Full text of H.6 Money Stock Measures : April 25, 1996

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FEDERAL RESERVE statistical release
H.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreleaseai430p.m. Eastern Time

Billions of dollars

Date

APRIL 25, 1996

M11

M22

M33

DEBT5

Seasonally adjusted
1994-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1143.2
1144.4
1146.1
1151.4
1150.0
1150.4
1148.9
1148.7
1148.7

3513.5
3511.6
3500.6
3508.0
3504.1
3503.8
3503.9
3506.8
3509.4

4261.4
4260.6
4258.8
4277.8
4276.5
4285.0
4293.8
4304.7
4319.7

5201.0
5212.0
5205.9
5230.4
5240.3
5243.0
5261.9
5281.4
5303.7

12737.0
12801.4
12843.7
12864.3
12926.4
12986.6
13036.8
13111.2
13153.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1149.2
1147.8
1148.7
1151.2
1146.2
1144.5
1145.4
1143.8
1140.2
1131.8
1129.0
1124.9

3514.2
3514.1
3519.1
3529.2
3543.5
3574.0
3592.8
3612.7
3625.8
3632.8
3643.6
3660.3

4342.4
4352.5
4369.8
4391.8
4420.0
4458.4
4486.3
4513.9
4534.2
4549.1
4559.9
4573.5

5330.0
5361.4
5396.2
5429.0
5456.2
5495.4
5544.7
5580.6
5626.8
5653.2
5659.0
5684.0

13202.3
13280.9
13344.1
13421.6
13522.1
13580.9
13616.3
13669.2
13709.4
13758.7
13829.7
13871.3

1996-JAN.
FEB.
MAR.

1119.1
1117.1
1126.2

3675.0
3690.4
3724.9

4602.3
4639.7
4680.0

5703.7
5733.7 p

13900.1
13963.4 p

Not seasonally adjusted
1994-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1152.5
1132.3
1141.9
1150.6
1143.9
1146.5
1147.8
1155.9
1174.2

3528.9
3498.4
3498.6
3511.6
3502.9
3498.8
3500.5
3513.5
3529.8

4271.2
4247.2
4256.5
4276.6
4277.2
4278.4
4292.9
4317.6
4341.5

5209.9
5193.3
5198.4
5225.1
5237.5
5229.1
5253.5
5296.0
5333.2

12686.3
12732.4
12788.3
12814.8
12874.8
13945.3
13000.7
13085.0
13145.8

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1159.0
1134.7
1138.8
1159.8
1133.5
1140.6
1145.2
1138.5
1137.3
1131.0
1136.5
1150.7

3517.2
3495.9
3512.7
3543.6
3530.0
3572.4
3598.3
3613.9
3622.2
3628.8
3649.2
3680.0

4346.9
4334.5
4361.6
4399.2
4406.0
4456.4
4487.0
4517.2
4528.9
4549.0
4572.8
4594.6

5342.7
5350.6
5397.7
5436.6
5437.8
5487.7
5540.9
5581.0
5611.8
5642.7
5672.3
5713.6

13178.6
13232.6
13303.7
13360.2
13432.5
13513.8
13558.8
13605.5
13662.3
13717.5
13793.2
13858.0

1996-JAN.
FEB.
MAR.

1128.0
1103.4
1115.5

3676.8
3670.9
3717.6

4606.9
4620.9
4669.9

5717.1
5723.0 p

13894.5
13946.7 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

3 Months from DEC. 1995 TO MAR. 1996

0.5

7.1

9.3

3.9

6 Months from SEP. 1995 TO MAR. 1996

-2.5

5.5

6.4

4.3

12 Months from MAR. 1995 TO MAR. 1996

-2.0

5.8

7.1

5.1

-1.7

5.9

7.3

OCT. 16, 1995 (26 weeks previous)

-3.3

4.9

5.8

APR. 17, 1995 (52 weeks previous)

-2.3

5.4

6.7

Thirteen weeks ending APRIL 15, 1996
from thirteen weeks ending:
JAN. 15, 1996 (13 weeks previous)

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, November 1995 to February 1996, August 1995 to February 1996,
and February 1995 to February 1996, respectively.
Footnotes to Table 1:
1.

2.

3.

4.
5.

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 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 retail money market mutual funds (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small
denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds (money funds with minimum initial investments of $50,000 or more), RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign
branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government,
money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP
liabilities, and Furodollars, each seasonally adjusted separately, and 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 en<ding

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

1996-JAN.

22
29

1125.5
1124.3

1121.6
1119.1

1117.4
1114.7

3656.6
3659.5

3676.4
3677.7

3676.0
3670.8

4574.8
4578.2

4601.5
4605.5

4605.1
4593.2

FEB.

5
12
19
26

1123.3
1122.4
1121.3
1120.3

1118.3
1116.5
1115.7
1116.4

1119.3
1114.4
1114.2
1117.5

3662.5
3665.8
3669.5
3673.4

3678.7
3677.1
3680.8
3687.8

3678.4
3683.0
3690.9
3698.7

4582.6
4588.5
4594.7
4601.8

4607.6
4610.6
4619.5
4635.0

4610.0
4633.9
4641.0
4655.2

MAR.

4
11
18
25

1120.5
1120.5
1121.1
1121.3

1119.0
1121.4
1125.4
1127.6

1130.0
1123.7
1130.2
1126.4

3678.5
3683.5
3689.1
3693.7

3697.9
3707.2
3717.1
3722.9

3719.1
3720.1
3730.5
3721.7

4609.6
4618.0
4627.1
4634.9

4651.2
4661.9
4673.3
4678.6

4674.6
4676.9
4686.3
4676.5

APR.

1
8p
15p

1121.5
1121.7
1121.9

1127.0
1127.4
1126.0

1127.6
1125.2
1124.7

3698.4
3703.3
3707.2

3724.8
3729.0
3731.6

3726.8
3737.1
3740.7

4642.6
4649.3
4654.5

4679.2
4682.3
4683.2

4677.2
4689.2
4689.9

Not seasonally adjusted
1996-JAN.

22
29

1141.0
1139.0

1146.3
1127.9

1114.9
1090.3

3667.2
3669.1

3692.5
3678.6

3666.5
3632.9

4589.3
4591.6

4618.1
4609.4

4599.7
4564.9

FEB.

5
12
19
26

1136.6
1134.2
1131.4
1128.6

1115.4
1105.9
1102.3
1102.9

1113.8
1104.6
1100.4
1092.9

3670.2
3671.7
3673.2
3674.9

3667.7
3658.7
3659.8
3668.1

3664.8
3670.5
3670.8
3666.2

4593.6
4597.3
4600.9
4605.2

4601.2
4596.4
4601.7
4616.6

4596.7
4624.4
4620.7
4624.5

MAR.

4
11
18
25

1126.9
1124.6
1122.6
1119.0

1104.8
1108.0
1112.4
1115.0

1121.1
1117.4
1118.3
1103.3

3678.2
3680.9
3684.5
3686.6

3678.7
3690.3
3703.5
3712.7

3707.1
3717.2
3723.6
3702.8

4610.5
4616.3
4623.0
4628.4

4632.2
4644.0
4658.1
4666.4

4659.2
4671.5
4677.2
4657.6

APR.

1
8p
15p

1115.8
1114.1
1114.3

1115.2
1121.3
1128.1

1121.9
1141.7
1145.6

3689.5
3694.4
3699.8

3717.6
3731.3
3744.6

3726.7
3772.0
3776.8

4633.9
4640.6
4646.3

4669.4
4680.6
4690.7

4671.3
4716.4
4717.3

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
Nontransactions components

Other checkable deposits
Currency1

Date

Travelers checks2

Demand deposits3

At commercial
banks 4
296.3
295.9

At thrift
institutions5
107.8
107.0

Total

lnM2 6

In M3 only7

404.1
402.9

2358.1
2360.7

797.8
810.3

1994 -NOV.
DEC.

353.3
354.9

8.4
8.5

382.9
382.4

1995 -JAN.
FEB.
MAR.

357,
359.
362.

8.5
8.5
8.7

383.
383.
382.

294.2
292.0
290.4

105.6
104.8
104.3

399.8
396.8
394.8

2365.0
2366.3
2370.4

828.2
838.4
850.8

APR.
MAY
JUNE

365.
367.
367.

9.0
9.1
9.0

382.
382.
386.

290.9
283.5
277.0

104.2
103.9
105.0

395.1
387.4
382.0

2378.0
2397.3
2429.5

862.6
876.6
884.4

JULY
AUG.
SEP.

367.3
368.5
369.5

388.
389.
389.

276.2
272.0
266.4

104.6
105.1
106.0

380.8
377.2
372.4

2447.
2468.
2485.

893.6
901.2
908.4

OCT.
NOV.
DEC-

370.8
371.6
373.2

8.8
8.9
8.9

388.
388.
389.

258.1
254.1
245.6

105.9
106.3
107.4

364.1
360.4
353.0

2501.
2514.
2535,

916.4
916.3
913.3

1996 -JAN.
FEB.
MAR.

373.6
373.2
375.2

8.9
8.9
8.9

393.5
397.4
407.1

236.5
230.4
226.0

106.5
107.1
109.0

343.1
337.5
335.0

2556.0
2573,3
2598.6

927.2
949.3
955.2

373.0
374.1

398.2
396.5

227.4
231.4

106.7
106.7

334.
338.

2576.
2581.

950.0
956.4

409.8
404.6
410.1
406.0

228.1
226.4
226.8
227.9

108.7
109.5
109.1
107.8

336,
336.
335,
335,

2589.
2596.
2600,
2595.

955.5
956.7
955.8
954.8

405.8
408.2
408.6

227.9
224.9
225.0

109.2
106.8
106.9

337.1
331.8
332.0

2599.2
2611.9
2616.1

950.4
952.2
949.2

Week «gASLllig
1996 -FEB. 19
26
MAR.

4
11
18
25

374.4
374.2
375.2
375.7

APR.

1
8p
15p

375.9
376.2
375.1

8.9
8.9
8.9

1.
2,
3.

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.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately.
^um of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
J.S. addressees, each seasonally adjusted separately.

e

jstimated




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 deposits 2

Savings deposits 1

Total

money
funds3

496.0
505.4

316.5
318.2

812.5
823.7

382.5
388.1

182.9
183.7

294.5
298.7

64.3
64.8

358.8
363.5

1134.7
1118.0
1102.5

516.0
526.9
538.7

323.1
330.6
339.0

839.1
857.5
877.7

391.2
390.8
390.2

189.3
188.4
195.0

297.4
303.9
308.4

66.8
67.9
69.2

364.2
371.8
377.6

372.4
369.7
367.7

1091.2
1089.5
1097.0

546.9
554.3
561.1

346.5
351.8
352.6

893.4
906.1
913.7

393.3
401.6
418.8

199.4
203.7
213.2

309.9
314.1
316.7

71.1
70.4
70.9

381.0
384.5
387.7

731.3
739.1
746.3

365.0
362.4
362.1

1096.2
1101.6
1108.4

566.5
569.8
571.7

352.9
353.9
355.3

919.4
923.7
927.0

431.7
443.6
450.3

218.6
218.5
221.7

321.3
323.4
326.8

72.7
73.3
73.7

394.0
396.7
400.5

OCT.
NOV.
DEC.

753.9
760.3
775.0

362.2
360.3
359.5

1116.1
1120.6
1134.6

573.2
575.4
576.2

356.6
358.4
359.5

929.8
933.8
935.7

455.0
460.1
465.1

223.7
224.8
227.2

335.4
340.7
342.4

74.4
74.7
75.0

409.8
415.5
417.5

1996-JAN.
FEB.
MAR.

793.2
804.2
821.1

358.6
360.5
362.2

1151.8
1164.7
1183.4

578.4
576.5
572.9

357.1
357.3
354.7

935.5
933.9
927.7

468.6
474.7
487.6

230.6
243.9
248.3

340.5
346.2
353.8

76.0
76.2
75.6

416.5
422.3
429.4

We eft e n d i n c1
1 9 9 6 - F E B . 19
26

808.4
804.2

360.5
361.2

1168.9
1165.3

576.5
575.2

357.4
357.5

933.9
932.7

473.9
483.2

245.0
252.2

345.4
348.0

76.1
76.0

421.4
424.0

MAR.

4
11
18
25

813.5
820.8
821.1
817.2

361.0
361.3
362.4
362.9

1174.5
1182.1
1183.5
1180.1

574.3
573.5
572.5
572.4

356.4
355.3
354.8
354.0

930.7
928.9
927.3
926.5

483.9
485.4
489.5
488.7

247.8
251.9
247.6
246.2

352.6
350.3
354.1
355.5

76.0
75.7
75.4
75.1

428.5
426.0
429.4
430.6

APR.

1
8p
15p

820.4
829.8
830.8

363.7
366.3
366.3

1184.1
1196.1
1197.1

572.0
571.8
571.0

353.9
354.3
354.1

925.9
926.1
925.1

489.2
489.7
493.9

246.4
246.7
246.9

355.4
354.7
353.0

76.0
76.2
75.8

431.4
430.8
428.8

Date

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

p

Large-denomination time deposits 5

Institutional
money
funds4

At
commercial
banks

At
thrift
institutions

1163.1
1148.9

390.9
383.2
377.3

718.8
719.8
729.3

JULY
AUO.
SEP.

At
thrift
institutions

1994-NOV.
DEC

At
commercial
banks
759.1
751.9

404.0
397.0

1995-JAN.
FEB.
MAR.

743.8
734.8
725.2

APR.
MAY
JUNE

Total

Retail

At
commercial
banks 6

At
thrift
institutions

Total

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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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

Short-term
Treasury
securities3

Savings bonds
"TTO^NOVT

in

DEC.

A

180.8

fli.7

Debt components6

Non-M3 Components ofL

Eurodollars2

RPs.1

Date

Bankers
acceptances4

Commercial paper5

Federal debt

Non-Federal debt

82.3

179.8
180.3

380.8
387.3

13.7
14.2

402.4
402.4

3497.6

9616.5
9655.6

1995 -JAN.
FEB.
MAR.

187.4
191.9
191.1

87.3
86.4
87.2

180.5
180.5
180.7

387.3
400.2
411.1

13.6
13.5
13.7

406.3
414.9
420.9

3504.5
3535.2
3556.4

9697.8
9745.7
9787.7

APR.
MAY
JUNE

192.1
197.2
191.7

90.1
91.1
91.8

181.2
181.7
182.4

412.0
405.5
414.7

13.4
12.0
11.0

430.6
437.0
428.9

3558.6
3576.9
3602.6

9863.0
9945.2
9978.2

JULY
AUG.
SEP.

188.4
192.9
192.5

92.6
93.1
93.7

183.0
183.5
183.9

434.2
437.5
457.2

12.1
12.4
12.8

429.0
433.3
438.6

3615.5
3621.4
3623.8

10000.8
10047.8
10085.6

OCT.
NOV.
DEC.

189.9
185.2
177.3

92.9
90.8
91.4

184.2
184.5
184.8

465.7
464.8
476.7

13.4
12.6
11.9

440.7
437.3
437.1

3632.6
3645.8
3644.6

10126.1
10183.9
10226.7

1996 -JAN.
FEB.
MAR.

184.6
186.9
184.6

95.5
96.2
92.9

185.0
185.0

186.8
183.8

96.8
96.5

Week 'e n d i n a
1 9 9 6 -FEB. 19
26
MAR.

4
13
18
25

185.0
185.3
186.7
186.1

94.2
93.5
92.1
91.8

APR.

1
8p
15p

179.3
180.8
181.4

93.3
93.9
92.1

p

467.5
456.5

p

11.7
10.2

p

437.2
442.3

p

3634.7
3656.4

p

10265.5
10307.1

4.
5.
6.

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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




p

H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
1
Currency
cy

Date

4.
5.
6.
7.
e

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

lnM2 8

Total

In M3 only7

1994-NOV.
DEC.

353.2
357.5

8.2
8.1

390.5
400.1

296.0
300.6

108.0
107.9

404.0
408.4

2357.5
2355.6

804.2
•811.7

1995-JAN.
FEB.
MAR.

355.8
357.0
361.3

8.1
8.1
8.4

388.7
374.7
374.0

301.3
292.3
291.1

105.1
102.6
103.9

406.4
394.9
395.1

2358.
2361,
2374,

829,
838,
848.8

APR.
MAY
JUNE

365.5
367.9
368.2

6.8
8.9
9.2

382.1
373.1
382.8

296.6
279.8
274.8

106.8
103.8
105.5

403.4
383.6
380.3

2383.8
2396.5
2431.9

855.
876,
884.

JULY
AUG.
SEP.

369.1
369.1
369.3

9.5
9.5
9.3

388.8
386.8
388.5

272.7
268.7
264.7

105.1
104.4
105.6

377.8
373.1
370.3

2453.1
2475.4
2484.9

888.
903.
906,

OCT.
NOV.
DEC.

370.0
371.7
376.1

8.9
8.7
8.5

391.1
395.8
407.9

255.6
253.9
249.7

105.4
106.4
108.4

361.
360.
358,

2497.7
2512.7
2529.2

920,
923.
914,

1996-JAN.
FEB.
MAR.

371.6
370.8
374.2

8.5
8.5
8.6

399.0
388.3
397.5

242.3
230.5
226.3

106.5
105.3
108.8

348.8
335.8
335.2

2548.8
2567.5
2602.1

930.1
950.0
952.3

371.3
370.1

8.5
8.5

390.0
382.7

226,
228.

104.2
103.1

330,
331,

2570,
2573,

949.
958.

400.5
395.9
400.5
389.2

230.7
228.8
226.5
225.4

109.1
109.9
108.4
106.2

339,
338,
334,
331.

2586.1
2599.8
2605.3
2599.5

952.
954,
953,
954.8

402.6
411.0
415.9

227.2
231.6
233.6

109.2
112.2
110.9

336.4
343.7
344.6

2604.7
2630.3
2631.1

944.7
944.4
940.6

Week e n d i n a
1 9 9 6 - F E B . 19
26

1.
2.
3.

Travelers
checks 2

MAR.

4
11
18
25

372.4
374.2
374.3
373.8

8.5
8.5
8.6
8.7

APR.

1
8p
15p

374.2
378.2
376.4

8.7
8.7
8.7

e
e

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.
Consists of N O W and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of N O W and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances.
Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of
U.S. addressees.
estimated




p

preliminary

Page 8
H.6(508)
Table 5 continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1

At
commercial
banks

At
thrift
institutions

Total

Retail
money3
funds

1167.4
1148.5

493.9
502.5

315.2
316.4

809.2
818.9

381.0
388.2

389.0
380.9
376.6

1129.2
1111.2
1100.4

514.3
526.1
539.5

322.0
330.0
339.5

836.3
856.1
879.0

718.4
718.4
730.9

372.1
369.0
368.5

1090.5
1087.4
1099.4

548.4
555.9
562.9

347.4
352.8
353.7

JULY
AUO.
SBP.

733.3
741.5
748.0

365.9
363.6
363.0

1099.2
1105.1
1111.0

568.7
571.2
571.9

OCT.
NOV.
DEC.

755.4
763.4
775.0

362.9
361.7
359.5

1118.3
1125.1
1134.5

1996-JAN.
FBB.
MAR.

789.5
799.0
819.1

356.9
358.2
361.4

At
commercial
banks

At
thrift
institutions

1994-NOV.
DBC.

761.9
751.6

405.5
396.9

1995-JAN.
FBB.
MAR.

740.2
730.3
723.9

APR.
MAY
JUNK

Date

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

Small-denomination time deposits 2

Institutional
money4
funds

Large-denomination time deposits 5
At
commercial
banks*

At
thrift
institutions

Total

184.7
185.5

296.7
298.5

64.7
64.8

361.4
363.2

392.7
393.9
394.6

195.3
193.4
195.6

295.1
302.4
306.9

66.3
67.6
68.9

361.4
370.0
375.8

895.9
908.8
916.5

397.5
400.3
416.0

197.1
202.0
208.8

307.7
316.2
317.5

70.6
70.9
71.1

378.3
387.1
388.7

354.3
354.7
355.4

923.0
925.9
927.3

430.9
444.4
446.6

215.9
218.4
218.1

319.9
324.3
327.5

72.4
73.5
73.9

392.3
397.8
401.4

572.6
572.6
572.3

356.2
356.7
357.0

928.8
929.3
929.3

450.6
458.3
465.4

221.8
227.1
229.4

337.8
343.6
342.3

74.9
75.4
75.0

412.7
419.0
417.4

1146.4
1157.2
1180.5

576.1
575.6
574.1

355.6
356.7
355.4

931.8
932.3
929.5

470.6
478.0
492.1

238.2
249.6
248.7

337.8
344.6
352.3

75.4
75.8
75.2

413.2
420.5
427.5

Total

1996-FEB.

19
26

803.5
797.2

358.3
358.0

1161.8
1155.3

575.5
574.3

356.7
357.0

932.2
931.3

476.4
486.7

249.4
257.4

344.2
346.7

75.8
75.7

420.0
422.4

MAR.

4
11
18
25

809.2
819.3
819.8
814.4

359.1
360.6
361.9
361.7

1168.3
1179.9
1181.7
1176.1

574.3
574.3
573.7
573.9

356.4
355.8
355.5
354.9

930.7
930.1
929.2
928.9

487.1
489.8
494.3
494.5

249.3
253.1
248.3
247.5

351.0
349.8
352.7
354.3

75.6
75.6
75.1
74.8

426.6
425.3
427.8
429.1

APR.

1
8p
15p

819.5
835.9
834.2

363.3
369.0
367.8

1182.8
1204.9
1201.9

574.1
574.0
573.0

355.2
355.6
355.3

929.3
929.6
928.3

492.7
495.8
500.9

244.9
244.8
245.7

352.2
351.6
349.3

75.3
75.5
75.0

427.4
427.1
424.3

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.
Balances in money funds with minimum initial investments of less than $50,000.
Balances in money funds with minimum initial investments of $50,000 or more.
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 9
H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
RPs1
Date

At commercial
banks

At thrift
institutions

Debt components6

Non-M3 Components of L
Total

Eurodollars2

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1994-NOV.
DEC.

137.3
139.8

37.5
39.8

174.8
179.6

83.3
83.4

179.7
180.2

379.7
393.6

13.6
14.4

405.3
403.6

3485.2
3499.0

9599.8
9646.8

1995-JAN.
FEB.
MAR.

144.4
146.3
146.0

41.4
42.6
43.4

185.8
188.9
189.4

87.2
86.4
88.0

180.6
180.8
181.2

390.6
406.0
420.7

14.2
13.9
13.9

410.5
415.3
420.4

3499.0
3525.0
3551.1

9675.6
9707.6
9752.6

APR.
MAY
JUNE

146.8
151.4
150.2

44.4
45.8
45.3

191.2
197 . 1
195.5

88.9
89.9
91.0

181.7
182.1
182.4

411.3
402.9
412.3

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9816.1
9879.9
9934.6

JULY
AUG.
SEP.

143.4
146.9
145.7

45.5
47.0
47.7

188.9
193.9
193.4

91.7
93.2
93.9

182.8
183.0
183.3

435.1
440.2
447.5

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9969.9
10003.3
10055.5

OCT.
NOV.
DEC.

145.2
139.1
130.8

46.7
46.0
45.0

191.9
185.1
175.8

93.9
92.4
92.1

183.8
184.3
184.8

450.3
462.4
484.0

13.2
12.5
12.1

446.4
440.3
438.1

3610.1
3635.9
3645.9

10107.4
10157.2
10212.1

1996-JAN.
FEB.
MAR.

138.6
139.0
137.3

44.7
45.1
45.6

183.3
184.1
182.8

95.4
95.8
93.2

185.1
185.4

Week e n d i n <
1 9 9 6 - F E B . 19
26

138.6
135.8

45.3
45.4

184.0
181.2

96.5
97.3

MAR.

4
11
18
25

136.5
137.3
139.4
139.9

45.1
45.5
45.6
45.7

181.7
182.7
185.0
185.6

94.4
93.2
92.5
92.5

APR.

1
8p
15p

132.2
133.3
133.8

45.8
46.8
46.5

178.0
180.1
180.3

94.3
92.4
90.3

p

471.6
463.4

p

12.2
10.5

p

441.3
442.8

p

3634.4
3655.5

p

10260.2
10291.2

1.
2.

Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money 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




p

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

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

18.9
25.3

1.9
1.3

142.9
143.3

107.9
107.5

59.4
59.7

310.2
310.5

20.0
21.1
10.1

31.8
30.3
18.8

1.2
2.3
2.4

143.7
144.6
145.6

107.6
107.8
107.9

60.9
63.3
66.2

312.1
315.8
319.6

6.2
5.7
7.9

12.4
18.7
19.6

24.1
27.5
32.0

2.6
2.5
2.5

146.4
146.8
147.8

107.9
107.8
107.7

68.5 e
69.0 e
69.2 e

322.7 e
323.5 e
324.7 e

3.3
2.8
5.9

6.6
5.3
6.8

27.7
13.6
17.8

37.6
21.7
30.6

2.8
2.9
2.8

148.9
149.1
149.4

107.7 e
107.5 e
108.0 a

69.4 e
69.6 e
69.8 e

326.0 e
326.2 e
327.2 e

12.0
12.2
12.3

3.1
2.9
6.0

5.3
5.4
6.5

11.4
8.2
14.6

19.8
16.5
27.1

2.8
1.6
1.1

150.0
151.2
152.1

108.5 e
108.3 e
108.2 e

70.0 e
70.3 a
70.8 a

328.5 e
329.8 e
331.1 a

1.5
1.5
1.5

12.5
12.4
12.4

4.3
3.0
4.0

6.2
5.0
5.7

15.9
13.2
10.8

26.5
21.2
20.6

1.2
1.3
1.2

152.7
154.1
155.6

107.7 e
107.2 e
107.1 e

71.3 a
71.8 a
72.3 a

331.6 a
333.0 a
334.9 a

8.3
8.4

1.5
1.5

12.4
12.4

3.5
2.9

5.0
4.0

6.6
20.0

15.1
26.9

1.4
1.2

4
11
18
25

8.8
8.0
8.0
8.7

1.4
1.5
1.5
1.5

12.4
12.4
12.4
12.4

3.6
2.8
7.3
2.6

4.4
5.4
6.7
5.6

15.3
2.8
5.6
20.2

23.3
11.0
19.6
28.4

1.2
1.3
1.3
1.2

1
8p
15p

8.4
7.9
8.3

1.4
1.5
1.5

12.4
12.4
12.4

3.4
3.1
6.9

5.9
5.9
5.3

12.3
8.3
8.6

21.5
17.3
20.8

1.2
2.4
2.7

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

14.6
14.4

3.9
5.7

5.2
6.2

9.8
13.4

1.6
1.6
1.6

14.0
13.3
12.7

4.8
3.3
3.4

7.0
5.9
5.2

7.7
8.2
8.2

1.6
1.5
1.5

12.8
13.8
14.8

5.5
3.1
4.5

JULY
AUG.
SEP.

8.5
7.5
7.5

1.5
1.4
1.6

14.7
13.5
12.4

OCT.
NOV.
DEC.

8.3
8.1
8.2

1.5
1.6
1.5

1996-JAN.
FEB.
MAR.

8.3
8.3
8.3

Week e n d i m
1996-FEB. 19
26
MAR.

APR.

Date

e
p

Time and
savings
deposits
due to
foreign
banksand
official
institutions

Foreign
commercial
banks

Foreign
official
institutions

1994-NOV.
DEC.

8.4
8.7

1.8
1.6

1995-JAN.
FEB.
MAR.

8.4
8.0
8.1

APR.
MAY
JUNE

estimated
preliminary




Note
balances at
depository
institutions

Total
cash
balance

At
thrift
institutions

At
money
market
funds

Total

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1
February 29,1996 and March 31,1996
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Change
(percent)

Average Rate Paid (%)
Feb. 29

Change
(b.p.)

Liability Categories

Feb. 29

Mar. 31

NOW Accounts

246,902

224,163

-9.21

1.93

1.87

-6

Savings Deposits
Personal

798,354
634,470

841,368
674,638

5.39
6.33

2.98
N.A.

2.90
N.A.

-8
N.A.

Nonpersonal

163,885

166,730

1.74

N.A.

N.A.

N.A.

36,286

36,008

-0.76

4.00

4.03

92 to 182 days
183 days to 1 year

100,011

0.42

4.47

188,640

100,432
191,694

1.62

4.80

4.50
4.84

1 to 2-V2 year
2-V2 years and over

214,396

213,429

4.90

202,363

202,803

-0.45
0.22

5.11

4.95
5.19

3
3
4
5
8

155,305

155,791

0.31

N.A.

N.A.

N.A.

2

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

3

All IRA/Keogh Plan deposits

Mar. 31

BIF-insured Savings Banks 4
Amount Outstanding ($mil.)
Liability Categories
NOW Accounts
2

Savings Deposits
Personal
Nonpersonal

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

Change
(percent)

Average Rate Paid (%)
Feb. 29

Mar. 31

Change
(b.p.)

Feb. 29

Mar. 31

11,984

12,106

1.02

1.84

1.83

-1

71,006
67,679
3,327

70,571
67,275
3,296

-0.61
-0.60
-0.93

2.92
N.A.
N.A.

2.86
N.A.
N.A.

-6
N.A.
N.A.

2,226

0.35
1.68

4.29

4.39

92 to 182 days

14,018

2,233
14,253

4.79

4.77

183 days to 1 year

28,330

27,996

-1.18

4.93

4.90

1 to 2-V2 year

27,819

26,802

-3.66

5.11

5.16

22,677

23,508

3.66

5.25

5.25

10
-2
-3
5
0

21,137

21,373

1.12

N.A.

N.A.

N.A.

2-V2 years and over
3

All IRA/Keogh Plan deposits

N.A, - data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 75 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.



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Federal Reserve System
Washington, DC 20551-0001
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