View original document

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

.-•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

May

1997

(26 w e e k s p r e v i o u s )

-1.8

4.9

7.9

Nov.
1.

5,
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

Travelers checks 2

Demand deposits 3

Other checkable deposits
At commercial

At thrift

Nontransactions components
Total

In M26

In M3 only7

1996-June

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

Oct.

Week e n d i n a
19 9 7 - S e p .

2.
3.
4.
5.
6.
7.

e

-

J.

•

/I •

v., ,

T V i_zvti H X MIIVI II I V VUUIIO VI UUpUOIlUI y II lOlllUUVI IO.
XJ
y

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

Retail
money
funds

Institutional
money
funds

928 . 8

493 .2

269 . 7

At
commercial
banks 4
373.3

At
thrift
institutions
75.6

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

Date

At
commercial
banks
578 . 0

At
thrift
institutions
350 . 8

At
commercial
banks
837 .4

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.

19 9 6 - J u n e

Oct.

Week e n d i n g
•Sep.

1.
2.
3.
4.

p

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




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

Short-term
Treasury

Bankers
acceptances 4

Commercial paper 5

Debt components 6
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.

„

„

,,

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

Travelers
checks 2

Demand
deposits 3

Other checkable deposits
At commercial

At thrift

Nontransactions components
Total

In M26

1996-June

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

Oct.

Week ei o;
,
1997-Sep.

1
2.
3.
4.
5.
6.
7.

f ! n r r o n r \ / nntcirlo I I Q T m o ^1 1 K 9 Ll
I D A / a * t'j t
Nn
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 H ss £t sss: sssrss.'sss
o
w

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

Institutional
money
funds

Large-denomination time deposits 3

At
thrift
institutions
351.1

Total

1207.6

At
commercial
banks
578 . 4

Retail
money
funds

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

Date

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.

Oct.

Nov.
1.
2.
3.
4.

p

6
13
20
27p
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

At commercial
banks

At thrift
institutions

Non-M3 Components of L
Eurodollars

2

Total

Savings bonds

199 6 - J u n e

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

Oct.
Week e n d i n g
19 9 7 - S e p .

1.
2.
3.
r
5.
6.

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
Digitized for preliminary
FRASER


Page 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
13.0

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

estimated
preliminary




5.1

Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total