Full text of H.6 Money Stock Measures : October 30, 1997

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v,s^§v£?;

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES 6

Forreleaseat4:30p.m. EastemTime

Billions of dollars

Date

OctoberSO, 1997
M11

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

199 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
3725.4
3741.6
3749.1
3759.7
3769.7
3779.6
3798.3
3819.3

4620.1
4652.9
4689.4
4706.2
4728.7
4751.1
4769.1
4787.5
4816.5
4849.6
4876.1
4918.0

5720.8
5739.5
5789.7
5825.9
5846.3
5889.3
5913.9
5942.0
5981.5
6005 . 2
6038.5
6069.3

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

3834.7
3850.0
3865.5
3883.3
3880.9
3894.4
3905.0
3939.9
3959.1

4940.1
4977.3
5008.7
5047.8
5054.2
5073.7
5117.0
5167.6
5204.9

6083.9
6131.6
6175.9
6231.2
6249.2
6271.5
6305.3
6378.7 p

14526.2
14584.0
14645.7
14715.5
14759.6
14785.8
14835.5
14887.3 p

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
3709.1
3739.2
3753.1
3761.0
3762.5
3769.4
3801.2
3837.7

4626.5
4641.0
4691.9
4715.6
4712.6
4748.4
4767.3
4788.0
4805.4
4845.4
4884.2
4.935.0

5734.9
5731.4
5802.6
5838.9
5823.9
5875.7
5905.2
5941.3
5964.1
5991.6
6048.9
6098.1

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
1067.2
1057.2

3836.3
3834.0
3870.0
3900.1
3863.6
3892.1
3910.0
3943.4
3951.5

4945.6
4968.2
5015.2
5055.2
5036.4
5070.1
5114.8
5169.6
5192.1

6096.8
6126.5
6192.2
6242.8
6226.1
6256.3
6295.4
6378.8 p

14507.4
14546.5
14619.4
14684.4
14719.0
14748.3
14786.1
14843.4 p

Not seasonally adjusted

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 M o n t h s f r o m J u n e 1997 TO S e p .

1997

-1.1

6.6

10.3

3.5

6 Months f r o m Mar.

1997 TO S e p .

1997

-2.8

4.8

7.8

4.2

12 M o n t h s f r o m S e p .

1 9 9 6 TO S e p .

1997

-3.0

5.0

8.1

4.4

T h i r t e e n w e e k s e n d i n g O c t o b e r 20 , 1 9 9 7
from t h i r t e e n weeks e n d i n g :
J u l y 21, 1997 (13 w e e k s p r e v i o u s )

0.0

6.1

9.0

1.

Apr.

21,

1997

(26 w e e k s p r e v i o u s )

-2.4

4.5

7.6

Oct.

21,

1996

(52 w e e k s p r e v i o u s )

-2.8

4.9

7.9

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 c h e c k s of nonbank issuers; (3) demand
deposits at all commercial banks other than t h o s e due to depository institutions, the U.S. government, and foreign banks and official institutions, l e s s c a s h 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 l e s s
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, e a c h seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
. . .
,
,
......
.
. ,,
.,
..
,.
..
Consists of M2 plus large-denomination time deposits (in amounts of $ 1 0 0 , 0 0 0 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 depositoiy 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, e a c h 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 t h e s e a s s e t s .
^
.. ,
.
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 b u s i n e s s e s , 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 be e n 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 r e l e a s e s 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 s e r i e s in the H.6 statistical release are available e a c h w e e k via the w e b 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 1 9 7 5 for most series. For information on how to a c c e s s the Commerce bulletin board, call (202) 4 8 2 - 1 9 8 6 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
1 9 9 7 - J u l y 28

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

1062.6

1061.2

1061.6

3892.6

3906.7

3910.3

5079.6

5118.2

5125.3

Aug.

4
11
18
25

1063.1
1063.3
1063.6
1064.1

1062.3
1063.5
1065.2
1067.4

1070.7
1063.0
1065.4
1070.4

3895.9
3899.9
3904.4
3908.5

3908.5
3914.2
3922.5
3930.8

3917.8
3923.8
3938.0
3943.6

5086.2
5093.6
5102.0
5111.4

5121.9
5130.0
5141.3
5154.8

5132.3
5144.2
5163.3
5179.5

Sep.

1
8
15
22
29

1064.8
1064.8
1064.3
1064.1
1063.6

1069.6
1069.3
1066.6
1062.7
1058.2

1079.4
1061.8
1054.9
1054.7
1061.4

3914.1
3918.7
3923.8
3929.0
3934.1

3941.4
3947.6
3951.8
3956.8
3958.4

3960.2
3948.5
3954.9
3963.4
3966.8

5121.8
5131.9
5142.9
5152.7
5162.3

5171.5
5183.8
5193.5
5200.3
5204.6

5199.1
5193.2
5202.3
5206.4
5216.3

Oct.

6
13p
20p

1063.6
1063.1
1062.9

1059,
1058,
1058.9

1066.9
1050.7
1056.4

3939,
3944,
3950,

3965.1
3968.1
3972.4

3975.1
3966.9
3980.8

5170.3
5179.8
5189.3

5211.
5220.
5228.7

5221.9
5235.8
5240.7

Not seasonally adjusted
1 9 9 7 - J u l y 28

1059.0

1062.7

1051.3

3887.0

3911.1

3885.6

5070.9

5115.4

5099.6

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

3892.1
3898.3
3905.0
3910.9

3909.4
3915.9
3927.6
3938.4

3931.1
3945.8
3947.8
3928.8

5079.5
5089.4
5099.9
5110.7

5117.2
5127.9
5143.6
5160.3

5139.7
5164.8
5170.2
5166.4

Sep.

1
8
15
22
29

1064.3
1064.8
1064.1
1063.8
1062.4

1065.9
1067.1
1064.7
1061.4
1055.1

1074.8
1069.1
1056.6
1044.9
1049.7

3916.3
3921.4
3926.3
3931.3
3934.5

3942.6
3950.8
3956.3
3957.8
3950.7

3947.8
3978.7
3970.0
3934.6
3919.4

5120.5
5130.4
5140.8
5150.4
5158.0

5171.9
5184.6
5195.8
5197.7
5191.4

5186.1
5215.7
5214.8
5174.3
5160.8

Oct.

6
13p
20p

1061.5
1060.5
1060.4

1055.0
1053.3
1055.9

1068.8
1049.8
1055.1

3937.4
3941.3
3946.7

3949.8
3950.2
3959.3

3975.2
3971.6
3970.9

5164.8
5174.4
5184.7

5192.7
5200.8
5217.5

5220.9
5247.2
5241.2

Note: S p e c i a l caution s h o u l d b e taken in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y supply data, which are highly volatile a n d s u b j e c t to revision,
p

preliminary data.




Page 4
H.6(508)
Table4

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

Date

4.
5.
6.
7.

Nontransactions components

Other checkable deposits
At thrift
institutions5
107.9
107.7

Total

In M26

In M3only7

323.5
316.4

2608.3
2626.0

1003.3
1009.4

1996-May
June

377.7
379.9

8.7
8.7

407.2
410.7

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

2640.2
2659.7
2676.4

1020.0
1027.8
1046.8

Oct.
Nov.
Dec.

390,
392,
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

2699.3
2718.2
2738.2

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

2755.0
2769.3
2790.0

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

2818.1
2818.1
2831.3

1164.5
1173.3
1179.3

July
Aug.
Sep.

410.2
412.1
415.4

8.2
8.3
8.1

396.2
401.5
389.9

150.4
149.9
150.0

96.9
97.4
96.8

247.3
247.3
246.9

2843.1
2870.6
2898.8

1211.9
1227.7
1245.8

412.8

8.2

404.0

149.3

96.1

245.4

2873.2

1236.0

Sep.

1
8
15
22
29

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
386.3
390.4

153.3
150.6
148.5
148.2
150.7

97.9
98.3
96.7
96.0
95.7

251.2
248.9
245.2
244.2
246.4

2880.7
2886.7
2900.0
2908.7
2905.4

1238.9
1244.7
1247.4
124 3 . 1
1249.5

Oct.

6
13p
20p

416.9
417.5
418.2

8.1
8.1
8.1

392.4
381.4
386.5

150.6
146.6
146.8

98.9
97.1
96.6

249.5
243.7
243.5

2908.2
2916.1
2924.4

1246.9
1269.0
1259.9

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. a d d r e s s e e s , each seasonally adjusted separately.

e FRASER
estimated
Digitized for


»

Demand deposits3

At commercial
banks4
215.6
208.7

Week e n d i n g
1997-Aug. 25

1.
2.
3.

Travelers checks 2

#

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

At
commercial
banks
829.3
837.4

At
thrift
institutions
366.3
366.7

July
Aug.
Sep.

844.2
857.1
865.7

Oct.
Nov.
Dec.

p

Institutional
money
funds

928.4
928.8

484.2
493.2

1195.6
1204.1

At
thrift
institutions
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

592.4
593.3
595.6

Apr.
May
June

947.9
945.4
949.9

373.1
375.5
375.5

1321.1
1320.9
1325.4

July
Aug.
Sep.

955.2
966.6 .
982.0

374.7
374.9
374.6

965.6

Week e n d i n a
1 9 9 7 - A u g . 25

3.
4.

Retail
money
funds

At
commercial
banks
577.0
578.0

1996-May
June

1.
2.

Small-denomination time deposits 2

263.6
269.7

At
commercial
banks 4
367.1
373.3

At
thrift
institutions
75.4
75.6

498.7
503.0
507.5

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

512.0
515.2
521.5

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

946.8
948.2
947.4

525.7
530.6
538.3

296.3
305.4
311.8

412.2
418.1
427.1

81.1
81.9
82.0

493.3
500.1
509.1

598.2
601.1
606.7

350.7
352.2
351.2

948.9
953.3
957.9

548.1
543.9
548.0

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
1356.6

613.0
614.7
617.9

347.7
347.5
345.9

960.7
962.2
963.8

552.5
567.0
578.3

324.1
329.2
338.9

466.1
471.7
483.1

84.8
85.2
85.6

550.9
556.8
568.8

375.4

1341.1

614.8

347.7

962.5

569.6

332.9

476.0

85.0

561.0

578.3
576.8
579.2
578.3
579.1

332.4
338.3
337.9
336.3
343.8

475.9
479.2
485.9
486.4
482.3

85.0
85.6
86.0
85.9
85.1

560.9
564.8
571.9
572.2
567.3

577.4
580.0
583.0

340.8
347.7
343.9

485.2
489.3
485.8

85.3
85.6
85.5

570.5
574.9
571.3

Total

Total

Sep.

1
8
15
22
29

964.8
976.1
984.5
988.8
983.3

374.7
370.7
372.4
377.2
378.8

1339.5
1346.8
1356.9
1366.0
1362.1

616.0
616.6
618.0
618.8
618.6

346.9
346.5
345.9
345.6
345.5

962.9
963.1
963.9
964.4
964.1

Oct.

6
13p
20p

992.3
996.5
999.2

373.7
374.1
376.2

1366.0
1370.5
1375.4

619.0
619.5
620.3

345.8
346.1
345.7

964.8
965.6
966.0

S a v i n g s d e p o s i t s include
Small-denomination time
a n d thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




Large-denomination time deposits 3

•

Total
442.5
448.9

m o n e y market deposit a c c o u n t s .
deposits—including 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 than $ 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 are 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 more, excluding t h o s e b o o k e d at international banking facilities.
d e p o s i t s at commercial b a n k s l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U . S . g o v e r n m e n t , a n d foreign 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
RPs

Date

Non-M3 Components of L

2

1

Eurodollars

Savings bonds

3.
4.
5.
6.

a

s 452.8
470.5

acceptances 4
Id.7
ll.l

Commercial paper5

Federal debt

Non-Federal debt

468.0
470.1

3701.1
3707.7

1037 9 . 2
10431.4

11.5
11.7
12.0

473.0
477.7
482.0

3726.4
3740.5
3743.8

10484.6
10523.7
10567.9

476.8
480.0
456.5

12.1
12.2
12.2

479.6
483.2
495.5

3756.0
3770.1
3780.0

10616.9
10665.6
10705.7

186.7
186.4
186.3

436.1
437.6
441.5

11.9
12.7
13.5

509.1
517.5
525.9

3778.0
3782.6
3796.5

10748.2
10801.4
10849.2

126.6
133.5
128.8

186.2
186.2
186.3

446.6
451.8
443.0

12.8
13.1
12.6

537.8
543.9
555.9

3803.2
3789.7
3776.5

10912.3
10969.9
11009.3

208.0
211.0
208.2

128.8
130.6
130.0

166.4
186.5

422.2
446.3 p

12.9
13.3

566.8
565.0 p

3779.4
3784.5 p

11056.1
11102.8 p

209.0

133.2

•May
June

262.7
195.3

54.5
95.6

166.1
186.4

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

Oct.
Nov.
Dec.

196.0
195.3
194.1

105.1
107.1
113.9

187.1
187.0
187.0

1997-Jan.
Feb.
Mar.

198.3
202.2
200.6

117.5
119.7
121.7

Apr.
May
June

204.1
204.6
198.8

July
Aug.
Sep.

Week e n d i n g
1997-Aug. 25

1.
2.

Short-term

Debt components6

Sep.

1
8
15
22
29

211.1
210.5
207.8
205.5
208.5

134.5
131.0
129.7
129.0
129.9

Oct.

6
13p
20p

208.8
218.7
218.6

126.7
127.6
126.1

Overnight and term RPs 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



•

•

*

e

»

e

" —

F

•

r
Page 7

H.6 (508)
Table 5

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

Date

4.
5.
6.
7.

Demand
deposits3

1996-May
June

377.5
380.4

8.6
8.9

398.7
409.3

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0
8.8

410.4
404.3
404.0

Oct.
Nov.
Dec.

388.9
392.9
397.9

8.6
8.4
8.3

1997-Jan.
Feb.
Mar.

395.6
397.7
401.0

8.2
8.3
8.2

Apr.
May
June

403.4
406.1
408.4

July
Aug.
Sep.

411.3
413.4
414.3

8.7
8.8
8.4

Nontransactions components

Other checkable deposits
At commercial
banks4
213.1
207.6

Week e n d i n g
1997-Aug. 25

1.
2.
3.

Travelers
checks 2

At thrift
institutions5

Total

In M26

In M3 only7

107.3
108.0

320.4
315.6

2603.8
2625.0

1003.5
1009.1

200.8
192.8
186.7

105.8
104.5
103.9

306.6
297.3
290.6

2643.4
2664.5
2672.3

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

2692.5
2715.9
2734.6

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

2750.3
2767.6
2802.6

1109.3
1134.2
1145.2

396.6
387 . 3
396.2

163.4
153.7
152.8

100 . 3
96.5
96.7

263,
250.
249.

2828.4
2811.8
2829.7

1155.0
1172.7
1178.0

398.0
400.1
388 . 9

148.8
148.1
149.0

96.8
96.7
96.5

245.6
244.8
245.6

2846.5
2876.2
2894.3

1204.8
1226.2
1240.6

412.4

8.6

394.6

148.2

94.2

242.5

2870.6

1237.6

Sep.

1
8
15
22
29

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
378.9
382.7

152.7
147.4
146.7
148.8
151.2

97.6
99.6
96.8
94.9
94.1

250.3
247.0
243.5
243.7
245.3

2873.0
2909.7
2913.4
2889.8
2869.7

1238.3
1237.0
1244.8
1239.6
1241.3

Oct.

6
13p
20p

416.8
418.4
417.4

8.3
8.3
8.2

395.3
382.9
387.9

148.8
143.6
145.9

99.6
96.7
95.6

248.4
240.2
241.5

2906.4
2921.9
2915.8

1245.7
1275.5
1270.3

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 c a s h items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and a g e n c i e s 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. a d d r e s s e e s .

Digitized efor FRASER
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

1193.7
1207.6

At
thrift
institutions
352.1
351.1

930.2
929.5

479.9
487.9

260.1
264.6

At
commercial
banks 4
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

496.7
503.6
503.3

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

506.8
512.8
522.9

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

591.7
593.7
597.1

353.9
355.2
352.7

945.6
948.9
949.8

529.3
536.3
547.2

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

599.9
602.2
607.1

351.8
352.9
351.5

951.7
955.2
958.6

553.5
538.1
541.9

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.

958.5
969.9
983.1

376.0
376.1
375.0

1334.5
1346.0
1358.1

613.7
614.7
617.1

348.0
347.5
345.4

961.7
962.2
962.5

550.2
568.0
573.7

321.0
328.3
333.1

463.6
470.4
482.3

84.4
84.9
85.5

548.0
555.4
567.8

962.5

374.2

1336.7

614.5

347.5

962.1

571.9

334.4

475.5

84.9

560.4

961.3
994.9
996.9
980.3
964.9

373.4
377.9
377.0
373.9
371.7

1334.7
1372.8
1373.9
1354.2
1336.5

615.5
616.2
617.1
617.5
617.7

346.6
346.3
345.4
344.9
345.0

962.1
962.4
962.5
962.4
962.7

576.2
574.4
577.0
573.2
570.5

330.2
332.7
335.3
331.6
333.3

475.2
478.2
484.5
485.4
481.6

84.8
85.5
85.8
85.7
84.9

560.0
563.7
570.3
571.1
566.6

997.0
1004.0
997.7

375.5
376.9
375.6

1372.5
1380.9
1373.3

619.1
619.3
619.3

345.8
346.0
345.1

964.9
965.3
964.4

568.9
575.7
578.1

333.9
343.3
342.3

488.5
495.5
491.8

85.9
86.7
86.6

574.4
582.1
578.4

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 a
1 9 9 7 - A u g . 25

3.
4.
p

Large-denomination time deposits 3

At
,
commercial
banks
578.0
578.4

Date

1.
2.

Institutional
money
funds

Retail
money
funds

Sep.

1
8
15
22
29

Oct.

6
13p
20p

Total

At
thrift
institutions
75.8
75.7

S a v i n g s d e p o s i t s include m o n e y market deposit a c c o u n t s .
Small-denomination time deposits—including 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 than $ 1 0 0 , 0 0 0 . All IRA and 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 from small time d e p o s i t s .
Large-denomination time d e p o s i t s are 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 more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time d e p o s i t s at commercial b a n k s l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U . S . g o v e r n m e n t , a n d foreign
b a n k s and 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
Savings bonds

Total

Short-term

Bankers
acceptances 4

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

443.0
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
11.1
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
480.1
469.7

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

441.6
441.3
453.6

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

448.2
441.7
435.2

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.

161.3
165.3
163.5

47.4
47.8
47.2

208.7
213.0
210.7

127.2
129.5
129.1

186.3
186.3 p

421.7
450.1 p

12.1
12.6 p

560.4
560.3 p

3759.9
3774.4 p

11026.2
11069.0 p

163.6

47.4

211.0

131.8

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

47.4
47.5
47.9

210.7
221.9
222.2

126.8
128.2
127.4

Week e n d i n o
1997-Aug. 25

1.
2.

At thrift
institutions

1

At commercial
banks

U

Date

Debt components6

Non-M3 Components of L

Sep.

1
8
15
22
29

166.3
164.1
163.6
161.9
164.1

Oct.

6
13p
20p

163.3
174.3
174.3

-

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.
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 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.
5. Total commercial paper l e s s commercial paper held by money market mutual funds.
6. 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


Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1996-May
June

8.3
8.9

1.5
1.5

Time and
savings
deposits
due to
foreign
banks and
official
institutions
13.5
13.0

July
Aug.
Sep.

9.1
7.9
8.5

1.6
1.5
1.4

13.0
13.4
13.8

2.9
2.7
4.6

5.3
5.1
6.2

Oct.
Nov.
Dec.

8.6
8.8
9.1

1.4
1.4
1.4

14.9
16.4
17.9

3.0
3.3
4.3

1997-Jan.
Feb.
Mar.

9.2
9.3
9.3

1.7
1.5
1.4

18.6
18.3
18.0

Apr.
May
June

9.5
9.9
10.3

1.3
1.4
1.5

July
Aug.
Sep.

10.4
10.4
10.4

Demand deposits
at banks due to
Date

Week e n d i n g
19 9 7 - A u g . 25

e
p

IRA and Keogh Accounts

U.S. government deposits

18.7
25.4

Time and
savings
deposits at
commercial
banks
4.5
4.4

151.3
151.6

109.0
108.8

78.3
76.9

338.6
337.3

17.4
12.2
20.5

25.7
20.
31.

4.1
3.8
3.4

151.9
151.8
151.4

108.7
108.6
108.6

77.5
79.8
82.3

338.1
340.2
342.3

5.0
5.0
5.7

11.0
11.6
11.9

19.
19.
21.9

3.1
2.8
2.5

151.3
151.4
151.3

108.2
107.7
107.1

85.3
88.7
92.2

344.8
347.7
350.6

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

151.3
151.3
151.4

106.6
106.3
105.9

93.9 e
95.6 e
97.3 e

351.7 e
353.2 e
354.6 e

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

151.6 e
151.8 e
152.0 e

105.5 e
105.2 e
104.9 e

99.0 e
100.7 e
102.4 e

356.1 e
357.7 e
359.3 e

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

152.0 e
152.0 e
152.0 e

104.6 e
104.3 e
104.0 e

104.1 e
105.8 e
107.5 e

360.7 e
362.1 e
363.5 e

10.4

1.6

17.8

1.6

4.8

12.4

18.8

3.3

Note
balances at
depository
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

2.8
4.8

5.7
6.1

10.1
14.5

Total
cash
balance

Sep.

1
8
15
22
29

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.

6
13p
20p

10.4
10.4
10.4

1.5
1.5
1.5

17.8
17.8
17.8

1.7
1.4
2.2

5.6
5.2
5.2

19.5
6.9
13.9

26.8
13.6
21.3

3.3
3.3
3.3

estimated
preliminary




At
commercial
banks

. A

institutions

B

funds

Total