Full text of H.6 Money Stock Measures : April 20, 1995

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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

APRIL 20, 1995

M1 1

M2 2

M3 3

DEBT5

L4

Seasonally adjusted
1993-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1047.7
1067.2
1076.3
1085.2
1095.1
1104.7
1113.5
1122.4
1128.6

3507.8
3530.6
3540.2
3543.6
3549.3
3559.1
3564.4
3576.7
3583.6

4174.1
4202.0
4204.6
4202.3
4205.5
4214.2
4222.7
4234.4
4242.5

5062.4
5098.7
5105.0
5099.8
5112.4
5110.4
5118.9
5131.7
5150.3

11889.7
11949.0
12007.2
12064.0
12122.0
12175.1
12211.5
12268.4
12335.3

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

1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1151.0
1148.1
1147.5
1147.8

3589.1
3586.1
3597.4
3605.3
3608.4
3605.1
3616.1
3614.1
3613.2
3608.9
3610.0
3614.5

4246.0
4232.1
4240.8
4250.9
4251.5
4256.6
4273.7
4272.7
4278.4
4284.8
4291.1
4303.6

5165.6
5163.0
5165.8
5181.4
5188.7
5185.4
5208.5
5207.9
5211.5
5231.0
5241.5
5287.0

12391.2
12444.1
12498.1
12546.3
12591.6
12641.4
12681.1
12738.5
12800.0
12856.5
12919.2
12965.0

1995-JAN.
FEB.
MAR. p

1148.8
1147.1
1147.8

3626.6
3623.5
3632.3

4326.5
4334.9
4356.7

5319.2
5373.4

p

13024.0
13102.2

p

Not seasonally adjusted
1993-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1057.7
1057.2
1072.2
1083.6
1088.6
1099.3
1112 .1
1129.5
1153.7

3525.2
3517.8
3535.4
3541.6
3542.3
3548.4
3561.3
3584.2
3606.1

4187.9
4191.3
4198.6
4195.7
4200.1
4201.9
4217.2
4246.7
4266.3

5074.5
5078.9
5093.4
5087.3
5101.3
5092.6
5110.2
5151.2
5184.9

11836.5
11886.5
11962.4
12020.5
12072.7
12134.3
12173.1
12241.3
12327.4

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

3595.
3573.
3596.
3622.
3595.
3600.
3614.9
3606.6
3602.6
3605.9
3618.3
3638.0

4254.9
4221.9
4238.3
4264.3
4240.5
4250.2
4267.4
4266.2
4265.9
4280.0
4305.5
4329.6

5187.3
5155.8
5166.2
5193.3
5168.5
5174.1
5196.1
5196.7
5192.4
5222.3
5263.5
5324.5

12383.7
12417.3
12458.6
12489.4
12523.8
12594.4
12640.7
12690.3
12756.3
12816.0
12890.3
12956.8

1995-JAN.
FEB.
MAR. p

1158.5
1134.2
1138.0

3633.0
3609.8
3630.3

4336.1
4323.6
4352.6

5342.2
5365.1 p

12998.8
13049.2

Footnotes appear on the following page
p

preliminary




p

Page 2

H.6 (508)
Table 2

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

M3

DEBT1

0.0

2.0

4.9

5.7

3 M o n t h s f r o m DEC.

1 9 9 4 TO MAR. 1 9 9 5

6 Months f r o m SEP.

1 9 9 4 TO MAR.

1995

-0.6

1.1

3.7

5.7

1 9 9 4 TO MAR.

1995

0.6

1.0

2.7

5.3

0.2

1.8

4.5

12 M o n t h s

f r o m MAR.

T h i r t e e n w e e k s e n d i n g APRIL 1 0 , 1 9 9 5
from t h i r t e e n weeks ending:
JAN.
9/ 1995 (13 w e e k s p r e v i o u s )

1.

M1

OCT.

10,

1994

(26 weeks p r e v i o u s )

-0.5

0.8

3.2

APR.

11,

1994

(52 weeks p r e v i o u s )

0.8

1.0

2.4

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, November 1994 to February 1995, August 1994 to February 1995,
and February 1994 to February 1995, respectively.

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal R e s e r v e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank 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. government, and foreign b a n k s and official institutions, less 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 deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic t r a n s f e r
service (ATS) a c c o u n t s at depository institutions, credit union s h a r e draft a c c o u n t s and d e m a n d 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 checks, d e m a n d deposits, and OCDs, e a c h seasonally adjusted separately.
Consists of M1 plus overnight (and continuing contract) R P s issued by all depository institutions and overnight Eurodollars i s s u e d to U.S. residents by foreign b r a n c h e s of
U.S. b a n k s worldwide, s a v i n g s deposits (including m o n e y market deposit accounts), small-denomination time d e p o s i t s (time deposits—including retail RPs;—in a m o u n t s of
less than $100,000), and b a l a n c e s in both t a x a b l e a n d tax-exempt general p u r p o s e and broker/dealer money market mutual f u n d s . Excludes 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 f u n d s . Also excludes all b a l a n c e s held by U.S. commercial b a n k s , money market f u n d s (general
p u r p o s e and broker/dealer), foreign g o v e r n m e n t s and commercial banks, and the U.S. government. Seasonally a d j u s t e d M2 is c o m p u t e d by adjusting its non-M1 c o m p o nent a s a whole and then adding this result to s e a s o n a l l y a d j u s t e d M1.
C o n sists of M2 plus large-denomination time d e p o s i t s (in a m o u n t s of $100,000 or more) and term R P liabilities issued by all depository institutions, term Eurodollars held
by U.S. r e s i d e n t s at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking offices in t h e United Kingdom and C a n a d a , and b a l a n c e s in both taxable and t a x - e x e m p t
institution-only m o n e y market mutual f u n d s . Excludes a m o u n t s held by depository institutions, t h e U.S. government, m o n e y market f u n d s , and foreign b a n k s and official
institutions. Also subtracted is the estimated a m o u n t of overnight R P s and Eurodollars held by institution-only money market mutual f u n d s . Seasonally a d j u s t e d M3 is
obtained by adjusting its non-M2 c o m p o n e n t a s a whole and then adding this result to seasonally adjusted M2.
C o nsists of M3 plus t h e n o n b a n k public holdings of U.S. s a v i n g s bonds, short-term Treasury securities, commercial p a p e r and 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: T h e d e b t a g g r e g a t e is the outstanding credit market d e b t of t h e domestic nonfinancial s e c t o r s — t h e federal sector (U.S. government, not including g o v e r n m e n t s p o n s o r e d e n t e r p r i s e s or federally related m o r t g a g e pools) a n d the nonfederal s e c t o r s (state and local governments, h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate a n d nonfarm noncorporate b u s i n e s s e s , and f a r m s ) . Nonfederal debt c o n s i s t s of m o r t g a g e s , tax-exempt and c o r p o r a t e b o n d s , c o n s u m e r credit, b a n k loans,
commercial p a p e r , and other loans. T h e d a t a , which a r e 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 , a r e b r e a k - a d j u s t e d (that is, discontinuities in
the d a t a h a v e b e e n s m o o t h e d into the series) and m o n t h - a v e r a g e d (that is, the d a t a have b e e n derived by averaging a d j a c e n t month-end levels). The presentation of t h e
debt d a t a in this r e l e a s e differ, therefore, from t h e quarterly flow of f u n d s statistics contained in t h e Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published
levels of credit market d e b t a r e m e a s u r e d on a quarter-end b a s i s and contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M3

M2

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1995-JAN.

16
23
30

1147.9
1148.1
1148.1

1148.3
1148.9
1149.4

1151.7
1149.2
1147.1

3614.1
3615.6
3617.1

3622.6
3625.0
3625.7

3628.8
3628.2
3622.4

4300.0
4303.5
4307.0

4314.9
4320.8
4326.3

4328.3
4332.8
4331.8

FEB.

6
13
20
27

1148.4
1148.6
1148.3
1148.1

1149.6
1148.4
1147.5
1147.2

1150.4
1146.8
1145.5
1146.2

3618.9
3620.4
3621.0
3621.5

3627.0
3625.7
3623.8
3623.9

3628.5
3623.7
3620.7
3622.6

4310.4
4313.8
4316.7
4320.6

4331.1
4331.8
4331.4
4334.7

4331.6
4331.0
4331.0
4345.1

MAR.

6
13
20
27

1147.9
1147.7
1148.0
1148.2

1146
1146,
1147,
1148.8

1147.2
1147.1
1150.8
1150.0

3621.7
3622.8
3624.8
3626.6

3621.6
3622.4
3627.1
3632.0

3619.2
3627.2
3639.4
3642.1

4324.0
4327.8
4332.1
4337.0

4337.5
4342.2
4350.0
4356.9

4342 .7
4350.1
4362.0
4372 .7

APR.

3p
10p

1148.2
1148.2

1148.1
1148.8

1144.6
1149.7

3627.8
3629.2

3635.8
3639.5

3634.6
3641.7

4340.5
4344.8

4360,
4364,

4355 .5
4368.1

3649.9
3647.4
3632.2

3650.4
3618.2
3589.8

4316.5
4321.0
4324.1

4341.1
4342.7
4336.8

4356.0
4327 .8
4309.0

Not seasonally adjusted
1995-JAN.

16
23
30

1163.0
1163.7

1171.1
1143.0

1162.8

1179.1
1172.3
1157.2

1122.1

3627.7
3629.8
3630.2

FEB.

6
13
20
27

1161.8
1160.1
1158.3
1156.2

1145.9
1137.5
1134.2
1134.1

1147.5
1137.4
1129.7
1121.9

3630.3
3629.7
3628.3
3627.5

3620.0
3610.9
3607.7
3609.7

3621.6
3614.0
3605.4
3597.9

4325.8
4326.7
4327.6
4329.4

4330.0
4322.6
4319.9
4323.2

4327.1
4326.5
4317.1
4322 .1

MAR.

6
13
20
27

1154.4
1152.4
1149.8
1146.3

1134.3
1136.0
1138.0
1138.4

1148.2
1144.3
1137.6
1123.6

3626,
3625,
3626,
3625,

3610,
3615,
3622 ,
3628,

3624
3633,
3633 ,
3622,

4331.1
4332.7
4334.7
4337.0

4327 ,
4335,
4344 ,
4352,

4343 .8
4357.2
4356.5
4351.1

APR.

3p
lOp

1143.4
1141.7

1137.8
1144.3

1145,
1170,

3625.4
3626.4

3634.6
3646.8

3648,
3682,

4339.2
4342.9

4356.5
4367.8

4361.1
4402.6

Note: Special caution should b e t a k e n in interpreting week-to-week c h a n g e s in money supply d a t a , which a r e highly volatile a n d s u b j e c t to revision,
p

preliminary d a t a .




Page 4

H.6 (508)
Table 4

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

Date

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

7.9
7.9

382.2
383.9

301.3
303.0

111.4
111.7

412 .6
414.7

2454.3
2455.0

657.6
658.9

1994-JAN.
FEB.
MAR.

325.4
328.9
332.0

8.0
8.0
8.0

386.9
388.6
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
300.5
301.0

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

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2463.9
2463.3
2462.2

657.6
658.6
665.2

OCT.
NOV.
DEC.

350.0
353.0
354.5

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

2460.8
2462.5
2466.7

675.9

357.7
358.8
362.5

8.4
8.4

8.8

383 .5
384.1
383.4

295.1
291.8
289.3

104.2
103.9
103.8

399.3
395.8
393 . 1

2477.7
2476.4
2484.5

699 .9
711.4
724.4

358.4
358.8
358.8

8.4
8.4
8.5

383.8
382.9
385.1

292.9
291.5
290.1

103.2
103.8
103.7

396.2
395.3
393 .8

2476.9
2475.2
2476.4

707.3
710.3
722 .6

8.5

383
383
385
384

289.4
289.7
289.6
289.3

106.2
103.1
103.7
103.4

395,
392 ,
393 ,
392.

2472 ,
2480
2488
2492 ,

723.5
722.9
722.6
730.6

379.6
382.8

288.9
290.9

103.0
102.7

391.9
393.6

2490.0
2492.0

720.8
726.4

20
27
MAR.

6
13
27

359.6
361.7
363 .3
364.1

3p
lOp

364.0
364.3

20

APR.

7.

Nontransactions components

Other checkable deposits

319.7
322 . 1

Week e n d i n g
1 9 9 5 - F E B . 13

4.
5.
6.

Demand deposits3

1993-NOV.
DEC.

1995-JAN.
FEB.
MAR. p

1.
2.
3.

Travelers checks2

8.6

8.8
9.0

681.1
689.1

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and t h e vaults of depository institutions.
Outstanding a m o u n t of U.S. dollar-denominated travelers c h e c k s of n o n b a n k issuers. Travelers c h e c k s issued by depository institutions a r e included in d e m a n d d e p o s i t s .
Demand d e p o s i t s at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U.S. g o v e r n m e n t and foreign b a n k s a n d official
institutions, less 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.
Consists of NOW a n d ATS b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and Edge Act corporations.
Consists of NOW and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d deposits at thrifts.
Sum of overnight R P s and Eurodollars, money market fund b a l a n c e s (general p u r p o s e and broker/dealer), savings d e p o s i t s (including m o n e y market deposit a c c o u n t s )
and small time deposits. This sum is seasonally a d j u s t e d a s a whole.
Sum of large time deposits, term R P s and Eurodollars of U.S. residents, money market fund b a l a n c e s (institution-only), less t h e e s t i m a t e d a m o u n t of overnight R P s a n d
Eurodollars held by institution-only money market mutual f u n d s . This s u m is seasonally a d j u s t e d a s a whole.

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
Small-denomination time deposits2

Savings deposits1
Date

1.
2.
3.
4.
p

At
thrift
institutions

Total

469,
468.

320.7
316.5

790,
785,

358.2
360.1

196.4
198.1

270.2
271.2

63.2

61.6

333.5
332.7

1221.1
1221.9
1222.0

465.7
464.5
463.1

313.8
310.5
308.9

779.5
775.0
772.0

361.2
359.5
361.9

194.6
182.1
183.8

273.4
270.1

268.8

61.7
61.7
61.4

335.1
331.8
330.3

431.1
430.2
426.8

1220.0
1214.8
1206.8

462.3
464.6
467.4

307.9
306.2
305.5

770.1
770.8
772.9

370.5
373.5
370.7

183.1
177.5
177.9

268.0

61.8

272.0
274.0

60.4

61.0

329.8
332.4
335.0

778.0
775.7
772.8

423.2
417.0
410.9

1201.2
1192.6
1183.7

469.9
476.0
481.2

306.1
306.2
307.8

776.0
782.2
789.0

376,
377,
377,

178.7
177.4
176.3

276.3
279.8
284.6

61.9
61.7
62.7

338.2
341.5
347.3

765.4
759.2
752.3

405.6
398.5
391.9

1171.0
1157.8
1144.2

487.7
494.0
502.4

311.3
315.8
317.2

799.0
809.8
819.7

379,
383 ,
389,

180.8
180.5
180.8

289.3
293.8
298.0

63.7
63.9
64.3

353.0
357.7
362.3

744.2
734.4
723.7

385.6
377.7
371.6

1129.8
1112.1
1095.3

512.6
524.3
538.3

322.5
330.7
339.8

835.1
855.0
878.2

392.2
391.8
391.4

186.3
180.4
189.0

296.0
302.1
305.9

66.1
67.6
69.6

362.1
369.7
375.5

736
734
730

378.4
376.9
375.5

1114.8
1110.9
1106.0

521.8
525.2
529.2

329.4
332.1
333.3

851.2
857 . 2
862.5

392.9
390.7
392.3

178,
178,
183 ,

299.8
302 .9
306.6

67.1
67.7
68.3

366.9
370.6
374.9

68,

At
thrift
institutions

Total

1993-NOV.
DEC.

782 .4
785.8

429.0
429.8

1211.5
1215.7

1994-JAN.
FEB.
MAR.

791.3
792.7
791.5

429.8
429.1
430.5

APR.
MAY
JUNE

788.9
784.6
780.0

JULY
AUG.
SEP.
OCT.
NOV.
DEC.

Week e n d i n g
1 9 9 5 - F E B . 13
20
27

Large-denomination time deposits3

At
thrift
institutions

commercial
banks

1995-JAN.
FEB.
MAR. p

General
purpose and
Institutionbroker/
only money
money
market funds
market funds

commercial
banks

commercial
banks4

Total

MAR.

6
13
20
27

727.7
725.9
723.8
722.2

374.0
372.2
371.9
370.7

1101.7
1098.1
1095.7
1092.9

532.7
536.6
539.2
541.0

336.3
338.5
340.2
341.7

868.9
875.1
879.4
882.7

387.6
391.6
390.4
393.4

183
188
188
193.6

306.7
305.5
307.4
306.6

69,
69,
70,

375.6
374.7
376.9
376.6

APR.

3p
lOp

716.2
717.1

368.1
366.2

1084.3
1083.3

543.9
546.3

343.6
345.8

887.5
892.0

394.8
396.5

191.8
192.3

301.7
304.2

70,
71,

372.6
375.3

Savings deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




m o n e y market deposit accounts.
deposits—including retail R P s — a r e t h o s e issued in a m o u n t s of l e s s than $100,000. All IRA and Keogh a c c o u n t b a l a n c e s at commercial b a n k s
from small time deposits.
d e p o s i t s a r e t h o s e issued in a m o u n t s of $100,000 or more, excluding t h o s e booked at international banking facilities.
d e p o s i t s at commercial b a n k s less t h o s e held by money market mutual f u n d s , depository institutions, U.S. g o v e r n m e n t , a n d foreign b a n k s and

Page 6
H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components4

Non-M3 Components of L
Date
Savings bonds

Short-term Treasury
securities1

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1993-NOV.
DEC.

170.9
171.5

328.4
334.2

15.5
14.9

382.6
387 . 1

3295.5
3328.0

8972.9
9007.3

1994-JAN.
FEB.
MAR.

172.5
173.2
173.9

340.9
341.6
344.9

14.8
14.9
15.5

391.4
401.2
390.8

3338.3
3355.1
3379.6

9052.9
9089.0
9118.5

APR.
MAY
JUNE

174.8
175.7
176.7

354.7
357.3
348.7

14.0

11.6
10.8

387 . 1
392 . 6
392 .7

3390.6
3402.5
3416.3

9155.7
9189.2
9225.1

JULY
AUG.
SEP.

177.7
178.5
179.1

353 .4
357.7
350.4

10.9
11.4
11.9

392 . 8
387.7
391.7

3419.3
3436.8
3454.1

9261.7
9301.7
9345.8

OCT.
NOV.
DEC.

179.5
179.9
180.3

350.7
355.5
366.6

11.7
10.9

10.1

404.2
404.0
426.5

3469.6
3494.1
3497 .4

9386.9
9425.1
9467.6

180.5
180.4

373.9
402.6

9.7
9.8

428.6
445.7

3504.7
3536.0

9519.3
9566.2

1995-JAN.
FEB. p

1.

C o n s i s t s of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s t h a n 12 m o n t h s held by other than depository institutions, Federal R e s e r v e Banks, m o n e y

2.
3.
4.

Net of b a n k e r s a c c e p t a n c e s held by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan Banks, a n d money market mutual f u n d s .
Total commercial p a p e r l e s s commercial p a p e r held by m o n e y market mutual f u n d s .
Debt d a t a a r e on a monthly a v e r a g e basis, derived by averaging a d j a c e n t end-of-month levels, and have b e e n a d j u s t e d to r e m o v e discontinuities.

p

preliminary




Page 7
H.6 (508)
Table 5

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

Other checkable deposits

Overnight
RPs®

Overnight #
Overnial
Eurodolla

Currency1

Travelers
checks2

Demand
deposits3

At commercial

At thrift

Total

In M26

1993-NOV.
DEC.

319.8
324.8

7. 7
7. 6

390.2
401.8

299.6
306.2

112.3
113.2

411.9
419.4

2454.6
2452.4

662.5
660.2

73.2
74.4

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
111.7

421.4
409.7
411.2

2469.9
2463.0
2458.0

641.7
645.0
649.9

77.6
78.4
80.6

21.3
24.1
26.2

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
297.4

111, 6
1 0 9 . ,0
1 0 8 , ,3

410.0
406.2
405.6

2464.0
2462.7
2456.5

652.5
659.6
663.3

80.3
81.9
83.7

29.1
28.9
28.1

OCT.
NOV.
DEC.

349.6
353.2
357.6

8,.5
8,,2
8,. 1

387.8
390.7
400.1

294.1
296.0
300.6

107,,4
107 , 1
107,.0

401.4
403.1
407.6

2458.6
2463.1
2464.6

674.0
687.2
691.6

83.4
82.9
84.1

30.2
29.9
32.2

1995-JAN.
FEB.
MAR. p

355.9
357.1
361.4

8.1
8.1
8.4

388.8
375.0
374.2

301.4
292.4
291.2

104 .3
101 .6
102 .8

405.7
394.0
394.0

2474.6
2475.6
2492.3

703.1
713.9
722.3

87.1
86.6
87.8

36.0
31.8
31.0

W e e k <?ftd;Lng
1 9 9 5 - F E B . 13
20
27

357 .4
357.5
356.0

8 .1
8 .1
8 .1

375.9
373 . 1
371.0

294.1
290.7
287.5

102.1
100.4
99.2

396.1
391.0
386.8

2476.6
2475.6
2476.0

712.5
711.7
724.2

86.4
87.1
84.7

31.2
31.7
32.5

379.3
377.5
374.1
366.2

296.1
293.3
290.5
287.0

105.3
103.5
102.5
100.4

401.4
396.8
393.0
387.3

2476.4
2489.6
2495.8
2499.0

719.2
723.3
723.1
728.5

84.6
84.2
90.7
90.3

29.1
30.6
30.4
32.2

378.8
386.8

291.0
300.6

104.3
107.9

395.2
408.5

2503.1
2511.9

712.5
720.2

89.1
87.2

33.7
29.7

Date

MAR.

6
13
20
27

359.4
361.6
362.1
361.5

8
8
8
8

APR.

3p
lOp

362.7
366.6

8.8
8.7

.2
.3
.5
.6

e

In M3 only7

1.

2.
3.
4.
5.
6.

7.

institutions, l e s s c a s h items in the p r o c e s s of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and a g e n c i e s of foreign banks, and Edge Act corporations.

men*, make, d*osi, K m , * , rnd s™. «me
deposits.
o h n r a c (institution-only),
/inctitiitinn-nnlv\ lIprr
thti estimated
of overnight
overniaht RPs
a
s T m o M a r g e time deposits, term RPs and Eurodollars of U.S. residents, money market t.tnri
fund kbalances
e s s the
estimated amount
amount of
RPs and

8. Consists^overnight'and* continuing contract RPs issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and

9. K d b y l o r e ' i g n 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
Savings deposits1
Date

1.
2.
3.
4.
p

Small-denomination time deposits2

General
purpose and
broker/
dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits3
At
commercial
banks4

At
thrift
institutions

Total

198.0
200.0

271.3
270.8

63.5
61.5

334.8
332.3

361 .6
364 .1
370 .3

200 .5
191 .0
185 .7

271 .9
268 .8
267 .3

61,.3
61,.4
61,. 1

3 3 3 ,,2
330,. 2
328,. 4

769,.3
7 6 9 , »2
772,.1

378 .3
375,.4
3 6 8 ,.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

306,.5
306,• 5
3 0 8 ,.2

776,.9
783,.1
7 8 9 , .9

373,.4
374,.2
371,.3 ,

173..8
176,.2
1 7 2 ,. 6

275 .3
281 .1
285 .7

61,.7
61,.9
62 ,. 9

337,.0
343,. 1
348,.7

488,.3
4 9 3 ,. 7
502,.0

3 1 1 , .7
3 1 5 , .7
3 1 6 ,.9

8 0 0 , >0
8 0 9 ,,3
819,.0

373,.9
379,.9
387,.1

178,.1
182,.5
183,.1

289 .9
295 .2
297,.7

6 3 ,. 8
64,.2
64,.3

3 5 3 , ,7
359,. 4
3 6 1 ,,9

1 1 2 2 , ,8
1105,• 3
1 0 9 5 , .4

513,,1
524,.4
538,.1

3 2 2 ,, 8
3 3 0 ,,8
3 3 9 , ,7

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

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

192,.4
1 8 8 ,.8
190,. 8

294,.7
300,. 6
303,.9

6 5 ,,8
67,. 2
69,.1

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

3 7 6 , ,7
3 7 4 , ,5
3 7 2 ..7

1 1 1 0 , ,0
1104,.1
1 0 9 7 ,.7

522,,1
5 2 5 , .3
5 2 9 , .0

3 2 9 , ,6
332,,1
3 3 3 .,2

8 5 1 . ,8
857. 4
8 6 2 . ,2

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

1 8 8 , ,7
186,. 4
1 9 1 , ,0

298,.8
301,„ 3
3 0 4 , .7

6 6 . ,8
6 7 . ,3
67 .,9

3 6 5 . ,7
368. 6
372, 6

At
commercial
banks

At
thrift
institutions

Total

1214.5
1213.2

469.3
468.2

320.5
316.2

789.9
784.4

355.4
358.3

427 . 1
426 .7
430 .8

1213 .5
1214 .9
1222 .7

466 .2
464 .6
462 .9

314,. 1
310,.6
308,. 8

780,.2
775 .2
771,.6

791 .1
785 .3
7 8 2 ,. 3

432 .3
430 .6
428 .1

1223 .4
1215 .9
1210 .4

4 6 1 .8
463 .7
467 .0

307,.5
305,.5
3 0 5 , .2

JULY
AUG.
SEP.

780,.0
7 7 7 ,. 0
7 7 2 , ,7

424 .3
417 .7
410,.8

1204,.3
1194,.6
1 1 8 3 ,. 6

470 .5
476 .5
4 8 1 .7

OCT.
NOV.
DEC.

7 6 5 ,,5
7 6 1 , ,4
751,.1

405 .7
3 9 9 , .7
391,.2

1171 .1
1161,.0
1142,.3

1995-JAN.
FEB.
MAR. p

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

3 8 3 ,.2
375,.4
3 7 1 ,.6

Week e n d i n g
1 9 9 5 - F E B . 13
20
27

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

At
commercial
banks

At
thrift
institutions

1993-NOV.
DEC.

784.4
784.3

430.1
429.0

1994-JAN.
FEB.
MAR.

786 .3
788 .2
791 .9

APR.
MAY
JUNE

Total

MAR.

6
13
20
27

7 2 5 , .6
7 2 6 , .4
7 2 3 .,6
721. 2

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

1 0 9 8 , ,5
1 0 9 8 ,, 8
1 0 9 5 , ,4
1 0 9 1 , ,5

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

3 3 6 , ,3
3 3 8 , .4
3 4 0 . ,0
3 4 1 . ,5

8 6 9 . ,0
8 7 4 . ,9
878. 8
882.,1

3 9 5 , ,3
401,,1
4 0 0 , ,5
4 0 2 , .8

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

304,.8
304,. 2
3 0 5 ,.4
304,, 2

68. 5
6 8 . ,9
69.,1
6 9 . ,4

373. 3
373. 0
3 7 4 . ,5
373. 6

APR.

3p
lOp

721. 0
726. 1

3 7 0 , ,5
3 7 0 . ,8

1 0 9 1 , ,5
1 0 9 6 , ,9

5 4 3 , ,7
5 4 6 , ,0

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

887. 2
891. 6

4 0 1 . ,7
4 0 6 . ,4

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

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

70. 2
70. 5

368. 9
372. 4

Savings d e p o s i t s include money market deposit 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 less than $100,000. All IRA and Keogh account 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 a r e t h o s e issued in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e booked at international banking facilities.
Large-denomination time d e p o s i t s at commercial b a n k s less t h o s e held by money market mutual f u n d s , depository institutions, U.S. government, and foreign
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 RPs1
Date

1.
2.

Debt components6

Non-M3 Components of L

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1993-NOV.
DEC.

70 .5
71 .6

25 .9
26 .0

96 . 4
97 . 6

48 . 1
46 . 5

170..6
171..4

332..5
342..6

1 5 , .7
1 5 , ,3

385..6
3 8 9 ..3

3287.0
3329.5

8954.3
8997.9

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
1 7 3 , .7
1 7 4 ,,6

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

1 5 , >6
15,.5
15,,2

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

3333.0
3345.4
3374.4

9050.7
9071.9
9084.1

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

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

352,.5
3 5 5 , .3
3 4 5 ,,6

1 3 , .7
1 1 ,.4
1 0 ,,6

3 8 7 ..3
385..0
3 9 0 ..9

3376.8
3379.7
3394.5

9112.6
9144.1
9199.9

JULY
AUG.
SEP.

71 .0
68.4
68 . 4

32 . 0
32 .9
33 .5

103 . 1
101 .3
101 .9

51 .0
51 .2
52 . 1

1 7 7 , .4
1 7 7 , .9
1 7 8 , ,4

3 5 1 ,,0
359,• 5
3 4 3 , ,5

1 0 .,8
11.,1
1 1 .,6

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

3393.9
3418.5
3438.6

9246.8
9271.8
9317.7

OCT.
NOV.
DEC.

67 . 2
67 . 5
67 . 7

34 .7
35 .5
37 . 6

101 .9
1 0 2 ,. 9
105,.3

53 .0
55 .3
53 .1

1 7 9 . ,0
1 7 9 . ,7
180. 2

3 4 2 , ,9
3 5 9 . ,3
3 7 5 . ,4

1 1 . ,8
11.0
1 0 . ,3

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

3448.8
3485.4
3499.0

9367.2
9404.9
9457.7

1995-JAN.
FEB.
MAR. p

7 0 ,.2
7 3 ,. 4
72 . 9

38,.8
39.2
39.4

109..0
1 1 2 ,. 6
1 1 2 ,.3

55 . 0
57 ,. 9
58 . 9

180. 6
1 8 0 . ,8 p

3 7 8 . ,5
404.,1 p

1 0 . ,3
10. 3 P

4 3 6 . .8
4 4 6 . .3 p

3499.0
3525.1 p

9499.8
9524.1 p

tfeek e n d i n c r
1 9 9 5 - F E B . 13
20
27

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

39,.1
3 9 ,,4
39.4

1 1 3 .. 6
1 1 1 . .8
1 1 3 .,6

57 ,. 8
5 8 , .3
5 9 ,.6

MAR.

6
13
20
27

7 2 ..5
7 3 . ,3
72. 7
74. 6

3 9 . .2
3 9 . ,4
3 9 .,6
39. 8

1 1 1 . .7
112 . 6
1 1 2 .,3
1 1 4 . ,5

58.7
5 8 , ,9
5 8 . .4
5 9 . .8

APR.

3p
lOp

70. 5
72. 2

38 . 5
3 9 .,1

108. 9
111. 3

5 8 . .5
5 8 . ,5

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper6

Federal debt

N on-Federal
debt

4.
5.
6.

Term R P s are t h o s e with original maturities greater than o n e day, excluding continuing contracts and retail R P s .
Term Eurodollars a r e t h o s e with original maturities greater than o n e day. Consists of t h o s e issued to U.S. residents by foreign b r a n c h e s of U.S. b a n k s world-wide and by
all banking offices in the United Kingdom and C a n a d a . Excludes t h o s e held by depository institutions and money market mutual f u n d s .
C o n sists of U.S. Treasury bills and c o u p o n s with remaining maturities of less than 12 m o n t h s held by other than depository institutions, Federal R e s e r v e Banks, m o n e y
market mutual f u n d s , and foreign entities.
Net of b a n k e r s a c c e p t a n c e s held by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan Banks, a n d money market mutual f u n d s .
Total commercial p a p e r less commercial p a p e r held by money market mutual f u n d s .
Debt d a t a are on a monthly a v e r a g e basis, derived by averaging a d j a c e n t end-of-month levels, 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

3.




Page 10

H.6 (508)
Table 6

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

U.S. government deposits
At
commercial
banks

2 .7
2 .6

144 .6
144 .2

115 .3
114 .6

49 . 1
49 . 8

309 .0
308 .6

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

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

5 .4
5, . 1
6, . 0

11,. 3
10,. 1
16,.9

21.5
19.0
28.8

2 .7
2 .9
2 .5

1 4 2 ..6
1 4 2 ..6
1 4 2 . .7

111,, 2 e
110,.2 e
109,.2 e

55,.9 e
56,. 1 e
56,.8 e

309,.6 e
308,• 9 e
308,• 6 e

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

1 4 2 . ,7
1 4 2 <,9
1 4 3 . ,3

1 0 8 , .7 e
1 0 8 , .7 e
1 0 8 ,,6 e

5 8 , ,3 e
59.. 4 e
5 9 . ,7 e

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

1 5 . ,0
14. 9
14. 9

4 , ,9
3,, 3
3,, 5

7 , ,0
5, ,9
5, .2

2 0 . ,0
21.,1
10., 1

31.9
30.3
18.9

1 , > 2
2 . ,2
2 . ,3

143, 7
144. 6
145. 2

1 0 8 , .8 e
109.,1 e
1 0 9 . ,2 e

59. 6 e
59. 6 e
59. 6 e

3 1 2 . ,0 e
313. 2 e
314. 0 e

1.6
1.5
1.6

15. 0
14. 9
14. 8

2. 8
3. 4
3. 2

5. 2
5 . ,7
5. 2

19. 4
18. 9
19. 9

27.5
28.0
28.4

2. 2
2 . ,3
2. 2

9
7
9
0

1.8
1.5
1.6
1.5

14.
14.
14.
14.

3. 7
4. 5
2. 8

5.
5.
6.
4.

14.
7.
8.
9.

4
9
7
8

23.2
16.1
19.2
17.2

2.
2.
2.
2.

8. 0
7. 2

1.7
1.5

14. 9
14. 9

3. 6
3. 4

5. 0
5. 1

10. 8
7. 1

19.4
15.5

2. 3
2. 6

10 . 8
10 . 9

4 .1
5 .2

5 .6
6 .7

8 .8
16 . 2

1.6
1.5
1.6

11 .3
11 .9
12 . 5

5 .8
4 .2
4 .3

7 .3
6 .3
5 .2

25 .2
27 . 9
15 . 7

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

JULY
AUG.
SEP.

8, • 3
7, .7
8, . 1

1.5
1.5
1.5

13,, 4
14,.0
1 4 , ,6

4.8
3, • 9
5, . 8

OCT.
NOV.
DEC.

8, , 0
8. ,2
8. . 4

1.6
1.8
1.6

1 4 , .9
1 5 . ,0
1 5 . .0

1995-JAN.
FEB.
MAR. p

8. .2
7 . ,8
7 , ,9

1.6
1.6
1.6

Week e n d i n a
1 9 9 5 - F E B . 13
20
27

7. 2
7. 9
8. 0

6
13
20
27

7.
7.
7.
8.

3p
lOp

Foreign
official
institutions

1993-NOV.
DEC.

8 .2
9 .1

1.8
1.6

1994-JAN.
FEB.
MAR.

8 .5
8 .4
8 .1

APR.
MAY
JUNE

APR.

estimated
preliminary




8
9
9
9

2, 9

2
3
1
6

Note
balances at
depository
institutions

Total
cash
balance
H
00

Balance
at
Federal
Reserve

Foreign
commercial
banks

MAR.

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official
institutions

28.1

3
2
3
3

At
thrift
institutions

At
money
market
funds

Total