Full text of H.6 Money Stock Measures : October 10, 1996

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

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreleaseat430p.m. EastemTme

Billions of dollars

Date

OC7OBER10,1996

M11

M22

M33

DEBT5

Seasonally adjusted
1994-OCT.
NOV.
DEC.

1148.9
1148.7
1148.7

3503.7
3506.6
3509.2

4293.5
4304.2
4319.1

5261.4
5280.7
5302.8

13036.7
13102.6
13148.8

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1149.2
1147.7
1148.7
1151.2
1146.1
1144.5
1145.4
1143.8
1140.1
1131.8
1129.0
1124.9

3513.9
3513.8
3518.8
3528.4
3540.8
3569.1
3587.0
3607.3
3620.8
3628.4
3640.2
3657.4

4341.7
4351.8
4369.2
4390.7
4416.9
4453.1
4480.1
4508.2
4529.0
4544.5
4556.2
4570.5

5329.0
5360.5
5395.2
5427.5
5452.7
5489.4
5537.8
5574.4
5621.0
5648.1
5654.6
5679.8

13202.1
13277.6
13345.8
13406.8
13483.6
13561.4
13614.7
13655.0
13706.4
13765.8
13822.4
13869.4

1996-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP. p

1119.2
1117.3
1126.7
1123.6
1117.2
1116.7
1108.4
1099.5
1092.1

3671.7
3687.4
3722.3
3727.5
3721.2
3737.5
3742.9
3755.1
3765.3

4598.1
4635.7
4677.6
4683.8
4693.2
4710.3
4720.0
4739.1
4769.0

5697.9
5718.0
5776.9
5802.1
5796.4
5823.7
5838.1 p

13920.0
13991.4
14066.9
14131.6
14185.9
14244.5
14306.6
14347.4 p

Not seasonally adjusted
1994-OCT.
NOV.
DEC.

1147.8
1155.9
1174.2

3500.3
3513.3
3529.6

4292.6
4317.2
4340.9

5253.0
5295.3
5332.3

13005.2
13089.8
13150.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1159.0
1134.7
1138.8
1159.8
1133.4
1140.5
1145.1
1138.5
1137.3
1131.0
1136.5
1150.7

3517.0
3495.6
3512.5
3542.9
3527.3
3567.6
3592.5
3608.5
3617.3
3624.4
3645.8
3677.1

4346.2
4333.9
4360.9
4398.1
4403.0
4451.1
4480.8
4511.6
4523.8
4544.5
4569.1
4591.6

5341.7
5349.6
5396.7
5435.1
5434.2
5481.7
5534.0
5574.8
5606.1
5637.7
5668.0
5709.3

13181.8
13234.8
13304.9
13358,5
13431.5
13515.8
13560.6
13607.0
13670.3
13731.5
13806.7
13869.2

1996-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP. p

1128.1
1103.6
1116.0
1129.9
1104.0
1112.8
1108.5
1095.4
1089.6

3673.4
3667.8
3715.0
3740.4
3706.7
3735.9
3749.9
3759.0
3762.4

4602.7
4616.8
4667.4
4688.6
4678.1
4707.6
4722.2
4745.1
4763.8

5711.3
5707.1
5777.6
5807.6
5777.2
5814.9
5835.3 p

13900.0
13952.2
14034.5
14091.4
14136.9
14196.3
14245.8
14292.7 p

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 Months from JUNE 1996 to SEP. 1996

-8.8

3.0

5.0

4.6

6 Months from MAR. 1996 TO SEP. 1996

-6.1

2.3

3.9

5.1

12 Months from SEP. 1995 TO SEP. 1996

-4.2

4.0

5.3

5.1

-6.9

2.7

4.0

Thirteen weeks ending SEPTEMBER 30, 1996
from thirteen weeks ending:
JULY 1, 1996 (13 weeks previous)

1.

APR.

1, 1996 (26 weeks previous)

-4.0

3.2

4.5

OCT.

2, 1995 (52 weeks previous)

-3.8

4.1

5.2

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, May 1996 to August 1996, February 1996 to August 1996,
and August 1995 to August 1996, respectively.
t

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 (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M 1 .
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds (money funds with minimum initial investments of $50,000 or more), 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 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 en(iing

M3

M2

4-week
average
1114.7
1110.4
1108.4
1106.7

week
average
1106.0
1102.6
1106.9
1111.1

13-week
average
3729.6
3729.5
3730.6
3733.6

4-week
average
3739.8
3737.9
3740.3
3741.9

week
average
3743.1
3736.7
3742.7
3744.9

13-week
average
4698.9
4701.0
4703.9
4707.6

4-week
average
4712.9
4712.4
4716.7
4719.8

week
average
4722.1
4715.4
4720.5
4721.0

1996-JULY

8
15
22
29

13-week
average
1117.5
1115.8
1114.4
1114.2

AUG.

5
12
19
26

1113.1
1111.9
1110.2
1109.2

1107.1
1106.3
1103.8
1100.9

1107.9
1099.4
1096.6
1099.6

3735.9
3738.2
3740.7
3743.7

3744.6
3748.6
3751.4
3754.4

3754.0
3752.6
3754.2
3756.8

4710.1
4713.3
4717.0
4721.2

4721.2
4726.6
4731.0
4736.8

4727.8
4737.0
4738.0
4744.3

SEP.

2
9
16
23p
3 Op

1107.3
1106.0
1103.8
1101.7
1099.6

1098.5
1097.8
1096.4
1093.5
1091.6

1098.2
1096.5
1091.1
1088.1
1090.5

3745.7
3748.5
3750.5
3752.6
3754.1

3755.0
3760.1
3764.2
3765.0
3765.7

3756.3
3773.1
3770.4
3760.3
3758.8

4724.2
4727.8
4731.8
4737.5
4742.6

4741.4
4747.1
4754.8
4763.3
4770.4

4746.1
4760.0
4768.7
4778.3
4774.5

Not seasonally adjusted
1996-JULY

8
15
22
29

1114.1
1111.5
1109.0
1108.5

1113.3
1111.6
1112.6
1107.1

1125.6
1112.6
1098.7
1091.5

3727.6
3726.4
3726.8
3730.2

3739.9
3742.0
3749.8
3749.5

3769.4
3758.4
3741.6
3728.7

4693.3
4694.5
4697.1
4701.9

4707.8
4709.1
4718.9
4722.4

4735.9
4731.2
4716.6
4706.0

AUG.

5
12
19
26

1108.0
1107.7
1107.0
1106.5

1104.1
1101.6
1100.7
1097.6

1113.7
1102.6
1095.0
1078.9

3734.2
3738.3
3742.7
3746.8

3749.3
3751.9
3756.8
3760.0

3768.5
3768.6
3761.4
3741.4

4706.5
4712.0
4717.4
4722.8

4723.7
4729.5
4736.8
4744.1

4740.8
4754.7
4745.5
4735.4

SEP.

2
9
16
23p
3 Op

1104.5
1103.7
1102.0
1100.3
1097.4

1092.0
1094.0
1094.4
1092.9
1089.1

1091.4
1110.6
1096.5
1072.9
1076.4

3748.8
3752.0
3754.4
3756.7
3757.1

3756.1
3762.7
3767.7
3767.3
3762.7

3753.0
3795.0
3781.3
3740.0
3734.4

4725.9
4729.6
4733.7
4739.6
4743.9

4745.2
4751.2
4759.6
4764.3
4764.8

4745.0
4779.0
4779.0
4754.0
4747.1

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
Nontransactions components

Other checkable deposits
Currency1

Date
1 9 9 5 -MAY
JUNE

e

At commercial
banks4

At thrift
institutions5

Total

lnM2*

In M3 only7

9.1
9.0

382.1
386.5

283.5
277.0

103.9
105.0

387.4
382.0

2394.6
2424.6*

876.2
884.0

JULY
AUG.
SEP.

367,
368,
369,

8.9
8.9
8.8

388,
389,
389,

276.2
272.0
266.4

104.6
105.1
106.0

380.8
377.2
372.4

2441.6
2463.6
2480.7

893.1
900.9
908.2

OCT.
NOV.
DEC.

370.8
371.6
373.2

8.8
8.9
8.9

388,
388,
389.8

258.1
254.1
245.6

105.9
106.3
107.4

364,
360,
353

2496.6
2511.2
2532.6

916.2
916.0
913.1

1996 -JAN.
FEB.
MAR.

373,
373,
375,

8.9
8.9
8.9

393.5
397.4
407.1

236.5
230.4
226.0

106.6
107.4
109.4

343.2
337.8
335.4

2552.5
2570.0
2595.6

926.4
948.3
955.3

APR.
MAY
JUNE

376,
377,
379,

406.3
409.7
413.7

225.4
214.5
207.6

107.1
107.2
107.4

332.4
321.8
315.0

2603,
2604,
2620.8

956,
971,
972.8

JULY
AUG.
SEP. P

382.6
385.0
387.4

410.5
407.5
405.5

201.6
193.6
186.3

105.2
105.2
104.3

306.8
298.7
290.5

2634,
2655,
2673.2

412.1
408.9
405.3
405.6

197.0
193.0
193.1
194.9

106.1
104.8
105.1
104.9

303.1
297.8
298.2
299.8

2646.1
2653.3
2657.4
2657.2

973.8
984.3
983.8
987.5

407.6
410.9
406.0
402.3
401.0

191.3
186.4
186.2
186.0
186.0

105.2
104.6
103.7
102.8
105.3

296.6
291.0
289.9
288.8
291.3

2658.1
2676.7
2679.3
2672.1
2668.3

989.8
986.9
998.3
1018.1
1015.6

SEP.

4.
5.
6.
7.

Demand deposits3

367.6
367.0

Week e n d i n a
1 9 9 6 -AUG.

1.
2.
3.

Travelers checks2

5
12
19
26

384.2
384.3
384.9
385.9

8.4
8.4
8.4
8.3

2
9
16
23p
3 Op

385.8
386.3
386.8
388.0
388.8

8.3
8.2
8.4
9.0
9.3

e
e
e
e

977
984
1003,

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.
estimated




p

preliminary

Page 5
H.6(508)
Table 4 - continued

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

Total

money
funds3

money
funds4

At
commercial
banks 6

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

369.7
367.7

1089.5
1097.0

554.1
560.9

351.8
352.5

905.9
913.4

399.3
414.2

203.7
213.2

313.6
316.3

70.4
70.9

384.1
387.2

JULY
AUG.
SEP.

731.3
739.1
746.3

365.0
362.4
362.1

1096.2
1101.6
1108.4

566.2
569.6
571.5

352.8
353.7
355.0

919.0
923.3
926.4

426.3
438.7
445.9

218.6
218.5
221.7

320.8
323.0
326.6

72.7
73.3
73.7

393.5
396.4
400.3

OCT.
NOV.
DEC.

753.9
760.3
775.0

362.2
360.3
359.5

1116.1
1120.6
1134.6

573.1
576.6
578.3

356.7
358.5
359.4

929.8
935.1
937.7

450.6
455.5
460.3

223.7
224.8
227.2

335.2
340.5
342.1

74.4
74.8
75.1

409.7
415.3
417.2

1996 -JAN.
FEB.
MAR.

793.2
804.1
821.0

358.6
360.4
362.1

1151.8
1164.5
1183.0

580.7
580.1
577.9

356.9
357.0
354.6

937.5
937.1
932.5

463.2
468.4
480.1

230.6
243.9
248.3

340.0
345.3
352.9

76.1
76.2
75.6

416.1
421.5
428.4

APR.
MAY
JUNE

826.9
829.7
838.2

366.3
367.9
368.8

1193.2
1197.5
1206.9

576.2
574.8
575.0

354.1
353.4
352.5

930.4
928.2
927.5

480.3
478.3
486.3

245.6
243.5
249.4

355.1
361.1
366.8

75.7
75.1
75.4

430.8
436.2
442.2

JULY
AUG.
SEP. P

845.0
857.3
864.1

368.7
367.2
366.9

1213.6
1224.5
1231.0

577.6
580.4
583.0

351,7
353.0
354.2

929.3
933.4
937.2

491.6
497.7
504.9

252.9
257.2
262.7

371.8
375.0
383.7

76.2
76.7
77.9

448.1
451.7
461.7

853.3
857.1
858.6
856.7

368.4
367.9
366.9
366.5

1221.7
1225.0
1225.5
1223.1

578
579
580
581

352
353
352
353

.4
.1
.7
.1

931.2
932.2
933.5
934.5

493.2
496.0
498.4
499.6

248.3
259.3
256.7
262.2

370.3
371.5
375.8
378.1

76.4
76.8
76.7
76.4

446.
448,
452.
454.

856.5
869.2
868.3
862.5
858.7

365.7
366.8
366.7
367.3
367.3

1222.2
1236.0
1234.9
1229.7
1225.9

581,.9
5 8 2 ..4
5 8 3 ,.2
583,.6
5 8 3 ,.2

353,.3
353,.5
3 5 3 ,.9
354,.5
355,.1

935.3
935.9
937.1
938.1
938.3

500.7
504.8
507.3
504.3
504.1

257.4
259.9
264.1
269.0
259.2

379.1
377.3
379.4
385.6
394.0

77.5
77.8
77.9
77.9
78.2

456.
455.
457.
463.
472.

SEP.

p

Institutional

At
thrift
institutions

Week endina
5
1 9 9 6 -AUG.
12
19
26

3.
4.
5.
6.

Large-denomination time deposits 5

Retail

At
commercial
banks
719.8
729.3

1 9 9 5 -MAY
JUNE

1.
2.

Small-denomination time deposits 2

2
9
16
23p
3 Op

.7
.2
.8
.4

Total

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.
Balances in money funds with minimum .initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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 commerciai banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
preliminary




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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
RPs1

Date

Non-M3 Components of L

Eurodollars2
Savings bonds

137.3

Bankers
acceptances4

Commercial paper5

Federal debt

Non-Federal debt

437.0
428.9

357I.fi

414.0

12.0
11.0

3593.5

9911.8
9968.0

JUNE

191.7

91.1
91.8

JULY
AUG.
SEP.

188.4
192.9
192.5

92.6
93.1
93.7

183.0
183.5
183.9

433.6
437.0
456.6

12.1
12.4
12.8

429.0
433.3
438.6

3608.5
3613.8
3616.4

10006.2
10041.2
10089.9

OCT.
NOV.
DEC

190.0
185.3
177.6

92.9
90.7
91.1

184.2
184.5
184.8

465.4
464.2
475.4

13.4
12.6
12.0

440.5
437.1
437.1

3626.4
3635.9
3638.8

10139.4
10186.6
10230.7

1996-JAN.
FEB.
MAR.

184.4
186.3
184.1

95.4
96.6
94.4

185.0
185.0
185.2

465.8
444.8
459.2

11.8
10.3
9.8

437.2
442.3
445.1

3639.6
3658.0
3685.1

10280.3
10333.4.
10381.8

APR.
MAY
JUNE

182.9
195.1
183.6

97.0
97.1
97.6

185.6
186.0
186.4

461.3
433.1
444.8

10.3
10.8
11.4

461.0
473.4
470.9

3698.0
3704.3
3710.7

10433.6
10481.6
10533.8

JULY
AUG.
SEP. p

179.9
178.3
181.0

96.2
96.8
98.4

186.8 p

446.7 p

11.4 p

473.1 p

3729.4
3743.4 p

10577.2
10604.1 p

180.5
180.3
178.7
175.5

98.4
96.5
95.9
95.3

176.9
175.7
179.2
186.0
184.1

99.0
96.2
97.7
99.5
100.1

1995-MAY

We eft eflcUflqr
1996-AUG.
5
12
19
26
SEP.

2
9
16
23p
3 Op

181.7
182.4

Short-term
Treasgry
securities3
405.0

Debt components6

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

1.
2.




Page 7
H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency
cy1

Date

e

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

367.9
368.2

8.9
9.2

373.1
382.8

279.8
274.8

103.8
105.5

383.6
380.3

2393
2427,

875.7
883.5

JULY
AUO.
SEP.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2447,
2470,
2480,

888.3
903.0
906.5

OCT.
NOV.
DEC.

370.0
371.7
376.1

8.9
8.7
8.5

391.1
395.8
407.9

255.6
253.9
249.7

105.4
106.4
108.4

361,
360,
358,

2493,
2509,
2526,

920.1
923.3
914.5

1996 -JAN.
FEB.
MAR.

371.7
370.8
374.3

8.5
8.5
8.6

399.0
388.3
397.5

242.3
230.5
226.4

106.6
105.5
109.2

348.9
336.0
335.6

2545.3
2564.2
2599.0

929.3
949.0
952.4

APR.
MAY
JUNE

375.8
377.5
380.5

8.6
8.6
8.9

406.1
399.5
409.8

229.8
211.5
206.0

109.6
106.8
107.6

339.4
318.3
313.6

2610,
2602,
2623.

948,
971,
971,

JULY
AUG.
SEP. P

383.7
385.9
386.8

9.1
9.0
9.1

411.2
405.0
404.7

199.
191,
185,

105,
104,
103.8

304.5
295.6
289.0

2641,
2663.
2672.8

5
12
19
26

385.8
386.7
385.7
384.7

9.1
9.1
9.0
8.9

414.5
409.5
406.7
394.2

196.6
191.9
190.1
189.9

107.6
105.4
103.5
101.2

304.3
297.3
293.6
291.1

2654.8
2666.0
2666.4
2662.5

972.2
986.1
984.1
994.0

2
9
16
23p
3 Op

386.1
388.4
386.7
385.9
385.6

8.8
8.7
8.8
9.4
9.7

402.4
416.6
409.7
394.3
397.8

189.5
189.3
186.8
182.7
181.6

104.5
107.6
104.5
100.7
101.7

294.0
296.9
291.3
283.3
283.2

2661.6
2684.3
2684.8
2667.1
2658.1

992.0
984.0
997.7
1014.0
1012.7

SEP.

4.
5.
6.
7.

Demand
deposits3

1 9 9 5 -MAY
JUNE

Week e i ^ d i n a
1 9 9 6 -AUG.

1.
2.
3.

Travelers
checks2

e
e
e
e

972,
986.
1001,

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.
estimated




p

preliminary

Page 8
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

555.7
562.6

At
thrift
institutions
352.8
353.6

Retail
money
funds3

908.5
916.2

397.9
411.5

1099.2
1105.1
1111.0

568.4
570.9
571.7

354.2
354.5
355.1

922.6
925.4
926.8

362.9
361.7
359.5

1118.3
1125.1
1134.5

572.5
573.7
574.3

356.3
356.8
356.9

789.5
798.9
819.0

356.9
358.1
361.2

1146.3
1157.0
1180.1

578.3
579.2
579.1

APR.
MAY
JUNE

825.9
827.7
839.9

365.9
367.0
369.5

1191.8
1194.7
1209.4

JULY
AUG.
SEP. p

847.4
860.4
866.5

369.7
368.5
367.9

856.5
862.6
862.4
857.4
858.6
876.0
873.9
862.1
856.2

Date

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

p

At
thrift
institutions

Total

202.0
208.8

315.8
317.1

70.9
71.1

386.7
388.2

425.5
439.5
442.2

215.9
218.4
218.1

319.4
323.9
327.3

72.4
73.5
73.9

391.8
397.5
401.2

928.8
930.5
931.3

446.3
453.7
460.6

221.8
227.1
229.4

337.6
343.4
342.0

74.9
75.4
75.1

412.5
418.8
417.1

355.4
356.4
355.3

933.8
935.6
934.4

465.2
471.6
484.5

238.2
249.6
248.7

337.3
343.8
351.3

75.5
75.9
75.2

412.7
419.7
426.6

578.2
576.9
577.1

355.3
354.7
353.8

933.5
931.6
930.9

485.1
476.4
482.9

242.8
241*. 1
244.5

352.4
363.5
367.5

75.1
75.6
75.6

427.5
439.1
443.1

1217.1
1228.9
1234.4

580.0
581.8
583.0

353.1
353.8
354.2

933.2
935.6
937.3

491.1
499.1
501.1

250.2
256.9
258.0

370.2
375.8
384.5

75.9
76.9
78.1

446.0
452.7
462.6

369.8
370.2
368.5
366.7

1226.3
1232.8
1230.9
1224.1

580.6
581.0
582.2
582.4

353.6
354.2
353.6
353.7

934.2
935.1
935.8
936.1

494.3
498.1
499.7
502.3

246.4
258.9
256.0
263.9

370.2
371.9
376.3
380.1

76.4
76.9
76.8
76.8

446.6
448.8
453.1
456.9

366.6
369.6
369.0
367.1
366.2

1225.2
1245.6
1243.0
1229.2
1222.4

582.7
583.0
583.1
583.1
583.0

353.8
353.9
353.9
354.2
355.0

936.6
936.9
937.0
937.2
938.0

499.8
501.9
504.8
500.6
497.6

256.1
256.2
261.1
263.3
252.0

380.3
378.1
380.1
386.1
394.9

77.8
78.0
78.1
78.0
78.4

458.1
456.1
458.1
464.1
473.3

At
thrift
institutions

1995-MAY
JUNE

718.4
730.9

369.0
368.5

1087.4
1099.4

JULY
AUG.
SEP.

733.3
741.5
748.0

365.9
363.6
363.0

OCT.
NOV.
DEC.

755.4
763.4
775.0

1996-JAN.
FEB.
MAR.

SEP.

2
9
16
23p
3 Op

Large-denomination time deposits 5
At
commercial
banks6

At
commercial
banks

WeeH e n d i g q
1996-AUG.
5
12
19
26

Institutional
money
funds4

Total

At
commercial
banks

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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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.
preliminary




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

Eurodollars
Total

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

1995-MAY
JUNE

151.4
150.3

45.8
45.3

197.2
195.6

89.9
91.0

182.1
182.4

402.4
411.7

12.1
11.0

434.7
425.5

3552.6
3579.3

9878.8
9936.6

JULY
AUG.
£EP.

143.4
146.9
145.7

45.5
47.0
47.7

189.0
194.0
193.4

91.7
93.2
93.9

182.8
183.0
183.3

434.5
439.7
447.0

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9971.8
10004.8
10063.5

OCT.
NOV.
DEC.

145.2
139.1
131.1

46.7
46.0
45.0

191.9
185.1
176.2

93.9
92.3
91.9

183.8
184.3
184.8

449.9
461.9
482.7

13.2
12.5
12.1

446.2
440.1
438.1

3610.1
3635.9
3645.9

10121.4
10170.8
10223.3

1996-JAN.
FEB.
MAR.

138.5
138.7
137.3

44.6
44.8
45.0

183.1
183.5
182.3

95.2
96.3
94.8

185.1
185.4
185.7

469.9
451.5
470.3

12.3
10.6
10.0

441.3
442.7
444.3

3634.4
3655.5
3698.1

10265.6
10296.7
10336.4

APR.
MAY
JUNE

135.2
145.6
137.4

47.1
49.8
49.8

182.3
195.4
187.2

95.6
95.8
96.8

186.1
186.3
186.4

461.3
430.6
442.4

10.6
10.8
11.5

461.1
471.4
467.0

3699.5
3692.1
3698.1

10392.0
10444.9
10498.2

JULY
AUG.
SEP. P

131.3
130.4
133.1

49.2
48.9
48.8

180.5
179.3
181.9

95.5
97.2
98.9

186.6

131.0
132.3
130.5
128.7

49.4
49.4
48.8
48.3

180.4
181.6
179.3
177.1

98.8
96.7
95.7
96.2

129.6
128.6
131.6
137.2
136.0

48.4
47.5
49.2
49.7
49.1

178.0
176.1
180.7
186.9
185.0

99.8
95.6
97.7
99.7
102.3

Week e n d i n g
1996-AUG.
5
12
19
26
SEP.

1.
2.

At thrift
institutions

Debt components 6

Non-M3 Components of L
2

2
9
16
23p
3 Op

p

447.9

p

10.9

p

467.8

p

3708.3
3730.9

p

10537.5
10561.8

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.




p

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
At
commercial
banks

27.5
32.0

2.5
2.5

146.8
147.8

107.8
107.7

71.3
73.7

325.8
329.2

27.7
13.6
17.8

37.6
21.7
30.6

2.8
2.9
2.8

148.9
149.1
149.4

107.8 e
107.7 e
108.3 e

74.8
74.4
74.1

331.4 e
331.3 e
331.9 e

11.4
14.6

19.8
16.5
27.1

2.8
1.6
1.1

149.9
149.8
149.9

108.4 e
108.2 e
108.2 e

74.3
74.9
75.5

332.5 e
332.9 e
333.6 e

6.2
5.0
5.7

15.9
13.2
10.8

26.5
21.2
20.6

1.2
1.3
1.2

150.2
150.2
150.2

107.9 e
107.5 e
107.2 e

76.6
78.2
79.8

334.7 e
335.8 e
337.3 e

5.8
2.8
4.8

7.2
5.7
6.1

11.6
10.1
14.5

24.6
18.7
25.4

3.2
4.5
4.5

150.6
150.8
151.1

106.8 e
106.7 e
106.7 e

81.0 e
81.8 e
82.5 e

338.4 e
339.2 e
340.3 e

14.5
14.4
14.5

2.9
2.7
4.6

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.2

4.6
4.6
4.5

151.6
151.9
151.9

106.7 6
106.6 e
106.5 e

83.3 e
84.0 e
84.8 e

341.5 e
342.5 e
343.2 e

1.6
1.3
1.6
1.3

14.4
14.4
14.5
14.5

3.0
2.6
3.1
2.4

5.4
4.7
5.0
5.3

18.5
10.4
14.0

27.0
16.8
18.5
21.7

4.6
4.6
4.6
4.5

1.3
1.4
1.3
1.3
1.3

14.5
14.5
14.5
14.5
14.5

2.9
3.3
7.3
5.1
3.2

5.4
4.8
5.4
7.3
7.3

12.2
10.6
28.0
34.1

18.2
20.3
23.3

4.5
4.5
4.5
4.5
4.6

Balance
at
Federal
Reserve

14.2
15.3

3.1
4.5

5.7
7.9

18.7
19.6

1.5
1.5
1.6

15.1
13.9
12.7

3.3
2.8
5.9

6.6
5.3
6.8

8.4
8.3
8.4

1.5
1.6
1.5

12.2
12.4
12.5

3.1
2.9
6.0

5.3
5.4
6.5

1996-JAN.
FEB.
MAR.

8.4
8.2
8.0

1.5
1.5
1.4

13.0
13.5
14.0

4.3
3.0
4.0

APR.
MAY
JUNE

7.7
7.8
8.2

1.4
1.4
1.3

14.3
14.3
14.3

JULY
AUG.
SEP. P

8.3
7.3
8.1

1.4
1.4
1.3

7.2
7.2
6.9
7.6
8.1
9.1
7.3
7.7
8.2

Foreign
commercial
banks

Foreign
official
institutions

1995-MAY
JUNE

8.3
8.3

1.5
1.6

JULY
AUG.
SEP.

8.6
7.6
7.6

OCT.
NOV.
DEC.

Weeft en<Ufiq
5
1996-AUG.
12
19
26
SEP.

2
9
16
23p
3 Op

estimated
preliminary




IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Note
balances at
depository
institutions

Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

8.2

9.6

9.9

Total
cash
balance

40.4
44.5

At
thrift
institutions

At
money
market
funds

Total




Board oi Governors of the
FederaJ Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class