Full text of H.6 Money Stock Measures : November 12, 1998

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

GOW-*

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time
November 12,1998

Billions of dollars
DEBT5
Seasonally adjusted
1996-Nov.
Dec.

1081.3
1082.8

3804.5
3826.1

4889.7
4931.1

6048.2
6083.6

14373.8
14425.2

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

3840.8
3853.8
3869.7
3891.2
3894.5
3910.5
3925.2
3957.4
3979.3
3999.3
4023.6
4046.4

4956.8
4993.7
5028.1
5071.6
5088.2
5111.7
5152.3
5198.7
5237.8
5274.8
5326.3
5376.8

6109.0
6156.3
6200.2
6256.5
6287.2
6314.8
6348.5
6406.5
6446.0
6481.0
6548.4
6611.3

14466.0
14523.0
14582.9
14653.9
14703.6
14736.2
14798.6
14867.3
14935.2
15010.8
15088.8
15167.4

1073.7
1076.5
1081.1
1080.7
1077.7
1074.5
1071.8
1069.0
1072.2
1078.6

4071.8
4105.0
4133.9
4167.2
4177.5
4196.1
4213.2
4243.2
4295.6
4339.8

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct. p

5423.3
5464.1
5530.1
5580.0
5614.3
5645.9
5652.8
5708.0
5776.7
5842.1

6683.3
6756.8
6831.7
6863.9
6887.1
6928.2
6926.1
6980.8 p

15241.0
15322.2
15405.4
15483.2
15558.2
15634.0
15714.3
15790.9
15864.3 p

Not seasonally adjusted
19 9 6 - N o v .
Dec.
1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct. p

1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.4
1097.6
1079.0
1063.9
1074.6
1086.1
1068.4
1073.8
1072.8
1067.7
1068.9
1074.9

Footnotes appear on the following page
p preliminary
Components may not add to totals due to rounding.




3807.6
3845.4

4896.5
4948.9

6060.8
6111.6

3842.8
3838.5
3876.8
3909.9
3875.6
3906.8
3926.4
3961.3
3971.3
3987.0
4026.0
4065.3

4960.6
4986.4
5040.3
5084.9
5068.5
5104.0
5146.5
5200.4
5224.8
5267.8
5332.1
5394.0

6111.6
6144.6
6217.3
6274.2
6263.2
6298.7
6336.6
6410.9
6435.7
6469.8
6559.3
6636.7

4073.6
4091.6
4145.1
4188.0
4156.9
4191.2
4213.7
4247.6
4286.9
4325.6

5427.4
5461.9
5548.7
5594.5
5592.3
5635.8
5644.7
5709.2
5761.1
5833.1

6685.2
6749.0
6854.3
6885.2
6863.9
6910.2
6911.4
6982.5 p

14449.2
14491.8
14567.8
14635.7
14672.5
14704
14752
14824
14901
14974
15071.0
15166.9
15223.7
15291.3
15392.5
15465.7
15525.4
15600.3
15666.0
15746.0
15828.1 p

Page 2
H,6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

3 Months from J u l y

1 9 9 8 TO O c t .

1998

2.5

12.0

13.4

5.9

6 Months from Apr.

1 9 9 8 TO O c t .

1998

-0.4

8.3

9.4

6.0

12 M o n t h s f r o m O c t .

1 9 9 7 TO O c t .

1998

1.6
-

T h i r t e e n weeks e n d i n g November 2 ,
from t h i r t e e n weeks e n d i n g :
Aug. 3, 1998 (13 w e e k s p r e v i o u s )

1.

DEBT 1

-

If"?

'

6.2

1998
-0.5

9.5

10.0
9.0

May

4,

1998

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

-1.1

7.6

Nov.

3,

1997

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

0.7

7.9

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1999 to September 1998, March 1998 to September 1998,
a n d S e p t e m b e r 1 9 9 7 to S e p t e m b e r 1 9 9 8 , r e s p e c t i v e l y .
;
;
;
-

Footnotes to Table 1:
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 M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
2. 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.
3. 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.
4. 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.
5. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including government, sponsored 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
l e v e l s 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
M3

M2

M1
Period ending

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

19 9 8 - A u g .

10
17
24
31

1074.1
1073.1
1072.2
1071.4

1072.4
1070.5
1068.8
1067.1

1063.8
1062.0
1066.0
1076.4

4202.3
4207.3
4212.6
4217.5

4222.8
4228.9
4235.1
4242.2

4235.0
4237.1
4241.6
4255.1

5648.0
5655.1
5661.6
5669.1

5675.1
5688.5
5697.2
5707.6

5702.8
5701.7
5698.0
5727.9

Sep.

7
14
21
28

1070.9
1070.3
1070.6
1070.8

1067.6
1068.7
1071.0
1070.4

1065.9
1066.4
1075.3
1073.9

4224.7
4232.0
4240.5
4248.8

4253.5
4266.8
4283.8
4296.3

4280.0
4290.5
4309.7
4305.0

5678.5
5688 . 0
5699.0
5709.8

5723.8
5741.7
5763.5
5778.0

5767.5
5773.2
5785.3
5785.9

Oct.

5
12
19
2 6p

1070.6
1071.0
1071.7
1072.7

1074.2
1074.3
1075.0
1078.1

1081.1
1066.7
1078.4
1086.1

4256
4265
4275
4286

4305.7
4313.0
4321.6
4335.6

4317.6
4319.7
4344.1
4361.1

5721.5
5734.6
5749.8
5766.2

5785.3
5795.4
5810.3
5832.9

5796,
5813,
5844,
5876

Nov.

2P

1073.4

1080.9

1092.5

4297.0

4347.2

4364.0

5781.5

5855.0

5885.5

Not seasonally adjusted
1998-Aug.

10
17
24
31

1072.1
1071.9
1072.0
1071.1

1069.8
1069.4
1069.2
1065.1

1067 . 1
1064.6
1058.0
1070.8

4197.5
4205.2
4212.4
4217.9

4219.8
4231.3
4243.0
4247.2

4257.3
4254.1
4235.1
4242.4

5637.8
5647.5
5656.1
5663.6

5664.3
5684.0
5700.3
5710.3

5719.6
5715.0
5694.0
5712.7

Sep.

7
14
21
28

1070.7
1070.1
1070.4
1069.8

1065.6
1067.0
1069.3
1066.9

1069.0
1070.0
1067.2
1061.3

4225.3
4233.1
4241.4
4248.1

4259.4
4273.5
4285.9
4287.5

4305.9
4310.6
4284.5
4248.9

5672.6
5682.4
5693.5
5702.7

5726.5
5745.1
5760.4
5762.2

5784.3
5789.4
5755.1
5720.0

Oct.

5
12
19
2 6p

1068.5
1068.3
1069.0
1070.0

1070.7
1069.1
1071.2
1073.7

1084.1
1063.6
1075.6
1071.4

4253,
4261,
4271,
4281,

4289.3
4292.9
4305.9
4323.0

4313.1
4325.0
4336.4
4317.5

5712.7
5726.0
5742.0
5758.3

5762.5
5771.5
5793.7
5824.0

5785.4
5825.4
5843.9
5841.1

Nov.

2p

1070.5

1076.2

1094.3

4290.4

4330.9

4344.7

5773.9

5846.2

5874.4

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.
Components may not add to totals due to rounding.



Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency 1

Date
1997-June

408.0

July
Aug.
Sep.

410.5
412.6
415.6

Oct.
Nov.
Dec.

418.3
421.9
425.5

1998-Jan.
Feb.
Mar.

427.5
431.0
432.4

Apr.
May
June

4.
5.
6.
7.

Other checkable deposits
At commercial
banks 4

At thrift
institutions5

Nontransactions c o m p o n e n t s
Total

In M2 6

In M3 only 7

154.1

97.0

251.1

2845.1

1201.2

398.4
401.9
391.9

151.0
150.5
150.7

97.4
97.8
97.1

248.4
248.2
247.8

2859.6
2886.3
2915.7

1227.1
1241.3
1258.5

8.2
8.1
8.2

389,
394,
397.

148.7
147.7
148.5

97,
96,
96,

245.8
244.6
245.2

2937.4
2954,4
2970.4

1275.5
1302.6
1330.4

8.2
8.1
8.1

392.8
392.0
391.2

149.0
147.2
148.9

96.2
98.3
100.5

245.2
245.5
249.5

2998.1
3028.4
3052.8

1351.5
1359.1
1396.2

433.7
435.5
438.2

388.6
387.9
383.1

149.8
146.6
146.1

100.7
99.7
99.4

250.5
246.3
245.4

3086.5
3099.8
3121.6

1412.8
1436.8
1449.8

July
Aug.
Sep.

441.3
443.8
449.6

378.0
374.2
373.6

144.
142.
140.5

100.7
100.3
100.6

244.8
243.2
241.2

3141.4
3174.2
3223.4

1439,
1464,
1481,

Oct.

453.4

374.0

141.1

102.2

243.2

3261.2

1502.3

368.0
368.8
377.1
375 .7

139.5
139.6
140.6
140.2

103.0
101.8
99.4
98.5

242.5
241.5
240. 0
238.7

3214.0
3224.2
3234.4
3231.1

1487.6
1482.6
1475.7
1480.9

378.2
366.1
374.6
379.1

141.6
139.1
140.3
142.3

101.8
101.5
101.7
102.1

243.5
240.6
242.0
244.4

3236.5
3253.0
3265.7
3275.0

1479.3
1493.9
1500.8
1515.0

380.3

144.8

104.3

249.1

3271.5

1521.5

7
14
21
28

447.7
448.3
450.3
451.6

Oct.

5
12
19
2 6p

451.5
452.1
453.8
454.5

Nov.

2p

455.1

8.0

Demand deposits 3

398.3

Week e n d i n g
1998-Sep.

1.
2.
3.

Travelers c h e c k s 2

8.0

7.7
7.8
7.9
7.9

8.0

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.

e FRASER
estimated
p preliminary
Digitized for
Components may not add to totals due to rounding.


Page 5
H.6 (508)
Table 4 - c o n t i n u e d

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, s e a s o n a l l y adjusted
Small-denomination time deposits 2

Savings deposits 1
Date

960.4

559.0

At
thrift
institutions

338.3

82.0

538.6

565.4
578.9
590.3

342.7
348.4
356.6

467.5
469.0
476.1

83.0
83.4
83.6

550.5
552.4
559.7

967.5
968.4
969.6

595.2
601.5
603.2

363.4
365.7
376.2

477.2
482.9
487.5

83.6
84.4
85.4

560.8
567.3
572.9

345.3
344.5
342.9

971.4
970.8
969.1

614.8
630.0
641.9

380.8
384.7
391.9

489.9
504.6
523.6

87.5
87.8
87.2

577.4
592.4
610.9

626.3
624.0
623.5

340.1
339.2
338.9

966.5
963.2
962.4

651.9
662.8
674.3

408.8
422.0
432.1

521.9
528.6
536.0

88.0
86.5
87.5

609.9
615.1
623.5

1503.0
1517.8
1537.8

623.6
626.5
627.4

337.4
333.9
334.2

961.0
960.3
961.5

677,
696,
724

430.2
443.3
457.5

522.7
527.8
526.6

86.8
86.2
86.4

609.5
614.0
613.0

406.5

1555.4

628.3

334.4

962.7

743.1

480.7

527.4

86.9

614.3

1138.6
1138.9
1139.1
1133.7

398.9
400.3
405.1
407.6

1537.5
1539.2
1544.1
1541.3

626.6
627.2
627.8
627.8

334.3
334.4
334.0
333.9

960.9
961.6
961.9
961.7

715.6
723.3
728.4
728.1

457.4
453.9
453.9
463.6

528.3
525.4
526.9
527.7

86.1
86.4
86.5
86.8

614.4
611.8
613.3
614.5

5
12
19
26p

1143.2
1150.1
1151.3
1150.5

403.6
403.9
405.8
409.6

1546.8
1554.0
1557.1
1560.1

627.6
628.0
628.8
628.9

334.3
334.6
334.4
334.5

962.0
962.6
963.2
963.3

727.7
736.4
745.5
751.6

462.9
474.1
480.6
491.6

524.4
525.4
530.6
528.0

86.8
87.0
86.9
87.0

611.2
612.4
617.4
614.9

2p

1146.9

410.0

1556.8

628.0

333.9

961.9

752.7

492.4

527.9

86.9

614.8

1331
1343
1359

615.1
616.6
619.4

347.8
347.8
346.3

962.9
964.4
965.7

375.1
374.9
376.6

1374.
1384,
1397,

621.4
624.7
625.7

346.1
343.7
343.9

1033.3
1044.7
1055.2

378.6
382.9
386.6

1411.9
1427.6
1441.8

626.1
626.3
626.2

Apr.
May
June

1078.2
1078.6
1088.4

389.9
395.2
396.4

1468.2
1473.8
1484.9

July
Aug.
Sep.

1103.8
1117.8
1135.2

399.2
400.1
402.6

p

1148.9

7
14
21
28

Oct.

Nov.

July
Aug.
Sep.

957.3
968.8
985.4

374.1
374.3
374.4

Oct.
Nov.
Dec.

999.6
1009.5
1020.9

1998-Jan.
Feb.
Mar.

Week e n d i n g
1998-Sep.

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.

Total
1325.8

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

p preliminary
Components may not add to totals due to rounding.



Large-denomination time deposits 3
At
commercial
banks4
456.6

At
thrift
institutions
351.2

At
thrift
institutions
374.6

Oct.

3.
4.

Institutional
money
funds

At
commercial
banks
609.2

At
commercial
banks
951.2

1997-June

1.
2.

Retail
money
funds

Page 6

H.6 (508)
Table 4-continued

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

Date

RPs'

Savings bonds

Short-term
Treasury
securities 3

Bankers
acceptances 4

Commercial paper 5

Federal debt

Non-Federal debt

T51~.1T

124.5

TIT: 4

"4T<r:r

ij.S

553.2

3763.5

IWST71

July
Aug.
Sep.

207,
210,
209.8

126.6
130.2
132.4

186.4
186.4
186.4

433.5
445.3
445.0

12.7
13.0
12.9

563.
563.
563.

3788.3
3792.5
3795.1

11010.3
11074.8
11140.1

Oct.
Nov.
Dec.

219.
233.
236.

131. 8
135.7
145.3

186.4
186.4
186.4

435.2
441.5
429.6

13.4
13.0
12.1

571.
581.
606.

3795.1
3793.8
3798.4

11215.
11295,
11369,

246.9
241.7
259.7

146.5
140.3
133.8

136 . 3
186.3
186.2

434,
455,
438,

12.2
11.2
11.3

627 . 1
640 . 2
665 .7

3796.7
3792.7
3797.0

11444,
11529,
11608,

Apr.
May
June

259,
261,
254,

134.3
138.3
139.9

186 .
186 .
186 ,

410.7
407 . 8
396 . 6

13 .
13 ,
13,

674 . 2
665.5
686.2

3791.3
3778.6
3775.7

11691,
11779,
11858.3

July
Aug.
Sep.

258,
265,
272,

141.9
142.4
138.4

186 0
185, 5 P

371.3
374.3 p

14 . 6
14.8 p

701.6
697.7

3772.9
3770.3
3760.0 p

11941.4
12020.6
12104.3 p

p

267.7

139.6

7
14
21
28

273.9
275.4
271.5
268.6

141.9
141.5
137.0
134.2

Oct.

5
12
19
26p

270.5
268.1
263.4
266.7

134.6
139.2
139.3
141.8

Nov.

2p

271.6

142.6

1997-June

1998-Jan.
Feb.
Mar.

Oct.

Week e n d i n g
19 9 8 - S e p .

1.
2.

Debt components 6

Non-M3 Components of L

Eurodollars 2

p

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.

Digitized for Components
FRASER
may not add to totals due to rounding.


Page 7
H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not s e a s o n a l l y adjusted
Currency 1

Date

At commercial
banks 4

At thrift
institutions 5

Nontransactions c o m p o n e n t s
Total

In M2 6

In M3 only 7

8.2

3 9 7 , .4

153.3

97.3

250.6

2842.3

1197„1

July
Aug.
Sep.

411,• 2
413,,3
414,• 2

8.7
8.8
8.4

399.4
4 0 1 . ,7
3 9 1 . .0

149.3
148.7
149.8

97.4
97.2
96.8

246.7
245.9
246.6

2860.4
2891.6
2911.2

1220.0
1239.1
1253.5

Oct.
Nov.
Dec.

417,.3
422,,4
429 .0

8.2
8.0
7.9

3 8 8 , .8
3 9 9 . .8
413,.0

147.4
147.2
150.2

96.6
97.0
97.5

243.9
244.2
247.7

2928.8
2951.7
2967.8

1280.8
1306.1
1328.6

1998-Jan.
Feb.
Mar.

426,.4
428 .9
431,.4

?.9
7.8
7.9

396.,3
383,. 1
3 8 5 , .4

152,2
147.4
149.4

96.3
96.8
100.5

248.5
244.1
249.9

2994.6
3027.7
3070.5

1353.7
1370.3
1403.7

Apr.
MayJune

433 .7
436 . 1
438 .3

7.9
7.9
8.0

3 8 8 .7
380,.2
382 .5

152.9
145.0
145.4

102.9
99.2
99.6

255 .8
244.2
245.0

3101.9
3088.5
3117.5

1406.6
1435.4
1444.6

July
Aug.
Sep.

442 .7
4 4 4 „3
448 .3

8.2
8.2
8.1

378 .3
374 .2
372 . S

142.5
141.3
139.6

100 . 6
99.7
100.3

243.1
241.0
239.9

3141.0
3179.9
3217.9

1431.0
1461.6
1474.2

P

452 .5

8.1

372 . 3

139. 8

101.6

241.4

3250.8

1507.5

7
14
21
28

448 ,9
448 .0
448 .3
448.3

8.1
8.1
8.1
8.2

370
374
372
367

.7
,5
.1
.2

138.1
138,0
139.9
140.3

103.3
101.4
98.8
97.4

241.4
239.4
238.6
237.7

3236.9
3240.6
3217.3
3187.6

1478.3
1478.8
1470.7
1471.2

Oct.

5
12
19
26p

450
452
452
452

8.2
8.1 e
8.1 e
8.0 e

381
364
375
370

.0
.9
.2
.5

140.9
136.1
138.6
141.0

103.6
101.6
100.9
99.5

244.4
237.7
239.5
240.5

3228.9
3261.3
3260.8
3246.1

1472.3
1500.4
1507.6
1523.6

Nov.

2p

7.9

383 .0

146.1

104.1

250.2

3250.4

1529.7

Oct.

Week e n d i n a
1998-Sep.

4.
5.
6.
7.

Other checkable deposits

Demand
deposits 3

408.3

1997-June

1.
2.
3.

Travelers
checks 2

.6
.9
.9
.4

4 5 3 »1

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.

e
estimated
p
preliminary
Components may not add to totals due to rounding.




1
Page 8
H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not s e a s o n a l l y adjusted
Small-denomination time deposits 2

Savings deposits 1

Total

1329.5

At
thrift
institutions
351.5

961.2

551.6

332.4

At
commercial
banks4
455.9

375.0
375.1
374.0

1334.5
1346.1
1358.2

615.9
616.7
618.9

348.2
347.9
346.1

964.1
964.6
965.0

561.7
580.9
588.0

339.0
346.8
351.5

466.5
469.1
478.2

82.8
83.4
83.9

549.3
552.5
562.2

996.5
1009.2
1019.0

374.0
374.8
375.9

1370.4
1384.0
1394.9

621.2
623.8
624.1

346.0
343.2
343.0

967.2
967.0
967.1

591.1
600.6
605.8

359.6
365.2
378.9

484.3
488.5
488.0

84.8
85.4
85.4

569.1
573.9
573.4

1998-Jan.
Feb.
Mar.

1029.0
1040.2
1060.3

377.0
381.2
388.4

1406.1
1421.4
1448.7

625.7
626.5
626.6

345.1
344.7
343.1

970.7
971.2
969.7

617.8
635.1
652.1

389.8
397.7
400.2

482.5
501.2
522.3

86.2
87.2
87.0

568.7
588.4
609.3

Apr.
May
June

1083.5
1077.1
1091.6

391.8
394.7
397.6

1475.3
1471.8
1489.2

627.1
624.6
623.9

340.5
339.5
339.1

967.6
964.1
963.0

659.0
652.6
665.2

405.8
414.1
424.5

518.4
529.9
534.9

87.4
86.7
87.3

605.8
616.6
622.3

July
Aug.
Sep.

1106.3
1120.1
1133.5

400.1
400.9
402.0

1506.4
1521.1
1535.5

624.3
626.6
627.0

337.8
333.9
333.9

962.0
960.5
960.9

672.6
698.4
721.6

425.3
441.1
451.3

521.8
528.0
529.0

86.7
86.2
86.8

608.5
614.2
615.8

P

1144.7

405.1

1549.8

628.3

334.3

962.6

738.4

475.4

535.4

88.2

623.7

7
14
21
28

1154.7
1150.5
1129.8
1107.9

404.5
404.4
401.7
398.3

1559.2
1554.9
1531.5
1506.2

626.3
626.8
627.2
627.3

334.1
334.2
333.7
333.6

960.4
961.0
960.8
960.9

717.2
724.7
724.9
720.4

451.6
452.2
449.2
452.1

529.2
528.0
529.7
530.2

86.2
86.9
87.0
87.2

615.4
614.9
616.6
617.3

Oct.

5
12
19
26p

1144.1
1158.4
1150.4
1132.5

403.9
406.8
405.5
403.2

1548.0
1565.2
1555.9
1535.7

628.2
628.6
628.6
628.3

334.6
334.9
334.3
334.1

962.8
963.6
962.9
962.4

718.1
732.5
742.0
748.0

451.5
469.8
477.3
486.3

529.9
534.8
538.2
536.8

87.7
88.6
88.1
88.4

617.6
623.4
626.3
625.3

Nov.

2p

1135.4

405.8

1541.2

627.3

333.6

960.9

748.3

489.1

536.0

88.2

624.2

At
commercial
banks
953.9

At
thrift
institutions
375.6

July
Aug.
Sep.

959.5
971.0
984.3

Oct.
Nov.
Dec •

1997-June

Oct.

Week e n d i n g
1998-Sep.

3.
4.

Large-denomination time deposits 3

At
commercial
banks
609.7

Date

1.
2.

Institutional
money
funds

Retail
money
funds

Total

At
thrift
institutions
81.9

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.
......
._
.•
,u uLarge-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.

p preliminary
Components may not add to totals due to rounding.




Total
537.8

Page 9
H.6 (508)

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Debt c o m p o n e n t s

Non-M3 Components of L
At commercial
banks
156.9

1997-June

160.3
162.9
161.4
Oct.
Nov.

Eurodollars

At thrift
institutions

Savings bonds

47.0

203 .9

47.9

207.8
210.8
208.7

47.8

221.4
232.4

123.1

186.3

Short-term
Treasury
securities

Bankers
acceptances

Commercial
paper 5

Non-Federal
debt

Federal debt

443.6

12.7

3766.2

10938.1

431.2

12.1

3759
3774
3780

10992
11050
11120

576.7
579 . 6
600.0

3774
3792
3805.8

11199
11279
11361

447.0
186.3
186.4

425.5
448.3

183.8
181.5

47.9

1998-Jan.
Feb.
Mar.

199.6
195.8
212.1

46.1
45.9
46.5

245. 7
241., 6
258,. 6

149.6
142.6
135.6

186 . 4
186 . 3
186 .,2

432.4
451.2
445 .8

12.5
11.2
11.4

626 . 6
638.5
662.2

3792.4
3795.2
3820.4

11431.3
11496.2
11572.0

Apr.
MayJune

212.9
217.3
208.5

47.2
48.2
50.9

260..1
265 .5
259 .4

134.8
139.2
138.4

186,.1
186,. 1
186 . 0

409.7
396 . 5
390 . 1

13.2
13.3
13.2

681.7
675 .7
685 . 0

3800.2
3765.7
3755.2

11665.5
11759.6
11845.1

July

49.9
50.1
51.4

258 .4
265 . 6
270.3

138.8
140.8

185 . 9
185 . 8 p

369 . 3
380.3 p

13.9
14.5

697 . 6
692.7 p

3740.8
3749.6
3743.4 p

11925.2
11996.4
12084.7 p

Sep.

208.5
215.5
218.9

Oct.

221.4

48.8

270.2

138 . 2

7
14
21
28

219.8
220.6
218.6
216.5

51.6
52.1
51.0
51.2

271.5
272.6
269 . 5
267.6

139.8
139.1
135.3
134.1

Oct.

5
12
19
2 6p

219.6
219.6
217.8
223.6

50.0
49.6
49.0
47.9

269.6
269 . 2
266 .8
271.5

133.6
138.0
137.1
140.5

Nov.

2p

227.6

47.4

275.0

141.4

AUG.

Week e n d i n g
1998-Sep.

1.

—

3

S o S W S I Z

4

K S b S ^ ' X t a n c e S by" a S p t i n g banks, Federal Reserve Banks foreign official institutions, Federal Home Loan Banks, and money market mutual funds.

I

£™t d T a r e t r l

p

preliminary

S

K

S

S
a

%

i
S

S

l

i = » " S ? »

b

m

T

i

-

V

a 2 S l t e

S

"

p

U & d o m

-

Canada,

of less fhan 12 months held b , other fhan d e p o s i t institutions. Fade,a, Reserve Banks, money

rCSZ^is'SvId^5TSZZd"of.month


Components may not add to totals due to rounding.


K

levels, and have been adjusted to remove discontinuities.

P a g e 10
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
17.8

U.S. government deposits
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

3.8

8.8

21.8

34 . 5

3.2

152.0

105.2

91.5

348.7

17.9
18.2
18.4

1.8
1.8
3.2

4.7
4.9
6.3

18.8
11.8
20.4

25.3
18.4
29.9

3.2
3.0
2.9

152.3
152.5
152.8

104.7
104.2
103.7

91.4
91.7
92.0

348.4
348.4
348.5

1.5
1.5
1.5

18.6
18.9
19.1

1.7
1.7
2.2

5.4
5.1
5.1

15.9
11.2
17.9

23.0
18.0
25.2

2.9
3.1
3.3

152.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.8
349.6
350.4

9.8
9.8
9.9

1.6
1.5
1.5

19.2
19.0
18.9

3.1
1.7
1.8

6.5
5.0
5.5

22.3
14.5
17.5

31.9
21.1
24.8

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.2
97.3
97.4

350.6
350.1
349.7

Apr.
MayJune

9.9
10.0
10.0

1.5
1.8
2.0

18.3
17.3
16.3

4.6
1.5

9.7
5.5
10.4

24.0
43.3
32.7

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
97.8

97.6
98.2
98.7

e
e
e

349.1
348.3
347.5

July
Aug.
Sep.

10.1
10.1
10.1

2.2
2.2
2.2

15.7
15.7
15.7

2.7

42.
11.
20.4

49.
18,
29.4

3.2
3.2
3.2

150,
150.
150.5

e

96.9
96.4
95.9

99.2
99.8
100.3

e
e
e

347.0
346.9
346.7

10.1

2.2

15.7

1.4

5.4

19.3

26.2

3.2

150.4

e

95.4

100.8

e

346.6 e

1.4
2.7
5.6
1.5

5.8
5.1
7.1
7.1

8.0
4.0
19.0
44.8

15.2
11.8
31.7
53.5

6.1
5.6
5.2
5.2

18.3
9.5
16.9
28.6

25.9
16.3
24.0
35.1

5.1

30.1

36.6

Date

Foreign
commercial
banks

Foreign
official
institutions

1997-June

10.3

1.5

July
Aug.
Sep.

10.0
9.4
8.7

1.5
1.5
1.4

Oct.
Nov.
Dec.

8.5
9.0
9.5

1998-Jan.
Feb.
Mar.

Oct.

Week e n d i n g
1998-Sep.

p

7
14
21
28

Oct.

5
12
19
26p

Nov.

2p

1. Source: Daily Treasury statement,
e
estimated
p preliminary
Components may not add to totals due to rounding.



2.8

1.4

Note
balances at
depository
institutions 1

IRA and Keogh Accounts

Total
cash
balance

At
commercial
banks

institutions

e

Total

5