Full text of H.6 Money Stock Measures : August 9, 1990
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FEDERAL RESERVE statistical release ***L H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES AUGUST Billions of dollars Date Ml 3 M2* ?&\> M3 3 9, 1990 DEBT Seasonally adjusted 1988-JULY AUG. SEP. OCT. NOV. DEC. 783. 4 784. 4 784.8 785.1 786.0 787.5 3033.2 3037.7 3041.1 3048.8 3064.1 3072.4 3847.1 3858.1 3867.2 3883.8 3903.5 3918.4 4567.8 4584.8 4592.9 4613.7 4644.1 4676.0 8741.2 8805.9 8868.3 8927.9 9000.8 9062.0 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 785.8 786.7 785.5 782.1 776.2 773.7 779.1 780.4 782.9 788.1 789.4 794.8 3073. 3078. 3086. 3089. 3085. 3101. 3127. 3146. 3163. 3181. 3200. 3221. 3926. 3936. 3956. 3965. 3965. 3984. 4007. 4012. 4012. 4016. 4029. 4042. 4683. 4702. 4736. 4762. 4761. 4784. 4810. 4824. 4830. 4840. 4856. 4879. 9115.9 9179.7 9238.3 9295.4 9358.2 9414.9 9465.6 9529.1 9585.2 9654.8 9732.4 9777.6 1990-JAN. FEB. MAR. APR. MAY JUNE 794.8 801.4 804.8 807.4 805.5 809.6 3229. 3252. 3266. 3272. 3264. 3270. 4045. 4059. 4062. 4065. 4056. 4055.8 4881. 4891. 4909. 4918. 4889. 1988-JULY AUG. SEP. OCT. NOV. DEC. 786.9 782.4 781.1 782.2 788.3 804.5 3039.1 3037.3 3034.3 3046.7 3067.2 3085.2 3845.8 3857.5 3864.5 3884.1 3912.4 3932.5 4558.3 4579.8 4588.6 4613.5 4652.2 4692.7 8698.8 8759.9 8830.5 8894.4 8969.0 9047.3 1989-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 793.5 773.0 775.9 791.6 767.7 774.4 782.3 778.1 779.1 785.0 791.7 812.1 3085.6 3065.8 3080.7 3100..2 3071..2 3099..1 3132..7 3146..4 3156..3 3178..9 3204..3 3233..9 3935. 3925. 3954. 3971. 3950. 3978. 4005. 4011. 4009. 4016. 4038. 4056. 4701.3 4696.9 4733.8 4764.9 4750 4777 4798 4819 4826 4840 4865 4896 9099.9 9143.7 9197.5 9253.9 9315.7 9375.8 9424.9 9486.1 9550.6 9623.6 9700.6 9762.2 1990-JAN. FEB. MAR. APR. MAY JUNE 802.3 788.0 795.7 817.3 796.6 810.2 3241.4 3240.9 3261.7 3283.3 3250.0 3267.5 4054. 4048. 4061. 4072. 4040. 4049. 4900.2 4886.3 4907.3 4921.8 4877.2 p 9825. 9 9889. 9 9953. 0 10005, 3 10057. 4 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. 9815.0 9859.7 9914.3 9966.3 10015.6 p H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Debt] Ml M2 M3 3 Months from MAR. 1990 TO JUNE 1990 2.4 0.4 -0.7 6.8 6 Months from DEC. 1989 TO JUNE 1990 3.7 3.1 0.7 6.7 12 Months from JUNE 1989 to JUNE 1990 4.6 5.4 1.8 7.5 APR. 30, 1990 (13 weeks previous) 1.8 0.7 -0.6 JAN. 29, 1990 (26 weeks previous) 3.9 3.3 0.9 JULY 31, 1989 (52 weeks previous) 4.1 5.3 1.8 Thirteen weeks ending JULY 30, 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, February 1990 to May 1990, November 1989 to May 1990, and May 1989 to May 1990, 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 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. Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and small-denomination time deposits (time deposits—incuding 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 all depository institutions, term Eurodollars held by U.S. residents at foreian 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 or 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 overnments 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 quarter-end basis and include discontinuities. f H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M2 Ml 13-week average 4-week average 805.8 803.2 807.1 803.9 3265.5 3266.9 3268.0 3267.9 3271.3 3269.5 3267.7 3265.4 805.6 806.6 806.7 808.1 808.0 807.5 807.4 809.4 3267.7 3268.0 3268.3 3268.4 810.6 811.3 811.4 811.0 809.0 817.9 810.5 807.9 807.8 809.8 3269.2 3269.4 3269.5 3269.2 3269.4 13-week average 4-week average 7 14 21 28 805.0 805.3 805.8 805.7 807.0 805.1 805.5 805.0 JUNE 4 11 18 25 805.8 806.2 806.5 806.8 JULY 2 9 16 23p 30p 807.6 807.9 807.7 807.9 808.2 Period en<ding 1990-MAY week average M3 week average 13-week average 4-week average week average 3270.6 3266.2 3266.1 3258.6 4062.7 4062.9 4062.9 4061.5 4064.2 4060.4 4058.7 4056.6 4062.8 4059.2 4057.8 4046.7 3263.4 3263.7 3264.8 3268.2 3262.5 3267.4 3270.8 3272.2 4060.6 4060.3 4059.8 4059.0 4054.0 4053.8 4053.3 4055.2 4052.3 4058.5 4055.5 4054.3 3272.1 3274.0 3275.0 3274.5 3272.7 3277.8 3275.3 3274.8 3270.1 3270.4 4059.0 4058.3 4056.6 4056.0 4056.1 4056.3 4056.6 4055.9 4056.5 4056.5 4057.0 4059.6 4052.8 4056.6 4056.8 Not seasonally adjusted Ml 13-week average 4-week average 7 14 21 28 800.9 801.6 802.4 802.7 812.9 805.0 799.7 796.2 JUNE 4 11 18 25 803.7 805.1 806.5 807.3 JULY 2 9 16 23p 30p 808.2 808.6 807.6 806.4 806.4 Period en<ding 1990-MAY M2 week average M3 13-week average 4-week average week average 13-week average 4-week average week average 804.9 798.8 796.0 785.0 3262.8 3263.9 3264.7 3264.6 3271.8 3261.5 3254.6 3249.8 3258.3 3255.0 3250.6 3235.1 4059.8 4059.4 4059.1 4057.9 4059.3 4047.8 4043.1 4040.4 4046.9 4046.0 4042.3 4026.5 798.2 802.7 806.6 809.4 812.9 817.0 811.4 796.4 3265.3 3266.2 3266.9 3266.8 3252.3 3257.1 3261.9 3266.2 3268.3 3274.5 3269.5 3252.4 4057.5 4057.3 4056.7 4055.0 4042.8 4046.8 4049.0 4050.1 4056.4 4061.9 4051.2 4030.9 809.9 812.6 814.1 815.6 811.4 814.6 827.8 817.7 802.4 797.8 3266.8 3266.2 3265.5 3264.7 3265.3 3267.6 3272.4 3277.0 3280.9 3277.9 3273.8 3293.9 3287.7 3268.0 3262.0 4053.4 4051.5 4048.8 4047.9 4048.4 4047.9 4049.7 4051.4 4055.9 4055.0 4047.7 4069.0 4057.9 4049.0 4044.1 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 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransact ions component s Other checkable deposits At thrift , institutions Total In M2 6 In M3 only7 192.1 191.7 88.1 87.4 280.2 279.1 2291.4 2301.4 858.7 869.6 247.2 253.4 281.3 279.6 276.3 191.4 188.5 188.7 86.5 84.3 84.3 277.9 272.8 273.0 2307.3 2309.1 2327.9 875.7 880.3 883.3 257.8 261.2 268.3 7.2 7.2 7.2 279.6 278.5 278.1 189.8 191.1 192.4 84.6 85.0 86.0 274.5 276.0 278.4 2347.9 2366.4 2380.3 880.2 865.5 849.0 277.7 287.8 295.9 220.0 220.4 221.9 7.3 7.4 7.4 280.0 278.8 279.7 194.2 195.9 197.9 86.6 86.9 87.8 280.8 282.8 285.7 2393.4 2411.3 2426.2 835.0 828.4 821.0 302.7 309.0 312.4 1990-JAN. FEB. MAR. 224.6 226.6 228.4 7.5 7.6 7.6 277.3 280.2 279.3 198.0 199.3 201.0 87.4 87.7 88.5 285.4 287.0 289.5 2434.9 2451.5 2462.0 815.4 806.5 795.8 318.1 324.5 325.0 APR. MAY JUNE 230.1 231.6 233.4 7.6 7.7 7.7 277.8 274.6 274.6 202.8 203.2 205.7 89.0 88.4 88.2 291.8 291.6 294.0 2464.7 2459.4 2460.7 793.4 791.2 785.4 324.8 319.4 321.0 Date Currency * Travelers checks2 Demand deposits3 1989-FEB. MAR. 214.1 215.3 7.5 7.3 284.9 283.9 APR. MAY JUNE 215.7 216.6 217.2 7.3 7.3 7.2 JULY AUG. SEP. 217.8 218.6 219.3 OCT. NOV. DEC. commercial banks4 Genteral purpose and broker/dealer moneyr market funds Week ending 1990-JUNE JULY 4 11 18 25 232.4 232.4 233.3 234.5 274 273 273 274 205, 205, 205, 205, 88 88 88 87 293 293 293 293 2454.5 2460.0 2463.4 2462.8 789.8 791.0 784.7 782.1 318. 318. 321. 322. 2 9 16 23p 30p 234.5 234.0 234.9 235.8 236.9 279 275 274 274 274 208, 205, 203, 203. 202. 88.6 87.7 87.8 86.9 87.3 296 292 291, 290, 290, 2459.9 2464.7 2466.8 2462.3 2460.6 779. 784. 778. 786. 786, 323.8 322.7 324.1 323.9 325.4 Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 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. Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. Sum of overnight RPs and 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. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of oyerniqht RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole, -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 Savings deposits1 Money market deposit accounts At m At commercial thrift banks institutions Date Total At At commercial thrift banks institutions Small-denomination time deposits2 Total At At commercial thrift banks institutions Total Large-denomination time deposits3 At At commercial thrift banks 4 institutions Total 1989-FEB. MAR. 342.2 339.7 143, 140, 485.6 479.9 189.3 188.1 231.6 229.8 421.0 417.9 465.0 474.7 589.3 591.7 1054.2 1066.4 379.4 386.0 173.9 174.1 553.3 560.1 APR. MAY JUNE 337.0 331.7 331.0 136, 131, 130, 473.2 463.1 460.9 185.8 183.1 182.3 226.2 222.3 221.1 412.0 405.4 403.4 486.3 497.3 501.8 597.8 605.7 612.2 1084.1 1103.0 1114.0 392.2 395.7 397.1 176.1 177.4 177.8 568. 573. 574. JULY AUG. SEP. 333.9 337.9 340.8 130.1 130.4 131.0 463.9 468.2 471.9 183.0 183.9 184.9 220.3 220.0 220.6 403.3 404.0 405.5 505.8 510.4 513.3 616.6 619.6 619.2 1122.4 1130.0 1132.6 398.7 397.8 397.2 176.0 172.7 168.4 574. 570. 565. OCT. NOV. DEC. 343.7 348.5 351.5 131.6 132.3 132.2 475.3 480.8 483.7 185.9 187.3 188.5 220.3 220.5 220.5 406.1 407.9 409.0 519.7 524.4 528.6 616.2 614.1 613.7 1135.9 1138.5 1142.3 398.8 401.5 401.5 163.8 159.5 156.8 562. 561. 558. 1990-JAN. FEB. MAR. 352.4 356.0 359.1 132.5 133.4 135.8 485.0 489.4 494.9 189.8 191.8 193.4 220.4 221.8 221.2 410.2 413.6 414.6 531.4 534.7 537.2 611.1 606.5 606.6 1142.5 1141.2 1143.8 401.2 399.4 396.3 152, 150, 147, 554.2 549.6 543.6 APR. MAY JUNE 362.3 365.4 368.3 136.6 134.7 133.1 498.9 500.2 501.4 193.8 193.5 195.0 222.0 221.6 221.0 415.8 415.1 416.0 541.4 550.8 559.4 602.7 594.4 584.0 1144.0 1145.2 1143.4 394.6 396.4 396.9 143.0 138.2 134.8 537. 534. 531. 4 11 18 25 366.8 367.8 369.6 368.4 133 133, 133, 132.9 500.1 501.2 502.9 501.2 194.7 194.6 194.8 195.1 220.4 220.8 221.4 221.0 415.1 415.4 416.2 416.1 556.3 557.7 559.0 560.3 588.7 586.0 584.2 582.1 1145.0 1143.7 1143.2 1142.4 396.3 398.3 398.6 396.1 136, 135. 134. 134. 532. 533. 533. 530. 2 9 16 23p 30p 368.4 370.1 371.0 370.3 370.9 132.1 132.0 132.1 131.5 131.1 500.5 502.1 503.1 501.7 502.0 196.0 196.3 196.2 196.3 195.3 220.9 220.8 220.9 220.7 220.6 416.9 417.1 417.1 417.0 415.9 563.5 567.4 568.2 569.4 569.9 579.8 576.6 576.2 575.9 576.2 1143.4 1143.9 1144.4 1145.3 1146.1 394.2 400.1 401.1 399.6 397.4 133.0 131.8 131.1 130.4 129.6 527. 531. 532. 530. 527. Neek ending 1990-JUNE JULY 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. 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, -indicates preliminary data. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components 4 Non-M3 Components of L Institutiononly money market funds Date Savings bonds Short-term Treasury securities1 Bankers acceptancesJ Commercial paper 3 Federal debt Non-Federal debt 1989-FEB. MAR. 86.9 86.3 110.7 111.5 270.5 278.3 40.6 41.4 343.6 348.3 2137.8 2158.7 7041.9 7079.5 APR. MAY JUNE 88.3 92.1 96.3 112.2 112.8 113.6 285.1 293.4 295.2 41.5 41.2 41.2 358.2 348.8 349.4 2168.8 2176.4 2184.2 7126.6 7181.8 7230.7 JULY AUG. SEP. 99.0 101.4 101.6 114.3 115.0 115.7 297.2 300.3 311.5 41.9 42.6 41.0 349.5 354.3 350.3 2184.1 2200.7 2220.7 7281.6 7328.4 7364.5 OCT. NOV. DEC. 101.1 101.1 102.3 116.2 116.8 117.5 317.6 318.8 330.6 40.0 40.5 41.2 350.0 351.3 347.9 2238.3 2258.9 2265.7 7416.5 7473.6 7511.9 1990-JAN. FEB. MAR. 103.2 103.7 105.4 117.7 118.2 119.1 334.3 330.3 348.0 40.7 38.3 37.0 343.3 344.7 342.7 2275.9 2297.3 2325.9 7550.0 7592.6 7627.1 APR. MAY JUNE 106.8 107.3 107.3 119.9 120.7 p 339.7 327.7 p 35.7 35.2 p 357.5 349.9 p 2340.9 2353.7 p 7664.4 7703.7 p Meek ending 1990-JUNE JULY 4 11 18 25 106.8 107.9 107.3 107.1 2 9 16 23p 30p 107.4 108.0 107.9 109.8 109.9 1. 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. 3. Total commercial paper less commercial paper held by money market mutual funds. 4. 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. 2. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposi ts Date Currency 1 Demand Travelers checks 2 deposits 3 At commercial banks 4 At thrift institutions5 Nontransactions components Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 Gen eral purpose and broker/dealer money market funds 1989-FEB. MAR. 211.9 213.9 7.1 7.0 275.8 276.0 192.3 192.7 85.9 86.3 278.2 279.0 2292.8 2304.8 859.9 873.7 68.2 67.7 15.1 14.3 248.4 256.8 APR. MAY JUNE 215.1 216.6 218.4 7.0 7.1 7.5 283.3 273.6 276.7 197.6 186.2 187.0 88.7 84.1 84.8 286.3 270.3 271.8 2308.5 2303.5 2324.7 870.9 879.6 879.4 64.1 63.2 65.0 14.4 14.6 14.6 260.7 260.7 266.8 JULY AUG. SEP. 219.7 219.2 218.6 8.1 8.1 7.7 281.8 277.1 276.3 187.4 188.7 190.7 85.3 85.0 85.9 272.7 273.7 276.5 2350.4 2368.3 2377.2 872.7 865.5 853.1 64.1 63.1 59.3 16.8 15.2 15.5 275.6 286.8 294.9 OCT. NOV. DEC. 218.9 221.0 225.3 7.3 7.0 6.9 280.7 281.5 291.6 191.6 194.9 200.3 86.5 87.2 88.1 278.1 282.1 288.4 2393.9 2412.6 2421.8 837.6 834.5 822.2 61.2 61.7 62.5 14.1 13.2 14.3 301.3 309.7 312.2 1990-JAN. FEB. MAR. 222.9 224.2 227.0 7.0 7.2 7.3 283.0 271.4 271.6 202.5 199.5 202.2 87.0 85.7 87.6 289.4 285.2 289.8 2439.1 2452.9 2466.0 812.8 807.2 799.6 63.8 66.5 65.9 17.3 15.3 15.4 317.0 326.1 329.5 APR. MAY JUNE 229.5 231.7 234.7 7.3 7.5 8.1 279.8 268.6 274.9 209.4 200.7 203.8 91.4 88.1 88.7 300.8 288.8 292.4 2466.0 2453.4 2457.3 788.9 790.5 781.9 62.9 64.2 62.0 15.5 17.2 15.8 328.4 318.7 318.9 4 11 18 25 233.5 235.2 234.6 234.1 7.7 7.9 e 8.1 e 8.2 e 276.4 276.8 275.0 268.7 205, 206. 204. 199. 90, 90, 88, 85, 295.3 297.1 293.8 285.4 2455,,4 2457.,6 2458..1 2456..0 788.1 787.4 781.7 778.6 64.8 62.1 61.1 63.0 15, 15. 15. 16. 317. 317. 319. 320. 2 9 16 23p 30p 235.1 238.7 237.3 236.8 236.1 8.4 8.6 8.7 8.8 8.9 281.6 283.3 280.5 271.7 270.1 201.8 206.2 202.0 198.9 197.3 87.8 91.1 89.2 86.3 85.5 289.5 297.3 291.2 285.2 282.8 2459, 1 2466. 1 2470.,0 2465.,6 2464.,2 773.9 775.1 770.2 781.0 782.0 59.3 60.8 61.6 61.8 60.8 16. 16. 16. 15. 15. 319.5 317.9 322.0 321.8 323.9 Week ending 1990-JUNE JULY 1. 2. e e e e e Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollai—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 NOH 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 all depository institutions 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. C o ~ o 10 CO I V0.C »- O m m Q Z < H IU (/> </> < o O V'TJ 02, 2" ZH- ULITJ o° OS OS 3 (A c 0 </) (5 -H.H < 0) C E (TJ E-Q 0 0 o.* •H W vOLflsO o o r s N>±vt UIMCO s±«sOiH rocMfi O N v O s o ^ o CMMO CNJCNJOCO M M M W rs.rsc\jtf mrsrsvOLH C\J <M CM CJ CM MLOOsocsj CMOC0 IfliHCO sfisOLO H i H rH UHN-hO sto^o rHsO^ rnrs-ro sON±in Unv±MCM lOvtCMO^ H O ^ v > C 0 MMCMCMCM CQCMvOiHin LO LO L0 >±N±IH s±CMC0 fs.fs.sO iHiHH IfllflLn sOCMCM sOrs|s. M M s*sOsO rs.fs.fs. 1H1H1H MCM LflvO sj-M |s. | s . rHiH CMI-IS* CO O 0 s Cf. (js O O-CSJCNJ ^"sOsO 0s 0s 0s sOCMfl rsCOt^-lfl 0s* 0 s 0 s 0 s M M M M CMsi-Oin Mfs.fs.fs.sO 0 s 0 s 0 s O^ 0 s M M M M M lOMstlllvO O^O^CO CMC0 CMsOs© sCCOCO O^rHO^ 0s 0s 0s 0s 0s 0s ^ O O ^ M M M M M M Msi-M L0>±sO O^CO fs. <g M M -H (T5 U) 0) 0 c (U i-H (TJ .£ c •4-" D 0 t) 0 01 X U) 0 0) *: TJ C nj FHCMIH OOCSJ r - « < t Vf| >fr «st>st si- CM CM CM CM socors-ors |s.rs CO CO si-cOst'OLn < i—1 .-H <t 01 M l^-COm <t>±st IflMCO O H strost N±>d-st O O U^I-ICM unrsco CMMM M M M 1H1H1H iHfHrH i-HiHrH iHiH iH NOSJ-CMO cMniflco iHcors-N-rs s N- orsfs.cMr-1 C (TJ iH O- ^ <* st si- st iHiHiHiHrH MCT-M COCbfH O O i H rHrHiH c\ifs.<r ^ ^ o co co co co iniHfs.COvi' ArH rsrs, IflsO O O 1H1H MC\iM CMCSJNI o<rco sOLOLO rsMCMO o^ooo^ si-Lmnsi- COOO-sO OsOsi-iH iflsoiriLn 0^ 0 s 0^ 0 s r-»rHrHiH 1H1H1H1HO M M M M M iHCOOOsO o^ o^ o 0s 0s si-si-ui st si- iHrsLOfHsi" rscococoso 0^" 0^ 0"^ O^ 0 s i-« i H i H r-» i H o o -H «+- r c TJ C (U • w (fl^: 0) C •H (Q •HH •H ^ C <TJ (TJ 0) M- L. 0 DHC • H-0 x ^ w ^H C (TJ 0 C-H 0-P •H 3 c (O'H C-H J- W 0) C •H > i•H O (TJ-H •H TJ V) o o ^> o © U) W J--+-H-' nj.H.H Irt W W 0 0 (/) .. rHCM o .. Msi- ro a 1 •H c () 0 - H _ Q . H . H (/)rH E E C 0) O I O H O O ' r t L. D. TJ CflJC C 0) H Q) 0)i~l WTJ O T J T JflJw 0 ) I L 1 1 >H 0) C H H t t l O ^ .1-1.-) E 0 ) 0 > H (TJ > (C E L 1LM(D E 0 (0 OJM-• H (/>trt 0 - J - J O T J (u c oj aj'H v i c n e C-H aE 0 0-H (rt«H ( f l . H - H 3 r -f+'^H-'-H-H H F •H Z 0)**- 0) 0) TJ H T J T J 0) i(TJ - 0 Q ) X 0) 0) - H 3 E - H E E • (TJ • H.iH (/)TJ iH'i-l 0-HTJ-H-H C X C 0 > fl) CflJC C ' H L z a-H a a W •-H (fl'H < <A O 0 ^ W DVH M C (TJ CJ •H 3 TJ-H i—I 3 3 'H E 0 0 X-H W 0) QJ -H •> t . 0) (TJ -J 0 i. E 0 F (0 E > 0) <- C •H 0 0 £ TJ CJ ZJ (A w WOTJ •H-HO--H rAr-4 QJ Q) W « I 0 0 a n - Q) X 0) 0 w •PTJ 0 W I 0) Q J - H - H L. E C (TJ- H 3 M 1 -H 0 W 1 E 0) W—1 (TJ—I Q.—1 Q£ aj c o E-H^: i-H u) C •H TJ (TJ (T3 E <D_Q -H 0 3 0) L. V)f-t i-^f- W flj • f-t>l-l OTTJ 0 C010I!. • H - H W Q) TJ 0 0 E D flJX E -4 L.-P 0 U-H 0 C-Q 0) 3 i--H 1 W (TJ flJ 0) co irtTJ 0 C X D -•-"+- Q) o o .*: a 0 0) o* OTJ o JQ stCOO rocoun I H O O vCvOsO fsCOLH OO^CM ^Ost >£> s ± CM i H rH rH vfivOsO COCMM xd-CMO rHlflCOCO .r rsKlrH COO^CO O ^ O H rHiHrM Lfl v£) vO sOsOsO CMIHS* lf|C>C>OiH iriiom sOso-sorsfs. ir\\s\i£\ Lfjix»sOso u^uim fOiHO^ CO s t CO 0s 0s 0s MMCMiH M M M M -H-H «_-H H--P o o ststLn er i H M r s f s . co rs- rs. I - •HiH (TC^ LflLf) fHhao^ incOOCM MOIO • H O O <trsOlflCO N - H M OrHiH (TMsO iHCSJCvl \0sOC\i CO 0 s O si-si- LHlfl vON cofftftftfs* o^s^or^Ln NO> CMsOCM rscoo^rs CMsi-si-CMiH CMCMCMCMCM CMCMCMCMCM mCMCOvO M0*-s0 rHCMCMiH CMCMCMCM CMCMCMCM iHsOMOCM S 0 > 0 f s ^ ^ - fs.fs.sO O O O O O sttftf ststst CNJIHCM C\J CNJtSJ CNJCSJCM COsi-CM^ so >o co <Ts±CM rsio^ eoo^o iHrSCM CSiCNJCM NlrHCNJ rs> o <t" r l O CVJsOvO r-lOO ^ « * s t CMOO H O O ^ CMCMCM CM CM i H CSJCSJCSJ C\J CM <SJ OLHCM fs-OiH rs-fs. .H.-4 vtvt sors.rs. O-iHCNi C^OM CO 0 s 0 s ChMCMOrs iHCMCMCMrH si" s i - s i " si" si- CMM \0CMCM CMCMCM CMCSJCSJ fstftf i^rsfs. coco co iHr-lrH O^O^ CMCM CMOJ fOfs-lfl s f t f siCOCO CO O H H OC0 sOhOfO CO CO CO sOrHCO OCOtfi MUHO • H (fl f s fs. CO CO c o 0) (U t. c si-OsO 0 s iH s© CO 0 s CT^ unr^csj < < COCO^O H N O strors vOvor^ rs-coco tftftf v±>d-s± CM^OiH £ Ors. CSJCOCO rsLHLO ststst CO CO CO C^OsOHCO sOO^OCOCO fsiH coco ^ s t CO ^0 r-l o C N O H iHCsJCM W M M M M c o I f i O O rOlsOCNJ OiHIXIM "5 D CMO^sOMO rHCMM sircocor^r^ »© N*0 "^O S4D s O M M M M M s sOrssO L0iHO> iH (^ o o "^ zD UJ si-rHCOUH iHrHCM MrsCO <Z-) Q - < D UJ N O N O < U J < si-N.rv"s^ sO '^O sO sO M M M M CSJsO rsroo h - > o OOUJ O Z Q ^ z 0) 0) csitHin sO vO sO M O Nj-St -H-P CNJOO ifl^^o cocsi rs-COO^ IHSOON roc\jc\j Mforo M M M MfOM -JOQ. D D U J T<00 M H sj-viM M a > 2 Q . O < Z " 5 MOLT) v±miO M M M -H-H M -^ - H J- C < 0) (TJ O C7) C • •H TJ C 0) -*.« J < L-P • H </) 0* •H «- C < 0) (TJ E_Q E 0 0 coa UJ< U-Z ->u.z I o o o H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 At At Institutionthrift only money commercial banks institutions funds Total inarket Date Debt components6 Non-M3 Components of L Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1989-FEB. MAR. 89.6 87.6 44.8 46.3 81.9 82.6 126.7 128.9 100.1 105.7 111.0 111.7 274.1 277.8 39.8 40.4 346.3 349.4 2133.7 2149.0 7010.0 7048.5 APR. MAY JUNE 87.7 91.6 95.1 43.8 43.7 43.7 82.5 83.8 84.7 126.3 127.5 128.4 100.3 97.2 93.4 112.4 113.0 113.7 284.4 289.1 288.1 41.0 41.2 41.5 356.1 356.2 355.4 2155.1 2159.5 2165.1 7098.8 7156.2 7210.7 JULY AUG. SEP. 98.2 100.6 99.2 45.0 45.1 47.5 78.8 71.8 65.5 123.8 116.9 112.9 91.8 89.8 85.6 114.2 114,7 115.4 288.4 296.7 312.0 42.2 42.7 41.6 348.8 353.1 348.0 2163.7 2179.6 2200.9 7261.2 7306.4 7349.7 OCT. NOV. DEC. 98.7 102.1 102.9 47.8 49.1 44.9 60.5 58.1 50.0 108.3 107.2 94.9 80.2 79.5 81.4 116.0 116.6 117.3 321.6 325.8 337.1 40.4 41.0 41.7 345.8 343.3 344.7 2222.6 2250.7 2264.1 7401.0 7449.9 7498.1 1990-JAN. FEB. MAR. 106.0 107.0 106.8 46.3 50.2 48.6 45.2 44.7 44.6 91.5 94.9 93.1 74.4 68.8 67.0 118.0 118.5 119.4 340.4 334.6 346.8 40.4 37.5 36.1 347.3 347.6 343.8 2275.6 2293.1 2317.3 7539.3 7566.6 7597.0 APR. MAY JUNE 105.8 106.7 106.1 47.8 47.5 49.3 44.9 45.5 45.3 92.7 93.0 94.6 66.1 68.1 64.8 120.2 120.9 p 338.7 322.9 p 35.3 35.2 p 355.4 357.8 p 2329.1 2337.8 p 7637.2 7677.9 p 4 11 18 25 106.6 106.5 105.9 106.0 48.4 50.1 49.5 49.6 45.6 45.0 45.4 45.2 93.9 95.0 94.9 94.8 67.0 66.4 64.8 63.3 2 9 16 23p 30p 105.6 106.3 106.8 109.8 110.0 48.3 47.7 48.1 49.8 51.2 45.3 44.9 43.3 42.4 42.4 93.6 92.6 91.4 92.2 93.6 62.9 62.2 60.0 65.6 66.0 Meek ending 1990-JUNE JULY Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. 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. 5. 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 (508) Table 6 MEMORANDUM ITEMS 10 Billions of dollars> not seasonally adjusted Demand deposits at banks due to Date IRA and Keogh Accounts U.S. government depos;its Time and savings deposits due to Foreign Foreign foreign banks icommercial official and official banks institutions institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings At At deposits thrift at commercial commercia 1 institutions banks banks At money market funds Total 1989-FEB. MAR. 9.4 8.8 1.8 1.7 4.1 4.2 3.7 3.8 5.8 5.2 22.2 14.3 31.7 23.3 1.3 1.3 96.2 97.4 124.3 125.4 21.2 22.2 241.7 244.9 APR. MAY JUNE 8.9 8.9 10.0 1.6 1.6 1.7 4.2 4.0 3.8 5.2 3.3 4.6 8.9 14.1 9.7 15.0 31.0 21.6 29.0 48.5 35.8 1.4 1.4 1.4 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. 10.0 8.9 9.4 1.7 1.6 1.7 3.7 3.7 3.7 3.4 3.2 5.5 6.4 5.4 7.8 19.6 12.7 19.4 29.4 21.2 32.6 1.4 1.3 1.3 104.1 105.3 106.0 131.2 131.4 132.2 24.7 24.8 26.4 260.0 261.5 264.6 OCT. NOV. DEC. 9.9 9.4 9.7 1.7 1.5 1.5 3.7 3.7 3.6 3.3 3.5 5.2 5.9 5.2 4.8 17.4 11.2 14.4 26.5 19.9 24.5 1.4 1.4 1.4 107.3 108.0 108.7 132.5 132.3 133.3 27.1 27.5 28.0 266.9 267.8 270.0 1990-JAN. FEB. MAR. 9.8 9.1 9.0 1.6 1.6 1.6 3.6 3.6 3.6 4.4 3.5 3.6 6.0 6.2 5.3 18.8 18.5 13.1 29.1 28.2 22.0 1.4 1.3 1.3 110.3 111.9 113.3 134.4 135.3 136.5 e 30.0 32.0 32.7 e 274.8 279.2 282.5 e APR. MAY JUNE 9.1 9.3 9.0 1.5 1.8 1.5 3.6 3.6 3.6 5.1 3.4 5.5 4.4 5.1 5.0 14.9 21.8 15.4 24.4 30.3 25.9 1.3 1.3 1.3 115.6 117.7 119.5 138.4 e 139.3 e 139.6 e 33.1 e 33.5 e 33.5 e 287.1 e 290.6 e 292.6 e 4 11 18 25 10.4 8.9 9.0 8.2 1.7 1.5 1.5 1.5 3.6 3.6 3.6 3.6 3.3 3.7 11.9 3.9 5.3 4.3 4.9 5.3 9.1 4.2 6.5 30.3 17.7 12.2 23.3 39.5 1.3 1.3 1.3 1.3 2 9 16 23p 30p 9.2 9.3 8.6 8.9 8.7 1.6 1.6 1.5 1.6 1.4 3.6 3.6 3.5 3.5 3.5 3.4 4.2 3.4 2.9 3.0 5.5 6.3 5.0 5.1 5.1 27.6 5.1 6.2 15.0 16.7 36.4 15.6 14.6 23.0 24.7 1.3 1.3 1.3 1.4 1.3 Week ending 1990-JUNE JULY e—indicates estimated data, p—indicates preliminary data.