Full text of H.6 Money Stock Measures : October 15, 1987

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

..vaSg&L--

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

OCTOBER

Billions of dollars
M1
Sum of currency,
travelers checks,
demand deposits ancJ
other checkable deposits1

Date

M2
M1 plus overnight RPs
and Eurodollars,
MMMF balances (gen. pur.
and broker/dealer), MMDAs,
and savings and small
time deposits2

M3
M2 plus
large time deposits.
term RPs, term Eurodollars
and institution-only
MMMF balances3

15,

L

Debt

M3 plus other
liquid assets4

Debt of domestic
nonfinancial sectors'*

Seasonally adjusted

i986—SEPT.
OCT.
NOV.
DEC

693. 1
701.4
712.4
730.5

2736.8
2761.4
2776.3
2801.2

3422.7
3443.7
3462.4
3492.3

4055.6
4081.7
4107.4
4139.9

7Jb3.7
7423.1
7499.5
7601.3

1987—JAN.
FEB.
BAR.
APR.
BAY
JUNE
JULY
AUG.
SEPT.

737.7
737.4
739.5
750.3
753.1
746.5
747.6
7b0.9
751.1

2823.5
2823.0
2826.5
2839.9
2840.4
2841.6
2847.8
2862.0
2674.6

3516.4
3522.3
3527.3
3543.9
3559.9

4172.6
4180.4
4169.7
4161.4
4214.6
4228.4
4221.1
4247.1

7666.2
7b97.8
7748.1
780b.8
7865.1

1986—SEPT.
OCT.
NOV.
DEC

691.2
696.9
715.4
746. 5

2729.3
2757.8
2778.5
2814.7

34 17.1
3440.2
346b.7
3507.5

4049.6
4076.1
4110.2
4153.4

7j47.a
7410.4
748b.6
7594.9

1987—JAM.
FEB.
HAR.
APR.
HAY
JUNE
JULY

744.4
723.3
728.9

2833.7
2811.1
2820.3
2648.6
2829.3
2842.6
2854.9
2860.1
2867.4

3529.2
3512.6
3524.4
3552.0
3550.1
3574.3
3563.2
3601.6
3618.9

4184.0
4172.1
4172.8
4189.4
4199.2
4227.6
4221.3
4243.7

7659.6
7b7d.4
7720.3
7777.0
7635.5
7690.4
7967.6
6039.0

P

3576.5
3583.5
3b0b.1
3624.1

7954.2
6003.4

Not seasonally adjusted

757.5

AiJG.

SEPT.

P

744.9
749.1
751.5
749.3
749.3

M1
For period ended
13-week average

1987-SEPT.

OCT.

NOTES

Seasonally adjusted
4-week average

week average

13-week average

Not seasonally adjusted
4-week average»

week average

7
14
21
28 P

748.4
748.9
749.3
750.0

750.3
750.2
750.7
750.8

746 • 4
750 . 3
755.1
751. 5

749.8
750.2
7S0.4
750.3

746.8
750.5
751.7
749.6

75£. 9
760. 1
746. 9
732.6

5 P

750.5

753.5

757 • 2

749.7

750.5

762.2

SPECIAL CAUTION SHOULD BE TAKEN I N INTERPRETING HEEK-TO-ffESK CHANGES I I1 HOME I
HIGHLY fOLATILE AMD SUBJECT TO REVISION
P—INDICATES PBBUMIHARI DATA.
FOOTNOTES APPEAR OM THE FOLLOWING PAGE




SUP IfLI

£i A T A ,

MttJLCM A U £

1987

H 6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
RBrcent change at seasonally adjusted annual rates
M1

M2

M3

Debt1

3 HONTas FROM JUNE

1987 TO S E P T .

1987

2.5

4.6

5.3

7.0

6 MONTHS FBOfl MAR.

1987 TO S E P T .

1987

3.1

3 . <*

5.5

7.9

12 MOUTHS FROM S E P T .

198b TO S E P T .

1987

8.4

5.0

5.9

10.0

THIRTEBM VEEKS ENDING OCT.
5 # 1987
FBOfl THIRTEEN WEEKS ENDING:
JULY

6,

1987

( 1 3 H&ttKS PREVIOUS)

0.0

APR.

6,

OCT.

6,

1987

( 2 6 WEEKS PREVIOUS)

3.6

1986

( 5 2 H£EKS PBEVIOUS)

9.2
--.

V

1/

2/

3/

4/
5/

-

brm-^ „

GROWTH BATES FOB DEBT ABE BASED ON PERIODS BEGINNING AND ENDING ONE MONTH EABLIEB THAN FOB THE MONETARY AGGREGATES,
NAMELY, MAY 1987 TO AUGUST 1987, FEBBUARY 1987 TO AUGUST 1987, AND AUGUST 1986 TO AUGUST 1*87, RESPECTIVELY.
FOOTNOTES TO TABLE 1
CONSISTS OF (1) CUBBENCY OUTSIDE THE TREASURY, tEDERAL BESEBVE BANKS, AND THE VAULTS OF COflflEBCIAL BANKS;
(2) TBAVELEBS CHECKS OF NONBANK ISSUERS; (3) DEflAND DEPOSITS AT ALL COlfflEBCIAL BANKS OTHEB THAN THOSE DUE TO
DOMESTIC BANKS, THE U.S. GOVERNMENT, AND FOBEIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS
OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTUEfi CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE OBDBfi
OF WITHDRAWAL (NOW) AND AUTOMATIC TBANSPEB SERVICE (ATS) ACCOUNTS AT DEPOSITORY INSTITUTIONS,
CREDIT UNION SHABE DBAFT ACCOUNTS AND DEMAND DEPOSITS AT THBIFT INSTITUTIONS. THE CUBBENCY AND DEMAND
DEPOSIT COMPONENTS RICLBDE THE ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY
THBIFT INSTITUTIONS TO SEBVICE THEIB OCD LIABILITIES.
CONSISTS OF M1 PLUS OVERNIGHT (AND CONTINUING CONTRACT) BPS ISSUED BY ALL COMMEBCIAL BANKS AND OVERNIGHT EilBODOLLABS
ISSUED TO U.S. RESIDENTS BY FOBEIGN BRANCHES OF U.S. BANKS WORLDWIDE, MMDAS, SAVINGS AND SMALL DENOMINATION
TIME DEPOSITS (TIME DEPOSITS—INCLUDING BETAIL BPS—IN AMOUMTS OF LESS THAN $100,000), AND BALANCES 1U BOTH
TAXABLE AND TAX-EXEMPT GEMEBAL PUBPOSE AND bROtiER/DEALER MONEY MARKET MUTUAL FUNDS. EXCLUDES IfiA AND KEOGH
BALANCES AT DEPOSITORY INSTITUTIONS AND MONEY MABKET FOHDS. ALSO EXCLUDES ALL BALANCES HELD BX U.S. COMMEBCIAL
BANKS, MONEY MAflKET IUUDS (GENEBAL PUBPOSE AND BROKER/DEALER), FOBEIGN GOVERNMENTS AND COMMEBCIAL BANKS, AND
THE U.S. GOVERNMENT. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THBIFT INSTITUTIONS TO SERVICE THEIfi TIME AND SAVINGS DEBOS1TS.
CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DEPOSITS (IN AMOUNTS OF $100,000 OB MOfiE) AND TERM BP LIABILITIES ISSUED
BY COMMERCIAL BANKS AND THBIFT INSTITUTIONS, TERM EURODOLLABS 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-EXEMPT
INSTITUTION-ONLY MONEY MABKET MUTUAL FUNDS. EXCLUDES AMOUNTS HELD BY DEPOSITORY INSTITUTIONS, THE U.S. GOVEBNMENT, MONEY
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS. ALSO SUBTRACTED IS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS
THE ESTIMATED AMOUNT OF OVEBNIGHT RPS AMD EURODOLLARS HELD BY INSTITUTION-ONLY HONEY MARKET MUTUAL FUNDS.
CONSISTS OF M3 PLUS THE NONBANK PUBLIC HOLDINGS OF ii.S* SAVINGS BQHDS, SHOBT-TEBM TREASURY SECURITIES, COMMEBCIAL
PAPER AND BANKERS ACCEPTANCES, NET OF MONEY MABKET MUTUAL FUND HOLDINGS OF THESE ASSETS.
DEBT OF DOMESTIC NONFINANCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UNITED STATES GOVERNMENT,
STATE AND LOCAL GOVERNMENTS AND PRIVATE NOMFIMANCIAL SECTORS. PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTUEfi BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FROM THE FEDERAL RESERVE BOARD'S tLO* OF FUUDS ACCOUNTS. ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTORS ARE PRESENTED IN MONTH-AVERAGE FORM, DERIVED BY AVERAGING MONTH-END LEVELS OF ADJACENT MONTHS. THESE
DATA HAVE ALSO bEEH ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAY ARISE IN THE UNDERLYING FLO* OF FUNDS STATISTICS.
THE PRESENTATION OF DEbT DATA IN THIS RELEASE DI**£.hS, THEREFORE, FROM THE QUARTERLY FLOW Of FUNDS STATISTICS CONTAINED
III THE FEDERAL RESERVE RELEASES Z. 7 ANU Z.I. IH TdOSii RELEASES* PUBLISiiflD LEVELS OF CREDIT MARKET DEBT ARE MEASURED ON
A UUARTEk-END BASIS AND INCLUDE DISCONTINUITIES.




H6 006)
1abl*3

COMPONENTS OF THE MONEY STOCK
Bwtttons of dollars.

Da*

3

Hurt*
Currency*

TWMM
_. . ._•
cnscKS

Dsmand
dSDOSlts'

Othsf
chsckabta
deposits4

Nontransactlons
oompc msnts
kiM2*

lnM3
only*

7

SrruilltlmsdspoiMtsB

872.2

LarjMtknsdspof Mtsv
at
thrift
1
banks * Institutions
448.4
289.8
15*. 7

494.6
491.3
488.7

864.7
857.1
853.5

288.1
289.9
291.8

157.4
155.9
155.3

445.5
44 5.8
447.1

364.7
362.6
360.0

486.9
485.9
486. 1

851.6
848.5
84 6.1

295.7
296.0
299.0

154.0
152.3
151. 1

449.7
448.2
450- 1

406.1
411.7
415.2

357.5
357.1
360.1

486.3
486.2
490.1

843.9
843.3
850.3

305.9
310.7
314.9

148.7
149.0
150.1

454.6
459.7
465.0

416.7
420.0
419.5

363.4
365.3
367.3

495.4
500.6
505.4

858.8
865.9
872.7

313.7
313.7
314.7

151.2
152.9
155.1

464.9
466.7
469.8

8arings dsposl tt
at
at
thrift
total
oorvwisrctal
Institutions
banks
141.1
20 0.3
341.4

at
banks

179.7

6.4

292.2

214.7

2043.7

686.0

OCT.
NOf.
DEC.

181.2
182.4
183.5

6.4
6.4
6.4

293.4
297.8
308.3

220.3
225.8
2^2.3

2060.0
2063.9
2070.8

682.3
686.1
691.1

145.8
150.2
154.5

20 4.7
20 8. 3
211.8

350.5
358.5
366.3

370.0
365.9
364.7

1987-JAN.
IEB.
MAR.

186.0
187.2
187.7

6.5
6.7
6.8

305.1
300.8
299.3

240.1
242.9
245.7

2085.8
2065.6
2087. 1

695.0
699.3
700.7

159.8
164.4
j 168.3

216.9
222.7
22 8.0

376.7
387.2
396.3

APR.
MAI
JUNB

188.9
190.2
191.1

6.8
6.7
6.8

303.9
303.9
297.4

250.7
252.2
251.2

2089.6
2087.3
2095.1

704.0
71S.5

172.2
! 174.5
175.5
734.8

233.8
237.2
239.7

JULI
AOG.
SEPT. P

192.1
193.2
194.5

6.8
6.$
7.1

296.2
296.4
294.0

252.5
254.5
255.5

2100.2
2111.1
2123.5

735.7
744.1
749.5

240.1
242.0
241.5

1986-SEPT.

176.6
178.0
178.0

374. 1

at
thrift
Institutions
498. 1

at

total

•BE* KID ING
1987
SEPT.

OCT.

1/
2/
3/

4/
5/
6/
7/
8/
9/
10/

7
14
21
28 P

193.9
194.1
194.6
195.0

292.1
294.5
296.2
293.0

253.3
254.8
257.3
256.4

178.1
178.0
178.0
178.0

365.7
366.7
367.4
368.6

314.3
315. .1
315.0
314*7

5 P

195.1

299.5

255.6

178.0

370.2

314.0

CURRENCY OOTSIOE THE O.S. TREASURI, FEDERAL RBSER?E BANKS AND VAULTS OF COMMERCIAL BANKS. EXCLUDES TUB ESTIMATED
AMOUNT OF TAOLT CASH HELD BI THRIFT INSTITUTIONS TO SERTICB THEIR OCD LIABILITIES.
OUTSTANDING AMOUNT OF U.S. DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS. TRAVELERS CHECKS ISSUED BI DEPOSITORT
INSTITUTIONS ARE INCLUDED IN DEMAND DEPOSITS.
DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER THAN THOSE DUB TO DOMESTIC BANKS, THE (US. GOVERNMENT AID FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERkL RESERVE FLOAT.
BICLODES THE ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BT THRIFT INSTITUTIONS TO SBRVICB THEIR OCD
LIABILITIES.
CONSISTS OF NOI AND ATS BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS.
SUM OF OVERNIGHT EPS AND OVERNIGHT EURODOLLARS, MONEI MARKET FUND BALANCES (GENERAL PURPOSE AND BROKER/DEALER),
MIDAS, AND SAVINGS AID SHALL TIME DEPOSITS, LESS THE CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AHOON« OF
DEMAND DEPOSITS AND VAULT CASH HELD BT THRIFT INSTITUTIONS TO SERVICE THEIR TIME AND SAVINGS DEPOSITS LIABILITIES.
SUM OF LARGE TIME DEPOSITS, TERM RPS AND TERM EURODOLLARS OF U.S. RESIDENTS, MONET MARKET FUND BALANCES (INSTITUTIONONLY), LESS A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BI
INSTITOTION-OILI MONEI MARKET FUNDS.
SAVINGS DEPOSITS EXCLUDE HHDAS.
SMALL DENOMINATION TIME DEPOSITS—INCLUDING RETAIL R P S — ARE THOSB ISSUED IN AMOUNTS OF LESS THAN $100,000. ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGH ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS ARE SUBTRACTED FROM SMALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $10 0,000 OR MORE, EXCLUDING THOSE BOOKED AT
INTERNATIONAL BANKING FACILITIES.
LARGE DENOMINATION iIHE DEPOSITS AT COMMERCIAL BANKS LESS THOSE HELD BT HONEY MARKET MUTUAL FUHDS.
DEPOSITOR! INSTITUTIONS AND FOREIGN BANKS AMD OFFICIAL INSTITUTIONS.




H.6 (508)
Table 4

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

Date

2/
3/
4/

Non-M3 components of L
bankers acceptances7
short term treasury
securities1

commercial paper'

Debt components4
federal debt
non-federal debt

85.3
86.4

285.7

J7.3
36,9

219,7
223.9

1727.7
1746.4

5550.3
5617.3

OCT.
NOV.
J>BC.

87.7
89.8
91.7

286.8
288.1

37.7
36.0
37.5

228.4
228.4
230.2

1757.2
1775.6
1803.9

5665.9
5723.8
5797.5

1987-JAH.
FEB.
BAR.

92.7
93.5
94.3

284.1
285.6
269.2

37.8
39.8

239.7
239.8
239.1

1818.0
1832.2
1849.3

5B48.2
5865. 6
5898. 8

APE.
HAY
JOVE

95.1
95.9
96.5

256.3
262.2
259.8

41.2
42.4
43.5

244.9
254.3
252. 1

1861.1
1873.9
1885.6

5945. 7
5991.3
6031.3

JOLX
10G. P

97.3
97.8

248.2
250. 1

43.9
43.2

248.2
249.9

1888.6
1902.5

610.0.9

1986-AOG.
SEPT.

1/

savings bonds

CONSISTS OP U . S . TEEASUfil BILLS AMD COUPONS MiTH REMAINING MATURITIES OF LESS THAN 1 2 flONTHS HELD fif OTHEfi THAN DEPOSITORY
INSTITUTIONS, FEDERAL BESBHfE BANKS, HONEY HARKJST MUTUAL FUNDS AND FOBEIGN E N T I T I E S .
NET OF BANKEBS ACCEPTANCES HELD BY ACCEPTING BANKS, FBDEUkL BESEBVE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HO HE LOAN BANK SISTEfl AND HONEY HABKET HUTUAL FiiUDS.
TOTAL COflHEBCIAL PAPEfi LESS COHfiEfiCIAL PAPEH HELD BY HONEY MAfiKET HUTUAL FUNDS.
DEBT DATA ABE ON A HONTHLY AVERAGE B A S I S , DERIVED BY AVEBAGING END-OF-HGNTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO BEHOfE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Nontransactions components

Other checkable deposits
Date

1986-SEPT.
OCT.
MOT

IU

V.

DEC
1987-JAB.
n
f DOU
PR

BAB.
APR.
M A Y

aA Z
JUNE
JOLT
AUG.
SEPT. P

Overnight
RPs«

Overnight
Eurodollars9

General
purpose and
broker/dealer
money market
funds

Travelers
checks2

Demand
deposits3

179.5

6.9

291.3

146.9

66.6

213.5

2038.1

687.8

56. 0

17.2

202.2

180.9
183.2
186.2

6.5
6. 1

293.0
300.1
319.5

150.4
155.7
162.8

68.0
70.3
72.2

218.5
226.0
235.0

2058.9
2063.1
2068.2

682.4
688.1
692.8

184.6
184.8
186.0

6.0
6.2

311.0
292.0
291.5

169.8
167.6
170.4

73.1
72.7
74.5

242.8
240.3
245.0

2089.3
2087.8
2091.3

695.5
701.5
704.1

58.8
58.7
59.4
62.4
60.6
58.3

188.0
190.2
191.9

6.4
6.5
7.1

305.8
298.8
298.8

178.6
171.7
172.9

78.8
77.8
78.4

257.4
249.4
251.3

2091.0
2084.4
2093.7

703.5
720.8
731.5

56.2
55.1
54.5

193.8
194.1
194.3

7.7
7.9
7.6

298.6
294.8
293.2

172.9
174.5
176.3

78.5
77.9
77.9

251.4
252.5
254.2

2103.4
2110.8
2118.1

728.4
741.6
751.5

56.0
59.5
59.3

19.4
18.8
19.0
22.3
19.5
18.6
20.7
20.9
20.0
18.7
18.0
20.1

206.9
207.1
207.6
209.0
210.7
211.6
211.0
208.9
209.6
209.8
212.8
216.5

Currency1

6.0

6.4

at commercial
banks4

at thrift
institutions8

total

inM^

in M3 only7

•EBK ENDING;
1987-SBPT.

OCT.

7
14
21
28 P

196.0
194.8
194.1
193.0

296.8
299. 0
291.3
285.2

178.8
179.3
176.3
171.8

79.6
79.3
77.6
75.2

258.4
258.6
253.9
247.0

58.5
59.2
59.0
59.9

16.9
18.2
20.3
24.9

21.4.4
217.9
217.8
216.2

5 p

195.0

304.3

176.8

78.8

255.6

62.0

20.6

215.6

i

V

CURREBCI OUTSIDE THE U.S. TBEASUHI, FEDERAL RESERVE BABKS ABD THE FAULTS OF COMMERCIAL BANKS. EXCLUDES THE ESTXBATBD
ABO0BT OF FAULT CASH HELD Bl THRIFT INSTITUTIONS TO SEBflCE THEIR OCD LIABILITIES.
2/ OOTSTABDIBG ABOOBT OF U.S. DOLLAR-DBNOBINATBD TRAVELERS CHECKS OF NOBBABK ISSUERS. TRAVELERS CHECKS ISSUED Bl DEPOSITOR!
INSTITUTION ARE IHCLUDBD IB DEB AMD DEPOSITS.
3/ DEBABD DEPOSITS AT COBBERCIAL BABKS OTHER THAB THOSE DUE TO DOMESTIC BABKS, THE U^S^ GOFEBMBEBT ABD FORBIG! BABKS ABD
OFFICIAL INSTITUTIONS, LESS CASH ITEBS IB THE PROCESS OF COLLECTION ABD F.B. FLOAT, LESS THE BSTIBATBD ABOUBT OF DEBABD
DEPOSITS HELD AT COBHERCIAL BANKS Bl THRIFT INSTITUTIONS TO SBRUCE THEIR OCD LIABILITIES.
4/ COBSISTS OF BOB ABD ATS BALANCES AT COBHEBCIAL BANKS, U.S. BRANCHES AND AGENCIES OF .FOREIGN BANKS, AND EDGE ACT
CORPORATIONS.
5/ COBSISTS OF BOB AND ATS BALANCES AT SAflNGS AND LOAN ASSOCIATIONS AND BUTUAL SAVINGS BANKS, CREDIT UNIOB SHARE
DRAFT BALABCES, AND DEflAND DEPOSITS AT THBIFTS.
6/ SUB OF OVERSIGHT RPS AND EURODOLLARS, HOWEY MARKET FUND BALABCES (GENERAL PURPOSE AND BROKER/DEALER), HHDAS AND SAVINGS
AND SHALL TIflE DEPOSITS LESS THE ESTIMATED ABOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR TIBB AND SAVINGS DEPOSIT LIABILITIES.
7/ SUB OF LARGE TIHE DEPOSITS, TERM RPS AND EURODOLLARS OF U.S. RESIDENTS, MONEY MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD BY INSTITUTION-ONLY
HONEI MARKET BUTUAL FUNDS.
8/ COBSISTS OF OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND
HONEI BARKET 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 BARRET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).




H.6 (508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Money Ttarket deposit accounts
at
at
total
thrift
commercial
institutions
banks

Date

at
commercial
banks

Savings deposits i
at
thrift
institutions

total

Sma
at
commerc
banks

nomination time deposits*
at
thrift
total
institutions

Large denomination time deposits3
at
at
commercial
thrift
total
banks4
institutions

368.9

189.9

558.8

141.0

198.6

339.6

375.9

497.4

873.3

291.2

159.1

450.3

OCT.
NO?*
DEC.

372.6
375.9
379.0

191.9
192.8
192.4

564.4
568.7
571.4

146.4
150.3
153.8

204.8
209.0
211.8

351.2
359.3
365.6

371.3
366.7
364.4

496.1
492.8
489.8

867.3
859.5
854.2

289.3
290.6
29 J . 2

157.8
156.0
164. 9

447.1
446.7
448.1

1987-JAN.
FEB.
MAR.

381.7
378.5
378.2

192.5
192.3
192.3

574.3
570.8
570.6

159.2
162.8
167.2

217.1
221.8
227.9

376.4
384.6
395.1

364.4
362.1
359.7

490.0
488.4
486.3

854.5
850.5
846.0

296.9
298.1
301.3

154.4
153.1
151.2

451.3
451.2
4S2.5

APRHAY
JUNE

375.4
368.9
367.6

190.1
188.3
185.9

565.5
557.1
553.5

172.1
174.8
176.6

234.0
237.8
240.8

406.1
412.7
417.5

J5S.fr
355.7
359.7

484.7
482.9
487.3

840.3
838.5
847.1

J03.2
309.2
311.8

148.0
149.0
149.7

451.2
458.3
461.5

JOLT
AUG.
SEPT. P

365.2
364.0
362.5

182.8
179.5
176.6

548.0
543.5
539.2

178.4
178.2
177.9

241.9
240.1
239. 4

420.3
418.4
417.3

363.9
366.7
369.0

495.0
499.8
504.6

858.9
866.5
873.6

J10.4
313.1
316.0

150.6
153.1
155.5

461.0
466.2
471.5

1986-SBPT.

MEEK ENDING
1987
SEPT, 7
14
21
28 P

364.6
365.0
361.6
359.5

178.2
178.2
177.7
177.4

367.9
36b. 4
369.0
369.8

315.1
315.4
Jlb.O
317.3

OCT.

360.2

178.7

371.6

316.4

1/
2/
3/
4/

5

P

SAYINGS DEPOSITS EXCLUDE HMDAS.
SHALL DENOMINATION TIUE DEPOSITS — INCLUDING RETAIL EPS — ABE THOSE ISSUED IN AHOUNTS OP LESS THAN $100,000, ALL
INDIVIDUAL RETIREMENT ACCOUNTS (IRA) AND KEOGU ACCOUNTS AT COMMERCIAL BANKS AND THRIFTS AHE SUBTRACTED FROM SHALL
TIME DEPOSITS.
LARGE DENOMINATION TIME DEPOSITS ARE THOSE ISSUED IN AMOUNTS OF $100,000 OR MORE, EXCLUDING THOSE BOOKED AT INTERNATIONAL
BANKING FACILITIES (IBFS).
LARGE DENOMINATION TIME DEPOSITS AT COMMERCIAL &ANKS LESS THOSE HELD BI MONET MARKET MUTUAL FUNDS, DEPOSITORY
INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




M.6(508)
Table 5-continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjustad
lei in RPs
Date

Institution
only money
market funds

at commercial
banks

at thrift
Institutions

total

84.4

35.7

42.4

78.1

OCT.
NOV.
DEC

84.5
84.4
84.1

34.5
37.3
35.4

44.3
46.6
48.6

1987-JAN.
FEB.
MAR.

84.0
84.7
84.9

34.1
35.4
34.9

APR.
MAI
JUNE

83.1
81.8
81.3

JULI
AOG.
SEPT. P

Term
Eurodollars1

Savings
bonds

Non M3 Components of L
Short-term
treasury
Bankers
acceptances4
securities'

Components of Debt
Commercial
paper4

Federal debt

Non-Federal9
debt

81.4

86.4

285.6

J7.4

223.1

1734.5

5613.3

78.8
83.8
84.0

78.0
79.3
83.0

87.8
89.9
91.9

281.4
287.7
287.9

38.0
38.0
37.4

228.7
227.9
228.7

1748.6
1773.7
1803.3

5661.8
5715.0
5791.6

49.5
51.8
52.3

83.6
87.2
87.2

84.8
87.6
88.2

92.7
93.5
94.3

284.9
286.7
274.6

37.8
38.9
39.3

239.3
240.4
240.2

1816.9
1826.7
1838.3

5842.6
5851.7
5882.0

38.4
40.8
40.8

56.0
61.5
66.2

94.3
102.3
107.0

83.9
87.0
89.5

95.1
95.8
96.5

258.1
257.5
258.2

40.5
42.2
43.5

243.8
253.6
255.1

1846.7
1857.8
1869. 1

5930.3
5977.7
6021.3

83.4
83.4
80.7

39.0
40.0
40.8

67.5
66.6
67.3

106.5
106.7
108. 1

86.2
94.0
99.8

97.1
97.7

247.8
251.5

44.2
43.9

249.0
248.9

1886.6
1918.2

6081.0
6120.8

1987-SBPT. 7
14
21
28 P

82.4
80.7
80.6
79.5

40.9
40.7
41.1
41.7

OCT.

79.2

37.0

1986-SEPT.

•BSK

1/
2/
3/
4/
5/
6/

-—«

ENDING:

5 P

TERM BPS ABB THOSE MITH OHIGIMAL HATUBITIES GfiBATBB THAN OMB DAI, EXCLUDING CONTINUING CONTRACTS AMD BJSTAIL £PS. XVCLUDSS
A BBLATIVELI SHALL AMOUNT OF OVERNIGHT BPS AT THRIFT INSTITUTIONS.
TERH EOfiODOLLARS ABB THOSE WITH OBIGIMAL HATUBITIES GBBATBB TttAM OMB DAI. CONSISTS OF THOSE ISSUED TO 0.S. RESIDENTS BI
FOBBIGH BRANCHES OF U.S. BANKS WORLDWIDE AND BI ALL BANKING OFFICES IN TBJJ DNITED KINGDOM AMD CANADA. EXCLUDES THOSE HELD
BI DBPOSITOBI INSTITUTIONS AND BONBI HABKBT MUTUAL PONDS.
CONSISTS OF U.S. TBBASOBI BILLS AND COUPONS WITH BBMAINING HATUBITIBS OF LESS THAN 12 HONTHS HELD BX OTHEB THAN DEPOSITORI
INSTITUTIONS, FEDEUkL BBSBBVE BANKS, HONEI MARKET MUTUAL FUNDS, AND FOREIGN ENTITIES.
NET OF BANKEBS ACCEPTANCES HELD BI ACCEPTING BANKS, FEDBBkL BESEBfE BANKS, FOREIGN OFFICIAL INSTITUTIONS, THE FEDEBkL
HOME LOAM BANK SISTEM AND HONEI HABKBT MUTUAL FUNDS.
TOTAL COMMERCIAL PAPEB LESS COMMERCIAL PAPER HELD BI HONEI MARKET MUTUAL FUNDS.
DEBT DATA ARE ON A HONTHLI AVERAGE BASIS, DERIVisID BI AVERAGING END-OF-HONTH LEVELS OF ADJACENT MONTHS, AND HAVE BEEN
ADJUSTED TO REMOVE DISCONTINUITIES.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to

demand
deposits at
commercial
banks

U.S. government deposits
balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

total demand
deposits and
note and
FR balances

IRA and Keogh Accounts
time
and savings
deposits at
commercial
banks

foreign
commercial
banks

foreign
official
institutions

9.9

1.8

4.2

3.6

5.6

14.6

23.8

1.8

71.5

95-2

10.5

177.2

OCT.
NOV.
DEC

10.0
9.7
9.9

1.8
2.0
1.8

4.2
4.1
4.1

3.4
3.4
3.7

3.4
3.2
3.7

11.8
11.9
15.5

18.6
18.4
22.9

1.8
1.7
11.7

71.6
72.1
72.8

95.6
95.6
96.2

10.8
10.7
10.7

178. 1
178.4
I 179.7

JAM.
JPEB.
HAfi.

10.4
9.9
9*5

1.8
1.7
1.7

4.0
4.0
4.0

3.7

9.6
5.0
3. 1

23.8
25.2
13.6

37. 1
33.6
20.3

1.7
1.6
1.6

73.4
74.0
75.4

97.2
97.7
9tf.8

10.8
11.0
11.2

181.4
182.8
185.4

APR.
AAI
JUtfE

9.7
9.6
9.8

1.9
2.1
2.0

3.9
3.9
3.9

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

11.7
1.8
11.8

78.5
79.2
79.5

101.3
102.0
102.7

12.4
13.1
13.3

192. 1
194.2
195.4

JULI
AOG.

9.7
9.3
9.8

2.0
2.1
2.0

3.8
3.8
3.8

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.8
1.8
.7

80.1
80.7
81.2

103.4
10J.Se
103. 9e

13.3e
13.3e
13. 3e

196. 8e
197. 6e
198. 4e

7
14
21
28 P

9.7
10.0
10.3
9.2

2.1
1.9
1.8
2.0

3.8
3.8
3.8
3.8

3.4
3.3
7.4
2.9

4.5
2.9
16.4
18.3

15.0
13.8
26.8
28.8

22.8
20.0
50.6
49.9

1.7
1.7
1.7
1.5

5 P

10.1

2.0

3.8

3.8

8.0

24. 1

35.9

1.5

Date

1986-SEPT.

1987-

Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

SEPT.P

3.5

MEEK EHDIMG;
1987
SEPT.

OCT.

e = esti *ated




commercial
banks

thrift
institutions

money
market

total

H.6(508)
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2,
and Experimental Alternative3 Seasonal Adjustment Procedures
Monthly average

Standard

1986-JULY

676.6

Levels in billions of dollars
Experimental
Concurrent
Alternative
677.4

Annual growth rates in percent
Experimental
Concurrent
Alternative

standard
^?IOI IUCM U

676.5

16.4

17.4

14.0

18.4

20.2

AUGUST

687.0

687.8

687.9

18.4

SEPTEMBER

693.1

695.0

692.7

10.7

12.6

8.4

OCTOBER

701.4

702.8

699.9

14.4

13.5

12.5

NOVEMBER

712.4

713.2

711.8

18.8

17.8

20.4

DECEMBER

730.5

730.6

730.2

30.5

29.3

31.0

737.7

737.0

735.4

11.8

10.5

8.5

FEBRUARY

737.4

736. 1

735.6

-.5

-1.5

.3

MARCH

739.5

738.0

737.8

3.4

3.1

3.6

APRIL

750.3

747.8

743.8

17.5

15.9

9.8

6. 1

13.1

1987-JANUARY

MAY

753.1

751.6

751.9

4.5

-10.5

-7.3

-7.2
.3

JUNE

746.5

747.0

747.4

JULY

747.6

748.7

747.6

1.8

2.7

AUGUST

750.9

752.2

753.0

5.3

5.6

8.7

.3

2.4

-4.6

SEPTEMBER

751.1

753.7

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMA-based procedure to data through the end of the previous year.
2. Concurrent-monthly seasonal factors are derived each
month by applying an X-11/ARIMA-based procedure to data
through that month.




750.1

3. Alternative monthly seasonal factors are derived using an
experimental model-based procedure. This procedure uses
a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more
sensitive than standard factors to unique characteristics of
each series. These characteristics include fixed and evolving seasonal patterns, trading day effects, within-month seasonal variations, holiday effects, outlier adjustments, special
events adjustments, and serially correlated noise components.