPOSITORY
INSTITUTIONS ABE INCLUDED IN DEflAND DEPOSITS.
DEHAND DEPOSITS AT COHHEBCIAL BANKS AND FOREIGN BELATED INSTITUTIONS OTHEB THAN THOSE DOE TO DOMESTIC BANKS, THE U.S. GOVBBNMENT AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEHS IN THE PBOCESS OF COLLECTION AND FEDERAL BESERYE FLOAT.
EXCLUDES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THBIFT INSTITUTIONS TO SEBflCE THEIB OCD
LIABILITIES.
CONSISTS OF HOB AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT ONION SHARE DBAFT BALANCES AMD
DEMAND DEPOSITS AT THRIFT INSTITUTIONS.
SOfl OF OYEBNIGBT BPS AND OVERNIGHT EURODOLLARS, HONEY MABKET FUND BALANCES (GENERAL PURPOSE AID BROKBB/DBALBB).
HHDAS, AND SAVINGS AND SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF
DEMAND DEPOSITS AND VAULT CASH HELD BI THRIFT INSTITUTIONS TO SEBYICE THEIB TIME AID SAVINGS DEPOSITS LIABILITIES.
SOfl OF LARGE TIME DEPOSITS, TERM EPS AND TEBfl EURODOLLARS OF 0. S. BESIDEHTS, HONEY MARKET FUND BALANCES (INSTITUTIONONLI), LESS A CONSOLIDATION ADJUSTMENT THAT BEPBESENTS THE ESTIMATED AflOOHT OF OVERNIGHT BPS AND EURODOLLARS HELD BI
INSTITUTION-ONLY MONEY MABKET FUNDS.
SAVINGS DEPOSITS EXCLUDE MMDAS.
SMALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL B P S — ARE THOSE ISSOED IN AHOONTS OF LESS THAN $100,000. ALL
INDIVIDUAL BETIBEHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ABE SOBTBACTED FBOM SMALL
TIME DEPOSITS.
LABGE DENOMINATION TIME DEPOSITS ABE THOSE ISSOED IN AMOUNTS OF 1100,000 OB MOBE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BI MONEY MARKET MUTOAL FUNDS,
DEPOSITORY INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.