Full text of H.6 Money Stock Measures : April 25, 1991
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[Q^OOV^ FEDERAL RESERVE statistical release JH.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES APRIL 25, 1991 Billions of dollars Date Ml 1 M2 2 M51 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 4004.9 4012.4 4018.0 4027.5 4041.1 4055.2 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 3309 3321 3324 3324 3330 4061 .4 4073 .1 4077 .2 4082 .7 4082 .7 4085.8 4089.2 4103 4109 4109 4110 4114 4895.3 4902.9 4914.6 4920.5 4903.2 4922.8 4926.9 4935.4 4957.4 4955.8 4958.0 4960.0 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. 826.7 836.4 842.9 3333.1 3357.2 3378.7 4126.9 4164.1 4174.5 4980.3 5018.2 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..0 3071..3 3099..5 3133..2 3147..6 3158..1 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. 802.4 788.3 796.2 818.0 797.3 810.8 812.9 814.5 818.9 817.6 826.1 844.2 3244.5 3245.6 3267.7 3292.8 3262.8 3284.1 3298.6 3310.2 3316.8 3321.8 3328.3 3344.0 4067.8 4061.5 4075.8 4090.8 4064.3 4080 4091 4108 4107 4106 4117 4126 4911.5 4893.9 4912.2 4930.3 4888.6 4914.1 4919.2 4933.6 4956.0 4951.6 4962.7 4978.3 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. 833.2 823.4 834.9 3343.4 3348.0 3377.9 4133.0 4152.2 4173.8 4996.3 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 3 Months from DEC. 1990 TO MAR. 1991 Ml M2 M3 Debt1 8.5 5.8 5.9 5.3 6 Months from SEP. 1990 TO MAR. 1991 5.1 3.2 5.7 12 Months from MAR. 1990 TO MAR. 1991 4.7 3.3 2.4 6.6 JAN. 14, 1991 (13 weeks previous) 7.2 4.8 5.3 OCT. 15, 1990 (26 weeks previous) 5.0 3.2 3.0 APR. 16, 1990 (52 weeks previous) 4.5 3.2 2.2 Thirteen weeks ending APRIL 15, 1991 from thirteen weeks ending: 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. Footnotes to Table 1 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 Ml is calculated by summing currency, travelers checks, demand deposits, and 0CDs> 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 (tide 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 tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local overhments 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. f H.6 ( 5 0 8 ) Table 5 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted Ml Period ending 1991-JAN. 21 28 FEB. 4 11 18 25 MAR. 4 11 18 25 APR. 1 8p 15p 15-week average 4-week average 824.1 824.8 824.9 825.8 825.6 826.6 827.8 828.7 M5 M2 15-week average 4-week average 826.0 850.2 5527.2 5528.7 5550.5 5552.0 827.9 851.5 854.7 856.1 855.5 856.4 858.. 7 855.9 5550.5 5552.9 5555.6 5558.2 829.9 851.2 852.2 855.5 857.2 858.0 858.5 840.4 857.7 859.6 859.9 844.2 855.4 856.8 858.5 845.9 844.5 845.6 851.9 842.0 844.4 week average week average 15-week average 4-week average 5555.0 5540.7 4115.0 4116.0 4117.6 4125.1 4129.5 4144.6 5557.1 5544.1 5550.1 5555.2 5546.1 5554.5 5559.2 5560.8 4119.1 4125.0 4127.6 4152.0 4155.5 4145.9 4155.6 4161.5 4146.8 4162.8 4168.0 4168.5 5541.4 5544.9 5548.6 5552.8 5560.5 5564.9 5569.9 5576.1 5566.8 5572.7 5579.1 5585.8 4156.7 4141.6 4146.5 4151.0 4167.6 4171.1 4174.0 4175.6 4171.5 4176.9 4179.5 4174.7 5556.7 5561.5 5566.5 5580.5 5584.5 5587.5 5585.4 5588.7 5591.4 4155.0 4159.7 4165.6 4174.5 4175.7 4176.2 4166.8 4175.8 4189.5 week average Not seasonally adjusted Ml Period ending 1991-JAN. 21 28 FEB. 4 11 18 25 MAR. 4 11 18 25 APR. 1 8p 15p 15-week average 4-week average 854.5 854.8 846.9 855.5 854.6 854.6 854.2 855.7 M5 M2 week average 15-week average 4-week average 5540.6 5519.7 4122.7 4125.1 4156.7 4154.5 4135.8 4120.4 5558.7 5557.5 5559.2 5545.2 5559.2 5549.8 5548.2 5545.7 4126.8 4129.4 4152.2 4154.6 4155.8 4157.9 4142.5 4148.9 4137.2 4158.2 4154.1 4146.1 5546.9 5549.5 5552.0 5554.5 5552.1 5559.2 5567.1 5574.1 5566.6 5578.5 5579.6 5571.8 4159.2 4145.0 4146.9 4150.5 4156.7 4162.0 4168.5 4172.9 4168.3 4179.4 4179.4 4164.5 5557.5 5561.5 5366.6 5578.7 5589.6 5400.0 5584.9 5421.9 3421.5 4155.5 4158.5 4164.1 4175.5 4179.9 4188.6 4170.5 4205.3 4213.9 15-week average 4-week average 827.2 808.4 3557.5 5358.6 5555.1 5545.7 825.6 822.2 821.4 822.8 824.7 828.6 824.0 814.0 3559.4 5540.7 5542.0 5545.7 854.4 854.2 855.5 851.9 824.6 826.9 829.1 851.9 851.7 857.9 852.6 825.2 851.1 850.9 852.7 854.8 840.7 849.0 845.4 861.7 865.8 week average week average 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 i n money supply d a t a , which are h i g h l y v o l a t i l e and subject to revision. p — i n d i c a t e s preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT B i l l i o n s of d o l l a r s , seasonally adjusted Nontransact ions component s Other checkable deposits At commercial banks 4 At thrift institutions5 Genesral purpose and i>roker/dealer money market funds Total In M 2 6 In M3 only 7 86.9 87.6 282.7 285.2 2414.5 2429.5 837.7 832.1 309.9 313.6 198.3 199.6 201.3 87.4 87.9 88.6 285.8 287.5 289.8 2438.2 2453.9 2465.0 827.8 818.2 807.6 318.4 324.2 325.9 278.1 275.8 276.3 202.9 203.6 205.5 88.9 88.3 88.2 291.7 292.0 293.7 2472.2 2475.3 2479.1 802.8 799.9 795.2 327.0 325.3 327.5 235.7 238.4 241.5 275.6 278.0 279.1 203.9 204.4 205.7 87.7 87.7 87.3 291.7 292.1 293.0 2484.7 2493.0 2499.6 793.8 793.9 787.5 329.2 335.8 339.2 OCT. NOV. DEC. 243.9 245.0 246.4 277.1 277.2 276.9 205.9 207.1 208.8 85.8 85.7 85.0 291.8 292.8 293.7 2503.3 2501.3 2504.6 785.0 785.3 784.1 341.7 343.0 347.7 1991-JAN. FEB. MAR. 251.6 255.1 256.7 272.9 276.2 277.2 209.2 211.4 214.5 84.7 85.4 86.4 293.9 296.8 300.9 2506.4 2520.9 2535.7 793.7 806.9 795.8 356.3 360.5 365.9 254.7 256.2 279. 274, 210.8 212.5 85.4 84.5 296. 297. 2520, 2524, 808. 807, 358. 363, Currency 1 Travelers checks 2 Demand deposits3 1989-NOV. DEC. 220.5 222.2 7.4 7.4 278.3 278.7 195.8 197.6 1990-JAN. FEB. MAR. 224.5 226.6 228.4 7.5 7.6 7.6 277.6 279. 4 278.9 APR. MAY JUNE 230.3 231.9 233.7 JULY AUG. SEP. Date 8.4 8.2 8.1 Meek ending 1991-FEB. 18 25 MAR. 4 11 18 25 256.6 256.0 256.3 256.9 272, 275. 275, 277. 214.4 213.5 213.8 214.9 85.7 86.2 85.8 87.1 300. 299. 299. 302. 2529, 2533, 2539, 2541, 804. 804. 800. 788. 364.4 364.8 366.3 367.1 APR. 1 8p 15p 257.9 255.9 256.3 283. 277. 278, 215.7 214.8 215.9 86.9 85.9 86.0 302. 300. 301, 2531, 2546, 2547 783. 785. 798, 366.5 367.4 366.9 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 NOH 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. 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. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Savings deposits1 Money market' deposit accounts At At commercial thrift banks institutions Date Total At At commercial thrift banks institutions Small-denomination time deposits2 Total At At commercial thrift banks institutions Total Large-denomination time deposits3 At At commercial thrift banks* institutions Total 1989-NOV. DEC. 349.9 353.0 133.0 133.1 482.9 486.1 186.5 187.7 216.6 216.4 403.0 404.1 527.2 531.4 615.0 614.5 1142.2 1145.9 401.6 401.9 163.7 161.6 565.3 563.5 1990-JAN. FEB. MAR. 355.3 358.1 360.9 132.8 133.8 134.8 488.2 491.8 495.7 189.6 191.4 192.1 216.4 217.3 218.2 406.0 408.7 410.2 532.8 536.9 540.7 613.7 609.9 609.3 1146.5 1146.8 1149.9 401.1 400.4 399.2 158.9 154.5 150.1 560.0 554.9 549.3 APR. MAY JUNE 364.4 366.1 369.6 134.9 134.3 132.6 499.3 500.5 502.3 192.3 192.7 194.0 219.1 218.6 217.8 411.5 411.3 411.8 544.4 553.4 563.8 607.8 600.2 590.8 1152.2 1153.5 1154.6 396.8 397.5 397.7 146.9 143.0 140.3 543.7 540.5 538.0 JULY AUG. SEP. 371.8 374.7 376.1 131.6 131.2 131.3 503.4 505.9 507.4 195.2 195.9 196.5 217.5 216.8 215.8 412.7 412.7 412.3 571.6 574.9 579.4 585.2 583.4 580.7 1156.8 1158.3 1160.1 398.7 395.8 390.9 136.4 133.4 131.0 535.0 529.2 521.9 OCT. NOV. DEC. 376.7 377.4 378.4 130.0 129.4 127.6 506.7 506.8 505.9 197.7 198.2 199.4 213.9 212.9 211.4 411.5 411.1 410.8 588.1 589.5 598.1 573.3 572.3 566.1 1161.4 1161.8 1164.2 386.8 387.4 386.1 128.3 125.1 121.0 515.1 512.5 507.1 1991-JAN. FEB. MAR. 377.7 383.1 388.8 127.4 128.3 130.2 505.1 511.4 518.9 201.4 203.3 205.9 210.6 212.2 214.8 412.0 415.5 420.8 601.7 605.7 608.1 561.5 556.6 549.8 1163.2 1162.3 1158.0 393.8 400.9 399.6 117.9 114.9 111.4 511.7 515.7 511.0 383.5 384.0 128.3 128.2 511.8 512.2 203.3 204.1 212.2 212.5 415.5 416.5 605.6 608.1 556.6 554.5 1162.2 1162.6 401.2 402.3 114.8 114.2 516.0 516.5 Meek ending 1991-FEB. 18 25 MAR. 4 11 18 25 385.0 387.2 389.9 389.8 128.9 129.6 130.2 130.5 513.8 516.8 520.1 520.3 204.8 204.9 205.8 206.5 213.4 214.0 214.8 215.4 418.3 418.9 420.6 421.9 608.3 608.7 608.8 608.1 554.1 551.8 550.1 548.2 1162.3 1160.5 1158.8 1156.4 401.9 401.5 401.5 398.4 113.3 111.9 111.5 110.5 515.1 513.3 513.0 508.9 APR. 1 8p 15p 390.3 391.7 394.4 131.1 131.9 132.5 521.4 523.6 526.9 207.1 207.9 208.6 216.0 217.5 218.3 423.1 425.5 426.8 606.3 605.6 604.8 546.8 546.9 545.8 1153.1 1152.5 1150.6 394.8 396.8 398.5 110.8 110.2 109.3 505.6 507.0 507.8 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. Large-denomination time deposits at commercial banks less those held by money market mutual funds > depository institutions > and foreign To banks and official institutions. p—indicates preliminary data. H.6 (508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted %. Institutiononly money market funds Date Debt components4 Non-M3 Components of L Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper3 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 1991-JAN. FEB. MAR. 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 Heek ending 1991-FEB. 18 25 141.1 140.3 MAR. 4 11 18 25 141.7 141.4 143.2 142.4 APR. 1 8p 15p 141.2 140.7 148.6 1. 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 deposi ts Currency Date 1 Travelers Demand checks 2 deposits3 At commercial banks 4 Nontransactions components At institutions 5 Total In M2 6 In M3 only7 Overnight RPs* 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 87.8 269.6 285.5 290.1 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 2499.8 784.8 788.8 782.2 66.0 60.4 54.7 17.5 17.3 19.4 341.3 344.5 347.8 1991-JAN. FEB. MAR. 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 85.7 297.9 294.8 301.4 2510.2 2524.6 2542.9 789.6 804.3 796.0 52.0 52.0 50.3 19.7 19.1 20.5 356.6 364.7 372.5 253.1 252.1 7.8 7.8 270.3 263.1 210.6 209.4 82.2 81.7 292.7 291.1 2524.1 2529.7 805.9 802.4 52.5 52.3 19.2 19.8 362.7 368.2 Heek ending 1991-FEB. 18 25 MAR. 4 11 18 25 254.1 256.2 255.4 254.8 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 2534.9 2540.4 2547.0 2546.7 801.7 801.1 799.8 792.6 51.5 50.2 51.2 51.6 20.0 20.1 21.6 21.4 369.5 371.3 373.1 374.5 APR. 1 8p 15p 255.3 257.7 256.7 7.8 7.6 e 7.7 e 278.0 281.1 284.4 215.9 224.2 226.6 86.5 91.0 90.4 302.4 315.2 317.0 2541.5 2560.2 2555.7 785.6 783.4 792.4 47.1 54.5 50.8 18.9 19.9 19.6 372.6 373.3 373.9 Currency outside U.S. Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOH 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 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Savings deposits1 Money market deposit accounts At commercial banks Date At thrift institutions Total At At thrift commercia 1 institutions banks Small-denomination time deposits2 AiF Total At"~ commercial # thrift banks institutions Total Large-denomination time deposits 3 At At commercial thrift 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 1991-JAN. FEB. MAR. 380.5 384.6 390.9 128.4 128.8 130.9 508.9 513.3 521.8 199.9 201.6 205.9 209.0 210.5 214.8 409.0 412.0 420.7 602.1 606.3 607.7 561.9 557.2 549.5 1164.0 1163.4 1157.2 392.2 399.4 399.1 117.5 114.5 111.3 509.6 513.9 510.4 385.1 385.4 128.9 128.7 514.0 514.0 201.6 202.1 210.5 210.4 412.1 412.5 606.3 608.2 557.3 554.6 1163.6 1162.9 400.1 400.9 114.5 113.8 514.5 514.6 Neek ending 1991-FEB. 18 25 MAR. 4 11 18 25 386.8 390.1 392.3 391.5 129.5 130.5 131.0 131.0 516.3 520.6 523.3 522.5 203.5 204.7 205.8 206.5 212.1 213.8 214.9 215.3 415.6 418.5 420.7 421.9 608.1 608.3 607.9 607.3 553.9 551.4 549.3 547.5 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 APR. 1 8p 15p 392.2 395.7 397.7 131.7 133.3 133.6 524.0 529.0 531.3 208.1 210.3 209.9 217.0 220.0 219.7 425.1 430.3 429.6 606.7 606.0 604.7 547.2 547.2 545.8 1154.0 1153.2 1150.5 394.8 395.9 396.2 110.8 109.9 108.7 505.6 505.8 504.9 Savings deposits exclude MMDAs. Small-denomination time deposits—includinq retail RPs—are those issued in amounts of less than $100,000 All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions> and foreign banks and official institutions —indicates preliminary data 1. 2. 3. 4. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Term RPs 1 Date InstitutionAt At only money commercial thrift market funds banks institutions Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3' Bankers acceptances* 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 71.4 124.2 125.0 125.8 335.0 335.8 335.6 32.8 34.6 35.7 353.0 350.3 355.1 2459.3 2498.8 2532.1 7854.4 7877.9 7905.4 1991-JAN. FEB. MAR. 134.8 144.0 143.9 46.4 46.5 45.3 42.1 41.0 39.2 88.5 87.6 84.5 72.0 73.0 72.0 126.8 127.9 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 145.5 144.8 46.0 44.4 41.0 40.7 86.9 85.1 72.9 72.0 Neek ending 1991-FEB. 18 25 MAR. 4 11 18 25 145.2 143.7 144.4 143.9 44.7 45.6 45.4 44.9 40.0 40.4 39.5 39.3 84.7 85.9 84.9 84.2 73.6 73.6 73.1 70.3 APR. 1 8p 15p 142.8 140.6 147.7 45.8 45.0 46.3 36.7 38.3 38.1 82.5 83.3 84.4 69.7 67.9 70.2 1. 2. Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Term Eurodollars are thosewith 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. 3. 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. H.6 (508) Table 6 MEMORANDUM ITEMS 10 B i l l i o n s of dollars> not seasonally adjusted Demand deposits at banks due to U.S. government depostits Time and savinas Demand deposits due to Foreign Foreign deposits at foreign banks ccommercial official commercial and otficial banks institutions banks institutions Date Balance Note balances at Federal at depository Reserve institutions Total cash balance IRA and Keogh Accounts Time and savinas At deposits At thrift at commercial commercia 1 banks institutions 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 1.3 108.0 108.7 132.3 133.3 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 33.0 33.6 275.7 278.9 280.8 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 1.2 115.6 117.7 119.5 134.0 133.8 133.6 34.0 34.2 34.3 283.6 285.8 287.4 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 34.4 35.2 36.9 289.0 291.0 293.8 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 37.8 e 38.1 e 38.4 e 296.5 e 298.1 e 299.4 e 1991-JAN. FEB. MAR. 9.2 8.2 8.1 1.5 1.5 1.4 3.3 3.3 3.3 4.9 4.2 5.1 7.8 11.5 6.8 24.5 35.1 23.3 37.2 50.8 35.1 1.4 1.3 1.3 132.1 133.6 135.2 131.2 e 131.0 e 131.0 e 39.1 e 39.7 e 40.4 e 302.4 e 304.3 a 306.6 e 7.9 8.3 1.6 1.5 3.3 3.3 12.5 13.0 35.3 36.5 52.1 53.5 1.3 1.3 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 8.7 4.9 4.0 21.8 10.7 2.5 34.9 19.0 13.0 1.3 1.3 1.3 Heek ending 1991-FEB. 18 25 MAR. 4 11 18 25 8.0 8.0 8.3 7.7 1.5 1.3 1.5 1.6 3.3 3.3 3.2 3.3 4.3 4.0 5.1 3.4 8.6 3.1 APR. 1 8p 15p 8.5 9.5 8.1 1.3 1.3 1.4 3.3 3.3 3.2 4.4 3.5 6.5 e—indicates estimated data, p—indicates preliminary data.