Full text of H.6 Money Stock Measures : June 27, 1996
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•oQ£S2!3*
FEDERAL RESERVE statistical release
H.6(508)
-f*4Ll@
Table 1
6
Forreteaseat430p/n. Eastern Tme
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
JUNE27.1996
Billions of dollars
Date
MV
M22
M33
DEBT*
Seasonally adjusted
1994-JUNE
JULY
AUG.
SBP.
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
12843.7
12864.3
12926.4
12986.6
13036.8
13111.2
13153.2
1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SBP.
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
13202.3
13280.9
13344.1
13421.6
13522.1
13580.9
13616.3
13669.2
13709.4
13758.7
13829.7
13871.3
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
4692.4
4705.9
5704.3
5725.1
5784.5
5806.1 p
13932.8
14015.6
14066.2
14122.6 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
12788.3
12814.8
12874.8
12945.3
13000.7
13085.0
13145.8
1995-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SBP.
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
13178.6
13232.6
13303.7
13360.2
13432.5
13513.8
13558.8
13605.5
13662.3
13717.5
13793.2
13858.0
1996-JAN.
FBB.
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
4697.3
4690.8
5717.7
5714.2
5785.3
5811.7 p
13908.6
13965.8
14023.9
14052.9 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
5.4
5.4
6 Months from NOV. 1995 TO MAY
1996
-2.0
4.7
6.3
5.3
1996
-2.5
5.3
6.5
5.2
Thirteen weeks ending JUNE 17, 1996
from thirteen weeks ending:
MAR. 18; 1996 (13 weeks previous)
-0.1
4.7
6.2
DEC. 18, 199 5 (26 weeks previous)
-1.6
5.2
6.4
JUNE 19, 199 5 (52 weeks previous)
-2.3
5.5
6.6
12 Months from MAY
1.
199 5 to MAY
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 M 1 .
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 lame 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 Z.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 en<ding
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
1996-MAR.
25
1121.5
1128.0
1126.8
3 697.2
3727.9
3726.8
4638.3
4683.9
4682.3
APR.
1
8
15
22
29
1121.8
1122.0
1122.2
1122.8
1122.7
1127.4
1127.7
1126.3
1125.9
1122.1
1128.0
1125.4
1124.9
1125.1
1113.1
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
4665.3
4671.9
4684.9
4688.0
4689.0
4691.5
4690.9
4683.1
4694.7
4695.8
4692.3
4680.9
MAY
6
13
20
27
1122.9
1123.0
1123.3
1123.0
1121.5
1119.2
1117.5
1117.6
1122.9
1115.7
1118.3
1113.6
3723.1
3726.7
3729.5
3731.4
3732.7
3729.4
3727.9
3731.1
3732.5
3732.8
3731.0
3728.1
4679.1
4684.5
4689.0
4692.4
4693.6
4696.6
4699.2
4704.8
4705.5
4707.6
4702.9
4703.3
JUNE
3
lOp
17p
1122.4
1121.7
1120.9
1117.7
1117.3
1117 . 9
1123.2
1114.1
1120.6
3732.8
3734.5
3736.0
3733.5
3737.1
3743.0
3742.0
3747.2
3754.5
4695.8
4699.4
4702.5
4709.3
4714.4
4721.7
4723.5
4727.8
4732.2
Not seasonally adjusted
p
1996-MAR.
25
1119.3
1115.4
1103.8
3690.1
3717.7
3708.0
4631.8
4671.7
4663.5
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
3714.4
3722.7
3736.4
3749.9
3759.2
3749.6
3731.8
3777.3
3782.4
3745.1
3693.6
4637.5
4644.5
4650.5
4657.4
4664.0
4675.1
4686.3
4696.5
4703.6
4697.4
4677.2
4721.9
4723.3
4692.1
4652.2
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
3722.8
3725.9
3728.0
3736.6
3722.2
3714.7
3715.7
3725.4
3724.5
3715.2
3697.7
4671.1
4676.3
4681.2
4685.1
4689.6
4682.7
4681.5
4688.3
4690.8
4695.7
4687.4
4679.2
JUNE
3
lOp
17p
1116.5
1116.8
1116.9
1103.6
1107.3
1111.4
1117.8
1121.7
1120.3
3730.0
3733.2
3735.6
3718.8
3728.7
3740.0
3737.8
3764.1
3760.4
4689.5
4694.8
4699.3
4695.8
4708.3
4721.6
4720.9
4745.8
4740.5
preliminary data.
Page 4
H.6(508)
Table 4
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Currency1
Date
1.
2.
3.
4.
5.
6.
7.
Travelers checks2
Demand deposits3
Other checkable deposits
Nontransactions components
At commercial
banks4
At thrift
institutions*
Total
lnM2 6
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
2378.0
2397.3
2429.5
862,
876.
884.
JULY
AUG.
SEP.
367.3
368.5
369.5
8.9
8.9
8.8
388.
389.
389.
276.2
272.0
266.4
104.6
105.1
106.0
380 .8
377 .2
3 7 2 ,.4
2447.3
2468.8
2485.5
893.
901.
908.
OCT.
NOV.
DEC.
370.8
371.6
373.2
8.8
8.9
8.9
388.
388.
389.8
258.1
254.1
245.6
105.9
106.3
107.4
364,.1
360 .4
3 5 3 ,.0
2501.3
2516.2
2537.7
916.3
916.2
913.4
1996 -JAN.
FEB.
MAR.
373.6
373.3
375.2
8.9
8.9
8.9
393.5
397.4
407 . 1
236.5
230.4
226.0
106.6
107.4
109.4
3 4 3 , .2
3 3 7 ,.8
3 3 5 ..4
2558,
2576,
2603.
927.0
949.0
955.6
APR.
MAY
375.9
377.0
8.9
8.7
406.3
409.7
225.4
214.7
107.2
107.5
3 3 2 . .6
3 2 2 .,1
2612.
2613.
956.3
974.7
Week e n d i n a
1 9 9 6 -APR. 2 2
29
375.8
376.7
8.9
8.8
406.2
399.5
227.5
221.7
106.7
106.3
334.2
328.0
2611.5
2602.3
955.6
965.5
MAY
6
13
20
27
375.9
376.3
377.1
378.1
8.8
8.8
8.7
8.7
410.2
406.1
411.6
409.1
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
973.1
974.8
971.9
975.2
JUNE
3
lOp
17p
377.5
378.4
379.0
8.7
8.7
8.7
417.2
412.4
417.3
210.5
206.9
207.9
109.4
107.7
107.6
319.9
314.6
315.6
2618.7
2633.1
2633.9
981.5
980.6
977.7
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 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.
e
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-deno minationtime deposits 2
Savings deposits1
Date
3.
4.
5.
6.
p
Institutional
money
funds4
At
commercial
banks
At
thrift
institutions
Total
At
commercial
banks
At
thrift
institutions
1995-JAN.
FEB.
MAR.
743.8
734.8
725.2
390.9
383 .2
377.3
1134.7
1118.0
1102.5
516.0
526.9
538.7
323.1
330.6
339.0
839.1
857.5
877.7
391.2
390.8
390.2
APR.
MAY
JUNE
718.8
719.8
729.3
372.4
369.7
367.7
1091.2
1089.5
1097.0
546.9
554.3
561.1
346.5
351.8
352 .6
893.4
906.1
913.7
JULY
AUG.
SEP.
731.3
739.1
746.3
365.0
362.4
362 . 1
1096.2
1101.6
1108.4
566.5
569.8
571.7
352.9
353 .8
355.1
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
1996-JAN.
FEB.
MAR.
793.2
804.1
821.0
358.6
360.4
362.1
1151.8
1164.5
1183.0
APR.
MAY
827.0
829.8
366.4
367.9
827.4
822 .6
Week e n d i n g
1 9 9 6 - A P R . 22
29
1.
2.
Total
Retail
money
funds*
Large-denomination time deposits 5
At
commercial
banks6
At
thrift
institutions
189.3
188.4
195.0
297.4
303.9
308.4
66.8
67.9
69.2
364.2
371.8
377.6
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
919.3
923.6
926.8
431.7
443.6
450.3
218.6
218.5
221.7
321.2
323.3
326.8
72.7
73.3
73.7
393.9
396.6
400.5
356.8
358.7
359.6
930.2
935.5
938.1
455.0
460.1
465.1
223.7
224.8
227.2
335.4
340.7
342.4
74.4
74.7
75.0
409.8
415.5
417.5
580.9
580.3
578.1
357 .0
357.1
354.5
937.8
937.4
932.7
468.6
474.7
487.6
230.6
243.9
248.3
340.6
346.2
354.1
76.0
76.1
75.5
416.6
422.4
429.7
1193.3
1197.8
576.4
575.3
354.0
353 .2
930.4
928.5
488.7
487.4
245.6
243.5
356.6
362.3
75.6
75.0
432.2
437.3
366.3
366.6
1193.7
1189.2
576.1
575.9
353.9
353.7
930.0
929.6
487.9
483.5
245.4
242.4
355.9
361.4
75.2
75.2
431.2
436.5
Total
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
360.1
359.9
362.7
364.7
75.4
75.1
74.9
74,7
435.5
435.0
437.6
439.4
JUNE
3
lOp
17p
831.4
841.7
839.2
367.6
368.5
368.9
1199.0
1210.3
1208.1
575.4
575.4
575.1
352.9
352.6
352.5
928.2
928.0
927.6
491.5
494.9
498.2
248.4
249.0
250.5
364.8
365.3
366.2
75.2
75.1
75.1
440.0
440.4
441.3
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 mere, 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 6
H.6(508)
Table 4 - continued
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Date
Short-term
Treasury
securities3
Savings bonds
Bankers
acceptances4
Commercial paper5
Federal debt
Non-Federal debt
180.5
180.5
180.7
387.3
400.2
411.1
13.6
406.3
3504.5
191.9
191.1
87.3
86.4
87.2
13.5
13.7
414.9
420.9
3535.2
3556.4
9697.8
9745.7
9787.7
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
9863.0
9945.2
9978.2
JULY
AUG.
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
10000.8
10047.8
10085.6
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
10126.1
10183.9
10226.7
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
10294.2
10353.9
10370.2
APR.
MAY
182.9
196.9
95.6
96.9
185.6
184.0
186.8
95.1
99.7
1355 - J A N .
FEB.
MAR.
157.4
Debt components6
Non-M3 Components of L
Eurodollars2
RPs
p
456.8
p
10.3
p
461.0
p
3705.2
p
10417.4
T T
* «ek <e n d i n a
9 9 6 -APR. 2 2
29
MAY
6
13
20
27
194.2
199.1
197.5
197.1
98.5
98.2
96.3
94.9
JUNE
3
lOp
17p
196.1
191.3
187.3
97.1
99.9
98.6
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 7
H.6(508)
Table 5
COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
cy1
Date
Travelers
checks2
Demand
deposits3
Nontransactions components
Other checkable deposits
At commercial
banks4
At thrift
institutions5
Total
lnM2 6
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,
104,
105,
377.8
373.1
370.3
2453.
2475.
2484.
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,
106,
108,
361,
360,
358,
2498.
2514.
2531.
920.2
923.5
914.8
1 9 9 6 -JAN.
FEB.
MAR.
371.7
370.8
374.3
8.5
8.5
8.6
399.0
388.3
397.5
242,
230,
226,
106,
105,
109,
348.
336,
335,
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
107
339.
318,
2619.0
2612.3
948.3
974.2
Week endinc
1.
2.
3.
4.
5.
6.
7.
1996-APR.
22
29
374.9
373.9
8.6
8.6
404.6
391.7
233.5
219.5
109.4
105.3
342.9
324.7
2614,1
2594 7
947.0
958.6
MAY
6
13
20
27
376.8
377.5
377.2
378.2
8.6
8.6
8.6
8.7
404.7
397.8
401.6
390.2
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
965.4
971.2
972.2
981.5
JUNE
3
lOp
17p
377.9
381.2
380.3
8.7
8.8
8.9
412.9
412.1
414.7
209.2
208.7
207.6
109.0
110.9
108.7
318.3
319.6
316.3
2620.0
2642.3
2640.1
983.2
981.8
980.1
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 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.
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 deposits 1
At
commercial
banks
At
thrift
institutions
Total
Retail
money
funds*
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
=>ek ending
996-APR. 22
29
822 .9
814.1
MAY
6
13
20
27
JUNE
3
lOp
17p
Date
1.
2.
3.
4.
5.
6.
p
Small-denomination time deposits 2
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.
SEP.
Institutional
money
funds4
Large-denomination time deposits 5
At
commercial
banks6
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
353.9
364.6
75.0
75.5
428.9
440.2
364 .3
362 .9
1187 .3
1 1 7 7 ,.0
577 . 9
577 .7
355.0
354.8
932.9
932.5
493.9
485.2
242.0
238.9
353.4
359.4
74 .7
7 4 .8
428 .1
434 ,2
824.0
828.2
828.2
829.9
366 .3
3 6 7 ,.8
3 6 7 ,. 1
366 .5
1 1 9 0 ,.3
1 1 9 6 ,.0
1 1 9 5 ,.3
1 1 9 6 ,.4
577 . 9
577 . 5
5 7 7 ,. 3
5 7 7 ,.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
365.0
368.9
7 5 , .4
7 5 , .5
7 5 , .4
7 5 , .6
435,.5
437,,6
4 4 0 ,.4
4 4 4 .,5
832.2
847.3
843.2
3 6 8 ,.0
3 7 1 ,.0
3 7 0 . .1
1 2 0 0 , .2
1 2 1 8 , ,3
1 2 1 3 . .9
5 7 7 ,.4
5 7 7 ,.6
577,.0
354.2
353.9
353.7
931.6
931.5
930.7
488.2
492.6
495.5
244.3
244.9
246.3
367.7
368.3
368.2
7 5 , .8
7 5 , .7
7 5 . .5
4 4 3 . .5
4 4 4 . -0
4 4 3 . ,7
Total
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
RPs1
Date
At commercial
banks
At thrift
institutions
Debt components 6
Non-M3 Components of L
Eurodollars2
Savings bonds
Total
Short-term
Treasury
securities3
Bankers
acceptances 4
Commercial
paper5
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
9679.6
9707.6
9752.6
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
9816.1
9879.9
9934.6
JULY
AUG.
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
9969.9
10003.3
10055.5
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
10107.4
10157.2
10212.1
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
10274.2
10310.3
10325.8
APR.
MAY
135.2
147.4
47.1
49.8
182.3
197.2
94.3
95.7
186.1
136.1
137.7
47.5
48.9
183.5
186.5
93.4
99.1
Week e n d i n g
1 9 9 6 - A P R . 22
29
MAY
6
13
20
27
143.7
148.9
148.2
147.7
49.8
49.6
49.5
50.3
193.5
198.5
197.7
197 . 9
95.7
95.5
95.1
95.9
JUNE
3
lOp
17p
148.8
144.6
142.1
49.9
50.0
50.4
198.7
194.7
192.5
96.7
98.2
97 . 6
p
456.7
p
10.5
p
461.1
p
3697.6
p
10355.3
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
U.S. government deposits
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 e
69.0 e
69.2 e
322.7 e
323.5 e
324.7 e
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 e
107.7 e
108.3 e
69.4 a
69.6 a
69.8 e
326.0 a
326.4 a
327.5 e
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 e
108.0 e
108.1 e
70.0
70.3
70.8
e
a
e
328.1 a
328.1 a
328*7 a
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 e
107.5 e
107.3 e
71.3
71.8
72.3
e
e
a
329.3 a
329.4 a
329.8 a
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 e
106.9 e
72.6
72.7
a
a
330.1 a
330.0 a
7.5
8.2
1.5
1.4
12.4
12.4
7.0
6.3
9.6
8.0
10.2
18.2
26.9
32.5
3.0
4.5
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
3
lOp
17p
8.5
8.1
8.9
1.6
1.4
1.4
12.4
12.4
12.4
3.3
3.0
8.2
4.2
5.8
5.7
5.4
5.8
8.2
12.9
14.6
22.1
4.5
4.5
4.5
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-JAH,
FEB.
MAR.
8.3
8.3
8.3
1.5
1.5
1.5
APR.
MAY
8.0
8.2
29
Foreign
commercial
banks
Foreign
official
institutions
1995-JAN.
FEB.
MAR.
8.4
8.0
8.1
1.6
1.6
1.6
APR.
MAY
JUNE
7.7
8.2
8.2
JULY
AUO.
SEP.
/eek endln<
1996-APR. 2 2
MAY
JUNE
IRAandKeogh Accounts
Time and
savings
deposits at
commercial
banks
Demand
deposits at
commercial
banks
Date
e
p
Time and
savings
deposits
due to
foreign
banks and
official
institutions
estimated
preliminary
Note
balances at
depository
institutions
Total
cash
balance
At
thrift
institutions
At
money
market
funds
Total
H.6 (508)
Special Supplementary Table
Monthly Survey of Selected Deposits l
April 30,1996 and May 31,1996
{not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Liability Categories
Apr. 30
May 31
NOW Accounts
228,736
208,932
Savings Deposits"
Personal
Nonpersonal
805,431
640,003
165.428
34.076
96.064
96.272
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 davs to 1 year
1 to 2-V2 year
2-'/ 2 years and over
All IRA/Keogh Plan deposits
3
Change
(percent)
Average Rate Paid (%)
Change
(b. p.)
Apr. 30
May 31
^66
L89
IJii
-1
839,656
670,277
169,379
4.25
4.73
2.39
2.91
N.A.
N.A.
2.89
N.A.
N.A.
-2
N.A.
N.A.
33.417
-1.93
0.22
4.01
3.99
-2
4.51
4.86
4.51
4.89
0
3
5.11
5.36
8
8
N.A.
N.A.
190,045
208.277
193,043
207,849
1.58
-0.21
197,797
196.558
-0.63
5.03
5.28
150.586
150,089
-0.33
N.A.
BIF-insured Savings; Banks
Amount Outstanding ($mil.)
Change
(percent)
4
Average Rate Paid (%)
May 31
NOW Accounts
11,492
11,744
Il9
L84
IM
-2
Savings Deposits2
Personal
Nonpersonal
66,808
63,559
67.715
64,199
2.85
N.A.
2.84
N.A.
3,249
3,516
1.36
1.01
8.22
N.A.
N.A.
-1
N.A.
N.A.
2,179
2,345
13.934
7.58
4.42
4.49
7
28,079
0.17
2.98
4.77
4.91
4.83
4.96
22,526
25,422
22.638
-1.02
0.50
5.23
5.32
5.25
5.38
6
5
2
20.553
20,543
-0.04
N.A.
N.A.
Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
13,911
92 to 182 days
183 days to 1 year
27,265
25.684
1 to 2-V2 year
2-l/2 years and over
All IRA/Keogh Plan deposits
3
Apr. 30
May 31
Change
(b.p.)
Apr. 30
Liability Categories
6
N.A.
N.A. - data are not available
NOTE: Data for earlier month may show revisions.
1. Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 425 commercial
banks and 75 savings banks. All rates are expressed as annual effective yields.
2 Includes personal and nonpersonal money market deposit accounts.
3. Total IRA and Keogh Plan deposits regardless ot size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.
Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS
First Class
@FedFRASER