Full text of H.6 Money Stock Measures : February 28, 1991

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

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
*4LR£'

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

FEBRUARY 28, 1991

Billions of dollars
Date

M1 J

M22

M33

DEBT

Seasonally adjusted
1989-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

785.7
784.7
781.3
776.8
774.3
779.3
779.9
781.8
787.9
788.9
793.6

3075.3
3084.1
3087.8
3089.4
3105..0
3129..4
3147..3
3162.8
3183.0
3203.4
3223.1

3935.7
3955.5
3963.1
3966.8
3982.8
4004
4012
4018
4027
4041
4055

4703.7
4735.5
4756.1
4762.9
4783.4
4807.4
4826.1
4834.5
4851.7
4869.4
4889.9

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4

3233..6
3255..0
3269..6
3279..9
3282.8
3290.6
3295..4
3309..4
3321..3
3325..2
3325.8
3330.5

4061..4
4073..1
4077..2
4082..7
4082..7
4085.8
4089.2
4103.
4108.
4111.
4110.
4112.

4895.3
4902.9 4914.6
4920.5
4903.2
4922.8
4928.5
4939.0
4963.6
4966.7
4974.8
4984.8 p

1991-JAN.

826.7

3332.5

4125.4

1989-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

772.7
775.6
791.2
767.2
773.9
781.9
777.8
778.9
784.5
791.4
811.9

3065.
3080.
3100.
3071.
3099.
3133.
3147.
3158.
3180.8
3206.7
3236.

3924.1
3952.8
3970..1
3950..0
3978..4
4006.8
4016.6
4016.8
4025..2
4048..4
4067..0

4695.2
4732.1
4763.9
4749.5
4777.1
4800.3
4823.7
4833.5
4848.8
4874.9
4907.4

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

802.4
788.3
796.2
818.0
797.3
810.8
812.9
814.5
818.9
817.6
826.1
844.3

3244.5
3245.6
3267.7
3292.8
3262.8
3284..1
3298..6
3310..1
3316..6
3322..5
3329..5
3344..6

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.4
4108.
4106.
4108.
4117.
4124.

4911.5
4893.9
4912.2
4930.3
4888.6
4914.1
4920.8
4937.1
4962.2
4962.7
4979.8
5004.0 p

1991-JAN.

833.2

3342.8

4131.5

9209.8
9279.9
9342.9
9403.6
9457.9
9506.9
9570.7
9629.1
9689.0
9751.7
9790.4
9831.3
9889.9
9959.1
10015.9
10059.9
10117.8
10183.5
10256.6
10313.6
10356.2
10416.1
10472.1 p

Not seasonally adjusted

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




9179.
9237.
9297.
9358.
9414.
9460.
9516.
9578.
9648.
9719.
9775.
9821.
9859.
9916.
9970.
10014.
10074.
10137.
10203.
10263.
10317.
10386.
10459.

H.6 ( 5 0 8 )
Table 2

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

Ml

M2

3 Months from OCT. 1990 TO JAN. 1991

2.7

6 Months from JULY 1990 to JAN. 1991

3.9

12 Months from JAN. 1990 TO JAN. 1991

3.9

3.1

M3

Debt*

0.9

1.4

6.1

2.3

1.8

7.0

3.1

1.6

7.0

1.6

1.6

Thirteen weeks ending FEBRUARY 18, 1991
from thirteen weeks ending:

NOV. 19, 1990 (13 weeks previous)
AUG. 20, 1990 (26 weeks previous)

3.9

2.5

1.8

FEB. 19, 1990 (52 weeks previous)

4.1

3.2

1.6

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
September 1990 to December 1990, June 1990 to December 1990, and December 1989 to December 1990, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions)
(2) travelers checks of nonbank issuers) (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float) and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreion branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits—incuding 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 a 1,1 balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository ins titut ions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
pvernments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages> consumer credit
including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.

f




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

1990-NOV. 26

822.0

823.5

M3

M2
13-week
average

4-week
average

824.7

3323.8

3325.6

week
average

week
average

13-week
average

4-week
average

3327.8

4110.1

4110.2

4111.2

week
average

DEC.

3
10
17
24
31

822.2
822.2
822.6
823.1
823.3

823.2
823.3
823.8
824.6
825.8

822.0
822.8
825.8
827.8
826.8

3324.3
3324.7
3325.4
3326.3
3327.3

3326.0
3326.5
3328.2
3329.1
3331.1

3326.4
3327.6
3331.1
3331.1
3334.5

4109.7
4109.6
4109.9
4110.7
4111.5

4110.5
4110.2
4112.2
4112.4
4113.2

4109.2
4111.5
4116.7
4112.1
4112.3

1991-JAN.

7
14
21
28

823.5
823.6
824.1
824.8

826.4
825.4
825.0
825.8

825.0
822.0
826.0
830.2

3327.1
3327.0
3327.9
3329.2

3330.8
3329.5
3330.3
3331.6

3326.3
3326.2
3334.3
3339.5

4111.3
4111.3
4112.5
4115.1

4113.1
4111.8
4115.8
4123.5

4111.3
4111.3
4128.1
4143.4

4
Up
18p

825.6
826.6
827.8

827.9
831.5
834.7

833.2
836.5
839.0

3330.7
3332.8
3335.5

3336.1
3342.8
3349.2

3344.3
3353.0
3359.8

4118.0
4121.8
4126.3

4132.1
4144.7
4154.4

4145.7
4161.6
4167.0

FEB.

Not seasonally adjusted

Ml
Period ending
1990-NOV. 26

13-week
average

4-week
average

M2
week
average

13-week
average

4-week
average

M3
week
average

13-week
average

4-week
average

average

820.5

826.6

821.0

3322.5

3329.9

3321.2

4111.0

4118.4

4113.9

DEC.

3
10
17
24
31

821.0
821.6
823.0
826.2
829.3

. 825.3
828.3
831.5
837.7
845.5

823.1
840.2
841.7
845.8
854.1

3323.1
3323.9
3325.8
3329.0
3332.3

3328.8
3331.9
3335.0
3339.4
3345.3

3326.5
3346.3
3345.9
3339.0
3350.0

4110.4
4110.4
4111.3
4114.0
4116.9

4116.5
4117.5
4119.7
4120.7
4125.3

4108.6
4129.4
4126.9
4117.9
4126.8

1991-JAN.

7
14
21
28

832.1
833.3
834.5
834.9

851.5
851.6
846.9
835.5

864.2
842.1
827.2
808.4

3334.6
3336.1
3338.0
3339.1

3350.7
3352.9
3353.1
3345.2

3367.7
3354.8
3339.9
3318.4

4118.2
4119.8
4122.2
4124.2

4127.4
4130.7
4134.8
4132.9

4137.8
4140.2
4134.5
4119.2

4
lip
18p

834.6
834.6
834.3

825.6
822.2
821.5

824.6
828.7
824.3

3339.6
3340.7
3341.8

3337.6
3336.0
3338.2

3337.3
3348.3
3348.7

4125.7
4128.2
4130.9

4132.5
4136.7
4141.4

4136.1
4157.0
4153.2

FEB.

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to
revision.
p—indicates preliminary data.



H.6 ( 5 0 8 )
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Nontransact ions
component s

Other checkable deposits

At

At
thrift
institutions5

General purpose
and broker/dealer
money market funds

Total

In M 2 6

In M3
only7

85.7

278.0

2381.0

855.2

296.3

8S.7
86.9
87.6

280.9
282.7
285.2

2395.1
2414.5
2429.5

844.5
837.7
832.1

303.1
309.9
313.6

198.3
199.6
201.3

87.4
87.9
88.6

285.8
287.5
289.8

2438.2
2453.9
2465.0

827.8
818.2
807.6

318.4
324.2
325.9

Date

Currency1

Travelers
checks

Demand
deposits3

commercial
banks4

1989-SEP.

219.2

7.2

277.4

.192.3

OCT.
NOV.
DEC.

220.0
220.5
222.2

7.3
7.4
7.4

279.7
278.3
278.7

194.2
195.8
197.6

1990-JAN.
FEB.
MAR.

224.5
226.6
228.4

7.5
7.6
7.6

277.6
279.4
278.9

APR.
MAY
JUNE

230.
231.
233.

278.1
275.8
276.3

202,
203.
205.

88.
88.
88.

291.
292.
293,

2472.2
2475.3
2479.1

802.8
799.9
795.2

327.0
325.3
327.5

JULY
AUG.
SEP.

235.
238.
241.

275,
278.
279.

203.
204.
205.

87.
87.
87.

291.
292.
293.

2484.7
2492.9
2499.5

793.8
793.8
787.0

329.2
335.8
339.2

OCT.
NOV.
DEC.

243.
245.
246.

277.
277.
276.

205.
207.
208.

85.8
85.8
85.0

291.8
292.8
293.7

2504.0
2502.5
2505.1

785.9
784.6
782.0

341.7
343.0
347.7

272.9

209.2

84.7

293.9

2505.8

792.8

356.3

1991-JAN.

251.6

8.4

Meek ending
1990-DEC. 24
31

246.
247.

278.
275.

209,
210.

84.8
85.1

294.
295.

2503.
2507,

781.
777.

347.
350.

1991-JAN.

7
14
21
28

247.
249.
253,
254.

274.4
271.8
271.5
272.3

209.
208.
208.
210.

84,
84,
84,
84.8

294,
292.
293.
295.

2501,
2504.
2508.
2509.

785.0
785.2
793.8
803.9

350.6
354.9
358.8
359.6

4
lip
18p

254.
254.
254.

273,
278.
279.8

210.
210.
210.

86,
85,
85,

296.9
295.8
296.2

2511.
2516.
2520.8

801,
808.
807.

358.8
359.3
358.4

FEB.

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions* the U.S. government
and foreign banks and official institutions> less cash items in the process of collection and Federal Reserve float.
4.
Consists of NON and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time
deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 4-continued

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

At
At
ccommercial
thrift
banks
institutions

Date

Total

Small-denomination time deposits2

Savings deposits 1

Money market deposit accounts

At
At
commercia il . thrift
institutions
banks

Total

At
At
thrift
commercial
institutions
banks

Total

Large-denomination time deposits 3
At
Af
commercial
thrift
banks*
institutions

Total

1989-SEP.

340.9

132.1

473.0

184.9

215.9

400.8

515.5

620.2

1135.7

397.5

170.6

568.1

OCT.
NOV.
DEC.

344.2
349.9
353.0

132.6
133.0
133.1

476.9
482.9
486.1

185.4
186.5
187.7

216.2
216.6
216.4

401.6
403.0
404.1

521.1
527.2
531.4

618.0
615.0
614.5

1139.1
1142.2
1145.9

399.6
401.6
401.9

166.5
163.7
161.6

566.2
565.3
563.5

1990-JAN.
FEB.
MAR.

355.3
358.1
360.9

132.8
133.8
134.8

488.2
491.8
495.7

189.6
191.4
192.1

216.4
217.3
218.2

406.0
408.7
410.2

532.8
536.9
540.7

613.7
609.9
609.3

1146.5
1146.8
1149.9

401.1
400.4
399.2

158.9
154.5
150.1

560.0
554.9
549.3

APR.
MAY
JUNE

364.4
366.1
369.6

134.9
134.3
132.6

499.3
500.5
502.3

192.3
192.7
194.0

219.1
218.6
217.8

411.5
411.3
411.8

544.4
553.4
563.8

607.8
600.2
590.8

1152.2
1153.5
1154.6

396.8
397.6
397.7

146.9
143.0
140.3

543.7
540.5
538.0

JULY
AUG.
SEP.

371.8
374.7
376.1

131.6
131.2
131.3

503.4
505.9
507.4

195.2
195.9
196.5

217.5
216.8
215.8

412.7
412.7
412.3

571.6
574.9
579.4

585.2
583.4
580.5

1156.8
1158.3
1159.9

398.7
395.8
390.9

136.4
133.4
131.0

535.0
529.2
521.9

OCT.
NOV.
DEC.

376.7
377.4
378.4

130.0
129.4
127.6

506.7
506.8
505.9

197.6
198.2
199.4

213.9
212.9
211.4

411.5
411.1
410.8

588.1
589.5
598.0

574.1
573.4
566.9

1162.2
1162.9
1164.9

386.8
387.4
386.0

128.3
125.1
121.0

515.1
512.5
507.0

1991-JAN.

377.6

127.4

505.1

201.4

210.6

412.0

601.4

562.1

1163.5

394.3

117.9

512.2

1990-DEC. 24
31

378.2
377.1

127.3
127.2

505.5
504.2

200.0
199.8

211.0
210.4

411.0
410.3

600.6
599.3

565.1
565.9

1165.7
1165.2

386.4
384.6

120.4
119.7

506.8
504.4

1991-JAN.

7
14
21
28

377.3
377.5
377.4
378.4

127.4
127.4
127.3
127.6

504.6
504.8
504.7
506.0

200.3
201.3
201.9
202.2

210.0
210.6
210.7
211.0

410.3
411.9
412.6
413.2

599.2
601.1
602.4
602.4

565.5
562.9
561.0
560.1

1164.7
1164.0
1163.5
1162.6

387.9
392.1
395.6
399.8

119.4
118.3
117.7
116.8

507.2
510.4
513.3
516.6

4
lip
18p

380.0
382.5
383.5

128.0
128.2
128.3

507.9
510.7
511.8

202.4
202.4
203.2

211.5
212.0
212.2

413.9
414.4
415.4

602.6
603.4
605.6

558.9
558.5
556.8

1161.4
1161.9
1162.4

399.4
400.6
401.9

116.2
115.4
114.6

515.6
516.0
516.5

Meek end ii*»g

FEB.

1.
2.

Savings deposits exclude MMDAs.
Small-denomination time deposits--including retail RPs—are those issued in amounts of less than $100>000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table ^-continued

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

Non-M3 Components of L
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper3

Federal
debt

Non-Federal
debt

1989-SEP.

101.6

115.6

310.1

41.0

349.7

2220.3

7408.8

OCT.
NOV.
DEC.

100.8
101.5
101.9

116.2
116.8
117.5

317.4
319.6
327.4

40.1
40.3
40.7

350.5
351.6
349.2

2239.5
2261.3
2268.1

7449.5
7490.4
7522.3

1990-JAN.
FEB.
MAR.

102.5
103.4
105.2

117.9
118.4
119.2

330.7
327.3
336.9

40.3
38.5
37.2

345.0
345.6
344.1

2275.9
2291.6
2316.1

7555.4
7598.3
7643.0

APR.
MAY
JUNE

106.9
107.6
108.1

119.9
120.7
121.4

329.9
315.4
331.7

36.0
35.4
34.7

351.9
349.1
349.1

2330.7
2345.2
2374.4

7685.2
7714.6
7743.4

JULY
AUG.
SEP.

109.8
114.0
116.2

122.2
123.0
123.8

336.0
334.7
341.8

33.0
32.3
31.8

348.2
345.9
357.9

2401.7
2438.9
2461.5

7781.9
7817.8
7852.1

UCT.
NOV.
DEC.

119.6
120.5
125.7

124.5
125.2
126.0 p

340.9
347.3
354.9 p

32.6
34.0
33.4 p

357.6
357.9
358.1 p

2474.3
2507.7
2534.7 p

7881.9
7908.4
7937.3 p

1991-JAN.

130.1

Week ending
1990-DEC. 24
31

127.4
126.4

7
14
21
28

124.4
129.4
131.4
133.4

4
lip
18p

133.6
138.6
141.1

1991-JAN.

FEB.

1.

Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions,
Federal Reserve Banks, money market mutual funds, and foreign entities.
2.
Net of bankers acceptances helo by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and
money market mutual funds.
3.
Total commercial paper less commercial paper held by money market mutual funds.
4.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p--indicates preliminary data.






so 00 vio^ln-P

w roM

0(0

H . Z Z O - H . Q . » W

O
3
W
0)
0-

3
(0

C
HC
fl)
M
-h

w

3
ft)
1
?T
(0

3
W
HH-

3
ft)
1
T

<3 3H-

3
0

O

M.

C
H-

3
w

<

o

o
w

(D
"O

a.

3"
0)
3

C/>H-H-

l

0.1

a

3 3
ft) (0
H(0 QL
0.(0
"0
O
W

(0 H-

H-W
J 3
(0 fl)

(0 fl)
W 3
W Q.

w

w 3

O W
3 fl)
H-<
< M-

O
3
W

£ i"

T3 • W
O
v
*T
ft)

O O H<
O fl) 0

-J

o

a.

•<

S-o

<

• fl) - ( 0 3
G0MW
3 W
(0 H• ft) 3 " 0 " W H - O 3 "
3 0) T
H- ^"(0
"J O "Jft)H-rt- w
M M ( 0
(0 (0 3 3 C
O ft)
< W W
O
H0H0.3" H-H-KC
(0 3 Q . - " * (0 3 " 0
H"O O (0(Qft)W (0 3
3 HO 3 3 0 -•»
W
O w
W (0 H - 3 H-Q>TJ
H <
w (0
3 T 0
Hv. -j 0 ~ Q _ 0 Hft) - K
0 3
ft)
fl)
0 7
1 ft) 3 H-H-ft) (0 (0
D(Q W
(0
< T O
ft)(T
- T
~
* - 3 T J 33 (0
„ W
H«T3
W O
H-(0 (0 C O 3
ww
3 H-K 1 I D O O T
C HW
"O W H.-fcfl)
(0 HH - 3 3 O v (0
3
H - C ft) W
WO
-J 0
w -j
H - H - - J (0 ft) O H C C 3T 3 0 H - 3 "
H-A) (0 fl) Q - - K H - 0
H-h-H-3
(D W
1 3
O
Q - Q - - K O (0
ft) W
3 -+»-h
(0 O HW C C C T 3 -J H . Q . < H (0 H 3 3 T fl) (0 O C
H - Q . Q . 0 3 H O (0 H - H (0 C
O W
7TQJQ
T H• O"(0
3 fl) HW HO ft) 1 a
3 0
HH-«\(0 I X Q .
o
J * ft) Q-"0 ft) Q .
O 3
3 (0 O 3 - n ( 0
3-W
O fl) W / C ( 0 T 3
(0 •
(0 M H-W 0 . 0
O
HW (0 rfr-v (0 W
-} W
-J H« W
3"
w ft) ft) H a) ~H.s.
fl) 3 H - O
3
3
H-Q. -j
W 2
?CK
H-2Hrm(0
H-O3"0.W H>
H - > T ( Q (0 3
C w H . ( 0 "2 w
f+-+* < r+
O"
HH-fl) H - > ( D H O
3 W O
rh
O
3 Q-- H--*»C

H - C 0 " 3

0TO
< 3
I
ft) O
H-3

3*

3 0) 0 (0 ~ < 1 r«Q O O f t ) H - ( 0 3 H .
M . ^ - W H < Q (0 3 H . J I 2 3 W 3 0 a
3 (0
3 * • 0)
._. _
.. W
*5"..
0)
0)ft>
3 C
3 (0
fl)
0 - (0(Q
3 (0
3 2
3 .( H
0 ' (0
H-5.H
-J
0)
(0 H - _3 " .5 0. 3: 3:
H --C
C
< 0 - 3 Q-TKO
(O H
H-QL"OQ-Q.fl)
- Q L " t > Q - 0 . fl)
Q.-J A) 3 " (0 W
3 0 0 - 0 CO
Q.H0) H-r4-73*0
> > Q - 0 (0 - h *
0) Q) o * 3
"DO W H - H
3*0
H ~ 1 0 * 0 0) W W 3 ( / ) C / ) 0 3 0 C H
0)
0 3"C 3
H.Q.
- h ( 0 W • "J
7"(0 -J Q-Q) H- 0"0"-K"? H - C / X O
(0 W O
3 W m i lfl)H - O H - 0)
1
0 0 Q_* C M M O H-W
W
NO WO
-J 0) 0) H - O ) • Q . C
-L-K(0 3 r(0
a-c. (D. a_ c- „
filCO)
(I
ft)
M « 3 H--J
3 0 -J
3 O
H - W W H-O)
*7 - n
(0 C 0 Q . C a n 3 3
i (0
H
o
33
a>
at
a)
w
0 ~ 3 M " 0 " J H-H-H-W
O.Q.
~ 1(0 M W W
(0 (0
3 1
O fl)
3 HH"
\ r f j
3 -K© O -h
3 ^»
X Q.-J (0 m ( 0 H - - J 3 O
fl) (0
O (0 0) H - C < W O W -J
H-W
-J 0) O 0 - - J
* H . N . (D (0 CD
H-t-'#4O 3
ft)
H«
0.(0
0~Q.ft> O H h < Q
T~t7O<0-tl
(0 3
H.w-O
M"*"(0 0"W l
H-(0
Q_. (fl H'H->(0 Q.fl) W -J
1
(0
3 A) H - H - 3
fl) CD
H-W - I
H-^O M
<
fl)
W H-W -K W 0) fl)
W H - C C <* W H - (D W
•J
C H - 0 3 3
3-<0
W ft)
(o c -+.Q.H.C
a
OLrH
O • H-

H - 3 " O T

H.H<Q
W C O 3 C C O O 3 ( 0 3 C C
0 0 I D « H - 3 0 3
3 3 3 Q . 3 5 r f T
W W ft) M W 1
D I V 3 C C V I C
H-H-<0 (0 A) H ' 3 0 O H - H . - K 3 C H-<0
(0 (0 "J Q . M W H - - h - h W W 0 0 . 0 . 0 ) 3
WWW
H*-<+-t
(0 3 0
M O " - H W o M O w w to O L Q - Q X
"0(0
< C
-hft) <
H.(0
H.
-J W O
3 0
T 9 0 OIQTJ H O 0
(0 H - C - f c C L - h O l Q "J - * - K 3 0 3 ( 0 C
H-H-T 0 W
< (D 3
W
H-

n a - H 3 no) w w n n B O H . o n

I I
i i

"0(0

05M^

o>o>o>

>JUT>IIM

Ps>MUl*«
viroso

ONO^UI^

ON ON ON

UlWMW

H H H N
CDsOsOO

viiNroui

O O M W

0)N>J^
OSOOO-NJ
O-PUIO

M-vi-viUi

rorororo
UiincnlTi
M M M O
ororo w

N W O

sO^OO

M M M
sOSN

HO^O

UlUiUl
poorv)

0>09">J
OOsO
•C03C0

JMJT>I

rororo
UiuilTi
r*y-*h*
•^soro

0 > S O O O

ooooo>o>

UlsO*"

0»0>WS

•VJVT'MNJ

rororo
MH')-'
O N H

sO NO NO

iN>r^roiv>
O H H N
O^r0«sJM

a>wa>

>J^O

vMroroa*
rocoroln

ooso

iv>iv>rN>ro

VO0»G0O>

rororv*

(0 (0

OsOvO

uiro

^00

^•P>

MON

POM
OOO

oo

wrv>

UlUi

>J"M
-sj>4
OCO

sor\>

sOsO

roro

ONfV)

rv>rs>
sOvO

0900

03VAI

roro
M M
fV>M

MGO

soo

roro

0000

sOrv>

sOOvOO

W W H

wr\>

r»rv>rvorv> rorv>

roroM

o

m

vO
O
I
O

Mroro

•o-o

z

>

sO
M
I
C

as

in

VA4

vj

CD

oo

VI

o

00

00

c

SO
vO
M
I

M

-<

COOOOO

- s j 0 3 0t>

UTNIOO

QS (Js Q*s

sOOsO

-Nlvl^j
OOO^O
sOOOPO

<Tv7>->l

sunn

sOsOOO

Qs

N O ^ O rovj^o

o^ooui

W N H
MvlOO

Comw

POIV5W
N H O

www www www

sOvOsO

M M M
«P^t>

ouich

vlvl^

Qs QS

M O W

000000
O H M
OOO^IM

U1P0M

x4lXI^

popors)

MUlO^

pororo
sO 0000
O U l vO

vlUlvj
ooooo

oo oo oo

<PvJv7>

N H N
OsOO
IV>vOrO

ONWCO

rvjr^po
NS09
MMfNJ

W N O

•'sIS"^

W W N
s04MJ1

(JIUIM

M M M
(JKMJ1

soviw

0^O'4>'

Qs 0 \ Q*s

vlUlO

-N|00>|
SOOVO
O^MOO

WU100

vjO">-M

POPS>PO

vIMM

r^rv>w
sO 00 O
NvOH

CO COM
virvjOi

ooooso

OsO<7>

rororo
O O O
-POsO

rOsOO

rv>rv>po
-N|V7>09
Ul0>O

MlHW

0>>J*>4

&&&
•vJ^M

UlMOO

M M M
(MXltn

r^roro
rv>rs>rs>

^MvO V i ^ W
sOODO
M ^ O

roivjro
wwiv)

www

rOtMUl

H"MM
sOvl-sJ

-g-Po oinro

UlvT«0>
^OvT

M O a

vl-Nlvl
000000
OOOUl

W W O

O O O
OVNUI

pororo

vOsO-P

rs>rorv>

HsOsO
M-P-sl

s O s O CO
O^MOO

vOOOOO

r\>rv)ro

vIvlOO
MO^ro

UlWlTI
Uix0-P>

rororo

ooo)0o

sOCO-P

000)00

•POO

iv>rorv*
O O O
W M M

IN) COW

sOvTIO

rororo
M O O
h-'&Krt

roror*
S>J-N|
OO-NI

rororo
0>0>v|
sOOOO

C0s0>7>

MsOS
O-P^IM

sOUirV>
O^->J0J

030^

Nroivj
^wW

(/>>(- L 2 > 2-nL
m c c C>"0 > m >
T3C)r- Z-<» »0BZ

rorora
^^^

OZO
moo
0<H

sO
sO
O

"O

(/>

m

M M O
W O N

www

WMO

^W4N

<js o^ o*
W N H

O M ^

w^*»

CDOOOO

NHvO
•PUitr*

sO
in

ro

un

\J\

w

PO

w

rococo

rororvj

PO
vj
a

00
Ui

C7N

ropopo
OOOOvl
ttHM

OOOOOO
Oo v i a *

r\>C0Ui

Ps>MM
OsOsO
O ^ M

M M O

vOOOOO

rvoivjpo

M
NO
O

ITIMSO

sOOW

M
00

POPOM

rororo ro

0 < H

moo

O Z O

M
sO
CO
sO

o

O

3;
-vlW

-K(0T3
C ft) 0
3 MW
0 . ( 0 (0
w -j

a-?

"TO
(0 -JT3
H--S.C

3
O ft)
3 3 0
(0 0 . ( 0
<
3
O*(0
3 -J -J
fl) 0 0)

W H-

H-M-

0 -J
H :

3?
0.(0

•s-

73(0
•a-j
W 3
08H-

<

O M
3 3

H-HH-3"
H-T >
C H-H-

w

3

0"3
0) 3
3 » >
^"•7 HW 0
ft)

w

H-Q.

H-3

Q.
(0 O
TJ (0
O 3
W ft)

w

-J
3 " ft)
(0 <
0 (0
7TM
W (0
NT

o

z
o

3
H-J
fl)
3

w

(0 fl)
3 0
r*-r4W HO
3

3 w

0
0
3
"O
0

m

DO

m

z
o
o

>

H

>
m

o

O
C

!5.0

>

Q)

"X

a) O

H-

is

ft) - i
ww#

8-5

S'S
3-D
oO

(0 —
in
ino
00

H ' V 9 ft) •
H A
0"O

H.6 (508)
Table 5-continued

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

At

Small-denomination time deposits2

Savings deposits 1

Money market deposit accounts

At
thrift
commercia.1
institutions
banks

A
At
*
thrift
commercial institutions
banks

Large-denomination time deposits3
At
At
commercial
thrift
4
banks
institutions

Date

banks

At
thrift
institutions

1989-SEP.

339.8

132.1

471.9

184.4

215.9

400.3

516.3

619.6

1135.9

399.1

171.8

570.9

OCT.
NOV.
DEC.

343.3
351.9
356.5

132.8
133.6
133.7

476.0
485.5
490.2

185.9
186.2
186.4

216.7
215.9
214.2

402.6
402.1
400.6

521.7
525.8
529.2

617.8
615.6
613.8

1139.5
1141.4
1143.0

400.9
402.6
400.4

168.8
165.6
162.6

569.7
568.2
562.9

1990-JAN.
FEB.
MAR.

357.8
359.2
362.8

133.8
134.2
135.5

491.5
493.4
498.3

188.1
189.7
191.9

214.7
215.4
218.0

402.9
405.1
410.0

533.4
537.8
540.6

614.4
610.8
609.2

1147.8
1148.6
1149.7

399.5
399.2
399.1

158.3
154.1
150.0

557.8
553.3
549.1

APR.
MAY
JUNE

364.6
362.7
367.4

135.0
133.0
131.9

499.6
495.7
499.3

192.9
193.3
195.3

219.8
219.2
219.3

412.7
412.5
414.6

544.4
552.9
563.9

607.8
599.6
590.9

1152.2
1152.4
1154.8

394.6
397.1
397.2

146.0
142.8
140.1

540.6
539.9
537.2

JULY
AUG.
SEP.

369.1
373.5
375.0

130.6
130.8
130.9

499.8
504.3
505.9

197.2
196.5
196.2

219.7
217.5
215.4

416.9
414.0
411.7

573.2
575.8
579.1

586.8
584.3
580.2

1160.1
1160.2
1159.3

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

375.8
379.7
381.6

129.7
130.1
128.7

505.6
509.8
510.3

198.2
197.9
197.7

214.4
212.6
209.6

412.6
410.5
407.3

588.0
588.4
596.0

574.0
572.5
565.0

1162.0
1160.9
1161.0

389.2
389.9
386.0

129.1
125.9
121.0

518.3
515.9
507.1

1991-JAN.

380.5

128.4

508.9

199.9

209.0

408.9

601.8

562.5

1164.3

392.6

117.4

510.0

1990-DEC. 24
31

380.4
379.4

128.1
128.0

508.5
507.3

197.3
197.6

208.2
208.1

405.5
405.7

597.9
597.8

562.6
564.5

1160.5
1162.4

385.7
384.0

120.2
119.5

505.9
503.6

1991-JAN.

7
14
21
28

382.0
382.0
380.0
378.9

129.0
128.9
128.2
127.8

511.0
510.9
508.3
506.7

199.8
200.2
200.1
199.7

209.6
209.5
208.9
208.3

409.4
409.7
409.0
408.1

599.3
601.7
602.9
602.9

565.7
563.4
561.4
560.5

1165.0
1165.1
1164.3
1163.4

386.7
391.6
393.8
397.2

119.0
118.2
117.2
116.0

505.7
509.7
511.0
513.2

4
lip
18p

380.8
384.1
385.1

128.3
128.8
128.9

509.1
512.9
514.0

200.3
201.0
201.6

209.4
210.4
210.5

409.7
411.4
412.0

603.4
604.4
606.3

559.7
559.5
557.5

1163.1
1163.9
1163.8

396.7
399.7
400.8

115.4
115.1
114.3

512.2
514.8
515.0

icommercial

Total

Total

Total

Total

Neek ending

FEB.

1.
2.
3.
4.

Savings deposits exclude MMDAs.
Small-denomination time deposits — includinq 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, and foreign banks and
official institutions,
P- -indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s o f d o l l a r s , not seasonally adjusted
Term RPs1
InstitutionAt
only money commercial
market funds
banks

Date

At
thrift
institutions

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
s
paper i

Federal
debt

Non-Federal
debt

311.8

41.6

348.0

2202.5

7375.8

321.4
325.5
336.7

40.4
41.0
41.7

345.8
343.3
344.7

2224.5
2252.7
2265.9

7424.0
7466.5
7509.9

118.0
118.5
119.4

338.0
328.8
337.2

40.4
37.5
36.1

347.3
347.6
343.8

2277.5
2295.0
2319.2

7543.6
7564.6
7597.1

65.
67.
64.

120.
120.
121.

328.
310,

321.4

35.
35,
34.9

355.
357.
355.

2331.0
2339.7
2363.0

7639.7
7674.4
7711.2

122.2
122.8
123.5

325.8
330.0
344.3

33.
32.
32.

348.
343.
355.

2386.8
2422.4
2444.5

7750.6
7780.8
7818.8

124.
125.

345.
353.
365.

32.8
34.6
34 3 P

351.8
349.2
353.8 p

2459.3
2498.8
2532.1 p

7858.1
7887.8
7927.1 p

Term
Eurodollars2

Savings
bonds

114.7
110.8
110.1

85.9
80.3
79.3
81.0

115.4
116.0
116.6
117.3

97.5

74.2
68.4
66.7

98,
99.

Total

1989-SEP.

99.2

48.7

66.0

OCT.
NOV.
DEC.

98.7
102.1
102.8

49.6
51.1
47.0

61.2
59.0
51.8

1990-JAN.
FEB.
MAR.

105.9
107.1
106.8

47.9
51.6
50.1

49.6
48.9
48.3

APR.
MAY
JUNE

105.9
106.8
106.2

49.
50.
53,

48.
49.
48.

JULY
AUG.
SEP.

108.
113,
113.

53.
55.
51,

47.
46.
46.

100,
102.

98,

65.
68.
69.

OCT.
NOV.
DEC.

117.
121.
127.

50.
52.
47.

44.
43,
42.

95.
95.
90,

71.1
69.3
69.3

134.8

47.2

42.0

89.3

69.0

1990-DEC. 24
31

128.8
128.0

46.
47.

42.8
41.9

88.9
89.3

69,
69.

7
14
21
28

124.
135.
137.
139.8

45.
45,
47,
49,

41.8
42.0
42.5
42.1

86.8
87.5
90.4
91.4

67.0
67.4
69.9
71.2

138,
144,
145.

50.
49.
46.

41.4
41.6
40.9

91.4
90.9
87.0

69.8
71.6
69.9

1991-JAN.

Debt components6

Non-M3 Components of L

98.8

100.5
98.4

102.

125.8 p

Week ending

1991-JAN.

FEB.

4

Up
18p

1.
2.

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.
3.
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.
4.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6. . Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted
Demand deposits
at banks due to

Date

IRA and Keogh Accounts

U.S. government deposits

Time and savinas
deposits due to
Foreign
Foreign
foreign banks
icommercial
official
and otficial
banks
institutions
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
At
deposits
At
thrift
at commercial commercial
institutions
banks
banks

At
money
market
funds

Total

1989-SEP.

9.2

1.8

3.4

19.4

32.6

266.4

3.4
3.4
3.3

5.9
5.2
4.8

17.4
11.2
14.4

26.5
19.9
24.5

106.0
107.3
108.0
108.7

28.2

1.8
1.6
1.6

1.2
1.3
1.3
1.3

132.2

9.7
9.2
9.5

5.5
3.3
3.5
5.2

7.8

OCT.
NOV.
DEC.

132.5
132.3
133.3

28.9
29.3
29.9

268.7
269.6
271.8

1990-JAN.
FEB.
MAR.

9.7
9.0
9.0

1.6
1.6
1.6

3.4
3.4
3.4

4.4
3.5
3.6

6.0
6.2
5.3

18.8
18.5
13.1

29.
28.
22.

1.3
1.3
1.3

110.3
111.9
113.3

133.9
133.9
133.9

31.4
33.0
33.6

275.7
278.9
280.8

APR.
MAY
JUNE

9.2
9.4
9.1

1.5
1.7
1.5

3.4
3.4
3.3

4.4
5.1
5.0

14.9
21.8
15.4

30,
25,

24.4

115.6
117.7
119.5

134.0
133.8
133.6

34.0
34.2
34.3

283.6
285.8
287.4

.JULY
AUG.
SEP.

9.0
9.2
9.4

1.5
1.8
1.9

3.3
3.2
3.2

5.4
5.4
6.4

11.9
19.7
25.9

20.
28.
37.

121.
122.
124.

133.5
133.1
132.7

34.4
35.2
36.9

289.0
291.0
294.0

OCT.
NOV.
DEC.

9.0
8.9
8.8

1.5
1.4
1.4

3.6
3.3
3.2

5.5
5.6
5.2

17.5
15.4
18.1

26.4
24.8
28.2

126.8
128.6
130.3

131.2 e
130.4 e
130.0 e

37.8 e
38.1 e
38.4 e

295.8 e
297.0 e
298.7 e

1991-JAN.

9.2

1.5

3.3

7.8

24.5

37.2

132.3

130.7 e

39.1 e

302.1 e

8.6
8.8

1.6
1.4

3.2
3.3

5.
5.

30.9
27.3

41,
37.

1.7
1.5 .
1.4
1.4

3.3
3.2
3.3
3.3

6.
5.
5.

10.

15.4
12.6
29.8
35.3

27.
22.
41.
50.

1.4
1.5
1.6

3.3
3.3
3.3

14.
8.
12.

35.4
33.8
35.3

55.
45.
52.

4.9

Neek ending
1990-DEC. 24
31
1991-JAN.

FEB.

7
14
21
28

10.1
9.1
8.1
9.8

4
lip
18p

8.1
8.4
8.1

-indicates estimated data,
-indicates preliminary data.




1.4