[Economic Indicators February, 1998]
[Page Number 26]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                   MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

M2 and M3 grew at the same rate in January as in December.
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                                 [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]                                 
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                                       M1                 M2                 M3               L            Debt          Percent change from year or 6  
                               --------------------------------------------------------------------------------------         months earlier \2\        
                                                                                                          Debt of    -----------------------------------
                                                                        M2 plus large                    domestic                                       
                                Sum of currency,    M1 plus retail     time deposits,                  nonfinancial                                     
            Period              demand deposits,    MMMF balances,       RPs, Euro-        M3 plus        sectors                                       
                                   travelers'      savings deposits     dollars, and    other liquid     (monthly                                       
                                   checks, and    (including MMDAs),    institution-       assets       average of       M1       M2       M3      Debt 
                                 other checkable    and small time        only MMMF                   adjacent month-                                   
                                deposits (OCDs)        deposits           balances                      end levels)                                     
                                                                                                            \1\                                         
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1988:Dec .....................             787.0             2,996.4           3,913.1      4,663.7         9,429.2       5.0      5.8      6.5      8.9
1989:Dec .....................             794.2             3,161.0           4,066.3      4,893.2        10,150.8        .9      5.5      3.9      7.7
1990:Dec .....................             825.8             3,279.6           4,126.8      4,977.5        10,825.4       4.0      3.8      1.5      6.6
1991:Dec .....................             897.3             3,379.9           4,182.1      5,008.0        11,301.9       8.7      3.1      1.3      4.4
1992:Dec .....................           1,025.0             3,434.7           4,193.5      5,081.4        11,842.0      14.2      1.6       .3      4.8
1993:Dec .....................           1,129.9             3,487.5           4,258.9      5,173.0        12,462.1      10.2      1.5      1.6      5.2
1994:Dec .....................           1,150.7             3,503.0           4,333.6      5,315.8        13,078.0       1.8       .4      1.8      4.9
1995:Dec .....................           1,128.7             3,651.2           4,595.6      5,702.2        13,773.3      -1.9      4.2      6.0      5.3
1996:Dec .....................           1,082.8             3,826.1           4,935.5      6,088.4        14,496.6      -4.1      4.8      7.4      5.3
1997:Dec .....................           1,076.0             4,040.2         r 5,376.1             p 6,618.3       p 15,18-.6      5.6    r 8.9      4.7
                                                                                                                                                        
1997:Jan .....................           1,080.8             3,840.7           4,961.1      6,113.6        14,538.1      -5.3      4.6      7.4      4.5
      Feb ....................           1,078.8             3,853.3           4,997.8      6,160.6      r 14,596.0      -3.9      4.8      8.2      4.5
      Mar ....................           1,075.0             3,868.9           5,032.0      6,204.3      r 14,657.8      -3.6      5.0      8.3      4.7
      Apr ....................           1,068.3             3,890.0           5,075.2      6,260.3      r 14,729.2      -2.5      5.5      8.6      4.8
      May ....................           1,064.3             3,892.7           5,091.2    r 6,290.5      r 14,776.3      -3.1      4.6      8.1      4.6
      June ...................           1,065.4             3,908.2           5,114.3      6,317.5      r 14,806.3      -3.2      4.3      7.2      4.3
      July ...................           1,065.6             3,922.0           5,154.2      6,350.1      r 14,862.9      -2.8      4.2      7.8    r 4.5
      Aug ....................           1,071.1             3,953.1           5,199.3      6,406.7      r 14,922.9      -1.4      5.2      8.1    r 4.5
      Sept ...................         r 1,063.6             3,973.8           5,237.2    r 6,445.2      r 14,983.9      -2.1      5.4      8.2    r 4.4
      Oct r...................           1,061.9             3,993.2           5,274.7      6,482.6        15,052.7      -1.2      5.3      7.9      4.4
      Nov r...................           1,069.2             4,017.5           5,326.3      6,553.3        15,119.1        .9      6.4      9.2      4.6
      Dec r...................           1,076.0             4,040.2           5,376.1             p 6,618.3       p 15,182.0      6.8     10.2      5.1
                                                                                                                                                        
1998:Jan .....................           1,073.3             4,064.5           5,425.4  ............  ..............      1.4      7.3     10.5  .......
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    \1\ Consists of outstanding 
credit market debt of the U.S. 
Government, State and local 
governments, and private 
nonfinancial sectors; data derived 
from flow of funds accounts.
    \2\ Annual changes are from 
December to December and monthly 
changes are from 6 months earlier at 
a simple annual rate.
    Note.--See p. 27 for components.

    Source: Board of Governors of 
the Federal Reserve System.