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

* * f%4L

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES 6

Forreteaseat4:30pm Eastern Time

Billions of dollars
Date

October 2.1997

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1995-Sep.
Oct.
Nov.
Dec.

1141.6
1135.7
1133.1
1129.0

3620.1
3629.8
3639.3
3655.0

4548.8
4565.0
4578.3
4592.5

5637.1
5666.9
5674.2
5697.6

13607.0
13666.1
13722.3
13768.1

1996-Jan.
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.

1079.7
1080.7
1075.4
1065.3
1062.8
1063.1
1062.0
1069.3

3851.5
3868.4
3885.5
3904.9
3904.4
3919.3
3931.2
3967.3

4956.9
4995.8
5028.7
5069.4
5077.7
5098.6
5144.1
5198.4

6115.8
6163.8
6208.3
6263.9
6281.7
6304.4
6340.9 p

14526.2
14584.0
14645.7
14715.5
14759.6
14785.9
14840.0 p

Not seasonally adjusted
1995-Sep.
Oct.
Nov.
Dec.

1138.5
1132.9
1138.7
1152.8

3613.5
3621.5
3643.2
3675.3

4539.3
4561.5
4587.1
4612.0

5621.8
5654.0
5685.4
5729.5

13578.5
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
14250.6
14338.9
14418.2
14485.1

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

1085.9
1066.5
1067.4
1071.8
1051.8
1062.4
1063.6
1067.2

3853.2
3852.7
3890.3
3922.0
3886.9
3916.8
3936.0
3970.8

4962.5
4986.9
5035.6
5077.0
5059.6
5094.8
5141.9
5200.4

6129.0
6159.1
6225.2
6275.7
6258.1
6288.8
6330.8

14507.4
14546.5
14619.4
14684.4
14719.0
14748.4
14789.7 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
M2

M3

DEBT1

2.4

6.4

9.5

3.4

8.1

4.3
4.4

3 Months f r o m May

1 9 9 7 TO A u g .

1997

6 Months f r o m F e b .

1 9 9 7 TO A u g .

1997

rl
CI
1

M1

5.1

12 Months f r o m A u g .

1 9 9 6 TO A u g .

1997

-2.8

5.4

8.5

-0.1

5.0

8.4

T h i r t e e n w e e k s e n d i n g S e p t e m b e r 22 ,
from t h i r t e e n weeks ending*
June 2 3 , 1997 (13 w e e k s p r e v i o u s )

1997

Mar. 2 4 ,

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

-2.8

4.8

7.9

Sep.

1.

1997
1996

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

-3.5

5.2

8.2

23,

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, April 1997 to July 1997, January 1997 to July 1997,
and July 1996 to July 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 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 Igss
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 oy 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), a s well a s 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 a c c e s s 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 ending

M2

M3

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-June

30

1063.7

1062.0

1067.5

3909.5

3918.3

3925.3

5081.9

5097.9

5117.0

July

7
14
21
28

1063.7
1063.8
1062.9
1062.6

1063.4
1062 . 6
1062 . 8
1061.3

1066.4
1058.2
1058.9
1061.7

3912.3
3914.4
3915.3
3917.3

3924 . 3
3927.5
3929.9
3932.7

3936.5
3926.7
3931.0
3936.7

5089.0
5094.6
5099.3
5104.6

5112.5
5126.0
5136.2
5145.3

5143.7
5138.8
5145.3
5153.2

Aug.

4
11
18
25

1063.1
1063.3
1063.7
1064.1

1062,

1063,
1065,
1067,

1070.8
1063.1
1065.5
1070.5

3921.0
3925.2
3930.0
3934.5

3934.8
3940.8
3949.4
3958.0

3944.6
3950.8
3965.4
3971.2

5111.7
5119.6
5128.6
5138.5

5149,
5158.
5170,
5185,

5160.9
5173.8
5193.9
5211.2

1

1064.8
1064.9
1064.4
1064.2

1069.7
1069.4
1066.8
1063 . 1

1079.6
1061.9
1055.0
1055.8

3940.3
3945.3
3950.7
3956.2

3969.
3975.
3980.
3985.

3988.4
3977.1
3983.8
3992.9

5149.6
5160.4
5172.0
5182.5

5202,
5215,
5226,
5233.7

5231.9
5226.4
5235.8
5240.5

Sep.

8
15p
2 2p

Not seasonally adjusted
1997-June

30

1061.9

1061.3

1067.7

3908.3

3916.2

3902.5

5076.9

5094.0

5086.8

July

7
14
21
28

1061.9
1061.1
1059.2
1059.0

1065.8
1065.1
1066.8
1062.7

1081.2
1062.2
1056.1
1051.4

3909.6
3909.2
3908.5
3911.5

3923.0
3926.8
3934.7
3937 . 1

3963.4
3945.6
3927.2
3912.0

5082.2
5085.5
5089.0
5095.7

5105.8
5117.0
5132.1
5142.3

5158.3
5148.8
5134.5
5127.5

Aug.

4
11
18
25

1060,
1061,
1062,
1063,

1061.7
1062.2
1064.8
1066.5

1077,
1064.
1066 .
1058.

3917.
3923.
3930.
3936.7

3935,
3942,
3954 ,
3965.7

3957.9
3972.9
3975.2
3956.6

5104.8
5115.2
5126.3
5137.7

5144.8
5156.2
5172.8
5190.5

5168.
5194.
5200.
5198.

1064.4
1064.8
1064.2
1063.9

1066.0
1067.2
1064.8
1061.7

1074.9
1069.2
1056.7
1045.9

3942.4
3947.9
3953.1
3958.4

3970.2
3978.7
3984.6
3986.4

3975.9
4007.1
3998.7
3963.8

5148.1
5158.7
5169.8
5180.1

5203.1
5216.6
5228.4
5230.9

5218.8
5248.7
5248.1
5208.0

Sep.

1
8
15p
22p

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
Other checkable deposits

Date

Nontransactions components

At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only 7

1996-Apr.
MayJune

376.4
377.7
379.9

8.8
8.7
8.7

404.5
407.2
410.7

226.3
215.6
208.7

107 . 6
107.9
107.7

333.9
323.5
316.4

2600.9
2608.5
2626.4

981.7
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
276.8
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
395.6
397 . 2

159.7
155.6
153.7

97.9
97.2
96.4

257.7
252.8
250.1

2839.7
2841.6
2856.2

1164.5
1173.3
1179.3

July
Aug.

410.3
412.2

8.2
8.3

396 . 2
401.6

150.4
149.9

96.9
97.4

247.3
247.3

2869.2
2898.0

1212.9
1231.1

Week e n d i n a
1 9 9 7 - J u l y 28

410.7

8.4

396.1

150.7

95.8

246.5

2875.0

1216.4

Aug.

1.

4.
5.
6.
7.

e

410.9
410.9
411.6
412.8

8.5
8.4
8.3
8.2

400.6
395 . 4
400.9
404 . 1

152.8
150.1
147.9
149.3

97.9
98.2
96.8
96.1

250.7
248.3
244.7
245.4

2873.8
2887.7
2899.9
2900.7

1216.3
1223.0
1228.5
1239.9

Sep.

2.
3.

4
11
18
25
1
8
15p
22p

414.5
413.9
414.9
416.1

8.0
8.0 e
8.0 e
8.0 e

405 . 8
391.0
386 . 8
386 . 9

153.3
150.6
148.5
148.7

97.9
98.3
96.7
96.0

251.2
248.9
245.2
244.7

2908.9
2915.2
2928.8
2937.1

1243.5
1249.3
1252.0
1247.6

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

PageS

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
Savings deposits 1
Date

At
commercial
banks
825.5
829.3
837.4

At
thrift
institutions
364.6
366.3
366.7

July
Aug.
Sep.

844.2
857.1
865.7

Oct.
Nov.
Dec.

Small-denomination time deposits 2

Retail
money
funds

Institutional
money
funds

929.5
928.4
928.8

481.4
484.5
493.6

1190.1
1195.6
1204.1

At
commercial
banks
577.5
577.0
578.0

At
thrift
institutions
352.0
351.5
350.8

366.8
365.6
365.8

1211.0
1222.7
1231.5

580.3
582.9
585.4

350.2
351.2
352.0

930.5
934.1
937.3

879.3
892.7
903.9

367.1
366.3
367.1

1246.3
1259.0
1271.0

587.4
589.9
592.0

353.6
354 . 0
353.7

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.

955.2
966.5

374.7
374.9

956.8

1996-Apr.
May
June

Week e n d i n a
1 9 9 7 - J u l y 28

Large-denomination time deposits 3

263.4
263.6
269.7

At
commercial
banks4
359.4
367.1
373.3

At
thrift
institutions
76.0
75.4
75.6

499.6
506.1
513.2

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

520.5
527.1
536.6

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

1329.8
1341.4

614.1
615.8

346.3
345.8

960.5
961.7

578.9
594.9

324.1
329.2

466.0
473.0

84.8
85.2

550.9
558.2

377.4

1334.2

614.8

346.2

961.0

579.9

325.2

470.0

84.8

554.8

Total

Total

Total
435.4
442.5
448.9

Aug.

4
11
18
25

956.9
964.5
967.9
965.6

373.9
373.2
375.2
375.4

1330.9
1337.6
1343.2
1341.0

615.4
615.2
615.5
615.9

346.0
345.9
346.1
346.0

961.4
961.1
961.7
961.9

581.5
589.0
595.1
597.8

321.0
327.3
329.3
332.9

470.1
469.4
469.3
477.9

85.3
85.4
85.2
85.0

555.4
554.8
554.5
562.9

Sep.

1
8
15p
22p

964.8
976.1
984.5
988.4

374.7
370.7
372.4
376.9

1339.5
1346.8
1356.9
1365.3

617.1
617.7
619.1
619.8

345.1
344.6
344.0
343 .6

962.2
962.4
963.1
963 .4

607.1
606.0
608.8
608.4

332.4
338.3
337.9
336.3

478.6
481.8
488.5
488.9

85.0
85.6
86.0
85.9

563.5
567.4
574.5
574.8

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
o m c i a i institutions.
p

preliminary




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 IRA 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 d e p o s i t s .
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 international 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 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 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

H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components 6

Non-M3 Components of L
RPs

Date

1

Eurodollars

2

185. 8
186.1
186.4

Short-term
Treasury
securities 3
4 64 . 5
452.9
470.5

Savings bonds

acceptances 4

Commercial paper 5

Federal debt

Non-Federal debt

10.2
10.7
11.1

459.3
468.0
470.1

3694.9
3701.1
3707.7

10332.6
10379.2
10431.4

1996-Apr.
May
June

188.5
202.7
195.3

94.0
94.5
95.6

July
Aug.
Sep.

194.2
192.4
194.4

95.8
96.3
98.9

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

10484.6
10523.7
10567.9

Oct.
Nov.
Dec.

196.0
195.3
194.1

105.1
107.1
113.9

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

10616.9
10665.6
10705.7

1997-Jan.
Feb.
Mar.

198.3
202.2
200.6

117.5
119.7
121.7

186.7
186.4
186.3

451.2
451.4
453.9

11.9
12.7
13.5

509.1
517.5
525.9

3778.0
3782.6
3796.5

10748.2
10801.4
10849.2

Apr.
May
June

204.1
204.6
198.8

126.6
133.5
128.8

186.2
186.2
186.3

457.7
460.8
451.0

12.8
13.1
12.6

537.8
543.9
555.9

3803.1
3789.7
3776.4

10912.4
10969.9
11009.4

July
Aug.

208.0
211.0

129.9
132.6

186.4 p

430.6 p

12.7 p

567.0 p

3779.4 p

11060.6 p

208.1

128.3

Week e n d i n g
1 9 9 7 - J u l y 28
Aug.

211.1
211.6
212.5
209.0

128.8
129.4
132.2
135.2

Sep.

1.
2.

4
11
18
25
1
8
15p
22p

211.1
210.5
207.8
205.4

136.5
133.1
131.7
131.1

4.
5.
6.

Overnight and term R P s of $ 1 0 0 , 0 0 0 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. a d d r e s s e e s 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 l e s s than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper l e s s 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

Travelers
checks 2

Demand
deposits 3

At commercial
banks 4

Other checkable deposits
•
At thrift
institutions5

Nontransactions components
Total

In M26

In M3 only 7

1996-Apr.
MayJune

375.8
377.5
380.4

8.6
8.6
8.9

405.4
398.7
409.3

231.3
213.1
207 . 6

110.1
107.3
108.0

341.5
320.4
315.6

2610.3
2604.0
2625.3

974.1
1003.5
1009.1

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0
8.8

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

Oct.
Nov.
Dec.

388.9
392.9
397.9

8.6
8.4
8.3

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

1997-Jan.
Feb.
Mar.

395.6
397.7
401.0

8.2
8.3
8.2

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

Apr.
May
June

403.4
406.1
408.4

8.2
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

July
Aug.

411.3
413.4

8.7
8.8

398.0
400.2

148.8
148.1

96.8
96.7

245.6
244.8

2872.5
2903.6

1205.8
1229.5

Week e n d i n a
1 9 9 7 - J u l y 28

410.3

8.9

388.0

149.9

94.3

244.2

2860.6

1215.5

Aug.

4.
5.
6.
7.
e

412.3
414.0
413.0
412.4

9.1
9.0
8.8
8.6

405.1
397.4
402.6
394.7

151.3
146.2
146.4
148.2

99.2
97.6
95.7
94.2

250.5
243.8
242.1
242.5

2880.9
2908.8
2908.8
2898.3

1210.4
1221.6
1225.7
1241.5

Sep.

1.
2.
3.

4
11
18
25
1
8
15p
22p

414.0
415.5
414.3
414.0

8.5
8.4 e
8.4 e
8.3 e

402.2
398.2
390.5
379.4

152.7
147.4
146.7
149.2

97.6
99.6
96.8
94.9

250.3
247.0
243.5
244.2

2901.0
2938.0
2942.0
2917.9

1242.9
1241.6
1249.4
1244.1

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 - c o n t i n u e d

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

Small-denomination time deposits 2

At
commercial

At
thrift

Total

At
commercial

At
thrift

Total

Retail
money
funds

1996-Apr•
May
June

826.7
828.0
839.8

365. 1
365. 7
367. 7

1191. 7
1193. 7
1207. 6

579.1
578.0
578.4

353. 0
352. 1
351. 1

932.1
930.2
929.5

486.5
480.1
488.3

July
Aug.
Sep.

847.0
860.0
866.6

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

Oct.
Nov.
Dec.

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

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

Apr.
May
June

949.4
943.7
952.7

373. 7
374. 8
376. 6

1323. 2
1318. 5
1329. 2

July
Aug.

958.5
969.9

376. 0
376. 1

946.4

Date

Week e n d i n a
1 9 9 7 - J u l y 28

Institutional
money
funds

Large-denomination time deposits 3
At
commercial

At
thrift

Total

261.4
260.1
264.6

356.2
369.2
373.7

75.3
75.8
75.7

431.6
445.0
449.4

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

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

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

600 . 6
603.2
608 . 2

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

1334 . 5
1346. 0

614.8
615 . 8

346. 7
345. 8

961.5
961.6

576.5
596.0

321.0
328 . 3

463.5
471.8

84.4
84.9

547.9
556.7

373. 3

1319. 7

614.9

346. 2

961.1

579.8

323.6

468.5

84.6

553.1

Aug.

3.
4.

p

961.9
977.3
973.1
962.5

375.
378.
377.
374.

9
1
2
2

1337.
1355.
1350.
1336.

8
4
3
7

615.6
615.6
615.6
615 . 6

346.
346.
346.
345.

1
2
1
8

961.7
961.8
961.7
961.5

581.4
591.7
596.8
600.1

316.9
326.7
328.5
334.4

468.1
467.7
467.8
477.4

84.9
85.1
84.9
84.9

553.0
552.8
552.7
562.3

Sep.

1.
2.

4
11
18
25
1
8
15p
22p

961.3
994 . 9
996.9
979.8

373.
377.
377.
373.

4
9
0
7

1334.
1372.
1373.
1353.

6
8
9
5

616.6
617.3
618.2
618 . 5

344. 9
344. 4
3 4 3 ., 5
342. 8

961.5
961.7
961.7
961.4

604.9
603.5
606.4
6 03.0

330.2
332.7
335.3
331.6

477.8
480.8
487.1
487.9

84.8
85.5
85.8
85.7

562.6
566.3
572.8
573.6

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
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 IRA 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 b a n k s a n d thrifts a r e s u b t r a c t e d f r o m s m a l l t i m e d e p o s i t 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 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 international 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 mutual 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 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
RPs 1
Date

At commercial
banks

At thrift
institutions

Eurodollars
Total

Savings bonds

Short-term
Treasury
securities 3
465.8
443.1
462.7

1996-Apr.
May
June

140. 0
153.9
149.3

47.9
50.8
51.0

187.9
204. 8
200.3

93.3
93.6
94.9

186.1
186.3
186.4

July
Aug.
Sep.

144.7
144.5
147.4

50,
49,
49,

195.1
193.9
196.4

94.5
95.5
98.2

186.6
186.7
186.7

472.9
482.0
476.9

Oct.
Nov.
Dec.

150.7
146.7
143.0

48.
47.
45.8

199.0
194.2
188.8

106.0
107.3
114.7

186.8
186.9
187.0

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

Apr.
May
June

155.8
160.7
156.9

47,
46,
47.

202.8
207.2
203.9

July
Aug.

161.3
165.3

47.4
47.8

162.4

Week e n d i n g
1 9 9 7 - J u l y 28
Aug.

Sep.

4
11
18
25

1
8
15p
22p

1.
2.

Debt components 6

Non-M3 Components of L
2

Bankers
acceptances 4
10.4
10.5

Commercial
paper6

Federal debt

Non-Federal
debt

461.1
471.4
467.0

3699.5
3692.1
3698.1

10296.5
10349.2
10405.3

12.0

467.8
473.6
483.1

3708.3
3730.9
3736.1

10455.9
10491.6
10544.5

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,
10646.
10697.

186.8
186.6
186 . 6

456.9
455 . 2
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

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
10982.2

208.7
213.0

128.3
131.5

186.3 p

430.1 p

11.9 p

560.6 p

3759.9 p

11029.8 p

47.6

210.0

128.8

164.
165.
166.
163.

47.7
48.2
48.2
47.4

212.0
214.0
214.2
211.0

128.4
128.1
130.2
133.8

166.3
164.1
163.6
161.9

47.3
47.6
47.1
47.0

213.6
211.7
210.6
208.9

136.5
130.9
130.6
129.9

11.2
10.7
11.1

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 monev
y
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 10

H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

19 9 6 - A p r .
May
June

7.8
8.3
8.9

1.4
1.5
1.5

Time and
savings
deposits
due to
foreign
banks and
official
institutions
14 . 0
13 . 5
13 . 0

July
Aug.
Sep.

9.1
7.9
8.5

1.6
1.5
1.4

Oct.
Nov.
Dec.

8.6
8.8
9.1

1997-Jan.
Feb.
Mar.

Demand deposits
at banks due to

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

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
4.4

151.2
151.3
151.6

109.3
109.0
108.8

79.5
78.1
76.5

340.0
338.4
336.9

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 e
76.7 e
76.7 e

337.2 e
337.1 e
336.7 e

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

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 e
77.2 e
77.4 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 e
150.9 e
150.9 e

105.8 e
105.9 e
105.9 e

77.6 e
77.7 e
77.7 e

334.3 e
334.4 e
334.6 e

July
Aug.

10.4
10.4

1.5
1.5

17 . 8
17 . 8

1 .8
1 .8

5.0
4.9

18 . 2
12 . 4

24.9
19.1

3.3
3.3

150.9 e
150.9 e

106.0 e
106.0 e

77.8 e
77.8 e

33,4.7 e
334.7 e

10.4

1.5

17 . 8

1 .4

5.1

23 . 7

30.2

3.3

Date

Week e n d i n a
1 9 9 7 - J u l y 28

' ot™
cash
balance

Aug.

10.4
10.4
10.4
10.4

1.5
1.5
1.5
1.6

17
17
17
17

.8
.8
.8
.8

1 .8
1 .5
2 .4
1 .6

5.1
5.1
4.5
4.8

17 . 8
12 . 7
11 . 6
12 .4

24.8
19.3
18.5
18.8

3.3
3.3
3.3
3.3

Sep.

e
p

4
11
18
25
1
8
15p
22p

10.4
10.4
10.4
10.4

1.5
1.5
1.5
1.5

17
17
17
17

.8
.8
.8
.8

1 .6
2 .1
4 .7
4 .6

4.9
4.7
5.3
7.9

9 .5
8 .3
8 .6
27 . 8

16.0
15.0
18.6
40.3

3.3
3.3
3.3
3.3

estimated
preliminary




At
commercial
banks

institutions

E E

Total