Full text of H.6 Money Stock Measures : January 30, 1992
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.•vjsSS&i; FEDERAL RESERVE statistical release. E^LRt' H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES JANUARY 30, 1992 B i l l i o n s of d o l l a r s Date M1 J M2 2 DEBT5 M3 3 Seasonally adjusted 1990-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 795.4 801.1 804.7 807.7 807.5 811.5 810.7 816.5 821.8 821.2 823.3 825.4 3233.6 3255.0 3269.6 3279.9 3282.8 3290.6 3295 3309 3321 3324 3323 3327.8 4061.4 4073.1 4077.2 4082.7 4082.7 4085.8 4089.0 4103.1 4108.8 4109.0 4108.4 4111.2 4895.3 4903.0 4914.8 4920.8 4903.5 4923..1 4926..7 4934..4 4955..6 4955..1 4960..4 4966..6 10198. 10258. 10328. 10386. 10435. 10499. 10558. 10620. 10669. 10704. 10755. 10792. 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 826.7 836.4 843.0 842.1 851.6 858.4 859.5 866.1 870.0 879.1 890.3 896.7 3331. 3354. 3375. 3383. 3395. 3400, 3392, 3393, 3395, 3404. 3418, 3425, 4124, 4159. 4168. 4170. 4171. 4165. 4150, 4149. 4144. 4151. 4163. 4172. 4983. 1 5010. 0 5010. 3 4977. 4 4955. 4 4979. 7 4986. 0 4979. 5 4970. 6 4980. 7 5008. 7 P 10818. 10868. 10905. 10922.8 10969.7 11019.8 11058.0 11104 9 11154 9 11207 0 11256 6 p 1990-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 802.4 788.3 796.2 818.0 797.3 810.8 812.9 814.5 818.9 817.6 826.1 844.3 3244.5 3245.6 3267.7 3292.8 3262.8 3284.1 3298.6 3310.3 3316.9 3321.8 3327.3 3341.9 4067.8 4061.5 4075.8 4090.8 4064.3 4080.8 4091.2 4108. 4106. 4106. 4115. 4123. 4911. 4894. 4912. 4930. 4888. 4914. 4919. 4932. 4954. 4950. 4965. 4985. 10187.8 10229.2 10290..9 10345..5 10388..7 10450..3 10509..6 10568..7 10621..7 10667..5 10727..2 10779.8 1991-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 833.2 823.4 835.0 852.8 841.5 857.6 861.8 864.0 867.0 875.0 893.4 916.8 3341 3345 3374 3397 3375 3393.8 3395.3 3394 3390 3400 3422 3440 4130.1 4147.8 4167.5 4179.5 4153.1 4159.8 4153.1 4154.6 4142.4 4147.9 4170.1 4185.3 4999. 5000. 5008. 4988. 4940. 4970. 4978. 4978. 4968. 4976. 5013. 10807..2 10838..9 10867..5 10882..2 10922..7 10970..1 11008.8 11055.1 11109.6 11173.1 11232.1 p Not seasonally adjusted 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 Debt 1 Ml M2 3 Months from SEP. 1991 TO DEC. 1991 12.3 3.5 2.6 5.5 6 Months from JUNE 1991 to DEC. 1991 8.9 1.4 0.3 5.2 12 Months from DEC. 1990 TO DEC. 1991 8.6 2.9 1.5 4.7 11.4 2.9 1.7 JULY 22, 1991 (26 weeks previous) 9.4 1.5 0.1 JAN. 21, 1991 (52 weeks previous) 8.6 2.8 1.3 M3 Thirteen weeks ending JANUARY 20, 1992 from thirteen weeks ending: OCT. 21, 1991 (13 weeks previous) Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, August 1991 to November 1991, May 1991 to November 1991, and November 1990 to November 1991, 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 (NON) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by 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 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 foreiqn 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 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-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 quartei—end basis and include discontinuities. H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjus ted Period ending 13-week average 4-week average 1991-OCT. 28 871.3 878.6 NOV. 4 11 18 25 872.5 874.3 876.2 877.8 DEC. 2 9 16 23 30 6 13p 20p 1992-JAN. M3 M2 Ml 13-week average 4-week average 3404.5 4148.4 4151.6 4153.3 3406.2 3409.2 3411.3 3415.5 3406.9 3414.2 3419.4 3421.4 4148.8 4149.6 4150.6 4151.6 4152.9 4155.2 4156.7 4160.4 4150.6 4159.4 4163.4 4168.1 3406.6 3409.0 3411.7 3414.0 3416.1 3419.9 3422.8 3426.7 3427.7 3426.7 3424.4 3426.0 3434.8 3425.7 3420.3 4153.5 4156.0 4158.9 4161.2 4162.6 4164.9 4169.1 4175.4 4176.9 4174.3 4168.6 4176.3 4188.5 4174.2 4158.1 3416.8 3418.4 3420.4 3422.1 3419.0 3422.1 3407.5 3422.3 3438.4 4161.7 4163.2 4165.3 4163.6 4159.1 4161.6 4133.4 4170.6 4184.3 13-week average 4-week average 883.6 3397.4 3404.1 880.6 883.8 885.4 887.1 883.8 885.4 888.9 890.3 3398.5 3400.3 3402.3 3404.0 880.4 882.6 884.9 887.0 888.7 891.5 894.0 896.4 898.5 897.2 901.3 895.5 898.5 898.5 896.3 890.0 892.3 894.7 896.4 897.7 901.3 892.4 903.5 912.8 week average week average week average Not seasonally adjusted Ml Period ending 1991-OCT. 28 M3 M2 week average 13-week average 4-week average 868.3 875.4 863.0 13-week average 4-week average 3395.0 3401.7 3396.0 3397.7 3400.2 3402.4 3402.3 3405.6 3411.8 3419.2 13-week average 4-week average 3383.4 4148.3 4148.7 4132.8 3411.1 3423.8 3428.9 3413.1 4148.5 4149.2 4150.4 4151.7 4149.2 4152.3 4158.9 4166.4 4157.0 4172.5 4173.1 4162.9 week average week average NOV. 4 11 18 25 869.4 871.4 873.8 876.1 876.3 880.2 885.0 889.8 886.7 894.5 895.8 882.2 DEC. 2 9 16 23 30 879.4 881.8 884.9 889.6 894.7 894.1 899.2 903.9 912.5 916.6 903.9 915.0 914.5 916.7 920.2 3405.5 3408.2 3411.6 3416.2 3421.1 3423.1 3429.0 3434.0 3439.5 3440.8 3426.6 3447.5 3448.7 3435.1 3432.0 4154.1 4156.4 4159.4 4163.8 4167.8 4171.3 4176.8 4183.3 4187.7 4186.0 4176.7 4194.6 4198.9 4180.5 4169.9 1992-JAN. 6 899.3 903.0 905.9 923.5 926.7 926.1 942.7 927.1 914.5 3425.0 3428.4 3431.5 3444.0 3445.6 3447.8 3460.2 3455.1 3443.7 4169.6 4172.6 4175.8 4182.0 4182.2 4184.1 4178.7 4199.7 4188.0 IIP 2 Op 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 Date Currency 1 Travelers checks 2 Demand deposits3 1990-AUG. SEP. 238.4 241.5 8.0 8.2 278.0 279.1 204.4 205.7 OCT. NOV. DEC. 243.9 245.0 246.4 8.3 8.4 8.4 277.1 277.2 276.9 1991-JAN. FEB. MAR. 251.6 255.1 256.7 8.4 8.2 8.1 APR. MAY JUNE 256.6 256.8 257.6 JULY AUG. SEP. OCT. NOV. DEC. At thrift institutions5 Total In M 2 6 In M3 only 7 87.7 87.3 292.1 293.0 2493.1 2499.8 793.5 787.2 205.9 207.1 208.8 85.8 85.7 85.0 291.8 292.8 293.8 2503.3 2500.4 2502.4 784.5 784.7 783.4 272.9 276.1 277.1 209.2 211.4 214.4 84.7 85.5 86.6 293.9 296.9 301.0 2504.6 2518.3 2532.4 792.7 805.0 792.8 7.9 8.0 7.8 275.8 278.7 281.0 215.2 220.1 223.4 86.7 88.0 88.5 301.9 308.1 311.9 2541.6 2543.9 2542.5 786.6 776.4 764.4 258.9 260.8 262.4 7.7 7.7 7.8 278.9 279.8 279.3 225.6 229.5 232.3 88.5 88.4 88.2 314.1 317.8 320.6 2532.5 2527.5 2525.4 758.2 755.8 749.2 264.4 265.3 266.7 7.9 8.1 8.3 282.6 287.4 289.1 235.2 239.2 241.6 89.0 90.3 91.0 324.1 329.5 332.6 2524.9 2528.1 2528.7 747.4 744.9 746.6 265.1 8.1 286.2 239.9 91.1 330.9 2531.1 746.6 Heek ending 1991--NOV., 25 DEC. 1992--JAN. 2 9 16 23 30 266.3 266.3 266.8 266.7 267.1 294.0 290.4 290.9 289.8 287.1 240 240 241 242 242, 92, 90, 91, 91, 91. 332.8 330.5 332.5 333.7 333.6 2523, 2530. 2536. 2527. 2524. 744. 750. 753, 748. 737. 6 13p 20p 267.9 268.9 270.2 283.7 292.7 296.1 242, 242, 245, 89.8 90.9 92.6 332, 333, 338, 2515. 2518, 2525. 725. 748. 745. Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S doilai—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. 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 NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts. 6. Sum of overniqht 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 marRet 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--indicafes 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 deposits 1 At At thrift commercia ,1 institutions banks Date Large-denomination time deposits 3 Small-denomination time deposits2 Total At At thrift commercial institutions banks Total General purpose and broker/dealer money market funds Institutiononly money market funds At A* thrift commercial institutions banks 4 Total 1990-AUG. SEP. 570.6 572.6 348.1 347.0 918.6 919.6 574.9 579.4 583.4 580.7 1158.3 1160.1 335.8 339.3 114.0 116.2 395.8 390.9 133.4 131.0 529.2 521.9 OCT. NOV. DEC. 574.3 575.6 577.7 343.9 342.3 339.0 918.2 917.8 916.7 588.1 589.5 598.1 573.3 572.3 566.1 1161.4 1161.8 1164.2 341.6 341.9 345.4 119.6 120.5 125.7 386.8 387.4 386.1 128.3 125.1 121.1 515.1 512.5 507.1 1991-JAN. FEB. MAR. 579.1 586.4 594.7 338.0 340.5 344.9 917.1 926.9 939.7 601.6 605.5 607.8 562.2 557.0 550.2 1163.8 1162.5 1158.0 354.0 358.4 364.0 130.1 139.3 142.0 393.9 401.0 399.9 118.0 114.9 111.6 511.9 516.0 511.5 APR. MAY JUNE 602.6 611.3 619.5 351.2 357.9 361.4 953.8 969.2 981.0 604.1 601.2 601.7 545.3 537.7 524.9 1149.4 1138.9 1126.6 365.1 365.8 366.5 145.6 146.2 143.3 398.4 399.2 397.8 108.8 104.6 100.9 507.2 503.8 498.7 JULY AUG. SEP. 625.6 631.0 635.8 364.4 365.2 366.9 990.0 996.2 1002.7 601.0 604.9 604.6 514.9 503.2 496.7 1115.9 1108.2 1101.3 363.7 358.0 355.1 141.8 144.8 149.3 393.4 390.8 386.1 97.8 93.9 90.7 491.2 484.8 476.8 OCT. NOV. DEC. 643.6 651.4 659.0 369.6 373.8 378.2 1013.2 1025.2 1037.2 600.8 593.4 586.1 488.3 481.8 474.9 1089.0 1075.2 1061.0 354.0 352.3 352.3 155.4 161.0 167.1 380.1 375.9 374.2 87.2 84.6 82.9 467.3 460.5 457.1 652.8 373.9 1026.7 592.2 480.2 1072.3 352.3 164.1 375.2 2 9 16 23 30 652.9 657.3 660.8 659.7 659.5 375.5 376.8 378.3 378.8 379.4 1028.5 1034.1 1039.1 1038.5 1038.9 590.1 588.4 587.1 585.8 583.1 479.1 477.1 475.6 473.7 472.6 1069.2 1065.5 1062.6 1059.5 1055.7 352.7 353.6 354.1 351.4 350.7 165, 167. 170, 169, 163. 6 13p 20p 661.0 667.0 670.5 380.4 383.3 385.3 1041.4 1050.3 1055.8 580.0 576.2 573.3 471.0 467.6 464.4 1051.0 1043.7 1037.7 346.4 351.4 353.9 150, 169. 172. Week ending 1991-NOV. 25 DEC. 1992-JAN. 1. 2. 459.2 376.8 376.3 375.7 374.3 370.9 84.1 84. 83. 83. 82. 81. 460.8 460.0 459.1 456.7 452.9 369, 368. 367. 82. 81. 80. 451.9 449.9 448.3 Savings deposits include money market deposit accounts. Small-denomination time deposits—includinq retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits. 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 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 components4 Non-M3 Components of L Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper 3 1990-AUG. SEP. 123.0 123.8 329.0 332.2 32.3 31.8 347, 359, 2414, 2433, 8206.1 8236.0 OCT. NOV. DEC. 124.5 125.2 126.0 330.3 333.8 335.4 32.6 34.0 34.7 358.8 359.0 359.4 2441, 2470, 2493, 8262.7 8284.3 8298.8 1991-JAN. FEB. MAR. 126.7 127.8 128.9 333.2 331.4 327.8 36.0 35.2 32.4 363.2 355.9 353.0 2509.1 2537.5 2551.5 8308.9 8330.8 8353.9 APR. MAY JUNE 130.1 131.4 132.5 307.6 299.6 326.8 30.7 28.8 27.7 338.6 323.7 327.4 2547, 2572, 2606, 8375.4 8397.2 8413.1 JULY AUG. SEP. 133.5 134.4 135.3 337.6 335.1 328.9 27.8 27.1 25.1 336.8 333.5 336.6 2633. 2665. 2693, 8424.8 8439.0 8461.4 OCT. NOV. p 136.2 137.1 332.5 342.8 24.9 24.8 335.7 340.7 2724, 2749, 8483. 8507. 1. Federal debt Non-Federal debt 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 tunds, and foreign entities. 2. 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. 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 Date Currency l Travelers checks 2 Demand deposits3 At commercial banks 4 At thrift institutions5 Total In M 2 6 In M3 only 7 Overnight RPs 8 Overnight Eurodollars9 1990-AUG. SEP. 239.4 241.0 8.9 8.8 276.8 278.2 201.8 203.9 87.6 87.1 289.4 291.1 2495.8 2497.9 797.8 790.0 67.6 65.2 15.2 16.4 OCT. NOV. DEC. 242.8 245.7 249.6 8.4 8.0 7.8 278.0 280.5 289.9 203.0 206.0 211.5 85.4 85.9 85.5 288.4 291.9 297.0 2504.2 2501.2 2497.6 784.3 788.1 781.4 66.2 60.5 54.9 17.5 17.3 19.4 1991-JAN. FEB. MAR. 249.8 252.7 255.6 7.8 7.8 7.8 277.7 268.0 270.1 213.7 211.4 215.7 84.2 83.5 85.9 297.9 294.9 301.5 2508.4 2522.0 2539.6 788.5 802.4 792.9 51.8 51.4 49.0 19.7 19.1 20.5 APR. MAY JUNE 256.0 257.4 259.1 7.5 7.8 8.1 277.6 271.5 279.6 222.4 217.1 221.8 89.3 87.8 89.0 311.7 304.9 310.8 2544.5 2533.4 2536.2 782.2 778.1 766.0 50.1 51.3 52.4 20.0 17.6 16.1 JULY AUG. SEP. 260.8 262.0 261.8 8.5 8.6 8.3 280.6 278.6 278.4 222.8 226.6 230.3 89.0 88.2 88.1 311.8 314.8 318.4 2533.5 2530.4 2523.5 757.8 760.1 751.9 51.0 52.8 51.8 14.3 15.1 15.3 OCT. NOV. DEC. 263.2 266.3 270.0 8.0 7.7 7.7 283.6 290.9 302.8 231.8 238.0 244.7 88.5 90.6 91.6 320.3 328.5 336.3 2525.9 2528.9 2523.9 747.0 747.8 744.5 53.0 53.3 52.3 17.1 20.3 23.5 265.2 7.7 Neek ending 285.7 235.6 88.1 323.8 2530.8 749.8 54.4 22.2 2 9 16 23 30 267.5 269.4 269.4 271.6 270.4 298. 298. 301. 301. 307. 239. 245. 243. 245. 244. 91 93 91 90 90 330.8 339.2 335.5 335.4 334.4 2522. 2532. 2534. 2518, 2511.8 750, 747, 750. 745. 738, 50.0 53.5 54.6 51.8 49.8 20, 22. 23. 23. 24. 6 13p 20p 269.7 268.5 268.1 315.1 303.8 296.4 255. 254. 251. 94.7 92.8 91.0 350, 347, 342, 2517 2528 2529 718. 744. 744. 53. 53. 55. 26. 22. 22. 1991-NOV. 25 DEC. 1992-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 of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of 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, p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Savings deposits 1 At A* thrift commercia il banks institutions Date Large-denomination time deposits 3 Small-denomination time deposits2 Total At At commercial thrift banks institutions Total General purpose InstitutionAt . At and broker/dealer only money commercial thrift money market funds market funds banks 4 institutions Total 1990-AUG. SEP. 570.0 571.2 348.3 346.4 918.2 917.6 575.8 579.1 584.3 580.4 1160.2 1159.5 334.6 339.2 113.1 113.4 396.7 392.7 133.7 131.6 530.4 524.3 OCT. NOV. DEC. 574.0 577.5 579.3 344.2 342.7 338.3 918.2 920.2 917.6 588.0 588.5 596.1 573.2 571.3 564.1 1161.2 1159.8 1160.2 341.1 343.4 345.5 117.1 121.2 127.0 389.3 389.9 386.1 129.1 125.9 121.1 518.3 515.9 507.1 1991-JAN. FEB. MAR. 580.5 586.2 596.9 337.4 339.2 345.6 917.9 925.4 942.5 602.1 606.1 607.4 562.6 557.5 549.8 1164.7 1163.6 1157.2 354.3 362.6 370.4 134.8 144.0 143.9 392.3 399.6 399.4 117.5 114.5 111.5 509.8 514.1 510.9 APR. MAY JUNE 603.5 607.8 618.3 351.9 357.1 362.0 955.4 964.9 980.3 604.2 601.0 602.1 545.4 537.5 525.2 1149.5 1138.4 1127.3 369.5 361.2 360.2 144.1 145.2 141.0 396.2 398.8 397.3 108.2 104.5 100.8 504.3 503.3 498.1 JULY AUG. SEP. 624.5 630.1 634.2 365.6 365.4 366.1 990.0 995.5 1000.3 602.8 606.1 604.4 516.5 504.2 496.6 1119.3 1110.3 1101.0 358.8 356.7 355.1 139.7 143.9 145.9 392.2 391.8 387.9 97.5 94.2 91.2 489.7 486.0 479.0 OCT. NOV. DEC. 643.2 653.8 660.9 369.8 374.4 377.5 1013.0 1028.2 1038.4 600.7 592.2 584.1 488.2 480.8 473.2 1088.9 1072.9 1057.3 353.8 354.1 352.5 152.4 161.6 168.9 382.5 378.4 374.2 87.8 85.2 82.9 470.2 463.6 457.0 654.9 374.1 1029.0 590.6 478.9 1069.4 355.7 166.5 377.6 84.6 462.2 2 9 16 23 30 655.5 661.5 663.9 659.7 659.1 375.8 377.8 378.3 376.8 377.1 1031, 1039, 1042. 1036. 1036. 588. 586. 584. 583. 581. 477. 475. 473. 471. 471. 1066, 1062. 1058, 1054, 1052, 354, 355. 355. 352. 348, 167.2 168.8 172.6 171.7 165.8 377. 376. 375. 373, 371, 84.2 83.8 83.3 82.2 82.0 461.8 460.5 458.7 455.7 453.3 6 13p 20p 665.5 671.7 672.1 381. 384. 384. 1047.0 1055.8 1056.6 580. 576. 573. 471. 468. 464.8 1051, 1044, 1038, 340, 351. 356, 149.8 176.7 181.5 369. 367, 366, 81. 81. 80. 451.0 448.8 446.6 Neek ending 1991-NOV. 25 DEC. 1992-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 foreign banks and official institutions. p—indicates preliminary data. H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Term RPs 1 At commercial thrift banks institutions Date Debt components 6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3! Bankers acceptances4 Commercial paper 5 Federal debt Non-Federal debt 1990-AUG. SEP. 55.6 51.9 46.1 46.0 101.7 97.9 68.3 70.0 122.8 123.5 324.4 334.6 32.4 32.3 344.9 356.8 2390.1 2411.8 8178.6 8209.9 OCT. NOV. DEC. 50.9 52.6 48.0 44.2 42.4 41.4 95.1 95.1 89.4 70.2 70.0 71.4 124.2 125.0 125.8 334.8 339.9 345.4 32.8 34.6 35.7 353.0 350.3 355.1 2424.4 2461.5 2491.3 8243.0 8265.8 8288.5 1991-JAN. FEB. MAR. 47.1 47.6 46.6 40.3 38.2 35.4 87.3 85.8 82.0 71.9 72.6 71.1 126.8 127.9 129.1 340.7 332.6 327.8 36.1 34.3 31.5 365.5 358.0 352.6 2510.8 2540.7 2553.4 8296.4 8298.2 8314.1 APR. MAY JUNE 47.5 47.3 47.7 33.3 32.2 29.4 80.8 79.5 77.0 68.2 65.5 64.8 130.4 131.6 132.7 306.3 295.1 316.4 30.1 28.7 27.8 342.4 331.8 333.4 2544.5 2560.6 2586.4 8337.7 8362.2 8383.7 JULY AUG. SEP. 49.0 48.8 48.5 29.2 29.4 28.6 78.2 78.2 77.1 65.9 66.9 64.7 133.6 134.3 135.0 327.3 330.4 331.5 27.9 27.2 25.5 337.0 331.6 334.4 2609.3 2642.9 2673.1 8399.4 8412.2 8436.5 OCT. NOV. DEC. 49.0 49.0 47.4 27.0 26.4 25.1 76.0 75.4 72.5 63.6 62.4 61.4 135.9 136.8 p 337.3 349.0 p 25.1 25.2 p 329.8 332.3 p 2707.6 2740.6 p 8465.6 8491.4 p Week ending 47.9 26.7 74.6 62.1 2 9 16 23 30 50.1 46.5 47.3 47.0 47.8 25. 26. 26. 24. 23. 75. 73. 73. 71. 71. 61. 59. 61. 61, 63. 6 13p 20p 47.2 48.6 47.8 23, 24. 24. 70. 73. 72. 60. 60. 59, 1991--NOV. 25 DEC. 1992--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. 5. Total commercial paper less commercial paper held by money market mutual funds. 6. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities, P- -indicates preliminary data. H.6 ( 5 0 8 ) Table 6 MEMORANDUM ITEMS 10 Billions of dollars> not seasonally adjusted Demand deposits at banks due to Foreign Foreign commercial official banks institutions Date IRA and Keogh Accounts U.S. government depotsits Time and savinos deposits due to foreign banks and official institutions Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings At At deposits^ thrift at commercial commercia 1 banks institutions banks At money market funds Total 1990-AUG. SEP. 9.2 9.4 1.8 1.9 3.2 3.2 3.8 5.1 5.4 6.4 19.7 25.9 28.9 37.5 1.4 1.2 122.6 124.4 133.1 132.5 35.2 36.9 291.0 293.8 OCT. NOV. DEC. 9.0 8.9 8.8 1.5 1.4 1.4 3.6 3.3 3.2 3.5 3.7 5.0 5.5 5.6 5.2 17.5 15.4 18.1 26.4 24.8 28.2 1.4 1.4 1.4 126.8 128.6 130.3 132.0 131.5 130.7 37.9 39.2 40.7 296.7 299.3 301.7 1991-JAN. FEB. MAR. 9.2 8.2 8.1 1.5 1.5 1.4 3.2 3.2 3.2 4.9 4.2 5.1 7.8 11.5 6.8 24.5 35.1 23.3 37.2 50.8 35.1 1.3 1.3 1.3 132.1 133.6 135.3 130.4 130.5 130.6 41.4 41.8 42.4 303.9 306.0 308.3 APR. MAY JUNE 8.6 8.4 7.7 1.4 1.4 1.4 3.3 3.3 3.3 5.3 3.6 5.0 4.7 5.6 6.3 15.0 16.2 18.6 25.1 25.4 29.9 1.3 1.5 1.6 137.3 138.9 140.3 130.7 130.7 130.3 42.6 43.3 42.3 310.7 313.0 312.8 JULY AUG. SEP. 8.2 8.2 8.2 1.4 1.4 1.4 3.2 3.2 3.2 3.7 3.6 5.2 6.6 5.8 7.8 17.1 13.5 21.7 27.4 22.9 34.7 1.6 1.6 1.6 141.8 143.1 144.4 129.1 127.4 125.3 40.6 40.0 e 39.7 e 311.5 310.5 e 309.4 e OCT. NOV. DEC. 8.0 8.3 8.5 1.3 1.4 1.6 3.2 3.2 3.2 3.7 4.4 4.9 5.7 6.0 7.4 25.0 24.2 20.5 34.4 34.6 32.9 1.6 1.6 1.6 145.9 147.0 147.6 124.1 e 123.0 e 122.1 e 39.4 e 39.5 e 39.7 e 309.4 e 309.5 e 309.4 e 8.3 1.3 3.2 3.3 5.7 21.9 31.0 1.6 8.5 8.1 8.8 8.4 3.2 3.2 3.2 3.2 3.2 5.3 3.5 7.2 4.4 4.1 6.0 5.2 4.7 9.2 10.8 20.4 10.3 6.5 30.9 33.5 31.7 19.0 18.4 44.5 48.3 1.6 1.6 1.5 1.5 1.5 3.2 3.2 3.1 6.2 4.1 6.2 9.4 5.5 5.9 27.3 20.5 25.2 43.0 30.1 37.3 1.5 1.9 1.9 Heek ending 1991-NOV., 25 DEC. 1992-JAN. 2 9 16 23 30 8.7 1.6 1.5 1.6 1.4 1.7 6 13p 20p 8.9 8.4 8.7 2.2 1.4 1.5 e-~indicates estimated data. p—indicates preliminary data.