Full text of H.6 Money Stock Measures : March 1, 1990

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FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MARCH

Billions of dollars
Date

M1 J

M2 Z

1, 1990

Debt5

M3 a
Seasonally adjusted

1988-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

759.4
763.0
770.1
773.1
778.9
783.4
784.4
784.8
785.1
786.0
787.5

2959
2978
2999
3013
3026
3033
3037
3041
3048.8
3064.1
3072.4

3737.
.0
.3
3760.
.4
3785.
.0
3805.
.3
3827.
.1
3847.
.1
3858.
.2
3867.
3883.8
3903.5
3918.4

4410
4437
4476
4506
4528
4567
4584
4593
4613.8
4644.2
4676.1

8415.6
8482.7
8550.2
8620.6
8690.8
8755.3
8820.2
8883.0
8943.8
9018.7
9082.2

1989-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

785.8
786.7
785.5
782.1
776.2
773.7
779.1
780.4
782.9
788.1
789.4
794.8

3073
3078
3086
3089
3085
3101
3127
3146
3163
3181
3200.8
3221.7

3926.1
3936.8
3956
3965
3965
3984
4007
4012
4012
4016.6
4029.8
4043.3

4682.8
4699.9
4732
4757
4756
4778
4804
4818.1
4823.4
4830.4
4845.8
4866.0

9138. 9
9207. 0
9269. 2
9327. 6
9389. 3
9444. 1
9494. 4
9558. 9
9615. 3
9684. 3
9756. 0
9801. 3 P

1990-JAN.

794.7

3232.0

4051.7

1988-FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

745.7
752.8
779.2
764.7
779.9
786.9
782.4
781.1
782.2
788.3
804.5

2946.
2971.
3010.
2999.
3024.
3039.
3037.
3034.
3046.
3067.
3065.

3725
3756
3792
3790
3821
3845.8
3857.5
3864.5
3884.1
3912.4
3932.5

4404.
4434.
4480.
4493.
4522.
4558.
4579.8
4588.7
4613.6
4652.3
4692.9

8378.
.9
.6
8443.
.9
8509.
.4
8577.
.4
8650.
.9
8712.
.2
8774.
.2
8845.
8910.4
8986.9
9067.5

1989-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

793.5
773.0
775.9
791.6
767.7
774.4
782.3
778.1
779.1
785.0
791.7
812.1

3085.6
3065.8
3080.7
3100.
3071.
3099.
3132.
3146.
3156.
3178.
3204.
3234.

3935.
3925.
3954.
3971.
3950,
3978.
4005,
4011,
4009.
4016.
4039,
4057.

4700.6
4694.5
4729.8
4760.0
4745.1
4771.7
4793.2
4812.8
4818.9
4830 3
4854 6
4883 4 p

9122. 9
9170. 7
9227. 9
9285. 2
9345. 4
9403. 2
9451. 2
9512. 4
9577. 0
9650. 1
9723. 0
9787. 1 P

1990-JAN.

802.2

3243.8

4060.7

Not seasonally adjusted

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 ]

3 Months from OCT. 1989 TO JAN. 1990

3.3

6.3

3.5

7.7

6 Months from JULY 1989 to JAN. 1990

4.0

6.7

2.2

7.6

12 Months from JAN. 1989 TO JAN. 1990

1.1

5.2

3.2

7.9

NOV. 20, 1989 (13 weeks previous)

5.0

6.9

3.4

AUG. 21, 1989 (26 weeks previous)

4.6

7.2

2.7

FEB. 20, 1989 (52 weeks previous)

1.1

5.1

3.2

Thirteen weeks ending FEBRUARY 19, 1990
from thirteen weeks ending:

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
September 1989 to December 1989, June 1989 to December 1989, and December 1988 to December 1989, respectively.
Footnotes to Table 1
Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutionsj
(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 snare 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, money market deposit accounts (MMDAs), savings and
small-denomination time deposits (time deposits—incuding 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 larqe-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 Kinadom 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-averaqe 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 dollars
Seasonally adjusted

Ml

Period ending

13-week
average

4-week
average

M3

M2
week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1989-NOV. 27

786.5

789.2

791.1

3179.9

3199.2

3205.7

4018.5

4028.5

4029.9

4
11
18
25
1990-JAN. 1
8
15
22
29
FEB. 5
12p
19p

787.3
787.9
788.7
789.8

789.8
790.8
791.6
793.0

791.1
791.3
793.0
796.7

3184.5
3188.4
3192.8
3197.7

3204.1
3208.6
3213.5
3219.7

3214.4
3213.6
3220.4
3230.3

4020.7
4022.5
4024.5
4027.5

4032.8
4035.9
4038.5
4042.6

4039.8
4041.0
4043.4
4046.2

790.9
791.6
792.0
792.4
792.8

795.2
796.4
796.8
796.3
794.6

799.6
796.2
794.8
794.6
792.6

3202.3
3206.1
3209.5
3213.5
3217.6

3222.8
3225.9
3227.8
3228.7
3231.6

3226.8
3226.1
3227.8
3234.0
3238.3

4030.6
4033.4
4035.8
4038.2
4041.1

4043.7
4045.8
4047.2
4048.8
4051.6

4044.0
4049.5
4049.1
4052.7
4055.2

793.6
794.5
795.3

795.1
796.2
797.7

798.5
798.9
800.6

3221.8
3226.2
3230.5

3237.4
3243.6
3249.3

3249.6
3252.6
3256.7

4044.4
4047.6
4050.6

4055.6
4060.7
4065.5

4065.5
4069.2
4072.2

DEC.

Not seasonally adjusted

Ml
13-week
average

4-week
average

788.2

3177.6

3203.7

793.6
797.2
800.8
806.5

801.2
806.7
807.2
811.0

3183.2
3187.8
3193.0
3200.1

796.9
799.7
801.1
802.2
802.4

812.8
818.5
819.8
815.6
802.7

826.2
829.7
812.3
794.1
774.6

802.3
802.1
801.6

793.8
788.2
786.1

794.0
789.9
786.0

Period ending

13-week
average

4-week
average

1989-NOV. 27

784.7

792.2

786.3
787.4
789.3
793.0

4
11
18
25
1990-JAN. 1
8
15
22
29
FEB. 5
12p
19p
DEC.

M2
week
average

M3
week
average

13-week
average

4-week
average

3199.7

4020.5

4039.4

4036.3

3209.2
3216.1
3221.3
3228.9

3225.5
3231.0
3229.0
3230.0

4023.6
4025.8
4028.3
4033.4

4043.8
4047.4
4049.5
4053.5

4053.7
4057.6
4050.4
4052.3

3207.3
3213.8
3218.9
3223.9
3227.5

3234.9
3243.8
3250.3
3252.3
3244.6

3249.4
3266.8
3254.9
3238.2
3218.4

4038.9
4043.5
4047.3
4050.6
4052.7

4056.8
4062.5
4068.8
4069.8
4061.8

4066.7
4080.6
4075.5
4056.3
4034.6

3230.7
3233.9
3236.7

3239.0
3236.5
3238.1

3244.4
3244.8
3244.6

4054.5
4056.1
4057.4

4056.4
4053.5
4054.3

4059.2
4063.7
4059.8

week
average

N o t e : 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 are highly volatile 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
Nontransact ions
component s

Other checkable deposits

Date

Currency

1

Travelers
checks 2

Demand
deposits3

A*
commercial
banks 4

At
thrift
institutions5

Total

In M 2

6

In M3
only 7

General purpose
and broker/dealer
money market funds

1988-SEP.

208.7

7.4

289.3

191.5

88.0

279.5

2256.4

826.1

232.8

OCT.
NOV.
DEC.

209.7
210.7
211.8

7.4
7.5
7.5

288.5
287.4
287.0

191.7
192.4
192.9

87.8
88.0
88.4

279.5
280.4
281.3

2263.6
2278.0
2284.9

835.1
839.4
845.9

233.3
238.2
240.9

1989-JAN.
FEB.
MAR.

213.2
214.1
215.3

7.5
7.5
7.3

284.5
284.9
283.9

192.1
192.1
191.7

88.4
88.1
87.4

280.6
280.2
279.1

2287.8
2291.4
2301.4

852.5
858.7
869.6

243.9
247.2
253.4

APR.
MAY
JUNE

215.7
216.6
217.2

7.3
7.3
7.2

281.3
279.6
276.3

191.4
188.5
188.7

86.5
84.3
84.3

277.9
272.8
273.0

2307.3
2309.1
2327.9

875.7
880.3
883.3

257.8
261.2
268.3

JULY
AUG.
SEP.

217.8
218.6
219.3

7.2
7.2
7.2

279.6
278.5
278.1

189.8
191.1
192.4

84.6
85.0
86.0

274.5
276.0
278.4

2347.9
2366.4
2380.3

880.2
865.3
848.7

277.7
287.8
295.9

OCT.
NOV.
DEC.

220.0
220.4
221.9

7.3
7.4
7.4

280.0
278.8
279.7

194.2
195.9
197.9

86.6
86.9
87.8

280.8
282.8
285.7

2393.4
2411.4
2426.9

835.2
829.0
821.6

302.7
309.1
313.1

1990-JAN.

224.6

7.5

277.3

198.0

87.3

285.3

2437.3

819.6

320.8

1989-DEC. 25

222.3

7.4

281.0

198.4

87.5

285.9

2433.6

815.9

314.3

1
8
15
22
29

223.2
222.9
224.4
224.8
225.8

7.4
7.5
7.5
7.6
7.6

280.2
278.1
277.9
277.0
275.7

200.2
199.8
197.3
197.9
196.6

88.6
87.8
87.8
87.3
87.0

288.8
287.6
285.0
285.2
283.5

2427.2
2429.9
2433.0
2439.4
2445.7

817.2
823.4
821.3
818.6
816.9

315.7
317.3
318.6
321.7
324.3

5
12p
19p

225.8
225.8
226.3

7.6
7.7 e
7.5 e

278.4
278.9
280.5

199.0
199.1
198.9

87.7
87.5
87.4

286.7
286.6
286.3

2451.0
2453.6
2456.1

815.9
816.7
815.4

327.8
329.1
328.4

Neek ending

1990-JAN.

FEB.

1.
2.

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.
3.
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 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)> MMDAs and savings 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.




H.6 (508)
Table 4-continued

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

At
A*
thrift
c
commercial institutions
banks

Date

Total

Small-denomination time deposits2

Savings deposits1

Money market deposit accounts

At
At
commercisi
l
thrift
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits 3
At ,
At
commercial
thrift
4
banks
institutions

Total

1988-SEP.

356.3

156.6

512.9

190.8

239.1

429.9

425.3

572.9

998.2

357.0

172.8

529.8

OCT.
NOV.
DEC.

354.8
353.3
350.2

154.0
152.2
150.1

508.8
505.5
500.3

190.6
193.0
192.0

237.0
236.3
235.9

427.6
429.3
427.8

433.5
440.4
447.5

578.4
581.4
583.5

1011.9
1021.8
1031.0

361.7
363.6
368.2

174.2
173.5
172.9

535.9
537.1
541.1

1989-JAN.
FEB.
MAR.

345.6
342.2
339.7

147.1
143.3
140.2

492.6
485.6
479.9

190.2
189.3
188.1

234.0
231.6
229.8

424.2
421.0
417.9

455.5
465.0
474.7

587.2
589.3
591.7

1042.7
1054.2
1066.4

373.2
379.4
386.0

173.5
173.9
174.1

546.7
553.3
560.1

APR.
MAY
JUNE

337.0
331.7
331.0

136.2
131.5
130.0

473.2
463.1
460.9

185.8
183.1
182.3

226.2
222.3
221.1

412.0
405.4
403.4

486.3
497.3
501.8

597.8
605.7
612.2

1084.1
1103.0
1114.0

392.2
395.7
397.1

176.1
177.4
177.8

568.3
573.1
574.9

JULY
AUG.
SEP.

333.9
337.9
340.8

130.1
130.4
131.0

463.9
468.2
471.9

183.0
183.9
184.9

220.3
220.0
220.6

403.3
404.0
405.5

505.8
510.4
513.3

616.6
619.6
619.2

1122.4
1130.0
1132.6

398.7
397.8
397.2

176.0
172.7
168.4

574.7
570.5
565.6

OCT.
NOV.
DEC.

343.7
348.5
351.5

131.6
132.4
132.2

475.3
480.8
483.8

185.9
187.3
188.5

220.3
220.6
220.5

406.1
407.9
409.0

519.7
524.4
528.5

616.2
614.1
613.6

1135.9
1138.5
1142.1

398.8
401.4
401.4

163.8
159.5
156.8

562.7
560.9
558.1

1990-JAN.

352.4

132.5

484.9

189.9

220.5

410.3

531.4

611.0

1142.4

401.5

152.8

554.3

Neek ending
1989-DEC. 25

350.9

131.7

482.6

188.6

220.3

408.9

530.6

613.4

1144.0

400.0

155.8

555.8

1990-JAN.

1
8
15
22
29

353.9
353.2
352.6
352.4
351.3

132.6
132.4
132.4
132.6
132.6

486.4
485.6
485.0
485.0
483.9

189.2
189.3
189.5
190.2
190.2

220.6
220.1
220.7
220.6
220.9

409.7
409.5
410.1
410.8
411.2

527.1
529.0
531.2
532.7
532.9

612.8
611.8
611.9
611.2
609.7

1139.9
1140.8
1143.1
1143.9
1142.6

401.9
402.6
402.3
401.7
400.0

154.5
154.5
153.6
152.4
151.1

556.4
557.0
555.9
554.1
551.1

5
12p
19p

353.5
355.5
357.0

133.0
133.4
133.6

486.5
488.9
490.7

191.3
191.6
191.8

221.0
221.6
222.2

412.3
413.3
414.0

533.4
534.8
535.2

607.3
605.7
605.5

1140.8
1140.5
1140.7

400.0
401.1
399.8

150.8
150.6
150.1

550.8
551.7
549.9

FEB.

1.
2.

Savings deposits exclude MMDAs.
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.
Largeydenomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions.
p—indicates preliminary data.




H.6 (508)
Table ^-continued

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

Non-M3 Components of L
Institutiononly money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper 3

Federal
debt

Non-Federal
debt

1988-SEP.

85.7

107.8

266.2

41.4

310.4

2076.2

6806.8

OCT.
t*OV.
DEC.

86.4
86.6
87-1

108.5
108.9
109.3

264.2
264.8
272.2

41.0
40.4
40.6

316.3
326.7
335.6

2084.7
2098.2
2113.5

6859.1
6920.5
6968.7

1989-JAN.
FEB.
MAR,

87.1
86.9
86.3

109.8
110.7
111.5

270.7
268.2
274.3

40.6
40.6
41.4

335.7
343.6
348.3

2121.8
2137.8
2158.7

7017.1
7069.2
7110.5

APR.
MAY
JUNE

88.3
92.1
96.3

112.2
112.8
113.6

280.2
288.3
289.7

41.5
41.2
41.2

358.2
348.8
349.4

2168.8
2176.4
2184.2

7158.8
7212.9
7259.9

JULY
AUG.
SEP.

99.0
101.4
101.6

114.3
115.0
115.7

291.3
294.2
304.4

41.9
42.6
41.0

349.5
354.3
350.3

2183.9
2199.9
2220.1

7310.6
7359.0
7395.2

OCT.
NOV.
DEC.

101.1
101.1
102.3

116.2
116.8
117.5 p

307.6
307.4
316.2 p

40.0
40.5
41.2 p

350.0
351.3
347.9 p

2238.3
2259.0
2265.8 p

7445.9
7497.1
7535.5 p

1990-JAN.

103.3

Week ending
1989-DEC. 25

102.4

1990-JAN.

1
8
15
22
29

102.1
103.7
102.4
103.9
103.6

5
12p
19p

102.8
103.5
103.7

FEB.

1.

Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutionsj
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.
3.
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.
2.




H.6 ( 5 0 8 )
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Other checkable deposits

At
Currency 1

Date

Travelers Demand 3
checks 2 deposits

commercial
banks4

At
thrift
institutions5

Total

Nontransactions
components

In M2 6

In M3
only 7

Overn
RPs

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1988-SEP.

208.0

7.9

287.5

189.9

87.9

277.7

2253.3

830.1

68.1

OCT.
NOV.
DEC.

209.0
211.3
214.8

7.5
7.1
6.9

288.9
290.2
298.9

189.1
191.4
195.2

87.8
88.3
88.6

276.9
279.7
283.8

2264.4
2278.9
2280.8

837.4
845.2
847.3

69.6
70.0
69.9

14.7
13.9
13.0
13.4

232.4
238.5
240.5

1989-JAN.
FEB.
MAR.

211.7
211.9
213.9

7.0
7.1
7.0

290.5
275.8
276.0

196.4
192.3
192.7

87.9
85.9
86.3

284.3
278.2
279.0

2292.0
2292.8
2304.8

849.9
859.9
873.7

69.9
68.2
67.7

16.6
15.1
14.3

242.9
248.4
256.8

231.9

APR.
MAY
JUNE

215,
216.
218.

283.3
273.6
276.7

197,
186,
187,

88.7
84.1
84.8

286.3
270.3
271.8

2308.5
2303.5
2324.7

870.9
879.6
879.4

64.1
63.2
65.0

14.4
14.6
14.6

260.
260.
266.8

JULY
AUG.
SEP.

219.
219.
218.

281.8
277.1
276.3

187,
188.
190.

85.
85.
85.

272.7
273.7
276.5

2350.4
2368.3
2377.2

872.7
865.3
852.8

64.1
63.1
59.3

16.8
15.2
15.5

275.6
286.8
294.9

OCT.
NOV.
DEC.

218.
221.
225.

280.7
281.6
291.6

191.
194,
200.

86.
87.
88.

278.1
282.1
288.4

2393.9
2412.7
2422.5

837.8
835.1
822.8

61.2
61.7
62.5

14,
13,
14,

301.3
309.8
312.8

222.9

7.0

283.0

202.4

86.9

289.3

2441.6

817.0

64.0

17.0

319.6

1989-DEC. 25

228.1

6.9

290.3

199.5

86.3

285.8

2419.0

822.3

62.3

14.9

313.6

1990-JAN.

224.9
224.6
223.7
222..4
221..2

304,
297,
287.
277.
268.

202.3
209.8
205.5
201.2
194.8

87,
90,
88,
86,
82.

290.
300.
294,
287.
277.

2423.
2437.
2442,
2444.
2443.8

817.3
813.8
820.6
818.1
816.2

60,
64.
62.
63.
66.

15.
17.
17.
17.
16.

312,
311.
318.
322.
324.

223.
224.
224.

275.
271,
270.

200.7
200.4
198.6

87,
86.
84,

287.
286.
283.

2450,
2454,
2458.

814.8
818.9
815.2

66.4
65.3
67.3

15.
14.
14.

327.
330.
330.

1990-JAN.
Neek ending

1

8
15
22
29
FEB. 5
12p
19p

1.
2.

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.
3.
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 NON and ATS balances at commerpial 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 overniaht RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings 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.



H.6 (508)
Table 5-continued

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

Money m a r k e t
A*

<ommercial
c

Date

banks

Savings d e p o s i t s 1

d e p o s i t accounts

At
thrift
institutions

Total

At
At
commercia .1
thrift
banks
institutions

Small-denomination
"
Total

At
commercial
banks

time deposits2

At
thrift
institutions

Total

Large-denomination
At
commercial
banks4

time deposits3

At
thrift
institutions

Total

1988-SEP.

355.0

156.6

511.7

190.3

238.6

429.0

426.1

571.9

998.0

358.4

173.3

531.7

OCT.
NOV.
DEC.

353.6
354.8
353.2

154.3
152.6
150.6

507.9
507.4
503.8

190.7
192.7
190.6

238.3
236.3
234.2

428.9
429.0
424.8

433.3
439.7
446.0

578.5
581.4
582.4

1011.8
1021.1
1028.4

362.7
364.1
366.9

175.9
175.7
174.2

538.6
539.7
541.1

1989-JAN.
FEB.
MAR.

349.1
343.8
341.2

147.3
143.2
140.6

496.5
487.0
481.7

189.3
187.9
187.8

232.3
229.2
229.3

421.5
417.1
417.0

455.2
465.4
475.7

589.4
591.6
591.4

1044.6
1057.0
1067.1

371.3
379.2
388.8

174.6
174.3
173.3

545.9
553.5
562.1

APR.
MAY
JUNE

337.2
328.0
329.0

135.6
130.7
129.6

472.8
458.8
458.6

186.3
183.7
183.5

226.6
222.7
222.7

412.9
406.4
406.2

486.3
496.0
502.5

597.4
603.8
611.0

1083.7
1099.8
1113.5

392.2
396.1
396.4

174.4
176.4
176.1

566.6
572.5
572.6

JULY
AUG.
SEP.

331.5
336.4
339.6

129.8
130.6
131.1

461.4
467.0
470.6

184.7
184.4
184.4

222.7
220.5
220.3

407.3
404.9
404.6

507.1
511.3
513.9

618.0
619.9
618.2

1125.1
1131.2
1132.1

396.5
398.4
398.6

174.2
172.0
168.8

570.7
570.4
567.4

OCT.
NOV.
DEC.

342.7
350.3
355.0

131.8
132.8
132.9

474.6
483.2
487.9

185.9
187.1
187.2

221.3
220.5
219.0

407.2
407.6
406.3

519.3
523.1
526.4

616.3
614.2
612.3

1135.5
1137.3
1138.6

399.9
401.9
399.7

165.5
161.7
158.2

565.4
563.6
557.9

1990-JAN.

356.3

133.0

489.3

189.0

218.9

407.8

530.8

613.1

1143.9

399.2

154.0

553.1

Neek

ending

1989-DEC.

25

354.1

132.4

486.4

186.7

217.6

404.3

526.4

611.0

1137.5

399.6

157.1

556.7

1990-JAN.

1
8
15
22
29

355.3
358.7
357.8
356.0
353.4

132.5
133.4
133.4
132.8
132.5

487.8
492.1
491.2
488.7
485.9

187.6
189.1
189.0
189.1
188.9

218.7
219.8
219.7
218.6
218.0

406.2
409.0
408.7
407.7
406.9

527.9
529.3
530.7
531.4
531.7

613.3
614.0
613.9
612.8
612.1

1141.2
1143.3
1144.6
1144.2
1143.9

400.2
399.2
399.8
399.1
398.8

156.1
155.7
154.8
153.5
152.3

556.2
554.8
554.6
552.6
551.0

5
12p
19p

355.7
357.6
358.5

133.2
133.5
133.5

488.8
491.1
492.0

189.7
190.5
190.5

218.9
219.7
219.7

408.7
410.2
410.3

533.0
535.1
535.8

611.0
608.8
607.9

1144.0
1143.9
1143.7

398.6
400.9
399.5

151.6
151.2
150.6

550.2
552.1
550.1

FEB.

1.
2.

Savings deposits exclude MMDAs.
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, and foreign banks and
official institutions.
p—indicates preliminary data.




H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
At
InstitutionA*
thrift
only money
market funds commercial institutions
banks
77.0
83.7
42.6

Date
1988-SEP.

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

119.6

102.9

107.6

266.4

41.9

308.3

2056.6

6788.6

OCT.
NOV.
DEC.

84.6
87.4
87.6

43.1
45.3
40.4

79.2
80.3
81.4

122.3
125.7
121.7

100.3
101.8
106.0

108.3
108.7
109.2

266.7
270.3
277.7

41.5
40.9
41.0

313.1
320.0
332.5

2069.0
2090.0
2111.8

6841.3
6897.0
6955.7

1989-JAN.
FEB.
MAR.

89.3
89.6
87.6

40.9
44.8
46.3

82.1
81.9
82.6

123.0
126.7
128.9

100.6
100.1
105.7

110.1
111.0
111.7

275.4
271.7
273.8

40.3
39.8
40.4

339.4
346.3
349.4

2121.4
2133.7
2149.0

7001.5
7037.1
7078.9

APR.
MAY
JUNE

87.7
91.6
95.1

43.8
43.7
43.7

82.5
83.8
84.7

126.3
127.5
12&.4

100.3
97.2
93.4

112.4
113.0
113.7

279.5
284.0
282.7

41.0
41.2
41.5

356.1
356.2
355.4

2155.1
2159.5
2165.1

7130.1
7185.9
7238.0

JULY
AUG.
SEP.

98.2
100.6
99.2

45.0
45.1
47.5

78.8
71.8
65.5

123.8
116.9
112.9

91.8
89.6
85.3

114.2
114.7
115.4

282.6
290.6
304.9

42.2
42.7
41.6

348.8
353.1
348.0

2163.7
2179.7
2200.9

7287.5
7332.8
7376.1

OCT.
NOV.
DEC.

98.7
102.1
102.9

47.8
49.1
44.8

60.5
58.1
50.0

108.3
107.2
94.8

80.4
80.3
82.3

116.0
116.6
117.3 p

311.5
314.1
322.4 p

40.4
41.0
41.7 p

345.8
343.3
344.7 p

2222.6
2250.8
2264.1 p

7427.5
7472.2
7523.0 p

1990-JAN.

106.1

45.9

45.4

91.3

77.7

1989-DEC. 25

102.6

45.3

47.5

92.8

83.0

1990-JAN.

1
8
15
22
29

102.1
103.3
105.8
107.9
107.9

43.8
43.5
45.1
46.4
47.7

46.0
45.7
45.3
45.1
45.4

89.8
89.2
90.5
91.5
93.0

81.0
78.3
81.9
75.4
75.5

5
12p
19p

106.4
107.4
106.6

49.4
50.1
49.6

45.5
45.7
44.9

94.9
95.8
94.5

75.3
75.6
75.8

Neek ending

FEB.

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 (508)
Table 6

MEMORANDUM ITEMS

Billions of dollars, not seasonally adjusted

10

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

Date

IRA and Keogh Accounts

U.S. government depoisits
Demand
deposits at
commercial
banks

Balance
Note balances
at
Federal at depository
Reserve institutions

Total
cash
balance

Time and
savings
At
depos its m
At
at commercial commercia 1 . thrift
banks
banks
institutions

At
money
market
funds

Total

1988-SEP.

9.4

1.7

4.0

4.1

7.4

20.4

32.0

1.4

91.8

120.5

18.7

231.0

OCT.
NOV.
DEC.

8.9
9.2
9.5

1.7
1.8
1.9

4.0
4.0
3.9

3.2
3.4
4.2

6.2
5.2
5.5

24.5
12.8
18.7

33.9
21.5
28.4

1.4
1.4
1.5

92.5
93.3
93.9

121.5
121.8
122.6

18.8
19.6
20.5

232.9
234.7
237.0

1989-JAN.
FEB.
MAR.

9.3
9.4
8.8

1.8
1.8
1.7

4.0
4.1
4.2

4.0
3.7
3.8

8.1
5.8
5.2

21.0
22.2
14.3

33.1
31.7
23.3

1.3
1.3
1.3

95.1
96.2
97.4

123.7
124.3
125.4

20.7
21.2
22.2

239.5
241.7
244.9

APR.
MAY
JUNE

8.9
8.9
10.0

1.6
1.6
1.7

4.2
4.0
3.8

5.2
3.3
4.6

8.9
14.1
9.7

15.0
31.0
21.6

29.0
48.5
35.8

1.4
1.4
1.4

99.9
101.8
102.8

127.3
128.6
130.0

23.1
23.6
23.8

250.3
254.0
256.5

JULY
AUG.
SEP.

10.0
8.9
9.4

1.7
1.6
1.7

3.7
3.7
3.7

3.4
3.2
5.5

6.4
5.4
7.8

19.6
12.7
19.4

29.4
21.2
32.6

1.4
1.3
1.3

104.1
105.3
106.0

131.2
131.4
132.2

24.7
24.8
26.4

260.0
261.5
264.6

OCT.
NOV.
DEC.

9.9
9.4
9.7

1.7
1.5
1.5

3.7
3.7
3.6

3.3
3.5
5.2

5.9
5.2
4.8

17.4
11.2
14.4

26.5
19.9
24.5

1.4
1.4
1.4

107.3
108.0
108.7

132.5
132.3
133.3 e

27.1
27.4 e
27.4 e

266.9
267.7 e
269.4 e

1990-JAN.

9.8

1.6

3.6

4.4

6.0

18.8

29.2

1.4

110.4

134.4 e

27.4 e

272.1 e

19S9-DEC. 25

11.2

1.5

3.6

4.1

4.8

20.6

29.5

1.3

1990-JAN.

1
8
15
22
29

9.7
11.1
9.2
9.9
9.4

1.5
1.8
1.5
1.5
1.5

3.6
3.6
3.6
3.7
3.7

4.6
4.7
3.8
6.3
3.0

5.5
6.1
3.9
5.5
7.9

20.5
8.0
10.6
23.0
31.1

30.7
18.9
18.3
34.8
42.0

1.3
1.4
1.4
1.4
1.3

5
12p
19p

9.1
8.7
8.4

1.7
1.4
1.5

3.6
3.6
3.7

4.3
3.0
3.2

7.8
6.8
5.0

25.9
20.7
17.0

37.9
30.4
25.2

1.3
1.3
1.3

Neek ending

FEB.

e—indicates estimated data,
p—indicates preliminary data.




H.6(508)
Special Supplementary Table

Monthly Survey of Selected Deposits
December 27,1989 and January 31,1990 1
(not seasonally adjusted)

Insured Commercial Banks
Amount Outstanding ($mil)
Average Rate Paid (%)
Change
Change
December 27 January 31
December V
January 31
(percent)
fop.)

Liability Categories
NOW Accounts

-0.38

5.01

-1

6.43

6.37

-6

6.34

6.25

-9

5.54

1

5.02

196,841

196,091

Personal

239,603

244,764

2.15

Non persona I

110,684

106,311

-3.95

182,683

185,388

1.48

5.53

Money market deposit accounts

Savings deposits
Interest-hearing time deposits
with balances of less than
$100,000 with original
maturities of:

45,443

47,083

3.61

7.64

7.52

-12

92 to 182 days

152,820

156,431

2.36

7.83

7.75

-8

183 days to 1 year

177.413

178,869

0.82

7.86

7.82

-4

1 to 2-1/2 years

124,980

128,002

2.42

7.88

7.87

-1

129,199

130,348

0.89

7.86

7.86

109,233

111,493

2.07

N.A.

N.A.

7 to 91 days

2-1/2 years and over
All IRA/Keogh Plan deposits2

0
N.A.

FDIC-insured Savings Banks3
Amount Outstanding ($mil)
Change
December 27 January 31
(percent)

Liability Categories

Average Rale Paid (%)
December 27

January 31

Change
(b.p.)

7,879

7,650

-2.91

5.49

5.47

-2

25,710

NOW Accounts

26,012

1.17

7.05

7.01

-4

Money market deposit accounts
Personal

1,698

Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:
7 to 91 days

1,645

-3.12

6.62

6.60

-2

39.310

Nonpersonal
Savings deposits

39,193

-0.30

5.62

5.61

-1

>
5,055

5.257

4.00

8.02

8.05

3

92 to 182 days

27,990

28,090

0.36

8.29

8.19

-10

183 days to 1 year

36.281

36,421

0.39

8.31

8.26

-5

1 to 2-1/2 years

25.412

25.089

-1.27

8.29

8.24

-5

23,017

22,722

-1.28

8.28

8.25

-3

22.587

22,767

0.80

N.A.

N.A.

N.A.

2-1/2 years and over
All IRA/Keogh Plan deposits

2

N.A. — data are not available
NOTB: 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 500 commercial banks and
80 savings banks. All rates arc expressed as annual effective yields.
2.
Total IRA and Keogh Plan deposits regardless of size, type of instrument in which held, or interest rate paid.
3.
FDIC-insured savings banks include both mutual and federal savings banks.