Full text of H.6 Money Stock Measures : June 24, 1993

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

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Billions of dollars

Date

JUNE 24, 1993

M11

M22

DEBT5

4fr
Seasonally adjusted

1991-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

857.6
861.8
867.9
872.4
879.5
891.0
899.3

3416.2
3415.9
3417.0
3418.1
3422.5
3435.8
3445.8

4167.9
4160.7
4156.3
4150.4
4155.5
4162.8
4168.1

4983.5
4994.5
4983.1
4968.5
4972.3
4983.3
4982.2

11004.7
11037.0
11073.8
11107.3
11152.0
11198.8
11219.3

1992-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DBC.

911.5
926.2
935.1
941.2
952.2
952.6
963.3
975.5
990.1
1005.9
1019.1
1026.6

3451.0
3467.7
3467.8
3464.8
3467.5
3462.1
3463.6
3472.4
3480.2
3491.4
3498.0
3497.0

4172.2
4189.0
4184.9
4177.9
4179.8
4170.1
4169.0
4178.8
4183.0
4180.0
4178.5
4166.5

4978.3
4999.1
5010.1
5009.1
5011.0
5014.8
5012.5
5025.9
5037.4
5042.3
5055.9
5052.1

11249.3
11300.0
11357.7
11410.6
11456.5
11507.0
11553.0
11603.4
11642.3
11669.4
11724.1
11779.7

1993-JAN.
FBB.
MAR.
APR.
MAY

1033.3
1033.1
1035.4
1043.2
1067.2

3487.0
3475.2
3472.7
3474.7
3506.0

4140.9
4134.9
4130.4
4138.7
4170.9

5028.2
5022.4
5019.7
5034.6 p

11810.0
11848.6
11903.2
11961.6 p

Not seasonally adjusted
1991-JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DBC.

857.7
861.9
864.2
866.9
874.8
893.1
916.4

3411.7
3414.7
3413.3
3407.6
3417.0
3438.4
3457.9

4163.4
4157.1
4157.8
4140.7
4145.7
4167.7
4178.1

4971.3
4980.0
4975.7
4959.0
4961.7
4994.9
5004.2

10955.2
10988.5
11029.5
11074.4
11126.6
11176.9
11209.4

1992-JAN.
FBB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DBC.

917.3
916.0
930.5
954.7
943.9
951.9
962.5
970.4
982.8
1000.9
1021.5
1045.8

3456.0
3462.3
3474.8
3486.5
3452.5
3457.2
3461.0
3466.8
3467.8
3485.7
3500.8
3511.2

4174.1
4186.5
4195.2
4195.0
4167.1
4165.0
4163.6
4178.5
4171.5
4170.0
4183.8
4178.6

4993.2
4999.6
5023.4
5024.9
4988.0
5001.9
4996.3
5015.9
5026.7
5031.5
5068.9
5077.0

11236.8
11268.3
11318.0
11367.4
11408.1
11457.8
11507.7
11565.6
11615.3
11648.0
11705.4
11771.3

1993-JAN.
FBB.
MAR.
APR.
MAY

1040.2
1022.3
1030.8
1058.4
1058.0

3492.7
3469.2
3479.5
3498.1
3490.5

4143.6
4132.3
4140.4
4157.8
4157.4

5045.0
5022.7
5033.3
5052.4 p

11796.5
11815.2
11863.5
11919.8 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. 1993 TO MAY

1993

13.2

3.5

3.5

5.1

6 Months from NOV. 1992 TO MAY

1993

9.4

0.5

-0.4

5.0

1993

12.1

1.1

-0.2

4.8

Thirteen weeks ending JUNE 14, 1993
from thirteen weeks ending:
MAR. 15, 1993 (13 weeks previous)

8.8

1.0

1.4

DEC. 14, 1992 (26 weeks previous)

8.6

-0.1

-1.3

JUNE 15, 1992 (52 weeks previous)

11.5

0.7

-0.6

12 Months from MAY

1992 to MAY

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, January 1993 to April 1993, October 1992 to April 1993,
and April 1992 to April 1993, respectively.
Footnotes to Table 1:
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 (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.
2. 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, txcludes 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 as a whole and
then adding this result to seasonally adjusted M1.
3. 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.
4. Consists of M3 plus the nonbank public holdings of U.S. savings bonds, snort-term Treasury securities, commercial paper and bankers acceptances, net of money market
mutual fund holdings of these assets.
5. 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. 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

M3

M2

1993-MAR.

22
29

13-week
average
1033.0
1033.5

APR.

5
12
19
26

1034.5
1035.5
1035.9
1036.4

1037.2
1040.1
1040.5
1041.5

1042.1
1044.2
1039.0
1040.7

3477.7
3476.7
3475.0
3473.9

3473.0
3474.4
3473.8
3472.9

3476.0
3477.0
3467.9
3470.6

4134.3
4134.5
4133.0
4133.8

4130.6
4132.8
4133.6
4135.6

4130.1
4139.1
4130.8
4142.3

MAT

3
10
17
24
31

1038.0
1040.7
1043.5
1045.8
1048.8

1044.7
1050.0
1057.3
1063.5
1068.3

1055.0
1065.2
1068.2
1065.4
1074.5

3474.7
3477.1
3479.8
3482.1
3484.6

3475.7
3482.9
3493.1
3502.0
3507.6

3487.1
3505.9
3508.8
3506.3
3509.4

4135.3
4139.2
4141.9
4144.7
4146.8

4142.0
4151.5
4162.7
4169.6
4172.0

4155.9
4176^9
4175.5
4170.0
4165.7

JUNE

7p
14p

1051.8
1054.7

1070.2
1070.8

1072.7
1070.6

3488.0
3491.5

3510.9
3512.8

3518.9
3516.6

4150.3
4153.7

4171.8
4171.4

4176.1
4173.6

4-week
average
1034.8
1034.9

week
average
1037.3
1036.8

13-week
average
3480.4
3478.7

4-week
average
3473.3
3472.7

week
average
3470.3
3474.3

13-week
average
4136.5
4135.2

4-week
average
4131.6
4130.6

week
average
4127.3
4134.5

Not seasonally adjusted
1993-MAR.

22
29

1034.4
1032.3

1029.7
1029.9

1025.6
1021.0

3484.2
3481.8

3478.6
3478.8

3469.8
3468.4

4141.4
4139.1

4141.7
4140.4

4129.1
4130.6

APR.

5
12
19
26

1031.4
1032.0
1033.8
1035.5

1035.3
1044.3
1054.8
1059.3

1060.8
1069.7
1067.7
1038.8

3480.8
3480.6
3481.1
3481.3

3484.0
3493.3
3502.2
3501.7

3511.2
3523.9
3505.1
3466.6

4138.5
4139.9
4140.5
4142.2

4142.6
4150.4
4158.8
4159.7

4158.0
4184.0
4162.7
4134.2

MAY

3
10
17
24
31

1038.3
1041.2
1044.0
1046.0
1049.1

1056.9
1055.7
1054.4
1055.4
1057.5

1051.5
1064.7
1062.6
1042.7
1059.8

3482.9
3484.9
3486.8
3487.6
3489.2

3493.0
3487.0
3485.0
3487.3
3490.5

3476.2
3500.0
3497.3
3475.5
3489.2

4144.1
4147.4
4149.0
4150.5
4151.7

4155.6
4152.4
4152.8
4155.2
4157.6

4141.4
4171.2
4164.2
4143.8
4151.3

JUNE

7p
14p

1052.7
1056.3

1062.8
1067.4

1086.0
1081.1

3492.4
3495.5

3498.3
3505.9

3531.1
3527.8

4155.0
4157.8

4162.8
4169.0

4192.0
4189.0

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
Currency1

Dale

4.
5.
6.
7.
e

Other checkable deposits

1992-JAM.

269.0
270.6
271.9

296.3
303.3
306.0

APR.
MAT
JUNE

273.6
275.1
276.6

310.6
314.7
312.3

253.4
256.6
259.1

9*. 7
96.0
96.6

349.0
354.7
355.9

2523.7
2515.3
2509.5

713.1
712.3
706.0

JOLT
A0O.

279.5
282.4
286.3

317.5
322.5
329.0

261.1
264.1
266.6

97.5
96.7
100.1

356.6
362.6
366.7

2500.3
2496.9
2490.2

705.4
706.4
702.6

OCT.
MOV.

266.0
269.6
292.3

336.0
339.5
340.9

271.9
278.7
261.2

101.9
103.0
104.0

373.7
381.6
365.2

2465.5
2476.6
2470.3

666.5
660.5
669.6

1993-JAN.

294.7
296.6
299.0

341.9
341.9
342.0

263.5
263.3
264.0

105.1
103.2
102.4

366.6
366.4
366.4

2453.6
2442.1
2437.3

654.0
659.6
657.7

APR.
MAY

301.4
304.0

347.3
359.2

263.3
291.0

103.1
104.6

366.4
395.6

2431.4
2436.9

664.1
664.9

300.9
302.1

345.3
345.1

261.5
262.0

103.2
103.4

364.7
365.4

2428.9
2429.6

663.0
671.6

355.3
358.5
359.9
357.9
362.7

285.3
290.6
291.3
291.6
293.1

104.0
104.6
104.8
103.4
105.6

369.2
395.4
396.1
395.2
398.6

2432.2
2440.6
2440.6
2440.6
2434.9

666.7
670.9
666.7
663.7
656.3

360.7
359.5

292.8
290.5

105.6
106.0

398.4
396.5

2446.2
2446.0

657.3
657.0

MAY

3
10
17
24
31

302.3
303.0
303.9
304.2
305.0

JUNB

7p
14p

305.3
306.4

0.2
8.2

•
•

At thrift
institutions9
92.7
94.4
95.5

Nontransactions components

At commercial
banks 4
245.9
249.9
252.1

1993 -APR. 19
26

1.
2.
3.

Travelers checks2 Demand deposits*

Total

InM?

In M3 only7

336.6
344.3
347.5

2539.5
2541.5
2532.7

721.2
721.3
717.1

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 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.
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.
estimated




p

preliminary

Page 5
H.6 (508)
Table 4 - continued

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

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Total

General
purpose and
broker/dealer
money
market funds

1992-JAN.
FEB.
MAR.

677.2
689.0
695.6

383.1
391.7
398.7

1060.3
1080.7
1094.3

589.1
578.6
571.2

453.9
442.9
432.8

1043.0
1021.5
1004.0

360.3
362.3
358.0

APR.
MAY
JUNE

703.9
709.3
713.3

403.6
410.3
412.7

1107.5
1119.6
1126.0

567.9
560.0
552.9

418.2
409.6
402.8

986.1
969.6
955.7

JULY
AUG.
SEP.

719.5
727.6
737.2

415.0
418.2
421.7

1134.5
1145.7
1158.9

544.6
535.6
527.5

396.9
391.3
385.2

OCT.
NOV.
DEC.

746.1
752.5
756.1

424.4
427.9
429.9

1170.5
1180.4
1186.0

519.9
511.9
507.0

1993-JAN.
FEB.
MAR.

754.1
755.7
753.9

430.2
426.6
424.8

1184.4
1182.3
1178.8

APR.
MAY

755.9
764.7

425.6
429.0

19
26

754.4
756.1

MAY

3
10
17
24
31

JUNE

7p
14p

Savings deposits1
Date

1993-APR.

1.
2.

Small-denomination time deposits 2

Institutiononly money
market funds

Large-denomination time deposits 3
At
commercial
banks 4

At
thrift
institutions

Total

186.1
192.0
192.2

336.9
333.7
330.0

82.0
79.9
77.4

418.9
413.6
407.4

354.5
354.9
353.5

195.9
202.2
206.3

326.6
323.0
317.7

75.5
73.0
71.7

402.1
395.9
389.3

941.5
926.9
912.7

350.4
348.9
343.9

212.5
220.9
220.7

311.0
307.8
303.5

71.5
70.3
70.2

382.5
378.1
373.7

376.6
369.9
363.2

896.5
881.7
870.2

346.3
343.7
342.3

210.9
209.2
202.3

296.8
292.8
290.2

70.2
68.5
67.3

367.0
361.3
357.5

502.7
504.0
502.8

358.2
351.0
347.3

860.9
855.0
850.1

339.6
333.6
333.1

197.7
201.9
200.9

283.7
280.8
275.9

67.1
65.5
64.5

350.7
346.3
340.5

1181.6
1193.7

499.0
494.7

344.7
343.1

843.7
837.8

331.7
336.5

200.4
202.8

278.2
279.3

65.1
64.4

343.3
343.6

424.6
427.2

1179.0
1183.3

498.9
498.0

344.6
344.2

843.5
842.1

330.6
332.7

200.4
200.5

277.9
280.8

65.2
65.5

343.1
346.3

759.6
765.2
766.0
763.8
764.9

428.6
428.6
428.8
428.8
429.5

1188.2
1193.8
1194.8
1192.6
1194.5

497.0
496.0
494.9
493.8
493.2

343.9
343.8
343.2
342.5
342.6

840.9
839.8
838.1
836.2
835.8

335.5
336.0
334.9
338.1
337.5

201.4
205.5
203.4
206.0
196.8

281.4
280.8
279.2
276.4
279.7

65.3
64.8
64.6
63.8
63.8

346.7
345.6
343.8
340.2
343.5

770.1
771.6

429.7
429.6

1199.8
1201.2

492.3
491.3

341.6
340.1

833.9
831.4

337.5
338.3

197.0
200.0

278.2
277.5

63.8
63.4

342.0
340.8

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.
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, 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
Debt components4

Non-M3 Components of L

Date
Savings bonds

Bankers acceptances2

Commercial paper3

Federal debt

Non-Federal debt

1992-JAN.
FEB.
MAR.

139.0
140.2
141.3

311.9
320.0
325.1

22.9
22.6
22.2

332.3
327.3
336.7

2782.6
2801.8
2841.7

8466.7
8498.2
8516.0

APR.
MAY
JUNE

142.4
143.5
144.6

325.9
329.4
330.1

21.8
22.0
22.0

341.0
336.4
348.1

2877.3
2908.5
2943.8

8533.3
8548.0
8563.2

JULY
AUG.
SEP.

145.8
147.4
149.3

324.8
322.9
321.0

21.
21,
20.

351.2
355.7
363.4

2968.
2991.
3004.

8584.9
8611.8
8638.2

OCT.
NOV.
DEC.

151.9
154.7
156.8

321.8
330.1
340.0

20.
20.
20.

368.0
372.4
368.4

3001.
3027.
3069.

8667.9
8696.2
8710.7

1993-JAN.
FEB.
MAR.

158.9
161.1
162.7

347.1
350.5
347.0

20.6
20.1
19.2

360.7
355.9
360.3

3076.3
3090.0
3128.5

8733.8
8758.5
8774.7

163.9

347.3

19.2

365.5

3156.8

8804.9

APR. p

1.

onori-ierm ir
securitie

2.
3.
4.

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 7
H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Travelers
checks 2

Demand
deposits 3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M26

Overnight RPs8

In M3 only7

Overnight
Eurodollars9

1992-JAN.
FEB.
MAR.

267.8
269.4
271.0

7.4
7.5
7.4

299.9
296.4
302.6

250.7
250.4
254.1

91.4
92.3
95.4

342.2
342.7
349.5

2538.7
2546.3
2544.3

718.1
724.3
720.4

55.9
58.3
54.1

21.9
19.6
20.6

APR.
MAY
JUNE

273.3
275.7
277.2

7.3
7.4
7.8

313.8
308.3
311.4

261.3
255.7
257.7

98.9
96.8
97.8

360.2
352.5
355.5

2531.8
2508.6
2505.3

708.6
714.6
707.8

53.4
50.8
52.7

19.3
18.7
19.8

JULY
AUG.
SEP.

280.8
282.9
284.6

8.2
8.4
8.5

317.7
319.8
326.1

257.7
260.8
264.0

98.2
98.4
99.6

355.9
359.2
363.6

2498.5
2496.4
2485.0

702.6
711.7
703.6

53.4
59.4
56.1

19.4
16.8
17.7

OCT.
NOV.
DEC.

287.0
290.0
295.0

8.4
7.9
7.8

336.7
343.9
355.3

268.1
277.0
284.0

100.8
102.7
103.7

368.8
379.7
387.7

2484.8
2479.3
2465.4

684.3
683.0
667.4

55.1
54.2
52.5

19.9
20.9
21.3

1993-JAN.
FEB.
MAR.

293.6
295.3
297.9

7.8
7.7
7.8

346.2
334.3
336.4

289.1
284.1
286.5

103.6
100.8
102.4

392.7
384.9
388.9

2452.5
2447.0
2448.7

650.8
663.0
660.9

54.5
55.9
57.1

17.8
17.0
16.1

APR.
MAY

301.3
304.4

7.8
7.9

350.7
352.1

292.0
287.7

106.7
105.8

398.7
393.5

2439.7
2432.5

659.7
667.0

56.4
54.9

14.7
13.5

Week e n d i n g

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

1993-APR.

19
26

301.0
300.4

7.8
7.8

355.0
340.8

296.3
286.4

107.6
103.5

403.9
389.9

2437.4
2427.8

657.6
667.6

56.3
57.1

13.7
13.6

MAY

3
10
17
24
31

301.4
305.1
304.3
303.8
305.0

7.8
7.8
7.9
7.9
8.0

351.6
353.5
356.9
342.7
354.2

285.3
290.4
287.3
285.3
287.2

105.6
108.0
106.2
102.9
105.4

390.8
398.3
393.6
388.2
392.5

2424.7
2435.3
2434.7
2432.9
2429.3

665.2
671.2
666.9
668.2
662.2

52.4
54.6
56.7
56.1
53.0

14.2
14.3
12.2
13.8
13.2

JUNE

7p
14p

307.8
307.7

8.1
8.2

362.8
363.9

296.5
293.1

110.8
108.2

407.3
401.3

2445.1
2446.6

660.8
661.3

58.8
57.9

12.8
12.8

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 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 overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), savings deposits (including money market deposit accounts) and small time deposits.
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.
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).

Digitized
FRASER
e for
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
Small-denomination time deposits2

Savings deposits1
Date

3.
4.

p

General
purpose and
broker/dealer
money
market funds

Institutiononly money
market funds

Large-denomination time deposits 3

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

1992-JAN.
FEB.
MAR.

673.4
686.5
698.7

380.9
390.2
400.4

1054.3
1076.7
1099.0

591.1
579.4
570.6

455.4
443.5
432.3

1046.5
1022.9
1002.9

360.0
368.8
367.7

190.8
200.1
194.9

334.6
333.0
330.9

81.4
79.7
77.6

416.1
412.7
408.6

APR.
MAY
JUNE

708.0
710.0
716.1

406.0
410.7
414.3

1113.9
1120.6
1130.5

566.7
557.7
551.0

417.3
407.9
401.4

984.0
965.6
952.4

361.1
352.9
349.9

194.9
202.3
202.4

325.7
324.8
319.3

75.3
73.4
72.0

400.9
398.2
391.3

JULY
AUG.
SEP.

721.9
728.2
735.4

416.3
418.5
420.6

1138.2
1146.7
1156.0

544,7
535.8
528.1

397.0
391.4
385.7

941.7
927.2
913.8

345.8
346.2
341.4

209.0
220.6
216.6

310.6
309.1
303.9

71.4
70.6
70.3

382.1
379.7
374.2

OCT.
NOV.
DEC.

744.4
751.9
752.3

423.4
427.5
427.8

1167.9
1179.4
1180.0

521.1
512.5
507.8

377.4
370.3
363.8

898.6
882.9
871.5

343.4
341.9
340.0

206.3
209.5
202.4

296.0
292.7
289.1

70.0
68.5
67.1

366.0
361.2
356.2

1993-JAN.
FEB.
MAR.

749.5
753.1
757.5

427.6
425.1
426.8

1177.1
1178.2
1184.3

504.5
504.6
502.1

359.5
351.4
346.8

864.0
856.0
849.0

339.2
339.8
342.2

202.3
210.3
203.6

281.7
280.3
276.8

66.6
65.4
64.7

348.3
345.7
341.5

APR.
MAY

760.7
765.8

428.3
429.6

1189.1
1195.3

497.8
492.4

343.8
341.5

841.7
834.0

337.9
334.8

199.5
203.0

277.4
280.9

65.0
64.7

342.3
345.7

760.0
754.2

427.7
426.1

1187.7
1180.3

497.7
496.1

343.8
342.9

841.4
839.0

338.3
337.8

200.2
203.9

276.9
278.4

65.0
65.0

341.8
343.4

Week e n d i n g
1993-APR. 19
26

1.
2.

•
Total

At
commercial
banks4

At
thrift
institutions

Total

MAY

3
10
17
24
31

757.4
767.0
768.6
764.4
765.6

427.3
429.5
430.2
429.2
429.9

1184.8
1196.5
1198.9
1193.6
1195.5

495.0
493.9
492.6
491.6
490.7

342.6
342.3
341.7
341.0
340.8

837.6
836.2
834.2
832.6
831.6

335.6
333.6
332.6
336.8
336.1

201.4
206.0
202.8
207.3
196.4

280.3
281.5
280.3
279.4
282.7

65.0
65.0
64.9
64.5
64.5

345.3
346.5
345.2
343.8
347.2

JUNE

7p
14p

775.6
778.4

432.8
433.4

1208.3
1211.7

490.0
489.3

340.0
338.7

830.0
628.0

335.2
336.1

195.2
196.4

281.2
281.0

64.5
64.2

345.7
345.2

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.
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

Term RPs1
At commercial
banks

At thrift
institutions

Total

Term
Eurodollars2

Savings bonds

1992-JAN.
FEB.
MAR.

48.9
50.3
52.5

22.1
22.3
21.8

71.0
72.6
74.3

55.7
56.1
58.0

APR.
MAY
JUNB

53.3
55.6
55.3

20.8
20.8
21.1

74.1
76.4
76.4

m

53.6
55.6
57.8

21.5
20.2
19.8

OCT.
MOV.
DEC.

59.4
61.0
60.4

1993-JAN.
FEB.
MAR.
APR.
MAY

Date

Bankers
acceptances 4

Commercial
paper9

138.8
140.1
141.4

Short-term
Treasury.
securities3
317.9
319.9
327.1

23.7
22.7
21.8

338.7
330.4
338.0

2782.5
2799.1
2834.7

8454.3
8469.1
6483.3

54.9
52.8
51.9

142.7
143.9
144.9

321.0
320.0
321.4

21.3
21.6
21.7

345.0
335.4
348.8

2863.5
2884.1
2912.2

8504.0
8524.0
6545.7

75.1
75.8
77.6

51.1
51.4
49.4

146.0
147.4
149.2

315.9
319.2
322.6

21.6
20.9
20.2

349.3
349.9
363.2

2937.5
2970.3
2993.9

6570.3
8595.3
6621.4

20.3
20.5
20.3

79.7
81.5
80.7

48.1
47.2
45.6

151.8
154.4
156.4

324.6
339.5
354.2

20.4
20.8
21.4

364.7
370.4
366.3

2998.1
3028.3
3069.8

8649.9
6677.1
6701.5

58.5
59.7
63.1

21.4
22.5
22.8

79.9
82.2
85.8

43.5
46.7
50.0

158.6
161.0
162.9

353.7
350.1
349.5

21.5
20.3
18.9

367.7
359.1
361.7

3076.2
3087.3
3121.4

8720.3
8727.9
6742.1

64.8
63.8

23.5
24.2

88.4
88.0

49.7
51.0

164.2 p

341.8 p

18.7 p

369.9 p

3142.9 p

8776.9 p

64.1
64.3

23.7
23.8

87.8
88.1

48.5
50.8

Wtefc endln?
1993-APR. 19
26

Debt components9

Non-M3 Components of L

MAY

3
10
17
24
31

64.2
63.6
63.2
63.7
64.7

24.2
24.4
24.2
24.1
23.9

88.4
87.9
87.4
87.8
88.6

51.9
49.0
52.2
51.7
50.6

JUNB

7p
14p

65.6
65.6

24.0
23.9

89.6
89.5

50.4
50.5

Federal debt

Non-Federal
debt

4.
5.
6.

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 (ess 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

1.
2.




Page 10
H.6 (508)
Table 6

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

Foreign
commercial
banks

Foreign
official
institutions

1992-JAN.
FEB.
MAR.

8.5
7.8
7.8

1.7
1.5
1.4

8.0
7.4
6.9

5.2
4.3
4.2

APR.
MAY
JUNE

8.2
8.0
8.1

1.4
1.4
1.5

6.8
7.3
7.8

JULY
AUQ.
SEP.

8.6
7.9
8.5

1.6
1.4
1.7

OCT.
NOV.
DBC.

8.5
8.3
8.9

1993-JAN.
FEB.
MAR.
APR.
MAY

Weefc anOinq
1993-APR. 19
26

e
p

Time and
savings
deposits due
Demand
to foreign
deposits at
banks and
commercial
official
institutions
banks

U.S. government deposits
Balance
at
Federal
Reserve

Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

27.9
20.9
15.9

40.5
31.5
25.7

1.8
2.0
2.2

148.3
148.4
147.8

132.3
131.3
130.8

43.5
44.6
43.8

324.1
324.3
322.4

5.8
4.2
5.2

4.9
5.2
6.7

11.9
16.8
19.9

22.6
26.2
31.8

2.5
2.6
2.6

148.4
148.6
147.9

130.2
129.5
129.0

43.9
43.8
43.1

322.4
321.9
320.1

8.0
7.9
7.8

3.7
3.9
5.4

5.9
5.7
10.6

15.9
18.5
23.2

25.5
28.0
39.2

2.5
2.5
2.5

147.6
147.5
147.6

127.7
125.8
125.0

43.1
43.2
43.0

318.4
316.4
315.5

1.6
1.6
1.6

7.7
7.7
7.7

4.2
4.1
5.2

5.8
5.5
6.0

17.7
12.4
14.3

27.7
21.9
25.5

2.5
2.7
2.6

147.6
147.2
147.1

124.1
123.1
122.0

44.6
46.2
45.4

316.3
316.5
314.5

8.7
8.8
8.6

1.4
1.5
1.6

7.7
7.7
7.7

6.1
4.3
4.2

7.7
5.9
5.4

27.0
25.2
13.2

40.8
35.4
22.8

2.0
2.5
2.3

147.1
146.9
146.8

121.1 a
120.5 e
119.8 e

45.0 a
45.2 a
45.2 a

313.2 a
312.6 a
311.7 a

8.0
8.4

1.7
1.6

7.7
7.7

5.8
4.2

6.2
5.8

14.5
16.1

26.5
26.1

1.4
2.5

146.1
145.1

119.1 a
118.0 a

45.2 a
45.0 a

310.4 a
308.1 a

8.0
7.9

1.6
1.5

7.7
7.7

9.2
5.3

6.3
7.1

15.7
20.7

31.1
33.1

0.9
2.6

3
10
17
24
31

7.9
8.7
8.2
8.2
8.6

1.5
1.7
1.5
1.6
1.5

5.6
5.6
5.4
6.5
5.7

27.5
16.8
12.1
16.3
14.4

38.8
26.0
21.9
26.1
24.1

JUNB

7p
14p

9.0
7.8

1.8
1.4

5.0
4.6

11.6
5.2

21.
14.




Time and
savings
deposits at
commercial
banks

7.4
6.2
5.6

*'

MAY

estimated
preliminary

IRA and Keogh Accounts