Full text of H.6 Money Stock Measures : March 24, 1994

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FEDERAL RESERVE statistical release
H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time

Billions of dollars

Date

M A R C H 24, 1994

M1 '

M22

M33

L4

DEBT5

Seasonally adjusted
1992-MAR.

9 3 7 ..8

3 4 8 6 ..3

4 2 0 3 ,. 1

5 0 2 8 .. 6

11285.5

APR.

9 4 3 ..7

3 4 8 1 ..9

4 1 9 0 ..7

5 0 2 5 ,. 4

11335.8

MAY

9 5 2 ..7

3 4 8 2 .. 1

4 1 8 9 ..9

5 0 2 1 .7

11381.9

JUNE

9 5 4 ..7

3 4 7 7 .. 8

4 1 8 3 ..7

5026 .9

11435.0

JULY

9 6 4 ..2

3 4 8 0 ..7

4186..0

5 0 2 6 ,. 6

11494.3

AUG.

9 7 6 .. 1

3 4 8 9 .. 4

4 1 9 6 ..7

5041..0

11553.6

SEP.

9 8 9 ..2

3 4 9 6 .. 6

4 2 0 0 ..4

5 0 5 6 ..7

11598.1

OCT.

1 0 0 4 ..2

3 5 0 7 ,.5

4 1 9 6 ..9

5 0 5 8 ..5

11626.0

NOV.

1 0 1 6 ..6

3 5 1 0 ..5

4194.. 1

5 0 6 5 ..3

11665.9

DEC.

1 0 2 4 .. 8

3509 .0

4 1 8 3 .. 0

5 0 5 7 .. 1

11721.5

19 9 3 - J A N .

1 0 3 3 .. 0

3 5 0 2 .. 8

4 1 6 2 .. 4

5 0 4 0 ..9

11758.5

FEB.

1035.. 4

3 4 9 4 ..2

4156..0

5 0 3 7 .. 6

11782.3

MAR.

1 0 4 0 ..2

3 4 9 4 ..8

4 1 5 4 ..6

5 0 3 8 ..5

11822.2

APR.

1 0 4 7 .. 1

3 4 9 8 ..0

4 1 6 2 .. 0

5 0 5 5 ..7

11869.0

MAY

1 0 6 7 .. 7

3 5 2 1 ..9

4 1 8 7 .. 7

5 0 8 8 .. 6

11914.9

JUNE

1076.. 6

3 5 2 8 ..7

4188..0

11979.7

JULY

1 0 8 6 .. 8

3 5 3 3 .. 5

4187.. 1

5 0 8 9 .. 1
5 0 8 5 ..4

AUG.

1095.. 3

3 5 3 5 ..7

4 1 8 6 ..7

5 0 9 3 .. 9

12092.8

12037.7

SEP.

1105..1

3 5 4 3 .. 5

4 1 9 5 ..4

5 0 8 6 ..6

12145.7

OCT.

1 1 1 3 ..4

3 5 4 5 ..5

4 2 0 1 ..4

5 0 9 4 ..4

12181.6

NOV.

1 1 2 2 ..4

3 5 5 7 .. 0

4 2 1 4 ..2

5 1 0 5 . .9

12244.5

DEC.

1 1 2 8 .. 5

3 5 6 4 ..2

4 2 2 6 ..7

5 1 2 4 . .7

12321.5

19 9 4 - J A N .

1 1 3 3 .. 6

3 5 7 1 ..0

4 2 3 0 ..9

5 1 4 6 . .0

FEB.

1 1 3 8 ..6

3 5 6 7 .. 8

4 2 0 3 .. 3

P

12373.0

P

Not seasonally adjusted
19 9 2 - M A R .

9 3 0 .. 6

3 4 8 9 .. 4

4 2 0 8 ..2

5 0 3 6 ..5

11257.1

APR.

9 5 4 ..7

3 4 9 8 ..9

4 2 0 5 ..2

5 0 3 5 ..2

11307.1

MAY

9 4 3 . .9

3 4 6 7 ..4

4180. 2

5001.,1

11348.7

JUNE

9 5 2 ..0

3 4 7 3 ..4

4 1 7 9 ..8

5 0 1 6 . .7

11400.0

JULY

9 6 2 . .9

3 4 7 8 .. 1

4 1 8 0 . .3

5 0 1 2 . .9

11452.0

AUG.

9 7 1 ..0

3 4 8 4 .. 1

4 1 9 5 ..5

5 0 3 2 ..9

11512.6

SEP.

9 8 3 ..6

3 4 8 6 ..7

4 1 9 0 ..0

5 0 4 5 . .2

11564.9

OCT.

1 0 0 1 ..8

3 5 0 4 ..6

4 1 9 0 ..5

5 0 5 0 ..3

11599.4

NOV.

1 0 2 2 .. 4

3517..4

4 2 0 3 .. 6

5 0 8 3 ..6

11658.2

DEC.

1 0 4 6 . .7

3 5 2 7 ..6

4 1 9 8 ..2

5 0 8 7 ..6

11723.3

19 9 3 - J A N .

1 0 4 1 ..0

3 5 0 8 ..3

4 1 6 2 ..9

5 0 5 4 ..6

11745.0

FEB.

1 0 2 3 .. 0

3 4 8 4 ..2

4 1 4 9 ..4

5 0 3 2 ..2

11757.3

MAR.

1031.. 6

3 4 9 5 ..8

4 1 5 7 ..3

5 0 4 4 ..7

11798.6

APR.

1 0 5 8 . .7

3 5 1 5 ..2

4 1 7 7 ..3

5 0 6 5 .. 1

11841.7

MAY

1058..1

3 5 0 7 ..3

4 1 7 8 ..7

5 0 6 6 ..5

11883.9

JUNE

1 0 7 3 . .2

3 5 2 4 ..4

4 1 8 4 ..3

5 0 7 8 ..6

11946.2

JULY

1 0 8 4 ..6

3 5 2 9 ..8

4180.. 1

5 0 7 0 ,.8

11997.8

AUG.

1 0 8 8 .. 8

3 5 2 8 ..6

4 1 8 3 .. 4

5 0 8 3 ..7

12053.9

SEP.

1 0 9 9 .. 1

3533 . 1

4 1 8 4 ..6

5 0 7 4 ..5

12112.2

OCT.

1 1 1 1 ..8

3 5 4 3 ,.5

4195..8

5 0 8 6 . .9

12151.7

NOV.

1 1 2 9 ..6

3 5 6 5 .7

4 2 2 5 ..8

5 1 2 7 . .0

12231.4

DEC.

1 1 5 3 .. 9

3 5 8 6 ,.8

4 2 4 6 .. 1

5 1 5 9 . .5

12321.4

19 9 4 - J A N .

1 1 4 2 ..9

3577 .7

4231..8

5 1 6 0 . .3

FEB.

1 1 2 4 ..7

3 5 5 5 ,.7

4194.. 1

Footnotes appear on the following page
p

preliminary




P

12358.6

P

Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES

Percent change at seasonally adjusted annual rates
M2

M3

3 Months from NOV. 1993 TO FEB. 1994

,8
5 .

1.2

-1.0

6..3

6 Months from AUG. 1993 TO FEB. 1994

.9
7.

1.8

0.8

5..6

12 Months from FEB. 1993 TO FEB. 1994

10..0

2.1

1.1

5..2

6 .7
.

2.1

1.0

Thirteen weeks ending MARCH 14, 1994
from thirteen weeks ending:
DEC. 13, 1993 (13 weeks previous)

1,

DEBT1

M1

SEP. 13, 1993

(26 weeks previous)

8 .3

2 .1

1.5

MAR. 15, 1993

(52 weeks previous)

9 .9

2 .0

1.4

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 1993 to January 1994, July 1993 to January 1994,
and January 1993 to January 1994, respectively.

Footnotes to Table 1:
1.

2.

3.

4.
5.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) d e m a n d
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process
of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS)
accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing c u r r e n c y
travelers checks, d e m a n d deposits, and OCDs, each seasonally adjusted separately.
. u
Consists of M1 plus overnight (and continuing contract) RPs issued by all depository institutions and overnight Eurodollars issued to U.S. residents by foreign branches ol 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
Kecg'h 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-M1 component as a whole and
then adding this result to seasonally adjusted M1.
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.1. In those releases,
published levels of credit market debt are measured on a quarter-end basis and include discontinuities.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending

19 9 3 - D E C .

1994-JAN.

FEB.

20

1118.7

27

1120.6

4-week
average

M3

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1126.6
1128.1

1128.7
1131.1

3553.1
3554.7

3562.4
3563.7

3564.5
3564.3

4210.4
4212.8

4222.8
4225.7

4226.5
4228.8

3

1122.2

3556.4

3565.3

3566.9

4215.4

4228.9

1123.8
1125.3

1129.1
1130.1
1131.2

1130.0

10
17

4232.1

1130.5
1133.3

3558.2
3560.5

3566.0
3568.8

3568.3
3575.6

4218.0
4220.7

4229.8
4232.4

24
31

1127.0
1128.3

4231.6
4237.1

1132.5
1134.1

1136.3
1136.1

3562.8
3564.3

3571.1
3571.4

3573.5
3568.3

4222.7
4224.3

4232.8
4230.9

4230.5
4224.5

7

1135.3

1135.6

3565.3
3566.2
3566.8

4220.9

4226.1
4218.9
4210.1
4203.4

4212.4
4208.3
4195.1

3567.6

3571.8
3563.0
3568.8

4224.4
4223.9
4222.4

1138.6

1139.1
1139.2
1140.6

3571.2
3570.3
3567.7
3567.8

3567.5

1136.8
1137.5

28

1129.5
1130.8
1132.1
1133.3

7p
14p

1134.4
1135.6

1139.8
1140.5

1140.4
1141.6

3568.9
3570.4

3570.3
3573.6

3577.6
3584.8

4219.7
4218.6

4201.0
4202.6

4203.1
4214.4

14

21

MAR.

13-week
average

M2

4197.6

Not seasonally adjusted
19 9 3 - D E C .

1994-JAN.

FEB.

20

1122.7

1143.8

4213.7

1151.3

3557.2
3562.6

3583.4

1128.8

1152.2
1155.1

3580.9

27

3585.7

3571.0

4219.8

4243.1
4247.0

4242.7
4234.9

10

1133.8
1137.9

1157 .3
1162.9

1174.0
1170.3

3567.1
3571.3

3587.2
3591.0

3599.9
3609.7

4224.5
4228.8

17
24

4245.8
4245.5

1140.4
1142.5

1162.6
1154.6

4243.5
4261.0

1150.8
1123.3

3574.5
3577.0

3593.4
3589.9

3593.1
3556.9

4232.7
4234.7

31

1142.3

4248.0
4241.9

1138.7

4252.7
4210.2

1110.5

3576.9

3574.2

3537.1

4234.8

4229.5

4194.2

7

1142.4
1141.6

1129.6
1123.8

1133.7
1127.7

3576.4
3575.0

3563.0
3555.3

3565.0

4233.3

4216.5

4208.8

3562.2

1141.6
1141.0

4204.3

1123.2
1124.8

1120.8
1116.8

4230.7

4203.8

3574.3
3574.0

3553.1
3555.7

3548.0
3547.5

4227.9
4225.1

4197.1
4194.1

4181.4
4182.2

1140.4
1139.5

1126.8

1142.0

3573.4

3561.0

3586.2

4222.3

4194.9

1129.0

1136.5

4212.1

3573.2

3568.4

3592.0

4219.5

4200.6

4226.6

3

14

21
28
MAR.

7p
14p

Note: Special caution should be taken in interpreting w e e k - t o - w e e k changes in money supply data, which are highly volatile a n d subject to revision,
p

preliminary data.




H.6 (508)
Table 4

Page 4

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

Currency1

19 9 2 - O C T .
NOV.
DEC.

Travelers checks2

287 .5
289 .5

19 9 3 - J A N .

Other checkable deposits

Nontransactions components

At commercial
banks4

At thrift
institutions5

Total

In M26

In M3 only7

8.1
8.1

334.3
337 . 5
339 .6

271.7
278.2
280.8

102.4
103 .2
104.1

374.1
381.4
384.9

2503.3
2493.9
2484.3

689.5
683.5

8.2

292.2

Demand deposits3

674.0

FEB.
MAR.

294.5
297.0
299 .3

8.0
8.0
8.0

341.9
342.7
344.3

283.5
283.8
284.9

105.0
103.9
103.6

388.6
387.7
388.5

2469.8
2458.8
2454.7

659.8

APR.
MAY
JUNE

301.8
304.4
307.2

8.1
8.1
8.0

349.0
358.8
362 .2

284.2
290.3
292.4

104.1
106.1
106.8

388.2
396.4
399.2

2450.9
2454.1
2452.1

664.0
665.9
659.3

JULY
AUG.
SEP.

309.7
312.4
315.4

7.9
7.8
7.8

366.4
370.9
375.4

294.8
295.9
297.8

108.0
108.3
108.8

402.8
404.2
406.6

2446.8
2440.4
2438.4

653 .5
651.0
651.8

OCT.
NOV.
DEC.

317 .6
319.5
321.4

7 .8
7.9
7.9

378.4
383.2
384.9

299 . 1
300.8
302.5

111.7

409 .5
411.8
414.3

2432.1
2434.5
2435.7

655.9
657.3
662.6

1994-JAN.
FEB,

325.3
329.2

7.9
7 .9

388.5
390.5

300.4
299 .2

111.6
111.8

412.0
411.1

2437.4
2429.1

659.9
635.5

325.0
326.0
327.6

7 .9
7 .9
7.9

390.0
390.2
390.3

298.1
299 .6
297.6

112.3

112.6
112.6

410.4
412.2
410.2

2442.3
2437.2
2432.2

661.5
657.0
656.2

7.9
7.9
7.9
7 .9

388.2

28

328.3
328.5
329 .3
330 . 6

392.2
390.5
391.1

298.6
298.3
300.1
299.9

111.1

411.2
410.5
411.5
411.0

2431.8
2432.7
2423.8
2428.2

644.9
636.5
632.1
628.7

7p
14p

331.2
331.7

7.9
7.9

388.6
390.4

300.2
299.5

112.0

412.7
411.5

2437.2
2443.2

625.5
629.6

110.4

111.0

659.6

661.8

Week ending
1994-JAN.

17
24
31

FEB.

7
14

21

MAR.

1.
2.
3.

Currency outside U.S Treasury, Federal Reserve Banks and the vaults of depository institutions

112.7

112.2
111.4

112.5

~

•

4.
5.
6.
7.
e
estimated



s z z ' ,
p

preliminary

tess

,he es,ima,ed

°f overni9h ' r p s

and

Page 5

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Small-denomination time deposits2

Savings deposits'
Date

At
commercial
banks

At
thrift
institutions

Total

19 9 2 - O C T .
NOV.

745 .7
751 .1

425 .4
427 .8

1171 .1
1178 .9

DEC.

754 .6

42 9 . 0

1183 .6

368 .8

896 .2
882 .2

361 .8

870 .5

375 .5

356 .4
353 .7
352 .0

At
commercial

At
thrift

Total

209 .6
208 .5

301 .0
296 . 1

69 . 9
68 .5

371 . 0
364 .6

201 .5

292 .8

67 . 5

360 .3

754 . 1

429 .8

1183 .8

504 .2

356 .7

860 .8

350 .3

196 .6

285 .7

67 . 5

353 .2

757 .2
757 .2

426 .5
425 .3

1183 .7
1182 .4

504 .8
5 0 1 .7

349 .0
345 . 1

853 .8

345 .3

198 .0

846 .8

345 .9

197 .7

284 . 1
279 .8

66 .0
65 . 1

350 . 1
344 .8

345 .9

196 .3

283 .6

65 .3

348 .9

348 .5
347 .5

198 .0
194 .7

283 .7
281 .1

64 .7
64 .4

348 .3
345 .5

APR.

759 .5

426 .0

1185 .5

496 .6

342 .8

MAY
JUNE

766 .7
7 7 1 .0

428 .4
429 .4

1195 . 1
1200 .4

4 9 1 .9
487 .5

340 . 5
336 .3

839 .4
832 .4
823 .9

JULY

7 7 1 .7

1202 . 1
1 2 0 5 ,. 9
1 2 0 8 ,. 4

331 . 4

814 .3

346 .6

192 .6

2 7 7 ,. 6

64 .5

342 . 1

775 .4
7 7 8 ,.0

430 .4
430 .5
430 .4

483 .0

AUG.

478 .6
475 .4

3 2 7 ,. 6
324 .0

806 .2
799 .4

3 4 5 ,.5
3 4 5 ,.0

190 . 1
190 .8

2 7 8 ,.0
2 7 6 ,.8

63 .9
63 . 8

3 4 1 .9
340 . 6

7 7 8 ..4
7 8 2 ..4
7 8 5 ..3

4 3 0 ,.4
429 . 5
4 3 0 ..2

1208 .8

472 .4
469 . 5
4 6 8 ,.6

3 2 1 ..0

1 9 4 ,.3

278 .2

3 1 8 ..5
3 1 4 ..2

793 .4
7 8 8 ,. 0
7 8 2 ,. 8

3 4 4 ,.8

1 2 1 1 . .9
1 2 1 5 ..5

3 4 7 ..8
3 4 9 ..9

1 9 4 ,. 8
197 . 0

2 7 6 . .3
277 .5

6 3 ,. 7
6 3 ,. 5

3 4 1 ,.9
3 3 9 ,. 7
3 3 9 ,. 2

1994-JAN.

7 9 0 ..1

4 6 5 ..5

3 1 2 .. 1

777 . 6

3 4 8 . .9

1 9 2 ..7

2 7 9 .. 6

6 1 ..9

3 4 1 ..5

7 9 1 ..1

4 3 0 ..2
4 2 9 ..9

1 2 2 0 . .3

FEB.

1 2 2 1 . .0

4 6 4 ..0

3 0 9 .. 0

7 7 3 .. 0

3 4 5 .. 1

1 7 6 ..9

2 7 4 . .0

6 1 ..5

3 3 5 ..6

4 6 5 . ,5

1 9 2 ..3

OCT.

Week

6 1 ,.7

endina

1994-JAN.

17

794. 5
790. 4
789 . 5

430. 7
430. 6

1225. 2
1221. 1

4 6 4 . ,7

312. 5
312. 1

7 7 8 ..1
7 7 6 . ,8

3 4 9 .,3
348. 5

1 9 1 . .5

2 8 1 . ,4
281. 2

6 1 ..8
6 2 .. 0

3 4 3 ..2
343. 2

430. 2

1219 . 7

4 6 4 . ,8

311. 0

7 7 5 . .8

3 45. 5

1 9 2 . .0

276. 9

6 2 ..2

3 3 9 .,2

791. 1
793. 2

429. 3

309 . 9
309 . 2

7 7 4 . ,8
773 . 2

345. 2
345. 4

1 8 5 .,1

274. 5

429. 3

1220. 3
1222. 5

464. 9

14

175. 2

275. 1

6 2 .. 1
6 1 . .6

3 3 6 . .5
3 3 6 . ,7

21
28

430. 1
430. 8

1220. 4
1220. 7

308 . 6
308 . 1

772 . 4
771. 6

344. 0
345. 6

175. 4

273 . 5
273. 0

6 1 . .3

789 . 9

3 3 4 . ,8
3 3 4 . .3

431. 1
431. 7

1222. 3

462. 8

308. 0

770 . 8

347. 9

176. 4

1224. 6

461. 9

307 . 9

769 . 8

350. 9

174. 9

24
31
ifEB.

MAR.

p

520 .7
513 . 4
508 .7

Total

Large-denomination time deposits'

FEB.
MAR.

NOV.
DEC.

3.
4.

At
thrift

Institutiononly money
market funds

19 9 3 - J A N .

SEP.

1.
2.

At
commercial

General
purpose and
broker/dealer
money
market funds

7

790. 3

7p

791. 2

14p

792. 8

464. 0
463. 8
463. 4

1 7 2 . ,0

272 . 5
272 . 6

61. 2
6 0 . ,9
60. 7

3 3 3 ., 4
3 3 3 .,3

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




Page 6

H.6 (508)
Table 4 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, seasonally adjusted
Non-M3 Components of L

Date
Savings bonds
1992-OCT.

Short-term Treasury
securities1

Bankers acceptances2

NOV.

152.1
154.6

324.1
326.6

20 .6
20 .3

DEC.

156.6

332 .5

20 .6

Debt components4
Commercial paper3

Federal debt

Non-Federal debt

364 .8
369 .7
364 .3

3015 .3
3033 .4
3068 .4

361 .0
359 .4
3 6 1 ,. 5

3 0 7 8 .7

8679 .8

3 0 9 0 ,. 8
3 1 2 1 .. 1

8 6 9 1 .5
8701 .1

3149 . 0

8720 .0

3 1 7 5 .. 8
3 2 0 8 .. 1

8739 . 1
8 7 7 1 ..6

8610 .7
8632 .6
8653 . 1

1993-JAN.

158.7

338.2

20 .6

FEB.

160.8

20 .0

MAR.

162 .4

341.4
340.5

APR.

163 .6

343 .7

19 . 3

MAY
JUNE

164.7
165.9

345.1
345.9

1 9 ,. 2
1 8 ,.5

367 . 1
3 7 1 ..8
3 7 0 ..9

1 7 .. 4
1 6 ..5
1 6 .. 4

3 7 0 ..4
3 7 9 ..5
3 7 8 . .4

3 2 2 7 .. 8

8 8 0 9 ..9

3 2 5 2 . ,2
3 2 7 1 . ,3

8 8 4 0 ..7
8 8 7 4 ..4

JULY

167.1

343.4

AUG.
SEP.

168.2

342.9

169 .2

327.2

19 . 4

OCT.

170.1

321.9

1 6 . ,4

NOV.

170.8

DEC.

171.7

320.7
323 .2

16 . 1
16 . 3

384. 7
384. 1
386. 8

3266. 4
3291. 4
3327. 9

8 9 5 3 ., 1
8993 . 6

172.7

330.5

16. 6

395. 3

3335. 6

9037 . 4

1994-JAN.

p

8915. 3

2.
3.
4.

Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks money market
mutual funds, and foreign entities.
'
Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds
Total commercial paper less commercial paper held by money market mutual funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p

preliminary

1.




Page 7

H.6 (508)
Table 5

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Currency1

Date

Travelers
checks2

Demand
deposits3

Nontransactions components

Other checkable deposits
At commercial
banks4

At thrift
institutions5

Total

In M2

In M3 only

6

Overnight RPs8

7

Overnight
Eurodollars9

1992-OCT.
NOV.
DEC.

286 . 9
290.0
295.0

8.4
7 .9
7 .8

336 .4
343.9
355.1

268 . 4
277 .0
284.3

101.7
103 . 6
104 . 6

370.1
380. 6
388 . 9

2502.8
2494.9
2480.9

685.9
686.2
670.5

59.3

1993-JAN.

293.5
295.3
297.9

7 .8

FEB.
MAR.

7.7
7.8

345.9
334.3
336.5

289.4
284.2
286 . 5

104.4
101.5
103 . 0

393.8
385.7
389.5

2467.3
2461.2
2464.1

654 . 6
665.2
661.5

60.7
62.7

16 .1

APR.
MAY
JUNE

3 01.3
304.4
307.4

7.8
7.9

291.9
287 . 6
290 . 6

107.3
106.2
107 . 5

399.2
393.8
398.0

2456.4
2449.2
2451.2

662 .1

8.2

350.5
352.0
359 .6

671.4
659.9

62 . 5
61.7
64.8

14.7
13.5
13.7

JULY
AUG.
SEP.

311.0
312 .8
314 . 8

8 .4
8 .4
8.2

365.9
367.9
373.1

290 . 9
292.1
295.0

108 . 5
107.7
108 . 0

399 . 3
399 .7
403 .0

2445.2
2439.8
2434.0

650.3
654 . 8
651.4

67 . 7
67.4
70.4

13.5
14.7
14.9

OCT.
NOV.
DEC.

317.3
319.8
324.9

381.2
391.2
402.7

295.6
299 .5
306.2

109 . 8
111.4
112.4

405.3
410.9
418 . 6

2431.7
2436.0
2432.9

652.3
660.2
659.3

70.8
71.7
72.5

17.2
17.4
17.8

199 4 - J A N .
FEB.

324.0
327.3

7.7
7.7

393.3
380.8

306.8
299.7

111.1
109.3

417.9
409 .0

2434.8
2430.9

654.1
638.4

75.7
75.1

17 .9
16.6

62.1
60.0

60.0

19 . 9
20.9
21.3

17.8
17.0

Week ending
1994-JAN.

17
24
31

324.2
323.2
322.9

7.7
7.7
7.6

398.5
381.7
377.7

307.8
302.4
295 .2

112.5
108.4
107.0

420 . 4
410.8
402 .2

2442.3
2433.6
2426.5

659.6
653.2
657 . 1

74.4
76.4
77.2

17.2
17.4
18.4

FEB.

7
14

7 .6
7.7
7.7
7.7

383.1
383.7
378.8
377.6

303 .3
299.3
298.5
297.5

112.4
109.6

28

327.3
327.4
328 . 0
326.6

415.6
409 .0
406.4
405.0

2431.3
2434.4
2427.2
2430.7

643.8
641.6
633.4
634.7

75.6
75.5
73.8
75.4

16.7
15.6
15.5
18.7

7p
14p

330.5
330.6

7.7
7.6

383 .7
384.1

306 .4
302.6

113.8
111.5

420.2

2444.3
2455.5

625.9
634.6

78.8

17 . 6
17 . 9

21
MAR.

1.
2.
3.
4.
5.
6.
7.
8.
9.

107.9
107.5

414.2

81.6

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 d e m a n d 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 d e m a n d deposits at thrifts.
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.
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).

e forestimated
p
Digitized
FRASER


preliminary

Page i

H.6(508)
Table 5 - continued

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Savings deposits1
Date

At
commercial
banks

At
thrift
institutions

NOV.

745.0
752.5

425.1
428 .6

1170.1
1181.1

DEC.

752.9

428.1

1993-JAN.
MAR.

750 .2
754 .0
758 .5

APR.

7 6 1 .9

427 .4

1189 .3

MAY
JUNE

767 .2
773 .6

428 .6
430 .9

JULY

773 .6

AUG.

776 .0
776 .7

431 .4
430 .8
429 .7

19 9 2 - O C T .

FEB.

SEP.
OCT.

Week

FEB.

MAR.

p

521.6

376.1
368 .3

897.7
881.1

353.0

204.3

300.7

512.7

351.9

207.4

296.4

69.9
68.6

370.6
365.0

1181.1

507 .8

361.2

869 .0

350.2

200.4

291.7

67.2

358.9

427 .5

1177 .7

8 6 1 .3

350 .6

200 .5

282 .8

66 . 8

349 .6

1178 .7
1184 .5

504 .4
504 .7
5 0 1 .3

356 .8

424 .7
426 .0

349 .0
344 .8

853 .6
846 . 1

3 5 1 .2
354 .8

208 .4
201 .1

282 .5
279 .7

65 . 7
65 . 0

348 .2
344 .8

496 . 1
490 .7
487 . 1

342 .4
339 .7
336 .0

838 .5

282 .8

830 .5
823 .0

351 .4
347 .7
345 .2

195 .6

1195 .8
1204 .5

199 .7
191 .0

285 .9
283 .0

65 . 1
65 .2
64 .8

351 .1
347 .8

1205 .0

483 .9

1206 .9
1206 .4

479 .6
476 .7

332 . 1
328 .3

64 .4
64 .3
64 .0

344 .0
3 4 1 .8

324 .8

At
commercial
banks4

At
thrift
institutions

816 .0

343 .0

188 .6

277 .3

807 .9
8 0 1 .5

343 .0
340 .8

190 . 1
187 .5

279 .8
277 .8

341 .1
3 4 5 ,. 8
3 4 8 ,.3

189 .2
194 .0
195 .8

2 7 6 ,.6
2 7 6 ,.4

63 . 7
6 3 !i s
6 1 ,. 4

1207 .7

473 .3

3 2 1 .6

7 9 4 .9

1 2 1 4 ..4
1213 .2

468 .8
467 .6

318 . 0
313 .6

7 8 6 .8

7 8 6 ,. 1
787 .7

4 2 8 ,. 0

1 2 1 4 .. 1
1 2 1 5 . .7

4 6 5 ,. 6

4 2 8 .. 0

4 6 3 ,. 9

312 . 1
308 .8

24

7 9 2 .,3
784. 2

429 . 4
427 . 2

1 2 2 1 . .7
1211. 4

4 6 5 ..7
4 6 4 .. 6

31

781. 3

425. 7

1206 . 9

4 6 4 .,7

7

788. 1
791. 2

427 . 6
428. 3

1215 . 7
1219 . 4

4 6 5 .,0

14

464 . 0

21
28

786 . 8

428 . 2
428. 0

1215 . 0

463 . 5

784. 7

1212 . 7

462 . 9

7 8 1 ,.2

2 7 7 ,. 9

Total

347 .8

3 4 1 .8

3 4 1 .6
340 . 1
3 3 7 ,. 8

111 ,. 8

3 4 9 ..3

6 1 ,.2

3 3 7 ,. 8

3 5 0 ..8

1 9 6 ,.2
1 8 6 ..1

2 7 6 ,.6

772 .7

2 7 2 .. 3

6 1 ,.2

333 .5

3 1 2 .. 6

7 7 8 . .3

2 7 8 ..8

7 7 6 . .7

3 5 0 ..7
351. 7

1 9 7 .,3

3 1 2 .. 1

1 9 7 .,7

277 . 7

6 1 . ,2
6 1 . ,2

3 4 0 .. 0
3 3 9 .,0

3 1 0 .,9

775. 7

348 . 3

203 . 3

272 . 7

6 1 . ,3

334. 0

309 . 9
309 . 2

774 . 9
773 . 2

348 . 5
350. 7

1 9 3 ., 0
186 . 6

271. 4
273 . 5

61. 4
61. 2

332 . 8
334. 8

308 . 4
307 . 8

772 . 0
770 . 7

350 . 9
353 . 1

182 . 2
182 . 7

272 . 3

61. 0

272 . 1

61. 0

333 . 3
333 . 1

178. 7
181. 5

272 . 2
272 . 9

60 . 8

333 . 0

60 . 7

333 . 7

endlncr

199 4 - J A N .

3.
4.

Large-denomination time deposits3

Total

430 .4
4 2 9 ,. 3

FEB.

Institutiononly money
market funds

At
thrift
institutions

430 .0

199 4 - J A N .

General
purpose and
• broker/dealer
money
market funds

At
commercial
banks

Total

111 . 7
784 .0
783 .8

NOV.
DEC.

1.
2.

Small-denomination time deposits2

17

7p

790. 9

430 . 9

1221. 8

462 . 4

307 . 7

770. 2

355 . 9

14p

794. 7

432 . 7

1227 . 4

461. 4

307 . 6

769 . 0

359 . 5

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.
Large-denomination time deposits are those issuea in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government and foreign banks
y
and official institutions.
'
preliminary




*

e

#

#

#

#

•

#

•

•

#

H.6 (508)
Table 5 - continued

Page 9

COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
Billions of dollars, not seasonally adjusted
Term RPs1
Date

At commercial
banks

At thrift
institutions

59 . 8
61.5
61.1

20.1
20.3
20.0

19 9 3 - J A N .

59.1

FEB.
MAR.

60.2

21.0
22.1

63.7

22.3

65.9

19 9 2 - O C T .
NOV.
DEC.

Non-M3 Components of L
Total
79.9

Term
Eurodollars2

Savings bonds

Short-term
Treasury
securities3

48.1
47 . 2
45.6

151.8
154.4
156.4

323.0
334.4
345.3

20.4
20.8

82.3
86.0

43.5
46.7
49.8

158.6
161.0
162.9

48.7
48.7
45.5

81.8
81.1
80.1

Commercial
paper5

Federal debt

Non-Federal
debt

21.4

364.7
370.4
366.3

2998.1
3028.3
3069.8

8601.3
8629.9
8653.5

343.9
342.6
344.0

21.4
20.2
18.9

367.7
359.1
361.6

3076.2
3087.3
3121.4

8668.8
8670.0
8677.2

164.2
165.2
166.1

335.2
336 . 8
340.2

18.7
19.1
18.5

369.7
366.7
369.5

3142.9
3161.1
3188.9

8698.8
8722.8
8757.4

17.4

16.2

367.3
374.6
380.2

3201.8
3229.4
3251.9

8796.1
8824.4
8860.3

385.2
385.6
389.3

3249.4
3287.0
3329.5

8902.2
8944.4
8992.0

APR.
MAY
JUNE

66.6

22.9
23.2

70.2

22.6

88.9
89.8
92.8

JULY
AUG.
SEP.

72.7
71.9
71.1

23.7
24.2
24.5

96.4
96.0
95.6

41.9
44.1
45.2

167.0
167.8
168.7

338.9
341.6
325.2

OCT.
NOV.
DEC.

70.2
69.4
70.3

24.0
24.7
25.0

94.3
94.0
95.4

45.0
48.7
46.1

169.6
170.6
171.4

320 . 0
328.4
335.6

1994-JAN.

65.5
62.7

25.2
25.0

90.7
87.7

44.7
46.7

172.6

FEB.

Bankers
acceptances4

Debt components6

p

335.9

15.9

16.2
16.5
17.0

p

17.3

p

402.7

p

3333.0

p

9025.6

p

Week ending
199 4 - J A N .

FEB.

17

66.2

25.5

91.6

45.6

24

64.2

25.3

89.5

42.7

3 1

64.7

24.9

89.6

45.1

61.2

25.0

86.2

47.1

1 4

7

63.0

25.1

88.1

47.2

2 1

62.6
63.8

25.1
24.8

87.8
88.6

46.4
46.1

2 8

MAR-

7p
14

P

62.7

24.3

87.0

43.2

66.7

24.1

90.7

44.9

^3§ggssasassssas«Bssss^r==rrT e r m RPs are those with original maturities greater than one day, excluding continuing contracts and retail RPs

3.
4.
5.
6.
p

Fede,al H o m e Loan

"

- " o n e , 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.
preliminary




Page1

H.6 (508)
Table 6

°

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Foreign
commercial
banks

Foreign
official
institutions

Time and
savings
deposits due
to foreign
banks and
official
institutions

NOV.

8 .5
8 .4

1 .7
1 .6

DEC.

9 .0

1993-JAN.

8 .7

FEB.
MAR.

8 .7
8 .3

1 .6

APR.

7 .8

MAY
JUNE

8 .3

Date

19 9 2 - O C T .

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks

Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

8 .1
8 .9

4 .1

5 .8
5 .5

17 . 7

27 . 6

2 .5

147 .6

4 .1

12 . 4

2 1 .9

2 .7

147 .2

126 .2
125 .6

44 . 6
46 .2

318.4
318.9

1 .6

9 .6

5 .2

6 .0

14 . 3

25 .5

2 .6

147 .2

1 2 4 ,. 9

45 .4

317.4

1 .4
1 .5

10 . 1

6 .1

40 . 8

1 2 3 ,.7

44 .6

315.6

5 .4

35 .4
22 .8

1 4 6 ,. 9

4 .2

25 . 2
13 . 2

2 .0
2 .5

147 .2

4 .3

7 .7
5 .9

27 . 0

10 .3
10 . 5

2 .4

1 4 7 ,. 7

1 2 2 ,. 6
1 2 1 ,. 2

45 .6
45 .6

314.4

1,. 7

1 0 ,. 8

5 .8

6 .2

14 . 5

26 .5

1 .5

1 4 8 ,. 0

1 1 9 ..8

45 . 1

313.0

1 1 .. 1
1 1 ,. 5

4 .2
5 .4

5 .8
8 .1

16 . 1
21 .1

26 . 1
34 .6

2 .6
3 .0

1 4 6 , .9

8 .2

1,. 6
1 ,. 6

1 4 6 ,. 5

1 1 9 .. 1
1 1 8 ..5

4 6 ,. 0
4 6 ,. 7

312.0
311.7

4 .2
3 .8
5,. 5

6,. 9

2 1 .4
2 0 ,. 0
2 3 ,. 2

32 . 5

1 1 8 .. 1 e

4 7 , .3

311.8

e

29 . 5
37 .9

2 ,. 8
3 ,. 1
2 ,. 8

1 4 6 .. 4

5,.7
9,.3

1 4 6 .. 1
1 4 5 .. 8

1 1 7 . .8 e
1 1 7 . .4 e

4 7 .. 4
4 7 .. 5

311.2
310.7

e
e

Note
balances at
depository
institutions

Total
cash
balance

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

315.1

JULY

8 .. 5

1 . .7

1 1 .. 5

AUG.
SEP.

8 .. 1
8 .. 5

1 .. 6
1 .. 5

1 1 .. 1
1 0 .. 8

OCT.

8 . .3

1 4 5 . .2

1 1 7 . .6 e

4 7 .. 6 e

310.4

e

5 .. 6

1 2 ,. 6
8,. 8

2 ,. 7

1 0 .. 6

4 ,. 5
4 ,. 0

2 3 ,. 1

8 . .3

1 .. 6
1 . .8

1 0 .. 6

NOV.

1 8 ,. 4

2 ,. 7

1 4 4 . .6

1 1 8 .. 0 e

4 8 . .3 e

310.9

e

DEC.

9 . .2

1 , .6

1 0 . .6

5 .. 2

6 ..7

1 6 , .2

2 8 ,. 1

2 .. 6

1 4 4 . .2

1 1 7 . ,5 e

4 8 . .7 e

310.3

e

199 4 - J A N .

8 . .6

1 . ,6

1 0 . ,6

5 . .7

7 . .3

2 5 . .2

3 8 , .3

2 .. 1

1 4 3 . ,9

1 1 6 ., 1 e

4 9 . .0 e

309.1 e

FEB.

8 . .4

1. 5

1 0 . ,6

4 . .2

6 . .3

2 7 . .9

38.4

2 .. 6

1 4 3 . ,6

115. 6 e

4 9 . ,3 e

308.5

8 . ,6
8 . ,7

1 . .6
1. 7

10. 6
10. 6

5 . .5

24

7 . .7

4 . .9
8 . ,0

3 3 .. 1
3 6 . .0

2 . .5
2 . .5

31

8 .. 1

1. 5

10. 6

4 . .7

1 0 . .8

2 2 . .8
2 0 . .4
3 4 . .0

4 9 . .4

2 . ,5

7

8 . ,7
7. 6
8. 5

1. 6
1. 5

10. 6
10. 6

4 . .7
3 . ,6

9 . ,7
5 . ,3

33 .,6

4 8 . ,0

3 0 . ,8

39.7

2. 5
2 . ,6

1. 5

10. 6
10. 6

5 . ,6
4. 5

3 2 . ,8

1. 4

4 . .2
4 . ,4

2 3 . ,0

8. 7

24. 2

3 3 ., 1

8. 1
8. 0

1. 5
1. 6

4. 5
3. 9

5. 1
4. 9

15. 9

25. 6

10. 6

7. 7

16. 4

feek

5..9

endlncr

199 4 - J A N .

FEB.

17

14
21
28
MAR.

7p
14p

e
p

U.S. government deposits

estimated
preliminary




10. 6

2 . ,6
2. 6
2. 6
2. 5

e

H.6 (508)
Special Supplementary Table

Monthly Survey of Selected Deposits 1

January 26,1994 and February 23,1994
(not seasonally adjusted)
Insured Commercial Banks
Amount Outstanding ($mil.)
Change
(percent)

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

Jan. 26

Feb. 23

0.60

1.84

1.82

-2

776,218
611,767

0.60
0.85

2.46
N.A.

2.43
N.A.

-3
N.A.

164,944

164,451

-0.30

N.A.

N.A.

N.A.

29,312

29,572

0.89

2.65

2.68

3

92 to 182 days

109,110

109,274

0.15

2.90

2.93

3

183 days to 1 year

144,037

143,507

-0.37

3.14

3.18

4

1 to 2-Va year
2-'/2 years and over

141,204

140,918

-0.20

3.61
4.35

5
4

N.A.

N.A.

Liability Categories

Jan. 26

Feb. 23

NOW Accounts

293,806

295,573

Savings Deposits2
Personal

771,559
606,615

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

3

All IRA/Keogh Plan deposits

182,193

181,221

-0.53

3.56
4.31

143,875

143,409

-0.32

N.A.

BIF-insured Savings Banks 4
Amount Outstanding ($mil.)

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

Jan. 26

Feb. 23

Change
(percent)

Jan. 26

Feb. 23

NOW Accounts

10,796

10.913

1.09

1.89

1.88

-1

Savings Deposits2
Personal

78,660
75,445

78,247
74,972

-0.52
-0.63

2.62
N.A.

2.64
N.A.

2
N.A.

3,215

3,276

1.89

N.A.

N.A.

N.A.

2,737

2,739

0.08

2.69

2.69

0

92 to 182 days

13,094

13,202

0.83

3.03

3.04

1

183 days to 1 year

17,418

17,491

0.42

3.33

3.34

1
4

Liability Categories

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

1 to 2-'A year

16.281

16,390

0.67

3.72

3.76

2-'A years and over

20,630

20,991

1.75

4.61

4.66

5

19,395

19,522

0.65

N.A.

N.A.

N.A.

All IRA/Keogh Plan deposits3
N.A. - data are not available

N O T E : 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. A l l rates are expressed as annual effective yields.
2. Includes personal and nonpersonal money market deposit accounts.
3. Total I R A and Keogh Plan deposits regardless of size, type o f instrument in w h i c h held, or interest rate paid.
4. RIF-insured savings banks include both mutual and federal savings banks.