Full text of H.6 Money Stock Measures : February 27, 1992
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•Voj^V/. FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. •-f^tsf- H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES FEBRUARY 27, 1992 Billions of dollars Date Ml 1 M2^ DEBT5 M3 3 Seasonally adjusted 1990-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 800.7 803.7 807.3 806.2 809.7 810.1 816.2 822.9 822.3 823.8 826.1 3258. 3270. 3279. 3282. 3290. 3297. 3313. 3327. 3329. 3327. 3332, 4073. 4074. 4079, 4079. 4083. 4090. 4106. 4115. 4117, 4115. 4114. 4901. 4909. 4921. 4905. 4925. 4928. 4939, 4964. 4962. 4960. 4966. 10225. 10299. 10360. 10411. 10478. 10541. 10606. 10658. 10696. 10750. 10791.0 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 826.2 836.2 842.2 842.7 850.8 857.2 860.0 866.5 872.0 880.9 891.4 898.1 3336..5 3361..4 3378..5 3385..7 3396..4 3402.8 3400.6 3403. 3408. 3420. 3434. 3442. 4125..1 4159..6 4165..3 4168..0 4170..0 4167..5 4157..2 4157..5 4154..6 4161.8 4170.8 4175.2 4982.2 5010.3 5006.8 4981.1 4960..9 4988..7 4994..6 4991..4 4983..7 4992..5 5009..9 5005..4 10821 .1 10871 .6 10905 .6 10924 .5 10974 .5 11022 .9 11060 .1 11106.8 11154.5 11206 5 11257 5 11292 4 p 1992-JAN. 910.4 3452.1 4180.5 1990-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 788.0 795.9 817.6 796.9 810.4 812.5 814.2 818.7 817.6 826.1 844.1 3247..9 3270..2 3294..4 3265..0 3286..5 3301..0 3312.8 3320.1 3325.7 3331.0 3345.2 4063.6 4077.9 4091.7 4065.2 4080.8 4092.3 4109 4108 4109 4118 4124 4896.1 4914.5 4931.5 4889.8 4914.4 4920. 4934. 4956. 4954. 4968. 4986. 10196.1 10261.0 10318.8 10365.2 10430.0 10492.5 10554.8 10610.9 10659.8 10722.6 10778.2 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 832.7 823.3 835.0 853.0 841.6 858.0 862.3 864.5 867.4 875.4 893.9 917.3 3343. 3350. 3380. 3401. 3379. 3399. 3403.8 3403.3 3400.5 3415.7 3437.6 3456.1 4128. 4150. 4171. 4182. 4156. 4165. 4158. 4160. 4146. 4152. 4173. 4185. 5000. 5005. 5014. 4993. 4945. 4976. 4986. 4985. 4974. 4982. 5017. 5026. 10809. 10842. 10868. 10884. 10928. 10973. 11009. 11056. 11109.8 11172.7 11232.6 11280.8 p 1992-JAN. 918.1 3460.1 4185.6 Not seasonally adjusted 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 Debt] Ml M2 M3 3 Months from OCT. 1991 TO JAN. 1992 13.4 3.7 1.8 4.9 6 Months from JULY 1991 to JAN. 1992 11.7 3.0 1.1 4.9 12 Months from JAN. 1991 TO JAN. 1992 10.2 3.5 1.3 4.6 NOV. 18, 1991 (13 weeks previous) 13.4 4.1 2.2 AUG. 19, 1991 (26 weeks previous) 11.2 3.0 1.0 FEB. 18, 1991 (52 weeks previous) 9.6 3.4 1.4 Thirteen weeks ending FEBRUARY 17, 1992 from thirteen weeks ending: Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1991 to December 1991, June 1991 to December 1991, and December 1990 to December 1991, 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 floatj and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) 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, savings deposits (including money market deposit accounts ) j small-denomination 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 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 of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments. The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also 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 Period ending 13-week average 4-week average 1991-NOV. 25 880.0 890.2 M3 M2 Ml 13-week average 4-week average 893.9 3419.0 3432.4 week average week average 13-week average 4-week average 3438.4 4161.4 4169.3 4174.9 week average DEC. 2 9 16 23 30 881.9 883.9 885.9 888.0 890.0 892.4 894.3 895.8 897.0 898.2 895.0 896.6 897.6 898.9 899.5 3421.7 3424.2 3427.0 3429.8 3432.5 3436.2 3439.1 3442.1 3443.5 3443.5 3440.2 3442.2 3447.5 3444.2 3439.9 4162.7 4164.1 4166.0 4168.0 4169.3 4172.1 4174.0 4177.2 4177.7 4175.7 4174.3 4175.1 4184.5 4177.0 4166.1 1992-JAN. 6 13 20 27 891.9 894.1 896.3 898.7 899.7 902.0 904.8 908.8 902.9 906.6 910.3 915.3 3434.7 3436.7 3439.0 3441.8 3443.5 3443.4 3445.5 3449.9 3442.4 3447.1 3452.7 3457.3 4169.5 4170.4 4171.9 4174.2 4171.5 4169.5 4170.9 4177.6 4158.5 4176.5 4182.6 4192.9 3 lOp 17p 901.4 904.3 907.4 913.4 918.5 923.8 921.2 927.1 931.6 3445.0 3448.6 3452.1 3456.0 3463.5 3470.7 3466.8 3477.1 3481.7 4176.8 4179.4 4183.0 4187.1 4193.3 4202.4 4196.5 4201.2 4219.1 FEB. Not seasonally adjusted Ml Period ending 13-week average 4-week average 1991-NOV. 25 M2 week average 13-week average 4-week average M3 week average 13-week average 4-week average week average 876.5 890.3 882.7 3417.6 3434.8 3428.9 4156.2 4170.3 4166.7 DEC. 2 9 16 23 30 879.9 882.3 885.3 890.1 895.1 894.6 899.7 904.3 913.0 917.0 904.3 915.4 914.9 917.2 920.6 3420.7 3423.4 3426.9 3431.6 3436.5 3438.8 3444.8 3449.8 3455.3 3456.7 3442.4 3463.3 3464.5 3451.0 3447.9 4158.3 4160.1 4162.7 4166.8 4170.5 4174.7 4179.0 4184.3 4187.5 4185.6 4178.5 4193.9 4198.0 4179.7 4170.6 1992-JAN. 6 13 20 27 899.7 903.4 906.4 909.1 924.0 927.2 926.6 921.2 943.3 927.6 914.9 899.0 3440.5 3444.1 3447.3 3450.6 3459.9 3461.7 3464.0 3462.4 3476.1 3471.7 3460.4 3441.3 4172.0 4174.7 4177.6 4180.5 4182.0 4182.5 4184.9 4186.2 4179.6 4200.1 4189.3 4175.8 3 lOp 17p 910.8 912.8 914.5 912.6 911.0 911.9 908.7 921.2 918.7 3452.7 3455.3 3457.2 3456.9 3457.1 3459.5 3454.1 3472.7 3469.9 4182.5 4184.4 4186.8 4187.9 4188.3 4192.9 4186.4 4201.5 4207.9 FEB. 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 d o l l a r s , seasonally adjusted Other checkable Date Currency 1990-SEP. 1 Travelers checks2 Demand deposits3 At commercial banks4 280.1 205.6 At thrift institutions5 87.0 Nontransactions components deposits Total In M2 6 In M3 only 7 292.5 2504.4 788.1 787.3 787.7 782.1 241.9 8.3 OCT. NOV. DEC. 244.2 245.4 246.8 8.4 8.3 8.3 278.1 277.4 277.1 205.9 207.0 208.7 85.7 85.7 85.2 291.6 292.6 293.9 2507.4 2504.1 2506.3 1991-JAN. FEB. MAR. 251.5 254.6 256.0 8.3 8.2 8.1 271.8 275.9 276.9 209.5 211.6 214.6 85.2 85.8 86.6 294.6 297.5 301.2 2510.3 2525.2 2536.3 788.6 798.2 786.7 APR. MAY JUNE 256. 256. 257. 276.1 278.4 280.1 215. 220. 223. 87.0 87.5 88.1 302.5 307.7 311.6 2542.9 2545.6 2545.6 782.3 773.7 764.7 JULY AUG. SEP. 259. 261. 262. 279.3 280.1 280.6 225.8 229.5 232.4 87.8 87.8 88.2 313.6 317.3 320.6 2540.6 2537.2 2536.3 756.6 753.8 746.3 OCT. NOV. DEC. 264.8 266.0 267.3 283.8 287.6 289.5 235.4 239.2 241.6 89.1 90.5 91.6 324.5 329.7 333.2 2539.4 2543.0 2544.2 741.5 736.4 732.9 1992-JAN. 269.4 293.9 245.8 93.1 338.9 2541.8 728.4 8.3 Heek ending 1991-DEC. 23 30 267.2 267.9 289.9 289.4 242. 240. 91.6 93.6 333.6 333.9 2545.3 2540.4 732.8 726.2 1992-JAN. 6 13 20 27 268.4 268.9 269.4 270.0 290.3 292.0 294.0 296.0 243. 245. 246, 246.7 92.3 91.8 92.1 94.4 335.9 337.5 338.7 341.0 2539.5 2540.6 2542.4 2542.0 716.1 729.3 729.9 735.7 3 lOp 17p 270.4 271.4 272.0 298.7 301.0 305.6 248.4 251.2 250.2 95. 95. 95. 343.9 346.4 345.6 2545.6 2550.0 2550.2 729.7 724.1 737.4 FEB. 1. 2. 8.3 8.3 8.3 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 foreiqn-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 NON 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), savings deposits (including money market deposit accounts) 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. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted A * commercial banks Date At thrift institutions Large-denomination time deposits 3 Small-denomination time deposits 2 Sav i ngs depos its 1 A Total * At commercial thrift institutions banks Total General purpose and b r o k e r / d e a l e r money m a r k e t f u n d s Institutiononly money market funds At At commercial thrift 4 banks institutions Total 1990-SEP. 572.3 346.3 918.6 582.4 580.9 1163.3 341.8 124.1 384.9 130.1 515.1 OCT. NOV. DEC. 575.3 578.1 581.9 343.7 341.9 338.8 919.0 920.0 920.7 590.4 591.8 599.8 571.9 569.7 562.3 1162.3 1161.5 1162.1 344.6 345.2 348.9 127.8 128.8 133.7 383.8 384.5 380.4 128.0 125.1 120.9 511.8 509.6 501.3 1991-JAN. FEB. MAR. 583.6 590.2 596.8 338.4 340.5 344.6 922.0 930.7 941.4 603.4 608.8 611.8 558.6 553.0 546.1 1162.1 1161.7 1157.9 356.6 361.0 365.0 138.3 145.5 148.5 385.7 392.2 389.5 117.8 114.8 111.1 503.4 507.0 500.6 APR. MAY JUNE 602.5 609.3 617.0 350.2 356.5 359.5 952.7 965.8 976.5 609.1 607.4 609.4 541.8 534.7 522.6 1151.0 1142.1 1132.0 366.6 367.8 368.8 152.9 155.2 155.3 387.7 387.7 386.4 108.4 104.6 100.7 496.0 492.3 487.0 JULY AUG. SEP. 622.8 630.1 636.6 362.9 363.7 365.6 985.8 993.7 1002.2 611.3 615.0 614.7 511.8 499.3 491.3 1123.1 1114.3 1106.0 367.9 363.5 361.9 155.4 158.6 162.6 380.2 378.4 373.0 97.6 93.8 90.6 477.9 472.2 463.7 OCT. NOV. DEC. 645.7 655.4 664.9 369.3 373.3 377.7 1015.0 1028.7 1042.5 614.1 606.4 598.5 481.6 474.1 466.6 1095.6 1080.5 1065.1 361.7 361.4 361.5 168.2 173.6 179.1 362.6 357.1 354.0 87.4 85.1 83.1 450.0 442.2 437.1 1992-JAN. 675.9 385.3 1061.2 587.7 457.4 1045.0 360.7 182.4 346.0 81.4 427.4 Week e n d i n g 1991-DEC. 23 30 666.1 667.7 378.4 379.9 1044.5 1047.6 598.6 595.9 465.4 464.2 1064.0 1060.2 360.7 359.8 181.2 176.5 352.5 350.0 82.5 82.2 435.0 432.2 1992-JAN. 6 13 20 27 669.1 674.1 677.0 679.5 381.4 383.3 385.3 387.9 1050.5 1057.4 1062.3 1067.4 593.2 590.3 587.7 583.8 463.0 459.7 456.5 454.2 1056.2 1050.0 1044.2 1037.9 356.1 358.7 360.5 364.0 165.2 182.3 185.4 188.3 348.5 345.7 345.8 345.8 82.3 81.8 81.2 81.0 430.8 427.6 427.0 426.8 3 lOp 17p 682.3 687.1 690.2 390.6 393.2 395.5 1072.9 1080.2 1085.8 580.8 578.0 575.0 451.4 447.9 445.6 1032.2 1025.8 1020.6 365.2 364.2 364.6 191.8 189.5 194.2 343.4 340.8 341.7 80.4 79.7 79.1 423.8 420.5 420.9 FEB. 1. 2. Savings deposits include money market deposit accounts. 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. 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 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components4 Non-M3 Components of L Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 1990-SEP. 125.7 555.8 52.6 OCT. NOV. DEC. 124.5 125.2 126.0 550.6 550.6 555.0 1991-JAN. FEB. MAR. 126.9 127.9 129.0 APR. MAY JUNE Federal debt Non-Federal debt 558.8 2455.4 8225.2 32.9 55.8 54.0 557.7 555.2 559.5 2441.5 2470.9 2495.6 8255.0 8279.8 8297.5 551.5 551.1 526.8 35.3 34.6 32.1 565.4 557.1 555.8 2509.1 2557.5 2551.5 8312.0 8354.1 8554.1 150.1 151.5 152.4 510.9 502.5 527.7 30.6 29.1 28.1 541.6 527.9 555.0 2547.4 2572.5 2606.7 8577.2 8402.0 8416.2 JULY AUG. SEP. 155.5 154.4 155.2 556.0 556.0 550.4 28.1 27.2 25.8 559.8 556.5 557.7 2655.2 2665.9 2695.5 8426.9 8441.0 8460.9 OCT. NOV. DEC. p 156.1 157.1 157.9 555.1 559.6 555.5 25.3 24.5 25.7 556.2 557.9 555.0 2724.0 2749.5 2766.9 8482.5 8508.0 8525.5 1. Commercial paper 3 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 Nontransact ions components Other checkable deposits Currency 1 Date Travelers checks 2 Demand deposits3 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 1990-SEP. 240.9 8.8 278.1 203.9 86.9 290.8 2501.4 788.8 64.6 16.6 OCT. NOV. DEC. 242.7 245.7 249.5 8.4 8.0 7.8 278.2 280.6 289.9 202.9 206.0 211.5 85.3 85.8 85.4 288.3 291.8 296.9 2508.0 2504.9 2501.1 783.5 787.4 779.3 66.0 60.5 55.0 17.7 17.4 19.7 1991-JAN. FEB. MAR. 249.8 252.6 255.6 7.8 7.8 7.8 277.4 268.0 270.1 213.6 211.5 215.8 84.2 83.4 85.8 297.7 294.9 301.6 2511.0 2526.9 2545.0 785.2 799.9 791.1 52.0 51.4 49.0 19.9 19.0 20.2 APR. MAY JUNE 256.0 257.4 259.1 7.5 7.8 8.1 277.7 271.7 279.8 222.6 217.2 222.0 89.2 87.6 89.0 311.8 304.8 311.0 2548.7 2538.0 2541.0 780.5 777.0 766.0 50.0 51.3 52.3 19.6 17.1 15.6 JULY AUG. SEP. 260.8 262.0 261.7 8.5 8.6 8.3 280.9 278.8 278.6 223.1 226.9 230.6 89.0 88.3 88.1 312.1 315.1 318.7 2541.5 2538.8 2533.1 754.7 757.7 746.4 51.1 52.8 51.8 13.8 14.5 14.6 OCT. NOV. DEC. 263.1 266.3 270.0 8.0 7.7 7.7 283.7 291.1 303.1 232.0 238.1 244.8 88.6 90.7 91.7 320.6 328.8 336.5 2540.3 2543.7 2538.9 737.0 735.3 729.7 53.2 53.8 53.1 16.3 19.5 22.6 1992-JAN. 267.9 7.9 300.0 250.7 91.7 342.4 2542.0 725.6 56.0 22.1 1991-DEC. 23 30 271.6 270.4 7.8 7.8 302.1 307.8 245.3 244.2 90.4 90.5 335.7 334.7 2533.8 2527.3 728.7 722.7 52.8 50.8 22.6 24.1 1992-JAN. 6 13 20 27 269.7 268.5 268.0 266.5 7.8 7.8 7.9 7.9 315.3 303.9 296.6 290.3 255.5 254.3 251.3 245.4 94.9 93.1 91.1 89.0 350.4 347.3 342.4 334.4 2532.9 2544.1 2545.5 2542.3 703.5 728.5 728.9 734.5 54.3 54.5 56.6 56.8 25.3 22.1 21.4 20.4 3 lOp 17p 267.1 270.4 270.5 7.9 7.9 e 7.9 e 295.0 295.9 298.3 247.3 253.1 249.6 91.4 93.8 92.2 338.7 346.9 341.9 2545.5 2551.5 2551.2 732.3 728.8 738.0 58.5 59.2 58.6 21.3 19.9 19.7 Heek ending FEB. 1. 2. 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 NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NON 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), savings deposits (including money market deposit accounts) 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. 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 At A* thrift commercial institutions banks Date Large-denomination time deposits 3 Small-denomination time deposits2 Savings deposits 1 Total At . At commercial thrift banks institutions Total At General purpose Institutionthrift and broker/dealer only money commercial institutions money market funds market funds banks* Total 386.6 130.7 517.3 384.2 384.6 379.4 128.1 125.2 120.6 512.3 509.8 500.0 OCT. NOV. DEC. 574.5 578.2 580.0 343.3 342.0 337.7 917.8 920.2 917.7 591. 592. 599. 572.7 570.1 562.2 1163.9 1162.3 1161.9 342.6 344.5 346.8 120.2 124.2 128.4 134.4 1991-JAN. FEB. MAR. 580.8 587.1 598.0 336.7 338.7 345.3 917.5 925.8 943.4 605.1 610.4 612.2 560.2 554.4 546.4 1165.3 1164.8 1158.6 356. 365. 373.8 142, 152, 153. 383.1 391.0 390.1 117.0 114.4 111.2 500.1 505.4 501.3 APR. MAY JUNE 604.6 609.1 619.7 351.4 356.4 361.1 956 965, 980.8 608. 605. 607, 541, 533, 520.8 1150. 1138. 1128. 373. 365. 364. 153, 155. 152. 386. 389. 387. 108.0 104.9 101.0 494.4 493.8 488.7 JULY AUG. SEP. 625.8 631.6 635.6 364.7 364.6 365.1 990. 996, 1000.8 611. 614. 614. 511. 499. 491. 1122.8 1113.5 1105.2 363.3 361.8 360.7 151. 156. 157, 379. 380. 374. 97.6 94.2 91.0 477.4 474.5 465.6 OCT. NOV. DEC. 644.6 655.3 662.3 368.7 373.2 376.3 1013. 1028, 1038, 615. 606. 598. 482. 474. 466. 1097. 1081 1065.4 359.8 360.6 359.1 163.4 172.7 180.3 362.8 356.9 352.8 87.4 85.1 82.8 450.2 441.9 435.5 1992-JAN. 672.3 383.2 1055.5 589.5 458.8 1048.2 360.2 188.1 343.6 80.8 424.4 1991-DEC. 23 30 661.2 660.5 375.6 375.8 1036. 1036, 598. 596. 465. 464. 1063. 1060. 358, 355, 182.8 178.0 350. 348. 82. 81. 432.8 430.5 1992-JAN. 6 13 20 27 667.0 673.2 673.6 672.8 380.2 382.9 383.4 384.1 1047. 1056. 1057. 1056. 595. 592. 589. 585. 464. 461. 458. 455. 1059. 1053. 1047. 1040. 346. 357. 362, 367. 162.1 189.0 193.8 197.2 346.5 343.8 343.2 343.0 81.8 81.4 80.6 80.3 428.3 425.2 423.8 423.3 3 lOp 17p 676.1 683.6 686.8 387.0 391.2 393.6 1063.1 1074.8 1080.4 582. 579. 576. 452. 449. 446. 1035. 1029. 1023. 367. 368. 369. 199.3 198.8 203.1 340.6 339.6 340.9 79.8 79.4 78.9 420. 419. 419.8 1990-SEP. 571.6 345.8 917.4 581.9 580.3 1162.2 340.7 Meek ending FEB. 1. 2. Savings deposits include money market deposit accounts. 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 ccommercial thrift banks institutions Date Debt components6 Non-M5 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury ^ securities-5 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1990-SEP. 55.0 46.2 99.1 67.7 125.5 554.6 52.5 556.8 2411.8 8199.2 OCT. NOV. DEC. 51.5 55.1 48.1 44.5 42.5 41.5 95.6 95.6 89.6 67.8 67.5 68.7 124.2 125.0 125.8 554.8 559.9 545.4 52.8 54.6 55.7 555.0 550.5 555.1 2424.4 2461.5 2491.5 8255.4 8261.2 8286.9 1991-JAN. FEB. MAR. 48.4 48.5 48.1 40.5 58.2 55.4 88.7 86.7 85.5 69.2 69.8 68.2 126.8 127.9 129.1 540.7 552.6 527.8 56.1 54.5 51.5 567.7 560.5 554.7 2510.8 2540.7 2555.4 8298.5 8501.5 8515.2 APR. MAY JUNE 49.1 48.5 49.1 55.1 52.1 29.5 82.2 80.4 78.4 65.2 62.5 61.6 150.4 151.6 152.7 506.5 295.1 516.4 50.1 28.7 27.8 544.5 554.0 554.9 2544.5 2560.6 2586.4 8559.9 8567.5 8586.8 JULY AUG. SEP. 49.6 48.9 48.1 29.2 29.4 28.6 78.8 78.4 76.7 62.7 65.6 61.5 155.6 154.5 155.0 527.5 550.4 551.5 27.9 27.2 25.5 558.8 555.1 555.8 2609.5 2642.9 2675.1 8400.6 8415.9 8456.7 OCT. NOV. DEC. 48.9 48.0 47.1 26.6 25.6 25.8 75.5 75.7 70.9 65.0 62.5 58.5 155.9 156.8 157.7 p 557.5 549.0 546.6 p 25.1 25.2 25.0 p 551.5 555.8 551.2 p 2707.6 2740.7 2765.0 p 8465.1 8491.9 8515.9 p 1992-JAN. 48.0 22.8 70.8 57.4 1991-DEC. 25 50 46.8 47.9 25.0 21.7 69.8 69.6 58.8 60.1 1992-JAN. 6 15 20 27 47.4 48.8 48.0 47.7 22.1 25.1 25.0 25.5 69.4 71.9 71.0 71.0 57.9 57.5 55.9 57.9 5 lOp 17p 47.9 48.1 49.5 22.5 25.5 25.5 70.2 71.4 72.8 58.4 58.4 57.7 Week endii^g FEB. 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. 5. n ° u ? 1 ^ C ? m m e r c i a l P a P e r l e s s 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. H.6 ( 5 0 8 ) 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 deposits Time and savings deposits due to Foreign Foreign foreign banks <commercial 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 deposits A* thrift at commercial commercia 1 institutions banks banks At money market funds Total 1990-SEP. 9.7 2.0 3.5 5.2 6.4 25.9 37.5 1.2 124.4 134.1 39.4 297.9 OCT. NOV. DEC. 9.3 9.2 9.0 1.6 1.5 1.5 4.0 3.9 4.1 3.5 3.8 5.0 5.5 5.6 5.2 17.5 15.4 18.1 26.4 24.8 28.2 1.4 1.4 1.4 126.8 128.6 130.3 133.9 133.8 133.4 40.5 41.8 43.3 301.2 304.2 307.0 1991-JAN. FEB. MAR. 9.3 8.2 8.0 1.6 1.6 1.6 4.5 5.1 5.7 4.9 4.2 5.1 7.8 11.5 6.8 24.5 35.1 23.3 37.2 50.8 35.1 1.3 1.3 1.3 132.1 133.6 135.3 133.5 134.0 134.5 43.5 43.5 44.0 309.1 311.1 313.8 APR. MAY JUNE 8.5 8.2 7.6 1.5 1.5 1.5 6.0 6.2 6.3 5.4 3.6 5.0 4.7 5.6 6.3 15.0 16.2 18.6 25.1 25.4 29.9 1.3 1.4 1.5 137.6 138.9 140.3 135.2 135.5 135.4 44.3 44.9 43.9 317.1 319.3 319.6 JULY AUG. SEP. 8.0 7.9 7.8 1.5 1.5 1.5 6.3 6.5 6.6 3.7 3.6 5.2 6.6 5.8 7.8 17.1 13.5 21.7 27.3 22.9 34.7 1.6 1.5 1.5 141.8 143.1 144.4 134.6 133.2 131.6 42.2 41.7 e 41.3 e 318.5 318.0 e 317.3 e OCT. NOV. DEC. 7.7 7.9 8.1 1.5 1.5 1.7 6.7 6.7 6.6 3.6 4.4 4.8 5.7 6.0 7.4 25.0 24.2 20.5 34.4 34.6 32.8 1.5 1.6 1.5 145.9 147.0 147.7 130.7 e 129.8 e 129.0 e 41.0 e 41.1 e 41.3 e 317.6 e 317.9 e 318.1 e 1992-JAN. 8.3 1.7 6.6 5.2 7.4 27.9 40.5 1.8 148.3 128.7 e 41.5 e 318.5 e 1991-DEC. 23 30 8.0 8.3 1.6 1.9 6.6 6.6 4.4 4.1 9.2 10.8 30.9 33.5 44.5 48.3 1.5 1.5 1992-JAN. 6 13 20 27 8.5 8.0 8.3 8.5 2.3 1.5 1.6 1.7 6.6 6.6 6.6 6.6 6.2 4.0 6.1 5.2 9.4 5.5 5.9 8.1 27.3 20.5 25.2 34.5 42.9 30.1 37.2 47.8 1.5 1.9 1.9 1.9 3 lOp 17p 7.9 7.6 7.4 1.6 1.8 1.4 6.6 6.6 6.6 5.4 3.6 4.1 9.2 6.9 5.9 35.3 23.5 20.7 49.9 33.9 30.7 1.9 1.9 1.9 Week ending FEB. e--indicates estimated data. p--indicates preliminary data. Board of Governors of the Federal Reserve System Washington, D.C. 20551 POSTAGE AND FEES PAID ft&ftfd of Governors of tfw Federal Reterve System •22 OFFICIAL t U S N I S S totky for few* Urn. SJ00 First Class