Full text of H.6 Money Stock Measures : November 10, 1988

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.VCfOpw,

FEDERAL RESERVE statistical release

H.6(508)

NOTICE

Owing to the Thanksgiving Day holiday, the H.6(508) statistical
release "Money Stock, Liquid Assets, and Debt Measures" will be
published on Friday, November 25, instead of Thursday, November 24.




FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

•••f«sV

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

NOVEMBER 10, 1988

Billions of dollars
Date

M1 J

M2 2

Debt5

M3 3
Seasonally adjusted

1986-NOV.
DEC.

706.4
725.4

2782.6
2807.7

3464.1
3490.8

4104.8
4134.3

7482.0
7572.7

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.
2829,
2834.
2847.
2849.
2851.
2858.
2869.
2880.
2894.
2896.
2901.

3515.6
3524.5
3533.2
3550.5
3565.2
3581.1
3588.8
3607.1
3622.6
3644.5
3659.5
3664.2

4163.
4175.
4174.
4190.
4218.
4233.
4236.
4259.
4285.
4314.8
4327.2
4329.1

7638.8
7680.7
7729.0
7790.9
7856.8
7916.0
7960.3
8015.4
8080.6
8149.7
8226.2
8279.3

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT. p

758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.3
783.3

2925.
2946.
2967.
2990.
3002.
3016.
3025.
3032.
3035.
3037.

3690.2
3722.6
3747.8
3771.1
3788.1
3812.6
3835.0
3847.5
3852.8
3867.1

4366.8
4398.4
4425.0
4468.6
4500.4
4516.7
4559.8
4578.9
4581.4

8324.0
8380.2
8443.0
8502.2
8560.6
8619.0
8674.6
8736.6
8796.2 p

Not seasonally adjusted
1986-NOV.
DEC.

709.5
740.6

2785.7
2821.4

3470.6
3507.6

4113.0
4152.3

7449.2
7556.6

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

2839.8
2817.1
2826.4
2854.9
2835.8
2849.9
2862.4
2868.0
2875.8
2895.1
2899.9
2914.7

3527.8
3513.0
3526.9
3555.7
3553.4
3577.1
3586.8
3604.4
3620.5
3644.5
3666.8
3680.8

4181
4171
4173
4191
4201
4229
4227
4251
4280
4315
4337
4347

7621.
7645.
7693.
7755.
7820.
7884.
7932.
7986.
8052.
8120,
8192.
8261.

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT. p

764.7
745.0
752.1
778.3
763.8
778.8
785.5
781.2
779.8
780.8

2937.
2933.
2958.
2998.
2988.
3014.
3030.
3031,
3030,
3039,

3702.
3711.
3740.
3776.
3775.
3807.
3832.
3845.
3851,
3867,

4385.4
4394.0
4423
4468
4482
4513
4549
4571
4577

8306.3
8343.8
8405.8
8465.7
8523.7
8586.5
8639.5
8693.6
8755.2

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml

M2

M3

Debt1

3 Months from JULY 1988 to OCT. 1988

0.5

1.6

3.3

8.2

6 Months from APR. 1988 TO OCT. 1988

3.4

3.1

5.1

8.4

12 Months from OCT. 1987 TO OCT. 1988

3.6

5.0

6.1

8.9

Thirteen weeks ending OCTOBER 31, 1988
from thirteen weeks ending:

AUG.

1, 1988 (13 weeks previous)

3.4

2.7

4.5

MAY

2, 1988 (26 weeks previous)

4.8

4.4

5.7

NOV.

2, 1987 (52 weeks previous)

4.3

5.3

6.3

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates> namely*
June 1988 to September 1988, March 1988 to September 1988, and September 1987 to September 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 (NOH) 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
0CDs ? 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 balance* 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 Mime deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities* commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinaneial sectors consists of outstanding credit market debt of the U.S. government, state and local
overnments and private nonfinaneial 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 nonf inane ial
sectors are presented in month-averaqe 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.

f




H.6 (508)
Table 3

MONEY STOCK MEASURES

B i l l i o n s of

dollars

Seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

•
week
average

M3

M2
13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1988-AUG.

8
15
22
29

777.2
778.1
779.2
780.1

782.4
782.1
782.5
782.0

782.1
780.2
783.2
782.6

3017.8
3020.1
3022.3
3024.3

3026.5
3027.9
3030.5
3031.6

3029.4
3028.7
3034.2
3034.2

3818.1
3822.6
3827.0
3831.3

3840.9
3842.9
3845.5
3847.5

3846.6
3843.4
3848.6
3851.4

SEP.

5
12
19
26

780.8
781.6
782.1
762.4

782.3
782.8
783.1
783.5

783.0
782.3
784.6
784.0

3026.0
3028.0
3029.7
3030.9

3033.5
3036.1
3037.1
3037.1

3036.9
3039.0
3038.3
3034.1

3834.8
3838.5
3841.7
3844.0

3848.5
3851.2
3853.3
3853.1

3850.5
3854.3
3857.0
3850.5

OCT.

3
10
17
24p
31p

782.8
782.8
783.0
782.9
782.9

783.3
783.9
783.6
782.8
783.4

782.1
784.8
783.6
780.8
784.4

3031.5
3032.2
3033.7
3034.6
3035.4

3035.6
3034.9
3035.9
3036.3
3038.6

3030.9
3036.2
3042.5
3035.6
3040.2

3846.8
3849.3
3852.0
3854.3
3856.3

3854.7
3857.5
3860.8
3865.0
3868.1

3857.0
3865.3
3870.4
3867.1
3869.6

Not seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

M2
week
average

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1988-AUG.

8
15
22
29

778.0
779.5
781.1
782.0

782.2
782.3
783.5
781.0

791.9
786.8
777.6
767.7

3016.1
3019.7
3023.1
3025.4

3028.5
3030.2
3033.2
3031.3

3041.0
3037.4
3029.3
3017.5

3813.3
3819.1
3824.2
3828.5

3836.8
3840.8
3844.9
3845.4

3854.1
3849.9
3841.5
3836.1

SEP.

5
12
19
26

782.1
782.7
782.8
782.7

780.1
781.3
782.5
781.3

788.1
791.8
782.4
763.0

3026.4
3028.3
3029.8
3030.7

3030.6
3032.7
3033.5
3031.6

3038.2
3045.8
3032.5
3010.0

3831.7
3835.4
3838.8
3841.8

3845.8
3849.2
3852.0
3851.5

3855.7
3863.3
3852.9
3834.1

OCT.

3
10
17
24p
31p

781.8
780.9
781.0
780.9
780.4

778.6
777.8
779.1
781.2
779.8

777.3
788.4
787.7
771.2
771.8

3030.7
3030.7
3032.2
3033.1
3033.7

3029.7
3029.3
3033.6
3038.6
3039.0

3030.5
3044.2
3049.6
3029.9
3032.4

3844.4
3847.0
3850.1
3852.7
3854.9

3851.8
3854.4
3859.7
3865.7
3867.2

3856.8
3873.6
3874.4
3858.1
3862.6

N o t e : S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which are highly volatile and subject to
revision.
p—indicates preliminary data.




H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Nontransactions
components
Demand
deposits3

Other
checkable4
deposits

5

In M5
only6

Small time deposits8

Savings deposits7
At
commercia 1
banks

At
_ thrift
institutions

Total

At _
commercial
banks

At
thrift
institutions

Total

Date

Currency *

Travelers
checks2

1987-JUNE

187.8

6.8

295.5

254.5

2109.4

729.6

175.5

257.8

415.1

561.6

490.5

852.1

JULY
AUG.
SEP.

189.0
190.2
191.4

6.8
6.9
7.0

292.5
292.1
290.5

255.6
257.2
258.6

2114.5
2122.9
2155.5

750.9
757.8
7*1.8

176.9
178.5
178.7

258.7
259.5
240.0

415.5
417.8
418.6

564.4
566.7
568.5

494.7
499.1
505.8

859.1
865.9
872.1

OCT.
NOV.
DEC.

195.1
195.0 196.5

7.0
7.0
7.1

295.9
291.5
288.0

260.5
259.5
259.5

2158.5
2145.7
2150.2

750.0
765.0
765.2

178.4
178.2
178.2

258.6
256.8
256.0

417.0
415.0
414.5

574.2
581.6
584.6

509.1
520.1
528.5

885.5
901.7
915.1

1988-JAN.
FEB.
MAR.

198.4
199.5
200.9

7.2
7.5
7.5

289.9
287.8
287.9

265.5
265.0
266.9

2166.5
2186.8
2204.6

765.1
776.5
780.2

179.0
181.0
185.2

255.5
255.2
256.6

414.4
416.2
419.8

588.0
595.7
597.5

556.6
547.8
556.0

924.6
941.5
955.5

APR.
MAY
JUNE

202.5
205.6
204.9

7.5
7.4
7.5

290.2
287.4
289.9

270.1
271.9
274.4

2220.8
2252.0
2240.0

780.2
785.9
796.0

184.2
186.0
188.0

258.6
259.2
241.0

422.7
425.1
429.0

402.5
404.7
406.8

562.5
567.5
568.1

964.8
972.0
974.9

JULY
AUG.
SEP.

206.5
207.2
208.5

7.2
7.2
7.5

290.6
290.1
288.4

278.2
278.0
278.2

2245.6
2249.6
2252.8

809.1
815.5
817.6

189.5
190.7
190.5

242.4
245.5
245.1

452.0
454.2
455.4

409.8
414.1
420.9

568.7
571.6
576.9

978.5
985.7
997.9

OCT. p

209.5

7.5

288.6

277.9

2254.6

829.1

189.9

241.5

451.1

429.5

580.9

1010.5

5
12
19
26

207.5
207.8
208.7
209.6

7.5
7.5
7.5
7.5

291.5
289.5
289.7
287.8

277.0
277.9
278.9
279.5

2255.9
2256.7
2255.6
2250.1

815.6
815.5
818.7
816.4

190.7
190.4
190.5
190.5

245.6
245.6
245.2
242.8

454.2
454.0
455.5
455.1

416.2
419.2
421.5
425.0

574.0
575.8
577.9
578.2

990.2
995.0
999.5
1001.2

5
10
17
24p
31p

209.0
208.7
209.4
210.0
210.6

7.5
7.5
7.5
7.5
7.5

288.8
290.5
288.8
285.7
288.6

277.0
278.5
278.1
277.9
278.0

2248.8
2251.4
2259.0
2254.7
2255.8

826.1
829.1
827.9
851.5
829.4

190.0
189.7
189.7
189.6
190.4

241.7
241.5
241.5
241.2
241.0

451.8
451.0
451.0
450.9
451.4

425.4
427.5
429.2
450.8
452.5

579.0
580.5
581.0
581.6
581.5

1004.4
1007.8
1010.2
1012.5
1015.5

In M2

Neek ending
1988-SEP.

OCT.

1.
*.-

e
a
e
e

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of deoository institutions.
Outstandina amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
in demand deposits.
5.
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 NOW and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time
• deposits. This sum is seasonally adjusted as a whole.
6.
S«jm 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-cnly money market funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMDAs.
8.
Small denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
e—indicates estimated data,
p—indicates preliminary data.




TabL 3 ^-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* seasonally adjusted
Large time deposits1
At
commercial
banks 2

Date

Debt components6

Non-M3 components of L

At
thrift
institutions

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances*

Commercial
paDer5

Federal
debt

Non-federal
debt

1987-JUNE

311.9

146.7

458.6

96.6

259.4

43.1

252.8

1886.7

6029.3

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

254.6
258.6
263.3

43.4
43.5
44.3

251.8
251.8
256.6

1891.6
1909.0
1922.2

6068.7
6106.4
6158.4

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

272.8
270.9
260.1

44.5
45.0
45.7

254.2
252.5
258.9

1928.7
1946.4
1956.1

6221.1
6279.8
6323.2

1983-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.5
163.8
164.0

482.6
488.6
490.3

101.4
102.6
103.5

262.5
258.3
252.8

43.6
40.9
40.6

269.0
274.1
280.3

1962.6
1980.0
2004.9

6361.4
6400.3
6438.1

APR.
MAY
JUNE

325.7
327.8
334.1

166.4
167.6
167.5

492.1
495.4
501.7

104.6
105.4
106.1

263.4
264.8
256.2

41.2
40.9
40.6

288.2
301.1
301.2

2016.8
2021.7
2031.7

6485.4
6538.9
6587.3

JULY
AUG.
SEP.

341.2
347.2
352.6

168.0
167.9
171.3

509.2
515.1
523.9

106.9
107.4
107.7 p

265.8
270.4
273.5 p

40.6
41.1
41.5 p

311.5
312.5
305.8 p

2040.8
2057.7
2078.2 p

6633.8
6678.9
6718.0 p

OCT. P

357.3

173.5

530.8

349.7
352.9
352.6
353.1

169.9
171.1
171.6
171.5

519.6
524.0
524.1
524.7

354.4
356.9
357.3
358.9
357.3

172.1
173.3
173.9
173.6
173.7

526.5
530.1
531.3
532.5
531.0

>

Heek ending
1988-SEP.

OCT.

5
12
19
26

lb
17
24p
31p

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.
N«3.; of bankers acceptances held by accepting banks* Federal Reserve Banks* foreign official institutions* Federal Home Loan Banks*
anri money market mutual funds.
5.
Tr/.al commercial paper less commercial paper held by money market mutual funds.
6.
D?bt data are on a monthly average basis* derived by averaging adjacent end-of-n
-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 deposiIts
Travelers
Demand
checks2 deposits3
Currency
l

Date

At
commercial
banks4

At
thrift
institutions5

Nontransactions
components

Total

In M2*

In M3
only*

Overnight
RPs 8

Overnight
Eurodollars9

Gen eral purpose
and broker/dealer
money market funds

1987-JUNE

188.6

7.1

294.4

173.4

81.0

254.3

2105.4

727.2

54.7

20.0

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

2115.6
2123.0
2130.6

724.4
736.4
744.6

56.7
61.2
62.2

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
2148.8

749.4
766.8
766.1

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

184.1
181.8
184.0

81.1
80.1
82.2

265.2
261.8
266.1

2172.7
2188.6
2206.8

765.3
777.5
782.0

64.5
61.8
60.2

18.4
16.4
14.8

225.0
231.0
234.8

APR.
MAY
JUNE

201.6
203.6
205.8

6.9
7.1
7.6

292.0
282.9
291.0

190.9
184.9
187.3

86.8
85.2
87.1

277.8
270.1
274.4

2220.2
2224.6
2235.6

777.5
787.3
793.6

60.7
63.6
63.9

15.4
17.2
17.1

235.8
231.8
228.9

JULY
AUG.
SEP.

207.9
207.9
207.9

8.2
8.2
7.9

292.7
288.7
287.1

188.4
188.5
189.3

88.4
87.8
87.6

276.8
276.3
276.9

2244.9
2250.0
2250.6

801.9
814.0
821.0

62.3
64.7
63.6

15.6
15.8
14.4

229.6
230.8
230.9

OCT

208.9

7.3

288.5

188.6

87.4

276.0

2258.7

828.0

63.0

13.2

231.4

5
12
19
26

209.0
208.8
207.7
206.7

8.0
7.9
7.8
7.7

290.6
292.0
288.6
278.8

191,
193,
190,
184.8

89.0
89.9
87.8
84.9

280.
283.
278.
269.

2250.
2253.
2250.
2247.

817.4
817.5
820.4
824.1

64.
63.
63,
63,

14.6
15.4
14.0
13.5

231.
231.
230.
230.

3
10
17
24p
31p

207.1
210.4
209.2
208.5
207.9

7.6
7.5
7.4
7.2
7.1

289.9
290.5
292.8
282.4
284.5

186.
190.
189.
187.
186.

86,
89,
88.
85,
85,

272.
280.
278.
273.
272.

2253.2
2255.8
2261.9
2258.7
2260.6

826.
829.
824.
828.
830.

62,
61,
63,
63,
64,

15.
11.
13.
13.
14.

230.
230.
231.
232.
232.8

Week ending
19^8-SEP.

OCT.

1.
2.

e
e
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.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. '
5.
Consists of NOH and ATS balances at thrifts* credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time 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 RPs issued by commercial banks to other than depository institutions and money market mutual
funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer),
©--indicates estimated data,
p—indicates preliminary data.




H.6 ( 5 0 8 )
T a b l e 5 - c o nt i n u e d

COMPONENTS OF MONEY STOCK, LIQUID
1
ASSETS, AND DEBT

7

B i l l i o n s of dollars> not seasonally adjusted

Money mai r k e t

At
At
commercial
thrift
banks
institutions

Date

S a v i n g s d e p o s i t s 1I

d e p o s i t: a c c o u n t s

Total

At
At
commercia 1
thrift
banks
institutions

Small-denomination time deposits2

Total

At
At
thrift
commercial
institutions
banks

Total

3
Large-denomination time d e p o s i t s

At
A*
thrift
commercial
institutions
banks'

Total

847.8

311.2

145.7

457.0

494.7
499.0
503.2

859.6
866.8
873.2

309.7
312.3
314.1

146.8
149.4
151.8

456.5
461.7
465.9

375.1
382.6
385.2

510.5
521.1
529.3

885.6
903.8
914.6

317.3
322.4
323.6

155.7
159.0
161.8

473.1
481.3
485.4

411.2
412.2
418.6

389.4
394.1
397.2

540.1
550.4
556.5

929.5
944.5
953.7

321.3
325.1
328.4

163.6
164.9
164.2

484.8
490.0
492.6

239.4
241.2
243.8

424.5
428.3
433.4

399.6
401.4
405.4

560.9
562.8
564.6

960.5
964.2
970.0

325.6
328.5
333.4

164.8
166.6
166.4

490.4
495.1
499.8

191.5
190.9
189.8

245.7
244.0
242.3

437.1
434.9
432.0

410.3
415.3
422.8

568.9
571.4
576.1

979.1
986.6
998.9

338.4
346.5
352.6

166.5
167.6
171.7

504.9
514.1
524.3

506.6

190.0

242.0

432.0

430.2

582.3

1012.5

356.6

174.6

531.2

158.
158.
156.
155.

514.
514.
510.
506.

190.2
190.2
189.6
189.3

242.
243.
242.
241.

433.1
433.2
431.8
430.5

418.4
421.3
423.2
424.7

573.6
574.6
576.1
577.1

991.9
996.0
999.4

1001.8

350.
352.
352.
353.

169.9
171.0
171.6
172.6

520
523.
523.
526,

155.
155.
154.
153.
153.

506.
508.
509.
505.
504.

189.9
190.6
190.1
189.8
189.8

242.
243.
242.
241.
240.

432
433
432.
431,
430

426,
428.
430.
431.
432.

580.4
582.2
582.3
582.8
582.6

1007.0
1011.1
1012.4
1013.9
1014.9

355.
357.
355.
357.
356.

173.1
174.4
174.9
174.8
174.9

528,
531.
530,
532.
531.

1987-JUNE

368.5

186.6

555.1

JULY
AUG.
SEP.

366.2
365.0
363.3

183.3
180.0
177.2

549.4
545.0
540.5

178.7
178.5
178.2

241.8
240.0
239.2

420.5
418.5
417.3

364.9
367.9
370.0

OCT.
NOV.
DEC.

360.0
358.1
358.2

173.9
169.6
167.0

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.8
413.2
410.0

1988-JAN.
FEB.
MAR.

359.0
359.2
360.9

165.1
163.5
163.8

524.1
522.6
524.7

178.2
179.5
182.5

233.0
232.8
236.1

APR.
MAY
JUNE

360.3
357.0
359.9

163.0
162.6
162.4

523.3
519.6
522.3

185.1
187.1
189.6

JULY
AUG.
SEP.

359.4
357.0
353.7

161.7
160.1
157.0

521.1
517.0
510.7

OCT. p

352.2

154.4

5
12
19
26

356.1
356.0
354.0
351.3

3
10
17
24p
31p

350.8
352.6
354.2
351.4
351.2

176.8

240.4

417.3

360.4

487.4

Week e n d i n g
1988-SEP.

OCT.

Savings deposits exclude MMDAs.
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, and foreign banks and
official institutions,
-indicates preliminary data.




H.6 ( 5 0 8 )
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billion* of dollars* not seasonally adjusted
Term RPs 1
InstitutionAt
At
thrift
only money commercial
institutions
market funds
banks

Date

Debt conponents6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
dkbt

1987-JUNE

81.7

40. 4

68.1

108.5

87.9

96.5

257.5

43.5

255.1

1873.5

6013.9

JULY
AUG.
SEP.

8T.8
84.0
81.3

38.6
39.8
40.7

69.8
69.4
70.6

108.4
109.2
111.3

84.5
90.2
94.5

97.1
97.7
98.3

250.8
256.9
260.3

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
188*.5
1901.0

6054.1
605-3.1
6151.1

OCT.
NOV.
DEC.

62.5
8*.5
89.6

37.6
39.9
38.4

71.1
71.7
70.4

108.7
111.6
108.7

93.0
92.8
90.8

98.8
99.6
100.6

269.9
274.0
263.0

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6209.3
6255-4
6307.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97. 4

38.7
43.6
43.8

70.7
70.1
67.6

109.5
113.7
111.4

85.3
85.4
89.7

101.7
102.7
103.6

265.2
263.5
258.1

43.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.7
1993.3

6344.4
6369.1
6412.6

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.1
48.0

68.9
72.4
74.2

113.8
119.5
122.2

88.8
91.6
93.3

104.6
105.4
105.9

262.5
259.9
254.5

40.9
41.1
41.0

285.0
300.8
303.8

2001.7
2005.4
2014.9

6464.0
6518.3
6571.6

JULY
AUG.
SEP.

84.8
84.0
83.7

46.7
45.7
43.5

76.3
75.4
75.8

123.0
121.0
119.3

96.9
103.1
101.8

106.5
106.9
107.6 p

261.7
268.4
270.3 p

40.8
41.2
41.6 p

307.8
309.3
306.3 p

2022.3
2035.8
2054.9 p

6617.2
6657.7
6700.4 p

OCT. p

84.6

44.1

77.7

121.9

99.3

5
12
19
26

83.5
83.9
83.6
83.9

43.8
41.7
44.8
44.1

75.3
75.0
75.1
76.9

119.1
116.7
119.9
121.0

103.6
101.9
101.7
100.1

3
10
17
24p
31p

83.7
84.5
84.3
84.5
85.4

42.8
44.0
43.2
44.6
45.4

77.2
78.0
77.5
77.6
78.0

120.0
122.0
120.7
122.1
123.4

102.4
99.7
98.0
99.0
99.0

Heek ending
1988-SEP.

OCT.

1.

Term RPs ere those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
Term Eurodollars are fhose with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
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 h*ld by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paner less commercial paper held by money market mutual funds.
6. _ Debt data are on a mo^hly 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 )
Taris 6

MEMORANDUM ITEMS t i JB A J
Billions of dollars* not seasonally adjusted
Demand deposits
at banks due to

U.S. government deposits

Time and savings
deposits due to
foreign banks
Foreign
Foreign
and official
official
commercial
institutions
institutions
banks

Date

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
at commercial commercii 1
thrift
banks
banks
institutions

At
money
market
funds

Total

1987-JUNE

9.3

2.0

4.5

3.6

8.7

21.8

34.2

1.6

79.8

104.6

13.3

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
113.2

16.6
16.8
17.1

210.6
212.8
215.8

APR.
MAY
JUNE

9.0
9.1
9.5

1.8
1.6
1.7

4.4
4.3
4.3

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.7
1.7
1.8

87.3
88.8
89.4

115.4
116.5
117.7

18.0
18.6
18.4

220.7
224.0
225.5

JUIY
AUG.
SEP.

9.9
9.2
9.5

1.8
1.6
1.5

4.4
4.4
4.4

3.4
3.0
4.1

3.9
3.2
7.4

18.6
8.9
20.4

25.9
15.1
32.0

1.8
1.7
1.6

90.2
91.2
91.8

119.0
119.5
120.0 e

18.5
18.7
18.8 e

227.7
229.4
230.5 a

OCT. p

9.1

1.5

4.4

3.2

6.2

24.5

34.0

1.6

92.3

121.2 e

18.8 e

232.3 e

5

9.9

12
19
26

10.5

1.6
1.5
1.5
1.5
1.6
1.7
1.4
1.5
1.5

4.4
4.4
4.4
4.4
4.4
4.4
4.4
4.4
4.5

2.9
3.9
6.7
3.2
3.0
3.4
3.7
3.0
2.9

3.7
3.2
5.8

9.8
8.5

23.5
31.3

16.4
15.6
36.1
47.3

1.7
1.6
1.6
1.6

30.4
20.8
21.0
26.6
27.1

46.2
29.1
29.9
35.2
36.4

1.6
1.6
1.6
1.6
1.6

Heek ending
1918-SEP.

OCT.

3

10
17
24p
31p

8.8
9.4
9.1
8.8
9.6
9.2
8.6

e—indicates estimated data,
p—indicates preliminary data.




12.8
12.8

4.8
5.3
5.6
6.4

H.6 (508)
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2, and Experimental
Alternative3 Seasonal Adjustment Procedures
Monthly Average
Levels in billions of dollars
Standard

Concurrent

Experimental
Alternative

Annual growth rates in percent
Standard

Concurrent

Experimental
Alternative

746.5

746.4

747.4

4.7

4.8

7.6

SEPTEMBER

747.5

748.6

746.1

1.6

3.5

-2.1

OCTOBER

756.2

757.9

755.0

14.0

14.9

14.3

NOVEMBER

752.7

754.1

751.8

-5.6

-6.0

-5.1

DECEMBER

750.8

751.1

749.6

-3.0

-4.8

-3.5

758.8

758.1

756.3

12.8

11.2

10.7

-AUGUST

i-JANUARY
FEBRUARY

759.5

759.0

757.4

1.1

1.4

1.7

MARCH

762.9

762.5

759.4

5.4

5.5

3.2

APRIL

770.1

768.4

765.8

11.3

9.3

10.1

MAY

770.2

769.6

769.6

0.2

1.9

6.0

JUNE

776.5

775.6

775.8

9.8

9.4

9.7

JULY

782.3

782.2

782.8

9.0

10.2

10.8

AUGUST

782.5

782.5

782.9

0.3

0.5

0.2

SEPTEMBER

782.3

783.8

781.0

-0.3

2.0

-2.9

OCTOBER

783.3

785.3

783.2

1.5

2.3

3.4

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMAbased procedure to the data through the end of the previous year.
2. Concurrent monthly seasonal factors are derived each month by applying an X-11/ARIMA-based procedure to
data through that month.
3. Alternative monthly seasonal factors are derived using an experimental model-based procedure. This procedure uses a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more sensitive than standard factors to unique characteristics of each series. These
characteristics include fixed and evolving seasonal patterns, trading day effects> within-month seasonal variations > holiday effects> outlier adjustments» special events adjustments and serially correlated noise components.