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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
.3
3147.
3162.8
3183.0
.4
3203.
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
.3
3071.
.5
3099.
.2
3133.
.6
3147.
.1
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
844.2

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

Ml
3 Months from DEC. 1990 TO MAR. 1991

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 banks and
To
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 3
checks 2 deposits

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
InstitutionAt
At
only money commercial
thrift
market funds
banks
institutions

Date

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
commercial
c
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.