Full text of H.6 Money Stock Measures : November 13, 1997
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.-•jam&• FEDERAL RESERVE statistical release H.6 (508) Table 1 '-vf-anes-' MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES 6 For releaseat4:30pm EastemTme November 13,1997 Billions of dollars Date M11 M22 DEBT 5 M33 S e a s o n a l l y adjusted 1995-Nov. Dec. 1133.1 1129.0 3639.3 3655.0 4578.3 4592.5 5674.2 5697.6 13722.3 13768.1 19 9 6 - J a n . Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1122.2 1119.8 1126.2 1123.6 1117.1 1115.6 1108.9 1099.9 1093.3 1080.3 1080.1 1081.1 3669.9 3685.0 3714.0 3724.5 3725.4 3741.6 3749.1 3759. 3769. 3779. 3798. 3819. 4620.1 4652.9 4689.4 4706.2 4728.7 4751.1 4769.1 4787.5 4816.5 4849.6 4876.1 4918.0 5720.8 5739.5 5789.7 5825.9 5846.3 5889.3 5913.9 5942.0 5981.5 6005.2 6038.5 6069.3 13816.7 13888.7 13964.2 14027.5 14080.3 14139.0 14211.0 14264.2 14311.7 14372.9 14435.7 14485.7 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. 1079.7 1080.7 1075.4 1065.3 1062.8 1063.1 1062. 1 1069.6 1060 . 8 1057.6 3834. 3850. 3865. 3883. 3880 . 3894. 3905. 3940. 3960. 3976 4940.1 4977.3 5008.7 5047.8 5054.2 5073.8 5117.4 5168.9 5208 .7 5245.3 6083.9 6131.5 6175.9 6231.1 6249.2 6271.6 6305.8 6380.1 14526.2 14583.7 14644.8 14713.4 14756.0 14780.6 14832.1 14887.3 14943.8 p Not s e a s o n a l l y adjusted 19 9 5 - N o v . Dec. 1138.7 1152.8 3643 .2 3675.3 4587.1 4612.0 5685.4 5729.5 13707.4 13768.5 19 9 6 - J a n . Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1130.1 1105.7 1117.8 1131.3 1105.3 1114.2 1109.8 1096.5 1090.2 1076.9 1085.3 1103.1 3673.3 3668.6 3715.7 3741.6 3709.1 3739.2 3753.1 3761.0 3762.5 3769.4 3801.2 3837.7 4626.5 4641.0 4691.9 4715.6 4712. 4748. 4767. 4788. 4805. 4845. 4884. 4935. 5734.9 5731.4 5802.6 5838.9 5823.9 5875.7 5905.2 5941.3 5964.1 5991.6 6048.9 6098.1 13798. 13852. 13936. 13996. 14041. 14103.4 14164.3 14222.6 14280.6 14338.9 14418.2 14485.1 1997-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. p 1085.9 1066.5 1067.4 1071.8 1051.8 1062.4 1063.7 1067.5 1057.7 1054.8 3836. 3834. 3870. 3900. 3863. 3892. 3910, 3944. 3952. 3965.8 4945.6 4968.2 5015.2 5055.2 5036.3 5070.2 5115.3 5170.9 5195.9 5242.1 6096.8 6126.5 6192.2 6242.7 6226.0 6256.3 6295.8 6380.1 14507. 14546. 14618. 14682. 14715. 14743. 14782.8 14843.9 14912.3 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 M1 M2 M3 . DEBT1 3 M o n t h s f r o m J u l y 1997 TO O c t . 1997 -1.7 7.3 10.0 4.4 6 Months f r o m Apr. 1997 TO O c t . 1997 -1.4 4.8 7.8 4.1 12 M o n t h s f r o m O c t . 1 9 9 6 TO O c t . 1997 -2.1 5.2 8.2 4.4 T h i r t e e n weeks e n d i n g November 3 , from t h i r t e e n weeks e n d i n g : A u g . 4 , 1997 ( 1 3 w e e k s p r e v i o u s ) 1997 -0.1 6.7 10.0 1. May 5, 1997 (26 w e e k s p r e v i o u s ) -1.8 4.9 7.9 Nov. 4, 1996 (52 weeks p r e v i o u s ) -2.5 5.1 8.1 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1997 to September 1997, March 1997 to September 1997, and September 1996 to September 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 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. 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. 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. 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: 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 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 levels 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 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 11 18 25 1063.4 1063.7 1064.2 1063.7 1065.4 1067.6 1063.2 1065.7 1070.7 3900.1 3904.6 3908.8 3914.7 3923.0 3931.4 3924.4 3938.7 3944.3 5093.9 5102.4 5111.9 5130.7 5142.2 5156.0 5145.2 5164.5 5181.0 1 8 15 22 29 1064.9 1065.0 1064.6 1064.3 1063.9 1069.9 1069.6 1067.0 1063.1 1058.7 1079.8 1062.2 1055.3 1055.2 1061.9 3914.4 3919.1 3924.3 3929.5 3934.8 3942.1 3948.4 3952.6 3957.7 3959.4 3961.0 3949.4 3955.8 3964.4 3967.8 5122.4 5132.8 5144.0 5154.1 5164.1 5172.9 5185.7 5196.0 5203.4 5208.4 5200.8 5196.3 5205.8 5210.6 5220.8 Oct . 6 13 20 27p 1064.0 1063.4 1063.2 1062.6 1060, 1059, 1059, 1057, 1067 , 1051, 1056. 1054 . 3939.8 3944.9 3950.8 3955.9 3966.1 3969.1 3973.4 3975.8 3976.2 3968.0 3981.5 3977.4 5172.4 5182.3 5192.0 5201.8 5216.0 5224.6 5233.1 5241.2 5226.6 5240.2 5244.8 5253.2 Nov. 3p 1063.0 1059.2 1075.3 3961.7 3980.0 3993.1 5213.2 5255.0 5281.8 1997-Aug. Sep. Not seasonally adjusted 11 18 25 1061.3 1062.7 1064.0 1062.3 1064.9 1066.7 1064.3 1066.7 1058.5 3898.5 3905.2 3911.2 3916, 3928, 3939, 3946.3 3948.4 3929.5 5089.7 5100.3 5111.2 5128.6 5144.5 5161.4 5165.8 5171.5 5167.9 1 8 15 22 29 1064.5 1065.0 1064.4 1064.1 1062.7 1066.2 1067.5 1065.1 1061.8 1055.6 1075.2 1069.5 1057.1 1045.4 1050.2 3916.6 3921.8 3926.8 3931.8 3935.1 3943.2 3951.5 3957.2 3958.7 3951.6 3948.6 3979.6 3970.9 3935.6 3920.4 5121.1 5131.2 5141.9 5151.9 5159.8 5173.3 5186.5 5198.2 5200.8 5195.2 5187.8 5218.8 5218.3 5178.4 5165.3 Oct. 6 13 20 27p 1061.8 1060.9 1060.8 1060.0 1055.5 1053.8 1056.2 1054.1 1069.4 1050.2 1055.0 1041.6 3938.1 3942.1 3947.5 3951.9 3950.8 3951.3 3960.3 3966.0 3976.3 3972.8 3971.6 3943.3 5167.0 5176.9 5187.5 5197.5 5196.9 5205.2 5222.0 5238.4 5225.6 5251.6 5245.3 5231.0 Nov. 3p 1060.0 1056.0 1077.2 3955.7 3967.1 3980.7 5208.1 5251.4 5277.7 1997-Aug. Sep. 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. Page 4 H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Currency1 Date 4. 5. 6. 7. e Other checkable deposits At commercial At thrift Nontransactions components Total In M26 In M3 only7 379.9 8.7 410.7 208.7 107.7 316.4 2626.0 1009.4 July Aug. Sep. 382.8 385.2 387 . 6 8.6 8.4 8.5 408. 8 405.9 405.1 202.9 195.2 188.0 105.8 105.2 104.3 308.7 300.4 292.2 2640.2 2659.7 2676.4 1020.0 1027.8 1046.8 Oct. Nov. Dec . 390.2 392.5 395 . 2 8.6 8.6 8.6 39 8 . 4 402.2 402.6 178.9 172.7 171.5 104.3 104.2 103.3 283 .2 276.8 274.8 2699.3 2718.2 2738.2 1070.0 1077.8 1098.7 1997-Jan. Feb. Mar. 397 . 0 400 . 5 402.4 8.6 8.6 8.5 401.6 404.3 403.1 170.9 165.4 160.3 101.6 101.9 101.3 272.5 267.3 261.5 2755.0 2769.3 2790.0 1105.4 1127.3 1143.2 Apr. MayJune 403.7 406 . 1 407.7 8.3 8.2 8.0 395.6 395.7 397.2 159.7 155.6 153.7 97.9 97.2 96.4 257.7 252.8 250.1 2818.1 2818.1 2831.3 1164.5 1173.3 1179.4 July Aug. Sep. 410.2 412.1 415.4 8.2 8.3 8.1 396 . 4 402.0 390.6 150.5 150.0 150.2 96.8 97.2 96.5 247.2 247.2 246.7 2843.2 2871.0 2899.3 1212.1 1228.4 1248.7 p 418.1 8 .1 386.5 148.5 96.4 244.9 2918.7 1268.9 8 15 22 29 413.9 414.9 416.1 416.5 8.1 8.1 8.1 8 .1 391.5 387.3 387 . 0 391.1 150.8 148.7 148.5 150.9 98.0 96.4 95.6 95.3 248.7 245.1 244.1 246.3 2887.2 2900.5 2909.2 2905.9 1247.0 1250.0 1246.2 1253.0 Oct. 6 13 20 27p 416.8 417.4 418.2 418.8 8.1 8.1 e 8.1 e 8.1 e 393.2 382.1 386.9 384.2 150.8 146.8 146.9 147.8 98.5 96.7 96.1 95.1 249.3 243.5 243.0 242.9 2908.7 2916.8 2925.2 2923.3 1250.5 1272.2 1263.4 1275.7 Nov. 3p 419.4 8.1 e 396 . 4 154.7 96.6 251.4 2917.8 1288.7 Week e n d i n a 19 9 7 - S e p . - Demand deposits 3 1996-June Oct. 2. 3. Travelers checks 2 J. • /I • v., , T V i_zvti HXXJ MIIVI II I Vy VUUIIO VI UUpUOIlUI y II lOlllUUVI IO. 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. estimated p preliminary Page 5 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Small-denomination time deposits 2 Savings deposits 1 493 .2 269 . 7 498, 503, 507 , 274 . 0 278 . 8 285 . 2 379.4 383.1 389 . 9 76.5 77.2 78.4 455.9 460.4 468.3 941. 943. 945.7 512. 515. 521.5 288.1 292.0 299.3 402. 1 404.0 412.3 78.8 79.4 79.2 480.9 483.4 491.5 354.3 355.0 351.8 946.8 948.2 947.4 525.7 530.6 538.3 296.3 305.4 311.8 412.2 418.1 427.1 81.1 81.9 82.0 493.3 500.1 509.1 598.2 601.1 606.7 350.7 352.2 351.2 948.9 953.3 957.9 548.1 543.9 548.0 311.6 311.6 318.9 439.6 441.1 449.6 82.6 82.4 83.4 522.1 523.6 533.0 1329.9 1341.4 1356.7 613.2 615.0 618.3 347.7 347.5 345.9 960.9 962.5 964.3 552.5 567.0 578.3 324.1 329.2 338.9 466.3 472.0 485.3 84.8 85.2 85.6 551.1 557.2 570.9 375.1 1370.4 621.0 345.6 966.6 581.8 345.3 491.7 85.3 577.0 976.2 984.7 989 . 0 983 .5 3 7 0 . ,6 372 .. 3 377 ., 1 3 7 8 . .7 1 3 4 6 .. 8 1 3 5 7 .. 0 1 3 6 6 .. 0 1 3 6 2 .. 2 6 1 7 . ,0 6 1 8 . .4 6 1 9 .. 2 6 1 9 .. 0 3 4 6 ., 5 3 4 5 . .9 3 4 5 .. 6 345 ..5 963 964 964 964 .5 .3 .8 .6 576 . 8 579 . 2 578.3 579 . 1 338.3 337.9 336.3 343 . 8 480.9 488.0 488.8 485.0 85.6 86.0 85.8 85.0 566.5 574.0 574.6 570.0 6 13 20 27p 992.4 996.8 999 . 6 995 .3 3 7 3 . ,6 374 .. 0 3 7 6 .. 1 3 7 6 . .4 1 3 6 6 . .0 1 3 7 0 . .7 1 3 7 5 . .7 1 3 7 1 , .7 6 1 9 . .4 6 1 9 . .9 6 2 0 . .8 622 . 3 3 4 5 . .8 3 4 6 .. 1 3 4 5 . .7 3 4 5 . .4 965.3 966 . 0 966.5 967 . 7 577.4 580.0 583.0 583.9 340.8 347.7 343.9 346.2 487.9 492.0 488.6 493.5 85.3 85.6 85.5 85.0 573.2 577.6 574.1 578.5 3p 989 . 9 3 7 5 .. 0 1364 . 9 6 2 3 ,, 3 344 ..3 967 . 6 585.3 349.0 498.7 85.1 583.8 At thrift institutions 350 . 8 At thrift institutions 366 . 7 July Aug. Sep. 844 . 2 857 . 1 865 . 7 366 . 8 365 . 6 365 . 8 1211. 1222, 1231. 580.3 582 . 9 585.4 350, 351, 352, 930. 934 . 9 3 7 .3 Oct. Nov. Dec . 879 . 3 892 . 7 903 . 9 367 . 366 . 367. 1246 , 1259. 1271. 587 . 589 . 592 . 353 . 354 . 353 . 7 1997-Jan. Feb. Mar. 914.0 921.1 934.2 368.5 369.4 370.1 1282.5 1290.5 1304.3 592.4 593.3 595.6 Apr. May June 947.9 945.4 949.9 373.1 375.5 375.5 1321.1 1320.9 1325.4 July Aug. Sep. 955.2 966.7 982.2 374.6 374.8 374.5 p 995.3 8 15 22 29 Oct . Nov. Oct. Week e n d i n g •Sep. p 928 . 8 S a v i n g s d e p o s i t s include S m a l l - d e n o m i n a t i o n time a n d thrifts are s u b t r a c t e d L a r g e - d e n o m i n a t i o n time L a r g e - d e n o m i n a t i o n time official institutions. preliminary Large-denomination time deposits 3 At thrift institutions 75.6 At commercial banks 578 . 0 At commercial banks 837 .4 19 9 6 - J u n e 3. 4. Institutional money funds At commercial banks 4 373.3 Date 1. 2. Retail money funds Total 1204 . 1 Total Total 448.9 m o n e y market d e p o s i t a c c o u n t s . d e p o s i t s — i n c l u d i n g retail 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 from small time d e p o s i t s . 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 , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g facilities. d e p o s i t s at c o m m e r c i a l 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 , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s a n d Page 6 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted RPs 1 Date Non-M3 Components of L Eurodollars2 Savings bonds Bankers acceptances 4 Commercial paper 5 Federal debt Non-Federal debt 199 6 - J u n e 195 . 3 55 . 6 164 .4 4 7 6 . .5 11, . 1 476.1 3767.7 16431.4 July Aug. Sep. 194 . 2 192 . 4 194 . 4 95 . 8 96 , 3 98 . 9 186 .7 186 .9 187 ,. 1 4 7 3 .. 6 4 7 8 .. 1 4 8 3 .. 9 11. , 5 11. .7 12. . 0 473.0 477.7 482.0 3726.4 3740.5 3743.8 10484.6 10523.6 10567.9 Oct. Nov. Dec . 196 . 0 195 . 3 194 . 1 1 0 5 .. 1 107, . 1 113 ,. 9 1 8 7 ,. 1 1 8 7 ,. 0 1 8 7 , .0 4 7 6 . .8 4 8 0 . .0 4 5 6 . ,5 12. . 1 12. .2 12. .2 479.6 483.2 495.5 3756.0 3770.1 3780.0 10616.9 10665.6 10705.7 1997-Jan. Feb. Mar. 198, . 3 2 0 2 ,. 2 2 0 0 , .6 1 1 7 .. 5 1 1 9 . .7 1 2 1 . .7 186 ..7 186 ..4 1 8 6 . .3 4 3 6 ., 1 437 ..6 4 4 1 . ,5 1 1 . ,9 1 2 . ,7 1 3 .. 5 509.1 517.5 525.9 3778.0 3782.6 3796.5 10748.2 10801.1 10848.3 Apr. MayJune 204 ,. 1 204 ,. 6 198 ,. 8 126 . 6 133 . 5 128 . 8 186 ..2 186 . 2 186 . 3 4 4 6 ., 6 4 5 1 . ,7 4 4 2 ., 9 12. . 8 13 .. 1 1 2 .. 6 537 . 8 543.9 555.9 3803.2 3789.7 3776.5 10910.3 10966.3 11004.2 July Aug. Sep. 2 0 8 ., 0 2 1 1 .. 0 2 0 8 .. 2 128 . 9 1 3 1 .. 0 130 ..7 186 ..4 186 ..5 p 422. 2 446. 3 p 12 ..9 13 ..3 p 566.8 565.0 p 3779.4 3784. 5 3788.0 p 11052.7 11102.8 11155.9 p p 2 1 9 . .4 127 ., 3 8 15 22 29 2 1 0 .. 5 2 0 7 . .8 2 0 5 ., 5 2 0 8 ., 5 1 3 1 .. 6 130 ., 3 1 2 9 ., 8 130 . 7 Oct. 6 13 20 27p 2 0 8 .. 8 2 1 8 . ,7 2 1 8 . ,6 2 2 4 .. 5 127 ., 6 128 . 2 126. 7 126 . 6 Nov. 3p 228. 7 127 . 1 Oct. Week e n d i n o 19 9 7 - S e p . 2. Short-term Treasury Debt components 6 „ „ ,, v,y momuuuMo, o a v . u u h l y m u o c iiviu uy u c f j u o u u i y iiidiiiuuuns fcinu uy m o n e y Tunas. 4. 5. 6. 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 monev 7 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 monev 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. Page 7 H.6 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency1 Date Other checkable deposits At commercial At thrift Nontransactions components Total In M26 380.4 8.9 409 . 3 207.6 108.0 315.6 2625.0 1009.1 July Aug. Sep. 383.7 385 . 8 3 8 6.8 9.1 9.0 8.8 410.4 404 . 3 404 . 0 200.8 192.8 186.7 105.8 104.5 103.9 306.6 297.3 290.6 2643.4 2664.5 2672.3 1014.1 1027.0 1042.8 Oct. Nov. Dec. 388.9 392.9 397 . 9 8.6 8.4 8.3 398.7 407.7 418.9 176.9 171.9 173.5 103.8 104.4 104.5 280.7 276.3 278.0 2692.5 2715.9 2734.6 1076.1 1083.0 1097.3 1997-Jan. Feb. Mar. 395 . 6 397 . 7 401.0 8.2 8.3 8.2 405 . 5 394 . 7 396.2 174.8 165.6 160.9 101.8 100.2 101.1 276.6 265.8 261.9 2750.3 2767.6 2802.6 1109.3 1134.2 1145.2 Apr. May June 403 .4 406 . 1 408 . 4 8.2 8.2 8.2 396 . 6 387 . 3 396.2 163.4 153.7 152.8 100.3 96.5 96.7 263.6 250.2 249.5 2828.4 2811.8 2829.7 1155.0 1172.7 1178.1 July Aug. Sep. 411.3 413.4 414.2 8.7 8.8 8.4 398.2 400 . 6 389.6 148.8 148.2 149.3 96.7 96.5 96.2 245.5 244.8 245.5 2846.6 2876.5 2894.7 1205.0 1226.9 1243.5 p 417 . 3 8.2 386.5 146.8 95.9 242.7 2911.0 1276.3 8 15 22 29 415.4 414.2 413.9 413.3 8.5 8.4 8.4 8.4 398.7 391.1 379.6 383 . 4 147.6 146.9 149.0 151.4 99.2 96.5 94.5 93.7 246.9 243.4 243.5 245.2 2910.1 2913.8 2890.2 2870.2 1239.2 1247.4 1242.8 1244.8 Oct. 6 13 20 27p 416.8 418.3 417.4 416.6 8.3 8.3 e 8.2 e 8.1 e 396.1 383 . 6 388.4 377.0 149.0 143.8 146.0 146.6 99.2 96.2 95.0 93.3 248.2 240.0 241.0 239.9 2906.9 2922.5 2916.7 2901.7 1249.3 1278.8 1273.7 1287.7 Nov. 3p 418.1 8.1 e 400.0 153.3 97.7 251.0 2903.5 1296.9 Week ei o; , 1997-Sep. 4. 5. 6. 7. Demand deposits 3 1996-June Oct. 1 2. 3. Travelers checks 2 f ! n r r o n r \ / nntcirlo I I Q T m o ^1 1 Kl 9 LI D A /N an * t'j t v . w . n c a o u i y , i c u c i a i n c D c i v c Dcirmb emu m e v a u u s ot d e p o s i t o r y instiiutions. c=:: 3 How ss £t sss: sssrss.'sss S u m of savings deposits (including m o n e y market deposit accounts), small time deposits, and retail m o n e y fund balances. U S 1 addressees6 e estimated dep0S,tS p ' preliminary ss.6** " m o n e y fund b a l a n c e s , RP liabilities (overnight a n d term) i s s u e d by d e p o s i t o r y institutions, a n d Eurodollars (overnight a n d term) of Page8 H.6 (508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Small-denomination time deposits 2 Savings deposits 1 Total 1207.6 At thrift institutions 351.1 929.5 487.9 264.6 At . commercial banks 4 373.7 368 . 1 366 . 8 366 . 2 1215.1 1226 . 8 1232.8 581.0 582 . 9 584 . 7 350.6 351.2 351.5 931.6 934 . 1 936.2 496.7 503.6 503.3 271.2 278.1 280.4 377.3 382.4 389.5 76.1 77.1 78.3 453.4 459.5 467.8 878. 9 894 . 5 902 . 9 366 . 9 367 . 1 366 . 7 1245.7 1261.5 1269.6 586 . 7 588.5 589 . 8 353.2 353.1 352.4 939 . 9 941.6 942.1 506.8 512.8 522.9 284.7 292.6 300.5 406.7 408.7 413.7 79.7 80.3 79.5 486.4 489.0 493.2 1997-Jan. Feb. Mar. 908. 9 915. 4 935. 1 366 . 5 367 . 1 370 . 5 1275.4 1282.4 1305.6 591.7 593.7 597 . 1 353.9 355.2 352.7 945 . 6 948.9 949 . 8 529.3 536.3 547.2 304.8 315.5 316.4 408.7 416.5 426.3 80.4 81.6 81.9 489.1 498.1 508.2 Apr. MayJune 949. 4 943. 7 952. 7 373 . 7 374 . 8 376 . 6 1323.2 1318.5 1329 . 2 599.9 602.3 607.1 351.8 352.9 351.5 951.7 955.2 958.6 553.5 538.1 541.9 309.2 307.0 313.1 435.6 443.4 449.8 81.8 82.9 83.4 517.4 526.3 533.2 July Aug. Sep. 9 5 8 . .6 9 7 0 .. 0 9 8 3 .. 2 3 7 5 . .9 3 7 6 .. 1 374 ..9 1334 . 5 1346 . 0 1358.1 613.8 615.0 617.5 348.1 347.5 345.5 961.9 962.4 962.9 550.2 568.0 573.7 321.0 328.3 333.1 463.7 470.7 484.5 84.4 84.9 85.4 548.1 555.7 569.9 P 9 9 4 .. 8 3 7 4 . .8 1369.6 620.2 345.1 965.3 576.1 341.2 497.5 86.3 583.8 8 15 22 29 995 . 9 9 7 ,. 980 . 965 . 1 0 5 0 377 376 373 371 . . . . 8 9 8 5 1372.8 1374.0 1354 . 3 1336.6 616.6 617.5 617.9 618.1 346.3 345.4 344 . 9 345.0 962.8 962.9 962 . 8 963 . 1 574.4 577 . 0 573 . 2 570.5 332.7 335 . 3 331.6 333.3 479.9 486.5 487.8 484.4 85.5 85.8 85.7 84.9 565.4 572.3 573.5 569.3 2 3 1 0 375 376 375 372 .4 .8 .5 .6 1372.6 1381.1 1373.6 1357 . 6 619.5 619.7 619.7 620.8 345.8 346 . 0 345 . 1 344 . 6 965 965 964 965 .3 .8 .9 .4 568.9 575.7 578.1 578.7 333 .9 343.3 342. 3 342.0 491.2 498.2 494.7 500.6 85.9 86.6 86.6 86.2 577.1 584.8 581.2 586.8 373 . 4 1359.1 621.8 343 . 4 965 . 2 579.2 345 . 1 505.4 86.2 591.6 At commercial banks 839. 8 At thrift institutions 367 . 7 July Aug. Sep. 847. 0 860. 0 866 . 6 Oct. Nov. Dec . 1996-June Oct. Week e n d i n g 1997-Sep. 3. 4. p Large-denomination time deposits 3 At commercial banks 578 . 4 Date 1. 2. Institutional money funds Retail money funds Oct. 6 13 20 27p Nov. 3p 997 1004 998 985 . . . . 985 . 8 Total At thrift institutions 75.7 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 . S m a l l - d e n o m i n a t i o n time d e p o s i t s — i n c l u d i n g retail 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 cial b a n k s a n d thrifts are s u b t r a c t e d from small time d e p o s i t s . L a r g e - d e n o m i n a t i o n time 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 more, e x c l u d i n g t h o s e b o o k e d at international banking facilities. L a r g e - d e n o m i n a t i o n time d e p o s i t s at c o m m e r c i a l 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 official institutions. preliminary Total 449.4 Page 9 H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPs 1 uate r 5. 6. Eurodollars Total Savings bonds 149.3 51.0 200 . 3 94.9 186.4 July Aug. Sep. 144.7 144.5 147.4 50.4 49.4 49.1 195 . 1 193 . 9 196, .4 94.5 95.5 98.2 186.6 186.7 186.7 Oct. Nov. Dec. 150.7 146.7 143.0 48.3 47.5 45.8 199, . 0 194 ..2 188. .8 106.0 107.3 114.7 1997-Jan. Feb. Mar. 150.6 152.6 151.1 45.7 46.9 46.8 1 9 6 .. 3 1 9 9 . ,5 1 9 7 ., 9 Apr. May June 155.8 160.7 156.9 47.0 46.5 47.0 July Aug. Sep. 161.3 165.3 163.5 p Short-term T reasury securities 3 462.7 Bankers acceptances 4 Debt components 6 Commercial paper6 Federal debt Non-Federal debt 11.2 467.0 3698.1 10405.3 472.9 482.0 476.9 10.7 ll.l 12.0 467.8 473.6 483.1 3708.3 3730.9 3736.1 10455.9 10491.6 10544.5 186.8 186.9 187.0 461.0 480.1 469.7 12.2 12.4 12.6 486.1 485.2 493.8 3740.9 3771.4 3787.9 10598.1 10646.9 10697.1 119.2 121.1 122.9 186.8 186.6 186.6 441.6 441.3 453.6 12.5 12.9 13.4 510.3 517.4 523.4 3773.4 3783.0 3815.4 10734.0 10763.3 10803.1 202. 8 207. 2 203. 9 125.7 132.2 127.9 186.5 186.4 186.3 448.2 441.6 435 . 1 13.0 12.9 12.6 539.9 548.7 552.0 3810.3 3781.3 3766.2 10872.0 10934.1 10976.9 47.4 47.8 47.2 208. 7 213. 0 210. 7 127.2 129.9 129.8 186.3 186.3 p 421.7 450.1 p 12.1 12.6 p 560.4 560.3 p 3759.9 3774.4 3780.4 p 11023.0 11069.6 11131.9 p 175.0 47.8 222.8 128.5 8 15 22 29 164.1 163. 6 161.9 164. 1 47. 6 47. 1 47.1 46.8 211.7 210. 6 209.0 210.9 129.5 129 . 2 128.7 131.4 Oct. 6 13 20 27p 163.3 174. 3 174. 3 181.4 47.4 47.5 47.9 48. 1 210.7 221.9 222.2 229.6 127.7 128.8 128.0 129.3 Nov. 3p 183.7 48.0 231.7 128.4 Week e n d i n g 19 9 7 - S e p . 3. At thrift institutions 199 6 - J u n e Oct. 1. 2. At commercial banks Non-M3 Components of L 2 Overnight and term RPs of $ 1 0 0 , 0 0 0 or more issued by depository institutions, excluding those held by depository institutions and by money funds a n d ' b y ^ o n e y funds?" a U marke?mutuaMunds a nd f o r e i ^ e n t i t i e s ' U S 1 8 W <h r e m a i n i n g m a t u r i t i e s o f l e s s t h a n 1 2 ' ' and bankln 9 ,h8 K W « m and Canada, months held by other than depository institutions, Federal Reserve Banks, money T « l ? L « l n k e r S a , C C e P t a n , c e s h e ^ d b y a ? c ® P t i n 9 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 for preliminary Digitized FRASER Page 10 H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve 4.8 6 .1 14.5 25.4 4.4 151.6 108.8 76.9 337.3 13.0 13.4 13.8 2.9 2.7 4.6 5 .3 5 .1 6 .2 17.4 12.2 20.5 25.7 20.1 31.3 4.1 3.8 3.4 151.9 151.8 151.4 108.7 108.6 108.6 77.5 79.8 82.3 338.1 340.2 342.3 1.4 1.4 1.4 14.9 16.4 17.9 3.0 3.3 4.3 5 .0 5 .0 5 .7 11.0 11.6 11.9 19.0 19.9 21.9 3.1 2.8 2.5 151.3 151.4 151.3 108.2 107.7 107.1 85.3 88.7 92.2 344.8 347.7 350.6 9 .2 9 .3 9 .3 1.7 1.5 1.4 18.6 18.3 18.0 4.1 2.8 3.1 6 .2 5 .1 5 .9 20.2 14.7 17.8 30.5 22.6 26.7 2.4 2.4 2.4 151.3 151.3 151.4 106.6 106.3 105.9 93.9 e 95.6 * 97.3 e 351.7 • 353.2 • 354.6 • Apr. May June 9.5 9.9 10.3 1.3 1.4 1.5 17.9 17 . 8 17 . 8 5.3 2.5 3.9 11.7 12.7 8.1 21.7 29.6 22.5 38.7 44.8 34.5 2.6 2.9 3.2 151.6 151.8 152.0 105.5 105.2 104.9 99.0 100.7 102.4 356.1 357.7 359.3 July Aug. Sep. 10.4 10.4 10.4 17.8 17.8 17.8 1.8 1.8 3.2 5.0 4.9 6.2 18.2 12.4 20.1 24.9 19.1 29.4 3.3 3.3 3.3 152.0 152.0 152.0 104.6 104.3 104.0 104.1 105.8 107.5 360.7 362.1 363.5 Oct. 10.4 1.5 17.8 1.7 5.5 16.0 23.1 3.3 152.0 e 103.7 e 109.2 a 364.9 e 8 15 22 29 10.4 10.4 10.4 10.4 1.5 1.5 1.5 1.5 17.8 17.8 17.8 17.8 2.1 4.7 4.6 1.7 4.7 5.3 7.9 7.1 8.3 8.6 27.8 37.1 15.0 18.7 40.3 45.9 3.3 3.3 3.3 3.3 Oct. 6 13 20 27p 10.4 10.4 10.4 10.4 1.5 1.5 1.5 1.5 17.8 17.8 17.8 17.8 1.8 1.4 2.2 1.4 19.5 6.9 13.9 21.5 26.8 13.6 21.3 29.1 3.3 3.3 3.3 3.3 Nov. 3p 10.4 1.5 17.8 1.7 20.4 27.2 3.3 Date Foreign commercial banks Foreign official institutions 1996-June 8 .9 1.5 July Aug. Sep. 9 .1 7 .9 8 .5 1.6 1.5 1.4 Oct. Nov. Dec. 8 .6 8 .8 9 .1 1997-Jan. Feb. Mar. Week e n d i n g 19 9 7 - S e p . e p Time and savings deposits due to foreign banks and official institutions 13.0 estimated preliminary 5.1 Note balances at depository institutions Total cash balance At commercial banks At thrift institutions At money market funds Total