Full text of H.6 Money Stock Measures : July 5, 1996
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FEDERAL RESERVE statistical release H.6(508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES6 For release at 4:30 p.m. Eastern Tme Billions of dollars Date JULY 5,1996 M11 M22 M33 DEBT5 Seasonally adjusted 1994-JUNE JULY AUG. SEP. OCT. NOV. DEC. 1146.1 1151.4 1150.0 1150.4 1148.9 1148.7 1148.7 3500.6 3508.0 3504.1 3503.8 3503.9 3506.8 3509.4 4258.8 4277.8 4276.5 4285.0 4293.8 4304.7 4319.7 5205.9 5230.4 5240.3 5243.0 5261.9 5281.4 5303.7 12848.1 12869.5 12930.9 12992.2 13044.4 13119.4 13158.7 1995-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 1149.2 1147.8 1148.7 1151.2 1146.2 1144.5 1145.4 1143.8 1140.2 1131.8 1129.0 1124.9 3514.2 3514.1 3519.1 3529.2 3543.5 3574.0 3592.7 3612.6 3625.6 3633.1 3645.2 3662.6 4342.4 4352.5 4369.8 4391.8 4420.0 4458.4 4486.3 4513.7 4534.0 4549.4 4561.4 4576.0 5330.0 5361.4 5396.2 5429.0 5456.1 5495.2 5544.4 5580.3 5626.5 5653.5 5660.1 5685.5 13207.4 13291.3 13356.9 13432.7 13532.3 13593.7 13631.3 13684.9 13731.9 13786.8 13858.9 13895.7 1996-JAN. FEB. MAR. APR. MAY 1119.2 1117.3 1126.6 1123.7 1117.5 3677.4 3693.9 3729.9 3736.1 3731.1 4604.4 4642.9 4685.5 4692.3 4704.1 5704.3 5725.1 5784.5 5805.9 p 13933.8 14011.7 14081.8 14132.8 p Not seasonally adjusted 1994-JUNE JULY AUG. SEP. OCT. NOV. DEC. 1141.9 1150.6 1143.9 1146.5 1147.8 1155.9 1174.2 3498.6 3511.6 3502.9 3498.8 3500.5 3513.5 3529.8 4256.5 4276.6 4277.2 4278.4 4292.9 4317.6 4341.5 5198.4 5225.1 5237.5 5229.1 5253.5 5296.0 5333.2 12787.8 12814.7 12874.3 12946.6 13004.4 13088.7 13148.8 1995-JAN. FEB. MAR. APR. MAY JUNE. JULY AUG. SEP. OCT. NOV. DEC. 1159.0 1134.7 1138.8 1159.8 1133.5 1140.6 1145.2 1138.5 1137.3 1131.0 1136.5 1150.7 3517.2 3495.9 3512.7 3543.6 3530.0 3572.4 3598.2 3613.8 3622.0 3629.1 3650.8 3682.3 4346.9 4334.5 4361.6 4399.2 4406.0 4456.4 4486.9 4517.1 4528.7 4549.4 4574.3 4597.1 5342.7 5350.5 5397.7 5436.5 5437.7 5487.5 5540.6 5580.8 5611.6 5643.0 5673.5 5715.0 13180.7 13234.4 13304.8 13360.6 13433.1 13516.3 13563.4 13611.7 13676.4 13738.4 13814.6 13878.1 1996-JAN. FEB. MAR. APR. MAY 1128.1 1103.6 1115.9 1130.0 1104.3 3679.1 3674.4 3722.7 3749.0 3716.6 4609.0 4624.1 4675.4 4697.1 4689.0 5717.7 5714.2 5785.3 5811.5 p 13907.2 13955.2 14032.1 14058.2 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 DEBT1 3 Months from FEB. 1996 TO MAY 1996 0.1 4.0 5.3 5.7 6 Months from NOV. 1995 TO MAY 1996 -2.0 4.7 6.3 5.0 1996 -2.5 5.3 6.4 5.2 Thirteen weeks ending JUNE 24, 1996 from thirteen weeks ending: MAR. 25, 1996 (13 weeks previous) -0.6 4.3 5.6 DEC. 25, 1995 (26 weeks previous) -1.6 5.1 6.3 JUNE 26, 1995 (52 weeks previous) -2.4 5.4 6.4 12 Months from MAY 1995 to MAY 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, January 1996 to April 1996, October 1995 to April 1996, and April 1995 to April 1996, 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 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 retail money market mutual funds (money funds with minimum initial investments of less than $50,000). Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds (money funds with minimum initial investments of $50,000 or more), RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and 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 2.7 and Z.1. In those releases, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities. Note: Updated current and historical data for aggregate and component series in the H.6 statistical release are available each week on the Economic Bulletin Board of the U.S. Commerce Department. Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information on how to access the Commerce bulletin board, call (202) 482-1986 or toll-free (800) STAT-USA (800-782-8872). Page 3 H.6(508) Table 3 MONEY STOCK MEASURES Billions of dollars Seasonally adjusted M1 Period enciing M2 M3 4-week average 1127.4 1127.7 1126.3 1125.9 1122.1 week average 1128.0 1125.4 1124.9 1125.1 1113.0 13-week average 4-week average week average 13-week average 4-week average 3702.2 3707.2 3711.4 3715.9 3719.1 3729.9 3734.2 3736.9 3739.3 3735.2 3732.0 3742.3 3746.3 3736.7 3715.4 4646.2 4653.2 4658.7 4665.2 4671.8 4684.9 4688.0 4688.9 4691.4 4690.8 week average 4683.1 4694.6 4695.7 4692.1 4680.7 1996-APR. l 8 15 22 29 13-week average 1121.8 1122.0 1122.2 1122.8 1122.7 MAY 6 13 20 27 1122.9 1123.0 1123.3 1123.0 1121.5 1119.2 1117.5 1117.6 1122.8 1115.7 1118.3 1113.5 3723.1 3726.7 3729.5 3731.4 3732.7 3729.3 3727.9 3731.0 3732.4 3732.8 3730.9 3728.0 4678.9 4684.3 4688.7 4691.9 4693.3 4696.0 4698.2 4703.3 4704.8 4706.3 4701.1 4700.9 JUNB 3 10 17p 24p 1122.4 1121.6 1120.8 1120.0 1117.7 1117.3 1117.7 1118.2 1123.3 1114.0 1120.1 1115.3 3732.8 3734.5 3735.9 3737.2 3733.4 3737.0 3742.9 3746.7 3742.0 3747.1 3754.4 3743.1 4695.1 4698.4 4701.3 4703.8 4707.2 4712.0 4719.1 4722.4 4720.6 4725.3 4729.7 4714.0 Not seasonally adjusted 1996-APR. 1 8 15 22 29 1116.0 1114.4 1114.6 1115.8 1116.5 1115.7 1121.7 1128.5 1135.3 1129.4 1122.3 1141.9 1145.9 1131.0 1098.9 3693.2 3698.3 3704.0 3709.9 3714.3 3722.6 3736.4 3749.9 3759.2 3749.6 3731.8 3777.3 3782.4 3745.1 3693.6 4637.5 4644.5 4650.4 4657.4 4663.9 4675.1 4686.3 4696.4 4703.5 4697.2 4677.2 4721.8 4723.2 4691.9 4652.0 MAY 6 13 20 27 1116.9 1117.1 1117.4 1116.8 1123.9 1114.2 1107.5 1104.2 1119.9 1107.1 1103.9 1085.7 3718.8 3722.7 3725.9 3728.0 3736.6 3722.2 3714.7 3715.7 3725.4 3724.5 3715.2 3697.7 4670.9 4676.1 4680.9 4684.6 4689.3 4682.1 4680.5 4686.7 4690.0 4694.4 4685.6 4676.8 JUNB 3 10 17p 24p 1116.5 1116.8 1116.9 1116.2 1103.6 1107.3 1111.2 1113.6 1117.8 1121.6 1119.8 1095.0 3730.0 3733.2 3735.6 3736.6 3718.8 3728.7 3740.0 3745.6 3737.8 3764.0 3760.3 3720.4 4688.8 4693.9 4698.1 4700.0 4693.7 4705.9 4719.0 4721.9 4718.0 4743.3 4737.8 4688.5 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. Page 4 H.6(508) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Nontransactions components Other checkable deposits Currency1 Date 4. 5. 6. 7. e Demand deposits3 At commercial banks4 At thrift institutions5 Total lnM2* In M3 only7 1995 -JAN. FEB. MAR. 357.6 359.0 362.3 8.5 8.5 8.7 383.3 383.5 382.9 294.2 292.0 290.4 105.6 104.8 104.3 399.8 396.8 394.8 2365.0 2366.3 2370.4 828.2 838.4 850.8 APR. MAY JUNE 365.0 367.6 367.0 9.0 9.1 9.0 382.1 382.1 386.5 290.9 283.5 277.0 104.2 103.9 105.0 395.1 387.4 382.0 2378, 2397, 2429, 862.6 876.6 884.4 JULY AUO. SEP. 367.3 368.5 369.5 8.9 8.9 8.8 388.5 389.3 389.4 276.2 272.0 266.4 104.6 105.1 106.0 380.8 377.2 372.4 2447.3 2468.8 2485.5 893.5 901.2 908.4 OCT. NOV. DEC. 370.8 371.6 373.2 8.8 8.9 8.9 388.1 388.2 389.8 258.1 254.1 245.6 105.9 106.3 107.4 364, 360, 353, 2501.3 2516.2 2537.7 916.3 916.2 913.4 1996 -JAN. FEB. MAR. 373.6 373.3 375.2 393.5 397.4 407.1 236.5 230.4 226.0 106.6 107.4 109.4 343, 337. 335, 2558 2576, 2603, 927, 949, 955, APR. MAY 375.9 377.0 406.3 409.6 225.4 214.7 107.2 107.5 332, 322, 2612, 2613, 956, 973, Week e n d l n a 1 9 9 6 -APR. 2 9 1. 2. 3. Travelers checks2 376.8 8.8 399.4 221.7 106.3 328.0 2602.3 965.3 410.1 406.0 411.5 409.0 218.9 217.4 214.8 210.6 109.1 107.2 106.0 107.1 328.0 324.6 320.9 317.7 2609.6 2617.1 2612.6 2614.5 972.3 973.5 970.2 972.8 417.1 412.3 416.9 410.0 210.5 206.9 207.9 209.6 109.4 107.6 107.6 106.5 319.8 314.5 315.5 316.2 2618.8 2633.1 2634.3 2627.8 978.6 978.1 975.3 970.9 MAY 6 13 20 27 376.0 376.4 377.2 378.2 8.8 8.8 8.7 8.7 JUNE 3 10 17p 24p 377.6 378.4 379.0 380.4 8.7 8.7 8.7 8.7 e e e 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 N O W 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 savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances, each seasonally adjusted separately. Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. estimated p preliminary Page 5 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Small-denomination time deposits2 Savings deposits1 Date At commercial banks —si— commercial banks 516.0 526.9 538.7 839.1 857.5 877.7 391.2 390.8 390.2 Xx thrift institutions 323.1 330.6 339.0 Total Large-denomination time deposits5 189.3 188.4 195.0 St commercial banks* 297.4 303.9 308.4 At thrift institutions 66.8 67.9 69.2 Total 743.8 734.8 725.2 APR. MAY JUNE 718.8 719.8 729.3 372, 369, 367, 1091, 1089, 1097, 546, 554, 561. 346.5 351.8 352.6 893.4 906.1 913.7 393.3 401.6 418.8 199.4 203.7 213.2 309.9 314.1 316.7 71.1 70.4 70.9 381.0 384.5 387.6 JULY AUG. SEP. 731, 739, 746, 365, 362, 362, 1096, 1101, 1108.4 566.5 569.8 571.7 352.9 353.8 355.1 919.3 923.6 926.8 431, 443, 450, 218.6 218.5 221.7 321.2 323.3 326.8 72, 73, 73, 393.9 396.6 400.5 OCT. NOV. DEC. 753.9 760.3 775.0 362.2 360.3 359.5 1116.1 1120.6 1134.6 573.4 576.8 578.5 356.8 358.7 359.6 930.2 935.5 938.1 455, 460, 465. 223.7 224.8 227.2 335.4 340.7 342.4 74, 74, 75, 409.8 415.5 417.5 793, 804, 821. 358 360 362 1151.8 1164.5 1183.0 580.9 580.3 578.1 357, 357, 354, 937.8 937.4 932.7 468 474 487 230, 243, 248, 340.6 346.2 354.1 76, 76, 75, 416.6 422.4 429.6 827.0 829.8 366, 367, 1193.3 1197.8 576.4 575.3 354, 353. 930, 928, 488 487 245, 243, 356.5 362.4 75, 75, 432.1 437.4 Week endina 1996-APR. 29 822.6 366.6 1189.2 576.0 353.7 929.6 483.5 242.4 361.2 75.2 436.3 MAY 6 13 20 27 827.9 828.8 829.9 833.5 368.1 368.0 367.8 368.2 1196.0 1196.9 1197.7 1201.6 575.8 575.3 575.2 575.4 353 .4 353 .2 353 .2 353 .2 929.2 928.5 928.4 928.6 484.4 491.7 486.6 484.3 244.9 242.5 240.5 243.8 360.0 359.9 362.8 364.9 75.4 75.1 74.9 74.7 435.4 435.0 437.7 439.6 JUNE 3 10 17p 24p 831.4 841.7 839.4 833.7 367.6 368.5 368.9 368.9 1199.0 1210.3 1208.2 1202.7 575.4 575.5 575.3 575.5 352 .9 352 .6 352 .5 352 .4 928.2 928.0 927.8 927.9 491.5 494.9 498.2 497.3 248.4 249.0 250.5 247.3 365.1 366.0 366.6 368.2 75.2 75.1 75.1 75.4 440.3 441.1 441.7 443.6 APR. MAY 3. 4. 5. 6. Total Institutional money funds4 1995-JAN. FEB. MAR. 1996-JAN. FEB. MAR. 1. 2. At thrift institutions 390.9 383.2 377.3 Retail money funds3 1134.7 1118.0 1102.5 364.2 371.8 377.6 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. Balances in money funds with minimum initial investments of less than $50,000. Balances in money funds with minimum initial investments of $50,000 or more. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. p preliminary Page 6 H.6(508) Table 4 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted 1 RPs Date Non-M3 Components of L Eurodollars2 Debt components* FEB. MAR. 191.9 191.1 86.4 87.2 180.5 180.7 Tinnr Short-term Treasury securities3 15773 400.2 411.1 13.5 13.7 414.9 420.9 3535.2 3556.4 9756.1 9800.5 APR. MAY JUNE 192.1 197.2 191.7 90.1 91.1 91.8 181.2 181.7 182.4 412.0 405.3 414.5 13.4 12.0 11.0 430.6 437.0 428.9 3558.6 3576.9 3602.6 9874.1 9955.4 9991.1 JULY AUQ. SEP. 188.4 192.9 192.5 92.6 93.1 93.7 183.0 183.5 183.9 434.1 437.4 457.1 12.1 12.4 12.8 429.0 433.3 438.6 3615.5 3621.4 3623.8 10015.7 10063.5 10108.1 OCT. NOV. DEC. 190.0 185.3 177.6 92.9 90.6 91.2 184.2 184.5 184.8 465.9 464.5 475.6 13.4 12.6 11.9 440.5 437.1 437.1 3632.6 3645.8 3644.6 10154.2 10213.1 10251.2 1996 -JAN. FEB. MAR. 184.4 186.2 184.1 95.5 96.4 93.6 185.0 185.0 185.2 466.0 444.7 458.9 11.7 10.2 9.8 437.2 442.3 445.1 3638.6 3661.7 3696.0 10295.3 10350.0 10385.8 APR. MAY 182.9 195.1 95.6 97.0 185.6 p 456.8 p 10.3 p 461.0 p 3707.0 p 10425.7 p 186.8 99.7 Savings bonds 1995 187.4— 87.3 Bankers acceptances4 T3T5 Commercial paper5 40(5.3 Federal debt 3504.5 Non-Federal debt 9702.9 Week endina 1996 -APR. 29 4. 5. 6. MAY 6 13 20 27 193.5 197.8 195.5 194.5 98.5 98.2 96.4 94.9 JUNE 3 10 17p 24p 192.9 188.1 184.5 182.8 97.1 99.9 98.7 97.1 Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money 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. preliminary Page 7 H.6(508) Table 5 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, not seasonally adjusted Currency cy1 Date Travelers checks 2 Demand deposits 3 Nontransactions components Other checkable deposits At commercial banks4 At thrift institutions5 Total lnM2 e In M3 only7 1995-JAN. FEB. MAR. 355.8 357.0 361.3 8.1 8.1 8.4 388.7 374.7 374.0 301.3 292.3 291.1 105.1 102.6 103.9 406.4 394.9 395.1 2358.2 2361.2 2374.0 829.7 838.6 848.8 APR. MAY JUNE 365.5 367.9 368.2 8.8 8.9 9.2 382.1 373.1 382.8 296.6 279.8 274.8 106.8 103.8 105.5 403.4 383.6 380.3 2383.8 2396.5 2431.9 855.6 876.1 884.0 JULY AUG. SEP. 369.1 369.1 369.3 9.5 9.5 9.3 388.8 386.8 388.5 272.7 268.7 264.7 105.1 104.4 105.6 377.8 373.1 370.3 2453.1 2475.3 2484.7 888.7 903.3 906.7 OCT. NOV. DEC. 370.0 371.7 376.1 8.9 8.7 8.5 391.1 395.8 407.9 255.6 253.9 249.7 105.4 106.4 108.4 361.0 360.3 358.1 2498.1 2514.3 2531.5 920.2 923.5 914.8 1996-JAN. FEB. MAR. 371.7 370.8 374.3 8.5 8.5 8.6 399.0 388.3 397.5 242.3 230.5 226.4 106.6 105.5 109.2 348.9 336.0 335.5 2551.0 2570.8 2606.8 929.9 949.6 952.7 APR. MAY 375.8 377.5 8.6 8.6 406.1 399.5 229.8 211.6 109.7 107.1 339.5 318.7 2619.0 2612.3 948.1 972.4 1996-APR. 29 374.0 8.6 391.6 219.5 105.3 324.7 2594.7 958.4 MAY 6 13 20 27 376.9 377.6 377.3 378.2 8.6 8.6 8.6 8.7 404.6 397.7 401.4 390.1 219.3 215.6 210.5 204.3 110.5 107.6 106.0 104.4 329.8 323.3 316.5 308.7 2605.5 2617.3 2611.3 2612.0 964.6 969.9 970.5 979.1 JUNE 3 10 17p 24p 378.0 381.2 380.3 380.1 8.7 8.8 e 8.9 e 9.0 e 412.8 412.1 414.3 397.0 209.2 208.6 207.6 204.6 109.0 110.9 108.6 104.3 318.2 319.6 316.3 309.0 2620.0 2642.4 2640.4 2625.3 980.2 979.2 977.6 968.1 W9?ft ending 1. 2. 3. 4. 5. 6. 7. e 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 savings deposits (including money market deposit accounts), small time deposits, and retail money fund balances. Sum of large time deposits, institutional money fund balances, RP liabilities (overnight and term) issued by depository institutions, and Eurodollars (overnight and term) of U.S. addressees. estimated p preliminary Page 8 H.6(508) Table 5 - continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Savings deposits 1 At commercial banks At thrift institutions 1995-JAN. FEB. MAR. 740.2 730.3 723.9 389.0 380.9 376.6 APR. MAY JUNE 718.4 718.4 730.9 JULY AUG. SBP. Small-denomination time deposits 2 III Billions of dollars, not seasonally adjusted At commercial banks At thrift institutions Total 1129.2 1111.2 1100.4 514.3 526.1 539.5 322.0 330.0 339.5 836.3 856.1 879.0 392.7 393.9 394.6 372.1 369.0 368.5 1090.5 1087.4 1099.4 548.4 555.9 562.9 347.4 352.8 353.7 895.9 908.8 916.5 733.3 741.5 748.0 365.9 363.6 363.0 1099.2 1105.1 1111.0 568.7 571.2 571.9 354.3 354.6 355.2 OCT. NOV. DEC 755.4 763.4 775.0 362.9 361.7 359.5 1118.3 1125.1 1134.5 572.7 574.0 574.5 1996-JAN. FEB. MAR. 789.5 798.9 819.0 356.9 358.1 361.2 1146.3 1157.0 1180.1 APR. MAY 826.0 827.8 365.9 367.0 Date Institutional money4 funds Large-denomination time deposits 5 At commercial banks 6 At thrift institutions Total 195.3 193.4 195.6 295.1 302.4 306.9 66.3 67.6 68.9 361.4 370.0 375.8 397.5 400.3 416.0 197.1 202.0 208.8 307.7 316.2 317.5 70.6 70.9 71.1 378.3 387.1 388.6 922.9 925.8 927.1 430.9 444.4 446.6 215.9 218.4 218.1 319.9 324.2 327.5 72.4 73.5 73.9 392.2 397.8 401.4 356.4 356.9 357.1 929.1 930.9 931.6 450.6 458.3 465.4 221.8 227.1 229.4 337.7 343.6 342.3 74.9 75.4 75.0 412.7 419.0 417.4 578.5 579.4 579.3 355.6 356.4 355.3 934.1 935.8 934.6 470.6 478.0 492.1 238.2 249.6 248.7 337.9 344.7 352.6 75.4 75.8 75.2 413.2 420.5 427.8 1191.9 1194.9 578.3 577.4 355.2 354.5 933.6 931.9 493.5 485.5 242.8 241.1 353.7 364.7 75.0 75.5 428.7 440.2 Total Vfctfc «?n4incr 1. 2. 3. 4. 5. 6. p 1996-APR. 29 814.1 362.9 1177.0 577.7 354.8 932.5 485.2 238.9 359.2 74.8 434.0 MAY 6 13 20 27 824.0 828.2 828.2 829.9 366.3 367.8 367.1 366.5 1190.3 1196.0 1195.3 1196.4 577.9 577.5 577.3 577.4 354.8 354.5 354.5 354.4 932.7 932.0 931.8 931.8 482.6 489.4 484.2 483.8 240.7 239.6 238.9 243.2 360.1 362.1 365.1 369.1 75.4 75.5 75.4 75.6 435.4 437.6 440.5 444.7 JUNE 3 10 17p 24p 832.2 847.3 843.4 832.8 368.0 371.0 370.6 368.5 1200.2 1218.3 1214.0 1201.3 577.4 577.6 577.3 577.2 354.2 353.9 353.7 353.5 931.6 931.5 930.9 930.7 488.2 492.6 495.5 493.4 244.3 244.9 246.3 242.0 368.0 369.0 368.6 367.9 75.8 75.7 75.5 75.3 443.8 444.7 444.1 443.2 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. Balances in money funds with minimum initial investments of less than $50,000. Balances in money funds with minimum initial investments of $50,000 or more. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and 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 RPs 1 Date At commercial banks At thrift institutions Debt components 6 Non-M3 Components of L Eurodollars2 Savings bonds Total Short-term Treasury secunties 3 Bankers acceptances 4 Commercial paper6 Federal debt Non-Federal debt 1995-JAN. FEB. MAR. 144.4 146.3 146.0 41.4 42.6 43.4 185.8 188.9 189.4 87.2 86.4 88.0 180.6 180.8 181.2 390.6 405.9 420.7 14.2 13.9 13.9 410.5 415.3 420.4 3499.0 3525.0 3551.1 9681.7 9709.4 9753.7 APR. MAY JUNE 146.8 151.4 150.3 44.4 45.8 45.3 191.2 197.1 195.6 88.9 89.9 91.0 181.7 182.1 182.4 411.2 402.8 412.1 13.7 12.1 11.0 430.8 434.7 425.5 3544.1 3552.6 3579.3 9816.5 9880.4 9937.1 JULY AUO. SEP. 143.4 146.9 145.7 45.5 47.0 47.7 188.9 193.9 193.4 91.7 93.2 93.9 182.8 183.0 183.3 434.9 440.1 447.5 11.6 11.9 12.6 424.4 428.7 439.4 3588.8 3602.2 3606.8 9974.5 10009.5 10069.6 OCT. NOV. DEC. 145.2 139.1 131.1 46.7 46.0 45.0 191.9 185.1 176.1 93.9 92.3 91.9 183.8 184.3 184.8 450.4 462.2 483.0 13.2 12.5 12.1 446.2 440.1 438.1 3610.1 3635.9 3645.9 10128.4 10178.7 10232.1 1996-JAN. FEB. MAR. 138.5 138.6 137.3 44.6 44.8 45.0 183.1 183.5 182.3 95.3 96.1 94.0 185.1 185.4 185.7 470.0 451.4 470.0 12.2 10.6 9.9 441.3 442.7 444.3 3634.4 3655.5 3698.1 10272.8 10299.7 10334.0 APR. MAY 135.2 145.6 47.1 49.8 182.3 195.4 94.3 95.7 186.1 137.7 48.9 186.5 99.1 W<j"?ft e n d i n g 1996-APR. 29 MAY 6 13 20 27 143.0 147.6 146.2 145.1 49.8 49.6 49.5 50.3 192.8 197.2 195.8 195.3 95.7 95.5 95.3 95.9 JUNE 3 10 17p 24p 145.5 141.4 139.2 136.9 49.9 50.0 50.4 49.6 195.4 191.4 189.5 186.5 96.7 98.2 97.7 96.4 p 456.7 p 10.5 p 461.1 p 3699.5 p 10358.8 4. 5. 6. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money 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 p Page 10 H.6(508) Table 6 MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions U.S. government deposits Time and savings deposifsat commercial banks At commercial banks 31.8 30.3 18.8 1.2 2.3 2.4 143.7 144.6 145.6 107.6 107.8 107.9 60.9 63.3 66.2 312.1 315.8 319.6 12.4 18.7 19.6 24.1 27.5 32.0 2.6 2.5 2.5 146.4 146.8 147.8 107.9 107.8 107.7 68.5 • 69.0 • 69.2 • 322.7 • 323.5 • 324.7 • 6.6 5.3 6.8 27.7 13.6 17.8 37.6 21.7 30.6 2.8 2.9 2.8 148.9 149.1 149.4 107.8 • 107.7 • 108.3 • 69.4 • 69.6 • 69.8 • 326.0 • 326.4 • 327.5 • 3.1 2.9 6.0 5.3 5.4 6.5 11.4 8.2 14.6 19.8 16.5 27.1 2.8 1.6 1.1 149.9 149.8 149.9 108.3 • 108.0 • 108.1 • 70.0 70.3 70.8 • • • 328.1 • 328.1 • 328.7 • 12.5 12.4 12.4 4.3 3.0 4.0 6.2 5.0 5.7 15.9 13.2 10.8 26.5 21.2 20.6 1.2 1.3 1.3 150.2 150.2 150.2 107.8 • 107.5 • 107.3 • 71.3 71.8 72.3 • • • 329.3 • 329.4 • 329.8 • 1.5 1.5 12.4 12.4 5.8 2.8 7.2 5.7 11.6 10.1 24.6 18.7 3.2 4.5 150.5 150.3 107.0 • 106.9 • 72.6 72.7 • • 330.1 • 330.0 • 8.2 1.4 12.4 6.3 8.0 18.2 32.5 4.5 Demand deposits at commercial banks Balance at Federal Reserve 14.0 13.3 12.7 4.8 3.3 3.4 7.0 5.9 5.2 20.0 21.1 10.1 1.6 1.5 1.5 12.8 13.8 14.8 5.5 3.1 4.5 6.2 5.7 7.9 8.5 7.5 7.5 1.5 1.4 1.6 14.7 13.6 12.5 3.3 2.8 5.9 OCT. NOV. DEC. 8.3 8.1 8.2 1.5 1.6 1.5 12.0 12.2 12.4 1996-JAN. FEB. MAR. 8.3 8.3 8.3 1.5 1.5 1.5 APR. MAY 8.0 8.2 Date IRAandKeogh Accounts Foreign commercial banks Foreign official institutions 1995-JAN. FEB. MAR. 8.4 8.0 8.1 1.6 1.6 1.6 APR. MAY JUNB 7.7 8.2 8.2 JULY AUO. SEP. Note balances at depository institutions Total cash balance Wttfc tBdia? 1996-APR. 29 e p MAY 6 13 20 27 8.0 8.3 8.4 8.0 1.5 1.4 1.6 1.4 12.4 12.4 12.4 12.4 3.6 2.5 3.0 2.5 8.2 6.0 4.9 5.1 18.4 11.7 8.4 5.9 30.2 20.2 16.3 13.6 4.5 4.5 4.5 4.5 JUNB 3 10 17p 24p 8.5 8.1 8.9 8.4 1.6 1.4 1.4 1.4 12.4 12.4 12*4 12.4 3.3 3.0 8.2 4.7 4.2 5.8 5.7 7.1 5.4 5.8 8.3 20.4 12.9 14.6 22.1 32.1 4.5 4.5 4.5 4.5 estimated preliminary At thrift institutions At money market funds Total Board of Governors of the Federal Reserve System Washington, DC 20551-0001 OFFICIAL BUSINESS First Class