Full text of H.6 Money Stock Measures : September 25, 1997
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FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Forreleaseat4:30p.m. EastemTime Billions of dollars Date September25,1997 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. 1079.9 1080.8 1075.4 1065.2 1062.8 1063.2 1062.1 1069.5 3851.7 3868.6 3885.6 3905.2 3904.7 3919.8 3931.7 3967.9 4956.1 4994.9 5027.6 5067.7 5076.3 5099.2 5145.5 5200.0 6115.0 6163.0 6207.2 6262.1 6280.3 6305.0 6342.2 p 14526.2 14584.0 14645.7 14715.5 14759.6 14785.9 14840.0 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. 1086.1 1066.6 1067.4 1071.7 1051.9 1062.5 1063.7 1067.4 3853.4 3852.9 3890.5 3922.2 3887.2 3917.2 3936.6 3971.4 4961.7 4986.1 5034.5 5075.3 5058.2 5095.3 5143.2 5202.0 6128.2 6158.3 6224.1 6274.0 6256.7 6289.4 6332.1 p 14507.4 14546.5 14619.4 14684.4 14719.0 14748.4 14789.7 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 6.5 9.7 3.4 6 Months from Feb. 1997 TO Aug. 1997 -2.1 5.1 8.2 4.3 12 Months from Aug. 1996 TO Auc, 1997 -2.8 5.5 8.5 4.4 -0.3 4.8 8.2 Mar. 17, 1997 (26 weeks previous) -3.0 4.7 7.9 Sep. 16, 1996 (52 weeks previous) -3.6 5.1 8.2 3 Months from May Thirteen weeks ending September 15 from thirteen weeks ending: June 16, 1997 (13 weeks previous) 1. 1997 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). H.6(508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 M2 M3 Period endiing 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1997-June 23 30 1064.5 1063.7 1062.8 1062.1 1058.4 1067.6 3907.6 3909.9 3915.5 3918.8 3921.8 3925.8 5075.4 5081.0 5091.0 5098.6 5105.0 5117.8 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 5088.3 5094.2 5099.1 5104.7 5113.3 5126.9 5137.3 5146.6 5144.7 5140.0 5146.7 5154.8 Aug. 4 11 18 25 1063.2 1063.4 1063 10 6 4 . 1 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 3958.5 3945.1 3951.3 3965.9 3971.8 5112.0 5120.2 5129.4 5139.6 5151.1 5160.0 5172.3 5186.8 5162.8 5175.6 5195.8 5213.0 Sep. 1 8p 15p 1064.9 1065.0 1064.5 1069.8 1069.5 1066.9 1079.7 1062.0 1055.4 3940.9 3945.8 3951.3 3969.5 3976.1 3980.8 3989.0 3977.6 3984.9 5150.8 5161.7 5173.5 5204.2 5217.4 5227.9 5232.4 5228.2 5238.1 Not seasonally adjusted 1997-June 23 30 1062.6 1061.9 1061.5 1061.4 1049.4 1067.8 3908.0 3908.7 3916.5 3916.7 3896.2 3903.0 5071.9 5076.1 5093.3 5094.7 5074.6 5087.6 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 5081.6 5085.0 5088.8 5095.8 5106.6 5117.9 5133.2 5143.6 5159.3 5150.0 5135.9 5129.1 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 5105.1 5115.8 5127.1 5138.8 5146.3 5157.9 5174.6 5192.3 5170.1 5196.3 5202.7 5199.9 Sep. 1 8p 15p 1064.5 1064.9 1064.3 1066.1 1067.4 1065.0 1075.1 1069.3 1057.1 3942.9 3948.4 3953.7 3970.7 3979.3 3985.3 3976.5 4007.6 3999.8 5149.3 5160.0 5171.2 5204.6 5218.1 5230.0 5219.3 5250.5 5250.4 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 1996 -Apr. May June 376.4 377.7 379.9 July Aug. Sep. 4. 5. 6. 7. e Demand deposits3 At commercial banks4 At thrift institutions5 107 .6 107 .9 107 .7 Nontransactions components Total lnM2 6 In M3 only7 333. 323, 316, 2600 .9 2608 .5 2626 .4 981.7 1003.3 1009.4 404.5 407.2 410.7 226.3 215.6 208.7 382.8 385.2 387.6 408.8 405.9 405.1 202. 195, 188, 105 .8 105 .2 104 .3 308, 300. 292. 2641,.1 2662,.9 2682,.0 1020.0 1027.8 1046.8 Oct. Nov. Dec. 390.2 392.5 395.2 398. 402. 402. 178. 172. 171. 104,.3 104..2 103..3 283.2 276.8 274.8 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 1104.3 1126.3 1142.0 8.8 8.7 8.7 8.6 8.6 8.5 Apr. May June 403. 406, 407. 395. 395, 397, 159. 155. 153. 97..9 97..2 96..4 257.7 252.8 250.1 2839,.9 2841.,9 2856.,6 1162. 1171, 1179. July Aug. 410, 412, 396, 401. 150. 149, 96.,9 97. 4 247. 247, 2869. 6 2898. 4 1213, 1232, Week endina 1997 -July 21 28 1. 2. 3. Travelers checks2 410.4 410.7 8.3 8.4 395.4 396.2 148.6 150.7 96.4 95.8 245.0 246.5 2872.5 2875.4 1215.1 1217.5 Aug. 4 11 18 25 410.9 410.9 411.6 412.8 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 2901.2 1217.6 1224.3 1229.8 1241.2 Sep. 1 8p 15p 414.5 414.0 415.0 8.0 8.0 e 8.0 e 406.0 391.2 387.6 153.3 150.6 148.3 97.9 98.3 96.4 251.2 248.9 244.7 2909.3 2915.5 2929.5 1243.5 1250.6 1253.2 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 deposits2 Savings deposits1 Date At thrift institutions Total At commercial banks At thrift institutions 825.5 829.3 837.4 364.6 366.3 366.7 1190.1 1195.6 1204.1 577.5 577.0 578.0 352.0 351.5 350.8 929.5 928.4 928.8 481.4 484.5 493.6 July Aug. Sep. 844, 857. 865, 366.8 365.6 365.8 1211. 1222. 1231. 580. 582. 585, 350.2 351.2 352.0 930. 934. 937. Oct. Nov. Dec. 879. 892, 903, 367. 366. 367, 1246. 1259. 1271.0 587. 589. 592, 353.6 354.0 353.7 914.0 921.1 934.2 368.5 369.4 370.1 1282.5 1290.5 1304.3 592. 593. 596. Apr. May June 947, 945. 949. 373. 375. 375. 1321. 1320. 1325. July Aug. 955. 966. 374. 374. Week endina 1997-July 21 28 958.0 956.8 Aug. 4 11 18 25 Sep. 1 8p 15p 1997-Jan. Feb. Mar. 3. 4. p Institutional money funds At commercial banks 1996-Apr. May June 1. 2. Retail money funds Savings deposits include Small-denomination time and thrifts are subtracted Large-denomination time Large-denomination time official institutions. preliminary Large-denomination time deposits3 At commercial banks 4 At thrift institutions 263.4 263.6 269.7 359.4 367.1 373.3 76.0 75.4 75.6 435.4 442.5 448.9 499. 506. 513. 274.0 278.8 285.2 379. 383. 389. 76, 77, 78. 455. 460, 468. 941. 943, 945. 520, 527. 536, 288. 292. 299. 402, 404, 412. 78.8 79.4 79.2 480. 483. 491. 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. 418. 427, 81.1 81.9 82.0 493.3 500.1 509.1 598. 602, 607.8 350.8 351.8 350.6 949, 953. 958. 569. 567. 572. 311. 311. 318. 439, 441, 449.8 82. 82, 83. 522. 523. 533. 1329.8 1341.4 614.1 615.8 346.7 346.2 960, 962. 578. 594, 324.1 329.2 466.9 474.1 84. 85. 551. 559, 376.6 377.4 1334.5 1334.2 614.6 614.8 346.7 346.6 961..3 961..4 576..8 579..9 321.7 325.2 469.2 471.2 84.5 84.7 553.8 555.8 956.9 964.5 967.9 965.6 373.9 373.2 375.2 375.4 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..8 961..5 962..1 962..3 581,.5 589..0 595,.1 597.,8 321.0 327.3 329.3 332.9 471.5 470.7 470.7 479.3 85.1 85.3 85.1 84.8 556.6 556.0 555.8 564.1 964.8 976.1 984.6 374.7 370.7 372.2 1339.5 1346.8 1356.8 617.1 617.7 619.4 345.5 345.0 344.6 962..6 962..7 964..0 607..1 606,.0 608..8 332.4 338.3 337.9 478.6 483.2 489.8 84.8 85.5 85.8 563.4 568.6 575.7 Total 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 1 RPs Date Debt components6 Non-M3 Components c•fL Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt i$$<5-Apr. May June 188.$ 202.7 195.3 94.0 94.5 95.6 185.8 186.1 186.4 464.5 452.9 470.5 10.2 10.7 11.1 459.3 468.0 470.1 3694.9 3701.1 3707.7 10332.6 10379.2 10431.4 July Aug. Sep. 194.2 192.4 194.4 95.8 96.3 98.9 186.7 186.9 187.1 473.6 478.1 483.9 11.5 11.7 12.0 473.0 477.7 482.0 3726.4 3740.5 3743.8 10484.6 10523.7 10567.9 Oct. Nov. Dec. 196.0 195.3 194.0 105.1 107.1 113.9 187.1 187.0 187.0 476.7 486.7 471.0 12.1 12.2 12.2 479.6 483.2 495.5 3756.0 3770.1 3780.0 10616.9 10665.6 10705.7 1997-Jan. Feb. Mar. 197.2 201.1 199.4 117.5 119.7 121.7 186.7 186.4 186.3 451.2 451.4 453.9 11.9 12.7 13.5 509.1 517.5 525.9 3778.0 3782.6 3796.5 10748.2 10801.4 10849.2 Apr. May June 202.1 202.7 198.7 126.6 133.5 128.8 186.2 186.2 186.3 457.7 460.8 451.0 12.8 13.1 12.6 537.8 543.9 555.9 3803.1 3789.7 3776.4 10912.4 10969.9 11009.4 July Aug. 208.0 211.0 130.0 132.7 186.4 p 430.6 p 12.7 p 567.0 p 3779.4 p 11060.6 p 210.3 208.1 129.4 128.3 Week ending 1997-July 21 28 Aug. 4 11 18 25 211.1 211.6 212.5 209.0 128.9 129.5 132.3 135.2 Sep. 1 8p 15p 211.1 210.5 207.9 136.5 133.1 131.7 4. 5. 6. 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 preliminary 1. 2. Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Date Currency cy1 Travelers checks2 Demand deposits3 Other checkable deposits At thrift At commercial institutions5 banks4 Nontransactions components lnM26 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 1133.2 1144.0 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 1153.1 1170.9 1178.1 July Aug. 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 2904.0 1206.6 1230.6 Week e n d i n a 1 9 9 7 - J u l y 21 28 410.9 410.3 8.8 8.9 393.7 388.1 147.6 149.9 95.3 94.3 242.9 244.2 2871.5 2861.0 1208.2 1216.6 405.3 397.5 402.7 394.8 151.3 146.2 146.4 148.2 99.2 97.6 95.7 94.2 250.5 243.8 242.1 242.5 2881.3 2909.2 2909.2 2898.7 1211.7 1222.9 1227.0 1242.8 402.3 398.4 391.3 152.7 147.4 146.6 97.6 99.6 96.5 250.3 247.0 243.1 2901.4 2938.3 2942.8 1242.8 1242.8 1250.5 Aug. 4 11 18 25 412.3 414.0 413.0 412.4 9.1 9.0 8.8 8.6 Sep. 1 8p 15p 414.0 415.5 414.3 8.5 8.4 8.4 e 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 U.S. addressees. •^Hminary Page 8 . yJ\iO) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits1 At commercial banks At thrift Institutions Total Retail money funds 1191.7 1193.7 1207.6 579.1 578.0 578.4 353.0 352.1 351.1 932.1 930.2 929.5 486.5 480.1 488.3 368.1 366.8 366.2 1215.1 1226.8 1232.8 581.0 582.9 584.7 350.6 351.2 351.5 931.6 934.1 936.2 878.9 894.5 902.9 366.9 367.1 366.7 1245.7 1261.5 1269.6 586.7 588.5 589.8 353.2 353.1 352.4 1997-Jan. Feb. Mar. 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. 958.5 969.9 376.0 376.1 956.8 946.4 Date At commercial banks At thrift institutions 1996-Apr. May June 826.7 828.0 839.8 365.1 365.7 367.7 July Aug. Sep. 847.0 860.0 866.6 Oct. Nov. Dec. Week e n d i n a 1 9 9 7 - J u l y 21 28 1. 2. 3. 4. p Small-deriominationtime<deposits2 Institutional money funds Large-den omination time deposits3 At commercial banks 4 At thrift institutions Total 261.4 260.1 264.6 356.2 369.2 373.7 75.3 75.8 75.7 431.6 445.0 449.4 497.6 506.8 508.9 271.2 278.1 280.4 377.3 382.4 389.5 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 1346.0 614.8 615.8 347.1 346.2 961.9 962.0 576.5 596.0 321.0 328.3 464.4 472.9 84.2 84.8 548.6 557.7 376,. 1 3 7 3 ..3 1 3 3 2 ,.9 1 3 1 9 ..7 615,.0 614,.9 346,.9 346,.6 962.0 961.5 576.6 579.8 319.7 323.6 466.9 469.7 84.1 84.4 551.0 554.1 Total Aug. 4 11 18 25 961.9 977.3 973.1 962.5 375,.9 3 7 8 .. 1 3 7 7 ,.2 3 7 4 ..2 1 3 3 7 ,.8 1355,.4 1 3 5 0 ..3 1 3 3 6 ,.7 615,.6 615,.6 6 1 5 ..6 6 1 5 ..6 346,.5 3 4 6 ..6 346,.5 3 4 6 ..2 962.1 962.2 962.1 961.9 581.4 591.7 596.8 600.1 316.9 326.7 328.5 334.4 469.5 469.1 469.2 478.8 84.8 85.0 84.8 84.8 554. 554, 554. 563, Sep. 1 8p 15p 961.3 994.9 997.0 3 7 3 . .4 3 7 7 . ,9 3 7 6 . .8 1 3 3 4 ,.6 1 3 7 2 ,.8 1 3 7 3 . ,8 616,.6 6 1 7 .,3 6 1 8 .,5 3 4 5 ..3 3 4 4 ..8 3 4 4 ..1 961.9 962.0 962.6 604.9 603.5 606.4 330.2 332.7 335.3 477.8 482.2 488.4 84.7 85.3 85.6 562. 567. 574. 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 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 4. 5. 6. Eurodollars Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 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 46.8 195.2 198.5 196.7 119.2 121.1 122.9 186.8 186.6 186.6 456.9 455.2 466.4 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 47.0 200.8 205.3 203.8 125.7 132.3 127.9 186.5 186.4 186.3 459.4 450.5 443.0 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. 161.3 165.3 47.4 47.8 208.7 213.0 128.3 131.6 186.3 162.7 162.4 47.3 47.6 210.0 210.0 127.5 128.9 Week e n d i n g 1 9 9 7 - J u l y 21 28 1. 2. At thrift institutions Debt components6 Non-M3 Components of L 2 Aug. 4 11 18 25 164.3 165.9 166.0 163.6 47.7 48.2 48.2 47.4 212.0 214.0 214.2 211.0 128.5 128.1 130.3 133.9 Sep. 1 8p 15p 166.3 164.1 163.6 47.3 47.6 47.1 213.6 211.7 210.7 136.5 130.9 130.5 p 430.1 p 11.9 p 560.6 p 3759.9 p 11029.8 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. ,: ^inan/ p Page 10 M.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions U.S. government deposits Time and savings deposits at commercial banks Demand deposits at commercial banks Balance at Federal Reserve 14.0 13.5 13.0 5.8 2.8 4.8 7.2 5.7 6.1 11.6 10.1 14.5 24.6 18.7 25.4 3.2 4.5 4.4 151.2 151.3 151.6 109.3 109.0 108.8 79.5 78.1 76.5 1.6 1.5 1.4 13.0 13.4 13.8 2.9 2.7 4.6 5.3 5.1 6.2 17.4 12.2 20.5 25.7 20.1 31.3 4.1 3.8 3.4 151.9 151.8 151.4 108.7 108.6 108.6 76.6 76.7 76.7 e e e 337.2 337.1 336.7 e e e 8.6 8.8 9.1 1.4 1.4 1.4 14.9 16.4 17.9 3.0 3.3 4.3 5.0 5.0 5.7 11.0 11.6 11.9 19.0 19.9 21.9 3.1 2.8 2.5 151.3 151.4 151.3 108.2 107.7 107.1 76.8 76.9 77.0 e e e 336.3 335.9 335.4 e e e 1997-Jan. Feb. Mar. 9.2 9.3 9.3 1.4 1.4 1.4 18.6 18.3 18.0 4.1 2.8 3.1 6.2 5.1 5.9 20.2 14.7 17.8 30.5 22.6 26.7 2.4 2.4 2.4 151.2 151.1 151.0 106.6 106.1 105.7 77.0 77.2 77.4 e e e 334.8 334.4 334.1 e e e Apr. May June 9.3 9.3 9.3 1.4 1.4 1.4 17.9 17.9 17.9 5.3 2.5 3.9 11.7 12.7 8.1 21.7 29.6 22.5 38.7 44.8 34.5 2.4 2.4 2.4 150.9 150.9 150.9 e e e 105.5 105.5 105.5 e e e 77.6 77.7 77.7 e e e 334.0 334.1 334.2 e e e July Aug. 9.3 9.3 1.4 1.4 17.9 17.9 1.8 1.8 5.0 4.9 18.2 12.4 24.9 19.1 2.4 2.4 150.9 150.9 e e 105.5 105.5 e e 77.8 77.8 e e 334.2 334.2 e e 1 9 9 7 - J u l y 21 28 9.3 9.3 1.4 1.3 17.9 17.9 1.9 1.4 5.0 5.1 18.2 23.7 25.0 30.2 2.4 2.4 Aug. 4 11 18 25 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 Sep. 1 8p 15p 9.3 9.3 9.3 1.4 1.3 1.3 17.9 17.9 17.9 1.6 2.1 4.7 4.9 4.7 5.3 9.5 8.3 8.6 16.0 15.0 18.6 2.4 2.4 2.4 Date Foreign commercial banks Foreign official institutions 1996-Apr. May June 7.8 8.3 8.9 1.4 1.5 1.5 July Aug. Sep. 9.1 7.9 8.5 Oct. Nov. Dec. Note balances at depository institutions IRA and Keogh Accounts Total cash balance Week e n d i n g e p estimated preliminary At commercial banks At thrift institutions At money market funds Total 340.0 338.4 336.9 H.6 (508) Special Supplementary Table Monthly Survey of Selected Deposits * July 31,1997 and August 31,1997 (not seasonally adjusted) Insured Commercial Banks Amount Outstanding ($mil.) Liability Categories Interest-bearing time deposits with balances of less than $100,000 with original maturities of: 7 to 91 days 92 to 182 days 183 days to 1 year 1 to 2-V2 year 2- l / 2 years and over All IRA/Keogh Plan deposits 2 July 31 Aug. 31 30,106 30,406 90,231 211,331 231,836 Change (percent) Average Rate Paid (%) Change (b. p.) July 31 Aug. 31 1.00 -0.27 4.08 4.76 4.10 2 212,011 0.32 3 -1 234,349 1.08 5.15 5.41 4.79 5.14 5.41 195,713 195,511 -0.10 5.63 5.67 0 4 151,380 150,561 -0.54 N.A. N.A. N.A. 90,480 BIF-insured Savings Banks3 Amount Outstanding ($mil.) Liability Categories Interest-bearing time deposits with balances of less than $100,000 with original maturies of: 7 to 91 days 92 to 182 days 183 days to 1 year 1 to 2-V2 year 2-V2yeais and over All IRA/Keogh Plan deposits2 Average Rate Paid (%) Change (b. p.) July 31 Aug. 31 Change (percent) July 31 Aug. 31 2,591 13,603 29,796 32,702 21,137 2,538 13,470 29,287 33,178 20,893 -2.06 -0.98 -1.71 1.45 -1.16 4.87 5.13 5.44 5.74 5.89 4.78 5.09 5.44 5.69 5.85 -9 -4 0 -5 -4 20,616 20,649 0.16 N.A. N.A. N.A. N.A. - data are not available NOTE: Data for earlier month may show revisions. 1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial banks and 75 savings banks. All rates are expressed as annual effective yields. Owing to statistical difficulties associated in part with the implementation of sweep accounts, estimates for NOW and Savings accounts are not currently available. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid. BIF-insured savings banks include both mutual and federal savings banks. Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class