Full text of H.6 Money Stock Measures : July 7, 1994

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:o? cow. -

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

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

Billions of dollars
Date

JULY 7, 1994

M11

M22

M33

DEBT5

L4

Seasonally adjusted
1992-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

954.7
964.2
976.1
989.2
1004.2
1016.6
1024.8

3477 8
3480 7
3489 4
3496 6
3507 5
3510 5
3509 0

4 1 8 3 . .7
4 1 8 6 . .0
4 1 9 6 . .7
4 2 0 0 ..4
4 1 9 6 . .9
4194..1
4 1 8 3 . .0

5026
5026
5041
5056
5058
5065
5057

.9
.6
.0
.7
.5
.3
.1

11437.5
11497.3
11557.2
11602.3
11630.9
11671.7
11727.7

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1033.0
1035.4
1040.2
1047.1
1067.7
1076.6
1086.8
1095.3
1105.1
1113.4
1122.4
1128.4

3502 8
3494 2
3494 8
3498 0
3521 9
3528 7
3533 7
3536 0
3544 2
3547 8
3560 1
3 5 6 7 ..4

4 1 6 2 . .4
4 1 5 6 . .0
4 1 5 4 . .6
4 1 6 2 . ,0
4 1 8 7 . .6
4 1 8 7 . .8
4 1 8 6 . .9
4 1 8 6 . .8
4195. 8
4 2 0 3 .,4
4217..1
4 2 3 0 ..0

5040
5035
5036
5054
5088
5089
5086
5094
5087
5098
5112
5132

.0
.6
.5
.4
.2
.5
.2
.8
.8
.3
.0
.5

11761.1
11780.4
11821.4
11870.6
11918.1
11987.6
12044.9
12097.1
12155.3
12190.5
12238.7
12309.8

1994-JAN.
FEB.
MAR.
APR.
MAY

1133.5
1138.5
1142.4
1141.3
1143.2

3 5 7 2 ..6
3 5 6 8 ..7
3 5 8 2 ..7
3 5 9 0 ..0
3 5 9 1 ..2

4234.,1
4 2 0 6 . .9
4 2 1 4 . .5
4 2 2 2 . .9
4 2 1 4 . .3

5152
5140
5140
5158

.5
.4
.2
.4 P

12370.9
12419.8
12473.3
12520.2 P

Not seasonally adjusted
1992-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

952.0
962.9
971.0
983.6
1001.8
1022.4
1046.7

3473..4
3 4 7 8 ..1
3484..1
3 4 8 6 ..7
3 5 0 4 ..6
3 5 1 7 ..4
3 5 2 7 ..6

4 1 7 9 . .8
4 1 8 0 . ,3
4195. 5
4190. 0
4190. 5
4203. 6
4198. 2

5016
5012
5032
5045
5050
5083
5087

.7
.9
.9
.2
.3
.6
.6

11402.5
11455.0
11516.2
11569.1
11604.2
11664.0
11729.5

1993-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

1041.0
1023.0
1031.6
1058.7
1058.1
1073.2
1084.6
1088.8
1099.1
1111.8
1129.6
1153.8

3 5 0 8 ..3
3 4 8 4 ..2
3 4 9 5 ..8
3 5 1 5 . .2
3 5 0 7 ..3
3 5 2 4 ..4
3 5 3 0 ..0
3 5 2 8 ..9
3533..8
3 5 4 5 ..8
3 5 6 8 ..8
3590..0

4 1 6 2 . .9
4 1 4 9 . ,4
4 1 5 7 . .3
4 1 7 7 . .2
4 1 7 8 . .6
4184..1
4 1 8 0 . .0
4183. 5
4 1 8 5 . .0
4197. 8
4228. 7
4249. 4

5053
5030
5042
5063
5066
5079
5071
5084
5075
5090
5133
5167

.7
.2
.6
.8
.1
.0
.6
.7
.7
.8
.2
.4

11747.7
11755.5
11797.8
11843.4
11887.1
11954.2
12005.0
12058.2
12121.9
12161.3
12228.9
12312.2

1994-JAN.
FEB.
MAR.
APR.
MAY

1142.8
1124.7
1131.9
1153.3
1133.2

3 5 7 9 ..3
3556..6
3581..1
3 6 0 7 ..3
3 5 7 6 ..6

4 2 3 5 . .0
4 1 9 7 . ,7
4 2 1 4 . .4
4 2 3 8 ..6
4 2 0 5 ..2

5166
5132
5144
5167

.8
.1
.1
.6 P

12356.6
12391.9
12448.1
12494.4 P

Footnotes appear on the following p a g e
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

19 9 4 TO MAY

1994

1.7

2.5

0.7

4.8

6 M o n t h s f r o m NOV. 1 9 9 3 TO MAY

19 94

3.7

1.7

-0.1

5.4

1994

7.1

2.0

0.6

5.5

2.1

1.4

-0.5

3 M o n t h s f r o m FEB.

12 M o n t h s f r o m MAY

1 9 9 3 t o MAY

T h i r t e e n w e e k s e n d i n g JUNE 2 7 , 19 94
from t h i r t e e n weeks ending:
MAR. 2 8 , 19 9 4 ( 1 3 w e e k s p r e v i o u s )
DEC. 2 7 ,

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

4.1

1.7

-0.0

JUNE 2 8 ,

1.

1993
19 9 3

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

7.6

2.0

0.9

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, January 1994 to April 1994, October 1993 to April 1994,
and April 1 9 9 3 to April 1 9 9 4 , 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 $ 1 0 0 , 0 0 0 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 a s 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 t h e s e a s s e t s .
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local governments 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. T h e s e 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.1. In those releases,
published levels of credit market debt are measured on a quarter-end basis and include discontinuities.




Page 3

H.6 (508)
Table 3

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

4
11
18
25

1139.2
1140.2
1140.6
1140.6

1144.9
1145.4
1144.0
1141.4

1148.0
1143.7
1137.6
1136.4

3576.1
3578.2
3579.2
3579.9

3586.1
3589.3
3590.2
3589.3

3584.7
3597.8
3590.5
3584.0

4218.9
4218.3
4217.6
4216.4

4218.6
4221.0
4223.4
4223.3

4217.6
4227.3
4231.1
4217.1

MAY

2
9
16
23
30

1140.8
1141.3
1141.6
1142.0
1142.3

1139.0
1138.7
1140.1
1142.1
1143.4

1138.3
1142.3
1143.5
1144.1
1143.5

3580.9
3582.4
3583.9
3586.4
3588.0

3588.5
3586.3
3586.6
3590.0
3592.0

3581.8
3588.8
3591.9
3597.3
3590.1

4214.9
4214.8
4214.8
4216.3
4217.3

4221.3
4217.8
4213.3
4213.6
4214.7

4209.7
4213.4
4213.0
4218.4
4213.8

JUNE

6
13
2 Op
27p

1142.6
1143.0
1143.5
1143.7

1144.1
1144.8
1146.2
1147.6

1145.2
1146.2
1150.0
1149.0

3588.6
3588.4
3587.8
3587.4

3591.0
3588.6
3584.4
3582.4

3584.8
3582.3
3580.3
3582.0

4217.5
4217.1
4216.1
4215.2

4213.6
4213.5
4211.0
4209.2

4209.0
4212.7
4208.4
4206.7

1994-APR.

Not seasonally adjusted
1994-APR.

4
11
18
25

1133.7
1133.4
1134.4
1135.2

1135.7
1143,1
1152.1
1155.7

1158.8
1166.4
1164.2
1133.5

3574.0
3576.0
3578.3
3579.8

3586.4
3598.0
3609.2
3611.8

3606.9
3638.4
3624.8
3577.1

4216.6
4217.0
4217.5
4217.2

4219.7
4229.2
4240.7
4243.4

4233.5
4268.0
4262.9
4209.2

MAY

2
9
16
23
30

1136.9
1137.8
1138.8
1138.7
1139.2

1149.2
1144.0
1137.9
1134.5
1132.0

1132.7
1145.6
1139.9
1119.9
1122.5

3582.1
3583.8
3585.4
3586.8
3588.1

3602.2
3589.4
3579.3
3577.1
3575.9

3568.6
3587.0
3584.6
3568.1
3564.0

4217.1
4217.4
4217.6
4218.4
4219.2

4234.2
4221.0
4208.0
4204.9
4204.7

4196.8
4215.1
4210.7
4196.8
4196.0

JUNE

6
13
2 Op
27p

1140.4
1141.6
1142.7
1142.9

1135.0
1138.2
1143.9
1143.7

1157.8
1152.4
1142.9
1121.5

3589.1
3589.3
3588.8
3587.3

3579.2
3581.9
3583.1
3578.9

3599.9
3595.4
3572.9
3547.2

4220.1
4220.1
4218.9
4216.8

4207.6
4212.6
4213.6
4207.4

4226.7
4230.8
4200.8
4171.2

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
Date

Currency1

Travelers checks2
8.0

Demand deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

341.9
342 .7
344.3

283.5
283.8
284.9

105.0
103.9
103.6

388.6
387 .7
388.5

2469.8
2458.8
2454.6

659.6

1993-JAN.
FEB.
MAR.

294.5
297 .0
299 .3

APR.
MAY
JUNE

301.8
304.4
307.2

349.0
358.8
362 .2

284.2
290.3
292.4

104.1
106.1
106.8

388.2
396.4
399 .2

2450.9
2454.1
2452.1

664.0
665.8
659.1

JULY
AUG.
SEP.

309 .7
312.4
315.4

366 .4
370.9
375.4

294.8
295.9
297.8

108.0
108.3
108.8

402.8
404.2
406.6

2446.9
2440.7
2439.1

653.3
650.8
651.6

OCT „
NOV,
DEC,

317.6
319.5
321.4

378.4
383.2
384.8

299 . 1
300.8
302.6

110.4

409.5
411.8
414.3

2434.5
2437.7
2439.1

655.5
657.0
662.6

412.0
411.2
411.9

2439.1
2430.2
2440.3

661.5
638.2
631.8

409.5
411.6

2448.7
2448.1

632.9
623.0

2443.5
2446.5
2448.4
2453.2
2446.6

627.9
624.6

2439.6
2436.1
2430.4
2433.0

624.2
630.5
628.1
624.7

8.0
8.0

7.8
7.9
7.9

111.0
111.7

199 4-JAN«.
FEB,
MAR.

325.2
329.2
332.4

388.3
390.3
390.0

300.4
299 .2
300.0

111.6

APR.
MAY

334.8
337.6

388.9
385.9

298.4
300.8

111.1

384.4
386.7
386.1
387.2
383.4

298.2
299.9
300.7
301.0
302.5

111.1
111.0
110.0
110.5

409.3
410.9
411.9
411.0
413.0

386.7
387.9
389.0
384.8

301.0
300.7
302.5
302.2

110.5
109.9
110.0
111.9

411.4
410.6
412.5
414.2

Week e n d i n g
1994-MAY
2
9
16
23
30
JUNE

1.
2.
3.

6
13
2 Op
27p

336.4
336.6
337.4
337.8
339.0

8.1
8 .1

338.9
339.6
340.4
341.9

8 .1

8.1
8.1
8 .1

8.1 e
8.1 e
8.2 e

112.0
112.0

110.7

111.2

661.8
659 .8

621.1
621.1
623.7

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.
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), savings deposits (including money market deposit accounts) and
small time deposits. This sum is seasonally adjusted as a whole.
7. Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and
Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.

p
preliminary
e
estimated


Page 5

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
Date

At
commercial
banks
754.1
757.2
757.2

At
thrift
institutions
429.8
426.5
425.3

APR.
MAY
JUNE

759.5
766.7
771.0

JULY
AUG.
SEP.

General
purpose and
broker/dealer
money
market funds

Institutiononly money
market funds

860.8
853.8
846.8

350.3
345.3
345.9

196.6
198.0
197.7

At
commercial
banks 4
285.7
284.1
279.8

Small-denomination time deposits2

Large-denomination time deposits 3

1183.8
1183.7
1182.4

At
commercial
banks
504.2
504.8
501.7

At
thrift
institutions
356.7
349.0
345.1

426.0
428.4
429.4

1185.5
1195.1
1200.4

496.6
491.9
487.5

342.8
340.5
336.3

839.4
832.4
823.9

345.9
348.5
347.5

196.3
198.0
194.7

283.6
283.6
280.9

65.3
64.7
64.4

348.8
348.2
345.3

771.7
775.4
778.0

430.4
430.5
430.4

1202.1
1205.9
1208.4

483.0
478.6
475.4

331.5
328.0
324.5

814.5
806.6
799 .9

346.6
345.5
345.0

192.6
190.1
190.8

277.4
277.8
276.6

64.5
63.9
63.8

341.8
341.6
340.4

OCT.
NOV.
DEC.

778.4
782.4
785.3

430.4
429.5
430.2

1208.8
1211.9
1215.5

472.4
469.5
468.5

322.4
321.1
317.1

794.9
790.6
785.6

344.4
347.0
348.8

194.3
194.8
197.0

277.9
275.9
277.1

63.7
63.5
61.8

341.6
339.4
339.0

1994-JAN.
FEB.
MAR.

790.1
791.1
790.2

430.2
429.7
431.6

1220.3
1220.9
1221.9

465.5
463.9
462.6

314.0
310.5
308.5

779.5
774.5
771.1

347.8
343.7
348.4

192.7
176.9
177.4

279.5
274.0
270.0

62.0
61.7
60.9

341.5
335.7
330.9

APR.
MAY

788.2
784.2

432.4
431.7

1220.7
1215.9

461.6
464.0

307.0
305.2

768.6
769.2

361.5
365.1

177.0
169.3

269.3
273.3

61.2
59.8

330.5
333.1

784.7
784.4
783.8
784.3
784.2

432.9
432.0
431.5
432.0
431.3

1217.6
1216.4
1215.3
1216.3
1215.5

462.6
463.1
463.7
464.4
465.2

306.3
306.2
305.5
304.7
304.1

768.9
769.3
769.2
769.1
769.3

363.4
365.7
366.1
366.9
362.7

172.4
168.5
170.3
168.7
169.3

273.5
273.3
273.5
272.0
274.0

61.0
60.1
59.9
59.5
59.4

334.5
333.4
333.4
331.6
333.5

780.9
779.8
779.5
778.6

429.2
427.5
428.7
427.8

1210.1
1207.2
1208.1
1206.4

465.8
466.3
466.9
467.9

304.2
304.1
304.1
303.2

770.0
770.4
771.0
771.1

360.3
360.2
357.1
358.5

167.4
170.0
167.0
170.0

273.4
273.8
273.9
272.2

60.0
59.9
60.1
60.3

333.4
333.7
333.9
332.5

1993-JAN.
FEB.
MAR.

Week e n d i n g
1994-MAY
2
9
16
23
30
JUNE

1.
2.
3.
4.

p

6
13
2 Op
27p

Total

Total

At
thrift
institutions
67.5
66.0
65.1

Total
353.2
350.1
344.8

S a v i n g s d e p o s i t s include m o n e y market deposit 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 t h a n $ 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 a n d
thrifts a r e s u b t r a c t e d f r o m s m a l l 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 a r e 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 b a n k i n g 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 b y m o n e y market m u t u a l f u n d s , d e p o s i t o r y institutions, U . S . g o v e r n m e n t , a n d f o r e i g n b a n k s a n d official
institutions.
preliminary




Page 6
H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Debt components4

Non-M3 Components of L

Date
Savings bonds

Short-term Treasury
securities1

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

19.4

361.0
359.4
361.5

3078.7
3090.8
3121.1

8682.4
8689.6
8700.3

342.4
344.8
346.5

19.3
19.2
18.5

367.1
371.8
370.9

3149.0
3175.8
3208.1

8721.7
8742.3
8779.5

167.1
168.2
169.2

344.3
343.8
328.0

17.4
16.5
16.4

370.4
379.5
378.4

3227.8
3252.2
3271.3

8817.1
8845.0
8884.1

OCT.
NOV.
DEC.

170.1
170.8
171.7

323.7
324.6
329.3

16.4
15.3
14.6

384.7
384.1
386.8

3266.3
3291.1
3327.6

8924.2
8947.6
8982.1

1994-JAN.
FEB.
MAR.

172.7
173.4
174.1

339 .2
341.9
345.8

14.9
15.3
15.7

391.6
403.0
390.1

3335.8
3350.3
3375.4

9035.1
9069.5
9097.9

174.8

360.9

14.1

385.6

3383.6

9136.6

1993-JAN.
FEB.
MAR.

158.7
160.8
162.4

337.3
339.4
338.5

20.6
20.0

APR.
MAY
JUNE

163.6
164.7
165.9

JULY
AUG.
SEP.

APR, p

1.
2.
3.
4.

Consists of U.S. Treasury bills and coupons with remaining maturities of l e s s 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 b een 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

Travelers
checks2

Demand
deposits3

Other checkable deposits

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

Overnight RPs8

Overnight
Eurodollars9
17.8
17.0

1993-JAN.
FEB.
MAR.

293.5
295.3
297.9

7.8
7.7
7.8

345.9
334.3
336.5

289 .4
284.2
286.5

104.4
101.5
103.0

393.8
385.7
389.5

2467.3
2461.2
2464.1

654.6
665.2
661.5

60.0
60.7
62.7

16.1

APR.
MAY
JUNE

301.3
304.4
307.4

7.8
7.9

350.5
352.0
359.6

291.9
287.6
290.6

107.3
106.2
107.5

399.2
393.8
398.0

2456.4
2449.2
2451.2

662.1
671.2
659.7

62.5
61.7
64.8

14.7
13.5
13.7

JULY
AUG.
SEP.

311.0
312.8
314.8

8.4
8.4

8.2

365.9
367.9
373 . 1

290.9
292.1
295.0

108.5
107.7
108.0

399.3
399.7
403.0

2445.3
2440.1
2434.7

650.1
654.6
651.2

67.7
67.4
70.5

13.5
14.7
14.9

OCT.
NOV.
DEC.

317.3
319.8
324.9

7.7
7.6

381.1
391.1
402.6

295.6
299 .6
306.3

109.8
111.4
112.4

405.3
410.9
418.6

2434.1
2439.2
2436.3

652.0
659.9
659.4

72.1
73.0
74.1

17.2
17.4
17.8

1994™JAN.
FEB.
MAR.

324.0
327.3
330.7

7.7
7.7
7.8

393 . 1
380.6
380.7

306.8
299 .6
301.6

111.2
109.5
111.3

417.9
409.1
412.9

2436.5
2432.0
2449.1

655.7
641.0
633.4

76.6
75.9
79.3

18.0
16.9
18.4

APR.
MAY

334.4
337.3

7.8
7.9

390.3
378.9

306.4
298.1

114.4
110.9

420.8
409.1

2454.0
2443.4

631.3
628.7

78.2
76.2

16.4
18.3

9
16
23
30

333.9
338.0
337.3
336.7
338.1

7.8
7.8
7.9

381.8
383.4
384.2
371.0
373.2

297.8
302.3
298.8
295.7
294.8

111.6
114.1
111.7
108.6
108.4

409.3
416.4
410.5
404.3
403.2

2435.9
2441.4
2444.7
2448.2
2441.5

628.2
628.2
626.1
628.7
632.0

74.2
73.9
76.6
77.9
77.1

6
13
2 Op
27p

340.3
340.9
340.7
340.2

390.3
387.8
382.9
372.4

304.5
303.0
300.2
293.0

419.2
415.6
411.0
400.4

2442.1
2443.0
2430.0
2425.7

626.8
635.4
627.9
624.1

76.1
75.6
76.2
75.5

1994-MAY

JUNE

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

2

8.2

8.0

8.0
8.0
8.1
8.2
8.3
8.4

e
e
e

114.7

112.6
110.8
107.3

16.8
15.5
16.6

20.2
21.2
20.0
19.4
18.4

20.8

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, l e s s cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and a g e n c i e s 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 Eurodollar, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time deposits
Sum of arge time deposits, term R P s and Eurodollars of U.S. residents, money market fund balances (institution-only), l e s s the estimated amount of overnight R P s and
Eurodollars held by 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).

e
estimated



p

preliminary

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

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

Small-denomination time deposits2

purpose and
• broker/dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits3
At
,
commercial
4
banks

At
thrift
institutions

At
commercial
banks

At
thrift
institutions

Total

At .
commercial
banks

At
thrift
institutions

Total

-JAN.
FEB.
MAR.

7 5 0 . .2
7 5 4 . .0
7 5 8 . .5

427. 5
424. 7
426. 0

1 1 7 7 . ,7
1 1 7 8 . ,7
1 1 8 4 . .5

5 0 4 . ,4
5 0 4 . .7
5 0 1 . .3

356. 8
349. 0
344. 8

861. 3
853. 6
846. 1

350. 6
3 5 1 . ,2
3 5 4 . .8

200. 5
2 0 8 . ,4
2 0 1 ..1

282. 8
282. 5
2 7 9 . .7

66. 8
65. 7
65. 0

349.6
348.2
344.8

APR.
MAY
JUNE

7 6 1 . .9
7 6 7 . .2
7 7 3 . .6

427. 4
428. 6
4 3 0 . ,9

1 1 8 9 . .3
1 1 9 5 . .8
1 2 0 4 . .5

496..1
4 9 0 . .7
487..1

3 4 2 . .4
3 3 9 . .7
3 3 6 . .0

8 3 8 . ,5
8 3 0 . .5
8 2 3 . .0

3 5 1 . .4
3 4 7 . .7
3 4 5 . .2

1 9 5 . .6
1 9 9 . .7
191,.0

2 8 2 . .7
2 8 5 . .8
2 8 2 . .8

6 5 . ,1
65. 2
6 4 . .8

347.8
351.0
347.6

JULY
AUG.
SEP.

7 7 3 . .6
7 7 6 . .0
7 7 6 , .7

4 3 1 . .4
4 3 0 . .8
4 2 9 . .7

1 2 0 5 . .0
1 2 0 6 , .9
1206,.4

4 8 3 . .9
4 7 9 , .6
4 7 6 , .7

3 3 2 . .2
3 2 8 . .6
3 2 5 . .4

816..1
8 0 8 . .2
8 0 2 . .0

343,.0
343 .0
340 .8

1 8 8 .6
190 .1
187 .5

277.. 1
279 .5
277 .6

6 4 . .4
6 4 . .3
6 4 . .0

341.5
343.8
341.6

OCT.
NOV.
DEC.

7 7 7 .7
7 8 4 .0
7 8 3 .9

4 3 0 . .0
4 3 0 . .4
4 2 9 . .4

1 2 0 7 .7
1214 .4
1213 .2

473 .3
468 .8
467 .6

3 2 3 . .0
3 2 0 . .7
316..4

7 9 6 . .3
7 8 9 . .5
7 8 3 .9

3 4 0 .7
345 .0
347 .2

189 .2
194 .0
195 .8

277 .6
276 .2
276 .0

63 ..7
63 .6
61 .6

341.3
339.8
337.6

1994-JAN.
FEB.
MAR.

786.1
787.7
791.3

428.0
427.9
432.2

1214.1
1215.6
1223.5

465.6
463.8
462.1

314.1
310.4
308.3

779.7
774.2
770.4

348.1
349.4
357.4

196.2
186.1
180.5

276.5
272.3
269.8

61.4
61.3
60.9

337.8
333.6
330.7

APR.
MAY

790.6
784.8

433.7
432.0

1224.3
1216.8

461.2
463.0

306.7
304.5

767.9
767.5

367.2
364.5

176.2
171.0

268.6
275.6

61.0
60.3

329.7
335.9

781.4
786.4
786.7
784.1
782.6

431.0
433.1
433.1
431.9
430.4

1212.5
1219.5
1219.8

461.8
462.2
462 .6
463.2
464.1

305.7
305.5
304.8
304.0
303.4

767.5
767.7
767.4
767.2
767.6

364.9
364.7
364.3
366.8
362 .7

172.2
171.6
171.9
173.2
167.8

273.1
274.5
275.2
275.0
278.2

60.9
60.4
60.2
60.2
60.3

334.0
334.9
335.5
335.2
338.5

785.8
786.8
780.7
776.9

431.9
431.4
429.3
426.9

1217.8

464.9
465.6
466.3
467.7

303.6
303.7
303.7
303.1

768.5
769 .3
770.0
770.8

359 .7
360.4
355.4
354.7

165.4
168.4
165.1
166.2

276.0
277.0
275.7
272.9

60.6
60.6
60.5
60.5

336.6
337.6
336.2
333.4

Week e n d i n g
1994-MAY
2
9
16
23
30
JUNE

1.
2.
3.
4.
p

6
13
2 Op
27p

1216.0
1213.0

1218.2
1210.0
1203.9

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.
Large-denomination time deposits are those issued in amounts of $ 1 0 0 , 0 0 0 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




Total

Page 9
H.6 (508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

19 9 3 - J A N .
FEB.
MAR.

59 . 1
60.2
63 . 7

21.0
22.1
22.3

80.1
82.3
86.0

43 . 5
46.7
49 . 8

APR.
MAY
JUNE

65.9
66.6
70.2

22.9
23.2
22.6

88.9
89.8
92.8

JULY
AUG.
SEP.

72.7
71.9
71.1

23.7
24.2
24.5

OCT,
NOV.
DEC.

70.2
69.3
70.3

1994-JAN.
FEB.
MAR.
APR.
MAY

Date

1.
2.
3.
4.
5.
6.

Bankers
acceptances4

158.6
161.0
162.9

343.0
340.6
342.0

21.4
20.2
18.9

367.7
359.1
361.6

3076.2
3087.3
3121.4

8671.5
8668.1
8676.3

48.7
48.7
45.5

164.2
165.2
166.1

334.0
336.6
340.7

18.7
19.1
18.5

369.7
366.7
369.5

3142.9
3161.1
3188.9

8700
8726
8765

96.4
96.0
95.6

41.9
44.1
45.2

167.0
167.8
168.7

339 . 9
342.4
326.0

17.4
16.3
15.9

367.3
374.6
380.2

3201.8
3229.4
3251.9

8803.3

24.0
24.7
25.0

94.2
94.0
95.3

44.9
48.9
47.0

169.6
170.6
171.4

321.8
332.5
342 . 0

16.3
15.7
15.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8911.9
8941.9
8982.7

25.5
25.9
25.1

91.3
89.3
91.2

46.0
48.1
47.0

172.6
173.7
174.6

344.7
343.3
349 . 6

15.6
15.5
15.2

398.9
402.0
390.2

3333.0
3345.4
3374.4

9023.6
9046.5
9073.7

69.1
65.6

6
13
2 Op
27p

Short-term
Treasury
securities3

65.8
63.4
66.0

Week e n d i n g
199 4-MAY
2
9
16
23
30
JUNE

Debt components6

Non-M3 Components of L

25.1
26.2

94.2
91.9

47.8
47 . 7

175.4 p

351.8 p

13.7 p

388.1 p

3376.8 p

9117.6 p

67.8
66.8
63 . 2
64.2
67.5

24.9
25.9
26.0
26.4
26.8

92.7
92.7
89.2
90.5
94.3

46.7
46.8
47.3
48.0
48.9

67.6
70.3
68.2
65.8

27.3
27.8
27.6
28.5

94.8
98.0
95.8
94.3

47.7
48.8
48.7
48.4

Savings bonds

Commercial
paper5

Federal debt

Non-Federal
debt

8828.8
8869.9

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



Page 10

H.6 (508)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Date

Time and
savings
deposits due
to foreign
banks and
official
institutions

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

10.1
10.3
10.5

6.1
4.3
4.2

7.7
5.9
5.4

27.0
25.2
13.2

1.6

10.8
11.1
11.5

5 .8
4 .2
5 .4

6 .2
5 .8
8 .1

8.5
8.1
8.5

1.7
1.6
1.5

11.5
11.2
10.8

4 .2
3 .8
5 .5

OCT.
NOV.
DEC.

8.3
8.2
9.2

1.6

1.8

10.7
10.8
10.9

199 4 - J A N .
FEB.
MAR.

8.5
8.3
7.9

1.5
1.6

APR.
MAY

8.4
8.0

1.5

Foreign
commercial
banks

Foreign
official
institutions

1993-JAN.
FEB.
MAR.

8.7
8.7
8.3

1.4
1.5
1.6

APR.
MAY
JUNE

7.8
8.3
8.2

1.7

1.6

JULY
AUG.
SEP.

1.6

1.6

1.6

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

At
commercial
banks

40.8
35.4
22.8

2.0
2.5
2.4

147.2
146.9
147.7

123.7
122.6
121.2

44.6
45.6
45.6

315.6
315.1
314.4

14 . 5
16 . 1
21 . 1

26 . 5
26 . 1
34 . 6

1 .5
2 .6
3 .0

148 . 0
146 .9
146 . 5

119 . 8
119 . 1
118 . 5

45 . 1
46 . 0
46 .7

313.0
312.0
311.7

6,.9
5..7
9,.3

21 .4
20 . 0
23 .2

32, .5
29, .5
37, .9

2 .8
3 .1
2 .8

146 . 4
146 . 1
145, .8

118 . 0
117 . 5
116 .9

47 . 3
47 . 4
47, .5

311.7
310.9
310.2

4,.5
4..0
5. .2

5. .9
5. .6
6. .7

12. .6
8..8
16. .2

23. . 1
18. .4
28. .1

2. .6
2. .7
2. .6

145, .2
144. .6
144. .2

116, .2
115, .4
114. .7

48. . 1
49. . 1
49. .8

309.5
309.1
308.7

11.0
11.0
11.0

5. .7
4. .2
4. .3

7. 3
6. 3
5. 2

2 5 . .2
2 7 . ,9
15. 7

38.3
38. 4
25. 1

2. .1
2. ,5
2. ,4

143. .9
143. .6
142. .6

1 1 4 . ,2 e
1 1 4 . ,1 e
114. 0 e

5 0 . .1 e
5 0 . ,7 e
51. 5 e

308.3 e
308.3 e
308.2 e

11.0
11.0

7 . ,1
4. 2

5. 6
5. 9

20. 8
24. 3

33. 6
34. 4

2. 0
3. 1

142. 2
142. 2

114. 0 e
114. 0 e

52. 6 e
53. 3 e

308.9 e
309.5 e

11.0
11.0
11.0
11-0
11-0

6.3
3.6
4.5
3.4
3.6

6.5
7.2
6.3
5.2
5.1

38.8
39.4
32.1
14.6
8.6

51.6
50.2
42.9
23.2
17.3

3.2
3.1
3.1
3.1
3.1

11.0
11-0
H.l
H.l

4.8
3.9
9.5
3.9

4.9
4.6
6.5
7.2

12.0
4.3
17.9
35.7

21.7
12.9
34.0
46.7

3.0
3.0
2.9
2.9

Note
balances at
depository
institutions

Total
cash
balance

Week e n d i n g
1 9 9 4-MAY

2
9
1 6
2 3
3 0

17171,5

8.1
8.3
8.1
8
-°
1 1
-

6

8

1 3

8

2 0 p
2 7 p

e
p

estimated
preliminary




*3
*8
8 1
'
7 9
'

1.8
1.4
1.5
1 6
1 , 3

I-5
I-4
I-4
I-7

At
thrift
institutions

At
money
market
funds

Total