Full text of H.6 Money Stock Measures : July 2, 1992

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FEDERAL RESERVE statistical release
••^5^T-"

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JULY

Billions of dollars
Date

Ml 1

M2 2

2, 1992

DEBT5

M3 3
Seasonally adjusted

1990-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

809.7
810.1
816.2
822.9
822.3
823.8
826.1

3292.3
3300.2
3315.8
3331.0
3334.5
3333.7
3339.0

4083.
4090.
4106.
4115.
4117.
4115.
4114.

4927.3
4930.1
4939.4
4964.2
4962.5
4960.2
4966.6

10437.6
10499.4
10564.2
10616.5
10653.9
10707.3
10747.0

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

826.2
836.2
842.3
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.1

3344.0
3369.4
3386.9
3394.8
3405.6
3411.8
3407.4
3409.5
3411.5
3417.3
3430.9
3438.9

4125.8
4160.2
4165.9
4168.8
4170.5
4167..7
4157..3
4156..6
4152..6
4158..7
4166.8
4170.9

4981.8
5008.7
5004.2
4978.4
4958.3
4986.4
4991.5
4985.1
4974.2
4977.3
4989.8
4987.7

10776.0
10825.4
10862.8
10883.9
10934.0
10983.5
11017.4
11056.6
11094.7
11135.6
11177.5
11203.6

1992-JAN.
FEB.
MAR.
APR.
MAY

910.4
931.0
939.0
942.9
954.5

3448.0
3475.5
3474.0
3468.2
3469.9

4174.9
4200.6
4191.3
4177.4
4175.5

4983.0
5016.2
5028.4
5022.3 p

11232.0
11274.8
11325.0
11373.1 p

Not seasonally adjusted
1990-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

810.4
812.5
814.2
818.7
817.6
826.1
844.1

3288 .5
3303 .7
3315 .6
3323.8
3330.4
3336.9
3351.9

4080.8
4092.4
4109..7
4108..9
4109..2
4118..5
4124..7

4916.0
4921.6
4934.3
4956.0
4953.7
4967.8
4986.4

10388.6
10450.5
10512.8
10568.8
10617.2
10679.3
10734.2

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

832.7
823.4
835.0
853.0
841.7
858.1
862.3
864.5
867.4
875.5
893.9
917.3

3351..3
3358..3
3388..4
3410.8
3388.7
3408..0
3410..5
3409..1
3403..7
3412..7
3434..2
3452.8

4129,
4150.
4171.
4183.
4156.
4165.
4158.
4160.
4144.
4149.
4169.
4181.

4999.8
5003.5
5011.5
4990.9
4943.3
4974.5
4983.0
4979.7
4965.1
4967.1
4997.2
5007.9

10764.2
10795.8
10825.8
10843.8
10887.6
10933.9
10966.8
11004.8
11048.7
11097.0
11146.1
11190.2

1992-JAN.
FEB.
MAR.
APR.
MAY

918.2
916.8
930.8
954.8
944.2

3455.9
3462.8
3474.6
3486.3
3452.2

4180.0
4190.1
4196.4
4194.2
4161.2

5001.1
5009.5
5035.3
5037.0 p

11219.6
11242.5
11287.6
11336.3 p

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
Debt3

Ml

M2

M3

10.1

-0.6

-2.4

5.0

1992

14.2

2.3

0.4

4.3

1992

12.2

1.9

0.1

4.5

10.9

0.4

-1.3

DEC. 23, 1991 (26 weeks previous)

13.7

2.3

0.5

JUNE 24, 1991 (52 weeks previous)

11.7

1.9

0.1

3 Months from FEB. 1992 TO MAY

1992

6 Months from NOV. 1991 TO MAY
12 Months from MAY

1991 to MAY

Thirteen weeks ending JUNE 22, 1992
from thirteen weeks ending:

MAR. 23, 1992 (13 weeks previous)

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
January 1992 to April 1992, October 1991 to April 1992, and April 1991 to April 1992, 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 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 nonfinaneial sectors consists of outstanding credit market debt of the U.S. government, state and local
overnments and private nohfinancial 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 nonf inane ial
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 quarter-end
basis and include discontinuities.

?




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES

Billions of dollars

Seasonally adjusted

Period ending

13-week
average

4-week
average

M3

M2

Ml
week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1992-MAR. 30

926.3

939.4

935.7

3465.3

3474.0

3463.3

4188.6

4191.4

4177.0

APR.

6
13
20
27

929.3
931.9
934.6
936.6

939.7
938.9
940.7
942.2

941.2
940.2
945.8
941.6

3467.6
3469.7
3471.5
3472.2

3470.4
3468.1
3468.5
3468.3

3468.8
3470.1
3471.9
3462.2

4190.0
4191.0
4191.0
4190.3

4184.0
4180.0
4177.7
4177.8

4172.0
4184.3
4177.4
4177.6

MAY

4
11
18
25

938.9
941.1
942.8
944.1

944.6
948.4
950.4
952.8

950.9
955.3
953.9
951.1

3472.9
3473.2
3472.7
3471.4

3468.8
3470.7
3470.4
3470.0

3471.1
3477.4
3470.8
3460.5

4189.1
4188.4
4185.6
4184.1

4178.5
4178.7
4178.9
4177.7

4174.6
4185.0
4178.3
4172.9

JUNE

1
8
15p
22p

945.8
947.1
947.8
948.6

954.7
954.8
954.6
954.1

958.3
956.0
953.1
948.9

3470.5
3469.3
3468.2
3467.0

3469.1
3466.7
3465.3
3463.9

3467.5
3467.9
3465.3
3454.7

4180.8
4178.5
4176.1
4174.0

4174.6
4171.3
4169.0
4165.6

4162.2
4171.8
4169.2
4159.2

Not seasonally adjusted
Ml

Period ending
1992-MAR. 30

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

921.9

930.5

924.7

3464.1

3474.1

3463.8

4188.5

4196.1

4183.4

APR.

6
13
20
27

923.1
925.8
929.9
932.8

935.8
942.6
953.7
956.8

958.8
962.9
968.4
937.1

3466.6
3470.0
3473.2
3474.3

3478.6
3486.2
3494.5
3491.3

3505.1
3511.9
3497.0
3451.0

4191.2
4193.4
4194.7
4194.2

4196.1
4200.5
4204.3
4199.3

4208.8
4224.4
4200.4
4163.4

MAY

4
11
18
25

935.7
937.9
940.0
941.5

953.7
950.4
944.7
943.2

946.5
949.6
945.7
931.0

3474.8
3474.3
3473.5
3471.9

3479.1
3466.6
3456.4
3452.2

3456.5
3461.7
3456.4
3434.2

4192.8
4191.1
4188.1
4186.6

4187.5
4174.5
4165.6
4162.5

4161.6
4172.6
4164.7
4150.9

JUNE

1
8
15p
22p

943.7
945.7
947.7
949.2

943.0
946.6
950.5
953.7

945.5
964.0
961.5
943.8

3470.7
3469.7
3468.9
3467.3

3450.3
3453.4
3457.2
3459.3

3449.0
3474.1
3471.5
3442.5

4183.2
4181.0
4179.0
4176.0

4159.6
4161.6
4165.5
4164.4

4150.2
4180.6
4180.1
4146.8

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

Currency

Date

1

Travelers
checks 2

Demand
deposits3

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only 7

1991-JAN.
FEB.
MAR.

251.5
254.6
256.0

8.3
8.2
8.1

271.8
275.9
276.9

209.5
211.6
214.6

85.2
85.8
86.6

294.6
297.5
301.3

2517.8
2533.3
2544.7

781.8
790.8
779.0

APR.
MAY
JUNE

256.3
256.6
257.6

7.8
8.0
7.9

276.1
278.4
280.1

215.4
220.2
223.5

87.1
87.6
88.2

302.5
307.8
311.6

2552.0
2554.7
2554.5

774.0
764.9
755.9

JULY
AUG.
SEP.

259.3
261.3
262.9

7.8
7.8
7.8

279.3
280.1
280.6

225.8
229.5
232.4

87.8
87.8
88.2

313.7
317.3
320.6

2547.4
2543.0
2539.5

749.9
747.1
741.2

OCT.
NOV.
DEC.

264.8
266.0
267.3

7.9
8.0
8.2

283.8
287.6
289.5

235.4
239.2
241.6

89.1
90.5
91.6

324.5
329.7
333.2

2536.4
2539.5
2540.8

741.4
735.9
732.0

1992-JAN.
FEB.
HAR.

269.4
271.6
271.8

8.2
8.1
8.0

293.9
305.1
309.6

245.9
250.7
252.8

93.2
95.6
96.7

339.0
346.3
349.5

2537.6
2544.5
2535.0

726.9
725.1
717.4

APR.
MAY

273.6
274.7

8.0
7.9

311.3
315.2

252.9
259.3

97.2
97.3

350.1
356.6

2525.3
2515.5

709.3
705.6

1992-APR. 27

273.8

8.0

311.2

253.6

94.9

348.5

2520.7

715.4

MAY

4
11
18
25

274.4
274.6
274,5
2/, J

8.0
8.0
7.9
7.9

313.3
317.2
315.7
313.6

255,
259.
259,
259,

99.
96,
96.
95,

355,
355,
355,
354.

2520.
2522.
2516.
2509.

703,
707,
707,
712,

JUNE

1
8
15p
22p

275. 3
276.2
276.1
276.2

7.9
7.9 e
7.9 e
7.9 e

314.3
312.1
311.5
309.1

260.
261.
260.
259.

100.7
98.3
96.8
95.8

360.8
359.8
357.5
355.7

2509.
2511.
2512.
2505.8

694.
703,
703.
704.

Heek ending

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 NON 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 overnight 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
comtnerciail
thrift
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
At
commercial
thrift
banks 4
institutions

Total

1991-JAN.
FEB.
MAR.

583.9
590.5
597.1

338.4
340.5
344.6

922.3
931.0
941.7

610.4
616.^
619.5

558.9
553.3
546.4

1169.3
1169.5
1165.9

356.6
361.0
365.0

138.3
145.5
148.5

379.1
385.1
382.1

117.5
114.5
110.8

496.6
499.6
492.8

APR.
MAY
JUNE

602.8
609.6
617.3

350.2
356.6
359.6

953.0
966.1
976.8

617.6
615.9
617.8

542.1
535.0
522.8

1159.7
1150.9
1140.6

366.6
367.8
368.8

152.9
155.2
155.3

379.6
379.2
377.9

108.1
104.3
100.4

487.7
483.5
478.3

JULY
AUG.
SEP.

623.2
630.4
636.7

363.0
363.7
365.7

986.1
994.1
1002.4

617.5
621.2
619.5

512.0
499.6
491.5

1129.5
1120.8
1111.0

367.9
362.4
359.9

155.4
158.6
162.6

373.8
372.0
368.1

97.4
93.5
90.4

471.2
465.5
458.5

OCT.
NOV.
DEC.

645.7
655.4
664.9

369.3
373.3
377.7

1015.0
1028.7
1042.6

614.1
606.4
598.5

481.1
472.8
464.5

1095.2
1079.2
1063.0

359.3
359.5
360.5

168.2
173.6
179.1

362.6
357.1
354.0

87.4
85.1
83.1

450.0
442.3
437.1

1992-JAN.
FEB.
MAR.

676.0
688.9
695.2

385.2
395.0
402.7

1061.2
1083.9
1098.0

587.7
576.2
569.2

455.2
443.7
433.7

1042.9
1019.8
1002.9

360.1
363.9
358.0

182.4
188.2
185.3

346.4
341.7
336.8

81.4
79.1
76.1

427.9
420.7
412.9

APR.
MAY

703.2
707.9

408.0
414.6

1111.3
1122.5

565.9
557.8

419.5
411.0

985.5
968.8

354.1
355.0

189.2
194.8

331.9
329.9

73.8
71.2

405.7
401.2

1992-APR. 27

702.8

409.7

1112.5

564.3

415.8

980.1

355.4

197.0

329.8

73.0

402.8

MAY

4
11
18
25

704.1
708.0
710.0
707.5

412.
413.
415.
415.

1116
1121
1125
1122

562.0
559.8
557.8
556.3

414
412
411
409

976
972,
969,
966,

357.4
356.7
355.2
353.1

194,
193,
196.
197.

330.7
331.7
328.8
330.9

72,
71,
71,
70,

403.
403,
400.
401.

JUNE

1
8
15p
22p

707.6
709.9
712.1
711.2

415.
415.
416.
417.

1123
1125,
1128,
1128,

554
553,
551,
550,

408.8
407.8
405.8
403.8

963
960,
957,
954,

353.6
353.7
353.8
353.8

191.
196.
201.
203.

327.6
329.3
328.2
325.2

70.3
69.9
69.5
69.3

398.
399,
397.
394.

Heek ending

1.
2.

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 Toreign 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 components 4

Non-M3 Components of L
Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

126.9
127.9
129.0

330.5
328.8
323.5

35.3
34.6
32.1

363.4
357.1
353.8

2509,
2537,
2551,

8266.
8287.
8311.

APR.
MAY
JUNE

130.
131.
132.

307,
299,
325,

30,
29.
28.

341,
327,
333,

2547.
2572,
2606.

8336.
8361.
8376.8

JULY
AUG.
SEP.

133.
134.
135.

332.8
330.6
322.9

28.
27.

25.8

339.8
336.3
337.7

2633,
2667,
2694,

8383.8
8389.6
8400.2

OCT.
NOV.
DEC.

136.
137.
137.9

321,
323,
315,

25.3
24.5
23.3

336.
337.
339.

2724.2
2749.9
2767.2

8411,
8427,
8436,

1992-JAN.
FEB.
MAR.

138.9
140.1
141.2

311.1
325.1
336.6

23,
22.
22.

334.8
327.5
337.0

2781.
2797.
2832.

8450.9
8477.5
8492.8

142.4

339.1

21.6

341.7

2863.2

8509.9

Date
1991-JAN.
FEB.
MAR.

APR.

1.

p

Commercial
paper 3

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 funds, 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
thrift
institutions5

Total

In M2 6

In M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

84.2
83.4
85.8

297.7
294.9
301.6

2518.6
2535.0
2553.3

778.4
792.5
783.3

52.0
51.4
49.0

19.9
19.0
20.2

222.6
217.2
222.0

89.2
87.7
89.0

311.8
304.9
311.0

2557.8
2547.1
2549.9

772.2
768.1
757.2

50.0
51.3
52.3

19.6
17.2
15.6

280.9
278.8
278.6

223.1
226.9
230.6

89.0
88.3
88.2

312.1
315.1
318.7

2548.2
2544.6
2536.3

748.0
751.0
741.2

51.1
52.8
51.8

13.8
14.5
14.6

8.0
7.7
7.7

283.7
291.1
303.0

232.0
238.1
244.8

88.6
90.7
91.7

320.6
328.8
336.5

2537.3
2540.2
2535.5

736.9
734.9
728.9

53.1
53.5
52.7

16.3
19.5
22.6

267.8
269.5
271.0

7.8
7.8
7.7

300.0
296.3
302.1

250.7
250.5
254.1

91.8
92.7
95.8

342.5
343.2
349.9

2537.8
2545.9
2543.8

724.1
727.4
721.8

54.8
57.1
52.6

21.9
19.4
20.4

273.4
275.7

7.6
7.7

312.9
307.5

261.3
255.8

99.5
97.5

360.9
353.3

2531.5
2508.0

708.0
709.0

51.7
49.2

19.1
18.1

1992-APR. 27

272.4

7.6

304.9

256.1

96.0

352.1

2513,9

712.4

50.9

17.3

MAY

4
11
18
25

274.4
276.2
275.2
275.9

308,
309,
311.
299,

256.
257,
254.
252.

99.0
98.8
97.0
95.0

355.
356.
351,
347.

2510.0
2512.1
2510.8
2503.2

705.
711.
708.
716.

50,
50,
50.
47.

16.6
17.2
17.8
19.4

JUNE

1
8
15p
22p

274.8
278.4
277.6
277.2

309.
313.
315.
305.

255.9
262.8
260.6
256.1

97.7
101.5
99.6
97.2

353.
364,
360.
353.

2503.
2510.
2510,
2498,

701,
706.
708.
704.

48.
50.
49.
50.

19
17
18
19

commercial
banks 4

Currency 1

Travelers
checks 2

Demand
deposits3

1991-JAN.
FEB.
MAR.

249.8
252.6
255.6

7.8
7.8
7.8

277.4
268.0
270.1

213.6
211.5
215.8

APR.
MAY
JUNE

256.0
257.4
259.1

7.5
7.8
8.1

277.7
271.7
279.9

JULY
AUG.
SEP.

260.8
262.0
261.7

8.5
8.6
8.3

OCT.
NOV.
DEC.

263.1
266.3
270.0

1992-JAN.
FEB.
MAR.
APR.
MAY

Date

Neek ending

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 foreiqn-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 NOH and ATS balances at commercial banks, U.S. branches and agencies of foreign 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 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
Small-denomination time deposits 2

Savings deposits 1
At
At
thrift
commercia.1
institutions
banks

Date

Total

At
At
thrift
commercial
institutions
banks

Total

Large-denomination time deposits 3
At
General purpose InstitutionA*
thrift
and broker/dealer only money commercial
market
funds
money market funds
institutions
banks 4

Total

1991-JAN.
FEB.
MAR.

581.1
587.4
598.4

336.8
338.7
345.4

917.9
926.1
943.7

612.1.
617.8
619.9

560.5
554.8
546.7

1172.6
1172.5
1166.6

356.2
365.9
373.8

142.5
152.1
153.1

376.6
383.9
382.6

116.7
114.1
110.9

493.3
498.0
493.5

APR.
MAY
JUNE

604.9
609.3
620.0

351.4
356.4
361.1

956.4
965.8
981.1

617.1
614.2
615.7

541.7
533.5
521.0

1158.8
1147.7
1136.7

373.0
365.1
364.2

153.9
155.6
152.3

378.4
380.4
379.1

107.7
104.6
100.7

486.1
485.0
479.9

JULY
AUG.
SEP.

626.1
631.9
635.8

364.7
364.6
365.1

990.9
996.5
1001.0

617.3
620.8
619.1

511.9
499.3
491.2

1129.2
1120.0
1110.3

363.3
360.7
358.7

151.5
156.2
157.4

373.5
373.8
369.7

97.3
93.9
90.8

470.8
467.8
460.5

OCT.
NOV.
DEC.

644.6
655.3
662.4

368.7
373.2
376.3

1013.3
1028.5
1038.7

615.2
606.9
598.7

482.0
473.2
464.6

1097.1
1080.1
1063.4

357.4
358.6
358.1

163.4
172.7
180.3

362.8
356.9
352.8

87.4
85.1
82.8

450.2
441.9
435.5

1992-JAN.
r
EB.
MAR.

672.3
685.2
696.8

383.1
392.9
403.7

1055.4
1078.1
1100.5

589.5
577.6
569.5

456.6
444.8
433.9

1046.1
1022.4
1003.4

359.6
369.0
366.9

188.1
196.9
191.4

344.0
340.6
337.3

80.9
78.8
76.3

424.9
419.4
413.5

APR.
MAY

706.1
707.9

409.7
414.6

1115.7
1122.5

565.4
556.1

419.1
409.8

984.5
965.9

360.4
352.3

190.9
195.5

330.9
331.2

73.6
71.5

404.4
402.7

700.2

408.2

1108.4

563.4

978.5

358.7

197.9

327.7

72.6

400.3

974.1
969.8
966.1
962.7

355.7
352.9
350.9
351.9

193.3
195.7
195.5
200.5

329.
331.
330.
333.

72.
71.
71.
71.

401.3
403.6
401.7
404.8

959.7
956.8
953.3
950.1

351.4
350.8
350.5
348.8

190.8
194.0
197.6
199.2

330.
332.
331.
326.

70,
70.
70,
69.

401.
402,
401,
396,

Meek ending

MAY

4
11
18
25

702.4
708.2
710.5
707.0

411
414,
415.
414.8

1113.
1122.
1125,
1121.8

560.
558.
556.
554.

415.1
413.
411.
409.
408,

JUNE

1
8
15p
22p

708.6
715.8
718.0
712.6

416.
419.
420.
418.

1124.
1135.
1137.
1130.

552.
550.
549.
548.

407.
406.
404.
402.

1992-APR. 27

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
At
commercial
thrift
banks
institutions

Date

Debt components 6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities31

Bankers
acceptances4

Commercial
paper 5

Federal
debt

Non-Federal
debt

1991-JAN.
FEB.
MAR.

48.4
48.5
48.1

40.3
38.2
35.4

88.7
86.7
83.5

69 2
69.8
68.2

126.8
127.9
129.1

339.6
330.3
324.5

36.1
34.3
31.5

367.7
360.3
354.7

2510.8
2540.7
2553.4

8253.5
8255.1
8272.4

APR.
MAY
JUNE

49.1
48.3
49.1

33.1
32.1
29.3

82.2
80.4
78.4

65.2
62.3
61.6

130.4
131.6
132.7

302.8
292.1
313.9

30.1
28.7
27.8

344.5
334.0
334.9

2544.5
2560.6
2586.4

8299.3
8327.0
8347.5

JULY
AUG.
SEP.

49.6
48.9
48.1

29.2
29.4
28.6

78.8
78.4
76.7

62.7
63.6
61.5

133.6
134.3
135.0

324.2
325.0
323.9

27.9
27.2
25.5

338.8
333.1
335.8

2609.3
2642.9
2673.1

8357.4
8361.9
8375.5

OCT.
NOV.
DEC.

48.9
48.0
47.0

26.6
25.6
23.8

75.5
73.6
70.9

62.8
61.9
57.7

135.9
136.8
137.7

325.1
332.4
328.3

25.1
25.2
24.5

331.5
333.8
335.8

2707.6
2740.8
2765.0

8389.3
8405.2
8425.2

1992-JAN.
r
EB.
MAR.

48.1
48.8
50.9

22.8
23.3
22.8

70.8
72.0
73.7

55.7
56.3
58.7

138.8
140.1
141.4

319.9
326.2
337.7

23.7
22.7
21.8

338.7
330.4
338.0

2782.5
2799.1
2834.7

8437.1
8443.3
8453.0

APR.
MAY

50.4
50.0

21.9
21.7

72.3
71.7

56.7
54.7

142.7 p

333.9 p

21.2 p

345.0 p

2863.5 p

8472.9 p

1992-APR. 27

50.7

22.0

72.7

56.0

MAY

4
11
18
25

50.3
50.8
49.9
50.1

21.6
22.0
21.9
22.0

71.
72.
71.
72.

55.8
54.3
54.9
54.1

JUNE

1
8
15p
22p

49.0
47.9
48.5
48.9

21.1 •
22.8
22.
21.

70.
70.
71.
70.

54.7
54.3
53.8
52.9

Meek ending

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
Time and savinas
deposits due to
Foreign
foreign banks
Foreign
commercial
and official
official
banks
institutions
institutions

Date

IRA and Keogh Accounts

U.S. government depos its
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
At
deposits
At
at commercial commercia 1
thrift
banks
institutions
banks

At
money
market
funds

Total

1991-JAN.
FEB.
MAR.

9.3
8.2
8.0

1.6
1.6
1.6

4.5
5.1
5.7

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

133.5
134.0
134.5

43.5
43.5
44.0

309.1
311.1
313.8

APR.
MAY
JUNE

8.5
8.2
7.6

1.5
1.5
1.5

6.0
6.2
6.3

5.4
3.6
5.0

4.7
5.6
6.3

15.0
16.2
18.6

25.1
25.4
29.9

1.3
1.4
1.5

137.3
138.9
140.3

135.2
135.5
135.4

44.3
44.9
43.9

316.7
319.3
319.6

JULY
AUG.
SEP.

8.0
7.9
7.8

1.5
1.5
1.5

6.3
6.5
6.6

3.7
3.6
5.2

6.6
5.8
7.8

17.1
13.5
21.7

27.3
22.9
34.7

1.6
1.5
1.5

141.8
143.1
144.4

134.6
133.2
131.6

42.2
42.8
43.3

318.5
319.1
319.4

OCT.
NOV.
DEC.

7.7
7.9
8.1

1.5
1.5
1.7

6.7
6.7
6.6

3.6
4.4
4.8

5.7
6.0
7.4

25.0
24.2
20.5

34.4
34.6
32.8

1.5
1.6
1.5

145.9
147.0
147.7

131.2
131.2
131.2

43.4
43.0
42.3

320.5
321.3
321.2

1992-JAN.
FEB.
MAR.

8.3
7.6
7.6

1.7
1.6
1.5

6.5
6.5
6.5

5.2
4.3
4.2

7.4
6.2
5.6

27.9
20.9
15.9

40.5
31.5
25.7

1.8
2.0
2.2

148.3
148.4
147.8

130.9
129.7
128.8

42.1 e
42.3 e
42.5 e

321.3 e
320.4 e
319.1 e

APR.
MAY

7.9
7.8

1.5
1.5

6.5
6.5

5.9
4.2

4.9
5.2

11.9
16.8

22.6
26.2

2.5
2.6

148.4
148.6

127.9 e
127.1 e

42.3 e
41.9 e

318.5 e
317.7 e

1992-APR. 27

7.6

1.5

6.5

5.6

5.4

19.8

30.8

2.6

MAY

4
11
18
25

7.8
7.6
7.6
7.7

1.5
1.4
1.8
1.4

6.5
6.5
6.5
6.5

6.0
3.3
4.7
3.2

5.0
5.2
4.9
5.4

23.9
18.1
14.5
15.0

34.9
26.6
24.0
23.6

2.5
2.6
2.6
2.6

JUNE

1
8
15p
22p

8.5
8.0
7.6
8.2

1.5
1.5
1.6
1.7

6.5
6.5
6.6
6.6

4.6
3.7
7.4
6.3

5.4
5.3
5.3
8.7

15.3
10.9
8.7
26.6

25.3
19.8
21.4
41.6

2.6
2.6
2.5
2.6

Neek ending

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