Full text of H.6 Money Stock Measures : August 15, 1991

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

•vo^s&:

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

AUGUST 15, 1991

Billions of dollars
Date

Ml 1

M2 Z

M3 J

DEBT

Seasonally adjusted
1989-AUG.
SEP.
OCT.
NOV.
DEC.

779.9
781.8
787.9
788.9
793.6

3147.3
3162.8
3183.0
3203.4
3223.1

4012.4
4018.0
4027.5
4041.1
4055.2

4826.1
4834.5
4851.7
4869.4
4889.9

9570.7
9629.1
9689.0
9751.7
9790.4

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

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

3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
3295.4
3309.5
3321.5
3324.3
3323.5
3327.6

4061.
4073.
4077.
4082.
4082.
4085.8
4089.2
4103.3
4109.0
4109.3
4108.8
4111.7

4895.
4902.
4914.
4920.
4903.
4922.8
4926.4
4934.
4955.
4955.
4959.
4965.

9833.8
9897.1
9969.5
10026.6
10070.4
10128.4
10188.7
10257.3
10312.4
10349.5
10399.5
10436.1

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY p

826.7
836.4
843.0
842.1
851.6
858.4
859.7

3331.0
3354.3
3374.9
3382.7
3394.6
3398.6
3388.0

4124.6
4160.3
4168.9
4170.8
4172.6
4165.3
4149.3

4982.1
5008.8
5008.0
4971.7
4947.4
4977.2

10467.8
10525.9
10563.9
10576.2
10621.6
10671.6

1989-AUG.
SEP.
OCT.
NOV.
DEC.

777.8
778.9
784.5
791.4
811.9

3147.6
3158.1
3180.8
3206.7
3236.6

4016.6
4016.8
4025.2
4048.4
4067.0

4823.7
4833.5
4848.8
4874.9
4907.4

9516.6
9578.3
9648.5
9719.2
9775.9

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

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

3244.5
3245.6
3267.7
3292.8
3262.8
3284.1
3298.6
3310.2
3316.8
3321.6
3327.1
3341.6

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.4
4108.3
4107.2
4106.4
4115.9
4123.8

4911.

4893.
4912.
4930.
4888.
4914.
4918.8
4932.4
4954.0
4950.8
4964.6
4984.3

9822.2
9864.3
9925.6
9980.8
10024.1
10084..6
10145..5
10208..2
10263..1
10310..0
10370..0
10423..3

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY p

833.2
823.4
835.0
852.8
841.6
857.7
862.0

3341.
3345.
3374.
3396.
3374.
3391.
3391.

4130..7
4148..4
4168..2
4179.9
4153.8
4159.8
4152.2

4998.2
4999.4
5006.1
4983.1
4932.5
4967.8 p

10455.7
10490.8
10518.6
10531.6
10576.7
10628.8 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 APR. 1991 TO JULY 1991

8.4

0.6

-2.1

4.1

6 Months from JAN. 1991 TO JULY 1991

8.0

3.4

1.2

4.5

12 Months from JULY 1990 to JULY 1991

6.0

2.8

1.5

5.4

Thirteen weeks ending AUGUST 5, 1991
from thirteen weeks ending:

MAY

6, 1991 (13 weeks previous)

7.6

2.4

-0.7

FEB.

4, 1991 (26 weeks previous)

7.8

3.9

2.1

6, 1990 (52 weeks previous)

5.8

3.1

1.8

AUG.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
March 1991 to June 1991, December 1990 to June 1991, and June 1990 to June 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 otherthan 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 snare draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits—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 J this result to seasonally adjusted Ml.
*•
' "~ -*'•- '
'
......
'^posits I in amounts ot siuu,uuu or morej ana term KH naoiiities issued
»r«5 hold hv/ U_*>- r e e i H e n ^ »+ ^orpinn branchps o-f U . S . banks worldwide

-.
^
_.. ..._
_
.
only
money market mutual funds. Excludes amounts Field by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount ot overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-averaqe 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 quarter-end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES

Billions of dollars

Sea;sonally adjusted
Ml
13-week
average

4-week
average

13
20
27

842.8
843.9
845.1

845.6
848.6
851.5

JUNE

3
10
17
24

846.1
847.4
848.9
850.0

JULY

1
8
15
22
29p

AUG.

5p

Period en<ding
1991-MAY

M2
week
average

13-week
average

4-week
average

851.6
852.9
851.6

3377.0
3380.2
3383.3

3386.1
3389.9
3395.6

851.7
852.9
854.7
856.4

850.5
856.4
860.3
858.4

3385.1
3387.6
3389.9
3390.9

850.8
851.9
853.0
854.4
856.3

859.2
859.3
858.6
859.0
859.6

861.8
856.7
857.5
859.9
864.3

857.7

862.3

867.6

M3
week
average

week
average

13-week
average

4-week
average

3395.7
3398.5
3396.9

4169.2
4170.2
4171.1

4169.4
4169.8
4174.1

4175.0
4176.1
4175.3

3394.5
3395.8
3397.4
3397.3

3387.0
3400.7
3405.0
3396.5

4170.7
4170.8
4170.9
4170.3

4171.8
4171.1
4170.9
4167.5

4160.8
4172.1
4175.4
4161.8

3392.2
3392.6
3392.9
3393.1
3394.0

3399.7
3397.2
3393.7
3391.0
3388.3

3396.6
3390.5
3391.1
3385.7
3386.0

4169.5
4168.1
4165.8
4163.8
4163.0

4165.2
4160.0
4154.7
4151.2
4150.3

4151.5
4151.3
4154.1
4147.8
4148.0

3393.6

3387.5

3387.2

4160.9

4148.1

4142.4

Not seasonally adjusted
M2

Ml
13-week
average

4-week
average

13
20
27

839.6
841.0
842.1

844.6
841.6
841.2

JUNE

3
10
17
24

843.6
845.8
848.1
849.5

JULY

1
8
15
22
29p

AUG.

5p

Period en<ding
1991-MAY

week
average

13-week
average

4-week
average

844.8
842.6
829.0

3376.3
3378.8
3380.6

3376.9
3373.0
3374.1

841.6
847.2
852.3
855.9

850.1
867.1
863.0
843.5

3382.0
3384.4
3386.4
3386.8

850.7
852.1
852.3
852.3
853.5

858.1
861.3
862.4
865.2
862.0

858.6
880.0
867.3
854.7
846.0

855.3

860.1

872.3

M3
week
average

13-week
average

4-week
average

week
average

3377.6
3377.9
3362.6

4166.6
4167.1
4167.4

4157.7
4153.0
4154.3

4159.1
4157.0
4144.6

3374.9
3381.9
3387.8
3390.5

3381.4
3405.6
3401.7
3373.1

4166.9
4167.4
4167.5
4166.1

4154.3
4159.5
4164.0
4162;9

4156.5
4180.0
4175.0
4140.2

3387.3
3386.7
3385.7
3384.9
3385.7

3392.2
3393.7
3394.4
3396.8
3391.9

3388.3
3411.5
3404.8
3382.7
3368.6

4164.2
4161.9
4158.6
4156.2
4155.7

4159.1
4156.8
4154.5
4155.7
4153.4

4141.3
4170.6
4165.9
4145.0
4132.0

3386.9

3387.4

3393.6

4155.2

4148.4

4150.6

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--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

Date

Currency

1990-MAR.

228.4

1

Travelers
checks 2

Demand
deposits3

7.6

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only 7

General purpose
and broker/dealer
money market funds

278.9

201.3

88.6

289.8

2465.0

807.6

325.9

APR.
MAY
JUNE

230,
231.
233.

278.1
275.8
276.3

202.
203.
205.

88.
88.
88.

291,
292,
293,

2472.
2475.
2479.

802.8
799.9
795.2

327
325
327

JULY
AUG.
SEP.

235.
238.
241.

275.6
278.0
279.1

203.
204.
205.

87.
87.
87.

291,
292.
293,

2484.
2493.
2499.

793.8
793.9
787.5

329.2
335.8
339.3

OCT.
NOV.
DEC.

243.
245.
246.

277.
277.
276.

205.
207.
208.8

85.8
85.7
85.0

291.8
292.8
293.8

2503.
2500.
2502.

785
785
784

341,
341,
345,

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

272.9
276.1
277.1

209,
211.
214,

84,
85.
86,

293.
296.
301.

2504.
2517.
2531.

793.
806.
794.

353.
358.
363.

APR.
MAY
JUNE
JULY

256.6
256.8
257.6

275.8
278.7
281.0

215,
220.
223,

86.
88.
88,

301.
308.
312.

2540.
2542.
2540.

788,
778.
766.

364.
365.
364.

258.9

7.7

278.9

225.6

88.6

314.2

2528.3

761.3

359.4

256.8
257.3
258.1

7.9
7.9
7.8

281.8
283.6
279.3

222.4
222.8
224.2

87.5
88.7
89.1

310.0
311.5
313.3

2544.2
2544.7
2538.1

771.4
770.4
765.3

364.8
365.0
364.0

8
15
22
29p

258.7
257.6
258.1
259.0
260.4

7.7
7.7
7.7
7.7
7.6

280.2
278.9
278.9
278.9
279.9

225.6
224.4
224.6
226.0
227.1

89.6
88.1
88.3
88.3
89.2

315.2
312.5
312.8
314.3
316.4

2534.9
2533.8
2533.6
2525.8
2521.7

754.8
760.8
763.0
762.1
762.0

362,
361.
360.
359.
356.

5p

260.2

7.7

282.5

228.0

89.2

317.2

2519.6

755.2

353.8

p

Week ending
1991-JUNE 10
17
24

JULY

AUG.

1

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—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
commercia 1
thrift
banks
institutions

Date

Total

At
At
commercia,1 . thrift
banks
institutions

Small-denomination time deposits 2

Total

At
At
commercial
thrift
banks
institutions

Total

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

Total

1990-MAR.

360.9

134.8

495.7

192.1

218.2

410.2

540.7

609.3

1149.9

399.2

150.1

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
121.1

515.1
512.5
507.1

1991-JAN.
FEB.
MAR.

377.7
383.2
388.9

127.5
128.3
130.3

505.2
511.5
519.2

201.4
203.2
205.8

210.6
212.1
214.7

412.0
415.4
420.5

601.6
605.5
607.8

562.3
557.1
550.5

1163.9
1162.7
1158.3

394.0
401.1
399.9

118.0
114.9
111.6

511.9
516.0
511.5

APR.
MAY
JUNE

393.8
399.9
404.5

132.8
136.2
137.6

526.6
536.1
542.1

208.9
211.4
215.1

218.4
221.7
223.8

427.2
433.1
438.9

604.1
601.2
601.7

546.1
539.3
527.4

1150.2
1140.5
1129.2

398.5
399.3
398.1

108.8
104.6
100.9

507.3
503.9
499.0

JULY

408.0

139.1

547.1

217.6

225.3

442.9

601.0

517.7

1118.7

394.1

97.7

491.8

404.4
405.6
404.3

137.1
137.8
138.0

541,
543,
542.

214.
215.
215.

223
224,
224,

437.8
439.1
439.7

602.8
601.7
601.2

529.
527.
525.8

1132.
1129,
1127,

400.
400,
397,

101,
101,
100.

502.1
502.1
497.8

Week ending
1991-JUNE 10
17
24
JULY

1
8
15
22
29p

404.7
407.0
409.1
407.8
408.3

138.1
138.8
139.6
139.4
139.1

542.8
545.9
548.7
547.2
547.4

216.
216.
217.
217.
218.

224,
225
225
225
225

440
441
442
443
444

600
600
600
601
602

524
522
519
516
513.8

1124,
1122.
1119,
1117.
1115,

391,
394.
395,
393,
394.

99.
99.
98,
97,
96,

491..4
493..7
493.8
490.2
490.0

AUG.

5p

408.6

138.6

547.2

219.1

226.6

445.7

603.0

510.0

1112.9

393.9

95.5

489.4

1.
2.

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.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Large7denomination 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
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury •
securities1

Bankers
acceptances2

119.2

336.9

37.2

344.1

2316.1

7653.5

2330.6
2345.1
2374.2

7696.0
7725.3
7754.2

Commercial
paper 3

Federal
debt

Non-Federal
debt

1QQ0-MAR.

105.2

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

JULY
AUG.
SEP.

109.8
114.0
116.2

122.2
123.0
123.8

333.9
328.6
331.9

33.0
32.3
31.8

348.2
347.0
359.0

2401.7
2439.6
2461.9

7787.1
7817.8
7850.5

OCT.
NOV.
DEC.

119.6
120.5
125.7

124.5
125.2
126.0

329.9
332.8
333.9

32.6
34.0
34.7

358.8
359.0
359.4

2473.9
2507.3
2534.3

7875.6
7892.2
7901.8

1991-JAN.
FEB.
MAR.

130.1
139.3
142.0

126.7
127.8
128.9

331.7
329.6
325.7

36.0
35.2
32.4

363.2
355.9
352.0

2556.3
2588.6
2599.7

7911.4
7937.4
7964.2

APR.
MAY
JUNE

145.6
146.2
143.3

130.1
131.4
132.5 p

302.6
292.0
321.2 p

30.7
28.8
27.6 p

337.6
322.7
330.6 p

2590.8
2613.1
2645.5 p

7985.4
8008.5
8026.1 p

JULY p

141.8

Meek ending
1991-JUNE 10
17
24

145.4
144.1
143.0

JULY

1
8
15
22
29p

140.0
141.6
143.2
142.1
141.5

AUG.

5p

139.3

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.
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.
3.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
4.
discontinuities,
•indicates
preliminary data.
P-




H.6 ( 5 0 8 )
Table 5

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

Other checkable

Date

Currency

1

deposits

Travelers
checks2

Demand
deposits3

At
commercial
banks 4

institutions

Nontransactions
components

At

thrift

5

Total

In M 2

6

In M3
only7

Overnight
RPs 6

Overnight
Eurodollars^

General purpose
and broker/dealer
money market funds

1990-MAR.

227.1

7.3

271.6

202.4

87.8

290.1

2471.5

808.1

67.0

14.9

551.6

APR.
MAY
JUNE

229.6
251.8
254.9

7.5
7.5
8.1

280.0
268.9
275.2

209.6
200.9
204.0

91.5
88.2
88.7

501.1
289.1
292.7

2474.8
2465.5
2475.5

798.0
801.5
796.7

64.5
66.7
66.9

15.1
16.5
15.5

550.
521.
522.

JULY
AUG.
SEP.

257.5
239.4
241.0

8.6
8.9
8.8

277.5
276.8
278.2

201.4
201.8
205.9

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

525.
534.
359.

OCT.
NOV.
DEC.

242.8
245.7
249.6

8.4
8.0
7.8

278.0
280.5
289.9

205.0
206.0
211.5

85.4
85.9
85.5

288.4
291.9
297.0

2504.0
2501.0
2497.5

784.8
788.8
782.2

66.0
60.5
54.6

17.5
17.5
19.4

341.
345.
545.

1991-JAN.
FEB.
MAR.

249.8
252.7
255.6

7.8
7.8
7.8

277.7
268.0
270.1

213.7
211.4
215.7

84.2
85.5
85.9

297.9
294.9
501.5

2508.0
2521.6
2559.1

789.4
803.4
794.1

51.5
51.0
48.6

19.7
19.1
20.5

354.
562.
570.

APR.
MAY
JUNE

256.0
257.4
259.1

7.5
7.8
8.1

277.6
271.5
279.6

222.4
217.1
221.8

89.3
87.8
89.0

511.7
504.9
510.8

2543.4
2532.5
2535.9

783.7
779.8
768.3

49.1
49.6
49.7

20.0
17.6
16.1

368.
360,
358.

JULY

260.9

8.5

280.6

222.9

89.1

312.0

2529.4

760.9

48.2

14.4

354.5

260.2
259.1
258.4

282,
283,
271,

225,
225,
218,

91.1
89.8
86.6

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

2 5 5 8 . .5
2 5 5 8 .. 7
2 5 2 9 .. 7

774.
775,
767,

49.
50.
49.

15.
15.
17.

359.0
559.1
357.8

258.
263.
261,
260.
259.

283,
289,
284,
276,
271,

220,
227,
225,
221,
219,

88.0
92.1
89.8
87.7
86.4

5 0 8 , .0
5 1 9 .. 1
5 1 5 . .5
5 0 9 ,. 1
5 0 5 , .9

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

755.
759.
761.
762.
765,

49.8
48.0
49.4
46.8
48.3

17.5
14.0
14.8
14.6
13.7

354.
352.
556.
556.
555.

283.0

227.5

91.0

518.5

2521.5

756.9

48.9

13.8

550.4

Week ending
1991-JUNE 10
17
24
JULY

1
8
15
22
29p

AUG.

5p

262.1

1.
Z.

8.7

Currency outside U.S. Treasury? Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreiqn-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 overniaht 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
nutual 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.



rvt-i

3 M H -

(0 H•(D
3 0) 3 Q .
0 t — 0 (0
3T3
3



s o n a

0)
3
0

3

H-

0.

<
/
c>
ro

H-

0
*"
(0
Q.

0)
H-

0)
3

o^^roroO)

o

^ONOMOSO
vOM030303

W

0303\ONO03

03

03

NJ>JVJ1

0^H»IN>

S O O O

OWNI

OOHOJN

W

-si in 05

vo sO ^0 ^0 sO O O O
ON^J0300vO O M M

VOHOJO^

<roo

*>0 ^3 O

w-P-P

W03">l

->jsoro

rorow

NOOSO

rororo

vO
Ul

o

wrowroo

vO sO ^O >0 ^O

^O

w

wwwww

w

^•^IVJIOON

Mrorororo
OJOW>J>4

Ui

v©soww<r

Mi-'rororo

M

w

M

woo 03

Inooro-Niso

o^

^W->i

o o o o o
o o o
wrororoM H H N

W ^ O - N I - P

o
-P

Ui

Mroi-»

o->i^

UiUiUi

rororo
ror\>ro

wch.p

)->!->*-*
0s 0s 0s

ror\>ro

(js <y»

•rv>

o

m*^^

•PUlttl
vOOO
03W^

s0(\)03

UlUiUi
M M O
O^vO

JP

^

UYU1U1

03Uir»

vO

M M M
HH»M
M.P>|

•PMW

vO>oro

w
ww
sOsO vO

U103>I

•NJW**

•-"MM
uic^a*

w^ivi

U1U1U1
uiuia>
o>iro

•P*-***

O O O
-M<rro

<jv cr> 0 s

Ul03v0

N H O
OMO)

^^^

>4-PO

^ O N O

rororo
M M O

03UlvO

H«MM
O O O
0^09

^a^ow

www

vO vO sO
•>J03^

03 O W

vOOO

ro^m

M M M

N H N

UlUiUi
row-P
-sj^oa-

H*oro

O O O
rv3M4>

<JN

•NjroUi

J > ^ ^
•pwro
M^03

roroo

rorow
ror*)"»
Uiro-ij

UlvOUl

roroM
OOsO
UlMvO

i-«Uio

sOUlW

Os->jvO

HvOH

MsOW

w-Pro

roww
•POW

U1U1U1

**\M\J\

UlUiUi
O M M
>JU103

www

t~>¥^>^

vi->jW

roa^

WWW
s£) s0 vO

U1IV3M

^-*t-*t-*
ui<3^<r
vOOO

•PW03

UlUiUi
03 03 03
O^O^

H O N

t^t-*^
rororo
MUlvO

MsOW

www

03 03 03
0 s vO SO

roosro

hJy-')^
O^UlO^
OvOM

MWro

^ M W

ON-N»->|

UlUiUi

MUlO

•Nl^l^J

UlUiUi

•NlOvO

W-PO>

UlUiUi
^0 03 03
(3^03 03

M^<r

¥-*^t->

^ 4 N ^
O M M
•Njoro

^^^

^UTNJ

Ul-NlsO

>-»>-*y^

rororo

roUiro

vOW03

UiUi-P
OOvO
Ul-PvO

rovoo^

ww^

v|sOO

UlUiUi

M03O

&#&

oroo^

f^t^H

1

•M

Ui
.p
vO

"o

o

M
UI

•

M

v0

">iNl^
roMO^

w
sO

•>J

sO

M
M
.p

ro

a*
o
>o

o
a«

UI
-p

o

o

•p
M

o

ro
M
03

sO

w
ww
VOSONO

03^ro

^h^t-*
U1UIU1
^roro

vO 0^03

ONO">J

UlUKT
vOvOO

sOvO^

<rui^
wro-P

mmui

<MJI->J

y-*\->\^
• P r o ro

^^^

wrooo

N O VO N O

rororo
V-*h^^

WWNO

Uiwro

M
NO
M

0)
M»

0

>

H*

H
0
r+0)
M>

H-H0
3
V)

H--J >
C H-HH--K

H-3"

3
(A
H-H»

H-

0)
M>

0
0
CT3
0) 3
3 (0 >
7T-J H (fl 0

0)
M»

H
0

0
3
ifl

M-3H--J >
C H.HH--K
M'H-

3
ifl
H-H-

0)
M»

0
C T33
0) (0 >
3 "J H -

01
M>

H
0

0
3
ifl

Hr-K
M-H-

H-1

(fl
H-H-

3

M"

0)

O
0
3
0T3
0) (D >
3 1 H-

H-

sO

•
w

H
0

0
3
ifl

H-D"
H-"J >
C H.HH-«*
H'H-

03

[

3
(fl
H-r+-

3 "J H 7T0
W H01
M

a)ro>

sO sO vO

t-'y-'t-*
sO sO vO

o
0
3
| CT3

\

WNJ<T

.p

Ul

•

Ui

w

M

•03

W
0>
ro

>

70

1
2

o

vOUlsO

-P-P-P

vOOO

•PNI0>

vO 03 0 s

•>ivO ro

a>o^

<j>

>^t-*t~*
WWW
MWUl

h-*>-*h-*
\Q \Q \Q
O^O^vJ

rororo
O M M
soro-P

QN

^jro-P

(y«.

www

C-2>
C>13
z < »
m •

WWW
O O O

^h-*}-'

OU1M

xj^KT
UlWvO

www

• • -<

"DOr

m C C

oo>c

M M M
vO sO N O
•M-NI03

W03OV

M O O
OsOUl

UlUiUi

S H M

003^

UlUlUl
roi-»o
r o w vo

03Ov0

»-•
r o !-•»-»
wro

O^^JO)

MsOUl

03^-NJ

WWW

t-*)-**-*
wroro
M 0 3 03

vO
>l

•

sO

W
vO
ro

M

M
M
IN>
ro

W

Ui
M
sO

sO

ro

^
o

w

•P
>i

^

c^

ro
ro
>i

^i

ro
M
^0
rororo
t-«MO
ChMvO

O^-vlvO

03

•

UI
.p
ro

>JsOvO

UlUlUl
wwro
C»o<r

o

M M M
WWW
o^-Pro

H>4C>

WWW
sO03 03 .
M ^ O

0 < H

o z o
moo

1

-j

0
3

H>

3
0)
H-

H«

3
0
3

ro
i
a
ro

(Q

r™
0)

(fl
ro

XI
0
(A

ro

a

3
(D

H-

0
3

HH'

3
0)

H«

a
ro
3
0
3

00
3
0)
M>
M>

M

rh
(fl

XJ
0

a.
ro

3
(Q
(fl

<

00
0)

(fl

H-

c
3

0)
0
0
0

H-

Q(D
XJ
0
(fl

0

3
Q>
"J

<

ro

3

2
0

!

3-0

so
S'S

Jm

oZ

ifl X

o» O

H-

STH

sw
>•
JS

(/)

m
H

>
O)
(A

rO
c
o

S-O

09

m
09
H

0) •

3
C
(0
Q.

H«

1 00
0 w
0
3
H-

mo

M»
(0 ~
1X1

1 ?.o
cro^

W 1

ifl

H«

"0
0
ifl

time de

a.

ro
w

CT
0)
H0)
3
0

3
H-

c

0)
0
0
0

0
(0.
3"

*

ro

0)
3
Q.

>

M
JO

M

•
>
M

o
o
o

v»

O
O

4J>
M

H3"
0)
3

*-w
w •

3 (0

Q) H >

0-H-

M'

v 0Q>
Q) 3
3 7T
Q.M.
3
-+4Q
0
"J - h
(D 0)
H-0
(0 H>
3 M>

w

0 0)
3 M>

H-0
H-3

3 (0
w -j
H-3
H'Q)
H-HC M-

H-^h

3

»< • - •

H-0)
0 H1

H»

(0
XJ
0
V)

cr
ao

*

</> ro

C 3"
3 0
Q.V)

-hl-»-

ro ro (fl
H-X
0
o
3 l -+>
C C
M
H-Q.
c M.
ro
0) 3
w
H<fl
w

3

- j >»

7T

<T-NIO)03UI

cr>^iO>-Njw

rororororo
rororororo

NiOsoaiUi

Ui

00

MrOMMM
\ 0 O sO vO *»J

ro
O

ro
ro

rororv>roro

ro

0>

<M-iO

w^^

roUlOOOJ 0 9 ^ ^

UiUiUiUiUi
.p^-pv^W
ro rv> Ui ro o^

o^wo)

ooroo^soui

H«
W
03

s0 0 3 0

OsOsO
MUl^

7JQ0Z

>m>

2*TICL

0)
r¥ro

o

AND Dl

Q) ro c

CTO
< O
O
3
0 0
3 "J
ID
< 3
O
3 "7

C L O W V)

(D M M
M O H - M -

WOrf-l
ifl C * • 0 )
3 3 1
H-r+-(D ro
Jlfl
O Q-HW O I D J
ro -+>x»0
0 w
3"</>ifl ro

MT3
1—0) »—V)
1
(0 3

w 3 a> 7J

^ • M - 3

0) ifl -K-J
M(/> "J ro
C 0 HO"(0 3 0)
0) Q_ M«
3
w M>

H'H-

(0 W H - M 1(0(93
O QJQ

03

•P

w

Ui

•M

w w w
a* "go*,

WWW WW
v j 03 0 3 - J 0*>

i—•»—• i—•

>l

rv>H">j

-pw-prow

^

o

ooooo
o o o
.p.p^.po O - P W

*»

x»

<

^ww

o - o
Z<70
m -

c

f

C-2J>

0-

vO

M

lly adju

O H-O
O i-H-J M«
3 3"Q) C

Z
m

c

<_

vO
M

Y STO

ro o " 3

QJ 0) (fl 1
H--J C M»

r+-rt-1 H-«
Ifl W I D Ifl

M

-P
o

137

oowoo
ifl ifl
w >
H ' H ' Q ) M'lfl

3 M'Q) Q) 3 0) H*
H-r4-r+-H-7Ti-»-rt3 C H'M'tf) M'(fl
0) r + - 0 0
0
-J M - 3 3 Q) 3 (0
X
< 0
3
3 H-rf-Q.H-0
M'J-i
Q_(/> H ' H 0) • 3 3 H - 3 C
H(0 (0 3"(0 CL
0)
T
CO
Q.Q.H •a
(D (0 -K(D 2
XI XJ H-XJ 2

r-<

c

(_

roroM
roMM
Ui soromosM .p^io
•0 XI

Q

c

>

^0
sO
M
I

of dol

h-W H - M ' C T H ' O
M - H - 3 3 0) 3 (/>

H-(0
XJ
3
-j H - 0
(0 3 3

w a) Q.Q.0 a w

H - 0 (D (D (D M>3
(0 M- 1 I "J l ( Q

Q) M < Q ( Q

H.-hQ) Q) 0 3 fi)
0 - h - J -J 3 0) <

0.0 r r n oooo

•P w

ONEN

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
institutions
banks

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3'

Bankers
acceptances*

Commercial
paper 5

Federal
debt

Non-Federal
debt

1990-MAR.

106.8

50.1

48.3

98.4

66.7

119.4

337.2

36.1

343.8

2319.2

7606.4

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

7649.9
7684.4
7721.5

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

323.7
323.9
334.2

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7758.7
7785.8
7818.5

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

334.4
338.9
343.9

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7850.7
7871.2
7891.2

1991-JAN.
FEB.
MAR.

134.8
144.0
143.9

46.6
47.1
46.1

41.6
39.7
37.1

88.2
86.8
83.2

71.9
72.6
71.1

126.8
127.9
129.1

339.1
330.8
325.7

36.1
34.3
31.5

365.5
358.0
351.6

2557.7
2590.7
2602.8

7898.0
7900.1
7915.8

APR.
MAY
JUNE

144.1
145.2
141.0

46.7
46.2
46.2

35.3
34.8
32.5

82.1
81.0
78.7

68.2
65.5
65.1

130.4
131.6
132.7 p

301.2
287.6
310.9 p

30.1
28.7
27.7 p

341.4
330.8
336.6 p

2593.0
2609.1
2635.3 p

7938.6
7967.6
7993.4 p

JULY p

139.7

47.5

32.7

80.2

65.7

143.4
141.8
140.9

46.6
46.9
46.3

33.1
32.8
32.4

79.7
79.7
78.7

64.0
65.5
65.7

136.1
137.2
139.9
141.4
141.3

45.2
47.5
47.8
47.7
47.6

31.1
32.7
32.5
33.0
33.0

76.3
80.2
80.3
80.7
80.7

65.0
66.3
64.4
66.1
66.4

138.5

46.4

32.8

79.2

65.3

Meek ending
1991-JUNE 10
17
24
JULY

AUG.

1
8
15
22
29p

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.
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,
•-indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted

Demand deposits
at banks due to

Foreign
Foreign
commercial
official
banks
institutions

Date

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

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
deposits
At
At
at commercial commercial
thrift
banks
banks
institutions

At
money
market
funds

Total

1990-MAR.

9.0

1.6

3.4

3.6

5.3

13.1

22.0

1.3

113.3

133.9

33.6

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

37.9
39.2
40.7

296.7
299.3
301.7

1991-JAN.
FEB.
MAR.

9.2
8.2
8.1

1.5
1.5
1.4

3.2
3.2
3.2

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

130.3
130.3
130.3

41.5
42.1
42.8 e

303.9
306.0
308.4 e

APR.
MAY
JUNE

8.6
8.3
7.7

1.4
1.4
1.4

3.3
3.3
3.3

5.3
3.6
5.0

4.7
5.6
6.3

15.0
16.2
18.6

25.1
25.4
29.9

1.3
1.5
1.6

137.3
138.9
140.3

129.9
129.2
127.8 e

43.6 e
44.0 e
44.5 e

310.8 e
312.1 e
312.5 e

p

8.1

1.4

3.2

3.6

6.6

17.1

27.3

1.6

141.7

126.4 e

44.8 e

312.9 e

1991-JUNE 10
17
24

7.6
7.6
7.6

1.4
1.4
1.3

3.3
3.3
3.3

3.6
7.3
4.8

5.4
4.8
6.4

5.8
7.6
31.7

14.8
19.7
43.0

1.6
1.6
1.6

JULY

Week ending

JULY

1
8
15
22
29p

7.8
8.6
8.3
8.0
7.8

1.5
1.4
1.3
1.4
1.6

3.3
3.2
3.2
3.2
3.2

4.3
4.0
3.6
3.4
3.2

9.2
7.5
6.3
6.6
6.0

31.5
16.8
13.8
15.8
18.5

44.9
28.2
23.7
25.7
27.6

1.6
1.6
1.6
1.6
1.6

AUG.

5p

7.7

1.3

3.2

4.7

5.5

22.0

32.3

1.5

e-~indicates estimated data.
p--indicates preliminary data.