Full text of H.6 Money Stock Measures : April 6, 1989

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.•isMa&v

FEDERAL RESERVE statistical release
••f^Ti^V

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

APRIL

Billions of dollars
Date

M1J

M2*

M3 3

6, 1989

Debt5

Seasonally adjusted
1987-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

734.8
745.1
746.6
741.3
742.8
745.6
747.9
757.3
754.6
752.3

2833.3
2844.5
2845.5
2848.
2856.
2869.
2885.
2902.
2904.
2909.

3532.
3549.
3564.
3579.
3588.
3610.
3630.
3655.
3670.
3677.

4176.7
4187.3
4215.1
4231.8
4237.5
4262.7
4293.5
4327.7
4337.5
4340.5

7731.
7793.
7860,
7919.
7964.
8020.
8084.
8152.
8230.
8283.

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

758.4
760.1
763.8
771.2
771.1
776.5
782.5
782.4
783.7
785.4
786.6
790.3

2930.5
2950.8
2969.3
2990.3
2999.8
3013.1
3023
3029
3035
3042
3059
3069

3701.
3731.
3755.
3779.
3794.
3815.
3838.
3852.
3864.
3881.
3901.
3919,

4376.5
4406.3
4436.3
4475.3
4503.8
4521.0
4565.3
4587.1
4597.6
4620.0
4650.8
4690.6

8326.
8384.
8449.
8509.
8567.
8624.
8682.
8746.8
8810.9
8870.3
8943.4
9001.0

1989-JAN.
FEB.

786.3
787.4

3066.2
3070.5

3924.6
3934.7

4692.9 p

9052.7 p

Not seasonally adjusted
1987-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

723.7
752.6
739.9
744.6
747.0
745.2
745.5
754.1
756.5
766.4

2826.5
2855.0
2835.8
2850.0
2863.2
2869.8
2878.9
2899.1
2903.9
2918.7

3527.2
3556.0
3554.2
3578.8
3590.2
3610.0
3628.4
3653.1
3674.8
3688.5

4174.
4192.
4202.
4231.
4230.
4257.4
4288.2
4323.8
4345.0
4354.9

7694.9
7757.5
7823.6
7888.1
7936.8
7991.5
8056.1
8123.2
8196.4
8266.0

1988-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

765.2
745.5
752.6
779.1
764.6
779.9
786.9
782.3
781.0
782.1
788.3
804.4

2941.1
2938.3
2962.4
3001.4
2990.1
3015
3031
3030
3028
3038
3057
3077

3710.1
3719.3
3750.3
3785.8
3784.4
3815.9
3839
3853
3862
3878
3906
3929

4392.7
4402.1
4432.8
4478.7
4491.7
4521.4
4557.2
4581.9
4592.7
4615.9
4658.7
4704.4

8309.6
8347.6
8411.5
8472.6
8529.8
8592.3
8648
8707
8777
8837
8906
8981

1989-JAN.
FEB.

793.0
772.3

3076.5
3058.0

3932.1
3922.7

4709.6 p

9031.8 p

Footnotes appear on the following page,
p—indicates preliminary data.




H.6
(508)
Table 2

MONEY STOCK A^D DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml

M2

M3

Debt 1

0.4

1.5

3.4

8.2

6 Months from AUG. 1988 TO FEB. 1989

1.3

2.7

4.3

8.5

12 Months from FEB. 1988 TO FEB. 1989

3.6

4.1

5.5

8.7

3 Months from NOV. 1988 TO FEB. 1989

Thirteen weeks ending MARCH 27, 1989
from thirteen weeks ending:
DEC. 26, 1988 (13 weeks previous)

0.0

2.3

4.0

SEP. 26, 1988 (26 weeks previous)

1.1

2.9

4.6

MAR. 28, 1988 (52 weeks previous)

3.5

1.

5.7
4.2
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates> namely,
October 1988 to January 1989, July 1988 to January 1989, and January 1988 to January 1989, 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 (NOH) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
.,..
.
• . A ..
.n
.
Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination time deposits (time deposits—including retail RPs--in amounts of less than $100,000), and balances in both
taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
. . .
, A.
_
,
..
«« i- L-I-AJ
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by commercial banks and thrift institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2
component as a whole and then 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
justed to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The m
been adjt
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of

dollars

Seasonally adjusted
Ml

Period ending
1989-JAN.

2
9
16
23
30
FEB. 6
13
20
27
MAR. 6
13
20p
27p

13-week
average

4-week
average

787.6
787.8
787.7
787.7
787.7
787.8
787.8
788.0
788.0
788.1
787.6
787.3
787.1

790.1
789.1
787.8
786.9
786.0
786.1
786:0
786.7
787.2
788.3
788.4
787.8
787.4

M2
week
average
790.2
786.7
784.6
786.1
786.5
787.1
784.1
789.1
788.6
791.5
784.2
786.9
787.1

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

3057.4
3059.6
3061.2
3063.0
3064.6
3065.6
3066.7
3067.5
3068.4
3069.3
3070.0
3071.1
3072.1

3068.5
3067.8
3066.6
3066.3
3066.0
3065.5
3065.7
3067.4
3069.8
3074.7
3077.6
3080.7
3081.6

3068.0
3065.7
3065.4
3066.0
3066.7
3063.9
3066.2
3072,9
3076.1
3083.4
3077.9
3085.3
3079.9

3902.1
3906.0
3909.2
3912.3
3915.2
3917.7
3919.9
3922.8
3925.4
3927.9
3930.4
3933.7
3937.4

3920.1
3921.7
3922.2
3924.5
3924.5

3923.7
3926.0
3925.1
3923.2
3923.6

3924.0
3924.1
3929.3
3933.8

3924.1
3925.3
3944.2
3941.5

3940.2
3946.8
3952.2
3957.5

3949.8
3951.5
3965.8
3962.8

Not seasonally adjusted

Period ending

13-week
average

4-week
average

M3

M2

Ml
week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

3076.8
3083.4
3086.4
3086.7
3075.6
3064.8
3058.2
3055.9
3057.4
3061.8
3065.7
3070.4
3073.7

3089.5
3104.2
3086.6
3066.5
3045.1
3061.1
3060.1
3057.4
3050.8
3078.7
3075.8
3076.4
3063.8

3906.6
3911.9
3916.5
3920.7
3922.9
3924.3
3925.6
3926.9
3927.6
3929.2
3930.9
3933.3
3935.4

3930.5
3936.8
3941.4
3942.1
3931.0
3922.6
3917.1
3917.9
3921.8
3928.4
3935.5
3943.0
3950.9

1989-JAN.

2
9
16
23
30

792.3
794.7
795.5
796.2
795.5

805.2
809.7
809.1
804.8
791.4

817.4
820.2
800.0
781.6
763.9

FEB.

6
13
20
27

794.7
793.4
792.2
790.5

781.8
775.4
772.7
772.2

781.5
774.5
770.7
762.0

3058.5
3063.3
3066.4
3069.3
3070.4
3070.7
3070.9
3070.6
3070.6

MAR.

6
13
20p
27p

789.2
787.3
785.2
782.7

773.0
773.8
774.7
775.7

784.9
777.6
774.3
765.9

3070.6
3070.4
3070.6
3070.5

week
average
3946.3
3954.0
3944.8
3923.4
3901.7
3920.3
3923.0
3926.4
3917.3
3946.7
3951.4
3956.6
3948.8

N o t e : S p e c i a l c a u t i o n s h o u l d be t a k e n i n i n t e r p r e t i n g week-to-week changes i n money supply data* w h i c h a r e h i g h l y v o l a t i l e and s u b j e c t
revision.

p—indicates preliminary data.




to

H.6 (508)
Table 4

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

Savings deposits7

Currencyx

Travelers
checks*

Demand
deposits3

Other
checkable
deposits*

In M2 5

In M3
only5

At
ial
banks

1987-OCT.
NOV.
DEC.

193.1
195.1
196.4

7.0
7.0
7.1

295.9
291.9
266.3

261.2
260.7
260.4

2145.4
2150.0
2157.7

752.6
765.7
767.6

1988-JAN.
FEB.
MAR.

198.5
199.4
200.7

7.2
7.3
7.2

289.4
288.1
288.4

263.4
265.4
267.5

2172.2
2190.7
2205.5

APR.
MAY
JUNE

202.4
203.4
204.7

7.2
7.3
7.3

290.3
286.1
289.8

271.2
272.2
274.7

JULY
AUG.
SEP.

206.4
207.0
208.6

7.2
7.2
7.3

290.4
289.9
288.8

OCT.
NOV.
DEC.

209.7
210.5
211.8

7.4
7.5
7.6

1989-JAN.
FEB.

213.4
214.3

214.0

Date

Small time deposits8

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

178.2
177.9
178.5

239.6
238.1
237.8

417.8
416.0
416.4

374.9
382.1
385.3

510.4
520.9
528.8

885.3
903.0
914.1

771.0
780.5
786.6

179.
181.
183.

237.6
237.5
238.1

417.0
418.8
421.5

388.7
393.7
398.1

536.8
548.7
554.7

925.4
942.4
952.8

2219.1
2228.7
2236.6

789.3
794.8
802.5

184.
186.
187.

238.8
239.3
239.8

423.3
425.2
427.6

403.2
406.2
409.3

560.2
564.8
566.4

963,
971,
975.

278.5
278.3
279.0

2241.4
2247.3
2251.3

814.3
822.9
829.0

189.
190.
190.

240.5
240.9
240.3

429.7
430.9
430.5

412.9
417.4
423.6

568.1
570.9
575.1

981.
988.
998.

288.9
287.7
288.6

279.4
281.0
282.3

2256.8
2272.6
2279.3

838.8
642.4
849.7

189.8
192.8
192.5

239.4
239.0
238.8

429.2
431.8
431.3

430.9
436.4
443.1

578.8
581.4
582.2

1009.7
1017.8
1025.3

7.6
7.5

284.0
284.8

281.3
280.8

2279.9
2283.1

858.4
864.2

190.8
.190.4

237.0
234.3

427.8
424.7

451.1
461.3

584.8
587.3

1036.0
1048.5

7.6

283.6

281.3

2280.1

856.9

190.3

236.2

426.4

455.6

588.1

1043.7

458.
459.
461.
464.

587.
587.
586.
588.

1045.1
1046.8
1048.8
1052.1

466.
469.
473.
477.

568.
588.
589.
589.

1055.1
1058.1
1062.7
1066.7

Heek ending
1989-JAN. 30

3.

FEB.

6
13
20
27

213.7
214.0
214.2
215.1

7.5
7.5
7.5
7.4

285.4
282.6
286.6
284.0

280.4
279.9
280.8
282.1

2276.8
2282.1
2283.8
2287.5

860.
859,
871.
865.

190.6
190.6
190.3
190.1

235.
234.
234.
233.

425.
425.
424,
423.8

MAR.

6
13
20p
27p

214.8
215.2
215.9
216.2

7.4
7.4 e
7.4 e
7.4 e

288.3
282.0
284.4
285.4

280.9
279.5
279.2
278.1

2292.0
2293.7
2298.4
2292.8

866.
873.
880.
882.

190.0
189.8
188.4
187.9

233.
233.
232.
231.

423.3
422.8
420.8
419.5

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
_
. . .
-.
• ±± ±- i J J
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included
D2ma^dad^pos?trat'commercial banks and foreign-re la ted 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.
.
ConV?sts of NOH and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions.
sZr of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), hMDAs, and savings and small time
S ^ o ^ I a r ^ ' t i m T d e p o n t i r t e r m S p ^ ^ t e r m ^ u ^ d o i l a r s of U.S. residents, money market fund.balances <institution-only,, less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole.
lmai?9Ln^inat!^^
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,
-indicates estimated data,
-indicates preliminary data.




H 6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Lairge time deposits1
At
commercial
banks 2

Date

At
thrift
institutions

Debt components6

Non-M5 components of L

Total

Savings
bonds

Short-term
Treasury
securities3

Banker?
acceptances4

Commercial
paper 5

Federal
debt

Non-federal
debt

1987-OCT.
NOV.
DEC.

518.5
524.0
525.4

156.0
159.0
162.0

474.5
485.0
487.4

99.0
99.5
100.4

272.5
268.7
257.5

44.5
44.7
44.7

256.5
254.2
260.5

1929.1
1947.5
1957.5

6225.8
6282.9
6526.5

1988-JAN.
FEB.
MAR.

525.7
528.4
551.0

165.5
165.9
165.5

487.0
492.5
496.5

101.5
102.5
105.4

261.0
257.5
255.6

45.7
41.0
41.1

269.0
274.2
280.5

1965.6
1981.0
2006.2

6565.5
6405.2
6445.1

APR.
MAY
JUNE

551.8
554.1
559.6

167.4
168.2
168.2

499.2
502.4
507.8

104.4
105.5
106.0

262.5
265.1
258.5

41.4
41.1
40.7

287.6
297.8
500.4

2018.2
2025.2
2055.5

6491.4
6544.0
6591.5

JULY
AUG.
SEP.

545.5
550.8
555.0

168.5
168.6
171.7

514.0
519.4
526.7

106.8
107.4
107.9

269.8
274.6
275.2

40.7
41.2
41.7

509.8
511.5
508.8

2042.7
2059.5
2079.9

6659.9
6687.5
6751.0

OCT.
NOV.
DEC.

559.2
561.2
564.9

172.8
175.2
172.9

552.0
554.4
557.7

108.4
108.7
109.1

277.0
276.5
285.9

41.5
40.5
40.6

512.5
525.7
555.8

2089.1
2101.5
2114.7

6781.5
6841.9
6886.5

1989-JAN.
FEB.

570.6
578.1

175.7
175.4

544.5
551.4

109.7 p

285.6 p

40.2 p

554.9 p

2122.1 p

6950.6 p

572.4

175.7

546.1

Hoek end iir>g
1989-JAN. 50

1.

FEB.

6
15
20
27

575.6
577.6
579.5
579.2

175.5
172.8
175.5
175.9

548.9
550.4
552.8
555.1

MAR.

6
15
20p
27p

581.1
585.4
586.4
585.7

175.0
175.0
175.5
175.4

554.1
558.4
559.9
559.1

Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking

2.

Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and
foreign
>reign banks and official institutions.
....
,.
.. . , . .
..
..
.
- .
r ,
5.
Cons
' ' ** and 'coupons with remaining maturities of less than 12 months held by other than depository
>nsists of U.S. Treasury bills
istitutions,
Reserve
Banks, money market
mutual
funds
and foreign
. . .institutions,
.....
_ ,
, .Home
.
4.
Net
of"bankers Federal
acceptances
held~b\TacceDtinci
banks,
Federal
Reserve
Banks, entities.
foreign official
Federal
Loan Banks,
st money
of bankers
held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan
and
marketacceptances
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
. - . J X
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p--indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other c h e c k a b l e d e p o s i t s

Currency

Date

1

Travelers
Demand
c h e c k se 2* d e p o s i t s 3

At
commercial
banks

At
thrift
institutions5

Nontransactions
components

Total

In M 2

6

In M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1987-OCT.
NOV.
DEC.

192.5
195.9
199.3

7.0
6.6
6.5

295.7
294.2
298.6

177.1
178.2
180.5

81.7
81.6
81.4

258.9
259.8
262.0

2144.9
2147.4
2152.3

754.1
771.0
769.8

65.0
63.1
61.9

20.9
16.5
16.4

218.2
219.7
221.1

1988-JAN.
FEB.
MAR.

197.0
197.1
199.1

6.6
6.8
6.9

295.
279.
279.

184.3
182.0
184.2

81.4
80.4
82.5

265.7
262.4
266.7

2176.0
2192.8
2209.7

768.
781.
788.

64.
61.
59.

18.4
16.4
14.8

225.2
231.0
234.8

APR.
MAY
JUNE

201.
203.
205.

292.
283,
291.

191.2
185.1
187.6

87.
85.
87.

278.5
270.8
275.3

2222.3
2225.4
2235.6

784.
794.
800.

60.
63.
63.

15.
17,
17.

235.8
231.8
228.9

JULY
AUG.
SEP.

208.
207.
208.

293.
289.
287.

188.7
188.8
189.7

88.
88.
88.

277.
277.
277.8

2244.5
2248.2
2247.5

808.3
823.1
833.6

62.
64.
62.

15.6
15.8
14.7

229.6
230.8
231.0

OCT.
NOV.
DEC.

209.
211.
214.

288
290
298.8

189.0
191.3
195.0

88.
88.
88.

276.
279.
283.

2256.3
2269.5
2272.9

840.3
849.0
851.8

62.
62.
64.8

13.9
13.0
13.4

231.
237.
239.

211.8
211.9

7.0
7.1

290.5
275.7

196.3
192.2

87.4
85.4

283.7
277.6

2283.5
2285.7

855.6
864.7

65.1
64.1

16.6
15.2

242.0
247.9

1989-JAN. 30

209.5

7.0

275.2

188.7

83.5

272.2

2281.2

856.6

66.1

18.0

243.5

FEB.

6
13
20
27

211.8
212.4
212.3
210.9

281.
275,
275.
270,

194,
193,
191.
190,

87,
86,
84.
83.

281.
279.
276
273.8

2279.
2285.
2286
2288.8

859.1
862.8
869.0
866.5

63.
63.
64.
65.

14,
16,
15,
15,

243.5
246.4
248.8
251.4

MAR.

6
13
20p
27p

213.4
214.3
214.2
213.9

281.
275,
275,
271,

195.
193.
192,
189.

87,
86.
85,
84.

283.
280.
277.
273.8

2293.
2298.
2302.
2297.

868.
875.
880.
885.

64.8
63.6
64.1
61.4

13.
14,
16
12.8

254.5
255.8
257.0
259.5

1989-JAN.
FEB.

Meek ending

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
Demand°deposits a 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 NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand ^Posits at thrifts,
J^^;*
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
_ time
_ deposits,
_
L i a r s OT
. ^ . rresidents,
e s i d e n t s , money m
d r r m fund
rung u
Sum _of large
term RPs and Eurodollars
of u
U.S.
market
balances (institution-only ), less the estimated
amount
jnt of overnight fiPs and Eurodollars held by institution-only money market mutual funds.
iiii,i ,
C o n iists
s i s . _ of
_ . overnight
.--^--- and continuing
-. _ contract RPs issued by commercial banks to other than depository institutions and money market mutual
f u n d s ( q e n e r a l purpose and b r o k e r / d e a l e r ) .
. . .
..
..
.
..
- » - . A_i
ux
x i
*. .~~J«.
9.
I s s u e d by f o r e i g n branches o f U.S. banks w o r l d w i d e t o U.S. r e s i d e n t s o t h e r t h a n d e p o s i t o r y i n s t i t u t i o n s and money market m u t u a l funds
( g e n e r a l p u r p o s e and b r o k e r / d e a l e r ) ,
e—indicates estimated data.
p--indicates preliminary data.



H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1

Money market deposit accounts
At
At
commercial
thrift
banks
institutions

Date

Total

At
At
commercial
thrift
banks
institutions

Small-denomination time deposits2

Total

At
At
thrift
commercial
institutions
banks

Total

Large-denomination time deposits3
At
At
commercial
thrift
banks*
institutions

Total

1987-OCT.
NOV.
DEC.

360.5
358.6
358.8

174.2
170.0
167.5

534.7
528.7
526.3

178.6
177.4
176.6

240.9
237.4
234.8

419.5
414.8
411.4

375.5
383.2
386.1

511.2
521.5
529.1

886.7
904.7
915.2

320.1
324.8
325.8

157.4
160.4
163.0

477.5
485.2
488.7

1988-JAN.
FEB.
MAR.

359.5
359.8
361.5

165.5
163.8
164.0

412.5
413.2
419.2

390.2
395.0
398.7

540.3
552.2
557.0

930.5
947.1
955.8

323.6
328.2
332.5

164.3
164.7
165.2

487.9
492.9
497.8

361.0
357.8
360.7

163,
162.
162.

178.1
179.4
182.5
185.0
187.1
189.6

234.4
233.8
236.7

APR.
MAY
JUNE

239,
240.
242.

424.
427.
432.

401.4
403.3
407.6

560.8
561.8
562.9

962.2
965.1
970.5

330.1
333.2
338.2

166.0
167.3
166.6

496.1
500.5
504.8

JULY
AUG.
SEP.

360.3
357.7
354.5

161.
160.
157.

525.0
523.6
525.5
524.2
520.5
523.2
522.0
517.7
511.4

191.5
191.0
189.8

244.5
242.8
241.1

436.
433.
430.

412.5
417.2
424.2

566.8
568.8
572.7

979.4
986.0
996.9

342.9
351.3
357.0

166.5
167.9
172.2

509.5
519.2
529.1

OCT.
NOV.
DEC.

353.0
354.1
352.4

154.
152.
150.

507.5
506.7
502.7

190.2
192.2
190.3

240.
238.
235.

430.
430.
425.

431.3
437.7
444.1

579.3
581.8
582.4

1010.6
1019.5
1026.5

360.8
362.3
365.5

174.7
174.9
174.0

535.4
537.3
539.6

1989-JAN.
FEB.

348.3
342.4

146.8
142.8

495.1
485.1

189.3
188.3

233.5
230.4

422.8
418.7

453.2
463.1

588.7
591.5

1041.8
1054.6

370.2
377.9

174.9
174.3

545.1
552.2

1989-JAN. 30

342.9

144.6

487.5

188.1

231.1

419.2

456.6

590.3

1046.9

372.0

175.1

547.1

FEB.

6
13
20
27

343.5
343.0
341.8
341.5

144.
143.
142.
141.

487.6
486.4
484.2
483.0

188.4
188.7
188.3
187.8

231.5
231.0
230.1
229.3

419.
419.
418.
417.

459.6
461.8
464.0
465.7

591.
591.
591.
591.

1050.
1053.
1055.
1057.

374.8
377.6
379.0
379.5

174.
173.
174.
174.

549.
551.
553.
553.

MAR.

6
13
20p
27p

340.9
340.9
340.4
338.5

141,
141.
140.
139.

482.3
481.8
480.4
477.5

188.
188.
187.
187.

230.4
231.0
230.8
230.1

418.
419.
418.
417.

468.
471,
474
477.4

591.
591.
591.
591.

1060.
1063.
1066.
1069.

381.8
386.3
387.1
389.1

173.
173.
173.
172.

555.
559.
560.
562.

Week ending

1.
2.

SmalT^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.
.
.
3.
La roe-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Large-denomination
time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
_..
_il institutions.
officia" preliminary data.
p—indicates




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of dollars, not seasonally

adjusted

Term
At
Institutiononly money commercial
market funds
banks

Date

RPs1

Debt components6

Non-M3 Components of L

At
thrift
institutions

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

DEC.

82.5
89.5
89.6

37.6
40.0
38.4

71.4
72.0
70.7

108.9
111.9
109.1

93.0
92.8
90.8

98.8
99.6
100.6

269.9
274.0
263.0

44.8
45.1
45.1

257.1
251.6
257.8

1911.3
1937.8
1955.6

6212.0
6258.6
6310.4

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

38.7
43.6
43.9

71.2
70.6

68.1

109.9
114.2
112.0

85.4
85.5
90.0

101.7
102.7
103.6

265.1
263.3
257.9

43.4
41.0
40.4

272.5
275.8
280.5

1962.9
1975.7
1994.5

6346.7
6371.9
6417.0

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.0
47.9

69.8
73.9
76.4

114.7
121.0
124.3

89.1
91.8
93.1

104.6
105.4
105.9

262.5
260.0
254.7

40.9
41.1
41.0

285.0
300.8
303.8

2003.1
2006.9
2016.5

6469.5
6522.9
6575.8

JULY
AUG.
SEP.

84.8
84.0
83.7

46.5
45.0
42.5

79.1
78.8
79.9

125.6
123.8
122.4

96.2
104.3
106.2

106.5
106.9
107.6

262.4
270.9
272.8

40.8
41.2
41.9

307.8
309.3
308.3

2024.1
2037.6
2056.6

6624.3
6669.9
6720.5

OCT.
NOV.
DEC.

84.6
87.4
87.6

42.9
45.1
40.1

82.4
83.8
85.2

125.2
128.9
125.3

103.5
104.8
108.5

108.3
108.7
109.2

274.3
282.4
292.6

41.?
40.9
40.9

313.1
320.0
332.5

2069.3
2090.9
2112.5

6768.7
6815.4
6868.8

1989-JAN.
FEB.

89.3
89.6

40.9
45.1

85.9
84.7

126.8
129.8

103.3
102.4

110.1 p

288.2 p

39.9 p

339.4 p

2121.4 p

6910.5 p

1987-OCT.

NOV:

Week

endiing

1989-JAN.

30

90.7

43.2

84.6

127.8

99.6

FEB.

6
13
20
27

89.9
89.8
89.0
89.9

44.5
45.4
45.2
45.0

84.7
84.8
84.6
84.8

129.2
130.3
129.8
129.8

99.3
100.9
106.1
102.5

MAR.

6
13
2 Op
27p

87.8
87.7
87.3
87.5

45.3
45.8
46.3
51.4

85.2
85.2
85.3
85.2

130.6
131.1
131.6
136.6

103.7
106.1
110.1
108.2

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
« - . * . .
J x •• r>
J X L ^ - L
U.
x n e u~~i,~
2.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual 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.
,, • , • .-A x.- _i 1.,
,
» L,
-1
1, *
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.
Jx
-xJ A . x
p--indicates preliminary data.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
1.




H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Demand deposits
at banks due to

U.S. government deposdts

Time and savings
deposits due to
Foreign
foreion banks
Foreign
ccommercial
and official
official
banks
institutions
institutions

Date

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
At
at commercial commercia .1 . thrift
banks
banks
institutions

At
money
market
funds

Total

1987-OCT.
NOV.
DEC.

9.5
9.4
9.6

1.9
1.7
1.7

4.3
4.3
4.3

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.5
1.5
1.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

1988-JAN.
FEB.
MAR.

10.1
9.4
9.3

1.7
1.6
1.6

4.2
4.2
4.2

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
17.1

210.6
212.8
215.8

APR.
MAY
JUNE

9.1
9.2
9.6

1.9
1.7
1.8

4.3
4.2
4.2

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.6
1.6
1.7

87.3
88.8
89.4

115.4
116.5
117.7

18.0
18.6
18.4

220.7
223.9
225.5

JULY
AUG.
SEP.

10.0
9.3
9.6

1.9
1.7
1.6

4.3
4.3
4.3

3.4
3.0
4.1

3.9
3.2
7.4

18.6
8.9
20.4

25.9
15.1
32.0

1.7
1.6
1.5*

90.2
91.2
91.8

119.0
119.5
120.5

18.5
18.7
18.7

227.7
229.4
231.0

OCT.
NOV.
DEC.

9.2
9.4
9.7

1.6
1.8
1.9

4.3
4.3
4.2

3.2
3.4
4.2

6.2
5.2
5.5

24.5
12.8
18.7

34.0
21.5
28.4

1.5
1.5
1.6

92.5
93.3
93.9

121.5
121.8
122.6

18.8
19.6
20.2 e

232.9
234.7
236.7 e

1989-JAN.
FEB.

9.5
9.5

1.8
1.8

4.2
4.2

4.0
3.7

8.1
5.8

21.0
22.2

33.1
31.7

1.5
1.5

95.1
96.2

123.7
124.5 e

20.4 e
20.4 e

239.1 e
241.1 e

8.8

1.8

4.2

2.9

13.8

30.4

47.2

1.5

38.2
30.4
29.4
30.8

1.5
1.5
1.5
1.5

25.0
18.0
25.8
26.1

1.5
1.5
1.5
1.5

Meek ending
1989-JAN. 30
FEB.

6
13
20
27

MAR.

6
13
2 Op
27p

9.7
9.0
9.1
10.3

1.7
1.7
1.9
2.0

4.2
4.2
4.2
4.2

5.5
2.8
3.2
3.4

7.3
5.4
4.9
6.0

25.4
22.2
21.3
21.3

9.9
9.0
8.7
8.3

1.9
1.7
1.7
1.8

4.2
4.1
4.1
4.1

4.9
3.0
5.2
2.6

5.3
5.7
4.1
5.8

14.8
9.4
16.4
17.7

e — i n d i c a t e s estimated data.
p--indicates preliminary data.