Full text of H.6 Money Stock Measures : April 6, 1995

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.-j-iStifc

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

** -

6

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

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

Billions of dollars
Date

f^AL

A P R I L 6, 1995

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1993-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1038.7
1047.7
1067.2
1076.3
1085.2
1095.1
1104.7
1113.5
1122.4
1128.6

3504.1
3507.8
3530.6
3540.2
3543.6
3549.3
3559.1
3564.4
3576.7
3583.6

4166.9
4174.1
4202 .0
4204.6
4202.3
4205.5
4214.2
4222.7
4234.4
4242.5

5049.5
5062.4
5098.7
5105.0
5099.8
5112.4
5110.4
5118.9
5131.7
5150.3

11830.1
11889.7
11949.0
12007.2
12064.0
12122.0
12175.1
12211.5
12268.4
12335.3

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1151.0
1148.1
1147.5
1147.8

3589.1
3586.1
3597.4
3605.3
3608.4
3605.1
3616.0
3614.1
3613 .2
3608.9
3609.9
3614.2

4246.0
4232 . 1
4240.8
4250.9
4251.5
4256.6
4273 .7
4272.7
4278.4
4284.8
4291.0
4303.2

5165.6
5163.0
5165.9
5181.4
5188.7
5185.5
5208.5
5207.9
5211.5
5236.0
5251.1
5293.6

12391.2
12444.1
12498.1
12546.3
12591.6
12641.4
12681.1
12738.5
12800.0
12856.5
12919.2
12965.0

1995-JAN.
FEB.

1148.8
1147.1

3626.2
3622.0

4326.0
4334.9

5311.0 p

13025.1 p

.9
.9
.3
.6
.7
.1
.9
.2
.7
.3

5053 .3
5074 .5
5078 .9
5093 .4
5087 .3
5 1 0 1 .3
5092 .6
5110 .2
5 1 5 1 ,.2
5184 .9

11788 .0
11836 .5
11886 .5
1 1 9 6 2 ,. 4
1 2 0 2 0 ,. 5
1 2 0 7 2 , .7
1 2 1 3 4 , .3
1 2 1 7 3 ,. 1
1 2 2 4 1 . .3
1 2 3 2 7 ,. 4

Not seasonally adjusted
1993-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1030.8
1057.7
1057 .2
1072.2
1083.6
1088.6
1099.3
1112.1
1129.5
1153.7

3505
3525
3517
3535
3541
3542
3548
3561
3584
3606

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1142.3
1124.2
1131.4
1152.7
1132.5
1142.3
1150.9
1143.9
1146.1
1147.3
1155.3
1173.5

3595 .6
3 5 7 3 , .3
3 5 9 6 ,. 1
3 6 2 2 .. 6
3 5 9 5 . .5
3 6 0 0 . .3
3 6 1 4 . .8
3 6 0 6 . .6
3 6 0 2 ,.6
3 6 0 5 . .9
3 6 1 8 , .2
3 6 3 7 .,7

4254 .9
4 2 2 1 .9
4 2 3 8 .3
4 2 6 4 ,.3
4 2 4 0 .. 5
4 2 5 0 . .2
4 2 6 7 ,. 4
4 2 6 6 . .2
4 2 6 5 . .9
4 2 8 0 . .0
4 3 0 5 . .4
4 3 2 9 . ,3

5 1 8 7 .3
5 1 5 5 ,.9
5 1 6 6 . .3
5 1 9 3 ..4
5 1 6 8 . .5
5 1 7 4 .. 1
5 1 9 6 .. 1
5 1 9 6 . .7
5 1 9 2 . .4
5 2 2 7 , ,2
5273. 2
5331. 3

1 2 3 8 3 , .7
1 2 4 1 7 . .3
1 2 4 5 8 ., 6
1 2 4 8 9 .. 4
1 2 5 2 3 .. 8
1 2 5 9 4 .. 4
1 2 6 4 0 . .7
1 2 6 9 0 . .3
1 2 7 5 6 , ,3
1 2 8 1 6 , .0
1 2 8 9 0 . ,3
12956. 8

1995-JAN.
FEB.

1158.5
1134.2

3632, 7
3608. 3

4 3 3 5 . ,7
4 3 2 3 . ,6

5333 . 9 p

12999. 9 p

Footnotes appear on the following page
p

preliminary




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

4167
4187
4191
4198
4195
4200
4201
4217
4246
4266

Page 2
H.6(508)

Table 2

MONEY STOCK AND DEBT MEASURES

Percent change at seasonally adjusted annual rates
M2

M3

DEBT1

1994 TO FEB.

1995

-0.1

1.3

4.1

5.2

6 M o n t h s f r o m AUG. 1994 TO FEB.

1995

—0.6

0.4

2.9

5.4

1995

0.9

1.0

2.4

5.1

0.1

1.6

4.2

3 M o n t h s f r o m NOV.

12 M o n t h s f r o m FEB.

1994 TO FEB.

T h i r t e e n w e e k s e n d i n g MARCH 2 7 , 1995
f r o m t h i r t e e n weeks e n d i n g :
DEC. 2 6 , 1994 (13 w e e k s p r e v i o u s )

1.

M1

SEP. 2 6 ,

1994

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

-0.5

0.6

2.9

MAR. 2 8 ,

1994

(52 w e e k s p r e v i o u s )

1.0

1.0

2.3

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 1994 to January 1995, July 1994 to January 1995,
and January 1994 to January 1995, respectively.
—
—

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
.
Consists of M1 plus 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 Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (genera1
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 helc
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-exen *
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and off id a
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: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — t h e federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinanc al
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in
the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the
debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published
levels of credit market debt are measured on a quarter-end basis and contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

13-week
average

4-week
average

M3

M2

M1
Period ending

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week

average

1995-JAN.

2
9
16
23
30

1147. ,7
1147, ,7
1147 ,.9
1148, . 1
1148, . 1

1147. , 1
1147, ,2
1148, ,3
1148, ,9
1149, .4

1145.
1149.
1151.
1149.
1147.

2
6
7
2
1

3 6 1 1 . ,6
3612. 6
3613 .,9
3 6 1 5 . .4
3 6 1 6 , .8

3 6 1 5 , .8
3618 ,.4
3622 ,,3
3 6 2 4 ,,6
3 6 2 5 ,.4

3619. 0
3623 . 0
3628. 5
3627 . 9
3622. 0

4 2 9 4 . ,2
4 2 9 6 . .5
4299 ,,8
4303 ,,3
4 3 0 6 ,.7

4 3 0 6 ,,2
4309 ,,0
4 3 1 4 , ,5
4320 .,4
4 3 2 5 ,,9

4309. 6
4 3 1 1 . ,8
4327 . 9
4 3 3 2 , .4
4 3 3 1 . ,4

FEB.

6
13
20
27

1148, >4
1148, .6
1148, .3
1148, . 1

1149, .6
1148 .4
1147, .5
1147 .2

1150.
1146.
1145,
1146.

4
8
5
2

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

3 6 2 6 ,.4
3 6 2 4 ,. 8
3622 .6
3 6 2 2 ,.4

3627.
3622.
3619.
3621.

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

4 3 3 0 ,.6
4 3 3 1 , .3
4331, .0
4 3 3 4 ,.6

4330 ,,6
4 3 3 0 , ,6
4 3 3 1 , .2
4 3 4 5 , ,9

MAR.

6
13
2 Op
27p

1147, .9
1147 .7
1148 .0
1148 .2

1146, . 4
1146 .5
1147 .8
1148 .7

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

3 6 2 0 ,.9
3 6 2 1 , .9
3 6 2 3 ,.8
3625 .5

3620
3620
3625
3630

3617. 7
3625. 5
3 6 3 8 . ,0
3640. 2

4323
4327
4332
4337

,.8
,.8
.8
.4

4 3 4 3 , .5
4 3 5 0 ,• 7
4363 ,.0
4 3 7 2 .5

.0
.9
.6
.4

1
2
2
0

.8
.7
.1
.0

4337
4342
4350
4357

Not seasonally adjusted
1995-JAN.

2
9
16
23
30

1159.4
1162.0
1163.0
1163.7
1162.8

1173.5
1178.9 .
1179.1
1172.3
1157.2

1 1 8 2 , ,4
1 1 9 2 , ,5
1 1 7 1 , ,2
1 1 4 3 , ,0
1122, , 1

3621.7
3625.3
3627.5
3629.6
3629.9

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

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

4306.7
4311.4
4316.3
4320.7
4323.7

4 3 2 9 ,,7
4 3 3 4 ,.2
4 3 4 0 ,,7
4 3 4 2 ,.2
4 3 3 6 ,.4

4332.0
4354.0
4355.5
4327.4
4308.6

FEB.

6
13
20
27

1161.8
1160.1
1158.3
1156.2

1146.0
1137.5
1134.2
1134.1

1147, .5
1137, .4
1129, .7
1 1 2 1 , .9

3629.9
3629.2
3627.7
3626.8

3 6 1 9 ,. 4
3610, .0
3 6 0 6 ,.5
3 6 0 8 ,.2

3 6 2 0 ,. 1
3 6 1 2 , .5
3 6 0 3 ,.9
3596 . 3

4325.4
4326.3
4327.2
4329.1

4 3 2 9 ,.4
4322 . 1
4 3 1 9 , .5
4323 . 1

4326.1
4326.1
4317.2
4322.8

MAR.

6
13
2 Op
27p

1154.4
1152.4
1149.9
1146.2

1134.3
1136.0
1138.0
1138.4

1 1 4 8 , .2
1144 .2
1137 .8
1123 .3

3625.5
3625.0
3625.1
3624.5

3609 .0
3 6 1 3 , .9
3620 .9
3627 .0

3623
3632
3632
3620

4330.8
4332.5
4334.7
4337.0

4327
4335
4345
4352

4344.6
4357.8
4357.5
4350.9

'

.1
.2
.0
.6

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p

preliminary data.




.7
.6
.7
.7

Page 4

H 6(508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT

Billions of dollars, seasonally adjusted
Date

Currency1

1

Nontransactions components

At commercial

At thrift

377.6
382.2
383.9

299.5
301.3
303.0

111.0
111.4
111.7

410.5
412.6
414.7

2450.9
2454.3
2455.0

658.3
657.6
658.9

8.0
8.0
8.0

386.9
388.6
388.6

300.3
299.0
299.7

112.0
112.6
112.8

412.3
411.6
412.5

2456.6
2449.1
2456.3

656.9
645.9
643.4

334.5
337.3
340.0

8.1
8.1
8.2

388.1
385.6
386.3

299.1
300.5
301.0

112.9
112.0
111.5

412.0
412.4
412.5

2462.5
2464.9
2458.1

645.6
643.1
651.4

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388.0
386.6
386.5

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2463.8
2463.3
2462.2

657.7
658.6
665.2

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.4
382.3
382.0

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2460.8
2462.4
2466.3

675.9
681.1
689.1

1995-JAN.
FEB.

357.7
358.8

8.4
8.4

383.5
384.1

295.1
291.8

104.2
103.9

399.2
395.7

2477.4
2474.9

699.9
712.9

359.5

8.4

383.5

292.3

103.4

395.6

2475.0

709.3

1993-OCT.
NOV.
DEC.

317.7
319.7
322.1

7.8
7.9
7.9

1994-JAN.
FEB.
MAR.

325.4
328.9
332.0

APR.
MAY
JUNE

Week e n d i n c r
1 9 9 5 - J A N . 30

2.

Other checkable deposits

Travelers checks2 Demand deposits3

Total

In M2®

FEB.

6
13
20
27

359.2
358.4
358.8
358.8

8.4
8.4
8.4
8.5

384.5
383.9
383.0
385.1

293 . 3
292.9
291.5
290.1

105.0
103.2
103.8
103.7

398.2
396.1
395.3
393.7

2476.7
2475.4
2473.7
2474.9

703.5
708.4
712.0
724.8

MAR.

6
13
2 Op
2?P

359.6
361.7
363.3
364.1

8.5
8.5 e
8.5 e
8.6 e

383.4
384.0
385.8
384.5

289.4
289.7
289 . 6
289 . 2

106.2
103.1
103.7
103.3

395.7
392.8
393.3
392.5

2470.5
2478.5
2487.1
2490.5

725.8
725.2
725.0
732.4

r i u r r o n m / n u t o i r l n I I Q Tr,

rwoT—TXr

^u,5,ai

* V.', S'J\\

ocin^s ana me vauns OT depository institutions.

3.

4.
5.
6.
7.

E

S

3

5

E i

,

s m s s s

and small time deposits T h i s ^ m " i5 ?MranS!y™dju?t£"as a'whoto

& - . M

,

b ,

d

estimated



s ^

R

p

5

,

„ „

a

s

preliminary

mZSu:;

(9en

"

al

W

8

9

and

^

A

t

i

co,pora,tons

-

broker/dealer), savings deposits (including money market deposit accounts)
Ie=s ,he es,ima,ed amoun

'

rp

= and

Page 5

H.6 (508)
Table 4 - c o n t i n u e d

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
Date

1993-OCT.
NOV.
DEC.

commercial
banks
778.1
782 . 4
785.8

At
thrift
institutions
429.8
429.0
429.8

1994-JAN.
FEB.
MAR.

791.3
792.7
791.5

429.8
429.1
430.5

1221.1

APR.
MAY
JUNE

788.9
784.6
780.0

JULY
AUG.
SEP.

commercial
banks
473.2
469 . 6
468.6

At
thrift
institutions
322.6
320.7
316.5

1222.0

465.7
464.5
463.1

431.1
430.2
426.8

1220.0
1214.8
1206.8

778.0
775.7
772.8

423.2
417.0
410.9

OCT.
NOV.
DEC.

765 . 4
759.2
752.3

1995-JAN.
FEB.

Week e n d i n g
1 9 9 5 - J A N . 30

1.
2.
3.
4.
p

Small-denomination time deposits 2
Total
1207.9
1211.5
1215.7

Total

General
purpose and
broker/
dealer
money
market funds

Institutiononly money
marketfunds
I S 6.3

Large-denomination time deposits3
commercial
banks4

At
thrift
institutions

272.8
270.2
271.2

63.5
63.2

61.6

336.3
333.5
332.7

273.4
270.1
268.8

61.7
61.7
61.4

335.1
331.8
330.3

61.8

61.0

329.8
332.4
335.0

276.3
279.8
284.6

61.9
61.7
62.7

338.2
341.5
347.3

180.8

289.3
293 . 8
297.9

63.7
63 . 9
64.3

353,
357,
362,

392.2
391.8

186.3
180.4

296.0
303.4

66.1
67.6

362.1
371.0

842.4

392 .2

186.7

299.4

66.7

366.1

180.3
178.5
178.9
183.5

298.8
300.8
304.4
308.7

67.0
67 . 1
67.7
68.3

365.8
367.9
372.1
377.0

183.5

308.7
307.6
309.6
308.6

68.9
69.2
69.5
69.9

377.7
376.7
379.1
378.5

795.8
790.3
785.1

355.2
358.2
360.1

313.8
310.5
308.9

779,
775,
772,

361.2
359.5
361.9

182.1

462.3
464.6'
467.4

307 . 9
306.2
305.5

770.1
770.8
772.9

370.5
373.5
370.7

183 . 1
177.5
177.9

268.0
272.0
274.0

60.4

1201.2
1192.6
1183.7

469.9
476.0
481.2

306,
306,
307.8

776,
782,
789.

376.1
377.0
377.4

178.7
177.4
176.3

405.6
398.4
391.6

1171.0
1157.6
1143.9

487 .7
494.0
502.4

311.3
315.8
317.2

799.0
809.8
819.6

379.5
383.3
389.0

180.5

180.8

744.2
734.4

385.3
377.3

1129.5

1111.8

512.6
524.3

322.4
330.7

835.0
855.0

741.5

382 . 9

1124.4

517.0

325.4

1221.9

FEB.

6
13
20
27

738 .3
736.4
734.1
730 . 5

380.6
378.0
376.6
375.2

1118.9
1114.5
1110.6
1105.7

519.1
521.8
525.2
529.2

326.8
329.3
332.0
333 .3

845.9
851.1
857.2
862.5

392.1
392.9
390.7
392.3

MAR.

6
13
2 Op
27p

727
725
723
722

373.7
371.9
371.6
370.3

1101.4
1097.8
1095.4
1092.5

532.7
536.6
539.2
541.0

336.2
338.4
340.1
341.6

868.9
875.0
879.3
882.6

387.6
391.6
390.4
393.4

.7
.9
.8
.1

Total

196.4
198.1

194.6
183.8

188.0
188.7
193.6

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks
and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
preliminary




Page 6
H.6(508)
Table 4 - continued

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

Savings bonds

Short-term Treasury
securities1

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1993-OCT.
NOV.
DEC.

170.1
170.9
171.5

328.1
328.4
334.2

16.2
15.5
14.9

381.8
382.6
387.1

3269.7
3295.5
3328.0

8941.8
8972.9
9007.3

1994-JAN.
FEB.
MAR.

172.5
173.2
173.9

340*9
341.7
344.9

14.8
14.9
15.5

391.4
401.2
390.8

3338.3
3355.1
3379.6

9052.9
9089.0
9118.5

APR.
MAY
JUNE

174.8
175.7
176.7

354.7
357.3
348.8

14.0
11.6
10.8

387.1
392.6
392.7

3390.6
3402.5
3416.3

9155.7
9189.2
9225.1

JULY
AUG.
SEP.

177.7
178.5
179.1

353.4
357.7
350.4

10.9
11.4
11.9

392.8
387.7
391.7

3419.3
3436.8
3454.1

9261.7
9301.7
9345.8

OCT.
NOV.
DEC.

179.5
179.9
180.3

355.7
365.2
373.6

11.7
10.9
10.1

404.2
404.0
426.5

3469.6
3494.1
3497.4

9386.9
9425.1
9467.6

180.5

366.1

9.7

428.6

3504.7

9520.5

1995-JAN. p

1.

Debt components4

Non-M3 Components of L

Date

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, ana 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

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

Overnight

Overnight
Eurodollars9

317.3
319.8
324.8

8.0
7.7
7.6

380.5
390.2
401.8

295.6
299.6
306.2

110.7
112.3
113.2

406.4
411.9
419.4

2449.2
2454.6
2452.4

655.9
662.5
660.2

72.3
73.2
74.4

21.6
21.7
22.1

1994-JAN.
FEB.
MAR.

324.0
327.3
330.6

7.7
7.7
7.8

392.0
379.5
379.6

306.6
299.6
301.6

112.1
110.3
112.0

418.6
409.8
413.5

2453.4
2449.1
2464.7

659.3
648.7
642.2

75.9
73.7
77.0

22.1
21.2
23.0

APR.
MAY
JUNE

334.3
337.2
340.5

7.8
7.9
8.3

389.2
377.7
382.3

306.4
298.1
299.5

115.0
111.6
111.7

421.4
409.7
411.2

2469.9
2463.0
2458.0

641.7
645.0
649.9

77.6
78.4
80.6

21.3
24.1
26.2

JULY
AUG.
SEP.

344.7
345.7
347.0

8.8
8.9
8.8

387.3
383.1
384.7

298.4
297.2
297.4

111.6
109.0
108.3

410.0
406.2
405.6

2463.9
2462.6
2456.5

652.6
659.6
663.3

80.3
81.9
83.7

29.1
28.9
28.1

OCT.
NOV.
DSC.

349.6
353.2
357.6

8.5
8.2
8.1

387.8
390.7
400.1

294.1
296.0
300.6

107.4
107.1
107.0

401.4
403.1
407.6

2458.6
2462.9
2464.2

674.0
687.2
691.6

83.4
82.9
84.1

30.2
29.9
32.2

1995-JAN.
FEB.

355.9
357.1

8.1
8.1

388.8
375.0

301.3
292.4

104.3
101.6

405.7
394.0

2474.2
2474.1

703.0
715.3

87.1
85.5

36.0
31.8

354.3

8.1

371.5

289.2

98.9

388.2

2467.4

719.1

GO

35.0

Week e n d i n g
1 9 9 5 - J A N . 30

o

1993-OCT.
NOV.
DEC.

FEB.

6
13
20
27

357.1
357.4
357.5
356.0

8.1
8.1
8.1
8.1

379.8
375.9
373.1
371.1

297.5
294.0
290.6
287.5

104.9
102.0
100.4
99.2

402.4
396.4
391.0
386.7

2472.7
2475.1
2474.1
2474.4

706.0
713.6
713.4
726.5

87.8
85.3
85.9
83.5

32.1
31.2
31.7
32.5

MAR.

6
13
2 Op
27p

359.4
361.6
362.1
361.5

8.2
8.2 e
8.2 8
8.2 e

379.3
377.6
374.6
366.5

296.0
293.3
290.5
286.9

105.3
103.5
102.5
100.2

401.4
396.8
393.0
387.1

2474.8
2488.0
2494.2
2497.3

721.5
725.5
725.5
730.3

83.4
83.0
89.5
89.2

29.1
30.6
30.4
32.2

1.
2.
3.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW 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), savings deposits (including money market deposit accounts) 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).


Page 8

H.6 (508)
Table 5-continued

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

At
commercial
banks

At
thrift
institutions

1993-OCT.
NOV.
DEC.

7 7 8 , .0
7 8 4 , ,4
784 .3

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

1994-JAN.
FEB.
MAR.

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

APR.
MAY
JUNE

3.
4.
p

General
purpose and
oroKer/

Institutiononly money
market funds

Large-denomination time deposits3
At
commercial
banks4

At
thrift
institutions

At
commercial
banks

At
. thrift
institutions

Total

dealer
money
market funds

1207 . 8
1214 . 5
1213 . 2

4 7 3 , .9
4 6 9 , .3
4 6 8 , ,2

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

796 . 9
789 . 9
784 . 4

350.6
355.4
358.3

193.0
198.0
200.0

273 . 1
271 .3
270 . 8

63 <,6
6 3 , .5
6 1 , ,5

336.7
334.8
332.3

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

1213 . 5
1214 . 9
1222 . 7

4 6 6 , ,2
4 6 4 , ,6
4 6 2 , ,9

3 1 4 ,, 1
3 1 0 , .6
3 0 8 , ,8

780 .2
775 .2
7 7 1 ,. 6

361.6
364.1
370.3

200.5
191.0
185.7

271 .9
268 . 8
267 . 3

6 1 , ,3
6 1 , ,4
6 1 ,, 1

333.2
330.2
328.4

7 9 1 ,. 1
7 8 5 , .3
7 8 2 , ,3

4 3 2 , >3
4 3 0 . ,6
4 2 8 ., 1

1223 .4
1215 .9
1210 .4

4 6 1 , ,8
4 6 3 , ,7
4 6 7 , ,0

3 0 7 , ,5
3 0 5 , ,5
3 0 5 , ,2

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

378.3
375.4
368.7

181.8
176.8
172.5

266 .3
274 . 1
275 .3

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

327.7
335.0
336.6

JULY
AUG.
SEP.

7 8 0 . .0
7 7 7 . ,0
7 7 2 . ,7

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

1204 .3
1194 .6
1183 . 6

4 7 0 . ,5
4 7 6 , .5
4 8 1 , .7

3 0 6 . ,5
3 0 6 . ,5
3 0 8 , ,2

7 7 6 , .9
7 8 3 ,. 1
789 .9

373.4
374.2
371.3

173.8
176.2
172.6

275 .3
281 . 1
285 .7

6 1 , ,7
6 1 . ,9
6 2 . .9

337.0
343.1
348.7

OCT.
NOV.
DEC.

7 6 5 . ,5
7 6 1 . ,4
7 5 1 ., 1

4 0 5 . ,7
3 9 9 . ,5
390. 9

1171 . 1
1160 .9
1142 .0

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

3 1 1 . ,7
3 1 5 . ,7
3 1 6 . ,9

800, .0
8 0 9 , .3
8 1 8 , .9

373.9
379.9
387.1

178.1
182.5
183.1

289 . 9
295 . 2
297 . 6

6 3 , .8
64, 2
6 4 . ,3

353.7
359.4
361.9

1995-JAN.
FEB.

739. 6
7 3 0 , ,0

382. 9
375. 0

1122 .5
1105 .0

5 1 3 ., 1
5 2 4 . ,5

3 2 2 . ,7
3 3 0 . ,8

8 3 5 , .8
8 5 5 ,• 2

392.9
396.7

192.4
188.8

294 . 6
301 .9

65. 8
6 7 , ,2

360.4
369.2

731. 9

378. 0

1109 .8

517. 2

325. 6

8 4 2 , ,8

395.8

197.9

297 . 7

6 6 , ,3

364.0

8 4 6 , .7
8 5 1 , ,7
8 5 7 , .4
8 6 2 ,. 1

395.1
397.2
395.4
398.9

189.2
188.7
186.4
191.0

297
299
302
306

.3
.8
.8
.8

6 6 , ,6
66. 8
6 7 . ,3
67 .,9

363.9
366.6
370.1
374.7

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

395.3
401.1
400.5
402.8

188.0
191.6
190.7
193.4

306
306
307
306

.8
.2
.5
.2

6 8 , ,5
6 8 . ,8
69 <, 1
6 9 , .4

375.4
375.0
376.6
375.6

Week e n d i n c r
1 9 9 5 - J A N . 30

1.
2.

Small-denomination time deposits2
Total

FEB.

6
13
20
27

733.
733.
729.
725.

2
3
5
0

377. 9
376. 4
374. 2
372 . 4

1111
1109
1103
1097

.1
.7
.8
.4

5 1 9 . ,5
522. 2
525. 3
529. 0

327
329
332
333

MAR.

6
13
2 Op
27p

725. 6
726. 4
723 . 6
721. 2

372. 6
372 . 1
371. 5
3 69. 9

1098
1098
1095
1091

.2
.5
.1
.1

532.
536.
538.
540.

336.
338.
339.
341.

7
5
8
7

., 1
.6
.1
.1
3
3
9
4

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign
banks and official institutions.
preliminary




Total

Page 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

Debtcomponents6

Total

Term
Eurodollars2

25.4
25.9

26.0

96.6
96.4
97.6

44.8
48.1
46.5

169.6
170.6
171.4

321.8
332.5
342.6

16.3
15.7
15.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8923.7
8954.3
8997.9

67.0
64.8
68.3

26.6
27.5
27.2

93.7
92.3
95.5

45.5
47.9
46.2

172.6
173.7
174.6

345 . 3
342 . 8
348 . 4

15 . 6
15 . 5
15 .2

398.9
402.0
389.7

3333.0
3345.4
3374.4

9050.7
9071.9
9084.1

APR.
MAY
JUNE

71.4
69.1
72.1

27.6
28.9
30.4

99.0
98.0
102.5

46.5
47.7
50.3

175.4
176.2
176.9

352 . 6
355 .4
345 .7

13 .7
11,.4
1 0 , .6

387.3
385.0
390.9

3376.8
3379.7
3394.5

9112.6
9144.1
9199.9

JULY
AUG.
SEP.

71.1
68.4
68.4

32.0
32.9
33.5

103.
101.
101.

51.0
51.2
52.1

177.4
177.9
178.4

3 5 1 ., 1
3 5 9 . ,5
3 4 3 . .4

1 0 . .8
1 1 ., 1
11. 6

389.5
382.0
393.0

3393.9
3418.5
3438.6

9246.8
9271.8
9317.7

OCT.
NOV.
DEC.

67.2
67.5
67.7

34.7
35.5
37.6

101.9
102.9
105.3

53.0
55.3
53.7

179.0
179.7

180.2

347. 8
369. 2
382. 6

11. 8
11. 0
10. 3

408.6
408.0
428.9

3448.8
3485.4
3499.0

9367.2
9404.9
9457.7

1995-JAN.
FEB.

70.2
73.3

38.8
39.2

109.0

112.6

55.0
57.9

180.6 p

370.6 p

10.3 p

436.8 p

3499.0 p

9500.9 p

75.9

39.0

114.9

56.3

72.3
74.5
72.4
74.2

38.9
39.1
39.4
39.4

111.2
113.6
111.8
113.6

55.4
57.8
58.3
59.6

72.4
73.2
72.7
74.3

39.2
39.4
39.6
39.8

111.7
112.6
112.2
114.1

58.7
58.9
58.4
59.8

At commercial
banks

At thrift
institutions

1993-OCT.
NOV.
DEC.

71.1
70.5
71.6

1994-JAN.
FEB.
MAR.

Week e n d i n g
1 9 9 5 - J A N . 30
FEB.

6
13
20

27
MAR.

6

13

2 Op
27p

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper6

Federal debt

1.

2.
3.
4.
5.
6.

M s a s s s s ;

p

preliminary

s s s s

9

"

°" idai ins

h

° ™ l °=" * • * - -

— *

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




Non-Federal
debt

Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS

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

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

10.7
10.8
10.9

4.5
4.1
5.2

5.9
5.6
6.7

12.6
8.8
16.2

1.6
1.5
1.6

11.3
11.9
12.5

5.8
4.2
4.3

7.3
6.3
5.2

8.6
8.1
8.2

1.5
1.5
1.5

12.9
13.0
13.1

7.1
4.2
5.3

JULY
AUG.
SEP.

8.3
7.7
8.1

1.5
1.5
1.5

13.4
14.0
14.6

OCT.
NOV.
DEC.

8.0
8.2
8.4

1.6
1.8
1.6

1995-JAN.
FEB.

8.2
7.8

Time and

dissr*

At
commercial
banks

23.1
18.4
28.1

2.6
2.7
2.6

145.2
144.6
144.2

116.1
115.3
114.6

48.1
49.1
49.8

309.4
309.0
308.6

25.2
27.9
15.7

38.3
38.4
25.1

2.1
2.6
2.4

143.9
143.6
142.6

114.0
113.4
112.9

48.6
48.6
51.8

306.5
305.6
307.3

5.6
5.9
5.9

20.8
24.3
18.4

33.5
34.4
29.6

2.1
3.1
2.9

142.2
142.2
142.3

112.6
112.2
111.5

54.8
56.4
56.8

309.6
310.9
310.6

4.8
3.9
5.8

5.4
5.1
6.0

11.3
10.1
16.9

21.5
19.0
28.8

2.7
2.9
2.5

142.6
142.6
142.7

111.2 e
110.2 e
109.2 e

55.9 e
56.1 e
56.8 e

309.6 e
308.9 e
308.6 e

14.9
15.0
15.0

4.3
3.9
5.7

5.6
5.2
6.2

12.1
9.8
13.4

22.0
18.9
25.3

2.2
2.0
1.3

142.7
142.9
143.3

108.7 e
108.7 e
108.6 e

58.3 e
59.4 e
59.7 e

309.7 e
311.0 e
311.5 e

1.6
1.6

15.0
14.9

4.9
3.3

7.0
5.9

20.0
21.1

31.9
30.3

1.2
2.2

143.7
144.6

108.8 e
109.1 e

59.6 e
59.6 e

312.0 e
313.2 e

8.3

1.7

15.0

3.1

7.6

28.3

39.0

2.1

Foreign
commercial
banks

Foreign
official
institutions

1993-OCT.
NOV.
DEC.

8.3
8.2
9.1

1.6
1.8
1.6

1994-JAN.
FEB.
MAR.

8.5
8.4
8.1

APR.
MAY
JUNE

Week e n & i m
1 9 9 5 - J A N . 30

IRA and Keogh Accounts

U.S. government deposits
Demand
deposits at
commercial
banks

Date

e
p

Time and
savings
deposits
due to
foreign
banks and
official

Total
cash
balance

commercial
banks

FEB.

6
13
20
27

8.1
7.2
7.9
8.0

1.6
1.6
1.5
1.6

15.0
15.0
14.9
14.8

3.8
2.8
3.4
3.2

7.8
5.2
5.7
5.2

28.2
19.4
18.9
19.9

39.9
27.5
28.0
28.4

2.2
2.2
2.3
2.2

MAR.

6
13
2 Op
27p

7.9
7.7
7.9
8.0

1.8
1.5
1.6
1.5

14.8
14.9
14.9
14.9

3.7
2.9
4.5
2.8

5.2
5.3
6.1
4.6

14.4
7.9
8.7
9.8

23.2
16.1
19.2
17.2

2.3
2.2
2.3
2.3

estimated
preliminary




institutions

5

Total