Full text of H.6 Money Stock Measures : July 5, 1991
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^OfGOv*- FEDERAL RESERVE statistical rpirasft '"f^tesf. H.6 ( 5 0 8 ) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURER JULY Billions of dollars Date Ml ] M2 Z M3 J 5, 1991 DEBT Seasonally adjusted 9457. 9506. 9570. 9629. 9689. 9751. 9790. 1989-JUNE JULY AUG. SEP. OCT. NOV. DEC. 774.3 779.3 779.9 781.8 787.9 788.9 793.6 3105.0 3129.4 3147.3 3162.8 3183.0 3203.4 3223.1 3982.8 4004.9 4012. 4018. 4027. 4041. 4055. 4783. 4807. 4826. 4834. 4851. 4869. 4889. 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..4 3309..5 3321..5 3324..3 3323..5 3327..6 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 4926.8 4935.4 4957.4 4955.6 4956.8 4958.8 9833.8 9897.1 9969.5 10026.6 10070.4 10128.4 10188 10257 10312 10349 10399 10436 1991-JAN. FEB. MAR. APR. MAY 826.7 836.4 843.0 842.2 851.7 3331.0 3354.3 3374.9 3382.8 3395.7 4124.6 4160.3 4168.9 4170.7 4173.5 4977.1 5009.9 5013.5 4976.7 p 10467.8 10525.9 10563.9 10578.2 p 1989-JUNE JULY AUG. SEP. OCT. NOV. DEC. 773.9 781.9 777.8 778.9 784.5 791.4 811.9 3099.5 3133.2 3147.6 3158.1 3180.8 3206.7 3236.6 3978.4 4006.8 4016.6 4016.8 4025.2 4048.4 4067.0 4777.1 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. 4919. 4933. 4956. 4951. 4961. 4977. 9822. 9864. 9925. 9980.8 10024. 10084. 10145.5 10208.2 10263.1 10310.0 10370.0 10423.3 1991-JAN. FEB. MAR. APR. MAY 833.2 823.4 835.0 852.9 841.7 3341.3 3345.0 3374.1 3396.4 3375.2 4130.7 4148.4 4168.3 4179.9 4154.7 4993.0 5000.5 5011.6 4988.0 p 10455.7 10490.8 10518.6 10533.6 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. 9414. 9460. 9516. 9578. 9648. 9719. 9775. H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 MS Debt3 7.3 4.9 1.3 4.2 1991 6.9 4.3 3.1 4.4 1991 5.5 3.4 2.2 5.5 3 Months from FEB. 1991 TO MAY 1991 6 Months from NOV. 1990 TO MAY 12 Months from MAY 1990 to MAY Thirteen weeks ending JUNE 24, 1991 from thirteen weeks ending: MAR. 25, 1991 (13 weeks previous) 7.9 5.0 2.3 DEC. 24, 1990 (26 weeks previous) 6.6 4.0 3.0 JUNE 25, 1990 (52 weeks previous) 5.2 3.3 2.1 Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, January 1991 to April 1991, 1, October 1990 to April 1991, and April 1990 to April 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 (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, money market deposit accounts (MMDAs), 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 foreian 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 overnments 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 quartei—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 Seaisonally adjus ted Ml 4-week average 3380.2 3385.7 3387.8 3383.2 3374.5 4151.2 4155.7 4161.3 4165.0 4166.2 4169.1 4168.5 4171.0 4172.3 4171.4 4161.7 4168.9 4183.9 4174.7 4158.1 3384.3 3386.5 3390.6 3396.6 3391.7 3396.6 3399.7 3398.5 4168.1 4169.3 4170.3 4171.3 4171.8 4169.7 4170.3 4174.9 4170.3 4175.6 4177.1 4176.7 3395.9 3397.3 3398.9 3398.5 3388.9 3402.0 3406.3 3396.7 4171.1 4171.2 4171.4 4170.8 4173.0 4172.4 4172.1 4168.4 4162.4 4173.2 4176.2 4161.9 4-week average 851.9 842.0 844.0 841.1 840.0 3353.8 3358.6 3363.5 3367.4 3370.1 3376.8 3381.0 3384.1 3384.2 3382.8 843.8 845.7 848.7 851.6 849.9 851.7 853.0 851.7 3373.7 3377.1 3380.5 3383.6 851.8 853.0 854.9 856.6 850.6 856.6 860.5 858.6 3385.7 3388.2 3390.6 3391.7 4-week average 1 8 15 22 29 835.5 836.8 838.5 839.7 840.4 844.0 844.6 845.6 844.8 841.8 MAY 6 13 20 27 841.7 842.9 844.0 845.2 JUNE 3 10 17p 24p 846.1 847.4 849.0 850.1 1991-APR. 13-week average 13-week average 13-week average Period emding M3 M2 week average week average week average Not seasonally adjusted 13-week average 4-week average 1 8 15 22 29 831.1 831.0 832.8 834.9 836.6 834.9 840.8 849.0 856.4 853.1 MAY 6 13 20 27 838.4 839.6 841.1 842.2 JUNE 3 10 17p 24p 843.6 845.9 848.2 849.6 Period en<ding 1991-APR. M3 M2 Ml week average 13-week average 4-week average 3381.7 3418.8 3418.0 3393.7 3358.6 4149.7 4154.6 4159.9 4163.1 4164.7 4168.1 4174.8 4183.4 4187.6 4181.1 4165.4 4200.4 4208.5 4176.0 4139.4 3387.2 3377.3 3373.7 3375.1 3378.5 3378.5 3379.1 3364.2 4166.4 4166.7 4167.3 4167.7 4170.2 4158.0 4153.5 4155.1 4156.8 4159.7 4158.0 4146.0 3376.3 3383.4 3389.4 3391.7 3383.3 3407.0 3403.0 3373.3 4167.3 4167.9 4168.0 4166.6 4155.5 4160.8 4165.3 4163.8 4158.1 4181.1 4175.8 4140.3 13-week average 4-week average 843.4 861.8 865.5 854.7 830.5 3354.5 3358.6 3363.6 3367.8 3371.0 3375.2 3386.3 3396.8 3403.1 3397.3 849.8 844.6 841.6 841.3 848.4 844.9 842.7 829.1 3374.1 3376.5 3379.1 3380.9 841.7 847.3 852.5 856.1 850.2 867.3 863.3 843.6 3382.6 3385.1 3387.1 3387.5 week average week average 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 d a t a , 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 Billions of dollars, seasonally adjusted Nontransact ions component s Other checkable deposits Currency Date 1 Travelers checks 2 Demand deposits3 commercial banks At thrift institutions5 Total In M 2 6 In M3 only 7 General purpose and broker/dealer money market funds 1990-JAN. FEB. MAR. 224.5 226.6 228.4 7.5 7.6 7.6 277.6 279.4 278.9 198.3 199.6 201.3 87.4 87.9 88.6 285.8 287.5 289.8 2438.2 2453.9 2465.0 827.8 818.2 807.6 318.4 324.2 325.9 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 85.8 85.7 85.0 291.8 292.8 293.8 2503.1 2500.2 2502.2 785.0 785.3 784.1 . 341.6 341.9 345.4 1991-JAN. FEB. MAR. 251.6 255.1 256.7 8.4 8.2 8.1 272.9 276.2 277.1 209.2 211.4 214.4 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 256.6 256.8 7.9 8.0 275.8 278.6 215.2 220.2 86.8 88.1 302.0 308.3 2540.6 2544.0 787.9 777.8 364. 365. Week ending 1991-APR. 29 257.6 7.7 272.7 215.3 86.8 302.1 2534.4 783.6 363.4 MAY 6 13 20 27 256.5 256.3 256.9 257.4 8.0 8.0 8.0 8.0 279.8 280.1 279.5 275.5 218.6 219.5 220.6 221.3 87.1 87.7 88.1 89.5 305.7 307.3 308.6 310.8 2541.8 2544.9 2546.7 2546.8 778.6 779.1 777.4 778.2 363. 365. 365. 365.8 JUNE 3 10 17p 24p 257.0 256.8 257.3 258.1 8.0 8.0 e 8.0 e 8.0 e 276.7 281.7 283.5 279.1 221.1 222.5 222.8 224.2 87.7 87.7 88.8 89.2 308.8 310.2 311.7 313.4 2538.4 2545.4 2545.8 2538.1 773.4 771.2 769.9 765.2 365.4 364.8 365.0 364.0 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 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), 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 At commercial thrift banks institutions Date Total Small-denomination time deposits2 Savings deposits1 Money mcirket deposit accounts At At commercia,1 thrift banks institutions Total At At thrift commercial institutions banks Total Large-denomination time deposits 3 At At commercial thrift banks 4 institutions Total 1990-JAN. FEB. MAR. 355.3 358.1 360.9 132.8 133.8 134.8 488.2 491.8 495.7 189.6 191.4 192.1 216.4 217.3 218.2 406.0 408.7 410.2 532.8 536.9 540.7 613.7 609.9 609.3 1146.5 1146.8 1149.9 401.1 400.4 399.2 158.9 154.5 150.1 560.0 554.9 549.3 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. 377.7 383.2 388.9 127.5 128.3 130.3 505.2 511.5 519.2 201.4 203.2 205.8 210.6 212.1 214.7 412.0 415.4 420.5 601.6 605.5 607.8 562.3 557.2 550.5 1163.9 1162.7 1158.3 394.0 401.1 399.9 118.0 114.9 111.6 511.9 516.0 511.5 APR. MAY 393.7 399.8 132.9 136.3 526.6 536.1 208.9 211.5 218.4 221.7 427.2 433.2 604.1 601.6 546.2 539.4 1150.2 1141.0 398.0 398.2 108.7 104.5 506.7 502.7 1991-APR. 29 394.4 133.9 528.3 209.9 219.3 429.2 602.9 543.8 1146.8 398.4 106.8 505.1 MAY 6 13 20 27 397.0 399.9 400.5 400.6 135, 136 136 136.9 532. 535. 537. 537. 210.2 210.8 211.5 212.4 220. 221. 222. 222. 430. 432. 433. 434.9 602.7 601.9 601.3 600.8 542. 541. 539. 537. 1145. 1143. 1140. 1138. 397.8 397.7 398.7 398.2 106. 105. 104. 103. 504.0 502.8 503.2 501.5 JUNE 3 10 17p 24p 401.8 404.2 405.5 404.1 136.8 137.2 137.9 138.1 538. 541. 543. 542. 213. 214. 215. 215. 222. 223. 224. 224. 435.6 437.9 439.3 439.8 602.7 603.4 602.4 601.6 533.6 529.9 527.8 525.4 1136. 1133. 1130. 1127. 398. 399. 399. 396. 102.7 101.5 100.9 99.8 501. 500. 500. 496. Neek ending 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 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 Institutiononly money market funds Date Savings bonds Short-term Treasury securities1 Bankers acceptances2 Commercial paper 3 Federal debt Non-Federal debt 1990-JAN. FEB. MAR. 102.5 103.4 105.2 117.9 118.4 119.2 330.7 327.3 336.9 40.3 38.5 37.2 345.0 345.6 344.1 2275,8 2291.6 2316.1 7558.0 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. 109.8 114.0 116.2 122.2 123.0 123.8 334.3 329.8 333.8 33.0 32.3 31.8 348.2 347.0 359.0 2401.7 2439.6 2461.9 7787.1 7817.8 7850.5 OCT. NOV. DEC. 119.6 120.5 125.7 124.5 125.2 126.0 330.4 329.8 327.1 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. 130.1 139.3 142.0 126.7 127.8 128.9 326.4 330.5 330.8 36.0 35.2 32.4 363.4 356.1 352.4 2556.3 2588.6 2599.7 7911.4 7937.4 7964.2 APR. MAY 145.6 146.2 130.1 p 307.5 p 30.7 p 337.6 p 2590.8 p 7987.3 p Neek ending 1991-APR. 29 146.9 MAY 6 13 20 27 145.5 148.5 146.1 146.1 JUNE 3 10 17p 24p 143.9 145.4 144.1 143.0 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. 3. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove 4. discontinuities, -indicates preliminary data. P~ 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 Demand Travelers checks 2 deposits3 At commercial banks 4 At thrift inst? tutions5 Nontransactions components Total In M2 6 In M3 only7 Overnight RPs 8 Overnight Eurodollars9 Genteral purpose and broker/dealer money' market funds 1990-JAN. FEB. MAR. 223.0 224.4 227.1 7.0 7.2 7.3 282.8 271.3 271.6 202.6 199.7 202.4 87.0 85.8 87.8 289.6 285.5 290.1 2442.1 2457.2 2471.5 823.3 816.0 808.1 64.6 67.5 67.0 16.9 14.9 14.9 318.5 327.8 331.6 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 15.5 330.9 321.7 322.2 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 7.8 277.7 268.1 270.1 213.7 211.4 215.7 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 256.0 257.4 7.5 7.8 277.6 271.5 222.5 217.1 89.4 87.9 311.8 305.0 2543.5 2533.5 783.5 779.6 49.1 49.8 20.0 17.8 368.5 360.5 1991-APR. 29 254.5 7.3 267.9 215.0 85.9 300.9 2528.1 780.8 47.7 20.1 364.1 MAY 6 13 20 27 257.3 257.7 257.2 257.6 274.2 273.5 273.6 263.1 218.9 217.8 216.7 214.9 90. 88. 87. 85. 309. 306. 304. 300.6 2530.1 2533.6 2536.4 2535.1 778. 781. 779. 781.8 49. 47. 51. 50. 19. 18. 18. 17. 360.1 360.8 359.5 361.7 JUNE 3 10 17p 24p 257.1 260.2 259.1 258.4 276.0 282.5 282.8 271.5 219.8 225.3 223.2 218.5 89. 91. 89. 86.8 309. 316. 313. 305. 2533.2 2539.7 2539.8 2529.7 774.7 774.1 772.8 767.0 50. 49. 50. 49. 14.8 15.6 15.9 16.7 360. 359. 359. 357.8 Neek ending 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. 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 overniaht 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 A* commercia il thrift institutions banks Total Small-denomination time deposits 2 Large-denomination time deposits 3 M ~ At "~ At At commercial thrift commercial thrift banks institutions Total banks* institutions Total 1990-JAN. FEB. MAR. 357.8 359.2 362.8 133.8 134.2 135.5 491.5 493.4 498.3 188.1 189.7 191.9 214.7 215.4 218.0 402.9 405.1 410.0 533.4 537.8 540.6 614.4 610.8 609.2 1147.8 1148.6 1149.7 399.5 399.2 399.1 158.3 154.1 150.0 557.8 553.3 549.1 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 394.0 395.8 133.0 134.9 526.9 530.7 209.5 212.0 219.0 222.3 428.5 434.2 604.2 601.3 546.2 539.2 1150.4 1140.5 395.7 397.8 108.1 104.4 503.9 502.2 Neek ending 1991-APR. 29 389.9 132.3 522.2 209.0 218.4 427.4 602.9 543.7 1146.6 395.6 106.0 501.6 MAY 6 13 20 27 392.1 395.8 396.7 396.5 133, 134, 135. 135. 525, 530, 532. 532, 210 211 212 212, 220.8 222.0 222.7 222.7 431. 433. 434. 435. 602. 601, 601. 600. 542 540 539 537 1145. 1142. 1140. 1137. 395. 396. 398. 399. 105. 104. 104. 103. 501, 501 502, 503, JUNE 3 10 17p 24p 399.2 403.5 404.0 400.0 135. 136. 137. 136.8 535, 540. 541, 536. 214, 216. 216. 216. 223.3 225.4 225.8 225.2 437.4 441.8 442.5 441.5 602, 603. 602, 601.8 533.3 529.9 527.8 525.6 1135. 1133. 1130. 1127.4 398, 399. 399, 395. 102.7 101.6 100.8 99.6 501.1 500.9 499.8 495.0 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 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 adjustea Term RPs l InstitutionAt At only money commercial thrift market funds banks institutions Date Debt components 6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury ^ securities"1 Bankers acceptances* Commercial paper 5 Federal debt Non-Federal debt 1990-JAN. FEB. MAR. 105.9 107.1 106.8 47.9 51.6 50.1 49.6 48.9 48.3 97.5 100.5 98.4 74.2 68.4 66.7 118.0 118.5 119.4 338.0 328.8 337.2 40.4 37.5 36.1 347.3 347.6 343.8 2277.5 2295.0 2319.2 7544.8 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 70.0 122.2 122.8 123.5 324.2 325.1 336.2 33.1 32.4 32.3 348.2 344.9 356.8 2386.8 2422.3 2444.5 7758.7 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 71.4 124.2 125.0 125.8 335.0 335.8 336.9 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 71.2 126.8 127.9 129.1 333.8 331.7 330.8 36.1 34.3 31.5 365.7 358.2 352.0 2557.7 2590.7 2602.8 7898.0 7900.1 7915.8 APR. MAY 144.1 145.2 46.7 46.3 35.3 34.8 82.1 81.1 68.6 66.4 130.4 p 306.2 p 30.1 p 341.4 p 2593.0 p 7940.6 p 1991-APR. 29 145.0 47.3 34.9 82.2 67.5 MAY 6 13 20 27 142.8 146.7 144.6 147.1 47. 46. 45. 46. 35.2 35.5 35.1 34.5 82. 82. 80. 80. 66.7 65.3 66.6 66.9 JUNE 3 10 17p 24p 143..4 143..4 141.8 140.9 45.7 46.8 47.0 46.2 33 33 32 32 78. 79. 79. 78. 66 64 66 67 Meek ending 1. 2. 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 bankina 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. o--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 savings deposits due to foreign banks Foreign Foreign and official official commercial institutions institutions banks Date IRA and Keogh Accounts U.S. government depo;sits Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance Time and savings deposits At thrift at commercial commercia 1 institutions banks banks At money market funds Total 1990-JAN. FEB. MAR. 9.7 9.0 9.0 1.6 1.6 1.6 3.4 3.4 3.4 4.4 3.5 3.6 6.0 6.2 5.3 18.8 18.5 13.1 29.1 28.2 22.0 1.3 1.3 1.3 110.3 111.9 113.3 133.9 133.9 133.9 31.4 33.0 33.6 275.7 278.9 280.8 APR. MAY JUNE 9.2 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 e 303.9 306.0 308.4 e APR. MAY 8.6 8.3 1.4 1.4 3.3 3.3 5.3 3.6 4.7 5.6 15.0 16.2 25.1 25.4 1.3 1.5 137.3 138.5 129.9 e 129.2 e 43.6 e 44.0 e 310.8 e 311.7 e 1991-APR. 29 8.2 1.5 3.3 5.0 3.9 26.2 35.1 1.3 MAY 6 13 20 27 8.8 8.1 8.2 8.3 1.5 1.4 1.4 1.4 4.9 30.9 17.5 6.8 10.7 42.5 25.7 16.0 18.7 3 10 17p 24p 8.5 7.6 7.6 7.6 1.3 1.4 1.4 1.3 18, 5, 7. 31, 28.4 14.8 19.7 43.0 Week ending JUNE e--indicates estimated data. p--indicates preliminary data. 3.3