Full text of H.6 Money Stock Measures : May 8, 1997

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V

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

f .

~

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

rorn#leaseat430pm EastemTene

Billions of dollars

Date

May 8,1997
MV

M22

M33

L4

DEBT6

Seasonally adjusted
1995-Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1150.4
1145.1
1142.7
1145.0
1144.0
1141.6
1135.7
1133.1
1129.0

3519.1
3534.9
3562.9
3583.1
3604.4
3620.1
3629.8
3639.3
3655.0

4397.5
4427.6
4463.9
4495.2
4527.1
4550.7
4567.1
4580.8
4594.8

5432.0
5465.5
5503.5
5555.0
5592.1
5638.9
5669.8
5677.5
5700.3

13416.4
13494.6
13571.3
13625.5
13666.2
13713.6
13774.1
13831.3
13875.3

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

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
3833.1

4622.3
4655.2
4691.9
4708.7
4731.2
4753.5
4771.1
4791.4
4822.5
4857.5
4884.8
4927.3

5723.3
5741.9
5792.1
5824.2
5835.9
5870.0
5890.0
5919.9
5960.6
5983.1
6020.9
6057.3

13925.4
13998.7
14075.6
14145.7
14205.5
14265.6
14338.9
14396.4
14445.8
14508.5
14574.6
14624.4

1997-Jan.
Feb.
Mar.

1079.7
1080.6
1075.2

3849.7
3866.0
3882.4

4949.3
4985.7
5013.8

6072.4
6122.3 p

14665.5
14725.8 p

Not seasonally adjusted
1995-Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec •

1160.1
1133.8
1140.8
1145.6
1139.3
1138.5
1132.9
1138.7
1152.8

3536.9
3520.9
3560.8
3586.6
3603.6
3613.5
3621.5
3643.2
3675.3

4408.7
4413.7
4462.0
4493.2
4526.1
4541.1
4563.6
4589.7
4614.3

5445.8
5445.2
5493.0
5546.7
5589.5
5623.6
5656.9
5688.7
5732.2

13370.2
13444.4
13527.5
13573.3
13619.2
13678.8
13740.4
13816.0
13875.8

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

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
3715
3741
3709
3739
3754
3764
3768
3777
3812
3851

4628.7
4643.3
4694.4
4718.1
4715.1
4750.8
4769.2
4791.9
4811.3
4853.3
4892.9
4944.4

5737
5733
5805
5837
5813
5856.8
5881
5919
5943
5970
6031
6085

13906.6
13961.3
14045.6
14108.6
14158.9
14220.0
14280.8
14343.2
14406.1
14470.7
14556.2
14623.7

1997-Jan.
Feb.
Mar.

1086.0
1066.4
1067.2

3851.4
3850.3
3887.3

4955.0
4976.8
5020.6

6085.2
6117.3 p

14645.4
14686.3 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

1.

M2

M3

DEBT

1 9 9 6 TO M a r .

1997

-2.1

5.1

7.0

4.1

1 9 9 6 TO M a r .

1997

-3.3

5.7

7.9

4.6

1 9 9 6 TO M a r .

1997

-4.5

4.5

6.9

5.2

-2.4

5.5

7.8

T h i r t e e n w e e k s e n d i n g A p r i l 28 , 1 9 9 7
f r o m t h i r t e e n week# e n d i n g t
J a n . 2 7 , 1997 (13 w e e k s p r e v i o u s )
Oct.

Ml

28,

1996

(26 weeks p r e v i o u s )

-3.2

5.7

8.0

Apr. 29,

1996

(52 weeks p r e v i o u s )

-4.4

4.7

7.0

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, November 1996 to February 1997, August 1996 to February 1997,
and February 1996 to February 1997, 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 c h e c k s of nonbank issuers; (3) d e m a n d
deposits at all commercial banks other than t h o s e due to depository institutions, the U.S. government, and foreign banks and official , n l s 5 t . ^ ^ s » '® s s ® a s " !! 0 I ? S # ®
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, e a c h seasonally adjusted separately.
.
. /v
,
. . ..
. .,
«f i*cc
u
Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail p P s — m amounts of l e s s
than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh b a l a n c e s 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, ana adding this result to seasonally adjusted M1.
. . . .
.
.
, n n i . ......
,
. ..
,. v
Consists of M2 plus large-denomination
time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and t®rm) issued by all
9
.• .
.—
...
.
. I.
> .
ii iii
• i r>
•
i
! I
I IO
••imvI/JiuuiIa nnri at mil hanvinn nftiroc m tho I Inif tifl

( ^ n s i s t s ^ ^ T p l u s t h e ' n c m b a r ^ public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutual fund holdings of t h e s e a s s e t s .
. . . .
~
.
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 ^ o n p r o f i t ^ g a n i z ^ i o ^ nonnnanciai
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt consists of mortgages, tax-exempt
and corporate bonds, consumer credit, bank loans,
• i
i —aI
I
TL — —I — a — .. .L. I — L. —.- — J . . ! . J
rrJ1 r» f Intii fiinrlc
into 3TQ hrfl3N.9nll ICtOTI ftnAT IR fllSf^OntinUltieS I

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 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 (nttp://www.bog.frb.fed.us), a s well a s 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 a c c e s s the Commerce bulletin board, call (202) 4 8 2 - 1 9 8 6 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

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

1997-Feb.

3
10
17
24

1080.7
1081.3
1081.2
1081.4

1081.8
1083.9
1082.9
1082.1

1087.4
1083.3
1077.0
1080.6

3834.0
3838.3
3842.9
3847.5

3854.3
3859.7
3862.5
3864.9

3861.2
3861.8
3867.8
3868.9

4925.4
4933.1
4941.3
4949.3

4955.4
4963.4
4973.2
4981.3

4965.0
4975.8
4992.4
4992.1

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
1068.1
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
3880.6
3893.3

4956.6
4963.1
4969.1
4975.5
4982.8

4989.5
4996.9
5000.1
5005.3
5013.1

4997.8
5005.2
5005.4
5012.7
5028.9

Apr.

7
14
21p
28p

1077.6
1076.2
1075.5
1074.0

1070.9
1067.0
1067.7
1064.5

1065.9
1056.9
1070.9
1064.4

3869.9
3874.2
3878.8
3882.4

3887.0
3891.8
3900.7
3903.9

3897.2
3895.9
3916.4
3906.0

4989.6
4997.6
5006.1
5014.0

5020.2
5030.6
5043.4
5051.8

5033.7
5047.0
5064.1
5062.2

Not seasonally adjusted
1997-Peb.

3
10
17
24

1091.2
1090.4
1088.5
1087.4

1078.3
1072.6
1068.5
1067.6

1076.4
1069.5
1064.4
1059.9

3840.1
3843.6
3846.4
3849.7

3844.6
3841.2
3841.6
3846.7

3836.5
3857.7
3854.2
3838.5

4933.9
4941.1
4947.7
4954.5

4954.4
4955.2
4961.5
4970.8

4948.2
4981.3
4983.2
4970.5

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
1075.8

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

4960.7
4967.4
4973.2
4978.2
4984.1

4981.8
4993.7
5004.7
5014.4
5021.1

4992.2
5028.9
5027.3
5009.2
5018.9

Apr.

7
14
21p
28p

1070.8
1069.4
1069.4
1068.6

1069.1
1070.8
1077.4
1071.9

1080.3
1073.4
1080.1
1053.8

3868.1
3873.9
3880.1
3884.0

3899.8
3913.7
3928.8
3923.1

3943.8
3947.6
3932.7
3868.3

4992.4
5000.8
5009.4
5015.9

5031.8
5047.0
5062.0
5061.6

5071.6
5088.2
5069.3
5017.3

N o t e : S p e c i a l c a u t i o n s h o u l d b e t a k e n 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 d a t a , w h i c h a r e highly volatile a n d s u b j e c t t o revision,
p

preliminary d a t a .




Page 4
H.6 (508)
Table 4

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

Other checkable deposits
1

Currency

Date

At thrift
institutions5

Total

In M2#

In M3 only7

8.9
8.9

389.7
391.1

256.7
248.5

106.7
108.0

363.3
356.5

2506.2
2526.0

941.5
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.
May
June

376.4
377.7
379.9

8.8

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
1011.5

July
Aug.
Sep.

382.8
385.2
387.6

8.6

408.7
405.8
404.9

202.9
195.2

308.7
300.4
292.2

2641.2
2663.0

188.0

105.8
105.2
104.3

1021.1

8.4
8.5

2682.1

1028.7
1047.2

Oct.
Nov.
Dec.

390.2
392.5
395.2

8.6
8.6
8.6

398.2
402.1
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

1069.8
1075.5
1094.3

1997-Jan.
Feb.
Mar.

397.0
400.5
402.4

8.6
8.6

401.6
404.2
402.8

170.9
165.4
160.3

101.6
101.9
101.3

272.5
267.3

261.6

2770.0
2785.4
2807.2

1099.6
1119.7
1131.3

403.5
402.0
401.4
399.0
405.0

163.2
161.6
158.6
158.6
161.8

103.0
103.0
102.0
99.3
99.2

266.2
264.6
260.6
257.9
261.0

2790.7
2797.2
2804.4
2812.5
2816.3

1127.3
1130.3
1128.5
1132.1
1135.5

398.5
391.3
397.9
393.8

155.8
157.5
162.9
160.9

100.3
97.0
98.0
96.5

256.1
254.5
260.9
257.4

2831.3
2839.0
2845.5
2841.6

1136.5
1151.1
1147.7
1156.2

Apr.

e

At commercial
banks4

371.2
372.6

1997-Mar.

4.
5.
6.
7.

Demand deposits

3

1995-Mov.
Dec.

Wttft tnfllaa

1.
2.
3.

Travelers checks

2

8.7
8.7

8.5

3
10
17
24
31

401.5
402.4
402.0
402.7
402.7

8.6

7
14
21p
28p

402.9
402.7
403.7
404.9

8.4
8.4
8.4
8.4

8.5
8.5
8.4
8.4
e
e
e
e

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
. a.a a ,
. , , , . ,
. .
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. Travelers c h e c k s 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 otticiai
institutions, l e s s c a s h items in the p r o c e s s of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and a g e n c i e s 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) or
U.S. a d d r e s s e e s , 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
Savings deposits 1
Date
1995-NOT.
Dec.

At
commercial
banks
762.4
776.0

At
. thnft
institutions
361.8
361.1

1996-Jan.
Feb.
Mar.

794.5
804.9
819.7

Apr.
May
June

Small-denomination time deposits 2

Retail
money
funds

Institutional
money
funds

930.7
933.7

451.2
455.2

1124.2
1137.1

At
commercial
banks
574.6
576.0

At
. thnft
institutions
356.1
357.7

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-Jaa.
Feb.
Mar.

914.0
921.1
934.2

368.5
369.4
370.1

3
10
17
24
31

925.1
930.7
935.1
936.0
933.7

7
14
21p
28p

948.6
951.3
953.5
946.5

Wfth f a d i n g
1997-Mar.

Apr.

Large-denomination time deposits 3

244.7
246.9

At .
commercial
banks 4
342.9
344.7

thrift
institutions
74.8
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

368.0
364.5
368.4
373.3
374.7

1293.0
1295.3
1303.5
1309.3
1308.4

595.4
596.0
595.8
595.8
595.4

350.4
349.4
349.4
349.3
349.2

945.8
945.4
945.2
945.1
944.5

551.9
556.6
555.7
558.2
563.4

311.7
313.4
311.7
314.1
307.9

419.9
423.3
423.4
425.5
428.4

81.7
81.7
81.7
81.8
82.8

501.6
505.0
505.1
507.3
511.3

371.0
371.7
373.5
377.2

1319.6
1322.9
1327.0
1323.7

597.4
598.0
598.7
599.4

347.4
347.8
348.0
348.2

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
82.1
81.9

513.2
519.3
519.2
522.5

Total

Total
417.7
419.8

1.

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 .

2

& t ™ ~ ^ ? c l u d i i n 9 r e l a i l 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 a n d 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
and thrifts a r e subtracted from small time d e p o s i t s .
Large d e n o m i n a t i o n t i m e 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 m o r e , excluding t h o s e b o o k e d at international b a n k i n g facilities
posits at c o m m e r c i a l
official iInstitution^"
b a n k s l e s s t h o s e held by m o n e y market mutual f u n d s , depository institutions, U . S . g o v e r n m e n t , a n d foreign b a n k s a n d

'

3.
4.
p

preliminary




"""

Total

~~

Page 6
H.6 (508)
Table4-continued

_

.

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components6

Non-M3 Components of L
Eurodollars2

RPs1

Date

Savings bonds

TTT

91.0

184.4
184.8

Short-term
Treasury
secunties 3
— r n r r

Bankers
acceptances4
HTT"

Commercial paper6

Federal debt

mm—

SMS.*

Non-Federal debt
1717575

Dec •

167.5
182.1

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

11.6
10.5
10.1

440.0
443.0
446.3

3639.6
3658.0
3685.1

10285.8
10340.7
10390.5

Apr.
May
June

188.9
202.7
195.2

96.5
97.0
97.8

185.8
186.1
186.4

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

July
Aug.
Sep.

194.0
192.2
194.0

97.9
98.4

101.2

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

10609.5
10653.1
10699.3

Oct.
Nov.
Dec.

195.3
194.3
192.7

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

10750.4
10803.3
10844.1

1997-Jan.
Feb.
Mar.

195.6
198.6
196.3

116.4
117.8
116.5

186.7
186.4 p

415.8
420.5 p

11.5
12.1 p

509.1
517.5

3778.6
3784.2 p

10887.0
10941.6 p

3
10
17
24
31

195.5
194.2
195.6
195.2
200.6

118.5
117.7
116.1
115.6
115.8

7
14
21p
28p

195.3
198.1
198.6
198.1

116.8
118.7
120.1
123.0

l§§5-tlov.

Wttlt tafllng
1997-Mar.

Apr.

i

s z s s s

s

m

3.

^il^^^US.Yreasuiy^s'anS

4

N«*f

tolTere'SSpS^'lS

I: ssssrrs
p
preliminary



m

469.7

11.7

439.3

3638.8

10236.6

. s s k o
OTu^r^wiSI'remiaioing

fflsaiss

a„d can*,,.

maturities ot l e s s than 1 2 months held by other than depository institutions. Federal Reserve Banks, money

b , " a « e p t i n g banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.

^ • - »

Page?

H.6 (508)
TableS

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

At commercial
banks4

At thrift
institutions5

Total

In M2e

In M3 only7

8.7
8.5

395.6
407.3

255.6
251.6

107.1
109.2

362.7
360.8

2504.5
2522.6

946.5
939.0

1996-Jan.
Feb.
Mar.

371.7
370.9
374.3

8.5
8.5

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

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
1011.2

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0

200.8

8.8

410.3
404.2
403.8

192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2644.3
2667.8
2678.1

1015.2
1027.8
1043.2

Oct.
Nov.
Dec.

388.9
392.9
397.9

8.4
8.3

8.6

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

1075.8
1080.7
1092.9

1997-Jan.
Feb.
Mar.

395.6
397.7
401.0

8.2

405.6
394.6
396.0

174.8
165.6
160.9

101.8
100.2
101.1

276.5
265.8

2765.4
2783.9

1126.6

397.8
394.6
397.5
386.4
401.2

164.7
159.0
158.6
160.0
165.0

101.8
103.1
101.5
98.4
100.1

404.3
400.1
400.0
382.4

159.3
160.8
168.5
164.1

104.0
100.5
100.5
96.5

3

Apr.

8.6
8.6

8.9

8.3

8.2

17
24
31

398.4
401.6
400.8
400.8
401.2

8.2
8.2
8.2

7
14
21p
28p

404.5
403.8
403.1
402.6

8.2
8.2
8.2
8.2

10

e

Nontransactions components

Other checkable deposits

371.6
376.2

tafllpg

4.
5.
6.
7.

Demand
deposits3

1995-Nov.
Dec,

1997-Mar.

1.
2.
3.

Travelers
checks 2

8.3
8.3

e
e
e
e

1103.6

262.0

2820.1

266.5

2791.9
2827.6
2825.5
2818.3
2815.4

1129.3
1134.7
1135.2
1137.1
1127.7

2863.5
2874.2
2852.6
2814.5

1127.8
1140.6
1136.6
1148.9

262.1
260.1
258.4
265.1
263.3
261.3
268.9

260.6

1133.4

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 c h e c k s issued by depository institutions are included in d e m a n d 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, l e s s c a s h items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and a g e n c i e s 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. a d d r e s s e e s .
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 deposits2

At
commercial
banks

thrift
institutions

Total

At —
commercial
banks

%t
thrift
institutions

Total

Retail
money
funds

199 5 - M o v .
Dec.

764.2
775.3

362.7
360.8

1126.9
1136.1

573.2
573.8

355.2
356.3

928.4
930.1

449.2
456.3

1996-Jan.
Feb.
Mar.

790.2
799.8

820.0

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

Apr.
May
June

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

3
10
17
24
31

919.7
944.5
940.8
930.8
925.8

7
14
21p
28p

962.3
966.0
952.6
926.7

Savings deposits1
Date

Wftfc tndlnfl
1997-Mar.

Apr.

1.
2.
3.
4.
p

Institutional
money
funds

Large-denomination time deposits 3
At
commercial
banks 4

thrift
institutions

Total

245.6
248.2

346.5
345.7

75.6
75.4

422.1
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

365.8
369.9
370.7
371.2
371.5

1285.6
1314.3
1311.5
1302.1
1297.3

596.3
597.4
597.3
597.2
597.2

350.9
350.2
350.3
350.1
350.2

947.3
947.6
947.6
947.3
947.4

559.1
565.6
566.4
568.9
570.7

315.8
320.8
318.5
318.9
307.5

420.0
423.6
423.8
425.3
424.3

81.7
81.8
81.7
81.7
82.0

501.7
505.4
505.6
507.0
506.4

376.4
377.4
373.1
369.3

1338.6
1343.4
1325.7
1296.1

599.7
599.9
600.4
600.8

348.7
348.9
349.0
349.1

948.4
948.8
949.3
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
81.5

506.9
513.1
514.5
519.8

Savings deposits include money market deposit accounts.
......
,,,
, ,
Small-denomination time deposits—including retail RPs—are t h o s e issued in amounts of l e s s 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 $ 1 0 0 , 0 0 0 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks l e s s those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




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 thrift
institutions

Eurodollars
Total

1995-Nov.
Dec.

140.3
132.6

46.3
45.4

186.6

1996-Jan.
Feb.
Mar.

140.4
140.9
139.8

45.0
45.3
45.6

185.4

Apr.
May
June

139.9
153.9
149.2

July
Aug.
Sep.

Savings bonds

Short-term
Treasyry
secunties 3

Bankers
acceptances 4

92.1
91.8

184.3
184.8

462.0
482.9

12.5

185.1
185.4
185.7

470.0
451.8
470.7

12.3

185.4

95.4
96.5
95.0

47.9
50.8
51.0

187.8
204.7
200.2

95.8
96.0
97.1

186.1
186.3
186.4

461.4
430.1
441.1

144.5
144.1
146.8

50.4
49.6
49.2

194.9
193.7
196.0

96.4
97.6
100.4

186.6
186.7
186.7

446.9
456.0
451.0

Oct.
Nov.
Dec.

149.8
145.5
141.5

48.5
47.6
46.0

198.3
193.1
187.5

108.1

186.8
186.9
187.0

432.8
454.4
448.3

1997-Jan.
Feb.
Mar.

147.9
149.4
147.5

45.7
46.6
46.1

193.6
196.0
193.6

186.8
186.6 p

421.1
424.1 p

3
10
17
24
31

145.1
144.0
147.9
148.7
150.4

46.7
46.8
46.1
45.8
45.5

191.8
190.8
194.0
194.5
195.9

7
14
21p
28p

146.7
149.6
151.8
152.2

46.3
46.1
45.9
46.1

193.0
195.7
197.6
198.2

W»tft tPfllPfl
1997-Mar.

Apr.

1.
2.

At commercial
banks

Debt components 6

Non-M3 Components of L
2

178.0

186.2

107.8
113.5

118.1

119.1
117.6

12.1

10.6
10.0
10.5

10.8
11.5
10.9

10.8
11.3
11.4

11.8

12.2
12.1

12.3 p

Commercial
paper6

Federal debt

Non-Federal
debt
10180.1

440.1
438.1

3635.9
3645.9

10229.8

441.3
442.7
444.3

3634.4
3655.5
3698.1

10272.2
10305.8
10347.4

461.1
471.4
467.0

3699.5
3692.1
3698.1

10409.1
10466.9
10522.0

467.8
473.6
483.1

3708.3
3730.9
3736.1

10572.4
10612.3
10670.0

486.1
485.2
493.8

3740.9
3771.4
3787.9

10729.9
10784.8
10835.8

510.3
517.4 p

3773.4
3783.0 p

10872.1
10903.3 p

113.9
117.7
117.2

116.6
118.0
116.8
117.1

118.2

123.1

4.
5.
6.

Overnight and term RPs of $ 1 0 0 , 0 0 0 or more issued by depository institutions, excluding t h o s e held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. a d d r e s s e e s 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 a c c e p t a n c e s held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper l e s s 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.




Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS

Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Date

W

Foreign
official
institutions

IRA and Keogh Accounts

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

2.9
5.9

5.4
6.5

Time and

Total
. cash
. M
balance

olJS'n
commercial

At
commercial
banks

At
thrift
institutions

At
money
market
funds

8.2
14.6

16.5
27.1

1.6
1.1

150.7
150.5

110.5 e
110.1 e

74.9
75.5

336.1
336.1

Note
balances at
depository
institutions

banks

Total

1995-Hov.
Dec.

8.3
8.4

1.6
1.5

12.4
12.5

1996-Jan.
Feb.
Mar.

8.4
8.2
8.0

1.5
1.5
1.4

13.0
13.5
14.0

4.3
3.0
4.0

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 a
340.0 e

Apr.
May
June

7.8
8.3
8.9

1.4
1.5
1.5

14.0
13.5
13.0

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 e
109.0 e
108.8 e

79.5
78.1
76.5

340.0 e
338.4 e
336.9 e

July
Aug.
Sep.

9.1
7.9
8.5

1.6
1.5
1.4

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
108.5
108.4

76.6
76.7
76.7

337.1
337.0
336.6

Oct.
Nov.
Dec.

8.5
8.4
8.3

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
108.4
108.4

76.8
76.9
77.0

336.5
336.6
336.7

1997-Jan.
Feb.
Mar.

8.3
8.3
8.3

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 e

336.7 e
336.8 a
337.1 a

"l997-M»r°

Apr.

e
p

Foreign
commercial
banks

Time and
savings
deposits
due to
foreign
banks and
official

3
10
17
24
31

8.3
8.3
8.3
8.3
8.3

1.5
1.4
1.4
1.4
1.5

18.4
18.4
18.4
18.4
18.4

2.9
2.6
4.6
2.4
2.6

5.1
5.2
5.9
7.0
5.6

13.7
10.1
9.6
27.9
25.3

21.7
17.9
20.1
37.3
33.5

4.«
4.6
4.6
4.6
4.6

7
14
21p
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
22.8

22.9
17.0
40.2
51.8

4.6
4.6
4.6
4.6

estimated
preliminary