Full text of H.6 Money Stock Measures : January 27, 1994

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

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

Billions of dollars

Date

JANUARY 27, 1994

M1

1

M22

M33

L4

DEBT 5

Seasonally adjusted
1992-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

911..5
926..2
935..1
941..2
9 5 2 ..2
952..5
9 6 3 ..2
9 7 5 ..5
990..1
1 0 0 6 . .0
1019..1
1 0 2 6 ..6

3451 .0
3 4 6 7 .7
3467 .8
3464 .8
3467 .8
3464 .2
3465 .4
3473,.6
3481,.0
3491,.5
3496,.2
3494,.8

4172.2
4189.0
4184.8
4177.9
4180.1
4172.5
4171.2
4180.6
4184.5
4180.6
4176.6
4163.4

4978.3
4999.1
5010.0
5009.0
5011.4
5017.2
5014.7
5027.8
5038.9
5041.3
5049.0
5040.4

11189.9
11235.0
11284.9
11335.6
11381.7
11434.8
11494.1
11553.4
11597.8
11625.7
11665.6
11721.1

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

1 0 3 3 .. 2
1 0 3 3 .. 0
1 0 3 5 . .2
1 0 4 3 . .0
1 0 6 6 . .9
1 0 7 3 . ,3
1 0 8 5 . .3
1 0 9 4 . .4
1 1 0 6 . ,8
1 1 1 6 . .4
1 1 2 5 . .9
1131. 2

3 4 8 5 . .7
3 4 7 4 .. 1
3471..6
3473,.8
3 5 0 3 ..0
3 5 0 9 ..6
3 5 1 5 . .7
3 5 1 8 . .9
3 5 3 1 . .0
3 5 3 3 ..2
3 5 4 5 ..0
3 5 5 1 . .7

4138.1
4131.8
4127.2
4137.7
4165.4
4164.1
4162.2
4164.3
4177.7
4184.8
4197.8
4207.7

5015.8
5011.8
5011.0
5027.0
5065.2
5066.7
5064.1
5075.5
5066.2
5076.5
5093.4 p

11757.8
11781.6
11821.3
11867.4
11912.7
11976.1
12033.4
12088.3
12141.9
12179.2
12241.8 p

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

9 1 7 . .3
9 1 6 . .0
930. 5
954. 7
943. 9
951. 9
962. 5
970. 4
982. 9
1000. 9
1021. 5
1045. 7

3 4 5 6 ..0
3 4 6 2 . .3
3 4 7 4 . .8
3 4 8 6 . .5
3 4 5 2 . .8
3 4 5 9 . .3
3 4 6 2 . .8
3 4 6 8 ..1
3468. 6
3485. 7
3 4 9 9 ..1
3 5 0 9 . ,0

4174.1
4186.5
4195.1
4195.0
4167.5
4167.4
4165.7
4180.4
4173.0
4170.6
4181.9
4175.5

4993.2
4999.6
5023.4
5024.9
4988.4
5004.3
4998.4
5017.8
5028.3
5030.4
5061.8
5064.9

11177.9
11208.1
11256.9
11306.9
11348.5
11399.9
11451.8
11512.5
11564.7
11598.9
11656.8
11722.0

19 9 3 - J A N .
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1040.
1022.
1030.
1058.
1057.
1072.
1084.
1088.
1098.
1111.
1128.
1152.

3491.
3468.
3478.
3497.
3487.
3505.
3512.
3511.
3517.
3527.
3548.
3568.

4140.7
4129.2
4137.2
4156.8
4151.9
4159.2
4155.8
4162.2
4165.0
4174.8
4203.7
4222.5

5032.4
5012.0
5024.7
5044.9
5039.9
5053.6
5046.1
5062.7
5054.8
5065.8
5107.2 p

11744.2
11756.5
11797.6
11840.2
11881.7
11942.7
11994.1
12051.7
12110.2
12152.2
12232.1 p

Footnotes appear on the following page
p

preliminary




2
2
7
2
6
7
0
0
5
1
6
9

5
1
4
3
4
2
2
7
4
2
4
8

I I.V

Table 2

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

3 M o n t h s f r o m SEP.

M2

M3

DEBT 1

19 9 3 TO DEC.

19 93

8, . 8

2 , .3

2 ..9

5. . 1

6 M o n t h s f r o m JUNE 1 9 9 3 t o DEC.

1993

10,.8

2 .4

2 .1

5, . 5

1993

10..2

1, . 6

1. . 1

4. .9

9, . 5

2 , .3

2 . .7

12 M o n t h s f r o m DEC.

19 92 TO DEC.

T h i r t e e n w e e k s e n d i n g JANUARY 1 7 , 1 9 9 4
from t h i r t e e n weeks ending:
OCT. 1 8 , 19 93 ( 1 3 w e e k s p r e v i o u s )

1.

M1

JULY 1 9 ,

19 93

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

10..8

2 ..4

1. .8

JAN.

1993

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

10..2

1. . 5

0. .8

18,

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1993 to November 1993, May 1993 to November 1993,
and November 1992 to November 1993, 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 funas. Also excludes all balances held by U.S. commercial banks, money market funds (general purpose and
broker/dealer), foreign governments and commercial banks, and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-M1 component as a whole and
then adding this result to seasonally adjusted M1.
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, snort-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 governments 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.1. In those releases,
published levels of credit market debt are measured on a quarter-end basis and include discontinuities.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

1993-OCT.
NOV.

1994-JAN.

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

25

1104.0

1114.6

1116.4

3527.0

3533.0

3529.7

4174.5

4185.1

4186.3

l

1106.3
1108.7
1113.6
1116.0

1116.8
1119.3
1121.6
1124.3
1126.1

1121.1
1122,3
1126.6
1127.2
1128.2

3527.9
3529.9
3531.7
3533.7
3536.0

3532.3
3534.1
3537.6
3541.9
3545.3

3531.1
3541.5
3547.9
3547.1
3544.6

4175.9
4178.4
4180.7
4183.5
4186.3

4183.6
4185.6
4189.6
4193.5
4198.3

4180.7
4191.2
4200.0
4202.1
4199.8

6
13
20
27

1118.0
1119.9
1121.6
1123.4

1127.5
1127.4
1128.8
1130.3

1128.1
1126.0
1132.9
1134.0

3538.0
3539.5
3540.9
3542.1

3548.2
3549 .2
3550.5
3550.9

3553.0
3551.9
3552.6
3546.2

4189.1
4191.6
4193.7
4195.5

4201.2
4204.1
4206.1
4206.9

4203.0
4211.3
4210.1
4203.1

3
lOp
17p

1125.0
1126.4
1127.7

1131.3
1132.5
1133.0

1132.4
1130.5
1135.0

3543.6
3544.8
3546.6

3551.0
3550.5
3551.7

3553.2
3549.9
3557.4

4197.1
4198.4
4200.5

4208.0
4205.3
4205.5

4207.4
4200.5
4210.9

8
15
22
29
DEC.

M2

1111.1

Not seasonally adjusted
1993-OCT.

25

1097.4

1109.7

1095.9

3517.8

3 52 6 . 5

3507.3

4166.3

4172.8

4163.0

NOV.

1
8
15
22
29

1099.7
1102.2
1105.4
1108.6
1112.3

1110.2
1114.3
1119.1
1125.0
1128.1

1111.8
1132.2
1136.3
1119.8
1123.9

3519.0
3521.3
3524.3
3527.1
3530.4

3525.8
3529.9
3536.8
3544.9
3547.9

3522.1
3555.1
3562.8
3539.7
3533.8

4167.6
4170.3
4173.3
4176.8
4180.6

4174.9
4180.4
4189.0
4197.3
4203.7

4171.1
4206.5
4215.5
4196.0
4196.7

6
13
20
27

1115.3
1118.0
1121.9
1128.0

1132.3
1134.9
1142.8
1150.3

1149.0
1146.9
1151.2
1154.1

3533.7
3536.4
3540.2
3545.4

3553.1
3556.5
3562.9
3567.7

3575.9
3576.5
3565.3
3553.0

4184.3
4187.9
4192.0
4197.8

4208.5
4214.3
4220.1
4223.6

4225.6
4239.0
4218.9
4210.7

3
lOp
17p

1132.9
1136.9
1139.4

1156.3
1161.8
1161.3

1173.0
1169.0
1149.2

3549.8
3553.8
3556.7

3569.2
3572.7
3574.5

3581.8
3590.5
3572.8

4202.1
4206.0
4209.4

4221.9
4220.9
4222.6

4219.1
4234.7
4225.7

DEC.

1994-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
Currency

Date

7.

At commercial

At thrift
institutions5

Total

In M26

In M3 only 7

7.8
8.1

322 . 5
329 . 0

264.1
266.6

98.7
100.1

362 .8
366.7

2498.2
2490.9

707.0
703.6

OCT.
NOV.
DEC.

288.0
289.8
292.3

8.3
8.2
8.1

336 .0
339 . 5
340.8

271.9
278.7
281.2

101.9
103 . 0
104.0

3 7 3 .7
381.6
385.2

2485.5
2477.1
2468.2

689.1
680.4
668.6

1993-JAN.
FEB.
MAR.

294.8
296.9
299.0

8.0
8.0
8.0

341.9
341.8
341.9

283.5
283 .2
284.0

105.2
103.2
102.4

388.6
386.4
386 .3

2452.5
2441.0
2436.4

652.4
657.7
655.6

APR.
MAY
JUNE

301.4
304.0
306.8

8.1
8.2
8.0

347.3
359 .2
360.7

283.2
290.8
292 . 1

103.1
104.6
105.7

386.2
395.5
397 .8

2430.8
2436.1
2436.2

663.9
662 .4
654.5

JULY
AUG.
SEP.

309.6
312.6
316.4

7.9
7.8
7.8

365.9
370 .9
376.6

294.7
295.8
297 .9

107.2
107.4
108.0

401.9
403.1
406 .0

2430.4
2424.5
2424.2

646.5
645.4
646.7

OCT.
NOV.
DEC.

318.2
320.0
321.5

7.9
8.0
8.0

380.2
385.5
386.1

299 .7
301.3
303 .4

110.5
111.2
112.2

410.1
412.5
415.7

2416.8
2419.1
2420.5

651.6
652.7
656 .0

320.6
321.3

8.0
8.0

385.9
386.0

301.3
301.9

111.4
111.1

412.8
413 .0

2419.9
2416.4

655.0
655.2

6
13
20
27

320 .9
320.6
321.4
321.7

8.0
8.0
8.0
7.9

385.4
382.1
386.3
387.3

303.6
304.0
304.3
304.2

110.3
111.4
113.0
112.8

413 .8
415.3
417.3
417 . 1

2424.9
2425.9
2419.7
2412.1

650.0
659 .4
657.4
656.9

3
lOp
17p

323 .5
324.0
325.1

7.9
8.1 e
7.9 e

387.3
383.1
390.1

301.9
304.1
298.4

111.7
111.4
113.5

413 .6
415.5
411.9

2420.8
2419.4
2422.3

654.2
650.5
653 .5

1994-JAN.

6.

Demand deposits 3

282 .4
286.3

DEC.

4.
5.

Travelers checks 2

1992-AUG.
SEP.

Week endincT
1 9 9 3 - N O V . 22
29

1.
2.
3.

1

uurrency ouisiae u.cd. i reasury, r e u e i a i n«beiv« d « i i i ^ anu uic vauuo ui
iiwmuuuuu.
,,
.
,., ,«
, . ,. ,
. . ^
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
Sum' ofTarge time deposits^ te rm^R Ps°and ^ u r o d o N a r s o f LLS. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.

estimated



p

preliminary

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

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

348.9
343.9

220.9
220.7

At
thrift
institutions
70.3
70.2

1145.7
1158.9

424.4
427.9
429 . 9

1170.5
1180.4
1186.0

519.9
511.9
506.9

374.5
367.4
360.4

894.4
879.3
867.3

346.3
343.7
342.3

210.9
209.2
202 .3

297.1
292.2
288.6

70.2
68.6
67.5

367.3
360.8
356.1

754.1
755.8
754.0

430.2
426.6
424.8

1184.4
1182.4
1178.8

502.6
504.0
501.8

355.7
349 . 1
346.3

858.3
853.1
848.1

340.0
333.2
332 .7

197.7
201.9
200.9

281.5
278.5
273.5

67.4
65.9
65.0

348.8
344.3
338.4

APR.
MAY
JUNE

756.1
764.9
769.0

425.5
428.8
429.7

1181.6
1193.7
1198.8

497 . 1
492.9
488.7

344.1
341.5
338.1

841.2
834.4
826.9

331.7
335.5
334.3

200.4
202.8
198.1

278.2
278.6
275.6

65.3
64.7
64.4

343 .5
343.4
340.0

JULY
AUG.
SEP.

769.5
773.9
777.2

430.6
431.2
431.5

1200.1
1205.1
1208.7

483.8
479.3
475.8

334.0
331.1
327.8

817.8
810.3
803 .7

333 .2
331.5
329 . 4

195.0
193.3
194.1

271.2
272.2
270.9

64.5
64.0
63.9

335.6
336.1
334.8

OCT.
NOV.
DEC.

778.0
783.3
786.5

431.5
431.3
432.1

1209.6
1214.5
1218.6

472.0
467.8
466.8

324.1
320.9
316.7

796.1
788.8
783.5

330.0
333.5
336.4

196.6
196.7
198.8

271.7
269 .4
269.7

63.9
63.6
61.7

335.6
333.0
331.5

782.6
782.6

431.6
431.6

1214.1
1214.3

467.6
466.6

320.8
320.0

788.4
786.6

337.2
334.9

197.5
198.4

267.9
270.9

63.3
63.4

331.3
334.3

6
13
20
27

786.3
789.1
785.6
786.2

431.2
430.6
432.4
433.8

1217.5
1219.7
1218.0
1220.0

467.5
467.2
466.3
466.2

317.9
317.0
316.3
316.3

785.4
784.2
782.7
782.5

334.2
337.4
336.4
336.0

192.7
200.8
196.7
200.7

270.3
269.8
269.1
268.6

62.6
61.8
61.6
61.3

332.9
331.7
330.7
329.9

3
lOp
17p

784.5
787.7
793.0

432.5
430.8
431.4

1217.0
1218.4
1224.4

466.3
464.6
463.4

316.1
315.3
314.9

782.4
779.9
778.3

338.6
338.0
335.7

205.6
197.1
190.5

270.8
270.9
272.4

61.7
61.5
61.8

332.5
332.4
334.2

At
thrift
institutions
418.2
421.7

OCT.
NOV.
DEC.

746.1
752.5
756.1

1993-JAN.
FEB.
MAR.

Week e n d i n g
1993-NOV. 22
29
DEC.

1994-JAN.

Total

Total

Total
378.5
374.3

Savings deposits include m o n e y market deposit accounts.
, ,
. ,,
.
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of less t h a n $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s a n d
thrifts a r e s u b t r a c t e d f r o m s m a l l t i m e d e p o s i t s .
..
,.
.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international b a n k i n g facilities.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s less t h o s e held b y m o n e y m a r k e t m u t u a l f u n d s , d e p o s i t o r y institutions, U.S. g o v e r n m e n t , a n d f o r e i g n b a n k s a n d official
institutions.

p

925.7
911.0

At
commercial
banks 4
308.2
304.1

Large-denomination time deposits 3

At
thrift
institutions
390.1
383.5

At
commercial
banks
727 .6
737 .2

1992-AUG.
SEP.

3
4.

Institutiononly money
market funds

At
commercial
banks
535.6
527.5

Date

1.
2.

General
purpose and
broker/dealer
money
market funds

Small-denomination time deposits 2

Savings deposits 1

preliminary




Page 6
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
Date

Short-term Treasury
securities 1

Bankers a c c e p t a n c e s 2

147.4
149.3

322 .9
321.0

21.1
20.7

355.7
363 .4

2992.4
3012.9

8561.0
8584.9

OCT .
NOV.
DEC.

151. P
154.
156.

320.2
325.1
331.4

20.5
20.3
20.4

368.0
372.4
368.4

3015.3
3033.4
3068.4

8610.4
8632.2
8652.7

1993-JAN.
FEB.
MAR.

158.9
161.1
162.7

337.5
342.9
341.6

20.6
20.1
19 . 2

360.7
355.9
360.3

3078.7
3090.8
3121.1

8679.1
8690.8
8700.1

APR.
MAY
JUNE

1 6 3 .9
164.8
165.7

340.7
347.1
349.1

19.2
19 . 4
18.7

365.5
368.4
369 . 1

3149.0
3175.8
3208.1

8718.5
8736.9
8768.0

JULY
AUG.
SEP.

166.8
167.8
168.8

348.5
345.7
323.8

17.5
16.4
16.3

369.1
381.3
379 .6

3227.6
3251.1
3270.4

8805.9
8837.3
8871.5

OCT.
NOV. p

169.8
170.9

317.6
322.3

16.3
16.2

388.0
386.2

3266.3
3291.2

8912.9
8950.6

Savings bonds
1992-AUG.
SEP.

1.

Commercial paper 3

Federal debt

Non-Federal debt

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
H.6 (508)
Table 5

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

Date

At commercial
banks 4

At thrift
institutions 5

Total

In M2

6

Overnight RPs8

Owng«,

In M3 only 7

8. ,4
8. ,5

319 . 8
326 . 1

260. 8
2 6 4 . ,0

98. 4
99 . 6

359.2
363 .6

2497.7
2485.7

712 .3
704.4

61.9
58.5

16.8
17.7

OCT .
NOV.
DEC.

2 8 7 .,0
2 9 0 .,0
2 9 5 . .0

8. ,4
7 .. 9
7 ., 8

3 3 6 . .7
3 4 3 ..9
3 5 5 .,2

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

100 . 8
102 . 7
103 . 7

368 .8
379 .7
387 .7

2484.8
2477.5
2463.3

684.9
682 .8
666.4

57.2
54.9
53.4

19.9
20.9
21.3

19 9 3 - J A N .
FEB.
MAR.

2 9 3 . .6
2 9 5 . .3
2 9 7 ..9

7 .. 8
7 . .7
7 . .8

346..1
3 3 4 ..2
3 3 6 . .3

2 8 9 .. 1
2 8 4 . .0
2 8 6 . .4

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

392.7
384.9
388 .8

2451.3
2445.9
2447.7

649 . 2
661.1
658.7

55.5
57.0
58.4

17.8
17.0
16.1

APR.
MAY
JUNE

3 0 1 . .4
3 0 4 . .4
3 0 7 ..4

7. 8
7 .. 9
8 ..2

3 5 0 . .6
3 5 2 .. 1
3 5 9 ..7

2 9 1 . .9
2 8 7 . .5
2 9 0 . .6

1 0 6 . .6
1 0 5 . .6
1 0 6 . .9

398.5
393 .2
397.5

2439.1
2429.8
2432.4

659.5
664 .6
654.1

58.1
56.5
59.9

14.7
13.5
13.7

JULY
AUG.
SEP.

311.
3 1 2 . .8
3 1 4 . .8

8. . 4
8. . 4
8. . 2

3 6 5 . .7
3 6 7 ..6
373..1

2 9 0 ..8
2 9 2 ,. 1
2 9 5 ,.0

1 0 8 . .0
107 . 1
1 0 7 ..4

398.8
399 .2
402.4

2428.2
2423.7
2418.9

643.5
650.5
647.6

63 .7
63.6
67.0

13.5
14.7
14.9

OCT.
NOV.
DEC.

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

8. . 0
7 ,.7
7 .. 6

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

295 .5
299 .5
306 .2

1 0 9 ,.2
1 1 0 , .9
111..8

404.7
410.4
418.0

2416.1
2419.7
2415.9

647.7
655.4
653.8

67 . 1
67.2
66.8

17.2
17.6
17.9

3 1 9 ,. 6
3 2 0 .6

7 .7
7 .6

385 .5
390 .6

298 .1
296 .3

109 .0
108 .8

407.0
405.0

2419.8
2409 .9

656.3
662.9

67 . 9
61.8

16.9
17.6

6
13
20
27

322 .0
323 .1
3 2 5 .3
328,.4

7
7
7
7

398
397
401
404

306
305
306
304

114
113
110
109

.8
.1
.7
.2

421.2
418.8
417.1
413.8

2426 .9
2429.6
2414.1
2398.8

649.7
662.5
653.7
657.7

71.6
68.7
65.9
60.2

18.0
17.7
18.1
17.3

3
lOp
17p

325 .4
325 .0
3 2 4 .3

7 .7
7 .8 e
7 .7 e

112 .2
114 .6
112 .2

423.0
432.6
419.7

2408.8
2421.5
2423.6

637.3
644.2
652.9

69 . 7
68.8
68.0

18.6
17.9
17.0

1994-JAN.

8.
9.

Nontransactions components

Other checkable deposits

2 8 2 .,9
2 8 4 . ,6

DEC.

4.
5.
6.
7.

Demand
deposits 3

1992-AUG.
SEP.

Week e n d l n a
1 9 9 3 - N O V . 22
29

1.
2.
3.

Travelers
checks2

.6
.6
.6
.7

.2
.5
.2
.3

416 .9
403 .6
397 .5

.4
.7
.3
.6

310 .8
318 .0
307 .5

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

estimated



p

preliminary

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

At
commercial

At
thrift

Total

1146. 7
1156. 0

535. 8
528. 1

390. 2
384. 0

926. 0
912. 1

346. 2
341. 4

220 . 6
216. 6

At
commercial
banks 4
309. 5
304. 5

At
thrift
institutions
70. 6
70. 3

OCT.
NOV.
DEC.

744. 4
751. 9
752. 3

423. 4
427. 5
427. 8

1167. 9
1179. 4
1180. 0

521. 1
512 . 5
507 . 7

375. 3
367 . 9
360. 9

896. 5
880. 4
868. 6

343. 4
341. 9
340. 0

206. 3
209 . 5
202. 4

296. 3
292. 1
287. 5

70. 0
68. 6
67. 3

366.3
360.7
354.8

1993-JAN.
FEB.
MAR.

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

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

1 1 7 7 ..1
1 1 7 8 . .3
1 1 8 4 . .4

5 0 4 . ,4
5 0 4 ..6
5 0 1 . .2

357. 0
349. 6
3 4 5 . ,8

8 6 1 . ,4
8 5 4 . .2
8 4 7 ..0

3 3 9 .,6
3 3 9 ..4
3 4 1 . ,9

202. 3
210. 3
2 0 3 . ,6

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

66. 9
65. 8
65. 2

346.5
343.8
339.5

APR.
MAY
JUNE

7 6 0 . .9
7 6 6 . .0
7 7 2 . .3

4 2 8 . .2
4 2 9 . .4
4 3 1 . .6

1189..1
1 1 9 5 ..4
1 2 0 3 . .9

4 9 5 . .9
4 9 0 ..6
4 8 6 . .9

3 4 3 . .3
3 4 0 . .0
3 3 6 . .9

8 3 9 ..2
8 3 0 . .6
8 2 3 . .8

3 3 8 ..0
3 3 3 ..8
3 3 1 , .2

1 9 9 . .5
2 0 3 . .0
1 9 4 . .3

2 7 7 . .4
2 8 0 . .3
277 . 1

65. 2
65.,1
6 4 . .8

342.5
345.4
341.9

JULY
AUG.
SEP.

7 7 2 . .2
7 7 4 ..5
7 7 5 . .0

432..1
4 3 1 ..5
4 3 0 . .3

1 2 0 4 ..3
1206..0
1205..4

4 8 3 ..8
4 7 9 ..4
4 7 6 . .5

3 3 4 . .0
3 3 1 . .2
3 2 8 . .3

817 . 8
8 1 0 ,.6
8 0 4 ..8

3 2 9 ,. 0
3 2 8 , .8
3 2 6 ,.8

1 9 1 . .8
1 9 3 . .3
1 9 0 . .7

2 7 0 ,.8
2 7 3 ,.3
2 7 1 , .2

6 4 . .4
6 4 . .2
6 4 . .0

335.2
337.5
335.3

OCT.
NOV.
DEC.

776..1
7 8 2 ..4
7 8 2 .3

430 .5
430 .8
429 .8

1206 .6
1213 .2
1212 .1

4 7 3 ,. 1
468 .5
467 .6

3 2 4 , .9
3 2 1 .4
317 .3

798 .1
789 .9
784 .9

327 .1
3 3 1 .7
334 .2

192,.4
197,.1
1 9 8 .9

270 .8
269 .2
2 6 8 .7

63 ..7
63..6
61..5

334.5
332.7
330.1

780 .5
778 .8

430 .4
429 .5

1210 .9
1208 .4

467 .9
467 .4

321 .0
320 .6

788 .9
787 .9

335 .3
334 .2

200 . 1
199 .9

268 .2
270 .9

63 . 4
63 . 3

331.5
334.2

430
430
429
428

1216
1219
1210
1205

468
468
467
466

318
317
317
316

787
785
784
783

333
337
335
332

195
204
200
199

.5
.9
.3
.9

332.4
331.7
329.3
327.9

61 .0
61 .2
61 .3

329.0
330.5
331.7

.8
.2
.5
.7

6
13
20
27

785
789
780
776

3
lOp
17p

777 .8
786 .6
790 .2

.9
.7
.6
.6

428 .8
430 .2
429 .8

.7
.9
.2
.3

.5
.1
.3
.9

.1
.8
.2
.7

783 .7
783 .4
782 .0

316 .6
3 1 6 .7
316 .4

467 . 1
466 .7
465 .6

1206 .6
1216 .8
1220 .0

.6
.7
.0
.8

.5
.6
.6
.3

330 .1
334 .6
336 .6

.0
.3
.0
.3

192 .5
192 .5
200 .4

269
269
268
267

62
61
61
60

.9
.9
.0
.0

268 .0
269 .4
270 .4

Total
380.1
374.8

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.
^
,,
..
, .....
v
Larqe-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




#

Total

728. 2
735. 4

1994-JAN.

p

Large-denomination time deposits 3

1992-AUG.
SEP.

DEC.

3
4.

Institutiononly money
market funds

At
thrift
institutions
418. 5
420. 6

At
commercial
banks

Week e n d i n g
1993-NOV. 22
29

1.
2.

General
purpose and
broker/dealer
money
market funds

#

#

#

#

#

#

#

#

#

#

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

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

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars 2

Savings bonds

Short-term
Treasury
securities 3

Bankers
acceptances4

Commercial
paper 5

1992-AUG.
SEP.

55.8
58.1

20.2
19 .7

76.0
77.8

51.4
49.4

147.4
149.2

319.2
322.6

20.9
20.2

349 . 9
363.2

2970.3
2993.9

8542.2
8570.8

OCT.
NOV.
DEC.

59.8
61.5
61.1

20.1
20.3
20.0

79.9
81.8
81.1

48.1
47.2
45.6

151.8
154.4
156.4

323 . 0
334.4
345.3

20.4
20.8
21.4

364.7
370.4
366.3

2998.1
3028.3
3069.8

8600.8
8628.5
8652.2

1993-JAN.
FEB.
MAR.

59 .,1
60. 2
63 .,7

2 1 . .0
2 2 ..1
2 2 . .3

80. 1
82 . 3
86. 0

43 . 5
46. 7
49 .,8

1 5 8 . ,6
1 6 1 . .0
1 6 2 ..9

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

2 1 . .4
2 0 . .2
1 8 . .9

3 6 7 . ,7
3 5 9 .. 1
3 6 1 . .7

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

8 6 6 8 ..1
8 6 6 9 .,2
8 6 7 6 . .2

APR.
MAY
JUNE

6 5 . .9
6 6 . ,5
7 0 . .2

2 2 . .9
2 3 . .2
22 ..6

88 .,9
89 ..8
92 ..8

48. 7
4 8 . .7
4 5 . .5

1 6 4 . .2
1 6 5 . .2
166.. 1

3 3 5 . .2
336..8
340..2

1 8 . .7
19 . 1
18 ,. 5

3 6 9 ..9
366.. 8
3 6 9 . .7

3 1 4 2 . .9
3161..1
3 1 8 8 . .9

8 6 9 7 ..3
8 7 2 0 , .7
8753 .8

JULY
AUG.
SEP.

72
72
72

..9
..5
..0

2 3 ..6
2 4 . .0
2 4 . .4

9 6 . .5
9 6 . .5
9 6 . .4

4 1 . .9
44..1
4 5 . .2

167.. 0
167,.8
1 6 8 , .7

339 ,. 0
3 4 1 , .7
325 .4

17 ,. 4
16 ,. 2
15 . 9

3 6 7 ,. 1
374 .7
379 .8

3201,.8
3 2 2 9 ,. 4
3 2 5 1 .9

8792 .4
8822 .3
8858 .2

OCT.
NOV.
DEC.

7 1 . .2
7 0 . .0
7 0 . .4

2 3 ..9
2 4 . .5
2 4 . .9

95..1
9 4 . .5
9 5 . .3

4 5 . .4
5 0 . .0
4 7 . .8

169 ,. 6
170 .6 p

320 .3
331 .8 p

16 . 2
16 . 6 p

384 .7
384 .5 p

3249 .4
3287 .0 p

8902 .8
8945 . 1 p

69 ,.2
71..2

2 4 .9
2 4 .9

94.. 1
96 . 0

49 . 8
52 . 1

6
13
20
27

6 7 ..8
71..2
6 9 . .9
74..8

25
24
24
25

93
95
94
99

47
48
48
48

3
lOp
17p

66 .4
6 6 .. 2
66 . 2

24 .6
25 .2
25 .4

Date

Week endincr
1 9 9 3 - N O V . 22
29
DEC.

1994-JAN.

1.
2

Debt components 6

Non-M3 Components of L

Term RPs 1

.4
.6
.7
.2

.2
.8
.6
.9

91 .0
91 .4
91 .6

Federal debt

Non-Federal
debt

.9
.4
.2
.9

43 . 8
47 . 8
47 . 1

3.

Term RPs are those with original maturities greaterthan 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
bankinq 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

4.
5.
6.

N e t o f ' ' b a n k e r s ^ c c e p f a n c ^ h e t i 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




P a g e 10
H.6 (508)
Table 6

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

Foreign
official
institutions

Time and
savings
deposits due
to foreign
banks and
official
institutions

1992-AUG.
SEP.

7 .9
8 .5

l 5
l 7

7 9
7 8

3 9
5 4

5. ,7
10. .6

18. .5
23. .2

28. .0
39. ,2

2. .5
2. .5

147. 5
147. 6

127. 0
126. 7

43. 2
43. 0

317.6
317.2

OCT.
NOV.
DEC.

8 .5
8 .4
9 .0

l 7
l 6
1 6

8 1
8 9
9 6

4 2
4 1
5 2

5. .8
5. .5
6. .0

17. .7
12. .4
14. .3

27. .7
21. .9
25. .5

2. .5
2. .7
2. .6

1 4 7 . ,6
147. 2
147. 2

126. 2
125. 6
1 2 4 . ,9

44. 6
46. 2
45. 4

318.4
318.9
317.4

1993-JAN.
FEB.
MAR.

8 .7
8 .7
8 .3

l 4
l 5
l 6

10 1
10 3
10 5

6 1
4 3
4 2

7. .7
5. .9
5. .4

27. .0
25. .2
13. .2

40. .8
35. .4
22. .8

2. .0
2. .5
2. .4

1 4 7 . .2
1 4 6 . .9
147. .7

123. 7
1 2 2 . ,4
1 2 0 . ,9

44. 6
45. 6
45. .6

315.5
315.0
314.2

APR.
MAY
JUNE

7 .8
8,.3
8,.2

l 7
l 6
l 6

10. .8
11. . 1
11. .5

5. .8
4. .2
5, .4

6..2
5..8
8.. 1

14. .5
16. . 1
21. . 1

26. .5
26. . 1
34. .6

1..5
2. .6
3. .0

148. .0
146. .9
146. .5

1 1 9 . .7 e
1 1 9 . ,5 e
1 1 8 . .2 e

45. .1 e
46. .0 e
46. .7 e

312.8 e
312.5 e
311.3 e

JULY
AUG.
SEP.

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

l 7
l 6
l 5

11. .5
11. . 1
10. .8

4. .2
3. .8
5. .5

6..9
5..7
9..3

21. .4
20, .0
23, .2

32. .5
29. .5
37, .9

2. .8
3, . 1
2, .8

146. .4
146. . 1
145. .8

1 1 6 . .8 e
1 1 5 . .4 e
1 1 4 . .5 e

47. .3 e
47. .4 e
47. .5 e

310.5 e
308.9 e
307.8 e

OCT.
NOV.
DEC.

8, .3
8. .3
9, .2

l 6
l 8
l 6

10. .6
10. .6
10. .6

4. .5
4. .0
5. .2

5,.9
5..6
6..7

12, .6
8,.8
16, .2

23, . 1
18, .4
28, . 1

2, .7
2, .7
2, .6

145. .2
144. .6
143. .9

1 1 4 . .9 e
1 1 5 . .3 e
1 1 4 . .4 e

47. .6 e
48. .3 e
48. .7 e

307.7 e
308.1 e
307.0 e

8, .0
8,.3

l . ,5
1. .7

10. .6
10. .6

3, .6
4, .2

6,. 1
5 .4

7 .6
10 .4

17 .3
20 .0

2 .8
2 .8

8, .8
8, .2
9, .3
10, .9

1. .6
l . .5
1. ,6
1. .5

10. .6
10. .6
10. .6
10. .6

4 .3
3, .6
8 .5
4 .0

5 .0
4 .7
7 .3
8 .1

12
1
13
27

.0
.3
.9
.5

2 1 .3
9 .6
29 .8
39 .6

2
2
2
2

8, .7
8, .9
8, .7

1. .8
1. .7
1. .6

10. .6
10. .6
10. .6

6 .4
4,.3
5 .5

9 .5
4 .7
4 .9

32 . 6
20 .7
23 .2

48 .5
29 .7
33 .5

2 .3
0 .9
2 .5

Date

Week endlncr
1993-NOV. 22
29
DEC.

1994-JAN.

e
p

6
13
20
27
3
lOp
17p

estimated
preliminary




U.S. government deposits

IRA and Keogh Accounts

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

Total
cash
balance

Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

.7
.7
.6
.6

Total