Full text of H.6 Money Stock Measures : March 16, 1989

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*.C* COw>

FEDERAL RESERVE statistical release
H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MARCH 16, 1989

Billions of dollars
Date

Ml 1

M2*

Debt 5

M3 J
Seasonally adjusted

1987-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

734.8
745.1
746.6
741.3
742.8
745.6
747.9
757.3
754.6
752.3

2833.
2844.
2845.
2848.
2856.
2869.
2885.
2902.
2904.
2909.

3532.
3549.
3564.
3579.
3588.
3610.
3630.
3655.
3670.
3677.

4176.7
4187.3
4215.1
4231.8
4237.5
4262
4293
4327
4337
4340

7731.3
7793.3
7859.2
7918.7
7963.3
8018.8
8084.1
8153.1
8230.6
8284.1

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

758.4
760.1
763.8
771:2
771.1
776.5
782.5
782.4
783.7
785.4
786.6
790.2

2930.5
2950.8
2969.3
2990.3
2999.8
3013.1
3023..9
3029..7
3035..0
3042..1
3059..1
3069..4

3701
3731
3755
3779
3794
3815
3838
3852
3862.8
3879.7
3900
3917

4376.
4406.
4436.
4475.
4503.8
4521.0
4565.
4586.
4596.
4618.
4649.
4689.

8328.3
8386.1
8449.8
8509.4
8566.9
8624.6
8682.6
8746.8
8810.9
8870.1
8942.4
9000.2

1989-JAN.
FEB. p

786.2
787.4

3066.3
3070.7

3923.7
3934.7

4696.2 p

9052.4 p

1987-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

723.7
752.6
739.9
744.6
747.0
745.2
745.5
754.1
756.5
766.4

2826.5
2855.0
2835.8
2850.0
2863.2
2869.8
2878.9
2899.1
2903.9
2918.7

3527.2
3556.0
3554.2
3578.8
3590.2
3610.0
3628.4
3653.1
3674.8
3688.5

4174
4192
4202
4231
4230
4257
4288
4323.8
4345.0
4354.9

7695.
7757.
7822.
7887.
7936.
7990.
8055.8
8123.4
8196.8
8266.2

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

765.2
745.5
752.6
779.1
764.6
779.9
786.9
782.3
781.0
782.1
788.3
804.3

2941.1
2938.3
2962.4
3001.4
2990.1
3015.5
3031.4
3030.5
3028.5
3038.3
3057.6
3077.1

3710
3719
3750
3785.8
3784.4
381&
3839
3853
3860
3877
3905
3927

4392.7
4402.1
4432.8
4478.7
4491
4521
4557
4581
4591
4614
4657
4703

8311.
8349.
8412.
8472.
8529.
8592.
8648.
8707.
8777.
8837.
8905.
8980.

1989-JAN.
FEB. p

793.0
772.3

3076.6
3058.3

3931.2
3922.6

4713.0 p

9031.5 p

Not seasonally adjusted

Footnotes appear on the following page,
p—indicates preliminary data.




H.6 (5061
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates

Ml

M2

M3

Debt 1

3 Months from NOV. 1988 TO FEB. 1989

0.4

1.5

3.5

8.2

6 Months from AUG. 1988 TO FEB. 1989

1.3

2.7

4.3

8.5

12 Months from FEB. 1988 TO FEB. 1989

3.6

4.1

5.5

8.7

1.2

3.0

4.4

Thirteen weeks ending MARCH 6, 1989
from thirteen weeks ending:

DEC.

5, 1988 (13 weeks previous)

SEP.

5> 1988 (26 weeks previous)

1.8

3.0

4.6

MAR.

7y 1988 (52 weeks previous)

4.0

4.6

5.9

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
October 1988 to January 1989, July 1988 to January 1989, and January 1988 to January 1989, 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 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 (OCOs), consisting of negotiable order of withdrawal (NOH) 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 commercial banks and overnight Eurodollars issued
to U.S. residents by foreign branches of U.S. banks worldwide, money market deposit accounts (MMDAs), savings and smalldenomination 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 commercial banks and thrift 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 foreion 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
overnments 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.

G




H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted

Ml

Period er>ding

. 13-week
average

4-week
average

M2
week
average

13-week
average

4-week
average

M3
week
average

13-week
average

4-week
average

week
average

1988-DEC. 12
19
26

786.3
786.8
787.1

789.2
790.1
790.1

790.6
790.0
789.5

3049.5
3052.3
3054.7

3066.8
3068.6
3069.3

3068.7
3069.9
3067.1

3888.7
3893.2
3896.9

3911.6
3915.6
3917.2

3918.3
3921.8
3912.7

1989-JAN.

2
9
16
23
30

787.6
787.8
787.7
787.7
787.7

790.1
789.1
787.7
786.9
786.0

790.2
786.7
784.5
786.1
786.5

3057.3
3059.5
3061.1
3062.9
3064.6

3068.4
3067.7
3066.6
3066.3
3066.1

3067.9
3065.7
3065.5
3066.1
3066.9

3900.9
3904.7
3908.0
3911.1
3914.1

3918.8
3920.4
3920.9
3923,4
3923.6

3922.3
3924.6
3924.0
3922.5
3923.2

FEB.

6
13
20
27p

787.8
787.8
788.0
788.0

786.1
786.0
786.7
787.3

787.1
784.1
789.1
788.8

3065.5
3066.7
3067.5
3068.4

3065.7
3065.9
3067.6
3070.0

3064.1
3066.4
3073.1
3076.5

3916.6
3919.0
3921.9
3924.6

3923.5
3923.7
3929.1
3933.7

3924.1
3925.1
3944.0
3941.7

MAR.

6p

788.1

788.4

791.5

3069.4

3075.1

3084.2

3927.3

3940.4

3950.7

Not seasonally adjusted
M2

Ml
week
average

4-week
average

M3
week
average

13-week
average

4-week
average

3077.5
3074.6
3065.1

3888.7
3893.6
3899.4

3916.9
3921.2
3924.1

3927.4
3925.1
3919.1

3076.7
3083.3
3086.4
3086.8
3075.7

3089.4
3104.2
3086.7
3066.7
3045.3

3905.4
3910.7
3915.3
3919.5
3921.8

3929.1
3935.4
3940.1
3941.0
3930.1

3944.9
3952.6
3943.7
3922.6
3901.4

3070.7
3070.9
3070.6
3070.7

3065.0
3058.5
3056.2
3057.7

3061.4
3060.4
3057.6
3051.2

3923.3
3924.6
3926.0
3926.8

3922.0
3916.8
3917.7
3921.7

3920.3
3922.7
3926.2
3917.5

3070.7

3062.2

3079.4

3928.5

3928.5

3947.6

13-week
average

Period ending

13-week
average

4-week
average

1988-DEC. 12
19
26

785.2
786.6
789.3

793.5
797.5
801.3

802.2
802.3
798.9

3045.7
3049.2
3053.7

3067.0
. 3070.3
3074.0

1989-JAN.

2
9
16
23
30

792.3
794.7
795.5
796.2
795.5

805.2
809.7
809.1
804.8
791.4

817.4
820.2
800.0
781.6
763.9

3058.4
3063.2
3066.3
3069.3
3070.4

FEB.

6
13
20
27p

794.7
793.4
792.2
790.5

781.8
775.4
772.6
772.2

781.5
774.5
770.6
762.2

MAR.

6p

789.3

773.1

785.0

week
average

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—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

Savings deposits7

Small time deposiits*

Currency *

Travelers
checks2

Demand
deposits3

Other
checkable
deposits*

1987-OCT.
NOV.
DEC.

193.1
195.1
196.4

7.0
7.0
7.1

295.9
291.9
288.3

261.2
260.7
260.4

2145.4
2150.0
2157.7

752.6
765.7
767.6

178.2
177.9
178.5

239.6
238.1
237.8

417.8
416.0
416.4

1988-JAN.
FEB.
MAR.

198.5
199.4
200.7

7.2
7.3
7.2

289.4
288.1
288.4

263.4
265.4
267.5

2172.2
2190.7
2205.5

771.0
780.5
786.6

179.5
181.3
183.3

237.6
237.5
238.1

APR.
MAY
JUNE

202.4
203.4
204.7

7.2
7.3
7.3

290.3
288.1
289.8

271.2
272.2
274.7

2219.1
2228.7
2236.6

789.3
794.8
802.5

184.5
186.0
187.7

JULY
AUG.
SEP.

206.4
207.0
208.6

7.2
7.2
7.3

290.4
289.9
288.8

278.5
278.3
279.0

2241.4
2247.3
2251.3

814.3
822.4
827.8

OCT.
NOV.
DEC.

209.7
210.5
211.8

7.4
7.5
7.6

288.9
287.7
288.6

279.4
280.9
282.3

2256.7
2272.5
2279.2

213.4
214.3

7.6
7.5

284.0
284.8

281.2
280.8

Date

1989-JAN.
FEB. p

In M3
only6

At
commercia 1
banks

At
thrift
institutions

Total

At
thrift
institutions

Total

374.9
382.1
385.3

510.4
520.9
528.8

885.3
903.0
914.1

417.0
418.8
421.5

388.7
393.7
398.1

536.8
548.7 .
554.7

925.4
942.4
952.8

238.8
239.3
239.8

423.3
425.2
427.6

403.2
406.2
409.3

560.2
564.8
566.4

963.4
971.0
975.7

189.1
190.0
190.1

240.5
240.9
240.3

429.7
430.9
430.5

412.9
417.4
423.6

568.1
570.9
575.1

981.0
988.3
998.7

837.6
841.3
848.5

189.8
192.8
192.5

239.4
239.0
238.8

429.2
431.8
431.3

430.9
436.4
443.0

578.8
581.4
582.2

1009.7
1017.8
1025.3

2280.0
2283.3

857.4
863.9

190.8
190.4

237.0
234.3

427.8
424.7

451.1
461.1

584.8
587.4

1035.9
1048.5

In M2 5

At
commercial
banks

Heek ending
9
16
23
30

212.7
213.3
213.7
214.0

285.
283.
283.
283.

281.
280.
281.
281.

2279,
2281.
2280.
2280.

858,
858.
856.
856.

191.
190.
190.
190,

237.6
237.4
236.7
236.2

428.9
428.1
427.2
426.4

447.
449.
452,
455.

582.
583.
585.
588.

1030.1
1033.4
1037.2
1043.7

FEB.

6
13
20
27p

213.7
214.0
214.2
215.1

285.
282.
286.
284.

280.4
279.9
280.8
282.2

2277.
2282.
2284.
2287.

860.
858.
870.
865.

190.
190.
190.
190.

235.
234.
234.
233.

425.6
425.2
424.5
423.8

458.0
459.6
461.8
463.9

587.
587.
586.
588.

1045.
1046,
1048,
1052.

MAR.

6p

214.8

288.2

281.1

2292.6

866.5

190.0

233.4

423.4

466.9

588.3

1055.2

1989-JAN.

1.
2.

7.4

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 all depository institutions> credit union share draft balances and demand deposits at thrift institutions.
5.
Sum of overnight RPs and overnight 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.
6.
Sum of large time deposits, term RPs and term 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 funds. This sum is seasonally adjusted as a whole.
7.
Savings deposits exclude MMDAs.
8.
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.
e—indicates estimated data.
p—indicates preliminary data.




H.6 1508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars* seasonally adjusted
Large time deposits 1
At
commercial
banks 2

Date

Debt components6

Non-M3 components of L

At
thrift
institutions

Total

Savings
bonds

Short-term
Treasury
securities3

Bankers
acceptances4

Commercial
paper5

Federal
debt

Non-federal

debt

1987-OCT.
NOV.
DEC.

318.5
324.0
325.4

156.0
159.0
162.0

474.5
483.0
487.4

99.0
99.5
100.4

272.5
268.7
257.5

44.5
44.7
44.7

256.5
254.2
260.3

1929.1
1947.3
1957.5

6224.0
6283.4
6326.6

1988-JAN.
• FEB.
MAR.

323.7
328.4
331.0

163.3
163.9
165.3

487.0
492.3
496.3

101.3
102.5
103.4

261.0
257.3
255.6

43.7
41.0
41.1

269.0
274.2
280.3

1963.6
1981.0
2006.2

6364.7
6405.1
6443.6

APR.
MAY
JUNE

331.8
334.1
339.6

167.4
168.2
168.2

499.2
502.4
507.8

104.4
105.3
106.0

262.3
265.1
258.3

41.4
41.1
40.7

287.6
297.8
300.4

2018.2
2023.2
2033.3

6491.2
6543.7
6591.3

JULY
AUG.
SEP.

345.5
350.8
355.0

168.5
168.6
171.7

514.0
519.4
526.7

106.8
107.4
107.9

269.8
274.6
275.2

40.7
41.2
41.7

309.8
311.3
308.8

2042.7
2059.5
2079.9

6639.9
6687.3
6731.0

OCT.
NOV.
DEC.

359.2
361.2
364.9

172.8
173.2
172.9

532.0
534.4
537.7

108.4
108.7
109.1

277.0
276.3
285.9

41.3
40.5
40.6

312.3
323.7
335.8

2089.1
2101.5
2114.6

6781.0
6840.9
6885.6

370.0
377.2

173.7
173.4

543.7
550.5

109.7 p

283.9 p

38.7 p

340.2 p

2122.1 p>

6930.3 p

9
16
23
30

367.0
370.1
371.7
371.4

173.8
173.6
174.1
173.7

540.8
543.7
545.8
545.1

FEB.

6
13
20
27p

374.7
376.6
378.4
378.2

173.3
172.8
173.5
173.9

548.0
549.5
551.8
552.2

MAR.

6p

380.1

173.0

553.1

1989-JAN.
FEB. P
Heek ending
1989-JAN.

1.

Large denomination time deposits are those issued in amounts of $100*000 or more* excluding those booked at international banking

2.

Large denomination time deposits at commercial banks less those held by money market mutual funds* depository institutions and
foreign banks and official institutions.
3.
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.
4.
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.
6.
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
Other checkable deposi ts
Currency l

Date

Demand
Travelers
checks 2 deposits 3

At
commercial
banks*

Nontransactions
components

At
thrift
institutions5

Total

In M 2 6

In M3
only7

Overnight
RPs 8

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1987-OCT.
NOV.
DEC.

192.5
195.9
199.3

7.0
6.6
6.5

295.7
294.2
298.6

177.1
178.2
180.5

81.7
81.6
81.4

258.9
259.8
262.0

2144.9
2147.4
2152.3

754.1
771.0
769.8

65.0
63.1
61.9

20.9
16.5
16.4

218.2
219.7
221.1

•88-JAN.
FEB.
MAR.

197.0
197.1
199.1

6.6
6.8
6.9

295.9
279.1
279.9

184.3
182.0
184.2

81.4
80.4
82.5

265.7
262.4
266.7

2176.0
2192.8
2209.7

768.9
781.0
788.0

64.4
61.5
59.7

18.4
16.4
14.8

225.2
231.0
234.8

APR.
MAY
JUNE

201.6
203.6
205.7

6.9
7.1
7.6

292.1
283.1
291.3

191.2
185.1
187.6

87.3
85.7
87.6

278.5
270.8
275.3

2222.3
2225.4
2235.6

784.4
794.3
800.4

60.2
63.2
63.7

15.4
17.2
17.1

235.8
231.8
228.9

JULY
AUG.
SEP.

208.0
207.9
208.0

8.2
8.2
7.9

293.1
289.0
287.4

188.7
188.8
189.7

88.9
88.4
88.1

277.7
277.2
277.8

2244.5
2248.1
2247.4

808.3
822.6
832.4

62.0
64.1
62.6

15.6
15.8
14.7

229.6
230.8
231.0

OCT.
NOV.
DEC.

209.0
211.3
214.9

7.5
7.1
6.9

288.7
290.0
298.8

189.0
191.3
195.0

88.0
88.6
88.7

276.9
279.8
283.7

2256.2
2269.4
2272.8

839.1
848.0
850.6

62.1
62.5
64.8

13.8
12.9
13.3

231.3
237.4
239.6

211.8
211.9

7.0
7.1

290.5
275.7

196.2
192.2

87.4
85.4

283.7
277.6

2283.6
2286.0

854.6
864.4

65.3
64.5

16.6
15.2

242.0
247.9

9
16
23
30

213.9
212.6
210.9
209.5

7.0
7.0
7.0
7.0

305.1
292.9
283.1
275.2

203.1
198.7
194.4
188.7

91.0
88.8
86.1
83.5

294.2
287.5
280.5
272.2

2284.0
2286.8
2285.1
2281.5

848.4
857.0
856.0
856.1

65.1
64.7
66.1
66.4

16.6
16.7
15.9
18.0

237.6
243.3
244.5
243.5

FEB.

6
13
20
27p

211.8
212.4
212.3
210.9

7.0
7.1
7.1
7.1

281.3
275.9
275.3
270.4

194.0
193.0
191.4
190.1

87.4
86.1
84.5
83.7

281.4
279.1
275.9
273.8

2279.9
2285.9
2287.0
2289.0

858.9
862.4
868.7
866.2

63.8
63.9
64.5
65.5

14.3
16.0
15.4
15.2

243.5
246.4
248.8
251.4

MAR.

6p

213.4

7.1

281.3

195.7

87.5

283.1

2294.4

868.2

65.2

13.3

254.5

1989-JAN.
FEB. P

.

Week ending
1989-JAN.

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 NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
6.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), 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 commercial banks 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

At
At
commercial
thrift
banks
institutions

Data

Total

2
Small-denomination time d e p o s i t s

Savings d e p o s i t s 1

Money market d e p o s i t accounts

At
A*
thrift
commercial
institutions
banks

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time d e p o s i t s 3
At
commercial
banks*

At
thrift
institutions

Total

1987-OCT.
NOV.
DEC.

360.5
358.6
358.8

174.2
170.0
167.5

534.7
528.7
526.3

178.6
177.4
176.6

240.9
237.4
234.8

419.5
414.8
411.4

375.5
383.2
386.1

511.2
521.5
529.1

886.7
904.7
915.2

320.1
324.8
325.8

157.4
160.4
163.0

477.5
485.2
488.7

1988-JAN.
FEB.
MAR.

359.5
359.8
361.5

165.5
163.8
164.0

525.0
523.6
525.5

178.1
179.4
182.5

234.4
233.8
236.7

412.5
413.2
419.2

390.2
395.0
398.7

540.3
552.2
557.0

930.5
947.1
955.8

323.6
328.2
332.5

164.3
164.7
165.2

487.9
492.9
497.8

APR.
MAY
JUNE

361.0
357.8
360.7

163.3
162.7
162.5

524.2
520.5
523.2

185.0
187.1
189.6

239.4
240.6
242.7

424.5
427.7
432.3

401.4
403.3
407.6

560.8
561.8
562.9

962.2
965.1
970.5

330.1
333.2
338.2

166.0
167.3
166.6

496.1
500.5
504.8

JULY
AUG.
SEP.

360.3
357.7
354.5

161.6
160.0
157.0

522.0
517.7
511.4

191.5
191.0
189.8

244.5
242.8
241.1

436.0
433.7
430.9

412.5
417.2
424.2

566.8
568.8
572.7

979.4
986.0
996.9

342.9
351.3
357.0

166.5
167.9
172.2

509.5
519.2
529.1

OCT.
NOV.
DEC.

353.0
354.1
352.4

154.5
152.6
150.3

507.5
506.7
502.7

190.2
192.2
190.3

240.7
238.2
235.6

430.9
430.4
425.9

431.3
437.7
444.1

579.3
581.8
582.4

1010.6
1019.5
1026.5

360.8
362.3
365.5

174.7
174.9
174.0

535.4
537.2
539.5

348.3
342.3

146.8
142.7

495.1
485.1

189.3
188.3

233.5
230.5

422.8
418.8

453.1
463.0

588.7
591.6

1041.8
1054.6

369.7
377.0

174.9
174.3

544.5
551.3

9
16
23
30

352.8
349.9
347.4
342.9

148.9
147.5
145.9
144.6

501.7
497.4
493.3
487.5

190.5
189.5
168.7
188.1

235.7
234.5
232.8
231.0

426.2
424.0
421.5
419.2

449.8
452.5
454.3
456.6

587.0
588.2
589.4
590.3

1036.8
1040.7
1043.7
1046.9

366.7
369.6
370.5
371.1

174.8
174.8
175.2
175.1

541.5
544.4
545.6
546.1

FEB.

6
13
20
27p

343.5
343.0
341.8
341.5

144.1
143.4
142.4
141.5

487.5
486.3
484.2
483.0

188.4
188.7
188.3
187.8

231.5
231.0
230.1
229.3

419.9
419.7
418.4
417.1

459.5
461.6
463.9
465.5

591.3
592.0
591.7
591.3

1050.8
1053.6
1055.6
1056.9

373.8
376.7
378.1
378.5

174.5
173.9
174.4
174.4

548.3
550.5
552.5
552.9

MAR.

6p

340.9

141.4

482.3

188.2

230.6

418.8

468.4

591.8

1060.2

380.8

173.4

554.2

1989-JAN.
FEB. P

Heek ending
1989-JAN.

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
At
Institutionthrift
only money commercial
funds
institutions
banks

market
i

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

1987-OCT.
NOV.
DEC.

82.5
89.5
89.6

37.6
40.0
38.4

71.4
72.0
70.7

108.9
111.9
109.1

93.0
92.8
90.8

98.8
99.6
100.6

269.9
274.0
263.0

44.8
45.1
45.1

257.1
251.6
257.8

1911.3
1937.8
1955.6

6212.1
6259.1
6310.6

1988-JAN.
FEB.
MAR.

94.4
98.7
97.4

38.7
43.6
43.9

71.2
70.6
68.1

109.9
114.2
112.0

85.4
85.5
90.0

101.7
102.7
103.6

265.1
263.3
257.9

43.4
41.0
40.4

272.5
275.8
280.5

1962.9
1975.7
1994.5

6348.1
•6373.8
6417.5

APR.
MAY
JUNE

91.9
90.0
86.3

44.9
47.0
47.9

69.8
73.9
76.4

114.7
121.0
124.3

89.1
91.8
93.1

104.6
105.4
105.9

262.5
260.0
254.7

40.9
41.1
41.0

285.0
300.8
303.8

2003.1
2006.9
2016.5

6469.3
6522.6
6575.7

JULY
AUG.
SEP.

84.8
84.0
83.7

46.5
45.0
42.5

79.1
78.8
79.9

125.6
123.8
122.4

96.2
103.8
105.0

106.5
106.9
107.6

262.4
270.9
272.8

40.8
41.2
41.9

307.8
309.3
308.3

2024.1
2037.6
2056.6

6624.3
6669.9
6720.5

OCT.
NOV.
DEC.

84.6
87.4
87.6

42.9
45.1
40.1

82.4
83.8
85.2

125.2
128.9
125.3

102.3
103.8
107.3

108.3
108.7
109.2

274.3
282.4
292.6

41.5
40.9
40.9

313.1
320.0
332.5

2069.3
2090.8
2112.4

6768.4
6814.4
6868.1

89.3
69.6

40.4
44.2

85.9
84.7

126.3
128.9

103.3
103.4

110.1 p

288.6 p

38.4 p

344.8 p

2121.4 p

6910.2 p

9
16
23
30

88.0
89.2
89.9
90.7

38.5
40.7
40.6
42.3

87.2
86.8
84.6
84.6

125.7
127.5
125.2
126.9

102.7
105.4
103.5
100.5

FEB.

6
13
20
27p

89.9
89.8
89.0
89.9

43.7
44.6
44.4
44.2

84.7
84.8
84.6
84.8

128.4
129.4
128.9
128.9

100.4
101.8
107.1
103.7

MAR.

6p

87.8

44.5

85.2

129.7

105.3

1989-JAN.
FEB. P
Neek ending
1989-JAN.

Term RPs are those with original maturities greater than one day> excluding continuing contracts and retail RPs. Includes a relatively small amount
of overnight RPs at thrift institutions.
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.
5.
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,
6.
P- -indicates preliminary data.




H.6 (508)
Table 6

MEMORANDUM ITEMS

adjusted
Billions of dollars, not seasonally <

9

Demand deposits
at banks due to
Foreign
Foreign
official
ciommercial
banks
institutions

Date

U.S. government depotsits
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

IRA and Keogh Accounts
Time and
savings
deposits
At
At
at commercial commercia 1 . thrift
banks
banks
institutions

At
money
market
funds

Total

1987-OCT.
NOV.
DEC.

9.5
9.4
9.6

1.9
1.7
1.7

4.3
4.3
4.3

3.2
3.2
3.9

8.9
4.0
4.2

27.4
22.6
18.4

39.5
29.7
26.6

1.5
1.5
1.6

81.8
82.2
82.9

107.1
107.4
108.7

15.4
16.2
16.4

204.4
205.8
208.0

1988-JAN.
FEB.
MAR.

10.1
9.4
9.3

1.7
1.6
1.6

4.2
4.2
4.2

4.1
3.1
3.6

5.6
3.8
2.9

20.8
25.1
18.7

30.5
32.1
25.2

1.6
1.6
1.6

83.9
84.7
85.5

110.0
111.2
113.2

16.6
16.8
17.1

210.6
212.8
215.8

APR.
MAY
JUNE

9.1
9.2
9.6

1.9
1.7
1.8

4.3
4.2
4.2

5.3
3.3
4.3

5.1
7.2
4.1

16.4
27.1
16.7

26.8
37.5
25.0

1.6
1.6
1.7

87.3
88.8
89.4

115.4
116.5
117.7

18.0
18.6
18.4

220.7
223.9
225.5

JULY
AUG.
SEP.

10.0
9.3
9.6

1.9
1.7
1.6

4.3
4.3
4.3

3.4
3.0
4.1

3.9
3.2
7.4

18.6
8.9
20.4

25.9
15.1
32.0

1.7
1.6.
1.5

90.2
91.2
91.8

119.0
119.5
120.5

18.5
18.7
18.7

227.7
229.4
231.0

OCT.
NOV.
DEC.

9.2
9.4
9.7

1.6
1.8
1.9

4.3
4.3
4.2

3.2
3.4
4.2

6.2
5.2
5.5

24.5
12.8
18.7

34.0
21.5
28.4

1.5
1.5
1.6

92.5
93.3
93.9

121.5
121.8
122.6

18.8
19.6
20.2 e

232.9
234.7
236.7 e

9.5
9.5

1.8
1.8

4.2
4.2

4.0
3.7

8.1
5.8

21.0
22.2

33.1
31.7

1.5
1.5

95.1
96.3

123.7
124.4 •

20.4 e
20.4 a

239.1 e
241.1 •

9
16
23
30

10.1
9.0
9.9
8.8

1.8
1.9
1.8
1.8

4.2
4.2
4.2
4.2

4.6
3.7
4.9
2.9

6.9
4.8
7.0
13.8

9.3
15.0
27.5
30.4

20.8
23.5
39.4
47.2

1.5
1.5
1.5
1.5

FEB.

6
13
20
27p

9.7
9.0
9.1
10.3

1.7
1.7
1.9
2.0

4.2
4.2
4.2
4.2

5.5
2.8
3.2
3.4

7.3
5.4
4.9
6.0

25.4
22.2
21.3
21.3

38.2
30.4
29.4
30.8

1.5
1.5
1.5
1.5

MAR.

6p

9.9

1.9

4.2

4.9

5.3

14.8

25.0

1.5

1989-JAN.
FEB. P
Heek ending
1989-JAN.

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




H.6 (508)
Special Supplementary Tablo

Monthly Survey of Selected Deposits and Other Accounts:
January 25, 1989 and February 22, 19891
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil)
January 25

Liability Categories
NOH accounts

2

Money market deposit accounts

2

Savings deposits3

Average Rate Paid (X)

February 22

January 25

February 22

tamber of Issuing Banks
January 25

February 22

185,552

187,624

4.96

4.99

12,620

12,618

340,872

338,240

5.93

6.01

11,869

11,785

185,175

185,258

5.29

5.46

12,395

12,355

Interest-bearing time deposits
with balances of less than
$100>000 with original
maturities of:*
7 to 31 days

6,638

6,898

6.87

7.04

7,986

7,895

32 to 91 days

26,546

28,238

7.39

7.62

11,501

11,665

139,776

142,469

8.00

8.16

12,715

12,683

183 to 1 year

131,013

134,478

8.34

8.51

12,627

12,589

Over 1 year to 2-1/2 years

108,532

110,028

8.42

8.57

12,384

12,249

2-1/2 years and over

92 to 182 days

133,934

134,556

8.46

8.58

12,291

12,292

All IRA/Keogh Plan deposits5

95,660

96,586

N.A.

N.A.

12,114

12,073

Retail repurchase agreements

1,693

1,612

7.33

7.59

1,822

1,813

FDIC-Insured Savings Banks
Amount Outstanding ($mil)
January 25

Liability Categories
NOW accounts

2

Money market deposit accounts2
Savings deposits

3

Average Rate Paid (X)

February 22

January 25

February 22

Number of Issuing Banks
January 25

February 22

7,354

7,402

5.27

5.29

344

344

29,247

28,756

6.16

6.35

380

380

41,904

41,548

5.52

5.53

392

392

222

228

6.98

7.55

103

103

Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:*
7 to 31 days
32 to 91 days
92 to 182 days

3,864

4,191

8.46

8.66

320

318

24,218

24,822

8.59

8.84

378

378

183 to 1 year

31,354

31,478

8.74

8.94

382

382

Over 1 year to 2 - 1 / 2 years

23,415

23,631

8.82

8.93

360

360

2-1/2 years and over

25,439

25,255

8.89

8.99

378

378

5

20,833

21,068

N.A.

N.A.

384

384

Retail repurchase agreements

139

34

8.20

8.09

16

16

All IRA/Keogh Plan deposits

NOTE: The lower panel of this table presents data for both mutual and FDIC-insured federal savings banks.
N.A. - Data not available.
1. Estimates are based on data collected by the Federal Reserve from a stratified random sample of about 490 commercial banks and 80 savings banks.
2. NOH and MMDA account rates are reported as simple annual rates.
3. Savings deposits exclude MMDAs. The savings deposit rates are reported as simple annual rates.
4. Hith the exception of the 7-31 and 32-91 day deposit rates, which are reported as simple annual rates, time
deposit rates are annual effective yields reflecting the method of compounding reported by the individual
institutions.
5. All IRA/Keogh Plan time deposits regardless of size, type of instrument in which held, or interest rate paid.