Full text of H.6 Money Stock Measures : April 9, 1992
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•i^^' FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. ^^Pr:-- H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES APRIL Billions of dollars Date M1 J M2 2 9, 1992 DEBT 5 M3 3 Seasonally adjusted 1990-MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 803.7 807.3 806.2 809.7 810.1 816.2 822.9 822.3 823.8 826.1 3271 3280 3283 3292 3300 3315.8 3331.0 3334.5 3333.7 3339.0 4074. 4079. 4079. 4083. 4090. 4106. 4115. 4117. 4115. 4114. 4911. 4922; 4906. 4927. 4930. 4939. 4964. 4962. 4960. 4966. 10258.0 10321.3 10372.9 10438.8 10500.9 10566 10618 10656 10710 10749 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 826.2 836.2 842.3 842.7 850.9 857.3 860.0 866.5 872.0 880.9 891.4 898.2 3344 3369 3386 3394 3405 3411.8 3407.4 3409 .5 3411 .5 3417 .4 3431 .2 3439 .4 4125.8 4160.2 4165. 4168. 4170. 4167. 4157. 4156. 4152. 4159. 4167. 4172. 4981.8 5008.6 5004.2 4978.4 4958. 4986. 4991. 4985. 4974. 4977.8 4990.9 4989.3 10778. 10827, 10863. 10885. 10937. 10988, 11025. 11067. 11105. 11146. 11187. 11216. 1992-JAN. FEB. 910.4 930.8 3448.2 3474.8 4176.6 4200.6 4984.5 p 11238.7 p 1990-MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 795.9 817.6 796.9 810.4 812.5 814.2 818.7 817.6 826.1 844.1 3271.0 3295.6 3266.5 3288.5 3303.7 3315.6 3323.8 3330.4 3336.9 3351.9 4078.0 4091.7 4065.2 4080.8 4092.4 4109. 4108. 4109. 4118. 4124. 4916 4932 4891 4916 4921 4934 4956 4953 4967.8 4986.4 10219.6 10279.8 10326.2 10390.0 10452.2 10514.7 10571.0 10619.8 10682.0 10737.2 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 832.7 823.4 835.0 853.0 841.7 858.1 862.3 864.5 867.4 875.5 893.9 917.3 3351.3 3358.3 3388.4 3410.8 3388.7 3408.0 3410.5 3409.0 3403.7 3412.8 3434.4 3453.2 4129..7 4150..8 4171..6 4183..0 4156..9 4165..2 4158..6 4160..0 4144..9 4149..9 4169.8 4183.0 4999.8 5003.5 5011.5 4990.8 4943.3 4974..4 4982..9 4979..5 4965..1 4967..6 4998..2 5009..5 10766.8 10797.4 10826. 10844. 10891. 10939. 10974. 11015.3 11059.0 11107.9 11157.5 11203.6 1992-JAN. FEB. 918.1 916.6 3456.2 3462.0 4181.7 4190.1 5002.5 p 11226.7 p Not seasonally adjusted 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 M3 Debt 3 3 Months from NOV. 1991 TO FEB. 1992 17.7 5.1 3.2 3.3 6 Months from AUG. 1991 TO FEB. 1992 14.8 3.8 2.1 3.9 12 Months from FEB. 1991 TO FEB. 1992 11.3 3.1 1.0 4.3 2.1 Thirteen weeks ending MARCH 30, 1992 from thirteen weeks ending: DEC. 30, 1991 (13 weeks previous) 16.3 4.1 SEP. 30, 1991 (26 weeks previous) 13.9 3.2 1.6 APR. 10.9 2.9 0.9 1, 1991 (52 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 1991 to January 1992, July 1991 to January 1992, and January 1991 to January 1992, 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 (NOH) 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, 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 (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 O T 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 nonf inancial 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 quartet—end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES B i l l i o n s of dollars Seasonally adjusted Ml Period en ding 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 1992-JAN. 6 13 20 27 891.9 894.1 896.3 898.7 899.8 902.0 904.8 908.7 902.9 906.6 910.2 915.2 3431.6 3433.6 3435.8 3438.4 3440.5 3440.3 3442.2 3446.1 3439.3 3443.6 3448.8 3452.8 4166.4 4167.2 4168.7 4170.9 4168.6 4166.4 4167.5 4173.9 4155.4 4172.9 4178.5 4188.6 FEB. 3 10 17 24 901.4 904.4 907.4 910.5 913.3 918.4 923.7 928.5 921.2 927.1 951.4 934.2 3441.6 3445.1 3448.5 3451.7 3451.8 3459.1 3466.2 3472.1 3462.0 3472.7 3477.2 3476.6 4173.4 4175.8 4179.3 4180.9 4182.9 4188.7 4197.7 4198.4 4191.3 4196.2 4214.3 4191.S MAR. 2 9 16 23p 30p 913.6 916.9 920.4 923.4 926.2 931.9 935.1 938.0 939.0 939.1 935.0 939.6 943.0 938.4 935.5 3454.8 3458.1 3460.7 3462.8 3464.6 3476.1 3478.4 3478.5 3476.5 3472.4 3477.7 3481.9 3477.8 3468.5 3461.4 4183.4 4185.5 4186.7 4187.4 4188.2 4201.5 4202.3 4198.1 4196.1 4188.3 4203.7 4199.3 4197.7 4183.6 4172.6 Not seasonally adjusted M2 Ml Period ending 13-week average 4-week average week average 13-week average 4-week average M3 week average 13-week average 4-week average week average 1992-JAN. 6 13 20 27 899.8 903.5 906.4 909.1 924.0 927.2 926.6 921.2 943.3 927.6 914.9 898.9 3437.4 3440.9 3444.1 3447.2 3456.9 3458.5 3460.6 3458.6 3473.0 3468.1 3456.4 3436.8 4169.0 4171.6 4174.4 4177.2 4179.0 4179.4 4181.5 4182.5 4176.5 4196.6 4185.2 4171.7 FEB. 3 10 17 24 910.8 912.8 914.5 916.7 912.5 910.9 911.8 914.8 908.6 921.2 918.5 911.0 3449.3 3451.8 3453.6 3455.9 3452.7 3452.7 3455.0 3459.4 3449.3 3468.3 3465.4 3454.6 4179.1 4180.9 4183.1 4183.6 4183.7 4183.7 4188.1 4187.7 4181.2 4196.5 4203.0 4170.0 MAR!? 2 9 16 23p 30p 917.7 919.4 920.9 921.4 921.7 917.0 921.1 925.3 928.4 930.3 917.3 937.5 935.3 923.6 924.6 3457.7 3459.6 3461.0 3462.1 3463.4 3462.8 3467.2 3470.8 3472.7 3472.4 3463.0 3485.6 3479.8 3462.3 3461.8 4184.9 4186.2 4186.8 4187.2 4188.1 4190.6 4193.2 4193.4 4196.5 4193.0 4193.0 4206.8 4203.9 4182.2 4179.0 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 data> which are highly volatile and subject to revisions* p—indicates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Other checkable deposits Currency Date 1 Travele s checks Demand deposits3 ;£ At commercial banks 4 At thrift institutions5 Total In M 2 6 In M5 only 1990-OCT. NOV. DEC. 244.2 245.4 246.8 8.4 8.3 8.3 278.1 277.4 277.1 205.9 207.0 208.7 85.7 85.7 85.2 291.6 292.6 293.9 2512.2 2509.9 2512.9 782.6 781.9 775.6 1991-JAN. FEB. MAR. 251.5 254.6 256.0 8.3 8.2 8.1 271.8 275.9 276.9 209.5 211.6 214.6 85.2 85.8 86.6 294.6 297.5 301.3 2517.8 2533.3 2544.7 781.8 790.8 779.0 APR. MAY JUNE 256.3 256.6 257.6 7.8 8.0 7.9 276.1 278.4 280.1 215.4 220.2 223.5 87.1 87.6 88.2 302.5 307.8 311.6 2552.0 2554.7 2554.5 774.0 764.9 755.9 JULY AUG. SEP. 259.3 261.3 262.9 7.8 7.8 7.8 279.3 280.1 280.6 225.8 229.5 232.4 87.8 87.8 88.2 313.7 317.3 320.6 2547.4 2543.0 2539.5 749.9 747.1 741.2 OCT. NOV. DEC. 264.8 266.0 267.3 7.9 8.0 8.2 283.8 287.6 289.5 235.4 239.2 241.6 89.1 90.5 91.6 324.5 329.7 333.2 2536.5 2539.8 2541.2 741.5 736.4 732.9 1992-JAN. FEB. 269.4 271.6 8.2 8.1 293.8 305.1 245.9 250.7 93.1 95.4 338.9 346.0 2537.9 2544.0 728.4 725.8 3 10 17 24 270.4 271.4 272.0 271.6 8.2 8.1 8.1 8.1 298.7 301.1 305.6 308.4 248.4 251.2 250.3 251.3 95.5 95.2 95.4 94.8 343.9 346.4 345.7 346.1 2540.8 2545.6 2545.8 2542.5 729.3 723.5 737.0 715.2 2 9 16 23p 30p 271.6 271.8 271.9 271.9 271.8 8.1 8.1 8.1 8.1 8.1 308.5 308.9 312.8 309.7 308.6 252.0 254.8 253.3 252.3 250.5 94.9 95.9 96.9 96.4 96.6 346.9 350.7 350.2 348.7 347.1 2542.7 2542.3 2534.7 2530.1 2525.8 726.0 717.^ 719.9 715.1 711.2 Meek ending 1992-FEB. MAR. e e e e 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 NOH 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. 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 ( 5 0 8 ) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> seasonally adjusted Savings deposits1 At At commercial thrift banks institutions Date Large-denomination time deposits 3 Small-denomination time deposits2 Total At At commercial thrift banks institutions Total General purpose and broker/dealer money market funds Institutiononly money market funds At At thrift commercial nerc institutions banks'* Total 1990-OCT. NOV. DEC. 575.3 578.2 581.9 345.7 541.9 558.8 919.0 920.1 920.7 595.1 597.6 606.4 571.9 569.7 562.3 1167.0 1167.3 1168.7 344.6 545.2 548.9 127.8 128.8 135.7 379.1 378.6 374.0 128.0 125.1 120.9 507.1 503.8 494.9 1991-JAN. FEB. MAR. 583.9 590.5 597*1 558.4 540.5 544.6 922.3 931.0 941.7 610.4 616.2 619.5 558.9 555.5 546.4 1169.3 1169.5 1165.9 556.6 561.0 565.0 158. 145. 148. 579.1 585.1 582.1 117.5 114.5 110.8 496.6 499.6 492.8 APR. MAY JUNE 602.8 609.6 617.5 550.2 556.6 559.6 953.0 966.1 976.8 617.6 615.9 617.8 542.1 555.0 522.8 1159.7 1150.9 1140.6 566.6 567.8 568.8 152. 155. 155. 579. 579. 577, 108.1 104.3 100.4 487.7 483.5 478.5 JULY AUG. SEP. 625.2 650.4 656.7 565.0 565.7 565.7 986.1 994.1 1002.4 617.5 621.2 619.5 512.0 499.6 491.5 1129.5 1120.8 1111.0 567.9 562.4 559.9 155. 158. 162. 575.8 572.0 568.1 97.4 93.5 90.4 471.2 465.5 458.5 OCT. NOV. DEC. 645.7 655.4 664.9 569.5 575.5 577.8 1015.0 1028.7 1042.6 614.1 606.4 598.5 481.1 472.8 464.5 1095.2 1079.2 1063.0 559.5 559.5 560.5 168. 175. 179. 562. 557. 554. 87, 85 83, 450.0 442.5 457.1 1992-JAN. FEB. 676.0 688.9 385.4 395.4 1061.3 1084.3 587.7 576.1 455.0 443.0 1042.6 1019.2 560.0 363.7 182.4 188.2 546.4 541.6 81.4 79.0 427.8 420.6 3 10 17 24 682.4 687.5 690.3 690.5 390.7 393.3 395.8 396.9 1073.0 1080.6 1086.1 1087.4 580.8 578.3 575.9 574.3 449.0 445.4 443.0 441.1 1029.8 1023.7 1018.9 1015.4 364.6 363.5 363.8 363.4 191.8 189.5 194.2 178.0 545. 342, 341. 2 9 16 23p 30p 690.1 693.8 695.8 695.3 696.6 398.6 401.4 403.0 404.5 405.2 1088.7 1095.2 1098.8 1099.8 1101.8 573.0 571.3 569.5 568.1 567.1 439.3 437.2 434.3 431.3 426.9 1012.3 1008.5 1003.8 999.3 994.0 363.9 360.2 358.3 357.8 354.8 190. 182. 187. 183. 187. Heek ending 1992-FEB. MAR. 340.8 80. 79, 79. 78. 425, 422, 421, 419, 338.9 338.6 336.6 336.8 335.6 78. 77, 76. 75. 75. 417. 415, 413, 412, 410, 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, 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 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components4 Non-M3 Components of L Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper3 1990-OCT. NOV. DEC. 124.5 125.2 126.0 330.3 330.3 332.7 32.9 33.8 34.0 357.7 355.2 359.3 2441.4 2470.9 2493.6 8215.0 8239.2 8256.3 1991-JAN. FEB. MAR. 126.9 127.9 129.0 330.5 328.8 323.5 35.3 34.6 32.1 363.4 357.1 353.8 2509.1 2537.5 2551.5 8269.5 8289.6 8311.8 APR. MAY JUNE 130. 131. 132. 307, 299, 325, 30, 29, 28, 341.6 327.9 333.0 2547. 2572. 2606. 8337. 8365. 8382. JULY AUG. SEP. 133. 134. 135. 332, 330, 322, 28. 27. 25.8 339.8 336.3 337.7 2633. 2667. 2694. 8392. 8400. 8410. OCT. NOV. DEC. 136. 137. 137. 321, 323, 316, 25.3 24.5 23.3 336.2 337.9 339.7 2723.8 2748, 2766, 8422. 8439. 8450. 138.9 310.9 23.2 334.8 2779.7 8459.1 1992-JAN. p 1. Federal debt Non-Federal debt 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 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjustea Non t ransae t i ons components Other checkable deposits At commercial banks* At thrift institutions5 Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars 9 85.3 85.8 85.4 288.3 291.8 296.9 2512.8 2510.8 2507.8 778.8 781.6 772.8 66.0 60.5 55.0 17.7 17.4 19.7 213.6 211.5 215.8 84.2 83.4 85.8 297.7 294.9 301.6 2518.6 2535.0 2553.3 778.4 792.5 783.3 52.0 51.4 49.0 19.9 19.0 20.2 277.7 271.7 279.9 222.6 217.2 222.0 89.2 87.7 89.0 311.8 304.9 311.0 2557.7 2547.0 2549.9 772.2 768.1 757.2 50.0 51.3 52.3 19.6 17.1 15.6 8.5 8.6 8.3 280.9 278.8 278.6 223.1 226.9 230.6 89.0 88.3 88.2 312.1 315.1 318.7 2548.2 2544.6 2536.3 748.0 751.0 741.2 51.1 52.8 51.8 13.8 14.5 14.6 263.1 266.3 270.0 8.0 7.7 7.7 283.7 291.1 303.0 232.0 238.1 244.8 88.6 90.7 91.7 320.6 328.8 336.6 2537.4 2540.5 2535.9 737.0 735.4 729.8 53.2 53.8 53.1 16.3 19.5 22.6 267.8 269.5 7.8 7.8 300.0 296.3 250.7 250.5 91.7 92.5 342.4 343.0 2538.1 2545.4 725.6 728.0 55.3 57.3 21.9 19.2 3 10 17 24 267.1 270.4 270.5 268.8 7.8 7.8 7.8 7.8 295.0 296.0 298.3 294.2 247.4 253.1 249.7 249.1 91.4 93.9 92.2 91.0 338.7 347.0 341.9 340.1 2540.7 2547.1 2546.9 2543.6 731.9 728.1 737.6 715.4 57.3 57.8 56.9 57.6 20.7 19.4 19.2 17.8 2 9 16 23p 30p 268.8 272.1 271.4 271.0 270.4 7.8 7.8 7.8 7.8 7.8 296.9 302.6 305.7 298.2 301.0 250.6 257.8 254.6 252.3 251.3 93.1 97.2 95.8 94.4 94.2 343.8 355.0 350.5 346.7 345.5 2545.7 2548.1 2544.5 2538.7 2537.2 730.0 721.2 724.1 719.9 717.1 56.6 54.0 51.3 51.1 52.1 19.7 19.6 19.3 19.5 21.2 Currency * Travelers checks 2 Demand deposits3 1990-OCT. NOV. DEC. 242.7 245.7 249.5 8.4 8.0 7.8 278.2 280.6 289.9 202.9 206.0 211.5 1991-JAN. FEB. MAR. 249.8 252.6 255.6 7.8 7.8 7.8 277.4 268.0 270.1 APR. MAY JUNE 256.0 257.4 259.1 7.5 7.8 8.1 JULY AUG. SEP. 260.8 262.0 261.7 OCT. NOV. DEC. 1992-JAN FEB. Date Heek ending 1992-FEB. MAR. 1. 2. e e e e 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 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), 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). 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 deposits 1 At commercial thrift banks institutions Date Large-denomination time deposits3 Small-denomination time deposits2 Total At At commercial thrift banks institutions Total At At General purpose Institutionthrift and broker/dealer only money commercial banks4 institutions money market funds market funds Total 1990-OCT. NOV. DEC. 574.5 578.3 580.0 343.3 342.0 337.7 917.8 920.2 917.7 596.0 598.0 606.3 572.7 570.1 562.2 1168.7 1168.1 1168.5 342.6 344.5 346.8 124.2 128.4 134.4 379.5 378.8 373.0 128.1 125.2 120.6 507.6 504.0 493.5 1991-JAN. FEB. MAR. 581.1 587.4 598.4 336.8 338.7 345.4 917.9 926.1 943.7 612.1 617.8 619.9 560.5 554.8 546.7 1172.6 1172.5 1166.6 356.2 365.9 373.8 142.5 152.1 153.1 376.6 383.9 382.6 116.7 114.1 110.9 493.3 498.0 493.5 APR. MAY JUNE 604.9 609.3 620.0 351.4 356.4 361.1 956.4 965.8 981.1 617.1 614.2 615.7 541.7 533.5 521.0 1158.8 1147.7 1136.7 373.0 365.1 364.2 153.9 155.6 152.3 378.4 380.4 379.1 107.7 104.6 100.7 486.1 485.0 479.9 JULY AUG. SEP. 626.1 631.9 635.8 364.7 364.6 365.1 990.9 996.5 1001.0 617.3 620.8 619.1 511.9 499.3 491.2 1129.2 1120.0 1110.3 363.3 360.7 358.7 151.5 156.2 157.4 373.5 373.8 369.7 97.3 93.9 90.8 470.8 467.8 460.5 OCT. NOV. DEC. 644.6 655.3 662.4 368.7 373.2 376.3 1013.3 1028.5 1038.7 615.2 606.9 598.7 482.0 473.2 464.6 1097.1 1080.1 1063.4 357.4 358.6 358.1 163.4 172.7 180.3 362.8 356.9 352.8 87.4 85.1 82.8 450.2 442.0 435.5 1992-JAN. FEB. 672.3 685.2 383.3 393.3 1055.6 1078.5 589.5 577.6 456.4 444.2 1045.9 1021.7 359.5 368.8 188.1 196.9 344.0 340.5 80.8 78.8 424.9 419.3 3 10 17 24 676.1 683.8 686.9 686.4 387.1 391.3 393.8 394.6 1063.2 1075.1 1080.7 1081.0 582.5 580.3 577.6 575.3 450.3 446.9 444.3 441.9 1032.8 1027.2 1021.9 1017.3 366.8 367.6 368.2 369.9 199.3 198.8 203.1 185.8 342.3 341.1 341.1 340.1 79.8 79.4 78.9 78.3 422.1 420.5 420.0 418.4 2 9 16 23p 30p 687.7 694.9 698.2 696.6 698.6 397.3 402.0 404.4 405.2 406.3 1084.9 1096.8 1102.6 1101.8 1104.9 573.8 571.8 569.6 567.8 567.4 439.9 437.6 434.4 431.1 427.1 1013.7 1009.4 1004.1 998.9 994.6 370.8 368.3 367.2 367.4 364.4 199.5 188.5 194.1 190.6 191.3 338.3 339.0 337.6 337.5 335.7 77.9 77.4 76.8 75.4 75.0 416.1 416.4 414.3 412.9 410.8 Neek ending 1992-FEB. MAR. 1. 2. 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. 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 Billions of dollars* not seasonally adjustea Term RPs 1 At At commercial thrift 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 1990-OCT. NOV. DEC. 51.3 53.1 48.1 44.3 42.5 41.5 95.6 95.6 89.6 67.8 67.5 68.7 124.2 125.0 125.8 334.5 339.6 345.1 32.8 34.6 35.7 353.0 350.3 355.1 2424.4 2461.5 2491.3 8195.4 8220.6 8245.8 1991-JAN. FEB. MAR. 48.4 48.5 48.1 40.3 38.2 35.4 88.7 86.7 83.5 69.2 69.8 68.2 126.8 127.9 129.1 339.6 330.3 324.5 36.1 34.3 31.5 367.7 360.3 354.7 2510.8 2540.7 2553.4 8256.0 8256.8 8272.8 APR. MAY JUNE 49.1 48.3 49.1 33.1 32.1 29.3 82.2 80.4 78.4 65.2 62.3 61.6 130.4 131.6 132.7 302.8 292.1 313.9 30.1 28.7 27.8 344.5 334.0 334.9 2544.5 2560.6 2586.4 8300.4 8330.5 8352.9 JULY AUG. SEP. 49.6 48.9 48.1 29.2 29.4 28.6 78.8 78.4 76.7 62.7 63.6 61.5 133.6 134.3 135.0 324.0 324.9 323.9 27.9 27.2 25.5 338.8 333.1 335.8 2609.3 2642.9 2673.1 8365.5 8372.4 8385.8 OCT. NOV. DEC. 48.9 48.0 47.1 26.6 25.6 23.8 75.5 73.7 70.9 63.0 62.3 58.5 135.9 136.8 137.7 325.3 332.7 328.5 25.1 25.2 24.5 331.5 333.8 335.8 2707.6 2740.7 2764.9 8400.3 8416.8 8438.7 1992-JAN. FEB. 48.1 48.6 22.8 23.4 70.9 72.0 57.1 57.2 138.8 p 319.7 p 23.7 p 338.7 p 2782.0 p 8444.7 p 3 10 17 24 47.9 48.2 49.7 48.1 22.3 23.3 23.5 23.9 70.3 71.5 73.2 72.0 57.7 57.6 56.9 55.9 2 9 16 23p 30p 48.7 48.7 51.0 51.7 51.8 23.3 24.3 24.0 22.9 20.7 71.9 73.0 75.0 74.7 72.4 58.4 58.2 57.2 58.0 58.3 Meek ending 1992-FEB. MAR. 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. 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 If B i l l i o n s of dollars> not seasonally adjusted Demand deposits at banks due to Date IRA and Keogh Accounts U.S. government deposits Time and savings deposits due to foreign banks Foreign Foreign and official official ccommercial institutions institutions banks Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings At deposits^ At at commercial commercia 1 thrift banks banks institutions At money market funds Total 1990-OCT. NOV. DEC. 9.3 9.2 9.0 1.6 1.5 1.5 4.0 3.9 4.1 3.5 3.8 5.0 5.5 5.6 5.2 17.5 15.4 18.1 26.4 24.8 28.2 1.4 1.4 1.4 126.8 128.6 130.3 133.9 133.8 133.4 40.5 41.8 43.3 301.2 304.2 307.0 1991-JAN. FEB. MAR. 9.3 8.2 8.0 1.6 1.6 1.6 4.5 5.1 5.7 4.9 4.2 5.1 7.8 11.5 6.8 24.5 35.1 23.3 37.2 50.8 35.1 1.3 1.3 1.3 132.1 133.6 135.3 133.5 134.0 134.5 43.5 43.5 44.0 309.1 311.1 313.8 APR. MAY JUNE 8.5 8.2 7.6 1.5 1.5 1.5 6.0 6.2 6.3 5.4 3.6 5.0 4.7 5.6 6.3 15.0 16.2 18.6 25.1 25.4 29.9 1.3 1.4 1.5 137.3 138.9 140.3 135.2 135.5 135.4 44.3 44.9 43.9 316.7 319.3 319.6 JULY AUG. SEP. 8.0 7.9 7.8 1.5 1.5 1.5 6.3 6.5 6.6 3.7 3.6 5.2 6.6 5.8 7.8 17.1 13.5 21.7 27.3 22.9 34.7 1.6 1.5 1.5 141.8 143.1 144.4 134.6 133.2 131.6 42.2 42.8 43.3 318.5 319.1 319.4 OCT. NOV. DEC. 7.7 7.9 8.1 1.5 1.5 1.7 6.7 6.7 6.6 3.6 4.4 4.8 5.7 6.0 7.4 25.0 24.2 20.5 34.4 34.6 32.8 1.5 1.6 1.5 145.9 147.0 147.7 131.2 131.2 131.2 43.4 43.0 42.3 320.5 321.3 321.2 1992-JAN. FEB. 8.3 7.6 1.7 1.6 6.6 6.6 5.2 4.3 7.4 6.2 27.9 20.9 40.5 31.5 1.8 2.0 148.3 148.4 131.1 e 130.4 e 42.2 e 42.5 e 321.6 A 321.3 * 3 10 17 24 7.9 7.6 7.2 7.9 1.6 1.8 1.4 1.5 6.6 6.6 6.6 6.6 5.4 3.6 4.1 4.3 9.2 6.9 5.9 5.3 35.3 23.5 20.7 16.8 49.9 33.9 30.7 26.5 1.9 1.9 1.9 2.0 2 9 16 23p 30p 7.4 7.4 7.2 7.5 7.8 1.5 1.4 1.8 1.4 1.5 6.6 6.5 6.5 6.5 6.6 4.7 3.5 6.0 3.1 3.4 5.3 5.8 5.6 5.8 5.3 14.7 14.3 12.7 22.5 15.4 24.7 23.7 24.3 31.4 24.1 2.0 2.2 2.2 2.2 2.2 Neek ending 1992-FEB. MAR. e—indicates estimated data, p—indicates preliminary data.