Full text of H.6 Money Stock Measures : February 8, 1990
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FEDERAL RESERVE statistical reteaoe These data are scheduled for release each Thursday at 4:30 p.m. UR£S H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEBRUARY Billions of dollars Date Ml 3 M22 8, 1990 Debt 5 M3 3 Seasonally adjusted 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 2969.5 2990.3 2999.8 3013.1 3023.9 3029.8 3035.1 3042.3 3059.5 3069.6 3702.5 3732.8 3757 3780 3795 3816 3839 3851 3861 3878 3898 3915 4373. 4403, 4433, 4472. 4500. 4517. 4561. 4580. 4588. 4609. 4635. 4672. 8359.0 8415.6 8482.7 8550.2 8620.6 8690.8 8755.3 8820.2 8883.0 8943.8 9018.7 9082.2 1989-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. 3069. 3078. 3080. 3072. 3088. 3116.8 3135.8 3153.5 3173.3 3195.7 3216.4 3920.2 3929.5 3951.0 3957.8 3951.1 3966. 3993. 3999. 4001. 4010. 4027. 4039. 4676.2 4689.4 4724.6 4750 5 4747 0 4760 0 4792 1 4807 6 4813 9 4826 0 4838 5 p 9138. 9207. 9269. 9327. 9389. 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 2941.1 2938.3 2962.5 3001.4 2990.1 3015.5 3031.5 3030.5 3028.5 3038.5 3058.0 3077.3 3711 3720 3751.8 3786.9 3785 3816 3841 3852 3859 3875.8 3903.4 3925 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. 793.1 772.4 775.2 791.4 767.2 773.8 781.7 777.4 778.5 784.4 791.0 811.3 3076 3057 3071 3092 3063 3091 3124 3136.8 3146.9 3169.3 3193.7 3222.9 3927.7 3917.5 3945.8 3963.3 3941..0 3967..5 3995..2 4001..3 3999..0 4007..9 4032..4 4048..1 4692.8 4686.3 4721..2 4752..2 4735..4 4760..7 4782.8 4802.3 4808.6 4821.3 4847.2 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 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 MS Debt 1 3 Months from SEP. 1989 TO DEC. 1989 8.4 8.0 3.9 8.2 6 Months from JUNE 1989 to DEC. 1989 7.1 8.3 3.7 7.8 12 Months from DEC. 1988 TO DEC. 1989 0.9 4.8 3.2 8.2 OCT. 30> 1989 (13 weeks previous) 6.0 7.2 3.3 JULY 31, 1989 (26 weeks previous) 5.2 7.6 3.3 0.8 4.8 3.2 Thirteen weeks ending JANUARY 29, 1990 from thirteen weeks ending: JAN. 30, 1989 (52 weeks previous) 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 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 (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 '" ' ' """ '' '' '"----*---■-- "• 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 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 quartei—end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjus ted M2 Ml Period en ding 1989-NOV. 6 13 20 27 DEC. 4 11 18 25 1990-JAN. 1 8 15 22p 29p 13-week average 4-week average 782.8 783.6 784.5 785.7 786.9 787.7 788.9 790.5 791.8 792.3 792.5 793.0 793.8 788.0 787.1 787.7 789.4 789.7 791.7 792.8 795.1 799.0 799.2 798.1 796.1 794.1 week average 788.5 785.2 790.8 792.9 789.8 793.2 795.4 802.0 805.2 794.0 791.1 794.2 796.9 M3 13-week average 4-week average week average 13-week average 4-week average week average 3158.1 3162.4 3166.9 3172.1 3177.1 3181.4 3186.0 3191.4 3196.0 3199.5 3202.7 3206.6 3211.0 3178.1 3181.6 3187.5 3194.6 3199.1 3203.9 3208.5 3213.9 3218.0 3219.2 3219.2 3219.0 3222.2 3186.5 3189.6 3197.1 3205.1 3204.5 3208.9 3215.6 3226.4 3220.9 3213.8 3215.7 3225.4 3233.9 4005.0 4006.8 4009.0 4011.6 4014.6 4016.8 4019.0 4022.6 4026.5 4029.4 4031.2 4033.6 4036.4 4014.9 4017.4 4021.1 4025.9 4030.3 4033.1 4034.9 4037.8 4040.1 4041.4 4042.0 4042.3 4043.4 4018.4 4025.1 4029.0 4031.1 4036.1 4036.1 4036.2 4042.9 4045.1 4041.5 4038.6 4044.1 4049.4 Not seasonally adjusted M2 Ml Period eniding 1989-NOV. 6 13 20 27 DEC. 4 11 18 25 1990-JAN. 1 8 15 22p 29p 13-week average 4-week average 780.6 781.2 782.3 784.0 785.7 786.7 788.6 792.4 796.2 799.0 800.4 801.5 801.7 784.6 784.2 787.4 791.4 792.9 796.4 800.1 805.8 812.1 817.8 819.1 814.9 802.0 week average 794.7 791.7 791.8 787.5 800.4 806.0 806.5 810.3 825.5 829.0 811.5 793.5 774.0 M3 13-week average 4-week average week average 13-week average 4-week average week average 3154.5 3158.4 3162.8 3167.8 3173.1 3177.6 3182.7 3189.5 3196.6 3202.9 3207.9 3212.8 3216.5 3174.3 3177.9 3186.1 3193.1 3198.3 3204.8 3209.8 3217.2 3223.1 3232.1 3238.7 3241.2 3234.1 3193.0 3193.4 3197.3 3188.8 3213.5 3219.5 3217.4 3218.2 3237.2 3255.6 3243.9 3228.2 3208.8 4003.9 4005.8 4008.4 4011.7 4015.1 4017.5 4020.0 4025.1 4030.4 4034.9 4038.6 4041.8 4043.9 4012.3 4017.1 4024.4 4032.1 4028.6 4035.9 4034.5 4029.4 4036.7 4040.1 4041.8 4044.9 4046.9 4051.9 4057.9 4059.3 4052.0 4046.9 4049.7 4041.0 4042.1 4054.8 4069.6 4065.2 4047.6 4025.7 Note: S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply data> which a r e h i g h l y v o l a t i l e and subject to revision. p—indicates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Currency Date 1 Travelers checks2 Demand deposits3 Other checkable deposits4 I n M2 5 I n M3 only6 Savings At commercia 1 banks deposits7 At thrift institutions Small time Total At commercial banks deposi t s 8 At thrift institutions Total 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 7.5 7.3 284.0 284.8 284.3 281.3 280.9 279.1 2279.6 2282.0 2292.2 854.3 860.1 872.5 190.8 190.3 188.6 237.0 234.3 232.2 427.8 424.6 420.8 451.0 461.0 472.0 584.7 587.4 589.1 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 2317.9 876.9 878.6 878.8 185.6 182.4 181.4 227.3 222.3 220.6 412.8 404.7 402.0 485.5 497.0 501.9 597.6 608.8 616.6 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 2372.4 876.6 863.9 847.5 181.9 183.0 184.2 219.6 219.3 220.0 401.5 402.3 404.3 505.0 508.1 509.7 621.3 624.0 622.5 1126.3 1132.1 1132.2 OCT. NOV. DEC. 219.8 220.3 222.1 7.3 7.5 7.5 280.4 278.8 281.1 280.3 282.9 286.7 2385.7 2406.2 2418.9 837.1 831.4 823.2 185.1 187.2 189.0 220.7 222.1 222.8 405.8 409.3 411.8 515.2 517.7 521.2 617.3 615.2 614.1 1132.5 1132.9 1135.3 Week e n d i n g 1989-DEC. 4 11 18 25 221.0 221.1 222.1 222.7 7.5 7.5 7.5 7.5 277.5 279.0 279.5 284.6 283.8 285.7 286.4 287.2 2414.7 2415.7 2420.2 2424.4 831.6 827.2 820.6 816.5 188.5 188.3 188.8 189.4 222.1 222.3 223.5 222.8 410.6 410.6 412.3 412.2 519.3 520.3 522.1 523.4 614.2 614.1 614.1 614.1 1133.6 1134.5 1136.2 1137.5 1990-JAN. 1 8 15 22p 29p 223.6 222.9 224.2 224.9 225.9 7.5 7.5 e 7.5 e 7.5 e 7.5 e 284.1 276.5 273.1 275.2 277.5 290.0 287.0 286.3 286.5 286.0 2415.7 2419.8 2424.6 2431.2 2437.0 824.2 827.7 822.9 818.7 815.5 189.7 189.5 189.8 190.6 190.5 222.1 222.6 223.2 223.0 223.3 411.9 412.1 413.0 413.6 413.9 519.8 522.3 524.8 526.9 527.8 614.1 612.2 612.0 611.4 610.9 1133.9 1134.5 1136.8 1138.3 1138.7 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 subtracted 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 Large time deposits1 At . commercial banks 2 Date Debt components6 Non-M3 components of L At thrift institutions 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. 397.6 399.8 397.9 163.1 159.5 156.5 560.7 559.3 554.4 116.1 116.5 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-DEC. 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 1990-JAN. 1 8 15 22p 29p 398.7 399.5 399.8 399.6 397.9 153.9 154.2 153.3 152.1 150.4 552.6 553.7 553.1 551.7 548.3 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. 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 (508) Table 5 COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposi ts Date I Currency 1 Travelers Demand checks2 deposits3 At commercial banks5 At thrift institutions5 Nontransactions components Total In M 2 6 In M3 only7 Overnight RPs s Overnight Eurodollars9 General purpose and broker/dealer money market funds 1988-AUG. SEP. 207.9 208.0 8.2 7.9 289.0 287.4 188.8 189.7 88.4 88.1 277.2 277.8 2248.2 2247.5 822.0 830.7 64.1 62.6 15.8 14.7 230.8 231.0 OCT. NOV. DEC. 209.0 211.3 214.9 7.5 7.1 6.9 288.7 290.0 298.8 189.0 191.3 195.0 88.0 88.6 88.7 276.9 279.9 283.7 2256.4 2269.7 2272.9 837.3 845.4 848.1 62.2 62.7 65.1 13.9 13.0 13.4 231.3 237.4 239.4 1989-JAN. FEB. MAR. 211.8 211.9 214.0 7.0 7.1 7.0 290.5 275.7 275.8 196.3 192.2 192.6 87.5 85.4 85.8 283.7 277.6 278.3 2283.1 2284.6 2296.8 851.5 860.5 873.8 65.2 63.9 63.1 16.6 15.1 14.3 241.7 247.2 255.5 APR. MAY JUNE 215.2 216.7 218.5 7.0 7.1 7.5 283.2 273.3 276.4 197.4 186.0 186.8 88.6 84.1 84.6 286.0 270.1 271.4 2301.1 2295.9 231712 870.8 877.9 876.6 60.1 58.9 61.4 14.4 14.6 14.6 259.3 259.3 265.3 JULY AUG. SEP. 219.7 219.3 218.7 8.1 8.1 7.7 281.5 276.7 275.9 187.1 188.4 190.4 85.3 84.9 85.8 272.4 273.4 276.2 2342.9 2359.3 2368.4 870.6 864.5 852.1 60.8 59.7 56.8 16.8 15.2 15.5 273.9 284.7 292.4 OCT. NOV. DEC. 219.0 221.1 225.3 7.3 7.0 6.9 280.3 281.1 291.1 191.3 194.7 200.0 86.4 87.1 88.0 277.8 281.7 288.0 2384.9 2402.7 2411.6 838.6 838.6 825.2 58.8 58.6 58.4 14.1 13.2 14.4 298.4 306.5 309.1 285.2 286.1 288.4 289.8 198.1 199.8 198.8 199.2 88.4 89.1 87.7 86.2 286.4 288.9 286.5 285.4 2413.1 2413.5 2410.9 2407.9 833.4 830.2 823.6 823.9 61.9 59.5 57.8 57.8 14.1 13.3 14.5 15.0 308.2 309.2 309.3 309.8 303.8 297.2 287.1 277.2 268.4 202.0 209.5 205.2 201.0 194.5 87.8 90.6 88.5 85.9 82.8 289.8 300.1 293.7 286.9 277.3 2411.7 2426.7 2432.3 2434.7 2434.8 817.6 814.0 821.3 819.4 816.9 56.1 60.2 57.6 58.7 61.8 15.1 17.0 17.5 17.9 16.4 308.7 307.6 314.6 318.7 320.8 Week endiiig 1989-DEC. 4 11 18 25 221.9 224.1 224.7 228.2 6.9 6.9 6.9 6.9 1990-JAN. 1 8 15 22p 29p 225.0 224.7 223.8 222.5 221.3 6.9 6.9 6.9 7.0 7.0 1. 2. e e e e 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 commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 7. Sum of large time deposits, term RPs and 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 mutual funds. 8. Consists of overnight and continuing contract RPs issued by commercial banks to other than depository institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). 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 ad jus-tea At thrift ccommercial institutions banks Date Total Small-denomination time deposits2 Savings deposits1 Money market deposit accounts At At commercia.1 . thrift banks institutions Total At At thrift commercial institutions banks Total Large-denomination time deposits3 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. 330.8 335.7 338.9 129.0 129.7 130.2 459.8 465.4 469.1 184.2 184.0 183.9 223.3 221.1 220.9 407.5 405.1 404.8 504.3 507.6 510.1 619.8 621.5 619.7 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. 342.0 349.6 354.3 131.0 132.0 132.0 473.0 481.6 486.3 185.5 186.7 186.8 221.9 221.1 219.7 407.4 407.8 406.5 515.5 519.4 522.6 617.8 615.7 614.3 1133.3 1135.0 1136.9 399.3 401.3 399.0 164.9 161.2 157.7 564.2 562.4 556.6 Week ending 1989-DEC. 4 11 18 25 352.9 354.5 354.8 353.4 132.1 132.5 132.2 131.5 485.0 487.1 487.0 484.9 187.1 187.1 186.6 186.2 220.5 220.6 219.9 218.3 407.6 407.7 406.5 404.5 521.4 522.2 522.3 522.6 614.8 614.5 613.5 613.3 1136.2 1136.7 1135.8 1135.9 399.2 399.1 398.8 398.8 159.9 159.0 158.1 156.5 559.1 558.0 556.9 555.3 1990-JAN. 1 8 15 22p 29p 354.6 358.0 357.1 355.2 352.6 131.6 132.5 132.5 132.4 132.1 486.3 490.5 489.7 487.6 484.7 187.1 188.7 188.5 188.7 188.5 218.5 220.5 220.4 219.2 218.7 405.7 409.2 408.9 407.9 407.3 524.1 525.8 527.6 528.7 529.2 615.8 616.5 616.4 615.2 614.5 1139.9 1142.3 1144.0 1143.8 1143.7 399.2 398.2 398.9 398.4 398.0 155.5 155.1 154.4 153.0 151.8 554.8 553.4 553.3 551.4 549.7 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--indicafes 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 Institutionthrift 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 paper5 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 84.6 125.2 128.4 130.9 100.6 100.1 105.7 110.1 111.0 111.7 275.4 271.7 273.8 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 85.5 128.8 129.2 129.3 100.3 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 80.8 81.5 84.3 116.0 116.6 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 Week endii^g 1989-DEC. 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 82.5 84.5 84.5 85.4 1990-JAN. 1 8 15 22p 29p 102.0 103.2 105.7 107.3 107.3 45.0 44.8 46.4 47.6 48.9 50.2 49.9 50.3 49.3 49.9 95.3 94.6 96.7 96.9 98.8 83.7 80.9 84.3 78.1 78.3 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 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. 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 (508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits Time and savinqs deposits due to foreign banks Foreign Foreign and official official ccommercial institutions banks 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 savinqs deposits At At at commercial commercia 1 m 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 Meek ending 1989-DEC. 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 1990-JAN. 1 8 15 22p 29p 9.5 10.9 9.0 9.7 9.2 1.6 1.9 1.5 1.6 1.6 4.1 4.1 4.1 4.1 4.1 4.6 4.7 3.8 6.3 3.0 5.5 6.1 3.9 5.5 7.9 20.5 8.0 10.6 23.0 31.1 30.7 18.9 18.3 34.8 42.0 1.5 1.5 1.6 1.5 1.4 e--indicates estimated data, p—indicates preliminary data.