Full text of H.6 Money Stock Measures : February 1, 1996

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FEDERAL RESERVE statistical release
H.6(508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

Forreteaseat4:30p.m. Eastern Tm©

Billions of dollars

Date

FEBRUARY 1,1996

M11

M22

M33

DEBT5

Seasonally adjusted
1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1151.0
1148.2
1147.6
1148.0

3589.1
3586.2
3597.5
3605.2
3607.8
3604.3
3616.8
3615.0
3614.2
3610.2
3611.9
3617.0

4245.7
4231.7
4240.3
4250.2
4250.3
4255.1
4274.2
4273.7
4279.9
4286.3
4291.9
4303.9

5166.3
5169.9
5181.4
5190.5
5205.9
5202.2
5228.9
5238.8
5237.8
5251.2
5262.4
5283.9

12555.6
12605.3
12674.7
12737.0
12801.3
12843.7
12864.3
12926.3
12986.6
13036.8
13111.3
13153.2

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1149.0
1147.3
1147.9
1149.7
1143.0
1143.9
1145.0
1143.4
1139.8
1129.9
1126.5 1123.0

3628.9
3624.6
3632.2
3645.4
3661.9
3698.1
3717.3
3743.1
3756.8
3753.8 J
3761.7
3780.7

4326.9
4336.7
4359.9
4382.0
4409.7
4455.2
4486.3
4516.9
4534.0
4546.6
4550.0
4563.5

5309.6
5349.6
5392.5
5421.1
5451.8
5491.8
5546.8
5584.2
5624.6
5645.6
5648.4 p

13201.9
13279.8
13342.3
13419.3
13519.6
13578.3
13613.6
13665.5
13704.1
13744.3
13804.2 p

Not seasonaHy adjusted
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
3622.4
3595.0
3599.4
3615.6
3607.5
3603.6
3607.2
3620.2
3640.5

4254.7
4221.6
4237.9
4263.6
4239.4
4248.7
4267.9
4267.2
4267.5
4281.4
4306.3
4330.0

5188.0
5162.8
5182.0
5202.4
5185.5
5190.6
5216.3
5227.5
5218.2
5242.0
5284.6
5321.8

12549.7
12583.3
12643.4
12686.2
12732.4
12788.3
12814.8
12874.7
12945.2
13000.8
13085.0
13145.8

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1158.6
1134.3
1138.1
1158.7
1132.1
1139.3
1144.0
1137.1
1135.8
1129.5
1134.9
1149.1

3635.4
3610.8
3630.2
3661.7
3649.6
3693.6
3716.7
3736.1
3746.7
3750.9
3770.7
3804.7

4336.5
4325.4
4355.8
4393.7
4399.5
4448.8
4479.6
4510.6
4521.5
4542.0
4566.5
4590.9

5332.4
5341.4
5391.9
5431.1
5431.2
5480.0
5533.1
5573.4
5602.8
5634.8
5673.9 p

13178.2
13231.5
13301.8
13357.9
13430.0
13511.3
13556.1
13601.8
13657.0
13703.1
13767.7 p

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 Months from SEP. 1995 TO DEC. 1995

-5.9

2.5

2.6

4.1

6 Months from JUNE 1995 t o DEC. 1995

-3.7

4.5

4.9

4.2

12 Months from DEC. 1994 TO DEC. 1995

-2.2

4.5

6.0

5.3

Thirteen weeks ending JANUARY 22, 1996
from thirteen weeks ending:
OCT. 23, 1995 (13 weeks previous)

-5.6

3.0

3.2

JULY 24, 1995 (26 weeks previous)

-3.6

4.9

5.6

JAN. 23, 1995 (52 weeks previous)

-2.2

4.4

6.1

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1995 to November 1995, May 1995 to November 1995,
and November 1994 to November 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 M 1 .
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.




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
M1
Period emding

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1995-OCT.

30

1137.8

1129.5

1129.1

3751.7

3754.1

3755.5

4533.0

4547.7

4548.4

NOV.

6
13
20
27

1136.6
1135.1
1133.7
1132.5

1129.7
1127.6
1127.2
1126.9

1129.4
1122.7
1127.5
1128.1

3753.3
3754.5
3755.7
3757.4

3755.1
3754.6
3757.2
3761.3

3755.9
3754.0
3763.4
3771.7

4535.5
4538.3
4541.0
4543.3

4548.6
4547.7
4548.2
4550.1

4546.9
4546.1
4551.3
4555.9

DEC.

4
11
18
25

1131.0
1129.5
1128.0
1126.8

1125.2
1125.1
1123.4
1122.6

1122.3
1122.6
1120.4
1125.1

3758.7
3760.0
3761.7
3763.8

3764.9
3769.3
3773.5
3777.3

3770.4
3771.7
3780.2
3786.9

4545.4
4547.1
4548.9
4551.6

4552.7
4554.1
4555.6
4559.3

4557.3
4551.7
4557.3
4570.8

1
8
15p
22p

1126.2
1125.3
1124.4
1123.4

1123.1
1121.8
1121.4
1119.2

1124.4
1117.4
1118.7
1116.4

3766.0
3769.3
3773.6
3777.5

3781.6
3787.3
3795.2
3799.5

3787.4
3794.6
3811.9
3804.0

4554.1
4557.2
4561.9
4565.7

4563.9
4571.7
4585.0
4592.0

4575.7
4582.8
4610.8
4598.6

1996-JAN.

Not seasonally adjusted
1995-OCT.

30

1134.1

1129.1

1114.1

3745.0

3751.6

3732.3

4525.0

4543.9

4528.2

NOV.

6
13
20
27

1133.3
1132.6
1132.6
1133.3

1129.7
1128.2
1131.8
1135.3

1142.9
1134.9
1135.3
1127.9

3747.0
3749.1
3751.8
3755.2

3752.6
3752.9
3761.4
3769.7

3769.7
3769.0
3774.6
3765.5

4528.4
4532.8
4537.2
4542.1

4546.7
4550.1
4557.4
4566.3

4564.4
4570.3
4566.8
4563.5

DEC.

4
11
18
25

1133.1
1132.3
1132.5
1135.1

1134.8
1137.6
1139.2
1144.3

1141.2
1145.8
1141.8
1148.4

3758.5
3761.0
3764.8
3770.8

3775.8
3784.4
3791.0
3799.2

3794.2
3803.1
3801.1
3798.4

4546.5
4549.8
4554.3
4561.4

4571.1
4576.4
4581.2
4586.6

4583.7
4591.7
4586.0
4585.0

1
8
15p
22p

1138.2
1139.9
1139.9
1139.3

1149.6
1153.7
1153.5
1144.7

1162.5
1162.0
1141.0
1113.2

3776.8
3782.6
3787.9
3792.1

3804.8
3814.4
3823.2
3822.5

3816.4
3841.7
3836.1
3795.7

4568.1
4573.8
4580.2
4584.7

4590.2
4599.1
4612.7
4615.5

4598.0
4627.3
4640.6
4596.0

1996-JAN.

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
jrrency1

Date

e

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

8.3
8.4

386.6
386.5

301.0
300.0

109.7
108.9

410.8
408.9

2464.1
2463.1

658.7
665.7

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.5
382.5
382.2

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2462.0
2464.3
2468.9

676.1
679.9
687.0

1995-JAN.
FEB.
MAR.

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
2477.3
2484.3

698.0
712.1
727.7

APR.
MAY
JUNE

365.7
368.1
367.4

9.2
9.2
9.0

381.2
380.6
386.8

289.6
281.9
276.3

103.9
103.1
104.4

393.6
385.0
380.7

2495.7
2519.0
2554.2

736.6
747.8
757.1

JULY
AUG.
SEP.

367.1
368.3
369.1

8.9
8.9
8.8

389.5
390.1
389.8

275.7
272.1
266.9

103.7
104.1
105.2

379.4
376.2
372.0

2572.3
2599.7
2617.0

769.0
773.8
777.2

OCT.
NOV.
DEC.

370.5
371.0
372.5

8.8
8.8
8.9

387.3
387.0
389.1

258.9
255.5
247.2

104.5
104.3
105.3

363.4
359.7
352.5

2623.9
2635.2
2657.7

792.8
788.4
782.9

371.6

8.9

387.5

255.5

104.6

360.1

2643.6

784.2

4
11
18
25

371.5
371.7
372.2
373.2

8.9
8.9
8.9
8.9

384.8
389.8
386.8
392.0

252.4
246.9
247.6
246.3

104.8
105.3
104.9
104.7

357.2
352.2
352.5
351.0

2648.1
2649.1
2659.8
2661.8

786.9
780.0
777.1
783.9

1
8
15p
22p

373.2
373.2
373.7
373.6

8.9
8.9 e
8.9 e
8.9 e

391.2
391.3
395.3
392.9

245.1
239.2
235.8
236.9

106.0
104.9
105.0
104.0

351.1
344.1
340.9
341.0

2663.1
2677.2
2693.2
2687.6

788.3
788.3
798.9
794.6

1996-JAN.

7.

Nontransactions components

345.1
347.2

DEC.

4.
5.
6.

Other checkable deposits

1994-AUG.
SEP.

yfeefc; e n d i n a
1995-NOV. 27

1.
2.
3.

Travelers checks 2 Demand deposits 3

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.
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

At
commercial
banks
775.7
772.8

At
thrift
institutions

Total

417.0
410.9

OCT.
NOV.
DEC.

765.4
759.2
752.3

1995-JAN.
FEB.
MAR.

Large-denomination time deposits 3
At
commercial
banks 4

1192.6
1183.7

306.8
308.3

782.8
789.6

377.0
377.4

177.4
176.3

280.1
285.1

61.9
63.1

342.0
348.2

405.6
398.5
391.9

1171.0
1157.8
1144.2

487.8
494.1
502.6

311.9
316.7
318.3

799.7
810.8
821.0

379.5
383.3
389.0

180.8
180.5
180.8

289.4
292.9
296.6

64.2
64.5
64.9

353.6
357.4
361.4

744.1
734.2
723.3

385.6
377.6
371.6

1129.8
1111.9
1094.9

512.7
524.2
537.8

323.8
332.2
341.5

836.5
856.4
879.3

392.1
391.5
390.9

186.3
180.4
189.0

295.2
303.1
308.6

66.7
68.2
70.3

361.9
371.3
378.8

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

350.1
356.1
356.9

898.2
912.3
919.3

396.0
405.4
426.2

192.9
194.8
205.6

308.2
312.7
314.5

71.4
70.6
71.1

379.6
383.4
385.6

JULY
AUG.
SEP.

730.7
739.5
746.7

360.7
358.6
358.5

1091.4
1098.1
1105.2

567.1
569.7
570.6

356.9
357.5
358.2

924.0
927.2
928.8

442.0
455.9
462.6

212.4
210.8
213.5

319.3
321.8
324.8

72.9
73.5
74.0

392.2
395.3
398.8

OCT.
NOV.
DEC.

753.7
760.6
775.6

358.5
356.4
355.7

1112.2
1117.0
1131.3

571.2
572.5
572.4

359.0
360.1
360.8

930.3
932.6
933.2

466.4
471.3
476.9

215.8
214.8
216.6

336.3
341.5
343.5

75.1
75.3
75.4

411.4
416.8
418.9

760.4

356.0

1116.5

572.7

360.3

933.0

473.2

215.5

340.9

75.1

416.0

4
11
18
25

765.5
772.7
775.5
776.2

355.7
355.5
356.2
356.1

1121.2
1128.2
1131.7
1132.3

572.2
572.2
572.4
572.0

360.6
360.9
361.2
361.3

932.9
933.1
933.6
933.3

473.6
474.2
477.5
479.5

218.7
214.6
214.8
216.7

342.8
340.9
343.2
345.5

75.3
75.1
75.2
75.4

418.0
416.1
418.4
420.9

1
8
15p
22p

781.8
792.6
799.7
795.2

354.5
354.3
354.6
355.3

1136.3
1146.9
1154.2
1150.5

573.2
572.4
574.1
574.4

359.8
360.1
358.2
357.5

933.0
932.5
932.3
931.9

478.5
476.4
484.2
479.2

219.7
222.9
223.8
220.6

344.0
342.9
345.1
343.0

76.3
76.1
75.9
75.8

420.3
419.0
421.0
418.8

DEC.

1996-JAN.

p

Institutiononly money
market funds

At
thrift
institutions

Week e n d i n g
1995-NOV. 27

3.
4.

General
purpose and
broker/
dealer
money
market funds

— X t
commercial
banks
476.1
481.2

1994-AUG.
SEP.

1.
2.

Small-denomination time deposits 2

Total

thrift
institutions

Total

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.
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, U.S. government, and foreign banks and
official institutions.
preliminary




Page 6

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
Date

Savings bonds

Bankers accej

Commercial paper3

Federal debt

Non-Federal debt

1994-AUG.
SEP.

178.5
179.1

377.4
373.8

13.8
14.8

395.4
390.2

3437.9
3455.3

9488.4
9531.2

OCT.
NOV.
DEC

179.5
179.9
180.3

372.4
375.7
384.3

13.1
13.5
14.0

399.9
401.4
401.3

3470.6
3494.7
3497.6

9566.2
9616.6
9655.6

1995-JAN.
FEB.
MAR.

180.5
180.4
180.5

385.9
404.4
416.4

13.4
13.4
14.1

402.8
414.7
421.7

3504.5
3535.2
3556.4

9697.4
9744.5
9785.9

APR.
MAY
JUNE

180.9
181.6
182.3

413.5
404.4
415.5

13.9
12.3
11.3

430.8
443.8
427.5

3558.
3576,
3602,

9860.
9942,
9975,

JULY
AUG.
SEP.

183.0
183.7
184.1

437.6
436.5
455.6

11.8
12.2
12.9

428.
435,
438.

3615,
3621.
3623.8

9998,
10044.
10080.

184.4
184.6

460.4
465.0

13.0
13.1

441.
435.

3632.6
3645.8

10111.
10158,

OCT.
NOV.

1.

Short-term Treasury
securities1

p

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

Demand
deposits3

Nontransactions components

Other checkable deposits

Overnight

At commercial
banks4

At thrift
institutions5

Total

lnM2 6

In M3 only7

Overnight
Eurodollars9

1994-AUG.
SEP.

345.7
347.0

8.9
8.8

383.1
384.7

297.2
297.4

109.0
108.3

406 .2
405 .6

2463 .5
2457 .4

659.7
663.9

82.2
84.0

28,
28.

OCT.
NOV.
DEC.

349.6
353.2
357.6

8.5
8.2
8.1

387.9
390.8
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

674.2
686.0
689.5

83.8
83.4
84.7

30
30,
32,

1995-JAN.
FEB.
MAR.

355.9
357.1
361.4

8.1
8.1
8.4

388.9
375.0
374.1

301.3
292.3
291.1

104.4
101.8
103.0

405 .7
394 .1
394 .2

2476 .7
2476 .5
2492 .1

701.2
714.5
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
372.9
382.6

296.6
279.7
274.9

105.7
102.7
104.4

402,.3
382,.4
379 .3

2503,.1
2517 .5
2554 .3

732.0
749.9
755.2

85.8
86.8
88.0

30.1
29.9
29.6

JULY
AUG.
SEP.

369,
369,
369,

388
386
388

272.
268,
264.

104
103,
104,

376 .8
372,.0
369 .1

2572 .8
2599,.1
2610 .9

762.9
774.5
774.8

85
86
88

29,
31,
32,

OCT.
NOV.
DEC.

369.
371,
376,

390.8
395.6
407.7

255.
253.
249.

104.
105,
107,

359,.8
359,.1
356 .8

2621,.4
2635,.8
2655,.6

791.1
795.8
786.3

86
85
85

32,
30,
33,

1995-NOV. 27
DEC.

1996-JAN.

1.
2.
3.

Travelers
checks2

372.4

8.6

393.5

250.2

103.2

353.4

2637.5

798.1

84.4

31.3

4
11
18
25

372.2
374.6
375.1
379.4

8.5
8.5
8.5
8.6

399.1
404.3
402.9
408.1

253.4
250.2
249.2
247.3

108.0
108.3
106.1
105.1

361,.4
358,.4
355,.3
352..4

2653 .0
2657,.3
2659 .2
2650,.0

789.5
788.6
785.0
786.5

89.4
84.0
87.1
83.1

34.7
31.9
31.7
34.0

1
8
15p
22p

376.0
374.5
373.0
370.5

8.6
8.6 e
8.6 e
8.6 e

422.4
416.9
407.9
390.3

248.8
251.8
244.0
240.6

106.7
110.2
107.5
103.3

355,.6
362..0
351..5
343,.9

2653,.8
2679 .7
2695,.1
2682,.4

781.6
785.6
804.4
800.4

85.0
92.3
89.7
90.1

36.6
35.5
35.0
35.4

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 N O W and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of N O W 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).


Page 8
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 deposits1
Date

3.
4.
p

Tt

thrift
institutions

Total

176.2
172.6

281.4
286.2

62.2
63.3

343.6
349.6

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

837.3
856.7
879.0

392.8
396.3
399.8

192.4
188.8
190.8

293.8
301.6
306.5

66.4
67.9
69.8

360,
369.
376,

349.7
355.5
356.6

897.2
910.6
918.5

404.8
407.9
423.9

191.3
193.8
199.2

306.1
315.2
316.0

70,
71.
71,

377,
386,
387,

567.8
570.3
571.1

357.4
357.8
358.5

925.
928,
929,

438,
452,
454,

206.6
209.3
209.0

318,
323,
326,

72,
73,
74,

390,
397,
400,

1112
1120
1129.8

571,
572,
571,

359,
359,
360,

931,
932,
932.

459
467
474,

212.9
217.4
219.6

337
343
343

75.3
75.7
75.4

412,
419.
418,

356.4

1117.6

572.1

359.9

932.0

472.2

219.7

343.1

75.6

418.7

768.5
776.1
774.8
771.5

357.1
357.1
355.9
353.9

1125.6
1133.2
1130.7
1125.4

571.8
571.7
571.6
571.2

360.4
360.6
360.6
360.8

932.1
932.3
932.2
931.9

471.2
475.8
477.6
475.6

220.3
218.7
219.2
219.3

344.0
342.8
343.9
344.5

75.5
75.5
75.3
75.2

419,
418,
419,
419,

776.6
792.4
797.7
788.3

352.1
354.2
353.7
352.2

1128.7
1146.6
1151.4
1140.5

573.2
573.1
574.8
574.8

359.8
360.6
358.6
357.8

933.1
933.7
933.5
932.6

470.5
471.5
485.6
483.9

221.0
221.3
231.5
230.6

339.7
341.0
344.3
342.4

75.3
75.7
75.8
75.7

415.0
416.6
420.0
418.0

At
thrift
institutions

1994-AUG.
SEP.

777.0
772.7

417.7
410.8

OCT.
NOV.
DEC.

765.5
761.4
751.1

1995-JAN.
FEB.
MAR.

At
commercial
banks

thrift
institutions

Total

1194.6
1183.6

476.6
481.8

307.1
308.7

783.7
790.5

374.2
371.3

405.7
399.7
391.2

1171.1
1161.0
1142.3

488.4
493.8
502.2

312.3
316.5
318.1

800.7
810.4
820.3

739.5
729.8
723.4

383.2
375.3
371.6

1122.
1105,
1095,

513.1
524.4
537.6

324.2
332.3
341.4

APR.
MAY
JUNE

717.8
717.8
730.2

367,
364
364

1085,
1082,
1094,

547.5
555.1
562.0

JULY
AUG.
SEP.

732.6
740.8
746.9

361,
359,
358.

1094,
1100,
1105,

OCT.
NOV.
DEC.

753
762
774,

358.6
357.4
355.2

1995-NOV. 27

761.2

4
11
18
25
1
8
15p
22p

1996-JAN.

Large-denomination time deposits3
At
commercial
banks4

At
commercial
banks

DEC.

1.
2.

7u

General
purpose and
Institutionbroker/
only money
dealer
market funds
money
yriarM funds

Total

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.
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, U.S. government, and foreign
banks and official institutions.
preliminary




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

Debtcomponents 6

Non-M3 Components of L
Term
Eurodollars2

Short-term
Treasury
securities3

At commercial
banks

At thrift
institutions

1994-AUG.
SEP.

68.2
68.3

32.8
33.4

101.0
101.7

51.1
51.9

177.9
178.4

379.3
366.4

13.5
14.4

389.6
391.5

3418.3
3438.3

9456.4
9507.0

OCT.
NOV.
DEC.

67.1
67.5
67.8

34.8
35.6
37.7

101.9
103.1
105.6

52.6
54.3
52.2

179.0
179.7
180.2

364.1
379.7
393.6

13.3
13.6
14.4

404.2
405.3
403.6

3448.5
3485.2
3499.0

9552.2
9599.8
9646.9

1995-JAN.
FEB.
MAR.

70.2
73.2
72.6

39.2
40.1
40.8

109.4
113.4
113.4

52.9
56.1
58.2

180.6
180.8
181.2

390.7
406.0
420.7

14.2
13.9
13.9

410.5
415.3
420.4

3499.0
3525.0
3551.1

9679.2
9706.5
9750.7

APR.
MAY
JUNE

74.7
78.5
76.9

41.8
43.2
42.9

116.5
121.7
119.9

59.7
60.8
62.0

181.7
182.1
182.4

411.3
402.9
412.3

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9813.8
9877.4
9932.0

JULY
AUO.
SEP.

72.6
74.1
71.8

43.0
44.2
44.6

115.5
118.3
116.4

63.2
62.9
62.4

182.8
183.0
183.3

434.8
439.2
446.0

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9967.3
9999.6
10050.2

OCT.
NOV.
DEC.

72.4
67.7
61.5

43.9
43.9
44.0

116.3
111.6
105.4

61.9
61.1
57.1

183.8
184.3

67.7

43.4

111.1

62.7

4
11
18
25

61.3
63.2
59.7
61.9

43.4
44.5
44.3
44.0

104.7
107.7
104.0
105.9

59.2
58.1
56.9
56.2

1
8
15p
22p

61.0
62.0
65.0
63.0

43.4
43.5
44.4
44.5

104.4
105.5
109.4
107.4

55.8
56.1
57.6
58.0

Week e n d i n g
1995-NOV. 27
DEC.

1996-JAN.

Total

Savings bonds

p

449.5
469.6

p

Bankers
acceptances 4

13.2
13.2

p

Commercial
paper6

446.4
440.3

p

Federal debt

3610.1
3635.9

p

Non-Federal
debt

10093.0
10131.8

p

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




Page 10
H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1994-AUG.
SEP.

7.7
8.1

1.5
1.5

Time and
savings
deposits
due to
foreign
banksand
official
institutions
14.0
14.6

OCT.
NOV.
DEC.

8.0
8.4
8.7

1.6
1.8
1.6

14.8
14.6
14.4

4.3
3.9
5.7

5.6
5.2
6.2

12.1
9.8
13.4

22.0
18.9
25.3

1995-JAN.
FEB.
MAR.

8.4
8.0
8.1

1.6
1.6
1.6

14.0
13.3
12.7

4.9
3.3
3.4

7.0
5.9
5.2

20.0
21.1
10.1

APR.
MAY
JUNE

7.7
8.2
8.2

1.6
1.5
1.5

12.8
13.8
14.8

5.5
3.1
4.5

6.2
5.7
7.9

JULY
AUG.
SEP.

8.5
7.5
7.5

1.5
1.4
1.6

14.7
13.5
12.4

3.4
2.8
6.0

OCT.
NOV.
DEC.

8.2
8.0
7.9

1.5
1.6
1.5

11.9
12.0
11.9

8.3

2.0

4
11
18
25

8.2
7.8
7.8
7.6

1
8
15p
22p

8.5
7.8
8.2
8.2

Demand deposits
at banks due to
Date

Week e n d i n g
1995-NOV. 27
DEC.

1996-JAN.

e
p

estimated
preliminary




U.S. government deposits

IRA and Keogh Accounts

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

3.9
5.8

5.1
6.0

10.1
16.9

19.0
28.8

Time and
savings
deposifs at
commercial
banks
2.9
2.5

Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

142.6
142.7

109.7
108.7

56.1
56.8

308.4
308.1

2.2
1.9
1.3

142.7
142.9
143.3

108.1
107.9
107.5

58.3
59.4
59.7

309.1
310.2
310.5

31.9
30.3
18.8

1.2
2.3
2.4

143.7
144.6
145.6

107.6
107.8
107.9

59.7
59.9
60.1

310.9
312.4
313.5

12.4
18.7
19.6

24.1
27.5
32.0

2.6
2.5
2.5

146.4
146.8
147.8

107.9
107.8
107.7

60.3
60.5 e
60.6 e

314.5
315.0 e
316.1 e

6.6
5.3
6.8

27.7
13.6
17.8

37.6
21.7
30.6

2.8
2.8
2.7

148.9
149.1
149.4

107.7 e
107.5 e
108.0 e

60.7 e
60.7 e
60.7 e

317.3 e
317.4 e
318.2 e

3.1
2.9
6.0

5.3
5.4
6.5

11.4
8.2
14.6

19.8
16.5
27.2

2.6
1.4
1.0

150.0
151.2
152.2

108.5 e
108.3 e
108.1 e

60.7 e
60.7 e
60.8 e

319.2 e
320.2 e
321.0 e

12.0

2.9

5.5

10.7

19.1

1.1

1.4
1.6
1.4
1.4

11.9
11.9
11.9
11.9

3.4
2.8
12.9
3.8

5.2
5.7
6.6
8.5

12.3
7.3
13.5
22.9

20.9
15.8
32.9
35.2

1.0
1.0
1.0
0.9

1.5
1.4
1.7
1.4

11.9
12.0
12.0
12.0

5.6
4.2
3.9
6.3

6.1
5.6
5.4
7.2

16.6
8.3
8.6
16.7

28.3
18.2
17.9
30.1

1.0
1.0
1.0
1.1




Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class