Full text of H.6 Money Stock Measures : November 3, 1988
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FEDERAL RESERVE statistical release These data are scheckjled for release each Thursday at 4:30 p.m. V^TRESV: H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES NOVEMBER Billions of dollars Date Ml 1 M2*= 3, 1988 Debt5 M3 J Seasonally adjusted 1986-OCT. NOV. DEC. 694.9 706.4 725.4 2766.0 2782.6 2807.7 3448.4 3464.1 3490.8 4083.7 4104.8 4134.3 7405.3 7482.0 7572.7 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 2827. 2829. 2834. 2847. 2849. 2851. 2858. 2869. 2880.8 2894.5 2896. 2901. 3515.6 3524.5 3533.2 3550.5 3565.2 3581.1 3588.8 3607.1 3622.6 3644.5 3659.5 3664.2 4163.2 4175.8 4174.6 4190.3 4218.5 4233.3 4236.3 4259.4 4285.6 4314.7 4326.0 4327.0 7638.8 7680.7 7729.0 7790.9 7856.8 7916.0 7960.3 8015.4 8080.6 8149.7 8226.2 8279.3 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. 758.8 759.5 762.9 770.1 770.2 776.5 782.3 782.5 782.3 2925.1 2946.2 2967.5 2990.9 3002.2 3016.5 3025.9 3032,0 3035.2 3690.2 3722.6 3747.8 3771.1 3788.1 3812.6 3835.1 3847.5 3852.7 4364.1 4395.5 4421.8 4464.5 4494.8 4509.1 4552.3 4572.9 p 8324.0 8380.2 8443.0 8502.4 8561.5 8619.6 8675.6 8738.2 p Not seasonally adjusted 1986-OCT. NOV. DEC. 692.8 709.5 740.6 2765.9 2785.7 2821.4 3448.4 3470.6 3507.6 4083.2 4113.0 4152.3 7375.4 7449.2 7556.6 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9 2839.8 2817.1 2826.4 2854.9 2835.8 2849.9 2862.4 2868.0 2875.8 2895.1 2899.9 2914.7 3527.8 3513.0 3526..9 3555..7 3553..4 3577..1 3586.8 3604.4 3620..5 3644..5 3666.8 3680.8 4181.1 4171.1 4174.0 4192.0 4201.8 4230.0 4227.8 4252.2 4280.7 4315.0 4335.8 4345.1 7621.7 7645.3 7693.3 7755.1 7820.4 7884.5 7932.7 7986.6 8052.1 8120.2 8192.3 8261.2 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. 764.7 745.0 752.1 778.3 763.8 778.8 785.5 781.2 779.8 2937..4 2933..6 2958..9 2998..5 2988..3 3014..3 3030.4 3031.2 3030.4 3702. 3711. 3740, 3776. 3775. 3807. 3832. 3845. 3851, 4382.7 4391.1 4420.3 4464.8 4477.3 4505.6 4541.7 4565.0 8306.3 8343.8 8405.8 8465.8 8524.3 8586.9 8640.4 8695.1 Footnotes appear on the following page, p — i n d i c a t e s preliminary data. H.t> 1 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual *~ates Ml M2 MS D. bt 1 3 Months from JUNE 1988 to SEP. 1988 5.0 2.5 4.2 8.3 6 Months from MAR. 1988 TO SEP. 1988 5.1 4.6 5.6 8.5 12 Months from SEP. 1987 TO SEP. 1988 4.7 5.4 6.4 9.0 3.8 2.9 4.8 APR. %'&, 1988 (26 weeks previous) 5.1 4.7 5.9 OCT. 2b, 4.5 5.4 6.4 Thirteen weeks ending OCTOBER 24> 1988 from thirteen weeks ending: JULY 25, 1988 (13 weeks previous) 1. 1987 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely > May 1988 to August 1988, February 1988 to August 1988, and August 1987 to August 1988, 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 (NOHI and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole ard then adding this result to seasonally adjusted Ml. , . - , . - - , Consists of M2 plus large-denominatir*n 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 foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exemot institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinartcial sectors. Private debt consists of corporate bonds, mortgages, consumer credit fincluding bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments. The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases, p'jblished levels of credit market debt are measured on a quarter-end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Sea:sonally adjus ted Ml Period ending 13-week average 4-week average M2 week average M3 13-week average 4-week average week average 13-week average 4-week average week average 1988-AUG. 1 8 15 22 29 776.2 777.2 778.1 779.2 780.1 783.1 782.4 782.1 782.4 782.0 784.2 782.1 780.2 783.2 782.6 3015.3 3017.8 3020.1 3022.3 3024.3 3026.0 3026.5 3027.9 3030.5 3031.6 3029.7 3029.4 3028.7 3034.2 3034.2 3813.3 3818.1 3822.7 3827.0 3831.3 3837.4 3840.9 3842.9 3845.5 3847.4 3843.5 3846.5 3843.3 3848.6 3851.3 SEP. 5 12 19 26 780.8 781.6 782.0 782.4 782.3 782.8 783.1 783.5 783.0 782.3 784.6 784.0 3026.0 3028.0 3029.7 3030.9 3033.5 3036.1 3037.1 3037.1 3036.9 3039.0 3038.3 3034.1 3834.8 3838.5 3841.7 3844.0 3848.4 3851.1 3853.2 3853.0 3850.4 3854.2 3856.9 3850.4 OCT. 3 10 17p 24p 782.8 782.8 783.0 782.9 783.3 783.9 783.6 782.8 782.1 784.8 783.6 780.8 3031.5 3032.2 3033.8 3034.8 3035.6 3035.0 3036.2 3036.8 3030.9 3036.6 3043.2 3036.6 3846.8 3849.3 3852.1 3854.4 3854.6 3857.5 3861.0 3865.6 3856.9 3865.6 3871.0 3868.9 Not seasonally adjusted Ml Period ending 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 1988-AUG. 1 8 15 22 29 776.3 778.0 779.5 781.1 782.0 784.1 782.2 782.3 783.5 781.0 777.8 791.9 786.8 777.6 767.7 3011.9 3016.1 3019.7 3023.0 3025.4 3029.2 3028.5 3030.2 3033.2 3031.3 3024.9 3041.0 3037.4 3029.3 3017.5 3807.1 3813.3 3819.1 3824.2 3828.5 3833.1 3836.8 3840.8 3844.9 3845.3 3834.1 3854.0 3849.9 3841.4 3836.0 SEP. 5 12 19 26 782.1 782.7 782.8 782.7 780.1 781.3 782.5 781.3 788.1 791.8 782.4 763.0 3026.4 3028.3 3029.7 3030.7 3030.6 3032.7 3033.5 3031.6 3038.2 3045.8 3032.5 3010.0 3831.7 3835.4 3838.8 3841.8 3845.7 3849.1 3851.9 3851.4 3855.6 3863.2 3852.8 3834.0 OCT. 3 10 17p 24p 781.8 780.9 781.0 780.9 778.6 777.8 779.1 781.2 777.3 788.4 787.7 771.2 3030.7 3030.8 3032.3 3033.3 3029.7 3029.4 3033.9 3039.1 3030.5 3044.6 3050.3 3031.0 3844.3 3847.0 3850.1 3852.8 3851.7 3854.4 3859.9 3866.4 3856.8 3873.9 3875.0 3859.9 Note: S p e c i a l c a u t i o n should be taken in i n t e r p r e t i n g week-to-week changes in money supply d a t a , which are highly v o l a t i l e and subject to revision. p—indicates preliminary data. h.r IbOdl Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransact ions components Small time deposiIts8 Savings deposits7 Demand deposits3 Other checkable deposits4 In M2 5 In M3 only6 A* commercia 1 banks At thrift institutions Total At . commercial banks At thrift institutions Total Date Currency Travelers checks2 1987-MAY JUNE 187.0 187.8 6.7 6.8 298.9 293.3 253.9 254.3 2102.5 2109.4 716.2 729.6 174.0 175.3 235.5 237.8 409.5 413.1 359.0 361.6 487.0 490.5 845.9 852.1 JULY AUG. SEP. 189.0 190.2 191.4 6.8 6.9 7.0 292.3 292.1 290.5 255.6 257.2 258.6 2114.3 2122.9 2133.3 730.9 737.8 741.8 176.9 178.3 178.7 238.7 239.5 240.0 415.5 417.8 418.6 364.4 366.7 368.3 494.7 499.1 503.8 859.1 865.9 872.1 OCT. NOV. DEC. 193.1 195.0 196.5 7.0 7.0 7.1 295.9 291.3 288.0 260.3 259.5 259.3 2138.3 2143.7 2150.2 750.0 763.0 763.2 178.4 178.2 178.2 238.6 236.8 236.0 417.0 415.0 414.3 374.2 381.6 384.6 509.1 520.1 528.5 883.3 901.7 913.1 1988-JAN. FEB. MAR. 198.4 199.3 200.9 7.2 7.3 7.3 289.9 287.8 287.9 263.3 265.0 266.9 2166.3 2186.8 2204.6 765.1 776.3 780.2 179.0 181.0 183.2 235.3 235.2 236.6 414.4 416.2 419.8 388.0 393.7 397.5 536.6 547.8 556.0 924.6 941.5 953.5 APR. MAY JUNE 202.5 203.6 204.9 7.3 7.4 7.3 290.2 287.4 289.9 270.1 271.9 274.4 2220.8 2232.0 2240.0 780.2 785.9 796.1 184.2 186.0 188.0 238.6 239.2 241.0 422.7 425.1 429.0 402.5 404.7 406.8 562.3 567.3 568.1 964.8 972.0 974.9 JULY AUG. SEP. 206.3 207.2 208.5 7.2 7.2 7.3 290.6 290.1 288.4 278.2 278.0 278.2 2243.6 2249.6 2252.8 809.2 815.5 817.5 189.5 190.7 190.3 242.4 243.5 243.1 432.0 434.1 433.4 409.8 414.1 420.9 568.7 571.6 576.9 978.5 985.7 997.9 208.0 7.2 289.4 278.0 1 Neek ending 1988-AUG. 29 2251.6 817.1 190.6 243.7 434.3 415.4 572.6 988.0 SEP. 5 12 19 26 207.5 207.8 208.7 209.6 7.3 7.3 7.3 7.3 291.3 289.3 289.7 287.8 277.0 277.9 278.9 279.3 2253.9 2256.7 2253.6 2250.1 813.5 815.2 818.7 816.3 190.7 190.4 190.3 190.3 243.6 243.6 243.2 242.8 434.2 434.0 433.5 433.1 416.2 419.2 421.3 423.0 574.0 575.8 578.0 578.2 990.2 995.0 999.3 1001.2 OCT. 3 10 17p 24p 209.0 208.7 209.4 210.0 7.3 7.3 e 7.3 e 7.3 e 288.8 290.3 288.8 285.7 277.0 278.5 278.1 277.8 2248.8 2251.8 2259.7 2255.8 826.0 829.0 827.7 832.2 190.0 189.7 189.7 189.7 241.7 241.3 241.3 241.1 431.8 431.0 431.0 430.8 425.4 427.3 429.2 430.8 579.0 581.0 581.7 582.7 1004.4 1008.3 1010.9 1013.5 1. 2. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. *. Consists of NON and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions. 5. Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits. This sum is seasonally adjusted as a whole. 6. Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole. 7. Savings deposits exclude MMDAs. 8. Small denomination time deposits—includinq retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. e--indicates estimated data. p--indicates preliminary data. H.6 (508) Table ^-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted La rge time deposits1 commercial banks 2 Date At thrift institutions Debt components6 Non-M3 components of L Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt 1987-MAY JUNE 308.1 311.9 145.9 146.7 454.0 458.6 95.9 96.6 261.6 259.6 42.1 43.1 253.7 252.8 1874.3 1886.7 5982.5 6029.3 JULY AUG. SEP. 312.2 312.8 313.8 148.0 149.6 151.5 460.2 462.4 465.3 97.5 98.1 98.4 254.8 258.9 263.7 43.4 43.S 44.3 251.8 251.8 256.6 1891.6 1909.0 1922.2 6068.7 6106.4 6158.4 OCT. NOV. DEC. 317.5 322.3 323.5 154.8 158.1 161.2 472.3 480.5 484.7 98.8 99.3 100.2 272.7 269.7 258.0 44.5 45.0 45.7 254.2 252.5 258.9 1928.7 1946.4 1956.1 6221.1 6279.8 6323.2 1988-JAN. FEB. MAR. 320.2 324.8 326.3 162.5 163.8 164.0 482.6 488.6 490.3 101.4 102.6 103.5 259.9 255.4 249.6 43.6 40.9 40.6 269.0 274.1 280.3 1962.6 1980.0 2004.9 6361.4 6400.3 6438.1 APR. MAY JUNE 325.7 327.8 334.2 166.4 167.6 167.5 492.1 495.4 501.7 104.6 105.4 106.1 259.3 259.2 248.6 41.2 40.9 40.6 288.2 301.1 301.2 2016.8 2021.8 2031.7 6485.6 6539.7 6587.9 JULY AUG. SEP. 341.3 347.1 352.5 168.0 167.9 171.3 509.2 515.0 523.9 106.9 107.4 p 258.3 264.4 p 40.6 41.1 p 311.5 312.5 p 2040.8 2057.7 p 6634.8 6680.5 p Heek ending 349.7 168.6 518.2 SEP. 5 12 19 26 349.7 352.8 352.5 353.1 169.9 171.1 171.6 171.5 519.6 524.0 524.1 524.6 OCT. 3 10 17p 24p 354.3 356.8 357.2 358.9 172.1 173.2 173.9 173.6 526.4 530.0 531.1 532.5 1988-AUG. 29 1. Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. 3. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds and foreign entities. 4. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p—indicates preliminary data. H 6 (508) Tiible 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Bullions of dollars, not seasonally adjusted Other checkable deposits Travelers Demand checks 2 deposits3 At commercial banks4 At thrift institutions5 Nontransactions components General purpose and broker/dealer money market funds Total In M2 6 In M3 only7 Overnight RPs 8 Overnight Eurodollars9 80.2 81.0 252.3 254.3 2096.0 2105.4 717.5 727.2 55.1 54.7 20.9 20.0 209.9 210.6 173.3 174.9 176.6 81.0 80.8 80.9 254.3 255.6 257.5 2115.6 2123.0 2130.6 724.4 736.4 744.6 56.7 61.2 62.2 18.7 18.4 21.1 210.6 213.1 216.3 295.7 294.1 298.5 177.0 178.0 180.3 81.5 81.4 81.2 258.5 259.3 261.6 2141.4 2144.0 2148.8 749.4 766.8 766.1 65.0 63.1 61.9 20.9 16.5 16.0 218.2 219.7 221.1 6.6 6.8 6.9 295.8 279.1 279.9 184.1 181.8 184.0 81.1 80.1 82.2 265.2 261.8 266.1 2172.7 2188.6 2206.8 765.3 777.5 782.0 64.5 61.8 60.2 18.4 16.4 14.8 225.0 231.0 234.8 201.6 203.6 205.8 6.9 7.1 7.6 292.0 282.9 291.0 190.9 184.9 187.3 86.8 85.2 87.1 277.8 270.1 274.4 2220.2 2224.6 2235.6 777.5 787.3 793.6 60.7 63.6 63.9 15.4 17.2 17.1 235.8 231.8 228.9 207.9 207.9 207.9 8.2 8.2 7.9 292.7 288.7 287.1 188.4 188.5 189.3 88.4 87.8 87.6 276.8 276.3 276.9 2244.9 2250.0 2250.6 801.9 814.0 820.9 62.3 64.7 63.6 15.6 15.8 14.4 229.6 230.8 230.9 1088-AUG. 29 206.4 8.1 281.5 271.6 2249.8 818.6 65.2 16.4 232.3 5 12 19 26 209.0 208.8 207.7 206.7 290.6 292.0 288.6 278.8 186.0 191.4 193.1 190.4 184.8 85.6 SEP. 89.0 89.9 87.8 84.9 280. 283. 278. 269. 2250. 2253, 2250. 2247. 817, 817, 820. 824. 64 63 63 63 14. 15. 14. 13. 231. 231. 230. 230. OCT. 3 10 17p 24p 207.1 210.4 209.2 208.5 289.9 290.5 292.8 282.4 186. 190. 189. 187. 86.5 89.2 88.5 85.9 272. 280. 278. 273. 2253, 2256. 2262. 2259.8 826. 829. 824. 828. 62 61 63 63 15. 11. 13. 13. 230. 230. 231. 232. Date Currency1 1987-MAY JUNE 187.0 188.6 6.5 7.1 294.1 294.4 172.0 173.4 JULY AUG. SEP. 190.5 190.9 190.9 7.7 7.9 7.6 294.3 290.7 289.3 OCT. NOV. DEC. 192.6 195.9 199. 4 7.0 6.6 6.5 1988-JAN. FEB. MAR. 197.1 197.2 199.2 APR. MAY JUNE JULY AUG. SEP. Heek ending 1 2. Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. . . . . . . . 3. Demand deposits at commercial banks and fore ion-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. , , . _ , - . 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. ...... , . A . i 8. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual funds (general purpose and broker/dealer). , . . , , , 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). e—indicates estimated data, p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Savings deposits1 Money msirket deposit accounts At commercial thrift banks institutions Date Total At At thrift commercial institutions banks Small-denomination time deposits2 Total At At commercial thrift institutions banks Total Large-denomination time deposits3 At At commercial thrift banks* institutions Total 1987-MAY JUNE 369.7 368.5 188.9 186.6 558.6 555.1 175.0 176.8 237.4 240.4 412.4 417.3 356.2 360.4 483.0 487.4 839.1 847.8 308.7 311.2 145.1 145.7 453.7 457.0 JULY AUG. SEP. 366.2 365.0 363.3 183.3 180.0 177.2 549.4 545.0 540.5 178.7 178.5 178.2 241.8 240.0 239.2 420.5 418.5 417.3 364.9 367.9 370.0 494.7 499.0 503.2 859.6 866.8 873.2 309.7 312.3 314.1 146.8 149.4 151.8 456.5 461.7 465.9 OCT. NOV. DEC. 360.0 358.1 358.2 173.9 169.6 167.0 533.9 527.7 525.2 178.6 177.5 176.7 239.3 235.7 233.3 417.8 413.2 410.0 375.1 382.6 385.2 510.5 521.1 529.3 885.6 903.8 914.6 317.3 322.4 323.6 155.7 159.0 161.8 473.1 481.3 485.4 1988-JAN. FEB. MAR. 359.0 359.2 360.9 165.1 163.5 163.8 524.1 522.6 524.7 178.2 179.5 182.5 233.0 232.8 236.1 411.2 412.2 418.6 389.4 394.1 397.2 540.1 550.4 556.5 929.5 944.5 953.7 321.3 325.1 328.4 163.6 164.9 164.2 484.8 490.0 492.6 APR. MAY JUNE 360.3 357.0 359.9 163.0 162.6 162.4 523.3 519.6 522.3 185.1 187.1 189.6 239.4 241.2 243.8 424.5 428.3 433.4 399.6 401.4 405.4 560.9 562.8 564.6 960.5 964.2 970.0 325.6 328.5 333.4 164.8 166.6 166.4 490.4 495.1 499.8 JULY AUG. SEP. 359.4 357.0 353.7 161.7 160.1 157.0 521.1 517.0 510.7 191.5 190.9 189.8 245.7 244.0 242.3 437.1 434.9 432.0 410.3 415.3 422.8 568.9 571.4 576.1 979.1 986.7 998.9 338.5 346.5 352.5 166.5 167.6 171.7 505.0 514.1 524.2 Heek ending 1988 -AUG. 29 355.4 158.9 514.3 190.1 242.4 432.5 416.8 572.2 989.0 350.4 168.8 519.2 158.7 158.2 156.9 155.6 514.8 514.2 510.8 506.8 190.2 190.2 189.6 189.3 242.9 243.0 242.2 241.3 433.1 433.2 431.8 430.5 418.4 421.3 423.2 424.7 573.6 574.7 576.1 577.1 992.0 996.0 999.4 1001.8 350.2 352.0 351.9 353.9 169.9 171.0 171.6 172.6 520.1 523.0 523.5 526.5 155.3 155.4 154.9 153.9 506.1 508.0 509.1 505.2 189.9 190.6 190.1 189.9 242.3 243.2 242.7 241.3 432.2 433.8 432.8 431.2 426.7 428.9 430.1 431.1 580.4 582.6 583.1 583.9 1007.0 1011.5 1013.1 1015.1 355.0 356.9 355.8 357.4 173.1 174.3 174.8 174.8 528.1 531.2 530.6 532.2 SEP. 5 12 19 26 356.1 356.0 354.0 351.3 OCT. 3 10 17p 24p 350.8 352.6 354.2 351.3 Savings deposits exc lude MMDAs. Small-denomination t ime 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 sma]LI time deposi ts. Large-denomination time deposits are those :issued in amounts of $100]•000 or more, excluding those booked at international banking faciliLties. 3. 4. Large-denomination time deposits at commercial banks less those held by money market muitual funds> depository instiLtutions, ;and foreign banks and official institutions. —indicates preliminary data. 1. 2. H.b (b08 ) Table 5-continueJ COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 InstitutionAt At only money commercial thrift market funds banks institutions Date Debt components6 Non-M3 Components of L Total Term o Eurodollars'- Savings bonds Short-term Treasury securities3 Bankers acceptances* Commercial paper5 Federal debt Non-Federal debt 1987-MAY JUNE 82.1 81.7 40.6 40.4 62.9 68.1 103.5 108.5 86.8 87.9 95.8 96.5 256.8 257.8 42.2 43.5 253.6 255.1 1859. 1870. 5961, 6013. JULY AUG. SEP. 83.8 84.0 81.3 38.6 39.8 40.7 69.8 69.4 70.6 108.4 109.2 111.3 84.5 90.2 94.5 97.1 97.7 98.3 251. 257. 260.8 43.6 43.6 44.4 249.2 249.2 256.8 1873. 1888. 1901. 6059. 6098. 6151. OCT. NOV. DEC. 82.5 89.5 89.6 37.6 39.9 38.4 71. 71. 70. 108.7 111.6 108.7 93.0 92.8 90.8 98.8 99.6 100.6 269.8 272.8 260.9 44.8 45.1 45.1 257.1 251.6 257.8 1910. 1936. 1954. 6209. 6255. 6307. 1988-JAN. FEB. MAR. 94.4 98.7 97.4 38. 43 43.8 70. 70. 67. 109.5 113.7 111.4 85.3 85.4 89.7 101 7 102 7 103, 6 262.5 260.5 254.8 43. 41. 40. 272.5 275.8 280.5 1961. 1974. 1993. 6344.4 6369.1 6412.6 APR. MAY JUNE 91.9 90.0 86.3 44. 47. 48. 68. 72. 74. 113.8 119.5 122.2 88.8 91.6 93.3 104, 6 105, 4 105. 9 258.4 254.4 246.9 40. 41. 41. 285.0 300.8 303.8 2001. 2005. 2014. 6464.2 6518.8 6572.0 JULY AUG. SEP. 84.8 84.0 83.7 46. 45. 43. 76. 75. 75.8 123.0 121.0 119.3 96.9 103.1 101.8 106. 5 106. 9 P 254.3 262.4 p 40.8 41.2 p 307.8 309.3 2022.3 2035.8 p 6618.2 6659.3 1988-AUG. 29 84.5 44.8 74.6 119.4 104.3 SEP. 5 12 19 26 83.5 83.9 83.6 83.9 43.8 41.7 44.8 44.1 75. 75. 75. 76. 119, 116. 119. 121. 103. 101. 101. 100. OCT. 3 10 17p 24p 83.7 84.5 84.3 84.5 42.8 44.0 43.3 44.7 77.2 78.0 77.5 77.6 120, 122. 120. 122. 102.4 99.7 98.0 99.7 Neek ending Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount of overnight RPs at thrift institutions. Term Euro dolla rs are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks 2. King offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds. Consists of U.S." Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal 3. Reserve Banks, money market mutual funds, and foreign entities. 4. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p--indicates preliminary data. 1. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted Demand deposits at banks due to Date IRA and K*agh Ac-counts U.S. government deposiits Time and savings deposits due to Foreign foreign banks Foreign and official commercial official institutions banks institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings A* deposits At at commercial commercia 1 , thrift institutionbanks banks At moneymarket funds Total 1987-MAY JUNE 9.0 9.3 2.0 2.0 4.5 4.5 3.4 3.6 16.0 8.7 27.4 21.8 46.8 34.2 1.6 1.6 79.7 79.8 103.7 104.6 13.1 13.3 196.5 1^7.7 JULY AUG. SEP. 9.3 8.9 9.4 2.0 2.0 1.9 4.4 4.4 4.4 3.3 3.0 4.2 5.3 3.4 10.3 23.3 18.6 21.3 31.9 25.0 35.8 1.7 1.6 1.5 80.2 80.7 81.4 105.4 105.7 106.6 13.5 14.0 14.5 199.2 200.4 202.4 OCT. NOV. DEC. 9.5 9.4 9.6 1.8 1.7 1.7 4.4 4.4 4.4 3.2 3.2 3.9 8.9 4.0 4.2 27.4 22.6 18.4 39.5 29.7 26.6 1.5 1.5 1.6 81.8 82.2 82.9 107.1 107.4 108.7 15.4 16.2 16.4 204.4 205.8 208.0 1988-JAN. FEB. MAR. 10.0 9.3 9.2 1.7 1.6 1.5 4.4 4.3 4.4 4.1 3.1 3.6 5.6 3.8 2.9 20.8 25.1 18.7 30.5 32.1 25.2 1.6 1.6 1.6 83.9 84.7 85.5 110.0 111.2 113.2 16.6 16.8 17.1 210.6 212.8 215 8 APR. MAY JUNE 9.0 9.1 9.5 1.8 1.6 1.7 4.4 4.3 4.3 5.3 3.3 4.3 5.1 7.2 4.1 16.4 27.1 16.7 26.8 37.5 25.0 1.7 1.7 1.8 87.3 88.8 89.4 T'5.4 116.5 117.7 18.0 18.6 18.4 2?C. 7 224.0 225.5 JULY AUG. SEP. 9.9 9.2 9.5 1.8 1.6 1.5 4.4 4.4 4.4 3.4 3.0 4.1 3.9 3.2 7.4 18.6 8.9 20.4 25.9 15.1 32.0 1.8 1.7 1.6 90.2 91.2 91.8 119.0 119.5 120.0 e 18.5 18.7 18.8 e 227.7 229.4 230.5 e 4.4 Week ending 8.9 1.6 2.5 3.5 10.3 16.3 1.7 SEP. 5 12 19 26 9.9 10.5 8.8 9.4 1.6 1.5 1.5 1.5 2.9 3.9 6.7 3.2 3.7 3.2 5.8 12.8 9.8 8.5 23.5 31.3 16.4 15.6 36.1 47.3 1.7 1.6 1.6 1.6 OCT. 3 10 17p 24p 9.1 8.8 9.6 9.2 1.6 1.7 1.4 1.5 3.0 3.4 3.7 3.0 12.8 4.8 5.3 5.6 30.4 20.8 21.0 26.4 46.2 29.1 29.9 35.0 1.6 1.6 1.6 1.6 1988-AUG. 29 e—indicates estimated data, p—indicates preliminary data. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposiIts Travelers Demand checks2 deposits3 Currency l Date At commercial banks4 At thrift institutions5 Nontransactions components Total In M2* In M3 only* Overnight RPs 8 Overnight Eurodollars9 Gen eral purpose and broker/dealer money market funds 1987-JUNE 188.6 7.1 294.4 173.4 81.0 254.3 2105.4 727.2 54.7 20.0 210.6 JULY AUG. SEP. 190.5 190.9 190.9 7.7 7.9 7.6 294.3 290.7 289.3 173.3 174.9 176.6 81.0 80.8 80.9 254.3 255.6 257.5 2115.6 2123.0 2130.6 724.4 736.4 744.6 56.7 61.2 62.2 18.7 18.4 21.1 210.6 213.1 216.3 OCT. NOV. DEC. 192.6 195.9 199. 4 7.0 6.6 6.5 295.7 294.1 298.5 177.0 178.0 180.3 81.5 81.4 81.2 258.5 259.3 261.6 2141.4 2144.0 2148.8 749.4 766.8 766.1 65.0 63.1 61.9 20.9 16.5 16.0 218.2 219.7 221.1 1988-JAN. FEB. MAR. 197.1 197.2 199.2 6.6 6.8 6.9 295.8 279.1 279.9 184.1 181.8 184.0 81.1 80.1 82.2 265.2 261.8 266.1 2172.7 2188.6 2206.8 765.3 777.5 782.0 64.5 61.8 60.2 18.4 16.4 14.8 225.0 231.0 234.8 APR. MAY JUNE 201.6 203.6 205.8 6.9 7.1 7.6 292.0 282.9 291.0 190.9 184.9 187.3 86.8 85.2 87.1 277.8 270.1 274.4 2220.2 2224.6 2235.6 777.5 787.3 793.6 60.7 63.6 63.9 15.4 17.2 17.1 235.8 231.8 228.9 JULY AUG. SEP. 207.9 207.9 207.9 8.2 8.2 7.9 292.7 288.7 287.1 188.4 188.5 189.3 88.4 87.8 87.6 276.8 276.3 276.9 2244.9 2250.0 2250.6 801.9 814.0 821.0 62.3 64.7 63.6 15.6 15.8 14.4 229.6 230.8 230.9 OCT 208.9 7.3 288.5 188.6 87.4 276.0 2258.7 828.0 63.0 13.2 231.4 5 12 19 26 209.0 208.8 207.7 206.7 8.0 7.9 7.8 7.7 290.6 292.0 288.6 278.8 191, 193, 190, 184.8 89.0 89.9 87.8 84.9 280. 283. 278. 269. 2250. 2253. 2250. 2247. 817.4 817.5 820.4 824.1 64. 63. 63, 63, 14.6 15.4 14.0 13.5 231. 231. 230. 230. 3 10 17 24p 31p 207.1 210.4 209.2 208.5 207.9 7.6 7.5 7.4 7.2 7.1 289.9 290.5 292.8 282.4 284.5 186. 190. 189. 187. 186. 86, 89, 88. 85, 85, 272. 280. 278. 273. 272. 2253.2 2255.8 2261.9 2258.7 2260.6 826. 829. 824. 828. 830. 62, 61, 63, 63, 64, 15. 11. 13. 13. 14. 230. 230. 231. 232. 232.8 Week ending 19^8-SEP. OCT. 1. 2. e e e e Currency outside U.S. Treasury» Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float. 4. Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. ' 5. Consists of NOH and ATS balances at thrifts* credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. 8. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S residents other than depository institutions and money market mutual funds (general purpose and broker/dealer), ©--indicates estimated data, p—indicates preliminary data.