Full text of H.6 Money Stock Measures : January 10, 1991
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FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES JANUARY 10, 1991 Billions of dollars Date M1 J M2^ M3 J DEBT Seasonally adjusted 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. 3201. 3221. 3925 .9 3936 .7 3956 .5 3965 .0 3965.6 3984.9 4007 4013 4013 4018 4031 4044 4683. 4702. 4735. 4762. 4761. 4784. 4810. 4825. 4831.8 4841.7 4858.1 4881.2 1990-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. p 794.8 801.4 804.8 807.3 805.4 809.4 809.0 815.8 822.1 820.0 822.6 825.2 3231. 3255. 3271. 3279. 3274. 3282. 3287.8 3305.3 3319.8 3320. 3316. 3320. 4048..5 4064..3 4069..0 4074..7 4068..4 4073..1 4077..6 4093..4 4096..0 4091..6 4085.8 4085.9 4882.5 4890.4 4906.6 4917.9 4889.8 4909.0 4918 4 4929 4 4954 3 4947 4 4954 4 p 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. 3065. 3080. 3100. 3071. 3099. 3132.8 3146.5 3156.6 3179.3 3204.8 3234.5 3935.3 3925.6 3954.3 3971.0 3950.6 3978.5 4005.8 4012.7 4010.6 4018.2 4040.7 4058.3 4701. 4696. 4733. 4764. 4750. 4777. 4799. 4819.8 4827.3 4841.8 4867.2 4898.9 1990-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. p 802.3 788.0 795.7 817.3 796.4 810.0 812.0 813.7 818.1 816.7 825.1 842.9 3242.8 3243.6 3265.8 3290.3 3259.4 3279.8 3293.4 3305..4 3312..3 3316..9 3320..7 3333..7 4057.6 4052.9 4067.6 4081.3 4052.7 4066.8 4076.6 4093.6 4092.2 4090.9 4095.7 4100.4 4901. 4 4885. 6 4904. 5 4921. 3 4877. 6 4900. 7 4906. 7 4924. 0 4948. 9 4947. 0 4963. 7 P 9150.3 9209.8 9279.9 9342..9 9403..6 9457..9 9506..9 9570..7 9629..1 9689..0 9751..7 9790..4 9831.3 9889.9 9959.1 10015.9 10059.9 10117.8 10183.5 10256 6 10313 6 10354 7 10412 4 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. 9139. 9179. 9237. 9297. 9358. 9414. 9460. 9516. 9578. 9648. 9719. 9775. 9821. 9859. 9916. 9970. 10014. 10074. 10137.4 10203.2 10263.3 10315.9 10382.9 p H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change a t seasonally adjusted annual rates M3 Debt 1 0.1 -1.0 6.1 3.9 2.3 0.6 7.0 3.8 3.1 1.0 6.8 1.8 -0.1 Ml M2 1.5 6 Months from JUNE 1990 to DEC. 1990 12 Months from DEC. 1989 TO DEC. 1990 3 Months from SEP. 1990 TO DEC. 1990 Thirteen weeks ending DECEMBER 31> 1990 from thirteen weeks ending: OCT. 1> 1990 (13 weeks previous) 3.4 JULY 2, 1990 (26 weeks previous) 3.8 2.4 0.8 4.0 3.6 1.4 JAN. 1, 1990 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates> namely> August 1990 to November 1990, May 1990 to November 1990, and November 1989 to November 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 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 ot 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 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 2.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. H.6 (508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted Ml Period ending 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 1990-OCT. 8 15 22 29 816.5 817.4 818.2 819.1 822.8 822.5 821.8 819.8 821.8 818.7 818.3 820.2 3307.3 3309.9 3312.5 3314.9 3321.3 3322.8 3322.9 3320.8 3327.0 3323.3 3317.9 3314.9 4090.4 4091.7 4092.9 4093.7 4092.9 4091.7 4092.6 4092.3 4096.5 4092.2 4092.6 4087.9 NOV. 5 12 19 26 819.9 820.3 820.7 821.5 819.9 820.3 821.6 823.0 822.3 820.3 823.7 825.6 3316.4 3317.4 3318.0 3319.2 3317.6 3315.4 3315.1 3317.2 3314.1 3314.6 3316.9 3323.0 4093.7 4093.3 4092.7 4092.4 4089.9 4088.0 4085.9 4087.1 4086.9 4084.7 4084.2 4092.5 DEC. 3 10 17 24p 31p 821.5 821.5 821.8 822.4 822.7 822.1 822.2 822.3 822.9 826.3 818.8 820.8 824.0 828.1 832.2 3318.5 3318.4 3318.7 3319.0 3319.1 3316.1 3317.1 3318.5 3318.1 3321.8 3309.9 3318.7 3322.3 3321.3 3325.0 4090.0 4088.9 4088.5 4088.2 4087.9 4084.2 4084.9 4086.9 4085.2 4087.4 4075.3 4087.7 4092.1 4085.6 4084.2 Not seasonally adjusted Ml Period ending 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 1990-OCT. 8 15 22 29 814.4 815.0 815.7 816.2 816.7 817.2 819.1 816.7 828.1 824.9 810.6 803.2 3305.6 3307.6 3309.7 3311.5 3311.7 3314.6 3318.8 3317.6 3332.8 3329.5 3309.8 3298.1 4088.7 4090.3 4091.6 4092.4 4087.2 4087.5 4091.7 4091.6 4104.6 4101.7 4086.4 4073.8 NOV. 5 12 19 26 816.7 817.2 818.1 819.6 816.5 817.1 821.4 825.6 827.2 827.3 827.8 820.0 3312.9 3314.0 3315.1 3316.5 3315.1 3314.2 3317.9 3321.3 3323.1 3325.8 3324.5 3311.9 4092.7 4092.9 4093.0 4093.6 4090.2 4090.3 4092.6 4097.1 4098.9 4102.1 4095.4 4091.9 DEC. 3 10 17 24p 31p 820.1 820.7 822.0 825.2 828.3 824.3 827.2 830.4 836.6 844.3 822.0 839.1 840.6 844.7 852.6 3316.7 3317.1 3318.5 3321.2 3323.9 3319.7 3322.5 3325.2 3329.3 3334.7 3316.6 3336.8 3335.3 3328.4 3338.2 4092.3 4091.6 4091.8 4093.7 4095.8 4093.8 4094.9 4096.8 4097.3 4101.1 4085.8 4106.4 4103.2 4093.8 4101.0 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 Billions of dollars, seasonally adjusted Nontransacl:ions component:s Other checkable deposits A* commercial banks4 At thrift institutions5 Genleral purpose and broker/dealer money market funds Total In M2 6 In M3 only7 85.0 86.0 276.0 278.4 2366.5 2380.6 866.1 849.9 287.8 295.9 194.2 195.9 197.9 86.6 86.9 87.8 280.8 282.8 285.7 2393.8 2411.8 2426.8 836.2 829.8 822.6 - 302.7 309.0 312.4 277.3 280.2 279.3 198.0 199.3 201.0 87.4 87.7 88.5 285.4 287.0 289.5 2436.3 2454.3 2466.2 817.4 808.6 797.9 318.6 325.3 325.9 7.7 277.8 274.5 274.5 202.8 203.2 205.7 89.0 88.3 88.1 291.8 291.5 293.8 2471.8 2469.1 2473.2 795.5 794.0 790.5 326.8 322.3 323.9 7.7 8.0 8.3 274.7 277.9 279.7 203.9 204.2 205.6 87.3 87.4 87.0 291. 291. 292. 2478.8 2489.5 2497.7 789.8 788.1 776. 2 327.1 335.9 341.9 244.0 244.7 245.9 8.4 8.4 8.4 276.8 277.2 277.3 205.6 206.8 208.9 85.3 85.4 84.8 290. 292. 293. 2500.2 2493.9 2495.1 771.3 769.3 765.5 344.7 343.3 346.3 5 12 19 26 244.8 244.1 244.3 245.7 8.5 8.4 8.4 8.4 276 276 278 279 206. 206. 207. 207. 85.7 85.4 85.1 85.3 292.4 291.6 292.4 292.3 2491.8 2494.3 2493.2 2497.4 772. 770. 767. 769. 343.1 343.8 342.7 343.2 3 10 17 24p 31p 245.3 245.0 245.6 246.0 247.5 8.3 8.3 8.4 8.4 8.4 272, 275. 277, 279. 278.8 207. 207. 207. 209. 211. 85. 84. 84. 84. 85. 292.5 291.8 292.1 294.3 297.4 2491. 2497. 2498. 2493, 765.4 769.1 769.8 764.2 759.2 343. 344. 345. 347. 348. 1Currency1 Travelers checks2 Demand deposits3 1989-AUG. SEP. 218.6 219.3 7.2 7.2 278.5 278.1 191.1 192.4 OCT. NOV. DEC. 220.0 220.4 221.9 7.3 7.4 7.4 280.0 278.8 279.7 1990-JAN. FEB. MAR. 224.6 226.6 228.4 7.5 7.6 7.6 APR. MAY JUNE 230.1 231.6 233.4 7.6 7.7 JULY AUG. SEP. 235.4 238.4 241.5 OCT. NOV. DEC. P Date Neek ending 1990-NOV. DEC. 1. 2. 2492.8 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 NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOH 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. This sum is seasonally adjusted as a whole. 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. This sum is seasonally adjusted as a whole. e—indicates estimated data. p—indicates preliminary data. 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CM CM 1 0 rs»CMfH IONCOSO KeocooNvt r^ONQN CM O s O rHOO sOsOsO OONCO cocor*. 101010 r^ioos sOsOlO 101010 sOlOsts^sOsOsOsO 101010L0 NOQNNsO SOSOIOIOIO 1010101010 s &v OJ (A TO 0 £ O H X(A X 3 w c to OJ ^ 3 rH TJ-+" D 3 HrH E sOlOlO strvcM s±rN»K> rHCMiH O N N ^ I H SOIOCOIO rHiHtfONtf CjNstCO rHvtrs. rOhOrO 101010 rHOOs tflOiO 101010 COrHlO sor^-h* 101010 stsOlO COCOOs 101010 stlOsOfs. ONCMlON-rs. CO CO CO CO COONONONON 10101010 1010101010 101010 C -H > iHrv-ON fs*s±s© iHCMCM -H'H rH rH SOONCSJ •HONO CMsOsO c o o co strOOs rs.r>.co K>rs>C0lO K\rHsOiHst vOh-ON O O O s±s*v± oro>± 1OL01O rHiHiH rHiHiH stsfrsfr stt^CM rHrHiH ststst strororo rHiHrHiH Sfststst rororoMiH rHiHrHiHrH ststststst o o a o o (A -H C 0) OJ ^ •» i- 0 E (TJ <- E 0 E > OJ *- C 0 0 C •H s*s± wa- stes CM oioco h-ioro CO O I H I H CMiHO CM CM CM CM CM CM OOON CM CM CM CM CM CM sOlOs* rHrHiH coco** C010O sO CO sO 0 s COsO Ors-COCO sHiH^trHO ONiHhO CO ON ON rHrHiH roKiiO 0 s ON ON rHrHiH IOIOSO rs.rs.co oors.rs.rs. CO CO CO 0 s CMCMiH CM CM CM ON ON 0 S rH«HiH ON CM CM CM CM ON ON 0 S MHONN CMOCMOtO SOSOIOIO r-4r4r*t-4 CMCMCMCM lOLOlOstCM rH iH rH fH iH CMCMCMCMCM ON 0 S 0 S • H r H Q) OJ <A<frX <A 0 o a**- OJ x OJ o <A H-T3 0 (AX OJ e j - H - ^ L E C (D-H 3 (A I - P 0 <A E OJ WrH (TJrH Q.rH • H (A C •H " 0 (0 (U E OJX -H 0 3 OJ L. (ArH L H - W (0 ON ON lOstCO r^ioio sJ-OiH KIMCM O N S O O stCOO s^rHOON MlOsOlOCO MC0«H sj-stio rnrnro CSJSOON CM 10 CO sO OsO pOrOfO OstsO sOsor>rs.rs.iNs. rororo tors-coso rs, N is. rs. rOrOJNAM vor^coN^ rs.rN.rs.rs.rv MMrVTifOK) a tOCMONsO IHIHCM K10rs.xi"iH iHrHCMKV OstON COO CM lOsOCM stOlO lOstioo vOKiiHcors. lOON<f CO CO ON s*s±tf COOrH stlOlO CMlOrs. O O O 10 10 10 sors-io OOO to io io ior-.cors. o o o o 1010L0IO iOsors.iocM o o o o o IO1010101O vors»,o sOOCM rH CM 10 rHKIlOCM %±C0l0tOON csjroio sOtffO rororo OOCC rorocM rHrHrH o o o o MKIKiiNn ONcococors. CMCMCMCMCM 1H1H1H »HiH»H KtrONl rHiHiH O N O O TJ O OJ O > 3 O X (A • •> IA ( A O T J •HrHiH 8§S rHrHiH 101010 roroio OCT. NOV. DEC. Z SONIOCOON ONONhs-co ON sO CO CO CO lOCOCsi JULY AUG. SEP. c • H o a •8 Date c H Z 100NCOON 0s OCvl APR. MAY JUNE c*o 0) 3 (A L (0 rH •H CMOfN* rororn 1990-JAN. FEB. MAR. U. o ONSOPH ON 0 S ON OsO 1989-AUG. SEP. O i Ivr/lfs. • H'H OTT3 O C OJ Q) C • • - • - P (A 0) TJ O 0 E 3 (QX E rH L.-H 0 O-H 0 C X 0) •H 3 L-H l (A (0 (!} 1 (A Qj (A (A (A At At thricommercial institu^ banks s-"° ^ ra ON QN 0 S ca a » £ Q (0 220.3 220.5 220.5 > c < a: M 185.9 187.3 188.5 • H iors.is. 475.3 480.8 483.7 ? in in < CMIHON 131.6 132.3 132.2 Total <A UJ ON roro 183.9 184.9 At. _ At commercial thrift banks institutions o in «- TJ ON ON 468.2 471.9 o <A o a OJ iHONvO OONON 9*022 0*022 O Q Z < sO COiHiH ONOO Mstsl" 130.4 131.0 CQ LU CO IO 10 |N*.rs* 51*7 91*7 91* Total OJ TJ 0) E At At thrift commercial institutions banks a 0s CO CM 337.9 340.8 Total commercial banks4 • H (A 0 0 0>+- 0 -HID (Q . * C aa § I O ON ON s (A>H (C.rt.H < <A (A (A o o (A o o z a-H a a Z OJH- OJ OJ TJ'HTJTJ .OJ i. ffl TJ OJX OJ OJ - H 3 E - H E £ • (TJ . H « H (ATJ rH'H OH^TJH^-H C X C O > OJ CffiC C ' H L 0 O OH- 1 (TJ (A>H (A.H.H 3 C • H (TJ C (TJ (TJ.H £ (A C (TJ C C - H ' H O ' H J J ' H . H (ArH as E E c oj OJ O r H 0 O ' H L TJ c (o c c a OJ.H OJ OJrH (ATJ O T J T J (TJ (A 0 ) I L i I ' H OJ £*-* OJ OJ OJ 0 - H • H r H E 0 ) D > H (Q > (0 E L L H - O (TJ £ 0 (0 (TJH-.H </)(/) 0 - 1 - J O T I J •HCM |va<f c H.6 ( 5 0 8 ) Table ^-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components4 Non-M3 Components of L Institutiononly money market funds Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper 3 Federal debt Non-Federal debt 1989-AUG. SEP. 101.4 101.6 115.0 115.7 300.2 311.3 42.6 41.0 354.3 350.3 2198.4 2220.3 7372.3 7408.8 OCT. NOV. DEC. 101.1 101.1 102.3 116.2 116.8 117.5 317.4 318.6 330.3 40.0 40.5 41.2 350.0 351.3 347.9 2239.5 2261.3 2268.1 7449.5 7490.4 7522.3 1990-JAN. FEB. MAR. 103.2 103.7 105.4 117.7 118.2 119.1 332.3 324.9 338.9 40.7 38.3 37.0 343.3 344.7 342.7 2275.9 2291.6 2316.1 7555.4 7598.3 7643.0 APR. MAY JUNE 106.8 107.3 107.3 119.9 120.7 121.5 330.1 315.8 330.3 35.8 35.3 34.6 357.5 349.6 349.4 2330.7 2345.2 2374.4 7685.2 7714,6 7743.4 JULY AUG. SEP. 108.9 114.0 116.1 122.4 123.2 123.8 336.8 335.4 344.5 32.9 32.3 31.8 348.7 345.1 358.2 2401.7 2438.9 2461.5 7781.9 7817.8 7852.1 OCT. NOV. DEC. P 119.8 120.1 126.5 124.5 125.2 p 342.2 347.3 p 32.4 34.6 p 356.8 361.6 p 2474.3 2507.7 p 7880.4 7904.7 p Week ending 1990-NOV. DEC. 5 12 19 26 120.2 119.8 118.8 120.9 3 10 17 24p 31p 121.4 124.1 127.7 128.8 127.5 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. 2. 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. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposiIts Demand Travelers checks 2 deposits3 At commercial banks 4 At thrift institutions5 Nontransactions components General purpose and broker/dealer money market funds Total In M 2 6 In M3 only7 Overnight RPs** Overnight Eurodollars9 85.0 85.9 273.7 276.5 2368.5 2377.5 866.2 854.0 63.2 59.6 15.2 15.5 286.8 294.9 191.6 194.9 200.3 86.5 87.2 88.1 278.1 282.1 288.4 2394.3 2413.1 2422.4 838.9 835.9 823.8 61.6 62.2 63.1 14.1 13.2 14.3 301.3 309.7 312.2 283.0 271.4 271.6 202.5 199.5 202.2 87.0 85.7 87.6 289.4 285.2 289.7 2440.5 2455.6 2470.1 814.8 809.3 801.8 64.6 67.5 67.0 17.0 14.9 14.9 317.4 326.9 330.4 7.3 7.5 8.1 279.8 268.5 274.8 209.4 200.7 203.8 91.3 88.0 88.5 300.7 288.7 292.3 2473.1 2463.0 2469.8 791.0 793.3 787.0 64.3 66.7 66.9 15.0 16.5 15.4 330.4 321.6 321.8 237.1 239.2 240.8 8.6 8.9 8.8 277.0 276.5 277.9 201.3 201.6 203.8 88.0 87.3 86.9 289.3 289.0 290.6 2481.4 2491.7 2494.3 783.2 788.2 779.8 68.2 67.6 65.1 15.9 15.1 16.5 324.3 334.9 340.9 242.6 245.6 249,4 8.4 8.0 7.8 277.6 280.0 289.2 202.9 205.8 211.3 85.2 85.7 85.2 288.0 291.5 296.5 2500.2 2495.6 2490.8 774.0 775.0 766.7 66.2 60.5 54.8 17.7 17.3 19.3 342.9 344.3 346.1 5 12 19 26 244.4 246.1 245.3 246.3 8.2 8.1 8.0 7.9 280.6 279.9 282.8 278.2 206.4 206.8 206.2 203.8 87.5 86.5 85.5 83.8 293.9 293.3 291.7 287.6 2495.9 2498.5 2496.8 2491.9 77S.8 776.3 770.9 780.0 63.0 61.4 61.5 57.4 18.3 17.7 17.1 16.6 342.6 344.3 343.4 345.8 3 10 17 24p 31p 244.8 248.7 248.9 251.8 249.6 7.8 7.8 7.8 7.8 7.8 277.4 283.6 288.8 290.1 298.0 206.5 211.8 210.1 211.2 212.7 85.5 87.2 85.0 83.7 84.6 292.1 299.0 295.1 294.9 297.3 2494.5 2497.7 2494.7 2483.7 2485.6 769.2 769.6 767.9 765.4 762.8 59,7 56.9 55.7 51.8 52.6 17.2 19.5 19.6 18.8 20.3 345.2 346.4 346.4 346.4 345.6 Date (Currency1 1989-AUG. SEP. 219.2 218.6 8.1 7.7 277.1 276.3 188.7 190.7 OCT. NOV. DEC. 218.9 221.0 225.3 7.3 7.0 6.9 280.7 281.5 291.6 1990-JAN. FEB. MAR. 222.9 224.2 227.0 7.0 7.2 7.3 APR. MAY JUNE 229.5 231.7 234.8 JULY AUG. SEP. OCT. NOV. DEC. P Neek ending 1990-NOV. DEC. Currency U.S. Treasury, Banks of. depository institutions. ~ A . .-outside .. ~ dollar-denominated "Dlla Federal .Reserve . . .travelers , and . the vaults . . Outstanding amount of, U.S. checks of, nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreian-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 NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. Sum of overniaht RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits. 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. 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. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 Money msirket deposit accounts At At thrift commercial institutions banks Date Total At At thrift commercia ,1 institutions banks Small-denomination time deposits2 _ __ __. Total commercial thrift banks institutions Total Large-denomination time deposits3 At m At commercial thrift banks 4 institutions Total 1989-AUG. SEP. 336.4 339.6 130.6 131.1 467.0 470.6 184.4 184.4 220.5 220.3 404.9 404.6 511.3 513.9 619.9 618.2 1131.2 1132.1 398.4 398.6 172.0 168.8 570.4 567.4 OCT. NOV. DEC. 342.7 350.3 355.0 131.8 132.8 132.8 474.6 483.1 487.8 185.9 187.1 187.2 221.3 220.5 219.0 407.2 407.6 406.2 519.2 523.1 526.4 616.3 614.2 612.3 1135.5 1137.3 1138.8 399.9 401.9 399.8 165.5 161.7 158.3 565.4 563.6 558.1 1990-JAN. FEB. MAR. 356.3 357.7 360.8 132.9 133.3 136.1 489.3 491.1 496.9 189.0 190.5 193.2 218.8 219.5 220.9 407.7 410.0 414.1 530.8 535.2 538.3 613.7 610.1 608.5 1144.5 1145.3 1146.8 399.3 399.7 399.7 154.1 150.6 146.4 553.4 550.2 546.1 APR. MAY JUNE 362.4 361.0 365.8 135.9 133.8 132.5 498.3 494.8 498.2 194.2 194.1 196.1 222.4 221.8 222.3 416.6 415.9 418.4 541.7 549.7 560.4 606.7 597.9 588.7 1148.4 1147.6 1149.1 395.2 397.6 397.5 141.7 137.6 133.7 536.9 535.1 531.1 JULY AUG. SEP. 368.1 372.9 374.4 131.2 131.2 131.2 499.4 504.1 505.7 197.3 196.3 196.0 223.1 221.0 219.0 420.4 417.3 415.0 569.6 572.2 575.6 583.7 580.6 575.5 1153.2 1152.8 1151.1 397.5 397.0 393.0 129.6 127.2 125.2 527.1 524.2 518.3 OCT. NOV. DEC. P 375.2 379.1 380.9 130.3 130.7 129.2 505.6 509.8 510.1 197.9 197.7 197.4 217.7 215.8 212.8 415.6 413.5 410.2 584.4 584.9 592.5 567.8 565.3 557.8 1152.2 1150.2 1150.3 390.4 389.4 385.0 122.3 118.8 113.9 512.7 508.2 498.9 5 12 19 26 376.6 379.3 380.4 379.0 130.6 131.1 130.9 130.4 507.2 510.4 511.2 509.5 197.6 197.8 197.8 197.6 216.8 216.7 215.9 214.9 414.4 414.5 413.6 412.5 583.6 584.1 584.9 585.8 566.8 566.1 565.0 564.3 1150.5 1150.3 1149.9 1150.1 389.9 391.3 388.6 389.0 120.6 120.1 118.8 117.4 510.5 511.4 507.3 506.4 3 10 17 24p 31p 380.2 382.4 382.8 379.8 378.9 130.0 129.9 129.4 128.7 128.6 510.2 512.3 512.2 508.5 507.4 197.4 197.8 197.4 197.1 197.3 214.6 214.7 213.7 211.4 210.8 412.0 412.5 411.1 408.5 408.1 587.6 590.3 592.4 594.7 594.6 562.6 559.9 557.4 555.0 557.0 1150.2 1150.2 1149.8 1149.8 1151.5 387.0 386.6 385.6 384.5 382.5 116.3 114.9 114.3 113.1 112.1 503.2 501.5 499.9 497.6 494.6 Neek ending 1990-NOV. DEC. 1. 2. Savings deposits exclude MMDAs. Small-denomination time deposits — includinq 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. Large-denomination 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 banks institutions market funds Date Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury ^1 securities" Bankers acceptances* Commercial paper5 Federal debt Non-Federal debt 1989-AUG. SEP. 100.6 99.2 45.4 47.9 72.2 66.0 117.6 113.9 89.8 85.5 114.7 115.4 296.6 311.8 42.7 41.6 353.1 348.0 2180.6 2202.5 7336.0 7375.8 OCT. NOV. DEC. 98.7 102.1 102.9 48.5 50.0 45.9 61.2 58.9 51.0 109.6 108.9 96 .9 80.1 79.3 81.1 116.0 116.6 117.3 321.4 325.6 336.8 40.4 41.0 41.7 345.8 343.3 344.7 2224.5 2252.7 2265.9 7424.0 7466.5 7509.9 1990-JAN. FEB. MAR. 106.0 107.0 106.8 47.5 51.6 50.1 46.1 45.4 45.0 93.6 96.9 95.2 73.9 68.4 66.6 118.0 118.5 119.4 338.2 329.2 337.7 40.4 37.5 36.1 347.3 347.6 343.8 2277.5 2295.0 2319.2 7543.6 7564.6 7597.1 APR. MAY JUNE 105.8 106.7 106.1 49.6 50.1 53.4 45.2 45.7 45.4 94.8 95.8 98.7 65.5 67.2 64.4 120.2 120.9 121.6 329.1 311.1 322.0 35.3 35.2 34.9 355.4 357.6 355.4 2331.0 2339.7 2363.0 7639.7 7674.4 7711.2 JULY AUG. SEP. 108.1 113.2 113.2 53.4 55.3 51.4 43.5 43.0 43.1 96.9 98.3 94.5 65.2 68.4 69.3 122.2 122.8 123.5 326.4 331.3 345.3 33.1 32.4 32.2 348.2 343.9 355.7 2386.8 2422.4 2444.5 7750.6 7780.8 7818.8 OCT. NOV. DEC. p 117.0 121.3 127.3 49.7 51.1 46.8 41.6 40.3 39.7 91.3 91.4 86.5 69.5 70.7 70.7 124.2 125.0 p 347.1 355.1 p 32.7 35.0 p 352.1 353.0 p 2459.3 2498.8 p 7856.6 7884.1 p 5 12 19 26 118.9 120.5 119.9 123.6 51.3 51.4 50.9 51.9 40.9 40.7 40.2 39.8 92.2 92.1 91.1 91.7 69.9 69.8 70.4 73.0 3 10 17 24p Sip 123.7 124.9 128.2 129.1 128.3 49.6 48.4 45.9 45.3 46.3 39.9 40.1 39.5 40.0 39.2 89.5 88.5 85.4 85.3 85.6 69.8 71.4 70.6 70.5 70.9 Neek ending 1990-NOV. DEC. 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. 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 10 Billions of dollars> not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks Foreign Foreign commercial official and official banks institutions institutions Date IRA and Keogh Accounts U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings At deposits At thrift at commercial commercial institutions banks banks At money market funds Total I 1989-AUG. SEP. 8.9 9.4 3.2 5.5 5.4 7.8 12.7 19.4 21.2 32.6 1.3 1.3 105.3 106.0 131.4 132.2 24.8 26.4 261.5 264.6 OCT. NOV. DEC. 9.9 9.4 9.7 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 4.4 3.5 3.6 6.0 6.2 5.3 18.8 18.5 13.1 29. 28. 22. 1.4 1.3 1.3 110.3 111.9 113.3 133.9 133.9 133.9 29.6 31.2 31.7 273.8 277.0 278.9 APR. MAY JUNE 9.1 9.3 9.0 14.9 21.8 15.4 24. 30. 25. 115. 117, 119, 134.0 133.8 133.6 31.1 30.6 30.6 280.7 282.2 283.8 JULY AUG. SEP. 8.9 9.1 9.3 11, 19, 25, 20. 28. 37. 121, 122. 124. 133.8 133.9 e 134.1 e 30.8 30.7 31.1 e 285.6 287.3 289.6 OCT. NOV. DEC. P 9.0 8.8 8.9 17. 15. 18. 26.4 24.8 28.1 126.8 128.6 130.1 134.4 e 134.6 e 134.2 e 31.8 e 33.3 e 34.8 e 293.0 296.4 299.1 5 12 19 26 9.1 8.7 9.1 8.8 18. 11. 13. 18. 29. 20, 23. 26. 3 10 17 24p 31p 8.4 8.2 9.5 8.6 9.4 17.6 8.1 6.2 30.9 27.3 26. 16. 17. 41. 37. 1.6 1.6 1.6 Meek ending 1990-NOV. DEC. e—indicates estimated data. p—indicates preliminary data.