Full text of H.6 Money Stock Measures : April 14, 1994

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

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

Billions of dollars

Date

A P R I L 14, 1 9 9 4

M1 '

M22

M33

L4

DEBT5

Seasonally adjusted
1992-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC .

943 . 7
952. 7
954. 7
9 6 4 . .2
9 7 6 .. 1
989. 2
1004. 2
1 0 1 6 ., 6
1 0 2 4 ., 8

3 4 8 1 . .9
3 4 8 2 .. 1
3 4 7 7 .. 8
3 4 8 0 . .7
3489 . 4
3 4 9 6 .. 6
3 5 0 7 . .5
3 5 1 0 . .5
3 5 0 9 .. 0

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

5 0 2 5 .. 4
5 0 2 1 ..7
5026 .9
5026 .6
5 0 4 1 .0
5 0 5 6 .. 7
5 0 5 8 .. 5
5 0 6 5 .. 3
5 0 5 7 .. 1

11335 .8
1 1 3 8 1 .9
11435 .0
11494 .3
11553 .6
11598 . 1
1 1 6 2 6 ,. 0
1 1 6 6 5 .9
1 1 7 2 1 ,. 5

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

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

3 5 0 2 .. 8
3 4 9 4 ..2
3 4 9 4 .. 8
3498 . 0
3 5 2 1 . .9
3 5 2 8 . .7
3533 . 6
3535 .7
3543 . 6
3545 . 1
3 5 5 6 ,. 2
3563 . 1

4 1 6 2 ..4
4 1 5 6 ..0
4 1 5 4 ..6
4162 . 0
4187 . 6
4187 . 8
4 1 8 6 ..8
4 1 8 6 ..5
4 1 9 5 ..2
4 2 0 0 .. 6
4 2 1 2 . .9
4 2 2 4 . .9

5 0 4 0 .. 0
5 0 3 5 . .5
5 0 3 6 .. 4
5053 . 8
5086 .8
5 0 8 7 ,.3
5 0 8 3 ,. 6
5092 . 5
5 0 8 5 .. 5
5 0 9 3 . .2
5 1 0 4 ..8
5 1 2 3 . .7

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

1994-JAN.
FEB.
MAR. p

1 1 3 3 ..5
1 1 3 8 . .5
1 1 4 2 ..5

3 5 6 9 . .9
3 5 6 6 .. 6
3583 . 6

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

5 1 4 5 . .0
5131. 7 p

1 2 3 7 3 . .7
1 2 4 2 2 . .9 p

Not seasonally adjusted
1992-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1994-JAN.
FEB.
MAR. p

954.7
943.9
952.0
962.9
971.0
983.6

3498.9
3467.4
3473.4
3478.1
3484.1
3486.7
3504.6
3517.4
3527.6

4205.2
4180.2
4179.8
4180.3
4195.5
4190.0
4190.5
4203.6
4198.2

5035.2
5001.1
5016.7
5012.9
5032.9
5045.2
5050.3
5083.6
5087.6

11307.1
11348.7
11400.0
11452.0
11512.6
11564.9
11599.4
11658.2
11723.3

1129.6
1153.8

3508.3
3484.2
3495.8
3515.2
3507.3
3524.4
3529.8
3528.6
3533.2
3543.1
3564.9
3585.7

4162.9
4149.4
4157.3
4177.2
4178.6
4184.1
4179.9
4183.2
4184.3
4195.1
4224.5
4244.3

5053.6
5030.2
5042.5
5063.3
5064.8
5076.8
5069.0
5082.3
5073.4
5085.7
5125.9
5158.5

11745.0
11757.3
11798.6
11841.7
11883.9
11946.2
11997.8
12053.9
12112.2
12151.7
12231.4
12321.5

1142.8
1124.6
1132.1

3576.5
3554.5
3581.9

4229.7
4192.0
4210.7

5159.3
5123.3

1001.8
1022.4
1046.7
1041.0
1023.0
1031.6
1058.7
1058.1
1073.2
1084.6

1088.8
1099.1

1111.8

Footnotes appear on the following p a g e
p

preliminary




p

12359.4
12396.7 p

Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES

Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

3 Months

f r o m DEC.

1993

TO MAR.

1994

5.0

2.3

-1.3

5.8

6 Months

f r o m SEP.

1993

TO MAR.

1994

6.8

2.3

0.7

5.5

12 M o n t h s

f r o m MAR.

1993

TO MAR.

1994

9.8

2.5

1.4

5.4

6.1

2.2

-0.0

T h i r t e e n weeks e n d i n g APRIL
4, 1994
f r o m t h i r t e e n weeks e n d i n g :
JAN.
3 , 1994 (13 weeks p r e v i o u s )
OCT.

4,

1993

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

7.7

2.0

1.1

APR.

5,

1993

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

9.9

2.2

1.4

and February 1993 to February 1994, 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 offiaal 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.
m iic
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
Keoqh balances at depository institutions and money market funos. 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.
morlZQt
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
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private
debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form, derived
by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, 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 include discontinuities.




Paoe 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

19 9 4 - J A N .

10
17
24
31

1123.7
1125.3
1126.9
1128.2

1130.0
1131.1
1132.4
1134.0

1130.4
1133.2
1136.2
1136.0

3557.3
3559.6
3561.8
3563.3

3564.9
3567.6
3570.0
3570.3

3567.2
3574.4
3572.4
3567.1

4216.5
4219.1
4221.0
4222.6

4227.8
4230.4
4230.8
4228.8

4229.5
4235.0
4228.4
4222.4

FEB.

7
14

1129.4
1130.7
1132.0
1133.2

1135.2
1136.7
1137.4
1138.5

1135.5
1139.0
1139.1
1140.5

3564.2
3565.2
3565.7
3566.5

3570.1
3569.1
3566.5
3566.6

3566.3
3570.7
3561.9
3567.6

4222.6
4222.0
4220.5
4218.9

4224.0
4216.8
4208.0
4201.3

4210.3
4206.2
4193.1
4195.4

28p

1134.3
1135.5
1136.6
1137.8

1139.8
1140.4
1141.5
1143.0

1140.4
1141.6
1143.3
1146.8

3567.8
3569.3
3571.2
3573.1

3569.3
3572.7
3579.1
3584.3

3576.9
3584.5
3587.3
3588.3

4217.7
4216.6
4216.1
4215.1

4199.0
4200.7
4206.8
4211.5

4201.4
4212.9
4217.5
4214.1

4p

1139.3

1145.0

1148.3

3574.8

3587.0

3587.9

4213.9

4214.7

4214.4

3608
3591
3555
3535

4227
4231
4233
4233

4243
4246
4239
4227

4259
4250
4208
4192

21
28
MAR.

7
14

21
APR.

Not seasonally adjusted
1-JAN.

10
17
24
31

1137
1140
1142
1142

FEB.

7
14
21
28

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

MAR.

7
14
21
28p

APR.

4p

.8
.3
.4
.2

1162
1162
1154
1138

.8
.5
.5
.6

1170
1150
1123
1110

.2
.7
.2
.4

3570
3573
3576
3575

.4
.5
.1
.9

3589
3592
3588
3573

1129 .5
1 1 2 3 .7
1 1 2 3 ,. 1
1 1 2 4 . .7

1133 .6
1 1 2 7 .7
1 1 2 0 . .7
1 1 1 6 , .7

3575
3574
3573
3572

.4
.0
.3
.9

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

3563 .9
3561 .1
3 5 4 6 , .9
3 5 4 6 , .3

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

4214 .4
4 2 0 2 ,. 2
4 1 9 5 ,.0
4 1 9 2 ..0

4206 .8
4 2 0 1 ,. 8
4 1 7 9 ,.3
4 1 8 0 ..0

1 1 4 0 . ,3
1 1 3 9 . .4
1137. 6
1134. 8

1 1 2 6 . .8
1 1 2 9 . .0
1 1 3 0 . .8
1131. 4

1 1 4 1 . .9
1 1 3 6 . .6
1 1 2 8 .. 1
1 1 1 9 ., 1

3 5 7 2 . .3
3 5 7 2 . .2
3 5 7 2 . .0
3 5 7 1 . .8

3 5 6 0 . .0
3 5 6 7 . .6
3 5 7 5 . .9
3581. 2

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

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

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

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

1133. 7

1135. 7

1159. 0

3 5 7 2 . ,7

3587. 3

3 6 1 0 .. 1

4 2 1 1 . .7

4 2 1 5 . ,9

4 2 3 0 . ,5

.9
.3
.8
.0

.5
.9
.8
.9

.3
.1
.0
.1

Note: Special caution should be t a k e n in interpreting w e e k - t o - w e e k changes in money supply data, w h i c h are highly volatile and subject to revision,
p

preliminary data.




.6
.1
.9
.5

.0
.7
.1
.1

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

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

Travelers checks2

Demand deposits3

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

1992-NOV.
DEC.

2 8 9 . .5
2 9 2 . .2

8 .. 1
8 .. 1

337.5
339 .6

278.2
280.8

103.2
104.1

381.4
384.9

2493.9
2484.3

683.5
674.0

1993-JAN.
FEB.
MAR.

2 9 4 . .5
2 9 7 ..0
2 9 9 . .3

8 .. 0
8 .. 0
8 .. 0

341.9
342.7
344.3

283.5
283.8
284.9

105.0
103.9
103.6

388.6
387.7
388.5

2469.8
2458.8
2454.6

659.6
661.8
659.8

APR.
MAY
JUNE

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

8 .. 1
8 .. 1
8 .. 0

349.0
358.8
362 .2

284.2
290.3
292.4

104.1
106.1
106.8

388.2
39 6 . 4
3 9 9.2

2450.9
2454.1
2452.1

664.0
665.8
659.1

JULY
AUG.
SEP.

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

7 ..9
7 .8
7 .. 8

366.4
370.9
375.4

294.8
295.9
297 .8

108.0
108.3
108.8

402.8
404.2
406.6

2446.8
2440.4
2438.5

653.3
650.8
651.6

OCT,
NOV.
DEC.

3 1 7 .. 6
3 1 9 .. 5
3 2 1 .4

7 .8
7 ,. 9
7 . .9

378.4
383.2
384.8

299.1
300.8
302.6

110.4
111.7

409.5
411.8
414.3

2431.7
2433.8
2434.8

655.5
656.7
661.8

199 4 - J A N .
FEB.
MAR. p

3 2 5 . .3
3 2 9 ..2
3 3 2 ..4

7 , .9
7 ,. 9
8 .. 0

388.4
390.4
390.1

300.4
299.3
300.1

111.5
111.8
111.8

412.0
411.1
411.9

2436.3
2428.1
2441.1

659.0
634.6
627.2

Week e n d l n c r
1994-FEB.
7
14
21
28

3 2 8 . .3
3 2 8 . .5
3 2 9 ..3
330 .6

7
7
7
7

,.9
.9
,.9
.9

388.1
392.0
390.3
391.0

298.6
298.4
300.1
300.0

112.6
112.2
111.4

111.1

411.2
410.5
411.5
411.0

2430.8
2431.7
2422.8
2427.1

644.0
635.6
631.2
627.7

111.0

MAR.

7
14
21
28p

3 3 1 . .2
3 3 1 . .7
3 3 2 . .3
3 3 4 .0

7 ,. 9
8 .. 0
8 .. 0
8 .1

388.5
390.3
391.1
391.6

300.3
299.6
300.0
300.9

112.4
112.0
111.8
112.2

412.7
411.6
411.8
413.1

2436.6
2442.9
2444.0
2441.4

624.5
628.5
630.2
625.9

APR.

4p

3 3 3 .7

8 .1

393.8

302.0

110.7

412.6

2439.6

626.6

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 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.
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
Small-denomination time deposits 2

Savings deposits 1
Date

3.
4.

p

Institutiononly m o n e y
m a r k e t funds

Large-denomination time deposits 3
At
commercial
banks 4

At
thrift
institutions

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

1992-NOV.
DEC.

751.1
754.6

427 . 8
429.0

1178.9
1183.6

513.4
508 .7

368 .8
361.8

882 . 2
870.5

353.7
352.0

208.5
201.5

296.1
292.8

68.5
67.5

364.6
360.3

19 9 3 - J A N .
FEB.
MAR.

754.1
757.2
757.2

429.8
426.5
425.3

1183.8
1183.7
1182.4

504.2
504.8
501.7

356.7
349 . 0
345.1

860.8
853 . 8
846 . 8

350 .3
345.3
345.9

196.6
198.0
197.7

285.7
284.1
279 .8

67.5
66.0
65.1

353.2
350.1
344.8

APR.
MAY
JUNE

759.5
766.7
771.0

426.0
428.4
429.4

1185.5
1195.1
1200.4

496.6
491.9
487.5

342.8
340.5
336.3

839.4
832.4
823.9

345.9
348.5
347.5

196.3
198.0
194.7

283 .6
283.6
280.9

65.3
64.7
64.4

348.8
348.2
345.3

JULY
AUG.
SEP.

771.7
775.4
778.0

430.4
430.5
430 .4

1202.1
12 0 5 . 9
1208.4

483 .
478.
475 .

331.4
327.6
324.0

814.4
806.2
799.4

346.6
345.5
345.0

192.6
190.1
190.8

277 .4
277.8
276.6

64.5
63 . 9
63.8

341.8
341.6
340.4

OCT .
NOV.
DEC.

778.4
782.4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

472 ,
469 .
468,

321.0
318.5
314.3

793.5
788 . 0
782.9

344.4
347.0
348.8

194.3
194.8
197 .0

277.9
275.9
277.0

63.7
63.5
61.8

341.6
339.4
338.9

199 4 - J A N .
FEB.
MAR.

790.1
791.1
790.7

430.2
429 .9
432.0

1220.4
1221.0
1222.7

465.5
464.0
462.5

312.2
309.1
307 .9

777.7
773.1
770.5

347.8
343.9
349.3

192.7
176.9
177.4

279.1
273.5
271.3

62.0
61.7
60.9

341.1
335.2
332.2

7
14
21
28

791.1
793 .2
790.3
789 .9

429.3
429.4
430.2
430.7

1220.4
1222.5
1220.5
1220.7

464.9
464.0
463 .8
463.4

310.0
309.3
308.7
308.3

774.9
773.3
772.5
771.7

344.1
344.3
342.9
344.5

185.1
175.2
175.4
172.0

273.9
274.5
273.0
272.4

62 . 2
61.7
61.4
61.4

336.1
336.3
334.4
333.8

MAR.

7
14
21
2 8p

791.3
792.8
790.2
788.7

431.2
431.6
432.3
432.5

1222.4
1224.4
1222.5
1221.2

463.0
462.7
462.7
462.2

308.1
308.0
308.0
307.7

771.1
770.7
770.7
769.9

346.8
349 .8
350.4
349 .0

176.4
174.9
180.9
175.8

271.9
271.8
272 .9
271.4

61.1
60.8
60.9
60.8

333 .0
332 .7
333.9
332.2

APR.

4p

790 .2

433.0

1223.1

461.3

307.6

768.9

352.0

181.8

264.4

61.2

325.6

Week e n d i n g
199 4 - F E B .

1.
2.

General
purpose and
broker/dealer
money
market funds

Total

Total

Savings deposits include m o n e y 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 r e t a i l R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s t h a n $ 1 0 0 , 0 0 0 . A l l I R A a n d K e o g h a c c o u n t b a l a n c e s a t c o m m e r c i a l b a n k s a n d
thrifts are s u b t r a c t e d f r o m small t i m e deposits.
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 o r 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 f a c i l i t i e 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 at c o m m e r c i a l b a n k s l e s s t h o s e h e l d b y 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 6
H.6 (508)
Table 4 - continued

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

Short-term Treasury
securities1

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1992-NOV.
DEC.

154.6
156.6

326.6
332.5

20.3
20.6

369 .7
364.3

3033.4
3068.4

8632 .6
8653.1

19 9 3 - J A N .
FEB.
MAR.

158.7
160.8
162.4

337.3
339.3
338.4

20.6
20.0
19.4

361.0
359.4
361.5

3078.7
3090.8
3121.1

8679.8
8691.5
8701.1

APR.
MAY
JUNE

163.6
164.7
165.9

341.8
343 .4
344.3

19.3
19.2
18.5

367.1
371.8
370.9

3149.0
3175.8
3208.1

8720.0
8739.1
8771.6

JULY
AUG.
SEP.

167.1
168.2
169.2

341.9
341.7
326.3

17.4
16.5
16.4

370.4
379.5
378.4

3227.8
3252.2
3271.3

8809.9
8840.7
8874.4

OCT.
NOV.
DEC.

170.1
170.8
171.7

321.5
320.9
324.0

16.4
16.1
16.3

384.7
384.1
386 . 8

3266.4
3291.4
3327.9

8915.3
8953.1
8993.6

172.7
173.4

331.5
332 . 0

16.6

395.3
408 . 0

3335.6
3349.3

9038.2
9073.6

199 4 - J A N .
FEB.

1.

Debt components4

Non-M3 Components of L

p

17.0

2.
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 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




Page 7

H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Total

In M2

In M3 only

6

Overnight RPs8

7

Overnight
Eurodollars9

343 . 9
355 . 1

277.0
284.3

103 . 6
104.6

380 .6
388.9

2494.9
2480.9

686.2
670.5

60.0
59.3

20.9
21.3

19 9 3 - J A N .
FEB.
MAR.

293 . 5
295 .3
297 .9

7. 8
7 .7
7. 8

345 .9
334 .3
336 .5

289 . 4
284 .2
286 .5

104 .4
101 .5
103 . 0

393 . 8
385 .7
389 . 5

2467 .3
2 4 6 1 .2
2464 . 1

654 .6
665 .2
661 .5

60 . 0
60 . 7
62 . 7

17 . 8
17 . 0
16 . 1

APR.
MAY
JUNE

3 0 1 .3
304 .4
307 .4

7. 8
7. 9
8 .2

350 .5
352 .0
359 .6

2 9 1 .9
287 .6
290 .6

107 . 3
106 .2
107 .5

399 . 2
393 .8
398 .0

2456 .4
2449 .2
2 4 5 1 .2

662 . 1
6 7 1 .2
659 .7

62 . 5
6 1 .7
64 . 8

14 . 7
13 . 5
13 . 7

JULY
AUG.
SEP.

3 1 1 .0
312 .8
314 .8

8. 4
8. 4
8 .2

365 .9
367 .9
373 . 1

290 .9
292 . 1
295 .0

108 .5
107 .7
108 .0

399 .3
399 .7
403 .0

2445 .2
2439 .8
2434 . 1

650 . 1
654 .6
6 5 1 .2

67 . 7
67 . 4
70 .4

13 . 5
14 .7
14 .9

OCT.
NOV.
DEC.

317 .3
319 .8
3 2 4 .9

8. 0
7 .7
7 ,. 6

381 .1
391 .1
4 0 2 ,. 6

295 .6
299 .6
306 .3

109 .8
1 1 1 .4
1 1 2 ,. 4

405 .3
410 .9
418 .6

2 4 3 1 .3
2435 .3
2432 .0

652 .0
659 .6
658 .6

70 .8
7 1 .7
7 2 ,. 6

17 . 2
17 . 4
17 . 8

199 4 - J A N .
FEB.
MAR.

3 2 4 . .0
3 2 7 ..3
3 3 0 . .7

7 . .7
7 . .7
7 . .8

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

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

1 1 1 .. 1
1 0 9 ..3
1 1 1 .. 1

4 1 7 , .9
409 ..0
4 1 2 . .9

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

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

7 5 . .7
7 5 .. 1
79 ..3

17 ,.9
1 6 ,. 6
1 8 . .2

3 2 7 .,3
327 . 4
328. 0
326. 6

7 .. 6
7 .7
7. 7
7. 7

383. 0
383 . 6
378. 6
377. 5

303
299
298
297

..3
.,4
.5
.6

112. 4
109 . 6
107 . 9
107. 4

4 1 5 . ,6
409 .,0
406. 4
405 . 0

2 4 3 0 . .3
2 4 3 3 .,4
2426. 2
2429 . 6

6 4 2 . .9
640. 7
632. 5
633 . 7

7 5 . ,6
75. 5
73 . 8
75. 4

1 6 .,7
1 5 . ,6
15 .,5
18. 7

28p

330. 5
330. 6
330. 8
330 . 8

7. 7
7. 7
7 .8
7. 8

383 . 6
384. 0
378. 5
374. 1

306. 4
302 . 6
300. 7
297 . 9

113 . 7
111. 6
110. 4
108. 5

420.
414.
411.
406.

2
2
1
4

2443 . 6
2455. 2
2452 . 1
2448. 2

624.
633.
632.
627.

78.
81.
80.
79.

8
6
1
0

17 . 6
17 . 9
18 . 7
18. 9

4p

333 . 8

7. 8

395. 8

306. 4

115. 2

421. 5

2451. 1

620. 4

73. 8

17 . 7

MAR.

7
14

21

APR.

4.
5.
6.
7.

Nontransactions components

At thrift
institutions5

7.9
7.8

28

3.

Other checkable deposits
At commercial
banks4

290 .0
295.0

21

2.

Demand
deposits3

19 9 2 - N O V .
DEC.

Week e n d i n g
1994-FEB.
7
14

1.

Travelers
checks2

ssss
J

"—- ''

— ' / 7 ' — — I iwwwi TW

n\u WMU Ll l W VUUIIO \J 1

I J 11 lOUlUUUI I O .

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

8.
9.
Digitizedefor FRASER
estimated


p

preliminary

9
5
6
7

Page 8
H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1

Large-denomination time deposits 3
At
commercial
banks 4

At
thrift
institutions

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

1992-NOV.
DEC.

752 . 5
752.9

428.6
428.1

1181.1
1181.1

512.7
507.8

368.3
361.2

881.1
869.0

351.9
350.2

207.4
200.4

296.4
291.7

68.6
67 . 2

365.0
358.9

19 9 3 - J A N .
FEB.
MAR.

750.2
754.0
758.5

427.5
424.7
426.0

1177.7
1178.7
1184.5

504.4
504.7
501.3

356.8
349.0
344.8

861.3
853.6
846.1

350.6
351.2
354.8

200.5
208.4
201.1

282.8
282.5
279.7

66.8
65.7
65.0

349.6
348.2
344.8

APR.
MAY
JUNE

761.9
767.2
773.6

427.4
428.6
430.9

1189.3
1195.8
1204.5

496.1
490.7
487.1

342.4
339.7
336.0

838.5
830.5
823.0

351.4
347 .7
345.2

195.6
199.7
191.0

282.7
285.8
282.8

65.1
65.2
64.8

347.8
351.0
347.6

JULY
AUG.
SEP.

773.6
776.0
776.7

431.4
430.8
429.7

12 0 5 . 0
1206 . 9
1206.4

483.9
479.6
476.7

332.1
328.3
324.9

816.0
807.9
801.5

343.0
343.0
340.8

188.6
190.1
187.5

277.1
279 . 5
277.6

64.4
64.3
64.0

341.5
343.8
341.6

OCT.
NOV.
DEC.

777.7
784.0
783.8

430.0
430.4
429.4

1207.7
1214.4
1213.2

473.3
468.8
467.6

321.6
318.1
313.7

794.9
786.9
781.2

340.7
345.0
347 . 2

189.2
194.0
195.8

277 . 6
276.2
275.9

63.7
63.6
61.6

341.3
339.8
337.5

19 9 4 - J A N .
FEB.
MAR. p

786.1
787.7
791.8

428.0
428.0
432.6

1214.2
1215.7
1224.4

465.6
463 . 8
462 . 1

312.2
309.0
307.6

777.8
772.8
769 . 8

348 . 1
349 . 6
358.3

196.2
186.1
180.5

276.1
271.8
271.1

61.4
61.3
60.9

337.4
333.1
332.0

Week e n d i n g
199 4 - F E B .
7
14
21
28

7 8 8 .. 1
7 9 1 . .2
7 8 6 ..8
7 8 4 . .7

427
428
428
427

.,6
..3
..3
..9

1215. 7
1219 .,5
1 2 1 5 . ,0
1 2 1 2 ..7

464
464
463
462

.9
.0
.,5
..9

3 1 0 . .0
309 ..3
308 ..6
307 ..9

7 7 5 . ,0
773 ..3
7 7 2 .. 1
7 7 0 . .9

347 .,3
349 .,6
349 ..8
3 5 1 . .9

193
186
182
182

.0
.,6
..2
..7

270. 8
2 7 3 . ,0
2 7 1 . ,8
2 7 1 . .5

61. 5
61. 4
61. 2
6 1 . .2

332. 4
334. 4
3 3 2 . .9
3 3 2 ..7

i m H

9

Total

,.6
,.0
.0
.0

MAR.

7
14
21
2 8p

7 9 0 . .9
7 9 4 ,.7
7 9 0 .9
789 . 0

4 3 1 . .0
432 ..6
432 ,.7
432 . 6

1 2 2 1 , .9
1 2 2 7 . .3
1223 . 6
1 2 2 1 .6

462 ..7
462 ..2
462 ,.0
4 6 1 .8

307
307
307
307

..9
.7
.5
.4

7 7 0 , .5
7 7 0 .0
769 . 6
769 .2

354
358
360
359

..8
.4
.0
.4

17 8..7
1 8 1 .5
184 . 1
17 9 .7

2 7 1 , .6
272 . 1
2 7 2 .3
2 7 1 .2

6 1 , .0
6 0 , .9
60 ..8
60 . 8

332
333
333
332

4p

795 .4

435 . 8

1 2 3 1 .2

4 6 1 .5

307 .7

769 .2

359 .3

175 .9

2 6 4 .3

6 1 .2

325 .5

APR.

d e S S i o n

C

! i m ! ^ i t H n l % r e t I n R P s - a r e

a n d official institutions.
p

Institutiononly money
market funds

commercial
banks

Date

2

General
purpose and
broker/dealer
money
market funds

preliminary




t h o s e i s s u e d in a m o u n t s of l e s s t h a n $ 1 0 0 , 0 0 0 . All I R A 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 c i a l

Rags 9

H.6 (508)
Table 5 - continued

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

Non-M3 Components of L

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1992-NOV.
DEC.

61.5
61.1

20.3
20.0

81.8
81.1

47.2
45.6

154 . 4
156 . 4

334 .4
345 .3

20.8
21.4

370.4
366.3

3028 .3
3069 . 8

8629 .9
8653 .5

1993-JAN.
FEB.
MAR.

59.1
60.2
63.7

21.0
22.1
22.3

80.1
82.3
86.0

43.5
46.7
49.8

158 . 6
161 .0
162 .9

343 .0
3 4 0 .. 5
3 4 1 ,. 9

21.4
20.2
18.9

367.7
359.1
361.6

3076 .2
3087 .3
3 1 2 1 .4

8668
8670
8677

APR.
MAY
JUNE

65.9
66.6
70.2

22.9
23.2
22.6

88.9
89.8
92.8

48.7
48.7
45.5

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

3 3 3 .. 4
3 3 5 . .2
3 3 8 . .6

18.7
19.1
18.5

369.7
366.7
369.5

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

8 6 9 8 ., 8
8 7 2 2 ., 8
8 7 5 7 . .4

JULY
AUG.
SEP.

72.7
71.9
71.1

23.7
24.2
24.5

96.4
96.0
95.6

41.9
44.1
45.2

1 6 7 .. 0
1 6 7 .. 8
168. 7

337 . 5
340. 4
324. 3

17.4
16.2
15.9

367.3
374.6
380.2

3 2 0 1 . .8
3 2 2 9 .,4
3251. 9

8 7 9 6 ., 1
8824 . 4
8860 . 3

OCT.
NOV.
DEC.

70.2
69.4
70.3

24.0
24.7
25.0

94.3
94.0
95.4

44.9
48.5
45.7

169. 6
170. 6
171. 4

319 . 5
328. 6
336. 5

16.2
16.5
17.0

385.2
385.6
389.3

3249. 4
3287. 0
3329. 5

8902 . 3
8944. 4
8992 . 0

1994-JAN.
FEB.
MAR. p

65.5
62.7
65.2

25.2
25.0
23.8

90.7
87.7
89.0

44.1
46.2
43.8

172. 6
173. 7 P

336. 9
333. 4 P

17.3
17.2

402.7
407.0 p

3333. 0
3345. 4 p

9026 . 4
9051. 3 p

Week e n d i n c r
1994-FEB.
7
14
21
28

61.2
63.0
62 . 6
63.8

25.0
25.1
25.1
24.8

86.2
88.1
87.8
88.6

46.6
46.6
45.9
45.6

MAR.

7
14
21
28p

62.7
66.7
64.6
65.2

24.3
24.1
23.9
23.3

87.0
90.7
88.4
88.5

42.7
44.4
43.9
44.2

APR.

4p

69 . 3

22.7

92.0

43.3

Short-term
Treasury
securities3

Savings bonds

Bankers
acceptances4

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs
m S f m d s t J ' f S e i g n entMes" C ° " P ° n S
4.
5.

W

"h

,emalnl

"9

ma,uri,les

Commercial
paper5

p

~~

a

6.

Debt components6

,. 8
,. 0
..2

'

" u s - b m t e ™orw-"ide a " d ^ =«

w

"

s

'

^

^

B^s, ^

Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
preliminary

Non-Federal
debt

less than 12 months held by other than depository institutions, Federal Reserve Banks, money market
<*"*"




Federal debt

• " = * » , muma, ^

Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS

Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1992-NOV.
DEC.

8 .4
9,. 0

1..6
1..6

8 ..9
9 .,6

4.. 1
5..2

5 ..5
6 .,0

1993-JAN.
FEB.
MAR.

8,.7
8..7
8..3

1..4
1.,5
1 ..6

1 0 .. 1
1 0 . ,3
1 0 . ,5

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

APR.
MAY
JUNE

7..8
8..3
8..2

1..7
1 ,.6
1..6

1 0 . ,8
1 1 .. 1
11. .5

JULY
AUG.
SEP.

8..5
8.. 1
8..5

1..7
1..6
1..5

OCT.
NOV.
DEC.

8,.3
8..2
9..2

1994-JAN.
FEB.
MAR. P

1994-FEB.

IRA and Keogh Accounts

Total
cash
balance

Time and
savings
deposits at
commercial
banks

At
commercial
banks

1 2 . .4
1 4 . .3

2 1 . .9
2 5 . ,5

2 . .7
2 . .6

147. 2
1 4 7 . .2

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

4 6 . .2
4 5 . .4

318.9
317.4

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

2 7 . ,0
2 5 . .2
13. .2

4 0 . .8
3 5 . .4
2 2 . .8

2 . -0
2 . .5
2 . .4

147. .2
146. .9
147. .7

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

4 4 . .6
4 5 . .6
4 5 . .6

315.6
315.1
314.4

5..8
4..2
5..4

6 ..2
5 ..8
8.. 1

14. ,5
16. . 1
2 1 .. 1

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

1..5
2 ..6
3..0

148. .0
146. .9
146. .5

1 1 9 . .8
1 1 9 .. 1
1 1 8 . .5

4 5 .. 1
46. .0
46..7

313.0
312.0
311.7

11. .5
11. .2
10. .8

4..2
3..8
5..5

6..9
5..7
9..3

2 1 . .4
2 0 . .0
2 3 . .2

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

2..8
3.. 1
2..8

146. .4
146.. 1
145..8

1 1 8 .. 1 e
1 1 7 . .8 e
1 1 7 . .4 e

47..3
47..4
47..5

311.8 e
311.2 e
310.7 e

1..6
1..8
1..6

10..7
10..8
10..9

4..5
4..0
5,.2

5..9
5..6
6..7

12..6
8..8
16..2

2 3 .. 1
18..4
2 8 .. 1

2..6
2..7
2..6

145..2
144..6
144,.2

117, .6 e
1 1 8 , .0 e
117, .5 e

48.. 1 e
49.. 1 e
49..8 e

310.9 e
311.7 e
311.4 e

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

1..6
1..5
1..6

11..0
11..0
11..0

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

7..3
6..3
5..2

25 .2
27,.9
15..7

38,.3
38,.4
2 5 ,.3

2,. 1
2..5
2..4

143,.9
143,.6
142 .8

116, . 1 e
115. .6 e
114,.7 e

50,. 1 e
50,.5 e
50..7 e

310.2 e
309.6 e
308.1 e

7
14
21
28

8,.6
7,.5
8..4
8,.6

1..6
1..5
1..5
1..3

11..0
11..0
11..0
11..0

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

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

33..6
30,.8
23,.0
24 .2

48 .0
39,.7
32,.8
33 . 1

2,.5
2..5
2,.5
2 .5

MAR.

7
14
21
2 8p

8,.0
7,.9
7..8
7,.9

1,.5
1..6
1,.7
1,.8

11..0
11..0
11..0
11..0

4
3
5
3

.5
.9
.8
.4

5 .1
4 .9
5 .7
4 .6

15 .9
6 .5
19 . 6
20 . 0

25 . 6
15 .2
31 .1
28 . 0

2
2
2
2

APR.

4p

8 .2

1..5

11..0

5 .3

6 .3

17 . 0

28 . 5

1 .9

Date

e
p

U.S. government deposits

Time and
savings
deposits due
to foreign
banks and
official
institutions

Demand deposits
at banks due to

estimated
preliminary




Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

.5
.5
.4
.3

At
thrift
institutions

At
money
market
funds

Total