Full text of H.6 Money Stock Measures : August 27, 1992
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,**O^Oi/, FEDERAL RESERVE statistical release H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES AUGUST 27, 1992 Billions of dollars Date M1J M2^ DEBT5 M3 3 Seasonally adjusted 1990-AUG. SEP. OCT. NOV. DEC. 816.2 822.9 822.3 823.8 826.1 3315.8 3331.0 3334.5 3333.7 3339.0 4106.0 4115.4 4117.0 4115.6 4114.6 4939.4 4964.2 4962.5 4960.2 4966.6 10564.2 10616.5 10653.9 10707.3 10747.0 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 826.2 836.2 842.3 842.7 850.9 857.3 860.0 866.5 872.0 880.9 891.4 898.1 3344.0 3369.4 3386.9 3394.8 3405.6 3411.8 3407.5 3409.8 3411.9 3418.0 3431.8 3439.9 4125.8 4160.2 4165.9 4168.8 4170.5 4167. 4157. 4156. 4152. 4159. 4166. 4171. 4981.8 5008..7 5004..2 4978..4 4958..3 4986..4 4991..5 4985.3 4974.4 4978.1 4991.1 4989.8 10776.0 10825.4 10862.8 10883.9 10934.0 10983.5 11017.4 11056.6 11094.7 11135.6 11177.6 11203.7 1992-JAN. FEB. MAR. APR. MAY JUNE JULY 910.4 931.0 939.0 942.8 954.3 951.8 960.9 3449. 3476. 3475. 3470, 3472. 3463. 3460, 4175. 4201. 4191. 4177. 4177. 4166. 4161. 4983. 6 5012. 7 5020. 5 5012. 2 5005. 0 5018. 3 P 11232.1 11275.1 11326.5 11376.6 11425.5 11477.7 Not seasonally adjusted 1990-AUG. SEP. OCT. NOV. DEC. 814.2 818.7 817.6 826.1 844.1 3315.6 3323.8 3330.4 3336.9 3351.9 4109.7 4108.9 4109.2 4118.5 4124.7 4934.3 4956.0 4953.7 4967.8 4986.4 10512.8 10568.8 10617.2 10679.3 10734.2 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 832.7 823.4 835.0 853.0 841.7 858.1 862.3 864.5 867.4 875.5 893.9 917.3 3351.3 3358.3 3388.4 3410.8 3388.7 3408.0 3410.7 3409.3 3404.2 3413.4 3435.0 3453.7 4129.7 4150.8 4171.6 4183.0 4156.9 4165.2 4158.6 4160.2 4145.2 4150.0 4169.1 4181.7 4999.8 5003.5 5011.5 4990.9 4943.3 4974.5 4983.0 4979.8 4965.3 4967.9 4998.5 5010.1 10764.2 10795.8 10825.8 10843.8 10887.6 10933.9 10966.8 11004.8 11048.7 11097.0 11146.2 11190.3 1992-JAN. 918.2 916.8 930.8 954.7 944.0 952.2 963.3 3457.1 3464.1 3476.2 3488.2 3454.4 3459.0 3463.4 4180. 4190. 4196. 4194. 4163. 4163, 4162.9 5001. 7 5005. 9 5027. 4 5027. 1 4988. 4 5005. 4 p 11219.8 11242.8 11289.2 11339.7 11381.3 11430.1 p FEfc. MAR. APR. MAY JUNE JULY 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 Months from APR. 1992 TO JULY 1992 7.7 -1.1 -1.5 5.3 6 Months from JAN. 1992 TO JULY 1992 11.1 0.6 -0.6 4.9 11.7 1.5 0.1 4.5 12 Months from JULY 1991 to JULY 1992 Thirteen weeks ending AUGUST 17, 1992 from thirteen weeks ending: MAY 18, 1992 (13 weeks previous) 7.0 -1.3 -1.9 FEB. 17, 1992 (26 weeks previous) 11.4 0.8 -0.6 AUG. 19, 1991 (52 weeks previous) 11.6 1.6 0.1 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, March 1992 to June 1992, December 1991 to June 1992, and June 1991 to June 1992, respectively. 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions* (2) travelers checks of nonbank issuers * (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float * and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits--including retail RPs—in amounts of less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted Ml. Consists of M2 plus 1arae-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held by U.S. residents at foreian branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments. The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonf inancial sectors are presented in month-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 2.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. Footnotes to Table 1 2. 3. 4. 5. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars ' 3 Seasonally adjusted Ml 13-week average 4-week average 25 944.0 952.7 JUNE 1 8 15 22 29 945.7 947.0 947.7 948.5 949.5 JULY 6 13 20 27 AUG. 3 lOp 17p Period ending 1992-MAY M2 week average 13-week average 4-week average 950.9 3473.3 3472.1 954.5 954.6 954.4 953.8 951.5 958.1 955.7 952.8 948.7 948.8 3472.4 3471.3 3470.5 3469.5 3468.6 950.9 952.1 953.3 954.9 952.5 953.4 956.4 959.8 959.6 956.3 961.0 962.3 956.1 957.4 959.1 961.5 965.5 969.2 966.3 972.5 975.8 M3 week average 13-week average 4-week average week average 3462.5 4184.7 4179.5 4175.4 3471.2 3468.9 3468.0 3467.3 3463.2 3469.5 3470.6 3469.4 3459.8 3452.9 4181.7 4179.7 4177.7 4176.1 4174.3 4177.0 4174.5 4173.2 4170.8 4167.6 4165.6 4176.4 4175.3 4165.9 4152.7 3467.9 3466.9 3465.7 3465.4 3460.8 3458.5 3458.1 3459.8 3461.2 3459.9 3458.2 3460.0 4172.3 4170.9 4169.9 4168.8 4160.0 4157.6 4157.2 4160.2 4145.9 4165.8 4164.4 4164.5 3464.5 3463.8 3463.6 3459.9 3462.7 3465.6 3461.5 3471.1 3469.6 4168.0 4166.9 4166.3 4165.0 4166.4 4168.5 4165.1 4171.7 4172.7 Not seasonally adjusted Ml 13-week average 4-week average 25 941.4 943. C JUNE 1 8 15 22 29 943.5 945.5 947.5 949.0 950.0 942.8 946.3 950.3 953.5 951.5 JULY 6 13 20 27 951.6 952.0 951.5 952.3 955.3 957.2 961.7 964.2 AUG. 3 lOp 17p 953.8 956.2 958.6 960.9 963.9 967.6 Period ending 1992-MAY M2 week average 13-week average 4-week average 930.8 3473.7 3454.4 945.3 963.7 961.2 943.7 937.5 3472.6 3471.7 3471.1 3469.8 3467.4 3452.5 3455.7 3459.9 3462.8 3458.8 978.8 968.7 961.8 947.5 3465.0 3462.2 3459.2 3458.6 965.7 980.7 976.3 3458.9 3460.4 3461.5 M3 week average 13-week average 4-week average week average 3436.2 4187.3 4164.3 4153.4 3451.0 3476.9 3475.6 3447.6 3435.0 4184.1 4182.2 4180.6 4178.2 4174.3 4162.0 4164.8 4169.6 4169.7 4164.4 4153.7 4185.2 4186.2 4153.5 4132.5 3458.4 3458.8 3462.1 3464.5 3475.4 3477.1 3460.8 3444.6 4170.4 4166.7 4163.9 4162.7 4157.5 4155.2 4157.6 4161.7 4157.6 4177.0 4163.2 4149.0 3461.5 3463.0 3465.9 3463.3 3483.1 3472.7 4163.4 4164.5 4165.5 4165.3 4168.1 4172.4 4172.1 4187.9 4180.5 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 1 Travelers checks 2 Demand deposits3 1991-MAR. 256 0 8.1 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 276.9 214.6 86.6 301.3 2544.7 779.0 APR. MAY JUNE 256. 256. 257. 276. 278. 280. 215.4 220.2 223.5 87.1 87.6 88.2 302.5 307.8 311.6 2552.0 2554.7 2554.5 774.0 764.9 755.9 JULY AUG. SEP. 259. 261, 262. 279. 280. 280. 225.8 229.5 232.4 87.8 87.8 88.2 313.7 317.3 320.6 2547.5 2543.3 2540.0 749.8 747.0 741.0 OCT. NOV. DEC. 264.8 266.0 267.3 283.8 287.6 289.5 235.4 239.2 241.6 89. 90. 91. 324.5 329.7 333.2 2537.1 2540.4 2541.8 741.1 735.2 731.1 1992-JAN. FEB. MAR. 269, 271, 271.8 293. 305. 309. 245. 250 252.8 93, 95, 96, 339.0 346.3 349.5 2538.7 2545.8 2536.6 726.0 724.1 715.9 APR. MAY JUNE 273. 274. 276. 311, 315. 311. 252. 259. 259. 97. 97, 97. 350.0 356.5 356.7 2527.4 2517.8 2511.3 707.5 705.7 703.3 JULY 279.0 7.8 315.6 261.1 97.4 358.5 2499.5 701.6 Week ending 1992-JUNE 22 29 276.2 275.9 7.9 7.9 309.1 311.5 259. 254, 95. 98. 355.5 353.5 2511.1 2504.1 706.1 699.8 JULY 6 13 20 27 277.3 277.8 279.1 280.0 7.9 7.9 7.8 7.8 315.8 313.0 316.0 315.0 259, 260. 261, 262. 98.9 97.4 96.8 97.1 358.6 357.6 358.1 359.5 2501.6 2503.6 2497.2 2497.8 684.7 705.9 706.2 704.5 AUG. 3 lOp 17p 280.8 282.2 282.7 7.8 7.8 7.8 318.6 319.4 322.3 261. 265. 263. 97. 97. 99. 359.1 363.1 363.0 2495.2 2498.6 2493.8 703.6 700.6 703.1 1. 2. e e Currency outside U.S Treasury> Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions the U.S. government and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreiqn banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts> credit union share draft balances, and demand deposits at thrifts. 6. Sum of overniqht RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time deposits. This sum is seasonally adjusted as a whole. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money marKet fund balances (institution-only), less the estimated amount of overniqht 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) fable 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits 1 At At commercial thrift banks institutions Date Large-denomination time deposits 3 Small-denomination time deposits 2 Total At At commercial thrift banks institutions Total General purpose and broker/dealer money market funds Institutiononly money market funds At At thrift commercial 4 institutions banks Total 1991-MAR. 597.1 344.6 941.7 619.5 546.4 1165.9 365.0 148.5 382.1 110.8 492.8 APR. MAY JUNE 602.8 609.6 617.3 350.2 356.6 359.6 953.0 966.1 976.8 617.6 615.9 617.8 542.1 535.0 522.8 1159.7 1150.9 1140.6 366.6 367.8 368.8 152.9 155.2 155.3 379.6 379.2 377.9 108.1 104.3 100.4 487.7 483.5 478.3 JULY AUG. SEP. 623.2 630.4 636.7 363.0 363.7 365.7 986.1 994.1 1002.4 617.5 621.2 619.5 512.0 499.6 491.5 1129.5 1120.8 1111.0 367.9 362.4 359.9 155.4 158.6 162.6 373.8 372.0 368.1 97.4 93.5 90.4 471.2 465.5 458.5 OCT. NOV. DEC. 645.7 655.4 664.9 369.3 373.3 377.7 1015.0 1028.7 1042.6 614.1 606.4 598.5 481.1 472.8 464.5 1095.2 1079.2 1063.0 359.3 359.5 360.5 168.2 173.6 179.1 362.6 357.1 354.0 87.4 85.1 83.1 450.0 442.3 437.1 1992-JAN. FEB. MAR. 676.0 688.9 695.2 385.2 395.0 402.7 1061.2 1083.9 1098.0 587.7 576.2 569.2 455.2 443.6 433.7 1042.9 1019.8 1002.9 360.1 363.9 358.0 182.4 188.2 185.3 346.4 341.7 336.8 81.4 79.1 76.1 427.9 420.7 413.0 APR. MAY JUNE 703.2 707.9 710.7 408.0 414.4 416.2 1111.2 1122.4 1127.0 566.0 558.1 551.6 419.5 411.1 404.9 985.6 969.1 956.5 354.1 355.0 353.3 189.2 194.8 199.7 331.9 329.7 325.5 73.8 71.3 69.8 405.7 400.9 395.3 JULY 716.3 418.0 1134.3 543.8 398.1 941.9 349.8 207.7 319.1 69.5 388.5 Heek • ending 1992-JUNE 22 29 711.3 709.8 416, 416. 1128. 1125. 551.6 548.9 403.8 402.3 955. 951. 353.8 352.4 203.9 200.3 323.8 323.8 69.3 70.2 393.1 394.0 JULY 6 13 20 27 712.7 715.8 716.5 718.2 417. 417. 418. 418. 1130.0 1133.1 1134.8 1136.8 546.7 545.4 543.8 541.7 401. 399. 397. 395. 948. 945. 941. 937. 348.3 351.8 349.4 349.7 186.7 207.4 210.7 215.1 321.6 320.9 317.6 315.9 70.2 69.7 69.3 69.0 391.7 390.7 386.9 384.9 AUG. 3 lOp 17p 718.9 722.3 724.6 418. 420. 421. 1137.8 1142.4 1145.8 539 537 535 394. 392. 391. 934.2 930.0 926.5 349.1 346.9 348.0 221.6 214.4 216.9 317.7 316.2 315.1 68.9 68.6 68.4 386.7 384.8 383.5 1. 2. Savings deposits include money market deposit accounts. 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. Large-denomination 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 ^-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Debt components 4 Non-M3 Components of L Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper 3 1991-MAR. 129.0 323.5 32.1 APR. MAY JUNE 130.1 131.3 132.4 307, 299. 325. JULY AUG. SEP. 133. 134. 135. OCT. NOV. DEC. Date 1992-JAN. FEB. MAR. APR. MAY JUNE p 1. debt Non-Federal debt 353.8 2551.5 8311.3 30. 29. 28. 341.6 327.9 333.0 2547. 2572. 2606. 8336.6 8361.5 8376.8 332.8 330.6 322.9 28. 27. 25.8 339.8 336.3 337.7 2633. 2667. 2694, 8383.8 8389.6 8400.2 136. 137. 137. 321. 324. 317. 25.3 24.5 23.3 336. 337. 339. 2724. 2749. 2767. 8411.5 8427.7 8436.5 138.9 140. 141. 311.5 321.2 328.6 23. 22. 22. 334.8 327.5 337.0 2781. 2797, 2832, 8451.1 8477.8 8494.3 142. 143. 144. 328.8 332.3 338.4 21. 22. 22. 341. 329. 347, 2863. 2893. 2929. 8513.3 8532.2 8547.7 Federal Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. 2. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 3. Total commercial paper less commercial paper held by money market mutual funds. 4. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities. p--indicates preliminary data. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Nontransactions components Other checkable deposits 1 Travelers checks 2 Demand deposits3 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 Date Currency 1991-MAR. 255.6 7.8 270.1 215.8 85.8 301.6 2553.3 783.3 49.0 20.2 APR. MAY JUNE 256.0 257.4 259.1 7.5 7.8 8.1 277.7 271.7 279.9 222.6 217.2 222.0 89.2 87.7 89.0 311.8 304.9 311.0 2557.8 2547.1 2549.9 772.2 768.1 757.1 50.0 51.3 52.3 19.6 17.2 15.6 JULY AUG. SEP. 260.8 262.0 261.7 8.5 8.6 8.3 280.9 278.8 278.6 223.1 226.9 230.6 89.0 88.3 88.2 312.1 315.1 318.7 2548.3 2544.9 2536.8 748.0 750.8 741.0 51.2 53.1 52.3 13.8 14.5 14.6 OCT. NOV. DEC. 263.1 266.3 270.0 8.0 7.7 7.7 283.7 291.1 303.0 232.0 238.1 244.8 88.6 90.7 91.7 320.6 328.8 336.5 2537.9 2541.1 2536.5 736.6 734.2 728.0 53.8 54.3 53.7 16.3 19.5 22.6 1992-JAN. FEB. MAR. 267.8 269.5 271.0 7.8 7.8 7.7 300.0 296.3 302.0 250.7 250.5 254.2 91.8 92.7 95.8 342.5 343.2 350.0 2538.9 2547.2 2545.4 723.1 726.4 720.4 55.9 58.4 54.2 21.9 19.4 20.6 APR. MAY JUNE 273.4 275.7 277.3 7.6 7.7 8.2 312.9 307.5 310.6 261.4 255.8 257.8 99.4 97.3 98.3 360.8 353.1 356.1 2533.5 2510.3 2506.8 706.2 709.0 704.5 53.5 51.0 53.0 19.3 18.4 19.6 JULY 280.8 8.6 317.2 257.8 98.9 356.7 2500.1 699.5 53.7 19.6 277.2 276.4 305.2 306.0 256, 251. 96.9 95.4 353.1 346.7 2503. 2497. 705 697, 53.8 54.2 19.5 21.8 Neek ending 1992 -JUNE 22 29 1. 2. JULY 6 13 20 27 281.4 280.9 280.8 280.1 326.9 319.5 316.8 307.7 260.8 259.6 257.3 254.7 101.4 100.1 98.4 96.3 362.2 359.8 355. 351, 2496. 2508. 2499. 2497. 682, 699 702 704 50. 53, 52, 56. 19, 19, 19, 19, AUG. 3 lOp 17p 281.1 284.5 283.4 318.4 321.6 323.3 258 264 261 99.0 101.6 99.8 357, 366. 361, 2497. 2502. 2496. 708.8 704.7 707.8 58. 59. 58. 19, 19, 15, Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time deposits. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. 8. Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). e--indicates estimated data, preliminary data. Digitizedp—indicates for FRASER H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 At A* thrift commercia.1 institutions banks Date Large-denomination time deposits 3 Small-denomination time deposits2 Total At At commercial thrift banks institutions Total At At General purpose Institutionthrift and broker/dealer only money commercial banks 4 institutions money market funds market funds Total 1991-MAR. 598.4 345.4 943.7 619.9 546.7 1166.6 373.8 153.1 382.6 110.9 493.5 APR. MAY JUNE 604.9 609.3 620.0 351.4 356.4 361.1 956.4 965.8 981.1 617.1 614.2 615.7 541.7 533.5 521.0 1158.8 1147.7 1136.7 373.0 365.1 364.2 153.9 155.6 152.3 378.4 380.4 379.1 107.7 104.6 100.7 486.1 485.0 479.9 JULY AUG. SEP. 626.1 631.9 635.8 364.7 364.6 365.1 990.9 996.5 1001.0 617.3 620.8 619.1 511.9 499.3 491.2 1129.2 1120.0 1110.3 363.3 360.7 358.7 151.5 156.2 157.4 373.5 373.8 369.7 97.3 93.9 90.8 470.8 467.8 460.5 OCT. NOV. DEC. 644.6 655.3 662.4 368.7 373.2 376.3 1013.3 1028.5 1038.7 615.2 606.9 598.7 482.0 473.2 464.6 1097.1 1080.1 1063.4 357.4 358.6 358.1 163.4 172.7 180.3 362.8 356.9 352.8 87.4 85.1 82.8 450.2 441.9 435.5 1992-JAN. FEB. MAR. 672.3 685.2 696.8 383.1 392.9 403.7 1055.4 1078.1 1100.5 589.5 577.6 569.5 456.6 444.7 433.8 1046.1 1022.4 1003.3 359.6 369.0 366.9 188.1 196.9 191.4 344.0 340.6 337.3 80.9 78.8 76.2 424.9 419.4 413.5 APR. MAY JUNE 706.1 707.9 714.1 409.6 414.4 418.2 1115.7 1122.4 1132.2 565.5 556.4 549.6 419.1 409.8 403.4 984.6 966.2 953.0 360.4 352.3 348.9 190.9 195.5 195.7 330.9 330.9 326.9 73.6 71.5 70.1 404.5 402.4 396.9 JULY 719.9 420.1 1139.9 543.6 397.9 941.5 345.4 202.2 318.9 69.4 388.3 712.8 709.9 417.8 416.1 1130, 1126, 549. 547. 402.0 401.4 951. 949. 348.8 346.5 199.2 195.0 325. 322. 69.6 69.8 394.8 392.1 Neek ending 1992-JUNE 22 29 JULY 6 13 20 27 717.4 721.9 720.1 719.2 420.1 420.8 420.3 419.2 1137, 1142, 1140. 1138. 546. 545. 543. 541. 401.6 399.6 397.4 395.7 948, 944. 940. 937. 340.8 347.7 346.1 346.4 180.0 200.8 206.6 210.8 320. 320. 317. 316.6 69.8 69.6 69.3 69.2 389.8 389.8 387.0 385.8 AUG. 3 lOp 17p 720.8 726.5 727.9 420.1 422.4 423.0 1140.8 1148.9 1150.9 539. 537. 535. 394. 392. 390. 933. 930. 926. 345, 344, 345, 215 211 214 318. 317. 316. 69.1 68.8 68.6 387. 386. 385. 1. 2. Savings deposits include money market deposit accounts. Small-denomination time deposits--including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. 3. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 4. Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and official institutions. p--indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 At A* thrift commercial institutions banks Date Debt components6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-Federal debt 1991-MAR. 48.1 35.4 83.5 68.2 129.1 324.5 31.5 354.7 2553.4 8272.4 APR. MAY JUNE 49.1 48.3 49.1 33.1 32.1 29.3 82.2 80.4 78.4 65.2 62.3 61.6 130.4 131.6 132.7 302.8 292.1 313.9 30.1 28.7 27.8 344.5 334.0 334.9 2544.5 2560.6 2586.4 8299.3 8327.0 8347.5 JULY AUG. SEP. 49.7 49.0 48.3 29.1 29.2 28.2 78.7 78.2 76.5 62.7 63.6 61.5 133.6 134.3 135.0 324.2 325.0 323.9 27.9 27.2 25.5 338.8 333.1 335.8 2609.3 2642.9 2673.1 8357.4 8361.9 8375.5 OCT. NOV. DEC. 49.2 48.3 47.4 26.1 24.9 23.0 75.2 73.3 70.4 62.8 61.5 57.2 135.9 136.8 137.7 325.5 333.6 330.4 25.1 25.2 24.5 331.5 333.8 335.8 2707.6 2740.8 2765.0 8389.4 8405.4 8425.3 1992-JAN. FEB. MAR. 48.5 49.3 51.5 21.8 22.1 21.5 70.3 71.5 73.0 55.3 55.9 57.9 138.8 140.1 141.4 320.2 322.3 329.6 23.7 22.7 21.8 338.7 330.4 338.0 2782.5 2799.1 2834.7 8437.3 8443.6 8454.5 APR. MAY JUNE 51.7 52.9 52.8 20.5 20.1 20.2 72.2 73.0 73.0 55.0 53.2 53.1 142.7 143.9 144.9 p 323.7 324.1 326.5 p 21.3 21.6 21.7 p 345.0 335.4 348.8 p 2863.5 2884.1 2912.2 p 8476.3 8497.2 8518.0 p JULY 51.3 19.9 71.2 52.1 53.7 52.4 19.7 19.8 73.4 72.2 52.5 52.3 Meek ending 1992-JUNE 22 29 JULY 6 13 20 27 54.4 51.7 50.7 49.8 19.4 20.2 20.3 20.2 73.8 71.8 70.9 70.0 53.4 51.3 51.7 52.4 AUG. 3 lOp 17p 49.9 52.0 53.4 18.8 19.5 19.3 68.7 71.5 72.7 51.9 51.7 50.8 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. p—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 Time and savings deposits due to foreign banks Foreign Foreign official and official commercial institutions institutions banks Date IRA and Keogh Accounts U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings deposits At At at commercial commercial thrift banks banks institutions At money market funds Total 1991-MAR. 8.0 1.6 5.7 5.1 6.8 23.3 35.1 1.3 135.3 134.5 44.0 313.8 APR. MAY JUNE 8.5 8.2 7.6 1.5 1.5 1.5 6.0 6.2 6.3 5.4 3.6 5.0 4.7 5.6 6.3 15.0 16.2 18.6 25.1 25.4 29.9 1.3 1.4 1.5 137.3 138.9 140.3 135.2 135.5 135.4 44.3 44.9 43.9 316.7 319.3 319.6 JULY AUG. SEP. 8.0 7.9 7.8 1.5 1.5 1.5 6.3 6.5 6.6 3.7 3.6 5.2 6.6 5.8 7.8 17.1 13.5 21.7 27.3 22.9 34.7 1.6 1.5 1.5 141.8 143.1 144.4 134.6 133.2 131.6 42.2 42.8 43.3 318.5 319.1 319.4 OCT. NOV. DEC. 7.7 7.9 8.1 1.5 1.5 1.7 6.7 6.7 6.6 3.6 4.4 4.8 5.7 6.0 7.4 25.0 24.2 20.5 34.4 34.6 32.8 1.5 1.6 1.5 145.9 147.0 147.7 131.2 131.2 131.2 43.4 43.0 42.3 320.5 321.3 321.2 1992-JAN. FEB. MAR. 8.3 7.6 7.6 1.7 1.6 1.5 6.5 6.5 6.5 5.2 4.3 4.2 7.4 6.2 5.6 27.9 20.9 15.9 40.5 31.5 25.7 1.8 2.0 2.2 148.3 148.4 147.8 130.9 129.7 128.8 42.1 e 42.3 e 42.5 e 321.3 e 320.4 e 319.1 e APR. MAY JUNE 7.9 7.8 8.0 1.5 1.5 1.6 6.6 6.6 6.6 5.9 4.2 5.3 4.9 5.2 6.7 11.9 16.8 19.9 22.6 26.2 31.8 2.5 2.6 2.6 148.4 148.6 147.9 127.9 e 127.1 e 126.5 e 42.3 e 41.9 e 41.6 e 318.5 e 317.7 e 316.0 e JULY 8.4 1.7 6.5 3.7 5.9 15.9 25.5 2.5 147.6 126.1 e 41.5 e 315.2 e 8.1 7.9 1.7 1.5 6.6 6.6 6.3 3.5 8.7 7.6 26.6 33.9 41.6 45.0 2.6 2.6 Meek ending L992-JUNE 22 29 JULY 6 13 20 27 9.4 8.6 7.8 8.4 1.6 2.0 1.5 1.6 6.5 6.5 6.5 6.5 4.5 3.2 4.1 3.3 6.9 6.0 5.2 5.4 21.1 9.4 13.2 16.1 32.5 18.7 22.4 24.8 2.5 2.5 2.5 2.5 AUG. 3 lOp 17p 8.0 8.1 7.6 1.5 1.5 1.4 6.5 6.5 6.5 5.0 3.5 4.3 6.3 5.8 5.4 23.9 16.4 17.5 35.3 25.7 27.1 2.5 2.5 2.6 e—indicates estimated data. p--indicates preliminary data.