Full text of H.6 Money Stock Measures : September 2, 1999

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FEDERAL RESERVE statist^Ri£ifeleoai6&:
H.6 (508)
Table 1

iu|

MONEY STOCK AND DEBT MEASURES

M999 [„or■r e le ^ e at 4:30 p.m. Eastern Time

Billions of dollars

LIBRARY

Septem ber 2, 1999

, m u n ^ u n . u :----------------------Date

M 11

M 22

M 33

DEBT4

Seasonally adjusted
19 97 -Au g.
Sap.
Oct.

Nov.
Dec.

1998-Jan .
Fab.

Mar.
Apr.
May
Juna
J u ly
Aug.
Sap.
Oct.

N ov .
Dac.

1 9 9 9 - Jan .
Fab.

Mar.
Apr.
May
Juna
J u ly

1 0 72 .1
1064 .8
1 0 62 .1
1067 .5
1074 .9

3961.1
3981.7
4000.2
4023 .1
4046.6

5232.5
5269.2
5 306.1
5352.8
5403.7

14816.8
14884.4
14956.2
15025.9
15094.9

1 073.8
1076 .0
1 080.6
1 0 82 .1
1 0 78 .2
1 0 77 .8
1075.4
1 0 72 .2
1074 .7
1080.4
1089 .0
1 093.4

4071.4
4100.9
4126.2
4 155.2
4174.8
4 198.6
42 16 .1
4241.7
4285.5
4326.9
4 365.2
4402.0

5448.5
5483.6
5541.9
5586.9
5628.7
5671.3
5691.4
5747.5
5811.0
5 873.1
5938.1
5996.9

15158.3
15235.1
15320.3
15397.5
15467.0
15539.8
15619.3
15696.2
15766.5
15850.3
15945.2
16026.1

1 0 91 .0
1 0 92 .6
1 1 02 .0
1108 .4
1 1 04 .7
1 1 0 1 .1
1 099.4

4426 .0
4446.8
4456.9
4489.5
4 506.5
4522.2
45 42 .3

6 018.0
6 066.0
6060.7
6103.8
6128.9
6 157.2
6182.0

16100.6
16169.8
16267.1
16356.6
16416.2
16478.9 p

Not seasonally adjusted
19 97 -Au g.
Sap.
Oct.
N ov .
Dac.

1 069.2
1 059.6
1 057.6
1 0 74 .1
1097.4

3960.4
3970.7
3986.7
4025.7
4064.8

5226.5
5251.5
5294.3
5358.4
5419.9

14773.7
14850.2
14920.1
15008.5
15094.4

1 9 9 8 - Jan .

1079 .9
1066 .0
1075.7
1087.4
1070 .5
1074.7
1073 .6
1068 .6
1069 .9
10 76 .2
1 0 94 .3
1 1 15 .3

4073.7
4 092.1
4143.6
4 186.2
4155.9
4188.7
4209.0
4238.7
4273.4
4311.7
4365.7
4418.8

5452.7
5485.3
5571.3
5616.6
5615.3
5659.0
5669.1
5735.9
5788.2
5858.1
5942.9
6013.0

15141.5
15205.3
15308.0
15380.6
15434.9
15506.9
15571.4
15651.6
15731.1
15812.3
15927.7
16026.5

1 0 98 .3
1 083.4
1 0 97 .2
1113 .7
1 0 96 .7
1098 .3
1 0 98 .0

4429.4
4441 .1
4480.4
4 5 27 .1
4485.8
4 5 10 .1
4 532.6

6 0 26 .1
6074.7
6099.7
6 140.8
6114.0
6140.6
6152.9

16084.9
16143.6
16260.6
16343.2
16381.5
16439.4 p

Fab.

Mar.
Apr.
May
Juna
J u ly
Aug.
Sap.
Oct.
Nov.
Dac.
1999-Ja n .
Fab.

Mar.
Apr.
May
Juna
Ju ly

Footnotes appear on the following page
p
preliminary
Components may not add to totals due to rounding.




Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

3 Months fro m A p r . 1999 TO J u l y 1999

-3 .2

4 .7

5 .1

5 .2

1999 TO J u l y 1999

1.5

5.3

5.5

5.7

12 Months fro m J u l y 1998 TO J u l y 1999

2 .2

7 .7

8.6

6 .0

-1.0

5.2

5.5

6 Months fro m Jan.

T h i r t e e n weeks e n d i n g August 23 , 1999
fro m t h i r t e e n weeks e n d i n g :
May
24, 1999 (13 wesks p r e v i o u s )

1.

F e b . 22,

1999

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

1.8

5.4

5.2

Aug.

1998

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

2.4

7 .7

8.5

24,

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1999 to June 1999, December 1998 to June 1999,
and June 1998 to June 1 999, respectively._________________________________________________________________________________ _________ __________________________________________

Footnotes to Table 1:
1.

2.

3.

4.

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.
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: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to
January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services
at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

31

1105.1

1103.1

1107.2

4484.6

4508.0

4515.7

6098.0

6131.3

6143.0

June

7
14
21
28

1105.5
1105.4
1105.6
1105.0

1102.7
1100.8
1101.6
1100.3

1098.7
1093.3
1107.1
1101.9

4489.9
4495.2
4500.7
4505.2

4510.2
4511.8
4518.7
4522.0

4511.2
4 514.2
4533.6
4528.8

6105.1
6112.5
6120.8
6 128.1

6135.5
6140.6
6149.5
6157.0

6134.6
6148.4
6172.1
6172.7

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
1096.0
1102.8

4507.7
4513.2
4516.6
4520.0

4521.6
4528.0
4530.5
4537.6

4509.6
4539.8
4543.8
4557.0

6133.8
6 142.1
6147.3
6151.6

6160.1
6169.8
6173.2
6178.4

6147.3
6186.9
6186.0
6193.2

Aug.

2
9
16p
2 3p

1101.3
1101.4
1101.5
1101.7

1102.0
1102.7
1104.0
1105.0

1109.3
1102.6
1101.4
1106.7

4525.4
4529.3
4 533.1
4538.4

4550.4
4553.6
4557.0
4561.5

4 560.8
4552.6
4 557.6
4574.9

6158.4
6164.4
6170.2
6176.5

6189.9
6192.0
6196.3
6202.6

6193.3
6195.6
6203.0
6218.4

1999-May

Not seasonally adjusted
31

1102.4

1093.4

1105.7

4497.6

4484.1

4490.8

6118.0

6114.1

6124.3

Juna

7
14
21
28

1103.0
1103.2
1103.4
1102.9

1094.4
1094.9
1097.8
1095.8

1095.2
1093.6
1096.5
1097.9

4500.9
4504.3
4506.9
4507.4

4493.3
4503.3
4513.8
4510.5

4530.6
4527.9
4505.9
4477.6

6122.6
6126.8
6129.9
6131.4

6125.9
6139.0
6147.0
6142.6

6163.5
6166.8
6133.5
6106.4

Ju ly

5
12
19
26

1101.7
1101.0
1098.6
1097.4

1100.2
1101.3
1100.0
1098.0

1112.7
1098.2
1091.1
1089.8

4506.6
4506.5
4504.5
4505.9

4512.1
4517.5
4523.4
4531.5

4536.9
4549.5
4529.5
4 510.0

6131.5
6131.7
6130.3
6132.3

6138.8
6141.2
6145.7
6152.1

6148.6
6176.1
6151.5
6132.3

Aug.

2
9
16p
2 3p

1097.1
1097.6
1098.0
1098.8

1098.3
1098.1
1099.4
1100.8

1114.0
1097.4
1096.5
1095.4

4511.0
4517.1
4523.3
4529.8

4531.8
4537.7
4547.4
4557.3

4538.2
4573 .1
4568.4
4549.6

6137.5
6144.4
6 1 51 .1
6157.3

6153.2
6160.7
6173.0
6185.6

6152.9
6206.1
6200.8
6182.6

1999-May

Note: S p e c ial 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, which a re highly volatile and sub ject to revision,
p
p relim inary d ata.
C o m p o n e n ts m ay not add to totals due to rounding.




Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars

Currency1

Date

4.
5.

Other checkable deposits
Demand deposits3
At commercial banks4

At thrift
institutions5

Total

1998-Mar.

432.1

7.7

391.0

149.2

100.6

249.8

Apr.
May
June

434.2
436.4
439.2

7.8
7.8
8.0

389.2
387.8
384.7

150.3
146.2
145.9

100.6
100.0
100.0

250.9
246.2
245.9

J u ly
Aug.
Sep.

442.3
444.8
449.6

8.5
8.5
8.3

379.3
374.8
374.4

144.2
143.2
141.1

101.2
100.9
101.3

245.3
244.0
242.4

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

1 9 9 9 -Jan.
F eb .
Mar.

462.7
46 7.6
47 2.0

7.8
7.7
7.8

37 1.1
371.8
374.1

145.5
141.5
143.0

103.9
104.0
1 0 5.1

249.5
245.5
248.1

Apr.
May
June

476.5
480.9
4 8 4.1

7.8
7.8
8.2

374.0
369.4
362.9

144.9
141.3
140.8

105.2
105.2
1 0 5.1

250.1
246.5
245.9

J u ly

48 7.3

8.6

362.6

136.4

10 4.6

241.0

48 4.8

8.3

362.9

142.1

103.8

245.9

Week e n d in a
1 9 9 9 -June 28

1.
2.
3.

Travelers checks2

J u ly

5
12
19
26

485.3
486.2
487.3
488.4

8.4
8.5
8.6
8.7

356.2
36 3.1
360.5
365.8

139.8
136.6
135.5
136.3

105.3
105.6
104.2
10 3.6

245.1
242.2
239.7
239.9

Aug.

2
9
16p
23p

48 9.2
489.5
490.4
491.3

8.8
8.8 e
8.8 e
9.0 e

370.1
363.4
363.8
367.7

136.1
134.5
133.4
135.3

105.0
106.4
105.0
103.4

241.1
241.0
238.5
238.7

C u rren c y outside U .S . T re a s u ry , F ed e ra l R e serve Banks and the vaults of d epository institutions.
O u ts tan d in g a m o un t of U .S . d olla r-d e n o m in a ted travelers checks of n on bank issuers. T ra v e le rs checks issued by depository institutions a re inclu ded in d e m a n d deposits.
D e m a n d deposits at c o m m e rc ia l b an ks and foreig n-related institutions o th er than tho se d ue to depository institutions, the U .S . g o v e rn m e n t a n d foreig n b an k s a n d official
institutions, less cash item s in the process of collection and F ed eral R e s e rv e float.
C o nsists of N O W and A T S b a la n c e s at com m ercial banks, U.S. b ran ch es and a g e n c ie s of foreign banks, and E d g e Act corporations.
C o nsists 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

1.

Total

At commercial
banks

At thrift
institutions

Retail
money
funds

Total

Total
Non-M1 M2

1998-Mar.

1054.1

385.3

1439.4

626.5

342.4

968.9

637.3

3045.5

Apr.
May
Juna

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

646.3
658.4
669.7

3073.1
3096.6
3120.8

Ju ly
Aug.
Sop.

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

672.5
687.2
708.4

3140.7
3169.5
3210.8

O c t.
Nov.
D oc .

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

7 2 5.5
7 3 7.9
7 5 1.7

3246.5
3276.3
3308.7

19 99 -Jan.
Fob.
Mar.

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

7 6 5.9
7 8 0 .3
7 8 2 .3

3335.0
3354.2
3354.9

Apr.
May
Juno

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 9 0 .5
7 9 6.5
801.7

3381.2
3401.8
3421.2

J u ly

1260.5

455.1

1715.6

613.0

311.7

924.7

802.7

3442.9

1245.1

453.5

1698.6

612.4

312.1

924.5

803.8

3426.9

Week e n d in g
19 9 9 - Juno 28

2.

At thrift
institutions

J u ly

5
12
19
26

1247.6
1260.9
1263.1
1264.2

447.0
452.7
456.6
459.9

1694.6
1713.7
1719.7
1724.1

611.8
611.7
612.9
614.1

312.1
311.7
311.5
311.5

923.9
923.4
924.4
925.6

7 9 6 .1
802.8
803.7
804.5

3414.7
3439.9
3447.8
3454.3

Aug.

2
9
16p
2 3p

1262.0
1262.3
1265.7
1271.8

458.5
451.8
454.8
459.4

1720.5
1714.1
1720.5
1731.2

614.0
613.2
61 4.1
615.1

311.8
312.0
311.9
312.0

925.8
925.2
926.0
92 7.1

80 5.2
810.7
809.8
809.9

3451.5
3450.0
3456.2
3 468.1

o a v in u o u e p u b llo

IIIOIUUC m u n c y

m a m o i u&pwon

m w w u

. uw .

.

,,

,

,

S m a ll-d e n o m in a tio n tim e deposits— including retail R P s — are tho se issued in am o un ts of less than $ 1 0 0 ,0 0 0 . All IR A and Keogh a ccou nt b a la n c e s at c o m m e rc ia l b an k s and
thrifts a re s ub 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

Date

3.
4.
5.

Large-denomination time deposits1
RPs3
At commercial
banks2

At thrift
institutions

Debt components5
Eurodollars4

Total

Total
Non-M2 M3

Federal

Non-Federal

1998-Mar.

399.8

521.0

85.7

606.7

267.4

141.8

1415.7

3797.2

11523.1

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

3791.5
3778.8
3775.8

11605.9
11688.2
11764.1

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

3772.9
3770.3
3760.0

11846.3
11925.9
12006.5

O ct.
Nov.
Dec.

486.7
503.8
516.2

533.8
537.5
541.0

87.7
87.9
8 9.1

621.5
625.4
630.0

282.6
289.2
297.8

155.5
154.5
150.7

1546.2
1572.8
1594.8

3750.3
3 748.8
3747.4

12100.1
12196.4
12278.7

1 9 9 9 -Jan.
Feb.
Mar.

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

3 740.9
3718.2
3714.6

12359.8
12451.6
12552.4

Apr.
May
June

538.4
544.6
548.1

534.6
533.5
530.2

8 9.1
88.0
87.9

623.6
621.5
618.1

290.0
295.6
308.7

162.2
160.6
160.1

1614.2
1622.4
1635.0

3707.2
3690.8
3691.0 p

12649.4
12725.4
12787.8 p

J u ly

546.0

540.2

88.7

628.9

308.6

156.1

1639.7

551.7

533.2

88 .1

621.3

309.2

161.7

1643.9

Week e n d in g
1 9 9 9 -June 28

1.
2.

Institutional
money funds

Ju ly

5
12
19
26

536.1
546.7
546.3
548.5

540.1
540.4
545.0
539.2

88.3
89.1
88.9
88.9

628.3
629.4
633.9
628.1

310.5
312.9
306.6
306.3

162.8
158.2
155.5
153.3

1637.8
1647.2
1642.2
1636.2

Aug.

2
9
16p
23p

551.0
551.0
555.7
561.8

534.9
537.5
538.7
532.7

88.0
88.8
89.6
89.3

623.0
626.3
628.3
622.0

307.0
310.5
311.6
308.9

151.5
155.3
149.7
150.8

1632.5
1643.1
1645.4
1643.5

L a rg e -d e n o m in a tio n tim e dep osits a re those issued in am ounts of $ 1 0 0 ,0 0 0 or m ore, excluding tho se b o o ked at intern atio nal b an king facilities.
L arg e -d e n o m in a tio n tim e d ep osits 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 foreig n b anks and
official institutions.
O vern igh t and term R P s of $ 1 0 0 ,0 0 0 or more issued by depository institutions, excluding tho se held by dep ository institutions and by m o n ey funds.
O vern ig h 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 the U n ited K ingdom a n d C a n a d a ,
excluding tho se held by dep ository institutions and by m oney funds.
D e b t d ata a re on a m onthly a v e ra g e basis, derived by averaging ad jacen t e nd -of-m on th levels, and h av e b e e n ad ju s te d to rem o ve 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
Date

Currency1

Travelers checks2

Demand deposits3
At commercial banks4

4
5

Total

1998-Mar.

431.4

7 .9

385.8

149.8

100.9

250.6

Apr.
May
June

433.7
436.1
438.3

7 .9
7 .9
8 .0

389.4
381.7
382.8

153.2
145.3
145.6

103.3
99.6
10 0.1

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

1 9 9 9 -J a n .
Feb.
Mar.

462.5
466.5
471.3

7 .9
7 .9
7 .9

375.7
364.7
368.9

148.1
141.4
143.5

10 4.1
102.8
105.5

25 2.2
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
10 5.1

255.7
245.3
245.7

J u ly

487.7

8.3

362.6

135.1

104.3

239.4

483.0

8 .2

361.0

142.7

103.0

245.7

Week e n d in a
1 9 9 9 -June 28

1
2
3

At thrift
institutions5

Ju ly

5
12
19
26

488.0
487.7
487.0
486.9

8 .2
8.3
8.3
8 .3

369.2
362.1
359.0
357.9

139.6
134.7
133.8
135.0

107.6
105.5
103.0
101.7

247.2
240.2
236.8
236.7

Aug.

2
9
16p
23p

488.0
491.3
490.5
489.7

8.3
8 .3 e
8.4 e
8.7 e

375.6
359.2
362.7
362.0

136.4
132.4
131.1
133.6

105.7
106.2
103.8
101.4

2 4 2.1
238.6
234.9
235.0

C u rren c y outside U .S . T re a s u ry, F ed eral R es e rv e Banks and th e vaults of depository institutions.
O u tstan d in g am o u n t of U .S . dollar-den om inated travelers ch e c k s of n on bank issuers. T ra v e le rs checks issued by dep ository institutions a re included in d em a n d d eposits.
D e m a n d deposits a t com m e rc ia l banks and foreig n-related institutions o th er than tho se d ue to dep ository institutions, th e U .S . g o v e rn m e n t a n d foreig n b anks 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 o nsists of N O W a n d A T S b ala n c es at com m ercial banks, U .S . b ra n c h e s and age n c ies of foreign b an ks, a n d E d g e Act corpo ration s.
C o nsists of N O W a n d A T S b ala n c es at thrifts, credit union s h a re 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 8

H.6 (508)
Table 8

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

Savings deposits1
Date
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

At commercial
Total

Retail
money
funds

Total
Non-M1 M2

1998-Mar.

1061.6

388.1

1449.6

627.3

342.8

970.1

64 8.1

3067.8

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

654.6
647.9
660.0

3098.8
3085.3
3114.0

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

665.7
688.6
70 9.0

3135.4
3170.1
3203.5

O ct.
Nov.
Dec.

1147.6
1167.5
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

7 2 4 .1
7 3 7 .2
7 5 1.7

3235.4
3271.4
3303.6

1 9 9 9 -Jan.
Feb .
Mar.

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 7.6
7 8 7 .0
7 9 6.2

3331.1
3357.7
3383.2

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

8 0 1.1
7 8 4.0
7 8 9.6

3413.4
3389.2
3411.8

Ju ly

1261.4

455.4

1716.8

612.8

311.6

924.4

7 9 3.4

3434.6

Week e n d in a
1 9 99 -June 28

1223.3

445.6

1668.9

611.1

311.4

922.5

7 8 8 .2

3379.6

Ju ly

5
12
19
26

1266.3
1274.6
1262.4
1245.1

453.7
457.6
456.4
452.9

1720.0
1732.2
1718.8
1697.9

611.6
611.8
612.8
613.8

312.0
311.7
311.4
311.4

923.5
923.5
924.2
925.2

78 0.7
79 5.5
79 5.4
7 9 7 .2

3424.2
3451.2
3438.4
3420.3

Aug.

2
9
16p
2 3p

1249.6
1283.0
1276.3
1260.0

454.0
459.2
458.6
455.1

1703.6
1742.2
1734.9
1715.1

613.6
613.0
613.7
614.6

311.6
311.9
311.7
311.8

925.3
925.0
925.4
926.4

7 9 5 .3
808.5
811.5
812.7

3424.2
3475.7
3471.9
3454.2

1.
2.

S avin g s 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 dep osits— including retail R P s— are tho se issued in am o un ts of less than $ 1 0 0 ,0 0 0 . All IR A a n d K eog h a c c o u n t b a la n c e s at c o m m ercial banks and
thrifts a re sub tracted from sm all tim e 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
Date

RPs3

Institutional
money funds

Eurodollars4
At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total
Non-M2 M3

Total

Debt components5
Federal

Non-Federal

1998-Mar.

407.0

524.5

86.3

610.8

223.7

4 5 .2

268.9

141.1

1427.7

3820.7

11487.3

Apr.
May
June

412.7
421.0
431.7

520.8
532.6
539.4

86.6
8 6.1
86.5

607.4
618.7
625.9

224.1
228.1
219.2

46 .0
46.9
4 9.6

270.1
27 5.1
268.8

140.2
144.7
143.9

1430.4
1459.4
1470.3

3800.5
3765.9
3755.3

11580.2
11669.0
11751.6

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

49 .0
49 .3
50.5

268.4
276.2
281.1

145.8
152.0
153.1

14 60 .1
1497.2
1514.8

3740.8
3749.6
3743.4

11830.6
11902.0
11987.7

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
48.3
51.4

281.8
289.7
290.5

156.2
154.9
154.5

1546.4
1577.3
1594 .1

3727.8
3746.6
3754.9

12084.5
12181.2
12271.5

1 9 9 9 -Jan.
Feb.
M ar.

529.3
547.3
537.9

532.5
531.8
532.8

88.8
8 9 .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
1 619.3

3736.6
3721.8
3741.2

12348.3
12421.7
12519.4

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
156.9

1613.8
1 628.2
1630.5

3717.1
3674.2
3662.8 p

12626.1
12707.3
12776.6 p

Ju ly

533.4

540.0

88.7

628.7

237.9

68.0

305.9

152.4

1 620.3

540.8

535.5

88.5

624.0

239.5

66.2

305.7

158.4

1628.8

Week e n d in a
1 9 9 9 - June 28
Ju ly

5
12
19
26

521.8
537.2
533.1
537.3

536.7
538.3
545.2
540.7

87.7
88.8
89.0
8 9 .1

624.4
627.1
634.1
629.8

240.9
239.6
235.6
236.8

66.2
68.9
68 .1
68.0

307.1
308.5
303.7
304.8

158.4
153.9
151.1
150.3

1611.7
1626.7
1622.0
1622.3

Aug.

2
9
16p
23p

534.6
542.6
547.7
555.6

537.1
539.5
537.7
532.8

88.4
8 9 .1
89.4
89.3

625.5
628.6
627.1
622.2

237.1
240.4
240.1
234.7

68.6
69.5
70.4
7 0.3

305.7
309.8
310.5
305.0

148.9
151.9
147.2
150.2

1614.7
1633.0
1632.4
1633.0

1.
2.

L arg e -d e n o m in a tio n tim e deposits at com m ercial banks less those held by m o n ey m ark e t m utual funds, d epository institutions, U .S . g o v e rn m e n t, a n d foreign b an ks and

3.
4.

official institutions.
.L
.
.
O vern ig h t and term R P s of $ 1 0 0 ,0 0 0 or m ore issued by depository institutions, excluding tho se held by d epository institutions and by m o n e y funds.
O vern igh t and term Eurodollars issued to U .S . add re s s e e s by foreign b ran ch es of U .S . b an ks w orldw ide and by all b an king offices in the U n ite d K ingdom and C a n a d a ,

5.

excluding tho se held by depository institutions and by m o n ey funds.
D e b t d ata are on a m onthly a v e ra g e basis, derived by a veragin g a d ja c e n t end -o f-m o n th levels, and h av e b ee n adju sted to re m o v e discontinuities.

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



Table 10

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

Time and
savings
deposits
due to
foreign
banks and
official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

U.S. government deposits

Total
cash
balance

Time and
savings
deposits at
commercial
banks

17.5

24.8

3.1

9.7
5.5
10.4

24.0
43.3
32.7

38.3
50.3
45.8

1.3
1.4
2.7

5.4
5.1
6.3

42.6
11.9
20.4

15.4
16.1
16.9

1.4
1.3
1.7

5.4
5.1
5.9

1.8
1.8
1.7

18.2
18.6
19.1

2.9
1.4
1.5

8.5
8.3
8.0

1.6
1.6
1.6

19.1
18.6
18.1

7.9

1.6

17.9

At
money
market
funds

Total

151.5

100.8

98.1

350.4

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

98.7
99.7
100.6

350.2
349.9
349.6

49.4
18.4
29.4

3.3
3.4
3.5

151.0
151.2
151.4

97.5
98.0
98.4

102.7
106.1
109.6

351.2
355.3
359.4

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

112.3
114.3
116.3

362.2
363.7
365.1

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

118.1
119.7
121.4

366.6
368.1
369.6

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

123.0
124.7
126.4

371.2
373.0
374.8

1.3

5.2

27.2

33.7

4 .1

150.9 «

97.6 •

128.1 •

376.5 •

1.4

6.9

53.0

61.3

Foreign
official
institutions

1998-Mar.

9.9

1.5

18.9

1.8

5.5

Apr.
May
June

9.9
10.0
10.0

1.5
1.8
2.0

18.3
17.3
16.3

4.6
1.5
2.7

J u ly
Aug.
Sep.

10.0
9.8
9.6

2.1
2.1
2.0

15.6
15.4
15.2

O ct.
Nov.
Dec.

9.4
9.2
8.9

2.1
1.9
1.9

1 9 9 9 -J a n .
Feb .
Mar.

8.8
8.7
8.7

Apr.
May
June
J u ly

Week e n d in a
1 9 9 9 -June 28

Note
balances at
depository
institutions1

At
thrift
institutions

Foreign
commercial
banks

J u ly

5
12
19
26

1.3
1.2
1.6
1.1

6.2
5.2
5.2
4.9

28.9
18.9
26.9
34.5

36.4
25.3
33.6
40.5

Aug.

2
9
16p
23p

1.3
1.2
1.5
1.2

5.1
5.1
5.1
4.8

34.5
4 .1
7.4
6.6

40.8
10.4
14.1
12.6

1.
S ource: D aily T re a s u ry sta te m e n t,
e
e s tim a te d
p
prelim inary
C o m p o n e n ts m a y not add to totals d ue to rounding.




IRA and Keogh Accounts
At
commercial
banks