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

rffcuRi^V

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time

Billions of dollars

Date

October 1, 1998

M11

M22

DEBT5

M33
Seasonally adjusted

1996-Sep.
Oct.
Nov.
Dec.

1094.8
1081.9
1081.3
1082.8

3774.6
3786.0
3804.5
3826.1

4828.0
4862.7
4889.7
4931.1

5985.5
6014.7
6048.2
6083.6

14247.0
14310.1
14373.8
14425.2

1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1080.8
1078.8
1075.0
1068.3
1064.3
1065.4
1065.6
1071.1
1063.5
1061.9
1069.2
1076.0

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

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

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

14466.0
1452^.0
14582.9
14653.9
14703.6
14736.2
14798.6
14867.2
14935.2
15011.0
15089.5
15167.8

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

1073.7
1076.5
1081.1
1080.7
1077.7
1074.5
1071.6
1068.4

4071.8
4105.0
4133.9
4167.2
4177.6
4196.1
4212.7
4242.1

5423.3
5464.1
5530.1
5580.0
5614.4
5645.9
5652.3
5709.3

6683.4
6756.9
6831.8
6864.2
6887.5
6928.7
6925.7 p

15241.6
15322.2
15404.1
15481.8
15554.6
15628.3
15708.7 p

Not seasonally adjusted
1996-Sep.
Oct.
Nov.
Dec.

1091.5
1077.9
1086.6
1104.9

3767.6
3774.7
3807.6
3845.4

4817.1
4856.4
4896.5
4948.9

5975.8
6002.3
6060.8
6111.6

14217.7
14277.6
14358.6
14425.5

1997-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1086.7
1065.6
1068.0
1073.6
1053.9
1064.6
1066.1
1069.7
1060.2
1058.2
1074.4
1097.6

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

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

6111.6
6144.6
6217.3
6274.2
6263.2
6298.7
6336.6
6410.9
6435.7
6469.8
6559.4
6636.8

14449.2
14491.8
14567.8
14635.7
14672.5
14704.3
14752.4
14824.5
14901.0
14974.4
15071.8
15167.4

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

1079.0
1063.9
1074.6
1086.1
1068.4
1073.8
1072.5
1067.1

4073.6
4091.6
4145.1
4188.0
4156.9
4191.2
4213.2
4246.5

5427.4
5461.9
5548.8
5594.6
5592.4
5635.8
5644.2
5710.5

6685.3
6749.1
6854.4
6885.4
6864.3
6910.7
6911.0 p

15224.3
15291.3
15391.2
15464.3
15521.7
15594.6
15660.5

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




Page 2

H.6(508)
Table 2

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

M2

M3

DEBT1

1998 TO Aug. 1998

-3.5

6.2

6.8

5.9

6 Months from Feb. 1998 TO Aug. 1998

•1.5

6.7

9.0

6.1

12 Months from Aug. 1997 TO Aug. 1998

•0.3

7.2

9.8

6.1

Thirteen weeks ending September 21
1998
from thirteen weeks ending:
June 22, 19 9 8 (13 weeks previous)

-2.8

6.2

6.8

Mar. 23, 1998 (26 weeks previous)

-1.4

7.0

8.8

Sep. 22, 1997 (52 weeks previous)

0.3

7.4

9.9

3 Months from May

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, April 1998 to July 1998, January 1998 to July 1998,
and July 1997 to July 1998, 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
M2

M1
Period endiing
1998-June 29

M3

13-week
average
1077.6

4-week
average
1072.1

week
average
1071.1

13-week
average
4179.6

4-week
average
4194.6

week
average
4196.7

13-week
average
5612.7

4-week
average
5645.6

week
average
5646.1

July

6
13
20
27

1077.6
1076.5
1075.3
1074.8

1075.2
1071.8
1071.4
1071.7

1084.1
1060.9
1069.3
1072.4

4184.2
4187.8
4190.1
4193.2

4202.4
4204.9
4208.2
4213.0

4218.0
4205.7
4212.2
4216.2

5617.8
5622.3
5627.1
5633.6

5645.4
5643.6
5645.0
5649.1

5643.5
5642.8
5647.7
5662.5

Aug.

3
10
17
24
31

1074.6
1074.0
1072.9
1071.9
1071.1

1071.4
1072.0
1070.1
1068.3
1066.5

1083.1
1063.3
1061.4
1065.4
1075.7

4197.2
4202.1
4207.0
4212.1
4217.0

4215.0
4222.1
4228.1
4234.1
4241.1

4225.8
4234.1
4236.1
4240.4
4253.8

5640.4
5647.8
5655.0
5661.6
5669.3

5659.7
5674.8
5688.6
5697.9
5709.0

5685.9
5703.1
5702.8
5699.8
5730.4

Sep.

7
14p
21p

1070.5
1069.9
1070.2

1066.9
1068.0
1070.5

1065.0
1065.7
1075.7

4224.0
4231.2
4239.6

4252.1
4265.3
4282.3

4277.9
4289.0
4308.4

5678.9
5688.6
5699.9

5725.7
5743.9
5766.1

5769.6
5775.8
5788.4

Not seasonally adjusted
1998-June 29

1075.9

1071.0

1069.5

4178.1

4189.3

4162.6

5607.0

5635.1

5599.4

July

6
13
20
27

1076.4
1074.7
1072.3
1071.4

1077.8
1074.9
1075.7
1072.9

1100.8
1066.5
1065.8
1058.6

4180.7
4180.6
4180.4
4184.0

4197.5
4200.5
4208.5
4214.8

4242.3
4221.5
4207.6
4187.8

5609.8
5610.3
5612.7
5619.7

5632.2
5629.4
5635.5
5642.7

5656.0
5650.8
5635.6
5628.5

Aug.

3
10
17
24
31

1071.7
1072.0
1071.7
1071.7
1070.8

1069.4
1069.4
1069.0
1068.7
1064.6

1086.5
1066.6
1064.1
1057.4
1070.1

4189.6
4197.3
4204.9
4212.0
4217.3

4210.4
4219.1
4230.4
4242.0
4246.1

4224.5
4256.3
4253.1
4233.9
4241.0

5627.6
5637.6
5647.4
5656.1
5663.9

5646.7
5664.0
5684.1
5701.0
5711.8

5672.0
5720.0
5716.0
5695.8
5715.2

Sep.

7
14p
21p

1070.4
1069.7
1070.1

1064.9
1066.2
1068.8

1068.1
1069.3
1067.7

4224.6
4232.2
4240.5

4258.0
4271.9
4284.3

4303.8
4309.0
4283.2

5673.0
5683.0
5694.3

5728.3
5747.3
5762.9

5786.3
5792.0
5758.2

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p
preliminary data.
Components may not add to totals due to rounding.




Page 4
H.6(508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Other checkable deposits
Currency1

Date
1997-Apr.
May
June

Travelers checks2

403.5
406.0
408.0

8.3
8.2
8.0

Demand deposits3

At commercial
banks4

At thrift
institutions5

Nontransactions components
Total

lnM2 6

In M3 only7

397.3
396.6
398.3

160.6
155.8
154.1

98.5
97.6
97.0

259.1
253.4
251.1

2822.9
2830.2
2845.1

1180.5
1193.7
1201.2

July
Aug.
Sep.

410.
412.
415.

398.
401,
391,

151.0
150.5
150.7

97.4
97.8
97.1

248.
248.
247.8

2859.
2886,
2915,

1227.
1241.
1258.

Oct.
Nov.
Dec.

418.
421,
425,

389.
394.
397,

148.7
147.7
148.5

97.0
96.9
96.7

245.8
244.6
245.2

2937,
2954,
2970,

1275.
1302.
1330,

392.8
392.0
391.2

149.0
147.2
148.9

96.2
98.3
100.5

245,
245,
249,

2998.1
3028.4
3052.8

1351.6
1359.2
1396.2

1998-Jan.
Feb.
Mar.

427.5
431.0
432.4

8.2
8.1
8.1

Apr.
May
June

433.
435.
438.

388.
387,
383,

149.8
146.6
146.1

100.7
99.7
99.3

250,
246,
245,

3086.
3099.
3121.

1412.8
1436.9
1449.8

July
Aug.

441.
443.

377,
373,

144.0
142.7

100.7
100.3

244.7
243.1

3141.1
3173.7

1439.
1467,

Week e n d i n a
1 9 9 8 - J u l y 27

442.4

7.8

380.4

143.0

98.8

241.8

3143.9

1446.2

385.3
367.7
367.3
371.8
382.8

147.2
142.2
141.9
142.4
143.1

100.3
102.6
101.0
99.0
98.0

247.4
244.8
242.9
241.5
241.1

3142.8
3170.8
3174.6
3175.0
3178.1

1460.0
1469.1
1466.8
1459.4
1476.7

367.5
368.3
377.7

139.2
139.3
140.7

103.0
102.1
99.6

242.3
241.5
240.3

3212.8
3223.3
3232.7

1491.7
1486.8
1480.0

Aug.

4.
5.
6.
7.

442.5
443.0
443.5
444.5
444.1

7.8
7.8
7.7
7.7
7.7

Sep.

1.
2.
3.

3
10
17
24
31
7
14p
21p

447.6
448.3
450.2

7.7
7.7
7.7

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.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees, each seasonally adjusted separately.

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




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
Date

Retail

Institutional

Total

money
funds

money
funds

953.0
956.5
960.4

552.8
553.1
559.0

328.5
331.8
338.3

AT"
commercial
banks 4
448.0
449.9
456.6

At
thrift
institutions
80.8
81.1
82.0

565.4
578.9
590.3

342.7
348.4
356.6

467.5
469.0
476.1

83.0
83.4
83.6

550.5
552.4
559.7

967.5
968.4
969.6

595.2
601.5
603.2

363.4
365.7
376.2

477.2
482.9
487.5

83.6
84.4
85.4

560.8
567.3
572.9

345.3
344.5
342.9

971.4
970.8
969.1

614.8
630.0
641.9

380.8
384.7
391.9

489.9
504.6
523.7

87.5
87.8
87.2

577.4
592.4
610.9

626.3
624.1
6,23.5

340.1
339.2
33§.9

966.5
963.2
962.4

651.9
662.8
674.3

408.8
422.0
432.1

521.9
528.6
536.0

88.0
86.5
87.5

609.9
615.2
623.5

1502.7
1517.3

623.5
626.4

337.5
334.0

961.0
960.3

677.4
696.1

430.2
443.3

521.9
528.4

86.8
86.2

608.7
614.5

400.4

1502.2

624.8

335.9

960.7

681.0

433.6

523.4

86.3

609.7

At
commercial
banks

At
thrift
institutions

Total

1997-Apr.
May
June

946.2
946.2
951.2

371.0
374.4
374.6

July
Aug.
Sep.

957.3
968.8
985.4

Oct.
Nov.
Dec.

1317.2
1320.6
1325.8

At
commercial
banks
601.2
603.8
609.2

At
thrift
institutions
351.7
352.6
351.2

374.1
374.3
374.4

1331.4
1343.0
1359.7

615.1
616.6
619.4

347.8
347.8
346.3

962.9
964.4
965.7

999.6
1009.5
1020.9

375.1
374.9
376.6

1374.7
1384.5
1397.5

621.4
624.7
625.7

346.1
343.7
343.9

1998-Jan.
Feb.
Mar.

1033.3
1044.7
1055.2

378.6
382.9
386.6

1411.9
1427.6
1441.8

626.1
626.3
626.2

Apr.
May
June

1078.2
1078.6
1088.4

389.9
395.2
396.4

1468.2
1473.8
1484.8

July
Aug.

1103.6
1117.3

399.1
400.0

1101.8

Week e n d i n a
1 9 9 8 - J u l y 27

Large-denomination time deposits 3

Total
528.8
531.0
538.6

Aug.

3.
4.

1099.3
1121.4
1120.6
1115.1
1111.8

398.5
398.8
400.5
399.7
400.5

1497.9
1520.2
1521.1
1514.8
1512.2

625.3
625.0
626.0
627.5
627.4

334.6
334.7
333.9
333.6
333.4

959.8
959.8
959.9
961.1
960.8

685.1
690.9
693.7
699.1
705.1

439.7
442.6
442.7
441.8
447.6

5 2 7 . .7
5 3 0 ,.7
5 2 8 ,.7
5 2 6 ,.4
527,.6

85.6
86.8
87.0
85.6
85.4

613.3
617.5
615.8
612.0
613.1

Sep.

1.
2.

3
10
17
24
31
7
14p
21p

1138.0
1138.2
1137.7

398.5
400.0
404.7

1536.4
1538.3
1542.3

626.5
627.1
627.7

334.3
334.6
334.2

960.8
961.7
961.9

715.6
723.3
728.4

457.4
453.9
453.9

530,.5
527,.6
529,.2

86.0
86.4
86.4

616.4
614.0
615.7

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

money market deposit accounts.
deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
from small time deposits.
deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and

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




Page 6
H.6(508)
Table 4 - continued

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

Date

RPs

Debt components6

Non-M3 Components of L

Eurodollars2

Short-term
Treasury
securities3
451.2

Savings bonds
1997-Apr.
May
June

202.4
204.1
199.8

120.7
126.7
124.5

186.4
186.3
186.4

July
Aug.
Sep.

207.4
210.3
209.8

126.6
130.2
132.4

Oct.
Nov.
Dec.

219.5
233.9
236.1

1998-Jan.
Feb.
Mar.

Bankers
acceptances4

Commercial paper5

Non-Federal debt

Federal debt

458.6
450.8

12.8
13.0
12.8

534.5
541.1
553.2

3792.3
3783.5

10852.6
10911.3
10952.7

186.4
186.4
186.4

433.5
445.3
445.0

12.7
13.0
12.9

563.6
563.2
563.9

3788.3
3792.5
3795.1

11010.3
11074.8
11140.1

131.8
135.7
145.3

186.4
186.4
186.4

435.2
441.5
429.7

13.4
13.0
12.1

571.3
581.3
606.3

3795.1
3793.8
3798.4

11215.9
11295.8
11369.4

246.9
241.7
259.7

146.5
140.3
133.8

186.3
186.3
186.2

434.5
455.2
438.5

12.2
11.2
11.3

627.1
640.2
665.7

3796.7
3792.7
3797.0

11444.9
11529.4
11607.2

Apr.
May
June

259.7
261.4
254.3

134.3
138.3
139.9

186.1
186.0
186.0

410.8
408.1
397.2

13.0
13.3
13.4

674.2
665.5
686.2

3791.3
3778.6
3775.7

11690.5
11775.9
11852.6

July
Aug.

258.1
265.4

142.6
144.1

186.0

259.4

143.5

Week ending
1998-July 27
Aug.

264.5
265.6
264.6
260.3
271.3

7
14p
21p

274.4
275.9
271.8

371.9

p

14.0

p

701.6

p

3772.9

p

11935.8

142.5
143.3
143.7
145.3
144.7

Sep.

1.
2.

3
10
17
24
31

p

3601.3

143.5
143.1
138.6

4.
5.
6.

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary

3.


Components may not add to totals due to rounding.


p

Page 7

H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Date

Currency1
cy

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

lnM2 6

Total

In M3 only7

1997-Apr.
May
June

403.3
406.0
408.3

8.2
8.2
8.2

397.5
388.5
397.4

163.9
154.1
153.3

100.7
97.1
97.3

264.7
251.2
250.6

2836.3
2821.7
2842.3

1175.0
1192.9
1197.1

July
Aug.
Sep.

411.2
413.3
414.2

8.7
8.8
8.4

399.4
401.7
391.0

149.3
148.7
149.8

97.4
97.2
96.8

246.7
245.9
246.6

2860.4
2891.6
2911.2

1220.0
1239.1
1253.5

Oct.
Nov.
Dec.

417.3
422.4
429.0

8.2
8.0
7.9

388.8
399.8
413.0

147.4
147.2
150.2

96.6
97.0
97.5

243.9
244.2
247.7

2928.8
2951.7
2967.8

1280.8
1306.1
1328.6

1998-Jan.
Feb.
Mar.

426.4
428.9
431.4

7.9
7.8
7.9

396.3
383.1
385.4

152.2
147.4
149.4

96.3
96.8
100.5

248.5
244.1
249.9

2994.6
3027.7
3070.5

1353.8
1370.3
1403.7

Apr.
May
June

433.7
436.1
438.3

7.9
7.9
8.0

388.7
380.2
382.5

152.9
145.0
145.3

102.9
99.2
99.6

255.8
244.2
245.0

3101.9
3088.5
3117.5

1406.6
1435.5
1444.6

July
Aug.

442.6
444.3

8.2
8.2

378.7
373.9

142.5
141.1

100.6
99.7

243.0
240.8

3140.7
3179.4

1431.0
1464.0

Week e n d i n a
1 9 9 8 - J u l y 27

368.7

142.1

97.4

239.5

3129.2

1440.8

3
10
17
24
31

443.1
445.7
444.5
443.6
443.0

8.4
8.3
8.2
8.2
8.1

386.8
370.8
372.7
367.8
377.4

146.8
139.7
139.2
140.5
143.2

101.5
102.2
99.5
97.3
98.4

248.2
241.9
238.7
237.8
241.6

3138.0
3189.7
3189.0
3176.5
3170.9

1447.5
1463.6
1463.0
1461.8
1474.2

Sep.

4.
5.
6.
7.

8.3

Aug.

1.
2.
3.

442.2

7
14p
21p

448.8
447.9
448.1

8.0
8.0
7.9

370.2
374.0
372.7

137.8
137.7
140.0

103.3
101.7
98.9

241.1
239.4
238.9

3235.7
3239.7
3215.6

1482.5
1483.0
1474.9

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.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.

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




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

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

Small-denomination time deposits 2

Retail

Institutional
money
funds

Large-denomination time deposits 3

At
thrift
institutions
352.2
353.1
351.5

Total

money
funds

1323.2
1318.6
1329.5

_
_
commercial
banks
602.1
604.6
609.7

954.3
957.6
961.2

558.9
545.4
551.6

326.2
325.8
332.4

"At
commercial
banks 4
444.9
451.1
455.9

375.0
375.1
374.0

1334.5
1346.1
1358.2

615.9
616.7
618.9

348.2
347.9
346.1

964.1
964.6
965.0

561.7
580.9
588.0

339.0
346.8
351.5

466.5
469.1
478.2

82.8
83.4
83.9.

549.3
552.5
562.2

996.5
1009.2
1019.0

374.0
374.8
375.9

1370.4
1384.0
1394.9

621.2
623.8
624.1

346.0
343.2
343.0

967.2
967.0
967.1

591.1
600.6
605.8

359.6
365.2
378.9

484.3
488.5
488.0

84.8
85.4
85.4

569.1
573.9
573.4

1998-Jan.
Feb.
Mar.

1029.0
1040.2
1060.3

377.0
381.2
388.4

1406.1
1421.4
1448.7

625.7
626.5
626.6

345.1
344.7
343.1

970.7
971.2
969.7

617.8
635.1
652.1

389.8
397.7
400.2

482.5
501.2
522.4

86.2
87.2
87.0

568.7
588.4
609.4

Apr.
May
June

1083.5
1077.1
1091.6

391.8
394.7
397.6

1475.3
1471.8
1489.2

627.1
624.7
623.9

340.5
339.5
339.1

967.6
964.1
963.0

659.0
652.6
665.2

405.8
414.1
424.5

518.4
529.9
534.9

87.4
86.7
87.3

605.8
616.6
622.2

July
Aug.

1106.1
1119.6

400.0
400.9

1506.1
1520.5

624.2
626.5

337.8
334.0

962.1
960.5

672.6
698.4

425.3
441.1

521.0
528.5

86.7
86.2

607.6
614.7

Week e n d i n g
1 9 9 8 - J u l y 27

1093.0

397.3

1490.3

625.1

336.0

961.1

677.7

429.3

523.8

86.4

610.2

Aug.

3
10
17
24
31

1099.6
1134.8
1128.1
1112.3
1104.1

398.7
403.6
403.2
398.7
397.7

1498.3
1538.4
1531.3
1511.0
1501.8

625.8
625.5
626.2
627.4
627.0

334.9
335.0
334.0
333.6
333.2

960.6
960.5
960.2
961.0
960.2

679.1
690.8
697.5
704.5
708.9

428.4
438.9
440.7
444.8
445.2

528.0
530.0
527.8
527.6
528.6

85.6
86.7
86.9
85.8
85.6

613.6
616.7
614.6
613.4
614.1

Sep.

7
14p
21p

1154.0
1149.8
1128.4

404.1
404.1
401.4

1558.1
1554.0
1529.7

626.2
626.6
627.1

334.1
334.4
333.8

960.3
961.0
960.9

717.2
724.7
724.9

451.6
452.2
449.2

531.4
530.3
532.1

86.1
86.8
86.9

617.5
617.1
619.0

Date

950.4
944.8
953.9

372.7
373.8
375.6

July
Aug.
Sep.

959.5
971.0
984.3

Oct.
Nov.
Dec.

3.
4.

At
thrift
institutions

1997-Apr.
May
June

1.
2.

At
commercial
banks

Total

At
thrift
institutions
80.2
81.4
81.9

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.

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




Total
525.1
532.5
537.8

Page 9
H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1
Date

At commercial
banks

At thrift
institutions

Debt components 6

Non-M3 Components of L
Eurodollars2
Savings bonds

Total

Short-term
Treasury
securities3

Bankers
acceptances 4

Commercial
paper5

Federal debt

Non-Federal
debt

1997-Apr.
May
June

155.8
160.7
156.9

47.0
46.4
47.0

202.8
207.2
203.9

120.9
127.5
123.1

186.5
186.4
186.3

449.9
446.6
443.6

13.0
13.0
12.7

539.9
548.7
552.0

3810.3
3781.3
3766.2

10825.4
10891.3
10938.1

July
Aug.
Sep.

160.3
162.9
161.4

47.4
47.9
47.3

207.8
210.8
208.7

123.9
128.9
131.1

186.3
186.3
186.2

431.2
452.4
447.0

12.1
12.7
13.1

560.4
559.2
564.5

3759.9
3774.4
3780.4

10992.6
11050.2
11120.6

Oct.
Nov.
Dec.

173.6
183.8
181.5

47.8
48.6
47.9

221.4
232.4
229.4

130.7
134.5
146.9

186.3
186.4
186.5

425.5
448.3
444.0

13.4
13.0
12.3

576.7
579.6
600.0

3774.4
3792.1
3805.8

11200.1
11279.7
11361.6

1998-Jan.
Feb.
Mar.

199.6
195.8
212.1

46.1
45.9
46.5

245.7
241.6
258.6

149.6
142.6
135.6

186.4
186.3
186.2

432.4
451.2
445.8

12.5
11.2
11.4

626.6
638.5
662.2

3792.4
3795.2
3820.4

11431.9
11496.1
11570.7

Apr.
May
June

212.9
217.3
208.5

47.2
48.2
50.9

260.1
265.5
259.4

134.8
139.2
138.4

186.1
186.1
186.0

409.8
396.9
390.7

13.2
13.3
13.2

681.7
675.7
685.0

3800.2
3765.7
3755.2

11664.1
11756.0
11839.4

July
Aug.

208.5
215.5

50.0
50.4

258.5
265.9

139.5
142.4

185.9

Week e n d i n g
1 9 9 8 - J u l y 27

209.2

50.8

260.0

141.2

Aug.

3
10
17
24
31

214.7
217.3
216.4
209.3
219.3

49.8
49.9
50.0
50.7
51.2

264.5
267.2
266.4
260.0
270.5

141.0
140.9
141.2
143.6
144.3

Sep.

7
14p
21p

219.8
220.6
218.4

52.1
52.5
51.4

271.9
273.0
269.9

141.4
140.7
136.9

p

369.9

p

13.3

p

697.6

p

3740.8

p

11919.8

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p
preliminary
Components may not add to totals due to rounding.



p

Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Demand deposits
at banks due to
Date

Time and
savings
deposits
due to
foreign
banks and
official
institutions

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Foreign
commercial
banks
9.5
9.9

1997-Apr.
May

Foreign
official
institutions
1.3
1.4
1.5

17.9
17.8
17.8

5.3
2.5
3.8

13.0
11.5

Note
balances at
depository
institutions

Total
cash
balance

IRAandKeogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

8.8

21.7
29.6
22.5

39.9
43.6
35.2

2.6
2.9
3.2

151.6
151.8
152.0

105.7
105.4
105.2

92.9
92.2
91.5

350.2
349.4
348.7

June

10.3

July
Aug.
Sep.

10.0
9.4
8.7

1.5
1.5
1.4

17.9
18.2
18.4

1.8
1.8
3.2

4.7
4.9
6.3

18.2
12.4
20.1

24.7
19.1
29.6

3.2
3.0
2.9

152.3
152.5
152.8

104.7
104.2
103.7

91.4
91.7
92.0

348.4
348.4
348.5

Oct.
Nov.
Dec.

8.5
9.0
9.5

1.5
1.5
1.5

18.6
18.9
19.1

1.7
1.7
2.2

5.4
5.1
5.1

16.0
12.4
16.6

23.0
19.2
23.9

2.9
3.1
3.3

152.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.8
349.6
350.4

1998-Jan.
Feb.
Mar.

9.8
9.8
9.9

1.6
1.5
1.5

19.2
19.0
18.9

3.1
1.7
1.8

6.5
5.0
5.5

23.2
14.5
17.6

32.9
21.1
24.9

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.2
97.3
97.4

350.6
350.1
349.7

Apr.

9.9

May

1.5
1.8
2.0

18.3
17.3
16.3

4.6
1.5
2.8

9.7
5.5

June

10.0
10.0

10.4

24.2
43.3
33.1

38.5
50.3
46.2

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
97.8

97.6 e
98.2 e
98.7 e

349.1 e
348.3 e
347.5 e

July
Aug.

10.1
10.1

2.2
2.2

15.7
15.7

1.4
1.4

5.4
5.1

42.0
13.4

48.8
19.9

3.2
3.2

150.9 e
150.7 e

99.2 e
99.8 e

347.0 e
346.9 •

10.1

2.2

15.7

1.2

5.0

47.0

53.2

3.2

3
10
17
24
31

10.1
10.1
10.1
10.1
10.1

2.2
2.2
2.2
2.2
2.2

15.7
15.7
15.7
15.7
15.7

1.5
1.2
1.7
1.3
1.3

5.2
4.9
5.5
4.9
5.2

37.6
11.2
12.6

44.2
17.2
19.9
14.0
18.0

3.2
3.2
3.2
3.2
3.2

7
14p
21p

10.1
10.1
10.1

2.2
2.2
2.2

15.7
15.7
15.7

1.5
2.7
5.7

5.8
5.1
7.1

15.4
12.3
32.0

3.2
3.2
3.2

Week e n d i n g
1 9 9 8 - J u l y 27
Aug.

Sep.

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




7.8

11.5
8.2
4.4

19.2

96.9 e
96.4 e