[Economic Indicators December, 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

In November, M2 growth slowed and M3 growth accelerated.
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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         9,463.6       5.0      5.8      6.5      9.1
1989:Dec .....................             794.2             3,161.0           4,066.3      4,893.2        10,157.0        .9      5.5      3.9      7.3
1990:Dec .....................             825.8             3,279.6           4,126.8      4,977.5        10,823.2       4.0      3.8      1.5      6.6
1991:Dec .....................             897.3             3,379.9           4,182.1      5,008.0      r 11,296.1       8.7      3.1      1.3      4.4
1992:Dec .....................           1,025.0             3,434.7           4,193.5      5,081.4        11,818.2      14.2      1.6       .3      4.6
1993:Dec .....................           1,129.9             3,487.5           4,258.9      5,173.3        12,407.3      10.2      1.5      1.6      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      4.8
1995:Dec .....................           1,128.7             3,651.2           4,595.6      5,702.3      r 13,695.6      -1.9      4.2      6.0      5.4
1996:Dec .....................           1,082.8             3,826.1           4,931.1      6,083.6      r 14,424.1      -4.1      4.8      7.3      5.3
1997:Dec .....................           1,076.0             4,046.4           5,376.8      6,611.3      r 15,167.3       -.6      5.8      9.0    r 5.2
 
1997:Oct .....................           1,061.9             3,999.3           5,274.8      6,481.0      r 15,010.5      -1.2      5.6      8.0      4.9
      Nov ....................           1,069.2             4,023.6           5,326.3      6,548.4      r 15,088.4        .9      6.6      9.4      5.2
      Dec ....................           1,076.0             4,046.4           5,376.8      6,611.3      r 15,167.3       2.0      7.0     10.4      5.9
 
1998:Jan r....................           1,073.7             4,071.6           5,423.2      6,683.3        15,241.0       1.5      7.5     10.5      6.0
      Feb r...................           1,076.5             4,104.5           5,463.7      6,756.8        15,322.0       1.0      7.4     10.2      6.1
      Mar r...................           1,081.1             4,133.2           5,529.4      6,831.7        15,405.0       3.3      7.7     11.1      6.3
      Apr r...................           1,080.7             4,166.1           5,578.9      6,863.9        15,482.4       3.5      8.3     11.5      6.3
      May r...................           1,077.7             4,175.9           5,612.7      6,887.1        15,555.9       1.6      7.6     10.8      6.2
      June r..................           1,074.5             4,194.0           5,643.8      6,928.1        15,630.0       -.3      7.3      9.9      6.1
      July r..................           1,071.8             4,210.8           5,650.9      6,926.1        15,711.5       -.4      6.8      8.4      6.2
      Aug r...................           1,069.0             4,240.7           5,707.2      6,982.0        15,793.1      -1.4      6.6      8.9      6.1
      Sept r..................           1,072.1             4,292.9           5,776.3             p 7,065.15,871.7      -1.7      7.7      8.9      6.1
      Oct r...................           1,078.5             4,338.5           5,840.5  ............       15,957.3       -.4      8.3      9.4      6.1
      Nov ....................           1,087.3             4,377.4           5,915.4  ............  ..............      1.8      9.7     10.8  .......
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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.
    * Publication of the L aggregate 
and its components (savings bonds, 
short-term Treasury securities, 
bankers' acceptances, and commercial 
paper) in the weekly Money Stock 
release (H.6) has been discontinued 
by the Federal Reserve. Quarterly 
series of relevance to broad 
measures of liquidity are published 
in Federal Reserve release Z.1, Flow 
of Funds Accounts. Data for the 
discontinued series shown on this 
page and on page 27 are as last 
released and are for information 
only.

    Source: Board of Governors of 
the Federal Reserve System.