Full text of H.6 Money Stock Measures : March 11, 1993
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FEDERAL RESERVE statistical release **'**ALR&?S H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES MARCH 11, 1993 pillions of dollars Date Ml ] nz< M3 3 ^ DEBT5 Seasonally adjusted 1991-MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 839.4 841.3 849.1 857.6 861.8 867.9 872.4 879.5 891.0 899.3 3386. 3396. 3407. 3416. 3415. 3417. 3418. 3422. 3435.8 3445.8 4160..5 4165..6 4166..5 4167..9 4160..7 4156..3 4150..4 4155..5 4162.8 4168.1 4996, 4972. 4959. 4983. 4994. 4983. 4968. 4972. 4983. 4982. 10865.8 10888.3 10941..1 10993..7 11025..9 11062..0 11094..0 11131..5 11169..7 11192.7 1992-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 911.5 926.2 935.1 941.2 952.2 952.6 963.3 975.5 990.1 1005.9 1019.1 1026.6 3451. 3467. 3469. 3468. 3470. 3465. 3467. 3475.8 3483.6 3496.9 3505.6 3504.0 4172. 4189. 4186. 4181. 4183. 4173. 4172, 4182, 4186. 4185. 4185. 4173.8 4978.3 4999.0 5011.8 5012.5 5014..4 5018..1 5015..9 5028.8 5040.3 5047.5 5062.5 5058.1 11227.1 11278.9 11338.7 11393.4 11441.3 11493.5 11537.8 11584.5 11624.7 11652.2 11707.6 11768.2 1993-JAN. FEB. p 1033.2 1033.0 3494.1 3482.9 4151.0 4144.7 5049.5 p 11797.4 p Not seasonally adjusted 1991-MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 834.7 852.9 841.4 857.7 861.9 864.2 866.9 874.8 893.1 916.4 3392. 3414. 3392. 3411. 3414. 3413. 3407. 3417. 3438. 3457. 4170. 4180. 4154. 4163. 4157. 4157.8 4140.7 4145.7 4167.7 4178.1 5008. 4986. 4939. 4971, 4980, 4975. 4959. 4961, 4994. 5004. 10828.4 10847.4 10894.3 10944.2 10977.4 11017.8 11061.2 11106.1 11147.9 11182.8 1992-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 917.3 916.0 930.5 954.7 943.9 951.9 962.5 970.4 982.8 1000.9 1021.5 1045.7 3456. 3462. 3476. 3490. 3455. 3460. 3464. 3470. 3471. 3491. 3508. 3518, 4174.1 4186.5 4196.8 4198.5 4170 4168 4166 4181 4174 4175 4191 4185 4993..2 4999..6 5025..1 5028..4 4991..3 5005..2 4999..7 5018.8 5029.7 5036.7 5075.4 5082.9 11214 11247 11298 11350 11392.8 11444.4 11492 11546 11597 11631 11689 11760 1993-JAN. FEB. p 1040.1 1022.1 3499.9 3476.9 4153.6 4142.1 5066.5 p 11784.6 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 M3 Debt 1 3 Months from NOV. 1992 TO FEB. 1993 5.5 -2.6 -3.9 5.0 6 Months from AUG. 1992 TO FEB. 1993 11.8 0.4 -1.8 4.5 11.5 0.4 -1.1 5.1 NOV. 30> 1992 (13 weeks previous) 10.3 -0.2 -2.8 AUG. 31» 1992 (26 weeks previous) 13.9 1.4 -0.9 MAR. 12.9 1.1 -0.5 12 Months from FEB. 1992 TO FEB. 1993 Thirteen weeks ending MARCH 1, 1993 from thirteen weeks ending: 2, 1992 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely> October 1992 to January 1993, July 1992 to January 1993> and January 1992 to January 1993, 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 (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 depository institutions and overnight Eurodollars issued to U.S. residents by foreian branches of U.S. banks worldwide, savings deposits (including money market deposit accounts), 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, a n d t h e 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 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 Dvernments 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 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjus;ted 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 1992-DEC. 7 14 21 28 1008.2 1011.2 1013.8 1016.4 1021.4 1023.0 1024.6 1026.4 1024.3 1025.6 1025.9 1029.8 3497.5 3499.3 3500.9 3502.2 3505.5 3505.8 3506.1 3505.5 3507.5 3507.6 3503.9 3502.8 4186.3 4185.8 4184.7 4182.8 4186.2 4186.7 4183.4 4176.8 4187.4 4186.4 4173.8 4159.4 1993-JAN. 4 11 18 25 1018.7 1021.0 1023.3 1025.1 1027.6 1029.1 1031.0 1032.0 1029.2 1031.5 1033.3 1033.8 3502.7 3502.9 3502.9 3502.3 3502.4 3499.6 3497.8 3495.2 3495.1 3496.7 3496.5 3492.3 4180.2 4176.6 4174.9 4171.7 4167.1 4156.6 4152.7 4149.0 4148.8 4144.5 4158.1 4144.6 FEB. 1 8 15 22p 1026.6 1027.6 1028.5 1029.7 1033.3 1032.9 1032.4 1032.6 1034.5 1030.0 1031.2 1034.7 3500.8 3498.8 3496.9 3495.5 3492.9 3489.1 3485.3 3483.4 3485.9 3481.7 3481.4 3484.4 4169.0 4165.3 4162.6 4159.2 4149.3 4147.8 4145.7 4145.4 4149.9 4138.4 4149.8 4143.3 MAR. IP 1030.8 1033.1 1036.5 3493.8 3482.9 3484.0 4156.3 4144.7 4147.1 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 1992-DEC. 7 14 21 28 1005.7 1009.5 1014.3 1020.6 1026.0 1029.4 1037.5 1044.0 1042.7 1042.0 1042.5 1048.7 3493.5 3496.2 3500.0 3504.5 3510.4 3512.1 3516.7 3518.3 3528.9 3525.6 3512.4 3506.1 4181.3 4181.3 4182.1 4183.7 4192.0 4193.3 4193.1 4188.5 4203.1 4202.7 4180.0 4168.1 1993-JAN. 4 11 18 25 1025.9 1030.5 1033.6 1035.7 1051.2 1056.3 1056.5 1048.6 1071.7 1062.4 1043.3 1016.8 3507.9 3510.5 3511.3 3511.1 3518.9 3520.5 3518.7 3510.1 3531.3 3532.0 3505.4 3471.7 4184.6 4183.0 4182.1 4179.3 4180.8 4173.5 4169.6 4158.7 4172.2 4173.8 4164.4 4124.4 FEB. 1 8 15 22p 1036.2 1036.4 1036.2 1036.7 1034.3 1025.6 1021.0 1021.0 1014.5 1027.8 1024.9 1016.8 3508.5 3505.6 3502.6 3501.0 3493.4 3480.9 3474.6 3474.8 3464.4 3482.0 3480.4 3472.5 4175.7 4171.0 4167.7 4164.0 4148.2 4139.8 4137.0 4139.3 4130.3 4139.9 4153.2 4133.7 MAR. lp 1036.5 1022.5 1020.3 3499.0 3477.4 3474.8 4160.8 4142.8 4144.2 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 Nontransactions components Other checkable deposits commercial banks* Currency * Travelers checks 2 Demand deposits3 1991-OCT. NOV. DEC. 264.4 265.8 267.2 7.5 7.6 7.8 283.0 287.4 290.5 235.3 239.6 242.3 1992-JAN. FEB. MAR. 269.0 270.8 271.9 7.7 7.7 7.7 296.3 303.3 308.0 APR. MAY JUNE 273.6 275.1 276.6 7.7 7.7 7.7 JULY AUG. SEP. 279.5 282.4 286.3 OCT. NOV. DEC. At thrift institutions5 Total In M 2 6 In M3 only 7 89.3 90.6 91.6 324,7 330.2 333.8 2542.9 2544.8 2546.6 733.0 727.0 722.3 245.9 249.9 252.1 92.7 94.4 95.5 338.6 344.3 347.5 2539.5 2541.5 2534.4 721.2 721.3 717.1 310.8 314.7 312.3 253.4 258.8 259.1 95.7 96.0 96.8 349.0 354.7 355.9 2527.2 2518.7 2512.9 713.1 712.2 708.0 7.7 7.8 8.1 317.5 322.5 329.0 261.1 264.1 266.6 97.5 98.7 100.1 358.6 362.8 366.7 2503.8 2500.4 2493.6 705.3 706.3 702.6 288.0 289.8 292.3 8.3 8.2 8.1 336.0 339.5 340.9 271.8 278.7 281.2 101.9 102.9 104.0 373.7 381.6 385.2 2490.9 2486.4 2477.4 688.3 680.4 669.8 294.8 296.9 8.0 8.0 342.0 342.0 283.4 283.2 105.0 103.0 388.5 386.2 2460.9 2449.9 656.8 661.8 4 11 18 25 294.0 293.9 294.3 294.9 8.1 8.0 8.0 8.0 341.7 341.6 341.7 341.2 282.5 282.4 283.7 284.2 102.9 105.5 105.6 105.5 385.4 387.9 389.3 389.7 2466.0 2465.1 2463.1 2458.6 653.6 647.8 661.6 652.2 FEB. 1 8 15 22p 296.0 295.8 296.4 297.2 7.9 7.9 7.9 8.0 342.2 339.8 341.1 343.6 284.0 283.1 282.8 283.0 104.3 103.4 103.0 102.8 388.3 386.5 385.8 385.8 2451.4 2451.7 2450.2 2449.8 664.0 656.7 668.3 658.9 MAR. lp 298.4 8.0 344.2 283.5 102.4 385.8 2447.5 663.1 Date 1993-JAN. FEB. P Week ending 1993-JAN. Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. dollai—denominated travelers checks of nonbank issuers'. " "Travelers " Outstanding amount of U.S. dollar-denominated 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 NON 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), 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 Savings deposits 1 At thrift csomtnercia.1 institutions banks Date Large-denomination time deposits 3 Small-denomination time deposits2 Total At At thrift commercial banks institutions Total General purpose and broker/dealer money market funds Institutiononly money market funds At At commercial thrift 4 banks institutions Total 1991-OCT. NOV. DEC. 646.7 656.3 666.2 368.7 372.1 376.3 1015.3 1028.5 1042.5 617.1 609.7 601.5 479.8 471.6 463.2 1096.9 1081.4 1064.7 362.5 362.3 363.9 169.3 175.4 182.1 352.7 346.2 341.3 87.8 85.3 83.4 440.5 431.6 424.7 1992-JAN. FEB. MAR. 677.2 689.0 695.6 383.1 391.7 398.7 1060.3 1080.7 1094.3 589.1 578.6 571.2 453.9 442.9 432.8 1043.0 1021.5 1004.0 360.3 362.3 359.7 186.1 192.0 192.2 336.9 333.7 330.0 82.0 79.9 77.4 418.9 413.6 407.4 APR. MAY JUNE 703.9 709.3 713.3 403.6 410.3 412.7 1107.5 1119.6 1126.0 567.9 560.0 552.9 418.2 409.6 402.8 986.1 969.6 955.7 357.9 358.4 357.0 195.9 202.2 206.3 326.6 323.0 317.7 75.5 73.0 71.7 402.1 395.9 389.3 JULY AUG. SEP. 719.5 727.6 737.2 415.0 418.2 421.7 1134.5 1145.7 1158.9 544.6 535.6 527.5 397.0 391.3 385.2 941.5 926.9 912.7 353.9 352.5 347.4 212.5 220.9 220.7 311.0 307.8 303.5 71.5 70.3 70.2 382.5 378.1 373.7 OCT. NOV. DEC. 746.1 752.5 756.1 424.4 427.9 429.9 1170.5 1180.3 1186.0 519.9 511.9 507.0 376.6 370.0 363.5 896.6 881.9 870.5 351.6 350.9 348.8 210.9 209.2 202.3 296.8 292.8 290.2 70.2 68.5 67.3 367.0 361.3 357.5 754.1 755.7 430.3 426.8 1184.4 1182.5 502.5 503.4 358.8 351.8 861.4 855.2 345.9 340.0 197.7 201.9 283.7 282.1 67.1 65.5 350.8 347.6 4 11 18 25 755.9 756.6 755.3 752.3 431.1 429.7 430.7 430.3 1187.0 1186.3 1186.0 1182.6 504.8 503.7 502.3 501.6 361.0 359.8 358.8 358.0 865.8 863.5 861.1 859.5 347.6 347.7 345.5 345.5 204.7 195.2 198.5 195.7 284.1 283.4 281.9 282.2 67.4 67.0 67.2 67.0 351.5 350.4 349.1 349.1 FEB. 1 8 15 22p 750.1 755.0 756.3 757.2 429.2 427.3 427.2 426.5 1179.3 1182.3 1183.5 1183.7 501.1 504.0 503.4 503.1 356.7 352.4 352.1 351.4 857.8 856.5 855.5 854.5 343.8 340.6 339.0 339.8 197.5 197.9 204.5 200.5 282.5 282.9 282.3 282.2 66.8 66.0 65.6 65.2 349.3 348.9 347.9 347.4 MAR. lp 755.1 425.6 1180.7 503.5 350.1 853.6 340.2 205.6 280.7 65.1 345.7 1993-JAN. FEB. P Neek ending 1993-JAN. 1. 2. Savings deposits include money market deposit accounts. 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 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 1991-OCT. NOV. DEC. 136.0 137.1 138.0 320.6 322.7 315.0 25.3 24.5 23.4 1992-JAN. FEB. MAR. 139.0 140.2 141.3 311.9 320.0 325.1 APR. MAY JUNE 142.4 143.5 144.6 JULY AUG. SEP. OCT. NOV. DEC. 1993-JAN. p 1. Commercial s paper Federal debt Non-Federal debt 334.9 336.2 337.7 2713.9 2742.3 2764.8 8417.6 8427.4 8428.0 22.8 22.5 22.2 332.3 327.3 336.7 2782.6 2801.8 2841.7 8444.5 8477.1 8497.0 325.9 329.4 330.1 21.8 22.0 22.0 341. 336, 348, 2877. 2908. 2943.8 8516.1 8532.8 8549.7 145.8 147.4 149.3 324.9 323.1 321.3 21. 21. 20. 351. 355. 362. 2968. 2991, 3004. 8569.6 8592.9 8620.6 151.9 154.7 156.8 321.9 329.3 338.8 20. 20. 20. 368. 372. 368. 3001. 3027. 3068.8 8650.8 8679.9 8699.4 158.9 350.6 20.3 368.7 3076.3 8721.1 J 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 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Nont ransact 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* Overnight Eurodollars9 1991-OCT. NOV. DEC. 263.1 266.3 269.9. 7.6 7.3 7.4 283.7 290.9 302.9 232.1 238.2 244.9 88.5 90.4 91.4 320.5 328.6 336.3 2542.1 2545.3 2541.5 728.8 729.3 720.1 53.8 54.3 53.7 16.3 19.5 22.6 1992-JAN. FEB. MAR. 267.8 269.4 271.0 7.4 7.5 7.4 299.9 296.4 302.6 250.7 250.4 254.1 91.4 92.3 95.4 342.2 342.7 349.5 2538.7 2546.3 2546.0 718.1 724.3 720.4 55.9 58.3 54.1 21.9 19.6 20.6 APR. MAY JUNE 273.3 275.7 277.2 7.3 7.4 7.8 313.8 308.3 311.4 261.3 255.7 257.7 98.9 96.8 97.8 360.2 352.5 355.5 2535.3 2511.9 2508.6 708.6 714.6 707.8 53.4 50.8 52.7 19.3 18.6 19.6 JULY AUG. SEP. 280.8 282.9 284.6 8.2 8.4 8.5 317.7 319.8 326.1 257.7 260.8 264.0 98.2 98.4 99.6 355.9 359.2 363.6 2501.9 2499.9 2488.4 702.5 711.6 703.5 53.4 59.4 56.1 19.3 16.8 17.6 OCT. NOV. DEC. 287.0 290.0 295.0 8.4 7.9 7.8 336.7 343.9 355.3 268.1 277.0 284.0 100.8 102.7 103.7 368.8 379.7 387.6 2490.2 2486.9 2472.5 684.1 682.8 667.7 55.1 54.2 52.6 20.0 21.2 21.5 293.6 295.4 7.8 7.7 346.2 334.4 289.1 284.0 103.5 100.6 392.6 384.6 2459.8 2454.8 653.7 665.2 54.3 56.0 18.4 17.7 4 11 18 25 295.8 294.6 293.7 292.1 7.8 7.8 7.8 7.7 367.1 356.9 346.7 333.4 293.9 296.0 291.6 283.2 107.1 107.1 103.5 100.3 401.0 403.1 395.1 383.5 2459.5 2469.6 2462.1 2454.9 640.9 641.8 659.0 652.7 52.5 53.0 52.9 55.3 19.0 18.6 18.0 18.3 FEB. 1 8 15 22p 291.9 295.9 296.3 294.8 7.7 7.7 7.7 7.8 334.3 334.3 336.4 332.9 280.2 287.1 283.8 282.4 100.4 102.9 100.8 99.1 380.6 389.9 384.5 381.4 2449.9 2454.2 2455.5 2455.6 665.8 657.9 672.8 661.2 57.8 55.5 55.1 56.5 18.1 17.3 17.4 17.7 MAR. lp 294.8 7.8 334.6 283.2 100.0 383.2 2454.5 669.4 56.9 18.5 1993-JAN. FEB. P Week ending 1993-JAN. 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 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 foreiqn 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. 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. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Savings deposits 1 A* c ommercial Date banks Small-denomination time deposits2 At thrift institutions Total At A* thrift commercial institutions banks Total Large-denomination time deposits 3 General purpose InstitutionAt~ At and broker/dealer only money commercial thrift money market funds market funds banks 4 institutions Total 1991-OCT. NOV. DEC. 645.4 656.2 663.3 367.9 372.0 374.7 1013.3 1028.2 1038.0 618.4 610.3 602.0 480.7 472.0 463.6 1099.1 1082.3 1065.6 359.6 360.9 361.5 165.6 175.5 182.4 352.0 346.2 340.1 87.7 85.3 83.1 439.7 431.5 423.2 1992-JAN. FEB. MAR. 673.4 686.5 698.7 380.9 390.2 400.4 1054.3 1076.7 1099.0 591.1 579.4 570.6 455.4 443.5 432.3 1046.5 1022.9 1002.9 360.0 368.8 369.4 190.8 200.1 194.9 334.6 333.0 330.9 81.4 79.7 77.6 416.1 412.7 408.6 APR. MAY JUNE 708.0 710.0 716.1 406.0 410.7 414.3 1113.9 1120.6 1130.5 566.7 557.7 551.0 417.3 407.9 401.4 984.0 965.6 952.4 364.6 356.4 353.4 194.9 202.3 202.4 325.7 324.8 319.3 75.3 73.4 72.0 400.9 398.2 391.3 JULY AUG. SEP. 721.9 728.2 735.4 416.3 418.5 420.6 1138.2 1146.7 1156.0 544.7 535.8 528.1 397.0 391.4 385.7 941.7 927.2 913.8 349.3 349.7 344.8 209.0 220.6 216.6 310.6 309.1 303.9 71.4 70.6 70.3 382.1 379.7 374.2 OCT. NOV. DEC. 744.4 751.9 752.3 423.4 427.5 427.8 1167.9 1179.4 1180.0 521.1 512.5 507.8 377.5 370.5 364.1 898.6 883.0 871.9 348.7 349.1 346.5 206.3 209.5 202.4 296.0 292.7 289.1 70.0 68.5 67.1 366.0 361.2 356.2 749.5 753.1 427.6 425.3 1177.1 1178.4 504.3 504.1 360.1 352.2 864.4 856.3 345.5 346.4 202.3 210.3 281.8 281.6 66.6 65.4 348.4 347.0 4 11 18 25 750.6 755.9 751.2 745.1 428.1 429.3 428.4 426.2 1178.8 1185.1 1179.5 1171.3 506.6 505.8 504.3 503.2 362.3 361.3 360.2 359.2 868.9 867.1 864.4 862.4 340.4 345.9 347.2 347.6 190.3 190.1 207.8 203.8 280.5 282.2 280.7 280.3 66.6 66.7 66.9 66.5 347.1 348.8 347.6 346.8 FEB. 1 8 15 22p 743.9 752.3 754.8 754.0 425.7 425.8 426.3 424.7 1169.5 1178.1 1181.2 1178.6 502.7 505.5 504.2 503.4 357.8 353.5 352.8 351.6 860.6 858.9 857.0 855.0 344.0 344.4 344.8 347.8 216.2 207.1 214.6 205.6 279.9 281.5 282.2 281.9 66.2 65.7 65.5 65.1 346.1 347.3 347.8 347.0 MAR. lp 752.5 424.1 1176.6 503.3 350.0 853.4 349.1 213.6 281.0 65.1 346.1 1993-JAN. FEB. P Neek ending 1993-JAN. 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 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Term RPs 1 At At thrift ccommercial banks institutions 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 1991-OCT. NOV. DEC. 49.8 50.7 49.3 26.1 25.1 23.2 75.9 75.7 72.5 62.8 61.7 57.6 135.9 136.8 137.7 323.5 331.5 328.1 25.1 25.2 24.5 331.5 333.8 335.8 2707.6 2740.8 2765.0 8398.5 8407.1 8417.9 1992-JAN. FEB. MAR. 48.9 50.3 52.5 22.1 22.3 21.8 71.0 72.6 74.3 55.7 56.1 58.0 138.8 140.1 141.4 317.9 319.9 327.1 23.7 22.7 21.8 338.7 330.4 338.0 2782.5 2799.1 2834.7 8432.0 8448.0 8464.3 APR. MAY JUNE 53.3 55.6 55.3 20.8 20.8 21.1 74.1 76.4 76.4 54.9 52.8 51.8 142.7 143.9 144.9 321.0 320.0 321.4 21.3 21.6 21.7 345.0 335.4 348.8 2863.5 2884.1 2912.2 8486.8 8508.8 8532.2 JULY AUG. SEP. 53.6 55.5 57.7 21.5 20.2 19.8 75.1 75.7 77.5 51.0 51.4 49.4 146.0 147.4 149.2 315.9 319.4 323.0 21.6 20.9 20.2 349.3 349.2 362.5 2937.5 2970.3 2993.9 8555.0 8576.3 8603.8 OCT. NOV. DEC. 59.3 60.8 60.2 20.3 20.5 20.3 79.5 81.3 80.6 48.0 47.2 45.9 151.8 154.4 156.4 324.7 338.7 353.0 20.4 20.8 21.4 364.6 370.2 366.1 2998.1 3028.3 3069.8 8633.1 8661.7 8690.8 58.6 60.6 21.2 22.0 79.9 82.6 43.6 45.6 158.6 p 357.3 p 21.1 p 375.9 p 3076.2 p 8708.5 p 4 11 18 25 58.9 59.0 58.8 58.2 20.2 21.0 21.5 21.8 79.2 80.0 80.3 80.0 45.2 43.5 42.7 43.4 FEB. 1 8 15 22p 58.4 58.3 61.4 61.2 21.2 21.9 22.0 22.2 79.6 80.3 83.3 83.3 43.9 44.0 46.5 46.1 MAR. IP 61.9 22.0 83.9 46.1 1993-JAN. FEB. P Week ending 1993-JAN. Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Term Eurodollars are those with original maturities areater 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. .6 ( 5 0 8 ) able 6 MEMORANDUM ITEMS 10 illions of dollars, not seasonally adjusted Demand deposits at banks due to Foreign Foreign commercial official banks institutions Date Time and savings deposits due to foreign banks and official institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings deposits At At at commercial commercial thrift banks banks institutions 43.4 43.0 42.3 322.2 322.8 322.4 40.5 31.5 25.7 148.3 148.4 147.8 132.3 131.3 130.8 43.5 44.6 42.1 324.1 324.3 320.7 11.9 16.8 19.9 22 26. 31.8 148. 148, 147. 130. 129. 129, 40. 40, 39, 318. 318. 316. 5, 5. 10. 15. 18. 23. 25, 28, 39. 147. 147. 147. 127.7 125.8 125.0 39, 39, 39, 314. 312. 312. 5. 5. 6. 17. 12. 14. 27. 21. 25, 147. 147. 147. 124. 122. 121, 39. 39, 38.8 e 310. 309. 307. 6.1 4.3 7.7 5.9 27.0 25.2 40.8 35.4 2.0 2.5 147.3 147.5 120.5 e 119.8 e 38.7 e 38.7 e 306.5 e 305.9 e 7.7 7.7 7.7 7.7 7.5 4.5 7.1 6.5 7.8 6.8 4.6 9.5 22.9 17.2 24.9 33.2 38.2 28.5 36.6 49.2 1.6 1.1 2.4 2.4 1.7 1.4 1.5 1.4 7.7 7.7 7.7 7.7 5.3 3.9 4.1 4.4 10.6 7.8 4.9 4.8 36.2 34.0 29.8 18.4 52.0 45.7 38.7 27.6 2.4 2.5 2.5 2.5 1.5 7.7 4.7 5.3 15.8 25.9 2.4 1.5 1.5 1.7 7.0 7.5 8.0 3.6 4.4 4.8 5.7 6.0 7.4 25.0 24.2 20.5 34.4 34.6 32.8 992-JAN. FEB. MAR. 8.5 7.8 7.8 1.7 1.5 1.4 8.0 7.4 6.9 5.2 4.3 4.2 7.4 6.2 5.6 27.9 20.9 15.9 APR. MAY JUNE 8.2 8.0 8.1 1.4 1.4 1.5 4. 5. 6. JULY AUG. SEP. 8.6 7.9 8.5 1.6 1.4 1.7 OCT. NOV. DEC. 8.5 8.3 8.9 1.6 1.6 1.6 8.7 8.9 1.4 1.5 7.7 7.7 4 11 18 25 9.0 8.7 8.4 9.1 1.4 1.3 1.3 1.4 FEB. 1 8 15 22p 8.2 8.4 8.6 9.9 MAR. IP 8.8 1.5 1.6 1.5 leek ending e—indicates estimated data. p--indicates preliminary data. Total 132.9 132.7 132.4 7.7 8.0 8.3 993-JAN. At money market funds 145.9 147.0 147.7 991-OCT. NOV. DEC. 993-JAN. FEB. P IRA and Keogh Accounts U.S. government deposits