Full text of H.6 Money Stock Measures : July 9, 1992
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FEDERAL RESERVE statistical release
«4L RV
H.6 ( 5 0 8 )
Table 1
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
JULY
\Billions of dollars
Date
M1 J
M2*
9, 1992
DEBT5
M3 J
Seasonally adjusted
1990-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
809.7
810.1
816.2
822.9
822.3
823.8
826.1
3292.3
3300.2
3315.8
3331.0
3334.5
3333.7
3339.0
4083.3
4090.9
4106..0
4115..4
4117..0
4115..6
4114..6
4927.
4930.
4939.
4964.
4962.
4960.
4966.
10437..6
10499..4
10564..2
10616..5
10653.9
10707.3
10747.0
1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
826.2
836.2
842.3
842.7
850.9
857.3
860.0
866.5
872.0
880.9
891.4
898.1
3344.0
3369.4
3386.9
3394.8
3405.6
3411.8
3407..4
3409..5
3411..5
3417..3
3430..9
3438.9
4125.8
4160.2
4165.9
4168.8
4170.5
4167.7
4157.3
4156.6
4152.6
4158.7
4166.8
4170.9
4981.8
5008.
5004.
4978.
4958.
4986.
4991.
4985.
4974.
4977.
4989.8
4987.7
10776.0
10825.4
10862.8
10883.9
10934..0
10983..5
11017..4
11056..6
11094..7
11135..6
11177..5
11203..6
1992-JAN.
FEB.
MAR.
APR.
MAY
910.4
931.0
939.0
942.9
954.5
3448.
3475.
3474.
3468.
3469.
4174.9
4200.6
4191.3
4177.5
4175.6
4983.0
5016.2
5028.4
5022.3 p
11232.0
11274.8
11325.0
11373.1 p
Not seasonally adjusted
1990-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
810.4
812.5
814.2
818.7
817.6
826.1
844.1
3288.5
3303.7
3315.6
3323.8
3330.4
3336.9
3351.9
4080.8
4092.4
4109
4108
4109
4118
4124
4916.0
4921.6
4934.3
4956.0
4953.7
4967.8
4986.4
10388.6
10450.5
10512.8
10568.8
10617.2
10679.3
10734.2
1991-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
832.7
823.4
835.0
853.0
841.7
858.1
862.3
864.5
867.4
875.5
893.9
917.3
3351.3
3358.3
3388.4
3410.8
3388.7
3408.0
3410.5
3409.
3403.
3412.
3434.
3452.8
4129.7
4150.8
4171.6
4183
4156
4165
4158
4160
4144
4149.6
4169.0
4181.6
4999.8
5003.5
5011
4990
4943
4974
4983
4979
4965
4967
4997
5007
10764.2
10795.8
10825.8
10843.8
10887.6
10933.9
10966.8
11004.8
11048.7
11097.0
11146.1
11190.2
1992-JAN.
FEB.
MAR.
APR.
MAY
918.2
916.8
930.8
954.8
944.2
3455.9
3462.8
3474.6
3486.3
3452.2
4180.0
4190.1
4196.4
4194.2
4161.2
5001.1
5009.5
5035.3
5037.0 p
11219.6
11242.5
11287.6
11336.3 p
Footnotes appear on the following page,
p—indicates preliminary data.
H.6 ( 5 0 8 )
Table 2
MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
Ml
M2
M3
Debt 1
1992
10.1
-0.6
-2.4
5.0
1992
14.2
2.3
0.4
4.3
1992
12.2
1.9
0.1
4.5
MAR. 30, 1992 (13 weeks previous)
10.1
0.1
-1.6
DEC. 30, 1991 (26 weeks previous)
13.4
2.1
0.3
JULY
11.7
1.8
0.1
3 Months from FEB. 1992 TO MAY
6 Months from NOV. 1991 TO MAY
12 Months from MAY
1991 to MAY
Thirteen weeks ending JUNE 29, 1992
from thirteen weeks ending:
1, 1991 (52 weeks previous)
Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
January 1992 to April 1992, October 1991 to April 1992, and April 1991 to April 1992, 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 honbank 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, 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-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
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. 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.
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 adjus;ted
Ml
13-week
average
4-week
average
6
13
20
27
929.3
931.9
934.6
936.6
939.7
938.9
940.8
942.2
MAY
4
11
18
25
938.9
941.1
942.8
944.1
JUNE
1
8
15
22p
29p
945.8
947.1
947.8
948.6
949.7
Period en<ding
1992-APR.
M3
M2
13-week
average
4-week
average
week
average
3468.8
3470.1
3471.9
3462.2
4190.0
4191.0
4191.1
4190.3
4184.0
4180.0
4177.7
4177.8
4172.0
4184.3
4177.4
4177.6
3468.8
3470.7
3470.4
3470.0
3471.1
3477.4
3470.8
3460.5
4189.1
4188.4
4185.6
4184.1
4178.5
4178.7
4178.9
4177.7
4174.6
4185.0
4178.3
4172.9
3469.1
3466.7
3465.6
3464.4
3459.7
3467.5
3468.0
3466.2
3456.0
3448.7
4180.8
4178.5
4176.2
4174.1
4171.8
4174.6
4171.3
4169.3
4166.2
4162.3
4162.2
4171.9
4170.2
4160.5
4146.7
13-week
average
4-week
average
941.2
940.2
945.9
941.6
3467.6
3469.7
3471.5
3472.2
3470.4
3468.1
3468.5
3468.3
944.7
948.4
950.4
952.8
950.9
955.3
953.9
951.1
3472.9
3473.2
3472.7
3471.4
954.7
954.8
954.6
954.1
951.9
958.3
955.9
953.1
949.1
949.6
3470.5
3469.3
3468.3
3467.2
3466.1
week
average
week
average
Not seasonally adjusted
Ml
13-week
average
4-week
average
6
13
20
27
923.1
925.8
929.9
932.8
935.8
942.6
953.7
956.8
MAY
4
11
18
25
935.7
937.9
940.0
941.5
JUNE
1
8
15
22p
29p
943.7
945.7
947.7
949.2
950.3
Period em ding
1992-APR.
M2
week
average
M3
13-week
average
4-week
average
3505.1
3511.9
3497.0
3451.0
4191.2
4193.4
4194.8
4194.2
4196.1
4200.5
4204.3
4199.3
4208.8
4224.4
4200.5
4163.4
3479.1
3466.6
3456.4
3452.2
3456.5
3461.7
3456.4
3434.2
4192.8
4191.1
4188.1
4186.6
4187.5
4174.5
4165.6
4162.5
4161.6
4172.6
4164.7
4150.9
3450.3
3453.5
3457.5
3459.9
3455.4
3449.0
3474.3
3472.5
3443.8
3430.8
4183.2
4181.0
4179.1
4176.2
4171.8
4159.6
4161.7
4165.8
4165.1
4159.2
4150.2
4180.8
4181.2
4148.1
4126.5
13-week
average
4-week
average
958.8
962.9
968.4
937.1
3466.6
3470.0
3473.2
3474.3
3478.6
3486.2
3494.5
3491.3
953.7
950.4
944.7
943.2
946.5
949.6
945.7
931.0
3474.8
3474.3
3473.5
3471.9
943.0
946.6
950.5
953.8
952.0
945.5
964.0
961.5
944.1
938.2
3470.7
3469.7
3469.0
3467.5
3464.9
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 i n money supply d a t a , which a r e 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
Nontransactions
components
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
only 7
1991-JAN.
FEB.
MAR.
251.5
254.6
256.0
8.3
8.2
8.1
271.8
275.9
276.9
209.5
211.6
214.6
85.2
85.8
86.6
294.6
297.5
301.3
2517.8
2533.3
2544.7
781.8
790.8
779.0
APR.
MAY
JUNE
256.3
256.6
257.6
7.8
8.0
7.9
276.1
278.4
280.1
215.4
220.2
223.5
87.1
87.6
88.2
302.5
307.8
311.6
2552.0
2554.7
2554.5
774.0
764.9
755.9
JULY
AUG.
SEP.
259.3
261.3
262.9
7.8
7.8
7.8
279.3
280.1
280.6
225.8
229.5
232.4
87.8
87.8
88.2
313.7
317.3
320.6
2547.4
2543.0
2539.5
749.9
747.1
741.2
OCT.
NOV.
DEC.
264.8
266.0
267.3
7.9
8.0
8.2
283.8
287.6
289.5
235.4
239.2
241.6
89.1
90.5
91.6
324.5
329.7
333.2
2536.4
2539.5
2540.8
741.4
735.9
732.0
1992-JAN.
^EB.
MAR.
269.4
271.6
271.8
8.2
8.1
8.0
293.9
305.1
309.6
245.9
250.7
252.8
93.2
95.6
96.7
339.0
346.3
349.5
2537.6
2544.5
2535.0
726.9
725.1
717.4
APR.
MAY
273.6
274.7
8.0
7.9
311.3
315.2
252.9
259.3
97.2
97.3
350.1
356.6
2525.3
2515.5
709.3
705.6
4
11
18
25
274.4
274.6
274.5
275.3
8.0
8.0
7.9
7.9
313.3
317.2
315.7
313.6
255.9
259.1
259.7
259.0
99.3
96.4
96.2
95.3
355.2
355.5
355.9
354.3
2520.2
2522.1
2516.9
2509.4
703.5
707.6
707.5
712.4
1
8
15
22p
29p
275.3
276.2
276.1
276.2
275.9
7.9
7.9
7.9
7.9
7.9
314.3
312.0
311.5
309.2
312.0
260.1
261.5
260.7
259.9
254.6
100.7
98.3
96.8
95.8
99.2
360.9
359.8
357.5
355.8
353.7
2509.2
2512.1
2513.1
2506.9
2499.1
694.7
703.9
704.0
704.5
698.0
Neek ending
1992-MAY
JUNE
1.
2.
e
e
e
e
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.
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 NOH and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overniqht 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 overniqht 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.
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rooso
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ocom
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H.6 (508)
Table ^-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars> seasonally adjusted
Debt components4
Non-M5 Components of L
Savings
bonds
Short-term
Treasury
securities1
Bankers
acceptances2
1991-JAN.
FEB.
MAR.
126.9
127.9
129.0
550.5
528.8
525.5
55.5
54.6
52.1
APR.
MAY
JUNE
150.1
151.5
152. 4
507.
299.
525.
JULY
AUG.
SEP.
155.5
154.4
155.2
OCT.
NOV.
DEC.
1992-JAN.
FEB.
HAR.
Date
APR. p
1.
Commercial
paper 3
Federal
debt
Non-Federal
debt
565.4
557.1
555.8
2509.1
2557.5
2551.5
8266.9
8287.9
8511.5
50.
29.
28.
541.6
527.9
555.0
2547.
2572,
2606.
8556
8561
8576.8
552.
550.
522.
28.
27.
25.8
559.8
556.5
557.7
2655.
2667.
2694.
8585.8
8589.6
8400.2
156.1
157.1
157.9
521,
525,
515,
25.5
24.5
25.5
556.
557.
559.
2724.
2749.
2767,
8411.
8427.
8456.
158.9
140.1
141.2
511.1
525.1
556.6
25.2
22.9
22.2
554.8
527.5
557.0
2781.0
2797.5
2852.2
8450.9
8477.5
8492.8
142.4
559.1
21.6
541.7
2865.2
8509.9
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.
2.
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.
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.
H.6 ( 5 0 8 )
Table 5
COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Nontransactions
components
Other checkable deposits
Currency
Date
1
Travelers
checks 2
Demand
deposits3
At
commercial
banks 4
At
thrift
institutions5
Total
In M 2 6
In M3
only 7
Overnight
RPs 8
Overnight
Eurodollars9
1991-JAN.
FEB.
MAR.
249.8
252.6
255.6
7.8
7.8
7.8
277.4
268.0
270.1
213.6
211.5
215.8
84.2
83.4
85.8
297.7
294.9
301.6
2518.6
2535.0
2553.3
778.4
792.5
783.3
52.0
51.4
49.0
19.9
19.0
20.2
APR.
MAY
JUNE
256.0
257.4
259.1
7.5
7.8
8.1
277.7
271.7
279.9
222.6
217.2
222.0
89.2
87.7
89.0
311.8
304.9
311.0
2557.8
2547.1
2549.9
772.2
768.1
757.2
50.0
51.3
52.3
19.6
17.2
15.6
JULY
AUG.
SEP.
260.8
262.0
261.7
8.5
8.6
8.3
280.9
278.8
278.6
223.1
226.9
230.6
89.0
88.3
88.2
312.1
315.1
318.7
2548.2
2544.6
2536.3
748.0
751.0
741.2
51.1
52.8
51.8
13.8
14.5
14.6
OCT.
NOV.
DEC.
263.1
266.3
270.0
8.0
7.7
7.7
283.7
291.1
303.0
232.0
238.1
244.8
88.6
90.7
91.7
320.6
328.8
336.5
2537.3
2540.2
2535.5
736.9
734.9
728.9
53.1
53.5
52.7
16.3
19.5
22.6
1992-JAN.
?EB.
MAR.
267.8
269.5
271.0
7.8
7.8
7.7
300.0
296.3
302.1
250.7
250.5
254.2
91.8
92.7
95.8
342.5
343.2
349.9
2537.8
2545.9
2543.8
724.1
727.4
721.8
54.8
57.1
52.6
21.9
19.4
20.4
APR.
MAY
273.4
275.7
7.6
7.7
312.9
307.5
261.3
255.8
99.5
97.5
360.9
353.3
2531.5
2508.0
708.0
709.0
51.7
49.2
19.1
18.1
4
11
18
25
274.4
276.2
275.2
275.9
7.6
7.6
7.7
7.7
308.6
309.5
311.1
299.5
256.9
257.5
254.7
252.9
99.0
98.8
97.0
95.0
355.9
356.3
351.7
347.9
2510.0
2512.1
2510.8
2503.2
705.1
711.0
708.2
716.7
50.1
50.0
50.1
47.4
16.6
17.2
17.8
19.4
1
8
15
22p
29p
274.8
278.4
277.6
277.2
276.5
7.8
7.9
8.0
8.2
8.3
309.4
313.4
315.7
305.3
306.5
255.9
262.8
260.6
256.2
251.2
97.7
101.5
99.6
97.2
95.7
353.6
364.3
360.2
353.4
346.9
2503.6
2510.3
2510.9
2499.8
2492.6
701.2
706.5
708.7
704.3
695.6
48.7
50.0
50.0
50.5
50.4
19.1
17.4
18.9
19.1
21.0
Week ending
1992-MAY
JUNE
e
e
e
e
_ .depository
__
Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of
institutions.
dolls
'
--•*-- • travelers
*---- *
•
Outstanding amount of U.S. dollar-denominated
checks
of nonbank issuers'. Travelers
checks issued by depository institutions are
included in demand deposits.
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 NON 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 overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market
deposit accounts) 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.
1.
2.
H.6 (508)
Table 5-continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits 1
At
At
thrift
commercia.1
banks
institutions
Date
Large-denomination time deposits 3
Small-denomination time deposits 2
Total
At
At
commercial
thrift
banks
institutions
Total
At
At
General purpose Institutionthrift
and broker/dealer only money commercial
4
banks
institutions
money market funds market funds
Total
1991-JAN.
FEB.
MAR.
581.1
587.4
598.4
336.8
338.7
345.4
917.9
926.1
943.7
612.1
617.8
619.9
560.5
554.8
546.7
1172.6
1172.5
1166.6
356.2
365.9
373.8
142.5
152.1
153.1
376.6
383.9
382.6
116.7
114.1
110.9
493.3
498.0
493.5
APR.
MAY
JUNE
604.9
609.3
620.0
351.4
356.4
361.1
956.4
965.8
981.1
617.1
614.2
615.7
541.7
533.5
521.0
1158.8
1147.7
1136.7
373.0
365.1
364.2
153.9
155.6
152.3
378.4
380.4
379.1
107.7
104.6
100.7
486.1
485.0
479.9
JULY
AUG.
SEP.
626.1
631.9
635.8
364.7
364.6
365.1
990.9
996.5
1001.0
617.3
620.8
619.1
511.9
499.3
491.2
1129.2
1120.0
1110.3
363.3
360.7
358.7
151.5
156.2
157.4
373.5
373.8
369.7
97.3
93.9
90.8
470.8
467.8
460.5
OCT.
NOV.
DEC.
644.6
655.3
662.4
368.7
373.2
376.3
1013.3
1028.5
1038.7
615.2
606.9
598.7
482.0
473.2
464.6
1097.1
1080.1
1063.4
357.4
358.6
358.1
163.4
172.7
180.3
362.8
356.9
352.8
87.4
85.1
82.8
450.2
441.9
435.5
1992-JAN.
FEB.
MAR.
672.3
685.2
696.8
383.1
392.9
403.7
1055.4
1078.1
1100.5
589.5
577.6
569.5
456.6
444.8
433.9
1046.1
1022.4
1003.4
359.6
369.0
366.9
188.1
196.9
191.4
344.0
340.6
337.3
80.9
78.8
76.3
424.9
419.4
413.5
APR.
MAY
706.1
707.9
409.7
414.6
1115.7
1122.5
565.4
556.1
419.1
409.8
984.5
965.9
360.4
352.3
190.9
195.5
330.9
331.2
73.6
71.5
404.4
402.7
4
11
18
25
702.4
708.2
710.5
707.0
411,
413,
415,
414.8
1113,
1122,
1125,
1121.8
560.
558.
556.
554.
413.
411.
409.
408.
974.1
969.8
966.1
962.7
355.
352.
350.
351.
193.
195,
195.
200.
329.
331.
330.
333,
72.
71.
71.
71.
401.3
403.6
401.7
404.8
1
8
15
22p
29p
708.6
715.8
718.0
712.7
709.9
416.
419,
420,
418,
416,
1124,
1135,
1137,
1130.
1126,
552.
550.
549.
548.
546.8
407.
406.
404.
402.
401.
959.
956,
953.
950.
948,
351.4
350.8
350.5
348.8
346.5
190.8
194.0
197.6
199.2
195.0
330.
332.
331.
326.
324.
70.
70.
70.
69.
69.8
401.3
402.7
401.4
396.2
393.9
Neek ending
1992-MAY
JUNE
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 $100,000 or more, excluding those booked at international banking facilities.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions,
•-indicates preliminary data.
H.6 ( 5 0 8 )
Table 5-continued
COMPONENTS OF MONEY STOCK. LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
At
At
commercial
thrift
institutions
banks
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
1991-JAN.
FEB.
MAR.
48.4
48.5
48.1
40.3
38.2
35.4
88.7
86.7
83.5
69.2
69.8
68.2
126.8
127.9
129.1
339.6
330.3
324.5
36.1
34.3
31.5
367.7
360.3
354.7
2510.8
2540.7
2553.4
8253.5
8255.1
8272.4
APR.
MAY
JUNE
49.1
48.3
49.1
33.1
32.1
29.3
82.2
80.4
78.4
65.2
62.3
61.6
130.4
131.6
132.7
302.8
292.1
313.9
30.1
28.7
27.8
344.5
334.0
334.9
2544.5
2560.6
2586.4
8299.3
8327.0
8347.5
JULY
AUG.
SEP.
49.6
48.9
48.1
29.2
29.4
28.6
78.8
78.4
76.7
62.7
63.6
61.5
133.6
134.3
135.0
324.2
325.0
323.9
27.9
27.2
25.5
338.8
333.1
335.8
2609.3
2642.9
2673.1
8357.4
8361.9
8375.5
OCT.
NOV.
DEC.
48.9
48.0
47.0
26.6
25.6
23.8
75.5
73.6
70.9
62.8
61.9
57.7
135.9
136.8
137.7
325.1
332.4
328.3
25.1
25.2
24.5
331.5
333.8
335.8
2707.6
2740.8
2765.0
8389.3
8405.2
8425.2
1992-JAN.
FEB.
MAR.
48.1
48.8
50.9
22.8
23.3
22.8
70.8
72.0
73.7
55.7
56.3
58.7
138.8
140.1
141.4
319.9
326.2
337.7
23.7
22.7
21.8
338.7
330.4
338.0
2782.5
2799.1
2834.7
8437.1
8443.3
8453.0
APR.
MAY
50.4
50.0
21.9
21.7
72.3
71.7
56.7
54.7
142.7 p
333.9 p
21.3 p
345.0 p
2863.5 p
8472.9 p
4
11
18
25
50.3
50.8
49.9
50.1
21.6
22.0
21.9
22.0
71.9
72.7
71.7
72.1
55.8
54.3
54.9
54.1
1
8
15
22p
29p
49.0
47.9
48.5
48.9
47.1
21.1
22.8
22.5
21.6
21.8
70.1
70.7
71.1
70.5
68.9
54.7
54.3
53.8
52.9
52.3
Neek ending
1992-MAY
JUNE
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,
--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
commercial
official
banks
institutions
Date
IRA and Keogh Accounts
U.S. government depos;its
Time and savings
deposits due to
foreign banks
and official
institutions
Demand
deposits at
commercial
banks
Balance
at
Federal
Reserve
Note balances
at depository
institutions
Total
cash
balance
Time and
savings
At
At
depositsm
thrift
at commercial commercia 1
institutions
banks
banks
At
money
market
funds
Total
1991-JAN.
FEB.
MAR.
9.3
8.2
8.0
1.6
1.6
1.6
4.5
5.1
5.7
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
133.5
134.0
134.5
43.5
43.5
44.0
309.1
311.1
313.8
APR.
MAY
JUNE
8.5
8.2
7.6
1.5
1.5
1.5
6.0
6.2
6.3
5.4
3.6
5.0
4.7
5.6
6.3
15.0
16.2
18.6
25.1
25.4
29.9
1.3
1.4
1.5
137.3
138.9
140.3
135.2
135.5
135.4
44.3
44.9
43.9
316.7
319.3
319.6
JULY
AUG.
SEP.
8.0
7.9
7.8
1.5
1.5
1.5
6.3
6.5
6.6
3.7
3.6
5.2
6.6
5.8
7.8
17.1
13.5
21.7
27.3
22.9
34.7
1.6
1.5
1.5
141.8
143.1
144.4
134.6
133.2
131.6
42.2
42.8
43.3
318.5
319.1
319.4
OCT.
NOV.
DEC.
7.7
7.9
8.1
1.5
1.5
1.7
6.7
6.7
6.6
3.6
4.4
4.8
5.7
6.0
7.4
25.0
24.2
20.5
34.4
34.6
32.8
1.5
1.6
1.5
145.9
147.0
147.7
131.2
131.2
131.2
43.4
43.0
42.3
320.5
321.3
321.2
1992-JAN.
FEB.
MAR.
8.3
7.6
7.6
1.7
1.6
1.5
6.5
6.5
6.5
5.2
4.3
4.2
7.4
6.2
5.6
27.9
20.9
15.9
40.5
31.5
25.7
1.8
2.0
2.2
148.3
148.4
147.8
130.9
129.7
128.8
42.1 e
42.3 e
42.5 e
321.3 e
320.4 e
319.1 e
APR.
MAY
7.9
7.8
1.5
1.5
6.5
6.5
5.9
4.2
4.9
5.2
11.9
16.8
22.6
26.2
2.5
2.6
148.4
148.6
127.9 e
127.1 e
42.3 e
41.9 e
318.5 e
317.7 e
4
11
18
25
7.8
7.6
7.6
7.7
1.5
1.4
1.8
1.4
6.5
6.5
6.5
6.5
6.0
3.3
4.7
3.2
5.0
5.2
4.9
5.4
23.9
18.1
14.5
15.0
34.9
26.6
24.0
23.6
2.5
2.6
2.6
2.6
1
8
15
22p
29p
8.5
8.0
7.6
8.1
7.8
1.5
1.5
1.6
1.7
1.5
6.5
6.5
6.6
6.6
6.6
4.6
3.7
7.4
6.3
3.5
5.4
5.3
5.3
8.7
7.6
15.3
10.9
8.7
26.6
33.9
25.3
19.8
21.4
41.6
45.0
2.6
2.6
2.5
2.6
2.6
Neek ending
1992-MAY
JUNE
e—indicates estimated data.
p--indicates preliminary data.
@FedFRASER