Full text of H.6 Money Stock Measures : May 28, 1998
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FEDERAL RESERVE statistical release
H.6(508)
Table 1
•?f*UR£^6
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Forreleaseat4:30p.m. EastemTime
Billions of dollars
Date
May 28,1998
M11
M22
M33
DEBT5
Seasonally adjusted
1996-May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1117.0
1116.1
1110.4
1100.2
1094.8
1081.9
1081.3
1082.8
3726.7
3743.4
3753.5
3762.3
3774.6
3786.0
3804.5
3826.1
4739.3
4764.3
4783.6
4801.7
4832.1
4867.1
4894.2
4935.5
5855.6
5899.9
5927.2
5951.1
5989.6
6019.3
6053.0
6088.3
14011.8
14071.0
14142.9
14196.9
14245.3
14307.0
14369.9
14419.9
1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1080.8
1078.8
1075.0
1068.3
1064.3
1065.4
1065.6
1071.1
1063.5
1061.9
1069.2
1076.0
3840.7
3853.3
3868.9
3890.0
3892.7
3908.2
3922.2
3953.5
3974.5
3994.0
4018.5
4041.3
4961.1
4997.8
5032.0
5075.2
5091.2
5114.3
5154.2
5199.5
5237.5
5275.3
5330.0
5383.7
6113.4
6160.4
6204.1
6260.1
6290.2
6317.4
6350.4
6407.3
6445.7
6483.5
6557.5
6626.9
14462.7
14523.2
14587.6
14661.4
14710.6
14743.0
14801.1
14861.2
14919.8
14992.7
15073.4
15151.6
1998-Jan.
Feb.
Mar.
Apr.
1073.6
1076.4
1081.0
1079.6
4066.3
4098.6
4126.6
4157.8
5432.1
5472.2
5537.5
5583.7
6701.9
6772.4
6866.6 p
15230.0
15317.9
15405.6 p
Not seasonally adjusted
1996-May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1105.5
1114.6
1110.4
1097.4
1091.5
1077.9
1086.6
1104.9
3709.1
3740.2
3755.2
3764.5
3767.6
3774.7
3807.6
3845.4
4721.8
4759.0
4779.5
4802.7
4821.2
4860.8
4901.0
4953.4
5833.1
5886.3
5917.5
5956.1
5979.9
6006.9
6065.5
6116.4
13972.4
14034.0
14094.9
14153.9
14212.6
14271.7
14351.6
14419.3
1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.3
1097.5
3842.7
3838.0
3876.1
3908.7
3873.9
3904.6
3923.4
3957.4
3966.5
3981.8
4020.9
4060.2
4965.0
4990.6
5044.2
5088.5
5071.6
5106.5
5148.3
5201.2
5224.5
5268.3
5335.9
5401.0
6116.1
6148.8
6221.3
6277.8
6266.2
6301.2
6338.4
6411.7
6435.4
6472.2
6568.6
6652.8
14443.5
14485.3
14560.9
14630.0
14669.3
14703.5
14750.0
14815.6
14885.7
14956.3
15054.2
15150.8
1998-Jan.
Feb.
Mar.
Apr.
1079.0
1063.9
1074.5
1085.0
4068.1
4085.2
4137.8
4178.6
5436.2
5470.1
5556.3
5598.2
6703.7
6764.6
6889.8 p
15210.2
15279.1
15379.5 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
DEBT1
M1
M2
M3
3 Months from Jan. 1998 TO Apr. 1998
2.2
9.0
11.2
6.7
6 Months from Oct. 1997 TO Apr. 1998
3.3
8.2
11.7
6.5
12 Months from Apr. 1997 TO Apr. 1998
1.1
6.9
10.0
5.6
Thirteen weeks ending May 18 , 1998
from thirteen weeks ending:
Feb. 16, 1998 (13 weeks previous)
1.5
8.4
11.2
Nov. 17, 1997 (26 weeks previous)
2.5
7.8
11.3
May
0.7
6.8
10.0
19, 1997 (52 weeks previous)
1.
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, December 1997 to March 1998, September 1997 to March 1998,
and March 1997 to March 1998, 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
M1
Period ending
1998-Feb. 23
M2
M3
13-week
average
4-week
average
week
average
13-week
average
4-week
average
week
average
13-week
average
4-week
average
week
average
1075.0
1076.5
1077.7
4063.3
4092.2
4109.2
5419.5
5462.1
5479.8
Mar.
2
9
16
23
30
1075.8
1076.6
1077.6
1077.9
1077.4
1076.7
1078.9
1081.3
1081.9
1079.1
1085.9
1079.1
1082.4
1080.1
1074.8
4069.9
4077.0
4084.3
4090.7
4096.0
4101.4
4110.5
4118.6
4122.9
4125.3
4117.6
4121.8
4125.8
4126.4
4127.3
5431.1
5442.8
5455.3
5467.1
5478.7
5476.6
5493.2
5511.6
5526.2
5537.2
5505.2
5520.7
5540.5
5538.5
5549.0
Apr.
6
13
20
27
1077.2
1078.0
1079.1
1079.1
1080.2
1078.4
1079.5
1080.0
1083.5
1075.0
1084.8
1076.8
4102.8
4109.8
4118.0
4125.2
4132.4
4138.7
4150.4
4159.8
4150.2
4151.0
4173.1
4165.0
5491.3
5503.3
5515.3
5526.4
5552.9
5565.2
5577.8
5585.4
5583.5
5589.6
5588.9
5579.4
May
4
lip
18p
1078.8
1078.5
1078.4
1079.6
1077.4
1073.8
1081.6
1066.5
1070.4
4131.3
4136.8
4141.7
4162.5
4163.9
4160.0
4160.9
4156.4
4157.5
5537.9
5549.3
5559.7
5588.5
5591.7
5595.2
5595.9
5602.7
5602.7
Not seasonally adjusted
1998-Feb. 23
1081.7
1062.3
1060.4
4066.8
4074.6
4082.8
5426.4
5454.6
5467.2
Mar.
2
9
16
23
30
1080.6
1080.4
1079.7
1077.1
1073.8
1064.7
1068.5
1072.3
1073.5
1072.1
1078.4
1074.6
1075.8
1065.2
1072.6
4072.2
4079.1
4086.3
4091.4
4096.2
4089.6
4106.1
4121.7
4132.3
4136.7
4106.7
4148.3
4149.1
4125.0
4124.3
5437.2
5449.5
5461.9
5473.4
5485.1
5476.5
5500.8
5526.1
5546.2
5556.4
5505.8
5558.1
5573.3
5547.7
5546.4
Apr.
6
13
20
27
1070.7
1071.2
1073.2
1074.1
1076.8
1080.0
1087.9
1086.8
1093.5
1088.7
1096.8
1068.1
4103.5
4113.2
4123.2
4130.5
4149.6
4166.0
4185.0
4186.3
4199.9
4214.7
4201.2
4129.5
5500.0
5514.2
5526.6
5536.3
5573.5
5592.5
5607.5
5605.6
5626.5
5649.2
5607.9
5538.9
May
4
lip
18p
1074.8
1074.8
1074.9
1083.0
1075.5
1066.8
1078.2
1059.0
1061.9
4137.7
4142.3
4146.4
4171.2
4153.3
4137.8
4139.5
4142.8
4139.3
5547.8
5557.5
5566.0
5590.9
5575.2
5568.8
5567.7
5586.3
5582.4
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
preliminary data.
Page 4
H.6 (508)
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Other checkable deposits
Currency1
Date
Travelers checks2
Demand deposits3
Nontransactions components
At commercial
banks4
At thrift
institutions5
Total
lnM2 6
In M3 only7
1996-Dec.
394.9
8.6
403.6
172.1
103.7
275.9
2743.2
1109 .4
1997-Jan.
Feb.
Mar.
396.9
399.6
401.6
8.6
8.6
8.4
402.2
402.4
402.4
171.3
166.0
161.0
101.
102,
101.
273,
268,
262.
2759.9
2774.6
2794.0
1120 .4
1144 .5
1163,
.0
Apr.
May
June
403.5
406.0
408.0
8.3
8.2
8.0
397.3
396.6
398.3
160.6
155.8
154.1
98.
97,
97.
259,
253.
251,
2821.
2828.
2842.8
1185,
.2
1198,
.5
1206,
.0
July
Aug.
Sep.
410.
412.
415.
398.
401.
391.
151.
150.
150.
97.4
97.8
97.1
248,
248.
247.8
2856.
2882.
2910.
1232,
.0
1246,
.0
1263,
.0
Oct.
Nov.
Dec.
418.
421.
425.
389.
394.
397.
148.
147.
148.
97,
96,
96,
245.8
244.6
245.2
2932.1
2949.3
2965.3
1281,
.3
1311,
.5
1342,
.4
1998-Jan.
Feb.
Mar.
427.5
431.0
432.4
8.2
8.1
8.1
392.7
391.9
391.1
149.0
147.2
148.9
96.2
98.3
100.5
245.2
245.5
249.5
2992.7
3022.1
3045.6
1365.
,8
1373.
.7
1410.
.9
Apr.
433.7
8.0
387.3
149.8
100.7
250.5
3078.2
1425.
.8
Week endina
1998-Mar. 23
30
432,
.5
.3
432.
8.1
8.0
390.9
385.9
148.8
149.6
99.8
98.9
248.6
248.5
3046.3
3052.6
1412,
.2
1421,
,7
389.9
384.2
391.6
385.6
149.5
146.8
151.8
150.2
103.0
102.3
99.8
99.1
252.5
249.1
251.5
249.3
3066.7
3076.0
3088.3
3088.1
1433,
,3
1438.
,6
,8
1415,
,4
1414.
388.6
378.1
382.6
149.6
145.9
145.9
100.7
99.7
98.7
250.3
245.6
244.6
3079.3
3089.9
3087.2
1434.
,9
1446.
,2
1445.
,1
Apr.
4.
5.
6.
7.
e
433,
.1
433.
.7
433.
.7
434..0
8.0
8.0
8.0
8.0
May
1.
2.
3.
6
13
20
27
4
lip
18p
434.• 7
434..8
435.
,2
8.0
8.0
8.1
e
e
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
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 deposits2
Savings deposits1
Date
Retail
money
funds
Institutional
money
funds
At
commercial
banks
At
thrift
institutions
Total
At
commercial
banks
At
thrift
institutions
1996-Dec.
904.8
366.9
1271.7
594.5
354.3
948.8
522.8
1997-Jan.
Fob.
Mar.
914.0
920.8
932.4
367.4
368.1
368.0
1281.4
1288.8
1300.4
595.1
595.5
598.5
355.0
355.7
353.1
950.1
951.2
951.6
Apr.
May
June
946.2
946.2
951.2
371.0
374.4
374.6
1317.2
1320.6
1325.8
601.2
603.8
609.2
351.9
352.8
351.5
July
Aug.
Sep.
957.3
968.8
985.4
374.
374.
374.
1331,
1343,
1359,
614.5
615.0
616.9
999,
1009.
1020,
375,
374.
376,
1374,
1384.
1397,
1998-Jan.
Feb.
Mar.
1033.3
1044.7
1055.2
378.6
382.9
386.6
Apr.
1078.0
Week e n d i n a
1998-Mar. 23
30
Apr.
May
At
commercial
banks4
At
thrift
institutions
310.3
413.2
78.0
491.3
528.4
534.5
541.9
309.9
319.8
325.9
416.5
424.8
436.3
80.1
80.7
80.5
496.6
505.4
516.8
953.1
956.6
960.6
551.4
551.2
556.4
328.5
331.8
338.3
448.0
449.9
456.6
80.8
81.1
82.0
528.8
531.0
538.6
348.0
348.1
346.5
962.5
963.1
963.5
562.7
576.3
587.7
342.
348.
356.
467.
469.
476,
83.
83.
83.
550.
552,
559,
618.2
621.1
621.6
346.2
343.6
343.6
964.4
964.7
965.2
593.0
600.1
602.6
363.
365.
376,
478,
487,
495,
83.
84.
85.
562,
572,
581.
1411.9
1427.6
1441.8
621.6
621.5
621.2
344.8
344.0
342.4
966.4
965.6
963.5
614.3
629.0
640.3
380.8
384.7
391.9
499.5
512.4
529.7
87.4
87.6
87.1
586.8
600.0
616.8
390.0
1468.0
621.1
339.3
960.4
649.9
408.8
524.9
88.1
613.0
1055.0
1056.8
386.9
389.7
1441.9
1446.5
621.8
621.3
341.8
341.1
963.6
962.3
640.8
643.7
390.7
399.0
529.7
534.8
86.9
87.0
616.6
621.8
6
13
20
27
1072.9
1076.6
1089.1
1081.4
387.6
386.9
389.9
394.7
1460.5
1463.5
1479.0
1476.1
621.5
621.8
621.1
620.5
340.6
340.1
339.2
338.2
962.1
961.8
960.2
958.7
644.0
650.6
649.1
653.4
401.6
414.0
406.4
409.0
538.4
528.5
523.1
515.0
88.4
88.8
88.2
87.3
626.8
617.3
611.3
602.2
4
HP
18p
1074.3
1080.4
1077.5
394.2
394.4
395.4
1468.5
1474.8
1472.9
619.6
619.1
618.8
337.9
338.0
337.5
957.5
957.1
956.2
653.3
658.1
658.0
416.8
422.6
419.1
520.8
528.6
531.6
86.9
87.0
86.9
607.8
615.7
618.6
Oct.
Nov.
Dec.
1.
2.
3.
4.
p
Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary
Large-denomination time deposits3
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
RPs1
Date
Non-M3 Components of L
Eurodollars2
1996-Dec.
T5T72
115.7
TST73
Short-term
Treasurv
securities3
455.6
1997-Jan.
Feb.
Mar.
197.2
200.0
198.9
116.8
119.3
121.4
186.7
186.6
186.5
Apr.
MayJune
202.4
204.1
199.8
125.5
131.5
129.3
July
Aug.
Sep.
207.4
210.0
209.2
Oct.
Nov.
Dec.
Savings bonds
Bankers
acceptances4
Commercial paper5
Debt components6
Federal debt
Non-Federal debt
HT3
4$6.5
5766.6
16*33.S
443.0
444.5
446.3
12.2
12.8
13.3
510.5
518.7
526.1
3778.0
3782.6
3796.5
10684.7
10740.6
10791.1
186.4
186.3
186.4
451.2
458.6
450.8
12.8
13.0
12.8
534.5
541.1
553.2
3803.2
3789.7
3776.5
10858.2
10920.9
10966.5
131.6
135.2
137.5
186.4
186.4
186.4
433.5
445.3
445.0
12.7
13.0
12.9
563.6
563.2
563.9
3779.4
3784.5
3788.0
11021.7
11076.7
11131.8
218.8
233.0
234.8
136.9
140.8
150.3
186.4
186.4
186.4
437.1
446.9
438.4
13.4
13.0
12.1
571.3
581.3
606.3
3789.6
3790.4
3797.3
11203.1
11283.0
11354.3
1998-Jan.
Feb.
Mar.
245.2
239.8
257.3
153.0
149.1
144.9
186.3
186.3
186.2
444.2
462.6
465.9
12.2
11.2
11.1 p
627.1
640.2
665.8 p
3797.4
3794.9
3800.5
11432.5
11523.0
11605.1
Apr.
256.4
147.7
260.7
256.4
144.2
144.4
Week e n d i n g
1 9 9 8 - M a r . 23
30
Apr.
258.1
258.9
251.6
255.1
4
lip
18p
261.3
258.6
255.0
p
p
p
146.8
148.5
146.5
148.1
May
1.
2.
6
13
20
27
p
149.0
149.4
152.5
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
3.
H.6(508)
Table 5
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1
cy
Date
Travelers
checks 2
Demand
deposits 3
Nontransactions components
Other checkable deposits
At commercial
banks4
At thrift
institutions5
lnM2 6
Total
In M3 only7
1996-Dec.
397.9
8.3
419.9
174.1
104.7
278.8
2740.5
1108.0
1997-Jan.
Feb.
Mar.
395.4
397.5
400.8
8.2
8.3
8.2
406.0
393.2
396.0
175.0
166.2
161.5
102.0
100.5
101.4
277.0
266.8
262.9
2756.0
2772.4
2808.1
1122.3
1152.5
1168.2
Apr.
MayJune
403.3
406.0
408.3
8.2
8.2
8.2
397.5
388.5
397.4
163.9
154.1
153.3
100.7
97.1
97.3
264.7
251.2
250.6
2835.1
2820.0
2840.0
1179.7
1197.7
1201.9
July
Aug.
Sep.
411.2
413.3
414.2
8.7
8.8
8.4
399.4
401.7
391.0
149.3
148.7
149.8
97.4
97.2
96.8
246.7
245.9
246.6
2857.4
2887.7
2906.4
1224.9
1243.8
1257.9
Oct.
Nov.
Dec.
417.3
422.4
429.0
8.2
8.0
7.9
388.8
399.8
412.9
147.4
147.2
150.2
96.6
97.0
97.5
243.9
244.2
247.7
2923.6
2946.5
2962.7
1286.6
1315.0
1340.7
1998-Jan.
Feb.
Mar.
426.4
428.9
431.5
7.9
7.8
7.9
396.2
383.0
385.3
152.2
147.4
149.4
96.3
96.8
100.5
248.5
244.1
249.9
2989.2
3021.4
3063.3
1368.1
1384.9
1418.5
Apr.
433.7
7.9
387.5
152.9
103.0
255.9
3093.6
1419.7
Week e n d i n a
1 9 9 8 - M a r . 23
30
e
378.1
381.8
149.0
152.5
98.9
99.4
247.9
252.0
3059.8
3051.6
1422.7
1422.1
6
13
20
27
434.1
435.1
433.5
432.7
7
7
7
7
394.4
392.4
393.9
374.4
151.1
149.3
157.1
153.9
105.9
104.0
104.3
99.3
257.0
253.3
261.4
253.1
3106.4
3126.0
3104.4
3061.4
1426.7
1434.5
1406.8
1409.4
May
4.
5.
6.
7.
7 .9
7 .9
Apr.
1.
2.
3.
431.3
430.9
4
Up
18p
434.7
436.6
435.6
7 .8
7 .9
8 .0
382.6
370.0
376.9
150.7
143.9
143.4
102.3
100.7
98.2
253.0
244.5
241.5
3061.3
3083.8
3077.3
1428.2
1443.5
1443.1
.9
.9
.9
.9
e
e
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
p
preliminary
Page 8
H.6(508)
Table 5 - continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits 2
Savings deposits 1
Date
Total
592.7
At
thrift
institutions
353.2
Retail
money
funds
946.0
524.8
At
commercial
banks
Institutional
money
funds
Large-denomination time deposits 3
1996-Dec.
1997-Jan.
Feb.
Mar.
1275.8
1282.4
1305.5
594.5
595.7
599.1
354.6
355.8
353.5
949.1
951.5
952.5
531.1
538.5
550.0
317.7
329.6
332.0
410.3
422.2
435.2
78.9
80.2
80.3
489.2
502.4
515.5
950.4
944.8
953.9
372.7
373.8
375.6
1323.2
1318.6
1329.5
602.1
604.6
609.7
352.4
353.3
351.8
954.5
957.8
961.4
557.5
543.5
549.1
326.2
325.8
332.4
444.9
451.1
455.9
80.2
81.4
81.9
525.1
532.5
537.8
959.5
971.0
984.3
375.0
375.1
374.0
1334.5
1346.1
1358.2
615.3
615.2
616.5
348.5
348.1
346.3
963.8
963.3
962.7
559.1
578.3
585.4
339.0
346.8
351.5
466.5
469.1
478.2
82.8
83.4
83.9
549.3
552.5
562.2
Oct.
Nov.
Dec.
996.5
1009.2
1019.0
374.0
374.8
375.9
1370.4
1384.0
1394.9
618.0
620.2
620.0
346.1
343.1
342.7
964.2
963.3
962.7
589.0
599.2
605.1
359.6
365.2
378.9
485.7
493.4
496.3
84.8
85.3
85.3
570.5
578.8
581.7
1998-Jan.
Feb.
Mar.
1029.0
1040.2
1060.2
377.0
381.2
388.4
1406.1
1421.4
1448.6
621.2
621.8
621.5
344.6
344.2
342.6
965.8
966.0
964.1
617.3
634.0
650.5
389.8
397.7
400.2
492.0
508.9
528.3
86.0
87.0
86.9
578.0
596.0
615.2
Apr.
1083.3
391.9
1475.1
621.8
339.7
961.5
656.9
405.8
521.4
87.5
608.9
Week e n d i n g
1998-Mar. 23
30
1056.5
1049.4
387.5
387.0
1444.0
1436.4
622.0
621.8
341.9
341.3
963.8
963.1
651.9
652.2
400.0
399.8
528.8
531.5
86.8
86.5
615.6
618.0
Apr.
6
13
20
27
1092.6
1101.1
1092.7
1061.6
394.8
395.8
391.2
387.5
1487.4
1496.9
1483.9
1449.0
622.5
622.6
621.8
621.1
341.2
340.5
339.5
338.5
963.7
963.1
961.3
959.6
655.3
666.1
659.1
652.9
400.4
415.6
402.7
403.3
533.2
524.4
518.9
512.8
87.5
88.1
87.5
86.9
620.7
612.5
606.4
599.8
May
p
365.8
366.2
369.5
July
Aug.
Sep.
3.
4.
910.0
916.2
936.1
Apr.
May
June
1.
2.
903.3
At
thrift
institutions
366.4
4
Up
18p
1067.8
1083.3
1077.7
391.8
395.4
395.5
1459.6
1478.7
1473.2
620.4
619.8
619.4
338.3
338.4
337.8
958.7
958.2
957.2
643.0
646.9
646.9
407.1
415.0
412.3
520.0
529.9
532.1
86.8
87.2
87.0
606.8
617.1
619.1
At
commercial
banks
Total
1269.7
312.7
At
commercial
banks 4
413.6
At
thrift
institutions
78.1
491.7
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
Total
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 commercial
banks
At thrift
institutions
Debt components6
Non-M3 Components of L
Total
Eurodollars2
Savings bonds
Short-term
Treasury
securities3
Bankers
acceptances4
Commercial
paper5
Federal debt
Non-Federal
debt
1996-Dec.
143.0
45.8
188.8
114.7
187.0
469.6
12.6
493.8
3787.9
10631.3
1997-Jan.
Feb.
Mar.
150.6
152.6
151.1
45.7
46.9
46.7
196.2
199.5
197.8
119.2
121.1
122.9
186.8
186.6
186.6
441.5
441.3
453.7
12.5
12.9
13.4
510.3
517.4
523.4
3773.4
3783.0
3815.4
10670.2
10702.3
10745.6
Apr.
May
June
155.8
160.7
156.9
47.0
46.4
47.0
202.8
207.2
203.9
125.7
132.2
127.9
186.5
186.4
186.3
449.9
446.6
443.6
13.0
13.0
12.7
539.9
548.7
552.0
3810.3
3781.3
3766.2
10819.7
10888.0
10937.4
July
Aug.
Sep.
160.3
162.7
160.9
47.4
47.9
47.2
207.7
210.5
208.2
128.7
133.9
136.1
186.3
186.3
186.2
431.2
452.4
447.0
12.1
12.7
13.1
560.4
559.2
564.5
3759.9
3774.4
3780.4
10990.1
11041.3
11105.3
Oct.
Nov.
Dec.
173.0
182.9
180.4
47.7
48.6
47.8
220.7
231.5
228.2
135.7
139.5
152.0
186.3
186.4
186.5
427.4
453.8
453.0
13.4
13.0
12.3
576.7
579.6
600.0
3774.4
3792.1
3805.8
11181.9
11262.1
11345.0
1998-Jan.
Feb.
Mar.
198.1
194.0
209.6
45.9
45.8
46.6
244.0
239.8
256.2
156.3
151.4
146.9
186.4
186.3
186.2
442.0
458.6
473.7
12.5
11.2
11.2
626.6
638.5
662.3
3792.5
3795.3
3820.7
11417.7
11483.7
11558.8
Apr.
209.8
47.0
256.8
148.2
Week e n d i n g
1 9 9 8 - M a r . 23
30
213.8
210.7
47.1
46.2
260.9
256.9
146.1
147.5
Apr.
6
13
20
27
210.7
210.5
205.4
209.7
46.6
47.8
46.6
46.9
257.4
258.3
251.9
256.6
148.2
148.1
145.7
149.7
May
4
lip
18p
217.0
214.3
211.2
46.8
47.7
47.6
263.9
262.0
258.8
150.4
149.4
153.0
p
p
p
p
p
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
p
MO
H.6(508)
Table 6
MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Time and
savings
deposits
due to
foreign
banks and
official
institutions
U.S. government deposits
IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
17.9
4.2
5.7
11.9
21.8
2.5
151.3
107.1
89.6
348.0
1.7
1.5
1.4
18.6
18.3
18.0
4.1
2.8
3.1
6.2
5.1
5.9
20.2
14.7
17.8
30.5
22.6
26.7
2.4
2.4
2.4
151.3
151.3
151.4
106.6
106.3
105.9
91.5
92.7
93.8
349.4
350.3
351.1
9.5
9.9
10.3
1.3
1.4
1.5
17.9
17.8
17.8
5.3
2.5
3.8
11.7
12.7
8.1
21.7
29.6
22.5
38.7
44.8
34.5
2.6
2.9
3.2
151.6
151.8
152.0
105.6
105.2
104.9
94.2
94.1
94.0
351.4
351.1
350.9
July
Aug.
Sep.
10.0
9.4
8.7
1.5
1.5
1.4
17.9
18.2
18.4
1.8
1.8
3.2
5.0
4.9
6.2
18.2
12.4
20.1
24.9
19.1
29.4
3.2
3.0
2.9
152.8
154.0
155.2
104.5
104.0
103.5
94.1
94.3
94.6
351.4
352.3
353.2
Oct.
Nov.
Dec.
8.3
8.3
8.3
1.5
1.5
1.4
18.5
18.5
18.5
1.7
1.7
2.2
5.5
5.1
5.0
16.0
12.4
16.6
23.1
19.2
23.8
2.8
2.8
2.8
156.0
156.1
156.2
e
e
e
103.0
102.7
102.3
e
e
e
95.1
96.0
96.9
354.0
354.7
355.4
e
e
e
1998-Jan.
Feb.
Mar.
8.3
8.3
8.3
1.5
1.4
1.4
18.5
18.5
18.5
3.1
1.7
1.8
6.5
5.0
5.4
23.2
14.5
17.6
32.9
21.2
24.8
2.8
2.8
2.8
156.3
156.5
156.6
e
e
e
101.9
101.6
101.3
e
e
e
97.7
98.4
99.0
e
e
e
356.0
356.4
356.9
e
e
e
Apr.
8.3
1.4
18.5
4.6
8.1
24.2
36.9
2.8
156.7
e
100.9
99.7
e
357.2 e
Week e n d i n g
1998-Mar. 23
30
8.3
8.3
1.4
1.4
18.5
18.5
1.6
1.5
5.9
5.2
30.6
28.6
38.0
35.4
2.8
2.8
Apr.
6
13
20
27
8.3
8.3
8.3
8.3
1.4
1.4
1.4
1.4
18.5
18.5
18.5
18.5
1.9
2.6
6.8
7.5
5.0
5.5
6.9
10.3
10.9
4.7
17.6
48.0
17.8
12.8
31.3
65.8
2.8
2.8
2.8
2.8
May
4
lip
18p
8.3
8.3
8.3
1.4
1.4
1.4
18.5
18.5
18.5
2.3
1.3
2.1
17.6
5.9
5.6
56.5
54.0
42.9
76.4
61.3
50.6
2.8
2.8
2.8
Date
Foreign
official
institutions
1996-Dec.
9.1
1.4
1997-Jan.
Feb.
Mar.
9.2
9.3
9.3
Apr.
May
June
e
p
Foreign
commercial
banks
estimated
preliminary
Note
balances at
depository
institutions
Total
cash
balance
At
commercial
banks
At
. I.!™!*
institutions
mA{e
Total
market
funds
