Full text of H.6 Money Stock Measures : March 22, 1990

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..-'OVGOI*.'

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 22, 1990

Billions of dollars
Date

Ml 1

M2 2

Debt 5

M3 3
Seasonally adjusted

1988-MAR.
APR.

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

MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1990-JAN.
FEB. p

763.0
770.1
773.1
778.9
783.*
784.4
784.8
785.1
786.0
787.5

2978.2
2999.7
3013.3
3026.4
3033.2
3037.7
3041.1
3048.8
3064.1
3072.4

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

4437.6
4476.4
4506.3
4528.7
4567.8
4584.8
4593.0
4613.8
4644.1
4676.0

8480.4
8547.0
8616.5
8686.0
8749.9
8814.6
8877.0
8936.6
9009.5
9070.7

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..6
3078..2
3086..9
3089..4
3085..3
3101..6
3127..0
3146..7
3163..3
3181..4
3200.8
3221.7

3926.
3936.
3956.
3965.
3965.
3984.
4007.
4012.
4012.
4016.
4028.
4041.

4682.7
4699.8
4732.0
4757.0
4756.6
4778.8
4803.8
4817.3
4822.7
4831.2
4846.4
4864.8

9125.4
9191.6
9252.1
9308.8
9368.7
9422.3
9472.2
9537.3
9594.4
9661.3
9732.5
9771.6

794.7
801.3

3232.0
3257.2

4047.1
4065.8

4865.9 p

9815.5

Not seasonally adjusted
1988-MAR.
APR.

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

MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1990-JAN.
FEB. p

752.8
779.2
764.7
779.9
786.9
782.4
781.1
782.2
788.3
804.5

2971.4
3010.2
2999..5
3024..1
3039..1
3037..3
3034..3
3046..7
3067..2
3085..2

3756..9
3792..0
3790..7
3821..7
3845.8
3857.5
3864..5
3884..1
3912..4
3932..5

4434.
4480.
4493.
4522.
4558.
4579.8
4588.7
4613.6
4652.2
4692.7

8441.
8506.
8573.
8645.
8707.
8768.
8839.
8903.
8977.
9056.

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..2
3071..2
3099..1
3132..7
3146..4
3156..3
3178..9
3204..4
3234..6

3935.
3925.
3954.
3971.
3950,
3978,
4005,
4011.
4009,
4016.
4038.
4055.2

4700.
4694.
4729.
4759,
4744,
4771,
4792.
4812.
4818.
4831,
4855.
4882.

9109.5
9155.6
9211.4
9267.3
9326 .2
9383 .2
9431 .5
9494 .2
9559 .7
9630 .4
9701 .9
9757 .0

802.2
787.9

3243.7
3245.2

4056.2
4054.4

4884.6

9805.4 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
Debt 1

Ml

M2

M3

3 Months from NOV. 1989 TO FEB. 1990

6.0

7.0

3.7

6.4

6 Months from AUG. 1989 TO FEB. 1990

5.4

7.0

2.7

7.2

12 Months from FEB. 1989 TO FEB. 1990

1.9

5.8

3.3

7.6

DEC. 11, 1989 (13 weeks previous)

5.4

6.9

3.3

SEP. 11, 1989 (26 weeks previous)

5.0

7.0

2.4

MAR. 13, 1989 (52 weeks previous)

1.5

5.4

3.1

Thirteen weeks ending MARCH 12, 1990
from thirteen weeks ending:

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely,
October 1989 to January 1990, July 1989 to January 1990, and January 1989 to January 1990, 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 issuersj (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 (NON) and
automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits
at thrift institutions. Seasonally adiusted Ml is calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
2.
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.
3.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more) and term RP liabilities issued
by all depository institutions, term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide
and at all banking offices in the United Kingdom and Canada, and balances in both taxable and tax-exempt institution-only
money market mutual funds. Excludes amounts held by depository institutions, the U.S. government, money market funds,
and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars
held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as
a whole and then adding this result to seasonally adjusted M2.
4.
Consists of M3 plus the nonbank public holdings of U.S. savings bonds, short-term Treasury securities, commercial paper
and bankers acceptances, net of money market mutual fund holdings of these assets.
5.
Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government, state and local
governments and private nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit
(including bank loans), other bank loans, commercial paper, bankers acceptances and other debt instruments.
The data are derived from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial
sectors are presented in month-average form, derived by averaging adjacent month-end levels. These data have also
been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The
presentation of debt data in this release differs, therefore, from the quarterly flow of funds statistics contained in the
Federal Reserve releases Z.7 and Z.l. In those releases, published levels of credit market debt are measured on a quarter-end
basis
 and include discontinuities.

1.

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
M2

Ml

13-week
average

4-week
average

3220.4
3230.3

4023.5
4026.3

4036.7
4040.6

4041.2
4043.9

3222.8
3225.9
3227.8
3228.7
3231.5

3226.9
3226.1
3227.8
3233.9
3238.2

4029.2
4031.9
4033.9
4036.0
4038.5

4041.4
4043.2
4044.2
4045.2
4047.1

4041.5
4046.3
4045.1
4047.9
4049.1

3221.8
3226.2
3230.5
3235.0

3237.4
3243.5
3249.2
3255.9

3249.5
3252.5
3256.7
3264.7

4041.5
4044.2
4046.8
4050.1

4050.4
4054.8
4059.4
4064.9

4059.5
4062.6
4066.3
4071.3

3239.3
3243.5

3260.9
3265.1

3269.7
3269.3

4052.8
4055.1

4068.2
4069.9

4072.7
4069.4

13-week
average

4-week
average

793.0
796.7

3192.8
3197.7

3213.5
3219.7

795.2
796.4
796.9
796.3
794.6

799.7
796.2
794.8
794.6
792.6

3202.3
3206.1
3209.5
3213.5
3217.5

793.6
794.5
795.3
796.4

795.2
796.2
797.7
800.7

798.6
798.9
800.5
804.9

797.6
798.4

802.8
803.7

807.0
802.2

Period en ding

13-week
average

4-week
average

1989-DEC. 18
25

788.7
789.8

791.6
793.0

1990-JAN.

1
8
15
22
29

790.9
791.6
792.0
792.4
792.8

FEB.

5
12
19
26

MAR.

5p
12p

week
average

M3
week
average

week
average

Not seasonally adjusted
M2

Ml

Period ending

13-week
average

4-week
average

1989-DEC. 18
25

789.3
793.0

800.8
806.5

1990-JAN.

1
8
15
22
29

796.9
799.7
801.1
802.3
802.5

FEB.

5
12
19
26

MAR.

5p
12p

week
average

13-week
average

4-week
average

807.2
811.0

3193.0
3200.1

3221.3
3228.9

812.8
818.6
819.9
815.7
802.7

826.3
829.8
812.3
794.2
774.6

3207.3
3213.8
3218.9
3223.8
3227.5

802.3
802.1
801.6
801.0

793.8
788.2
786.1
787.5

794.0
789.9
785.9
780.2

800.9
800.2

789.0
791.0

800.0
797.8

M3
13-week
average

4-week
average

3229.0
3230.0

4027.3
4032.3

4047.6
4051.4

4048.2
4049.9

3234.9
3243.8
3250.3
3252.3
3244.5

3249.5
3266.8
3254.8
3238.1
3218.3

4037.5
4041.9
4045.4
4048.3
4050.1

4054.5
4059.9
4065.7
4066.1
4057.3

4064.1
4077.4
4071.4
4051.6
4028.6

3230.7
3233.8
3236.6
3239.9

3238.9
3236.4
3238.0
3243.8

3244.3
3244.7
3244.6
3241.6

4051.5
4052.6
4053.7
4054.7

4051.2
4047.6
4048.2
4053.2

4053.1
4057.0
4053.9
4048.7

3242.9
3245.7

3248.9
3254.7

3264.5
3268.1

4056.1
4057.4

4057.5
4061.1

4070.3
4071.5

week
average

week
average

Note: S p e c i a l caution should be taken in i n t e r p r e t i n g week-to-week changes in money supply d a t a , which are highly volatile and subject to
revision.
p—indicates preliminary data.




i.6 ( 5 0 8 )
fable 4

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
millions of dollars, seasonally adjusted
Nontransact ions
component s

Other checkable deposits

Date

Currency

1

Travelers
checks2

Demand
deposits3

At
commercial
banks4

At
thrift
institutions5

Total

In M2

6

In M3
only7

Gen eral purpose
and broker/dealer
money market funds

L988-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

L989-JAN.
FEB.
MAR.

213.2
214.1
215.3

7.6
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.
276.
278.

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

834.7
827.7
819.4

302.7
309.1
313.1

224.6
226.6

7.5
7.6

277.3
280.2

198.0
199.2

87.3
87.6

285.3
286.8

2437.3
2456.0

815.1
808.5

320.8
329.1

224.4
224.8
225.8

277.9
276.9
275.7

197.
197.
196.

87.8
87.3
87.0

285.
285.
283.

2432.
2439.
2445.

817.
814.
810.

318.
321.
324.

L990-JAN.
FEB. P
4eek ending
L990-JAN. 15
22
29
FEB.

5
12
19
26

225.8
225.8
226.4
227.8

278,
279,
280.
282.

199.
199.
198.
199.

87.
87.
87.
87.8

286.
286.
286.
287.

2450.
2453.
2456.
2459.8

810.
810.
809.
806.

327.8
329.1
328.5
330.6

MAR.

5p
12p

227.7
227.5

282.
278.

201.
200.

88.4
88.2

289.
288.

2462.7
2467.0

803.
800.

328.5
329.8

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollai—denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time
deposits. This sum is seasonally adjusted as a whole.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overniqht RPs and Eurodollars held by institution-only money market mutual funds. This sum is seasonally adjusted as a whole.
—indicates estimated data.
—indicates preliminary data.




H.6 (508)
Table 4-continued

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

At
At
ccommercial
thrift
banks
institutions

Date

Total

Small-denomination time deposits2

Savings deposits 1

Money market deposit accounts

At
At
thrift
commercia »1
institutions
banks

Total

At
At
thrift
commercial
institutions
banks

Total

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

Total

1988-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
528.6

616.2
614.1
613.7

1135.9
1138.5
1142.2

398.8
401.5
401.4

163.8
159.5
156.8

562.7
561.0
558.3

352.4
355.8

132.5
133.5

484.9
489.3

189.9
191.8

220.5
221.9

410.3
413.7

531.5
534.7

611.1
606.5

1142.5
1141.2

401.2
399.5

152.9
150.0

554.1
549.6

352.6
352.4
351.3

132.4
132.6
132.6

485.0
485.0
483.9

189.5
190.2
190.2

220.7
220.6
220.9

410.1
410.8
411.2

531.3
532.8
532.9

612.0
611.2
609.7

1143.2
1144.0
1142.6

402.1
401.3
399.5

153.7
152.5
151.2

555.8
553.7
550.7

1990-JAN.
FEB. P

Neek ending
1990-JAN. 15
22
29
FEB.

5
12
19
26

353.5
355.5
356.9
356.6

133.0
133.4
133.6
133.6

486.5
489.0
490.5
490.2

191.3
191.6
191.9
192.1

221.0
221.6
222.3
222.2

412.2
413.3
414.2
414.3

533.4
534.6
535.0
535.3

607.4
605.9
605.8
606.9

1140.8
1140.5
1140.8
1142.1

399.6
400.4
399.6
399.0

150.9
150.7
150.2
149.2

550.4
551.1
549.8
548.2

MAR.

5p
12p

356.8
358.2

133.8
135.9

490.6
494.0

193.0
193.0

222.2
221.0

415.2
414.0

535.8
536.4

607.2
607.2

1143.0
1143.6

397.9
400.3

148.1
147.3

546.0
547.6

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 ( 5 0 8 )
T a b l e 4—continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions

of d o l l a r s ,

seasonally

6

adjusted

Debt c o m p o n e n t s 4

Non-M3 Components o f L
Institutiono n l y money
market funds

Date

Savings
bonds

Short-term
Treasury
securities1

Bankers
acceptances2

Commercial
paper3

Federal
debt

Non-Federal
debt

1988-OCT.
NOV.
DEC.

86.4
86.6
87.1

108.5
108.9
109.3

264.2
264.7
272.0

41.0
40.4
40.6

316.3
326.7
335.6

2084.7
2098.2
2113.5

6851.9
6911.3
6957.2

1989-JAN.
FEB.
MAR.

87.1
86.9
86.3

109.8
110.7
111.5

270.5
268.1
274.2

40.6
40.6
41.4

335.7
343.6
348.3

2121.8
2137.8
2158.7

7003.6
7053.9
7093.4

APR.
MAY
JUNE

88.3
92.1
96.3

112.2
112.8
113.6

280.0
288.1
289.6

41.5
41.2
41.2

358.2
348.8
349.4

2168.8
2176.4
2184.2

7140.0
7192.3
7238.1

JULY
AUG.
SEP.

99.0
101.4
101.6

114.3
115.0
115.7

290.9
293.3
303.7

41.9
42.6
41.0

349.5
354.3
350.3

2184.1
2200.7
2220.7

7288.2
7336.6
7373.7

OCT.
NOV.
DEC.

101.1
101.1
102.3

116.2
116.8
117.5

308.9
309.3
317.1

40.0
40.5
41.2

350.0
351.3
347.9

2238.2
2258.5
2265.4

7423.1
7474.0
7506.2

103.2
103.7

117.7 p

317.0 p

40.7 p

343.3 p

2276.1 p

7539.4 p

1990-JAN.
FEB. P

Week e n d i n g
1990-JAN.

15
22
29

102.4
103.8
103.1

FEB.

5
12
19
26

102.8
103.4
103.7
104.7

MAR.

5p
12p

104.0
105.1

1.

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.
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 deposiIts

Date

Currency

1

Demand
Travelers
checks 2 deposits3

At
commercial
banks4

At
thrift
institutions5

Nontransactions
components

Total

In M2

6

In M3
only7

Overnight
RPs

Overnight
Eurodollars9

General purpose
and broker/dealer
money market funds

1988-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

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

APR.
MAY
JUNE

215.1
216.6
218.4

7.0
7.1
7.5

283.3
273.6
276.7

197.6
186.2
187.0

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

260.7
260.7
266.8

JULY
AUG.
SEP.

219.7
219.2
218.6

8.1
8.1
7.7

281.8
277.1
276.3

187.4
188.7
190.7

85.3
85.0
85.9

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.

218.9
221.0
225.3

7.3
7.0
6.9

280.7
281.5
291.6

191.6
194.9
200.3

86.5
87.2
88.1

278.1
282.1
288.4

2393.9
2412.7
2422.5

837.3
833.8
820.6

61.2
61.7
62.5

14.1
13.2
14.3

301.3
309.8
312.8

222.9
224.3

7.0
7.2

283.0
271.4

202.4
199.5

86.9
85.6

289.3
285.0

2441.5
2457.3

812.5
809.2

63.9
66.8

16.9
14.8

319.6
330.7

223.7
222.4
221.2

7.0
7.0
7.1

287.4
277.6
268.6

205.5
201.2
194.8

88.6
86.0
82.9

294.1
287.2
277.7

2442.5
2443.9
2443.8

816.6
813.4
810.3

62.0
62.9
66.1

17.4
17.8
16.3

318.6
322.6
324.7

1990-JAN.
FEB. P

Meek ending
1990-JAN. 15
22
29
FEB.

5
12
19
26

223.5
224,6
224.7
223.6

7.2
7.2
7.2
7.2

275.7
271.5
270.6
268.0

200.7
200.4
198.6
197.5

87.0
86.2
84.8
83.9

287.7
286.6
283.4
281.4

2450.3
2454.8
2458.7
2461.3

808.8
812.3
809.4
807.1

66.2
65.2
67.2
68.0

15.5
14.1
14.9
15.1

327.2
330.3
330.4
333.4

MAR.

5p
12p

226.0
227.1

7.3
7.3 e

275.1
272.1

203.7
203.1

87.9
88.1

291.7
291.2

2464.4
2470.3

805.9
803.4

68.8
66.2

13.9
15.0

332.1
334.5

Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
Sum of overnight RPs and Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs and savings and small time deposits.
Sum of large time deposits, term RPs and Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market mutual funds.
Consists of overnight and continuing contract RPs issued by all depository institutions to other than depository institutions and money market
mutual funds (general purpose and broker/dealer).
Issued by foreign branches of U.S. banks worldwide to U.S. residents other than depository institutions and money market mutual funds
(general purpose and broker/dealer),
•indicates estimated data,
-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 deposits 2

Savings deposits 1

Money msirket deposit accounts

At
At
thrift
commercia,1
institutions
banks

At
At
commercial
thrift
banks
institutions

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

banks

At
thrift
institutions

Total

1988-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

519.2
523.1
526.4

616.3
614.2
612.3

1135.5
1137.3
1138.7

399.9
401.9
399.8

165.5
161.7
158.3

565.4
563.6
558.1

356.3
357.6

133.0
133.4

489.3
491.0

189.0
190.5

218.9
219.6

407.8
410.1

530.9
535.2

613.2
608.7

1144.0
1143.8

398.9
399.3

154.0
150.4

552.9
549.7

357.8
356.0
353.4

133.4
132.8
132.5

491.2
488.7
485.9

189.0
189.1
188.9

219.7
218.6
218.0

408.7
407.7
406.9

530.8
531.5
531.8

614.0
612.8
612.1

1144.7
1144.3
1143.9

399.5
398.7
398.3

154.9
153.5
152.4

554.5
552.2
550.6

At

(commercial
Date

1990-JAN.
FEB. P

Total

Total

Total

Week ending
1990-JAN. 15
22
29
FEB.

5
12
19
26

355.7
357.6
358.4
357.9

133.2
133.5
133.5
133.3

488.8
491.1
491.9
491.1

189.7
190.4
190.6
190.8

219.0
219.7
219.8
219.3

408.7
410.2
410.4
410.0

533.0
535.0
535.7
536.0

611.0
608.9
608.1
607.6

1144.0
1143.9
1143.8
1143.6

398.2
400.1
399.3
399.2

151.7
151.3
150.7
149.2

549.8
551.5
550.0
548.4

MAR.

5p
12p

358.9
360.5

134.1
136.6

493.0
497.1

191.9
192.6

220.6
220.5

412.5
413.1

536.8
537.9

607.3
606.5

1144.1
1144.4

399.1
402.1

147.7
146.7

546.7
548.8

1.
2.

Savings deposits exclude MMDAs.
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.
3.
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
4.
Large7denomination 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 - c o n t i n u e d

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs 1
At
InstitutionAt
thrift
only money commercial
institutions
funds
banks

inarket

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

1988-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
270.2
277.5

41.5
40.9
41.0

313.1
320.0
332.5

2069.0
2090.0
2111.8

6834.1
6887.7
6944.2

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

275.2
271.6
273.7

40.3
39.8
40.4

339.4
346.3
349.4

2121.4
2133.7
2149.0

6988.1
7022.0
7062.3

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
128.4

100.3
97.2
93.4

112.4
113.0
113.7

279.3
283.8
282.7

41.0
41.2
41.5

356.1
356.2
355.4

2155.1
2159.5
2165.1

7112.2
7166.7
7218.1

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

282.3
289.8
304.2

42.2
42.7
41.6

348.8
353.1
348.0

2163.7
2179.6
2200.9

7267.8
7314.6
7358.8

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

80.0
78.9
79.9

116.0
116.6
117.3

312.8
316.1
323.4

40.4
41.0
41.7

345.8
343.3
344.7

2222.6
2250.8
2264.2

7407.8
7451.0
7492.8

106.0
107.0

46.0
49.7

45.4
45.2

91.4
94.9

74.3
70.7

118.0 p

322.7 p

40.4 p

347.3 p

2275.5 p

7529.9 p

105.8
107.8
107.3

45.3
46.6
47.9

45.3
45.1
45.4

90.6
91.7
93.3

78.7
71.9
71.7

1990-JAN.
FEB. P

*Jeek ending
L990-JAN. 15
22
29
FEB.

5
12
19
26

106.4
107.3
106.6
107.9

49.7
50.4
49.7
49.5

45.5
45.7
44.9
44.7

95.1
96.1
94.6
94.3

71.2
71.2
71.6
68.8

MAR.

5p
12p

106.4
107.1

47.8
47.8

45.1
45.3

92.9
93.0

71.4
67.8

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 ( 5 0 8 )
Table 6

MEMORANDUM ITEMS

10

Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Time and savings
deposits due to
foreign banks
Foreign
Foreign
and official
official
cjotnmercial
institutions
institutions
banks

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
deposits
At
at commercial commercia 1
thrift
banks
banks
institutions

At
money
market
funds

Total

1988-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

27.1
27.4 e
27.4 e

266.9
267.7 e
269.3 e

9.8
9.1

1.6
1.6

3.6
3.6

4.4
3.4

6.0
6.2

18.8
18.5

29.2
28.2

1.4
1.3

110.3
112.0

134.3 e
135.2 e

27.4 e
27.4 e

272.0 e
274.6 e

9.2
9.9
9.4

1.5
1.5
1.5

3.6
3.7
3.7

3.8
6.3
3.0

3.9
5.5
7.9

10.6
23.0
31.1

18.3
34.8
42.0

1.4
1.4
1.3

1990-JAN.
FEB. P

Week ending
1990-JAN. 15
22
29
FEB.

5
12
19
26

9.1
8.7
8.4
10.2

1.7
1.4
1.5
1.7

3.6
3.6
3.7
3.6

4.3
2.9
3.2
3.4

7.8
6.8
5.0
5.6

25.9
20.7
17.1
15.0

37.9
30.4
25.3
24.0

1.3
1.3
1.3
1.3

MAR.

5p
12p

8.7
8.6

1.5
1.4

3.6
3.6

4.0
3.0

6.4
5.1

9.7
11.0

20.1
19.1

1.3
1.3

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




11.6(5(18)
Special Supplementary 'liihle

Monthly Survey of Selected Deposits
January 31,1990 and February 28,19901
(not seasonally adjusted)

Insured Commercial Banks

Amount Outstanding ($mil)

Average Rate raid (%t

Change

Liability Categories

January 31 February 28

(percent)

January 31

February 28

Change
(b,p.)

NOW Accounts

196,091

198,275

1.11

5.01

5.00

-1

Money market deposit accounts
Personal

244,764

246,850

0.85

6.37

6.32

-5

Non personal
Savings deposits

106,311

105,652

-0.62

6.25

6.21

-4

185.388

187,468

1.12

5.54

5.54

0

47,083

47,661

1.23

7.52

7.55

3

156,431

157,888

0.93

7.75

7.76

1
4

Interest-hearing 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

0.38

7.82

128,002

128,658

0.51

7.87

7.91

4

130,348

133,153

2.15

7.86

7.87

1

111,493

112,608

1.00

N.A.

N.A.

178,869

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

179,542

7.86

2

FD1C^-insured Savings Banks3
Average Rate Paid (%)
.Amount Outstanding ($mil)
Change

Liability Categories

January 31 February 28

NOW Accounts

7,650

7,749

26,012

26,359

1,645

1.647

39,193

39,394

5,257

92 to 182 days

(percent)
1.29

January 31

]February 28

N.A.

Change
(b.p.)

5.47

5.45

-2

1.33

7.01

6.98

-3

0.12

6.60

6.56

-4

0.51

5.61

5.60

-1

5,263

0.11

8.05

8.03

-2

28,090

28,443

1.26

8.19

8.20

1

183 days to 1 year

36,421

36,530

0.30

8.26

8.31

5

1 to 2-1/2 years

25,089

25,110

0.08

8.24

8.22

-2

2-1/2 years and over

22,722

22,645

-0.34

8.25

8.27

2

22,767

22,495

-1.19

N.A.

N.A.

Money market deposit accounts
Personal
Non personal
Savings deposits
Interest-bearing time deposits
with balances of less than
$100,000 with original
maturities of:
7 to 91 days

All IRA/Keogh Plan deposits

2

N.A.

N.A. — data are not available
NOTE: Data for earlier month may show revisions.
1.
Estimates are based on data collected by the Federal Reserve System from a stratified random sample of about 500 commercial banks and
80 savings banks. AH rates are expressed as annual effective yields.
2.
Total IRA and Kcogh 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.