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••otGOW-

FEDERAL RESERVE statistical release
H.6 (508)

Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

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

Billions of dollars

Date

DECEMBER22,1994

M11

M22

M33

DEBP

Seasonally adjusted
1992-DEC.

1024 . 8

3509 . 0

4183 . 0

5057 . 1

11706 . 1

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

1033 . 0
1035 . 4
1040 .2
1047 . 1
1 0 6 7 , .7
1 0 7 6 , .6
1 0 8 6 , .4
1095,.3
1105,. 1
1 1 1 3 , .4
1 1 2 2 , .4
1 1 2 8 , .4

3502 .7
3494 . 1
3494 .7
3497 .9
3521 .8
3528 .6
3533 .2
3 5 3 6 , .0
3 544,.3
3 5 4 8 .0
3 5 6 0 .3
3567 .9

4162
4156
4155
4163
4188
4189
4187
4188
4197
4205
4219
4232

.6
.7
.6
.2
.8
.0
.9
.4
.6
.3
.0
.0

5 0 4 0 . .2
5 0 3 6 . .2
5 0 3 7 . .5
5 0 5 5 . .6
5 0 8 9 . .4
5 0 9 0 . .7
5 0 8 7 . ,2
5 0 9 6 .4
5 0 8 9 , .6
5 1 0 0 , .3
5 1 1 3 , .8
5 1 3 5 . >0

1 1 7 4 3 .8
1 1 7 7 9 , .3
1 1 8 3 0 ,. 4
1 1 8 9 2 , .8
1 1 9 5 3 . .9
1 2 0 0 9 . .0
1 2 0 6 3 . .9
1 2 1 2 1 , .7
1 2 1 7 4 , .9
1 2 2 1 1 ,. 4
1 2 2 6 8 .. 4
1 2 3 3 5 .. 4

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p

1133,.5
1138,• 5
1 1 4 2 . ,3
1141,. 1
1142 ,.8
1 1 4 6 , >3
1153,, 1
1 1 5 1 , ,0
1 1 5 2 , ,0
1 1 4 8 , ,5
1 1 4 7 , ,1

3573 . 1
3 5 6 9 , .4
3 5 8 3 , .5
3 5 9 2 . .2
3 5 9 6 , ,2
3 5 8 9 ,, 1
3 6 0 3 , ,5
3 5 9 7 , ,8
3 5 9 6 , ,6
3 5 9 1 , ,7
3 5 9 3 , ,6

4236 .5
4210 .5
4 2 1 9 , .6
4 2 3 0 , .0
4 2 2 9 ,. 1
4 2 2 9 .. 1
4 2 5 0 , .0
4 2 4 3 . .3
4 2 4 8 . .9
4 2 5 7 .9
4 2 6 5 . .6

5 1 5 5 , ,5
5 1 4 3 , .7
5143,. 8
5 1 6 5 , .9
5 1 7 1 . ,8
5160. 7
5186. 4
5179. 6
5175. 2
5204. 0 p

1 2 3 7 9 , ,6
12430, 4
1 2 4 9 6 , ,0
12555, 2
12613, 6
12655. 5
12683. 4
12749. 1
12809. 6
12860. 3 p

Not seasonally adjusted
1992-DEC.

1046 . 7

3527 .6

4198 .2

5087 . 6

1 1 7 0 8 . .9

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

1041 .0
1023 .0
1031 .6
1058 .7
1058 . 1
1 0 7 3 .2
1084 . 3
1088 .8
1099 . 1
1111 .8
1129,.6
1153,.8

3 5 0 8 , .2
3 4 8 4 ,. 1
3 4 9 5 , .7
3515 . 1
3 5 0 7 , .2
3 5 2 4 , .3
3529 . 5
3 5 2 9 , .0
3 5 3 3 .9
3 5 4 6 .0
3 5 6 9 , .0
3 5 9 0 . .5

4163
4150
4158
4178
4179
4185
4180
4185
4186
4199
4230
4251

.2
.0
.3
.5
.8
.3
.9
.1
.8
.8
.6
.4

5 0 5 3 .9
5 0 3 0 .9
5 0 4 3 .7
5065 .0
5067 .4
5 0 8 0 .2
5 0 7 2 ,• 5
5 0 8 6 .2
5077 .5
5 0 9 2 .7
5135 .0
5 1 6 9 , .9

1 1 7 2 8 .. 1
1 1 7 4 1 . ,0
1 1 7 8 8 , .3
1 1 8 3 9 , .6
1 1 8 9 1 , .4
1 1 9 6 4 , .3
1 2 0 2 0 .. 4
1 2 0 7 2 . .4
1 2 1 3 4 , >1
1 2 1 7 2 . .9
1 2 2 4 1 , ,3
1 2 3 2 7 ,. 6

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p

1142 .8
1 1 2 4 , .6
1 1 3 1 , .9
1153 . 1
1132,. 8
1142,.5
1 1 5 1 . .0
1 1 4 4 . .0
1 1 4 6 . ,1
1 1 4 7 , ,4
1 1 5 5 . .4

3 5 7 9 .. 8
3 5 5 7 , ,3
3 5 8 1 , ,9
3 6 0 9 , .5
3 5 8 1 , ,5
3 5 8 5 , ,0
3 5 9 9 , ,7
3 5 9 0 ,. 1
3 5 8 6 , ,2
3 5 9 0 , ,0
3 6 0 3 , ,2

4237
4201
4219
4245
4220
4225
4243
4239
4238
4252
4278

.4
.3
.5
.7
.1
.6
.0
.3
.2
.4
.5

5169 .8
5 1 3 5 .4
5 1 4 7 .7
5 1 7 5 , .0
5148 .5
5 1 5 0 . .2
5171,.8
5 1 6 8 , .9
5 1 6 3 .. 1
5 1 9 6 . •3 p

1 2 3 7 2 ., 1
1 2 4 0 3 , .5
1 2 4 5 6 . .5
1 2 4 9 8 . ,3
1 2 5 4 5 . .8
1 2 6 0 8 , .5
1 2 6 4 3 , ,0
1 2 7 0 0 , >9
1 2 7 6 5 , .9
1 2 8 1 9 , ,8 p

F o o t n o t e s a p p e a r on the following p a g e
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES

Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

-1.1

-0.5

2.1

5.6

1994 t o NOV. 1994

0.9

-0.1

1.7

4.9

12 M o n t h s f r o m NOV. 1 9 9 3 TO NOV. 1994

2.3

0.9

1.1

5.3

T h i r t e e n w e e k s e n d i n g DECEMBER 1 2 , 1994
f r o m t h i r t e e n weeks e n d i n g :
SEP. 1 2 , 1994 (13 w e e k s p r e v i o u s )

-0.8

-0.5

1.7

M1
3 M o n t h s f r o m AUG. 1994 TO NOV. 1994
6 M o n t h s f r o m MAY

1.

JUNE 1 3 ,

1994

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

1.1

0.1

1.5

DEC. 1 3 ,

1993

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

2.9

1.1

1.2

Growth rates for debt are b a s e d on periods beginning and ending one month earlier than for the monetary aggregates, namely, July 1 9 9 4 to October 1994, April 1 9 9 4 to October 1994,
and October 1 9 9 3 to October 1 9 9 4 , respectively.

F o o t n o t e s to Table 1:
1.

2.

3.

4.
5.

C o n s i s t s of (1) currency o u t s i d e 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 i s s u e r s ; (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. 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 t h e
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
s e r v i c e (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 d e p o s i t s at thrift institutions. S e a s o n a l l y adjusted M1 is calculated by
summing 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. r e s i d e n t s by foreign b r a n c h e s of
U.S. banks worldwide, s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t accounts), small-denomination time d e p o s i t s (time d e p o s i t s — i n c l u d i n g retail R P s — i n 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. E x c l u d e s individual retirement a c c o u n t
(IRA) and Keogh b a l a n c e s at depository institutions and m o n e y market funds. Also e x c l u d e s all b a l a n c e s held by U.S. c o m m e r c i a l b a n k s , m o n e y market f u n d s (general
purpose and broker/dealer), foreign g o v e r n m e n t s and c o m m e r c i a l banks, and the U.S. g o v e r n m e n t . 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 nent 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 o f f i c e s in the United Kingdom and C a n a d a , and b a l a n c e s in both t a x a b l e and t a x - e x e m p t
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 f u n d s . S e a s o n a l l y adjusted M3 is
obtained by adjusting its n o n - M 2 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 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 a n d b a n k e r s 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: The debt a g g r e g a t e is the outstanding credit market debt of t h e d o m e s t i c nonfinancial s e c t o r s — the federal s e c t o r (U.S. g o v e r n m e n t , not including g o v e r n m e n t s p o n s o r e d enterprises or federally related m o r t g a g e pools ) and t h e nonfederal s e c t o r s (state and local g o v e r n m e n t s , h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt c o n s i s t s of m o r t g a g e s , t a x - e x e m p t and corporate b o n d s , c o n s u m e r credit, bank l o a n s ,
commercial paper, and other loans. T h e data, which are derived from t h e 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 , are break-adjusted (that is, discontinuities in
the data h a v e b e e n s m o o t h e d into the s e r i e s ) and m o n t h - a v e r a g e d (that is, the data h a v e b e e n derived by averaging adjacent month-end levels). T h e p r e s e n t a t i o n of t h e
debt data in this r e l e a s e differ, therefore, from the quarterly flow of f u n d s 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
l e v e l s of credit market debt are m e a s u r e d on a quarter-end b a s i s and contain discontinuities.




H.6 (508)
Table 3

Page 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending
1994-SEP.

OCT.

NOV.

DEC.

M2

M3

13-week
average

4-week
average

week
average

13-week
average

19
26

4-week
average

week
average

1151.4
1151.9

13-week
average

4-week
average

1152.4
1152.6

week
average

1150.2
1154.1

3598.5
3599.2

3596.9
3596.8

3595.1
3599.0

4244.6
4246.7

4246.0
4248.0

4247.6
4254.6

3
10
17
24
31

1152.3
1152.2
1151.9
1151.3
1150.2

1151.6
1150.8
1150.4
1149.3
1147.7

1150.7
1148.3
1148.4
1149.6
1144.3

3599.2
3598.7
3598.1
3596.9
3595.0

3596.7
3595.1
3595.0
3593.5
3590.4

3595.5
3590.9
3594.6
3593.1
3583.0

4247.9
4248.7
4249.4
4249.5
4249.8

4250.1
4251.8
4254.3
4255.9
4257.9

4251.0
4253.8
4257.6
4261.2
4259.0

7
14
21
28

1150.0
1149.7
1149.6
1149.5

1146.5
1145.3
1146.1
1148.1

1143.8
1143.5
1152.9
1152.0

3594.5
3593.6
3593.8
3593.8

3589.1
3587.0
3589.6
3593.8

3585.6
3586.3
3603.6
3599.8

4251.6
4253.3
4255.0
4256.8

4259.6
4260.6
4263.3
4266.1

4260.7
4261.6
4271.7
4270.2

5p
12p

1149.2
1148.9

1149.7
1150.9

1150.2
1148.3

3594.0
3593.7

3597.0
3598.9

3598.3
3593.9

4258.7
4260.8

4267.6
4270.8

4267.0
4274.3

Not seasonally adjusted
1994-SBP.
OCT.

NOV,

DEC.

19
26

1147.2
1147.4

1148.7
1147.8

1147.6
1124.1

3592.3
3592.6

3590.3
3587.8

3586.5
3558.3

4238.6
4240.2

4241.9
4239.8

4240.3
4213.3

3
10
17
24
31

1146.4
1145.8
1146.3
1146.4
1145.7

1143.8
1143.4
1145.9
1148.5
1146.4

1142.7
1159.0
1157.8
1134.4
1134.4

3591.2
3590.1
3590.3
3590.0
3588.5

3583.7
3583.1
3588.0
3592.1
3589.2

3581.5
3606.0
3606.0
3575.0
3569.9

4240.0
4240.5
4241.8
4243.0
4243.2

4236.1
4236.9
4242.9
4250.3
4253.4

4229.4
4264.6
4264.4
4242.8
4241.7

7
14
21
28

1145.9
1146.5
1147.7
1149.3

1146.5
1147.1
1151.9
1155.6

1159.5
1159.9
1153.9
1148.9

3588
3588,
3590,
3592.

3588.8
3589.1
3597.3
3602.9

3604.3
3607.3
3607.7
3592.3

4245.3
4248.0
4251.2
4255.1

4256
4262,
4271,
4278.

4277.6
4286.4
4278.3
4272.5

5p
12p

1150.4
1151.1

1158.6
1161.4

1171.7
1170.9

3594.
3595.

3608.2
3612.5

3625.5
3624.4

4259.0
4262.6

4282.9
4288.4

4294.4
4308.4

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

preliminary data.




Page 4

H.6 (508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

4.
5.
6.
7.

Demand deposits 3

Other checkable deposits

Nontransactions components

At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only 7

1993-JULY
AUG.
SEP.

309.7
312.4
315.4

7.9
7.8
7.8

366.0
370.9
375.4

294.8
295.9
297.8

108.0
108.3
108.8

402.8
404.2
406.6

2446.9
2440.8
2439.2

654.6
652.3
653.3

OCT.
NOV.
DEC.

317.6
319.5
321.4

7.8
7.9
7.9

378.4
383.2
384.8

299.1
300.8
302.6

110.4

111.0

111.7

409.5
411.8
414.3

2434.6
2438.0
2439.5

657.3
658.6
664.1

1994-JAN.
FEB.
MAR.

325.2
329.2
332.4

7.9
7.9
8.0

388.3
390.3
390.0

300.4
299.2
300.0

111.6
112.0
112.0

412.0
411.2
411.9

2439.6
2430.9
2441.2

663.4
641.1
636.1

APR.
MAY
JUNE

334.8
337.6
340.3

8.1
8.1
8.1

388.9
385.8
386.5

298.3
300.8
301.3

111.0
110.5
110.1

409.3
411.2
411.4

2451.1
2453.4
2442.8

637.8
632.9
640.0

JULY
AUG.
SEP.

343
345
347

8.2
8.3
8.4

389.1
387.5
388.0

302.4
301.1
300.1

110.1
108.7
108.1

412.5
409.7
408.2

2450.3
2446.7
2444.6

646.6
645.5
652.3

OCT.
NOV.

349,
352

8.4
8.4

385.9
383.5

297.5
297.3

106.9
105.6

404.4
402.9

2443.1
2445.9

666.2
672.0

349 .2
350 .4
352 . 3

8.4
8.3
8.3

387.3
386.3
381.7

296.7
296.7
297.3

106.9
107.9
104.7

403.6
404.6
402.0

2446.3
2443.5
2438.7

663.0
668.1
676.0

Week e n d i n g
1994-OCT. 17
24
31

1.
2.
3.

Travelers checks 2

NOV.

7
14
21
28

352 ,.3
352, .4
352 ,.9
353 .6

8.3
8.4
8.4
8.5

380.8
381.1
387.9
384.8

297.3
296.5
298.5
297.7

105.1
105.2
105.2
107.3

402.4
401.7
403.7
405.0

2441.9
2442.8
2450.7
2447.8

675.1
675.3
668.1
670.4

DEC.

5p
12p

353 .• 9
353 ,. 1

8.5
8.5 e

383.8
383.7

298.2
299.1

105.8
103.9

404.0
403.0

2448.1
2445.6

668.7
680.4

Currency o u t s i d e 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 i s s u e r s . 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 d e p o s i t s .
D e m a n d d e p o s i t s at c o m m e r c i a l 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 a n d 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.
C o n s i s t s of NOW and A T S 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.
C o n s i s t s of N O W and A T S 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.
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 p u r p o s e 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 d e p o s i t a c c o u n t s )
r
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 w h o l e .
'
'
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 t h e e s t i m a t e d a m o u n t 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 w h o l e .

e FRASER
estimated
Digitized for


p

preliminary

Page 5

H.6 (508)
Table 4 - continued

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

814.4
806.5
799.9

General
purpose and
broker/
dealer
money
market funds
346.6
345.5
345.0

322.4
321.1
317.1

794.9
790.6
785.7

344.4
347.0
348.8

194.3
194.8
197.0

277.9
275.9
277.2

63.7
63.5
61.8

341.6
339.4
339.0

465.
464.
462 ,

314.0
310.5
308.5

779.5
774.4
771.1

347 . 8
343 . 7
348.4

192.7
176.9
177.4

279 . 7
274.7
271.1

62.1
61.8
61.1

341.8
336.5
332.2

1220.7
1215.9
1207.2

461.
464.
466.

306.9
305.0
303.7

768.6
769.1
770.4

361.5
365.1
359.3

177.0
169.3
169.5

270.6
274.9
274.9

61.5
60.1
60.4

332.1
335.0
335.3

424.7
418.8
412.9

1202.5
1194.8
1186.6

468.9
474.8
479.8

303.7
302 . 9
303.5

772.6
777.7
783.2

363.5
362.9
362.3

170.9
169.3
167.9

276.5
279.8
284.7

61.2
60.9
62.1

337.7
340.7
346.8

765.9
759.7

407 . 5
400.2

1173.4
1159.9

486.8
494.1

306.8
311.8

793.6
805.9

365.0
369.8

175.3
175.6

290.1
295.9

63.3
63.5

353.3
359.4

767 . 3
765 . 3
761 . 6

407 . 6
407 . 3
405 . 3

1174.9
1172.6
1166.8

486 . 5
488 . 1
489 . 5

306 . 5
307 . 9
309 .2

793 . 0
796 . 1
798 . 8

365 . 1
364 . 6
365 .8

177 . 1
172 . 4
175 . 6

289 . 5
292 . 4
293 .2

63 . 2
63 . 4
63 . 9

352 .7
355 . 9
357, . 1

Savings deposits 1
Date

At
commercial
banks
771.7
775.4
778.0

At
thrift
institutions
430.4
430.5
430.4

OCT.
NOV.
DEC.

778.4
782.4
785.3

1994-JAN.
FEB.
MAR.

1202.1
1205.9
1208.4

At
commercial
banks
482 . 9
478.6
475.4

At
thrift
institutions
331.4
327.9
324.5

430.4
429.5
430.2

1208.8
1211.9
1215.5

472.5
469.5
468.6

790.1
791.1
790.2

430.2
429.8
431.7

1220.3
1220.9
1221.9

APR.
MAY
JUNE

788.2
784.2
779.2

432.5
431.7
428.0

JULY
AUG.
SEP.

777.8
776.0
773.7

OCT.
NOV. p

1993-JULY
AUG.
SEP.

Week e n d i n g
-OCT. 17
24
31

1.
2

Small-denomination time deposits 2
Total

Total

Institutiononly money
market funds

Large-denomination time deposits 3

192.6
190.1
190.8

At
commercial
banks 4
277.4
277.8
276.6

At
thrift
institutions
64.5
63.9
63.8

Total
341.8
341.6
340.4

NOV.

7
14
21
28

7 6 0 . .3
7 6 0 . ,2
7 6 0 . .8
7 5 9 , ,0

401, . 5
400, .0
4 0 0 . .7
3 9 9 . .7

1161.8
1160.2
1161.5
1158.7

4 9 2 . .3
493 ..3
4 9 4 . ,3
4 9 5 , ,4

309, .6
3 1 1 , .4
312 ..5
313 ..3

801 . 8
804 ,.7
806, .8
8 0 8 . .7

3 6 6 , .6
3 6 8 ,. 1
3 7 2 .. 1
3 7 1 . .8

177 ,. 1
182 ,.4
1 7 3 . .2
1 7 1 . ,0

2 9 4 ,. 4
2 9 5 . ,5
2 9 5 . ,7
2 9 7 , ,2

63
63
63
63

.5
,.6
,. 5
..6

357. , 9
3 5 9 ., 0
359, ,2
3 6 0 ,. 8

DEC.

5p
12p

754. 7
752 . 7

3 9 6 . ,5
3 9 3 . ,4

1151.2
1146.1

4 9 7 . ,9
500. 6

313 ,,4
3 1 3 . ,5

8 1 1 . .3
8 1 4 ., 1

3 7 2 . ,7
3 7 5 . ,9

1 7 1 . ,7
1 7 5 . ,9

2 9 8 . ,0
301. 0

63 ,,7
63 ,,6

361. 7
364. 6

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 .

~
l h 0 S e

-

i s s u e d

in a m o u n t s

tess

, h a n

$10

°'000'

A

"

IRA

Ke

° S h » « " " " * " a l a n c a- c o m m e r c i a l b a n k s

3.

Large-denomination time d e p o s i t s are 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 more, excluding t h o s e b o o k e d at international banking facilities
posi1s at
official' institutions 0 " t l m 6
c o m m e r c i a l b a n k s l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U.S. g o v e r n m e n t , a n d foreign b a n k s and

p

preliminary




Page 6

H.6 (508)
Table 4 - continued

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

Date
Savings bonds

1

'

Short-term Treasury
securities 1

Debtcomponents 4

Bankers acceptances 2

Commercial paper 3

Federal debt

Non-Federal debt

1993-JULY
AUG.
SEP.

167.1
168.2
169.2

344.3
343.8
328.0

17.4
16.5
16.4

370.4
379.5
378.4

3226.7
3247.9
3267.5

8837.2
8873.8
8907.4

OCT.
NOV.
DEC.

170.1
170.8
171.7

323.7
324.6
329.9

16.4
15.3
14.6

384.7
384.1
386.8

3269.7
3295.5
3328.0

8941.6
8972.9
9007.4

1994-JAN.
FEB.
MAR.

172.7
173.4
174.1

339.8
341.5
344.8

14.9
15.3
15.7

391.6
403.0
389.6

3338.3
3355.1
3379.6

9041.3
9075.3
9116.4

APR.
MAY
JUNE

174.8
175.7
176.6

362.0
364.6
351.9

14.2
11.5
10.6

384,
391.
392 <

3390.6
3402.5
3416.4

9164.6
9211.1
9239.2

JULY
AUG.
SEP.

177.5
178.4
179.0

355.4
359.7
344.3

10.8
11.3
12.0

392.
387 .
391.

3419.3
3436.7
3454.0

9264.0
9312.5
9355.6

OCT. p

179.4

347.0

11.9

407.8

3469.4

9390.8

m a ^ ' m u l u e l l ^ a n d loleig™ e n t i f e s " "

1:

remainln

9

ma

"Jrilles °<|6SS

S m m l l S t a p l h e X ^ O M y S e t C S a l

,ha

"

i S

1 2

9

"

m o n , t e

held by other t 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
F e d 6 r a l H o m e

L

°an

B a n k s

'

a n d

m

° " « V " • = * « ' mutual f u n d s .

4.

Debt d a t a are o n a monthly a v e r a g e b a s i s , d e r i v e d by 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 , and h a v e b e e n a d j u s t e d to r e m o v e discontinuities.

p

preliminary




H.6 (508)
Table 5

Page 7

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

Currency1

Travelers
checks 2

Demand
deposits 3

Other checkable deposits

Nontransactions components

At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only 7

Overnight

Overnight
Eurodollars9

1993-JULY
AUG.
SEP.

311.0
312.8
314.8

8.4
8.4
8.2

365.5
367.9
373.1

290.9
292.1
295.0

108 . 5
107 . 7
108 . 0

399.3
399.7
403.0

2445.3
2440.2
2434.8

651.4
656.1
652.9

67
67
70

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
410.9
418.6

2434.3
2439.5
2436.7

653.8
661.5
660.9

72.3
73.2
74.5

17.2
17.4
17.8

1994-JAN.
FEB.
MAR.

324.0
327.3
330.7

7.7
7.7
7.8

393.1
380.6
380.6

306.8
299.6
301.6

1 1 1 .2
109 . 5
1 1 1 . .3

417.9
409.1
412.9

2437.0
2432.7
2450.0

657.6
644.0
637.7

77.1
76.6
80.1

18.0
16.9
18.4

APR.
MAY
JUNE

334.4
337.4
340.6

7.8
7.9
8.3

390.2
378.8
383.4

306.3
298.1
299.4

114 ..3
110. 7
110. 7

420.6
408.7
410.1

2456.4
2448.8
2442.5

636.2
638.6
640.6

80.3
80.7
82.7

JULY
AUG.
SEP.

16.7
19.3
21.5

344.9
345.7
347.1

8.8
8.9
8.8

388.4
384.2
385.7

298.3
297.1
297.3

110. 6
108. 0
107. 2

408.9
405.2
404.5

2448.7
2446.0
2440.1

643.3
649.3
652.1

83.8
85.8
87.6

OCT.
NOV. p

25.4
25.1
24.9

349.6
353.3

8.5
8.2

389.0
391.8

294.0
296.0

106. 3
106. 0

400.3
402.1

2442.6
2447.8

662.4
675.3

87.0
86.9

27.3
26.2

17
24
31

349 . 6
349 . 2
349 . 0

8 .5
8 .4
8 .3

396.9
381.5
383.3

295 . 6
291 .3
289 . 9

107 . 3
104 . 1
103 . 9

402.9
395.3
393.7

2448 .2
2440 .6
2435 .5

658.4
667.8
671.7

87.5
87.2
84.9

28.5
27.0
26.1

7
14
21
28

3 5 3 . .3
3 5 3 , ,4
3 5 3 . ,0
354. 0

8 .3
8 .3
8,.2
8.,2

390.0
394.2
391.8
390.5

299 . 3
2 9 7 , .2
2 9 5 .. 8
2 9 2 . ,6

108 . 6
1 0 6 . .8
1 0 5 .. 1
1 0 3 . .6

407.9
404.0
400.9
396.3

2444 .8
2 4 4 7 . .4
2 4 5 3 . ,8
2 4 4 3 ..4

673.3
679.1
670.6
680.2

86.6
86.2
90.6
83.1

5p
12p

26.2
25.3
27.4
25.6

354. 5
356. 1

8. 2
8. 2 e

399.3
398.3

301. 1
301. 2

108. 7
107. 1

409.8
408.3

2453. 9
2453. 5

668.9
684.0

90.0
85.8

27.2
26.8

Week,

eyeing

1994-0CT.

NOV.

DEC.

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

8.

E u r o ^ l l a r s held by tn^rtufi'orvonly 1 m o n e y rnarket°muLal f u r x i s ^ " * * ^ '
m i 9 h

COn,i

Uin9 M

a

R P S issued 6

d8

s

m o n e y

market ,und

b a l a n c e s

(institution-only), l e s s t h e e s t i m a t e d a m o u n t of overnight R P s and

b , o S d e l T
'
"
"
» "» 'p= «<»y
to other than d e p o s l o , institutions and m o n e y m a t o t mutual f u n d s (general purpose and

Issued by foreign branohes 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 funds (general p u r p o s e and broke,/dealer).


Page 8

H.6 (508)
Table 5 - continued

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

1205.0
1206.9
1206.4

It
commercial
banks
483 . 9
479 . 6
476.7

At
thrift
institutions
332 . 1
328.6
325.4

816.0
808.2
802.0

General
purpose and
broker/
dealer
money
market funds
343.0
343.0
340.8

430.0
430.4
429.4

1207.7
1214.4
1213.2

473 . 3
468 . 8
467.6

323.0
320.7
316.4

796.3
789.5
784.0

786.1
787.7
791.3

428.0
427.9
432.3

1214.1
1215.6
1223.6

465 . 6
463 . 8
462 . 2

314.0
310.3
308.2

APR.
MAY
JUNE

790.6
784.8
781.9

433.8
432.1
429.5

1224.4
1216.9
1211.4

461.2
463 . 1
466 . 3

JULY
AUG.
SEP.

779 ,
776,
772.4

425.7
419.0
412.2

1205.3
1195.6
1184.6

OCT.
NOV. p

765.2
761.4

407.1
401.1

768 .2
762 .7
759 .7

Savings deposits 1
Date

At
commercial
banks
773 . 6
776.0
776.7

At
thrift
institutions
431.4
430.8
429.7

OCT.
NOV.
DEC.

777.7
784.0
783.9

1994-JAN.
FEB.
MAR.

1993-JULY
AUG.
SEP.

Week e n d i n g
. -OCT. 17
24
31

1.
2.
3.
4.
p

Small-denomination time deposits 2

institutiononly money
market funds

Large-denomination time deposits 3

188.6
190.1
187.5

%t
commercial
banks 4
277.1
279.5
277.6

At
thrift
institutions
64.4
64.3
64.0

341.5
343.8
341.6

340.7
345.0
347.2

189.2
194.0
195.8

277 . 6
276.2
276.0

63.7
63.6
61.6

341.3
339.8
337.6

779.6
774.1
770.4

348.1
349.4
357.4

196.2
186.1
180.5

276.7
273 . 0
270.9

61.4
61.4
61.1

338.1
334.4
332.0

306.6
304.3
303 . 4

767.9
767 . 4
769.8

367 . 2
364.5
357 . 1

176.2
171.0
166.3

269.9
277.3
276.8

61.3
60.6
60.8

331.2
337.8
337.6

469 . 9
475.9
481.2

304.4
303.6
304.3

774.3
779.4
785.5

360.0
360.2
357 . 5

167.4
169.5
165.1

276.2
281.6
285.8

61.1
61.3
62.3

337.3
342.9
348.1

1172.3
1162.4

487
493

307.4
311.3

795.1
804.6

360.9
367 . 7

170.5
175.0

289.8
296.3

63.2
63.6

353.0
359.9

408 . 1
405 . 9
404 . 3

1176 .3
1168 .6
1 1 6 3 .9

487 . 5
488 . 5
489 ,.4

307 . 1
308, . 1
3 0 9 ,. 1

794.6
796.6
798.5

3 6 1 .2
3 6 1 , .1
362 ,. 1

170.5
171.2
172.7

289 .0
2 9 1 .7
2 9 2 , .8

63 . 1
63 . 3
63 . 8

352.1
355.0
356.6

Total

Total

Total

NOV.

7
14
21
28

764
764
760
757

.5
.5
.7
,. 1

403, .6
402 ,.3
4 0 0 , ,6
3 9 8 , .7

1168,. 1
1166,• 7
1 1 6 1 , .3
1 1 5 5 , .8

491
492
493
494

.9
,.7
.,3
.,3

3 0 9 , .4
3 1 1 , ,0
3 1 1 , .9
312 ,,6

801.3
803.7
805.2
806.9

362 ,.6
3 6 5 , .4
3 6 9 ,, 4
372 .,0

174.8
180.1
174.2
172.3

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

63 ,. 5
63, .7
63 ,.6
63 ,.8

357.9
359.6
359.8
361.8

DEC.

5p
12p

7 5 7 .. 1
7 5 6 , .2

3 9 7 , .8
3 9 5 , ,3

1 1 5 4 , .9
1 1 5 1 , .5

496 ,>9
499 ..5

3 1 2 . ,7
312 .,8

809.6
812.3

372 .,3
377 .. 1

169.9
177.2

2 9 8 , .2
300 , 9

63 .,7
63 ,.6

361.9
364.5

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
Small-denomination time deposits—including 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 and 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 cial b a n k s and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time d e p o s i t s are 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 more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time 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 held by m o n e y market mutual funds, depository institutions, U . S . g o v e r n m e n t and foreiqn
y
b a n k s and 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
Term RPs 1
Date

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars 2

I-JULY
AUG.
SEP.

72.7
72 . 0
71.2

25 .0
25 .6
26 .0

97 . 8
97 .6
97 . 3

41 .9
44 . 1
45 .2

167.0
167.8
168.7

339.9
342.4
326.0

17.4
16.3
15.9

367.3
374.6
380.2

3201.8
3229.4
3251.9

8818.6
8842.9
8882.2

OCT.
NOV.
DEC.

70.5
69.7
70.8

25 .4
2 5 .9
2 6 ,.0

9 5 ,.9
9 5 ,.6
9 6 ,.8

45,.0
48,• 9
4 7 , ,0

169.6
170.6
171.4

321.8
332.5
342.6

16.3
15.7
15.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8923.5
8954.3
8998.1

1994-JAN.
FEB.
MAR.

66.2

26.6

64.0

66.8

27 . 5
27.2

92.9
91.5
94.0

46.0
48.1
47.2

172.6
173.7
174.6

345.4
342.9
348.6

15.6
15.5
15.2

398.9
402.0
389.7

3333.0
3345.4
3374.5

9039.0
9058.2
9082.0

APR.
MAY
JUNE

70.3
67.9
70.2

27.6
29.1
30.6

97,
96,

100.8

47.5
48.6
50.9

175.4
176.2
176.9

352.8
355.8
346.3

13.7
11.4

387.3
385.0
390.9

3376.8
3379.7
3394.5

9121.5
9166.1
9214.0

JULY
AUG.
SEP.

69.6
67.1
67.6

32.3
33.1
33.7

101,
100.
101,

51.7
51.7
52.4

177.4
177.9
178.4

351.1
358.6
341.8

10.8
11.6

389.5
382.0
393.0

3393.9
3418.4
3438.4

9249.1
9282.5
9327.5

OCT.
NOV. p

66.3
66.5

34.7
35.2

101.1
101.7

53.3
55.0

179.0 p

344.5 p

11.8 p

408.6 p

3448.7 p

9371.2 p

64 . 2
68 .8
68 .0

35.0
35.1
34.6

99.2
103.9
102.6

52.3
53.6
55.9

Week e n d i f i q
- O C T . 17
24
31

1.
2.

Debt c o m p o n e n t s 6

Non-M3 Components of L

NOV.

7
14
21
28

6 7 ,. 0
6 4 ,. 8
63 ,. 5
7 1 ,. 1

35.1
36.0
35.0
34.6

102.1
100.8
98.5
105.7

55.0
55.5
54.6
55.9

DEC.

5p
12p

6 5 , ,3
6 8 . ,9

35.6
35.9

100.8
104.8

51.7
52.5

Savings bonds

Short-term
Treasury
secunties 3

Bankers
acceptances4

10.6
11.1

Commercial
paper 6

Federal debt

Non-Federal
debt

4.
5.
6.

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 bv
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 monev7
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.

p

preliminary

3.




H.6 (508)
Table 6

Page 10

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

1993-JULY
AUG.
SEP.

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

IRA and Keogh Accounts

1.6
1.5

11.2
10.8

4.2
3.8
5.5

6.9
5.7
9.3

21.4
20.0
23.2

32.5
29.5
37.9

1.6

9.1

1.8

1.6

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

Foreign
official
institutions

8.5

2.1

8.5
8.3

8.2

Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

146.4
146.1
145.8

118.0
117.4
116.9

47.3
47.4
47.5

311.7
310.9
310.2

2.6
2.7
2.6

145 . 2
144 . 6
144 . 2

116 . 1
115 . 3
114 . 6

48 . 1
49 . 1
49 . 8

309 . 4
309 . 0
308 . 6

1994-JAN.
FEB.
MAR.

8.5
8.4

11.3
11.9
12.5

5.7
4.2
4.3

7.3
6.3
5.2

25.2
27.9
15.7

CO
m

8.1

1.6
1.5
1.6

.3
38 .4
25, . 1

2.1
2.6
2.4

143 . 9
143. . 6
1 4 2 . .6

114 . 2 e
114 . 1 e
114 . 0 e

50 . 1 e
50 .7 e
51 . 5 e

APR.
MAY
JUNE

308 . 3 e
308 . 3 e
308, .2 e

8.6
8.1
8.2

1.5
1.5
1.5

12.9
13.0
13.1

7.1
4.2
5.3

5.6
5.9
5.9

20.8
24.3
18.4

33, .5
34. .4
29, 6

2.1
3.1
2.9

1 4 2 . ,2
142. 2
142. 3

114, .0 e
114. ,0 e
113. .8 e

52., 6 e
53.,3 e
53. .8 e

JULY
AUG.
SEP.

3 0 8 . ,9 e
3 0 9 . .5 e
3 1 0 . ,0 e

8.3
7.8
8.2

1.5
1.5
1.5

13.2
13.2
13.2

4.8
3.9
5.8

5.4
5.1
6.0

11.3
10.1
16.9

21. 5
19. 0
28. 8

2.7
2.9
2.5

142. 6
142. 6
142. 7

113. 8 e
113. 8 e
113. 7 e

54. 5 e
55. 1 e
55. 8 e

OCT.
NOV. p

310. 9 e
311. 6 e
312. 1 e

8.1
8.2

1.6
1.7

13.2
13.3

4.3
4.0

5.6
5.2

12.1
9.8

22. 0
19. 0

2.2
2.0

142. 7
142. 8

113. 7 e
113. 7 e

56. 4 e
56. 8 e

312. 8 e
313. 4 e

8.5
7.7
8.0

1.7
1.4
1.6

13.2
13.2
13.2

5.4
3.6
4.0

4.9
5.1
6.2

5.1
16.6
17.5

15.4
25.3
27.7

2.2

2.1

7
14
21
28

8.1
7.5
8.2
8.8

1.6
1.5
1.6
2.3

13.2
13.3
13.2
13.3

4.1
3.7
4.3
3.9

5.5
5.3
4.9
5.1

15.1
10.0
6.3
7.9

24.8
19.0
15.5
16.9

2.0
1.9
1.8

5p
12p

9.3
8.4

1.5
1.6

13.3
13.3

4.5
3.8

4.6
5.8

9.7
2.0

18.7
11.5

1.9
0.7

Week e * d i q q
1 9 9 4 - O C T . 17
24
31
NOV.

DEC.

e
p

U.S. government deposits
Time and
savings
deposits at
commercial
banks
2.8
3.1
2.8

Foreign
commercial
banks

8.1

OCT.
NOV.
DEC.

Time and
savings
deposits
due to
foreign
banks and
official
institutions
11.5

estimated
preliminary




2.2

2.2

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1

October 31,1994 and November 30,1994
(not seasonally adjusted)

Insured Commercial Banks
Amount Outstanding ($mil.)
Change
(percent)

Average Rate Paid (%)
Change
(b. p.)

Oct. 31

Nov. 30

0.07

1.88

1.92

746,647
584,989

-0.62
-1.07

2.72
N.A.

2.80
N.A.

8
N.A.

159,996

161,658

1.04

N.A.

N.A.

N.A.

31,387

31,487

0.32

3.47

3.62

15

92 to 182 days
183 days to 1 year

95,328
158,564

94,691
159,894

-0.67
0.84

3.93
4.49

4.22
4.82

1 to 2-'/z year
2-Vz years and over

155,251
188,456

158,553
189,017

2.13
0.30

5.08
5.76

5.41
6.08

29
33
33
32

142,742

142,923

0.13

N.A.

N.A.

N.A.

Liability Categories

Oct. 31

Nov. 30

NOW Accounts

294,069

294.279

751,300
591,304

Savings Deposits
Personal

2

Nonpersonal
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days

All IRA/Keogh Plan deposits3

4

BIF-insured Savings Banks4
Amount Outstanding ($mil.)
Liability Categories
NOW Accounts
Savings Deposits
Personal
Nonpersonal

2

Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-Vz year
l- l l 2 years and over
All IRA/Keogh Plan deposits3

Average Rate Paid (%)
Change
(b. p.)

Oct. 31

Nov. 30

Change
(percent)

Oct. 31

Nov. 30

11,136

10,999

-1.23

1.88

1.91

3

73,416
70215
3,201

72,622
69,412
3,211

-1.08
-1.14
0.31

2.76
N.A.
N.A.

2.84
N.A.
N.A.

8
N.A.
N.A.

2,258
11,896
18,213

2,209

-2.17

3.31

3.49

18

11,833
18,608

-0.53
2.17

4.09
4.78

4.40

31

5.15

37

21,625

17,962
21,688

2.51
0.29

5.36
5.78

5.67
6.16

31
38

19,550

19,532

-0.09

N.A.

N.A.

N.A.

17,521

N.A. - data are not available
NOTE: Data for earlier month may show revisions. As of October 31, 1994, interest rate data for NOW accounts and savings
deposits reflect a series break caused by a change in the survey used to collect these data.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 77 savings banks. All rates are expressed as annual effective yields.
2. Includes personal and nonpersonal money market deposit accounts.
3. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.