Full text of H.6 Money Stock Measures : March 9, 1989
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FEDERAL RESERVE statistical release '?f^n^> H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES MARCH Billions of dollars Date Ml 3 M2* 9, 1989 Debt5 M3 J Seasonally adjusted 1987-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 732.0 734.8 745.1 746.6 741.3 742.8 745.6 747.9 757.3 754.6 752.3 2829.8 2833.3 2844.5 2845.5 2848 2856 2869 2885 2902 2904 2909 3525. 3532, 3549, 3564. 3579. 3588, 3610. 3630. 3655. 3670. 3677. 4176.7 4176.7 4187.3 4215.1 4231.8 4237.5 4262..7 4293..5 4327..7 4337..6 4340..6 7683. 7731. 7793. 7859. 7918. 7963. 8018. 8084. 8153. 8230. 8233. 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 758.4 760.1 763.8 771.2 771.1 776.5 782.5 782.4 783.7 785.4 786.6 790.2 2930.5 2950.8 2969.3 2990.3 2999.8 3013.1 3023 3029 3035 3042 3059 3069 3701 3731 3755 3779 3794 3815 3838 3852 3862.8 3879.7 3900 3918 4376 .6 4406 .4 4436 .5 4475 .5 4504 .0 4521 .1 4565 .5 4586 .7 4596 .4 4618.8 4649.7 4690 2 P 8328..5 8386..4 8449..9 8509..4 8566.8 8624.5 8682.9 8748.0 8811.8 8868.2 8935.3 8995.0 p 1989-JAN. 786.2 3066.9 3924.3 1987-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 717.7 723.7 752.6 739.9 744.6 747.0 745.2 745.5 754.1 756.5 766.4 2817.4 2826.5 2855.0 2835.8 2850.0 2863.2 2869.8 2878.9 2899.1 2903.9 2918.7 3513.8 3527.2 3556.0 3554.2 3578.8 3590.2 3610.0 3628.4 3653.1 3674.8 3688.5 4171.9 4174.2 4192.1 4202.4 4231.4 4230.9 4257.4 4288.2 4323.8 4345.1 4354.9 7647.2 7695.0 7757.2 7822.5 7887.2 7935.9 7990.1 8055.6 8123.8 8196.8 8265.8 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 765.2 745.5 752.6 779.1 764.6 779.9 786.9 782.3 781.0 782.1 788.3 804.3 2941. 2938. 2962.4 3001.4 2990..1 3015..5 3031..4 3030..5 3028..5 3038..3 3057..7 3077..6 3710.1 3719.3 3750.3 3785.8 3784.4 3815.9 3839.7 3853.0 3860.9 3877.4 3905.6 3*28.3 4392.8 4402.3 4433.0 4478.8 4491.9 4521.6 4557.4 4581.5 4591.6 4614.7 4657.7 4704.0 p 8311.2 8349.8 8412.1 8472.4 8529.5 8592.2 8648.9 8709.2 8778.4 8835.0 8895.1 8973.0 p 1989-JAN. 793.0 3077.2 3931.8 Not seasonally adjusted 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 OCT. 1988 TO JAN. 1989 0.4 3.3 4.6 8.3 6 Months from JULY 1988 to JAN. 1989 0.9 2.8 4.5 8.6 12 Months from JAN. 1988 TO JAN. 1989 3.7 4.7 6.0 8.6 1.5 3.3 4.7 Thirteen weeks ending FEBRUARY 27, 1989 from thirteen weeks ending: NOV. 28, 1988 (13 weeks previous) AUG. 29, 1988 (26 weeks previous) 1.9 3.1 4.7 FEB. 29, 1988 (52 weeks previous) 4.1 4.7 6.0 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1988 to December 1988, June 1988 to December 1988, and December 1987 to December 1988, respectively. Footnotes to Table 1 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 (NON) and automatic transfer service (ATS) accounts at depository institutions, credit union snare 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 nonfinaneial sectors consists of outstanding credit market debt of the U.S. government, state and local Dvernments and private nonfinaneial sectors. Private debt consists of corporate bonds, mortpages, 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 accounts. 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 Z.l. In those releases, published levels of credit market debt are measured on a quartei—end basis and include discontinuities. f H.6 ( 5 0 8 ) T a ble 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted Ml Period ending 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 1988-DEC. 5 12 19 26 785.7 786.3 786.8 787.1 787.7 789.2 790.1 790.1 790.4 790.6 790.0 789.5 3046.8 3049.5 3052.4 3054.8 3062.6 3066.9 3068.9 3069.7 3071.6 3069.0 3070.4 3067.9 3884.2 3888.7 3893.2 3897.0 3905.7 3911.7 3915.8 3917.6 3916.1 3918.6 3922.3 3913.5 1989-JAN. 2 9 16 23 30 787.6 787.8 787.7 787.7 787.7 790.1 789.1 787.7 786.9 786.0 790.2 786.7 784.5 786.1 786.5 3057.5 3059.8 3061.4 3063.3 3065.0 3069.0 3068.4 3067.3 3067.0 3066.7 3068.7 3066.5 3066.2 3066.7 3067.3 3901.1 3905.0 3908.3 3911.5 3914.5 3919.4 3921.1 3921.7 3924.1 3924.2 3923.2 3925.4 3924.7 3923.0 3923.7 6 13 20p 27p 787.8 787.8 788.0 788.0 786.1 786.0 786.8 787.5 787.2 784.2 789.2 789.2 3066.0 3067.1 3067.9 3068.9 3066.2 3066.2 3067.9 3070.5 3064.4 3066.5 3073.5 3077.5 3917.0 3919.4 3922.4 3925.2 3923.9 3924.1 3929.5 3934.2 3924.3 3925.4 3944.5 3942.6 FEB. Not seasonally adjusted Period ending 13-week average 4-week average M3 M2 Ml week average 13-week average 4-week average week average 13-week average 4-week average week average 1988-DEC. 5 12 19 26 784.5 785.2 786.6 789.3 790.7 793.5 797.5 801.3 801.6 802.2 802.3 798.9 3043.1 3045.8 3049.3 3053.8 3062.2 3067.2 3070.6 3074.4 3078.8 3077.8 3075.1 3065.8 3884.5 3888.8 3893.7 3899.6 3911.5 3917.1 3921.5 3924.6 3925.0 3927.8 3925.7 3919.9 1989-JAN. 2 9 16 23 30 792.3 794.7 795.5 796.2 795.5 805.2 809.7 809.1 804.8 791.4 817.4 820.2 800.0 781.6 763.9 3058.6 3063.5 3066.6 3069.6 3070.8 3077.2 3084.0 3087.1 3087.5 3076.4 3090.2 3105.0 3087.4 3067.2 3045.8 3905.6 3911.0 3915.6 3919.9 3922.2 3929.8 3936.2 3940.9 3941.7 3930.7 3945.8 3953.4 3944.4 3923.2 3901.9 6 13 20p 27p 794.7 793.4 792.2 790.6 781.8 775.4 772.7 772.4 781.6 774.6 770.8 762.6 3071.1 3071.3 3071.1 3071.2 3065.5 3058.8 3056.5 3058.1 3061.7 3060.5 3058.0 3052.1 3923.7 3925.1 3926.5 3927.4 3922.5 3917.2 3918.0 3922.1 3920.5 3923.0 3926.7 3918.3 FEB. 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—indicates preliminary data. H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Date 1987-SEP. Currency1 Travelers checks2 Demand deposits3 Other checkable deposits4 191. 4 7.1 290.5 Savings deposits7 A* commercia 1 banks At thrift institutions Small time deposi ts 8 In M2 5 In M3 only6 259.0 2137.4 745.6 178.5 240.3 418.7 752.6 765.7 767.6 178.2 177.9 178.5 239.6 238.1 237.8 417.8 416.0 416.4 Total At commercial banks At thrift institutions Total 369.2 505.4 874.7 374.9 382.1 385.3 510.4 520.9 528.8 885.3 903.0 914.1 OCT. NOV. DEC. 193.1 195.1 196.4 7.0 7.0 7.1 295.9 291.9 288.3 261.2 260.7 260.4 2145.4 2150.0 2157.7 1988-JAN. FEB. MAR. 198.5 199.4 200.7 7.2 7.3 7.2 289.4 288.1 288.4 263.4 265.4 267.5 2172.2 2190.7 2205.5 771.0 780.5 786.6 179.5 181.3 183.3 237.6 237.5 238.1 417.0 418.8 421.5 388.7 393.7 398.1 536.8 548.7 554.7 925.4 942.4 952.8 APR. MAY JUNE 202.4 203.4 204.7 7.2 7.3 7.3 290.3 288.1 289.8 271.2 272.2 274.7 2219.1 2228.7 2236.6 789.3 794.8 802.5 184.5 186.0 187.7 238.8 239.3 239.8 423.3 425.2 427.6 403.2 406.2 409.3 560.2 564.8 566.4 963.4 971.0 975.7 JULY AUG. SEP. 206.4 207.0 208.6 7.2 7.2 7.3 290.4 289.9 288.8 278.5 278.3 279.0 2241.4 2247.3 2251.3 814.4 822.4 827.8 189.1 190.0 190.1 240.5 240.9 240.3 429.7 430.9 430.5 412.9 417.4 423.6 568.1 570.9 575.1 981.0 988.3 998.7 OCT. NOV. DEC. 209.7 210.5 211.8 7.4 7.5 7.6 288.9 287.7 288.6 279.4 280.9 282.3 2256.7 2272.5 2279.7 837.6 841.4 848.5 189.8 192.8 192.5 239.4 239.0 238.8 429.2 431.8 431.3 430.9 436.4 443.0 578.8 581.4 582.2 1009.7 1017.8 1025.3 1989-JAN. 213.4 7.6 284.0 281.2 2280.6 857.4 190.8 237.0 427.8 451.1 584.5 1035.6 2 9 16 23 30 212.4 212.7 213.3 213.7 214.0 7.6 7.6 7.6 7.6 7.6 287.1 285.0 283.0 283.5 283.6 283.1 281.4 280.7 281.3 281.3 2278.5 2279.8 2281.6 2280.6 2280.8 854.5 858.9 858.5 856.3 856.4 192.4 191.3 190.7 190.5 190.2 237.9 237.6 237.4 236.7 236.2 430.3 428.9 428.1 427.2 426.4 445.4 447.4 449.9 452.2 455.5 581.6 582.6 583.2 584.7 587.6 1027.0 1030.0 1033.1 1036.9 1043.2 6 13 20p 27p 213.7 214.0 214.2 215.0 7.6 7.6 e 7.7 e 7.7 e 285.5 282.6 286.5 284.4 280.4 279.9 280.8 282.1 2277.2 2282.3 2284.3 2288.2 859.9 858.9 871.0 865.1 190.6 190.6 190.3 190.2 235.0 234.6 234.2 233.6 425.6 425.2 424.5 423.8 458.0 459.6 461.8 464.0 586.4 586.3 586.2 587.5 1044.4 1045.8 1048.0 1051.5 Neek ending 1989-JAN. FEB. 1. 2. 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 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 NOH 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 1987-SEP. 315.1 153.2 468.3 98.5 262.6 44.2 257.3 1922.9 6161.1 OCT. NOV. DEC. 318.5 324. Q 325.4 156.0 159.0 162.0 474.5 483.0 487.4 99.0 99.5 100.4 272.5 268.8 257.6 44.5 44.7 44.7 256.5 254.2 260.3 1929.4 1947.3 1957.1 6224.0 6283.4 6326.6 1988-JAN. FEB. MAR. 323.7 328.4 331.0 163.3 163.9 165.3 487.0 492.3 496.3 101.3 102.5 103.4 261.1 257.4 255.8 43.7 41.0 41.1 269.0 274.2 280.3 1963.7 1981.2 2006.3 6364.7 6405.1 6443.6 APR. MAY JUNE 331.8 334.1 339.6 167.4 168.2 168.2 499.2 502.4 507.8 104.4 105.3 106.0 262.5 265.3 258.5 41.4 41.1 40.7 287.6 297.8 300.4 2018.2 2023.1 2033.3 6491.2 6543.7 6591.3 JULY AUG. SEP. 345.5 350.8 355.0 168.5 168.6 171.7 514.0 519.4 526.7 106.8 107.4 107.9 270.0 274.8 275.3 40.7 41.2 41.7 309.8 311.3 308.8 2042.7 2059.5 2079.9 6640.2 6688.5 6731.9 OCT. NOV. DEC. 359.2 361.2 364.9 172.8 173.2 172.9 532.0 534.4 537.7 108.4 108.7 109.1 p 277.0 276.4 286.4 p 41.3 40.5 40.6 p 312.3 323.7 335.7 p 2089.1 2101.4 2114.6 p> 6779.2 6833.8 6880.4 p 1989-JAN. 370.1 173.7 543.7 2 9 16 23 30 366.0 367.0 370.1 371.7 371.4 173.6 173.8 173.6 174.1 173.7 539.6 540.8 543.7 545.8 545.1 6 13 20p 27p 374.7 376.7 378.4 378.1 173.3 173.0 173.5 173.9 548.0 549.7 551.8 552.0 Neek ending 1989-JAN. FEB. 1. Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. 3. 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. 4. 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. 6. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p--indicates preliminary data. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Other checkable deposiits Currency * Date Travelers Demand checks 2 deposits3 commercial banks* At thrift institutions5 Total Nontransactions components In M 2 6 In M3 only7 Overnight RPs S Overnight Eurodollars9 General purpose and broker/dealer money market funds 1987-SEP. 190.9 7.6 289.2 176.7 81.2 257.9 2133.4 749.5 62.2 21.1 216.3 OCT. NOV. DEC. 192.5 195.9 199.3 7.0 6.6 6.5 295.7 294.2 298.6 177.1 178.2 180.5 81.7 81.6 81.4 258.9 259.8 262.0 2144.9 2147.4 2152.3 754.1 771.0 769.8 65.0 63.1 61.9 20.9 16.5 16.4 218.2 219.7 221.1 1988-JAN. FEB. MAR. 197.0 197.1 199.1 6.6 6.8 6.9 295.9 279.1 279.9 184.3 182.0 184.2 81.4 80.4 82.5 265.7 262.4 266.7 2176.0 2192.8 2209.7 768.9 781.0 788.0 64.4 61.5 59.7 18.4 16.4 14.8 225.2 231.0 234.8 APR. MAY JUNE 201.6 203.6 205.7 6.9 7.1 7.6 292.1 283.1 291.3 191.2 185.1 187.6 87.3 85.7 87.6 278.5 270.8 275.3 2222.3 2225.4 2235.6 784.4 794.3 800.4 60.2 63.2 63.7 15.4 17.2 17.1 235.8 231.8 228.9 JULY AUG. SEP. 208.0 207.9 208.0 8.2 8.2 7.9 293.1 289.0 287.4 188.7 188.8 189.7 88.9 88.4 88.1 277.7 277.2 277.8 2244.5 2248.1 2247.4 808.3 822.6 832.4 62.0 64.1 62.6 15.6 15.8 14.7 229.6 230.8 231.0 OCT. NOV. DEC. 209.0 211.3 214.9 7.5 7.1 6.9 288.7 290.0 298.8 189.0 191.3 195.0 88.0 88.6 88.7 276.9 279.8 283.7 2256.2 2269.4 2273.3 839.1 848.0 850.7 62.1 62.5 64.8 13.8 12.9 13.8 231.3 237.4 239.6 1989-JAN. 211.8 7.0 290.5 196.2 87.4 283.7 2284.2 854.6 65.3 17.5 242.0 2 9 16 23 30 213.9 213.9 212.6 210.9 209.5 7.0 7.0 7.0 7.0 7.0 311.1 305.1 292.9 283.1 275.2 197.1 203.1 198.7 194.4 188.7 88.4 91.0 88.8 86.1 83.5 285.5 294.2 287.5 280.5 272.2 2272.8 2284.8 2287.4 2285.6 2?81.9 855.6 848.4 857.0 856.0 856.1 61.6 65.1 64.7 66.1 66.4 16.2 17.5 17.5 16.8 19.0 230.*» 237.6 243.3 244.5 2VS.5 6 13 20p 27p 211.8 212.4 212.3 210.9 7.1 7.2 e 7.3 e 7.3 e 281.3 275.9 275.3 270.6 194.0 193.0 191.4 190.1 87.4 86.1 84.6 83.6 281.4 279.1 275.9 273.8 2280.1 2285.9 2287.2 2289.5 858.9 862.5 868.8 866.2 63.8 64.0 64.6 65.5 15.1 16.9 16.3 16.1 243.5 246.4 248.8 251.4 Neek ending 1989-JAN. FEB. 1. 2. Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollai—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 NON and ATS balances at commercial banks> U.S. branches and agencies of foreign banks> and Edge Act corporations. 5. Consists of NOH 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 depoc 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 bv 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. iK, * w • • I***-* '*•*• S3 22. 3 CLV> 0) • «-•0) s. /+-*-Q.H-0 H-M' H'H3 3H-3C (DO 3"© 0 -J © *£88. 3 C H H - W H'W 22 0 . 0 r - r - 0 to to H--K&)ft)0 3 0) 0 - K T T 3 ft) < &) H < 0 ( Q 3 • — M rf-0 © 0 © H - 3 B H M I T i (0 V> 0) 0 . 0 - 0 CLifl H-© (D H © 10 w ? 00 © 9 3 3 3 w H V I H-M'CT H . H - 3 3 ft> 3 H.fl) 0) 2 "0 i i 0) 3 Q. 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O SV) Sto A l HA wr\ H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs1 Date Debt components6 Non-M3 Components of L InstitutionAt only money commercial thrift banks market funds institutions Total Term Eurodollars2 Savings bonds Short-term Treasury securities3' Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1987-SEP. 81.3 40.7 70.8 111.5 94.5 98.3 260.3 44.4 256.8 1901.6 6154.0 OCT. NOV. DEC. 82.5 89.5 89.6 37.6 40.0 38.4 71.4 72.0 70.7 108.9 111.9 109.1 93.0 92.8 90.8 98.8 99.6 100.6 269.9 274.0 263.0 44.8 45.1 45.1 257.1 251.6 257.8 1911.7 1937.8 1955.2 6212.1 6259.1 6310.6 1988-JAN. FEB. MAR. 94.4 98.7 97.4 38.7 43.6 43.9 71.2 70.6 68.1 109.9 114.2 112.0 85.4 85.5 90.0 101.7 102.7 103.6 265.2 263.5 258.1 43.4 41.0 40.4 272.5 275.8 280.5 1963.1 1976.0 1994.6 6348.1 6373.8 6417.5 APR. MAY JUNE 91.9 90.0 86.3 44.9 47.0 47.9 69.8 73.9 76.4 114.7 121.0 124.3 89.1 91.8 93.1 104.6 105.4 105.9 262.6 260.1 254.9 40.9 41.1 41.0 285.0 300.8 303.8 2003.1 2006.8 2016.5 6469.3 6522.6 6575.7 JULY AUG. SEP. 84.8 84.0 83.7 46.5 45.0 42.5 79.1 78.8 79.9 125.6 123.8 122.4 96.2 103.8 105.0 106.5 106.9 107.6 262.6 271.1 272.8 40.8 41.2 41.9 307.8 309.3 308.3 2024.1 2037.6 2056.6 6624.7 6671.6 6721.8 OCT. NOV. DEC. 84.6 87.4 87.6 42.9 45.1 40.1 82.4 83.8 85.2 125.2 128.9 125.3 102.3 103.8 107.3 108.3 108.7 109.2 p 274.4 282.5 293.1 p 41.5 40.9 40.9 p 313.1 320.0 332.4 p 2069.3 2090.8 2112.4 p 6765.8 6804.3 6860.6 p 1989-JAN. 89.3 40.4 85.9 126.3 103.3 2 9 16 23 30 87.2 88.0 89.2 89.9 90.7 37.0 38.5 40.7 40.6 42.3 87.0 87.2 86.8 84.6 84.6 124.0 125.7 127.5 125.2 126.9 109.0 102.7 105.4 103.5 100.5 6 13 20p 27p 89.9 39.8 89.0 89.9 43.7 44.5 44.4 44.2 84.7 84.8 84.6 84.8 128.4 129.4 129.0 129.0 100.4 101.8 107.1 103.7 Neek ending 1989-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 4. 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. 6. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p--indicates preliminary data. H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits Time and savings deposits due to foreign banks Foreign Foreign and official <commercial official institutions banks institutions Date Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance IRA and Keogh Accounts Time and savings At deposits At at commercial commercia 1 . thrift banks banks institutions At money market funds Total 1987-SEP. 9.3 2.0 4.4 4.2 10.3 21.3 35.8 1.5 81.4 106.6 14.5 202.4 OCT. NOV. DEC. 9.5 9.4 9.6 1.9 1.7 1.7 4.3 4.3 4.3 3.2 3.2 3.9 8.9 4.0 4.2 27.4 22.6 18.4 39.5 29.7 26.6 1.5 1.5 1.6 81.8 82.2 82.9 107.1 107.4 108.7 15.4 16.2 16.4 204.4 205.8 208.0 1988-JAN. FEB. MAR. 10.1 9.4 9.3 1.7 1.6 1.6 4.2 4.2 4.2 4.1 3.1 3.6 5.6 3.8 2.9 20.8 25.1 18.7 30.5 32.1 25.2 1.6 1.6 1.6 83.9 84.7 85.5 110.0 111.2 113.2 16.6 16.8 17.1 210.6 212.8 215.8 APR. MAY JUNE 9.1 9.2 9.6 1.9 1.7 1.8 4.3 4.2 4.2 5.3 3.3 4.3 5.1 7.2 4.1 16.4 27.1 16.7 26.8 37.5 25.0 1.6 1.6 1.7 87.3 88.8 89.4 115.4 116.5 117.7 18.0 18.6 18.4 220.7 223.9 225.5 JULY AUG. SEP. 10.0 9.3 9.6 1.9 1.7 1.6 4.3 4.3 4.3 3.4 3.0 4.1 3.9 3.2 7.4 18.6 8.9 20.4 25.9 15.1 32.0 1.7 1.6 1.5 90.2 91.2 91.8 119.0 119.5 120.5 18.5 18.7 18.7 227.7 229.4 231.0 OCT. NOV. DEC. 9.2 9.4 9.7 1.6 1.8 1.9 4.3 4.3 4.2 3.2 3.4 4.2 6.2 5.2 5.5 24.5 12.8 18.7 34.0 21.5 28.4 1.5 1.5 1.6 92.5 93.3 93.9 121.5 121.8 122.6 18.8 19.6 20.2 e 232.9 234.7 236.7 e 1989-JAN. 9.5 1.8 4.2 4.0 8.1 21.0 33.1 1.5 95.1 124.0 e 20.4 e 239.4 e 2 9 16 23 30 9.5 10.1 9.0 9.9 8.8 1.9 1.8 1.9 1.8 1.8 4.2 4.2 4.2 4.2 4.2 4.2 4.6 3.7 4.9 2.9 7.6 6.9 4.8 7.0 13.8 25.4 9.3 15.0 27.5 30.4 37.2 20.8 23.5 39.4 47.2 1.6 1.5 1.5 1.5 1.5 6 13 20p 27p 9.7 9.0 9.1 10.7 1.7 1.7 1.9 2.0 4.2 4.2 4.2 4.2 5.5 2.8 3.2 3.4 7.3 5.4 4.9 6.0 25.4 22.2 21.3 21.3 38.2 30.4 29.4 30.7 1.5 1.5 1.5 1.5 Neek ending 1989-JAN. FEB. e--indicates estimated data, p—indicates preliminary data.