Full text of H.6 Money Stock Measures : February 16, 1995
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FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 For r e l e a s e at 4:30 p.m. Eastern Time Billions of dollars F E B R U A R Y 16,1995 Date M1 M22 M33 L4 DEBT5 Seasonally adjusted 1993-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1033 ,. 8 1 0 3 8 , .7 1 0 4 7 , .7 1 0 6 7 , .2 1 0 7 6 , .3 1 0 8 5 , .2 1 0 9 5 ,. 1 1 1 0 4 , .7 1113 ,.5 1122 ,.4 1 1 2 8 , .6 3503 3504 3507 3530 3540 3543 3549 3559 3564 3576 3583 1994-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT, NOV. DEC. 1 1 3 2 . .5 1137 ,.0 1 1 4 1 .. 1 1142 .. 8 1143 ,.5 1 1 4 7 , ,0 1152 ..2 1 1 5 0 , .8 1 1 5 1 , ,0 1 1 4 8 ,, 1 1 1 4 7 , .5 1 1 4 7 , .8 3589 . 1 3586 . 1 3597 . 4 3 6 0 5 .3 3608 .4 3 6 0 5 .3 3 6 1 6 .5 3 6 1 2 , .8 3 6 1 1 , .3 3 6 0 7 , .5 3609 . 1 3 6 1 3 , .7 4246 .0 4232 . 1 4240 .8 4 2 5 0 .9 4 2 5 1 , .5 4 2 5 6 , .7 4 2 7 4 ,. 2 4 2 7 1 , .6 4277 .,0 4 2 8 3 , .9 4 2 9 0 . .8 4 3 0 2 , .7 1995-JAN. P 1 1 4 8 , ,9 3 6 2 7 , .5 4 3 2 8 , .2 .9 .1 .8 .6 .2 .6 .3 .1 .4 .7 .6 4166 4166 4174 4202 4204 4202 4205 4214 4222 4234 4242 .6 .9 .1 .0 .6 .3 .5 .2 .7 .4 .5 5044 5049 5062 5098 5105 5099 5112 5110 5118 5131 5150 .4 .5 .4 .7 .0 .8 .4 .4 .9 .7 .3 11779 11830 11892 11953 12009 12063 12121 12174 12211 12268 12335 .3 .4 .8 .9 .0 .9 .7 .9 .4 .4 .4 5165 .6 5163 .0 5165 .9 5 1 8 1 .4 5 1 8 8 , .7 5 1 8 5 . ,6 5 2 0 8 , .7 5 2 0 5 , .8 5 2 0 8 ,. 1 5 2 3 1 . .3 5 2 4 4 . .5 5 2 8 4 ,. 1 P 12379 . 6 12430 . 4 12496 .0 12555 .2 1 2 6 1 3 ,.6 12655 .5 1 2 6 8 3 ,.4 1 2 7 4 9 ,. 1 1 2 8 0 9 , .5 1 2 8 6 2 , .7 1 2 9 3 2 ,. 1 1 2 9 7 3 ,. 8 P Not seasonally adjusted 1993-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT, NOV. DEC. 1 0 2 2 , .3 1030 . 8 1057 . 7 1057. 2 1072. 2 1083 .,6 1088 . 6 1099 .,3 1112 ., 1 1129. 5 1153 . 7 3 4 9 3 ,.4 3505 .3 3525 .2 3 5 1 7 , .8 3535 . 4 3 5 4 1 , .6 3542 .3 3 5 4 8 ,.4 3 5 6 1 , .3 3 5 8 4 . .2 3 6 0 6 ,. 1 4 1 5 9 , ,2 4 1 6 7 . ,9 4 1 8 7 . ,9 4 1 9 1 . ,3 4 1 9 8 , ,6 4 1 9 5 , ,7 4 2 0 0 ,, 1 4 2 0 1 , ,9 4 2 1 7 , ,2 4 2 4 6 , .7 4 2 6 6 , .3 5 0 4 0 ,. 1 5 0 5 3 , ,3 5 0 7 4 , ,5 5 0 7 8 , ,9 5 0 9 3 . ,4 5 0 8 7 , ,3 5 1 0 1 ,> 3 5 0 9 2 , ,6 5 1 1 0 , .2 5 1 5 1 , .2 5 1 8 4 , .9 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 12072. 4 1 2 1 3 4 .. 1 12172. 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. DEC. 1142 . 3 1124. 2 1131. 4 1152. 7 1132 . 5 1142 . 3 1150. 9 1143. 9 1146. 1 1147. 3 1155. 3 1173. 5 3 5 9 5 , .6 3 5 7 3 , .3 3 5 9 6 ,, 1 3 6 2 2 ,. 6 3 5 9 5 , .5 3 6 0 0 , .4 3 6 1 5 , ,3 3 6 0 5 , .3 3 6 0 0 , ,8 3 6 0 4 , ,5 3 6 1 7 , ,4 3 6 3 7 ,. 2 4 2 5 4 , ,9 4 2 2 1 , .9 4 2 3 8 , .3 4 2 6 4 . ,3 4 2 4 0 , ,5 4 2 5 0 . ,3 4267. 9 4265. 2 4264. 5 4 2 7 9 . .0 4 3 0 5 . ,2 4 3 2 8 , .7 5 1 8 7 , ,3 5 1 5 5 . .9 5 1 6 6 . ,3 5 1 9 3 . .4 5 1 6 8 . ,5 5 1 7 4 . ,3 5 1 9 6 . ,3 5 1 9 4 . ,5 5 1 8 9 ,, 1 5 2 2 2 , ,6 5 2 6 6 , ,6 5 3 2 1 , .5 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 , ,8 1 2 8 2 2 , .2 12903, 2 1 2 9 6 5 , .5 P 1158. 5 3 6 3 4 , ,0 4337 ,.8 1995-JAN. P Footnotes appear on the following page p preliminary Page 2 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT 1 3 M o n t h s f r o m OCT. 1994 TO JAN. 1995 0.3 2.2 4.1 5.1 6 M o n t h s f r o m JULY 1994 t o JAN. 1995 -0.6 0.6 2.5 5.0 1994 TO JAN. 1995 1.4 1.1 1.9 5.2 T h i r t e e n w e e k s e n d i n g FEBRUARY 6 , 1995 f r o m t h i r t e e n weeks e n d i n g : NOV. 7 , 1994 (13 w e e k s p r e v i o u s ) -0.4 1.0 3.0 12 M o n t h s f r o m JAN. AUG. 8, 1994 (26 weeks p r e v i o u s ) 0.0 0.5 2.2 FEB. 7, 1994 (52 w e e k s p r e v i o u s ) 1.7 1.0 1.6 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1994 to December 1994, June 1994 to December 1994, and December 1993 to December 1994, respectively. Footnotes to Table 1: 1. 3. 4. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of M1 plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-M1 component as a whole and then adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors —the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. Page 3 H.6(508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period ending M2 M3 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 1994-NOV. 14 21 28 1149.2 1149.1 1148.9 1146.3 1146.7 1147.3 1144.9 1149.0 1149.3 3609.0 3608.9 3609.2 3604.2 3605.7 3608.7 3602.7 3613.0 3614.9 4280.0 4281.5 4283.3 4286.5 4288.2 4290.4 4286.9 4293.0 4294.5 DEC. 5 12 19 26 1148.7 1148.6 1148.4 1148.0 1148.3 1149.4 1149.0 1148.3 1150.0 1149.1 1147.4 1146.6 3609.7 3609.7 3609.9 3610.2 3611.5 3613.9 3613.8 3614.6 3615.5 3612.2 3612.4 3618.1 4285.4 4287.3 4289.5 4291.5 4293.0 4296.3 4299.3 4302.7 4297.6 4300.2 4304.8 4308.1 1995-JAN. 2 9 16 23 3 Op 1147.6 1147.7 1147.9 1148.1 1148.1 1147.1 1147.2 1148.3 1148.9 1149.4 1145.2 1149.6 1151.7 1149.2 1147.1 3610.8 3611.9 3613.4 3615.1 3616.8 3615.3 3618.0 3 6 2 2 ..2 3 6 2 5 ..2 3626.8 3618.4 3622.9 3629.4 3630.0 3624.7 4293, 4296, 4299, 4303, 4307, 4305.4 4308.3 4314.4 4321.3 4328.0 4308.4 4311.8 4329.3 4335.5 4335.4 FEB. 6p 1148.4 1149.7 1150.6 3618.8 3628.6 3630.4 4310.8 4333.8 4335.1 Not seasonally adjusted 1994-NOV. 14 21 28 1146.5 1147.7 1149.3 1147, 1151, 1155, 1159.8 1153.8 1148.8 3603.6 3605.1 3606.9 3603.6 3611.8 3617.3 3621.7 3622 . 1 3606.7 4274.5 4277.8 4281.8 4288.9 4297.9 4305.6 4313.2 4305.3 4299.5 DEC. 5 12 19 26 1150.3 1151.0 1152.8 1156.3 1158.5 1161.2 1165.3 1170.7 1171.4 1170.8 1170.3 1170.3 3609.0 3610.2 3612.5 3616.7 3622.6 3626.9 3629.0 3634.2 3639.8 3638.9 3630.5 3627.5 4285.7 4289.3 4294.1 4300.4 4309.9 4315.5 4321.4 4326.6 4321.6 4335.6 4328.9 4320.4 2 9 16 23 3 Op 1159.4 1162.0 1163.0 1163.7 1162.8 1173.5 1178.9 1179.1 1172.3 1157.2 1182.4 1192.5 1171.1 1143.0 1122.1 3620.8 3624.6 3626.9 3629.3 3629.9 3636.6 3644.4 3649.5 3647.6 3633.3 3649.5 3670.0 3650.9 3620.0 3592.1 4306.1 4311.0 4316.1 4320.8 4324.1 4328, 4333 , 4340, 4343, 4338, 4330.8 4354.1 4357.0 4330.4 4312.6 6p 1161.8 1146.0 1147.7 3630.2 3621.6 3623.5 4326.2 4332.7 4330.6 1995-JAN. FEB. Note. Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision p preliminary data. Page 4 H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Currency1 Date Travelers checks2 7.8 Demand deposits3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 Total In M26 In M3 only7 374.4 297.7 109.4 407.2 2454.4 655.1 377 . 6 382 .2 383.9 299.5 301.3 303.0 111.0 111.4 111.7 410.5 412.6 414.7 2450.9 2454.3 2455.0 658.3 657.6 658.9 1993-SEP. 315.4 OCT. NOV. DEC. 317.7 319.7 322.1 1994-JAN. FEB. MAR. 325.4 328.9 332.0 8.0 8.0 386 388 388.6 300.3 299.0 299.7 112.0 112.6 112.8 412, 411, 412. 2456.6 2449.1 2456.3 656.9 645.9 643.4 APR. MAY JUNE 334.5 337 .3 340.0 8.1 8.1 8.2 388.1 385.6 386.3 299.1 300, 301, 112.9 112.0 111.5 412, 412, 412, 2462, 2464, 2458, 645.6 643.1 651.4 JULY AUG. SEP. 342.8 345.1 347.2 8.3 8.3 8.4 388.0 386.6 386.5 301, 301, 300, 111.4 109.7 108.9 413.1 410.8 408.9 2464, 2462, 2460 657.7 658.8 665.6 OCT. NOV. DEC. 350, 353 , 354 8.3 8.4 8.4 384.4 382.3 382 . 0 298.0 297 .7 297.6 107.5 106.1 105.3 405.4 403.8 402.9 2459.4 2461.6 2465.8 676.4 681.7 689.0 357.7 8.4 383 . 5 295.1 104.2 399.3 2478.6 700.6 1995-JAN. p Week ending 8.0 1994-DEC. 12 19 26 354.2 354.1 354.2 8.5 8.4 8.4 382.7 382.4 381.5 298.1 297.2 297.3 105.6 105.3 105.2 403.7 402.5 402.5 2463.2 2464.9 2471.5 688.0 1995-JAN. 2 9 16 23 3 Op 355, 355, 357 . 358, 359 , 8.4 8.4 8.4 8.4 8.4 380.4 383.0 385.6 383.1 383 . 5 296.6 296.5 296.4 295.3 292.3 104.3 105.7 103.9 103.9 103.4 401.0 402.2 400.2 399.2 395.7 2473.2 2473.4 2477.7 2480.8 2477.6 690.1 688.9 699.9 705.5 710.8 FEB. 6p 359.2 8.4 384.3 293.4 105.3 398.7 2479.9 704.6 1. 2. 3. 692.4 690.0 Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time deposits. This sum is seasonally adjusted as a whole. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole. http://fraser.stlouisfed.org/ e estimated Federal Reserve Bank of St. Louis p preliminary Page 5 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits1 Date Small-denomination time deposits2 General purpose and broker/ dealer money market funds Institutiononly money market funds Large-denomination time deposits3 At thrift institutions commercial banks At thrift institutions Total commercial At thrift institutions 1993-SEP. 777 . 3 429 .7 1 2 0 6 , .9 476 . 4 325 . 1 8 0 1 .5 355 .4 195 . 0 272 .5 63 ,.4 3 3 5 , ,9 OCT. NOV. DEC. 778 . 1 782 .4 785 .8 429 . 8 429 . 0 429 . 8 1 2 0 7 , .9 1 2 1 1 , .5 1 2 1 5 , .7 4 7 3 , .2 4 6 9 ,. 6 4 6 8 ,. 6 322 . 6 320 .7 316 . 5 795 .8 7 9 0 , .3 785 . 1 355 .2 358 .2 360 . 1 196 .3 196 . 4 198 . 1 272 ,. 8 2 7 0 , .2 2 7 1 ,. 2 63 ,,5 63 ,.2 6 1 , .6 3 3 6 , ,3 3 3 3 , ,5 3 3 2 , ,7 1994-JAN. FEB. MAR. 7 9 1 .3 792 .7 7 9 1 .5 429 . 8 429 . 1 430 .5 1 2 2 1 ,. 1 1 2 2 1 , .9 1222 . 0 4 6 5 , .7 4 6 4 , .5 463 . 1 313 . 8 310 .5 308 . 9 7 7 9 , .5 775 .0 7 7 2 , .0 3 6 1 , .2 359 .5 3 6 1 .9 194 . 6 182 . 1 183 . 8 273 ,. 4 2 7 0 ,. 1 2 6 8 ,. 8 6 1 , .7 6 1 , .7 6 1 , .4 3 3 5 ,. 1 3 3 1 , ,8 3 3 0 , ,3 APR. MAY JUNE 7 8 8 .9 784 .6 7 8 0 .0 431 . 1 430 .2 426 .8 1220 .0 1 2 1 4 ,. 8 1206 .8 462 .3 464 . 6 467 . 4 307 . 9 306 .2 305 .5 770 . 1 7 7 0 , .8 7 7 2 , .9 3 7 0 , .5 373 ,.5 370 .7 183 . 1 177 . 5 177 . 9 2 6 8 .. 0 2 7 2 ,. 0 2 7 4 .. 0 6 1 ,. 8 6 0 , .4 6 1 , .0 3 2 9 , ,8 3 3 2 , ,4 3 3 5 , ,0 JULY AUG. SEP. 7 7 8 .0 7 7 5 .7 772 ,.8 423 .2 417 .0 410 .9 1 2 0 1 .2 1 1 9 2 ,. 6 1183 ,.7 469 . 9 476 . 0 481 .1 305 .5 304 .7 305 . 4 775 .4 7 8 0 , .7 7 8 6 , .5 375 . 8 3 7 6 , ,2 3 7 6 , .6 178 .7 177 . 4 176 .3 2 7 6 . .3 279 .8 2 8 4 ,. 6 6 1 , .9 6 1 , .7 62 ,.7 3 3 8 , ,2 3 4 1 . ,5 3 4 7 . .3 OCT. NOV. DEC. 765 . 4 7 5 9 ,. 2 752 ,.3 4 0 5 , .6 3 9 8 , .4 3 9 1 , .5 1 1 7 1 .0 1 1 5 7 ,. 6 1 1 4 3 , .9 487 .7 494 . 0 502 ,.5 308 .3 312 .8 314 .2 7 9 6 , .0 8 0 6 ,. 8 8 1 6 , .7 3 7 9 , .7 3 8 4 , .2 3 8 9 , .7 180 . 8 180 .5 180 . 8 2 8 9 .3 2 9 4 ,. 8 2 9 9 . .2 63 ,.7 63 ,.9 6 4 ,. 3 3 5 3 . ,0 3 5 8 . ,7 3 6 3 . ,5 7 4 4 , .2 3 8 5 , .3 1129 ,.5 5 1 3 , .0 3 1 9 , .7 8 3 2 , ,7 392 ,.6 1 8 6 , .3 297 ,. 6 6 6 ,. 1 3 6 3 . ,7 1995-JAN. p Total commercial Total Week endincr 1. 2. 3. 4. p 1994-DEC. 12 19 26 753 ..7 752 ,.7 7 5 1 , .5 3 9 2 , .4 3 9 1 , .5 3 9 0 , ,0 1 1 4 6 ,. 1 1 1 4 4 , .2 1 1 4 1 . .5 5 0 0 ,. 1 5 0 2 , .9 5 0 5 , .2 3 1 4 , .3 313 ,.9 3 1 4 , .0 8 1 4 , ,4 8 1 6 , ,7 8 1 9 ,, 1 3 8 9 , .4 389 ,.5 3 9 0 , .8 1 8 1 , .5 1 8 1 ,. 1 1 8 1 ,. 1 2 9 9 , .3 3 0 0 , .6 3 0 0 , ,0 6 3 , .9 6 4 , .0 6 4 , ,4 3 6 3 ., 1 3 6 4 . ,6 3 6 4 . ,5 1995-JAN. 2 9 16 23 3 Op 7 4 7 , .5 7 4 6 . ,5 7 4 5 , ,5 743 ,,5 7 4 1 . ,3 3 8 9 ., 1 3 8 7 . ,2 3 8 5 . ,9 3 8 4 . ,8 382 .,9 1 1 3 6 . .7 1 1 3 3 . ,7 1 1 3 1 . .4 1 1 2 8 . ,4 1124. 2 5 0 6 , ,2 5 0 8 , ,3 5 1 2 , ,0 5 1 5 , ,0 5 1 7 , ,6 3 1 5 , ,2 3 1 7 , >0 3 1 8 , ,7 3 2 0 , ,9 3 2 2 , ,9 8 2 1 . ,4 8 2 5 . ,3 8 3 0 . .8 8 3 5 . ,9 8 4 0 . ,5 3 9 1 , ,2 3 9 1 , ,9 393 ,. 4 3 9 2 . ,9 392 .,6 1 8 3 , .5 1 8 6 , .7 1 8 7 , ,6 1 8 5 , .9 1 8 6 , ,7 2 9 6 ,, 8 293 ,>8 2 9 5 , ,6 2 9 9 , ,3 3 0 1 , ,6 6 5 ,. 6 6 5 , ,7 6 5 , .9 6 6 ,, 1 6 6 , .7 3 6 2 , ,4 3 5 9 , ,5 3 6 1 , ,5 3 6 5 . .4 3 6 8 . ,3 FEB. 6p 7 3 8 ., 1 3 8 0 . ,7 1 1 1 8 . ,8 5 2 0 . ,0 3 2 4 . ,3 8 4 4 . ,3 3 9 2 . ,5 1 8 0 , ,3 3 0 1 . ,0 6 7 , ,0 3 6 8 . ,0 Savings deposits include money market deposit accounts. Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. 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 securities1 Bankers acceptances2 Debt components4 Commercial paper3 Federal debt Non-Federal debt 1993-SEP. 169.3 331.7 16.3 378.9 3267.5 8907.4 OCT. NOV. DEC. 170.1 170.9 171.5 328.1 328.4 334.2 16.2 15.5 14.9 381.8 382.6 387 . 1 3269.7 3295.5 3328.0 8941.6 8972.9 9007.4 1994-JAN. FEB. MAR. 172.5 173.2 173.9 340.9 341.7 344.9 14.8 14.9 15.5 391.4 401.2 390.8 3338.3 3355.1 3379.6 9041.3 9075.3 9116.4 APR. MAY JUNE 174.8 175.7 176.7 354.7 357.3 348.8 14.0 387.1 392.6 392.7 3390.6 3402.5 3416.4 9164.6 9211.1 9239.2 JULY AUG. SEP. 177.7 178.5 179.1 353.1 356.5 348.4 11, 11, 392.8 387.7 391.7 3419.3 3436.7 3454.0 9264.0 9312.5 9355.5 OCT. NOV. DEC. p 179.5 179.9 180.3 351.9 358.8 364.5 11.7 10.9 10.1 404.2 404.0 426.5 3469.4 3494.0 3497.4 9393.2 9438.1 9476.4 11.6 10.8 10, \ 3. 4. Consists of U S Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money 1 market mutual funds, and foreign entities. J?* k a n k e r s . a c c e Ptances 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 Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency1 Date 1 2. 3. 4. 5. 6. Other checkable deposits Travelers checks2 Demand deposits3 At commercial At thrift Total In M26 In M3 only7 Overnight RPs* Overnight Eurodollars9 1993-SEP. 314 . 7 8 .2 372 . 4 295 . 1 108 . 8 404 .0 2449 . 1 653.5 70 . 7 19.3 OCT. NOV. DEC . 317 . 3 319 . 8 324 . 8 8 .0 7 .7 7 .6 380 . 5 390 . 2 401 .8 295 . 6 299 . 6 306 . 2 110 . 7 112 . 3 113 . 2 406 .4 411 .9 419 .4 2449 .2 2454 .6 2452 . 4 655.9 662.5 660.2 72 . 3 73 . 2 74 . 4 21.6 21.7 22.1 1994-JAN. FEB. MAR. 324 . 0 327 . 3 330 . 6 7 .7 7 .7 7 .8 392 . 0 379 . 5 379 . 6 306 . 6 299 . 6 301 .6 112 . 1 110 . 3 112 . 0 418 .6 409 .8 413 . 5 2453 . 4 2449 . 1 2464.7 659.3 648.7 642.2 75 . 9 73 . 7 77 . 0 22 . 1 21.2 23.0 APR. MAY JUNE 334 . 3 337 . 2 340 . 5 7 .8 7 .9 8 .3 389 . 2 377 . 7 382 . 3 306 .4 298 . 1 299 . 5 115 . 0 111 .6 1 1 1 .7 421 .4 409 .7 4 1 1 .2 2469 .9 2463 .0 2458 .2 641.7 645.0 649.9 77 . 6 78 . 4 80 . 6 21.3 24 . 1 26.3 JULY AUG. SEP. 344 .7 345 .7 347 ,. 0 8 .8 8 .9 8 .8 387 . 3 383 . 1 384.7 298 .4 297 .2 2 9 7 , .4 111 .6 109 . 0 108 .3 410 .0 406 .2 405 .6 2464 .4 2461 .4 2454 .6 652.6 659.8 663.8 80 .3 8 1 .9 83 .7 30 . 4 29.9 29.5 OCT. NOV. DEC. 3 4 9 ,. 6 353 ,,2 357 ..6 8..5 8.,2 8 ., 1 387 .8 3 9 0 , .7 4 0 0 ,. 1 2 9 4 , .0 2 9 6 . .0 3 0 0 , ,6 107 .4 1 0 7 ,. 1 1 0 7 , .0 4 0 1 .4 4 0 3 ,. 1 4 0 7 ,. 6 2 4 5 7 .2 2462 . 1 2 4 6 3 , .7 674.5 687 . 8 691.5 83 ,.4 83 ..5 8 5 ., 1 31.6 30.5 33.0 1995-JAN. P 355. 9 8. 1 3 8 8 , .8 301. 3 1 0 4 , .4 405.7 2 4 7 5 . .5 703.8 89. 6 36.8 Week e n d i n c r 1 9 9 4 - D E C . 12 19 26 356. 1 357 . 0 361. 1 8. 1 8. 1 8. 1 397. 1 399. 5 397. 6 301. 1 299. 6 298. 8 108. 3 106. 0 104. 7 409. 4 405. 6 403 . 5 2 4 6 8 ., 1 2460. 2 2457. 1 696.8 698.3 693.0 82. 8 83 . 3 83 . 3 31.2 30.3 34.0 409. 405. 394. 378. 371. 0 9 7 6 5 301. 1 312 . 0 305. 9 298. 8 289. 2 106. 109. 105. 102. 99. 407. 421. 411. 401. 388. 2467. 2477. 2479. 2476. 2470. 1 5 8 9 0 681.3 684.1 706.0 710.5 720.5 91. 5 93. 0 89. 5 87 . 6 87. 5 39.2 37 . 5 35.8 37 . 7 35.9 379. 6 297 . 7 105. 2 2475. 8 707.1 91. 3 33.0 1995-JAN. 2 9 16 23 3 Op 357 . 8 357 . 1 356. 5 355. 2 354 . 3 8. 8. 8. 8. 8. FEB. 6p 357 . 1 8. 1 1 1 1 1 1 4 3 9 4 0 5 3 8 1 2 402. 8 /v II O I I + irlu.o. wuuciivy vuu>iue i redbury, ryuerdi neserve oariKS ana ine vaults or depository institutions. a am 0Un of U S d o l a r d e n o m i a t e d n^ml nH h I ! ' ' | n travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits ( i i rr r\ r\ rw t r\ irStontffc^hS"£the'pSSels<&«toSSllI3 o! K8w Sd i at! deposjts° Vemi9ht RF>S a n d E u r o d o a r s " e b n ' mone n :i ss ;a ;, £ R^TO,liSl broker/^ea^r) em 9 lt ' ' ^ continu n9 contract ' d,posito,y l "s""JII0n=',he U S ' ' 9 ° " m m e n l ="d Aci corpora,ions sSt?" ' bank = a " d ='«='=' y market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time Iurodoliars held by ?nstlutiorvonly^money marke°mutual f l n d ^ ^ 6 " ' 8 ' 8. Nontransactions components ,Und balanC6S (institution-only), less the estimated amount of overnight RPs and issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). Page 8 H.6 (508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted 1206.4 At . commercial banks 477.0 At thrift institutions 325.6 802 . 5 General purpose and broker/ dealer money market funds 350.2 429.8 430.1 429.0 1207.8 1214.5 1213.2 473.9 469.3 468.2 323.0 320.5 316.2 796.9 789.9 784.4 786.3 788.2 791.9 427.1 426.7 430.8 1213.5 1214.9 1222.7 466.2 464.6 462.9 314.1 310.6 308.8 APR. MAY JUNE 791.1 785.3 782.3 432.3 430.6 428.1 1223.4 1215.9 1210.4 461.8 463 .7 467.0 JULY AUG. SEP. 780, 777, 772, 424.3 417.7 410.8 1204, 1194, 1183, OCT. NOV. DEC. 765, 761, 751, 405.7 399.5 390.9 1995-JAN. p 739.5 Week ending 1 9 9 4 - D E C . 12 19 26 Savings deposits 1 Date commercial banks 776.9 At thrift institutions 429.5 OCT. NOV. DEC. 778.0 784.4 784.3 1994-JAN. FEB. MAR. 1993-SEP. 1. 2. 3. 4. p Small-denomination time deposits 2 Institutiononly money market funds Large-denomination time deposits 3 191.0 At commercial banks 4 273 . 5 350.6 355.4 358.3 193.0 198.0 200.0 273 . 1 271.3 270.8 63.6 63.5 61.5 336.7 334.8 332.3 780.2 775.2 771.6 361.6 364.1 370.3 200.5 191.0 185.7 271.9 268.8 267.3 61.3 61.4 61.1 333.2 330.2 328.4 307.5 305.5 305.2 769.3 769.2 772.1 378.3 375.4 368.7 181.8 176.8 172.5 266.3 274.1 275.3 61.4 60.9 61.3 327.7 335.0 336.6 470.5 476.5 481.7 305.9 305.0 305.7 776.4 781.5 787.4 373, 373 , 370, 173.8 176.2 172.6 275.3 281.1 285.7 61.7 61.9 62.9 337.0 343.1 348.7 1171, 1160, 1142. 488.3 493.7 502.1 308.7 312.6 313.9 797, 806, 816, 374.1 380.8 387.7 178.1 182.5 183.1 289.9 296.3 298.9 63.8 64.2 64.3 353.7 360.5 363.2 382.9 1122.4 513.4 320.0 833 . 4 393 .3 192.4 296.2 65.8 362.0 756.3 751.1 746.6 393.7 390.6 387.5 1150.0 1141.7 1134.1 499.8 502.2 504.4 314.1 313.5 313.5 813.9 815.6 817.9 390.3 389.4 387.8 184.7 184.1 183.5 300.9 300.7 298.8 64.2 64.0 64.2 365.2 364.8 363.0 Total Total At thrift institutions 63.6 Total 337.2 1995-JAN. 2 9 16 23 3 Op 743.7 746.4 743.1 736.7 731.6 387.1 387.2 384.6 381.3 378.0 1130.8 1133.6 1127.7 1118.0 1109.6 506, 509, 512, 515, 517.8 315.2 317.4 319.1 321.1 323.0 821.4 826.5 831.7 836.5 840.9 384.2 387.0 395.0 397.2 396.2 184.2 185.5 194.3 194.5 197.9 292, 292, 294, 298, 299, 64.8 65.3 65.8 65.9 66.3 357.7 357.4 360.7 364.4 366.2 FEB. 6p 733.0 378.0 1111.0 520.5 324.6 845.1 395.5 189.2 299.5 66.6 366.1 Savings deposits include money 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 less 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 cial 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 i n t e r n a t i o n a l 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 less t h o s e h e l d by m o n e y m a r k e t m u t u a l f u n d s , d e p o s i t o r y i n s t i t u t i o n s , 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 o f f i c i a l 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 RPs1 At commercial banks At thrift institutions Total Term Eurodollars2 1993-SEP. 72.1 26.0 98.1 45.4 168.7 326.0 15.9 380.2 3251.9 8882.2 OCT. NOV. DEC. 71.1 70.5 71.6 25.4 25.9 26.0 96.6 96.4 97.6 44.8 48.1 46.5 169.6 170.6 171.4 321.8 332.5 342.6 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. 67.0 64.8 68.3 26.6 27.5 27.2 93.7 92 .3 95.5 45.5 47.9 46.2 172.6 173.7 174.6 345.3 342.8 348.4 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 71.4 69.1 72.1 27 . 6 28.9 30.4 99.0 98.0 102.5 46.5 47.7 50.3 175.4 176.2 176.9 352.6 355.4 345.7 13.7 11.4 10.6 387.3 385.0 390.9 3376.8 3379.7 3394.5 9121.5 9166.1 9214.0 JULY AUG. SEP. 71.1 68.4 68.8 32.0 32.9 33.5 103.1 101.3 102.3 51.1 51.4 52.1 177.4 177.9 178.4 350.7 358.4 341.5 10.8 11.1 11.6 389.5 382.0 393.0 3393.9 3418.4 3438.4 9249.1 9282.5 9327.3 OCT. NOV. DEC. 67.6 67.9 67.8 34.7 35.5 37.6 102.4 103.4 105.3 53.0 54.8 52.6 179, 0 179, 7 180 2 P 344.1 362.7 373.4 p 11.8 11.0 408, 408, 428, 3448.7 3485.3 3499.0 p 9373.5 9417.9 9466.5 p 70.2 38.8 109.0 53.7 Date 1995-JAN. p Week ending 1994-DEC. 12 19 26 70.3 70.7 66.5 36.4 38.0 39.1 106.7 108.8 105.6 52.2 53.0 53.6 1995-JAN. 2 9 62.8 23 3 Op 64.1 71.0 71.5 76.0 37, 39, 38, 39, 39, 100.7 103.1 109.6 110.5 115.0 52.4 51.3 54.1 54.7 55.1 6p 71.9 39.0 110.9 54.2 16 FEB. 1. 2. Debtcomponents 6 Non-M3 Components of L Savings bonds Short-term Treasury securities3 Bankers acceptances4 10.3 p Commercial paper6 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 by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p preliminary 3. Page 10 H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Time and savings due to foreign banks and official institutions U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve 10.8 5.5 9.3 23.2 10.7 10.8 10.9 4.5 4.1 5.2 5.9 5.6 6.7 1.6 11.3 11.9 12.5 5.8 4.2 4.3 8.6 8.1 8.2 1.5 1.5 1.5 12.9 13.0 13.1 JULY AUG. SEP. 8.3 7.7 8.1 1.5 1.5 1.5 OCT. NOV. DEC. 8.0 8.2 1.6 Date Time and savings deposits at commercial banks At commercial banks 37.9 2.8 145.8 116.9 47.5 310.2 12.6 8.8 16.2 23.1 18.4 28.1 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 7.3 6.3 5.2 25.2 27.9 15.7 38.3 38.4 25.1 2.1 2.6 2.4 143.9 143.6 142.6 114.0 113.4 112.9 48.6 48.6 51.8 306.5 305.6 307.3 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 2.9 142.2 142.2 142.3 112.6 112.2 111.5 54.8 56.4 56.8 309.6 310.9 310.6 13.4 14. 0 14.6 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 2.5 142.6 142.6 142.7 111.7 e 111.7 e 111.6 e 56.2 e 56.9 e 57.5 e 310.5 e 311.2 e 311.8 e 8.4 1.8 1.6 14.9 15.0 15.0 4.3 3.9 5.7 5.6 5.2 6.2 12.1 9.8 13.4 22.0 18.9 25.3 2.2 2.0 1.3 142.7 142.9 143.2 111.7 e 111.7 e 111.6 e 58.1 e 58.5 e 59.0 e 312.5 e 313.1 e 313.7 e 8.2 1.6 15.0 4.8 7.0 20.0 31.8 1.2 143.3 111.5 e 59.2 e 314.0 e 1.6 15.0 15.0 15.0 3.7 9.4 4.5 5.8 5.8 7.2 2.0 22.8 15.7 11.5 38.0 27.4 0.7 0.7 1.7 6.4 4.8 4.7 6.3 3.1 7.4 7.3 6.8 5.9 7.6 16.8 13.9 17.8 19.8 28.3 30.6 26.0 29.3 32.0 39.0 1.7 0.8 0.8 0.8 2.1 3.8 7.8 28.2 39.9 2.2 Foreign commercial banks Foreign official institutions 1993-SEP. 8.5 1.5 OCT. NOV. DEC. 8.3 8.2 1.6 9.1 1.8 1.6 1994-JAN. FEB. MAR. 8.5 8.4 1.5 8.1 APR. MAY JUNE 1995-JAN. p IRA and Keogh Accounts 1.6 Note balances at depository institutions Total cash balance Week ending 1994-DEC. 1995-JAN. 12 8.2 19 8.4 26 8.1 2 9 23 3 Op 8.5 7.6 8.3 8.4 8.3 1.5 1.5 1.7 15.0 15.0 15.0 15.0 15.0 6p 8.1 1.6 15.0 16 FEB. e p 1.4 1.7 estimated preliminary 1.7 1.6 At thrift institutions At money market funds Total