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FEDERAL RESERVE statistical release
9

-?***t*&y

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JANUARY

Billions of dollars
Date

Ml 1

M2 2

9, 1992

DEBT5

M3 3
Seasonally adjusted

1989-DEC.

793.6

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

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

826.7
836.4
843.0
842.1
851.6
858.4
859.5
866.1
870.0
879.0
890.3

4055.2

4889.9

3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
3295
3309
3321
3324
3323
3327.8

4061
4073
4077
4082
4082
4085
4089
4103
4108.8
4109.0
4108.4
4111.2

4895.3
4903.0
4914.8
4920.8
4903
4923
4926,
4934.
4955.
4955.
4960.
4966

9833
9896
9968
10024
10066
10122
10182.
10250.
10305.
10343.
10394.
10432.

3331.
.4
.7
3354.
.4
3375.
.7
3383.
.5
3395.
.9
3400.
.0
3391.
3390.8
3390.5
3396.9
3409.5

4124.1
4159.7
4168.2
4170.4
4171.9
4165.3
4149.2
4146.5
4139.6
4143.5
4153.3

4983.. 1
5 0 1 0 .. 0
5 0 1 0 .. 3
4977.. 4
.
4955. 4
4979.. 6
.
4985. 2
4976.8
4966.6
4974.1

10464.
10521.
10560.
10576.
10617.
10662.
10704.
10755.8
10809.6
10863.6 p

3223.1

9790.4

Not seasonally adjusted
1989-DEC.

811.9

3236.6

4067.0

4907.4

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
4108.0
4106.9
4106.1
4115.5
4123.3

4911.
4894.
4912.
4930.
4888.
4914.
4919.
4932.
4954.
4950
4965
4985

9822
9863
9924
9978
10020
10078
10138.8
10201.3
10255.9
10303.6
10364.6
10419.3

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

833.2
823.4
835.0
852.8
841.5
857.6
861.8
864.0
866.9
875.0
893.4

3341.
3345.
3374.
3397.
3375.
3393.8
3394.3
.6
3391.
3385.
.5
3393.8
3413.5

4130.2
4147.8
4167.5
4179.5
4153.1
4159.8
4152.0
4151.6
4137.3
4140.0
4160.2

4999.2
5000.6
5008.5
4988.8
4940.3
4969 9
4978 1
4975 3
4964 7
4969 4 p

10452. 5
10487. 9
10516. 9
10531. 0
10571. 2
10619. 4
10661. 6
10708. 5
10761. 4
10824. 9 P

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




9775.9

H.6 ( 5 0 8 )
Table 2

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

M2

M3

Debt 1

11.2

2.2

0.7

6.0

1991 TO NOV. 1991

9.1

0.8

-0.9

5.4

12 Months from NOV. 1990 TO NOV. 1991

8.1

2.6

1.1

5.0

10.7

2.0

0.7

1, 1991 (26 weeks previous)

8.9

0.8

-0.8

DEC. 31, 1990 (52 weeks previous)

7.9

2.5

1.0

3 Months from AUG. 1991 TO NOV. 1991
6 Months from MAY

Thirteen weeks ending DECEMBER 30, 1991
from thirteen weeks ending:

SEP. 30, 1991 (13 weeks previous)
JULY

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
July 1991 to October 1991, April 1991 to October 1991, and October 1990 to October 1991, 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 (NOH) 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 foreign branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions* the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
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.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of d o l l a r s
Seasonally adjus;ted
Ml

Period en ding

13-week
average

4-week
average

M2
week
average

13-week
average

4-week
average

M3
week
average

13-week
average

4-week
average

week
average

1991-OCT.

7
14
21
28

866.9
868.0
869.8
871.3

872.5
873.4
876.4
878.6

875.8
872.7
882.4
883.6

3390.6
3390.7
3391.9
3392.6

3391.1
3391.3
3394.5
3397.1

3392.2
3395.0
3404.0
3397.1

4144.3
4143.4
4143.5
4143.3

4139.6
4138.7
4141.3
4143.9

4139.6
4141.9
4149.1
4144.8

NOV.

4
11
18
25

872.5
874.3
876.2
877.8

880.6
883.8
885.4
887.1

883.8
885.4
888.9
890.3

3393.2
3394.6
3396.1
3397.3

3398.9
3401.4
3403.0
3406.8

3399.3
3405.0
3410.4
3412.3

4143.2
4143.4
4143.9
4144.3

4144.5
4146.4
4147.5
4150.7

4142.0
4149.5
4153.6
4157.6

DEC.

2
9
16
23p
30p

880.4
882.6
884.8
887.0
888.6

891.5
894.0
896.4
898.4
897.1

901.3
895.4
898.4
898.5
895.9

3399.5
3401.5
3403.9
3405.7
3407.5

3410.7
3413.6
3417.3
3418.1
3416.7

3415.2
3416.6
3425.0
3415.7
3409.6

4145.7
4147.7
4150.1
4151.9
4152.8

4154.6
4158.5
4164.3
4165.6
4162.5

4157.8
4165.1
4176.8
4162.5
4145.6

Not seasonally adjusted
Ml

Period en ding

13-week
average

4-week
average

M2
week
average

13-week
average

4-week
average

M3
week
average

13-week
average

4-week
average

week
average

1991-OCT.

7
14
21
28

864.4
865.3
867.0
868.3

866.9
867.8
873.2
875.4

883.2
878.9
876.5
863.0

3389.3
3389.0
3389.9
3390.2

3383.7
3384.7
3391.6
3394.7

3402.6
3403.4
3396.9
3376.0

4145.3
4144.3
4143.8
4143.2

4133.6
4132.8
4138.0
4140.9

4149.1
4151.7
4138.5
4124.3

NOV.

4
11
18
25

869.4
871.4
873.8
876.1

876.3
880.1
885.0
889.8

886.6
894.4
895.8
882.2

3390.7
3392.0
3393.9
3395.7

3395.0
3397.8
3403.5
3410.5

3403.5
3414.7
3419.9
3403.9

4142.9
4143.0
4143.7
4144.4

4140.8
4143.5
4149.7
4156.7

4148.5
4162.6
4163.3
4152.5

DEC.

2
9
16
23p
30p

879.4
881.8
884.8
889.6
894.6

894.1
899.2
903.8
912.4
916.4

903.8
914.9
914.4
916.6
919.8

3398.4
3400.7
3403.7
3408.0
3412.5

3414.0
3419.8
3424.6
3429.9
3430.9

3417.4
3438.0
3439.0
3425.3
3421.3

4146.3
4148.1
4150.6
4154.5
4157.9

4161.1
4166.3
4172.3
4176.4
4174.2

4165.9
4183.4
4187.2
4168.9
4157.4

Note: S p e c i a l c a u t i o n should be taken in i n t e r p r e t i n g week-to-week changes i n money supply data> which are h i g h l y v o l a t i l e and subject to
revision.
p--indicates preliminary data.




H.6 ( 5 0 8 )
Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
B i l l i o n s of d o l l a r s > seasonally adjusted
Nontransactions
components

Other checkable deposits
At
thrift
institutions5

Total

In M 2 6

In M3
only 7

203.9
204.4
205.7

87.7
87.7
87.3

291.7
292.1
293.0

2484.7
2493.1
2499.8

793.5
793.5
787.2

277.1
277.2
276.9

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

8.4
8.2
8.1

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

256.6
256.8
257.6

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

786.7
776.4
764.4

JULY
AUG.
SEP.

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
88.3
88.2

314.1
317.8
320.5

2531.5
2524.7
2520.5

758.2
755.7
749.1

OCT.
NOV.

264.4
265.3

7.9
8.1

282.6
287.4

235.2
239.2

88.9
90.3

324.1
329.5

2517.9
2519.3

746.6
743.8

Date

Currency 1

Travelers
checks 2

Demand
deposits3

1990-JULY
AUG.
SEP.

235.7
238.4
241.5

7.8
8.0
8.2

275.6
278.0
279.1

OCT.
NOV.
DEC.

243.9
245.0
246.4

8.3
8.4
8.4

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

APR.
MAY
JUNE

At
commercial
banks 4

Neek ending
1991-NOV.

DEC.

4
11
18
25

265.7
264.9
264.6
265.1

282.
284,
287.
286.

238.1
238.4
238.7
239.8

89.8
89.2
89.6
91.0

327.
327.
328.
330.

2515.
2519.
2521.
2522.

742.
744.
743.
745.

2
9
16
23p
30p

266.3
266.3
266.6
266.8
267.2

294.
290.
290.
289.
287.0

240,
240
241
242
242

92
90
91
91
91

332.8
330.5
332.4
333.7
333.7

2514.
2521.
2526.
2517.
2513.

742.5
748.5
751.8
746.8
736.0

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 NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including
money market deposit accounts) and small time deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overniqht RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data.
p--indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Savings deposits 1
At
At
thrift
commercial
banks
institutions

Date

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
General purpose
and broker/dealer
money market funds

Institutiononly money
market funds

At m
At
commercial
thrift
banks 4
institutions

Total

1990-JULY
AUG.
SEP.

567.0
570.6
572.6

349.1
348.1
347.0

916.1
918.6
919.6

571.6
574.9
579.4

585.2
583.4
580.7

1156.8
1158.3
1160.1

329.2
335.8
339.3

109.8
114.0
116.2

398.7
395.8
390.9

136.4
133.4
131.0

535.0
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

394.0
401.1
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
399.3
397.8

108.8
104.6
100.9

507.2
50?.8
498.7

JULY
AUG.
SEP.

625.6
631.0
635.8

364.4
365.2
366.9

990.0
996.2
1002.8

601.0
604.9
604.5

513.9
500.4
491.8

1114.9
1105.4
1096.3

363.7
358.0
355.1

141.8
144.8
149.3

393.4
390.8
386.0

97.7
93.9
90.6

491.1
484.7
476.6

OCT.
NOV.

643.6
651.4

369.6
373.8

1013.2
1025.2

600.7
593.7

482.0
474.7

1082.8
1068.5

354.0
352.3

155.4
161.0

380.0
375.6

87.1
84.5

467.1
460.0

4
11
18
25

647.7
649.6
652.5
652.8

372.
372.
373.
373.

1020,
1022,
1026,
1026,

596,
595,
593,
592,

478.
476.
474.
472.8

1074.
1071.
1068.
1065.

351.7
352.8
351.9
352.3

155.3
159.1
159.9
164.1

377.4
375.5
375.2
374.7

85.3
84.8
84.5
83.9

462.7
460.3
459.7
458.7

2
9
16
23p
30p

652.9
657.2
660.8
659.6
659.4

375.6
376.9
378.4
378.8
379.4

1028
1034,
1039,
1038
1038.8

590.8
588.8
587.3
585.9
583.0

4 7 1 ..5
469..4
467..7

1062.
1058.
1055,
1051,
1047.5

352
353
354
351
350

165.6
167.7
170.5
169.2
163.6

376.3
375.7
375.1
373.9
370.3

83.8
83.5
83.2
82.2
81.7

460.1
459.2
458.3
456.1
452.1

Meek ending
1991-NOV.

DEC.

1.
2.

465.8

464.5

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 ^-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Debt components4

Non-M3 Components of L
Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

1990-JULY
AUG.
SEP.

122.2
123.0
123.8

334.3
329.0
332.2

33.0
32.3
31.8

OCT.
NOV.
DEC.

124.5
125.2
126.0

330.3
333.8
335.4

1991-JAN.
FEB.
MAR.

126.7
127.8
128.9

APR.
MAY
JUNE

Commercial
paper 3

Federal
debt

Non-Federal
debt

348.2
347.0
359.0

2401.7
2439.6
2461.9

7780.4
7810.9
7843.3

32.6
34.0
34.7

358.8
359.0
359.4

2473.9
2507.3
2534.3

7869.2
7886.9
7897.8

333.2
331.4
327.8

36.0
35.2
32.4

363.2
355.9
353.0

2555.8
2586.3
2598.0

7908.4
7935.0
7962.9

130.1
131.4
.132.5

307.6
299.6
326.8

30.7
28.8
27.7

338.6
323.7
327.3

2590.8
2613.0
2645.5

7985.3
8004.0
8017.1

JULY
AUG.
SEP.

133.5
134.4
135.3

337.5
335.1
329.7

27.8
27.0
25.0

337.2
333.8
337.0

2671.9
2707.0
2738.1

8032.1
8048.8
8071.5

OCT. p

136.2

334.0

24.8

335.7

2770.8

8092.8

Date

1.

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
At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only 7

Overnight
RPs 8

Overnight
Eurodollars9

88.2
87.6
87.1

289.7
289.4
291.1

2485.7
2495.8
2497.9

792.6
797.8
790.0

68.2
67.6
65.2

15.8
15.2
16.4

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

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

788.6
802.4
792.9

51.8
51.4
49.0

19.7
19.1
20.5

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

782.3
778.2
766.0

50.1
51.3
52.4

20.0
17.6
16.1

260.8
262.0
261.8

8.5
8.6
8.3

280.6
278.6
278.5

222.8
226.6
230.3

89.0
88.2
88.1

311.8
314.8
318.4

2532.5
2527.6
2518.5

757.7
760.0
751.8

51.0
52.8
51.8

14.3
15.1
15.3

263.2
266.3

8.0
7.7

283.6
290.9

231.8
237.9

88.5
90.5

320.3
328.5

2518.9
2520.1

746.2
746.7

52.3
51.1

17.1
20.5

Date

Currency 1

Travelers
checks 2

Demand
deposits3

1990-JULY
AUG.
SEP.

237.3
239.4
241.0

8.6
8.9
8.8

277.3
276.8
278.2

201.4
201.8
203.9

OCT.
NOV.
DEC.

242.8
245.7
249.6

8.4
8.0
7.8

278.0
280.5
289.9

1991-JAN.
FEB.
MAR.

249.8
252.7
255.6

7.8
7.8
7.8

APR.
MAY
JUNE

256.0
257.4
259.1

JULY
AUG.
SEP.
OCT.
NOV.

Week ending
1991-NOV.

DEC.

4
11
18
25

264.4
267.1
265.6
265.2

287.
289.
294.
285.

236.
238.
237.
235.

90,
91,
90,
88

327,
330,
327,
323,

2516.
2520.
2524.
2521.

745.
748.
743.
748.

52.4
50.1
52.8
51.9

18,
18,
21.
22.

2
9
16
23p
30p

267.5
269.4
269.4
271.6
270.4

298.1
298.8
302.0
302.0
307.4

239.
245.
243,
245.
244.

91,
93
91
90
90

330,
339,
335,
335
334,

2513.
2523.
2524,
2508,
2501,

748.
745.
748.
743,
736,

47,
51.
52,
49,
47,

20.7
22.6
23.8
23.7
25.2

1.
2.

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3.
Demand deposits at commercial banks and 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 foreiqn banks, and Edge Act corporations.
5.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market
deposit accounts) and small time deposits.
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 ( 5 0 8 )
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Savings deposits 1
At
At
1
thrift
commercia ,
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-JULY
AUG.
SEP.

566.3
570.0
571.2

350.4
348.3
346.4

916.7
918.2
917.6

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

325.0
334.6
339.2

108.3
113.1
113.4

397.3
396.7
392.7

135.9
133.7
131.6

533.2
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
399.7
399.4

117.5
114.5
111.5

509.8
514.2
510.9

APR.
MAY
JUNE

603.5
607.8
613.3

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

504.4
503.3
498.1

JULY
AUG.
SEP.

624.5
630.1
634.2

365.6
365.4
366.1

990.0
995.5
1000.4

602.8
606.1
604.4

515.5
501.4
491.6

1118.3
1107.5
1096.0

358.8
356.7
355.1

139.7
143.9
145.9

392.2
391.8
387.8

97.4
94.1
91.1

489.6
485.9
478.8

OCT.
NOV.

643.2
653.8

369.8
374.4

1013.0
1028.3

600.7
592.5

482.0
473.7

1082.6
1066.2

353.8
354.1

152.4
161.6

382.3
378.1

87.6
85.0

470.0
463.1

4
11
18
25

648.1
652.7
655.6
654.9

372.
374.
374.
374.

1020.4
1026.8
1030.5
1029.1

595.
594.
592.
591.

477.
476,
474.
471.

1073,
1070.
1066,
1062.

352.
354.
353.
355.

154.0
158.9
159.6
166.5

380.
379,
377.
377.

86.
85.
85.
84.

466.1
464.8
462.8
461.6

2
9
16
23p
30p

655.5
661.5
663.9
659.7
659.0

375.8
377.9
378.3
376.9
377.1

1031
1039
1042
1036
1036

589.
586.
584,
583.
581,

470.2
467.9
465.8
463.7
463.0

1059.3
1054.8
1050.8
1046.9
1044.3

354.
355.
355.
352.
348.

167.2
168.8
172.6
171.7
165.8

377.
376.
374.
373.
370.

84.
83.
83,
82.

461.1
459.8
457.8
455.1
452.5

Neek ending
1991-NOV.

DEC.

1.
2.

81.8

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.
Largeydenomination 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
At
commercial
thrift
banks
institutions

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper 5

Federal
debt

Non-Federal
debt

1990-JULY
AUG.
SEP.

53.5
55.6
51.9

46.7
46.1
46.0

100.2
101.7
97.9

65.1
68.3
70.0

122.2
122.8
123.5

324.2
324.4
334.6

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

7752.0
7778.9
7811.4

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

2459.3
2498.8
2532.1

7844.3
7865.8
7887.2

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

2557.7
2590.6
2602.8

7894.8
7897.3
7914.1

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
333.2

2592.9
2609.0
2635.3

7938.0
7962.2
7984.1

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
64.8

133.6
134.3
135.0

327.3
330.4
332.3

27.9
27.1
25.4

337.4
331.9
334.7

2657.9
2691.4
2722.0

8003.7
8017.1
8039.4

OCT.
NOV.

48.9
49.1

27.0
26.4

75.9
75.5

64.1
62.8

135.9 p

338.8 p

25.0 p

329.8 p

2756.7 p

8068.2 p

4
11
18
25

50.7
49.6
47.7
48.1

26,
26.
26,
26,

76,
76
74,
74.8

63.
63.
63,
62.

2
9
16
23p
30p

50.4
46.7
47.6
47.2
48.1

25.
26,
26,
24.
23,

75,
73.
74.
71.
71.

61.
59.
61.
62.
63,

Week ending
1991--NOV.

DEC.

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.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
6.
P- -indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted

Demand deposits
at banks due to

Foreign
Foreign
commercial
official
banks
institutions

Date

U.S. government depos;its
Time and savings
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

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

At
money
market
funds

Total

1990-JULY
AUG.
SEP.

9.0
9.2
9.4

1.5
1.8
1.9

3.3
3.2
3.2

3.4
3.8
5.1

5.4
5.4
6.4

11.9
19.7
25.9

20.6
28.9
37.5

1.3
1.4
1.2

121.1
122.6
124.4

133.5
133.1
132.5

34.4
35.2
36.9

289.0
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
8.3
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
1.5
1.6

141.8
143.1
144.4

130.1 e
130.2 e
130.2 e

40.6
40.0 e
39.7 e

312.5 e
313.3 e
314.3 e

OCT.
NOV.

8.0
8.3

1.3
1.4

3.2
3.2

3.7
4.4

5.7
6.0

25.0
24.2

34.4
34.6

1.6
1.6

145.9
146.7

130.3 e
130.1 e

39.4 e
39.5 e

315.6 e
316.2 e

4
11
18
25

7.7
8.5
8.3
8.3

1.4
1.4
1.4
1.3

3.2
3.2
3.2
3.2

5.0
3.3
5.0
3.3

7.5
6.2
5.3
5.7

29.9
26.3
23.6
21.9

42.5
35.9
33.9
31.0

1.6
1.6
1.6
1.6

2
9
16
23p
30p

8.5
8.1
8.8
8.4
8.6

1.6
1.5
1.6
1.4
1.7

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
32.0

31.7
19.0
18.4
44.5
46.9

1.6
1.6
1.5
1.5
1.5

Neek ending
1991-NOV.

DEC.

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