[Economic Indicators March, 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 grew at a faster rate in February than in January, while M3 growth 
slowed.
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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       r 9,458.6       5.0      5.8      6.5    r 9.1
1989:Dec .....................             794.2             3,161.0           4,066.3      4,893.2      r 10,151.0        .9      5.5      3.9    r 7.3
1990:Dec .....................             825.8             3,279.6           4,126.8      4,977.5      r 10,816.8       4.0      3.8      1.5      6.6
1991:Dec .....................             897.3             3,379.9           4,182.1      5,008.0      r 11,290.4       8.7      3.1      1.3      4.4
1992:Dec .....................           1,025.0             3,434.7           4,193.5      5,081.4      r 11,812.8      14.2      1.6       .3    r 4.6
1993:Dec .....................           1,129.9             3,487.5           4,258.9      5,173.0      r 12,403.1      10.2      1.5      1.6    r 5.0
1994:Dec .....................           1,150.7             3,503.0           4,333.6      5,315.8      r 12,998.7       1.8       .4      1.8    r 4.8
1995:Dec .....................           1,128.7             3,651.2           4,595.6      5,702.2      r 13,699.2      -1.9      4.2      6.0    r 5.4
1996:Dec .....................           1,082.8             3,826.1           4,935.5    r 6,088.3      r 14,419.9      -4.1      4.8      7.4      5.3
1997:Dec .....................           1,076.0             4,040.2         r 5,375.7    r 6,619.6      r 15,153.5       -.6      5.6      8.9    r 5.1
                                                                                                                                                        
1997:Jan .....................           1,080.8             3,840.7           4,961.1    r 6,113.4      r 14,462.7      -5.3      4.6      7.4      4.5
      Feb ....................           1,078.8             3,853.3           4,997.8    r 6,160.4      r 14,523.2      -3.9      4.8      8.2    r 4.6
      Mar ....................           1,075.0             3,868.9           5,032.0    r 6,204.1      r 14,587.6      -3.6      5.0      8.3    r 4.8
      Apr ....................           1,068.3             3,890.0           5,075.2    r 6,260.1      r 14,661.3      -2.5      5.5      8.6    r 5.0
      May ....................           1,064.3             3,892.7           5,091.2    r 6,290.3      r 14,710.6      -3.1      4.6      8.1    r 4.7
      June ...................           1,065.4             3,908.2           5,114.3    r 6,317.3      r 14,743.0      -3.2      4.3      7.2    r 4.5
      July ...................           1,065.6             3,922.0           5,154.2    r 6,349.9      r 14,800.4      -2.8      4.2      7.8    r 4.7
      Aug ....................           1,071.1             3,953.1           5,199.3    r 6,406.5      r 14,860.1      -1.4      5.2      8.1    r 4.6
      Sept ...................           1,063.6             3,973.8           5,237.2    r 6,445.0      r 14,919.7      -2.1      5.4      8.2    r 4.6
      Oct ....................           1,061.9             3,993.2         r 5,274.4    r 6,482.5      r 14,993.7      -1.2      5.3    r 7.8    r 4.5
      Nov ....................           1,069.2             4,017.5         r 5,325.8    r 6,553.7      r 15,075.0        .9      6.4      9.2    r 5.0
      Dec ....................           1,076.0             4,040.2         r 5,375.7    r 6,619.6      r 15,153.5       2.0      6.8     10.2    r 5.6
                                                                                                                                                        
1998:Jan .....................           1,073.3           r 4,064.6         r 5,423.7             p 6,694.4       p 15,221.4      7.3     10.5      5.8
      Feb ....................           1,075.8             4,096.1           5,462.2  ............  ..............       .9      7.2     10.1  .......
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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.