Full text of H.6 Money Stock Measures : October 6, 1988

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V'.CtOOwy

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

••f^TRESiV

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

OCTOBER

B i l l i o n s of d o l l a r s
Date

Ml 1

M2 Z

6, 1988

Debt 5

M3 3
Seasonally adjusted

1986-SEP.
OCT.
NOV.
DEC.

687.4
694.9
706.4
725.4

2743.6
2766.0
2782.6
2807.7

3429.9
3448.4
3464.1
3490.8

4064.5
4083.7
4104.8
4134.3

7365.2
7429.6
7512.1
7607.7

1987-JAN.
FEB.
MAR.
APR.
HAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8

2827
2829,
2834,
2847.
2849,
2851,
2858.
2869.
2880.
2894.
2896.
2901.

3515.6
3524.5
3533.2
3550.5
3565.2
3581.1
3588.8
3607.1
3622.6
3644.5
3659.5
3664.2

4163.2
4175.8
4174.6
4190.3
4218.5
4233.3
4236.3
4259.4
4285.6
4314.7
4326.0
4327.0

7673.0
7710.9
7756.6
7816.7
7881.6
7939.3
7980.7
8031.0
8092.9
8163.3
8245.8
8305.5

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.

758.8
759.5
762.9
770.1
770.2
776.5
782.4
782.5

2925.
2946.
2967.
2990.
3002.
3016.
3026.
3032.

3690.
3722.
3747.
3771.
3788.
3812.
3833.
3847.

4364.1
4395.5
4421.8
4464.4
4494.7
4508.7
4550.6 p

8352.7
8407.9
8468.8
8529.7
8588.9
8646.0
8700.9

Not seasonally adjusted
1986-SEP.
OCT.
NOV.
DEC.

685.2
692.8
709.5
740.6

2737.9
2765.9
2785.7
2821.4

3426.6
3448.4
3470.6
3507.6

4058.4
4083.2
4113.0
4152.3

7350.1
7412.0
7466.4
7593.3

1987-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

737.5
717.1
723.5
752.5
739.9
744.4
746.8
745.0
745.2
753.7
756.0
765.9

2839.8
2817.1
2826.4
2854.9
2835.8
2849.9
2862.4
2868.0
2875.8
2895.1
2900.0
2914.7

3527.8
3513.0
3526.9
3555.7
3553.4
3577.1
3586.8
3604.4
3620.5
3644.5
3666.8
3680.8

4181.1
4171.1
4174.0
4192.0
4201.6
4230.0
4227.8
4252.2
4280.7
4315.0
4335.8
4345.1

7655.9
7677.3
7725.3
7786.2
7849.5
7911.5
7958.9
8013.1
8079.4
8147.8
8220.1
8289.3

1988-J AN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.

764.7
745.0
752.1
778.3
763.8
778.8
785.6
781.2

2937.4
2933.6
2958.9
2996.5
2968.4
3014.4
3030.7
3031.1

3702.7
3711.1
3740.9
3775.9
3775.5
3807.5
3831.2
3845.0

4362.7
4391.1
4420.2
4464.8
4477.3
4505.2
4540.0 p

8335.0
8373.4
8436.8
8500.0
8559.2
8621.1
8675.6 p

Footnotes appear on the following page,
p—indicates prelininary data.




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt1

6.4

4.0

6.3

8.0

6 Months from FEB. 1988 TO AUG. 1988

6.1

5.8

6.7

8.3

12 Months from AUG. 1987 TO AUG. 1988

4.8

5.7

6.7

9.0

3 Months from MAY

1988 to AUG. 1988

Thirteen weeks ending SEPTEMBER 26, 1988
from thirteen weeks ending:

JUNE 27, 1988 (13 weeks previous)

5.6

3.8

5.7

MAR. 28, 1988 (26 weeks previous)

5.9

5.9

6.8

SEP. 28, 1987 (52 weeks previous)

4.9

5.6

6.6

Growth rates for debt are based on periods beginning and ending one month earlier than for tha monetary aggregates, namely,
April 1988 to July 1988, January 1988 to July 1988, and July 1987 to July 1988, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and tha vaults of depository institutional
(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 foraign banks and official institutions, lass cash items in the process of collection
and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOM) and
automatic transfer service (ATS) accounts at depository institutions; credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money markat deposit accounts (MMOAs), savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of lass than *100?000)r and balances in both
taxabla and tax-exempt general purposa and broker/dealer money markat mutual funds. Excludas individual retirement account
(IRA) and Kaogh balances at depository institutions and monay markat funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and than
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars 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 market mutual funds. Excludes asiounts held by depository institutions, the U.S. government, money
market funds, and foreion banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money markat mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit markat debt are measured on a quarter-end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjus ted
Ml

Period ending

13-week
average

4 -week
average

M2
week
average

13-week
average

4-week
average

M3
week
average

13-week
average

4-week
average

week
average

1988-JULY

4
11
18
25

772.7
774.1
775.3
775.6

776.7
779.9
780.7
781.4

777.5
784.8
781.5
781.7

3005.0
3007.8
3010.3
3012.7

3017.5
3021.4
3023.1
3024.5

3022.8
3027.6
3023.5
3024.0

3793.4
3798.2
3803.0
3807.8

3815.1
3821.7
3826.5
3830.7

3820.3
3831.8
3833.9
3836.7

AUG.

1
8
15
22
29

776.2
777.2
778.1
779.2
780.1

783.1
782.4
782.1
782.5
782.1

784.3
782.1
780.2
783.3
782.7

3015.4
3018.0
3020.2
3022.5
3024.4

3026.3
3026.8
3028.1
3030.7
3031.6

3029.9
3029.8
3028.8
3034.1
3033.8

3812.7
3817.5
3822.0
3826.4
3830.7

3836.1
3839.7
3841.9
3844.9
3847.3

3842.1
3845.9
3843.0
3848.6
3851.5

SEP.

5
12
19p
26p

780.8
781.6
782.1
782.6

782.3
782.9
783.2
783.8

783.0
782.4
784.8
784.9

3026.0
3028.0
3029.6
3030.7

3033.3
3035.6
3036.5
3036.1

3036.3
3038.3
3037.4
3032.5

3834.2
3838.0
3841.2
3843.6

3848.5
3851.3
3853.4
3853.3

3850.8
3854.3
3856.9
3851.3

Not seasonally adjusted
M2

Ml

Period en<ding

13-week
average

4-week
average

week
average

13-week
average

4-week
average

M3
week
average

13-week
average

4-week
average

week
average

1988-JULY

4
11
18
25

774.1
775.3
775.4
775.3

779.7
783.7
785.1
787.2

790.0
799.5
786.3
772.9

3001.9
3004.4
3006.1
3008.4

3015.9
3021.6
3025.8
3030.9

3031.1
3044.1
3031.0
3017.5

3788.7
3792.6
3796.3
3801.0

3810.1
3816.2
3822.3
3829.6

3823.3
3838.7
3832.4
3823.8

AUG.

1
8
15
22
29

776.3
778.0
779.5
781.1
782.0

784.2
782.3
782.4
783.6
781.1

777.9
792.0
786.9
777.7
767.7

3012.0
3016.2
3019.9
3023.2
3025.5

3029.5
3028.8
3030.4
3033.3
3Q31.3

3025.2
3041.4
3037.5
3029.1
3017.0

3806.5
3812.7
3818.5
3823.6
3827.9

3831.9
3835.6
3839.9
3844.3
3845.2

3832.7
3853.4
3849.6
3841.4
3836.2

SEP.

5
12
19p
26p

782.1
782.8
782.9
782.9

780.1
781.4
782.6
781.6

788.1
791.9
782.6
763.8

3026.4
3028.3
3029.6
3030.5

3030.3
3032.2
3032.8
3030.7

3037.6
3045.0
3031.6
3008.4

3831.1
3834.9
3838.3
3841.4

3845.8
3849.2
3852.1
3851.8

3656.0
3863.3
3852.8
3834.9

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—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

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

Total

171.4
174.0
175.3

232.7
235.5
237.8

404.1
409.5
413.1

730.9
737.8
741.8

176.9
178.3
178.7

238.7
239.5
240.0

2138.3
2143.7
2150.2

750.0
763.0
763.2

178.4
178.2
178.2

263.3
265.0
266.9

2166.3
2186.8
2204.6

765.1
776.3
780.2

290.2
287.4
289.9

270.1
271.9
274.4

2220.8
2232.0
2240.1

290.6
290.0

278.3
278.1

Currency *

Demand
deposits3

Other
checkable4
deposits

1987-APR.
MAY
JUNE

185.6
187.0
187.8

6.7
6.7
6.8

299.3
298.9
293.3

JULY
AUG.
SEP.

189.0
190.2
191.4

6.8
6.9
7.0

OCT.
NOV.
DEC.

193.1
195.0
196.5

1988-JAN.
FEB.
MAR.

At
commercial
banks

Small time deposits8

At
thrift
institutions

Travelers
checks2

At
thrift
institutions

Total

358.9
359.0
361.6

486.1
487.0
490.5

845.1
845.9
852.1

415.5
417.8
418.6

364.4
366.7
368.3

494.7
499.1
503.8

859.1
865.9
872.1

238.6
236.8
236.0

417.0
415.0
414.3

374.2
381.6
384.6

509.1
520.1
528.5

883.3
901.7
913.1

179.0
181.0
183.2

235.3
235.2
236.6

414.4
416.2
419.8

388.0
393.7
397.5

536.6
547.8
556.0

924.6
941.5
953.5

780.2
785.8
795.6

184.2
186.0
188.0

238.6
239.2
241.0

422.7
425.1
429.0

402.5
404.7
406.8

562.3
567.3
568.1

964.8
972.0
974.9

2243.7
2249.5

807.8
815.3

189.5
190.6

242.3
243.2

431.8
433.8

409.8
414.1

568.7
571.1

978.5
985.2

5

In M3
only8

253.1
253.9
254.3

2102.5
2102.5
2109.4

703.3
716.2
729.6

292.3
292.1
290.5

255.6
257.2
258.6

2114.3
2122.9
2133.3

7.0
7.0
7.1

295.9
291.3
288.0

260.3
259.5
259.3

198.4
199.3
200.9

7.2
7.3
7.3

289.9
287.8
287.9

APR.
MAY
JUNE

202.5
203.6
204.9

7.3
7.4
7.3

JULY
AUG.

.206.3
207.2

7.2
7.2

Date

Savings deposits7

In M2

At
commercial
banks

Heek ending
1988-AUG.

SEP.

1
8
15
22
29

207.0
206.3
206.7
207.3
208.0

289.8
290.9
288.6
290.7
289.3

280.3
277.8
277.8
278.0
278.1

2245.6
2247.6
2248.6
2250.8
2251.1

812.
816.
814.
814.
817.

190
190
190
190
190.6

243.0
242.8
243.4
243.5
243.3

433.1
433.4
434.1
434.3
433.9

411.3
412.8
413.7
414.6
415.4

569,
570,
570.
571,
571.

981
983,
984,
985.
987.

5
12
19p
26p

207.5
207.8
208.7
209.7

291.
289.
289.
288.

277.
278,
279,
279.8

2253.3
2255.9
2252.5
2247.6

814.
816.
819.
818.

190.
190.
190.
190.

243.2
243.2
242.8
242.4

433.
433.
433,
432,

416.
419.
421.
422.

573.0
574.8
576.8
576.5

989.2
993.8
997.9
998.6

1.
2.
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
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.
4.
Consists of NOH and ATS balances at all depository institutions* credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight Eurodollars* money market fund balances (general purpose and broker/dealer)* MMDAs* and savings and small time
deposits. This sum is seasonally adjusted as a whole.
6.
Sum of large time deposits* term RPs and term Eurodollars of U.S. residents* money market fund balances (institution-only)* less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMDAs.
8.
Small denomination time deposits—including retail RPs—are those issued in amounts of less than $100*000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Large time deposits1
At
commercial
banks 2

Date

Debt components6

Non-M3 components of L

At
thrift
institutions

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-federal
debt

1987-APR.
MAY
JUNE

303.1
308.1
311.9

145.8
145.9
146.7

448.9
454.0
458.6

95.1
95.9
96.6

257.6
261.6
259.6

40.9
42.1
43.1

246.3
253.7
252.8

1862.8
1875.5
1887.1

5953.9
6006.1
6052.2

JULY
AUG.
SEP.

312.2
312.8
313.8

148.0
149.6
151.5

460.2
462.4
465.3

97.5
98.1
98.4

254.8
258.9
263.7

43.4
43.5
44.3

251.6
251.8
256.6

1889.9
1903.6
1913.9

6090.8
6127.3
6178.9

OCT.
NOV.
DEC.

317.5
322.3
323.5

154.8
158.1
161.2

472.3
480.5
484.7

98.8
99.3
100.2

272.7
269.7
256.0

44.5
45.0
45.7

254.2
252.5
258.9

1920.4
1941.2
1954.7

6242.8
6304.6
6350.8

1988-JAN.
FEB.
MAR.

320.2
324.8
326.3

162.5
163.8
164.0

482.6
488.6
490.3

101.4
102.6
103.5

259.9
255.4
249.6

43.6
40.9
40.6

269.0
274.1
280.3

1963.3
1961.5
2006.6

6389.4
6426.3
6462.2

APR.
MAY
JUNE

325.7
327.8
334.2

166.4
167.6
167.6

492.1
495.4
501.7

104.6
105.4
• 106.1

259.3
259.2
248.6

41.2
40.9
40.6

288.2
301.1
301.2

2016.5
2023.1
2032.1

6511.2
6565.6
6614.0

JULY
AUG.

341.3
346.9

167.9
167.8

509.2
514.7

257.7 p

40.6 p

311.5 p

2039.0 p

6661.8 p

1
8
15
22
29

343.3
344.4
346.7
347.2
349.4

167.5
167.7
167.3
167.7
168.4

510.8
512.1
514.0
514.9
517.8

5
12
19p
26p

349.2
352.3
352.0
352.6

169.8
170.9
171.3
171.5

519.0
523.2
523.2
524.1

106.9 p

Neek ending
1988-AUG.

SEP.

Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking
facilities.
Large denomination time deposits at commercial banks less those held by money market mutual funds> depository institutions and
foreign banks and official institutions.
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 SPB on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities,
--indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of d o l l a r s , not seasonally

6

adjusted

Other c h e c k a b l e d e p o s i t s

Currency

Date

1

Demand
Travelers
deposits3
checks2

At
commercial
banks4

At
thrift
institutions5

Nontransactions
components

Total

I n M2

6

I n M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

Genl e r a l p u r p o s e
and b r o k e r / d e a l e r
money m a r k e t funds

1987-APR.
MAY
JUNE

184.8
187.0
188.6

6.4
6.5
7.1

301.1
294.1
294.4

178.9
172.0
173.4

81.2
80.2
61.0

260.2
252.3
254.3

2102.4
2096.0
2105.4

700.8
717.5
727.2

56.1
55.1
54.7

20.7
20.9
20.0

212.1
209.9
210.6

JULY
AUG.
SEP.

190.5
190.9
190.9

7.7
7.9
7.6

294.3
290.7
289.3

173.3
174.9
176.6

81.0
80.8
80.9

254.3
255.6
257.5

2115.6
2123.0
2130.6

724.4
736.4
744.6

56.7
61.2
62.2

18.7
18.4
21.1

210.6
213.1
216.3

OCT.
NOV.
DEC.

192.6
195.9
199.4

7.0
6.6
6.5

295.7
294.1
298.5

177.0
178.0
180.3

81.5
81.4
81.2

258.5
259.3
261.6

2141.4
2144.0
2148.8

749.4
766.8
766.1

65.0
63.1
61.9

20.9
16.5
16.0

218.2
219.7
221.1

1988-JAN.
FEB.
MAR.

197.1
197.2
199.2

6.6
6.8
6.9

295.8
279.1
279.9

184.1
181.8
184.0

81.1
80.1
82.2

265.2
261.8
266.1

2172.7
2188.6
2206.8

765.3
777.5
782.0

64.5
61.8
60.2

18.4
16.4
14.8

225.0
231.0
234.8

APR.
MAY
JUNE

201.6
203.6
205.8

6.9
7.1
7.6

292.0
282.9
291.0

190.9
184.9
187.3

86.8
85.2
87.1

277.8
270.1
274.4

2220.2
2224.6
2235.6

777.4
787.2
793 .,1

60.7
63.6
63.9

15.4
17.2
17.1

235.8
231.8
228.9

JULY
AUG.

207.9
207.9

8.2
8.2

292.6
288.7

188.4
188.6

88.4
87.9

276.8
276.4

2245.1
22*49.9

800.6
813.9

62.3
64.9

15.7
15.8

229.8
231.2

1
8
15
22
29

206.7
209.6
208.7
207.9
206.4

8.3
8.3
8.2
8.2
8.1

288.5
293.0
292.0
286.7
281.5

186.9
191.1
189.2
187.9
186.1

87.4
90.0
88.7
87.0
85.6

274.
281.
278.
274.
271.

2247.3
2249.4
2250.7
2251.5
2249.3

807.
812.
812.
812.
819,

63.
64.
64.
65.
65.

16
15.
15.
15.
16.4

230.
229.
230.
233.
232.

5
12
19p
26p

209.0
208.8
207.7
206.8

8.0
7.9 e
7.8 e
7.7 e

290.5
292.0
288.7
279.1

191.6
193.3
190.6
185.1

89,
89.
87.
85.

280.6
283.2
278.4
270.2

2249.5
2253.1
2249.0
2244.6

818.
818.
821.
826.5

65.
64.
63.
63.

14.
15.
14.
13.

231.
231.
231.
231.

Heek ending
1988-AUG.

SEP.

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 NOH and ATS balances at commercial banks, U.S. branches and agencies of fpreign banks» and Edge Act corporations.
4.
Consists of NOH and ATS balances at thrifts* credit union share draft balances* and demand deposits at thrifts.
5.
Sum of overnight RPs and Eurodollars* money market fund balances (general purpose and broker/dealer )* MMDAs and savings and small time deposits.
6.
Sum of large time deposits* term RPs and Eurodollars of U.S. residents* money market fund balances (institution-only)* less the estimated
7.
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
'' * contract
'
' RPs issued by commercial banks to other than depository institutions and money market mutual
Consists of overnight and continuing
8.
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 market mutual funds
(general purpose and broker/dealer).
e—indicates estimated data.
p—indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1

Money market deposit accounts
At
At
clommercia,1 . thrift
institutions
banks

Date

Total

At
At
commercia,1
thrift
banks
institutions

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits3
At
At
commercial
thrift
banks4
institutions

Total

1987-APR.
MAY
JUNE

376.1
369.7
368.5

190.7
188.9
186.6

566.8
558.6
555.1

172.3
175.0
176.8

233.6
237.4
240.4

405.9
412.4
417.3

356.3
356.2
360.4

484.6
483.0
487.4

840.9
839.1
847.8

302.7
308.7
311.2

144.5
145.1
145.7

447.2
453.7
457.0

JULY
AUG.
SEP.

366.2
365.0
363.3

183.3
180.0
177.2

549.4
545.0
540.5

178.7
178.5
178.2

241.8
240.0
239.2

420.5
418.5
417.3

364.9
367.9
370.0

494.7
499.0
503.2

859.6
866.8
873.2

309.7
312.3
314.1

146.8
149.4
151.8

456.5
461.7
465.9

OCT.
NOV.
DEC.

360.0
358.1
358.2

173.9
169.6
167.0

533.9
527.7
525.2

178.6
177.5
176.7

239.3
235.7
233.3

417.8
413.2
410.0

375.1
382.6
385.2

510.5
521.1
529.3

885.6
903.8
914.6

317.3
322.4
323.6

155.7
159.0
161.8

473.1
481.3
485.4

1988-JAN.
FEB.
MAR.

359.0
359.2
360.9

165.1
163.5
163.8

524.1
522.6
524.7

178.2
179.5
182.5

233.0
232.8
236.1

411.2
412.2
418.6

389.4
394.1
397.2

540.1
550.4
556.5

929.5
944.5
953.7

321.3
325.1
328.4

163.6
164.9
164.2

484.8
490.0
492.6

APR.
MAY
JUNE

360.3
357.0
359.9

163.0
162.6
162.4

523.3
519.6
522.3

185.1
187.1
189.6

239.4
241.2
'243.8

424.5
428.3
433.3

399.6
401.4
405.4

560.9
562.8
564.6

960.5
964.2
970.0

325.6
328.5
333.4

164.8
166.6
166.4

490.4
495.1
499.9

JULY
AUG.

359.4
356.9

161.8
160.2

521.1
517.1

191.4
190.9

245.6
243.7

437.0
434.6

410.3
415.3

568.9
570.9

979.2
986.2

338.4
346.3

166.5
167.5

504.9
513.8

1
8
15
22
29

358.1
358.2
357.9
356.4
355.3

161.1
161.2
160.8
160.1
159.1

519.3
519.5
518.7
516.5
514.4

191.1
191.6
191.3
190.9
190.1

244.4
245.0
244.7
243.6
242.1

435.5
436.6
435.9
434.4
432.2

412.0
413.6
414.7
415.7
416.8

569.8
570.5
570.8
570.8
571.5

981.7
984.1
985.5
986.6
988.3

341.3
342.8
345.4
346.6
350.1

166.3
166.7
167.0
167.6
168.6

507.7
509.6
512.4
514.2
518.8

5
12
19p
26p

356.0
355.9
353.8
351.0

158.9
158.4
157.2
155.9

514.9
514.4
511.0
506.8

190.2
190.2
189.5
189.2

242.5
242.6
241.8
240.9

432.7
432.8
431.3
430.1

418.4
421.2
423.0
423.9

572.6
573.6
575.0
575.3

991.0
994.8
998.0
999.2

349.7
351.5
351.4
353.3

169.8
170.8
171.3
172.6

519.5
522.3
522.6
526.0

Meek ending
1988-AUG.

SEP.

Savings deposits exclude MMOAs.
Small-denomination time deposits — including. retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international bankino facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds» depository institutions > and T O reign banks and
official institutions,
-indicates
preliminary data.
p-




H.6 ( 5 0 8 )
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s * not seasonally

8

adjusted
Term RPs 1

At
InstitutionAt
thrift
o n l y money c o m m e r c i a l
institutions
m a r k e t funds
banks

Date

Debt components 6

Non-M3 Components o f L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal

debt

Non-Federal

debt

1987-APR.
MAY
JUNE

83.5
82.1
81.7

38.3
40.6
40.4

57.0
62.9
68.1

95.2
103.5
108.5

84.0
86.8
87.9

95.1
95.8
96.5

257.0
256.8
257.8

40.5
42.2
43.5

243.8
253.6
255.1

1848.5
1859.4
1870.5

5937.8
5990.1
6040.9

JULY
AUG.
SEP.

83.8
84.0
81.3

38.6
39.8
40.7

69.8
69.4
70.6

108.4
109.2
111.3

84.5
90.2
94.5

97.1
97.7
98.3

251.1
257.2
260.8

43.6
43.6
44.4

249.2
249.2
256.8

1873.7
1888.5
1901.0

6085.3
6124.6
6178.4

OCT.
NOV.
DEC.

82.5
89.5
89.6

37.6
39.9
38.4

71.1
71.7
70.4

108.7
111.6
108.7

93.0
92.8
90.8

98.8
99.6
100.6

269.8
272.8
260.9

44.8
45.1
45.1

257.1
251.6
257.8

1910.9
1936.9
1954.1

6237.0
6283.2
6335.1

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

38.7
43.6
43.8

70.7
70.1
67.6

109.5
113.7
111.4

85.3
85.4
89.7

101.7
102.7
103.6

262.5
260.5
254.8

43.4
41.0
40.4

272.5
275.8
280.5

1961.9
1974.6
1993.2

6373.1
6398.8
6443.6

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.1
48.0

68.9
72.4
74.2

113.8
119.5
122.2

88.7
91.5
92.9

104.6
105.4
105.9

258.4
. 254.4
246.9

40.9
41.1
41.0

285.0
300.8
303.8

2001.6
2005.2
2014.7

6498.4
6554.0
6606.4

JULY
AUG.

84.8
84.0

46.7
45.7

76.3
75.4

123.0
121.0

95.6
102.4

106.5 p

40.8 p

307.8 p

2022.3 p

6653.3 p

1
8
15
22
29

83.8
83.8
83.8
84.2
84.5

47.8
47.8
46.3
44.1
44.8

76.4
76.5
75.7
74.4
74.6

124.2
124.3
122.0
118.6
119.4

99.3
101.3
101.4
103.0
104.1

5
12
19p
26p

83.5
83.9
83.6
83.9

43.8
41.7
44.8
44.1

75.3
75.0
75.0
76.6

119.1
116.7
119.8
120.7

103.6
102.0
102.0
102.0

253.7 p

Heek ending
1988-AUG.

SEP.

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual 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--indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

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

Foreign
Foreign
official
commercial
institutions
banks

Date

U.S. government depo:sits
Time and savings
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
at commercial commercia 1
thrift
banks
banks
institutions

At
money
market
funds

Total

1987-APR.
MAY
JUNE

9.0
9.0
9.3

1.8
2.0
2.0

4.6
4.5
4.5

5.0
3.4
3.6

7.0
16.0
8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.4
1.6
1.6

78.6
79.7
79.8

103.0
103.7
104.6

12.4
13.1
13.3

193.9
196.5
197.7

JULY
AUG.
SEP.

9.3
8.9
9.4

2.0
2.0
1.9

4.4
4.4
4.4

3.3
3.0
4.2

5.3
3.4
10.3

23.3
18.6
21.3

31.9
25.0
35.8

1.7
1.6
1.5

80.2
80.7
81.4

105.4
105.7
106.6

13.5
14.0
14.5

199.2
200.4
202.4

OCT.
NOV.
DEC.

9.5
9.4
9.6

1.8
1.7
1.7

4.4
4.4
4.4

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.5
1.5
1.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

1988-JAN.
FEB.
MAR.

10.0
9.3
9.2

1.7
1.6
1.5

4.4
4.3
4.4

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
17.1

210.6
212.8
215.8

APR.
MAY
JUNE

9.0
9.1
9.5

1.8
1.6
1.7

4.4
4.3
4.3

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.7
1.7
1.8

87.3
88.8
89.4

115.4
116.5
117.7

18.0
18.6
18.4

220.7
224.0
225.5

JULY
AUG.

9.9
9.2

1.8
1.6

4.4
4.4

3.4
3.0

3.9
3.2

18.6
8.9

25.9
15.0

1.8
1.7

90.2
91.2

119.0
120.0 e

18.3 e
18.3 •

227.5 e
229.5 e

1
8
15
22
29

9.7
9.0
9.1
9.8
8.9

1.8
1.7
1.5
1.6
1.6

4.4
4.4
4.4
4.4
4.4

3.3
3.4
2.9
3.0
2.5

3.5
2.9
2.9
3.1
3.5

19.6
8.6
6.1
9.0
10.3

26.4
14.9
11.9
15.0
16.3

1.8
1.8
1.8
1.7
1.7

5
12
19p
26p

9.9
10.5
8.8
9.4

1.6
1.5
1.5
1.6

4.4
4.4
4.4
4.4

2.9
3.9
6.7
3.2

3.7
3.2
5.8
12.8

9.8
8.5
23.5
31.1

16.4
15.6
36.0
47.2

1.7
1.6
1.6
1.6

Neek ending
1988-AUG.

SEP.

e—indicates estimated data,
p—indicates preliminary data.