Full text of H.6 Money Stock Measures : October 16, 1997

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES 6

Forreleaseat4:30p.m. Eastern Time
October 16,1997

Billions of dollars
M11

Date

•

M22

M33

L4

DEBT5

Seasonally adjusted

#

1995-Oct.
Nov.
Dec.

1135.7
1133.1
1129.0

3629.8
3639.3
3655.0

4565.0
4578.3
4592.5

5666.9
5674.2
5697.6

13666.1
13722.3
13768.1

19 9 6 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1122.2
1119.8
1126.2
1123.6
1117.1
1115.6
1108.9
1099 . 9
1093.3
1080.3
1080.1
1081.1

3669.9
3685.0
3714.0
3724.5
3725.6
3742.0
3750.0
3762.8
3775.3
3788.1
3810.2
3834.5

4620.1
4652.9
4689.4
4706.2
4728.9
4751.4
4770.0
4790.6
4822.1
4858.2
4888 . 0
4933.2

5720.9
5739.5
5789.7
5825.9
5846.5
5889.7
5914.8
5945.1
5987.2
6013.7
6057.1
6098 . 9

13816.7
13888.7
13964.2
14027.5
14080.3
14139.0
14211.0
14264.2
14311.7
14372.9
14435.7
14485.7

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

1079.7
1080.7
1075.4
1065.3
1062. 8
1063.1
1062 . 0
1069.2
1060.3

3851.5
3868.4
3885.5
3904 . 9
3904 .4
3919.4
3931.2
3967.2
3989.0

4956.9
4995 . 8
5028.7
5069.4
5077.8
5098.7
5143.1
5196.5
5237.9

6115.8
6163.8
6208.3
6263 . 9
6281.8
6304 . 5
6339.7 p

14526.2
14584.0
14645.7
14715.5
14759.6
14785 . 8
14835.5
14887.3 p

p

Not seasonally adjusted

#

e

1995-Oct.
Nov.
Dec.

1132.9
1138.7
1152.8

3621.5
3643.2
3675.3

4561.5
4587.1
4612.0

5654.0
5685.4
5729.5

13634.6
13707.4
13768. 5

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1130 . 1
1105.7
1117.8
1131.3
1105.3
1114.2
1109.8
1096.5
1090.2
1076.9
1085.3
1103.1

3673.3
3668.6
3715.7
3741.6
3709.3
3739.6
3754.0
3764.2
3768.1
3777.8
3813.0
3852.9

4626.5
4641.0
4691.9
4715.6
4712.8
4748.7
4768.2
4791.1
4811.0
4853.9
4896.0
4950.2

5734 . 9
5731.4
5802 . 6
5838.9
5824 . 1
5876.1
5906.2
5944.5
5969.7
6000 . 0
6067 .4
6128.2

13798.6
13852.1
13936 . 8
13996.0
14041.3
14103.4
14164.3
14222.6
14280.6
14338.9
14418.2
14485.1

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

1085.9
1066.5
1067.4
1071.8
1051.8
1062.4
1063.5
1067.1
1057.2

3853.2
3852.7
3890.3
3922.0
3886.9
3916.8
3936.0
3970.8
3981.2

4962.5
4986.9
5035.6
5077.0
5059.6
5094.8
5140.8
5198.5
5224.9

6129.0
6159.1
6225.2
6275.7
6258.1
6288.8
6329.7 p

14507.4
14546.5
14619.4
14684.4
14719.0
14748 . 3
14786.1
14843.4 p

i

•

p

Footnotes appear on the following page
p

preliminary




Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

3 Months

from June

1 9 9 7 TO S e p .

1997

-1.1

7.1

10.9

3.5

6 Months

from Mar.

1 9 9 7 TO S e p .

1997

-2.8

5.3

8.3

4.2

12 M o n t h s

from Sep.

1 9 9 6 TO S e p .

1997

-3.0

5.7

8.6

4.4

0.0

5.6

8.7

T h i r t e e n weeks e n d i n g O c t o b e r 6 , 1997
from t h i r t e e n weeks e n d i n g :
J u l y 7 , 1997 (13 weeks p r e v i o u s )

1.

M1

Apr.

7,

1997

(26 weeks p r e v i o u s )

-2.6

4.9

7.9

Oct.

7,

1996

(52 weeks p r e v i o u s )

-3.2

5.4

8.3

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, May 1997 to August 1997, February 1997 to August 1997,
and August 1996 to August 1997, respectively.

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks arid 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

Period ending

M3

M2

M1
13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1997-July

14
21
28

1063.8
1062.9
1062.6

1062.6
1062.7
1061.2

1058.1
1058.8
1061.6

3914.4
3915.3
3917.3

3927.5
3929.9
3932.7

3926.7
3931.0
3936.7

5094.5
5099.2
5104.3

5125.7
5135.6
5144.3

5138.0
5144.1
5151.6

Aug.

4
11
18
25

1063,
1063,
1063.
1064.1

1062.3
1063.5
1065.2
1067.4

1070.7
1063.0
1065.4
1070.4

3921.0
3925.2
3930.0
3934.5

3934.7
3940.7
3949.3
3957.9

3944.5
3950.7
3965.3
3971.2

5111.3
5119.0
5127.8
5137.7

5148.2
5156.7
5168.6
5183.1

5159.0
5171.9
5192.0
5209.3

Sep.

1
8
15
22
29p

1064.8
1064.8
1064.3
1064.1
1063.6

1069.6
1069.3
1066.6
1062.8
1058.3

1079.4
1061.8
1054.9
1055.0
1061.6

3940.3
3945.3
3950.6
3956.1
3961.6

3968.9
3975.5
3980.1
3985.5
3987.5

3988.3
3977.0
3983.7
3992.8
3996.3

5148.5
5159.2
5170.7
5181.0
5191.2

5200.8
5214.0
5224.4
5231.8
5236.6

5230.0
5224.5
5233.9
5238.7
5249.2

6p

1063.6

1059.4

1066.2

3966.9

3994.7

4005.8

5199.8

5244.1

5254.7

Oct.

Not seasonally adjusted
1997-July

14
21
28

1061.1
1059.2
1058.9

1065.1
1066.8
1062.7

1062.1
1056.1
1051.3

3909.2
3908.5
3911.5

3926.8
3934.7
3937.0

3945.6
3927.1
3911.9

5085.4
5088.8
5095.5

5116.7
5131.6
5141.3

5148.0
5133.3
5125.9

Aug.

4
11
18
25

1060.1
1061.2
1062.6
1063.8

1061.6
1062.1
1064.7
1066.4

1076.9
1064.0
1066.4
1058.2

3917.0
3923.5
3930.5
3936.7

3935.6
3942.4
3954.4
3965.6

3957.8
3972.8
3975.2
3956.5

5104.4
5114.7
5125.5
5136.8

5143.4
5154.5
5171.0
5188.5

5166.4
5192.5
5199.0
5196.2

Sep.

1
8
15
22
29p

1064.3
1064.8
1064.1
1063.8
1062.4

1065.9
1067.1
1064.7
1061.4
1055.2

1074.8
1069.1
1056.6
1045.2
1049.9

3942.4
3947.8
3953.1
3958.3
3961.9

3970.1
3978.7
3984.5
3986.3
3979.5

3975.8
4007.1
3998.6
3963.8
3948.5

5147.1
5157.5
5168.5
5178.6
5186.8

5201.2
5214.8
5226.6
5229.1
5223.1

5216.9
5246.9
5246.2
5206.2
5193.2

Oct.

6p

1061.4

1055.0

1068.2

3965.1

3979.1

4005.5

5194.1

5224.7

5253.2

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.




Page 4

H.6 (508)
Table 4

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

Date

1.

4.
5.
6.
7.

Demand deposits3

Other checkable deposits

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

1996-May
June

377.7
379.9

8.7
8.7

407.2
410.7

215.6
208.7

107.9
107.7

323.5
316.4

2608.5
2626.4

1003.3
1009.4

July
Aug.
Sep.

382.8
385.2
387.6

8.6
8.4
8.5

408.8
405.9
405.1

202.9
195.2
188.0

105.8
105.2
104.3

308.7
300.4
292.2

2641.1
2662.9
2682.0

1020.0
1027.8
1046.8

Oct.
Nov.
Dec.

390.2
392.5
395.2

8.6
8.6
8.6

398.4
402.2
402.6

178.9
172.7
171.5

104.3
104.2
103.3

283.2
27 6 . 8
274.8

2707.8
2730.0
2753.3

1070.0
1077.8
1098.7

1997-Jan.
Feb.
Mar.

397.0
400.5
402.4

8.6
8.6
8.5

401.6
404.3
403.1

170.9
165.4
160.3

101.6
101.9
101.3

272.5
267.3
261.5

2771.8
2787.7
2810.0

1105.4
1127.3
1143.2

Apr.
May
June

403.7
406.1
407.7

8.3
8.2
8.0

395.6
395.7
397.2

159.7
155.6
153.7

97.9
97.2
96.4

257.7
252.8
250.1

2839.7
2841.6
2856.3

1164.5
1173.3
1179.3

July
Aug.
Sep. p

410.2
412.1
415.4

8.2
8.3
8.1

396.2
401.5
389.9

150.4
149.9
149.9

96.9
97.4
97.0

247.3
247.3
246.9

2869.2
2898.0
2928.7

1211.9
1229.2
1248.8

11
18
25

410.9
411.6
412.8

8.4
8.3
8.2

395.4
400.8
404.0

150.1
147.9
149.3

98.2
96.8
96.1

248.3
244.7
245.4

2887.8
2900.0
2900.8

1221.1
1226.7
1238.1

Sep.

1
8
15
22
29p

414.4
413.9
414.9
416.1
416.5

8.0
8.1
8.1
8.1
8.1

405.7
391.0
386.7
386.5
390.4

153.3
150.6
148.5
148.2
150.7

97.9
98.3
96.7
96.1
95.8

251.2
248.9
245.2
244.3
246.5

2908.9
2915.2
2928.8
2937.8
2934.8

1241.7
1247.5
1250.2
1245.9
1252.9

Oct.

6p

416.8

8.1

392.1

149.7

99.6

249.2

2939.6

1248.8

Week o n d i n o
19S
Aug.

2.
3.

Travelers checks2

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.

Digitized
FRASER
e for estimated


p

preliminary

Page 5
H.6 (508)
Table 4 - c o n t i n u e d

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1
Date

p

928.4
928 . 8

484.5
493.6

263.6
269.7

At
thrift
institutions
75.4
75.6

499.
506,
513.

274.0
278.8
285.2

379.4
383.1
389.9

76.5
77.2
78.4

455.9
460.4
468.3

941.0
943.9
945 .7

520.
527.
536.

288.1
292.0
299.3

402.1
404.0
412.3

78.8
79.4
79.2

480.9
483.4
491.5

354 . 3
355.0
351.8

946.9
948.5
947.9

542.4
548.7
557.8

296.3
305.4
311.8

412.2
418.1
427.1

81.1
81.9
82.0

493.3
500.1
509.1

598.9
602.0
607.8

350.5
351.5
350.2

949.4
953.5
958.0

569.2
567.2
572.9

311.6
311.6
318.9

439.6
441.1
449.6

82.6
82.4
83.4

522.1
523.6
532.9

1329.9
1341.4
1357.5

614.2
615.9
619.1

346.3
345.8
343.9

960.5
961.7
963.0

578.9
594.9
608.2

324,
329,
338,

466.1
473.2
486.1

84.8
85.2
85.7

550.9
558.4
571.8

373.2
375.2
375.4

1337.6
1343.2
1341.1

615.2
615.6
615.9

345.9
346.1
346.0

961.1
961.7
961.9

589.0
595.1
597.8

327.3
329.3
332.9

469.5
469.5
478.1

85.4
85.2
85.0

554.9
554.7
563.1

964.8
976.1
984.5
988.8
983.3

374.7
370.7
372.4
377.1
378.7

1339.5
1346.8
1356.9
1365.9
1362.0

617.1
617.8
619.2
619.9
619.7

345.1
344.6
344.0
343.6
343.2

962.3
962.4
963.1
963.5
962.9

607.1
606.0
608.8
608.4
609 . 8

332.4
338.3
337.9
336.3
343.8

478.8
482.0
488.7
489.2
485.3

85.0
85.6
86.0
85.9
85.3

563.7
567.7
574.8
575.1
570.6

993.2

374.0

1367.2

620.0

344.0

964 . 0

608.5

340.8

487.8

84.9

572.7

At
thrift
institutions
351.5
350.8

July
Aug.
Sep.

844.2
857.1
865.7

366.8
365.6
365.8

1211,
1222,
1231,

580.3
582.9
585.4

350,
351,
352,

930.5
934.1
937.3

Oct.
Nov.
Dec.

879.3
892.7
903.9

367,
366,
367,

1246,
1259,
1271.0

587.4
589.9
592.0

353.
354,
353,

1997-Jan.
Feb.
Mar.

914.0
921.1
934.2

368.5
369.4
370.1

1282.5
1290.5
1304 . 3

592.5
593.6
596.1

Apr.
May
June

947.9
945.4
949.9

373.1
375.5
375.5

1321.1
1320.9
1325.4

July
Aug.
Sep. p

955.2
966.6
982.9

374.7
374.9
374.6

11
18
25

964.
967.
965.

Sep.

1
8
15
22
2 9p

Oct.

6p

Savings deposits include
Small-denomination time
a n d thrifts a r e s u b t r a c t e d
Large-denomination time
Large-denomination time
official institutions.
preliminary




Large-denomination time deposits 3
At
commercial
banks 4
367.1
373.3

At
commercial
banks
577.0
578.0

At
thrift
institutions
366.3
366.7

Week e n d i n g
1997-Aug.

3.
4.

Institutional
money
funds

At
commercial
banks
829. 3
837.4

19 9 6 - M a y
June

1.
2.

Retail
money
funds

Total
1195.6
1204.1

Total

Total
442.5
448.9

m o n e y market deposit accounts.
. ..
,
All i r . A
i L 1
d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of less t h a n $ 1 0 0 , 0 0 0 . All I R A a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s
from small time deposits.
,
, ^
d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at i n t e r n a t i o n a l b a n k i n g f a c i l i t i e s .
d e p o s i t s at c o m m e r c i a l b a n k s less t h o s e h e l d b y m o n e y m a r k e t m u t u a l f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s a n d

Page 6

H.6 (508)
Table 4-continued

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

RPs1

Date

"wrrr

1996-May
June

Short-term
Treasury,,
securities3

Savings bonds
44.5

WT.r r

Bankers
acceptances4

Commercial paper5

Debt components6
Federal debt

Non-Federal debt

id.?
li.i

468.0
470.1

3701.1
3707.7

16374.2

186.4

452.9
470.5

186.7
186.9
187.1

473.6
478.1
483.9

11.5
11.7

12.0

473.0
477.7
482.0

3726.4
3740.5
3743.8

10484,
10523,
10567,

195.3

95.6

July
Aug.
Sep.

194.2
192.4
194.4

95.8
96.3
98.9

Oct.
Nov.
Dec.

196.0
195.3
194.1

105.
107,
113.

187.1
187.0
187.0

476.7
486.7
471.0

12.1
12.2
12.2

479.6
483.2
495.5

3756.0
3770.1
3780.0

10616.
10665.
10705.7

1997-Jan.
Feb.
Mar.

198.3

202.2
200.6

117.5
119.7
121.7

186,
186,
186,

451.2
451.4
453.9

11.9
12.7
13.5

509,
517,
525,

3778.0
3782.6
3796.5

10748.2
10801.4
10849.2

Apr.
May
June

204.1
204.6
198.8

126.6

457.7
460.8
450.9

12.8

128.8

186,
186,
186,

537.8
543.9
555 . 9

3803.2
3789.7
3776.5

10912.3
10969.9
11009.3

July
Aug.
Sep. p

208.0
211.0
208.2

128.8

186.4

430.5 p

12.7

567.0 p

3779.4
3784.5 p

11056.1
11102.8 p

11
18
25

211.6
212.5
209.0

127.4
130.2
133.2

Sep.

1
8
15
22
29p

211.1
210.5
207.8
205.5
208.5

134.5
131.0
129.7
129.0
129.9

Oct.

6p

208.5

126.9

Week e n d i n g
1997-Aug.

1.
2.

Non-M3 Components of L

Eurodollars2

133.5

130.6
130.0

p

13.1

12.6
p

10431.4

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.




Page 7
H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

377.5
380.4

8.6

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0

Oct.
Nov.
Dec.

388.9
392.9
397.9

8.6

1997-Jan.
Feb.
Mar.

395.6
397.7
401.0

Apr.
May
June

403.4
406.1
408.4

July
Aug.
Sep. p

411.3
413.4
414.3

Sep.

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

398.7
409.3

213.1
207.6

107.3
108.0

320.4
315.6

2604.0
2625.3

1003.5
1009.1

410.4
404.3
404.0

200.8
192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2644.3
2667.7
2677.9

1014.1
1027.0
1042.8

398.7
407.7
418.9

176.9
171.9
173.5

103.8
104.4
104.5

280.7
276.3
278.0

2701.0
2727.7
2749.8

1076.1
1083.0
1097.3

405.5
394.7
396.2

174.8
165.6
160.9

101.8
100.2
101.1

276.6
265.8
261.9

2767.2
2786.2
2822.9

1109.3
1134.2
1145.2

8.2
8.2

396.6
387.3
396.2

163.4
153.7
152.8

100.3
96.5
96.7

263.6
250.2
249.5

2850.2
2835.1
2854.4

1155.0
1172.7
1178.0

8.7

398.0
400.1
388.9

148.8
148.1
148.9

96.8
96.7
96.7

245.6
244.8
245.6

2872.5
2903.6
2924.0

1204.8
1227.7
1243.7

8.9

8.8
8.4
8.3

8.2
8.3

8.2

8.2

8.8
8.4

413.9
413.0
412.4

9.0

8.8
8.6

397.3
402.5
394.6

146.2
146.4
148.2

97.6
95.7
94.2

243.8
242.1
242.5

2908.8
2908.8
2898.3

1219.7
1223.8
1239.7

1

29p

413.9
415.5
414.2
414.0
413.4

8.5
8.5
8.4
8.4
8.4

402.1
398.1
390.4
379.0
382.7

152.7
147.4
146.7
148.8
151.2

97.6
99.6
96.8
95.0
94.2

250.3
247.0
243.5
243.7
245.4

2901.0
2938.0
2942.0
2918.6
2898.7

1241.1
1239.8
1247.6
1242.4
1244.6

6p

416.8

8.3

394.9

147.9

100.2

248.1

2937.3

1247.7

22

Oct.

Nontransactions components

Other checkable deposits

11
18
25

8
15

4.
5.
6.
7.

Demand
deposits3

1996-May
June

Week e n d i n g
1997-Aug.

1.
2.
3.

Travelers
checks2

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.

Digitized for
e FRASER
estimated


p

preliminary

H 6(508)
Table 5 - c o n t i n u e d

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1

Total

1193.7
1207.6

At
thrift
institutions
352.1
351.1

930.2
929.5

480.1
488.3

260.1
264.6

369.2
373.7

368.1
366.8
366.2

1215.1
1226.8
1232.8

581.0
582.9
584.7

350.6
351.2
351.5

931.6
934.1
936.2

497.6
506.8
508 . 9

271.2
278.1
280.4

377.3
382.4
389.5

76.1
77.1
78.3

453.4
459.5
467.8

878.9
894.5
902 . 9

366.9
367.1
366.7

1245.7
1261.5
1269.6

586.7
588.5
589.8

353.2
353.1
352.4

939 . 9
941.6
942.1

515.3
524.6
538.1

284.7
292.6
300.5

406.7
408.7
413.7

79.7
80.3
79.5

486.4
489.0
493.2

1997-Jan.
Feb.
Mar.

908 . 9
915.4
935.1

366.5
367 . 1
370 . 5

1275.4
1282.4
1305.6

591.8
594.0
597.6

353.9
355.2
352.7

945.7
949.2
950.3

546.2
554.6
567.1

304.8
315.5
316.4

408.7
416.5
426.3

80.4
81.6
81.9

489.1
498.1
508.2

Apr.
May
June

949.4
943.7
952.7

373.7
374.8
376.6

1323.2
1318.5
1329.2

600.6
603.2
608.3

351.5
352.2
350.5

952.2
955.4
958.7

574.8
561.1
566.5

309.2
307.0
313.1

435.6
443.4
449.8

81.8
82.9
83.4

517.4
526.3
533.2

July
Aug.
Sep. P

958.5
969.9
983.9

376.0
376.1
375.0

1334.5
1346.0
1359.0

614.8
615.8
618.3

346.7
345.8
343.4

961.5
961.6
961.7

576.5
596.0
603.3

321.0
328.3
333.1

463.6
471.9
485.3

84.4
84.9
85.5

547.9
556.9
570.8

11
18
25

977.3
973.1
962.5

378.1
377 .2
374.2

1355.4
1350.3
1336.7

615.6
615.6
615.7

346.2
346.1
345.8

961.8
961.7
961.5

591.7
596. 8
600.1

326.7
328.5
334.4

467.8
468.0
477.6

85.1
84.9
84.9

552.9
552.9
562.5

Sep.

1
8
15
22
29p

961.3
994.9
996.9
980.3
964.9

373.4
377.9
377.0
373.8
371.5

1334.7
1372.8
1373.9
1354.1
1336.4

616.6
617.3
618.3
618.6
618.8

344.9
344.4
343.5
342.9
342.7

961.5
961.7
961.7
961.5
961.5

604.9
603.5
606.4
603.0
600.7

330.2
332.7
335.3
331.6
333.3

478.0
481.1
487.3
488.2
484.7

84.8
85.5
85.8
85.7
85.2

562.8
566.5
573.1
573.9
569.9

Oct.

6p

997.9

375 .8

1373.7

620.0

344.0

964.1

599.6

333.9

491.1

85.5

576.6

At
commercial
banks
828. 0
839.8

At
thrift
institutions
365.7
367 . 7

July
Aug.
Sep.

847.0
860.0
866.6

Oct.
Nov.
Dec.

1996-May
June

Week e n d i n o
1997-Aug.

3.
4.

p

Large-denomination time deposits 3

At
commercial
banks
578.0
578.4

Date

1.
2.

Institutional
money
funds

Retail
money
funds

Total

At
commercial
banks4

At
thrift
institutions
75.8
75.7

Savings deposits include money market deposit accounts.
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s t h a n $ 1 0 0 , 0 0 0 . All I R A a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r cial banks a n d thrifts are subtracted f r o m small time deposits.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 o r m o r e , e x c l u d i n g t h o s e b o o k e d at i n t e r n a t i o n a l b a n k i n g f a c i l i t i e s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e h e l d b y m o n e y m a r k e t m u t u a l f u n d s , d e p o s i t o r y i n s t i t u t i o n s , U . S . g o v e r n m e n t , a n d f o r e i g n
b a n k s a n d official institutions.
preliminary




Total
445.0
449.4

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 components6

Non-M3 Components of L
Eurodollars2
Savings bonds

Total

Short-term
s S r e .

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1996-May
June

153.9
149.3

50.8
51.0

204.8
200.3

93.6
94.9

186.3
186.4

443.1
462.7

10.5
11.2

471.4
467.0

3692.1
3698.1

10349.2
10405.3

July
Aug.
Sep.

144.7
144.5
147.4

50.4
49.4
49.1

195.1
193.9
196.4

94.5
95.5
98.2

186.6
186.7
186.7

472.9
482.0
476.9

10.7

n . i
12.0

467.8
473.6
483.1

3708.3
3730.9
3736.1

10455.9
10491.6
10544.5

Oct.
Nov.
Dec.

150.7
146.7
143.0

48.3
47.5
45.8

199.0
194.2
188.8

106.0
107.3
114.7

186.8
186.9
187.0

461.0
486.9
484.6

12.2
12.4
12.6

486.1
485.2
493.8

3740.9
3771.4
3787.9

10598.1
10646.9
10697.1

1997-Jan.
Feb.
Mar.

150.6
152.6
151.1

45.7
46.9
46.8

196.3
199.5
197.9

119.2
121.1
122.9

186.8
186.6
186.6

456.9
455.3
466.4

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10734.0
10763.6
10804.0

Apr.
May
June

155.8
160.7
156.9

47.0
46.5
47.0

202.8
207.2
203.9

125.7
132.3
127.8

186.5
186.4
186.3

459.4
450.5
443.0

13.0
12.9
12.6

539.9
548.7
552.0

3810.3
3781.3
3766.2

10874.1
10937.7
10982.1

July
Aug.
Sep. p

161.3
165.3
163.5

47.4
47.8
47.1

208.7
213.0
210.6

127.2
129.5
129.1

186.3 p

430.0

560.6 p

3759.9
3774.4 p

11026.2
11069.0 p

11
18
25

165.9
166.0
163.6

48.2
48.2
47.4

214.0
214.2
211.0

126.1
128.2
131.8

Sep.

1
8
15
22
29p

166.3
164.1
163.6
161.9
164.1

47.3
47.6
47.1
47.1
46.8

213.6
211.7
210.6
209.0
210.9

134.5
128.9
128.6
127.9
130.6

Oct.

6p

163.3

47.1

210.3

126.9

Week e n d i n g
1997-Aug.

1.
2.

p

11.9

p

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.
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.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
Digitized6 for FRASER
http://fraser.stlouisfed.org/
preliminary
FederalpReserve
Bank of St. Louis

Page 10
H.6 (508)
Table 6

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

IRA and Keogh Accounts

U.S. government deposits

At
money
market
funds

Balance
at
Federal
Reserve

13.5
13.0

2.8
4.8

5.7
6.1

10.1
14.5

18.7
25.4

4.5
4.4

151.3
151.6

109.0
108.8

76.5

1.6
1.5
1.4

13.0
13.4
13.8

2.9
2.7
4.6

5.3
5.1
6.2

17.4
12.2
20.5

25.7
20.1
31.3

4.1
3.8
3.4

151.9
151.8
151.4

108.7
108.6
108.6

76.6
76.7
76.7

e
e
e

337.2 e
337.1 e
336.7 e

8.6
8.8
9.1

1.4
1.4
1.4

14.9
16.4
17.9

3.0
3.3
4.3

5.0
5.0
5.7

11.0
11.6
11.9

19.0
19.9
21.9

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

76.8 e
76.9 e
77.0 e

336.3 e
335.9 e
335.4 e

1997-Jan.
Feb.
Mar.

9.2
9.3
9.3

1.7
1.5
1.4

18.6
18.3
18.0

4.1
2.8
3.1

6.2
5.1
5.9

20.2
14.7
17.8

30.5
22.6
26.7

2.4
2.4
2.4

151.2
151.1
151.0

106.6
106.2
105.9

77.0
77.2
77.4

e
e
e

334.8 e
334.5 e
334.3 e

Apr.
May
June

9.5
9.9
10.3

1.3
1.4
1.5

17.9
17.8
17.8

5.3
2.5
3.9

11.7
12.7
8.1

21.7
29.6
22.5

38.7
44.8
34.5

2.6
2.9
3.2

150.9
150.9
150.9

e
e
e

105.8
105.9
105.9

e
e
e

77.6
77.7
77.7

e
e
e

334.3 e
334.4 e
334.6 e

July
Aug.
Sep. p

10.4
10.4
10.4

1.5
1.5
1.5

17.8
17.8
17.8

1.8
1.8
3.2

5.0
4.9
6.2

18.2
12.4
20.1

24.9
19.1
29.4

3.3
3.3
3.3

150.9
150.9
150.9

e
e
e

106.0
106.0
106.0

e
e
e

77.8 e
77.8 e
77.8 e

334.7 e
334.7 e
334.7 e

11
18
25

10.4
10.4
10.4

1.5
1.5
1.6

17.8
17.8
17.8

1.5
2.4
1.6

5.1
4.5
4.8

12.7
11.6
12.4

19.3
18.5
18.8

3.3
3.3
3.3

Sep.

1
8
15
22
29p

10.4
10.4
10.4
10.4
10.4

1.5
1.5
1.5
1.5
1.5

17.8
17.8
17 . 8
17.8
17.8

1.6
2.1
4.7
4.6
1.7

4.9
4.7
5.3
7.9
7.1

9.5
8.3
8.6
27.8
37.1

16.0
15.0
18.6
40.3
45.9

3.3
3.3
3.3
3.3
3.3

Oct.

6p

10.4

1.5

17.8

1.8

5.6

19.5

26.8

3.3

Foreign
official
institutions

1996-May
June

8.3
8.9

1.5
1.5

July
Aug.
Sep.

9.1
7.9
8.5

Oct.
Nov.
Dec.

Week e n d i n g
19 9 7 - A u g .

estimated
preliminary




Total
cash
balance

dlp^fat
commercial
banks

At
commercial
banks

At
thrift
institutions

Total
338.4
336.9

00

Foreign
commercial
banks

Note
balances at
depository
institutions

Time and

Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official