Full text of H.6 Money Stock Measures : March 18, 1993

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FEDERAL RESERVE statistical release
•f*4iRe^V

H.6 ( 5 0 8 )
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

MARCH 18, 1993

Billions of dollars
Date

Ml ]

M2 2

DEBT5

M3 3
Seasonally adjusted

1991-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

839.4
841.3
849.1
857.6
861.8
867.9
872.4
879.5
891.0
899.3

3386
3396
3407
3416
3415
3417
3418
3422
3435.8
3445.8

4160.
4165.
4166.
4167.
4160.
4156.
4150.
4155.
4162.8
4168.1

4996.
4972.
4959.
4983.
4994.
4983,
4968.
4972.
4983.
4982.

10865.8
10888.3
10941..1
10993..7
11025..9
11062..0
11094..0
11131..5
11169..7
11192..7

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

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

3451.0
3467.7
3467.8
3464.8
3467.4
3461.
3463.
3472.
3480.
3491.
3498.
3497.

4172.
4189.
4184.
4177.
4179.
4169.
4168.8
4178.6
4182.8
4179.8
4178.5
4167.1

4978.
4999.
5010.
5009.
5010.
5014.
5012.
5025.
5036.8
5042
5055.
5051.

11227.1
11278.9
11338.7
11393.4
11441.3
11493.5
11537.8
11584.5
11624.7
11652.2
11707.6
11768.2

1993-JAN.
FEB. p

1033.2
1032.8

3488.2
3476.2

4142.6
4134.4

5041.1 p

11799.7 p

Not seasonally adjusted
1991-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.

834.7
852.9
841.4
857.7
861.9
864.2
866.9
874.8
893.1
916.4

1992-JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1993-JAN.
FEB. p

3392.
3414.
3392.
3411.
3414.
3413.
3407.
3417.
3438.
3457.

4170.0
4180.0
4154.2
4163.4
4157.1
4157.8
4140.7
4145.7
4167.7
4178.1

5008.
4986.
4939.
4971.
4980.
4975.
4959.
4961,
4994.
5004.

10828..4
10847..4
10894..3
10944..2
10977..4
11017.8
11061.2
11106.1
11147.9
11182.8

917.3
916.0
930.5
954.7
943.9
951.9
962.5
970.4
982.8
1000.9
1021.5
1045.7

3456.0
3462.3
3474.8
3486.5
3452.4
3457.0
3460.9
3466.8
3467.8
3485.7
3500.9
3511.5

4174
4186
4195
4195
4166
4164.8
4163.4
4178.4
4171.2
4169.8
4183.8
4179.2

4993.2
4999.6
5023.4
5024.9
4987.8
5001.7
4996.
5015.
5026.
5031.
5068.
5076.

11214..5
11247..2
11298..9
11350..2
11392.8
11444.4
11492.5
11546.6
11597.7
11631.1
11689.9
11760.6

1040.1
1022.0

3494.0
3470.2

4145.2
4131.8

5058.1 p

11787.0 p

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




H.6 ( 5 0 8 )
Table 2

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

Ml

M2

M3

Debt 1

3 Months from NOV. 1992 TO FEB. 1993

5.4

-2.5

-4.2

5.1

6 Months from AUG. 1992 TO FEB. 1993

11.7

0.2

-2.1

4.5

12 Months from FEB. 1992 TO FEB. 1993

11.5

0.2

-1.3

5.1

Thirteen weeks ending MARCH 8, 1993
from thirteen weeks ending:

DEC.

7, 1992 (13 weeks previous)

9.2

-0.7

-3.5

SEP.

7> 1992 (26 weeks previous)

13.5

1.1

-1.4

9, 1992 (52 weeks previous)

12.7

0.8

-0.8

MAR.
1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates? namely?
October 1992 to January 1993? July 1992 to January 1993? and January 1992 to January 1993? respectively.

1.

Consists of (1) currency outside the U.S. Treasury? Federal Reserve Banks? and the vaults of depository institutions?
(2) travelers checks of nonbank issuers? (3) demand deposits at all commercial banks other than those due to depository
institutions? the U.S. government? and foreign banks and official institutions? less cash items in the process of collection
and Federal Reserve float, and (4) other checkable deposits (OCDs)? consisting of negotiable order of withdrawal (NOH) and
automatic transfer service (ATS) accounts at depository institutions? credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adjusted Ml is calculated by summing currency? travelers checks? demand deposits? and
OCDs? each seasonally adjusted separately.
Consists of Ml plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars
issued to U.S. residents by foreign branches of U.S. banks worldwide? savings deposits (including money market deposit accounts)?
small-denomination time deposits (time deposits — including retail RPs — in amounts of less than $100?000)? and balances
in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement
account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by
U.S. commercial banks? money market funds (general purpose and broker/dealer)? foreign governments and commercial banks?
and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then
adding this result to seasonally adjusted Ml.
Consists of M2 plus large-denomination time deposits (in amounts of $100?000 or more) and term RP liabilities issued
by all depository institutions? term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada? and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions? the U.S. government? money market funds?
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds? short-term Treasury securities? commercial paper
and bankers acceptances? net of money market mutual fund holdings of these assets.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government? state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds? mortgages? consumer credit
(including bank loans)? other bank loans? commercial paper? bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form? derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs? therefore? from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases? published levels of credit market debt are measured on a quarter-end
basis and include discontinuities.

Footnotes to Table 1

2.

3.

4.
5.




H.6 ( 5 0 8 )
Table 3

MONEY STOCK MEASURES
B i l l i o n s of d o l l a r s

Seasonally adjus ted
M3

M2

Ml

Period ending

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1992-DEC. 14
21
28
1993-JAN. 4
11
18
25
FEB. 1
8
15
22
MAR. lp
8p

1011.2
1013.8
1016.4
1018.7
1021.0
1023.3
1025.1
1026.6
1027.6
1028.5
1029.7
1030.8
1031.4

1023.0
1024.6
1026.4
1027.6
1029.1
1031.0
1032.0
1033.3
1032.9
1032.4
1032.6
1033.0
1033.6

1025.6
1025.9
1029.8
1029.2
1031.5
1033.3
1033.8
1034.5
1030.0
1031.2
1034.6
1036.1
1032.5

3493.3
3494.7
3495.7
3496.0
3496.2
3496.2
3495.6
3494.1
3492.2
3490.4
3489.0
3487.4
3485.4

3498.5
3499.1
3498.7
3495.8
3493.5
3491.9
3489.4
3487.0
3482.9
3479.0
3476.8
3476.2
3476.1

3500.6
3497.2
3496.4
3489.0
3491.5
3490.7
3486.2
3479.5
3475.2
3475.0
3477.5
3476.9
3475.0

4179.8
4178.5
4176.3
4173.5
4169.8
4167.9
4164.4
4161.4
4157.4
4154.6
4151.0
4147.8
4143.7

4179.5
4176.3
4170.0
4160.6
4150.3
4146.2
4141.4
4140.4
4137.6
4135.1
4134.7
4134.5
4134.4

4179.5
4167.1
4153.0
4142.6
4138.4
4150.9
4133.8
4138.5
4127.2
4140.7
4132.2
4137.8
4127.0

Not seasonally adjusted

Ml

Period ending

13-week
average

4-week
average

1992-DEC. 14
21
28
1993-JAN. 4
11
18
25
FEB. 1
8
15
22
MAR. lp
8p

1009.5
1014.3
1020.6
1025.9
1030.5
1033.6
1035.7
1036.2
1036.4
1036.2
1036.7
1036.5
1036.1

1029.4
1037.5
1044.0
1051.2
1056.3
1056.5
1048.5
1034.2
1025.6
1021.0
1021.0
1022.4
1025.0

M3

M2
week
average
1042.0
1042.5
1048.7
1071.7
1062.3
1043.3
1016.8
1014.5
1027.8
1024.9
1016.8
1019.9
1038.5

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

3490.2
3493.8
3498.1
3501.3
3503.8
3504.6
3504.3
3501.8
3499.0
3496.1
3494.5
3492.6
3490.2

3504.8
3509.6
3511.5
3512.4
3514.4
3512.9
3504.3
3487.5
3474.7
3468.3
3468.3
3470.7
3474.5

3518.6
3505.8
3499.8
3525.2
3526.8
3499.6
3465.5
3458.0
3475.6
3474.0
3465.6
3467.7
3490.5

4175.3
4175.9
4177.2
4177.9
4176.2
4175.1
4172.0
4168.1
4163.2
4159.7
4155.7
4152.4
4148.5

4186.1
4186.0
4181.7
4174.3
4167.2
4163.2
4151.2
4139.4
4129.6
4126.3
4128.6
4132.6
4137.0

4195.8
4173.4
4161.7
4166.1
4167.7
4157.3
4113.6
4118.9
4128.7
4144.1
4122.6
4134.8
4146.3

Note: S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which are highly volatile and subject to

revision.
p—indicates preliminary data.




H.S (SOS J
Table 4

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

Other checkable deposits
At
commercial
banks*

Currency l

Travelers
checks 2

Demand
deposits3

1991-OCT.
NOV.
DEC.

264.4
265.8
267.2

7.5
7.6
7.8

283.0
287.4
290.5

235.3
239.6
242.3

199Z-JAN.
FEB.
MAR.

269.0
270.8
271.9

7.7
7.7
7.7

296.3
303.3
308.0

APR.
MAY
JUNE

273.6
275.1
276.6

7.7
7.7
7.7

JULY
AUG.
SEP.

279.5
282.4
286.3

OCT.
NOV.
DEC.

Date

1993-JAN.
FEB. P

At
thrift
institutions5

In M3

Total

In M 2 6

only 7

89.3
90.6
91.6

324.7
330.2
333.8

2542.9
2544.8
2546.6

733.0
727.0
722.3

245.9
249.9
252.1

92.7
94.4
95.5

338.6
344.3
347.5

2539.5
2541.5
2532.7

721.2
721.3
717.1

310.8
314.7
312.3

253.4
258.8
259.1

95.7
96.0
96.8

349.0
354.7
355.9

2523.7
2515.2
2509.4

713.1
712.2
708.0

7.7
7.8
8.1

317.5
322.5
329.0

261.1
264.1
266.6

97.5
98.7
100.1

358.6
362.8
366.7

2500.3
2496.9
2490.1

705.3
706.3
702.6

288.0
289.8
292.3

8.3
8.2
8.1

336.0
339.5
340.9

271.9
278.7
281.2

101.9
102.9
104.0

373.7
381.6
385.2

2485.6
2479.0
2470.7

688.3
680.4
669.8

294.8
296.9

8.0
8.0

342.0
341.9

283.4
283.2

105.0
103.0

388.5
386.1

2455.0
2443.3

654.3
658.3

293.9
294.3
294.9

8.0
8.0
8.0

341.6
341.7
341.2

282.4
283.7
284.2

105.5
105.6
105.5

387.9
389.3
389.7

2459.9
2457.3
2452.4

647.0
660.3
647.6

296.0
295.8
296.4
297.2

7.9
7.9
7.9
8.0

342.2
339.8
341.0
343.6

284.1
283.1
282.8
283.0

104.3
103.4
103.0
102.8

388.3
386.5
385.8
385.8

2445.0
2445.2
2443.8
2442.9

659.0
651.9
665.7
654.7

298.4
298.0

8.0
8.0 e

344.1
341.9

283.5
283.3

102.1
101.3

385.5
384.7

2440.8
2442.5

660.9
652.1

Week ending
1993-JAN. 11
18
25
FEB.

MAR.

1
8
15
22
lp
8p

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 fore ion-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 overniqht RPs and Eurodollars) money market fund balances (general purpose and broker/dealer)> savings deposits (including
money market deposit accounts) and small time deposits. This sum is seasonally adjusted as a whole.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only)* less the estimated
amount of overniqht RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
e—indicates estimated data.
p—indicates preliminary data.




H.6 (508)
Table 4-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Savings deposits 1
At
At
thrift
commercia il
institutions
banks

Date

Large-denomination time deposits3

Small-denomination time deposits2

Total

At
At
commercial
thrift
banks
institutions

Total

General purpose
and broker/dealer
money market funds

Institutiononly money
market funds

At
At
commercial
thrift
banks4
institutions

Total

1991-OCT.
NOV.
DEC.

646.7
656.3
666.2

368.7
372.1
376.3

1015.3
1028.5
1042.5

617.1
609.7
601.5

479.8
471.6
463.2

1096.9
1081.4
1064.7

362.5
362.3
363.9

169.3
175.4
182.1

352.7
346.2
341.3

87.8
85.3
83.4

440.5
431.6
424.7

1992-JAN.
FEB.
MAR.

677.2
689.0
695.6

383.1
391.7
398.7

1060.3
1080.7
1094.3

589.1
578.6
571.2

453.9
442.9
432.8

1043.0
1021.5
1004.0

360.3
362.3
358.0

186.1
192.0
192.2

336.9
333.7
330.0

82.0
79.9
77.4

418.9
413.6
407.4

APR.
MAY
JUNE

703.9
709.3
713.3

403.6
410.3
412.7

1107.5
1119.6
1126.0

567.9
560.0
552.9

418.2
409.6
402.8

986.1
969.6
955.7

354.5
354.9
353.5

195.9
202.2
206.3

326.6
323.0
317.7

75.5
73.0
71.7

402.1
395.9
389.3

JULY
AUG.
SEP.

719.5
727.6
737.2

415.0
418.2
421.7

1134.5
1145.7
1158.9

544.6
535.6
527.5

397.0
391.3
385.2

941.5
926.9
912.7

350.4
348.9
343.9

212.5
220.9
220.7

311.0
307.8
303.5

71.5
70.3
70.2

382.5
378.1
373.7

OCT.
NOV.
DEC.

746.1
752.5
756.1

424.4
427.9
429.9

1170.5
1180.3
1186.0

519.9
511.9
507.0

376.6
370.0
363.5

896.6
881.9
870.5

346.3
343.7
342.3

210.9
209.2
202.3

296.8
292.8
290.2

70.2
68.5
67.3

367.0
361.3
357.5

754.1
755.7

430.3
426.8

1184.4
1182.5

502.6
503.4

358.8
351.8

861.4
855.2

340.0
334.2

197.7
201.9

283.7
281.8

67.1
65.5

350.7
347.3

756.6
755.3
752.3

429.7
430.7
430.3

1186.3
1186.0
1182.6

503.7
502.3
501.6

359.8
358.8
358.0

863.5
861.1
859.5

341.7
339.6
339.6

195.2
198.5
195.7

283.6
282.0
282.1

67.0
67.2
67.0

350.6
349.2
349.1

750.1
755.0
756.3
757.2

429.2
427.3
427.2
426.5

1179.3
1182.3
1183.5
1183.7

501.1
504.0
503.4
503.1

356.7
352.4
352.1
351.4

857.8
856.4
855.5
854.5

337.8
334.7
333.2
334.0

197.5
197.9
204.5
200.5

282.2
282.6
282.0
281.9

66.8
66.0
65.6
65.2

349.0
348.7
347.6
347.1

755.1
755.2

425.6
424.8

1180.7
1180.0

503.3
504.0

350.1
348.3

853.4
852.3

334.4
335.1

205.6
197.6

280.4
281.3

65.1
64.9

345.4
346.2

1993-JAN.
FEB. P
Heek ending
1993-JAN. 11
18
25
FEB.

MAR.

1
8
15
22
IP
8p

Savings deposits include money market deposit accounts.
Small-denomination time deposits—includinq retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large^denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, and foreign banks and
official institutions,
p- -indicates preliminary data.




H.6 (508)
Table 4-continued

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

Non-M3 Components o f L
Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

1991-OCT.
NOV.
DEC.

136.0
137.1
138.0

320.6
322.7
315.0

25.3
24.5
23.4

1992-JAN.
FEB.
MAR.

139.0
140.2
141.3

311,
320,
325,

APR.
MAY
JUNE

142,
143.
144,

JULY
AUG.
SEP.

Commercial
paper 3

debt

Non-Federal
debt

334.9
336.2
337.7

2713.9
2742.3
2764.8

8417.6
8427.4
8428.0

22.8
22.5
22.2

332.3
327.3
336.7

2782.6
2801.8
2841.7

8444.
8477.
8497.

325.
329.
330.

21.8
22.0
22.0

341.
336,
348.

2877.
2908,
2943.8

8516.1
8532.8
8549.7

145.8
147.4
149.3

324.
323.
321.

21,
21,
20.

351.
355.
362.

2968
2991
3004

8569.
8592.
8620.

OCT.
NOV.
DEC.

151.
154.
156.8

321.9
329.3
338.8

20.
20.
20.

368.
372.
368.

3001
3027,
3068.8

8650.8
8679.9
8699.4

1993-JAN.

158.9

350.6

20.3

368.7

3076.3

8723.5

Date

1.

Federal

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 Tunds, and foreign entities.
2.
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks,
and money market mutual funds.
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
d i scont inui t ies.
p—indicates preliminary data.




H.6 (508)
Table 5

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

Other checkable deposits

Currency

Date

1

Travelers
checks 2

Demand
deposits3

At
commercial
banks 4

At
thrift
institutions5

Total

In M 2 6

In M3
only 7

Overnight
RPs 8

Overnight
Eurodollars9

1991-OCT.
NOV.
DEC.

263.1
266.3
269.9

7.6
7.3
7.4

283.7
290.9
302.9

232.1
238.2
244.9

88.5
90.4
91.4

320.5
328.6
336.3

2542.1
2545.3
2541.5

728.8
729.3
720.1

53.8
54.3
53.7

16.3
19.5
22.6

1992-JAN.
FEB.
MAR.

267.8
269.4
271.0

7.4
7.5
7.4

299.9
296.4
302.6

250.7
250.4
254.1

91.4
92.3
95.4

342.2
342.7
349.5

2538.7
2546.3
2544.3

718.1
724.3
720.4

55.9
58.3
54.1

21.9
19.6
20.6

APR.
MAY
JUNE

273.3
275.7
277.2

7.3
7.4
7.8

313.8
308.3
311.4

261.3
255.7
257.7

98.9
96.8
97.8

360.2
352.5
355.5

2531.8
2508.4
2505.1

708.6
714.6
707.8

53.4
50.8
52.7

19.3
18.6
19.6

JULY
AUG.
SEP.

280.8
282.9
284.6

8.2
8.4
8.5

317.7
319.8
326.1

257.7
260.8
264.0

98.2
98.4
99.6

355.9
359.2
363.6

2498.4
2496.4
2484.9

702.5
711.6
703.5

53.4
59.4
56.1

19.3
16.8
17.6

OCT.
NOV.
DEC.

287.0
290.0
295.0

8.4
7.9
7.8

336.7
343.9
355.3

268.1
277.0
284.0

100.8
102.7
103.7

368.8
379.7
387.6

2484.8
2479.4
2465.8

684.1
682.8
667.7

55.1
54.2
52.6

19.9
20.9
21.3

293.6
295.3

7.8
7.7

346.2
334.3

289.1
284.0

103.5
100.6

392.6
384.6

2453.9
2448.2

651.2
661.6

54.6
55.6

18.2
17.6

294.6
293.7
292.1

7.8
7.8
7.7

356.9
346.7
333.4

296.0
291.6
283.2

107.1
103.5
100.3

403.1
395.1
383.5

2464.4
2456.3
2448.8

641.0
657.7
648.1

53.9
53.2
55.2

18.4
17.9
18.2

291.9
295.9
296.3
294.8

7.7
7.7
7.7
7.8

334.3
334.2
336.3
332.8

280.3
287.1
283.8
282.4

100.4
102.9
100.8
99.1

380.6
389.9
384.5
381.4

2443.5
2447.8
2449.1
2448.8

660.9
653.1
670.2
657.0

57.5
55.2
54.8
55.8

17.9
17.2
17.3
17.5

294.8
298.4

7.8
7.8 e

334.5
338.1

283.1
290.6

99.7
103.6

382.9
394.2

2447.8
2452.0

667.1
655.8

56.5
57.4

18.3
15.2

1993-JAN.
FEB. P

Neek ending
1993-JAN. 11
18
25
FEB.

MAR.

1.
2.

1
8
15
22
IP
8p

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 foreiqn 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), savings deposits (including money market
deposit accounts) and small time deposits.
7.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
8.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
9.
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer).
e--indicates estimated data,
p—indicates preliminary data.



H.6 (508)
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Small-denomination time deposits2

Savings deposits 1
At
At
commercia ,1
thrift
banks
institutions

Date

Total

At
At
commercial
thrift
banks
institutions

Total

Large-denomination time deposits3
General purpose InstitutionAt
At
thrift
and broker/dealer only money commercial
m
money market funds market funds
banks 4
institutions

Total

1991-OCT.
NOV.
DEC.

645.4
656.2
663.3

367.9
372.0
374.7

1013.3
1028.2
1038.0

618.4
610.3
602.0

480.7
472.0
463.6

1099.1
1082.3
1065.6

359.6
360.9
361.5

165.6
175.5
182.4

352.0
346.2
340.1

87.7
85.3
83.1

439.7
431.5
423.2

1992-JAN.
FEB.
MAR.

673.4
686.5
698.7

380.9
390.2
400.4

1054.3
1076.7
1099.0

591.1
579.4
570.6

455.4
443.5
432.3

1046.5
1022.9
1002.9

360.0
368.8
367.7

190.8
200.1
194.9

334.6
333.0
330.9

81.4
79.7
77.6

416.1
412.7
408.6

APR.
MAY
JUNE

708.0
710.0
716.1

406.0
410.7
414.3

1113.9
1120.6
1130.5

566.7
557.7
551.0

417.3
407.9
401.4

984.0
965.6
952.4

361.1
352.9
349.9

194.9
202.3
202.4

325.7
324.8
319.3

75.3
73.4
72.0

400.9
398.2
391.3

JULY
AUG.
SEP.

721.9
728.2
735.4

416.3
418.5
420.6

1138.2
1146.7
1156.0

544.7
535.8
528.1

397.0
391.4
385.7

941.7
927.3
913.8

345.8
346.2
341.4

209.0
220.6
216.6

310.6
309.1
303.9

71.4
70.6
70.3

382.1
379.7
374.2

OCT.
NOV.
DEC.

744.4
751.9
752.3

423.4
427.5
427.8

1167.9
1179.4
1180.0

521.1
512.5
507.8

377.5
370.5
364.1

898.6
883.0
871.9

343.4
341.9
340.0

206.3
209.5
202.4

296.0
292.7
289.1

70.0
68.5
67.1

366.0
361.2
356.2

749.5
753.1

427.6
425.3

1177.1
1178.4

504.3
504.1

360.1
352.2

864.5
856.3

339.5
340.4

202.3
210.3

281.7
281.3

66.6
65.4

348.3
346.7

755.9
751.2
745.1

429.3
428.4
426.2

1185.1
1179.5
1171.3

505.8
504.3
503.2

361.3
360.2
359.2

867.1
864.4
862.4

339.9
341.3
341.6

190.1
207.8
203.8

282.3
280.8
280.2

66.7
66.9
66.5

349.0
347.7
346.7

743.9
752.3
754.8
754.0

425.7
425.8
426.3
424.7

1169.5
1178.1
1181.2
1178.6

502.8
505.5
504.3
503.4

357.8
353.4
352.7
351.6

860.6
858.9
857.0
854.9

338.0
338.4
338.9
341.9

216.2
207.1
214.6
205.6

279.6
281.3
281.9
281.6

66.2
65.7
65.5
65.2

345.8
347.0
347.5
346.7

752.5
757.5

424.1
426.1

1176.6
1183.6

503.2
503.7

350.0
348.1

853.2
851.8

343.1
344.1

213.6
200.8

280.7
282.1

65.1
65.1

345.8
347.2

1993-JAN.
FEB. P
Neek ending
1993-JAN. 11
18
25
FEB.

1
8
15
22

MAR.
Bp

1.
2.

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000 All IRA and Keogh account balances at
commercial banks and thrifts are subtracted from small time deposits.
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 ( 5 0 8 )
Table 5-continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
At
At
thrift
ccommercial
institutions
banks

Date

Debt components6

Non-M3 Components of L
Total

Term
Eurodollars2

Savings
bonds

Short-term
Treasury
securities3[

Bankers
acceptances*

Commercial
paper5

Federal
debt

Non-Federal
debt

1991-OCT.
NOV.
DEC.

49.8
50.7
49.3

26.1
25.1
23.2

75.9
75.7
72.5

62.8
61.7
57.6

135.9
136.8
137.7

323.5
331.5
328.1

25.1
25.2
24.5

331.5
333.8
335.8

2707.6
2740.8
2765.0

8398.5
8407.1
8417.9

1992-JAN.
FEB.
MAR.

48.9
50.3
52.5

22.1
22.3
21.8

71.0
72.6
74.3

55.7
56.1
58.0

138.8
140.1
141.4

317.9
319.9
327.1

23.7
22.7
21.8

338.7
330.4
338.0

2782.5
2799.1
2834.7

8432.0
8448.0
8464.3

APR.
MAY
JUNE

53.3
55.6
55.3

20.8
20.8
21.1

74.1
76.4
76.4

54.9
52.8
51.8

142.7
143.9
144.9

321.0
320.0
321.4

21.3
21.6
21.7

345.0
335.4
348.8

2863.5
2884.1
2912.2

8486.8
8508.8
8532.2

JULY
AUG.
SEP.

53.6
55.5
57.7

21.5
20.2
19.8

75.1
75.7
77.5

51.0
51.4
49.4

146.0
147.4
149.2

315.9
319.4
323.0

21.6
20.9
20.2

349.3
349.2
362.5

2937.5
2970.3
2993.9

8555.0
8576.3
8603.8

OCT.
NOV.
DEC.

59.3
60.8
60.2

20.3
20.5
20.3

79.5
81.3
80.6

48.0
47.2
45.9

151.8
154.4
156.4

324.7
338.7
353.0

20.4
20.8
21.4

364.6
370.2
366.1

2998.1
3028.3
3069.8

8633.1
8661.7
8690.8

58.6
60.5

21.2
22.0

79.8
82.4

43.9
46.0

158.6 p

357.3 p

21.1 p

375.9 p

3076.2 p

8710.8 p

59.0
58.7
58.1

21.0
21.5
21.8

80.0
80.2
79.9

43.6
43.0
43.8

58.3
58.2
61.3
61.1

21.2
21.9
22.0
22.2

79.5
80.2
83.2
83.2

44.4
44.4
46.9
46.4

61.8
62.9

22.0
22.0

83.8
84.9

46.5
48.5

1993-JAN.
FEB. P
Heek ending
1993-JAN. 11
18
25
FEB.

MAR.

1
8
15
22
IP
8p

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.
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 (508)
Table 6

MEMORANDUM ITEMS

10

Billions of dollars> not seasonally adjusted
Demand deposits
at banks due to
Time and savings
deposits due TO
Foreign
Foreign
foreign banks
official
ccommercial
and official
banks
institutions
institutions

Date

IRA and Keogh Accounts

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note balances
at depository
institutions

Total
cash
balance

Time and
savings
At
At
deposits
at commercial commercia 1 m thrift
institutions
banks
banks

At
money
market
funds

Total

1991-OCT.
NOV.
DEC.

7.7
8.0
8.3

1.5
1.5
1.7

7.0
7.5
8.0

3.6
4.4
4.8

5.7
6.0
7.4

25.0
24.2
20.5

34.4
34.6
32.8

1.5
1.6
1.5

145.9
147.0
147.7

132.9
132.7
132.4

43.4
43.0
42.3

322.2
322.8
322.4

1992-JAN.
FEB.
MAR.

8.5
7.8
7.8

1.7
1.5
1.4

8.0
7.4
6.9

5.2
4.3
4.2

7.4
6.2
5.6

27.9
20.9
15.9

40.5
31.5
25.7

1.8
2.0
2.2

148.3
148.4
147.8

132.3
131.3
130.8

43.5
44.6
43.8

324.1
324.3
322.4

APR.
MAY
JUNE

8.2
8.0
8.1

1.4
1.4
1.5

6.8
7.3
7.8

5.8
4.2
5.2

4.9
5.2
6.7

11.9
16.8
19.9

22.6
26.2
31.8

2.5
2.6
2.6

148.4
148.6
147.9

130.2
129.5
129.0

43.9
43.8
43.1

322.4
321.9
320.1

JULY
AUG.
SEP.

8.6
7.9
8.5

1.6
1.4
1.7

8.0
7.9
7.8

3.7
3.9
5.4

5.9
5.7
10.6

15.9
18.5
23.2

25.5
28.0
39.2

2.5
2.5
2.5

147.6
147.5
147.6

127.7
125.8
125.0

43.1
43.2
43.0

318.4
316.4
315.5

OCT.
NOV.
DEC.

8.5
8.3
8.9

1.6
1.6
1.6

7.7

7.7

4.2
4.1
5.2

5.8
5.5
6.0

17.7
12.4
14.3

27.7
21.9
25.5

2.5
2.7
2.6

147.6
147.2
147.1

124.1 e
122.9 e
121.6 e

44.6
46.2
45.4

316.2 e
316.3 e
314.1 e

8.7
8.8

1.4
1.5

7.7
7.7

6.1
4.3

7.7
5.9

27.0
25.2

40.8
35.4

2.0
2.5

147.3
147.5

120.5 e
119.8 e

44.6 e
44.6 e

312.4 e
312.0 e

8.7
8.4
9.1

1.3
1.3
1.4

7.7
7.7

4.5
7.1
6.5

6.8
4.6
9.5

17.2
24.9
33.2

28.5
36.6
49.2

1.1
2.4
2.4

8.2
8.4
8.6
9.9

1.7
1.4
1.5
1.4

7.7
7.7
7.7
7.7

5.3
3.9
4.1
4.4

10.6
7.8
4.9
4.8

36.2
34.0
29.8
18.4

52.0
45.7
38.7
27.6

2.4
2.5
2.5
2.5

8.3
8.8

1.5
1.4

7.7
7.7

4.8
3.6

5.3
6.1

15.8
10.5

25.9
20.1

2.4
2.4

1993-JAN.
FEB. P

7.7

Neek ending
1993-JAN. 11
18
25
FEB.

1
8
15
22

MAR.
8p

-indicates estimated data,
-indicates preliminary data.




7.7

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1
January 27,1993 and February 24,1993
(not seasonally adjusted)

Insured Commercial Banks
Amount Outstanding ($mil.)
Change
Opercent)

Average Rate Paid (%)

Jan. 27

Feb. 24

NOW Accounts

277,632

280,232

094

232

Z27

-5

734,453
579,931

743,523
585,742

1.23
1.00

2.85
N.A.

2.80
N.A.

-5
N.A.

154,522

157,781

2.11

N.A.

N.A.

N.A.

38,213

37,355

-2.24

2.86

2.81

-5

128,247

128,781

0.42

161,040

160,001

-0.65

3.13
3.34

3.08
3.29

-5
-6

Savings Deposits
Personal

2

Nonpersonal
Interest-bearing time deposits with
balances of less than $100,000
with original maturities of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over
All IRA/Keogh Plan deposits3

151,885

151,115

-0.51

-5

1.59

3.88
4.72

3.83

172,259

4.59

-13

147,428

147,578

0.10

N.A.

N.A.

N.A.

Amount Outstanding ($mil.)

NOW Accounts
Savings Deposits
Personal
Nonpersonal

2

Interest-bearing time deposits with
balances of less than $100,000
with original maturies of:
7 to 91 days
92 to 182 days
183 days to 1 year
1 to 2-V2 year
2-V2 years and over
All IRA/Keogh Plan deposits3

Feb. 24

169,559

BIF-insured Savings

Liability Categories

Jan. 27

Change
(b.p.)

Liability Categories

Change
(percent)

Banks4
Average Rate Paid (%)
Change
(b.p.)

Jan. 27

Feb. 24

10,214

10,197

^016

242

238

-3

81,256
78,170
3,085

81,676
78,515
3,161

0.52
0.44
2.45

3.18
N.A.
N.A.

3.15
N.A.
N.A.

-3
N.A.
N.A.

3,662

-1.67
-1.24
-1.41

3.07
3.40
3.60

3.02

16,845
21,595

3,601
16,637
21,291

336
3.58

-5
-3
-1

18,128
19,078

18,018
19,434

-0.60

3.95
5.02

3.90

-5

1.87

4.97

-5

21,678

21,669

-0.04

N.A.

N.A.

N.A.

Jan. 27

Feb. 24

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 460 commercial
banks and 80 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 of size, type of instrument in which held, or interest rate paid.
4. BIF-insured savings banks include both mutual and federal savings banks.