Full text of H.6 Money Stock Measures : February 1, 1990
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,-&%g£i FEDERAL RESERVE statistical release H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEBRUARY -EULXlions of dollars Date Ml 1 m< 1, 1990 Debt 5 M3 J Seasonally adjusted 988-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 2969.5 2990.3 2999.8 3013.1 3023.9 3029.8 3035.1 3042.3 3059.5 3069.6 3702.5 3732.8 3757..4 3780..7 3795..6 3816..6 3839.4 3851.6 3861.2 3878.1 3898.3 3915.6 4373.2 4403.5 4433.4 4472.0 4500.1 4517.3 4561.3 4580.0 4588.3 4609.4 4635.6 4672.3 8359.0 8415.6 8482.7 8550.2 8620.6 8690.8 8755.3 8820.2 8883.0 8943.8 9018.7 9082.2 989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 786.3 787.5 786.3 783.2 773.4 770.3 777.2 777.4 781.1 787.7 789.5 797.5 3065..9 3069..4 3078..5 3080..9 3072..6 3088..2 3116.8 3135.8 3153.5 3173.4 3195.7 3216.4 3920. 3929. 3951. 3957. 3951. 3966, 3993. 3999. 4001. 4010. 4026. 4039. 4676.2 4689.4 4724.6 4750.5 4747.0 4760,0 4792.0 4807.5 4813.8 4826.0 4838.3 p 9138.9 9207.0 9269.2 9327.6 9389.3 9444.1 9494.4 9558.9 9615.3 9684.1 9755.6 p Not seasonally adjusted 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. 2938. 2962. 3001. 2990. 3015. 3031. 3030.5 3028.5 3038.5 3058.0 3077.3 3711.1 3720.9 3751.8 3786.9 3785.3 3816.9 3841.0 3852.6 3859.3 3875.8 3903.4 3925.4 4389.3 4399.3 4429.9 4475.3 4488.1 4517.8 4553.4 4574.9 4583.5 4605.3 4643.3 4685.8 8341.8 8378.9 8443.6 8509.9 8577.4 8650.4 8712.9 8774.2 8845.2 8910.4 8986.9 9067.5 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 793.1 772.4 775.2 791.4 767.2 773.8 781.7 777.4 778.5 784.4 791.0 811.4 3076..2 3057..0 3071..9 3092..5 3063..1 3091..0 3124.6 3136.8 3146.9 3169.3 3193.8 3222.9 3927.7 3917.4 3945.7 3963.2 3941 3967 3995 4001 3999 4007 4032.2 4047.7 4692.7 4686.3 4721.2 4752.2 4735.3 4760.7 4782.7 4802.2 4808.6 4821.3 4847.0 p 9122.9 9170.7 9227.9 9285.2 9345.4 9403.2 9451.2 9512.4 9577.0 9650.0 9722.6 p Footnotes appear on the following page, p—indicates preliminary data. H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Debt 1 Ml M2 m 3 Months from SEP. 1989 TO DEC. 1989 8.4 8.0 3.8 8.2 6 Months from JUNE 1989 to DEC. 1989 7.1 8.3 3.6 7.8 12 Months from DEC. 1988 TO DEC. 1989 0.9 4.8 3.2 8.2 OCT. 23, 1989 (13 weeks previous) 6.0 7.3 3.1 JULY 24, 1989 (26 weeks previous) 4.9 7.6 3.3 JAN. 23, 1989 (52 weeks previous) 0.7 4.7 3.2 Thirteen weeks ending JANUARY 22, 1990 from thirteen weeks ending: Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1989 to November 1989, May 1989 to November 1989, and November 1988 to November 1989, respectively. Footnotes to Table 1 Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions * (2) travelers checks of nonbank issuersj (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 (NON) 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. 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. 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-averaqe form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The 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 Billions of dollars Seasonally adjus;ted Ml Period ending 13-week average 4-week average 1989-OCT. 30 782.0 787.5 M3 M2 week average 13-week average 4-week average 786.3 3153.9 3173.4 week average week average 13-week average 4-week average 3176.8 4003.6 4011.0 4012.0 NOV. 6 13 20 27 782.8 783.6 784.5 785.7 788.0 787.1 787.7 789.4 788.5 785.2 790.8 792.9 3158.1 3162.5 3167.0 3172.2 3178.1 3181.6 3187.5 3194.6 3186.5 3189.6 3197.1 3205.1 4005.0 4006.8 4008.9 4011.6 4014.9 4017.4 4021.0 4025.7 4018.4 4025.0 4028.7 4030.8 DEC. 4 11 18 25 786.9 787.8 788.9 790.5 789.7 791.7 792.9 795.2 789.8 793.3 795.4 802.1 3177.1 3181.4 3186.1 3191.5 3199.1 3203.9 3208.5 3213.9 3204.5 3208.9 3215.6 3226.5 4014.5 4016.7 4018.9 4022.5 4030.1 4032.7 4034.5 4037.5 4035.7 4035.7 4035.8 4042.6 1 8 15p 22p 791.8 792.3 792.6 793.0 799.0 799.2 798.1 796.1 805.2 794.0 791.2 794.1 3196.1 3199.7 3202.9 3207.0 3218.2 3219.6 3220.0 3220.0 3221.6 3214.5 3217.5 3226.5 4026.3 4029.3 4031.1 4033.4 4039.9 4041.3 4042.0 4042.4 4045.3 4041.4 4038.8 4044.2 1990-JAN. Not seasonally adjusted Ml Period ending 1989-OCT. 30 13-week average 4-week average 780.0 784.0 M2 week average 13-week average 4-week average 771.5 3150.7 3169.3 M3 week average 13-week average 4-week average 3160.9 4002.6 4008.0 3998.7 week average NOV. 6 13 20 27 780.6 781.2 782.3 784.0 784.6 784.2 787.4 791.4 794.7 791.7 791.8 787.5 3154.5 3158.4 3162.9 3167.8 3174.4 3178.0 3186.2 3193.2 3193.1 3193.5 3197.3 3188.8 4003.9 *4005.8 4008.4 4011.6 4012.3 4017.0 4024.3 4031.9 4028.5 4035.8 4034.3 4029.1 DEC. 4 11 18 25 785.7 786.7 788.6 792.4 792.9 796.4 800.1 805.8 800.4 806.0 806.5 810.4 3173.2 3177.7 3182.7 3189.6 , 3198.3 3204.8 3209.8 3217.2 3213.5 3219.5 3217.4 3218.3 4015.0 4017.3 4019.8 4024.9 4036.4 4039.8 4041.4 4044.6 4046.5 4049.3 4040.6 4041.8 1 8 15p 22p 796.2 799.0 800.4 801.5 812.1 817.8 819.1 814.8 825.4 828.9 811.6 793.4 3196.7 3203.1 3208.2 3213.2 3223.3 3232.5 3239.5 3242.3 3237.9 3256.3 3245.6 3229.2 4030.2 4034.7 4038.4 4041,. 7 4046.7 4051.8 4058.0 4059.5 4055.1 4069.6 4065.4 4047.8 1990-JAN. 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—indicates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT B i l l i o n s of d o l l a r s > seasonally adjusted Nontransact ions components 1 Travelers checks 2 Demand deposits3 Other checkable4 deposits In M2 Savings deposits7 5 In M3 only 6 A* commercia 1 banks At . thrift institutions Small time deposi ts 8 Total At . commercial banks At thrift institutions Total Date Currency 1988-AUG. SEP. 207.0 208.6 7.2 7.3 289.9 288.8 278.3 279.0 2247.3 2251.4 821.9 826.1 190.0 190.1 240.9 240.3 430.9 430.5 417.4 423.6 570.9 575.1 988.3 998.7 OCT. NOV. DEC. 209.7 210.5 211.8 7.4 7.5 7.6 288.9 287.7 288.6 279.4 281.0 282.3 2256.9 2272.8 2279.3 835.8 838.8 846.0 189.8 192.8 192.5 239.4 239.1 238.8 429.2 431.8 431.3 430.9 436.4 443.1 578.8 581.4 582.2 1009.7 1017.8 1025.2 1989-JAN. FEB. MAR. 213.4 214.3 215.6 7.6 7.S 7.3 284.0 284.8 284.3 281.3 280.9 279.1 2279.6 2282.0 2292.2 854.3 860.0 872.4 190.8 190.3 188.6 237.0 234.3 232.2 427.8 424.6 420.8 451.0 461.0 472.0 584.7 587.4 589.1 1035.7 1048.3 1061.0 APR. MAY JUNE 216.0 216.5 217.3 7.3 7.3 7.2 281.4 278.2 275.0 278.5 271.4 270.7 2297.7 2299.2 2317.9 876.8 878.5 878.7 185.6 182.4 181.4 227.3 222.3 220.6 412.8 404.7 402.0 485.5 497.0 501.9 597.6 608.8 616.6 1083.1 1105.7 1118.5 JULY AUG. SEP. 218.0 218.4 219.4 7.1 7.2 7.2 278.8 277.5 277.3 273.2 274.4 277.3 2339.6 2358.3 2372.4 876.6 863.8 847.4 181.9 183.0 184.2 219.6 219.3 220.0 401.5 402.3 404.3 505.0 508.1 509.7 621.3 624.0 622.5 1126.3 1132.1 1132.3 OCT. NOV. DEC. 219.8 220.3 222.1 7.3 7.5 7.5 280.4 278.8 281.2 280.3 282.9 286.7 2385.7 2406.2 2418.9 837.1 831.2 822.8 185.1 187.2 189.0 220.7 222.1 222.8 405.8 409.3 411.8 515.2 517.7 521.2 617.3 615.2 614.1 1132.5 1132.9 1135.3 221.1 7.5 280.1 284.3 2412.2 187.6 188.5 188.3 188.8 189.4 222.1 222.1 222.3 223.5 222.8 409.7 614.5 1133.4 410. 410. 412. 412. 519.0 519. 520. 522, 523. 614. 614. 614. 614. 1133, 1134, 1136, 1137, 189, 189, 189, 190, 222, 223. 223. 223.8 412.6 412.8 413.8 414.4 519.8 522.2 524.7 526.8 614. 612. 612. 611. 1133. 1134. 1136. 1138, Heek ending 1989-NOV. 27 DEC. 1990-JAN. 4 11 18 25 221.0 221.1 222.1 222.7 277, 279. 279, 284. 283.8 285.7 286.4 287.2 2414. 2415. 2420. 2424. 825.6 831.2 826.8 820.2 816.1 1 8 15p 22p 223.6 222.9 224.2 224.9 284. 276. 273. 275. 290, 287, 286, 286, 2416, 2420. 2426. 2432. 823.8 826.9 821.3 817.8 1. 2. 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 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 all depository institutions, credit union share draft balances and demand deposits at thrift institutions. 5. Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits. This sum is seasonally adjusted as a whole. 6. Sum of large time deposits, term RPs and term Eurodollars 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. 7. Savings deposits exclude MMDAs. 8. Small 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 subtractea from small time deposits. e—indicates estimated data. p--indicates preliminary data. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted La rge time deposits1 At commercial banks 2 Date At thrift institutions Debt components6 Non-M3 components of L Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt 1988-AUG. SEP. 350.8 355.0 168.6 171.7 519.4 526.7 107.4 107.9 268.6 268.8 41.2 41.7 311.3 308.8 2058.5 2076.2 6761.7 6806.8 OCT. NOV. DEC. 359.2 361.2 364.9 172.8 173.2 172.9 532.0 534.4 537.8 108.4 108.7 109.1 269.3 264.5 271.3 41.3 40.5 40.6 312.3 323.7 335.8 2084.7 2098.2 2113.5 6859.1 6920.5 6968.7 1989-JAN. FEB. MAR. 370.7 378.2 385.5 173.7 173.4 173.4 544.4 551.6 558.8 109.7 110.6 111.5 270.9 265.2 271.7 40.6 39.9 41.2 334.9 344.2 349.2 2121.8 2137.8 2158.7 7017.1 7069.2 7110.5 APR. MAY JUNE 392.4 395.7 396.4 175.2 176.4 176.7 567.6 572.1 573.1 112.3 112.9 113.8 279.5 289.5 286.8 41.4 41.1 41.1 359.5 352.3 351.4 2168.8 2176.4 2184.2 7158.8 7212.9 7259.9 JULY AUG. SEP. 397.7 397.0 395.9 175.4 172.1 167.9 573.1 569.2 563.9 114.6 115.2 115.7 290.7 294.6 307.5 42.0 42.8 41.4 351.3 355.3 348.3 2183.9 2199.9 2220.1 7310.6 7359.0 7395.2 OCT. NOV. DEC. 397.6 399.8 397.9 163.1 159.4 156.5 560.7 559.3 554.4 116.1 116.5 p 314.4 306.8 p 40.2 40.6 p 344.8 347.5 p 2238.3 2259.0 p 7445.8 7496.6 p Week ending 1989-NOV. 27 DEC. 1990-JAN. 399.3 158.4 557.7 4 11 18 25 399.0 397.4 398.4 396.8 158.7 157.6 157.1 155.8 557.6 555.1 555.5 552.7 1 8 15p 22p 398.7 399.5 399.7 399.4 153.9 154.1 152.5 151.3 552.6 553.7 552.2 550.7 Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. 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. 5. Total commercial paper less commercial paper held by money market mutual funds. 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. 3 Co OOCOOOQ) -sKMji-fr rs)H« O M ^ O O W 3 w rnft) ft) H - 0 <+• ft) 3 m r f - 0 3 3 ft) H - (0 (0 O" . ^x o i -J (0 3 craft) o K-K-«Q (0 aw 3 c (D 3 ft) -J 7" C 1 0 o (D *0 a 3 &) 3" 1 3" (D w 3 r»- a (D COH-W 3 W • • ft) x c r w H - 3 -(0 3 C O H - M . 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(Q J" 23 (D O M 3 3 2 r+-1 > C H-r»- w 3 SI Demar Travelers checks2 depos: 00 (D H" r-TTlO CTW I a "O w M-H-rt) ao) w i 3 ft) H - M - 3 (D r a \ H ' 0 r 3 f l ) ft) ft) W / T a 3 H - T 3 1 H-rH«-*-W 0"(D(Q t—W W •-• ft) ft) ft) «* r H O rt-Q) 3 1 - 0 -5 ft) 3 " 0 C 3 TTQ O W 3 3 1 3 r t - a w i 3 a o H-3 H. wrl-3" 3 -K(0 O - h 2 • 1 (0 m ( 0 r r - j 3 O O ft) r - C < W O W 1 "j o a i *M-v(D I— rh O 3 ft) H- -J • w »-•• fl> 3 O 3 H-W W M.Q) (D COT C a H3 3 T 0 o H-C (o a o o »— ft) C T ^ M - I (o a - h i i o a>» c r-«»—o H-W w \ o o"o T w w •*•&>. a 0 c1 (DIDO. wiQ W C 0 3 C C 0 0 3 ( D 3 C C 0 0 (D « 3 3 0 3 3 3 3 Q . 3 0 r f 1 ft)ft)3 C Q-W C W W ft) H-W "J r r r r ( D (D W H < 3 0 0 M - M ' - t O C r r ( D I6ID1Q. W H--+.-KW w 0 Q-Q-ft) 3 W W ft) ~ r r H-rrl 0» 3 0 »—OTQ </> 0 H-'O W w (D Q . Q . Q X "0 <D < (0 -+»ft) < M . ( 0 »-• TMTJ 3 0 1 (D 0 0 < Q " 0 M - 3 0 (0 H - C -*<D - f » 0 ( Q 1 - h - * 3 0 3 ( 0 . C K-H-1 O 1 < <D 3 W HM . 3 T 3 T ft) 0 (0 H-ZZCn-CLft) W 3 ft) 0 (D M < 1 r H O O O f t ) rf-(0 3 M « n-rrW M« ( D > . J I I 3 W 3 0 Q . 3 0 (0(Q"D 1 H - 3 r+7T 0) C (0 0)0. 3C3(0(D Q)ft>(/>&)33 -J ft) 1 M - X 7J3 3 r*.Q.H-C < 0 . 3 CJ-OtO r t - Q . T 3 0 . a f t ) ft) Q--J 0 7 (DB 3 0 Q . 0 CO Q>rl- ft) W H-7D-0 >>Q-0(D-K« ft)ft)D T 3 CD "OOft)H H 3T3 H-« - J O ft) W W 3 0 0 0 0 O 3 0 C H ft) 0 Xft) 3 H.Q. -K(0 W • i TT(D 3 a w r»c r c r - m M-C/XD C L Q - ^ M - K O Q ) 3 • 0 (D Currency1 i? • 0 ft) 0 3 3 W (D ft) 3 0 z 8O W w # H m CD o > H m > o c S.O *o > &) m &) o §S is w &) — I &5 Q-m in s 2 Oo oS 3 CDf\ H I H W ft) . r - / " \ CTO> r - W H- H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted At At thrift commercial institutions banks Date Total Small-denomination time deposits2 Savings deposits1 Money market deposit accounts At At commerciail thrift banks institutions Total At commercial thrift banks institutions Total Large-denomination time deposits 3 At~ At commercial thrift banks* institutions Total 1988-AUG. SEP. 357.7 354.5 160.0 157.0 517.7 511.4 191.0 189.8 242.8 241.1 433.7 430.9 417.2 424.2 568.8 572.7 986.0 996.9 351.3 357.0 167.9 172.2 519.2 529.2 OCT. NOV. DEC. 353.0 354.1 352.5 154.5 152.6 150.3 507.5 506.7 502.7 190.2 192.2 190.3 240.7 238.2 235.6 430.9 430.4 425.9 431.3 437.7 444.1 579.3 581.8 582.4 1010.6 1019.5 1026.5 360.8 362.4 365.6 174.7 174.9 174.1 535.4 537.3 539.6 1989-JAN. FEB. MAR. 348.3 342.5 340.1 146.8 142.9 140.2 495.2 485.3 480.3 189.3 188.2 187.8 233.6 230.5 230.7 422.8 418.7 418.4 453.0 462.8 473.0 588.5 591.6 592.0 1041.6 1054.4 1065.1 370.4 378.1 387.0 174.9 174.3 173.2 545.3 552.4 560.2 APR. MAY JUNE 336.2 327.0 328.1 135.0 130.0 128.8 471.3 457.0 456.9 186.2 183.6 183.2 227.9 223.7 223.3 414.0 407.3 406.6 483.5 493.3 499.6 598.5 605.6 612.8 1082.0 1098.9 1112.4 390.3 394.4 394.9 173.7 175.2 174.8 564.0 569.7 569.7 JULY AUG. SEP. 330.8 335.7 338.9 129.0 129.7 130.2 459.8 465.4 469.1 184.2 184.0 184.0 223.3 221.1 220.9 407.5 405.1 404.8 504.3 507.6 510.1 619.8 621.5 619.7 1124.1 1129.1 1129.8 395.0 397.8 398.1 173.3 171.3 168.3 568.3 569.1 566.4 OCT. NOV. DEC. 342.0 349.7 354.3 131.0 132.0 132.0 473.0 481.6 486.3 185.5 186.7 186.8 221.9 221.1 219.7 407.4 407.8 406.5 515.5 519.4 522.6 617.8 615.6 614.3 1133.3 1135.0 1136.9 399.3 401.3 399.0 164.9 161.2 157.7 564.2 562.4 556.6 Meek ending 1989--NOV. 27 DEC. 1990--JAN. 350.1 131.7 481.8 186.7 220.1 406.9 520.7 401.1 160.2 561.3 352.9 354.5 354.8 353.4 132 132 132 131 485. 487. 487. 484. 187. 187. 186. 186. 220, 220. 219. 218. 407. 407. 406. 404. 521 522 522 522 614.7 614.8 614.5 613.5 613.3 1135.3 4 11 18 25 1136.2 1136.7 1135.8 1135.9 399.2 399.1 398.8 398.8 159. 158, 158, 156. 559. 558. 556. 555. 1 8 15p 22p 354.6 358.0 357.2 355.2 131, 132, 133, 132. 486. 490. 490. 488. 187. 188. 188. 188. 219. 221. 221. 220. 406, 409. 409. 408. 524.1 525.8 527.6 528.7 615.8 616.6 616.5 615.1 1139, 1142, 1144 1143, 399, 398. 398. 398. 155, 155, 153, 152. 554.8 553.3 552.4 550.4 1. 2. Savings deposits exclude MMDAs. Small-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. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 4. Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and official institutions. p--indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 At InstitutionAt thrift only money commercial institutions market funds banks Date Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3' Bankers acceptances4 Commercial paper 5 Federal debt Non-Federal debt 1988-AUG. SEP. 84.0 83.7 45.1 42.6 79.0 80.1 124.1 122.8 103.0 102.9 106.9 107.6 265.0 266.4 41.2 41.9 309.3 308.3 2037.6 2056.6 6736.5 6788.6 OCT. NOV. DEC. 84.6 87.4 87.6 43.1 45.3 40.4 82.3 83.0 83.7 125.4 128.3 124.1 100.3 101.8 106.0 108.3 108.7 109.2 266.7 270.3 277.7 41.5 40.9 41.0 313.1 320.0 332.5 2069.0 2090.0 2111.8 6841.3 6897.0 6955.7 1989-JAN. FEB. MAR. 89.3 89.6 87.6 40.9 44.7 46.3 84.3 83.7 84.6 125.2 128.4 130.9 100.6 100.0 105.6 110.1 111.0 111.7 275.4 271.7 273.8 40.3 39.8 40.4 339.4 346.3 349.4 2121.4 2133.7 2149.0 7001.5 7037.1 7078.9 APR. MAY JUNE 87.7 91.6 95.1 44.3 43.7 43.7 84.5 85.5 85.5 128.8 129.2 129.3 100.2 96.6 92.6 112.4 113.0 113.7 279.5 284.0 282.6 41.0 41.2 41.5 356.1 356.2 355.4 2155.1 2159.5 2165.1 7130.1 7185.9 7238.0 JULY AUG. SEP. 98.2 100.6 99.1 45.0 45.1 47.4 79.5 72.9 66.3 124.5 118.0 113.7 91.3 89.0 84.9 114.2 114.7 115.4 282.4 290.5 304.7 42.2 42.7 41.6 348.8 353.1 348.0 2163.7 2179.7 2200.9 7287.5 7332.8 7376.1 OCT. NOV. DEC. 98.7 102.0 102.8 48.0 49.6 45.8 62.0 61.0 54.2 110.0 110.6 100.0 80.7 81.3 83.9 116.0 116.6 p 311.3 314.0 p 40.4 41.0 p 345.8 343.3 p 2222.6 2250.8 p 7427.4 7471.7 p 1989-NOV. 27 104.0 52.5 60.2 112.8 82.4 4 11 18 25 103.5 103.3 102.8 102.5 46.4 45.4 46.0 46.5 60.2 57.2 53.6 51.6 106.6 102.6 99.6 98.1 82.1 84.1 84.1 85.0 1 8 15p 22p 102.0 103.2 105.7 107.8 45.0 44.5 46.1 47.6 50.2 49.9 50.3 49.3 95.3 94.4 96.4 96.9 83.3 80.4 83.8 77.7 Week ending DEC. 1990-JAN. 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. 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 bankinq 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. 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, -indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government depos its Time and savinqs deposits due to Foreign foreign banks Foreign and official commercial official institutions institutions banks 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 A* at commercial commercis 1 thrift banks banks institutions At money market funds Total 1988-AUG. SEP. 9.3 9.6 1.7 1.6 4.3 4.3 3.0 4.1 3.2 7.4 8.9 20.4 15.1 32.0 1.6 1.5 91.2 91.8 119.5 120.5 18.7 18.7 229.4 231.0 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 20.5 232.9 234.7 237.0 1989-JAN. FEB. MAR. 9.5 9.5 9.0 1.8 1.8 1.7 4.2 4.2 4.1 4.0 3.7 3.8 8.1 5.8 5.2 21.0 22.2 14.3 33.1 31.7 23.3 1.5 1.5 1.5 95.1 96.2 97.4 123.7 124.3 125.4 20.7 21.2 22.2 239.5 241.7 244.9 APR. MAY JUNE 9.0 8.9 9.9 1.7 1.7 1.8 4.1 4.2 4.2 5.2 3.3 4.6 8.9 14.1 9.7 15.0 31.0 21.6 29.0 48.5 35.9 1.6 1.6 1.5 99.9 101.8 102.8 127.3 128.6 130.0 23.1 23.6 23.8 250.3 254.0 256.5 JULY AUG. SEP. 9.8 8.7 9.2 1.8 1.7 1-7 4.1 4.1 4.1 3.4 3.2 5.5 6.4 5.4 7.8 19.6 12.7 19.4 29.4 21.2 32.6 1.5 1.5 1.5 104.1 105.3 106.0 131.2 131.4 132.2 24.7 24.8 26.4 260.0 261.5 264.6 OCT. NOV. DEC. 9.7 9.2 9.5 1.7 1.6 1.6 4.1 4.1 4.0 3.3 3.5 5.2 5.9 5.2 4.8 17.4 11.2 14.4 26.5 19.9 24.5 1.5 1.6 1.5 107.3 108.0' 108.7 132.5 132.3 132.8 e 27.1 27.4 e 27.4 e 266.9 267.7 e 268.9 e Week ending 1989-NOV. 27 DEC. 1990-JAN. 9.4 1.7 4.1 3.1 4.8 12.6 20.5 1.6 4 11 18 25 9.1 9.1 8.8 11.0 1.6 1.5 1.8 1.6 4.1 4.1 4.0 4.0 2.9 3.2 10.4 4.1 5.5 4.4 4.3 4.8 9.4 10.4 9.8 20.6 17.8 18.0 24.5 29.5 1.6 1.5 1.5 1.5 1 8 15p 22p 9.5 10.9 9.0 9.7 1.6 1.9 1.5 1.6 4.1 4.1 4.1 4.1 4.6 4.8 3.8 6.3 5.5 6.1 3.9 5.5 20.5 8.0 10.6 23.0 30.7 18.9 18.3 34.8 1.5 1.5 1.6 1.5 e—indicates estimated data. p--indicates preliminary data.