Full text of H.6 Money Stock Measures : April 18, 1991

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FEDERAL RESERVE statistical fftlftasft

RES. UBBAHY

These data are scheduled for release each Thursday at 4:30
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASU|R£§
Date

APRIL 18, 1991

r w M

Billions of dollars
M1 J

M2 2

V .*
'••"Y^LRt^'"

M3 3

DEBT

Seasonally adjusted
1989-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

781.3
776.8
774.3
779.3
779.9
781.8
787.9
788.9
793.6

3087.8
3089.4
3105.0
3129.4
3147.3
3162.8
3183.0
3203.4
3223.1

3963.1
3966.8
3982.8
4004.
4012.
4018.
4027.
4041.
4055.

4756.1
4762.9
4783.4
4807.4
4826.1
4834.5
4851.7
4869.4
4889.9

9342.9
9403.6
9457.9
9506.9
9570.7
9629.1
9689.0
9751.7
9790.4

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4

3233.6
3255.0
3269.6
3279.9
3282.8
3290 6
3295 4
3309 5
3321 5
3324 5
3324 7
3329.8

4061.4
4073.1
4077.2
4082.7
4082.7
4085.8
4089.
4103.
4109.
4109.
4110.
4113.8

4895.3
4902.9
4914.6
4920.5
4903.2
4922.8
4926.9
4935.4
4957.4
4955.8
4958.0
4959.7

9833.5
9895.4
9965.8
10023.3
10066.6
10122.2
10182.7
10254.3
10312.8
10353.1
10405.9
10450.0

1991-JAN.
FEB.
MAR. p

826.7
836.4
842.7

3332.9
3357.0
3378.3

4126.5
4164.1
4174.0

4979.9
5018.1 p

10490.2
10544.9 p

Not seasonally adjusted
1989-APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

791.2
767.2
773.9
781.9
777.8
778.9
784.5
791.4
811.9

3100.
3071.
3099.
3133.
3147.
3158.
3180.8
3206.7
3236.6

3970.1
3950.0
3978.4
4006.8
4016.6
4016.8
4025.2
4048.4
4067.0

4763.9
4749.5
4777.1
4800.3
4823.7
4833.5
4848.8
4874.9
4907.4

9297.2
9358.0
9414.0
9460.2
9516.6
9578.3
9648.5
9719.2
9775.9

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

802.4
788.3
796.2,
818.0
797.3
810.8
812.9
814.5
818.9
817.6
826.1
844.3

3244.5
3245.6
3267.7
3292.8
3262.8
3284.1
3298.6
3310.2
3316.8
3321.8
3328.3
3343.9

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.4
4108.
4107.
4106.
4117.
4125.

4911.5
4893.9
4912.2
4930.3
4888.6
4914.1
4919.2
4933.6
4956.0
4951.6
4962.7
4978.0

9821.8
9862.6
9921.8
9977.5
10020.4
10078.3
10139.5
10205.2
10263.5
10313.7
10376.7
10437.4

1991-JAN.
FEB.
MAR. p

833.2
823.4
834.7

3343.1
3347.8
3377.5

4132.6
4152.2
4173.3

4995.9
5008.7 p

10480.0
10513.6 p

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

MS

Debt]

3 Months from DEC. 1990 TO MAR. 1991

8.4

5.8

5.9

5.3

6 Months from SEP. 1990 TO MAR. 1991

5.1

3.4

3.2

5.7

12 Months from MAR. 1990 TO MAR. 1991

4.7

3.3

2.4

6.6

Thirteen weeks ending APRIL 8, 1991
from thirteen weeks ending:

JAN.

7, 1991 (13 weeks previous)

6.4

4.2

4.7

OCT.

8, 1990 (26 weeks previous)

4.8

3.0

2.8

APR.

9, 1990 (52 weeks previous)

4.4

3.2

2.1

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
November 1990 to February 1991, August 1990 to February 1991, and February 1990 to February 1991, respectively.

1.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of.depository institutionsj
(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 floatj 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 Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml 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, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits--incuding retail RPs--in amounts of less than $100,000 ), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
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 fax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt 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.l. In those releases, published levels of credit market debt are measured on a quartei—end
basis and include discontinuities.

Footnotes to Table 1

2.

3.

4.
5.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of d o l l a r s
Seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

1991-JAN. 14
21
28

823.6
824.1
824.8

825.4
824.9
825.8

M3

M2
week
average

13-week
average

4-week
average

822.0
826.0
830.2

3326.1
3327.1
3328.6

3328.9
3330.0
3331.7

week
average

13-week
average

4-week
average

3326.1
3334.7
3340.4

4111.4
4112.8
4115.8

4113.2
4117.1
4124.7

4112.5
4129.1
4144.4

week
average

FEB.

4
11
18
25

825.6
826.6
827.8
828.7

827.9
831.5
834.7
836.1

833.3
836.4
838.7
835.9

3330.3
3332.7
3335.4
3338.0

3336.8
3343.8
3349.9
3355.0

3345.8
3354.2
3359.1
3360.7

4118.9
4122.8
4127.4
4131.7

4133.2
4145.8
4155.5
4161.5

4146.7
4162.9
4168.0
4168.3

MAR.

4
11
18
25

829.9
831.2
832.2
833.5

837.2
838.0
838.3
840.4

837.7
839.6
839.9
844.2

3341.1
3344.6
3348.4
3352.6

3360.2
3364.8
3369.8
3376.1

3366.6
3372.7
3379.1
3385.8

4136.4
4141.4
4146.1
4150.8

4167.6
4171.0
4173.8
4175.3

4171.0
4176.6
4179.2
4174.5

835.4
836.7

843.9
844.3

851.8
841.4

3356.5
3361.3

3380.2
3384.1

3383.3
3388.0

4154.8
4159.4

4174.2
4173.3

4166.4
4173.0

APR.

IP
8p

Not seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

1991-JAN. 14
21
28

833.3
834.5
834.8

851.5
846.9
835.5

M2
week
average

13-week
average

4-week
average

842.1
827.2
808.4

3335.2
3337.2
3338.5

3352.3
3352.8
3345.4

M3
week
average

week
average

13-week
average

4-week
average

3354.8
3340.4
3319.4

4119.8
4122.5
4124.8

4132.2
4136.2
4134.1

4141.4
4135.5
4120.2

FEB.

4
11
18
25

834.6
834.6
834.2
833.7

825.6
822.2
821.4
822.8

824.7
828.6
824.0
814.0

3339.2
3340.6
3341.8
3343.6

3338.4
3337.1
3339.0
3345.0

3338.9
3349.5
3348.0
3343.6

4126.6
4129.2
4132.0
4134.4

4133.5
4137.8
4142.4
4148.9

4137.0
4158.3
4154.1
4146.1

MAR.

4
11
18
25

834.4
834.2
833.5
831.9

824.6
826.9
829.1
831.9

831.7
837.9
832.6
825.2

3346.6
3349.1
3351.8
3354.4

3351.9
3359.1
3367.0
3374.0

3366.4
3378.2
3379.6
3371.8

4138.9
4142.7
4146.6
4150.1

4156.7
4161.9
4168.1
4172.7

4168.1
4179.2
4179.1
4164.3

831.1
830.8

834.8
840.6

843.3
861.1

3357.1
3361.3

3378.6
3389.4

3384.8
3421.2

4153.3
4158.3

4173.2
4179.5

4170.1
4204.5

APR.

lp
8p

Note: S p e c i a l c a u t i o n should be taken in i n t e r p r e t i n g week-to-week changes in money supply d a t a , which are highly volatile and subject to

revision.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Nontransact ions
component s

Other checkable deposits

Date

Currency

3

Travelers
checks 2

Demand
deposits3

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only7

Gen eral purpose
and broker/dealer
money market funds

1989-NOV.
DEC.

220.5
222.2

7.4
7.4

278.3
278.7

195.8
197.6

86.9
87.6

282.7
285.2

2414.5
2429.5

837.7
832.1

309.9
313.6

1990-JAN.
FEB.
MAR.

224.5
226.6
228.4

7.5
7.6
7.6

277.6
279.4
278.9

198.3
199.6
201.3

87.4
87.9
88.6

285.8
287.5
289.8

2438.2
2453.9
2465.0

827.8
818.2
807.6

318.4
324.2
325.9

APR.
MAY
JUNE

230.3
231.9
233.7

7.7
7.8
7.8

278.1
275.8
276.3

202.9
203.6
205.5

88.9
88.3
88.2

291.
292.
293.

2472.2
2475.3
2479.1

802.8
799.9
795.2

327.0
325.3
327.5

JULY
AUG.
SEP.

235.7
238.4
241.5

7.8
8.0
8.2

275.6
278.0
279.1

203.9
204.4
205.7

87.7
87.7
87.3

291.
292.
293.

2484.7
2493.0
2499.6

793.8
793.9
787.5

329.2
335.8
339.2

OCT.
NOV.
DEC.

243.9
245.0
246.4

8.3
8.4
8.4

277.1
277.2
276.9

205.9
207.1
208.8

85.8
85.7
85.0

291.8
292.8
293.7

2503.3
2501.3
2504.4

785.0
785.3
784.0

341.7
343.0
347.7

251.6
255.1
256.7

8.4
8.2
8.1

272.9
276.2
277.2

209.2
211.4
214.5

84.7
85.4
86.3

293.9
296.8
300.8

2506.2
2520.7
2535.5

793.7
807.1
795.7

356.3
360.5
365.9

1991-JAN.
FEB.
MAR. P

Week ending
1991-FEB. 11
18
25

254.4
254.7
256.2

277.9
279.6
274.6

210.4
210.8
212.5

85,
85,
84,

295.8
296.2
297.0

2517.8
2520.3
2524.8

808.
808.
807.

359.3
358.4
363.2

4
11
18
25

256.6
256.0
256.2
256.9

273.
275.
275.
277.

214.4
213.5
213.8
214.9

85.7
86.2
85.8
87.1

300.1
299.7
299.6
302.1

2528.
2533.
2539.
2541.

804.4
803.9
800.2
788.7

364.4
364.8
366.3
367.1

257.9
255.9

283.
276.

215.7
214.8

86.9
85.9

302.7
300.7

2531.5
2546.6

783.
784.

366.5
367.4

MAR.

APR.

IP
8p

1.
2.

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.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float.
4.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreiqn banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time
deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e--indicates estimated data.
p--indicates preliminary data.




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H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components 4

Non-M3 Components of L
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper 3

Federal
debt

Non-Federal
debt

1989-NOV.
DEC.

101.5
101.9

116.8
117.5

319.6
327.4

40.3
40.7

351.6
349.2

2261.3
2268.1

7490.4
7522.3

1990-JAN.
FEB.
MAR.

102.5
103.4
105.2

117.9
118.4
119.2

330.7
327.3
336.9

40.3
38.5
37.2

345.0
345.6
344.1

2275.8
2291.6
2316.1

7557.6
7603.8
7649.7

APR.
MAY
JUNE

106.9
107.6
108.1

119.9
120.7
121.4

329.9
315.4
331.7

36.0
35.4
34.7

351.9
349.1
349.1

2330.6
2345.1
2374.2

7692.7
7721.6
7748.0

JULY
AUG.
SEP.

109.8
114.0
116.2

122.2
123.0
123.8

334.3
329.8
333.8

33.0
32.3
31.8

348.2
347.0
359.0

2401.7
2439.6
2461.9

7781.1
7814.8
7850.9

OCT.
NOV.
DEC.

119.6
120.5
125.7

124.5
125.2
126.0

330.4
329.8
325.8

32.6
34.0
34.7

358.8
359.0
359.4

2473.4
2505.4
2532.8

7879.7
7900.5
7917.2

130.1
139.3
142.0

126.7
127.8 p

327.4
334.9 p

36.0
35.2 p

363.4
356.2 p

2555.9
2586.6 p

7934.3
7958.3 p

1991-JAN.
FEB.
MAR. P

Week ending
1991-FEB. 11
18
25
MAR.

APR.

4
11
18
25
IP
8p

1.

138.6
141.1
140.3
141.7
141.4
143.2
142.4
141.2
140.7

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.
2.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and
money market mutual funds.
3.
Total commercial paper less commercial paper held by money market mutual funds.
4.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p--indicates preliminary data.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposiLts

Date

Currency

1

Travelers
Demand
checks 2 deposits3

A*
commercial
banks 4

At
thrift
institutions5

Nontransact ions
components

Total

In M 2

6

In M3
only 7

Overnight
RPs 8

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1989-NOV.
DEC.

221.1
225.3

7.0
6.9

281,4
291.5

194.8
200.2

87.1
88.0

281.8
288.2

2415.3
2424.7

841.7
830.4

62.2
63.1

13.1
14.3

310.9
313.5

1990-JAN.
FEB.
MAR.

223.0
224. 4
227.1

7.0
7.2
7.3

282.8
271.3
271.6

202.6
199.7
202.4

87.0
85.8
87.8

289.6
285.5
290.1

2442.1
2457.2
2471.5

823.3
816.0
808.1

64.6
67.5
67.0

16.9
14.9
14.9

318.5
327.8
331.6

APR.
MAY
JUNE

229.6
231.8
234.9

7.3
7.5
8.1

280.0
268.9
275.2

209.6
200.9
204.0

91.5
88.2
88.7

301.1
289.1
292.7

2474.8
2465.5
2473.3

798.0
801.5
796.7

64.3
66.7
66.9

15.1
16.5
15.5

330.9
321.7
322.2

JULY
AUG.
SEP.

237.3
239.4
241.0

8.6
8.9
8.8

277.3
276.8
278.2

201.4
201.8
203.9

88.2
87.6
87.1

289.7
289.4
291.1

2485.7
2495.7
2497.8

792.9
798.1
790.4

68.2
67.5
65.0

15.8
15.2
16.4

325.0
334.6
339.2

OCT.
NOV.
DEC.

242.8
245.7
249.6

8.4
8.0
7.8

278.0
280.5
289.9

203.0
206.0
211.5

85.4
85.9
85.5

288.4
291.9
297.0

2504.2
2502.2
2499.6

784.8
788.8
782.0

66.0
60.4
54.7

17.5
17.3
19.2

341.3
344.5
347.8

249.8
252.7
255.6

7.8
7.8
7.8

277.7
268.1
270.1

213.7
211.5
215.8

84.2
83.3
85.5

297.9
294.8
301.3

2509.9
2524.4
2542.8

789.5
804.4
795.8

52.0
52.0
50.3

19.4
18.9
20.4

356.6
364.7
372.5

253.2
253.1
252.1

7.9
7.8
7.8

270.2
270.3
263.1

213.0
210.6
209.4

84.5
82.2
81.7

297.4
292.7
291.1

2520.9
2524.0
2529.6

808.8
806.1
802.4

51.1
52.5
52.3

17.9
19.1
19.7

363.2
362.7
368.2

254.1
256.2
255.4
254.8

7.8
7.8
7.8
7.8

268.4
270.2
269.7
264.8

215.9
217.2
214.7
213.5

85.4
86.5
85.0
84.2

301.3
303.7
299.7
297.8

2534.7
2540.4
2547.0
2546.6

801.6
800.9
799.6
792.4

51.5
50.2
51.2
51.6

19.8
20.0
21.5
21.3

369.5
371.3
373.1
374.5

255.3
257.7

7.8
7.6 e

277.9
280.6

215.9
224.2

86.5
90.9

302.4
315.2

2541.5
2560.0

785.3
783.3

47.2
54.5

18.8
19.9

372.6
373.3

1991-JAN.
FEB.
MAR. P

Meek ending
1991-FEB. 11
18
25
MAR.

APR.

1.
2.

4
11
18
25

8

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.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e--indicates estimated data,

p—indicates preliminary data.


H.6 1508)
Table 5-continued

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

At
At
commercial
thrift
institutions
banks

Date

Total

Small-denomination time deposits 2

Savings deposits1

Money market deposit accounts

At
At
thrift
commercial
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At .
At
commercial
thrift
4
banks
institutions

Total

1989-NOV.
DEC.

351.9
356.5

133.6
133.7

485.5
490.2

186.2
186.4

215.9
214.2

402.1
400.6

525.8
529.2

615.6
613.8

1141.4
1143.0

402.6
400.4

165.6
162.6

568.2
562.9

1990-JAN.
FEB.
MAR.

357.8
359.2
362.8

133.8
134.2
135.5

491.5
493.4
498.3

188.1
189.7
191.9

214.7
215.4
218.0

402.9
405.1
410.0

533.4
537.8
540.6

614.4
610.8
609.2

1147.8
1148.6
1149.7

399.5
399.2
399.1

158.3
154.1
150.0

557.8
553.3
549.1

APR.
MAY
JUNE

364.6
362.7
367.4

135.0
133.0
131.9

499.6
495.7
499.3

192.9
193.3
195.3

219.8
219.2
219.3

412.7
412.5
414.6

544.4
552.9
563.9

607.8
599.6
590.9

1152.2
1152.4
1154.8

394.6
397.1
397.2

146.0
142.8
140.1

540.6
539.9
537.2

JULY
AUG.
SEP.

369.1
373.5
375.0

130.6
130.8
130.9

499.8
504.3
505.9

197.2
196.5
196.2

219.7
217.5
215.4

416.9
414.0
411.7

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

375.8
379.7
381.6

129.7
130.1
128.7

505.6
509.8
510.3

198.2
197.9
197.7

214.4
212.6
209.6

412.6
410.4
407.3

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.3

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

380.5
384.6
390.9

128.4
128.8
130.8

508.9
513.3
521.7

199.9
201.6
205.9

209.0
210.5
214.8

409.0
412.0
420.7

602.1
606.3
607.7

561.9
557.2
549.6

1164.1
1163.5
1157.2

392.2
399.4
399.1

117.5
114.5
111.3

509.6
513.9
510.4

384.2
385.1
385.4

128.8
128.9
128.7

513.0
514.0
514.0

201.0
201.6
202.1

210.5
210.5
210.4

411.4
412.1
412.5

604.9
606.3
608.2

559.3
557.3
554.6

1164.2
1163.6
1162.9

398.6
400.1
400.9

115.1
114.5
113.8

513.7
514.5
514.6

386.8
390.1
392.3
391.5

129.5
130.5
131.0
131.0

516.3
520.6
523.3
522.5

203.5
204.7
205.8
206.5

212.1
213.8
214.9
215.3

415.6
418.5
420.7
421.9

608.1
608.3
607.9
607.3

553. 9
551.4
549.3
547.5

1162.0
1159.7
1157.1
1154.8

400.3
400.9
400.7
398.5

112.8
111.7
111.3
110.5

513.1
512.7
512.0
509.0

392.2
395.7

131.7
133.3

524.0
529.0

208.1
210.3

217.0
220.2

425.1
430.5

606.7
605.8

547.2
547.1

1154.0
1152.8

394.8
395.9

110.9
109.9

505.7
505.8

1991-JAN.
FEB.
MAR. P

Neek endii^>g
1991-FEB. 11
18
25
MAR.

APR.

4
11
18
25
IP
8p

1.
2.

Savings deposits exclude MMDAs.
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.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p--indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s , not seasonally adjusted
Term RPs l
At
At
Institutiononly money commercial
thrift
market funds
banks
institution?

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1989-NOV.
DEC.

102.1
102.8

51.1
47.0

59.0
51.8

110.1
98.8

79.3
81.0

116.6
117.3

325.5
336.7

41.0
41.7

343.3
344.7

2252.7
2265.9

7466.5
7509.9

1990-JAN.
FEB.
MAR.

105.9
107.1
106.8

47.9
51.6
50.1

49.6
48.9
48.3

97.5
100.5
98.4

74.2
68.4
66.7

118.0
118.5
119.4

338.0
328.8
337.2

40.4
37.5
36.1

347.3
347.6
343.8

2277.5
2295.0
2319.2

7544.4
7567.6
7602.7

APR.
MAY
JUNE

105.9
106.8
106.2

49.5
50.1
53.4

48.7
49.2
48.9

98.2
99.3
102.2

65.3
67.1
64.4

120.2
120.9
121.6

328.6
310.6
321.4

35.3
35.2
34.9

355.4
357.6
355.4

2331.0
2339.7
2363.0

7646.6
7680.7
7715.3

JULY
AUG.
SEP.

108.3
113.1
113.4

53.5
55.5
51.7

47.0
46.5
46.6

100.5
102.0
98.3

65.1
68.3
70.0

122.2
122.8
123.5

324.2
325.1
336.2

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7752.7
7782.9
7819.0

OCT.
NOV.
DEC.

117.1
121.2
127.0

50.7
52.3
47.6

44.9
43.4
42.5

95.6
95.7
90.2

70.2
70.0
71.2

124.2
125.0
125.8

335.0
335.8
335.6

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7854.4
7877.9
7905.4

134.8
144.0
143.9

46.4
46.5
45.3

42.1
41.0
39.2

88.5
87.6
84.5

71.9
73.2
71.8

126.8
127.9 p

334.7
336.1 p

36.1
34.3 p

365.7
358.2 p

2557.8
2591.0 p

7922.2
7922.6 p

144.2
145.5
144.8

48.7
46.0
44.4

41.7
41.0
40.7

90.4
86.9
85.1

74.4
73.0
72.1

145.2
143.7
144.4
143.9

44.7
45.6
45.4
44.9

40.0
40.4
39.5
39.3

84.7
85.9
84.9
84.2

73.5
73.4
72.9
70.1

142,8
140.6

45.7
45.0

36.6
38.4

82.3
83.4

69.6
67.8

1991-JAN.
FEB.
MAR. P
Neek ending
1991-FEB. 11
18
25
MAR.

APR.

4
11
18
25
lp
8p

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs.
Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks
world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal
Reserve Banks, money market mutual funds, and foreign entities.
4.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p--indicates preliminary data.
1.
2.
3.




H.6 (508)
Table 6

MEMORANDUM ITEMS

10

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

Foreign
Foreign
ccommercial
official
institutions
banks

Date

IRA and Keogh Accounts

U.S. government deposits
Time and savings
deposits due to
foreign banks
and official
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
At
At
deposits
thrift
at commercial commercia 1
institutions
banks
banks

At
money
market
funds

Total

1989-NOV.
DEC.

9.2
9.5

1.6
1.6

3.4
3.3

3.5
5.2

5.2
4.8

11.2
14.4

19.9
24.5

1.3
1.3

108.0
108.7

132.5
133.3

29.3
29.9

269.6
271.8

1990-JAN.
FEB.
MAR.

9.7
9.0
9.0

1.6
1.6
1.6

3.4
3.4
3.4

4.4
3.5
3.6

6.0
6.2
5.3

18.8
18.5
13.1

29.1
28.2
22.0

1.3
1.3
1.3

110.3
111.9
113.3

133.9
133.9
133.9

31.4
53.0
35.6

275.7
278.9
280.8

APR.
MAY
JUNE

9.2
9.4
9.1

1,5
1.7
1.5

3.4
3.4
3.3

5.1
3.4
5.5

4.4
5.1
5.0

14.9
21.8
15.4

24.4
30.3
25.9

1.3
1.3
1.2

115.6
117.7
119.5

134.0
135.8
133.6

54.0
54.2
54.5

285.6
285.8
287.4

JULY
AUG.
SEP.

9.0
9.2
9.4

1.5
1.8
1.9

3.3
3.2
3.2

3.4
3.8
5.1

5.4
5.4
6.4

11.9
19.7
25.9

20.6
28.9
37.5

1.3
1.4
1.2

121.1
122.6
124.4

133.5
133.1
132.5

54.4
55.2
56.9

289.0
291.0
295.8

OCT.
NOV.
DEC.

9.0
8.9
8.8

1.5
1.4
1.4

3.6
3.3
3.2

3.5
3.7
5.0

5.5
5.6
5.2

17.5
15.4
18.1

26.4
24.8
28.2

1.4
1.4
1.4

126.8
128.6
130.3

132.0
131.5
130.7

57.8 e
58.1 e
58.4 e

296.5 e
298.1 e
299.4 e

9.2
8.2
8.1

1.5
1.5
1.4

3.3
3.3
3.3

4.9
4.2
4.9

7.8
11.5
6.8

24.5
35.1
23.3

37.2
50.8
35.0

1.4
1.3
1.3

132.1
133.6
135.2

131.2 e
131.0 e
131.0 e

59.1 e
59.7 e
40.4 e

502.4 e
504.5 e
506.6 e

8.4
7.9
8.3

1.5
1.6
1.5

3.3
3.3
3.3

3.2
4.3
4.0

8.0
12.5
13.0

33.8
35.3
36.5

45.0
52.1
53.5

1.3
1.3
1.3

8.0
8.0
8.3
7.7

1.5
1.3
1.5
1.6

3.3
3.3
3.2
3.3

5.1
3.4
8.6
3.1

9.6
6.2
4.5
6.2

33.9
21.9
19.0
24.2

48.6
31.6
32.2
33.6

1.3
1.3
1.3
1.3

8.5

1.3
1.3

3.3
3.3

4.4
3.4

8.7
4.9

21.8
10.7

34.9
19.0

1.3
1.3

1991-JAN.
FEB.
MAR. P
Week ending
1991-FEB. 11
18
25
MAR.

APR.

4
11
18
25
lp
8p

9.5

-indicates estimated data,
-indicates preliminary data.




H.ft(508)
Special Supplementary Table

Monthly Survey of Selected Deposits
February 27, 1991 and March 27, 1991l
(not seasonally adjusted)

insured Commercial Banks
Average Rate Paid (%)
Amount Outstanding ($miQ
Liability Categories

February 27

March V

Change
(percent)

February 27

March 27

Change
(b.p.)

NOW Accounts

207.725

211,678

1.90

4.83

4.81

Money market deposit accounts
Personal

271,180

275.690

1.66

5.68

5.58

-10

110,896

113,266

2.14

5.64

5.58

-6

200,334

204,611

2.13

5.35

5.31

-4

53,844

55.093

2.32

6.24

6.07

-17

92 to 182 days

171.611

171,972

0.21

6.44

6.28

-16

183 days to 1 year

222,052

220,020

-0.92

6.63

6.53

-10

1 to 2-1/2 years

154,215

155,431

0.79

6.81

6.73

-8

2-1/2 years and over

140,802

140,355

-0.32

7.04

7.04

0

134.583

135.808

0.91

N.A.

N.A.

N.A.

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

All IRA/Keogh Flan deposits

2

FDIC-insured Savings Banks3
Average Rate Paid (%)
Amount Outstanding ($mil)
Liability Categories

Change
(percent)

Change

February 27

March 27

8,247

8,516

3.26

5.33

5.32

-1

24.012

24.337

1.35

6.22

6.08

-14

1,661

1,690

1.75

6.15

5.94

-21

39.541

40.409

2.20

5.60

5.60

0

6.140

6,354

3.49

6.92

6.62

-30

92 to 182 days

26.073

26.110

0.14

7.02

6.69

-33

183 days to 1 year

38,945

38.619

-0.84

7.24

7.03

-21

1 to 2-1/2 years

25.516

25.528

0.05

7.36

7.22

-14

2-1/2 years and over

20.163

19.978

-0.92

7.70

7.57

-13

24.069

24.218

0.62

N.A.

N.A.

N.A.

NOW Accounts

February 27

March 27

(b.p.)

Money market deposit accounts
Personal
Nonpersonal
Savings deposits
Interest-bearing lime deposits
with balances of less than
$100,000 with original
maturities of:
7 to 91 days

2

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 500 commercial banks and
80 savings banks. All rates are expressed as annual effective yields.
2.
Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
3.
FDIC-insurcd savings banks include both mutual and federal savings banks.