Full text of H.6 Money Stock Measures : July 25, 1991

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

RES. LIBRARY:

JUL 29 1991
FEDEWtt RESERVE DANK
I I'O

FEDERAL RESERVE statistical rgPSagft
These data are scheduled for release each Thursday at 4:30 p.m.

•.f^r^

/ H.6 (508 )

A Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

JULY 25, 1991

XfJillions of dollars
Date

Ml 3

M2 2

M3 J

DEBT

Seasonally adjusted
1989-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

779.3
779.9
781.8
787.9
788.9
793.6

3129.4
3147.3
3162.8
3183.0
3203.4
3223.1

4004,
4012.
4018,
4027,
4041,
4055,

4807.
4826.
4834.
4851.
4869.
4889.

9506,
9570,
9629,
9689.
9751,
9790,

1990-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

795.4
801.1
804.7
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4

3233.6
3255.0
3269.6
3279.9
3282.8
3290.6
3295
3309
3321
3324
3323
3327

4061.4
4073.1
4077.2
4082.7
4082.7
4085.8
4089.2
4103.3
4109.0
4109.3
4108.8
4111.7

4895
4902
4914
4920
4903
4922.8
4926.4
4934
4955
4955
4959
4965

9833.8
9897.1
9969.5
10026.6
10070.4
10128
10188
10257
10312
10349
10399
10436

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE

826.7
836.4
843.0
842.2
851.7
858.5

3331.0
3354.3
3374.9
3382.8
3394.9
3398.6

4124.6
4160.3
4168.8
4170.3
4171.6
4164.3

4982.7
5010.6
5008.4
4968.6
4943.1 p

10467.8
10525.9
10563 9
10578 0
10627 3 P

I989-JULY
AUG.
SEP.
OCT.
NOV.
DEC.

781.9
777.8
778.9
784.5
791.4
811.9

3133.2
3147.6
3158.1
3180.8
3206.7
3236.6

-4006.8
4016.6
4016.8
4025.2
4048.4
4067.0

4800.3
4823.7
4833.5
4848.8
4874.9
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
3310.2
3316.8
3321.6
3327.1
3341.6

4067.8
4061.5
4075.8
4090.8
4064.3
4080.8
4091.4
4108.3
4107.2
4106.4
4115.9
4123.8

4911.
4893.
4912.
4930.
4888.
4914.
4918.8
4932.4
4954.0
4950.8
4964.6
4984.0

1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE

833.2
823.4
835.0
852.9
841.6
857.8

3341.
3345.
3374.
3396.
3374.
3391.

4130.7
4148.4
4168.1
4179.5
4152.8
4158.8

4998.8
5001.1
5006 6
4980 0
4928 1 P

Not seasonally adjusted

footnotes appear on the following page.
p—indicates preliminary data.




9460. 2
9516. 6
9578. 3
9648. 5
9719. 2
9775. 9
9822. 2
9864. 3
6
9925. 8
9980. 1
10024. 6
10084. 5
10145. 2
10208. 1
10263. 0
10310. 0
10370, 3
10423,
10455, 7
10490, 8
10518.,6
10533.,4
10582. 4 p

H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt 1

3 Months from MAR. 1991 TO JUNE 1991

7.4

2.8

-0.4

3.9

6 Months from DEC. 1990 TO JUNE 1991

8.0

4.3

2.6

4.4

12 Months from JUNE 1990 to JUNE 1991

5.8

3.3

1.9

5,5

Thirteen weeks ending JULY 15, 1991
from thirteen weeks ending:

APR. 15, 1991 (13 weeks previous)

6.9

3.5

0.4

JAN. 14, 1991 (26 weeks previous)

7.1

4.1

2.7

JULY 16, 1990 (52 weeks previous)

5.4

3.2

2.0

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
February 1991 to May 1991, November 1990 to May 1991, and May 1990 to May 1991, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions)
(2) travelers checks of nonbank issuers\ (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float) and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (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, money market deposit accounts (MMOAs), savings and
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
dvernments 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.

f




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 adjusted
Ml

Period en<ding

13-week
average

4-week
average

1991-APR. 22
29

839.6
840.4

844.8
841.8

MAY

6
13
20
27

841.7
842.8
843.9
845.1

JUNE

3
10
17
24

JULY

1
8p
15p

M3

M2
week
average

13-week
average

4-week
average

841.1
840.0

3367.3
3370.0

3384.2
3382.8

843.8
845.7
848.6
851.5

849.9
851.6
852.9
851.7

3373.7
3377.0
3380.3
3383.4

846.1
847.4
849.0
850.1

851.7
852.9
854.8
856.5

850.6
856.5
860.4
858.5

850.9
852.0
853.0

859.3
859.4
858.7

861.9
856.9
857.5

week
average

week
average

13-week
average

4-week
average

3383.2
3374.4

4164.9
4166.0

4172.1
4171.0

4174.2
4157.3

3384.2
3386.3
3390.2
3395.9

3391.4
3396.0
3398.8
3397.3

4167.9
4168.9
4169.7
4170.6

4171.0
4168.6
4168.8
4173.1

4168.9
4173.9
4175.1
4174.4

3385.3
3387.8
3390.0
3391.1

3394.9
3396.1
3397.7
3397.5

3387.4
3400.9
3405.0
3396.5

4170.1
4170.2
4170.2
4169.5

4170.8
4170.1
4169.9
4166.5

4159.8
4171.0
4174.3
4160.8

3392.4
3392.7
3392.9

3399.7
3397.0
3393.4

3396.4
3390.2
3390.5

4168.7
4167.3
4165.0

4164.1
4159.2
4153.9

4150.4
4151.1
4153.3

Not seasonally adjusted

week
average

13-week
average

4-week
average

3393.7
3358.6

4163.0
4164.5

4187.3
4180.6

4175.4
4138.6

3387.1
3377.1
3373.2
3374.3

3378.2
3377.9
3378.2
3363.0

4166.1
4166.3
4166.7
4166.9

4169.4
4156.9
4152.1
4153.3

4155.5
4158.1
4156.0
4143.6

3382.2
3384.6
3386.6
3386.9

3375.2
3382.2
3388.1
3390.6

3381.8
3405.9
3401.8
3373.0

4166.4
4166.8
4166.8
4165.3

4153.3
4158.5
4163.0
4161.9

4155.5
4179.0
4173.9
4139.2

3387.4
3386.9
3385.8

3392.2
3393.5
3394.1

3388.0
3411.2
3404.2

4163.4
4161.1
4157.7

4158.1
4156.0
4153.8

4140.3
4170.4
4165.1

13-week
average

4-week
average

854.7
830.5

3367.8
3370.9

3403.0
3397.2

849.8
844.6
841.6
841.3

848.4
844.9
842.7
829.1

3374.1
3376.4
3378.9
3380.7

843.6
845.9
848.2
849.6

841.7
847.3
852.4
856.0

850.2
867.2
863.1
843.6

850.8
852.2
852.4

858.2
861.4
862.5

858.7
880.2
867.3

Period erwding

13-week
average

4-week
average

1991-APR. 22
29

834.8
836.5

856.3
853.1

MAY

6
13
20
27

838.4
839.6
841.0
842.2

JUNE

3
10
17
24

JULY

1
8p
15p

M3

M2

Ml

week
average

week
average

Note: S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes in money supply d a t a , which are highly 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
Billions of dollars, seasonally adjusted
Nontransact ions
component s

Other checkable deposits

Date

Currency

1

Travelers
checks 2

Demand
deposits3

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2

6

In M3
only7

General purpose
and broker/dealer
money market funds

1990-FEB.
MAR.

226.6
228.4

7.6
7.6

279.4
278.9

199.6
201.3

87.9
88.6

287.5
289.8

2453.9
2465.0

818.2
807.6

324.2
325.9

APR.
MAY
JUNE

230.3
231.9
233.7

7.7

7.8
7.8

278.1
275.8
276.3

202.9
203.6
205.5

88.9
88.3
88.2

291.7
292.0
293.7

2472.2
2475.3
2479.1

802.8
799.9
795.2

327.
325,
327,

JULY
AUG.
SEP.

235.7
238.4
241.5

7.8
8.0
8.2

275.6
278.0
279.1

203.9
204.4
205.7

87.7
87.7
87.3

291.7
292.1
293.0

2484.7
2493.0
2499.7

793.8
793.9
787.5

329.2
335.8
339.3

OCT.
NOV.
DEC.

243.9
245.0
246.4

8.3
8.4
8.4

277.1
277.2
276.9

205.9
207.1
208.8

65.8
85.7
85.0

291.8
292.8
293.8

2503.1
2500.2
2502.2

785.0
785.3
784.1

341.
341,
345,

1991-JAN.
FEB.
MAR.

251.6
255.1
256.7

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

2504.3
2517.9
2531.9

793.6
806.1
794.0

353,
358.
363,

APR.
MAY
JUNE

256.6
256.8
257.6

7.9
8.0
7.8

275.7
278.6
280.9

215.2
220.2
223.5

86.7
88.1
88.7

302.0
308.3
312.2

2540.6
2543.2
2540.1

787.5
776.7
765.6

364.
365.
364.

20
27

256.9
257.4

8.0
8.0

279.4
275.5

220.6
221.3

88.1
89.5

308.6
310.8

2545.8
2545.6

776.3
777.0

365.1
365.6

JUNE

3
10
17
24

257.0
256.8
257.3
258.1

8.0
7.9
7.9
7.8

276.7
281.7
283.5
279.2

221.1
222.5
222.8
224.3

87.7
87.7
88.8
89.3

308.8
310.1
311.7
313.5

2536.9
2544.4
2544.7
2537.9

772.4
770.1
769.2
764.3

365.4
364.8
365.0
364.0

JULY

1
8p
15p

258.7
257.6
258.2

7.7
7.7 e
7.7 e

280.0
278.8
278.8

225.7
224.5
224.5

89.8
88.3
88.3

315.4
312.7
312.8

2534.5
2533.3
2533.0

754.1
760.9
762.8

362.
361.
360,

Heek ending
1991-MAY

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 foreian-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 foreiqn banks, and Edge Act corporations.
5.
Consists of NON and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars) money market fund balances (general purpose and broker/dealer), MMDAs and savings 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

Money market deposit accounts
At
commercial
thrift
banks
institutions

Date

Total

At
At
thrift
commercia.1
institutions
banks

Small-denomination time deposits2

Total

At
A*
thrift
commercial institutions
banks

Total

Large-denomination time deposits 3
At~
At
commercial
thrift
banks 4
institutions

Total

1990-FEB.
MAR.

358.1
360.9

133.8
134.8

491.8
495.7

191.4
192.1

217.3
218.2

408.7
410.2

536.9
540.7

609.9
609.3

1146.8
1149.9

400.4
399.2

154.5
150.1

554.9
549.3

APR.
MAY
JUNE

364.4
366.1
369.6

134.9
134.3
132.6

499.3
500.5
502.3

192.3
192.7
194.0

219.1
218.6
217.8

411.5
411.3
411.8

544.4
553.4
563.8

607.8
600.2
590.8

1152.2
1153.5
1154.6

396.8
397.5
397.7

146.9
143.0
140.3

543.7
540.5
538.0

JULY
AUG.
SEP.

371.8
374.7
376.1

131.6
131.2
131.3

503.4
505.9
507.4

195.2
195.9
196.5

217.5
216.8
215.8

412.7
412.7
412.3

571.6
574.9
579.4

585.2
583.4
580.7

1156.8
1158.3
1160.1

398.7
395.8
390.9

136.4
133.4
131.0

535.0
529.2
521.9

OCT.
NOV.
DEC.

376.7
377.4
378.4

130.0
129.4
127.6

506.7
506.8
505.9

197.7
198.2
199.4

213.9
212.9
211.4

411.5
411.1
410.8

588.1
589.5
598.1

573.3
572.3
566.1

1161.4
1161.8
1164.2

386.8
387.4
386.1

128.3
125.1
121.1

515.1
512.5
507.1

1991-JAN.
FEB.
MAR.

377.7
383.2
388.9

127.5
128.3
130.3

505.2
511.5
519.2

201.4
203.2
205.8

210.6
212.1
214.7

412.0
415.4
420.5

601.6
605.5
607.8

562.3
557.1
550.5

1163.9
1162.7
1158.2

394.0
401.1
399.9

118.0
114.9
111.6

511.9
516.0
511.5

APR.
MAY
JUNE

393.7
399.8
404.4

132.9
136.3
137.7

526.6
536.1
542.1

208.9
211.5
215.1

218.4
221.7
223.9

427.2
433.2
439.0

604.1
601.2
601.7

546.1
539.4
527.6

1150.2
1140.6
1129.3

398.0
398.3
396.9

108.8
104.5
100.8

506.8
502.8
497.7

20
27

400.5
400.6

136.5
136.9

537.1
537.5

211.5
212.4

222.0
222.4

433.5
434.9

600.9
600.2

539.5
537.9

1140.4
1138.1

398.7
398.1

104.6
103.3

503.2
501.5

JUNE

3
10
17
24

401.8
404.3
405.5
404.2

136.8
137.2
137.9
138.1

538.6
541.5
543.4
542.3

213.2
214.5
215.1
215.5

222.4
223.4
224.1
224.3

435.6
437.9
439.2
439.8

601.9
602.8
601.7
601.2

533.5
530.1
528.1
526.0

1135.5
1132.8
1129.8
1127.2

398.5
399.2
399.6
396.3

102.7
101.5
101.2
100.1

501.2
500.7
500. 7
496.4

JULY

1
8p
15p

404.7
406.9
409.0

138.2
138.9
139.6

542.8
545.8
548.7

216.1
216.5
217.1

224.4
225.0
225.3

440.5
441.5
442.4

600.4
600.5
600.4

524.5
522.3
519.4

1124.9
1122.8
1119.7

390.7
394.0
394.7

99.4
99.2
98.4

490.1
493.3
493.1

Week ending
1991 -MAY

1.
2.
3.
4.

Savings deposits exc lude MMDAs.
Small-denomination t ime deposits---including retail RPs--are those issiued 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 t ime deposits are those issued in amounts of $100, 000 or more, excluding those booked at international banking facilities,
Large-denomination t ime deposits at commercial banks less those held by monety market mutual funds, depository institutions, and foreign banks and

official institutions,
p—indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securitiesl

Bankers
acceptances2

Debt components*
Commercial
paper 3

Federal
debt

Non-Federal
debt

1990-FEB.
MAR.

103.4
105.2

118.4
119.2

327.3
336.9

38.5
37.2

345.6
344.1

2291.6
2316.1

7605.5
7653.5

APR.
MAY
JUNE

106.9
107.6
108.1

119.9
120.7
121.4

329.9
315.4
331.7

36.0
35.4
34.7

351.9
349.1
349.1

2330.6
2345.1
2374.2

7696.0
7725.3
7754.2

JULY
AUG.
SEP.

109.8
114.0
116.2

122.2
123.0
123.8

333.9
328.6
331.9

33.0
32.3
31.8

348.2
347.0
359.0

2401.7
2439.6
2461.9

7767.1
7817.8
7850.5

OCT.
NOV.
DEC.

119.6
120.5
125.7

124.5
125.2
126.0

329.9
332.8
333.7

32.6
34.0
34.7

358.8
359.0
359.4

2473.9
2507.3
2534.3

7875.6
7892.2
7901.8

1991-JAN.
FEB.
MAR.

130.1
139.3
142.0

126.7
127.8
128.9

332.3
331.3
326.2

36.0
35.2
32.4

363.2
355.9
352.0

2556.3
2588.6
2599.7

7911.4
7937.4
7964.2

APR.
MAY
JUNE

145.6
146.2
143.3

130.1
131.4 p

299.9
288.7 p

30.7
28.8 p

337.6
322.6 p

2590.8
2613.1 p

7987.1
8014.1 p

Meek ending
1991-MAY

20
17

146.1
146.1

JUNE

3
10
17
24

143.9
145.4
144.1
143.0

JULY

1
8p
15p

140.0
141.6
143.2

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 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.
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.
2.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposi ts

Currency 1

Date

Travelers
Demand
checks 2 deposits3

At
commercial
banks 4

At
thrift
institutions5

Nontransact ions
components

Total

In M 2 6

In M3
only 7

Overnight
RPs 8

Overnight
Eurodollars9

Gen eral purpose
and broker/dealer
money market funds

1990-FEB.
MAR.

224. 4
227.1

7.2
7.3

271.3
271.6

199.7
202.4

85.8
87.8

285.5
290.1

2457.2
2471.5

816.0
808.1

67.5
67.0

14.9
14.9

327.8
331.6

APR.
MAY
JUNE

229.6
231.8
234.9

7.3
7.5
8.1

280.0
268.9
275.2

209.6
200.9
204.0

91.5
88.2
88.7

301.1
289.1
292.7

2474.8
2465.5
2473.3

798.0
801.5
796.7

64.3
66.7
66.9

15.1
16.5
15.5

350.9
321.7
322.2

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

88.2
87.6
87.1

289.7
289.4
291.1

2485.7
2495.7
2497.8

792.9
798.1
790.4

68.2
67.5
65.0

15.8
15.2
16.4

325.0
334.6
339.2

OCT.
NOV.
DEC.

242.8
245.7
249.6

8.4
8.0
7.8

278.0
280.5
289.9

203.0
206.0
211.5

85.4
85.9
85.5

288.4
291.9
297.0

2504.0
2501.0
2497.3

784.8
788.8
782.2

66.0
60.3
54.6

17.5
17.3
19.4

341.1
343.4
345.5

1991-JAN.
FEB.
MAR.

249.8
252.7
255.6

7.8
7.8
7.8

277.7
268.0
270.1

213.7
211.4
215.7

84.2
83.5
85.9

297.9
294.9
301.6

2508.0
2521.6
2539.1

789.4
803.4
794.1

51.5
51.0
48.6

19.7
19.1
20.5

354.2
362.3
370.0

APR.
MAY
JUNE

256.0
257.4
259.1

7.5
7.8
8.1

277.6
271.5
279.5

222.5
217.1
221.8

89.3
87.9
89.2

311.8
305.0
311.0

2543.5
2532.7
2533.9

783.1
778.5
767.2

49.1
49.6
49.6

20.0
17.6
15.8

368.5
360.5
358.0

20
27

257.2
257,6

7.8
7.9

a 73.6
263.1

216.7
214.9

87.4
85.7

504.1
500.6

2555.5
2555.9

777.8
780.6

51.2
50.5

17.9
17.1

359.
361,

JUNE

3
10
17
24

257.1
260.2
259.1
258.4

7.9
8.0
8.1
8.2

275.9
282.4
282.9
271.6

219.8
225.3
225.2
218.6

89.4
91.2
89.9
86.8

509.1
516.5
515.1
505.4

2551.7
2558.6
2558.7
2529.5

773.7
773.1
772.1
766.1

49.9
49.2
50.3
49.2

14.3
15.2
15.4
16.6

360,
359.
359.
357.8

JULY

1

258.9
263.1
261.1

8.3
8.4 e
8.5 e

283.3
289.3
284.2

220.0
227.0
223.6

88.2
92.3
89.8

308.2
319.4
313.5

2529.3
2531.1
2536.9

752.3
759.1
760.9

49.6
47.7
49.2

16.9
13.5
14.3

354.6
352.9
356.7

Heek ending
1991-MAY

aP

15p

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 foreign banks, and Edge Act corporations.
5.
Consists of NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e--indicates estimated data.
p--indicates
preliminary data.



H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars> not seasonally adjusted
Savings deposits1

Money market deposit accounts
At
At
thrift
commercial
institutions
banks

Date

Total

At
At
thrift
commercia il
institutions
banks

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At m
At
commercial
thrift
banks 4
institutions

Total

1990-FEB.
MAR.

359.2
362.8

134.2
135.5

493.4
498.3

189.7
191.9

215.4
218.0

405.1
410.0

537.8
540.6

610.8
609.2

1148.6
1149.7

399.2
399.1

154.1
150.0

553.3
549.1

APR.
MAY
JUNE

364.6
362.7
367.4

135.0
133.0
131.9

499.6
495.7
499.3

192.9
193.3
195.3

219.8
219.2
219.3

412.7
412.5
414.6

544.4
552.9
563.9

607.8
599.6
590.9

1152.2
1152.4
1154.8

394.6
397.1
397.2

146.0
142.8
140.1

540.6
539.9
537.2

JULY
AUG.
SEP.

369.1
373.5
375.0

130.6
130.8
130.9

499.8
504.3
505.9

197.2
196.5
196.2

219.7
217.5
215.4

416.9
414.0
411.7

573.2
575.8
579.1

586.8
584.3
580.4

1160.1
1160.2
1159.5

397.3
396.7
392.7

135.9
133.7
131.6

533.2
530.4
524.3

OCT.
NOV.
DEC.

375.8
379.7
381.6

129.7
130.1
128.7

505.6
509.8
510.3

198.2
197.9
197.7

214.4
212.6
209.6

412.6
410.4
407.3

588.0
588.5
596.1

573.2
571.3
564.1

1161.2
1159.8
1160.2

389.3
389.9
386.1

129.1
125.9
121.1

518.3
515.9
507.1

1991-JAN.
FEB.
MAR.

380.6
384.7
391.1

128.4
128.8
131.0

509.0
513.5
522.1

199.9
201.5
205.8

209.0
210.3
214.7

408.9
411.8
420.5

602.1
606.1
607.4

562.7
557.7
550.1

1164.7
1163.8
1157.5

392.3
399.7
399.4

117.5
114.5
111.5

509.8
514.2
510.9

APR.
MAY
JUNE

394.0
395.8
401.8

133.0
134.9
136.8

526.9
530.7
538.6

209.5
212.0
216.5

219.0
222.3
225.3

428.5
434.2
441.8

604.2
600.9
602.1

546.2
539.1
527.9

1150.3
1140.1
1130.0

395.8
397.8
396.4

108.1
104.4
100.7

503.9
502.2
497.1

20
27

396.7
396.5

135,
135,

532,
532,

212,
212.

222.
222.

434.
435.

600.7
599.8

539.
537.

1140.
1137,

398.
399.

104
103

502
503

JUNE

3
10
17
24

399.2
403.6
404.0
400.1

135,
136,
137.
136,

535,
540.
541.
536.8

214.
216.
216.
216.

223.
225.
225,
225.

437.
441.
442.
441.

601.7
602.8
601.8
601.3

533.
530.
528.
526.

1135.0
1132.8
1130.0
1127.5

398.
399.
399.
395.

102,
101,
101.
99.

501,
501,
500.
495.

JULY

1
8p
15p

400.2
404.1
406.3

136.
137,
138.

536.8
542.0
545.0

217.
219.
219.8

225.
228.
228.

443.5
447.8
448.1

602.0
602.9
602.5

525.
524.
521.

1127.8
1127.2
1123.6

389.
391.
393.

99.
98.
98.

488.
490.
491.

Week ending
1991-MAY

1.
2.

Savings deposits exclude MMDAs.
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 fime 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
B i l l i o n s of d o l l a r s > not seasonally adjusted
Term RPs 1
At
At
Institutionthrift
only money commercial
banks
institutions
market funds

Date

Debt components6

Non-M3 Components of L

Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3!

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-Federal
debt

1990-FEB.
MAR.

107.1
106.8

51.6
50.1

48.9
48.3

100.5
98.4

68.4
66.7

118.5
119.4

328.8
337.2

37.5
36.1

347.6
343.8

2295.0
2319.2

7569.3
7606.4

APR.
MAY
JUNE

105.9
106.8
106.2

49.5
50.1
53.4

48.7
49.2
48.9

98.2
99.3
102.2

65.3
67.1
64.4

120.2
120.9
121.6

328.6
310.6
321.4

35.3
35.2
34.9

355.4
357.6
355.4

2331.0
2339.7
2363.0

7649.9
7684.4
7721.5

JULY
AUG.
SEP.

108.3
113.1
113.4

53.5
55.5
51.7

47.0
46.5
46.6

100.5
102.0
98.3

65.1
68.3
70.0

122.2
122.8
123.5

323.7
323.9
334.2

33.1
32.4
32.3

348.2
344.9
356.8

2386.8
2422.3
2444.5

77S8.7
7785.8
7818.5

OCT.
NOV.
DEC.

117.1
121.2
127.0

50.7
52.3
47.6

44.9
43.4
42.5

95.6
95.7
90.2

70.2
70.0
71.4

124.2
125.0
125.8

334.4
338.9
343.7

32.8
34.6
35.7

353.0
350.3
355.1

2459.3
2498.8
2532.1

7850.7
7871.2
7891.2

1991-JAN.
FEB.
MAR.

134.8
144.0
143.9

46.6
47.1
46.1

41.6
39.7
37.1

88.2
86.8
83.2

71.9
72.6
71.1

126.8
127.9
129.1

339.7
332.5
326.2

36.1
34.3
31.5

365.5
358.0
351.6

2557.7
2590.7
2602.8

7898.0
7900.1
7915.8

APR.
MAY
JUNE

144.1
145.2
141.0

46.7
46.2
46.0

35.3
34.8
32.5

82.1
81.0
78.4

68.2
65.5
65.5

130.4
131.6 p

298.6
284.3 p

30.1
28.7 p

341.4
330.7 p

2593.0
2609.2 p

7940.4
7973.2 p

20
27

144.6
147.1

45.5
45.8

35.1
34.5

80.
80,

65.
66.

JUNE

3
10
17
24

143.4
143.4
141.8
140.9

45.
46,
46.
46.

33.0
33.1
32.8
32.4

78,
79,
79,
78.

66.1
64.2
65.8
66.2

JULY

1
8p
15p

136.1
137.2
139.9

44.8
47.1
47.4

31,
32,
32,

75.9
79.8
79.9

65
67
65

Heek ending
1991-MAY

1.
2.

Term RPs are thosi
those with original maturities greater than one day, excluding continuing contracts and retail RPs.
Term
Term Eurodollars aare 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.
3.
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.
4.
Net of bankers acceptances held by accepting banks> Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market
mutual funds.
5.
Total commercial paper less commercial paper held by money market mutual funds.
6.
Debt data are on a monthly average basis> derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities,
p—indicates preliminary data.




H.6 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted

Demand deposits
at banks due to

Foreign
Foreign
ccommercial
official
banks
institutions

Date

U.S. government depos;its
Time and savings
deposits due to
foreign banks
and official
institutions

Dem&nd
deposits at
commercial
banks

Balance
at
Federal
Reserve

Hoi:e balances
at depository
insititutions

Total
cash
balance

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

At
money
market
funds

Total

1990-FEB.
MAR.

9.0
9.0

1.6
1.6

3.4
3.4

3.5
3.6

6.2
5.3

18.5
13.1

28.2
22.0

1.3
1.3

111.9
113.3

133.9
133.9

33.0
33.6

278.9
280.8

APR.
MAY
JUNE

9.2
9.4
9.1

1.5
1.7
1.5

3.4
3.4
3.3

5.1
3.4
5.5

4.4
5.1
5.0

14.9
21.8
15.4

24.4
30.3
25.9

1.3
1.3
1.2

115.6
117.7
119.5

134.0
133.8
133.6

34.0
34.2
34.3

283.6
285.8
287.4

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

130.3
130.3
130.3

41.5
42.1
42.8 a

303.9
306.0
308.4 e

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
140.2

129.9
129.2 e
127.7 e

43.6 e
44.0 e
44.5 e

310.8 e
312.1 e
312.4 e

20
27

8.2
8.3

1.4
1.4

3.3
3.3

3.9
3.1

5.4
4.9

6.8
10.7

16.0
18.7

1.5
1.5

JUNE

3
10
17
2*

8.5
7.6
7.6
7.6

1.3
1.4
1.4
1.3

3.3
3.3
3.3
3.3

4.5
3.6
7.3
4.8

5.7
5.4
4.8
6.4

18.3
5.8
7.6
31.7

28.4
14.8
19.7
43.0

1.5
1.6
1.6
1.6

JULY

1
8p
15p

7.8
8.6
8.3

1.5
1.4
1.3

3.3
3.2
3.2

4.3
4.0
3.6

9.2
7.5
6.3

31.5
16.8
13.8

44.9
28.3
23.7

1.6
1.6
1.6

Heek ending
1991-MAY

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