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FEDERAL RESERVE statistical release

•zmm-'''

H.8 (508)
Tabid 1

MONEY STOCK AND DEBT MEASURES

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

Billions of dollars

Date

JANUARY25r1996

M11

M22

M33

DEBT*

Seasonally adjusted
1994-JAN.
FBB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SBP.
OCT.
NOV.
DEC.

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

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

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

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

12553.6
12603.2
12672.6
12734.9
12799.2
12841.6
12862.1
12924.1
12984.3
13034.5
13108.9
13150.8

1995-JAN.
FBB.
MAR.
APR.
MAY
JUNB
JULY
AUG.
SBP.
OCT.
NOV.
DBC.

1149.0
1147.3
1147.9
1149.7
1143.0
1143.9
1145.0
1143.4
1139.8
1129.9
1126.5
1122.9

3628.9
3624.6
3632.2
3645.4
3661.9
3698.1
3717.3
3743.1
3756.8
3753.8
3761.6
3780.6

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

5309.6
5349.6
5392.5
5421.1
5451.8
5491.8
5546.8
5584.2
5624.6
5645.6
5648.3 p

13198.7
13275.3
13336.5
13413.4
13514.9
13574.9
13602.6
13642.8
13684.4
13725.6
13786.5 p

Not seasonally adjusted
1994-JAN.
FBB.
MAR.
APR.
MAY
JUNB
JULY
AUG.
SBP.
OCT.
NOV.
DBC.

1142.3
1124.2
1131.4
1152.7
1132.5
1142.3
1150.9
1144.0
1146.2
1147.4
1155.4
1173.7

3595.6
3573.3
3596.2
3622.4
3595.0
3599.4
3615.6
3607.5
3603.6
3607.2
3620.2
3640.5

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

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

12547.7
12581.2
12641.2
12684.1
12730.3
12786.1
12812.6
12872.5
12943.0
12998.4
13082.6
13143.4

1995-JAN.
FBB.
MAR.
APR.
MAY
JUNB
JULY
AUG.
SBP.
OCT.
NOV.
DBC.

1158.6
1134.3
1138.1
1158.7
1132.1
1139.3
1144.0
1137.1
1135.8
1129.5
1134.9
1149.0

3635.4
3610.8
3630.2
3661.7
3649.6
3693.6
3716.7
3736.1
3746.7
3750.9
3770.6
3804.6

4336.5
4325.4
4355.8
4393.7
4399.5
4448.8
4479.6
4510.6
4521.5
4541.9
4566.4
4590.9

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

13175.0
13227.0
13296.0
13352.0
13425.3
13507.8
13545.0
13579.1
13637.3
13684.4
13750.0 p

Footnotes appear on the following page
p

preliminary




Page 2
H.6(508)
Table 2

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

M1

M2

M3

DEBT1

3 Months from SEP. 1995 TO DEC. 1995

-5.9

2.5

2.6

4.2

6 Months from JUNE 1995 to DEC. 1995

-3.7

4.5

4.9

4.0

-2.2

4.5

6.0

5.2

Thirteen weeks ending JANUARY 15, 1996
from thirteen weeks ending:
OCT. 16, 1995 (13 weeks previous)

-5.6

2.8

3.2

JULY 17, 1995 (26 weeks previous)

-3.5

5.0

5.7

JAN. 16, 1995 (52 weeks previous)

-2.1

4.3

6.1

12 Months from D E C

1.

1994 TO DEC. 1995

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

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by
summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches of
U.S. banks worldwide, savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account
(IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks, money market funds (general
purpose and broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted M l .
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities Issued by a!! depository institutions, terrr? Eurodo^rs held
by U.S. residents at foreign branches cf U.S. banks worldwide and at all barking offices h 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 tnen adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutual fund holdings of these assets.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The dataj which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in
the data have been smoothed into the series^ and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The preservation of the
debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Resale"releases Z.7 and Z.1. In those releases, published
levels of credit market debt are measured on a quarter-end basis and contain discontinuities.




Page 3
H.6(508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
Ml
Period emding

M3

M2

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1995-OCT.

23
30

1139.4
1137.8

1130.3
1129.4

1129.3
1129.0

3749.5
3751.7

3754.8
3754.1

3753.1
3755.5

4529.8
4533.0

4546.3
4547.6

4549.5
4548.4

NOV.

6
13
20
27

1136.6
1135.1
1133.7
1132.5

1129.7
1127.6
1127.2
1126.9

1129.4
1122.7
1127.5
1128.1

3753.3
3754.5
3755.7
3757.4

3755.1
3754.6
3757.2
3761.2

3755.9
3754.0
3763.4
3771.6

4535.5
4538.3
4541.0
4543.3

4548.6
4547.7
4548.2
4550.0

4546.8
4546.1
4551.3
4555.8

DEC.

4
11
18
25

1131.0
1129.5
1128.0
1126.8

1125.2
1125.1
1123.3
1122.6

1122.3
1122.6
1120.3
1125.1

3758.7
3760.0
3761.6
3763.7

3764.9
3769.3
3773.4
3777.3

3770.4
3771.6
3780.1
3786.9

4545.4
4547.1
4548.8
4551.6

4552.6
4554.0
4555.5
4559.2

4557.2
4551.6
4557.2
4570.7

1
8p
15p

1126.2
1125.3
1124.3

1123.1
1121.7
1121.2

1124.3
1117.1
1118.3

3766.0
3769.2
3773.5

3781.5
3787.1
3794.9

3787.3
3794.0
3811.3

4554.1
4557.1
4561.7

4563.8
4571.5
4584.7

4575.7
4582.3
4610.1

1996-JAN.

Not seasonally adjusted
1995-OCT.

23
30

1135.5
1134.1

1130.9
1129.0

1120.9
1114.0

3743.0
3744.9

3753.2
3751.5

3740.5
3732.2

4521.7
4525.0

4539.7
4543.9

4537.2
4528.2

NOV.

6
13
20
27

1133.3
1132.6
1132.6
1133.3

1129.6
1128.1
1131.7
1135.2

1142.8
1134.8
1135.3
1127.9

3747.0
3749.1
3751.7
3755.2

3752.6
3752.8
3761.3
3769.6

3769.6
3768.9
3774.6
3765.4

4528.4
4532.8
4537.2
4542.1

4546.7
4550.0
4557.4
4566.3

4564.4
4570.3
4566.8
4563.5

DEC.

4
11
18
25

1133.1
1132.3
1132.4
1135.0

1134.8
1137.5
1139.2
1144.3

1141.1
1145.8
1141.8
1148.4

3758.4
3761.0
3764.8
3770.8

3775.8
3784.3
3790.9
3799.2

3794.2
3803.1
3801.0
3798.4

4546.4
4549.8
4554.3
4561.4

4571.1
4576.4
4581.2
4586.6

4583.7
4591.7
4586.0
4584.9

1
8p
15p

1138.2
1139.8
1139.8

1149.6
1153.6
1153.3

1162.5
1161.7
1140.5

3776.7
3782.6
3787.8

3804.7
3814.2
3822.8

3816.3
3841.1
3835.5

4568.1
4573.7
4580.1

4590.1
4598.9
4612.3

4597.9
4626.7
4639.8

1996-JAN.

\

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

preliminary data.




Page 4
H.6(508)
Table 4

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

Other checkable deposits
Currency1

Date

Travelers checks2 Demand deposits3

At commercial
banks4

At thrift
institutions'

Total

lnM2 6

In M3 only7

345,
347

8.3
8.4

386.6
386.5

301.0
300.0

109.7
108.9

410.8
408.9

2464.1
2463.1

658.7
665.7

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.5
382.5
382.2

298.0
297.7
297.6

107.5
106.1
105.3

405.4
403.8
402.9

2462.0
2464.3
2468.9

676.1
679.9
687.0

1995-JAN.
FEB.
MAR.

357.7
358.8
362.5

8.4
8.4
8.8

383.6
384.1
383.3

295.1
291.8
289.3

104.2
104.1
104.0

399.3
395.9
393.3

2479.9
2477.3
2484.3

698.0
712.1
727.7

APR.
MAY
JUNE

365,
368,
367.4

9.2
9.2
9.0

381.2
380.6
386.8

289.6
281.9
276.3

103.9
103.1
104.4

393,
385,
380.

2495.7
2 519.0
2554.2

736.6
747.8
757.1

JULY
AUO.
SEP.

367.1
368.3
369.1

8.8

389.
390.
389.8

275.7
272.1
266.9

103.7
104.1
105.2

379.
376.
372,

2572
2599
2617

769.0
773.8
777.2

OCT.
NOV.
DEC.

370.5
371.0
372.5

8.8
8.8
8.9

387,
387,
389.

258.9
255.5
247.2

104.5
104.3
105.3

363.4
359.7
352.5

2623.9
2635.2
2657.7

792.8
788.4
782.9

371.1
371.6

8.8
8.9

388.4
387.5

255.2
255.5

103.9
104.6

359.1
360.1

2635.9
2643.6

787.9
784.2

4
11
18
25

371.4
371.7
372.2
373.2

8.9
8.9
8.9
8.9

384.8
389.8
386.8
392.0

252.4
246.9
247.6
246.3

104.8
105.3
104.9
104.7

357.2
352.2
352.5
351.0

2648.1
2649.1
2659.8
2661.8

786.9
780.0
777.1
783.9

1
8p
15p

373.2
373.1
373.7

8.9
8.9
8.9

391.2
391.0
395.2

245.1
239.2
235.5

106.0
104.9
105.0

351.1
344.1
340.4

2663.0
2676.9
2693.0

788.3
788.3
798.8

1994-AUQ.
SEP.

1995-NOV. 20
27
DEC.

1996-JAN.

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

e
e

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


e
estimated


p

preliminary

Page 5
H.6(508)
Table 4 - continued

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

782.8
789.6

General
purpose and
broker/
dealer
money
market funds
377.0
377.4

311.9
316.7
318.3

799.7
810.8
821.0

379.5
383.3
389.0

180.8
180.5
180.8

289.4
292.9
296.6

64.2
64.5
64.9

353.6
357.4
361.4

512.7
524.2
537.8

323.8
332.2
341.5

836.5
856.4
879.3

392.1
391.5
390.9

186,
180,
189,

295.2
303.1
308.6

66.7
68.2
70.3

361.9
371.3
378.8

1082.4
1081.4
1091.1

548.1
556.2
562.4

350.1
356.1
356.9

898.2
912.3
919.3

396.0
405.4
426.2

192.9
194.8
205.6

308.2
312.7
314.5

71.4
70.6
71.1

379.6
383.4
385.6

360,
358.
358,

1091,
1098,
1105,

567,
569,
570.

356.
357.
358.

924
927
928

442.0
455.9
462.6

212.4
210.8
213.5

319.3
321.8
324.8

72,
73,
74.

392.2
395.3
398.8

753.
760,
775,

358,
356,
355,

1112
1117,
1131.

571,
572,
572,

359.
360.
360.8

930
932
933

466.4
471.3
476.9

215.8
214.8
216.6

336.3
341.5
343.5

75
75,
75

411.4
416.8
418.9

Week endincr
1995-NOV. 20
27

762.1
760.4

356.4
356.0

1118.4
1116.5

572.5
572.7

360,.2
360,.3

932.7
932.9

470.4
473.2

213.9
215.5

342.6
340.9

75.
75.

417.9
416.0

4
11
18
25

765.5
772.7
775.5
776.2

355.7
355.5
356.2
356.1

1121.2
1128.2
1131.7
1132.3

572.2
572.2
572.4
572.0

360,.6
360,.9
361,.1
361,
.3

932.9
933.1
933.6
933.3

473.6
474.2
477.5
479.5

218.7
214.6
214.8
216.7

342.8
340.9
343.2
345.5

75.3
75.1
75.2
75.4

418.0
416.1
418.4
420.9

1
8p
15p

781.8
792.5
799.7

354.5
354.3
354.6

1136.3
1146.8
1154.2

573.2
572.4
574.0

359,
.8
360 .0
358,.1

932.9
932.4
932.1

478.5
476.4
484.2

219.7
222.9
223.8

344.0
342.9
345.1

76.3
76.1
76.0

420.3
419.0
421.0

Small-denomination time deposits2

Savings deposits1
Date
1994-AUQ.
SEP.

775.7
772.8

At
thrift
institutions
417.0
410.9

1192.6
1183.7

— S t —
commercial
banks
476.1
481.2

OCT.
NOV.
DEC.

765.4
759.2
752.3

405.6
398.5
391.9

1171.0
1157.8
1144.2

487.8
494.1
502.6

1995-JAN.
FEB.
MAR.

744.1
734.2
723.3

385.6
377.6
371.6

1129.8
1111.9
1094.9

APR.
MAY
JUNE

716.0
717.2
728.1

366.4
364.2
363.0

JULY
AUG.
SEP.

730,
739,
746,

OCT.
NOV.
DEC.

DEC.

1996-JAN.

1.
2.
3.
4.
p

At
commercial
banks

\

Total

— S J —
thrift
institutions
306.8
308.3

Total

Institutiononly money
market funds

Large-denomination time deposits3

R

177.4
176.3

commercial
banks4
280.1
285.1

At
thrift
institutions
61.9
63.1

Total
342.0
348.2

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.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
preliminary




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

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

Debt components4\

Non-M3 Components of L

Date

snorwerm ir
securitie

Savings bonds

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1994-AUG.
SEP.

377.4
373.8

13.8
14.8

395.4
390.2

3437.9
3455.3

9486.2
9529.0

OCT.
NOV.
DEC.

179.5
179.9
180.3

372.4
375.7
384.3

13.1
13.5
14.0

399.9
401.4
401.3

3470.6
3494.7
3497.6

9563.9
9614.2
9653.1

1995-JAN.
FEB.
MAR.

180.5
180.4
180.5

385.9
404.4
416.4

13.
13,
14.

402.8
414.7
421.7

3504.5
3535.2
3556.4

9694.3
9740.1
9780.1

APR.
MAY
JUNE

180.9
181.6
182.3

413.5
404.4
415.5

13,
12,
11,

430.8
443.8
427.5

3558.6
3576.9
3602.6

9854.8
9938.0
9972.2

JULY
AUG.
SEP.

183.0
183.7
184.1

437.6
436.5
455.6

11.8
12.2
12.9

428,
435
438

3615.5
3621.4
3623.8

9987.0
10021.4
10060.6

OCT.
NOV. p

1.

178.5
179.1

184.4
184.6

460.4
465.0

13
13

441
435

3632.6
3652.9

10093.0
10133.6

±

2.
3.
4.

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

p

preliminary




Page 7
H.6(508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

Overnight
RPs?

Overnight
Eurodollars8

1994-AUQ.
SEP.

345.7
347.0

8.9
8.8

383.1
384.7

297.2
297.4

109.0
108.3

406.2
405.6

2463.5
2457.4

659.7
663.9

82.2
84.0

28.9
28.1

OCT.
NOV.
DEC.

349.6
353.2
357.6

8.5
8.2
8.1

387.9
390.8
400.3

294.1
296.0
300.6

107.4
107.1
107.0

401.4
403.1
407.6

2459.9
2464.8
2466.8

674.2
686.0
689.5

83.8
83.4
84.7

30.3
30.1
32.5

1995-JAN.
FEB.
MAR.

355.9
357.1
361.4

8.1
8.1
8.4

388.9
375.0
374.1

301.3
292.3
291.1

104.4
101.8
103.0

405.7
394.1
394.2

2476.7
2476.5
2492.1

701.2
714.5
725.5

87.6
86.8
87.6

36.3
31.6
30.7

APR.
MAY
JUNE

365.5
367.9
368.2

8.8
8.9
9.2

382.0
372.9
382.6

296.6
279.7
274.9

105.7
102.7
104.4

402.3
382.4
379.3

2503.1
2517.5
2554.3

732.0
749.9
755.2

85.8
86.8
88.0

30.1
29.9
29.6

JULY
AUG.
SEP.

369.0
369.0
369.2

9.5
9.5
9.3

388.7
386.5
388.2

272.8
268.7
264.6

104.0
103.3
104.5

376.8
372.0
369.1

2572.8
2599.1
2610.9

762.9
774.5
774.8

85.0
86.7
88.0

29.4
31.5
32.9

OCT.
NOV.
DEC.

369.9
371.6
376.0

8.9
8.7
8.6

390.8
395.6
407.7

255.5
253.9
249.7

104.3
105.2
107.1

359.8
359.1
356.7

2621.4
2635.8
2655.6

791.1
795.8
786.3

86.1
85.6
85.4

32.4
30.7
33.6

W99ft e n d i n g
1995-NOV.

20
27

371.3
372.4

8.7
8.6

397.6
393.5

253.3
250.2

104.3
103.2

357.7
353.4

2639.3
2637.5

792.2
798.1

87.5
84.4

31.2
31.3

DEC.

4
11
18
25

372.1
374.5
375.0
379.4

8.5
8.5
8.5
8.6

399.1
404.3
402.9
408.1

253.4
250.2
249.2
247.3

108.0
108.3
106.1
105.1

361.4
358.4
355.3
352.4

2653.0
2657.3
2659.2
2650.0

789.5
788.6
785.0
786.6

89.4
84.0
87.1
83.1

34.7
31.9
31.7
34.0

1
8p
15p

375.9
374.5
373.0

8.6
8.6
8.6

422.4
416.7
407.9

248.9
251.8
243.6

106.7
110.1
107.4

355.6
361.9
351.0

2653.8
2679.4
2695.0

781.6
785.6
804.3

85.0
92.3
89.7

36.5
35.5
35.2

1996-JAN.

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

9.

e
e

Currency outside U.S. Treasury, Federal Resbrve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time
deposits.
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.
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).
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer).




Page 8
H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits 2

Savings deposits 1
Date

General
purpose and
broker/
dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits 3

At
commercial
banks

At
thrift
institutions

Total

1194.6
1183.6

476.6
481.8

307.1
308.7

783.7
790.5

374.2
371.3

176.2
172.6

commercial
banks4
281.4
286.2

405.7
399.7
391.2

1171.1
1161.0
1142.3

488.4
493.8
502.2

312.3
316.5
318.1

800.7
810.4
820.3

373.9
379.9
387.1

178.1
182.5
183.1

739.5
729.8
723.4

383.2
375.3
371.6

1122.7
1105.1
1095.0

513.1
524.4
537.6

324.2
332.3
341.4

837.3
856.7
879.0

392.8
396.3
399.8

APR.
MAY
JUNE

717.8
717.8
730.2

367.4
364.4
364.0

1085.2
1082.3
1094.3

547.5
555.1
562.0

349.7
355.5
356.6

897.2
910.6
918.5

JULY
AUG.
SEP.

732.6
740.8
746.9

361.6
359.3
358.6

1094.2
1100.1
1105.4

567.8
570.3
571.1

357.4
357.8
358.5

OCT.
NOV.
DEC.

753.9
762.9
774.6

358.6
357.4
355.2

1112.5
1120.3
1129.8

571.9
572.1
571.8

764.2
761.2

357.4
356.4

1121.6
1117.6

4
11
18
25

768.5
776.1
774.8
771.5

357.1
357.1
355.9
353.9

1
8p
15p

776.6
792.3
797.7

352.1
354.2
353.7

At
commercial
banks

At
thrift
institutions

1994-AUG.
SEP.

777.0
772.7

417.7
410.8

OCT.
NOV.
DEC.

765.5
761.4
751.1

1995-JAN.
FEB.
MAR.

Week e n d i i i a
1995-NOV. 20
27
DEC.

1996-JAN.

1.
2.
3.
4.

p

At
thrift
institutions

Total

62.2
63.3

343.6
349.6

290.0
294.4
296.3

64.3
64.8
64.8

354.3
359.1
361.1

192.4
188.8
190.8

293.8
301.6
306.5

66.4
67.9
69.8

360.2
369.5
376.3

404.8
407.9
423.9

191.3
193.8
199.2

306.1
315.2
316.0

70.9
71.2
71.4

377.0
386.4
387.3

925.2
928.1
929.6

438.9
452.6
454.9

206.6
209.3
209.0

318.0
323.2
326.0

72.6
73.8
74.2

390.6
397.0
400.3

359.4
359.9
360.4

931.3
932.0
932.3

459.1
467.0
474.5

212.9
217.4
219.6

337.1
343.3
343.2

75.3
75.7
75.4

412.4
419.0
418.5

572.0
572.1

359.9
359.9

931.9
932.0

467.0
472.2

216.6
219.7

344.0
343.1

75.6
75.6

419.7
418.7

1125.6
1133.2
1130.7
1125.4

571.8
571.7
571.6
571.2

360.3
360.6
360.6
360.8

932.1
932.3
932.2
931.9

471.2
475.8
477.6
475.6

220.3
218.7
219.2
219.3

344.0
342.8
343.9
344.5

75.6
75.5
75.3
75.2

419.6
418.3
419.2
419,7

1128.7
1146.5
1151.4

573.2
573.1
574.7

359.8
360.5
358.5

933.0
933.6
933.2

470.5
471.5
485.6

221.0
221.3
231.5

339.7
341.0
344.3

75.3
75.7
75.8

415.0
416.6
420.1

Total

sr

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




Page 9
H.6(508)
Table 5 - continued

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

Debt components 6

Non-M3 Components of L
Term
Eurodollars2

Short-term
Treasury
secunties 3

At thrift
institutions

1994-AUG.
SEP.

68.2
68.3

32.8
33.4

101.0
101.7

51.1
51.9

177.9
178.4

379.3
366.4

13.5
14.4

389.6
391.5

3418.3
3438.3

9454.2
9504.7

OCT.
NOV.
DEC.

67.1
67.5
67.8

34.8
35.6
37.7

101.9
103.1
105.6

52.6
54.3
52.2

179.0
179.7
180.2

364.1
379.7
393.6

13.3
13.6
14.4

404.2
405.3
403.6

3448.5
3485.2
3499.0

9549.9
9597.4
9644.4

1995-JAN.
FEB.
MAR.

70.2
73.2
72.6

39.2
40.1
40.8

109.4
113.4
113 .4

52.9
56.1
58.2

180.6
180.8
181.2

390.7
406.0
420.7

14.2
13.9
13.9

410.5
415.3
420.4

3499.0
3525.0
3551.1

9676.1
9702.0
9744.9

APR.
MAY
JUNE

74.7
78.5
76.9

41.8
43.2
42.9

116.5
121.7
119.9

59.7
60.8
62.0

181.7
182.1
182.4

411.3
402.9
412.3

13.7
12.1
11.0

430.8
434.7
425.5

3544.1
3552.6
3579.3

9807.9
9872.7
9928.5

JULY
AUG.
SEP.

72.6
74.1
71.8

43.0
44.2
44.6

115.5
118.3
116.4

63.2
62.9
62.4

182.8
183.0
183.3

434.8
439.2
446.0

11.6
11.9
12.6

424.4
428.7
439.4

3588.8
3602.2
3606.8

9956.2
9976.9
10030.5

OCT.
NOV.
DEC.

72.4
67.7
61.5

43.9
43.9
44.0

116.3
111.6
105.4

61.9
61.1
57.1

183.8
184.3

Total

1995-NOV.

20
27

64.9
67.7

43.5
43.4

108.3
111.1

4
11
18
25

61.3
63.2
59.7
61.9

43.4
44.5
44.3
44.0

104.7
107.7
104.0
105.9

61.0
62.0
65.0

43.4
43.5
44.4

104.4
105.5
109.4

449.5
469.6

p

13.2
13.2

p

446.4
440.3

p

Federal debt

3610.1
3643.1

p

10074.3
10106.9

p

59.2
58.1
56.9
56.2

1
8p
15p

p

Commercial
paper5

60.9
62.7

DEC.

Savings bonds

Bankers
acceptances 4

N on-Federal
debt

At commercial
banks

55.8
56.1
57.4

1996-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 greater than one day. Consists of those issued to U.S. residents by foreign branches of U.S. banks world-wide and by
all banking offices in the United Kingdom and Canada. Excludes those held by depository institutions and money market mutual funds.
Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money
market mutual funds, and foreign entities.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds.
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.
p
 preliminary


Page 10
H.6(508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to

Time and
savings
deposits
due to
foreign
banks and
official
institutions

U.S. government deposits
Time and
savings
deposits at
commercial
banks

At
commercial
banks

19.0
28.8

2.9
2.5

142.6
142.7

109.7
108.7

56.1
56.8

308.4
308.1

12.1
9.8
13.4

22.0
18.9
25.3

2.2
1.9
1.3

142.7
142.9
143.3

108.1
107.9
107.5

58.3
59.4
59.7

309.1
310.2
310.5

7.0
5.9
5.2

20.0
21.1
10.1

31.9
30.3
18.8

1.2
2.3
2.4

143.
144.
145.

107.6
107.8
107.9

59.7
59.9
60.1

310.9
312.4
313.5

5.5
3.1
4.5

6.2
5.7
7.9

12.4
18.7
19.6

24.1
27.5
32.0

2.6
2.5
2.5

146.4
146.8
147.8

107.9
107.8
107.7

60.3
60.5
60.6

314.5
315.0
316.1

14.
13.
12.

3.4
2.8
6.0

6.6
5.3
6.8

27.7
13.6
17.8

37.
21.
30.

148.
149.
149.

107,
107.
108.

60.
60.
60.

317.
317.
318.

1.5
1.6
1.5

11.
12.
11.

3.1
2.9
6.0

5.3
5.4
6.5

11.4
8.2
14.6

19.8
16.5
27.2

150.
151.
152.

108.
108.
108,

60.
60.
60.8

319.
320.
321.

Note
balances at
depository
institutions

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

14.0
14.6

3.9
5.8

5.1
6.0

10.1
16.9

1.6
1.8
1.6

14.8
14.6
14.4

4.3
3.9
5.7

5.6
5.2
6.2

8.4
8.0
8.1

1.6
1.6
1.6

14.0
13.3
12.7

4.9
3.3
3.4

APR.
MAY
JUNE

7.7
8.2
8.2

1.6
1.5
1.5

12.8
13.8
14.8

JULY
AUG.
SEP.

8.5
7.5
7.5

1.5
1.4
1.6

OCT.
NOV.
DEC.

8.2
8.0
7.9

Date

IRA and Keogh Accounts

Foreign
commercial
banks

Foreign
official
institutions

1994-AUQ.
SEP.

7.7
8.1

1.5
1.5

OCT.
NOV.
DEC.

8.0
8.4
8.7

1995-JAN.
FEB.
MAR.

Total
cash
balance

Wqeft eftdjpg
1995-NOV.

20
27

7.8
8.3

1.3
2.0

11.9
12.0

3.2
2.9

5.0
5.5

9.9
10.7

18.1
19.1

1.2
1.1

DEC.

4
11
18
25

8.2
7.8
7.8
7.6

1.4
1.6
1.4
1.4

11.9
11.9
11.9
11.9

3.4
2.8
12.9
3.8

5.2
5.7
6.6
8.5

12.3
7.3
13.5
22.9

20.9
15.8
32.9
35.2

1.0
1.0
1.0
0.9

1
8p
15p

8.5
7.8
8.2

1.5
1.4
1.7^

11.9
12.0
12.0

5.6
4.2
3.9

6.1
5.6
5.4

16.6
8.3
8.6

28.3
18.2
17.9

1.0
1.0
1.0

1996-JAN.

e
p

estimated
preliminary




At
thrift
institutions

At
money
market
funds

Total

e

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits l
November 30,1995 and December 31,1995
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Liability Categories

Nov. 30

Dec. 31

NOW Accounts

259,259

252,581

767,431
599,787
167,644

Change
(percent)

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

Nov. 30

Dec. 31

^Isi

L95

L92

-3

793,062
627,904

3.34
4.69

3.13
N.A.

3.10
N.A.

-3
N.A.

165,159

-1.48

N.A.

N.A.

N.A.

31,083
97,401

32,652
96,704

5.05
-0.72

4.11

-1

187,580
211,399
203,390

-0.25
0.11

4.69
5.03

-5
-9

1 to 2-V2 year
2-V2 years and over

188,043
211,169
202,357

4.12
4.74
5.12

0.51

5.27
5.49

5.18
5.41

-9
-8

All JRA/Keogh Plan deposits3

151,869

152,446

0.38

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

BIF-insured Savings; Banks
Amount Outstanding ($mil.)
Liability Categories

Nov. 30
11,613

2

Savings Deposits
Personal
Nonpersonal

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
3

All IRA/Keogh Plan deposits

12,620

70,265
66,688
3,577

NOW Accounts

Dec. 31
71,150
67,698
3,452

Change
(percent)

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

Nov. 30

Dec. 31

8^67

L94

L91

-3

1.26
1.51
-3.49

2.99
N.A.
N.A.

2.99
N.A.
N.A.

0
N.A.
N.A.

—
1,903
11,848
25,887
28,247
23,574
21,758

2,106
12,677
26,934

4.45
5.02
5.28
5.46
5.64

4.44

28,689
24,101

10.65
6.99
4.04
1.56
2.24

21,768

0.05

N.A.

N.A.

4.95
5.19
5.32
5.46

-1
-7
-9
-14
-18
N.A.

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.




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Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




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