Full text of H.6 Money Stock Measures : August 3, 1989
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isSsB&V. FEDERAL RESERVE statistical release '•f^LRE^ H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES AUGUST Billions of dollars Date Ml ] M2 2 3, 1989 Debt5 M3 J Seasonally adjusted 1987-JULY AUG. SEP. OCT. NOV. DEC. 742.8 745.6 747.9 757.3 754.6 752.3 2856. 2869. 2885. 2902. 2904. 2909.9 3588. 3610. 3630. 3655. 3670. 3677. 4237.4 4262.5 4293.3 4327.5 4337.2 4340.2 7987.4 8043.7 8108.7 8177.8 8256.0 8310.7 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 758.4 760.1 763.8 771.2 771.1 776.5 782.5 782.4 783.7 785.4 786.6 790.3 2930.5 2950.8 2969.3 2990.3 2999.8 3013.1 3023 3029 3035 3042 3059 3069 3702. 3732. 3757. 3780. 3795, 3816. 3839. 3851. 3860. 3877. 3897. 3914. 4376.9 4407.2 4437.0 4475.8 4504.2 4521 4565 4583 4591 4612 4638 4674 8354.5 8412.5 8478.4 8540.2 8599.5 8659.1 8718.8 8784.3 8850.0 8912.4 8988.6 9052.1 1989-JAN. FEB. MAR. APR. MAY JUNE 786.3 787.4 786.3 783.2 773.4 770.7 3065.7 3069.2 3078.7 3081.3 3072.4 3089.2 3918. 3928. 3950. 3958. 3953. 3973. 4678.3 4690.5 4724.1 4740.2 4735.8 p 9107.2 9172.3 9229.4 9283.0 9339.5 p 1987-JULY AUG. SEP. OCT. NOV. DEC. 747.0 745.2 745.5 754.1 756.5 766.4 2863.2 2869.8 2878.9 2899.1 2903.9 2918.7 3590.2 3609.9 3628.4 3653.1 3674.8 3688.5 4230.8 4257.2 4288.0 4323.5 4344.7 4354.5 7960. 8015. 8080. 8148. 8222 8292.8 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 765.2 745.5 752.6 779.1 764.6 779.9 786.9 782.3 781.0 782.1 788.3 804.4 2941..1 2938..3 2962..4 3001.4 2990.1 3015..6 3031..5 3030..5 3028..5 3038..4 3057..9 3077..1 3710. 3720. 3751. 3786. 3785. 3816. 3840. 3852, 3858, 3874. 3902. 3924. 4393..1 4403..1 4433..4 4479..1 4492..1 4521..6 4557..1 4578..4 4586.8 4608.4 4646.1 4688.5 8337.2 8375.9 8440.7 8503.1 8562.2 8626.7 8684.5 8744.5 8815.9 8880.9 8957.5 9037.5 1989-JAN. FEB. MAR. APR. MAY JUNE 793.0 772.3 775.1 791.4 767.2 774.3 3076. 3056. 3072. 3092. 3063. 3092, 3926.2 3916.0 3944.8 3963.6 3943.4 3974.0 4694.9 4687.4 4720.6 4742.0 4724.4 p 9091.2 9136.4 9190.2 9246.6 9306.2 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M3 Debt 1 Ml M2 3 Months from MAR. 1989 TO JUNE 1989 -7.9 1.4 2.4 7.3 6 Months from DEC. 1988 TO JUNE 1989 -5.0 1.3 3.0 7.8 12 Months from JUNE 1988 to JUNE 1989 -0.7 2.5 4.1 8.6 APR. 24, 1989 (13 weeks previous) -5.9 1.9 3.1 JAN. 23, 1989 (26 weeks previous) -3.4 1.8 3.4 JULY 25, 1988 (52 weeks previous) -0.2 2.6 4.2 Thirteen weeks ending JULY 24, 1989 from thirteen weeks ending: 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, February 1989 to May 1989, November 1988 to May 1989, and May 1988 to May 1989, respectively. Footnotes to Table 1 Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions) (2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks 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 commercial banks and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination 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 commercial banks and thrift 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-averaqe form, derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and 2.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M2 Ml 13-week average 4-week average 781.6 773.0 773.2 772.1 773.6 3076.3 3076.9 3077.3 3077.4 3077.5 3080.2 3076.8 3073.4 3071.4 3072.3 773.8 772.9 771.8 770.8 776.1 769.6 767.9 769.4 3077.3 3078.1 3078.8 3080.0 771.1 773.4 775.8 777.5 777.3 779.1 777.5 776.2 3081.6 3084.2 3087.2 3090.3 13-week average 4-week average 1 8 15 22 29 785.5 784.4 783.6 782.3 781.1 783.0 780.7 778.7 775.0 773.0 JUNE 5 12 19 26 779.9 778.8 777.3 776.0 JULY 3 10 17p 24p 775.7 775.5 775.2 774.4 Period en<ding 1989-MAY week average M3 week average 13-week average 4-week average week average 3072.2 3070.0 3070.8 3072.4 3075.8 3945.5 3948.0 3950.8 3951.9 3953.5 3957.7 3955.1 3953.9 3952.4 3953.4 3951.7 3950.2 3955.5 3952.2 3955.6 3074.7 3078.5 3083.0 3087.4 3079.7 3086.1 3090.5 3093.2 3955.1 3957.0 3958.4 3960.0 3956.4 3959.7 3965.6 3970.7 3962.4 3968.7 3975.8 3975.8 3092.7 3100.7 3108.8 3115.8 3101.0 3118.2 3122.7 3121.2 3962.9 3966.5 3970.2 3973.7 3977.8 3987.3 3995.6 4002.7 3991.0 4006.5 4008.9 4004.3 Not seasonally adjusted M2 Ml 13-week average 4-week average 777.9 776.8 771.9 760.3 755.8 3074.0 3074.5 3075.0 3075.3 3075.8 3090.9 3079.8 3069.7 3063.7 3061.8 767.9 770.0 773.7 774.6 783.6 780.2 775.3 759.4 3076.8 3078.7 3080.3 3081.8 774.0 778.6 781.0 783.9 781.2 798.3 784.9 771.0 3083.0 3085.5 3087.7 3090.4 13-week average 4-week average 1 8 15 22 29 779.8 779.4 779.2 778.4 777.9 791.2 786.2 779.4 771.7 766.2 JUNE 5 12 19 26 777.8 778.0 778.1 777.6 JULY 3 10 17p 24p 777.6 777.8 776.6 775.1 Period en<ding 1989-MAY week average M3 week average week average 13-week average 4-week average 3063.9 3066.1 3065.4 3059.5 3056.2 3941.7 3944.0 3946.2 3947.8 3950.1 3961.5 3951.9 3944.6 3941.8 3942.5 3937.6 3943.7 3945.3 3940.4 3940.5 3067.9 3075.9 3084.8 3090.4 3090.3 3097.7 3094.8 3078.8 3952.6 3955.3 3957.5 3959.0 3949.3 3958.0 3967.2 3972.1 3970.9 3980.0 3977.3 3960.3 3094.6 3105.7 3115.7 3125.7 3107.0 3142.3 3134.5 3119.0 3961.1 3963.9 3966.9 3970.4 3977.0 3986.7 3995.5 4004.8 3990.4 4018.6 4012.7 3997.5 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 Nontransact ions components Small time deposiLts8 Savings deposits7 Date Currency 1 Travelers checks 2 Demand deposits3 Other checkable deposits4 In M2 5 In M3 only 6 At commercia 1 banks 1988-FEB. MAR. 199. 4 200.7 7.3 7.2 288.1 288.4 265.4 267.5 2190.7 2205.5 781.8 787.7 181.3 183.3 237.5 238.1 418.8 421.5 APR. MAY JUNE 202.4 203.4 204.7 7.2 7.3 7.3 290.3 288.1 289.8 271.2 272.2 274.7 2219.1 2228.8 2236.6 790.3 795.7 803.3 184.5 186.0 187.7 238.8 239.3 239.8 JULY AUG. SEP. 206.4 207.0 208.6 7.2 7.2 7.3 290.4 289.9 288.8 278.5 278.3 279.0 2241.4 2247.3 2251.3 815.2 821.4 825.5 189.1 190.0 190.1 OCT. NOV. DEC. 209.7 210.5 211.8 7.4 7.5 7.6 288.9 287.7 288.6 279.4 281.0 282.3 2256.8 2272.7 2279.2 835.0 837.8 844.8 1989-JAN. FEB. MAR. 213.4 214.3 215.6 7.6 7.5 7.3 284.0 284.8 284.3 281.3 280.9 279.1 2279.4 2281.8 2292.5 APR. MAY JUNE 215.9 216.4 217.4 7.3 7.3 7.2 281.5 278.3 275.1 278.5 271.5 271.0 2298.1 2299.0 2318.4 At thrift institutions At thrift institutions Total 393.7 398.1 548.7 554.7 942.4 952.8 423.3 425.2 427.6 403.2 406.2 409.3 560.2 564.8 566.4 963.4 971.0 975.7 240.5 240.9 240.3 429.7 430.9 430.5 412.9 417.4 423.6 568.1 570.9 575.1 981.0 988.3 998.7 189.8 192.8 192.5 239.4 239.1 238.8 429.2 431.8 431.3 430.9 436.4 443.1 578.8 581.4 582.2 1009.7 1017.8 1025.2 853.0 858.8 871.3 190.8 190.3 188.6 237.0 234.3 232.2 427.8 424.6 420.8 451.0 461.0 472.0 584.7 587.4 589.1 1035.7 1048.3 1061.0 876.8 881.1 884.2 185.6 182.5 181.5 227.3 222.4 220.7 412.9 404.8 402.3 485.6 497.2 502.3 597.7 609.0 617.7 1083.2 1106.1 1120.0 Total At commercial banks Meek ending 29 216.9 7.3 276.7 272.6 2302.2 879.8 181.9 221.6 403.4 499.8 612.5 1112.3 JUNE 5 12 19 26 216.7 216.9 217.5 218.3 7.3 7.2 7.2 7.2 277.8 275.4 273.6 274.0 274.3 270.0 269.6 270.0 2303.6 2316.6 2322.6 2323.8 882.7 882.5 885.4 882.6 181.9 181.5 181.3 181.5 221.2 221.0 221.0 220.5 403.0 402.5 402.3 402.0 500.6 501.7 502.8 502.9 614.1 616.8 618.9 619.0 1114.7 1118.4 1121.7 1121.9 JULY 3 10 17p 24p 217.4 217.4 217.9 218.4 7.1 7.1 e 7.1 e 7.1 e 279.4 282.7 279.4 278.0 273.4 271.9 273.1 272.7 2323.7 2339.1 2345.2 2345.0 890.0 888.3 886.2 883.1 181.8 182.1 181.7 181.7 219.8 219.9 219.9 219.2 401.6 402.0 401.5 400.9 503.3 505.1 506.6 506.9 619.6 621.9 623.7 624.6 1122.9 1127.0 1130.4 1131.5 1989-MAY 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. 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. Consists of NOW and ATS balances at all depository institutions> credit union share draft balances and demand deposits at thrift institutions. Sum of overnight RPs and overnight 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. Sum of large time deposits, term RPs and term 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 funds. This sum is seasonally adjusted as a whole. 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, -indicates estimated data. >—indicates preliminary data. .6 (508) able ^-continued .'OMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT illions of dollars, seasonally adjusted Large time deposits1 At At commercial ' thrift banks 2 institutions Date Debt components6 Non-M3 components of L Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt .988-FEB. MAR. 328.4 331.0 163.9 165.3 492.3 496.3 102.5 103.4 256.9 255.1 41.0 41.1 274.2 280.3 1981.0 2006.2 6431.5 6472.2 APR. MAY JUNE 331.8 334.1 339.6 167.4 168.2 168.2 499.2* 502^ 507.8 104.4 105.3 106.0 261.8 264.5 257.6 41.4 41.1 40.7 287.6 297.8 300.4 2018.2 2023.2 2033.3 6522.0 6576.4 6625.8 JULY AUG. SEP. 345.5 350.8 355.0 168.5 168.6 171.7 514.0 519.4 526.7 106.8 107.4 107.9 268.7 272.6 272.8 40.7 41.2 41.7 309.8 311.3 308.8 2042.7 2059.5 2079.9 6676.1 6724.8 6770.1 OCT. NOV. DEC. 359.2 361.2 364.9 172.8 173.2 172.9 532.0 534.4 537.7 108.4 108.7 109.1 273.3 268.4 275.2 41.3 40.5 40.6 312.3 323.7 335.8 2088.8 2100.6 2114.0 6823.6 6888.0 6938.1 1989-JAN. FEB. MAR. 370.7 378.2 385.5 173.7 173.4 173.4 544.4 551.6 558.8 109.7 110.6 111.5 274.5 267.8 272.1 40.6 39.9 41.2 334.9 344.2 349.2 2122.3 2140.4 2162.6 6984.9 7032.0 7066.7 APR. MAY JUNE 392.6 395.9 396.9 175.2 176.4 176.6 567.8 572.2 573.5 112.3 112.9 p 274.3 274.7 p 41.4 41.1 p 354.2 353.5 p 2171.8 2177.0 p• 7111.3 7162.6 p 29 396.3 176.6 572.9 JUNE 5 12 19 26 395.5 397.6 399.1 396.1 177.3 177.1 176.6 176.2 572.8 574.7 575.7 572.2 JULY 3 10 17p 24p 395.2 398.0 400.6 400.3 175.5 175.9 176.1 175.3 570.7 573.9 576.7 575.6 Week ending 1989-MAY Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. 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 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Other checkable deposi ts Currency 1 Date Travelers Demand checks 2 deposits 3 At commercial banks* At thrift institutions5 Nontransactions components Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 General purpose and broker/dealer money market funds 1988-FEB. MAR. 197.1 199.1 6.8 6.9 279.1 279.9 182.0 184.2 80.4 82.5 262.4 266.7 2192.8 2209.7 782.4 789.1 61.5 59.7 16.4 14.8 231.0 234.8 APR. MAY JUNE 201.6 203.6 205.7 6.9 7.1 7.6 292.1 283.1 291.3 191.2 185.1 187.6 87.3 85.7 87.6 278.5 270.8 275.3 2222.3 2225.5 2235.6 785.4 795.3 801.2 60.2 63.2 63.7 15.5 17.2 17.2 235.8 231.8 228.9 JULY AUG. SEP. 208.0 207.9 208.0 8.2 8.2 7.9 293.1 289.0 287.4 188.7 188.8 189.7 88.9 88.4 88.1 277.7 277.2 277.8 2244.6 2248.2 2247.5 809.2 821.5 830.1 62.0 64.1 62.6 15.6 15.8 14.7 229.6 230.8 231.0 OCT. NOV. DEC. 209.0 211.3 214.9 7.5 7.1 6.9 288.7 290.0 298.8 189.0 191.3 195.0 88.0 88.6 88.7 276.9 279.9 283.7 2256.3 2269.6 2272.8 836.5 844.4 846.9 62.1 62.6 64.9 13.9 13.0 13.4 231.3 237.4 239.4 1989-JAN. FEB. MAR. 211.8 211.9 213.9 7.0 7.1 7.0 290.5 275.7 275.8 196.3 192.2 192.6 87.5 85.4 85.8 283.7 277.6 278.3 2282.9 2284.4 2297.0 850.2 859.3 872.7 65.0 63.7 62.9 16.6 15.1 14.3 241.7 247.2 256.0 APR. MAY JUNE 215.1 216.6 218.5 7.0 7.1 7.5 283.3 273.4 276.5 197.5 186.1 187.0 88.5 84.0 84.7 286.0 270.2 .271.7 2301.5 2295.7 2317.7 870.7 880.4 882.0 59.5 57.5 59.2 14.4 14.6 14.8 260.2 259.9 266.2 29 216.7 7.2 267.4 182.9 81.7 264.6 2300.3 884.4 57.7 15.5 261.8 JUNE 5 12 19 26 218.2 219.2 218.4 217.7 7.2 7.4 7.5 7.7 281.7 277.7 276.8 269.3 189.6 189.5 187.7 182.7 86.7 86.3 84.8 82.0 276.4 275.9 272.5 264.7 2306.7 2317.5 2319.6 2319.4 880.7 882.2 882.5 881.5 56.9 60.5 60.6 59.4 14.2 13.8 14.5 15.9 262.5 264.9 266.5 268.6 JULY 3 10 17p 24p 218.9 221.3 219.8 218.8 7.8 7.9 e 8.0 e 8.1 e 284.3 290.4 283.4 275.2 185.8 191.2 187.7 185.3 84.4 87.5 86.0 83.6 270.2 278.7 273.7 268.9 2325.8 2343.9 2349.6 2347.9 883.3 876.3 878.2 878.5 56.5 59.6 61.7 60.0 15.5 16.9 16.2 16.3 268.7 272.4 275.8 277.6 Week ending 1989-MAY 1. 2. 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 foreian-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 NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NON 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 commercial banks 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. ~ 0 • H l-l N ffi UJ o° £:S 2-2 OS OS 1 M j (A -H • H (A o * •H (0 -H 0 r- (A •D i 0 • H c c -H • H 0 CDC E A3 EX- 0 (A • H\T (0 rH c -H • 0H < 4--H •H-H 3 < L.-H X'H -H-H <A s • H E 2 •8 0) D) i_ ffl -J (M fH -H-H 3 < t--H X'H -H-H (A s <A r- 0 (0 •H • H •H (A (A a 0) •D 0) E § • H •H 2 • H •H • H •D rH •H 2 E CO IH <A «4^ <A 1 •8 (A > ? ffl 00 (A -H c 5 0 0 0 (0 • H • H 8. (A tj I 0) •H ^L ffl E > r 0 r < o) a §.-& E 0 0 mNON M M M \tMsO mmm *mN0 mMo M * M mmm M3M3N m M N m mmmm NNNsO O I H O O N sO vO >0 >0 N N C O O N O ONmcoco M mm** r^r^NN •HrHiHrH IflMsOrH * M M M N N N N iHiHrHiH •HCONOM * O N O NCMN m O mCMiH mmm ONMM N •H win* N N N M * v O N 0 s 0 s ON ON M M M M CONMm H r H i H rHMMON * * M N N N M QN ON 0 s ON mMS* M M M M msOvO* ON N M o*m 0s 0 S 0 S M M M *ONMO sO MM3MC0 iHMCO rH*NC0 N O * I H P H I H I H I H SO ON M M M M N r H * m OrHrHiH ON N M*mNO O O O O Q N O O ON mmmm N Q N O r H **mm moNvoso NNvOm oooo * * * * * * * * N 0 s CO NO O O O O mONsOM ON C M * * OrHrHrH iHiHrHiH •H*m *m>o O O O OCON NNCO M M M M H O iHrHiH NO ON QN ON 0 s OiHCsi rHCOiH rnmco mmm O N CO *mm sOOst ONOO vtstvt N N N mmmm QN 0 ^ moNM rHiHrH M N * * OMvO vOsON NONO N M 1H1H1H vor^-cj sONvO vOsO vO OMm ONMO CSIiHN M M M O O N S O somm vO xO vO ^mm M M M \ * O O N ON 0 s vO \ 0 is. CO ON s ON 0 sOvON COMNO 1H1H1H rHCMCM *m M>M3 HiH CJLfl OMC0 M M M M M M CJiHlf) COM M M M M rHCO QN QN ON cjmo Nlfl *lfl a* ON * O rH r-i i H r H M O O O iHrHr-i irivoo M O N M COONH O O i H H r H i H ONrHM MCOst H r H i H CO C O N 0 s vO O CO CO CO O N M O H M CO r H CM CO O N 0 s sOCOCO M O mmm comM CMN NC0C0 COOiHrH i H CM CM CM sO sO MS sO mmm M3 M3 M3 MD NO COM vOvor^ CO O MO mmm ONOiH LONOSO mmm N0NO>X> mm mm OC0O N£) ON mMNrH M N P H M M O CO ©NO * * O M O mMM **m *NM3 iHOO N M *MM> M M M mNON NtNtNt COfN.* CM CO CO M I H I H NtNt* * * * m o * iH*C0 somo O N oom M M M O N * O N * * * r-lN* M M * H M N ON ON ooo * * * N O M O or^ON Mr^^f HHCvi ^•Ntst meo M M WON * N M M M M KINK) •H •HiH M M 0 •H r- * * * CM CM CM M M M Nt^Nt \OU)N * * * ocom NMsO CO CO CM M3 mCOrH COMvO* > * M i H m *MJN ON com ONOCNJ N M M CON M M M M * * M M M M M M O O M M M M M M CM CM CM CM * M M MCJM M * M M M M M M Nl-vtst M M M CM CM CM CM M * * M M M M M M MvO M M M M MM3M NC0OC0 M M M M OiHvO rH M M M Nmm * * * co co co co N i H * 0 MMC0 iHrHrHrH moco rHrHON 0 s O N CO *m CO CO CO mKON M CO Mm** sOMM M M M M CO CO CO CO CO CO CO •HrHiHrH CO CO CO ON<NJ mmo ON ON c?Ncor^ N<0 m N N * * * z 0) m 0) O N M3 ON i H r H M mMONsO 5 -> UJ ON rH ON ON 1 CO o) z > < M o "> ->• J D M O Na *a iHrHM CO O N 0 s CO M M M M rHiHrHiH iHrHrHON mvOsom M M O m NvOCsJ O O O 0 s CO CON S O O O O N O mmm M M M M iHrHrHrH iH CSJNPH ON * * * M N O * CvJrHr-f OONMO M rH * MLAM mmm moNco M I H O N N N * O M CO O N CM M M M * O N * m COrHOO M M M M M M M M * * * * CM CM CM IANDM vOMO iH CO 0 s CO N O CO C O N * mmm * M O MrHM M M M M M M M M UJ mmmm * * * * CMCM N O O O mmm WlflH s£> . < n £5§ m m * mm MNin H O N sOsOlf) OHIO M M • • « ZcOtt <UJ< -^u-Z •HNvO coo MJ> S 0 S 0 M M M MNm vONCO M M M M M M O N CO CO M * vOsO OCON C0MO * * N t M M M rom com M * M mmm M M M 8§S > j o •a • »•- >•o• •^<co DDLU vomm O N * Norn ? -H M M M LU H N O vOLOsO M M M LflvD M M . <z-> i ON CO ON iH 1 O N I H M O O N O M Os 0 * * <A § (A H--H -H-H 3 < L-H X-H c •H <D • H (A 0.* -H L C <g_g 10 flj 0 h- •H (A s • H c H-<H -H-H 3 < L-H X'H -H-P (A •H (0 • H (A I-0 u.z • • flOtt UJ< -H *H ON CO CO 0 - H L. C < 0) (T3 0 0 1 (9 Q -H • (A (A^ 0) C --HH^aj J 13 C «H C3) O-H (DO) H- L. 0 0>+C -H-D i C C (U flJ -D * -* c -H W Q) 0 c (0 a rH -Q -H C 3 0 0 0 IV JC 0) •U C (5 O-H -H 3 -V-V ffl'H C-H 1. <A Q) C < Of M > -H C •H -H "D (A Q) 0 t-H 0 (O-H O O ^o 0)a 0T3 JD < o* O •H 0)0) ^ * i 0) (0 0) (A tA"0 OC X 3 H-'S- (A -K C 3 C (0 -C -H O •H -H-H nal ions xcluding t mutual o O > OJD • H - H O r H (A « A O " 0 3 "0 0) or mor money m t rcial nks in Keo of less in amo s 0)4- 0) 0) rHM M * 1 1 a • H c a) L (o 13 OJX 0) 0) - H 3 E - H E E • (0 rH'H - H - H <A"t3 0-fO-H-H C X C 0 > QICnCC-HL 0 0 0 - ^ ffl (A'H ( A ' H . H 3 C •H«H^-H-H-H-H • H flj C (0 (U-H E (A C (U C C - ^ - H 0 - H J 2 . H - H (ArH Q.E E E C 0) OJ 0«H 0 O H L TJCdicc a QJ.H Q) Q ) H (AT3 0T3TJ (C <A 0) 1 L I 1 - H 0) CrH Q) 0) Q) O-H •HrH E 0)0>H (J X J E L L f 0 (U E 0 ffl (U4--H (Ot/) O - J - J 0T3 Z zcL-naa DTD 0 CQIQIL • H - H (A Q) "DOOE 3 ffi_C £ rH L - H 0 O-H 0 C D Q) • H 3 l_H-» 1 (A (Q (Q I (A Q) (A (A •-H t.-H-H (A<H HJ.H-H < (A (A (A O 0 (A 0 0 • H.i-I fl E <D-Q -H 0 3 Q) «- (ArH ! . * • - <A (U 1 - H 30 W (A fl'H 1 E <D <A»H «J«H Q.»H a <u c (A E-H^ •H (A C L E <AX Q) OJ-H-f those depos i of $1 ose he a a z < ~ (/> LU (/> in < 9 D g -j Ml o-s > 0.ft »-"8 CO 2" •H S8 w£ 2*3 i t* "0 0) easonall UJ-o •H ZHc 0 CO 1 out If) w 0J sOjQ • ffl I h IONEY H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 At InstitutionA* thrift only money commercial institutions market funds banks Date Debt components 6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances* Commercial paper 5 Federal debt Non-Federal debt 1988-FEB. MAR. 98.7 97.4 43.6 43.9 70.5 68.1 114.2 112.0 86.9 91.1 102.7 103.6 262.9 257.5 41.0 40.4 275.8 280.5 1975.7 1994.5 6400.2 6446.2 APR. MAY JUNE 91.9 90.0 86.3 44.9 47.0 47.9 69.8 73.9 76.4 114.7 121.0 124.3 90.1 92.8 93.9 104.6 105.4 105.9 261.9 259.4 254.1 40.9 41.1 41.0 285.0 300.8 303.8 2003.1 2006.9 2016.5 6500.0 6555.3 6610.2 JULY AUG. SEP. 84.8 84.0 83.7 46.5 45.0 42.5 79.1 78.8 79.8 125.6 123.8 122.3 97.1 102.8 102.8 106.5 106.9 107.6 261.4 269.0 270.4 40.8 41.2 41.9 307.8 309.3 308.3 2024.1 2037.6 2056.6 6660.4 6706.9 6759.3 OCT. NOV. DEC. 84.6 87.4 87.6 42.9 45.1 40.0 81.9 82.4 83.0 124.7 127.5 123.1 100.2 101.6 105.8 108.3 108.7 109.2 270.7 274.3 281.7 41.5 40.9 40.9 313.1 320.0 332.5 2069.0 2090.0 2111.8 6811.9 6867.5 6925.7 1989-JAN. FEB. MAR. 89.3 89.6 87.6 40.5 44.3 45.9 83.5 82.8 83.5 124.1 127.1 129.4 100.5 100.1 106.0 110.1 111.0 111.7 279.0 274.4 274.2 40.2 39.8 40.4 339.4 346.3 349.4 2121.4 2133.6 2149.0 6969.9 7002.8 7041.2 APR. MAY JUNE 87.7 91.6 95.1 43.5 42.3 42.0 83.6 84.9 85.2 127.0 127.2 127.2 101.8 101.0 99.7 112.4 113.0 p 274.2 269.5 p 41.0 41.2 p 350.8 357.4 p 2155.1 2159.5 p 7091.5 7146.7 p Heek ending 29 93.3 42.7 85.1 127.9 100.4 JUNE 5 12 19 26 93.2 94.1 95.2 96.8 41.5 41.0 41.4 43.2 86.1 86.5 85.8 84.3 127.6 127.5 127.2 127.5 99.0 98.9 99.2 98.7 JULY 3 10 17p 24p 95.7 96.7 98.7 99.6 43.6 42.8 41.8 41.2 82.2 79.9 77.9 79.7 125.8 122.7 119.6 120.9 104.3 99.9 101.0 98.7 1989-MAY Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs. Includes a relatively small amount of overniqht RPs at thrift institutions. Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks world-wide and by all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds, and foreign entities. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. Total commercial paper less commercial paper held by money market mutual funds. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, --indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted Demand deposits at banks due to Foreign Foreign <commercial official banks institutions Date IRA and Keogh Accounts U.S. government deposlits Time and savings deposits due to foreign banks and official institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings At deposits At thrift at commercial commercia 1 institutions banks banks At money market funds Total 1988-FEB. MAR. 9.4 9.3 1.6 1.6 4.2 4.2 3.1 3.6 3.8 2.9 25.1 18.7 32.1 25.2 1.6 1.6 84.7 85.5 111.2 113.2 16.8 17.1 212.8 215.8 APR. MAY JUNE 9.1 9.2 9.6 1.9 1.7 1.8 4.3 4.2 4.2 5.3 3.3 4.3 5.1 7.2 4.1 16.4 27.1 16.7 26.8 37.5 25.0 1.6 1.6 1.7 87.3 88.8 89.4 115.4 116.5 117.7 18.0 18.6 18.4 220.7 223.9 225.5 JULY AUG. SEP. 10.0 9.3 9.6 1.9 1.7 1.6 4.3 4.3 4.3 3.4 3.0 4.1 3.9 3.2 7.4 18.6 8.9 20.4 25.9 15.1 32.0 1.7 1.6 1.5 90.2 91.2 91.8 119.0 119.5 120.5 18.5 18.7 18.7 227.7 229.4 231.0 OCT. NOV. DEC. 9.2 9.4 9.7 1.6 1.8 1.9 4.3 4.3 4.2 3.2 3.4 4.2 6.2 5.2 5.5 24.5 12.8 18.7 34.0 21.5 28.4 1.5 1.5 1.6 92.5 93.3 93.9 121.5 121.8 122.6 18.8 19.6 20.5 232.9 234.7 237.0 1989-JAN. FEB. MAR. 9.5 9.5 9.0 1.8 1.8 1.7 4.2 4.2 4.1 4.0 3.7 3.8 8.1 5.8 5.2 21.0 22.2 14.3 33.1 31.7 23.3 1.5 1.5 1.5 95.1 96.2 97.4 123.7 124.3 125.4 20.7 21.2 21.6 e 239.5 241.7 244.3 e APR. MAY JUNE 9.0 8.9 9.9 1.7 1.7 1.8 4.1 4.2 4.2 5.2 3.3 4.5 8.9 14.1 9.7 15.0 31.0 21.6 29.0 48.5 35.8 1.6 1.6 1.5 99.9 101.8 102.8 127.3 128.4 129.0 e 22.2 e 22.9 e 22.9 e 249.4 e 253.2 e 254.7 e 29 8.9 1.5 4.2 2.6 5.9 31.8 40.3 1.5 JUNE 5 12 19 26 11.3 10.0 8.9 9.9 1.6 1.9 1.8 1.8 4.1 4.2 4.2 4.2 3.8 3.3 7.9 3.6 5.4 5.5 5.9 17.9 18.2 9.2 22.2 31.4 27.5 18.0 36.0 52.9 1.5 1.5 1.5 1.5 JULY 3 10 17p 24p 9.5 10.7 9.5 9.7 1.9 1.8 1.9 1.8 4.2 4.1 4.1 4.1 3.3 4.1 3.4 3.0 14.3 6.8 5.3 5.1 29.6 16.2 17.0 20.5 47.2 27.1 25.7 28.6 1.5 1.5 1.5 1.5 Neek ending 1989-MAY e—indicates estimated data, p—indicates preliminary data.