Full text of H.6 Money Stock Measures : April 7, 1994

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FEDERAL RESERVE statistical release i S * l
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time
APRIL

Billions of dollars

Date

M11

M22

M33

L4

DEBT 5

7, 1994

Seasonally adjusted
1992-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

937.8
943.7
952.7
954.7
964.2
976.1
989 .2
1004.2
1016.6
1024.8

3486.3
3481.9
3482.1
3477.8
3480.7
3489.4
3496.6
3507.5
3510.5
3509.0

4203.1
4190.7
4189.9
4183.7
4186.0
4196.7
4200.4
4196.9
4194.1
4183.0

5028.7
5025.5
5021.8
5026.9
5026.7
5041.3
5057.1
5058.9
5065.5
5057.1

11285.5
11335.8
11381.9
11435.0
11494.3
11553.6
11598.1
11626.0
11665.9
11721.5

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1033.0
1035.4
1040.2
1047 . 1
1067.7
1076.6
1086 .8
1095.3
1105.1
1113.4
1122.4
1128.4

3502.8
3494.2
3494.8
3498.0
3521.9
3528.7
3533.6
3535.7
3543.6
3545.1
3556.2
3563.1

4162.4
4156.0
4154.6
4162.0
4187.6
4187.8
4186.8
4186.5
4195.2
4200.6
4212.9
4224.8

5040.9
5037.6
5038.6
5055.8
5088.6
5089.0
5085.2
5093.7
5086.5
5093.8
5104.7
5123.0

11758.5
11782.3
11822.2
11869.0
11914.9
11979.7
12037 .7
12092.8
12145.7
12181.6
12244.5
12321.5

1994-JAN.
FEB.

1133.5
1138.6

3569.8
3566.6

4228.8
4201.2

5144.0 p

12373.0 p

Not seasonally adjusted
1992-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT .
NOV.
DEC.

930.6
954.7
943.9
952.0
962.9
971.0
983.6
1001.8
1022.4
1046.7

3489.4
3498.9
3467.4
3473.4
3478.1
3484.1
3486.7
3504.6
3517.4
3527.6

4208.2
4205.2
4180.2
4179.8
4180.3
4195.5
4190.0
4190.5
4203.6
4198.2

5036.5
5035.2
5001.1
5016.7
5013.1
5033.1
5045.6
5050.7
5083.8
5087.6

11257.1
11307.1
11348.7
11400.0
11452.0
11512.6
11564.9
11599.4
11658.2
11723.3

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1041.0
1023.0
1031.6
1058.7
1058.1
1073.2
1084.6
1088.8
1099.1
1111.8
1129.6
1153.8

3508.3
3484.2
3495.8
3515.2
3507.3
3524.4
3529.8
3528.6
3533.2
3543.1
3564.9
3585.7

4162.9
4149.4
4157.3
4177.2
4178.6
4184.1
4179.9
4183.2
4184.3
4195.1
4224.5
4244.2

5054.6
5032.3
5044.8
5065.2
5066.5
5078.5
5070.6
5083.6
5074.4
5086.3
5125.8
5157.8

11745.0
11757.3
11798.6
11841.7
11883.9
11946.2
11997.8
12053.9
12112.2
12151.7
12231.4
12321.4

1994-JAN.
FEB.

1142.8
1124.7

3576.5
3554.5

4229.7
4191.9

5158.3 p

12358.6 p

Footnotes appear on the following p a g e
p

preliminary




H.6(508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

3 M o n t h s f r o m NOV. 1 9 9 3 TO F E B .

1994

5. . 8

1 . .2

- 1 .. 1

6, •3

6 M o n t h s f r o m AUG. 1 9 9 3 TO F E B .

1994

7 .9
,

1 . .7

0, . 7

5 .6

1994

1 0 .. 0

2 .. 1

1, . 1

5 .2

6, . 1

2 .. 1

0 ,. 3

12 M o n t h s f r o m F E B .

19 9 3 TO F E B .

T h i r t e e n w e e k s e n d i n g MARCH 2 8 , 1 9 9 4
from t h i r t e e n weeks ending:
DEC. 2 7 , 19 93 ( 1 3 w e e k s p r e v i o u s )
SEP.

1.

M1

27,

1993

(26 w e e k s p r e v i o u s )

7 ,. 8

2 ..0

1 . .2

MAR. 2 9 ,

1993

(52 w e e k s p r e v i o u s )

9 .8

2 .. 1

1 . .4

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 1993 to January 1994, July 1993 to January 1994,
and January 1 9 9 3 to January 1994, respectively.

Footnotes to Table 1 :
1.

2.

3.

4.
5.

C o n s i s t s of (1) currency outside the U.S. Treasury, Federal R e s e r v e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank issuers; (3) d e m a n d
d e p o s i t s at all commercial b a n k s other than t h o s e d u e to depository institutions, the U.S. government, and foreign b a n k s and official institutions, l e s s c a s h items in the p r o c e s s
of collection and Federal R e s e r v e float; and (4) other c h e c k a b l e d e p o s i t s (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS)
a c c o u n t s at depository institutions, credit union s h a r e draft a c c o u n t s and d e m a n d deposits at thrift institutions. S e a s o n a l l y adjusted M1 is calculated by s u m m i n g currency,
travelers c h e c k s , d e m a n d d e p o s i t s , and O C D s , e a c h s e a s o n a l l y adjusted separately.
C o n s i s t s of M1 plus overnight (and continuing contract) R P s i s s u e d by all depository institutions and overnight Eurodollars i s s u e d to U.S. residents by foreign b r a n c h e s of U.S.
b a n k s worldwide, s a v i n g s d e p o s i t s (including m o n e y market deposit accounts), small-denomination time d e p o s i t s (time deposits—including retail RPs—in a m o u n t s of l e s s than
$ 1 0 0 , 0 0 0 ) , and b a l a n c e s in both taxable and t a x - e x e m p t g e n e r a l p u r p o s e and broker/dealer m o n e y market mutual funds. Excludes individual retirement account (IRA) and
Keogh b a l a n c e s at depository institutions and m o n e y market f u n a s . Also e x c l u d e s all b a l a n c e s held by U.S. commercial banks, m o n e y market f u n d s (general p u r p o s e and
broker/dealer), foreign g o v e r n m e n t s and commercial banks, and the U.S. government. S e a s o n a l l y adjusted M2 is c o m p u t e d by adjusting its non-M1 c o m p o n e n t a s a w h o l e and
then adding this result to s e a s o n a l l y adjusted M1.
C o n s i s t s of M2 plus large-denomination time d e p o s i t s (in a m o u n t s of $ 1 0 0 , 0 0 0 or more) and term RP liabilities i s s u e d by all depository institutions, term Eurodollars held by
U.S. residents at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking offices in the United Kingdom and C a n a d a , and b a l a n c e s in both taxable and tax-exempt institution-only m o n e y market mutual funds. E x c l u d e s a m o u n t s held by depository institutions, the U.S. government, m o n e y market funds, and foreign b a n k s and official institutions.
Also subtracted is the estimated amount of overnight R P s and Eurodollars held by institution-only m o n e y market mutual funds. S e a s o n a l l y adjusted M3 is obtained by adjusting
its non-M2 c o m p o n e n t a s a whole and then adding this result to s e a s o n a l l y adjusted M2.
C o n s i s t s of M3 plus the nonbank public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial paper and bankers a c c e p t a n c e s , net of m o n e y market
mutual fund holdings of t h e s e a s s e t s .
Debt of d o m e s t i c nonfinancial s e c t o r s c o n s i s t s of outstanding credit market debt of the U.S. government, state and local g o v e r n m e n t s and private nonfinancial s e c t o r s . Private
debt c o n s i s t s of corporate b o n d s , m o r t g a g e s , c o n s u m e r credit (including bank loans), other bank loans, commercial paper, b a n k e r s a c c e p t a n c e s and other debt instruments.
The data are derived from the Federal R e s e r v e Board's flow of f u n d s a c c o u n t s . All data on debt of d o m e s t i c nonfinancial s e c t o r s are p r e s e n t e d in m o n t h - a v e r a g e form, derived
by averaging adjacent month-end levels. T h e s e data h a v e a l s o b e e n adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this r e l e a s e differs, therefore, from the quarterly flow of funds statistics contained in the Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s ,
published levels of credit market debt are m e a s u r e d on a quarter-end b a s i s and include discontinuities.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M3

M2

M1

4-week
average

week
average

13-week
average

4-week
average

week
average

Period ending

13-week
average

1994-JAN.

3
10
17
24
31

1122.2
1123.7
1125.3
1127.0
1128.2

1129.0
1130.0
1131.1
1132.4
1134.0

1129.9
1130.4
1133.2
1136.2
1136.0

3555.5
3557.3
3559.6
3561.7
3563.3

3564.1
3564.8
3567.6
3569.9
3570.2

3565.7
3567.1
3574.4
3572.3
3567.1

4214.0
4216.4
4219.1
4221.0
4222.5

4227.0
4227.7
4230.3
4230.7
4228.8

4230.0
4229.5
4235.0
4228.4
4222.4

FEB.

7
14
21
28

1129.4
1130.7
1132.0
1133.2

113 5 . 3
1136.7
1137.4
1138.6

1135.6
1139.0
1139.1
1140.5

3564.2
3565.1
3565.7
3566.4

3570.0
3569.1
3566.5
3566.6

3566.3
3570.6
3561.8
3567.6

4222.6
4222.0
4220.5
4218.9

4224.0
4216.8
4208.0
4201.2

4210.3
4206.2
4193.0
4195.3

MAR.

7
14
21p
28p

1134.3
1135.5
1136.6
1137.8

1139.7
1140.4
1141.4
1142.9

1140.3
1141.5
1143.2
1146.4

3567.7
3569.2
3570.9
3572.7

3569.1
3572.4
3578.5
3583.1

3576.5
3583.6
3586.1
3586.2

4217.6
4216.5
4215.9
4214.7

4198.9
4200.3
4206.1
4210.3

4200.9
4212.0
4216.3
4212.0

4-week
average

week
average

13-week
average

Not seasonally adjusted
1994-JAN.

3
10
17
24
31

1133. 7
1137. 8
1 1 4 0 . .3
1 1 4 2 . .4
1 1 4 2 . .3

1157. 2
1162. 8
1162. 5
1 1 5 4 . ,5
1 1 3 8 . .7

1173. 9
1170. 2
1 1 5 0 . ,7
1 1 2 3 . .2
1 1 1 0 . .5

3566.2
3570.4
3573.5
3576.0
3575.9

3586. 1
3589. 8
3 5 9 2 . ,3
3 5 8 8 . ,7
3 5 7 3 . .0

3598. 7
3 6 0 8 . ,5
3 5 9 1 . .9
3 5 5 5 . .7
3 5 3 5 . .9

4223 . 1
4227. 3
4231. 1
4 2 3 3 .,0
4 2 3 3 . .0

4243.9
4243.5
4246.0
4239.8
4227.4

4241.5
4258.9
4250.6
4208.0
4192.1

FEB.

7
14
21
28

1 1 4 2 ..3
1141,.6
1141 .5
1 1 4 0 .9

1 1 2 9 . .5
1 1 2 3 . .8
1123,. 1
1 1 2 4 .7

1 1 3 3 ,.6
1 1 2 7 , .7
1 1 2 0 .7
1 1 1 6 .7

3575.3
3573.9
3573.2
3572.8

3561,.8
3554 .1
3 5 5 1 .9
3554 .5

3563
3561
3546
3546

.8
.0
.8
.2

4 2 3 1 . .5
4 2 2 8 . .8
4 2 2 5 .9
4223 .0

4214.4
4202.1
4195.0
4191.9

4206.7
4201.7
4179.3
4179.9

MAR.

7
14
21p
28p

1140
1139
1137
1134

.9
.5
.0
.8

3572.2
3572.0
3571.8
3571.4

3559
3567
3575
3580

.8
.3
.3
.1

3585
3590
3579
3565

.1
.9
.1
.2

4220
4217
4215
4212

.2
.4
.2
.1

4192.7
4198.4
4206.5
4209.7

4210.0
4224.3
4211.6
4192.9

.3
.4
.6
.8

1126
1129
1130
1131

.8
.0
.8
.3

1141
1136
1128
1118

N o t e : S p e c i a l c a u t i o n s h o u l d b e t a k e n in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y s u p p l y d a t a , w h i c h a r e highly volatile a n d s u b j e c t to r e v i s i o n ,
p

preliminary d a t a .




Page 4
H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Nontransactions components

Other checkable deposits
Date

Travelers checks 2

Demand deposits 3

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

1992-OCT.
NOV.
DEC.

287. 5
289. 5
292. 2

8. 2
8. ,1
8.,1

334. 3
337 . 5
339. 6

271. 7
278. 2
280. 8

102. 4
103. 2
104. 1

374. 1
381. 4
384. 9

2 5 0 3 . ,3
2493. 9
2 4 8 4 . ,3

689. 5
683. 5
674. 0

1993-JAN.
FEB.
MAR.

294. 5
2 9 7 . .0
299 . 3

8.,0
8.,0
8..0

341. 9
342. 7
344. 3

283 .,5
283 ..8
2 8 4 . ,9

1 0 5 . ,0
103. 9
1 0 3 . ,6

388. 6
387 ..7
3 8 8 . .5

2 4 6 9 . ,8
2 4 5 8 . ,8
2 4 5 4 . .6

6 5 9 . .6
6 6 1 . .8
6 5 9 . .8

APR.
MAY
JUNE

3 0 1 . .8
3 0 4 . .4
307 ..2

8.. 1
8.. 1
8..0

3 4 9 . ,0
3 5 8 . ,8
3 6 2 . .2

2 8 4 . .2
2 9 0 . ,3
2 9 2 . .4

1 0 4 .. 1
1 0 6 .. 1
1 0 6 . .8

3 8 8 . .2
3 9 6 . .4
3 9 9 . .2

2 4 5 0 . .9
2 4 5 4 . .1
2 4 5 2 .. 1

6 6 4 . .0
6 6 5 . .8
6 5 9 .. 1

JULY
AUG.
SEP.

309 ..7
3 1 2 . .4
3 1 5 . .4

7. .9
7. .8
7..8

3 6 6 . .4
3 7 0 . .9
3 7 5 . .4

2 9 4 . .8
2 9 5 . .9
2 9 7 . .8

1 0 8 . .0
1 0 8 . .3
108. .8

4 0 2 . .8
4 0 4 . .2
406. .6

2 4 4 6 . .8
2 4 4 0 . .4
2 4 3 8 . .5

6 5 3 . .3
6 5 0 .. 8
6 5 1 . .6

OCT.
NOV.
DEC.

3 1 7 . .6
3 1 9 . .5
3 2 1 . .4

7..8
7..9
7..9

378, .4
383 ..2
3 8 4 . .8

299. . 1
300, .8
302 ,.6

110, .4
111, .0
111, .7

409, .5
411, .8
414, .3

2431. .7
2 4 3 3 . .8
2434, .7

655. .5
656. .7
661. .8

1994-JAN.
FEB.

325 .3
329. .2

7 ,.9
7 .9

388, .4
390, .4

300 .4
299 .3

111, .6
111, .8

412, .0
411 .1

2436, .3
2428 .0

659. .0
634, .6

327 .6

7 .9

390 .2

297 .6

112 .6

410 .3

2431 .1

655 .3

388 . 1
392 .0
390 .3
3 9 1 .0

298
298
300
300

.6
.4
.1
.0

112 .7
112 .2
111 .4
111 . 1

4 1 1 .2
410 . 5
411 .5
411 . 1

2430 .7
2 4 3 1 .6
2422 .7
2427 .0

644 .0
635 . 6
6 3 1 .2
627 .7

388 . 5
390 .3
391 . 1
391 .5

300
299
300
300

.3
.6
.0
.9

112 . 5
112 . 1
111 .8
112 . 1

412 .7
4 1 1 .6
411 .8
413 .0

2436
2442
2443
2439

624
628
630
625

Week ending
1994-JAN. 3 1

1.
2.
3.

Currency1

FEB.

7
14
21
28

328
328
329
330

.3
.5
.3
.6

7 .9
7 .9
7 .9
7 .9

MAR.

7
14
21p
2 8p

3 3 1 .2
3 3 1 .7
332 . 3
334 . 0

7 .9
7 .9
7 .9
7 .9

e
e
e
e

.1
.1
.0
.7

.5
.4
.2
.9

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d deposits.
D e m a n d d e p o s i t s at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U.S. g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h items in the p r o c e s s of collection and Federal R e s e r v e float.
4.
C o n s i s t s of NOW and ATS b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5.
C o n s i s t s of N O W and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
. . .
,
,
4 .
6.
S u m of overnight R P s and Eurodollars, m o n e y market fund b a l a n c e s (general purpose and broker/dealer), s a v i n g s d e p o s i t s (including m o n e y market deposit a c c o u n t s ) and
small time d e p o s i t s . This s u m is s e a s o n a l l y adjusted a s a whole.
. . .
,
A
4 __
7. S u m of large time d e p o s i t s , term R P s and Eurodollars of U.S. residents, m o n e y market fund b a l a n c e s (institution-only), l e s s the estimated amount of overnight R P s and

Eurodollars held by institution-only m o n e y market mutual funds. This s u m is s e a s o n a l l y adjusted a s a whole.


Page 5

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
Date

19 9 2 - O C T .
NOV.
DEC.

At
commercial
banks
745.7
751.1
754.6

At
thrift
institutions
425.4
427.8
429.0

1993-JAN.
FEB.
MAR.

754.1
757.2
757.2

APR.
MAY
JUNE

3.
4.

p

Institutiononly money
market funds

896.2
882.2
870.5

356.4
353.7
352.0

209 .6
208.5
201.5

At
commercial
banks 4
301.0
296.1
292.8

Large-denomination time deposits 3

1171.1
1178.9
1183.6

At
commercial
banks
520.7
513.4
508 .7

At
thrift
institutions
375.5
368.8
361.8

429 . 8
426.5
425.3

1183.8
1183.7
1182.4

504.2
504.8
501.7

356.7
349 . 0
345.1

860.8
853.8
846.8

350.3
345.3
345.9

196.6
198.0
197.7

285.7
284.1
279.8

67.5
66.0
65.1

353.2
350.1
344.8

759.5
766.7
771.0

426.0
428.4
429 . 4

1185.5
1195.1
1200.4

496.6
491.9
487.5

342.8
340.5
336.3

839.4
832.4
823.9

345.9
348.5
347.5

196.3
198.0
194.7

283.6
283.6
280.9

65.3
64.7
64.4

348.8
348.2
345.3

JULY
AUG.
SEP.

771.7
775.4
778.0

430.4
430.5
430.4

1202.1
1205.9
1208.4

483 . 0
478.6
475.4

331.4
327.6
324.0

814.4
806.2
799.4

346.6
345.5
345.0

192.6
190.1
190.8

277.4
277 .8
276.6

64.5
63.9
63.8

341.8
341.6
340.4

OCT.
NOV.
DEC.

778.4
782.4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

472.4
469 . 5
468.5

321.
318.
314.3

793.5
788.0
782.9

344.4
347.0
348.8

194.3
194.8
197.0

277.9
275.9
277.0

63.7
63.5
61.8

341.6
339.4
338.9

199 4 - J A N .
FEB.

790.1
791.1

430.2
429 . 9

1220.3
1221.0

465.5
464.0

312.1
309.0

777.7
773.1

347.8
343.9

192.7
176.9

279.1
273.5

62.0
61.7

341.1
335.2

789 .5

430.1

1219.7

464.8

311.0

775.9

344.4

192.0

276.4

62.4

338.8

Week e n d i n g
199 4 - J A N . 3 1

1.
2.

General
purpose and
broker/dealer
money
market funds

Small-denomination time deposits 2
Total

Total

At
thrift
institutions
69.9
68.5
67.5

Total
371.0
364.6
360.3

FEB.

7
14
21
28

791.1
793.2
790.3
789.9

429.2
429 . 3
430.1
430.7

1220.3
1222.5
1220.4
1220.6

464.9
464.0
463 . 8
463.4

310.0
309.3
308.7
308.2

774.9
773.3
772.5
771.6

344.1
344.3
342.9
344.5

185.1
175.2
175.4
172.0

273.9
274.5
273.0
272.4

62.2
61.7
61.4
61.4

336.1
336.3
334.4
333.8

MAR.

7
14
21p
28p

791.2
792.8
790.2
788.6

431.1
431.6
432.3
432.3

1222.4
1224.4
1222.4
1220.9

462 . 7
462.0
461.8
460.9

308.1
308.0
307.9
307.6

770.8
770.0
769.7
768.5

346.8
349.8
350.4
349.0

176.4
174.9
180.9
175.8

271.9
271.8
272.9
271.3

61.1
60.8
60.9
60.8

333.0
332.6
333.9
332.1

S a v i n g s deposits include m o n e y market deposit accounts.
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s t h a n $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s a n d
thrifts a r e s u b t r a c t e d f r o m s m a l l t i m e d e p o s i t s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g facilities.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e h e l d by m o n e y market mutual f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s a n d official
institutions.
preliminary




H.6 (508)
Table 4 - continued

Page 6

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L

Date

Short-term Treasury
securities 1

Savings bonds

Bankers acceptances 2

Commercial paper 3

Federal debt

Non-Federal debt

19 9 2 - O C T .
NOV.
DEC.

152.1
154.6
156.6

324.4
326.9
332.6

20.6
20.3
20.6

364.8
369 . 7
364.3

3015.3
3033.4
3068.4

8610.7
8632.6
8653.1

1993-JAN.
FEB.
MAR.

158.7
160.8
162.4

338.2
341.4
340.6

20.6
20.0
19.4

361.0
359 . 4
361.5

3078.7
3090.8
3121.1

8679.8
8691.5
8701.1

APR.
MAY
JUNE

163.6
164.7
165.9

343.8
345.2
346.0

19.3
19.2
18.5

367.1
371.8
370.9

3149.0
3175.8
3208.1

8720.0
8739.1
8771.6

JULY
AUG.
SEP.

167.1
168.2
169.2

343.5
343.0
327.3

17.4
16.5
16.4

370.4
379.5
378.4

3227.8
3252.2
3271.3

8809.9
8840.7
8874.4

OCT.
NOV.
DEC.

170.1
170.8
171.7

322.0
320.8
323.4

16.4
16.1
16.3

384.7
384.1
386.8

3266.4
3291.4
3327.9

8915.3
8953.1
8993.6

172.7

330.6

16.6

395.3

3335.6

9037.4

1994-JAN. p

''

Debt components 4

m X S S d s

U

1 n S i g n Siltef

|

C

°UP°nS

W

"h

m a , u , # i e s

<*

l 8 s s , h a n

1 2 m

°"lhs

h e M

% ° » " = , , h a n d e p o s i t o r y institutions, F e d e r a l R e s e r v e B a n k s , m o n e y m a r k e t
^

H

° ™ > >-°=" B a n k s , a n d m o n e y m a r k e t m u t u a l t u n d s .

4.

D e b t d a t a are o n a m o n t h l y a v e r a g e b a s i s , d e r i v e d b y a v e r a g i n g a d j a c e n t e n d - o f - m o n t h l e v e l s , a n d h a v e b e e n a d j u s t e d to r e m o v e d i s c o n t i n u i t i e s .

p

preliminary




Page 7

H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks 4

At thrift
institutions5

Total

In M26

Overnight RPs 8

In M3 only7

Overnight
Eurodollars9

19 92-OCT.
NOV.
DEC.

286.9
290.0
295.0

8.4
7.9
7.8

336.4
343.9
355.1

268.4
277.0
284.3

101.7
103.6
104.6

370.1
380.6
388.9

2502.8
2494.9
2480.9

685.9
686.2
670.5

62.1
60.0
59.3

19.9
20.9
21.3

1993-JAN.
FEB.
MAR.

293.5
295.3
297.9

7.8
7.7
7.8

345.9
334.3
336.5

289.4
284.2
286.5

104.4
101.5
103.0

393.8
385.7
389.5

2467.3
2461.2
2464.1

654.6
665.2
661.5

60.0
60.7
62.7

17.8
17.0
16.1

APR.
MAY
JUNE

301.3
304.4
307.4

7.8
7.9
8.2

350.5
352.0
359.6

291.9
287.6
290.6

107.3
106.2
107.5

399.2
393.8
398.0

2456.4
2449.2
2451.2

662.1
671.2
659.7

62.5
61.7
64.8

14.7
13.5
13.7

JULY
AUG.
SEP.

311.0
312.8
314.8

8.4
8.4
8.2

365.9
367.9
373.1

290.9
292 . 1
295.0

108.5
107.7
108.0

399.3
399.7
403.0

2445.2
2439.8
2434.1

650.1
654.6
651.2

67.7
67.4
70.4

13.5
14.7
14.9

OCT.
NOV.
DEC.

317.3
319.8
324.9

8.0
7.7
7.6

381.1
391.1
402.6

295.6
299 . 6
306.3

109.8
111.4
112.4

405.3
411.0
418.6

2431.3
2435.3
2431.9

652.0
659.6
658.6

70.8
71.7
72.5

17.2
17.4
17.8

1994-JAN.
FEB.

324.0
327.3

7.7
7.7

393 .2
380.7

306.8
299.7

111.1
109.3

417.9
409.0

2433.7
2429.8

653.2
637.4

75.7
75.1

17.9
16.6

322.9

7.6

377.6

295.2

107.0

402.3

2425.4

656.2

77.2

18.4

Week e n d i n g
1994-JAN. 31

1.
2.
3.

Travelers
checks 2

FEB.

7
14
21
28

327.3
327 . 4
328.0
326.6

7.6
7.7
7.7
7.7

383.0
383.6
378.6
377.5

303 . 3
299.4
298.5
297.6

112.4
109.6
107.9
107.5

415.6
409.0
406.4
405.0

2430.2
2433.4
2426.1
2429.5

642.9
640.7
632.5
633.7

75.6
75.5
73.8
75.4

16.7
15.6
15.5
18.7

MAR.

7
14
21p
2 8p

330.5
330.6
330.8
330.8

7.7
7.6
7.6
7.6

383.6
384.0
378.5
374.1

306.4
302.6
300.7
297.8

113.8
111.6
110.4
108.4

420.2
414.2
411.1
406.3

2443.2
2454.4
2451.0
2446.4

624.9
633.4
632.6
627.7

78.8
81.6
80.1
79.0

17.6
17.9
18.7
18.9

Currency outside U.S. Treasury, Federal R e s e r v e Banks and the vaults of depository Institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d deposits.
D e m a n d d e p o s i t s at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U.S. g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h items in the p r o c e s s of collection and Federal R e s e r v e float.
4.
C o n s i s t s of NOW and ATS b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5.
C o n s i s t s of NOW and ATS b a l a n c e s at thrifts, credit union share draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
6.
S u m 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. S u m of large time d e p o s i t s , term R P s and Eurodollars of U.S. residents, m o n e y market fund b a l a n c e s (institution-only), l e s s the e s t i m a t e d amount of overnight R P s and
Eurodollars held by institution-only m o n e y 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.
I s s u e d by foreign b r a n c h e s of U.S. b a n k s worldwide to U.S. residents other than depository institutions and m o n e y market mutual f u n d s (general p u r p o s e and broker/dealer).

e
estimated
p
preliminary


Page 8

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits 1
Date

19 9 2 - O C T .
NOV.
DEC.

At
commercial
banks
745.0
752.5
752.9

At
thrift
institutions
425.1
428.6
428.1

19 9 3 - J A N .
FEB.
MAR.

750.2
754.0
758.5

APR.
MAY
JUNE

3.
4.
p

General
purpose and
broker/dealer
money
market funds

Institutiononly money
market funds

1170.1
1181.1
1181.1

At .
commercial
banks
521.6
512.7
507.8

At
thrift
institutions
376.1
368.3
361.2

897.7
881.1
869.0

353.0
351.9
350.2

427.5
424.7
426.0

1177.7
1178.7
1184.5

504.4
504.7
501.3

356.8
349.0
344.8

861.3
853.6
846.1

761.9
767.2
773.6

427.4
428.6
430.9

1189.3
1195.8
1204.5

496.1
490.7
487.1

342.4
339.7
336.0

JULY
AUG.
SEP.

773.6
776.0
776.7

431.4
430.8
429.7

1205.0
1206.9
1206.4

483.9
479.6
476.7

OCT.
NOV.
DEC.

777.7
784.0
783.8

430.0
430.3
429.3

1207.7
1214.4
1213.2

1994-JAN.
FEB.

786.1
787.7

428.0
428.0

781.3

Week e n d i n g
1994-JAN. 31

1.
2.

Small-denomination time deposits 2

Large-denomination time deposits 3

204.3
207.4
200.4

At
commercial
banks 4
300.7
296.4
291.7

At
thrift
institutions
69.9
68.6
67.2

370.6
365.0
358.9

350.6
351.2
354.8

200.5
208.4
201.1

282.8
282.5
279 .7

66.8
65.7
65.0

349.6
348.2
344.8

838.5
830.5
823.0

351.4
347.7
345.2

195.6
199.7
191.0

282.7
285.8
282.8

65.1
65.2
64.8

347.8
351.0
347.6

332.1
328.3
324.9

816.0
807.9
801.5

343.0
343.0
340.8

188.6
190.1
187.5

277.1
279.5
277.6

64.4
64.3
64.0

341.5
343.8
341.6

473 .3
468.8
467.6

321.6
318.1
313 .7

794.9
786.9
781.2

340.7
345.0
347.2

189.2
194.0
195.8

277.6
276.2
275.9

63.7
63.6
61.6

341.3
339 . 8
337.5

1214.1
1215.7

465.6
463.8

312.2
308.9

777.8
772.8

348.1
349.6

196.2
186.1

276.1
271.8

61.4
61.3

337.4
333.1

425.6

1206.9

464.7

311.0

775.7

347.2

203.3

272.2

61.5

333.6

Total

Total

Total

FEB.

7
14
21
28

788.1
791.2
786.8
784.7

427.6
428.3
428.2
427.9

1215.7
1219.4
1215.0
1212.6

464.9
464.0
463 . 5
462.9

310.0
309 .3
308.5
307.9

774.9
773.3
772.0
770.8

347.3
349.6
349.8
351.9

193.0
186.6
182.2
182.7

270.8
273.0
271.8
271.5

61.5
61.4
61.2
61.2

332.4
334.4
332.9
332.7

MAR.

7
14
2 lp
2 8p

790.9
794.7
790.9
788.9

431.0
432.6
432.7
432.4

1221.9
1227.3
1223.6
1221.3

462 . 3
461.6
461.1
460.5

307.8
307 .7
307.5
307.3

770.2
769.2
768.5
767.8

354.8
358.4
360.0
359.4

178.7
181.5
184.1
179 . 7

271.6
272.1
272.3
271.2

61.0
60.9
60.8
60.8

332.6
333.0
333.0
332.0

S a v i n g s d e p o s i t s include m o n e y market deposit a c c o u n t s .
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l
b a n k s a n d thrifts a r e s u b t r a c t e d f r o m small t i m e d e p o s i t s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g facilities.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e h e l d b y m o n e y market mutual f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s
a n d official institutions.
preliminary




Page 9
H.6 (508)
Table 5 - continued

_____

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Debt components 6

Non-M3 Components of L

Term RPs 1
At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

Savings bonds

Short-term
Treasury
securities 3

Bankers
acceptances 4

Commercial
paper 5

1992-OCT.
NOV.
DEC.

59.8
61.5
61.1

20.1
20.3
20.0

79.9
81.8
81.1

48.1
47.2
45.6

151.8
154.4
156.4

323.4
334.6
345.3

20.4
20.8
21.4

364.7
370.4
366.3

2998.1
3028.3
3069.8

8601.3
8629.9
8653.5

1993-JAN.
FEB.
MAR.

59.1
60.2
63.7

21.0
22.1
22.3

80.1
82.3
86.0

43.5
46.7
49.8

158.6
161.0
162.9

343.9
342.6
344.1

21.4
20.2
18.9

367.7
359.1
361.6

3076.2
3087.3
3121.4

8668.8
8670.0
8677.2

APR.
HAY
JUNE

65.9
66.6
70.2

22.9
23.2
22.6

88.9
89.8
92.8

48.7
48.7
45.5

164.2
165.2
166.1

335.4
337.0
340.3

18.7
19.1
18.5

369.7
366.7
369.5

3142.9
3161.1
3188.9

8698.8
8722.8
8757.4

JULY
AUG.
SEP.

72.7
71.9
71.1

23.7
24.2
24.5

96.4
96.0
95.6

41.9
44.1
45.2

167.0
167.8
168.7

339 . 0
341.7
325.3

17.4
16.2
15.9

367.3
374.6
380.2

3201.8
3229.4
3251.9

8796.1
8824.4
8860.3

OCT.
NOV.
DEC.

70.2
69.4
70.3

24.0
24.7
25.0

94.3
94.0
95.4

44.9
48.5
45.7

169.6
170.6
171.4

320 . 1
328.6
335.8

16.2
16.5
17.0

385.2
385.6
389.3

3249.4
3287.0
3329.5

8902.2
8944.4
8992.0

65.5
62.7

25.2
25.0

90.7
87.7

44.1
46.2

172.6 p

336.0 p

17.3 p

402.7 p

3333.0 p

9025.6 p

1994-JAN.
FEB.

64.7

24.9

89.6

44.6

Date

Week e p d j n q
1994-JAN. 31
FEB.

7
14
21
28

61.2
63.0
62.6
63.8

25.0
25.1
25.1
24.8

86.2
88.1
87.8
88.6

46.6
46.6
45.9
45.6

MAR.

7
14
21p
28p

62.7
66.7
64.6
65.2

24.3
24.1
23.9
23.3

87.0
90.7
88.4
88.5

42.7
44.4
43.9
44.2

Federal debt

Non-Federal
debt

1.
2.
3.
4.
5.
6.

Z o f b a n k l r s ^ c c e g c e J ' h e W b y a c c e p t i n g b a n k s , F e d e r a l R e s e r v e B a n k s , f o r e i g n official institutions, F e d e r a l H o m e L o a n B a n k s , a n d m o n e y m a r k e t m u t u a l f u n d s .
S

t


http://fraser.stlouisfed.org/
p
preliminary
Federal Reserve Bank of St. Louis

t

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Z

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t

n

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—

discontinuities.

P a g e 10

H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

U.S. government deposits
At
commercial
banks

27.6
21.9
25.5

2.5
2, .7
2..6

147.6
147 .2
147 .2

126.2
125 .6
124. .9

44.6
46. .2
45. .4

318.4
318.9
317.4

27, .0
25, .2
13,.2

40.8
35.4
22.8

2..0
2..5
2..4

147 .2
146 .9
147, .7

123. .7
122, .6
121, .2

44. .6
45. .6
45. .6

315.6
315.1
314.4

6..2
5..8
8.. 1

14,,5
16 ,1
2 1 .1

26.5
26.1
34.6

1..5
2,.6
3..0

148. .0
146 .9
146 .5

119, .8
119, . 1
118, .5

45. . 1
46..0
46. .7

313.0
312.0
311.7

4..2
3,.8
5..5

6..9
5..7
9..3

21..4
20..0
23..2

32.5
29.5
37.9

2..8
3.. 1
2. .8

146, .4
146, . 1
145, .8

118, . 1 e
117. .8 e
117. .4 e

47. .3
47. .4
47. .5

311.8 e
311.2 e
310.7 e

10.7
10.8
10.9

4,.5
4..0
5..2

5..9
5..6
6..7

12..6
8,.8
16..2

23.1
18.4
28.1

2..6
2..7
2, .6

145, .2
144, .6
144, .2

117. .6 e
118. .0 e
117, .5 e

48. . 1 e
49. . 1 e
49. .8 e

310.9 e
311.7 e
311.4 e

1.6
1.5

11.0
11.0

5..7
4..2

7. .3
6..3

25, .2
27..9

38.3
38.4

2. . 1
2..5

143, .9
143, .6

116. . 1 e
115. .6 e

50. . 1 e
50. ,5 e

310.2 e
309.6 e

8.0

1.5

11.0

4.7

10.8

34.0

49.4

2.5

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

8.9
9.6

4.1
4,. 1
5,.2

5.8
5..5
6..0

17.7
12,.4
14, .3

1.4
1.5
1.6

10.1
10.3
10.5

6,. 1
4,.3
4,.2

7. .7
5..9
5..4

7.8
8.3
8.2

1.7
1.6
1.6

10.8
11.1
11.5

5,.8
4,.2
5 .4

JULY
AUG.
SEP.

8.5
8.1
8.5

1.7
1.6
1.5

11.5
11.2
10.8

OCT.
NOV.
DEC.

8.3
8.2
9.2

1.6
1.8
1.6

199 4 - J A N .
FEB.

8.5
8.3

Foreign
commercial
banks

Foreign
official
institutions

1992-OCT.
NOV.
DEC.

8.5
8.4
9.0

1.7
1.6
1.6

8.1

1993-JAN.
FEB.
MAR.

8.7
8.7
8.3

APR.
MAY
JUNE

Week e n d i n g
1994-JAN. 31

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits due
to foreign
banks and
official
institutions

Total
cash
balance

FEB.

7
14
21
28

8.6
7.5
8.4
8.6

1.6
1.5
1.5
1.3

11.0
11.0
11.0
11.0

4.7
3.6
4.2
4.4

9.7
5.3
5.6
4.5

33.6
30.8
23.0
24.2

48.0
39.7
32.8
33.1

2.5
2.5
2.5
2.5

MAR.

7
14
21p
28p

8.0
7.9
7.8
7.6

1.5
1.6
1.7
2.0

11.0
11.0
11.0
11.0

4.5
3.9
5.8
3.4

5.1
4.9
5.7
4.6

15.9
6.5
19.6
24.0

25.6
15.2
31.1
32.0

2.5
2.5
2.4
2.3

estimated
preliminary




At
thrift
institutions

At
money
market
funds

Total