Full text of H.6 Money Stock Measures : December 19, 1991

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
''tysfi&Ty
H.6 (508)

SPECIAL NOTICE
This release will appear on Friday, December 27 and Friday,
January 3, at the regular time, instead of the usual Thursday
publication dates.




Thursday publication will resume on January 9.

**QOL92^

FEDERAL RESERVE statistical release

•Rt-

u R*>

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

DECEMBER 19, 1991

Billions of dollars
Date

Ml ]

M2*

DEBT 5

M3 3
Seasonally adjusted

1989-DEC.

793.6

3223.1

4055.2

4889.9

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 4
3309 6
3321 6
3324 5
3323 7
3327.8

4061.4
4073.1
4077.2
4082.7
4082.7
4085.8
4089.0
4103.1
4108.8
4109.0
4108.4
4111.2

4895.3
4903.0
4914.8
4920.8
4903.5
4923.1
4926.7
4934.4
4955.6
4955.1
4960.4
4966.6

9833.6
9896.5
9968.6
10024.4
10066.2
10122..4
10182..0
10250..4
10305..2
10343..1
10394..2
10432..1

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p

826.7
836.4
843.0
842.1
851.6
858.4
859.5
866.1
870.0
879.1
890.1

3331.4
3354.7
3375..4
3383..7
3396..3
3400..6
3389..2
3389..0
3389..0
3395..7
3408..1

4124
4159
4168
4170
4172
4165
4147
4144
4138
4142
4151

4983. 1
5010. 0
5010. 3
4977. 5
4956. 2
4979. 4
4983, 5
4975. 0
4965. 1
4980. 1 P

10464..2
10521..3
10560..9
10576..1
10617..0
10662..6
10704..0
10755.8
10809.6
10863.6 p

1989-DEC.

811.9

3236.6

4067.0

4907.4

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
3310.3
3316.9
3321.8
3327.3
3341.9

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.2
4108
4106
4106
4115
4123

4911.5
4894.0
4912.4
4930.6
4888.9
4914
4919
4932
4954
4950
4965
4985

9822
9863
9924
9978
10020
10078
10138.8
10201.3
10255.9
10303.6
10364.6
10419.3

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV. p

833.2
823.4
835.0
852.8
841.5
857.6
861.8
864.0
867.0
875.0
893.2

3341.6
3345.4
3374.6
3397.3
3375.7
3393.6
3392.5
3389.8
3384.0
3392.5
3412.1

4130.2
4147.8
4167..5
4179..6
4153..9
4159..6
4150..3
4149..9
4135.8
4138.7
4158.

4999.2
5000.6
5008.5
4988.8
4941.1
4969 7
4976 4
4973 5
4963 3
4975 3 P

10452.5
10487.9
10516.9
10531.0
10571 2
10619 4
10661 6
10708 5
10761 4
10824 9 P

Not seasonally adjusted

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

Ml

M2

M3

Debt 1

11.1

2.3

0.7

6.0

1991 TO NOV. 1991

9.0

0.7

-1.0

5.4

12 Months from NOV. 1990 TO NOV. 1991

8.1

2.5

1.1

5.0

3 Months from AUG. 1991 TO NOV. 1991
6 Months from MAY

Thirteen weeks ending DECEMBER 9, 1991
from thirteen weeks ending:

9.2

1.0

-0.3

JUNE 10* 1991 (26 weeks previous)

8.3

0.7

-1.2

DEC. 10* 1990 (52 weeks previous)

7.3

2.3

0.9

SEP.

9* 1991 (13 weeks previous)

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates* namely*
July 1991 to October 1991, April 1991 to October 1991, and October 1990 to October 1991* 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 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 large-denomination time deposits (in amounts of $100*000 or more) and term RP liabilities issued
by all depository ins titut ions* 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
Dvernments 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.

f




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

Ml
Period ending

13-week
average

4-week
average

1991-SEP. 16
23
30

863.5
864.4
865.4

868.1
868.3
870.3

M3

M2
13-week
average

4-week
average

869.3
870.4
874.7

3390.8
3390.1
3389.1

3390.4
3389.1
3389.2

week
average

week
average

13-week
average

4-week
average

3392.7
3389.8
3385.5

4146.7
4144.9
4143.6

4142.6
4139.3
4138.1

4144.0
4137.0
4133.4

week
average

OCT.

7
14
21
28

866.9
868.1
869.8
871.3

872.6
873.4
876.4
878.6

875.8
872.7
882.4
883.6

3389.0
3389.1
3390.3
3391.0

3389.7
3390.0
3393.2
3395.8

3390.9
3393.7
3402.7
3395.8

4142.7
4141.8
4142.0
4141.8

4138.2
4137.3
4140.0
4142.6

4138.3
4140.6
4147.8
4143.5

NOV.

4
11
18
25

872.5
874.3
876.2
877.8

880.6
883.8
885.4
887.1

883.8
885.4
888.9
890.3

3391.7
3393.1
3394.7
3396.0

3397.6
3400.1
3401.8
3405.7

3398.1
3403.8
3409.4
3411.3

4141.7
4142.0
4142.5
4143.0

4143.2
4145.1
4146.2
4149.5

4140.7
4148.2
4152.5
4156.6

880.4
882.6

891.5
893.9

901.4
894.9

3398.2
3400.3

3409.8
3412.6

3414.5
3415.3

4144.4
4146.4

4153.5
4157.4

4156.8
4163.5

DEC.

2p
9p

Not seasonally adjusted
Ml

Period en ding

13-week
average

4-week
average

1991-SEP. 16
23
30

863.6
864.5
864.1

867.9
868.6
867.0

M3

M2
week
average

13-week
average

4-week
average

875.3
855.0
854.0

3391.3
3390.8
3388.6

3391.1
3388.2
3383.6

week
average

13-week
average

4-week
average

week
average

3397.8
3367.9
3362.1

4149.3
4147.5
4145.3

4148.4
4142.1
4135.0

4153.4
4116.3
4111.3

OCT.

7
14
21
28

864.4
865.3
867.0
868.3

866.9
867.8
873.2
875.4

883.2
878.9
876.5
863.0

3387.7
3387.3
3388.3
3388.7

3382.3
3383.4
3390.3
3393.4

3401.3
3402.1
3395.6
3374.7

4143.7
4142.7
4142.2
4141.6

4132.2
4131.5
4136.7
4139.6

4147.8
4150.4
4137.1
4123.0

NOV.

4
11
18
25

869.4
871.4
873.8
876.1

876.3
880.2
885.0
889.8

886.7
894.5
895.8
882.3

3389.2
3390.5
3392.5
3394.3

3393.7
3396.5
3402.3
3409.4

3402.3
3413.5
3418.8
3403.0

4141.4
4141.6
4142.3
4143.1

4139.4
4142.1
4148.4
4155.5

4147.1
4161.3
4162.2
4151.4

879.4
881.8

894.1
899.1

903.9
914.4

3397.1
3399.4

3413.0
3418.8

3416.7
3436.7

4145.0
4146.8

4160.0
4165.1

4164.9
4181.8

DEC.

2p
9p

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 (508)
Table 4

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

Other checkable deposits
At
thrift
institutions5

Total

In M 2 6

In M3
only 7

203.9
204.4
205.7

87.7
87.7
87.3

291.7
292.1
293.0

2484.7
2493.1
2499.8

793.5
793.5
787.2

277.1
277.2
276.9

205.9
207.1
208.8

85.8
85.7
85.0

291.8
292.8
293.8

2503.3
2500.4
2502.4

784.5
784.7
783.4

8.4
8.2
8.1

272.9
276.1
277.1

209.2
211.4
214.4

84.7
85.5
86.6

293.9
296.9
301.0

2504.6
2518.3
2532.4

792.7
805.0
792.8

256.6
256.8
257.6

7.9
8.0
7.8

275.8
278.7
281.0

215.2
220.1
223.4

86.7
88.0
88.5

301.9
308.1
311.9

2541.6
2544.6
2542.3

786.7
776.5
764.5

JULY
AUG.
SEP.

258.9
260.8
262.4

7.7
7.7
7.8

278.9
279.8
279.3

225.6
229.5
232.3

88.5
88.4
88.2

314.1
317.9
320.5

2529.7
2522.9
2518.9

758.2
755.7
749.2

OCT.
NOV. p

264.4
265.3

7.9
8.1

282.6
287.4

235.2
239.2

89.0
90.1

324.1
329.3

2516.6
2518.1

746.5
743.7

Date

Currency 1

Travelers
checks 2

Demand
deposits3

1990-JULY
AUG.
SEP.

235.7
238.4
241.5

7.8
8.0
8.2

275.6
278.0
279.1

OCT.
NOV.
DEC.

243.9
245.0
246.4

8.3
8.4
8.4

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

APR.
MAY
JUNE

At
commercial
banks 4

Meek endi ng
1991-OCT. 14
21
28

263.9
264.5
265.6

279.
284.
283.

233
235,
236,

87.9
89.4
90.3

321.3
325.1
326.7

2521.0
2520.3
2512.2

746.9
745.1
747.7

4
11
18
25

265.7
264.9
264.6
265.1

282.
284.
287.
286.

238,
238,
238,
239.

89.8
89.2
89.7
91.1

327.9
327.6
328.3
330.9

2514.2
2518.4
2520.5
2521.0

742.6
744.4
743.1
745.2

266.4
266.2

294.
290.

240.
240.

92.
90.

332.8
330.4

2513.1
2520.3

742.3
748.2

NOV.

DEC.

2p
9p

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 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 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 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 overnight 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.




in

CD
HI
Q

<
V)
rUJ

v>
<
Q
3

O

O
0"S
» > • (0

o5
0)

flj

0

E
o

s
TJ
I
0
O)
L
(TJ

i n

© C

(0
•r*T
0 (A

-H.H 3
< <--H
X-H
-f-H
(A
c

<

in

» in

mor-i
MCMCM

\tstO

rHlfliH
0014

MO^r*.

cMrv-rv.
r^-o
vo«o
N±>*

0 0

rHlfl

iHvtvo
<rcor^
S1-N*N±

f^OsO

KMCO
000smms*

COvOO^

IHVOIH
rHrHiH
tnimn

OO^sO

K|NN

MIHIH

COrHrv.
CSJO0NC0 O O N

NMNsO

OiH

vOmst

McomoN

o^m

sovovo sosomm vom

vor^oN
MM
coco

CMSO

mstsi-M
co co co co

\±mcMrN.
vom
r^.r>.
MM

r^som
co co co

CNJ-vtr-.
Ninu^vt
r>.N.N.rv.
MMMM

r^xt
C0<0

OssO
0 s co co
r^i^fs.
MMM

K M O
OsCtsOs

mCOO
o^m
^v f**

costo
O O O

IflMCO
roovo
0s" 0 s CO

eOstrH
rHiHiH

OrHOs
coo^r^.

COLDiH
CMCMCM

COstrH
stiHOs
0 s O ON

vDMrH
M M W

NCOOs

MtfM

H M O
IflsOM

vDCMM
rHstOs

CO COM
IflrH
iflvo

tfo
COMNO
mmm

0\±r>.
mooNvt
m m m ^

MIHONIH
mrv
^ONO

sor>-

M M M M M M

NOI^N

OOsCM
MMx±

M M

SON>S|)
co 00 00
M M M
ON ON ON

como
0s 0s 0s
M M M

C0OCM

o»om

OvtO
msoso
SOSONO
M M M

HlflM
Hinn
vomm
M M M

stOsO
oco
m\t
M M

MC0

MMM

r-it-iO
mmm

CMMIH

MMMM

CO 0^ CO CO
sf>±>±tf

OCNJMC0

MM

stCM

iHCMCM

sOOsslstcost
mm^o
M M M

OsstsO
OrHiH

CM COM
r-HiHlfl
sl-stxt
M M M

Sf OssO

MvOM
IflH
corv.
0 0

OJH

m<fc\j
cococo

ONMIH

000

xtstNtNt

ooNr>.m
corv-rv-rN.

ONMmxt

0 0 0 0

Ntxt

\±CM
rv.fv.

fHC>J

ON O
stm

CMMM
M M M

como
msoco
r-IOOs
H H O

UIKI

ststNt

COMsO

r^mo
co co 00

rv»\*iHco
rv.rv.r»«.so

0 0

rHcsjON

CMONONON

mN©
rv-rv.
MM

mr^

cMrv.
sOsO

mm

aa
CM ON

•H

0

a
a
a

•H
(0
-H
£
3

o

0
0
(0
X

(0

"E
<oc
M
FH

rH

<
o•
o
oA
o
o

c(0

TJ

• (A
(A.*
0) C
• H (0
H-JJ
•H
•H 0 )
O-H
(TJ 0)
»<- L
0
OH-

c
^•g
C (0
(TJ
X
*
(A

US

c

C'H
0-+*
•H 3
-H-H
(TJ'H
C-H
L. (A
OJ C
H-»-H

• H

.H >
L.
-H 0
(0-H

0 o

" 0 (A

H-»H-

0) (A
(A"0

*

^ Q.
0 0)
0"0

C

iH
ny

H-»

•H 3
TJ-t^

1 iS
g^
(A
(A
0)

^1

••H

H0

0) 0)

t2

»»i.
0) (TJ
i. E
0
E >

^

x-^

0
(A
-¥»

fj
3
0
E

a
c

W ^

ox

Mtf

•

>

•

a

•H
1
1

c

o 0 - H a»
W'H (A.H.H 3 C
- H - H . £H-»H-»H-».H
• H f f £ ( 0 G'H E
t l C O C C-H-H
O ' H i J ' H . H «ArH
CLE
E E C 0)
0 O'H 0 O ' H L
CL
" D C CO C C
0)' H A) (UrH
WtJ 0 " 0 " 0 (0 IA
1 . H Q)
0)1 L I
CrH 0) 0) 0 O-H
• H r H E 0 ) U > H (0
E L L4- 0
0 (0 ( U H - - H
U - J - J OTJ

•riS

TJ O X 0) 0)
-H
3 E - H E E • (0
rH'H
• r*-H « A ^
0-H*0-H-H C
C
0 >
C

E Q)S- Q) Q)
"0- H T J - 0

0) (A

> H

0) (A (A
-H 1--H-H
flJ.H.H
(A (A

(AX
0 O-H-H
L E C
<0< H 3 w
1 - H Q <A
EQ)
• i
(A <A»H ( 0 - H
•HQ.H
C t t (0 C (A
5
E'H^
0 « H (A
C
O'H
" 0 (U
0 (TJ E Q)-Q
(0-H 0 3
0) L WrH
- H L 4 - (A (0
•H
• iH-iH
<A oro
o
0 C Q ) Q ) L
Q . - H - H (A Q)
0 0 E
•§•§ (QX E
rH t . - * ' 0
-H 0 - f
0
0) C .£ 0)
J ^ . H 3 1--H
i . 1 <A (TJ (TJ

(A . A
(A <AO*T3
• HH-»Oi-H
•HrH 0
0) ( A « > X
(A 0
0 0 . M - Q)

S

•H

NtCOCM
OsCOsO
stMCNJ
1H1H1H

Msors.
st ^
cor^
\t>t

Ksor*. mmmo 0^0

COMiH
MCsJCO
sOsOm
rHiHiH

Mr^os
\trHM
IHOOS
mm>t

0 0
E

sO vOsO
rHiHiH

CVIOCM
mN-st
\*MCM
mmm

O
O

sOCOO
mm>o
1H1H1H

MMIH
CSir^-O
somm
mmm

13

cMxtr^
MCMM)
rv»rv.\©

NI-IH
sOvo

IAMO
00 CO CO

coco

COCO

ooso

sOCNJOrv,

iHCvtrv.

OCO
ON CO

vor*.

CMCMMM
rv.rv.rv.rv.
MMMM

0 S ON 0 S ON

vOmstCvJ

somco
IHS±ON

O M
OCT

mmmm mm

iHmst
O O O

sovom

N^rHiH
O O O

1H1HCO
C3 C3 ON

HlflN
O O O

)o«co
)C0Os

\tcsios

ONOO
sorv.rvMMM

mm

csjossf

M M

O^M

mmm

OCMr>>

omos

\tm«0

rv-vomco

CM
(A

H--H 3
< «--H
X'H
<A
c

(0
• H (A
o^:
"H L C
< 0 (TJ
EX
E
0
0

COCMO

WON

iHChf>.

omstrv.

CMCO^

OvOCvl
^ < T O
^^ 0S ^^

MONrH

rHvOsO

MOsiH
msOCO
^^s Q\ 0N

COM
CsJ M
OO

r^sOOs
iHCNJM
^S 0S ^^

OCNJvOsO
CNJCNJCsiOJ
O O O O

C O ^ sO
rH iH i H
0s

CMMrv.
rHiHiH
OOO

QS (JN

O^rOO

M M M

M m
rHCM
CD CD

sOCOCh
•HrHiH
0s QS QS

1H1HO

M M M

iHrvrH

inrv-oj

SON

COOxt

sOM

mmvo sososo
M M M

sOOCO

Mstst

MCMOs
ststM
M M M

sOMm

sOvO vO v0

vtiHcom
»HiHCM

^ ^

O>C0F^

•HtfN.

M M M

MvON

fv. O N CM CM

-H.H 3
< i-**
X'H
-H-H
(A
c

OsOsO

MMsO

W

MiH
\j-m
NOVO

ststmm

ITIHU)
CMMM
sososo

^THCO
iHCMCM

>Os0s0

CMiHOs
01H1H
sosovo

8§

l->

O^sOst
rN.coo>
mmm

-JOQ.
DDUJ
-^<C0

> . .

mmm

iu
ec>-z
CL<D
<Z~>

.

stmi^

ON

Zfloo:
< U J <
-)U-3E
iH

. . .

N O N

I->D
OOUJ
o z o

mmm

LUX

o

JOQ.
DDUJ
->«</>

(A

A w
«• C
5 0

Keog

rHCM




u.
O

Week ending

(0

-

QrH

ON

NOV.

</>

eoi
Otf
m

Os

1991- -OCT.

"0 L -

sOJ3

WcQ

-8O0

Xr-

DEC.

sonaJ

H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components4

Non-M3 Components of L
Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper3

334.
329.
332.

33.0
32.3
31.8

348.2
347.0
359.0

2401,
2439.
2461,

7780.
7810.
7843.

124.5
125.2
126.0

330.3
333.8
335.4

32.6
34.0
34.7

358.8
359.0
359.4

2473.
2507.
2534.

7869.
7886.
7897.8

1991-JAN.
FEB.
MAR.

126.7
127.8
128.9

333.2
331.4
327.8

36.
35.
32.

363.
355.
353.

2555.8
2586.3
2598.0

7908.
7935.
7962.

APR.
MAY
JUNE

130.1
131.4
132.5

307.
299.
326.

30.7
28.8
27.7

338.
323.
327.

2590.8
2613.0
2645.5

7985.
8004.
8017.

JULY
AUG.
SEP.

133.5
134.4
135.3

337.
335.
329.

27.8
27.0
25.0

337.2
333.8
337.0

2671.
2707.
2738.

8032.1
8048.8
8071.5

OCT. p

136.2

334.0

24,8

343.0

2770.8

8092.8

Date

Savings
bonds

1990-JULY
AUG.
SEP.

122.2
123.0
123.8

OCT.
NOV.
DEC.

1.

Federal
debt

Non-Federal
debt

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 dclxars, not seasonally adjusted
Nontransact ions
components

Other checkable deposits

Currency

Date

1

Travelers
checks2

Demand
deposits3

commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

1990-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
2495.8
2497.9

792.6
797.8
790.0

68.2
67.6
65.2

15.8
15.2
16.4

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

2504.2
2501.2
2497.6

784.3
788.1
781.4

66.2
60.5
54.9

17.5
17.3
19.4

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

84.2
83.5
85.9

297.9
294.9
301.5

2508.4
2522.0
2539.6

788.6
802.4
792.9

51.8
51.4
49.0

19.7
19.1
20.5

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

2544.5
2534.2
2536.0

782.3
778.2
766.0

50.1
51.3
52.4

20.0
17.6
16.1

JULY
AUG.
SEP.

260.8
262.0
261.8

8.5
8.6
8.3

280.6
278.6
278.5

222.8
226.6
230.3

89.0
88.2
88.1

311.8
314.8
318.4

2530.7
2525.8
2517.0

757.8
760.0
751.8

51.0
52.8
51.8

14.3
15.1
15.3

OCT.
NOV. P

263.2
266.3

8.0
7.7

283.6
290.9

231.8
237.9

88.5
90.4

320.3
328.3

2517.5
2518.9

746.1
746.6

52.3
51.1

17.1
20.4

264.1
263.2
262.4

8.0
8.0
7.9

285.3
284.8
277.5

232.5
232.0
228.9

88.9
88.6
86.3

321.4
320.6
315.2

2523.2
2519.1
2511.8

748.3
741.5
748.2

53.5
52.9
49.9

16.2
16.9
18.2

264.4
267.1
265.6
265.2

7.8
7.8
7.7
7.7

287.1
289.2
294.6
285.7

236.4
238.9
237.6
235.6

91.0
91.4
90.3
88.1

327.3
330.3
327.9
323.7

2515.6
2519.1
2523.0
2520.7

744.9
747.8
743.3
748.4

52.4
50.1
52.8
51.9

18.4
18.8
20.9
22.3

267.5
269.4

7.6
7.6 e

298.1
298.5

239.0
245.6

91.7
93.4

330.7
339.0

2512.8
2522.3

748.2
745.1

47.6
51.1

20.7
22.5

Neek ending
1991-OCT. 14
21
28
NOV.

4
11
18
25

DEC.

IS
9p

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 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 NON 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), 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,
p—indicates preliminary data.



H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits2

Savings deposits 1
At
At
thrift
(sommercia il
institutions
banks

Date

Total

At~
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At _
At
General purpose Institutionthrift
and broker/dealer only money commercial
4
money market funds market funds
banks
institutions

Total

1990-JULY
AUG.
SEP.

566.3
570.0
571.2

350.4
348.3
346.4

916.7
918.2
917.6

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

325.0
334.6
339.2

108.3
113.1
113.4

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

574.0
577.5
579.3

344.2
342.7
338.3

918.2
920.2
917.6

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.2

341.1
343.4
345.5

117.1
121.2
127.0

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

1991-JAN.
FEB.
MAR.

580.5
586.2
596.9

337.4
339.2
345.6

917.9
925.4
942.5

602.1
606.1
607.4

562.6
557.5
549.8

1164.7
1163.6
1157.2

354.3
362.6
370.4

134.8
144.0
143.9

392.3
399.7
399.4

117.5
114.5
111.5

509.8
514.2
510.9

APR.
MAY
JUNE

603.5
607.8
618.3

351.9
357.1
362.0

955.4
964.9
980.3

604.2
601.0
602.1

545.4
537.5
525.2

1149.5
1138.4
1127.3

369.5
361.9
359.9

144.1
145.2
141.0

396.2
398.9
397.4

108.2
104.5
100.8

504.4
503.3
498.2

JULY
AUG.
SEP.

624.5
630.1
634.2

365.6
365.4
366.1

990.0
995.5
1000.3

602.8
606.1
604.4

515.9
502.6
493.6

1118.8
1108.7
1098.0

356.6
353.7
351.6

139.7
143.9
145.9

392.3
391.8
387.8

97.4
94.1
91.1

489.7
485.9
478.9

OCT.
NOV. P

643.2
653.7

369.8
374.3

1013.0
1028.1

600.7
592.5

484.4
476.3

1085.1
1068.8

350.1
350.6

152.4
161.6

382.3
378.1

87.6
85.0

470.0
463.1

643.8
643.3
644.4

370.1
370.3
369.9

1013.9
1013.6
1014.3

602.2
600.7
597.6

486.2
483.9
481.3

1088.4
1084.6
1078.9

351.2
351.2
350.5

154.8
150.5
155.0

381.7
380.2
381.5

88.2
87.2
86.6

469.8
467.3
468.1

648.1
652.6
655.6
654.9

372.2
374.2
374.9
374.1

1020.4
1026.8
1030.5
1029.0

595.7
594.3
592.8
591.1

480.1
478.6
476.5
474.1

1075.8
1072.8
1069.3
1065.2

348.6
350.5
349.5
352.3

154.0
158.9
159.6
166.5

380.1
379.2
377.7
377.1

86.0
85.6
85.1
84.5

466.1
464.8
462.8
461.6

655.5
661.5

375.8
377.7

1031.3
1039.1

589.1
586.9

472.8
470.8

1061.9
1057.7

351.3
351.8

167.2
168.8

377.0
376.0

84.1
83.6

461.0
459.7

Meek ending
1991-OCT. 14
21
28
NOV.

4
11
18
25

DEC.
9p

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
At
ccommercial
thrift
banks
institutions

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

1990-JULY
AUG.
SEP.

53.5
55.6
51.9

46.7
46.1
46.0

100.2
101.7
97.9

65.1
68.3
70.0

122.2
122.8
123.5

324.2
324.4
334.6

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7752.0
7778.9
7811.4

OCT.
NOV.
DEC.

50.9
52.6
48.0

44.2
42.4
41.4

95.1
95.1
89.4

70.2
70.0
71.4

124.2
125.0
125.8

334.8
339.9
345.4

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7844.3
7865.8
7887.2

1991-JAN.
FEB.
MAR.

47.1
47.6
46.6

40.3
38.2
35.4

87.3
85.8
82.0

71.9
72.6
71.1

126.8
127.9
129.1

340.7
332.6
327.8

36.1
34.3
31.5

365.5
358.0
352.6

2557.7
2590.6
2602.8

7894.8
7897.3
7914.1

APR.
MAY
JUNE

47.5
47.3
47.7

33.3
32.2
29.4

80.8
79.5
77.0

68.2
65.5
64.8

130.4
131.6
132.7

306.3
295.1
316.4

30.1
28.7
27.8

342.4
331.8
333.2

2592.9
2609.0
2635.3

7938.0
7962.2
7984.1

JULY
AUG.
SEP.

49.0
48.8
48.5

29.2
29.4
28.6

78.2
78.2
77.1

65.9
66.9
64.8

133.6
134.3
135.0

327.3
330.4
332.3

27.9
27.1
25.4

337.4
331.9
334.7

2657.9
2691.4
2722.0

8003.7
8017.1
8039.4

OCT.
NOV. P

48.9
49.1

27.0
26.4

75.9
75.5

64.0
62.7

135.9 p

338.8 p

25.0 p

337.0 p

2756.7 p

8068.2 p

48.4
48.5
50.6

27.0
26.7
27.1

75.5
75.2
77.7

64.5
64.3
63.5

50.7
49.6
47.7
48.1

26.2
26.9
26.9
26.7

76.9
76.5
74.5
74.8

63.3
63.3
63.2
62.3

50.4
46.7

25.1
26.9

75.5
73.6

61.2
59.6

Neek ending
1991-OCT. 14
21
28
NOV.

DEC.

4
11
18
25
2p
9p

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
ma rke t mu tua1 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

10

Billions of dollars> not seasonally adjusted

Demand deposits
at banks due to
Time and savings
deposits due to
foreign banks
Foreign
Foreign
<commercial official
and official
institutions
banks
institutions

Date

IRA and Keogh Accounts

U.S. government depos• its
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Total
Noi:e balances
at depos i tory cash
instt i tut ions balance

Time and
savings
At
deposits
A*
thrift
at commercial commercia 1
institutions
banks
banks

At
money
market
funds

Total

1990-JULY
AUG.
SEP.

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

130.4
130.5
130.6

41.4
41.8
42.4

303.9
306.0
308.3

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

130.7
130.7
130.3

42.6
42.5 e
42.6 e

310.7
312.2 e
313.1 e

JULY
AUG.
SEP.

8.2
8.2
8.2

1.4
1.4
1.4

3.2
3.2
3.2

3.7
3.6
5.2

6.6
5.8
7.8

17.1
13.5
21.7

27.4
22.9
34.7

1.6
1.5
1.6

141.8
143.1
144.4

129.7 e
129.0 e
128.2 e

42.8 e
43.0 e
43.2 e

314.3 e
315.1 e
315.9 e

OCT.
NOV. P

8.0
8.3

1.3
1.4

3.2
3.2

3.7
4.2

5.7
6.0

25.0
24.2

34.4
34.4

1.6
1.6

145.9
146.7

127.9 e
127.5 e

43.1 e
43.0 e

316.8 e
317.2 e

8.0
8.5
7.8

1.2
1.4
1.4

3.2
3.2
3.2

3.3
4.5
3.3

4.3
6.3
5.5

19.5
23.4
31.6

27.2
34.2
40.4

1.6
1.6
1.6

7.7
8.5
8.3
8.3

1.4
1.4
1.4
1.3

3.2
3.2
3.2
3.2

5.0
3.3
5.0
3.3

7.5
6.2
5.3
5.7

29.9
26.3
23.6
21.9

42.5
35.9
33.9
31.0

1.6
1.6
1.6
1.6

8.5
8.1

1.6
1.5

3.2
3.2

5.3
3.5

6.0
5.2

20.4
10.3

31.7
19.0

1.6
1.6

Meek ending
1991-OCT. 14
21
28
NOV.

4
11
18
25

DEC.
9p

-indicates estimated data,
-indicates preliminary data.




H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits1
October 30,1991 and November 27,1991
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Change
(percent)

Average Rate Paid (%)
Nov. 27

Change
(b.p.)

Liability Categories

Oct. 30

Nov. 27

NOW Accounts

229,904

239,209

4.05

4.39

4.13

-25

640,591
498,830
141,761

647,600
506,415
141,186

1.09
1.52

4.87
N.A.
N.A.

4.63
N.A.
N.A.

-24
N.A.
N.A.

49,112

48,358
158,214

-1.53

5.05
5.22

4.70

-35
-33
-36
-37

Savings Deposits
Personal
Nonpersonal

2

-0.41

Oct. 30

Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over

215,738
169,537
156,680

213,729
169,234

-0.93
-0.18

5.79

4.89
5.06
5.41

155,456

-0.78

6.29

5.96

-33

All IRA/Keogh Plan deposits3

146,618

147,023

0.28

N.A.

N.A.

N.A.

161,307

-1.92

5.43

BIF-ixisured Savings Banks 4
Amount Outstanding ($mil.)
Liability Categories
NOW Accounts
Savings Deposits
Personal
Nonpersonal

2

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

Oct. 30

Nov. 27

9,340

9,717

69,474
66,672
2,802

4,873
22,624

Change
(percent)

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

Oct 30

Nov. 27

4.04

4.96

4.74

-23

70,604
67,926
2,678

1.63
1.88
-4.44

5.36
N.A.
N.A.

5.19
N.A.
N.A.

-18
N.A.
N.A.

4,660

-4.38
-1.62

5.26

5.08

-1.06

5.53
5.77

5.29
5.53

-18
-24
-24

92 to 182 days
183 days to 1 year

31,013

22,259
30,685

1 to 2-'/ 2 year
2-V2 years and over

26,226
18,953

25,705
18,834

-1.98
-0.63

5.99
6.63

5.71
6.41

-28
-22

23,784

23,739

-0.19

N.A.

N.A.

N.A.

All IRA/Keogh Plan deposits3

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.