Full text of H.6 Money Stock Measures : August 17, 1995

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

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

Billions of dollars

AUGUST 17,1995

Date

M1 •

M22

M33

L4

DEBT5

Seasonally adjusted
1993-AUG.
SEP.
OCT.
NOV.
DEC.

1 0 9 5 ., 1
1 1 0 4 . ,7
1113 ..5
1122 .. 4
1 1 2 8 . .6

3549
3559
3564
3576
3583

.3
.1
.4
.7
.6

4205
4214
4222
4234
4242

.5
.1
.6
.2
.3

5112.3
5110.3
5118.8
5131.6
5150.1

12133
12186
12222
12278
12344

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

1 1 3 2 . ,5
1137 .,0
1 1 4 1 .. 1
1142 .,8
1 1 4 3 . ,5
1147 .,0
1 1 5 2 , ,2
1 1 5 0 . ,8
1 1 5 1 . ,0
1148. 2
1147 ..6
1 1 4 8 . ,0

3589
3586
3597
3605
3608
3605
3616
3614
3614
3609
3611
3616

.1
.2
.5
.4
.4
.2
.7
.9
.0
.9
.3
.1

4 2 4 5 .7
4231 .8
4240 .4
4250 .5
4 2 5 1 .2
4 2 5 6 .2
4 2 7 4 .2
4 2 7 3 , .8
4280 . 1
4286 .3
4291,.5
4 3 0 3 .4

5165.2
5162.5
5165.4
5181.6
5190.1
5188.1
5213.7
5215.7
5222.0
5240.5
5248.8
5293.2

12386 . 3
1 2 4 3 5 .2
12499, . 5
12556 .8
12612 . 8
12652 . 5
12678 .3
12741 .5
12798 .8
1 2 8 4 5 .7
12915 . 1
1 2 9 5 7 ,. 6

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1 1 4 9 . ,0
1147 ..3
1147 .,9
1149. 7
1 1 4 3 .,0
1143 . 8
1145. 0

3628
3623
3631
3643
3660
3695
3714

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

4 3 2 6 , .4
4 3 3 5 , .9
4 3 5 8 , .8
4 3 8 1 , .2
4 4 1 0 , .2
4456 . 8
4 4 8 9 ,. 4

5320.7
5363.8
5409.4
5452.1
5478.5
5533.7 P

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

P

.1
.5
.6
.6
.2

Not seasonally adjusted
1993-AUG.
SEP.
OCT.
NOV.
DEC.

1088. 6
1099. 3
1112. 1
1129. 5
1153 . 7

3542 ,.3
3 5 4 8 , .4
3 5 6 1 .3
3 5 8 4 , .2
3606 . 1

4 2 0 0 ,. 1
4 2 0 1 , .8
4217 ,. 1
4 2 4 6 , .5
4 2 6 6 .. 1

5101.2
5092.5
5110.0
5151.0
5184.7

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

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
1144. 0
1146. 2
1147 . 4
1155. 4
1173 . 7

3 5 9 5 .6
3573 ,.3
3596 . 2
3 6 2 2 , .6
3 5 9 5 ,. 6
3 6 0 0 , .4
3 6 1 5 , .5
3607 ,.4
3 6 0 3 , .4
3 6 0 6 , .9
3 6 1 9 , .6
3 6 3 9 . .7

4 2 5 4 , .7
4221,. 6
4 2 3 8 , .0
4 2 6 4 . .0
4 2 4 0 .. 2
4 2 4 9 . .8
4 2 6 7 . .9
4 2 6 7 ..4
4 2 6 7 . .7
4 2 8 1 . .4
4 3 0 5 . .9
4 3 2 9 . ,5

5186.9
5155.3
5165.7
5193.6
5170.0
5176.7
5201.3
5204.5
5202.7
5231.6
5270.9
5330.9

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

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1 1 5 8 . ,6
1 1 3 4 . ,3
1 1 3 8 ., 1
1 1 5 8 , .7
1 1 3 2 ., 1
1139, 2
1 1 4 4 . ,0

3 6 3 4 ,. 5
3609 .8
3629 . 1
3660 .2
3647 .6
3691 .3
3 7 1 3 .6

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

5343.8
5355.5
5408.6
5462.3
5457.2
5521.7 P

1 2 9 8 7 . ,2
1 3 0 3 9 . ,7
1 3 1 0 4 .. 3
1 3 1 3 6 .. 6
1 3 1 8 2 . .3
1 3 2 8 2 .. 4 P

P

F o o t n o t e s a p p e a r o n t h e following p a g e
p

preliminary




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES

Percent change at seasonally adjusted annual rates

M1

M2

M3

DEBT1

3 Months f r o m APR. 1995 TO JULY 1995

-1.6

7.7

9.9

5.7

6 Months f r o m JAN. 1995 TO JULY 1995

-0.7

4.7

7.5

5.9

vo
o
1

2.7

5.0

5.4

-1.4

6.8

8.9

12 Months f r o m JULY 1994 t o JULY 1995
T h i r t e e n weeks e n d i n g AUGUST 7 , 1995
f r o m t h i r t e e n weeks e n d i n g :
MAY
8, 1995 (13 weeks p r e v i o u s )

1.

FEB.

6, 1995 (26 weeks p r e v i o u s )

—0.8

4.2

7.0

AUG.

8, 1994 (52 weeks p r e v i o u s )

-0.4

2.4

4.7

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1995 to June 1995, December 1994 to June 1995,
a n d J u n e 1994 to J u n e 1995, respectively,

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal R e s e r v e Banks, and the vaults of depository institutions; (2) travelers c h e c k s of nonbank i s s u e r s ; (3) d e m a n d
d e p o s i t s at all commercial b a n k s other than t h o s e d u e to depository institutions, the U.S. government, and foreign b a n k s and official institutions, l e s s c a s h items in t h e
p r o c e s s of collection and Federal R e s e r v e float; and (4) other c h e c k a b l e d e p o s i t s (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic t r a n s f e r
service (ATS) a c c o u n t s at depository institutions, credit union s h a r e draft a c c o u n t s and d e m a n d d e p o s i t s at thrift institutions. Seasonally a d j u s t e d M1 is calculated by
summing currency, travelers checks, d e m a n d deposits, and O C D s , e a c h seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) R P s issued by all depository institutions and overnight Eurodollars issued to U.S. r e s i d e n t s by foreign b r a n c h e s of
U.S. b a n k s worldwide, s a v i n g s d e p o s i t s (including m o n e y market deposit accounts), small-denomination time d e p o s i t s (time deposits—including retail RPs—in a m o u n t s of
l e s s than $100,000), and b a l a n c e s in both taxable a n d tax-exempt general p u r p o s e and broker/dealer money market mutual f u n d s . Excludes individual retirement a c c o u n t
(IRA) and Keogh b a l a n c e s at depository institutions and m o n e y market f u n d s . Also excludes all b a l a n c e s held by U.S. commercial b a n k s , money market f u n d s (general
p u r p o s e and broker/dealer), foreign g o v e r n m e n t s and commercial banks, and the U.S. g o v e r n m e n t . Seasonally a d j u s t e d M2 is computed by adjusting its non-M1 c o m p o nent a s a whole and then adding this result to s e a s o n a l l y a d j u s t e d M1.
C on sists of M2 plus large-denomination time d e p o s i t s (in a m o u n t s of $ 1 0 0 , 0 0 0 or more) and term R P liabilities issued by all depository institutions, term Eurodollars held
by U.S. residents at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking offices in the United Kingdom and C a n a d a , and b a l a n c e s in both t a x a b l e and t a x - e x e m p t
institution-only money market mutual f u n d s . Excludes a m o u n t s held by depository institutions, the U.S. government, m o n e y market f u n d s , and foreign b a n k s and official
institutions. Also subtracted is the estimated a m o u n t of overnight R P s and Eurodollars held by institution-only m o n e y market mutual f u n d s . S e a s o n a l l y a d j u s t e d M3 is
obtained by adjusting its non-M2 c o m p o n e n t a s a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the n o n b a n k public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial p a p e r and b a n k e r s a c c e p t a n c e s , net of m o n e y market
mutual fund holdings of t h e s e a s s e t s .
Debt: T h e debt a g g r e g a t e is the outstanding credit market d e b t of t h e d o m e s t i c nonfinancial s e c t o r s — t h e federal s e c t o r (U.S. government, not including g o v e r n m e n t s p o n s o r e d enterprises or federally related mortgage pools) a n d t h e nonfederal sectors (state and local g o v e r n m e n t s , h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt consists of m o r t g a g e s , tax-exempt and corporate bonds, c o n s u m e r credit, bank loans,
commercial p a p e r , and other loans. The data, which a r e derived from the Federal R e s e r v e Board's flow of f u n d s a c c o u n t s , a r e b r e a k - a d j u s t e d (that is, discontinuities in
t h e d a t a have b e e n s m o o t h e d into t h e series) and m o n t h - a v e r a g e d (that is, the d a t a have b e e n derived by averaging a d j a c e n t month-end levels). T h e presentation of t h e
debt d a t a in this r e l e a s e differ, therefore, from the quarterly flow of f u n d s statistics contained in t h e Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published
levels of credit market debt are m e a s u r e d on a quarter-end b a s i s and contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

15
22
29

week
average

1147.6
1147.4
1147.0

13-week
average

4-week
average

1146.5
1144.9
1142.8

week
average

1143.3
1142.9
1141.3

3637.2
3640.4
3644.1

3651.2
3654.7
3659.3

3654.1
3661.9
3670.8

4370.3
4376.6
4382.4

4397.4
4403.2
4409.7

4403.2
4413.9
4422.4

JUNE

5
12
19
26

1146.7
1146.5
1146.0
1145.6

1142.9
1143.1
1143.6
1144.4

1144.1
1143.9
1144.9
1144.7

3649.0
3654.0
3658.7
3663.5

3667.2
3676.5
3685.9
3693.9

3681.9
3691.4
3699.6
3702.8

4389.4
4397.2
4404.8
4411.6

4418.9
4431.2
4443.4
4453.5

4436.0
4452.4
4462.9
4462.7

JULY

3
10
17
24
31p

1145.5
1145.0
1144.3
1143.7
1143.8

1144.1
1144.2
1143.2
1142.6
1144.3

1142.9
1144.1
1141.0
1142.4
1149.7

3668.8
3 673.9
3679.4
3684.8
3690.3

3699.2
3703.4
3705.5
3709.4
3714.5

3702.9
3708.1
3708.3
3718.3
3723.1

4420.0
4427.7
4435.6
4443.8
4452.6

4461.6
4466.2
4471.4
4480.1
4490.7

4468.4
4470.6
4483.7
4497.7
4510.7

AUG.

7p

1143.8

1144.3

1144.2

3696.5

3720.4

3731.9

4461.7

4502.5

4517.7

1995-MAY

Not seasonally adjusted
1995-MAY

15
22
29

1143.6
1143.3
1142.9

1142.5
1136.5
1131.4

1138.6
1125.6
1117.2

3637.9
3640.9
3644.6

3644.2
3643.5
3646.2

3648.4
3644.2
3645.2

4368.9
4375.1
4381.2

4388.4
4391.8
4399.0

4398.5
4398.7
4403.4

JUNE

5
12
19
26

1143.2
1143.5
1143.7
1143.3

1133.3
1135.8
1139.4
1139.7

1151.7
1148.7
1139.9
1118.5

3650.0
3655.6
3660.3
3664.0

3657.9
3672.3
3684.5
3690.5

3693.7
3705.9
3693.0
3669.2

4389.2
4397.8
4405.3
4410.7

4412.4
4430.4
4444.7
4449.8

4449.0
4470.4
4455.8
4423.9

JULY

3
10
17
24
31p

1143.2
1142.7
1140.5
1138.7
1138.3

1138.1
1141.9
1143.3
1145.4
1142.2

1145.2
1164.0
1145.6
1126.7
1132.3

3667.9
3671.9
3675.2
3679.3
3684.6

3691.9
3698.8
3704.7
3712.4
3713.4

3699.5
3733.5
3716.4
3700.1
3703.4

4417.6
4423.8
4429.2
4436.2
4445.0

4450.9
4454.8
4462.2
4475.3
4484.0

4453.5
4485.8
4485.5
4476.3
4488.4

AUG.

7p

1139.0

1139.3

1152.4

3691.7

3714.9

3739.8

4454.9

4493.6

4524.2

Note: Special caution should be taken in interpreting week-to-week c h a n g e s in money supply data, which are highly volatile and subject to revision,
p

preliminary data.




Page 4

H.6(508)
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

Demand deposits3

Other checkable deposits

Nontransactions components

1994-MAR.

332.0

8.0

388.6

At commercial
banks4
299.7

APR.
MAY
JUNE

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

2462.6
2465.0
2458.2

645.2
642.7
651.0

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388.1
386.6
386.5

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2464.5
2464.0
2463.0

657.5
659.0
666.1

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.5
382.5
382.2

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2461.7
2463.6
2468.1

676.4
680.3
687.3

1995-JAN.
FEB.
MAR.

357.7
358.8
362.5

8.4
8.4
8.8

383.6
384.1
383.3

295.1
291.8
289.3

104.2
104.1
104.0

399.3
395.9
393.3

2479.0
2476.3
2483.1

698.4
712.3
727.8

APR.
MAY
JUNE

365.7
368.1
367.4

9.2
9.2
9.0

381.3
380.6
386.8

289.6
281.9
276.3

104.0
103.1
104.3

393.6
385.0
380.6

2494.1
2517.0
2552.0

737.4
750.3
761.0

p

367.1

8.9

389.6

275.7

103.7

379.5

2569.1

775.2

gaflipq
1995-JUNE 12
19
26

367.4
367.3
367.8

9.1
9.0
9.0

387.1
387.9
386.8

276.4
276.9
276.5

104.0
103.7
104.6

380.4
380.6
381.2

2547.5
2554.7
2558.2

761.0
763.3
759.9

JULY

1.
2.
3.

Travelers checks 2

At thrift
institutions5
112.8

Total

In M26

In M3 only7

412.5

2456.3

643.0

JULY

3
10
17
24
31p

366.6
366.3
366.7
367.1
367.9

9.0
8.9
8.9
8.9
8.8

386.9
388.7
387.0
388.0
394.2

275.8
276.1
275.0
275.6
275.1

104.6
104.1
103.4
102.9
103.6

380.4
380.1
378.4
378.5
378.7

2560.0
2564.0
2567.2
2575.9
2573.4

765.5
762.5
775.5
779.4
787.6

AUG.

7p

367.7

8.8 e

388.1

275.6

104.0

379.6

2587.7

785.8

Currency outside U.S. Treasury, Federal R e s e r v e Banks and t h e vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of n o n b a n k issuers. Travelers c h e c k s issued by depository institutions a r e included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at commercial b a n k s and foreign-related institutions other t h a n t h o s e d u e to depository institutions, the U.S. g o v e r n m e n t a n d foreign b a n k s a n d official
institutions, less c a s h items in t h e p r o c e s s of collection a n d Federal R e s e r v e float.
4. C o n s i s t s of NOW and ATS b a l a n c e s at commercial b a n k s , U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5. C o n s i s t s of NOW and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d deposits at thrifts.
6. S u m of overnight R P s and Eurodollars, money market fund b a l a n c e s (general p u r p o s e and broker/dealer), savings d e p o s i t s (including m o n e y market deposit a c c o u n t s )
and small time deposits. This s u m is seasonally a d j u s t e d a s a whole.
7. S u m of large time deposits, term R P s and Eurodollars of U.S. r e s i d e n t s , m o n e y market fund b a l a n c e s (institution-only), l e s s t h e e s t i m a t e d a m o u n t of overnight R P s and
Eurodollars held by institution-only m o n e y market mutual f u n d s . This s u m is s e a s o n a l l y a d j u s t e d a s a whole.

e
estimated
p
preliminary


Page 5

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date

commercial
banks
791.5

At
thrift
institutions
430.5

APR.
MAY
JUNE

788.9
784.6
780.0

JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1222.0

At
thrift
institutions
308 .9

431.1
430.2
426.8

1220.0
1214.8
1206.8

462.3
464.6
467.4

307.8
306.2
305.5

770.2
770.8
772.9

370.5
373.5
370.7

183.1
177.5
177.9

268.0
272.0
274.0

61.8
60.4
61.0

329.8
332.4
335.0

778,
775,
772.8

423.2
417.0
410.9

1201.2
1192.6
1183.7

470.0
476.1
481.2

306.6
306.8
308.3

776.5
782.8
789.6

376.1
377.0
377.4

178.7
177.4
176.3

276.4
280.1
285.1

62 <

61,
63,

338.4
342.0
348.2

765
759
752

405.6
398.5
391.9

1171.0
1157.8
1144.2

487.8
494.1
502.6

311.8
316.2
317.7

799.6
810.4
820.3

379.5
383 .3
389.0

180.8
180.5
180.8

289.4
292.9
296.6

64,
64,
64,

353.6
357.4
361.4

1995-JAN.
FEB.
MAR.

744.1
734.2
723.3

385,
377,
371,

1129.8
1111.9
1094.9

512.7
524.2
537.8

323 .0
331.2
340.4

835.7
855.4
878.2

392.1
391.5
390.9

186.3
180.4
189.0

295
303,
308,

66.7
68
70,

361.9
371.2
378.6

APR.
MAY
JUNE

716.0
717.2
728.1

366.
364,
363.

1082,
1081,
1091.

548.1
556.2
562.4

348,
354,
355,

896.8
910.7
917.6

396
405
425,

192.9
194.8
205.6

309,
315,
319.1

71,
70,
70.8

380.3
386.0
389.9

p

730.5

360.7

1091.2

566.3

355.2

921.5

441.5

212.4

326.9

72.5

399.3

We 9ft
1995-JUNE 12
19
26

728.9
729.1
728.2

362.6
363.3
363.5

1091.5
1092.4
1091.6

561.4
563.3
563.6

355.6
354.7
354.8

917.0
918.0
918.4

423.0
426.2
429.9

205.6
206.5
206.6

319.3
319.7
318.7

70.2
70.6
71.2

389.5
390.3
389.9

JULY

3.
4.
p

General
~™
Large-denomination time deposits3
purpose and
Institutionbroker/
only money
At
money
marketfunds commercial
thrift
Total
4
market funds
institutions
banks
330.3
183.8
268.8
61.4
361.9

At
commercial
banks
463 . 1

1994-MAR.

1.
2.

Small-denomination time deposits2
Total

Total
772.0

JULY

3
10
17
24
31p

726.2
729.3
731.3
731.6
731.6

362.0
361.2
360.5
360.6
359.8

1088.3
1090.5
1091.9
1092.2
1091.5

564.3
565.9
566.6
566.8
567.0

354.5
354.4
355.4
355.5
355.7

918.8
920.3
921.9
922.3
922.6

436.4
437.3
439.5
445.1
446.4

209.7
208.5
215.8
213.1
213.2

316.4
320.9
327.7
330.1
333.2

72.0
72.3
72.5
72 e 5
72.7

388.5
393.2
400.2
402.6
405.9

AUG.

7p

737.0

359.6

1096.6

567.6

355.4

923 .0

451.1

213 .0

334.5

73.4

407.8

S a v i n g s deposits include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




m o n e y market deposit accounts.
deposits—including retail R P s — a r e t h o s e issued in a m o u n t s of less than $100,000. All IRA and Keogh a c c o u n t b a l a n c e s at commercial b a n k s
from small time deposits.
d e p o s i t s are t h o s e issued in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e booked at international banking facilities.
d e p o s i t s at commercial b a n k s less t h o s e held by money market mutual f u n d s , depository institutions, U.S. g o v e r n m e n t , a n d foreign b a n k s and

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

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Date
1994-MAR.

173.9

Short-term Treasury
securities1
344.7

APR.
MAY
JUNE

174.8
175.7
176.7

355.3
359.1
351.7

14.0
11.6
10.8

387.1
392.6
392.7

3390.6
3402.5
3416.3

9166.2
9210.4
9236.1

JULY
AUG.
SEP.

177.7
178.5
179.1

358.1
364.2
359.1

10.9
11.4
11.9

392.8
387.7
391.7

3419.3
3436.8
3454.1

9258.9
9304.7
9344.7

OCT.
NOV.
DEC.

179.5
179.9
180.3

358.6
362.3
372.9

11.8
11.0
10.2

404.2
404.0
426.5

3469
3494
3497.4

9376.1
9421.0
9460.2

1995-JAN.
FEB.
MAR.

180.5
180.4
180.5

375.4
392.0
405.5

9.8
9.9
10.4

428.7
445.7
454.1

3504.7
3535.8
3557.5

9507.8
9556.8
9595.1

APR.
MAY
JUNE

180.9
181.6
182.3

404,
395,
409,

10.3
9.5
8.8

475.2
481.2
475.8

3559.5
3577.0
3602.0

9644.1
9692.7
9737.8

Savings bonds

1.

Debt components4

Non-M3 Components of L
Bankers acceptances 2
15.5

Commercial paper3

Federal debt

Non-Federal debt

390.8

3379.6

9119.8

2.
3.
4.

Consists of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e Banks, money
market mutual f u n d s , and foreign entities.
Net of b a n k e r s a c c e p t a n c e s held by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan Banks, and money market mutual f u n d s .
Total commercial p a p e r l e s s commercial p a p e r held by money market mutual f u n d s .
Debt d a t a a r e on a monthly a v e r a g e basis, derived by averaging a d j a c e n t end-of-month levels, and h a v e b e e n a d j u s t e d to r e m o v e 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

Demand
deposits3

Nontransactions components

Other checkable deposits

Overnight
RPs®

Overnight
Eurodollars9

641.8

77.1

23.0

1994-MAR.

330.6

7.8

379.6

At commercial
banks4
301.6

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

2470.0
2463.1
2458.1

641.3
644.6
649.5

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

2464.6
2463.4
2457.3

652.4
660.0
664.2

80.4
82.1
83.9

29.1
28.9
28.1

OCT.
NOV.
DEC.

349.6
353.2
357.6

8.5
8.2
8.1

387.9
390.8
400.3

294,
296,
300,

107.4
107.1
107.0

401.4
403.1
407.6

2459.5
2464.2
2466.0

674.5
686.3
689.8

83.7
83.2
84.5

30.3
30.1
32.5

1995-JAN.
FEB.
MAR.

355.9
357.1
361.4

8.1
8.1
8.4

388.9
375.0
374.1

301.3
292.3
291.1

104.4
101.8
103.0

405.7
394.1
394.2

2475.9
2475.5
2491.0

701.5
714.7
725.6

87.6
86.8
87.6

36.3
31.6
30.7

APR.
MAY
JUNE

365.5
367.9
368.1

8.8
8.9
9.2

382.0
372.9
382.6

296.6
279.7
274.9

105.8
102.7
104.3

402.4
382.4
379.2

2501.5
2515.5
2552.1

732.8
752.4
759.2

85.7
86.6
87.7

30.1
29.9
29.6

p

368.9

9.5

388.8

272.8

104.0

376.8

2569.6

769.0

85.1

29.4

Week e n d i n g
1995-JUNE 12
19
26

369.4
367.8
366.5

9.1
9.2
9.3

385.6
382 .8
372.7

278.4
276.1
269.0

106.1
103.9
101.0

384.5
380.0
370.0

2557.2
2553.2
2550.6

764.5
762.7
754.7

87.6
87.6
88.6

29.9
29.0
29.4

JULY

1.
2.
3.

Travelers
checks 2

At thrift
institutions5
112.0

Total

In M26

413.5

2464.7

In M3 only7

JULY

3
10
17
24
31p

368.3
371.1
368.9
367.9
367.2

9.4
9.4
9.5
9.5
9.5

390.8
397.2
390.0
378.6
385.7

272.4
278.8
272.9
269.3
268.3

104.2
107.5
104.3
101.4
101.5

376.6
386.3
377.2
370.7
369.9

2554.3
2569.5
2570.8
2573.5
2571.1

753.9
752.3
769.1
776.2
785.0

87.1
86.8
84.6
85.1
83.1

29.4
29.4
27.9
29.4
30.8

AUG.

7p

370.9

9.5 e

389.3

275.7

107.0

382.7

2587.4

784.4

84.7

29.2

Currency outside U.S. Treasury, Federal R e s e r v e B a n k s and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank issuers. Travelers c h e c k s issued by depository institutions a r e included in d e m a n d d e p o s i t s .
D e m a n d deposits at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U.S. g o v e r n m e n t and foreign b a n k s a n d official
institutions, less c a s h items in t h e p r o c e s s of collection and Federal R e s e r v e float.
4. Consists of NOW a n d ATS b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5. Consists of NOW and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , a n d d e m a n d 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 R P s and Eurodollars of U.S. residents, money market fund b a l a n c e s (institution-only), less t h e estimated a m o u n t of overnight R P s and
Eurodollars held by institution-only m o n e y market mutual f u n d s .
8. Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market mutual f u n d s (general purpose and
broker/dealer).
Digitized
FRASER
9. for
Issued
by foreign b r a n c h e s of U.S. b a n k s worldwide to U.S. residents other than depository institutions and money market mutual funds (general p u r p o s e 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
Small-denomination time deposits2

Savings deposits1
Date

3.
4.
p

At
thrift
institutions
61.1

328.4

181.8
176.8
172.5

266.3
274.1
275.3

61.4
60.9
61.3

327.7
335.0
336.6

373.4
374.2
371.3

173.8
176.2
172.6

275.4
281.4
286.2

61.8
62.2
63.3

337.1
343.6
349.6

800
809
819

373.9
379.9
387.1

178.1
182.5
183.1

290.0
294.4
296.3

64.3
64.8
64.8

354.3
359.1
361.1

323 .
331,
340,

836.4
855.7
877.9

392.8
396.3
399.8

192.4
188.8
190.8

293.8
301.6
306.4

66.4
67.8
69.7

360.2
369.4
376.1

547.5
555.1
562.0

348.3
353.8
354.9

895.8
908.9
916.8

404.8
407.8
423.6

191.3
193.8
199.2

306.9
318.1
320.6

70,
70,
71,

377.7
389.0
391.7

1094.0

567.1

355.6

922.7

438.4

206.6

325.5

72.1

397.6

365.5
364.1
362.6

1100.1
1094.7
1089.1

560.8
562.7
563.3

355.2
354.3
354.7

915.9
917.0
917.9

423.5
424.9
425.6

200.7
200.6
198.7

323.1
321.5
318.3

71.
71.
71.

394.2
392.5
389.4

1222.7

At
thrift
institutions
308.7

771.6

432.3
430.6
428.1

1223.4
1215.9
1210.4

461.8
463.7
467.0

307.5
305.5
305.2

769.3
769.2
772.2

378.3
375.4
368.7

780.0
777.0
772.7

424.3
417.7
410.8

1204.3
1194.6
1183.6

470.5
476.6
481.8

306.9
307.1
308.7

777.5
783.7
790.5

OCT.
NOV.
DEC.

765.5
761.4
751.1

405.7
399.7
391.2

1171.1
1161.0
1142.3

488.4
493.8
502.2

312.1
316.1
317.4

1995-JAN«
FEB,
MAR.

739.5
729.8
723.4

383.2
375.3
371.6

1122.7
1105.1
1095.0

513.1
524.4
537.6

APR.
MAY
JUNE

717.8
717.8
730.2

367,
364,
364,

1085.2
1082.2
1094.3

p

732.4

361.6

Week e n d i n g
1995-JUNE 12
19
26

734.6
730.6
726.5

At
thrift
institutions
430.8

APR.
MAY
JUNE

791.1
785.3
782.3

JULY
AUG.
SEP.

JULY

Large-denomination time deposits3
commercial
banks4
267.3

At
commercial
banks
462.9

At
commercial
banks
791.9

1994-MAR.

1.
2.

General
purpose and
Institutionbroker/
only money
dealer
market funds
money
market funds
185.7
370.3

Total

Total

Total

JULY

3
10
17
24
31P

727,
734,
734,
731,
730.8

362.5
363.6
362.3
360.7
359.4

1089.7
1097.6
1097.2
1092.6
1090.2

564.9
566.7
567.4
567 .6
567.6

354.8
354.9
355.9
355.9
356.0

919.7
921.7
923.3
923.5
923.6

428.4
434.0
437.8
442.8
443.3

200
200
209
209
210

313.8
318.6
326.0
329.2
333.1

71.5
71.8
72.1
72.3
72.7

385.
390.
398.
401.
405.7

AUG.

7p

740.2

361.1

1101.4

568.5

355.9

924.3

447.9

209.9

334.4

73.4

407.7

S a v i n g s deposits include money market deposit a c c o u n t s .
Small-denomination time deposits—including retail R P s — a r e t h o s e i s s u e d in a m o u n t s of less than $100,000. All IRA and Keogh account b a l a n c e s at c o m m e r cial b a n k s and thrifts are subtracted from small time deposits.
Large-denomination time d e p o s i t s are t h o s e issued in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e booked at international banking facilities.
Large-denomination time d e p o s i t s at commercial b a n k s less t h o s e held by money market mutual funds, depository institutions, U.S. government, and foreign
b a n k s and official institutions.
preliminary




Page 9

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
Date

At thrift
institutions

Total

Term
Eurodollars2

1994-MAR.

68.1

27.0

95.1

46.2

174.6

348.2

15.2

389.7

3374.4

9085.5

APR.
MAY
JUNE

71.1
68.8
71.8

27.4
28.8
30.3

98.6
97.6
102.1

46.5
47.7
50.3

175.4
176.2
176.9

353.1
357.2
348.6

13.7
11.4
10.6

387.3
385.0
390.9

3376.8
3379.7
3394.5

9123.1
9165.3
9210.9

JULY
AUG.
SEP.

70.8
68.2
68.3

32.0
32.9
33.6

102.8
101.1
101.9

51.0
51.2
52.1

177.4
177.9
178.4

355.7
366.1
352.0

10.8
11.1
11.7

389.5
382.0
393.0

3393.9
3418.5
3438.6

9244.0
9274.8
9316.5

OCT.
NOV.
DEC.

67.1
67.5
67.8

35.0
35.8
37.9

102.1
103.2
105.7

52.7
54.5
52.4

179.0
179.7
180.2

350.6
366.2
381.9

11.9
11.1
10.4

408.6
408.0
428.9

3448.8
3485.4
3499.0

9356.4
9400.8
9450.3

1995-JAN.
FEB.
MAR.

70.3
73.3
72.6

39.3
40.2
40.9

109.6
113.5
113.5

53.1
56.3
58.3

180.6
180.8
181.2

380.0
393.5
409.8

10.3
10.3
10.2

436.8
446.3
452.7

3499.0
3525.0
3551.1

9488.3
9514.7
9553.2

APR.
MAY
JUNE

74.7
78.5
76.9

41.9
43.2
42.9

116.6
121.7
119.8

59.8
60.6
61.7

181.7
182.1
182.4 p

402.3
394.4
406.7 p

10.1
9.3
8.6 p

475.2
471.4
473.5 p

3544.1
3552.6
3579.3 p

9592.5
9629.6
9703.2 p

p

72.3

42.8

115.2

63.1

1995-JUNE 12
19
26

78.6
78.0
74.5

43.3
42.8
42.8

121.9
120.8
117.3

61.2
61.8
62.6

JULY

3
10
17
24
31P

74.8
70.4
69.7
72.9
75.1

42.8
42.7
42.8
43.0
43.0

117.7
113.1
112.5
115.9
118.1

63.9
61.3
63.0
63.5
64.3

AUG.

7p

74.2

43.7

117.9

62.3

i ii

2.

4.
5.
6.

Debt components 6

At commercial
banks

JULY

3.

Non-M3 Components of L

,,;*u
.i

« ,.r

. .

a y.

Savings bonds

Short-term
Treasi

Bankers

Commercial

Federal debt

Non-Federal

wAwtuun ly vvimi iuiiiu uuiiiiavid til IV loltill n r S ,

Consists of U S. Treasury bills and coupons with remaining maturities of l e s s than 12 months held by other than depository institutions, Federal R e s e r v e Banks money
maixet mutual funds, and foreign entities.
'
T ® l ? l ^ n k e r s • a , c c e p t a n , c e s h e ' d by accepting banks Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds
Total commercial paper l e s s 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 b een adjusted to remove discontinuities.
preliminary




Page 10

H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1994-MAR.

8.1

1.6

Time and
savings
deposits
due to
foreign
banks and
official
institutions
12.5

APR.
MAY
JUNE

8.6
8.1
8.2

1.5
1.5
1.5

JULY
AUG.
SEP.

8.3
7.7
8.1

OCT.
NOV.
DEC.

Demand deposits
at banks due to

IRA and Keogh Accounts

cas

_.
Total
"
balance

Timg and
savings
deposits at
C
°ban!s

commercial
banks

15.7

25.1

2.4

142.6

5.6
5.9
5.9

20.8
24.3
18.4

33.5
34.4
29.6

2.1
3.1
2.9

4.8
3.9
5.8

5.4
5.1
6.0

11.3
10.1
16.9

21.5
19.0
28.8

14.8
14.6
14.4

4.3
3.9
5.7

5.6
5.2
6.2

12.1
9.8
13.4

1.6
1.6
1.6

14.0
13.3
12.7

4.9
3.3
3.4

7.0
5.9
5.2

7.6
8.1
8.0

1.6
1.5
1.6

12.3
12.3
12.3

5.5
3.1
4.5

p

8.3

1.5

12.3

1995-JUNE 12
19
26

8.3
7.9
7.4

1.6
1.5
1.5

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

4.3

5.2

12.9
13.0
13.1

7.1
4.2
5.3

1.5
1.5
1.5

13.4
14.0
14.6

8.0
8.3
8.6

1.6
1.8
1.6

1995-JAN.
FEB.
MAR.

8.4
7.9
8.0

APR.
MAY
JUNE

Date

JULY

e
p

U.S. government deposits
Note
balances at
depository
institutions

At
a
7unds

Total

112.9

51.8

307.3

142.2
142.2
142.3

112.6
112.2
111.5

54.8
56.4
56.8

309.6
310.9
310.6

2.7
2.9
2.5

142.6
142.6
142.7

110.7
109.7
108.7

55.9
56.1
56.8

309.2
308.4
308.1

22.0
18.9
25.3

2.2
1.9
1.3

142.7
142.9
143.3

108.3 e
108.4 e
108.2 e

58.3
59.4
59.7

309.3 e
310.7 e
311.1 e

20.0
21.1
10.1

31.9
30.3
18.8

1.2
2.3
2.4

143.7
144.6
145.6

108.4 a
108.8 a
109.0 e

59.7
59.9
60.1

311.8 e
313.3 e
314.6 e

6.2
5.7
7.9

12.4
18.7
19.6

24.1
27.5
32.0

2.6
2.6
2.6

146.4
146.8
147.8

109.3 e
109.4 e
109.4 e

60.3
60.6 e
60.9 e

315.9 e
316.7 e
318.1 a

3.3

6.6

27.7

37.5

2.8

149.4

109.5 e

61.2 e

320.1 a

12.3
12.3
12.3

3.4
8.4
3.3

5.3
8.9
8.6

3.6
17.7
34.3

12.2
35.0
46.2

2.6
2.6
2.6

JULY

3
10
17
24
31p

8.4
9.1
8.3
7.7
7.9

1.5
1.6
1.6
1.5
1.5

12.3
12.3
12.3
12.3
12.3

3.7
3.4
3.9
2.6
2.9

13.6
6.3
5.6
5.3
6.3

34.8
23.1
24.5
27.7
32.3

52.1
32.7
34.0
35.6
41.6

2.6
2.5
3.0
3.0
3.0

AUQ.

7p

7.5

1.5

12.3

3.0

5.4

25.4

33.8

2.9

estimated
preliminary




At
thrift
institutions