Full text of H.6 Money Stock Measures : May 15, 1997

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreleaseai430p.m. Eastern Time

Billions of dollars

Date

May 15,1997

M11

M22

M33

L4

DEBT5

Seasonally adjusted
19 95-May
June
July
Aug.
Sep.
Oct.
Nov.

Dec.
19 9 6 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.

Dec.
19 9 7 - J a n .
Feb.
Mar.
Apr. p

1145.1
1142.7
1145.0
1144.0
1141.6
1135.7
1133 . 1
1129.0

3534.9
3562.9
3583.1
3604.4
3620.1
3629.8
3639.3
3655.0

4427.6
4463.9
4495.2
4527.1
4550.7
4567.1
4580.8
4594 . 8

5465.5
5503.5
5555.0
5592.1
5638.9
5669.8
5677.5
5700.3

13494.6
13571.3
13625.5
13666.2
13713.6
13774.1
13831.3
13875.3

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
3775.3
3787.8
3809.3
3833.0

4622.3
4655.2
4691.9
4708.7
4731. 3
4753.6
4771.2
4791.5
4822.6
4857.7
4885.0
4927.7

5723.3
5741.9
5792.1
5824.2
5835.9
5870.1
5890.1
5920.0
5960.7
5983.3
6021.2
6057.7

13925.4
13998.7
14075.6
14145.7
14205.5
14265.6
14338.7
14395.9
14444.9
14507.4
14572.5
14622.0

1079 . 7
1080 . 6
1075.2
1065 . 0

3849.7
3866.0
3882.4
3903.9

4950.1
4987 . 3
5015.7
5052.6

6073.2
6123.9 p

14663.3
14722.9
14786.3 p

Not seasonally adjusted
1995-May
June
July
Aug.
Sep.
Oct.

Nov.
Dec.
1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.

Nov.
Dec.
19 9 7 - J a n .
Feb.
Mar.
Apr. p

1133.8
1140.8
1145 . 6
1139 . 3
1138.5
1132.9
1138.7
1152 . 8

3520.9
3560.8
3586.6
3603.6
3613.5
3621.5
3643.2
3675.3

4413.7
4462 . 0
4493.2
4526.1
4541.1
4563.6
4589 . 7
4614.3

5445.2
5493.0
5546.7
5589.5
5623.6
5656.9
5688.7
5732.2

13444.4
13527.5
13573.3
13619.2
13678.8
13740.4
13816.0
13875.8

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
3764.1
3768.1
3777.5
3812.2
3851.5

4628.7
4643.3
4694.4
4718.1
4715.1
4750.8
4769.3
4792.0
4811.4
4853.4
4893.1
4944.7

5737.4
5733.9
5805.0
5837.2
5813.7
5856.8
5881.4
5919.1
5943.6
5970.6
6031.5
6086.0

13906.6
13961.3
14045.6
14108.6
14158.9
14220.0
14280.6
14342.7
14405.2
14469.6
14554.0
14621.3

1086.0
1066.4
1067.2
1071.5

3851.4
3850.3
3887.3
3920.9

4955.8
4978.5
5022.5
5060.4

6086.0
6118.9 p

14643.3
14683.7
14756.0 ]

Footnotes a p p e a r o n t h e following p a g e
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES

Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

3 Months f r o m J a n .

1997 TO A p r .

1997

-5.4

5.6

8.3

4.5

6 Months f r o m O c t .

1996 TO A p r .

1997

-2.8

6.1

8.0

4.7

12 M o n t h s f r o m A p r .

1996 TO A p r .

1997

-5.2

4.8

7.3

5.0

-3.1

5.3

7.8

T h i r t e e n w e e k s e n d i n g May 5 , 1997
f r o m t h i r t e e n weeks e n d i n g :
F e b . 3 , 1997 (13 w e e k s p r e v i o u s )

1.

M1

Nov. 4 ,

1996

(26 w e e k s p r e v i o u s )

-3.2

5.7

8.0

May

1996

(52 w e e k s p r e v i o u s )

-4.5

4.7

7.0

6,

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1996 to March 1997, September 1996 to March 1997,
and March 1996 to March 1997, respectively.

F o o t n o t e s to Table 1:
1.

2.

3.

4.
5.

C o n s i s t s of (1) currency o u t s i d e the U.S. Treasury, Federal R e s e r v e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank i s s u e r s ; (3) d e m a n d
d e p o s i t s at all commercial b a n k s other than t h o s e d u e to depository institutions, the U.S. government, and foreign b a n k s and official institutions, l e s s c a s h items in the
p r o c e s s of collection and Federal R e s e r v e float; and (4) other c h e c k a b l e d e p o s i t s (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer s e r v i c e
(ATS) a c c o u n t s at depository institutions, credit union s h a r e draft a c c o u n t s and d e m a n d d e p o s i t s at thrift institutions. S e a s o n a l l y adjusted M1 is calculated by s u m m i n g
currency, travelers c h e c k s , d e m a n d d e p o s i t s , and O C D s , e a c h s e a s o n a l l y adjusted separately.
C o n s i s t s of M1 plus s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t a c c o u n t s ) , small-denomination time d e p o s i t s (time deposits—including retail R P s — i n a m o u n t s of l e s s
than $ 1 0 0 , 0 0 0 ) , and b a l a n c e s in retail m o n e y market mutual funds. E x c l u d e s individual retirement account (IRA) and Keogh b a l a n c e s at depository institutions and m o n e y
market funds. S e a s o n a l l y adjusted M2 is c o m p u t e d by s umming s a v i n g s d e p o s i t s , small-denomination time d e p o s i t s , and retail m o n e y fund b a l a n c e s , e a c h s e a s o n a l l y
adjusted separately, and adding this result to s e a s o n a l l y adjusted M1.
C o n s i s t s of M2 plus large-denomination time d e p o s i t s (in a m o u n t s of $ 1 0 0 , 0 0 0 or more), b a l a n c e s in institutional m o n e y funds, RP liabilities (overnight and term) i s s u e d by all
depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking o f f i c e s in the United
Kingdom and Canada. E x c l u d e s a m o u n t s held by depository institutions, the U.S. government, m o n e y funds, and foreign b a n k s and official institutions. S e a s o n a l l y adjusted
M3 is calculated by summing large time d e p o s i t s , institutional m o n e y fund b a l a n c e s , RP liabilities, and Eurodollars, e a c h s e a s o n a l l y adjusted separately, and adding this
result to s e a s o n a l l y adjusted M2.
C o n s i s t s of M3 plus the nonbank public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial paper and bankers a c c e p t a n c e s , net of m o n e y market
mutual fund holdings of t h e s e a s s e t s .
Debt: The debt a g g r e g a t e is the outstanding credit market debt of the d o m e s t i c nonfinancial s e c t o r s — the federal s e c t o r (U.S. government, not including g o v e r n m e n t s p o n s o r e d enterprises or federally related mortgage pools) and the nonfederal s e c t o r s (state and local g o v e r n m e n t s , h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt c o n s i s t s of mortgages, tax-exempt and corporate bonds, c o n s u m e r credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal R e s e r v e Board's flow of f u n d s a c c o u n t s , are break-adjusted (that is, discontinuities in the
data h a v e b e e n s m o o t h e d into the s e r i e s ) and month-averaged (that is, t h e data h a v e b e e n derived by averaging adjacent month-end levels). The presentation of the debt
data in this r e l e a s e differ, therefore, from the quarterly flow of funds statistics contained in the Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published levels of
credit market debt are m e a s u r e d on a quarter-end b a s i s and contain discontinuities.
Note: Updated current and historical data for a g g r e g a t e and c o m p o n e n t s e r i e s in the H.6 statistical r e l e a s e are available e a c h w e e k via the w e b site of the Federal R e s e r v e
Board (http://www.bog.frb.fed.us), a s well a s on the E c o n o m i c Bulletin Board of the U.S. C o m m e r c e Department. Monthly data are available back to January 1 9 5 9 , and
w e e k l y data are available back to January 1 9 7 5 for most s e r i e s . For information on how to a c c e s s the C o m m e r c e bulletin board, call (202) 4 8 2 - 1 9 8 6 or toll-free
(800) STAT-USA ( 8 0 0 - 7 8 2 - 8 8 7 2 ) .




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M3

M2

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1997-Feb.

10
17
24

1081.4
1081.2
1081.4

1083 . 9
1082.9
1082.1

1083.3
1077.0
1080 . 6

3838.3
3842.8
3847.5

3859.7
3862.5
3864.9

3861.8
3867.8
3868.9

4933.7
4942.0
4950.2

4964.5
4974.6
4982.9

4977.2
4994.0
4994.0

Mar.

3
10
17
24
31

1080 . 6
1080.7
1080.4
1079.5
1078.9

1080.2
1078.8
1077.6
1074.5
1073.8

1079.8
1077.6
1072.5
1068.0
1077.0

3851.1
3854.6
3858.2
3861.7
3866.1

3867.3
3870.5
3872.8
3875.7
3881.4

3870.5
3874.8
3876.9
3880.5
3893.3

4957.5
4964.2
4970.4
4976.9
4984.2

4991.3
4998.8
5002.3
5007.5
5014.9

4999.9
5007.4
5007.7
5015.1
5029.5

Apr.

7
14
21
28p

1077.6
1076.2
1075.5
1074.0

1070.9
1067.0
1067.7
1064.7

1065.9
1056.9
1071.0
1064.8

3869.9
3874.2
3878.8
3882.5

3887.0
3891.7
3900.7
3904.2

3897.2
3895.8
3916.6
3907.0

4991.1
4999.0
5007.5
5015.5

5021.6
5031.5
5043.9
5052.5

5034.1
5047.4
5064.6
5063.9

5p

1072.2

1064.2

1064.1

3885.0

3903.5

3894.4

5021.8

5056.0

5048.1

May

Not seasonally adjusted
1997-Feb.

10
17
24

1090,
1088,
1087,

1072.6
1068.5
1067.6

1069.5
1064.4
1059.9

3843.6
3846.4
3849.7

3841.2
3841.6
3846.7

3857.7
3854.2
3838.5

4941.7
4948.4
4955.4

4956.3
4962.9
4972.4

4982.7
4984.8
4972.4

Mar.

3
10
17
24
31

1085.1
1083.1
1080.8
1076.9
1074.2

1066.2
1065.5
1066.0
1064.5
1065.7

1071.0
1066.6
1066.6
1053.8
1075.7

3852.4
3855.6
3858.7
3860.2
3863.5

3853.3
3862.4
3871.9
3880.3
3887.4

3862.9
3894.1
3892.1
3872.1
3891.2

4961.7
4968.6
4974.5
4979.6
4985.5

4983.6
4995.7
5006.9
5016.7
5022.9

4994.3
5031.1
5029.6
5011.6
5019.4

Apr.

7
14
21
28p

1070.8
1069.4
1069.4
1068.6

1069.1
1070.8
1077.4
1072.0

1080.3
1073.4
1080.2
1054.2

3868.1
3873.9
3880.1
3884.1

3899.8
3913.7
3928.8
3923.4

3943.8
3947.5
3932.8
3869.4

4993.8
5002.2
5010.8
5017.3

5033.2
5047.9
5062.5
5062.4

5072,
5088,
5069,
5019,

5p

1067.5

1067.4

1061.7

3887.7

3908.5

3884.2

5023.5

5051.9

5030.1

May

Note: S p e c i a l caution should b e taken in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4
H.6(508)
Table 4

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

Date

Nontransactions components

Other checkable deposits
At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only7

372.6

8.9

391.1

248.5

108 . 0

356.5

2526.0

939 . 8

1996-Jan.
Feb.
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.
MayJune

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
1011.6

July
Aug.
Sep.

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
2682.1

1021.2
1028.8
1047.3

Oct.
Nov.
Dec.

390 . 2
392.5
395.2

398 ,
402.
402.4

178.9
172.7
171.5

104.3
104.2
103.3

283.2
276.8
274.8

2707.6
2729.3
2752.0

1069.9
1075.8
1094.6

19 9 7 - J a n .
Feb.
Mar.

397 . 0
400 . 5
402.4

8.6
8.6
8.5

401.7
404.2
402.8

170.9
165.4
160.3

101.6
101.9
101.3

272.5
267.3
261.6

2769.9
2785.4
2807.2

1100.4
1121.3
1133.3

Apr.

403 . 7

8.3

395.2

159.7

98 . 1

257.8

2838.9

1148.7

402 . 4
402 . 0
402.7
402.7

8.5
8.5
8.4
8.4

402 . 0
401.4
399 . 0
405 . 0

161.6
158.6
158.5
161.8

103.0
102.0
99.3
99.2

264.6
260.6
257.9
261.0

2797.2
2804.4
2812.5
2816.3

1132.6
1130.8
1134.6
1136.2

7
14
21
28p

402 . 9
402 . 7
403.7
404 . 8

8.3
8.3
8.3
8.3

398
391
398
394

155.8
157.5
162.9
160.8

100,

97 .
98 .
96 .

256 . 1
254.5
260.9
257.6

2831.
2838,
2845 .
2842 ,

1136,
1151.
1148.
1156.

5p

405 . 6

8.3

394 . 3

156 . 8

99.1

255 . 8

2830.3

1153.8

Apr.

May

4.
5.
6.
7.

Demand deposits 3

199 5 - D e c .

Week e n d i n g
1 9 9 7 - M a r . 10
17
24
31

1.
2.
3.

Travelers checks 2

Currency outside U.S. Treasury, Federal R e s e r v e Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U . S . g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h items in the p r o c e s s of collection and Federal R e s e r v e float.
C o n s i s t s of NOW and ATS b a l a n c e s at commercial banks, U . S . b r a n c h e s and a g e n c i e s of foreign banks, and Edge Act corporations.
C o n s i s t s of NOW and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
S u m of s a v i n g s d e p o s i t s (including m o n e y market deposit a c c o u n t s ) , small time d e p o s i t s , and retail m o n e y fund b a l a n c e s , e a c h s e a s o n a l l y adjusted separately.
S u m of large time de po s it s , institutional m o n e y fund b a l a n c e s , RP liabilities (overnight and term) i s s u e d by depository institutions, and Eurodollars (overnight and term) of
U.S. a d d r e s s e e s , e a c h s e a s o n a l l y adjusted separately.

e
estimated



p

preliminary

H.6 (508)
Table 4 - continued

Page5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
Date
1995-Dec.

At .
commercial
banks
776.0

At
. thrift
institutions
361.1

199 6 - J a n .
Feb.
Mar.

794.5
804.9
819.7

Apr.
May
June

933 . 7

455 . 2

1137.1

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

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.
Sep.

844.2
857.1
865.7

366.8
365 . 6
365 . 8

1211.0
1222.7
1231.5

580.3
582.9
585.4

Oct.
Nov.
Dec.

879.3
892.7
903.9

367.1
366.3
367.1

1246.3
1259.0
1271.0

1997-Jan.
Feb.
Mar.

914.0
921.1
934.2

368.5
369 . 4
370.1

949.8

Apr.

Large-denomination time deposits 3

246.9

commercial
banks 4
344.7

At
thrift
institutions
75.1

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
934.1
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

587.4
589.9
592.0

353 . 4
353.2
352.4

940.8
943.2
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
1304.3

592.5
593.4
595.8

352.5
352.8
349.3

945.0
946.2
945.1

542 . 4
548.7
557.8

296.3
305.4
311.8

410.3
416.0
424.8

81.1
81.9
82.0

491.4
497.9
506.7

373.5

1323.3

598.5

347.9

946.4

569.2

311.6

436.4

82.5

518.9

930.8
935.1
936.0
933.7

364 . 5
368 . 4
373.3
374.7

1295.3
1303.5
1309.3
1308.4

596.0
595.8
595.8
595.4

349.4
349.4
349 . 3
349 . 2

945.4
945.2
945.1
944.5

556 . 6
555 . 7
558.2
563 . 4

313.4
311.7
314.1
307.9

423.3
423.4
425.5
428.4

81.7
81.7
81.8
82.8

505.0
505.1
507.3
511.3

7
14
21
28p

948.6
951.2
953.6
947.0

371.0
371.7
373.5
377.3

1319.6
1322.9
1327.1
1324.3

597.4
598.0
598.7
599.4

347.4
347.8
348.0
348.3

944.8
945.9
946.7
947.7

566.9
570.2
571.8
570.3

311.2
314.9
309.9
312.6

430.0
436.4
437.2
440.6

83.2
82.9
82.0
81.9

513.2
519.3
519.2
522.5

5p

945.0

375.5

1320.5

600.0

348.7

948.7

561.1

304.1

441.4

82.5

523.9

May

P

Institutional
money
funds

At
thrift
institutions
357.7

Week e n d i n o
1 9 9 7 - M a r . 10
17
24
31

3.
4.

Retail
money
funds

At .
commercial
banks
576.0

Apr. p

1.
2.

Small-denomination time deposits 2

S a v i n g s d e p o s i t s include
. a ' W e n o m i n a t » n t'me
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions,
Sm

preliminary




Total

Total

Total
419.8

m o n e y market d e p o s i t a c c o u n t s .
deposits—including retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA and K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s
from small time d e p o s i t s .
d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international banking facilities
d e p o s i t s at commercial b a n k s l e s s t h o s e held bv m o n e v market mutual f u n d s riennsitnrv institutions
11 c
v , IV,, w.w. v; w ci i u i ici u, anu itvi ciy 11 ucu ir\a ell iu

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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L

Eurodollars2

RPs 1

Date
199 5 - D e c .

164.1

91.0

184.8

Short-term
Treasury
securities 3
4 6 9 .r r

1996-Jan.
Feb.
Mar.

187.2
188.9
187.8

94.2
95.4
94.0

185.0
185.2
185.4

464.3
448.1
458.4

Apr.
May
June

188.9
202.7
195.3

96.5
97.0
97.8

185.8
186.1
186.4

July
Aug.
Sep.

194.1
192.3
194.1

97.9
98.4
101.2

Oct.
Nov.
Dec.

195.5
194.6
193.0

1997-Jan.
Feb.
Mar.

Savings bonds

4.
5.
6.

Non-Federal debt
10236.6

11.6
10.5
10.1

440.0
443.0
446.3

3639.6
3658.0
3685.1

10285.8
10340.7
10390.5

460.0
439.6
448.5

10.4
11.0
11.5

459.3
468.0
470.1

3698.0
3704.3
3710.7

10447.7
10501.2
10554.9

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

10609.3
10652.5
10698.5

107.1
107.6
112.7

187.1
187.0
187.0

447.6
454.3
435.7

11.3
11.6
11.8

479.6
483.2
495.5

3758.2
3771.4
3780.4

10749.2
10801.1
10841.6

196.4
200.3
198.7

116.4
117.8
116.1

186.7
186.4 p

415.8
420.6 p

11.5
12.1 p

509.1
517.5 p

3778.6
3784.2
3799.1 p

10884.7
10938.7
10987.2 p

200.3

117.9

196.5
197.9
197.6
203.3

117.7
116.1
115.6
113.7

7
14
21
28p

198.0
200.8
201.2
200.8

114.6
116.5
117.8
121.1

5p

202.3

123.5

May

3.

Federal debt
3638.8

Week e n d i n g
1 9 9 7 - M a r . 10
17
24
31

1.
2.

rrrr

Commercial paper 5
4T973

Apr. p

Apr.

Bankers
acceptances 4

Debt components 6

Overnight and term R P s of $ 1 0 0 , 0 0 0 or more i s s u e d by depository institutions, excluding t h o s e held by depository institutions and by m o n e y f u n d s .
Overnight and term Eurodollars i s s u e d to U.S. a d d r e s s e e s by foreign b r a n c h e s of U.S. b a n k s worldwide and by all banking o f f i c e s in t h e United Kingdom and C a n a d a ,
excluding t h o s e held by depository institutions and by m o n e y f u n d s .
C o n s i s t s of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e Banks, m o n e y
market mutual funds, and foreign entities.
Net of b a n k e r s a c c e p t a n c e s held by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan B a n k s , and m o n e y market mutual f u n d s .
Total commercial paper l e s s commercial paper held by m o n e y market mutual f u n d s .
Debt d a t a are on a monthly a v e r a g e b a s i s , derived by averaging a d j a c e n t end-of-month levels, and h a v e b e e n adjusted to r e m o v e 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

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only7

1995-Dec.

376.2

8.5

407.3

251.6

109.2

360.8

2522.6

939.0

1996-Jan.
Feb.
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.
May
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

976.6
1005.9
1011.3

July
Aug.
Sep.

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

306.6
297.3
290.6

2644.3
2667.8
2678.1

1015.3
1027.9
1043.3

Oct.
Nov.
Dec.

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
104.5

280.7
276.3
278.0

2700.8
2727.0
2748.5

1075.9
1080.9
1093.2

1997-Jan.
Feb.
Mar.

395.6
397.7
401.0

8.2
8.3
8.2

405.6
394.6
396.0

174.8
165.6
160.9

101.8
100.2
101.1

276.5
265.8
262.0

2765.4
2783.9
2820.1

1104.4
1128.2
1135.3

403 . 4

8.2

396.2

163.3

100.4

263.8

2849.4

1139.4

401.6
400.8
400.8
401.2

8.3
8.2
8.2
8.2

394.6
397 . 5
386.4
401.2

159.0
158.6
160.0
165.0

103.1
101.5
98.4
100.1

262.1
260.1
258.4
265.1

2827.6
2825.5
2818.3
2815.4

1137.0
1137.5
1139.5
1128.3

7
14
21
28p

404.5
403.8
403.1
402.6

8.2
8.2
8.2
8.2

404.3
400.0
400 . 1
382 . 7

159.3
160.8
168.5
164.0

104.0
100.5
100.5
96.9

263.3
261.3
268.9
260.8

2863.5
2874.2
2852.6
2815.1

1128.2
1141.0
1137.0
1149.6

5p

405 . 2

8.1

390 . 7

157.3

100.4

257.7

2822.5

1145.9

Apr. p
Week e n d i n o
1 9 9 7 - M a r . 10
17
24
31
Apr.

May

2.
3.

A * I if
A \t I I O U "l!
.
•
, w umihw tAi IV. w 'V- VWUILO Ul UC^UOIIUI y II lOUlUUVI IO.
Outstanding amount of U.S. dol ar-denominated travelers c h e c k s of nonbank i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s
d u e
to
<ha U ' S ' 9 — " '
b a n k s and olliclal

4.
5.
6.
7.

C o n s i s t s of N O W and A T S b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations
C o n s i s t s of NOW and ATS b a l a n c e s at thrifts, credit union share draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances
US a d d r e s s e e s 0 d e p 0 s i t s ' i n s t i t u t i o n a l m o n e V f u n d b a l a n c e s , RP liabilities (overnight and term) i s s u e d by depository institutions, and Eurodollars (overnight and term) of

e

estimated




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 deposits 1

At
thrift
institutions
356 . 3

Total

1136.1

At .
commercial
banks
573.8

Retail
money
funds

930 . 1

456.3

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

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

July
Aug.
Sep.

847.0
860.0
866.6

368 . 1
366.8
366.2

1215.1
1226.8
1232.8

581.0
582.9
584.7

Oct.
Nov.
Dec.

878.9
894.5
902.9

366 . 9
367.1
366.7

1245.7
1261.5
1269.6

1997-Jan.
Feb.
Mar.

908.9
915.4
935 . 1

366 . 5
367 . 1
370.5

951.3

Date

248.2

421.1

462.7
470.6
484.2

257.3
267.7
267.1

341.5
348.3
355.7

75.7
76.2
75.6

417.2
424.4
431.2

932.1
930 . 2
929.5

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

350.6
351.3
351.7

931.6
934.2
936.4

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

586.7
588.5
589.8

353 . 0
352.4
351.1

939 . 7
940.8
940.9

515.3
524.6
538 . 1

284.7
292.6
300 . 5

405.0
406.9
411.9

79.7
80.3
79.5

484.7
487.2
491.4

1275.4
1282.4
1305.6

591.7
593.8
597.3

352.1
353 . 1
350.2

943.8
946.9
947.5

546.2
554.6
567 . 1

304.8
315.5
316.4

406.7
414.3
424.0

80.4
81.6
81.8

487.1
495.9
505.8

374.1

1325.3

600.3

349.0

949.2

574.8

309 . 2

432.4

81.7

514.2

944.5
940 . 8
930.8
925.8

369 . 9
370.7
371.2
371.5

1314.3
1311.5
1302.1
1297.3

597.4
597.3
597.2
597 . 2

350 . 2
350.3
350 . 1
350 . 2

947.6
947.6
947.3
947.4

565.6
566.4
568.9
570.7

320.8
318.5
318.9
307.5

423.6
423.8
425.3
424.3

81.8
81.7
81.7
82.0

505.4
505.6
507.0
506.4

7
14
21
28p

962.3
966.0
952.6
927.2

376 . 4
377.4
373 . 1
369 . 4

1338.6
1343.4
1325.7
1296.6

599 . 6
599 . 8
600.4
600 . 8

348 . 7
348.9
349 . 0
349 . 1

948.4
948 . 8
949 . 4
949 . 9

576.5
582 . 0
577.5
568 . 6

311.0
314.7
306 . 3
307.8

424.8
431.2
433.2
438.3

82.2
81.9
81.3
81.4

506.9
513.1
514.5
519.7

5p

940.8

373 . 9

1314.7

601.6

349 . 6

951.3

556 . 6

298.7

440.4

82.4

522.8

1995-Dec.
1996-Jan.
Feb.
Mar.

790.2
799.8
820.0

Apr.
May
June

Week e n d i n a
1 9 9 7 - M a r . 10
17
24
31

May

3.
4.
p

Large-denomination time deposits 3
At
thrift
institutions
75.4

At
thrift
institutions
360 . 8

Apr.

Institutional
money
funds

At
commercial
banks 4
345.7

commercial
banks
775.3

Apr. P

1.
2.

Small-denomination time deposits 2
Total

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
Small-denomination time deposits—including retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA and Keogh account b a l a n c e s at c o m m e r cial b a n k s and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time d e p o s i t s at commercial b a n k s l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U.S. g o v e r n m e n t , and foreign
b a n k s and official institutions.
preliminary




Total

Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1
Date

At commercial
banks

Total

Savings bonds

1995-Dec.

132.6

45.4

178.0

91.8

184.8

19 9 6 - J an •
Feb.
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

Apr.
May
June

140.0
153.9
149.3

47.9
50.8
51.0

187.9
204.8
200.3

95.8
96.0
97.1

July
Aug.
Sep.

144.6
144.2
146.9

50.4
49.6
49.2

195.0
193.8
196.1

Oct.
Nov.
Dec.

150.0
145.8
141.8

48.5
47.6
46.0

1997-Jan.
Feb.
Mar.

148.5
150.5
149.0

May

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

438.1

3645.9

10229.8

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

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

10409.1
10466.9
10522.0

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

10572.3
10611.8
10669.2

198.5
193.4
187.8

108.1
107.8
113.5

186.8
186.9
187.0

432.8
454.4
448.3

11.4
11.8
12.2

486.1
485.2
493.8

3740.9
3771.4
3787.9

10728.7
10782.6
10833.4

45.9
47.1
46.9

194.4
197.7
196.0

118.1
119.1
117.2

186.8
186.6 p

421.1
424.1 p

12.1
12.3 p

510.3
517.4 p

3773.4
3783.0
3815.4 p

10869.9
10900.8
10940.6 p

152.0

47.1

199.0

117.0

145.5
149.3
150.2
152.0

47.5
46.9
46.7
46.5

193.1
196.2
197.0
198.5

117.7
117.2
116.6
115.9

7
14
21
28p

148.3
151.2
153.4
153.8

47.3
47.1
46.9
47.1

195.7
198.4
200.3
200.9

114.6
114.9
116.0
121.2

5p

155.6

46.8

202.4

122.0

Week e n d i n a
1 9 9 7 - M a r . 10
17
24
31
Apr.

Short-term
Treasury
securities 3
482.9

12.1

Apr. p

1.
2.

At thrift
institutions

Debtcomponents 6

Non-M3 Components of L
Eurodollars2

4.
5.
6.

Overnight and term R P s of $ 1 0 0 , 0 0 0 or more i s s u e d by depository institutions, excluding t h o s e held by depository institutions and by m o n e y f u n d s .
Overnight and term Eurodollars i s s u e d to U.S. a d d r e s s e e s by foreign b r a n c h e s of U.S. b a n k s worldwide and by all banking o f f i c e s in t h e United Kingdom and C a n a d a
excluding t h o s e held by depository institutions and by m o n e y funds.
C o n s i s t s of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 m o n t h s held by other than depository institutions, Federal R e s e r v e B a n k s m o n e y
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan B a n k s , and m o n e y market mutual funds.
Total commercial paper l e s s commercial paper held by m o n e y market mutual f u n d s .
Debt data are on a monthly a v e r a g e b a s i s , derived by averaging adjacent end-of-month levels, and h a v e b e e n adjusted to r e m o v e discontinuities.

p

preliminary

3.




Page 10
H.6 (508)
Table 6

%

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1995-Dec.

8*4

1.5

Time and
savings
deposits
due to
foreign
banksand
official
institutions
12.5

1996-Jan.
Feb.
Mar.

8.4
8.2
8.0

1.5
1.5
1.4

Apr.
May
June

7.8
8.3
8.9

July
Aug.
Sep.

Demand deposits
at banks due to

Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

14.6

27.1

1.1

150.5

110.1 e

75.5

336.1 e

6.2
5.0
5.7

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 e
109.6 e
109.5 e

76.6
78.0
79.6

337.1 e
338.4 e
340.0 a

5.8
2.8
4.8

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 a
109.0 a
108.8 e

79.5
78.1
76.5

340.0 a
338.4 a
336.9

13.2
13.6
14.1

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
151.8
151.4

108.6 e
108.5 e
108.4 a

76.6 e
76.7 a
76.7 a

337.1 e
337.0 a
336.6 a

1.4
1.4
1.4

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

151.3
151.4
151.3

108.4 e
104.4 e
108.4 e

76.8 e
76.9 e
77.0 e

336.5 e
336.6 e
336.7 e

8.3
8.3
8.3

1.4
1.4
1.4

18.4
18.4
18.4

4.1
2.8
3.1

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.7

4.7
4.6
4.6

151.2
151.2
151.2

108.4 e
108.4 e
108.4 e

77.0 e
77.2 e
77.4 a

336.7 e
336.8 e
337.1 e

8.3

1.4

18.4

5.2

11.7

21.7

38.7

4.6

151.2

108.4 e

77.6 a

337.2 e

8.3
8.3
8.3
8.3

1.4
1.4
1.4
1.5

18.4
18.4
18.4
18.4

2.6
4.6
2.4
2.6

5.2
5.9
7.0
5.6

10.1
9.6
27.9
25.3

17.9
20.1
37.3
33.5

4.6
4.6
4.6
4.6

Balance
at
Federal
Reserve

5.9

6.5

13.0
13.5
14.0

4.3
3.0
4.0

1.4
1.5
1.5

14.0
13.5
13.0

9.1
7.9
8.5

1.6
1.5
1.4

Oct.
Nov.
Dec.

8.5
8.4
8.3

1997-Jan.
Feb.
Mar.
Apr. P
Week en<Unfl
1 9 9 7 - M a r . 10
17
24
31

e
p

Total
cash
balance

Demand
deposits at
commercial
banks

Date

IRA and Keogh Accounts

U.S. government deposits
Note
balances at
depository
institutions

Apr.

7
14
21
28p

8.3
8.3
8.3
8.3

1.4
1.4
1.4
1.4

18.4
18.4
18.4
18.4

3.0
3.7
8.3
6.4

5.1
5.0
8.3
22.6

14.8
8.2
23.6
35.5

22.9
17.0
40.2
64.5

4.6
4.6
4.6
4.6

May

5p

8.3

1.4

18.4

3.5

32.4

37.9

73.8

4.6

estimated
preliminary