Full text of H.6 Money Stock Measures : January 22, 1993

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•isSSfei-

FEDERAL RESERVE statistical release
H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JANUARY 22, 1993

Billions of dollars
Date

Ml 3

M2*

DEBT5

M3 3
Seasonally adjusted

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1992-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC. p

826.2
836.2
842.3
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.1
910.4
931.0
939.0
942.8
954.3
951.7
960.5
973.1
988.6
1007.3
1019.0
1024.3

3344.0
3369.4
3386.9
3394.8
3405.6
3411.8
3407..5.
3409..7
3411..9
3417..9
3431..6
3439.8

4125.9
4160.2
4165.8
4168.6
4170.5
4167.9
4157.5
4156.8
4152.8
4159.0
4166.9
4171.0

4980.6
5007.2
5002.5
4976.7
4956.7
4984.9
4990.0
4983.6
4972.6
4976.3
4989.4
4988.1

10777.2
10825.4
10863.3
10886.8
10940.8
10993.9
11026.7
11062.9
11094.8
11133.4
11174.6
11201.3

3447.
3474.
3475.
3471.
3473.
3464.
3461
3471,
3481
3497.
3507
3504.

4173.7
4198.7
4191.8
4179.4
4178
4166
4162
4176
4183
4184
4191
4175

4980.6
5009.1
5019.9
5013.0
5003.5
5015.3
5007.1
5024.2
5041.6
5049.9
5072.5 p

11237.5
11288.2
11345.0
11397.4
11443.1
11490.3
11527.2
11564.7
11596.5
11622.8
11684.7

Not seasonally adjusted
1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1992-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC. p

832.7
823.4
835.0
853.0
841.7
858.1
862.3
864.5
867.4
875.5
893.9
917.3

3351.3
3358.3
3388.4
3410.8
3388.7
3408..0
3410..6
3409..3
3404..1
3413..3
3434..9
3453..6

4129.8
4150.7
4171.5
4182.9
4156.9
4165.4
4158.8
4160.2
4145.0
4149.9
4169.1
4181.7

4998.5
5002.0
5009.8
4989.2
4941.7
4973.0
4981.5
4978.1
4963.5
4966.1
4996.7
5008.3

10765.6
10796.3
10826.0
10845.9
10893.9
10944.3
10978.1
11018.7
11062.0
11108.0
11152.8
11191.4

918.2
916.8
930.8
954.7
944.0
952.1
963.0
970.6
983.0
1001.2
1021.9
1046.2

3455..5
3461..6
3476..3
3489..6
3455..3
3460..0
3464..7
3470..2
3473..3
3492..4
3510.8
3520.5

4178.8
4188.2
4196.9
4196.2
4164.4
4163.8
4163.
4179.
4174.
4175.
4193.
4189.4

4998.6
5002.4
5026.9
5027.9
4987.0
5002.5
4998.7
5017.8
5031.3
5038.8
5079.6 p

11224.9
11256.4
11305.3
11354.3
11394.7
11441.2
11481.9
11526.6
11569.0
11600.9
11665.6 p

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




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt1

3 Months from SEP. 1992 TO DEC. 1992

14.4

2.5

-0.7

4.2

6 Months from JUNE 1992 to DEC. 1992

15.3

2.3

0.4

4.2

12 Months from DEC. 1991 TO DEC. 1992

14.1

1.9

0.1

4.6

OCT. 12, 1992 (13 weeks previous)

16.4

3.1

0.2

JULY 13, 1992 (26 weeks previous)

14.3

2.0

0.4

JAN. 13, 1992 (52 weeks previous)

14.1

2.0

0.3

Thirteen weeks ending JANUARY 11> 1993
from thirteen weeks ending:

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
August 1992 to November 1992, May 1992 to November 1992, and November 1991 to November 1992, 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 snare 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, savings deposits (including money market deposit accounts),
small-denomination time deposits (time deposits--including retail RPs—in amounts of less than $100,000), and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks, money market funds (general purpose and broker/dealer), foreign governments and commercial banks,
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository 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 of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
overnments 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-averaqe 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.

?




H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
Ml

Period ending

13-week
average

4-week
average

1992-OCT. 19
26

983.6
987.2

1000.7
1005.2

M3

M2
13-week
average

4-week
average

1005.1
1009.1

3478.6
3481.3

3490.6
3494.4

week
average

13-week
average

4-week
average

week
average

3495.8
3495.9

4178.5
4180.2

4179.7
4181.5

4182.0
4187.2

week
average

NOV.

2
9
16
23
30

991.1
994.8
998.5
1001.8
1005.0

1009.5
1012.6
1017.1
1018.4
1019.2

1017.0
1019.0
1023.2
1014.5
1020.0

3484.7
3487.9
3491.1
3493.4
3495.5

3499.6
3503.6
3508.0
3508.5
3507.2

3508.3
3514.5
3513.4
3497.8
3503.1

4182.1
4183.7
4185.0
4186.2
4186.3

4189.2
4189.0
4191.8
4192.1
4191.0

4192.1
4194.5
4193.3
4188.3
4188.0

DEC.

7
14
21
28

1008.1
1010.8
1013.0
1016.0

1020.1
1019.7
1021.0
1023.4

1022.7
1021.5
1019.7
1029.5

3497.8
3499.6
3500.8
3502.5

3506.1
3504.3
3504.7
3504.6

3510.1
3506.3
3499.1
3502.8

4186.9
4186.5
4185.5
4184.5

4189.5
4188.0
4184.4
4179.2

4188.4
4187.1
4174.1
4167.1

4p
Up

1018.2
1020.3

1024.9
1028.0

1028.8
1033.8

3503.0
3503.2

3500.5
3499.1

3493.8
3500.5

4183.0
4179.6

4167.3
4158.5

4140.8
4151.9

1993-JAN.

Not seasonally adjusted
Ml

M3

M2

Period ending

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1992-OCT. 19
26
NOV. 2
9
16
23
30
DEC. 7
14
21
28
1993-JAN. 4p
Up

979.4
982.7
986.0
989.5
993.6
997.5
1002.0
1006.0
1009.8
1014.6
1020.9
1026.3
1030.8

993.9
999.6
1001.1
1006.7
1013.1
1018.2
1022.0
1026.3
1029.8
1037.9
1044.4
1051.7
1056.6

1002.6
990.2
1008.1
1025.7
1028.4
1010.6
1023.2
1043.1
1042.4
1042.8
1049.3

3474.5
3476.8
3479.5
3482.4
3486.0
3489.1
3492.1
3495.5
3498.2
3501.9
3506.4

4174.9
4175.7
4176.2
4177.2
4178.3
4179.7
4180.8
4182.2
4182.5
4183.5
4185.4
4186.7
4185.5

4175.9
4161.6
4179.1
4202.7
4199.4
4183.2
4187.8
4205.4
4205.6
4183.5
4172.5

3509.7
3512.3

3495.9
3476.6
3499.8
3522.7
3522.1
3496.4
3500.7
3530.5
3527.5
3514.4
3508.0
3532.6
3533.0

4169.5
4172.6
4177.4
4179.8
4185.7
4191.1
4193.3
4194.0
4195.5
4195.6
4191.8

1072.1
1062.3

3483.6
3490.1
3492.7
3498.8
3505.3
3510.3
3510.5
3512.4
3513.8
3518.3
3520.1
3520.6
3522.0

4184.7
4177.9

4177.2
4178.2

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



H.6 ( 5 0 8 )
Table 4

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

Other checkable deposits
At
commercial
banks 4

Currency 1

Travelers
checks 2

Demand
deposits3

1991-AUG.
S~P.

261.3
262.9

7.8
7.8

280.1
280.6

229.5
232.4

OCT.
NOV.
DEC.

264.8
266.0
267.3

7.9
8.0
8.2

283.8
287.6
289.5

1992-JAN.
FEB.
MAR.

269.4
271.6
271.8

8.2
8.1
8.0

APR.
MAY
JUNE

273.6
274.7
276.2

JULY
AUG.
SEP.
OCT.
NOV.
DEC. P

At
thrift
institutions5

Total

In M 2 6

In M3
only 7

87.8
88.2

317.3
320.6

2543.2
2539.9

747.0
740.9

235.4
239.2
241.6

89.1
90.5
91.6

324.5
329.7
333.2

2537.0
2540.3
2541.7

741.1
735.2
731.2

293.9
305.1
309.6

245.9
250.7
252.8

93.2
95.6
96.7

339.0
346.3
349.5

2537.1
2543.3
2536.7

726.1
724.3
716.2

8.0
8.0
7.9

311.2
315.1
311.0

252.9
259.3
259.5

97.1
97.1
97.2

350.0
356.4
356.7

2528.7
2518.7
2512.4

707.8
705.7
702.6

278.9
282.3
286.4

7.8
7.9
8.3

315.6
320.6
327.8

261.0
263.9
266.1

97.2
98.3
100.0

358.2
362.2
366.1

2501.1
2498.1
2493.2

701.3
705.1
701.2

288.4
290.0
292.5

8.6
8.6
8.6

336.2
339.2
338.9

272.3
278.4
280.4

101.7
102.8
103.8

374.0
381.2
384.3

2489.9
2488.4
2479.7

687.5
683.8
671.9

290.1
290.1
290.6

8.6
8.6
8.6

340.8
337.1
341.3

279.7
277.9
276.7

104.0
100.8
102.8

383.7
378.6
379.6

2490.2
2483.3
2483.1

679.9
690.5
684.9

7
14
21
28

291.0
291.5
292.2
294.0

8.7
8.6
8.6
8.6

339.1
339.4
336.4
341.2

280.1
278.7
280.6
280.0

103.9
103.3
101.9
105.7

383.9
381.9
382.5
385.7

2487.4
2484.8
2479.4
2473.3

678.3
680.8
675.1
664.3

«P
lip

294.5
294.5

8.6
8.6 e

333.0
339.0

287.0
286.9

105.7
104.9

392.6
391.7

2465.1
2466.6

647.0
651.4

Date

Week ending
1992-NOV. 16
23
30
DEC.

1993-JAN.

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and foreiqn-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 foreiqn banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including
money market deposit accounts) and small time deposits. 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 overniaht 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 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
At
At
commercial
thrift
banks
institutions

Date

Small-denomination time deposits2

Total

At
At
thrift
commercial
institutions
banks

Large-denomination time deposits 3

Total

General purpose
and broker/dealer
money market funds

Institutiononly money
market funds

At
At
commercial
thrift
4
banks
institutions

Total

1991-AUG.
SEP.

630.4
636.7

363.
365.

994.
1002.

621,
619,

499.6
491.5

1120.8
1111.0

362.4
359.9

158.
162.

372.1
368.1

93.5
90.4

465.6
458.5

OCT.
NOV.
DEC.

645.7
655.4
664.9

369.
373.
377.

1015.
1028.
1042.

614.
606.
598,

481.1
472.8
464.5

1095.
1079.
1063.

359.3
359.5
360.5

168.
173.
179,

362.6
357.1
354.0

87.4
85.1
83.1

450.0
442.3
437.1

1992-JAN.
FEB.
MAR.

676.0
688.9
695.2

385.2
395.0
402.7

1061.2
1083.9
1098.0

587.
576.
569.

455.
443.
433.

1042.9
1019.8
1002.8

358.
361.
358.

182.4
188.2
185.3

346.4
341.7
336.8

81.4
79.1
76.1

427.9
420.7
413.0

APR.
MAY
JUNE

703.2
707.9
710.7

408.
414.
416.

1111.2
1122.4
1127.0

566.
558.
551.

419.
410.
404.

985.3
968.7
956.2

355.
356.
355.

189.2
194.8
199.7

331.9
329.6
325.5

73.8
71.3
69.8

405.7
400.9
395.3

JULY
AUG.
SEP.

716.3
724.3
734.4

418.
421.
425.

1134,
1145,
1159,

543.6
534.8
527.3

398.8
393.1
387.9

942.4
927.9
915.2

351.
349.
344.

207.
217.
217.

319.1
316.4
312.0

69.5
68.2
68.0

388.5
384.6
380.0

OCT.
NOV.
DEC. P

743.4
749.9
753.3

428.
431.
433.9

1171.6
1181.8
1187.2

519.4
511.6
507.0

379.
372.
366.

898.8
884.3
873.3

347.
348.
347.

205.
203.
194.

305.3
302.3
300.1

67.9
66.5
65.2

373.2
368.8
365.3

752.0
749.3
748.7

431.8
432.1
432.8

1183.8
1181.4
1181.5

511.8
510.4
509.2

373.2
371.7
370.5

885,
882,
879,

348.
346.
348.

201.3
205.1
203.2

302.2
303.4
303.1

66.6
66.2
66.2

368.9
369.6
369.3

7
14
21
28

752.3
756.0
754.4
752.0

433,
433,
434,
434,

1185.9
1189.6
1188.8
1186.2

508.1
507.8
507.4
505.8

369.2
367.0
365.3
364.7

877.3
874.8
872.7
870.6

348,
347.
347.
346.

195.9
196.7
194.6
192.9

302.2
301.4
299.9
299.9

66.0
65.5
64.8
64.8

368.2
366.9
364.7
364.7

«P
lip

750.1
753.5

433.4
433.7

1183.
1187,

504.
503.

363.8
362.2

868.
865.

345.
348.

187.1
179.6

292.8
295.0

64.9
65.0

357.7
360.0

Meek ending
1992-NOV. 16
23
30
DEC.

1993-JAN.

1.
2.

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




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components 4

Non-M3 Components of L
Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

1991-AUG.
SEP.

134.4
135.2

328.9
321.2

27.2
25.8

OCT.
NOV.
DEC.

136.1
137.1
137.9

319.7
322.9
316.1

1992-JAN.
FEB.
MAR.

138.9
140.1
141.2

APR.
MAY
JUNE

Federal
debt

Non-Federal
debt

336.3
337.7

2665.7
2686.0

8397.2
8408.8

25.3
24.5
23.3

336.2
337.9
339.7

2713.9
2742.3
2764.8

8419.5
8432.3
8436.5

310.0
319.9
327.7

23.2
22.9
22.2

334.8
327.5
337.0

2782.6
2801.8
2841.7

8454.8
8486.3
8503.3

142.4
143.5
144.6

328.0
329.9
335.0

21.6
22.0
22.0

341.7
329.4
347.1

2877.3
2908.5
2943.8

8520.2
8534.6
8546.5

JULY
AUG.
SEP.

145.9
147.5
149.5

326.3
327.1
324.3

21.7
20.9
20.4

350.3
352.4
364.4

2968.4
2992.4
3004.8

8558.9
8572.3
8591.7

OCT.
NOV. p

152.0
154.7

323.2
332.0

20.5
19.6

369.5
375.0

3001.4
3027.7

8621.4
8657.1

Date

1.

Commercial
paper 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.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
3.
Total commercial paper less commercial paper held by money market mutual funds.
4.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove
discontinuities.
p--indicates preliminary data.
2.




H.6 ( 5 0 8 )
Table 5

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

Other checkable deposits
At
commercial
banks 4

At
thrift
institutions5

Total

In M2 6

In M3
only7

Overnight
RPs*

Overnight
Eurodollars9

88.3
88.2

315.1
318.7

2544.8
2536.7

750.9
740.9

53.1
52.2

14.5
14.6

232.0
238.1
244.8

88.6
90.7
91.7

320.6
328.8
336.5

2537.8
2540.9
2536.3

736.6
734.2
728.0

53.7
54.2
53.6

16.3
19.5
22.6

300.0
296.3
302.0

250.7
250.5
254.2

91.8
92.7
95.8

342.5
343.2
350.0

2537.3
2544.8
2545.5

723.3
726.6
720.7

55.8
58.2
54.0

21.9
19.4
20.6

7.6
7.7
8.2

312.9
307.5
310.6

261.4
255.8
257.8

99.4
97.3
98.3

360.8
353.1
356.1

2534.9
2511.3
2507.9

706.6
709.0
703.8

53.3
50.8
52.7

19.3
18.4
19.3

280.8
282.9
284.7

8.6
8.8
8.9

317.2
319.2
325.4

257.8
260.8
264.0

98.6
98.9
100.0

356.4
359.7
364.0

2501.8
2499.6.
2490.3

699.2
708.8
700.9

53.4
59.3
56.8

19.0
16.5
17.3

287.0
290.1
295.1

8.7
8.3
8.2

336.0
343.4
354.9

268.3
277.1
284.1

101.2
103.0
104.0

369.5
380.1
388.1

2491.2
2488.8
2474.3

682.8
682.6
669.0

55.4
53.9
52.4

19.7
20.9
21.1

290.1
289.8
290.8

8.3
8.2
8.1

347.0
336.6
347.7

278.7
275.2
274.9

104.3
100.8
101.7

383.0
376.0
376.6

2493.6
2485.8
2477.6

677.4
686.8
687.1

54.0
55.1
50.2

20.9
21.2
21.3

7
14
21
28

293.1
293.5
295.7
298.2

8.1
8.1
8.2
8.2

351.0
354.7
352.6
356.9

284.5
282.4
284.1
283.3

106.3
103.6
102.3
102.9

390.8
386.0
386.4
386.1

2487.5
2485.1
2471.6
2458.7

674.8
678.1
669.1
664.4

53.3
52.9
51.4
52.2

23.0
21.4
21.9
19.2

«P
lip

295.9
294.7

8.2
8.2 e

366.6
356.2

294.0
296.0

107.5
107.1

401.5
403.1

2460.6
2470.8

644.6
645.2

52.4
52.6

18.4
18.0

Currency l

Travelers
checks 2

Demand
deposits3

1991-AUG.
SEP.

262.0
261.7

8.6
8.3

278.8
278.6

226.9
230.6

OCT.
NOV.
DEC.

263.1
266.3
270.0

8.0
7.7
7.7

283.7
291.1
303.0

1992-JAN.
FEB.
MAR.

267.8
269.5
271.0

7.8
7.8
7.7

APR.
MAY
JUNE

273.4
275.7
277.3

JULY
AUG.
SEP.
OCT.
NOV.
DEC. P

Date

Week endii^g
1992-NOV. 16
23
30
DEC.

1993-JAN.

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 cf 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, lei»s cash items in the process of collection and Federal Reserve float.
4.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market
deposit accounts) and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds

(general purpose and broker/dealer).
e—indicates estimated data,
http://fraser.stlouisfed.org/
p—indicates preliminary data.
Federal Reserve Bank of St. Louis

H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits 1
At
At
thrift
c:ommercia]
institutions
banks

Date

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

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

Total

1991-AUG.
SEP.

631.9
635.8

364.6
365.1

996.5
1001.0

620.8
619.1

499.3
491.2

1120.0
1110.3

360.7
358.7

156.2
157.4

373.9
369.6

93.9
90.8

467.8
460.4

OCT.
NOV.
DEC.

644.6
655.3
662.4

368.7
373.2
376.3

1013.3
1028.5
1038.7

615.2
606.9
598.7

482.0
473.2
464.6

1097.1
1080.1
1063.4

357.4
358.6
358.1

163.4
172.7
180.3

362.8
356.9
352.8

87.4
85.1
82.8

450.2
441.9
435.5

1992-JAN.
FEB.
MAR.

672.3
685.2
696.8

383.1
392.9
403.7

1055.4
1078.1
1100.5

589.5
577.6
569.5

456.6
444.7
433.7

1046.1
1022.4
1003.2

358.2
366.7
367.3

188.1
196.9
191.4

344.0
340.6
337.3

80.9
78.8
76.2

424.9
419.4
413.5

APR.
MAY
JUNE

706.1
708.0
714.1

409.6
414.4
418.2

1115.7
1122.4
1132.2

565.5
556.4
549.5

418.8
409.4
403.2

984.3
965.8
952.7

362.3
354.0
350.9

190.9
195.5
195.7

330.9
330.9
326.8

73.6
71.5
70.1

404.4
402.4
396.9

JULY
AUG.
SEP.

719.8
726.2
733.4

420.1
422.4
424.6

1140.0
1148.5
1158.0

543.4
534.5
527.0

398.7
392.9
387.6

942.1
927.3
914.6

347.3
348.0
343.5

202.2
213.8
210.0

318.9
318.0
313.2

69.4
68.6
68.3

388.3
386.6
381.4

OCT.
NOV.
DEC. P

742.1
749.5
750.2

427.5
431.6
432.0

1169.6
1181.2
1182.2

520.4
512.1
507.3

380.1
373.1
366.5

900.5
885.2
873.9

345.9
347.6
344.7

199.8
202.2
195.5

305.4
301.9
299.0

67.9
66.4
65.0

373.3
368.3
364.0

753.3
748.1
746.3

432.6
431.4
431.4

1185.9
1179.5
1177.7

512.3
510.8
509.7

373.5
372.0
370.8

885.8
882.9
880.5

346.9
347.1
347.9

198.9
205.6
202.7

302.0
303.1
302.4

66.6
66.2
66.0

368.6
369.2
368.4

7
14
21
28

752.3
755.5
749.0
744.9

433.6
433.2
431.2
430.0

1185.9
1188.7
1180.1
1174.9

508.6
508.0
507.3
506.0

369.6
367.2
365.3
364.8

878.2
875.3
872.6
870.8

347.1
346.9
345.6
341.7

195.9
199.3
197.9
194.0

301.2
300.6
298.8
298.6

65.8
65.3
64.6
64.5

367.0
366.0
363.4
363.1

4p
lip

748.2
753.5

432.3
433.6

1180.6
1187.2

505.9
505.3

364.7
363.5

870.6
868.8

338.6
344.1

184.1
183.7

291.3
293.2

64.5
64.6

355.8
357.8

Meek ending
1992-NOV. 16
23
30
DEC.

1993-JAN.

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> and foreign banks and
official institutions,
•-indicates preliminary data.




H.6 (508)
"'"able 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s , not seasonally adjusted
Term RPs 1
At
commercial
banks

Date

At
thrift
institutions

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper 5

Federal

debt

Non-Federal
debt

1991-AUG.
SEP.

49.0
48.3

29.
28.

78.
76,

63.
61.

134,
135,

323.
322,

27.
25.

333.1
335.8

2642.9
2673.1

8375.8
8388.9

OCT.
NOV.
DEC.

49.1
48.3
47.3

26.
25.
23.

75.
73.
70.

62.8
61.5
57.2

135.9
136.8
137.7

323,
331,
328.

25.
25.
24.

331.5
333.8
335.8

2707.6
2740.8
2765.0

8400.4
8412.0
8426.4

1992-JAN.
FES.
MAR.

48.4
49.2
51.4

22.1
22.5
21.9

70.5
71.7
73.3

55.3
55.9
57.9

138.8
140.1
141.4

318.6
321.0
328.8

23.7
22.7
21.8

338.7
330.4
338.0

2782.5
2799.1
2834.7

8442.4
8457.3
8470.6

APR.
MAY
JUNE

51.5
52.6
52.4

21.0
20.8
21.1

72,
73,
73,

55.0
52.8
51.8

142.
143.
144.

322.9
321.8
323.3

21,
21,
21,

345.0
335.4
348.8

2863.5
2884.1
2912.2

8490.8
8510.6
8529.0

JULY
AUG.
SEP.

51.0
53.0
55.3

21.5
20.2
19.8

72,
73,
75,

50.8
50.8
43.6

146.
147.
149.2

318. 0
321. 6
325. 5

21.6
20.9
20.2

349.
349.
362.

2937.5
2970.3
2993.9

8544.4
8556.3
8575.0

OCT.
NOV.
DEC. P

57.0
58.8
58.6

20.3
20.7
20.6

77,
79.
79,

48.
48.
48.

151.8
154.4 p

327. 2
341. 2 P

20 4
20 1 P

364.
370.

2998.1
3028.3 p

8602.9
8637.4 p

57.5
58.3
61.0

20.
20.
21.

78.
79.
82.

48.
48,
50.

7
14
21
28

58.7
61.1
57.3
57.8

20.8
20.5
20,
21,

79.5
81.5
77,6
78.8

48.
48.
48.
49.

«P
lip

57.4
57.5

20,
21.

78.0
78.9

48.
46.

Neek end iing
1992-NOV. 16
23
i
30
DEC.

1993-JAN.

Term RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs.
Term Eurodollars are those with original maturities areater 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.
5.
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,
6.
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

U.S. government deposits

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

Date

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

IRA and Keogh Accounts
Time and
savings
At
deposits
At
at commercial commercia 1
thrift
banks
banks
institutions

At
money
market
funds

Total

1991-AUG.
SEP.

7.9
7.8

1.5
1.5

6.5
6.6

3.6
5.2

5.8
7.8

13.5
21.7

22.9
34.7

1.5
1.5

143.1
144.4

133.2
131.6

42.8
43.3

319.1
319.4

OCT.
NOV.
DEC.

7.7
7.9
8.1

1.5
1.5
1.7

6.7
6.7
6.6

3.6
4.4
4.8

5.7
6.0
7.4

25.0
24.2
20.5

34.4
34.6
32.8

1.5
1.6
1.5

145.9
147.0
147.7

131.2
131.2
131.2

43.4
43.0
42.3

320.5
321.3
321.2

1992-JAN.
FEB.
MAR.

8.3
7.6
7.6

1.7
1.6
1.5

6.5
6.5
6.5

5.2
4.3
4.2

7.4
6.2
5.6

27.9
20.9
15.9

40.5
31.5
25.7

1.8
2.0
2.2

148.3
148.4
147.8

130.9
129.7
128.9

43.5
44.6
42.1

322.7
322.7
318.8

APR.
MAY
JUNE

7.9
7.8
8.0

1.5
1.5
1.6

6.6
6.6
6.6

5.9
4.2
5.2

4.9
5.2
6.7

11.9
16.8
19.9

22.6
26.2
31.8

2.5
2.6
2.6

148.4
148.6
147.9

128.2
127.5
126.7

40.4
40.3
39.6

316.9
316.4
314.3

JULY
AUG.
SEP.

8.4
7.7
8.2

1.7
1.5
1.8

6.5
6.5
6.5

3.7
3.9
5.5

5.9
5.7
10.6

15.9
18.5
23.2

25.5
28.0
39.2

2.5
2.5
2.5

147.6
147.5
147.6

125.4
123.6
122.2

39.6
39.7
39.5 e

312.5
310.8
309.3 e

OCT.
NOV.
DEC. P

8.2
8.0
8.6

1.7
1.7
1.6

6.6
6.6
6.6

4.2
4.1
5.4

5.8
5.5
6.0

17.7
12.4
14.3

27.7
21.9
25.7

2.5
2.7
2.6

147.6
147.2
147.2

120.7 e
119.6 e
118.5 e

39.3 e
39.1 e
38.8 e

307.6 e
305.8 e
304.5 e

1992-NOV. 16
23
30

7.9
7.7
8.4

1.7
1.6
1.5

6.6
6.6
6.6

4.4
3.2
4.2

5.0
5.9
5.8

15.6
7.7
9.8

25.0
16.9
19.8

2.7
2.8
2.7

7
14
21
28

8.7
8.3
8.6
8.8

1.8
1.7
1.5
1.5

6.5
6.6
6.6
6.6

4.0
3.8
7.8
5.0

5.3
4.6
7.2
6.3

12.4
5.0
13.9
22.0

21.7
13.4
28.9
33.3

2.7
2.7
2.7
2.7

«P
Up

8.7
8.3

1.5
1.3

6.6
6.6

7.5
4.5

7.8
6.8

22.9
17.2

38.2
28.5

1.6
1.1

Week ending

DEC.

1993-JAN.

e—indicates estimated data,
p—indicates preliminary data.




H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits1
November 25,1992 and December 30,1992
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Change
(percent)

Average Rate Paid (%)

Nov. 25

Dec. 30

NOW Accounts

276,008

287,041

4M

236

233

-3

740,738
575,513

-0.34
0.54

2.90
N.A.

2.88
N.A.

N.A.

165,225

738,193
578,639
159,554

-3.43

N.A.

N.A.

N.A.

38,793

38,538

-0.66

2.91

2.90

127,648

128,375
163,082

0.57

3.16

-2.43

3.14
3.34
3.83
4.70

3.88
4.76

-1
2
3
5
7

N.A.

N.A.

N.A.

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
183 days to 1 year
1 to 2-V2 year
2-V2 years and over
All IRA/Keogh Plan deposits3

167,136
153,772

151,664

168,520

170,183

-1.37
0.99

147,036

147,282

0.17

Nov. 25

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

2

Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over
All IRA/Keogh Plan deposits3

Nov. 25

Dec. 30

10,689

11,046

82,727
79,453
3,274

3,933
17,809
23,127
19,355
19,619
22,353

Change
(percent)

Dec. 30

Change
(b.p.)

Liability Categories

-2

3.37

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

Nov. 25

Dec. 30

334

153

2A6

-7

82,646
79,502
3,144

-0.10
0.06
-3.98

3.23
N.A.
N.A.

3.21
N.A.
N.A.

-2

3,958
17,774

0.64

3.10
3.43
3.60
3.94

3.13

4.02

N.A.
N.A.

19,205

-2.86
-2.11

4.88

5430

3
2
2
8
12

22,023

-1.48

N.A.

N.A.

N.A.

22,317
18,802

-0.19
-3.50

3.45
3.62

N.A. - data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 460 commercial
banks and 80 savings banks. All rates are expressed as annual effective yields.
2. Includes personal and nonpersonal money market deposit accounts.
3. Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.