Full text of H.6 Money Stock Measures : May 5, 1988
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
•nOL£2vVz FEDERAL RESERVE statistical release '•.f«UR^- H.6 Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES MAY Billions of dollars Date Ml> M22 5 , 1988 Debt 5 M33 Seasonally adjusted 1986-APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 641.2 651.7 661.3 670.8 680.5 687.4 694.9 706.4 725.4 2627.5 2652.4 2677.4 2702.9 2725.6 2743.6 2766.1 2782.7 2807.8 3298.8 3319.7 3347.2 3377.2 3403.7 3429.8 3448.5 3464..5 3491..5 3926.6 3953.9 3978.8 4009.8 4036.2 4064.4 4083.9 4105.2 4135.0 6997.7 7063.2 7129.0 7194.7 7280.8 7365.2 7429.5 7511.3 7607.1 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 2827.8 2829.3 2834.3 2847.4 2849.1 2851..7 2858..1 2869..5 2880..9 2894..6 2896..5 2901..0 3516.3 3524.6 3532.9 3549.8 3564.3 3580..1 3587..6 3605..5 3620..5 3642..0 3656..5 3660.8 4163.9 4175.9 4174.2 4189.6 4217.6 4232.3 4235.1 4257.8 4283.5 4312.5 4324.2 4325.4 7676.8 7764.6 7827.4 7894.2 7953.9 7997.6 8051.2 8114.4 8180.2 8259.0 8318.8 1988-JAN. FEB. MAR. 758.9 759.6 763.1 2924.9 2946.1 2967.8 3686.0 3717.8 3740.5 4363.5 4398.7 p 8379.2 8457.6 p 1986-APR. MAY JUNE JULYAUG. SEP. OCT. NOV. DEC. 647.2 645.7 663.5 674.0 679.1 685.2 692.8 709.5 740.6 2634.3 2641.2 2676.4 2707.6 2723 2737 2766 2785 2821 3302.9 3309.6 3343.8 3376.0 3400 .7 3426 .6 3448 .5 3471 .0 3508 .3 3928.5 3938.3 3975.3 4003.1 4029.5 4058.3 4083.3 4113.4 4153.0 6969.3 7034.3 7103.1 7170.2 7258.8 7350.1 7411.9 7485.8 7592.8 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9 2839, 2817, 2826, 2855. 2836. 2850. 2862. 2868. 2875. 2895. 2900. 2914. 3528 3513 3526 3555 3552 3576 3585 3602.8 3618.4 3642.0 3663.8 3677.4 4181.8 4171.3 4173.6 4191.3 4200.9 4229.1 4226.6 4250.6 4278.6 4312.8 4334.1 4343.5 7659.6 7683.7 7732.8 7796.3 7861.6 7925.7 7975.4 8032.8 8100.3 8164.2 8233.1 8302.6 1988-JAN. FEB. MAR. 764.8 745.1 752.3 2937.2 2933.4 2959.2 3698.5 3706.3 3733.7 4382.2 4394.4 p 8360.9 8421.8 p 7717.7 Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 M3 Debt1 3 Months from DEC. 1987 TO MAR. 1988 6.6 9.2 8.7 9.6 6 Months from SEP. 1987 TO MAR. 1988 4.2 6.0 6.6 10.1 12 Months from MAR. 1987 TO MAR. 1988 3.9 4.7 5.9 9.6 JAN. 25, 1988 (13 weeks previous) 5.3 8.4 7.8 OCT. 26, 1987 (26 weeks previous) 3.8 5.9 6.4 APR. 27, 1987 (52 weeks previous) 3.7 4.6 5.7 Thirteen weeks ending APRIL 25, 1988 from thirteen weeks ending: Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, November 1987 to February 1988, August 1987 to February 1988, and February 1987 to February 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 (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share 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 worloViide 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 nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, 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 quarter-end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted Period ending 13-week average 4-week average M3 M2 Ml average 13-week average 4-week average week average 13-week average 4-week average week average 1988-FEB. 1 8 15 22 29 754.2 754.8 755.4 756.1 756.4 760.5 762.1 762.1 761.8 759.5 764.1 761.1 759.8 762.1 754.9 2908.2 2911.5 2915.7 2919.7 2923.5 2928.4 2935.6 2940.5 2945.0 2946.1 2941.5 2940.1 2946.2 2952.2 2946.0 3668.6 3672.5 3677.5 3682.5 3687.6 3690.1 3699.3 3707.6 3714.5 3718.2 3705.9 3708.6 3720.2 3723.1 3720.8 MAR. 7 14 21 28 756. 757. 758. 760. 758.2 758.3 759.3 762.6 755. 760. 766. 768. 2927.8 2932.6 2938.0 2943.8 2949.3 2953.6 2958.7 2966.6 2952.8 2963.3 2972.8 2977.3 3692.8 3698.8 3705.1 3711.8 3722.3 3726.9 3732.4 3739.2 3724.9 3738.9 3744.8 3748.2 APR. 4 11 18p 25p 761. 762. 762. 763. 764.9 766.4 766.4 768.9 765. 766. 766. 778. 2949.8 2955.9 2960.8 2965.6 2974.0 2980.9 2985.4 2990.1 2982.7 2990.7 2990.9 2996.0 3718.9 3725.6 3731.2 3736.4 3746.9 3752.0 3755.8 3759.6 3755.6 3759.3 3760.0 3763.5 Not seasonally adjusted Ml Period ending 13-week average 4-week average M2 week average 13-week average 4-week average M3 week average 13-week average 4-week average week average 1988-FEB. 1 8 15 22 29 762.3 761.5 760.5 760.1 758.9 760.3 753.3 748.0 746.6 744.5 744.6 752.8 746.3 742.5 736.3 2917.9 2920.1 2922.4 2925.4 2928;3 2935.3 2931.6 2929.6 2931.9 2933.0 2925.0 2935.4 2932.7 2934.4 2929.3 3680.7 36Q3.3 3686.7 3690.4 3693.8 3697.6 3696.9 3698.7 3702.7 3706.2 3690.9 3704.5 3710.4 3704.9 3704.8 MAR. 7 14 21 28 758.1 757.5 756.6 754.9 745.4 747.5 749.8 751.8 756.6 754.5 751.8 744.2 2931.3 2934.7 2938.3 2942.0 2937.8 2944.6 2951.0 2957.8 2954.6 2959.9 2960.0 2956.8 3697.8 3702.4 3706.7 3710.8 1712.2 3718.5 5725.4 $732.1 3728.7 3735.6 3732.5 3731.4 APR. 4 11 18p 25p 753.8 754.0 755.4 757.4 756.0 763.1 771.8 779.3 773.4 783.1 786.3 774.2 2945.9 2950.7 2955.9 2960.8 2967.3 2980.4 2992.4 3000.7 2992.4 3012.2 3008.0 2990.0 3716.3 3721.7 3727.0 3732.0 3742.1 3752.6 3762.5 3768.1 3768.7 3777.8 3772.0 3753.7 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 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars* seasonally adjusted Non t ransac t i ons components Currency Date 1 Travelers checks* Demand deposits 3 Other checkable deposits 4 In M 2 5 In M3 only 5 Savings deposits 7 At commercial banks Small time deposi ts« At thrift institutions Total At commercial banks At thrift institutions Total 1986-NOV. DEC. 179.2 180.4 6.5 6.5 292.4 303.3 228.3 235.2 2076.3 2082.4 681.8 683.7 151.2 155.5 211.5 215.2 362.7 370.7 366.5 364.6 491.2 488.6 857.6 853.2 1987-JAN. FEB. MAR. 182.2 183.6 184.4 6.5 6.7 6.8 299.7 295.9 295.0 243.0 245.1 248.0 2096.4 2098.0 2100.1 688.5 695.3 698.6 160.5 164.6 168.1 220.1 225.1 228.2 380.6 389.7 396.3 363.6 362.2 360.8 487.0 485.9 486.2 850.6 848.1 847.0 APR. MAY JUNE 185.6 187.0 187.8 6.7 6.7 6.8 299.3 298.9 293.3 253.1 253.9 254.3 2102.7 2102.7 2109.6 702.4 "715.2 728.4 171.4 174.0 175.3 232.7 235,5 237.8 404.1 409.5 413.1 358.9 359.0 361.6 486.1 487.0 490.5 845.1 845.9 852.1 JULY AUG. SEP. 189.0 190.2 191.4 6.8 6.9 7.0 292.3 292.1 290.5 255.6 257.2 258.6 2114.5 2123.0 2133.4 729.5 736.0 739.7 176.9 178.3 178.7 238.7 239.5 240.0 415.5 417.8 418.6 364.4 366.7 368.3 494.7 499.1 503.8 859.1 865.9 872.1 OCT. NOV. DEC. 193.1 195.0 196.5 7.0 7.0 7.1 295.9 291.3 288.0 260.3 259.5 259.3 2138.3 2143.7 2150.1 747.4 760.1 759.8 178.4 178.2 178.2 238.6 236.8 236.0 417.0 415.0 414.3 374.2 381.6 384.6 509.1 520.1 528.5 883.3 901.7 913.1 1988-JAN. FEB. MAR. 198.4 199.3 200.9 7.2 7.3 7.3 289.9 287.8 287.9 263.4 265.2 267.1 2166.0 2186.5 2204.6 761.1 771.7 772.8 179.0 181.0 183.2 235.3 235.2 236.6 414.3 416.2 419.8 388.0 393.7 397.5 536.6 547.8 556.1 924.6 941.5 953.6 HeeK ending 1968-FEB. 29 199.0 7.3 284.7 263.9 2191.1 774.8 182.0 235.1 417.1 395.4 551.1 946.5 MAR. 7 14 21 28 199.2 200.2 201.3 202.2 7.3 7.3 7.3 7.3 285.1 286.5 289.0 289.2 264.2 266.3 268.6 269.4 2196.9 2203.0 2206.6 2209.2 772.1 775.6 772.1 770.9 182.5 183.1 183.7 183.5 235.7 236.6 237.0 237.3 418.2 419.7 420.6 420.8 396.1 396.5 397.6 398.8 554.1 555.6 557.1 557.4 95C.3 952.1 954.6 956.1 APR. 4 11 18p 25p 201.8 202.1 202.2 203.2 7.3 7.3 e 7.3 e 7.3 e 289.9 291.3 287.9 293.0 266.0 265.6 269.0 274.5 2217.7 2224.3 2224.6 2218.0 772.9 768.6 769.1 767.5 183.8 184.1 183.9 184.0 237.5 238.4 238.8 238.9 421.2 422.5 422.7 422.9 400.3 401.4 402.0 402.2 557.6 560.6 562.5 564.7 957.9 961.9 964.5 966.9 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. 4. Consists of NON 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. 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, -indicates estimated data, -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 At thrift institutions Debt components6 Non-M3 components of L Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt 1986-NOV. DEC. 288.4 288.9 152.6 150.3 440.9 439.2 89.7 91.6 264.2 284.2 37.9 37.8 228.9 229.9 1776.2 1804.5 5735.1 5802.6 1987-JAN. FEB. MAR. 291.8 295.3 298.2 148.6 147.9 147.4 440.4 443.1 445.6 92.5 93.3 94.2 280.8 280.0 267.7 38.0 38.9 39.6 236.3 239.0 239.9 1818.7 1832.9 1850.0 5858.2 5884.8 5914.6 APR. MAY JUNE 303.1 308.1 311.9 145.8 145.9 146.7 448.9 454.0 458.6 95.1 95.9 96.6 257.6 261.6 259.6 40.9 42.1 43.1 246.3 253.7 252.8 1861.7 1874.4 1886.0 5965.7 6019.8 6067.9 JULY AUG. SEP. 312.2 312.8 313.8 148.0 149.6 151.5 460.2 462.4 465.3 97.5 98.1 98.4 254.8 258.9 263.7 43.4 43.5 44.3 251.8 251.8 256.6 1888.9 1902.8 1913.1 6108.6 6148.4 6201.3 OCT. NOV. DEC. 317.5 322.3 323.5 154.8 158.1 161.2 472.3 480.5 484.7 98.8 99.3 100.2 273.0 270.9 259.8 44.5 45.0 45.7 254.2 252.5 258.9 1919.3 1939.5 1952.4 6260.9 6319.5 ; 6366.4 1988-JAN. FEB. MAR. 320.2 324.8 326.4 162.7 164.9 165.1 482.8 489.7 491.5 101.4 102.6 p 263.5 263.4 p 43.5 40.9 p 269.0 274.1 p 1960.8 1979.2 p 6418.4 6478.4 p Week ending 1988-FEB. 29 327.1 165.0 492.1 MAR. 7 14 21 28 326.9 327.2 326.1 325.2 164.4 164.7 165.1 165.5 491.3 491.9 491.3 490.6 APR. 4 11 18p 25p 326.4 325.3 325.2 325.2 166.6 167.0 167.3 167.4 493.1 492.3 492.4 492.5 1. 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 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. 2. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposi ts Currency Date 1 Demand Travelers checks2 deposits3 At commercial banks* At thrift institutions5 Total Nontransactions components In M2* In M3 only7 Overnight RPs 8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1986-NOV. DEC. 180.1 183.0 6.1 6.0 295.0 314.4 155.8 163.0 72.4 74.3 228.2 237.3 2076.2 2080.8 685.2 686.8 58.7 59.4 18.8 19.0 207.5 208.0 1987-JAN. FEB. MAR. 180.8 181.5 182.8 6.0 6.2 6.4 305.8 287.1 286.9 169.9 167.8 170.7 74.9 74.5 76.6 244.9 242.3 247.4 2102.4 2100.0 2103.0 688.5 695.9 700.1 62.4 60.6 58.3 22.3 19.5 18.6 209.5 211.5 212.5 APR. MAY JUNE 184.8 187.0 188.6 6.4 6.5 7.1 301.1 294.1 294.4 178.9 172.0 173.4 81.2 80.2 81.0 260.2 252.3 254.3 2102.6 2096.2 2105.7 699.9 716.5 726.1 56.3 55.3 54.9 20.7 20.9 20.0 212.1 209.9 210.6 JULY AUG. SEP. 190.5 190.9 190.9 7.7 7.9 7.6 294.3 290.7 289.3 173.3 174.9 176.6 81.0 80.8 80.9 254.3 255.6 257.5 2115.8 2123.1 2130.7 723.0 734.7 742.5 56.9 61.3 62.3 18.7 18.4 21.1 210.6 213.1 216.3 OCT. NOV. DEC. 192.6 195.9 199.4 7.0 6.6 6.5 295.7 294.1 298.5 177.0 178.0 180.3 81.5 81.4 81.2 258.5 259.3 261.6 2141.4 2144.0 2148.7 746.8 763.8 762.7 65.0 63.1 61.9 20.9 16.5 16.0 218.2 219.7 221.1 1988-JAN. FEB. MAR. 197.1 197.2 199.2 6.6 6.8 6.9 295.8 279.1 279.9 184.2 181.9 184.1 81.1 80.1 82.2 265.3 262.0 266.3 2172.4 2188.3 2206.8 761.3 772.9 774.5 64.3 61.6 60.1 18.4 16.5 14.8 225.0 231.1 235.0 196.0 6.9 274.4 180.2 78.8 259.0 2193.0 775.5 60.5 17.2 232.6 Neek ending 1988-FEB. 29 MAR. 7 14 21 28 199.3 199.3 199.4 198.9 6.9 6.9 6.9 7.0 281.7 281.5 279.6 274.6 185.8 184.4 183.7 182.4 82.9 82.3 82.1 61.3 268.7 266.7 265.8 263.7 2198.0 2205.5 2208.3 2212.6 774.0 775.6 772.5 774.6 59.8 59.6 59.2 61.6 14.2 15.8 15.1 14.5 232.7 234.1 235.9 236.7 APR. 4 11 18p 25p 201.3 202.5 201.4 200.7 7.0 6.9 e 6.9 e 6.9 e 292.2 293.9 294.7 289.7 187.6 191.9 194.7 191.0 85.4 87.8 88.5 85.9 273.0 279.7 283.2 276.9 2219.1 2229.2 2221.7 2215.8 776.3 765.5 764.0 763.7 60.2 61.1 61.9 61.8 13.6 16.6 15.9 14.7 236.4 238.0 235.7 236.6 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. 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 NON 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 deposits. 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 by institution-only money market mutual funds. 8.. Consists of overnight and continuing contract RP RPs issued by commercial banks to other than depository institutions and money market mutual funds (aeneral purpose and broker/dealer). 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), -indicates estimated data, -indicates preliminary data. , CD LU Q < HLU CO 00 < ID a en o.a < Zo 81 ( / ) i. 0 E^l UJTI 2 So •H •£ZM- -8O0 WflO to i n w m "CO w Q) rf^-H PH ^ r H • w t v H II- 0 & a w i-^ 0) C E (0 (0 H—H -H'H 3 < t-4* X'H -H-H (A c < -H §-° a Q) (0 c (A X-H -H-H 3 < 0 O +>•* 3 < L-H X'H -H-H (A c m^o* rHMtf OHO 0* OOCMM9 MdiHNiCO ' H O U ) CMN-O 1 o^eo ^CMOO • <A * 1 (A i SR CM^M^" sOM5mM3 CM CMMCM^f o o c C - H (0 (0 - H X rH >H O uirHM C O ^ O tftftf COOM MIHIA N-COCO <f>±tf s o * sOfHin lOvOso tftftf cotfc* co cocoes MJf^MJrH (0 X0 (0 < •H < -H > i. •H 0 (0-H -H " 0 (A 0 0 J^ C C A3 0J jQ * (A rH C (D 0 C-H 0-H • flJ'H H 3 C-H i . (A 0) C § JE (0 CD H- L 0 -H C 3 OmCMtH mmmm ^ *>0 *& *& IHPHIHIH N.N.OCM mmmm *&•*& ^ ^ iHrHrHrH rH m vO rH r^Kir^ tfmm tftftf mr-ir** rovom CM>±N. >±tf<r tf>±tf ma^m I/KTH mmso r-TiHVl MtfM3 CM CM CM CM M M M M <r,M3>^,vf &>sO>&<# CM CM CM CM M M M M tfOCMlfl r s «cocoo s CM Is* mmco CM M O^-M CM 4-in • O O O <«• r^COO^H mmmM) 0^ ^* &* &* 0"0 J3 N O O N * .* a 0 0) O O rH CMiHCO^ sOsor^N- CMCO'*^ e X § "IJ-H a X-H 0) (D L E s. c og o > ox • I-I.I-I iHCM M > t WW O-J-l a 0T3 (0 E 0 (0 ( D * + - H O ' H 0 CDrH WT3 0 " U " Uffl<A 0 ) 1 L I I >H O C»H 0 0 0 0 - H • H r H E 0 ) 0 > H HJ > IB E L L M - O •ocuicc s CDM- a> a T3.H-OT3 O L (0 "O O X 0) 0) - H 3 E - H E E • (0 rH'H - H . M <A"0 O-VO-H-H C X C ^ O > O C (0 C C - H L O 0 0 - H (Q (A'H ( A ' H ' H 3 C -H-H^-H-H-HH • H J C (0 « ' H E UCID C C-H.H O ' H J J ' H ' H (ArH ra-H a a rH L.+* O 0-H O C X 0) •H 3 J.-H I <A (0 (D (A (D (A (A •-H L - H - H <A<H flJ'H.H < <A (A (A O O (A 0 O "SSii OTO O C CD CD C (A 0) •H-H CD i . <ArH L f - (A (U -J5gS-° 3 (A (A ( A O T 3 •H-HOrH • H r H Q) Q) (A4A-X (A 0 0 Q.M- 0) X 0) O JA -HID 0 (AX 0) O - H - H L E C (U'H 3 (A 1 - H 0 <A i E a <A»H (DrH a»H QJ (0 C (A E-H.* rH Ifi C •H "O (Q at "O 0) (A C <A"0 X ^* C^OiHCM mvososo mmmm m Ifl^vON mmmm mmmm iHCMtflfl m ms m m ^^ 0 C^ ^^ coc^o^ OOsO ^-mm mmm CO s± ^^ •nmco CM CM CM MMM VOO^H >±>±in IHIHIH N-MrH r*»CMM r H CM CM MMM ^ m m >*>*>* IHIHIH U 1 H O rvf^CVJ 0»CM<cf OfHr-i MMM OCOK >±>±tf iHiHfH IflrH CMCOrH OOiH MMM VOCOSO COmO ChCbO CMCMM NOCOCM mrHro CNiHCO r^ocsi Otftf soo<t OiHtr IHCMCM mmm O C M ^ O M ^ M mm<cf ^ M ^ iflMjr*. COOIH co co co co co co <DO S O N MrHM tfChM o o o >t*m moso mm>* co-coco vor*. tfMr** co co co tfd-tf iHM)CM OCOvO chcoco «*>*>* <TC*0 r^fOCNj M M M M sOIA M M M M ^ C M O sovoo >±N.O mcum N0\0<4> mmvo vosor*** ^-coco M M M M M M M M M KIMM PHPHPHCM M r^m sOvo M M CJOJNO rH MJf^MCO coocorx. COCMO iHOICO IHIHIH ^•'*<*f m uisiro miflKi N>rOO IHPHIH * * ^ OCOrH Msr^cMo ^>tro O CO K CMrHrH tftftf »or>.rO CM coo^d* mCMN. OfHrH ^^-vt COO CM CM M M H O NvOI/) rs-COO^ roioro sOtfsfr rocMM> rororo CM CM CM vtvOMCM CM CM CM CM rHrv sOsO roro rHC^C^ H O O " CMnro >t>i"rA wroro CM CM CM CM CM CM N-COM^ mCh ror^o roro«cf CM CM CM CT^OO^CO M>Cf M M CM CM CM CM COCM^PHCMCM CM CM CM M M M M CM CM CM CM OCM iHrH CM CM iHfHM>M M^mrv OOC^rO fN-mcM CO sDCM ir\^o^-<t co co co co rH^-m <r PHCMCMM f**" co co co co t o o co CO 0 s CM I^N-CO MCM^ r^M5M> rH cor^-so CM^M co co co SfOm CMmM) COvOrH MOf^M) tfOCO tfCMtf CM CM CM mmm CM CM r*. CM com Mr»*in MCMCM mmm MdCO^CO CM CM CM rH mmmm O^CM CMHO tftftf mmm >±m^>dCM CM CM CM mmmm socom soinui mmm cM-crorv mcsiiH rs.r^hv mmm r^oxo-N. mm o <*<CfCM»H M5 M5 M) M3 iHiHfHiH •nmco M M M M M5 M5 M) M5 rHfHpHiH rHvOC0<^ OMdO M M5 rH mMCOm MOCM mMM s£M}M3 CM rs.o»vO M O S cocorv OPHCM < CL ^iHcom HiHCM aa CMMiHsO vOsOsOm M M M M NvtiHCO iHCMCM O H O O M?\OvOsO M M M M ^ N O o>± mm l^CM>± K)N«t OJCN o»co >*«* om vom coco C0CT COCO CMCM M O •HV ^ M >fr>± 0) c •H 0s m M <UJ< zcoa M M M coo^o mmso >t^ OCOM) QNCOCO CMOM rocM rnr^m -H.H 3 < L-H X-H ococo (A c (A •H (0 OC0C0 Msmm MMM 8SS K>0 yOUIKI MS^SO MMM -JC5CL DDUJ vOCNCO NM)MJ> MMM a > Z a < 5 < Z - ) -^<(/) CM CO CO (ONN MMM M M ZflQtt <UJ< ->U-Z < o a ix o u > o I M3 CO H.6 ( 5 0 8 ) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally Term RPs 1 At InstitutionA* thrift o n l y money c o m m e r c i a l institutions market funds banks Date 8 adjusted Debt c o m p o n e n t s 6 Non-M3 Components o f L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1986-NOV. DEC. 84.8 84.4 37.2 35.4 46.6 48.6 83.8 84.0 80.8 84.9 89.9 91.9 286.6 286.7 38.0 37.4 227.9 228.7 1772.3 1804.0 5713.5 5788.8 1987-JAN. FEB. MAR. 84.4 85.1 85.4 34.1 35.4 34.9 49.5 51.8 52.3 83.6 87.2 87.2 86.6 88.8 88.7 92.7 93.5 94.3 283.6 285.3 273.3 37.8 38.9 39.3 239.3 240.4 240.2 1817.6 1827.4 1839.0 5842.0 5856.3 5893.8 APR. MAY JUNE 83.5 82.1 81.7 38.3 40.6 40.4 56.1 61.9 67.0 94.4 102.5 107.4 83.9 86.7 87.8 95.1 95.8 96.5 257.0 256.8 257.8 40.5 42.2 43.5 243.8 253.6 255.1 1847.4 1858.3 1869.5 5948.9 6003.3 6056.3 JULY AUG. SEP. 83.8 84.0 81.3 38.5 39.6 40.3 68.5 67.9 68.8 107.0 107.5 109.2 84.4 90.2 94.4 97.1 97.7 98.3 251.1 257.2 260.8 43.6 43.6 44.4 249.2 249.2 256.8 1872.7 1887.6 1900.1 6102.7 6145.1 6200.1 OCT. NOV. DEC. 82.5 89.5 89.6 37.1 39.3 37.5 69.1 69.4 67.9 106.2 108.7 105.4 92.9 92.8 90.8 98.8 99.6 100.6 270.1 274.0 262.7 44.8 45.1 45.1 257.1 251.6 257.8 1909.7 1935.2 1951.9 6254.4 6297.9 6350.8 1988-JAN. FEB. MAR. 94.4 98.7 97.4 37.6 42.0 41.9 67.9 66.8 63.8 105.5 108.8 105.7 85.1 84.5 87.6 101.7 102.7 p 266.2 268.7 p 43.3 40.9 p 272.5 275.8 p 1959.4 1972.3 p 6401.5 6449.5 p Heek ending 1988-FEB. 29 100.0 42.2 65.2 107.4 86.1 MAR. 7 14 21 28 98.6 99.1 97.0 95.7 40.8 42.0 43.1 40.8 64.6 63.7 63.6 63.5 105.4 105.7 106.6 104.2 87.1 87.1 86.6 89.3 APR. 4 11 18p 25p 95.1 93.2 92.3 89.9 43.6 40.7 41.1 41.9 63.8 63.8 63.9 64.2 107.4 104.5 105.0 106.2 88.0 85.3 84.9 85.3 1. Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount of overniqht RPs at thrift institutions. 2. 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 bankina offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds. 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 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted Demand deposits at banks due to Foreign Foreign ccommercial official institutions banks Date IRA and Keogh Accounts U.S. government depos;its Time and savings deposits due to foreign banks and official institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings At At deposits thrift at commercial commercia ,1 institutions banks banks At money market funds Total 1986-NOV. DEC. 9.3 9.5 2.1 2.0 4.2 4.1 3.4 3.7 3.2 3.7 11.9 15.5 18.4 22.9 1.5 1.5 71.8 72.7 96.4 97.2 10.7 10.7 178.9 180.7 1987-JAN. FEB. MAR. 9.9 9.3 8.8 1.9 1.7 1.6 4.1 4.4 4.6 3.7 3.3 3.5 9.6 5.0 3.1 23.8 25.2 13.6 37.1 33.6 20.3 1.4 1.4 1.4 73.7 74.5 75.6 98.1 98.9 100.3 10.8 11.0 11.2 182.6 184.4 187.1 APR. MAY JUNE 9.0 9.0 9.3 1.8 2.0 2.0 4.6 4.5 4.5 5.0 3.4 3.6 7.0 16.0 8.7 16.6 27.4 21.8 28.5 46.8 34.2 1.4 1.6 1.6 78.6 79.7 79.8 103.0 103.7 • 104.6 • 12.4 13.1 13.3 193.9 196.5 197.7 JULY AUG. SEP. 9.3 8.9 9.4 2.0 2.0 1.9 4.4 4.4 4.4 3.3 3.0 4.2 5.3 3.4 10.3 23.3 18.6 21.3 31.9 25.0 35.8 1.7 1.6 1.5 80.2 80.7 81.4 105.4 105.7 106.6 13.5 14.0 14.5 199.2 200.4 202.4 OCT. NOV. DEC. 9.5 9.4 9.6 1.8 1.7 1.7 4.4 4.4 4.4 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. 10.0 9.3 9.2 1.7 1.6 1.5 4.4 4.3 4.4 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 85.5 110.0 111.2 113.1 e 16.6 e 16.8 e 16.9 e 210.6 e 212.7 e 215.5 e Heek ending 1988-FEB. 29 9.3 1.5 4.3 2.7 2.7 29.4 34.8 1.6 MAR. 7 14 21 28 9.7 8.7 9.3 9.2 1.5 1.5 1.5 1.4 4.4 4.4 4.4 4.3 3.6 2.9 5.6 2.5 3.0 3.4 2.7 2.5 21.7 15.1 23.8 17.7 28.2 21.4 32.2 22.8 1.6 1.6 1.6 1.7 APR. 4 11 18p 25p 8.7 9.5 8.3 9.2 1.8 1.9 1.9 1.7 4.3 4.3 4.3 4.4 3.0 3.6 9.3 4.9 3.3 3.5 3.0 3.4 10.0 6.1 9.7 27.3 16.3 13.2 22.0 35.5 1.7 1.7 1.7 1.7 e—indicates estimated data, p—indicates preliminary data.