Full text of H.6 Money Stock Measures : September 18, 1997
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FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Forreteaseat4:30p.m. EastemTime Billions of dollars Date September 18,1997 M1 1 M22 DEBT5 M33 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 4858.1 4887.9 4933.2 5720.9 5739.5 5789.7 5825.9 5846.5 5889.7 5914.8 5945.1 5987.2 6013.7 6057.1 6098.8 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. p 1079.9 1080.8 1075.4 1065.2 1062.8 1063.2 1062.1 1069.4 3851.7 3868.6 3885.6 3905.2 3904.7 3919.8 3931.7 3965.5 4956.1 4995.0 5027.8 5067.6 5075.8 5098.3 5141.7 5192.5 6115.0 6163.1 6207.3 6262.1 6279.8 6304.1 6338.5 p 14526.2 14584.0 14645.7 14715.5 14759.6 14785.9 14837.1 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 14280.6 14338.9 14418.2 14485.1 1997-Jan. Feb. Mar. Apr. May June July Aug. p 1086.1 1066.6 1067.4 1071.7 1051.9 1062.5 1063.7 1067.3 3853.4 3852.9 3890.5 3922.2 3887.3 3917.2 3936.6 3969.0 4961.7 4986.2 5034.6 5075.2 5057.6 5094.4 5139.5 5194.4 6128.3 6158.4 6224.3 6273.9 6256.2 6288.4 6328.4 p 14507.4 14546.5 14619.4 14684.4 14719.0 14748.4 14786.8 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 M1 M2 M3 DEBT1 1997 TO Aug. 1997 2.5 6.2 9.2 3.3 6 Months from Feb. 1997 TO Aug. 1997 -2.1 5.0 7.9 4.3 12 Months from Aug. 1996 TO Aug. 1997 -2.8 5.4 8.4 4.4 -0.5 4.5 7.4 Mar. 10, 1997 (26 weeks previous) -3.0 4.6 7.5 Sep. -3.7 5.1 8.0 3 Months from May Thirteen weeks ending September 8 1997 from thirteen weeks ending: June 9, 1997 (13 weeks previous) 9, 1996 (52 weeks previous) 1. 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 less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week via the web site of the Federal Reserve Board (http://www.bog.frb.fed.us), as well as on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free (800) STAT-USA (800-782-8872). Page 3 H.6(508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 M2 M3 Period endiir^g 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1 9 9 7 - J u n e 16 23 30 1065.2 1064.5 1063.7 1064.4 1062.8 1062.1 1061.6 1058.4 1067.6 3904.7 3907.6 3909.9 3913.4 3915.5 3918.8 3914.4 3921.8 3925.8 5069.1 5074.9 5080.5 5084.1 5090.2 5097.6 5084.7 5103.9 5116.6 July 7 14 21 28 1063.8 1063.9 1062.9 1062.7 1063.5 1062.7 1062.9 1061.4 1066.5 1058.3 1059.0 1061.8 3912.7 3914.8 3915.7 3917.8 3924.8 3928.0 3930.4 3933.3 3937.0 3927.3 3931.6 3937.3 5087.5 5093.2 5097.9 5103.1 5111.5 5124.9 5134.6 5143.0 5140.6 5138.4 5142.6 5150.2 Aug. 4 11 18 25 1063.2 1063.4 1063.8 1064.2 1062.5 1063.7 1065.4 1067.6 1070.9 1063.2 1065.6 1070.6 3921.5 3925.7 3930.5 3935.0 3935.3 3941.3 3949.9 3958.6 3945.1 3951.3 3966.0 3971.8 5110.0 5117.8 5126.7 5136.6 5147.2 5155.2 5167.2 5181.7 5157.6 5170.3 5190.6 5208.2 1064.9 1064.9 1069.8 1069.0 1079.7 1060.1 3940.9 3945.8 3969.5 3975.8 3989.0 3976.5 5147.3 5157.9 5198.9 5211.9 5226.6 5222.3 Sep. IP 8p Not seasonally adjusted 1 9 9 7 - J u n e 16 23 30 1062.9 1062.6 1061.9 1059.7 1061.5 1061.4 1064.9 1049.4 1067.8 3906.4 3908.0 3908.7 3911.6 3916.5 3916.7 3930.9 3896.2 3903.0 5067.7 5071.5 5075.5 5085.9 5092.4 5093.7 5103.8 5073.6 5086.5 July 7 14 21 28 1062.0 1061.1 1059.3 1059.1 1065.9 1065.2 1066.9 1062.8 1081.3 1062.3 1056.2 1051.5 3909.9 3909.6 3908.9 3912.0 3923.5 3927.4 3935.2 3937.6 3964.0 3946.2 3927.7 3912.5 5080.7 5084.1 5087.5 5094.2 5104.8 5115.9 5130.5 5140.0 5155.2 5148.4 5131.8 5124.5 Aug. 4 11 18 25 1060.2 1061.4 1062.7 1064.0 1061.8 1062.3 1064.9 1066.6 1077.1 1064.2 1066.6 1058.4 3917.5 3924.0 3931.0 3937.2 3936.2 3943.0 3955.0 3966.2 3958.4 3973.4 3975.8 3957.1 5103.1 5113.5 5124.4 5135.7 5142.4 5153.1 5169.5 5187.1 5164.9 5191.0 5197.5 5195.1 1064.5 1064.8 1066.1 1066.9 1075.1 1067.4 3942.9 3948.3 3970.7 3979.0 3976.5 4006.6 5145.9 5156.2 5199.3 5212.7 5213.4 5244.6 Sep. IP 8p 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 Currency1 Date At commercial banks4 At thrift institutions5 Total lnM2 6 In M3 only7 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. 382.8 385.2 387.6 408.8 405.9 405.1 202.9 195.2 188.0 105.8 105.2 104.3 308. 300, 292, 2641.1 2662.9 2682.0 1020.0 1027.8 1046.8 Oct. Nov. Dec. 390, 392, 395. 398, 402. 402. 178.9 172.7 171.5 104.3 104.2 103.3 283, 276. 274.8 2707.8 2730.0 2753.3 1070.0 1077.8 1098.7 1997-Jan. Feb. Mar. 397.0 400.5 402.4 401.8 404.4 403.0 170.9 165.4 160.3 101.6 101.9 101.3 272.5 267.3 261.5 2771.8 2787.8 2810.2 1104.4 1126.4 1142.1 Apr. May June 403.7 406.1 407.7 8.3 8.2 8.0 395, 395. 397, 159.7 155.6 153.7 97.9 97.2 96.4 257.7 252.8 250.1 2839. 2842. 2856. 1162. 1171. 1178. 410.3 412.1 8.2 8.3 396, 401, 150.4 149.9 96.9 97.4 247. 247. 2869.6 2896.1 1210. 1227, Aug. Sep. e Nontransactions components 376.4 377.7 379.9 p Week ending 1997-July 14 21 28 4. 5. 6. 7. 8.8 8.7 8.7 Demand deposits3 1996-Apr. May June July Aug. 1. 2. 3. Travelers checks2 4 11 18 25 IP 8p 410.0 410.4 410.7 8.2 8.3 8.4 394.9 395.4 396.2 149.2 148.6 150.7 96.1 96.4 95.8 245.3 245.0 246.5 2869.0 2872.6 2875.5 1211.1 1211.0 1213.0 410.9 410.9 411.6 412.8 8.5 8.4 8.3 8.2 400.8 395.6 401.0 404.2 152.8 150.1 147.9 149.3 97.9 98.2 96.8 96.1 250.7 248.3 244.7 245.4 2874.2 2888.1 2900.4 2901.1 1212.4 1219.0 1224.6 1236.4 414.5 413.9 8.0 8.0 406.0 390.2 153.3 149.8 97.9 98.2 251.2 248.0 2909.3 2916.4 1237.7 1245.7 e 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 Page 5 H.6(508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Small-denomination time deposits 2 Savings deposits 1 Date Total money funds money funds At commercial banks 4 At thrift institutions 929.5 928.4 928.8 481.4 484.5 493.6 263.4 263.6 269.7 359.4 367.1 373.3 76.0 75.4 75.6 435.4 442.5 448.9 1190.1 1195.6 1204.1 At thrift institutions 352.0 351.5 350.8 366.8 365.6 365.8 1211.0 1222.7 1231.5 580.3 582.9 585.4 350.2 351.2 352.0 930.5 934.0 937.3 499.6 506.1 513.2 274.0 278.8 285.2 379.4 383.1 389.9 76.5 77.2 78.4 455.9 460.4 468.3 879.3 892.7 903.9 367.1 366.3 367.1 1246.3 1259.0 1271.0 587.4 589.9 592.0 353.6 354.0 353.7 941.0 943.9 945.7 520.5 527.1 536.6 288.1 292.0 299.3 402.1 404.0 412.3 78.8 79.4 79.2 480.9 483.4 491.5 1997-Jan. Feb. Mar. 914.0 921.1 934.2 368.5 369.4 370.1 1282.5 1290.5 1304.3 592.5 593.6 596.1 354.4 355.1 352.0 946.9 948.6 948.1 542.4 548.7 557.8 296.3 305.4 311.8 412.2 418.1 427.1 81.1 81.9 82.0 493.3 500.1 509.1 Apr. May June 947.9 945.4 949.9 373.1 375.5 375.5 1321.1 1320.9 1325.4 598.9 602.0 607.8 350.8 351.8 350.6 949.6 953.9 958.4 569.2 567.2 572.9 311.6 311.6 318.9 439.6 441.3 449.8 82.5 82.4 83.2 522.2 523.7 533.1 July Aug. P 955.2 964.6 374.7 374.5 1329.8 1339.1 614.2 615.8 346.7 346.3 960.9 962.1 578.9 594.9 324.1 329.2 466.4 473.2 84.7 85.0 551.0 558.3 Week e n d i n a 1 9 9 7 - J u l y 14 21 28 956.5 958.0 956.8 374.0 376.6 377.4 1330.5 1334.5 1334.2 613.8 614.6 614.8 346.8 346.7 346.6 960.6 961.3 961.4 577.9 576.8 579.9 325.1 321.7 325.2 463.2 468.6 470.3 84.7 84.5 84.7 547.9 553.1 555.0 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 1341.0 615.4 615.2 615.5 615.9 346.4 346.3 346.5 346.4 961.9 961.5 962.1 962.3 581.5 589.0 595.1 597.8 321.0 327.3 329.3 332.9 470.4 469.7 469.6 478.3 85.1 85.3 85.1 84.8 555.6 554.9 554.7 563.1 964.8 976.7 374.7 370.8 1339.5 1347.5 617.1 617.8 345.5 345.0 962.7 962.8 607.1 606.0 332.4 338.3 477.6 482.2 84.8 85.5 562.4 567.7 At thrift institutions Total 364.6 366.3 366.7 July Aug. Sep. 844.2 857.1 865.7 Oct. Nov. Dec. Aug. Sep. 3. 4. Institutional At commercial banks 577.5 577.0 578.0 At commercial banks 825.5 829.3 837.4 1996-Apr. May June 1. 2. Large-denomination time deposits 3 Retail IP 8p Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary p Total money market deposit accounts. deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks from small time deposits. deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and Page 6 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 .1 RPs Date Eurodollars2 Savings bonds i£$6"-Apr. May June 188.9 202.7 195.3 94.0 94.5 95.6 185.8 186.1 186.4 July Aug. Sep. 194.2 192.4 194.4 95.8 96.3 98.9 186.7 186.9 187.1 Oct. Nov. Dec. 196.0 195.3 194.0 105.1 107.1 113.9 1997-Jan. Feb. Mar. 197.2 201.1 199.4 Apr. May June July Aug. p Week ending 1997-July 14 21 28 Aug. Sep. 4 11 18 25 IP 8p Short-term Treasury securities3 464.5 Bankers acceptances 4 Commercial paper5 10.2 10.7 Federal debt Non-Federal debt 36"$4.$ 16532.* n.i 459.3 468.0 470.1 3701.1 3707.7 10379.2 10431.4 473.6 478.1 483.9 11.5 11.7 12.0 473.0 477.7 482.0 3726.4 3740.5 3743.8 10484.6 10523.7 10567.9 187.1 187.0 187.0 476.7 486.7 471.0 12.1 12.2 12.2 479.6 483.2 495.5 3756.0 3770.1 3780.0 10616.9 10665.6 10705.7 117.5 119.8 121.9 186.7 186.4 186.3 451.2 451.4 453.9 11.9 12.7 13.5 509.1 517.5 525.9 3778.0 3782.6 3796.5 10748.2 10801.4 10849.2 202.1 202.7 198.7 126.5 133.0 127.8 186.2 186.2 186.3 457.7 460.8 451.0 12.8 13.1 12.6 537.8 543.9 555.9 3803.1 3789.7 3776.4 10912.4 10969.9 11009.4 206.0 208.0 128.8 131.6 186.4 206.8 207.9 205.5 131.3 128.2 127.2 208.1 208.5 209.5 206.3 127.8 128.3 131.2 134.1 207.5 207.6 135.4 132.1 452.9 470.5 p 430.6 p 12.7 p 567.0 p 3779.4 p 11057.7 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, exc'udhg those held by depository institutions and by money funds. Consists~of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. 4. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. Debt data a r e on a monthly average basis, derived by averag»ng adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary p Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency Date Demand deposits 3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 lnM2 6 Total In M3 only7 1996-Apr. May June 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 2700.9 2727.7 2749.8 1076.1 1083.0 1097.2 1997-Jan. Feb. Mar. 395.6 397.7 401.0 8.2 8.3 8.2 405.7 394.8 396.2 174.8 165.6 160.9 101.8 100.2 101.1 276.6 265.8 261.9 2767.3 2786.3 2823.1 1108.3 1133.3 1144.2 Apr. May June 403.4 406.1 408.4 8.2 8.2 8.2 396.6 387.4 396.3 163.4 153.7 152.8 100.3 96.5 96.7 263.6 250.2 249.5 2850.4 2835.4 2854.8 1153.0 1170.4 1177.1 July Aug. P 411.3 413.4 8.7 8.8 398.1 400.3 148.8 148.1 96.8 96.7 245.6 244.8 2872.9 2901.7 1202.9 1225.5 Week e n d i n g 1 9 9 7 - J u l y 14 21 28 Aug. Sep. 1. 2. 3. Travelers checks 2 4 11 18 25 IP 8p 411.5 410.9 410.3 8.6 8.8 8.9 399.9 393.7 388.1 145.9 147.6 149.9 96.4 95.3 94.3 242.3 242.9 244.2 2883.8 2871.5 2861.0 1202.3 1204.1 1212.0 412.3 414.0 413.0 412.4 9.1 9.0 8.8 8.6 405.3 397.5 402.7 394.8 151.3 146.2 146.4 148.2 99.2 97.6 95.7 94.2 250.5 243.8 242.1 242.5 2881.3 2909.2 2909.2 2898.7 1206.5 1217.6 1221.8 1238.0 414.0 415.5 8.5 8.4 402.3 397.4 152.7 146.6 97.6 99.5 250.3 246.1 2901.4 2939.2 1237.0 1237.9 e 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 4. 5. 6. 7. Page 8 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 Date Total money funds 579.1 578.0 578.4 932.1 930.2 929.5 486.5 480.1 488.3 1215.1 1226.8 1232.8 581.0 582.9 584.7 350.6 351.2 351.5 931.6 934.1 936.2 366.9 367.1 366.7 1245.7 1261.5 1269.6 586.7 588.5 589.8 353.2 353.1 352.4 908.9 915.4 935.1 366.5 367.1 370.5 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. P 958.5 967.9 376.0 375.8 967.4 956.8 946.4 261.4 260.1 264.6 431.6 445.0 449.4 497.6 506.8 508.9 271.2 278.1 280.4 377.3 382.4 389.5 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 79.5 486.4 489.0 493.2 353.9 355.3 352.9 945.7 949.3 950.4 546.2 554.6 567.1 304.8 315.5 316.4 408.7 416.5 426.3 80.4 81.6 81.9 489.1 498.1 508.1 600.6 603.2 608.2 351.8 352.5 350.8 952.4 955.7 959.1 574.8 561.1 566.5 309.2 307.0 313.1 435.6 443.6 450.1 81.8 82.8 83.3 517.4 526.4 533.3 1334.5 1343.7 614.8 615.8 347.1 346.2 961.9 962.0 576.5 596.0 321.0 328.3 463.8 472.0 84.2 84.8 548.1 556.8 378.3 376.1 373.3 1345.7 1332.9 1319.7 614.7 615.1 614.9 347.3 346.9 346.6 962.0 962.0 961.5 576.2 576.6 579.8 322.9 319.7 323.6 4 6 0 ,.7 466,.2 4 6 8 ,.9 84.3 84.1 84.4 545.0 550.3 553.3 961.9 977.3 973.1 962.5 375.9 378.1 377.2 374.2 1337.8 1355.4 1350.3 1336.7 615.6 615.6 615.6 615.6 346.5 346.6 346.5 346.2 962.1 962.2 962.1 961.9 581.4 591.7 596.8 600.1 316.9 326.7 328.5 334.4 4 6 8 ,.4 4 6 8 ..0 4 6 8 , ,1 4 7 7 . .7 84.8 85.0 84.8 84.8 553.2 553.0 552.9 562.5 961.3 995.6 373.4 378.0 1334.6 1373.6 616.6 617.4 345.3 344.8 961.9 962.2 604.9 603.5 330.2 332.7 4 7 6 , .8 4 8 1 . ,2 84.7 85.3 561.5 566.5 847.0 860.0 866.6 368.1 366.8 366.2 Oct. Nov. Dec. 878.9 894.5 902.9 1997 - J a n . Feb. Mar. Sep. lp 8p Large-demomination time deposits 3 At thrift institutions 75.3 75.8 75.7 July Aug. Sep. 4 11 18 25 Institutional money funds At commercial banks 4 356.2 369.2 373.7 1191.7 1193.7 1207.6 Aug. p ~~~~ Retail At thrift institutions 353.0 352.1 351.1 At thrift institutions 365.1 365.7 367.7 Week e n d i n a 1 9 9 7 - J u l y 14 21 28 3. 4. At At commercial banks 826.7 828.0 839.8 1996 -Apr. May June 1. 2. Small-denomination time deposits 2 Total commercial banks 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. 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, U.S. government, and foreign banks and official institutions. preliminary Total Page 9 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted RPs1 Date At commercial banks Eurodollars Total Savings bonds Short-term Treasury securities3 Bankers acceptances 4 Commercial paper6 Federal debt Non-Federal debt 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 94.9 186.1 186.3 186.4 465.8 443.1 462.7 10.4 10.5 11.2 461.1 471.4 467.0 3699.5 3692.1 3698.1 10296.5 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 45.8 199.0 194.2 188.8 106.0 107.3 114.7 186.8 186.9 187.0 461.0 486.9 484.6 12.2 12.4 12.6 486.1 485.2 493.8 3740.9 3771.4 3787.9 10598.1 10646.9 10697.1 1997-Jan. Feb. Mar. 149.5 151.6 149.9 45.7 46.9 46.8 195.2 198.5 196.7 119.3 121.2 123.0 186.8 186.6 186.6 456.9 455.2 466.4 12.5 12.9 13.4 510.3 517.4 523.4 3773.4 3783.0 3815.4 10734.0 10763.6 10804.0 Apr. May June 153.9 158.9 156.8 47.0 46.5 47.0 200.8 205.3 203.8 125.6 131.8 126.9 186.5 186.4 186.3 459.4 450.5 443.0 13.0 12.9 12.6 539.9 548.7 552.0 3810.3 3781.3 3766.2 10874.1 10937.7 10982.2 July Aug. P 159.3 162.2 47.4 47.8 206.6 210.0 127.2 130.5 186.3 159.3 160.4 159.8 47.2 47.3 47.6 206.5 207.7 207.3 127.9 126.4 127.7 161.3 162.7 163.0 161.0 47.7 48.2 48.2 47.4 209.0 210.9 211.2 208.4 127.4 127.0 129.2 132.7 162.6 161.3 47.3 47.6 209.9 208.8 135.4 129.9 Week e n d i n g 1 9 9 7 - J u l y 14 21 28 Aug. Sep. 4. 5. 6. At thrift institutions Debt components 6 Non-M3 Components of L 2 4 11 18 25 IP 8p p 430.1 p 11.9 p 560.6 p 3759.9 p 11026.9 Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Date 1996-Apr. May June Foreign commercial banks Foreign official institutions 7.8 8.3 8.9 1.4 1.5 1.5 July Aug. Sep. Oct. Nov. Dec. 8.6 8.8 9.1 1997-Jan. Feb. Mar. 9.2 9.3 9.3 Balance Demand deposits at commercial banks at Federal Reserve 5.8 2.8 4.8 7.2 5.7 6.1 Note balances at depository institutions Total cash balance 11.6 10.1 14.5 24.6 18.7 25.4 13, 13. 13.8 17, 12, 20, 25. 20. 31. 14. 16. 17. 11. 11, 11. 19, 19. 21. 20.2 14.7 17.8 30.5 22.6 26.7 21, 29, 22, 14.0 13.5 13.0 Time and savings deposits at commercial banks 3.2 4.5 4.4 151.9 151.8 151.4 108. 108, 108. 76. 76. 76. 337. 337. 336. 3.1 2.8 2.5 151. 151. 151. 108. 107. 107. 76.8 76.9 77 0 e 336. 335. 335. 2.4 2.4 2.4 151.2 151.1 151.0 106.6 106.1 105.7 77.0 e 77.2 e 77.4 e 334.8 334.4 334.1 38.7 44.8 34.5 150. 150. 150. 105, 105. 105. 77 77 77 334, 334, 334, 18. 12. 24. 19. 150. 150. 105. 105. 77.8 77.8 334. 334. 5.3 2.5 3.9 July Aug. p 1.4 1.4 17, 17, 1.8 1.8 9.3 9.3 9.3 1.4 1.4 1.3 17.9 17.9 17.9 1.8 1.9 1.4 5.0 5.0 5.1 11.4 18.2 23.7 18.2 25.0 30.2 2.4 2.4 2.4 9.3 9.3 9.3 9.3 1.4 1.3 1.4 1.4 17.9 17.9 17.9 17.9 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 2.4 2.4 2.4 2.4 9.3 9.3 1.4 1.3 17.9 17.9 1.6 2.1 4.9 4.7 9.5 8.3 16.0 15.0 2.4 2.4 estimated preliminary Total 340.0 338.4 336.9 17, 17, 17, IP 8p At money market funds 79.5 78.1 76.5 1.4 1.4 1.4 Sep. At thrift institutions 109.3 109.0 108.8 Apr. May June 11. 12, 8. At commercial banks 151.2 151.3 151.6 4.1 2.8 3.1 4 11 18 25 6.2 5.1 5.9 IRA and Keogh Accounts 18.6 18.3 18.0 Aug. U.S. government deposits 1.4 1.4 1.4 Week ending 1997-July 14 21 28 e p Time and savings deposits due to foreign banksand official institutions Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class