Full text of H.6 Money Stock Measures : September 4, 1997

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

:bt£2to

FEDERAL RESERVE statistical release
H.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreleaseat4:30p.m. EastemTrrx

Billions of dollars

Date

September^ 1997

Mr

M22

M33

L4

DEBT5

Seasonally adjusted
1995-Aug.
Sep.
Oct.
Nov.
Dec.

1144.0
1141.6
1135.7
1133.1
1129.0

3604.4
3620.1
3629.8
3639.3
3655.0

4525.5
4548.8
4565.0
4578.3
4592.5

5591.4
5637.1
5666.9
5674.2
5697.6

13659.0
13706.2
13766.4
13823.3
13866.9

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec .

1122.2
1119.8
1126.2
1123.5
1117.1
1115.5
1108.8
1099.8
1093.2
1080.2
1080.0
1081.0

3669.9
3685.0
3713.9
3724.5
3725.6
3741.9
3750.0
3762.7
3775.2
3788.0
3810.0
3834.3

4620.1
4652.9
4689.4
4706.2
4728.9
4751.4
4770.0
4790.5
4822.0
4858.0
4887.8
4933.0

5720.8
5739.5
5789.7
5825.9
5846.5
5889.6
5914.7
5945.0
5987.0
6013.5
6057.0
6098.7

13917.8
13992.9
14069.5
14135.3
14190.9
14250.3
14323.2
14379.3
14428.8
14493.8
14562.5
14614.0

1997-Jan.
Feb.
Mar.
Apr.
May
June
July

1079.8
1080.6
1075.2
1065.1
1062.7
1063.2
1062.1

3851.6
3868.5
3885.4
3905.0
3904.7
3919.8
3931.7

4956.0
4994.9
5027.6
5067.5
5075.8
5097.9
5141.7

6113.7
6159.7
6201.8
6254.9
6271.3
6300.0 p

14656.8
14719.1
14784.7
14857.8
14905.9
14937.8 p

Not seasonally adjusted
1995-Aug.
Sep.
Oct.
Nov.
Dec .

1139.3
1138.5
1132.9
1138.7
1152.8

3603.6
3613.5
3621.5
3643.2
3675.3

4524.4
4539.3
4561.5
4587.1
4612.0

5588.7
5621.8
5654.0
5685.4
5729.5

13612.0
13671.5
13732.7
13808.0
13867.3

1996-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec .

1130.1
1105.6
1117.7
1131.2
1105.2
1114.2
1109.7
1096.4
1090.1
1076.8
1085.2
1103.0

3673.3
3668.6
3715.6
3741.5
3709.2
3739.5
3753.9
3764.0
3768.0
3777.7
3812.9
3852.8

4626.4
4641.0
4691.9
4715.6
4712.7
4748.7

5734.9
5731.4
5802.6
5838.9
5824.0
5876.0
5906.1
5944.4
5969.6
5999.9
6067.3
6128.1

13897.6
13952.3
14037.6
14098.1
14144.8
14206.4
14267.8
14329.7
14391.0
14455.1
14541.9
14612.1

1997-Jan.
Feb.
Mar.
Apr.
May
June
July

1086.0
1066.4
1067.2
1071.6
1051.8
1062.5
1063.7

3853.3
3852.7
3890.3
3922.0
3887.2
3917.2
3936.6

4961.6
4986.0
5034.5
5075.1
5057.6
5094.0
5139.4

6127.0
6154.9
6218.7
6266.7
6247.9
6284.4 p

14636.9
14679.2
14754.7
14820.9
14857.6
14890.6

Footnotes appear on the following page
p

preliminary




4 7 6 8.1

4791.0
4810.8
4853.8
4895.9
4950.0

Page 2
H.6 (508)
Table 2

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

M1

M2

M3

DEBT1

3 Months from Apr. 1997 TO July 1997

-1. 1

2.7

5.9

4.1

6 Months from Jan. 1997 TO July 1997

-3.3

4.2

7.5

4.4

12 Months from July 1996 TO July 1997

-4.2

4.8

7.8

4.8

-1.4

4.0

6.6

Feb. 24, 1997 (26 weeks previous)

-3.2

4.4

7.3

Aug. 26# 1996 (52 weeks previous)

-4.0

4.9

7.7

Thirteen weeks ending August 25
1997
from thirteen weeks ending:
May 26, 1997 (13 weeks previous)

1.

Growth rates for debt are based on periods beginning and onding ono month oarlior than for the monetary nggrogntes. namoly, March 1997 to Juno 1997, Docombor 1996 to Juno 1997.
and June 1996 to J u n o 1 9 9 7 , r e s p e c t i v e l y .

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 M 1 .
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
Period endii"9

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

1997-Jun*

2
9
16
23
30

1067.3
1066.0
1065.1
1064.4
1063.7

1064.1
1064.2
1064.4
1062.8
1062.1

1070.3
1060.9
1061.6
1058.4
1067.6

3899.2
3901.9
3904.6
3907.5
3909.8

3906.3
3910.7
3913.4
3915.5
3918.8

3912.6
3913.1
3914.4
3921.8
3925.8

5058.8
5063.9
5069.0
5074.8
5080.3

5077.7
5081.7
5083.9
5089.9
5097.2

5087.0
5084.8
5084.4
5103.5
5116.0

July

7
14
21
28

1063.7
1063.8
1062.9
1062.7

1063.5
1062.7
1062.9
1061.4

1066.5
1058.3
1059.0
1061.8

3912.6
3914.8
3915.7
3917.8

3924.8
3928.0
3930.4
3933.3

3937.0
3927.3
3931.6
3937.3

5087.3
5093.0
5097.7
5102.9

5111.0
5124.5
5134.2
5142.9

5140.1
5138.2
5142.6
5150.5

Aug.

4
11
18p
25p

1063.2
1063.4
1063.8
1064.2

1062.5
1063.8
1065.5
1067.4

1070.9
1063.3
1065.8
1069.7

3921.4
3925.7
3930.5
3934.9

3935.3
3941.4
3950.0
3958.2

3945.1
3951.5
3966.2
3970.0

5109.9
5117.7
5126.6
5136.3

5147.3
5155.2
5167.4
5181.3

5158.0
5169.8
5191.3
5206.2

Not seasonally adjusted
1997-Jun«

2
9
16
23
30

1063.1
1062.9
1062.8
1062.4
1061.8

1052.1
1055.6
1059.6
1061.5
1061.4

1068.1
1063.5
1064.9
1049.5
1067.8

3900.5
3903.5
3906.3
3907.9
3908.6

3887.9
3899.9
3911.5
3916.5
3916.6

3902.4
3936.5
3930.8
3896.2
3903.0

5057.5
5062.8
5067.6
5071.4
5075.4

5060.3
5073.8
5085.8
5092.2
5093.3

5081.4
5110.8
5103.5
5073.1
5085.9

July

7
14
21
28

1061.9
1061.1
1059.2
1059.0

1065.9
1065.2
1066.9
1062.8

1081.3
1062.3
1056.2
1051.5

3909.9
3909.5
3908.9
3911.9

3923.5
3927.4
3935.2
3937.6

3964.0
3946.2
3927.7
3912.5

5080.6
5083.9
5087.3
5094.0

5104.3
5115.5
5130.2
5139.9

5154.8
5148.2
5131.8
5124.7

Aug.

4
11
18p
25p

1060.2
1061.3
1062.7
1063.9

1061.8
1062.3
1065.0
1066.5

1077.1
1064.4
1066.8
1057.5

3917.4
3924.0
3931.0
3937.1

3936.2
3943.1
3955.1
3965.9

3958.4
3973.6
3976.0
3955.4

5103.0
5113.3
5124.3
5135.5

5142.5
5153.1
5169.7
5186.8

5165.3
5190.4
5198.2
5193.2

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
Nontransactions components

Other checkable deposits
Currency1

Date

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1996-Mar.

375.4

8.9

404.5

227.1

110.2

337.3

2587.8

975.5

Apr.
May
June

376.4
377.7
379.9

8.8
8.7
8.7

404.5
407.1
410.6

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.
Sap.

382.8
385.2
387.6

8.6
8.4
8.5

408.7
405.8
404.9

202.9
195.2
188.0

105.8
105.2
104.3

308,.7
300,.4
292,.2

2641.
2662.
2682.

1020.0
1027.8
1046.8

Oct.
Nov.
Dec.

390.2
392.5
395.2

6.6
8.6
8.6

398.2
402.1
402.4

178.9
172.7
171.5

104.3
104.2
103.3

283,.2
276,.8
2 7 4 ,.8

2707.8
2730.0
2753.3

1070,
1077,
1098.7

1997-Jan.
Fab.
Mar.

397.0
400.5
402.4

8.6
8.6
8.5

401.
404.
402.

170.9
165.4
160.3

101.6
101.9
101.3

2 7 2 . .5
2 6 7 ..3
261. 5

2771.8
2787.8
2810.2

1104,
1126.
1142,

Apr.
May
Juna

403.7
406.1
407.7

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,

July

410.3

396.4

150.4

96.9

247.3

2869.6

1209.9

Weak ending
1997-Juna 30

1.
2.
3.

Travelers checks2 Demand deposits3

8.2

408.7

7.9

400.5

154.7

95.8

250.5

2858.2

1190.2

399.4
394.9
395.4
396.2

149.7
149.2
148.6
150.7

99.6
96.1
96.4
95.8

249.4
245.3
245.0
246.5

2870.5
2869.0
2872.6
2875.5

1203.1
1210.9
1211.0
1213.2

400.8
395.6
401.0
403.1

152.8
150.1
147.9
149.4

97.9
98.2
96.8
95.9

250.7
248.3
244.7
245.4

2874.2
2888.1
2900.3
2900.3

1212.9
1218.3
1225.1
1236.1

July

7
14
21
28

409.8
410.0
410.4
410.7

8.0
8.2
8.3
8.4

Aug.

4
11
18p
25p

410.9
410.9
411.6
412.8

8.5
8.5
8.5
8.4

a
a
a

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.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

6. Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
http://fraser.stlouisfed.org/
7
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
Federal Reserve Bank of St. Louis

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
Date

1.
2.
3.
4.
p

Retail
money
funds

Institutional
money
funds

At
commercial
banks

At
thrift
institutions

Total

AT"
commercial
banks

At
thrift
institutions

1996-Mar.

819.7

360.5

1180.2

578.2

352.6

930. £

476.8

Apr.
May
Juna

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
926,4
928.8

July
Aug.
Sap.

844.2
857.1
865.7

366.8
365.6
365.8

1211.0
1222.7
1231.5

580.3
582.9
585.4

350.2
351.2
352.0

Oct.
Nov.
Dae.

879.3
892.7
903.9

367.1
366.3
367.1

1246.3
1259.0
1271.0

587.4
589.9
592.0

1997-Jan.
Fab.
Mar.

914.0
921.1
934.2

368.5
369.4
370.1

1282.5
1290.5
1304.3

Apr.
May
Juna

947.9
945.4
949.9

373.1
375.5
375.5

July

955.2

Large-denomination time deposits 3
_
commercial
banks 4

At
thrift
institutions

263.7

356.8

75.8

432.5

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

930.5
934.0
9 3 7.2

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

353.6
354.0
353.7

941.C
943.9
9 4 5.7

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

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
418.2
427.1

81.1
81.9
82.0

493.3
500.1
509.2

1321.1
1320.9
1325.4

598.9
602.0
607.8

350.8
351.8
350.6

949.6
953, Q
958.4

569.2
567.2
572.9

311.6
311.6
318.9

439.7
441.4
449.9

82.5
82.4
83.2

522.2
523.7
533.1

374.7

1329.8

614.2

346.7

9 6 0 . <>

578.9

324.1

467.0

84.7

551.7

Total

___
Total

1997-Juna

30

945.8

377.2

1323.0

608.7

350.5

959.2

576.0

321.5

457.4

84.2

541.6

July

7
14
21
28

958.2
956.5
958.0
956.8

372.6
374.0
376.6
377.4

1330.8
1330.5
1334.5
1334.2

612.9
613.6
614.6
614.8

347.0
346.8
346.7
346.6

959. 9
960.6
961.3
961.4

579.8
577.9
576.8
579.9

325.7
325.1
321.7
325.2

461.3
463.6
469.3
471.2

84.7
84.7
84.5
84.7

546.1
548.3
553.8
555.9

Aug.

4
11
18p
25p

956.9
964.5
968.0
965.2

373.9
373.2
375.2
375.3

1330.9
1337.6
1343.1
1340.6

615.4
615.2
615.6
615.6

346.4
346.3
346.5
346.3

961.9
961.5
962.1
962.0

581.5
589.0
595.1
597.8

321.0
327.3
329.3
332.9

471.5
470.7
470.8
479.3

85.1
85.3
85.1
84.8

556.7
556.0
555.8
564.2

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




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
Non-M3 Components of L
Date

RPs

}1

Eurodollars

Savings bonds

Short-term
Trea^yry,
securities3
ITBT7

1996-Mar.

137.5

9i.5

nrn

Apr.
May
June

188.9
202.7
195.3

94.0
94.5
95.6

185.8
186.1
186.4

464.5
452.9
470.5

July
Aug.
Sop.

194.2
192.4
194.4

95.8
96.3
98.9

186.7
186.9
187.1

Oct.
Nov.
Doc.

196.0
195.3
194.0

105.1
107.1
113.9

1997-Jan.
Fob.
Mar.

197.2
201.1
199.4

Apr.
May
Juno
July
Week ending
1997-June 30

Debt components6

2

Bankers
acceptances4

Federal debt

Non-Federal debt

JTT73

3TffT7I

nrmr*

10.2
10.7
11.1

459.3
468.0
470.1

3698.0
3704.3
3710.7

10437.3
10486.6
10539.6

473.6
478.1
483.9

11.5
11.7
12.0

473.0
477.7
482.0

3729.4
3743.4
3746.4

10593.8
10636.0
10682.3

187.1
187.0
187.0

476.7
486.7
471.0

12.1
12.2
12.2

479.6
483.2
495.5

3758.2
3771.4
3780.4

10735.6
10791.1
10833.6

117.5
119.8
121.9

186.7
186.4
186.3

450.1
448.1
448.5

11.9
12.7
13.5

509.1
517.5
525.9

3778.6
3784.2
3799.1

10878.3
10934.9
10985.6

202.1
202.7
198.7

126.5
133.0
127.4

186.2
186.2
186.3

450.6
452.3
447.2

12.8
13.1
12.3 p

537.8
543.9
556.2 p

3806.8
3794.3
3782.1

11051.1
11111.6
11155.7

206.0

128.2

199.8

127.2

July

7
14
21
28

202.9
206.8
207.9
205.5

128.5
130.6
127.5
126.6

Aug.

4
11
18p
25p

208.1
207.4
209.5
206.3

127.1
127.7
130.5
132.8

p

5T5

Commercial paper5

p

p

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.
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 are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.


p

Page 7
H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

4.
5.
6.
7.
e

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

1996-Mar.

374.3

8.6

397.1

228.0

109.8

337.8

2597.9

976.3

Apr.
May
June

375.8
377.5
380.4

8.6
8.6
8.9

405.3
398.7
409.2

231.3
213.1
207.6

110.1
107.3
108.0

341.
320,
315.

2610.3
2604.0
2625.4

974.1
1003.5
1009.1

July
Aug.
Sep.

383.7
385.8
386.8

9.1
9.0
8.8

410.
404.
403.

200.8
192.8
186.7

105.8
104.5
103.9

306.
297.
290.

2644.
2667.
2677.

1014.1
1027.0
1042.8

Oct.
Nov.
Dec.

388.
392.
397.

8.6
8.4
8.3

398
407
418.8

176.
171.
173.

103.8
104.4
104.5

280.7
276.3
278.0

2700.
2727.
2749.8

1076.1
1083.0
1097.2

1997-Jan.
Feb.
Mar.

395.
397.
401.

405.
394.
396.

174.8
165.6
160.9

101.8
100.2
101.1

276.6
265.8
261.9

2767,
2786.
2823.

1108.
1133.
1144.

Apr.
May
June

403,
406.
408.4

396.
387.
396.

163,
153,
152.

100.
96.
96.

263.
250.
249.

2850.
2835,
2854.

1153.
1170.
1176.

July

411.3

398.1

148.8

96.8

245.6

2872.9

1202.8

Weeft ending
1997-June 30

1.
2.
3.

Travelers
checks2

8.7

408.1

8.3

400.3

155.6

95.5

251.1

2835.3

1182.8

410.2
399.9
393.7
388.1

148.4
145.9
147.6
149.9

101.0
96.4
95.3
94.3

249.3
242.3
242.9
244.2

2882.6
2883.8
2871.5
2861.0

1190.8
1202.1
1204.1
1212.2

405.3
397.5
402.8
393.7

151.3
146.2
146.4
148.4

99.2
97.6
95.7
94.1

250.5
243.8
242.1
242.5

2881.3
2909.2
2909.1
2897.9

1206.9
1216.9
1222.2
1237.8

July

7
14
21
28

413.4
411.5
410.9
410.3

8.4
8.6
8.8
8.9

Aug.

4
11
18p
2 5p

412.3
414.0
413.0
412.5

9.1
9.1
9.0
8.9

e
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.
estimated




p

preliminary

Page 8

H.6 (508)
Table 5 - continued

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

Date

At
commercial
banks

At
thrift
institutions

muney
funds

IIIUI

Total

funds

At
commercial
banks 4

At
thrift
institutions

Total

1180.7

579.6

353.4

933.0

484.2

267.1

355.7

75.6

431.2

365. 1
365 .7
367 .7

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

261.4
260.1
264.6

356,2
369.2
373.7

75.3
75.8
75.7

431.6
445.0
449.4

847.0
860.0
866.6

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

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

Oct.
Nov.
Dec.

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

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

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

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
426.4

80.4
81.6
81.9

489.1
498.1
508.2

Apr.
May
Juna

949.4
943.7
952.7

373.7
374.8
376.6

1323.2
1318.5
1329.2

600.6
603.2
608.2

351.8
352.5
350.8

952.4
955.8
959.1

574.8
561.1
566.5

309.2
307.0
313.1

435.7
443.6
450.1

81.8
82.8
83.3

517.5
526.4
533.4

July

958.5

376.0

1334.5

614.8

347.1

961.9

576.5

321.0

464.4

84.2

548.7

936.3

373.5

1309.8

609.3

350.8

960.1

565.4

314.6

454.8

83.7

538.5

At
commercial
banks

At
thrift
institutions

1996-Mar.

820.0

360. 6

Apr.
May
June

826.7
828.0
839.8

July
Aug.
Sap.

Week e n d i n g
1 9 9 7 - J u n e 30

1.
2.
3.
4.

Large-denomination time deposits3

Small-denomination time deposits2

Savings deposits'
Total

icy

July

7
14
21
28

9 7 1 ,,5
9 6 7 ,.4
9 5 6 ,.8
9 4 6 ..4

377.8
378.3
376.1
373.3

1349.3
1345.7
1332.9
1319.7

614.2
614.7
615.1
614.9

347.8
347.3
346.9
346.6

962. 1
962.0
962.0
961.5

571.3
576.2
576.6
579.8

319.6
322.9
319.7
323.6

457.3
461.2
466.9
469.7

84.0
84.3
84.1
84.4

541.2
545.5
551.0
554.2

Aug.

4
11
18p
25p

9 6 1 ..9
9 7 7 ..3
9 7 3 .. 1
9 6 2 ..1

375.9
378.1
377.2
374.1

1337.8
1355.4
1350.2
1336.2

615.6
615.6
615.6
615.4

346.5
346.6
346.5
346.2

962. 1
962.2
962.1
961.5

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
84.7

554.3
554.0
554.0
563.5

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.


p
preliminary


Page 9

H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs 1
Date

At commercial
banks

At thrift
institutions

Debt components 6

Non-M3 Components of L
Eurodollars2
Total

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

1996-Mar.

139.8

45.6

185.4

92.5

185.7

470.9

9.8

444.3

3698.1

10339.5

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

10398.6
10452.7
10508.3

July
Aug.
S«p.

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

10559.5
10598.7
10654.9

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

10714.3
10770.5
10824.2

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

455.8
451.9
460.9

12.5
12.9
13.4

510.3
517.4
523.4

3773.4
3783.0
3815.4

10863.6
10896.2
10939.3

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
126.5

186.5
186.4
186.3

452.2
442.2
439.3

13.0
12.9
12.3

539.9
548.7
552.4

3810.3
3781.3
3766.2

11010.6
11076.3
11124.5

July

159.3

47.4

206.6

126.5

p

p

p

p

p

weeK «n<Unq

1.
2.

1997-June

30

155.9

46.9

202.8

126.8

July

7
14
21
28

156.7
159.3
160.4
159.8

47.3
47.2
47.3
47.6

204.0
206.5
207.7
207.3

125.9
127.3
125.7
127.1

Aug.

4
11
18p
25p

161.3
161.6
163.0
161.0

47.7
48.2
48.2
47.4

209.0
209.8
211.2
208.4

126.7
126.3
128.5
131.5

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

3.




p

Page 10
H.6(508)
Table 6

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

U.S. government deposits

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

4.0

5.7

10.8

20.6

1.2

151.0

109.5

79.6

340.0

14.0
13.5
13.0

5.8
2.8
4.8

7.2
5.7
€.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

340.0
338.4
336.9

1.6
1.5
1.4

13.0
13.4
13.8

2.9
2.7
4.€

5.3
5.1
€.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 a
76.7 a
76.7 a

337.2 a
337.1 a
336.7 a

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 a
76.9 a
77.0 a

336.3 a
335.9 a
335.4 a

1997-Jan.
Fab.
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 a
77.2 a
77.4 a

334.8 a
334.4 a
334.1 a

Apr.
May
Juna

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 a
150.9 a
150.9 a

105.5 a
105.5 a
105.5 a

77.6 a
77.7 a
77.7 a

334.0 a
334.1 a
334.2 a

July

9.3

1.4

17.9

1.8

5.0

18.2

24.9

2.4

150.9 a

105.5 a

77.8 a

334.2 a

9.3

1.4

17.9

2.5

5.0

36.7

44.1

2.4

Date

Foreign
commercial
banks

Foreign
official
institutions

1996-Mar.

8.0

1.4

Apr.
May
Juna

7.8
8.3
8.9

1.4
1.5
1.5

July
Aug.
Sap.

9.1
7.9
8.S

Oct.
Nov.
Dae.

Waafr an<Unq
1997-Juna 3 0

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions
14.0

Note
balances at
depository
institutions

Total
cash
balance

July

7
14
21
28

9.3
9.3
9.3
9.3

1.4
1.4
1.4
1.3

17.9
17.9
17.9
17.9

2.0
1.8
1.9
1.4

4.7
5.0
5.0
5.1

19.7
11.4
18.2
23.7

26.5
18.2
25.0
30.2

2.4
2.4
2.4
2.4

Aug.

4
11
18p
25p

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

estimated
preliminary




At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total




Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class