Full text of H.6 Money Stock Measures : September 5, 1996

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreleaseat 430p.m. EastemTme

Billions of dollars

Date

SEPTB\/BER5,1996

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1994-AUG.
SEP.
OCT.
NOV.
DEC.

1150.0
1150.4
1148.9
1148.7
1148.7

3504.0
3503.6
3503.7
3506.6
3509.2

4276.3
4284.7
4293.5
4304.2
4319.1

5240.1
5242.6
5261.4
5280.9
5303.1

12934.3
12994.3
13044.9
13119.2
13159.3

1995-JAN.
PEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1149.2
1147.7
1148.7
1151.2
1146.1
1144.5
1145.4
1143.8
1140.1
1131.8
1129.0
1124.9

3513.9
3513.8
3518.8
3528.9
3543.1
3573.7
3392.4
3612.2
3625.2
3632.7
3644.9
3662.2

4341.7
4351.8
4369.2
4391.2
4419.3
4457.6
4485.5
4513.1
4533.4
4548.9
4560.8
4575.3

5329.3
5360.8
5395.5
5428.3
5455.4
5494.3
5543.6
5579.7
5625.8
5652.8
5659.5
5684.8

13208.2
13291.3
13357.7
13432.3
13532.7
13595.9
13634.3
13689.4
13734.3
13786.5
13857.3
13894.8

1996-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1119.2
1117.3
1126.7
1123.6
1117.2
1116.7
1108.5

3677.1
3693.7
3729.8
3735.9
3730.3
3747.2
3753.6

4603.5
4642.0
4685.1
4692.4
4703.6
4721.7
4732.4

5703.4
5724.3
5784.2
5812.0
5811.3
5842.5 p

13933.2
14009.4
14080.4
14132.9
14177.0
14222.4 p

Not seasonally adjusted
1994-AUG.
SEP.
OCT.
NOV.
DEC.

1143.9
1146.5
1147.8
1155.9
1174.2

3502.7
3498.7
3500.3
3513.3
3529.6

4277.0
4278.1
4292.6
4317.2
4340.9

5237.2
5228.7
5253.0
5295.5
5332.6

12875.1
12947.5
13005.3
13089.8
13150.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1159.0
1134.7
1138.8
1159.8
1133.4
1140.5
1145.1
1138.5
1137.3
1131.0
1136.5
1150.7

3517.0
3495.6
3512.5
3543.3
3529.6
3572.1
3597.9
3613.4
3621.6
3628.7
3650.5
3681.9

4346.2
4333.9
4360.9
4398.6
4405.3
4455.6
4486.2
4516.4
4528.1
4548.8
4573.7
4596.4

5342.0
5349.9
5397.0
5435.8
5437.0
5486.7 ,
5539.8
5580.1
5610.9
5642.4
5672.9
5714.3

13182.1
13235.8
13306.4
13360.6
13433.9
13518.6
13564.2
13612.0
13676.8
13738.9
13814.7
13878.0

1996-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1128.1
1103.6
1116.0
1129.9
1104.0
1112.8
1108.5

3678.8
3674.2
3722.6
3748.8
3715.8
3745.5
3760.5

4608.1
4623.2
4675.0
4697.3
4688.5
4718.9
4734.5

5716.8
5713.4
5785.1
5817.6
5792.0
5833.5 p

13906.7
13954.5
14032.2
14060.2
14070.7
14138.7 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

DEBT 1 .

3 Months from APR. 1996 TO JULY 1996

-5.4

1.9

3.4

4.0

6 Months from JAN. 1996 TO JULY 1996

-1.9

4.2

5.6

4.7

12 Months from JULY 1995 to JULY 1996

-3.2

4.5

5.5

4.6

Thirteen weeks ending AUGUST 26, 1996
from thirteen weeks ending:
MAY 27, 1996 (13 weeks previous)

-4.9

2.5

3.6

FEB. 26, 1996 (26 weeks previous)

-2.0

4.3

5.7

AUG. 28, 1995 (52 weeks previous)

-3.1

4.5

5.6

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1996 to June 1996, December 1995 to June 1996,
and June 1995 to June 1996, 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 (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination 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 (money funds with minimum initial investments of $50,000 or more), 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 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 enciing

M3

M2

4-week
average
1117.4
1116.9
1117.3
1117.8

week
average
1122.9
1113.5
1119.6
1115.0

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

3732.4
3734.0
3735.4
3736.6

3732.5
3735.9
3741.8
3745.8

3740.8
3745.8
3753.7
3742.9

4694.8
4698.1
4701.0
4703.5

4706.6
4711.1
4718.2
4721.8

4719.6
4723.9
4729.2
4714.3

1996-JUNE

3
10
17
24

13-week
average
1122.3
1121.5
1120.7
1119.7

JULY

1
8
15
22
29

1119.0
1117.5
1115.8
1114.4
1114.2

1116.5
1114.7
1110.4
1108.4
1106.7

1118.0
1106.0
1102.6
1106.9
1111.1

3737.9
3738.8
3738.9
3740.2
3743.3

3747.8
3749.7
3748.1
3750.7
3752.5

3748.8
3753.4
3747.1
3753.4
3755.9

4706.3
4709.3
4711.8
4714.9
4719.0

4721.9
4724.4
4723.9
47?8.6
4732.1

4720.0
4733.9
4727.5
4733.0
4734.0

AUG.

5
12
19p
26p

1113.1
1111.9
1110.2
1109.1

1107.1
1106.3
1103.7
1100.7

1107.9
1099.4
1096.3
1099.2

3745.9
3748.3
3751.0
3754.1

3755.4
3759.6
3762.5
3765.4

3765.2
3764.0
3765.0
3767.5

4721.8
4725.2
4729.2
4733.8

4733.9
4739.8
4744.6
4750.9

4741.0
4751.0
4752.2
4759.3

Not seasonally adjusted
1996-JUNE

3
10
17
24

1116.4
1116.7
1116.7
1116.0

1103.3
1106.9
1110.8
1113.2

1117.4
1121.2
1119.3
1094.7

3729.5
3732.7
3735.0
3736.0

3717.8
3727.5
3738.8
3744.7

3736.5
3762.6
3759.6
3720.1

4688.5
4693.5
4697.8
4699.7

4693.0
4705.0
4718.0
4721.2

4717.0
4741.8
4737.3
4688.8

JULY

1
8
15
22
29

-1115.3
1114.1
1111.5
1109.0
1108.5

1112.2
1113.3
1111.6
1112.7
1107.1

1113.6
1125.6
1112.6
1098.8
1091.5

3736.6
3736.8
3735.8
3736.3
3739.9

3745.5
3749.7
3752.0
3760.1
3760.1

3739.6
3779.6
3768.8
3752.4
3739.7

4701.7
4703.7
4705.2
4708.1
4713.2

4717.7
4719.1
4720.6
4730.7
4734.7

4702.7
4747.5
4743.3
4729.1
4719.0

AUG.

5
12
19P
26p

1108.0
1107.7
1107.0
1106.5

1104.2
1101.7
1100.6
1097.4

1113.7
1102.7
1094.5
1078.5

3744.1
3748.4
3752.9
3757.2

3760.2
3763.0
3767.9
3771.1

3779.8
3780.0
3772.2
3752.2

4718.1
4723.9
4729.6
4735.4

4736.4
4742.7
4750.4
4758.3

4754.0
4768.8
4759.7
4750.6

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 thrift
institutions5

Total

lnM2 6

In M3 only7

382.9

290.4

104.3

394.8

2370.1

850.4

APR.
MAY
JUNE

365.0
367.6
367.0

9.0
9.1
9.0

382.1
382.1
386.5

290.9
283.5
277.0

104.2
103.9
105.0

395.1
387.4
382.0

2377.7
2397.0
2429.2

862.3
876.2
884.0

JULY
AUG.
SEP.

367.3
368.5
369.5

8.9
8.9
8.8

388.5
389.3
389.4

276.2
272.0
266.4

104.6
105.1
106.0

380.8
377.2
372.4

2447,0
2468.4
2485.1

893.1
900.9
908.2

OCT.
NOV.
DEC.

370.8
371.6
373.2

8.8
8.9
8.9

388.1
388.2
389.8

258.1
254.1
245.6

105.9
106.3
107.4

364.1
360.4
353.0

2500.9
2515.8
2537.3

916.2
916.0
913.1

1996-JAN.
FEB.
MAR.

373.6
373.3
375.2

8.9
8.9
8.9

393.5
397.4
407.1

236.5
230.4
226.0

106.6
107.4
109.4

343.2
337.8
335.4

2557.9
2576.4
2603.1

926.4
948.3
955.3

APR.
MAY
JUNE

376.0
377.1
379.4

8.9
8.7
8.6

406.3
409.7
413.7

225.4
214.5
207.6

107.1
107.2
107.4

332.4
321.8
315.0

2612.3
2613.1
2630.5

956.5
973.3
974.5

JULY

382.6

8.5

410.6

201.6

105.2

306.8

2645.1

978.8

380.4
382.2
381.5
382.7
383.6

8.6
8.6
8.5
8.5
8.5

414.1
409.0
407.0
409.5
412.9

207.3
200.0
200.9
201.4
202.0

107.7
106.2
104.7
104.8
104.2

314.9
306.3
305.6
306.2
306.2

2630.8
2647.4
2644.5
2646.5
2644.8

971.2
980.5
980.4
979.6
978.1

384.2
384.3
384.8
385.8

8.4
8.4 e
8.5 e
8.5 e

412.2
409.0
405.0
405.6

197.0
193.1
193.1
194.7

106.1
104.7
104.9
104.6

303.1
297.7
298.0
299.3

2657.3
2664.5
2668.7
2668.3

975.8
987.1
987.3
991.8

AUG.

e

At commercial
banks4

8.7

Week e n d i n g
1996-JULY
1
8
15
22
29

4.
5.
6.
7.

Demand deposits3

362.3

1995-MAR.

1.
2.
3.

Travelers checks2

5
12
19p
26p

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

PageS
H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Small-denomination time deposits 2

Savings deposits1
Date

1102.5

At
commercial
banks
538.5

At
thrift
institutions
338.9

372.4
369.7
367.7

1091.2
1089.5
1097.0

546.7
554.1
560.9

731.3
739.1
746.3

365.0
362.4
362.1

1096.2
1101.6
1108.4

OCT.
NOV.
DEC.

753.9
760.3
775.0

362.2
360.3
359.5

1996-JAN.
FEB.
MAR.

793.2
804.1
821.0

APR.
MAY
JUNE
JULY

390.2

195.0

346.4
351.8
352.5

893.1
905.9
913.4

393.3
401.6
418.8

199.4
203.7
213.2

309.5
313.6
316.3

71.1
70.4
70.9

380.6
384.1
387.2

566.2
569.6
571.5

352.8
353.7
355.0

919.0
923.3
926.4

431.7
443.6
450.3

218.6
218.5
221.7

320.8
323.0
326.6

72.7
73.3
73.7

393.5
396.4
400.3

1116.1
1120.6
1134.6

573.1
576.6
578.3

356.7
358.5
359.4

929.8
935.1
937.7

455.0
460.1
465.1

223.7
224.8
227.2

335.2
340.5
342.1

74.4
74.8
75.1

409.7
415.3
417.2

358.6
360.4
362.1

1151.8
1164.5
1183.0

580.7
580.1
577.9

356.9
357.0
354.6

937.5
937.1
932.5

468.6
474.7
487.6

230.6
243.9
248.3

340.0
345.3
352.9

76.1
76.2
75.6

416.1
421.5
428.4

826.9
829.7
838.2

366.3
367.9
368.8

1193.2
1197.5
1206.9

576.2
574.8
575.1

354.1
353.4
352.5

930.4
928.2
927.5

488.7
487.4
496.0

245.6
243.5
249.4

355.1
361.1
366.8

75.7
75.1
75.4

430.8
436.2
442.2

845.0

368.7

1213.6

577.9

351.7

929.6

501.8

252.9

372.0

76.2

448.2

15
22
29

838.6
848.9
846.6
843.8
842.8

368.4
369.3
369.0
368.9
368.1

1207.0
1218.2
1215.6
1212.8
1210.9

576.1
577.3
577.5
577.9
578.7

351.5
351.0
351.5
352.0
352.1

927.6
928.3
929.1
929.9
930.8

496.1
500.8
499.8
503.9
503.1

252.3
253.3
254.6
253.2
252.2

369.5
370.1
372.8
374.9
371.8

76,
76,
76,
76,
76,

445,
446,
449,
451,
447,

5
12
19p
26p

853.3
857.2
858.7
856.7

368.4
367.8
366.8
366.3

1221.7
1225.0
1225.5
1223.0

579.3
579.7
581.2
581.7

352.5
353.1
352.8
353.1

931.8
932.8
934.0
934.8

503.8
506.7
509.2
510.5

248.3
259.3
256.7
262.2

370.4
372.8
378.2
381.8

76.4
76.8
76.6
76.2

446.8
449.6
454.8
458.0

APR.
MAY
JUNE

718.8
719.8
729.3

JULY
AUG.
SEP.

Weeft en<Unq
1996-JULY 1
8

3.
4.
5.
6.
p

Large-denomination time deposits 5

877.4

At
thrift
institutions
377.3

1995-MAR.

1.
2.

Institutional
money
funds4

At
commercial
banks6
308.0

At
commercial
banks
725.2

AUO.

III

Billions of dollars, seasonally adjusted

Total

Total

At
thrift
institutions
69.2

Total
377.2

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
and thrifts are subtracted from small time deposits.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum'initial investments of $50,000 or more.
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 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted

Non-M3 Comp<onents of L

Eurodollars2

RPs1

Date

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial paper5

Debt coniponents6
Federal debt

Non-Federal debt

13954Ak.

151.1

57.2

ISO.7

411.0

13.7

4^0.9

3555.4

9801.3

APR.
MAY
JUNE

192.1
197.3
191.7

90.1
91.1
91.8

181.2
181.7
182.4

411.9
405.3
414.4

13.4
12.0
11.0

430,6
437.0
428.9

3558.6
3576.9
3602.6

9873.7
9955.8
9993.3

JULY
AUG.
SEP.

188.4
192.9
192.5

92.6
93.1
93.7

183.0
183.5
183.9

434.0
437.4
457.0

12.1
12.4
12.8

429.0
433.3.
438.6

3615.5
3621.4
3623.8

10018.8
10068.0
10110.5

OCT.
NOV.
DEC.

190.0
185.3
177.6

92.9
90.7
91.1

184.2
184.5
184.8

465.7
464.5
475.6

13.4
12.6
11.9

440.5
437.1
437.1

3632.6
3645.8
3644.6

10153.9
10211.5
10250.2

184.
186,
184,

95.4
96.6
94.4

185.0
185.0
185.2

466.0
444.8
459.1

11.7
10.2
9.8

437.2
442.3
445.1

3638.6
3661.7
3696.0

10294.7
10347.7
10384.4

APR.
MAY
JUNE

182.9
195.1
183.6

97.2
98.5
99.3

185.6
186.0
186.4 p

462.7
437.6
452.2 p

461.0
473.4
470.9 p

3707.0
3712.6
3720.2 p

10425.9
10464.4
10502.1 p

JULY

179.9

97.7

1
8
15
22
29

175.5
182.1
180.4
178.2
179.6

97.7
98.5
96.2
97.1
98.4

5
12
19P
26p

180.5
179.8
177.8
174.3

100.2
98.5
97.9
97.4

1996-JAN.
FEB.
MAR.

10.3
. 10.7
11.3 p

weefr wading
1996-JULY

AUG.

1.
2.

4
'•)
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




Page 7
H 6 (508)
Table 5

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

Date

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

361.3

8.4

373.9

291.1

103.9

395.1

2373.7

848.5

APR.
MAY
JUNE

365.5
367.9
368.2

8.8
8.9
9.2

382.1
373.1
382.8

296.6
279.8
274.8

106.8
103.8
105.5

403.4
383.6
380.3

2383.5
2396.2
2431.6

855.2
875.7
883.5

JULY
AUG.
SEP.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2452.7
2474.9
2484.3

888.3
903.0
906.5

OCT.
NOV.
DEC.

370.0
371.7
376.1

8.9
8.7
8.5

391.1
395.8
407.9

255.6
253.9
249.7

105.4
106.4
108.4

361.0
360.3
358.1

2497.7
2513.9
2531.2

920.1
923.3
914.5

1996-JAN.
FEB.
MAR.

371.7
370.8
374.3

8.5
8.5
8.6

399.0
388.3
397.5

242.3
230.5
226.4

106.6
105.5
109.2

348.9
336.0
335.6

2550.7
2570.6
2606.6

929.3
949.0
952.4

APR.
MAY
JUNE

375.8
377.5
380.5

8.6
8.6
8.9

406.1
399.5
409.8

229.8
211.5
206.0

109.6
106.8
107.6

339.4
318.3
313.6

2618.9
2611.7
2632.7

948.4
972.7
973.4

JULY

383.7

9.1

411.2

199.1

105.4

304.5

2652.0

974.0

1995-MAR.

we eh wUnq
1996-JULY

1
8
15
22
29

380.9
386.1
383.6
383.1
382.7

9.0
9.1
9.1
9.1
9.1

414.8
419.1
414.3
405.8
401.7

202.7
202.0
199.7
197.3
195.8

106.1
109.4
105.8
103.6
102.2

308.8
311.3
305.5
300.8
298.0

2625.9
2654.0
2656.3
2653.6
2648.2

963.2
967.9
974.4
976.8
979.3

AUG.

5
12

385.8
386.7
385.6
384.6

9.1
9.1 e
9.1 6
9.1 e

414.5
409.6
406.3
394.1

196.6
191.9
190.1
189.7

107.6
105.3
103.3
100.9

304.3
297.2
293.5
290.6

2666.1
2677.3
2677.7
2673.6

974.2
988.8
987.5
998.4

26p

1.
2.
3.
4.
5.
6.
7.

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.

e
estimated



p

preliminary

Page 8
K6(508)
Table 5 - continued

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

At
thrift
institutions
339.4

Total

1100.4

At
commercial
banks
539.3

Retail
money
funds3

878.7

394.6

372.1
369.0
368.5

1090.5
1087.4
1099.4

548.2
555.7
562.6

347.4
352.8
353.6

895.6
908.5
916.2

733.3
741.5
748.0

365.9
363.6
363.0

1099.2
1105.1
1111.0

568.4
570.9
571.7

354.2
354.5
355.1

OCT.
NOV.
DEC.

755.4
763.4
775.0

362.9
361.7
359.5

1118.3
1125.1
1134.5

572.5
573.7
574.3

1996-JAN.
FEB.
MAR.

789.5
798.9
819.0

356.9
358.1
361.2

1146.3
1157.0
1180.1

APR.
MAY
JUNE

825.9
827.7
839.9

365.9
367.0
369.5

JULY

847.4

Date

3.
4.
5.
6.
p

195.6

375.4

397.5
400.3
416.0

197.1
202.0
208.8

307.3
315.8
317.1

70.6
70.9
71.1

377.9
386.7
388.2

922.6
925.4
926.8

430.9
444.4
446.6

215.9
218.4
218.1

319.4
323.9
327.3

72.4
73.5
73.9

391.8
397.5
401.2

356.3
356.8
356.9

928.8
930.5
931.3

450.6
458.3
465.4

221.8
227.1
229.4

337.6
343.4
342.0

74.9
75.4
75.1

412.5
418.8
417.1

578.3
579.2
579.1

355.4
356.4
355.3

933.8
935.6
934.4

470.6
478.0
492.1

238.2
249.6
248.7

337.3
343.8
351.3

75.5
75.9
75.2

412.7
419.7
426.6

1191.8
1194.7
1209.3

578.2
576.9
577.1

355.3
354.7
353.8

933.5
931.6
930.9

493.5
485.5
492.5

242.8
241.1
244.5

352.4
363.5
367.5

75.1
75.6
75.6

427.5
439.0
443.1

369.7

1217.1

580.3

353.2

933.5

501.4

250.2

370.3

75.9

446.2

836.5
853.9
851.3
845.4
841.7

367.5
371.5
371.1
369.6
367.6

1204.0
1225.4
1222.4
1215.0
1209.3

578.7
580.4
580.2
580.1
580.5

353.1
352.9
353.2
353.3
353.3

931.8
933.3
933.3
933.4
933.8

490.1
495.3
500.5
505.2
505.1

244.7
247.1
251.9
252.0
251.7

366.
366.
371.
373.
371.

75.5
75.8
75.9
75.8
75.9

442.
442.
446.
449.
447.

856.5
862.6
862.5
857.4

369.8
370.2
368.4
366.6

1226.3
1232.8
1230.9
1224.0

581.2
581.5
582.6
582.7

353.7
354.2
353.7
353.7

934.9
935.7
936.3
936.4

504.9
508.8
510.6
513.3

246.4
258.9
256.0
263.9

370,
373.
378.
383.8

76.4
76.8
76.7
76.7

446.8
450.
455.
460.

APR.
MAY
JUNE

718.4
718.4
730.9

JULY
AUG.
SEP.

AUG.

5
12
19p
26p

Large-derlomination timedeposits 5
At
thrift
institutions
68.9

At
thrift
institutions
376.6

yteeX e i y U a q
1996-JULY
1
8
15
22
29

Institutional
money
funds4

At
commercial
banks 6
306.5

At
commercial
banks
723.9

1995-MAR.

1.
2.

Small-denomination time deposits 2
Total

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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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

At thrift
institutions

Debt components 6

Non-M3 Components of L
2

Eurodollars
Total

Savings bonds

Short-term
Treasury
securities 3

Bankers
acceptances 4

Commercial
paper5

Federal debt

Non-Federal
debt

146.0

43.4

189.4

88.0

181.2

420.6

13.9

420.4

3551.1

9755,3

APR.
MAY
JUNE

146.8
151.4
150.3

44.4
45.8
45.3

191.3
197.2
195.6

88.9
89.9
91.0

181.7
182.1
182.4

411.2
402.8
412.1

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9816,5
9881,3
9939.3

JULY
AUG.
SEP.

143.4
146.9
145.7

45.5
47.0
47.7

189.0
194.0
193.4

91.7
93.2
93.9

182.8
183.0
183.3

434.9
440.1
447.4

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9975.4
10009.8
10070.0

OCT.
NOV.
DECc

145.2
139.1
131.1

46.7
46.0
45.0

191.9
185.1
176.2

93.9
92.3
91.9

183.8
184.3
184.8

450.3
462.2
483.0

13.2
12.5
12.1

446.2
440.1
438.1

3610.1
3635.9
3645.9

10128.8
10178«8
10232.1

1996-JAN.
FEB.
MAR.

138.5
138.7
137.3

44.6
44.8
45.0

183.1
183.5
182.3

95.2
96.3
94.8

185.1
185.4
185.7

470.0
451.6
470.2

12.2
10.6
9.9

441.3
442.7
444.3

3634.4
3655.5
3698.1

10272.3
10299.0
10334»0

APR.
MAY
JUNE

135.2
145.6
137.4

47.1
49.8
49.8

182.3
195.4
187.2

95.8
97.2
98.5

186.1
186.3
186.4

462.7
435.1
449.8

10.5
10.7
11.4

461.1
471.4
467.0

3699.5
3692.0
3698.0

10360.7
10378.7
10440.6

JULY

131.3

49.2

180.5

97.1

1
8
15
22
29

129.6
132.8
131.5
129.6
131.6

49.0
49.2
49.3
49.1
49.3

178
182
180
178
180

97.8
96.1
94.9
96.8
99.6

5
12
19p
26p

131.0
131.8
129.6
127.5

49.4
49.4
48.8
48.3

180,
181,
178,
175.8

1995-MAR.

1996-JULY

AUG.

p

p

p

p

p

100
98
97
98

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 ana 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.
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.

1.
2.

p

preliminary




p

Page 10
H.6(508)
Table 6

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

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

13.1

3.4

5.2

1.6
1.5
1.6

13.2
14.2
15.3

5.5
3.1
4.5

8.6
7.6
7.6

1.5
1.5
1.6

15,
13,
12,

OCT.
NOV.
DEC.

8.4
8.3
8.4

1.5
1.6
1.5

12,
12,
12,

1996-JAN.
FEB.
MAR.

8.4
8.2
8.0

1.5
1.5
1.4

13.
13.
14.

APR.
MAY
JUNE

7.7
7.8
8.2

1.4
1.4
1.3

14.
14.
14.

5.8
2.8
4.8

JULY

8.3

1.4

14.5

2.9

8.5
8.4
8.0
9.5
7.8

1.3
1.5
1.3
1.6
1.3

14.3
14.4
14.5
14.5
14.5

7.2
7.2
6.8
7.6

1.6
1.3
1.6
1.3

14.4
14.4
14.5
14.5

Date

Foreign
commercial
banks

Foreign
official
institutions

1995-MAR.

8.2

1.6

APR.
MAY
JUNE

7.8
8.3
8.3

JULY
AUG.
SEP.

Week e n d i n q
1996-JULY
1
8
15
22
29
AUG.

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

5
12
19p
26p

estimated
preliminary




Note
balances at
depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savinas
deposits at
commekrc,al

At
commercial
banks

At
. *"ft
institutions

m( At e

Total

market
funds

10.1

18.8

2.4

145.6

107.9

66.2

319.6

12.4
18.7
19.6

24.
27.
32.

2.6
2.5
2.5

146.4
146.8
147.8

107.9
107.8
107.7

68.5 e
69.0 e
69.2 e

322.7
323.5
324.7

e
e
e

27.
13,
17.8

37.
21.
30.

148.9
149.1
149.4

107.8 e
107.7 e
108.3 e

694 e
69.6 e
69.8 e

326.0
326.4
327.5

e
e
e

11,
8,
14.

19.8
16.5
27.1

149.9
149.8
149.9

108.4
108.2
108.2

e
e
e

70.0 e
70.3 e
70.8 e

328.2
328.3
328.9

e
e
e

15.
13.
10.8

26.5
21.2
20.6

150.2
150.2
150.2

107.9
107.5
107.2

e
e
e

71.3
71.8
72.3

e
e
e

329.3
329.4
329.7

e
e
e

11
10
14

24.6
18.7
25.4

150.6
150.8
151.1

106.8
106.7
106.7

e
e
e

72.6
72.7
72.9

e
e
e

329.9
330.2
330.7

e
e
e

5.3

17.4

25,7

4.5

151.3

106.6

73.0

e

330.9

e

3.7
3.1
3.1
2.7
2.4

7.0
5.1
5.4
5.4
5.1

29.6
10.5
7.5
21.3
28.4

40.3
18.7
16.0
29.3
36.0

4.5
4.7
4.5
4.5
4.5

3.0
2.6
3.1
2.4

5.4
4.7
5.0
5.3

18.5
9.6
10.4
14.0

27.0
16.8
18,5
21.7

4.6
4.6
4.6
4.5

5.3
5.4
6.5




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




First Class