Full text of H.6 Money Stock Measures : January 5, 1995

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6

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

Billions of dollars
Date

JANUARY 5,1995

M1 1

M2 2

M3 3

L4

DEBT5

Seasonally adjusted
*

If

t.

«'

1992-DEC.

1 0 2 4 , ,8

3509 . 0

4183 . 0

5057.1

11706.1

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

1033 ,,0
1 0 3 5 , ,4
1040 ,.2
1047 ,-1
1067 .,7
1076. 6
1086. 4
1095. 3
1105. 1
1113 . 4
1122 . 4
1128. 4

3502 . 7
3494 . 1
3494 .7
3497 . 9
3 5 2 1 .8
3 5 2 8 . .6
3533 ..2
3 5 3 6 , .0
3 5 4 4 , ,3
3 5 4 8 , ,0
3 5 6 0 , .3
3 5 6 7 , >9

4162 .6
4156 .7
4155 .6
4163 . 2
4188 .8
4189 .0
4187 . 9
4188 .4
4197 .6
4 2 0 5 .3
4 2 1 9 ,. 0
4 2 3 2 , .0

5040.2
5036.2
5037.5
5055.6
5089.4
5090.7
5087.2
5096.4
5089.6
5100.3
5113.8
5135.0

11743.8
11779.3
11830.4
11892.8
11953.9
12009.0
12063.9
12121.7
12174.9
12211.4
12268.4
12335.4

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.

1133 . 5
1138. 5
1142 . 3
1141. 1
1142 . 8
1146. 3
1153 . 1
1151. 0
1152. 0
1148. 5
1147. 6

3 5 7 4 , .7
3 5 7 1 , .8
3 5 8 4 , .0
3 5 9 1 , .0
3 5 9 4 , ,3
3587 ..9
3603 . 8
3 5 9 8 ., 1
3597 ,,0
3592 . 0
3593 . 7

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

5157.1
5146.2
5144.3
5164.7
5170.0
5159.5
5186.8
5180.0
5175.5
5204.3 p

12379.6
12430.4
12496.0
12555.2
12613.6
12655.5
12683.4
12749.1
12809.6
12860.3 p

Not seasonally adjusted

'V*

1992-DEC.

1046.7

3527.6

4198.2

5087.6

11708.9

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

1041.0
1023 . 0
1031.6
1058.7
1058.1
1073.2
1084.3

1129.6
1153.8

3508.2
3484.1
3495.7
3515.1
3507.2
3524.3
3529.5
3529.0
3533.9
3546.0
3569.0
3590.5

4163.2
4150.0
4158.3
4178.5
4179.8
4185.3
4180.9
4185.1
4186.8
4199.8
4230.6
4251.4

5053.9
5030.9
5043.7
5065.0
5067.4
5080.2
5072.5
5086.2
5077.5
5092.7
5135.0
5169.9

11728.1
11741.0
11788.3
11839.6
11891.4
11964.3
12020.4
12072.4
12134.1
12172.9
12241.3
12327.6

1142.8
1124.6
1131.9
1153.1
1132.8
1142.5
1151.0
1144.0
1146.1
1147.4
1155.3

3581.3
3559.7
3582.4
3608.4
3579.7
3583.8
3600.1
3590.4
3586.5
3590.4
3603.3

4238.9
4203 .8
4220.1
4244.5
4218.3
4224.4
4243.3
4239.7
4238.6
4252.8
4278.6

5171.4
5137.9
5148.2
5173.8
5146.7
5149.0
5172.1
5169.3
5163.4
5196.7

12372.1
12403.5
12456.5
12498.3
12545.8
12608.5
12643.0
12700.9
12765.9
12819.8 p

1994-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.

1088.8
1099.1

1111.8

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
5.6

1994

-1.2

-0.5

6 M o n t h s f r o m MAY

1994 t o NOV.

1994

0.8

-0.0

1.8

4.9

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

1993 TO NOV.

1994

2.2

0.9

1.1

5.3

T h i r t e e n w e e k s e n d i n g DECEMBER 2 6 , 1994
f r o m t h i r t e e n weeks e n d i n g :
SEP. 2 6 , 1994 (13 w e e k s p r e v i o u s )

-1.3

-0.6

1.8

1.

H

1994 TO NOV.

to

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

JUNE 2 7 ,

1994

(26 weeks p r e v i o u s )

0.8

0.2

1.8

DEC. 2 7 ,

1993

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

2.5

1.0

1.2

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, July 1994 to October 1994, April 1994 to October 1994,
and October 1993 to October 1994, 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-M1 component as a whole and then adding this result to seasonally adjusted M1.
..
*
r, „
.
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: 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 data, 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 presentation of the
debt data in this release differ, 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 contain discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES

Billions of dollars
Seasonally adjusted
M1
Period ending

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

1994-OCT.

3
10
17
24
31

1152.3
1152.2
1151.9
1151.3
1150.2

1151.6
1150.8
1150.4
1149.3
1147 .7

1150.7
1148.3
1148.4
1149.6
1144.3

3599.6
3599.0
3598.4
3597.3
3595.3

3597.0
3595.5
3595.4
3593.9
3590.8

3595.8
3591.3
3595.0
3593.4
3583.3

4248.2
4249.1
4249.7
4249.8
4250.1

4250.4
4252.1
4254.6
4256.2
4258.2

4251.3
4254.1
4257.9
4261.5
4259.4

NOV.

7
14
21
28

1150.0
1149.7
1149.6
1149.5

1146.5
1145.3
1146.1
1148.1

1143.8
1143.5
1152.9
1152.0

3594.9
3594.0
3594.1
3594.2

3589.4
3587.4
3590.0
3594.2

3586.0
3586.7
3604.0
3600.1

4251,
4253,
4255,
4257.

4260.0
4261.0
4263.6
4266.4

4261.0
4261.9
4272.0
4270.5

DEC.

5
12
19p
26p

1149.2
1148.9
1148.7
1148.2

1149.6
1150.8
1149.4
1148.3

1150.0
1148.4
1147.0
1147.6

3594,
3594,
3594,
3594,

3597.3
3599.3
3596.6
3598.1

3598.5
3594.4
3593.5
3606.1

4259,
4261,
4263,
4266.2

4267.9
4271.1
4273.3
4277.9

4267.3
4274.6
4280.8
4288.9

Not seasonally adjusted
1994-OCT.

3
10
17
24
31

1146.4
1145.8
1146.3
1146.4
1145.7

1143.8
1143.4
1145.9
1148.5
1146.4

1142.7
1159.0
1157.8
1134.4
1134.4

3591.5
3590.5
3590.7
3590.4
3588.9

3584.1
3583.4
3588.3
3592.5
3589.6

3581.9
3606.3
3606.4
3575.3
3570.3

4240.3
4240.9
4242.1
4243.3
4243.6

4236.4
4237.3
4243.3
4250.6
4253.7

4229.8
4264.9
4264.7
4243.1
4242.0

NOV.

7
14
21
28

1145.9
1146.5
1147.7
1149.3

1146.5
1147.1
1151.9
1155.6

1159.5
1159.9
1153.9
1148.9

3589.0
3589.3
3590.9
3592.7

3589.2
3589.5
3597.7
3603.3

3604.7
3607.6
3608.1
3592.7

4245.7
4248.4
4251.6
4255.5

4257.0
4262.5
4271.3
4279.0

4278,
4286
4278,
4272.8

DEC.

5
12
19p
26p

1150.3
1151.1
1152.9
1156.4

1158.6
1161.3
1165.4
1170.7

1171.5
1170.9
1170.4
1170.1

3594,
3596,
3598,
3602,

3608,
3612,
3614,
3620.

3625.7
3624.8
3616.5
3613.9

4259
4262
4267
4273.8

4283.2
4288.7
4294.5
4299.8

4294,
4308,
4301,
4294.2

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

preliminary data.




Page 4
H.6 (508)
Table 4

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

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

7.9
7.8
7.8

366.0
370.9
375.4

294.8
295.9
297.8

108.0
108.3
108.8

402.8
404.2
406.6

2446.9
2440.8
2439.2

654.6
652.3
653.3

OCT.
NOV.
DEC.

317.6
319.5
321.4

7.8
7.9
7.9

378.4
383.2
384.8

299.1
300.8
302.6

110.4
111.7

409.5
411.8
414.3

2434.6
2438.0
2439,5

657.3
658.6
664.1

1994-JAN.
FEB.
MAR.

325.2
329.2
332.4

7.9
7.9

8.0

388.3
390.3
390.0

300.4
299.2
300.0

111.6
112.0
112.0

412.0
411.2
411.9

2441.2
2433.3
2441.7

663 . 4
641.1
636.1

APR.
MAY
JUNE

334.8
337.6
340.3

8.1
8.1
8.1

388.9
385.8
386.5

298.3
300.8
301.3

111,
110,
110,

409.3
411.2
411.4

2449,
2451,
2441,

637.8
632.9
640.0

JULY
AUG.
SEP.

343.2
345.4
347.3

8.2
8.3
8.4

389.1
387.5
388.0

302,
301,
300 ,

110,
108,
108,

412.5
409.8
408.2

2450,
2447,
2445,

646,
645,
652,

OCT.
NOV.

349.9
352.8

8.4
8.4

385.9
383 . 5

297,
297,

106.9
105.5

404.4
402.8

2443 ,
2446,

666,
671,

352.3

8.3

381.7

297.3

104.7

402.0

2439.0

676.0

7
14
21
28

352.3
352.4
352.9
353.6

8.3
8.4
8.4
8.5

380.8
381.1
387.9
384.8

297.3
296.5
298.5
297.7

105.1
105.2
105.2
107.3

402.4
401.7
403.7
405.0

2442 ,
2443,
2451,
2448,

675.1
675.3
670.4

5
12
19p
2 6p

353.9
353.1
353.0
353.0

8.5
8.5
8.4
8.3

383 . 8
383.7
383.7
383 . 8

298.2
299.1
297.1
296.9

105.6
104.0
104.8
105.6

403.8
403.1
401.9
402.5

2448,
2446,
2446,
2458,

668.8
680.2
687.4
682.8

DEC.

7.

Nontransactions components

Other checkable deposits

309.7
312.4
315.4

NOV.

4.
5.
6.

Demand deposits3

1993-JULY
AUG.
SEP.

Week e n d i n g
1994-OCT. 3 1

1.
2.
3.

Travelers checks2

Currency1

Date

111.0

668.1

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. 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

http://fraser.stlouisfed.org/
e
e
Federal Reserve
Bank of St. Louis

p

preliminary
t *

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Page 5

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits1
Date

Total

commercial
banks

At
thrift
institutions

1993-JULY
AUG.
SEP.

771.7
775.4
778.0

430.4
430.5
430.4

1202.1
1205.9
1208.4

482.9
478.6
475.4

331.4
327 .9
324.5

814.4
806 .5
799.9

346.6
345.5
345.0

OCT.
NOV.
DEC.

778 .4
782 .4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

472.5
469.5
468.6

322.4
321.1
317.1

794.9
790.6
785.7

1994-JAN.
FEB.
MAR.

790.1
791.1
790 .2

430.2
429.8
431.7

1220.3
1220.9
1221.9

465.5
464.0
462.6

314.1
310.8
309.2

APR.
MAY
JUNE

788 .2
784.2
779 .2

432.5
431.7
428.0

1220.7
1215.9
1207.2

461.7
464.1
466.7

JULY
AUG.
SEP.

777 .8
776.0
773 .7

424.7
418.8
412.9

1202.5
1194.8

OCT.
NOV.

765 . 9
759 .6

DEC.

p

Institutiononly money
market funds

At
thrift
institutions

NOV.

3.
4.

General
purpose and
broker/
money
market funds

commercial
banks

Large-denomination time deposits3
commercial
banks4

At
thrift
institutions

192.6
190.1
190.8

277.4
277.8
276.6

64.5
63.9
63.8

341.8
341.6
340.4

344.4
347.0
348.8

194.3
194.8
197.0

277.9
275.9
277.2

63.7
63.5

61.8

341.6
339.4
339.0

779.6
774.8
771.8

349.3
345.8
348.2

192.7
176.9
177.4

279.7
274.7
271.1

62.1
61.8
61.1

341.8
336.5
332.2

307 .9
306.3
305.5

769
770,
772 ,

359.4
361.9
356.3

177,
169,
169,

270,
274,
274,

61.5
60.1
60.4

332.1
335.0
335.3

305.8
304.9
305.5

774.6
779.8
785.3

361.7
361.1
360.5

170,
169.
167.

276.5
279.8
284.7

61.2

1186.6

468.9
474.8
479.8

62.1

337.7
340.7
346.8

407.5
400.2

1173.4
1159.8

486.8
494.0

308.8
313.9

795.7
807.9

363 .3
368.1

175.3
175.6

290.1
295.8

63.3
63.5

353.3
359.3

761.6

405.3

1166.8

489.6

311.3

800.8

364.1

175.6

293.2

63.9

357.1

7
14
21
28

760.3
760.2
760 . 8
759.0

401.5
400.0
400
399

1161.8
1160.2
1161.6

311,
313,
314,
315,

803.9
806.7

1158.7

492.3
493.3
494.3
495.4

810.8

364.9
366.3
370.3
370.1

177.1
182.4
173.2
171.0

294.4
295.5
295.7
297.1

63
63
63
63

357.9
359.0
359.2
360.7

5
12
19p
26p

754.7
752 .7
753 .2
752 .4

396.5
393.5
393.4
392.1

1151.2
1146.2
1146.6
1144.6

497 ,
500,
503 ,
505.7

315,
315,
315,
315,

813.3
816.2
818.5
820.7

370.9
374.2
374.5
376.6

171.7
175.9
176.3
176.5

298.1
300.8
302.3
300.9

63
63
63.8
64.0

361.8
364.5
366.1
364.9

Week e n d i n g
1994-OCT. 3 1

1.
2.

Small-denomination time deposits2
Total

808.8

60.9

Total

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

Savings bonds

1.

Debt components4

Non-M3 Components of L

Date

Short-term Treasury
securities1

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1993-JULY
AUG.
SEP.

167.1
168.2
169.2

344.3
343.8
328.0

17 . 4
16.5
16.4

370.4
379 . 5
378 . 4

3226.7
3247.9
3267.5

8837.2
8873.8
8907.4

OCT.
NOV.
DEC.

170.1
170.8
171.7

323.7
324.6
329.9

16.4
15.3
14.6

384.7
384.1
386.8

3269.7
3295.5
3328.0

8941.6
8972.9
9007.4

1994-JAN.
FEB.
MAR.

172.7
173.4
174.1

339.8
341.5
344.8

14.9
15.3
15.7

391.6
403.0
389 . 6

3338.3
3355.1
3379.6

9041.3
9075.3
9116.4

APR.
MAY
JUNE

174.8
175.7
176.6

362 ,
364,
351,

14.2
11.5

384.9
391.0
392.6

3390.6
3402.5
3416.4

9164.6
9211.1
9239.2

JULY

177
178
179

355,
359,
344,

10.8

AUG.
SEP.

12.0

392.7
387.0
391.0

3419.3
3436.7
3454.0

9264.0
9312.5
9355.6

OCT.

179.4

347.0

11.9

407.8

3469.4

9390.8

10.6
11.3

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

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

365,
367 ,
373 ,

290.9
292.1
295.0

108.5
107.7
108.0

399.3
399.7
403.0

2445.3
2440.2
2434.8

Overnight
RPs*

Overnight
Eurodollars9

651.4
656.1
652.9

67.7
67.5
70.6

13.5
14.7
14.9

In M3 only7

311.0
312 . 8
314.8

OCT.
NOV.
DEC.

317.3
319.8
324.9

7.7
7.6

381,
391,
402,

295.6
299.6
306.3

109.8
111.4
112.4

405.3
410.9
418.6

2434.3
2439.5
2436.7

653 . 8
661.5
660.9

72.3
73.2
74.5

17.2
17.4
17.8

1994-JAN.
FEB.
MAR.

324.0
327.3
330.7

7.7
7.7
7.8

393.1
380 . 6
380.6

306.8
299.6
301.6

111.2

109.5
111.3

417.9
409.1
412.9

2438.6
2435.1
2450.5

657.6
644.0
637.7

77.1
76.6

80.1

18.0
16.9
18.4

APR.
MAY
JUNE

334.4
337.4
340.6

7.8
7.9
8.3

390.2
378.8
383.4

306.3
298.1
299.4

114.3
110.7
110.7

420.6
408.7
410.1

2455.3
2446.9
2441.3

636.2
638.6
640.6

80.3
80.7
82.7

16.7
19.3
21.5

JULY
AUG.
SEP.

344.9
345.7
347.1

8.8

388.4
384.2
385.7

298.3
297.2
297.3

110.6
108.0
107.2

408.9
405.2
404.5

2449.0
2446.4
2440.4

643.3
649.3
652.1

83.8
85.8
87.6

25.4
25.1
24.9

OCT.
NOV.

349.6
353.3

8.5

388.9
391.8

294,
296,

106.3
106.0

400.4
402.0

2443.0
2448.0

662.4
675.3

87.0
86.9

27.3

8.2

349.0

8.3

383.3

289.9

103.9

393.7

2435.9

671.7

84.9

26.1

353 . 3
353.4
353 . 0
354.0

8.3
8.3

389.9
394.2
391.8
390.4

299.3
297.2
295.8
292.6

108.6
106.8
105.1
103.6

408.0
404.0
400.9
396.3

2445.2
2447.8
2454.1
2443.8

673 ,
679,
670.
680 <

86.6
86.2

26.2

399.2
398.2
400.6
398.6

301.1
301.2
299.8
299.0

108.5
107.1
104.9
103.5

409.6
408.3
404.7
402.5

2454.2
2454.0
2446.1
2443.8

669.0
683.8
685.2
680.2

NOV.

7
14

21
28
DEC.

5

12

19p
26p

354.4
356.1
357.0
361.0

8.4
8.4

Demand
deposits3

1993-JULY
AUG.
SEP.

Week e n d i n g
1994-OCT. 31

1.
2.
3.

Travelers
checks2

8.2
8.0

8.9

8.8

8.2
8.2
8.2
8.2

8.1

8.0

90.6
83.1

26.2

25.3
27.4
25.6

90.0
85.8

27.2

86.2
86.8

25.9
29.7

26.8

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.
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 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.
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. FRASER
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).
Digitized for


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

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

commercial

At
thrift

Total

At
commercial

At
thrift

Total

General
purpose and
broker/
dealer
money

1993-JULY
AUG.
SEP.

7 7 3 . ,6
7 7 6 . ,0
7 7 6 . ,7

4 3 1 . ,4
430 .,8
4 2 9 . .7

1205. 0
1 2 0 6 . ,9
1 2 0 6 . ,4

483 . 9
479. 6
4 7 6 . .7

332 ., 1
3 2 8 . ,6
3 2 5 . ,4

8 1 6 . ,0
8 0 8 . .2
802 .,0

343 .,0
343 .,0
3 4 0 . .8

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

277. 1
279. 5
277 . 6

6 4 . .4
6 4 . .3
6 4 . ,0

341. 5
343. 8
341. 6

OCT.
NOV.
DEC.

7 7 7 . ,7
7 8 4 . ,0
783 .,9

4 3 0 . ,0
430 ,. 4
4 2 9 . ,4

1207 .,7
1 2 1 4 . ,4
1213 .,2

473 .,3
4 6 8 . ,8
467 .,6

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

7 9 6 . .3
7 8 9 . ,5
7 8 4 . ,0

3 4 0 , .7
3 4 5 , .0
347 ,.2

1 8 9 , .2
1 9 4 , .0
1 9 5 , .8

277. 6
276, 2
2 7 6 . ,0

63 ,,7
6 3 , .6
6 1 , .6

3 4 1 . ,3
339. 8
337. 6

1994-JAN.
FEB.
MAR.

7 8 6 ., 1
787 ,.7
7 9 1 . .3

4 2 8 , >0
427 ,.9
432 ,.3

1 2 1 4 . ,1
1 2 1 5 . ,6
1223 .,6

4 6 5 . .6
4 6 3 ., 8
462 ..2

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

7 7 9 , ,7
7 7 4 , .5
7 7 1 ,. 1

3 4 9 , .6
3 5 1 ,• 5
357 ,. 2

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

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

6 1 ,. 4
6 1 , .4
61,. 1

3 3 8 ., 1
334. . 4
3 3 2 , ,0

APR.
MAY
JUNE

7 9 0 , ,6
7 8 4 , .8
7 8 1 , .9

433 ,.8
432 ,. 1
4 2 9 , .5

1 2 2 4 , .4
1 2 1 6 , .9
1 2 1 1 , .4

4 6 1 ,. 2
463 ,. 1
4 6 6 , .3

307 , 6
3 0 5 ,• 6
305 .2

7 6 8 ,. 8
7 6 8 , .7
7 7 1 , .5

3 6 5 , .0
3 6 1 ,. 4
354 .2

176 .2
1 7 1 , .0
1 6 6 , .3

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

6 1 , .3
6 0 ,, 6
6 0 , .8

331. . 2
3 3 7 .. 8
3 3 7 . ,6

JULY
AUG.
SEP.

7 7 9 ,. 6
7 7 6 , .5
772 ,. 4

425 .7
419 .0
412 ,.2

1 2 0 5 , .3
1 1 9 5 , .6
1184 . 6

4 6 9 ,• 9
4 7 5 , .9
4 8 1 . .2

306 . 4
305 .6
306 . 4

776 .3
7 8 1 , .5
787 .5

358 .3
358 .5
355 . 8

1 6 7 ,. 4
1 6 9 , .5
1 6 5 ,. 1

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

6 1 ,. 1
61,.3
62 .3

3 3 7 , ,3
342. .9
348. , 1

OCT.
NOV.

7 6 5 , .2
7 6 1 , .3

407 . 1
401 .1

1172 ,.3
1162 ,.4

487 ,.7
493 ,.2

309 . 4
313 . 4

797 . 1
806 .6

359 .2
366 . 0

1 7 0 , .5
175 .0

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

63 ,.2
63 ,. 6

353. ,0
359. >9

7 5 9 , .7

404 ..3

1163 ,.9

489 .4

311 . 1

800 .5

360 . 4

172 .7

292 .8

63 . 8

356, .6

1 1 6 8 ,. 1
1166 .7
1 1 6 1 .3
1155 .8

492
492
493
494

.0
.7
.3
.3

311
313
313
314

.4
.0
.9
.7

803
805
807
809

.4
.8
.2
.0

360
363
367
370

.9
.7
.7
.3

174
180
174
172

.8
.1
.2
.3

2 9 4 , .4
2 9 5 , .9
2 9 6 ,. 2
2 9 8 , .0

63 ,.5
63 ,• 7
63 ,.6
6 3 , .8

357. ,9
359. . 6
359, ,8
361, .7

.9
.6
.3
.0

496
499
501
504

.9
.5
.9
.3

314
314
314
314

.8
.8
.1
.1

811
814
816
818

.7
.3
.1
.5

370
375
374
373

.6
.4
.5
.0

169
177
176
175

.9
.2
.5
.9

2 9 8 , .3
3 0 0 , .8
3 0 0 , .6
298 .9

63
63
63
63

362, .0
364,. 4
364,.0
362,.5

Small-denomination time deposits2

Savings deposits1
Date

Week e n d i n a
1994-OCT. 31

1.
2.
3.
4.
p

NOV.

7
14
21
28

7 6 4 , .4
764 • 5
760 .6
757 ,. 1

403 ,.7
402.3
400 .6
398 .7

DEC.

5
12
19p
26p

757
756
751
746

397
395
392
389

.1
.3
.1
.8

.8
.3
.3
.2

1154
1151
1143
1136

Large-denomination time deposits3

Institutiononly money
market funds

At
commercial

At
thrift

,.7
,. 6
.4
.6

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




Total

Page 9

H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
Date

Debtcomponents6

Non-M3 Components of L

At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

1993-JULY
AUG.
SEP.

72 . 7
72 . 0
71 .2

25 . 0
25 . 6
26 . 0

97 . 8
97 . 6
97 .3

4 1 .9
44 . 1
45 . 2

167.0
167.8
168.7

339 . 9
342 . 4
326 .0

17 . 4
16 .3
15 .9

367 .3
374 . 6
380 .2

3201 .8
3229 .4
3 2 5 1 .9

8818.6
8842.9
8882.2

OCT.
NOV.
DEC.

70 . 5
69 . 7
70 .8

25 . 4
25 . 9
26 . 0

95 . 9
95 . 6
96 . 8

45 . 0
48 . 9
47 . 0

169.6
170.6
171.4

3 2 1 .8
332,5
342.6

16,.3
15,.7
1 5 . ,3

385 .2
385 .6
3 8 9 , .3

3249 .4
3287 .0
3 3 2 9 , .5

8923.5
8954.3
8998.1

1994-JAN.
FEB.
MAR.

66 .2
64 . 0
66 . 8

26 . 6
27 . 5
27 . 2

92 . 9
91 .5
94 . 0

46 . 0
48 . 1
47 . 2

172 . 6
173.7
174.6

3 4 5 . .4
3 4 2 . ,9
3 4 8 . .6

1 5 . ,6
1 5 . ,5
1 5 . .2

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

3 3 3 3 . ,0
3 3 4 5 . ,4
3 3 7 4 . ,5

9039.0
9058.2
9082.0

APR.
MAY
JUNE

70 .3
67 . 9
70 .2

27 . 6
29 . 1
30 . 6

97 . 9
96 . 9
100 . 8

47 .5
48 . 6
50 .9

175.4
176.2
176.9

3 5 2 . ,8
3 5 5 . ,8
3 4 6 . ,3

1 3 . ,7
11. 4
10. 6

3 8 7 . ,3
3 8 5 . ,0
3 9 0 . ,9

3 3 7 6 . ,8
3 3 7 9 . .7
3394. 5

9121.5
9166.1
9214.0

JULY
AUG.
SEP.

69 . 6
6 7 ,, 1
6 7 ,» 6

32 .3
33 . 1
33 .7

101 .9
100 .3
1 0 1 .3

5 1 .7
5 1 .7
52 ,.4

177.4
177.9
178.4

3 5 1 ., 1
358. 6
341. 8

10. 8
11. 1
11. 6

389. 5
3 8 2 . ,0
3 9 3 . ,0

3393. 9
3418. 4
3438. 4

9249.1
9282.5
9327.5

OCT.
NOV.

6 6 . .3
6 6 , ,5

34 .7
3 5 , .2

101, . 1
1 0 1 , .7

53 ,.3
5 5 , .0

179.0 p

344. 5 p

11.8 p

408. 6 p

3448. 7 p

9371.2 p

68. 0

3 4 . .6

102 .,6

5 5 . ,9

Week e n d i n c r
1994-OCT. 31
NOV.

7
14
21
28

67.
64.
63.
71.

0
8
5
1

3 5 ., 1
3 6 . ,0
3 5 , ,0
34. 6

1 0 2 ., 1
100. 8
98. 5
105. 7

5 5 . ,0
55. 5
54. 6
55. 9

DEC.

5
12
19p
26p

65.
68.
69.
65.

3
9
3
0

35.
35.
37.
38.

100.
104.
106.
103.

51.7
52 . 5
53 . 3
54. 1

6
9
4
4

8
7
7
4

Savings bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper6

Federal debt

Non-Federal
debt

1.

2.

4.
5.
6.

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
Date

Balance
at
Federal
Reserve

Note
balances at
depository
institutions

IRA and Keogh Accounts
Time and

A*
S
f un ds

Total

118, ,0
1 1 7 ,. 4
116, .9

47,.3
47,.4
47,.5

311, ,7
3 1 0 , >9
3 1 0 , ,2

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

1 1 6 ,, 1
1 1 5 , ,3
1 1 4 , .6

48,. 1
49,. 1
49,.8

309, .4
309, .0
308, • 6

2,. 1
2,.6
2,.4

1 4 3 . .9
1 4 3 , ,6
1 4 2 , ,6

1 1 4 ,, 1 e
113, ,7 e
113, ,3 e

48,. 6 e
48,. 6 e
51,. 8 e

306 .7 e
305 • 9 6
307 .7 e

33,,5
34,.4
29,,6

2,. 1
3,, 1
2,.9

1 4 2 , ,2
1 4 2 , ,2
1 4 2 , .3

113, ,0 e
112, ,7 e
1 1 2 , ,0 e

54,,8 e
56,.4 e
56,,8 e

310 .0 e
311, .3 e
311, .2 e

1 1 , ,3
1 0 ,, 1
1 6 , ,9

21,,5
19,.0
28,. 8

2,,7
2,>9
2,,5

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

111, .8 e
1 1 1 , ,7 e
1 1 1 , ,6 e

56,,2 e
56,,9 3
57,,5 e

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

5,.6
5,.2

1 2 ,, 1
9,,8

22,,0
18,,9

2,.2
2,,0

1 4 2 , ,7
1 4 2 , ,8

1 1 1 , ,7 e
1 1 1 , ,7 e

58,, 1 e
58,,5 e

3 1 2 , ,5 e
3 1 3 , .0 e

4.,0

6.,2

1 7 , ,5

2 7 , ,7

2,. 1

Foreign
official
institutions

1993-JULY
AUG.
SEP.

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

2., 1
1,,6
1,,5

11,.5
11,. 2
10,.8

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

6,.9
5.• 7
9,.3

OCT.
NOV.
DEC.

8,.3
8,.2
9,. 1

1,,6
1,. 8
1,,6

10,.7
10,.8
10 .9

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

1994-JAN.
FEB.
MAR.

8,.5
8,.4
8., 1

1,,6
1,,5
1,,6

11,,3
11,,9
12,.5

APR.
MAY
JUNE

8,.6
8,, 1
8,, 2

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

JULY
AUG.
SEP.

8,.3
7,. 8
8..2

OCT.
NOV.

Total
, .
balance

At
commercial
banks

c ash

deposifsuat
commercial
banks

2 1 ,. 4
2 0 , .0
2 3 , ,2

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

2 .8
3 .1
2 .8

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

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

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

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

2 .6
2 .7
2 .6

5,.7
4,. 2
4..3

7,.3
6,.3
5,,2

2 5 , .2
2 7 , .9
1 5 , ,7

38,,3
38,,4
25,, 1

12,,9
13,.0
13,. 1

7,, 1
4,. 2
5,,3

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

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

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

13,.2
13,.2
13,.2

4,. 8
3,,9
5,.8

5,»4
5,, 1
6,.0

8., 1
8.,2

1.,6
1.,7

13,.2
13,.3

4,,3
3,.9

8.,0

1.,6

13,.2

NOV.

7
14
21
28

8., 1
7.,5
8.,2
8. 8

1.

6
1. 5
1.,6
2. 3

13,.2
13,,3
13,,2
13,.3

4., 1
3.,7
4.,3
3,,9

5.,5
5.,3
4.,9
5,, 1

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

2 4 , ,8
19,,0
15,,5
16,,9

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

DEC.

5
12
19p
26p

9, 2
8,,3
8.,5
8.,2

1. 5
1.,6
1. 4
1. 7

13,,3
13,,3
13,,3
13,.3

4.,5
3..7
9.,4
4.,5

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

9.
2,
22.
15.

18,.7
11,,5
3 8 , ,0
2 7 , .4

1.,9
0.,7
0.,7
1,. 6

7
0
8
6

At
thrift
institutions

estimated
preliminary




•

Demand
deposits at
commercial
banks

U.S. government deposits

Foreign
commercial
banks

teak endina
1994-OCT. 3 1

e
p

Time and
savings
deposits
due to
foreign
banksand
official
institutions

e

•>

" •

#

#

#

•

"•

#

e