Full text of H.6 Money Stock Measures : November 13, 1987

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

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

H.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

U,

Billions of dollars
M2

M1
Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

M3

M1 plus overnight RPs
M2 plus
and Eurodollars,
large time deposits,
MMMF balances (gen. pur. term RR§, term eurodollars
and broker/dealer), MMOAs,
and institution-only
and savings and small
MMMF balances9
1
time deposits
Seasonally adjusted

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors*

198b—OCT.
MOV.
DEC

701.4
712.4
730.5

2761.4
2776.3
2801.2

3443.7
3462.4
3492.3

4081.7
4107.4
4139.9

7424.2
7500.9
7601.7

1987—JAM.
FEB.
HAA.
APR.
HAI
JUME
JULY
AUG.
SEPT.
OCT. P

737.7
737.4
739.5
750.3
753. 1
746.6
747.6
751.0
751.2
760.7

2823.5
2823.0
2826.5
2839.9
2840.3
2841.6
2847.7
2662.1
2874.0
2889.5

3516.4
3522.3
3527.3
3543.9
3559.9
3576.8
3564.1
3605.7
3621.7
3643.9

4172.6
4180.4
4169.7
4181.4
4214.6
4228.7
4222.2
4246.8
4277.5

7666. 1
7697.9
7748.3
7806. A
746S.2
7917.0.
7956.6
8010.6
8071. 2

Not seasonally adjusted

1986—OCT.
MOV.
DEC

698.9
715.4
746.5

2757.8
2778.5
2814.7

3440.2
3466.7
3507.5

4076.1
4110.2
4153.4

7410.4
74BO.7
7594.9

1987—JAN.
FEB.
HAfi.
APR.
HAY
JONE
JULY.
AUG.

744.4
723.3
728.9
757.5
744.9
749.1
751.5
749.3
749.4
757.7

2833.7
2811.1
2820.3
2848.5
2829.3
2842.7
2854.8
2860.1
2866.8
2885.4

3529.2
3512.6
3524.4
3552.0
3550.1
3574.6
3563.9
3601.2
3616.5
3639.6

4184.0
4172.1
4172.8
4189.4
4199.2
4227.9
4222.4
4245.3
4272.2

7659.6
767a. 7
7720,. 5
7777.0
7835.4
7890.4
7933.1
7989.0
8057. 1

Si, PI".
OCT. P

M1
For period ended
13-week average

1987-OCT.

MOV.

MOTE:

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average

5
12
19
26 P

750.5
751.3
752.2
753.7

753.6
754.5
755.6
759.8

757.5
753.9
759.4
768.4

749.6
749.7
750.4
751.7

750.6
749.7
753.1
758.1

762.6
756.5
760.. 5
752.6

2P

754.6

761.2

763.0

752.3

756.3

755.6

SPECIAL CAUTIOM SHOULD £4 XAKEM IM INTERPRETING BEEI-T0-IEEK CEkMGMS IN flONEI SUPPLI DATA, IHXCH ARE
flIGBLI VOLATILE AMD SUBJECT TO REVISIOM.
P—INDICATES PRELIHIMARZ DATA.
FOOTNOTES APPEAR OM THE FOLLOMIMG PAGE




H.6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

M1

M2

M3

3 MONTHS FROM J U L Y

1987 TO O C T .

1987

7.0

5.9

6.7

6 M O N T H S F R O a APR.

1987 TO OCT.

1987

2.tt

3.5

5.6

12 M O N T H S FROM O C T .

1986 T O O C T .

1987

8.5

4.6

5.8

Debt1
7.9

T H I R T E E N UEEKS E N D I N G MOV. 2 , 1987
FMOM T H I R T E E N M E B K S ENDING;

1/

1/

2/

3/

V
5/

AUG.

3 , 1 9 8 7 (13 WEEKS PREVIOUS)

MAX

4 , 1 9 8 7 (26 WEEKS PREVIOUS)

MOT.

3 , 1986 (52 BSE&S PREVIOUS)

2.8

8.6

G R O W T H B A T E S FOR DEBT A R E BASED ON PERIODS B E G I N N I N G A N D E N D I N G Q N E M O N T H EkRLlESL THAN FOR T H E M O N E T A * * A G G R E G A T E S ,
NAMELY, J U N E 1 9 8 7 TO SEPTEMBER 1 9 8 7 , MARCH 1 9 8 7 T O S E P T E M B E R 1 9 8 7 , A N D S E P T E M B E R 1 9 8 6 TO S E P T E M B E R 1 9 8 7 , R E S P E C T I V E L Y .
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CURRENCY OUTSIDE THE TREASURY, FEDERkL RESERVE BANKS, AND THE FAULTS OF COMMERCIAL BANKS;
(2) TRAVELERS CHECKS OF NONBANK ISSUERS; (3) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER XdLM THQSE DUE TO
DOMESTIC BANKS, THE U.S. GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH IT4MS IN XH8 PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER CHECKABLE DEPOSITS (OCD) 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. THE CURRENCY AND DEMAND
DEPOSIT COMPONENTS EXCLUDE THE ESTIMATED AMOUNT OF VAULT CASd AND DEMAND DEPOSITS, RESPECTIVELY, H&LX) BY
THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF Ml PLUS OVERNIGHT (AND CONTINUING CONTRACT) RPS 1SSU&D BI ALL COMMERCIAL BANKS ANli OVERNIGHT EURODOLLARS
ISSUED TO U.S. R£SID£NTS BY FOREIGN BRANCHES OF U.S. BANKS UORLDUIDE, MHDAS, SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING RETAIL RPS—IN AMOUNTS OF LESS THAN $100,00.0), AND BALANCES JLN BOTH
TAXABLE AND TAX-EXEMPT GENERAL PURPOSE AND BROKJ&tt/DEALEti MONEY MARKET MUTUAL FUHDS^, EXCLUDES IRA AND KEOGH
BALANCES At DEPOSITORY INSTITUTIONS AND MONEY MARKET FUMDS* ALSO EXCLUDES ALL BALANCES HELD BY U.S. CQMMJULCIAL
BANKS, HONK* MARKET FUNDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AND COMMERCIAL BAUHS, AND
THE U.S. GOVERNMENT* ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT HRBRESEUTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS D£PO£1XS.
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 FOREIGU HRAMCHES 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. JSXCLUDJSS AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, TH£ U.S. GOVERNMENT, MQNEY
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. AlSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUHDS*
CONSISTS Of H3 PLUS THE NONBANK PUBLIC HOLDINGS OF U.S. SAVINGS BONOS, SHORT-TERM TREASURY SECURITIES, COMMERCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MARKET MUTUAL FUND HOLDINGS QF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIX MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NONFINANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BOMDS, MORTGAGES,
CONSUME CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAP EH, BANKERS ACCEPTANCES AND QTHER DEBT
INSTRUMENTS* THE DATA ARE DERIVED ffiOfl THE F&uERkL RESEHVE BOARD'S FLOW QF FUNDS ACCOUNTS. AJ-L DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTORS A£i. BHESEHTED XN MONTH-AVtftf AGE FO&M, D&RLVED BY AVERAGING MONTH-END LEV&LS OF ADJACENT MONTHS*. THESE
DATA HAVE ALSO BEEN ADJUSTED TO RilMOVl STATISTICAL DISCONTINUITIES THAT MAY ARISE IH THE UNDERLYING FLOW OF FUMDS STATISTICS.
THE PRESENTATION OF D£BT DATA IN THIS UELEASE DIFFERS, THEREFORE, FROM THE O.UARTERLY FLOW OF FUNDS STATISTICS CONTAINED
IN THE FEDERAL R&SERVt RULEASHS L.I AND 4.1. IN TUOSE RELEASES, PQbLlaaED LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON
A UUAJ2TER-END BASIS AND 1UCLUDE DISCONTINUITIES.




H.6<908)

COMPONENTS OF THE MONEY STOCK
BNNOOS Of OOilafS, SSaaOnaHy SOfUSMG
Nontransactlons

Othar
DIM

Cumwtcy

1

Demand

chackabfc)
dspoaMs4

in MS

mitt*

om/

at
banks

at
thftft
MtttHuttOfW

total

Satsctsd
Snw n tkna deposits
at
at
thrift
total
banks
Institutions

s thus daposlts
at
oofiMnaicial
banks 19

MMM*

IIMIII

1986-OCT.
NO?.
DEC.

181.2
182.4
183.5

6.4
6*4
6.4

293.4
297.8
306.3

220.3
225.8
232.3

2060.0
2063.9
2070.8

682.3
145.8
20 4.7
666.1 I 150.2 208.3
691.1
154*5
211.8

350.5
358.5
366.3

370.0
365.9
364.7

494.6
491.3
488.7

664.7
857.1
853.5

288.1
289.9
291.8

1S7.4
155.9
155.3

445.5
445.8
447.1

1987-JAN.
FEB.
MAR.

186.0
187.2
187.7

>.5

305.1
300.8
299.3

240.1
242.9
245.7

2085.8
2085.6
2087.1

695.0
159.8
216.9
699.3 ; 164.4 222.7
700.7
168.3
226.0

376.7
387.2
396.3

364.7
362.6
360.0

466.9
485.9
486.1

851.6
646.5
846.1

295.7
296.0
299.0

154.0
152.3
151.1

449.7
448.2
450.1

APR.
MAX
JUNB

168.9
190.2
191.1

»«8

303.9
303.9
297.4

250.7
252.2
251.2

2089.6
2067.3
2095.0

704.0
719.5
735.2

172.2
174.5
175.5

233.8
237.2
239.7

406.1
411.7
415.2

357.5
357.1
360.1

486.3
466.1
490,. 0

843.9
843.2
850.1

JOS. 9
310.7
314.9

u a. 7
149.1
150.2

454.6
459.7
465.1

JULI
AUG.
SEPT.

192,1
193.2
194.5

Co

296.2
296.4
294.1

252.5
254.5
255.5

2100.1
2111.2
2122.8

736.4
743.6
747.7

176.6
176.0
176.0

240.2
242.0
241. 4

416.8
420. 0
419.4

363.4
365.3
367.1

495.2
500,. 5
504.7

856.6
665.8
671.9

313.7
313.7
314.2

151.3
153.0
155.2

<*5.0
466.7
469.3

OCT. P

196.2

7.0

300.5

257.0

2128.7

754.5

177.4

239.4

416.8

372.8

510.1

882.9

318.0

158.9

476.9

299.8
295.0
299.5
305.9

255.6
256.6
256.9
258.3

300.8

257.3

>Ia
u8
».8
!

BBBK ENDING
1987
OCT.

NOT.

1/
2/
3/

4/
5/
6/
7/
8/
9/
10/

5
12
19
26 P

195.1
195.3
196.0
197.2

2 P

197.6

•

!

178.0
177.5
177.3
177.4

369.6
371.0
372.2
374.6

313.8
316.4
• 317.3
319.9

176.$

376.8

322.6

CURRENCX OUTSIDE THE U.S. TBBASURI, FEDERAL RESERVE BANKS AND fAULTS OF COflflERCIAL BANKS. EXCLUDES SUB ESTIHATED
ABOUNT OF FAULT CASH HELD BI THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING ABOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BX DEPOSITORI
INSTITUTIONS ARE INCLUDED IN DEHAND DEPOSITS.
DBHAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTIT01IONS OTBEt THAN THOSE DUE TO DOflBSTIC BANKS, THB U.S. GOVRRNHBNT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITBBS IN THE PROCESS OF COLLECTION AND FEDEBkL RBSERVB FLOAT.
EXCLUDES THB ESTIHATED AHOUNT OF DEHAND DEPOSITS HELD AT COMMERCIAL BANKS BX THRIFT INSTITUTIONS TO SERVICE THEIR OCD
LIABILITIES.
CONSISTS OF NOH AND ATS BALANCES AT ALL DEPOSITORX INSTITUTIONS, CRBDIT UNION SHARE DRAFT BALANCES AND
DBHAND DEPOSITS AT THRIFT INSTITUTIONS.
SUH OF OVERNIGHT RPS AND OVERNIGHT EURODOLLARS, HONBX MARKET MID BALANCES (GENERAL PURPOSE AND BBOIER/DEALE*),
HBDAS, AND SAVINGS AND SHALL TIHE DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIHATED AHOONT OF
DBHAND DEPOSITS AND VAULT CASH HELD BX THRIFT INSTITUTIONS TO SERVICE THEIR TINE AND SAVINGS DEPOSITS LIABILITIES.
SUH OF LARGE TIHE DEPOSITS, TERH RPS AND TBRH EURODOLLARS OF U.S. RESIDENTS, BONE! MARKET FUND BALkBQES (INSTITUTION*
ONLI), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE BSTIBATED AMOUNT Of OVERNIGHT BBS AND EURODOLLARS H£LD BX
IMSTITUTION-OHLI NONE! MARKET FUNDS.
SAVINGS DEPOSITS EXCLUDE HHDAS.
SHALL DBNOHINATION TIHE DEPOSITS—INCLUDING RETAIL &PS— ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SHALL
TIHE DEPOSITS.
LARGE DENOMINATION TIHE DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,0.00 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION TIHE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BX HONBI MARKET MUTUAL FUNDS,
DEPOSITORX INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (508)
Table 4

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

Non-M3 components of L
Date

19 8 b - S E P T .
OCT.
NOV.
DEC.

19 8 7 - J A M .
FEB.
MAR.
APR.

HAY
JUNE
JOLT

A 06.
SEPT.

1/
2/
3/
4/

P

bankers acceptances 2

commercial paper3

Debt components 4
federal debt
non-federal debt

savings bonds

short-term treasury
securities1

86.4

285.7

36.9

223.9

1746.4

5617.4

87.7
89.8
91.7

284.2
288.8
288.1

37.7
38.0
37.5

228.4
228.4
230.2

1757.2
1775.6
1*0.3.9

5667.0
572&*2
5797.8

92.7
93.5
94.4

284. 1
285.6
269.2

37.8
39.3
39.8

239.7
239.8
239.1

1818.0
1849.3

5848.2
5865.7
5899.0

1861. 1
1873.9
1885.6

5945.8
5991.4
60,31.3

1868.6
1902.5
1912.9

6068.0
6108.1
616Q.3

95.1
95.9
96.5

256.3
262.2
259.8

41.2
42.4
43.5

244.9
254.3
252.1

97.3
97.8
98.4

249.1
252.2
253.9

43.4
42.8
43.6

248.4
250.2
260.1

CONSISTS OF O.S. TREASURY BILLS AMD COUPONS MITH REMAINING MATURITIES OF LESS THAN 12 MONTHS MELD BY OTHER THAN DEPOSITOR*
INSTITUTIONS, FBOEAAL AESEfifE BANKS, MONEY MARKET MUTUAL FUNDS AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BX ACCEPTING 4ANKS, F&U&UAL atBSERVE BANKS, FOAEIGN OFFICIAL INSTITUTIONS, TUE FEDfiBAL
HOME LOAN BANK SISTBM AND MONEY MAttKET HOTUAL FUNDS.
TOTAL COMMERCIAL PAPEtt LESS COMMERCIAL PAPER kl£Li> BY HONEY MARKET MUTUAL FUHDS^
DEBT DATA ARE ON A MONTHLY AVERAGE BASIS, D&HIVZD
BY AVERAGING B N D - O F - M O N T U LEMELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Nontransactions components

Other checkable deposits
Date

Travelers
checks2

Currency1

Demand
deposits3

at commercial
banks4

at thrift
institutions*

lnM2*

total

in M3 only7

Overnight
RPs*

Overnight
Eurodollars*

General
purpose and
broker/dealer
money market
funds

1986-OCT.
NOV.
DEC

180.9
183.2
186.2

6.5
6.1
6.0

293.0
300.1
319.5

150.4
155.7
162.8

68.0
70.3
72.2

216.5
226.0
235.0

2058.9
2063.1
2068.2

662.4
bttb.1
692.6

58.8
58.7
59.4

19.4
18.8
19.0

206.9
207.1
207.6

1987-JAH.
FEB.
MAR.

184.6
184.8
186.0

6.0
6.2
6.4

311.0
292.0
291.5

169.8
167.6
170.4

73.1
72.7
74.5

242.8
240.3
245.0

2089.3
2087.6
2091.3

695.5
701.5
704.1

62.4
60.6
58.3

22.3
19.5
18.6

209.0
210.7
211.6

APR.
HAY
JUNE

188.0
190.2
191.9

6.4
6.5
7.1

30 b. a

298.8
298.8

178.6
171.7
172.9

78.8
77.8
78.4

257.4
249.4
251.3

2091.0
2084.4
2093.6

703.5
720.8
731.9

56.2
55.1
54.5

20.7
20.9
20.0

211.0
208.9
209.6

JULY
AUG.
SEPT.

193.8
194.1
194.3

7.7
7.9
7.6

298.6
294.8
293.4

172.9
174.5
176.3

78.5
78.0
77,8

251.4
252.5
254.1

2103.3
2110.9
2117.4

729.1
741.1
749.7

56.0
59.4
59.1

18.7
18.3
20.6

209.8
212.8
216.5

OCT.

195.9

7.1

299.9

176.8

78. 1

254.8

2127.7

754.2

61.5

19.6

219.3

304.6
295.8
302.0
298.4

176.7
178.0
177.3
175.3

78.9
79.2
78.5
76.4

255.6
257.1
255.8
251.7

62*1
59.9
60.8
61.9

20. S
19.4
18.6
20.8

215.6
217.2
218.5
223.5

299.4

175.7

77.4

253.1

63.3

18.8

221.3

iEEK

ENDING:

1987-OCT.

NOf.

12
19
26 P

195.0
196.4
195.6
195.5

2 P

196.3

5

i

f

1/
2/
3/
4/
5/
6/
7/
8/
9/

CURRENCY OUTSIDE THE U.S. TREASURY., FEDERAL k&S&SiVti BANKS AND THE VAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTIMATED
AMOUNT OF VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NO*BANK ISSUERS. TRAVELERS CHECKS ISSUED BY DEPOSITORY
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U.S. GOVERNMENT AND FOREIGN BANKS AND
OFFICIAL INSTITUTIONS, LESS CASH ITEMS IN THE tfKOCESS OF COLLECTION AND F.R. FLOAT, LESS THE ESTIMATED AMOUNT OF DEMAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD LIABILITIES.
CONSISTS OF NOH AND ATS BALANCES AT COMMERCIAL BANKS, U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS, AND EDGE ACT
CORPORATIONS.
CONSISTS OF NOH AND ATS BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND MUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DRAFT BALANCES, AMD DEMAND DEPOSITS AT THRIFTS.
SUM OF OVERNIGHT RPS AND EURODOLLARS, HONEY MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER), MMDAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AMD SAVINGS DEPOSIT LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND EURODOLLAR OF U.S. HESIDtiKTS, MONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT fiPS AND EURODOLLARS HELD BY INSXITUTION-QNLY
HONEY MARKET MUTUAL FUNDS.
CONSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS (GEVERAL PURPOSE Atil)UROKEH/DEALEK).
ISSUED BY FOREIGN BRANCHES OF U.S. BANKS WOHi-i)«IDE TO U.S. RESIDENTS OTHER THAN DEPOSITORY 1WSTITUX1UNS AND
HONEY MARKET MUTUAL FUNDS (GENERAL PUfiPOSE AND BBOKEH/DEALEH).




H.6 (508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits 1

Money market deposit accounts

at

at

commercial
banks

thrift
institutions

1986-OCT.
MO?,
DEC.

372.6
175,9
379.0

191.9
192.8
192.4

1987-JAN.
FSB.
Hifi.

381.7
378.5
378.2

APB.
HAI
JUNE
JOLT
AUG.
SEPT.

Date

OCT.

P

Small denomination time deposits 2

at

at

commercial
banks

thrift
institutions

564.4
568.7
571.4

146.4
150. J
153.8

204.8
209.0
211.8

351.2
359.3
365.6

371.3
366.7
364.4

496.1

492.8
489.8

192.5
192.3
192.3

574.3
570.8
570.6

159.2
162.8
167.2

217.1
221.8
227.9

376.4
384.6
395.1

J64.4
362.1
359.7

375.4
368.9
367.6

190.1
188.3
185.9

565.5
557.1
553.5

172.1
174.8
176.0

2J4.0
237.8
240.9

406.1
412.7
417.5

365.2
364.0
362.4

182.8
179.5
176.6

548.0
543.5
539.0

178.4
178.2
177.9

241.9
240.2
239.4

359.0

173.4

532.4

178.3

239.5

total

at

at
thrift
institutions

Large denomination time deposits 3

at

at

commercial
banks4

thrift
institutions

857.3
859.5
854.2

289.3
290.6
293.2

157.8
156.0
154.9

447.1

490.0
488.4
486.3

85%. 5
850,. 5
846.0

296.9
298.1
J01.3

154.4
153.1
151.2

451.3
451.2
452.5

355.6
355.7
359.7

484.7
482.8
487.2

840.J
838.5
846.9

J03.2
311.8

148.0
149.1
149.8

451.2
458.3
461.6

420.3
418.4
417.2

363.9
366.7
368.8

494.8
499.6
504.0

858.7
866.3
874.8

J10.4
J13.0
315.4

150.7
153.2
195.6

461. 1
466.2
471.0

417.8

373.8

511.3

885.2

J19.3

159.3

478.6

total

commercial
banks

total

BEEK ENDING
1987
OCT.

5
19
26 P

360.0
360.1
359.1
358. $

178.7
178.9
178.3
178.0

371.0
372.5
373.2
375.2

316.2
J18.4
318.1
320. 8

2 P

357.2

177.3

377.6

32J.0

12

MO?.

1 / S A f l V G S DEPOSITS EXCLUDE HHDAS.
2 / SHALL DENOBINATION TIHE DEPOSITS ~ INCLUDING RETAIL BPS — ABB THOSE ISSUED IN AflOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREHENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COHHEBCIAL BANKS AND THRIFTS ARE SUBTRACTED FBOH SHALL
TIHE DEPOSITS.
3/ LARGE DENOHINATION TIHE DEPOSITS ABE THOSE ISSUED IN AflOUNTS OF $100,000 OR KOBE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (ItiFS).
4/ LARGE DENOHINATIOH TIHE DEPOSITS AT COHHEKCIAL BANKS LESS THOSE HELD BY HONKY HARKST HUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




total

446.7
448.1

H.6 (508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
g m . r%»n
lerm nr3

Date

Institution
only money
market funds

at commercial
banks

at thrift
institutions

total

Term
Eurodollars2

Savings
bonds

Non M3 Components of L
Short-term
Bankers
treasury
acceptances4
securities*

Components of Debt
Commercial
paper4

Federal debt 1

Non-Federal9
debt

1986-OCT.
MOV.
DEC

84.5
84.4
84.1

34.5
37.3
35.4

44.3
46*6
48.6

78.8
83.8
84.0

78.0
79.3
83.0

87.8
89.9
91.9

281.4
287.7
287.9

38.0
J7.4

228.7
227.9
228.7

1748*6
1771.7
1804.3

5661.8
5715.0
5791.6

198 7 - J A M .
FEB.
HAJL.

84.0
84.7
84.9

34.1
35.4
34.9

49.5
51.8
52.3

83.6
87.2
87.2

84.8
87.6
88.2

92.7
93.$
94.3

284.9
286.7
274.$

37.8
38.9
39.3

239.3
240.. 4
240.2

1816.9
1826.7
\83S.3

5842.7
5852.0
5882.2

APR.
HAT
JOKE

83.1
81.8
81.3

38.4
40.8
40.8

56.0
61.5
66.2

94.3
102.3
107.0

83.9
87.0
89.7

95. 1
95.8
96.5

258.1
257.5
258.2

40.5
42.2
43.5

243.8
253.6
255.1

1846.7
1657.8
1*69.1

5930.2
5977.7
6021.3

JOLI
AUG.
SEPT.

83.4
83.4
80.7

39.0
40.0
40.8

67.5
66.6
67.3

106.5
106.6
108. 1

86.8
93.5
98.7

97.1
97.7
98.3

248.7
253.6
253.8

43.6
43.5
44.J

249.2
249.2
259.4

1672.4
1887.4
1899.9

6060.7
6101.6
6157.2

OCT. P

81.6

37.6

67.3

104.9

97.5

•EE& ENDING:
1987-OCI.

5
12
19
26 P

79.2
80.1
80.1
83.8

37.0
38.1
35.9
38.3

MOV.

2 P

85.2

38.9

1/
2/
3/
4/
5/
S/

TERM EPS ABE THOSE MITti ORIGINAL MATURITIES GHEATEft THAN OME DAY, EXCLUDING CONTINUING CONTRACTS AMD RETAIL EPS. INCLUDES
A RELATI?ELT SHALL AMOUNT OF OVERNIGHT RPS AT THRIFT INSTITUTIONS.
TERM EURODOLLARS ARE THOSE tflTU ORIGINAL flATURITIES GREATER THAN OME DAT. CONSISTS OF THOSE ISSUED TO U.S. RESIDENTS BY
FOREIGN BRANCHES OF U.S. BANKS WORLDWIDE AND BY ALL BANKING OFFICES IN THE UNITED KINGDOM AND CANADA. EXCLUDES THOSE HELD
BY DEPOSITORY INSTITUTIONS AND HOMEY MARKET HUTUAL tUUDS.
CONSISTS OF U.S. TREASURY BILLS AND COUPONS MITU REMAINING MATURITIES OF LESS THAN 12 MONTHS dELU Bl OTHER THAN DEPOSITORI
INSTITUTIONS, FEDERAL RESERVE BANKS, HOMEY MARKET HUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKERS ACCEPTANCES HELD BX ACCEPTING BANKS, FEDE&kL HESEHVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOME LOAN BANK SYSTEM AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELii BY MONEY MARKET MUTUAL FUNDS.
DEBT DATA ABE ON A MONTHLY AVERAGE BASIS, DEHUtU dY AVERAGING END-OF-MONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 6

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

Date

foreign
commercial
banks

foreign
official
institutions

U.S. government deposits

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

demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

3.4
3.4

3.4
J.2
3.7

11.8
11.9
15.5

18.6
18.4
22.9

1.8
1.7
1.7

71.6
72.1
72.6

95.6
95.6
96.2

10.8
10.7
10.7

178.1
178.4
179.7

9.6

23.8
25.2
13.6

37.1
33.6
20.3

1.7
1.6
1.6

73.4
74.0
75.4

97.2
97.7
9U.8

10.8
11.0
11.2

181.4
182.8
185.4

note balances
at commercial
banks
and thrift
institutions

total demand
deposits and
note and
FR balances

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

1986-OCT.
HOY.
DSC

10.0
9.7
9.9

2.0
1.8

4.2
4.1
4.1

3.7

198 7-JAW.
FSB.
HAfi.

10.4
9.9
9.5

1.8
1.7
1.7

4.0
4.0
4.0

3.7
3.3
J.5

APB.
HA I
JUKE

9.7
9.6
9.8

1.9
2.1
2.0

3.9
3.9
3.9

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
J4.2

1.7
1.8
1.8

78.5
79.2
79.5

101.3
102.0
102.7

12.4
13. 1
13.3

192. 1
194.2
195.4

JDLI
AUG.
SEPT.

9.7
9.3
9.8

2.0
2.1
2.0

3.8
3.8
3.8

J.J
3.0
4.2

5.3
3.4
10.3

2 J.J
18.6
21.3

31.9
25.0
35.9

1.8
1.8
1.7

80.1
80.7
81.3

103.4
103.6
104.4

13.3e
13.3e
13.3e

196.8e
197. 6e
199. Oe

OCT. P

9.9

1.9

3.8

8.9

27.4

39.6

1.7

81.7

105.

13. 3e

200. 2e

10.0
9.2
10.4
9.8

2.0
1.7
1.9
1.9

3.8
3.8
3.8
3.8

3.6
3.1

8.0
2.9
9.6
13.5

24.1
25.6
28.0
29.9

35.9
J1.4
4 1-2
46.4

1.7
1.7
1.7
1.5

10.4

1.9

3.8

3.3

10.5

29.1

42.8

1.7

if S S I
1987
OCT.

NOV.

1.tt

5.0
3. 1

BHDIMG:

5
12
19
26 P
2 P




3.8

.

2.9

1e

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
18.4

Concurrent

Experimental
Alternative

18.6

20.2

687.0

688.2

687.9

SEPTEMBER

693.1

694.7

692.7

10.7

11.3

8.4

OCTOBER

701.4

702.6

699.9

14.4

13.6

12.5

1986-AUGUST

NOVEMBER

712.4

713.0

711.8

18.8

17.8

20.4

DECEMBER

730.5

730.4

730.2

30.5

29.3

31.0

8.5

737.7

736.3

735.4

11.8

9.7

FEBRUARY

737.4

736.2

735.6

-0.5

-0.2

0.3

MARCH

739.5

738.5

737.8

3.4

3.7

3.6

APRIL

750.3

747.8

743.8

17.5

15.1

9.8

MAY

753.1

751.7

751.9

4.5

6.3

13.1

1987-JANUARY

JUNE

746.6

747.2

747.4

-10.4

-7.2

-7.2

JULY

747.6

749.1

747.6

1.6

3.1

0.3

5.5

5.6

8.7

AUGUST

751.0

752.6

753.0

SEPTEMBER

751.2

753.4

750.1

0.3

1.3

-4.6

OCTOBER

760.7

762.4

759.4

15.2

14.3

14.9

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.