Full text of H.6 Money Stock Measures : December 7, 1995
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• • ql£ov f ' FEDERAL RESERVE statistical release H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 For r e l e a s e at 4:30 p.m. Eastern T i m e Billions of dollars Date D E C E M B E R 7 1995 M1 1 M2 M3 3 L4 DEBT 5 Seasonally adjusted 1993-NOV. DEC. 1994-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1995-JAN. FEB. MAR. APR» MAY JUNE JULY AUG. SEP. OCT. 1122 . 4 1128. 6 3576. 7 3583 . 6 4 2 3 4 , .2 4 2 4 2 ,.3 5 1 2 8 . ,5 5 1 4 5 . .7 1 2 2 7 6 ,, 1 1 2 3 4 1 . .5 1132 . 5 1 1 3 7 .,0 1 1 4 1 ., 1 1 1 4 2 .,8 1143 . 5 1147 . 0 1152 . 2 1150. 8 1151. 0 1148 . 2 1147 . 6 1148 . 0 3589. 1 3586. 2 3597 . 5 3605. 4 3608 . 4 3605. 2 3616 . 8 3615. 0 3614. 1 3610. 2 3611. 9 3616. 9 4 2 4 5 , .7 4 2 3 1 , .8 4 2 4 0 ,. 4 4 2 5 0 . .5 4 2 5 1 . .2 4 2 5 6 . .2 4 2 7 4 . .3 4 2 7 3 .,9 4280 . 1 4 2 8 6 . .5 4 2 9 2 ..0 4 3 0 4 .. 1 53 5 7 . .4 5 1 6 0 . ,5 5 1 7 1 . ,7 5 1 8 0 . .5 5 1 9 5 <,8 5 1 9 2 . .0 5 2 1 7 ,. 2 5 2 2 6 . .7 5 2 2 4 . .7 5 2 3 7 . .6 5 2 4 8 . ,7 5 2 6 9 . .9 1 2 3 8 4 .. 3 1 2 4 3 4 . .7 1 2 4 9 9 . .9 1 2 5 5 7 . .5 1 2 6 1 3 . .3 1 2 6 5 2 . .5 1 2 6 7 9 , .5 1 2 7 4 4 , .9 1 2 8 0 4 ,. 1 1 2 8 5 2 .3 1 2 9 2 0 . .7 1 2 9 6 1 . ,0 1 1 4 9 . .0 1 1 4 7 ..3 1 1 4 7 .,9 1 1 4 9 . .7 1 1 4 3 .,0 1 1 4 3 .,9 1 1 4 4 . .9 1 1 4 3 ..4 1 1 3 9 . .7 1 1 2 9 ..8 3628. 9 3624. 7 3632. 4 3645. 6 3662. 3 3698. 6 3717 . 8 3743. 5 3757 . 3 3755. 1 4327 4336 4360 4383 4412 4459 4490 4519 4534 4546 5 2 9 5 . .2 5 3 3 5 . .2 5 3 7 8 . .3 5 4 0 5 . ,5 5 4 3 3 . .9 5 4 7 1 ., 6 5 5 2 4 .- 2 5 5 6 0 , .3 5 6 0 0 ,. 8 p 1 3 0 1 3 , ,9 1 3 0 9 2 ,6 1 3 1 5 2 , .0 13223 .4 1 3 3 1 7 , .2 1 3 3 7 5 , .9 1 3 4 1 5 , .0 1 3 4 5 6 , .9 1 3 4 9 2 , .0 p ,. 1 .8 .1 ,. 0 .4 .5 .6 .4 .6 .9 Not seasonally adjusted 1993-NOV. 1129.5 1153.7 3584.2 3606.1 4246.5 4266.1 5147.9 5180.2 12249.0 12333.6 1994-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV, DEC. 1142.3 1124.2 1131.4 1152 .7 1132 .5 1142 .3 1150.9 1144.0 1146.2 1147.4 1155.4 1173.7 3595.6 3573.3 3596.2 3622.6 3595.6 3600.4 3615.6 3607.5 3603.6 3607.2 3620.2 3640.5 4254.7 4221.6 4238.0 4264.0 4240.2 4249.8 4268.0 4267.4 4267.6 4281.6 4306.4 4330.2 5179.0 5153.3 5172.2 5192.4 5175.5 5180.4 5204.7 5215.3 5205.3 5228.6 5270.8 5307.5 12376.8 12408.0 12460.7 12499.3 12540.8 12597.3 12631.2 12692.7 12760.3 12813.5 12892.8 12953.1 1995-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. 1158.6 1134.3 1138.1 1158.7 1132.1 1139.3 1143.9 1137.0 1135.7 1129.4 3635.4 3610.9 3630.4 3662.0 3649.9 3694.1 3717.2 3736.6 3747.1 3752.2 4336.7 4325.5 4355.9 4394.7 4402.1 4453.2 4483.9 4513.1 4522.1 4542.2 5317.9 5327.0 5377.5 5415.6 5413.4 5460.0 5510.7 5549.3 5579.6 p 12988.7 13039.9 13104.2 13155.2 13224.8 13310.1 13360.1 13395.1 13445.9 p DEC. Footnotes appear on the following page p preliminary \ Page 2 H.6 (508) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates M1 M2 M3 DEBT1 3 M o n t h s f r o m JULY 1995 t o OCT. 1995 -5.3 4.0 5.0 3.5 6 M o n t h s f r o m APR. 1995 -3.5 6.0 7.5 5.2 1 9 9 4 TO OCT< 1995 -1.6 4.0 6.1 5.4 T h i r t e e n w e e k s e n d i n g NOVEMBER 2 7 , 1995 f r o m t h i r t e e n weeks e n d i n g : AUG. 2 8 , 1995 (13 w e e k s p r e v i o u s ) -4«1 4.3 5.0 12 M o n t h s MAY 1. f r o m OCT. 1995 TO OCT. 29, 1995 (26 weeks p r e v i o u s ) -2.5 6.2 7.3 NOV. 2 8 , 1994 (52 w e e k s p r e v i o u s ) -1.4 4.1 6.0 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, June 1995 to September 1995, March 1995 to September 1995, and September 1994 to September 1995, respectively. Footnotes to Table 1: 1. 2. 3. 4. 5. 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 M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. . Consists of M1 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-M1 component as a whole and then adding this result to seasonally adjusted M1. . . . , .. 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: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. H.6 (508) Table 3 Page 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted Period ending 13-week average 4-week average week average 13-week average 4-week average week average 1143.4 1143.2 1141.9 1141.2 4-week average 1142.0 1142.3 1139.8 1140.6 week average 25 1144.0 1143.9 1143.5 1143.1 13-week average 3723 . 6 3728.3 3732.7 3736.8 3748.0 3751.9 3754.5 3757.0 3754.2 3754.2 3759.6 3760.1 4494.7 4500.6 4505.9 4511.3 4522.6 4527.3 4531.2 4533.2 4531.5 4530.8 4535.2 4535.3 2 9 16 23 30 1142.3 1141.1 1140.3 1139.3 1137.7 1138.7 1135.3 1133.0 1130.2 1129.4 1132.2 1128.4 1130.8 1129.2 1129.0 3740.9 3744.1 3747.6 3750.1 3752.5 3758.2 3757.8 3757.2 3755.8 3755.5 3758.7 3752.7 3757.2 3754.6 3757.4 4516.8 4522.2 4527.2 4531.2 4534.1 4536.0 4539.1 4542.7 4546.3 4547.9 4542 4543 4549 4549 4549 6 1136.5 1135 c 0 1133.6 1132.4 1129.6 1127.5 1127.1 1126.9 1129, 1122 , 1127 , 3754.2 3755.5 3756.8 3758.7 3756.8 3756.5 3759.2 3763.5 3757.8 3756.0 3765.7 3774.3 4536.4 4539.2 4541.7 4544.1 4549.1 4548.5 4549.3 4551.5 4547, 4547. 4553. 4558.2 1995-SEP. 4 11 18 OCT. NOV. 13 2 Op 27p 1128.1 Not seasonally adjusted OCT. NOV. 4 11 18 25 1139.6 1140.2 1140.2 1139.9 1135.4 1138.5 1139.5 1138.4 1143.1 1156.3 1139.9 1114.2 3718.9 3723.7 3728.0 3731.7 3738.9 3746.2 3749.2 3748.9 3751.9 3770.7 3752.4 3720.4 4487.4 4493.2 4498.6 4503.7 4514.5 4522.7 4527.1 4524.5 4528.2 4548.8 4528.9 4492.2 2 9 16 23 30 1138.0 1136.2 1135.8 1135.4 1134.0 1133.0 1129.0 1129.2 1130.9 1129.0 1121,6 1140.3 1140.8 1120.8 1114.0 3734 3736 3740, 3743. 3745, 3745.8 3744.7 3748.8 3754.2 3752.9 3739.5 3766.3 3769.1 3742 . 0 3734.1 4507.9 4512.9 4518.3 4523.0 4526.1 4520.3 4521.4 4528.4 4539.8 4544.2 4511.1 4553.2 4557.0 4537.7 4528.9 6 13 2 Op 27p 1133.2 1132.6 1132.5 1133.2 1129.6 1128.1 1142.8 1134.8 1135.2 1127.9 3747.8 3750.1 3752.9 3756.5 3754.2 3754.7 3763.4 3771.9 3771.6 3771.0 3776.9 3768.0 4529 4533, 4538, 4542.8 45/7.2 4550.8 4558.5 4567.7 4565.1 4571.3 4568.6 4565.9 1131.7 1135.2 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 preliminary data. Page 4 H.6 (508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Other checkable deposits Currency1 Date At thrift institutions5 Total In M26 In M3 only 7 386 .3 301.0 111.5 412.5 2458.2 651.0 JULY AUG. SEP. 342,8 345.1 347*2 388.1 386.6 386.5 301 301 300 111.4 109.7 108.9 413.1 410.8 408.9 2464.6 2464.1 2463.1 657.5 658.9 665.9 OCT. NOV. DEC. 350, 353 , 354, 384.5 382.5 382.2 298, 297 , 297 107.5 106.1 105.3 405.4 403.8 402 . 9 2462.0 2464.3 2468.9 676.2 680.1 687.1 357.7 358.8 362.5 8.4 8.4 8.8 383.6 384.1 383.3 295.1 291.8 289.3 104.2 104.1 104.0 399.3 395.9 393.3 2479.9 2477.4 2484.5 698.2 712.2 727.7 APR. MAY JUNE 365, 368, 367 , 9.2 9.2 9.0 381, 380 386.8 289, 281, 276, 103 103 104 393 , 385 380 2495.9 2519.3 2554.7 737.3 750.1 761.0 JULY AUG. SEP. 367 < 368, 369 275 272 , 379, 376 372 2572.8 266 o 8 103 , 104. 105.2 2600.2 8.8 389.5 390.0 389.7 2617.6 772.9 775.8 777.3 OCT. 370.5 8.7 387.2 258 .9 104.5 363.4 2625.3 791.7 370 . 1 369.7 370.3 370,7 371.4 8.7 8.7 8.7 8.8 8.8 387.9 387.8 387.1 387.0 385.8 259.4 257 . 6 260.1 259 4 258.5 106, 104, 104, 103 , 104 365.6 362.2 364.7 362.8 363.1 2626.5 2624.3 2626.3 2625.4 2628.4 783.9 790.2 792.5 795.3 791.7 370, 370, 371, 371, 8.8 8.8 8.8 8.8 387 .6 384.9 388.4 387.8 257 , 254 255 255 105.2 104.0 104.0 104.6 362.4 358.4 359.2 359.9 2628.5 2633.5 2638.3 2646.2 789, 791. 787, 784, NOV. 7. At commercial banks4 340.0 Weefc e n d i n g 1995-OCT. 2 9 16 23 30 4. 5. 6. 8.2 Demand deposits3 1994-JUNE 1995-JAN. FEB. MAR. 1. 2. 3. Travelers checks2 6 13 2 Op 27p 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 commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 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. This sum is seasonally adjusted as a whole. . 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 estimated p preliminary Page 5 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings deposits 1 Date 370.7 177 . 9 274.0 commercial banks Total 1994-JUNE 780 . 0 426.8 1206.8 467.4 At . thrift institutions 305.5 JULY AUG. SEP. 778.0 775.7 772.8 423.2 417.0 410.9 1201.2 1192.6 1183.7 470.0 476.1 481.2 306.6 306.8 308.3 776. 5 782. 8 789. 6 376.1 377.0 377.4 178 .7 177 .4 176 .3 276.4 280.1 285.1 62.0 61.9 63.1 338.4 342.0 348.2 OCT. NOV. DEC. 765.4 759.2 752.3 405.6 398.5 391.9 1171.4 1157.8 1144.2 487.8 494.1 502 . 6 311.9 316.7 318.3 799. 7 810. 8 820. 9 379.5 383.3 389.0 1 8 0 , ,8 1 8 0 , ,5 1 8 0 , ,8 289.4 292 . 9 296.6 64.2 64.5 64.9 353.6 357.4 361.4 1995-JAN. FEB. MAR. 744.1 734.2 723.3 385.6 377.6 371.6 1129.8 1111.9 1094.9 512.7 524.2 537.8 323.9 332.3 341.7 836.5 856.5 879.5 392.1 391.5 390.9 186.3 180.4 189.0 295.2 303 . 1 308.5 66.7 68.1 70.1 361.9 371.2 378.6 APR. MAY JUNE 716.0 717.2 728.1 366.4 364.2 363 . 0 1082.4 1081.4 1091.1 548.1 556.2 562 . 4 350.4 356.5 357.3 898.5 912.7 919.7 396.0 405.4 426.2 192.9 194.8 205.6 309.0 315.1 318.5 71.2 70.4 70.8 380.2 385.5 389.3 JULY AUG. SEP. 730.7 739.5 746,7 360.7 358.6 358.5 1091.4 1098.1 1105.2 567.1 569.8 570.6 357.4 358.0 358.7 924.5 927.7 929.3 442.0 455.9 462.6 212.4 210.8 213.5 323.7 325.2 327.4 72.6 73.2 73.7 396.3 398.4 401.1 OCT. 753.7 358.5 1112.2 571.3 359.5 930.8 466.4 215.8 338.7 74.8 413.5 2 9 16 23 30 751.9 757.7 754.4 753.3 753.5 359.2 358.6 358.5 358.7 358.2 1111.2 1116.2 1112.9 1111.9 1111.7 570.8 570.7 571.1 571.5 571.8 358.6 358.6 359.2 359.8 360.4 929.4 929.3 930.2 931.3 932.3 464.0 464.8 466.2 467.2 467.6 213.9 216.5 216.2 218.1 213.3 333 . 6 337.1 338.8 340.3 339.9 74 74, 75, 75, 75, 408.1 411.5 413.8 415.3 415.0 6 13 2 Op 27p 758, 762, 762, 760 < 357, 356, 356, 356, 1115.3 1118.8 1118.3 1116.4 572.2 573.3 573.5 574.0 360.5 360.3 360.7 360.6 932 933 934, 934 469.2 470.9 470.4 473.2 214.8 213.3 213.9 215.5 342.8 344.0 344.8 342.9 75. 75, 75. 74.8 418.0 419.1 419.8 417.8 Total At . , commercial banks 4 Total 335.0 Savings deposits include money market deposit accounts. 2. p 772. 9 At . thrift institutions II IOU IU 11 wl IO 61.0 Large-denomination time deposits 3 At commercial banks NOV. 3. 4. Institutionuiiiy miJMtiV market 1funds At . thrift institutions 1995-OCT. 1. General purpose and broker/ dealer money market funds Small-denomination time deposits 2 RPS-a,e , h S E E ! " S preliminary ^ °" l s s u e d in a m ° u " , s <* l e s s ,han A " IHA Keogh account balances at commercial bank, and foreign b a n , and Page 6 H.6 (508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper3 Federal debt Non-Federal debt 1994-JUNE 176.7 357.1 14.9 387 . 0 3416.3 9236.2 JULY AUG. SEP. 177.7 178.5 179.1 360.8 365.0 360.5 13.2 13 . 8 14.8 391.1 395.4 390.2 3419.3 3436.6 3453.8 9260.2 9308.3 9350.2 OCT. NOV. DEC. 179 179 180 358.5 361.9 370.2 13 13 14 399 . 9 401.4 401.3 3469.3 3493.9 3497.4 9383.0 9426.8 9463.7 180.5 180.4 180.5 371.4 389 . 9 401.9 13.4 13.4 14.1 402.8 414.7 421.7 3504.7 3535.8 3557.5 9509.2 9556.8 9594.5 APR. MAY JUNE 180, 181 < 182. 396.9 383.9 390.9 13.9 12.3 11.3 430.8 443.8 427.5 3559 3577 3602 9663.9 9740.2 9774.0 JULY AUG. SEP. p 183 183 184 410.7 410.1 431,4 11.8 428.0 435.0 437.8 3614 3620 3622 9800.6 9836.9 9869.9 1995-JAN. FEB. MAR. 1c Debtcomponents4 Non-M3 Components of L Date 12.2 12.9 2. 3. 4. 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 preliminary Page 7 H.6 (508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency1 Date Travelers checks2 Demand deposits3 Other checkable deposits Nontransactions components At commercial banks4 At thrift institutions5 Total In M26 In M3 only7 Overnight Overnight Eurodollars® 1994-JUNE 340.5 8.3 382 .3 299 . 5 1 1 1 «7 411.2 2458 . 1 649 . 5 80 . 7 26.2 JULY AUG. SEP. 344.7 345.7 347.0 8.8 8.9 8.8 387.3 383.1 384.7 298 . 4 297 .2 297 . 4 111 .6 109 . 0 108 .3 410 = 0 406.2 405.6 2464 .7 2463 . 5 2457 . 4 652 . 4 659 . 9 664 . 1 80 . 5 82 . 2 84 . 0 29.1 28 . 9 28.1 OCT. NOV. DEC c 349.6 353.2 357.6 8.5 8.2 8.1 387.9 390ld 400.3 294 . 1 296 . 0 300 . 6 107 . 4 107 . 1 107 . 0 401.4 403.1 407.6 2459 . 9 2464 . 8 2466 .8 674 . 4 686 . 2 689 . 7 83 . 8 83 . 4 84.7 30.3 30.1 32.5 1995-JAN. FEB. MAR. 355.9 357.1 361.4 8.1 8.1 8.4 388.9 375.0 374.1 3 0 1 .3 292 .3 291 . 1 104 . 4 101 .8 103 . 0 405.7 394.1 394.2 2476 .8 2476 .6 2492 .3 7 0 1 .3 714 . 6 725 . 5 87 . 6 86 . 8 87 . 6 36.3 31.6 30.7 APR. MAY JUNE 365.5 367 . 9 368.2 8.8 8.9 9.2 382.0 372.8 382.6 296 . 6 279 .7 274 .9 105 .7 102 ,.7 104 . 4 402.3 382 o4 379.3 2503 .4 2517 . 9 2554 ,8 732 .7 752 .2 759 . 1 85 . 8 86 . 8 88 .0 30 . 1 29.9 29.6 JULY AUG. SEP. 369.0 369.0 369.2 9.5 9.5 9.3 388.7 386.5 388.1 2 7 2 , ,8 2 6 8 , .7 2 6 4 . .6 1 0 4 , ,0 103 .,3 104, 6 376.8 372.0 369.1 2 5 7 3 , .3 2599, 6 2 6 1 1 ,: 4 7 6 6 , .7 7 7 6 . .5 7 7 5 . .0 85,.0 8 6 , .7 8 8 . .0 29.4 31.6 33.0 OCT. 369.9 8.9 390.7 2 5 5 , ,5 104, 4 359.8 2622. 8 7 9 0 . ,0 8 6 . ,9 32.5 367 . 9 372.2 370.4 369.3 368.3 9.1 9.0 9.0 8.9 8.8 388.2 394.1 397.4 386.2 383.7 252 . 9 257. 6 258. 3 254.2 251. 7 103. 5 107.4 105. 7 102. 2 101. 5 356.4 365.0 364.0 356.5 353 . 2 2617. 2626. 2628. 2621. 2620, 9 0 3 2 2 771. 6 786. 9 788. 0 795.7 794. 7 90.2 84. 3 88.3 86. 4 87. 5 35.8 31.8 32.2 32.8 32.7 371.4 371.8 371.3 372.4 8.8 8.7 e 8.6 e 8.5 e 395.9 394.3 397.6 393.8 258. 254. 253. 250. 108. 0 105. 7 104.4 103. 2 366.8 359.9 357.7 353.2 2628. 2636. 2641. 2640. 8 2 7 1 793. 800. 791. 797. 86.9 84. 4 88.5 35. 2 29.4 29.3 31.3 31.5 Week e & d i A g 1995-OCT. 2 9 16 23 30 NOV. 6 13 2 Op 27p 1. 2. 3. 7 3 3 1 5 3 7 9 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. 4. Consists of NOW 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. 6o 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 QBpOSIIS. 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 y 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 r r 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). Page 8 H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 Date At commercial banks 782.3 At thrift institutions 428.1 JULY AUG. SEP. 780.0 777 , 772 . OCT. NOV. DEC. 1210.4 — a — commercial banks 467.0 At thrift institutions 305.2 772.2 424.3 417.7 410.8 1204.3 1194.6 1183.6 470.5 476.6 481.8 306.9 307.1 308.7 777.5 783.7 790.5 765, 761, 751, 405.7 399.7 391.2 1171.1 1161.0 1142.3 488.4 493.8 502.2 312.3 316.5 318.1 739.5 729.8 723.4 383.2 375.3 371.6 1122.7 1105.1 1095.0 513.1 524.4 537.6 APR. MAY JUNE 717 o 8 717.8 730.2 367, 364, 364, 1085.2 1082.3 1094.3 JULY AUG. SEP. 732.6 740,8 746.8 361, 359 < 358, OCT. 753,9 1994-JUNE 1995-JAN. FEB. MAR. Week e n d i n g 1995-OCT. 2 9 16 23 30 NOV. 1. 2. 3. 4- P Small-denomination time deposits 2 6 13 2 Op 27p Total Total General purpose and broker/ dealer money market funds 368.7 Institutiononly money market funds Large-denomination time deposits 3 At thrift institutions 61.3 172.5 commercial banks 4 275.3 373 374, 371, 173.8 176.2 172.6 275.4 281.4 286.2 61.8 62.2 63.3 337.1 343.6 349.6 800.7 810.4 820.2 373.9 379.9 387.1 178.1 182.5 183.1 290.0 294.4 296.3 64.3 64.8 64.8 354.3 359.1 361.1 324.2 332.4 341.6 837.3 856.8 879.2 392.8 396.3 399.8 192.4 188.8 190.8 293.8 301.6 306.4 66.4 67.8 69.7 360.2 369.4 376.1 547 555 562, 350.0 355.8 357.0 897.5 910.9 919.0 404.8 407.9 423.9 191.3 193.8 199.2 306.8 317.6 320.0 70.7 70.9 71.1 377.6 388.5 391.1 1094.2 1100.1 1105.4 567.8 570.3 571.1 357, 358, 359.0 925.7 928.6 930.1 438 452, 454, 206, 209, 209, 322, 326, 328, 72.3 73.6 74.0 394.6 400.2 402.6 358.6 1112.5 571.9 359.9 931.8 459.1 212.9 339.5 75.0 414.6 749.2 760.3 756.8 752.2 750.8 357.9 359.8 359.7 358.1 357.0 1107.1 1120.1 1116.5 1110.3 1107.8 571.6 572.3 572.0 571.8 571.6 359, 359, 359, 360, 360, 930.8 931.9 931.8 931.8 931.9 454.1 458.0 459.5 459.8 460.3 206.6 211.6 211.9 215.7 213.8 333.0 338.4 339.3 341.0 341.1 74.3 74.7 75.1 75.1 75.3 407.3 413.1 414.4 416.2 416.4 760.3 766.0 764.1 761.2 358 358 357 356.4 1118, 1124, 1121, 1117, 572.1 573.1 573.0 573.4 360.4 360.2 360.4 360.3 932.5 933.3 933 . 4 933.6 461.2 465.1 467.0 472.2 215.2 216.5 216.6 219.7 344.4 346.2 346.2 345.2 75 < 75, 75, 75, 420.0 421.7 421.5 420.5 Savings deposits include m o n e y market deposit accounts. S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of less t h a n $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r cial b a n k s a n d thrifts are s u b t r a c t e d f r o m s m a l l t i m e d e p o s i t s . L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at i n t e r n a t i o n a l b a n k i n g facilities. L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s less t h o s e h e l d b y m o n e y m a r k e t m u t u a l f u n d s , d e p o s i t o r y institutions, U.S. g o v e r n m e n t , a n d f o r e i g n b a n k s a n d o f f i c i a l institutions. preliminary Total 336.6 Page 9 H.6 (508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs1 Date Debtcomponents6 Non-M3 Components of L Term Eurodollars2 Short-term Treasury securities3 At commercial banks At thrift institutions 1994-JUNE 71.8 30.3 102 .1 50.3 176.9 354.0 14.5 385.2 3394.5 9202.8 JULY AUG. SEP. 70.8 68.3 32.0 32 . 8 33 . 4 102.8 101.0 101.7 51.0 51.2 52.1 177 177, 178, 358 366 353, 13.1 13.5 14.4 387.8 389.6 391.5 3393.9 3418.3 3438.3 9237.3 9274.4 9322.0 OCT. NOV, DEC. 67.1 67.5 67.8 34.8 35.6 37.7 101.3 103.1 105.6 52.7 54.5 52.4 179, 179. 180. 350.6 365.8 379.2 13.3 13.6 14.4 404.2 405.3 403.6 3448.5 3485.2 3499.0 9364.9 9407.6 9454.1 1995-JAN. FEB. MAR. 70.2 73.2 72.6 39.2 40.1 40.8 109.4 113.4 113.4 53 . 1 56.3 58.3 180.6 180.8 181.2 376.0 391.4 406.1 14.2 13.9 13.9 410.5 415.3 420.4 3499.0 3525.0 3551.1 9489.7 9514.9 9553.1 APR. MAY JUNE 74.7 78.5 76.9 41.8 43.2 42.9 116.5 121.7 119.9 59.9 61.0 181. 182. 182, 394.8 382.4 387.8 13.7 430.8 434.7 425.5 3544.1 3552.6 3579.3 9611.1 9672.2 9730.8 JULY AUG. SEP. 72.6 74.1 71.8 43.0 44.2 44.6 115.5 118.3 116.4 61.8 60.2 182.8 183.0 183 3 p 408.1 412.6 422.3 p 424.4 428.7 439.2 p 3588.8 3602.2 3606.8 p 9771.3 9792.9 9839.1 p OCT. 72.5 43.9 116.4 59.2 68.1 23 30 44, 43. 43 . 43 . 44. 112.4 72.6 71.8 73.9 73.5 58.4 59.1 59.2 59.3 59.4 6 13 2 Op 27p 68.4 72.6 64.9 67.7 45.0 44.2 43.5 43.4 68.2 Week efrfljiiq 1995-OCT. 2 9 16 NOV. Total 116.2 115.4 117.4 118.1 113.4 116.8 108.3 111.1 62.2 63.0 Savings bonds Bankers acceptances4 12.1 11.0 11.6 11.9 12.6 Commercial paper6 Federal debt N on-Federal debt 58.0 58 o 1 58.1 59.8 4. 5. 6. 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 preliminary 1. 2. 3. H.6 (508) Table 6 Page 10 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to U.S. government deposits At commercial banks 29 . 6 2 .9 142 . 3 i l l .5 56 . 8 310.6 11 .3 10 . 1 16 . 9 2 1 .5 19 . 0 28 . 8 2 .7 2 .9 2 .5 142 . 6 142 . 6 142 .7 110 . 7 109 . 7 108 . 7 55 . 9 56 . 1 56 . 8 309.2 308.4 308.1 5.6 5.2 6.2 12 . 1 9 .8 13 . 4 22 . 0 18 . 9 25 .3 2 .2 1 .9 1o3 142 .7 142, ,9 143, .3 108 . 1 107 .9 107 .6 58 .3 59 . 4 59 .7 309.1 310.2 310.5 4,,9 3 ,3 3. 4 7.0 5.9 5.2 20,.0 21,. 1 10,. 1 3 1 .9 30,.3 18,.8 1,2 2 .3 2,,4 1 4 3 . ,7 144. 6 145. 6 107, .5 1 0 7 , .7 1 0 7 , ,7 59,.7 59,• 9 60., 1 310.9 312.2 313.3 12,,3 12,,3 12.,3 5 <5 3., 1 4,,5 6.2 5.7 7.9 12,.4 18..7 19,,6 24,. 1 27,.5 32..0 2,,6 2,,6 2 ,6 146. 4 146. 8 147. 8 1 0 7 , .6 1 0 7 , ,4 1 0 7 , .2 60.,3 60,,5 e 60, 6 e 314.2 314.6 e 315.7 e l , ,5 l . ,5 l. 7 12..3 12,,3 12,,3 3. 4 2. 8 6c 0 6.6 5.3 6.8 2 7 , ,7 13, 6 17. 8 37. 6 2 1 , ,7 30, 6 2..8 2, 9 2, 8 148. 9 149. 1 149. 4 107. 2 e 107. 0 e 107. 5 e 60. 7 e 60. 7 e 60, 7 e 316.8 e 316.8 e 317.6 e 8, 2 l. 6 1 2 . ,3 3. 1 5.3 11. 4 19. 8 2. 8 150. 0 108. 0 e 60. 7 e 318.7 e 2 9 16 23 30 7. 8. 8. 8. 7. 4 3 1 9 9 l. l. l. l. l. 7 8 5 4 5 12. 12. 12. 12. 12. 3 3 3 3 3 3. 2. 3. 2. 2. 8 8 9 7 7 7.5 5.6 4.7 5.3 5.1 28. 12. 10. 11. 7. 6 2 0 1 8 39. 20. 18. 19. 15. 9 6 7 0 7 2 o8 2. 8 2. 8 2. 8 2. 7 6 13 2 Op 27p 8. 7. 7. 8. 2 5 8 3 l. l. l. 2. 4 8 4 1 12. 12. 12. 12. 3 3 3 3 3. 2. 3. 2. 3 5 2 9 5.2 5.9 5.0 5.5 7. 3. 9. 10. 1 2 9 7 15. 11. 18. 19. 6 6 1 2o 8 1. 4 1. 3 1. 2 Balance at Federal Reserve 13 . 1 5 .3 5.9 18 , 4 l .5 l .5 l .5 13 . 4 14 . 0 14 . 6 4.8 3 .9 5 .8 5.4 5.1 6.0 8 .0 8 .4 8 .7 l .6 l .8 l .6 14 . 8 14 . 6 14 . 4 4 .3 3 .9 5.7 1995-JAN. FEB. MAR. 8 .4 8 .0 8 .1 l .6 l .6 l , .6 14 e0 13 .3 12 .7 APR. MAY JUNE 7,.7 8,. 1 8,, 1 l . .6 1..5 l , .6 JULY AUG. SEP. 8,.4 7<,5 7,,5 OCT. Foreign commercial banks Foreign official institutions 1994-JUNE 8 .2 l .5 JULY AUG. SEP. 8 .3 7 .7 8.1 OCT. NOV. DEC. Week 1995-OCT. NOV. IRA and Keogh Accounts Time and savings deposits at commercial banks Demand deposits at commercial banks Date e p Time and savings deposits due to foreign banks and official institutions estimated preliminary Note balances at depository institutions Total cash balance 1 At thrift institutions At money market funds Total