Full text of H.6 Money Stock Measures : September 16, 1999

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FEDERAL RESERVE statist
H.6 (508)
Table 1

MONEY STOCK AND DEBT MEASURES

Release at 4:30 p.m. Eastern Time

L ___

Billions of dollars
*

• 1
Date

M 11

M22

j

.__ __

o r e ■*rAn/%i • t t rsy~i n a-,,
n L u m n u n L fD flr tfO
M iF
----- -

September 16, 1999

DEBT4

Seasonally adjusted
1997-Sep.
Oct.
N ov.
Dec.

1062.1
1067.5

3981.3
3999.8
4022.8

5268.9
5305.7
5352.5

15071.9
15148.2

1074.9

4046.4

5403.4

15224.0

19 9 8 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
N ov.
Dec.

1073.8
1076.0
1080.6
1082.1
1078.2
1077.8
1075.4
1072.2
1074.7
1080.4
1089.0
1093.4

4071.1
4100.5
4125.6
4154.5

5448.2
5483.1

4173.9
4197.7
4215.1
4240.6

5627.9
5670.4

15297.0
15387.7
15487.1
15577.0
15657.6
15742.0
15828.8
15909.9

1999-J a n .
Feb.
Mar.
Apr.
May
June
July
Aug. p

1091.0
1092.6
1102.0
1108.4
1104.7
1101.1
1099.5
1102.0

4425.0
4445.6
4455.6
4488.2
4505.1
4520.8
4541.0
4561.8

1064.8

4284.2
4325.5
4364.0
4401.0

5541.3
5586.2

5690.4
5746.4
5809.7
5871.8
5936.9
5995.8

14995.3

15985.4
16070.4
16164.2
16244.9

6017.0
6064.8
6059.4
6102.4
6127.5
6156.1

16327.6
16413.4
16527.2
16631.0
16701.8
16776.4

6181.4
6207.6

16847.2

p

Not seasonally adjusted
1997-Sep.
Oct.
N ov.
Dec.

1059.6
1057.6
1074.1
1097.4

3970.3
3986.3
4025.4
4064.6

5251.1
5294.0
5358.1

14950.6
15026.6
15125.1

5419.6

15221.1

1 9 9 8 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
N ov.

4073.4
4091.7
4143.0
4185.5
4155.0
4187.8
4208.0
4237.6
4272.1
4310.4
4364.5
4417.8

5452.4
5484.9

Dec .

1079.9
1066.0
1075.7
1087.4
1070.5
1074.7
1073.6
1068.6
1069.9
1076.2
1094.3
1115.3

15278.8
15353.7
15467.4
15550.9
15615.7
15698 .1
15768.8
15851.2
15932.9
16017.5
16137.9
16241.8

19 9 9 - J a n .
Feb.

1098.3
1083.4

4428.4
4439.9
4479.1
4525.7

Mar.
Apr.
May
June
July
Aug. p

1097.2
1113.7
1096.7
1098.3
1098.0
1097.2

F o o tn o te s a p p e a r on the follow ing p a g e
p

p relim in ary

C o m p o n e n ts m a y not add to totals d u e to rounding.




4484.5
4508.7
4531.2
4556.2

5570.7
5615.9
5614.5
5658.1
5668.1
5734.8
5786.9
5856.8
5941.8
6011.9
6025.1
6073.5
6098.4
6139.5
6112.6
6139.6
6152.3
6190.7

16308.9
16378.5
16506.2
16600.6
16651.9
16724.7
16781.6

p

H.6 (508)
Table 2

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

M3

DEBT1

1999 TO Aug.

1999

-1 .0

5.0

5.2

5 .2

6 Months fro m F e b . 1999 TO Aug.

1999

1.7

5.2

4 .7

6.4

12 Months fro m A u g . 1998 TO A u g . 1999

2.8

7 .6

8.0

6.4

-1.7

5.0

5.4

3 Months fro m May

T h i r t e e n weeks e n d i n g Sep te m ber 6 ,
fro m t h i r t e e n weeks e n d i n g :
June 7, 1999 (13 weeks p r e v i o u s )

1999

8,

1999

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

1.5

5.3

5.2

S e p . 1,

1998

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

2.4

7 .6

8.3

Mar.

1.

M1

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, April 1999 to July 1999, January 1999 to July 1999,
and July 1998 to July 1 9 9 9 , resp ectively.____________________________________________________________________________________________________ ____________________

F oo tn otes to T a b le 1:
1.

2.

3.

4.

C onsists of (1) curren cy outside the U .S . T reasury, Fed eral R es e rv e B anks, and the vaults of depository institutions; (2) tra v e lers ch e c k s of n o n b a n k issuers; (3) d em a n d
d eposits at all c om m ercial b an ks o th er than those due to depository institutions, the U .S . g overn m en t, and foreign ban ks and official institutions, less cash item s in the
p rocess of collection and F e d e ra l R e s e rv e float; and (4) other c h e c k a b le deposits (O C D s ), consisting of n eg otiable o rd er of w ith d ra w a l (N O W ) and a u to m atic transfer service
(A T S ) accounts at d epository institutions, credit union share draft accounts and d e m a n d deposits at thrift institutions. S e a s o n a lly a d ju s te d M1 is c a lcu la te d by sum m ing
currency, travelers ch ecks, d e m a n d deposits, and O C D s , each s e a so n a lly adju sted sepa rate ly .
Consists of M1 plus savings d eposits (including m oney m arket deposit accou nts), sm all-den om in atio n tim e deposits (tim e dep osits— including retail R P s — in am o un ts of less
than $ 1 0 0 ,0 0 0 ), and b ala n c es in retail m oney m arket m utual funds. E xclu des individual retirem ent accou nt (IR A ) and K eogh b a la n c e s at d ep ository institutions and m o n ey
m arket funds. S e a s o n a lly adju sted M 2 is com puted by sum m ing savings deposits, s m all-den om in atio n tim e deposits, and retail m o n ey fund b a la n c e s , e a c h s e a so n a lly
adju sted s e p a rate ly , and add ing this result to seasonally adjusted M 1.
Consists of M 2 plus la rg e -d e n o m in atio n tim e deposits (in am ounts of $ 1 0 0 ,0 0 0 or m o re), b ala n c es in institutional m o n ey funds, R P liabilities (overn igh t a n d term ) issued by all
d epository institutions, and E u rodollars (overnight and term ) held by U .S . residents at foreign b ranch es of U .S . ban ks w orld w id e and at all b an king offices in the U nited
K ingdom and C a n a d a . E xclu des am o un ts held by depository institutions, the U .S . g overn m en t, m o n ey funds, a n d foreign b an k s a n d official institutions. S e a s o n a lly adju sted
M 3 is calcu la te d by sum m ing large tim e deposits, institutional m o n ey fund b ala n c es , R P liabilities, and Eurodollars, e a c h s e a s o n a lly a d ju s te d s e p a ra te ly , and adding this
result to sea so n a lly adju sted M 2.
Debt: T h e debt a g g re g a te is the outstanding credit m arket debt of the dom estic nonfinancial sectors — the fed e ra l secto r (U .S . g o v e rn m e n t, not including g o v e rn m e n tspo nso red e nterp rises or fed e ra lly related m ortgage pools) and the non fed eral sectors (state and local g overn m en ts, hou seh old s and nonprofit o rg an izatio n s, nonfinancial
c o rpo rate and nonfarm non co rp orate businesses, and farm s). N o n fe d e ra l debt consists of m o rtgages, ta x -e x e m p t a n d c o rpo rate bonds, c o n s u m e r credit, b an k loans,
c o m m ercial paper, and o th er loans. T h e data, which are derived from the F ed e ra l R e s e rv e B o ard ’s flow of funds accounts, a re b re a k -a d ju s te d (th at is, discontinuities in the
d ata h av e b een sm o oth ed into the series) and m onth -averag ed (that is, the d ata h ave b ee n derived by av e ra g in g a d ja c e n t m o n th -e n d levels). T h e p resentatio n of the debt
d ata in this re le a s e differ, therefore, from the quarterly flow of funds statistics con tain ed in the F ed e ra l R e s e rv e re le a s e s Z .7 a n d Z .1 . In th o s e re le a s e s , p ub lish ed levels of
credit m arket debt are m e a s u re d on a quarter-end basis and contain discontinuities.
Note: C u rren t and historical FI.6 d ata are availab le each w eek on the F ed e ra l R e s e rv e Board's w eb site (h ttp ://w w w .fe d e ra lre s e rv e .g o v /). M on th ly d a ta a re a v a ila b le b ack to
J a n u a ry 1 9 5 9 , and w e e kly d ata are availab le back to January 1 9 7 5 for m ost series. For inform ation about individual cop ies or subscriptions, c o n tac t Publications S e rv ic e s
at the F e d e ra l R e s e rv e Board (ph on e 2 0 2 -4 5 2 -3 2 4 5 , fax 2 0 2 -7 2 8 -5 8 8 6 ). For paid electronic ac c es s to current and historical d ata , call S T A T -U S A at 1 -8 0 0 -7 8 2 -8 8 7 2 or
2 0 2 -4 8 2 -1 9 8 6 .




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

M1
Period ending

1 9 99 -June 14
21
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

1105.4
1105.6
1105.0

1100.8
1101.6
1100.3

1093.3
1107.1
1101.9

4493.8
4499.4
4503.8

4510.4
4517.3
4520.6

4512.8
4532.2
4527.4

6 111.1
6119.4
6126.8

6139.3
6148.3
6155.9

6147.2
6171.1
6171.9

J u ly

5
12
19
26

1103.2
1103.3
1102.5
1101.9

1099.3
1101.0
1098.2
1098.4

1094.9
1099.9
1096.1
1102.8

4506.3
4511.8
4515.3
4518.6

4520.2
4526.6
4529.1
4536.2

4508.2
4538.4
4542.4
4555.7

6132.6
6141.0
6 146.1
6150.5

6159.2
6169.0
6172.6
6177.7

6146.6
6186.3
6185.4
6192.6

Aug.

2
9
16
23
3 Op

1101.3
1101.4
1101.5
1101.6
1100.8

1102.0
1102.7
1104.0
1104.9
1101.6

1109.3
1102.6
1101.3
1106.2
1096.1

4524.1
4527.9
4531.8
4537.0
4541.1

4549.0
4552.2
4555.7
4559.9
4562.1

4559.5
4551.2
4556.3
4572.7
4568.1

6157.5
6163.5
6169.3
6175.6
6181.8

6189.3
6191.5
6195.7
6201.8
6209.0

6192.8
6195.1
6202.4
6217.0
6221.3

Sep.

6p

1100.7

1100.4

1098.1

4544.8

4563.8

4558.1

6186.7

6209.5

6197.4

Not seasonally adjusted
1 9 99 -June 14
21
28

1103.2
1103.4
1102.9

1094.9
1097.8
1095.8

1093.6
1096.5
1097.9

4502.9
4505.5
4506.0

4501.9
4512.4
4509.1

4526.5
4504.6
4476.2

6125.4
6128.6
6 130.1

6137.7
6145.9
6141.6

6165.7
6132.6
6105.6

J u ly

5
12
19
26

1101.7
1 1 0 1 .0
1098.6
1097.4

1 1 0 0 .2
1101.4
1 1 0 0 .0
1098.0

1112.7
1098.3
1091.1
1089.8

4505.2
4505.1
4503.1
4504.5

4510.7
4516.1
4522.0
4530.1

4535.5
4548.1
4528.1
4508.7

6130.3
6130.5
6129.2
6131.2

6138.0
6140.4
6145.0
6151.5

6147.9
6175.5
6150.9
6131.7

Aug.

2
9
16
23
3 Op

1097.1
1097.6
1098.0
1098.7
1097.7

1098.3
1098.1
1099.4
1100.7
1095.3

1114.1
1097.4
1096.3
1094.9
1092.4

4509.6
4515.7
4521.9
4528.4
4531.9

4530.5
4536.4
4546.1
4555.8
4555.3

4536.9
4571.7
4567.1
4547.5
4534.7

6136.6
6143.5
6150.2
6156.5
6160.7

6152.6
6160.1
6172.5
6184.9
6191.2

6152.4
6205.5
6200.2
6181.3
6177.7

Sep.

6p

1097.7

1094.8

1095.7

4536.5

4559.6

4589.0

6 165.1

6194.6

6219.3

Note: S p ecial caution should be taken in interpreting w e e k -to -w e e k c h a n g e s in m o n ey supply d ata , w hich are highly volatile a n d sub ject to revision.

p
preliminary data.
Components may not add to totals due to rounding.




Page 4

H.6 (508)
Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars

Currency1

Date

At commercial banks4

At thrift
institutions5

389.2
387.8
384.7

150.3
146.2
145.9

100.6
100.0
100.0

250.9
246.2
245.9

144.2
143.2
141.1

101.2
100.9
101.3

245.3
244.0
242.4

Total

J u ly
Aug.
Sep.

442.3
444.8
449.6

8.5
8.3

379.3
374.8
374.4

O ct.
Nov.
Dec.

453.3
456.5
459.2

8.3
7.9
7.8

374.7
377.0
377.5

141.5
144.0
143.8

102.7
103.6
105.0

244.2
247.6
248.8

19 99- J a n .
Feb.
Mar .

462.7
467.6
472.0

7.8
7.7
7.8

371.1
371.8
374.1

145.5
141.5
143.0

103.9
104.0
10 5.1

249.5
245.5
248.1

Apr.
May
June

476.5
480.9
48 4.1

7.8
7.8
8.2

374.0
369.4
362.9

144.9
141.3
140.8

105.2
105.2
10 5.1

250.1
246.5
245.9

Ju ly
Aug. p

487.3
490.8

8.6
8.5

362.6
363.0

136.4
135.2

104.6
10 4.5

241.0
239.7

486.2
487.3
488.5

8.5
8.6
8.7

363.1
360.5
365.8

136.6
135.5
136.3

105.6
104.2
103.6

242.2
239.7
239.9

QO

1998-Apr.
May
June

7.8

m
CO

4.
5.

Other checkable deposits

Demand deposits3

434.2
436.4
439.2

Week e n d in g
1 9 9 9 -J u l y 12
19
26

1.
2.
3.

Travelers checks2

8.0

Aug.

2
9
16
23
3 Op

489.3
489.6
490.5
491.4
492.1

8.8
8.7
8.6
8.5
8.4

370.1
363.4
363.8
367.6
356.0

136.1
134.5
133.4
135.3
137.0

105.0
106.4
105.0
103.4
102.6

241.1
241.0
238.4
238.7
239.6

Sep.

6p

493.0

8.3

356.1

136.0

104.7

240.7

C u rren cy outside U .S . T re a s u ry , F ed e ra l R eserve Banks and the vaults of d epository institutions.
O utstan din g am ount of U .S . d ollar-d en o m in ated travelers checks of non bank issuers. T ra v e le rs checks issued by d epository institutions are inclu ded in d e m a n d deposits.
D e m a n d deposits at com m e rc ia l b anks and foreign-related institutions o th er than those due to d epository institutions, the U .S . g o v e rn m e n t an d foreig n b anks and official
institutions, less cash item s in the process of collection and Fed eral R e s e rv e float.
C onsists of N O W and A T S b a la n c e s at com m ercial banks, U.S. b ranch es and a g e n c ies of foreign b anks, and E d ge Act corporations.
C onsists of N O W and A T S b a la n c e s at thrifts, credit union share draft b ala n c es , and d e m a n d d eposits at thrifts.

e
estimated
p
preliminary
Components may not add to totals due to rounding.




Page 5

H.6 (508)
Table 5

SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1998-Apr.
May
June

1072.2
1078.0
1089.6

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340.1
339.7
339.5

967.6
966.0
965.2

645.6
657.5
668.8

3072.4
3095.8
3119.9

J u ly
Aug.
Sep.

1106.3
1121.6
1140.2

399.5
400.9
403.6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.4
330.9

962.4
959.7
958.7

671.5
68 6.1
7 0 7 .1

3139.7
3168.3
3 2 09 .5

O ct.
Nov.
Dec .

1155.3
1171.1
1189.8

407.8
411.5
415.2

1563.1
1582.6
1605.0

627.5
628.2
626.0

330.4
327.5
325.9

957.9
955.7
952.0

72 4.2
7 3 6.8
750.7

3245.1
3 275.1
3307.6

19 9 9- J a n .
Feb.
M ar.

1202.3
1207.7
1207.9

420.4
425.4
428.1

1622.7
1633.1
1636.0

622.0
617.9
616.0

324.5
322.8
320.6

946.5
940.7
936.6

76 4.8
7 7 9 .2
7 8 1 .0

3334.0
3353.0
3353.6

Apr.
May
June

1225.7
1233.9
1246.3

431.4
441.1
447.8

1657.1
1675.1
1694.1

614.4
613.5
612.5

319.2
316.7
312.9

933.5
930.2
925.4

7 8 9 .1
7 9 5.1
800.3

3379.8
3400.4
3419.8

J u ly
Aug. p

1260.5
1268.6

455.1
456.6

1715.6
1725.3

613.0
614.6

311.7
312.1

924.7
926.7

801.3
807.9

3441.5
3459.8

1260.9
1263.1
1264.2

452.7
456.6
459.9

1713.7
1719.7
1724.1

611.7
612.9
614.1

311.7
311.5
311.5

923.4
924.4
925.6

801.4
802.3
803.2

3438.5
3446.4
3452.9

Week e n d in a
1 9 9 9 - J u l y 12
19
26

1
2

At thrift
institutions

Aug.

2
9
16
23
3 Op

1262.0
1262.3
1265.9
1271.6
1275.9

458.5
451.8
454.8
459.4
461.2

1720.5
1714.1
1720.7
1731.0
1737.1

614.0
613.2
614.1
615.0
616.1

311.8
312.0
311.9
312.1
312.3

925.8
925.2
926.0
927.1
928.3

803.8
809.3
808.4
808.5
806.6

3450 .1
3 448.6
3 455.1
3466.5
3472.0

Sep.

6p

1271.6

451.5

1723.1

617.2

312.7

930.0

807.0

3460.0

S a v in as deposits include m o n ey m arket deposit accounts.
S m a ll-d e n o m in a tio n tim e d eposits— including retail R P s— a re those issued in am ounts of less than $ 1 0 0 ,0 0 0 . All IR A and K eogh accou nt b a la n c e s at c o m m e rc ia l b an k s and
thrifts are sub tracted from sm all tim e deposits.

p
preliminary
Components may not add to totals due to rounding.




Page 6

H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars

Institutional
money funds

Date

3.
4.
5.

RPs3
At commercial
banks2

At thrift
institutions

Debt components5
Eurodollars4

Total

Total
Non-M2 M3

Federal

Non-Federal

1998-Apr.
May
June

414.4
426.9
437.7

520.8
527.4
534.9

86.7
85.2
85.8

607.4
612.6
620.7

268.0
26 9.1
268.0

141.9
145.4
146.3

1431.7
1453.9
1472.7

3797.2
3788.0
3788.5

11779.8
11869.6
11953.5

J u ly
Aug.
Sep.

441.9
454.5
467.8

527.8
534.6
534.7

85.8
85.6
86.6

613.6
620.2
621.3

270.7
277.6
282.0

149.2
153.5
154.4

1475.3
1505.8
1525.5

3788.4
3787.7
3779.3

12040.4
12122.2
12206.1

O ct.
Nov.
Dec .

486.7
503.8
516.2

533.8
537.5
541.0

87.7
87.9
89 .1

621.5
625.4
630.0

282.6
289.2
297.8

155.5
154.5
150.7

1546.2
1572.8
1594.8

3767.2
3758.9
3750.8

12303.2
12405.3
12494.2

19 9 9- J a n .
Feb.
M ar.

515.0
529.9
529.1

546.3
536.4
528.3

91.0
89.9
88.8

637.3
626.3
617.1

292.3
309.9
29 8.1

147.3
153.1
159.4

1592.0
1619.2
1603.7

3742.7
3723.7
3723.9

12584.9
12689.7
12803.3

Apr.
May
June

538.4
544.6
548.1

534.6
533.5
530.2

89.1
88.0
87.9

623.6
621.5
618.1

290.0
295.6
308.7

162.2
160.6
160.4

1614.2
1622.4
1635.3

3718.6
3702.8
3703.6

12912.4
12999.1
13072.8

J u ly
Aug. p

546.0
556.4

540.3
537.0

88.7
89.2

629.0
626.2

308.6
310.2

156.8
153.1

1640.4
1645.8

3706.2 p

13141.0 p

546.7
546.3
548.5

540.4
545.0
539.3

8 9 .1
88.9
88.9

629.5
634.0
628.1

312.9
306.6
306.3

158.9
156.2
154.0

1647.9
1643.0
1636.9

Week e n d in g
1 9 99 -J u l y 12
19
26

1.
2.

Large-denomination time deposits1

Aug.

2
9
16
23
30p

551.0
551.0
555.7
561.8
559.2

535.0
537.6
538.7
532.8
538.4

88.0
88.8
89.6
89.3
89.4

623.1
626.4
628.3
622.1
627.8

307.0
310.5
311.6
308.9
31 1.1

152.2
156.0
150.4
151.5
155.1

1633.3
1643.9
1646.1
1644.3
1653.2

Sep.

6p

551.0

541.7

89.5

631.2

307.0

150.1

1639.2

L arg e -d e n o m in a tio n tim e d eposits a re those issued in am ounts of $ 1 0 0 ,0 0 0 or m ore, excluding th o s e boo ked at intern atio nal b an king facilities.
L arg e -d e n o m in a tio n tim e d eposits at com m ercial banks less those held by m o n ey m arket m utual funds, d ep ository institutions, U .S . g o v e rn m e n t, and foreign ban ks and
official institutions.
O vern igh t and term R P s of $ 1 0 0 ,0 0 0 or m ore issued by depository institutions, excluding those held by dep ository institutions and by m o n ey funds.
O vern igh t and term Eurodollars issued to U .S . a dd ressees by foreign branch es of U .S . ban ks w orldw id e and by all b an king offices in th e U n ite d K ingdom and C a n a d a ,
excluding those held by d epository institutions and by m oney funds.
D ebt d ata are on a m onthly a v e ra g e basis, derived by averaging adja c e n t end -of-m on th levels, and h av e b ee n ad ju s te d to re m o v e discontinuities.

p
preliminary
Components may not add to totals due to rounding.




Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Other checkable deposits
Currency1

Date

Travelers checks2

Demand deposits3
At commercial banks4

4
5^

Total

19 9 8 - A p r .
May
June

433.7
436.1
438.3

7 .9
8 .0

389.4
381.7
382.8

153.2
145.3
145.6

99.6
100.1

256.5
244.9
245.7

J u ly
Aug.
Sep.

442.7
444.4
448.4

8 .2
8 .2
8 .1

378.9
374.3
372.6

142.8
141.6
140.0

100.9
100.1
100.7

243.8
241.7
240.7

O ct.
Nov.
Dec.

452.6
457.5
464.2

8 .2
8 .1
8 .0

373.2
381.7
392.4

140.2
143.5
144. 9

102.0

103.5
105.8

242.2
247. 0
250.7

19 9 9- J a n .
Feb.
M ar.

462.5
466.5
471.3

7 .9
7.9
7. 9

375.7
364.7
368.9

148.1
141.4
143.5

104.1
102.8
105.5

252.2
244.2
249.0

Apr.
May
June

476.0
479.9
483.2

7. 9
7. 9
8 .1

374.1
363.6
361.3

147.6
140.5
140.6

108.1
104.8
105.1

255.7
245.3
245.7

J u ly
Aug. p

487.8
490.1

8.3
8 .2

362.6
361.6

135.1
133.7

104.3
103.7

239.4
237.4

487.8
487.0
486.9

8.3
8.3
8.3

362.1
359.0
357.9

134.7
133.8
135.0

105.5
103.0
101.7

240.2
236.8
236.7

Week e n d in a
1 9 9 9 -J u l y 12
19
26

1
2
3'

At thrift
institutions5

7.9

103.3

Aug.

2
9
16
23
3 Op

488.1
491.4
490.6
489.8
488.9

8.3
8.2
8.2
8.2
8 .1

375.6
359.2
362.7
361.9
356.8

136.4
132.4
131.1
133.6
136.8

105.7
106.2
103.8
101.4
101.7

24 2.1
238.6
234.9
235.0
238.5

Sep.

6p

493.9

8 .1

353.9

134.3

105.5

239.8

C u rren cy outside U .S . T re a s u ry, Federal R es e rv e Banks and the vaults of depository institutions.
O utstan din g am o un t of U .S . dollar-den om inated travelers checks of n on b a n k issuers. T ra v e le rs checks issued by d epository institutions a re included in d em a n d d eposits.
D e m a n d d eposits at com m e rc ia l banks and foreig n-related institutions o th e r than tho se due to d epository institutions, th e U .S . g o v e rn m e n t a n d foreig n banks a n d official
institutions, less cash item s in the process of collection and F e d e ra l R e s e rv e float.
C onsists of N O W and A T S b ala n c es at com m ercial banks, U .S . b ra n c h e s and a g e n c ie s of foreign banks, and E d g e Act corporations.
C onsists of N O W and A T S b ala n c es at thrifts, credit union sha re draft b a la n c es , and d e m a n d deposits at thrifts.

e
estimated
p
preliminary
Components may not add to totals due to rounding.




Page 8

H.6 (508)
Table 8

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1998-Apr.
May
June

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339.2
339.0

968.0
964.6
963.8

653.9
647.1
659.1

3098.1
3084.5
3113.1

J u ly
Aug.
Sep.

1107.5
1121.5
1134.8

399.9
400.8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.2
330.7

962.3
959.1
958.0

664.7
687.5
70 7.7

3134.4
3169.0
3202.2

O ct.
Nov.
Dec .

1147.6
1167.9
1186.8

405.1
410.3
414.1

1552.6
1578.2
1600.9

628.1
628.4
625.4

330.7
327.6
325.6

958.7
956.0
951.0

722.8
7 3 6 .0
7 5 0.6

3234.1
3270.2
3302.5

1 9 9 9 -J a n .
Feb .
M ar.

1197.3
1203.8
1217.6

418.6
424.1
431.5

1616.0
1627.9
1649.1

622.7
619.3
616.8

324.9
323.5
321.1

947.5
942.8
937.9

7 6 6.6
7 8 5.8
7 9 4.9

3330.0
3356.5
3381.9

Apr.
May
June

1241.5
1235.2
1249.8

437.0
441.6
449.1

1678.5
1676.8
1698.9

614.5
612.3
611.1

319.3
316.0
312.2

933.8
928.3
923.3

79 9.7
78 2.7
7 8 8.2

3412.0
3387.8
3410.4

J u ly
Aug. p

1261.4
1267.8

455.4
456.3

1716.8
1724.1

612.8
614.2

311.6
311.9

924.4
92 6.1

7 9 2 .1
808.8

3433.2
3459.0

1274.6
1262.4
1245.1

457.6
456.4
452.9

1732.2
1718.8
1697.9

611.8
612.8
613.8

311.7
311.4
311.4

923.5
924.2
925.2

7 9 4 .1
7 9 4.0
7 9 5 .8

3449.8
3437.0
3418.9

9
16
23
3 Op

1249.6
1283.0
1276.5
1259.8
1252.1

454.0
459.2
458.6
455.1
452.6

1703.6
1742.2
1735.1
1714.9
1704.7

613.6
613.0
613.8
614.5
615.5

311.6
311.9
311.7
311.8
312.0

925.3
924.9
925.5
926.4
927.4

7 9 4 .0
807.2
810.2
811.3
810.2

3422.8
3474.3
3470.7
3452.6
3442.3

6p

1293.2

459.1

1752.3

616.8

312.5

929.2

811.7

3493.3

Week e n d i n g
19 9 9- J u l y

12
19
26

Aug.

Sep.

1.
2.

At thrift
institutions

2

Savings deposits include money market deposit accounts.
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.

p
preliminary
Components may not add to totals due to rounding.




Page 9
H.6 (508)
Table 9

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Large-denomination time deposits1
Institutional
money funds

Date

5.

At thrift
institutions

Total

At commercial
banks
224.1
228.1
219.2

4 6 .0
46 .9
49 .6

270.1
275.1
268.8

140.2
144.7
143.9

At thrift
institutions

Total

Debt components5
Federal

Non-Federal

1430.4
1459.4
1470.3

3800.5
3765.9
3755.3

11750.5
11849.9
11942.8

520.8
532.6
539.4

86.6
86.1
86.5

607.4
618.7
625.9

J u ly
Aug.
Sep.

432.6
448.4
458.8

527.6
534.9
535.1

85.8
85.6
86.7

613.4
620.6
621.9

219.4
226.9
230.5

4 9 .0
49.3
50.5

268.4
276.2
281.1

145.8
152.0
153.1

1460.1
1497.2
1514.8

3740.8
3749.6
3743.4

12028.0

O ct.
Nov.
Dec.

482.9
504.9
523.3

537.2
539.6
537.4

88.2
88.3
88 .5

625.4
627.9
625.8

233.7
241.4
23 9.1

4 8 .1
4 8.3
51.4

281.8
289.7
290.5

156.2
154.9
154.5

1546.4
1577.3
1 594.1

3727.8
3746.6
3754.9

12289.7
12391.3
12486.8

19 9 9- J a n .
Feb.
Mar.

529.3
547.3
537.9

532.5
531.8
532.8

89.1
89.5

621.3
620.9
622.3

241.3
253.9
241.6

52.4
55.6
59.1

293.7
309.5
300.7

152.4
155.9
158.4

1596.7
1633.6
1619.3

3736.6
3721.8
3741.2

12572.3
12656.6
12765.0

Apr.
May
June

536.7
538.3
540.6

535.3
539.3
535.7

89.2
89.0
88.8

624.5
628.3
624.5

232.3
239.4
243.2

60.4
62.7
65.3

292.7
302.1
308.6

159.9
159.5
157.3

1613.8
1628.2
1630.9

3717.1
3674.2
3662.8

12883.5
12977.7
13061.9

J u ly
Aug. p

533.4
548.0

540.0
537.2

88.7
89.2

628.7
626.5

237.9
238.2

68.0

305.9
308.4

153.1
151.7

1 621.1
1634.5

3652.3 p

13129.3 p

7 0 .2

537.2
533.1
537.3

538.4
545.2
540.8

88.8
89.0
89.1

627.1
634.2
629.9

239.6
235.6
236.8

68.1
68.0

308.5
303.7
304.8

154.6
151.8
151.0

1627.4
1622.8
1623.0

9
16
23
3 Op

534.6
542.6
547.7
555.6
550.4

537.2
539.6
537.8
532.9
537.5

88.4
89.1
89.4
89.4
89.3

625.6
628.7
627.2
622.3
626.8

237.1
240.4
240.1
234.7
238.6

69.5
70.4
70 .3
7 0 .6

305.7
309.8
310.5
305.0
309.3

149.6
152.6
147.8
150.9
156.6

1615.5
1633.8
1633.2
1633.8
1643.0

6p

543.8

541.8

89.5

631.3

233.3

72.7

305.9

149.4

1630.4

Sep.

3
4

At commercial
banks2

Total
Non-M2 M3

412.7
421.0
431.7

Aug.

1

Eurodollars4

1998- A p r .
May
June

Week e n d i ng
1 9 9 9 -J u l y 12
19
26

2.

RPs3

2

88.8

68.9

68.6

12101.6
12189.5

Larqe-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, U.S. government, and foreign banks and
Overniqht 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.
,.
. . .
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
Components may not add to totals due to rounding.




Page 10
H.6 (508)
Table 10

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

Foreign
commercial
banks

Foreign
official
institutions

Time and
savings
deposits
due to
foreign
banks and
official
institutions

Demand
deposits at
commercial
banks

U.S. government deposits
Balance
at
Federal
Reserve

Note
balances at
depository
institutions1

IRA and Keogh Accounts

Total
cash
balance

Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

1998-Apr.
May
June

9.9
1 0. 0
1 0. 0

1.5
1.8
2.0

18.3
17.3
16.3

4.6
1.5
2.7

9.7
5.5
10.4

24.0
43.3
32.7

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

99.4
100.5
101.5

350.9
350.7
350.5

Ju ly
Aug.
Sep.

10.0
9.8
9.6

2.1
2.1
2.0

15.6
15.4
15.2

1.3
1.4
2.7

5.4
5.1
6.3

42.6
11.9
20.4

49.4
18.4
29.4

3.3
3.4
3.5

151.0
151.2
151.4

97.5
98.0
98.4

103.7
107.3
110.9

352.2
356.5
360.7

O ct.
Nov.
Dec.

9.4
9.2
8.9

2.1
1.9
1.9

15.4
16.1
16.9

1.4
1.3
1.7

5.4
5.1
5.9

19.3
18.7
24.4

26.1
25.1
32.0

3.7
4 .1
4.5

151.5
151.5
151.5

98.4
97.9
97.4

113.6
115.5
117.3

363.6
364.8
366.1

1999-Jan.
Feb.
Mar.

8.8
8.7
8.7

1.8
1.8
1.7

18.2
18.6
19.1

2.9
1.4
1.5

6.6
4.8
5.5

30.8
6.9

12.1

40.2
13.0
19.1

4 .6
4.3
4.0

151.5
151.6
151.7

97.0
96.8
96.5

119.2
120.9
122.7

367.6
369.3
370.9

Apr.
May
June

8.5
8.3
8.0

1. 6
1.6
1.6

19.1
18.6
18.1

4.6
1.5
2.6

6.4
5.4
5.9

16.5
28.4
24.0

27.5
35.3
32.5

3.9
4.0
4 .0

151.6
151.3
151.1

96.6
97.0
97.3

124.4
126.1
127.8

372.6
374.4
376.2

J u ly
Aug. p

7.9
7.9

1.6
1.6

17.9
17.9

1.3
1.3

5.2
5.1

27.2
9.2

33.7
15.5

4 .1
4 .1

150.9 e
150.7 e

97.6 e
97.7 e

129.4 e
131.1 e

377.9 e
379.5 e

Week e n d in g
1 9 9 9 - J u l y 12
19
26

1.2
1.6
1.1

5.2
5.2
4.9

18.9
26.9
34.5

25.3
33.6
40.5

2

1.3

9
16
23
3 Op

1.2

34.5
4 .1
7.4

40.8
10.4
14.1

1.2
1.1

5.1
5.1
5.1
4.8
5.1

6.6

12.6

9.7

15.9

6p

1.3

5.6

13.9

20.8

Aug.

Sep.

1. Source: Daily Treasury statement,
e
estimated
p preliminary
Components may not add to totals due to rounding.



1.5