Full text of H.6 Money Stock Measures : August 18, 1994

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

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

Billions of dollars

A U G U S T 18, 1994

M11

Date

M22

M33

L4

DEBT5

Seasonally adjusted
1992-AUG.
SEP.
OCT.
NOV.
DEC.

976.1
989.2
1004.2
1016.6
1024.8

3489.4
3496.6
3507.5
3510.5
3509.0

4196.7
4200.4
4197.0
4194.1
4183.1

5041.0
5056.7
5058.5
5065.4
5057.2

11551.3
11596.2
11624.3
11669.2
11723.9

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1033.0
1035.4
1040.2
1047.1
1067.7
1076.6
1086.8
1095.3
1105.1
1113.4
1122.4
1128.4

3502.8
3494.2
3494.8
3498.0
3521.9
3528.7
3533.7
3536.1
3544.3
3548.0
3560.3
3567.9

4162.7
4156.7
4155.7
4163.3
4188.9
4189.1
4188.3
4188.4
4197.6
4205.4
4219.0
4232.0

5040.3
5036.3
5037.6
5055.7
5089.5
5090.8
5087.6
5096.5
5089.7
5100.3
5113.8
5134.4

11751.1
11773.4
11816.5
11865.5
11914.9
11987.1
12045.8
12098.1
12158.7
12195.9
12245.0
12318.5

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1133.5
1138.6
1142.4
1141.1
1142.9
1146.4
1153.7

3573.2
3569.4
3583.5
3591.8
3595.2
3587.8
3601.9

4236.3
4209.6
4217.7
4228.0
4225.5
4225.5
4246.5

5154.6
5142.9
5142.8
5163.1
5162.4
5154.2 p

12380.2
12427.6
12483.2
12534.2
12584.6
12639.6 p

p

Not seasonally adjusted
1992-AUG.
SEP.
OCT.
NOV.
DEC.

971.0
983.6
1001.8
1022.4
1046.7

3484.1
3486.7
3504.6
3517.4
3527.6

4195.5
4190.0
4190.5
4203.6
4198.3

5032.9
5045.2
5050.4
5083.6
5087.7

11510.4
11563.0
11597.6
11661.5
11725.7

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1041.0
1023.0
1031.6
1058.7
1058.1
1073.2
1084.6
1088.8
1099.1
1111.8
1129.6
1153.8

3508.3
3484.2
3495.8
3515.2
3507.3
3524.4
3530.0
3529.0
3533.9
3546.0
3569.0
3590.5

4163.3
4150.1
4158.4
4178.5
4179.9
4185.4
4181.4
4185.1
4186.8
4199.8
4230.6
4251.3

5054.0
5030.9
5043.7
5065.1
5067.5
5080.3
5073.0
5086.3
5077.6
5092.8
5135.0
5169.3

11737.6
11748.4
11792.9
11838.3
11883.9
11953.7
12005.9
12059.2
12125.2
12166.8
12235.1
12320.9

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY

1142.8
1124.7
1131.9
1153.1
1132.8
1142.6
1151.6

3579.8
3557.3
3581.9
3609.1
3580.5
3583.7
3598.2

4237.2
4200.4
4217.6
4243.7
4216.5
4222.1
4239.5

5168.8
5134.6
5146.7
5172.3
5139.2
5143.7 p

12365.9
12399.6
12458.0
12508.4
12555.3
12606.9 p

p

Footnotes appear on the 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
M2

M3

DEBT1

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

1 9 9 4 TO JULY 1 9 9 4

4.4

1.1

1.8

5.0

6 M o n t h s f r o m JAN.

1 9 9 4 TO JULY 1 9 9 4

3.6

1.6

0.5

5.2

12 M o n t h s f r o m JULY 1 9 9 3 t o JULY 1 9 9 4

6.2

1.9

1.4

5.4

2,.6

1. .3

1 .4

T h i r t e e n w e e k s e n d i n g AUGUST 8 , 19 9 4
from t h i r t e e n weeks ending:
9, 1994 (13 weeks p r e v i o u s )
MAY

1.

M1

FEB.

7,

1994

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

3 ,. 4

1. .5

0, . 2

AUG.

9,

1993

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

6. .3

1. .9

1, . 1

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1994 to June 1994, December 1993 to June 1994,
and J u n e 1 9 9 3 to J u n e 1 9 9 4 , r e s p e c t i v e l y .

F o o t n o t e s to Table 1:
1.

2.

3.

4.
5.

C o n s i s t s 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 rionbank issuers; (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, less cash items in the 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 ( C C D s ) , consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS)
a c c o u n t s at depository institutions, credit union share 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. S e a s o n a l l y adjusted M1 is calculated by summing currency,
travelers c h e c k s , d e m a n d d e p o s i t s , and O C D s , e a c h s e a s o n a l l y adjusted separately.
C o n s i s t s of M1 plus overnight (and continuing contract) R P s i s s u e d by all depository institutions and overnight Eurodollars i s s u e d to U.S. residents 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
$ 1 0 0 , 0 0 0 ) , and b a l a n c e s in both taxable and tax-exempt general p u r p o s e and broker/dealer m o n e y market mutual funds. Excludes individual retirement account (IRA) and
Keogh b a l a n c e s at depository institutions and m o n e y market f u n a s . Also e x c l u d e s all b a l a n c e s held by U.S. commercial banks, m o n e y market funds (general purpose 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 . S e a s o n a l l y adjusted M2 is c o m p u t e d by adjusting its non-M1 component a s a w h o l e and
then adding this result to s e a s o n a l l y adjusted M1.
C o n s i s t s 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 RP liabilities i s s u e d by all depository institutions, term Eurodollars held by
U.S. residents at foreign b r a n c h e s of U.S. banks 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 taxable and tax-exempt institution-only m o n e y market mutual funds. Excludes a m o u n t s held by depository institutions, the U.S. government, m o n e y market funds, and foreign b a n k s and official institutions.
Also subtracted is the estimated amount of overnight R P s and Eurodollars held by institution-only m o n e y market mutual funds. S e a s o n a l l y adjusted M3 is obtained by adjusting
its non-M2 c o m p o n e n t a s a w h o l e and then adding this result to s e a s o n a l l y adjusted M2.
C o n s i s t s of M3 plus the nonbank public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial paper and bankers 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 of d o m e s t i c nonfinancial s e c t o r s c o n s i s t s of outstanding credit market debt of the U.S. government, state and local g o v e r n m e n t s and private nonflnanclai sectors. Private
debt c o n s i s t s of corporate b o n d s , m o r t g a g e s , c o n s u m e r credit (including bank loans), other bank loans, commercial paper, bankers a c c e p t a n c e s and other debt instruments.
T h e data are derived from t h e 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 . All data on debt of d o m e s t i c nonfinancial s e c t o r s are p r e s e n t e d in m o n t h - a v e r a g e form, derived
by averaging adjacent month-end levels. T h e s e data h a v e also b e e n adjusted to r e m o v e statistical discontinuities that may arise in the underlying flow of f u n d s statistics. The
presentation of debt data in this r e l e a s e differs, therefore, from the quarterly flow of funds statistics contained in the 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 include discontinuities.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M3

M2

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

16
23
30

1141.6
1141.9
1142.1

1139.9
1141.8
1143 .0

1143.1
1143.8
1143.1

3585.5
3588.3
3590.2

3589.6
3593.4
3596.0

3595.6
3601.5
3594.7

4219.7
4221.9
4223.7

4221.3
4223 .2
4226.1

4223.5
4230.7
4227.9

JUNE

6
13
20
27

1142.4
1142.8
1143.2
1143.4

1143.7
1144.4
1145.8
1147.2

1144.7
1145.8
1149.7
1148.7

3591.0
3591.2
3591.1
3591.1

3595.4
3593.5
3589.8
3588.2

3589.9
3587.9
3586.5
3588.3

4224.8
4225.5
4225.5
4225.8

4226.5
4227.8
4226.5
4225.7

4223.9
4228.7
4225.3
4225.0

JULY

4
11
18
25

1143.2
1143.7
1144.9
1146.6

1147.4
1148.4
1149.2
1151.6

1145.4
1149.9
1 1 5 2 .7
1158.4

3591.9
3591.7
3592.3
3593.9

3589.6
3591.8
3595.4
3600.1

3595.8
3596.5
3601.0
3607.0

4226.8
4227.4
4228.1
4230.7

4228.4
4230 .8
4235.9
4243.9

4234.5
4238.5
4245.4
4257.2

1148.2
1148.6

1155.0
1154.3

1158.8
1147.4

3595.7
3595.4

3602.9
3600.9

3607.0
3588.7

4233.4
4234.3

4248.3
4247.0

4252.0
4233.3

1994-MAY

AUG„

lp
8p

Not seasonally adjusted
16
23
30

1138.7
1138.6
1139.0

1137.7
1134.3
1131.7

1139.6
1119.6
1122.1

3586.9
3588.7
3590.2

3582.3
3580.6
3579.9

3588.3
3572.3
3568.6

4222.4
4224.0
4225.7

4216.0
4214.5
4216.2

4221.3
4209.2
4210.2

JUNE

6
13
20
27

1140.2
1141.4
1142.5
1142.7

1134.7
1137.8
1143.5
1143.3

1157.4
1152.0
1142.6
1121.2

3591.6
3592.2
3592.1
3591.0

3583.6
3586.8
3588.5
3584.7

3605.0
3601.1
3579.1
3553.5

4227.5
4228.5
4228.3
4227.4

4220,
4226,
4229 ,
4223 .

4241.5
4246.8
4217.7
4189.5

JULY

4
11
18
25

1142.4
1142.5
1141.7
1141.7

1142.9
1146.8
1149.3
1152.5

1155.8
1167.5
1152.7
1133.8

3590.4
3588.7
3586.8
3586.7

3583.5
3587.7
3593.4
3599.5

3600.2
3617.8
3602.1
3577.8

4226.9
4225.4
4223.6
4224.4

4221.2
4222.8
4229 .4
4238.5

4230.8
4253.1
4244.3
4225.6

1142.6
1143.5

1149.5
1146.9

1144.1
1157.1

3588.0
3588.7

3596.4
3592.0

3587.9
3600.0

4226.8
4228.6

4239.4
4237.9

4234.4
4247.1

19 94-MAY

AUG.

IP
8p

N o t e : S p e c i a l c a u t i o n s h o u l d b e t a k e n in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y s u p p l y d a t a , w h i c h a r e highly volatile a n d s u b j e c t to revision,
p

preliminary d a t a .




Page 4
H.6 (508)
Table 4

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

Other checkable deposits
Currency

Date

At commercial

At thrift

Total

In M26

In M3 only 7

344.3

284.9

103.6

388.5

2454.6

660.9

APR.
MAY
JUNE

301.8
304.4
307.2

8.1
8.1
8.0

349.0
358.8
362 . 2

284.2
290.3
292.4

104.1
106.1
106.8

388.2
396.4
399 . 2

2450.9
2454.1
2452.1

665.3
667.1
660.4

JULY
AUG.
SEP.

309 . 7
312.4
315.4

7.9
7.8
7.8

366.4
370 .9
375.4

294.8
295.9
297.8

108.0
108.3
108.8

402.8
404.2
406.6

2446.9
2440.8
2439.2

654.6
652.3
653.3

OCT.
NOV.
DEC.

317.6
319.5
321.4

7.8
7.9
7.9

378.4
383.2
384.8

299 . 1
300.8
302.6

110.4
111.0
111.7

409.5
411.8
414.3

2434.7
2437.9
2439.5

657.3
658 .6
664.1

1994-JAN.
FEB.
MAR.

325.2
329 .2
332 .4

7.9
7.9
8.0

388.3
390.3
390 .0

300.4
299 .2
300.0

111.6
112.0
112.0

412.0
411.2
411.9

2439.6
2430.9
2441.1

663.1
640.2
634.2

APR.
MAY
JUNE

334.8
337.6
340.3

8 .1
8.1
8 .1

388 .9
385.8
386 .6

298.3
300.8
301.3

111.0
110.5
110.1

409.3
411.2
411.4

2450.6
2452.3
2441.4

636.3
630.4
637.7

p

343.2

8.2

389 . 6

302.4

110.3

412.7

2448 .2

644.6

Week e n d l n a
1994-JUNE 13
20
27

339 .6
340.4
341.9

8.1
8.1
8.2

388 .0
389 . 2
384.8

300.6
302.4
302.2

109.6
109.6
111.6

410.1
412.0
413.8

2442.1
2436.8
2439.6

640.7
638.7
636.7

342.3
341.8
342.5
343.7

8.2
8.2
8.2
8.3

382.1
388.2
390.6
392 .9

302.3
302 .0
301.9
302.9

110.5
109.7
109.5
110.7

412.8
411.6
411.4
413.6

2450.4
2446.6
2448.3
2448.5

638.6
642 .0
644.4
650.2

344.8
344.4

8.3
8.3 e

392 .9
384.3

302.1
301.3

110.7
109.1

412.8
410.4

2448.2
2441.4

645.0
644.6

JULY

AUG.

7.

Demand deposits

3

8.0

JULY

4.
5.
6.

Travelers checks

2

299.3

1993-MAR.

1.
2.
3.

1

4
11
18
25
lp
8p

Demand^dlpoTat c o m m e r S

t h o s e d u e t o d e p o s i t o r y i n s t i t u , l o a t h e U . ' s . g o v e r n m e n t a n d f o r e i g n b a n k s a n d official

institutions, l e s s c a s h i t e m s in t h e p r o c e s s of c o l l e c t i o n a n d F e d e r a l R e s e r v e float.
C o n s i s t s of N O W a n d A T S b a l a n c e s at c o m m e r c i a l b a n k s , U . S . b r a n c h e s a n d a g e n c i e s of f o r e i g n b a n k s , a n d E d g e Act c o r p o r a t i o n s .
S u m o f overnight R P s a n d Eurodollars! m o n e y C m ^
s T m ofTar^e ^ m e d e ^ o s i t s ^

torm^^and^EurodlDHarsof

p u r p o s e a n d broker/dealer), s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t a c c o u n t s ) a n d
" P r e s i d e n t s , m o n e y market f u n d 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 o v e r n i g h t R P s a n d

E u r o d o l l a r s h e l d by institution-only m o n e y m a r k e t mutual f u n d s . T h i s 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 w h o l e .

http://fraser.stlouisfed.org/
p
preliminary
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Federal Reserve

Page 5
H.6 (508)
Table 4 - continued

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

345.9

197.7

At
thrift
institutions
65.1

1182.4

42 6 . 0
428.4
429.4

1185.5
1195.1
1200.4

496.6
491.9
487.5

342.8
340.5
336.3

839 . 4
832.4
823.9

345.9
348.5
347.5

196.3
198.0
194.7

283.6
283.6
280.9

65.3
64.7
64.4

348.8
348.2
345.3

771.7
775.4
778.0

430.4
430.5
430.4

1202.1
1205.9
1208.4

483.0
478.6
475.4

331.5
328.0
324.5

814.5
806.6
799 . 9

346.6
345.5
345.0

192.6
190.1
190.8

277.4
277.8
276.6

64.5
63.9
63.8

341.8
341.6
340.4

OCT.
NOV.
DEC.

778.4
782.4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

472.4
469.5
468.5

322.4
321.1
317.1

794.9
790.6
785.6

344.4
347.0
348.8

194.3
194.8
197.0

277.9
275.9
277.1

63.7
63.5
61.8

341.6
339.4
339.0

1994-JAN.
FEB.
MAR.

790.1
791.1
790.2

430.2
429.8
431.7

1220.3
1220.9
1221.9

465.5
463.9
462.6

314.0
310.5
308.6

779.5
774.5
771.1

347.8
343.7
348.4

192.7
176.9
177.4

279.5
274.0
270.0

62.0
61.7
60.9

341.5
335.7
330.9

APR.
MAY
JUNE

788.2
784.2
779.2

432.5
431.7
428.0

1220.7
1215.9
1207.2

461.6
464.0
466.6

307.0
305.1
303.8

768.6
769.1
770.4

361.5
365.1
359.3

177.0
169.3
169.5

269.4
273.7
273.7

61.2
59.8
60.1

330.6
333.5
333.8

p

777.6

424.6

1202.1

468.8

303 .7

772.5

363.5

17 0 . 9

276.2

60.8

336.9

Week e n d i n g
1994-JUNE 13
20
27

779.8
779.5
778.5

427.5
428.6
427.9

1207.2
1208.1
1206.4

466.2
466.7
467.5

304.1
304.1
303.3

770.2
770.8
770.8

360.2
357.1
358.5

170.0
167.0
170.0

274.5
274.5
273.7

59.9
60.0
60.3

334.4
334.5
334.0

777.7
777.4
778.3
777.6

426.5
425.2
424.6
424.2

1204.2
1202.6
1202.9
1201.8

467.7
468.0
468.6
469.5

302.6
302.9
303.5
304.3

770.2
770.9
772.2
773.9

361.7
363.6
364.7
363.4

177.9
173.6
168.1
169.6

269.5
272.4
277.9
280.1

60.7
60.7
61.0
60.7

330.3
333.1
338.9
340.8

776.7
775.6

423.1
420.5

1199.8
1196.1

469.9
472.6

304.7
303.3

774.6
775.9

363.1
364.9

168.3
172.3

278.4
279.3

60.7
60.7

339.1
340.0

At
thrift
institutions
425.3

APR.
MAY
JUNE

759.5
766.7
771.0

JULY
AUG.
SEP.

JULY

JULY

AUG.

p

846.8

At
commercial
banks 4
279.8

Large-denomination time deposits 3

At
thrift
institutions
345.1

At
commercial
banks
757.2

1993-MAR.

3
4.

, ^ v
Institutiononly money
market funds

At
commercial
banks
501.7

Date

1.
2.

General
purpose and
broker/dealer
money
market funds

Small-denomination time deposits 2

Savings deposits 1

4
11
18
25
lp
8p

Total

Total

Total
344.8

S a v i n g s d e p o s i t s include m o n e y market deposit a c c o u n t s .
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g 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 l e s s t h a n $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s a n d
thrifts a r e s u b t r a c t e d f r o m s m a l l t i m e d e p o s i t s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g facilities.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e held b y m o n e y m a r k e t mutual f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s a n d official
institutions.
preliminary




Page 6

H.6 (508)
Table 4 - continued

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

1993-MAR.

162.4

Short-term Treasury
securities1
338.5

APR.
MAY
JUNE

163.6
164.7
165.9

342.4
344.8
346.5

19.3
19.2
18.5

367.1
371.8
370.9

3149.0
3175.8
3208.1

8716.6
8739.1
8779.0

JULY
AUG.
SEP.

167.1
168.2
169.2

344.3
343.8
328.0

17.4
16.5
16.4

370.4
379 . 5
378.4

3227.8
3252.2
3271.3

8817.9
8846.0
8887.4

OCT.
NOV.
DEC.

170.1
170.8
171.7

323.7
324.6
329.3

16.4
15.3
14.6

384.7
384.1
386.8

3266.3
3291.1
3327.6

8929.6
8953.8
8990.9

1994-JAN.
FEB.
MAR.

172.7
173.4
174.1

339.1
341.6
345.8

14.9
15.3
15.7

391.6
403.0
389.6

3335.8
3350.3
3375.4

9044.4
9077.2
9107.7

APR.
MAY
JUNE

174.8
175.7
176.6

361.3
358.8
349.0

14.1
11.4
10.5

384.9
391.0
392 .6

3383.6
3395.4
3414.5

9150.6
9189.3
9225.1

Savings bonds

1.

Debt components 4

Non-M3 Components of L

Date

Bankers acceptances 2
19.4

361.5

3121.1

8695.4

Commercial paper3

Federal debt

Non-Federal debt

2.
3.
4.

C o n s i s t s 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, m o n e y market
mutual funds, and foreign entities.
Net of bankers 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 m o n e y market mutual funds.
Total commercial paper l e s s commercial paper held by m o n e y market mutual funds.
Debt data are on a monthly a v e r a g e basis, derived by averaging adjacent end-of-month levels, and have b e e n adjusted 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
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

Overnight RPs 8

Overnight
Eurodollars9

19 93-MAR.

297 . 9

7.8

336.5

286.5

103 .0

389.5

2464.1

662.6

62.7

16.1

APR.
MAY
JUNE

301.3
304.4
307.4

7.8
7.9
8.2

350.5
352.0
359.6

291.9
287.6
290.6

107.3
106.2
107.5

399 .2
393.8
398.0

2456.4
2449.2
2451.2

663.4
672.5
661.0

62.5
61.7
64.8

14.7
13.5
13.7

JULY
AUG.
SEP.

311.0
312.8
314.8

8.4
8.4
8.2

365.9
367.9
373.1

290.9
292.1
295.0

108.5
107.7
108.0

399 .3
399 .7
403.0

2445.3
2440.2
2434.8

651.4
656.1
652.9

67.7
67.5
70.7

13.5
14.7
14.9

OCT.
NOV.
DEC.

317.3
319.8
324.9

8.0
7.7
7.6

381.1
391.1
402.6

295.6
299 .6
306.3

109 .8
111.4
112.4

405.3
410.9
418.6

2434.3
2439.4
2436.7

653.8
661.5
660.9

72.3
73.2
74.5

17.2
17.4
17.8

199 4-JAN.
FEB.
MAR.

324.0
327.3
330.7

7.7
7.7
7.8

393.1
380.6
380.7

306.8
299 .6
301.6

111.2

109.5
111.3

417.9
409.1
412.9

2437.0
2432.7
2449.9

657.3
643.1
635.8

77.2
76.6
80.1

18.0
16.9
18.4

APR.
MAY
JUNE

334.4
337.4
340.6

7.8
7.9
8.3

390.3
378.8
383.5

306.3
298.0
299 . 4

114.3
110.7
110.7

420.6
408.7
410.1

2455.9
2447.6
2441.1

634.6
636.1
638.4

80.1
80.5
82.8

16.4
18.3
20.1

p

344.8

8.8

388.9

298.4

110.8

409 . 1

2446.6

641.3

82.8

24.8

Week e n d i n g
1994-JUNE 13
20
27

340.9
340.7
340.2

8.2
8.3
8.5

387.8
383.2
372.5

302.9
300.1
293.0

112.2
110.4
107.0

415.1
410.4
400.0

2449.0
2436.5
2432.3

645.7
638.6
636.0

81.8
82.9
82.6

19 . 4
18.4
20.5

344.7
345.5
344.2
343.8

8.6
8.7
8.8
8.9

389.7
396.7
391.8
379.7

300.7
302.9
297.6
294.0

112.1
113.7
110.4
107.5

412.8
416.6
408.0
401.5

2444.4
2450.3
2449.4
2443.9

630.7
635.3
642.1
647.9

87.1
81.6
81.4
82.4

24.5
24.5
24.7
24.4

343.8
347.4

9.0
8.9 e

387.2
386.9

294.7
301.8

109.4
112.0

404.2
413.8

2443.8
2442.9

646.5
647.1

83.3
80.7

25.8
22.3

JULY

JULY

AUG.

1.
2.
3.

Travelers
checks 2

4
11
18
25
IP
8p

Currency outside U.S. Treasury, Federal R e s e r v e Banks 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 i s s u e d by depository institutions are 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 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 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.
4.
C o n s i s t s of NOW and A T S 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.
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 d e p o s i t s 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. S u m of large time d e p o s i t s , term R P s and Eurodollars of U.S. residents, m o n e y market fund b a l a n c e s (institution-only), l e s s the estimated amount of overnight R P s and
Eurodollars held by institution-only m o n e y 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.
I s s u e d 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 m o n e y market mutual funds (general p u r p o s e a n d broker/dealer).

e
estimated
p
preliminary


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 deposits 2

Savings deposits 1

At
thrift
institutions
65.0

1184.5

846.1

354.8

201.1

At
commercial
banks 4
279 .7

427.4
428.6
430.9

1189.3
1195.8
1204.5

496.1
490.7
487.1

342.4
339 .7
336.0

838.5
830.5
823.0

351.4
347 .7
345.2

195.6
199.7
191.0

282.7
285.8
282.8

65.1
65.2
64.8

347.8
351.0
347.6

773.6
776.0
776.7

431.4
430.8
429 . 7

1205.0
1206.9
1206.4

483.9
479.6
476.7

332.2
328.6
325.4

816.1
808.2
802.0

343.0
343.0
340.8

188.6
190.1
187.5

277.1
279.5
277.6

64.4
64.3
64.0

341.5
343.8
341.6

OCT.
NOV.
DEC.

777.7
784.0
783.9

430.0
430.4
429.4

1207.7
1214.4
1213.2

473.3
468.8
467.6

323.0
320.7
316.4

796.3
789.5
783.9

340.7
345.0
347.2

189.2
194.0
195.8

277.6
276.2
276.0

63.7
63.6
61.6

341.3
339 .8
337.6

1994-JAN.
FEB.
MAR.

786.1
787.7
791.3

428.0
427.9
432.3

1214.1
1215.6
1223.6

465.6
463.8
462.1

314.1
310.4
308.3

779.7
774.2
770.4

348.1
349.4
357.4

196.2
186.1
180.5

276.5
272.3
269.8

61.4
61.3
60.9

337.8
333.6
330.7

APR.
MAY
JUNE

790.6
784.8
781.9

433.8
432.0
429.5

1224.4
1216.9
1211.4

461.1
463.0
466.2

306.7
304.4
303.5

767.9
767.4
769 . 7

367 . 2
364.5
357.1

176.2
171.0
166.3

268.7
276.0
275.6

61.0
60.3
60.5

329.7
336.4
336.1

p

779 .4

425.6

1205.0

469.8

304.3

774.1

360.0

167.4

275.9

60.7

336.6

Week e n d i n g
1994-JUNE 13
20
27

786.8
780.7
776.9

431.4
429 .3
427.0

1218.2
1210.0
1203.8

465.5
466.1
467 .3

3 0 3 .7
303.7
303 .2

769 .2
769.8
770.5

360.4
355.4
354.7

168.4
165.1
166.2

277.7
276.3
274.5

60.6
60.5
60.5

338.3
336.8
335.0

779.3
782.7
781.3
777.3

427.4
428.1
426.3
424.0

1206.6
1210.7
1207.6
1201.3

468.8
469.2
4 6 9 .7
470.3

303.3
303.7
304.2
304.9

772.1
772.9
774.0
775.1

354.0
360.6
361.7
360.7

166.5
167.4
166.8
167.6

269.4
272.6
276.7
279.5

60.7
60.7
60.7
60.6

330.1
333.3
337.4
340.0

775.8
779.0

422.6
422.4

1198.4
1201.5

470.7
473 .6

305.3
304.0

776.0
777.6

360.3
360.9

168.8
170.0

278.9
279.6

60.8
60.8

339.7
340.4

At
thrift
institutions
426.0

APR.
MAY
JUNE

761.9
767.2
773.6

JULY
AUG.
SEP.

JULY

JULY

AUG.

p

Large-denomination time deposits 3

At
thrift
institutions
344.8

At
commercial
banks
758.5

1993-MAR.

3.
4.

Institutiononly money
market funds

At
commercial
banks
501.3

Date

1.
2.

General
purpose and
broker/dealer
money
market funds

4
11
18
25
IP
8p

Total

Total

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
,„
.
.
. ,
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g 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 l e s s t h a n $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l
b a n k s a n d thrifts a r e s u b t r a c t e d f r o m small t i m e d e p o s i t s .
....
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s a r e t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g facilities.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e h e l d b y m o n e y market mutual f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s
a n d official institutions.
preliminary




Total
344.8

Page I
H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Debt components 6

Non-M3 Components of L

Term RPs1
At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

Savings bonds

1993-MAR.

63 . 7

23. 3

87. 0

49. 9

APR.
MAY
JUNE

65. 9
66. 6
7 0 . ,2

24. 2
24. 5
23 . 9

90. 1
91. 0
94. 1

JULY
AUG.
SEP.

7 2 . .7
7 2 . .0
7 1 . .2

25. 0
25. 6
2 6 . ,0

OCT.
NOV.
DEC.

70. .5
69 ..7
70. .8

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE

Bankers
acceptances 4

Commercial
paper5

162. .9

Short-term
Treasury
securities3
342. 0

18. 9

361.6

3121.4

8671.4

48. 8
48. 8
45. 5

164. .2
165. .2
166. .1

334. .0
336. .6
340. .7

18. ,7
19. .1
18. .5

369.7
366.7
369.5

3142.9
3161.1
3188.9

8695.4
8722.9
8764.8

97. ,8
97. ,6
97. ,3

41. .9
44. .1
45. .2

167. .0
167. .8
168. .7

339. .9
342. .4
326. .0

17. .4
16. .3
15. .9

367.3
374.6
380.2

3201.8
3229.4
3251.9

8804.1
8829.7
8873.2

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

96. .0
95. .6
96. .8

45. .0
48. .9
47. .0

169. .6
170. .6
171 .4

321. .8
332. .5
342 .0

16. .3
15. .7
15. .3

385.2
385.6
389.3

3249.4
3287.0
3329 . 5

8917.3
8948.1
8991.5

66. .3
63 ..9
66. .4

26. .6
27. .4
27. .2

92. .9
91. .3
93. .6

46. .0
48. .1
47. .0

172 .6
173 .7
174 .6

344 .6
343 .0
349 .6

15 .6
15 .5
15 .2

398.9
402.0
389.7

3333.0
3345.4
3374.4

9032.9
9054.3
9083.5

70, .0
67 ,.6
70 .8

27. .6
29 ..1
31. .1

97. .6
96. .7
101 .9

47. .8
47 ..7
48 .4

175 . 4
176 . 2
176 .9 p

352 . 1
350 . 2
343 . 4 p

13 .7
11 . 3
10 . 5

387.3
385.0
390.9

3376.8
3379.7
3394.5 p

9131.6
9175.6
9212.4 p

p

69 .9

32 ..7

102 .6

49 .6

Week e n d i n gr
13
20
27

73 .2
7 1 .5
69 .4

30 .9
30 .8
31 .8

104 . 1
102 .3
101 .2

48 .8
48 .7
48 .4

68
68
71
70

32
32
33
33

100
100
104
104

.4
.9
.0
.0

48 .4
48 .4
49 .5
51 .5

103 . 1
102 .0

50 .0
49 .4

Date

JULY

JULY

AUG.

4
11
18
25
IP
8p

.4
.4
.0
.8

70 .5
68 . 4

.0
.4
.0
.2

32 .6
33 .6

Federal debt

Non-Federal
debt

3.

Term R P s are those with original maturities greaterthan one day, excluding continuing contracts and retail R P s .
Term Eurodollars are t h o s e with original maturities greater than o n e day. C o n s i s t s of t h o s e i s s u e d to U.S. residents by foreign b r a n c h e s of U.S. banks world-wide and by all
banking o f f i c e s in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
C o n s i s t s of U.S. Treasury bills a n d c o u p o n s with remaining maturities of l e s s than 1 2 m o n t h s held by other than depository institutions, Federal R e s e r v e Banks, m o n e y market

4.
5.
6.

Net o f b a n k e r ^ a c c % ) W n c ^ h e k d by accepting banks, Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan Banks, and m o n e y market mutual funds.
Total commercial paper l e s s commercial paper held by m o n e y market mutual funds.
Debt d a t a are on a monthly a v e r a g e basis, derived by averaging adjacent end-of-month levels, and h a v e b e e n adjusted to r e m o v e discontinuities.

1.
2

p
preliminary



Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS

Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1993-MAR.

8.3

1.6

10.5

4.2

5.4

APR.
MAY
JUNE

7.8
8.3
8.2

1.7
1.6
1.6

10.8

5.8
4.2
5.4

6.2

14.5

5.8
8.1

16.1

21.1

26.5
26.1
34.6

JULY
AUG.
SEP.

8.5
8.1
8.5

1.7
1.6
1.5

11.5
11.2

6.9
5.7
9.3

21.4
20.0
23.2

32.5
29.5
37.9

2.8
3.1

10.8

4.2
3.8
5.5

2.8

146.4
146.1
145.8

OCT.
NOV.
DEC.

8.3
8.2
9.2

1.6

4.5
4.0
5.2

5.9
5.6
6.7

12.6
8.8

1.6

10.7
10.8
10.9

16.2

23.1
18.4
28.1

2.6
2.7
2.6

145.2
144.6
144.2

116.2
115.4
114.7

48.1
49.1
49.8

309.5
309.1
308.7

JAN.
FEB.
MAR.

8..5
8,.3
7. .9

1..6
1..5
1..6

11. ,0
11. ,0
11. ,0

5..7
4 .2
4 .3

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

25, .2
27 .9
15..7

38. .3
38. .4
25. .1

2. . 1
2. .5
2. .4

143, .9
143, .6
142, .6

114. .2 e
114. .1 e
114. .0 e

50, . 1 e
50. .7 e
51. .5 e

308. .3 e
308. .3 e
308. .2 e

APR.
MAY
JUNE

8,.4
8,.0
8,.3

1..6
1..5
1..5

11. .0
11. .0
11. ,1

7 .1
4 .2
5 .3

5,.6
5..9
5,.9

20, .8
24, .3
18, .4

33. .5
34. .4
29. .6

2. .0
3. . 1
2. .9

142, .2
142, .2
142, .3

114. .0 e
114. .0 e
113. .8 e

52. .6 e
53, .3 e
53. .8 e

308. .9 e
309. .5 e
310. .0 e

p

8.5

1.5

10.7

4.7

5.4

11.3

21.4

2.7

142.6

113.8 e

54.5 e

310.9 e

Week e n d i n g
1994-JUNE 13
20
27

8.8
8.1
7.9

1.4
1.4
1.7

11.0
11.1
11.1

3.9
9.5
3.9

4.6
6.5
7.2

4.3
17.9
35.6

12.9
34.0
46.7

3.0
2.9
2.9

8.3
9.3
8.6
8.3

1.7
1.4
1.4
1.6

11.1
10.7
10.7
10.7

6.1
4.0
5.5
3.3

6.4
5.5
5.0
5.2

24.8
7.5
5.7
11.5

37.3
17.1
16.2
20.0

2.6
2.4
2.8
2.8

8.0
9.0

1.4
1.5

10.6
10.7

5.2
3.8

5.2
5.5

13.1
11.4

23.4
20.7

2.8
2.7

Date

JULY

JULY

AUG.

e
p

U.S. government deposits

Time and
savings
deposits due
to foreign
banks and
official
institutions

Demand deposits
at banks due to

4
11
18
25
Ip
8p

estimated
preliminary




1.8

11.1
11.5

IRA and Keogh Accounts

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

Total
cash
balance

Time and
savings
deposits at
commercial
banks

At
commercial
banks

13.2

22.8

2.4

147.7

121.2

45.6

314.4

1.5
2.6
3.0

148.0
146.9
146.5

119.8
119.1
118.5

45.1
46.0
46.7

313.0
312.0
311.7

118.0
117.5
116.9

47.3
47.4
47.5

311.7
310.9
310.2

Total

institutions

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1

June 2 9 , 1 9 9 4 and July 2 7 , 1 9 9 4
(not seasonally adjusted)

insured Commercial Banks
Amount Outstanding ($mil.)
Liability Categories

June 29

July 27

NOW Accounts

290,220

290,658

Savings Deposits

2

Change
(percent)

Average Rate Paid (%)
Change
(b. p.)

June 29

July 27

0.15

1.82

1.83

1

2.54

2.57

767,539

765,767

-0.23

Person;il

608,132

605,893

-0.37

N.A.

N.A.

3
N.A.

Nonpersonal

159,407

159,874

0.29

N.A.

N.A.

N.A.

28,763

28,645

-0.41

3.08

3.17

9

92 to 182 days

102,439

100,390

-2.00

3.36

3.44

8

183 days to 1 year

151,165

152,061

0.59

3.76

3.89

13

1 to 2-'/ 2 year

144,686

147,204

1.74

4.26

4.39

13

181,843

182,911

0.59

5.02

5.15

13

142,513

142,615

0.07

N.A.

N.A.

N.A.

Interest-bearing time deposits with
balances of less than $100,0(X)
with original maturities of:
7 to 91 days

2-'/ 2 years and over
All IRA/Keogh Plan deposits

3

BIF-insured Savings Banks 4
Amount Outstanding ($mil.)
Liability Categories

Change
(percent)

June 29

July 27

10,792

10,925

1.24

77,289

77,342

74,121

Average Rate Paid (%)
Change
(b. p.)

June 29

July 27

1.88

1.89

1

0.07

2.69

74,069

-0.07

N.A.

2.67
N.A.

N.A.

3,168

3,273

3.31

N.A.

N.A.

N.A.

2,614

2,531

-3.16

2.84

2.98

14

92 to 182 days

12,515

12,511

-0.03

3.41

3.53

12

183 days to 1 year

17,310

17,592

1.63

3.92

4.02

10

1 to 2-'/ 2 year

16,493

16,888

2.40

4.38

4.56

18

21,079

21,565

2.31

5.24

5.35

11

19,511

19,757

1.26

N.A.

N.A.

N.A.

NOW Accounts
Savings Deposits

2

Personal
Nonpersonal
Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days

2-'/ 2 years and over
All IRA/Keogh Plan deposits

3

-2

N.A. -- data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 460 commercial
banks and 80 savings banks. All rates are expressed as annual effective yields.
2. Includes personal and nonpersonal money market deposit accounts.
3. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.