h6_19960208_revision.pdf

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FEDERAL RESERVE statistical release .fSBnss*:

H.6 (508) For release at 4:30 PM EST

February 8, 1996

MONEY STOCK REVISIONS

Measures of the money stock have been revised to incorporate the results of the annual benchmark and seasonal factor review, as well as a minor redefinition of M2. This release includes revised monthly and weekly seasonal factors and comparisons of the revised monetary aggregates with previously published data.

The revisions had no effect on the annual growth rate of M2 over 1995, but they raised the annual growth rates of Ml and M3 by 0.1 percentage point over the past year. For earlier years, revisions to the annual growth rates of M2 ranged between -0.5 and +0.4 percentage point, while the annual growth rates of Ml and M3 were revised by smaller amounts.

Redefinition

A minor redefinition of M2 was implemented with this year's benchmark. Overnight wholesale RPs and overnight Eurodollars have been removed from M2. They are now included in non-M2 M3. These overnight components are quite volatile and difficult to measure accurately. Their movements no longer exhibit the negative correlation with demand deposits that had been observed in 1980, when they were originally included in M2. The redefinition does not affect the quarterly and annual behavior of M2, nor its relationship to interest rates and income. The redefinition, which has no effect on Ml or M3, lowered M2 in all years since 1969, by amounts that cumulated to $118 billion in 1995.

Benchmark Revisions

The benchmark incorporates minor revisions to data reported on the weekly and quarterly deposit reports, and it takes account of deposit data from call reports for banks and thrifts that are not weekly or quarterly deposit reporters. The benchmark also incorporates historical data for a number of money market mutual funds that began reporting for the first time during 1995, raising the levels of M2 and M3 over the year by amounts that cumulate to $1 billion and $9 billion, respectively.

Seasonal Review Revisions

In a process similar to that used in previous years, seasonal factors for the monetary aggregates have been revised using the X-ll ARIMA procedure applied to the benchmarked data through December 1995. However, this year, seasonal factors were constructed for total RPs and total Eurodollar deposits, both of which are now entirely in the non-M2 component of M3. Furthermore, non-Mi M2 and non-M2 M3 have been seasonally adjusted by summing their seasonally adjusted components; previously, both non-Mi M2 and non-M2 M3 were seasonally adjusted as a whole.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-2-

Complete historical data will soon be available in printed form from the Money and Reserves Projection Section, Mail Stop 72, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, (202) 452-3062. The historical H.6 data will also be available on floppy diskette for a fee of $25 per diskette from the Federal Reserve Board's Publications Section, Mail Stop 127, Board of Governors of the Federal Reserve System, V/ashington, D.C. 20551, (202) 452-3245. Revised monthly historical data for Ml, M2, M3, and total nonfinancial debt are also available from the Economic Bulletin Board of the U.S. Commerce Department. Call (202) 482-1986 for information on how to access the Commerce bulletin board.


FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 Billions of dollars

Forreteaseat4:30pm Eastern Tme

FfflHUARY 8,1996

Date M11 M22 M33 DEBT5

Seasonally adjusted 1994-JAN.

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

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

1132.2 3499.0 4255.1 5180.2 12555.6 1137.0 3500.7 4243.0 5178.3 12605.3 1141.2 3506.5 4251.0 5186.8 12674.7 1143.2 3513.5 4261.4 5201.0 12737.0 1144.4 3511.6 4260.6 5212.0 12801.3 1146.1 3500.6 4258.8 5205.9 12843.7 1151.4 3508.0 4277.8 5230.4 12864.3 1150.0 3504.1 4276.5 5240.3 12926.3 1150.4 3503.8 4284.9 5243.0 12986.6 1148.9 3503.9 4293.7 5261.8 13036.8 1148.7 3506.8 4304.4 5281,1 13111.3 1148.7 3509.4 4319.6 5303.6 13153.2

1149.2 3515.3 4343.1 5330.9 13201.9 1147.8 3517.5 4355.3 5364.3 13279.8 1148.7 3525.1 4375.2 5401.6 13342.3 1151.2 3537.3 4399.3 5436.5 13419.3 1146.2 3551.9 4428.0 5464.2 13519.6 1144.5 3582.6 4466.7 5503.6 13578.3 1145.4 3601.5 4494.6 5552.6 13613.6 1143.8 3621.. 6 4522.2 5587.9 13665.5 1140.1 3635.0 4542.8 5633.8 13704.1 1131.8 3642.3 4557.5 5660.7 13744.3 1129.0 3653.6 4568.2 5675.3 p 13804.2 p 1124.8 3670.8 4582.6

Not seasonally adjusted 1994-JAN.

FEB. MAR. APR. MAY JUNE JULY AUG. SBP. OCT. NOV. DEC.

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

1142.2 3502.1 4259.9 5193.2 12549.7 1124.1 3483.3 4228.0 5169.2 12583.3 1131.4 3501.2 4245.1 5189.2 12643.4 1152.5 3528.9 4271.2 5209.9 12686.2 1132.3 3498.4 4247.2 5193.3 12732.4 1141.9 3498.6 4256.5 5198.4 12788.3 1150.6 3511.6 4276.6 5225.1 12814.8 1143.9 3502.9 4277.2 5237.5 12674.7 1146.5 3498.8 4278.4 5229.1 12945.2 1147.8 3500.5 4292.8 5253.4 13000.8 1155.9 3513.5 4317.4 5295.7 13085,0 1174.2 3529.8 4341.3 5333.1 13145.6

1159.0 3518.4 4347.7 5343.6 13178.2 1134.7 3499.3 4337.4 5353.5 13231.5 1138.8 3518.6 4367.0 5403.1 13301.8 1159.8 3551.8 4406.8 5444.1 13357.9 1133.5 3538.4 4414.0 5445.7 13430.0 1140.6 3581.0 4464.7 5495.9 13511.3 1145.2 3607.0 4495.3 5548.7 13556.1 1138.5 3622.8 4525.6 5588.4 13601.8 1137.3 3631.3 4537.4 5618.6 13657.0 1131.0 3638.2 4557.4 5650.2 13703.1 1136.5 3659.1 4581.1 5688.5 p 13767.7 p 1150.7 3690.5 4603.7

Footnotes appear on the following page

p preliminary


H.6(508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates

Page 2

M1 M2 M3 DEBT1

3 Months from SEP. 1995 TO DEC 1995

6 Months from JUNE 1995 t o DEC. 1995

12 Months from DEC. 1994 TO DEC. 1995

-5.4

-3.4

-2.1

3.9

4.9

4.6

3.5

5.2

6.1

4.1

4.2

5.3

Thirteen weeks ending JANUARY 29, 1996 from thirteen weeks ending: OCT. 30, 1995 (13 weeks previous)

JULY 31, 1995 (26 weeks previous)

JAN. 30, 1995 (52 weeks previous)

-5.0

-3.7

-2.1

4.1

5.1

4.5

4.1

5.5

6.1

1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1995 to November 1995, May 1995 to November 1995, and November 1994 to November 1995, respectively. '

Footnotes to Table 1 :

1. 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.

2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time depositsincluding retail RPsin 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 retire-ment 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 .

3. 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 invest-ments 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 lame time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2.

4. 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.

5. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors the federal sector (U.S. government, not including government-sponsored 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-ond 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.


H.6(508) Table 3 MONEY STOCK MEASURES Billions of dollars

Page 3

Seasonally adjusted

ding M1 M2 M3

Period en^ ding 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average

1995-NOV. 6 1137.5 1131.7 1131.7 3 6 3 5 . 1 3 6 4 3 . 7 3 6 4 8 . 2 4 5 4 3 . 8 4 5 5 9 . 4 4 5 6 1 . 1 13 1136.2 1130.1 1126.3 3 6 3 7 . 6 3 6 4 5 . 7 3 6 5 0 . 1 4 5 4 7 . 8 4 5 6 1 . 0 4 5 6 5 . 3 20 1135.1 1129.5 1128.8 3 6 3 9 . 9 3 6 4 8 . 7 3 6 5 3 . 5 4 5 5 1 . 3 4 5 6 3 . 0 4 5 6 8 . 6 27 1134.1 1129.2 1130.1 3 6 4 2 . 5 3 6 5 2 . 5 3 6 5 8 . 1 4 5 5 4 . 8 4 5 6 6 . 7 4 5 7 1 . 7

DEC. 4 1133.0 1128.4 1128.2 3 6 4 5 . 0 3 6 5 6 . 0 3 6 6 2 . 1 4 5 5 8 . 2 4 5 7 1 . 8 4 5 8 1 . 7 11 1131.5 1127.7 1123.7 3 6 4 7 . 4 3 6 5 9 . 9 3 6 6 5 . 8 4 5 6 0 . 7 4 5 7 4 . 7 4 5 7 6 . 9 18 1130.0 1126.0 1122.0 3 6 5 0 . 0 3 6 6 3 . 5 3 6 6 8 . 1 4 5 6 3 . 5 4 5 7 6 . 9 4 5 7 7 . 3 25 1128.9 1124.4 1123.8 3 6 5 2 . 8 3 6 6 7 . 1 3 6 7 2 . 3 4 5 6 6 . 9 4 5 8 0 . 0 4 5 8 4 . 1

1996-JAN. 1 1128.1 1123.5 1124.6 3 6 5 5 . 7 3 6 7 0 . 7 3 6 7 6 . 6 4 5 6 9 . 6 4 5 8 1 . 2 4 5 8 6 . 6 8 1127.5 1123.2 1122.5 3 6 5 9 . 0 3 6 7 5 . 5 3 6 8 5 . 0 4 5 7 3 . 9 4 5 8 9 . 8 4 6 1 1 . 1

15 1126.6 1123.2 1121.8 3 6 6 3 . 3 3 6 8 3 . 3 3 6 9 9 . 1 4 5 7 9 . 4 4 6 0 3 . 1 4 6 3 0 . 4 22p 1125.5 1121.6 1117.4 3 6 6 6 . 7 3 6 8 6 . 4 3 6 8 5 . 0 4 5 8 3 . 5 4 6 1 0 . 3 4 6 1 3 . 1 29p 1124.3 1119.2 1115.2 3 6 6 9 . 5 3 6 8 7 . 2 3 6 7 9 . 7 4 5 8 6 . 9 4 6 1 4 . 2 4 6 0 2 . 3

Not seasonally adjusted 1995-NOV. 6 1134.8 1131.3 1144.5 3 6 3 2 . 5 3 6 3 9 . 6 3 6 5 9 . 5 4 5 4 3 . 3 4 5 6 1 . 3 4 5 7 8 . 8

13 1134.2 1129.8 1136.5 3 6 3 4 . 9 3 6 4 1 . 7 3 6 6 1 . 3 4 5 4 7 . 6 4 5 6 4 . 6 4 5 8 4 . 9 20 1134.1 1133.4 1136.9 3 6 3 7 . 8 3 6 5 0 . 0 3660 .7 4 5 5 2 . 1 4 5 7 2 . 0 4 5 8 1 . 4 27 1134.8 1136.9 1129.5 3 6 4 1 . 6 3 6 5 9 . 0 3 6 5 4 . 6 4 5 5 6 . 9 4 5 8 0 . 8 4 5 7 8 . 1

DEC. 4 1134.7 1136.4 1142.8 3644 .7 3 6 6 2 . 9 3 6 7 5 . 0 4 5 6 1 . 2 4 5 8 5 . 7 4 5 9 8 . 4 11 1133.9 1139.2 1147.5 3 6 4 7 . 6 3 6 7 0 . 6 3 6 9 2 . 0 4 5 6 4 . 5 4 5 9 0 . 9 4 6 0 5 . 5 18 1134.0 1140.8 1143.5 3 6 5 1 . 4 3 6 7 7 . 2 3 6 8 7 . 1 4 5 6 8 . 8 4 5 9 5 . 2 4 5 9 8 . 9 25 1136.7 1146.0 1150.0 3 6 5 7 . 5 3 6 8 5 . 1 3 6 8 6 . 1 4 5 7 5 . 6 4 5 9 9 . 9 4 5 9 6 . 9

1996-JAN. 1 1139.8 1151.3 1164.2 3 6 6 3 . 8 3 6 9 1 . 2 3 6 9 9 . 7 4 5 8 2 . 0 4 6 0 2 . 6 4 6 0 9 . 2 8 1141.5 1155.4 1163.7 3 6 6 8 . 7 3 6 9 7 . 9 3 7 1 8 . 8 4 5 8 7 . 5 4 6 1 0 . 9 4 6 3 8 . 6

15 1141.5 1155.1 1142.6 3 6 7 3 . 6 3 7 0 5 . 2 3 7 1 6 . 1 4 5 9 3 . 6 4 6 2 4 . 2 4 6 5 1 . 9 22p 1141.0 1146.4 1114.9 3 6 7 7 . 3 3 7 0 2 . 6 3 6 7 5 . 6 4 5 9 7 . 9 4 6 2 6 . 9 4 6 0 7 . 7 29p 1139.0 1128.0 1090.8 3 6 7 9 . 1 3 6 8 8 . 1 3 6 4 1 . 8 4 6 0 0 . 3 4 6 1 8 . 1 4 5 7 4 . 0

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.


H.6(508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted

Page 4

Date Currency1 Travelers checks2 Demand deposits3 Other checkable deposits

At commercial banks4

At thrift institutions5

3 0 0 . 8 2 9 9 . 3

1 1 0 . 2 1 0 9 . 5

2 9 7 . 0 2 9 6 . 3 2 9 5 . 9

1 0 8 . 7 1 0 7 . 8 1 0 7 . 0

2 9 4 . 2 2 9 2 . 0 2 9 0 . 4

1 0 5 . 6 1 0 4 . 8 1 0 4 . 3

2 9 0 . 9 2 8 3 . 5 2 7 7 . 0

1 0 4 . 2 1 0 3 . 9 1 0 5 . 0

2 7 6 . 2 2 7 2 . 0 2 6 6 . 4

1 0 4 . 6 1 0 5 . 1 1 0 6 . 0

2 5 8 . 1 2 5 4 . 2 2 4 5 . 7

1 0 5 . 9 1 0 6 . 1 1 0 7 . 2

Total

Nontransactions components

lnM26 In M3 only7

1 9 9 4 - A U G . S E P .

OCT. NOV. DEC.

1 9 9 5 - J A N . FEB. MAR.

APR. MAY JUNE

JULY AUG. SEP.

OCT. NOV. DEC.

3 4 5 . 2 3 4 7 . 4

3 5 0 . 1 3 5 3 . 3 3 5 4 . 9

3 5 7 . 6 3 5 9 . 0 3 6 2 . 3

3 6 5 . 0 3 6 7 . 6 3 6 7 . 0

3 6 7 . 3 3 6 8 . 5 3 6 9 . 5

3 7 0 . 8 3 7 1 . 6 3 7 3 . 1

8 .3 8 .4

8 .4 8 .4 8 .5

8 .5 8 .5 8 .7

9 . 0 9 . 1 9 . 0

8 .8

8 . 8 8 . 9 8 . 9

3 8 5 . 4 3 8 5 . 8

3 8 4 . 7 3 8 2 . 9 3 8 2 . 4

383 . 383 , 3 8 2 ,

3 8 2 . 3 8 2 . 3 8 6 .

3 8 8 . 3 8 9 . 3 8 9 .

3 8 8 . 3 8 8 . 3 8 9 .

4 1 1 . 1 4 0 8 . 8

4 0 5 . 7 4 0 4 . 1 4 0 2 . 9

3 9 9 . 8 3 9 6 . 8 3 9 4 . 8

3 9 5 . 1 3 8 7 . 4 3 8 2 . 0

3 8 0 . 8 3 7 7 . 2 3 7 2 . 4

364, 360, 352,

2354.1 2353.4

2355.0 2358.1 2360.7

2366.2 2369.7 2376.4

2386.1 2405.8 2438.1

2456.1 2477.8 2494.8

2510, 2524, 2546

772.4 781.1

789.8 797.6 810.2

827.8 837.9 850.1

862.0 876.0 884.1

893 900,

915, 914,

907.8

911.8

Week ending 1995-DEC. 4

11 18 25

1996-JAN. 1 8

15 22p 29p

3 7 2 . 9 8 . 9 3 8 8 . 4 2 5 1 . 1 1 0 6 . 8 3 5 7 . 9 2 5 3 3 . 9 9 1 9 . 6 3 7 2 . 8 8 . 9 3 8 9 . 3 2 4 5 . 7 1 0 7 . 0 3 5 2 . 7 2 5 4 2 . 1 9 1 1 . 1 3 7 3 . 1 8 . 9 3 8 8 . 1 2 4 5 . 1 1 0 6 . 8 3 5 2 . 0 2 5 4 6 . 0 9 0 9 . 3 3 7 3 . 0 8 . 9 3 9 0 . 9 2 4 3 . 8 1 0 7 . 2 3 5 1 . 0 2 5 4 8 . 5 9 1 1 . 8

3 7 3 . 5 9 . 0 3 9 1 . 0 2 4 3 . 6 1 0 7 . 5 3 5 1 . 1 2 5 5 2 . 0 9 1 0 . 0 3 7 3 . 5 9 . 0 e 3 9 3 . 9 2 3 8 . 6 1 0 7 . 4 3 4 6 . 0 2 5 6 2 . 6 9 2 6 . 1 3 7 4 . 3 9 . 0 e 3 9 6 . 0 2 3 5 . 0 1 0 7 . 6 3 4 2 . 7 2 5 7 7 . 2 9 3 1 . 4 3 7 3 . 2 9 . 0 e 3 9 2 . 7 2 3 6 . 2 1 0 6 . 3 3 4 2 . 5 2 5 6 7 . 7 9 2 8 . 1 3 7 3 . 6 9 . 0 e 3 9 3 . 3 2 3 5 . 5 1 0 3 . 9 3 3 9 . 3 2 5 6 4 . 5 9 2 2 . 6

1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. 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. 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

U.S. addressees, each seasonally adjusted separately. e estimated p preliminary


H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted

Page 5

Savings deposits1 Small-denomination time deposits2

Date At commercial

banks At

thrift institutions Total

At commercial

banks At


Retail money funds3

Institutional money funds4

Large-denomination time deposits5

At commercial

banks6 At


1994-AUG. SEP.

OCT. NOV. DEC.

1995-JAN. FEB. MAR.

APR. MAY JUNE

JULY AUG. SEP.

OCT. NOV. DEC.

Week endina 1995-DEC 4

11 18 25

1996-JAN. 1 8

15 22p 29p

7 7 5 . 3 7 7 2 . 1

7 6 4 . 9 7 5 9 . 1 7 5 1 . 9

7 4 3 . 8 7 3 4 . 8 7 2 5 . 2

7 1 8 . 8 7 1 9 . 8 7 2 9 . 3

7 3 1 , 7 3 9 , 7 4 6 ,

7 5 4 , 7 6 0 , 7 7 5 .

4 2 1 . 8 4 1 6 . 2

4 1 1 . 2 4 0 4 . 0 3 9 7 . 0

3 9 0 . 9 3 8 3 . 2 3 7 7 . 3

3 7 2 . 4 3 6 9 . 7 3 6 7 . 7

365, 362, 362,

362, 360, 359,

1197.2 1188.3

1176.1 1163.1 1148.9

1134.7 1118.0 1102.5

1091.2 1089.5 1097.0

1096, 1101, 1108,

1116.2 1120.8 1134.8

766.5 360.1 1126 .6 773.0 359.7 1132, .7 774.4 359.6 1134 .0 775.4 359.7 1135, .1

781.0 358.2 1139, .2 792.5 358.3 1150 .8 800.0 358.7 1158 .7 795.5 359.4 1154, .9 793.2 359.7 1152, .9

4 7 5 . 6 4 8 1 . 5

4 8 8 . 9 4 9 6 . 0 5 0 5 . 4

5 1 6 . 0 5 2 6 . 9 5 3 8 . 7

5 4 6 . 9 5 5 4 . 3 5 6 1 . 1

5 6 6 . 5 5 6 9 . 8 5 7 1 . 7

5 7 3 . 3 5 7 5 . 7 5 7 6 . 5

3 0 6 . 1 3 0 7 . 8

3 1 1 . 5 3 1 6 . 5 3 1 8 . 2

3 2 3 . 1 3 3 0 . 6 3 3 9 . 0

3 4 6 . 5 3 5 1 . 8 3 5 2 . 6

3 5 2 . 9 3 5 3 . 9 3 5 5 . 3

3 5 6 . 6 3 5 8 . 4 3 5 9 . 6

576 .1 359 .3 576 .3 359, .7 576 .6 360, .0 576 .2 360 .2

577 .4 358, .6 576 .6 359 .0 578 .0 356 .8 577 .8 356 .0 577 .6 355 .7

7 8 1 . 8 7 8 9 . 3

8 0 0 . 4 8 1 2 . 5 8 2 3 . 7

8 3 9 . 1 8 5 7 . 5 8 7 7 . 7

8 9 3 . 4 9 0 6 . 1 9 1 3 . 7

9 1 9 . 4 9 2 3 . 8 9 2 7 . 0

9 2 9 . 9 9 3 4 . 1 9 3 6 . 1

3 7 5 . 2 3 7 5 . 8

3 7 8 , 3 8 2 . 3 8 8 ,

3 9 2 . 4 3 9 4 . 2 3 9 6 . 2

4 0 1 . 5 4 1 0 . 1 4 2 7 . 4

4 4 0 , 4 5 2 , 4 5 9 ,

4 6 4 , 4 6 9 , 4 7 5 ,

1 7 7 . 8 1 7 7 . 2

1 8 2 , 1 8 2 , 1 8 3 ,

1 8 9 . 3 1 8 8 . 4 1 9 5 . 0

1 9 9 . 4 2 0 3 . 7 2 1 3 . 2

2 1 8 . 2 1 8 . 2 2 1 .

2 2 3 . 2 2 4 . 2 2 6 .

935.4 471.9 227.8 936.0 473.5 225.7 936.6 475.4 225.2 936.4 476.9 226.6

936.0 476.8 227.8 935.6 476.2 230.8 934.8 483.7 231.8 933.8 478.9 229.9 933.3 478.3 227.4

2 8 2 . 6 2 8 7 . 5

2 9 0 . 5 2 9 4 . 5 2 9 8 . 7

2 9 7 . 4 3 0 3 . 9 3 0 8 . 4

3 0 9 . 3 1 4 . 3 1 6 ,

3 2 1 . 3 2 3 , 3 2 6 ,

3 3 5 . 8 3 4 1 . 5 3 4 3 . 5

3 4 3 . 5 3 4 1 . 9 3 4 3 . 8 3 4 5 . 3

3 4 2 , 3 4 4 , 3 4 6 . 3 4 4 , 3 4 4 ,

6 1 . 9 6 3 . 1

6 3 . 9 6 4 . 3 6 4 . 8

6 6 . 8 6 7 . 9 6 9 . 2

7 1 . 1 7 0 . 4 7 0 . 9

72 73 7 3 . 8

7 4 . 5 7 4 . 8 7 5 . 1

74 , 74 , 75 , 75<

7 5 , 7 6 , 7 6 , 7 6 , 7 6 ,

3 4 4 . 5 3 5 0 . 6

3 5 4 . 5 3 5 8 . 8 3 6 3 . 5

3 6 4 . 2 3 7 1 . 8 3 7 7 . 6

3 8 1 . 0 3 8 4 . 5 3 8 7 . 7

3 9 4 . 0 3 9 6 . 8 4 0 0 . 7

4 1 0 . 4 1 6 . 4 1 8 .

4 1 8 . 4 4 1 6 . 7 4 1 8 . 8 4 2 0 . 4

4 1 7 , 4 2 0 , 4 2 2 , 4 2 0 , 4 2 0 ,

1. Savings deposits include money market deposit accounts. 2. Small-denomination time depositsincluding retail RPsare 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. 3. Balances in money funds with minimum initial investments of less than $50,000. 4. Balances in money funds with minimum initial investments of $50,000 or more. 5. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 6. 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


H.6(508) Table 4 - continued

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

Page 6

Date RPs1 Eurodollars2 Non-M3 Components of L (components6

T7T; 1 7 4 ,

1 7 2 , 1 7 4 , 1 8 0 ,

TSTT 7 9 . 3

8 1 . 0 8 1 . 7 8 2 . 3

8 7 . 3 8 6 . 4 8 7 . 2

9 0 . 1 9 1 . 1 9 1 . 8

Savings bonds 175.4 1 7 9 . 0

1 7 9 . 4 1 7 9 . 8 1 8 0 . 3

1 8 0 . 5 1 8 0 . 5 1 8 0 . 7

1 8 1 . 2 1 8 1 . 7 1 8 2 . 4

Short-term Treasury

securities3 3 7 7 . 5 3 7 3 . 7

Bankers acceptances4

rrnr~ 1 4 . 7

Commercial paper5

T Federal debt

3437.5 3 4 5 5 . 3

3470.6 3494.7 3497.6

3504.5 3535.2 3556.4

3558.6 3576.9 3602.6

Non-Federal debt

nwrz 1994-AUG. SEP.

OCT. NOV. DEC.

1995-JAN. FEB. MAR.

APR. MAY JUNE

JULY AUG. SEP.

OCT. NOV. DEC.

Week endina 1995-DEC. 4

11 18 25

1996-JAN. 1 8

15 22p 29p

1 8 7 . 0 1 9 1 . 3 1 9 0 . 4

1 9 1 . 5 1 9 6 . 8 1 9 1 . 4

1 8 8 . 1 9 2 , 1 9 1 .

1 8 9 . 1 8 5 . 1 7 8 .

9 2 , 9 3 , 9 3 ,

9 2 , 8 9 , 8 8 ,

181.9 91.5 180.0 88.6 178.3 86.9 176.8 88.0

175.1 89.2 184.7 90.3 185.5 91.6 184.2 93.5 182.0 92.8

1 8 3 , 1 8 3 , 1 8 3 ,

1 8 4 . 2 1 8 4 . 5

375 .6 380 .8 387 .3

387, .3 400, .2 411, .1

412, .0 405, .4 414. .6

433, .9 436. .5 455. .6

464. ,9 472. .0 p

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

1 3 . 6 1 3 . 5 1 3 . 7

1 3 . 4 1 2 . 0 1 1 . 0

1 2 . 1 1 2 . 4 1 2 . 8

1 3 . 4 1 3 . 3 p

3 9 3 . 3 9 0 . 7

3 9 9 . 6 4 0 2 . 4 4 0 2 . 4

4 0 6 . 3 4 1 4 . 9 4 2 0 . 9

4 3 0 . 6 4 3 7 . 0 4 2 8 . 9

4 2 9 . 0 4 3 3 . 3 4 3 8 . 6

4 4 0 . 7 4 3 7 . 3

3 6 1 5 . 3 6 2 1 . 3 6 2 3 . 8

3 6 3 2 . 6 3 6 4 5 . 8 p

9 5 3 1 . 2

9 5 6 6 . 2 9 6 1 6 . 6 9 6 5 5 . 6

9 6 9 7 . 4 9 7 4 4 . 5 9 7 8 5 . 9

9 8 6 0 . 6 9 9 4 2 . 6 9 9 7 5 . 7

9 9 9 8 . 1 1 0 0 4 4 . 1 1 0 0 8 0 . 3

1 0 1 1 1 . 7 1 0 1 5 8 . 4 p

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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted

Page?

Date Currency1 Other checkable deposits Nontransactions components

cy1 Travelers checks2

Demand deposits3

Travelers checks2

Demand deposits3 At commercial

banks4 At thrift

institutions5 Total lnM26 In M3 only7

3 4 5 . 6 8 . 9 3 8 2 . 7 2 9 7 . 1 1 0 9 . 5 4 0 6 . 6 2 3 5 8 . 9 7 7 4 . 3 3 4 7 . 0 8 . 8 3 8 4 . 4 2 9 7 . 2 1 0 9 . 0 4 0 6 . 3 2 3 5 2 . 4 7 7 9 . 6

3 4 9 . 5 8 . 5 3 8 7 . 6 2 9 4 . 0 1 0 8 . 3 4 0 2 . 2 2 3 5 2 . 7 7 9 2 . 3 3 5 3 . 2 8 . 2 3 9 0 . 5 2 9 6 . 0 1 0 8 . 0 4 0 4 . 0 2 3 5 7 . 5 8 0 3 . 9 3 5 7 . 5 8 . 1 4 0 0 . 1 3 0 0 . 6 1 0 7 . 9 4 0 8 . 4 2 3 5 5 . 6 8 1 1 . 6

3 5 5 . 8 8 . 1 3 8 8 . 7 3 0 1 . 3 1 0 5 . 1 4 0 6 . 4 2 3 5 9 . 4 8 2 9 . 3 3 5 7 . 0 8 . 1 3 7 4 . 7 2 9 2 . 3 1 0 2 . 6 3 9 4 . 9 2 3 6 4 . 6 8 3 8 . 1 3 6 1 . 3 8 . 4 3 7 4 . 0 2 9 1 . 1 1 0 3 . 9 3 9 5 . 1 2 3 8 0 . 1 8 4 8 . 2

3 6 5 . 5 8 . 8 3 8 2 . 1 2 9 6 . 6 1 0 6 . 8 4 0 3 . 4 2 3 9 2 . 0 8 5 4 . 9 3 6 7 . 9 8 . 9 3 7 3 . 1 2 7 9 . 8 1 0 3 . 8 3 8 3 . 6 2 4 0 5 . 0 8 7 5 . 6 3 6 8 . 2 9 . 2 3 8 2 . 8 2 7 4 . 8 1 0 5 . 5 3 8 0 . 3 2 4 4 0 . 4 8 8 3 . 7

3 6 9 . 1 9 . 5 3 8 8 . 8 2 7 2 . 7 1 0 5 . 1 3 7 7 . 8 2 4 6 1 . 8 8 8 8 . 3 3 6 9 . 1 9 . 5 3 8 6 . 8 2 6 8 . 7 1 0 4 . 4 3 7 3 . 1 2 4 8 4 . 3 9 0 2 . 8 3 6 9 . 3 9 . 3 3 8 8 . 5 2 6 4 . 7 1 0 5 . 6 3 7 0 . 3 2 4 9 4 . 0 9 0 6 . 2

3 7 0 . 0 8 . 9 3 9 1 . 1 2 5 5 . 6 1 0 5 . 4 3 6 1 . 0 2 5 0 7 . 2 9 1 9 . 2 3 7 1 . 6 8 . 7 3 9 5 . 9 2 5 4 . 0 1 0 6 . 3 3 6 0 . 3 2 5 2 2 . 6 9 2 1 . 9 3 7 6 . 1 8 . 6 4 0 8 . 1 2 4 9 . 8 1 0 8 . 1 3 5 8 . 0 2 5 3 9 . 8 9 1 3 . 2

1994-AUG. SEP.

OCT. NOV. DEC.

1995-JAN. FEB. MAR.

APR. MAY JUNE

JULY AUG. SEP.

OCT. NOV. DEC.

Week ending 1995-DEC 4

11 18 25

1996-JAN. 1 8

15 22p 29p

3 7 2 . 2 8 . 5 3 9 9 . 4 2 5 3 . 6 1 0 9 . 1 3 6 2 . 6 2 5 3 2 . 1 9 2 3 . 4 3 7 4 . 6 8 . 5 4 0 4 . 7 2 5 0 . 3 1 0 9 . 4 3 5 9 . 7 2 5 4 4 . 5 9 1 3 . 5 3 7 5 . 1 8 . 5 4 0 3 . 3 2 4 9 . 3 1 0 7 . 2 3 5 6 . 5 2 5 4 3 . 6 9 1 1 . 8 3 7 9 . 5 8 . 6 4 0 8 . 5 2 4 7 . 4 1 0 6 . 1 3 5 3 . 6 2 5 3 6 . 1 9 1 0 . 8

3 7 6 . 0 8.6 4 2 2 . 8 2 4 9 . 0 1 0 7 . 8 3 5 6 . 8 2 5 3 5 . 5 9 0 9 . 5 3 7 4 . 6 8 . 6 e 4 1 7 . 3 2 5 1 . 9 1 1 1 . 3 3 6 3 . 2 2 5 5 5 . 1 9 1 9 . 8 3 7 3 . 1 8.6 e 4 0 8 . 2 2 4 4 . 1 1 0 8 . 6 3 5 2 . 7 2 5 7 3 . 5 9 3 5 . 7 3 7 0 . 6 8 . 6 e 3 9 0 . 6 2 4 0 . 6 1 0 4 . 5 3 4 5 . 2 2 5 6 0 . 7 9 3 2 . 1 3 6 8 . 6 8 . 5 e 3 8 0 . 1 2 3 2 . 8 1 0 0 . 7 3 3 3 . 5 2 5 5 1 . 0 9 3 2 . 2

1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. 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. 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

U.S. addressees. e estimated p preliminary


H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted

Page 8

Savings deposits1 Small-denomination time deposits2

Date At commercial

banks At

thrift institutions

Total a t commercial banks

a ? thrift

institutions Total

Retail money funds3

Institutional money funds4

Large-denomination time deposits5

At commercial

banks6 Kt

thrift institutions

Total

1994 -AUO. SEP.

OCT. NOV. DEC.

1995 -JAN. FEB. MAR.

APR. MAY JUNE

JULY AUO. SEP.

OCT. NOV. DEC.

Week &? 1995 -DEC. 4

11 18 25

1996 -JAN. 1 8

15 22p 29p

7 7 7 . 4 7 7 3 . 3

7 6 6 . 0 7 6 1 . 9 7 5 1 . 6

7 4 0 . 2 7 3 0 . 3 7 2 3 . 9

7 1 8 . 4 7 1 8 . 4 7 3 0 . 9

733. 741 , 748,

755, 763 , 775,

4 2 3 . 0 4 1 6 . 8

4 1 1 . 8 4 0 5 . 5 3 9 6 . 9

389.0 380.9 376.6

3 7 2 . 1 3 6 9 . 0 3 6 8 . 5

3 6 5 . 9 3 6 3 . 6 3 6 3 . 0

3 6 2 . 9 3 6 1 . 8 3 5 9 . 5

1200.4 1190.1

1177.7 1167.4 1148.5

1129.2 1111.2 1100.4

1090.5 1087.4 1099.4

1099, 1105, 1111,

1118, 1125, 1134,

7 6 9 . 2 3 6 1 . 4 1130 .6 7 7 6 . 8 3 6 1 . 4 1138 .2 7 7 5 . 5 3 6 0 . 1 1135 .6 7 7 2 . 1 3 5 8 . 2 1130 .3

7 7 7 . 2 3 5 6 . 4 1133 .6 7 9 3 . 1 3 5 8 . 6 1151 .7 7 9 8 . 3 3 5 8 . 0 1156 .3 7 8 9 . 2 3 5 6 . 6 1145 .8 7 8 3 . 1 3 5 5 . 1 1138 .2

4 7 6 . 7 4 8 1 . 9

4 8 8 . 6 4 9 3 . 9 5 0 2 . 5

5 1 4 . 3 5 2 6 . 1 5 3 9 . 5

5 4 8 . 4 5 5 5 . 9 5 6 2 . 9

568, 571, 571,

572 .7 5 7 2 . 8 5 7 2 . 6

3 0 6 . 8 3 0 8 . 0

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

3 2 2 . 0 3 3 0 . 0 3 3 9 . 5

3 4 7 . 4 3 5 2 . 8 3 5 3 . 7

3 5 4 . 3 3 5 4 . 8 3 5 5 . 4

356, 356, 357,

7 8 3 . 5 7 9 0 . 0

8 0 0 . 0 8 0 9 . 2 8 1 8 . 9

8 3 6 . 3 8 5 6 . 1 8 7 9 . 0

895.9 908.8 916.5

375 , 3 7 2 ,

3 7 5 . 3 8 1 . 3 8 8 .

3 9 3 . 8 3 9 7 . 3 4 0 0 . 7

4 0 5 . 6 4 0 8 . 8 4 2 4 . 6

923, 925, 927,

928, 929, 929,

439 453, 455,

459.9 467.8 475.3

177 174,

180, 184, 185,

1 9 5 . 3 1 9 3 . 4 1 9 5 . 6

1 9 7 . 1 2 0 2 . 0 2 0 8 . 8

2 1 5 . 9 2 1 8 . 4 2 1 8 . 1

2 2 1 . 8 2 2 6 . 3 2 2 8 . 6

2 8 3 . 6 2 8 8 . 2

2 9 2 . 2 2 9 6 . 7 2 9 8 . 5

295, 302, 306

307, 316, 317,

319, 324, 327,

338 . 344 . 3 4 3 .

5 7 2 . 5 3 5 7 . 1 9 2 9 . 6 4 7 2 . 0 2 2 9 . 3 3 4 5 . 1 5 7 2 . 5 3 5 7 . 3 929 .7 4 7 6 . 6 2 2 7 . 7 3 4 3 . 5 5 7 2 . 3 3 5 7 . 3 9 2 9 . 6 4 7 8 . 4 2 2 8 . 2 3 4 4 . 2 5 7 1 . 9 3 5 7 . 5 9 2 9 . 4 4 7 6 . 4 2 2 8 . 2 3 4 4 . 5

5 7 4 . 0 3 5 6 . 5 9 3 0 . 5 4 7 1 . 4 2 3 0 . 0 3 3 9 . 2 5 7 3 . 9 3 5 7 . 3 9 3 1 . 1 4 7 2 . 3 2 3 0 . 3 3 4 0 . 6 575 .6 3 5 5 . 3 9 3 0 . 8 4 8 6 . 4 2 4 0 . 4 3 4 4 . 0 575 .6 3 5 4 . 6 9 3 0 . 2 4 8 4 . 7 2 3 9 . 6 3 4 1 . 9 575 .6 3 5 4 . 5 9 3 0 . 1 4 8 2 . 8 2 4 0 . 5 3 4 1 . 3

6 2 . 1 6 3 . 3

6 4 . 3 6 4 . 7 6 4 . 8

6 6 . 3 6 7 . 6 6 8 . 9

7 0 . 6 7 0 . 9 7 1 . 1

7 2 , 7 3 , 74 ,

75< 7 5 . 7 5 ,

75 , 75 75 , 74

75 , 75 , 75 , 7 5 , 7 5 ,

345.7 351 .5

356 .5 361 .4 363.2

361 .4 370 .0 375 .8

378 . 3 3 8 7 . 1 388 .7

392, 397, 401.

413 .2 419 .8 418 .5

420, 418, 419, 419,

414, 416, 419, 417. 416 .8

1. Savings deposits include money market deposit accounts. 2. Small-denomination time depositsincluding retail RPsare those issued in amounts of less than $100,000. All IRA and Keogh account balances at commer-

cial banks and thrifts are subtracted from small time deposits. 3. Balances in money funds with minimum initial investments of less than $50,000. 4. Balances in money funds with minimum initial investments of $50,000 or more. 5. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 6. 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted

Page 9

RPs1 Non-M3 Components of L Debt components6

Date At commercial banks

At thrift institutions Total

Eurodollars2 Savings bonds

Short-term Treasury

securities3 Bankers

acceptances4 Commercial

paper6 Federal debt Non-Federal

debt

1 9 9 4 - A U G . S E P .

1 3 7 . 4 1 3 9 . 6

3 4 . 8 3 5 . 1

1 7 2 . 2 1 7 4 . 7

7 8 . 8 7 9 . 1

1 7 7 . 9 1 7 8 . 4

3 7 9 . 3 3 6 6 . 4

1 3 . 5 1 4 . 4

3 8 9 . 6 3 9 1 . 5

3 4 1 8 . 3 3 4 3 8 . 3

9 4 5 6 . 4 9 5 0 7 . 0

OCT. NOV. DEC.

1 3 7 . 9 1 3 7 . 3 1 4 0 . 0

3 6 . 4 3 7 . 2 3 9 . 4

1 7 4 . 3 1 7 4 . 6 1 7 9 . 4

8 1 . 6 8 3 . 3 8 3 . 4

1 7 9 . 0 1 7 9 . 7 1 8 0 . 2

3 6 4 . 1 3 7 9 . 7 3 9 3 . 6

1 3 . 3 1 3 . 6 1 4 . 4

4 0 4 . 2 4 0 5 . 3 4 0 3 . 6

3 4 4 8 . 5 3 4 8 5 . 2 3 4 9 9 . 0

9 5 5 2 . 2 9 5 9 9 . 8 9 6 4 6 . 9

1 9 9 5 - J A N . FEB. MAR.

1 4 4 . 5 1 4 6 . 4 1 4 6 . 1

4 0 . 9 4 2 . 0 4 2 . 7

1 8 5 . 4 1 8 8 . 3 1 8 8 . 7

8 7 . 2 8 6 . 4 8 8 . 0

1 8 0 . 6 1 8 0 . 8 1 8 1 . 2

3 9 0 . 7 4 0 6 . 0 4 2 0 . 7

1 4 . 2 1 3 . 9 1 3 . 9

4 1 0 . 5 4 1 5 . 3 4 2 0 . 4

3 4 9 9 . 0 3 5 2 5 . 0 3 5 5 1 . 1

9 6 7 9 . 2 9 7 0 6 . 5 9 7 5 0 . 7

APR. MAY JUNE

1 4 6 . 8 1 5 1 . 3 1 5 0 . 2

4 3 . 8 4 5 . 3 4 5 . 1

1 9 0 . 6 1 9 6 . 6 1 9 5 . 3

8 8 . 9 8 9 . 8 9 0 . 9

1 8 1 . 7 1 8 2 . 1 1 8 2 . 4

4 1 1 . 3 4 0 2 . 9 4 1 2 . 3

1 3 . 7 1 2 . 1 1 1 . 0

4 3 0 . 8 4 3 4 . 7 4 2 5 . 5

3 5 4 4 . 1 3 5 5 2 . 6 3 5 7 9 . 3

9 8 1 3 . 8 9 8 7 7 . 4 9 9 3 2 . 0

JULY AUG. S E P .

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

4 5 . 3 4 6 . 6 4 6 . 9

1 8 8 . 5 1 9 3 . 3 1 9 2 . 6

9 1 . 6 9 3 . 1 9 3 . 8

1 8 2 . 8 1 8 3 . 0 1 8 3 . 3

4 3 4 . 8 4 3 9 . 2 4 4 6 . 0

1 1 . 6 1 1 . 9 1 2 . 6

4 2 4 . 4 4 2 8 . 7 4 3 9 . 4

3 5 8 8 . 8 3 6 0 2 . 2 3 6 0 6 . 8

9 9 6 7 . 3 9 9 9 9 . 6

1 0 0 5 0 . 2

OCT. NOV. DEC.

1 4 4 . 9 1 3 8 . 8 1 3 0 . 5

4 6 . 3 4 6 . 3 4 6 . 3

1 9 1 . 2 1 8 5 . 1 1 7 6 . 8

9 3 . 1 9 0 . 6 8 9 . 3

1 8 3 . 8 1 8 4 . 3 p

4 4 9 . 5 4 6 9 . 6 p

1 3 . 2 1 3 . 2 p

4 4 6 . 4 4 4 0 . 3 p

3 6 1 0 . 1 3 6 3 5 . 9 p

1 0 0 9 3 . 0 1 0 1 3 1 . 8 p

1 9 9 5 - D E C . 4 1 1 1 8 2 5

1 3 5 . 2 1 3 1 . 5 1 3 0 . 5 1 2 8 . 1

4 5 . 7 4 6 . 8 4 6 . 6 4 6 . 3

1 8 1 . 0 1 7 8 . 3 1 7 7 . 1 1 7 4 . 5

9 2 . 8 8 8 . 8 8 7 . 2 8 8 . 7

1 9 9 6 - J A N . 1 8

15 2 2 p 2 9 p

1 2 8 . 7 1 3 7 . 1 1 3 7 . 5 1 3 5 . 8 1 3 4 . 6

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

1 7 4 . 4 1 8 3 . 0 1 8 4 . 3 1 8 2 . 7 1 8 1 . 7

9 0 . 8 9 0 . 5 9 1 . 5 9 2 . 6 9 3 . 1

1. 2.

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


H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted

Page 10

Demand deposits at banks due to

Foreign commercial

banks

Foreign official

institutions

7 . 7 8 . 1

1 .5 1.5

8 . 0 8 .4 8 .7

1.6 1 .8 1.6

8 .4 8 . 0 8 . 1

1.6 1 .6 1 .6

7 . 7 8 . 2 8 .2

1 .6 1 .5 1.5

8 .5 7 . 5 7 . 5

1.5 1 .4 1 .6

8 . 2 8 .0 7 . 9

1 .5 1.6 1.5

Time and savings deposits due to foreign

banks and official

institutions

U.S. government deposits IRA and Keogh Accounts

Demand deposits at commercial

banks

Balance at

Federal Reserve

Note balances at depository institutions

Total cash

balance

Time and savings

deposits at commercial

banks

At A! commercial thrift

banks institutions

At money market funds

Total

1 9 9 4 - A U G . S E P .

OCT. NOV. DEC.

1 9 9 5 - J A N . FEB. MAR.

APR. MAY JUNE

JULY AUG. S E P .

OCT. NOV. DEC.

Week e n d i n a 1 9 9 5 - D E C . 4

1 1 18 2 5

1 9 9 6 - J A N . 1 8

1 5 2 2 p 2 9 p

14 .0 14 .6

14 .8 14 .6 14 .4

14 .0 13 .3 12.7

12 .8 13 .8 14 .8

14, 13, 12,

11 . 12, 11,

11, 11, 11, 11,

11, 12, 12, 12, 12.

3 . 9 5 .8

4 .3 3 . 9 5.7

4 . 8 3 . 3 3 . 4

5 .5 3 . 1 4 . 5

3. 2,

12. 3,

5, 4. 3 . 6. 3 .

5 . 1 6 .0

5 .6 5 .2 6 .2

7 .0 5 .9 5 .2

6.2 5 .7 7 .9

5 .2 5.7 6 .6 8 .5

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

1 0 . 1 1 6 . 9

1 2 . 1 9 .8

13 .4

2 0 . 0 2 1 . 1 1 0 . 1

12 .4 18 .7 19 .6

27. 13.

11, 8,

14,

12. 7,

13, 22,

16. 8. 8.

16. 29.

17 .8

19 .0 2 8 . 8

2 2 . 0 1 8 . 9 2 5 . 3

3 1 . 8 30 .3 18 .8

24. 27 , 32 ,

37, 21 , 30,

28, 18, 17, 30, 38,

1 9 . 8 1 6 . 5 2 7 . 2

2 0 . 9 15 .8 3 2 . 9 3 5 . 2

2 . 9 2 . 5

2 . 2 1 .9 1.3

1.2 2 . 3 2 . 4

2 . 6 1.4 1.0

1.0 1.0 1.0 0 .9

1.0 1.0 1 .0 1 .1 1 .1

142 .6 142 .7

142 .7 142 .9 143 .3

143, 144. 145.

148. 149, 149,

150. 151, 152,

146 .4 146 .8 147 .8

9 1 4

0 2 2

109 .7 108 .7

1 0 8 . 1 1 0 7 . 9 107 .5

107 .6 107 .8 107 .9

107 .9 107 .8 107 .7

107. 107, 108,

108. 108. 108,

5 6 . 1 56 .8

58 .3 5 9 . 4 59 .7

59 .7 59 .9 6 0 . 1

60 .3 6 0 . 5 e 60 .6 e

60, 60. 60.

60. 60. 60 .8

308 .4 308 .1

309 .1 310.2 310 .5

310 .9 312 .4 313 .5

314 .5 315 .0 3 1 6 . 1

317, 317, 318,

319, 320, 321,

e estimated p preliminary


Appendix Table 1 Monthly Seasonal Factors Used to Construct Ml

Currency Nonbank

travelers checks Demand deposits

Other checkable deposits [1] total at banks

1995

1996

1997

January 0.9950 February 0.9943

March 0.9973 April 1.0015 May 1.0008 June 1.0032 July 1.0049

August 1.0016 September 0.9995

October 0.9978 November 1.0002 December 1.0080


March 0.9974 April 0.9995 May 1.0013 June 1.0030 July 1.0031

August 1.0023 September 0.9984

October 0.9965 November 1.0005 December 1.0057


March 0.9969

0.9568 0.9541 0.9656 0.9723 0.9867 1.0274 1.0668 1.0745 1.0495 1.0124 0.9750 0.9584

0.9557 0.9527 0.9648 0.9740 0.9884 1.0285 1.0674 1.0753 1.0495 1.0109 0.9744 0.9581

0.9551 0.9522 0.9649

1.0140 0.9773 0.9767 1.0000 0.9763 0.9905 1.0009 0.9936 0.9975 1.0077 1.0197 1.0466

1.0141 0.9771 0.9765 0.9994 0.9752 0.9907 1.0015 0.9941 0.9980 1.0076 1.0193 1.0465

1.0140 0.9771 0.9767

1.0165 0.9953 1.0008 1.0210 0.9901 0.9956 0.9921 0.9892 0.9943 0.9916 1.0000 1.0144

1.0166 0.9949 1.0004 1.0209 0.9894 0.9955 0.9924 0.9893 0.9948 0.9915 1.0001 1.0147

1.0163 0.9948 1.0003

1.0242 1.0012 1.0024 1.0196 0.9868 0.9921 0.9874 0.9878 0.9938 0.9901 0.9995 1.0168

1.0243 1.0006 1.0016 1.0195 0.9860 0.9919 0.9876 0.9880 0.9943 0.9901 0.9999 1.0171

1.0241 1.0003 1.0011

1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks.


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