Full text of H.6 Money Stock Measures : August 29, 1991
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.$&£*& FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. '•.f^f^V H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES AUGUST 29, 1991 Billions of dollars Date Ml1 M2^ M3 3 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. 4834. 4851. 4869. 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 3309 3321 3324 3323 3327 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 4934.2 4955.5 4955.0 4959.9 4965.7 9833.8 9897.1 9969.5 10026.6 10070.4 10128. 10188. 10257. 10312. 10349. 10399. 10436. 1991-JAN. FEB. MAR. APR. MAY JUNE JULY 826.7 836.4 843.0 842.1 851.6 858.4 859.7 3331.0 3354.3 3374 3382 3394 3398 3387 4124. 4160. 4168. 4170. 4172. 4165. 4148. 4982.1 5008.8 5008.0 4971.8 4947.6 4977.6 p 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 4911.5 4893.9 4912.2 4930.3 4888.6 4914.1 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 833.2 823.4 835.0 852.8 841.6 857.7 861.9 3341.3 3345.0 3374.1 3396.2 3374.0 3391.6 3390.5 4130.7 4148.4 4168.2 4179.9 4154.0 4160.3 4151.0 4998. 2 4999. 4 5006. 1 4983. 1 4932. 6 4968. 2 P 10455.7 10490.8 10518.6 10531.6 10576.7 10628.8 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 1 3 Months from APR. 1991 TO JULY 1991 8.4 0.5 -2.2 4.1 6 Months from JAN. 1991 TO JULY 1991 8.0 12 Months from JULY 1990 to JULY 1991 6.0 1.1 4.5 2.8 1.4 5.4 Thirteen weeks ending AUGUST 19, 1991 from thirteen weeks ending: 20, 1991 (13 weeks previous) 7.4 1.3 -1.4 FEB. 18, 1991 (26 weeks previous) 7.6 3.5 1.5 AUG. 20, 1990 (52 weeks previous) 5.9 2.9 1.6 MAY 1. 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. 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions) (2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float* and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOH) and automatic transfer service (ATS) accounts at depository institutions, credit union 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 this result to seasonally adjusted Ml. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Also subtracted is the estimated amount 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 nonfinancial sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The * presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. Footnotes to Table 1 2. 3. 4. 5. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES B i l l i o n s of d o l l a r s Seasonally adjus ted Ml Period em ding 1991-MAY 13-week average 4-week average M3 M2 week average 13-week average 4-week average week average 13-week average 4-week average week average 27 845.1 851.5 851.6 3383.3 3395.6 3396.9 4171.1 4174.2 4175.6 JUNE 3 10 17 24 846.1 847.4 848.9 850.0 851.7 852.9 854.7 856.4 850.5 856.4 860.3 858.4 3385.1 3387.6 3389.9 3390.9 3394.5 3395.8 3397.4 3397.3 3387.0 3400.7 3405.0 3396.5 4170.8 4170.9 4171.0 4170.5 4172.0 4171.4 4171.3 4167.9 4161.1 4172.5 4175.8 4162.3 JULY 1 8 15 22 29 850.8 851.9 853.0 854.4 856.3 859.2 859.3 858.6 859.0 859.6 861.8 856.7 857.5 859.9 864.4 3392.2 3392.6 3392.8 3392.9 3393.7 3399.7 3397.1 3393.4 3390.5 3387.5 3396.6 3390.2 3390.4 3384.7 3384.6 4169.7 4168.3 4166.0 4163.8 4162.9 4165.6 4160.4 4154.8 4150.8 4149.2 4151.9 4151.4 4153.4 4146.3 4145.8 AUG. 5 12p 19p 857.7 858.5 859.5 862.4 863.7 865.0 867.7 862.8 864.9 3393.3 3392.4 3391.6 3386.6 3384.9 3385.6 3386.7 3383.7 3387.4 4160.6 4158.1 4155.8 4146.5 4143.7 4143.7 4140.4 4142.3 4146.2 Not seasonally adjusted Ml 13-week average 4-week average 27 842.1 841.2 JUNE 3 10 17 24 843.6 845.8 848.1 849.5 JULY 1 8 15 22 29 AUG. 5 12p 19p Period en<ding 1991-MAY M3 M2 week average 13-week average 4-week average 3362.6 4167.4 4154.4 4144.8 3374.9 3381.9 3387.8 3390.5 3381.4 3405.6 3401.7 3373.1 4167.0 4167.5 4167.7 4166.2 4154.5 4159.8 4164.4 4163.4 4156.8 4180.5 4175.4 4140.7 3387.3 3386.7 3385.7 3384.7 3385.4 3392.2 3393.6 3394.2 3396.3 3391.1 3388.2 3411.2 3404.1 3381.7 3367.3 4164.4 4162.1 4158.8 4156.3 4155.5 4159.6 4157.1 4154.6 4155.3 4152.3 4141.7 4170.7 4165.2 4143.5 4129.8 3386.6 3387.9 3388.9 3386.6 3384.2 3386.7 3393.1 3394.8 3391.5 4154.9 4154.8 4154.5 4146.8 4144.8 4147.2 4148.6 4157.3 4153.0 13-week average 4-week average 829.0 3380.6 3374.1 841.6 847.2 852.3 855.9 850.1 867.1 863.0 843.5 3382.0 3384.4 3386.4 3386.8 850.7 852.1 852.3 852.3 853.5 858.1 861.3 862.4 865.2 862.0 858.6 880.0 867.3 854.7 846.1 855.3 857.2 858.9 860.1 860.5 863.2 872.4 868.9 865.2 week average week average Note: S p e c i a l c a u t i o n should be taken in i n t e r p r e t i n g week-to-week changes i n money supply data> which are h i g h l y v o l a t i l e 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 Other checkable Date Currency 1990-MAR. 228. 4 1 At commercial banks 4 Travelers checks2 Demand deposits3 7.6 278.9 201.3 Nontransactions components deposits At thrift institutions5 6 In M3 only 7 General purpose and broker/dealer money market funds Total In M 2 88.6 289.8 2465.0 807.6 325.9 APR. MAY JUNE 230. 231. 233. 278.1 275.8 276.3 202.9 203.6 205.5 88.9 88.3 88.2 291.7 292.0 293.7 2472. 2475. 2479. 802.8 799.9 795.2 327. 325. 327. JULY AUG. SEP. 235. 238. 241. 275.6 278.0 279.1 203.9 204.4 205.7 87.7 87.7 87.3 291, 292, 293, 2484. 2493. 2499. 793.8 793.9 787.5 329.2 335.8 339.3 OCT. NOV. DEC. 243. 245. 246. 277.1 277.2 276.9 205. 207. 208.8 85.8 85.7 85.0 291.8 292.8 293.8 2503. 2500. 2502. 785.0 785.3 784.1 341. 341. 345. 1991-JAN. FEB. MAR. 251. 255. 256. 8.4 8.2 8.1 272.9 276.1 277.1 209, 211, 214, 84. 85. 86. 293. 296. 301. 2504. 2517. 2531. 793.6 806.1 794.0 353. 358. 363. APR. MAY JUNE 256.6 256.8 257.6 7.9 8.0 7.8 275.8 278.7 281.0 215 220 223 86. 88. 88. 301. 308. 312. 2540. 2542. 2540. 788.1 778.2 767.1 364. 365. 364. JULY 258.9 7.7 279.0 225.6 88.5 314.1 2527.5 761.0 359.4 Heek ending 1991-JUNE 24 258.1 7.8 279.3 224.2 89.1 313.3 2538.1 765.7 364.0 JULY 1 8 15 22 29 258.7 257.6 258.1 259.0 260.4 7.7 7.7 7.7 7.7 7.6 280.2 278.9 278.9 278.9 280.0 225.6 224.4 224.6 226.0 227.1 89.6 88.1 88.3 88.3 89.2 315.2 312.5 312.8 314.3 316.3 2534.8 2533.5 2532.9 2524.7 2520.2 755.3 761.2 763.0 761.7 761.2 362.7 361.6 360.9 359.6 356.6 AUG. 5 12p 19p 260.2 259.9 260.7 7.7 7.7 7.7 282.9 278.2 278.7 227.9 228.5 229.8 89.0 88.5 88.1 317.0 317.0 317.9 2519.0 2521.0 2522.5 753.7 758.6 758.8 353.8 353.8 352.2 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 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. 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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 2330.6 2345.1 2374.2 7696.0 7725.3 7754.2 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 141.8 Week ending 1991-JUNE 24 143.0 JULY 1 8 15 22 29 140.0 141.6 143.2 142.1 141.5 AUG. 5 12p 19p 139.3 143.6 146.4 1. 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. 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. 2. H.6 ( 5 0 8 ) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Other checkable deposits At Date Currency 1 Demand Travelers checks 2 deposits3 commercial banks 4 At thrift institutions5 Nontransact ions components Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 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 14.9 331.6 APR. MAY JUNE 229.6 231.8 234.9 7.3 7.5 8.1 280.0 268.9 275.2 209.6 200.9 204.0 91.5 88.2 88.7 301..1 289..1 292..7 2474,.8 2465..5 2473..3 798.0 801.5 796.7 64.3 66.7 66.9 15.1 16.5 15.5 330. 321, 322. JULY AUG. SEP. 237.3 239.4 241.0 8.6 8.9 8.8 277.3 276.8 278.2 201.4 201.8 203.9 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 16.4 325. 334. 339, OCT. NOV. DEC. 242.8 245.7 249.6 8.4 8.0 7.8 278.0 280.5 289.9 203.0 206.0 211.5 85.4 85.9 85.5 288..4 291. 9 297..0 2504..0 2501.,0 2497..3 784.8 788.8 782.2 66.0 60.3 54.6 17. 17. 19. 341, 343. 345. 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. 83. 85. 297. 9 294..9 301.,5 2508..0 2521..6 2539..1 789.4 803.4 794.1 51.5 51.0 48.6 19. 19. 20. 354. 362, 370. 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 89.0 311.,7 304,.9 310..8 2543..4 2532..5 2533..9 783.7 779.9 768.7 49.1 49.6 49.7 20. 17. 16. 368. 360. 358. JULY 260.8 8.5 280.7 222.8 89.1 311.9 2528.6 760.5 48.2 13.5 354.5 Week ending 258.4 8.2 271.7 218.5 86.6 305.1 2529.7 767.6 49.4 17.0 357.8 JULY 1 8 15 22 29 258.9 263.1 261.1 260.5 259.6 8.3 8.4 8.5 8.5 8.6 283.4 289.3 284.3 276.5 272.0 220, 227. 223. 221. 219. 88.0 92.1 89.8 87, 86 308.0 319.1 313.5 309.1 305.8 2529.6 2531.2 2536.8 2527.0 2521.2 753.5 759.5 761.1 761.8 762.5 49.8 48.0 49.4 46.8 48.3 17. 13. 14. 13. 12, 354. 352. 356, 356. 353. AUG. 5 12p 19p 262.1 263.0 262.0 8.7 8.6 e 8.6 e 283.4 279.9 280.6 227. 227. 226. 90.9 89.8 87.8 318.2 317.5 313.9 2520.7 2525.8 2526.3 755.5 762.5 761.5 48 49 53 12. 13, 13. 350. 352, 350, 1991--JUNE 24 institutions. Currency o u t s i d e U.S Treasury* ry, Federal Reserve Banks and the v a u l t s of depository . Outstanding_ amount of lolla U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included i n demand d e p o s i t s . 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. 7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. 8. Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and broker/dealer). 9. Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer). e--indicates estimated data. p--indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 Money msirket deposit accounts At At thrift commercial institutions banks Date Total At At commercial thrift banks institutions Small-denomination time deposits 2 Total At At thrift commercial institutions banks Total Large-denomination time deposits 3 At At commercial thrift institutions banks 4 Total 1990-MAR. 362.8 135.5 498.3 191.9 218.0 410.0 540.6 609.2 1149.7 399.1 150.0 549.1 APR. MAY JUNE 364.6 362.7 367.4 135.0 133.0 131.9 499.6 495.7 499.3 192.9 193.3 195.3 219.8 219.2 219.3 412.7 412.5 414.6 544.4 552.9 563.9 607.8 59,9.6 590.9 1152.2 1152.4 1154.8 394.6 397.1 397.2 14.6.0 142.8 140.1 540.6 539.9 537.2 JULY AUG. SEP. 369.1 373.5 375.0 130.6 130.8 130.9 499.8 504.3 505.9 197.2 196.5 196.2 219.7 217.5 215.4 416.9 414.0 411.7 573.2 575.8 579.1 586.8 584.3 580.4 1160.1 1160.2 1159.5 397.3 396.7 392.7 135.9 133.7 131.6 533.2 530.4 524.3 OCT. NOV. DEC. 375.8 379.7 381.6 129.7 130.1 128.7 505.6 509.8 510.3 198.2 197.9 197.7 214.4 212.6 209.6 412.6 410.4 407.3 588.0 588.5 596.1 573.2 571.3 564.1 1161.2 1159.8 1160.2 389.3 389.9 386.1 129.1 125.9 121.1 518.3 515.9 507.1 1991-JAN. FEB. MAR. 380.6 384.7 391.1 128.4 128.8 131.0 509.0 513.5 522.1 199.9 201.5 205.8 209.0 210.4 214.7 408.9 411.8 420.5 602.1 606.1 607.4 562.7 557.7 550.1 1164.7 1163.8 1157.5 392.3 399.7 399.4 117.5 114.5 111.5 509.8 514.2 510.9 APR. MAY JUNE 394.0 395.8 401.9 132.9 134.9 136.7 526.9 530.7 538.6 209.5 211.9 216.5 219.0 222.2 225.2 428.5 434.2 441.7 604.2 601.0 602.1 546.2 539.1 527.7 1150.3 1140.0 1129.8 396.3 398.9 397.7 108.2 104.5 100.8 504.4 503.4 498.5 JULY 404.8 138.0 542.8 219.7 227.5 447.3 602.8 519.3 1122.2 392.8 97.4 490.2 400.2 136.6 536.8 216.3 225.0 441.4 601.3 525.9 1127.3 396.7 100.0 496.7 Week ending 1991--JUNE 24 JULY 1 8 15 22 29 400.3 404.2 406.4 404.3 404.4 136 137 138 138 137.8 536.8 542.0 545.0 542.5 542.2 217. 219, 219, 220. 219, 225.8 228.2 228.2 227.4 226.6 443. 447. 448. 447. 446. 601.9 602.7 602.2 602.7 603.5 525. 524. 521, 517. 514. 1127. 1127, 1123. 1120, 1118. 390.6 392.0 393.8 392.1 393.9 99.2 98.8 98. 97. 96. 489.9 490.8 491.9 489.1 489.9 AUG. 5 12p 19p 406.1 409.1 409.5 137.8 137.9 137.8 543.8 547.0 547.3 220. 221, 221.6 227.9 228.1 227.8 448. 449. 449. 604.8 606.3 606.9 511. 508. 505.8 1116. 1114, 1112, 392.8 393.0 391.8 95. 94. 93. 488. 487. 485. 1. 2. Savings deposits exclude MMDAs. 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. 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 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 banks institutions Date 1990-MAR. 106.8 50.1 48.3 Debt components 6 Non-M3 C(Dmponents of L Total 98.4 Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 66.7 119.4 337.2 36.1 Commercial paper5 343.8 Federal debt Non-Federal debt 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 775S.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 65.7 65.6 130.4 131.6 132.7 p 301.2 287.6 310.9 p 30.1 28.7 27.8 p 341.4 330.8 336.6 p 2593.0 2609.1 2635.3 p 7938.6 7967.6 7993.4 p JULY 139.7 47.5 32.7 80.2 65.4 Meek ending 1991-JUNE 24 140.9 46.3 32.4 78.7 66.1 JULY 1 8 15 22 29 136.1 137.2 139.9 141.4 141.3 45.2 47.5 47.8 47.7 47.6 31,.1 32,.7 32,.5 33 .0 33,.0 76. 80. 80. 80. 80. 65. 66. 64. 65. 65. AUG. 5 12p 19p 138.5 143.0 144.8 46 46 46 32,.8 33 .3 33,.3 79. 79. 79, 64. 66. 65. 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 U.S. government deposits Time and savings deposits due to Foreign Foreign foreign banks commercial official and official banks institutions institutions Date Demand deposits at commercial banks Balance at Note balances Total Federal at depository cash Reserve institutions balance IRA and Keogh Accounts Time and savings deposits At At at commercial commercial thrift institutions banks banks 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 JULY AUG. SEP. 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 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 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 43.6 e 44.0 e 44.5 e 310.8 312.1 312.5 JULY 8.2 1.4 3.2 3.7 6.6 17.1 27.3 1.6 141.8 126.4 e 44.8 312.9 e 7.6 1.3 3.3 4.8 6.4 31.7 43.0 1.6 1.6 1.6 1.6 1.6 1.6 1.5 1.5 1.5 Heek ending 1991-JUNE 24 JULY 1 8 15 22 29 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 3.1 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 AUG. 5 12p 19p 8.2 8.5 8.2 1.3 1.3 1.4 3.2 3.2 3.2 4.5 3.1 4.2 5.5 6.6 5.3 22.0 12.9 10.9 32.1 22.7 20.3 e--indicates estimated data, p—indicates preliminary data.