Full text of H.6 Money Stock Measures : July 20, 1995

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES 6

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

Billions of dollars

JULY 2 0 , 1 9 9 5

M11

Date

M22

M33

L4

DEBT5

Seasonally adjusted
1993-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1085.2
1095.1
1104.7
1113.5
1122.4
1128.6

3543.6
3549.3
3559.1
3564.4
3576.7
3583.6

4202.3
4205.5
4214.2
4222.7
4234.4
4242.5

5099.8
5112.4
5110.4
5118.9
5131.7
5150.3

12074.7
12133.1
12186.6
12222.6
12278.4
12343.8

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

1132.5
1137.0
1141.1
1142.8
1143.5
1147.0
1152.2
1150.8
1151.0
1148.2
1147.6
1148.0

3589.1
3586.2
3597.4
3605.4
3608.5
3605.3
3616.7
3614.7
3613.8
3609.5
3610.8
3615.6

4245.9
4232.0
4240.6
4250.8
4251.4
4256.6
4274.4
4273.7
4279.6
4286.1
4292.2
4305.0

5165.4
5162.6
5165.5
5181.9
5190.4
5188.5
5213.9
5215.5
5221.5
5240.2
5249.3
5294.5

12385.9
12434.6
12498.6
12556.0
12612.1
12651.6
12677.0
12740.1
12797.5
12844.5
12913.6
12955.5

1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE

1149.0
1147.3
1147.9
1149.7
1142.9
1143.7

3627.2
3622.7
3630.1
3642.6
3658.1
3693.0

4328.0
4336.7
4359.0
4380.7
4408.7
4452.7

5322.0
5364.3
5409.3
5454.0
5485.4 p

13010.0
13090.3
13149.9
13202.2
13261.3 p

P

Not seasonally adjusted
1993-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1083.6
1088.6
1099.3
1112.1
1129.5
1153.7

3541.6
3542.3
3548.4
3561.3
3584.2
3606.1

4195.7
4200.1
4201.9
4217.2
4246.7
4266.3

5087.3
5101.3
5092.6
5110.2
5151.2
5184.9

12031.2
12083.8
12145.8
12184.2
12251.4
12336.0

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

1142.3
1124.2
1131.4
1152.7
1132.5
1142.3
1150.9
1144.0
1146.2
1147.4
1155.4
1173.7

3595.6
3573.3
3596.1
3622.6
3595.6
3600.4
3615.5
3607.3
3603.2
3606.6
3619.1
3639.1

4254.8
4221.8
4238.2
4264.2
4240.5
4250.2
4268.1
4267.2
4267.2
4281.2
4306.6
4331.0

5187.1
5155.5
5165.9
5193.8
5170.2
5177.1
5201.5
5204.3
5202.2
5231.3
5271.4
5332.2

12378.4
12407.7
12459.1
12499.1
12544.3
12604.5
12636.6
12691.8
12753.8
12804.0
12884.8
12947.2

199S-JAN.
FEB.
MAR.
APR.
MAY
JUNE

1158.6
1134.3
1138.1
1158.7
1132.0
1139.1

3633.7
3609.0
3628.1
3659.0
3645.7
3688.5

4337.6
4325.4
4354.9
4392.4
4398.5
4446.4

5345.0
5356.0
5408.5
5464.1
5464.1 p

12984.9
13037.6
13102.1
13135.9
13174.6 p

P

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

DEBT

3 M o n t h s f r o m MAR. 1 9 9 5 TO JUNE 1 9 9 5

-1.5

6.9

8.6

5.2

6 M o n t h s f r o m DEC. 1 9 9 4 TO JUNE 1 9 9 5

-0.7

4.3

6.9

5.4

12 M o n t h s f r o m JUNE 1 9 9 4 t o JUNE 1 9 9 5

-0.3

2.4

4.6

5.1

-1.2

4.8

7.2

T h i r t e e n w e e k s e n d i n g JULY 1 0 , 1 9 9 5
from t h i r t e e n weeks e n d i n g :
APR. 1 0 , 1 9 9 5 ( 1 3 w e e k s p r e v i o u s )
JAN.

1.

9,

1995

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

-0.5

3.2

5.9

JULY 1 1 ,

1994

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

0.0

1.8

4.0

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, February 1995 to May 1995, November 1994 to May 1995,
and May 1994 to May 1995, 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 a s a whole and then adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued by all depository institutions, term Eurodollars held
by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt
institution-only money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official
institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is
obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, 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)
Table3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1995-APR.

17
24

1148.2
1148.2

1148.8
1148.7

1150.1
1149.6

3628.7
3630.0

3637.2
3638.9

3635.6
3646.8

4350.7
4355.0

4371.1
4374.9

4380.3
4390.0

MAY

1
8
15
22
29

1148.4
1147.9
1147.6
1147.4
1147.0

1149.9
1148.2
1146.5
1144.9
1142.8

1149.5
1143.7
1143.3
1142.9
1141.3

3632.2
3633.8
3636.0
3639.1
3642.8

3643.4
3645.6
3649.8
3653.1
3657.4

3651.0
3648.9
3652.4
3659.9
3668.5

4359.7
4364.8
4370.1
4376.2
4381.8

4384.3
4391.2
4396.6
4402.1
4408.2

4395.9
4398.4
4402.0
4412.2
4420.2

JUNE

5
12
19
26

1146.8
1146.5
1146.0
1145.6

1142.9
1143.1
1143.6
1144.4

1144.1
1143.9
1144.9
1144.7

3647.5
3652.4
3657.0
3661.7

3665.0
3674.1
3683.4
3691.5

3679.2
3688.8
3697.2
3700.7

4388.7
4396.2
4403.5
4410.0

4417.0
4428.8
4440.7
4450.3

4433.4
4449.5
4459.7
4458.6

JULY

3p
lOp

1145.5
1145.0

1144.1
1144.1

1142.9
1143.7

3666.9
3672.0

3696.9
3701.1

3700.7
3705.9

4418.0
4425.3

4457.9
4461.9

4463.6
4465.5

Not seasonally adjusted
1995-APR.

17
24

1142 . 1
1142 . 6

1153 .7
1160 .2

1174 . 3
1149 . 7

3627 .0
3629 . 1

3655 . 1
3661 .5

3672 .2
3645 .9

4349.3
4353.5

4384.3
4392.1

4414.5
4384.7

MAY

1
8
15
22
29

1143
1143
1143
1143
1142

.8
.5
.6
.3
.9

1158
1151
1142
1136
1131

.1
.4
.5
.4
.4

1137
1144
1138
1125
1117

.4
.2
.5
.6
.2

3632
3634
3636
3639
3643

.4
.2
.8
.7
.2

3658
3649
3642
3641
3644

.0
.2
.8
•9
.4

3633
3645
3646
3642
3642

.0
.5
.8
.2
.9

4358.4
4363.4
4368.8
4374.8
4380.7

4394.6
4391.9
4387.6
4390.7
4397.5

4373.9
4394.4
4397.3
4397.0
4401.2

JUNE

5
12
19
26

1143
1143
1143
1143

.2
.5
.7
.3

1133
1135
1139
1139

.3
.8
.4
.7

1151
1148
1139
1118

.7
.7
.8
.5

3648
3654
3658
3662

.5
.0
.6
.2

3655
3669
3682
3688

.7
.9
.0
.0

3691
3703
3690
3667

.0
.4
.6
.0

4388.4
4396.8
4404.0
4409.1

4410.5
4428.0
4441.9
4446.6

4446.4
4467.5
4452.6
4419.8

JULY

3p
lOp

1143 .2
1142 .7

3697 .3
3731 .3

4415.6
4421.5

4447.2
4450.5

4448.8
4480.8

1138 . 1
1 1 4 1 .8

1145 .2
1163 . 7

3666 . 1
3669 .9

3689 . 6
3 6 9 6 , .6

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.




I I.v ^ v u ;

Table 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1

Date

e

Nontransactions components

At commercial
banks 4

At thrift
institutions5

Total

In M2e

In M3 only7

8.0
8.0

388.6
388.6

299.0
299.7

112.6
112.8

411.6
412.5

2449.1
2456.3

645.8
643 . 2

APR.
MAY
JUNE

334.5
337.3
340.0

8.1
8.1
8.2

388.1
385.6
386.3

299.1
300.5
301.0

112.9
112.0
111.5

412.0
412.4
412.5

2462.6
2465.0
2458.3

645.4
643.0
651.3

JULY
AUG.
SEP.

342.8
345.1
347.2

8.3
8.3
8.4

388.1
386.6
386.5

301.7
301.0
300.0

111.4
109.7
108.9

413.1
410.8
408.9

2464.5
2463.9
2462.8

657.7
659.0
665.8

OCT.
NOV.
DEC.

350.0
353.0
354.5

8.3
8.4
8.4

384.5
382.5
382.2

298.0
297.7
297.6

107
106
105

405.4
403.8
402.9

2461.3
2463.2
2467.6

676.5
681.4
689.4

1995-JAN.
FEB.
MAR.

357.7
358.8
362.5

8.4
8.4

8.8

383.6
384.1
383.3

295.1
291.8
289.3

104.2
104.1
104.0

399.3
395.9
393.3

2478.2
2475.4
2482.1

700.8
714.1
729.0

APR.
MAY
JUNE

p

365.7
368.1
367.4

9.2
9.2
9.0

381.3
380.7
386.9

289.6
281.9
276.3

103.9
103.1
104.1

393.6
385.0
380.5

2492.9
2515.2
2549.3

738.1
750.6
759.7

freefr e n d i n g
1995-MAY 1 5
22
29

368.3
368.6
368.5

9.2
9.2
9.2

379.8
380.8
382.4

284.0
281.9
278.0

102.0
102.4
103.2

386.0
384.3
381.3

2509.1
2517.0
2527.2

749.6
752.3
751.7

19
26

368.0
367.4
367.3
367.8

9.1
9.1
9.0
9.0

386,
387,
388,
386.8

276.2
276.5
276.9
276.6

104.8
103.9
103.6
104.5

381.0
380.3
380.5
381.1

2535.0
2545.0
2552.3
2556.0

754.2
760.6
762.5
758.0

3p
lOp

366.6
366.2

9.0
9.0

386.9
388.5

275.8
276.2

104.6
103.8

380.4
380.1

2557.8
2562.1

763,
759,

JULY

7.

Other checkable deposits

328.9
332.0

5

12

4.
5
6.

Demand deposits 3

1994-FEB.
MAR.

JUNE

1.
2.
3.

Travelers checks 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.
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 a s 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.
estimated




p

preliminary

Page 5

H.6 (508)
Table 4 - continued

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

775.0
772.0

General
purpose and
broker/
dealer
money
market funds
359.5
361.9

307.9
306.2
305.5

770.1
770.8
772.9

370.5
373.5
370.7

183.1
177.5
177.9

268.0
272.0
274.0

61.8
60.4
61.0

329.8
332.4
335.0

469.9
476.0
481.2

306.6
306.7
308.3

776.5
782.7
789.5

376.1
377.0
377.4

178.7
177.4
176.3

276.4
280.0
284.9

62.0
61.9
63.1

338.4
341.9
348.0

1171.0
1157.8
1144.2

487.7
494.0
502.4

311.7
316.2
317.7

799.4
810.2
820.1

379.5
383.3
389.0

180.8
180.5
180.8

289.7
294.4
299.2

64.2
64.5
64.9

353.9
358.9
364.0

385.6
377.6
371.5

1129.8
1111.9
1094.9

512.4
524.0
537.6

323.0
331.2
340.4

835.4
855.1
878.0

392.1
391.5
390.9

186.3
180.4
189.0

298.1
305.6
310.6

66.7
68.1
70.1

364.7
373.7
380.7

p

716.0
717.3
728.0

366.4
364.2
363.0

1082,
1081,
1091.1

547.9
555.8
562.5

348.6
354.3
354.8

896.5
910.0
917.3

396.0
405.3
425.9

192.9
194.8
205.6

310.8
317.2
319.4

71.2
70.3
70.7

382.0
387.5
390.1

Week e n d i n g
1995-MAY 15
22
29

715.7
716.7
721.1

364.2
364.2
363 . 6

1079.9
1080.9
1084.7

555.2
556.6
557.7

354.1
354.9
355.4

909.3
911.5
913.1

401.4
407.3
410.6

192.2
194.7
198.8

318.4
317.9
316.3

70.5
70.4
69.9

388.9
388.3
386.2

Savings deposits 1
Date

At .
commercial
banks
792.7
791.5

At
. thrift
institutions
429.1
430.5

APR.
MAY
JUNE

788.9
784.6
780.0

JULY
AUG.
SEP.

3.
4.
p

Jx

1221.9
1222.0

commercial
banks
464.5
463.1

At
thrift
institutions
310.5
308.9

431.1
430.2
426.8

1220.0
1214.8
1206.8

462.3
464.6
467.4

778.0
775.7
772.8

423.2
417.0
410.9

1201.2
1192.6
1183.7

OCT.
NOV.
DEC.

765.4
759.2
752.3

405.6
398.5
391.9

1995-JAN.
FEB.
MAR.

744.1
734.2
723.3

APR.
MAY
JUNE

1994-FEB.
MAR.

1.
2.

Small-denomination time deposits 2
Total

Total

Institutiononly money
market funds

Large-denomination time deposits 3

182.1
183.8

commercial
banks 4
270.1
268.8

At
. thrift
institutions
61.7
61.4

—

%

;

—

Total
331.8
330.3

JUNE

5
12
19
26

725.7
729.0
729.3
728.4

363.1
362.7
363 . 4
363 . 5

1088.8
1091.7
1092.7
1091.9

559.2
561.1
563.3
563.9

355.4
355.3
354.5
354.6

914.6
916.4
917.8
918.5

415.5
423.0
426.2
429.9

199.7
205.6
206.5
206.6

320
320
320
318,

70.2
70.2
70.6
71.1

390.4
390.5
390.9
389.8

JULY

3p
lOp

726.4
729.7

362.1
361.3

1088.5
1091.0

565.0
566.7

354.3
354.2

919.3
920.9

436.4
437.3

209.7
208.5

316,
320,

72.0
72.2

388.1
392.5

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
S m a l l - d e n o m i n a t i o n time deposits—including retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r c i a l b a n k s
and thrifts are subtracted from small time d e p o s i t s .
Large-denomination time d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or more, excluding t h o s e b o o k e d at international banking facilities.
Large-denomination time d e p o s i t s at commercial b a n k s l e s s t h o s e held by m o n e y market mutual f u n d s , depository institutions, U . S . g o v e r n m e n t , a n d foreign b a n k s 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

S a v i n g s bonds

Short-term Treasury
securities 1

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

Commercial paper 3

Federal debt

Non-Federal debt

1994-FEB.
MAR.

173.2
173.9

341.4
344.7

14.9
15.5

401.2
390.8

3355.1
3379.6

9079.5
9119.0

APR.
MAY
JUNE

174.8
175.7
176.7

355.3
359.1
351.7

14.0

11.6
10.8

387.1
392.6
392.7

3390.6
3402.5
3416.3

9165.4
9209.6
9235.2

JULY
AUG.
SEP.

177.7
178.5
179.1

358.1
364.2
359.1

10.9
11.4
11.9

392.8
387.7
391.7

3419.3
3436.8
3454.1

9257.7
9303.3
9343.4

OCT.
NOV.
DEC.

179.5
179.9
180.3

358.5
362.2
372.6

11.8

11.0
10.2

404.2
404.0
426.5

3469.6
3494.1
3497.4

9374.9
9419.6
9458.1

1995-JAN.
FEB.
MAR.

180.5
180.4
180.5

375.0
391.6
405.2

9.8
9.9
10.4

428.7
445.7
454.1

3504.7
3535.8
3557.5

9505.3
9554.4
9592.4

180.9
181.6

406.8
404.3

10.3
9.6

475.2
481.2

3559.5
3577.0

9642.7
9684.3

APR.
MAY p

1.

Debt components 4

Non-M3 Components of L

Date

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

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

Travelers
checks 2

Demand
deposits 3

Other checkable deposits
At commercial
banks 4

At thrift
institutions5

Nontransactions components
In M3 only'

Overnight
RPs"

Overnight
Eurodollars*

2449 .1
2 4 6 4 .7

648.5
642.1

73.7
77.0

21.2

421.4
409.7
411.2

2469 .9
2463 .1
2458 .1

641.6
644.9
649.8

77.6
78.5
80.7

21.3
24.1

Total

In M26

409.8
413.5

1994-FEB.
MAR.

327.3
330.6

7.7
7.8

379.5
379.6

299.6
301.6

110.3

APR.
MAY
JUNE

334.3
337.2
340.5

7.8
7.9
8.3

389.2
377.7
382 . 3

306.4
298.1
299.5

115.0

JULY
AUG.
SEP.

344.7
345.7
347.0

8.8

298.4
297.2
297.4

111.6
109.0
108.3

410.0
406.2
405.6

2 4 6 4 ,.6
2 4 6 3 , .3
2 4 5 7 , .0

652.6
660.0
664.0

80.5

8.8

387,
383,
384,

83.7

29.1
28.9
28.1

OCT.
NOV.
DEC.

349.6
353.2
357.6

8.2
8.1

8.5

387.9
390.8
400.3

294.1
296.0
300.6

107.4
107.1
107.0

401.4
403.1
407.6

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

674.7
687.5
691.9

83.5
83.0
84.2

30.3
30.1
32.5

1995-JAN.
FEB.
MAR.

355.9
357.1
361.4

8.1
8.1
8.4

388.9
375.0
374.1

301.3
292.3
291.1

104.4
101.8
103.0

405.7
394.1
394.2

2475.1
2474.6
2490.0

703.9
716.5
726.8

87.0
86.1
86.8

36.4
31.6
30.7

APR.
MAY
JUNE

p

365.5
367.8
368.1

8.8
8.9
9.2

382.0
372.9
382.7

296.6
279.8
275.0

105.7
102.6
104.2

402.3
382.4
379.1

2500.3
2513.7
2549.4

733.5
752.7
757.8

84.6
85.2
85.2

30.1
30.0
29.7

Week e n d i n g
-MAY 15
22
29

368.2
367.6
367.8

8.9
9.0
9.0

376.3
369.9
367.8

282.4
278.1
272.3

102.7
101.1
100.3

385 .2
3 7 9 .2
372 .7

2 5 0 8 .2
2516 .6
2525 .6

750.5
754.8
758.4

86.6
85.2
84.7

28.4
30.0
32.8

8.9

112.0

111.6
111.7

82.0

23.0

26.2

JUNE

5
12
19
26

369.1
369.4
367.8
366.5

9.1
9.1
9.2
9.3

387.2
385.7
382.9
372.8

279.3
278.5
276.2
269.1

107.1
106.0
103.8
100.9

386 .4
384,.5
3 8 0 , .0
3 7 0 , .0

2539 .3
2554 .6
2 5 5 0 ,.8
2 5 4 8 ,,5

755.4
764.1
761.9
752.8

84.9
85.4
85.1
86.0

30.8
30.1
29.1
29.5

JULY

3p
lOp

368.3
371.0

9.4
9.5 e

390.9
396.9

272.5
279.0

104.1
107.3

376.6
3 8 6 , ,2

2 5 5 2 ,, 1
2 5 6 7 , ,6

751.5
749.5

84.2
83.9

29.3
29.3

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




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

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

1214.9
1222.7

commercial
banks
464. 6
462. 9

At
thrift
institutions
310.6
308.8

775. 2
771. 6

General
purpose and
broker/
dealer
money
market funds
364.1
370.3

432.3
430.6
428.1

1223.4
1215.9
1210.4

461. 8
463. 7
467. 0

307.5
305.5
305.2

769. 3
769. 2
772. 1

780.0
777.0
772.7

424.3
417.7
410.8

1204.3
1194.6
1183.6

470. 5
476. 5
481. 7

306.9
307.1
308.7

OCT.
NOV.
DEC.

765.5
761.4
751.1

405.7
399.7
391.2

1171.1
1161.0
1142.3

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

1995-JAN.
FEB.
MAR.

739.5
729.8
723.4

383.2
375.3
371.6

1122.7
1105.1
1095.0

APR.
MAY
JUNE

p

717.9
717.9
730.1

367.4
364.5
364.1

Week e n d i n g
1995-MAY 15
22
29

717.5
717.1
720.6

Small-denomination time deposits 2

Savings deposits 1
Date

1.
2.
3.
4.

p

Large-denomination time deposits 3
At
thrift
institutions
61.4
61.1

191.0
185.7

At
commercial
banks 4
268.8
267.3

378.3
375.4
368.7

181.8
176.8
172.5

266.3
274.1
275.3

61.4
60.9
61.3

327.7
335.0
336.6

777. 4
783. 6
790. 3

373.4
374.2
371.3

173.8
176.2
172.6

275.3
281.3
286.0

61.8
62.2
63.3

337.1
343.5
349.4

312.1
316.0
317.4

800. 4
809. 7
819. 4

373.9
379.9
387.1

178.1
182.5
183.1

290.3
295.8
298.9

64.3
64.8
64.8

354.6
360.6
363.7

5 1 2 , ,9
5 2 4 ,, 1
5 3 7 , .4

323.3
331.3
340.3

836, 2
8 5 5 , .4
8 7 7 , ,6

392.8
396.3
399.8

192.4
188.8
190.8

296.7
304.0
308.5

66.4
67.8
69.6

363.1
371.8
378.1

1085.2
1082.4
1094.3

547 . 3
554 .7
562 . 0

348.2
353.6
354.6

8 9 5 ,.5
9 0 8 ,, 3
9 1 6 , .6

404.8
407.8
423.6

191.3
193.8
199.2

308.7
319.6
320.8

70.7
70.9
71.1

379.4
390.5
391.9

365.1
364.4
363.4

1082.6
1081.4
1084.1

554 . 1
555 .4
556 . 6

353.5
354.2
354.7

907 . 6
909 . 6
911 .2

403.1
410.4
412.8

191.3
196.2
196.7

320.1
320.2
321.5

70.9
70.9
71.1

391.0
391.1
392.6

At .
commercial
banks
788.2
791.9

At
thrift
institutions
426.7
430.8

APR.
MAY
JUNE

791.1
785.3
782.3

JULY
AUG.
SEP.

1994-FEB.
MAR.

Institutiononly money
market funds

Total

Total

Total
330.2
328.4

JUNE

5
12
19
26

729.8
734.8
730.8
726.7

365.2
365.6
364.2
362.7

1095.0
1100.4
1095.0
1089.4

558
560
562
563

.3
.4
.7
.6

354.8
354.9
354.1
354.5

913
915
916
918

.2
.3
.8
.0

415.3
423.5
424.9
425.6

195.1
200.7
200.6
198.7

323.8
324.2
322.1
318.3

71.0
71.0
71.0
71.0

394.8
395.2
393.1
389.3

JULY

3p
lOp

727.4
734.4

362.6
363.7

1090.0
1098.1

565 .6
567 . 5

354.6
354.7

920 . 2
922 . 2

428.4
434.0

200.1
200.9

313.5
318.1

71.4
71.7

384.9
389.8

S a v i n g s d e p o s i t s include m o n e y market d e p o s i t a c c o u n t s .
S m a l l - d e n o m i n a t i o n t i m e d e p o s i t s — i n c l u d i n g retail R P s — a r e t h o s e i s s u e d in a m o u n t s of l e s s than $ 1 0 0 , 0 0 0 . All IRA a n d K e o g h a c c o u n t b a l a n c e s at c o m m e r cial b a n k s and thrifts a r e s u b t r a c t e d from small t i m e d e p o s i t s .
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s are t h o s e i s s u e d in a m o u n t s of $ 1 0 0 , 0 0 0 or m o r e , e x c l u d i n g t h o s e b o o k e d at international banking facilities.
L a r g e - d e n o m i n a t i o n t i m e d e p o s i t s at c o m m e r c i a l b a n k s l e s s t h o s e held by m o n e y market mutual funds, d e p o s i t o r y institutions, U . S . g o v e r n m e n t , and foreign
b a n k s a n d official institutions.
preliminary




Page 9

H 6(508)
Table 5 - continued

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

At commercial
banks

At thrift
institutions

Total

1994-FEB.
MAR.

64.8
68.3

27.3
27.0

92.1
95.4

47.9
46.2

173.7
174.6

APR.
MAY
JUNE

71.4
69.1
72.1

27.4

98.8
97.8
102.4

46.5
47.7
50.3

175.4
176.2
176.9

JULY
AUG.
SEP.

71.0
68.4
68.4

32.0
32.8
33.4

103.0

101.2
101.9

51.0
51.2
52.1

OCT.
NOV.
DEC.

67.2
67.5
67.7

34.7
35.4
37.5

101.9
102.9
105.2

1995-JAN.
FEB.
MAR.

70.2
73.1
72.3

39.0
39.7
40.2

APR.
MAY
JUNE

p

74.5
78.7
77.5

41.0
41.9
41.0

Week e n d i n g
1995-MAY 1 5
22
29

78.4
78.8
79.0

42.2
41.9
41.5

120.6
120.7
120.5

5
12
19
26

78.6
79.1
78.6
75.1

41.0
41.6
41.0
40.6

119,
120,
119.
115,

3p
lOp

75.5
71.0

40.5
40.1

115.
111.

JUNE

JULY

1.
2.

Non-M3 Components of L
Term
Eurodollars2

28.8
30.3

Savings bonds

ort-term
Trreasgry 3
securities
342.5
348.2

Bankers
acceptances 4

Debtcomponents*
Commercial
paper 6

Federal debt

Non-Federal
debt

15.5
15.2

402.0
389.7

3345.4
3374.4

9062.4
9084.7

353.1
357.2
348.6

13.7
11.4

387.3
385.0
390.9

3376.8
3379.7
3394.5

9122.3
9164.6
9210.1

177.4
177.9
178.4

355.7
366.1
352.0

10.8
11.7

389.5
382.0
393.0

3393.9
3418.5
3438.6

9242.7
9273.3
9315.2

52.7
54.5
52.4

179.0
179.7

180.2

350.6
366.1
381.6

11.9
11.1
10.4

408.6
408.0
428.9

3448.8
3485.4
3499.0

9355.2
9399.4
9448.2

109.1
112.7
112.5

53.1
56.3
58.4

180.6
180.8
181.2

379.7
393.1
409.5

10.3
10.3

436.8
446.3
452.7

3499.0
3525.0
3551.1

9485.9
9512.7
9551.0

115.6

59.9

120.6

60.6
61.6

181.7
182.1 p

404.7
402.7 p

10.1

475.2
471.4 p

3544.1
3552.6 p

9591.8
9621.9 p

118.5

10.6
11.1

10.2
9.4

60.6
59.8

62.0
59.1

61.1
61.7
62.5
63.6

61.1

4.
5.
6.

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.
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

3.




Page 10

H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

Time and
savings
deposits
due to
foreign
banksand
official

1994-FEB.
MAR.

8.4
8.1

1.5
1.6

APR.
MAY
JUNE

8.6
8.1
8.2

JULY
AUG.
SEP.

Demand deposits
at banks due to

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

38.4
25.1

2, ,6
2, ,4

143.6
142.6

113.4
112.9

48.6
51.8

305.6
307.3

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

33.5
34.4
29.6

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

142.2
142.2
142.3

112.6
112.2
111.5

54.8
56.4
56.8

309.6
310.9
310.6

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

1 1 . ,3
10, . 1
16. 9

21.5
19.0
28.8

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

142.6
142.6
142.7

110.7
109.7
108.7

55.9
56.1
56.8

309.2
308.4
308.1

4.3
3.9
5.7

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

1 2 ., 1
9. 8
13. 4

22.0
18.9
25.3

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

142.7
142.9
143.3

108.3 e
108.4 e
108.2 e

58.3
59.4
59.7

309.3 e
310.7 e
311.1 e

14, .0
13, .3
12, .7

4.9
3.3
3.4

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

2 0 . ,0
2 1 ., 1
1 0 ., 1

31.9
30.3
18.8

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

143.7
144.6
145.6

108.4 e
108.8 e
109.0 e

59.7
59.9
60.1

311.8 e
313.3 e
314.6 e

1.6
1.5
1.6

12, .3
12, , 3
12, .3

5.5
3.1
4.6

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

12. 4
1 8 . ,7
19. 6

24.1
27.5
32.1

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

146.4
147.0
147.7

109.3 e
109.5 e
109.5 e

60.3
60.6 e
60.9 e

315.9 e
317.1 e
318.1 e

8.5
7.8
8.0

1.5
1.5
1.4

12, ,3
12, .3
12, .3

3.2
2.8
2.7

5, ,5
5.,0
5, ,3

2 0 . .6
1 4 . ,4
11. 2

29.2
22.2
19.2

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

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

11 .9
12 . 5

4.2
4.3

6,.3
5,,2

2 7 , ,9
1 5 , ,7

1.5
1.5
1.5

12 . 9
13 . 0
13 . 1

7.1
4.2
5.3

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

8.3
7.7
8.1

1.5
1.5
1.5

13 . 4
14 . 0
14 . 6

4.8
3.9
5.8

OCT.
NOV.
DEC.

8.0
8.3
8.6

1.6
1.8
1.6

14 . 8
14, .6
14, . 4

1995-JAN.
FEB.
MAR.

8.4
7.9
8.0

1.6
1.6
1.6

APR.
MAY
JUNE

P

7.6
8.1
8.0

Week e n d i n a
1995-MAY 1 5
22
29

Date

e
p

U.S. government deposits
Note
balances at
depository
institutions

Total
cash
balance

JUNE

5
12
19
26

8.5
8.3
7.9
7.4

1.7
1.6
1.5
1.5

1 2 . .3
12, ,3
12, .3
12, , 3

3.5
3.4
8.4
3.3

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

12. 2
3. 6
1 7 . .7
3 4 . ,3

20.2
12.2
35.0
46.2

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

JULY

3p
lOp

8.4
9.2

1.5
1.6

12, , 3
12, .3

3.7
3.4

13, ,6
6.. 3

3 4 . ,8
2 3 ., 1

52.1
32.7

2, ,6
2, ,5

estimated
preliminary




At
thrift
institutions

At
money
market
funds

Total