Full text of H.6 Money Stock Measures : December 22, 1994
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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.