Full text of H.6 Money Stock Measures : February 23, 1995

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

For release at 4:30 p.m. Eastern Time

Billions of dollars
Date

FEBRUARY 23,1995

M11

M22

M33

L4

DEBT5

Seasonally adjusted
1993-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1033.8
1038.7
1047.7
1067.2
1076.3
1085.2
1095.1
1104.7
1113.5
1122.4
1128.6

3503.9
3504.1
3507.8
3530.6
3540.2
3543.6
3549.3
3559.1
3564.4
3576.7
3583.6

4166.6
4166.9
4174.1
4202.0
4204.6
4202.3
4205.5
4214.2
4222.7
4234.4
4242.5

5044.4
5049.5
5062.4
5098.7
5105.0
5099.8
5112.4
5110.4
5118.9
5131.7
5150.3

11779.3
11830.4
11892.8
11953.9
12009.0
12063.9
12121.7
12174.9
12211.4
12268.4
12335.4

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
1148.1
1147.5
1147.8

3589.1
3586.1
3597.4
3605.3
3608.4
3605.3
3616.5
3612.8
3611.3
3607.5
3608.5
3612.7

4246.0
4232.1
4240.8
4250.9
4251.5
4256.7
4274.2
4271.6
4276.9
4283.9
4289.5
4300.3

5165.6
5163.0
5165.9
5181.4
5188.7
5185.6
5208.7
5205.8
5208.1
5231.3
5243.2
5281.7 p

12379.6
12430.4
12496.0
12555.2
12613.6
12655.5
12683.4
12749.1
12809.5
12862.7
12932.1
12973.8 p

1995-JAN. p

1148.9

3625.9

4325.1

1993-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1022
1030
1057
1057
1072
1083
1088
1099
1112
1129
1153

.3
.8
.7
.2
.2
.6
.6
.3
.1
.5
.7

3493 .4
3 5 0 5 .3
3 5 2 5 .2
3517 .8
3 5 3 5 .4
3 5 4 1 .6
3542 . 3
3548 . 4
3561 . 3
3 5 8 4 , >2
3 6 0 6 ,. 1

4 1 5 9 , .2
4 1 6 7 , .9
4 1 8 7 , .9
4 1 9 1 . .3
4 1 9 8 , .6
4195 .7
4 2 0 0 ,. 1
4 2 0 1 , .9
4 2 1 7 , .2
4 2 4 6 , .7
4 2 6 6 , .3

5040 . 1
5053 .3
5074 . 5
5078 .9
5093 .4
5087 . 3
5101 .3
5092 . 6
5110 .2
5151 .2
5184 .9

1 1 7 4 1 , ,0
1 1 7 8 8 , ,3
1 1 8 3 9 , .6
1 1 8 9 1 ,, 4
1 1 9 6 4 , .3
1 2 0 2 0 , .4
1 2 0 7 2 , .4
1 2 1 3 4 ,. 1
1 2 1 7 2 , ,9
1 2 2 4 1 . .3
1 2 3 2 7 . .6

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

1142
1124
1131
1152
1132
1142
1150
1143
1146
1147
1155
1173

.3
.2
.4
.7
.5
.3
.9
.9
.1
.3
.3
.5

3 5 9 5 , .6
3 5 7 3 .• 3
3 5 9 6 ,. 1
3 6 2 2 , .6
3 5 9 5 , .5
3 6 0 0 , ,4
3 6 1 5 , .3
3 6 0 5 , .3
3 6 0 0 , .8
3 6 0 4 ,. 5
3 6 1 6 , .8
3 6 3 6 , ,3

4 2 5 4 . .9
4 2 2 1 . .9
4 2 3 8 . .3
4 2 6 4 . .3
4 2 4 0 , .5
4 2 5 0 ,.3
4267 ,,9
4 2 6 5 ,. 2
4 2 6 4 , ,5
4 2 7 9 , ,0
4 3 0 3 , ,9
4 3 2 6 ,. 4

5187
5155
5166
5193
5168
5174
5196
5194
5189
5222
5265
5319

1 2 3 7 2 ., 1
1 2 4 0 3 ,. 5
1 2 4 5 6 , ,5
1 2 4 9 8 . .3
1 2 5 4 5 . .8
1 2 6 0 8 . .5
1 2 6 4 3 . .0
1 2 7 0 0 . .9
1 2 7 6 5 , .8
1 2 8 2 2 , .2
1 2 9 0 3 ,. 2
1 2 9 6 5 , .5 p

1995-JAN. p

1158 .5

3 6 3 2 , ,3

4 3 3 4 , ,7

Not seasonally adjusted

Footnotes appear on the following p a g e
p

preliminary




.3
.9
.3
.4
.5
.3
.3
.5
.1
.5
.3
.2 p

Page 2
H.6(508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT'

3 M o n t h s f r o m OCT. 1 9 9 4 TO JAN. 1 9 9 5

0.3

2.0

3.8

5.1

6 M o n t h s f r o m JULY 1 9 9 4 t o JAN. 1 9 9 5

-0.6

0.5

2.4

5.0

12 M o n t h s f r o m JAN. 1994 TO JAN. 1 9 9 5

1.4

1.0

1.9

5.2

T h i r t e e n w e e k s e n d i n g FEBRUARY 1 3 , 1 9 9 5
from t h i r t e e n weeks e n d i n g :
NOV. 1 4 , 1 9 9 4 ( 1 3 w e e k s p r e v i o u s )

- 0 . .2

1. , 1

3.0

1.

AUG. 1 5 ,

1994

(26 w e e k s p r e v i o u s )

- 0 , .0

0, .5

2.2

FEB. 1 4 ,

1994

(52 w e e k s p r e v i o u s )

1 .6

1,.0

1.7

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1994 to December 1994, June 1994 to December 1994,
and D e c e m b e r 1 9 9 3 to December 1994, respectively.

F o o t n o t e s to T a b l e 1:
1.

2.

3.

4.
5.

C o n s i s t s of (1) currency o u t s i d e the U.S. Treasury, Federal R e s e r v e Banks, and t h e vaults of depository institutions; (2) travelers c h e c k s of nonbank i s s u e r s ; (3) d e m a n d
d e p o s i t s at all commercial b a n k s other than t h o s e d u e to depository institutions, the U . S . government, and foreign b a n k s and official institutions, l e s s c a s h items in the
p r o c e s s of collection and Federal R e s e r v e float; and (4) other c h e c k a b l e d e p o s i t s (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer
s e r v i c e (ATS) a c c o u n t s at depository institutions, credit union s h a r e draft a c c o u n t s and d e m a n d d e p o s i t s at thrift institutions. S e a s o n a l l y adjusted M1 is calculated by
s u m m i n g currency, travelers c h e c k s , d e m a n d d e p o s i t s , and O C D s , e a c h s e a s o n a l l y adjusted separately.
C o n s i s t s of M1 plus overnight (and continuing contract) R P s i s s u e d by all depository institutions and overnight Eurodollars i s s u e d to U.S. r e s i d e n t s by foreign b r a n c h e s of
U.S. b a n k s worldwide, s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t a c c o u n t s ) , small-denomination time d e p o s i t s (time d e p o s i t s — i n c l u d i n g retail R P s — i n a m o u n t s of
l e s s than $ 1 0 0 , 0 0 0 ) , and b a l a n c e s in both taxable and t a x - e x e m p t g e n e r a l p u r p o s e and broker/dealer m o n e y market mutual f u n d s . E x c l u d e s individual retirement a c c o u n t
(IRA) and K e o g h b a l a n c e s at depository institutions and m o n e y market f u n a s . Also e x c l u d e s all b a l a n c e s held by U.S. c o m m e r c i a l b a n k s , m o n e y market f u n d s (general
p u r p o s e and broker/dealer), foreign g o v e r n m e n t s and commercial banks, and the U . S . government. S e a s o n a l l y adjusted M2 is c o m p u t e d by adjusting its non-M1 c o m p o nent a s a w h o l e and then adding this result to s e a s o n a l l y adjusted M1.
C o n s i s t s of M2 plus large-denomination time d e p o s i t s (in a m o u n t s of $ 1 0 0 , 0 0 0 or more) and term RP liabilities i s s u e d by all depository institutions, term Eurodollars held
by U.S. r e s i d e n t s at foreign b r a n c h e s of U.S. b a n k s worldwide and at all banking o f f i c e s in the United Kingdom and C a n a d a , and b a l a n c e s in both taxable and t a x - e x e m p t
institution-only m o n e y market mutual funds. E x c l u d e s a m o u n t s held by depository institutions, the U.S. g o v e r n m e n t , m o n e y market funds, and foreign b a n k s and official
institutions. Also subtracted is the e s t i m a t e d amount of overnight R P s and Eurodollars held by institution-only m o n e y market mutual f u n d s . S e a s o n a l l y adjusted M3 is
obtained by adjusting its non-M2 c o m p o n e n t a s a w h o l e and then adding this result to s e a s o n a l l y adjusted M2.
C o n s i s t s of M3 plus the nonbank public holdings of U.S. s a v i n g s b o n d s , short-term Treasury securities, commercial paper and b a n k e r s a c c e p t a n c e s , net of m o n e y market
mutual fund holdings of t h e s e a s s e t s .
Debt: T h e debt a g g r e g a t e is the outstanding credit market debt of the d o m e s t i c nonfinancial s e c t o r s — t h e federal s e c t o r (U.S. g o v e r n m e n t , not including g o v e r n m e n t s p o n s o r e d enterprises or federally related m o r t g a g e pools ) and t h e nonfederal s e c t o r s (state and local g o v e r n m e n t s , h o u s e h o l d s and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate b u s i n e s s e s , and farms). Nonfederal debt c o n s i s t s of m o r t g a g e s , tax-exempt and corporate b o n d s , c o n s u m e r credit, bank loans,
c o m m e r c i a l paper, and other loans. T h e data, which are derived from t h e Federal R e s e r v e Board's flow of f u n d s a c c o u n t s , are break-adjusted (that is, discontinuities in
the d a t a h a v e b e e n s m o o t h e d into the s e r i e s ) and m o n t h - a v e r a g e d (that is, t h e d a t a h a v e b e e n derived by averaging adjacent m o n t h - e n d levels). T h e presentation of t h e
debt d a t a in this r e l e a s e differ, therefore, from the quarterly flow of f u n d s statistics contained in the Federal R e s e r v e r e l e a s e s Z.7 and Z.1. In t h o s e r e l e a s e s , published
l e v e l s of credit market debt are m e a s u r e d on a quarter-end b a s i s and contain discontinuities.




Table 3

MONEY STOCK MEASURES
Billions of dollars
S e a s o n a l adjusted
M1
Period ending
1994-NOV. 2 1
28

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

1149.1
1148.9

1146.7
1147.3

1149.0
1149.3

3608.8
3609.0

3605.2
3608.0

3612.3
3614.1

4281.2
4282.9

4287.3
4289.1

4291.5
4292.6

DEC.

5
12
19
26

1148.7
1148.6
1148.4
1148.0

1148.3
1149.4
1149.0
1148.3

1150.0
1149.1
1147.4
1146.6

3609.4
3609.4
3609.5
3609.7

3610.8
3613.1
3612.9
3613.6

3614.6
3611.3
3611.5
3617.1

4284.8
4286.5
4288.6
4290.4

4291.3
4294.3
4297.1
4300.4

4295.3
4297.9
4302.5
4305.7

1995-JAN.

2
9
16
23
30

1147.6
1147.7
1147.9
1148.0
1148.1

1147.1
1147.2
1148.3
1148.9
1149.4

1145.2
1149.6
1151.7
1149.1
1147.1

3610.2
3611.3
3612.6
3614.2
3615.7

3614.3
3616.9
3621.0
3623.8
3625.1

3617.4
3621.7
3627.9
3628.1
3622.6

4292.4
4294.5
4297.8
4301.3
4304.9

4303.0
4305.8
4311.8
4318.4
4324.9

4306.0
4309.1
4326.4
4332.2
4332.0

6p
13p

1148.4
1148.5

1149.6
1148.3

1150,
1146,

3617.6
3619.2

3626.6
3625.5

3627.8
3623.3

4308.3
4311.8

4330.4
4331.6

4331.1
4330.9

FEB.

Not seasonally adjusted
1994-NOV. 2 1
28

1147.7
1149.3

1151.9
1155.5

1153.8
1148.8

3605.0
3606.7

3611.3
3616.7

3621.4
3605.9

4277.5
4281.4

4297.1
4304.4

4303.8
4297.6

DEC.

5
12
19
26

1150.3
1151.0
1152.8
1156.3

1158.5
1161.2
1165.3
1170.7

1171.4
1170.8
1170.3
1170.3

3608.7
3609.9
3612.1
3616.2

3621.8
3626.1
3628.1
3633.3

3638.9
3638.0
3629.6
3626.5

4285.1
4288.6
4293.2
4299.2

4308.2
4313.5
4319.2
4324.3

4319.3
4333.3
4326.5
4318.1

1995-JAN.

2
9
16
23
30

1159.4
1162.0
1163.0
1163.7
1162.8

1173.5
1178.9
1179.1
1172.3
1157.2

1182.4
1192.5
1171.1
1143.0
1122.1

3620.3
3624.0
3626.2
3628.4
3628.8

3635.7
3643.4
3648.3
3646.2
3631.6

3648.6
3668.8
3649.4
3618.1
3590.0

4304.9
4309.5
4314.3
4318.8
4321.9

4326.6
4331.1
4338.0
4340.3
4335.5

4328.5
4351.4
4354.0
4327.2
4309.2

6p
13p

1161.8
1160.1

1145.9
1137.4

1147.4
1137.2

3629.0
3628.4

3619.6
3610.7

3620.9
3613.6

4323.7
4324.8

4329.3
4322.4

4326.6
4326.4

FEB.

N o t e : S p e c i a l caution should b e taken in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y supply data, which are highly volatile and subject to revision,
p

preliminary data.




V

Page 4

H.6 (508)
Table 4

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

Travelers checks 2

Demand deposits 3

Other checkable deposits

Nontransactions components

At commercial
banks 4

At thrift
institutions5

Total

In M26

In M3 only7

1993-SEP.

315.4

7.8

374.4

297.7

109.4

407.2

2454.4

655.1

OCT.
NOV.
DEC.

317.7
319.7
322.1

7.8
7.9
7.9

377.6
382.2
383.9

299.5
301.3
303.0

111.0
111.4
111.7

410.5
412.6
414.7

2450.9
2454.3
2455.0

658.3
657.6
658.9

1994-JAN.
FEB.
MAR.

325.4
328.9
332.0

8.0
8.0
8.0

386.9
388.6
388.6

300.3
299.0
299.7

112.0
112.6
112.8

412.3
411.6
412.5

2456.6
2449.1
2456.3

656.9
645.9
643.4

APR.
MAY
JUNE

334.5
337.3
340.0

8.1
8.1
8.2

388.1
385.6
386.3

299.1
300.5
301.0

112.9
112.0
111.5

412.0
412.4
412.5

2462.5
2464.9
2458.3

645.6
643.1
651.4

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388.0
386.6
386.5

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2464.3
2462.0
2460.4

657.7
658.8
665.6

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.4
382.3
382.0

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2459.4
2460.9
2464.9

676.4
681.0
687.6

1995-JAN. p

357.7

8.4

383.5

295.1

104.2

399.3

2477.0

699.2

Weefr e p d ^ n q
1994-DEC. 19
26

354.1
354.2

382.4
381.5

297.2
297.3

105.3
105.2

402.5
402.5

2464.0
2470.5

691,
688.

2
9
16
23
30

355.5
355.9
357.5
358.5
359.5

8.4
8.4

380.4
383.0
385.6
383.0
383.5

296.6
296.5
296.4
295.3
292.3

104.3
105.7
103.9
103.9
103.4

401.0
402.2
400.3
399.2
395.7

2472.2
2472.1
2476.2
2479.0
2475.5

688
687,
698
704,
709.4

6p
13p

359.2
358.3

8.4
8.4 e

384.4
383.9

293.3
292.8

105.0
103.1

398.3
395.9

2477.5
2476.7

703.2
707.6

1995-JAN.

FEB.

1.
2.
3.

Currency1

Currency o u t s i d e U.S. Treasury, Federal R e s e r v e B a n k s and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at commercial b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U . S . g o v e r n m e n t and foreign b a n k s a n d official
institutions, l e s s c a s h items in the p r o c e s s of collection and Federal R e s e r v e float.
4.
C o n s i s t s of NOW and A T S b a l a n c e s at c o m m e r c i a l b a n k s , U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5.
C o n s i s t s of N O W and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s at thrifts.
6.
S u m of overnight R P s and Eurodollars, m o n e y market fund b a l a n c e s ( g e n e r a l p u r p o s e and broker/dealer), s a v i n g s d e p o s i t s (including m o n e y market d e p o s i t a c c o u n t s )
and small time d e p o s i t s . This s u m is s e a s o n a l l y adjusted a s a whole.
7.
S u m of large time d e p o s i t s , term R P s and Eurodollars of U.S. residents, m o n e y market fund b a l a n c e s (institution-only), l e s s the e s t i m a t e d a m o u n t of overnight R P s and

Eurodollars held by institution-only m o n e y market mutual funds. This s u m is s e a s o n a l l y adjusted a s a whole.
http://fraser.stlouisfed.org/
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preliminary
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Page 5

H 6(508)
Table 4 - continued

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

801.5

General
purpose and
broker/
dealer
money
market funds
355.4

322.6
320.7
316.5

795.8
790.3
785.1

355.2
358.2
360.1

196.3
196.4
198.1

272.8
270.2
271.2

63.5
63.2
61.6

336.3
333.5
332.7

465.7
464.5
463.1

313.8
310.5
308.9

779.5
775.0
772.0

361.2
359.5
361.9

194.6
182.1
183.8

273.4
270.1
268.8

61.7
61.7
61.4

335.1
331.8
330.3

1220.0
1214.8
1206.8

462.3
464.6
467.4

307 . 8
306.2
305.5

770.1
770.8
772.9

370.5
373.5
370.7

183.1
177.5
177.9

268.0
272.0
274.0

61.8
60.4
61.0

329.8
332.4
335.0

423.2
417.0
410.9

1201.2
1192.6
1183.7

469.9
476.0
481.1

305.5
304.7
305.4

775.4
780.7
786.5

375.8
376.2
376.6

178.7
177.4
176.3

276.3
279.8
284.6

61.9
61.7
62.7

338.2
341.5
347.3

765.4
759.2
752.3

405.6
398.4
391.5

1171.0
1157.6
1143.9

487.7
494.0
502.4

308.3
312.8
314.2

796.0
806.8
816.6

379.7
384.2
389.7

180.8
180.5
180.8

289.3
293.8
297.1

63.7
63 . 9
64.3

353.0
357.7
361.4

1995-JAN. p

744 . 2

385.3

1129.5

512.5

319.4

8 3 1 .9

392 . 6

186 . 3

295.5

66 . 1

361.5

Week e n d i n o
1994-DEC. 19
26

752 .7
751 .5

391.5
390.0

1144.2
1141.5

502.8
505.1

313.9
314.0

8 1 6 , .7
8 1 9 , ,0

389 . 5
390 . 8

181 . 1
181 . 1

298.5
297.9

64 . 0
64 . 4

362.5
362.3

2
9
16
23
30

747 . 5
746 . 5
7 4 5 , .5
7 4 3 , .5
7 4 1 , .2

389.1
387 . 2
385.9
384.8
382 . 9

1136.7
1133.7
1131.4
1128.3
1124.2

506.1
508.1
511.6
514.5
516.9

315.2
316.9
318.5
320.5
322.4

8 2 1 . ,3
824. 9
830. 1
835. 0
839. 3

3 9 1 .2
3 9 1 , .9
3 9 3 , .4
3 9 2 , ,9
392 , 6

183 . 5
1 8 6 , .7
1 8 7 , .6
1 8 5 , .9
1 8 6 . ,7

294.6
291.6
293.5
297.2
299.4

65 . 6
65 .7
65 .9
66, . 1
6 6 , ,7

360.3
357.3
359.4
363.3
366.1

6p
13p

7 3 8 ., 1
736, 5

380.6
378.1

1118.7
1114.5

519.2
522.2

323.8
326.3

843. 0
848, 5

392. 5
393 . 3

180. 3
178. 5

298.9
300.7

67. 0
67. 0

365.8
367.7

Savings deposits 1
Date

At
commercial
banks
777.3

At
thrift
institutions
429.7

OCT.
NOV.
DEC.

778.1
782.4
785.8

1994-JAN.
FEB.
MAR.

1206.9

At
commercial
banks
476.4

At
thrift
institutions
325.1

429.8
429.0
429.8

1207.9
1211.5
1215.7

473.2
469.6
468.6

791.3
792.7
791.5

429.8
429.1
430.5

1221,
1221,
1222

APR.
MAY
JUNE

788,
784,
780,

431.1
430.2
426.8

JULY
AUG.
SEP.

778.0
775.7
772.8

OCT.
NOV.
DEC.

1993-SEP.

1995-JAN.

FEB.

1.
2.
3.
4.
p

Small-denomination time deposits 2

S a v i n g s d e p o s i t s include
Small-denomination time
and thrifts are subtracted
Large-denomination time
Large-denomination time
official institutions.
preliminary




Total

Total

Institutiononly money
market funds

Large-denomination time deposits 3

195.0

commercial
banks 4
272.5

At
thrift
institutions
63.4

—

—

Total
335.9

m o n e y market deposit a c c o u n t s .
deposits—including 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 l e s s than $ 1 0 0 , 0 0 0 . All IRA and 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 c i a l b a n k s
from small time d e p o s i t s .
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 more, excluding t h o s e b o o k e d at international banking facilities.
d e p o s i t s at commercial b a n k s l e s s t h o s e held by m o n e y market mutual f u n d s , depository institutions, U.S. g o v e r n m e n t , and foreign b a n k s a n d

V

Page 6
H.6(508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L

Date
Savings bonds

1.

^°T^uhties^^

Bankers acceptances 2

_ _ _ _ _ _ _ _
Commercial paper 3

Debt components 4
. — — —
Federal debt
Non-Federal debt

•SEP.

169.3

331.7

16.3

378.9

3267.5

8907.4

OCT.
NOV.
DEC.

170.1
170.9
171.5

328.1
328.4
334.2

16.2
15.5
14.9

381.8
382.6
387.1

3269.7
3295.5
3328.0

8941.6
8972.9
9007.4

•JAN.
FEB.
MAR.

172.5
173.2
173.9

340.9
341.7
344.9

14.8
14.9
15.5

391.4
401.2
390.8

3338.3
3355.1
3379.6

9041.3
9075.3
9116.4

APR.
MAY
JUNE

174.8
175.7
176.7

354.7
357.3
348.8

14.0
11.6
10.8

387.1
392.6
392.7

3390.6
3402.5
3416.4

9164.6
9211.1
9239.2

JULY
AUG.
SEP.

177.7
178.5
179.1

353.1
356.5
348.4

10.9
11.4
11.9

392.8
387.7
391.7

3419.3
3436.7
3454.0

9264.0
9312.5
9355.5

OCT.
NOV.
DEC. p

179.5
179.9
180.3

351.9
358.8
364.5

11.7
10.9
10.1

404.2
404.0
426.5

3469.4
3494.0
3497.4

9393 .2
9438.1
9476.4

.

2.
3.
4.

C o n s i s t s of U . S . Treasury bills and c o u p o n s with remaining maturities of l e s s than 1 2 m o n t h s held by other than depository institutions, Federal R e s e r v e B a n k s , m o n e y
market mutual funds, and foreign entities.
Net of b a n k e r s a c c e p t a n c e s held by a c c e p t i n g b a n k s , Federal R e s e r v e Banks, foreign official institutions, Federal H o m e Loan B a n k s , a n d m o n e y market mutual f u n d s .
Total c o m m e r c i a l p a p e r l e s s commercial paper held by m o n e y market mutual f u n d s .
Debt d a t a are on a monthly a v e r a g e b a s i s , derived by a v e r a g i n g adjacent end-of-month levels, and h a v e b e e n adjusted to r e m o v e 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
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks 4

At thrift
institutions5

Total

In M26

Overnight

Overnight
Eurodollars9

In M3 only 7

1993-SEP.

314 . 7

8 .2

372 . 4

295 . 1

108 . 8

404 . 0

2449 . 1

653 . 5

70.7

19.3

OCT.
NOV.
DEC.

317 . 3
319 . 8
324 . 8

8 .0
7.7
7 .6

380 . 5
390 .2
401 .8

295 . 6
299 . 6
306 . 2

110 . 7
112 . 3
113 . 2

406 . 4
411 .9
419 . 4

2449.2
2454 . 6
2452 . 4

655 . 9
662 . 5
660 . 2

72 . 3
73 . 2
74.4

21.6
21.7
22.1

1994-JAN.
FEB.
MAR.

324 . 0
327 . 3
330 . 6

7 .7
7 .7
7 .8

392 . 0
379 . 5
379 . 6

306 . 6
299 . 6
301 .6

112 . 1
110 . 3
112 . 0

418 . 6
409 . 8
413 . 5

2453 . 4
2449 . 1
2464.7

659 . 3
648 . 7
642 . 2

75 . 9
73.7
77 . 0

22.1
21.2
23.0

APR.
MAY
JUNE

334 . 3
337 . 2
340 . 5

7 .8
7 .9
8 .3

389 . 2
377.7
382 . 3

306 . 4
298 . 1
299 . 5

115 . 0
111 .6
111 .7

421 .4
409 . 7
4 1 1 .2

2469 .9
2463 .0
2458 . 1

641.7
645 . 0
649 . 9

77 . 6
78 . 4
80 . 6

21.3
24.1
26.3

JULY
AUG.
SEP.

344 . 7
3 4 5 .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 .4
2 4 6 1 .4
2 4 5 4 .6

652 . 6
659 . 8
663 . 8

80 . 3
81 .9
83 .7

30.4
29.9
29.5

OCT.
NOV.
DEC.

349 . 6
3 5 3 , .2
3 5 7 , ,6

8,.5
8,,2
8,. 1

387 .8
390.7
400, . 1

2 9 4 . .0
2 9 6 . ,0
3 0 0 . ,6

107 ,.4
107 . 1
1 0 7 . ,0

4 0 1 ,. 4
403 . 1
4 0 7 , .6

2 4 5 7 .2
2 4 6 1 .5
2 4 6 2 , .8

674 . 5
687 . 1
6 9 0 .. 1

83 .4
82 .9
84 .2

31.6
30.5
33.0

1995-JAN. p

355, 9

8. 1

3 8 8 . .8

301. 3

1 0 4 .. 4

4 0 5 . ,7

2 4 7 3 , ,8

7 0 2 , .4

8 8 . .7

36.8

Week e n d i n a
1994-DEC. 19
26

357. 0
361. 1

8. 1
8. 1

3 9 9 . ,5
397. 6

299. 6
298. 8

1 0 6 . ,0
104. 7

405. 6
403 . 5

2 4 5 9 . ,3
2456. 2

696. 9
691. 6

82.4
82.4

30.3
34.0

2
9
16
23
30

357 . 8
357. 1
356. 5
355. 2
354. 3

8. 1
8. 1
8.1
8. 1
8. 1

409. 0
405. 9
394.7
378. 5
371. 5

301.
312.
305.
298.
289.

106.
109.
105.
102.
99.

407.
421.
411.
401.
388.

2466.
2476.
2478.
2475.
2467.

1
3
3
1
9

679.9
682. 7
704. 6
709. 1
719. 1

9 0 . ,6
92. 1
88. 6
86. 8
86. 6

39.2
37 . 5
35.8
37.7
35.9

6p
13p

357. 1
357. 3

8. 1
8. 1 e

379. 8
376. 0

297. 5
293 . 9

2473. 5
2476. 4

705. 7
712. 8

90. 3
87. 8

33.0
32.1

1995-JAN.

FEB.

2.
3.

Travelers
checks 2

1
0
9
8
2

4
3
9
4
0

104. 9
101. 9

5
4
8
2
2

402. 4
395. 8

Outstanding amount of U.S. dollar-denominated travelers c h e c k s of nonbank i s s u e r s . Travelers c h e c k s i s s u e d by depository institutions are included in d e m a n d d e p o s i t s .
D e m a n d d e p o s i t s at c o m m e r c i a l b a n k s and foreign-related institutions other than t h o s e d u e to depository institutions, the U . S . g o v e r n m e n t and foreign b a n k s and official
institutions, l e s s c a s h items in t h e p r o c e s s of collection and Federal R e s e r v e float.
4.
C o n s i s t s of NOW and A T S b a l a n c e s at commercial banks, U.S. b r a n c h e s and a g e n c i e s of foreign banks, and E d g e Act corporations.
5.
C o n s i s t s of NOW and ATS b a l a n c e s at thrifts, credit union s h a r e draft b a l a n c e s , and d e m a n d d e p o s i t s 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. S u m of large time d e p o s i t s , term R P s and Eurodollars of U.S. residents, m o n e y market fund b a l a n c e s (institution-only), l e s s the e s t i m a t e d a m o u n t of overnight R P s and
Eurodollars held by institution-only m o n e y market mutual funds.
Consists of overnight and continuing contract R P s issued by all depository institutions to other than depository institutions and money market mutual funds (general purpose and
Digitized for broker/dealer).
FRASER
http://fraser.stlouisfed.org/
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).
Federal Reserve Bank of St. Louis

V

Page 8

H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted

1206.4

At .
commercial
banks
477.0

At
thrift
institutions
325.6

802.5

General
purpose and
broker/
dealer
money
market funds
350.2

429.8
430.1
429.0

1207.8
1214.5
1213.2

473.9
469.3
468.2

323.0
320.5
316.2

796.9
789.9
784.4

786.3
788.2
791.9

427.1
426.7
430.8

1213.5
1214.9
1222.7

466.2
464.6
462.9

314.1
310.6
308.8

APR.
MAY
JUNE

791.1
785.3
782.3

432.3
430.6
428.1

1223.4
1215.9
1210.4

461.8
463.7
467.0

JULY
AUG.
SEP.

780.0
777.0
772.7

424.3
417.7
410.8

1204,
1194,
1183 <

OCT.
NOV.
DEC.

765.5
761.4
751.1

405.7
399.5
390.9

1995-JAN. p

739.5

Week e n d i n g
1994-DEC. 19
26

Savings deposits 1
Date

At
commercial
banks
776.9

At
thrift
institutions
429.5

OCT.
NOV.
DEC.

778.0
784.4
784.3

1994-JAN.
FEB.
MAR.

FEB.

1.
2.
3.
4.

Total

Total

Institutiononly money
market funds

Large-denomination time deposits 3
—

%

;

—

At
thrift
institutions
63.6

Total

191.0

commercial
banks 4
273.5

350.6
355.4
358.3

193.0
198.0
200.0

273.1
271.3
270.8

63.6
63.5
61.5

336.7
334.8
332.3

780.2
775.2
771.6

361.6
364.1
370.3

200.5
191.0
185.7

271.9
268.8
267.3

61.3
61.4
61.1

333.2
330.2
328.4

307.5
305.5
305.2

769.2
769.2
772.1

378.3
375.4
368.7

181.8
176.8
172.5

266.3
274.1
275.3

61.4
60.9
61.3

327.7
335.0
336.6

470.5
476.5
481.7

305.9
305.0
305.7

776.4
781.5
787.4

373.1
373.4
370.6

173.8
176.2
172.6

275.3
281.1
285.7

61.7
61.9
62.9

337.0
343.1
348.7

1171,
1160,
1142,

488.3
493.7
502.0

308.7
312.6
313.9

797
806
815

374.1
380.8
387.7

178.1
182.5
183.1

289.9
295.2
296.8

63.8
64.2
64.3

353.7
359.4
361.0

382.9

1122.4

513.0

319.7

832.7

393.3

192.4

294.1

65.8

359.9

751.1
746.6

390.6
387.5

1141.7
1134.1

502.1
504.3

313.5
313.5

815.6
817.8

389.4
387 . 8

184.1
183.5

298.6
296.7

64.0
64.2

362.6
360.9

2
9
16
23
30

743.7
746.4
743.1
736.7
731.6

387.1
387.2
384.6
381.3
378.0

1130.8
1133.6
1127.7
1117.9
1109.6

506.1
508.8
512.2
514.8
517.1

315.2
317.3
318.9
320.7
322.5

821.3
826.1
831.1
835.6
839.7

384.2
387.0
395.0
397.2
396.2

184,
185,
194.
194,
197,

290.8
290.0
292.8
296.4
297.8

64.8
65.3
65.8
65.9
66.3

355.6
355.3
358.5
362.3
364.1

6p
13p

733 . 0
733.3

377,
376,

1110.9
1109.8

519.6
522.5

324.1
326.5

843.8
849.1

395.5
397.6

189.2
188.7

297.4
299.7

66.6
66.8

364.0
366.5

1993-SEP.

1995-JAN.

Small-denomination time deposits 2

S a v i n g s d e p o s i t s include m o n e y market deposit a c c o u n t s .
Small-denomination time deposits—including 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 l e s s than $ 1 0 0 , 0 0 0 . All IRA and 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 and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time 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 more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time d e p o s i t s at commercial banks l e s s t h o s e held by m o n e y market mutual funds, depository institutions, U . S . g o v e r n m e n t , and foreign
b a n k s and official institutions.

p
preliminary



337.2

Page 9

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
Date

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1993-SEP.

72 . 1

26.0

98.1

45.4

168.7

OCT.
NOV.
DEC.

71.1
70.5
71.6

25.4
25.9
26.0

96.6
96.4
97.6

44.8
48.1
46.5

169.6
170.6
171.4

1994-JAN.
FEB.
MAR.

67.0
64.8
68.3

26.6
27.5
27.2

93 ,
92
95,

45.5
47.9
46.2

APR.
MAY
JUNE

71.4
69.1
72.1

27.6
28.9
30.4

99,
98.
102,

JULY
AUG.
SEP.

71.1
68.4
68.8

32.0
32.9
33.5

OCT.
NOV.
DEC.

67.6
67.9
67.8

1995-JAN. p
Weeft
1994-DEC. 19
26
1995-JAN.

FEB.

1.
2.
3.
4.
5.
6.

Debtcomponents 6

Non-M3 Components of L
Savings bonds

Short-term
Treasury
securities 3
326.0

Bankers
acceptances 4

Commercial
paper6

Federal debt

Non-Federal
debt

15.9

380.2

3251.9

8882.2

321.8
332.5
342.6

16.3
15.7
15.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8923.5
8954.3
8998.1

172.6
173.7
174.6

345.3
342.8
348.4

15.6
15.5
15.2

398.9
402.0
389.7

3333.0
3345.4
3374.5

9039.0
9058.2
9082.0

46.5
47.7
50.3

175.4
176.2
176.9

352.6
355.4
345.7

13.7
11.4
10.6

387.3
385.0
390.9

3376.8
3379.7
3394.5

9121.5
9166.1
9214.0

103.1
101.3
102.3

51.1
51.4
52.1

177.4
177.9
178.4

350.7
358.4
341.5

10.8
11.6

389.5
382.0
393.0

3393.9
3418.4
3438.4

9249.1
9282.5
9327.3

34
35
37

102.4
103.4
105.3

53.0
54.8
52.6

179.0
179.7
180.2 p

344.1
362.7
373.4 p

11.8
11.0
10.3 p

408.6
408.0
428.9 p

3448.7
3485.3
3499.0

9373.5
9417.9
9466.5 p

70.2

38.8

109.0

53.7

70.7
66.5

38.0
39.1

108.8
105.6

53.0
53.6

2
9
16
23
30

62.8
64,
71,
71,
76,

37
39
38
39
39

100.7
103.1
109.6
110.5
115.0

52.4
51.3
54.1
54.7
55.1

6p
13p

71,
74,

39,
38

110.9
113.2

54.2
56.4

11.1

Term R P s are t h o s e with original maturities greater than o n e day, excluding continuing contracts and retail R P s .
Term Eurodollars are t h o s e with original maturities greater than o n e day. C o n s i s t s of t n o s e i s s u e d to U.S. residents by foreign b r a n c h e s of U . S . b a n k s world-wide and by
all banking o f f i c e s in the United Kingdom and C a n a d a . E x c l u d e s t h o s e held by depository institutions and m o n e y market mutual f u n d s .
C o n s i s t s of U.S. Treasury bills and c o u p o n s with remaining maturities of l e s s than 12 m o n t h s held by other than depository institutions, Federal R e s e r v e Banks, m o n e y
market mutual funds, and foreign entities.
Net of bankers a c c e p t a n c e s held by accepting banks, Federal R e s e r v e B a n k s , foreign official institutions, Federal H o m e Loan B a n k s , a n d m o n e y market mutual funds.
Total commercial p a p e r l e s s commercial paper held by m o n e y market mutual f u n d s .
Debt data are on a monthly a v e r a g e basis, derived by averaging adjacent e n d - o f - m o n t h levels, and h a v e b e e n adjusted to r e m o v e discontinuities.

p
preliminary



Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1993-SEP.

8 .5

1.5

Time and
savings
deposits
due to
foreign
banks and
official
institutions
10 . 8

OCT.
NOV.
DEC.

8 .3
8 .2
9 .1

1.6
1.8
1.6

1994-JAN.
FEB.
MAR.

8 .5
8 .4
8 .1

APR.
MAY
JUNE

Demand deposits
at banks due to

At
commercial
banks

37 . 9

2.8

145. 8

116 >9

47 . 5

310.2

12 . 6
8 .8
16 .2

23 . 1
18 . 4
28 . 1

2.6
2.7
2.6

145. 2
144. 6
144. 2

116, . 1
115, .3
114 .6

48, . 1
49, . 1
49 .8

309.4
309.0
308.6

7.3
6.3
5.2

25 .2
27 . 9
15 .7

38 . 3
38 .4
25, . 1

2.1
2.6
2.4

143. 9
143. 6
142. 6

114 .0
113, .4
112 .9

48 . 6
48 .6
5 1 .8

306.5
305.6
307.3

7 .1
4 .2
5 .3

5.6
5.9
5.9

20 .8
24 .3
18 .4

33, .5
34, ,4
29, .6

2.1
3.1
2.9

142. 2
142. 2
142. 3

112 .6
112, .2
111, .5

54 .8
56, .4
56, .8

309.6
310.9
310.6

13. ,4
14, ,0
14, 6

4 .8
3 .9
5 .8

5.4
5.1
6.0

11, .3
10, . 1
16, .9

21, ,5
19, ,0
28, ,8

2.7
2.9
2.5

142. 6
142. 6
142. 7

111, ,7 e
111, .7 e
111, . 6 e

56, ,2 e
56, ,9 e
57, ,5 e

310.5 e
311.2 e
311.8 e

1.6
1.8
1.6

14. 9
15. ,0
15. ,0

4,.3
3,.9
5,>7

5.6
5.2
6.2

12, , 1
9,,8
13, ,4

22, ,0
18, ,9
2 5 . ,3

2.2
2.0
1.3

142. 7
142. 9
143. 3

111, • 7 e
111, ,7 e
111, ,6 e

58, . 1 e
58, .5 e
59, ,0 e

312.5 e
313.1 e
313.8 e

8. 2

1.6

15, 0

4, ,8

7.0

20. ,0

31. 8

1.2

143. 8

111. 8 e

59. 2 e

314.7 e

8. 4
8., 1

1.4
1.7

15. 0
15. 0

9,,4
4, ,5

5.8
7.2

22. ,8
15. ,7

38. 0
27. 4

0.7
1.7

2
9
16
23
30

8.
7.
8.
8.
8.

5
6
3
4
3

1.7
1.6
1.5
1.5
1.7

15.
15.
15.
15.
15.

0
0
0
0
0

6,,4
4, ,8
4 . ,7
6.,3
3. 1

7.4
7.3
6.8
5.9
7.6

16.
13.
17.
19.
28.

30.
26.
29.
32.
39.

6
0
3
0
0

1.7
0.8
0.8
0.8
2.1

6p
13p

8. 1
7. 2

1.6
1.6

15. 0
15. 0

3. 8
2. 8

7.8
5.2

28. 2
19. 4

39. 9
27. 5

2.2
2.2

Balance
at
Federal
Reserve

5 .5

9.3

23 . 2

10 .7
10 . 8
10 . 9

4 .5
4 .1
5 .2

5.9
5.6
6.7

1.6
1.5
1.6

l i .3
l i .9
12, • 5

5 .8
4 .2
4 .3

8,,6
8,, 1
8,,2

1.5
1.5
1.5

12, ,9
13. ,0
13, , 1

JULY
AUG.
SEP.

8.,3
7, ,7
8,, 1

1.5
1.5
1.5

OCT.
NOV.
DEC.

8,,0
8.,2
8.,4

1995-JAN. p
WeeK eadj-nq
1994-DEC. 19
26
1995-JAN.

FEB.

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Date

e
p

U.S. government deposits

estimated
preliminary




Note
balances at
depository
institutions

8
9
8
8
3

Total
cash
balance

At
thrift
institutions

At
money
market
funds

Total

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1
December 31,1994 and January 31,1995
(not seasonally adjusted)

Insured Commercial Banks
Amount Outstanding ($mil.)
Liability Categories

Dec. 31

Jan. 31

NOW Accounts

303,707

291,795

734,493
578,533

Savings Deposits
Personal

2

Nonpersonal
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days

Change
(percent)

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

Dec. 31

Jan. 31

-3.92

1.96

1.98

2

723,554
569,287

-1.49
-1.60

2.91
N.A.

2.98
N.A.

7
N.A.

155,961

154,266

-1.09

N.A.

N.A.

N.A.

32,686

31,899

-2.41

3.81

3.96

15

1.25

4.44

4.67

23

95,777

96,975

183 days to 1 year

161,804

163,845

1.26

5.12

5.39

27

1 to 2-V2 year

162,462

168,740

3.86

5.74

6.00

26

2-V2 years and over

190,959

190,852

-0.06

6.30

6.46

16

143,321

143,974

0.46

N.A.

N.A.

N.A.

All IRA/Keogh Plan deposits

3

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

2

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

Average Rate Paid (%)

Dec. 31

Jan. 31

Change
(percent)

Dec. 31

Jan. 31

11,317

11,137

-1.60

1.95

1.99

4

70,643
67,674

71,668
68,793

1.45
1.65

2.89
N.A.

2.92
N.A.

3
N.A.

2,969

2,876

-3.13

N.A.

N.A.

N.A.

2,166

2,044

-5.63

3.78

4.07

29

Change
(b. p.)

92 to 182 days

11,793

12,117

2.75

4.88

5.19

31

183 days to 1 year

18,753

19,370

3.29

5.49

5.76

27

1 to 2-V2 year

17,802

20,505

15.18

6.06

6.34

28

21,598

21,958

1.67

6.40

6.72

32

19,312

19,821

2.64

N.A.

-N.A.

N.A.

2-'/ 2 years and over
All IRA/Keogh Plan deposits

3

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 425 commercial
banks and 75 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.